N-CSRS


				Invesco Semi-Annual Report to Shareholders February 29, 2024

				KBWB		Invesco KBW Bank ETF

				KBWD		Invesco KBW High Dividend Yield Financial ETF

				KBWY		Invesco KBW Premium Yield Equity REIT ETF

				KBWP		Invesco KBW Property & Casualty Insurance ETF

				KBWR		Invesco KBW Regional Banking ETF

Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and delivery of shareholder reports. These newly designed shareholder reports will highlight key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Other information, including financial statements, will no longer be included in the shareholder report but will be available at invesco.com/reports, delivered upon request, and filed on a semi-annual basis on Form N-CSR.

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

Table of Contents


Schedules of Investments

Invesco KBW Bank ETF (KBWB)			3

Invesco KBW High Dividend Yield Financial ETF (KBWD)			5

Invesco KBW Premium Yield Equity REIT ETF (KBWY)			7

Invesco KBW Property & Casualty Insurance ETF (KBWP)			10

Invesco KBW Regional Banking ETF (KBWR)			12

Statements of Assets and Liabilities			14

Statements of Operations			15

Statements of Changes in Net Assets			16

Financial Highlights			18

Notes to Financial Statements			23

Fund Expenses			33


		2

Invesco KBW Bank ETF (KBWB)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.71%
Asset Management & Custody Banks-10.99%
Bank of New York Mellon Corp. (The)^(b)		1,044,623	$	58,592,904
Northern Trust Corp.		594,882		48,857,659
State Street Corp.		693,384		51,123,202

				158,573,765

Consumer Finance-4.31%
Capital One Financial Corp.		452,108		62,214,582


Diversified Banks-45.04%
Bank of America Corp.		3,314,872		114,429,381
Citigroup, Inc.		1,095,038		60,763,659
Comerica, Inc.		378,783		18,704,304
Fifth Third Bancorp^(b)		1,744,096		59,892,257
JPMorgan Chase & Co.		647,542		120,481,664
KeyCorp		2,690,239		38,389,710
PNC Financial Services Group, Inc. (The)		376,894		55,478,797
U.S. Bancorp		1,324,508		55,576,356
Wells Fargo & Co.		2,265,474		125,937,700

				649,653,828

Investment Banking & Brokerage-15.58%
Goldman Sachs Group, Inc. (The)		295,794		115,078,656
Morgan Stanley		1,273,510		109,572,800

				224,651,456

Regional Banks-23.79%
Citizens Financial Group, Inc.^(b)		1,339,836		42,057,452
East West Bancorp, Inc.^(b)		404,750		29,490,085
First Horizon Corp.		1,604,783		22,627,440
Huntington Bancshares, Inc.		4,161,959		54,271,945
M&T Bank Corp.		393,912		55,045,263
Regions Financial Corp.		2,673,310		49,803,765
Truist Financial Corp.		1,570,569		54,938,504


	Shares		Value
Regional Banks-(continued)
Western Alliance Bancorporation^(b)		314,408	$	18,150,774
Zions Bancorporation N.A.^(b)		425,722		16,786,219

				343,171,447

Total Common Stocks & Other Equity Interests (Cost $1,637,420,001)				1,438,265,078


Money Market Funds-0.24%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%^(c)(d) (Cost $3,374,888)		3,374,888		3,374,888

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $1,640,794,889)				1,441,639,966


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-0.99%
Invesco Private Government Fund, 5.29%^(c)(d)(e)		3,996,457		3,996,457
Invesco Private Prime Fund, 5.49%^(c)(d)(e)		10,271,469		10,276,605

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $14,273,381)				14,273,062

TOTAL INVESTMENTS IN SECURITIES-100.94% (Cost $1,655,068,270)				1,455,913,028
OTHER ASSETS LESS LIABILITIES-(0.94)%				(13,496,174	)

NET ASSETS-100.00%			$	1,442,416,854

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at February 29, 2024.

^(c)

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 six months ended February 29, 2024.


	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value February 29, 2024			Dividend Income

Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	32,362,751		$	(28,987,863	)		$	-		$	-		$	3,374,888		$	18,530

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


		3

Invesco KBW Bank ETF (KBWB)–(continued)

February 29, 2024

(Unaudited)


	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 29, 2024			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	9,165,896		$	67,431,834		$	(72,601,273	)		$	-			$	-		$	3,996,457		$	98,829	*

Invesco Private Prime Fund			23,569,447			143,382,177			(156,676,209	)			(178	)			1,368			10,276,605			252,218	*

Total		$	32,735,343		$	243,176,762		$	(258,265,345	)		$	(178	)		$	1,368		$	17,647,950		$	369,577

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

^(d)	The rate shown is the 7-day SEC standardized yield as of February 29, 2024.

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

Portfolio Composition

Sub-Industry Breakdown (% of the Fund’s Net Assets)

as of February 29, 2024



Diversified Banks			45.04

Regional Banks			23.79

Investment Banking & Brokerage			15.58

Asset Management & Custody Banks			10.99

Consumer Finance			4.31

Money Market Funds Plus Other Assets Less Liabilities			0.29

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


		4

Invesco KBW High Dividend Yield Financial ETF (KBWD)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-69.62%
Asset Management & Custody Banks-6.47%
Artisan Partners Asset Management, Inc., Class A^(b)		142,350	$	6,131,015
Janus Henderson Group PLC^(b)		176,513		5,500,145
Runway Growth Finance Corp.^(b)		903,851		12,129,680

				23,760,840

Consumer Finance-2.23%
OneMain Holdings, Inc.		173,507		8,194,736


Diversified Banks-1.61%
KeyCorp		414,585		5,916,128


Diversified Financial Services-1.27%
Jackson Financial, Inc., Class A		84,501		4,651,780


Investment Banking & Brokerage-6.39%
B. Riley Financial, Inc.^(b)		917,026		16,809,087
Lazard, Inc.^(b)		172,712		6,656,320

				23,465,407

Life & Health Insurance-3.06%
Lincoln National Corp.		247,048		6,803,702
Prudential Financial, Inc.		40,599		4,424,885

				11,228,587

Mortgage REITs-39.41%
AGNC Investment Corp.^(b)		1,436,737		13,735,206
Annaly Capital Management, Inc.^(b)		618,036		11,798,307
Apollo Commercial Real Estate Finance, Inc.^(b)		935,067		10,482,101
Ares Commercial Real Estate Corp.^(b)		1,014,375		7,648,387
ARMOUR Residential REIT, Inc.^(b)		1,202,732		23,814,094
Dynex Capital, Inc.^(b)		925,182		11,416,746
Ellington Financial, Inc.		330,681		3,746,616
KKR Real Estate Finance Trust, Inc.^(b)		846,271		8,251,142
MFA Financial, Inc.^(b)		931,622		10,452,799
New York Mortgage Trust, Inc.^(b)		1,205,470		8,691,439
Ready Capital Corp.^(b)		1,070,060		9,448,630
TPG RE Finance Trust, Inc.^(b)		2,133,290		15,957,009
Two Harbors Investment Corp.		727,284		9,214,688

				144,657,164

Regional Banks-7.21%
Eagle Bancorp, Inc.^(b)		247,897		5,904,906
First Interstate BancSystem, Inc., Class A		217,684		5,729,443
New York Community Bancorp, Inc.		596,059		2,855,123
Northwest Bancshares, Inc.		500,333		5,733,816
Washington Trust Bancorp, Inc.		243,157		6,258,861

				26,482,149

Investment Abbreviations:

BDC -Business Development Company

REIT -Real Estate Investment Trust


	Shares		Value
Transaction & Payment Processing Services-1.97%
Western Union Co. (The)		539,423	$	7,233,662

Total Common Stocks & Other Equity Interests (Cost $288,721,530)				255,590,453


Closed-End Funds-30.12%
Barings BDC, Inc. (Acquired 12/15/2023 - 02/28/2024; Cost $8,738,063)^(c)		992,126		9,722,835
BlackRock TCP Capital Corp.^(b)		745,413		7,990,827
Capital Southwest Corp., BDC^(b)		385,662		9,302,168
Fidus Investment Corp.^(b)		570,934		11,201,725
FS KKR Capital Corp., BDC		556,602		10,508,646
Goldman Sachs BDC, Inc., BDC^(b)		643,893		9,671,273
MidCap Financial Investment Corp., BDC^(b)		650,219		9,577,726
PennantPark Investment Corp., BDC^(b)		1,562,321		10,655,029
Prospect Capital Corp., BDC^(b)		1,788,370		9,871,802
Trinity Capital, Inc., BDC^(b)		769,542		11,189,141
TriplePoint Venture Growth BDC Corp., BDC (Acquired 12/16/2022 - 11/15/2023; Cost $11,287,957)^(b)(c)		1,010,404		10,892,155

				110,583,327

Total Closed-End Funds (Cost $103,975,065)				110,583,327

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.74% (Cost $392,696,595)				366,173,780


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-31.54%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		32,397,315		32,397,315
Invesco Private Prime Fund, 5.49%^(d)(e)(f)		83,336,427		83,378,095

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $115,789,318)				115,775,410

TOTAL INVESTMENTS IN SECURITIES-131.28% (Cost $508,485,913)				481,949,190
OTHER ASSETS LESS LIABILITIES-(31.28)%				(114,843,103	)

NET ASSETS-100.00%			$	367,106,087

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


		5

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

February 29, 2024

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at February 29, 2024.

^(c)	Restricted security. The aggregate value of these securities at February 29, 2024 was $20,614,990, which represented 5.62% of the Fund’s Net Assets.

^(d)


	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 29, 2024			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	8,464,186		$	(8,464,186	)		$	-			$	-		$	-		$	6,116

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			28,150,755			133,139,553			(128,892,993	)			-				-			32,397,315			676,622	*

Invesco Private Prime Fund			72,387,657			280,952,691			(269,988,749	)			(13,299	)			39,795			83,378,095			1,840,907	*

Total		$	100,538,412		$	422,556,430		$	(407,345,928	)		$	(13,299	)		$	39,795		$	115,775,410		$	2,523,645

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

^(e)	The rate shown is the 7-day SEC standardized yield as of February 29, 2024.

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

Portfolio Composition

Sub-Industry Breakdown (% of the Fund’s Net Assets)

as of February 29, 2024



Mortgage REITs			39.41

Closed-End Funds			30.12

Regional Banks			7.21

Asset Management & Custody Banks			6.47

Investment Banking & Brokerage			6.39

Life & Health Insurance			3.06

Sub-Industry Types Each Less Than 3%			7.08

Money Market Funds Plus Other Assets Less Liabilities			0.26

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


		6

Invesco KBW Premium Yield Equity REIT ETF (KBWY)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.82%
Diversified REITs-20.26%
American Assets Trust, Inc.		270,008	$	5,824,073
Armada Hoffler Properties, Inc.^(b)		534,787		5,444,132
Broadstone Net Lease, Inc.^(b)		368,077		5,488,028
Gladstone Commercial Corp.^(b)		636,138		7,875,388
Global Net Lease, Inc.^(b)		1,521,438		10,969,568
W.P. Carey, Inc.^(b)		91,386		5,147,773

				40,748,962


Health Care REITs-15.50%
Global Medical REIT, Inc.^(b)		692,593		6,198,707
Healthcare Realty Trust, Inc.		439,522		6,056,613
LTC Properties, Inc.^(b)		177,073		5,570,717
Omega Healthcare Investors, Inc.^(b)		220,514		6,862,396
Sabra Health Care REIT, Inc.^(b)		467,058		6,482,765

				31,171,198


Hotel & Resort REITs-6.68%
Apple Hospitality REIT, Inc.		286,890		4,616,060
Service Properties Trust		1,296,258		8,814,555

				13,430,615


Industrial REITs-6.77%
Innovative Industrial Properties, Inc.^(b)		89,439		8,764,128
LXP Industrial Trust		560,175		4,851,115

				13,615,243


Multi-Family Residential REITs-4.72%
Apartment Income REIT Corp.		154,350		4,679,892
NexPoint Residential Trust, Inc.		164,859		4,815,531

				9,495,423


Office REITs-21.12%
Easterly Government Properties, Inc.^(b)		646,656		7,630,541
Highwoods Properties, Inc.^(b)		461,333		11,279,592
Office Properties Income Trust^(b)(c)		2,664,071		7,113,069
Piedmont Office Realty Trust, Inc., Class A^(b)		1,068,466		6,699,282
SL Green Realty Corp.		201,242		9,756,212

				42,478,696

Investment Abbreviations:

REIT -Real Estate Investment Trust


	Shares		Value
Other Specialized REITs-17.40%
EPR Properties^(b)		136,980	$	5,627,138
Four Corners Property Trust, Inc.^(b)		216,822		5,242,756
Gaming and Leisure Properties, Inc.		111,039		5,050,054
Outfront Media, Inc.		664,547		9,549,540
Uniti Group, Inc.^(b)		1,624,968		9,522,313

				34,991,801


Retail REITs-4.36%
Getty Realty Corp.^(b)		172,578		4,549,156
Kimco Realty Corp.		213,583		4,220,400

				8,769,556


Self-Storage REITs-3.01%
National Storage Affiliates Trust^(b)		168,712		6,041,577

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.82% (Cost $231,278,611)				200,743,071


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-20.18%
Invesco Private Government Fund, 5.29%^(c)(d)(e)		11,365,777		11,365,777
Invesco Private Prime Fund, 5.49%^(c)(d)(e)		29,211,679		29,226,285

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $40,596,181)				40,592,062

TOTAL INVESTMENTS IN SECURITIES-120.00% (Cost $271,874,792)				241,335,133
OTHER ASSETS LESS LIABILITIES-(20.00)%				(40,222,424	)

NET ASSETS-100.00%			$	201,112,709

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


		7

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

February 29, 2024

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at February 29, 2024.

^(c)


	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 29, 2024			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	180,342		$	10,045,240		$	(10,225,582	)		$	-			$	-			$	-		$	7,958

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			19,180,714			84,764,313			(92,579,250	)			-				-				11,365,777			366,043	*

Invesco Private Prime Fund			49,321,834			175,634,596			(195,747,563	)			(4,864	)			22,282				29,226,285			964,871	*

Investments in Other Affiliates:

Office Properties Income Trust**			8,336,588			11,536,854			(2,244,236	)			(8,236,691	)			(2,279,446	)			7,113,069			467,169

Total		$	77,019,478		$	281,981,003		$	(300,796,631	)		$	(8,241,555	)		$	(2,257,164	)		$	47,705,131		$	1,806,041

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

**	As of August 31, 2023, this security was not considered as an affiliate of the Fund.

^(d)	The rate shown is the 7-day SEC standardized yield as of February 29, 2024.

^(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.


		8

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

February 29, 2024

(Unaudited)

Portfolio Composition

REIT Sub-Industry Breakdown (% of the Fund’s Net Assets)

as of February 29, 2024



Office REITs			21.12

Diversified REITs			20.26

Other Specialized REITs			17.40

Health Care REITs			15.50

Industrial REITs			6.77

Hotel & Resort REITs			6.68

Multi-Family Residential REITs			4.72

Retail REITs			4.36

Self-Storage REITs			3.01

Money Market Funds Plus Other Assets Less Liabilities			0.18

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


		9

Invesco KBW Property & Casualty Insurance ETF (KBWP)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Multi-line Insurance-13.40%
American International Group, Inc.		246,554	$	17,971,321
Assurant, Inc.		48,286		8,761,495
Horace Mann Educators Corp.^(b)		104,433		3,779,430

				30,512,246

Property & Casualty Insurance-77.33%
Allstate Corp. (The)		117,689		18,773,749
American Financial Group, Inc.		70,922		9,054,612
Arch Capital Group Ltd.^(c)		96,940		8,490,975
AXIS Capital Holdings Ltd.		143,999		9,010,017
Chubb Ltd.		70,721		17,798,354
Cincinnati Financial Corp.		78,926		8,997,564
Hanover Insurance Group, Inc. (The)^(b)		65,269		8,580,915
Hartford Financial Services Group, Inc. (The)		103,796		9,947,809
James River Group Holdings Ltd.		96,262		961,657
Kemper Corp.^(b)		163,899		9,396,330
Mercury General Corp.		141,608		6,894,893
ProAssurance Corp.^(b)		130,352		1,607,240
Progressive Corp. (The)		98,920		18,751,275
RLI Corp.		59,828		8,761,811
Selective Insurance Group, Inc.		79,781		8,335,519
Travelers Cos., Inc. (The)		89,834		19,849,721
Universal Insurance Holdings, Inc.		74,642		1,507,022
W.R. Berkley Corp.		111,823		9,348,403

				176,067,866


	Shares		Value
Reinsurance-9.25%
Everest Group Ltd.		19,762	$	7,289,807
RenaissanceRe Holdings Ltd. (Bermuda)		37,848		8,508,987
SiriusPoint Ltd. (Bermuda)^(b)(c)		428,577		5,258,640

				21,057,434

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.98% (Cost $202,872,225)				227,637,546


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-0.43%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		273,282		273,282
Invesco Private Prime Fund, 5.49%^(d)(e)(f)		702,376		702,727

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $976,079)				976,009

TOTAL INVESTMENTS IN SECURITIES-100.41% (Cost $203,848,304)				228,613,555
OTHER ASSETS LESS LIABILITIES-(0.41)%				(942,138	)

NET ASSETS-100.00%			$	227,671,417

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at February 29, 2024.

^(c)	Non-income producing security.

^(d)


	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 29, 2024			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	66,778		$	1,127,816		$	(1,194,594	)		$	-			$	-		$	-		$	1,977

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			1,817,266			6,408,190			(7,952,174	)			-				-			273,282			17,670	*

Invesco Private Prime Fund			4,672,971			15,132,340			(19,103,828	)			(70	)			1,314			702,727			47,454	*

Total		$	6,557,015		$	22,668,346		$	(28,250,596	)		$	(70	)		$	1,314		$	976,009		$	67,101

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

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


		10

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

February 29, 2024

(Unaudited)

^(e)	The rate shown is the 7-day SEC standardized yield as of February 29, 2024.

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

Portfolio Composition

Sub-Industry Breakdown (% of the Fund’s Net Assets)

as of February 29, 2024



Property & Casualty Insurance			77.33

Multi-line Insurance			13.40

Reinsurance			9.25

Money Market Funds Plus Other Assets Less Liabilities			0.02

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


		11

Invesco KBW Regional Banking ETF (KBWR)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.81%
Regional Banks-99.81%
Ameris Bancorp		24,978	$	1,157,231
Associated Banc-Corp		59,952		1,249,400
Atlantic Union Bankshares Corp.^(b)		33,410		1,111,217
Banc of California, Inc.		25,372		371,192
Bank of Hawaii Corp.		17,704		1,067,197
Bank OZK^(b)		25,407		1,112,827
BankUnited, Inc.		33,128		888,493
BOK Financial Corp.		14,819		1,259,763
Brookline Bancorp, Inc.		39,579		386,687
Cadence Bank^(b)		42,457		1,175,210
Cathay General Bancorp		28,995		1,132,255
Columbia Banking System, Inc.^(b)		47,417		858,248
Commerce Bancshares, Inc.		40,718		2,118,965
Community Bank System, Inc.^(b)		23,777		1,077,098
Cullen/Frost Bankers, Inc.		19,983		2,168,355
CVB Financial Corp.^(b)		59,483		1,012,401
Eastern Bankshares, Inc.		78,576		1,015,202
F.N.B. Corp.		88,703		1,183,298
First Bancorp		70,904		1,203,950
First Commonwealth Financial Corp.^(b)		45,478		592,578
First Financial Bancorp		42,365		919,320
First Financial Bankshares, Inc.^(b)		40,516		1,253,565
First Hawaiian, Inc.^(b)		54,125		1,134,460
First Interstate BancSystem, Inc., Class A^(b)		41,080		1,081,226
Fulton Financial Corp.^(b)		73,127		1,126,156
Glacier Bancorp, Inc.^(b)		31,625		1,183,407
Hancock Whitney Corp.		25,783		1,124,139
Home BancShares, Inc.^(b)		47,951		1,124,930
Hope Bancorp, Inc.		53,493		586,818
Independent Bank Corp.		18,652		973,075
New York Community Bancorp, Inc.		225,421		1,079,767
Old National Bancorp		71,427		1,173,546
Pacific Premier Bancorp, Inc.^(b)		42,712		976,396
Pinnacle Financial Partners, Inc.^(b)		14,656		1,212,344
Popular, Inc.		14,413		1,206,080
Prosperity Bancshares, Inc.^(b)		29,240		1,824,868


	Shares		Value
Regional Banks-(continued)
Provident Financial Services, Inc.^(b)		33,673	$	507,789
Simmons First National Corp., Class A		55,747		1,070,342
SouthState Corp.^(b)		14,363		1,207,067
Synovus Financial Corp.^(b)		34,542		1,310,523
Texas Capital Bancshares, Inc.^(b)(c)		19,380		1,136,637
Trustmark Corp.		27,199		730,565
UMB Financial Corp.		14,842		1,211,256
United Bankshares, Inc.^(b)		32,122		1,114,312
United Community Banks, Inc.^(b)		43,146		1,122,227
Valley National Bancorp^(b)		116,874		957,198
WaFd, Inc.^(b)		28,866		786,310
Webster Financial Corp.^(b)		47,427		2,259,422
Wintrust Financial Corp.^(b)		12,415		1,196,185
WSFS Financial Corp.^(b)		27,049		1,146,607

				55,878,104


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.81% (Cost $68,415,748)				55,878,104


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-24.24%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		3,952,424		3,952,424
Invesco Private Prime Fund, 5.49%^(d)(e)(f)		9,616,178		9,620,986

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $13,574,433)				13,573,410

TOTAL INVESTMENTS IN SECURITIES-124.05% (Cost $81,990,181)				69,451,514
OTHER ASSETS LESS LIABILITIES-(24.05)%				(13,465,166	)

NET ASSETS-100.00%			$	55,986,348

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at February 29, 2024.

^(c)	Non-income producing security.

^(d)


	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value February 29, 2024			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	995,443		$	(995,443	)		$	-		$	-		$	-		$	965

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


		12

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

February 29, 2024

(Unaudited)


	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 29, 2024			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	4,669,170		$	28,999,373		$	(29,716,119	)		$	-			$	-		$	3,952,424		$	101,508	*

Invesco Private Prime Fund			12,006,441			62,218,378			(64,608,266	)			(1,162	)			5,595			9,620,986			268,680	*

Total		$	16,675,611		$	92,213,194		$	(95,319,828	)		$	(1,162	)		$	5,595		$	13,573,410		$	371,153

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

^(e)	The rate shown is the 7-day SEC standardized yield as of February 29, 2024.

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

Portfolio Composition

Sub-Industry Breakdown (% of the Fund’s Net Assets)

as of February 29, 2024



Regional Banks			99.81

Money Market Funds Plus Other Assets Less Liabilities			0.19

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


		13

Statements of Assets and Liabilities

February 29, 2024

(Unaudited)


	Invesco KBW Bank ETF (KBWB)				Invesco KBW High Dividend Yield Financial ETF (KBWD)				Invesco KBW Premium Yield Equity REIT ETF (KBWY)				Invesco KBW Property & Casualty Insurance ETF (KBWP)			Invesco KBW Regional Banking ETF (KBWR)
Assets:
Unaffiliated investments in securities, at value^(a)		$	1,438,265,078			$	366,173,780			$	193,630,002			$	227,637,546		$	55,878,104
Affiliated investments in securities, at value			17,647,950				115,775,410				47,705,131				976,009			13,573,410
Cash			187				-				-				-			-
Receivable for:
Dividends			4,695,795				690,858				814,172				128,408			136,358
Securities lending			1,788				621,631				4,021				122			1,191
Investments sold			25,128,321				-				-				-			-
Fund shares sold			10,942,961				4,010,375				-				1,024,554			-

Total assets			1,496,682,080				487,272,054				242,153,326				229,766,639			69,589,063


Liabilities:
Due to custodian			-				397,339				387,100				33,379			12,263
Payable for:
Investments purchased			10,421,553				3,762,390				-				1,024,824			-
Investments purchased - affiliated broker			3,985,716				117,117				-				-			-
Collateral upon return of securities loaned			14,273,381				115,789,318				40,596,181				976,079			13,574,433
Fund shares repurchased			25,175,692				-				-				-			-
Accrued unitary management fees			408,884				99,803				57,336				60,940			16,019

Total liabilities			54,265,226				120,165,967				41,040,617				2,095,222			13,602,715

Net Assets		$	1,442,416,854			$	367,106,087			$	201,112,709			$	227,671,417		$	55,986,348


Net assets consist of:
Shares of beneficial interest		$	2,124,478,432			$	597,846,642			$	434,338,489			$	213,802,587		$	82,808,330
Distributable earnings (loss)			(682,061,578	)			(230,740,555	)			(233,225,780	)			13,868,830			(26,821,982	)

Net Assets		$	1,442,416,854			$	367,106,087			$	201,112,709			$	227,671,417		$	55,986,348

Shares outstanding (unlimited amount authorized, $0.01 par value)			28,950,000				24,350,000				11,600,000				2,230,000			1,130,000
Net asset value		$	49.82			$	15.08			$	17.34			$	102.09		$	49.55

Market price		$	49.76			$	15.07			$	17.33			$	102.08		$	49.57

Unaffiliated investments in securities, at cost		$	1,637,420,001			$	392,696,595			$	205,293,751			$	202,872,225		$	68,415,748

Affiliated investments in securities, at cost		$	17,648,269			$	115,789,318			$	66,581,041			$	976,079		$	13,574,433

^(a)Includes securities on loan with an aggregate value of:		$	14,253,565			$	113,422,800			$	39,668,006			$	946,232		$	13,497,733

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


		14

Statements of Operations

For the six months ended February 29, 2024

(Unaudited)


	Invesco KBW Bank ETF (KBWB)				Invesco KBW High Dividend Yield Financial ETF (KBWD)				Invesco KBW Premium Yield Equity REIT ETF (KBWY)				Invesco KBW Property & Casualty Insurance ETF (KBWP)				Invesco KBW Regional Banking ETF (KBWR)
Investment income:
Unaffiliated dividend income		$	28,736,783			$	21,522,487			$	8,593,160			$	1,970,666			$	1,036,709
Affiliated dividend income			18,530				6,116				475,127				1,977				965
Securities lending income, net			9,074				2,024,052				40,650				1,743				13,541
Foreign withholding tax			-				-				-				-				(4,278	)

Total investment income			28,764,387				23,552,655				9,108,937				1,974,386				1,046,937


Expenses:
Unitary management fees			2,575,282				628,530				371,115				317,103				101,107

Less: Waivers			(400	)			(120	)			(158	)			(38	)			(20	)

Net expenses			2,574,882				628,410				370,957				317,065				101,087

Net investment income			26,189,505				22,924,245				8,737,980				1,657,321				945,850


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(40,608,091	)			123,049				(17,209,002	)			(3,071,892	)			(2,288,507	)
Affiliated investment securities			1,368				39,795				(2,130,918	)			1,314				5,595
Unaffiliated in-kind redemptions			(15,572,760	)			402,804				895,973				2,615,785				712,728
Affiliated in-kind redemptions			-				-				(126,246	)			-				-

Net realized gain (loss)			(56,179,483	)			565,648				(18,570,193	)			(454,793	)			(1,570,184	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			262,189,046				(25,608,400	)			15,412,399				40,072,193				4,286,441
Affiliated investment securities			(178	)			(13,299	)			(18,876,655	)			(70	)			(1,162	)

Change in net unrealized appreciation (depreciation)			262,188,868				(25,621,699	)			(3,464,256	)			40,072,123				4,285,279

Net realized and unrealized gain (loss)			206,009,385				(25,056,051	)			(22,034,449	)			39,617,330				2,715,095

Net increase (decrease) in net assets resulting from operations		$	232,198,890			$	(2,131,806	)		$	(13,296,469	)		$	41,274,651			$	3,660,945

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


		15

Statements of Changes in Net Assets

For the six months ended February 29, 2024 and the year ended August 31, 2023

(Unaudited)


	Invesco KBW Bank ETF (KBWB)								Invesco KBW High Dividend Yield Financial ETF (KBWD)
	Six Months Ended February 29, 2024				Year Ended August 31, 2023				Six Months Ended February 29, 2024				Year Ended August 31, 2023
Operations:
Net investment income		$	26,189,505			$	59,486,711			$	22,924,245			$	36,582,723
Net realized gain (loss)			(56,179,483	)			(700,651,544	)			565,648				(39,138,883	)
Change in net unrealized appreciation (depreciation)			262,188,868				107,613,792				(25,621,699	)			12,139,937

Net increase (decrease) in net assets resulting from operations			232,198,890				(533,551,041	)			(2,131,806	)			9,583,777


Distributions to Shareholders from:
Distributable earnings			(29,582,846	)			(54,916,451	)			(20,323,970	)			(42,766,013	)


Shareholder Transactions:
Proceeds from shares sold			735,388,650				2,842,086,612				13,050,390				35,165,759
Value of shares repurchased			(1,254,915,303	)			(2,463,492,686	)			(6,194,238	)			(42,129,665	)

Net increase (decrease) in net assets resulting from share transactions			(519,526,653	)			378,593,926				6,856,152				(6,963,906	)

Net increase (decrease) in net assets			(316,910,609	)			(209,873,566	)			(15,599,624	)			(40,146,142	)


Net assets:
Beginning of period			1,759,327,463				1,969,201,029				382,705,711				422,851,853

End of period		$	1,442,416,854			$	1,759,327,463			$	367,106,087			$	382,705,711


Changes in Shares Outstanding:
Shares sold			15,910,000				57,730,000				850,000				2,240,000
Shares repurchased			(28,870,000	)			(52,000,000	)			(430,000	)			(2,900,000	)
Shares outstanding, beginning of period			41,910,000				36,180,000				23,930,000				24,590,000

Shares outstanding, end of period			28,950,000				41,910,000				24,350,000				23,930,000

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


		16


Invesco KBW Premium Yield								Invesco KBW Property & Casualty								Invesco KBW Regional
Equity REIT ETF (KBWY)								Insurance ETF (KBWP)								Banking ETF (KBWR)
Six Months Ended February 29, 2024				Year Ended August 31, 2023				Six Months Ended February 29, 2024				Year Ended August 31, 2023				Six Months Ended February 29, 2024				Year Ended August 31, 2023

	$	8,737,980			$	8,639,122			$	1,657,321			$	6,259,865			$	945,850			$	2,013,171
		(18,570,193	)			(26,603,542	)			(454,793	)			21,556,161				(1,570,184	)			(1,752,758	)
		(3,464,256	)			(2,102,830	)			40,072,123				(6,856,258	)			4,285,279				(10,380,998	)

		(13,296,469	)			(20,067,250	)			41,274,651				20,959,768				3,660,945				(10,120,585	)



		(9,042,025	)			(19,585,361	)			(1,504,889	)			(6,394,173	)			(1,017,847	)			(1,965,805	)



		13,614,812				40,036,438				58,037,613				218,674,466				9,323,524				30,743,662
		(17,460,901	)			(61,506,195	)			(19,102,599	)			(290,961,981	)			(14,994,152	)			(34,911,417	)

		(3,846,089	)			(21,469,757	)			38,935,014				(72,287,515	)			(5,670,628	)			(4,167,755	)

		(26,184,583	)			(61,122,368	)			78,704,776				(57,721,920	)			(3,027,530	)			(16,254,145	)



		227,297,292				288,419,660				148,966,641				206,688,561				59,013,878				75,268,023

	$	201,112,709			$	227,297,292			$	227,671,417			$	148,966,641			$	55,986,348			$	59,013,878



		720,000				2,050,000				640,000				2,620,000				180,000				640,000
		(990,000	)			(3,250,000	)			(210,000	)			(3,520,000	)			(310,000	)			(680,000	)
		11,870,000				13,070,000				1,800,000				2,700,000				1,260,000				1,300,000

		11,600,000				11,870,000				2,230,000				1,800,000				1,130,000				1,260,000


		17

Financial Highlights

Invesco KBW Bank ETF (KBWB)


	Six Months Ended February 29, 2024 (Unaudited)				Years Ended August 31,
					2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	41.98		$	54.43		$	66.21		$	39.58		$	48.15		$	57.01

Net investment income^(a)			0.78			1.64			1.49			1.31			1.40			1.27
Net realized and unrealized gain (loss) on investments			7.85			(12.52	)		(11.66	)		26.56			(8.45	)		(8.86	)

Total from investment operations			8.63			(10.88	)		(10.17	)		27.87			(7.05	)		(7.59	)

Distributions to shareholders from:
Net investment income			(0.79	)		(1.57	)		(1.61	)		(1.24	)		(1.52	)		(1.27	)

Net asset value at end of period		$	49.82		$	41.98		$	54.43		$	66.21		$	39.58		$	48.15

Market price at end of period^(b)		$	49.76		$	41.99		$	54.52		$	66.11		$	39.68		$	48.22

Net Asset Value Total Return^(c)			20.78	%		(20.21	)%		(15.59	)%		71.42	%		(14.81	)%		(13.30	)%
Market Price Total Return^(c)			20.61	%		(20.32	)%		(15.33	)%		70.75	%		(14.72	)%		(13.18	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,442,417		$	1,759,327		$	1,969,201		$	2,978,303		$	763,963		$	563,393
Ratio to average net assets of:
Expenses			0.35	%^(d)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income			3.56	%^(d)		3.39	%		2.30	%		2.25	%		3.07	%		2.51	%
Portfolio turnover rate^(e)			6	%		35	%		23	%		22	%		18	%		13	%

^(a)	Based on average shares outstanding.

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

^(c)

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

^(d)	Annualized.

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

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


		18

Financial Highlights–(continued)

Invesco KBW High Dividend Yield Financial ETF (KBWD)


	Six Months Ended February 29, 2024 (Unaudited)				Years Ended August 31,
					2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	15.99		$	17.20		$	20.68		$	13.75		$	19.81		$	23.68

Net investment income^(a)			0.96			1.55			1.25			1.19			1.39			1.59
Net realized and unrealized gain (loss) on investments			(1.02	)		(0.95	)		(3.08	)		7.14			(5.66	)		(3.67	)

Total from investment operations			(0.06	)		0.60			(1.83	)		8.33			(4.27	)		(2.08	)

Distributions to shareholders from:
Net investment income			(0.85	)		(1.81	)		(1.65	)		(1.40	)		(1.79	)		(1.79	)

Net asset value at end of period		$	15.08		$	15.99		$	17.20		$	20.68		$	13.75		$	19.81

Market price at end of period^(b)		$	15.07		$	15.99		$	17.21		$	20.69		$	13.77		$	19.80

Net Asset Value Total Return^(c)			(0.20	)%		4.56	%		(9.15	)%		62.77	%		(22.34	)%		(9.06	)%
Market Price Total Return^(c)			(0.27	)%		4.49	%		(9.15	)%		62.61	%		(22.18	)%		(9.15	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	367,106		$	382,706		$	422,852		$	465,497		$	229,636		$	270,390
Ratio to average net assets of:
Expenses^(d)			0.35	%^(e)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income			12.77	%^(e)		10.03	%		6.54	%		6.55	%		8.08	%		7.32	%
Portfolio turnover rate^(f)			53	%		68	%		76	%		59	%		77	%		54	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)

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

^(e)	Annualized.

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

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


		19

Financial Highlights–(continued)

Invesco KBW Premium Yield Equity REIT ETF (KBWY)


	Six Months Ended February 29, 2024 (Unaudited)				Years Ended August 31,
					2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	19.15		$	22.07		$	23.91		$	18.71		$	29.25		$	35.80

Net investment income^(a)			0.75			0.70			0.74			0.69			1.36			1.21
Net realized and unrealized gain (loss) on investments			(1.78	)		(2.04	)		(1.23	)		5.94			(9.62	)		(5.86	)

Total from investment operations			(1.03	)		(1.34	)		(0.49	)		6.63			(8.26	)		(4.65	)

Distributions to shareholders from:
Net investment income			(0.78	)		(1.58	)		(1.35	)		(1.43	)		(2.28	)		(1.90	)

Net asset value at end of period		$	17.34		$	19.15		$	22.07		$	23.91		$	18.71		$	29.25

Market price at end of period^(b)		$	17.33		$	19.14		$	22.09		$	23.89		$	18.74		$	29.26

Net Asset Value Total Return^(c)			(5.49	)%		(5.72	)%		(2.23	)%		36.86	%		(28.96	)%		(12.94	)%
Market Price Total Return^(c)			(5.50	)%		(5.85	)%		(2.06	)%		36.52	%		(28.87	)%		(12.91	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	201,113		$	227,297		$	288,420		$	350,063		$	173,025		$	317,390
Ratio to average net assets of:
Expenses			0.35	%^(d)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income			8.24	%^(d)		3.61	%		3.09	%		3.16	%		5.45	%		3.94	%
Portfolio turnover rate^(e)			62	%		73	%		77	%		72	%		100	%		69	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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


		20

Financial Highlights–(continued)

Invesco KBW Property & Casualty Insurance ETF (KBWP)


	Six Months Ended February 29, 2024 (Unaudited)				Years Ended August 31,
					2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	82.76		$	76.55		$	80.54		$	60.03		$	70.73		$	63.85

Net investment income^(a)			0.83			1.64			1.68			1.94	^(b)		1.28			1.35
Net realized and unrealized gain (loss) on investments			19.26			6.10			(3.26	)		20.09			(10.63	)		7.06

Total from investment operations			20.09			7.74			(1.58	)		22.03			(9.35	)		8.41

Distributions to shareholders from:
Net investment income			(0.76	)		(1.53	)		(2.41	)		(1.52	)		(1.35	)		(1.53	)

Net asset value at end of period		$	102.09		$	82.76		$	76.55		$	80.54		$	60.03		$	70.73

Market price at end of period^(c)		$	102.08		$	82.76		$	76.65		$	80.48		$	60.13		$	70.78

Net Asset Value Total Return^(d)			24.43	%		10.15	%		(1.98	)%		37.10	%		(13.11	)%		13.54	%
Market Price Total Return^(d)			24.42	%		10.00	%		(1.79	)%		36.78	%		(13.03	)%		13.50	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	227,671		$	148,967		$	206,689		$	88,593		$	183,104		$	109,630
Ratio to average net assets of:
Expenses			0.35	%^(e)		0.35	%		0.35	%		0.35	%		0.35	%		0.36	%^(f)
Net investment income			1.83	%^(e)		1.96	%		2.11	%		2.82	%^(b)		2.04	%		2.09	%^(f)
Portfolio turnover rate^(g)			11	%		12	%		8	%		16	%		16	%		14	%

^(a)	Based on average shares outstanding.

^(b)

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $1.54 and 2.23%, respectively.

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

^(d)

^(e)	Annualized.

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

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

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


		21

Financial Highlights–(continued)

Invesco KBW Regional Banking ETF (KBWR)


	Six Months Ended February 29, 2024 (Unaudited)				Years Ended August 31,
					2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	46.84		$	57.90		$	59.78		$	35.41		$	47.62		$	59.19

Net investment income^(a)			0.79			1.58			1.38			1.32			1.32			1.20
Net realized and unrealized gain (loss) on investments			2.74			(11.12	)		(1.87	)		24.29			(12.07	)		(11.52	)

Total from investment operations			3.53			(9.54	)		(0.49	)		25.61			(10.75	)		(10.32	)

Distributions to shareholders from:
Net investment income			(0.82	)		(1.52	)		(1.39	)		(1.24	)		(1.46	)		(1.25	)

Net asset value at end of period		$	49.55		$	46.84		$	57.90		$	59.78		$	35.41		$	47.62

Market price at end of period^(b)		$	49.57		$	46.80		$	57.95		$	59.66		$	35.44		$	47.61

Net Asset Value Total Return^(c)			7.57	%		(16.65	)%		(0.79	)%		73.45	%		(22.87	)%		(17.48	)%
Market Price Total Return^(c)			7.71	%		(16.79	)%		(0.49	)%		72.96	%		(22.80	)%		(17.50	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	55,986		$	59,014		$	75,268		$	73,528		$	28,325		$	69,047
Ratio to average net assets of:
Expenses			0.35	%^(d)		0.35	%		0.35	%		0.35	%		0.35	%		0.36	%^(e)
Net investment income			3.27	%^(d)		3.02	%		2.28	%		2.41	%		2.96	%		2.33	%^(e)
Portfolio turnover rate^(f)			7	%		19	%		27	%		20	%		21	%		15	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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

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


		22

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 29, 2024

(Unaudited)

NOTE 1–Organization

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


Full Name		Short Name

Invesco KBW Bank ETF (KBWB)		“KBW Bank ETF”

Invesco KBW High Dividend Yield Financial ETF (KBWD)		“KBW High Dividend Yield Financial ETF”

Invesco KBW Premium Yield Equity REIT ETF (KBWY)		“KBW Premium Yield Equity REIT ETF”

Invesco KBW Property & Casualty Insurance ETF (KBWP)		“KBW Property & Casualty Insurance ETF”

Invesco KBW Regional Banking ETF (KBWR)		“KBW Regional Banking ETF”

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

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

KBW Bank ETF		KBW Nasdaq Bank Index^TM

KBW High Dividend Yield Financial ETF		KBW Nasdaq Financial Sector Dividend Yield Index^TM

KBW Premium Yield Equity REIT ETF		KBW Nasdaq Premium Yield Equity REIT Index^TM

KBW Property & Casualty Insurance ETF		KBW Nasdaq Property & Casualty Index^TM

KBW Regional Banking ETF		KBW Nasdaq Regional Banking Index^TM

NOTE 2–Significant Accounting Policies

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

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

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

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 or ask 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. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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


		23

to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask 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/ask 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.


		24

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

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

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

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

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

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

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 pays 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,


		25

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.

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

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

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

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended February 29, 2024, each Fund had affiliated securities lending transactions with Invesco. Fees


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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

Invesco KBW Bank ETF		$387

Invesco KBW High Dividend Yield Financial ETF		117,676

Invesco KBW Premium Yield Equity REIT ETF		2,941

Invesco KBW Property & Casualty Insurance ETF		148

Invesco KBW Regional Banking ETF		1,297

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 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.

Business Development Company (“BDC”) Risk. Certain Funds invest in BDCs. There are certain risks inherent in investing in BDCs, whose principal business is to invest in, and lend capital or provide services to, privately held companies. BDCs generally invest in less mature private companies, which involve greater risk than well-established publicly traded companies. Generally, little public information exists for private and thinly traded companies, and there is a risk that investors may not be able to make a fully informed evaluation of a BDC and its portfolio of investments. In addition, investments made by BDCs generally are subject to legal and other restrictions on resale and otherwise are less liquid than publicly traded securities. With respect to a BDC’s investment in debt instruments, there is a risk that the issuer may default on its payments or declare bankruptcy. Investment advisers to BDCs may be entitled to compensation based on the BDC’s performance, which may result in riskier or more speculative investments in an effort to maximize incentive compensation and higher fees. In addition, to the extent that a Fund invests a portion of its assets in BDCs, a shareholder in the Fund not only will bear his or her proportionate share of the expenses of the Fund, but also will bear indirectly the expenses of the BDCs.

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

High Dividend Paying Securities Risk. Certain Funds invest in securities that pay high dividends. As a group, these securities can fall out of favor with the market, causing such companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of the companies in which a Fund invests and the capital resources available for such companies’ dividend payments may adversely affect a Fund. In addition, the value of dividend-paying stocks can decline when interest rates rise, as fixed-income investments become more attractive to investors.

Index Risk. Unlike many investment companies that are “actively managed”, each Fund is a “passive” investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective 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. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain


		27

market and economic conditions, a Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

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 KBW Bank ETF and KBW Property & Casualty Insurance ETF are non-diversified and can invest a greater portion of their respective assets in securities of individual issuers than 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.

Regional, Small and Medium Bank Risk. Investing in securities of small and medium banks involves greater risk than customarily is associated with investing in larger, more established banks. Small and medium banks’ securities may be more volatile and less liquid than those of more established banks. These securities may have returns that vary, sometimes significantly, from the overall securities market. These banks also may be subject to extensive federal and state regulations and to severe price competition. Credit losses resulting from financial difficulties of borrowers can negatively impact these banks. The regional banking industry in which small and medium banks typically compete is highly competitive and failure to maintain or increase market share may result in the loss of market value. The marketing and expansion strategies of many regional banks may place a significant strain on their risk management, financial controls, operations systems, personnel and other resources. There can be no assurance that these banks will complete the necessary improvements to their systems, procedures and controls necessary to support their future operations or rapid growth. The performance of small and medium banks may be impacted by a number of factors, such as adverse economic or regulatory occurrences affecting small and medium banks, economic conditions of the region or depositor base that the bank serves, negative public perception and decreased liquidity in credit markets. To the extent that certain regulatory requirements are relaxed for small and medium banks, such banks could increase their overall risk profile, which may also result in greater overall risk in the banking industry and the financials sector in general.

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

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


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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 pays 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 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)

KBW Bank ETF		0.35%

KBW High Dividend Yield Financial ETF		0.35%

KBW Premium Yield Equity REIT ETF		0.35%

KBW Property & Casualty Insurance ETF		0.35%

KBW Regional Banking ETF		0.35%

Through at least August 31, 2025, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the six months ended February 29, 2024, the Adviser waived fees for each Fund in the following amounts:



KBW Bank ETF	$	400

KBW High Dividend Yield Financial ETF		120

KBW Premium Yield Equity REIT ETF		158

KBW Property & Casualty Insurance ETF		38

KBW Regional Banking ETF		20

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 Keefe, Bruyette & Woods, Inc. (the “Licensor”).

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

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

For the six months ended February 29, 2024, the Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:



KBW Bank ETF	$	28,198

KBW High Dividend Yield Financial ETF		22,253

KBW Premium Yield Equity REIT ETF		52,184

KBW Property & Casualty Insurance ETF		3,087

KBW Regional Banking ETF		1,621

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.


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NOTE 4–Additional Valuation Information

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


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

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

		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 February 29, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1			Level 2			Level 3			Total

KBW Bank ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	1,438,265,078		$	-		$	-		$	1,438,265,078

Money Market Funds			3,374,888			14,273,062			-			17,647,950


Total Investments		$	1,441,639,966		$	14,273,062		$	-		$	1,455,913,028


KBW High Dividend Yield Financial ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	255,590,453		$	-		$	-		$	255,590,453

Closed-End Funds			110,583,327			-			-			110,583,327

Money Market Funds			-			115,775,410			-			115,775,410



Total Investments		$	366,173,780		$	115,775,410		$	-		$	481,949,190


KBW Premium Yield Equity REIT ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	200,743,071		$	-		$	-		$	200,743,071

Money Market Funds			-			40,592,062			-			40,592,062



Total Investments		$	200,743,071		$	40,592,062		$	-		$	241,335,133


KBW Property & Casualty Insurance ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	227,637,546		$	-		$	-		$	227,637,546

Money Market Funds			-			976,009			-			976,009



Total Investments		$	227,637,546		$	976,009		$	-		$	228,613,555


KBW Regional Banking ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	55,878,104		$	-		$	-		$	55,878,104

Money Market Funds			-			13,573,410			-			13,573,410



Total Investments		$	55,878,104		$	13,573,410		$	-		$	69,451,514

NOTE 5–Tax Information

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


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

The Funds had capital loss carryforwards as of August 31, 2023, as follows:


	No expiration
	Short-Term		Long-Term		Total*

KBW Bank ETF	$	79,219,972	$	316,826,392	$	396,046,364

KBW High Dividend Yield Financial ETF		59,319,553		137,586,931		196,906,484

KBW Premium Yield Equity REIT ETF		59,939,048		113,735,266		173,674,314

KBW Property & Casualty Insurance ETF		2,346,049		6,614,943		8,960,992

KBW Regional Banking ETF		2,824,024		8,459,928		11,283,952

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

NOTE 6–Investment Transactions

For the six months ended February 29, 2024, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:


	Purchases		Sales

KBW Bank ETF	$	88,122,234	$	103,349,601

KBW High Dividend Yield Financial ETF		193,076,790		189,488,370

KBW Premium Yield Equity REIT ETF		133,858,189		129,986,234

KBW Property & Casualty Insurance ETF		20,379,986		20,198,521

KBW Regional Banking ETF		4,185,372		4,267,642

For the six months ended February 29, 2024, in-kind transactions associated with creations and redemptions were as follows:


	In-kind		In-kind
	Purchases		Sales

KBW Bank ETF	$	725,635,823	$	1,233,882,653

KBW High Dividend Yield Financial ETF		12,237,597		5,868,072

KBW Premium Yield Equity REIT ETF		9,226,595		17,027,587

KBW Property & Casualty Insurance ETF		58,000,928		19,083,673

KBW Regional Banking ETF		9,314,072		14,981,734

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

As of February 29, 2024, 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

KBW Bank ETF	$	39,242,229	$	(277,999,429	)	$	(238,757,200	)	$	1,694,670,228

KBW High Dividend Yield Financial ETF		22,333,724		(59,333,718	)		(36,999,994	)		518,949,184

KBW Premium Yield Equity REIT ETF		9,235,111		(49,912,339	)		(40,677,228	)		282,012,361

KBW Property & Casualty Insurance ETF		29,399,641		(6,492,615	)		22,907,026			205,706,529

KBW Regional Banking ETF		790,242		(15,043,342	)		(14,253,100	)		83,704,614

NOTE 7–Trustees’ and Officer’s Fees

The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. Interested Trustees do 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


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contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 8–Capital

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

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

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

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


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Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, 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 September 1, 2023 through February 29, 2024.

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on 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, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.


	Beginning Account Value September 1, 2023			Ending Account Value February 29, 2024			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco KBW Bank ETF (KBWB)

Actual		$	1,000.00		$	1,207.80		0.35	%		$	1.92

Hypothetical (5% return before expenses)			1,000.00			1,023.12		0.35				1.76

Invesco KBW High Dividend Yield Financial ETF (KBWD)

Actual			1,000.00			998.00		0.35				1.74

Hypothetical (5% return before expenses)			1,000.00			1,023.12		0.35				1.76


		33

Calculating your ongoing Fund expenses–(continued)


	Beginning Account Value September 1, 2023			Ending Account Value February 29, 2024			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco KBW Premium Yield Equity REIT ETF (KBWY)

Actual		$	1,000.00		$	945.10		0.35	%		$	1.69

Hypothetical (5% return before expenses)			1,000.00			1,023.12		0.35				1.76

Invesco KBW Property & Casualty Insurance ETF (KBWP)

Actual			1,000.00			1,244.30		0.35				1.95

Hypothetical (5% return before expenses)			1,000.00			1,023.12		0.35				1.76
Invesco KBW Regional Banking ETF (KBWR)

Actual			1,000.00			1,075.70		0.35				1.81

Hypothetical (5% return before expenses)			1,000.00			1,023.12		0.35				1.76

⁽¹⁾

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended February 29, 2024. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 182/366.


		34

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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Downers Grove, IL 60515	P-KBW-SAR-1	invesco.com/ETFs