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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21977

Invesco Exchange-Traded Fund Trust II

(Exact name of registrant as specified in charter)

3500 Lacey Road

Downers Grove, IL 60515

(Address of principal executive offices) (Zip code)

Anna Paglia

President

3500 Lacey Road

Downers Grove, IL 60515

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2023

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

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

Item 1. Reports to Stockholders.

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

(b)	Not applicable.

Invesco Semi-Annual Report to Shareholders

April 30, 2023

BLKC Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF

SATO Invesco Alerian Galaxy Crypto Economy ETF

Table of Contents


Liquidity Risk Management Program			3

Consolidated Schedules of Investments

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)			4

Invesco Alerian Galaxy Crypto Economy ETF (SATO)			6

Consolidated Statements of Assets and Liabilities			8

Consolidated Statements of Operations			9

Consolidated Statements of Changes			10

Consolidated Financial Highlights			11

Notes to Consolidated Financial Statements			13

Fund Expenses			24

Approval of Investment Advisory and Sub-Advisory Contracts			25


		2

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Funds have adopted and implemented a liquidity risk management program (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.

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

At a meeting held on March 24, 2023, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

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

●

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

●

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

●

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

●

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

●

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


		3

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)

April 30, 2023

(Unaudited)

Consolidated Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-85.47%
Australia-2.97%
BHP Group Ltd.		1,155	$	33,890
Iris Energy Ltd.^(b)(c)		8,629		34,516

				68,406

Canada-4.02%
Bitfarms Ltd.^(b)		28,980		33,617
HIVE Blockchain Technologies Ltd.^(b)(c)		9,034		29,270
Hut 8 Mining Corp.^(b)(c)		16,544		29,614

				92,501

China-7.50%
Alibaba Group Holding Ltd., ADR^(b)		377		31,928
Bit Digital, Inc.^(b)		19,066		37,751
Canaan, Inc., ADR^(b)(c)		11,611		32,743
Meitu, Inc.^(b)(d)		128,664		35,731
Tencent Holdings Ltd.		785		34,441

				172,594

Japan-1.59%
Rakuten Group, Inc.		7,369		36,530

Netherlands-1.58%
Shell PLC		1,175		36,438

Norway-1.42%
Aker ASA, Class A		537		32,649

South Korea-1.53%
Samsung Electronics Co. Ltd.		718		35,138

Taiwan-1.52%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		416		35,069

United Kingdom-1.53%
Argo Blockchain PLC^(b)(c)		229,804		35,238

United States-61.81%
Accenture PLC, Class A		127		35,597
Advanced Micro Devices, Inc.^(b)		393		35,122
Alphabet, Inc., Class A^(b)		337		36,174
Amazon.com, Inc.^(b)		353		37,224
Applied Digital Corp.^(b)		10,235		32,752
Bakkt Holdings, Inc.^(b)(c)		22,783		30,757
Bank of America Corp.		1,267		37,098
Block, Inc., Class A^(b)(c)		561		34,103
Cisco Systems, Inc.		713		33,689
Citigroup, Inc.		765		36,009
Cleanspark, Inc.^(b)(c)		9,194		35,949
Coinbase Global, Inc., Class A^(b)		526		28,294
Galaxy Digital Holdings Ltd., (Acquired 05/20/2022 - 03/17/2023; Cost $33,281)^(b)(c)(e)		8,229		30,336
Goldman Sachs Group, Inc. (The)		109		37,435
Honeywell International, Inc.		184		36,771
Intel Corp.		1,129		35,067
International Business Machines Corp.		283		35,774

Investment Abbreviations:

ADR-American Depositary Receipt


	Shares		Value
United States-(continued)
Intuit, Inc.		82	$	36,404
JPMorgan Chase & Co.		281		38,845
Marathon Digital Holdings, Inc.^(b)		3,146		31,680
Mastercard, Inc., Class A		98		37,243
Micron Technology, Inc.		575		37,007
Microsoft Corp.		125		38,407
MicroStrategy, Inc., Class A^(b)(c)		106		34,808
Nestle S.A.		288		37,056
NVIDIA Corp.		137		38,016
Oracle Corp.		379		35,899
PayPal Holdings, Inc.^(b)		480		36,480
QUALCOMM, Inc.		299		34,923
Riot Platforms, Inc.^(b)(c)		2,686		32,125
Robinhood Markets, Inc., Class A^(b)(c)		3,599		31,851
Salesforce, Inc.^(b)		186		36,897
SoFi Technologies, Inc.^(b)(c)		6,185		38,533
Terawulf, Inc.^(b)		23,839		42,433
Tesla, Inc.^(b)		195		32,040
Texas Instruments, Inc.		202		33,774
Verizon Communications, Inc.		921		35,762
Visa, Inc., Class A		155		36,073
Walmart, Inc.		242		36,535
Western Alliance Bancorporation		1,126		41,797

				1,422,739

Total Common Stocks & Other Equity Interests (Cost $1,868,325)				1,967,302


Mutual Fund-14.43%
United States-14.43%
Grayscale Bitcoin Trust BTC (Cost $321,154)		20,222		332,045

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.90% (Cost $2,189,479)				2,299,347


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-16.40%
Invesco Private Government Fund, 4.83%^(f)(g)(h)		103,504		103,504
Invesco Private Prime Fund, 4.99%^(f)(g)(h)		274,037		274,037

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $377,547)				377,541

TOTAL INVESTMENTS IN SECURITIES-116.30% (Cost $2,567,026)				2,676,888
OTHER ASSETS LESS LIABILITIES-(16.30)%				(375,110	)

NET ASSETS-100.00%			$	2,301,778

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


		4

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)–(continued)

April 30, 2023

(Unaudited)

Notes to Consolidated Schedule of Investments:

^(a)	The Consolidated Schedule of Investments includes the accounts of the wholly-owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidations.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at April 30, 2023.

^(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at April 30, 2023 represented 1.55% of the Fund’s Net Assets.

^(e)	Restricted security. The value of this security at April 30, 2023 represented 1.32% of the Fund’s Net Assets.

^(f)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2023.


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value April 30, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	59,242		$	(59,242	)		$	-			$	-		$	-		$	34
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			117,081			730,384			(743,961	)			-				-			103,504			1,846	*
Invesco Private Prime Fund			310,156			1,331,112			(1,367,242	)			(8	)			19			274,037			5,374	*

Total		$	427,237		$	2,120,738		$	(2,170,445	)		$	(8	)		$	19		$	377,541		$	7,254

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

^(g)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

^(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.

Portfolio Composition

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

as of April 30, 2023



Information Technology			42.55

Financials			21.50

Investment Companies			14.43

Communication Services			6.17

Consumer Discretionary			5.98

Consumer Staples			3.20

Industrials			3.02

Sector Types Each Less Than 3%			3.05

Money Market Funds Plus Other Assets Less Liabilities			0.10

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


		5

Invesco Alerian Galaxy Crypto Economy ETF (SATO)

April 30, 2023

(Unaudited)

Consolidated Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-85.39%
Australia-4.36%
Iris Energy Ltd.^(b)(c)		38,893	$	155,572

Canada-11.68%
Bitfarms Ltd.^(b)		130,680		151,589
HIVE Blockchain Technologies Ltd.^(b)(c)		40,736		131,985
Hut 8 Mining Corp.^(b)(c)		74,589		133,514

				417,088

China-10.68%
Bit Digital, Inc.^(b)		85,974		170,229
Canaan, Inc., ADR^(b)(c)		52,356		147,644
Meitu, Inc.^(b)(d)		116,211		32,273
Tencent Holdings Ltd.		707		31,018

				381,164

Japan-0.92%
Rakuten Group, Inc.		6,655		32,990

Norway-0.83%
Aker ASA, Class A		484		29,426

South Korea-0.89%
Samsung Electronics Co. Ltd.		649		31,761

Taiwan-0.89%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		375		31,613

United Kingdom-4.43%
Argo Blockchain PLC^(b)(c)		1,032,059		158,258

United States-50.71%
Advanced Micro Devices, Inc.^(b)		355		31,726
Alphabet, Inc., Class A^(b)		304		32,631
Applied Digital Corp.^(b)		46,144		147,661
Bakkt Holdings, Inc.^(b)(c)		102,736		138,694
Block, Inc., Class A^(b)(c)		506		30,760
Cleanspark, Inc.^(b)(c)		41,459		162,105
Coinbase Global, Inc., Class A^(b)(c)		2,369		127,428
Galaxy Digital Holdings Ltd., (Acquired 07/15/2022 - 04/21/2023; Cost $155,735)^(b)(c)(e)		37,092		136,740
Goldman Sachs Group, Inc. (The)		98		33,657
JPMorgan Chase & Co.		253		34,975
Marathon Digital Holdings, Inc.^(b)(c)		14,180		142,793
Micron Technology, Inc.		519		33,403

Investment Abbreviations:

ADR-American Depositary Receipt


	Shares		Value
United States-(continued)
Microsoft Corp.		113	$	34,720
MicroStrategy, Inc., Class A^(b)(c)		479		157,294
NVIDIA Corp.		123		34,131
PayPal Holdings, Inc.^(b)		433		32,908
Riot Platforms, Inc.^(b)(c)		12,100		144,716
Robinhood Markets, Inc., Class A^(b)(c)		3,244		28,709
SoFi Technologies, Inc.^(b)(c)		5,575		34,732
Terawulf, Inc.^(b)		107,467		191,291
Tesla, Inc.^(b)(c)		176		28,919
Visa, Inc., Class A^(c)		140		32,582
Western Alliance Bancorporation		1,016		37,714

				1,810,289

Total Common Stocks & Other Equity Interests (Cost $2,435,503)				3,048,161


Mutual Fund-14.95%
United States-14.95%
Grayscale Bitcoin Trust BTC (Cost $585,806)		32,489		533,470

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.34% (Cost $3,021,309)				3,581,631


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-31.02%
Invesco Private Government Fund, 4.83%^(f)(g)(h)		299,805		299,805
Invesco Private Prime Fund, 4.99%^(f)(g)(h)		807,618		807,618

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,107,429)				1,107,423

TOTAL INVESTMENTS IN SECURITIES-131.36% (Cost $4,128,738)				4,689,054
OTHER ASSETS LESS LIABILITIES-(31.36)%				(1,119,316	)

NET ASSETS-100.00%			$	3,569,738

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


		6

Invesco Alerian Galaxy Crypto Economy ETF (SATO)–(continued)

April 30, 2023

(Unaudited)

Notes to Consolidated Schedule of Investments:

^(a)	The Consolidated Schedule of Investments includes the accounts of the wholly-owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidations.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at April 30, 2023.

^(d)

^(e)	Restricted security. The value of this security at April 30, 2023 represented 3.83% of the Fund’s Net Assets.

^(f)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	104,221		$	(104,221)			$	-			$	-			$	-		$	41
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			221,063			1,810,157			(1,731,415	)			-				-				299,805			4,260	*
Invesco Private Prime Fund			641,624			2,835,033			(2,668,994	)			(5	)			(40	)			807,618			13,078	*

Total		$	862,687		$	4,749,411		$	(4,504,630	)		$	(5	)		$	(40	)		$	1,107,423		$	17,379

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

^(g)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

^(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.

Portfolio Composition

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

as of April 30, 2023



Information Technology	61.42

Financials	18.73

Investment Companies	14.95

Sector Types Each Less Than 3%	5.24

Money Market Funds Plus Other Assets Less Liabilities	(0.34	)

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


		7

Consolidated Statements of Assets and Liabilities

April 30, 2023

(Unaudited)


	Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)				Invesco Alerian Galaxy Crypto Economy ETF (SATO)
Assets:
Unaffiliated investments in securities, at value^(a)		$	2,299,347			$	3,581,631
Affiliated investments in securities, at value			377,541				1,107,423
Cash			-				22,806
Deposits with brokers:
Cash segregated as collateral			-				13,590
Receivable for:
Dividends			2,035				782
Securities lending			2,966				6,070
Fund shares sold			-				14,277

Total assets			2,681,889				4,746,579


Liabilities:
Due to custodian			1,379				-
Due to foreign custodian			58				248
Payable for:
Investments purchased			-				53,873
Collateral upon return of securities loaned			377,547				1,107,429
Collateral upon receipt of securities in-kind			-				13,590
Accrued unitary management fees			1,127				1,701

Total liabilities			380,111				1,176,841

Net Assets		$	2,301,778			$	3,569,738


Net assets consist of:
Shares of beneficial interest		$	4,880,126			$	10,992,603
Distributable earnings (loss)			(2,578,348	)			(7,422,865	)

Net Assets		$	2,301,778			$	3,569,738

Shares outstanding (unlimited amount authorized, $0.01 par value)			200,001				500,001
Net asset value		$	11.51			$	7.14

Market price		$	11.51			$	7.16

Unaffiliated investments in securities, at cost		$	2,189,479			$	3,021,309

Affiliated investments in securities, at cost		$	377,547			$	1,107,429

Foreign currencies (due to foreign custodian), at cost		$	(59	)		$	(239	)

^(a)Includes securities on loan with an aggregate value of:		$	360,477			$	1,061,417

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


		8

Consolidated Statements of Operations

For the six months ended April 30, 2023

(Unaudited)


	Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)				Invesco Alerian Galaxy Crypto Economy ETF (SATO)
Investment income:
Unaffiliated dividend income		$	12,580			$	3,074
Affiliated dividend income			34				41
Non-cash dividend income			1,620				1,148
Securities lending income, net			14,833				37,343
Foreign withholding tax			(836	)			(396	)

Total investment income			28,231				41,210


Expenses:
Unitary management fees			5,955				7,739

Net investment income			22,276				33,471


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(885,647	)			(2,287,808	)
Affiliated investment securities			19				(40	)
Foreign currencies			(82	)			(466	)

Net realized gain (loss)			(885,710	)			(2,288,314	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			1,240,519				2,813,170
Affiliated investment securities			(8	)			(5	)
Foreign currencies			(14	)			(29	)

Change in net unrealized appreciation			1,240,497				2,813,136

Net realized and unrealized gain			354,787				524,822

Net increase in net assets resulting from operations		$	377,063			$	558,293

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


		9

Statements of Changes in Net Assets

For the six months ended April 30, 2023 and the year ended October 31, 2022

(Unaudited)


	Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)								Invesco Alerian Galaxy Crypto Economy ETF (SATO)
	Six Months Ended April 30, 2023				Year Ended October 31, 2022				Six Months Ended April 30, 2023				Year Ended October 31, 2022
Operations:
Net investment income		$	22,276			$	65,408			$	33,471			$	163,013
Net realized gain (loss)			(885,710	)			(1,892,874	)			(2,288,314	)			(7,091,969	)
Change in net unrealized appreciation (depreciation)			1,240,497				(1,711,138	)			2,813,136				(3,653,798	)

Net increase (decrease) in net assets resulting from operations			377,063				(3,538,604	)			558,293				(10,582,754	)


Distributions to Shareholders from:
Distributable earnings			(41,142	)			(81,748	)			(71,321	)			(174,368	)


Shareholder Transactions:
Proceeds from shares sold			-				-				314,689				2,453,318
Value of shares repurchased			-				-				-				(690,633	)

Net increase in net assets resulting from share transactions			-				-				314,689				1,762,685

Net increase (decrease) in net assets			335,921				(3,620,352	)			801,661				(8,994,437	)


Net assets:
Beginning of period			1,965,857				5,586,209				2,768,077				11,762,514

End of period		$	2,301,778			$	1,965,857			$	3,569,738			$	2,768,077


Changes in Shares Outstanding:
Shares sold			-				-				50,000				150,000
Shares repurchased			-				-				-				(100,000	)
Shares outstanding, beginning of period			200,001				200,001				450,001				400,001

Shares outstanding, end of period			200,001				200,001				500,001				450,001

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


		10

Consolidated Financial Highlights

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)


									For the Period
	Six Months Ended								October 5, 2021^(a)
	April 30,				Year Ended				Through
	2023				October 31,				October 31,
	(Unaudited)				2022				2021
Per Share Operating Performance:
Net asset value at beginning of period		$	9.83			$	27.93			$	25.00

Net investment income^(b)			0.11				0.33				0.01
Net realized and unrealized gain (loss) on investments			1.78				(18.02	)			2.92

Total from investment operations			1.89				(17.69	)			2.93

Distributions to shareholders from:
Net investment income			(0.21	)			(0.41	)			-

Net asset value at end of period		$	11.51			$	9.83			$	27.93

Market price at end of period^(c)		$	11.51			$	9.82			$	27.73

Net Asset Value Total Return^(d)			19.84	%			(63.88	)%			11.72	%^(e)
Market Price Total Return^(d)			19.96	%			(63.66	)%			10.92	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,302			$	1,966			$	5,586
Ratio to average net assets of:
Expenses			0.60	%^(f)			0.61	%			0.60	%^(f)
Net investment income			2.24	%^(f)			1.94	%			0.27	%^(f)
Portfolio turnover rate^(g)			52	%			124	%			12	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

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

^(e)	The net asset value total return from Fund Inception (October 7, 2021, the first day of trading on the exchange) to October 31, 2021 was 10.48%. The market price total return from Fund Inception to October 31, 2021 was 9.34%.

^(f)	Annualized.

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

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


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Consolidated Financial Highlights–(continued)

Invesco Alerian Galaxy Crypto Economy ETF (SATO)


	Six Months Ended April 30, 2023 (Unaudited)				Year Ended October 31, 2022				For the Period October 5, 2021^(a) Through October 31, 2021
Per Share Operating Performance:
Net asset value at beginning of period		$	6.15			$	29.41			$	25.00

Net investment income (loss)^(b)			0.07				0.36				(0.01	)
Net realized and unrealized gain (loss) on investments			1.08				(23.23	)			4.42

Total from investment operations			1.15				(22.87	)			4.41

Distributions to shareholders from:
Net investment income			(0.16	)			(0.36	)			-
Net realized gains			-				(0.03	)			-

Total distributions			(0.16	)			(0.39	)			-

Net asset value at end of period		$	7.14			$	6.15			$	29.41

Market price at end of period^(c)		$	7.16			$	6.14			$	29.09

Net Asset Value Total Return^(d)			20.22	%			(78.47	)%			17.64	%^(e)
Market Price Total Return^(d)			20.75	%			(78.27	)%			16.36	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	3,570			$	2,768			$	11,763
Ratio to average net assets of:
Expenses			0.60	%^(f)			0.61	%			0.60	%^(f)
Net investment income (loss)			2.59	%^(f)			2.57	%			(0.60	)%^(f)
Portfolio turnover rate^(g)			79	%			149	%			10	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (October 7, 2021, the first day of trading on the exchange) to October 31, 2021 was 16.25%. The market price total return from Fund Inception to October 31, 2021 was 13.63%.

^(f)	Annualized.

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

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


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Notes to Consolidated Financial Statements

Invesco Exchange-Traded Fund Trust II

April 30, 2023

(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. Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. 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 Funds and their respective wholly-owned subsidiaries (each, a “Subsidiary”) organized under the laws of the Cayman Islands:


Full Name	Short Name	Subsidiary

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)	"Alerian Galaxy Blockchain Users and Decentralized Commerce ETF"	Invesco GBE Cayman Ltd.

Invesco Alerian Galaxy Crypto Economy ETF (SATO)	"Alerian Galaxy Crypto Economy ETF"	Invesco GCE Cayman Ltd.

The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on Cboe BZX Exchange, Inc.

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

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


Fund		Underlying Index

Alerian Galaxy Blockchain Users and Decentralized Commerce ETF		Alerian Galaxy Global Blockchain Equity, Trusts and ETPs Index

Alerian Galaxy Crypto Economy ETF		Alerian Galaxy Global Cryptocurrency-Focused Blockchain Equity, Trusts and ETPs Index

Each Fund’s investment in its respective Subsidiary is expected to provide the Fund with exposure to exchange-traded products and private investment trusts traded over-the-counter that are linked to cryptocurrencies. Each Fund may invest up to 25% of its respective total assets in its Subsidiary.

NOTE 2–Significant Accounting Policies

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

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


		13

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, and their value may be adjusted accordingly. 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. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

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

The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued 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. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.


		14

the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

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 Consolidated Statements of Operations and the Consolidated Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Consolidated Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Consolidated Statements of Operations and the Consolidated Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Consolidated Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

Country Determination - For the purposes of presentation in the Consolidated 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

Each Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, each Fund is required to increase its taxable income by its share of its Subsidiary’s income. Net investment losses of each Subsidiary cannot be deducted by each Fund in the current period nor carried forward to offset taxable income in future periods.

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

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

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


		15

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

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

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

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

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2023, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Consolidated Statements of Operations, were incurred by each Fund as listed below:


	Amount
Alerian Galaxy Blockchain Users and Decentralized Commerce ETF		$428
Alerian Galaxy Crypto Economy ETF		1,199

J.	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


		16

translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Consolidated Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a 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

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.

AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

Blockchain Company Investments Risk. Companies engaged in the development, enablement and acquisition of blockchain technologies are subject to a number of risks. Blockchain technology is new and many of its uses may be untested. The mechanics of using distributed ledger technology to transact in other types of assets, such as securities or derivatives, is less clear. There is no assurance that widespread adoption will occur. Furthermore, the development and acceptance of competing platforms or technologies may cause consumers or investors to use an alternative to blockchains. A lack of expansion in the usage of blockchain technology could adversely affect the underlying holdings of the Funds. Moreover, the extent to which companies held by the Funds utilize blockchain technology may vary, and it is possible that even widespread adoption of blockchain technology may not result in a material impact on the stock price of such companies.

Furthermore, companies that are developing applications of blockchain technology may not in fact do so or may not be able to capitalize on those blockchain technologies. A proliferation of recent startups attempting to apply blockchain technology in different contexts means the possibility of conflicting intellectual property claims could be a risk to an issuer, its operations or its business. This could also pose a risk to blockchain platforms that permit transactions in digital securities. Regardless of the merit of any intellectual property or other legal action, any threatened action that reduces confidence in the viability of blockchain may adversely affect an investment in the Funds. Additionally, blockchain technology is new, and as such may be subject to future laws or regulations. Any such regulatory changes affecting blockchain technology may adversely impact an investment in companies utilizing this technology.

Transacting on a blockchain depends in part specifically on the use of cryptographic keys that are required to access a user’s account (or “wallet”). The theft, loss or destruction of these keys impairs the value of ownership claims users have over the relevant assets being represented by the ledger (whether “smart contracts,” securities, currency or other digital assets). The theft, loss or destruction of private or public keys needed to transact on a blockchain could also adversely affect a company’s business or operations if it were dependent on the ledger.


		17

In addition, because blockchain functionality relies on the Internet, a significant disruption of Internet connectivity affecting large numbers of users or geographic areas could impede the functionality of blockchain technologies and adversely affect the Funds. In addition, certain features of blockchain technology, such as decentralization, open source protocol, and reliance on peer-to-peer connectivity, may increase the risk of fraud or cyber-attack by potentially reducing the likelihood of a coordinated response.

Cryptocurrency Risk. Cryptocurrencies (also referred to as “virtual currencies” and “digital currencies”) are digital assets designed to act as a medium of exchange. Although cryptocurrency is an emerging asset class, there are thousands of cryptocurrencies. While the Funds will not invest directly in cryptocurrencies, the value of the Funds’ investments in cryptocurrency-linked assets (including private trusts and ETPs) is subject to fluctuations in the value of the cryptocurrency, which have been and may in the future be highly volatile. The value of cryptocurrencies is determined by the supply and demand for cryptocurrency in the global market for the trading of cryptocurrency, which consists primarily of transactions on electronic exchanges. The price of a digital currency could drop precipitously (including to zero) for a variety of reasons, including, but not limited to, regulatory changes, a crisis of confidence, flaw or operational issue in a digital currency network or a change in user preference to competing cryptocurrencies. Cryptocurrency is a new technological innovation with a limited history; it is a highly speculative asset, and the Funds’ exposure to cryptocurrency-linked assets could result in substantial losses to the Funds.

Cryptocurrencies trade on exchanges, which are largely unregulated and, therefore, are more exposed to fraud and failure than established, regulated exchanges for securities, derivatives and other currencies. Cryptocurrency exchanges have in the past, and may in the future, cease operating temporarily or even permanently, resulting in the potential loss of users’ cryptocurrency or other market disruptions. Cryptocurrency exchanges are more exposed to the risk of market manipulation than exchanges for traditional assets. Cryptocurrency exchanges that are regulated typically must comply with minimum net capital, cybersecurity, and anti-money laundering requirements, but are not typically required to protect customers or their markets to the same extent that regulated securities exchanges or futures exchanges are required to do so. Furthermore, many cryptocurrency exchanges lack certain safeguards established by traditional exchanges to enhance the stability of trading on the exchange, such as measures designed to prevent sudden drops in value of items traded on the exchange (i.e., “flash crashes”). As a result, the prices of cryptocurrencies on exchanges may be subject to larger and more frequent sudden declines than assets traded on traditional exchanges. In addition, cryptocurrency exchanges are also subject to the risk of cybersecurity threats and have been breached, resulting in the theft and/or loss of cryptocurrencies. A cyber or other security breach or a business failure of a cryptocurrency exchange or custodian may affect the price of a particular cryptocurrency or cryptocurrencies generally. A risk also exists with respect to malicious actors or previously unknown vulnerabilities, which may adversely affect the value of a digital currency.

Currently, there is relatively limited use of cryptocurrency in the retail and commercial marketplace, which contributes to price volatility. A lack of expansion by cryptocurrencies into retail and commercial markets, or a contraction of such use, may result in increased volatility or a reduction in the value of cryptocurrencies, either of which could adversely impact a Fund’s investment in cryptocurrency. In addition, to the extent market participants develop a preference for one cryptocurrency over another, the value of the less preferred cryptocurrency would likely be adversely affected.

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.

Digital Asset Company Investments Risk. Companies engaged in the development, enablement and acquisition of digital assets and cryptocurrencies are subject to a number of risks. The technology relating to digital assets, including blockchain, is developing and the risks associated with digital assets may not fully emerge until the technology is widely used. Cryptocurrencies and blockchain technology are new and many of their uses may be untested. The mechanics of using distributed ledger technology to transact in other types of assets, such as securities or derivatives, is less clear. There is no assurance that widespread adoption will occur. Furthermore, the development and acceptance of competing platforms or technologies may cause consumers or investors to use an alternative to cryptocurrencies. A lack of expansion in the usage of cryptocurrencies could adversely affect an investment in the Funds.

Currently, there are relatively few companies for which digital assets represents an attributable and significant revenue stream. Therefore, the values of the companies included in an Underlying Index may not be a reflection of their connection to digital assets, but may be based on other business operations. Furthermore, companies that are developing applications of digital assets and cryptocurrencies may not in fact do so or may not be able to capitalize on those digital assets. Blockchain technology also may never be implemented to a scale that provides identifiable economic benefit to the companies included in an Underlying Index, which could adversely affect an investment in the Funds. A proliferation of recent startups attempting to apply blockchain technology in different contexts means the possibility of conflicting intellectual property claims could be a risk to an issuer, its operations or its business. This could also pose a risk to blockchain platforms that permit transactions in


		18

digital securities. Regardless of the merit of any intellectual property or other legal action, any threatened action that reduces confidence in the viability of blockchain and/or cryptocurrencies may adversely affect an investment in the Funds.

There may be risks posed by the lack of regulation for digital assets and any future regulatory developments could affect the viability and expansion of the use of digital assets.

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.

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.

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.

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.


		19

Market Risk. Securities in each 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 an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflict, acts of terrorism, economic crisis or other events could result in increased premiums or discounts to each Fund’s NAV.

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

Non-Diversified Fund Risk. Because each Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than can 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.

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

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

Subsidiary Investment Risk. By investing in its Subsidiary, each Fund is indirectly exposed to the risks associated with its respective Subsidiary’s investments. Each Subsidiary is not registered under the 1940 Act; therefore each Fund will not receive all of the protections offered to investors in registered investment companies. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of a Fund and/or its Subsidiary to operate as intended, which may negatively affect the Fund and its shareholders.

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


		20

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)
Alerian Galaxy Blockchain Users and Decentralized Commerce ETF		0.60%

Alerian Galaxy Crypto Economy ETF		0.60%

Through at least August 31, 2025, 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. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the six months ended April 30, 2023, 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 VettaFi, LLC (the “Licensor”).

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

The Trust has entered into service agreements whereby 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 April 30, 2023, the 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:



Alerian Galaxy Blockchain Users and Decentralized Commerce ETF			$3,512

Alerian Galaxy Crypto Economy ETF			8,592

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

NOTE 4–Additional Valuation Information

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. 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.


		21

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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2023. 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 consolidated financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1			Level 2			Level 3			Total

Alerian Galaxy Blockchain Users and Decentralized Commerce ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	1,967,302		$	-		$	-		$	1,967,302

Mutual Fund			332,045			-			-			332,045

Money Market Funds			-			377,541			-			377,541


Total Investments		$	2,299,347		$	377,541		$	-		$	2,676,888


Alerian Galaxy Crypto Economy ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	3,048,161		$	-		$	-		$	3,048,161

Mutual Fund			533,470			-			-			533,470

Money Market Funds			-			1,107,423			-			1,107,423


Total Investments		$	3,581,631		$	1,107,423		$	-		$	4,689,054

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 October 31, 2022, as follows:


	No expiration
	Short-Term		Long-Term	Total

Alerian Galaxy Blockchain Users and Decentralized Commerce ETF		$1,321,543	$51,916	$	1,373,459

Alerian Galaxy Crypto Economy ETF		4,211,426	212,962		4,424,388

NOTE 6–Investment Transactions

For the six months ended April 30, 2023, 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

Alerian Galaxy Blockchain Users and Decentralized Commerce ETF	$	1,199,640	$	1,218,458

Alerian Galaxy Crypto Economy ETF		2,183,906		2,146,162

For the six months ended April 30, 2023, in-kind transactions associated with creations and redemptions were as follows:


	In-kind Purchases		In-kind Sales

Alerian Galaxy Blockchain Users and Decentralized Commerce ETF		$ -		$-

Alerian Galaxy Crypto Economy ETF		257,731		-

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


		22

As of April 30, 2023, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:


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

Alerian Galaxy Blockchain Users and Decentralized Commerce ETF		$252,260		$(574,699)		$(322,439)	$	2,999,327

Alerian Galaxy Crypto Economy ETF		773,700		(1,485,935)		(712,235)		5,401,289

NOTE 7–Trustees’ and Officer’s Fees

The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. The Interested Trustee does not receive any Trustees’ fees.

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

NOTE 8–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs 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 AP 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 AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’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 Consolidated Statements of Changes in Net Assets.


		23

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 an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2022 through April 30, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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


							Annualized
	Beginning			Ending			Expense Ratio			Expenses Paid
	Account Value			Account Value			Based on the			During the
	November 1, 2022			April 30, 2023			Six-Month Period			Six-Month Period⁽¹⁾
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)

Actual		$	1,000.00		$	1,198.40		0.60	%		$	3.27

Hypothetical (5% return before expenses)			1,000.00			1,021.82		0.60				3.01

Invesco Alerian Galaxy Crypto Economy ETF (SATO)

Actual			1,000.00			1,202.20		0.60				3.28

Hypothetical (5% return before expenses)			1,000.00			1,021.82		0.60				3.01

⁽¹⁾

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2023. 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.


		24

Approval of Investment Advisory Contracts

At a meeting held on April 18, 2023, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following series (each, a “Fund” and collectively, the “Funds”):


Invesco 1-30 Laddered Treasury ETF		Invesco PureBeta^SM MSCI USA Small Cap ETF
Invesco Alerian Galaxy Blockchain Users and Decentralized		Invesco PureBeta^SM US Aggregate Bond ETF
Commerce ETF		Invesco Russell 1000 Equal Weight ETF
Invesco Alerian Galaxy Crypto Economy ETF		Invesco S&P 500^® Enhanced Value ETF
Invesco California AMT-Free Municipal Bond ETF		Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF
Invesco CEF Income Composite ETF		Invesco S&P 500^® High Beta ETF
Invesco China Technology ETF		Invesco S&P 500^® High Dividend Low Volatility ETF
Invesco DWA Developed Markets Momentum ETF		Invesco S&P 500^® Low Volatility ETF
Invesco DWA Emerging Markets Momentum ETF		Invesco S&P 500 Minimum Variance ETF
Invesco DWA SmallCap Momentum ETF		Invesco S&P 500^® Momentum ETF
Invesco Emerging Markets Sovereign Debt ETF		Invesco S&P 500 QVM Multi-factor ETF
Invesco ESG NASDAQ 100 ETF		Invesco S&P 500 Revenue ETF
Invesco ESG NASDAQ Next Gen 100 ETF		Invesco S&P Emerging Markets Low Volatility ETF
Invesco ESG S&P 500 Equal Weight ETF		Invesco S&P Emerging Markets Momentum ETF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		Invesco S&P International Developed Low Volatility ETF
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		Invesco S&P International Developed Momentum ETF
Invesco FTSE RAFI Emerging Markets ETF		Invesco S&P International Developed Quality ETF
Invesco Fundamental High Yield^® Corporate Bond ETF		Invesco S&P MidCap 400 QVM Multi-factor ETF
Invesco Fundamental Investment Grade Corporate Bond ETF		Invesco S&P MidCap 400 Revenue ETF
Invesco Global Clean Energy ETF		Invesco S&P MidCap Low Volatility ETF
Invesco Global Short Term High Yield Bond ETF		Invesco S&P SmallCap 600 QVM Multi-factor ETF
Invesco Global Water ETF		Invesco S&P SmallCap 600 Revenue ETF
Invesco International BuyBack Achievers^TM ETF		Invesco S&P SmallCap Consumer Discretionary ETF
Invesco International Corporate Bond ETF		Invesco S&P SmallCap Consumer Staples ETF
Invesco KBW Bank ETF		Invesco S&P SmallCap Energy ETF
Invesco KBW High Dividend Yield Financial ETF		Invesco S&P SmallCap Financials ETF
Invesco KBW Premium Yield Equity REIT ETF		Invesco S&P SmallCap Health Care ETF
Invesco KBW Property & Casualty Insurance ETF		Invesco S&P SmallCap High Dividend Low Volatility ETF
Invesco KBW Regional Banking ETF		Invesco S&P SmallCap Industrials ETF
Invesco MSCI Green Building ETF		Invesco S&P SmallCap Information Technology ETF
Invesco NASDAQ 100 ETF		Invesco S&P SmallCap Low Volatility ETF
Invesco Nasdaq Biotechnology ETF		Invesco S&P SmallCap Materials ETF
Invesco NASDAQ Next Gen 100 ETF		Invesco S&P SmallCap Quality ETF
Invesco National AMT-Free Municipal Bond ETF		Invesco S&P SmallCap Utilities & Communication Services ETF
Invesco New York AMT-Free Municipal Bond ETF		Invesco S&P Ultra Dividend Revenue ETF
Invesco PHLX Semiconductor ETF		Invesco Senior Loan ETF
Invesco Preferred ETF		Invesco Taxable Municipal Bond ETF
Invesco PureBeta^SM 0-5 Yr US TIPS ETF		Invesco Treasury Collateral ETF
Invesco PureBeta^SM FTSE Developed ex-North America ETF		Invesco Variable Rate Preferred ETF
Invesco PureBeta^SM FTSE Emerging Markets ETF		Invesco VRDO Tax-Free ETF
Invesco PureBeta^SM MSCI USA ETF

Also at the April 18, 2023 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).

Investment Advisory Agreement


		25

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

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.

The Trustees reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2022, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the one-year and since-inception periods for Invesco VRDO Tax-Free ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco VRDO Tax-Free ETF’s correlation to its underlying index. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement. The Board concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent, and its oversight of the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

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

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

●

0.04% of the Fund’s average daily net assets for Invesco PureBeta^SM MSCI USA ETF;

●

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

●

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

●

0.07% of the Fund’s average daily net assets for Invesco PureBeta^SM 0-5 Yr US TIPS ETF and Invesco PureBeta^SM FTSE Developed ex-North America ETF;

●

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

●

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

●

0.11% of the Fund’s average daily net assets for Invesco S&P 500 QVM Multi-factor ETF;


		26

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

●

0.13% of the Fund’s average daily net assets for Invesco S&P 500 Enhanced Value ETF and Invesco S&P 500 Momentum ETF;

●

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

●

0.15% of the Fund’s average daily net assets for Invesco NASDAQ 100 ETF, Invesco NASDAQ Next Gen 100 ETF, Invesco S&P MidCap 400 QVM Multi-factor ETF and Invesco S&P SmallCap 600 QVM Multi-factor ETF;

●

0.19% of the Fund’s average daily net assets for Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF;

●

0.20% of the Fund’s average daily net assets for Invesco ESG NASDAQ 100 ETF, Invesco ESG NASDAQ Next Gen 100 ETF, Invesco ESG S&P 500 Equal Weight ETF and Invesco Russell 1000 Equal Weight ETF;

●

0.22% of the Fund’s average daily net assets for Invesco Fundamental Investment Grade Corporate Bond ETF;

●

0.25% of the Fund’s average daily net assets for Invesco 1-30 Laddered Treasury ETF, Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500^® High Beta ETF, Invesco S&P 500^® Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF, Invesco S&P MidCap Low Volatility ETF, Invesco S&P SmallCap Low Volatility ETF and Invesco VRDO Tax-Free ETF;

●

0.28% of the Fund’s average daily net assets for Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco Taxable Municipal Bond ETF;

●

0.29% of the Fund’s average daily net assets for Invesco S&P Emerging Markets Momentum ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF and Invesco S&P SmallCap Utilities & Communication Services ETF;

●

0.30% of the Fund’s average daily net assets for Invesco S&P 500^® High Dividend Low Volatility ETF and Invesco S&P SmallCap High Dividend Low Volatility ETF;

●

0.35% of the Fund’s average daily net assets for Invesco Global Short Term High Yield Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF and Invesco KBW Regional Banking ETF;

●

0.39% of the Fund’s average daily net assets for Invesco MSCI Green Building ETF, Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF and Invesco S&P Ultra Dividend Revenue ETF;

●

0.45% of the Fund’s daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. ETF;

●

0.49% of the Fund’s daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF and Invesco FTSE RAFI Emerging Markets ETF;

●

0.50% of the Fund’s daily net assets for Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield^® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF and Invesco Variable Rate Preferred ETF;

●

0.55% of the Fund’s daily net assets for Invesco International BuyBack Achievers^TM ETF;

●

0.60% of the Fund’s daily net assets for Invesco DWA SmallCap Momentum ETF, Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF and Invesco Alerian Galaxy Crypto Economy ETF;

●

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

●

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

●

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

●

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

●

0.90% of the Fund’s daily net assets for Invesco DWA Emerging Markets Momentum ETF.

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


		27

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

Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.


Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*	Lower than Open-End Active Fund Peer Median

Invesco 1-30 Laddered Treasury ETF			X

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF	X	N/A	X

Invesco Alerian Galaxy Crypto Economy ETF	X	N/A	X

Invesco California AMT-Free Municipal Bond ETF		N/A	X

Invesco CEF Income Composite ETF	X	N/A	X

Invesco China Technology ETF		N/A	X

Invesco DWA Developed Markets Momentum ETF			X

Invesco DWA Emerging Markets Momentum ETF			X

Invesco DWA SmallCap Momentum ETF			X

Invesco Emerging Markets Sovereign Debt ETF			X

Invesco ESG NASDAQ 100 ETF			X

Invesco ESG NASDAQ Next Gen 100 ETF	X		X

Invesco ESG S&P 500 Equal Weight ETF	X		X

Invesco FTSE RAFI Developed Markets ex-U.S. ETF			X

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF			X

Invesco FTSE RAFI Emerging Markets ETF	X		X

Invesco Fundamental High Yield^® Corporate Bond ETF		N/A	X

Invesco Fundamental Investment Grade Corporate Bond ETF			X

Invesco Global Clean Energy ETF		X	X

Invesco Global Short Term High Yield Bond ETF	X	N/A	X

Invesco Global Water ETF		X	X

Invesco International BuyBack Achievers^TMETF	X	N/A	X

Invesco International Corporate Bond ETF			X

Invesco KBW Bank ETF	X		X

Invesco KBW High Dividend Yield Financial ETF	X		X

Invesco KBW Premium Yield Equity REIT ETF	X		X

Invesco KBW Property & Casualty Insurance ETF	X		X

Invesco KBW Regional Banking ETF	X		X

Invesco MSCI Green Building ETF			X

Invesco NASDAQ 100 ETF	X	X	X

Invesco Nasdaq Biotechnology ETF	X		X

Invesco NASDAQ Next Gen 100 ETF	X		X

Invesco National AMT-Free Municipal Bond ETF			X

Invesco New York AMT-Free Municipal Bond ETF		N/A	X

Invesco PHLX Semiconductor ETF	X	X	X

Invesco Preferred ETF		N/A	X

Invesco PureBeta^SM0-5 Yr US TIPS ETF	X		X

Invesco PureBeta^SMFTSE Developed ex-North America ETF	X	X	X

Invesco PureBeta^SMFTSE Emerging Markets ETF	X	X	X

Invesco PureBeta^SMMSCI USA ETF	X	X	X

Invesco PureBeta^SMMSCI USA Small Cap ETF	X	X	X

Invesco PureBeta^SMUS Aggregate Bond ETF	X	X	X


		28

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


Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*	Lower than Open-End Active Fund Peer Median

Invesco Russell 1000 Equal Weight ETF	X		X

Invesco S&P 500 Enhanced Value ETF	X	X	X

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF	X		X

Invesco S&P 500^® High Beta ETF	X	X	X

Invesco S&P 500^® High Dividend Low Volatility ETF	X	X	X

Invesco S&P 500^® Low Volatility ETF	X		X

Invesco S&P 500 Minimum Variance ETF	X	X	X

Invesco S&P 500 Momentum ETF	X		X

Invesco S&P 500 QVM Multi-factor ETF	X	X	X

Invesco S&P 500 Revenue ETF			X

Invesco S&P Emerging Markets Low Volatility ETF	X		X

Invesco S&P Emerging Markets Momentum ETF	X		X

Invesco S&P International Developed Low Volatility ETF	X	X	X

Invesco S&P International Developed Momentum ETF	X		X

Invesco S&P International Developed Quality ETF	X		X

Invesco S&P MidCap 400 QVM Multi-factor ETF	X	X	X

Invesco S&P MidCap 400 Revenue ETF			X

Invesco S&P MidCap Low Volatility ETF	X		X

Invesco S&P SmallCap 600 QVM Multi-factor ETF	X	X	X

Invesco S&P SmallCap 600 Revenue ETF			X

Invesco S&P SmallCap Consumer Discretionary ETF	X		X

Invesco S&P SmallCap Consumer Staples ETF	X		X

Invesco S&P SmallCap Energy ETF	X		X

Invesco S&P SmallCap Financials ETF	X		X

Invesco S&P SmallCap Health Care ETF	X		X

Invesco S&P SmallCap High Dividend Low Volatility ETF	X	X	X

Invesco S&P SmallCap Industrials ETF	X		X

Invesco S&P SmallCap Information Technology ETF	X		X

Invesco S&P SmallCap Low Volatility ETF	X		X

Invesco S&P SmallCap Materials ETF	X		X

Invesco S&P SmallCap Quality ETF	X		X

Invesco S&P SmallCap Utilities & Communication Services ETF	X	X	X

Invesco S&P Ultra Dividend Revenue ETF		X	X

Invesco Senior Loan ETF		N/A	X

Invesco Taxable Municipal Bond ETF		N/A	X

Invesco Treasury Collateral ETF	X		X

Invesco Variable Rate Preferred ETF		X	X

Invesco VRDO Tax-Free ETF		N/A	X

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

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco Senior Loan ETF’s, Invesco MSCI Green Building ETF’s, Invesco California AMT-Free Municipal Bond ETF’s, Invesco International Corporate Bond ETF’s, Invesco National AMT-Free Municipal Bond ETF’s, Invesco New York AMT-Free Municipal Bond ETF’s, Invesco Taxable Municipal Bond ETF’s and Invesco VRDO Tax-Free ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the


		29

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

investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

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

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

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis. For Invesco PureBeta^SM FTSE Developed ex-North America ETF, Invesco PureBeta^SM FTSE Emerging Markets ETF, Invesco PureBeta^SM MSCI USA Small Cap ETF and Invesco PureBeta^SM US Aggregate Bond ETF, the Board noted that it had previously approved the liquidation and termination of each Fund effective on or about June 30, 2023 and considered that the continuation of the Investment Advisory Agreement for such Funds would facilitate the orderly liquidation of the Funds.

Investment Sub-Advisory Agreement

As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF at a meeting held on April 18, 2023. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.


		30

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

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

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

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

The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 24 and April 18, 2023 Board meetings, and Invesco Advisers, Inc., in connection with the April 18, 2023 meeting, and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF.

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

Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from affiliated money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund’s excess cash invested in the affiliated money market funds. The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs. The Trustees noted that the Sub-Advisers had not identified any further benefits that they received from their relationships with Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.

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


		31

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-PS-SAR-11

invesco.com/ETFs


		Invesco Semi-Annual Report to Shareholders April 30, 2023
		PCY		Invesco Emerging Markets Sovereign Debt ETF
		PGHY		Invesco Global Short Term High Yield Bond ETF
		PICB		Invesco International Corporate Bond ETF

Table of Contents



Liquidity Risk Management Program			3

Schedules of Investments

Invesco Emerging Markets Sovereign Debt ETF (PCY)			4

Invesco Global Short Term High Yield Bond ETF (PGHY)			8

Invesco International Corporate Bond ETF (PICB)			19

Statements of Assets and Liabilities			28

Statements of Operations			29

Statements of Changes in Net Assets			30

Financial Highlights			32

Notes to Financial Statements			35

Fund Expenses			44

Approval of Investment Advisory and Sub-Advisory Contracts			45


		2

Liquidity Risk Management Program

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

●

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

●

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

●

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

●

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

●

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


		3

Invesco Emerging Markets Sovereign Debt ETF (PCY)

April 30, 2023

(Unaudited)

Schedule of Investments


	Principal Amount			Value
U.S. Dollar Denominated Bonds & Notes-98.44%
Angola-2.65%
Angolan Government International Bond
8.75%, 04/14/2032^(a)		$	16,972,000		$	14,109,842
9.38%, 05/08/2048^(a)			18,132,000			13,954,025
9.13%, 11/26/2049^(a)			18,017,000			13,493,886

						41,557,753

Bahrain-2.87%
Bahrain Government International Bond
6.00%, 09/19/2044^(a)			18,942,000			14,965,506
7.50%, 09/20/2047^(a)			16,183,000			14,706,155
6.25%, 01/25/2051^(a)			19,320,000			15,201,807

						44,873,468

Brazil-3.10%
Brazilian Government International Bond
5.63%, 01/07/2041			18,163,000			16,133,320
5.63%, 02/21/2047			19,164,000			16,266,272
4.75%, 01/14/2050			21,789,000			16,115,984

						48,515,576

Chile-3.16%
Chile Government International Bond
4.34%, 03/07/2042			17,800,000			16,197,837
3.86%, 06/21/2047			19,873,000			16,552,504
4.00%, 01/31/2052			20,102,000			16,749,798

						49,500,139

China-3.14%
China Government International Bond
4.00%, 10/19/2048^(a)(b)			16,824,000			16,230,934
2.25%, 10/21/2050^(a)			23,757,000			16,429,401
2.50%, 10/26/2051^(a)			22,703,000			16,507,913

						49,168,248

Colombia-3.00%
Colombia Government International Bond
7.38%, 09/18/2037			16,315,000			15,229,338
6.13%, 01/18/2041			19,960,000			15,868,651
5.63%, 02/26/2044			21,774,000			15,946,180

						47,044,169

Costa Rica-3.04%
Costa Rica Government International Bond
5.63%, 04/30/2043^(a)			18,623,000			16,276,469
7.00%, 04/04/2044^(a)(b)			15,984,000			15,809,001
7.16%, 03/12/2045^(a)(b)			15,532,000			15,504,988

						47,590,458

Dominican Republic-3.02%
Dominican Republic International Bond
7.45%, 04/30/2044^(a)			16,015,000			15,564,710
6.85%, 01/27/2045^(a)			17,525,000			15,821,868
6.50%, 02/15/2048^(a)			18,464,000			15,823,666

						47,210,244

Egypt-2.45%
Egypt Government International Bond 8.50%, 01/31/2047^(a)			24,324,000			12,906,071


	Principal Amount			Value
Egypt-(continued)
7.90%, 02/21/2048^(a)		$	25,910,000		$	13,158,264
8.70%, 03/01/2049^(a)			23,121,000			12,374,128

						38,438,463

El Salvador-3.41%
El Salvador Government International Bond
6.38%, 01/18/2027^(a)			29,117,000			18,363,586
8.63%, 02/28/2029^(a)			31,127,000			18,396,224
8.25%, 04/10/2032^(a)			29,218,000			16,690,785

						53,450,595

Guatemala-3.02%
Guatemala Government Bond
5.25%, 08/10/2029^(a)			16,115,000			15,760,369
3.70%, 10/07/2033^(a)(b)			18,911,000			15,853,753
4.65%, 10/07/2041^(a)			19,048,000			15,631,628

						47,245,750

Hungary-3.00%
Hungary Government International Bond
7.63%, 03/29/2041			13,675,000			15,598,991
3.13%, 09/21/2051^(a)			25,277,000			15,734,351
6.75%, 09/25/2052^(a)			15,048,000			15,672,492

						47,005,834

Indonesia-3.04%
Indonesia Government International Bond
6.75%, 01/15/2044^(a)			13,795,000			16,387,746
4.45%, 04/15/2070			18,391,000			15,784,686
3.35%, 03/12/2071			22,153,000			15,402,497

						47,574,929

Jordan-2.93%
Jordan Government International Bond
7.75%, 01/15/2028^(a)			15,328,000			15,653,720
5.85%, 07/07/2030^(a)			17,099,000			15,420,391
7.38%, 10/10/2047^(a)			17,415,000			14,758,516

						45,832,627

Kazakhstan-3.02%
Kazakhstan Government International Bond
4.88%, 10/14/2044^(a)			25,648,000			23,593,082
6.50%, 07/21/2045^(a)			22,139,000			23,617,708

						47,210,790

Kenya-2.65%
Republic of Kenya Government International Bond
7.25%, 02/28/2028^(a)			27,199,000			21,037,583
8.25%, 02/28/2048^(a)			30,503,000			20,494,600

						41,532,183

Kuwait-1.52%
Kuwait International Government Bond, 3.50%, 03/20/2027^(a)			24,174,000			23,821,640


Mexico-3.08%
Mexico Government International Bond 4.60%, 01/23/2046			19,519,750			16,445,054

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


		4

Invesco Emerging Markets Sovereign Debt ETF (PCY)–(continued)

April 30, 2023

(Unaudited)


	Principal Amount			Value
Mexico-(continued)
3.75%, 04/19/2071		$	23,654,000		$	16,146,958
5.75%, 10/12/2110			17,422,000			15,573,935

						48,165,947

Mongolia-2.95%
Mongolia Government International Bond
5.13%, 04/07/2026^(a)			16,863,000			15,570,992
3.50%, 07/07/2027^(a)			18,707,000			15,579,783
4.45%, 07/07/2031^(a)(b)			19,360,000			15,003,992

						46,154,767

Morocco-3.17%
Morocco Government International Bond
3.00%, 12/15/2032^(a)			20,505,000			16,630,683
5.50%, 12/11/2042^(a)			18,707,000			16,302,440
4.00%, 12/15/2050^(a)			24,358,000			16,775,890

						49,709,013

Nigeria-2.81%
Nigeria Government International Bond
7.70%, 02/23/2038^(a)			22,437,000			14,925,990
7.63%, 11/28/2047^(a)			22,837,000			14,305,074
9.25%, 01/21/2049^(a)			20,336,000			14,743,600

						43,974,664

Oman-2.99%
Oman Government International Bond
6.50%, 03/08/2047^(a)			16,178,000			15,212,998
6.75%, 01/17/2048^(a)			16,431,000			15,918,041
7.00%, 01/25/2051^(a)			15,743,000			15,674,124

						46,805,163

Pakistan-2.31%
Pakistan Government International Bond
6.00%, 04/08/2026^(a)			33,319,000			12,110,790
6.88%, 12/05/2027^(a)			33,728,000			12,085,417
7.38%, 04/08/2031^(a)			34,548,000			11,916,296

						36,112,503

Panama-3.11%
Panama Government International Bond
2.25%, 09/29/2032			20,978,000			16,268,565
3.30%, 01/19/2033^(b)			19,341,000			16,396,794
6.40%, 02/14/2035			15,107,000			16,025,752

						48,691,111

Paraguay-3.01%
Paraguay Government International Bond
4.70%, 03/27/2027^(a)			16,036,000			15,778,391
6.10%, 08/11/2044^(a)			16,512,000			15,771,354
5.60%, 03/13/2048^(a)(b)			17,621,000			15,505,435

						47,055,180

Peru-3.15%
Peruvian Government International Bond
5.63%, 11/18/2050			15,831,000			16,430,512
3.55%, 03/10/2051^(b)			21,666,000			16,440,421
3.60%, 01/15/2072			23,892,000			16,509,565

						49,380,498


	Principal Amount			Value
Philippines-3.07%
Philippine Government International Bond
3.20%, 07/06/2046		$	21,828,000		$	16,534,786
4.20%, 03/29/2047			17,998,000			15,826,475
5.95%, 10/13/2047			14,289,000			15,760,724

						48,121,985

Poland-1.53%
Republic of Poland Government International Bond, 3.25%, 04/06/2026			24,607,000			24,038,037


Qatar-3.10%
Qatar Government International Bond
4.63%, 06/02/2046^(a)			16,579,000			16,224,209
5.10%, 04/23/2048^(a)			15,693,000			16,139,309
4.82%, 03/14/2049^(a)			16,252,000			16,129,216

						48,492,734

Romania-3.01%
Romanian Government International Bond
5.13%, 06/15/2048^(a)			18,714,000			15,805,283
4.00%, 02/14/2051^(a)			22,690,000			15,799,614
7.63%, 01/17/2053^(a)			14,372,000			15,525,713

						47,130,610

Saudi Arabia-3.06%
Saudi Government International Bond
4.50%, 10/26/2046^(a)			17,850,000			16,052,095
4.63%, 10/04/2047^(a)			17,643,000			16,069,421
5.00%, 04/17/2049^(a)			16,633,000			15,790,588

						47,912,104

South Africa-2.91%
Republic of South Africa Government International Bond
6.30%, 06/22/2048			19,474,000			15,279,554
5.75%, 09/30/2049			20,913,000			15,059,200
7.30%, 04/20/2052			17,800,000			15,230,784

						45,569,538

Turkey-3.12%
Turkey Government International Bond
5.95%, 01/15/2031			19,275,000			16,270,027
6.88%, 03/17/2036			18,741,000			16,054,759
6.63%, 02/17/2045			20,765,000			16,455,764

						48,780,550

United Arab Emirates-3.04%
Finance Department Government of Sharjah
3.63%, 03/10/2033^(a)			19,023,000			15,862,728
4.00%, 07/28/2050^(a)			24,390,000			15,938,426
4.38%, 03/10/2051^(a)			22,524,000			15,723,689

						47,524,843

Total U.S. Dollar Denominated Bonds & Notes (Cost $1,922,877,173)						1,541,192,113

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


		5

Invesco Emerging Markets Sovereign Debt ETF (PCY)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
Money Market Funds-0.17%
Invesco Government & Agency Portfolio, Institutional Class, 4.78%^(c)(d) (Cost $2,704,189)		2,704,189		$	2,704,189

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.61% (Cost $1,925,581,362)					1,543,896,302


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.45%
Invesco Private Government Fund, 4.83%^(c)(d)(e)		6,356,368			6,356,368


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 4.99%^(c)(d)(e)		16,344,947	$	16,344,947

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $22,702,913)				22,701,315

TOTAL INVESTMENTS IN SECURITIES-100.06% (Cost $1,948,284,275)				1,566,597,617
OTHER ASSETS LESS LIABILITIES-(0.06)%				(914,611	)

NET ASSETS-100.00%			$	1,565,683,006

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2023 was $1,036,598,389, which represented 66.21% of the Fund’s Net Assets.

^(b)	All or a portion of this security was out on loan at April 30, 2023.

^(c)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value April 30, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	7,905,005		$	51,216,338		$	(56,417,154	)		$	-		$	-		$	2,704,189		$	98,230

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			15,375,146			46,673,545			(55,692,323	)			-			-			6,356,368			235,507	*

Invesco Private Prime Fund			39,527,745			77,483,926			(100,671,260	)			137			4,399			16,344,947			644,156	*


Total		$	62,807,896		$	175,373,809		$	(212,780,737	)		$	137		$	4,399		$	25,405,504		$	977,893

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

^(d)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

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

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


		6

Invesco Emerging Markets Sovereign Debt ETF (PCY)–(continued)

April 30, 2023

(Unaudited)


Portfolio Composition
Country Breakdown (% of the Fund’s Net Assets)
as of April 30, 2023

El Salvador			3.41

Morocco			3.17

Chile			3.16

Peru			3.15

China			3.14

Turkey			3.12

Panama			3.11

Brazil			3.10

Qatar			3.10

Mexico			3.08

Philippines			3.07

Saudi Arabia			3.06

Costa Rica			3.04

Indonesia			3.04

United Arab Emirates			3.04

Guatemala			3.02

Kazakhstan			3.02

Dominican Republic			3.02

Romania			3.01

Paraguay			3.01

Colombia			3.00

Hungary			3.00

Oman			2.99

Mongolia			2.95

Jordan			2.93

South Africa			2.91

Bahrain			2.87

Nigeria			2.81

Angola			2.65

Kenya			2.65

Egypt			2.45

Pakistan			2.31

Poland			1.53

Kuwait			1.52

Money Market Funds Plus Other Assets Less Liabilities			1.56

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


		7

Invesco Global Short Term High Yield Bond ETF (PGHY)

April 30, 2023

(Unaudited)

Schedule of Investments


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-96.98%
Angola-0.24%
Angolan Government International Bond, 9.50%, 11/12/2025^(a)	$	400,000	$	396,404


Argentina-1.09%
AES Argentina Generacion S.A., 7.75%, 02/02/2024^(a)		450,000		368,621
Capex S.A., 6.88%, 05/15/2024^(a)		500,000		471,070
MSU Energy S.A./UGEN S.A./UENSA S.A., 6.88%, 02/01/2025^(a)		600,000		420,609
Provincia de Cordoba, 6.88%, 12/10/2025^(a)(b)		221		184
Transportadora de Gas del Sur S.A., 6.75%, 05/02/2025^(a)		200,000		174,323
YPF S.A., 8.50%, 07/28/2025^(a)		450,000		375,337

				1,810,144

Armenia-0.48%
Ardshinbank CJSC Via Dilijan Finance B.V., 6.50%, 01/28/2025^(a)		600,000		586,500
Republic of Armenia International Bond, 7.15%, 03/26/2025^(a)		200,000		203,268

				789,768

Australia-0.71%
FMG Resources August 2006 Pty. Ltd., 5.13%, 05/15/2024^(a)		400,000		398,046
Infrabuild Australia Pty. Ltd., 12.00%, 10/01/2024^(a)		400,000		382,710
Perenti Finance Pty. Ltd., 6.50%, 10/07/2025^(a)		400,000		389,500

				1,170,256

Austria-0.28%
ams-OSRAM AG, 7.00%, 07/31/2025^(a)		500,000		467,565


Azerbaijan-0.47%
International Bank of Azerbaijan OJSC, 3.50%, 09/01/2024^(a)		400,000		386,000
Republic of Azerbaijan International Bond, 4.75%, 03/18/2024^(a)		400,000		397,228

				783,228

Bahrain-1.35%
Bahrain Government International Bond
6.13%, 08/01/2023^(a)		400,000		400,026
7.00%, 01/26/2026^(a)		650,000		669,291
BBK BSC, 5.50%, 07/09/2024^(a)		450,000		445,720
CBB International Sukuk Co. 7 S.P.C., 6.88%, 10/05/2025^(a)		400,000		413,193
Oil and Gas Holding Co. BSCC (The), 7.63%, 11/07/2024^(a)		300,000		305,444

				2,233,674

Brazil-5.46%
Azul Investments L.L.P., 5.88%, 10/26/2024^(a)		700,000		553,342
Banco Daycoval S.A., 4.25%, 12/13/2024^(a)		300,000		290,399


	Principal Amount		Value
Brazil-(continued)
Banco Nacional de Desenvolvimento Economico e Social
5.75%, 09/26/2023^(a)	$	595,000	$	595,708
4.75%, 05/09/2024^(a)		480,000		476,919
Banco Votorantim S.A.
4.50%, 09/24/2024^(a)		500,000		485,622
4.38%, 07/29/2025^(a)		440,000		424,637
Brazilian Government International Bond
8.88%, 04/15/2024		380,000		392,456
4.25%, 01/07/2025		400,000		396,174
8.75%, 02/04/2025		380,000		403,864
2.88%, 06/06/2025		300,000		287,917
BRF S.A., 4.75%, 05/22/2024^(a)		600,000		583,081
Cemig Geracao e Transmissao S.A., 9.25%, 12/05/2024^(a)		500,000		513,050
Centrais Eletricas Brasileiras S.A., 3.63%, 02/04/2025^(a)		500,000		477,632
Embraer Netherlands Finance B.V., 5.05%, 06/15/2025		400,000		394,522
FS Luxembourg S.a.r.l., 10.00%, 12/15/2025^(a)		300,000		298,850
Gol Finance S.A., 7.00%, 01/31/2025^(a)		810,000		391,509
InterCement Financial Operations B.V., 5.75%, 07/17/2024^(a)		400,000		274,714
Itau Unibanco Holding S.A.
5.13%, 05/13/2023^(a)		400,000		399,520
3.25%, 01/24/2025^(a)		300,000		290,823
MercadoLibre, Inc., 2.38%, 01/14/2026		300,000		272,526
Petrobras Global Finance B.V.
6.25%, 03/17/2024		398,000		399,268
5.30%, 01/27/2025		417,000		415,186

				9,017,719

Canada-3.86%
1011778 BC ULC/New Red Finance, Inc., 5.75%, 04/15/2025^(a)		560,000		561,838
Bombardier, Inc., 7.50%, 03/15/2025^(a)		411,000		411,549
Empire Communities Corp., 7.00%, 12/15/2025^(a)		700,000		641,273
Ensign Drilling, Inc., 9.25%, 04/15/2024^(a)		400,000		390,492
GFL Environmental, Inc.
4.25%, 06/01/2025^(a)		500,000		487,093
3.75%, 08/01/2025^(a)		200,000		193,591
goeasy Ltd., 5.38%, 12/01/2024^(a)		430,000		408,861
Methanex Corp., 4.25%, 12/01/2024		520,000		508,647
NOVA Chemicals Corp.
4.88%, 06/01/2024^(a)		523,000		515,444
5.00%, 05/01/2025^(a)		200,000		194,301
Precision Drilling Corp., 7.13%, 01/15/2026^(a)		700,000		680,687
Taseko Mines Ltd., 7.00%, 02/15/2026^(a).		500,000		461,744
Vermilion Energy, Inc., 5.63%, 03/15/2025^(a)		410,000		403,827
Videotron Ltd., 5.38%, 06/15/2024^(a)		520,000		519,750

				6,379,097

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


		8

Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)

April 30, 2023

(Unaudited)


	Principal Amount		Value
Chile-0.28%
Kenbourne Invest S.A., 6.88%, 11/26/2024^(a)	$	700,000	$	462,879


China-1.25%
Huachen Energy Co. Ltd., 2.35% PIK Rate, 2.30% Cash Rate, 12/29/2026^(a)(c)		410,690		186,864
New Metro Global Ltd.
4.80%, 12/15/2024^(a)		500,000		374,417
4.63%, 10/15/2025^(a)		500,000		318,613
Sino-Ocean Land Treasure Finance I Ltd., 6.00%, 07/30/2024^(a)		500,000		203,215
Sino-Ocean Land Treasure IV Ltd., 2.70%, 01/13/2025^(a)		600,000		199,500
Yanlord Land HK Co. Ltd., 6.80%, 02/27/2024^(a)		400,000		390,464
Yinchuan Tonglian Capital Investment Operation Group Co. Ltd., 4.45%, 06/10/2023^(a)		200,000		196,800
Zhangzhou Transportation Development Group Co. Ltd., 4.98%, 06/01/2025^(a)		200,000		194,803

				2,064,676

Colombia-1.51%
Banco Bilbao Vizcaya Argentaria Colombia S.A., 4.88%, 04/21/2025^(a)		450,000		435,065
Bancolombia S.A., 3.00%, 01/29/2025		500,000		473,035
Credivalores-Crediservicios S.A.S., 8.88%, 02/07/2025^(a)		500,000		167,181
Ecopetrol S.A.
5.88%, 09/18/2023		405,000		403,900
4.13%, 01/16/2025		430,000		412,882
Gilex Holding S.a.r.l., 8.50%, 05/02/2023^(a)		610,000		610,000

				2,502,063

Costa Rica-0.24%
Costa Rica Government International Bond, 4.38%, 04/30/2025^(a)		400,000		393,299


Dominican Republic-0.44%
Dominican Republic International Bond
5.50%, 01/27/2025^(a)		320,000		317,454
6.88%, 01/29/2026^(a)		400,000		408,938

				726,392

Egypt-1.42%
Egypt Government International Bond
4.55%, 11/20/2023^(a)		424,000		396,652
6.20%, 03/01/2024^(a)		550,000		483,370
5.75%, 05/29/2024^(a)		400,000		334,469
6.75%, 11/10/2024^(a)		250,000		203,888
5.88%, 06/11/2025^(a)		450,000		325,267
5.25%, 10/06/2025^(a)		400,000		276,380
3.88%, 02/16/2026^(a)		500,000		322,902

				2,342,928

El Salvador-0.28%
El Salvador Government International Bond, 5.88%, 01/30/2025^(a)		550,000		459,609


	Principal Amount		Value
Ethiopia-0.30%
Ethiopia International Bond, 6.63%, 12/11/2024^(a)	$	700,000	$	491,512


France-0.30%
Banijay Entertainment S.A.S.U., 5.38%, 03/01/2025^(a)		500,000		488,120


Gabon-0.22%
Gabon Government International Bond, 6.95%, 06/16/2025^(a)		400,000		370,620


Georgia-0.30%
Georgia Capital JSC, 6.13%, 03/09/2024^(a)		500,000		490,625


Germany-1.04%
Commerzbank AG, 8.13%, 09/19/2023^(a)		309,000		305,736
Deutsche Bank AG, 4.50%, 04/01/2025^(d)		400,000		375,078
Mercer International, Inc., 5.50%, 01/15/2026		270,000		259,547
Norddeutsche Landesbank-Girozentrale, 6.25%, 04/10/2024^(a)		400,000		386,254
ZF North America Capital, Inc., 4.75%, 04/29/2025^(a)		400,000		391,423

				1,718,038

Ghana-0.22%
Tullow Oil PLC, 7.00%, 03/01/2025^(a)		600,000		365,822


India-4.00%
ABJA Investment Co. Pte. Ltd., 5.95%, 07/31/2024^(a)		500,000		499,000
Adani Green Energy UP Ltd./Prayatna Developers Pvt. Ltd./Parampujya Solar Energy Pvt. Ltd., 6.25%, 12/10/2024^(a)		550,000		525,143
Azure Power Solar Energy Pvt. Ltd., 5.65%, 12/24/2024^(a)		500,000		428,000
GMR Hyderabad International Airport Ltd., 4.75%, 02/02/2026^(a)		250,000		235,059
Greenko Solar Mauritius Ltd., 5.55%, 01/29/2025^(a)		500,000		480,625
Greenko Wind Projects Mauritius Ltd., 5.50%, 04/06/2025^(a)		350,000		334,043
India Airport Infra, 6.25%, 10/25/2025^(a).		400,000		383,130
India Green Energy Holdings, 5.38%, 04/29/2024^(a)		500,000		486,322
India Toll Roads, 5.50%, 08/19/2024^(a)		500,000		482,500
JSW Steel Ltd.
5.95%, 04/18/2024^(a)		500,000		496,000
5.38%, 04/04/2025^(a)		200,000		194,350
Muthoot Finance Ltd., 4.40%, 09/02/2023^(a)		400,000		396,850
Shriram Finance Ltd.
4.40%, 03/13/2024^(a)		478,000		463,919
4.15%, 07/18/2025^(a)		450,000		420,525
Tata Motors Ltd., 5.75%, 10/30/2024^(a)		300,000		296,805
TML Holdings Pte. Ltd., 5.50%, 06/03/2024^(a)		500,000		492,625

				6,614,896

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


		9

Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)

April 30, 2023

(Unaudited)


	Principal Amount		Value
Indonesia-1.18%
APL Realty Holdings Pte. Ltd., 5.95%, 06/02/2024^(a)	$	600,000	$	271,500
Indika Energy Capital III Pte. Ltd., 5.88%, 11/09/2024^(a)		200,000		194,952
Indika Energy Capital IV Pte Ltd., 8.25%, 10/22/2025^(a)		500,000		496,496
LMIRT Capital Pte. Ltd., 7.25%, 06/19/2024^(a)		200,000		135,500
PT Bukit Makmur Mandiri Utama, 7.75%, 02/10/2026^(a)		500,000		437,500
PT Saka Energi Indonesia, 4.45%, 05/05/2024^(a)		425,000		412,843

				1,948,791

Israel-1.40%
Energean Israel Finance Ltd., 4.50%, 03/30/2024^(a)		450,000		440,550
Leviathan Bond Ltd.
5.75%, 06/30/2023^(a)		407,202		406,644
6.13%, 06/30/2025^(a)		200,000		195,050
Teva Pharmaceutical Finance Netherlands III B.V.
2.80%, 07/21/2023		414,000		411,297
6.00%, 04/15/2024		450,000		449,518
7.13%, 01/31/2025^(d)		400,000		409,571

				2,312,630

Jamaica-0.27%
Digicel International Finance Ltd./Digicel international Holdings Ltd., 8.75%, 05/25/2024^(a)		500,000		453,280


Japan-1.60%
Rakuten Group, Inc.
3.55%, 11/27/2024^(a)		500,000		443,773
10.25%, 11/30/2024^(a)		500,000		492,800
SoftBank Group Corp.
4.75%, 09/19/2024^(a)		420,000		403,200
3.13%, 01/06/2025^(a)		500,000		461,875
6.13%, 04/20/2025^(a)		200,000		194,150
6.00%, 07/30/2025^(a)		200,000		191,328
Universal Entertainment Corp., 8.50%, 12/11/2024^(a)		489,000		461,323

				2,648,449

Jordan-0.47%
Jordan Government International Bond
4.95%, 07/07/2025^(a)		400,000		386,098
6.13%, 01/29/2026^(a)		400,000		393,652

				779,750

Kazakhstan-0.27%
Tengizchevroil Finance Co. International Ltd., 2.63%, 08/15/2025^(a)		500,000		449,700


Kenya-0.26%
Republic of Kenya Government International Bond, 6.88%, 06/24/2024^(a)		500,000		435,425


	Principal Amount		Value
Macau-0.27%
Champion Path Holdings Ltd., 4.50%, 01/27/2026^(a)	$	500,000	$	443,750


Mexico-1.95%
Axtel S.A.B. de C.V., 6.38%, 11/14/2024^(a)		426,000		372,750
Credito Real S.A.B. de C.V., SOFOM, E.R., 7.25%, 07/20/2023^(a)(e)		300,000		21,750
Operadora de Servicios Mega S.A. de C.V. SOFOM, E.R., 8.25%, 02/11/2025^(a)		800,000		428,000
Petroleos Mexicanos
4.63%, 09/21/2023		360,000		357,193
4.88%, 01/18/2024^(d)		361,000		356,181
4.25%, 01/15/2025^(d)		380,000		362,430
6.88%, 10/16/2025		400,000		394,322
4.50%, 01/23/2026		400,000		364,760
SixSigma Networks Mexico S.A. de C.V., 7.50%, 05/02/2025^(a)		440,000		375,185
Total Play Telecomunicaciones, S.A. de C.V., 7.50%, 11/12/2025^(a)		240,000		167,966
Unifin Financiera S.A.B. de C.V., 7.25%, 09/27/2023^(a)(e)(f)		700,000		22,750

				3,223,287

Mongolia-0.73%
Development Bank of Mongolia LLC, 7.25%, 10/23/2023^(a)		400,000		396,003
Mongolia Government International Bond
5.63%, 05/01/2023^(a)		400,000		400,000
8.75%, 03/09/2024^(a)		400,000		403,009

				1,199,012

Morocco-0.48%
OCP S.A.
5.63%, 04/25/2024^(a)		400,000		398,991
4.50%, 10/22/2025^(a)		400,000		389,881

				788,872

Namibia-0.23%
Namibia International Bonds, 5.25%, 10/29/2025^(a)		400,000		381,040


Nigeria-0.94%
EBN Finance Co. B.V., 7.13%, 02/16/2026^(a)		500,000		421,000
First Bank of Nigeria Ltd. Via FBN Finance Co. B.V., 8.63%, 10/27/2025^(a)		400,000		366,596
Nigeria Government International Bond
6.38%, 07/12/2023^(a)		400,000		396,210
7.63%, 11/21/2025^(a)		400,000		363,530

				1,547,336

Oman-0.41%
Oman Government International Bond, 4.88%, 02/01/2025^(a)		276,000		273,853
Oztel Holdings SPC Ltd., 5.63%, 10/24/2023^(a)		408,000		407,748

				681,601

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


		10

Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)

April 30, 2023

(Unaudited)


	Principal Amount		Value
Pakistan-0.42%
Pakistan Government International Bond
8.25%, 04/15/2024^(a)	$	700,000	$	355,649
8.25%, 09/30/2025^(a)		800,000		331,712

				687,361

Paraguay-0.25%
Banco Continental S.A. Emisora de Capital Abierto, 2.75%, 12/10/2025^(a)		460,000		412,641


Peru-0.47%
Auna S.A.A., 6.50%, 11/20/2025^(a)		500,000		394,148
Volcan Cia Minera S.A.A., 4.38%, 02/11/2026^(a)		500,000		380,434

				774,582

Poland-0.16%
Canpack S.A./Canpack US LLC, 3.13%, 11/01/2025^(a)		300,000		266,502


Puerto Rico-0.30%
Popular, Inc., 6.13%, 09/14/2023		500,000		497,263


Russia-0.10%
Chelyabinsk Pipe Plant Via Chelpipe Finance DAC, 4.50%, 09/19/2024^(a)(e)		300,000		133,500
O1 Properties Finance PLC, 0.50%, 12/31/2049^(a)		500,000		37,500

				171,000

Singapore-0.51%
Puma International Financing S.A.
5.13%, 10/06/2024^(a)		500,000		480,500
5.00%, 01/24/2026^(a)		400,000		359,944

				840,444

South Africa-1.40%
Eskom Holdings SOC Ltd.
6.75%, 08/06/2023^(a)		420,000		416,945
7.13%, 02/11/2025^(a)		413,000		404,017
MTN (Mauritius) Investments Ltd., 4.76%, 11/11/2024^(a)		300,000		294,240
Republic of South Africa Government International Bond
4.67%, 01/17/2024		310,000		307,175
5.88%, 09/16/2025		450,000		449,887
Sasol Financing USA LLC, 5.88%, 03/27/2024		450,000		445,700

				2,317,964

South Korea-0.24%
SK Innovation Co. Ltd., 4.13%, 07/13/2023^(a)		400,000		398,504


Spain-0.05%
Codere Finance 2 (Luxembourg) S.A., 11.63% PIK Rate, 2.00% Cash Rate, 11/30/2027^(a)(c)		209,644		82,600


Sweden-0.53%
Stena AB, 7.00%, 02/01/2024^(a)		400,000		397,899
Stena International S.A., 6.13%, 02/01/2025^(a)		500,000		485,475

				883,374


	Principal Amount		Value
Switzerland-0.29%
Credit Suisse AG, 6.50%, 08/08/2023^(a)	$	500,000	$	480,000


Togo-0.18%
Ecobank Transnational, Inc., 9.50%, 04/18/2024^(a)		300,000		294,750


Trinidad-0.24%
Trinidad & Tobago Government International Bond, 4.38%, 01/16/2024^(a)		400,000		396,958


Tunisia-0.16%
Banque Centrale de Tunisie International Bond, 5.75%, 01/30/2025^(a)		500,000		260,002


Turkey-8.30%
Akbank T.A.S.
5.13%, 03/31/2025^(a)		400,000		379,040
6.80%, 02/06/2026^(a)		400,000		383,798
Hazine Mustesarligi Varlik Kiralama A.S.
4.49%, 11/25/2024^(a)		500,000		479,238
9.76%, 11/13/2025^(a)		400,000		411,128
9.76%, 11/13/2025^(a)		326,000		335,069
Istanbul Metropolitan Municipality, 6.38%, 12/09/2025^(a)		400,000		362,396
KOC Holding A.S., 6.50%, 03/11/2025^(a)		400,000		395,006
Mersin Uluslararasi Liman Isletmeciligi A.S., 5.38%, 11/15/2024^(a)		300,000		290,282
QNB Finansbank A.S., 6.88%, 09/07/2024^(a)		500,000		499,889
T.C. Ziraat Bankasi A.S., 5.13%, 09/29/2023^(a)		420,000		417,467
Turk Telekomunikasyon A.S.
4.88%, 06/19/2024^(a)		200,000		190,510
6.88%, 02/28/2025^(a)		413,000		394,889
Turkcell Iletisim Hizmetleri A.S., 5.75%, 10/15/2025^(a)		400,000		378,724
Turkey Government International Bond
7.25%, 12/23/2023		200,000		200,937
5.75%, 03/22/2024		200,000		196,326
6.35%, 08/10/2024		500,000		490,878
5.60%, 11/14/2024		500,000		482,181
7.38%, 02/05/2025		420,000		414,501
4.25%, 03/13/2025		416,000		387,546
6.38%, 10/14/2025		400,000		381,374
4.75%, 01/26/2026		500,000		456,163
Turkiye Ihracat Kredi Bankasi A.S.
5.38%, 10/24/2023^(a)		420,000		417,146
8.25%, 01/24/2024^(a)		400,000		399,120
6.13%, 05/03/2024^(a)		200,000		195,807
9.38%, 01/31/2026^(a)		500,000		499,495
Turkiye Is Bankasi A.S.
7.85%, 12/10/2023^(a)		400,000		400,032
6.13%, 04/25/2024^(a)		500,000		489,813
Turkiye Petrol Rafinerileri A.S., 4.50%, 10/18/2024^(a)		350,000		334,788
Turkiye Sinai Kalkinma Bankasi A.S.
6.00%, 01/23/2025^(a)		300,000		286,668
5.88%, 01/14/2026^(a)		400,000		368,370
Turkiye Vakiflar Bankasi T.A.O. 8.13%, 03/28/2024^(a)		400,000		400,175

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


		11

Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)

April 30, 2023

(Unaudited)


	Principal Amount		Value
Turkey-(continued)
5.25%, 02/05/2025^(a)	$	500,000	$	469,513
6.50%, 01/08/2026^(a)		400,000		373,146
Ulker Biskuvi Sanayi A.S., 6.95%, 10/30/2025^(a)		400,000		348,508
Yapi ve Kredi Bankasi A.S.
5.85%, 06/21/2024^(a)		516,000		504,700
8.25%, 10/15/2024^(a)		300,000		300,818

				13,715,441

Ukraine-0.15%
MHP SE, 7.75%, 05/10/2024^(a)		350,000		208,460
Ukraine Railways Via Rail Capital Markets PLC, 8.25%, 07/09/2026^(a)(e)		200,000		41,500

				249,960

United Kingdom-1.88%
Celtic Resources Holdings DAC, 4.13%, 10/09/2024^(a)(g)		300,000		0
Clear Channel International B.V., 6.63%, 08/01/2025^(a)		200,000		198,234
eG Global Finance PLC, 6.75%, 02/07/2025^(a)		900,000		853,826
Jaguar Land Rover Automotive PLC, 7.75%, 10/15/2025^(a)		850,000		844,981
Neptune Energy Bondco PLC, 6.63%, 05/15/2025^(a)		400,000		394,828
Rolls-Royce PLC, 3.63%, 10/14/2025^(a)		850,000		807,499

				3,099,368

United States-43.46%
Abercrombie & Fitch Management Co., 8.75%, 07/15/2025^(a)		240,000		243,894
Acrisure LLC/Acrisure Finance, Inc., 7.00%, 11/15/2025^(a)		200,000		191,243
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026^(a)		300,000		291,638
Akumin, Inc., 7.00%, 11/01/2025^(a)		300,000		238,616
Alliance Resource Operating Partners L.P./Alliance Resource Finance Corp., 7.50%, 05/01/2025^(a)		240,000		238,768
Ally Financial, Inc.
5.13%, 09/30/2024		240,000		235,467
5.75%, 11/20/2025^(d)		250,000		243,132
AMC Networks, Inc.
5.00%, 04/01/2024		240,000		237,073
4.75%, 08/01/2025		260,000		241,516
American Airlines Group, Inc., 3.75%, 03/01/2025^(a)		270,000		254,622
American Airlines, Inc., 11.75%, 07/15/2025^(a)		320,000		352,401
AmeriGas Partners L.P./AmeriGas Finance Corp.
5.63%, 05/20/2024		250,000		248,520
5.50%, 05/20/2025		260,000		252,825
Aptim Corp., 7.75%, 06/15/2025^(a)		340,000		270,265
Aramark Services, Inc.
5.00%, 04/01/2025^(a)		250,000		247,777
6.38%, 05/01/2025^(a)		250,000		250,325
Arconic Corp., 6.00%, 05/15/2025^(a)		250,000		249,178


	Principal Amount		Value
United States-(continued)
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 04/30/2025^(a)	$	400,000	$	394,382
AssuredPartners, Inc., 7.00%, 08/15/2025^(a)		250,000		247,804
Avient Corp., 5.75%, 05/15/2025^(a)		250,000		250,093
B&G Foods, Inc., 5.25%, 04/01/2025		270,000		255,403
Ball Corp.
4.00%, 11/15/2023		250,000		247,893
5.25%, 07/01/2025		250,000		250,149
Bath & Body Works, Inc., 9.38%, 07/01/2025^(a)		230,000		246,502
Bausch Health Cos., Inc., 5.50%, 11/01/2025^(a)		462,000		403,312
Berry Global, Inc., 4.50%, 02/15/2026^(a)		260,000		252,323
Berry Petroleum Co. LLC, 7.00%, 02/15/2026^(a)		270,000		257,121
Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, 12/15/2025^(a)		240,000		240,996
Boxer Parent Co., Inc., 7.13%, 10/02/2025^(a)		240,000		239,578
Brand Industrial Services, Inc., 8.50%, 07/15/2025^(a)		290,000		271,711
Brinker International, Inc.
3.88%, 05/15/2023		250,000		250,058
5.00%, 10/01/2024^(a)		250,000		245,024
Brink’s Co. (The), 5.50%, 07/15/2025^(a)		250,000		247,830
Brundage-Bone Concrete Pumping Holdings, Inc., 6.00%, 02/01/2026^(a)		270,000		254,079
Caesars Entertainment, Inc., 6.25%, 07/01/2025^(a)		250,000		250,530
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/2025^(a)		250,000		252,287
California Resources Corp., 7.13%, 02/01/2026^(a)		270,000		273,021
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 11.00%, 04/15/2025^(a)		230,000		236,571
Carnival Corp., 10.50%, 02/01/2026^(a)		380,000		397,072
Carvana Co., 5.63%, 10/01/2025^(a)		400,000		256,232
CD&R Smokey Buyer, Inc., 6.75%, 07/15/2025^(a)		280,000		247,100
CDW LLC/CDW Finance Corp., 5.50%, 12/01/2024		250,000		249,810
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.50%, 05/01/2025^(a)		250,000		249,553
Cengage Learning, Inc., 9.50%, 06/15/2024^(a)		250,000		250,326
Cheniere Corpus Christi Holdings LLC, 5.88%, 03/31/2025		340,000		342,756
Chesapeake Energy Corp., 5.50%, 02/01/2026^(a)		250,000		247,580
Chobani LLC/Chobani Finance Corp., Inc., 7.50%, 04/15/2025^(a)		250,000		245,405
Cinemark USA, Inc., 8.75%, 05/01/2025^(a)		300,000		306,403
CITGO Petroleum Corp., 7.00%, 06/15/2025^(a)		100,000		99,650

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


		12

Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)

April 30, 2023

(Unaudited)


	Principal Amount		Value
United States-(continued)
Clearwater Paper Corp., 5.38%, 02/01/2025^(a)	$	250,000	$	245,288
CNG Holdings, Inc., 12.50%, 06/15/2024^(a)		300,000		251,616
CommScope Technologies LLC, 6.00%, 06/15/2025^(a)		270,000		254,154
Compass Minerals International, Inc., 4.88%, 07/15/2024^(a)		250,000		247,656
Constellation Merger Sub, Inc., 8.50%, 09/15/2025^(a)		300,000		237,344
Constellium SE, 5.88%, 02/15/2026^(a)		500,000		498,160
Continental Resources, Inc., 3.80%, 06/01/2024^(d)		250,000		245,301
Cornerstone Chemical Co., 2.00% PIK Rate, 8.25% Cash Rate, 09/01/2027^(a)(c)		500,000		445,625
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 5.75%, 04/01/2025		250,000		246,625
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/2026		260,000		255,183
CrownRock L.P./ CrownRock Finance, Inc., 5.63%, 10/15/2025^(a)		250,000		247,039
CSC Holdings LLC, 5.25%, 06/01/2024		420,000		410,052
CVR Energy, Inc., 5.25%, 02/15/2025^(a)		300,000		290,428
Dana Financing Luxembourg S.a.r.l., 5.75%, 04/15/2025^(a)		250,000		247,089
Dave & Buster’s, Inc., 7.63%, 11/01/2025^(a)		250,000		254,430
Delta Air Lines, Inc.
2.90%, 10/28/2024^(d)		260,000		251,081
7.38%, 01/15/2026^(d)		240,000		253,238
DISH DBS Corp., 5.88%, 11/15/2024		270,000		223,727
Diversified Healthcare Trust
4.75%, 05/01/2024		279,000		254,984
9.75%, 06/15/2025		350,000		335,526
DPL, Inc., 4.13%, 07/01/2025		260,000		250,259
Enact Holdings, Inc., 6.50%, 08/15/2025^(a)		250,000		247,841
Encompass Health Corp., 5.75%, 09/15/2025^(d)		340,000		339,629
EnLink Midstream Partners L.P., 4.15%, 06/01/2025		260,000		251,734
Enova International, Inc.
8.50%, 09/01/2024^(a)		240,000		239,374
8.50%, 09/15/2025^(a)		250,000		240,079
EQM Midstream Partners L.P.
4.00%, 08/01/2024^(d)		270,000		262,099
6.00%, 07/01/2025^(a)		250,000		245,933
FirstEnergy Corp.
2.05%, 03/01/2025		260,000		246,279
Series A, 1.60%, 01/15/2026		280,000		257,514
Five Point Operating Co. L.P./Five Point Capital Corp., 7.88%, 11/15/2025^(a)		300,000		273,400
Ford Motor Credit Co. LLC
3.37%, 11/17/2023		328,000		322,859
5.58%, 03/18/2024		300,000		298,580
4.06%, 11/01/2024		250,000		243,284
2.30%, 02/10/2025		270,000		251,765


	Principal Amount		Value
United States-(continued)
4.69%, 06/09/2025	$	400,000	$	387,415
5.13%, 06/16/2025		400,000		389,986
3.38%, 11/13/2025		200,000		186,021
Freedom Mortgage Corp.
8.13%, 11/15/2024^(a)		300,000		289,326
8.25%, 04/15/2025^(a)		250,000		232,771
Freeport-McMoRan, Inc., 4.55%, 11/14/2024		250,000		247,174
FS Energy and Power Fund, 7.50%, 08/15/2023^(a)		249,000		248,844
FXI Holdings, Inc., 7.88%, 11/01/2024^(a)		300,000		272,890
Gates Global LLC/Gates Corp., 6.25%, 01/15/2026^(a)		250,000		247,815
Gen Digital, Inc., 5.00%, 04/15/2025^(a)		250,000		247,553
Genesis Energy L.P./Genesis Energy Finance Corp., 6.50%, 10/01/2025		250,000		245,025
Genting New York LLC/GENNY Capital, Inc., 3.30%, 02/15/2026^(a)		350,000		317,990
G-III Apparel Group Ltd., 7.88%, 08/15/2025^(a)		260,000		244,923
Goodyear Tire & Rubber Co. (The), 9.50%, 05/31/2025		330,000		338,326
Graphic Packaging International LLC, 4.13%, 08/15/2024		250,000		246,828
Greystar Real Estate Partners LLC, 5.75%, 12/01/2025^(a)		250,000		244,800
HAT Holdings I LLC/HAT Holdings II LLC, 6.00%, 04/15/2025^(a)		200,000		194,645
HCA, Inc.
5.00%, 03/15/2024		240,000		238,922
5.38%, 02/01/2025		250,000		250,217
5.25%, 04/15/2025		340,000		340,915
7.69%, 06/15/2025		230,000		240,241
5.88%, 02/15/2026		250,000		253,984
Hess Midstream Operations L.P., 5.63%, 02/15/2026^(a)		260,000		256,264
Hillenbrand, Inc., 5.75%, 06/15/2025		250,000		249,655
Hilton Domestic Operating Co., Inc., 5.38%, 05/01/2025^(a)		340,000		339,841
Home Point Capital, Inc., 5.00%, 02/01/2026^(a)		300,000		253,870
Howmet Aerospace, Inc.
5.13%, 10/01/2024		314,000		313,142
6.88%, 05/01/2025^(d)		240,000		247,500
Icahn Enterprises L.P./Icahn Enterprises Finance Corp.
4.75%, 09/15/2024		250,000		247,005
6.38%, 12/15/2025		250,000		248,276
International Game Technology PLC, 6.50%, 02/15/2025^(a)		397,000		402,391
IRB Holding Corp., 7.00%, 06/15/2025^(a)		240,000		243,179
JELD-WEN, Inc.
6.25%, 05/15/2025^(a)		250,000		252,078
4.63%, 12/15/2025^(a)		280,000		270,605
KAR Auction Services, Inc., 5.13%, 06/01/2025^(a)		250,000		248,253
Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp., 5.25%, 10/01/2025^(a)		260,000		244,748

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


		13

Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)

April 30, 2023

(Unaudited)


	Principal Amount		Value
United States-(continued)
Las Vegas Sands Corp.
3.20%, 08/08/2024	$	260,000	$	251,883
2.90%, 06/25/2025^(d)		270,000		255,962
LD Holdings Group LLC, 6.50%, 11/01/2025^(a)		330,000		233,808
Legacy LifePoint Health LLC, 6.75%, 04/15/2025^(a)		250,000		240,878
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc., 5.00%, 02/01/2026^(a)		270,000		244,612
Life Time, Inc., 5.75%, 01/15/2026^(a)		260,000		254,144
Live Nation Entertainment, Inc., 4.88%, 11/01/2024^(a)		250,000		247,184
LSF9 Atlantis Holdings LLC/Victra Finance Corp., 7.75%, 02/15/2026^(a)		290,000		272,203
Mallinckrodt International Finance S.A./Mallinckrodt CB LLC, 10.00%, 04/15/2025^(a)		450,000		274,500
Matthews International Corp., 5.25%, 12/01/2025^(a)		260,000		249,438
Mauser Packaging Solutions Holding Co., 7.25%, 04/15/2025^(a)		200,000		200,306
Maxim Crane Works Holdings Capital LLC, 10.13%, 08/01/2024^(a)		256,000		254,868
Meritage Homes Corp., 6.00%, 06/01/2025		340,000		342,184
MGM Resorts International
6.75%, 05/01/2025		240,000		242,550
5.75%, 06/15/2025		250,000		249,641
ModivCare, Inc., 5.88%, 11/15/2025^(a)		260,000		248,693
Mohegan Tribal Gaming Authority
7.88%, 10/15/2024^(a)		500,000		497,347
8.00%, 02/01/2026^(a)		260,000		232,974
Moss Creek Resources Holdings, Inc., 7.50%, 01/15/2026^(a)		440,000		411,868
Navient Corp.
7.25%, 09/25/2023		238,000		238,753
6.13%, 03/25/2024		250,000		248,134
5.88%, 10/25/2024		250,000		246,026
6.75%, 06/25/2025		250,000		246,148
Netflix, Inc.
5.75%, 03/01/2024		241,000		242,215
5.88%, 02/15/2025		240,000		243,755
New Fortress Energy, Inc., 6.75%, 09/15/2025^(a)		260,000		247,956
New Home Co., Inc. (The), 7.25%, 10/15/2025^(a)		250,000		233,425
Newell Brands, Inc., 4.88%, 06/01/2025		270,000		263,122
Newmark Group, Inc., 6.13%, 11/15/2023		246,000		244,899
NextEra Energy Operating Partners L.P., 4.25%, 07/15/2024^(a)		300,000		295,972
NGL Energy Partners L.P./NGL Energy Finance Corp.
6.13%, 03/01/2025		260,000		240,488
7.50%, 02/01/2026^(a)		270,000		259,145
NMI Holdings, Inc., 7.38%, 06/01/2025^(a)		240,000		244,280
Nordstrom, Inc., 2.30%, 04/08/2024		260,000		247,966


	Principal Amount		Value
United States-(continued)
NuStar Logistics L.P., 5.75%, 10/01/2025	$	250,000	$	245,437
Occidental Petroleum Corp.
2.90%, 08/15/2024^(d)		270,000		262,065
5.88%, 09/01/2025^(d)		240,000		242,788
5.50%, 12/01/2025^(d)		250,000		251,040
Oceaneering International, Inc., 4.65%, 11/15/2024		250,000		246,325
OneMain Finance Corp.
8.25%, 10/01/2023		235,000		235,955
6.13%, 03/15/2024		240,000		236,444
6.88%, 03/15/2025		250,000		244,964
Outfront Media Capital LLC/Outfront Media Capital Corp., 6.25%, 06/15/2025^(a)		250,000		250,529
Ovintiv Exploration, Inc., 5.38%, 01/01/2026		250,000		250,966
Owens-Brockway Glass Container, Inc.
5.88%, 08/15/2023^(a)		242,000		242,035
5.38%, 01/15/2025^(a)		250,000		247,823
6.38%, 08/15/2025^(a)		250,000		255,000
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/2025^(a)		310,000		248,330
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, Inc., 7.50%, 06/01/2025^(a)		240,000		241,486
PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 06/15/2025		260,000		259,389
PennyMac Financial Services, Inc., 5.38%, 10/15/2025^(a)		270,000		255,145
Penske Automotive Group, Inc., 3.50%, 09/01/2025^(d)		260,000		248,740
Performance Food Group, Inc., 6.88%, 05/01/2025^(a)		240,000		242,272
Permian Resources Operating LLC, 7.75%, 02/15/2026^(a)		250,000		253,084
Perrigo Finance Unlimited Co., 3.90%, 12/15/2024		300,000		290,539
PRA Group, Inc., 7.38%, 09/01/2025^(a)		240,000		239,463
Prime Healthcare Services, Inc., 7.25%, 11/01/2025^(a)		270,000		244,023
Prime Security Services Borrower LLC/ Prime Finance, Inc., 5.25%, 04/15/2024^(a)		500,000		498,287
Provident Funding Associates L.P./PFG Finance Corp., 6.38%, 06/15/2025^(a)		300,000		264,034
PTC, Inc., 3.63%, 02/15/2025^(a)		300,000		289,756
QVC, Inc.
4.85%, 04/01/2024^(d)		260,000		223,353
4.45%, 02/15/2025		310,000		228,236
Qwest Corp., 7.25%, 09/15/2025		250,000		222,305
Radian Group, Inc.
4.50%, 10/01/2024		250,000		241,584
6.63%, 03/15/2025		250,000		249,177
Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 04/01/2025^(a)		400,000		388,108
Range Resources Corp., 4.88%, 05/15/2025		250,000		246,983

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


		14

Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)

April 30, 2023

(Unaudited)


	Principal Amount		Value
United States-(continued)
Rayonier A.M. Products, Inc.
5.50%, 06/01/2024^(a)	$	500,000	$	499,445
7.63%, 01/15/2026^(a)		270,000		240,609
Regal Rexnord Corp., 6.05%, 02/15/2026^(a)		250,000		253,706
Rite Aid Corp., 7.50%, 07/01/2025^(a)		350,000		241,061
Rithm Capital Corp., 6.25%, 10/15/2025^(a)		270,000		247,652
Rockies Express Pipeline LLC, 3.60%, 05/15/2025^(a)		300,000		284,741
Royal Caribbean Cruises Ltd., 11.50%, 06/01/2025^(a)		368,000		391,037
RP Escrow Issuer LLC, 5.25%, 12/15/2025^(a)		330,000		231,825
Sabre GLBL, Inc.
9.25%, 04/15/2025^(a)		240,000		221,639
7.38%, 09/01/2025^(a)		300,000		266,926
Sally Holdings LLC/Sally Capital, Inc., 5.63%, 12/01/2025		250,000		247,234
Scientific Games International, Inc., 8.63%, 07/01/2025^(a)		240,000		245,693
Sealed Air Corp.
5.13%, 12/01/2024^(a)		250,000		248,441
5.50%, 09/15/2025^(a)		250,000		250,542
Sensata Technologies B.V.
5.63%, 11/01/2024^(a)		400,000		400,764
5.00%, 10/01/2025^(a)		400,000		394,338
Service Properties Trust
4.65%, 03/15/2024		250,000		245,264
4.35%, 10/01/2024		260,000		248,530
4.50%, 03/15/2025		260,000		242,096
7.50%, 09/15/2025		240,000		235,409
5.25%, 02/15/2026		270,000		240,123
Six Flags Entertainment Corp., 4.88%, 07/31/2024^(a)		250,000		250,158
Six Flags Theme Parks, Inc., 7.00%, 07/01/2025^(a)		240,000		243,260
Sizzling Platter LLC/Sizzling Platter Finance Corp., 8.50%, 11/28/2025^(a)		260,000		240,781
SLM Corp., 4.20%, 10/29/2025^(d)		270,000		249,764
SM Energy Co., 5.63%, 06/01/2025		250,000		244,611
Southeast Supply Header LLC, 4.25%, 06/15/2024^(a)		300,000		283,488
Spectrum Brands, Inc., 5.75%, 07/15/2025		250,000		248,038
Spirit AeroSystems, Inc., 7.50%, 04/15/2025^(a)		240,000		238,775
Sprint LLC
7.88%, 09/15/2023		380,000		383,418
7.13%, 06/15/2024		390,000		396,736
7.63%, 02/15/2025		390,000		402,241
Starwood Property Trust, Inc.
5.50%, 11/01/2023^(a)		240,000		238,465
3.75%, 12/31/2024^(a)		270,000		252,712
4.75%, 03/15/2025		250,000		236,615
Stericycle, Inc., 5.38%, 07/15/2024^(a)		300,000		298,932
StoneX Group, Inc., 8.63%, 06/15/2025^(a)		240,000		243,320


	Principal Amount		Value
United States-(continued)
Sugarhouse HSP Gaming Prop Mezz L.P./Sugarhouse HSP Gaming Finance Corp., 5.88%, 05/15/2025^(a)	$	300,000	$	291,321
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.75%, 04/15/2025		300,000		250,119
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 7.50%, 10/01/2025^(a)		240,000		242,092
Talos Production, Inc., 12.00%, 01/15/2026		240,000		254,029
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.63%, 03/01/2024^(a)		250,000		249,140
Team Health Holdings, Inc., 6.38%, 02/01/2025^(a)		350,000		180,924
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/2025^(a)		240,000		241,612
Tenet Healthcare Corp.
4.63%, 07/15/2024^(d)		250,000		248,228
4.63%, 09/01/2024		240,000		238,794
4.88%, 01/01/2026		260,000		256,433
Toll Brothers Finance Corp., 4.88%, 11/15/2025		250,000		245,308
Townsquare Media, Inc., 6.88%, 02/01/2026^(a)		270,000		252,021
TPro Acquisition Corp., 11.00%, 10/15/2024^(a)		300,000		300,162
TransMontaigne Partners L.P./TLP Finance Corp., 6.13%, 02/15/2026		300,000		261,258
Tri Pointe Group, Inc./Tri Pointe Homes, Inc., 5.88%, 06/15/2024		251,000		250,784
Trident TPI Holdings, Inc., 9.25%, 08/01/2024^(a)		250,000		255,947
Trinity Industries, Inc., 4.55%, 10/01/2024		250,000		244,040
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 5.38%, 09/01/2025^(a)		450,000		377,644
TripAdvisor, Inc, 7.00%, 07/15/2025^(a)		340,000		342,519
Triumph Group, Inc., 7.75%, 08/15/2025		260,000		242,197
Turning Point Brands, Inc., 5.63%, 02/15/2026^(a)		270,000		248,285
Tutor Perini Corp., 6.88%, 05/01/2025^(a)		300,000		217,659
Uber Technologies, Inc., 7.50%, 05/15/2025^(a)		240,000		243,829
United Airlines Holdings, Inc.
5.00%, 02/01/2024^(d)		246,000		244,242
4.88%, 01/15/2025^(d)		250,000		246,099
United Wholesale Mortgage LLC, 5.50%, 11/15/2025^(a)		270,000		257,554
Univision Communications, Inc., 5.13%, 02/15/2025^(a)		410,000		404,244
US Foods, Inc., 6.25%, 04/15/2025^(a)		240,000		241,608
USI, Inc., 6.88%, 05/01/2025^(a)		200,000		198,215
Vail Resorts, Inc., 6.25%, 05/15/2025^(a)		240,000		242,083
Venator Finance S.a.r.l./Venator
Materials LLC, 5.75%, 07/15/2025^(a)		200,000		27,582
VeriSign, Inc., 5.25%, 04/01/2025		240,000		241,114

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


		15

Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)

April 30, 2023

(Unaudited)


	Principal Amount		Value
United States-(continued)
Viasat, Inc., 5.63%, 09/15/2025^(a)	$	260,000	$	248,565
Vital Energy, Inc., 9.50%, 01/15/2025		240,000		241,675
W&T Offshore, Inc., 11.75%, 02/01/2026^(a)		240,000		240,593
Waste Pro USA, Inc., 5.50%, 02/15/2026^(a)		270,000		251,283
Werner FinCo L.P./Werner FinCo, Inc., 8.75%, 07/15/2025^(a)		200,000		160,696
Wesco Aircraft Holdings, Inc., 8.50%, 11/15/2024^(a)		296,000		14,800
WESCO Distribution, Inc., 7.13%, 06/15/2025^(a)		300,000		305,533
West Technology Group LLC, 8.50%, 10/15/2025^(a)		200,000		189,065
Western Digital Corp., 4.75%, 02/15/2026		260,000		247,389
Western Midstream Operating L.P., 3.95%, 06/01/2025		270,000		260,370
WeWork Cos. LLC/WW Co-Obligor, Inc., 5.00%, 07/10/2025^(a)		200,000		105,594
WeWork Cos., Inc., 7.88%, 05/01/2025^(a)		100,000		53,327
Williams Scotsman International, Inc., 6.13%, 06/15/2025^(a)		250,000		249,085
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 03/01/2025^(a)		250,000		246,836
Xerox Corp., 3.80%, 05/15/2024		250,000		244,860
Xerox Holdings Corp., 5.00%, 08/15/2025^(a)		260,000		248,053
XHR L.P., 6.38%, 08/15/2025^(a)		250,000		246,743
Yum! Brands, Inc., 3.88%, 11/01/2023		251,000		249,007

				71,836,348

Uruguay-0.24%
Navios South American Logistics, Inc./Navios Logistics Finance US, Inc., 10.75%, 07/01/2025^(a)		400,000		393,740


Uzbekistan-0.97%
Ipoteka-Bank ATIB, 5.50%, 11/19/2025^(a)		400,000		365,020
National Bank of Uzbekistan, 4.85%, 10/21/2025^(a)		400,000		371,000
Republic of Uzbekistan International Bond, 4.75%, 02/20/2024^(a)		400,000		395,083
Uzbek Industrial and Construction Bank ATB, 5.75%, 12/02/2024^(a)		500,000		466,875

				1,597,978

Vietnam-0.18%
Vietnam Government International Bond, 4.80%, 11/19/2024^(a)		300,000		294,107


Zambia-0.30%
First Quantum Minerals Ltd., 7.50%, 04/01/2025^(a)		500,000		499,300

Total U.S. Dollar Denominated Bonds & Notes (Cost $167,693,784)				160,282,444


	Shares		Value
Preferred Stocks-0.16%
Guitar Center Holdings, Inc., Series A, Pfd., 0.00%^(g)(h) (Cost $220,500)		2,000	$	268,000


Common Stocks & Other Equity Interests-0.10%
Spain-0.00%
Codere New Topco S.A.^(g)(i)		8,480		0


United States-0.10%
Cumulus Media, Inc., Class A⁽ⁱ⁾		3		11
Hornbeck Offshore Services, Inc.^(i)(j)		323		11,386
Hornbeck Offshore Services, Inc., Wts., TBA^(i)(j)		3,246		114,421
Hornbeck Offshore Services, Inc., Wts., TBA^(i)(j)		2,673		25,393
PetroQuest Energy, Inc.⁽ⁱ⁾		290		1,465
Premier Brands Group Holdings Co.^(i)(k)		3,222		2,713
Premier Brands Group Holdings Co., Wts.,expiring 03/21/2024^(i)(k)		10,096		2,044
TRU Taj LLC/TRU Taj Finance, Inc.⁽ⁱ⁾		2,156		10,942

				168,375

Total Common Stocks & Other Equity Interests (Cost $216,716)				168,375


	Principal
	Amount
Non-U.S. Dollar Denominated Bonds & Notes-0.01%^(l)
Spain-0.01%
Codere New Holdco S.A., 7.50% PIK Rate, 0.00% Cash Rate, 11/30/2027^(a)(c) (Cost $287,324)		EUR 235,182		16,451


	Shares
Money Market Funds-0.47%
Invesco Government & Agency Portfolio, Institutional Class, 4.78%^(m)(n) (Cost $765,724)		765,724		765,724

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateralfrom securities on loan)-97.72% (Cost $169,184,048)				161,500,994


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-2.30%
Invesco Private Government Fund, 4.83%^(m)(n)(o)		1,063,020		1,063,020
Invesco Private Prime Fund, 4.99%^(m)(n)(o)		2,743,407		2,743,407

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,806,785)				3,806,427

TOTAL INVESTMENTS IN SECURITIES-100.02% (Cost $172,990,833)				165,307,421
OTHER ASSETS LESS LIABILITIES-(0.02)%				(26,975	)

NET ASSETS-100.00%			$	165,280,446

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


		16

Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)

April 30, 2023

(Unaudited)

Investment Abbreviations:

EUR-Euro

Pfd.-Preferred

PIK-Pay-in-Kind

TBA-To Be Announced

Wts.-Warrants

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2023 was $117,847,696, which represented 71.30% of the Fund’s Net Assets.

^(b)	Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

^(c)	All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

^(d)	All or a portion of this security was out on loan at April 30, 2023.

^(e)	Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at April 30, 2023 was $219,500, which represented less than 1% of the Fund’s Net Assets.

^(f)	The borrower has filed for protection in federal bankruptcy court.

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

^(h)	Acquired as part of the Guitar Center, Inc. reorganization.

⁽ⁱ⁾	Non-income producing security.

^(j)	Acquired as part of the Hornbeck Offshore Services, Inc. reorganization.

^(k)	Acquired as part of the Nine West Holding, Inc. reorganization.

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

^(m)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value April 30, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	4,619,354		$	46,025,409		$	(49,879,039	)		$	-			$	-		$	765,724		$	68,432

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			2,658,893			6,925,216			(8,521,089	)			-				-			1,063,020			50,390	*

Invesco Private Prime Fund			6,845,033			14,791,856			(18,893,847	)			(305	)			670			2,743,407			136,647	*


Total		$	14,123,280		$	67,742,481		$	(77,293,975	)		$	(305	)		$	670		$	4,572,151		$	255,469

*	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.

⁽ⁿ⁾	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

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

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


		17

Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)

April 30, 2023

(Unaudited)


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of April 30, 2023

Financials			18.58

Consumer Discretionary			13.27

Energy			13.10

Sovereign Debt			11.68

Industrials			9.96

Materials			8.74

Communication Services			6.66

Utilities			4.17

Health Care			4.04

Real Estate			3.21

Sector Types Each Less Than 3%			3.84

Money Market Funds Plus Other Assets Less Liabilities			2.75

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


		18

Invesco International Corporate Bond ETF (PICB)

April 30, 2023

(Unaudited)

Schedule of Investments


	Principal Amount		Value
Non-U.S. Dollar Denominated Bonds & Notes-98.83%^(a)
Australia-1.98%
APA Infrastructure Ltd., 3.50%, 03/22/2030^(b)		GBP 200,000	$	219,223
Australia & New Zealand Banking Group Ltd.
4.05%, 05/12/2025		AUD 200,000		132,020
0.75%, 09/29/2026^(b)		EUR 100,000		100,263
Australia and New Zealand Banking Group Ltd., 3.65%, 01/20/2026^(b)		EUR 100,000		110,114
BHP Billiton Finance Ltd., Series 12, 4.30%, 09/25/2042		GBP 250,000		280,885
Commonwealth Bank of Australia, 4.20%, 08/18/2025		AUD 350,000		231,769
Glencore Finance (Europe) Ltd., 3.13%, 03/26/2026^(b)		GBP 146,000		172,878
National Australia Bank Ltd.
3.90%, 05/30/2025		AUD 350,000		230,231
2.90%, 02/25/2027		AUD 300,000		188,720
2.13%, 05/24/2028^(b)		EUR 100,000		104,162
1.38%, 08/30/2028^(b)		EUR 200,000		198,371
NBN Co. Ltd., 1.00%, 12/03/2025^(b)		AUD 350,000		212,497

				2,181,133

Canada-21.74%
Bank of Montreal
1.50%, 12/18/2024^(b)		GBP 100,000		118,452
2.37%, 02/03/2025		CAD 450,000		318,371
1.55%, 05/28/2026		CAD 350,000		236,402
3.65%, 04/01/2027		CAD 620,000		443,531
4.31%, 06/01/2027		CAD 700,000		512,766
4.71%, 12/07/2027		CAD 700,000		520,497
Bank of Nova Scotia (The)
2.49%, 09/23/2024		CAD 475,000		339,025
1.95%, 01/10/2025		CAD 600,000		422,035
2.16%, 02/03/2025		CAD 500,000		352,426
1.85%, 11/02/2026		CAD 650,000		439,075
2.95%, 03/08/2027		CAD 600,000		418,854
1.40%, 11/01/2027		CAD 450,000		290,922
Bell Canada
3.35%, 03/12/2025		CAD 550,000		395,839
3.80%, 08/21/2028		CAD 250,000		179,011
4.55%, 02/09/2030		CAD 400,000		296,395
2.50%, 05/14/2030		CAD 250,000		162,446
3.00%, 03/17/2031		CAD 300,000		198,149
5.85%, 11/10/2032		CAD 300,000		239,894
3.50%, 09/30/2050		CAD 350,000		197,329
Brookfield Finance II, Inc., 5.43%, 12/14/2032^(b)		CAD 300,000		226,076
Canadian Imperial Bank of Commerce
2.35%, 08/28/2024		CAD 400,000		285,258
2.75%, 03/07/2025		CAD 500,000		355,806
2.00%, 04/17/2025		CAD 550,000		385,114
1.10%, 01/19/2026		CAD 400,000		268,964
1.70%, 07/15/2026		CAD 400,000		270,256
2.25%, 01/07/2027		CAD 500,000		340,633
4.95%, 06/29/2027		CAD 500,000		374,128


	Principal Amount		Value
Canada-(continued)
Cenovus Energy, Inc., 3.50%, 02/07/2028		CAD 450,000	$	318,159
CPPIB Capital, Inc., 4.45%, 09/01/2027^(b)		AUD 350,000		236,385
Federation des caisses Desjardins du Quebec
2.42%, 10/04/2024		CAD 300,000		213,716
5.20%, 10/01/2025		CAD 300,000		223,926
1.09%, 01/21/2026		CAD 300,000		201,469
4.41%, 05/19/2027		CAD 300,000		220,376
HSBC Bank Canada
4.81%, 12/16/2024		CAD 300,000		221,130
1.78%, 05/20/2026		CAD 350,000		237,994
Manulife Financial Corp., 5.41%, 03/10/2033^(c)		CAD 400,000		300,382
National Bank of Canada
2.55%, 07/12/2024		CAD 350,000		250,711
2.58%, 02/03/2025		CAD 500,000		354,944
5.30%, 11/03/2025		CAD 300,000		224,541
2.24%, 11/04/2026		CAD 225,000		153,774
Ontario Teachers’ Finance Trust, 1.85%, 05/03/2032^(b)		EUR 200,000		192,676
Rogers Communications, Inc.
3.10%, 04/15/2025		CAD 400,000		285,713
3.65%, 03/31/2027		CAD 350,000		248,099
3.25%, 05/01/2029		CAD 300,000		204,269
4.25%, 04/15/2032		CAD 300,000		209,244
Royal Bank of Canada
2.61%, 11/01/2024		CAD 700,000		499,455
1.94%, 05/01/2025		CAD 400,000		279,752
3.37%, 09/29/2025		CAD 800,000		573,106
5.24%, 11/02/2026		CAD 500,000		377,553
2.33%, 01/28/2027		CAD 700,000		478,346
3.63%, 06/14/2027^(b)		GBP 100,000		118,556
4.61%, 07/26/2027		CAD 550,000		407,709
4.64%, 01/17/2028		CAD 600,000		445,742
5.00%, 01/24/2028^(b)		GBP 200,000		248,685
1.83%, 07/31/2028		CAD 300,000		195,231
2.13%, 04/26/2029^(b)		EUR 100,000		99,400
Shaw Communications, Inc., 6.75%, 11/09/2039		CAD 450,000		374,121
TELUS Corp.
5.25%, 11/15/2032		CAD 300,000		228,821
Series CY, 3.30%, 05/02/2029		CAD 300,000		208,078
Thomson Reuters Corp., 2.24%,
05/14/2025		CAD 450,000		316,762
Toronto-Dominion Bank (The)
2.50%, 12/02/2024		CAD 450,000		320,030
1.94%, 03/13/2025		CAD 450,000		315,673
2.67%, 09/09/2025		CAD 1,000,000		705,338
1.13%, 12/09/2025		CAD 600,000		405,167
2.26%, 01/07/2027		CAD 650,000		443,455
0.50%, 01/18/2027^(b)		EUR 200,000		194,677
2.88%, 04/05/2027^(b)		GBP 300,000		344,536
4.21%, 06/01/2027		CAD 700,000		511,031
2.55%, 08/03/2027^(b)		EUR 200,000		208,587
5.38%, 10/21/2027		CAD 500,000		381,822

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


		19

Invesco International Corporate Bond ETF (PICB)–(continued)

April 30, 2023

(Unaudited)


	Principal Amount		Value
Canada-(continued)
1.89%, 03/08/2028		CAD 400,000	$	262,865
1.90%, 09/11/2028		CAD 400,000		260,411
4.68%, 01/08/2029		CAD 700,000		523,346
3.63%, 12/13/2029^(b)		EUR 150,000		160,049
1.95%, 04/08/2030^(b)		EUR 100,000		96,327
TransCanada PipeLines Ltd.
3.80%, 04/05/2027		CAD 650,000		466,094
5.28%, 07/15/2030^(b)		CAD 300,000		228,894
4.18%, 07/03/2048^(b)		CAD 300,000		183,046
4.34%, 10/15/2049		CAD 300,000		187,178

				23,935,005

China-0.08%
Prosus N.V., 1.29%, 07/13/2029^(b)		EUR 100,000		84,789


Denmark-0.72%
Danske Bank A/S, 0.63%, 05/26/2025^(b)		EUR 100,000		103,546
Orsted A/S
4.88%, 01/12/2032^(b)		GBP 200,000		247,456
5.75%, 04/09/2040^(b)		GBP 150,000		196,331
5.38%, 09/13/2042^(b)		GBP 200,000		250,790

				798,123

Finland-0.94%
Nordea Bank Abp
1.13%, 02/16/2027^(b)		EUR 130,000		130,100
0.50%, 05/14/2027^(b)		EUR 200,000		196,004
1.13%, 09/27/2027^(b)		EUR 100,000		99,621
0.50%, 11/02/2028^(b)		EUR 100,000		92,136
2.50%, 05/23/2029^(b)		EUR 100,000		101,460
OP Corporate Bank PLC
0.50%, 08/12/2025^(b)		EUR 100,000		102,950
2.88%, 12/15/2025^(b)		EUR 200,000		216,187
0.10%, 11/16/2027^(b)		EUR 100,000		94,376

				1,032,834

France-23.82%
Aeroports de Paris
2.13%, 10/02/2026^(b)		EUR 200,000		212,539
2.75%, 04/02/2030^(b)		EUR 200,000		209,167
Airbus SE
1.63%, 06/09/2030^(b)		EUR 100,000		98,131
2.38%, 04/07/2032^(b)		EUR 100,000		101,009
2.38%, 06/09/2040^(b)		EUR 100,000		87,306
Autoroutes du Sud de la France S.A., 1.38%, 02/21/2031^(b)		EUR 200,000		190,336
Banque Federative du Credit Mutuel S.A.
1.75%, 12/19/2024^(b)		GBP 200,000		237,166
1.25%, 01/14/2025^(b)		EUR 200,000		211,290
0.01%, 03/07/2025^(b)		EUR 200,000		205,987
1.00%, 05/23/2025^(b)		EUR 300,000		313,433
0.75%, 07/17/2025^(b)		EUR 200,000		206,208
3.00%, 09/11/2025^(b)		EUR 100,000		107,876
1.25%, 12/05/2025^(b)		GBP 200,000		227,201
1.63%, 01/19/2026^(b)		EUR 100,000		104,138
2.38%, 03/24/2026^(b)		EUR 100,000		104,973
0.01%, 05/11/2026^(b)		EUR 200,000		197,206
0.75%, 06/08/2026^(b)		EUR 200,000		201,084
1.00%, 07/16/2026^(b)		GBP 300,000		331,838
1.25%, 05/26/2027^(b)		EUR 200,000		199,902


	Principal Amount		Value
France-(continued)
3.13%, 09/14/2027^(b)		EUR 100,000	$	107,563
3.88%, 01/26/2028^(b)		EUR 100,000		108,781
0.25%, 07/19/2028^(b)		EUR 100,000		90,462
0.63%, 11/03/2028^(b)		EUR 100,000		91,208
1.75%, 03/15/2029^(b)		EUR 100,000		96,412
1.88%, 06/18/2029^(b)		EUR 100,000		94,172
2.63%, 11/06/2029^(b)		EUR 100,000		100,382
0.75%, 01/17/2030^(b)		EUR 100,000		88,332
1.25%, 06/03/2030^(b)		EUR 100,000		90,635
0.63%, 02/21/2031^(b)		EUR 200,000		169,035
1.13%, 01/19/2032^(b)		EUR 100,000		86,431
5.13%, 01/13/2033^(b)		EUR 200,000		218,070
3.75%, 02/01/2033^(b)		EUR 100,000		108,513
BNP Paribas S.A.
2.38%, 02/17/2025^(b)		EUR 200,000		214,012
1.50%, 11/17/2025^(b)		EUR 100,000		105,671
3.38%, 01/23/2026^(b)		GBP 300,000		358,255
1.13%, 06/11/2026^(b)		EUR 200,000		204,667
0.13%, 09/04/2026^(b)		EUR 100,000		98,964
2.25%, 01/11/2027^(b)		EUR 100,000		103,128
1.88%, 12/14/2027^(b)		GBP 300,000		322,717
1.50%, 05/23/2028^(b)		EUR 100,000		97,325
1.50%, 05/25/2028^(b)		EUR 100,000		99,692
1.38%, 05/28/2029^(b)		EUR 100,000		93,938
3.63%, 09/01/2029^(b)		EUR 200,000		214,230
1.63%, 07/02/2031^(b)		EUR 100,000		86,509
1.25%, 07/13/2031^(b)		GBP 300,000		272,766
2.10%, 04/07/2032^(b)		EUR 200,000		188,295
5.75%, 06/13/2032^(b)		GBP 200,000		254,321
0.63%, 12/03/2032^(b)		EUR 200,000		161,567
2.00%, 09/13/2036^(b)		GBP 100,000		84,184
Bouygues S.A.
1.13%, 07/24/2028^(b)		EUR 100,000		100,288
2.25%, 06/29/2029^(b)		EUR 100,000		102,985
3.25%, 06/30/2037^(b)		EUR 100,000		101,172
5.38%, 06/30/2042^(b)		EUR 200,000		244,332
BPCE S.A.
0.63%, 09/26/2024^(b)		EUR 200,000		211,060
1.00%, 04/01/2025^(b)		EUR 200,000		209,202
0.63%, 04/28/2025^(b)		EUR 100,000		103,821
0.25%, 01/15/2026^(b)		EUR 200,000		201,308
0.38%, 02/02/2026^(b)		EUR 100,000		100,765
0.50%, 02/24/2027^(b)		EUR 200,000		193,872
1.75%, 04/26/2027^(b)		EUR 100,000		102,298
1.00%, 10/05/2028^(b)		EUR 100,000		95,689
5.25%, 04/16/2029^(b)		GBP 300,000		354,086
0.25%, 01/14/2031^(b)		EUR 200,000		167,204
0.75%, 03/03/2031^(b)		EUR 100,000		85,512
1.00%, 01/14/2032^(b)		EUR 100,000		85,828
4.00%, 11/29/2032^(b)		EUR 200,000		220,702
4.50%, 01/13/2033^(b)		EUR 100,000		111,044
Capgemini SE, 2.00%, 04/15/2029^(b)		EUR 200,000		202,265
Carrefour S.A., 2.63%, 12/15/2027^(b)		EUR 100,000		106,612
Cie de Saint-Gobain, 1.88%, 03/15/2031^(b)		EUR 100,000		97,007
Cie Generale des Etablissements Michelin S.C.A., 1.75%, 09/03/2030^(b)		EUR 100,000		101,729

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


		20

Invesco International Corporate Bond ETF (PICB)–(continued)

April 30, 2023

(Unaudited)


	Principal Amount		Value
France-(continued)
Coentreprise de Transport d’Electricite S.A.
1.50%, 07/29/2028^(b)		EUR 200,000	$	199,143
2.13%, 07/29/2032^(b)		EUR 100,000		95,716
Credit Agricole Assurances S.A.
2.00%, 07/17/2030^(b)		EUR 200,000		180,448
1.50%, 10/06/2031^(b)		EUR 100,000		84,793
Credit Agricole S.A.
1.38%, 03/13/2025^(b)		EUR 200,000		211,774
1.00%, 09/18/2025^(b)		EUR 300,000		312,468
0.38%, 10/21/2025^(b)		EUR 200,000		204,652
1.25%, 04/14/2026^(b)		EUR 200,000		206,723
1.88%, 12/20/2026^(b)		EUR 200,000		206,493
1.38%, 05/03/2027^(b)		EUR 300,000		303,267
3.38%, 07/28/2027^(b)		EUR 100,000		108,980
0.13%, 12/09/2027		EUR 200,000		187,695
0.38%, 04/20/2028^(b)		EUR 200,000		185,315
1.13%, 02/24/2029^(b)		EUR 200,000		191,711
1.75%, 03/05/2029^(b)		EUR 200,000		194,135
1.00%, 07/03/2029^(b)		EUR 200,000		188,738
2.50%, 08/29/2029^(b)		EUR 100,000		103,008
4.88%, 10/23/2029^(b)		GBP 300,000		371,912
0.88%, 01/14/2032^(b)		EUR 200,000		171,142
1.13%, 07/12/2032^(b)		EUR 200,000		173,170
4.00%, 01/18/2033^(b)		EUR 200,000		223,362
Credit Mutuel Arkea S.A., 3.38%, 09/19/2027^(b)		EUR 200,000		216,178
Danone S.A., 1.21%, 11/03/2028^(b)		EUR 200,000		198,677
Dassault Systemes SE, 0.38%, 09/16/2029^(b)		EUR 100,000		92,770
Dexia Credit Local S.A., 4.38%, 02/18/2026^(b)		GBP 200,000		249,849
Electricite de France S.A.
1.00%, 10/13/2026^(b)		EUR 200,000		204,198
4.13%, 03/25/2027^(b)		EUR 100,000		112,401
6.25%, 05/30/2028^(b)		GBP 100,000		129,050
4.38%, 10/12/2029^(b)		EUR 100,000		112,030
4.63%, 04/26/2030^(b)		EUR 100,000		114,489
2.00%, 10/02/2030^(b)		EUR 100,000		96,106
5.88%, 07/18/2031		GBP 200,000		251,833
1.00%, 11/29/2033^(b)		EUR 200,000		158,516
6.13%, 06/02/2034^(b)		GBP 400,000		509,195
4.75%, 10/12/2034^(b)		EUR 100,000		111,372
5.50%, 03/27/2037^(b)		GBP 100,000		117,500
5.50%, 10/17/2041^(b)		GBP 400,000		455,972
4.63%, 01/25/2043^(b)		EUR 200,000		209,191
2.00%, 12/09/2049^(b)		EUR 200,000		131,915
5.13%, 09/22/2050^(b)		GBP 300,000		316,569
5.63%, 01/25/2053^(b)		GBP 200,000		224,945
6.00%, 01/23/2114^(b)		GBP 400,000		455,784
ELO SACA, 2.88%, 01/29/2026^(b)		EUR 100,000		106,236
Engie S.A.
4.00%, 01/11/2035^(b)		EUR 100,000		110,115
5.63%, 04/03/2053^(b)		GBP 200,000		253,135
ENGIE S.A.
2.38%, 05/19/2026^(b)		EUR 200,000		215,452
7.00%, 10/30/2028		GBP 200,000		273,585
5.00%, 10/01/2060^(b)		GBP 300,000		348,627


	Principal Amount		Value
France-(continued)
EssilorLuxottica S.A.
0.50%, 06/05/2028^(b)		EUR 200,000	$	195,597
0.75%, 11/27/2031^(b)		EUR 100,000		91,239
Holding d’Infrastructures de Transport S.A.S.U., 1.48%, 01/18/2031^(b)		EUR 100,000		89,445
HSBC Continental Europe S.A., 0.10%, 09/03/2027^(b)		EUR 100,000		95,584
Orange S.A.
1.38%, 03/20/2028^(b)		EUR 200,000		202,682
8.13%, 11/20/2028^(b)		GBP 150,000		217,294
2.00%, 01/15/2029^(b)		EUR 200,000		206,792
1.38%, 01/16/2030^(b)		EUR 100,000		97,430
1.88%, 09/12/2030^(b)		EUR 100,000		99,956
0.50%, 09/04/2032^(b)		EUR 100,000		85,430
8.13%, 01/28/2033		EUR 150,000		226,311
0.63%, 12/16/2033^(b)		EUR 100,000		83,072
5.38%, 11/22/2050^(b)		GBP 100,000		128,407
Pernod Ricard S.A., 1.75%, 04/08/2030^(b)		EUR 200,000		199,853
Societe Generale S.A.
1.13%, 01/23/2025^(b)		EUR 100,000		105,423
2.63%, 02/27/2025^(b)		EUR 100,000		107,231
0.13%, 02/24/2026^(b)		EUR 200,000		199,189
0.75%, 01/25/2027^(b)		EUR 200,000		195,397
0.25%, 07/08/2027^(b)		EUR 100,000		95,077
4.00%, 11/16/2027^(b)		EUR 200,000		221,802
0.13%, 02/18/2028^(b)		EUR 100,000		92,754
2.13%, 09/27/2028^(b)		EUR 200,000		197,962
1.75%, 03/22/2029^(b)		EUR 100,000		95,679
1.25%, 06/12/2030^(b)		EUR 100,000		89,393
4.25%, 11/16/2032^(b)		EUR 200,000		224,206
Suez S.A.C.A., 2.88%, 05/24/2034^(b)		EUR 100,000		97,084
Total Energies Capital Canada Ltd., 2.13%, 09/18/2029^(b)		EUR 200,000		205,941
Total Energies Capital International S.A.
0.75%, 07/12/2028^(b)		EUR 200,000		194,733
1.38%, 10/04/2029^(b)		EUR 200,000		196,475
1.62%, 05/18/2040^(b)		EUR 100,000		79,986
UNEDIC, 0.10%, 11/25/2026^(b)		EUR 400,000		398,526
Unibail-Rodamco-Westfield SE
0.63%, 05/04/2027^(b)		EUR 200,000		189,166
1.38%, 12/04/2031^(b)		EUR 100,000		83,460

				26,224,719

Germany-10.72%
Amprion GmbH, 3.97%, 09/22/2032^(b)		EUR 200,000		223,508
Aroundtown S.A.
0.38%, 04/15/2027^(b)		EUR 200,000		156,702
3.00%, 10/16/2029^(b)		GBP 200,000		159,095
BASF SE
0.75%, 03/17/2026^(b)		EUR 100,000		103,341
0.25%, 06/05/2027^(b)		EUR 100,000		98,695
0.88%, 11/15/2027^(b)		EUR 100,000		103,384
1.50%, 03/17/2031^(b)		EUR 200,000		193,463
Bayer AG
0.05%, 01/12/2025^(b)		EUR 100,000		104,167
0.75%, 01/06/2027^(b)		EUR 200,000		199,673
1.13%, 01/06/2030^(b)		EUR 100,000		93,360

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


		21

Invesco International Corporate Bond ETF (PICB)–(continued)

April 30, 2023

(Unaudited)


	Principal Amount		Value
Germany-(continued)
0.63%, 07/12/2031^(b)		EUR 200,000	$	171,005
1.38%, 07/06/2032^(b)		EUR 100,000		88,785
Bayer Capital Corp. B.V.
1.50%, 06/26/2026^(b)		EUR 200,000		207,718
2.13%, 12/15/2029^(b)		EUR 300,000		301,658
BMW Finance N.V., 1.50%, 02/06/2029^(b)		EUR 200,000		201,297
Commerzbank AG
0.63%, 08/28/2024^(b)		EUR 100,000		105,827
1.00%, 03/04/2026^(b)		EUR 195,000		200,149
0.50%, 12/04/2026^(b)		EUR 100,000		98,978
Deutsche Bahn Finance GmbH
0.63%, 04/15/2036^(b)		EUR 200,000		157,305
0.63%, 12/08/2050^(b)		EUR 100,000		57,086
1.13%, 05/29/2051^(b)		EUR 100,000		65,078
Deutsche Bank AG
2.63%, 12/16/2024^(b)		GBP 200,000		234,920
1.63%, 01/20/2027^(b)		EUR 200,000		195,166
Deutsche Telekom AG, 1.75%,
03/25/2031^(b)		EUR 100,000		100,145
Deutsche Telekom International Finance B.V.
1.50%, 04/03/2028^(b)		EUR 157,000		161,156
2.00%, 12/01/2029^(b)		EUR 200,000		207,558
E.ON International Finance B.V.
1.50%, 07/31/2029^(b)		EUR 200,000		196,277
6.25%, 06/03/2030^(b)		GBP 200,000		265,102
6.38%, 06/07/2032		GBP 250,000		336,360
4.75%, 01/31/2034^(b)		GBP 200,000		236,341
5.88%, 10/30/2037^(b)		GBP 250,000		318,406
6.75%, 01/27/2039^(b)		GBP 250,000		346,180
6.13%, 07/06/2039^(b)		GBP 250,000		326,814
E.ON SE, 0.38%, 09/29/2027^(b)		EUR 200,000		195,665
Grand City Properties S.A., 0.13%, 01/11/2028^(b)		EUR 100,000		79,950
HeidelbergCement Finance (Luxembourg) S.A., 1.63%, 04/07/2026^(b)		EUR 100,000		104,633
Landesbank Baden-Wuerttemberg
1.50%, 02/03/2025^(b)		GBP 200,000		234,474
0.38%, 02/18/2027^(b)		EUR 100,000		95,879
Mercedes-Benz Group AG
1.00%, 11/15/2027^(b)		EUR 100,000		101,495
1.38%, 05/11/2028^(b)		EUR 100,000		101,128
1.50%, 07/03/2029^(b)		EUR 100,000		100,122
0.75%, 09/10/2030^(b)		EUR 100,000		92,935
1.13%, 11/06/2031^(b)		EUR 100,000		92,609
0.75%, 03/11/2033^(b)		EUR 250,000		217,058
2.13%, 07/03/2037^(b)(d)		EUR 150,000		137,541
Mercedes-Benz International Finance B.V., 0.63%, 05/06/2027^(b)		EUR 125,000		125,057
RWE AG
2.50%, 08/24/2025^(b)		EUR 200,000		216,746
2.13%, 05/24/2026^(b)		EUR 100,000		106,117
2.75%, 05/24/2030^(b)		EUR 100,000		101,954
SAP SE, 1.63%, 03/10/2031^(b)		EUR 100,000		98,699
Siemens Financieringsmaatschappij N.V.
0.25%, 02/20/2029^(b)		EUR 100,000		94,258
0.13%, 09/05/2029^(b)		EUR 100,000		95,519


	Principal Amount		Value
Germany-(continued)
1.38%, 09/06/2030^(b)		EUR 100,000	$	98,426
3.38%, 08/24/2031^(b)		EUR 200,000		223,598
3.00%, 09/08/2033^(b)		EUR 100,000		108,603
0.50%, 09/05/2034^(b)		EUR 100,000		83,492
Traton Finance Luxembourg S.A.
0.13%, 03/24/2025^(b)		EUR 200,000		205,882
0.75%, 03/24/2029^(b)		EUR 200,000		184,792
Volkswagen Financial Services AG
1.50%, 10/01/2024^(b)		EUR 100,000		107,254
0.25%, 01/31/2025^(b)		EUR 100,000		103,841
0.13%, 02/12/2027^(b)		EUR 100,000		96,090
0.88%, 01/31/2028^(b)		EUR 130,000		123,922
Volkswagen Financial Services N.V., 2.13%, 01/18/2028^(b)		GBP 200,000		218,780
Volkswagen International Finance N.V.
1.88%, 03/30/2027^(b)		EUR 300,000		305,625
0.88%, 09/22/2028^(b)		EUR 300,000		281,092
1.63%, 01/16/2030^(b)		EUR 175,000		167,221
3.25%, 11/18/2030^(b)		EUR 100,000		102,759
4.13%, 11/16/2038^(b)		EUR 100,000		104,017
Volkswagen Leasing GmbH, 0.38%, 07/20/2026^(b)		EUR 100,000		98,627
Vonovia SE
0.38%, 06/16/2027^(b)		EUR 100,000		92,119
0.25%, 09/01/2028^(b)		EUR 100,000		86,664
0.63%, 12/14/2029^(b)		EUR 100,000		83,996
0.75%, 09/01/2032^(b)		EUR 200,000		152,277
1.00%, 06/16/2033^(b)		EUR 100,000		74,387
Wintershall Dea Finance B.V.
0.84%, 09/25/2025^(b)		EUR 100,000		102,415
1.33%, 09/25/2028^(b)		EUR 200,000		186,972

				11,799,389

Ireland-0.19%
Ryanair DAC, 0.88%, 05/25/2026^(b)		EUR 100,000		101,035
Smurfit Kappa Acquisitions ULC, 2.88%, 01/15/2026^(b)		EUR 100,000		107,269

				208,304

Italy-5.07%
Assicurazioni Generali S.p.A., 4.13%, 05/04/2026^(b)		EUR 100,000		110,333
ASTM S.p.A.
1.50%, 01/25/2030^(b)		EUR 225,000		201,215
2.38%, 11/25/2033^(b)		EUR 100,000		86,249
Autostrade Per L’Italia S.p.A.
2.00%, 12/04/2028^(b)		EUR 100,000		96,374
2.00%, 01/15/2030^(b)		EUR 100,000		92,503
Enel Finance International N.V.
5.63%, 08/14/2024^(b)		GBP 200,000		252,708
1.50%, 07/21/2025^(b)		EUR 200,000		212,126
1.38%, 06/01/2026^(b)		EUR 50,000		52,159
0.38%, 06/17/2027^(b)		EUR 100,000		97,052
1.00%, 10/20/2027^(b)		GBP 225,000		237,949
3.88%, 03/09/2029^(b)		EUR 200,000		222,400
2.88%, 04/11/2029^(b)		GBP 200,000		220,970
0.38%, 05/28/2029^(b)		EUR 100,000		90,526
0.50%, 06/17/2030^(b)		EUR 120,000		105,034
0.88%, 09/28/2034^(b)		EUR 220,000		171,770

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


		22

Invesco International Corporate Bond ETF (PICB)–(continued)

April 30, 2023

(Unaudited)


	Principal Amount		Value
Italy-(continued)
0.88%, 06/17/2036^(b)		EUR 100,000	$	73,619
5.75%, 09/14/2040^(b)		GBP 350,000		449,328
Enel S.p.A., 5.75%, 06/22/2037^(b)		GBP 180,000		231,729
Eni S.p.A.
3.75%, 09/12/2025^(b)		EUR 100,000		111,804
1.50%, 02/02/2026^(b)		EUR 150,000		157,792
1.25%, 05/18/2026^(b)		EUR 100,000		103,637
0.38%, 06/14/2028^(b)		EUR 100,000		94,493
3.63%, 01/29/2029^(b)		EUR 100,000		110,909
0.63%, 01/23/2030^(b)		EUR 100,000		90,556
2.00%, 05/18/2031^(b)		EUR 150,000		145,971
Intesa Sanpaolo S.p.A.
1.00%, 07/04/2024^(b)		EUR 150,000		160,326
2.13%, 05/26/2025^(b)		EUR 125,000		133,050
0.63%, 02/24/2026^(b)		EUR 250,000		251,006
1.00%, 11/19/2026^(b)		EUR 100,000		100,545
4.75%, 09/06/2027^(b)		EUR 150,000		166,897
0.75%, 03/16/2028^(b)		EUR 100,000		94,889
1.75%, 03/20/2028^(b)		EUR 150,000		149,318
Snam S.p.A., 0.88%, 10/25/2026^(b)		EUR 100,000		101,223
Terna Rete Elettrica Nazionale S.p.A., 1.38%, 07/26/2027^(b)		EUR 100,000		101,870
UniCredit S.p.A.
0.50%, 04/09/2025^(b)		EUR 100,000		103,634
0.33%, 01/19/2026^(b)		EUR 150,000		150,695
2.13%, 10/24/2026^(b)		EUR 159,000		166,275
0.85%, 01/19/2031^(b)		EUR 100,000		83,278

				5,582,212

Japan-2.41%
Mizuho Financial Group, Inc.
5.63%, 06/13/2028^(b)		GBP 100,000		126,358
0.69%, 10/07/2030^(b)		EUR 100,000		86,624
NTT Finance Corp.
0.34%, 03/03/2030^(b)		EUR 100,000		89,039
Series 16, 0.18%, 12/19/2025		JPY 100,000,000		733,836
Series 18, 0.38%, 09/20/2030		JPY 100,000,000		721,720
Sumitomo Mitsui Financial Group, Inc.
1.55%, 06/15/2026^(b)		EUR 200,000		205,640
0.63%, 10/23/2029^(b)		EUR 125,000		111,441
Takeda Pharmaceutical Co. Ltd.
2.25%, 11/21/2026^(b)		EUR 100,000		105,910
3.00%, 11/21/2030^(b)		EUR 200,000		210,234
1.38%, 07/09/2032		EUR 200,000		180,429
2.00%, 07/09/2040		EUR 100,000		81,089

				2,652,320

Luxembourg-0.08%
Logicor Financing S.a.r.l., 1.63%, 07/15/2027^(b)		EUR 100,000		91,251


Netherlands-4.52%
ABN AMRO Bank N.V.
1.38%, 01/16/2025^(b)		GBP 100,000		117,966
3.75%, 04/20/2025^(b)		EUR 100,000		110,559
1.25%, 05/28/2025^(b)		EUR 200,000		209,923
0.60%, 01/15/2027^(b)		EUR 100,000		97,741
4.00%, 01/16/2028^(b)		EUR 200,000		219,245
5.13%, 02/22/2028^(b)		GBP 200,000		248,981
0.50%, 09/23/2029^(b)		EUR 100,000		88,400


	Principal Amount		Value
Netherlands-(continued)
1.00%, 06/02/2033^(b)		EUR 100,000	$	84,270
1.25%, 01/20/2034^(b)		EUR 100,000		82,779
4.50%, 11/21/2034^(b)		EUR 200,000		222,101
Cooperatieve Rabobank U.A.
1.25%, 01/14/2025^(b)		GBP 100,000		117,611
5.25%, 09/14/2027^(b)		GBP 100,000		122,220
4.63%, 05/23/2029^(b)		GBP 400,000		465,913
1.13%, 05/07/2031^(b)		EUR 100,000		89,413
ING Groep N.V.
1.13%, 02/14/2025^(b)		EUR 100,000		105,623
2.13%, 01/10/2026^(b)		EUR 100,000		106,659
3.00%, 02/18/2026^(b)		GBP 300,000		354,693
1.38%, 01/11/2028^(b)		EUR 100,000		98,897
2.00%, 09/20/2028^(b)		EUR 200,000		200,674
2.50%, 11/15/2030^(b)		EUR 200,000		202,937
Koninklijke KPN N.V., 5.75%, 09/17/2029^(b)		GBP 200,000		254,107
LeasePlan Corp. N.V.
0.25%, 02/23/2026^(b)		EUR 100,000		99,351
0.25%, 09/07/2026^(b)		EUR 100,000		97,374
Shell International Finance B.V.
1.50%, 04/07/2028^(b)		EUR 100,000		101,714
1.25%, 05/12/2028^(b)		EUR 100,000		99,797
0.75%, 08/15/2028^(b)		EUR 150,000		145,441
0.50%, 11/08/2031^(b)		EUR 100,000		86,250
1.88%, 04/07/2032^(b)		EUR 100,000		96,407
1.25%, 11/11/2032^(b)		EUR 100,000		89,753
0.88%, 11/08/2039^(b)		EUR 100,000		70,015
1.75%, 09/10/2052^(b)		GBP 100,000		60,949
TenneT Holding B.V.
2.13%, 11/17/2029^(b)		EUR 100,000		103,760
4.50%, 10/28/2034^(b)		EUR 200,000		237,197
0.88%, 06/16/2035^(b)		EUR 100,000		85,424

				4,974,144

Norway-0.42%
Equinor ASA
1.38%, 05/22/2032^(b)		EUR 100,000		92,798
1.63%, 02/17/2035^(b)		EUR 200,000		179,048
Telenor ASA, 1.13%, 05/31/2029^(b)		EUR 200,000		192,107

				463,953

Portugal-0.18%
EDP Finance B.V., 1.88%, 09/21/2029^(b)		EUR 200,000		198,379


Spain-6.02%
Abertis Infraestructuras S.A.
2.38%, 09/27/2027^(b)		EUR 200,000		208,171
3.00%, 03/27/2031^(b)		EUR 100,000		101,389
Banco Bilbao Vizcaya Argentaria S.A.
0.38%, 10/02/2024^(b)		EUR 100,000		105,382
1.38%, 05/14/2025^(b)		EUR 100,000		105,436
0.75%, 06/04/2025^(b)		EUR 100,000		104,060
1.75%, 11/26/2025^(b)		EUR 200,000		210,632
1.00%, 06/21/2026^(b)		EUR 100,000		102,004
0.38%, 11/15/2026^(b)		EUR 100,000		98,885
0.50%, 01/14/2027^(b)		EUR 100,000		97,734
3.50%, 02/10/2027^(b)		EUR 100,000		107,225

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


		23

Invesco International Corporate Bond ETF (PICB)–(continued)

April 30, 2023

(Unaudited)


	Principal Amount		Value
Spain-(continued)
3.38%, 09/20/2027^(b)		EUR 200,000	$	217,112
4.38%, 10/14/2029^(b)		EUR 100,000		113,437
Banco de Sabadell S.A., 0.88%, 07/22/2025^(b)		EUR 200,000		205,476
Banco Santander S.A.
1.38%, 07/31/2024^(b)		GBP 200,000		239,027
1.13%, 01/17/2025^(b)		EUR 200,000		211,206
2.50%, 03/18/2025^(b)		EUR 200,000		214,978
1.38%, 01/05/2026^(b)		EUR 300,000		309,950
3.25%, 04/04/2026^(b)		EUR 200,000		215,164
1.50%, 04/14/2026^(b)		GBP 200,000		222,922
0.30%, 10/04/2026^(b)		EUR 100,000		98,908
3.13%, 01/19/2027^(b)		EUR 100,000		106,077
0.50%, 02/04/2027^(b)		EUR 200,000		193,772
1.75%, 02/17/2027^(b)		GBP 200,000		217,047
1.13%, 06/23/2027^(b)		EUR 100,000		99,049
2.13%, 02/08/2028^(b)		EUR 200,000		199,009
0.20%, 02/11/2028^(b)		EUR 200,000		186,465
5.13%, 01/25/2030^(b)		GBP 100,000		123,216
1.63%, 10/22/2030^(b)		EUR 100,000		88,423
1.00%, 11/04/2031^(b)		EUR 200,000		175,129
CaixaBank S.A.
0.38%, 02/03/2025^(b)		EUR 200,000		208,003
1.38%, 06/19/2026^(b)		EUR 200,000		202,881
3.75%, 09/07/2029^(b)		EUR 100,000		109,887
Iberdrola Finanzas S.A., 1.38%, 03/11/2032^(b)		EUR 100,000		95,625
Naturgy Finance B.V., 1.38%, 01/19/2027^(b)		EUR 200,000		204,272
Santander Consumer Finance S.A., 0.38%, 01/17/2025^(b)		EUR 100,000		104,267
Telefonica Emisiones S.A.
5.38%, 02/02/2026^(b)		GBP 100,000		125,975
1.46%, 04/13/2026^(b)		EUR 100,000		104,814
1.45%, 01/22/2027^(b)		EUR 100,000		103,354
1.20%, 08/21/2027^(b)		EUR 200,000		202,435
1.72%, 01/12/2028^(b)		EUR 200,000		206,011
1.79%, 03/12/2029^(b)		EUR 100,000		100,882
0.66%, 02/03/2030^(b)		EUR 200,000		184,136

				6,629,827

Sweden-2.32%
Heimstaden Bostad Treasury B.V., 0.25%, 10/13/2024^(b)		EUR 125,000		124,927
Skandinaviska Enskilda Banken AB
4.00%, 11/09/2026^(b)		EUR 200,000		220,110
1.75%, 11/11/2026^(b)		EUR 100,000		103,186
3.75%, 02/07/2028^(b)		EUR 200,000		216,635
0.38%, 06/21/2028^(b)		EUR 200,000		181,750
0.63%, 11/12/2029^(b)		EUR 200,000		175,958
Svenska Handelsbanken AB
0.13%, 11/03/2026^(b)		EUR 100,000		97,874
0.05%, 09/06/2028^(b)		EUR 100,000		91,152
1.38%, 02/23/2029^(b)		EUR 130,000		122,840
0.50%, 02/18/2030^(b)		EUR 200,000		173,693
Swedbank AB
3.75%, 11/14/2025^(b)		EUR 100,000		110,310
0.25%, 11/02/2026^(b)		EUR 100,000		97,524
2.10%, 05/25/2027^(b)		EUR 200,000		206,629


	Principal Amount		Value
Sweden-(continued)
Telia Co. AB, 3.63%, 11/08/2023^(b)		SEK 2,000,000	$	194,335
Vattenfall AB, 6.88%, 04/15/2039^(b)		GBP 300,000		439,524

				2,556,447

Switzerland-2.27%
Credit Suisse AG
1.13%, 12/15/2025^(b)		GBP 300,000		333,872
0.25%, 01/05/2026^(b)		EUR 225,000		221,903
7.75%, 03/10/2026^(b)		GBP 100,000		130,689
1.50%, 04/10/2026^(b)		EUR 150,000		151,967
0.25%, 09/01/2028^(b)		EUR 120,000		105,738
Credit Suisse Group AG
2.75%, 08/08/2025^(b)		GBP 150,000		172,603
0.63%, 01/18/2033^(b)		EUR 248,000		181,320
Holcim Finance (Luxembourg) S.A.
2.25%, 05/26/2028^(b)		EUR 100,000		103,391
0.50%, 09/03/2030^(b)		EUR 100,000		86,699
Richemont International Holding S.A.
1.50%, 03/26/2030^(b)		EUR 200,000		199,271
2.00%, 03/26/2038^(b)		EUR 100,000		89,394
UBS AG
0.01%, 03/31/2026^(b)		EUR 200,000		196,967
0.50%, 03/31/2031^(b)		EUR 200,000		170,333
UBS Group AG
1.25%, 09/01/2026^(b)		EUR 200,000		199,108
0.63%, 02/24/2033^(b)		EUR 200,000		154,783

				2,498,038

United Kingdom-13.10%
ABP Finance PLC, 6.25%, 12/14/2026^(b)		GBP 200,000		256,289
Annington Funding PLC
3.18%, 07/12/2029^(b)		GBP 150,000		158,685
3.69%, 07/12/2034^(b)		GBP 200,000		198,186
3.94%, 07/12/2047^(b)		GBP 200,000		176,581
B.A.T. International Finance PLC
4.00%, 09/04/2026^(b)		GBP 150,000		177,734
2.25%, 06/26/2028^(b)		GBP 140,000		145,298
2.25%, 01/16/2030^(b)		EUR 200,000		184,416
6.00%, 11/24/2034^(b)		GBP 150,000		170,643
2.25%, 09/09/2052^(b)		GBP 200,000		100,609
Barclays PLC
3.00%, 05/08/2026^(b)		GBP 200,000		232,511
3.25%, 02/12/2027^(b)		GBP 350,000		402,247
BG Energy Capital PLC
5.13%, 12/01/2025^(b)		GBP 250,000		315,881
5.00%, 11/04/2036^(b)		GBP 150,000		184,346
Blend Funding PLC, 3.46%, 09/21/2047^(b)		GBP 200,000		194,266
BP Capital Markets PLC
2.97%, 02/27/2026^(b)		EUR 100,000		109,371
1.57%, 02/16/2027^(b)		EUR 100,000		103,321
2.52%, 04/07/2028^(b)		EUR 100,000		105,806
1.23%, 05/08/2031^(b)		EUR 100,000		91,979
2.82%, 04/07/2032^(b)		EUR 200,000		205,006
British Telecommunications PLC
1.75%, 03/10/2026^(b)		EUR 200,000		210,702
1.50%, 06/23/2027^(b)		EUR 100,000		102,125
5.75%, 12/07/2028^(b)		GBP 150,000		192,360

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


		24

Invesco International Corporate Bond ETF (PICB)–(continued)

April 30, 2023

(Unaudited)


	Principal Amount		Value
United Kingdom-(continued)
3.13%, 11/21/2031^(b)		GBP 100,000	$	106,727
6.38%, 06/23/2037^(b)		GBP 200,000		259,784
Cadent Finance PLC
2.13%, 09/22/2028^(b)		GBP 250,000		267,197
2.63%, 09/22/2038^(b)		GBP 200,000		173,251
2.75%, 09/22/2046^(b)		GBP 300,000		232,118
CCEP Finance Ireland DAC, 0.88%, 05/06/2033^(b)		EUR 100,000		84,770
Centrica PLC
4.38%, 03/13/2029^(b)		GBP 150,000		178,253
7.00%, 09/19/2033^(b)		GBP 272,000		380,818
4.25%, 09/12/2044^(b)		GBP 150,000		152,134
Clarion Funding PLC, 3.13%, 04/19/2048^(b)		GBP 130,000		113,204
Diageo Finance PLC, 2.50%, 03/27/2032^(b)		EUR 100,000		102,392
easyJet FinCo B.V., 1.88%, 03/03/2028^(b)		EUR 200,000		194,071
Heathrow Funding Ltd.
6.75%, 12/03/2026^(b)		GBP 200,000		262,392
6.45%, 12/10/2031^(b)		GBP 250,000		336,446
5.88%, 05/13/2041^(b)		GBP 200,000		259,901
4.63%, 10/31/2046^(b)		GBP 200,000		219,056
High Speed Rail Finance 1 PLC, 4.38%, 11/01/2038^(b)		GBP 150,000		172,472
Housing & Care 21, 3.29%, 11/08/2049^(b)		GBP 200,000		182,753
HSBC Holdings PLC
0.88%, 09/06/2024^(b)		EUR 200,000		212,690
2.50%, 03/15/2027^(b)		EUR 100,000		105,566
2.63%, 08/16/2028^(b)		GBP 300,000		330,642
Imperial Brands Finance Netherlands B.V., 1.75%, 03/18/2033^(b)		EUR 100,000		80,336
Imperial Brands Finance PLC
5.50%, 09/28/2026^(b)		GBP 150,000		185,646
4.88%, 06/07/2032^(b)		GBP 200,000		216,500
Lloyds Bank Corporate Markets PLC
1.75%, 07/11/2024^(b)		GBP 200,000		240,808
2.38%, 04/09/2026^(b)		EUR 200,000		213,045
Lloyds Banking Group PLC, 2.25%, 10/16/2024^(b)		GBP 300,000		360,520
National Grid Electricity Distribution (West Midlands) PLC, 5.75%, 04/16/2032^(b)		GBP 225,000		291,274
Nationwide Building Society
0.25%, 07/22/2025^(b)		EUR 200,000		204,620
3.25%, 01/20/2028^(b)		GBP 100,000		116,894
NatWest Markets PLC
2.75%, 04/02/2025^(b)		EUR 100,000		108,377
0.13%, 11/12/2025^(b)		EUR 100,000		100,575
0.13%, 06/18/2026^(b)		EUR 200,000		196,935
1.38%, 03/02/2027^(b)		EUR 100,000		100,476
6.38%, 11/08/2027^(b)		GBP 200,000		260,704
Sanctuary Capital PLC, 2.38%, 04/14/2050^(b)		GBP 100,000		76,090
Santander UK Group Holdings PLC, 3.63%, 01/14/2026^(b)		GBP 150,000		178,326
Scottish Widows Ltd., 7.00%, 06/16/2043^(b)		GBP 150,000		186,987


	Principal Amount		Value
United Kingdom-(continued)
Severn Trent Utilities Finance PLC, 3.63%, 01/16/2026^(b)		GBP 200,000	$	241,881
Sky Ltd., 2.50%, 09/15/2026^(b)		EUR 100,000		107,349
SSE PLC, 8.38%, 11/20/2028^(b)		GBP 183,000		264,653
Standard Chartered PLC
5.13%, 06/06/2034^(b)		GBP 100,000		112,684
4.38%, 01/18/2038^(b)		GBP 200,000		238,246
T.H.F.C. (Funding No.3) PLC, 5.20%, 10/11/2043^(b)		GBP 300,000		371,480
Thames Water Utilities Finance PLC
4.00%, 06/19/2025^(b)		GBP 200,000		245,454
5.13%, 09/28/2037^(b)		GBP 150,000		177,906
5.50%, 02/11/2041^(b)		GBP 100,000		122,825
Vodafone Group PLC
2.20%, 08/25/2026^(b)		EUR 100,000		106,934
1.63%, 11/24/2030^(b)		EUR 200,000		192,876
1.60%, 07/29/2031^(b)		EUR 151,000		143,254
3.38%, 08/08/2049^(b)		GBP 200,000		174,064
5.13%, 12/02/2052^(b)		GBP 200,000		231,497
3.00%, 08/12/2056^(b)		GBP 300,000		227,062

				14,421,277

United States-2.25%
Medtronic Global Holdings S.C.A.
0.38%, 10/15/2028		EUR 200,000		188,083
3.00%, 10/15/2028		EUR 100,000		108,232
1.63%, 03/07/2031		EUR 150,000		144,811
3.13%, 10/15/2031		EUR 100,000		106,821
0.75%, 10/15/2032		EUR 100,000		86,561
1.38%, 10/15/2040		EUR 100,000		73,901
1.63%, 10/15/2050		EUR 100,000		65,739
Nestle Finance International Ltd., 0.38%, 05/12/2032^(b)		EUR 100,000		87,021
Sanofi
Series 12FX, 1.38%, 03/21/2030^(b)		EUR 300,000		297,317
Series 20FX, 1.88%, 03/21/2038^(b)		EUR 100,000		93,140
Stellantis N.V.
3.88%, 01/05/2026^(b)		EUR 100,000		111,036
2.75%, 05/15/2026^(b)		EUR 100,000		108,342
0.63%, 03/30/2027^(b)		EUR 200,000		197,023
4.50%, 07/07/2028^(b)		EUR 100,000		114,000
0.75%, 01/18/2029^(b)		EUR 100,000		93,160
4.38%, 03/14/2030^(b)		EUR 200,000		224,754
2.75%, 04/01/2032^(b)		EUR 100,000		98,112
1.25%, 06/20/2033^(b)		EUR 100,000		82,757
Toyota Motor Credit Corp.
0.25%, 07/16/2026^(b)		EUR 100,000		100,199
0.13%, 11/05/2027^(b)		EUR 100,000		95,408

				2,476,417

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.83% (Cost $123,031,579)				108,808,561

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


		25

Invesco International Corporate Bond ETF (PICB)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.13%
Invesco Private Government Fund, 4.83%^(e)(f)(g)		39,765	$	39,765
Invesco Private Prime Fund, 4.99%^(e)(f)(g)		102,253		102,253

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $142,021)				142,018

TOTAL INVESTMENTS IN SECURITIES-98.96% (Cost $123,173,600)				108,950,579
OTHER ASSETS LESS LIABILITIES-1.04%				1,144,057

NET ASSETS-100.00%			$	110,094,636

Investment Abbreviations:

AUD-Australian Dollar

CAD-Canadian Dollar

EUR-Euro

GBP-British Pound Sterling

JPY-Japanese Yen

SEK-Swedish Krona

Notes to Schedule of Investments:

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

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2023 was $82,699,271, which represented 75.12% of the Fund’s Net Assets.

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

^(d)	All or a portion of this security was out on loan at April 30, 2023.

^(e)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value April 30, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	296,525		$	5,557,154		$	(5,853,679	)		$	-			$	-		$	-		$	1,278

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			187,446			43,838			(191,519	)			-				-			39,765			991	*

Invesco Private Prime Fund			484,184			44,907			(426,876	)			(6	)			44			102,253			2,682	*



Total		$	968,155		$	5,645,899		$	(6,472,074	)		$	(6	)		$	44		$	142,018		$	4,951

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

^(f)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

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

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


		26

Invesco International Corporate Bond ETF (PICB)–(continued)

April 30, 2023

(Unaudited)


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of April 30, 2023

Financials			51.61

Utilities			14.06

Communication Services			9.74

Industrials			5.10

Energy			5.02

Consumer Discretionary			4.25

Sector Types Each Less Than 3%			9.05

Money Market Funds Plus Other Assets Less Liabilities			1.17

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


		27

Statements of Assets and Liabilities

April 30, 2023

(Unaudited)


					Invesco
	Invesco Emerging				Global Short Term				Invesco International
	Markets Sovereign				High Yield Bond				Corporate Bond
	Debt ETF (PCY)				ETF (PGHY)				ETF (PICB)
Assets:
Unaffiliated investments in securities, at value^(a)		$	1,541,192,113			$	160,735,270			$	108,808,561
Affiliated investments in securities, at value			25,405,504				4,572,151				142,018
Cash			34,125				313,124				-
Foreign currencies, at value			43,394				10,492				372,619
Deposits with brokers:
Cash segregated as collateral			534,657				443,464				685,778
Receivable for:
Dividends and interest			22,334,386				2,902,614				1,262,478
Securities lending			23,034				3,499				17
Investments sold			-				1,624,648				1,039,886
Fund shares sold			-				223,896				210,656
Foreign tax reclaims			-								48,228
Investments matured, at value			-				511,394				-

Total assets			1,589,567,213				171,340,552				112,570,241


Liabilities:
Due to custodian			-				-				2,513
Payable for:
Investments purchased			-				1,250,780				1,601,693
Collateral upon return of securities loaned			22,702,913				3,806,785				142,021
Collateral upon receipt of securities in-kind			534,657				443,464				685,778
Fund shares repurchased			-				510,309				-
Accrued unitary management fees			646,637				48,768				43,600

Total liabilities			23,884,207				6,060,106				2,475,605

Net Assets		$	1,565,683,006			$	165,280,446			$	110,094,636


Net assets consist of:
Shares of beneficial interest		$	2,870,220,422			$	213,430,301			$	132,408,151
Distributable earnings (loss)			(1,304,537,416	)			(48,149,855	)			(22,313,515	)

Net Assets		$	1,565,683,006			$	165,280,446			$	110,094,636

Shares outstanding (unlimited amount authorized, $0.01 par value)			81,800,000				8,600,000				5,000,000
Net asset value		$	19.14			$	19.22			$	22.02

Market price		$	19.24			$	19.22			$	22.07

Unaffiliated investments in securities, at cost		$	1,922,877,173			$	168,418,324			$	123,031,579

Affiliated investments in securities, at cost		$	25,407,102			$	4,572,509			$	142,021

Foreign currencies, at cost		$	41,339			$	9,684			$	374,737

Investments matured, at cost		$	-			$	8,173,199			$	-

^(a)Includes securities on loan with an aggregate value of:		$	22,140,413			$	3,666,166			$	135,708

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


		28

Statements of Operations

For the six months ended April 30, 2023

(Unaudited)


					Invesco
	Invesco Emerging				Global Short Term				Invesco International
	Markets Sovereign				High Yield Bond				Corporate Bond
	Debt ETF (PCY)				ETF (PGHY)				ETF (PICB)
Investment income:
Unaffiliated interest income		$	58,109,605			$	6,112,578			$	1,432,313
Affiliated dividend income			98,230				68,432				1,278
Securities lending income, net			387,968				61,091				163
Foreign withholding tax			-				-				(706	)

Total investment income			58,595,803				6,242,101				1,433,048


Expenses:
Unitary management fees			4,057,479				315,974				270,241
Tax expenses			-				1,314				-

Total expenses			4,057,479				317,288				270,241

Less: Waivers			(2,192	)			(1,503	)			(32	)

Net expenses			4,055,287				315,785				270,209

Net investment income			54,540,516				5,926,316				1,162,839


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(58,487,847	)			(3,673,868	)			(1,208,214	)
Affiliated investment securities			4,399				670				44
In-kind redemptions			119,207				(470,889	)			(1,015,005	)
Foreign currencies			23				(55	)			16,738

Net realized gain (loss)			(58,364,218	)			(4,144,142	)			(2,206,437	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			226,304,645				5,341,452				13,521,264
Affiliated investment securities			137				(305	)			(6	)
Foreign currencies			2,716				1,963				78,373

Change in net unrealized appreciation			226,307,498				5,343,110				13,599,631

Net realized and unrealized gain			167,943,280				1,198,968				11,393,194

Net increase in net assets resulting from operations		$	222,483,796			$	7,125,284			$	12,556,033

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


		29

Statements of Changes in Net Assets

For the six months ended April 30, 2023 and the year ended October 31, 2022

(Unaudited)


	Invesco Emerging
	Markets Sovereign							Invesco Global Short Term High
	Debt ETF (PCY)							Yield Bond ETF (PGHY)
	Six Months Ended				Year Ended			Six Months Ended				Year Ended
	April 30,				October 31,			April 30,				October 31,
	2023				2022			2023				2022
Operations:
Net investment income		$	54,540,516		$	117,948,965			$	5,926,316		$	8,743,370
Net realized gain (loss)			(58,364,218	)		(407,991,262	)			(4,144,142	)		(18,067,376	)
Change in net unrealized appreciation (depreciation)			226,307,498			(509,448,621	)			5,343,110			(6,998,230	)

Net increase (decrease) in net assets resulting from operations			222,483,796			(799,490,918	)			7,125,284			(16,322,236	)


Distributions to Shareholders from:
Distributable earnings			(52,770,290	)		(121,305,087	)			(5,488,536	)		(8,881,528	)
Return of capital			-			-				-			(1,187,837	)

Total distributions to shareholders			(52,770,290	)		(121,305,087	)			(5,488,536	)		(10,069,365	)


Shareholder Transactions:
Proceeds from shares sold			178,505,467			470,231,665				6,787,242			11,704,032
Value of shares repurchased			(211,915,838	)		(843,971,292	)			(29,948,083	)		(34,870,522	)
Transaction fees			-			-				-			-

Net increase (decrease) in net assets resulting from share transactions			(33,410,371	)		(373,739,627	)			(23,160,841	)		(23,166,490	)

Net increase (decrease) in net assets			136,303,135			(1,294,535,632	)			(21,524,093	)		(49,558,091	)


Net assets:
Beginning of period			1,429,379,871			2,723,915,503				186,804,539			236,362,630

End of period		$	1,565,683,006		$	1,429,379,871			$	165,280,446		$	186,804,539


Changes in Shares Outstanding:
Shares sold			9,400,000			20,900,000				350,000			600,000
Shares repurchased			(11,100,000	)		(39,200,000	)			(1,550,000	)		(1,750,000	)
Shares outstanding, beginning of period			83,500,000			101,800,000				9,800,000			10,950,000

Shares outstanding, end of period			81,800,000			83,500,000				8,600,000			9,800,000

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


		30


Invesco International Corporate Bond ETF (PICB)
Six Months Ended				Year Ended
April 30,				October 31,
2023				2022

	$	1,162,839			$	1,356,760
		(2,206,437	)			(14,079,908	)
		13,599,631				(30,471,789	)

		12,556,033				(43,194,937	)



		(1,142,889	)			(1,125,779	)
		-				(984,729	)

		(1,142,889	)			(2,110,508	)



		18,053,902				44,894,274
		(16,989,753	)			(24,976,244	)
		8,245				17,214

		1,072,394				19,935,244

		12,485,538				(25,370,201	)



		97,609,098				122,979,299

	$	110,094,636			$	97,609,098



		850,000				1,650,000
		(800,000	)			(1,050,000	)
		4,950,000				4,350,000

		5,000,000				4,950,000


		31

Financial Highlights

Invesco Emerging Markets Sovereign Debt ETF (PCY)


	Six Months Ended
	April 30,
	2023				Years Ended October 31,
	(Unaudited)				2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of period		$	17.12		$	26.76		$	26.89		$	29.12		$	26.20		$	29.62

Net investment income^(a)			0.63			1.25			1.23			1.28			1.41			1.26
Net realized and unrealized gain (loss) on investments			2.00			(9.61	)		(0.10	)		(2.20	)		2.93			(3.42	)

Total from investment operations			2.63			(8.36	)		1.13			(0.92	)		4.34			(2.16	)

Distributions to shareholders from:
Net investment income			(0.61	)		(1.28	)		(1.26	)		(1.31	)		(1.42	)		(1.26	)

Net asset value at end of period		$	19.14		$	17.12		$	26.76		$	26.89		$	29.12		$	26.20

Market price at end of period^(b)		$	19.24		$	16.88		$	26.73		$	26.81		$	29.13		$	26.13

Net Asset Value Total Return^(c)			15.46	%		(31.97	)%		4.17	%		(3.07	)%		16.91	%		(7.42	)%
Market Price Total Return^(c)			17.73	%		(32.83	)%		4.38	%		(3.38	)%		17.28	%		(7.66	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,565,683		$	1,429,380		$	2,723,916		$	2,675,446		$	3,535,387		$	3,704,365
Ratio to average net assets of:
Expenses			0.50	%^(d)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income			6.72	%^(d)		5.73	%		4.47	%		4.63	%		5.03	%		4.51	%
Portfolio turnover rate^(e)			19	%		40	%		41	%		28	%		28	%		54	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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


		32

Financial Highlights–(continued)

Invesco Global Short Term High Yield Bond ETF (PGHY)


	Six Months Ended
	April 30,
	2023				Years Ended October 31,
	(Unaudited)				2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of period		$	19.06		$	21.59		$	21.58		$	22.82		$	23.14		$	24.14

Net investment income^(a)			0.63			0.86			0.96			1.18			1.20			1.24
Net realized and unrealized gain (loss) on investments			0.12			(2.40	)		0.18			(1.20	)		(0.32	)		(1.00	)

Total from investment operations			0.75			(1.54	)		1.14			(0.02	)		0.88			0.24

Distributions to shareholders from:
Net investment income			(0.59	)		(0.87	)		(0.96	)		(1.19	)		(1.20	)		(1.24	)
Return of capital			-			(0.12	)		(0.17	)		(0.03	)		-			-

Total distributions			(0.59	)		(0.99	)		(1.13	)		(1.22	)		(1.20	)		(1.24	)

Net asset value at end of period		$	19.22		$	19.06		$	21.59		$	21.58		$	22.82		$	23.14

Market price at end of period^(b)		$	19.22		$	18.96		$	21.62		$	21.59		$	22.81		$	23.03

Net Asset Value Total Return^(c)			3.97	%		(7.26	)%		5.33	%		0.02	%		3.90	%		1.05	%
Market Price Total Return^(c)			4.52	%		(7.87	)%		5.42	%		0.15	%		4.36	%		0.36	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	165,280		$	186,805		$	236,363		$	196,355		$	230,477		$	216,400
Ratio to average net assets of:
Expenses			0.35	%^(d)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income			6.56	%^(d)		4.29	%		4.36	%		5.39	%		5.21	%		5.25	%
Portfolio turnover rate^(e)			50	%		58	%		59	%		54	%		57	%		42	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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


		33

Financial Highlights–(continued)

Invesco International Corporate Bond ETF (PICB)


	Six Months Ended
	April 30,
	2023				Years Ended October 31,
	(Unaudited)				2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of period		$	19.72		$	28.27		$	28.10		$	26.96		$	25.31		$	26.88

Net investment income^(a)			0.23			0.26			0.29			0.34			0.39			0.43
Net realized and unrealized gain (loss) on investments			2.29			(8.39	)		0.20			1.13			1.65			(1.57	)

Total from investment operations			2.52			(8.13	)		0.49			1.47			2.04			(1.14	)

Distributions to shareholders from:
Net investment income			(0.22	)		(0.14	)		(0.29	)		(0.34	)		(0.23	)		(0.43	)
Net realized gains			-			(0.09	)		(0.03	)		-			-			-
Return of capital			-			(0.19	)		-			-			(0.16	)		-

Total distributions			(0.22	)		(0.42	)		(0.32	)		(0.34	)		(0.39	)		(0.43	)

Transaction fees^(a)			0.00	^(b)		0.00	^(b)		0.00	^(b)		0.01			0.00	^(b)		-

Net asset value at end of period		$	22.02		$	19.72		$	28.27		$	28.10		$	26.96		$	25.31

Market price at end of period^(c)		$	22.07		$	19.73		$	28.31		$	28.15		$	26.84		$	25.28

Net Asset Value Total Return^(d)			12.84	%		(29.02	)%		1.73	%		5.57	%		8.12	%		(4.31	)%
Market Price Total Return^(d)			13.04	%		(29.09	)%		1.69	%		6.24	%		7.77	%		(4.46	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	110,095		$	97,609		$	122,979		$	118,025		$	111,878		$	118,969
Ratio to average net assets of:
Expenses			0.50	%^(e)		0.50	%		0.50	%		0.50	%		0.51	%^(f)		0.50	%
Net investment income			2.15	%^(e)		1.08	%		0.99	%		1.27	%		1.49	%^(f)		1.58	%
Portfolio turnover rate^(g)			10	%		28	%		22	%		22	%		23	%		12	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

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

^(d)

^(e)	Annualized.

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

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

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


		34

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

April 30, 2023

(Unaudited)

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:


Full Name		Short Name
Invesco Emerging Markets Sovereign Debt ETF (PCY)		“Emerging Markets Sovereign Debt ETF”
Invesco Global Short Term High Yield Bond ETF (PGHY)		“Global Short Term High Yield Bond ETF”
Invesco International Corporate Bond ETF (PICB)		“International Corporate Bond ETF”

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

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

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


Fund		Underlying Index
Emerging Markets Sovereign Debt ETF		DBIQ Emerging Market USD Liquid Balanced Index
Global Short Term High Yield Bond ETF		DB Global Short Maturity High Yield Bond Index
International Corporate Bond ETF		S&P International Corporate Bond Index^®

NOTE 2–Significant Accounting Policies

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

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

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly.


		35

Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions 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.


		36

withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

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

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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

Foreign Withholding Taxes - Each Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. Each Fund may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. Each Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for Foreign tax reclaims on the Statements of Assets and Liabilities. There is no guarantee that a Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as Foreign withholding tax claims in the Statements of Operations, and any related interest is included in Unaffiliated interest income. Each Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are excluded from the unitary management fee and are reflected on the Statements of Operations as Professional fees, if any. In the event tax refunds received by a Fund during the fiscal year exceed the foreign withholding taxes paid by a Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing


		37

agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds’ shareholders. For the six months ended April 30, 2023, the Funds did not enter into any closing agreements.

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

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

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

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

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

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2023, there were no affiliated securities lending transactions with Invesco.


		38

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.

L.	Other Risks

Call Risk. If interest rates fall, it is possible that issuers of callable securities with high interest coupons will “call” (or prepay) their bonds before their maturity date. If an issuer exercises such a call during a period of declining interest rates, a Fund may have to replace such called security with a lower yielding security. If that were to happen, such Fund’s net investment income could fall.

Changing Fixed-Income Market Conditions Risk. Increases in the federal funds and equivalent foreign interest rates or other changes to monetary policy or regulatory actions may expose fixed-income markets to heightened volatility and reduced liquidity for certain fixed-income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of a Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by APs which could potentially increase a 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.

Foreign Fixed-Income Investment Risk. For certain Funds, investments in fixed-income securities of non-U.S. issuers are subject to the same risks as other debt securities, notably credit risk, market risk, interest rate risk and liquidity risk, while also facing risks beyond those associated with investments in U.S. securities. For example, foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information, and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability or other adverse political or


		39

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.

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

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.

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

Non-Investment Grade Securities Risk. Non-investment grade securities (commonly known as “junk bonds” or “high yield bonds”) and unrated securities of comparable credit quality are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of the non-investment grade securities markets generally, real or perceived adverse economic and competitive industry conditions and less secondary market liquidity. If the issuer of non-investment grade securities defaults, a Fund may incur additional expenses to seek recovery.


		40

NOTE 3–Investment Advisory Agreement and Other Agreements


		Unitary Management Fees (as a % of average daily net assets)
Emerging Markets Sovereign Debt ETF		0.50%
Global Short Term High Yield Bond ETF		0.35%
International Corporate Bond ETF		0.50%

For the six months ended April 30, 2023, the Adviser waived fees for each Fund in the following amounts:


Emerging Markets Sovereign Debt ETF	$	2,192
Global Short Term High Yield Bond ETF		1,503
International Corporate Bond ETF		32

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


Fund		Licensor
Emerging Markets Sovereign Debt ETF		Deutsche Bank Securities Inc.
Global Short Term High Yield Bond ETF		Deutsche Bank Securities Inc.
International Corporate Bond ETF		S&P Dow Jones Indices LLC

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

NOTE 4–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.


		41


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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2023, for each Fund (except for International Corporate Bond ETF). As of April 30, 2023, all of the securities in International Corporate Bond ETF were valued based on Level 2 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total
Emerging Markets Sovereign Debt ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-	$	1,541,192,113	$	-	$	1,541,192,113
Money Market Funds		2,704,189		22,701,315		-		25,405,504

Total Investments	$	2,704,189	$	1,563,893,428	$	-	$	1,566,597,617

Global Short Term High Yield Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-	$	160,282,444	$	0	$	160,282,444
Preferred Stocks		-		-		268,000		268,000
Common Stocks & Other Equity Interests		11		168,364		0		168,375
Non-U.S. Dollar Denominated Bonds & Notes		-		16,451		-		16,451
Money Market Funds		765,724		3,806,427		-		4,572,151

Total Investments in Securities		765,735		164,273,686		268,000		165,307,421

Other Investments - Assets
Investments Matured		-		469,780		41,614		511,394

Total Investments	$	765,735	$	164,743,466	$	309,614	$	165,818,815

NOTE 5–Tax Information

The Funds had capital loss carryforwards as of October 31, 2022, as follows:


	No expiration
	Short-Term		Long-Term		Total*
Emerging Markets Sovereign Debt ETF	$	306,562,180	$	552,085,194	$	858,647,374
Global Short Term High Yield Bond ETF		7,746,895		21,254,205		29,001,100
International Corporate Bond ETF		2,905,165		2,819,562		5,724,727

*	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
Emerging Markets Sovereign Debt ETF	$	313,723,804	$	306,127,297
Global Short Term High Yield Bond ETF		86,144,092		86,954,826
International Corporate Bond ETF		13,823,593		10,780,148


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For the six months ended April 30, 2023, in-kind transactions associated with creations and redemptions were as follows:


	In-kind Purchases		In-kind Sales
Emerging Markets Sovereign Debt ETF	$	166,492,981	$	201,074,385
Global Short Term High Yield Bond ETF		6,537,376		22,856,713
International Corporate Bond ETF		14,638,511		16,267,947

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
Emerging Markets Sovereign Debt ETF	$	5,187,205	$	(394,485,311	)	$	(389,298,106	)	$	1,955,895,723
Global Short Term High Yield Bond ETF		889,065		(16,333,288	)		(15,444,223	)		181,263,039
International Corporate Bond ETF		1,836,056		(16,281,317	)		(14,445,261	)		123,395,840

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 APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for such Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP 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.

NOTE 9–Subsequent Event

On June 22, 2023, the Board approved changes to Invesco Global Short Term High Yield Bond ETF’s name, investment objective, underlying index and principal investment strategy. The Fund’s name will change to Invesco Global ex-US High Yield Corporate Bond ETF. The Fund’s underlying index will change to ICE USD Global High Yield Excluding US Issuers Constrained Index (the “New Underlying Index”), the investment objective will change to track the investment results (before fees and expenses) of the New Underlying Index, and the principal investment strategy will change to generally invest at least 80% of the Fund’s total assets in the components of the New Underlying Index. These changes will be effective after the close of markets on August 25, 2023.


		43

Calculating your ongoing Fund expenses

Example

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2022 through April 30, 2023.

Actual Expenses

Hypothetical Example for Comparison Purposes


							Annualized
	Beginning			Ending			Expense Ratio			Expenses Paid
	Account Value			Account Value			Based on the			During the
	November 1, 2022			April 30, 2023			Six-Month Period			Six-Month Period⁽¹⁾
Invesco Emerging Markets Sovereign Debt ETF (PCY)
Actual		$	1,000.00		$	1,154.60		0.50	%		$	2.67
Hypothetical (5% return before expenses)			1,000.00			1,022.32		0.50				2.51
Invesco Global Short Term High Yield Bond ETF (PGHY)
Actual			1,000.00			1,039.70		0.35				1.77
Hypothetical (5% return before expenses)			1,000.00			1,023.06		0.35				1.76
Invesco International Corporate Bond ETF (PICB)
Actual			1,000.00			1,128.40		0.50				2.64
Hypothetical (5% return before expenses)			1,000.00			1,022.32		0.50				2.51

⁽¹⁾


		44

Approval of Investment Advisory and Sub-Advisory Contracts

Invesco 1-30 Laddered Treasury ETF

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF

Invesco Alerian Galaxy Crypto Economy ETF

Invesco California AMT-Free Municipal Bond ETF

Invesco CEF Income Composite ETF

Invesco China Technology ETF

Invesco DWA Developed Markets Momentum ETF

Invesco DWA Emerging Markets Momentum ETF

Invesco DWA SmallCap Momentum ETF

Invesco Emerging Markets Sovereign Debt ETF

Invesco ESG NASDAQ 100 ETF

Invesco ESG NASDAQ Next Gen 100 ETF

Invesco ESG S&P 500 Equal Weight ETF

Invesco FTSE RAFI Developed Markets ex-U.S. ETF

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF

Invesco FTSE RAFI Emerging Markets ETF

Invesco Fundamental High Yield^® Corporate Bond ETF

Invesco Fundamental Investment Grade Corporate Bond ETF

Invesco Global Clean Energy ETF

Invesco Global Short Term High Yield Bond ETF

Invesco Global Water ETF

Invesco International BuyBack Achievers™ ETF

Invesco International Corporate Bond ETF

Invesco KBW Bank ETF

Invesco KBW High Dividend Yield Financial ETF

Invesco KBW Premium Yield Equity REIT ETF

Invesco KBW Property & Casualty Insurance ETF

Invesco KBW Regional Banking ETF

Invesco MSCI Green Building ETF

Invesco NASDAQ 100 ETF

Invesco Nasdaq Biotechnology ETF

Invesco NASDAQ Next Gen 100 ETF

Invesco National AMT-Free Municipal Bond ETF

Invesco New York AMT-Free Municipal Bond ETF

Invesco PHLX Semiconductor ETF

Invesco Preferred ETF

Invesco PureBeta^SM0-5 Yr US TIPS ETF

Invesco PureBeta^SMFTSE Developed ex-North America ETF

Invesco PureBeta^SMFTSE Emerging Markets ETF

Invesco PureBeta^SMMSCI USA ETF

Invesco PureBeta^SMMSCI USA Small Cap ETF

Invesco PureBeta^SMUS Aggregate Bond ETF

Invesco Russell 1000 Equal Weight ETF

Invesco S&P 500^® Enhanced Value ETF

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF

Invesco S&P 500^® High Beta ETF

Invesco S&P 500^® High Dividend Low Volatility ETF

Invesco S&P 500^® Low Volatility ETF

Invesco S&P 500 Minimum Variance ETF

Invesco S&P 500^® Momentum ETF

Invesco S&P 500 QVM Multi-factor ETF

Invesco S&P 500 Revenue ETF

Invesco S&P Emerging Markets Low Volatility ETF

Invesco S&P Emerging Markets Momentum ETF

Invesco S&P International Developed Low Volatility ETF

Invesco S&P International Developed Momentum ETF

Invesco S&P International Developed Quality ETF

Invesco S&P MidCap 400 QVM Multi-factor ETF

Invesco S&P MidCap 400 Revenue ETF

Invesco S&P MidCap Low Volatility ETF

Invesco S&P SmallCap 600 QVM Multi-factor ETF

Invesco S&P SmallCap 600 Revenue ETF

Invesco S&P SmallCap Consumer Discretionary ETF

Invesco S&P SmallCap Consumer Staples ETF

Invesco S&P SmallCap Energy ETF

Invesco S&P SmallCap Financials ETF

Invesco S&P SmallCap Health Care ETF

Invesco S&P SmallCap High Dividend Low Volatility ETF

Invesco S&P SmallCap Industrials ETF

Invesco S&P SmallCap Information Technology ETF

Invesco S&P SmallCap Low Volatility ETF

Invesco S&P SmallCap Materials ETF

Invesco S&P SmallCap Quality ETF

Invesco S&P SmallCap Utilities & Communication Services ETF

Invesco S&P Ultra Dividend Revenue ETF

Invesco Senior Loan ETF

Invesco Taxable Municipal Bond ETF

Invesco Treasury Collateral ETF

Invesco Variable Rate Preferred ETF

Invesco VRDO Tax-Free ETF

Investment Advisory Agreement


		45

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

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

●

0.04% of the Fund’s average daily net assets for Invesco PureBeta^SM MSCI USA ETF;

●

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

●

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

●

0.07% of the Fund’s average daily net assets for Invesco PureBeta^SM 0-5 Yr US TIPS ETF and Invesco PureBeta^SM FTSE Developed ex-North America ETF;

●

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

●

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

●

0.11% of the Fund’s average daily net assets for Invesco S&P 500 QVM Multi-factor ETF;


		46

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

●

0.13% of the Fund’s average daily net assets for Invesco S&P 500 Enhanced Value ETF and Invesco S&P 500 Momentum ETF;

●

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

●

0.19% of the Fund’s average daily net assets for Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF;

●

0.20% of the Fund’s average daily net assets for Invesco ESG NASDAQ 100 ETF, Invesco ESG NASDAQ Next Gen 100 ETF, Invesco ESG S&P 500 Equal Weight ETF and Invesco Russell 1000 Equal Weight ETF;

●

0.22% of the Fund’s average daily net assets for Invesco Fundamental Investment Grade Corporate Bond ETF;

●

0.30% of the Fund’s average daily net assets for Invesco S&P 500^® High Dividend Low Volatility ETF and Invesco S&P SmallCap High Dividend Low Volatility ETF;

●

0.45% of the Fund’s daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. ETF;

●

0.49% of the Fund’s daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF and Invesco FTSE RAFI Emerging Markets ETF;

●

0.55% of the Fund’s daily net assets for Invesco International BuyBack Achievers^TM ETF;

●

0.60% of the Fund’s daily net assets for Invesco DWA SmallCap Momentum ETF, Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF and Invesco Alerian Galaxy Crypto Economy ETF;

●

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

●

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

●

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

●

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

●

0.90% of the Fund’s daily net assets for Invesco DWA Emerging Markets Momentum ETF.


		47

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


Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*	Lower than Open-End Active Fund Peer Median
Invesco 1-30 Laddered Treasury ETF			X
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF	X	N/A	X
Invesco Alerian Galaxy Crypto Economy ETF	X	N/A	X
Invesco California AMT-Free Municipal Bond ETF		N/A	X
Invesco CEF Income Composite ETF	X	N/A	X
Invesco China Technology ETF		N/A	X
Invesco DWA Developed Markets Momentum ETF			X
Invesco DWA Emerging Markets Momentum ETF			X
Invesco DWA SmallCap Momentum ETF			X
Invesco Emerging Markets Sovereign Debt ETF			X
Invesco ESG NASDAQ 100 ETF			X
Invesco ESG NASDAQ Next Gen 100 ETF	X		X
Invesco ESG S&P 500 Equal Weight ETF	X		X
Invesco FTSE RAFI Developed Markets ex-U.S. ETF			X
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF			X
Invesco FTSE RAFI Emerging Markets ETF	X		X
Invesco Fundamental High Yield^® Corporate Bond ETF		N/A	X
Invesco Fundamental Investment Grade Corporate Bond ETF			X
Invesco Global Clean Energy ETF		X	X
Invesco Global Short Term High Yield Bond ETF	X	N/A	X
Invesco Global Water ETF		X	X
Invesco International BuyBack Achievers^TMETF	X	N/A	X
Invesco International Corporate Bond ETF			X
Invesco KBW Bank ETF	X		X
Invesco KBW High Dividend Yield Financial ETF	X		X
Invesco KBW Premium Yield Equity REIT ETF	X		X
Invesco KBW Property & Casualty Insurance ETF	X		X
Invesco KBW Regional Banking ETF	X		X
Invesco MSCI Green Building ETF			X
Invesco NASDAQ 100 ETF	X		X
Invesco Nasdaq Biotechnology ETF	X		X
Invesco NASDAQ Next Gen 100 ETF	X		X
Invesco National AMT-Free Municipal Bond ETF			X
Invesco New York AMT-Free Municipal Bond ETF		N/A	X
Invesco PHLX Semiconductor ETF	X	X	X
Invesco Preferred ETF		N/A	X
Invesco PureBeta^SM0-5 Yr US TIPS ETF	X		X
Invesco PureBeta^SMFTSE Developed ex-North America ETF	X	X	X
Invesco PureBeta^SMFTSE Emerging Markets ETF	X	X	X
Invesco PureBeta^SMMSCI USA ETF	X	X	X
Invesco PureBeta^SMMSCI USA Small Cap ETF	X	X	X
Invesco PureBeta^SMUS Aggregate Bond ETF	X	X	X


		48

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


Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*	Lower than Open-End Active Fund Peer Median
Invesco Russell 1000 Equal Weight ETF	X		X
Invesco S&P 500 Enhanced Value ETF	X	X	X
Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF	X		X
Invesco S&P 500^® High Beta ETF	X	X	X
Invesco S&P 500^® High Dividend Low Volatility ETF	X	X	X
Invesco S&P 500^® Low Volatility ETF	X		X
Invesco S&P 500 Minimum Variance ETF	X	X	X
Invesco S&P 500 Momentum ETF	X		X
Invesco S&P 500 QVM Multi-factor ETF	X	X	X
Invesco S&P 500 Revenue ETF			X
Invesco S&P Emerging Markets Low Volatility ETF	X		X
Invesco S&P Emerging Markets Momentum ETF	X		X
Invesco S&P International Developed Low Volatility ETF	X	X	X
Invesco S&P International Developed Momentum ETF	X		X
Invesco S&P International Developed Quality ETF	X		X
Invesco S&P MidCap 400 QVM Multi-factor ETF	X	X	X
Invesco S&P MidCap 400 Revenue ETF			X
Invesco S&P MidCap Low Volatility ETF	X		X
Invesco S&P SmallCap 600 QVM Multi-factor ETF	X	X	X
Invesco S&P SmallCap 600 Revenue ETF			X
Invesco S&P SmallCap Consumer Discretionary ETF	X		X
Invesco S&P SmallCap Consumer Staples ETF	X		X
Invesco S&P SmallCap Energy ETF	X		X
Invesco S&P SmallCap Financials ETF	X		X
Invesco S&P SmallCap Health Care ETF	X		X
Invesco S&P SmallCap High Dividend Low Volatility ETF	X	X	X
Invesco S&P SmallCap Industrials ETF	X		X
Invesco S&P SmallCap Information Technology ETF	X		X
Invesco S&P SmallCap Low Volatility ETF	X		X
Invesco S&P SmallCap Materials ETF	X		X
Invesco S&P SmallCap Quality ETF	X		X
Invesco S&P SmallCap Utilities & Communication Services ETF	X	X	X
Invesco S&P Ultra Dividend Revenue ETF		X	X
Invesco Senior Loan ETF		N/A	X
Invesco Taxable Municipal Bond ETF		N/A	X
Invesco Treasury Collateral ETF	X		X
Invesco Variable Rate Preferred ETF		X	X
Invesco VRDO Tax-Free ETF		N/A	X

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


		49

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

investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

Investment Sub-Advisory Agreement


		50

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


		51

Proxy Voting Policies and Procedures

Quarterly Portfolios

Frequency Distribution of Discounts and Premiums

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-PS-SAR-9

invesco.com/ETFs

LOGO

Invesco Semi-Annual Report to Shareholders

April 30, 2023

EELV Invesco S&P Emerging Markets Low Volatility ETF

EEMO Invesco S&P Emerging Markets Momentum ETF

IDLV Invesco S&P International Developed Low Volatility ETF

IDMO Invesco S&P International Developed Momentum ETF

Table of Contents


Liquidity Risk Management Program			3

Schedules of Investments

Invesco S&P Emerging Markets Low Volatility ETF (EELV)			4

Invesco S&P Emerging Markets Momentum ETF (EEMO)			8

Invesco S&P International Developed Low Volatility ETF (IDLV)			12

Invesco S&P International Developed Momentum ETF (IDMO)			16

Statements of Assets and Liabilities			20

Statements of Operations			21

Statements of Changes in Net Assets			22

Financial Highlights			24

Notes to Financial Statements			28

Fund Expenses			38

Approval of Investment Advisory and Sub-Advisory Contracts			39


		2

Liquidity Risk Management Program

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

●

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

●

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

●

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

●

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

●

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


		3

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

April 30, 2023

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.84%
Brazil-4.29%
Ambev S.A.		1,297,500	$	3,672,427
BB Seguridade Participacoes S.A.		497,600		3,412,586
Cia de Transmissao de Energia Eletrica Paulista, Preference Shares		1,061,900		4,892,570
ENGIE Brasil Energia S.A.		547,200		4,509,641
Equatorial Energia S.A.		635,300		3,471,841
Itausa S.A., Preference Shares		2,066,610		3,585,591
Neoenergia S.A.		1,138,500		3,515,961
Telefonica Brasil S.A.		496,000		4,076,780
TIM S.A.		1,489,100		4,167,105

				35,304,502

Chile-1.78%
Banco de Chile		39,335,290		4,214,364
Banco de Credito e Inversiones S.A.		101,466		3,079,806
Banco Santander Chile		78,328,262		3,768,856
Enel Americas S.A.		26,364,497		3,615,064

				14,678,090

China-6.08%
Agricultural Bank of China Ltd., H Shares		13,062,597		5,042,060
Bank of China Ltd., H Shares		13,072,232		5,212,307
Bank of Communications Co. Ltd., H Shares		5,933,789		3,824,886
CGN Power Co. Ltd., H Shares^(a)		13,632,084		3,594,748
China CITIC Bank Corp. Ltd., H Shares		8,582,724		4,635,823
China Construction Bank Corp., H Shares		6,433,490		4,302,707
China Everbright Bank Co. Ltd., H Shares		12,888,229		4,121,002
China Minsheng Banking Corp. Ltd., H Shares		9,792,093		3,592,559
China Petroleum & Chemical Corp., H Shares		5,599,598		3,659,402
Hengan International Group Co. Ltd.		785,251		3,501,164
Industrial & Commercial Bank of China Ltd., H Shares		7,915,320		4,255,169
People’s Insurance Co. Group of China Ltd. (The), H Shares		11,104,741		4,357,075

				50,098,902

Greece-0.47%
OPAP S.A.		228,822		3,905,498

India-0.48%
Dr. Reddy’s Laboratories Ltd., ADR^(b)		64,951		3,926,937

Indonesia-2.92%
PT Bank Central Asia Tbk		6,940,117		4,281,395
PT Bank Negara Indonesia (Persero) Tbk		5,571,992		3,579,824
PT Bank Rakyat Indonesia (Persero) Tbk		10,718,891		3,726,404
PT Indofood CBP Sukses Makmur Tbk		5,234,092		3,773,042
PT Indofood Sukses Makmur Tbk		10,707,021		4,707,586
PT Telkom Indonesia (Persero) Tbk		13,748,949		3,983,165

				24,051,416

Kuwait-2.17%
Gulf Bank KSCP		3,691,324		3,385,872
Kuwait Finance House KSCP		1,479,946		3,594,189
Mobile Telecommunications Co. KSCP		2,795,280		5,191,821
National Bank of Kuwait SAKP		1,742,661		5,705,530

				17,877,412


	Shares		Value
Malaysia-9.18%
AMMB Holdings Bhd		4,401,500	$	3,562,250
CIMB Group Holdings Bhd		3,467,400		3,933,425
Genting Bhd		3,435,500		3,619,964
Genting Malaysia Bhd		7,085,700		4,304,954
Hong Leong Bank Bhd		1,507,200		6,805,293
IHH Healthcare Bhd		3,704,847		4,759,281
Kuala Lumpur Kepong Bhd		707,100		3,408,284
Malayan Banking Bhd		4,072,492		7,906,688
Malaysia Airports Holdings Bhd		2,434,600		3,847,983
MISC Bhd		2,772,400		4,537,276
Petronas Chemicals Group Bhd		2,329,000		3,696,743
Public Bank Bhd		5,711,000		4,980,560
RHB Bank Bhd		4,440,400		5,455,306
Sime Darby Bhd		7,934,800		3,860,221
Telekom Malaysia Bhd		2,948,900		3,279,127
Tenaga Nasional Bhd		1,988,372		3,967,383
TIME dotCom Bhd		3,015,100		3,710,996

				75,635,734

Mexico-2.32%
America Movil S.A.B. de C.V., Class B^(b)(c)		3,281,784		3,527,567
Arca Continental S.A.B. de C.V.		411,516		3,903,231
Fomento Economico Mexicano S.A.B. de C.V., Series CPO^(d)		383,700		3,720,650
Grupo Elektra S.A.B. de C.V.^(b)		73,913		4,721,926
Wal-Mart de Mexico S.A.B. de C.V., Series V		804,513		3,232,948

				19,106,322

Qatar-0.55%
Qatar Fuel Q.S.C.		1,006,475		4,573,378

Romania-0.50%
NEPI Rockcastle N.V.^(b)		679,100		4,105,707

Russia-0.05%
Mobile TeleSystems PJSC, ADR^(c)(e)		206,291		0
X5 Retail Group N.V., GDR^(a)(c)(e)		51,546		422,363

				422,363

Saudi Arabia-3.07%
Almarai Co. JSC		230,979		3,627,233
Jarir Marketing Co.		94,669		4,119,226
Saudi Arabian Oil Co.^(a)		428,580		4,113,600
Saudi Basic Industries Corp.		154,054		3,791,075
Saudi Telecom Co.		485,941		5,830,204
Yanbu National Petrochemical Co., Class A		319,904		3,812,544

				25,293,882

South Africa-3.71%
Bidvest Group Ltd. (The)		252,285		3,457,169
Clicks Group Ltd.^(b)		236,217		3,453,900
Growthpoint Properties Ltd.^(b)		5,161,904		3,593,958
MultiChoice Group		490,438		3,071,047
OUTsurance Group Ltd.		1,686,038		3,209,086
Pepkor Holdings Ltd.^(a)		3,206,395		2,972,497
Remgro Ltd.^(b)		443,625		3,397,597
Shoprite Holdings Ltd.^(b)		279,872		3,412,728
Vodacom Group Ltd.		575,811		3,943,874

				30,511,856

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


		4

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

April 30, 2023

(Unaudited)


	Shares		Value
South Korea-9.49%
BNK Financial Group, Inc.		772,957	$	3,834,754
Cheil Worldwide, Inc.^(b)		236,398		3,265,839
CJ CheilJedang Corp.^(c)		13,626		3,150,961
CJ Corp.		52,513		3,590,062
HD Hyundai Co. Ltd.		74,217		3,282,760
Hite Jinro Co. Ltd.		189,384		3,148,382
Hyundai Motor Co.		25,589		3,776,022
Industrial Bank of Korea		519,866		3,907,540
Kangwon Land, Inc.		251,867		3,556,699
KT&G Corp.		88,230		5,656,107
LG Corp.		53,194		3,473,667
LG Uplus Corp.^(b)		460,927		3,795,140
NH Investment & Securities Co. Ltd.		584,694		4,084,645
Samsung Biologics Co. Ltd.^(a)(c)		6,466		3,773,122
Samsung C&T Corp.		38,662		3,165,986
Samsung Electronics Co. Ltd.		81,081		3,968,026
Samsung Fire & Marine Insurance Co. Ltd.		21,940		3,688,359
Samsung Life Insurance Co. Ltd.		74,376		3,684,346
Samsung SDS Co. Ltd.		34,694		3,040,650
Samsung Securities Co. Ltd.		135,494		3,426,832
Yuhan Corp.		112,443		4,839,149

				78,109,048

Taiwan-27.24%
Asia Cement Corp.		3,257,000		4,656,263
Catcher Technology Co. Ltd.		641,000		3,773,961
Cathay Financial Holding Co. Ltd.		2,421,000		3,342,976
Chang Hwa Commercial Bank Ltd.		10,341,009		5,987,475
Cheng Shin Rubber Industry Co. Ltd.		3,864,000		4,751,052
Chicony Electronics Co. Ltd.		1,343,000		4,237,489
China Development Financial Holding Corp.		7,691,000		3,277,290
China Steel Corp.		3,350,000		3,171,017
Chunghwa Telecom Co. Ltd.		1,476,222		6,098,404
Compal Electronics, Inc.		5,329,000		4,151,567
CTBC Financial Holding Co. Ltd.		4,760,053		3,499,299
E.Sun Financial Holding Co. Ltd.		4,891,937		3,970,199
Far Eastern New Century Corp.		4,095,000		4,249,183
Far EasTone Telecommunications Co. Ltd.		2,004,993		5,145,774
First Financial Holding Co. Ltd.		5,414,737		4,773,176
Formosa Chemicals & Fibre Corp.		2,005,095		4,493,813
Formosa Petrochemical Corp.		1,568,000		4,427,174
Formosa Plastics Corp.		1,374,000		4,196,750
Foxconn Technology Co. Ltd.		1,989,000		3,487,260
Fubon Financial Holding Co. Ltd.		1,758,950		3,375,719
Highwealth Construction Corp.		2,991,545		4,091,875
Hon Hai Precision Industry Co. Ltd.		1,332,000		4,527,739
Hua Nan Financial Holdings Co. Ltd.		5,904,167		4,205,945
IBF Financial Holdings Co. Ltd.		10,060,000		4,041,343
Inventec Corp.		4,777,000		5,143,326
King Yuan Electronics Co. Ltd.		2,193,000		3,352,720
Lite-On Technology Corp.		1,414,000		3,380,629
Mega Financial Holding Co. Ltd.		3,951,271		4,376,377
Nan Ya Plastics Corp.		1,376,930		3,493,553
Pegatron Corp.		1,634,000		3,720,582
Pou Chen Corp.		2,949,000		3,045,645
Powertech Technology, Inc.		1,328,000		3,965,533
President Chain Store Corp.		540,000		4,751,403
Qisda Corp.		3,274,000		3,684,814
Quanta Computer, Inc.		1,460,000		4,079,499
Radiant Opto-Electronics Corp.		1,095,000		4,024,884


	Shares		Value
Taiwan-(continued)
Shanghai Commercial & Savings Bank Ltd.
(The)		2,413,000	$	3,645,893
Shin Kong Financial Holding Co. Ltd.		14,059,000		3,832,298
SinoPac Financial Holdings Co. Ltd.		6,569,475		3,568,683
Synnex Technology International Corp.		1,714,264		3,451,669
Taishin Financial Holding Co. Ltd.		7,031,806		3,957,071
Taiwan Business Bank		7,865,746		3,569,233
Taiwan Cement Corp.		3,463,974		4,360,602
Taiwan Cooperative Financial Holding Co. Ltd.		5,169,080		4,497,776
Taiwan High Speed Rail Corp.		5,847,000		5,905,484
Taiwan Mobile Co. Ltd.		1,890,162		6,363,561
Tatung Co. Ltd.^(c)		3,060,000		3,244,889
Teco Electric and Machinery Co. Ltd.		3,543,000		5,088,183
Tripod Technology Corp.		976,000		3,650,972
Uni-President Enterprises Corp.		2,700,181		6,464,449
Wistron Corp.		3,749,000		5,670,603
WPG Holdings Ltd.		2,578,937		4,194,417
Yuanta Financial Holding Co. Ltd.		5,263,930		3,869,718

				224,287,209

Thailand-23.10%
Advanced Info Service PCL, NVDR		832,768		5,218,899
Airports of Thailand PCL, NVDR^(c)		3,241,875		6,954,165
Asset World Corp. PCL, NVDR		21,487,313		3,335,025
Bangkok Bank PCL, NVDR		1,089,433		5,008,887
Bangkok Chain Hospital PCL, NVDR		6,239,478		3,965,054
Bangkok Commercial Asset Management PCL, NVDR		8,744,681		3,380,329
Bangkok Dusit Medical Services PCL, NVDR		4,647,841		3,981,239
Bangkok Expressway & Metro PCL, NVDR		17,564,277		4,552,130
Berli Jucker PCL, NVDR		3,078,707		3,516,204
BTS Group Holdings PCL, NVDR		24,026,744		5,417,847
Bumrungrad Hospital PCL, NVDR		539,485		3,760,083
Carabao Group PCL, NVDR		1,227,244		2,569,674
Central Pattana PCL, NVDR		1,994,041		3,970,855
Central Retail Corp. PCL, NVDR		3,116,208		4,083,763
Charoen Pokphand Foods PCL, NVDR		8,317,725		4,944,720
CP ALL PCL, NVDR.		2,354,784		4,465,108
Electricity Generating PCL, NVDR		1,172,254		5,372,509
Energy Absolute PCL, NVDR		1,557,034		3,089,217
Global Power Synergy PCL, NVDR		1,792,865		3,360,227
Gulf Energy Development PCL, NVDR		2,748,029		4,084,120
Home Product Center PCL, NVDR		10,419,595		4,271,889
Indorama Ventures PCL, NVDR		3,310,547		3,296,247
Intouch Holdings PCL, NVDR		2,568,434		5,641,190
IRPC PCL, NVDR		48,196,200		3,330,933
Kasikornbank PCL, NVDR		1,189,568		4,354,521
Kiatnakin Phatra Bank PCL, NVDR		2,298,522		4,038,694
Kiatnakin Phatra Bank PCL, Wts., expiring 12/31/2024^(e)		191,543		0
Kiatnakin Phatra Bank PCL, Wts., expiring 12/31/2026^(e)		191,543		0
Krung Thai Bank PCL, NVDR		8,415,280		4,435,904
Krungthai Card PCL, NVDR		3,113,107		4,809,031
Land & Houses PCL, NVDR		18,342,921		5,264,240
Minor International PCL, NVDR		3,480,685		3,210,823
Osotspa PCL, NVDR		4,048,892		3,497,835
PTT Global Chemical PCL, NVDR		2,642,137		3,211,031
PTT Oil & Retail Business PCL, NVDR		7,559,306		4,914,462

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


		5

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

April 30, 2023

(Unaudited)


	Shares		Value
Thailand-(continued)
PTT PCL, NVDR		5,285,412	$	4,798,236
Ratch Group PCL, NVDR		4,167,158		4,606,786
SCG Packaging PCL, NVDR		2,424,662		3,124,244
Siam Cement PCL (The), NVDR		587,294		5,400,405
Siam Global House PCL, NVDR		6,526,010		3,268,022
Siam Makro PCL, NVDR		2,970,359		3,283,727
Thai Beverage PCL		9,362,514		4,491,256
Thai Union Group PCL, NVDR		8,732,048		3,528,875
Tisco Financial Group PCL, NVDR		2,269,908		5,999,244
TMBThanachart Bank PCL, NVDR		113,736,161		4,829,561
True Corp. PCL, NVDR		14,857,036		3,458,919
WHA Corp. PCL, NVDR		31,690,952		4,083,467

				190,179,597

United Arab Emirates-2.44%
Abu Dhabi National Oil Co. for Distribution PJSC		3,508,501		4,194,531
ADNOC Drilling Co. PJSC		3,736,940		4,365,869
Dubai Islamic Bank PJSC		2,876,358		4,355,270
Emaar Properties PJSC		2,125,972		3,433,283
Emirates NBD Bank PJSC		966,707		3,712,029

				20,060,982

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.84% (Cost $794,510,405)				822,128,835


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.98%
Invesco Private Government Fund, 4.83%^(f)(g)(h)		4,569,601	$	4,569,601
Invesco Private Prime Fund, 4.99%^(f)(g)(h)		11,750,404		11,750,404

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $16,320,164)				16,320,005

TOTAL INVESTMENTS IN SECURITIES-101.82% (Cost $810,830,569)				838,448,840
OTHER ASSETS LESS LIABILITIES-(1.82)%				(15,019,320	)

NET ASSETS-100.00%			$	823,429,520

Investment Abbreviations:

ADR-American Depositary Receipt

CPO-Certificates of Ordinary Participation

GDR-Global Depositary Receipt

NVDR-Non-Voting Depositary Receipt Wts.-Warrants

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2023 was $14,876,330, which represented 1.81% of the Fund’s Net Assets.

^(b)	All or a portion of this security was out on loan at April 30, 2023.

^(c)	Non-income producing security.

^(d)	Each CPO for Fomento Economico Mexicano, S.A.B. de C.V. represents one Series B share and four Series D shares.

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

^(f)


	Value October 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value April 30, 2023		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$ -		$44,648,439		$(44,648,439)		$ -		$ -		$ -		$13,997

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


		6

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

April 30, 2023

(Unaudited)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2023			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	3,288,267		$	15,516,942		$	(14,235,608	)		$	-			$	-			$	4,569,601		$	62,330	*

Invesco Private Prime Fund			8,453,393			34,335,388			(31,037,161	)			(148	)			(1,068	)			11,750,404			168,182	*


Total		$	11,741,660		$	94,500,769		$	(89,921,208	)		$	(148	)		$	(1,068	)		$	16,320,005		$	244,509

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

^(g)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

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

Portfolio Composition

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

as of April 30, 2023



Financials			31.69

Consumer Staples			11.45

Communication Services			9.69

Information Technology			9.17

Industrials			7.45

Consumer Discretionary			7.45

Materials			6.16

Utilities			5.84

Energy			3.95

Health Care			3.52

Real Estate			3.47

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.


		7

Invesco S&P Emerging Markets Momentum ETF (EEMO)

April 30, 2023

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.37%
Brazil-13.94%
Banco do Brasil S.A.		7,123	$	61,024
BB Seguridade Participacoes S.A.		6,533		44,804
Centrais Eletricas Brasileiras S.A., Class B, Preference Shares		1,053		7,664
Cia de Saneamento Basico do Estado de Sao Paulo SABESP		1,912		17,630
Cia Energetica de Minas Gerais, Preference Shares		6,046		14,925
CPFL Energia S.A.		800		5,299
Equatorial Energia S.A.		3,800		20,766
Gerdau S.A., Preference Shares		4,615		23,228
Hypera S.A.		2,556		19,031
Petro Rio S.A.^(a)		4,150		28,826
Petroleo Brasileiro S.A.		15,698		83,685
Petroleo Brasileiro S.A., Preference Shares		19,943		94,476
Sendas Distribuidora S.A.		5,700		14,003
Vale S.A.		15,245		220,672

				656,033

Chile-1.81%
Banco de Chile		169,925		18,206
Sociedad Quimica y Minera de Chile S.A., Class B, Preference Shares		984		67,033

				85,239

China-5.96%
C&D International Investment Group Ltd.		3,400		10,417
China Coal Energy Co. Ltd., H Shares		9,400		8,047
China Petroleum & Chemical Corp., H Shares		99,200		64,828
China Resources Pharmaceutical Group Ltd.^(b)		10,500		10,407
China Shenhua Energy Co. Ltd., H Shares		16,900		55,975
COSCO SHIPPING Energy Transportation Co. Ltd., H Shares^(a)		8,800		9,024
Hygeia Healthcare Holdings Co. Ltd.^(a)(b)(c)		1,450		10,621
Inner Mongolia Yitai Coal Co. Ltd., B Shares		7,100		10,508
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares		10,000		16,994
Shanghai Fudan Microelectronics Group Co. Ltd., H Shares		1,100		3,314
Vipshop Holdings Ltd., ADR^(a)		1,493		23,440
Yadea Group Holdings Ltd.^(b)		6,000		14,003
Yankuang Energy Group Co. Ltd., H Shares		7,183		24,569
Yuexiu Property Co. Ltd.		6,300		9,085
Zhaojin Mining Industry Co. Ltd., H Shares^(a)(c)		5,700		9,062

				280,294

Egypt-0.47%
Commercial International Bank Egypt S.A.E.		12,836		22,183

Greece-1.19%
JUMBO S.A.		507		11,698
Motor Oil Hellas Corinth Refineries S.A.		474		11,303
Mytilineos S.A.		709		20,586
OPAP S.A.		737		12,579

				56,166

India-18.81%
ABB India Ltd.		200		8,353
Adani Enterprises Ltd.		1,754		41,258
Adani Power Ltd.^(a)		5,137		14,114


	Shares		Value
India-(continued)
Adani Wilmar Ltd.^(a)		801	$	4,031
APL Apollo Tubes Ltd.		731		10,675
Bank of Baroda		5,958		13,669
Bharat Electronics Ltd.		18,136		22,893
Britannia Industries Ltd.		540		30,047
Canara Bank		1,288		4,996
CG Power and Industrial Solutions Ltd.		4,389		16,564
Coal India Ltd.		12,921		36,804
Cummins India Ltd.		954		18,368
Eicher Motors Ltd.		574		23,154
Federal Bank Ltd.		7,491		12,353
Hindustan Aeronautics Ltd.^(b)		667		23,801
Indian Hotels Co. Ltd. (The)		4,343		17,996
Indian Railway Finance Corp. Ltd.^(b)		10,453		4,055
ITC Ltd.		29,852		155,231
Jindal Steel & Power Ltd.		1,966		14,002
Mahindra & Mahindra Financial Services Ltd.		2,879		9,112
Mahindra & Mahindra Ltd.		6,712		100,627
MRF Ltd.		11		11,964
NHPC Ltd.		16,532		8,939
NTPC Ltd.		22,381		47,039
Phoenix Mills Ltd. (The)		450		7,950
PI Industries Ltd.		326		13,482
Power Finance Corp. Ltd.		5,604		11,634
Punjab National Bank		8,566		5,469
REC Ltd.		6,548		10,574
Schaeffler India Ltd.		223		7,561
Siemens Ltd.		397		16,734
Sun Pharmaceutical Industries Ltd.		5,216		62,950
Timken India Ltd.		133		4,849
Tube Investments of India Ltd.		541		17,117
TVS Motor Co. Ltd.		1,786		24,843
Union Bank of India Ltd.		6,834		6,334
Varun Beverages Ltd.		1,749		30,887
Vedanta Ltd.		4,361		14,886

				885,315

Indonesia-8.78%
PT Adaro Energy Indonesia Tbk		64,776		13,821
PT Bank Central Asia Tbk		196,300		121,098
PT Bank Mandiri (Persero) Tbk		251,200		88,613
PT Bank Negara Indonesia (Persero) Tbk		33,500		21,523
PT Bank Rakyat Indonesia (Persero) Tbk		278,200		96,716
PT Bukit Asam Tbk		18,200		5,136
PT Indo Tambangraya Megah Tbk		3,300		7,491
PT Kalbe Farma Tbk		87,700		12,674
PT Perusahaan Gas Negara Tbk		36,000		3,509
PT Sumber Alfaria Trijaya Tbk		189,700		37,500
PT Vale Indonesia Tbk^(a)		10,400		4,945

				413,026

Kuwait-2.68%
Kuwait Telecommunications Co.		1,695		3,270
National Bank of Kuwait SAKP		37,458		122,639

				125,909

Malaysia-3.61%
AMMB Holdings Bhd		11,200		9,065
CIMB Group Holdings Bhd		28,800		32,671

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


		8

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

April 30, 2023

(Unaudited)


	Shares		Value
Malaysia-(continued)
Gamuda Bhd		18,100	$	16,840
Hong Leong Bank Bhd		2,970		13,410
Malayan Banking Bhd		33,900		65,816
Malaysia Airports Holdings Bhd		4,400		6,954
RHB Bank Bhd		14,700		18,060
TIME dotCom Bhd		5,800		7,139

				169,955

Mexico-5.50%
Arca Continental S.A.B. de C.V.		2,991		28,370
Fibra Uno Administracion S.A. de C.V.		14,200		19,554
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B		1,287		22,823
Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B		843		24,116
Grupo Bimbo S.A.B. de C.V., Series A		7,403		39,520
Grupo Financiero Banorte S.A.B. de C.V., Class O		10,402		89,656
Grupo Financiero Inbursa S.A.B. de C.V., Class O^(a)		8,796		21,338
Kimberly-Clark de Mexico S.A.B. de C.V., Class A		6,071		13,724

				259,101

Poland-0.05%
Jastrzebska Spolka Weglowa S.A.^(a)		231		2,388

Qatar-0.21%
Ooredoo Q.P.S.C.		3,572		9,705

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

				-

Saudi Arabia-3.61%
ACWA Power Co.		643		26,847
Arabian Internet & Communications Services Co.		100		7,438
Bupa Arabia for Cooperative Insurance Co.		117		5,503
Dr Sulaiman Al Habib Medical Services Group Co.		495		37,877
Elm Co.		117		13,819
Saudi Arabian Mining Co.^(a)		4,238		78,417

				169,901

South Africa-4.80%
Absa Group Ltd.		3,458		33,597
African Rainbow Minerals Ltd.		477		5,993
Bidvest Group Ltd. (The)		1,484		20,336
Exxaro Resources Ltd.		1,221		12,810
Investec Ltd.		1,460		8,033
Nedbank Group Ltd.		2,161		24,944
OUTsurance Group Ltd.		5,626		10,708
Shoprite Holdings Ltd.		1,811		22,083
Standard Bank Group Ltd.		5,540		51,901
Thungela Resources Ltd.		1,483		13,889
Woolworths Holdings Ltd.		6,095		21,685

				225,979

South Korea-5.62%
Ecopro Co. Ltd.		100		54,543
Hanwha Aerospace Co. Ltd.		184		14,119
Hanwha Solutions Corp.^(a)		430		15,405
HD Hyundai Co. Ltd.		238		10,527
Hyundai Marine & Fire Insurance Co. Ltd.		212		5,948


	Shares		Value
South Korea-(continued)
Hyundai Rotem Co. Ltd.^(a)		309	$	7,596
JYP Entertainment Corp.		176		11,861
Korea Aerospace Industries Ltd.		299		12,243
KT&G Corp.		707		45,323
LOTTE Corp.		159		3,326
Orion Corp.		106		11,476
Posco Future M Co. Ltd.		214		53,564
Samsung Life Insurance Co. Ltd.		372		18,428

				264,359

Taiwan-2.91%
Catcher Technology Co. Ltd.		3,200		18,840
Far Eastern New Century Corp.		16,200		16,810
Global Unichip Corp.		400		12,959
International Games System Co. Ltd.		700		12,182
PharmaEssentia Corp.^(a)		1,345		16,210
Taiwan Business Bank		33,000		14,974
Walsin Lihwa Corp.		19,000		30,685
Yulon Motor Co. Ltd.		5,400		14,158

				136,818

Thailand-6.29%
Airports of Thailand PCL, NVDR^(a)		20,800		44,618
Asset World Corp. PCL, NVDR		33,700		5,231
Bangkok Bank PCL, NVDR		2,800		12,874
Bangkok Chain Hospital PCL, NVDR		5,500		3,495
Bangkok Dusit Medical Services PCL, NVDR		22,400		19,187
Bangkok Expressway & Metro PCL, NVDR		34,000		8,812
Berli Jucker PCL, NVDR		4,300		4,911
Bumrungrad Hospital PCL, NVDR		2,800		19,515
Central Pattana PCL, NVDR		7,400		14,736
Central Plaza Hotel PCL, NVDR^(a)		3,300		5,291
Central Retail Corp. PCL, NVDR		13,700		17,954
Delta Electronics Thailand PCL, NVDR		35,500		75,631
Forth Corp. PCL, NVDR		2,400		1,950
Krung Thai Bank PCL, NVDR		18,600		9,804
PTT Exploration & Production PCL, NVDR		7,900		34,240
Star Petroleum Refining PCL, NVDR		7,100		2,017
Thonburi Healthcare Group PCL, NVDR		1,900		3,728
Tisco Financial Group PCL, NVDR		1,900		5,022
TMBThanachart Bank PCL, NVDR		170,600		7,244

				296,260

Turkey-10.75%
AG Anadolu Grubu Holding A.S.		1,109		5,417
Akbank T.A.S.		22,749		18,774
Aksa Akrilik Kimya Sanayii A.S.		1,276		4,307
Aksa Enerji Uretim A.S.		2,731		3,929
Alarko Holding A.S.		1,523		4,613
Anadolu Efes Biracilik ve Malt Sanayii A.S.		1,409		4,561
Anadolu Isuzu Otomotiv Sanayi ve Ticaret A.S., Class C		160		1,116
Arcelik A.S.		1,600		7,968
Aselsan Elektronik Sanayi Ve Ticaret A.S.		5,799		13,334
BIM Birlesik Magazalar A.S.		3,370		27,066
Borusan Yatirim ve Pazarlama A.S.		60		2,633
Can2 Termik A.S.^(a)		780		1,949
Coca-Cola Icecek A.S.		480		5,812
Dogus Otomotiv Servis ve Ticaret A.S.		350		2,203
Emlak Konut Gayrimenkul Yatirim Ortakligi A.S.		20,910		6,462
Enerjisa Enerji A.S.^(b)		2,388		3,418

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


		9

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

April 30, 2023

(Unaudited)


	Shares		Value
Turkey-(continued)
Enka Insaat ve Sanayi A.S.		13,435	$	18,886
Eregli Demir ve Celik Fabrikalari TAS		7,293		12,427
Ford Otomotiv Sanayi A.S.		636		17,574
Gubre Fabrikalari TAS^(a)		541		5,622
Haci Omer Sabanci Holding A.S.		14,217		27,925
Hektas Ticaret T.A.S.^(a)		11,137		15,427
Is Gayrimenkul Yatirim Ortakligi A.S.^(a)		3,215		1,361
Iskenderun Demir ve Celik A.S.		807		1,241
KOC Holding A.S.		11,289		43,912
Kontrolmatik Enerji Ve Muhendislik A.S.		736		5,007
Koza Altin Isletmeleri A.S.		10,320		10,019
Oyak Cimento Fabrikalari A.S.^(a)		2,682		4,165
Pegasus Hava Tasimaciligi A.S.^(a)		407		9,285
Petkim Petrokimya Holding A.S.^(a)		8,304		5,551
Sasa Polyester Sanayi A.S.^(a)		4,560		23,353
TAV Havalimanlari Holding A.S.^(a)		1,606		5,818
Tofas Turk Otomobil Fabrikasi A.S.		1,054		10,406
Turk Hava Yollari AO^(a)		7,538		49,534
Turk Telekomunikasyon A.S.		3,913		3,274
Turk Traktor ve Ziraat Makineleri A.S.		141		4,046
Turkcell Iletisim Hizmetleri A.S.		8,535		14,526
Turkiye Garanti Bankasi A.S.		4,116		5,795
Turkiye Halk Bankasi A.S.^(a)		3,770		2,037
Turkiye Is Bankasi A.S., Class C		36,410		20,275
Turkiye Petrol Rafinerileri A.S.		9,907		33,773
Turkiye Sise ve Cam Fabrikalari A.S.		14,119		26,760
Turkiye Vakiflar Bankasi T.A.O., Class D^(a)		4,951		2,189
Vestel Beyaz Esya Sanayi ve Ticaret A.S.		2,133		1,160
Yapi ve Kredi Bankasi A.S.		20,582		10,022
Ziraat Gayrimenkul Yatirim Ortakligi A.S.		5,780		1,174

				506,106

United Arab Emirates-2.38%
Abu Dhabi Islamic Bank PJSC		7,577		23,441


	Shares		Value
United Arab Emirates-(continued)
Abu Dhabi Ports Co. PJSC^(a)		5,032	$	9,387
Emaar Properties PJSC		22,460		36,271
Multiply Group PJSC^(a)		35,931		32,878
National Marine Dredging Co.^(a)		1,735		10,253

				112,230

Total Common Stocks & Other Equity Interests (Cost $4,717,797)				4,676,967


Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 4.78%^(e)(f) (Cost $1,936)		1,936		1,936

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.41% (Cost $4,719,733)				4,678,903


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-0.22%
Invesco Private Government Fund, 4.83%^(e)(f)(g)		2,842		2,842
Invesco Private Prime Fund, 4.99%^(e)(f)(g)		7,307		7,307

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $10,149)				10,149

TOTAL INVESTMENTS IN SECURITIES-99.63% (Cost $4,729,882)				4,689,052
OTHER ASSETS LESS LIABILITIES-0.37%				17,428

NET ASSETS-100.00%			$	4,706,480

Investment Abbreviations:

ADR-American Depositary Receipt

NVDR-Non-Voting Depositary Receipt

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2023 was $66,305, which represented 1.41% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at April 30, 2023.

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

^(e)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value April 30, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	4,220		$	144,751		$	(147,035	)		$	-		$	-		$	1,936		$	91

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


		10

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

April 30, 2023

(Unaudited)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value April 30, 2023			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	6,971		$	66,554		$	(70,683	)		$	-		$	-		$	2,842		$	214	*

Invesco Private Prime Fund			17,921			112,199			(122,813	)			-			-			7,307			568	*


Total		$	29,112		$	323,504		$	(340,531	)		$	-		$	-		$	12,085		$	873

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

^(f)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

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

Portfolio Composition

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

as of April 30, 2023



Financials			26.50

Materials			14.15

Industrials			13.82

Energy			11.94

Consumer Staples			10.08

Consumer Discretionary			7.76

Health Care			4.94

Utilities			3.74

Sector Types Each Less Than 3%			6.44

Money Market Funds Plus Other Assets Less Liabilities			0.63

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


		11

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

April 30, 2023

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.72%
Australia-8.17%
ANZ Group Holdings Ltd.		175,176	$	2,818,880
APA Group		385,327		2,617,734
ASX Ltd.		62,642		2,834,451
Cleanaway Waste Management Ltd.		1,563,728		2,500,803
Coles Group Ltd.		300,567		3,615,061
Commonwealth Bank of Australia^(a)		45,569		2,992,155
CSL Ltd.		16,327		3,243,168
Insurance Australia Group Ltd.		819,645		2,697,479
National Australia Bank Ltd.		150,763		2,873,379
Steadfast Group Ltd.		806,646		3,161,117
Telstra Group Ltd.		1,433,851		4,140,840
Transurban Group		354,033		3,507,101
Treasury Wine Estates Ltd.		307,508		2,830,808
Washington H Soul Pattinson & Co. Ltd.		145,280		3,019,461
Wesfarmers Ltd.		78,673		2,701,975
Westpac Banking Corp.		192,572		2,859,560
Woolworths Group Ltd.		127,572		3,273,601

				51,687,573

Belgium-0.95%
Ackermans & van Haaren N.V.		17,445		3,073,782
Groupe Bruxelles Lambert N.V.		32,880		2,951,151

				6,024,933

Canada-15.12%
Bank of Montreal^(a)		33,255		2,994,495
Bank of Nova Scotia (The)		61,271		3,055,193
BCE, Inc.		79,747		3,828,891
Canadian Imperial Bank of Commerce		63,712		2,668,172
Canadian National Railway Co.		23,815		2,835,746
Canadian Utilities Ltd., Class A^(a)		145,234		4,194,364
CGI,Inc.,Class A^(b)		32,889		3,334,488
Choice Properties REIT		284,081		3,066,391
Emera, Inc.^(a)		78,669		3,343,853
Empire Co. Ltd., Class A		101,962		2,734,924
Enbridge, Inc.^(a)		84,864		3,370,658
Fortis, Inc.		93,971		4,121,754
George Weston Ltd.		24,195		3,245,266
Great-West Lifeco, Inc.		112,770		3,202,758
Hydro One Ltd.^(c)		133,812		3,914,812
Intact Financial Corp.		22,557		3,408,414
Loblaw Cos. Ltd.		32,033		3,009,633
Metro, Inc.		69,842		3,976,406
National Bank of Canada		41,211		3,069,783
Northland Power, Inc.^(a)		112,290		2,753,643
Power Corp. of Canada		117,604		3,146,685
Restaurant Brands International, Inc.		42,374		2,967,398
Rogers Communications, Inc., Class B		61,800		3,050,130
Royal Bank of Canada		36,703		3,639,992
Sun Life Financial, Inc.		67,592		3,312,073
TELUS Corp.		169,362		3,586,284
Thomson Reuters Corp.		26,773		3,516,831
TMX Group Ltd.		33,246		3,363,574
Toronto-Dominion Bank (The)		50,131		3,033,437

				95,746,048

China-0.47%
Wilmar International Ltd.		1,007,824		2,968,743


	Shares		Value
Denmark-0.49%
Tryg A/S		131,801	$	3,113,809

Finland-1.05%
Elisa OYJ		62,690		3,897,894
Sampo OYJ, Class A		54,316		2,755,986

				6,653,880

France-1.64%
Danone S.A.		47,951		3,175,745
Edenred		46,515		3,025,693
Orange S.A.		321,798		4,197,812

				10,399,250

Germany-2.02%
Beiersdorf AG		21,990		3,073,463
Deutsche Boerse AG		15,795		3,014,975
Deutsche Telekom AG		135,644		3,276,552
Henkel AG& Co. KGaA, Preference Shares		42,205		3,414,432

				12,779,422

Hong Kong-3.79%
CK Hutchison Holdings Ltd.		420,111		2,809,695
CLP Holdings Ltd.		412,065		3,065,593

Hang Seng Bank Ltd.		167,500		2,477,325

HK Electric Investments & HK Electric
Investments Ltd.		4,329,198		2,729,911
HKT Trust & HKT Ltd.		2,508,056		3,290,867
MTR Corp. Ltd.		707,756		3,529,809
Power Assets Holdings Ltd.		588,673		3,359,603
Sun Hung Kai Properties Ltd.		197,159		2,737,657

				24,000,460

Israel-0.39%
First International Bank of Israel Ltd. (The)		69,124		2,486,331

Italy-0.47%
Snam S.p.A.		536,203		2,983,520

Japan-39.60%
Activia Properties, Inc.		1,182		3,437,535
Advance Residence Investment Corp.		1,352		3,504,983
Aeon Co. Ltd.		136,678		2,777,926
Aeon Mall Co. Ltd.		244,186		3,281,757
Air Water, Inc.		217,673		2,736,799
Alfresa Holdings Corp.		209,392		3,021,740
Amada Co. Ltd.		272,758		2,531,973
ANA Holdings, Inc.^(a)(b)		123,940		2,691,973
Asahi Kasei Corp.		376,108		2,645,310
Bridgestone Corp.		64,938		2,593,419
Canon Marketing Japan, Inc.		107,869		2,685,535
Canon, Inc.		132,352		3,147,327
Central Japan Railway Co.		25,750		3,185,538
COMSYS Holdings Corp.		167,318		3,192,393
Daiwa House Industry Co. Ltd.		121,423		3,082,725
Daiwa House REIT Investment Corp.		1,541		3,276,315
Daiwa Office Investment Corp.^(a)		690		2,994,822
Daiwa Securities Group, Inc.		614,161		2,837,053
East Japan Railway Co.		56,678		3,248,376
GLP J-Reit		2,605		2,974,902
Hankyu Hanshin Holdings, Inc.		104,353		3,245,584
Haseko Corp.		260,144		3,165,708

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


		12

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

April 30, 2023

(Unaudited)


	Shares		Value
Japan-(continued)
Hulic Co. Ltd.		345,283	$	2,959,242
Industrial & Infrastructure Fund Investment Corp.		2,776		3,176,299
Japan Metropolitan Fund Investment Corp.		4,012		2,931,693
Japan Post Bank Co. Ltd.^(a)		316,572		2,522,532
Japan Post Holdings Co. Ltd.		359,891		2,954,931
Japan Prime Realty Investment Corp.^(a)		1,312		3,406,103
Japan Real Estate Investment Corp.		755		2,988,617
Japan Tobacco, Inc.		147,687		3,170,880
Kajima Corp.		218,721		2,883,297
Kao Corp.		69,101		2,793,677
KDDI Corp.		105,842		3,302,000
Kewpie Corp.		195,454		3,281,371
Kintetsu Group Holdings Co. Ltd.		81,501		2,747,326
Kirin Holdings Co. Ltd.		209,087		3,392,011
Kobayashi Pharmaceutical Co. Ltd.		43,491		2,708,506
Kyocera Corp.		55,427		2,894,587
Kyushu Electric Power Co., Inc.^(b)		514,217		2,994,706
Kyushu Railway Co.		141,219		3,199,505
Lion Corp.		239,278		2,604,267
McDonald’s Holdings Co. Japan Ltd.^(a)		157,853		6,573,103
MEIJI Holdings Co. Ltd.		147,638		3,561,788
Mitsubishi Estate Co. Ltd.		206,340		2,533,694
Mitsubishi HC Capital, Inc.		571,666		2,955,626
Mizuho Financial Group, Inc.		189,133		2,729,382
Nagoya Railroad Co. Ltd.		171,812		2,763,326
NGK Insulators Ltd.		191,226		2,387,428
NH Foods Ltd.		121,671		3,547,416
Nichirei Corp.		140,179		2,876,364
Nippon Accommodations Fund, Inc.		852		4,135,953
Nippon Building Fund, Inc.		756		3,164,690
Nippon Prologis REIT, Inc.		1,228		2,791,217
Nippon Telegraph & Telephone Corp.		116,960		3,563,816
Nisshin Seifun Group, Inc.		250,274		3,030,895
Nissin Foods Holdings Co. Ltd.		33,503		3,228,138
Nomura Holdings, Inc.		742,590		2,649,906
Nomura Real Estate Master Fund, Inc.		2,866		3,348,736
Obayashi Corp.		359,899		2,992,000
Odakyu Electric Railway Co. Ltd.		208,633		2,908,129
Oji Holdings Corp.		710,572		2,781,441
ORIX JREIT, Inc.		2,171		2,802,936
Otsuka Holdings Co. Ltd.		97,692		3,301,002
Secom Co. Ltd.		49,635		3,170,603
Sekisui Chemical Co. Ltd.		198,273		2,810,318
Sekisui House Ltd.		160,778		3,294,317
Sekisui House REIT, Inc.^(a)		6,286		3,559,289
Shimizu Corp.		473,197		2,880,919
SHO-BOND Holdings Co. Ltd.		67,705		2,883,920
Skylark Holdings Co. Ltd.^(b)		308,345		4,130,439
SoftBank Corp.		361,316		4,063,860
Sohgo Security Services Co. Ltd.		102,893		2,867,689
Sumitomo Mitsui Financial Group, Inc.		57,902		2,359,624
Takeda Pharmaceutical Co. Ltd.		106,564		3,531,133
Tobu Railway Co. Ltd.		138,195		3,516,658
Tokyu Corp.		216,793		3,053,714
United Urban Investment Corp.		2,687		2,979,745
West Japan Railway Co.		68,042		2,943,748
Yakult Honsha Co. Ltd.		37,320		2,803,831


		Shares		Value
Japan-(continued)
Yamazaki Baking Co. Ltd.			217,978	$	2,921,528
Zensho Holdings Co. Ltd.^(a)			99,369		3,148,953

					250,718,517

Netherlands-1.51%	��
Heineken N.V.^(a)			25,174		2,891,768
Koninklijke Ahold Delhaize N.V.^(a)			82,582		2,846,344
Koninklijke KPN N.V.^(a)			1,053,127		3,847,217

					9,585,329

New Zealand-1.40%
Auckland International Airport Ltd.^(b)			481,081		2,626,716
Contact Energy Ltd.			583,654		2,822,668
Spark New Zealand Ltd.			1,050,697		3,394,077

					8,843,461

Norway-1.41%
Gjensidige Forsikring ASA			150,104		2,601,629
Orkla ASA			472,683		3,386,697
Telenor ASA^(a)			236,812		2,944,894

					8,933,220

Singapore-9.86%
CapitaLand Ascendas REIT			1,631,654		3,497,755
CapitaLand Integrated Commercial Trust			2,000,228		3,043,483
City Developments Ltd.			520,821		2,713,118
DBS Group Holdings Ltd.			138,325		3,402,786
Genting Singapore Ltd.			3,941,735		3,338,575
Keppel Corp. Ltd.			663,745		3,069,600
Mapletree Industrial Trust			2,003,240		3,573,595
Mapletree Logistics Trust			2,192,574		2,859,558
Mapletree Pan Asia Commercial Trust			2,050,241		2,704,661
Oversea-Chinese Banking Corp. Ltd.			463,638		4,371,747
Singapore Airlines Ltd.^(a)			943,655		4,137,752
Singapore Exchange Ltd.^(a)			625,244		4,484,942
Singapore Technologies Engineering Ltd.			1,391,704		3,776,163
Singapore Telecommunications Ltd.			1,876,177		3,585,992
Suntec REIT			3,450,968		3,491,966
United Overseas Bank Ltd.			156,889		3,318,523
UOL Group Ltd.^(a)			722,969		3,755,331
Venture Corp. Ltd.			260,537		3,313,955

					62,439,502

Spain-1.37%
Ferrovial S.A.			90,441		2,838,647
Iberdrola S.A.			231,396		3,009,333
Red Electrica Corp. S.A.			154,896		2,822,441

					8,670,421

Sweden-0.44%
Telia Co. AB^(a)			989,446		2,754,986

Switzerland-3.18%
Barry Callebaut AG			1,624		3,474,070
Novartis AG			41,775		4,277,238
SGS S.A.			29,600		2,679,148
Swiss Life Holding AG			4,016		2,647,704
Swisscom AG			5,711		3,933,310
Zurich Insurance Group AG			6,382		3,096,172

					20,107,642

United Kingdom-4.80%
AstraZeneca PLC			20,187		2,980,320

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


		13

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

April 30, 2023

(Unaudited)


	Shares		Value
United Kingdom-(continued)
British American Tobacco PLC		73,227	$	2,693,984
Bunzl PLC		78,587		3,125,276
Diageo PLC		63,160		2,875,356
Imperial Brands PLC		114,484		2,831,136
National Grid PLC		225,308		3,241,108
Reckitt Benckiser Group PLC		39,846		3,220,304
RELX PLC		94,023		3,126,980
Tesco PLC		846,835		2,991,994
Unilever PLC		58,768		3,277,046

				30,363,504

United States-1.59%
Nestle S.A.		29,530		3,799,534
Roche Holding AG		10,300		3,244,318
Waste Connections, Inc.		21,543		2,993,433

				10,037,285

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.72% (Cost $618,106,201)				631,297,836


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-5.48%
Invesco Private Government Fund, 4.83%^(d)(e)(f)		9,700,755	$	9,700,755
Invesco Private Prime Fund, 4.99%^(d)(e)(f)		24,944,798		24,944,798


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $34,645,553)				34,645,553

TOTAL INVESTMENTS IN SECURITIES-105.20% (Cost $652,751,754)				665,943,389
OTHER ASSETS LESS LIABILITIES-(5.20)%				(32,889,204	)

NET ASSETS-100.00%			$	633,054,185

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at April 30, 2023.

^(b)	Non-income producing security.

^(c)

^(d)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	49,451		$	16,132,672		$	(16,182,123	)		$	-			$	-			$	-		$	5,524

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			8,908,375			65,590,894			(64,798,514	)			-				-				9,700,755			281,953	*

Invesco Private Prime Fund			22,901,210			148,115,792			(146,069,419	)			(73	)			(2,712	)			24,944,798			768,351	*


Total		$	31,859,036		$	229,839,358		$	(227,050,056	)		$	(73	)		$	(2,712	)		$	34,645,553		$	1,055,828

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

^(e)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

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

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


		14

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

April 30, 2023

(Unaudited)

Portfolio Composition

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

as of April 30, 2023



Financials			18.62

Consumer Staples			17.74

Industrials			17.29

Real Estate			14.97

Communication Services			9.58

Utilities			7.58

Consumer Discretionary			5.48

Health Care			3.73

Sector Types Each Less Than 3%			4.73

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.


		15

Invesco S&P International Developed Momentum ETF (IDMO)

April 30, 2023

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.40%
Australia-18.41%
Allkem Ltd.^(a)		3,368	$	27,265
APA Group		6,185		42,018
Bendigo & Adelaide Bank Ltd.^(b)		3,633		20,744
BHP Group Ltd.		34,633		1,016,193
Brambles Ltd.		9,844		92,702
Challenger Ltd.		3,745		14,924
Commonwealth Bank of Australia		11,828		776,651
Computershare Ltd.		3,463		51,263
CSL Ltd.		2,633		523,015
Glencore PLC		98,300		579,465
Insurance Australia Group Ltd.		14,222		46,805
Mineral Resources Ltd.		1,286		62,617
National Australia Bank Ltd.		22,697		432,580
Northern Star Resources Ltd.		9,233		82,128
Origin Energy Ltd.		10,044		55,357
Pilbara Minerals Ltd.		14,516		40,674
Pro Medicus Ltd.		377		15,307
Qantas Airways Ltd.^(a)		5,786		25,236
QBE Insurance Group Ltd.		9,774		99,019
Rio Tinto PLC		7,711		489,347
South32 Ltd.		24,177		67,744
Steadfast Group Ltd.		5,956		23,341
Transurban Group		17,927		177,588
Treasury Wine Estates Ltd.		7,202		66,299
Vicinity Ltd.		28,492		39,541
Westpac Banking Corp.		24,353		361,625
Whitehaven Coal Ltd.		10,506		49,989
WiseTech Global Ltd.		929		42,091
Woodside Energy Group Ltd.		17,931		399,098
Worley Ltd.		3,003		29,847
Yancoal Australia Ltd.		3,589		13,187

				5,763,660

Cameroon-0.06%
Golar LNG Ltd.^(a)		777		17,638

Canada-8.84%
Alimentation Couche-Tard, Inc.		4,250		211,889
Cameco Corp.		2,773		76,159
Canadian Natural Resources Ltd.		6,979		424,822
Cenovus Energy, Inc.		8,918		149,521
Dollarama, Inc.		1,722		106,547
Element Fleet Management Corp.		3,721		48,615
Fairfax Financial Holdings Ltd.		224		156,369
George Weston Ltd.		508		68,138
Hydro One Ltd.^(c)		1,925		56,317
Imperial Oil Ltd.		1,280		65,175
Intact Financial Corp.		982		148,382
Loblaw Cos. Ltd.		1,054		99,028
Nutrien Ltd.		2,562		177,544
Pembina Pipeline Corp.^(b)		3,634		119,499
Restaurant Brands International, Inc.		2,451		171,640
Saputo, Inc.		1,849		47,823
Suncor Energy, Inc.		8,005		250,367
Teck Resources Ltd., Class B		3,000		139,593
Thomson Reuters Corp.		1,041		136,743
Tourmaline Oil Corp.		2,553		114,577

				2,768,748


	Shares		Value
Chile-0.13%
Antofagasta PLC^(b)		2,157	$	39,596

China-0.03%
Shandong Hi-Speed Holdings Group Ltd.^(a)(b)		13,727		8,359

Denmark-7.90%
Novo Nordisk A/S, Class B		14,853		2,474,143

Finland-1.22%
Nordea Bank Abp		17,603		195,332
Orion OYJ, Class B		778		36,607
Sampo OYJ, Class A		2,971		150,748

				382,687

France-6.06%
Aeroports de Paris^(a)		133		21,159
Dassault Aviation S.A.		230		45,020
Edenred		2,155		140,178
Hermes International		211		458,154
Safran S.A.		1,902		295,947
Thales S.A.		1,021		156,002
TotalEnergies SE		12,227		782,109

				1,898,569

Germany-3.84%
Beiersdorf AG		720		100,632
Commerzbank AG^(a)		5,709		63,437
Deutsche Lufthansa AG^(a)		4,083		43,859
Deutsche Telekom AG		27,765		670,678
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R		858		322,533

				1,201,139

Hong Kong-0.73%
Sun Hung Kai Properties Ltd.		10,484		145,576
Swire Pacific Ltd., Class A		5,827		46,097
Wharf Real Estate Investment Co. Ltd.		6,740		38,723

				230,396

Israel-0.06%
Plus500 Ltd.		889		18,605

Italy-1.00%
Leonardo S.p.A.		3,209		38,279
Prysmian S.p.A.		1,621		66,340
UniCredit S.p.A.^(b)		10,491		207,782

				312,401

Japan-27.47%
ABC-Mart, Inc.		288		16,307
Aeon Mall Co. Ltd.		516		6,935
Ajinomoto Co., Inc.		4,607		165,279
ANA Holdings, Inc.^(a)		894		19,418
Asics Corp.		1,132		31,383
Capcom Co. Ltd.		1,565		58,731
Chiba Bank Ltd. (The)		5,831		37,813
Chubu Electric Power Co., Inc.		5,369		59,894
Concordia Financial Group Ltd.		7,759		29,232
Cosmo Energy Holdings Co. Ltd.		790		25,064
Dai-ichi Life Holdings, Inc.		5,443		100,514
Daiichi Sankyo Co. Ltd.		17,421		594,539
Disco Corp.		456		51,606
Eisai Co. Ltd.		2,119		121,897

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


		16

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

April 30, 2023

(Unaudited)


	Shares		Value
Japan-(continued)
Electric Power Development Co. Ltd.		1,250	$	19,948
Fujitsu Ltd.		1,034		137,143
Fukuoka Financial Group, Inc.		1,536		28,686
GOLDWIN, Inc.		441		39,933
Hankyu Hanshin Holdings, Inc.^(b)		1,455		45,253
Hikari Tsushin, Inc.		168		22,801
IHI Corp.		1,724		43,111
Inpex Corp.		5,362		58,005
Internet Initiative Japan, Inc.		756		15,563
Isetan Mitsukoshi Holdings Ltd.		4,043		44,419
ITOCHU Corp.^(b)		7,955		262,431
Japan Airlines Co. Ltd.^(b)		924		17,548
Japan Airport Terminal Co. Ltd.		665		32,428
Japan Post Holdings Co. Ltd.		19,283		158,326
Japan Post Insurance Co. Ltd.		1,157		18,685
Japan Tobacco, Inc.		8,478		182,025
JFE Holdings, Inc.		3,606		42,425
JGC Holdings Corp.		1,858		23,047
Kajima Corp.		2,893		38,137
Kamigumi Co. Ltd.		588		12,847
Kansai Electric Power Co., Inc. (The)		4,855		52,413
Kawasaki Heavy Industries Ltd.		1,157		24,964
KDDI Corp.		8,934		278,718
Keihan Holdings Co. Ltd.		793		21,752
Kintetsu Group Holdings Co. Ltd.		1,417		47,766
Kose Corp.		228		26,473
Kurita Water Industries Ltd.		623		25,942
Kyushu Railway Co.		1,282		29,045
Marubeni Corp.		14,156		199,607
MatsukiyoCocokara & Co.		1,518		81,048
Mitsubishi HC Capital, Inc.		4,918		25,427
Mitsubishi Heavy Industries Ltd.		3,671		138,224
Mitsubishi Motors Corp.^(a)		4,814		18,207
Mitsubishi UFJ Financial Group, Inc.		118,907		744,801
Mitsui & Co. Ltd.		12,443		386,454
Mitsui OSK Lines Ltd.^(b)		2,136		52,708
Mizuho Financial Group, Inc.		27,348		394,660
Nagoya Railroad Co. Ltd.		1,082		17,402
Nexon Co. Ltd.		3,584		80,806
Nippon Steel Corp.		10,459		222,215
Nippon Telegraph & Telephone Corp.		9,461		288,280
Nippon Yusen K.K.^(b)		2,935		69,040
Nissin Foods Holdings Co. Ltd.		640		61,666
Niterra Co. Ltd.		1,302		27,099
Pan Pacific International Holdings Corp.		4,709		87,633
Resona Holdings, Inc.		24,186		119,842
Rohto Pharmaceutical Co. Ltd.		2,173		44,891
Seibu Holdings, Inc.		1,867		20,827
Shimamura Co. Ltd.		132		12,118
Shizuoka Financial Group, Inc.		3,706		27,789
SoftBank Corp.		14,415		162,131
Sojitz Corp.		2,303		48,237
Sumitomo Corp.		11,047		196,901
Sumitomo Forestry Co. Ltd.		1,290		27,711
Sumitomo Mitsui Financial Group, Inc.		14,920		608,020
Sumitomo Mitsui Trust Holdings, Inc.		2,459		88,290
Sundrug Co. Ltd.		495		13,614
T&D Holdings, Inc.		3,396		41,251
Taisei Corp.		1,318		44,671
Takeda Pharmaceutical Co. Ltd.		14,974		496,182


	Shares		Value
Japan-(continued)
TechnoPro Holdings, Inc.		723	$	19,646
TIS, Inc.		1,298		35,461
Tobu Railway Co. Ltd.		1,141		29,035
Toei Animation Co. Ltd.		62		6,270
Tokio Marine Holdings, Inc.		12,485		249,397
Tokyo Electric Power Co. Holdings, Inc.^(a)		6,201		22,178
Tokyo Gas Co. Ltd.		2,234		45,791
Toyo Seikan Group Holdings Ltd.		1,094		15,386
Toyo Suisan Kaisha Ltd.		487		21,710
USS Co. Ltd.		1,159		19,390
Yakult Honsha Co. Ltd.		1,878		141,093
Yamada Holdings Co. Ltd.		5,010		17,440
Yokogawa Electric Corp.		1,345		21,721
Yokohama Rubber Co. Ltd. (The)		919		19,836
Zensho Holdings Co. Ltd.^(b)		553		17,524

				8,598,076

Mexico-0.03%
Fresnillo PLC		1,061		9,487

Netherlands-5.16%
Argenx SE^(a)		421		162,070
Koninklijke KPN N.V.		17,350		63,382
Shell PLC		45,058		1,388,652

				1,614,104

New Zealand-0.38%
Auckland International Airport Ltd.^(a)		6,638		36,244
Meridian Energy Ltd.		8,108		27,343
Spark New Zealand Ltd.		16,972		54,825

				118,412

Norway-0.68%
Equinor ASA		6,256		178,474
Kongsberg Gruppen ASA		797		35,619

				214,093

Portugal-0.11%
Galp Energia SGPS S.A.		2,897		35,149

Singapore-0.92%
CapitaLand Ascott Trust		768		622
CapitaLand Investment Ltd.		13,482		37,592
City Developments Ltd.		3,698		19,264
Genting Singapore Ltd.		62,209		52,690
Jardine Cycle & Carriage Ltd.		965		24,505
Keppel Corp. Ltd.		16,453		76,090
Sembcorp Industries Ltd.		10,771		34,554
Singapore Airlines Ltd.		9,925		43,519

				288,836

Spain-0.88%
CaixaBank S.A.		31,799		117,676
Corp ACCIONA Energias Renovables S.A.		399		14,342
Repsol S.A.		9,685		142,688

				274,706

Sweden-0.65%
Axfood AB		532		13,184
Boliden AB^(b)		1,584		56,551
Saab AB, Class B		962		53,984
SSAB AB, Class A		1,562		11,065

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


		17

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

April 30, 2023

(Unaudited)


��	Shares		Value
Sweden-(continued)
SSAB AB, Class B^(b)		5,477	$	36,908
Swedish Orphan Biovitrum AB, Class B^(a)		1,302		31,658

				203,350

Switzerland-0.17%
Swatch Group AG (The), BR^(b)		157		53,730

United Kingdom-14.30%
AstraZeneca PLC		10,696		1,579,110
BAE Systems PLC		32,129		409,483
BP PLC		119,586		803,245
Burberry Group PLC		2,869		93,433
Centrica PLC		42,097		60,584
Compass Group PLC		9,327		245,834
ConvaTec Group PLC^(c)		12,494		34,517
HSBC Holdings PLC		96,709		697,475
Imperial Brands PLC		6,725		166,306
Informa PLC		7,656		69,534
NatWest Group PLC		33,096		108,988
Pearson PLC		6,306		70,304
Standard Chartered PLC		13,457		106,288
Subsea 7 S.A.		2,728		31,041

				4,476,142

United States-0.37%
Flex Ltd.^(a)		3,234		66,523
Tenaris S.A.		3,384		48,754

				115,277

Total Common Stocks & Other Equity Interests (Cost $28,940,900)				31,117,303


	Shares		Value
Money Market Funds-0.19%
Invesco Government & Agency Portfolio, Institutional Class, 4.78%^(d)(e)(Cost $58,393)		58,393	$	58,393

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.59% (Cost $28,999,293)				31,175,696


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-2.25%
Invesco Private Government Fund, 4.83%^(d)(e)(f)		197,730		197,730
Invesco Private Prime Fund, 4.99%^(d)(e)(f)		508,449		508,449

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $706,181)				706,179

TOTAL INVESTMENTS IN SECURITIES-101.84% (Cost $29,705,474)				31,881,875
OTHER ASSETS LESS LIABILITIES-(1.84)%				(577,448	)

NET ASSETS-100.00%			$	31,304,427

Investment Abbreviations:

BR-Bearer Shares

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)	All or a portion of this security was out on loan at April 30, 2023.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2023 was $90,834, which represented less than 1% of the Fund’s Net Assets.

^(d)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	914,550		$	(856,157	)		$	-		$	-			$	58,393		$	388

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			66,406			3,351,754			(3,220,430	)			-			-				197,730			10,049	*

Invesco Private Prime Fund			170,719			6,001,137			(5,663,248	)			2			(161	)			508,449			28,334	*


Total		$	237,125		$	10,267,441		$	(9,739,835	)		$	2		$	(161	)		$	764,572		$	38,771

*	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.


		18

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

April 30, 2023

(Unaudited)

^(e)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

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

Portfolio Composition

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

as of April 30, 2023



Financials			22.17

Health Care			19.39

Energy			16.52

Industrials			11.97

Materials			9.95

Communication Services			5.59

Consumer Discretionary			5.21

Consumer Staples			4.83

Sector Types Each Less Than 3%			3.77

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.


		19

Statements of Assets and Liabilities

April 30, 2023

(Unaudited)


	Invesco S&P			Invesco S&P			Invesco S&P			Invesco S&P
	Emerging			Emerging			International			International
	Markets			Markets			Developed Low			Developed
	Low Volatility			Momentum			Volatility			Momentum
	ETF (EELV)			ETF (EEMO)			ETF (IDLV)			ETF (IDMO)
Assets:
Unaffiliated investments in securities, at value^(a)	$	822,128,835		$	4,676,967		$	631,297,836		$	31,117,303
Affiliated investments in securities, at value		16,320,005			12,085			34,645,553			764,572
Foreign currencies, at value		341,052			2,798			122,314			944
Deposits with brokers:
Cash segregated as collateral		-			-			56,853			181,219
Receivable for:
Dividends		3,291,399			26,092			3,152,151			119,742
Securities lending		13,007			9			21,904			745
Investments sold		338			-			24			2,019
Fund shares sold		-			-			53,696			169,336
Foreign tax reclaims		2,883			-			1,190,249			11,333

Total assets		842,097,519			4,717,951			670,540,580			32,367,213


Liabilities:
Due to custodian		1,913,973			-			2,582,623			433
Payable for:
Investments purchased		212,762			-			53,876			169,336
Collateral upon return of securities loaned		16,320,164			10,149			34,645,553			706,181
Collateral upon receipt of securities in-kind		-			-			56,853			181,219
Accrued unitary management fees		221,100			1,322			142,168			5,617
Other payables		-			-			5,322			-

Total liabilities		18,667,999			11,471			37,486,395			1,062,786

Net Assets	$	823,429,520		$	4,706,480		$	633,054,185		$	31,304,427


Net assets consist of:
Shares of beneficial interest	$	976,001,886		$	7,365,158		$	853,433,293		$	33,485,875
Distributable earnings (loss)		(152,572,366	)		(2,658,678	)		(220,379,108	)		(2,181,448	)

Net Assets	$	823,429,520		$	4,706,480		$	633,054,185		$	31,304,427

Shares outstanding (unlimited amount authorized, $0.01 par value)		34,900,000			350,000			22,450,000			950,000
Net asset value	$	23.59		$	13.45		$	28.20		$	32.95

Market price	$	23.56		$	13.39		$	28.30		$	33.22

Unaffiliated investments in securities, at cost	$	794,510,405		$	4,717,797		$	618,106,201		$	28,940,900

Affiliated investments in securities, at cost	$	16,320,164		$	12,085		$	34,645,553		$	764,574

Foreign currencies, at cost	$	340,774		$	2,802		$	119,051		$	944

^(a)Includes securities on loan with an aggregate value of:	$	15,616,968		$	9,658		$	30,459,668		$	662,353

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


		20

Statements of Operations

For the six months ended April 30, 2023

(Unaudited)


	Invesco S&P				Invesco S&P				Invesco S&P				Invesco S&P
	Emerging				Emerging				International				International
	Markets				Markets				Developed Low				Developed
	Low Volatility				Momentum				Volatility				Momentum
	ETF (EELV)				ETF (EEMO)				ETF (IDLV)				ETF (IDMO)
Investment income:
Unaffiliated dividend income		$	16,397,470			$	131,705			$	9,913,851			$	459,351
Affiliated dividend income			13,997				91				5,524				388
Non-cash dividend income			-				-				888,662				18,795
Securities lending income, net			64,941				41				154,371				5,621
Foreign withholding tax			(1,642,370	)			(9,731	)			(846,476	)			(41,060	)

Total investment income			14,834,038				122,106				10,115,932				443,095


Expenses:
Unitary management fees			1,324,918				6,944				613,978				25,908

Less: Waivers			(223	)			(3	)			(153	)			(8	)

Net expenses			1,324,695				6,941				613,825				25,900

Net investment income			13,509,343				115,165				9,502,107				417,195


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(20,160,037	)			(356,634	)			(15,191,242	)			(488,433	)
Affiliated investment securities			(1,068	)			-				(2,712	)			(161	)
In-kind redemptions			12,603,169				-				974,775				-
Foreign currencies			(685,959	)			(4,064	)			76,957				11,620

Net realized gain (loss)			(8,243,895	)			(360,698	)			(14,142,222	)			(476,974	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			108,319,463				114,647	^(a)			77,776,312				2,456,196
Affiliated investment securities			(148	)			-				(73	)			2
Foreign currencies			24,276				(10	)			102,803				(848	)

Change in net unrealized appreciation			108,343,591				114,637				77,879,042				2,455,350

Net realized and unrealized gain (loss)			100,099,696				(246,061	)			63,736,820				1,978,376

Net increase (decrease) in net assets resulting from operations		$	113,609,039			$	(130,896	)		$	73,238,927			$	2,395,571

^(a)	Net of change of deferred foreign taxes of $10,789.

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


		21

Statements of Changes in Net Assets

For the six months ended April 30, 2023 and the year ended October 31, 2022

(Unaudited)


	Invesco S&P Emerging Markets								Invesco S&P Emerging Markets
	Low Volatility ETF (EELV)								Momentum ETF (EEMO)
	Six Months Ended				Year Ended				Six Months Ended				Year Ended
	April 30,				October 31,				April 30,				October 31,
	2023				2022				2023				2022
Operations:
Net investment income		$	13,509,343			$	32,915,434			$	115,165			$	143,323
Net realized gain (loss)			(8,243,895	)			(74,840,745	)			(360,698	)			(795,443	)
Change in net unrealized appreciation (depreciation)			108,343,591				(114,823,682	)			114,637				(507,039	)

Net increase (decrease) in net assets resulting from operations			113,609,039				(156,748,993	)			(130,896	)			(1,159,159	)


Distributions to Shareholders from:
Distributable earnings			(9,317,233	)			(35,911,398	)			(104,506	)			(147,705	)


Shareholder Transactions:
Proceeds from shares sold			159,947,586				1,130,799,843				-				773,925
Value of shares repurchased			(345,854,837	)			(396,266,066	)			-				(791,495	)
Transaction fees			648,026				1,825,266				-				2,831

Net increase (decrease) in net assets resulting from share transactions			(185,259,225	)			736,359,043				-				(14,739	)

Net increase (decrease) in net assets			(80,967,419	)			543,698,652				(235,402	)			(1,321,603	)


Net assets:
Beginning of period			904,396,939				360,698,287				4,941,882				6,263,485

End of period		$	823,429,520			$	904,396,939			$	4,706,480			$	4,941,882


Changes in Shares Outstanding:
Shares sold			7,000,000				45,650,000				-				50,000
Shares repurchased			(14,550,000	)			(17,600,000	)			-				(50,000	)
Shares outstanding, beginning of period			42,450,000				14,400,000				350,000				350,000

Shares outstanding, end of period			34,900,000				42,450,000				350,000				350,000

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


		22


Invesco S&P International								Invesco S&P International
Developed Low Volatility ETF (IDLV)								Developed Momentum ETF (IDMO)
Six Months Ended				Year Ended				Six Months Ended				Year Ended
April 30,				October 31,				April 30,				October 31,
2023				2022				2023				2022

	$	9,502,107			$	19,373,224			$	417,195			$	246,583
		(14,142,222	)			(12,748,214	)			(476,974	)			(674,824	)
		77,879,042				(101,102,593	)			2,455,350				(1,307,273	)


		73,238,927				(94,477,583	)			2,395,571				(1,735,514	)



		(8,442,106	)			(26,853,850	)			(375,393	)			(320,959	)



		150,676,359				99,707,399				20,589,391				3,128,960
		(13,578,437	)			(247,910,310	)			-				(9,078,999	)
		-				-				-				-


		137,097,922				(148,202,911	)			20,589,391				(5,950,039	)

		201,894,743				(269,534,344	)			22,609,569				(8,006,512	)



		431,159,442				700,693,786				8,694,858				16,701,370

	$	633,054,185			$	431,159,442			$	31,304,427			$	8,694,858



		5,650,000				3,450,000				650,000				100,000
		(500,000	)			(8,300,000	)			-				(250,000	)
		17,300,000				22,150,000				300,000				450,000

		22,450,000				17,300,000				950,000				300,000


		23

Financial Highlights

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


	Six Months Ended
	April 30,
	2023				Years Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	21.30			$	25.05			$	19.94			$	23.23			$	23.02			$	24.59

Net investment income^(a)			0.34				1.05				0.74				0.72				0.74				1.04
Net realized and unrealized gain (loss) on investments			2.17				(3.69	)			5.03				(3.33	)			0.58				(1.68	)

Total from investment operations			2.51				(2.64	)			5.77				(2.61	)			1.32				(0.64	)

Distributions to shareholders from:
Net investment income			(0.24	)			(1.17	)			(0.67	)			(0.72	)			(1.12	)			(1.01	)

Transaction fees^(a)			0.02				0.06				0.01				0.04				0.01				0.08

Net asset value at end of period		$	23.59			$	21.30			$	25.05			$	19.94			$	23.23			$	23.02

Market price at end of period^(b)		$	23.56			$	21.40			$	25.08			$	19.82			$	23.12			$	23.03

Net Asset Value Total Return^(c)			11.94	%			(10.68	)%			29.21	%			(10.92	)%			5.87	%			(2.54	)%
Market Price Total Return^(c)			11.28	%			(10.40	)%			30.16	%			(11.03	)%			5.32	%			(2.60	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	823,430			$	904,397			$	360,698			$	269,207			$	335,632			$	246,270
Ratio to average net assets of:
Expenses, after Waivers			0.29	%^(d)			0.29	%			0.29	%			0.29	%			0.29	%			0.29	%
Expenses, prior to Waivers			0.29	%^(d)			0.29	%			0.29	%			0.38	%			0.45	%			0.45	%
Net investment income			2.96	%^(d)			4.42	%			3.13	%			3.42	%			3.14	%			4.12	%
Portfolio turnover rate^(e)			38	%			136	%			92	%			114	%			67	%			125	%

^(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.


		24

Financial Highlights–(continued)

Invesco S&P Emerging Markets Momentum ETF (EEMO)


	Six Months Ended
	April 30,
	2023				Years Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	14.12			$	17.90			$	16.49			$	16.97			$	17.23			$	20.85

Net investment income^(a)			0.33				0.43	^(b)			0.27	^(c)			0.32				0.40				0.27	^(d)
Net realized and unrealized gain (loss) on investments			(0.70	)			(3.78	)			1.32				(0.46	)			1.61				(3.03	)

Total from investment operations			(0.37	)			(3.35	)			1.59				(0.14	)			2.01				(2.76	)

Distributions to shareholders from:
Net investment income			(0.30	)			(0.44	)			(0.19	)			(0.34	)			(0.43	)			(0.14	)
Net realized gains			-				-				-				-				(1.85	)			(0.76	)

Total distributions			(0.30	)			(0.44	)			(0.19	)			(0.34	)			(2.28	)			(0.90	)

Transaction fees^(a)			-				0.01				0.01				0.00	^(e)			0.01				0.04

Net asset value at end of period		$	13.45			$	14.12			$	17.90			$	16.49			$	16.97			$	17.23

Market price at end of period^(f)		$	13.39			$	14.07			$	17.72			$	16.51			$	16.92			$	17.18

Net Asset Value Total Return^(g)			(2.61	)%			(18.82	)%			9.66	%			0.20	%			13.60	%			(13.66	)%
Market Price Total Return^(g)			(2.69	)%			(18.28	)%			8.44	%			0.59	%			13.66	%			(14.35	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	4,706			$	4,942			$	6,263			$	5,770			$	5,941			$	12,924
Ratio to average net assets of:
Expenses, after Waivers			0.29	%^(h)			0.29	%			0.29	%			0.29	%			0.36	%^(i)(j)			0.27	%⁽ⁱ⁾
Expenses, prior to Waivers			0.29	%^(h)			0.29	%			0.29	%			0.37	%			0.53	%^(i)(j)			0.45	%⁽ⁱ⁾
Net investment income			4.81	%^(h)			2.64	%^(b)			1.43	%^(c)			2.10	%			2.42	%^(j)			1.26	%^(d)
Portfolio turnover rate^(k)			52	%			114	%			166	%			172	%			114	%			140	%

^(a)	Based on average shares outstanding.

^(b)

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.32 and 1.98%, respectively.

^(c)

^(d)

Net Investment income per share and the ratio of net investment income to average net assets include a non-cash taxable distribution received during the year. Net investment income per share and the ratio of net investment income to average net assets excluding the non-cash taxable distribution are $0.17 and 0.83%, respectively.

^(e)	Amount represents less than $0.005.

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

^(g)

^(h)	Annualized.

⁽ⁱ⁾

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.

^(j)	Ratios include non-recurring costs associated with a proxy statement of 0.08%.

^(k)	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.


		25

Financial Highlights–(continued)

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


	Six Months Ended
	April 30,
	2023				Years Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	24.92			$	31.63			$	27.37			$	34.58			$	30.83			$	33.28

Net investment income^(a)			0.52				0.98				0.83				0.83				1.15				1.08
Net realized and unrealized gain (loss) on investments			3.24				(6.32	)			4.17				(6.40	)			3.79				(2.22	)

Total from investment operations			3.76				(5.34	)			5.00				(5.57	)			4.94				(1.14	)

Distributions to shareholders from:
Net investment income			(0.48	)			(1.37	)			(0.74	)			(1.64	)			(1.19	)			(1.31	)

Net asset value at end of period		$	28.20			$	24.92			$	31.63			$	27.37			$	34.58			$	30.83

Market price at end of period^(b)		$	28.30			$	24.92			$	31.69			$	27.43			$	34.57			$	30.76

Net Asset Value Total Return^(c)			15.23	%			(17.33	)%			18.34	%			(16.49	)%			16.33	%			(3.62	)%
Market Price Total Return^(c)			15.64	%			(17.50	)%			18.31	%			(16.28	)%			16.56	%			(3.87	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	633,054			$	431,159			$	700,694			$	774,564			$	989,052			$	537,929
Ratio to average net assets of:
Expenses, after Waivers			0.25	%^(d)			0.25	%			0.25	%			0.25	%			0.25	%			0.25	%
Expenses, prior to Waivers			0.25	%^(d)			0.25	%			0.25	%			0.30	%			0.35	%			0.35	%
Net investment income			3.87	%^(d)			3.29	%			2.69	%			2.77	%			3.51	%			3.26	%
Portfolio turnover rate^(e)			30	%			78	%			81	%			99	%			59	%			65	%

^(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.


		26

Financial Highlights–(continued)

Invesco S&P International Developed Momentum ETF (IDMO)


	Six Months Ended
	April 30,
	2023				Years Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	28.98			$	37.11			$	28.96			$	26.85			$	24.86			$	27.96

Net investment income^(a)			0.63				0.97				0.50				0.04				0.61				0.61
Net realized and unrealized gain (loss) on investments			3.86				(7.84	)			8.25				2.58				2.12				(3.04	)

Total from investment operations			4.49				(6.87	)			8.75				2.62				2.73				(2.43	)

Distributions to shareholders from:
Net investment income			(0.52	)			(1.26	)			(0.60	)			(0.51	)			(0.74	)			(0.67	)

Net asset value at end of period		$	32.95			$	28.98			$	37.11			$	28.96			$	26.85			$	24.86

Market price at end of period^(b)		$	33.22			$	29.21			$	37.16			$	28.92			$	26.79			$	24.78

Net Asset Value Total Return^(c)			15.65	%			(18.73	)%			30.43	%			10.14	%			11.30	%			(8.95	)%
Market Price Total Return^(c)			15.66	%			(18.21	)%			30.80	%			10.24	%			11.42	%			(8.70	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	31,304			$	8,695			$	16,701			$	298,237			$	2,685			$	2,486
Ratio to average net assets of:
Expenses, after Waivers			0.25	%^(d)			0.25	%			0.25	%			0.25	%			0.53	%^(e)			0.25	%
Expenses, prior to Waivers			0.25	%^(d)			0.25	%			0.25	%			0.26	%			0.63	%^(e)			0.35	%
Net investment income			4.03	%^(d)			2.93	%			1.42	%			0.13	%			2.39	%^(e)			2.21	%
Portfolio turnover rate^(f)			47	%			106	%			29	%			15	%			104	%			123	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

^(e)	Ratios include non-recurring costs associated with a proxy statement of 0.27%.

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

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


		27

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

April 30, 2023

(Unaudited)

NOTE 1–Organization


Full Name		Short Name

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

Invesco S&P Emerging Markets Momentum ETF (EEMO)		“S&P Emerging Markets Momentum ETF”

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

Invesco S&P International Developed Momentum ETF (IDMO)		“S&P International Developed Momentum ETF”

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

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


Fund		Underlying Index

S&P Emerging Markets Low Volatility ETF		S&P BMI Emerging Markets Low Volatility Index^TM

S&P Emerging Markets Momentum ETF		S&P Momentum Emerging Plus LargeMidCap Index

S&P International Developed Low Volatility ETF		S&P BMI International Developed Low Volatility^TM Index

S&P International Developed Momentum ETF		S&P Momentum Developed ex-U.S. & South Korea LargeMidCap Index

NOTE 2–Significant Accounting Policies

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

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

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


		28

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, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions 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.


		29

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

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

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.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as Foreign withholding tax claims in the Statements of Operations, and any related interest is included in Unaffiliated interest income. Each Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are excluded from the unitary management fee and are reflected on the Statements of Operations as Professional fees, if any. In the event tax refunds received by a Fund during the fiscal year exceed the foreign withholding taxes paid by a Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing


		30

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

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

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2023, S&P Emerging Markets Low Volatility ETF and S&P International Developed Momentum ETF had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent


		31

services, which are included in Securities lending income on the Statements of Operations, were incurred by each applicable Fund as listed below:


	Amount

S&P Emerging Markets Low Volatility ETF		$152

S&P International Developed Momentum ETF		8

L.	Other Risks


		32

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.

Momentum Investing Risk. For certain Funds, the momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of a Fund may suffer.

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

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


		33

NOTE 3–Investment Advisory Agreement and Other Agreements


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

S&P Emerging Markets Low Volatility ETF		0.29%

S&P Emerging Markets Momentum ETF		0.29%

S&P International Developed Low Volatility ETF		0.25%

S&P International Developed Momentum ETF		0.25%

For the six months ended April 30, 2023, the Adviser waived fees for each Fund in the following amounts:



S&P Emerging Markets Low Volatility ETF	$	223

S&P Emerging Markets Momentum ETF		3

S&P International Developed Low Volatility ETF		153

S&P International Developed Momentum ETF		8

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


		34



S&P Emerging Markets Low Volatility ETF	$	23

S&P Emerging Markets Momentum ETF		11

S&P International Developed Low Volatility ETF		2,695

S&P International Developed Momentum ETF		1,265

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

NOTE 4–Additional Valuation Information


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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total

S&P Emerging Markets Low Volatility ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	821,706,472	$	-	$	422,363	$	822,128,835

Money Market Funds		-		16,320,005		-		16,320,005


Total Investments	$	821,706,472	$	16,320,005	$	422,363	$	838,448,840


S&P Emerging Markets Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	4,676,967	$	-	$	0	$	4,676,967

Money Market Funds		1,936		10,149		-		12,085


Total Investments	$	4,678,903	$	10,149	$	0	$	4,689,052


S&P International Developed Low Volatility ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	631,297,836	$	-	$	-	$	631,297,836

Money Market Funds		-		34,645,553		-		34,645,553


Total Investments	$	631,297,836	$	34,645,553	$	-	$	665,943,389


S&P International Developed Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	31,117,303	$	-	$	-	$	31,117,303

Money Market Funds		58,393		706,179		-		764,572


Total Investments	$	31,175,696	$	706,179	$	-	$	31,881,875


		35

NOTE 5–Tax Information

The Funds had capital loss carryforwards as of October 31, 2022, as follows:


	No expiration
	Short-Term		Long-Term		Total*

S&P Emerging Markets Low Volatility ETF	$	108,432,456	$	42,093,539	$	150,525,995

S&P Emerging Markets Momentum ETF		2,290,705		-		2,290,705

S&P International Developed Low Volatility ETF		131,913,982		86,513,550		218,427,532

S&P International Developed Momentum ETF		3,433,068		477,841		3,910,909

*	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

S&P Emerging Markets Low Volatility ETF	$	344,049,349	$	467,331,933

S&P Emerging Markets Momentum ETF		2,520,970		2,535,831

S&P International Developed Low Volatility ETF		158,823,209		150,404,945

S&P International Developed Momentum ETF		10,206,288		10,042,008

For the six months ended April 30, 2023, in-kind transactions associated with creations and redemptions were as follows:


	In-kind		In-kind
	Purchases		Sales

S&P Emerging Markets Low Volatility ETF	$	55,901,178	$	113,746,951

S&P Emerging Markets Momentum ETF		-		-

S&P International Developed Low Volatility ETF		144,091,728		13,574,215

S&P International Developed Momentum ETF		20,304,009		-

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. As of April 30, 2023, 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

S&P Emerging Markets Low Volatility ETF	$	60,606,409	$	(58,616,912	)	$	1,989,497		$	836,459,343

S&P Emerging Markets Momentum ETF		404,453		(454,059	)		(49,606	)		4,738,658

S&P International Developed Low Volatility ETF		35,910,665		(25,556,055	)		10,354,610			655,588,779

S&P International Developed Momentum ETF		2,372,449		(209,544	)		2,162,905			29,718,970

NOTE 7–Trustees’ and Officer’s Fees


		36

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

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.


		37

Calculating your ongoing Fund expenses

Example

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2022 through April 30, 2023.

Actual Expenses

Hypothetical Example for Comparison Purposes


							Annualized
	Beginning			Ending			Expense Ratio			Expenses Paid
	Account Value			Account Value			Based on the			During the
	November 1, 2022			April 30, 2023			Six-Month Period			Six-Month Period⁽¹⁾

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

Actual		$	1,000.00		$	1,119.40		0.29	%		$	1.52

Hypothetical (5% return before expenses)			1,000.00			1,023.36		0.29				1.45

Invesco S&P Emerging Markets Momentum ETF (EEMO)

Actual			1,000.00			973.90		0.29				1.42

Hypothetical (5% return before expenses)			1,000.00			1,023.36		0.29				1.45

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

Actual			1,000.00			1,152.30		0.25				1.33

Hypothetical (5% return before expenses)			1,000.00			1,023.55		0.25				1.25

Invesco S&P International Developed Momentum ETF (IDMO)

Actual			1,000.00			1,156.50		0.25				1.34

Hypothetical (5% return before expenses)			1,000.00			1,023.55		0.25				1.25

⁽¹⁾


		38

Approval of Investment Advisory and Sub-Advisory Contracts

Invesco 1-30 Laddered Treasury ETF

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF

Invesco Alerian Galaxy Crypto Economy ETF

Invesco California AMT-Free Municipal Bond ETF

Invesco CEF Income Composite ETF

Invesco China Technology ETF

Invesco DWA Developed Markets Momentum ETF

Invesco DWA Emerging Markets Momentum ETF

Invesco DWA SmallCap Momentum ETF

Invesco Emerging Markets Sovereign Debt ETF

Invesco ESG NASDAQ 100 ETF

Invesco ESG NASDAQ Next Gen 100 ETF

Invesco ESG S&P 500 Equal Weight ETF

Invesco FTSE RAFI Developed Markets ex-U.S. ETF

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF

Invesco FTSE RAFI Emerging Markets ETF

Invesco Fundamental High Yield^® Corporate Bond ETF

Invesco Fundamental Investment Grade Corporate Bond ETF

Invesco Global Clean Energy ETF

Invesco Global Short Term High Yield Bond ETF

Invesco Global Water ETF

Invesco International BuyBack Achievers^™ ETF

Invesco International Corporate Bond ETF

Invesco KBW Bank ETF

Invesco KBW High Dividend Yield Financial ETF

Invesco KBW Premium Yield Equity REIT ETF

Invesco KBW Property & Casualty Insurance ETF

Invesco KBW Regional Banking ETF

Invesco MSCI Green Building ETF

Invesco NASDAQ 100 ETF

Invesco Nasdaq Biotechnology ETF

Invesco NASDAQ Next Gen 100 ETF

Invesco National AMT-Free Municipal Bond ETF

Invesco New York AMT-Free Municipal Bond ETF

Invesco PHLX Semiconductor ETF

Invesco Preferred ETF

Invesco PureBeta^SM 0-5 Yr US TIPS ETF

Invesco PureBeta^SM FTSE Developed ex-North America ETF

Invesco PureBeta^SM FTSE Emerging Markets ETF

Invesco PureBeta^SM MSCI USA ETF

Invesco PureBeta^SM MSCI USA Small Cap ETF

Invesco PureBeta^SM US Aggregate Bond ETF

Invesco Russell 1000 Equal Weight ETF

Invesco S&P 500^® Enhanced Value ETF

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF

Invesco S&P 500^® High Beta ETF

Invesco S&P 500^® High Dividend Low Volatility ETF

Invesco S&P 500^® Low Volatility ETF

Invesco S&P 500 Minimum Variance ETF

Invesco S&P 500^® Momentum ETF

Invesco S&P 500 QVM Multi-factor ETF

Invesco S&P 500 Revenue ETF

Invesco S&P Emerging Markets Low Volatility ETF

Invesco S&P Emerging Markets Momentum ETF

Invesco S&P International Developed Low Volatility ETF

Invesco S&P International Developed Momentum ETF

Invesco S&P International Developed Quality ETF

Invesco S&P MidCap 400 QVM Multi-factor ETF

Invesco S&P MidCap 400 Revenue ETF

Invesco S&P MidCap Low Volatility ETF

Invesco S&P SmallCap 600 QVM Multi-factor ETF

Invesco S&P SmallCap 600 Revenue ETF

Invesco S&P SmallCap Consumer Discretionary ETF

Invesco S&P SmallCap Consumer Staples ETF

Invesco S&P SmallCap Energy ETF

Invesco S&P SmallCap Financials ETF

Invesco S&P SmallCap Health Care ETF

Invesco S&P SmallCap High Dividend Low Volatility ETF

Invesco S&P SmallCap Industrials ETF

Invesco S&P SmallCap Information Technology ETF

Invesco S&P SmallCap Low Volatility ETF

Invesco S&P SmallCap Materials ETF

Invesco S&P SmallCap Quality ETF

Invesco S&P SmallCap Utilities & Communication Services ETF

Invesco S&P Ultra Dividend Revenue ETF

Invesco Senior Loan ETF

Invesco Taxable Municipal Bond ETF

Invesco Treasury Collateral ETF

Invesco Variable Rate Preferred ETF

Invesco VRDO Tax-Free ETF

Investment Advisory Agreement


		39

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

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

●

0.04% of the Fund’s average daily net assets for Invesco PureBeta^SMMSCI USA ETF;

●

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

●

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

●

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

●

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

●

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

●

0.11% of the Fund’s average daily net assets for Invesco S&P 500 QVM Multi-factor ETF;


		40

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

●

0.13% of the Fund’s average daily net assets for Invesco S&P 500 Enhanced Value ETF and Invesco S&P 500 Momentum ETF;

●

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

●

0.19% of the Fund’s average daily net assets for Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF;

●

0.20% of the Fund’s average daily net assets for Invesco ESG NASDAQ 100 ETF, Invesco ESG NASDAQ Next Gen 100 ETF, Invesco ESG S&P 500 Equal Weight ETF and Invesco Russell 1000 Equal Weight ETF;

●

0.22% of the Fund’s average daily net assets for Invesco Fundamental Investment Grade Corporate Bond ETF;

●

0.25% of the Fund’s average daily net assets for Invesco 1-30 Laddered Treasury ETF, Invesco S&P 500^®ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500^®High Beta ETF, Invesco S&P 500^®Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF, Invesco S&P MidCap Low Volatility ETF, Invesco S&P SmallCap Low Volatility ETF and Invesco VRDO Tax-Free ETF;

●

0.30% of the Fund’s average daily net assets for Invesco S&P 500^®High Dividend Low Volatility ETF and Invesco S&P SmallCap High Dividend Low Volatility ETF;

●

0.45% of the Fund’s daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. ETF;

●

0.49% of the Fund’s daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF and Invesco FTSE RAFI Emerging Markets ETF;

●

0.50% of the Fund’s daily net assets for Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield^®Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF and Invesco Variable Rate Preferred ETF;

●

0.55% of the Fund’s daily net assets for Invesco International BuyBack Achievers^TMETF;

●

0.60% of the Fund’s daily net assets for Invesco DWA SmallCap Momentum ETF, Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF and Invesco Alerian Galaxy Crypto Economy ETF;

●

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

●

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

●

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

●

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

●

0.90% of the Fund’s daily net assets for Invesco DWA Emerging Markets Momentum ETF.


		41

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


	Equal	Equal to/Lower	Lower than
	to/Lower	than Open-End	Open-End
	than ETF	Index Fund	Active Fund
Invesco Fund	Peer Median	Peer Median*	Peer Median

Invesco 1-30 Laddered Treasury ETF			X

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF	X	N/A	X

Invesco Alerian Galaxy Crypto Economy ETF	X	N/A	X

Invesco California AMT-Free Municipal Bond ETF		N/A	X

Invesco CEF Income Composite ETF	X	N/A	X

Invesco China Technology ETF		N/A	X

Invesco DWA Developed Markets Momentum ETF			X

Invesco DWA Emerging Markets Momentum ETF			X

Invesco DWA SmallCap Momentum ETF			X

Invesco Emerging Markets Sovereign Debt ETF			X

Invesco ESG NASDAQ 100 ETF			X

Invesco ESG NASDAQ Next Gen 100 ETF	X		X

Invesco ESG S&P 500 Equal Weight ETF	X		X

Invesco FTSE RAFI Developed Markets ex-U.S. ETF			X

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF			X

Invesco FTSE RAFI Emerging Markets ETF	X		X

Invesco Fundamental High Yield^®Corporate Bond ETF		N/A	X

Invesco Fundamental Investment Grade Corporate Bond ETF			X

Invesco Global Clean Energy ETF		X	X

Invesco Global Short Term High Yield Bond ETF	X	N/A	X

Invesco Global Water ETF		X	X

Invesco International BuyBack Achievers^TMETF	X	N/A	X

Invesco International Corporate Bond ETF			X

Invesco KBW Bank ETF	X		X

Invesco KBW High Dividend Yield Financial ETF	X		X

Invesco KBW Premium Yield Equity REIT ETF	X		X

Invesco KBW Property & Casualty Insurance ETF	X		X

Invesco KBW Regional Banking ETF	X		X

Invesco MSCI Green Building ETF			X

Invesco NASDAQ 100 ETF	X	X	X

Invesco Nasdaq Biotechnology ETF	X		X

Invesco NASDAQ Next Gen 100 ETF	X		X

Invesco National AMT-Free Municipal Bond ETF			X

Invesco New York AMT-Free Municipal Bond ETF		N/A	X

Invesco PHLX Semiconductor ETF	X	X	X

Invesco Preferred ETF		N/A	X

Invesco PureBeta^SM0-5 Yr US TIPS ETF	X		X

Invesco PureBeta^SMFTSE Developed ex-North America ETF	X	X	X

Invesco PureBeta^SMFTSE Emerging Markets ETF	X	X	X

Invesco PureBeta^SMMSCI USA ETF	X	X	X

Invesco PureBeta^SMMSCI USA Small Cap ETF	X	X	X

Invesco PureBeta^SMUS Aggregate Bond ETF	X	X	X


		42

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


	Equal	Equal to/Lower	Lower than
	to/Lower	than Open-End	Open-End
	than ETF	Index Fund	Active Fund
Invesco Fund	Peer Median	Peer Median*	Peer Median

Invesco Russell 1000 Equal Weight ETF	X		X

Invesco S&P 500 Enhanced Value ETF	X	X	X

Invesco S&P 500^®ex-Rate Sensitive Low Volatility ETF	X		X

Invesco S&P 500^®High Beta ETF	X	X	X

Invesco S&P 500^®High Dividend Low Volatility ETF	X	X	X

Invesco S&P 500^®Low Volatility ETF	X		X

Invesco S&P 500 Minimum Variance ETF	X	X	X

Invesco S&P 500 Momentum ETF	X		X

Invesco S&P 500 QVM Multi-factor ETF	X	X	X

Invesco S&P 500 Revenue ETF			X

Invesco S&P Emerging Markets Low Volatility ETF	X		X

Invesco S&P Emerging Markets Momentum ETF	X		X

Invesco S&P International Developed Low Volatility ETF	X	X	X

Invesco S&P International Developed Momentum ETF	X		X

Invesco S&P International Developed Quality ETF	X		X

Invesco S&P MidCap 400 QVM Multi-factor ETF	X	X	X

Invesco S&P MidCap 400 Revenue ETF			X

Invesco S&P MidCap Low Volatility ETF	X		X

Invesco S&P SmallCap 600 QVM Multi-factor ETF	X	X	X

Invesco S&P SmallCap 600 Revenue ETF			X

Invesco S&P SmallCap Consumer Discretionary ETF	X		X

Invesco S&P SmallCap Consumer Staples ETF	X		X

Invesco S&P SmallCap Energy ETF	X		X

Invesco S&P SmallCap Financials ETF	X		X

Invesco S&P SmallCap Health Care ETF	X		X

Invesco S&P SmallCap High Dividend Low Volatility ETF	X	X	X

Invesco S&P SmallCap Industrials ETF	X		X

Invesco S&P SmallCap Information Technology ETF	X		X

Invesco S&P SmallCap Low Volatility ETF	X		X

Invesco S&P SmallCap Materials ETF	X		X

Invesco S&P SmallCap Quality ETF	X		X

Invesco S&P SmallCap Utilities & Communication Services ETF	X	X	X

Invesco S&P Ultra Dividend Revenue ETF		X	X

Invesco Senior Loan ETF		N/A	X

Invesco Taxable Municipal Bond ETF		N/A	X

Invesco Treasury Collateral ETF	X		X

Invesco Variable Rate Preferred ETF		X	X

Invesco VRDO Tax-Free ETF		N/A	X

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


		43

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

investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis. For Invesco PureBeta^SM FTSE Developed ex-North America ETF, Invesco PureBetaSM FTSE Emerging Markets ETF, Invesco PureBetaSM MSCI USA Small Cap ETF and Invesco PureBetaSM US Aggregate Bond ETF, the Board noted that it had previously approved the liquidation and termination of each Fund effective on or about June 30, 2023 and considered that the continuation of the Investment Advisory Agreement for such Funds would facilitate the orderly liquidation of the Funds.

Investment Sub-Advisory Agreement


		44

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


		45

Proxy Voting Policies and Procedures

Quarterly Portfolios

Frequency Distribution of Discounts and Premiums

©2023 Invesco Capital Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-PS-SAR-12

invesco.com/ETFs


		Invesco Semi-Annual Report to Shareholders April 30, 2023
		CQQQ		Invesco China Technology ETF

		PIZ		Invesco DWA Developed Markets Momentum ETF

		PIE		Invesco DWA Emerging Markets Momentum ETF

		PXF		Invesco FTSE RAFI Developed Markets ex-U.S. ETF

		PDN		Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF

		PXH		Invesco FTSE RAFI Emerging Markets ETF

		PBD		Invesco Global Clean Energy ETF

		PIO		Invesco Global Water ETF

		IPKW		Invesco International BuyBack Achievers^TMETF

		CUT		Invesco MSCI Global Timber ETF

		GBLD		Invesco MSCI Green Building ETF

		CGW		Invesco S&P Global Water Index ETF

		IDHQ		Invesco S&P International Developed Quality ETF

Table of Contents



Liquidity Risk Management Program			3

Schedules of Investments

Invesco China Technology ETF (CQQQ)			4

Invesco DWA Developed Markets Momentum ETF (PIZ)			8

Invesco DWA Emerging Markets Momentum ETF (PIE)			11

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)			14

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)			25

Invesco FTSE RAFI Emerging Markets ETF (PXH)			40

Invesco Global Clean Energy ETF (PBD)			47

Invesco Global Water ETF (PIO)			50

Invesco International BuyBack Achievers^TMETF (IPKW)			52

Invesco MSCI Global Timber ETF (CUT)			55

Invesco MSCI Green Building ETF (GBLD)			58

Invesco S&P Global Water Index ETF (CGW)			61

Invesco S&P International Developed Quality ETF (IDHQ)			63

Statements of Assets and Liabilities			67

Statements of Operations			70

Statements of Changes in Net Assets			72

Financial Highlights			77

Notes to Financial Statements			90

Fund Expenses			105

Approval of Investment Advisory and Sub-Advisory Contracts			107

Liquidity Risk Management Program

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

●

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

●

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

●

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

●

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

●

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

Invesco China Technology ETF (CQQQ)

April 30, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.05%
Broadline Retail-6.66%
PDD Holdings, Inc., ADR (China)^(b)(c)		854,115	$	58,207,937

Capital Markets-0.65%
Hithink RoyalFlush Information Network Co. Ltd., A Shares (China)		221,400		5,687,911

Chemicals-0.09%
Jiangsu Cnano Technology Co. Ltd., A Shares (China)		95,659		743,932

Consumer Staples Distribution & Retail-0.28%
Dada Nexus Ltd., ADR (China)^(b)(c)		408,010		2,472,541

Electrical Equipment-0.98%
East Group Co. Ltd., A Shares (China)		853,600		1,080,522
Hongfa Technology Co. Ltd., A Shares (China)		199,349		899,174
Qingdao TGOOD Electric Co. Ltd., A Shares (China)		428,618		1,143,278
Sieyuan Electric Co. Ltd., A Shares (China)		315,520		2,093,083
Suzhou Anjie Technology Co. Ltd., A Shares (China)		281,400		531,265
Suzhou Maxwell Technologies Co. Ltd., A Shares (China)		71,333		2,830,072

				8,577,394

Electronic Equipment, Instruments & Components-10.34%
Avary Holding Shenzhen Co. Ltd., A Shares (China)		341,556		1,287,207
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., A Shares (China)		85,486		873,590
BOE Technology Group Co. Ltd., A Shares (China)		15,450,274		8,964,825
BOE Technology Group Co. Ltd., B Shares (China)		4,077,179		1,698,413
Chaozhou Three-Circle Group Co. Ltd., A Shares (China)		789,390		3,446,645
China Zhenhua Group Science & Technology Co. Ltd., A Shares (China)		213,559		2,770,207
Guangzhou Shiyuan Electronic Technology Co. Ltd., A Shares (China)		102,160		973,058
Hengdian Group DMEGC Magnetics Co. Ltd., A Shares (China)		670,100		1,837,692
Holitech Technology Co. Ltd. (China)^(b)		1,191,300		534,763
Lens Technology Co. Ltd., A Shares (China)		2,048,700		3,447,915
Leyard Optoelectronic Co. Ltd., A Shares (China)		1,047,500		957,056
Lingyi iTech Guangdong Co., A Shares (China)^(b)		2,912,500		2,492,873
Maxscend Microelectronics Co. Ltd., A Shares (China)		196,346		2,877,372
OFILM Group Co. Ltd., A Shares (China)^(b)		1,341,973		923,936
Raytron Technology Co. Ltd., A Shares (China)		183,720		1,371,231
Shanghai Friendess Electronic Technology Corp. Ltd., A Shares (China)		55,048		1,554,219
Shengyi Technology Co. Ltd., A Shares (China)		953,319		2,208,477
Shennan Circuits Co. Ltd., A Shares (China)		76,264		905,499


	Shares		Value
Electronic Equipment, Instruments & Components-(continued)
Shenzhen Everwin Precision Technology Co. Ltd., A Shares (China)^(b)		494,580	$	815,234
Shenzhen Huaqiang Industry Co. Ltd., A Shares (China)		399,975		707,210
Shenzhen Kaifa Technology Co. Ltd., A Shares (China)		642,817		1,652,460
Shenzhen Kinwong Electronic Co. Ltd., A Shares (China)		147,320		489,918
Sunny Optical Technology Group Co. Ltd. (China)		3,316,428		34,791,252
Tianma Microelectronics Co. Ltd., A Shares (China)		950,552		1,352,796
Unisplendour Corp. Ltd., A Shares (China)		547,058		2,339,616
Universal Scientific Industrial Shanghai Co. Ltd., A Shares (China)		343,500		697,590
Wuhan Guide Infrared Co. Ltd., A Shares (China)		1,353,270		2,156,419
WUS Printed Circuit Kunshan Co. Ltd., A Shares (China)		781,310		2,473,099
Xiamen Faratronic Co. Ltd., A Shares (China)		92,800		1,784,286
Zhejiang Crystal-Optech Co. Ltd., A Shares (China)		572,870		960,819
Zhuzhou Hongda Electronics Corp. Ltd., A Shares (China)		164,200		975,265

				90,320,942

Entertainment-9.55%
Bilibili, Inc., Z Shares (China)^(b)(c)		1,386,446		27,764,597
China Ruyi Holdings Ltd. (China)^(b)		24,541,212		5,939,987
Hangzhou Shunwang Technology Co. Ltd., A Shares (China)		285,900		678,002
Kingsoft Corp. Ltd. (China)		5,079,550		22,227,359
Tencent Music Entertainment Group, ADR (China)^(b)		3,620,899		26,830,862

				83,440,807

Health Care Technology-0.17%
Winning Health Technology Group Co. Ltd., A Shares (China)		884,729		1,439,176

Hotels, Restaurants & Leisure-11.47%
Meituan, B Shares (China)^(b)(d)		5,270,638		89,299,845
TravelSky Technology Ltd., H Shares (China)		5,487,873		10,919,958

				100,219,803

Household Durables-0.47%
TCL Technology Group Corp., A Shares (China)		7,032,000		4,059,929

Interactive Media & Services-26.88%
Autohome, Inc., ADR (China)		353,159		10,471,164
Baidu, Inc., A Shares (China)^(b)		3,883,457		57,238,433
JOYY, Inc., ADR (China)		267,154		8,129,496
Kuaishou Technology (China)^(b)(d)		8,586,888		56,116,301
Tencent Holdings Ltd. (China)		2,166,524		95,052,277
Visual China Group Co. Ltd., A Shares (China)		227,000		540,944
Weibo Corp., ADR (China)^(b)		418,356		7,325,414

				234,874,029

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

Invesco China Technology ETF (CQQQ)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
IT Services-2.72%
Beijing Sinnet Technology Co. Ltd., A Shares (China)		740,300	$	1,315,362
Beijing Ultrapower Software Co. Ltd., A Shares (China)		807,800		1,600,862
China TransInfo Technology Co. Ltd., A Shares (China)^(b)		418,671		878,652
DHC Software Co. Ltd., A Shares (China)		1,320,400		1,482,739
Digital China Information Service Co. Ltd., A Shares (China)		244,900		476,495
GDS Holdings Ltd., A Shares (China)^(b)(c)		5,504,317		10,588,057
Kingsoft Cloud Holdings Ltd., ADR (China)^(b)(c)		617,798		3,539,983
Taiji Computer Corp. Ltd., A Shares (China)		243,573		1,413,653
Wangsu Science & Technology Co. Ltd., A Shares (China)		1,007,945		1,309,360
Wonders Information Co. Ltd., A Shares (China)^(b)		594,400		1,119,615

				23,724,778

Machinery-0.36%
Han’s Laser Technology Industry Group Co. Ltd., A Shares (China)		309,500		1,166,846
Hoyuan Green Energy Co. Ltd., A Shares (China)		151,720		1,948,783

				3,115,629

Media-1.39%
China Literature Ltd. (China)^(b)(c)(d)		2,356,444		10,806,760
People.cn Co. Ltd., A Shares (China)		455,400		1,352,751

				12,159,511

Semiconductors & Semiconductor Equipment-13.00%
3Peak, Inc., A Shares (China)		39,755		1,332,741
Advanced Micro-Fabrication Equipment, Inc., A Shares (China)^(b)		253,831		6,647,850
All Winner Technology Co. Ltd., A Shares (China)		221,953		847,357
Amlogic Shanghai Co. Ltd., A Shares (China)^(b)		169,343		2,045,110
China Resources Microelectronics Ltd., A Shares (China)		397,751		3,286,748
GigaDevice Semiconductor, Inc., A Shares (China)		274,864		4,303,354
Goke Microelectronics Co. Ltd., A Shares (China)		89,600		1,316,544
Hangzhou Chang Chuan Technology Co. Ltd., A Shares (China)		248,902		1,731,630
Hangzhou Lion Electronics Co. Ltd., A Shares (China)		278,812		1,855,205
Hangzhou Silan Microelectronics Co. Ltd., A Shares (China)		583,300		2,769,921
Hua Hong Semiconductor Ltd. (China)^(b)(d)		2,420,460		9,882,386
Ingenic Semiconductor Co. Ltd., A Shares (China)		160,000		2,041,973
JCET Group Co. Ltd., A Shares (China)		733,000		2,914,776
LONGi Green Energy Technology Co. Ltd., A Shares (China)		3,121,305		15,709,694
Montage Technology Co. Ltd., A Shares (China)		466,615		4,101,621
NAURA Technology Group Co. Ltd., A Shares (China)		217,257		10,489,999


	Shares		Value
Semiconductors & Semiconductor Equipment-(continued)
Rockchip Electronics Co. Ltd., A Shares (China)		62,408	$	660,364
SG Micro Corp., A Shares (China)		145,862		2,612,724
Shanghai Fudan Microelectronics Group Co. Ltd., A Shares (China)		117,306		933,782
Shanghai Fudan Microelectronics Group Co. Ltd., H Shares (China)		1,671,530		5,035,948
Shenzhen SC New Energy Technology Corp., A Shares (China)		128,118		1,901,003
StarPower Semiconductor Ltd., A Shares (China)		62,600		2,186,871
TCL Zhonghuan Renewable Energy Technology Co. Ltd., A Shares (China)		1,331,125		7,988,825
Tianshui Huatian Technology Co. Ltd., A Shares (China)		1,320,000		1,707,110
TongFu Microelectronics Co. Ltd., A Shares (China)^(b)		623,300		1,609,485
Unigroup Guoxin Microelectronics Co. Ltd., A Shares (China)		349,959		5,354,299
Will Semiconductor Co. Ltd., A Shares (China)		340,849		4,489,257
Wuxi Autowell Technology Co. Ltd., A Shares (China)		48,862		1,179,481
Yangzhou Yangjie Electronic Technology Co. Ltd., A Shares (China)		211,145		1,354,666
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., A Shares (China)		538,600		5,318,988

				113,609,712

Software-13.44%
Beijing E-Hualu Information Technology Co. Ltd., A Shares (China)^(b)		274,200		1,346,422
Beijing Kingsoft Office Software, Inc., A Shares (China)		189,891		12,065,186
Beijing Orient National Communication Science & Technology Co. Ltd., A Shares (China)^(b)		474,700		784,521
Beijing Shiji Information Technology Co. Ltd., A Shares (China)		864,812		2,390,397
China National Software & Service Co. Ltd., A Shares (China)		271,800		2,232,634
Hundsun Technologies, Inc., A Shares (China)		782,525		5,579,622
Iflytek Co. Ltd., A Shares (China)		957,350		8,373,807
Kingdee International Software Group Co. Ltd. (China)^(b)		15,087,022		23,063,257
Longshine Technology Group Co. Ltd., A Shares (China)		437,067		1,512,153
Ming Yuan Cloud Group Holdings Ltd. (China)		3,308,599		1,707,006
Newland Digital Technology Co. Ltd., A Shares (China)		425,200		981,344
NSFOCUS Technologies Group Co. Ltd., A Shares (China)		305,400		559,384
Sangfor Technologies, Inc., A Shares (China)		60,714		1,044,061
SenseTime Group, Inc., B Shares (China)^(b)(c)(d)		90,587,412		30,003,856
Shanghai 2345 Network Holding Group Co. Ltd., A Shares (China)		1,369,200		608,691

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

Invesco China Technology ETF (CQQQ)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
Software-(continued)
Shanghai Baosight Software Co. Ltd., A Shares (China)		372,353	$	2,902,206
Shanghai Baosight Software Co. Ltd., B Shares (China)		2,957,809		10,115,707
Shenzhen Infogem Technologies Co. Ltd., A Shares (China)^(b)		291,100		584,032
Shenzhen Kingdom Sci-Tech Co. Ltd., A Shares (China)		387,600		1,057,925
Sinosoft Co. Ltd., A Shares (China)		87,420		491,597
Thunder Software Technology Co. Ltd., A Shares (China)		168,287		2,052,275
Topsec Technologies Group, Inc., A Shares (China)		488,500		835,531
Tuya, Inc., ADR (China)^(b)(c)		1,378,587		2,715,816
Yonyou Network Technology Co. Ltd., A Shares (China)		1,414,804		4,412,967

				117,420,397

Technology Hardware, Storage & Peripherals-1.40%
China Greatwall Technology Group Co. Ltd., A Shares (China)		1,328,646		2,224,574
Inspur Electronic Information Industry Co. Ltd., A Shares (China)		598,758		3,551,998
Legend Holdings Corp., H Shares (China)^(d)		3,035,963		3,171,365
Ninestar Corp., A Shares (China)		581,150		3,320,042

				12,267,979


	Shares		Value
Trading Companies & Distributors-0.20%
Beijing United Information Technology Co. Ltd., A Shares (China)		205,355	$	1,782,281

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.05% (Cost $978,485,062)				874,124,688


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-3.04%
Invesco Private Government Fund, 4.83%^(e)(f)(g)		7,588,093		7,588,093
Invesco Private Prime Fund, 4.99%^(e)(f)(g)		19,003,096		19,003,096

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $26,591,240)				26,591,189

TOTAL INVESTMENTS IN SECURITIES-103.09% (Cost $1,005,076,302)				900,715,877
OTHER ASSETS LESS LIABILITIES-(3.09)%				(26,994,310	)

NET ASSETS-100.00%			$	873,721,567

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 April 30, 2023.

^(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2023 was $199,280,513, which represented 22.81% of the Fund’s Net Assets.

^(e)


	Value October 31, 2022			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value April 30, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	276,917	$	134,239,076	$	(134,515,993	)		$	-	$	-		$	-	$	71,377

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

Invesco China Technology ETF (CQQQ)–(continued)

April 30, 2023

(Unaudited)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value April 30, 2023			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	13,979,864		$	107,062,822		$	(113,454,593	)		$	-			$	-		$	7,588,093		$	191,266	*

Invesco Private Prime Fund			35,951,651			256,659,067			(273,614,198	)			(476	)			7,052			19,003,096			519,218	*


Total		$	50,208,432		$	497,960,965		$	(521,584,784	)		$	(476	)		$	7,052		$	26,591,189		$	781,861

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

^(f)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

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


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

China	100.05	%

Portfolio Composition

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

as of April 30, 2023



Interactive Media & Services	26.88

Software	13.44

Semiconductors & Semiconductor Equipment	13.00

Hotels, Restaurants & Leisure	11.47

Electronic Equipment, Instruments & Components	10.34

Entertainment	9.55

Broadline Retail	6.66

Industry Types Each Less Than 3%	8.71

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.

Invesco DWA Developed Markets Momentum ETF (PIZ)

April 30, 2023

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.62%
Australia-3.00%
BHP Group Ltd.		28,954	$	849,561
EBOS Group Ltd.		29,303		801,786
Steadfast Group Ltd.		221,438		867,780
Washington H Soul Pattinson & Co. Ltd.^(a)		42,473		882,748
Woolworths Group Ltd.		29,375		753,786

				4,155,661

Belgium-0.93%
D’Ieteren Group^(a)		6,854		1,290,142

Canada-15.56%
ATS Corp.^(b)		25,317		1,084,134
Bombardier, Inc., Class B^(b)		43,426		1,873,693
Cameco Corp.		29,520		810,750
Canadian Pacific Kansas City Ltd.		19,585		1,542,194
CGI,Inc., Class A^(b)		22,791		2,310,691
Constellation Software, Inc.		2,275		4,448,050
Element Fleet Management Corp.		81,442		1,064,036
Ivanhoe Mines Ltd., Class A^(b)		115,247		998,416
Quebecor, Inc., Class B		36,183		932,920
Stantec, Inc.		12,186		731,717
Teck Resources Ltd., Class B		28,708		1,335,812
TFI International, Inc.		13,947		1,501,542
Thomson Reuters Corp.		7,004		920,027
TMX Group Ltd.		8,366		846,408
WSP Global, Inc.		9,060		1,194,440

				21,594,830

Denmark-3.86%
Novo Nordisk A/S, Class B		21,775		3,627,178
Ringkjoebing Landbobank A/S		12,305		1,730,570

				5,357,748

Finland-6.46%
Elisa OYJ		37,797		2,350,115
Neste OYJ		49,525		2,402,446
Sampo OYJ, Class A		65,330		3,314,834
Valmet OYJ^(a)		26,315		889,565

				8,956,960

France-9.03%
Alten S.A.		8,702		1,479,479
Hermes International		1,144		2,484,022
LVMH Moet Hennessy Louis Vuitton SE		3,237		3,112,648
Pernod Ricard S.A.		11,064		2,557,749
Publicis Groupe S.A.		8,692		711,253
Rexel S.A.		31,321		726,146
Technip Energies N.V.		31,241		694,285
Veolia Environnement S.A.		24,107		763,560

				12,529,142

Germany-6.70%
Allianz SE		3,028		760,345
Carl Zeiss Meditec AG, BR		13,717		1,844,487
Deutsche Boerse AG		3,766		718,860
Deutsche Post AG		16,745		804,532
Hannover Rueck SE		6,467		1,382,220
Mercedes-Benz Group AG^(a)		10,071		784,736


	Shares		Value
Germany-(continued)
Muenchener Rueckversicherungs-Gesellschaft
AG in Muenchen, Class R		2,536	$	953,313
Rheinmetall AG		3,593		1,053,152
SAP SE		7,378		1,000,733

				9,302,378

Ireland-1.65%
AIB Group PLC		208,746		898,316
Bank of Ireland Group PLC^(a)		134,133		1,387,536

				2,285,852

Italy-3.91%
Banco BPM S.p.A.		194,192		790,020
Infrastrutture Wireless Italiane S.p.A.^(a)(c)		59,868		832,457
Interpump Group S.p.A.^(a)		36,635		2,041,666
Terna Rete Elettrica Nazionale S.p.A		121,607		1,055,237
UniCredit S.p.A.^(a)		35,957		712,156

				5,431,536

Japan-5.67%
Asics Corp.		27,300		756,858
Disco Corp.		11,200		1,267,521
Marubeni Corp.		56,798		800,882
Mitsui OSK Lines Ltd.		42,400		1,046,260
Nippon Steel Corp.		31,000		658,635
Nippon Telegraph & Telephone Corp.		22,714		692,104
NOF Corp.		23,500		1,068,300
Sanrio Co. Ltd.		20,100		927,022
Shin-Etsu Chemical Co. Ltd.		22,700		643,999

				7,861,581

Luxembourg-0.52%
ArcelorMittal S.A.		25,337		719,161

Netherlands-4.87%
ASML Holding N.V.^(a)		5,841		3,698,194
Heineken Holding N.V.^(a)		8,759		840,801
Koninklijke Ahold Delhaize N.V.^(a)		21,221		731,422
Wolters Kluwer N.V.		11,246		1,491,733

				6,762,150

Singapore-2.61%
Oversea-Chinese Banking Corp. Ltd.		144,590		1,363,372
STMicroelectronics N.V.		36,859		1,569,300
Venture Corp. Ltd.		54,298		690,655

				3,623,327

South Korea-6.55%
Ecopro BM Co. Ltd.		18,756		3,741,671
Ecopro Co. Ltd.		2,908		1,586,103
L&F Co. Ltd.		14,464		2,863,837
Posco Future M Co. Ltd.		3,591		898,823

				9,090,434

Spain-1.26%
Ferrovial S.A.		31,456		987,301
Iberdrola S.A.		58,187		756,729

				1,744,030

Sweden-5.55%
Lifco AB, Class B^(a)		55,271		1,258,210
Nibe Industrier AB, Class B^(a)		312,447		3,487,795

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

Invesco DWA Developed Markets Momentum ETF (PIZ)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
Sweden-(continued)
Saab AB, Class B		12,466	$	699,547
SSAB AB, Class B^(a)		107,539		724,668
Swedbank AB, Class A^(a)		88,348		1,533,154

				7,703,374

Switzerland-15.26%
Baloise Holding AG		6,243		1,045,819
Belimo Holding AG		7,402		3,574,383
Chocoladefabriken Lindt & Spruengli AG		7		863,547
Cie Financiere Richemont S.A.		4,441		733,223
Flughafen Zurich AG		19,067		3,676,082
Georg Fischer AG		10,649		774,701
Novartis AG		8,939		915,242
Schindler Holding AG, PC		11,543		2,576,927
Sika AG		9,330		2,572,420
Swiss Life Holding AG		2,411		1,589,545
Swisscom AG		1,134		781,015
VAT Group AG^(a)(c)		3,815		1,342,890
Zurich Insurance Group AG^(a)		1,514		734,504

				21,180,298

United Kingdom-4.96%
3i Group PLC		61,076		1,356,464
Ashtead Group PLC		11,301		650,128
BP PLC		110,247		740,516
Centrica PLC		551,689		793,964
InterContinental Hotels Group PLC		25,993		1,783,816
NatWest Group PLC		215,837		710,769
RELX PLC		25,596		851,262

				6,886,919


	Shares		Value
United States-1.27%
Nestle S.A.		13,727	$	1,766,211

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.62% (Cost $121,052,111)				138,241,734


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-9.54%
Invesco Private Government Fund, 4.83%^(d)(e)(f)		3,707,415		3,707,415
Invesco Private Prime Fund, 4.99%^(d)(e)(f)		9,533,352		9,533,352

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $13,240,827)				13,240,767

TOTAL INVESTMENTS IN SECURITIES-109.16% (Cost $134,292,938)				151,482,501
OTHER ASSETS LESS LIABILITIES-(9.16)%				(12,713,426	)

NET ASSETS-100.00%			$	138,769,075

Investment Abbreviations:

BR-Bearer Shares

PC-Participation Certificate

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at April 30, 2023.

^(b)	Non-income producing security.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2023 was $2,175,347, which represented 1.57% of the Fund’s Net Assets.

^(d)


	Value October 31, 2022			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value April 30, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-	$	1,670,877	$	(1,670,877	)		$	-	$	-		$	-	$	490

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

Invesco DWA Developed Markets Momentum ETF (PIZ)–(continued)

April 30, 2023

(Unaudited)


	Value October 31, 2022			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain		Value April 30, 2023			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	1,900,398	$	16,658,144	$	(14,851,127	)		$	-		$	-		$	3,707,415	$	45,287	*

Invesco Private Prime Fund			4,885,456		37,245,649		(32,598,767	)			(190	)		1,204			9,533,352		122,900	*


Total		$	6,785,854	$	55,574,670	$	(49,120,771	)		$	(190	)	$	1,204		$	13,240,767	$	168,677

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

^(e)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

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

Portfolio Composition

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

as of April 30, 2023



Industrials			29.78

Financials			17.12

Information Technology			13.93

Materials			8.69

Consumer Discretionary			8.55

Consumer Staples			5.41

Health Care			5.18

Communication Services			4.54

Energy			3.99

Utilities			2.43

Money Market Funds Plus Other Assets Less Liabilities			0.38

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

Invesco DWA Emerging Markets Momentum ETF (PIE)

April 30, 2023

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-100.09%
Brazil-3.00%
BB Seguridade Participacoes S.A.		126,100	$	864,805
Metalurgica Gerdau S.A., Preference Shares		363,400		846,966
Santos Brasil Participacoes S.A.		540,800		914,512
Vale S.A.		130,600		1,890,011

				4,516,294

China-15.96%
Airtac International Group		42,000		1,516,467
Akeso, Inc., B Shares^(a)(b)(c)		213,879		1,167,495
ANTA Sports Products Ltd.		143,696		1,771,968
C&D International Investment Group Ltd.		964,045		2,953,577
China Merchants Bank Co. Ltd., H Shares		226,347		1,085,614
China Overseas Property Holdings Ltd.		2,271,062		2,514,112
China Resources Pharmaceutical Group Ltd.^(a)		938,964		930,603
China Shenhua Energy Co. Ltd., H Shares		384,612		1,273,890
China State Construction International Holdings Ltd.		776,779		962,822
China Suntien Green Energy Corp. Ltd., H Shares		1,757,084		767,755
ENN Energy Holdings Ltd.		61,961		844,575
Lenovo Group Ltd.		874,705		893,659
PetroChina Co. Ltd., H Shares		1,622,806		1,122,541
Sany Heavy Equipment International Holdings Co. Ltd.		2,826,104		3,744,186
Tsingtao Brewery Co. Ltd., H Shares		78,647		838,578
Yadea Group Holdings Ltd.^(a)		326,095		761,037
Zhaojin Mining Industry Co. Ltd., H Shares^(b)(c)		550,526		875,242

				24,024,121

Indonesia-3.85%
PT Bank Mandiri (Persero) Tbk		2,281,519		804,830
PT Bukit Asam Tbk		3,489,321		984,716
PT Kalbe Farma Tbk		5,316,513		768,303
PT Merdeka Copper Gold Tbk^(b)		12,037,172		3,232,888

				5,790,737

Malaysia-6.70%
D&O Green Technologies Bhd		2,947,700		2,709,465
Frontken Corp. Bhd		5,994,500		4,085,479
Press Metal Aluminium Holdings Bhd		735,400		849,078
QL Resources Bhd		1,925,100		2,438,474

				10,082,496

Mexico-12.91%
Alsea S.A.B. de C.V.^(b)		446,750		1,193,216
Arca Continental S.A.B. de C.V.		102,282		970,145
Corp. Inmobiliaria Vesta SAB de C.V.^(c)		350,301		1,102,810
Gentera S.A.B. de C.V.		1,892,715		2,075,387
Grupo Aeroportuario del Centro Norte S.A.B. de C.V.		101,281		1,109,661
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B^(c)		61,310		1,087,225
Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B		33,740		965,216
Grupo Bimbo S.A.B. de C.V., Series A		238,497		1,273,201
Grupo Carso S.A.B. de C.V., Series A1		180,015		1,012,790


	Shares		Value
Mexico-(continued)
Grupo Comercial Chedraui S.A. de C.V.		315,118	$	1,856,574
Grupo Financiero Banorte S.A.B. de C.V., Class O		128,712		1,109,382
Grupo Financiero Inbursa S.A.B. de C.V., Class O^(b)(c)		469,625		1,139,242
Grupo Mexico S.A.B. de C.V., Class B		179,832		881,365
Prologis Property Mexico S.A. de C.V.		232,009		798,829
Qualitas Controladora S.A.B. de C.V.		241,533		1,591,341
Regional S.A.B. de C.V.		172,646		1,260,175

				19,426,559

Philippines-1.22%
DMCI Holdings, Inc.		5,554,760		983,880
International Container Terminal Services, Inc.		218,652		856,685

				1,840,565

South Africa-1.50%
Investec Ltd.		257,955		1,419,308
OUTsurance Group Ltd.		439,559		836,626

				2,255,934

Taiwan-45.43%
Asia Vital Components Co. Ltd.		467,000		2,392,535
Chailease Holding Co. Ltd.		222,000		1,610,344
Chung-Hsin Electric and Machinery Manufacturing Corp.		308,000		1,016,898
Delta Electronics, Inc.		105,000		1,024,640
First Financial Holding Co. Ltd.		1,057,100		931,850
Formosa Plastics Corp.		295,000		901,049
Global Unichip Corp.		62,000		2,008,685
Goldsun Building Materials Co. Ltd.		1,476,000		1,344,328
Great Wall Enterprise Co. Ltd.		865,636		1,444,487
HTC Corp.^(b)		439,000		809,671
Hua Nan Financial Holdings Co. Ltd.		1,082,718		771,295
Kings Town Bank Co. Ltd.		1,457,000		1,670,627
Lite-On Technology Corp.		751,000		1,795,511
Lotes Co. Ltd.		115,000		3,284,378
Micro-Star International Co. Ltd.		816,000		3,862,015
Mitac Holdings Corp.		819,000		756,594
Powertech Technology, Inc.		281,000		839,093
Qisda Corp.		2,156,000		2,426,530
Sigurd Microelectronics Corp.		1,297,000		2,198,055
Sinbon Electronics Co. Ltd.		443,000		4,899,406
SinoPac Financial Holdings Co. Ltd.		1,782,060		968,054
Supreme Electronics Co. Ltd.		1,544,000		2,179,706
Taichung Commercial Bank Co. Ltd.		1,861,700		853,866
Taiwan Business Bank		1,785,000		809,978
Taiwan Cooperative Financial Holding Co. Ltd.		986,420		858,315
Taiwan Hon Chuan Enterprise Co. Ltd.		238,000		773,398
Taiwan Semiconductor Manufacturing Co. Ltd.		212,000		3,461,788
Tatung Co. Ltd.^(b)		733,000		777,289
Topco Scientific Co. Ltd.		630,000		3,821,908
Uni-President Enterprises Corp.		1,119,000		2,678,975
United Microelectronics Corp.		1,084,000		1,731,297
Walsin Lihwa Corp.		1,745,304		2,818,715
Wistron Corp.		901,000		1,362,820

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

Invesco DWA Emerging Markets Momentum ETF (PIE)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
Taiwan-(continued)
Wiwynn Corp.		102,000	$	3,865,333
Yulon Finance Corp.		742,000		4,453,086
Yulon Motor Co. Ltd.		367,000		962,192

				68,364,711

Thailand-3.15%
AP (Thailand) PCL, NVDR		2,515,919		928,343
Bangchak Corp. PCL, NVDR		890,626		788,972
Central Plaza Hotel PCL, NVDR^(b)		617,026		989,301
Kiatnakin Phatra Bank PCL, NVDR		420,329		738,553
Kiatnakin Phatra Bank PCL, Wts., expiring 12/31/2024^(d)		35,668		0
Kiatnakin Phatra Bank PCL, Wts., expiring 12/31/2026^(d)		35,668		0
Thonburi Healthcare Group PCL, NVDR		659,385		1,293,764

				4,738,933

Turkey-5.82%
Akbank T.A.S.		928,734		766,454
Arcelik A.S.		186,585		929,171
Enka Insaat ve Sanayi A.S.		563,914		792,740
Ford Otomotiv Sanayi A.S.		48,765		1,347,490
Haci Omer Sabanci Holding A.S.		476,756		936,438
KOC Holding A.S.		205,615		799,803
Sasa Polyester Sanayi A.S.^(b)		1		4
Turkiye Is Bankasi A.S., Class C		2,192,157		1,220,730
Turkiye Petrol Rafinerileri A.S.		317,023		1,080,746
Turkiye Sise ve Cam Fabrikalari A.S.		464,146		879,690

				8,753,266


	Shares		Value
United States-0.55%
GCC S.A.B. de C.V.		104,448	$	827,582

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.09% (Cost $134,632,530)				150,621,198


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.32%
Invesco Private Government Fund, 4.83%^(e)(f)(g)		557,350		557,350
Invesco Private Prime Fund, 4.99%^(e)(f)(g)		1,433,187		1,433,187

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,990,537)				1,990,537

TOTAL INVESTMENTS IN SECURITIES-101.41% (Cost $136,623,067)				152,611,735
OTHER ASSETS LESS LIABILITIES-(1.41)%				(2,127,697	)

NET ASSETS-100.00%			$	150,484,038

Investment Abbreviations:

NVDR-Non-Voting Depositary Receipt

Wts.-Warrants

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2023 was $2,859,135, which represented 1.90% of the Fund’s Net Assets.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at April 30, 2023.

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

^(e)


	Value October 31, 2022			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value April 30, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-	$	21,555,247	$	(21,555,247	)		$	-	$	-		$	-	$	4,888

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

Invesco DWA Emerging Markets Momentum ETF (PIE)–(continued)

April 30, 2023

(Unaudited)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2023			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	386,986		$	9,109,393		$	(8,939,029	)		$	-			$	-			$	557,350		$	15,475	*

Invesco Private Prime Fund			1,036,003			19,496,706			(19,099,294	)			(11	)			(217	)			1,433,187			42,349	*


Total		$	1,422,989		$	50,161,346		$	(49,593,570	)		$	(11	)		$	(217	)		$	1,990,537		$	62,712

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

^(f)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

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

Portfolio Composition

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

as of April 30, 2023



Information Technology	30.78

Financials	19.12

Industrials	16.16

Materials	8.26

Consumer Staples	7.64

Real Estate	5.51

Consumer Discretionary	5.29

Energy	4.00

Sector Types Each Less Than 3%	3.33

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.

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)

April 30, 2023

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.75%
Australia-5.91%
AGL Energy Ltd.		84,768	$	464,957
AMP Ltd.		496,653		372,522
Ampol Ltd.		28,018		554,175
ANZ Group Holdings Ltd.		228,637		3,679,158
APA Group		65,990		448,306
Aristocrat Leisure Ltd.		22,841		572,232
ASX Ltd.		8,318		376,376
Aurizon Holdings Ltd.		276,926		625,882
Bank of Queensland Ltd.^(a)		78,621		301,349
Bendigo & Adelaide Bank Ltd.^(a)		59,743		341,117
BHP Group Ltd.		417,730		12,256,927
BlueScope Steel Ltd.		66,065		867,506
Brambles Ltd.		106,263		1,000,691
Coles Group Ltd.		90,244		1,085,407
Commonwealth Bank of Australia		86,757		5,696,644
Computershare Ltd.		25,360		375,405
CSL Ltd.		10,186		2,023,330
Dexus		111,927		575,463
Endeavour Group Ltd.		110,618		496,362
Evolution Mining Ltd.^(a)		167,972		395,175
Fortescue Metals Group Ltd.		183,609		2,540,818
Glencore PLC		1,899,501		11,197,305
Goodman Group		63,382		808,819
GPT Group (The)^(a)		185,681		541,139
Incitec Pivot Ltd.		181,940		383,550
Insurance Australia Group Ltd.		252,006		829,360
James Hardie Industries PLC, CDI		20,165		446,289
JB Hi-Fi Ltd.		14,067		413,215
Lendlease Corp. Ltd.^(a)		90,666		446,379
Macquarie Group Ltd.		23,434		2,827,809
Medibank Pvt. Ltd.		278,362		654,882
Metcash Ltd.		123,615		318,595
Mineral Resources Ltd.		6,988		340,256
Mirvac Group		429,940		684,743
National Australia Bank Ltd.		190,184		3,624,701
Newcrest Mining Ltd.		65,163		1,245,381
Northern Star Resources Ltd.		56,150		499,457
Orica Ltd.		32,158		344,276
Origin Energy Ltd.		173,476		956,111
Qantas Airways Ltd.^(b)		77,569		338,326
QBE Insurance Group Ltd.		119,049		1,206,065
Ramsay Health Care Ltd.		13,317		569,131
Rio Tinto Ltd.		48,557		3,601,979
Rio Tinto PLC		139,096		8,827,163
Santos Ltd.		237,087		1,107,720
Scentre Group		478,203		910,139
Sonic Healthcare Ltd.		35,796		838,361
South32 Ltd.		410,370		1,149,859
Star Entertainment Group Ltd. (The)^(a)(b).		288,884		242,454
Stockland		268,349		789,156
Suncorp Group Ltd.		117,442		968,592
Telstra Group Ltd.		501,133		1,447,229
Transurban Group		138,507		1,372,070
Treasury Wine Estates Ltd.		44,111		406,070
Vicinity Ltd.		393,673		546,334
Wesfarmers Ltd.		56,479		1,939,736
Westpac Banking Corp.		243,261		3,612,256


	Shares		Value
Australia-(continued)
Woodside Energy Group Ltd.		89,362	$	1,988,969
Woolworths Group Ltd.		61,364		1,574,650
Worley Ltd.		35,479		352,632

				95,400,960

Austria-0.41%
ams-OSRAM AG^(b)		44,292		305,548
ANDRITZ AG		6,832		443,878
BAWAG Group AG^(b)(c)		10,033		489,135
Erste Group Bank AG		45,242		1,643,761
Mondi PLC^(a)		80,022		1,272,334
OMV AG		21,766		1,029,431
Raiffeisen Bank International AG^(b)		27,646		424,550
voestalpine AG		18,025		624,449
Wienerberger AG		13,812		416,283

				6,649,369

Belgium-0.90%
Ageas S.A./N.V		28,641		1,277,118
Anheuser-Busch InBev S.A./N.V.^(a)		87,613		5,716,434
Cofinimmo S.A.^(a)		3,154		301,717
Elia Group S.A./N.V		2,083		286,074
Etablissements Franz Colruyt N.V.		11,676		324,191
Groupe Bruxelles Lambert N.V.		8,308		745,686
KBC Group N.V.^(a)		32,275		2,308,215
Proximus SADP		56,289		480,366
Sofina S.A.^(a)		1,296		297,317
Solvay S.A., Class A^(a)		9,208		1,106,529
UCB S.A.^(a)		9,002		838,984
Umicore S.A.^(a)		27,995		919,777

				14,602,408

Brazil-0.10%
Wheaton Precious Metals Corp.		13,385		659,727
Yara International ASA		22,588		905,962

				1,565,689

Burkina Faso-0.02%
Endeavour Mining PLC		13,307		344,212

Canada-8.96%
Agnico Eagle Mines Ltd.		19,336		1,095,749
Air Canada^(a)(b)		21,240		296,918
Algonquin Power & Utilities Corp.		90,318		767,134
Alimentation Couche-Tard, Inc.		55,261		2,755,105
Allied Properties REIT		17,156		288,147
AltaGas Ltd.^(a)		38,381		670,670
ARC Resources Ltd.		45,023		558,680
Atco Ltd., Class I		9,553		315,334
B2Gold Corp.		102,464		402,664
Bank of Montreal^(a)		60,001		5,402,877
Bank of Nova Scotia (The)		162,264		8,091,067
Barrick Gold Corp.		160,958		3,057,051
BCE, Inc.		35,369		1,698,171
Bombardier, Inc., Class B^(b)		12,124		523,112
Brookfield Corp.^(a)		137,296		4,449,998
CAE, Inc.^(b)		14,392		323,536
Cameco Corp.		9,862		270,854
Canadian Apartment Properties REIT		15,669		573,363
Canadian Imperial Bank of Commerce		109,289		4,576,875

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

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
Canada-(continued)
Canadian National Railway Co.		25,230	$	3,004,236
Canadian Natural Resources Ltd.		82,546		5,024,698
Canadian Pacific Kansas City Ltd.		28,204		2,220,886
Canadian Tire Corp. Ltd., Class A^(a)		7,306		956,734
Canadian Utilities Ltd., Class A^(a)		14,398		415,815
Canadian Western Bank		13,324		238,718
Capital Power Corp.		11,166		363,556
CCL Industries, Inc., Class B^(a)		9,152		429,900
Celestica, Inc.^(b)		22,242		241,066
Cenovus Energy, Inc.		65,512		1,098,387
CGI,Inc., Class A^(b)		10,732		1,088,076
CI Financial Corp.		30,330		298,313
Constellation Software, Inc.		255		498,573
Crescent Point Energy Corp.		65,615		484,747
Dollarama, Inc.		4,887		302,379
Element Fleet Management Corp.		20,808		271,856
Emera, Inc.^(a)		29,424		1,250,677
Enbridge, Inc.^(a)		223,564		8,879,593
Fairfax Financial Holdings Ltd.		2,575		1,797,545
Finning International, Inc.		17,166		444,369
First Capital REIT		25,778		302,387
Fortis, Inc.		49,355		2,164,808
Franco-Nevada Corp.		4,183		634,035
George Weston Ltd.		7,815		1,048,223
Gibson Energy, Inc.		22,512		381,590
Gildan Activewear, Inc.		11,315		368,073
Great-West Lifeco, Inc.		41,763		1,186,102
Hydro One Ltd.^(c)		25,461		744,889
iA Financial Corp., Inc.		9,652		646,954
IGM Financial, Inc.		9,199		282,013
Imperial Oil Ltd.		14,990		763,260
Intact Financial Corp.		9,172		1,385,910
Keyera Corp.		25,496		599,287
Kinross Gold Corp.		242,349		1,220,411
Linamar Corp.		5,097		242,016
Loblaw Cos. Ltd.		13,913		1,307,184
Magna International, Inc.		48,725		2,537,738
Manulife Financial Corp.		297,867		5,874,764
MEG Energy Corp.^(b)		23,877		397,158
Methanex Corp.		6,843		306,000
Metro, Inc.		18,256		1,039,393
National Bank of Canada		27,196		2,025,814
Northland Power, Inc.		17,240		422,770
Nutrien Ltd.		42,504		2,945,477
Onex Corp.		7,777		357,743
Open Text Corp.		17,705		669,795
Parkland Corp.^(a)		29,065		684,676
Pembina Pipeline Corp.^(a)		51,561		1,695,510
Power Corp. of Canada		103,731		2,775,491
Restaurant Brands International, Inc.		11,430		800,429
RioCan REIT		36,330		561,973
Royal Bank of Canada^(a)		117,249		11,628,079
Saputo, Inc.		20,754		536,791
Shopify, Inc., Class A^(b)		15,793		764,324
SNC-Lavalin Group, Inc.		17,327		398,586
SSR Mining, Inc.		22,030		315,109
Sun Life Financial, Inc.		63,273		3,100,438
Suncor Energy, Inc.		161,109		5,038,888
TC Energy Corp.^(a)		106,737		4,431,439
Teck Resources Ltd., Class B		36,312		1,689,634


	Shares		Value
Canada-(continued)
TELUS Corp.		45,163	$	956,338
TFI International, Inc.		3,064		329,872
Thomson Reuters Corp.		5,517		724,699
TMX Group Ltd.		3,046		308,171
Toromont Industries Ltd.		3,465		279,693
Toronto-Dominion Bank (The)		164,199		9,935,716
Tourmaline Oil Corp.		13,674		613,682
Vermilion Energy, Inc.		29,877		377,786
West Fraser Timber Co. Ltd.		10,178		735,415
WSP Global, Inc.		4,865		641,385

				144,605,347

Chile-0.07%
Antofagasta PLC^(a)		28,286		519,247
Lundin Mining Corp.		78,872		601,877

				1,121,124

China-0.27%
AAC Technologies Holdings, Inc.^(b)		127,424		267,837
BOC Hong Kong Holdings Ltd.		348,182		1,095,568
Lenovo Group Ltd.		1,146,328		1,171,168
Prosus N.V.		12,388		928,214
Wilmar International Ltd.		173,314		510,530
Xinyi Glass Holdings Ltd.		199,491		363,409

				4,336,726

Denmark-1.08%
AP Moller - Maersk A/S, Class A^(a)		500		892,421
AP Moller - Maersk A/S, Class B		841		1,519,114
Carlsberg A/S, Class B		6,372		1,054,717
Chr. Hansen Holding A/S^(a)		4,471		348,207
Coloplast A/S, Class B		4,739		682,987
Danske Bank A/S^(b)		90,311		1,906,867
DSV A/S, (Acquired 01/10/2017 -04/11/2023; Cost $910,573)^(a)(d)		6,680		1,257,082
Genmab A/S^(b)		855		352,065
ISS A/S		27,615		576,736
Jyske Bank A/S^(b)		4,397		321,147
Novo Nordisk A/S, Class B		29,445		4,904,810
Novozymes A/S, Class B^(a)		7,531		391,983
Orsted A/S^(a)(c)		10,385		933,086
Pandora A/S		5,813		537,448
Tryg A/S		21,885		517,035
Vestas Wind Systems A/S^(a)(b)		42,556		1,175,328

				17,371,033

Finland-1.29%
Elisa OYJ		9,705		603,431
Fortum OYJ^(a)		89,580		1,338,067
Huhtamaki OYJ^(a)		10,155		365,931
Kesko OYJ, Class B		31,093		648,946
Kone OYJ, Class B		23,248		1,326,922
Konecranes OYJ^(a)		8,971		351,294
Neste OYJ		22,846		1,108,254
Nokia OYJ		559,703		2,374,019
Nokian Renkaat OYJ^(a)		37,100		361,581
Nordea Bank Abp		459,045		5,093,197
Orion OYJ, Class B		5,844		274,975
Outokumpu OYJ^(a)		71,342		389,318
Sampo OYJ, Class A		55,349		2,808,400
Stora Enso OYJ, Class R		78,377		995,074

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

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
Finland-(continued)
UPM-Kymmene OYJ		56,515	$	1,803,145
Valmet OYJ^(a)		11,340		383,343
Wartsila OYJ Abp^(a)		56,053		649,766

				20,875,663

France-9.19%
Accor S.A.^(b)		10,673		378,470
Air France-KLM^(a)(b)		378,351		655,162
Air Liquide S.A.		27,718		4,993,418
Airbus SE^(a)		25,763		3,616,161
Alstom S.A.^(a)		35,007		878,849
Amundi S.A.^(c)		7,156		468,878
Arkema S.A.		9,979		987,327
Atos SE^(b)		48,298		668,379
AXA S.A.^(a)		263,245		8,593,708
BNP Paribas S.A.		176,635		11,425,347
Bollore SE^(a)		50,742		342,837
Bouygues S.A.^(a)		55,011		2,016,307
Bureau Veritas S.A.		14,847		428,463
Capgemini SE		8,814		1,604,585
Carrefour S.A.		118,151		2,460,074
Cie de Saint-Gobain		69,930		4,046,967
Cie Generale des Etablissements Michelin S.C.A.		95,857		3,050,968
Covivio S.A.^(a)		6,682		379,912
Credit Agricole S.A.		276,163		3,379,334
Danone S.A.		67,694		4,483,304
Dassault Systemes SE		11,078		448,478
Edenred		7,668		498,786
Eiffage S.A.		10,435		1,243,034
Elis S.A.		26,764		531,854
ENGIE S.A.^(a)		350,782		5,621,515
EssilorLuxottica S.A.		13,661		2,705,665
Eurazeo SE^(a)		5,278		376,710
Faurecia SE^(a)(b)		49,595		1,026,617
Gecina S.A.		5,874		654,326
Hermes International		372		807,741
Kering S.A.^(a)		3,317		2,122,843
Klepierre S.A.^(a)		28,281		716,862
Korian S.A.		29,118		252,509
Legrand S.A.		13,409		1,268,663
L’Oreal S.A.		7,137		3,409,745
LVMH Moet Hennessy Louis Vuitton SE		6,496		6,246,450
Nexans S.A.^(a)		2,936		252,339
Orange S.A.		419,469		5,471,917
Orpea S.A.^(a)(b)		126,674		374,234
Pernod Ricard S.A.		9,101		2,103,948
Publicis Groupe S.A.		21,451		1,755,303
Renault S.A.^(a)(b)		75,371		2,798,339
Rexel S.A.		33,532		777,406
Rubis S.C.A.		10,721		316,968
Safran S.A.		15,526		2,415,811
Schneider Electric SE		28,036		4,884,805
SCOR SE		28,556		738,335
SEB S.A.^(a)		3,722		426,523
Societe Generale S.A.^(a)		197,256		4,796,399
Sodexo S.A.		10,039		1,077,273
SPIE S.A.^(a)		14,840		463,322
Technip Energies N.V.		22,868		508,208
Teleperformance		2,701		539,128


	Shares		Value
France-(continued)
Thales S.A.		6,229	$	951,751
TotalEnergies SE		346,762		22,180,897
Ubisoft Entertainment S.A.^(b)		15,505		453,443
Unibail-Rodamco-Westfield^(a)(b)		12,745		682,981
Valeo^(a)		63,343		1,235,325
Veolia Environnement S.A.		85,474		2,707,283
Vinci S.A.^(a)		45,370		5,619,928
Vivendi SE^(a)		90,292		992,238
Wendel SE		2,659		298,251
Worldline S.A.^(b)(c)		16,569		720,346

				148,332,949

Germany-9.87%
adidas AG		14,778		2,601,250
Allianz SE		58,379		14,659,249
Aroundtown S.A.^(a)		197,524		268,331
Aurubis AG		6,547		612,925
BASF SE		174,173		9,008,647
Bayer AG		110,027		7,259,037
Bayerische Motoren Werke AG		64,384		7,210,350
Bayerische Motoren Werke AG, Preference Shares		12,028		1,278,095
Beiersdorf AG		3,493		488,204
Brenntag SE		14,130		1,150,933
Commerzbank AG^(b)		153,877		1,709,845
Continental AG.		25,796		1,806,125
Covestro AG^(b)(c)		39,763		1,746,716
Daimler Truck Holding AG^(b)		64,981		2,147,867
Deutsche Bank AG.		427,869		4,696,749
Deutsche Boerse AG		7,615		1,453,564
Deutsche Lufthansa AG^(b)		98,234		1,055,222
Deutsche Post AG		131,157		6,301,580
Deutsche Telekom AG		460,797		11,130,792
E.ON SE		302,109		4,004,008
Evonik Industries AG		38,246		834,338
Freenet AG.		18,696		533,348
Fresenius Medical Care AG& Co. KGaA		42,871		2,084,395
Fresenius SE & Co. KGaA		84,028		2,432,349
Fuchs Petrolub SE		2,801		91,068
Fuchs Petrolub SE, Preference Shares		5,844		230,974
GEA Group AG		11,442		537,364
Hannover Rueck SE		6,419		1,371,961
HeidelbergCement AG		28,748		2,175,943
Henkel AG& Co. KGaA		11,239		831,326
Henkel AG& Co. KGaA, Preference Shares.		19,073		1,543,027
HUGO BOSS AG		4,246		319,787
Infineon Technologies AG		45,169		1,640,860
K+S AG		27,150		542,223
KION Group AG		15,398		636,117
Knorr-Bremse AG		6,463		452,654
Lanxess AG		14,851		604,338
LEG Immobilien SE		9,522		592,683
Mercedes-Benz Group AG^(a)		144,494		11,259,020
Merck KGaA		5,082		911,991
MTU Aero Engines AG		2,230		585,198
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R		17,443		6,557,034
ProSiebenSat.1 Media SE		47,628		426,960
Puma SE		5,229		305,728
Rheinmetall AG		2,393		701,417

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

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
Germany-(continued)
RWE AG		58,543	$	2,750,069
Salzgitter AG		6,995		276,774
SAP SE		55,756		7,562,602
Siemens AG		57,253		9,411,570
Siemens Energy AG^(b)		84,823		2,077,037
Siemens Healthineers AG^(c)		12,717		792,113
Symrise AG		5,231		632,076
TAG Immobilien AG		37,175		318,069
Talanx AG		7,585		381,512
Telefonica Deutschland Holding AG		179,051		605,866
thyssenkrupp AG		203,050		1,457,984
TUI AG^(a)(b)		67,158		428,301
United Internet AG		19,588		336,487
Volkswagen AG		9,504		1,594,323
Volkswagen AG, Preference Shares		67,208		9,176,764
Vonovia SE		103,469		2,241,760
Zalando SE^(b)(c)		12,270		503,508

				159,338,407

Hong Kong-1.60%
AIA Group Ltd.		715,746		7,745,656
CK Asset Holdings Ltd.		131,643		776,452
CK Hutchison Holdings Ltd.		166,652		1,114,566
CLP Holdings Ltd.		99,337		739,026
Hang Lung Properties Ltd.		160,000		291,876
Hang Seng Bank Ltd.		41,867		619,213
Henderson Land Development Co. Ltd.		106,666		379,111
Hong Kong & China Gas Co. Ltd. (The)		569,491		504,931
Hong Kong Exchanges & Clearing Ltd.		26,105		1,077,469
Hongkong Land Holdings Ltd.		75,138		332,861
Jardine Matheson Holdings Ltd.		10,865		523,693
Link REIT		221,611		1,445,430
MTR Corp. Ltd.		103,342		515,400
New World Development Co. Ltd.		270,333		718,027
Orient Overseas International Ltd.		25,000		505,739
Power Assets Holdings Ltd.		62,443		356,367
Prudential PLC		266,075		4,051,619
Sun Hung Kai Properties Ltd.		126,686		1,759,102
Swire Pacific Ltd., Class A		64,000		506,299
Swire Pacific Ltd., Class B		137,500		174,286
Techtronic Industries Co. Ltd.		52,951		569,315
WH Group Ltd.		748,922		415,967
Wharf Real Estate Investment Co. Ltd.		132,705		762,430

				25,884,835

Ireland-0.53%
AIB Group PLC		124,923		537,593
Bank of Ireland Group PLC		94,498		977,533
CRH PLC		72,066		3,494,570
Flutter Entertainment PLC^(a)(b)		5,376		1,075,392
Kerry Group PLC, Class A		7,805		822,380
Kingspan Group PLC		6,597		456,650
Smurfit Kappa Group PLC		30,095		1,112,854

				8,476,972

Israel-0.26%
Bank Hapoalim BM		94,562		805,342
Bank Leumi Le-Israel BM		106,539		834,393
Bezeq The Israeli Telecommunication
Corp. Ltd.		206,286		278,928
ICL Group Ltd.		74,632		456,644


	Shares		Value
Israel-(continued)
Israel Discount Bank Ltd., Class A		111,697	$	548,280
Mizrahi Tefahot Bank Ltd.		13,543		439,460
Teva Pharmaceutical Industries Ltd.^(a)(b)		101,801		846,837

				4,209,884

Italy-3.07%
A2A S.p.A.^(a)		335,972		593,461
Assicurazioni Generali S.p.A.^(a)		176,542		3,679,757
Azimut Holding S.p.A.^(a)		12,159		271,692
Banco BPM S.p.A.		277,586		1,129,287
BPER Banca^(a)		181,592		510,215
Coca-Cola HBC AG		19,127		582,748
Enel S.p.A.		1,570,368		10,747,122
Eni S.p.A.^(a)		450,455		6,835,918
Ferrari N.V.		1,906		530,896
FinecoBank Banca Fineco S.p.A.^(a)		20,533		311,238
Hera S.p.A.		153,755		479,361
Intesa Sanpaolo S.p.A.^(a)		2,905,862		7,649,648
Italgas S.p.A.^(a)		62,532		409,380
Iveco Group N.V.^(b)		71,180		640,449
Leonardo S.p.A.		76,546		913,096
Mediobanca Banca di Credito Finanziario S.p.A.^(a)		91,733		985,389
Moncler S.p.A.		5,131		380,436
Nexi S.p.A.^(b)(c)		48,723		403,749
Pirelli & C. S.p.A.^(c)		71,593		375,118
Poste Italiane S.p.A.^(a)(c)		71,448		743,510
Prysmian S.p.A.		21,276		870,726
Saras S.p.A.^(a)(b)		175,255		227,051
Snam S.p.A.		223,075		1,241,225
Telecom Italia S.p.A.^(a)(b)		3,861,758		1,137,897
Telecom Italia S.p.A., RSP^(a)(b)		2,160,384		624,887
Terna Rete Elettrica Nazionale S.p.A.		103,403		897,273
UniCredit S.p.A.^(a)		308,412		6,108,335
Unipol Gruppo S.p.A.		60,470		340,203

				49,620,067

Japan-19.50%
Advantest Corp.		6,480		501,591
Aeon Co. Ltd.		56,807		1,154,580
AGC, Inc.		33,838		1,254,962
Aisin Corp.		21,255		620,487
Ajinomoto Co., Inc.		29,358		1,053,236
Alps Alpine Co. Ltd.		50,147		454,827
Amada Co. Ltd.		34,323		318,615
ANA Holdings, Inc.^(a)(b)		16,352		355,165
Aozora Bank Ltd.^(a)		23,577		421,101
Asahi Group Holdings Ltd.		42,937		1,653,279
Asahi Kasei Corp.		144,093		1,013,461
Astellas Pharma, Inc.		149,664		2,251,033
Bandai Namco Holdings, Inc.		38,331		866,470
Bank of Kyoto Ltd. (The)		7,592		370,777
Bridgestone Corp.		53,894		2,152,356
Brother Industries Ltd.		24,053		375,196
Canon, Inc.		127,651		3,035,537
Casio Computer Co. Ltd.^(a)		28,306		267,750
Central Japan Railway Co.^(a)		21,757		2,691,563
Chiba Bank Ltd. (The)		70,280		455,750
Chubu Electric Power Co., Inc.		73,334		818,084
Chugai Pharmaceutical Co. Ltd.		26,715		687,470

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

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
Japan-(continued)
Chugoku Electric Power Co., Inc. (The)^(a)(b)		66,668	$	350,562
Concordia Financial Group Ltd.		176,959		666,691
Cosmo Energy Holdings Co. Ltd.		13,268		420,943
CyberAgent, Inc.		30,968		268,595
Dai Nippon Printing Co. Ltd.		17,763		508,763
Daifuku Co. Ltd.		18,258		333,877
Dai-ichi Life Holdings, Inc.		144,207		2,663,008
Daiichi Sankyo Co. Ltd.		44,485		1,518,171
Daikin Industries Ltd.		13,607		2,460,282
Daito Trust Construction Co. Ltd.		7,336		693,382
Daiwa House Industry Co. Ltd.		52,621		1,335,959
Daiwa House REIT Investment Corp.		164		348,680
Daiwa Securities Group, Inc.		148,720		686,997
Denka Co. Ltd.		14,340		285,715
Denso Corp.		46,649		2,792,465
Dentsu Group, Inc.		24,205		866,591
Disco Corp.		3,432		388,405
Dowa Holdings Co. Ltd.		8,616		280,313
East Japan Railway Co.		49,119		2,815,148
Ebara Corp.		10,782		467,974
Eisai Co. Ltd.		16,944		974,717
Electric Power Development Co. Ltd.		23,155		369,521
ENEOS Holdings, Inc.		513,713		1,818,453
FANUC Corp.		56,435		1,901,959
Fast Retailing Co. Ltd.		5,016		1,179,174
Fuji Electric Co. Ltd.		15,857		634,676
FUJIFILM Holdings Corp.		35,819		1,857,174
Fujikura Ltd.		51,084		345,149
Fujitsu Ltd.		18,739		2,485,414
Fukuoka Financial Group, Inc.		24,970		466,337
GLP J-Reit		259		295,777
Hakuhodo DY Holdings, Inc.		30,496		357,222
Hankyu Hanshin Holdings, Inc.^(a)		15,505		482,236
Haseko Corp.		26,464		322,042
Hikari Tsushin, Inc.		2,016		273,607
Hino Motors Ltd.^(a)(b)		90,506		354,274
Hirose Electric Co. Ltd.		2,324		311,994
Hitachi Construction Machinery Co. Ltd.		18,607		455,046
Hitachi Ltd.		79,000		4,342,636
Honda Motor Co. Ltd.		172,147		4,536,140
Hoya Corp.		10,748		1,121,647
Hulic Co. Ltd.		47,706		408,864
Ibiden Co. Ltd.		8,734		341,240
Idemitsu Kosan Co. Ltd.		31,350		663,538
IHI Corp.		26,204		655,268
Inpex Corp.		177,374		1,918,789
Isetan Mitsukoshi Holdings Ltd.		50,042		549,795
Isuzu Motors Ltd.		80,798		944,072
ITOCHU Corp.^(a)		98,459		3,248,102
J. Front Retailing Co. Ltd.		43,192		452,332
Japan Airlines Co. Ltd.^(a)		16,940		321,719
Japan Exchange Group, Inc.		39,878		644,157
Japan Metropolitan Fund Investment Corp.		602		439,900
Japan Post Bank Co. Ltd.^(a)		79,357		632,338
Japan Post Holdings Co. Ltd.		262,950		2,158,984
Japan Post Insurance Co. Ltd.		31,269		504,979
Japan Real Estate Investment Corp.		112		443,344
Japan Tobacco, Inc.		152,339		3,270,760


	Shares		Value
Japan-(continued)
JFE Holdings, Inc.		140,238	$	1,649,919
JGC Holdings Corp.		25,307		313,910
JSR Corp.^(a)		17,632		406,598
Kajima Corp.		46,763		616,455
Kansai Electric Power Co., Inc. (The)		84,465		911,861
Kao Corp.		47,329		1,913,459
Kawasaki Heavy Industries Ltd.		34,277		739,587
Kawasaki Kisen Kaisha Ltd.^(a)		24,654		583,918
KDDI Corp.		148,345		4,627,985
Keio Corp.		8,762		324,316
Keyence Corp.		3,353		1,504,559
Kikkoman Corp.		8,654		510,349
Kintetsu Group Holdings Co. Ltd.		16,882		569,077
Kirin Holdings Co. Ltd.		79,821		1,294,933
Kobe Steel Ltd.		95,913		709,319
Koito Manufacturing Co. Ltd.		24,818		476,621
Komatsu Ltd.		98,254		2,412,965
Konami Group Corp.		5,976		293,610
Konica Minolta, Inc.		99,387		411,664
Kubota Corp.		91,323		1,373,551
Kuraray Co. Ltd.		34,730		323,159
Kurita Water Industries Ltd.		6,964		289,986
Kyocera Corp.		36,685		1,915,816
Kyowa Kirin Co. Ltd.		14,424		319,910
Kyushu Electric Power Co., Inc.^(b)		69,739		406,147
Kyushu Railway Co.		21,926		496,763
Lawson, Inc.		7,001		317,234
Lion Corp.		26,316		286,420
Lixil Corp.		38,643		605,052
Makita Corp.		26,078		731,597
Marubeni Corp.		185,283		2,612,590
Marui Group Co. Ltd.		19,609		311,060
MatsukiyoCocokara & Co.		8,566		457,348
Mazda Motor Corp.		136,964		1,221,124
Mebuki Financial Group, Inc.		188,448		480,237
MEIJI Holdings Co. Ltd.		31,698		764,719
MINEBEA MITSUMI, Inc.		44,711		820,897
MISUMI Group, Inc.		13,980		350,103
Mitsubishi Chemical Group Corp.		149,169		870,376
Mitsubishi Corp.		119,864		4,417,270
Mitsubishi Electric Corp.		144,622		1,783,280
Mitsubishi Estate Co. Ltd.		141,932		1,742,814
Mitsubishi Gas Chemical Co., Inc.		23,957		346,252
Mitsubishi HC Capital, Inc.		78,741		407,107
Mitsubishi Heavy Industries Ltd.		59,894		2,255,180
Mitsubishi Materials Corp.		19,398		316,260
Mitsubishi Motors Corp.^(b)		122,743		464,236
Mitsubishi UFJ Financial Group, Inc.		1,683,296		10,543,702
Mitsui & Co. Ltd.		133,656		4,151,076
Mitsui Chemicals, Inc.		22,322		559,833
Mitsui Fudosan Co. Ltd.		103,106		2,037,662
Mitsui Mining & Smelting Co. Ltd.		13,640		323,557
Mitsui OSK Lines Ltd.^(a)		48,451		1,195,574
Mizuho Financial Group, Inc.		409,474		5,909,128
MS&AD Insurance Group Holdings, Inc.		40,534		1,323,201
Murata Manufacturing Co. Ltd.		39,690		2,296,899
Nabtesco Corp.		11,784		282,127
NEC Corp.		32,661		1,249,688
NGK Insulators Ltd.		34,013		424,647
NH Foods Ltd.		14,175		413,284

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

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
Japan-(continued)
Nichirei Corp.		15,383	$	315,647
Nidec Corp.		24,854		1,223,671
Nikon Corp.^(a)		53,541		548,917
Nintendo Co. Ltd.		66,724		2,803,422
Nippon Building Fund, Inc.		133		556,751
Nippon Electric Glass Co. Ltd.		18,509		351,925
Nippon Express Holdings, Inc.		9,036		528,231
Nippon Paint Holdings Co. Ltd.		42,048		377,665
Nippon Sanso Holdings Corp.		15,784		282,840
Nippon Steel Corp.		166,374		3,534,829
Nippon Telegraph & Telephone Corp.		165,475		5,042,087
Nippon Yusen K.K.^(a)		77,263		1,817,452
Nishi-Nippon Financial Holdings, Inc.		32,812		271,335
Nissan Chemical Corp.		7,346		324,775
Nissan Motor Co. Ltd.^(a)		507,970		1,836,175
Nisshin Seifun Group, Inc.		37,416		453,119
Nissin Foods Holdings Co. Ltd.		3,984		383,873
Niterra Co. Ltd.		28,194		586,801
Nitori Holdings Co. Ltd.		4,514		575,666
Nitto Denko Corp.		16,933		1,089,363
Nomura Holdings, Inc.		319,848		1,141,366
Nomura Real Estate Holdings, Inc.		20,658		512,031
Nomura Real Estate Master Fund, Inc.		399		466,206
Nomura Research Institute Ltd.		22,724		570,749
NSK Ltd.		66,577		373,553
NTT Data Corp.		62,753		847,522
Obayashi Corp.		73,601		611,878
Odakyu Electric Railway Co. Ltd.^(a)		30,992		431,997
Olympus Corp.		46,012		800,010
Omron Corp.		13,443		784,080
Ono Pharmaceutical Co. Ltd.		26,910		542,291
Oriental Land Co. Ltd.		10,665		375,877
ORIX Corp.		121,548		2,053,100
ORIX JREIT, Inc.		214		276,291
Osaka Gas Co. Ltd.		32,846		543,714
Otsuka Corp.		10,061		364,639
Otsuka Holdings Co. Ltd.		31,744		1,072,626
Pan Pacific International Holdings Corp.		25,522		474,959
Panasonic Holdings Corp.		223,266		2,088,123
Persol Holdings Co. Ltd.		18,050		369,577
Rakuten Group, Inc.^(a)		97,252		482,100
Recruit Holdings Co. Ltd.		62,271		1,748,792
Renesas Electronics Corp.^(b)		67,252		875,192
Resona Holdings, Inc.		307,390		1,523,123
Resonac Holdings Corp.		45,886		720,818
Ricoh Co. Ltd.		53,723		442,283
Rohm Co. Ltd.		7,845		586,510
Ryohin Keikaku Co. Ltd.		31,201		326,755
Santen Pharmaceutical Co. Ltd.		44,645		374,105
SBI Holdings, Inc.		39,473		767,341
Secom Co. Ltd.		18,310		1,169,613
Seibu Holdings, Inc.		27,264		304,146
Seiko Epson Corp.		46,225		703,059
Sekisui Chemical Co. Ltd.		30,300		429,472
Sekisui House Ltd.		73,979		1,515,818
Seven & i Holdings Co. Ltd.		60,660		2,737,529
SG Holdings Co. Ltd.		35,728		512,705
Sharp Corp.^(a)(b)		56,759		402,667
Shimadzu Corp.		14,267		443,208
Shimano, Inc.^(a)		3,695		570,403


	Shares		Value
Japan-(continued)
Shimizu Corp.		54,293	$	330,547
Shin-Etsu Chemical Co. Ltd.		120,450		3,417,166
Shionogi & Co. Ltd.		18,949		845,131
Shiseido Co. Ltd.		19,226		960,276
Shizuoka Financial Group, Inc.		55,192		413,844
SMC Corp.		2,398		1,193,144
SoftBank Corp.		237,288		2,668,869
SoftBank Group Corp.		149,861		5,606,374
Sojitz Corp.		32,410		678,833
Sompo Holdings, Inc.		31,965		1,327,053
Sony Group Corp.		98,081		9,241,576
Stanley Electric Co. Ltd.		13,529		302,543
Subaru Corp.		95,085		1,532,784
SUMCO Corp.		36,754		503,406
Sumitomo Chemical Co. Ltd.		230,880		776,580
Sumitomo Corp.		105,577		1,881,801
Sumitomo Electric Industries Ltd.		65,408		828,138
Sumitomo Forestry Co. Ltd.		27,068		581,456
Sumitomo Heavy Industries Ltd.		13,468		323,434
Sumitomo Metal Mining Co. Ltd.		29,896		1,099,762
Sumitomo Mitsui Financial Group, Inc.		215,052		8,763,805
Sumitomo Mitsui Trust Holdings, Inc.		45,248		1,624,628
Sumitomo Realty & Development Co. Ltd.		40,721		945,018
Suntory Beverage & Food Ltd.		14,150		531,021
Suzuki Motor Corp.		60,867		2,100,496
Sysmex Corp.		7,190		459,708
T&D Holdings, Inc.		83,994		1,020,277
Taisei Corp.		20,347		689,615
Taiyo Yuden Co. Ltd.		11,238		341,683
Takashimaya Co. Ltd.		26,014		382,859
Takeda Pharmaceutical Co. Ltd.		190,548		6,314,050
TDK Corp.		43,213		1,474,126
Terumo Corp.		31,912		950,575
THK Co. Ltd.		13,994		311,400
TIS, Inc.		14,840		405,426
Tobu Railway Co. Ltd.^(a)		16,115		410,080
Tohoku Electric Power Co., Inc.^(a)(b)		71,973		370,000
Tokio Marine Holdings, Inc.		175,235		3,500,453
Tokyo Electric Power Co. Holdings, Inc.^(b)		694,339		2,483,333
Tokyo Electron Ltd.		23,383		2,660,886
Tokyo Gas Co. Ltd.		39,827		816,342
Tokyo Tatemono Co. Ltd.		30,396		382,615
Tokyu Corp.		43,077		606,776
Tokyu Fudosan Holdings Corp.		111,622		563,172
Toppan, Inc.		20,299		429,638
Toray Industries, Inc.		158,223		892,063
Toshiba Corp.		54,702		1,767,626
Tosoh Corp.		34,860		463,639
TOTO Ltd.		14,264		486,588
Toyo Suisan Kaisha Ltd.		7,605		339,018
Toyota Industries Corp.		12,915		744,558
Toyota Motor Corp.		846,661		11,546,649
Toyota Tsusho Corp.		20,708		853,170
Trend Micro, Inc.		7,623		370,611
Tsuruha Holdings, Inc.		5,264		343,678
Unicharm Corp.		13,745		552,768
West Japan Railway Co.		32,526		1,407,195
Yakult Honsha Co. Ltd.		5,178		389,020
Yamada Holdings Co. Ltd.		139,253		484,750
Yamaha Corp.		10,523		411,909

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

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
Japan-(continued)
Yamaha Motor Co. Ltd.		48,423	$	1,244,670
Yamato Holdings Co. Ltd.		36,708		629,211
Yaskawa Electric Corp.		11,490		464,950
Yokogawa Electric Corp.		23,857		385,279
Z Holdings Corp.^(a)		257,026		699,547

				314,845,528

Jordan-0.02%
Hikma Pharmaceuticals PLC		13,568		313,957

Luxembourg-0.26%
Aperam S.A.		8,463		313,463
ArcelorMittal S.A.		113,926		3,233,658
Eurofins Scientific SE^(a)		5,590		390,400
SES S.A., FDR		41,259		255,763

				4,193,284

Macau-0.06%
Galaxy Entertainment Group Ltd.^(b)		79,712		563,576
Sands China Ltd.^(b)		131,900		467,957

				1,031,533

Netherlands-4.74%
Aalberts N.V.		7,339		338,512
ABN AMRO Bank N.V., CVA^(a)(c)		81,523		1,306,370
Adyen N.V.^(b)(c)		259		415,179
Aegon N.V.^(a)		460,945		2,098,126
Akzo Nobel N.V.		21,710		1,800,944
ASM International N.V.^(a)		875		316,896
ASML Holding N.V.		5,491		3,476,594
ASR Nederland N.V.		26,901		1,183,197
Euronext N.V.^(c)		4,189		333,438
EXOR N.V.^(b)		7,049		579,611
Heineken Holding N.V.		6,939		666,094
Heineken N.V.^(a)		14,754		1,694,810
IMCD N.V.^(a)		1,830		275,168
ING Groep N.V.		570,569		7,054,972
Koninklijke Ahold Delhaize N.V.^(a)		147,587		5,086,864
Koninklijke DSM N.V.		11,891		1,558,910
Koninklijke KPN N.V.		354,907		1,296,524
Koninklijke Philips N.V.^(a)		165,577		3,488,864
NN Group N.V.		64,070		2,388,663
Randstad N.V.^(a)		20,535		1,115,849
SBM Offshore N.V.^(a)		20,886		295,375
Shell PLC		1,240,104		38,219,034
Universal Music Group N.V.		18,874		412,779
Wolters Kluwer N.V.		8,752		1,160,914

				76,563,687

New Zealand-0.04%
Auckland International Airport Ltd.^(b)		55,349		302,207
Spark New Zealand Ltd.		103,758		335,171

				637,378

Norway-0.59%
Aker BP ASA		18,754		446,436
DNB Bank ASA		82,302		1,441,099
Equinor ASA		108,027		3,081,838
Mowi ASA		47,852		909,050
Norsk Hydro ASA		150,824		1,103,483
Orkla ASA.		86,958		623,040
Schibsted ASA, Class A		5,960		105,251


	Shares		Value
Norway-(continued)
Schibsted ASA, Class B		7,714	$	124,537
Storebrand ASA		58,054		445,487
Telenor ASA		99,183		1,233,398

				9,513,619

Poland-0.20%
Bank Polska Kasa Opieki S.A.^(a)		24,551		567,877
KGHM Polska Miedz S.A.		17,199		494,894
Polski Koncern Naftowy ORLEN S.A.		59,763		913,404
Powszechna Kasa Oszczednosci Bank Polski S.A.^(a)		96,628		746,803
Powszechny Zaklad Ubezpieczen S.A.		51,990		479,869

				3,202,847

Portugal-0.26%
Banco Comercial Portugues S.A., Class R		1,308,113		336,489
EDP - Energias de Portugal S.A.		378,185		2,087,581
Galp Energia SGPS S.A.		88,398		1,072,529
Jeronimo Martins SGPS S.A.		29,061		734,709

				4,231,308

Russia-0.00%
Evraz PLC^(b)(e)		48,360		0
Raspadskaya OJSC^(b)(e)		546		0

				0

Singapore-0.83%
CapitaLand Ascendas REIT		237,078		508,221
CapitaLand Ascott Trust		8,431		6,825
CapitaLand Integrated Commercial Trust		357,540		544,021
CapitaLand Investment Ltd.		147,875		412,319
DBS Group Holdings Ltd.		122,151		3,004,906
Genting Singapore Ltd.		411,410		348,456
Jardine Cycle & Carriage Ltd.		19,444		493,770
Keppel Corp. Ltd.		98,508		455,567
Oversea-Chinese Banking Corp. Ltd.		158,956		1,498,832
Singapore Airlines Ltd.		127,336		558,345
Singapore Technologies Engineering Ltd.		133,430		362,041
Singapore Telecommunications Ltd.		891,131		1,703,245
STMicroelectronics N.V.		20,097		855,645
United Overseas Bank Ltd.		113,279		2,396,082
Venture Corp. Ltd.		24,945		317,293

				13,465,568

South Africa-0.27%
Anglo American PLC		143,510		4,410,239

South Korea-4.31%
Celltrion, Inc.		106		12,719
CJ CheilJedang Corp.^(b)		1,600		369,994
CJ CheilJedang Corp., Preference Shares^(b)		241		26,344
Delivery Hero SE^(b)(c)		7,869		313,875
Doosan Enerbility Co. Ltd.^(b)		58,842		733,766
E-MART, Inc.		3,415		249,032
GS Engineering & Construction Corp.		28,997		467,973
Hana Financial Group, Inc.		46,079		1,444,272
Hanwha Galleria Co. Ltd.^(b)		12,953		16,685
Hanwha Solutions Corp.^(b)		12,756		457,001
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.^(b)		4,885		309,510
HMM Co. Ltd.		32,940		502,074

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

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
South Korea-(continued)
Hyosung TNC Corp.		828	$	233,231
Hyundai Engineering & Construction Co. Ltd.		21,933		671,887
Hyundai Glovis Co. Ltd.		2,403		293,911
Hyundai Marine & Fire Insurance Co. Ltd.		13,260		372,021
Hyundai Mobis Co. Ltd.		6,229		1,012,259
Hyundai Motor Co.		18,876		2,785,423
Hyundai Motor Co., First Pfd.		2,929		231,974
Hyundai Motor Co., Second Pfd.		4,558		376,995
Hyundai Steel Co.		13,400		364,936
Industrial Bank of Korea		39,200		294,644
JB Financial Group Co. Ltd.		39,029		243,785
Kakao Corp.		7,680		333,389
KB Financial Group, Inc.		61,524		2,275,432
Kia Corp.		38,432		2,426,408
Korea Electric Power Corp.^(a)(b)		55,577		775,686
Korea Gas Corp.^(a)(b)		16,205		324,487
Korea Investment Holdings Co. Ltd.		6,915		284,681
Korea Zinc Co. Ltd.		969		371,411
Korean Air Lines Co. Ltd.^(a)		27,457		468,763
KT&G Corp.		12,520		802,612
Kumho Petrochemical Co. Ltd.		2,374		241,941
LG Chem Ltd.		3,519		1,945,652
LG Chem Ltd., Preference Shares		563		164,054
LG Corp.		5,866		383,061
LG Display Co. Ltd.^(b)		45,527		504,797
LG Electronics, Inc.		17,556		1,433,705
LG Electronics, Inc., Preference Shares		2,912		106,828
LG H&H Co. Ltd.		800		372,385
LG H&H Co. Ltd., Preference Shares		174		34,777
LG Innotek Co. Ltd.		1,591		314,420
LOTTE Chemical Corp.		4,890		614,173
Meritz Financial Group, Inc.^(b)		11,480		393,703
NAVER Corp.		6,604		948,856
NCSoft Corp.		832		234,357
POSCO Holdings, Inc.		13,055		3,677,327
Posco International Corp.^(a)		17,135		343,110
Samsung C&T Corp.		8,030		657,567
Samsung Electro-Mechanics Co. Ltd.		5,475		588,653
Samsung Electronics Co. Ltd.		430,363		21,061,549
Samsung Electronics Co. Ltd., Preference Shares		75,442		3,139,659
Samsung Engineering Co. Ltd.^(b)		15,754		342,529
Samsung Fire & Marine Insurance Co. Ltd.		2,596		436,417
Samsung Fire & Marine Insurance Co. Ltd., Preference Shares		188		23,458
Samsung Heavy Industries Co. Ltd.^(b)		74,170		314,768
Samsung Life Insurance Co. Ltd.		7,939		393,272
Samsung SDI Co. Ltd.		1,655		854,457
Samsung SDI Co. Ltd., Preference Shares		43		10,891
Shinhan Financial Group Co. Ltd.		56,291		1,469,942
Shinsegae, Inc.		1,935		297,826
SK hynix, Inc.		71,932		4,810,157
SK Innovation Co. Ltd.^(b)		12,077		1,561,961
SK Square Co. Ltd.^(b)		9,870		313,047
SK, Inc.		4,110		499,010
S-Oil Corp.		7,603		423,778
Woori Financial Group, Inc.		102,274		896,349

				69,655,616


	Shares		Value
Spain-2.96%
Acciona S.A.^(a)		2,014	$	373,541
Acerinox S.A.		38,791		419,516
ACS Actividades de Construccion y Servicios S.A.		34,793		1,198,438
Aena SME S.A.^(a)(b)(c)		3,712		626,592
Amadeus IT Group S.A.^(b)		14,633		1,029,709
Banco Bilbao Vizcaya Argentaria S.A.^(a)		1,025,668		7,530,045
Banco de Sabadell S.A.		1,199,602		1,251,256
Banco Santander S.A.^(a)		2,582,876		9,086,290
Bankinter S.A.^(a)		63,151		373,832
CaixaBank S.A.		370,241		1,370,117
Cellnex Telecom S.A.^(a)(c)		17,720		746,715
Cia de Distribucion Integral Logista Holdings S.A.		10,717		291,767
Enagas S.A.		33,878		679,021
Endesa S.A.^(a)		53,919		1,212,557
Ferrovial S.A.^(a)		25,589		803,155
Grifols S.A.^(a)(b)		34,241		352,315
Grifols S.A., Class B, Preference Shares^(b)		27,009		199,482
Iberdrola S.A.		629,305		8,184,188
Industria de Diseno Textil S.A.^(a)		62,790		2,160,016
Inmobiliaria Colonial SOCIMI S.A.^(a)		38,622		247,091
Mapfre S.A.^(a)		191,880		384,905
Merlin Properties SOCIMI S.A.		49,037		433,636
Naturgy Energy Group S.A.^(a)		17,192		537,133
Red Electrica Corp. S.A.		43,975		801,291
Repsol S.A.		256,159		3,773,960
Telefonica S.A.		819,587		3,732,400

				47,798,968

Sweden-2.35%
Alfa Laval AB^(a)		15,930		583,170
Assa Abloy AB, Class B		47,046		1,118,674
Atlas Copco AB, Class A^(a)		102,579		1,481,094
Atlas Copco AB, Class B^(a)		62,232		796,613
Billerud AB^(a)		25,387		243,444
Boliden AB^(a)		23,627		843,521
Castellum AB^(a)		37,039		448,848
Dometic Group AB^(a)(c)		42,574		304,158
Electrolux AB, Class B^(a)		57,008		858,962
Epiroc AB, Class A		22,264		444,965
Epiroc AB, Class B		13,481		231,446
Essity AB, Class B		56,357		1,707,097
Fastighets AB Balder^(a)(b)		62,486		289,913
Getinge AB, Class B^(a)		14,003		354,810
H & M Hennes & Mauritz AB, Class B^(a)		98,271		1,435,946
Hexagon AB, Class B^(a)		70,249		800,273
Holmen AB, Class B^(a)		7,926		299,275
Husqvarna AB, Class B^(a)		43,061		370,693
Industrivarden AB, Class A^(a)		12,330		351,968
Industrivarden AB, Class C^(a)		14,606		416,226
Investor AB, Class A^(a)		35,720		781,454
Investor AB, Class B^(a)		122,346		2,621,721
Kinnevik AB, Class B^(a)(b)		29,983		490,643
Sandvik AB^(a)		67,480		1,371,672
Securitas AB, Class B^(a)		78,085		698,843
Skandinaviska Enskilda Banken AB, Class A^(a)		168,635		1,915,326
Skandinaviska Enskilda Banken AB, Class C		2,341		29,852

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

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
Sweden-(continued)
Skanska AB, Class B		37,603	$	613,687
SKF AB, Class B		46,719		843,991
SSAB AB, Class A		33,184		235,068
SSAB AB, Class B^(a)		92,644		624,295
Svenska Cellulosa AB S.C.A., Class B^(a)		47,161		645,764
Svenska Handelsbanken AB, Class A^(a)		197,036		1,740,759
Svenska Handelsbanken AB, Class B^(a)		4,657		51,123
Swedbank AB, Class A		127,651		2,215,202
Tele2 AB, Class B^(a)		95,309		1,012,349
Telefonaktiebolaget LM Ericsson, Class A^(a)		4,411		27,006
Telefonaktiebolaget LM Ericsson, Class B		354,891		1,950,348
Telia Co. AB^(a)		593,655		1,652,956
Trelleborg AB, Class B^(a)		16,801		421,612
Volvo AB, Class A^(a)		24,402		516,243
Volvo AB, Class B		180,104		3,701,374
Volvo Car AB, Class B^(a)(b)		98,352		404,253

				37,946,637

Switzerland-3.58%
ABB Ltd.^(a)		90,216		3,255,702
Adecco Group AG^(a)(b)		25,509		874,996
Alcon, Inc.		17,367		1,264,793
Baloise Holding AG		4,026		674,430
Barry Callebaut AG		223		477,043
Chocoladefabriken Lindt & Spruengli AG		4		493,455
Chocoladefabriken Lindt & Spruengli AG, PC		37		458,109
Cie Financiere Richemont S.A.		19,180		3,166,677
Clariant AG		20,746		346,369
Credit Suisse Group AG^(b)		1,293,373		1,163,098
DKSH Holding AG		3,420		272,624
Dufry AG^(a)(b)		8,403		387,744
Galenica AG^(c)		3,777		339,274
Geberit AG^(a)		1,440		819,945
Georg Fischer AG		5,458		397,063
Givaudan S.A.		366		1,283,807
Helvetia Holding AG		3,018		451,318
Julius Baer Group Ltd.		16,083		1,151,406
Kuehne + Nagel International AG, Class R^(a)		3,363		997,130
Logitech International S.A., Class R		6,859		404,735
Lonza Group AG		1,819		1,131,804
Novartis AG		132,896		13,606,890
Partners Group Holding AG^(a)		837		811,750
PSP Swiss Property AG		3,011		355,549
Schindler Holding AG		1,141		243,442
Schindler Holding AG, PC		2,375		530,209
SGS S.A.		10,225		925,483
SIG Group AG^(a)(b)		15,422		413,079
Sika AG		3,485		960,866
Sonova Holding AG, Class A		1,931		611,377
Swatch Group AG (The)		3,389		213,990
Swatch Group AG (The), BR^(a)		2,212		757,008
Swiss Life Holding AG^(a)		4,257		2,806,593
Swiss Prime Site AG^(a)		5,720		519,591
Swisscom AG		2,358		1,624,014
UBS Group AG^(b)		298,258		6,053,627
Zurich Insurance Group AG		15,420		7,480,879

				57,725,869


	Shares		Value
United Kingdom-11.33%
3i Group PLC		72,985	$	1,620,956
abrdn PLC^(a)		445,673		1,191,475
Admiral Group PLC^(a)		28,349		823,453
Ashtead Group PLC		18,241		1,049,375
Associated British Foods PLC		38,068		935,901
AstraZeneca PLC		53,835		7,947,963
Aviva PLC		309,644		1,646,282
B&M European Value Retail S.A.		107,930		650,748
BAE Systems PLC		271,291		3,457,598
Balfour Beatty PLC		86,146		414,701
Barclays PLC		2,728,787		5,483,589
Barratt Developments PLC		201,680		1,267,459
Beazley PLC		33,905		253,774
Bellway PLC		15,336		464,933
Berkeley Group Holdings PLC		11,588		647,704
BP PLC		3,126,481		21,000,197
British American Tobacco PLC		298,947		10,998,110
British Land Co. PLC (The)		117,001		588,529
BT Group PLC		860,225		1,717,515
Bunzl PLC		24,818		986,971
Burberry Group PLC		19,714		642,012
Centrica PLC		1,220,507		1,756,495
CNH Industrial N.V.		84,814		1,193,374
Compass Group PLC		119,217		3,142,228
Croda International PLC^(a)		5,614		492,526
DCC PLC		14,732		915,464
Derwent London PLC		11,992		362,048
Diageo PLC		94,159		4,286,585
Direct Line Insurance Group PLC		311,356		671,742
Dowlais Group PLC^(b)		173,854		289,754
Drax Group PLC		48,307		382,275
DS Smith PLC		205,869		802,405
easyJet PLC^(b)		47,195		295,174
Entain PLC		33,332		604,964
Grafton Group PLC		25,850		281,631
Halma PLC		11,124		322,699
Harbour Energy PLC		83,762		260,359
Hiscox Ltd.		23,195		344,598
Howden Joinery Group PLC		36,034		310,063
HSBC Holdings PLC		2,300,435		16,590,965
IG Group Holdings PLC		43,325		399,429
IMI PLC		17,093		342,673
Imperial Brands PLC		127,527		3,153,683
Inchcape PLC		25,114		255,210
Informa PLC		87,525		794,934
InterContinental Hotels Group PLC		7,352		504,544
Intermediate Capital Group PLC		22,908		374,742
International Consolidated Airlines Group S.A.^(a)(b)		173,745		332,266
International Distributions Services PLC		139,820		444,973
Intertek Group PLC		10,104		527,801
Investec PLC		71,255		397,022
ITV PLC		478,596		485,930
J Sainsbury PLC^(a)		359,383		1,248,523
JD Sports Fashion PLC		128,738		260,597
Johnson Matthey PLC^(a)		29,063		717,253
Just Eat Takeaway.com N.V.^(a)(b)(c)		32,815		575,297
Kingfisher PLC		378,693		1,225,648
Land Securities Group PLC		89,684		759,985
Legal & General Group PLC		640,023		1,883,207

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

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
United Kingdom-(continued)
Lloyds Banking Group PLC		8,806,687	$	5,335,323
London Stock Exchange Group PLC		15,886		1,666,457
M&G PLC^(a)		297,920		768,009
Man Group PLC		113,398		323,828
Marks & Spencer Group PLC^(b)		357,299		738,079
Melrose Industries PLC		173,854		893,736
National Grid PLC		392,946		5,652,620
NatWest Group PLC		812,634		2,676,070
Next PLC		8,276		701,103
OSB Group PLC		44,624		278,645
Pearson PLC		72,956		813,366
Pennon Group PLC		37,919		409,880
Persimmon PLC		66,982		1,106,253
Phoenix Group Holdings PLC		90,479		673,014
Reckitt Benckiser Group PLC		43,229		3,493,714
RELX PLC		77,947		2,592,331
Rentokil Initial PLC^(a)		71,959		571,976
Rolls-Royce Holdings PLC^(a)(b)		622,518		1,190,488
RS GROUP PLC		24,797		287,176
Sage Group PLC (The)		54,717		562,983
Schroders PLC^(a)		78,261		477,765
Segro PLC		96,322		1,010,669
Severn Trent PLC^(a)		20,390		751,419
Smith & Nephew PLC		68,591		1,133,258
Smiths Group PLC		28,148		594,725
Spectris PLC		7,699		363,754
Spirax-Sarco Engineering PLC		2,060		287,144
SSE PLC		135,073		3,119,586
St. James’s Place PLC^(a)		62,620		949,602
Standard Chartered PLC		291,379		2,301,418
Subsea 7 S.A.		29,615		336,978
Tate & Lyle PLC		46,912		480,555
Taylor Wimpey PLC		684,032		1,102,213
Tesco PLC		1,019,313		3,601,385
Travis Perkins PLC		38,193		459,886
Tritax Big Box REIT PLC		170,519		332,419
Unilever PLC		193,912		10,813,003
United Utilities Group PLC		67,276		914,931
Virgin Money UK PLC		190,956		374,180
Vistry Group PLC		33,303		327,543
Vodafone Group PLC		6,671,059		8,041,083
Weir Group PLC (The)		15,461		357,566
Whitbread PLC^(a)		14,413		588,217
WPP PLC		147,447		1,718,346

				182,951,007


	Shares		Value
United States-4.86%
Amcor PLC, CDI		129,852	$	1,407,328
Bausch Health Cos., Inc.^(b)		82,612		607,271
Experian PLC		30,983		1,094,286
Ferguson PLC		13,670		1,923,507
GSK PLC		439,257		7,955,799
Haleon PLC		588,209		2,595,015
Holcim AG		64,498		4,262,426
Nestle S.A.		144,410		18,580,791
QIAGEN N.V.^(b)		7,677		343,339
Roche Holding AG		43,067		13,565,343
Roche Holding AG, BR^(a)		1,838		624,472
Sanofi		108,006		11,923,864
Signify N.V.		20,770		692,718
Stellantis N.V.		464,845		7,697,834
Swiss Re AG		37,943		3,824,781
Tenaris S.A.		28,434		409,654
Waste Connections, Inc.		6,858		952,930

				78,461,358

Zambia-0.06%
First Quantum Minerals Ltd.		39,238		952,381

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.75% (Cost $1,480,497,044)				1,610,636,429


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-9.28%
Invesco Private Government Fund, 4.83%^(f)(g)(h)		41,959,548		41,959,548
Invesco Private Prime Fund, 4.99%^(f)(g)(h)		107,895,981		107,895,981

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $149,864,596)				149,855,529

TOTAL INVESTMENTS IN SECURITIES-109.03% (Cost $1,630,361,640)				1,760,491,958
OTHER ASSETS LESS LIABILITIES-(9.03)%				(145,819,652	)

NET ASSETS-100.00%			$	1,614,672,306

Investment Abbreviations:

BR-Bearer Shares

CDI-CREST Depository Interest

CVA-Dutch Certificates

FDR-Fiduciary Depositary Receipt

PC-Participation Certificate

Pfd.-Preferred

REIT-Real Estate Investment Trust

RSP-Registered Savings Plan Shares

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

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)

April 30, 2023

(Unaudited)

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at April 30, 2023.

^(b)	Non-income producing security.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2023 was $12,881,946, which represented less than 1% of the Fund’s Net Assets.

^(d)	Restricted security. The value of this security at April 30, 2023 represented less than 1% of the Fund’s Net Assets.

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

^(f)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	29,107,004		$	(29,107,004	)		$	-			$	-			$	-		$	8,535
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			23,289,157			130,705,278			(112,034,887	)			-				-				41,959,548			715,643	*
Invesco Private Prime Fund			59,722,272			268,547,423			(220,364,720	)			(8,049	)			(945	)			107,895,981			1,937,814	*

Total		$	83,011,429		$	428,359,705		$	(361,506,611	)		$	(8,049	)		$	(945	)		$	149,855,529		$	2,661,992

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

^(g)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

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

Portfolio Composition

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

as of April 30, 2023



Financials			24.67

Industrials			13.36

Consumer Discretionary			10.40

Materials			9.53

Energy			8.88

Consumer Staples			8.16

Health Care			6.97

Information Technology			5.54

Communication Services			5.02

Utilities			4.83

Real Estate			2.39

Money Market Funds Plus Other Assets Less Liabilities			0.25

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

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)

April 30, 2023

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.76%
Australia-6.55%
29Metals Ltd.		117,673	$	92,151
Abacus Property Group		121,078		212,838
Adbri Ltd.		187,017		195,890
ALS Ltd.		74,396		644,548
Altium Ltd.		6,185		156,014
Alumina Ltd.		241,533		242,618
Ansell Ltd.		35,763		632,445
ARB Corp. Ltd.^(a)		9,000		190,027
Atlas Arteria Ltd.		94,718		409,367
AUB Group Ltd.		8,088		146,826
Bapcor Ltd.		92,236		399,250
Beach Energy Ltd.		659,660		640,826
Bega Cheese Ltd.		92,814		231,851
Blackmores Ltd.		2,672		167,662
Boral Ltd.^(a)(b)		151,812		413,339
Breville Group Ltd.		18,336		249,011
Brickworks Ltd.		12,425		205,277
BWP Trust		100,148		256,789
carsales.com Ltd.		28,438		446,528
Centuria Capital Group		151,802		172,046
Centuria Industrial REIT^(a)		115,122		237,365
Challenger Ltd.		127,490		508,038
Champion Iron Ltd.		87,116		372,482
Charter Hall Group		65,812		484,064
Charter Hall Long Wale REIT		118,424		340,433
Charter Hall Retail REIT		133,255		339,918
Charter Hall Social Infrastructure REIT		78,776		157,219
Cleanaway Waste Management Ltd.		406,284		649,753
Cochlear Ltd.		4,967		809,582
Collins Foods Ltd.		35,170		200,812
Coronado Global Resources, Inc., CDI^(c)		303,062		330,460
Corporate Travel Management Ltd.		12,080		167,006
Costa Group Holdings Ltd.		134,751		221,735
Credit Corp. Group Ltd.^(a)		12,423		147,857
Cromwell Property Group		328,424		123,712
CSR Ltd.		203,216		705,050
Domino’s Pizza Enterprises Ltd.		7,605		253,399
Downer EDI Ltd.		300,266		704,429
Eagers Automotive Ltd.^(a)		34,846		325,846
EBOS Group Ltd.^(a)		28,522		780,416
Elders Ltd.		54,709		293,213
EVT Ltd.		16,838		133,640
Flight Centre Travel Group Ltd.^(a)(b)		28,432		369,585
G8 Education Ltd.		200,607		161,737
GrainCorp Ltd., Class A		99,363		446,516
Growthpoint Properties Australia Ltd.		70,131		150,625
GUD Holdings Ltd.		31,219		197,027
Harvey Norman Holdings Ltd.^(a)		292,802		698,529
Healius Ltd.		234,986		464,319
Helia Group Ltd.		114,466		239,038
IGO Ltd.		54,389		494,216
Iluka Resources Ltd.		59,150		428,809
Ingenia Communities Group		58,079		163,889
Inghams Group Ltd.		117,313		217,849
Insignia Financial Ltd.		196,674		386,017
InvoCare Ltd.		25,529		187,266
IPH Ltd.		26,798		143,801


	Shares		Value
Australia-(continued)
IRESS Ltd.		47,516	$	323,430
Link Administration Holdings Ltd.		177,800		249,098
Lottery Corp. Ltd. (The)		213,141		709,905
Lynas Rare Earths Ltd.^(b)		42,158		179,141
Magellan Financial Group Ltd.^(a)		73,352		393,614
McMillan Shakespeare Ltd.		20,530		208,529
Monadelphous Group Ltd.		30,031		245,495
Myer Holdings Ltd.		238,198		137,737
National Storage REIT		225,891		373,200
NEXTDC Ltd.^(b)		40,625		308,204
nib holdings Ltd.		116,764		595,702
Nine Entertainment Co. Holdings Ltd.		401,333		546,355
NRW Holdings Ltd.		133,480		212,587
Nufarm Ltd.		127,029		467,586
OceanaGold Corp.		244,240		558,242
Orora Ltd.		209,076		473,916
Perenti Ltd.^(b)		216,177		165,004
Perpetual Ltd.		24,858		402,964
Perseus Mining Ltd.		206,633		304,514
Platinum Asset Management Ltd.		109,701		127,230
Premier Investments Ltd.		15,440		265,700
Qube Holdings Ltd.		386,450		784,034
Ramelius Resources Ltd.^(a)		312,287		271,383
REA Group Ltd.		2,975		276,994
Reece Ltd.		31,404		378,333
Region RE Ltd.		291,864		474,481
Regis Resources Ltd.^(b)		365,113		513,937
Sandfire Resources Ltd.^(b)		85,302		366,981
SEEK Ltd.		42,925		692,722
Seven Group Holdings Ltd.		29,116		456,212
Silver Lake Resources Ltd.^(a)(b)		304,676		255,708
SmartGroup Corp. Ltd.		40,446		179,617
St Barbara Ltd.^(b)		811,339		324,385
Steadfast Group Ltd.		98,530		386,123
Super Retail Group Ltd.^(a)		60,537		540,479
Tabcorp Holdings Ltd.		461,668		320,348
TPG Telecom Ltd.		137,704		488,679
United Malt Grp Ltd.		87,186		253,514
Ventia Services Group Pty. Ltd.		84,952		147,088
Viva Energy Group Ltd.^(c)		307,323		629,593
Washington H Soul Pattinson & Co. Ltd.		36,653		761,786
Waypoint REIT Ltd.		197,648		340,907
Webjet Ltd.^(a)(b)		39,515		193,240
West African Resources Ltd.^(b)		242,316		156,131
Westgold Resources Ltd.^(b)		248,191		250,126
Whitehaven Coal Ltd.		170,075		809,237
Yancoal Australia Ltd.^(a)		64,435		236,755

				36,877,901

Austria-0.66%
AT&S Austria Technologie & Systemtechnik AG^(a)		9,655		295,258
CA Immobilien Anlagen AG^(b)		12,839		372,783
EVN AG		14,661		353,658
Immofinanz AG^(b)		15,517		253,878
Kontron AG^(a)		11,831		228,967
Lenzing AG^(b)		6,097		399,153
Mayr Melnhof Karton AG		1,109		177,039

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

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
Austria-(continued)
Oesterreichische Post AG^(a)		7,254	$	280,295
Schoeller-Bleckmann Oilfield Equipment AG		1,989		125,164
Telekom Austria AG		21,528		168,270
UNIQA Insurance Group AG		33,686		302,349
Verbund AG		6,409		572,411
Vienna Insurance Group AG Wiener Versicherung Gruppe		7,070		208,011

				3,737,236

Belgium-1.23%
Ackermans & van Haaren N.V.		3,856		679,421
Aedifica S.A.		7,244		605,801
Barco N.V.		10,791		315,463
Bekaert S.A.^(a)		10,651		496,217
bpost S.A.^(a)		40,220		197,948
Deme Group N.V.^(a)(b)		1,219		161,224
D’Ieteren Group		2,781		523,473
Euronav N.V.		28,652		490,293
Fagron		11,364		211,523
Galapagos N.V.^(a)(b)		11,081		429,271
KBC Ancora		6,414		309,159
Lotus Bakeries N.V.		26		179,687
Melexis N.V.		2,579		245,857
Montea N.V.		2,160		189,341
Recticel S.A.^(a)		11,662		166,343
Shurgard Self Storage Ltd.^(a)		3,599		186,447
Telenet Group Holding N.V.		30,566		709,992
Warehouses De Pauw C.V.A.^(a)		21,213		635,128
Xior Student Housing N.V.^(c)		5,601		178,085

				6,910,673

Brazil-0.04%
ERO Copper Corp.^(b)		11,996		235,975

Cambodia-0.03%
NagaCorp Ltd.^(b)		181,196		146,344

Canada-8.52%
ADENTRA, Inc.		7,447		142,867
Advantage Energy Ltd.^(b)		54,000		303,384
Aecon Group, Inc.		61,085		570,631
Africa Oil Corp.		78,681		151,990
Ag Growth International, Inc.		5,505		240,567
Alamos Gold, Inc., Class A		61,953		799,821
Algoma Steel Group, Inc.		105,097		772,556
Altus Group Ltd.		4,386		173,978
Aritzia, Inc.^(b)		7,284		231,253
Artis REIT.		43,823		227,467
Athabasca Oil Corp.^(b)		99,117		244,084
ATS Corp.^(b)		8,114		347,461
Aurora Cannabis, Inc.^(a)(b)		294,739		171,676
AutoCanada, Inc.^(b)		9,250		140,152
Badger Infrastructure Solutions Ltd.		7,336		160,588
Ballard Power Systems, Inc.^(b)		33,308		147,102
Baytex Energy Corp.^(b)		167,095		628,316
Birchcliff Energy Ltd.		72,166		436,838
BlackBerry Ltd.^(b)		85,038		331,048
Boardwalk REIT, Class E		10,058		430,114
Boralex, Inc., Class A		12,072		351,577
Boyd Group Services, Inc.		2,478		412,817
Brookfield Business Corp., Class A^(a)		8,984		164,869
Brookfield Infrastructure Corp., Class A		12,956		551,463


	Shares		Value
Canada-(continued)
Brookfield Reinsurance Ltd., Class A		8,138	$	263,646
BRP, Inc.		4,812		359,117
Canaccord Genuity Group, Inc.		41,260		328,851
Canfor Corp.^(b)		36,678		550,589
Canopy Growth Corp.^(a)(b)		132,315		170,723
Cardinal Energy Ltd.^(a)		28,623		154,057
Cascades, Inc.		31,432		255,850
Centerra Gold, Inc.		118,585		800,884
CES Energy Solutions Corp.		95,077		188,570
Chartwell Retirement Residences		77,035		503,229
Chemtrade Logistics Income Fund		64,089		362,902
Choice Properties REIT		50,672		546,957
Chorus Aviation, Inc.^(b)		82,453		180,554
Cineplex, Inc.^(b)		48,724		319,007
Cogeco Communications, Inc.^(a)		4,862		235,375
Cogeco, Inc.		4,102		174,417
Colliers International Group, Inc.		3,467		368,300
Converge Technology Solutions Corp.^(b)		55,794		135,752
Copper Mountain Mining Corp.^(b)		100,096		188,192
Crew Energy, Inc.^(b)		61,346		208,060
Crombie REIT		25,859		293,995
CT REIT^(a)		16,845		199,835
Definity Financial Corp.		15,565		421,746
dentalcorp Holdings Ltd.^(b)		25,098		164,137
Descartes Systems Group, Inc. (The)^(b)		4,141		327,787
Doman Building Materials Group Ltd.		36,651		165,920
Dream Industrial REIT^(a)		46,775		511,790
Dream Office REIT^(a)		16,377		160,957
Dundee Precious Metals, Inc.		48,239		353,532
Enerflex Ltd.		62,162		376,739
Enerplus Corp.		29,103		434,732
Enghouse Systems Ltd.		6,121		168,290
Ensign Energy Services, Inc.^(b)		63,800		124,655
EQB, Inc.		5,668		251,159
Equinox Gold Corp.^(b)		140,783		698,569
Exchange Income Corp.		6,122		235,663
Fiera Capital Corp.		31,605		173,137
First Majestic Silver Corp.		29,675		209,386
FirstService Corp.		3,514		528,020
Fortuna Silver Mines, Inc.^(b)		115,044		430,895
Freehold Royalties Ltd.^(a)		14,475		157,418
GFL Environmental, Inc.^(a)		18,159		658,855
goeasy Ltd.		2,137		146,201
Granite REIT		12,696		788,738
H&R REIT		90,740		786,106
Home Capital Group, Inc.		14,514		466,036
Hudbay Minerals, Inc.		96,459		482,900
IAMGOLD Corp.^(b)		329,622		942,958
Innergex Renewable Energy, Inc.		34,216		350,662
Interfor Corp.^(b)		46,573		730,032
International Petroleum Corp.^(b)		30,123		293,834
InterRent REIT.		31,416		300,193
Ivanhoe Mines Ltd., Class A^(b)		21,422		185,585
Kelt Exploration Ltd.^(b)		57,638		210,358
Killam Apartment REIT^(a)		32,760		406,511
Laurentian Bank of Canada		22,994		546,071
Lightspeed Commerce, Inc.^(b)		33,776		443,523
Lundin Gold, Inc.		14,518		183,897
Maple Leaf Foods, Inc.		27,150		555,691
Martinrea International, Inc.		37,829		394,662

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

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
Canada-(continued)
Mullen Group Ltd.		35,553	$	393,461
New Gold, Inc.^(b)		265,471		340,573
NFI Group, Inc.^(a)		37,291		217,483
North West Co., Inc. (The)		14,185		415,625
NorthWest Healthcare Properties REIT		74,593		448,229
Nuvei Corp.^(b)(c)		6,607		268,021
NuVista Energy Ltd.^(b)		50,232		435,544
Obsidian Energy Ltd.^(b)		40,615		263,819
Osisko Gold Royalties Ltd.		20,646		335,195
Pan American Silver Corp.		51,333		912,889
Paramount Resources Ltd., Class A		10,456		247,311
Pason Systems, Inc.		17,437		151,704
Peyto Exploration & Development Corp.^(a)		64,646		588,168
PrairieSky Royalty Ltd.		29,605		466,678
Precision Drilling Corp.^(b)		8,393		417,639
Premium Brands Holdings Corp.		8,981		673,492
Primaris REIT		22,860		225,179
Quebecor, Inc., Class B		15,525		400,287
Richelieu Hardware Ltd.		7,778		233,632
Ritchie Bros. Auctioneers, Inc.		11,372		649,972
Russel Metals, Inc.		29,659		754,432
Secure Energy Services, Inc.		59,262		275,708
ShawCor Ltd.^(b)		25,419		228,645
Sienna Senior Living, Inc.^(a)		30,073		241,684
Silvercorp Metals, Inc.		48,506		177,387
Slate Grocery REIT, Class U		13,865		135,450
Sleep Country Canada Holdings, Inc.^(c)		12,260		212,514
SmartCentres REIT^(a)		40,260		777,119
Spartan Delta Corp.		16,237		184,003
Stantec, Inc.		16,527		992,375
Stelco Holdings, Inc.		15,484		540,450
Stella-Jones, Inc.		16,224		634,223
Superior Plus Corp.		82,395		610,536
Tamarack Valley Energy Ltd.		81,917		225,886
Taseko Mines Ltd.^(b)		95,563		157,123
Topaz Energy Corp.		12,680		181,463
Torex Gold Resources, Inc.^(b)		43,747		717,021
TransAlta Corp.		70,559		628,440
TransAlta Renewables, Inc.		30,677		286,120
Transcontinental, Inc., Class A		24,524		263,810
Trican Well Service Ltd.		64,380		150,472
Tricon Residential, Inc.		65,750		526,465
Uni-Select, Inc.^(b)		9,994		342,934
Westshore Terminals Investment Corp.		10,562		215,087
Whitecap Resources, Inc.^(a)		63,263		498,156
Winpak Ltd.		5,832		194,314

				47,925,544

China-1.05%
BOC Aviation Ltd.^(c)		65,182		514,820
Budweiser Brewing Co. APAC Ltd.^(c)		190,967		549,797
CapitaLand China Trust		347,972		289,509
China Travel International Investment Hong Kong Ltd.^(a)(b)		712,000		151,472
Chow Tai Fook Jewellery Group Ltd.		353,619		707,247
ESR Group Ltd.^(c)		208,889		325,179
Huabao International Holdings Ltd.		304,692		143,226
MMG Ltd.^(b)		2,156,023		785,517
Nexteer Automotive Group Ltd.		517,788		288,910
Powerlong Real Estate Holdings Ltd.		1,697,000		263,741


	Shares		Value
China-(continued)
Shangri-La Asia Ltd.^(b)		158,000	$	145,523
SITC International Holdings Co. Ltd.		421,123		775,735
Want Want China Holdings Ltd.		648,444		413,027
Wharf Holdings Ltd. (The)		247,048		564,598

				5,918,301

Colombia-0.17%
Aris Mining Corp.		54,924		155,503
Parex Resources, Inc.		39,333		797,796

				953,299

Denmark-1.63%
Alm Brand A/S^(a)		220,678		408,257
Ambu A/S, Class B^(a)(b)		9,724		154,402
Bavarian Nordic A/S^(a)(b)		6,737		184,908
D/S Norden A/S		6,602		415,015
Demant A/S^(b)		13,264		568,572
Dfds A/S		10,086		405,753
FLSmidth & Co. A/S^(a)		18,045		712,039
GN Store Nord A/S^(b)		26,793		714,342
H Lundbeck A/S		84,912		449,758
H Lundbeck A/S, Class A		21,719		109,378
NKT A/S^(a)(b)		8,538		447,937
Per Aarsleff Holding A/S		4,394		189,394
Ringkjoebing Landbobank A/S		2,674		376,070
Rockwool A/S, Class B^(a)		1,570		379,634
Royal Unibrew A/S		9,248		827,092
Scandinavian Tobacco Group A/S^(c)		14,636		285,726
Schouw & Co. A/S		2,001		170,423
SimCorp A/S		6,932		751,079
Spar Nord Bank A/S		13,517		219,634
Sydbank A/S		15,012		669,740
Topdanmark A/S		14,218		750,566

				9,189,719

Egypt-0.15%
Centamin PLC		663,731		861,774

Faroe Islands-0.10%
Bakkafrost P/F		8,052		584,444

Finland-0.94%
Cargotec OYJ, Class B		16,853		931,216
Caverion OYJ		26,245		249,181
Citycon OYJ^(a)		30,948		234,041
Kemira OYJ		13,839		242,771
Kojamo OYJ^(a)		59,315		738,002
Metsa Board OYJ^(a)		52,364		377,787
Metso Outotec OYJ		76,838		848,292
TietoEVRY OYJ		27,909		892,302
Tokmanni Group Corp.^(a)		20,484		280,644
Uponor OYJ		13,243		353,518
YIT OYJ^(a)		54,980		142,519

				5,290,273

France-3.63%
Adevinta ASA, Class B^(b)		63,224		484,924
Aeroports de Paris^(b)		5,874		934,474
ALD S.A.^(c)		47,143		567,820
Alten S.A.		4,181		710,837
Beneteau S.A.		8,862		142,646
BioMerieux		5,185		543,230
Carmila S.A.		10,392		175,992

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

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
France-(continued)
Casino Guichard Perrachon S.A.^(a)(b)		42,631	$	362,868
CGG S.A.^(a)(b)		913,058		685,451
Cie Plastic Omnium S.A.		23,448		414,962
Coface S.A.		34,418		526,645
Dassault Aviation S.A.		4,235		828,956
Derichebourg S.A.		62,839		388,149
Elior Group S.A.^(a)(b)(c)		177,255		616,422
Eramet S.A.^(a)		3,461		336,625
Esso S.A. Francaise^(a)(b)		2,611		128,677
Euroapi S.A.^(b)		11,983		144,132
Eutelsat Communications S.A.^(a)		103,461		688,181
Fnac Darty S.A.^(a)		5,598		211,115
Gaztransport Et Technigaz S.A.		3,887		416,037
Getlink SE		41,644		779,736
ICADE		13,423		630,104
Imerys S.A.		15,885		653,079
Ipsen S.A.		5,569		676,299
Ipsos		10,743		583,051
JCDecaux SE^(b)		23,791		527,407
La Francaise des Jeux SAEM^(c)		13,543		579,220
Mercialys S.A.^(a)		47,460		477,850
Metropole Television S.A.		36,058		582,790
Neoen S.A.^(c)		4,934		148,162
Nexity S.A.^(a)		23,507		617,132
Remy Cointreau S.A.		2,270		393,079
Sartorius Stedim Biotech		774		207,215
Societe BIC S.A.		10,381		641,222
SOITEC^(b)		2,070		305,542
Solutions 30 SE^(a)(b)		64,553		178,451
Sopra Steria Group SACA		4,705		1,018,087
Television Francaise 1^(a)		34,643		279,577
Trigano S.A.		2,352		306,400
Vallourec S.A.^(b)		50,111		571,759
Verallia S.A.^(c)		19,290		784,125
Virbac S.A.		596		203,646

				20,452,076

Georgia-0.10%
Bank of Georgia Group PLC		8,957		333,238
TBC Bank Group PLC		8,551		253,110

				586,348

Germany-4.14%
1&1 AG		16,593		193,812
Aareal Bank AG^(b)		4,251		145,017
AIXTRON SE		6,804		192,523
Auto1 Group SE^(b)(c)		39,063		307,572
Bechtle AG		18,171		843,556
Bilfinger SE		10,487		453,844
CANCOM SE		11,432		410,938
Carl Zeiss Meditec AG, BR		2,380		320,032
CECONOMY AG^(a)(b)		92,707		282,277
CompuGroup Medical SE & Co. KGaA		3,702		203,451
CTS Eventim AG& Co. KGaA^(b)		4,363		287,079
Deutsche Pfandbriefbank AG^(c)		79,075		728,945
Deutsche Wohnen SE		18,037		408,213
Deutz AG		58,187		386,394
DIC Asset AG^(a)		17,921		136,317
Duerr AG		18,482		640,690
DWS Group GmbH & Co. KGaA^(c)		15,265		507,262
Encavis AG		12,920		223,583


	Shares		Value
Germany-(continued)
Evotec SE^(b)		19,195	$	352,305
Fielmann AG		7,435		385,459
flatexDEGIRO AG^(b)		16,623		178,930
Fraport AG Frankfurt Airport Services Worldwide^(b)		11,974		643,383
Gerresheimer AG		8,376		912,689
Grand City Properties S.A.		37,242		310,831
GRENKE AG		9,395		336,574
Heidelberger Druckmaschinen AG^(b)		104,657		216,525
Hella GmbH & Co. KGaA		2,222		188,152
HelloFresh SE^(b)		32,565		871,111
Hensoldt AG		7,589		284,861
HOCHTIEF AG		10,460		874,749
Hornbach Holding AG& Co. KGaA		2,302		195,688
Jenoptik AG		9,443		301,076
Kloeckner & Co. SE		45,675		506,773
Krones AG		3,783		496,160
METRO AG^(b)		31,447		267,498
Nemetschek SE		3,130		243,891
Nordex SE^(b)		35,839		430,481
Norma Group SE		8,038		190,968
PATRIZIA SE		13,288		142,885
Rational AG		418		302,264
SAF-Holland SE		15,429		213,431
Sartorius AG		77		23,930
Sartorius AG, Preference Shares		801		310,921
Scout24 SE^(c)		12,004		748,762
Siltronic AG		8,410		604,894
Sirius Real Estate Ltd.^(a)		345,549		349,846
Sixt SE		3,443		426,860
Sixt SE, Preference Shares		4,569		363,685
Software AG		21,682		739,651
Softwareone Holding AG^(a)		18,098		272,675
Stabilus SE		6,045		395,082
Stroeer SE & Co. KGaA		7,503		411,846
Suedzucker AG		38,450		777,662
Synlab AG		26,923		284,746
TeamViewer SE^(b)(c)		11,890		218,885
Traton SE		26,114		603,121
Vitesco Technologies Group AG^(b)		8,974		614,252
Wacker Chemie AG		4,258		657,882

				23,322,889

Ghana-0.05%
Tullow Oil PLC^(a)(b)		755,340		265,449

Hong Kong-1.52%
ASMPT Ltd.		88,658		694,026
Cathay Pacific Airways Ltd.^(b)		453,307		437,144
CK Infrastructure Holdings Ltd.		132,763		754,306
Cowell e Holdings, Inc.^(b)		141,550		272,645
DFI Retail Group Holdings Ltd.		53,834		161,502
Fortune REIT		194,000		162,122
Glory Sun Financial Group Ltd.^(b)		3,008,000		65,142
HKBN Ltd.		358,500		252,552
Hysan Development Co. Ltd.		142,937		403,324
Kerry Properties Ltd.		150,184		386,466
Luk Fook Holdings International Ltd.		100,000		319,749
Man Wah Holdings Ltd.^(a)		331,898		278,206
Melco International Development Ltd.^(b)		406,406		469,056
NWS Holdings Ltd.		189,000		163,481

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

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
Hong Kong-(continued)
Pacific Basin Shipping Ltd.		2,562,375	$	887,866
PCCW Ltd.		703,311		366,443
Sino Land Co. Ltd.		395,667		532,267
Swire Properties Ltd.		324,050		868,960
United Energy Group Ltd.^(b)		2,576,000		387,225
United Laboratories International Holdings Ltd. (The)		232,000		187,376
Vitasoy International Holdings Ltd.^(a)		108,545		191,650
VTech Holdings Ltd.		30,668		183,815
Yue Yuen Industrial Holdings Ltd.		96,000		144,063

				8,569,386

Indonesia-0.04%
First Resources Ltd.		172,496		197,818

Iraq-0.03%
Gulf Keystone Petroleum Ltd.		95,701		163,349

Ireland-0.33%
C&C Group PLC^(a)(b)		109,579		215,410
Dalata Hotel Group PLC^(b)		51,560		259,281
Glanbia PLC		60,092		912,196
Greencore Group PLC^(a)(b)		265,325		285,965
Irish Residential Properties REIT PLC		135,147		153,977

				1,826,829

Israel-1.69%
Airport City Ltd.^(b)		12,011		152,728
Alony Hetz Properties & Investments Ltd.^(a)		39,173		305,395
Amot Investments Ltd.		38,963		205,291
Azrieli Group Ltd.		8,250		476,426
Big Shopping Centers Ltd.^(b)		2,857		241,196
Clal Insurance Enterprises Holdings Ltd.^(b)		13,090		199,745
Delek Group Ltd.		4,097		439,055
Elbit Systems Ltd.		4,403		808,933
Electra Ltd.		403		171,775
Fattal Holdings 1998 Ltd.^(b)		1,645		145,933
First International Bank of Israel Ltd. (The)		17,127		616,044
Fox Wizel Ltd.		2,035		169,506
GCity Ltd.		59,345		183,757
Harel Insurance Investments & Financial Services Ltd.		32,084		285,244
Isracard Ltd.		44,240		178,958
Israel Corp. Ltd.^(a)		1,375		397,022
Melisron Ltd.^(a)		4,137		273,718
Mivne Real Estate KD Ltd.		111,173		308,776
Nice Ltd.^(b)		3,703		758,838
Nova Ltd.^(b)		2,037		186,086
Oil Refineries Ltd.		846,173		233,856
Paz Oil Co. Ltd.^(b)		1,566		146,848
Phoenix Holdings Ltd. (The)		39,243		417,094
Plus500 Ltd.		35,331		739,386
Shikun & Binui Ltd.^(a)(b)		76,308		162,691
Shufersal Ltd.		41,445		209,593
Strauss Group Ltd.		10,448		231,488
Tower Semiconductor Ltd.^(b)		19,722		865,578

				9,510,960

Italy-2.70%
ACEA S.p.A.^(a)		16,344		239,982
Amplifon S.p.A.^(a)		13,319		489,355
Anima Holding S.p.A.^(a)(c)		101,439		421,749


	Shares		Value
Italy-(continued)
Autogrill S.p.A.^(a)(b)		74,814	$	548,429
Banca Generali S.p.A.^(a)		17,268		573,632
Banca IFIS S.p.A.		15,992		268,712
Banca Mediolanum S.p.A.		83,982		759,716
Banca Monte dei Paschi di Siena S.p.A.^(b)		278,730		642,823
Banca Popolare di Sondrio S.p.A.^(a)		91,312		415,532
BFF Bank S.p.A.^(c)		48,662		468,463
Brembo S.p.A		35,480		521,352
Buzzi Unicem S.p.A.^(a)		34,109		848,021
Credito Emiliano S.p.A.		24,041		184,727
Danieli & C. Officine Meccaniche S.p.A.		3,756		97,860
Danieli & C. Officine Meccaniche S.p.A., RSP		12,817		262,623
Davide Campari-Milano N.V.^(a)		43,202		557,078
De’ Longhi S.p.A.^(a)		18,988		441,476
DiaSorin S.p.A.^(a)		2,417		262,781
Enav S.p.A.^(c)		44,053		206,891
ERG S.p.A.^(a)		14,495		438,468
Illimity Bank S.p.A.^(a)(b)		21,875		154,439
Infrastrutture Wireless Italiane S.p.A.^(a)(c)		48,634		676,250
Interpump Group S.p.A.^(a)		9,147		509,762
Iren S.p.A.		265,980		575,245
Maire Tecnimont S.p.A.^(a)		87,332		374,860
MFE-MediaForEurope N.V., Class A^(a)		415,865		196,869
MFE-MediaForEurope N.V., Class B^(a)		177,834		131,148
OVS S.p.A.^(a)(c)		120,955		363,213
Piaggio & C S.p.A.^(a)		57,779		237,802
PRADA S.p.A.		62,713		460,167
Recordati Industria Chimica e Farmaceutica S.p.A.		16,063		740,021
Reply S.p.A.		2,227		259,383
Saipem S.p.A.^(b)		360,252		551,237
Salvatore Ferragamo S.p.A.^(a)		13,443		236,418
Sesa S.p.A.^(a)		1,254		153,532
Technogym S.p.A.^(a)(c)		22,695		207,082
UnipolSai Assicurazioni S.p.A.^(a)		115,226		310,137
Webuild S.p.A.^(a)		177,455		382,025
Webuild S.p.A., Wts., expiring 08/02/2030^(b)		6,553		0

				15,169,260

Japan-30.91%
77 Bank Ltd. (The)		30,874		498,600
ABC-Mart, Inc.		7,362		416,855
Acom Co. Ltd.		175,322		427,473
Activia Properties, Inc.		207		602,005
Adastria Co. Ltd.		13,141		246,771
ADEKA Corp.		24,703		414,000
Advance Residence Investment Corp.		266		689,590
Aeon Delight Co. Ltd.		7,151		158,077
AEON Financial Service Co. Ltd.		45,832		405,929
Aeon Mall Co. Ltd.		62,835		844,476
AEON REIT Investment Corp.		506		579,337
Aica Kogyo Co. Ltd.		9,214		208,417
Aichi Financial Group, Inc.		10,990		171,269
Aiful Corp.^(a)		102,402		277,504
Ain Holdings, Inc.^(a)		10,249		424,517
Air Water, Inc.		45,509		572,184
Alfresa Holdings Corp.		58,735		847,606
Alpen Co. Ltd.^(a)		10,274		156,564
Amano Corp.		12,847		260,308
Anritsu Corp.		47,215		430,662

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

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
Japan-(continued)
Aoyama Trading Co. Ltd.		30,694	$	208,511
Arclands Corp.^(a)		16,118		181,936
Arcs Co. Ltd.		9,468		171,678
Ariake Japan Co. Ltd.		4,711		190,288
As One Corp.^(a)		4,006		168,872
Asahi Holdings, Inc.		28,462		418,052
Asahi Intecc Co. Ltd.		13,377		240,101
Asanuma Corp.		7,036		161,219
Asics Corp.		31,358		869,360
ASKUL Corp.		18,395		244,249
Autobacs Seven Co. Ltd.		17,890		203,121
Avex, Inc.		16,094		183,438
Azbil Corp.		27,470		763,588
Bank of Iwate Ltd. (The)		14,144		224,472
BayCurrent Consulting, Inc.		4,208		145,402
Bell System24 Holdings, Inc.		13,804		141,320
Benesse Holdings, Inc.		29,227		418,341
Bic Camera, Inc.^(a)		59,573		497,444
BIPROGY, Inc.		22,172		532,460
BML, Inc.		6,255		139,878
Calbee, Inc.		21,139		457,043
Canon Marketing Japan, Inc.		12,546		312,349
Capcom Co. Ltd.		11,655		437,389
Central Glass Co. Ltd.		12,040		258,988
Chiba Kogyo Bank Ltd. (The)^(a)		44,084		180,331
Chiyoda Corp.^(a)(b)		70,062		205,300
Chugin Financial Group, Inc.		57,249		382,179
Citizen Watch Co. Ltd.		109,738		603,634
CKD Corp.^(a)		21,593		326,674
Coca-Cola Bottlers Japan Holdings, Inc.		52,121		559,622
Colowide Co. Ltd.^(a)		20,466		312,329
Comforia Residential REIT, Inc.		151		377,597
COMSYS Holdings Corp.		45,036		859,278
Cosmos Pharmaceutical Corp.		5,452		535,731
Create SD Holdings Co. Ltd.		7,080		171,066
Credit Saison Co. Ltd.		64,136		885,041
Daicel Corp.		82,784		649,310
Daido Steel Co. Ltd.		12,862		492,131
Daihen Corp.^(a)		6,905		226,169
Daiichikosho Co. Ltd.		14,694		262,229
Daiki Aluminium Industry Co. Ltd.^(a)		20,392		207,866
Daio Paper Corp.^(a)		39,346		317,854
Daiseki Co. Ltd.		8,178		232,731
Daishi Hokuetsu Financial Group, Inc.		10,320		228,508
Daiwa Office Investment Corp.		75		325,524
Daiwa Securities Living Investments Corp.		449		381,517
Daiwabo Holdings Co. Ltd.		19,446		364,885
DCM Holdings Co. Ltd.		47,978		501,749
DeNA Co. Ltd.^(b)		29,628		414,507
Descente Ltd.		4,999		157,498
Dexerials Corp.		10,891		205,239
DIC Corp.		28,176		517,727
Digital Garage, Inc.		5,242		184,018
DMG Mori Co. Ltd.		49,643		791,138
Doutor Nichires Holdings Co. Ltd.		12,919		203,228
DTS Corp.		9,621		227,162
Duskin Co. Ltd.		7,730		189,326
DyDo Group Holdings, Inc.^(a)		4,015		149,790
Earth Corp.		5,677		207,418
EDION Corp.^(a)		30,122		295,988


	Shares		Value
Japan-(continued)
Elecom Co. Ltd.		15,819	$	149,401
eRex Co. Ltd.^(a)		10,320		131,421
Exedy Corp.		10,686		153,268
EXEO Group, Inc.^(a)		40,284		745,238
Ezaki Glico Co. Ltd.		15,536		398,769
Fancl Corp.		10,634		183,527
Ferrotec Holdings Corp.		15,196		340,380
Food & Life Cos. Ltd.		15,540		372,622
FP Corp.		11,890		294,270
Frontier Real Estate Investment Corp.		114		411,493
Fuji Co. Ltd.^(a)		13,292		173,075
Fuji Corp.		30,045		501,320
Fuji Media Holdings, Inc.		44,630		416,916
Fuji Oil Co. Ltd.		85,480		166,986
Fuji Oil Holdings, Inc.		15,103		232,371
Fuji Seal International, Inc.		11,890		134,386
Fuji Soft, Inc.		5,535		329,259
Fujimi, Inc.^(a)		3,544		182,451
Fujitec Co. Ltd.^(a)		14,112		374,137
Fujitsu General Ltd.		11,324		290,657
Fukuoka REIT Corp.		165		198,002
Fukuyama Transporting Co. Ltd.		9,714		258,250
Furukawa Electric Co. Ltd.^(a)		33,147		602,983
Fuyo General Lease Co. Ltd.		4,102		298,842
Geo Holdings Corp.^(a)		24,764		298,081
Global One Real Estate Investment Corp.		287		221,945
GLOBERIDE, Inc.		7,902		143,921
Glory Ltd.		11,889		251,811
GMO Internet Group, Inc.		15,893		317,708
Godo Steel Ltd.		6,980		156,347
GOLDWIN, Inc.		2,949		267,038
GS Yuasa Corp.		27,125		473,714
GungHo Online Entertainment, Inc.		9,621		184,203
Gunma Bank Ltd. (The)		156,876		533,423
Gunze Ltd.		4,592		158,333
H.I.S. Co. Ltd.^(a)(b)		19,700		295,576
H.U. Group Holdings, Inc.		24,598		496,241
H2O Retailing Corp.^(a)		56,874		669,966
Hachijuni Bank Ltd. (The)^(a)		195,304		869,197
Hamamatsu Photonics K.K.		12,847		677,424
Hankyu Hanshin REIT, Inc.		150		160,614
Hanwa Co. Ltd.		10,578		325,112
Harmonic Drive Systems, Inc.^(a)		4,492		136,411
Hazama Ando Corp.^(a)		36,112		237,626
Heiwa Corp.		19,679		388,045
Heiwa Real Estate Co. Ltd.^(a)		7,855		223,827
Heiwa Real Estate REIT, Inc.		203		237,491
Heiwado Co. Ltd.		8,800		133,262
Hirata Corp.		3,214		159,561
Hirogin Holdings, Inc.		84,687		417,324
Hisamitsu Pharmaceutical Co., Inc.		17,070		470,110
Hitachi Zosen Corp.		69,337		427,739
Hokkaido Electric Power Co., Inc.^(b)		77,335		290,791
Hokkoku Financial Holdings, Inc.^(a)		12,241		425,668
Hokuhoku Financial Group, Inc.		39,534		282,500
Hokuriku Electric Power Co.^(a)(b)		68,095		317,558
Horiba Ltd.		11,900		651,959
Hoshino Resorts REIT, Inc.^(a)		47		244,380
Hoshizaki Corp.		21,284		747,163
Hosiden Corp.		23,317		297,274

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

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
Japan-(continued)
House Foods Group, Inc.		21,787	$	478,413
Hulic Reit, Inc.		349		401,633
Hyakugo Bank Ltd. (The)		64,156		184,225
Ichigo Office REIT Investment Corp.^(a)		358		231,629
Idec Corp.^(a)		6,671		162,164
IDOM, Inc.		37,736		231,961
Iida Group Holdings Co. Ltd.		42,596		753,911
Iino Kaiun Kaisha Ltd.		34,581		258,281
Inaba Denki Sangyo Co. Ltd.		7,464		165,818
Inabata & Co. Ltd.		15,592		316,386
Industrial & Infrastructure Fund Investment Corp.		443		506,881
INFRONEER Holdings, Inc.		65,144		512,387
Internet Initiative Japan, Inc.		17,014		350,239
Invincible Investment Corp.		1,017		438,423
IRISO Electronics Co. Ltd.		4,713		160,255
Ishihara Sangyo Kaisha Ltd.		18,089		155,164
Ito En Ltd.^(a)		16,691		515,446
Itochu Techno-Solutions Corp.		26,875		693,758
Itoham Yonekyu Holdings, Inc.		39,442		215,799
Iwatani Corp.		13,076		617,476
Iyogin Holdings, Inc.		65,690		382,084
Izumi Co. Ltd.		13,019		305,002
J Trust Co. Ltd.^(a)		41,589		120,340
Jaccs Co. Ltd.		7,671		256,047
JAFCO Group Co. Ltd.		27,690		351,806
Japan Airport Terminal Co. Ltd.		5,513		268,838
Japan Aviation Electronics Industry Ltd.		19,600		341,865
Japan Display, Inc.^(a)(b)		1,034,967		311,634
Japan Excellent, Inc.		430		367,583
Japan Hotel REIT Investment Corp.		814		459,114
Japan Logistics Fund, Inc.		173		410,377
Japan Petroleum Exploration Co. Ltd.		13,261		438,251
Japan Prime Realty Investment Corp.		215		558,165
Japan Securities Finance Co. Ltd.		23,989		180,052
Japan Steel Works Ltd. (The)		25,784		465,254
Jeol Ltd.		8,353		241,698
Joyful Honda Co. Ltd.		10,950		145,314
JTEKT Corp.		96,680		791,673
Juroku Financial Group, Inc.		10,904		240,238
JVCKenwood Corp.		178,343		603,798
Kadokawa Corp.		17,350		367,986
Kaga Electronics Co. Ltd.		10,520		370,844
Kagome Co. Ltd.		18,182		440,646
Kakaku.com, Inc.		20,674		282,860
Kaken Pharmaceutical Co. Ltd.		6,503		178,377
Kamigumi Co. Ltd.		30,172		659,213
Kanamoto Co. Ltd.^(a)		11,342		188,999
Kandenko Co. Ltd.		23,428		175,841
Kaneka Corp.		21,952		580,378
Kanematsu Corp.		18,962		245,650
Kansai Paint Co. Ltd.		59,344		833,296
Kanto Denka Kogyo Co. Ltd.		21,078		158,822
Katitas Co. Ltd.^(a)		7,464		145,152
Keihan Holdings Co. Ltd.		30,902		847,640
Keikyu Corp.^(a)		80,902		784,274
Keisei Electric Railway Co. Ltd.^(a)		27,568		970,797
Keiyo Bank Ltd. (The)		42,932		177,195
Kenedix Office Investment Corp.^(a)		237		523,031
Kenedix Residential Next Investment Corp.		230		360,460


	Shares		Value
Japan-(continued)
Kenedix Retail REIT Corp.		205	$	368,402
Kewpie Corp.		37,341		626,898
KH Neochem Co. Ltd.		13,252		226,763
Kinden Corp.		21,606		293,549
Kiyo Bank Ltd. (The)		12,140		140,867
Kobayashi Pharmaceutical Co. Ltd.^(a)		8,846		550,906
Kobe Bussan Co. Ltd.		11,188		312,638
Koei Tecmo Holdings Co. Ltd.^(a)		15,087		276,777
Kohnan Shoji Co. Ltd.		6,893		185,531
Kokuyo Co. Ltd.		21,099		300,141
Komeri Co. Ltd.		9,656		224,088
Kose Corp.^(a)		4,352		505,307
KPP Group Holdings Co. Ltd.^(a)		58,512		277,165
K’s Holdings Corp.		75,248		665,911
Kumagai Gumi Co. Ltd.		16,139		342,064
Kumiai Chemical Industry Co. Ltd.^(a)		33,464		221,430
Kureha Corp.		6,915		426,585
Kusuri no Aoki Holdings Co. Ltd.		4,675		223,510
KYB Corp.		7,662		242,805
Kyoritsu Maintenance Co. Ltd.^(a)		5,203		209,396
Kyudenko Corp.		12,233		324,770
Kyushu Financial Group, Inc.^(a)		166,250		594,600
LaSalle Logiport REIT		367		435,554
Lasertec Corp.		1,325		179,047
Leopalace21 Corp.^(a)(b)		147,005		385,421
Life Corp.		12,140		256,414
Lintec Corp.		11,688		194,421
M3, Inc.		22,742		554,500
Mabuchi Motor Co. Ltd.		19,111		536,846
Macnica Holdings, Inc.		21,066		574,745
Makino Milling Machine Co. Ltd.		8,806		320,124
Mandom Corp.		13,428		159,166
Maruha Nichiro Corp., Class C		18,304		340,096
Maruichi Steel Tube Ltd.		12,448		280,198
Maruwa Co. Ltd.		1,152		145,941
Matsui Securities Co. Ltd.^(a)		30,124		172,118
Maxell Ltd.		18,067		198,098
McDonald’s Holdings Co. Japan Ltd.		13,392		557,652
Medipal Holdings Corp.		54,582		831,768
Megachips Corp.^(b)		7,309		172,305
Megmilk Snow Brand Co. Ltd.		20,754		297,368
Meidensha Corp.		10,479		141,526
Meiko Electronics Co. Ltd.^(a)		10,691		213,404
Meitec Corp.		18,955		318,921
Menicon Co. Ltd.		7,762		163,888
Mirai Corp.^(a)		533		177,712
MIRAIT ONE Corp.		23,582		292,166
Mitsubishi Estate Logistics REIT Investment Corp.		69		211,563
Mitsubishi Logistics Corp.		28,090		693,147
Mitsubishi Shokuhin Co. Ltd.		5,828		149,804
Mitsuboshi Belting Ltd.^(a)		5,928		169,135
Mitsui E&S Co. Ltd.^(a)(b)		58,384		222,534
Mitsui Fudosan Logistics Park, Inc.		102		382,786
Mitsui High-Tec, Inc.^(a)		2,772		165,915
Mitsui Matsushima Holdings Co. Ltd.^(a)		5,294		123,053
Mitsui-Soko Holdings Co. Ltd.		9,084		265,185
Miura Co. Ltd.^(a)		17,125		454,017
Mixi, Inc.		16,910		356,418
Mizuho Leasing Co. Ltd.		6,696		186,867

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

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
Japan-(continued)
Modec, Inc.^(b)		12,624	$	135,822
Monex Group, Inc.^(a)		61,625		231,719
MonotaRO Co. Ltd.^(a)		13,850		208,312
Mori Hills REIT Investment Corp.		350		395,072
Mori Trust REIT, Inc.		659		346,524
Morinaga & Co. Ltd.		14,994		444,320
Morinaga Milk Industry Co. Ltd.^(a)		22,492		845,732
Musashi Seimitsu Industry Co. Ltd.		18,384		245,318
Musashino Bank Ltd. (The)		14,444		232,945
Nachi-Fujikoshi Corp.		5,485		154,280
Nagase & Co. Ltd.		14,065		220,222
Nagoya Railroad Co. Ltd.		50,160		806,745
Nakanishi, Inc.		9,468		178,770
Nankai Electric Railway Co. Ltd.		24,192		563,204
Nanto Bank Ltd. (The)^(a)		9,852		178,496
NEC Networks & System Integration Corp.		25,461		316,007
NET One Systems Co. Ltd.		18,791		440,915
Nexon Co. Ltd.		38,473		867,419
NEXTAGE Co. Ltd.^(a)		6,112		110,107
NHK Spring Co. Ltd.		46,997		345,838
Nichias Corp.		11,398		229,023
Nichicon Corp.		24,947		234,694
Nifco, Inc.^(a)		19,571		558,391
Nihon Kohden Corp.		20,641		569,971
Nihon M&A Center Holdings, Inc.		25,732		195,213
Nikkiso Co. Ltd.^(a)		23,737		165,783
Nikkon Holdings Co. Ltd.		9,184		176,982
Nippon Accommodations Fund, Inc.		97		470,877
Nippon Carbon Co. Ltd.^(a)		4,750		145,118
Nippon Chemi-Con Corp.^(b)		14,521		214,992
Nippon Denko Co. Ltd.		55,539		140,719
Nippon Gas Co. Ltd.		28,665		402,929
Nippon Kayaku Co. Ltd.		26,787		241,578
Nippon Light Metal Holdings Co. Ltd.^(a)		29,996		313,034
Nippon Paper Industries Co. Ltd.^(b)		53,750		429,479
Nippon Prologis REIT, Inc.		404		918,283
NIPPON REIT Investment Corp.		124		290,500
Nippon Sheet Glass Co. Ltd.^(a)(b)		87,272		418,526
Nippon Shinyaku Co. Ltd.		10,522		479,098
Nippon Shokubai Co. Ltd.		7,122		284,012
Nippon Soda Co. Ltd.		7,264		249,397
Nippon Thompson Co. Ltd.		32,696		140,711
Nippon Yakin Kogyo Co. Ltd.		8,043		232,433
Nipro Corp.		33,922		254,605
Nishimatsu Construction Co. Ltd.^(a)		15,152		397,258
Nishimatsuya Chain Co. Ltd.^(a)		17,071		202,222
Nishi-Nippon Railroad Co. Ltd.		15,109		276,071
Nissha Co. Ltd.		15,108		204,598
Nisshinbo Holdings, Inc.		48,687		372,576
Nissui Corp.		135,081		589,271
Nitto Boseki Co. Ltd.		13,884		192,713
Nitto Kogyo Corp.		10,236		201,766
NOF Corp.		14,598		663,619
Nojima Corp.		18,060		192,981
NOK Corp.^(a)		24,247		324,801
Noritsu Koki Co. Ltd.		10,236		167,261
North Pacific Bank Ltd.		124,388		264,004
NS Solutions Corp.		8,920		241,727
NS United Kaiun Kaisha Ltd.^(a)		6,851		199,746
NSD Co. Ltd.		12,085		221,349


	Shares		Value
Japan-(continued)
NTN Corp.		350,854	$	858,035
NTT UD REIT Investment Corp.^(a)		359		345,646
Obic Co. Ltd.		4,665		716,375
Ogaki Kyoritsu Bank Ltd. (The)		11,372		154,088
Oji Holdings Corp.		213,508		835,749
Okamura Corp.		16,697		177,313
Oki Electric Industry Co. Ltd.		30,385		164,014
Okinawa Cellular Telephone Co.		6,696		149,494
Okinawa Electric Power Co., Inc. (The)^(b)		20,556		167,570
OKUMA Corp.		12,900		569,375
Okumura Corp.		9,897		242,037
One REIT, Inc.		87		153,663
Onward Holdings Co. Ltd.^(a)		78,509		216,215
Open House Group Co. Ltd.		23,673		940,557
Organo Corp.		5,892		141,496
Orient Corp.^(a)		24,399		202,840
Osaka Soda Co. Ltd.^(a)		7,932		255,147
OSG Corp.		21,445		299,709
Outsourcing, Inc.		54,852		554,301
PALTAC Corp.		6,131		234,137
Park24 Co. Ltd.^(b)		34,419		528,804
Pasona Group, Inc.		11,035		150,737
Penta-Ocean Construction Co. Ltd.		77,883		376,932
PHC Holdings Corp.		15,580		159,501
Pigeon Corp.		28,708		445,278
Pilot Corp.		7,108		235,689
Piolax, Inc.		11,188		165,152
Pola Orbis Holdings, Inc.		27,332		378,973
Prima Meat Packers Ltd.		10,000		168,913
Raito Kogyo Co. Ltd.		10,258		150,896
Relo Group, Inc.		21,225		328,745
Rengo Co. Ltd.		73,793		479,615
Resorttrust, Inc.		20,373		334,999
Rinnai Corp.		33,843		815,224
Rohto Pharmaceutical Co. Ltd.		27,564		569,438
Round One Corp.		54,543		233,930
Royal Holdings Co. Ltd.^(a)		7,587		160,193
Saizeriya Co. Ltd.		6,939		173,774
Sakata Seed Corp.^(a)		6,506		189,688
SAMTY Co. Ltd.		13,571		220,760
San-A Co. Ltd.		4,976		167,736
Sangetsu Corp.		21,608		359,115
San-In Godo Bank Ltd. (The)		61,772		344,778
Sanken Electric Co. Ltd.		4,864		362,215
Sankyo Co. Ltd.		11,393		501,187
Sankyu, Inc.		12,247		429,924
Sanwa Holdings Corp.		46,515		506,262
Sanyo Denki Co. Ltd.		3,481		172,817
Sapporo Holdings Ltd.		30,117		838,273
Sawai Group Holdings Co. Ltd.		11,649		335,786
SBI Shinsei Bank Ltd.^(b)		22,070		392,727
SCREEN Holdings Co. Ltd.		10,220		825,616
SCSK Corp.		36,049		542,198
Sega Sammy Holdings, Inc.		42,012		782,451
Seiko Group Corp.		13,938		303,705
Seino Holdings Co. Ltd.		24,321		268,993
Seiren Co. Ltd.^(a)		11,392		188,242
Sekisui House REIT, Inc.^(a)		1,069		605,294
Senko Group Holdings Co. Ltd.		26,045		185,537
Senshu Ikeda Holdings, Inc.		210,641		368,175

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

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

April 30, 2023

(Unaudited)


	Shares			Value
Japan-(continued)
Seria Co. Ltd.		16,916		$	300,765
Seven Bank Ltd.		291,261			594,650
Shibaura Machine Co. Ltd.		11,464			265,205
Shiga Bank Ltd. (The)		17,233			356,898
Shikoku Electric Power Co., Inc.^(b)		68,710			405,201
Shimamura Co. Ltd.		9,184			843,095
Shinko Electric Industries Co. Ltd.^(a)		12,550			369,131
Ship Healthcare Holdings, Inc.		21,259			373,611
SHO-BOND Holdings Co. Ltd.		7,236			308,220
Shochiku Co. Ltd.^(a)		1,924			171,820
SKY Perfect JSAT Holdings, Inc.		39,792			154,299
Skylark Holdings Co. Ltd.^(a)(b)		74,676			1,000,323
Sohgo Security Services Co. Ltd.		23,480			654,402
Sotetsu Holdings, Inc.		20,122			381,855
Square Enix Holdings Co. Ltd.		15,718	��		771,096
Star Asia Investment Corp.		395			161,580
Star Micronics Co. Ltd.		12,321			159,255
Sugi Holdings Co. Ltd.		14,836			627,587
Sumida Corp.		12,724			156,895
Sumitomo Bakelite Co. Ltd.		9,911			376,307
Sumitomo Osaka Cement Co. Ltd.		14,051			393,158
Sumitomo Pharma Co. Ltd.		102,296			639,327
Sumitomo Rubber Industries Ltd.		73,908			673,593
Sumitomo Seika Chemicals Co. Ltd.		5,828			187,468
Sumitomo Warehouse Co. Ltd. (The)		25,743			426,135
Sundrug Co. Ltd.		26,409			726,337
Suruga Bank Ltd.		104,221			393,417
Suzuken Co. Ltd.		22,625			641,373
SWCC Corp.		11,326			146,145
Tadano Ltd.		22,204			172,525
Taiheiyo Cement Corp.		46,760			834,479
Taikisha Ltd.		6,880			185,434
Taisho Pharmaceutical Holdings Co. Ltd.		13,969			601,170
Taiyo Holdings Co. Ltd.		10,630			190,952
Takara Holdings, Inc.		47,682			374,340
Takeuchi Manufacturing Co. Ltd.		12,413			338,209
Tama Home Co. Ltd.^(a)		6,598			180,014
Tamura Corp.^(a)		30,963			176,002
TBS Holdings, Inc.		26,408			396,416
TechnoPro Holdings, Inc.		16,639			452,130
Teijin Ltd.		66,908			743,450
Toagosei Co. Ltd.		16,152			138,786
Toda Corp.^(a)		59,604			347,123
Toei Co. Ltd.^(a)		1,687			226,602
Toho Bank Ltd. (The)		82,608			135,895
Toho Co. Ltd.		20,463			810,014
Toho Gas Co. Ltd.		28,020			523,092
Toho Holdings Co. Ltd.		16,412			326,637
Toho Zinc Co. Ltd.		14,456			196,300
Tokai Carbon Co. Ltd.		87,199			786,402
Tokai Rika Co. Ltd.		13,983			191,828
Tokai Tokyo Financial Holdings, Inc.		69,687			179,636
Tokuyama Corp.		26,132			423,555
Tokyo Century Corp.		12,176			415,807
Tokyo Kiraboshi Financial Group, Inc.		17,600			355,193
Tokyo Ohka Kogyo Co. Ltd.		8,754			453,242
Tokyo Seimitsu Co. Ltd.		13,407			492,307
Tokyo Steel Manufacturing Co. Ltd.		23,299			232,879
Tokyu REIT, Inc.		222			296,076
Tomy Co. Ltd.		25,906			291,660


	Shares		Value
Japan-(continued)
Topcon Corp.		31,893	$	450,177
TORIDOLL Holdings Corp.^(a)		7,648		162,492
Toshiba TEC Corp.		6,696		193,260
Toyo Ink SC Holdings Co. Ltd.		11,673		187,742
Toyo Seikan Group Holdings Ltd.		50,421		709,112
Toyo Tire Corp.		72,277		854,595
Toyobo Co. Ltd.^(a)		36,014		270,571
Toyoda Gosei Co. Ltd.		29,443		500,573
Toyota Boshoku Corp.		31,517		495,097
Transcosmos, Inc.		8,804		204,639
Trusco Nakayama Corp.		10,117		174,827
TS Tech Co. Ltd.		22,902		307,120
Tsubaki Nakashima Co. Ltd.		25,821		179,011
Tsugami Corp.^(a)		17,335		178,742
Tsumura & Co		16,678		337,075
TV Asahi Holdings Corp.		14,897		171,436
UACJ Corp.		26,550		526,262
UBE Corp.		40,233		635,857
Ulvac, Inc.		17,786		700,128
United Arrows Ltd.		16,795		243,972
United Urban Investment Corp.		754		836,147
Universal Entertainment Corp.^(b)		10,136		212,375
Ushio, Inc.		43,757		541,801
USS Co. Ltd.		46,229		773,397
Valor Holdings Co. Ltd., Class C		10,988		167,606
Wacoal Holdings Corp.		19,011		367,892
Wacom Co. Ltd.^(a)		44,830		226,183
Welcia Holdings Co. Ltd.^(a)		33,026		690,280
Workman Co. Ltd.^(a)		5,444		221,494
Yamaguchi Financial Group, Inc.		75,992		463,771
Yamato Kogyo Co. Ltd.		10,612		414,613
Yamazaki Baking Co. Ltd.		57,695		773,278
Yaoko Co. Ltd.		4,905		256,480
Yokogawa Bridge Holdings Corp.		10,520		171,361
Yokohama Rubber Co. Ltd. (The)		43,941		948,427
Yoshinoya Holdings Co. Ltd.^(a)		17,148		316,350
Zenkoku Hosho Co. Ltd.		10,635		389,738
Zensho Holdings Co. Ltd.^(a)		22,511		713,362
Zeon Corp.		63,506		650,148
Zojirushi Corp.		13,008		169,759
ZOZO, Inc.		11,432		239,781

				173,980,418

Luxembourg-0.10%
L’Occitane International S.A.		57,750		146,400
RTL Group S.A.^(a)		8,958		420,112

				566,512

Macau-0.15%
SJM Holdings Ltd.^(a)(b)		708,668		366,526
Wynn Macau Ltd.^(b)		451,042		484,374

				850,900

Mexico-0.08%
Fresnillo PLC		51,392		459,526

Netherlands-1.48%
AMG Advanced Metallurgical Group N.V.		5,770		215,181
Arcadis N.V.		17,183		710,617
Argenx SE^(a)(b)		1,228		472,737
Basic-Fit N.V.^(a)(b)(c)		6,870		291,396
BE Semiconductor Industries N.V.^(a)		11,800		1,059,633

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

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
Netherlands-(continued)
Corbion N.V.^(a)		9,556	$	300,670
CTP N.V.^(a)(c)		13,573		178,317
Eurocommercial Properties N.V.		10,814		259,546
Fugro N.V.^(b)		37,157		526,304
JDE Peet’s N.V.^(a)		20,409		621,870
Koninklijke BAM Groep N.V.^(a)		119,486		261,714
Koninklijke Vopak N.V.^(a)		25,995		992,968
OCI N.V.^(a)		25,397		669,835
PostNL N.V.^(a)		401,601		722,246
TKH Group N.V., CVA		10,355		500,947
Van Lanschot Kempen N.V., CVA		13,585		413,191
Wereldhave N.V.^(a)		9,958		152,921

				8,350,093

New Zealand-0.71%
a2 Milk Co. Ltd. (The)^(b)		90,514		329,845
Chorus Ltd.		75,147		401,022
Contact Energy Ltd.		59,337		286,966
Fisher & Paykel Healthcare Corp. Ltd.		51,466		879,891
Fletcher Building Ltd.		160,012		444,742
Infratil Ltd.		44,380		261,778
Mainfreight Ltd.^(a)		4,702		208,231
Mercury NZ Ltd.		45,780		179,270
Meridian Energy Ltd.		118,931		401,079
Ryman Healthcare Ltd.		95,309		311,998
Xero Ltd.^(b)		4,265		263,081

				3,967,903

Nigeria-0.12%
Airtel Africa PLC^(c)		456,517		689,130

Norway-1.52%
Aker ASA, Class A^(a)		5,363		326,061
Aker Solutions ASA, Class A		69,989		248,242
Austevoll Seafood ASA		42,164		395,173
BlueNord ASA^(b)		4,482		151,970
Borregaard ASA		8,375		139,595
Crayon Group Holding ASA^(a)(b)(c)		22,236		170,861
DNO ASA		384,766		382,207
Elkem ASA^(c)		103,815		349,575
Entra ASA^(c)		23,080		233,583
Europris ASA^(c)		47,219		336,771
Gjensidige Forsikring ASA		48,468		840,056
Grieg Seafood ASA		21,189		176,986
Kongsberg Gruppen ASA		11,341		506,845
Leroy Seafood Group ASA		96,202		504,356
MPC Container Ships ASA^(a)		105,311		172,381
Nordic Semiconductor ASA^(a)(b)		10,240		110,291
Norske Skog ASA^(b)(c)		23,193		102,611
Norwegian Air Shuttle ASA^(b)		130,717		126,302
PGS ASA^(b)		347,109		248,958
Salmar ASA^(a)		15,048		665,056
Solstad Offshore ASA^(b)		41,588		85,968
SpareBank 1 SMN^(a)		25,414		327,567
SpareBank 1 SR-Bank ASA, Class B		26,332		307,134
Stolt-Nielsen Ltd.		8,366		240,625
TGS ASA		33,697		525,733
TOMRA Systems ASA.		21,475		327,415
Var Energi ASA^(a)		108,191		282,340
Wallenius Wilhelmsen ASA		34,800		259,101

				8,543,763


	Shares		Value
Peru-0.04%
Hochschild Mining PLC		261,288	$	235,965

Poland-0.92%
Alior Bank S.A.^(b)		25,046		261,958
Allegro.eu S.A.^(a)(b)(c)		47,190		372,050
CCC S.A.^(a)(b)		26,702		288,030
CD Projekt S.A.^(a)		4,724		128,986
Cyfrowy Polsat S.A.^(a)		49,148		206,565
Dino Polska S.A.^(a)(b)(c)		3,591		366,413
Grupa Kety S.A.^(a)		2,454		335,322
Jastrzebska Spolka Weglowa S.A.^(a)(b)		31,303		323,629
KRUK S.A.^(a)		2,615		236,450
LPP S.A.		215		621,762
mBank S.A.^(a)(b)		4,504		377,188
Orange Polska S.A.		255,665		446,574
PGE Polska Grupa Energetyczna S.A.^(b)		312,620		518,183
Santander Bank Polska S.A.^(a)		5,920		482,502
Tauron Polska Energia S.A.^(a)(b)		394,798		196,852

				5,162,464

Portugal-0.32%
CTT-Correios de Portugal S.A.		58,467		241,731
Navigator Co. S.A. (The)		133,106		489,340
NOS, SGPS S.A.		55,993		246,523
REN - Redes Energeticas Nacionais SGPS S.A.		135,616		394,512
Sonae SGPS S.A.		379,152		432,816

				1,804,922

Singapore-2.01%
BW LPG Ltd.^(c)		40,967		328,967
CapitaLand Ascott Trust		597,872		483,980
CapitaLand India Trust		204,624		167,178
CDL Hospitality Trusts		189,312		178,790
City Developments Ltd.		146,407		762,679
ComfortDelGro Corp. Ltd.		1,000,896		892,753
ESR-LOGOS REIT		1,129,810		275,223
Frasers Centrepoint Trust		230,258		381,419
Frasers Logistics & Commercial Trust^(c)		584,645		591,591
Hafnia Ltd.		24,326		131,174
Keppel DC REIT		213,684		344,354
Keppel Infrastructure Trust		358,468		131,656
Keppel Infrastructure Trust, Rts., expiring 05/31/2023^(b)		17,923		309
Keppel REIT		539,969		352,114
Lendlease Global Commercial REIT		282,824		148,392
Mapletree Industrial Trust		374,045		667,262
Mapletree Logistics Trust		647,946		845,052
Mapletree Pan Asia Commercial Trust		348,574		459,836
NetLink NBN Trust^(c)		553,460		362,986
Olam Group Ltd.		125,116		150,047
Parkway Life REIT.		50,580		147,098
SATS Ltd.^(b)		175,587		334,288
Seatrium Ltd.^(b)		3,498,023		325,117
Sembcorp Industries Ltd.		247,692		794,605
Singapore Exchange Ltd.		126,157		904,938
Suntec REIT		654,212		661,984
UOL Group Ltd.		90,843		471,867

				11,295,659

South Africa-0.04%
Scatec ASA^(c)		31,896		207,347

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

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
South Korea-8.02%
Amorepacific Corp.		6,330	$	583,151
Amorepacific Corp., Preference Shares		2,374		70,950
AMOREPACIFIC Group		15,010		410,465
Asiana Airlines, Inc.^(a)(b)		38,908		372,103
BGF retail Co. Ltd.		2,652		369,742
BNK Financial Group, Inc.		160,932		798,407
Celltrion Healthcare Co. Ltd.		6,537		338,963
Celltrion, Inc.		6,346		761,482
Cheil Worldwide, Inc.		30,354		419,341
CJ Corp.		5,409		369,787
CJ ENM Co. Ltd.^(a)(b)		7,149		425,180
CJ Logistics Corp.		7,466		430,087
Com2uSCorp.		3,918		200,233
Cosmax, Inc.^(b)		2,579		148,759
Coway Co. Ltd.		15,520		568,781
Daeduck Electronics Co. Ltd.		9,632		155,088
Daesang Corp.		10,033		145,727
Daewoo Engineering & Construction Co. Ltd.^(b)		136,240		429,058
Daewoo Shipbuilding & Marine Engineering Co. Ltd.^(a)(b)		34,255		689,758
Daou Technology, Inc.		8,716		124,645
DB HiTek Co. Ltd.		8,940		404,117
DB Insurance Co. Ltd.		15,849		994,707
DGB Financial Group, Inc.		63,670		325,866
DL E&C Co. Ltd.		21,268		559,350
DL Holdings Co. Ltd.		6,303		232,878
Dongkuk Steel Mill Co. Ltd.^(a)		34,749		309,999
Doosan Bobcat, Inc.		11,359		434,534
Doosan Co. Ltd.^(a)		12,491		869,816
Ecopro Co. Ltd.		941		513,247
Fila Holdings Corp.		21,205		580,666
Green Cross Corp.		1,798		166,044
GS Holdings Corp.		15,151		449,413
GS Retail Co. Ltd.		14,785		293,844
Hankook Tire & Technology Co. Ltd.		22,225		572,895
Hanmi Pharm Co. Ltd.		808		194,997
Hanon Systems		63,996		438,466
Hansol Chemical Co. Ltd.		1,186		196,721
Hanwha Aerospace Co. Ltd.		10,672		818,899
Hanwha Corp.		15,535		314,554
Hanwha Corp., Third Pfd		8,241		88,789
Hanwha Investment & Securities Co. Ltd.^(b)		73,044		150,083
Hanwha Life Insurance Co. Ltd.^(b)		238,111		441,210
Hanwha Systems Co. Ltd.		15,525		164,019
HD Hyundai Co. Ltd.		16,776		742,035
HD Hyundai Construction Equipment Co. Ltd.		7,650		388,101
HD Hyundai Electric Co. Ltd.		6,479		244,947
HD Hyundai Heavy Industries Co. Ltd.^(b)		3,569		292,261
HD Hyundai Infracore Co. Ltd.		73,606		542,256
HDC Hyundai Development Co-Engineering & Construction, Class E^(a)		21,224		191,086
Hite Jinro Co. Ltd.		13,479		224,079
HK inno.N Corp.		6,114		147,323
HL Mando Co. Ltd.		20,644		713,378
Hotel Shilla Co. Ltd.		7,594		462,426
HYBE Co. Ltd.^(b)		1,785		360,094
Hyosung Advanced Materials Corp.		1,169		339,328
Hyosung Chemical Corp.^(b)		1,702		135,433
Hyosung Corp.		4,951		243,777


	Shares		Value
South Korea-(continued)
Hyosung Heavy Industries Corp.^(b)		8,057	$	472,560
Hyundai Department Store Co. Ltd.		7,170		276,964
Hyundai Elevator Co. Ltd.^(a)		10,650		266,568
Hyundai Mipo Dockyard Co. Ltd.^(b)		4,835		265,159
Hyundai Rotem Co. Ltd.^(b)		17,303		425,335
Hyundai Wia Corp.^(a)		13,565		567,573
IS Dongseo Co. Ltd.^(a)(b)		6,331		175,257
Kakao Games Corp.^(b)		4,125		124,360
KakaoBank Corp.		16,627		273,307
Kangwon Land, Inc.		28,111		396,965
KCC Corp.		2,661		441,379
KEPCO Plant Service & Engineering Co. Ltd.		9,677		258,121
KG Chemical Corp.		7,980		227,761
KIWOOM Securities Co. Ltd.		6,099		426,985
Kolmar Korea Co. Ltd.		5,724		172,994
Kolon Industries, Inc.		10,058		321,264
Korea Aerospace Industries Ltd.		10,942		448,014
Korea Line Corp.^(b)		83,454		128,448
Korea Petrochemical Ind Co. Ltd.		2,248		243,545
Korean Reinsurance Co		27,243		154,087
Krafton, Inc.^(b)		5,364		769,893
LG Energy Solution Ltd.^(b)		1,892		821,318
LG Uplus Corp.		82,847		682,138
LIG Nex1 Co. Ltd.		2,792		163,339
LOTTE Chilsung Beverage Co. Ltd.		1,413		164,273
LOTTE Corp.		16,287		340,732
LOTTE Fine Chemical Co. Ltd.		6,391		292,714
LOTTE Shopping Co. Ltd.		6,365		379,503
LS Corp.		11,550		773,222
LS Electric Co. Ltd.^(a)		8,356		394,575
LX International Corp.		27,437		599,621
LX Semicon Co. Ltd.		3,164		248,458
Mirae Asset Securities Co. Ltd.		64,796		335,986
Mirae Asset Securities Co. Ltd., Second Pfd		35,851		98,574
Netmarble Corp.^(b)(c)		4,870		235,786
NH Investment & Securities Co. Ltd.		50,936		355,836
NongShim Co. Ltd.		1,212		359,054
OCI Co. Ltd.^(a)		9,350		836,917
Orion Corp.		4,467		483,613
Pan Ocean Co. Ltd.		73,806		299,989
Partron Co. Ltd.		26,364		156,403
Poongsan Corp.		15,947		505,195
Posco Future M Co. Ltd.		1,126		281,837
S-1 Corp.		6,001		261,849
Samchully Co. Ltd.		864		98,769
Samsung Biologics Co. Ltd.^(b)(c)		445		259,672
Samsung Card Co. Ltd.		8,036		178,925
Samsung SDS Co. Ltd.		8,526		747,235
Samsung Securities Co. Ltd.		33,066		836,285
SD Biosensor, Inc.		9,360		145,463
Seah Besteel Holdings Corp.		14,763		255,352
SeAH Steel Holdings Corp.		1,268		141,352
Sebang Global Battery Co. Ltd.		4,370		175,009
Seegene, Inc.^(b)		9,620		174,661
SFA Engineering Corp.		8,196		244,031
SK Chemicals Co. Ltd.		5,100		271,690
SK IE Technology Co. Ltd.^(b)(c)		3,336		192,672
SK Telecom Co. Ltd.		16,123		574,617
SKC Co. Ltd.		5,289		392,802
SL Corp.^(a)		8,202		189,975

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

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
South Korea-(continued)
Soulbrain Co. Ltd.		942	$	154,138
SSANGYONG C&E Co. Ltd.		45,902		200,633
Sungwoo Hitech Co. Ltd.^(a)		59,489		376,918
TKG Huchems Co. Ltd.		9,834		167,157
UNID Co. Ltd.		2,268		109,977
WONIK IPS Co. Ltd.		7,763		176,616
Young Poong Corp.		351		149,747
Youngone Corp.		8,430		278,082
Yuhan Corp.		8,161		351,221

				45,103,815

Spain-1.40%
Almirall S.A.		19,033		195,521
Applus Services S.A.		58,721		493,017
Atresmedia Corp. de Medios de Comunicacion S.A.		47,501		190,152
Befesa S.A.^(c)		7,258		326,603
CIE Automotive S.A.		13,340		402,352
Construcciones y Auxiliar de Ferrocarriles S.A.^(a)		8,793		273,265
Corp ACCIONA Energias Renovables S.A.^(a)		8,355		300,331
Ebro Foods S.A.^(a)		9,443		175,558
EDP Renovaveis S.A.^(a)		27,756		617,755
Ence Energia y Celulosa S.A.^(a)		43,982		172,569
Faes Farma S.A.		51,050		180,349
Faes Farma S.A., Rts., expiring 06/30/2023^(a)(b)		44,378		6,030
Fluidra S.A.^(a)		20,829		357,116
Gestamp Automocion S.A.^(c)		68,303		295,895
Indra Sistemas S.A.^(a)		51,920		687,836
Linea Directa Aseguradora S.A. Cia de Seguros y Reaseguros^(a)		197,205		182,445
Melia Hotels International S.A.^(a)(b)		32,629		211,272
Obrascon Huarte Lain S.A.^(b)		359,603		204,654
Prosegur Cia de Seguridad S.A.^(a)		61,756		118,767
Sacyr S.A.^(a)		228,458		757,157
Tecnicas Reunidas S.A.^(a)(b)		31,116		289,244
Unicaja Banco S.A.^(a)(c)		549,057		557,363
Vidrala S.A.		3,143		330,332
Viscofan S.A.		8,187		562,192

				7,887,775

Sweden-4.60%
AAK AB		34,655		697,340
AddLife AB, Class B^(a)		14,839		175,338
AddTech AB, Class B		15,070		301,187
AFRY AB^(a)		25,311		475,017
Ambea AB^(c)		58,538		222,573
Arjo AB, Class B		78,346		346,465
Atrium Ljungberg AB, Class B^(a)		12,772		237,204
Avanza Bank Holding AB^(a)		10,754		228,243
Axfood AB^(a)		31,472		779,954
Beijer Ref AB^(a)		18,165		296,456
Betsson AB, Class B		37,514		404,865
BHG Group AB^(a)(b)		107,381		121,857
Bonava AB, Class B^(a)		78,171		140,532
Bravida Holding AB^(c)		36,573		443,914
Bure Equity AB^(a)		9,360		238,534
Catena AB^(a)		4,506		172,469
Cibus Nordic Real Estate AB		14,011		149,573
Cint Group AB^(a)(b)		102,239		160,078


	Shares		Value
Sweden-(continued)
Clas Ohlson AB, Class B^(a)		34,198	$	257,721
Cloetta AB, Class B		83,116		175,838
Coor Service Management Holding AB^(c)		24,715		160,715
Corem Property Group AB, Class B^(a)		264,557		209,433
Corem Property Group AB, Preference Shares		5,340		110,369
Dios Fastigheter AB^(a)		32,972		234,980
Electrolux Professional AB, Class B^(a)		31,297		182,157
Elekta AB, Class B^(a)		97,491		817,965
EQT AB^(a)		18,976		406,632
Evolution AB^(c)		6,862		913,439
Fabege AB^(a)		90,445		723,930
Granges AB^(a)		21,118		209,590
Hexpol AB^(a)		63,416		746,234
Hufvudstaden AB, Class A^(a)		25,997		370,290
Indutrade AB^(a)		27,123		649,699
Instalco AB^(a)(c)		35,761		187,569
Intrum AB^(a)		66,042		596,083
Investment AB Latour, Class B^(a)		13,444		290,316
Inwido AB		19,852		208,057
JM AB^(a)		31,515		504,805
L E Lundbergforetagen AB, Class B^(a)		14,942		715,107
Lagercrantz Group AB, Class B		14,370		184,647
Lifco AB, Class B^(a)		16,659		379,232
Lindab International AB		21,813		348,549
Loomis AB^(a)		21,339		682,365
Modern Times Group MTG AB, Class B^(b)		24,130		193,727
Mycronic AB		9,508		201,705
NCC AB, Class B		42,621		423,416
New Wave Group AB, Class B^(a)		9,587		193,287
Nibe Industrier AB, Class B^(a)		72,016		803,903
Nolato AB, Class B^(a)		46,176		255,702
Nordnet AB publ		12,393		194,282
Nyfosa AB^(a)		44,081		301,043
Pandox AB^(a)		25,399		301,849
Peab AB, Class B^(a)		70,827		373,909
Ratos AB, Class B^(a)		67,206		231,811
Saab AB, Class B		17,157		962,789
Sagax AB, Class B^(a)		14,325		350,540
Sagax AB, Class D		9,959		26,263
Samhallsbyggnadsbolaget i Norden AB, Class B^(a)		444,999		521,647
Samhallsbyggnadsbolaget i Norden AB, Class D^(a)		24,319		36,796
Scandic Hotels Group AB^(a)(b)(c)		76,421		272,537
Stillfront Group AB^(a)(b)		131,444		279,361
Storskogen Group AB, Class B^(a)		519,026		471,499
Sweco AB, Class B^(a)		31,776		425,033
Swedish Orphan Biovitrum AB, Class B^(b)		28,305		688,222
Thule Group AB^(a)(c)		28,537		822,676
Viaplay Group AB, Class B^(a)(b)		19,260		490,454
Vitrolife AB		6,620		148,700
VNV Global AB^(a)(b)		62,974		127,946
Wallenstam AB, Class B^(a)		82,272		325,807
Wihlborgs Fastigheter AB^(a)		72,222		582,296

				25,864,521

Switzerland-3.13%
Accelleron Industries AG^(a)(b)		10,564		259,931
Allreal Holding AG		3,823		679,511

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

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
Switzerland-(continued)
ALSO Holding AG^(a)		1,820	$	390,153
Aryzta AG^(b)		285,674		508,407
Bachem Holding AG^(a)		1,766		192,662
Banque Cantonale Vaudoise^(a)		7,136		752,846
Belimo Holding AG		717		346,235
BKW AG		3,826		657,691
Bucher Industries AG		1,428		643,045
Burckhardt Compression Holding AG		342		211,336
Bystronic AG^(a)		224		162,328
Cembra Money Bank AG		8,487		681,306
Daetwyler Holding AG, BR^(a)		1,098		278,185
dormakaba Holding AG		1,106		495,808
EFG International AG^(b)		24,567		236,548
Emmi AG^(a)		375		391,411
EMS-Chemie Holding AG		959		788,167
Flughafen Zurich AG		3,307		637,583
Forbo Holding AG		232		342,507
Huber + Suhner AG		2,461		202,399
Implenia AG		6,503		294,080
Inficon Holding AG^(a)		225		244,705
Interroll Holding AG, Class R^(a)		51		186,512
IWG PLC^(a)(b)		196,975		420,140
Komax Holding AG, Class R^(a)		492		130,179
Landis+Gyr Group AG^(a)(b)		5,332		440,914
Leonteq AG^(a)(b)		2,819		152,661
Mediclinic International PLC		110,516		692,872
Mobilezone Holding AG		12,421		190,072
Mobimo Holding AG		1,066		286,247
OC Oerlikon Corp. AG^(a)		70,969		396,926
Schweiter Technologies AG		191		152,791
SFS Group AG^(b)		3,252		424,563
Siegfried Holding AG		369		284,612
Stadler Rail AG^(a)		12,475		519,716
Straumann Holding AG		4,581		687,883
Sulzer AG^(a)		5,404		452,332
Swissquote Group Holding S.A.		812		173,612
Tecan Group AG, Class R^(b)		1,001		436,142
Temenos AG		6,317		530,030
Valiant Holding AG		2,170		252,584
VAT Group AG^(a)(c)		2,057		724,070
Vontobel Holding AG, Class R^(a)		4,919		329,941
Zehnder Group AG		2,340		191,659
Zur Rose Group AG^(a)(b)		3,198		139,914

				17,593,216

Taiwan-0.02%
FIT Hon Teng Ltd.^(b)(c)		594,000		117,288

Turkey-0.19%
Eldorado Gold Corp.^(b)		98,850		1,091,045

Ukraine-0.03%
Ferrexpo PLC		129,502		175,956

United Arab Emirates-0.07%
Network International Holdings PLC^(b)(c)		58,052		282,523
Shelf Drilling Ltd.^(b)(c)		49,034		110,992

				393,515

United Kingdom-7.58%
4imprint Group PLC		2,717		154,017
888 Holdings PLC^(b)		204,242		205,370
Allfunds Group PLC		56,568		374,394


	Shares		Value
United Kingdom-(continued)
Ascential PLC^(b)		77,757	$	249,414
Ashmore Group PLC		137,331		419,791
ASOS PLC^(a)(b)		65,232		604,104
Assura PLC		790,110		505,483
Aston Martin Lagonda Global Holdings PLC^(a)(b)(c)		79,028		240,380
Auto Trader Group PLC^(c)		67,631		540,295
Babcock International Group PLC^(b)		132,597		528,983
Balanced Commercial Property Trust Ltd.		144,094		149,236
Big Yellow Group PLC		36,497		561,487
Bodycote PLC		32,635		283,236
Britvic PLC		76,625		879,792
Capricorn Energy PLC^(b)		129,201		356,290
Chemring Group PLC		60,550		216,139
Civitas Social Housing PLC^(c)		195,923		131,254
Clarkson PLC		5,133		200,002
Close Brothers Group PLC		32,111		366,472
Coats Group PLC		279,019		274,247
Computacenter PLC		24,469		706,137
ConvaTec Group PLC^(c)		304,191		840,379
Cranswick PLC		9,807		395,678
Crest Nicholson Holdings PLC		78,409		265,106
Currys PLC		311,986		223,517
Dechra Pharmaceuticals PLC		9,276		434,881
Deliveroo PLC^(b)(c)		272,929		375,291
Diploma PLC		11,345		383,011
DiscoverIE Group PLC		16,725		177,633
Domino’s Pizza Group PLC		77,049		284,912
Dr. Martens PLC		92,415		192,936
Dunelm Group PLC		25,998		374,477
Elementis PLC^(b)		143,674		226,814
EnQuest PLC^(b)		1,351,072		283,933
Essentra PLC		57,188		148,432
FDM Group Holdings PLC		15,148		128,136
Firstgroup PLC		215,354		304,243
Forterra PLC^(c)		81,124		197,200
Frasers Group PLC^(b)		41,087		396,871
Future PLC		12,973		183,929
Games Workshop Group PLC		3,844		479,288
Genuit Group PLC		61,961		234,026
Genus PLC		8,177		276,264
Grainger PLC^(a)		180,806		587,682
Great Portland Estates PLC		74,321		498,365
Greggs PLC		16,297		577,231
Halfords Group PLC		91,832		242,621
Hammerson PLC		1,400,702		494,009
Hargreaves Lansdown PLC^(a)		77,878		786,016
Hays PLC		474,563		678,793
Hill & Smith PLC		9,677		167,363
Hilton Food Group PLC		23,227		197,936
Hunting PLC		49,895		146,749
Ibstock PLC^(c)		137,882		294,097
Indivior PLC^(b)		12,660		242,823
J D Wetherspoon PLC^(b)		41,220		369,401
John Wood Group PLC^(b)		270,956		767,633
Jupiter Fund Management PLC		172,545		281,934
Just Group PLC		153,758		170,647
Lancashire Holdings Ltd.		51,931		399,792
Liontrust Asset Management PLC		11,770		127,226
LondonMetric Property PLC		262,582		635,656

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

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
United Kingdom-(continued)
LXI REIT PLC^(c)		183,654	$	243,300
Marshalls PLC		64,177		242,476
Mitchells & Butlers PLC^(b)		75,124		165,335
Mitie Group PLC		259,283		299,822
Molten Ventures PLC^(b)		55,038		193,558
Moneysupermarket.com Group PLC		141,128		486,032
Morgan Advanced Materials PLC		48,566		187,096
National Express Group PLC		288,826		440,713
Ninety One PLC^(a)		85,508		194,637
Ocado Group PLC^(a)(b)		78,527		498,636
Oxford Instruments PLC		5,656		196,209
PageGroup PLC		85,407		487,146
Paragon Banking Group PLC		87,259		551,122
Pepco Group N.V.^(b)(c)		27,372		263,067
Petershill Partners PLC^(a)(c)		127,021		266,301
Petrofac Ltd.^(a)(b)		391,903		351,951
Pets at Home Group PLC		134,564		652,179
Playtech PLC^(b)		54,463		394,983
Premier Foods PLC		117,456		185,129
Primary Health Properties PLC		347,872		465,661
QinetiQ Group PLC		130,021		606,955
Quilter PLC^(c)		600,293		642,087
Rathbones Group PLC		8,598		211,166
Redde Northgate PLC		66,622		314,852
Redrow PLC		142,151		924,616
Renewi PLC^(b)		27,613		208,241
Renishaw PLC		4,350		197,049
Restaurant Group PLC (The)^(b)		380,477		193,680
Rightmove PLC		51,191		369,452
Rotork PLC		141,253		580,559
S4 Capital PLC^(b)		97,741		179,608
Safestore Holdings PLC		37,163		462,665
Saga PLC^(a)(b)		81,939		134,504
Savills PLC		38,052		459,862
Serco Group PLC		465,906		890,694
Shaftesbury Capital PLC		213,064		315,469
Softcat PLC		18,610		312,737
Spirent Communications PLC		101,698		230,084
SSP Group PLC^(b)		192,116		622,512
Supermarket Income REIT PLC		172,200		189,384
Synthomer PLC^(a)		207,204		311,480
Telecom Plus PLC		14,373		326,262
THG PLC^(a)(b)		687,632		864,113
TP ICAP Group PLC		153,139		327,409
Tritax EuroBox PLC^(c)		220,594		181,331
Tyman PLC		53,403		165,456
UK Commercial Property REIT Ltd.		216,386		145,779
UNITE Group PLC (The)		64,755		780,536
Urban Logistics REIT PLC		104,924		186,477

Investment Abbreviations:

BR-Bearer Shares

CDI-CREST Depository Interest

CVA-Dutch Certificates

Pfd.-Preferred

REIT-Real Estate Investment Trust

RSP-Registered Savings Plan Shares

Rts.-Rights

Wts.-Warrants


	Shares		Value
United Kingdom-(continued)
Vesuvius PLC		38,707	$	197,231
Victrex PLC		25,159		529,991
Warehouse REIT PLC^(c)		128,507		176,704
Watches of Switzerland Group PLC^(b)(c)		33,706		352,266
WH Smith PLC		19,636		388,471
Wise PLC, Class A^(b)		21,648		149,652
Workspace Group PLC		37,179		223,091
XP Power Ltd.^(a)		4,652		129,513

				42,666,745

United States-1.02%
Argonaut Gold, Inc.^(b)		515,592		235,691
Brookfield Renewable Corp., Class A		24,398		814,346
Carnival PLC^(b)		48,651		400,162
Diversified Energy Co. PLC^(c)		222,573		264,925
Galaxy Digital Holdings Ltd., (Acquired 03/17/2023 - 03/17/2023; Cost $340,623)^(a)(b)(d)		48,808		179,931
JS Global Lifestyle Co. Ltd.^(a)(c)		255,074		225,183
Oracle Corp.		7,280		521,279
Primo Water Corp.		38,751		587,993
Reliance Worldwide Corp. Ltd.		191,340		515,904
RHI Magnesita N.V.		6,525		185,349
Samsonite International S.A.^(b)(c)		223,005		703,114
Sims Ltd.		65,105		673,336
Sinch AB^(a)(b)(c)		160,338		422,837

				5,730,050

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.76% (Cost $557,304,206)				561,434,375


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-15.40%
Invesco Private Government Fund, 4.83%^(e)(f)(g)		24,245,865		24,245,865
Invesco Private Prime Fund, 4.99%^(e)(f)(g)		62,430,143		62,430,143

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $86,684,463)				86,676,008

TOTAL INVESTMENTS IN SECURITIES-115.16% (Cost $643,988,669)				648,110,383
OTHER ASSETS LESS LIABILITIES-(15.16)%				(85,319,791	)

NET ASSETS-100.00%.			$	562,790,592

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

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

April 30, 2023

(Unaudited)

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at April 30, 2023.

^(b)	Non-income producing security.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2023 was $27,912,914, which represented 4.96% of the Fund’s Net Assets.

^(d)	Restricted security. The value of this security at April 30, 2023 represented less than 1% of the Fund’s Net Assets.

^(e)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value April 30, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	599,917		$	11,631,598		$	(12,231,515	)		$	-			$	-		$	-		$	8,412

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			22,006,479			49,397,273			(47,157,887	)			-				-			24,245,865			507,808	*

Invesco Private Prime Fund			55,915,444			111,438,921			(104,918,714	)			(6,428	)			920			62,430,143			1,371,431	*


Total		$	78,521,840		$	172,467,792		$	(164,308,116	)		$	(6,428	)		$	920		$	86,676,008		$	1,887,651

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

^(f)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

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

Portfolio Composition

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

as of April 30, 2023



Industrials			21.31

Consumer Discretionary			13.14

Materials			11.57

Real Estate			11.13

Financials			9.89

Consumer Staples			7.73

Information Technology			7.27

Health Care			5.72

Communication Services			5.02

Energy			4.40

Utilities			2.58

Money Market Funds Plus Other Assets Less Liabilities			0.24

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

Invesco FTSE RAFI Emerging Markets ETF (PXH)

April 30, 2023

(Unaudited)

Schedule of Investments


	Shares			Value
Common Stocks & Other Equity Interests-99.57%
Australia-0.28%
AngloGold Ashanti Ltd.		135,076		$	3,615,645

Brazil-13.55%
Ambev S.A.		1,629,777			4,612,899
B3 S.A. - Brasil, Bolsa, Balcao		1,492,982			3,485,619
Banco Bradesco S.A.		1,297,216			3,220,449
Banco Bradesco S.A., Preference Shares		4,353,706			12,052,895
Banco do Brasil S.A.		785,548			6,729,881
Banco Santander Brasil S.A., Series CPO		337,600			1,813,229
Braskem S.A., Class A, Preference Shares		350,109			1,384,942
BRF S.A.^(a)		1,568,700			1,987,978
CCR S.A.		657,900			1,784,523
Centrais Eletricas Brasileiras S.A.		537,662	��		3,637,898
Centrais Eletricas Brasileiras S.A., Class B, Preference Shares		113,900			828,947
Cia de Saneamento Basico do Estado de Sao Paulo SABESP		150,192			1,384,882
Cia Energetica de Minas Gerais		196,105			791,813
Cia Energetica de Minas Gerais, Preference Shares		771,668			1,904,934
Cia Paranaense de Energia		260,700			370,504
Cia Paranaense de Energia, Class B, Preference Shares		1,077,280			1,726,973
Cia Siderurgica Nacional S.A.		477,482			1,356,231
Cielo S.A.		1,281,022			1,398,079
Cogna Educacao S.A.^(a)		2,608,200			1,063,539
Cosan S.A.		481,565			1,441,947
Embraer S.A.^(a)		389,767			1,512,993
Energisa S.A.		161,000			1,345,193
Equatorial Energia S.A.		317,100			1,732,915
Gerdau S.A., Preference Shares		683,162			3,438,444
IRB Brasil Resseguros S.A.^(a)		288,000			1,811,639
Itau Unibanco Holding S.A.		279,600			1,234,569
Itau Unibanco Holding S.A., Preference Shares		3,007,305			15,580,988
Itausa S.A., Preference Shares		1,281,953			2,224,203
Klabin S.A.		334,400			1,278,686
Lojas Renner S.A.		321,610			1,018,280
Marfrig Global Foods S.A.		1,040,900			1,354,480
Metalurgica Gerdau S.A., Preference Shares		1,080,900			2,519,223
Natura & Co. Holding S.A.		519,800			1,149,143
Petroleo Brasileiro S.A.		3,530,819			18,822,660
Petroleo Brasileiro S.A., Preference Shares		5,308,945			25,150,064
Sendas Distribuidora S.A.		305,200			749,754
Suzano S.A.		210,668			1,675,962
Telefonica Brasil S.A.		309,943			2,547,519
TIM S.A.		478,766			1,339,781
Ultrapar Participacoes S.A.		1,020,692			2,946,079
Usinas Siderurgicas de Minas Gerais S.A. Usiminas		239,000			336,798


	Shares		Value
Brazil-(continued)
Usinas Siderurgicas de Minas Gerais S.A. Usiminas, Class A, Preference Shares		662,500	$	953,457
Vale S.A.		1,929,761		27,927,021
Via S/A^(a)		2,852,100		1,048,975
Vibra Energia S.A.		1,331,798		3,513,944

				176,190,932

Canada-0.09%
Canadian Solar, Inc.^(a)		30,961	��	1,158,561

Chile-0.47%
Banco de Chile		17,563,962		1,881,794
Banco Santander Chile		36,060,911		1,735,113
Falabella S.A.		555,944		1,199,588
Sociedad Quimica y Minera de Chile S.A., Class B, Preference Shares		18,005		1,226,555

				6,043,050

China-40.01%
Agile Group Holdings Ltd.^(a)(b)		4,582,000		928,086
Agricultural Bank of China Ltd., A Shares		7,087,111		3,498,444
Agricultural Bank of China Ltd., H Shares		33,069,875		12,764,713
Alibaba Group Holding Ltd.^(a)		3,543,871		37,041,824
Aluminum Corp. of China Ltd., A Shares		526,000		485,139
Aluminum Corp. of China Ltd., H Shares		2,275,840		1,345,227
Anhui Conch Cement Co. Ltd., A Shares		217,800		845,020
Anhui Conch Cement Co. Ltd., H Shares		942,865		2,966,760
ANTA Sports Products Ltd.		116,906		1,441,611
Baidu, Inc., A Shares^(a)		589,956		8,695,386
Bank of Beijing Co. Ltd., A Shares		1,820,200		1,245,309
Bank of China Ltd., A Shares		1,732,900		917,950
Bank of China Ltd., H Shares		42,076,838		16,777,348
Bank of Communications Co. Ltd., A Shares		3,193,093		2,567,121
Bank of Communications Co. Ltd., H Shares		8,501,647		5,480,112
Baoshan Iron & Steel Co. Ltd., A Shares		1,361,700		1,265,747
BYD Co. Ltd., A Shares		9,400		347,144
BYD Co. Ltd., H Shares		60,739		1,826,062
CGN Power Co. Ltd., A Shares		280,100		125,330
CGN Power Co. Ltd., H Shares^(c)		5,865,477		1,546,712
China CITIC Bank Corp. Ltd., A Shares		516,401		484,485
China CITIC Bank Corp. Ltd., H Shares		6,811,888		3,679,334
China Coal Energy Co. Ltd., A Shares		234,100		304,443
China Coal Energy Co. Ltd., H Shares		1,373,156		1,175,507
China Conch Venture Holdings Ltd.		550,746		875,592
China Construction Bank Corp., A Shares		306,400		279,060
China Construction Bank Corp., H Shares		42,711,847		28,565,612
China Energy Engineering Corp. Ltd., A Shares		1,854,700		725,475

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

Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
China-(continued)
China Energy Engineering Corp. Ltd., H Shares		3,934,000	$	591,360
China Everbright Bank Co. Ltd., A Shares		4,326,500		1,998,326
China Everbright Bank Co. Ltd., H Shares		4,181,602		1,337,064
China Feihe Ltd.^(c)		1,531,000		1,029,781
China Gas Holdings Ltd.		1,262,512		1,617,966
China Hongqiao Group Ltd.		1,814,408		1,777,449
China Life Insurance Co. Ltd., H Shares .		2,584,587		4,945,349
China Longyuan Power Group Corp. Ltd., H Shares		752,317		785,870
China Mengniu Dairy Co. Ltd.		610,828		2,455,015
China Merchants Bank Co. Ltd., A Shares		647,749		3,141,417
China Merchants Bank Co. Ltd., H Shares		1,738,609		8,338,785
China Minsheng Banking Corp. Ltd., A Shares		2,985,245		1,564,106
China Minsheng Banking Corp. Ltd., H Shares		7,680,539		2,817,864
China National Building Material Co. Ltd., H Shares		2,631,515		1,964,443
China Overseas Land & Investment Ltd.		2,735,794		6,914,502
China Pacific Insurance (Group) Co. Ltd., A Shares		304,700		1,372,606
China Pacific Insurance (Group) Co. Ltd., H Shares		1,671,883		4,973,117
China Petroleum & Chemical Corp., A Shares		2,553,000		2,472,595
China Petroleum & Chemical Corp., H Shares		27,520,068		17,984,681
China Power International Development Ltd.		2,998,199		1,134,365
China Railway Group Ltd., A Shares		2,128,100		2,853,562
China Railway Group Ltd., H Shares		6,078,900		4,661,840
China Resources Beer Holdings Co. Ltd.		150,000		1,153,199
China Resources Gas Group Ltd.		335,226		1,056,936
China Resources Land Ltd.		1,543,950		7,159,299
China Resources Pharmaceutical Group Ltd.^(c)		1,415,500		1,402,896
China Resources Power Holdings Co. Ltd.		1,213,004		2,633,102
China Shenhua Energy Co. Ltd., A Shares		282,600		1,186,168
China Shenhua Energy Co. Ltd., H Shares		1,898,763		6,288,977
China State Construction Engineering Corp. Ltd., A Shares		4,485,222		4,253,328
China State Construction International Holdings Ltd.		874,000		1,083,328
China Taiping Insurance Holdings Co. Ltd.		966,000		1,105,069
China Tower Corp. Ltd., H Shares^(c)		17,235,063		2,195,577
China United Network Communications Ltd., A Shares		1,681,200		1,320,073
China Vanke Co. Ltd., A Shares		735,100		1,606,393
China Vanke Co. Ltd., H Shares		2,069,330		3,221,342
China Yangtze Power Co. Ltd., A Shares		414,800		1,309,983


	Shares		Value
China-(continued)
Chongqing Rural Commercial Bank Co. Ltd., A Shares		448,700	$	250,638
Chongqing Rural Commercial Bank Co. Ltd., H Shares		3,131,920		1,208,897
CIFI Holdings Group Co. Ltd.^(d)		13,274,313		963,880
CITIC Ltd.		1,372,551		1,718,770
CITIC Securities Co. Ltd., A Shares		244,600		742,111
CITIC Securities Co. Ltd., H Shares		642,562		1,347,351
COSCO SHIPPING Holdings Co. Ltd., A Shares		519,280		832,713
COSCO SHIPPING Holdings Co. Ltd., H Shares		1,842,929		2,131,721
Country Garden Holdings Co. Ltd.^(b)		28,266,402		7,237,731
Country Garden Services Holdings Co. Ltd.		539,000		840,439
CRRC Corp. Ltd., A Shares		1,061,400		1,070,868
CRRC Corp. Ltd., H Shares		2,523,185		1,629,645
CSPC Pharmaceutical Group Ltd.		1,577,946		1,604,098
ENN Energy Holdings Ltd.		196,019		2,671,885
GCL Technology Holdings Ltd.^(a)		7,179,000		1,792,487
Geely Automobile Holdings Ltd.		2,330,050		2,864,365
Greentown China Holdings Ltd.		904,751		1,083,410
Guangdong Investment Ltd.		1,114,000		1,064,345
Haier Smart Home Co. Ltd., A Shares		115,600		395,445
Haier Smart Home Co. Ltd., H Shares		615,907		1,996,819
Haitong Securities Co. Ltd., A Shares		389,700		521,422
Haitong Securities Co. Ltd., H Shares		1,946,440		1,289,378
Hengan International Group Co. Ltd.		314,872		1,403,906
Huaneng Power International, Inc., A Shares^(a)		350,800		491,146
Huaneng Power International, Inc., H Shares^(a)(b)		3,002,256		1,866,394
Huatai Securities Co. Ltd., A Shares		257,300		521,790
Huatai Securities Co. Ltd., H Shares^(c)		835,732		1,077,416
Huaxia Bank Co. Ltd., A Shares		1,634,992		1,359,307
Industrial & Commercial Bank of China Ltd., A Shares		3,645,212		2,483,387
Industrial & Commercial Bank of China Ltd., H Shares		54,204,448		29,139,578
Industrial Bank Co. Ltd., A Shares		1,276,326		3,172,301
JD.com, Inc., A Shares		709,319		12,279,959
Jiangxi Copper Co. Ltd., A Shares		150,400		443,068
Jiangxi Copper Co. Ltd., H Shares		1,237,361		2,194,176
JinkoSolar Holding Co. Ltd., ADR^(a)(b)		24,234		1,202,249
KE Holdings, Inc., ADR^(a)(b)		98,598		1,547,003
Kuaishou Technology^(a)(c)		154,500		1,009,675
Kweichow Moutai Co. Ltd., A Shares		6,100		1,550,067
Li Ning Co. Ltd.		137,000		974,719
Longfor Group Holdings Ltd.^(c)		1,438,155		3,911,465
Lufax Holding Ltd., ADR		913,743		1,553,363
Meituan, B Shares^(a)(c)		246,299		4,173,017
Metallurgical Corp. of China Ltd., A Shares		1,266,300		818,831
Metallurgical Corp. of China Ltd., H Shares		3,530,598		1,074,935
NetEase, Inc.		298,069		5,262,789
New China Life Insurance Co. Ltd., A Shares		119,400		669,538
New China Life Insurance Co. Ltd., H Shares		787,508		2,247,185

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

Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)

April 30, 2023

(Unaudited)


	Shares			Value
China-(continued)
New Oriental Education & Technology Group, Inc.^(a)		295,501		$	1,328,830
Nine Dragons Paper Holdings Ltd.		1,712,000			1,184,239
NIO, Inc., ADR^(a)(b)		108,114			850,857
PDD Holdings, Inc., ADR^(a)		11,503			783,929
People’s Insurance Co. (Group) of China Ltd. (The), A Shares		559,400			502,218
People’s Insurance Co. Group of China Ltd. (The), H Shares		6,174,826			2,422,765
PetroChina Co. Ltd., A Shares		1,743,100			1,985,084
PetroChina Co. Ltd., H Shares		20,663,893			14,293,805
PICC Property & Casualty Co. Ltd., H Shares		3,952,860			4,768,670
Ping An Bank Co. Ltd., A Shares		853,600			1,546,243
Ping An Insurance (Group) Co. of China Ltd., A Shares		530,644			3,967,460
Ping An Insurance (Group) Co. of China Ltd., H Shares		4,222,112			30,496,408
Poly Developments and Holdings Group Co. Ltd., A Shares		574,800			1,154,047
Postal Savings Bank of China Co. Ltd., A Shares		1,134,300			902,109
Postal Savings Bank of China Co. Ltd., H Shares^(b)(c)		7,251,558			4,711,263
Qifu Technology, Inc., ADR^(b)		57,504			1,014,371
SAIC Motor Corp. Ltd., A Shares		911,956			1,858,610
Seazen Group Ltd.^(a)		4,848,000			1,037,547
Shanghai Pharmaceuticals Holding Co. Ltd., A Shares		134,800			445,753
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares		586,785			1,190,030
Shanghai Pudong Development Bank Co. Ltd., A Shares		2,863,705	��		3,141,387
Shenzhou International Group Holdings Ltd.		135,060			1,287,818
Sino Biopharmaceutical Ltd.		2,487,553			1,375,302
Sinopharm Group Co. Ltd., H Shares		586,160			2,072,121
Sinotruk Hong Kong Ltd.		581,500			884,484
Sunny Optical Technology Group Co. Ltd.		112,882			1,184,198
TAL Education Group, ADR^(a)		144,820			848,645
Tencent Holdings Ltd.		680,927			29,874,426
Tencent Music Entertainment Group, ADR^(a)		131,062			971,169
Tingyi Cayman Islands Holding Corp.		930,000			1,620,709
Trip.com Group Ltd.^(a)		108,338			3,792,568
Vipshop Holdings Ltd., ADR^(a)		202,016			3,171,651
Weichai Power Co. Ltd., A Shares		281,200			467,571
Weichai Power Co. Ltd., H Shares		1,200,382			1,767,719
Wuxi Biologics Cayman, Inc.^(a)(c)		171,500			1,014,812
Xiaomi Corp., B Shares^(a)(c)		4,610,237			6,495,525
Xinyi Solar Holdings Ltd.		858,000			917,033
Yankuang Energy Group Co. Ltd., A Shares		42,100			208,975
Yankuang Energy Group Co. Ltd., H Shares		903,239			3,089,462
Yuexiu Property Co. Ltd.^(b)		836,000			1,205,559
Yum China Holdings, Inc.		63,127			3,840,744
Zhongsheng Group Holdings Ltd.		269,318			1,145,903
Zijin Mining Group Co. Ltd., A Shares		283,200			524,444


	Shares		Value
China-(continued)
Zijin Mining Group Co. Ltd., H Shares		1,142,590	$	1,924,233
ZTO Express (Cayman), Inc.		54,850		1,500,883

				520,365,547

India-10.93%
Axis Bank Ltd.		449,706		4,725,866
Bajaj Finance Ltd.		14,314		1,098,454
Bank of Baroda		572,960		1,314,494
Bharat Petroleum Corp. Ltd.		415,142		1,814,047
Bharti Airtel Ltd.		339,408		3,315,020
Bharti Airtel Ltd.		26,782		134,440
Coal India Ltd.		961,391		2,738,398
GAIL (India) Ltd.		1,631,843		2,139,599
Grasim Industries Ltd.		75,367		1,584,308
HCL Technologies Ltd.		120,318		1,564,470
Hero MotoCorp Ltd.		54,032		1,689,304
Hindalco Industries Ltd.		776,046		4,135,498
Hindustan Petroleum Corp. Ltd.		462,614		1,420,297
Hindustan Unilever Ltd.		85,760		2,575,119
Housing Development Finance Corp. Ltd.		309,386		10,493,293
ICICI Bank Ltd.		224,959		2,522,521
Indiabulls Housing Finance Ltd.^(a)		856,805		1,127,068
Indian Oil Corp. Ltd.		1,736,928		1,727,669
Infosys Ltd.		518,768		7,941,305
ITC Ltd.		498,952		2,594,560
Jindal Steel & Power Ltd.		141,500		1,007,784
JSW Steel Ltd.		292,931		2,596,195
Larsen & Toubro Ltd.		147,548		4,262,933
Mahindra & Mahindra Ltd.		213,291		3,197,687
Maruti Suzuki India Ltd.		19,694		2,067,086
NTPC Ltd.		1,386,825		2,914,771
Oil & Natural Gas Corp. Ltd.		1,634,919		3,175,492
Power Finance Corp. Ltd.		1,025,421		2,128,874
Power Grid Corp. of India Ltd.		1,208,181		3,502,616
REC Ltd.		1,272,752		2,055,253
Reliance Industries Ltd.		678,094		20,056,228
Shriram Finance Ltd.		74,041		1,205,664
State Bank of India		659,913		4,663,309
Steel Authority of India Ltd.		1,462,427		1,479,649
Sun Pharmaceutical Industries Ltd.		120,651		1,456,090
Tata Consultancy Services Ltd.		132,476		5,211,301
Tata Motors Ltd.^(a)		1,191,230		7,059,060
Tata Motors Ltd., Class A^(a)		188,886		573,447
Tata Power Co. Ltd. (The)		449,389		1,104,304
Tata Steel Ltd.		5,202,323		6,862,372
Tech Mahindra Ltd.		153,562		1,920,926
UltraTech Cement Ltd.		14,311		1,321,380
UPL Ltd.		165,344		1,495,721
Vedanta Ltd.		919,527		3,138,827
Wipro Ltd.		218,206		1,026,554

				142,139,253

Indonesia-2.11%
PT Adaro Energy Indonesia Tbk		6,870,132		1,465,815
PT Astra International Tbk		5,892,764		2,711,395
PT Bank Central Asia Tbk		6,574,701		4,055,968
PT Bank Mandiri (Persero) Tbk		10,442,370		3,683,658
PT Bank Negara Indonesia (Persero) Tbk		2,790,264		1,792,654

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

Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
Indonesia-(continued)
PT Bank Rakyat Indonesia (Persero) Tbk		18,477,877	$	6,423,802
PT GoTo Gojek Tokopedia Tbk^(a)		187,207,500		1,327,170
PT Telkom Indonesia (Persero) Tbk		16,076,730		4,657,539
PT United Tractors Tbk		693,400		1,366,003

				27,484,004

Malaysia-0.74%
CIMB Group Holdings Bhd		2,326,400		2,639,073
Malayan Banking Bhd		1,114,500		2,163,786
Petronas Chemicals Group Bhd		789,200		1,252,670
Public Bank Bhd		2,579,500		2,249,581
Top Glove Corp. Bhd.^(a)		5,961,800		1,309,845

				9,614,955

Mexico-3.54%
America Movil S.A.B. de C.V., Class B^(a)(b)		10,633,636		11,430,024
Arca Continental S.A.B. de C.V.		132,882		1,260,386
Cemex S.A.B. de C.V., Series CPO^(a)(b)(e)		9,504,195		5,690,188
Coca-Cola FEMSA S.A.B. de C.V., Series L		180,161		1,482,416
Fomento Economico Mexicano S.A.B. de C.V., Series CPO^(b)(f)		628,559		6,094,991
Grupo Bimbo S.A.B. de C.V., Series A		267,980		1,430,593
Grupo Financiero Banorte S.A.B. de C.V., Class O.		832,827		7,178,222
Grupo Mexico S.A.B. de C.V., Class B		949,700		4,654,525
Grupo Televisa S.A.B., Series CPO^(g)		2,152,304		2,176,286
Wal-Mart de Mexico S.A.B. de C.V., Series V.		1,170,412		4,703,319

				46,100,950

Russia-0.00%
Aeroflot PJSC^(a)(d)		1,684,800		0
Alrosa PJSC^(a)(d)		1,976,600		0
Gazprom PJSC^(d)		9,643,940		0
Inter RAO UES PJSC^(d)		29,081,146		0
Lukoil PJSC^(d)		261,775		0
Magnit PJSC^(a)(d)		55,179		0
MMC Norilsk Nickel PJSC^(d)		20,152		0
Mobile TeleSystems PJSC^(d)		921,186		0
Moscow Exchange MICEX-RTS PJSC^(a)(d)		550,555		0
Novatek PJSC^(d)		298,686		0
Novolipetsk Steel PJSC^(a)(d)		795,328		0
Rosneft Oil Co. PJSC^(d)		1,054,960		0
Sberbank of Russia PJSC^(a)(d)		7,562,894		0
Severstal PAO^(a)(d)		147,196		0
Sistema PJSFC^(a)(d)		3,408,447		0
Surgutneftegas PJSC^(d)		3,493,738		0
Surgutneftegas PJSC, Preference Shares^(d)		3,804,484		0
Tatneft PJSC^(d)		753,855		0
Tatneft PJSC, Preference Shares^(d)		74,068		0
VTB Bank PJSC^(a)(d)		3,563,458,267		0

				0

Saudi Arabia-2.60%
Al Rajhi Bank		287,102		5,878,752


	Shares		Value
Saudi Arabia-(continued)
Alinma Bank		192,942	$	1,628,127
Riyad Bank		144,347		1,154,560
SABIC Agri-Nutrients Co.		38,065		1,355,876
Saudi Arabian Mining Co.^(a)		91,372		1,690,676
Saudi Arabian Oil Co.^(c)		579,611		5,563,227
Saudi Basic Industries Corp.		238,784		5,876,173
Saudi National Bank (The)		453,052		5,906,696
Saudi Telecom Co.		401,653		4,818,936

				33,873,023

South Africa-4.29%
Absa Group Ltd.^(b)		316,424		3,074,291
Anglo American Platinum Ltd.		26,866		1,591,690
Bid Corp. Ltd.		108,952		2,480,712
Bidvest Group Ltd. (The)		97,795		1,340,126
Capitec Bank Holdings Ltd.		14,606		1,272,467
Discovery Ltd.^(a)		174,757		1,374,161
Exxaro Resources Ltd.^(b)		116,021		1,217,209
FirstRand Ltd.		1,427,332		5,024,302
Foschini Group Ltd. (The)		190,202		984,832
Gold Fields Ltd.		250,523		3,892,039
Impala Platinum Holdings Ltd.^(b)		258,172		2,509,742
Kumba Iron Ore Ltd.^(b)		42,903		1,041,193
MTN Group Ltd.^(b)		599,994		4,210,910
Naspers Ltd., Class N		16,448		2,933,765
Nedbank Group Ltd.^(b)		165,194		1,906,840
Old Mutual Ltd.		1,589,388		1,010,115
Sanlam Ltd.^(b)		575,608		1,776,526
Sasol Ltd.		287,619		3,730,887
Shoprite Holdings Ltd.^(b)		180,332		2,198,948
Sibanye Stillwater Ltd.^(b)		2,009,397		4,436,691
SPAR Group Ltd. (The)^(b)		177,069		1,359,704
Standard Bank Group Ltd.		406,964		3,812,613
Vodacom Group Ltd.		190,931		1,307,734
Woolworths Holdings Ltd.		370,975		1,319,856

				55,807,353

Taiwan-15.40%
ASE Technology Holding Co. Ltd.		1,868,884		6,139,946
Asustek Computer, Inc.		300,706		2,763,258
AUO Corp.		5,018,244		2,774,991
Catcher Technology Co. Ltd.		335,000		1,972,351
Cathay Financial Holding Co. Ltd.		3,256,919		4,497,234
Chailease Holding Co. Ltd.		279,609		2,028,228
China Airlines Ltd.		1,487,000		919,021
China Development Financial Holding Corp.		3,838,000		1,635,449
China Steel Corp.		3,549,632		3,359,983
Chunghwa Telecom Co. Ltd.		1,302,039		5,378,839
Compal Electronics, Inc.		1,447,000		1,127,288
CTBC Financial Holding Co. Ltd.		4,526,663		3,327,725
Delta Electronics, Inc.		426,791		4,164,831
E.Sun Financial Holding Co. Ltd.		2,962,073		2,403,959
Eva Airways Corp.		1,043,000		910,939
Evergreen Marine Corp. Taiwan Ltd.		832,381		4,372,759
Far Eastern New Century Corp.		1,277,000		1,325,081
Far EasTone Telecommunications Co. Ltd.		557,000		1,429,529
First Financial Holding Co. Ltd.		1,856,466		1,636,504
Formosa Plastics Corp.		915,280		2,795,634
Fubon Financial Holding Co. Ltd.		1,745,568		3,350,037

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

Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
Taiwan-(continued)
Globalwafers Co. Ltd.		61,457	$	961,562
Hon Hai Precision Industry Co. Ltd.		4,259,635		14,479,364
Innolux Corp.		5,093,705		2,220,237
Largan Precision Co. Ltd.		33,000		2,157,599
Lite-On Technology Corp.		897,313		2,145,320
MediaTek, Inc.		318,049		6,879,811
Mega Financial Holding Co. Ltd.		2,161,357		2,393,891
Micro-Star International Co. Ltd.		345,000		1,632,837
Nan Ya Plastics Corp.		1,007,940		2,557,350
Novatek Microelectronics Corp.		199,000		2,709,002
Pegatron Corp.		545,260		1,241,545
Pou Chen Corp.		1,130,000		1,167,033
President Chain Store Corp.		165,000		1,451,818
Quanta Computer, Inc.		835,000		2,333,138
Realtek Semiconductor Corp.		130,000		1,518,094
Shanghai Commercial & Savings Bank Ltd. (The)		639,000		965,489
Shin Kong Financial Holding Co. Ltd.		3,633,998		990,580
Sino-American Silicon Products, Inc.		228,000		1,093,925
SinoPac Financial Holdings Co. Ltd.		2,843,906		1,544,872
Synnex Technology International Corp.		522,000		1,051,047
Taishin Financial Holding Co. Ltd.		2,015,008		1,133,923
Taiwan Cement Corp.		2,992,136		3,766,631
Taiwan Cooperative Financial Holding Co. Ltd.		1,407,950		1,225,101
Taiwan Mobile Co. Ltd.		416,000		1,400,537
Taiwan Semiconductor Manufacturing Co. Ltd.		3,628,807		59,255,464
Unimicron Technology Corp.		261,000		1,231,032
Uni-President Enterprises Corp.		989,941		2,369,998
United Microelectronics Corp.		3,706,925		5,920,469
Walsin Lihwa Corp.		993,000		1,603,723
Wan Hai Lines Ltd.		435,000		919,737
Winbond Electronics Corp.		1,458,000		1,230,710
Wistron Corp.		1,552,875		2,348,823
Yageo Corp.		126,786		2,045,567
Yang Ming Marine Transport Corp.		1,463,136		3,003,135
Yuanta Financial Holding Co. Ltd.		2,196,404		1,614,662
Zhen Ding Technology Holding Ltd.		387,000		1,403,611

				200,281,223

Thailand-3.83%
Advanced Info Service PCL, NVDR		354,884		2,224,033
Bangchak Corp. PCL, NVDR		1,037,900		919,437
Bangkok Bank PCL, NVDR		449,249		2,065,513
Bangkok Dusit Medical Services PCL, NVDR.		1,323,449		1,133,637
Banpu PCL, NVDR		4,844,771		1,291,088
Charoen Pokphand Foods PCL, NVDR		3,836,690		2,280,835
CP ALL PCL, NVDR		1,720,532		3,262,448
Indorama Ventures PCL, NVDR		1,103,392		1,098,626
IRPC PCL, NVDR		12,240,313		845,952
Kasikornbank PCL, NVDR		1,034,238		3,785,921
Krung Thai Bank PCL, NVDR		4,434,031		2,337,288
Land & Houses PCL, NVDR		3,670,337		1,053,351
PTT Exploration & Production PCL, NVDR		547,523		2,373,040


	Shares		Value
Thailand-(continued)
PTT Global Chemical PCL, NVDR		1,871,557	$	2,274,533
PTT PCL, NVDR		11,893,706		10,797,420
SCB X PCL, NVDR		1,350,918		4,094,590
Siam Cement PCL (The), NVDR		482,141		4,433,480
Thai Oil PCL, NVDR		944,303		1,285,895
TMBThanachart Bank PCL, NVDR		25,904,567		1,099,982
TMBThanachart Bank PCL, Wts., expiring 10/25/2025^(a)		351,453		4,940
True Corp. PCL, NVDR		5,196,600		1,209,839

				49,871,848

Turkey-1.42%
Akbank T.A.S.		3,031,572		2,501,857
BIM Birlesik Magazalar A.S.		239,677		1,924,983
Eregli Demir ve Celik Fabrikalari TAS		838,490		1,428,795
Haci Omer Sabanci Holding A.S.		847,283		1,664,222
KOC Holding A.S.		644,513		2,507,033
Turk Hava Yollari AO^(a)		319,869		2,101,950
Turkcell Iletisim Hizmetleri A.S.		941,058		1,601,636
Turkiye Is Bankasi A.S., Class C		2,808,729		1,564,076
Turkiye Petrol Rafinerileri A.S.		431,917		1,472,425
Yapi ve Kredi Bankasi A.S.		3,425,828		1,668,150

				18,435,127

United States-0.31%
JBS S.A.		1,133,422		4,055,339

Total Common Stocks & Other Equity Interests (Cost $1,312,977,990)				1,295,036,810


Money Market Funds-0.30%
Invesco Government & Agency Portfolio, Institutional Class, 4.78%^(h)(i)(Cost $3,952,866)		3,952,866		3,952,866

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.87% (Cost $1,316,930,856)				1,298,989,676


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-2.94%
Invesco Private Government Fund, 4.83%^(h)(i)(j)		10,719,775		10,719,775
Invesco Private Prime Fund, 4.99%^(h)(i)(j)		27,565,135		27,565,135

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $38,286,024)				38,284,910

TOTAL INVESTMENTS IN SECURITIES-102.81% (Cost $1,355,216,880)				1,337,274,586
OTHER ASSETS LESS LIABILITIES-(2.81)%				(36,568,241	)

NET ASSETS-100.00%			$	1,300,706,345

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

Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)

April 30, 2023

(Unaudited)

Investment Abbreviations:

ADR-American Depositary Receipt

CPO-Certificates of Ordinary Participation

NVDR-Non-Voting Depositary Receipt

Wts.-Warrants

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)	All or a portion of this security was out on loan at April 30, 2023.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2023 was $34,131,366, which represented 2.62% of the Fund’s Net Assets.

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

^(e)	Each CPO for Cemex S.A.B. de C.V. represents two Series A shares and one Series B share.

^(f)	Each CPO for Fomento Economico Mexicano, S.A.B. de C.V. represents one Series B share and four Series D shares.

^(g)	Each CPO for Grupo Televisa S.A.B. Series CPO. represents twenty-five Series A shares, twenty-two Series B shares, thirty-five Series D shares and thirty-five Series L shares.

^(h)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value April 30, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	8,531,729		$	68,798,046		$	(73,376,909	)		$	-			$	-		$	3,952,866		$	152,750

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			3,383,737			28,120,875			(20,784,837	)			-				-			10,719,775			113,714	*

Invesco Private Prime Fund			8,698,849			64,594,883			(45,729,618	)			(882	)			1,903			27,565,135			308,296	*


Total		$	20,614,315		$	161,513,804		$	(139,891,364	)		$	(882	)		$	1,903		$	42,237,776		$	574,760

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

⁽ⁱ⁾	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

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

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

Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)

April 30, 2023

(Unaudited)

Portfolio Composition

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

as of April 30, 2023



Financials			31.30

Information Technology			12.55

Energy			12.06

Materials			11.22

Consumer Discretionary			8.64

Communication Services			7.57

Consumer Staples			4.64

Industrials			4.49

Real Estate			3.05

Utilities			3.05

Health Care			1.00

Money Market Funds Plus Other Assets Less Liabilities			0.43

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

Invesco Global Clean Energy ETF (PBD)

April 30, 2023

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Austria-1.07%
Verbund AG		23,965	$	2,140,401

Belgium-1.06%
Elia Group S.A./N.V.		15,472		2,124,888

Canada-5.39%
Ballard Power Systems, Inc.^(a)		364,503		1,609,801
Boralex, Inc., Class A		75,030		2,185,125
Canadian Solar, Inc.^(a)		48,941		1,831,372
Innergex Renewable Energy, Inc.		187,395		1,920,512
Li-Cycle Holdings Corp.^(a)(b)		351,706		1,670,604
NFI Group, Inc.^(b)		268,525		1,566,049

				10,783,463

Chile-0.78%
Sociedad Quimica y Minera de Chile S.A., ADR		23,257		1,569,382

China-10.60%
BYD Co. Ltd., H Shares		70,365		2,115,459
China Datang Corp. Renewable Power Co. Ltd., H Shares^(b)		5,733,363		2,220,337
Flat Glass Group Co. Ltd., H Shares		745,886		2,085,657
Ganfeng Lithium Group Co. Ltd., H Shares^(b)(c)		280,848		1,840,741
JinkoSolar Holding Co. Ltd., ADR^(a)(b)		36,253		1,798,511
NIO, Inc., ADR^(a)(b)		220,154		1,732,612
Tianneng Power International Ltd.^(b)		1,518,929		1,758,884
Xinyi Energy Holdings Ltd.		6,283,800		1,753,082
Xinyi Energy Holdings Ltd., Rts., expiring 05/23/2023^(a)(d)		628,380		0
Xinyi Solar Holdings Ltd.		1,774,241		1,896,315
Xpeng, Inc., ADR^(a)(b)		214,491		2,037,665
Yadea Group Holdings Ltd.^(c)		847,045		1,976,823

				21,216,086

Denmark-4.13%
NKT A/S^(a)(b)		40,968		2,149,344
Novozymes A/S, Class B		41,028		2,135,476
Orsted A/S^(c)		23,184		2,083,067
Vestas Wind Systems A/S^(a)		68,787		1,899,786

				8,267,673

France-4.24%
McPhy Energy S.A.^(a)(b)		142,559		1,935,837
Neoen S.A.^(c)		85,147		2,556,863
Nexans S.A.		20,401		1,753,393
SPIE S.A.^(b)		71,496		2,232,185

				8,478,278

Germany-5.79%
Encavis AG		107,132		1,853,941
Nordex SE^(a)		131,022		1,573,774
PNE AG		117,879		1,928,651
SMA Solar Technology AG^(a)		26,087		2,816,645
VERBIO Vereinigte BioEnergie AG^(b)		39,824		1,483,403
Wacker Chemie AG		12,566		1,941,507

				11,597,921

Ireland-1.04%
Kingspan Group PLC.		30,100		2,083,546


	Shares			Value
Israel-2.09%
Energix-Renewable Energies Ltd.		722,109	��	$	2,126,741
Enlight Renewable Energy Ltd.^(a)		125,611			2,058,029

					4,184,770

Italy-2.21%
Prysmian S.p.A.		51,829			2,121,117
Terna Rete Elettrica Nazionale S.p.A.		266,167			2,309,648

					4,430,765

Japan-3.81%
GS Yuasa Corp.		112,598			1,966,424
RENOVA, Inc.^(a)		131,590			1,853,557
Takaoka Toko Co. Ltd.^(b)		119,444			1,786,857
West Holdings Corp.		84,670			2,008,476

					7,615,314

Netherlands-2.15%
Alfen N.V.^(a)(b)(c)		25,398			2,053,605
Fugro N.V.^(a)		158,893			2,250,612

					4,304,217

New Zealand-0.97%
Mercury NZ Ltd.		496,547			1,944,429

Norway-0.92%
NEL ASA^(a)(b)		1,349,590			1,843,661

South Africa-0.98%
Scatec ASA^(c)		302,845			1,968,715

South Korea-7.39%
CS Wind Corp.^(b)		37,667			2,122,005
Doosan Fuel Cell Co. Ltd.^(a)(b)		75,766			1,692,621
Ecopro BM Co. Ltd.^(b)		16,486			3,288,824
Iljin Hysolus Co. Ltd.^(a)		83,188			1,842,890
L&F Co. Ltd.		10,510			2,080,955
Lotte Energy Materials Corp.		41,138			1,850,349
Samsung SDI Co. Ltd.		3,709			1,914,913

					14,792,557

Spain-5.70%
Acciona S.A.		10,667			1,978,430
Corp.ACCIONA Energias Renovables S.A.^(b)		53,949			1,939,264
EDP Renovaveis S.A.^(b)		92,590			2,060,742
Grenergy Renovables S.A.^(a)		64,724			1,899,282
Solaria Energia y Medio Ambiente S.A.^(a)		107,652			1,700,712
Soltec Power Holdings S.A.^(a)		319,671			1,829,874

					11,408,304

Sweden-2.90%
Nibe Industrier AB, Class B^(b)		196,568			2,194,256
OX2 AB^(a)(b)		294,990			2,277,726
PowerCell Sweden AB^(a)(b)		158,216			1,338,256

					5,810,238

Switzerland-2.10%
Landis+Gyr Group AG^(a)(b)		26,056			2,154,622
Meyer Burger Technology AG^(a)(b)		3,150,223			2,040,451

					4,195,073

Taiwan-4.66%
Motech Industries, Inc.		2,132,684			2,618,812
Sino-American Silicon Products, Inc.		387,000			1,856,795

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

Invesco Global Clean Energy ETF (PBD)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
Taiwan-(continued)
Teco Electric and Machinery Co. Ltd.		1,991,000	$	2,859,320
United Renewable Energy Co. Ltd.^(a)		2,947,141		1,989,206

				9,324,133

United Kingdom-2.54%
Ceres Power Holdings PLC^(a)(b)		392,225		1,722,501
ITM Power PLC^(a)(b)		1,726,147		1,696,190
Subsea 7 S.A.		145,594		1,656,659

				5,075,350

United States-27.46%
Ameresco, Inc., Class A^(a)(b)		45,235		1,881,776
Array Technologies, Inc.^(a)		106,108		2,169,909
Bloom Energy Corp., Class A^(a)(b)		92,306		1,536,895
Brookfield Renewable Corp., Class A		69,390		2,318,320
ChargePoint Holdings, Inc.^(a)(b)		177,727		1,540,893
Enphase Energy, Inc.^(a)		9,459		1,553,168
EVgo, Inc.^(a)(b)		334,649		2,004,548
First Solar, Inc.^(a)		10,096		1,843,328
Fisker, Inc.^(a)(b)		270,068		1,739,238
FuelCell Energy, Inc.^(a)(b)		610,124		1,147,033
Gevo, Inc.^(a)(b)		1,070,163		1,241,389
Hannon Armstrong Sustainable Infrastructure
Capital, Inc.		64,493		1,830,311
Hubbell, Inc.		8,020		2,159,946
Itron, Inc.^(a)		35,245		1,882,083
Livent Corp.^(a)(b)		85,522		1,868,656
Lucid Group, Inc.^(a)(b)		234,608		1,862,788
Ormat Technologies, Inc.^(b)		23,151		1,986,587
Plug Power, Inc.^(a)(b)		150,128		1,355,656
Proterra, Inc.^(a)(b)		482,218		564,195
QuantumScape Corp.^(a)(b)		225,361		1,577,527
REC Silicon ASA^(a)(b)		1,231,749		1,842,249
Rivian Automotive, Inc., Class A^(a)(b)		127,303		1,632,024


	Shares		Value
United States-(continued)
Shoals Technologies Group, Inc., Class A^(a)(b).		81,782	$	1,708,426
Signify N.V.		56,912		1,898,120
SolarEdge Technologies, Inc.^(a)		6,187		1,767,193
Stem, Inc.^(a)(b)		244,049		1,032,327
Sunnova Energy International, Inc.^(a)(b)		115,676		2,077,541
SunPower Corp.^(a)(b)		132,618		1,753,210
Sunrun, Inc.^(a)(b)		84,511		1,778,111
TPI Composites, Inc.^(a)(b)		173,565		2,145,263
Universal Display Corp.		14,400		1,921,824
Wolfspeed, Inc.^(a)(b)		28,761		1,338,825

				54,959,359

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.98% (Cost $242,617,223)				200,118,523


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-32.08%
Invesco Private Government Fund, 4.83%^(e)(f)(g)		17,986,389		17,986,389
Invesco Private Prime Fund, 4.99%^(e)(f)(g)		46,236,443		46,236,443

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $64,228,559)				64,222,832

TOTAL INVESTMENTS IN SECURITIES-132.06% (Cost $306,845,782)				264,341,355
OTHER ASSETS LESS LIABILITIES-(32.06)%				(64,175,186	)

NET ASSETS-100.00%			$	200,166,169

Investment Abbreviations:

ADR-American Depositary Receipt

Rts.-Rights

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)	All or a portion of this security was out on loan at April 30, 2023.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2023 was $12,479,814, which represented 6.23% of the Fund’s Net Assets.

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

^(e)


	Value October 31, 2022			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value April 30, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-	$	5,371,444	$	(5,371,444	)		$	-	$	-		$	-	$	1,748

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

Invesco Global Clean Energy ETF (PBD)–(continued)

April 30, 2023

(Unaudited)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value April 30, 2023			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	19,922,611		$	41,850,862		$	(43,787,084	)		$	-			$	-		$	17,986,389		$	399,088	*

Invesco Private Prime Fund			51,352,081			88,787,121			(93,906,089	)			(4,812	)			8,142			46,236,443			1,089,619	*


Total		$	71,274,692		$	136,009,427		$	(143,064,617	)		$	(4,812	)		$	8,142		$	64,222,832		$	1,490,455

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

^(f)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

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

Portfolio Composition

Sub-Industry Breakdown (% of the Fund’s Net Assets)

as of April 30, 2023



Electrical Components & Equipment			20.31

Renewable Electricity			18.23

Heavy Electrical Equipment			8.40

Semiconductor Materials & Equipment			7.93

Semiconductors			6.67

Electric Utilities			6.28

Automobile Manufacturers			5.56

Specialty Chemicals			3.89

Construction & Engineering			3.20

Sub-Industry Types Each Less Than 3%			19.51

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.

Invesco Global Water ETF (PIO)

April 30, 2023

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-100.00%
Brazil-3.67%
Cia de Saneamento Basico do Estado de Sao Paulo SABESP		1,117,741	$	10,306,404

Canada-1.45%
Stantec, Inc.		68,115		4,090,014

China-1.50%
Beijing Enterprises Water Group Ltd.		3,758,859		952,895
China Water Affairs Group Ltd.		931,435		745,157
Guangdong Investment Ltd.		2,650,821		2,532,664

				4,230,716

France-4.16%
Veolia Environnement S.A.		369,032		11,688,632

India-0.03%
VA Tech Wabag Ltd.^(a)		14,824		70,700

Italy-1.21%
ACEA S.p.A.		29,173		428,353
Hera S.p.A.		953,669		2,973,250

				3,401,603

Japan-7.38%
Ebara Corp.		124,911		5,421,540
Ebara Jitsugyo Co. Ltd.		7,613		166,612
Kurita Water Industries Ltd.		84,405		3,514,680
METAWATER Co. Ltd.^(b)		52,317		686,213
Miura Co. Ltd.		78,657		2,085,351
Nomura Micro Science Co. Ltd.		18,518		569,826
Organo Corp.		73,145		1,756,576
Torishima Pump Manufacturing Co. Ltd.		17,922		207,301
TOTO Ltd.		186,132		6,349,525

				20,757,624

Netherlands-1.46%
Aalberts N.V.		60,100		2,772,120
Arcadis N.V.		31,915		1,319,872

				4,091,992

South Korea-0.91%
Coway Co. Ltd.		70,134		2,570,287

Spain-1.93%
Acciona S.A.^(b)		29,216		5,418,750

Switzerland-7.27%
Belimo Holding AG		5,458		2,635,637
Geberit AG^(b)		31,293		17,818,428

				20,454,065

United Kingdom-13.97%
Genuit Group PLC		177,196		669,267
Halma PLC		286,229		8,303,297


	Shares		Value
United Kingdom-(continued)
Pennon Group PLC		348,636	$	3,768,529
Severn Trent PLC		268,038		9,877,828
Spirax-Sarco Engineering PLC		53,466		7,452,644
United Utilities Group PLC		677,408		9,212,526

				39,284,091

United States-55.06%
A.O. Smith Corp.		98,658		6,737,355
American Water Works Co., Inc.		78,924		11,700,483
Danaher Corp.		89,519		21,207,946
Ecolab, Inc.		69,520		11,668,237
Essential Utilities, Inc.		105,717		4,514,116
Ferguson PLC		153,229		21,560,866
IDEX Corp.		37,082		7,650,758
Pentair PLC		371,882		21,598,907
Roper Technologies, Inc.		51,508		23,424,808
Tetra Tech, Inc.		26,079		3,608,551
Waters Corp.^(a)(b)		33,220		9,977,959
Xylem, Inc.^(b)		107,933		11,207,763

				154,857,749

Total Common Stocks & Other Equity Interests (Cost $240,023,780)				281,222,627


Money Market Funds-0.14%
Invesco Government & Agency Portfolio, Institutional Class, 4.78%^(c)(d)(Cost $381,995)		381,995		381,995

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.14% (Cost $240,405,775)				281,604,622


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-7.37%
Invesco Private Government Fund, 4.83%^(c)(d)(e)		5,805,657		5,805,657
Invesco Private Prime Fund, 4.99%^(c)(d)(e)		14,928,833		14,928,833

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $20,734,721)				20,734,490

TOTAL INVESTMENTS IN SECURITIES-107.51% (Cost $261,140,496)				302,339,112
OTHER ASSETS LESS LIABILITIES-(7.51)%				(21,110,747	)

NET ASSETS-100.00%			$	281,228,365

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

Invesco Global Water ETF (PIO)–(continued)

April 30, 2023

(Unaudited)

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)	All or a portion of this security was out on loan at April 30, 2023.

^(c)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	1,393,656		$	(1,011,661	)		$	-			$	-			$	381,995		$	1,706

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			875,923			29,257,699			(24,327,965	)			-				-				5,805,657			78,011	*

Invesco Private Prime Fund			2,251,823			59,441,070			(46,760,298	)			(236	)			(3,526	)			14,928,833			206,154	*


Total		$	3,127,746		$	90,092,425		$	(72,099,924	)		$	(236	)		$	(3,526	)		$	21,116,485		$	285,871

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

^(d)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

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

Portfolio Composition

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

as of April 30, 2023



Industrials			46.18

Utilities			26.38

Information Technology			11.28

Health Care			11.09

Materials			4.15

Consumer Discretionary			0.92

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.

Invesco International BuyBack Achievers^TM ETF (IPKW)

April 30, 2023

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.37%
Australia-1.87%
Boral Ltd.^(a)(b)		131,361	$	357,657
FleetPartners Group Ltd.^(a)		118,276		163,360
Orora Ltd.		455,090		1,031,560

				1,552,577

Brazil-4.50%
Vale S.A.		257,640		3,728,502

Canada-21.44%
Artis REIT		46,935		243,620
Canaccord Genuity Group, Inc.		59,272		472,411
CGI, Inc., Class A^(a)		21,195		2,148,879
CI Financial Corp.		98,800		971,756
Dollarama, Inc.		34,179		2,114,799
Dream Office REIT^(b)		15,611		153,428
Element Fleet Management Corp.		155,530		2,031,993
Fairfax Financial Holdings Ltd.		3,072		2,144,488
Imperial Oil Ltd.		40,167		2,045,221
Interfor Corp.^(a)		30,630		480,125
Real Matters, Inc.^(a)(b)		38,102		142,710
Stelco Holdings, Inc.		20,024		698,913
Suncor Energy, Inc.		131,586		4,115,519

				17,763,862

Colombia-1.57%
Parex Resources, Inc.		64,232		1,302,826

Denmark-2.43%
Jyske Bank A/S^(a)		27,554		2,012,483

Finland-0.37%
Citycon OYJ^(b)		40,015		302,609

France-2.53%
Carrefour S.A.		100,781		2,098,406

Germany-2.49%
Scout24 SE^(c)		33,046		2,061,277

Hong Kong-2.29%
WH Group Ltd.		3,421,542		1,900,397

Ireland-0.37%
Glenveagh Properties PLC^(a)(c)		294,408		307,475

Japan-29.90%
Dai-ichi Life Holdings, Inc.		222,979		4,117,656
Fukuyama Transporting Co. Ltd.		13,124		348,907
Gree, Inc.		21,113		108,848
GungHo Online Entertainment, Inc.		23,138		442,998
Hazama Ando Corp.^(b)		57,280		376,917
Hogy Medical Co. Ltd.		9,352		233,517
Inabata & Co. Ltd.		13,670		277,386
Inpex Corp.		194,377		2,102,723
JAFCO Group Co. Ltd.		15,745		200,043
Japan Post Holdings Co. Ltd.		504,314		4,140,734
Japan Post Insurance Co. Ltd.		65,722		1,061,379
K’s Holdings Corp.		60,172		532,496
Marui Group Co. Ltd.		66,056		1,047,853
Mebuki Financial Group, Inc.		344,515		877,955
Megachips Corp.^(a)		5,491		129,447
Mitsubishi Shokuhin Co. Ltd.		6,884		176,947
Morinaga Milk Industry Co. Ltd.^(b)		15,148		569,587


	Shares		Value
Japan-(continued)
Nishimatsu Construction Co. Ltd.^(b)		16,355	$	428,798
Nitto Kogyo Corp.		9,596		189,150
Ricoh Co. Ltd.		158,214		1,302,522
Sega Sammy Holdings, Inc.		60,279		1,122,664
SoftBank Group Corp.		104,788		3,920,171
Starts Corp., Inc.		12,136		227,987
Sumitomo Osaka Cement Co. Ltd.^(b)		9,658		270,238
Suruga Bank Ltd.		73,428		277,178
Tokushu Tokai Paper Co. Ltd.^(b)		4,085		88,681
Yamazen Corp.		25,406		196,098

				24,768,880

Luxembourg-4.62%
ArcelorMittal S.A.		134,736		3,824,325

Netherlands-2.61%
Akzo Nobel N.V.		26,084		2,163,787

Poland-0.45%
Cyfrowy Polsat S.A.^(b)		87,671		368,474

South Korea-0.00%
Meritz Financial Group, Inc.^(a)		20		686

Switzerland-1.14%
Forbo Holding AG		637		940,417

Turkey-0.99%
Arcelik A.S		164,962		821,491

United Kingdom-11.69%
Balanced Commercial Property Trust Ltd.		392,658		406,671
Firstgroup PLC		334,251		472,215
NatWest Group PLC.		1,251,728		4,122,042
Pennon Group PLC		155,587		1,681,794
Quilter PLC^(b)(c)		710,633		760,109
Victoria PLC^(a)(b)		36,292		237,657
WPP PLC		172,103		2,005,686

				9,686,174

United States-8.11%
JBS S.A.		501,800		1,795,421
RHI Magnesita N.V.		14,838		421,488
Roche Holding AG		14,283		4,498,892

				6,715,801

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.37% (Cost $84,855,382)				82,320,449


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-3.27%
Invesco Private Government Fund, 4.83%^(d)(e)(f)		758,174		758,174

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

Invesco International BuyBack Achievers^TM ETF (IPKW)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 4.99%^(d)(e)(f)		1,949,590	$	1,949,590

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,708,025)				2,707,764

TOTAL INVESTMENTS IN SECURITIES-102.64% (Cost $87,563,407)				85,028,213
OTHER ASSETS LESS LIABILITIES-(2.64)%				(2,187,199	)

NET ASSETS-100.00%			$	82,841,014

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)	All or a portion of this security was out on loan at April 30, 2023.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2023 was $3,128,861, which represented 3.78% of the Fund’s Net Assets.

^(d)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	798,649		$	(798,649	)		$	-			$	-			$	-		$	239

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			1,081,717			14,118,222			(14,441,765	)			-				-				758,174			35,503	*

Invesco Private Prime Fund			2,768,002			28,069,700			(28,886,792	)			(299	)			(1,021	)			1,949,590			95,296	*


Total		$	3,849,719		$	42,986,571		$	(44,127,206	)		$	(299	)		$	(1,021	)		$	2,707,764		$	131,038

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

^(e)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

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

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

Invesco International BuyBack Achievers^TM ETF (IPKW)–(continued)

April 30, 2023

(Unaudited)

Portfolio Composition

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

as of April 30, 2023



Financials			29.46

Materials			15.77

Energy			11.55

Communication Services			10.75

Consumer Staples			7.90

Consumer Discretionary			6.20

Health Care			5.71

Information Technology			4.32

Industrials			3.90

Sector Types Each Less Than 3%			3.81

Money Market Funds Plus Other Assets

Less Liabilities			0.63

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

Invesco MSCI Global Timber ETF (CUT)

April 30, 2023

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.23%
Austria-3.84%
Mondi PLC		143,431	$	2,280,524

Brazil-4.64%
Dexco S.A.		111,995		131,855
Klabin S.A.		226,934		867,755
Suzano S.A.		220,353		1,753,010

				2,752,620

Canada-4.30%
Canfor Corp.^(a)		18,349		275,445
Cascades, Inc.		20,562		167,370
Interfor Corp.^(a)		15,372		240,956
Stella-Jones, Inc.		16,205		633,480
West Fraser Timber Co. Ltd.		17,109		1,236,218

				2,553,469

Chile-0.88%
Empresas CMPC S.A.		331,795		523,196

China-1.14%
Lee & Man Paper Manufacturing Ltd.		381,042		161,641
Nine Dragons Paper Holdings Ltd.		483,716		334,600
Shandong Chenming Paper Holdings Ltd., B Shares^(a)		161,600		45,290
Shandong Sun Paper Industry JSC Ltd., A Shares		48,600		79,899
ShenZhen YUTO Packaging Technology Co. Ltd., A Shares		15,300		55,938

				677,368

Finland-10.51%
Huhtamaki OYJ^(b)		28,405		1,023,562
Metsa Board OYJ^(b)		53,313		384,634
Stora Enso OYJ, Class R		162,687		2,065,474
UPM-Kymmene OYJ^(b)		86,700		2,766,216

				6,239,886

Germany-0.22%
Mercer International, Inc.^(b)		13,260		129,020

Indonesia-1.05%
PT Indah Kiat Pulp & Paper Corp. Tbk		810,438		429,526
PT Pabrik Kertas Tjiwi Kimia Tbk		421,558		194,687

				624,213

Ireland-4.53%
Smurfit Kappa Group PLC		72,664		2,690,615

Japan-3.49%
Daiken Corp.		3,506		60,045
Daio Paper Corp.^(b)		24,913		201,258
Hokuetsu Corp.^(b)		36,215		238,304
Nippon Paper Industries Co. Ltd.^(a)		29,255		233,757
Oji Holdings Corp.		237,985		931,561
Rengo Co. Ltd.		53,241		346,038
Tokushu Tokai Paper Co. Ltd.^(b)		2,665		57,854

				2,068,817

Norway-0.30%
Elopak ASA^(b)		34,983		78,368
Norske Skog ASA^(a)(c)		22,756		100,678

				179,046


	Shares		Value
Portugal-0.69%
Altri SGPS S.A.^(b)		21,115	$	109,328
Navigator Co. S.A. (The)		62,350		229,219
Semapa-Sociedade de Investimento e Gestao		4,859		73,599

				412,146

Russia-0.00%
Segezha Group PJSC^(c)(d)		1,310,077		0

Saudi Arabia-0.16%
Middle East Paper Co.		10,676		92,223

South Africa-0.65%
Sappi Ltd		168,551		383,218

South Korea-0.10%
Dongwha Enterprise Co. Ltd.^(a)		1,568		57,875

Spain-0.37%
Ence Energia y Celulosa S.A.^(b)		41,044		161,041
Miquel y Costas & Miquel S.A.		4,364		58,681

				219,722

Sweden-6.96%
Billerud AB^(b)		65,841		631,370
Holmen AB, Class B^(b)		27,779		1,048,898
Svenska Cellulosa AB S.C.A., Class B^(b)		178,787		2,448,086

				4,128,354

Switzerland-4.05%
SIG Group AG^(a)(b)		89,697		2,402,535

Taiwan-1.40%
Cheng Loong Corp.		215,000		218,899
Chung Hwa Pulp Corp.		123,000		98,024
Longchen Paper & Packaging Co. Ltd.		224,000		125,325
Shihlin Paper Corp.^(a)		46,000		65,014
YFY, Inc.		324,000		324,606

				831,868

Thailand-0.87%
Polyplex Thailand PCL, NVDR		65,713		31,368
SCG Packaging PCL, NVDR		377,437		486,338

				517,706

United Kingdom-2.65%
DS Smith PLC		403,962		1,574,503

United States-46.43%
Amcor PLC		276,554		3,033,797
Avery Dennison Corp.		17,368		3,030,369
Clearwater Paper Corp.^(a)(b)		5,110		184,471
Graphic Packaging Holding Co.^(b)		90,400		2,229,264
International Paper Co.		81,869		2,710,683
Louisiana-Pacific Corp.^(b)		21,258		1,269,953
Packaging Corp. of America^(b)		22,331		3,020,491
Pactiv Evergreen, Inc.		13,206		104,327
PotlatchDeltic Corp.^(b)		23,562		1,089,271
Ranpak Holdings Corp.^(a)(b)		13,187		53,803
Rayonier, Inc.^(b)		42,777		1,341,487
Resolute Forest Products, Inc.^(a)(d)		13,637		19,364
Sealed Air Corp.		42,634		2,046,006
Sonoco Products Co.		28,695		1,739,491
Sylvamo Corp.		11,804		540,859

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

Invesco MSCI Global Timber ETF (CUT)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
United States-(continued)
WestRock Co.		74,943	$	2,243,044
Weyerhaeuser Co.		96,813		2,895,677

				27,552,357

Total Common Stocks & Other Equity Interests (Cost $57,634,074)				58,891,281


Exchange-Traded Funds-0.63%
India-0.63%
Invesco India ETF^(e)(Cost $435,021)		17,265		370,445

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.86% (Cost $58,069,095)				59,261,726


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-25.21%
Invesco Private Government Fund, 4.83%^(e)(f)(g)		4,189,868	$	4,189,868
Invesco Private Prime Fund, 4.99%^(e)(f)(g)		10,773,947		10,773,947

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $14,963,975)				14,963,815

TOTAL INVESTMENTS IN SECURITIES-125.07% (Cost $73,033,070)				74,225,541
OTHER ASSETS LESS LIABILITIES-(25.07)%				(14,877,182	)

NET ASSETS-100.00%			$	59,348,359

Investment Abbreviations:

ETF-Exchange-Traded Fund

NVDR-Non-Voting Depositary Receipt

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)	All or a portion of this security was out on loan at April 30, 2023.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2023 was $100,678, which represented less than 1% of the Fund’s Net Assets.

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

^(e)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2023			Dividend Income

Invesco India ETF		$	384,979		$	49,423		$	(16,888	)		$	(46,059	)		$	46,501			$	370,445		$	-

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			67,536			2,195,631			(2,263,167	)			-				-				-			820

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			1,110,750			13,545,108			(10,465,990	)			-				-				4,189,868			45,078	*

Invesco Private Prime Fund			2,855,522			32,243,851			(24,323,594	)			(172	)			(1,660	)			10,773,947			121,121	*


Total		$	4,418,787		$	48,034,013		$	(37,069,639	)		$	(46,231	)		$	44,841	**		$	15,334,260		$	167,019

*	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 India ETF		$	47,511

^(f)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

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

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

Invesco MSCI Global Timber ETF (CUT)–(continued)

April 30, 2023

(Unaudited)

Portfolio Composition

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

as of April 30, 2023



Materials			90.26

Real Estate			8.97

Exchange-Traded Fund			0.63

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.

Invesco MSCI Green Building ETF (GBLD)

April 30, 2023

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-98.96%
Australia-2.84%
Centuria Office REIT		9,935	$	9,356
Cromwell Property Group		36,410		13,715
Growthpoint Properties Australia Ltd.		6,559		14,087
Vicinity Ltd.		95,345		132,319

				169,477

Austria-0.49%
CA Immobilien Anlagen AG^(a)		1,008		29,267

Canada-1.52%
First Capital REIT		2,702		31,696
RioCan REIT		3,819		59,074

				90,770

China-0.26%
Guangzhou R&F Properties Co. Ltd., H Shares^(a)		38,476		7,597
SOHO China Ltd.^(a)		47,538		7,933

				15,530

Finland-0.27%
Citycon OYJ^(b)		2,099		15,873

France-8.91%
Carmila S.A.		1,466		24,827
Covivio S.A.^(b)		1,186		67,431
Gecina S.A.		1,147		127,769
Klepierre S.A.		5,337		135,282
Mercialys S.A.		1,948		19,613
Unibail-Rodamco-Westfield^(a)(b)		2,914		156,156

				531,078

Germany-0.13%
Deutsche EuroShop AG		335		7,563

Hong Kong-12.55%
Champion REIT		69,220		28,835
Henderson Land Development Co. Ltd.		35,214		125,157
Sun Hung Kai Properties Ltd.		36,101		501,282
Swire Properties Ltd.		28,517		76,470
Yuexiu REIT		59,978		15,740

				747,484

Israel-0.05%
Property & Building Corp. Ltd.^(a)		62		2,813

Japan-24.73%
Activia Properties, Inc.		17		49,440
Advance Logistics Investment Corp.		17		17,217
AEON REIT Investment Corp.		41		46,942
CRE Logistics REIT, Inc.		15		20,633
Daiwa House REIT Investment Corp.		54		114,809
Daiwa Office Investment Corp.		8		34,723
Frontier Real Estate Investment Corp.		12		43,315
Fukuoka REIT Corp.		17		20,400
Global One Real Estate Investment Corp.		25		19,333
Hulic Reit, Inc.		33		37,977
Isetan Mitsukoshi Holdings Ltd.		8,126		89,278
Japan Excellent, Inc.		31		26,500
Japan Metropolitan Fund Investment Corp.		173		126,416
Japan Real Estate Investment Corp.		31		122,711
LaSalle Logiport REIT		44		52,219
Mitsubishi Estate Logistics REIT Investment Corp.		12		36,794


	Shares		Value
Japan-(continued)
Mori Hills REIT Investment Corp.		39	$	44,022
Nippon Building Fund, Inc.		38		159,072
Nippon Prologis REIT, Inc.		52		118,195
Nomura Real Estate Master Fund, Inc.		105		122,686
One REIT, Inc.		7		12,364
ORIX JREIT, Inc.		64		82,629
Sekisui House REIT, Inc.		104		58,887
SOSiLA Logistics REIT, Inc.		17		16,880

				1,473,442

Netherlands-0.64%
Eurocommercial Properties N.V.		1,066		25,585
Wereldhave N.V.		804		12,347

				37,932

Singapore-13.60%
CapitaLand Ascendas REIT		83,529		179,060
CapitaLand India Trust		27,031		22,084
CapitaLand Integrated Commercial Trust		131,137		199,534
City Developments Ltd.		9,728		50,676
Digital Core REIT Management Pte Ltd.		18,564		8,075
Frasers Centrepoint Trust		26,625		44,104
Frasers Logistics & Commercial Trust^(c)		73,289		74,160
Keppel REIT.		47,228		30,797
Lendlease Global Commercial REIT		46,428		24,360
Manulife US REIT^(c)		39,305		7,036
Mapletree Pan Asia Commercial Trust		58,143		76,702
OUE Commercial REIT		56,665		13,804
Prime US REIT^(c)		15,883		4,129
Starhill Global REIT		40,687		16,011
Suntec REIT		59,083		59,785

				810,317

Spain-2.23%
Inmobiliaria Colonial SOCIMI S.A.		7,254		46,409
Lar Espana Real Estate SOCIMI S.A.		1,518		8,597
Merlin Properties SOCIMI S.A.		8,160		72,159
Neinor Homes S.A.^(a)(c)		559		5,659

				132,824

Sweden-1.38%
Atrium Ljungberg AB, Class B		1,050		19,501
Fabege AB^(b)		6,397		51,202
Platzer Fastigheter Holding AB, Class B		1,375		11,569

				82,272

United Kingdom-5.34%
Berkeley Group Holdings PLC		2,657		148,511
Crest Nicholson Holdings PLC		5,796		19,597
Land Securities Group PLC		17,680		149,821

				317,929

United States-24.02%
Alexandria Real Estate Equities, Inc.		3,865		479,956
Boston Properties, Inc.		3,700		197,432
Brandywine Realty Trust		4,154		16,325
Cousins Properties, Inc.^(b)		3,744		81,657
Douglas Emmett, Inc.^(b)		4,319		55,629
Empire State Realty Trust, Inc., Class A^(b)		3,330		20,346
Equity Commonwealth^(b)		2,897		60,026

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

Invesco MSCI Green Building ETF (GBLD)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
United States-(continued)
Highwoods Properties, Inc.^(b)		2,635	$	60,394
Hudson Pacific Properties, Inc.^(b)		3,375		18,765
JBG SMITH Properties, (Acquired 04/20/2021 -02/28/2023; Cost $71,848)^(b)(d)		2,582		36,845
KB Home		1,819		79,708
Kilroy Realty Corp.		2,605		76,170
Meritage Homes Corp.		885		113,324
Paramount Group, Inc.		4,257		18,433
Piedmont Office Realty Trust, Inc., Class A^(b)		3,023		19,680
SL Green Realty Corp.		1,543		36,523
Vornado Realty Trust^(b)		3,973		59,635

				1,430,848

Total Common Stocks & Other Equity Interests (Cost $7,525,269)				5,895,419


Exchange-Traded Funds-0.76%
India-0.76%
Invesco India ETF^(e)(Cost $52,109)		2,124		45,573

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.72% (Cost $7,577,378)				5,940,992


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-10.03%
Invesco Private Government Fund, 4.83%^(e)(f)(g)		167,224	$	167,224
Invesco Private Prime Fund, 4.99%^(e)(f)(g)		430,005		430,005

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $597,230)				597,229

TOTAL INVESTMENTS IN SECURITIES-109.75% (Cost $8,174,608)				6,538,221
OTHER ASSETS LESS LIABILITIES-(9.75)%				(580,580	)

NET ASSETS-100.00%			$	5,957,641

Investment Abbreviations:

ETF-Exchange-Traded Fund

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)	All or a portion of this security was out on loan at April 30, 2023.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2023 was $90,984, which represented 1.53% of the Fund’s Net Assets.

^(d)	Restricted security. The value of this security at April 30, 2023 represented less than 1% of the Fund’s Net Assets.

^(e)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)			Value April 30, 2023			Dividend Income

Invesco India ETF		$	-		$	52,109		$	-			$	(6,536	)		$	4,678		$	45,573		$	-

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			32,365			263,385			(295,750	)			-				-			-			161

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

Invesco MSCI Green Building ETF (GBLD)–(continued)

April 30, 2023

(Unaudited)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2023			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	32,360		$	884,167		$	(749,303	)		$	-			$	-			$	167,224		$	2,615	*
Invesco Private Prime Fund			83,181			1,865,005			(1,518,156	)			(4	)			(21	)			430,005			7,106	*

Total		$	147,906		$	3,064,666		$	(2,563,209	)		$	(6,540	)		$	4,657	**		$	642,802		$	9,882

*	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 India ETF		$	4,678

^(f)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

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

Portfolio Composition

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

as of April 30, 2023



Real Estate			91.30

Consumer Discretionary			7.66

Exchange-Traded Fund			0.76

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.

Invesco S&P Global Water Index ETF (CGW)

April 30, 2023

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Austria-1.36%
Wienerberger AG		440,981	$	13,290,816

Brazil-1.98%
Cia de Saneamento Basico do Estado de Sao Paulo SABESP, ADR		2,086,363		19,298,858

Canada-4.09%
Stantec, Inc.		665,248		39,945,290

China-1.08%
Beijing Enterprises Water Group Ltd.		28,213,604		7,152,330
China Lesso Group Holdings Ltd.		3,918,507		3,374,451

				10,526,781

France-3.96%
Veolia Environnement S.A.		1,221,416		38,686,841

Italy-1.87%
Interpump Group S.p.A.^(a)		326,590		18,200,837

Japan-3.45%
Ebara Corp.		312,573		13,566,676
Kurita Water Industries Ltd.		421,921		17,569,068
Organo Corp.		106,145		2,549,070

				33,684,814

Netherlands-1.79%
Aalberts N.V.		379,697		17,513,572

South Korea-0.82%
Coway Co. Ltd.		218,454		8,005,954

Switzerland-9.15%
Belimo Holding AG		38,836		18,753,680
Geberit AG^(a)		72,389		41,218,746
Georg Fischer AG		323,714		23,549,780
Sulzer AG^(a)		68,965		5,772,589

				89,294,795

United Kingdom-13.40%
Pennon Group PLC		1,593,030		17,219,619
Severn Trent PLC^(a)		1,546,542		56,993,695
United Utilities Group PLC^(a)		4,162,804		56,612,764

				130,826,078

United States-56.96%
Advanced Drainage Systems, Inc.^(a)		246,876		21,162,211
American States Water Co.		225,649		20,026,349
American Water Works Co., Inc.		519,717		77,048,045
Badger Meter, Inc.		115,523		15,287,159

Investment Abbreviations:

ADR-American Depositary Receipt


	Shares		Value
United States-(continued)
California Water Service Group		334,692	$	18,769,527
Core & Main, Inc., Class A^(a)(b)		292,585		7,624,765
Ecolab, Inc.		238,621		40,050,149
Energy Recovery, Inc.^(a)(b)		221,008		4,979,310
Essential Utilities, Inc.		1,327,638		56,690,143
Evoqua Water Technologies Corp.^(b)		482,249		23,847,213
Franklin Electric Co., Inc.		153,565		13,739,460
Lindsay Corp.^(a)		43,447		5,245,791
Middlesex Water Co.^(a)		107,683		7,858,705
Montrose Environmental Group, Inc.^(a)(b)		166,877		5,083,073
Mueller Water Products, Inc., Class A		616,738		8,264,289
Pentair PLC		649,235		37,707,569
Reliance Worldwide Corp. Ltd.^(a)		3,118,322		8,407,833
Select Energy Services, Inc., Class A		508,788		3,780,295
SJW Group^(a)		162,893		12,366,837
Tetra Tech, Inc.		274,031		37,917,669
TETRA Technologies, Inc.^(a)(b)		698,833		1,991,674
Valmont Industries, Inc.		84,196		24,463,990
Watts Water Technologies, Inc., Class A^(a)		107,813		17,436,596
Xylem, Inc.^(a)		711,429		73,874,787
Zurn Elkay Water Solutions Corp.^(a)		572,434		12,335,953

				555,959,392

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.91% (Cost $799,820,856)				975,234,028

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-9.74%
Invesco Private Government Fund, 4.83%^(c)(d)(e)		27,549,323		27,549,323
Invesco Private Prime Fund, 4.99%^(c)(d)(e)		67,583,413		67,583,413

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $95,136,580)				95,132,736

TOTAL INVESTMENTS IN SECURITIES-109.65% (Cost $894,957,436)				1,070,366,764
OTHER ASSETS LESS LIABILITIES-(9.65)%				(94,234,985	)

NET ASSETS-100.00%			$	976,131,779

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

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

April 30, 2023

(Unaudited)

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at April 30, 2023.

^(b)	Non-income producing security.

^(c)


	Value October 31, 2022				Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-			$	15,122,623		$	(15,122,623	)		$	-			$	-			$	-		$	6,129

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			26,467,571				165,821,538			(164,739,786	)			-				-				27,549,323			496,537	*

Invesco Private Prime Fund			67,629,085				278,376,536			(278,407,008	)			(5,438	)			(9,762	)			67,583,413			1,275,592	*


Total		$	94,096,656	��		$	459,320,697		$	(458,269,417	)		$	(5,438	)		$	(9,762	)		$	95,132,736		$	1,778,258

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

^(d)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

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

Portfolio Composition

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

as of April 30, 2023



Water Utilities			35.86

Machinery			29.08

Building Products			10.79

Construction & Engineering			6.60

Commercial Services & Supplies			4.40

Chemicals			4.10

Multi-Utilities			3.96

Industry Types Each Less Than 3%			5.12

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.

Invesco S&P International Developed Quality ETF (IDHQ)

April 30, 2023

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.75%
Australia-12.17%
AGL Energy Ltd.		17,559	$	96,312
Aristocrat Leisure Ltd.		18,832		471,795
ASX Ltd.		4,935		223,301
BHP Group Ltd.		242,251		7,108,067
BlueScope Steel Ltd.		11,023		144,744
Charter Hall Group		19,136		140,750
Cochlear Ltd.		2,088		340,327
Domino’s Pizza Enterprises Ltd.		1,783		59,410
Fortescue Metals Group Ltd.		53,291		737,452
Glencore PLC		432,757		2,551,045
Goodman Group		53,211		679,026
IDP Education Ltd.		6,515		121,241
Incitec Pivot Ltd.		54,528		114,951
James Hardie Industries PLC, CDI		13,857		306,681
JB Hi-Fi Ltd.		4,217		123,873
Lynas Rare Earths Ltd.^(a)		31,013		131,783
Medibank Pvt. Ltd.		83,950		197,503
Pilbara Minerals Ltd.		80,282		224,951
Pro Medicus Ltd.^(b)		1,937		78,647
Rio Tinto PLC		37,495		2,379,468
Sonic Healthcare Ltd.		14,472		338,942
South32 Ltd.		148,216		415,302
Wesfarmers Ltd.		31,359		1,077,005
Whitehaven Coal Ltd.		48,544		230,978
WiseTech Global Ltd.		4,996		226,358
Woolworths Group Ltd.		49,034		1,258,252
Yancoal Australia Ltd.^(b)		19,253		70,742

				19,848,906

Austria-0.30%
Mondi PLC		13,441		213,709
OMV AG		4,308		203,748
Verbund AG		879		78,507

				495,964

Belgium-0.07%
Warehouses De Pauw C.V.A.^(b)		3,990		119,463

Brazil-0.13%
Yara International ASA		5,436		218,028

Canada-6.30%
Canadian National Railway Co.		16,336		1,945,192
Canadian Natural Resources Ltd.		43,249		2,632,631
CGI, Inc., Class A^(a)		6,352		644,005
Gildan Activewear, Inc.		5,431		176,669
Imperial Oil Ltd.		7,244		368,849
Intact Financial Corp.		4,691		708,821
Nutrien Ltd.		17,101		1,185,079
Pembina Pipeline Corp.^(b)		15,426		507,262
Suncor Energy, Inc.		44,041		1,377,438
Toromont Industries Ltd.		2,374		191,628
Tourmaline Oil Corp.		12,089		542,548

				10,280,122

China-1.69%
Budweiser Brewing Co. APAC Ltd.^(c)		39,755		114,456
Prosus N.V.		35,179		2,635,909

				2,750,365


	Shares		Value
Denmark-7.66%
AP Moller - Maersk A/S, Class B		223	$	402,809
Coloplast A/S, Class B		3,633		523,590
Genmab A/S^(a)		1,779		732,543
Novo Nordisk A/S, Class B		60,498		10,077,474
Novozymes A/S, Class B		4,908		255,458
Orsted A/S^(c)		5,596		502,797

				12,494,671

Finland-1.42%
Elisa OYJ		4,343		270,036
Kesko OYJ, Class B		7,361		153,632
Kone OYJ, Class B		13,234		755,355
Metso Outotec OYJ		17,436		192,493
Orion OYJ, Class B		3,584		168,636
Sampo OYJ, Class A		15,191		770,789

				2,310,941

France-6.70%
Airbus SE^(b)		23,319		3,273,115
Bollore SE^(b)		30,794		208,059
Dassault Aviation S.A.		612		119,792
Hermes International		1,162		2,523,106
Kering S.A.		2,292		1,466,854
L’Oreal S.A.		6,564		3,135,991
Sartorius Stedim Biotech		757		202,664

				10,929,581

Germany-2.13%
adidas AG		5,518		971,288
Dr. Ing. h.c. F. Porsche AG, Preference Shares^(a)(c)		1,571		196,679
Hapag-Lloyd AG^(c)		377		117,038
Mercedes-Benz Group AG^(b)		23,044		1,795,596
Nemetschek SE		1,499		116,803
Sartorius AG, Preference Shares		702		272,493

				3,469,897

Hong Kong-0.89%
Hong Kong Exchanges & Clearing Ltd.		35,104		1,448,897

Israel-0.53%
Check Point Software Technologies Ltd.^(a)		3,475		442,576
Delek Group Ltd.		602		64,513
ICL Group Ltd.		25,169		153,999
Phoenix Holdings Ltd. (The)		6,808		72,359
Plus500 Ltd.		5,909		123,660

				857,107

Italy-0.98%
Banca Mediolanum S.p.A.		9,269		83,849
Ferrari N.V.		4,073		1,134,490
FinecoBank Banca Fineco S.p.A.		17,783		269,553
Recordati Industria Chimica e Farmaceutica S.p.A.		2,523		116,235

				1,604,127

Japan-9.27%
Advantest Corp.		5,352		414,277
Bandai Namco Holdings, Inc.		19,970		451,420
BayCurrent Consulting, Inc.		5,355		185,035
Benefit One, Inc.		5,125		70,158

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

Invesco S&P International Developed Quality ETF (IDHQ)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
Japan-(continued)
Capcom Co. Ltd.		5,023	$	188,503
Chugai Pharmaceutical Co. Ltd.		18,011		463,486
CyberAgent, Inc.		12,086		104,825
Daito Trust Construction Co. Ltd.		1,948		184,120
Disco Corp.		2,630		297,641
Fast Retailing Co. Ltd.		4,762		1,119,463
GMO Payment Gateway, Inc.		1,180		91,772
GOLDWIN, Inc.		1,170		105,946
Hoshizaki Corp.		3,154		110,719
Hoya Corp.		10,778		1,124,778
Japan Exchange Group, Inc.		13,535		218,633
Kakaku.com, Inc.		4,833		66,125
Kawasaki Kisen Kaisha Ltd.^(b)		6,695		158,568
Kewpie Corp.		4,239		71,166
Kobayashi Pharmaceutical Co. Ltd.		1,418		88,309
Koei Tecmo Holdings Co. Ltd.^(b)		4,888		89,672
Konami Group Corp.		2,565		126,022
Kyowa Kirin Co. Ltd.		6,309		139,927
Lasertec Corp.		2,440		329,718
Mitsui OSK Lines Ltd.^(b)		8,700		214,681
Nexon Co. Ltd.		11,493		259,123
Nihon M&A Center Holdings, Inc.		7,353		55,783
Nintendo Co. Ltd.^(b)		49,707		2,088,450
Nippon Yusen K.K.^(b)		15,748		370,439
Nissan Chemical Corp.		4,127		182,459
NOF Corp.		1,958		89,010
Otsuka Corp.		3,229		117,028
Persol Holdings Co. Ltd.		5,513		112,880
Pola Orbis Holdings, Inc.		6,088		84,413
Recruit Holdings Co. Ltd.		48,402		1,359,301
Ryohin Keikaku Co. Ltd.		6,838		71,612
SCREEN Holdings Co. Ltd.		1,534		123,923
SCSK Corp.		4,807		72,300
Sekisui Chemical Co. Ltd.		11,822		167,565
SG Holdings Co. Ltd.		12,231		175,518
Shimadzu Corp.		7,197		223,577
Shimamura Co. Ltd.		932		85,558
Shimano, Inc.^(b)		2,271		350,578
Shinko Electric Industries Co. Ltd.^(b)		3,038		89,356
Square Enix Holdings Co. Ltd.		2,497		122,498
TechnoPro Holdings, Inc.		3,473		94,372
TIS, Inc.		7,018		191,730
Toei Animation Co. Ltd.		722		73,014
Tokyo Electron Ltd.		14,369		1,635,131
Trend Micro, Inc.		4,309		209,493
USS Co. Ltd.		6,309		105,548
Workman Co. Ltd.^(b)		2,102		85,522
ZOZO, Inc.		5,293		111,018

				15,122,163

Luxembourg-0.28%
ArcelorMittal S.A.		16,060		455,845

Netherlands-11.81%
Adyen N.V.^(a)(c)		1,234		1,978,112
ASM International N.V.		1,095		396,573
ASML Holding N.V.^(b)		12,792		8,099,179
Shell PLC		239,582		7,383,729
Universal Music Group N.V.		18,288		399,963
Wolters Kluwer N.V.		7,518		997,230

				19,254,786


	Shares		Value
New Zealand-0.35%
Fisher & Paykel Healthcare Corp. Ltd.		15,769	$	269,595
Infratil Ltd.		21,353		125,952
Spark New Zealand Ltd.		54,907		177,367

				572,914

Norway-1.72%
Aker ASA, Class A^(b)		1,060		64,446
Aker BP ASA		12,454		296,466
Equinor ASA		51,246		1,461,967
Gjensidige Forsikring ASA		6,027		104,461
Kongsberg Gruppen ASA		2,633		117,672
Mowi ASA		12,495		237,369
Nordic Semiconductor ASA^(a)(b)		5,444		58,635
Norsk Hydro ASA		44,091		322,586
TOMRA Systems ASA		5,780		88,124
Var Energi ASA^(b)		22,143		57,785

				2,809,511

Portugal-0.21%
Galp Energia SGPS S.A.		12,012		145,741
Jeronimo Martins SGPS S.A.		7,722		195,225

				340,966

Singapore-0.69%
Singapore Exchange Ltd.		28,574		204,964
STMicroelectronics N.V.		21,755		925,996

				1,130,960

South Africa-0.78%
Anglo American PLC		41,439		1,273,472

South Korea-0.43%
BGF retail Co. Ltd.		488		68,037
Cheil Worldwide, Inc.		4,307		59,501
F&F Co. Ltd.		944		99,450
Hanjin Kal Corp.		2,539		75,028
JYP Entertainment Corp.		1,582		106,617
Samsung Engineering Co. Ltd.^{(a) ..}		4,590		99,798
S-Oil Corp.		1,420		79,148
Wemade Co. Ltd.		2,663		110,627

				698,206

Spain-0.80%
Endesa S.A.^(b)		9,417		211,774
Industria de Diseno Textil S.A.^(b)		31,868		1,096,280

				1,308,054

Sweden-1.96%
Atlas Copco AB, Class A^(b)		77,807		1,123,421
Axfood AB		3,044		75,438
Boliden AB^(b)		7,802		278,544
Epiroc AB, Class A		16,216		324,091
EQT AB^(b)		8,048		172,458
Evolution AB^(c)		5,189		690,737
H & M Hennes & Mauritz AB, Class B^(b)		19,175		280,187
SSAB AB, Class A		13,990		99,102
Tele2 AB, Class B^(b)		13,592		144,371

				3,188,349

Switzerland-10.14%
ABB Ltd.		61,029		2,202,406
EMS-Chemie Holding AG		199		163,551
Geberit AG^(b)		1,429		813,681

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

Invesco S&P International Developed Quality ETF (IDHQ)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
Switzerland-(continued)
Kuehne + Nagel International AG, Class R^(b)		2,681	$	794,917
Lonza Group AG		2,525		1,571,086
Novartis AG		83,203		8,518,948
Partners Group Holding AG^(b)		1,290		1,251,085
Schindler Holding AG, PC		998		222,799
Sonova Holding AG, Class A		1,401		443,573
Straumann Holding AG		3,704		556,193

				16,538,239

United Kingdom-8.47%
3i Group PLC		33,792		750,502
Admiral Group PLC		9,937		288,640
Auto Trader Group PLC^(c)		42,890		342,642
Barratt Developments PLC		25,985		163,303
Burberry Group PLC		10,782		351,130
Croda International PLC		4,238		371,807
Diageo PLC		61,426		2,796,416
Hargreaves Lansdown PLC		15,738		158,842
Imperial Brands PLC		31,184		771,166
Informa PLC		42,314		384,311
Next PLC		4,890		414,257
Persimmon PLC		9,178		151,581
Reckitt Benckiser Group PLC		26,529		2,144,040
RELX PLC		63,991		2,128,187
Rightmove PLC		40,933		295,419
Sage Group PLC (The)		35,318		363,387
Segro PLC		40,490		424,846
Smiths Group PLC		13,676		288,953
Spirax-Sarco Engineering PLC		1,933		269,442
SSE PLC		28,371		655,244
St. James’s Place PLC		19,609		297,361

				13,811,476


	Shares		Value
United States-11.87%
Experian PLC		25,743	$	909,215
GSK PLC		136,837		2,478,384
Nestle S.A.		65,323		8,404,910
Oracle Corp.		1,406		100,676
Roche Holding AG		23,699		7,464,765

				19,357,950

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.75% (Cost $152,501,343)				162,690,960


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-12.53%
Invesco Private Government Fund, 4.83%^(d)(e)(f)		5,722,081		5,722,081
Invesco Private Prime Fund, 4.99%^(d)(e)(f)		14,713,923		14,713,923

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $20,436,423)				20,436,004

TOTAL INVESTMENTS IN SECURITIES-112.28% (Cost $172,937,766)				183,126,964
OTHER ASSETS LESS LIABILITIES-(12.28)%				(20,027,103	)

NET ASSETS-100.00%			$	163,099,861

Investment Abbreviations:

CDI-CREST Depository Interest

PC-Participation Certificate

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)	All or a portion of this security was out on loan at April 30, 2023.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2023 was $3,942,461, which represented 2.42% of the Fund’s Net Assets.

^(d)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value April 30, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	1,404,788		$	(1,404,788)		$	-		$	-		$	-		$	795

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

Invesco S&P International Developed Quality ETF (IDHQ)–(continued)

April 30, 2023

(Unaudited)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value April 30, 2023			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	1,950,330		$	14,219,348		$	(10,447,597	)		$	-			$	-		$	5,722,081		$	38,717	*

Invesco Private Prime Fund			5,013,788			30,637,576			(20,937,793	)			(441	)			793			14,713,923			105,008	*


Total		$	6,964,118		$	46,261,712		$	(32,790,178	)		$	(441	)		$	793		$	20,436,004		$	144,520

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

^(e)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

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

Portfolio Composition

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

as of April 30, 2023



Health Care			22.00

Industrials			12.52

Consumer Staples			12.02

Materials			11.88

Consumer Discretionary			11.44

Energy			9.46

Information Technology			9.25

Financials			5.77

Communication Services			3.44

Sector Types Each Less Than 3%			1.97

Money Market Funds Plus Other Assets Less Liabilities			0.25

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

Statements of Assets and Liabilities

April 30, 2023

(Unaudited)


	Invesco China Technology ETF (CQQQ)			Invesco DWA Developed Markets Momentum ETF (PIZ)			Invesco DWA Emerging Markets Momentum ETF (PIE)			Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)
Assets:
Unaffiliated investments in securities, at value^(a)	$	874,124,688		$	138,241,734		$	150,621,198		$	1,610,636,429
Affiliated investments in securities, at value		26,591,189			13,240,767			1,990,537			149,855,529
Cash		10,171			-			-			-
Foreign currencies, at value		20,366			248,720			148,709			661,012
Deposits with brokers:
Cash segregated as collateral		-			-			2,886,763			-
Receivable for:
Dividends		1,070			133,591			219,581			8,725,006
Securities lending		104,326			5,166			1,277			118,503
Investments sold		-			-			2,802,086			16,653
Investments sold - affiliated broker		-			-			-			-
Fund shares sold		-			-			14,295			19,114
Foreign tax reclaims.		-			546,791			-			2,724,727
Other assets		-			-			-			-

Total assets		900,851,810			152,416,769			158,684,446			1,772,756,973


Liabilities:
Due to custodian		-			315,373			403,106			7,375,254
Payable for:
Investments purchased		39			682			228			236,912
Investments purchased - affiliated broker		-			-			-			-
Collateral upon return of securities loaned		26,591,240			13,240,827			1,990,537			149,864,596
Collateral upon receipt of securities in-kind		-			-			2,886,763			-
Fund shares repurchased		-			-			2,802,993			-
Accrued unitary management fees		538,964			90,812			116,781			590,597
Accrued advisory fees		-			-			-			-
Accrued trustees’ and officer’s fees		-			-			-			-
Accrued expenses.		-			-			-			-
Accrued tax expenses		-			-			-			-
Other payables		-			-			-			17,308

Total liabilities		27,130,243			13,647,694			8,200,408			158,084,667

Net Assets	$	873,721,567		$	138,769,075		$	150,484,038		$	1,614,672,306


Net assets consist of:
Shares of beneficial interest	$	1,635,824,846		$	291,567,675		$	295,020,243		$	1,655,546,408
Distributable earnings (loss)		(762,103,279	)		(152,798,600	)		(144,536,205	)		(40,874,102	)

Net Assets	$	873,721,567		$	138,769,075		$	150,484,038		$	1,614,672,306

Shares outstanding (unlimited amount authorized, $0.01 par value)		20,850,000			4,550,000			8,200,000			35,700,000
Net asset value	$	41.91		$	30.50		$	18.35		$	45.23

Market price	$	42.06		$	30.48		$	18.32		$	45.32

Unaffiliated investments in securities, at cost	$	978,485,062		$	121,052,111		$	134,632,530		$	1,480,497,044

Affiliated investments in securities, at cost	$	26,591,240		$	13,240,827		$	1,990,537		$	149,864,596

Foreign currencies, at cost	$	20,380		$	246,916		$	148,663		$	659,743

^(a)Includes securities on loan with an aggregate value of:	$	23,344,576		$	12,581,861		$	1,909,251		$	142,180,415

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


Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)			Invesco FTSE RAFI Emerging Markets ETF (PXH)			Invesco Global Clean Energy ETF (PBD)			Invesco Global Water ETF (PIO)			Invesco International BuyBack Achievers^TM ETF (IPKW)			Invesco MSCI Global Timber ETF (CUT)			Invesco MSCI Green Building ETF (GBLD)

$	561,434,375		$	1,295,036,810		$	200,118,523		$	281,222,627		$	82,320,449		$	58,891,281		$	5,895,419
	86,676,008			42,237,776			64,222,832			21,116,485			2,707,764			15,334,260			642,802
	-			-			-			-			-			-			-
	257,361			3,739,204			164,697			8,798			196,338			54,700			1,171

	-			-			-			-			-			-			-

	3,201,981			9,728,683			95,123			484,105			688,230			203,942			27,288
	69,193			24,356			223,917			3,983			10,023			3,323			94
	37,329			229,231			175			45			4,992,248			-			-
	-			-			-			-			780,903			-			-
	-			128,889			-			-			-			-			-
	499,491			4,580			86,314			304,761			169,689			160,707			-
	-			-			-			-			-			11,594			-

	652,175,738			1,351,129,529			264,911,581			303,140,804			91,865,644			74,659,807			6,566,774



	2,462,465			3,045,731			390,164			-			515,606			211,539			10,038

	600			3,174,620			-			606,661			4,760,332			375			5
	-			-			-			399,322			64,931			-			-
	86,684,463			38,286,024			64,228,559			20,734,721			2,708,025			14,963,975			597,230
	-			-			-			-			-			-			-
	7,977			-			-			-			937,676			-			-
	228,751			523,621			126,689			171,735			38,060			-			1,860
	-			-			-			-			-			16,338			-
	-			-			-			-			-			6,289			-
	-			-			-			-			-			112,932			-
	-			2,719,029			-			-			-			-			-
	890			2,674,159			-			-			-			-			-

	89,385,146			50,423,184			64,745,412			21,912,439			9,024,630			15,311,448			609,133

$	562,790,592		$	1,300,706,345		$	200,166,169		$	281,228,365		$	82,841,014		$	59,348,359		$	5,957,641



$	638,750,206		$	1,629,428,887		$	441,815,744		$	313,449,840		$	147,738,543		$	78,137,962		$	7,966,133
	(75,959,614	)		(328,722,542	)		(241,649,575	)		(32,221,475	)		(64,897,529	)		(18,789,603	)		(2,008,492	)

$	562,790,592		$	1,300,706,345		$	200,166,169		$	281,228,365		$	82,841,014		$	59,348,359		$	5,957,641

	17,850,000			70,650,000			10,725,000			8,000,000			2,400,000			2,000,000			350,001
$	31.53		$	18.41		$	18.66		$	35.15		$	34.52		$	29.67		$	17.02

$	31.59		$	18.47		$	18.64		$	35.12		$	34.57		$	29.59		$	17.06

$	557,304,206		$	1,312,977,990		$	242,617,223		$	240,023,780		$	84,855,382		$	57,634,074		$	7,525,269

$	86,684,463		$	42,238,890		$	64,228,559		$	21,116,716		$	2,708,025		$	15,398,996		$	649,339

$	256,177		$	3,743,121		$	164,160		$	8,692		$	189,436		$	58,341		$	1,172

$	81,905,482		$	36,523,928		$	61,748,620		$	20,316,947		$	2,576,243		$	14,747,951		$	584,049

Statements of Assets and Liabilities–(continued)

April 30, 2023

(Unaudited)


	Invesco S&P Global Water Index ETF (CGW)		Invesco S&P International Developed Quality ETF (IDHQ)
Assets:
Unaffiliated investments in securities, at value^(a)	$	975,234,028	$	162,690,960
Affiliated investments in securities, at value		95,132,736		20,436,004
Cash		-		-
Foreign currencies, at value		131,427		93,490
Cash segregated as collateral		-		-
Receivable for:
Dividends		310,052		298,335
Securities lending		15,246		3,854
Investments sold		-		-
Investments sold - affiliated broker		-		-
Fund shares sold		-		-
Foreign tax reclaims		1,538,804		514,616
Other assets		17,044		–

Total assets		1,072,379,337		184,037,259


Liabilities:
Due to custodian		198,575		465,095
Payable for:
Investments purchased		-		391
Investments purchased - affiliated broker		-		-
Collateral upon return of securities loaned		95,136,580		20,436,423
Collateral upon receipt of securities in-kind		-		-
Fund shares repurchased		-		-
Accrued unitary management fees		-		35,489
Accrued advisory fees		403,033		-
Accrued trustees’ and officer’s fees		16,214		-
Accrued expenses		493,156		-
Accrued tax expenses		-		-
Other payables		-		-

Total liabilities		96,247,558		20,937,398

Net Assets	$	976,131,779	$	163,099,861


Net assets consist of:
Shares of beneficial interest	$	809,969,159	$	180,254,715
Distributable earnings (loss)		166,162,620		(17,154,854	)

Net Assets	$	976,131,779	$	163,099,861

Shares outstanding (unlimited amount authorized, $0.01 par value)		19,640,000		6,050,000
Net asset value	$	49.70	$	26.96

Market price	$	49.65	$	27.03

Unaffiliated investments in securities, at cost	$	799,820,856	$	152,501,343

Affiliated investments in securities, at cost	$	95,136,580	$	20,436,423

Foreign currencies, at cost	$	127,450	$	93,370

^(a)Includes securities on loan with an aggregate value of:	$	93,028,494	$	19,723,321

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

Statements of Operations

For the six months ended April 30, 2023

(Unaudited)


	Invesco China Technology ETF (CQQQ)			Invesco DWA Developed Markets Momentum ETF (PIZ)			Invesco DWA Emerging Markets Momentum ETF (PIE)			Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)			Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)
Investment income:
Unaffiliated dividend income	$	605,089		$	1,832,305		$	1,787,487		$	29,812,933		$	9,358,939
Affiliated dividend income		71,377			490			4,888			8,535			8,412
Non-cash dividend income		-			111,171			-			197,022			664,686
Securities lending income, net		162,670			16,452			14,703			413,626			386,135
Foreign withholding tax		(12,867	)		(35,863	)		(222,848	)		(2,982,674	)		(1,021,688	)

Total investment income		826,269			1,924,555			1,584,230			27,449,442			9,396,484


Expenses:
Unitary management fees		3,249,574			505,884			666,087			3,047,714			1,375,128
Advisory fees		-			-			-			-			-
Sub-licensing fees		-			-			-			-			-
Accounting & administration fees		-			-			-			-			-
Professional fees.		-			-			-			-			-
Custodian & transfer agent fees		-			-			-			-			-
Trustees’ and officer’s fees		-			-			-			-			-
Tax expenses		-			-			-			-			-
Other expenses		-			-			-			-			-

Total expenses		3,249,574			505,884			666,087			3,047,714			1,375,128

Less: Waivers		(1,080	)		(15	)		(104	)		(261	)		(195	)

Net expenses		3,248,494			505,869			665,983			3,047,453			1,374,933

Net investment income (loss)		(2,422,225	)		1,418,686			918,247			24,401,989			8,021,551


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(73,650,197	)		(1,263,333	)		(3,525,005	)		(17,853,179	)		(17,227,104	)
Affiliated investment securities		7,052			1,204			(217	)		(945	)		920
Unaffiliated in-kind redemptions		4,827,066			362,948			575,846			-			5,514,225
Affiliated in-kind redemptions		-			-			-			-			-
Foreign currencies		(115,052	)		68,286			(201,131	)		201,826			16,389
Distributions of underlying fund shares		-			-			-			-			-

Net realized gain (loss)		(68,931,131	)		(830,895	)		(3,150,507	)		(17,652,298	)		(11,695,570	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		277,480,116			19,402,393			22,093,336			254,929,717			100,433,952
Affiliated investment securities		(476	)		(190	)		(11	)		(8,049	)		(6,428	)
Foreign currencies		(55	)		55,220			4,414			220,305			15,054

Change in net unrealized appreciation		277,479,585			19,457,423			22,097,739			255,141,973			100,442,578

Net realized and unrealized gain		208,548,454			18,626,528			18,947,232			237,489,675			88,747,008

Net increase in net assets resulting from operations	$	206,126,229		$	20,045,214		$	19,865,479		$	261,891,664		$	96,768,559

^(a)	Net of foreign taxes of $1,661,671.

^(b)	Net of change of deferred foreign taxes of $2,719,029.

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


Invesco FTSE RAFI Emerging Markets ETF (PXH)			Invesco Global Clean Energy ETF (PBD)				Invesco Global Water ETF (PIO)			Invesco International BuyBack Achievers^TM ETF (IPKW)			Invesco MSCI Global Timber ETF (CUT)			Invesco MSCI Green Building ETF (GBLD)			Invesco S&P Global Water Index ETF (CGW)			Invesco S&P International Developed Quality ETF (IDHQ)

$	24,552,517		$	752,787			$	2,197,358		$	1,576,841		$	1,336,686		$	157,452		$	8,779,445		$	2,233,933
	152,750			1,748				1,706			239			820			161			6,129			795
	1,538,316			-				-			-			-			-			-			-
	68,288			1,580,323				13,630			43,627			11,804			879			72,864			17,423
	(1,606,573	)		(104,073	)	��		(110,757	)		(114,790	)		(63,773	)		(8,861	)		(247,215	)		(250,076	)

	24,705,298			2,230,785				2,101,937			1,505,917			1,285,537			149,631			8,611,223			2,002,075



	3,139,443			800,870				1,028,614			235,625			-			11,218			-			169,269
	-			-				-			-			153,033			-			2,423,147			-
	-			-				-			-			18,364			-			213,241			-
	-			-				-			-			9,277			-			38,946			-
	-			-				-			-			17,590			-			20,285			-
	-			-				-			-			13,074			-			33,448			-
	-			-				-			-			4,480			-			9,004			-
	-			-				1,108			-			-			-			-			-
	-			-				-			-			15,784			-			41,310			-

	3,139,443			800,870				1,029,722			235,625			231,602			11,218			2,779,381			169,269

	(3,071	)		(58	)			(34	)		(5	)		(46,320	)		(129	)		(195	)		(20	)

	3,136,372			800,812				1,029,688			235,620			185,282			11,089			2,779,186			169,249

	21,568,926			1,429,973				1,072,249			1,270,297			1,100,255			138,542			5,832,037			1,832,826




	(26,967,310	)^(a)		(23,188,661	)			(9,031,369	)		1,312,381			(844,142	)		(156,817	)		(5,568,139	)		(2,967,268	)
	1,903			8,142				(3,526	)		(1,021	)		(2,865	)		(21	)		(9,762	)		793
	6,130,805			1,581,490				3,701,472			1,021,851			327,006			-			45,086,622			-
	-			-				-			-			195			-			-			-
	208,792			132,583				89,819			10,078			2,412			840			98,176			5,059

	-			-				-			-			47,511			4,678			-			-

	(20,625,810	)		(21,466,446	)			(5,243,604	)		2,343,289			(469,883	)		(151,320	)		39,606,897			(2,961,416	)




	205,611,885	^(b)		21,482,780				40,610,994			8,362,756			1,222,830			266,673			52,123,237			23,948,223
	(882	)		(4,812	)			(236	)		(299	)		(46,231	)		(6,540	)		(5,438	)		(441	)
	28,209			9,796				39,500			23,733			20,220			(46	)		155,267			42,499

	205,639,212			21,487,764				40,650,258			8,386,190			1,196,819			260,087			52,273,066			23,990,281

	185,013,402			21,318				35,406,654			10,729,479			726,936			108,767			91,879,963			21,028,865


$	206,582,328		$	1,451,291			$	36,478,903		$	11,999,776		$	1,827,191		$	247,309		$	97,712,000		$	22,861,691

Statements of Changes in Net Assets

For the six months ended April 30, 2023 and the year ended October 31, 2022

(Unaudited)


	Invesco China Technology ETF (CQQQ)						Invesco DWA Developed Markets Momentum ETF (PIZ)
	Six Months Ended April 30, 2023			Year Ended October 31, 2022			Six Months Ended April 30, 2023			Year Ended October 31, 2022
Operations:
Net investment income (loss)	$	(2,422,225	)	$	(1,562,073	)	$	1,418,686		$	2,077,956
Net realized gain (loss)		(68,931,131	)		(462,966,564	)		(830,895	)		(43,311,246	)
Change in net unrealized appreciation (depreciation)		277,479,585			(376,605,766	)		19,457,423			(33,274,660	)

Net increase (decrease) in net assets resulting from operations		206,126,229			(841,134,403	)		20,045,214			(74,507,950	)


Distributions to Shareholders from:
Distributable earnings		(670,073	)		-			(1,011,521	)		(3,925,843	)


Shareholder Transactions:
Proceeds from shares sold		103,484,499			172,945,075			21,139,626			28,274,301
Value of shares repurchased		(138,296,662	)		(149,431,932	)		(2,918,242	)		(100,277,950	)
Transaction fees		467,923			892,716			-	��		-

Net increase (decrease) in net assets resulting from share transactions.		(34,344,240	)		24,405,859			18,221,384			(72,003,649	)

Net increase (decrease) in net assets		171,111,916			(816,728,544	)		37,255,077			(150,437,442	)


Net assets:
Beginning of period		702,609,651			1,519,338,195			101,513,998			251,951,440

End of period	$	873,721,567		$	702,609,651		$	138,769,075		$	101,513,998


Changes in Shares Outstanding:
Shares sold		2,200,000			3,000,000			750,000			750,000
Shares repurchased		(3,200,000	)		(3,200,000	)		(100,000	)		(3,150,000	)
Shares outstanding, beginning of period		21,850,000			22,050,000			3,900,000			6,300,000

Shares outstanding, end of period		20,850,000			21,850,000			4,550,000			3,900,000

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


Invesco DWA Emerging Markets						Invesco FTSE RAFI Developed Markets						Invesco FTSE RAFI Developed Markets						Invesco FTSE RAFI Emerging Markets
Momentum ETF (PIE)						ex-U.S. ETF (PXF)						ex-U.S. Small-Mid ETF (PDN)						ETF (PXH)
Six Months Ended			Year Ended			Six Months Ended			Year Ended			Six Months Ended			Year Ended			Six Months Ended			Year Ended
April 30,			October 31,			April 30,			October 31,			April 30,			October 31,			April 30,			October 31,
2023			2022			2023			2022			2023			2022			2023			2022

$	918,247		$	5,078,232		$	24,401,989		$	36,489,887		$	8,021,551		$	12,372,281		$	21,568,926		$	72,967,685
	(3,150,507	)		(44,728,050	)		(17,652,298	)		11,475,160			(11,695,570	)		1,553,534			(20,625,810	)		(77,230,538	)
	22,097,739			(34,871,479	)		255,141,973			(265,604,524	)		100,442,578			(164,637,804	)		205,639,212			(368,884,411	)

	19,865,479			(74,521,297	)		261,891,664			(217,639,477	)		96,768,559			(150,711,989	)		206,582,328			(373,147,264	)



	(914,822	)		(6,385,828	)		(16,119,391	)		(56,137,305	)		(6,363,918	)		(16,160,202	)		(16,813,603	)		(87,622,863	)



	22,859,588			33,108,779			238,285,427			343,704,424			10,983,791			305,752,400			10,977,479			520,451,725
	(16,961,402	)		(41,730,730	)		-			(139,666,614	)		(27,767,654	)		(84,459,440	)		(106,431,865	)		(214,644,247	)
	42,158			178,579			76,847			88,225			7,635			81,683			151,419			700,528



	5,940,344			(8,443,372	)		238,362,274			204,126,035			(16,776,228	)		221,374,643			(95,302,967	)		306,508,006

	24,891,001			(89,350,497	)		484,134,547			(69,650,747	)		73,628,413			54,502,452			94,465,758			(154,262,121	)



	125,593,037			214,943,534			1,130,537,759			1,200,188,506			489,162,179			434,659,727			1,206,240,587			1,360,502,708

$	150,484,038		$	125,593,037		$	1,614,672,306		$	1,130,537,759		$	562,790,592		$	489,162,179		$	1,300,706,345		$	1,206,240,587



	1,250,000			1,450,000			5,650,000			8,300,000			400,000			9,500,000			600,000			27,050,000
	(950,000	)		(2,150,000	)		-			(3,150,000	)		(900,000	)		(2,550,000	)		(6,100,000	)		(11,550,000	)
	7,900,000			8,600,000			30,050,000			24,900,000			18,350,000			11,400,000			76,150,000			60,650,000

	8,200,000			7,900,000			35,700,000			30,050,000			17,850,000			18,350,000			70,650,000			76,150,000

Statements of Changes in Net Assets–(continued)

For the six months ended April 30, 2023 and the year ended October 31, 2022

(Unaudited)


	Invesco Global Clean Energy ETF (PBD)								Invesco Global Water ETF (PIO)
	Six Months Ended April 30, 2023				Year Ended October 31, 2022				Six Months Ended April 30, 2023				Year Ended October 31, 2022
Operations:
Net investment income		$	1,429,973			$	2,971,425			$	1,072,249			$	2,658,850
Net realized gain (loss)			(21,466,446	)			(76,665,090	)			(5,243,604	)			(16,125,579	)
Change in net unrealized appreciation (depreciation)			21,487,764				(71,102,510	)			40,650,258				(72,826,253	)

Net increase (decrease) in net assets resulting from operations			1,451,291				(144,796,175	)			36,478,903				(86,292,982	)


Distributions to Shareholders from:
Distributable earnings			(4,157,689	)			(3,615,255	)			(732,114	)			(3,609,219	)
Return of capital			-				-				-				-

Total distributions to shareholders			(4,157,689	)			(3,615,255	)			(732,114	)			(3,609,219	)


Shareholder Transactions:
Proceeds from shares sold			-				7,715,450				-				31,091,667
Value of shares repurchased			(13,862,605	)			(42,210,220	)			(11,805,039	)			(6,934,994	)
Transaction fees			7,201				14,718				1,278				2,911

Net increase (decrease) in net assets resulting from share transactions			(13,855,404	)			(34,480,052	)			(11,803,761	)			24,159,584

Net increase (decrease) in net assets			(16,561,802	)			(182,891,482	)			23,943,028				(65,742,617	)


Net assets:
Beginning of period			216,727,971				399,619,453				257,285,337				323,027,954

End of period		$	200,166,169			$	216,727,971			$	281,228,365			$	257,285,337


Changes in Shares Outstanding:
Shares sold			-				350,000				-				800,000
Shares repurchased			(700,000	)			(1,700,000	)			(350,000	)			(200,000	)
Shares outstanding, beginning of period.			11,425,000				12,775,000				8,350,000				7,750,000

Shares outstanding, end of period	��		10,725,000				11,425,000				8,000,000				8,350,000

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


Invesco International BuyBack						Invesco MSCI Global						Invesco MSCI Green						Invesco S&P Global
Achievers^TMETF (IPKW)						Timber ETF (CUT)						Building ETF (GBLD)						Water Index ETF (CGW)
Six Months Ended			Year Ended			Six Months Ended			Year Ended			Six Months Ended			Year Ended			Six Months Ended			Year Ended
April 30,			October 31,			April 30,			October 31,			April 30,			October 31,			April 30,			October 31,
2023			2022			2023			2022			2023			2022			2023			2022

$	1,270,297		$	3,127,706		$	1,100,255		$	1,606,588		$	138,542		$	166,520		$	5,832,037		$	12,544,693
	2,343,289			(26,410,957	)		(469,883	)		6,256,984			(151,320	)		(234,786	)		39,606,897			(16,826,341	)
	8,386,190			(4,107,446	)		1,196,819			(22,097,502	)		260,087			(1,651,648	)		52,273,066			(254,546,079	)

	11,999,776			(27,390,697	)		1,827,191			(14,233,930	)		247,309			(1,719,914	)		97,712,000			(258,827,727	)



	(1,226,822	)		(9,566,307	)		(1,560,660	)		(1,454,000	)		(124,961	)		(174,785	)		(13,784,942	)		(20,088,093	)
	-			-			-			-			-			(26,115	)		-			-

	(1,226,822	)		(9,566,307	)		(1,560,660	)		(1,454,000	)		(124,961	)		(200,900	)		(13,784,942	)		(20,088,093	)



	3,636,057			14,961,759			-			5,213,349			907,164			2,085,059			55,468,723			55,189,956
	(12,354,307	)		(21,886,121	)		(1,574,808	)		(20,907,491	)		-			-			(96,259,515	)		(42,623,484	)
	970			6,640			181			3,660			-			-			1,775			1,588

	(8,717,280	)		(6,917,722	)		(1,574,627	)		(15,690,482	)		907,164			2,085,059			(40,789,017	)		12,568,060

	2,055,674			(43,874,726	)		(1,308,096	)		(31,378,412	)		1,029,512			164,245			43,138,041			(266,347,760	)



	80,785,340			124,660,066			60,656,455			92,034,867			4,928,129			4,763,884			932,993,738			1,199,341,498

$	82,841,014		$	80,785,340		$	59,348,359		$	60,656,455		$	5,957,641		$	4,928,129		$	976,131,779		$	932,993,738



	100,000			400,000			-			150,000			50,000			100,000			1,120,000			960,000
	(350,000	)		(600,000	)		(50,000	)		(650,000	)		-			-			(1,920,000	)		(880,000	)
	2,650,000			2,850,000			2,050,000			2,550,000			300,001			200,001			20,440,000			20,360,000

	2,400,000			2,650,000			2,000,000			2,050,000			350,001			300,001			19,640,000			20,440,000

Statements of Changes in Net Assets–(continued)

For the six months ended April 30, 2023 and the year ended October 31, 2022

(Unaudited)


	Invesco S&P International
	Developed Quality ETF (IDHQ)
	Six Months Ended				Year Ended
	April 30,				October 31,
	2023				2022
Operations:
Net investment income		$	1,832,826			$	3,303,241
Net realized gain (loss)			(2,961,416	)			(14,247,548	)
Change in net unrealized appreciation (depreciation)			23,990,281				(26,334,918	)

Net increase (decrease) in net assets resulting from operations			22,861,691				(37,279,225	)


Distributions to Shareholders from:
Distributable earnings			(1,517,900	)			(3,802,505	)


Shareholder Transactions:
Proceeds from shares sold			49,487,278				49,580,715
Value of shares repurchased			-				(30,759,251	)
Transaction fees			3,131				3,973

Net increase in net assets resulting from share transactions			49,490,409				18,825,437

Net increase (decrease) in net assets			70,834,200				(22,256,293	)


Net assets:
Beginning of period			92,265,661				114,521,954

End of period		$	163,099,861			$	92,265,661


Changes in Shares Outstanding:
Shares sold			1,900,000				1,650,000
Shares repurchased			-				(1,150,000	)
Shares outstanding, beginning of period			4,150,000				3,650,000

Shares outstanding, end of period			6,050,000				4,150,000

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

Financial Highlights

Invesco China Technology ETF (CQQQ)


	Six Months Ended April 30, 2023				Years Ended October 31,																Two Months Ended October 31, 2018				Year Ended August 31, 2018
	(Unaudited)				2022				2021				2020				2019				Two Months Ended October 31, 2018				Year Ended August 31, 2018
Per Share Operating Performance:
Net asset value at beginning of period		$	32.16			$	68.90			$	73.98			$	47.88			$	40.55			$	49.32			$	55.00

Net investment income (loss)^(a)			(0.11	)			(0.07	)			(0.15	)			(0.06	)			0.04				0.03				0.31
Net realized and unrealized gain (loss) on investments			9.87				(36.71	)			(4.54	)			26.17				7.46				(8.80	)			(5.13	)

Total from investment operations			9.76				(36.78	)			(4.69	)			26.11				7.50				(8.77	)			(4.82	)

Distributions to shareholders from:
Net investment income			(0.03	)			-				(0.39	)			(0.01	)			(0.17	)			-				(0.86	)

Transaction fees^(a)			0.02				0.04				-				-				-				-				-

Net asset value at end of period		$	41.91			$	32.16			$	68.90			$	73.98			$	47.88			$	40.55			$	49.32

Market price at end of period^(b)		$	42.06			$	31.96			$	68.25			$	74.34			$	47.67			$	40.81			$	49.36

Net Asset Value Total Return^(c)			30.42	%			(53.32	)%			(6.41	)%			54.53	%			18.59	%			(17.78	)%			(9.05	)%
Market Price Total Return^(c)			31.70	%			(53.17	)%			(7.75	)%			55.97	%			17.32	%			(17.32	)%			(9.33	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	873,722			$	702,610			$	1,519,338			$	1,043,162			$	509,964			$	405,541			$	384,689
Ratio to average net assets of:
Expenses			0.70	%^(d)			0.70	%			0.70	%			0.70	%			0.70	%			0.70	%^(d)			0.65	%
Net investment income (loss)			(0.52	)%^(d)			(0.14	)%			(0.19	)%			(0.09	)%			0.09	%			0.39	%^(d)			0.52	%
Portfolio turnover rate^(e)			25	%			58	%			54	%			38	%			80	%			4	%			21	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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

Financial Highlights–(continued)

Invesco DWA Developed Markets Momentum ETF (PIZ)


	Six Months Ended April 30, 2023				Years Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	26.03			$	39.99			$	29.82			$	27.18			$	24.53			$	27.30

Net investment income^(a)			0.32				0.40				0.22	^(b)			0.13				0.30				0.24
Net realized and unrealized gain (loss) on investments			4.37				(13.59	)			10.12				2.77				2.70				(2.68	)

Total from investment operations.			4.69				(13.19	)			10.34				2.90				3.00				(2.44	)

Distributions to shareholders from:
Net investment income			(0.22	)			(0.77	)			(0.17	)			(0.26	)			(0.35	)			(0.33	)

Net asset value at end of period		$	30.50			$	26.03			$	39.99			$	29.82			$	27.18			$	24.53

Market price at end of period^(c)		$	30.48			$	26.00			$	40.09			$	29.77			$	27.10			$	24.47

Net Asset Value Total Return^(d)			18.10	%			(33.25	)%			34.70	%			10.82	%			12.31	%			(9.09	)%
Market Price Total Return^(d)			18.16	%			(33.49	)%			35.26	%			10.96	%			12.25	%			(9.48	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	138,769			$	101,514			$	251,951			$	155,043			$	175,327			$	223,182
Ratio to average net assets of:
Expenses			0.80	%^(e)			0.80	%			0.80	%			0.80	%			0.81	%			0.80	%
Net investment income			2.24	%^(e)			1.22	%			0.59	%^(b)			0.47	%			1.18	%			0.88	%
Portfolio turnover rate^(f)			77	%			152	%			161	%			115	%			106	%			94	%

^(a)	Based on average shares outstanding.

^(b)

Net investment income per share and the ratio of net investment income to average net assets includes income received from foreign withholding tax claims. Net investment income per share and the ratio of net investment income to average net assets excluding the foreign withholding tax claims are $0.16 and 0.44%, respectively.

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

^(d)

^(e)	Annualized.

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

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

Financial Highlights–(continued)

Invesco DWA Emerging Markets Momentum ETF (PIE)


	Six Months Ended April 30, 2023				Years Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	15.90			$	24.99			$	19.56			$	18.59			$	16.12			$	19.48

Net investment income^(a)			0.11				0.57	^(b)			0.19				0.23				0.36	^(c)			0.40
Net realized and unrealized gain (loss) on investments			2.44				(8.97	)			5.52				1.07				2.51				(3.29	)

Total from investment operations.			2.55				(8.40	)			5.71				1.30				2.87				(2.89	)

Distributions to shareholders from:
Net investment income			(0.11	)			(0.71	)			(0.30	)			(0.34	)			(0.41	)			(0.49	)

Transaction fees^(a)			0.01				0.02				0.02				0.01				0.01				0.02

Net asset value at end of period		$	18.35			$	15.90			$	24.99			$	19.56			$	18.59			$	16.12

Market price at end of period^(d)		$	18.32			$	15.85			$	24.81			$	19.60			$	18.51			$	16.08

Net Asset Value Total Return^(e)			16.13	%			(34.05	)%			29.35	%			7.08	%			18.23	%			(15.11	)%
Market Price Total Return^(e)			16.30	%			(33.79	)%			28.17	%			7.77	%			18.03	%			(15.58	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	150,484			$	125,593			$	214,944			$	155,489			$	168,210			$	192,660
Ratio to average net assets of:
Expenses			0.90	%^(f)			0.90	%			0.90	%			0.90	%			0.91	%^(g)			0.90	%
Net investment income			1.24	%^(f)			2.66	%^(b)			0.79	%			1.25	%			2.13	%^(c)(g)			2.01	%
Portfolio turnover rate^(h)			68	%			169	%			198	%			155	%			158	%			163	%

^(a)	Based on average shares outstanding.

^(b)

^(c)

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

^(e)

^(f)	Annualized.

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

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

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

Financial Highlights–(continued)

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)


	Six Months Ended April 30, 2023				Years Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	37.62			$	48.20			$	34.17			$	40.99			$	40.04			$	44.66

Net investment income^(a)			0.77				1.40				1.42				0.94				1.45				1.34
Net realized and unrealized gain (loss) on investments			7.35				(9.83	)			13.72				(6.85	)			1.10				(4.56	)

Total from investment operations			8.12				(8.43	)			15.14				(5.91	)			2.55				(3.22	)

Distributions to shareholders from:
Net investment income			(0.51	)			(2.15	)			(1.11	)			(0.92	)			(1.60	)			(1.40	)

Transaction fees^(a)			0.00	^(b)			0.00	^(b)			0.00	^(b)			0.01				0.00	^(b)			0.00	^(b)

Net asset value at end of period		$	45.23			$	37.62			$	48.20			$	34.17			$	40.99			$	40.04

Market price at end of period^(c)		$	45.32			$	37.71			$	48.22			$	34.25			$	40.86			$	39.98

Net Asset Value Total Return^(d)			21.71	%			(17.95	)%			44.49	%			(14.26	)%			6.58	%			(7.45	)%
Market Price Total Return^(d)			21.65	%			(17.81	)%			44.22	%			(13.80	)%			6.41	%			(7.92	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,614,672			$	1,130,538			$	1,200,189			$	871,403			$	1,246,076			$	1,275,422
Ratio to average net assets of:
Expenses			0.45	%^(e)			0.45	%			0.45	%			0.45	%			0.45	%			0.45	%
Net investment income			3.60	%^(e)			3.24	%			3.09	%			2.57	%			3.64	%			3.02	%
Portfolio turnover rate^(f)			10	%			16	%			17	%			11	%			15	%			10	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

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

^(d)

^(e)	Annualized.

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

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

Financial Highlights–(continued)

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)


	Six Months Ended April 30, 2023				Years Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	26.66			$	38.13			$	28.93			$	30.67			$	29.48			$	33.33

Net investment income^(a)			0.43				0.81				0.65				0.60				0.70				0.75
Net realized and unrealized gain (loss) on investments			4.78				(11.23	)			9.25				(1.70	)			1.24				(3.66	)

Total from investment operations.			5.21				(10.42	)			9.90				(1.10	)			1.94				(2.91	)

Distributions to shareholders from:
Net investment income			(0.34	)			(1.06	)			(0.70	)			(0.64	)			(0.75	)			(0.94	)

Transaction fees^(a)			0.00	^(b)			0.01				0.00	^(b)			0.00	^(b)			0.00	^(b)			0.00	^(b)

Net asset value at end of period		$	31.53			$	26.66			$	38.13			$	28.93			$	30.67			$	29.48

Market price at end of period^(c)		$	31.59			$	26.68			$	38.41			$	28.94			$	30.42			$	29.48

Net Asset Value Total Return^(d)			19.63	%			(27.72	)%			34.34	%			(3.36	)%			6.72	%			(9.05	)%
Market Price Total Return^(d)			19.77	%			(28.21	)%			35.26	%			(2.53	)%			5.85	%			(9.36	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	562,791			$	489,162			$	434,660			$	308,106			$	328,155			$	291,863
Ratio to average net assets of:
Expenses			0.49	%^(e)			0.49	%			0.49	%			0.49	%			0.49	%			0.49	%
Net investment income			2.86	%^(e)			2.55	%			1.77	%			2.09	%			2.36	%			2.25	%
Portfolio turnover rate^(f)			27	%			32	%			31	%			26	%			27	%			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)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

Financial Highlights–(continued)

Invesco FTSE RAFI Emerging Markets ETF (PXH)


	Six Months Ended April 30, 2023				Years Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	15.84			$	22.43			$	17.51			$	20.95			$	20.02			$	21.66

Net investment income^(a)			0.30				1.06	^(b)			0.92				0.59				0.72				0.73
Net realized and unrealized gain (loss) on investments			2.51				(6.37	)			4.63				(3.40	)			0.92				(1.66	)

Total from investment operations			2.81				(5.31	)			5.55				(2.81	)			1.64				(0.93	)

Distributions to shareholders from:
Net investment income			(0.24	)			(1.29	)			(0.64	)			(0.63	)			(0.71	)			(0.71	)

Transaction fees^(a)			0.00	^(c)			0.01				0.01				0.00	^(c)			0.00	^(c)			0.00	^(c)

Net asset value at end of period		$	18.41			$	15.84			$	22.43			$	17.51			$	20.95			$	20.02

Market price at end of period^(d)		$	18.47			$	15.85			$	22.34			$	17.51			$	20.93			$	20.03

Net Asset Value Total Return^(e)			17.81	%			(24.47	)%			31.79	%			(13.44	)%			8.31	%			(4.44	)%
Market Price Total Return^(e)			18.12	%			(24.14	)%			31.28	%			(13.36	)%			8.14	%			(4.22	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,300,706			$	1,206,241			$	1,360,503			$	969,844			$	1,277,150			$	1,129,333
Ratio to average net assets of:
Expenses, after Waivers			0.49	%^(f)			0.49	%			0.49	%^(g)			0.49	%^(g)			0.49	%^(g)			0.48	%
Expenses, prior to Waivers			0.49	%^(f)			0.49	%			0.49	%^(g)			0.49	%^(g)			0.49	%^(g)			0.49	%
Net investment income			3.37	%^(f)			5.39	%^(b)			4.11	%			3.14	%			3.48	%			3.30	%
Portfolio turnover rate^(h)			16	%			36	%			34	%			22	%			29	%			16	%

^(a)	Based on average shares outstanding.

^(b)

^(c)	Amount represents less than $0.005.

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

^(e)

^(f)	Annualized.

^(g)

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

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

Financial Highlights–(continued)

Invesco Global Clean Energy ETF (PBD)


	Six Months Ended April 30, 2023				Years Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	18.97			$	31.28			$	22.89			$	12.66			$	10.97			$	13.08

Net investment income^(a)			0.13				0.25				0.16				0.19				0.21				0.18
Net realized and unrealized gain (loss) on investments			(0.06	)			(12.25	)			8.37				10.30				1.72				(2.07	)

Total from investment operations			0.07				(12.00	)			8.53				10.49				1.93				(1.89	)

Distributions to shareholders from:
Net investment income			(0.38	)			(0.31	)			(0.14	)			(0.26	)			(0.24	)			(0.22	)

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

Net asset value at end of period		$	18.66			$	18.97			$	31.28			$	22.89			$	12.66			$	10.97

Market price at end of period^(c)		$	18.64			$	18.89			$	31.31			$	22.92			$	12.56			$	10.95

Net Asset Value Total Return^(d)			0.36	%			(38.52	)%			37.31	%			84.06	%			17.86	%			(14.69	)%
Market Price Total Return^(d)			0.69	%			(38.83	)%			37.26	%			85.77	%			17.16	%			(14.78	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	200,166			$	216,728			$	399,619			$	124,178			$	49,675			$	49,661
Ratio to average net assets of:
Expenses			0.75	%^(e)			0.75	%			0.75	%			0.75	%			0.77	%^(f)			0.75	%
Net investment income			1.34	%^(e)			1.09	%			0.52	%			1.20	%			1.74	%^(f)			1.43	%
Portfolio turnover rate^(g)			39	%			67	%			74	%			56	%			59	%			46	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

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

^(d)

^(e)	Annualized.

^(f)	Ratios include non-recurring costs associated with a proxy statement of 0.02%.

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

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

Financial Highlights–(continued)

Invesco Global Water ETF (PIO)


	Six Months Ended April 30, 2023				Years Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	30.81			$	41.68			$	31.17			$	28.94			$	23.73			$	25.27

Net investment income^(a)			0.13				0.32				0.58	^(b)			0.25				0.38				0.45
Net realized and unrealized gain (loss) on investments			4.30				(10.75	)			10.35				2.27				5.25				(1.54	)

Total from investment operations			4.43				(10.43	)			10.93				2.52				5.63				(1.09	)

Distributions to shareholders from:
Net investment income			(0.09	)			(0.44	)			(0.42	)			(0.29	)			(0.42	)			(0.45	)

Transaction fees^(a)(c)			0.00				0.00				0.00				0.00				0.00				0.00

Net asset value at end of period		$	35.15			$	30.81			$	41.68			$	31.17			$	28.94			$	23.73

Market price at end of period^(d)		$	35.12			$	30.89			$	41.72			$	31.18			$	28.84			$	23.69

Net Asset Value Total Return^(e)			14.40	%			(25.14	)%			35.17	%			8.76	%			23.90	%			(4.45	)%
Market Price Total Return^(e)			14.01	%			(25.02	)%			35.26	%			9.16	%			23.68	%			(4.53	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	281,228			$	257,285			$	323,028			$	207,262			$	195,314			$	164,916
Ratio to average net assets of:
Expenses			0.75	%^(f)			0.75	%			0.75	%			0.75	%			0.76	%^(g)			0.75	%
Net investment income			0.78	%^(f)			0.91	%			1.52	%^(b)			0.86	%			1.45	%^(g)			1.77	%
Portfolio turnover rate^(h)			15	%			35	%			31	%			30	%			32	%			34	%

^(a)	Based on average shares outstanding.

^(b)

^(c)	Amount represents less than $0.005.

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

^(e)

^(f)	Annualized.

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

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

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

Financial Highlights–(continued)

Invesco International BuyBack Achievers^TM ETF (IPKW)


	Six Months Ended April 30, 2023				Years Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	30.49			$	43.74			$	31.35			$	32.20			$	31.00			$	35.31

Net investment income^(a)			0.50				1.12				2.55	^(b)			0.57				0.76				0.69
Net realized and unrealized gain (loss) on investments			4.03				(10.90	)			10.57				(0.82	)			1.38				(4.28	)

Total from investment operations			4.53				(9.78	)			13.12				(0.25	)			2.14				(3.59	)

Distributions to shareholders from:
Net investment income			(0.50	)			(3.47	)			(0.73	)			(0.61	)			(0.94	)			(0.73	)

Transaction fees^(a)			0.00	^(c)			0.00	^(c)			0.00	^(c)			0.01				0.00	^(c)			0.01

Net asset value at end of period		$	34.52			$	30.49			$	43.74			$	31.35			$	32.20			$	31.00

Market price at end of period^(d)		$	34.57			$	30.48			$	43.78			$	31.42			$	32.05			$	30.96

Net Asset Value Total Return^(e)			14.93	%			(23.55	)%			41.90	%			(0.30	)%			7.10	%			(10.40	)%
Market Price Total Return^(e)			15.13	%			(23.65	)%			41.72	%			0.37	%			6.74	%			(10.96	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	82,841			$	80,785			$	124,660			$	92,470			$	141,692			$	243,373
Ratio to average net assets of:
Expenses			0.55	%^(f)			0.55	%			0.55	%			0.55	%			0.55	%			0.55	%
Net investment income			2.97	%^(f)			3.08	%			5.98	%^(b)			1.86	%			2.44	%			1.90	%
Portfolio turnover rate^(g)			18	%			101	%			113	%			88	%			99	%			121	%

^(a)	Based on average shares outstanding.

^(b)

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period.Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.63 and 1.47%, respectively.

^(c)	Amount represents less than $0.005.

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

^(e)

^(f)	Annualized.

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

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

Financial Highlights–(continued)

Invesco MSCI Global Timber ETF (CUT)


	Six Months Ended April 30, 2023				Years Ended October 31,																Five Months Ended October 31,				Years Ended May 31,
	(Unaudited)				2022				2021				2020				2019				2018				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	29.59			$	36.09			$	27.82			$	27.65			$	27.98			$	33.50			$	27.57

Net investment income^(a)			0.55				0.68				0.55				0.53				0.72				0.20				0.63
Net realized and unrealized gain (loss) on investments			0.31				(6.60	)			8.27				0.40				(0.23	)			(5.72	)			5.80

Total from investment operations			0.86				(5.92	)			8.82				0.93				0.49				(5.52	)			6.43

Distributions to shareholders from:
Net investment income			(0.78	)			(0.58	)			(0.55	)			(0.77	)			(0.82	)			-				(0.50	)

Transaction fees^(a)			0.00	^(b)			0.00	^(b)			0.00	^(b)			0.01				0.00	^(b)			0.00	^(b)			-

Net asset value at end of period		$	29.67			$	29.59			$	36.09			$	27.82			$	27.65			$	27.98			$	33.50

Market price at end of period^(c)		$	29.59			$	29.53			$	36.09			$	27.81			$	27.56			$	27.94			$	33.54

Net Asset Value Total Return^(d)			2.87	%			(16.65	)%			31.90	%			3.29	%			2.32	%			(16.48	)%			23.42	%
Market Price Total Return^(d)			2.79	%			(16.82	)%			31.95	%			3.60	%			2.14	%			(16.70	)%			23.79	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	59,348			$	60,656			$	92,035			$	75,101			$	134,093			$	173,463			$	236,190
Ratio to average net assets of:
Expenses, after Waivers			0.61	%^(e)			0.61	%			0.60	%			0.55	%			0.56	%^(f)			0.55	%^(e)			0.55	%
Expenses, prior to Waivers			0.76	%^(e)			0.69	%			0.68	%			0.72	%			0.68	%^(f)			0.64	%^(e)			0.67	%
Net investment income			3.59	%^(e)			1.99	%			1.51	%			2.00	%			2.70	%^(f)			1.50	%^(e)			2.02	%
Portfolio turnover rate^(g)			5	%			15	%			14	%			10	%			18	%			4	%			10	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

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

^(d)

^(e)	Annualized.

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

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

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

Financial Highlights–(continued)

Invesco MSCI Green Building ETF (GBLD)


	Six Months Ended April 30, 2023 (Unaudited)				Years Ended October 31, 2022				For the Period April 20, 2021^(a)Through October 31, 2021
Per Share Operating Performance:
Net asset value at beginning of period		$	16.43			$	23.82			$	25.00

Net investment income^(b)			0.42				0.69				0.44
Net realized and unrealized gain (loss) on investments			0.55				(7.21	)			(1.21	)

Total from investment operations			0.97				(6.52	)			(0.77	)

Distributions to shareholders from:
Net investment income			(0.38	)			(0.76	)			(0.41	)
Return of capital			-				(0.11	)			-

Total distributions			(0.38	)			(0.87	)			(0.41	)

Net asset value at end of period		$	17.02			$	16.43			$	23.82

Market price at end of period^(c)		$	17.06			$	16.44			$	23.89

Net Asset Value Total Return^(d)			5.93	%			(28.05	)%			(3.13	)%^(e)
Market Price Total Return^(d)			6.11	%			(28.22	)%			(2.84	)%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	5,958			$	4,928			$	4,764
Ratio to average net assets of:
Expenses			0.39	%^(f)			0.39	%			0.39	%
Net investment income			4.82	%^(f)			3.40	%			3.34	%^(f)
Portfolio turnover rate^(g)			7	%			17	%			25	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (April 22, 2021, the first day of trading on the exchange) to October 31, 2021 was (2.74)%. The market price total return from Fund Inception to October 31, 2021 was (2.30)%.

^(f)	Annualized.

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

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

Financial Highlights–(continued)

Invesco S&P Global Water Index ETF (CGW)


	Six Months Ended April 30, 2023				Years Ended October 31,																Two Months Ended October 31,				Years Ended August 31,
	(Unaudited)				2022				2021				2020				2019				2018				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	45.65			$	58.91			$	41.43			$	39.55			$	32.32			$	35.28			$	33.38

Net investment income^(a)			0.29				0.61				1.08	^(b)			0.63				0.64				0.04				0.59
Net realized and unrealized gain (loss) on investments			4.44				(12.91	)			17.06				1.86				7.26				(3.00	)			1.92

Total from investment operations			4.73				(12.30	)			18.14				2.49				7.90				(2.96	)			2.51

Distributions to shareholders from:
Net investment income			(0.68	)			(0.96	)			(0.66	)			(0.61	)			(0.67	)			-				(0.61	)

Transaction fees^(a)			0.00	^(c)			0.00	^(c)			0.00	^(c)			0.00	^(c)			0.00	^(c)			0.00	^(c)			-

Net asset value at end of period		$	49.70			$	45.65			$	58.91			$	41.43			$	39.55			$	32.32			$	35.28

Market price at end of period^(d)		$	49.65			$	45.66			$	59.04			$	41.54			$	39.54			$	32.27			$	35.23

Net Asset Value Total Return^(e)			10.46	%			(21.21	)%			44.25	%			6.31	%			25.10	%			(8.39	)%			7.51	%
Market Price Total Return^(e)			10.32	%			(21.37	)%			44.18	%			6.62	%			25.27	%			(8.40	)%			7.09	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	976,132			$	932,994			$	1,199,341			$	710,871			$	741,918			$	531,298			$	594,105
Ratio to average net assets of:
Expenses			0.57	%^(f)			0.57	%			0.57	%			0.57	%			0.59	%			0.60	%^(f)			0.62	%
Net investment income			1.20	%^(f)			1.20	%			2.08	%^(b)			1.61	%			1.82	%			0.67	%^(f)			1.71	%
Portfolio turnover rate^(g)			13	%			35	%			15	%			15	%			13	%			5	%			13	%

^(a)	Based on average shares outstanding.

^(b)

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period.Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.62 and 1.18%, respectively.

^(c)	Amount represents less than $0.005.

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

^(e)

^(f)	Annualized.

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

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

Financial Highlights–(continued)

Invesco S&P International Developed Quality ETF (IDHQ)


	Six Months Ended April 30, 2023				Years Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	22.23			$	31.38			$	25.01			$	24.47			$	21.36			$	23.50

Net investment income^(a)			0.40				0.76				0.63				0.46				0.54				0.58
Net realized and unrealized gain (loss) on investments			4.64				(9.05	)			6.39				0.55				3.16				(2.18	)

Total from investment operations			5.04				(8.29	)			7.02				1.01				3.70				(1.60	)

Distributions to shareholders from:
Net investment income			(0.31	)			(0.86	)			(0.65	)			(0.47	)			(0.59	)			(0.54	)

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

Net asset value at end of period		$	26.96			$	22.23			$	31.38			$	25.01			$	24.47			$	21.36

Market price at end of period^(c)		$	27.03			$	22.23			$	31.53			$	25.00			$	24.53			$	21.31

Net Asset Value Total Return^(d)			22.79	%			(26.69	)%			28.19	%			4.42	%			17.58	%			(7.00	)%
Market Price Total Return^(d)			23.10	%			(27.04	)%			28.85	%			4.09	%			18.14	%			(8.05	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	163,100			$	92,266			$	114,522			$	100,021			$	47,726			$	32,039
Ratio to average net assets of:
Expenses			0.29	%^(e)			0.29	%			0.29	%			0.29	%			0.31	%^(f)			0.29	%
Net investment income			3.14	%^(e)			2.85	%			2.09	%			1.83	%			2.38	%^(f)			2.47	%
Portfolio turnover rate^(g)			20	%			62	%			61	%			42	%			54	%			54	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

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

^(d)

^(e)	Annualized.

^(f)	Ratios include non-recurring costs associated with a proxy statement of 0.02%.

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

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

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

April 30, 2023

(Unaudited)

NOTE 1–Organization


Full Name		Short Name

Invesco China Technology ETF (CQQQ)		“China Technology ETF”

Invesco DWA Developed Markets Momentum ETF (PIZ)		“DWA Developed Markets Momentum ETF”

Invesco DWA Emerging Markets Momentum ETF (PIE)		“DWA Emerging Markets Momentum ETF”

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)		“FTSE RAFI Developed Markets ex-U.S. ETF”

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)		“FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF”

Invesco FTSE RAFI Emerging Markets ETF (PXH)		“FTSE RAFI Emerging Markets ETF”

Invesco Global Clean Energy ETF (PBD)		“Global Clean Energy ETF”

Invesco Global Water ETF (PIO)		“Global Water ETF”

Invesco International BuyBack Achievers^TMETF (IPKW)		“International BuyBack Achievers^TMETF”

Invesco MSCI Global Timber ETF (CUT)		“MSCI Global Timber ETF”

Invesco MSCI Green Building ETF (GBLD)		“MSCI Green Building ETF”

Invesco S&P Global Water Index ETF (CGW)		“S&P Global Water Index ETF”

Invesco S&P International Developed Quality ETF (IDHQ)		“S&P International Developed Quality ETF”


Fund		Exchange

China Technology ETF		NYSE Arca, Inc.

DWA Developed Markets Momentum ETF		The Nasdaq Stock Market LLC

DWA Emerging Markets Momentum ETF		The Nasdaq Stock Market LLC

FTSE RAFI Developed Markets ex-U.S. ETF		NYSE Arca, Inc.

FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		NYSE Arca, Inc.

FTSE RAFI Emerging Markets ETF		NYSE Arca, Inc.

Global Clean Energy ETF		NYSE Arca, Inc.

Global Water ETF		The Nasdaq Stock Market LLC

International BuyBack Achievers^TMETF		The Nasdaq Stock Market LLC

MSCI Global Timber ETF		NYSE Arca, Inc.

MSCI Green Building ETF		NYSE Arca, Inc.

S&P Global Water Index ETF		NYSE Arca, Inc.

S&P International Developed Quality ETF		NYSE Arca, Inc.

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

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


Fund		Underlying Index

China Technology ETF		FTSE China Incl A 25% Technology Capped Index

DWA Developed Markets Momentum ETF		Dorsey Wright^®Developed Markets Technical Leaders Index

DWA Emerging Markets Momentum ETF		Dorsey Wright^®Emerging Markets Technical Leaders Index

FTSE RAFI Developed Markets ex-U.S. ETF		FTSE RAFI^TMDeveloped ex U.S. 1000 Index

FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		FTSE RAFI^TMDeveloped ex U.S. Mid-Small 1500 Index

FTSE RAFI Emerging Markets ETF		FTSE RAFI^TMEmerging Index

Global Clean Energy ETF		WilderHill New Energy Global Innovation Index

Global Water ETF		Nasdaq OMX Global Water Index^SM

International BuyBack Achievers^TMETF		Nasdaq International BuyBack Achievers^TMIndex

MSCI Global Timber ETF		MSCI ACWI IMI Timber Select Capped Index

MSCI Green Building ETF		MSCI Global Green Building Index

S&P Global Water Index ETF		S&P Global Water Index

S&P International Developed Quality ETF		S&P Quality Developed ex-U.S. LargeMidCap Index

NOTE 2–Significant Accounting Policies

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

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

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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 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.

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, significant governmental actions 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.

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

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

share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

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

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

MSCI Global Timber ETF and S&P Global Water Index ETF are responsible for all of their expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes,

brokerage commissions and other expenses connected with executions of portfolio transactions, licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members and officers who are not “interested persons” (as defined in the 1940 Act) of the Trust or the Adviser (the “Independent Trustees”), expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, 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 an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

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

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

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

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2023, each Fund (except for DWA Developed Markets Momentum ETF, DWA Emerging Markets Momentum ETF, FTSE RAFI Developed Markets ex-U.S. ETF, FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF and International BuyBack Achievers^TM ETF) had affiliated securities lending transactions with Invesco. Fees paid to

Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each applicable Fund as listed below:


	Amount

China Technology ETF		$1,360

FTSE RAFI Emerging Markets ETF		319

Global Clean Energy ETF		65,273

Global Water ETF		193

MSCI Global Timber ETF		276

MSCI Green Building ETF		29

S&P Global Water Index ETF		2,876

S&P International Developed Quality ETF		3

L.	Other Risks

that may have negative effects on the economy and securities markets of Greater China; and Greater China’s dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country within Greater China may impact the other countries in the region or Greater China as a whole. Export growth continues to be a major driver of China’s rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of additional tariffs or other trade barriers (or the threat thereof), including as a result of trade tensions between China and the United States, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by a Fund. Further, health events, such as disease outbreaks and pandemics, may cause uncertainty and volatility in the Chinese economy, especially in the consumer discretionary (leisure, retail, gaming, tourism), industrials, and commodities sectors. Additionally, any difficulties of the Public Company Accounting Oversight Board (“PCAOB”) to inspect audit work papers and practices of PCAOB-registered accounting firms in China with respect to their audit work of U.S. reporting companies may impose significant additional risks associated with investments in China.

Green Building Investing Risk. Companies involved in “green building” face many of the risk factors associated generally with the building and construction industry, including that such companies may be significantly affected by changes in government spending or regulation, zoning laws, economic conditions and world events, interest rates, taxation, real estate values and overbuilding. Such companies may be impacted by the supply and demand both for their specific products or services and for industrial sector products in general. In addition, such companies face risks specific to sustainable or “green” building, including: building costs may be more expensive for green buildings as compared to conventional buildings; green construction materials may not be readily available; the costs associated with obtaining third-party certification; and the failure to continue to meet certification standards. The technology and methods for green building are relatively new, and there is uncertainty surrounding the longevity and warranty of new products and/or the use of relatively untested materials. Moreover, there remains uncertainty about how the regulatory environment might evolve with respect to green building.

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

Non-Diversified Fund Risk. Because China Technology ETF, Global Water ETF, International BuyBack AchieversTM ETF, MSCI Global Timber ETF, MSCI Green Building ETF and S&P Global Water Index ETF are non-diversified, and to the extent certain Funds become non-diversified, and can invest a greater portion of their respective assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

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

Thematic Investing Risk. Certain Funds rely on the index provider for their respective Underlying Index to identify securities that provide exposure to specific environmental themes, as set forth in the Underlying Index methodology. A Fund’s performance may suffer if such securities are not correctly identified. Performance may also suffer if the securities included in an Underlying Index do not benefit from the development of the applicable environmental theme. Further, to the extent that an index provider evaluates environmental, social and governance (“ESG”) factors as part of an Underlying Index’s methodology, there is a risk that information used by the index provider to evaluate these ESG factors may not be readily available, complete or accurate. This could negatively impact the index provider’s ability to apply its ESG standards when compiling the Underlying Index, and which may negatively impact a Fund’s performance. Performance may also be impacted by the inclusion of non-theme relevant exposures in an Underlying Index. There is no guarantee that an Underlying Index will reflect complete exposure to any particular environmental theme.

NOTE 3–Investment Advisory Agreements and Other Agreements

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

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


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

China Technology ETF		0.70%

DWA Developed Markets Momentum ETF		0.80%

DWA Emerging Markets Momentum ETF		0.90%

FTSE RAFI Developed Markets ex-U.S. ETF		0.45%

FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		0.49%

FTSE RAFI Emerging Markets ETF		0.49%

Global Clean Energy ETF		0.75%

Global Water ETF		0.75%

International BuyBack Achievers^TMETF		0.55%

MSCI Green Building ETF		0.39%

S&P International Developed Quality ETF		0.29%

Pursuant to another Investment Advisory Agreement, each of the following Funds accrues daily and pays monthly to the Adviser an annual fee equal to a percentage of its average daily net assets as follows:


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

MSCI Global Timber ETF		0.50%

S&P Global Water Index ETF		0.50%

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each of MSCI Global Timber ETF and S&P Global Water Index ETF, pursuant to which the Adviser has contractually agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i)

changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser)) of each such Fund from exceeding the percentage of the Fund’s average daily net assets per year (the “Expense Cap”) shown in the table below through at least August 31, 2025. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2025. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. The Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap for S&P Global Water Index ETF.


		Expense Cap

MSCI Global Timber ETF		0.55%

S&P Global Water Index ETF		0.63%

Further, through at least August 31, 2025, 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. This waiver does 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. This agreement is not subject to recapture by the Adviser.

For the six months ended April 30, 2023, the Adviser waived fees for each Fund in the following amounts:



China Technology ETF	$	1,080

DWA Developed Markets Momentum ETF		15

DWA Emerging Markets Momentum ETF		104

FTSE RAFI Developed Markets ex-U.S. ETF		261

FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		195

FTSE RAFI Emerging Markets ETF		3,071

Global Clean Energy ETF		58

Global Water ETF		34

International BuyBack Achievers^TMETF		5

MSCI Global Timber ETF		46,320

MSCI Green Building ETF		129

S&P Global Water Index ETF		195

S&P International Developed Quality ETF		20

The fees waived and/or expenses borne by the Adviser for MSCI Global Timber ETF and S&P Global Water Index ETF, pursuant to the Expense Cap, are subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Funds if it would result in the Funds exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser.

For the following Fund, the amounts available for potential recapture by the Adviser and the expiration schedule as of April 30, 2023 are as follows:


	Total
	Potential
	Recapture	Potential Recapture Amounts Expiring
	Amounts	10/31/23	10/31/24	10/31/25	10/31/26
MSCI Global Timber ETF	$260,037	$70,925	$81,775	$62,435	$44,902

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


Fund		Licensor

China Technology ETF		FTSE International Ltd.

DWA Developed Markets Momentum ETF		Dorsey Wright & Associates, LLC

DWA Emerging Markets Momentum ETF		Dorsey Wright & Associates, LLC

FTSE RAFI Developed Markets ex-U.S. ETF		FTSE International Ltd.

FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		FTSE International Ltd.

FTSE RAFI Emerging Markets ETF		FTSE International Ltd.

Global Clean Energy ETF		WilderHill New Energy Finance, LLC

Global Water ETF		Nasdaq, Inc.

International BuyBack Achievers^TMETF		Nasdaq, Inc.

MSCI Global Timber ETF		MSCI, Inc.

MSCI Green Building ETF		MSCI, Inc.

S&P Global Water Index ETF		S&P Dow Jones Indices LLC

S&P International Developed Quality ETF		S&P Dow Jones Indices LLC

For the six months ended April 30, 2023, 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:



DWA Developed Markets Momentum ETF	$	6,886

DWA Emerging Markets Momentum ETF		1,375

FTSE RAFI Developed Markets ex-U.S. ETF		17,784

FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		14,243

FTSE RAFI Emerging Markets ETF		9,557

Global Clean Energy ETF		29,316

Global Water ETF		3,470

International BuyBack Achievers^TMETF		1,222

MSCI Global Timber ETF		696

MSCI Green Building ETF		47

S&P Global Water Index ETF		5,552

S&P International Developed Quality ETF		103

NOTE 4–Additional Valuation Information

Level 1 –

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

Level 2 –

100

Level 3 –

The following is a summary of the tiered valuation input levels, as of April 30, 2023. 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

China Technology ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	874,124,688	$	-	$	-	$	874,124,688

Money Market Funds		-		26,591,189		-		26,591,189


Total Investments	$	874,124,688	$	26,591,189	$	-	$	900,715,877


DWA Developed Markets Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	138,241,734	$	-	$	-	$	138,241,734

Money Market Funds		-		13,240,767		-		13,240,767


Total Investments	$	138,241,734	$	13,240,767	$	-	$	151,482,501


DWA Emerging Markets Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	150,621,198	$	-	$	0	$	150,621,198

Money Market Funds		-		1,990,537		-		1,990,537


Total Investments	$	150,621,198	$	1,990,537	$	0	$	152,611,735


FTSE RAFI Developed Markets ex-U.S. ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	1,610,636,429	$	-	$	0	$	1,610,636,429

Money Market Funds		-		149,855,529		-		149,855,529


Total Investments	$	1,610,636,429	$	149,855,529	$	0	$	1,760,491,958


FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	560,591,119	$	843,256	$	-	$	561,434,375

Money Market Funds		-		86,676,008		-		86,676,008


Total Investments	$	560,591,119	$	87,519,264	$	-	$	648,110,383


FTSE RAFI Emerging Markets ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	1,294,072,930	$	-	$	963,880	$	1,295,036,810

Money Market Funds		3,952,866		38,284,910		-		42,237,776


Total Investments	$	1,298,025,796	$	38,284,910	$	963,880	$	1,337,274,586


Global Clean Energy ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	200,118,523	$	-	$	0	$	200,118,523

Money Market Funds		-		64,222,832		-		64,222,832


Total Investments	$	200,118,523	$	64,222,832	$	0	$	264,341,355


Global Water ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	281,222,627	$	-	$	-	$	281,222,627

Money Market Funds		381,995		20,734,490		-		21,116,485


Total Investments	$	281,604,622	$	20,734,490	$	-	$	302,339,112

101


	Level 1		Level 2		Level 3		Total

International BuyBack Achievers^TMETF

Investments in Securities

Common Stocks & Other Equity Interests	$	82,320,449	$	-	$	-	$	82,320,449

Money Market Funds		-		2,707,764		-		2,707,764


Total Investments	$	82,320,449	$	2,707,764	$	-	$	85,028,213


MSCI Global Timber ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	58,871,917	$	-	$	19,364	$	58,891,281

Exchange-Traded Funds		370,445		-		-		370,445

Money Market Funds		-		14,963,815		-		14,963,815


Total Investments	$	59,242,362	$	14,963,815	$	19,364	$	74,225,541


MSCI Green Building ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	5,895,419	$	-	$	-	$	5,895,419

Exchange-Traded Funds		45,573		-		-		45,573

Money Market Funds		-		597,229		-		597,229


Total Investments	$	5,940,992	$	597,229	$	-	$	6,538,221


S&P Global Water Index ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	975,234,028	$	-	$	-	$	975,234,028

Money Market Funds		-		95,132,736		-		95,132,736


Total Investments	$	975,234,028	$	95,132,736	$	-	$	1,070,366,764


S&P International Developed Quality ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	162,690,960	$	-	$	-	$	162,690,960

Money Market Funds		-		20,436,004		-		20,436,004


Total Investments	$	162,690,960	$	20,436,004	$	-	$	183,126,964

NOTE 5–Tax Information

The Funds had capital loss carryforwards as of October 31, 2022, as follows:


	No expiration
	Short-Term		Long-Term		Total*

China Technology ETF	$	217,640,677	$	279,587,560	$	497,228,237

DWA Developed Markets Momentum ETF		169,465,765		-		169,465,765

DWA Emerging Markets Momentum ETF		156,900,695		-		156,900,695

FTSE RAFI Developed Markets ex-U.S. ETF		1,017,717		115,241,430		116,259,147

FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		8,184,414		43,060,212		51,244,626

FTSE RAFI Emerging Markets ETF		16,665,721		187,036,402		203,702,123

Global Clean Energy ETF		66,912,051		101,489,479		168,401,530

Global Water ETF		50,900,586		13,959,253		64,859,839

International BuyBack Achievers^TMETF		56,476,910		7,881,518		64,358,428

MSCI Global Timber ETF		11,902,078		7,311,285		19,213,363

MSCI Green Building ETF		70,993		133,298		204,291

102


	No expiration
	Short-Term		Long-Term		Total*

S&P Global Water Index ETF	$	34,455,780	$	10,532,037	$	44,987,817

S&P International Developed Quality ETF		19,447,843		4,302,878		23,750,721

*	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

China Technology ETF	$	228,414,992	$	247,441,462

DWA Developed Markets Momentum ETF		97,629,103		97,489,670

DWA Emerging Markets Momentum ETF		104,516,454		99,914,255

FTSE RAFI Developed Markets ex-U.S. ETF		165,679,639		143,425,229

FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		152,300,172		152,103,886

FTSE RAFI Emerging Markets ETF		209,098,890		268,266,402

Global Clean Energy ETF		83,698,307		88,805,424

Global Water ETF		40,404,694		40,262,015

International BuyBack Achievers^TMETF		15,522,772		16,281,968

MSCI Global Timber ETF		3,239,097		3,640,953

MSCI Green Building ETF		520,921		399,227

S&P Global Water Index ETF		128,554,696		135,690,685

S&P International Developed Quality ETF		26,133,714		24,051,768

For the six months ended April 30, 2023, in-kind transactions associated with creations and redemptions were as follows:


	In-kind		In-kind
	Purchases		Sales

China Technology ETF	$	22,581,803	$	35,280,152

DWA Developed Markets Momentum ETF		20,961,368		2,852,932

DWA Emerging Markets Momentum ETF		9,085,380		7,415,822

FTSE RAFI Developed Markets ex-U.S. ETF		224,701,205		-

FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		9,638,110		24,463,698

FTSE RAFI Emerging Markets ETF		1,011,868		35,281,217

Global Clean Energy ETF		-		11,393,752

Global Water ETF		-		10,985,045

International BuyBack Achievers^TMETF		3,216,185		11,218,553

MSCI Global Timber ETF		-		1,436,403

MSCI Green Building ETF		800,750		-

S&P Global Water Index ETF		55,043,415		97,262,419

S&P International Developed Quality ETF		47,579,477		-

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


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

China Technology ETF	$	85,711,460	$	(279,223,402	)	$	(193,511,942	)	$	1,094,227,819

DWA Developed Markets Momentum ETF		18,934,632		(1,848,345	)		17,086,287			134,396,214

DWA Emerging Markets Momentum ETF		19,864,806		(4,546,389	)		15,318,417			137,293,318

FTSE RAFI Developed Markets ex-U.S. ETF		208,467,327		(123,692,799	)		84,774,528			1,675,717,430

FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		52,033,852		(66,672,315	)		(14,638,463	)		662,748,846

FTSE RAFI Emerging Markets ETF		201,937,977		(308,397,226	)		(106,459,249	)		1,443,733,835

103


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

Global Clean Energy ETF	$	17,972,781	$	(70,006,701	)	$	(52,033,920	)	$	316,375,275

Global Water ETF		47,398,366		(10,239,438	)		37,158,928			265,180,184

International BuyBack Achievers^TMETF		5,266,433		(8,196,328	)		(2,929,895	)		87,958,108

MSCI Global Timber ETF		9,053,975		(9,110,194	)		(56,219	)		74,281,760

MSCI Green Building ETF		93,092		(1,759,459	)		(1,666,367	)		8,204,588

S&P Global Water Index ETF		190,680,038		(21,837,828	)		168,842,210			901,524,554

S&P International Developed Quality ETF		15,870,306		(6,638,955	)		9,231,351			173,895,613

NOTE 7–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for each Fund except MSCI Global Timber ETF and S&P Global Water Index ETF. The Interested Trustee does not receive any Trustees’ fees.

NOTE 8–Capital

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

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

104

Calculating your ongoing Fund expenses

Example

As a shareholder of Invesco MSCI Global Timber ETF and Invesco S&P Global Water Index ETF, you incur advisory fees and other Fund expenses. As a shareholder of the Invesco China Technology ETF, Invesco DWA Developed Markets Momentum ETF, Invesco DWA Emerging Markets Momentum ETF, Invesco FTSE RAFI Developed Markets ex-U.S. ETF, Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, Invesco FTSE RAFI Emerging Markets ETF, Invesco Global Clean Energy ETF, Invesco Global Water ETF, Invesco International BuyBack Achievers^™ ETF, Invesco MSCI Green Building ETF and Invesco S&P International Developed Quality ETF, you incur a unitary management fee. In addition to the advisory fee or 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 an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2022 through April 30, 2023.

Actual Expenses

Hypothetical Example for Comparison Purposes


							Annualized
	Beginning			Ending			Expense Ratio			Expenses Paid
	Account Value			Account Value			Based on the			During the
	November 1, 2022			April 30, 2023			Six-Month Period			Six-Month Period⁽¹⁾
Invesco China Technology ETF (CQQQ)

Actual		$	1,000.00		$	1,304.20		0.70	%		$	4.00

Hypothetical (5% return before expenses)			1,000.00			1,021.32		0.70				3.51

Invesco DWA Developed Markets Momentum ETF (PIZ)

Actual			1,000.00			1,181.00		0.80				4.33

Hypothetical (5% return before expenses)			1,000.00			1,020.83		0.80				4.01
Invesco DWA Emerging Markets Momentum ETF (PIE)

Actual			1,000.00			1,161.30		0.90				4.82

Hypothetical (5% return before expenses)			1,000.00			1,020.33		0.90				4.51

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)

Actual			1,000.00			1,217.10		0.45				2.47

Hypothetical (5% return before expenses)			1,000.00			1,022.56		0.45				2.26

105

Calculating your ongoing Fund expenses–(continued)


							Annualized
	Beginning			Ending			Expense Ratio			Expenses Paid
	Account Value			Account Value			Based on the			During the
	November 1, 2022			April 30, 2023			Six-Month Period			Six-Month Period⁽¹⁾

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)

Actual		$	1,000.00		$	1,196.30		0.49	%		$	2.67

Hypothetical (5% return before expenses)			1,000.00			1,022.36		0.49				2.46

Invesco FTSE RAFI Emerging Markets ETF (PXH)

Actual			1,000.00			1,178.10		0.49				2.65

Hypothetical (5% return before expenses)			1,000.00			1,022.36		0.49				2.46

Invesco Global Clean Energy ETF (PBD)

Actual			1,000.00			1,003.60		0.75				3.73

Hypothetical (5% return before expenses)			1,000.00			1,021.08		0.75				3.76

Invesco Global Water ETF (PIO)

Actual			1,000.00			1,144.00		0.75				3.99

Hypothetical (5% return before expenses)			1,000.00			1,021.08		0.75				3.76

Invesco International BuyBack Achievers^TMETF (IPKW)

Actual			1,000.00			1,149.30		0.55				2.93

Hypothetical (5% return before expenses)			1,000.00			1,022.07		0.55				2.76

Invesco MSCI Global Timber ETF (CUT)

Actual			1,000.00			1,028.70		0.61				3.07

Hypothetical (5% return before expenses)			1,000.00			1,021.77		0.61				3.06

Invesco MSCI Green Building ETF (GBLD)

Actual			1,000.00			1,059.30		0.39				1.99

Hypothetical (5% return before expenses)			1,000.00			1,022.86		0.39				1.96

Invesco S&P Global Water Index ETF (CGW)

Actual			1,000.00			1,104.60		0.57				2.97

Hypothetical (5% return before expenses)			1,000.00			1,021.97		0.57				2.86

Invesco S&P International Developed Quality ETF (IDHQ)

Actual			1,000.00			1,227.90		0.29				1.60

Hypothetical (5% return before expenses)			1,000.00			1,023.36		0.29				1.45

⁽¹⁾

106

Approval of Investment Advisory Contracts


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

Investment Advisory Agreement

107

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

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

●

0.04% of the Fund’s average daily net assets for Invesco PureBeta^SM MSCI USA ETF;

●

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

●

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

●

0.07% of the Fund’s average daily net assets for Invesco PureBeta^SM 0-5 Yr US TIPS ETF and Invesco PureBeta^SM FTSE Developed ex-North America ETF;

●

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

●

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

●

0.11% of the Fund’s average daily net assets for Invesco S&P 500 QVM Multi-factor ETF;

108

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

●

0.13% of the Fund’s average daily net assets for Invesco S&P 500 Enhanced Value ETF and Invesco S&P 500 Momentum ETF;

●

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

●

0.19% of the Fund’s average daily net assets for Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF;

●

0.20% of the Fund’s average daily net assets for Invesco ESG NASDAQ 100 ETF, Invesco ESG NASDAQ Next Gen 100 ETF, Invesco ESG S&P 500 Equal Weight ETF and Invesco Russell 1000 Equal Weight ETF;

●

0.22% of the Fund’s average daily net assets for Invesco Fundamental Investment Grade Corporate Bond ETF;

●

0.30% of the Fund’s average daily net assets for Invesco S&P 500^® High Dividend Low Volatility ETF and Invesco S&P SmallCap High Dividend Low Volatility ETF;

●

0.45% of the Fund’s daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. ETF;

●

0.49% of the Fund’s daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF and Invesco FTSE RAFI Emerging Markets ETF;

●

0.55% of the Fund’s daily net assets for Invesco International BuyBack Achievers^TM ETF;

●

0.60% of the Fund’s daily net assets for Invesco DWA SmallCap Momentum ETF, Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF and Invesco Alerian Galaxy Crypto Economy ETF;

●

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

●

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

●

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

●

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

●

0.90% of the Fund’s daily net assets for Invesco DWA Emerging Markets Momentum ETF.

109

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


	Equal	Equal to/Lower	Lower than
	to/Lower	than Open-End	Open-End
	than ETF	Index Fund	Active Fund
Invesco Fund	Peer Median	Peer Median*	Peer Median

Invesco 1-30 Laddered Treasury ETF			X

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF	X	N/A	X

Invesco Alerian Galaxy Crypto Economy ETF	X	N/A	X

Invesco California AMT-Free Municipal Bond ETF		N/A	X

Invesco CEF Income Composite ETF	X	N/A	X

Invesco China Technology ETF		N/A	X

Invesco DWA Developed Markets Momentum ETF			X

Invesco DWA Emerging Markets Momentum ETF			X

Invesco DWA SmallCap Momentum ETF			X

Invesco Emerging Markets Sovereign Debt ETF			X

Invesco ESG NASDAQ 100 ETF			X

Invesco ESG NASDAQ Next Gen 100 ETF	X		X

Invesco ESG S&P 500 Equal Weight ETF	X		X

Invesco FTSE RAFI Developed Markets ex-U.S. ETF			X

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF			X

Invesco FTSE RAFI Emerging Markets ETF	X		X

Invesco Fundamental High Yield^®Corporate Bond ETF		N/A	X

Invesco Fundamental Investment Grade Corporate Bond ETF			X

Invesco Global Clean Energy ETF		X	X

Invesco Global Short Term High Yield Bond ETF	X	N/A	X

Invesco Global Water ETF		X	X

Invesco International BuyBack Achievers^TMETF	X	N/A	X

Invesco International Corporate Bond ETF			X

Invesco KBW Bank ETF	X		X

Invesco KBW High Dividend Yield Financial ETF	X		X

Invesco KBW Premium Yield Equity REIT ETF	X		X

Invesco KBW Property & Casualty Insurance ETF	X		X

Invesco KBW Regional Banking ETF	X		X

Invesco MSCI Green Building ETF			X

Invesco NASDAQ 100 ETF	X	X	X

Invesco Nasdaq Biotechnology ETF	X		X

Invesco NASDAQ Next Gen 100 ETF	X		X

Invesco National AMT-Free Municipal Bond ETF			X

Invesco New York AMT-Free Municipal Bond ETF		N/A	X

Invesco PHLX Semiconductor ETF	X	X	X

Invesco Preferred ETF		N/A	X

Invesco PureBeta^SM0-5 Yr US TIPS ETF	X		X

Invesco PureBeta^SMFTSE Developed ex-North America ETF	X	X	X

Invesco PureBeta^SMFTSE Emerging Markets ETF	X	X	X

Invesco PureBeta^SMMSCI USA ETF	X	X	X

Invesco PureBeta^SMMSCI USA Small Cap ETF	X	X	X

Invesco PureBeta^SMUS Aggregate Bond ETF	X	X	X

110

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


	Equal	Equal to/Lower	Lower than
	to/Lower	than Open-End	Open-End
	than ETF	Index Fund	Active Fund
Invesco Fund	Peer Median	Peer Median*	Peer Median

Invesco Russell 1000 Equal Weight ETF	X		X

Invesco S&P 500 Enhanced Value ETF	X	X	X

Invesco S&P 500^®ex-Rate Sensitive Low Volatility ETF	X		X

Invesco S&P 500^®High Beta ETF	X	X	X

Invesco S&P 500^®High Dividend Low Volatility ETF	X	X	X

Invesco S&P 500^®Low Volatility ETF	X		X

Invesco S&P 500 Minimum Variance ETF	X	X	X

Invesco S&P 500 Momentum ETF	X		X

Invesco S&P 500 QVM Multi-factor ETF	X	X	X

Invesco S&P 500 Revenue ETF			X

Invesco S&P Emerging Markets Low Volatility ETF	X		X

Invesco S&P Emerging Markets Momentum ETF	X		X

Invesco S&P International Developed Low Volatility ETF	X	X	X

Invesco S&P International Developed Momentum ETF	X		X

Invesco S&P International Developed Quality ETF	X		X

Invesco S&P MidCap 400 QVM Multi-factor ETF	X	X	X

Invesco S&P MidCap 400 Revenue ETF			X

Invesco S&P MidCap Low Volatility ETF	X		X

Invesco S&P SmallCap 600 QVM Multi-factor ETF	X	X	X

Invesco S&P SmallCap 600 Revenue ETF			X

Invesco S&P SmallCap Consumer Discretionary ETF	X		X

Invesco S&P SmallCap Consumer Staples ETF	X		X

Invesco S&P SmallCap Energy ETF	X		X

Invesco S&P SmallCap Financials ETF	X		X

Invesco S&P SmallCap Health Care ETF	X		X

Invesco S&P SmallCap High Dividend Low Volatility ETF	X	X	X

Invesco S&P SmallCap Industrials ETF	X		X

Invesco S&P SmallCap Information Technology ETF	X		X

Invesco S&P SmallCap Low Volatility ETF	X		X

Invesco S&P SmallCap Materials ETF	X		X

Invesco S&P SmallCap Quality ETF	X		X

Invesco S&P SmallCap Utilities & Communication Services ETF	X	X	X

Invesco S&P Ultra Dividend Revenue ETF		X	X

Invesco Senior Loan ETF		N/A	X

Invesco Taxable Municipal Bond ETF		N/A	X

Invesco Treasury Collateral ETF	X		X

Invesco Variable Rate Preferred ETF		X	X

Invesco VRDO Tax-Free ETF		N/A	X

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

111

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

investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

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 the Fund’s shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

Investment Sub-Advisory Agreement

112

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

113

Approval of Investment Advisory Contracts

At a meeting held on April 18, 2023, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for Invesco MSCI Global Timber ETF, Invesco S&P Global Water Index ETF and Invesco Solar ETF (each, a “Fund” and collectively, the “Funds”).

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees and expenses paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

The Trustees reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2022, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between Invesco Solar ETF and its underlying index. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that the Funds were created in connection with the purchase by Invesco of the exchange-traded funds (“ETFs”) business of Guggenheim Capital LLC (“Guggenheim”) (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018, and on May 18, 2018 for the Invesco Solar ETF, is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust’s registration statement. The Board concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

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

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

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s contractual advisory fee, net advisory fee and gross and net expense ratios. The Trustees noted that the annual contractual advisory fee charged to each Fund is 0.50% of the Fund’s average daily net assets and that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (an “Expense Cap”) to the extent necessary to prevent the annual operating expenses of each Fund (excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses) from exceeding the percentage of that Fund’s average daily net assets, until at least August 31, 2025, as set forth below:

●

0.55% for Invesco MSCI Global Timber ETF;

●

0.63% for Invesco S&P Global Water Index ETF; and

●

0.65% for Invesco Solar ETF.

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

114

Approval of Investment Advisory Contracts–(continued)

below. The Trustees also noted that the contractual advisory fees for all of the Funds were lower than the median net advisory fees of their open-end actively-managed peer funds.


	Equal
	to/Lower	Equal to/Lower	Lower than
	than ETF	than Open-End	Open-End
	Peer	Index Fund	Active Fund
Invesco Fund	Median	Peer Median	Peer Median

Invesco MSCI Global Timber ETF	X		X
Invesco S&P Global Water Index ETF	X	X	X

Invesco Solar ETF		X	X

The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a significant component of the non-advisory fee expenses was the sub-licensing fees paid by the Funds, and noted that each Fund’s sub-license fees are not subject to the Expense Cap.


	Equal
	to/Lower	Equal to/Lower	Lower than
	than ETF	than Open-End	Open-End
	Peer	Index Fund	Active Fund
Invesco Fund	Median	Peer Median	Peer Median

Invesco MSCI Global Timber ETF			X
Invesco S&P Global Water Index ETF	X	X	X

Invesco Solar ETF		X	X

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including a product that has an investment strategy comparable to that of Invesco Solar ETF. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all of the information provided, the Board determined that the contractual advisory fee and net expense ratio of each Fund were reasonable and appropriate in light of the services provided, the nature of the index, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds, as well as the fees waived and expenses reimbursed by the Adviser for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders. The Trustees reviewed each Fund’s asset size, advisory fee, expense ratio and Expense Cap agreed to by the Adviser. The Trustees noted that the Expense Cap agreement with the Trust provides that the Adviser is entitled to be reimbursed by each Fund for fees waived or expenses absorbed pursuant to the Expense Cap for a period of three years from the date the fee or expense was incurred, provided that no reimbursement would be made that would result in a Fund exceeding its Expense Cap then in effect or in effect at the time the fees and/or expenses subject to reimbursement were waived and/or borne by the Adviser. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee

115

Approval of Investment Advisory Contracts–(continued)

waivers. The Board considered whether the advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the flat advisory fee rates were reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture, or directed brokerage arrangements with respect to the Funds. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund’s advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

116

Proxy Voting Policies and Procedures

Quarterly Portfolios

Frequency Distribution of Discounts and Premiums

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-PS-SAR-8

invesco.com/ETFs

Invesco Semi-Annual Report to Shareholders

April 30, 2023

PBTP Invesco PureBeta^SM 0-5 Yr US TIPS ETF

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

PBEE Invesco PureBeta^SM FTSE Emerging Markets ETF

Table of Contents


Liquidity Risk Management Program			3

Schedules of Investments

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

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

Invesco PureBeta^SMFTSE Emerging Markets ETF (PBEE)			21

Statements of Assets and Liabilities			33

Statements of Operations			34

Statements of Changes in Net Assets			35

Financial Highlights			36

Notes to Financial Statements			39

Fund Expenses			50

Approval of Investment Advisory and Sub-Advisory Contracts			52


		2

Liquidity Risk Management Program

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

●

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

●

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

●

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

●

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

●

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


		3

Invesco PureBeta^SM 0-5 Yr US TIPS ETF (PBTP)

April 30, 2023

(Unaudited)

Schedule of Investments


	Principal Amount		Value
U.S. Treasury Securities-99.86%
U.S. Treasury Inflation – Indexed Bonds-15.98%^(a)
2.38%, 01/15/2025	$	4,014,579	$	4,039,141
2.00%, 01/15/2026		2,751,371		2,780,180
2.38%, 01/15/2027		2,200,823		2,275,371
1.75%, 01/15/2028		2,041,863		2,083,919
3.63%, 04/15/2028		2,796,702		3,108,575

				14,287,186

U.S. Treasury Inflation – Indexed Notes-83.88%^(a)
0.38%, 07/15/2023		4,763,673		4,761,167
0.63%, 01/15/2024		4,758,015		4,691,990
0.50%, 04/15/2024		3,483,392		3,409,691
0.13%, 07/15/2024		4,704,170		4,587,159
0.13%, 10/15/2024		3,704,383		3,602,163
0.25%, 01/15/2025		4,678,598		4,541,991
0.13%, 04/15/2025		3,753,214		3,622,956
0.38%, 07/15/2025		4,673,649		4,549,768
0.13%, 10/15/2025		3,598,090		3,477,080
0.63%, 01/15/2026		4,862,330		4,740,945
0.13%, 04/15/2026		4,105,650		3,934,196
0.13%, 07/15/2026		4,155,504		3,996,155
0.13%, 10/15/2026		3,803,968		3,644,217


	Principal Amount		Value
U.S. Treasury Inflation – Indexed Notes-(continued)
0.38%, 01/15/2027	$	4,330,913	$	4,168,845
0.13%, 04/15/2027		3,801,491		3,614,429
0.38%, 07/15/2027		4,079,223		3,934,817
1.63%, 10/15/2027		3,649,654		3,709,911
0.50%, 01/15/2028		4,287,975		4,133,053
1.25%, 04/15/2028		1,897,619		1,896,749

				75,017,282

Total U.S. Treasury Securities (Cost $93,660,008)				89,304,468

	Shares
Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 4.78%^(b)(c) (Cost $51,181)		51,181		51,181

TOTAL INVESTMENTS IN SECURITIES-99.92% (Cost $93,711,189)				89,355,649
OTHER ASSETS LESS LIABILITIES-0.08%				75,954

NET ASSETS-100.00%			$	89,431,603

Notes to Schedule of Investments:

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

^(b)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value April 30, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	59,418		$	2,358,521		$	(2,366,758	)		$	-		$	-		$	51,181		$	1,504

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			1,031,059			1,301			(1,032,360	)			-			-			-			1	*

Invesco Private Prime Fund			2,651,295			7,235			(2,658,530	)			-			-			-			1	*

Total		$	3,741,772		$	2,367,057		$	(6,057,648	)		$	-		$	-		$	51,181		$	1,506

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

^(c)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

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


		4

Invesco PureBeta^SM 0-5 Yr US TIPS ETF (PBTP)–(continued)

April 30, 2023

(Unaudited)

Portfolio Composition

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

as of April 30, 2023

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


		5

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

April 30, 2023

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-98.76%
Australia-7.60%
Adbri Ltd.		313	$	328
AGL Energy Ltd.		386		2,117
Allkem Ltd.^(a)		400		3,238
ALS Ltd.		316		2,738
Altium Ltd.		80		2,018
Alumina Ltd.^(b)		1,664		1,671
AMP Ltd.		2,023		1,517
Ampol Ltd.		146		2,888
Ansell Ltd.		74		1,309
ANZ Group Holdings Ltd.		1,985		31,942
APA Group		789		5,360
Aristocrat Leisure Ltd.		444		11,123
ASX Ltd.		121		5,475
Atlas Arteria Ltd.		954		4,123
Aurizon Holdings Ltd.		1,171		2,647
Bank of Queensland Ltd.^(b)		438		1,679
Beach Energy Ltd.		1,164		1,131
Bendigo & Adelaide Bank Ltd.^(b)		362		2,067
BHP Group Ltd.		4,094		120,125
BlueScope Steel Ltd.		299		3,926
Boral Ltd.^(a)(b)		233		634
Brambles Ltd.		918		8,645
carsales.com Ltd.		242		3,800
Challenger Ltd.		438		1,745
Charter Hall Group		301		2,214
Cleanaway Waste Management Ltd.		1,469		2,349
Cochlear Ltd.		38		6,194
Coles Group Ltd.		844		10,151
Commonwealth Bank of Australia		1,362		89,432
Computershare Ltd.		369		5,462
CSL Ltd.		342		67,934
CSR Ltd.		313		1,086
Deterra Royalties Ltd.		285		866
Dexus		719		3,697
Domain Holdings Australia Ltd.		176		387
Domino’s Pizza Enterprises Ltd.		31		1,033
Downer EDI Ltd.		445		1,044
EBOS Group Ltd.		116		3,174
Endeavour Group Ltd.		902		4,047
Evolution Mining Ltd.		1,138		2,677
Flight Centre Travel Group Ltd.^(a)(b)		114		1,482
Fortescue Metals Group Ltd.		1,057		14,627
Glencore PLC		8,402		49,529
Goodman Group		1,228		15,671
GPT Group (The)		1,276		3,719
Harvey Norman Holdings Ltd.^(b)		391		933
IDP Education Ltd.		108		2,010
IGO Ltd.		422		3,835
Iluka Resources Ltd.		269		1,950
Incitec Pivot Ltd.		1,281		2,700
Insignia Financial Ltd.		409		803
Insurance Australia Group Ltd.		1,645		5,414
James Hardie Industries PLC, CDI		292		6,463
JB Hi-Fi Ltd.		66		1,939
Lendlease Corp. Ltd.		465		2,289
Lottery Corp. Ltd. (The)		1,489		4,959
Lynas Rare Earths Ltd.^(a)		601		2,554


	Shares		Value
Australia-(continued)
Macquarie Group Ltd.		238	$	28,720
Magellan Financial Group Ltd.^(b)		97		521
Medibank Pvt. Ltd.		1,826		4,296
Metcash Ltd.^(b)		628		1,619
Mineral Resources Ltd.		99		4,820
Mirvac Group		2,611		4,158
National Australia Bank Ltd.		2,898		55,233
New Hope Corp. Ltd.		170		597
Newcrest Mining Ltd.		593		11,333
NEXTDC Ltd.^(a)		294		2,230
Northern Star Resources Ltd.		742		6,600
Nufarm Ltd.		244		898
Orica Ltd.		289		3,094
Origin Energy Ltd.		1,133		6,245
Orora Ltd.		564		1,278
Perpetual Ltd.		77		1,248
Pilbara Minerals Ltd.		1,845		5,170
Platinum Asset Management Ltd.		337		391
Pro Medicus Ltd.		39		1,583
Qantas Airways Ltd.^(a)		524		2,285
QBE Insurance Group Ltd.		995		10,080
Qube Holdings Ltd.		1,092		2,215
Ramsay Health Care Ltd.		111		4,744
REA Group Ltd.^(b)		26		2,421
Reece Ltd.		154		1,855
Region RE Ltd.		767		1,247
Rio Tinto Ltd.		246		18,248
Rio Tinto PLC		951		60,351
Santos Ltd.		2,012		9,400
Scentre Group		3,451		6,568
SEEK Ltd.		222		3,583
Seven Group Holdings Ltd.		86		1,348
Sonic Healthcare Ltd.		309		7,237
South32 Ltd.		3,057		8,566
Star Entertainment Group Ltd. (The)^(a)(b)		925		776
Steadfast Group Ltd.		667		2,614
Stockland		1,590		4,676
Suncorp Group Ltd.		832		6,862
Tabcorp Holdings Ltd.		1,510		1,048
Telstra Group Ltd.		2,709		7,823
TPG Telecom Ltd.		235		834
Transurban Group		2,040		20,209
Treasury Wine Estates Ltd.		475		4,373
Vicinity Ltd.		2,514		3,489
Washington H Soul Pattinson & Co. Ltd.		172		3,575
Wesfarmers Ltd.		744		25,552
Westpac Banking Corp.		2,607		38,712
Whitehaven Coal Ltd.		496		2,360
WiseTech Global Ltd.		113		5,120
Woodside Energy Group Ltd.		1,255		27,933
Woolworths Group Ltd.		815		20,914
Worley Ltd.		262		2,604
Yancoal Australia Ltd.		98		360

				1,004,886

Austria-0.22%
ANDRITZ AG		37		2,404
Erste Group Bank AG		223		8,102

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


		6

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

April 30, 2023

(Unaudited)


	Shares		Value
Austria-(continued)
Mondi PLC^(b)		331	$	5,263
OMV AG		88		4,162
Raiffeisen Bank International AG^(a)		76		1,167
Telekom Austria AG		82		641
Verbund AG		48		4,287
voestalpine AG		89		3,083

				29,109

Belgium-0.82%
Ackermans & van Haaren N.V.		27		4,757
Ageas S.A./N.V.		126		5,618
Anheuser-Busch InBev S.A./N.V.		563		36,734
D’Ieteren Group		3		565
Elia Group S.A./N.V.		18		2,472
Groupe Bruxelles Lambert N.V.		73		6,552
KBC Group N.V.		187		13,374
Lotus Bakeries N.V.		2		13,822
Proximus SADP		99		845
Sofina S.A.^(b)		19		4,359
Solvay S.A., Class A^(b)		37		4,446
UCB S.A.^(b)		68		6,338
Umicore S.A.		149		4,895
Warehouses De Pauw C.V.A.		102		3,054

				107,831

Brazil-0.03%
Yara International ASA		107		4,292

Burkina Faso-0.02%
Endeavour Mining PLC		117		3,026

Cambodia-0.01%
NagaCorp Ltd.^(a)		1,074		867

Chile-0.03%
Antofagasta PLC^(b)		232		4,259

China-0.57%
AAC Technologies Holdings, Inc.^(a)		463		973
BOC Aviation Ltd.^(c)		126		995
BOC Hong Kong Holdings Ltd.		2,422		7,621
Budweiser Brewing Co. APAC Ltd.^(c)		1,138		3,276
China Travel International Investment Hong Kong Ltd.^(a)(b)		1,615		344
Chow Tai Fook Jewellery Group Ltd.		1,170		2,340
ESR Group Ltd.^(c)		1,323		2,059
Huabao International Holdings Ltd.		655		308
HUTCHMED China Ltd.^(a)		302		925
Kerry Logistics Network Ltd.		147		208
Lenovo Group Ltd.		4,830		4,935
MMG Ltd.^(a)		1,598		582
Nexteer Automotive Group Ltd.		548		306
Prosus N.V.		504		37,764
Shangri-La Asia Ltd.^(a)		796		733
SITC International Holdings Co. Ltd.		813		1,498
Want Want China Holdings Ltd.		2,879		1,834
Wharf Holdings Ltd. (The)		684		1,563
Wilmar International Ltd.		1,408		4,148
Xinyi Glass Holdings Ltd.		1,340		2,441

				74,853

Denmark-2.67%
AP Moller - Maersk A/S, Class A^(b)		2		3,570
AP Moller - Maersk A/S, Class B		3		5,419


	Shares		Value
Denmark-(continued)
Carlsberg A/S, Class B		61	$	10,097
Chr. Hansen Holding A/S		62		4,829
Coloplast A/S, Class B		99		14,268
Danske Bank A/S^(a)		433		9,143
Demant A/S^(a)		63		2,701
DSV A/S, (Acquired 10/26/2021 - 10/26/2021; Cost $29,759)^(d)		126		23,711
Genmab A/S^(a)		45		18,530
H Lundbeck A/S		164		869
H Lundbeck A/S, Class A		41		206
Novo Nordisk A/S, Class B		1,214		202,222
Novozymes A/S, Class B		144		7,495
Orsted A/S^(c)		123		11,051
Pandora A/S		63		5,825
Rockwool A/S, Class B		30		7,254
Royal Unibrew A/S		21		1,878
Tryg A/S		237		5,599
Vestas Wind Systems A/S^(a)		674		18,615

				353,282

Finland-0.99%
Elisa OYJ		99		6,155
Fortum OYJ		285		4,257
Huhtamaki OYJ^(b)		64		2,306
Kesko OYJ, Class B		192		4,007
Kojamo OYJ		119		1,481
Kone OYJ, Class B		221		12,614
Metso Outotec OYJ		402		4,438
Neste OYJ		272		13,195
Nokia OYJ		3,739		15,859
Nordea Bank Abp		2,307		25,597
Orion OYJ, Class B		68		3,200
Sampo OYJ, Class A		297		15,070
Stora Enso OYJ, Class R		383		4,862
UPM-Kymmene OYJ		348		11,103
Valmet OYJ^(b)		103		3,482
Wartsila OYJ Abp		322		3,733

				131,359

France-10.16%
Accor S.A.^(a)		124		4,397
Adevinta ASA, Class B^(a)		186		1,427
Aeroports de Paris^(a)		20		3,182
Air Liquide S.A.		448		80,708
Airbus SE^(b)		384		53,899
ALD S.A.^(c)		83		1,000
Alstom S.A.^(b)		213		5,347
Amundi S.A.^(c)		32		2,097
Arkema S.A.		38		3,760
AXA S.A.^(b)		1,738		56,737
BioMerieux		17		1,781
BNP Paribas S.A.		1,007		65,136
Bollore SE		646		4,365
Bouygues S.A.^(b)		135		4,948
Bureau Veritas S.A.		182		5,252
Capgemini SE		176		32,041
Carrefour S.A.		383		7,975
Cie de L’Odet SE		2		3,528
Cie de Saint-Gobain		314		18,172
Cie Generale des Etablissements Michelin S.C.A.		477		15,182
Covivio S.A.		25		1,421

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


		7

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

April 30, 2023

(Unaudited)


	Shares		Value
France-(continued)
Credit Agricole S.A.		794	$	9,716
Danone S.A.		418		27,684
Dassault Aviation S.A.		4		783
Dassault Systemes SE		453		18,339
Edenred		170		11,058
Eiffage S.A.		56		6,671
ENGIE S.A.^(b)		1,097		17,580
EssilorLuxottica S.A.		275		54,466
Eurazeo SE		43		3,069
Gecina S.A.		32		3,565
Getlink SE		231		4,325
Hermes International		22		47,770
ICADE		19		892
Ipsen S.A.		30		3,643
JCDecaux SE^(a)		48		1,064
Kering S.A.		48		30,719
Klepierre S.A.^(b)		117		2,966
La Francaise des Jeux SAEM^(c)		64		2,737
Legrand S.A.		178		16,841
L’Oreal S.A.		175		83,607
LVMH Moet Hennessy Louis Vuitton SE		198		190,394
Neoen S.A.^(c)		53		1,592
Orange S.A.		1,274		16,619
Pernod Ricard S.A.		146		33,752
Publicis Groupe S.A.		144		11,783
Remy Cointreau S.A.		11		1,905
Renault S.A.^(a)		139		5,161
Rexel S.A.		154		3,570
Safran S.A.		243		37,810
Sartorius Stedim Biotech		7		1,874
Schneider Electric SE		460		80,147
SCOR SE		100		2,586
SEB S.A.		9		1,031
Societe Generale S.A.		478		11,623
Sodexo S.A.		68		7,297
SOITEC^(a)		11		1,624
Teleperformance		36		7,186
Thales S.A.		77		11,765
TotalEnergies SE		1,867		119,424
Ubisoft Entertainment S.A.^(a)		56		1,638
Unibail-Rodamco-Westfield^(a)(b)		62		3,322
Valeo		162		3,159
Veolia Environnement S.A.		410		12,986
Vinci S.A.^(b)		335		41,496
Vivendi SE^(b)		449		4,934
Wendel SE		20		2,243
Worldline S.A.^(a)(c)		174		7,565

				1,344,336

Germany-7.47%
adidas AG		104		18,306
Allianz SE		286		71,816
BASF SE		619		32,016
Bayer AG		649		42,818
Bayerische Motoren Werke AG		201		22,510
Bayerische Motoren Werke AG, Preference Shares		40		4,250
Bechtle AG		43		1,996
Beiersdorf AG		74		10,343
Brenntag SE		95		7,738


	Shares		Value
Germany-(continued)
Carl Zeiss Meditec AG, BR		13	$	1,748
Commerzbank AG^(a)		680		7,556
Continental AG		61		4,271
Covestro AG^(a)(c)		121		5,315
CTS Eventim AG& Co. KGaA^(a)		36		2,369
Daimler Truck Holding AG^(a)		292		9,652
Deutsche Bank AG		1,356		14,885
Deutsche Boerse AG		127		24,242
Deutsche Lufthansa AG^(a)		391		4,200
Deutsche Post AG		655		31,470
Deutsche Telekom AG		2,931		70,800
Deutsche Wohnen SE		21		475
DWS Group GmbH & Co. KGaA^(c)		25		831
E.ON SE		1,463		19,390
Evonik Industries AG		135		2,945
Fielmann AG		6		311
Fraport AG Frankfurt Airport Services Worldwide^(a)		36		1,934
Fresenius Medical Care AG& Co. KGaA		139		6,758
Fresenius SE & Co. KGaA		260		7,526
Fuchs Petrolub SE		25		813
Fuchs Petrolub SE, Preference Shares		35		1,383
GEA Group AG		113		5,307
Hannover Rueck SE		45		9,618
HeidelbergCement AG		101		7,645
Hella GmbH & Co. KGaA		3		254
HelloFresh SE^(a)		102		2,728
Henkel AG& Co. KGaA		55		4,068
Henkel AG& Co. KGaA, Preference Shares		110		8,899
HOCHTIEF AG		21		1,756
Infineon Technologies AG		860		31,241
KION Group AG		48		1,983
Knorr-Bremse AG		45		3,152
Lanxess AG		64		2,604
LEG Immobilien SE		59		3,672
Mercedes-Benz Group AG		558		43,480
Merck KGaA		81		14,536
METRO AG^(a)		82		697
MTU Aero Engines AG		41		10,759
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R		100		37,591
Nemetschek SE		44		3,428
Puma SE		74		4,327
Rational AG		23		16,632
Rheinmetall AG		19		5,569
RWE AG		410		19,260
SAP SE		911		123,566
Sartorius AG		11		3,419
Sartorius AG, Preference Shares		10		3,882
Scout24 SE^(c)		42		2,620
Siemens AG		635		104,385
Siemens Energy AG^(a)		279		6,832
Siemens Healthineers AG^(c)		197		12,271
Sixt SE		8		992
SUSE S.A.^(a)		29		547
Symrise AG		86		10,392
Talanx AG		37		1,861
Telefonica Deutschland Holding AG		579		1,959
thyssenkrupp AG		316		2,269
Traton SE		20		462

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


		8

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

April 30, 2023

(Unaudited)


	Shares		Value
Germany-(continued)
United Internet AG		66	$	1,134
Volkswagen AG		30		5,033
Volkswagen AG, Preference Shares		130		17,751
Vonovia SE		460		9,966
Wacker Chemie AG		19		2,936
Zalando SE^(a)(c)		143		5,868

				988,018

Hong Kong-2.29%
AIA Group Ltd.		9,390		101,617
ASMPT Ltd.		203		1,589
Bank of East Asia Ltd. (The)		643		845
Cafe de Coral Holdings Ltd.		268		374
Cathay Pacific Airways Ltd.^(a)		668		644
Champion REIT		1,329		554
CK Asset Holdings Ltd.		1,281		7,556
CK Hutchison Holdings Ltd.		1,750		11,704
CK Infrastructure Holdings Ltd.		413		2,346
CLP Holdings Ltd.		1,085		8,072
Dah Sing Banking Group Ltd.		256		205
Dah Sing Financial Holdings Ltd.		97		248
DFI Retail Group Holdings Ltd.		214		642
Guotai Junan International Holdings Ltd.		1,722		145
Haitong International Securities Group Ltd.^(a)(b)		1,907		160
Hang Lung Group Ltd.		544		955
Hang Lung Properties Ltd.		1,208		2,204
Hang Seng Bank Ltd.		488		7,217
Henderson Land Development Co. Ltd.		821		2,918
Hong Kong & China Gas Co. Ltd. (The)		7,255		6,433
Hong Kong Exchanges & Clearing Ltd.		846		34,918
Hongkong Land Holdings Ltd.		741		3,283
Hutchison Port Holdings Trust, Class U		3,313		626
Hutchison Telecommunications Hong Kong Holdings Ltd.		820		142
Hysan Development Co. Ltd.		413		1,165
Jardine Matheson Holdings Ltd.		116		5,591
Johnson Electric Holdings Ltd., Class H		273		304
Kerry Properties Ltd.		404		1,040
Link REIT		1,683		10,977
Man Wah Holdings Ltd.		1,005		842
Melco International Development Ltd.^(a)		539		622
MTR Corp. Ltd.		927		4,623
New World Development Co. Ltd.		936		2,486
NWS Holdings Ltd.		942		815
Orient Overseas International Ltd.		80		1,618
PCCW Ltd.		2,690		1,402
Power Assets Holdings Ltd.		936		5,342
Prudential PLC		1,817		27,668
Sino Land Co. Ltd.		2,380		3,202
Sun Hung Kai Properties Ltd.		937		13,011
Super Hi International Holding Ltd.^(a)		136		283
Swire Pacific Ltd., Class A		258		2,041
Swire Pacific Ltd., Class B		670		849
Swire Properties Ltd.		688		1,845
Techtronic Industries Co. Ltd.		866		9,311
United Energy Group Ltd.^(a)		4,844		728
Vitasoy International Holdings Ltd.^(b)		522		922
VTech Holdings Ltd.		100		599
WH Group Ltd.		5,209		2,893


	Shares		Value
Hong Kong-(continued)
Wharf Real Estate Investment Co. Ltd.		1,084	$	6,228
Yue Yuen Industrial Holdings Ltd.		469		704

				302,508

Indonesia-0.00%
First Pacific Co. Ltd.		1,617		540

Ireland-0.63%
AIB Group PLC		765		3,292
Bank of Ireland Group PLC		700		7,241
CRH PLC		491		23,809
Flutter Entertainment PLC^(a)		116		23,204
Glanbia PLC		115		1,746
Kerry Group PLC, Class A		93		9,799
Kingspan Group PLC		105		7,268
Smurfit Kappa Group PLC		172		6,361

				82,720

Israel-0.63%
Airport City Ltd.^(a)		55		699
Alony Hetz Properties & Investments Ltd.^(b)		80		624
Amot Investments Ltd.		105		553
Ashtrom Group Ltd.		29		454
Azrieli Group Ltd.		30		1,732
Bank Hapoalim BM		927		7,895
Bank Leumi Le-Israel BM		1,089		8,529
Bezeq The Israeli Telecommunication Corp. Ltd.		1,414		1,912
Big Shopping Centers Ltd.^(a)		10		844
Delek Group Ltd.		11		1,179
Elbit Systems Ltd.		19		3,491
Elco Ltd.		20		688
Electra Ltd.^(b)		10		4,262
Energix-Renewable Energies Ltd.		113		333
Enlight Renewable Energy Ltd.^(a)		76		1,252
Fattal Holdings 1998 Ltd.^(a)		13		1,153
First International Bank of Israel Ltd. (The)		40		1,439
Gav-Yam Lands Corp. Ltd.^(b)		74		531
Harel Insurance Investments & Financial Services Ltd.		85		756
ICL Group Ltd.		485		2,968
Israel Corp. Ltd.^(b)		20		5,775
Israel Discount Bank Ltd., Class A		917		4,501
Melisron Ltd.^(b)		15		992
Mivne Real Estate KD Ltd.		470		1,305
Mizrahi Tefahot Bank Ltd.		100		3,245
Nice Ltd.^(a)		52		10,656
Nova Ltd.^(a)		30		2,741
OPC Energy Ltd.^(a)		55		389
Phoenix Holdings Ltd. (The)		95		1,010
Shapir Engineering and Industry Ltd.		85		602
Shikun & Binui Ltd.^(a)		157		335
Shufersal Ltd.		266		1,345
Strauss Group Ltd.		30		665
Teva Pharmaceutical Industries Ltd.^(a)		677		5,632
Tower Semiconductor Ltd.^(a)		80		3,511

				83,998

Italy-1.95%
A2A S.p.A.		991		1,751
Amplifon S.p.A.		79		2,903
Assicurazioni Generali S.p.A.		899		18,738
Banca Mediolanum S.p.A.		146		1,321

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


		9

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

April 30, 2023

(Unaudited)


	Shares		Value
Italy-(continued)
Banco BPM S.p.A.		905	$	3,682
Buzzi Unicem S.p.A.		62		1,542
Coca-Cola HBC AG		133		4,052
Davide Campari-Milano N.V.		339		4,371
De’ Longhi S.p.A.		37		860
DiaSorin S.p.A.		25		2,718
Enel S.p.A.		5,167		35,361
Eni S.p.A.		1,460		22,156
Ferrari N.V.		93		25,904
FinecoBank Banca Fineco S.p.A.		396		6,003
Hera S.p.A.		526		1,640
Infrastrutture Wireless Italiane S.p.A.^(c)		245		3,407
Interpump Group S.p.A.		59		3,288
Intesa Sanpaolo S.p.A.		10,781		28,381
Italgas S.p.A.		332		2,174
Leonardo S.p.A.		276		3,292
Mediobanca Banca di Credito Finanziario S.p.A.^(b)		435		4,673
Moncler S.p.A.		142		10,529
Nexi S.p.A.^(a)(b)(c)		373		3,091
Pirelli & C. S.p.A.^(c)		330		1,729
Poste Italiane S.p.A.^(c)		303		3,153
PRADA S.p.A.		329		2,414
Prysmian S.p.A.		186		7,612
Recordati Industria Chimica e Farmaceutica S.p.A.		62		2,856
Reply S.p.A.		28		3,261
Snam S.p.A.		1,475		8,207
Telecom Italia S.p.A.^(a)(b)		7,063		2,081
Telecom Italia S.p.A., RSP^(a)(b)		3,978		1,151
Terna Rete Elettrica Nazionale S.p.A.		938		8,139
UniCredit S.p.A.^(b)		1,241		24,579
UnipolSai Assicurazioni S.p.A.		271		729

				257,748

Japan-22.00%
ABC-Mart, Inc.		20		1,132
Acom Co. Ltd.		243		592
Activia Properties, Inc.		3		8,725
Advance Residence Investment Corp.		6		15,555
Advantest Corp.		122		9,444
Aeon Co. Ltd.		475		9,654
AEON Financial Service Co. Ltd.		90		797
Aeon Mall Co. Ltd.		95		1,277
AEON REIT Investment Corp.		8		9,159
AGC, Inc.		113		4,191
Aica Kogyo Co. Ltd.		40		905
Ain Holdings, Inc.		20		828
Air Water, Inc.		127		1,597
Aisin Corp.		103		3,007
Ajinomoto Co., Inc.		316		11,337
Alfresa Holdings Corp.		104		1,501
Alps Alpine Co. Ltd.		122		1,107
Amada Co. Ltd.		214		1,987
Amano Corp.		50		1,013
Amvis Holdings, Inc.		19		412
ANA Holdings, Inc.^(a)		98		2,129
Anritsu Corp.		105		958
Aozora Bank Ltd.		90		1,607
Ariake Japan Co. Ltd.		15		606


	Shares		Value
Japan-(continued)
As One Corp.		20	$	843
Asahi Group Holdings Ltd.		315		12,129
Asahi Intecc Co. Ltd.		118		2,118
Asahi Kasei Corp.		817		5,746
Asics Corp.		102		2,828
ASKUL Corp.		30		398
Astellas Pharma, Inc.		1,216		18,289
Azbil Corp.		100		2,780
AZ-COM MARUWA Holdings, Inc.		34		499
Bandai Namco Holdings, Inc.		363		8,206
Bank of Kyoto Ltd. (The)		55		2,686
BayCurrent Consulting, Inc.		100		3,455
Benefit One, Inc.		45		616
Benesse Holdings, Inc.		55		787
Bic Camera, Inc.		84		701
BIPROGY, Inc.		50		1,201
Bridgestone Corp.		371		14,817
Brother Industries Ltd.		150		2,340
Calbee, Inc.		60		1,297
Canon Marketing Japan, Inc.		35		871
Canon, Inc.		642		15,267
Capcom Co. Ltd.		113		4,241
Casio Computer Co. Ltd.		132		1,249
Central Japan Railway Co.		111		13,732
Chiba Bank Ltd. (The)		403		2,613
Chubu Electric Power Co., Inc.		444		4,953
Chugai Pharmaceutical Co. Ltd.		435		11,194
Chugin Financial Group, Inc.		99		661
Chugoku Electric Power Co., Inc. (The)^(a)		209		1,099
Coca-Cola Bottlers Japan Holdings, Inc.		79		848
COMSYS Holdings Corp.		84		1,603
Concordia Financial Group Ltd.		733		2,762
Cosmo Energy Holdings Co. Ltd.		59		1,872
Cosmos Pharmaceutical Corp.		20		1,965
Credit Saison Co. Ltd.		89		1,228
CyberAgent, Inc.		262		2,272
Dai Nippon Printing Co. Ltd.		180		5,156
Daicel Corp.		157		1,231
Daido Steel Co. Ltd.		30		1,148
Daifuku Co. Ltd.		219		4,005
Dai-ichi Life Holdings, Inc.		633		11,689
Daiichi Sankyo Co. Ltd.		1,764		60,201
Daiichikosho Co. Ltd.		60		1,071
Daikin Industries Ltd.		180		32,546
Daio Paper Corp.		59		477
Daito Trust Construction Co. Ltd.		49		4,631
Daiwa House Industry Co. Ltd.		419		10,638
Daiwa House REIT Investment Corp.		10		21,261
Daiwa Office Investment Corp.		1		4,340
Daiwa Securities Group, Inc.		963		4,448
Daiwa Securities Living Investments Corp.		10		8,497
DeNA Co. Ltd.^(a)		66		923
Denka Co. Ltd.		65		1,295
Denso Corp.		289		17,300
Dentsu Group, Inc.		124		4,439
Descente Ltd.		12		378
DIC Corp.		65		1,194
Disco Corp.		60		6,790
DMG Mori Co. Ltd.		80		1,275
Dowa Holdings Co. Ltd.		35		1,139

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


		10

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

April 30, 2023

(Unaudited)


	Shares		Value
Japan-(continued)
East Japan Railway Co.		247	$	14,156
Ebara Corp.		70		3,038
Eisai Co. Ltd.		180		10,355
Electric Power Development Co. Ltd.		113		1,803
ENEOS Holdings, Inc.		1,885		6,673
EXEO Group, Inc.		70		1,295
Ezaki Glico Co. Ltd.		40		1,027
Fancl Corp.		50		863
FANUC Corp.		585		19,716
Fast Retailing Co. Ltd.		111		26,094
Food & Life Cos. Ltd.		80		1,918
FP Corp.		34		841
Frontier Real Estate Investment Corp.		2		7,219
Fuji Electric Co. Ltd.		90		3,602
Fuji Kyuko Co. Ltd.		5		191
Fuji Media Holdings, Inc.		35		327
Fuji Oil Holdings, Inc.		35		539
FUJIFILM Holdings Corp.		239		12,392
Fujikura Ltd.		193		1,304
Fujitsu General Ltd.		45		1,155
Fujitsu Ltd.		124		16,447
Fukuoka Financial Group, Inc.		115		2,148
Furukawa Electric Co. Ltd.		50		910
Fuyo General Lease Co. Ltd.		15		1,093
GLP J-Reit		21		23,982
GMO Internet Group, Inc.		45		900
GMO Payment Gateway, Inc.		30		2,333
GOLDWIN, Inc.		26		2,354
GS Yuasa Corp.		60		1,048
GungHo Online Entertainment, Inc.		25		479
H.U. Group Holdings, Inc.		40		807
Hachijuni Bank Ltd. (The)		281		1,251
Hakuhodo DY Holdings, Inc.		150		1,757
Hamamatsu Photonics K.K.		95		5,009
Hankyu Hanshin Holdings, Inc.		136		4,230
Harmonic Drive Systems, Inc.		38		1,154
Haseko Corp.		175		2,130
Heiwa Corp.		40		789
Hikari Tsushin, Inc.		15		2,036
Hino Motors Ltd.^(a)		189		740
Hirogin Holdings, Inc.		209		1,030
Hirose Electric Co. Ltd.		25		3,356
Hisamitsu Pharmaceutical Co., Inc.		55		1,515
Hitachi Construction Machinery Co. Ltd.		85		2,079
Hitachi Ltd.		603		33,147
Honda Motor Co. Ltd.		1,101		29,012
Horiba Ltd.		30		1,644
Hoshizaki Corp.		80		2,808
House Foods Group, Inc.		55		1,208
Hoya Corp.		231		24,107
Hulic Co. Ltd.		277		2,374
Ibiden Co. Ltd.		80		3,126
Idemitsu Kosan Co. Ltd.		156		3,302
IHI Corp.		95		2,376
Iida Group Holdings Co. Ltd.		110		1,947
Industrial & Infrastructure Fund Investment Corp.		9		10,298
Information Services International-Dentsu Ltd.		16		561
INFRONEER Holdings, Inc.		142		1,117
Inpex Corp.		614		6,642
Internet Initiative Japan, Inc.		80		1,647


	Shares		Value
Japan-(continued)
Invincible Investment Corp.		23	$	9,915
Isetan Mitsukoshi Holdings Ltd.		232		2,549
Isuzu Motors Ltd.		342		3,996
Ito En Ltd.		41		1,266
ITOCHU Corp.^(b)		893		29,460
Itochu Techno-Solutions Corp.		73		1,884
Itoham Yonekyu Holdings, Inc.		105		574
Iwatani Corp.		36		1,700
Iyogin Holdings, Inc.		194		1,128
Izumi Co. Ltd.		30		703
J. Front Retailing Co. Ltd.		172		1,801
Japan Airlines Co. Ltd.		85		1,614
Japan Airport Terminal Co. Ltd.		35		1,707
Japan Aviation Electronics Industry Ltd.		35		610
Japan Exchange Group, Inc.		362		5,847
Japan Hotel REIT Investment Corp.		21		11,844
Japan Logistics Fund, Inc.		4		9,489
Japan Metropolitan Fund Investment Corp.		6		4,384
Japan Post Bank Co. Ltd.		993		7,913
Japan Post Holdings Co. Ltd.		1,405		11,536
Japan Post Insurance Co. Ltd.		130		2,099
Japan Prime Realty Investment Corp.		4		10,384
Japan Real Estate Investment Corp.		6		23,751
Japan Steel Works Ltd. (The)		44		794
Japan Tobacco, Inc.		783		16,811
JCR Pharmaceuticals Co. Ltd.		40		430
Jeol Ltd.		31		897
JFE Holdings, Inc.		354		4,165
JGC Holdings Corp.		147		1,823
JMDC, Inc.		26		926
JSR Corp.		108		2,491
JTEKT Corp.		157		1,286
JustSystems Corp.		25		657
Kadokawa Corp.		66		1,400
Kagome Co. Ltd.		60		1,454
Kajima Corp.		280		3,691
Kakaku.com, Inc.		98		1,341
Kaken Pharmaceutical Co. Ltd.		25		686
Kamigumi Co. Ltd.		46		1,005
Kandenko Co. Ltd.		80		600
Kaneka Corp.		45		1,190
Kansai Electric Power Co., Inc. (The)		476		5,139
Kansai Paint Co. Ltd.		107		1,502
Kao Corp.		293		11,846
Katitas Co. Ltd.		44		856
Kawasaki Heavy Industries Ltd.		115		2,481
Kawasaki Kisen Kaisha Ltd.^(b)		133		3,150
KDDI Corp.		1,075		33,537
Keihan Holdings Co. Ltd.		75		2,057
Keikyu Corp.		172		1,667
Keio Corp.		88		3,257
Keisei Electric Railway Co. Ltd.		104		3,662
Kenedix Office Investment Corp.		4		8,828
Kewpie Corp.		79		1,326
Keyence Corp.		142		63,718
Kikkoman Corp.		111		6,546
Kinden Corp.		93		1,264
Kintetsu Group Holdings Co. Ltd.		113		3,809
Kirin Holdings Co. Ltd.		498		8,079
Kobayashi Pharmaceutical Co. Ltd.^(b)		45		2,802

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


		11

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

April 30, 2023

(Unaudited)


	Shares		Value
Japan-(continued)
Kobe Bussan Co. Ltd.		86	$	2,403
Kobe Steel Ltd.		218		1,612
Koei Tecmo Holdings Co. Ltd.		99		1,816
Koito Manufacturing Co. Ltd.		142		2,727
Kokuyo Co. Ltd.		65		925
Komatsu Ltd.		616		15,128
Konami Group Corp.		70		3,439
Konica Minolta, Inc.		303		1,255
Kose Corp.		20		2,322
Kotobuki Spirits Co. Ltd.		15		1,102
K’s Holdings Corp.		94		832
Kubota Corp.		730		10,980
Kuraray Co. Ltd.		221		2,056
Kurita Water Industries Ltd.		83		3,456
Kusuri no Aoki Holdings Co. Ltd.		10		478
Kyocera Corp.		206		10,758
Kyowa Kirin Co. Ltd.		159		3,526
Kyudenko Corp.		30		796
Kyushu Electric Power Co., Inc.^(a)		308		1,794
Kyushu Financial Group, Inc.		244		873
Kyushu Railway Co.		89		2,016
LaSalle Logiport REIT		9		10,681
Lasertec Corp.		59		7,973
Lawson, Inc.		35		1,586
Lintec Corp.		40		665
Lion Corp.		163		1,774
Lixil Corp.		172		2,693
M3, Inc.		291		7,095
Mabuchi Motor Co. Ltd.		40		1,124
Makita Corp.		165		4,629
Mani, Inc.		45		584
Marubeni Corp.		1,008		14,213
Marui Group Co. Ltd.		117		1,856
Maruichi Steel Tube Ltd.		50		1,125
Matsui Securities Co. Ltd.		80		457
MatsukiyoCocokara & Co.		68		3,631
Mazda Motor Corp.		376		3,352
McDonald’s Holdings Co. Japan Ltd.		49		2,040
Mebuki Financial Group, Inc.		666		1,697
Medipal Holdings Corp.		109		1,661
MEIJI Holdings Co. Ltd.		200		4,825
Menicon Co. Ltd.		36		760
Mercari, Inc.^(a)		68		1,158
MINEBEA MITSUMI, Inc.		275		5,049
MISUMI Group, Inc.		190		4,758
Mitsubishi Chemical Group Corp.		853		4,977
Mitsubishi Corp.		776		28,597
Mitsubishi Electric Corp.		1,295		15,968
Mitsubishi Estate Co. Ltd.		748		9,185
Mitsubishi Gas Chemical Co., Inc.		108		1,561
Mitsubishi HC Capital, Inc.		423		2,187
Mitsubishi Heavy Industries Ltd.		194		7,305
Mitsubishi Logistics Corp.		46		1,135
Mitsubishi Materials Corp.		67		1,092
Mitsubishi Motors Corp.^(a)		409		1,547
Mitsubishi UFJ Financial Group, Inc.		10,116		63,364
Mitsui & Co. Ltd.		993		30,841
Mitsui Chemicals, Inc.		106		2,658
Mitsui Fudosan Co. Ltd.		605		11,957
Mitsui Fudosan Logistics Park, Inc.		3		11,258


	Shares		Value
Japan-(continued)
Mitsui High-Tec, Inc.		8	$	479
Mitsui Mining & Smelting Co. Ltd.		45		1,067
Mitsui OSK Lines Ltd.^(b)		223		5,503
Miura Co. Ltd.		74		1,962
Mizuho Financial Group, Inc.		1,690		24,388
Money Forward, Inc.^(a)		38		1,568
MonotaRO Co. Ltd.		157		2,361
Mori Hills REIT Investment Corp.		8		9,030
Morinaga & Co. Ltd.		30		889
Morinaga Milk Industry Co. Ltd.		30		1,128
MS&AD Insurance Group Holdings, Inc.		292		9,532
Murata Manufacturing Co. Ltd.		392		22,685
Nabtesco Corp.		85		2,035
Nagase & Co. Ltd.		51		799
Nagoya Railroad Co. Ltd.		118		1,898
Nankai Electric Railway Co. Ltd.		85		1,979
NEC Corp.		160		6,122
NEC Networks & System Integration Corp.		55		683
NET One Systems Co. Ltd.		65		1,525
Nexon Co. Ltd.		256		5,772
NGK Insulators Ltd.		164		2,048
NH Foods Ltd.		74		2,158
NHK Spring Co. Ltd.		94		692
Nichirei Corp.		52		1,067
Nidec Corp.		301		14,820
Nifco, Inc.		61		1,740
Nihon Kohden Corp.		55		1,519
Nihon M&A Center Holdings, Inc.		176		1,335
Nikon Corp.		217		2,225
Nintendo Co. Ltd.		692		29,075
Nippon Accommodations Fund, Inc.		2		9,709
Nippon Building Fund, Inc.		1		4,186
Nippon Electric Glass Co. Ltd.		34		646
Nippon Express Holdings, Inc.		51		2,981
Nippon Kayaku Co. Ltd.		99		893
Nippon Paint Holdings Co. Ltd.		675		6,063
Nippon Prologis REIT, Inc.		11		25,003
Nippon Sanso Holdings Corp.		108		1,935
Nippon Shinyaku Co. Ltd.		40		1,821
Nippon Shokubai Co. Ltd.		25		997
Nippon Steel Corp.		544		11,558
Nippon Telegraph & Telephone Corp.		752		22,914
Nippon Yusen K.K.^(b)		329		7,739
Nipro Corp.		62		465
Nishi-Nippon Railroad Co. Ltd.		60		1,096
Nissan Chemical Corp.		100		4,421
Nissan Motor Co. Ltd.		1,300		4,699
Nisshin Seifun Group, Inc.		164		1,986
Nissin Foods Holdings Co. Ltd.		51		4,914
Niterra Co. Ltd.		122		2,539
Nitori Holdings Co. Ltd.		55		7,014
Nitto Denko Corp.		110		7,077
Noevir Holdings Co. Ltd.		10		407
NOF Corp.		50		2,273
NOK Corp.		90		1,206
Nomura Holdings, Inc.		1,986		7,087
Nomura Real Estate Holdings, Inc.		84		2,082
Nomura Real Estate Master Fund, Inc.		3		3,505
Nomura Research Institute Ltd.		287		7,208
NS Solutions Corp.		25		677

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


		12

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

April 30, 2023

(Unaudited)


	Shares		Value
Japan-(continued)
NSK Ltd.		299	$	1,678
NTT Data Corp.		420		5,672
Obayashi Corp.		451		3,749
OBIC Business Consultants Co. Ltd.		14		528
Obic Co. Ltd.		50		7,678
Odakyu Electric Railway Co. Ltd.		201		2,802
Oji Holdings Corp.		593		2,321
OKUMA Corp.		21		927
Olympus Corp.		834		14,501
Omron Corp.		113		6,591
Ono Pharmaceutical Co. Ltd.		271		5,461
Open House Group Co. Ltd.		50		1,987
Orient Corp.		26		216
Oriental Land Co. Ltd.		565		19,913
ORIX Corp.		775		13,091
ORIX JREIT, Inc.		13		16,784
Osaka Gas Co. Ltd.		265		4,387
OSG Corp.		55		769
Otsuka Corp.		78		2,827
Otsuka Holdings Co. Ltd.		266		8,988
PALTAC Corp.		25		955
Pan Pacific International Holdings Corp.		260		4,839
Panasonic Holdings Corp.		1,418		13,262
Park24 Co. Ltd.^(a)		92		1,413
Penta-Ocean Construction Co. Ltd.		199		963
PeptiDream, Inc.^(a)		65		874
Persol Holdings Co. Ltd.		98		2,007
Pigeon Corp.		85		1,318
Pola Orbis Holdings, Inc.		60		832
Rakus Co. Ltd.		73		1,102
Rakuten Group, Inc.		539		2,672
Recruit Holdings Co. Ltd.		884		24,826
Relo Group, Inc.		80		1,239
Renesas Electronics Corp.^(a)		795		10,346
Rengo Co. Ltd.		129		838
RENOVA, Inc.^(a)		34		479
Resona Holdings, Inc.		1,411		6,992
Resonac Holdings Corp.		136		2,136
Resorttrust, Inc.		50		822
Ricoh Co. Ltd.		376		3,095
Rinnai Corp.		78		1,879
Rohm Co. Ltd.		61		4,561
Rohto Pharmaceutical Co. Ltd.		123		2,541
Ryohin Keikaku Co. Ltd.		161		1,686
Sankyo Co. Ltd.		34		1,496
Sankyu, Inc.		40		1,404
Sanrio Co. Ltd.		25		1,153
Santen Pharmaceutical Co. Ltd.		230		1,927
Sanwa Holdings Corp.		119		1,295
Sapporo Holdings Ltd.		50		1,392
Sawai Group Holdings Co. Ltd.		30		865
SBI Holdings, Inc.		161		3,130
SBI Shinsei Bank Ltd.^(a)		42		747
SCREEN Holdings Co. Ltd.		30		2,424
SCSK Corp.		95		1,429
Secom Co. Ltd.		118		7,538
Sega Sammy Holdings, Inc.		105		1,956
Seibu Holdings, Inc.		127		1,417
Seiko Epson Corp.		166		2,525
Seino Holdings Co. Ltd.		79		874


	Shares		Value
Japan-(continued)
Sekisui Chemical Co. Ltd.		208	$	2,948
Sekisui House Ltd.		376		7,704
Sekisui House REIT, Inc.		20		11,325
Seven & i Holdings Co. Ltd.		509		22,971
Seven Bank Ltd.		446		911
SG Holdings Co. Ltd.		272		3,903
Sharp Corp.^(a)		138		979
SHIFT, Inc.^(a)		9		1,662
Shikoku Electric Power Co., Inc.^(a)		93		548
Shimadzu Corp.		171		5,312
Shimamura Co. Ltd.		15		1,377
Shimano, Inc.		59		9,108
Shimizu Corp.		352		2,143
Shin-Etsu Chemical Co. Ltd.		1,305		37,023
Shinko Electric Industries Co. Ltd.		50		1,471
Shionogi & Co. Ltd.		185		8,251
Ship Healthcare Holdings, Inc.		60		1,054
Shiseido Co. Ltd.		267		13,336
Shizuoka Financial Group, Inc.		325		2,437
SHO-BOND Holdings Co. Ltd.		35		1,491
Shochiku Co. Ltd.		6		536
Skylark Holdings Co. Ltd.^(a)		156		2,090
SMC Corp.		31		15,424
SMS Co. Ltd.		35		815
SoftBank Corp.		1,832		20,605
SoftBank Group Corp.		647		24,205
Sohgo Security Services Co. Ltd.		50		1,394
Sojitz Corp.		171		3,582
Sompo Holdings, Inc.		198		8,220
Sony Group Corp.		913		86,026
Sotetsu Holdings, Inc.		60		1,139
Square Enix Holdings Co. Ltd.		60		2,943
Stanley Electric Co. Ltd.		109		2,438
Subaru Corp.		422		6,803
Sugi Holdings Co. Ltd.		25		1,058
SUMCO Corp.		219		3,000
Sumitomo Bakelite Co. Ltd.		25		949
Sumitomo Chemical Co. Ltd.		1,002		3,370
Sumitomo Corp.		742		13,225
Sumitomo Electric Industries Ltd.		495		6,267
Sumitomo Forestry Co. Ltd.		105		2,256
Sumitomo Heavy Industries Ltd.		90		2,161
Sumitomo Metal Mining Co. Ltd.		150		5,518
Sumitomo Mitsui Financial Group, Inc.		1,255		51,144
Sumitomo Mitsui Trust Holdings, Inc.		240		8,617
Sumitomo Pharma Co. Ltd.		103		644
Sumitomo Realty & Development Co. Ltd.		266		6,173
Sumitomo Rubber Industries Ltd.		113		1,030
Sundrug Co. Ltd.		50		1,375
Suntory Beverage & Food Ltd.		94		3,528
Suzuken Co. Ltd.		41		1,162
Suzuki Motor Corp.		286		9,870
Sysmex Corp.		116		7,417
T&D Holdings, Inc.		339		4,118
Taiheiyo Cement Corp.		88		1,570
Taisei Corp.		122		4,135
Taisho Pharmaceutical Holdings Co. Ltd.		35		1,506
Taiyo Yuden Co. Ltd.		90		2,736
Takara Bio, Inc.		35		440
Takara Holdings, Inc.		104		816

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


		13

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

April 30, 2023

(Unaudited)


	Shares		Value
Japan-(continued)
Takashimaya Co. Ltd.		79	$	1,163
Takeda Pharmaceutical Co. Ltd.		1,011		33,501
TBS Holdings, Inc.		30		450
TDK Corp.		222		7,573
TechnoPro Holdings, Inc.		80		2,174
Teijin Ltd.		113		1,256
Terumo Corp.		441		13,136
THK Co. Ltd.		92		2,047
TIS, Inc.		154		4,207
Tobu Railway Co. Ltd.		126		3,206
Toda Corp.		162		943
Toei Animation Co. Ltd.		25		2,528
Toho Co. Ltd.		84		3,325
Toho Gas Co. Ltd.		70		1,307
Tohoku Electric Power Co., Inc.^(a)		304		1,563
Tokai Carbon Co. Ltd.		119		1,073
Tokio Marine Holdings, Inc.		1,231		24,590
Tokyo Century Corp.		46		1,571
Tokyo Electric Power Co. Holdings, Inc.^(a)		1,038		3,712
Tokyo Electron Ltd.		273		31,066
Tokyo Gas Co. Ltd.		265		5,432
Tokyo Ohka Kogyo Co. Ltd.		29		1,501
Tokyo Tatemono Co. Ltd.		122		1,536
Tokyu Corp.		400		5,634
Tokyu Fudosan Holdings Corp.		390		1,968
Toppan, Inc.		159		3,365
Toray Industries, Inc.		1,007		5,677
Toshiba Corp.		275		8,886
Toshiba TEC Corp.		20		577
Tosoh Corp.		190		2,527
TOTO Ltd.		109		3,718
Toyo Seikan Group Holdings Ltd.		110		1,547
Toyo Suisan Kaisha Ltd.		70		3,120
Toyo Tire Corp.		80		946
Toyoda Gosei Co. Ltd.		60		1,020
Toyota Boshoku Corp.		50		785
Toyota Industries Corp.		93		5,362
Toyota Motor Corp.		9,571		130,528
Toyota Tsusho Corp.		140		5,768
Trend Micro, Inc.		88		4,278
TS Tech Co. Ltd.		80		1,073
Tsumura & Co.		50		1,011
Tsuruha Holdings, Inc.		26		1,698
UBE Corp.		74		1,170
Ulvac, Inc.		36		1,417
Unicharm Corp.		259		10,416
United Urban Investment Corp.		14		15,525
Ushio, Inc.		84		1,040
USS Co. Ltd.		131		2,192
Welcia Holdings Co. Ltd.		75		1,568
West Japan Railway Co.		146		6,317
Workman Co. Ltd.		38		1,546
Yakult Honsha Co. Ltd.		95		7,137
Yamada Holdings Co. Ltd.		417		1,452
Yamaguchi Financial Group, Inc.		138		842
Yamaha Corp.		118		4,619
Yamaha Motor Co. Ltd.		203		5,218
Yamato Holdings Co. Ltd.		202		3,462
Yamato Kogyo Co. Ltd.		25		977
Yamazaki Baking Co. Ltd.		67		898


	Shares		Value
Japan-(continued)
Yaoko Co. Ltd.		15	$	784
Yaskawa Electric Corp.		175		7,081
Yokogawa Electric Corp.		167		2,697
Yokohama Rubber Co. Ltd. (The)		94		2,029
Z Holdings Corp.		1,726		4,698
Zenkoku Hosho Co. Ltd.		40		1,466
Zensho Holdings Co. Ltd.		75		2,377
Zeon Corp.		79		809
ZOZO, Inc.		83		1,741

				2,909,187

Jordan-0.02%
Hikma Pharmaceuticals PLC		99		2,291

Luxembourg-0.12%
ArcelorMittal S.A.		322		9,139
Eurofins Scientific SE^(b)		75		5,238
L’Occitane International S.A.		299		758
RTL Group S.A.		21		985

				16,120

Macau-0.14%
Galaxy Entertainment Group Ltd.^(a)		1,466		10,365
MGM China Holdings Ltd.^(a)		487		661
Sands China Ltd.^(a)		1,608		5,705
SJM Holdings Ltd.^(a)		1,522		787
Wynn Macau Ltd.^(a)		976		1,048

				18,566

Mexico-0.01%
Fresnillo PLC		121		1,082

Netherlands-4.99%
Aalberts N.V.		53		2,445
ABN AMRO Bank N.V., CVA^(c)		253		4,054
Adyen N.V.^(a)(c)		33		52,899
Aegon N.V.		1,146		5,216
Akzo Nobel N.V.		109		9,042
Argenx SE^(a)		49		18,863
ASM International N.V.		32		11,589
ASML Holding N.V.		317		200,707
ASR Nederland N.V.		96		4,222
BE Semiconductor Industries N.V.		52		4,670
CTP N.V.^(c)		62		815
Euronext N.V.^(c)		66		5,254
EXOR N.V.^(a)		58		4,769
Heineken Holding N.V.^(b)		86		8,255
Heineken N.V.^(b)		154		17,690
IMCD N.V.		31		4,661
ING Groep N.V.		2,397		29,638
JDE Peet’s N.V.		63		1,920
Koninklijke Ahold Delhaize N.V.		635		21,887
Koninklijke DSM N.V.		106		13,897
Koninklijke KPN N.V.		2,114		7,723
Koninklijke Philips N.V.		587		12,369
Koninklijke Vopak N.V.		39		1,490
NN Group N.V.		193		7,195
OCI N.V.^(b)		53		1,398
Randstad N.V.		69		3,749
Shell PLC		5,476		168,766

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


		14

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

April 30, 2023

(Unaudited)


	Shares		Value
Netherlands-(continued)
Universal Music Group N.V.		483	$	10,563
Wolters Kluwer N.V.		179		23,744

				659,490

New Zealand-0.30%
a2 Milk Co. Ltd. (The)^(a)		482		1,756
Air New Zealand Ltd.^(a)		1,023		480
Auckland International Airport Ltd.^(a)		798		4,357
Contact Energy Ltd.		515		2,491
Fisher & Paykel Healthcare Corp. Ltd.		388		6,633
Fletcher Building Ltd.		521		1,448
Infratil Ltd.		477		2,813
Kiwi Property Group Ltd.		1,045		594
Mainfreight Ltd.		60		2,657
Mercury NZ Ltd.		455		1,782
Meridian Energy Ltd.		821		2,769
Ryman Healthcare Ltd.		379		1,241
SKYCITY Entertainment Group Ltd.		508		753
Spark New Zealand Ltd.		1,237		3,996
Xero Ltd.^(a)		95		5,860

				39,630

Nigeria-0.01%
Airtel Africa PLC^(c)		709		1,070

Norway-0.52%
Aker ASA, Class A^(b)		4		243
Aker BP ASA		201		4,785
AutoStore Holdings Ltd.^(a)(c)		477		1,019
DNB Bank ASA		683		11,959
Equinor ASA		600		17,117
Gjensidige Forsikring ASA		113		1,959
Kongsberg Gruppen ASA		62		2,771
Leroy Seafood Group ASA		165		865
Mowi ASA		289		5,490
Nordic Semiconductor ASA^(a)		94		1,012
Norsk Hydro ASA		893		6,533
Orkla ASA		499		3,575
Salmar ASA^(b)		39		1,724
Schibsted ASA, Class A		42		742
Schibsted ASA, Class B		51		823
Telenor ASA		426		5,298
TOMRA Systems ASA		143		2,180
Var Energi ASA		280		731

				68,826

Poland-0.31%
Allegro.eu S.A.^(a)(b)(c)		279		2,200
Bank Polska Kasa Opieki S.A.^(b)		95		2,197
Dino Polska S.A.^(a)(c)		42		4,285
InPost S.A.^(a)		143		1,533
KGHM Polska Miedz S.A.		89		2,561
LPP S.A.		5		14,460
Polski Koncern Naftowy ORLEN S.A.		390		5,961
Powszechna Kasa Oszczednosci Bank Polski S.A.		558		4,313
Powszechny Zaklad Ubezpieczen S.A.		371		3,424
Santander Bank Polska S.A.^(b)		8		652

				41,586

Portugal-0.15%
EDP - Energias de Portugal S.A.		1,870		10,323


	Shares		Value
Portugal-(continued)
Galp Energia SGPS S.A.		348	$	4,222
Jeronimo Martins SGPS S.A.		188		4,753

				19,298

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

Singapore-1.33%
CapitaLand Ascendas REIT		2,281		4,890
CapitaLand Ascott Trust		1,413		1,144
CapitaLand Integrated Commercial Trust		3,374		5,134
CapitaLand Investment Ltd.		1,683		4,693
City Developments Ltd.		313		1,631
ComfortDelGro Corp. Ltd.		1,344		1,199
DBS Group Holdings Ltd.		1,809		44,501
Frasers Logistics & Commercial Trust^(c)		1,891		1,913
Genting Singapore Ltd.		3,842		3,254
Jardine Cycle & Carriage Ltd.		80		2,032
Kenon Holdings Ltd.		11		289
Keppel Corp. Ltd.		914		4,227
Keppel DC REIT		854		1,376
Keppel REIT		1,424		929
Mapletree Industrial Trust		1,246		2,223
Mapletree Logistics Trust		2,111		2,753
Mapletree Pan Asia Commercial Trust		1,521		2,006
NetLink NBN Trust^(c)		1,940		1,272
Olam Group Ltd.		773		927
Oversea-Chinese Banking Corp. Ltd.		2,335		22,017
SATS Ltd.^(a)		550		1,047
Seatrium Ltd.^(a)		27,623		2,567
Sembcorp Industries Ltd.		611		1,960
SIA Engineering Co. Ltd.^(a)		162		271
Singapore Airlines Ltd.		860		3,771
Singapore Exchange Ltd.		548		3,931
Singapore Post Ltd.		1,001		383
Singapore Technologies Engineering Ltd.		1,016		2,757
Singapore Telecommunications Ltd.		4,988		9,534
StarHub Ltd.		370		277
STMicroelectronics N.V.		422		17,967
Suntec REIT		1,394		1,411
United Overseas Bank Ltd.		864		18,275
UOL Group Ltd.		325		1,688
Venture Corp. Ltd.		184		2,340

				176,589

South Africa-0.19%
Anglo American PLC		806		24,769

South Korea-5.00%
Alteogen, Inc.^(a)		27		878
Amorepacific Corp.		32		2,948
Amorepacific Corp., Preference Shares		48		1,435
AMOREPACIFIC Group		29		793
BGF retail Co. Ltd.		3		418
BNK Financial Group, Inc.		186		923
Celltrion Healthcare Co. Ltd.		111		5,756
Celltrion Pharm, Inc.^(a)		24		1,463
Celltrion, Inc.		124		14,879
Cheil Worldwide, Inc.		60		829
CJ CheilJedang Corp.^(a)		11		2,544
CJ CheilJedang Corp., Preference Shares^(a)		6		656
CJ Corp.		7		479

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


		15

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

April 30, 2023

(Unaudited)


	Shares		Value
South Korea-(continued)
CJ ENM Co. Ltd.^(a)		46	$	2,736
CJ Logistics Corp.		12		691
Coway Co. Ltd.		27		989
Daewoo Engineering & Construction Co. Ltd.^(a)		109		343
Daewoo Shipbuilding & Marine Engineering Co. Ltd.^(a)		35		705
DB Insurance Co. Ltd.		21		1,318
Delivery Hero SE^(a)(c)		114		4,547
DGB Financial Group, Inc.		107		548
DL E&C Co. Ltd.		10		263
DL Holdings Co. Ltd.		3		111
Dongsuh Cos., Inc.		9		129
Doosan Bobcat, Inc.		5		191
Doosan Enerbility Co. Ltd.^(a)		305		3,803
Ecopro BM Co. Ltd.		27		5,386
E-MART, Inc.		14		1,021
F&F Co. Ltd.		21		2,212
Fila Holdings Corp.		26		712
Green Cross Corp.		26		2,401
GS Engineering & Construction Corp.		57		920
GS Holdings Corp.		24		712
GS Retail Co. Ltd.		22		437
Hana Financial Group, Inc.		191		5,987
Hanjin Kal Corp.		16		473
Hankook Tire & Technology Co. Ltd.		52		1,340
Hanmi Pharm Co. Ltd.		9		2,172
Hanmi Science Co. Ltd.		10		327
Hanon Systems		116		795
Hanwha Aerospace Co. Ltd.		30		2,302
Hanwha Corp.		30		607
Hanwha Corp., Third Pfd.		15		162
Hanwha Galleria Co. Ltd.^(a)		553		712
Hanwha Life Insurance Co. Ltd.^(a)		171		317
Hanwha Solutions Corp.^(a)		490		17,555
HD Hyundai Co. Ltd.		21		929
HD Hyundai Heavy Industries Co. Ltd.^(a)		9		737
HD Hyundai Infracore Co. Ltd.		72		530
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.^(a)		17		1,077
Hite Jinro Co. Ltd.		7		116
HL Mando Co. Ltd.		21		726
HLB, Inc.^(a)		76		2,007
HMM Co. Ltd.		195		2,972
Hotel Shilla Co. Ltd.		10		609
HYBE Co. Ltd.^(a)		6		1,210
Hyundai Department Store Co. Ltd.		16		618
Hyundai Engineering & Construction Co. Ltd.		47		1,440
Hyundai Glovis Co. Ltd.		7		856
Hyundai Marine & Fire Insurance Co. Ltd.		38		1,066
Hyundai Mipo Dockyard Co. Ltd.^(a)		15		823
Hyundai Mobis Co. Ltd.		56		9,100
Hyundai Motor Co.		99		14,609
Hyundai Motor Co., First Pfd.		24		1,901
Hyundai Motor Co., Second Pfd.		32		2,647
Hyundai Steel Co.		63		1,716
Hyundai Wia Corp.		21		879
Industrial Bank of Korea		169		1,270
Kakao Corp.		206		8,942
Kakao Games Corp.^(a)		8		241
KakaoBank Corp.		103		1,693


	Shares		Value
South Korea-(continued)
Kakaopay Corp.^(a)		20	$	814
Kangwon Land, Inc.		72		1,017
KB Financial Group, Inc.		265		9,801
KCC Corp.		20		3,317
KEPCO Plant Service & Engineering Co. Ltd.		15		400
Kia Corp.		179		11,301
Korea Aerospace Industries Ltd.		35		1,433
Korea Electric Power Corp.^(a)		157		2,191
Korea Gas Corp.^(a)		14		280
Korea Investment Holdings Co. Ltd.		17		700
Korea Zinc Co. Ltd.		19		7,283
Korean Air Lines Co. Ltd.		129		2,202
Krafton, Inc.^(a)		33		4,736
KT&G Corp.		81		5,193
L&F Co. Ltd.		3		594
LG Chem Ltd.		34		18,799
LG Chem Ltd., Preference Shares		10		2,914
LG Corp.		68		4,441
LG Display Co. Ltd.^(a)		138		1,530
LG Electronics, Inc.		84		6,860
LG Electronics, Inc., Preference Shares		80		2,935
LG Energy Solution Ltd.^(a)		31		13,457
LG H&H Co. Ltd.		15		6,982
LG H&H Co. Ltd., Preference Shares		10		1,999
LG Innotek Co. Ltd.		13		2,569
LG Uplus Corp.		149		1,227
LOTTE Chemical Corp.		6		754
LOTTE Chilsung Beverage Co. Ltd.		15		1,744
LOTTE Corp.		16		335
Lotte Energy Materials Corp.		22		990
LOTTE Shopping Co. Ltd.		52		3,100
LS Corp.		80		5,356
Meritz Financial Group, Inc.^(a)		53		1,818
Mirae Asset Securities Co. Ltd.		174		902
Mirae Asset Securities Co. Ltd., Second Pfd.		101		278
NAVER Corp.		95		13,649
NCSoft Corp.		22		6,197
Netmarble Corp.^(a)(c)		79		3,825
NH Investment & Securities Co. Ltd.		73		510
NHN Corp.^(a)		80		1,623
NongShim Co. Ltd.		15		4,444
OCI Co. Ltd.		6		537
Orion Corp.		23		2,490
Ottogi Corp.		7		2,416
Pan Ocean Co. Ltd.		136		553
Paradise Co. Ltd.^(a)		26		298
Pearl Abyss Corp.^(a)		10		322
Posco Future M Co. Ltd.		22		5,507
POSCO Holdings, Inc.		61		17,182
Posco International Corp.		29		581
S-1 Corp.		8		349
Samsung Biologics Co. Ltd.^(a)(c)		7		4,085
Samsung C&T Corp.		50		4,094
Samsung Card Co. Ltd.		8		178
Samsung Electro-Mechanics Co. Ltd.		50		5,376
Samsung Electronics Co. Ltd.		3,676		179,900
Samsung Electronics Co. Ltd., Preference Shares		583		24,263
Samsung Engineering Co. Ltd.^(a)		106		2,305
Samsung Fire & Marine Insurance Co. Ltd.		22		3,698

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


		16

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

April 30, 2023

(Unaudited)


	Shares		Value
South Korea-(continued)
Samsung Fire & Marine Insurance Co. Ltd., Preference Shares		13	$	1,622
Samsung Heavy Industries Co. Ltd.^(a)		390		1,655
Samsung Life Insurance Co. Ltd.		56		2,774
Samsung SDI Co. Ltd.		36		18,586
Samsung SDI Co. Ltd., Preference Shares		7		1,773
Samsung SDS Co. Ltd.		12		1,052
Samsung Securities Co. Ltd.		30		759
SD Biosensor, Inc.		27		420
Seegene, Inc.^(a)		29		527
Shin Poong Pharmaceutical Co. Ltd.^(a)		23		310
Shinhan Financial Group Co. Ltd.		359		9,375
Shinsegae, Inc.		5		770
SK Biopharmaceuticals Co. Ltd.^(a)		6		309
SK Bioscience Co. Ltd.^(a)		13		684
SK Chemicals Co. Ltd.		20		1,065
SK hynix, Inc.		374		25,010
SK IE Technology Co. Ltd.^(a)(c)		12		693
SK Innovation Co. Ltd.^(a)		38		4,915
SK Networks Co. Ltd.		94		327
SK Square Co. Ltd.^(a)		62		1,966
SK Telecom Co. Ltd.		6		214
SK, Inc.		38		4,614
SKC Co. Ltd.		8		594
S-Oil Corp.		34		1,895
Solus Advanced Materials Co. Ltd.		9		271
SSANGYONG C&E Co. Ltd.		30		131
Wemade Co. Ltd.		80		3,323
Woori Financial Group, Inc.		439		3,847
Yuhan Corp.		37		1,592

				661,346

Spain-2.28%
Acciona S.A.		3		556
ACS Actividades de Construccion y Servicios S.A.		136		4,684
Aena SME S.A.^(a)(b)(c)		41		6,921
Amadeus IT Group S.A.^(a)		301		21,181
Banco Bilbao Vizcaya Argentaria S.A.		3,995		29,330
Banco Santander S.A.^(b)		15,016		52,825
Bankinter S.A.^(b)		456		2,699
CaixaBank S.A.		2,547		9,425
Cellnex Telecom S.A.^(c)		369		15,550
Corp. ACCIONA Energias Renovables S.A.		27		971
EDP Renovaveis S.A.		157		3,494
Enagas S.A.		169		3,387
Endesa S.A.		200		4,498
Ferrovial S.A.		323		10,138
Grifols S.A.^(a)		224		2,305
Grifols S.A., Class B, Preference Shares^(a)		178		1,315
Iberdrola S.A.		5,208		67,731
Industria de Diseno Textil S.A.^(b)		700		24,080
Inmobiliaria Colonial SOCIMI S.A.		229		1,465
Mapfre S.A.		647		1,298
Merlin Properties SOCIMI S.A.		224		1,981
Naturgy Energy Group S.A.		100		3,124
Red Electrica Corp. S.A.		290		5,284
Repsol S.A.		845		12,449
Telefonica S.A.		3,324		15,138

				301,829


	Shares		Value
Sweden-2.59%
Alfa Laval AB^(b)		197	$	7,212
Assa Abloy AB, Class B		649		15,432
Atlas Copco AB, Class A^(b)		1,691		24,416
Atlas Copco AB, Class B^(b)		997		12,762
Axfood AB		83		2,057
Beijer Ref AB		218		3,558
Boliden AB^(b)		181		6,462
Castellum AB^(b)		182		2,206
Electrolux AB, Class B^(b)		146		2,200
Epiroc AB, Class A		405		8,094
Epiroc AB, Class B		248		4,258
EQT AB^(b)		226		4,843
Essity AB, Class B		392		11,874
Evolution AB^(c)		95		12,646
Fastighets AB Balder^(a)(b)		407		1,888
Getinge AB, Class B		155		3,927
H & M Hennes & Mauritz AB, Class B^(b)		442		6,459
Hexagon AB, Class B^(b)		1,254		14,286
Holmen AB, Class B^(b)		53		2,001
Husqvarna AB, Class B^(b)		265		2,281
Industrivarden AB, Class A		91		2,598
Industrivarden AB, Class C^(b)		92		2,622
Indutrade AB^(b)		188		4,503
Investment AB Latour, Class B^(b)		86		1,857
Investor AB, Class A		364		7,963
Investor AB, Class B^(b)		1,206		25,843
Kinnevik AB, Class B^(a)		168		2,749
L E Lundbergforetagen AB, Class B^(b)		55		2,632
Lifco AB, Class B		163		3,711
Nibe Industrier AB, Class B		964		10,761
Saab AB, Class B		62		3,479
Sagax AB, Class B		125		3,059
Sagax AB, Class D		75		198
Sandvik AB^(b)		719		14,615
Securitas AB, Class B^(b)		312		2,792
Skandinaviska Enskilda Banken AB, Class A		1,092		12,403
Skandinaviska Enskilda Banken AB, Class C		15		191
Skanska AB, Class B		237		3,868
SKF AB, Class B		260		4,697
SSAB AB, Class A		148		1,048
SSAB AB, Class B		438		2,952
Svenska Cellulosa AB S.C.A., Class B^(b)		397		5,436
Svenska Handelsbanken AB, Class A^(b)		979		8,649
Svenska Handelsbanken AB, Class B^(b)		25		275
Sweco AB, Class B		142		1,899
Swedbank AB, Class A		674		11,696
Swedish Orphan Biovitrum AB, Class B^(a)		119		2,894
Tele2 AB, Class B^(b)		362		3,845
Telefonaktiebolaget LM Ericsson, Class A^(b)		12		74
Telefonaktiebolaget LM Ericsson, Class B		1,992		10,947
Telia Co. AB^(b)		1,628		4,533
Trelleborg AB, Class B^(b)		151		3,789
Volvo AB, Class A^(b)		149		3,152
Volvo AB, Class B		991		20,366
Volvo Car AB, Class B^(a)		345		1,418

				342,376

Switzerland-6.25%
ABB Ltd.		1,017		36,701
Adecco Group AG^(a)		114		3,910

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


		17

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

April 30, 2023

(Unaudited)


	Shares		Value
Switzerland-(continued)
Alcon, Inc.		295	$	21,484
Bachem Holding AG^(b)		13		1,418
Baloise Holding AG		27		4,523
Banque Cantonale Vaudoise^(b)		27		2,848
Barry Callebaut AG		3		6,418
Belimo Holding AG		17		8,209
BKW AG		6		1,031
Chocoladefabriken Lindt & Spruengli AG, PC		9		111,432
Cie Financiere Richemont S.A.		350		57,786
Clariant AG		158		2,638
Credit Suisse Group AG^(a)		2,398		2,156
DKSH Holding AG		36		2,870
Emmi AG^(b)		10		10,438
EMS-Chemie Holding AG		7		5,753
Flughafen Zurich AG		10		1,928
Geberit AG		29		16,513
Georg Fischer AG		44		3,201
Givaudan S.A.		11		38,584
Helvetia Holding AG		32		4,785
Julius Baer Group Ltd.		149		10,667
Kuehne + Nagel International AG, Class R		80		23,720
Logitech International S.A., Class R		90		5,311
Lonza Group AG		59		36,711
Novartis AG		1,594		163,206
Partners Group Holding AG^(b)		26		25,216
PSP Swiss Property AG		28		3,306
Schindler Holding AG		10		2,134
Schindler Holding AG, PC		34		7,590
SGS S.A.		100		9,051
SIG Group AG^(a)		207		5,544
Sika AG		102		28,123
Sonova Holding AG, Class A		27		8,549
Straumann Holding AG		80		12,013
Swatch Group AG (The)		24		1,515
Swatch Group AG (The), BR		30		10,267
Swiss Life Holding AG		22		14,504
Swiss Prime Site AG		40		3,634
Swisscom AG		14		9,642
Tecan Group AG, Class R^(a)		7		3,050
Temenos AG		45		3,776
UBS Group AG^(a)		1,894		38,442
VAT Group AG^(c)		15		5,280
Zurich Insurance Group AG		105		50,940

				826,817

Taiwan-0.00%
FIT Hon Teng Ltd.^(a)(c)		680		134

United Kingdom-10.77%
3i Group PLC		636		14,125
abrdn PLC		1,299		3,473
Admiral Group PLC^(b)		182		5,287
Allfunds Group PLC		217		1,436
Ashtead Group PLC		293		16,856
Associated British Foods PLC		240		5,900
AstraZeneca PLC		1,143		168,747
Auto Trader Group PLC^(c)		611		4,881
Aviva PLC		1,850		9,836
B&M European Value Retail S.A.		618		3,726
BAE Systems PLC		2,033		25,911
Barclays PLC		10,519		21,138


	Shares		Value
United Kingdom-(continued)
Barratt Developments PLC		658	$	4,135
Beazley PLC		448		3,353
Berkeley Group Holdings PLC		80		4,472
BP PLC		15,012		100,834
British American Tobacco PLC		1,982		72,917
British Land Co. PLC (The)		611		3,073
BT Group PLC		4,622		9,228
Bunzl PLC		217		8,630
Burberry Group PLC		243		7,914
Centrica PLC		3,866		5,564
CNH Industrial N.V.		668		9,399
Compass Group PLC		1,172		30,891
ConvaTec Group PLC^(c)		1,082		2,989
Croda International PLC		103		9,036
DCC PLC		70		4,350
Dechra Pharmaceuticals PLC		65		3,047
Derwent London PLC		76		2,294
Diageo PLC		1,931		87,909
Direct Line Insurance Group PLC		887		1,914
Dowlais Group PLC^(a)		888		1,480
DS Smith PLC		852		3,321
Entain PLC		383		6,951
Halma PLC		255		7,397
Hargreaves Lansdown PLC		252		2,543
Hiscox Ltd.		234		3,476
Howden Joinery Group PLC		351		3,020
HSBC Holdings PLC		16,038		115,668
IMI PLC		175		3,508
Imperial Brands PLC		618		15,283
Informa PLC		930		8,447
InterContinental Hotels Group PLC		114		7,823
Intermediate Capital Group PLC		175		2,863
International Consolidated Airlines Group S.A.^(a)		737		1,409
Intertek Group PLC		100		5,224
ITV PLC		2,447		2,484
J Sainsbury PLC		1,143		3,971
JD Sports Fashion PLC		1,635		3,310
Johnson Matthey PLC^(b)		112		2,764
Just Eat Takeaway.com N.V.^(a)(c)		120		2,104
Kingfisher PLC		1,310		4,240
Land Securities Group PLC		493		4,178
Legal & General Group PLC		3,955		11,637
Lloyds Banking Group PLC		44,645		27,047
London Stock Exchange Group PLC		256		26,855
M&G PLC^(b)		1,437		3,704
Melrose Industries PLC		888		4,565
National Grid PLC		2,423		34,855
NatWest Group PLC		3,590		11,822
Next PLC		82		6,947
Ocado Group PLC^(a)(b)		395		2,508
Pearson PLC^(b)		482		5,374
Pepco Group N.V.^(a)(c)		87		836
Persimmon PLC		204		3,369
Phoenix Group Holdings PLC		476		3,541
Reckitt Benckiser Group PLC		676		54,633
RELX PLC		1,783		59,298
Renishaw PLC		26		1,178
Rentokil Initial PLC		1,666		13,242
Rightmove PLC		543		3,919
Rolls-Royce Holdings PLC^(a)(b)		5,574		10,660

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


		18

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

April 30, 2023

(Unaudited)


	Shares		Value
United Kingdom-(continued)
RS GROUP PLC		320	$	3,706
Sage Group PLC (The)		670		6,894
Schroders PLC		581		3,547
Segro PLC		803		8,426
Severn Trent PLC		178		6,560
Smith & Nephew PLC		592		9,781
Smiths Group PLC		248		5,240
Spirax-Sarco Engineering PLC		56		7,806
SSE PLC		722		16,675
St. James’s Place PLC^(b)		357		5,414
Standard Chartered PLC		1,564		12,353
Tate & Lyle PLC		263		2,694
Taylor Wimpey PLC		2,322		3,742
Tesco PLC		4,824		17,044
Unilever PLC		2,084		116,209
UNITE Group PLC (The)		198		2,387
United Utilities Group PLC		444		6,038
Vodafone Group PLC		15,689		18,911
Weir Group PLC (The)		165		3,816
Whitbread PLC		133		5,428
Wise PLC, Class A^(a)		475		3,284
WPP PLC		698		8,134

				1,424,808

United States-5.69%
Amcor PLC, CDI		991		10,740
Experian PLC		613		21,650
Ferguson PLC		136		19,137
GSK PLC		2,658		48,141
Haleon PLC		3,329		14,687
Holcim AG		352		23,262
JS Global Lifestyle Co. Ltd.^(c)		826		729
Nestle S.A.		2,096		269,686


	Shares		Value
United States-(continued)
Oracle Corp.		25	$	1,790
QIAGEN N.V.^(a)		135		6,038
Roche Holding AG		538		169,460
Roche Holding AG, BR		30		10,193
Samsonite International S.A.^(a)(c)		842		2,655
Sanofi		930		102,672
Signify N.V.		85		2,835
Sims Ltd.		97		1,003
Stellantis N.V.		1,393		23,068
Swiss Re AG		200		20,161
Tenaris S.A.		302		4,351

				752,258

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.76% (Cost $14,698,218)				13,061,704


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-4.92%
Invesco Private Government Fund, 4.83%^(f)(g)(h)		175,890		175,890
Invesco Private Prime Fund, 4.99%^(f)(g)(h)		475,081		475,081

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $650,971)				650,971

TOTAL INVESTMENTS IN SECURITIES-103.68% (Cost $15,349,189)				13,712,675
OTHER ASSETS LESS LIABILITIES-(3.68)%				(487,033	)

NET ASSETS-100.00%			$	13,225,642

Investment Abbreviations:

BR-Bearer Shares

CDI-CREST Depository Interest

CVA-Dutch Certificates

PC-Participation Certificate

Pfd.-Preferred

REIT-Real Estate Investment Trust

RSP-Registered Savings Plan Shares

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


		19

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

April 30, 2023

(Unaudited)

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)	All or a portion of this security was out on loan at April 30, 2023.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2023 was $213,313, which represented 1.61% of the Fund’s Net Assets.

^(d)	Restricted security. The value of this security at April 30, 2023 represented less than 1% of the Fund’s Net Assets.

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

^(f)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value April 30, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	111,203		$	1,321,332		$	(1,432,535	)		$	-		$	-		$	-		$	1,337

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			1,724,672			4,273,699			(5,822,481	)			-			-			175,890			19,311	*

Invesco Private Prime Fund			4,432,079			7,414,373			(11,372,005	)			131			503			475,081			54,241	*

Total		$	6,267,954		$	13,009,404		$	(18,627,021	)		$	131		$	503		$	650,971		$	74,889

*	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 April 30, 2023.

^(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 2K.

Portfolio Composition

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

as of April 30, 2023



Financials		17.13

Industrials		15.04

Health Care		12.29

Consumer Discretionary		11.22

Consumer Staples		10.88

Information Technology		8.73

Materials		7.81

Real Estate		4.38

Energy		4.22

Communication Services		4.00

Utilities		3.06

Money Market Funds Plus Other Assets Less Liabilities		1.24

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


		20

Invesco PureBeta^SM FTSE Emerging Markets ETF (PBEE)

April 30, 2023

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-91.08%
Australia-0.21%
AngloGold Ashanti Ltd.		1,221	$	32,683

Brazil-5.81%
Alpargatas S.A., Preference Shares^(a)		384		569
Ambev S.A.		12,429		35,179
Atacadao S.A.		1,323		2,843
Auren Energia S.A.		1,103		3,479
B3 S.A. - Brasil, Bolsa, Balcao		18,248		42,603
Banco Bradesco S.A.		3,025		7,510
Banco Bradesco S.A., Preference Shares		14,007		38,777
Banco BTG Pactual S.A., Series CPO		2,671		12,504
Banco do Brasil S.A.		1,672		14,324
Banco Santander Brasil S.A., Series CPO		671		3,604
BB Seguridade Participacoes S.A.		1,544		10,589
Bradespar S.A., Preference Shares		747		3,539
Braskem S.A., Class A, Preference Shares		692		2,737
BRF S.A.^(a)		2,125		2,693
CCR S.A.		3,449		9,355
Centrais Eletricas Brasileiras S.A.		2,328		15,752
Centrais Eletricas Brasileiras S.A., Class B, Preference Shares		696		5,065
Cia de Saneamento Basico do Estado de Sao Paulo SABESP		1,071		9,875
Cia de Transmissao de Energia Eletrica Paul ista, Preference Shares		687		3,165
Cia Energetica de Minas Gerais		389		1,571
Cia Energetica de Minas Gerais, Preference Shares		4,158		10,264
Cia Paranaense de Energia		700		995
Cia Paranaense de Energia, Class B, Preference Shares		2,860		4,585
Cia Siderurgica Nacional S.A.		1,473		4,184
Cosan S.A.		1,868		5,593
CPFL Energia S.A.		687		4,551
Dexco S.A.		839		988
EDP - Energias do Brasil S.A.		731		3,288
Embraer S.A.^(a)		2,078		8,066
Energisa S.A.		676		5,648
Eneva S.A.^(a)		3,403		7,720
ENGIE Brasil Energia S.A.		669		5,513
Equatorial Energia S.A.		2,752		15,039
Gerdau S.A., Preference Shares		2,852		14,355
GPS Participacoes e Empreendimentos S.A.^(b)		700		1,762
Grupo De Moda Soma S.A.		900		1,511
Grupo Mateus S.A.^(a)		2,700		2,974
Hapvida Participacoes e Investimentos S.A.^(a)(b)		10,432		5,755
Hypera S.A.		1,362		10,141
Itau Unibanco Holding S.A.		279		1,232
Itau Unibanco Holding S.A., Preference Shares		13,079		67,763
Itausa S.A., Preference Shares		9,655		16,752
Klabin S.A.		1,707		6,527
Localiza Rent a Car S.A.		1,798		20,849
Localiza Rent a Car S.A., Rts., expiring 05/11/2023^(a)		8		27
Lojas Renner S.A.		2,975		9,419
Magazine Luiza S.A.^(a)		8,128		5,426


	Shares		Value
Brazil-(continued)
Marfrig Global Foods S.A.		1,979	$	2,575
Multiplan Empreendimentos Imobiliarios S.A.		707		3,660
Natura & Co. Holding S.A.		2,744		6,066
Neoenergia S.A.		1,300		4,015
Petro Rio S.A.^(a)		1,682		11,683
Petroleo Brasileiro S.A.		10,282		54,813
Petroleo Brasileiro S.A., Preference Shares		13,451		63,721
Porto Seguro S.A.		183		919
Raia Drogasil S.A.		3,467		18,212
Rede D’Or Sao Luiz S.A.^(b)		2,059		9,413
Rumo S.A.		3,708		14,601
Sao Martinho S.A.		676		4,243
Sendas Distribuidora S.A.		2,925		7,186
Sitios Latinoamerica S.A.B. de C.V.^(a)		4,128		1,666
Suzano S.A.		2,145		17,065
Telefonica Brasil S.A.		1,370		11,261
TIM S.A.		2,843		7,956
TOTVS S.A.		1,392		7,140
Transmissora Alianca de Energia Eletrica S.A.		200		1,458
Ultrapar Participacoes S.A.		2,746		7,926
Usinas Siderurgicas de Minas Gerais S.A. Usiminas, Class A, Preference Shares		1,020		1,468
Vale S.A.		10,038		145,267
Vamos Locacao de Caminhoes Maquinas e Equipamentos S.A.		400		977
Vibra Energia S.A.		3,467		9,148
WEG S.A.		4,181		34,365

				913,464

Chile-0.64%
Banco de Chile		150,083		16,080
Banco de Credito e Inversiones S.A.		165		5,008
Banco Santander Chile		187,261		9,010
Cencosud S.A.		3,178		6,517
Cencosud Shopping S.A.		2,096		3,359
Cia Cervecerias Unidas S.A.		299		2,456
Colbun S.A.		26,328		3,709
Embotelladora Andina S.A., Class B, Preference Shares		520		1,311
Empresas CMPC S.A.		3,749		5,912
Empresas COPEC S.A.		1,164		8,150
Enel Americas S.A.		52,806		7,241
Enel Chile S.A.		88,771		5,090
Falabella S.A.		2,262		4,881
Sociedad Quimica y Minera de Chile S.A., Class B, Preference Shares		327		22,276

				101,000

China-34.30%
AECC Aero-Engine Control Co. Ltd., A Shares		2,275		7,828
AECC Aviation Power Co. Ltd., A Shares		700		4,421
Agricultural Bank of China Ltd., A Shares		15,858		7,828
Agricultural Bank of China Ltd., H Shares		65,549		25,301
Aier Eye Hospital Group Co. Ltd., A Shares		1,900		8,079
Air China Ltd., A Shares^(a)		2,900		4,458
Airtac International Group		447		16,140
Akeso, Inc., B Shares^(a)(b)(c)		1,809		9,875
Alibaba Group Holding Ltd.^(a)		38,463		402,029
Alibaba Health Information Technology Ltd.^(a)		13,827		9,882

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


		21

Invesco PureBeta^SM FTSE Emerging Markets ETF (PBEE)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
China-(continued)
Alibaba Pictures Group Ltd.^(a)		75,019	$	4,731
A-Living Smart City Services Co. Ltd., U Shares^(b)		2,398		1,915
Aluminum Corp. of China Ltd., A Shares		12,761		11,770
Angelalign Technology, Inc.^(b)		166		2,071
Anhui Conch Cement Co. Ltd., A Shares		1,286		4,989
Anhui Conch Cement Co. Ltd., H Shares		3,489		10,978
Anhui Expressway Co. Ltd., H Shares		11,181		11,381
Anhui Gujing Distillery Co. Ltd., B Shares		989		17,525
ANTA Sports Products Ltd.		3,814		47,032
Autohome, Inc., ADR		195		5,782
AviChina Industry & Technology Co. Ltd., H Shares		12,947		6,977
Baidu, Inc., A Shares^(a)		5,594		82,450
Bank of China Ltd., A Shares		9,541		5,054
Bank of China Ltd., H Shares		182,639		72,824
Bank of Communications Co. Ltd., A Shares		4,798		3,857
Bank of Communications Co. Ltd., H Shares		18,347		11,826
Bank of Ningbo Co. Ltd., A Shares		1,682		6,647
Bank of Shanghai Co. Ltd., A Shares		2,961		2,684
BeiGene Ltd.^(a)		1,684		32,393
Beijing Enterprises Water Group Ltd.		14,423		3,656
Beijing Orient National Communication Science & Technology Co. Ltd., A Shares^(a)		1,900		3,140
Bilibili, Inc., Z Shares^(a)		603		12,076
BOE Technology Group Co. Ltd., A Shares		9,856		5,719
Bosideng International Holdings Ltd.		6,840		3,363
BYD Co. Ltd., A Shares		564		20,829
BYD Co. Ltd., H Shares		2,037		61,241
BYD Electronic International Co. Ltd.		2,948		8,882
Central China Securities Co. Ltd., A Shares		12,167		6,954
CGN Power Co. Ltd., H Shares^(b)		34,605		9,125
Chengdu Xingrong Environment Co. Ltd.		8,800		6,630
China Cinda Asset Management Co. Ltd., H Shares		27,607		3,271
China CITIC Bank Corp. Ltd., H Shares		27,328		14,761
China Coal Energy Co. Ltd., H Shares		4,300		3,681
China Conch Venture Holdings Ltd.		3,463		5,506
China Construction Bank Corp., H Shares		237,860		159,080
China Everbright Bank Co. Ltd., H Shares		16,203		5,181
China Everbright Environment Group Ltd.		13,462		5,694
China Feihe Ltd.^(b)		9,738		6,550
China Galaxy Securities Co. Ltd., H Shares		6,645		3,598
China Greatwall Technology Group Co. Ltd., A Shares		2,700		4,521
China Green Electricity Investment of Tianjin Co. Ltd., A Shares		1,600		2,695
China Hongqiao Group Ltd.		6,575		6,441
China International Capital Corp. Ltd., H Shares^(b)(c)		5,235		10,950
China Jinmao Holdings Group Ltd.		26,318		4,895
China Lesso Group Holdings Ltd.		2,485		2,140
China Life Insurance Co. Ltd., H Shares		14,598		27,932
China Literature Ltd.^(a)(b)		1,366		6,265
China Longyuan Power Group Corp. Ltd., H Shares		9,784		10,220
China Medical System Holdings Ltd.		5,864		9,711
China Meidong Auto Holdings Ltd.		1,402		2,168
China Mengniu Dairy Co. Ltd.		8,411		33,805
China Merchants Bank Co. Ltd., A Shares		4,737		22,973


	Shares		Value
China-(continued)
China Merchants Bank Co. Ltd., H Shares		9,911	$	47,536
China Merchants Port Holdings Co. Ltd.		5,267		7,797
China Merchants Securities Co. Ltd., H Shares^(b)		6,932		7,020
China Minsheng Banking Corp. Ltd., A Shares		5,343		2,799
China Minsheng Banking Corp. Ltd., H Shares		21,113		7,746
China National Building Material Co. Ltd., H Shares		13,576		10,135
China National Nuclear Power Co. Ltd., A Shares		4,700		4,681
China Northern Rare Earth Group High-Tech Co. Ltd., A Shares		600		2,179
China Oilfield Services Ltd., H Shares		6,617		7,755
China Overseas Land & Investment Ltd.		10,694		27,028
China Pacific Insurance (Group) Co. Ltd., A Shares		1,583		7,131
China Pacific Insurance (Group) Co. Ltd., H Shares		8,328		24,772
China Petroleum & Chemical Corp., A Shares		15,284		14,803
China Petroleum & Chemical Corp., H Shares		52,369		34,224
China Power International Development Ltd.		16,814		6,362
China Railway Group Ltd., A Shares		5,000		6,704
China Resources Beer Holdings Co. Ltd.		4,996		38,409
China Resources Cement Holdings Ltd.		12,175		5,490
China Resources Double Crane Pharmaceutical Co. Ltd., A Shares		600		1,800
China Resources Land Ltd.		8,127		37,685
China Resources Mixc Lifestyle Services Ltd.^(b)		1,978		10,444
China Resources Power Holdings Co. Ltd.		5,094		11,058
China Shenhua Energy Co. Ltd., H Shares		10,403		34,456
China State Construction Engineering Corp. Ltd., A Shares		4,000		3,793
China Taiping Insurance Holdings Co. Ltd.		5,587		6,391
China Three Gorges Renewables Group Co. Ltd., A Shares		6,800		5,320
China Tourism Group Duty Free Corp. Ltd., A Shares		350		8,132
China Tower Corp. Ltd., H Shares^(b)		155,152		19,765
China Traditional Chinese Medicine Holdings Co. Ltd.		12,950		7,061
China Vanke Co. Ltd., A Shares		1,979		4,325
China Vanke Co. Ltd., H Shares		6,236		9,708
China Yangtze Power Co. Ltd., A Shares		6,235		19,691
Chongqing Changan Automobile Co. Ltd., A Shares		2,736		4,703
Chongqing Zhifei Biological Products Co. Ltd., A Shares		300		3,523
CITIC Ltd.		14,037		17,578
CITIC Securities Co. Ltd., A Shares		2,968		9,005
CITIC Securities Co. Ltd., H Shares		6,220		13,042
CMOC Group Ltd., H Shares		16,897		10,311
Contemporary Amperex Technology Co. Ltd., A Shares		826		27,516
COSCO SHIPPING Energy Transportation Co. Ltd., A Shares^(a)		1,800		3,409
COSCO SHIPPING Holdings Co. Ltd., A Shares		5,510		8,836
COSCO SHIPPING Holdings Co. Ltd., H Shares		3,908		4,520
Country Garden Holdings Co. Ltd.^(c)		30,052		7,695
Country Garden Services Holdings Co. Ltd.		5,020		7,827
CSC Financial Co. Ltd., H Shares^(b)		2,390		2,427

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


		22

Invesco PureBeta^SM FTSE Emerging Markets ETF (PBEE)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
China-(continued)
CSG Holding Co. Ltd., B Shares		34,721	$	13,269
CSPC Pharmaceutical Group Ltd.		25,191		25,608
Dali Foods Group Co. Ltd.^(b)		7,416		3,080
Daqo New Energy Corp., ADR^(a)(c)		115		5,281
Datang International Power Generation Co. Ltd., A Shares^(a)		29,509		13,246
Dongfang Electric Corp. Ltd., A Shares		1,900		4,777
East Buy Holding Ltd.^(a)(b)		400		1,383
East Group Co. Ltd., A Shares		3,500		4,430
East Money Information Co. Ltd., A Shares		3,147		7,309
ENN Energy Holdings Ltd.		1,702		23,200
Eternal Asia Supply Chain Management Ltd., A Shares		7,222		5,712
Eve Energy Co. Ltd., A Shares		551		5,213
Far East Horizon Ltd.		7,852		7,052
Flat Glass Group Co. Ltd., H Shares		1,486		4,155
Foshan Haitian Flavouring & Food Co. Ltd., A Shares		736		7,500
Fosun International Ltd.		6,926		4,844
Full Truck Alliance Co. Ltd., ADR^(a)		1,540		9,856
Fuyao Glass Industry Group Co. Ltd., H Shares^(b)		2,388		9,674
Ganfeng Lithium Group Co. Ltd., A Shares		891		8,358
GCL Technology Holdings Ltd.^(a)(c)		32,000		7,990
GD Power Development Co. Ltd., A Shares^(a)		7,300		4,067
GDS Holdings Ltd., A Shares^(a)		2,447		4,707
Geely Automobile Holdings Ltd.		14,401		17,703
Genscript Biotech Corp.^(a)(c)		2,778		7,290
GF Securities Co. Ltd., H Shares		6,421		9,194
Ginlong Technologies Co. Ltd., A Shares^(a)		75		1,232
Great Wall Motor Co. Ltd., H Shares		10,095		12,140
GRG Banking Equipment Co. Ltd., A Shares		5,442		9,292
Guangdong Haid Group Co. Ltd., A Shares		890		7,051
Guangdong Investment Ltd.		11,766		11,242
Guanghui Energy Co. Ltd., A Shares		1,100		1,475
Guangshen Railway Co. Ltd., H Shares^(a)		27,862		6,495
Guangzhou Automobile Group Co. Ltd., H Shares		8,139		5,049
Guangzhou Yuexiu Financial Holdings Group Co. Ltd., A Shares		6,052		6,019
H World Group Ltd., ADR^(a)(c)		597		27,999
Haidilao International Holding Ltd.^(a)(b)(c)		3,056		7,420
Haier Smart Home Co. Ltd., A Shares		2,671		9,137
Haier Smart Home Co. Ltd., H Shares		5,640		18,285
Haitian International Holdings Ltd.		942		2,436
Haitong Securities Co. Ltd., A Shares		5,442		7,281
Haitong Securities Co. Ltd., H Shares		7,442		4,930
Hangzhou Binjiang Real Estate Group Co. Ltd., A Shares		1,400		1,863
Hangzhou Tigermed Consulting Co. Ltd., A Shares		555		7,287
Hansoh Pharmaceutical Group Co. Ltd.^(b)		1,903		3,462
Henan Shuanghui Investment & Development Co. Ltd., A Shares		1,583		5,701
Hengan International Group Co. Ltd.		2,945		13,131
Hengdian Group DMEGC Magnetics Co. Ltd., A Shares		1,200		3,291
Hua Hong Semiconductor Ltd.^(a)(b)		1,488		6,075
Huadian Power International Corp. Ltd., A Shares		4,200		3,831


	Shares		Value
China-(continued)
Huaneng Power International, Inc., H Shares^(a)(c)		15,713	$	9,768
Huatai Securities Co. Ltd., H Shares^(b)		6,497		8,376
Hubei Biocause Pharmaceutical Co. Ltd., A Shares		24,480		12,155
Hygeia Healthcare Holdings Co. Ltd.^(a)(b)(c)		713		5,223
Industrial & Commercial Bank of China Ltd., A Shares		11,871		8,087
Industrial & Commercial Bank of China Ltd., H Shares		202,780		109,012
Industrial Bank Co. Ltd., A Shares		4,848		12,050
Inner Mongolia ERDOS Resources Co. Ltd., B Shares		2,000		3,602
Inner Mongolia Yili Industrial Group Co. Ltd., A Shares		1,979		8,444
Innovent Biologics, Inc.^(a)(b)(c)		3,786		18,062
Inspur Electronic Information Industry Co. Ltd., A Shares		1,682		9,978
iQIYI, Inc., ADR^(a)		1,109		6,765
JA Solar Technology Co. Ltd., A Shares		392		2,285
JD Health International, Inc.^(a)(b)		2,317		16,603
JD Logistics, Inc.^(a)(b)		1,600		2,487
JD.com, Inc., A Shares		6,146		106,402
Jiangsu Expressway Co. Ltd., H Shares		5,338		5,406
Jiangsu Hengrui Pharmaceuticals Co. Ltd., A Shares		1,705		11,973
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., A Shares		594		12,835
Jiangsu Zhongtian Technology Co. Ltd., A Shares		1,300		2,738
Jiangxi Copper Co. Ltd., H Shares		4,251		7,538
Jinxin Fertility Group Ltd.^(b)		4,760		3,123
Jiumaojiu International Holdings Ltd.^(b)(c)		2,473		5,507
Joinn Laboratories China Co. Ltd., H Shares^(b)(c)		682		2,619
Joyoung Co. Ltd., A Shares		1,300		3,055
JOYY, Inc., ADR		168		5,112
Juewei Food Co. Ltd., A Shares		693		3,976
Kaishan Group Co. Ltd., A Shares^(a)		3,452		8,296
Kanzhun Ltd., ADR^(a)		464		8,579
KE Holdings, Inc., ADR^(a)(c)		1,568		24,602
Kingboard Holdings Ltd.		2,872		8,762
Kingboard Laminates Holdings Ltd.		3,460		3,557
KingClean Electric Co. Ltd., A Shares		1,345		5,259
Kingdee International Software Group Co. Ltd.^(a)		7,208		11,019
Kingsoft Corp. Ltd.		2,824		12,357
Kuaishou Technology^(a)(b)		5,122		33,473
Kweichow Moutai Co. Ltd., A Shares		248		63,019
Lao Feng Xiang Co. Ltd., B Shares		1,500		5,325
Lens Technology Co. Ltd., A Shares		2,000		3,366
Leyard Optoelectronic Co. Ltd., A Shares		4,848		4,429
Li Auto, Inc., A Shares^(a)		2,600		30,290
Li Ning Co. Ltd.		6,324		44,994
LianChuang Electronic Technology Co. Ltd., A Shares		3,460		4,664
Longfor Group Holdings Ltd.^(b)		6,432		17,494
LONGi Green Energy Technology Co. Ltd., A Shares		1,828		9,200

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


		23

Invesco PureBeta^SM FTSE Emerging Markets ETF (PBEE)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
China-(continued)
Longshine Technology Group Co. Ltd., A Shares		800	$	2,768
Lufax Holding Ltd., ADR		1,651		2,807
Luxshare Precision Industry Co. Ltd., A Shares		2,146		8,084
Luzhou Laojiao Co. Ltd., A Shares		297		9,699
Mango Excellent Media Co. Ltd., A Shares		890		4,609
Maxscend Microelectronics Co. Ltd., A Shares		351		5,144
Meituan, B Shares^(a)(b)		11,030		186,880
MicroPort Scientific Corp.^(a)		1,500		3,302
MINISO Group Holding Ltd., ADR		336		6,196
Muyuan Foods Co. Ltd., A Shares		1,601		11,062
NARI Technology Co. Ltd., A Shares		940		3,544
NAURA Technology Group Co. Ltd., A Shares		198		9,560
NetEase, Inc.		4,354		76,875
New China Life Insurance Co. Ltd., A Shares		1,286		7,211
New China Life Insurance Co. Ltd., H Shares		2,759		7,873
New Hope Liuhe Co. Ltd., A Shares^(a)		4,056		7,616
New Oriental Education & Technology Group, Inc.^(a)		3,500		15,739
Nine Dragons Paper Holdings Ltd.		6,630		4,586
Ninestar Corp., A Shares		1,780		10,169
Ningbo Orient Wires & Cables Co. Ltd., A Shares		324		2,191
NIO, Inc., ADR^(a)(c)		3,360		26,443
Nongfu Spring Co. Ltd., H Shares^(b)		3,564		19,250
PDD Holdings, Inc., ADR^(a)		1,079		73,534
People’s Insurance Co. Group of China Ltd. (The), H Shares		20,463		8,029
PetroChina Co. Ltd., H Shares		64,060		44,312
Pharmaron Beijing Co. Ltd., A Shares		841		5,943
PICC Property & Casualty Co. Ltd., H Shares		19,834		23,927
Ping An Bank Co. Ltd., A Shares		5,442		9,858
Ping An Healthcare and Technology Co. Ltd.^(a)(b)(c)		1,360		3,382
Ping An Insurance (Group) Co. of China Ltd., A Shares		1,483		11,088
Ping An Insurance (Group) Co. of China Ltd., H Shares		17,433		125,919
Poly Developments and Holdings Group Co. Ltd., A Shares		4,750		9,537
Poly Property Services Co. Ltd., H Shares^(b)		1,094		6,738
Pop Mart International Group Ltd.^(b)(c)		1,956		4,719
Postal Savings Bank of China Co. Ltd., H Shares^(b)		28,476		18,501
Power Construction Corp. of China Ltd., A Shares		2,200		2,442
Qifu Technology, Inc., ADR		291		5,133
Qingdao Hanhe Cable Co. Ltd., A Shares		14,738		8,658
RLX Technology, Inc., ADR^(a)		1,466		3,606
Sany Heavy Industry Co. Ltd., A Shares		2,770		6,593
Seazen Group Ltd.^(a)		11,911		2,549
SenseTime Group, Inc., B Shares^(a)(b)(c)		37,000		12,255
SF Holding Co. Ltd., A Shares		890		7,252
Shaanxi Coal Industry Co. Ltd., A Shares		600		1,695
Shandong Gold Mining Co. Ltd., A Shares		1,600		5,935
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares		8,131		13,818
Shanghai Electric Power Co. Ltd., A Shares^(a)		2,000		3,020


	Shares		Value
China-(continued)
Shanghai Flyco Electrical Appliance Co. Ltd., A Shares		789	$	8,836
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares		1,930		5,495
Shanghai Fudan Microelectronics Group Co. Ltd., A Shares		233		1,855
Shanghai International Airport Co. Ltd., A Shares^(a)		890		6,898
Shanghai Junshi Biosciences Co. Ltd., A Shares^(a)		344		2,621
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares		3,718		7,540
Shanghai Pudong Development Bank Co. Ltd., A Shares		5,536		6,073
Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd., B Shares		4,300		3,801
Shanghai Zhenhua Heavy Industries Co. Ltd., B Shares		49,558		12,390
Shanxi Taigang Stainless Steel Co. Ltd., A Shares		4,600		2,656
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., A Shares		335		12,014
Shenzhen Agricultural Products Group Co. Ltd., A Shares		10,388		9,656
Shenzhen Huaqiang Industry Co. Ltd., A Shares		3,660		6,471
Shenzhen Inovance Technology Co. Ltd., A Shares		940		8,385
Shenzhen International Holdings Ltd.		5,843		5,248
Shenzhen Kaifa Technology Co. Ltd., A Shares		4,056		10,427
Shenzhen Kangtai Biological Products Co. Ltd., A Shares		580		2,537
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares		252		11,345
Shenzhen MTC Co. Ltd., A Shares^(a)		7,800		5,415
Shenzhen Neptunus Bioengineering Co. Ltd., A Shares^(a)		20,774		10,165
Shenzhou International Group Holdings Ltd.		2,138		20,386
Shijiazhuang Yiling Pharmaceutical Co. Ltd., A Shares		700		3,180
Sieyuan Electric Co. Ltd., A Shares		1,979		13,128
Silergy Corp.		708		11,066
Sino Biopharmaceutical Ltd.		27,960		15,458
Sinopec Oilfield Service Corp., A Shares^(a)		21,664		7,036
Sinopharm Group Co. Ltd., H Shares		2,926		10,344
Sinotruk Hong Kong Ltd.		3,465		5,270
Skyworth Digital Co. Ltd., A Shares		1,100		2,605
Smoore International Holdings Ltd.^(b)(c)		4,381		5,090
Sun Art Retail Group Ltd.		8,000		3,465
Sungrow Power Supply Co. Ltd., A Shares		300		4,882
Sunny Optical Technology Group Co. Ltd.		2,017		21,160
TAL Education Group, ADR^(a)		1,239		7,261
Tencent Holdings Ltd.		15,792		692,845
Tencent Music Entertainment Group, ADR^(a)		1,686		12,493
Tianqi Lithium Corp., A Shares^(a)		300		3,086
Tingyi Cayman Islands Holding Corp.		2,900		5,054
Titan Wind Energy Suzhou Co. Ltd., A Shares		1,200		2,387
Tongcheng Travel Holdings Ltd.^(a)(b)		3,922		8,294
Tongwei Co. Ltd., A Shares		1,385		7,962
Topsec Technologies Group, Inc., A Shares		3,660		6,260

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


		24

Invesco PureBeta^SM FTSE Emerging Markets ETF (PBEE)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
China-(continued)
Topsports International Holdings Ltd.^(b)		6,926	$	6,150
TravelSky Technology Ltd., H Shares		2,963		5,896
Trip.com Group Ltd.^(a)		1,219		42,673
Tsingtao Brewery Co. Ltd., H Shares		1,399		14,917
Vipshop Holdings Ltd., ADR^(a)		1,233		19,358
Wanhua Chemical Group Co. Ltd., A Shares		890		11,841
Weibo Corp., ADR^(a)		183		3,204
Weichai Power Co. Ltd., H Shares		7,267		10,702
Will Semiconductor Co. Ltd., A Shares		270		3,556
Wingtech Technology Co. Ltd., A Shares		594		4,507
Wuliangye Yibin Co. Ltd., A Shares		693		16,904
WuXi AppTec Co. Ltd., A Shares		334		3,256
WuXi AppTec Co. Ltd., H Shares^(b)(c)		1,021		8,929
Wuxi Biologics Cayman, Inc.^(a)(b)		9,343		55,285
Xiaomi Corp., B Shares^(a)(b)		29,571		41,664
Xinhua Winshare Publishing and Media Co. Ltd., H Shares		9,889		8,932
Xinjiang Goldwind Science & Technology Co. Ltd., A Shares		4,750		7,514
Xinyi Solar Holdings Ltd.		12,893		13,780
Xpeng, Inc.^(a)		2,829		13,551
Xtep International Holdings Ltd.		1,623		1,881
Yadea Group Holdings Ltd.^(b)		1,604		3,743
Yangzijiang Shipbuilding Holdings Ltd.		7,042		6,545
Yankuang Energy Group Co. Ltd., H Shares		6,438		22,021
Yanlord Land Group Ltd.		5,479		3,491
Yantai Eddie Precision Machinery Co. Ltd., A Shares		1,420		3,484
Yihai International Holding Ltd.		961		2,534
Yonyou Network Technology Co. Ltd., A Shares		1,613		5,031
Yum China Holdings, Inc.		985		59,929
Yunnan Baiyao Group Co. Ltd., A Shares		791		6,644
Yunnan Energy New Material Co. Ltd., A Shares		198		2,975
Zai Lab Ltd.^(a)		2,300		7,984
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., A Shares		198		7,771
Zhefu Holding Group Co. Ltd., A Shares		12,761		7,036
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., A Shares		889		8,779
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., A Shares		600		2,776
ZhongAn Online P&C Insurance Co. Ltd., H Shares^(a)(b)		1,350		4,179
Zhongsheng Group Holdings Ltd.		2,076		8,833
Zhuzhou CRRC Times Electric Co. Ltd., H Shares		2,003		8,063
Zijin Mining Group Co. Ltd., H Shares		19,114		32,190
Zoomlion Heavy Industry Science and Technology Co. Ltd., H Shares		7,186		3,909
ZTE Corp., H Shares		2,906		9,329
ZTO Express (Cayman), Inc.		1,000		27,363

				5,391,560

Colombia-0.10%
Bancolombia S.A.		544		4,202
Bancolombia S.A., Preference Shares		830		5,182
Interconexion Electrica S.A. ESP		1,688		6,591

				15,975


	Shares		Value
Czech Republic-0.32%
CEZ A.S.^(c)		799	$	43,091
Komercni banka A.S		223		7,219

				50,310

Egypt-0.07%
Commercial International Bank Egypt S.A.E		6,238		10,780

Greece-0.45%
Alpha Services and Holdings S.A.^(a)		5,301		6,642
Eurobank Ergasias Services and Holdings S.A.^(a)		4,337		6,129
Hellenic Telecommunications Organization S.A.		715		10,459
Helleniq Energy Holdings S.A.		243		1,931
JUMBO S.A.		354		8,168
Motor Oil Hellas Corinth Refineries S.A.		211		5,032
Mytilineos S.A.		347		10,075
OPAP S.A.		587		10,019
Piraeus Financial Holdings S.A.^(a)		830		1,961
Public Power Corp. S.A.^(a)		492		4,248
Terna Energy S.A.		286		6,340

				71,004

Hungary-0.29%
Gedeon Richter PLC		527		12,739
Magyar Telekom Telecommunications PLC		4,528		5,707
MOL Hungarian Oil & Gas PLC		1,246		10,109
OTP Bank Nyrt^(c)		579		17,646

				46,201

Iceland-0.04%
Icelandair Group hf.^(a)		211,744		3,072
Marel hf		748		3,218
Reitir fasteignafelag HF		600		372

				6,662

India-7.69%
Axis Bank Ltd., GDR^(b)		2,102		110,986
Dr. Reddy’s Laboratories Ltd., ADR^(c)		1,438		86,941
ICICI Bank Ltd., ADR^(c)		3,431		78,055
Infosys Ltd., ADR^(c)		7,498		116,519
Larsen & Toubro Ltd., GDR^(b)		4,919		142,651
Mahindra & Mahindra Ltd., GDR^(b)		6,583		98,745
Reliance Industries Ltd., GDR^(b)		3,001		178,859
State Bank of India, GDR^(b)(c)		1,802		126,861
Tata Motors Ltd., ADR^(a)(d)		2,944		87,232
Tata Steel Ltd., GDR^(b)		4,792		62,536
UPL Ltd., GDR^(c)		1,943		33,517
Wipro Ltd., ADR^(c)		18,129		85,206

				1,208,108

Indonesia-2.40%
PT Adaro Energy Indonesia Tbk		29,426		6,278
PT Astra International Tbk		50,443		23,210
PT Bank Central Asia Tbk		104,055		64,192
PT Bank Mandiri (Persero) Tbk		108,268		38,193
PT Bank Negara Indonesia (Persero) Tbk		23,537		15,122
PT Bank Rakyat Indonesia (Persero) Tbk		174,572		60,690
PT Bank Syariah Indonesia Tbk		7,822		922
PT Barito Pacific Tbk		88,085		5,014
PT Bukit Asam Tbk		13,904		3,924
PT Bumi Serpong Damai Tbk^(a)		11,538		838

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


		25

Invesco PureBeta^SM FTSE Emerging Markets ETF (PBEE)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
Indonesia-(continued)
PT Charoen Pokphand Indonesia Tbk		22,603	$	7,072
PT Elang Mahkota Teknologi Tbk		78,456		3,770
PT GoTo Gojek Tokopedia Tbk^(a)		1,837,700		13,028
PT Gudang Garam Tbk		1,596		3,095
PT Hanjaya Mandala Sampoerna Tbk		34,894		2,414
PT Indah Kiat Pulp & Paper Corp. Tbk		8,018		4,249
PT Indocement Tunggal Prakarsa Tbk		4,702		3,478
PT Indofood CBP Sukses Makmur Tbk		8,194		5,907
PT Indofood Sukses Makmur Tbk		14,620		6,428
PT Jasa Marga (Persero) Tbk^(a)		6,981		1,566
PT Kalbe Farma Tbk		65,188		9,420
PT Media Nusantara Citra Tbk^(a)		22,288		896
PT Merdeka Copper Gold Tbk^(a)		27,900		7,493
PT MNC Digital Entertainment Tbk^(a)		1,984		545
PT Perusahaan Gas Negara Tbk		53,455		5,211
PT Sarana Menara Nusantara Tbk		67,771		4,735
PT Semen Indonesia (Persero) Tbk		9,639		3,909
PT Smartfren Telecom Tbk^(a)		346,029		1,392
PT Sumber Alfaria Trijaya Tbk		50,887		10,059
PT Surya Citra Media Tbk		83,741		942
PT Telkom Indonesia (Persero) Tbk		138,712		40,186
PT Tower Bersama Infrastructure Tbk		38,310		5,380
PT Unilever Indonesia Tbk		18,499		5,548
PT United Tractors Tbk		5,015		9,880
PT XL Axiata Tbk		18,038		2,152

				377,138

Kuwait-0.88%
Agility Public Warehousing Co. KSC		5,310		10,677
Boubyan Bank KSCP		3,234		7,115
Boubyan Petrochemicals Co. KSCP		2,043		5,442
Gulf Bank KSCP		5,904		5,415
Humansoft Holding Co. KSC		270		3,437
Kuwait Finance House KSCP		10,037		24,376
Mabanee Co. K.P.S.C.		2,908		7,214
Mobile Telecommunications Co. KSCP		2,407		4,471
National Bank of Kuwait SAKP		21,328		69,829

				137,976

Luxembourg-0.05%
Reinet Investments S.C.A.		351		7,679

Malaysia-1.88%
Alliance Bank Malaysia Bhd.		3,488		2,604
AMMB Holdings Bhd.		8,299		6,717
Axiata Group Bhd.		14,263		9,561
British American Tobacco Malaysia Bhd.		474		1,122
CelcomDigi Bhd.		14,429		14,233
CIMB Group Holdings Bhd.		16,157		18,329
Dialog Group Bhd.		14,438		7,412
FGV Holdings Bhd.		8,277		2,783
Fraser & Neave Holdings Bhd.		652		3,877
Genting Bhd.		7,600		8,008
Genting Malaysia Bhd.		8,881		5,396
Hartalega Holdings Bhd.		5,389		2,271
Hong Leong Bank Bhd.		2,039		9,206
Hong Leong Financial Group Bhd.		720		2,925
IHH Healthcare Bhd.		8,589		11,034
IOI Corp. Bhd.		10,246		8,775
Kuala Lumpur Kepong Bhd.		706		3,403
Malayan Banking Bhd.		12,103		23,498


	Shares		Value
Malaysia-(continued)
Malaysia Airports Holdings Bhd.		2,860	$	4,520
Maxis Bhd.		8,242		8,130
MISC Bhd.		2,970		4,861
Nestle Malaysia Bhd.		137		4,162
Petronas Chemicals Group Bhd.		6,829		10,839
Petronas Dagangan Bhd.		720		3,654
PPB Group Bhd.		2,061		7,513
Press Metal Aluminium Holdings Bhd.		10,482		12,102
Public Bank Bhd.		39,961		34,850
QL Resources Bhd.		4,105		5,200
RHB Bank Bhd.		5,415		6,653
Sime Darby Bhd.		12,049		5,862
Sime Darby Plantation Bhd.		10,334		9,916
Telekom Malaysia Bhd.		2,817		3,132
Tenaga Nasional Bhd.		11,450		22,846
Top Glove Corp. Bhd.^(a)		16,368		3,596
Westports Holdings Bhd.		4,255		3,367
YTL Corp. Bhd.		20,793		3,077

				295,434

Mexico-3.48%
Alfa S.A.B. de C.V., Class A		7,320		4,630
Alpek S.A.B. de C.V.		817		861
America Movil S.A.B. de C.V., Class B^(a)		81,883		88,015
Arca Continental S.A.B. de C.V.		1,265		11,999
Banco del Bajio S.A.^(b)(c)		2,103		6,896
Becle S.A.B. de C.V.		2,022		4,652
Cemex S.A.B. de C.V., Series CPO^(a)(e)		38,734		23,190
Coca-Cola FEMSA S.A.B. de C.V., Series L		1,537		12,647
Concentradora Fibra Danhos S.A. de C.V.		817		1,083
El Puerto de Liverpool S.A.B. de C.V., Series C-1		728		4,431
Fibra Uno Administracion S.A. de C.V.		7,299		10,051
Fomento Economico Mexicano S.A.B. de C.V., Series CPO^(f)		5,257		50,976
Gruma S.A.B. de C.V., Class B		698		10,890
Grupo Aeroportuario del Centro Norte S.A.B.de C.V.^(c)		78		855
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B		707		12,537
Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B		352		10,070
Grupo Bimbo S.A.B. de C.V., Series A		6,845		36,542
Grupo Carso S.A.B. de C.V., Series A1		1,535		8,636
Grupo Comercial Chedraui S.A. de C.V.		2,096		12,349
Grupo Elektra S.A.B. de C.V		33		2,108
Grupo Financiero Banorte S.A.B. de C.V., Class O		8,160		70,332
Grupo Financiero Inbursa S.A.B. de C.V., Class O^(a)		5,336		12,944
Grupo Mexico S.A.B. de C.V., Class B		9,326		45,707
Grupo Televisa S.A.B., Series CPO^(g)		7,162		7,242
Industrias Penoles S.A.B. de C.V.^(a)		400		6,127
Kimberly-Clark de Mexico S.A.B. de C.V., Class A^(c)		4,357		9,850
Megacable Holdings S.A.B. de C.V., Series CPO^(h)		528		1,423
Operadora de Sites Mexicanos S.A.B. de C.V., Class A-1		7,624		7,375
Orbia Advance Corp. S.A.B. de C.V.		3,349		7,690

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


		26

Invesco PureBeta^SM FTSE Emerging Markets ETF (PBEE)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
Mexico-(continued)
Prologis Property Mexico S.A. de C.V.		1,750	$	6,025
Promotora y Operadora de Infraestructura
S.A.B de C.V.		320		3,317
Regional S.A.B. de C.V.		117		854
Wal-Mart de Mexico S.A.B. de C.V., Series V		13,529		54,366

				546,670

Philippines-0.91%
Aboitiz Power Corp.		6,427		4,410
ACEN Corp.		17,173		1,864
Alliance Global Group, Inc.		15,114		3,766
Ayala Corp.		698		8,053
Ayala Land, Inc.		21,624		10,405
Bank of the Philippine Islands		6,393		12,420
BDO Unibank, Inc.		6,314		16,416
Bloomberry Resorts Corp.^(a)		3,805		721
Converge Information and Communications Technology Solutions, Inc.^(a)		4,417		941
DMCI Holdings, Inc.		5,797		1,027
Globe Telecom, Inc.		70		2,149
GT Capital Holdings, Inc.		364		3,141
International Container Terminal Services, Inc.		3,192		12,506
JG Summit Holdings, Inc.		8,858		8,109
Jollibee Foods Corp.		1,111		4,513
LT Group, Inc.		5,728		1,051
Manila Electric Co.		768		4,701
Megaworld Corp.		32,523		1,174
Metro Pacific Investments Corp.		55,768		4,461
Metropolitan Bank & Trust Co.		6,304		6,670
Monde Nissin Corp.^(b)		5,384		909
PLDT, Inc.		362		7,869
San Miguel Corp.		770		1,476
Semirara Mining & Power Corp.		1,753		855
SM Prime Holdings, Inc.		28,128		17,242
Universal Robina Corp.		2,300		6,105

				142,954

Qatar-0.99%
Barwa Real Estate Co.		5,881		4,039
Commercial Bank P.S.Q.C. (The)		6,117		9,851
Doha Bank Q.P.S.C.		3,689		1,570
Industries Qatar Q.S.C.		4,681		16,409
Masraf Al Rayan Q.S.C.		11,339		7,944
Mesaieed Petrochemical Holding Co. Q.P.S.C.		13,375		7,275
Ooredoo Q.P.S.C.		1,580		4,293
Qatar Aluminum Manufacturing Co.		8,439		3,570
Qatar Electricity & Water Co. Q.S.C.		1,552		7,150
Qatar Fuel Q.S.C.		971		4,412
Qatar Gas Transport Co. Ltd.		8,377		9,114
Qatar International Islamic Bank Q.S.C.		2,292		6,227
Qatar Islamic Bank (S.A.Q)		3,525		17,335
Qatar National Bank Q.P.S.C.		12,948		54,638
Vodafone Qatar Q.S.C.		4,284		2,015

				155,842

Romania-0.03%
NEPI Rockcastle N.V.		683		4,129

Russia-0.00%
Alrosa PJSC^(a)(d)		5,728		0
Gazprom PJSC^(d)		23,800		0
Inter RAO UES PJSC^(d)		91,895		0


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

				0

Saudi Arabia-5.06%
Abdullah Al Othaim Markets Co.		188		7,168
ACWA Power Co.		435		18,162
Advanced Petrochemical Co.		1,094		13,884
Al Rajhi Bank		4,852		99,350
Alinma Bank		1,812		15,290
Almarai Co. JSC		271		4,256
Arab National Bank		1,372		9,986
Arabian Centres Co. Ltd.		1,281		7,411
Arabian Internet & Communications Services Co.		15		1,116
Bank AlBilad^(a)		2,212		24,386
Bank Al-Jazira		166		859
Banque Saudi Fransi		1,698		17,475
Bupa Arabia for Cooperative Insurance Co.		367		17,260
Company for Cooperative Insurance (The)^(a)		441		12,111
Dallah Healthcare Co.		246		11,150
Dr Sulaiman Al Habib Medical Services Group Co.		181		13,850
Elm Co.		35		4,134
Emaar Economic City^(a)		1,826		4,713
Etihad Etisalat Co.		532		6,525
Jarir Marketing Co.		233		10,138
Mobile Telecommunications Co.^(a)		1,749		6,976
Mouwasat Medical Services Co.		167		10,989
National Industrialization Co.^(a)		1,708		6,211
Qassim Cement Co. (The)		369		6,769
Rabigh Refining & Petrochemical Co.^(a)		254		756
Riyad Bank		3,175		25,395
SABIC Agri-Nutrients Co.		845		30,099
Sahara International Petrochemical Co.		1,741		17,964
Saudi Airlines Catering Co.		581		14,700
Saudi Arabian Mining Co.^(a)		2,362		43,705
Saudi Arabian Oil Co.^(b)		5,538		53,155
Saudi Basic Industries Corp.		2,007		49,390

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


		27

Invesco PureBeta^SM FTSE Emerging Markets ETF (PBEE)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
Saudi Arabia-(continued)
Saudi British Bank (The)		2,514	$	24,230
Saudi Cement Co.		421		6,308
Saudi Electricity Co.		1,197		7,723
Saudi Industrial Investment Group		2,759		18,721
Saudi Kayan Petrochemical Co.^(a)		2,992		10,099
Saudi National Bank (The)		5,424		70,716
Saudi Research & Media Group^(a)		183		10,285
Saudi Tadawul Group Holding Co.		27		1,204
Saudi Telecom Co.		3,857		46,275
Saudia Dairy & Foodstuff Co.		194		14,400
Savola Group (The)		449		3,813
Southern Province Cement Co.		610		8,538
United Electronics Co.		49		1,001
Yamama Cement Co.		119		1,047
Yanbu National Petrochemical Co., Class A		491		5,852

				795,545

Singapore-0.01%
Yangzijiang Financial Holding Ltd.^(a)		5,430		1,567

South Africa-3.64%
Absa Group Ltd.^(c)		1,828		17,760
African Rainbow Minerals Ltd.		347		4,359
Anglo American Platinum Ltd.		158		9,361
Aspen Pharmacare Holdings Ltd.		1,106		11,058
AVI Ltd.		545		2,032
Bid Corp. Ltd.		764		17,395
Bidvest Group Ltd. (The)		1,043		14,293
Capitec Bank Holdings Ltd.		184		16,030
Clicks Group Ltd.^(c)		784		11,463
Dis-Chem Pharmacies Ltd.^(b)		2,211		3,219
Discovery Ltd.^(a)		1,271		9,994
Exxaro Resources Ltd.		435		4,564
FirstRand Ltd.		13,587		47,827
Foschini Group Ltd. (The)		726		3,759
Gold Fields Ltd.		2,552		39,647
Growthpoint Properties Ltd.		8,055		5,608
Harmony Gold Mining Co. Ltd.		1,530		7,161
Impala Platinum Holdings Ltd.^(c)		2,285		22,213
Investec Ltd.		732		4,028
Kumba Iron Ore Ltd.^(c)		184		4,465
Life Healthcare Group Holdings Ltd.^(c)		3,702		4,199
Momentum Metropolitan Holdings		3,315		3,354
Mr Price Group Ltd.		615		5,060
MTN Group Ltd.^(c)		4,759		33,400
MultiChoice Group		1,349		8,447
Naspers Ltd., Class N		526		93,820
Nedbank Group Ltd.		445		5,137
Netcare Ltd.		4,935		4,305
Northam Platinum Holdings Ltd.^(a)		687		6,727
OUTsurance Group Ltd.		2,591		4,932
Pepkor Holdings Ltd.^(b)		4,008		3,716
Pick n Pay Stores Ltd.		784		1,862
Redefine Properties Ltd.		14,358		3,047
Remgro Ltd.^(c)		1,666		12,759
Royal Bafokeng Platinum Ltd.		481		3,776
Sanlam Ltd.^(c)		3,442		10,623
Santam Ltd.		226		3,510
Sappi Ltd.		1,889		4,295
Sasol Ltd.		1,234		16,007
Shoprite Holdings Ltd.^(c)		1,531		18,669


	Shares		Value
South Africa-(continued)
Sibanye Stillwater Ltd.		7,754	$	17,121
Standard Bank Group Ltd.		2,982		27,937
Tiger Brands Ltd.^(c)		553		5,994
Transaction Capital Ltd.		383		255
Vodacom Group Ltd.		1,254		8,589
Woolworths Holdings Ltd.		2,470		8,788

				572,565

Taiwan-16.18%
Accton Technology Corp.		1,679		16,330
Acer, Inc.		9,044		8,899
Advanced Energy Solution Holding Co. Ltd.		30		669
Advantech Co. Ltd.		1,215		14,663
ASE Technology Holding Co. Ltd.		8,720		28,648
Asia Cement Corp.		6,898		9,862
ASMedia Technology, Inc.		107		3,950
ASPEED Technology, Inc.		46		3,913
Asustek Computer, Inc.		1,550		14,243
AUO Corp.		22,137		12,241
Capital Securities Corp.		7,241		3,227
Catcher Technology Co. Ltd.		665		3,915
Cathay Financial Holding Co. Ltd.		22,079		30,487
Chailease Holding Co. Ltd.		3,295		23,901
Chang Hwa Commercial Bank Ltd.		14,107		8,168
Cheng Shin Rubber Industry Co. Ltd.		5,048		6,207
Chicony Electronics Co. Ltd.		3,431		10,826
China Airlines Ltd.		6,693		4,137
China Development Financial Holding Corp.		34,866		14,857
China Steel Corp.		35,324		33,437
Chunghwa Telecom Co. Ltd.		10,361		42,802
Compal Electronics, Inc.		13,543		10,551
CTBC Financial Holding Co. Ltd.		44,440		32,670
Delta Electronics, Inc.		6,211		60,610
E Ink Holdings, Inc.		2,375		14,717
E.Sun Financial Holding Co. Ltd.		22,553		18,304
Eclat Textile Co. Ltd.		409		6,486
eMemory Technology, Inc.		123		7,302
ENNOSTAR, Inc.		2,343		3,803
Eva Airways Corp.		7,049		6,157
Evergreen Marine Corp. Taiwan Ltd.		2,831		14,872
Far Eastern International Bank		8,112		2,955
Far Eastern New Century Corp.		13,642		14,156
Far EasTone Telecommunications Co. Ltd.		5,935		15,232
Feng TAY Enterprise Co. Ltd.		1,394		8,638
First Financial Holding Co. Ltd.		28,639		25,246
Formosa Chemicals & Fibre Corp.		9,565		21,437
Formosa Petrochemical Corp.		2,119		5,983
Formosa Plastics Corp.		10,826		33,067
Formosa Taffeta Co. Ltd.		4,565		4,202
Foxconn Technology Co. Ltd.		2,954		5,179
Fubon Financial Holding Co. Ltd.		20,174		38,717
Giant Manufacturing Co. Ltd.		530		3,164
Globalwafers Co. Ltd.		615		9,622
Hiwin Technologies Corp.		414		3,165
Hon Hai Precision Industry Co. Ltd.		31,576		107,333
Hotai Motor Co. Ltd.		719		15,459
HTC Corp.^(a)		4,456		8,218
Hua Nan Financial Holdings Co. Ltd.		25,518		18,178
Innolux Corp.		23,769		10,360
Inventec Corp.		9,361		10,079

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


		28

Invesco PureBeta^SM FTSE Emerging Markets ETF (PBEE)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
Taiwan-(continued)
Largan Precision Co. Ltd.		308	$	20,138
Lite-On Technology Corp.		4,191		10,020
MediaTek, Inc.		3,962		85,703
Mega Financial Holding Co. Ltd.		28,958		32,074
Micro-Star International Co. Ltd.		2,256		10,677
momo.com, Inc.		148		3,991
Nan Ya Plastics Corp.		13,774		34,948
Nan Ya Printed Circuit Board Corp.		558		4,982
Nien Made Enterprise Co. Ltd.		92		1,010
Novatek Microelectronics Corp.		1,604		21,835
Oneness Biotech Co. Ltd.^(a)		526		4,124
Pegatron Corp.		4,307		9,807
Pou Chen Corp.		7,117		7,350
Powerchip Semiconductor Manufacturing Corp.		5,000		4,830
President Chain Store Corp.		1,810		15,926
Quanta Computer, Inc.		7,635		21,334
Realtek Semiconductor Corp.		1,390		16,232
Ruentex Development Co. Ltd.		4,500		5,240
Shanghai Commercial & Savings Bank Ltd. (The)		9,168		13,852
Shin Kong Financial Holding Co. Ltd.		34,734		9,468
Sino-American Silicon Products, Inc.		936		4,491
SinoPac Financial Holdings Co. Ltd.		36,645		19,906
Synnex Technology International Corp.		6,337		12,760
Taishin Financial Holding Co. Ltd.		23,868		13,431
Taiwan Business Bank		7,964		3,614
Taiwan Cement Corp.		14,721		18,531
Taiwan Cooperative Financial Holding Co. Ltd.		29,408		25,589
Taiwan Fertilizer Co. Ltd.		3,909		7,515
Taiwan Glass Industry Corp.		4,310		2,846
Taiwan Mobile Co. Ltd.		3,118		10,497
Taiwan Semiconductor Manufacturing Co. Ltd.		62,093		1,013,928
Teco Electric and Machinery Co. Ltd.		7,581		10,887
Transcend Information, Inc.		3,363		7,767
U-Ming Marine Transport Corp.		2,000		3,539
Unimicron Technology Corp.		3,507		16,541
Uni-President Enterprises Corp.		13,200		31,602
United Microelectronics Corp.		31,862		50,888
Vanguard International Semiconductor Corp.		3,030		8,545
Voltronic Power Technology Corp.		126		7,214
Walsin Lihwa Corp.		9,044		14,606
Walsin Technology Corp.		1,267		3,932
Wan Hai Lines Ltd.		2,173		4,594
Win Semiconductors Corp.		1,094		5,818
Winbond Electronics Corp.		6,926		5,846
Wistron Corp.		7,111		10,756
Wiwynn Corp.		293		11,103
Yageo Corp.		969		15,634
Yang Ming Marine Transport Corp.		3,839		7,880
Yuanta Financial Holding Co. Ltd.		35,467		26,073
Zhen Ding Technology Holding Ltd.		509		1,846

				2,542,964

Thailand-2.67%
Advanced Info Service PCL, NVDR		3,444		21,583
Airports of Thailand PCL, NVDR^(a)		13,252		28,427
Asset World Corp. PCL, NVDR		23,334		3,622
B. Grimm Power PCL, NVDR		2,372		2,692
Bangkok Dusit Medical Services PCL, NVDR		26,813		22,967


	Shares		Value
Thailand-(continued)
Bangkok Expressway & Metro PCL, NVDR		26,195	$	6,789
Banpu PCL, NVDR		14,536		3,874
Berli Jucker PCL, NVDR		3,370		3,849
BTS Group Holdings PCL, NVDR		24,387		5,499
Bumrungrad Hospital PCL, NVDR		1,065		7,423
Central Pattana PCL, NVDR		7,722		15,377
Central Retail Corp. PCL, NVDR		2,450		3,211
Charoen Pokphand Foods PCL, NVDR		10,891		6,475
CP ALL PCL, NVDR		15,206		28,833
Delta Electronics Thailand PCL, NVDR		7,890		16,809
Electricity Generating PCL, NVDR		882		4,042
Energy Absolute PCL, NVDR		6,357		12,613
Global Power Synergy PCL, NVDR		1,364		2,556
Gulf Energy Development PCL, NVDR		13,285		19,744
Home Product Center PCL, NVDR		18,909		7,752
Indorama Ventures PCL, NVDR		6,527		6,499
Intouch Holdings PCL, NVDR		7,499		16,470
IRPC PCL, NVDR		7,485		517
Kasikornbank PCL, NVDR		1,267		4,638
Krung Thai Bank PCL, NVDR		16,222		8,551
Krungthai Card PCL, NVDR		4,732		7,310
Land & Houses PCL, NVDR		22,042		6,326
Minor International PCL, NVDR		11,934		11,009
Muangthai Capital PCL, NVDR		2,468		2,457
Osotspa PCL, NVDR		4,028		3,480
PTT Exploration & Production PCL, NVDR		3,705		16,058
PTT Global Chemical PCL, NVDR		3,695		4,491
PTT PCL, NVDR		34,257		31,099
Ratch Group PCL, NVDR		2,575		2,847
SCB X PCL, NVDR		5,850		17,731
SCG Packaging PCL, NVDR		583		751
Siam Cement PCL (The), NVDR		2,513		23,108
Siam Makro PCL, NVDR		4,987		5,513
Srisawad Corp. PCL, NVDR		2,259		3,672
Thai Oil PCL, NVDR		3,260		4,439
Thai Union Group PCL, NVDR		9,671		3,908
TMBThanachart Bank PCL, NVDR		50,173		2,131
TMBThanachart Bank PCL, Wts., expiring 10/25/2025^(a)		1,044		15
True Corp. PCL, NVDR		56,262		13,099

				420,256

Turkey-1.00%
Akbank T.A.S.		7,231		5,968
Aksa Akrilik Kimya Sanayii A.S.		230		776
Aksa Enerji Uretim A.S.		1,904		2,739
Arcelik A.S.		698		3,476
Aselsan Elektronik Sanayi Ve Ticaret A.S.		2,132		4,902
Bera Holding A.S.		573		299
BIM Birlesik Magazalar A.S.		1,461		11,734
Can2 Termik A.S.^(a)		883		2,207
Coca-Cola Icecek A.S.		313		3,790
Ege Endustri ve Ticaret A.S.		3		701
EIS Eczacibasi Ilac, Sinai ve Finansal Yatirimlar Sanayi ve Ticaret A.S.		1,896		2,888
Emlak Konut Gayrimenkul Yatirim Ortakligi A.S.		2,378		735
Enka Insaat ve Sanayi A.S.		3,469		4,877
Eregli Demir ve Celik Fabri kalari TAS		3,560		6,066

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


		29

Invesco PureBeta^SM FTSE Emerging Markets ETF (PBEE)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
Turkey-(continued)
Europen Endustri Insaat Sanayi VE Ticaret A.S.^(a)		800	$	405
Ford Otomotiv Sanayi A.S.		198		5,471
Girisim Elektrik Taahhut Ticaret ve Sanayi A.S.^(a)		304		1,047
Gubre Fabrikalari TAS^(a)		546		5,674
Haci Omer Sabanci Holding A.S.		3,524		6,922
Hektas Ticaret T.A.S.^(a)		2,892		4,006
Is Gayrimenkul Yatirim Ortakligi A.S.^(a)		1,825		772
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S., Class D		2,102		1,619
Karsan Otomotiv Sanayii Ve Ticaret A.S.^(a)		2,882		1,260
Kizilbuk Gayrimenkul Yatirim Ortakligi A.S.^(a)		800		699
KOC Holding A.S.		2,579		10,032
Kontrolmatik Enerji Ve Muhendislik A.S.		136		925
Konya Cimento Sanayii A.S.^(a)		3		439
Koza Altin Isletmeleri A.S.		1,104		1,072
Migros Ticaret A.S.^(a)		94		843
Nuh Cimento Sanayi A.S.		92		611
ODAS Elektrik Uretim ve Sanayi Ticaret A.S.^(a)		1,807		554
Oyak Cimento Fabrikalari A.S.^(a)		2,325		3,610
Pegasus Hava Tasimaciligi A.S.^(a)		84		1,917
Penta Teknoloji Urunleri Dagitim Ticaret A.S.^(a)		963		738
Petkim Petrokimya Holding A.S.^(a)		4,461		2,982
Sasa Polyester Sanayi A.S.^(a)		1,091		5,587
Smart Gunes Enerjisi Teknolojileri Arastirma Gelistirme Uretim Sanayi ve Ticaret A.S.^(a)		130		468
Tekfen Holding A.S.		308		456
Tofas Turk Otomobil Fabrikasi A.S.		139		1,372
Turk Hava Yollari AO^(a)		3,375		22,178
Turkcell Iletisim Hizmetleri A.S.		3,128		5,324
Turkiye Garanti Bankasi A.S.		785		1,105
Turkiye Is Bankasi A.S., Class C		9,887		5,506
Turkiye Petrol Rafinerileri A.S.		1,750		5,966
Turkiye Sinai Kalkinma Bankasi A.S.^(a)		2,535		512
Turkiye Sise ve Cam Fabrikalari A.S.		2,493		4,725
Turkiye Vakiflar Bankasi T.A.O., Class D^(a)		590		261
Ulker Biskuvi Sanayi A.S.^(a)		272		420
Yapi ve Kredi Bankasi A.S.		1,781		867
Zorlu Enerji Elektrik Uretim A.S.^(a)		980		223

				157,726

United Arab Emirates-1.83%
Abu Dhabi Commercial Bank PJSC		8,540		20,513
Abu Dhabi Islamic Bank PJSC		3,649		11,289
Abu Dhabi National Oil Co. for Distribution PJSC		888		1,062
Abu Dhabi Ports Co. PJSC^(a)		3,783		7,057
ADNOC Drilling Co. PJSC		3,114		3,638
Air Arabia PJSC		18,556		11,067
AL Seer Marine Supplies & Equipment Co. LLC^(a)		385		804
Aldar Properties PJSC		11,465		16,860
Alpha Dhabi Holding PJSC^(a)		3,437		20,592


	Shares		Value
United Arab Emirates-(continued)
Americana Restaurants International PLC		2,012	$	2,148
Apex Investment Co. PSC^(a)		566		302
Dana Gas PJSC		34,626		8,430
Dubai Electricity and Water Authority PJSC		8,376		5,657
Dubai Financial Market PJSC		4,923		2,011
Dubai Investments PJSC		22,340		14,906
Dubai Islamic Bank PJSC		5,385		8,154
Emaar Development PJSC		5,974		8,964
Emaar Properties PJSC		10,494		16,947
Emirates Telecommunications Group Co. PJSC		9,564		62,510
Fertiglobe PLC		3,350		3,503
First Abu Dhabi Bank PJSC		12,279		47,417
Ghitha Holding PJSC^(a)		43		497
Multiply Group PJSC^(a)		8,956		8,195
National Marine Dredging Co.^(a)		283		1,672
Q Holding PJSC^(a)		4,718		3,276

				287,471

United States-0.15%
GCC S.A.B. de C.V.		865		6,854
JBS S.A.		3,168		11,335
Parade Technologies Ltd.		176		5,370

				23,559

Total Common Stocks & Other Equity Interests (Cost $16,416,051)				14,317,222


Exchange-Traded Funds-8.76%
India-8.76%
Invesco India ETF⁽ⁱ⁾		33,358		715,742
iShares MSCI India ETF^(a)(c)		16,075		661,004

Total Exchange-Traded Funds (Cost $1,447,441)				1,376,746

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.84% (Cost $17,863,492)				15,693,968


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-9.03%
Invesco Private Government Fund, 4.83%^(i)(j)(k)		397,177		397,177
Invesco Private Prime Fund, 4.99%^(i)(j)(k)		1,021,312		1,021,312

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,418,642)				1,418,489

TOTAL INVESTMENTS IN SECURITIES-108.87% (Cost $19,282,134)				17,112,457
OTHER ASSETS LESS LIABILITIES-(8.87)%				(1,393,798	)

NET ASSETS-100.00%			$	15,718,659

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


		30

Invesco PureBeta^SM FTSE Emerging Markets ETF (PBEE)–(continued)

April 30, 2023

(Unaudited)

Investment Abbreviations:

ADR-American Depositary Receipt

CPO-Certificates of Ordinary Participation

ETF-Exchange-Traded Fund

GDR-Global Depositary Receipt

NVDR-Non-Voting Depositary Receipt

Rts.-Rights

Wts.-Warrants

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2023 was $1,420,990, which represented 9.04% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at April 30, 2023.

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

^(e)	Each CPO for Cemex S.A.B. de C.V. represents two Series A shares and one Series B share.

^(f)	Each CPO for Fomento Economico Mexicano, S.A.B. de C.V. represents one Series B share and four Series D shares.

^(g)	Each CPO for Grupo Televisa S.A.B. Series CPO. represents twenty-five Series A shares, twenty-two Series B shares, thirty-five Series D shares and thirty-five Series L shares.

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

⁽ⁱ⁾


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain				Value April 30, 2023			Dividend Income

Invesco India ETF		$	683,293		$	115,858		$	(7,360	)		$	(75,441	)		$	82,219			$	715,742		$	-

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			-			118,804			(118,804	)			-				-				-			172

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			175,821			3,664,553			(3,443,197	)			-				-				397,177			6,194	*

Invesco Private Prime Fund			451,899			6,454,676			(5,885,145	)			(192	)			74				1,021,312			16,996	*

Total		$	1,311,013		$	10,353,891		$	(9,454,506	)		$	(75,633	)		$	82,293	*		$	2,134,231		$	23,362

*	Includes capital gains distributions from affiliated underlying funds as follows:

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

^(j)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

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


Fund Name		Capital Gain
Invesco India ETF		$82,827

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


		31

Invesco PureBeta^SM FTSE Emerging Markets ETF (PBEE)–(continued)

April 30, 2023

(Unaudited)

Portfolio Composition

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

as of April 30, 2023



Financials			20.32

Information Technology			14.64

Consumer Discretionary			11.99

Communication Services			9.83

Exchange-Traded Funds			8.76

Materials			7.94

Industrials			6.71

Consumer Staples			6.31

Energy			4.50

Health Care			3.72

Sector Types Each Less Than 3%			5.12

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.


		32

Statement of Assets and Liabilities

April 30, 2023

(Unaudited)


	Invesco PureBeta^SM0-5 Yr US TIPS ETF (PBTP)				Invesco PureBeta^SMFTSE Developed ex-North America ETF (PBDM)				Invesco PureBeta^SMFTSE Emerging Markets ETF (PBEE)
Assets:
Unaffiliated investments in securities, at value^(a)		$	89,304,468			$	13,061,704			$	14,978,226
Affiliated investments in securities, at value			51,181				650,971				2,134,231
Foreign currencies, at value.			-				534				11,366
Receivable for:
Dividends and interest			130,124				76,719				40,494
Securities lending			-				452				467
Investments sold			4,967,389				236,937				-
Fund shares sold			-				2,143				-
Foreign tax reclaims			-				74,713				-

Total assets			94,453,162				14,104,173				17,164,784


Liabilities:
Due to custodian			-				224,962				14,979
Payable for:
Investments purchased			5,016,373				1,846				1
Collateral upon return of securities loaned			-				650,971				1,418,642
Accrued unitary management fees			5,186				752				1,375
Other payables			-				-				11,128

Total liabilities			5,021,559				878,531				1,446,125

Net Assets		$	89,431,603			$	13,225,642			$	15,718,659


Net assets consist of:
Shares of beneficial interest		$	95,987,591			$	30,153,733			$	18,833,101
Distributable earnings (loss)			(6,555,988	)			(16,928,091	)			(3,114,442	)

Net Assets		$	89,431,603			$	13,225,642			$	15,718,659

Shares outstanding (unlimited amount authorized, $0.01 par value)			3,580,001				500,001				700,001
Net asset value		$	24.98			$	26.45			$	22.46

Market price		$	24.98			$	26.41			$	22.50

Unaffiliated investments in securities, at cost		$	93,660,008			$	14,698,218			$	17,082,008

Affiliated investments in securities, at cost		$	51,181			$	650,971			$	2,200,126

Foreign currencies, at cost		$	-			$	530			$	11,420

^(a)Includes securities on loan with an aggregate value of:		$	-			$	615,019			$	1,385,889

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


		33

Statements of Operations

For the six months ended April 30, 2023

(Unaudited)


	Invesco PureBeta^SM0-5 Yr US TIPS ETF (PBTP)				Invesco PureBeta^SMFTSE Developed ex-North America ETF (PBDM)				Invesco PureBeta^SMFTSE Emerging Markets ETF (PBEE)
Investment income:
Unaffiliated interest income		$	957,946			$	-			$	-
Unaffiliated dividend income			-				792,506				158,606
Affiliated dividend income			1,504				1,337				172
Non-cash dividend income			-				20,576				-
Securities lending income, net			24				9,955				3,724
Foreign withholding tax			-				(70,746	)			(11,031	)

Total investment income			959,474				753,628				151,471


Expenses:
Unitary management fees			36,495				23,470				10,899

Less: Waivers			(32	)			(35	)			(2,480	)

Net expenses			36,463				23,435				8,419

Net investment income			923,011				730,193				143,052


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(948,510	)			(1,829,737	)			(238,014	)
Affiliated investment securities			-				503				(534	)
In-kind redemptions			(1,145,151	)			(11,512,727	)			-
Foreign currencies			-				17,886				1,647
Distributions of underlying fund shares			-				-				82,827

Net realized gain (loss)			(2,093,661	)			(13,324,075	)			(154,074	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			3,949,907				24,850,079				2,251,523
Affiliated investment securities			-				131				(75,633	)
Foreign currencies			-				10,459				38

Change in net unrealized appreciation			3,949,907				24,860,669				2,175,928

Net realized and unrealized gain			1,856,246				11,536,594				2,021,854

Net increase in net assets resulting from operations		$	2,779,257			$	12,266,787			$	2,164,906

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


		34

Statements of Changes in Net Assets

For the six months ended April 30, 2023 and the year ended October 31, 2022

(Unaudited)


	Invesco PureBeta^SM0-5 Yr US TIPS ETF (PBTP)								Invesco PureBeta^SMFTSE Developed ex-North America ETF (PBDM)								Invesco PureBeta^SMFTSE Emerging Markets ETF (PBEE)
	Six Months Ended April 30, 2023				Year Ended October 31, 2022				Six Months Ended April 30, 2023				Year Ended October 31, 2022				Six Months Ended April 30, 2023				Year Ended October 31, 2022
Operations:
Net investment income		$	923,011			$	5,908,487			$	730,193			$	2,710,025			$	143,052			$	474,298
Net realized gain (loss)			(2,093,661	)			(922,791	)			(13,324,075	)			(1,236,292	)			(154,074	)			(567,628	)
Change in net unrealized appreciation (depreciation)			3,949,907				(8,750,936	)			24,860,669				(27,153,404	)			2,175,928				(4,621,839	)

Net increase (decrease) in net assets resulting from operations			2,779,257				(3,765,240	)			12,266,787				(25,679,671	)			2,164,906				(4,715,169	)


Distributions to Shareholders from:
Distributable earnings			(1,245,075	)			(5,579,040	)			(924,196	)			(3,114,627	)			(149,716	)			(500,783	)


Shareholder Transactions:
Proceeds from shares sold			2,953,639				112,102,622				-				38,575,699				-				7,537,315
Value of shares repurchased			(36,691,641	)			(33,948,435	)			(76,110,664	)			(2,348,895	)			-				-
Transaction fees			-				-				-				-				-				15,230

Net increase (decrease) in net assets resulting from share transactions			(33,738,002	)			78,154,187				(76,110,664	)			36,226,804				-				7,552,545

Net increase (decrease) in net assets			(32,203,820	)			68,809,907				(64,768,073	)			7,432,506				2,015,190				2,336,593


Net assets:
Beginning of period			121,635,423				52,825,516				77,993,715				70,561,209				13,703,469				11,366,876

End of period		$	89,431,603			$	121,635,423			$	13,225,642			$	77,993,715			$	15,718,659			$	13,703,469


Changes in Shares Outstanding:
Shares sold			120,000				4,290,000				-				1,300,000				-				300,000
Shares repurchased			(1,490,000	)			(1,320,000	)			(3,100,000	)			(100,000	)			-				-
Shares outstanding, beginning of period			4,950,001				1,980,001				3,600,001				2,400,001				700,001				400,001

Shares outstanding, end of period			3,580,001				4,950,001				500,001				3,600,001				700,001				700,001

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


		35

Financial Highlights

Invesco PureBeta^SM 0-5 Yr US TIPS ETF (PBTP)


	Six Months Ended
	April 30,
	2023				Years Ended October 31,

	(Unaudited)				2022				2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	24.57			$	26.68			$	25.74			$	24.89			$	24.40			$	24.99

Net investment income^(a)			0.22				1.58				1.12				0.35				0.59				0.63
Net realized and unrealized gain (loss) on investments			0.46				(2.29	)			0.53				0.71				0.39				(0.55	)

Total from investment operations			0.68				(0.71	)			1.65				1.06				0.98				0.08

Distributions to shareholders from:
Net investment income			(0.26	)			(1.39	)			(0.69	)			(0.21	)			(0.49	)			(0.67	)
Net realized gains			(0.01	)			(0.01	)			(0.02	)			-				-				-

Total distributions			(0.27	)			(1.40	)			(0.71	)			(0.21	)			(0.49	)			(0.67	)

Net asset value at end of period		$	24.98			$	24.57			$	26.68			$	25.74			$	24.89			$	24.40

Market price at end of period^(b)		$	24.98			$	24.59			$	26.70			$	25.75			$	24.90			$	24.40

Net Asset Value Total Return^(c)			2.78	%			(2.79	)%			6.46	%			4.28	%			4.04	%			0.33	%
Market Price Total Return^(c)			2.69	%			(2.78	)%			6.50	%			4.28	%			4.07	%			0.33	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	89,432			$	121,635			$	52,826			$	12,870			$	7,467			$	2,440
Ratio to average net assets of:
Expenses			0.07	%^(d)			0.07	%			0.07	%			0.07	%			0.20	%^(e)			0.07	%
Net investment income			1.77	%^(d)			6.14	%			4.26	%			1.40	%			2.39	%^(e)			2.53	%
Portfolio turnover rate^(f)			19	%			27	%			28	%			29	%			30	%			19	%

^(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 0.13%.

^(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.


		36

Financial Highlights–(continued)

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


	Six Months Ended
	April 30,
	2023				Years Ended October 31,

	(Unaudited)				2022				2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	21.66			$	29.40			$	22.43			$	24.31			$	22.80			$	25.37

Net investment income^(a)			0.27				0.74				0.78				0.53				0.69				0.73
Net realized and unrealized gain (loss) on investments			4.80				(7.62	)			6.78				(1.88	)			1.61				(2.60	)

Total from investment operations			5.07				(6.88	)			7.56				(1.35	)			2.30				(1.87	)

Distributions to shareholders from:
Net investment income			(0.28	)			(0.86	)			(0.59	)			(0.53	)			(0.77	)			(0.70	)
Net realized gains			-				-				-				-				(0.02	)			-

Total distributions			(0.28	)			(0.86	)			(0.59	)			(0.53	)			(0.79	)			(0.70	)

Net asset value at end of period		$	26.45			$	21.66			$	29.40			$	22.43			$	24.31			$	22.80

Market price at end of period^(b)		$	26.41			$	21.72			$	29.51			$	22.63			$	24.35			$	23.03

Net Asset Value Total Return^(c)			23.53	%			(23.71	)%			33.78	%			(5.33	)%			10.31	%			(7.60	)%
Market Price Total Return^(c)			23.00	%			(23.80	)%			33.09	%			(4.66	)%			9.37	%			(7.30	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	13,226			$	77,994			$	70,561			$	2,243			$	2,431			$	2,280
Ratio to average net assets of:
Expenses			0.07	%^(d)			0.07	%			0.07	%			0.07	%			0.37	%^(e)			0.07	%
Net investment income			2.18	%^(d)			2.89	%			2.77	%			2.30	%			2.99	%^(e)			2.89	%
Portfolio turnover rate^(f)			4	%			6	%			7	%			3	%			4	%			7	%

^(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 0.30%.

^(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

Financial Highlights–(continued)

Invesco PureBeta^SM FTSE Emerging Markets ETF (PBEE)


	Six Months Ended
	April 30,
	2023				Years Ended October 31,

	(Unaudited)				2022				2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	19.58			$	28.42			$	24.72			$	23.86			$	21.66			$	25.07

Net investment income^(a)			0.20				0.83				0.76				0.55				0.74	^(b)			0.66
Net realized and unrealized gain (loss) on investments			2.89				(8.81	)			3.45				1.06				2.06				(3.42	)

Total from investment operations			3.09				(7.98	)			4.21				1.61				2.80				(2.76	)

Distributions to shareholders from:
Net investment income			(0.21	)			(0.89	)			(0.51	)			(0.75	)			(0.60	)			(0.65	)

Transaction fees^(a)			-				0.03				-				-				-				-

Net asset value at end of period		$	22.46			$	19.58			$	28.42			$	24.72			$	23.86			$	21.66

Market price at end of period^(c)		$	22.50			$	19.64			$	28.36			$	24.97			$	23.82			$	21.75

Net Asset Value Total Return^(d)			15.84	%			(28.46	)%			17.02	%			7.08	%			13.02	%			(11.28	)%
Market Price Total Return^(d)			15.69	%			(28.09	)%			15.61	%			8.33	%			12.34	%			(11.38	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	15,719			$	13,703			$	11,367			$	2,472			$	2,386			$	2,166
Ratio to average net assets of:
Expenses, after Waivers			0.11	%^(e)(f)			0.11	%^(f)			0.10	%^(f)			0.11	%^(f)			0.39	%^(f)(g)			0.11	%
Expenses, prior to Waivers			0.14	%^(e)(f)			0.15	%^(f)			0.14	%^(f)			0.14	%^(f)			0.43	%^(f)(g)			0.14	%
Net investment income			1.84	%^(e)			3.37	%			2.63	%			2.35	%			3.16	%^(b)(g)			2.64	%
Portfolio turnover rate^(h)			5	%			13	%			32	%			18	%			13	%			16	%

^(a)	Based on average shares outstanding.

^(b)

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

^(d)

^(e)	Annualized.

^(f)

^(g)	Ratios include non-recurring costs associated with a proxy statement of 0.29%.

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

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


		38

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

April 30, 2023

(Unaudited)

NOTE 1–Organization


Full Name		Short Name

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

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

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

PureBeta^SM FTSE Developed ex-North America ETF and PureBeta^SM FTSE Emerging Markets ETF will liquidate and terminate on or about June 30, 2023. In connection with the liquidation of these Funds, each Fund will make a cash distribution of its net assets to then-current shareholders after making appropriate provisions for any of its liabilities.

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

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


Fund		Underlying Index

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

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

PureBeta^SMFTSE Emerging Markets ETF		FTSE Emerging Index

NOTE 2–Significant Accounting Policies

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

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

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


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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, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions 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.


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

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

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.

Foreign Withholding Taxes - Certain Funds are subject to foreign withholding tax imposed by certain foreign countries in which the Funds may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. Certain Funds may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. Certain Funds will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for Foreign tax reclaims on the Statements of Assets and Liabilities. There is no guarantee that a Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as Foreign withholding tax claims in the Statements of Operations, and any related interest is included in Unaffiliated interest income. Certain Funds may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are excluded from the unitary management fee and are reflected on the Statements of Operations as Professional fees, if any. In the event tax refunds received by a Fund during the fiscal year exceed the foreign withholding taxes paid by a Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing


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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 or the Adviser (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.

Treasury Inflation-Protected Securities - PureBeta^SM 0-5 Yr US TIPS ETF may invest in Treasury Inflation-Protected Securities (“TIPS”). TIPS are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The principal value of TIPS will be adjusted upward or downward, and any increase or decrease in the principal amount of TIPS will be included as Treasury Inflation-Protected Securities inflation adjustment in the Statements of Operations, even though investors do not receive their principal until maturity.

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


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agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2023, PureBeta^SM FTSE Emerging Markets ETF had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by that Fund as listed below:


		Amount

PureBetaSM FTSE Emerging Markets ETF		$122

M.	Other Risks

China Investment Risk. Investments in companies located or operating in Greater China (normally considered to be the geographical area that includes mainland China, Hong Kong, Macau and Taiwan) involve risks and considerations not typically associated with investments in the U.S. and other Western nations, such as greater government control over the economy; political, legal and regulatory uncertainty; nationalization, expropriation, or confiscation of property; difficulty in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; limited legal remedies for shareholders; alteration or discontinuation of economic reforms; military conflicts, either internal or with other countries; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of Greater China; and Greater China’s dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country within Greater China may impact the other countries in the region or Greater China as a whole. Export growth continues to be a major driver of China’s rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of additional tariffs or other trade barriers (or the threat thereof), including as a result of trade tensions between China and the United States, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the


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Chinese economy. In addition, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by a Fund. Further, health events, such as disease outbreaks and pandemics, may cause uncertainty and volatility in the Chinese economy, especially in the consumer discretionary (leisure, retail, gaming, tourism), industrials, and commodities sectors. Additionally, any difficulties of the Public Company Accounting Oversight Board (“PCAOB”) to inspect audit work papers and practices of PCAOB-registered accounting firms in China with respect to their audit work of U.S. reporting companies may impose significant additional risks associated with investments in China.


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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.

Inflation-Linked Security Risk. The value of inflation-linked securities generally will fluctuate in response to changes in real interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation -indexed securities will generally vary up or down along with the rate of inflation.

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

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

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


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

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

PureBeta^SM0-5 Yr US TIPS ETF		0.07%

PureBeta^SMFTSE Developed ex-North America ETF		0.07%

PureBeta^SMFTSE Emerging Markets ETF		0.14%

For the six months ended April 30, 2023, the Adviser waived fees for each Fund in the following amounts:



PureBeta^SM0-5 Yr US TIPS ETF	$	32

PureBeta^SMFTSE Developed ex-North America ETF		35

PureBeta^SMFTSE Emerging Markets ETF		2,480


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


Fund		Licensor

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

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

PureBeta^SMFTSE Emerging Markets ETF		FTSE International Ltd.



PureBeta^SMFTSE Developed ex-North America ETF	$	215

PureBeta^SMFTSE Emerging Markets ETF		27

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 the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total

PureBeta^SM0-5 Yr US TIPS ETF

Investments in Securities

U.S. Treasury Securities	$	-	$	89,304,468	$	-	$	89,304,468

Money Market Funds		51,181		-		-		51,181

Total Investments	$	51,181	$	89,304,468	$	-	$	89,355,649


PureBeta^SMFTSE Developed ex-North America ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	13,061,167	$	537	$	0	$	13,061,704

Money Market Funds		-		650,971		-		650,971

Total Investments	$	13,061,167	$	651,508	$	0	$	13,712,675


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	Level 1		Level 2		Level 3		Total

PureBeta^SMFTSE Emerging Markets ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	14,229,990	$	-	$	87,232	$	14,317,222

Exchange-Traded Funds		1,376,746		-		-		1,376,746

Money Market Funds		-		1,418,489		-		1,418,489

Total Investments	$	15,606,736	$	1,418,489	$	87,232	$	17,112,457

NOTE 5–Tax Information

The Funds had capital loss carryforwards as of October 31, 2022, as follows:


	No expiration
	Short-Term		Long-Term		Total*

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

PureBeta^SMFTSE Developed ex-North America ETF		965,521		427,653		1,393,174

PureBeta^SMFTSE Emerging Markets ETF		194,310		318,411		512,721

*	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

PureBeta^SMFTSE Developed ex-North America ETF	$	2,264,799	$	5,657,534

PureBeta^SMFTSE Emerging Markets ETF		828,220		716,165

For the six months ended April 30, 2023, in-kind transactions associated with creations and redemptions were as follows:


	In-kind Purchases		In-kind Sales

PureBeta^SM0-5 Yr US TIPS ETF	$	2,446,330	$	32,953,245

PureBeta^SMFTSE Developed ex-North America ETF		-		72,689,996

PureBeta^SMFTSE Emerging Markets ETF		-		-

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

PureBeta^SM0-5 Yr US TIPS ETF		$ 76,088		$(4,941,113)		$(4,865,025)		$94,220,674

PureBeta^SMFTSE Developed ex-North America ETF		649,475		(2,667,849)		(2,018,374)		15,731,049

PureBeta^SMFTSE Emerging Markets ETF		1,029,114		(3,478,282)		(2,449,168)		19,561,625

NOTE 7–Trustees’ and Officer’s Fees


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NOTE 8–Capital

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

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


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Calculating your ongoing Fund expenses

Example

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2022 through April 30, 2023.

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

Actual Expenses

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 transaction 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 November 1, 2022			Ending Account Value April 30, 2023			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco PureBeta^SM0-5 Yr US TIPS ETF (PBTP)

Actual		$	1,000.00		$	1,027.80		0.07	%		$	0.35

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

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

Actual			1,000.00			1,235.30		0.07				0.39

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


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Calculating your ongoing Fund expenses–(continued)


	Beginning Account Value November 1, 2022			Ending Account Value April 30, 2023			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco PureBeta^SMFTSE Emerging Markets ETF (PBEE)

Actual		$	1,000.00		$	1,158.40		0.11	%		$	0.59

Hypothetical (5% return before expenses)			1,000.00			1,024.25		0.11				0.55

⁽¹⁾


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Approval of Investment Advisory and Sub-Advisory Contracts


Invesco 1-30 Laddered Treasury ETF		Invesco PureBeta^SM MSCI USA Small Cap ETF
Invesco Alerian Galaxy Blockchain Users and Decentralized		Invesco PureBeta^SM US Aggregate Bond ETF
Commerce ETF		Invesco Russell 1000 Equal Weight ETF
Invesco Alerian Galaxy Crypto Economy ETF		Invesco S&P 500^® Enhanced Value ETF
Invesco California AMT-Free Municipal Bond ETF		Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF
Invesco CEF Income Composite ETF		Invesco S&P 500^® High Beta ETF
Invesco China Technology ETF		Invesco S&P 500^® High Dividend Low Volatility ETF
Invesco DWA Developed Markets Momentum ETF		Invesco S&P 500^® Low Volatility ETF
Invesco DWA Emerging Markets Momentum ETF		Invesco S&P 500 Minimum Variance ETF
Invesco DWA SmallCap Momentum ETF		Invesco S&P 500^® Momentum ETF
Invesco Emerging Markets Sovereign Debt ETF		Invesco S&P 500 QVM Multi-factor ETF
Invesco ESG NASDAQ 100 ETF		Invesco S&P 500 Revenue ETF
Invesco ESG NASDAQ Next Gen 100 ETF		Invesco S&P Emerging Markets Low Volatility ETF
Invesco ESG S&P 500 Equal Weight ETF		Invesco S&P Emerging Markets Momentum ETF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		Invesco S&P International Developed Low Volatility ETF
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		Invesco S&P International Developed Momentum ETF
Invesco FTSE RAFI Emerging Markets ETF		Invesco S&P International Developed Quality ETF
Invesco Fundamental High Yield^® Corporate Bond ETF		Invesco S&P MidCap 400 QVM Multi-factor ETF
Invesco Fundamental Investment Grade Corporate Bond ETF		Invesco S&P MidCap 400 Revenue ETF
Invesco Global Clean Energy ETF		Invesco S&P MidCap Low Volatility ETF
Invesco Global Short Term High Yield Bond ETF		Invesco S&P SmallCap 600 QVM Multi-factor ETF
Invesco Global Water ETF		Invesco S&P SmallCap 600 Revenue ETF
Invesco International BuyBack Achievers^™ ETF		Invesco S&P SmallCap Consumer Discretionary ETF
Invesco International Corporate Bond ETF		Invesco S&P SmallCap Consumer Staples ETF
Invesco KBW Bank ETF		Invesco S&P SmallCap Energy ETF
Invesco KBW High Dividend Yield Financial ETF		Invesco S&P SmallCap Financials ETF
Invesco KBW Premium Yield Equity REIT ETF		Invesco S&P SmallCap Health Care ETF
Invesco KBW Property & Casualty Insurance ETF		Invesco S&P SmallCap High Dividend Low Volatility ETF
Invesco KBW Regional Banking ETF		Invesco S&P SmallCap Industrials ETF
Invesco MSCI Green Building ETF		Invesco S&P SmallCap Information Technology ETF
Invesco NASDAQ 100 ETF		Invesco S&P SmallCap Low Volatility ETF
Invesco Nasdaq Biotechnology ETF		Invesco S&P SmallCap Materials ETF
Invesco NASDAQ Next Gen 100 ETF		Invesco S&P SmallCap Quality ETF
Invesco National AMT-Free Municipal Bond ETF		Invesco S&P SmallCap Utilities & Communication Services ETF
Invesco New York AMT-Free Municipal Bond ETF		Invesco S&P Ultra Dividend Revenue ETF
Invesco PHLX Semiconductor ETF		Invesco Senior Loan ETF
Invesco Preferred ETF		Invesco Taxable Municipal Bond ETF
Invesco PureBeta^SM 0-5 Yr US TIPS ETF		Invesco Treasury Collateral ETF
Invesco PureBeta^SM FTSE Developed ex-North America ETF		Invesco Variable Rate Preferred ETF
Invesco PureBeta^SM FTSE Emerging Markets ETF		Invesco VRDO Tax-Free ETF
Invesco PureBeta^SM MSCI USA ETF

Investment Advisory Agreement


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

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.

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

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

●

0.04% of the Fund’s average daily net assets for Invesco PureBeta^SM MSCI USA ETF;

●

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

●

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

●

0.07% of the Fund’s average daily net assets for Invesco PureBeta^SM 0-5 Yr US TIPS ETF and Invesco PureBeta^SM FTSE Developed ex-North America ETF;

●

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

●

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

●

0.11% of the Fund’s average daily net assets for Invesco S&P 500 QVM Multi-factor ETF;


		53

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

●

0.13% of the Fund’s average daily net assets for Invesco S&P 500 Enhanced Value ETF and Invesco S&P 500 Momentum ETF;

●

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

●

0.19% of the Fund’s average daily net assets for Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF;

●

0.20% of the Fund’s average daily net assets for Invesco ESG NASDAQ 100 ETF, Invesco ESG NASDAQ Next Gen 100 ETF, Invesco ESG S&P 500 Equal Weight ETF and Invesco Russell 1000 Equal Weight ETF;

●

0.22% of the Fund’s average daily net assets for Invesco Fundamental Investment Grade Corporate Bond ETF;

●

0.30% of the Fund’s average daily net assets for Invesco S&P 500^® High Dividend Low Volatility ETF and Invesco S&P SmallCap High Dividend Low Volatility ETF;

●

0.45% of the Fund’s daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. ETF;

●

0.49% of the Fund’s daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF and Invesco FTSE RAFI Emerging Markets ETF;

●

0.55% of the Fund’s daily net assets for Invesco International BuyBack Achievers^TM ETF;

●

0.60% of the Fund’s daily net assets for Invesco DWA SmallCap Momentum ETF, Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF and Invesco Alerian Galaxy Crypto Economy ETF;

●

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

●

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

●

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

●

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

●

0.90% of the Fund’s daily net assets for Invesco DWA Emerging Markets Momentum ETF.


		54

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

Equal

Equal to/Lower

Lower than

to/Lower

than Open-End

Open-End

than ETF

Index Fund

Active Fund

Invesco Fund

Peer Median

Peer Median*

Peer Median

Invesco 1-30 Laddered Treasury ETF

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF

N/A

Invesco Alerian Galaxy Crypto Economy ETF

N/A

Invesco California AMT-Free Municipal Bond ETF

N/A

Invesco CEF Income Composite ETF

N/A

Invesco China Technology ETF

N/A

Invesco DWA Developed Markets Momentum ETF

Invesco DWA Emerging Markets Momentum ETF

Invesco DWA SmallCap Momentum ETF

Invesco Emerging Markets Sovereign Debt ETF

Invesco ESG NASDAQ 100 ETF

Invesco ESG NASDAQ Next Gen 100 ETF

Invesco ESG S&P 500 Equal Weight ETF

Invesco FTSE RAFI Developed Markets ex-U.S. ETF

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF

Invesco FTSE RAFI Emerging Markets ETF

Invesco Fundamental High Yield^® Corporate Bond ETF

N/A

Invesco Fundamental Investment Grade Corporate Bond ETF

Invesco Global Clean Energy ETF

Invesco Global Short Term High Yield Bond ETF

N/A

Invesco Global Water ETF

Invesco International BuyBack Achievers^TMETF

N/A

Invesco International Corporate Bond ETF

Invesco KBW Bank ETF

Invesco KBW High Dividend Yield Financial ETF

Invesco KBW Premium Yield Equity REIT ETF

Invesco KBW Property & Casualty Insurance ETF

Invesco KBW Regional Banking ETF

Invesco MSCI Green Building ETF

Invesco NASDAQ 100 ETF

Invesco Nasdaq Biotechnology ETF

Invesco NASDAQ Next Gen 100 ETF

Invesco National AMT-Free Municipal Bond ETF

Invesco New York AMT-Free Municipal Bond ETF

N/A

Invesco PHLX Semiconductor ETF

Invesco Preferred ETF

N/A

Invesco PureBeta^SM0-5 Yr US TIPS ETF

Invesco PureBeta^SMFTSE Developed ex-North America ETF

Invesco PureBeta^SMFTSE Emerging Markets ETF

Invesco PureBeta^SMMSCI USA ETF

Invesco PureBeta^SMMSCI USA Small Cap ETF

Invesco PureBeta^SMUS Aggregate Bond ETF


		55

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

Equal

Equal to/Lower

Lower than

to/Lower

than Open-End

Open-End

than ETF

Index Fund

Active Fund

Invesco Fund

Peer Median

Peer Median*

Peer Median

Invesco Russell 1000 Equal Weight ETF

Invesco S&P 500 Enhanced Value ETF

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF

Invesco S&P 500^® High Beta ETF

Invesco S&P 500^® High Dividend Low Volatility ETF

Invesco S&P 500^® Low Volatility ETF

Invesco S&P 500 Minimum Variance ETF

Invesco S&P 500 Momentum ETF

Invesco S&P 500 QVM Multi-factor ETF

Invesco S&P 500 Revenue ETF

Invesco S&P Emerging Markets Low Volatility ETF

Invesco S&P Emerging Markets Momentum ETF

Invesco S&P International Developed Low Volatility ETF

Invesco S&P International Developed Momentum ETF

Invesco S&P International Developed Quality ETF

Invesco S&P MidCap 400 QVM Multi-factor ETF

Invesco S&P MidCap 400 Revenue ETF

Invesco S&P MidCap Low Volatility ETF

Invesco S&P SmallCap 600 QVM Multi-factor ETF

Invesco S&P SmallCap 600 Revenue ETF

Invesco S&P SmallCap Consumer Discretionary ETF

Invesco S&P SmallCap Consumer Staples ETF

Invesco S&P SmallCap Energy ETF

Invesco S&P SmallCap Financials ETF

Invesco S&P SmallCap Health Care ETF

Invesco S&P SmallCap High Dividend Low Volatility ETF

Invesco S&P SmallCap Industrials ETF

Invesco S&P SmallCap Information Technology ETF

Invesco S&P SmallCap Low Volatility ETF

Invesco S&P SmallCap Materials ETF

Invesco S&P SmallCap Quality ETF

Invesco S&P SmallCap Utilities & Communication Services ETF

Invesco S&P Ultra Dividend Revenue ETF

Invesco Senior Loan ETF

N/A

Invesco Taxable Municipal Bond ETF

N/A

Invesco Treasury Collateral ETF

Invesco Variable Rate Preferred ETF

Invesco VRDO Tax-Free ETF

N/A

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


		56

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

investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

Investment Sub-Advisory Agreement


		57

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

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

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

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

Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from affiliated money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund’s excess cash invested in the affiliated money market funds. The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs. The Trustees noted that the Sub-Advisers had not identified any further benefits that they received from their relationships with Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.


		58

Proxy Voting Policies and Procedures

Quarterly Portfolios

Frequency Distribution of Discounts and Premiums

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-PBETA-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: July 6, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.



By:		/s/ Anna Paglia
Name:		Anna Paglia
Title:		President

Date: July 6, 2023



By:		/s/ Kelli Gallegos
Name:		Kelli Gallegos
Title:		Treasurer

Date: July 6, 2023

Maturing in 0-5 Years

Money Market Funds Plus Other Assets Less Liabilities