N-CSR


		Invesco Annual Report to Shareholders
		August 31, 2023
		RWL		Invesco S&P 500 Revenue ETF
		RWK		Invesco S&P MidCap 400 Revenue ETF
		RWJ		Invesco S&P SmallCap 600 Revenue ETF
		RDIV		Invesco S&P Ultra Dividend Revenue ETF

Table of Contents



The Market Environment			3

Management's Discussion of Fund Performance			4

Liquidity Risk Management Program			13

Schedules of Investments

Invesco S&P 500 Revenue ETF (RWL)			14

Invesco S&P MidCap 400 Revenue ETF (RWK)			20

Invesco S&P SmallCap 600 Revenue ETF (RWJ)			25

Invesco S&P Ultra Dividend Revenue ETF (RDIV)			32

Statements of Assets and Liabilities			34

Statements of Operations			35

Statements of Changes in Net Assets			36

Financial Highlights			38

Notes to Financial Statements			42

Report of Independent Registered Public Accounting Firm			51

Fund Expenses			52

Tax Information			53

Trustees and Officers			54

Approval of Investment Advisory and Sub-Advisory Contracts			64


		2

The Market Environment

Domestic Equity

At the start of the fiscal year, volatility in the equity markets increased. US equity markets rose in August 2022 until the US Federal Reserve (the Fed) chairman Jerome Powell gave hawkish comments at an economic policy symposium held in Jackson Hole, sparking a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.¹ After a continued decline in September 2022, US equity markets rebounded in October and November, despite mixed data on the economy and corporate earnings. However, the Fed’s message of continued rate hikes until data shows inflation meaningfully declining sent markets lower in December. As energy prices declined, the rate of inflation slowed modestly in the fourth quarter of 2022. Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December.¹

US equities managed to deliver gains in the first quarter of 2023 despite significant volatility and a banking crisis. A January rally gave way to a February selloff as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the risk of a deeper than expected recession. In March, the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread sent investors to safe-haven assets, sparking a bond rally, particularly among securities at the short end of the yield curve. With instability in the banking sector, the Fed raised the federal funds rate by only 0.25% in February of 2023 and again in March.¹ The Fed’s actions to stabilize the banking system in March sent markets higher, so equities were surprisingly resilient despite the turmoil.

The US economy and equity markets remained resilient in the second quarter of 2023, as milder inflation data and better-than-expected corporate earnings supported equities, with most major indexes posting gains for the quarter and with some big tech names providing optimistic future guidance. The Consumer Price Index (CPI) rose 4% as of May 31, 2023, the smallest 12-month increase in nearly two years.² The labor market maintained momentum in the second quarter with unemployment still at historic lows despite a slight uptick at the end of May. Facing persistently strong employment data, the Fed raised the federal funds rate by 0.25% at its May meeting, but investors got a long-awaited “pause” in rate hikes as the Fed left rates unchanged at its June meeting, sending equity

markets higher. However, the Fed raised rates another 0.25% in July, bringing the rate to its highest level since June 2006.¹ After two months of gains, equity markets declined in August as a resilient economy complicated the Fed’s efforts to tame inflation. While inflation has slowed from its peak in June 2022, the highest level since 1981, the CPI rose by 0.2% in July and the 12-month headline inflation rate rose to 3.2% from 3% in June.² At its annual Jackson Hole symposium in August 2023, Fed chair Jerome Powell remarked that while progress has been made, inflation is still too high, and the Fed intends “to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective.”

Despite higher rates and increased market volatility, US stocks for the fiscal year had strong returns of 15.94%, as measured by the S&P 500 Index.³

¹	Source: US Federal Reserve

²	Source: US Bureau of Labor Statistics

³	Source: Lipper Inc.


		3


RWL		Management’s Discussion of Fund Performance
RWL		Invesco S&P 500 Revenue ETF (RWL)

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

For the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 10.91%. On a net asset value (“NAV”) basis, the Fund returned 10.99%. During the same time period, the Index returned 11.41%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

For the fiscal year ended August 31, 2023, the information technology sector contributed most significantly to the Fund’s return, followed by the energy and industrials sectors, respectively. The utilities sector detracted most significantly from the Fund’s return, followed by the real estate sector.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Walmart, Inc., a consumer staples company (portfolio average weight of 3.95%) and Meta Platforms, Inc., Class A, a communication services company (portfolio average weight of 0.82%). Positions that detracted most significantly from the Fund’s return during the period included CVS Health Corp., a health care company (portfolio average weight of 1.89%) and Centene Corp., a health care company (portfolio average weight of 0.84%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Health Care			17.50
Financials			13.25
Consumer Staples			13.08
Consumer Discretionary			12.03
Energy			10.13
Industrials			9.94
Information Technology			9.77
Communication Services			7.50
Materials			3.25
Sector Types Each Less Than 3%			3.43
Money Market Funds Plus Other Assets Less Liabilities			0.12

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023
Security
Walmart, Inc.			3.95
Amazon.com, Inc.			3.51
Exxon Mobil Corp.			2.44
Apple, Inc.			2.39
Berkshire Hathaway, Inc., Class B			2.03
UnitedHealth Group, Inc.			1.94
CVS Health Corp.			1.80
McKesson Corp.			1.73
Costco Wholesale Corp.			1.50
Cencora, Inc.			1.46
Total			22.75

*	Excluding money market fund holdings.


		4

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

Growth of a $10,000 Investment

LOGO

Fund Performance History as of August 31, 2023


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
S&P 500^® Revenue-Weighted Index		11.41	%		15.17	%		52.76	%		10.69	%		66.13	%		12.10	%		213.46	%		10.17	%		350.12	%
S&P 500^® Index		15.94			10.52			35.00			11.12			69.43			12.81			233.79			10.28			357.12
Fund
NAV Return		10.99			14.73			51.01			10.28			63.13			11.67			201.45			9.68			319.99
Market Price Return		10.91			14.66			50.74			10.29			63.15			11.67			201.61			9.68			320.04

Oppenheimer S&P 500 Revenue ETF (the “Predecessor Fund”) Predecessor Fund Inception: February 19, 2008

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.39% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund

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

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

Notes Regarding Indexes and Fund Performance History:

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

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


		5


RWK		Management’s Discussion of Fund Performance
RWK		Invesco S&P MidCap 400 Revenue ETF (RWK)

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

For the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 18.46%. On a net asset value (“NAV”) basis, the Fund returned 18.51%. During the same time period, the Index returned 18.88%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

For the fiscal year ended August 31, 2023, the industrials sector contributed most significantly to the Fund’s return, followed by the information technology and consumer discretionary sectors, respectively. The utilities sector detracted most significantly from the Fund’s return, followed by the communication services and real estate sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Jabil, Inc., an information technology company (portfolio average weight of 1.75%) and Builders FirstSource, Inc., an industrials company (portfolio average weight of 1.23%). Positions that detracted most significantly from the Fund’s return during the period included Alcoa Corp., a materials company (portfolio average weight of 0.58%) and UGI Corp., a utilities company (portfolio average weight of 0.48%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Consumer Discretionary			21.21
Industrials			20.32
Information Technology			12.53
Materials			10.06
Consumer Staples			9.32
Financials			8.88
Energy			8.23
Health Care			4.23
Sector Types Each Less Than 3%			5.15
Money Market Funds Plus Other Assets Less Liabilities			0.07

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023
Security
TD SYNNEX Corp.			2.95
Performance Food Group Co.			2.79
PBF Energy, Inc., Class A			2.30
HF Sinclair Corp.			2.00
Jabil, Inc.			1.85
Arrow Electronics, Inc.			1.59
Lithia Motors, Inc., Class A			1.50
US Foods Holding Corp.			1.47
AutoNation, Inc.			1.28
Avnet, Inc.			1.25
Total			18.98

*	Excluding money market fund holdings.


		6

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

Growth of a $10,000 Investment

LOGO

Fund Performance History as of August 31, 2023


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
S&P MidCap 400^® Revenue-Weighted Index		18.88	%		21.96	%		81.39	%		10.53	%		65.00	%		11.32	%		192.11	%		11.02	%		406.85	%
S&P MidCap 400^® Index		10.71			12.83			43.65			6.97			40.09			10.09			161.52			9.65			317.73
Fund
NAV Return		18.51			21.55			79.59			10.18			62.37			10.85			180.21			10.44			367.02
Market Price Return		18.46			21.53			79.49			10.19			62.47			10.86			180.31			10.44			367.19

Oppenheimer S&P MidCap 400 ETF (the “Predecessor Fund”) Predecessor Fund Inception: February 20, 2008

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

Notes Regarding Indexes and Fund Performance History:

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

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


		7


RWJ		Management’s Discussion of Fund Performance
RWJ		Invesco S&P SmallCap 600 Revenue ETF (RWJ)

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

For the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 7.53%. On a net asset value (“NAV”) basis, the Fund returned 7.58%. During the same time period, the Index returned 7.89%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

For the fiscal year ended August 31, 2023, the industrials sector contributed most significantly to the Fund’s return, followed by the consumer discretionary and energy sectors, respectively. The consumer staples sector detracted most significantly from the Fund’s return, followed by the communication services and real estate sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included PBF Energy, Inc., Class A, an energy company (no longer held at fiscal year-end) and Insight Enterprises, Inc., an information technology company (portfolio average weight of 1.00%). Positions that detracted most significantly from the Fund’s return during the period included United Natural Foods, Inc., a consumer staples company (portfolio average weight of 2.54%) and Bed Bath & Beyond, Inc., a consumer discretionary company (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Consumer Discretionary			23.00
Industrials			18.22
Energy			11.30
Financials			9.26
Consumer Staples			8.76
Information Technology			7.44
Health Care			6.14
Materials			5.77
Communication Services			5.48
Real Estate			3.97
Utilities			0.57
Money Market Funds Plus Other Assets Less Liabilities			0.09

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023
Security
World Kinect Corp.			4.34
United Natural Foods, Inc.			2.46
Andersons, Inc. (The)			1.65
Group 1 Automotive, Inc.			1.51
Sonic Automotive, Inc., Class A			1.36
Telephone & Data Systems, Inc.			1.29
Asbury Automotive Group, Inc.			1.27
DISH Network Corp., Class A			1.24
Lumen Technologies, Inc.			1.21
CVR Energy, Inc.			1.07
Total			17.40

*	Excluding money market fund holdings.


		8

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

Growth of a $10,000 Investment

LOGO

Fund Performance History as of August 31, 2023


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
S&P SmallCap 600^® Revenue-Weighted Index		7.89	%		24.11	%		91.19	%		9.63	%		58.33	%		11.32	%		192.14	%		11.96	%		477.91	%
S&P SmallCap 600^® Index		5.53			12.61			42.79			3.82			20.62			9.48			147.34			9.51			309.86
Fund
NAV Return		7.58			23.76			89.55			9.45			57.05			10.96			183.04			11.39			433.81
Market Price Return		7.53			23.75			89.52			9.48			57.25			10.96			183.04			11.39			433.99

Oppenheimer S&P SmallCap 600 Revenue ETF (the ‘‘Predecessor Fund’’) Predecessor Fund Inception: February 19, 2008

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

Notes Regarding Indexes and Fund Performance History:

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

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


		9


RDIV		Management’s Discussion of Fund Performance
RDIV		Invesco S&P Ultra Dividend Revenue ETF (RDIV)

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

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains, and calculates the Index, which is designed to measure the performance of positive revenue- producing constituent securities of the S&P 900^® Index (the “Parent Index” or “Benchmark Index”). The Parent Index is comprised of common stocks of approximately 900 mid- and large-cap companies, and is created by combining the S&P 500^® Index and S&P MidCap^® 400 Index to form an investable benchmark for the large- and mid-cap universe of the U.S. equity market. From a universe of components of the Parent Index, the Index (1) excludes securities that do not currently pay a dividend and (2) excludes securities whose revenues over the last 12 months are unavailable or not positive. Of the remaining eligible securities, the Index excludes the top 5% of securities by the average 12-month trailing dividend yield and the top 5% of securities within each sector by the last 12-month dividend payout ratio, which is calculated as its dividend per share divided by the basic earnings per share. The top 60 remaining securities with the highest dividend yield are included in the Index. Unlike the Parent Index, which weights component securities by float-adjusted market capitalization, thereby giving higher percentage allocations to companies with larger market capitalizations, the Index uses a “revenue-weighted” methodology, whereby it weights each constituent security based on the sum of the company’s revenues for the trailing four quarters, divided by the total revenue of all Index constituents, subject to a maximum 5% per company weighting. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2023, on a market price basis, the Fund returned (1.22)%. On a net asset value (“NAV”) basis, the Fund returned (1.17)%. During the same time period, the Index returned (0.85)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the Benchmark Index returned 15.64%. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. large- and mid-cap stock market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a dividend yield screen and a revenue weighted methodology,

whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the financials and utilities sectors and most underweight in the information technology and health care sectors during the fiscal year ended August 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund being overweight and security selection in the financials sector, as well as the Fund being overweight and security selection in the information technology sector.

For the fiscal year ended August 31, 2023, the energy sector contributed most significantly to the Fund’s return, followed by the health care and information technology sectors, respectively. The financials sector detracted most significantly from the Fund’s return, followed by the utilities and communication services sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Intel Corp., an information technology company (portfolio average weight of 4.33%) and Prudential Financial, Inc., a financials company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during the period included Paramount Global, Class B, a communication services company (portfolio average weight of 2.62%) and Truist Financial Corp., a financials company (portfolio average weight of 3.25%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Financials			26.35
Materials			16.93
Utilities			10.60
Consumer Discretionary			10.46
Consumer Staples			9.02
Information Technology			7.12
Real Estate			5.73
Industrials			5.41
Communication Services			4.64
Health Care			3.51
Energy			0.15
Money Market Funds Plus Other Assets Less Liabilities			0.08


		10

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



Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023
Security
LyondellBasell Industries N.V., Class A			5.76
Intel Corp.			5.53
Dow, Inc.			5.49
3M Co.			5.41
Philip Morris International, Inc.			5.14
U.S. Bancorp			4.92
Best Buy Co., Inc.			4.77
Paramount Global, Class B			4.64
Citigroup, Inc.			4.59
Truist Financial Corp.			4.40
Total			50.65

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2023


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
S&P 900^® Dividend Revenue-Weighted Index		(0.85	)%		16.96	%		59.98	%		4.83	%		26.59	%		9.62	%		148.54	%
S&P 900^® Index		15.64			10.66			35.52			10.86			67.42			12.37			217.93
Fund
NAV Return		(1.17	)		16.52			58.21			4.56			24.96			9.09			136.95
Market Price Return		(1.22	)		16.47			57.99			4.55			24.94			9.09			137.01


		11

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

Oppenheimer S&P Ultra Dividend Revenue ETF (the “Predecessor Fund’’) Predecessor Fund Inception: September 30, 2013

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

Notes Regarding Indexes and Fund Performance History:

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

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


		12

Liquidity Risk Management Program

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

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four 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.


		13

Invesco S&P 500 Revenue ETF (RWL)

August 31, 2023

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.88%
Communication Services-7.50%
Activision Blizzard, Inc.		12,259	$	1,127,705
Alphabet, Inc., Class A^(b)		141,194		19,226,387
Alphabet, Inc., Class C^(b)		139,905		19,215,952
AT&T, Inc.		924,301		13,670,412
Charter Communications, Inc., Class A^(b)(c)		20,140		8,823,737
Comcast Corp., Class A		362,946		16,971,355
Electronic Arts, Inc.		6,969		836,141
Fox Corp., Class A		26,943		890,736
Fox Corp., Class B		28,730		876,840
Interpublic Group of Cos., Inc. (The)		33,251		1,084,315
Live Nation Entertainment, Inc.^(b)(c)		25,931		2,191,947
Match Group, Inc.^(b)(c)		9,242		433,173
Meta Platforms, Inc., Class A^(b)		53,900		15,948,471
Netflix, Inc.^(b)		9,227		4,001,565
News Corp., Class A		31,921		685,982
News Corp., Class B		31,538		693,836
Omnicom Group, Inc.^(c)		18,344		1,486,047
Paramount Global, Class B^(c)		227,680		3,435,691
Take-Two Interactive Software, Inc.^(b)		4,846		689,101
T-Mobile US, Inc.^(b)		73,127		9,963,554
Verizon Communications, Inc.		467,273		16,345,209
Walt Disney Co. (The)^(b)		113,081		9,462,618
Warner Bros Discovery, Inc.^(b)(c)		362,990		4,769,689

				152,830,463

Consumer Discretionary-12.03%
Amazon.com, Inc.^(b)		517,733		71,452,331
Aptiv PLC^(b)		22,393		2,271,770
AutoZone, Inc.^(b)		880		2,227,570
Bath & Body Works, Inc.^(c)		21,508		793,000
Best Buy Co., Inc.		72,800		5,565,560
Booking Holdings, Inc.^(b)		848		2,633,065
BorgWarner, Inc.		42,533		1,733,220
Caesars Entertainment, Inc.^(b)		28,356		1,566,953
CarMax, Inc.^(b)(c)		45,776		3,738,984
Carnival Corp.^(b)(c)		138,540		2,191,703
Chipotle Mexican Grill, Inc.^(b)		534		1,028,826
D.R. Horton, Inc.		35,845		4,266,272
Darden Restaurants, Inc.^(c)		7,741		1,203,803
Domino’s Pizza, Inc.		1,859		720,177
eBay, Inc.		25,516		1,142,606
Etsy, Inc.^(b)(c)		3,461		254,626
Expedia Group, Inc.^(b)		13,237		1,434,758
Ford Motor Co.		1,460,264		17,713,002
Garmin Ltd.		5,528		586,079
General Motors Co.		539,307		18,072,178
Genuine Parts Co.		17,611		2,707,339
Hasbro, Inc.		11,413		821,736
Hilton Worldwide Holdings, Inc.		8,025		1,192,916
Home Depot, Inc. (The)		63,737		21,052,331
Las Vegas Sands Corp.		10,957		601,101
Lennar Corp., Class A		36,222		4,313,678
LKQ Corp.		28,519		1,498,103
Lowe’s Cos., Inc.^(c)		55,706		12,839,119
Marriott International, Inc., Class A^(c)		15,018		3,056,313
McDonald’s Corp.		9,899		2,783,104
MGM Resorts International^(c)		41,446		1,822,795


	Shares		Value
Consumer Discretionary-(continued)
Mohawk Industries, Inc.^(b)		14,611	$	1,481,409
Newell Brands, Inc.		126,720		1,340,698
NIKE, Inc., Class B		58,155		5,914,945
Norwegian Cruise Line Holdings Ltd.^(b)(c)		43,336		718,078
NVR, Inc.^(b)(c)		212		1,351,994
O’Reilly Automotive, Inc.^(b)		1,981		1,861,546
Pool Corp.^(c)		2,205		806,148
PulteGroup, Inc.		27,971		2,295,300
Ralph Lauren Corp.^(c)		6,675		778,505
Ross Stores, Inc.		22,114		2,693,706
Royal Caribbean Cruises Ltd.^(b)		14,159		1,400,891
Starbucks Corp.		42,221		4,114,014
Tapestry, Inc.		18,926		630,614
Tesla, Inc.^(b)		42,839		11,055,889
TJX Cos., Inc. (The)		77,005		7,121,422
Tractor Supply Co.^(c)		8,073		1,763,951
Ulta Beauty, Inc.^(b)		3,002		1,245,920
VF Corp.		73,702		1,456,352
Whirlpool Corp.^(c)		16,655		2,331,034
Wynn Resorts Ltd.^(c)		5,011		508,015
Yum! Brands, Inc.		6,284		813,024

				244,968,473

Consumer Staples-13.08%
Altria Group, Inc.		55,268		2,443,951
Archer-Daniels-Midland Co.		172,342		13,666,721
Brown-Forman Corp., Class B		7,807		516,277
Bunge Ltd.		86,577		9,897,483
Campbell Soup Co.		24,138		1,006,555
Church & Dwight Co., Inc.		7,087		685,809
Clorox Co. (The)		5,514		862,665
Coca-Cola Co. (The)		86,983		5,204,193
Colgate-Palmolive Co.		29,281		2,151,275
Conagra Brands, Inc.		43,043		1,286,125
Constellation Brands, Inc., Class A		4,756		1,239,223
Costco Wholesale Corp.		55,474		30,470,759
Dollar General Corp.		30,494		4,223,419
Dollar Tree, Inc.^(b)(c)		26,507		3,243,396
Estee Lauder Cos., Inc. (The), Class A		10,852		1,742,072
General Mills, Inc.		29,358		1,986,362
Hershey Co. (The)		5,082		1,091,918
Hormel Foods Corp.		36,345		1,402,554
JM Smucker Co. (The)		6,746		977,833
Kellogg Co.		28,300		1,726,866
Kenvue, Inc.		39,548		911,581
Keurig Dr Pepper, Inc.		55,437		1,865,455
Kimberly-Clark Corp.		18,250		2,351,147
Kraft Heinz Co. (The)		88,978		2,944,282
Kroger Co. (The)		390,331		18,107,455
Lamb Weston Holdings, Inc.		5,121		498,837
McCormick & Co., Inc.		8,512		698,665
Molson Coors Beverage Co., Class B		19,765		1,254,880
Mondelez International, Inc., Class A		54,791		3,904,407
Monster Beverage Corp.^(b)		13,754		789,617
PepsiCo, Inc.		58,677		10,439,812
Philip Morris International, Inc.		41,739		4,009,448
Procter & Gamble Co. (The)		67,096		10,355,597
Sysco Corp.		126,482		8,809,471

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


		14

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

August 31, 2023


	Shares		Value
Consumer Staples-(continued)
Target Corp.		104,730	$	13,253,581
Tyson Foods, Inc., Class A		129,225		6,883,816
Walgreens Boots Alliance, Inc.		515,535		13,048,191
Walmart, Inc.		494,486		80,408,368

				266,360,066

Energy-10.13%
APA Corp.		37,723		1,653,776
Baker Hughes Co., Class A		88,919		3,217,979
Chevron Corp.		178,109		28,693,360
ConocoPhillips		88,106		10,487,257
Coterra Energy, Inc.		44,747		1,261,418
Devon Energy Corp.		47,501		2,426,826
Diamondback Energy, Inc.		8,368		1,270,095
EOG Resources, Inc.^(c)		29,717		3,822,201
EQT Corp.^(c)		36,074		1,559,118
Exxon Mobil Corp.		446,051		49,596,411
Halliburton Co.		81,699		3,155,215
Hess Corp.		11,065		1,709,542
Kinder Morgan, Inc.		129,747		2,234,243
Marathon Oil Corp.		37,750		994,712
Marathon Petroleum Corp.		187,362		26,749,673
Occidental Petroleum Corp.		72,009		4,521,445
ONEOK, Inc.		44,215		2,882,818
Phillips 66		206,811		23,609,544
Pioneer Natural Resources Co.		13,548		3,223,476
Schlumberger N.V.		76,512		4,511,148
Targa Resources Corp.		34,136		2,944,230
Valero Energy Corp.		187,179		24,314,552
Williams Cos., Inc. (The)		43,418		1,499,224

				206,338,263

Financials-13.25%
Aflac, Inc.		33,407		2,491,160
Allstate Corp. (The)		57,330		6,180,747
American Express Co.		41,940		6,626,101
American International Group, Inc.		109,789		6,424,852
Ameriprise Financial, Inc.		6,149		2,075,780
Aon PLC, Class A		4,894		1,631,611
Arch Capital Group Ltd.^(b)		18,161		1,395,855
Arthur J. Gallagher & Co.		5,113		1,178,444
Assurant, Inc.		9,995		1,392,603
Bank of America Corp.		558,445		16,010,618
Bank of New York Mellon Corp. (The)		62,798		2,817,746
Berkshire Hathaway, Inc., Class B^(b)		115,051		41,441,370
BlackRock, Inc.		3,074		2,153,460
Brown & Brown, Inc.		7,153		530,037
Capital One Financial Corp.		45,050		4,612,670
Cboe Global Markets, Inc.		3,449		516,350
Charles Schwab Corp. (The)		52,534		3,107,386
Chubb Ltd.		28,390		5,702,699
Cincinnati Financial Corp.		9,013		953,485
Citigroup, Inc.		303,344		12,525,074
Citizens Financial Group, Inc.		44,326		1,246,890
CME Group, Inc., Class A		3,332		675,330
Comerica, Inc.		11,882		571,643
Discover Financial Services		17,991		1,620,449
Everest Group Ltd.		4,395		1,585,189
FactSet Research Systems, Inc.		610		266,210
Fidelity National Information Services, Inc.		32,233		1,800,535
Fifth Third Bancorp		47,500		1,261,125


	Shares		Value
Financials-(continued)
Fiserv, Inc.^(b)		18,832	$	2,286,017
FleetCor Technologies, Inc.^(b)(c)		1,804		490,201
Franklin Resources, Inc.		36,001		962,667
Global Payments, Inc.		11,029		1,397,264
Globe Life, Inc.		5,877		655,697
Goldman Sachs Group, Inc. (The)		28,710		9,408,554
Hartford Financial Services Group, Inc. (The)		39,098		2,808,018
Huntington Bancshares, Inc.		96,425		1,069,353
Intercontinental Exchange, Inc.		10,007		1,180,726
Invesco Ltd.^(d)		43,718		695,991
Jack Henry & Associates, Inc.		1,581		247,869
JPMorgan Chase & Co.		155,225		22,714,074
KeyCorp		98,338		1,114,170
Lincoln National Corp.		90,929		2,333,238
Loews Corp.		29,428		1,827,185
M&T Bank Corp.		9,663		1,208,358
MarketAxess Holdings, Inc.^(c)		303		73,002
Marsh & McLennan Cos., Inc.		14,411		2,810,001
Mastercard, Inc., Class A		7,509		3,098,514
MetLife, Inc.		156,736		9,927,658
Moody’s Corp.		1,959		659,791
Morgan Stanley		104,478		8,896,302
MSCI, Inc.		578		314,211
Nasdaq, Inc.		13,039		684,287
Northern Trust Corp.		14,104		1,072,891
PayPal Holdings, Inc.^(b)		52,647		3,290,964
PNC Financial Services Group, Inc. (The)		24,679		2,979,496
Principal Financial Group, Inc.		29,183		2,267,811
Progressive Corp. (The)^(c)		48,288		6,444,999
Prudential Financial, Inc.		89,469		8,470,030
Raymond James Financial, Inc.		15,957		1,668,943
Regions Financial Corp.		52,584		964,391
S&P Global, Inc.		3,785		1,479,405
State Street Corp.		23,013		1,581,914
Synchrony Financial		50,680		1,635,950
T. Rowe Price Group, Inc.		6,493		728,709
Travelers Cos., Inc. (The)		26,192		4,222,936
Truist Financial Corp.		103,908		3,174,389
U.S. Bancorp		115,645		4,224,512
Visa, Inc., Class A^(c)		16,805		4,128,652
W.R. Berkley Corp.		23,579		1,458,597
Wells Fargo & Co.		314,579		12,988,967
Willis Towers Watson PLC^(c)		4,819		996,377
Zions Bancorporation N.A		14,540		516,170

				269,954,670

Health Care-17.50%
Abbott Laboratories		49,563		5,100,033
AbbVie, Inc.		49,887		7,331,394
Agilent Technologies, Inc.		7,345		889,259
Align Technology, Inc.^(b)		1,489		551,138
Amgen, Inc.		14,400		3,691,296
Baxter International, Inc.		43,437		1,763,542
Becton, Dickinson and Co.		9,058		2,531,258
Biogen, Inc.^(b)		3,751		1,002,867
Bio-Rad Laboratories, Inc., Class A^(b)(c)		916		366,583
Bio-Techne Corp.		1,751		137,278
Boston Scientific Corp.^(b)		30,775		1,660,004
Bristol-Myers Squibb Co.		85,922		5,297,091

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


		15

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

August 31, 2023


	Shares		Value
Health Care-(continued)
Cardinal Health, Inc.		278,583	$	24,328,653
Catalent, Inc.^(b)		14,861		742,604
Cencora, Inc.		169,275		29,789,015
Centene Corp.^(b)		257,644		15,883,753
Charles River Laboratories International, Inc.^(b)(c)		2,478		512,500
Cigna Group (The)		83,636		23,105,281
Cooper Cos., Inc. (The)		1,188		439,548
CVS Health Corp.		562,018		36,626,713
Danaher Corp.		15,937		4,223,305
DaVita, Inc.^(b)		14,470		1,482,017
DENTSPLY SIRONA, Inc.		12,374		458,952
DexCom, Inc.^(b)		2,949		297,790
Edwards Lifesciences Corp.^(b)		7,930		606,407
Elevance Health, Inc.		41,535		18,358,885
Eli Lilly and Co.		7,544		4,180,885
GE HealthCare Technologies, Inc.		29,293		2,063,692
Gilead Sciences, Inc.		41,863		3,201,682
HCA Healthcare, Inc.		27,203		7,543,392
Henry Schein, Inc.^(b)		20,262		1,550,853
Hologic, Inc.^(b)		6,302		471,011
Humana, Inc.		22,636		10,449,457
IDEXX Laboratories, Inc.^(b)		926		473,566
Illumina, Inc.^(b)		2,706		447,085
Incyte Corp.^(b)		6,895		444,934
Insulet Corp.^(b)		551		105,632
Intuitive Surgical, Inc.^(b)		2,505		783,263
IQVIA Holdings, Inc.^(b)		8,533		1,899,702
Johnson & Johnson		67,867		10,972,737
Laboratory Corp. of America Holdings		8,205		1,707,461
McKesson Corp.		85,567		35,280,985
Medtronic PLC		45,424		3,702,056
Merck & Co., Inc.		62,593		6,821,385
Mettler-Toledo International, Inc.^(b)		372		451,415
Moderna, Inc.^(b)		14,693		1,661,338
Molina Healthcare, Inc.^(b)		13,800		4,279,656
Organon & Co.		37,516		823,851
Pfizer, Inc.		289,858		10,255,176
Quest Diagnostics, Inc.		8,669		1,139,974
Regeneron Pharmaceuticals, Inc.^(b)		2,007		1,658,765
ResMed, Inc.		2,262		360,993
Revvity, Inc.		3,682		430,904
STERIS PLC		2,908		667,648
Stryker Corp.		8,172		2,317,171
Teleflex, Inc.^(c)		1,435		305,282
Thermo Fisher Scientific, Inc.		10,266		5,719,189
UnitedHealth Group, Inc.		82,905		39,510,865
Universal Health Services, Inc., Class B		12,056		1,623,943
Vertex Pharmaceuticals, Inc.^(b)		3,256		1,134,195
Viatris, Inc.		202,900		2,181,175
Waters Corp.^(b)		1,416		397,613
West Pharmaceutical Services, Inc.		983		399,983
Zimmer Biomet Holdings, Inc.		6,313		752,005
Zoetis, Inc.		6,013		1,145,537

				356,493,622

Industrials-9.94%
3M Co.		40,658		4,336,989
A.O. Smith Corp.^(c)		6,616		479,660
Alaska Air Group, Inc.^(b)		25,289		1,061,379


	Shares		Value
Industrials-(continued)
Allegion PLC		3,750		$	426,788
American Airlines Group, Inc.^(b)(c)		407,601			6,003,963
AMETEK, Inc.		5,066			808,078
Automatic Data Processing, Inc.		9,947			2,532,606
Axon Enterprise, Inc.^(b)		821			174,799
Boeing Co. (The)^(b)		39,423			8,831,935
Broadridge Financial Solutions, Inc.		4,711			877,235
C.H. Robinson Worldwide, Inc.		30,351			2,744,641
Carrier Global Corp.^(c)		56,262			3,232,252
Caterpillar, Inc.		31,957			8,984,071
Ceridian HCM Holding, Inc.^(b)(c)		2,497			181,082
Cintas Corp.		2,160			1,089,007
Copart, Inc.^(b)		10,578			474,212
CSX Corp.		56,753			1,713,941
Cummins, Inc.		16,194			3,725,268
Deere & Co.		19,124			7,858,817
Delta Air Lines, Inc.		167,160			7,167,821
Dover Corp.		7,308			1,083,776
Eaton Corp. PLC		13,849			3,190,394
Emerson Electric Co.		25,171			2,473,051
Equifax, Inc.		2,755			569,459
Expeditors International of Washington, Inc.^(c)		15,776			1,841,217
Fastenal Co.		15,799			909,706
FedEx Corp.		50,329			13,136,876
Fortive Corp.		10,478			826,190
Generac Holdings, Inc.^(b)(c)		4,451			528,823
General Dynamics Corp.		22,876			5,184,617
General Electric Co.		84,668			9,691,099
Honeywell International, Inc.		22,113			4,155,917
Howmet Aerospace, Inc.		15,633			773,365
Huntington Ingalls Industries, Inc.		6,060			1,335,139
IDEX Corp.		1,924			435,594
Illinois Tool Works, Inc.^(c)		8,159			2,018,129
Ingersoll Rand, Inc.		12,042			838,244
J.B. Hunt Transport Services, Inc.^(c)		10,350			1,944,558
Jacobs Solutions, Inc.		16,206			2,184,893
Johnson Controls International PLC		49,736			2,937,408
L3Harris Technologies, Inc.		11,187			1,992,293
Leidos Holdings, Inc.		21,319			2,078,816
Lockheed Martin Corp.		17,391			7,797,255
Masco Corp.		18,993			1,120,777
Nordson Corp.		1,339			326,903
Norfolk Southern Corp.		7,250			1,486,323
Northrop Grumman Corp.		9,904			4,289,323
Old Dominion Freight Line, Inc.		2,466			1,053,894
Otis Worldwide Corp.		19,246			1,646,495
PACCAR, Inc.		48,756			4,012,131
Parker-Hannifin Corp.^(c)		6,167			2,571,022
Paychex, Inc.		5,319			650,141
Paycom Software, Inc.^(c)		592			174,545
Pentair PLC		8,471			595,172
Quanta Services, Inc.		11,675			2,450,232
Republic Services, Inc.		11,945			1,721,633
Robert Half, Inc.		11,902			880,272
Rockwell Automation, Inc.		3,293			1,027,679
Rollins, Inc.		8,194			324,237
RTX Corp.		83,941			7,222,284
Snap-on, Inc.		2,220			596,292
Southwest Airlines Co.		98,168			3,102,109

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


		16

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

August 31, 2023


	Shares		Value
Industrials-(continued)
Stanley Black & Decker, Inc.		23,502		$	2,218,119
Textron, Inc.		23,930			1,859,600
Trane Technologies PLC		11,196			2,298,091
TransDigm Group, Inc.^(b)		885			799,907
Union Pacific Corp.		15,291			3,372,736
United Airlines Holdings, Inc.^(b)		117,596			5,857,457
United Parcel Service, Inc., Class B		70,351			11,917,459
United Rentals, Inc.		3,871			1,844,686
Verisk Analytics, Inc.		1,560			377,863
W.W. Grainger, Inc.^(c)		2,706			1,932,463
Wabtec Corp.		10,523			1,184,048
Waste Management, Inc.		14,853			2,328,653
Xylem, Inc.		6,297			651,991

					202,525,900

Information Technology-9.77%
Accenture PLC, Class A		24,834			8,040,504
Adobe, Inc.^(b)		4,771			2,668,611
Advanced Micro Devices, Inc.^(b)		22,352			2,363,053
Akamai Technologies, Inc.^(b)		4,769			501,174
Amphenol Corp., Class A		19,551			1,727,917
Analog Devices, Inc.		8,515			1,547,857
ANSYS, Inc.^(b)(c)		796			253,820
Apple, Inc.		259,213			48,698,346
Applied Materials, Inc.		23,686			3,618,273
Arista Networks, Inc.^(b)		3,643			711,223
Autodesk, Inc.^(b)		3,025			671,368
Broadcom, Inc.		5,278			4,871,013
Cadence Design Systems, Inc.^(b)(c)		1,949			468,618
CDW Corp.		16,365			3,455,470
Cisco Systems, Inc.		134,434			7,709,790
Cognizant Technology Solutions Corp., Class A		37,857			2,710,940
Corning, Inc.		50,412			1,654,522
DXC Technology Co.^(b)		66,884			1,387,174
Enphase Energy, Inc.^(b)(c)		1,826			231,044
EPAM Systems, Inc.^(b)		2,801			725,431
F5, Inc.^(b)		2,276			372,490
Fair Isaac Corp.^(b)		226			204,437
First Solar, Inc.^(b)		1,781			336,823
Fortinet, Inc.^(b)		8,393			505,343
Gartner, Inc.^(b)(c)		1,978			691,667
Gen Digital, Inc.		22,656			458,784
Hewlett Packard Enterprise Co.		225,628			3,833,420
HP, Inc.		225,129			6,688,583
Intel Corp.		218,596			7,681,463
International Business Machines Corp.		54,521			8,005,318
Intuit, Inc.		3,953			2,141,775
Juniper Networks, Inc.		22,088			643,203
Keysight Technologies, Inc.^(b)		4,181			557,327
KLA Corp.		2,770			1,390,180
Lam Research Corp.		3,777			2,652,965
Microchip Technology, Inc.^(c)		12,784			1,046,243
Micron Technology, Inc.		42,668			2,984,200
Microsoft Corp.		77,271			25,326,343
Monolithic Power Systems, Inc.		452			235,587
Motorola Solutions, Inc.		4,087			1,158,951
NetApp, Inc.		11,052			847,688
NVIDIA Corp.		8,130			4,012,561
NXP Semiconductors N.V. (China)		8,660			1,781,535


	Shares		Value
Information Technology-(continued)
ON Semiconductor Corp.^(b)(c)		11,332		$	1,115,749
Oracle Corp.		53,020			6,383,078
Palo Alto Networks, Inc.^(b)(c)		3,598			875,393
PTC, Inc.^(b)(c)		1,746			256,959
Qorvo, Inc.^(b)(c)		4,374			469,724
QUALCOMM, Inc.		41,858			4,793,997
Roper Technologies, Inc.		1,494			745,596
Salesforce, Inc.^(b)		18,206			4,031,901
Seagate Technology Holdings PLC^(c)		16,751			1,185,803
ServiceNow, Inc.^(b)		1,745			1,027,508
Skyworks Solutions, Inc.		5,943			646,242
SolarEdge Technologies, Inc.^(b)(c)		1,432			232,800
Synopsys, Inc.^(b)		1,466			672,733
TE Connectivity Ltd.		15,545			2,058,003
Teledyne Technologies, Inc.^(b)		1,723			720,731
Teradyne, Inc.^(c)		3,451			372,259
Texas Instruments, Inc.		13,861			2,329,480
Trimble, Inc.^(b)		8,718			477,659
Tyler Technologies, Inc.^(b)(c)		584			232,683
VeriSign, Inc.^(b)		818			169,972
Western Digital Corp.^(b)		43,163			1,942,335
Zebra Technologies Corp., Class A^(b)		2,478			681,475

					198,995,114

Materials-3.25%
Air Products and Chemicals, Inc.		5,730			1,693,158
Albemarle Corp.^(c)		4,831			959,968
Amcor PLC		180,646			1,759,492
Avery Dennison Corp.		6,496			1,223,717
Ball Corp.		34,631			1,885,658
Celanese Corp.^(c)		10,671			1,348,388
CF Industries Holdings, Inc.		18,391			1,417,394
Corteva, Inc.		38,076			1,923,219
Dow, Inc.		125,568			6,850,990
DuPont de Nemours, Inc.		22,182			1,705,574
Eastman Chemical Co.		15,383			1,307,709
Ecolab, Inc.		9,901			1,819,903
FMC Corp.		6,669			575,068
Freeport-McMoRan, Inc.		70,613			2,818,165
International Flavors & Fragrances, Inc.		18,960			1,335,732
International Paper Co.		80,041			2,795,032
Linde PLC		11,227			4,345,298
LyondellBasell Industries N.V., Class A		64,828			6,403,062
Martin Marietta Materials, Inc.		1,795			801,306
Mosaic Co. (The)		64,905			2,521,559
Newmont Corp.		34,020			1,341,068
Nucor Corp.		33,159			5,706,664
Packaging Corp. of America		7,723			1,151,499
PPG Industries, Inc.		15,354			2,176,583
Sealed Air Corp.		17,457			646,956
Sherwin-Williams Co. (The)		11,403			3,098,423
Steel Dynamics, Inc.		26,338			2,807,367
Vulcan Materials Co.		4,332			945,459
WestRock Co.		86,354			2,824,639

					66,189,050

Real Estate-0.90%
Alexandria Real Estate Equities, Inc.		2,706			314,816
American Tower Corp.		6,999			1,269,059
AvalonBay Communities, Inc.^(c)		1,755			322,604
Boston Properties, Inc.^(c)		7,067			471,864

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


		17

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

August 31, 2023


	Shares		Value
Real Estate-(continued)
Camden Property Trust		1,620	$	174,344
CBRE Group, Inc., Class A^(b)		47,582		4,046,849
CoStar Group, Inc.^(b)(c)		3,380		277,126
Crown Castle, Inc.		7,434		747,117
Digital Realty Trust, Inc.		5,717		753,043
Equinix, Inc.^(c)		1,231		961,879
Equity Residential		5,088		329,855
Essex Property Trust, Inc.^(c)		858		204,539
Extra Space Storage, Inc.		1,683		216,568
Federal Realty Investment Trust		1,353		132,513
Healthpeak Properties, Inc.		12,217		251,426
Host Hotels & Resorts, Inc.		35,596		562,061
Invitation Homes, Inc.^(c)		7,970		271,697
Iron Mountain, Inc.^(c)		11,162		709,233
Kimco Realty Corp.		10,913		206,692
Mid-America Apartment Communities, Inc.^(c)		1,650		239,630
Prologis, Inc.		6,485		805,437
Public Storage		1,831		506,052
Realty Income Corp.		6,925		388,077
Regency Centers Corp.^(c)		2,416		150,275
SBA Communications Corp., Class A		1,427		320,404
Simon Property Group, Inc.		5,861		665,165
UDR, Inc.		4,415		176,159
Ventas, Inc.		11,096		484,673
VICI Properties, Inc.		11,457		353,334
Welltower, Inc.		8,991		745,174
Weyerhaeuser Co.		36,541		1,196,718

				18,254,383

Utilities-2.53%
AES Corp. (The)^(c)		78,406		1,405,820
Alliant Energy Corp.		9,555		479,374
Ameren Corp.		11,842		938,715
American Electric Power Co., Inc.		28,519		2,235,890
American Water Works Co., Inc.^(c)		3,200		443,968
Atmos Energy Corp.		4,730		548,444
CenterPoint Energy, Inc.		39,075		1,089,802
CMS Energy Corp.		16,983		954,275
Consolidated Edison, Inc.		20,663		1,838,180
Constellation Energy Corp.		32,668		3,402,699
Dominion Energy, Inc.		40,625		1,971,937


	Shares		Value
Utilities-(continued)
DTE Energy Co.		19,842	$	2,051,266
Duke Energy Corp.		38,879		3,452,455
Edison International		30,760		2,117,826
Entergy Corp.		16,531		1,574,578
Evergy, Inc.		12,095		664,862
Eversource Energy		21,677		1,383,426
Exelon Corp.		58,367		2,341,684
FirstEnergy Corp.		39,809		1,435,911
NextEra Energy, Inc.		39,664		2,649,555
NiSource, Inc.		26,549		710,451
NRG Energy, Inc.		110,912		4,164,746
PG&E Corp.^(b)		158,482		2,583,257
Pinnacle West Capital Corp.		6,744		521,109
PPL Corp.		38,527		960,093
Public Service Enterprise Group, Inc.		21,526		1,314,808
Sempra		29,884		2,098,454
Southern Co. (The)		49,785		3,371,938
WEC Energy Group, Inc.		12,910		1,085,989
Xcel Energy, Inc.		29,773		1,700,931

				51,492,443

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.88% (Cost $1,751,196,099)				2,034,402,447


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-2.96%
Invesco Private Government Fund, 5.30%^(d)(e)(f)		16,906,620		16,906,620
Invesco Private Prime Fund, 5.51%^(d)(e)(f)		43,474,166		43,474,166

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $60,381,046)				60,380,786

TOTAL INVESTMENTS IN SECURITIES-102.84% (Cost $1,811,577,145)				2,094,783,233
OTHER ASSETS LESS LIABILITIES-(2.84)%				(57,834,073	)

NET ASSETS-100.00%			$	2,036,949,160

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at August 31, 2023.

^(d)

Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2023.


	Value August 31, 2022	Purchases at Cost	Proceeds from Sales	Change in Unrealized Appreciation (Depreciation)	Realized Gain (Loss)	Value August 31, 2023	Dividend Income
Invesco Ltd.	$ 646,431	$ 259,825	$ (191,944)	$40,525	$(58,846)	$ 695,991	$ 30,629

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


		18

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

August 31, 2023


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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	37,013,822		$	(37,013,822	)		$	-			$	-			$	-		$	28,627

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			8,652,647			234,071,959			(225,817,986	)			-				-				16,906,620			608,907	*

Invesco Private Prime Fund			22,284,054			523,150,823			(501,962,403	)			(2,502	)			4,194				43,474,166			1,624,934	*


Total		$	31,583,132		$	794,496,429		$	(764,986,155	)		$	38,023			$	(54,652	)		$	61,076,777		$	2,293,097

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

^(e)	The rate shown is the 7-day SEC standardized yield as of August 31, 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 2I.

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


		19

Invesco S&P MidCap 400 Revenue ETF (RWK)

August 31, 2023

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-1.04%
Cable One, Inc.		578	$	376,030
Frontier Communications Parent, Inc.^(b)(c)		78,333		1,254,895
Iridium Communications, Inc.		2,696		131,969
New York Times Co. (The), Class A^(c)		14,335		634,610
Nexstar Media Group, Inc., Class A		7,202		1,172,486
TEGNA, Inc.		45,244		747,883
TripAdvisor, Inc.^(b)(c)		22,061		333,342
World Wrestling Entertainment, Inc., Class A		2,879		277,967
Ziff Davis, Inc.^(b)(c)		4,787		319,054
ZoomInfo Technologies, Inc., Class A^(b)(c)		9,971		179,677

				5,427,913

Consumer Discretionary-21.21%
Adient PLC^(b)(c)		88,893		3,481,939
Aramark		99,732		3,708,036
Autoliv, Inc. (Sweden)		23,869		2,329,614
AutoNation, Inc.^(b)		42,554		6,684,808
Boyd Gaming Corp.		12,109		809,729
Brunswick Corp.^(c)		18,436		1,458,656
Capri Holdings Ltd.^(b)		34,421		1,806,758
Carter’s, Inc.		10,548		754,920
Choice Hotels International, Inc.^(c)		2,862		363,188
Churchill Downs, Inc.^(c)		3,264		408,914
Columbia Sportswear Co.^(c)		10,379		761,196
Crocs, Inc.^(b)(c)		7,366		717,006
Deckers Outdoor Corp.^(b)		1,681		889,400
Dick’s Sporting Goods, Inc.^(c)		20,896		2,431,041
Five Below, Inc.^(b)(c)		3,867		664,969
Foot Locker, Inc.^(c)		74,650		1,464,633
Fox Factory Holding Corp.^(b)(c)		3,942		436,813
GameStop Corp., Class A^(b)(c)		59,207		1,098,290
Gap, Inc. (The)^(c)		363,865		4,213,557
Gentex Corp.		16,412		536,016
Goodyear Tire & Rubber Co. (The)^(b)		367,613		4,745,884
Graham Holdings Co., Class B		1,591		932,851
Grand Canyon Education, Inc.^(b)		1,969		230,865
H&R Block, Inc.		24,931		996,741
Harley-Davidson, Inc.		40,617		1,370,824
Helen of Troy Ltd.^(b)(c)		4,701		577,847
Hilton Grand Vacations, Inc.^(b)(c)		19,715		861,940
KB Home		32,079		1,629,613
Kohl’s Corp.		184,656		4,919,236
Lear Corp.		35,366		5,095,887
Leggett & Platt, Inc.		35,969		1,014,326
Light & Wonder, Inc.^(b)		9,018		691,410
Lithia Motors, Inc., Class A		25,382		7,818,164
Macy’s, Inc.		361,236		4,417,916
Marriott Vacations Worldwide Corp.		8,337		906,149
Mattel, Inc.^(b)		64,706		1,433,885
Murphy USA, Inc.		18,661		5,927,480
Nordstrom, Inc.		173,888		2,820,463
Ollie’s Bargain Outlet Holdings, Inc.^(b)		6,881		530,387
Papa John’s International, Inc.^(c)		6,700		507,190
Penn Entertainment, Inc.^(b)(c)		56,381		1,335,666
Planet Fitness, Inc., Class A^(b)(c)		3,277		199,242
Polaris, Inc.		17,434		1,954,177
PVH Corp.		24,956		2,086,322


	Shares		Value
Consumer Discretionary-(continued)
RH^(b)(c)		2,892	$	1,056,129
Service Corp. International		14,230		898,055
Skechers U.S.A., Inc., Class A^(b)		32,196		1,619,781
Taylor Morrison Home Corp., Class A^(b)		39,766		1,884,908
Tempur Sealy International, Inc.^(c)		29,387		1,372,961
Texas Roadhouse, Inc.		8,815		917,641
Thor Industries, Inc.^(c)		29,635		3,106,341
Toll Brothers, Inc.		32,050		2,625,856
TopBuild Corp.^(b)		5,060		1,467,805
Topgolf Callaway Brands Corp.^(b)(c)		47,691		831,731
Travel + Leisure Co.		20,191		811,678
Under Armour, Inc., Class A^(b)(c)		89,218		681,625
Under Armour, Inc., Class C^(b)(c)		96,770		666,745
Valvoline, Inc.		11,985		412,763
Visteon Corp.^(b)		5,925		825,175
Wendy’s Co. (The)		21,778		430,987
Williams-Sonoma, Inc.^(c)		15,438		2,179,846
Wingstop, Inc.		481		77,268
Wyndham Hotels & Resorts, Inc.		4,548		342,874
YETI Holdings, Inc.^(b)(c)		10,104		504,695

				110,738,812

Consumer Staples-9.32%
BellRing Brands, Inc.^(b)		9,505		394,458
BJ’s Wholesale Club Holdings, Inc.^(b)		71,187		4,797,292
Boston Beer Co., Inc. (The), Class A^(b)(c)		1,438		525,488
Casey’s General Stores, Inc.		15,691		3,835,037
Celsius Holdings, Inc.^(b)		1,265		247,991
Coca-Cola Consolidated, Inc.		2,172		1,518,011
Coty,Inc.,Class A^(b)(c)		103,108		1,191,928
Darling Ingredients, Inc.^(b)		24,983		1,542,950
Energizer Holdings, Inc.^(c)		20,255		695,759
Flowers Foods, Inc.		44,180		1,040,881
Grocery Outlet Holding Corp.^(b)(c)		30,069		927,629
Ingredion, Inc.		17,041		1,753,689
Lancaster Colony Corp.		2,091		345,412
Performance Food Group Co.^(b)		234,216		14,551,840
Pilgrim’s Pride Corp.^(b)		174,542		4,391,477
Post Holdings, Inc.^(b)(c)		16,342		1,466,041
Sprouts Farmers Market, Inc.^(b)(c)		43,419		1,771,061
US Foods Holding Corp.^(b)		189,642		7,667,226

				48,664,170

Energy-8.23%
Antero Midstream Corp.		21,620		262,034
Antero Resources Corp.^(b)		87,750		2,428,042
ChampionX Corp.^(c)		31,697		1,143,945
Chord Energy Corp.^(c)		5,824		940,576
CNX Resources Corp.^(b)(c)		48,685		1,088,110
DT Midstream, Inc.		4,299		224,795
Equitrans Midstream Corp.		34,369		329,942
HF Sinclair Corp.		189,718		10,451,565
Matador Resources Co.		13,800		876,300
Murphy Oil Corp.		24,792		1,125,557
NOV, Inc.		112,037		2,367,342
Ovintiv, Inc.		81,291		3,817,425
PBF Energy, Inc., Class A		255,748		11,992,024
Range Resources Corp.^(c)		40,030		1,296,171

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


		20

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

August 31, 2023


	Shares		Value
Energy-(continued)
Southwestern Energy Co.^(b)		611,809	$	4,148,065
Valaris Ltd.^(b)		6,425		483,931

				42,975,824

Financials-8.88%
Affiliated Managers Group, Inc.^(c)		3,498		468,767
American Financial Group, Inc.		13,668		1,584,394
Annaly Capital Management, Inc.		55,085		1,116,573
Associated Banc-Corp		22,219		385,055
Bank OZK^(c)		8,922		358,397
Brighthouse Financial, Inc.^(b)		35,837		1,779,665
Cadence Bank^(c)		24,410		558,501
Cathay General Bancorp.		6,704		238,864
CNO Financial Group, Inc.		35,998		842,353
Columbia Banking System, Inc.		10,914		223,519
Commerce Bancshares, Inc.		7,273		357,032
Cullen/Frost Bankers, Inc.		4,478		423,305
East West Bancorp, Inc.		12,766		706,470
Essent Group Ltd.		4,711		236,586
Euronet Worldwide, Inc.^(b)(c)		6,959		607,938
Evercore, Inc., Class A		4,940		691,847
F.N.B. Corp.		34,379		399,828
Federated Hermes, Inc., Class B		9,006		313,049
First American Financial Corp.		28,304		1,745,791
First Financial Bankshares, Inc.		4,572		131,308
First Horizon Corp.		74,078		929,679
FirstCash Holdings, Inc.		6,633		592,460
Glacier Bancorp, Inc.^(c)		6,518		196,909
Hancock Whitney Corp.		8,709		359,246
Hanover Insurance Group, Inc. (The)		10,941		1,167,624
Home BancShares, Inc.		11,659		258,597
Interactive Brokers Group, Inc., Class A		14,867		1,354,086
International Bancshares Corp.		3,811		170,657
Janus Henderson Group PLC^(c)		16,233		445,920
Jefferies Financial Group, Inc.		57,227		2,042,432
Kemper Corp.		27,250		1,279,932
Kinsale Capital Group, Inc.		569		226,820
MGIC Investment Corp.		16,636		292,461
New York Community Bancorp, Inc.		104,505		1,283,321
Old National Bancorp		33,624		513,102
Old Republic International Corp.		68,491		1,873,229
Pinnacle Financial Partners, Inc.		7,736		514,908
Primerica, Inc.		3,275		658,144
Prosperity Bancshares, Inc.		4,891		277,858
Reinsurance Group of America, Inc.		26,040		3,609,665
RenaissanceRe Holdings Ltd. (Bermuda)		7,490		1,407,296
RLI Corp.		2,106		276,981
SEI Investments Co.		7,240		449,314
Selective Insurance Group, Inc.		8,446		837,928
SLM Corp.		34,330		488,859
South State Corp.^(c)		6,024		435,535
Starwood Property Trust, Inc.^(c)		20,346		415,669
Stifel Financial Corp.		18,222		1,184,794
Synovus Financial Corp.		20,473		633,844
Texas Capital Bancshares, Inc.^(b)		6,268		391,374
UMB Financial Corp.		6,530		412,761
United Bankshares, Inc.		8,482		255,139
Unum Group		59,973		2,950,072
Valley National Bancorp^(c)		69,824		640,984
Voya Financial, Inc.		19,710		1,373,393


	Shares		Value
Financials-(continued)
Webster Financial Corp.		18,128	$	768,808
Western Union Co. (The)		83,511		1,031,361
WEX, Inc.^(b)		3,073		602,861
Wintrust Financial Corp.		8,023		622,665

				46,395,930

Health Care-4.23%
Acadia Healthcare Co., Inc.^(b)		8,965		691,202
Amedisys, Inc.^(b)		5,507		516,281
Arrowhead Pharmaceuticals, Inc.^(b)(c)		1,721		47,568
Azenta, Inc.^(b)(c)		3,000		169,290
Bruker Corp.		7,939		520,798
Chemed Corp.		930		475,639
Doximity, Inc., Class A^(b)(c)		3,001		71,544
Encompass Health Corp.		16,955		1,204,483
Enovis Corp.^(b)		6,326		354,509
Envista Holdings Corp.^(b)		18,298		585,902
Exelixis, Inc.^(b)		19,711		441,329
Globus Medical, Inc., Class A^(b)(c)		4,365		236,147
Haemonetics Corp.^(b)		3,006		269,728
Halozyme Therapeutics, Inc.^(b)		4,683		199,309
HealthEquity, Inc.^(b)(c)		3,132		211,567
ICU Medical, Inc.^(b)(c)		2,765		401,008
Inari Medical, Inc.^(b)(c)		1,551		103,328
Integra LifeSciences Holdings Corp.^(b)		8,685		369,460
Jazz Pharmaceuticals PLC^(b)		6,673		956,641
Lantheus Holdings, Inc.^(b)		2,711		185,541
LivaNova PLC^(b)		5,021		278,917
Masimo Corp.^(b)(c)		3,330		380,552
Medpace Holdings, Inc.^(b)		1,708		461,621
Neogen Corp.^(b)(c)		8,705		201,260
Neurocrine Biosciences, Inc.^(b)		3,889		423,473
Omnicell, Inc.^(b)		3,954		224,824
Option Care Health, Inc.^(b)(c)		29,904		1,041,556
Patterson Cos., Inc.		52,563		1,578,993
Penumbra, Inc.^(b)(c)		620		163,990
Perrigo Co. PLC		30,934		1,082,690
Progyny, Inc.^(b)		4,909		183,302
QuidelOrtho Corp.^(b)(c)		8,327		685,812
R1 RCM, Inc.^(b)(c)		26,583		458,291
Repligen Corp.^(b)(c)		1,089		189,388
Shockwave Medical, Inc.^(b)		424		93,445
Sotera Health Co.^(b)(c)		15,345		247,668
Syneos Health, Inc.^(b)		29,543		1,262,372
Tenet Healthcare Corp.^(b)		60,633		4,702,696
United Therapeutics Corp.^(b)		1,970		441,989

				22,114,113

Industrials-20.32%
Acuity Brands, Inc.^(c)		5,827		939,779
Advanced Drainage Systems, Inc.		6,576		842,780
AECOM		36,781		3,227,533
AGCO Corp.		24,551		3,180,091
ASGN, Inc.^(b)		14,429		1,185,487
Avis Budget Group, Inc.^(b)(c)		14,240		3,038,674
Brink’s Co. (The)		14,668		1,111,981
Builders FirstSource, Inc.^(b)(c)		38,920		5,644,957
BWX Technologies, Inc.		7,932		585,064
CACI International, Inc., Class A^(b)		4,746		1,556,735
Carlisle Cos., Inc.^(c)		6,112		1,607,578
Chart Industries, Inc.^(b)(c)		3,086		557,270

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


		21

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

August 31, 2023


	Shares		Value
Industrials-(continued)
Clean Harbors, Inc.^(b)		7,682	$	1,300,870
Concentrix Corp.		17,440		1,392,235
Crane Co.		5,907		538,246
Curtiss-Wright Corp.		3,426		712,574
Donaldson Co., Inc.		12,996		830,055
EMCOR Group, Inc.		14,775		3,313,294
EnerSys		8,072		847,399
Esab Corp.		9,196		663,675
ExlService Holdings, Inc.^(b)(c)		10,990		321,238
Exponent, Inc.		1,251		112,415
Flowserve Corp.		23,566		932,507
Fluor Corp.^(b)(c)		112,037		3,920,175
Fortune Brands Innovations, Inc.		21,870		1,509,467
FTI Consulting, Inc.^(b)(c)		3,682		684,189
GATX Corp.		2,339		276,329
Genpact Ltd.		26,461		987,789
Graco, Inc.		5,976		471,745
GXO Logistics, Inc.^(b)		34,735		2,221,998
Hertz Global Holdings, Inc.^(b)(c)		117,082		1,984,540
Hexcel Corp.		5,013		367,453
Hubbell, Inc.		3,747		1,221,709
Insperity, Inc.		10,929		1,107,436
ITT, Inc.		8,058		824,172
JetBlue Airways Corp.^(b)(c)		296,326		1,754,250
KBR, Inc.^(c)		23,386		1,438,707
Kirby Corp.^(b)		8,828		731,223
Knight-Swift Transportation Holdings, Inc.		29,495		1,616,916
Landstar System, Inc.		8,367		1,588,140
Lennox International, Inc.		3,555		1,339,560
Lincoln Electric Holdings, Inc.		4,619		888,973
ManpowerGroup, Inc.		57,653		4,547,092
MasTec, Inc.^(b)(c)		21,471		2,136,150
Maximus, Inc.		12,792		1,033,849
MDU Resources Group, Inc.		51,936		1,057,417
Middleby Corp. (The)^(b)(c)		6,498		946,044
MSA Safety, Inc.^(c)		2,355		430,211
MSC Industrial Direct Co., Inc., Class A		9,271		946,198
nVent Electric PLC		14,105		797,497
Oshkosh Corp.		23,468		2,436,682
Owens Corning		18,735		2,696,154
Paylocity Holding Corp.^(b)		1,378		276,289
Regal Rexnord Corp.		8,039		1,303,845
Ryder System, Inc.		33,813		3,404,969
Saia, Inc.^(b)		2,151		916,756
Science Applications International Corp.		16,596		1,952,685
Simpson Manufacturing Co., Inc.		3,772		602,615
Stericycle, Inc.^(b)(c)		13,627		602,450
Sunrun, Inc.^(b)(c)		29,116		455,083
Terex Corp.^(c)		19,400		1,175,834
Tetra Tech, Inc.		5,545		872,506
Timken Co. (The)		12,711		971,375
Toro Co. (The)		11,057		1,131,352
Trex Co., Inc.^(b)		3,942		281,341
UFP Industries, Inc.		23,024		2,402,554
Valmont Industries, Inc.		3,621		917,923
Vicor Corp.^(b)(c)		1,601		108,500
Watsco, Inc.^(c)		4,704		1,714,843
Watts Water Technologies, Inc., Class A		2,601		490,991
Werner Enterprises, Inc.		17,425		725,054
WESCO International, Inc.^(c)		32,266		5,222,252


	Shares		Value
Industrials-(continued)
Woodward, Inc.		5,255	$	679,839
XPO, Inc.^(b)		46,855		3,496,789

				106,110,347

Information Technology-12.53%
ACI Worldwide, Inc.^(b)		13,409		325,571
Allegro MicroSystems, Inc. (Japan)^(b)(c)		5,661		216,533
Amkor Technology, Inc.		60,970		1,704,721
Arrow Electronics, Inc.^(b)		62,207		8,300,280
Aspen Technology, Inc.^(b)(c)		1,116		216,504
Avnet, Inc.		128,444		6,518,533
Belden, Inc.		6,455		606,125
Blackbaud, Inc.^(b)(c)		3,293		250,630
Calix, Inc.^(b)		4,091		190,272
Ciena Corp.^(b)(c)		22,132		1,106,157
Cirrus Logic, Inc.^(b)(c)		5,593		458,850
Cognex Corp.		3,798		178,810
Coherent Corp.^(b)(c)		28,214		1,061,693
CommVault Systems, Inc.^(b)		2,506		171,185
Crane NXT Co.		13,486		800,529
Dropbox, Inc., Class A^(b)		22,399		622,468
Dynatrace, Inc.^(b)		5,137		247,603
Envestnet, Inc.^(b)		5,080		277,520
IPG Photonics Corp.^(b)		2,865		310,451
Jabil, Inc.		84,251		9,640,000
Kyndryl Holdings, Inc.^(b)		310,661		5,243,958
Lattice Semiconductor Corp.^(b)		1,960		190,630
Littelfuse, Inc.		2,115		564,874
Lumentum Holdings, Inc.^(b)(c)		8,075		437,100
MACOM Technology Solutions Holdings, Inc.^(b)		2,632		222,562
Manhattan Associates, Inc.^(b)		989		200,391
MKS Instruments, Inc.		8,079		809,758
National Instruments Corp.		6,621		394,612
NCR Corp.^(b)		70,972		2,183,099
Novanta, Inc.^(b)(c)		1,180		197,036
Power Integrations, Inc.		1,421		119,393
Qualys, Inc.^(b)(c)		905		140,863
Silicon Laboratories, Inc.^(b)(c)		1,550		209,033
Super Micro Computer, Inc.^(b)(c)		5,692		1,565,755
Synaptics, Inc.^(b)		4,445		389,115
TD SYNNEX Corp.		151,276		15,392,333
Teradata Corp.^(b)		8,195		379,183
Universal Display Corp.		952		154,757
Vishay Intertechnology, Inc.		29,188		800,919
Vontier Corp.		23,625		742,061
Wolfspeed, Inc.^(b)(c)		3,933		188,076
Xerox Holdings Corp.^(c)		107,594		1,709,669

				65,439,612

Materials-10.06%
Alcoa Corp.		77,865		2,342,179
AptarGroup, Inc.		6,610		876,222
Ashland, Inc.		6,304		546,115
Avient Corp.		21,782		873,676
Axalta Coating Systems Ltd.^(b)		35,843		1,014,357
Berry Global Group, Inc.		49,940		3,263,080
Cabot Corp.		13,158		953,429
Chemours Co. (The)		46,412		1,578,936
Cleveland-Cliffs, Inc.^(b)		316,636		4,841,364
Commercial Metals Co.		44,661		2,513,968

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


		22

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

August 31, 2023


	Shares		Value
Materials-(continued)
Crown Holdings, Inc.		34,520	$	3,198,623
Eagle Materials, Inc.		2,933		555,276
Graphic Packaging Holding Co.		82,358		1,831,642
Greif, Inc., Class A		19,218		1,395,035
Knife River Corp.^(b)(c)		13,155		676,956
Louisiana-Pacific Corp.		11,645		727,580
MP Materials Corp.^(b)(c)		4,712		98,669
NewMarket Corp.		1,586		744,849
Olin Corp.^(c)		38,559		2,237,193
Reliance Steel & Aluminum Co.		15,193		4,329,397
Royal Gold, Inc.		1,161		130,136
RPM International, Inc.^(c)		19,763		1,971,162
Scotts Miracle-Gro Co. (The)^(c)		13,796		781,681
Sensient Technologies Corp.		4,388		270,345
Silgan Holdings, Inc.		30,877		1,393,479
Sonoco Products Co.		25,939		1,490,195
United States Steel Corp.		205,988		6,404,167
Westlake Corp.^(c)		30,742		4,026,587
Worthington Industries, Inc.^(c)		19,369		1,457,905

				52,524,203

Real Estate-2.22%
Agree Realty Corp.		1,578		97,552
Apartment Income REIT Corp.		5,008		170,572
Brixmor Property Group, Inc.		13,076		287,410
Corporate Office Properties Trust^(c)		6,685		173,008
Cousins Properties, Inc.		8,187		192,394
CubeSmart^(c)		5,229		218,102
EastGroup Properties, Inc.		549		98,617
EPR Properties		3,361		150,506
First Industrial Realty Trust, Inc.		2,490		129,331
Healthcare Realty Trust, Inc.		12,959		227,042
Highwoods Properties, Inc.		8,449		201,340
Independence Realty Trust, Inc.^(c)		7,863		132,334
Jones Lang LaSalle, Inc.^(b)(c)		31,090		5,372,352
Kilroy Realty Corp.		8,454		312,375
Kite Realty Group Trust^(c)		8,837		199,451
Lamar Advertising Co., Class A^(c)		5,003		456,374
Medical Properties Trust, Inc.		36,514		263,631
National Storage Affiliates Trust		5,087		170,923
NNN REIT, Inc.		4,108		161,814
Omega Healthcare Investors, Inc.		6,202		197,348
Park Hotels & Resorts, Inc.^(c)		43,593		559,298
Physicians Realty Trust^(c)		8,354		116,204
PotlatchDeltic Corp.^(c)		5,535		261,584
Rayonier, Inc.		6,533		195,337
Rexford Industrial Realty, Inc.		2,987		159,715
Sabra Health Care REIT, Inc.		11,900		149,107
Spirit Realty Capital, Inc.		4,103		158,417
STAG Industrial, Inc.		4,197		153,316
Vornado Realty Trust^(c)		26,534		637,347

				11,602,801


	Shares		Value
Utilities-1.89%
ALLETE, Inc.		6,451	$	354,160
Black Hills Corp.		9,472		520,960
Essential Utilities, Inc.		12,592		464,645
Hawaiian Electric Industries, Inc.^(c)		23,197		325,222
IDACORP, Inc.		3,700		354,608
National Fuel Gas Co.		13,261		712,646
New Jersey Resources Corp.		12,158		512,703
NorthWestern Corp.		5,893		297,007
OGE Energy Corp.		20,892		711,373
ONE Gas, Inc.^(c)		7,265		526,494
Ormat Technologies, Inc.		1,961		148,918
PNM Resources, Inc.^(c)		11,517		510,318
Portland General Electric Co.		11,965		524,785
Southwest Gas Holdings, Inc.^(c)		19,304		1,195,497
Spire, Inc.		9,263		541,052
UGI Corp.		86,393		2,175,376

				9,875,764

Total Common Stocks & Other Equity Interests (Cost $468,670,682)				521,869,489


Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%^(d)(e)(Cost $256,285)		256,285		256,285

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.98% (Cost $468,926,967)				522,125,774


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-13.55%
Invesco Private Government Fund, 5.30%^(d)(e)(f)		19,813,137		19,813,137
Invesco Private Prime Fund, 5.51%^(d)(e)(f)		50,948,068		50,948,068

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $70,762,851)				70,761,205

TOTAL INVESTMENTS IN SECURITIES-113.53% (Cost $539,689,818)				592,886,979
OTHER ASSETS LESS LIABILITIES-(13.53)%				(70,663,621	)

NET ASSETS-100.00%			$	522,223,358

Investment Abbreviations:

REIT -Real Estate Investment Trust

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


		23

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

August 31, 2023

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at August 31, 2023.

^(d)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value August 31, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	227,907		$	9,313,025		$	(9,284,647	)		$	-			$	-			$	256,285		$	8,636
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			22,446,908			206,459,241			(209,093,012	)			-				-				19,813,137			968,291	*
Invesco Private Prime Fund			57,554,621			380,663,966			(387,261,224	)			(5,576	)			(3,719	)			50,948,068			2,600,395	*

Total		$	80,229,436		$	596,436,232		$	(605,638,883	)		$	(5,576	)		$	(3,719	)		$	71,017,490		$	3,577,322

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

^(e)	The rate shown is the 7-day SEC standardized yield as of August 31, 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 2I.

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


		24

Invesco S&P SmallCap 600 Revenue ETF (RWJ)

August 31, 2023

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Communication Services-5.48%
AMC Networks, Inc., Class A^(b)(c)		295,823	$	3,443,380
ATN International, Inc.^(c)		20,798		746,024
Cargurus, Inc.^(b)(c)		78,122		1,414,789
Cars.com, Inc.^(b)(c)		40,743		761,487
Cinemark Holdings, Inc.^(b)(c)		160,574		2,614,145
Cogent Communications Holdings, Inc.		10,809		762,899
Consolidated Communications Holdings, Inc.^(b)		357,571		1,412,405
DISH Network Corp., Class A^(b)(c)		2,828,587		16,971,522
E.W. Scripps Co. (The), Class A^(b)(c)		330,921		2,528,236
Gogo, Inc.^(b)(c)		27,026		306,745
John Wiley & Sons, Inc., Class A^(c)		59,906		2,226,107
Lumen Technologies, Inc.^(c)		10,446,622		16,610,129
Marcus Corp. (The)		49,514		752,118
QuinStreet, Inc.^(b)(c)		72,271		715,483
Scholastic Corp.		44,894		1,950,644
Shenandoah Telecommunications Co.^(c)		15,155		344,625
Shutterstock, Inc.		19,253		810,744
TechTarget, Inc.^(b)(c)		9,065		260,619
Telephone & Data Systems, Inc.^(c)		825,144		17,732,345
Thryv Holdings, Inc.^(b)(c)		51,007		1,040,033
Yelp, Inc.^(b)(c)		38,590		1,653,581

				75,058,060

Consumer Discretionary-23.00%
Aaron’s Co., Inc. (The)		188,778		2,278,550
Abercrombie & Fitch Co., Class A^(b)(c)		123,568		6,641,780
Academy Sports & Outdoors, Inc.^(c)		142,830		7,794,233
Adtalem Global Education, Inc.^(b)		38,834		1,702,871
American Axle & Manufacturing Holdings, Inc.^(b)		883,029		6,666,869
American Eagle Outfitters, Inc.^(c)		480,971		8,157,268
America’s Car-Mart, Inc.^(b)(c)		17,060		1,898,949
Asbury Automotive Group, Inc.^(b)(c)		75,889		17,454,470
BJ’s Restaurants, Inc.^(b)(c)		47,515		1,397,416
Bloomin’ Brands, Inc.^(c)		201,770		5,661,666
Boot Barn Holdings, Inc.^(b)(c)		25,583		2,347,240
Brinker International, Inc.^(b)(c)		128,801		4,215,657
Buckle, Inc. (The)^(c)		43,950		1,605,933
Caleres, Inc.		138,622		3,974,293
Cavco Industries, Inc.^(b)		8,840		2,470,957
Century Communities, Inc.		69,096		5,130,378
Cheesecake Factory, Inc. (The)^(c)		117,061		3,728,393
Chico’s FAS, Inc.^(b)(c)		422,001		2,164,865
Chuy’s Holdings, Inc.^(b)(c)		12,676		482,956
Cracker Barrel Old Country Store, Inc.^(c)		43,026		3,546,633
Dana, Inc.		789,455		12,718,120
Dave & Buster’s Entertainment, Inc.^(b)(c)		62,531		2,455,592
Designer Brands, Inc., Class A^(c)		438,955		4,613,417
Dine Brands Global, Inc.^(c)		16,294		892,585
Dorman Products, Inc.^(b)		24,100		1,988,491
Ethan Allen Interiors, Inc.^(c)		33,181		1,041,220
Frontdoor, Inc.^(b)(c)		59,279		1,945,537
Gentherm, Inc.^(b)(c)		25,293		1,522,891
G-III Apparel Group Ltd.^(b)(c)		177,707		3,527,484
Golden Entertainment, Inc.		28,126		1,024,068
Green Brick Partners, Inc.^(b)		36,639		1,812,165


	Shares		Value
Consumer Discretionary-(continued)
Group 1 Automotive, Inc.		78,137	$	20,660,986
Guess?, Inc.^(c)		146,335		3,520,820
Hanesbrands, Inc.^(c)		1,491,427		7,829,992
Haverty Furniture Cos., Inc., (Acquired 11/17/2014 - 08/30/2023; Cost $1,171,759)^(d)		40,588		1,270,404
Hibbett, Inc.^(c)		55,136		2,553,348
Installed Building Products, Inc.		26,822		3,881,948
iRobot Corp.^(b)(c)		28,585		1,111,671
Jack in the Box, Inc.		21,649		1,739,930
Kontoor Brands, Inc.		72,031		3,298,299
La-Z-Boy, Inc.		100,020		3,085,617
LCI Industries		42,252		5,293,331
Leslie’s, Inc.^(b)(c)		169,345		1,060,100
LGI Homes, Inc.^(b)(c)		19,664		2,420,638
M.D.C. Holdings, Inc.^(c)		140,397		6,661,838
M/I Homes, Inc.^(b)		64,410		6,323,774
MarineMax, Inc.^(b)(c)		76,565		2,547,318
Meritage Homes Corp.^(c)		55,316		7,691,137
Mister Car Wash, Inc.^(b)(c)		113,843		824,223
Monarch Casino & Resort, Inc.		7,917		533,606
Monro, Inc.^(c)		36,068		1,180,866
Movado Group, Inc.		30,022		821,102
National Vision Holdings, Inc.^(b)(c)		87,959		1,610,529
ODP Corp. (The)^(b)(c)		217,922		10,747,913
Oxford Industries, Inc.^(c)		16,084		1,624,323
Patrick Industries, Inc.		65,573		5,484,526
Perdoceo Education Corp.		64,265		1,064,871
Sabre Corp.^(b)(c)		920,091		4,600,455
Sally Beauty Holdings, Inc.^(b)(c)		359,679		3,654,339
Shake Shack, Inc., Class A^(b)(c)		15,502		1,085,140
Shoe Carnival, Inc.^(c)		61,294		1,417,730
Signet Jewelers Ltd.^(c)		149,077		11,180,775
Six Flags Entertainment Corp.^(b)(c)		55,993		1,285,599
Sleep Number Corp.^(b)(c)		118,884		3,041,053
Sonic Automotive, Inc., Class A^(c)		349,140		18,616,145
Sonos, Inc.^(b)(c)		118,478		1,632,627
Standard Motor Products, Inc.		41,438		1,534,449
Steven Madden Ltd.		70,085		2,417,932
Strategic Education, Inc.		15,660		1,213,650
Stride, Inc.^(b)(c)		49,318		2,095,522
Sturm Ruger & Co., Inc.		12,549		647,277
Tri Pointe Homes, Inc.^(b)(c)		154,271		4,797,828
Upbound Group, Inc.^(c)		135,940		4,162,483
Urban Outfitters, Inc.^(b)(c)		169,079		5,615,114
Victoria’s Secret & Co.^(b)(c)		395,001		7,576,119
Vista Outdoor, Inc.^(b)(c)		126,835		3,709,924
Winnebago Industries, Inc.^(c)		76,764		4,978,145
Wolverine World Wide, Inc.		208,718		1,686,441
XPEL, Inc.^(b)(c)(e)		4,924		410,169

				315,064,973

Consumer Staples-8.76%
Andersons, Inc. (The)^(c)		439,694		22,582,684
B&G Foods, Inc.^(c)		181,366		2,319,671
Calavo Growers, Inc.^(c)		37,997		1,252,381
Cal-Maine Foods, Inc.^(c)		70,713		3,379,374
Central Garden & Pet Co.^(b)(c)		48,254		2,129,931

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


		25

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

August 31, 2023


	Shares		Value
Consumer Staples-(continued)
Central Garden & Pet Co., Class A^(b)		52,886	$	2,157,749
Chefs’ Warehouse, Inc. (The)^(b)(c)		100,876		2,879,001
Edgewell Personal Care Co.		60,173		2,320,271
elf Beauty, Inc.^(b)		6,241		865,689
Fresh Del Monte Produce, Inc.		186,196		4,757,308
Hain Celestial Group, Inc. (The)^(b)		171,430		1,815,444
Hostess Brands, Inc.^(b)		58,756		1,673,371
Inter Parfums, Inc.		9,661		1,349,931
J&J Snack Foods Corp.^(c)		10,637		1,724,577
John B. Sanfilippo & Son, Inc.		9,435		946,802
Medifast, Inc.^(c)		21,617		1,823,178
MGP Ingredients, Inc.^(c)		8,688		1,041,691
National Beverage Corp.^(b)(c)		27,523		1,412,205
Nu Skin Enterprises, Inc., Class A		68,543		1,637,492
PriceSmart, Inc.		64,856		5,154,755
Simply Good Foods Co. (The)^(b)		37,197		1,342,068
SpartanNash Co.		500,238		10,885,179
Tootsie Roll Industries, Inc.		20,688		665,119
TreeHouse Foods, Inc.^(b)		90,427		4,206,664
United Natural Foods, Inc.^(b)(c)		1,675,652		33,730,875
Universal Corp.^(c)		57,780		2,751,484
USANA Health Sciences, Inc.^(b)		17,414		1,119,546
Vector Group Ltd.		128,702		1,378,398
WD-40 Co.^(c)		3,188		685,006

				119,987,844

Energy-11.30%
Archrock, Inc.		99,149		1,268,116
Bristow Group, Inc.^(b)		56,412		1,562,612
California Resources Corp.		95,943		5,357,457
Callon Petroleum Co.^(b)(c)		102,722		4,029,784
Civitas Resources, Inc.^(c)		58,003		4,769,007
Comstock Resources, Inc.^(c)		405,320		4,969,223
CONSOL Energy, Inc.		46,047		3,961,884
Core Laboratories, Inc.^(c)		22,662		544,794
CVR Energy, Inc.^(c)		446,722		14,607,809
Dorian LPG Ltd.		18,527		477,997
Dril-Quip, Inc.^(b)(c)		16,471		454,270
Green Plains, Inc.^(b)(c)		132,805		4,122,267
Helix Energy Solutions Group, Inc.^(b)		150,068		1,521,690
Helmerich & Payne, Inc.		87,584		3,502,484
Nabors Industries Ltd.^(b)(c)		32,119		3,555,252
Northern Oil and Gas, Inc.^(c)		68,593		2,869,245
Oceaneering International, Inc.^(b)		138,381		3,153,703
Oil States International, Inc.^(b)(c)		122,182		957,907
Par Pacific Holdings, Inc.^(b)		365,470		12,553,895
Patterson-UTI Energy, Inc.		294,834		4,168,953
ProPetro Holding Corp.^(b)(c)		208,272		2,007,742
REX American Resources Corp.^(b)		28,900		1,141,261
RPC, Inc.^(c)		264,578		2,113,978
SM Energy Co.		120,291		5,089,512
Talos Energy, Inc.^(b)(c)		126,918		2,185,528
US Silica Holdings, Inc.^(b)		144,688		1,784,003
Vital Energy, Inc.^(b)(c)		44,442		2,679,408
World Kinect Corp.^(c)		2,711,982		59,392,406

				154,802,187

Financials-9.26%
Ambac Financial Group, Inc.^(b)		26,163		336,979
American Equity Investment Life Holding Co.^(b)		67,165		3,605,417


	Shares		Value
Financials-(continued)
Ameris Bancorp^(c)		38,070	$	1,551,353
AMERISAFE, Inc.		6,294		326,029
Apollo Commercial Real Estate Finance, Inc.^(c)		76,843		839,126
Artisan Partners Asset Management, Inc., Class A^(c)		29,197		1,121,749
Assured Guaranty Ltd.^(c)		15,357		903,606
Atlantic Union Bankshares Corp.^(c)		32,624		968,607
Avantax, Inc.^(b)		38,963		815,106
Axos Financial, Inc.^(b)(c)		30,018		1,293,476
B. Riley Financial, Inc.^(c)		31,798		1,628,217
Banc of California, Inc.^(c)		36,897		462,319
BancFirst Corp.^(c)		8,019		766,456
Bancorp, Inc. (The)^(b)(c)		15,300		561,663
Bank of Hawaii Corp.		20,090		1,079,637
BankUnited, Inc.		76,853		2,017,391
Banner Corp.		16,370		712,914
Berkshire Hills Bancorp, Inc.		25,018		522,876
Bread Financial Holdings, Inc.^(c)		173,773		6,530,389
Brightsphere Investment Group, Inc.		19,839		410,866
Brookline Bancorp, Inc.		51,263		490,587
Capitol Federal Financial, Inc.^(c)		61,649		349,550
Central Pacific Financial Corp.		20,038		340,045
City Holding Co.^(c)		3,254		297,285
Community Bank System, Inc.^(c)		14,023		666,794
Customers Bancorp, Inc.^(b)		43,052		1,512,847
CVB Financial Corp.^(c)		46,108		805,046
Dime Community Bancshares, Inc.		31,284		666,662
Donnelley Financial Solutions, Inc.^(b)		19,863		978,650
Eagle Bancorp, Inc.^(c)		24,050		578,643
Ellington Financial, Inc.		25,610		342,406
Employers Holdings, Inc.		22,231		872,122
Encore Capital Group, Inc.^(b)(c)		27,483		1,287,853
Enova International, Inc.^(b)		40,026		2,019,312
EVERTEC, Inc.		19,363		766,194
EZCORP, Inc., Class A^(b)(c)		127,080		1,068,743
FB Financial Corp.		24,879		755,824
First Bancorp		93,436		1,295,023
First Bancorp/Southern Pines NC^(c)		15,147		448,957
First Commonwealth Financial Corp.^(c)		37,242		486,753
First Financial Bancorp		45,622		948,025
First Hawaiian, Inc.		54,669		1,033,791
Franklin BSP Realty Trust, Inc.^(c)		33,549		474,383
Fulton Financial Corp.^(c)		104,668		1,395,224
Genworth Financial, Inc., Class A^(b)		1,486,104		8,604,542
Green Dot Corp., Class A^(b)		86,020		1,276,537
Hanmi Financial Corp.		23,451		406,171
HCI Group, Inc.		9,662		514,791
Heritage Financial Corp.^(c)		17,994		309,857
Hilltop Holdings, Inc.^(c)		47,438		1,441,641
Hope Bancorp, Inc.^(c)		106,835		1,033,094
Horace Mann Educators Corp.		49,693		1,424,201
Independent Bank Corp.		17,590		950,212
Independent Bank Group, Inc.^(c)		22,912		966,886
James River Group Holdings Ltd.		47,164		686,708
KKR Real Estate Finance Trust, Inc.		49,102		614,266
Lakeland Financial Corp.^(c)		6,407		333,997
Mercury General Corp.		150,613		4,309,038
Moelis & Co., Class A^(c)		22,665		1,074,548
Mr. Cooper Group, Inc.^(b)(c)		41,034		2,324,986

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


		26

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

August 31, 2023


	Shares		Value
Financials-(continued)
National Bank Holdings Corp., Class A		14,004	$	441,686
Navient Corp.		261,481		4,615,140
NBT Bancorp, Inc.		17,457		600,870
New York Mortgage Trust, Inc.^(c)		49,306		469,393
NMI Holdings, Inc., Class A^(b)		22,735		650,676
Northfield Bancorp, Inc.		19,131		201,641
Northwest Bancshares, Inc.^(c)		58,404		642,444
OFG Bancorp		28,165		849,456
Pacific Premier Bancorp, Inc.		47,161		1,085,646
PacWest Bancorp		241,564		1,920,434
Palomar Holdings, Inc.^(b)(c)		6,453		329,168
Park National Corp.		5,454		554,999
Pathward Financial, Inc.		14,105		694,953
Payoneer Global, Inc.^(b)(c)		170,559		1,055,760
PennyMac Mortgage Investment Trust^(c)		48,131		645,437
Piper Sandler Cos		11,429		1,702,692
PRA Group, Inc.^(b)(c)		42,781		833,374
Preferred Bank^(c)		7,515		466,757
ProAssurance Corp.		86,319		1,526,120
PROG Holdings, Inc.^(b)(c)		85,731		2,940,573
Provident Financial Services, Inc.^(c)		37,031		610,271
Radian Group, Inc.		51,765		1,401,796
Ready Capital Corp.^(c)		100,135		1,093,474
Redwood Trust, Inc.^(c)		125,956		1,008,908
Renasant Corp.^(c)		29,212		813,554
S&T Bancorp, Inc.^(c)		16,624		470,958
Safety Insurance Group, Inc.		11,956		823,410
Seacoast Banking Corp. of Florida^(c)		25,581		603,967
ServisFirst Bancshares, Inc.^(c)		16,775		940,071
Simmons First National Corp., Class A^(c)		70,425		1,254,974
SiriusPoint Ltd. (Bermuda)^(b)		312,575		3,457,080
Southside Bancshares, Inc.		12,732		383,233
Stellar Bancorp, Inc.^(c)		16,857		358,548
Stewart Information Services Corp.^(c)		72,287		3,348,334
StoneX Group, Inc.^(b)		22,099		2,074,654
Tompkins Financial Corp.^(c)		6,325		328,457
Triumph Financial, Inc.^(b)(c)		9,343		600,101
Trupanion, Inc.^(b)(c)		42,407		1,260,760
TrustCo Bank Corp.		7,998		227,703
Trustmark Corp.		42,027		968,302
Two Harbors Investment Corp.^(c)		18,632		256,563
United Community Banks, Inc.^(c)		43,912		1,185,624
United Fire Group, Inc.		48,435		957,560
Universal Insurance Holdings, Inc.		88,628		1,122,030
Veritex Holdings, Inc.		32,782		616,629
Virtus Investment Partners, Inc.^(c)		4,281		886,595
Walker & Dunlop, Inc.		16,824		1,435,760
Washington Federal, Inc.		35,141		955,132
Westamerica Bancorporation		7,816		344,138
WisdomTree, Inc.		47,813		349,035
World Acceptance Corp.^(b)(c)		5,676		765,182
WSFS Financial Corp.		29,984		1,178,371

				126,914,763

Health Care-6.14%
AdaptHealth Corp.^(b)(c)		332,427		3,965,854
Addus HomeCare Corp.^(b)		11,835		1,037,929
Agiliti, Inc.^(b)(c)		71,883		693,671
AMN Healthcare Services, Inc.^(b)(c)		52,048		4,600,002
Amphastar Pharmaceuticals, Inc.^(b)		12,811		682,954


	Shares		Value
Health Care-(continued)
AngioDynamics, Inc.^(b)		34,874	$	280,038
ANI Pharmaceuticals, Inc.^(b)(c)		8,126		523,233
Anika Therapeutics, Inc.^(b)(c)		6,419		114,579
Apollo Medical Holdings, Inc.^(b)(c)		41,386		1,566,874
Arcus Biosciences, Inc.^(b)(c)		6,348		130,134
Artivion, Inc.^(b)(c)		23,266		393,661
Avanos Medical, Inc.^(b)		35,976		756,935
Avid Bioservices, Inc.^(b)(c)		9,524		112,383
BioLife Solutions, Inc.^(b)(c)		8,073		106,644
Catalyst Pharmaceuticals, Inc.^(b)(c)		24,819		348,459
Certara, Inc.^(b)(c)		22,732		367,349
Coherus Biosciences, Inc.^(b)(c)		38,058		202,849
Collegium Pharmaceutical, Inc.^(b)		27,159		636,064
Community Health Systems, Inc.^(b)(c)		3,750,517		12,676,747
Computer Programs and Systems, Inc.^(b)(c)		13,676		222,509
CONMED Corp.^(c)		9,252		1,031,228
Corcept Therapeutics, Inc.^(b)(c)		19,990		654,273
CorVel Corp.^(b)(c)		4,008		867,532
Cross Country Healthcare, Inc.^(b)(c)		111,177		2,863,920
Cytek Biosciences, Inc.^(b)(c)		22,965		174,534
Cytokinetics, Inc.^(b)(c)		2,917		101,920
Dynavax Technologies Corp.^(b)(c)		64,707		929,193
Embecta Corp.^(c)		49,336		904,329
Enanta Pharmaceuticals, Inc.^(b)(c)		3,424		50,846
Enhabit, Inc.^(b)(c)		96,262		1,233,116
Ensign Group, Inc. (The)^(c)		38,356		3,844,038
Fulgent Genetics, Inc.^(b)(c)		10,777		353,055
Glaukos Corp.^(b)(c)		4,791		359,996
Harmony Biosciences Holdings, Inc.^(b)(c)		15,154		549,332
HealthStream, Inc.		12,878		270,824
Innoviva, Inc.^(b)(c)		28,041		357,523
Integer Holdings Corp.^(b)(c)		19,373		1,652,711
Ironwood Pharmaceuticals, Inc.^(b)(c)		41,115		361,812
iTeos Therapeutics, Inc.^(b)		10,113		122,013
LeMaitre Vascular, Inc.		2,802		161,984
Ligand Pharmaceuticals, Inc.^(b)(c)		3,243		213,292
Merit Medical Systems, Inc.^(b)		15,643		1,021,175
Mesa Laboratories, Inc.		1,846		264,643
ModivCare, Inc.^(b)(c)		57,687		1,851,753
Myriad Genetics, Inc.^(b)		33,472		597,475
NeoGenomics, Inc.^(b)		36,184		543,846
NextGen Healthcare, Inc.^(b)(c)		45,184		822,801
OmniAb Operations, Inc., Rts., expiring 11/02/2027^(b)(c)(f)		785		0
OmniAb Operations, Inc., Rts., expiring 11/02/2027^(b)(f)		785		0
OraSure Technologies, Inc.^(b)(c)		101,520		655,819
Orthofix Medical, Inc.^(b)		31,240		661,038
Owens & Minor, Inc.^(b)(c)		556,050		9,397,245
Pacira BioSciences, Inc.^(b)		20,849		735,970
Pediatrix Medical Group, Inc.^(b)(c)		155,627		2,199,010
Phibro Animal Health Corp., Class A		81,470		1,136,506
Prestige Consumer Healthcare, Inc.^(b)		21,946		1,280,110
Privia Health Group, Inc.^(b)(c)		57,053		1,497,641
RadNet, Inc.^(b)(c)		51,843		1,732,075
REGENXBIO, Inc.^(b)		6,152		108,890
Schrodinger, Inc.^(b)(c)		6,070		223,922
Select Medical Holdings Corp.^(c)		254,526		7,434,704
Simulations Plus, Inc.^(c)		1,322		58,816

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


		27

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

August 31, 2023


	Shares		Value
Health Care-(continued)
Supernus Pharmaceuticals, Inc.^(b)		21,571	$	686,821
Tandem Diabetes Care, Inc.^(b)(c)		36,083		987,231
UFP Technologies, Inc.^(b)(c)		2,818		495,151
uniQure N.V. (Netherlands)^(b)		6,317		55,021
US Physical Therapy, Inc.		5,854		590,259
Vanda Pharmaceuticals, Inc.^(b)(c)		44,313		229,984
Varex Imaging Corp.^(b)(c)		43,516		855,960
Veradigm, Inc.^(b)(c)		56,881		761,068
Vericel Corp.^(b)(c)		5,500		180,565
Vir Biotechnology, Inc.^(b)(c)		19,782		250,440
Xencor, Inc.^(b)(c)		4,073		89,525
Zynex, Inc.^(b)(c)		21,702		167,105

				84,048,908

Industrials-18.22%
3D Systems Corp.^(b)(c)		60,493		381,711
AAON, Inc.		17,008		1,072,524
AAR Corp.^(b)		38,988		2,401,661
ABM Industries, Inc.		194,360		8,827,831
AeroVironment, Inc.^(b)		5,639		547,152
Alamo Group, Inc.		9,713		1,667,236
Albany International Corp., Class A		13,140		1,218,341
Allegiant Travel Co.^(c)		25,910		2,301,844
American Woodmark Corp.^(b)		34,054		2,644,974
Apogee Enterprises, Inc.		39,059		1,970,917
Applied Industrial Technologies, Inc.		36,630		5,654,573
ArcBest Corp.^(c)		68,186		7,199,760
Arcosa, Inc.		35,439		2,772,039
Astec Industries, Inc.^(c)		34,470		1,889,645
AZZ, Inc.^(c)		40,115		1,969,646
Barnes Group, Inc.		35,477		1,394,246
Boise Cascade Co.		111,518		12,196,724
Brady Corp., Class A		29,852		1,505,735
CIRCOR International, Inc.^(b)		18,909		1,053,042
Comfort Systems USA, Inc.		31,855		5,879,477
CoreCivic, Inc.^(b)(c)		230,661		2,481,912
CSG Systems International, Inc.		25,255		1,371,599
Deluxe Corp.		148,900		3,010,758
DXP Enterprises, Inc.^(b)		49,900		1,774,943
Dycom Industries, Inc.^(b)		41,553		4,152,391
Encore Wire Corp.^(c)		18,317		3,018,825
Enerpac Tool Group Corp.		23,871		625,420
EnPro Industries, Inc.		11,021		1,503,154
Enviri Corp.^(b)(c)		249,039		1,855,341
ESCO Technologies, Inc.		10,585		1,132,701
Federal Signal Corp.		27,895		1,700,200
Forrester Research, Inc.^(b)(c)		20,294		621,605
Forward Air Corp.		21,320		1,509,882
Franklin Electric Co., Inc.		23,598		2,282,163
GEO Group, Inc. (The)^(b)(c)		370,607		2,683,195
Gibraltar Industries, Inc.^(b)(c)		26,149		1,961,959
GMS, Inc.^(b)		89,221		6,186,584
Granite Construction, Inc.^(c)		89,947		3,713,912
Greenbrier Cos., Inc. (The)^(c)		137,417		5,848,468
Griffon Corp.		88,176		3,691,929
Hawaiian Holdings, Inc.^(b)(c)		346,460		2,972,627
Healthcare Services Group, Inc.		133,755		1,544,870
Heartland Express, Inc.^(c)		80,474		1,214,353
Heidrick & Struggles International, Inc.		44,036		1,166,514
Hillenbrand, Inc.^(c)		61,805		2,993,834


	Shares		Value
Industrials-(continued)
HNI Corp.		97,383	$	3,190,267
Hub Group, Inc., Class A^(b)		76,974		6,007,051
Insteel Industries, Inc.^(c)		26,988		937,833
Interface, Inc.		179,727		1,856,580
John Bean Technologies Corp.		21,172		2,327,015
Kaman Corp.		34,673		777,715
Kelly Services, Inc., Class A		305,722		5,652,800
Kennametal, Inc.^(c)		81,482		2,156,829
Korn Ferry		63,733		3,249,108
Lindsay Corp.		6,722		834,200
Liquidity Services, Inc.^(b)(c)		20,723		378,195
Marten Transport Ltd.		65,304		1,371,384
MasterBrand, Inc.^(b)		317,873		4,071,953
Matson, Inc.^(c)		58,629		5,152,317
Matthews International Corp., Class A		49,635		2,093,604
MillerKnoll, Inc.		333,818		6,375,924
Moog, Inc., Class A		32,878		3,819,108
Mueller Industries, Inc.^(c)		53,832		4,153,677
MYR Group, Inc.^(b)		26,494		3,764,003
National Presto Industries, Inc.		4,756		355,987
NOW, Inc.^(b)		255,698		2,856,147
NV5 Global, Inc.^(b)(c)		8,808		896,478
OPENLANE, Inc.^(b)(c)		117,324		1,831,428
PGT Innovations, Inc.^(b)(c)		61,173		1,724,467
Pitney Bowes, Inc.		1,090,453		3,587,590
Powell Industries, Inc.		10,704		898,815
Proto Labs, Inc.^(b)		15,627		460,997
Quanex Building Products Corp.		49,175		1,326,742
Resideo Technologies, Inc.^(b)		419,770		7,077,322
Resources Connection, Inc.		53,803		834,485
RXO, Inc.^(b)(c)		233,497		4,221,626
SkyWest, Inc.^(b)		99,406		4,483,211
SPX Technologies, Inc.^(b)		20,654		1,632,079
Standex International Corp.		5,912		908,261
Sun Country Airlines Holdings, Inc.^(b)(c)		55,507		826,499
SunPower Corp.^(b)(c)		188,403		1,348,965
Tennant Co.		16,089		1,326,216
Titan International, Inc.^(b)		227,202		2,860,473
Trinity Industries, Inc.^(c)		107,538		2,695,978
Triumph Group, Inc.^(b)		127,530		1,200,057
TrueBlue, Inc.^(b)		135,850		2,055,410
TTEC Holdings, Inc.		80,104		2,383,895
UniFirst Corp.		13,194		2,323,859
Veritiv Corp.^(c)		65,036		10,947,510
Verra Mobility Corp., Class A^(b)		45,733		813,590
Viad Corp.^(b)		52,885		1,501,405
Wabash National Corp.^(c)		109,001		2,457,973

				249,575,245

Information Technology-7.44%
8x8, Inc.^(b)(c)		214,921		698,493
A10 Networks, Inc.		21,790		324,453
Adeia, Inc.		72,000		724,320
ADTRAN Holdings, Inc.^(c)		142,589		1,219,136
Advanced Energy Industries, Inc.		20,080		2,370,846
Agilysys, Inc.^(b)		2,992		211,071
Alarm.com Holdings, Inc.^(b)(c)		18,863		1,104,806
Alpha & Omega Semiconductor Ltd.^(b)(c)		27,986		882,958
Arlo Technologies, Inc.^(b)		58,999		576,420
Avid Technology, Inc.^(b)(c)		19,960		532,134

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


		28

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

August 31, 2023


	Shares		Value
Information Technology-(continued)
Axcelis Technologies, Inc.^(b)(c)		6,330	$	1,216,310
Badger Meter, Inc.		4,355		723,278
Benchmark Electronics, Inc.		137,165		3,530,627
Cerence, Inc.^(b)(c)		11,270		294,147
CEVA, Inc.^(b)(c)		5,924		137,555
Clearfield, Inc.^(b)(c)		7,617		267,738
Cohu, Inc.^(b)		23,351		873,094
Consensus Cloud Solutions, Inc.^(b)		11,575		369,590
Corsair Gaming, Inc.^(b)(c)		80,863		1,271,166
CTS Corp.^(c)		14,100		629,565
Digi International, Inc.^(b)(c)		12,943		432,037
Digital Turbine, Inc.^(b)(c)		82,706		736,910
Diodes, Inc.^(b)(c)		24,419		1,998,695
DoubleVerify Holdings, Inc.^(b)(c)		14,872		502,822
Ebix, Inc.^(c)		50,904		850,097
ePlus, Inc.^(b)		42,844		2,843,985
Extreme Networks, Inc.^(b)		59,466		1,632,342
Fabrinet (Thailand)^(b)(c)		26,090		4,194,489
FormFactor, Inc.^(b)		26,456		934,426
Harmonic, Inc.^(b)(c)		39,662		423,590
Ichor Holdings Ltd.^(b)(c)		39,760		1,456,409
Insight Enterprises, Inc.^(b)(c)		79,817		12,777,904
InterDigital, Inc.^(c)		7,115		616,942
Itron, Inc.^(b)(c)		28,493		1,949,206
Knowles Corp.^(b)		46,020		737,701
Kulicke & Soffa Industries, Inc. (Singapore)^(c)		19,986		1,033,876
LiveRamp Holdings, Inc.^(b)		27,096		876,285
MaxLinear, Inc.^(b)		42,638		1,001,993
Methode Electronics, Inc.		29,091		938,185
N-able, Inc.^(b)		29,514		394,602
NETGEAR, Inc.^(b)		74,212		978,114
NetScout Systems, Inc.^(b)(c)		34,059		975,109
OneSpan, Inc.^(b)		16,100		197,225
Onto Innovation, Inc.^(b)(c)		9,845		1,368,258
OSI Systems, Inc.^(b)		10,713		1,460,718
PC Connection, Inc.		75,833		4,028,249
PDF Solutions, Inc.^(b)		3,960		143,906
Perficient, Inc.^(b)(c)		13,794		879,919
Photronics, Inc.^(b)(c)		42,808		1,017,118
Plexus Corp.^(b)(c)		51,067		5,185,854
Progress Software Corp.		11,647		708,603
Rambus, Inc.^(b)		8,260		466,442
Rogers Corp.^(b)		6,863		991,772
Sanmina Corp.^(b)(c)		182,858		10,185,191
ScanSource, Inc.^(b)(c)		141,932		4,652,531
Semtech Corp.^(b)(c)		39,743		1,039,279
SiTime Corp.^(b)(c)		2,484		329,602
SMART Global Holdings, Inc.^(b)(c)		84,111		2,172,587
SPS Commerce, Inc.^(b)		3,332		620,185
TTM Technologies, Inc.^(b)(c)		203,334		3,029,677
Ultra Clean Holdings, Inc.^(b)		69,769		2,453,078
Veeco Instruments, Inc.^(b)(c)		28,758		839,446
Viasat, Inc.^(b)(c)		68,531		1,901,050
Viavi Solutions, Inc.^(b)(c)		135,245		1,413,310
Xperi, Inc.^(b)(c)		49,480		583,864

				101,911,290

Materials-5.77%
AdvanSix, Inc.^(c)		59,150		1,956,682


	Shares		Value
Materials-(continued)
American Vanguard Corp.		37,411	$	517,020
ATI, Inc.^(b)(c)		117,281		5,316,348
Balchem Corp.^(c)		7,954		1,117,537
Carpenter Technology Corp.		52,981		3,318,200
Century Aluminum Co.^(b)(c)		351,852		2,617,779
Clearwater Paper Corp.^(b)		73,962		2,832,005
Compass Minerals International, Inc.		38,889		1,172,503
FutureFuel Corp.		53,002		375,254
H.B. Fuller Co.^(c)		64,273		4,661,721
Hawkins, Inc.^(c)		20,627		1,282,793
Haynes International, Inc.		12,671		618,471
Ingevity Corp.^(b)(c)		34,934		1,882,593
Innospec, Inc.		22,980		2,468,512
Kaiser Aluminum Corp.		55,448		4,209,612
Koppers Holdings, Inc.		72,315		2,768,941
Livent Corp.^(b)(c)		39,659		851,479
Materion Corp.		18,093		1,968,337
Mativ Holdings, Inc., Class A		164,875		2,703,950
Mercer International, Inc. (Germany)^(c)		271,104		2,464,335
Minerals Technologies, Inc.		43,417		2,652,779
Myers Industries, Inc.		48,952		920,787
O-I Glass, Inc.^(b)		382,157		7,589,638
Olympic Steel, Inc.		58,970		3,156,074
Quaker Chemical Corp.^(c)		11,012		1,954,410
Stepan Co.		32,190		2,809,221
SunCoke Energy, Inc.^(c)		312,150		2,902,995
Sylvamo Corp.^(c)		98,389		4,109,709
TimkenSteel Corp.^(b)(c)		77,616		1,700,567
Trinseo PLC^(c)		352,098		3,707,592
Warrior Met Coal, Inc.		60,001		2,373,640

				78,981,484

Real Estate-3.97%
Acadia Realty Trust^(c)		25,451		378,965
Alexander & Baldwin, Inc.		18,308		329,727
American Assets Trust, Inc.		24,336		521,034
Anywhere Real Estate, Inc.^(b)(c)		1,151,328		7,552,712
Armada Hoffler Properties, Inc.^(c)		49,489		563,680
Brandywine Realty Trust^(c)		128,873		644,365
CareTrust REIT, Inc.^(c)		11,415		230,012
Centerspace^(c)		4,717		305,379
Chatham Lodging Trust^(c)		26,156		255,806
Community Healthcare Trust, Inc.		3,213		106,639
Cushman & Wakefield PLC^(b)(c)		1,256,717		11,549,229
DiamondRock Hospitality Co.^(c)		141,993		1,144,463
Douglas Emmett, Inc.^(c)		89,980		1,230,027
Easterly Government Properties, Inc.^(c)		22,612		302,322
Elme Communities^(c)		15,261		234,714
Essential Properties Realty Trust, Inc.^(c)		13,733		329,867
eXp World Holdings, Inc.		244,781		4,704,691
Four Corners Property Trust, Inc.		9,782		246,115
Getty Realty Corp.^(c)		5,508		165,350
Global Net Lease, Inc.^(c)		40,652		461,400
Hudson Pacific Properties, Inc.^(c)		223,378		1,521,204
Innovative Industrial Properties, Inc.^(c)		4,563		398,259
JBG SMITH Properties, (Acquired 03/17/2023 - 08/30/2023; Cost $631,380)^(c)(d)		43,770		686,314
Kennedy-Wilson Holdings, Inc.^(c)		36,892		589,165
LTC Properties, Inc.		6,218		204,323

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


		29

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

August 31, 2023


	Shares		Value
Real Estate-(continued)
LXP Industrial Trust^(c)		35,949	$	353,019
Macerich Co. (The)^(c)		85,785		1,002,827
Marcus & Millichap, Inc.^(c)		39,251		1,307,058
NexPoint Residential Trust, Inc.^(c)		6,672		250,534
Office Properties Income Trust^(c)		76,890		568,986
Orion Office REIT, Inc.		35,667		207,939
Outfront Media, Inc.		133,080		1,510,458
Pebblebrook Hotel Trust^(c)		113,808		1,646,802
Phillips Edison & Co., Inc.^(c)		20,310		687,697
RE/MAX Holdings, Inc., Class A		20,474		331,679
Retail Opportunity Investments Corp.^(c)		26,312		354,159
RPT Realty		23,258		263,746
Safehold, Inc.^(b)		6,984		148,619
Saul Centers, Inc.^(c)		7,284		273,587
Service Properties Trust^(c)		238,969		1,973,884
SITE Centers Corp.		47,268		631,028
SL Green Realty Corp.		36,795		1,444,572
St. Joe Co. (The)		6,443		397,791
Summit Hotel Properties, Inc.		117,371		681,925
Sunstone Hotel Investors, Inc.^(c)		103,658		930,849
Tanger Factory Outlet Centers, Inc.^(c)		22,625		526,031
Uniti Group, Inc.		376,761		2,023,206
Universal Health Realty Income Trust^(c)		2,034		94,845
Urban Edge Properties^(c)		29,978		490,440
Veris Residential, Inc.^(b)		21,334		397,026
Whitestone REIT		16,628		166,280
Xenia Hotels & Resorts, Inc.^(c)		93,546		1,103,843

				54,424,592

Utilities-0.57%
American States Water Co.		6,772		570,270
Avista Corp.		46,371		1,543,691
California Water Service Group		16,112		809,628
Chesapeake Utilities Corp.		5,847		643,755
Middlesex Water Co.		2,155		162,185


	Shares		Value
Utilities-(continued)
Northwest Natural Holding Co.		29,687	$	1,166,105
Otter Tail Corp.^(c)		20,638		1,699,952
SJW Group		9,476		623,142
Unitil Corp.		12,290		599,998

				7,818,726

Total Common Stocks & Other Equity Interests (Cost $1,284,545,286)				1,368,588,072


Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%^(g)(h) (Cost $171,572)		171,572		171,572

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.92% (Cost $1,284,716,858)				1,368,759,644


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-24.50%
Invesco Private Government Fund, 5.30%^(g)(h)(i)		93,020,521		93,020,521
Invesco Private Prime Fund, 5.51%^(g)(h)(i)		242,598,879		242,598,879

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $335,619,315)				335,619,400

TOTAL INVESTMENTS IN SECURITIES-124.42% (Cost $1,620,336,173)				1,704,379,044
OTHER ASSETS LESS LIABILITIES-(24.42)%				(334,521,393	)

NET ASSETS-100.00%			$	1,369,857,651

Investment Abbreviations:

REIT -Real Estate Investment Trust

Rts. -Rights

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


		30

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

August 31, 2023

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at August 31, 2023.

^(d)	Restricted security. The aggregate value of these securities at August 31, 2023 was $1,956,718, which represented less than 1% of the Fund’s Net Assets.

^(e)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at August 31, 2023 represented less than 1% of the Fund’s Net Assets.

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

^(g)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value August 31, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	1,315,172		$	26,044,976		$	(27,188,576	)		$	-			$	-		$	171,572		$	14,179
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			60,858,717			407,631,229			(375,469,425	)			-				-			93,020,521			3,414,169	*
Invesco Private Prime Fund			156,537,964			783,372,844			(697,299,904	)			(14,597	)			2,572			242,598,879			9,164,504	*

Total		$	218,711,853		$	1,217,049,049		$	(1,099,957,905	)		$	(14,597	)		$	2,572		$	335,790,972		$	12,592,852

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

^(h)	The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

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

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


		31

Invesco S&P Ultra Dividend Revenue ETF (RDIV)

August 31, 2023

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.92%
Communication Services-4.64%
Paramount Global, Class B^(b)		2,286,437	$	34,502,334

Consumer Discretionary-10.46%
Best Buy Co., Inc.		463,782		35,456,134
Carter’s, Inc.		48,923		3,501,419
Foot Locker, Inc.		392,148		7,693,944
Leggett & Platt, Inc.		201,150		5,672,430
Travel + Leisure Co.		103,057		4,142,891
Whirlpool Corp.^(b)		151,794		21,245,088

				77,711,906

Consumer Staples-9.02%
Kraft Heinz Co. (The)		871,351		28,833,004
Philip Morris International, Inc.		397,629		38,196,242

				67,029,246

Energy-0.15%
DT Midstream, Inc.		20,663		1,080,468

Financials-26.35%
Associated Banc-Corp		107,656		1,865,679
Citigroup, Inc.		825,253		34,074,696
Citizens Financial Group, Inc.		411,659		11,579,968
Columbia Banking System, Inc.		87,124		1,784,300
Comerica, Inc.^(b)		106,122		5,105,530
Fifth Third Bancorp		463,016		12,293,075
Franklin Resources, Inc.		312,014		8,343,254
Huntington Bancshares, Inc.		938,571		10,408,752
Invesco Ltd.^(c)		381,091		6,066,969
PNC Financial Services Group, Inc. (The)		228,195		27,549,982
Truist Financial Corp.		1,070,391		32,700,445
U.S. Bancorp		1,001,695		36,591,918
Valley National Bancorp^(b)		311,495		2,859,524
Zions Bancorporation N.A.		130,168		4,620,964

				195,845,056

Health Care-3.51%
Organon & Co.		335,631		7,370,457
Viatris, Inc.		1,740,612		18,711,579

				26,082,036

Industrials-5.41%
3M Co.		377,129		40,228,351

Information Technology-7.12%
Intel Corp.		1,169,453		41,094,579
Seagate Technology Holdings PLC^(b)		166,895		11,814,497

				52,909,076

Materials-16.93%
Dow, Inc.		748,409		40,833,195
International Paper Co.		761,101		26,577,647
LyondellBasell Industries N.V., Class A		433,091		42,776,398
Newmont Corp.		304,348		11,997,398
Scotts Miracle-Gro Co. (The)^(b)		64,335		3,645,221

				125,829,859


	Shares		Value
Real Estate-5.73%
Apartment Income REIT Corp.^(b)		26,128	$	889,920
Brixmor Property Group, Inc.^(b)		62,808		1,380,520
Corporate Office Properties Trust^(b)		32,222		833,905
Cousins Properties, Inc.		38,136		896,196
Crown Castle, Inc.		75,448		7,582,524
CubeSmart^(b)		27,065		1,128,881
Digital Realty Trust, Inc.		46,761		6,159,359
Federal Realty Investment Trust		12,395		1,213,966
Healthpeak Properties, Inc.		110,876		2,281,828
Iron Mountain, Inc.^(b)		97,684		6,206,842
Kimco Realty Corp.		97,849		1,853,260
Lamar Advertising Co., Class A^(b)		24,659		2,249,394
NNN REIT, Inc.		20,649		813,364
Realty Income Corp.		64,482		3,613,571
Regency Centers Corp.		21,797		1,355,774
STAG Industrial, Inc.		20,532		750,034
VICI Properties, Inc.		109,361		3,372,693

				42,582,031

Utilities-10.60%
ALLETE, Inc.		35,138		1,929,076
Duke Energy Corp.		363,382		32,268,322
Edison International		279,160		19,220,166
NorthWestern Corp.		31,337		1,579,385
OGE Energy Corp.^(b)		107,346		3,655,131
Pinnacle West Capital Corp.		61,727		4,769,645
Spire, Inc.		48,486		2,832,067
UGI Corp.		497,394		12,524,381

				78,778,173

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.92% (Cost $814,456,243)				742,578,536


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-5.23%
Invesco Private Government Fund, 5.30%^(c)(d)(e)		10,872,441		10,872,441
Invesco Private Prime Fund, 5.51%^(c)(d)(e)		27,957,710		27,957,710

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $38,830,272)				38,830,151

TOTAL INVESTMENTS IN SECURITIES-105.15% (Cost $853,286,515)				781,408,687
OTHER ASSETS LESS LIABILITIES-(5.15)%				(38,268,039	)

NET ASSETS-100.00%			$	743,140,648

Investment Abbreviations:

REIT -Real Estate Investment Trust

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


		32

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

August 31, 2023

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at August 31, 2023.

^(c)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value August 31, 2023			Dividend Income
Invesco Ltd.		$	-		$	14,103,823		$	(8,382,785	)		$	225,225			$	120,706			$	6,066,969		$	393,539
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-			36,252,974			(36,252,974	)			-				-				-			22,563
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			29,112,363			327,934,047			(346,173,969	)			-				-				10,872,441			940,002	*
Invesco Private Prime Fund			75,625,363			733,235,404			(780,897,000	)			(2,263	)			(3,794	)			27,957,710			2,539,466	*

Total		$	104,737,726		$	1,111,526,248		$	(1,171,706,728	)		$	222,962			$	116,912			$	44,897,120		$	3,895,570

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

^(d)	The rate shown is the 7-day SEC standardized yield as of August 31, 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 2I.

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


		33

Statements of Assets and Liabilities

August 31, 2023


	Invesco S&P 500 Revenue ETF (RWL)			Invesco S&P MidCap 400 Revenue ETF (RWK)				Invesco S&P SmallCap 600 Revenue ETF (RWJ)				Invesco S&P Ultra Dividend Revenue ETF (RDIV)
Assets:
Unaffiliated investments in securities, at value^(a)		$	2,033,706,456		$	521,869,489			$	1,368,588,072			$	736,511,567
Affiliated investments in securities, at value			61,076,777			71,017,490				335,790,972				44,897,120
Cash			-			105				850				-
Receivable for:
Dividends			5,199,183			514,844				1,403,045				4,324,158
Securities lending			24,101			10,709				49,624				6,898
Investments sold			-			1,963,383				6,418,115				-
Fund shares sold			-			-				2,718,669				-

Total assets			2,100,006,517			595,376,020				1,714,969,347				785,739,743


Liabilities:
Due to custodian			1,492,424			-				-				2,402,387
Payable for:
Investments purchased			380,911			239,852				9,035,226				11,961
Investments purchased - affiliated broker			126,754			14,215				-				1,098,965
Collateral upon return of securities loaned			60,381,046			70,762,851				335,619,315				38,830,272
Fund shares repurchased			-			1,965,498				-				-
Accrued unitary management fees			676,222			170,246				457,155				255,510

Total liabilities			63,057,357			73,152,662				345,111,696				42,599,095

Net Assets		$	2,036,949,160		$	522,223,358			$	1,369,857,651			$	743,140,648


Net assets consist of:
Shares of beneficial interest		$	1,895,219,597		$	535,498,978			$	1,518,323,374			$	1,360,138,163
Distributable earnings (loss)			141,729,563			(13,275,620	)			(148,465,723	)			(616,997,515	)

Net Assets		$	2,036,949,160		$	522,223,358			$	1,369,857,651			$	743,140,648

Shares outstanding (unlimited amount authorized, $0.01 par value)			25,276,400			5,311,400				35,304,200				18,720,000
Net asset value		$	80.59		$	98.32			$	38.80			$	39.70

Market price		$	80.60		$	98.36			$	38.81			$	39.71

Unaffiliated investments in securities, at cost		$	1,750,426,773		$	468,670,682			$	1,284,545,286			$	808,614,499

Affiliated investments in securities, at cost		$	61,150,372		$	71,019,136			$	335,790,887			$	44,672,016

^(a)Includes securities on loan with an aggregate value of:		$	59,013,053		$	69,234,674			$	327,863,118			$	38,168,250

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


		34

Statements of Operations

For the year ended August 31, 2023


	Invesco S&P 500 Revenue ETF (RWL)				Invesco S&P MidCap 400 Revenue ETF (RWK)				Invesco S&P SmallCap 600 Revenue ETF (RWJ)				Invesco S&P Ultra Dividend Revenue ETF (RDIV)
Investment income:
Unaffiliated dividend income		$	36,545,510			$	6,261,857			$	17,860,060			$	37,239,218
Affiliated dividend income			59,256				8,636				14,179				416,102
Securities lending income, net			102,947				216,683				1,709,860				183,998
Foreign withholding tax			(4,272	)			-				(6,246	)			-

Total investment income			36,703,441				6,487,176				19,577,853				37,839,318


Expenses:
Unitary management fees			6,664,277				1,624,051				4,296,114				3,409,233

Less: Waivers			(746	)			(194	)			(347	)			(653	)

Net expenses			6,663,531				1,623,857				4,295,767				3,408,580

Net investment income			30,039,910				4,863,319				15,282,086				34,430,738


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(43,014,732	)			(9,218,546	)			(86,007,429	)			(62,606,782	)
Affiliated investment securities			(62,343	)			(3,719	)			2,572				(15,778	)
Unaffiliated in-kind redemptions			42,629,494				12,835,291				16,994,677				81,463,709
Affiliated in-kind redemptions			7,691				-				-				132,690

Net realized gain (loss)			(439,890	)			3,613,026				(69,010,180	)			18,973,839

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			150,800,949				58,107,052				125,613,710				(73,678,601	)
Affiliated investment securities			38,023				(5,576	)			(14,597	)			222,962

Change in net unrealized appreciation (depreciation)			150,838,972				58,101,476				125,599,113				(73,455,639	)

Net realized and unrealized gain (loss)			150,399,082				61,714,502				56,588,933				(54,481,800	)

Net increase (decrease) in net assets resulting from operations		$	180,438,992			$	66,577,821			$	71,871,019			$	(20,051,062	)

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


		35

Statements of Changes in Net Assets

For the years ended August 31, 2023 and 2022


	Invesco S&P 500 Revenue ETF (RWL)								Invesco S&P MidCap 400 Revenue ETF (RWK)
	2023				2022				2023				2022

Operations:
Net investment income		$	30,039,910			$	19,722,280			$	4,863,319			$	4,422,910
Net realized gain (loss)			(439,890	)			89,647,338				3,613,026				46,738,520
Change in net unrealized appreciation (depreciation)			150,838,972				(136,122,398	)			58,101,476				(77,140,185	)

Net increase (decrease) in net assets resulting from operations			180,438,992				(26,752,780	)			66,577,821				(25,978,755	)


Distributions to Shareholders from:
Distributable earnings			(27,786,570	)			(18,180,842	)			(4,917,719	)			(4,226,591	)


Shareholder Transactions:
Proceeds from shares sold			539,755,341				680,918,677				164,996,491				154,344,725
Value of shares repurchased			(110,311,229	)			(230,230,786	)			(64,867,240	)			(157,521,995	)

Net increase (decrease) in net assets resulting from share transactions			429,444,112				450,687,891				100,129,251				(3,177,270	)

Net increase (decrease) in net assets			582,096,534				405,754,269				161,789,353				(33,382,616	)


Net assets:
Beginning of period			1,454,852,626				1,049,098,357				360,434,005				393,816,621

End of period		$	2,036,949,160			$	1,454,852,626			$	522,223,358			$	360,434,005


Changes in Shares Outstanding:
Shares sold			7,025,000				8,850,000				1,790,000				1,760,000
Shares repurchased			(1,450,000	)			(3,000,000	)			(770,000	)			(1,790,000	)
Shares outstanding, beginning of period			19,701,400				13,851,400				4,291,400				4,321,400

Shares outstanding, end of period			25,276,400				19,701,400				5,311,400				4,291,400

^(a)	Changes in shares outstanding have been restated to reflect a three-for-one stock split effective after the close of business on July 17, 2023. See Note 11.

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


		36


Invesco S&P								Invesco S&P
SmallCap 600								Ultra Dividend
Revenue ETF (RWJ)								Revenue ETF (RDIV)
2023				2022				2023				2022


	$	15,282,086			$	6,382,869			$	34,430,738			$	27,382,809
		(69,010,180	)			41,602,097				18,973,839				66,185,362
		125,599,113				(108,965,629	)			(73,455,639	)			(60,114,173	)

		71,871,019				(60,980,663	)			(20,051,062	)			33,453,998



		(14,018,588	)			(5,736,429	)			(34,290,905	)			(25,079,699	)



		543,347,453				380,036,425				736,508,673				816,006,405
		(63,687,019	)			(124,084,209	)			(741,643,571	)			(761,834,632	)

		479,660,434				255,952,216				(5,134,898	)			54,171,773

		537,512,865				189,235,124				(59,476,865	)			62,546,072



		832,344,786				643,109,662				802,617,513				740,071,441

	$	1,369,857,651			$	832,344,786			$	743,140,648			$	802,617,513



		14,300,000	^(a)			9,600,000	^(a)			16,740,000				19,460,000
		(1,770,000	)^(a)			(3,120,000	)^(a)			(17,220,000	)			(18,230,000	)
		22,774,200	^(a)			16,294,200	^(a)			19,200,000				17,970,000

		35,304,200	^(a)			22,774,200	^(a)			18,720,000				19,200,000


		37

Financial Highlights

Invesco S&P 500 Revenue ETF (RWL)


	Years Ended August 31,																Two Months Ended August 31,				Year Ended June 30,
	2023				2022				2021				2020				2019				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	73.85			$	75.74			$	56.06			$	52.61			$	53.43			$	50.69

Net investment income^(a)			1.34				1.22				1.06				1.08				0.20				1.03
Net realized and unrealized gain (loss) on investments			6.66				(1.96	)			19.68				3.53				(1.02	)			2.72

Total from investment operations			8.00				(0.74	)			20.74				4.61				(0.82	)			3.75

Distributions to shareholders from:
Net investment income			(1.26	)			(1.15	)			(1.06	)			(1.16	)			-				(1.01	)

Net asset value at end of period		$	80.59			$	73.85			$	75.74			$	56.06			$	52.61			$	53.43

Market price at end of period^(b)		$	80.60			$	73.92			$	75.74			$	56.16			$	52.62			$	53.41

Net Asset Value Total Return^(c)			10.99	%			(0.97	)%			37.38	%			9.09	%			(1.54	)%			7.51	%
Market Price Total Return^(c)			10.91	%			(0.89	)%			37.13	%			9.26	%			(1.47	)%			7.41	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,036,949			$	1,454,853			$	1,049,098			$	782,083			$	918,178			$	956,549
Ratio to average net assets of:
Expenses			0.39	%			0.39	%			0.39	%			0.39	%			0.39	%^(d)			0.39	%
Net investment income			1.76	%			1.60	%			1.60	%			2.01	%			2.26	%^(d)			1.99	%
Portfolio turnover rate^(e)			20	%			17	%			17	%			14	%			0	%^(f)			19	%

^(a)	Based on average shares outstanding.

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

^(c)

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

^(d)	Ratios are annualized except for non-recurring costs associated with a proxy statement of less than 0.005%.

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

^(f)	Amount represents less than 0.5%.

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


		38

Financial Highlights–(continued)

Invesco S&P MidCap 400 Revenue ETF (RWK)


	Years Ended August 31,																Two Months Ended August 31,				Year Ended June 30,
	2023				2022				2021				2020				2019				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	83.99			$	91.13			$	56.56			$	56.44			$	61.01			$	61.05

Net investment income^(a)			1.05				1.03				0.69				0.74				0.10				0.65
Net realized and unrealized gain (loss) on investments			14.34				(7.18	)			34.51				0.21				(4.67	)			(0.06	)

Total from investment operations			15.39				(6.15	)			35.20				0.95				(4.57	)			0.59

Distributions to shareholders from:
Net investment income			(1.06	)			(0.99	)			(0.63	)			(0.83	)			-				(0.63	)

Net asset value at end of period		$	98.32			$	83.99			$	91.13			$	56.56			$	56.44			$	61.01

Market price at end of period^(b)		$	98.36			$	84.06			$	91.10			$	56.62			$	56.42			$	60.91

Net Asset Value Total Return^(c)			18.51	%			(6.75	)%			62.54	%			1.89	%			(7.49	)%			1.05	%
Market Price Total Return^(c)			18.46	%			(6.66	)%			62.32	%			2.03	%			(7.37	)%			0.90	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	522,223			$	360,434			$	393,817			$	209,365			$	327,418			$	356,996
Ratio to average net assets of:
Expenses			0.39	%			0.39	%			0.39	%			0.39	%			0.39	%^(d)			0.39	%
Net investment income			1.17	%			1.16	%			0.88	%			1.30	%			1.06	%^(d)			1.09	%
Portfolio turnover rate^(e)			37	%			31	%			34	%			33	%			0	%^(f)			33	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Ratios are annualized except for non-recurring costs associated with a proxy statement of less than 0.005%.

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

^(f)	Amount represents less than 0.5%.

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


		39

Financial Highlights–(continued)

Invesco S&P SmallCap 600 Revenue ETF (RWJ)


	Years Ended August 31,																Two Months Ended August 31,				Year Ended June 30,
	2023^(a)				2022^(a)				2021^(a)				2020^(a)				2019^(a)				2019^(a)
Per Share Operating Performance:
Net asset value at beginning of period		$	36.55			$	39.47			$	21.05			$	19.57			$	21.10			$	24.40

Net investment income^(b)			0.52				0.33				0.22				0.30				0.04				0.26
Net realized and unrealized gain (loss) on investments			2.21				(2.95	)			18.39				1.52				(1.57	)			(3.29	)

Total from investment operations			2.73				(2.62	)			18.61				1.82				(1.53	)			(3.03	)

Distributions to shareholders from:
Net investment income			(0.48	)			(0.30	)			(0.19	)			(0.34	)			-				(0.27	)

Net asset value at end of period		$	38.80			$	36.55			$	39.47			$	21.05			$	19.57			$	21.10

Market price at end of period^(c)		$	38.81			$	36.57			$	39.42			$	21.06			$	19.56			$	21.08

Net Asset Value Total Return^(d)			7.58	%			(6.63	)%			88.75	%			9.63	%			(7.25	)%			(12.45	)%
Market Price Total Return^(d)			7.53	%			(6.46	)%			88.42	%			9.70	%			(7.18	)%			(12.57	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,369,858			$	832,345			$	643,110			$	227,425			$	349,395			$	405,199
Ratio to average net assets of:
Expenses			0.39	%			0.39	%			0.39	%			0.39	%			0.39	%^(e)			0.39	%
Net investment income			1.39	%			0.85	%			0.65	%			1.50	%			1.10	%^(e)			1.15	%
Portfolio turnover rate^(f)			46	%			41	%			40	%			49	%			1	%			39	%

^(a)	Per share amounts have been adjusted to reflect a three-for-one stock split effective after the close of business on July 17, 2023.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	Ratios are annualized except for non-recurring costs associated with a proxy statement of less than 0.005%.

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

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


		40

Financial Highlights–(continued)

Invesco S&P Ultra Dividend Revenue ETF (RDIV)


	Years Ended August 31,																Two Months Ended August 31,				Year Ended June 30,
	2023				2022				2021				2020				2019				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	41.80			$	41.18			$	28.58			$	35.65			$	37.65			$	38.19

Net investment income^(a)			1.64				1.50				1.23				1.62				0.21				1.46
Net realized and unrealized gain (loss) on investments			(2.12	)			0.51				13.29				(7.33	)			(2.21	)			(0.66	)

Total from investment operations			(0.48	)			2.01				14.52				(5.71	)			(2.00	)			0.80

Distributions to shareholders from:
Net investment income			(1.62	)			(1.39	)			(1.92	)			(1.36	)			-				(1.34	)

Net asset value at end of period		$	39.70			$	41.80			$	41.18			$	28.58			$	35.65			$	37.65

Market price at end of period^(b)		$	39.71			$	41.83			$	41.16			$	28.63			$	35.67			$	37.67

Net Asset Value Total Return^(c)			(1.17	)%			5.06	%			52.38	%			(16.26	)%			(5.31	)%			2.26	%
Market Price Total Return^(c)			(1.22	)%			5.18	%			52.06	%			(16.17	)%			(5.31	)%			2.26	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	743,141			$	802,618			$	740,071			$	604,502			$	1,572,300			$	1,782,599
Ratio to average net assets of:
Expenses			0.39	%			0.39	%			0.39	%			0.39	%			0.39	%^(d)			0.39	%
Net investment income			3.94	%			3.58	%			3.37	%			4.77	%			3.36	%^(d)			3.93	%
Portfolio turnover rate^(e)			127	%			110	%			97	%			98	%			12	%			122	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Ratios are annualized except for non-recurring costs associated with a proxy statement of less than 0.005%.

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

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


		41

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

August 31, 2023

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 S&P 500 Revenue ETF (RWL)		“S&P 500 Revenue ETF”

Invesco S&P MidCap 400 Revenue ETF (RWK)		“S&P MidCap 400 Revenue ETF”

Invesco S&P SmallCap 600 Revenue ETF (RWJ)		“S&P SmallCap 600 Revenue ETF”

Invesco S&P Ultra Dividend Revenue ETF (RDIV)		“S&P Ultra Dividend Revenue ETF”

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

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by authorized participants (“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 500 Revenue ETF		S&P 500^®Revenue-Weighted Index

S&P MidCap 400 Revenue ETF		S&P MidCap 400^®Revenue-Weighted Index

S&P SmallCap 600 Revenue ETF		S&P SmallCap 600^®Revenue-Weighted Index

S&P Ultra Dividend Revenue ETF		S&P 900^®Dividend Revenue-Weighted Index

NOTE 2–Significant Accounting Policies

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

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

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

A security listed or traded on an exchange 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.

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,


		42

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 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.

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


		43

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 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.

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

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

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

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

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).

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.


		44

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 fiscal year ended August 31, 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 Statements of Operations, were incurred by each Fund as listed below:


		Amount

S&P 500 Revenue ETF		$4,978

S&P MidCap 400 Revenue ETF		15,447

S&P SmallCap 600 Revenue ETF		58,530

S&P Ultra Dividend Revenue ETF		14,027

J.	Other Risks

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


		45

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.

Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

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

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

Market Risk. Securities in 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 conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund’s NAV.

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

Non-Diversified Fund Risk. Because S&P Ultra Dividend Revenue ETF is 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.

Portfolio Turnover Risk. S&P Ultra Dividend Revenue ETF may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to the Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for the Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to the Fund’s shareholders, the Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

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.


		46

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 an Interested Trustee, 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)

S&P 500 Revenue ETF		0.39%

S&P MidCap 400 Revenue ETF		0.39%

S&P SmallCap 600 Revenue ETF		0.39%

S&P Ultra Dividend Revenue ETF		0.39%

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 fiscal year ended August 31, 2023, the Adviser waived fees for each Fund in the following amounts:



S&P 500 Revenue ETF	$	746

S&P MidCap 400 Revenue ETF		194

S&P SmallCap 600 Revenue ETF		347

S&P Ultra Dividend Revenue ETF		653

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 on behalf of each Fund with S&P Dow Jones Indices LLC (the “Licensor”).

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

The Trust has entered into service agreements whereby 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 fiscal year ended August 31, 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:



S&P 500 Revenue ETF	$	55,241

S&P MidCap 400 Revenue ETF		48,879

S&P SmallCap 600 Revenue ETF		233,337

S&P Ultra Dividend Revenue ETF		174,782

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

NOTE 4–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Invesco ETF from or to another fund that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is


		47

made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7.

For the fiscal year ended August 31, 2023, the following Funds engaged in transactions with affiliates as listed below:


	Securities Purchases		Securities Sales			Net Realized Gains (Losses)*

S&P 500 Revenue ETF		$-		$	301,791		$	98,251
S&P MidCap 400 Revenue ETF		-			9,736,776			1,810,825
S&P SmallCap 600 Revenue ETF		-			1,440,547			(144,730	)

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

NOTE 5–Additional Valuation Information

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



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

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

		Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the 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 August 31, 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 500 Revenue ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	2,034,402,447		$	-		$	-		$	2,034,402,447
Money Market Funds			-			60,380,786			-			60,380,786

Total Investments		$	2,034,402,447		$	60,380,786		$	-		$	2,094,783,233

S&P MidCap 400 Revenue ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	521,869,489		$	-		$	-		$	521,869,489
Money Market Funds			256,285			70,761,205			-			71,017,490

Total Investments		$	522,125,774		$	70,761,205		$	-		$	592,886,979

S&P SmallCap 600 Revenue ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	1,368,588,072		$	-		$	0		$	1,368,588,072
Money Market Funds			171,572			335,619,400			-			335,790,972

Total Investments		$	1,368,759,644		$	335,619,400		$	0		$	1,704,379,044

S&P Ultra Dividend Revenue ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	742,578,536		$	-		$	-		$	742,578,536
Money Market Funds			-			38,830,151			-			38,830,151

Total Investments		$	742,578,536		$	38,830,151		$	-		$	781,408,687


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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2023 and 2022:


	2023		2022
	Ordinary Income*		Ordinary Income*
S&P 500 Revenue ETF	$	27,786,570	$	18,180,842

S&P MidCap 400 Revenue ETF		4,917,719		4,226,591

S&P SmallCap 600 Revenue ETF		14,018,588		5,736,429

S&P Ultra Dividend Revenue ETF		34,290,905		25,079,699

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

Tax Components of Net Assets at Fiscal Year-End:


	Undistributed Ordinary Income			Net Unrealized Appreciation (Depreciation)- Investments				Capital Loss Carryforwards				Shares of Beneficial Interest			Total Net Assets
S&P 500 Revenue ETF		$	6,672,867		$	279,021,126			$	(143,964,430	)		$	1,895,219,597		$	2,036,949,160

S&P MidCap 400 Revenue ETF			696,151			51,522,272				(65,494,043	)			535,498,978			522,223,358

S&P SmallCap 600 Revenue ETF			2,543,089			72,554,696				(223,563,508	)			1,518,323,374			1,369,857,651

S&P Ultra Dividend Revenue ETF			5,935,233			(72,332,898	)			(550,599,850	)			1,360,138,163			743,140,648

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 have capital loss carryforwards as of August 31, 2023, as follows:


	No expiration
	Short-Term		Long-Term		Total*
S&P 500 Revenue ETF	$	36,352,238	$	107,612,192	$	143,964,430

S&P MidCap 400 Revenue ETF		27,301,208		38,192,835		65,494,043

S&P SmallCap 600 Revenue ETF		68,109,939		155,453,569		223,563,508

S&P Ultra Dividend Revenue ETF		419,425,584		131,174,266		550,599,850

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

NOTE 7–Investment Transactions

For the fiscal year ended August 31, 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
S&P 500 Revenue ETF	$	341,731,526	$	335,178,380

S&P MidCap 400 Revenue ETF		153,961,082		153,826,767

S&P SmallCap 600 Revenue ETF		513,224,581		511,648,968

S&P Ultra Dividend Revenue ETF		1,149,160,301		1,149,021,240

For the fiscal year ended August 31, 2023, in-kind transactions associated with creations and redemptions were as follows:


	In-kind		In-kind
	Purchases		Sales
S&P 500 Revenue ETF	$	535,865,207	$	110,402,695

S&P MidCap 400 Revenue ETF		164,689,217		64,687,925

S&P SmallCap 600 Revenue ETF		542,395,289		63,548,669

S&P Ultra Dividend Revenue ETF		735,595,168		734,728,321

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


		49

As of August 31, 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 500 Revenue ETF		$	358,191,834		$	(79,170,708	)		$	279,021,126			$	1,815,762,107

S&P MidCap 400 Revenue ETF			78,786,918			(27,264,646	)			51,522,272				541,364,707

S&P SmallCap 600 Revenue ETF			201,549,942			(128,995,246	)			72,554,696				1,631,824,348

S&P Ultra Dividend Revenue ETF			18,420,996			(90,753,894	)			(72,332,898	)			853,741,585

NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2023, the reclassifications were as follows:


	Undistributed Net Investment Income			Undistributed Net Realized Gain (Loss)				Shares of Beneficial Interest
S&P 500 Revenue ETF		$	4,482		$	(42,148,152	)	$42,143,670

S&P MidCap 400 Revenue ETF			-			(12,323,457	)	12,323,457

S&P SmallCap 600 Revenue ETF			-			(16,220,522	)	16,220,522

S&P Ultra Dividend Revenue ETF			-			(80,041,554	)	80,041,554

NOTE 9–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 10–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in 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 Statements of Changes in Net Assets.

NOTE 11–Stock Split

On June 22, 2023, the Board of Trustees approved a three-for-one stock split for S&P SmallCap 600 Revenue ETF. The effect of the stock split was to increase the number of shares outstanding of the Fund, whereby every outstanding share of the Fund was exchanged for three shares effective at the market open on July 17, 2023. The transaction did not change the net assets of the Fund or the net asset value of any shareholder’s investment in the Fund.


		50

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF and Invesco S&P Ultra Dividend Revenue ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of 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 (four of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of August 31, 2023, the related statements of operations for the year ended August 31, 2023, the statements of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the four years in the period ended August 31, 2023, for the period July 1, 2019 through August 31, 2019 and for the year ended June 30, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2023 and each of the financial highlights for each of the four years in the period ended August 31, 2023, for the period July 1, 2019 through August 31, 2019 and for the year ended June 30, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

October 23, 2023

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


		51

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 March 1, 2023 through August 31, 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.


	Beginning Account Value March 1, 2023			Ending Account Value August 31, 2023			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco S&P 500 Revenue ETF (RWL)

Actual		$	1,000.00		$	1,073.90		0.39	%		$	2.04

Hypothetical (5% return before expenses)			1,000.00			1,023.24		0.39				1.99

Invesco S&P MidCap 400 Revenue ETF (RWK)

Actual			1,000.00			1,053.60		0.39				2.02

Hypothetical (5% return before expenses)			1,000.00			1,023.24		0.39				1.99
Invesco S&P SmallCap 600 Revenue ETF (RWJ)

Actual			1,000.00			976.10		0.39				1.94

Hypothetical (5% return before expenses)			1,000.00			1,023.24		0.39				1.99
Invesco S&P Ultra Dividend Revenue ETF (RDIV)

Actual			1,000.00			914.80		0.39				1.88

Hypothetical (5% return before expenses)			1,000.00			1,023.24		0.39				1.99

⁽¹⁾

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended August 31, 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 184/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.


		52

Tax Information

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

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

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2023:


			Corporate
	Qualified	Qualified	Dividends	U.S.	Business
	Business	Dividend	Received	Treasury	Interest
	Income*	Income*	Deduction*	Obligations*	Income*
Invesco S&P 500 Revenue ETF	0%	100%	100%	0%	0%

Invesco S&P MidCap 400 Revenue ETF	0%	100%	100%	0%	0%

Invesco S&P SmallCap 600 Revenue ETF	0%	100%	100%	0%	0%

Invesco S&P Ultra Dividend Revenue ETF	0%	97%	94%	0%	0%

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


		53

Trustees and Officers

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

As of August 31, 2023


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chair of the Board; Chair of the Nominating and Governance Committee and Trustee	Vice Chair since 2018; Chair of the Nominating and Governance Committee and Trustee since 2007	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	211	Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, Mission Aviation Fellowship (2017-Present).

Todd J. Barre–1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Formerly, Assistant Professor of Business, Trinity Christian College (2010-2016); Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	211	None.

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

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


		54

Trustees and Officers–(continued)

Name, Address and Year of
Birth of Independent Trustees

Position(s)

Held

with Trust

Term of

Office

and

Length of

Time

Served*

Principal

Occupation(s) During

the Past 5 Years

Number of
Portfolios

in Fund
Complex**
Overseen by
Independent
Trustees

Other
Directorships

Held by

Independent
Trustees During
the Past 5 Years

Edmund P. Giambastiani,

Jr.–1948

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700 Downers Grove, IL 60515

Trustee

Since 2019

President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, First Eagle Alternative Credit LLC (2020-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Director, The Boeing Company (2009-2021); Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chair (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).

211

Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010- Present); formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016).

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

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


		55

Trustees and Officers–(continued)

Name, Address and Year of
Birth of Independent Trustees

Position(s)

Held

with Trust

Term of

Office

and

Length of

Time

Served*

Principal

Occupation(s) During

the Past 5 Years

Number of
Portfolios

in Fund
Complex**
Overseen by
Independent
Trustees

Other

Directorships

Held by

Independent
Trustees During

the Past 5 Years

Victoria J. Herget–1951

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

Trustee

Since 2019

Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms).

211

Trustee Emerita (2017-Present), Trustee (2000-2017) and Chair (2010-2017), Newberry Library; Trustee, Chikaming Open Lands (2014-Present); Member (2002-Present), Rockefeller Trust Committee; formerly, Trustee, Mather LifeWays (2001-2021); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

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

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


		56

Trustees and Officers–(continued)


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Marc M. Kole–1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Audit Committee and Trustee	Chair of the Audit Committee since 2008; Trustee since 2007	Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	211	Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.

Yung Bong Lim–1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Investment Oversight Committee and Trustee	Chair of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	211	Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

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

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


		57

Trustees and Officers–(continued)

Name, Address and Year of
Birth of Independent Trustees

Position(s)
Held

with Trust

Term of

Office

and

Length of

Time

Served*

Principal

Occupation(s) During

the Past 5 Years

Number of
Portfolios

in Fund

Complex**
Overseen by
Independent
Trustees

Other

Directorships

Held by

Independent
Trustees During

the Past 5 Years

Joanne Pace–1958

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

Trustee

Since 2019

Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley.

211

Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-2021), Independent Directors Council (IDC); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Advisory Board Director, The Alberleen Group LLC (2012-2021); Board Member, 100 Women in Finance (2015-2020); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

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

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


		58

Trustees and Officers–(continued)


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker–1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005-2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	211	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present).

Donald H. Wilson–1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Board and Trustee	Chair since 2012; Trustee since 2007	Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016-2018); Chair, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank–Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	211	Director, Penfield Children’s Center (2004-Present); Board Chair, Gracebridge Alliance, Inc. (2015-Present).

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

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


		59

Trustees and Officers–(continued)

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

Name, Address and Year of
Birth of Interested Trustee

Position(s)
Held

with Trust

Term of
Office

and

Length of

Time
Served*

Principal

Occupation(s) During

the Past 5 Years

Number of
Portfolios

in Fund
Complex**
Overseen by
Interested
Trustee

Other

Directorships

Held by

Interested

Trustee During

the Past 5 Years

Anna Paglia–1974

Invesco Capital

Management LLC

3500 Lacey Road

Suite 700

Downers Grove, IL 60515

Trustee, President and Principal Executive Officer

Trustee since 2022, President and Principal Executive Officer since 2020

President and Principal Executive Officer (2020-Present) and Trustee (2022-Present), Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Manager, Invesco Investment Advisers, LLC (2023-Present); formerly, Vice President, Invesco Indexing LLC (2020-2022); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).

211

None.

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

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


		60

Trustees and Officers–(continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza Houston, TX 77046	Vice President	Since 2020	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008-2020).

Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza Houston, TX 77046	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).

Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, The Invesco Funds (2014-Present); Manager (2020-Present) and Secretary (2022-Present), Invesco Indexing LLC; Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

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


		61

Trustees and Officers–(continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Peter Hubbard–1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2009	Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); Vice President, Invesco Advisers, Inc. (2020-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza Houston, TX 77046	Vice President	Since 2012	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-Present); Director, Invesco Trust Company (2022-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Treasurer (2008-2020), Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Treasurer, Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Vice President, Invesco Advisers, Inc. (2009-2020).

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

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


		62

Trustees and Officers–(continued)

Name, Address and Year of Birth
of Executive Officers

Position(s)
Held
with Trust

Length of
Time
Served*

Principal
Occupation(s) During
the Past 5 Years

Melanie Zimdars–1976

Invesco Capital Management LLC

3500 Lacey Road,

Suite 700

Downers Grove, IL 60515

Chief Compliance Officer

Since 2017

Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

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

Availability of Additional Information About the Trustees

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


		63

Approval of Investment Advisory and Sub-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^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

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”).


		64

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

Investment Advisory Agreement

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of 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^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;


		65

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

●

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;

●

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;

●

0.15% 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^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.


		66

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

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 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


		67

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 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

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


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

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 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^SMUS 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,


		69

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

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.

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.


		70

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.

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invesco.com/ETFs