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Invesco Semi-Annual Report to Shareholders

February 29, 2024


		QQMG		Invesco ESG NASDAQ 100 ETF

		QQJG		Invesco ESG NASDAQ Next Gen 100 ETF

		QQQM		Invesco NASDAQ 100 ETF

		QQQS		Invesco NASDAQ Future Gen 200 ETF

		QQQJ		Invesco NASDAQ Next Gen 100 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 ESG NASDAQ 100 ETF (QQMG)			3

Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)			6

Invesco NASDAQ 100 ETF (QQQM)			9

Invesco NASDAQ Future Gen 200 ETF (QQQS)			12

Invesco NASDAQ Next Gen 100 ETF (QQQJ)			16

Statements of Assets and Liabilities			19

Statements of Operations			20

Statements of Changes in Net Assets			22

Financial Highlights			24

Notes to Financial Statements			29

Fund Expenses			39


		2

Invesco ESG NASDAQ 100 ETF (QQMG)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Communication Services-12.59%
Alphabet, Inc., Class A^(b)		6,695	$	926,990
Alphabet, Inc., Class C^(b)		6,477		905,355
Charter Communications, Inc., Class A^(b)(c)		293		86,122
Comcast Corp., Class A		8,543		366,068
Electronic Arts, Inc.		903		125,950
Meta Platforms, Inc., Class A		1,484		727,353
Netflix, Inc.^(b)		1,299		783,193
Sirius XM Holdings, Inc.^(c)		11,543		51,020
Take-Two Interactive Software, Inc.^(b)		527		77,432
T-Mobile US, Inc.		2,236		365,139
Trade Desk, Inc. (The), Class A^(b)		987		84,319
Warner Bros. Discovery, Inc.^(b)		6,101		53,628

				4,552,569

Consumer Discretionary-10.53%
Airbnb, Inc., Class A^(b)		938		147,707
Amazon.com, Inc.^(b)		6,449		1,139,925
Booking Holdings, Inc.^(b)		92		319,132
DoorDash, Inc., Class A^(b)		841		104,763
lululemon athletica, inc.^(b)		354		165,350
Marriott International, Inc., Class A		677		169,162
MercadoLibre, Inc. (Brazil)^(b)		113		180,269
O’Reilly Automotive, Inc.^(b)		210		228,358
PDD Holdings, Inc., ADR (China)^(b)		907		112,958
Ross Stores, Inc.		929		138,384
Starbucks Corp.		2,332		221,307
Tesla, Inc.^(b)		4,362		880,601

				3,807,916

Consumer Staples-4.77%
Coca-Cola Europacific Partners PLC (United Kingdom)^(c)		1,496		102,671
Costco Wholesale Corp.		764		568,332
Dollar Tree, Inc.^(b)		547		80,234
Keurig Dr Pepper, Inc.		2,897		86,649
Kraft Heinz Co. (The)		969		34,186
Mondelez International, Inc., Class A		3,078		224,909
Monster Beverage Corp.^(b)		991		58,568
PepsiCo, Inc.		3,102		512,885
Walgreens Boots Alliance, Inc.		2,584		54,936

				1,723,370

Financials-0.50%
PayPal Holdings, Inc.^(b)		3,018		182,106


Health Care-5.38%
Amgen, Inc.		1,217		333,251
AstraZeneca PLC, ADR (United Kingdom)		1,335		85,654
Biogen, Inc.^(b)		321		69,654
DexCom, Inc.^(b)		818		94,127
GE HealthCare Technologies, Inc.		520		47,466
Gilead Sciences, Inc.		2,670		192,507
IDEXX Laboratories, Inc.^(b)		222		127,701
Illumina, Inc.^(b)		428		59,847
Intuitive Surgical, Inc.^(b)		839		323,518
Moderna, Inc.^(b)		811		74,807


	Shares		Value
Health Care-(continued)
Regeneron Pharmaceuticals, Inc.^(b)		310	$	299,488
Vertex Pharmaceuticals, Inc.^(b)		559		235,194

				1,943,214

Industrials-3.91%
Automatic Data Processing, Inc.		1,353		339,779
Cintas Corp.		292		183,554
Copart, Inc.^(b)		2,898		154,029
CSX Corp.		4,497		170,616
Fastenal Co.		1,103		80,530
Old Dominion Freight Line, Inc.		319		141,151
PACCAR, Inc.		1,026		113,773
Paychex, Inc.		1,058		129,732
Verisk Analytics, Inc.		410		99,179

				1,412,343

Information Technology-61.79%
Adobe, Inc.^(b)		1,540		862,831
Advanced Micro Devices, Inc.^(b)		5,083		978,630
ANSYS, Inc.^(b)		264		88,221
Apple, Inc.		21,729		3,927,517
Applied Materials, Inc.		2,875		579,657
ASML Holding N.V., New York Shares (Netherlands)		336		319,764
Atlassian Corp., Class A^(b)(c)		383		79,442
Autodesk, Inc.^(b)		625		161,356
Broadcom, Inc.		1,016		1,321,298
Cadence Design Systems, Inc.^(b)		958		291,596
CDW Corp.		524		129,014
Cisco Systems, Inc.		13,363		646,368
Cognizant Technology Solutions Corp., Class A		1,601		126,511
CrowdStrike Holdings, Inc., Class A^(b)		475		153,971
Datadog, Inc., Class A^(b)(c)		886		116,474
Fortinet, Inc.^(b)		2,039		140,915
GLOBALFOUNDRIES, Inc.^(b)(c)		1,680		91,846
Intel Corp.		11,136		479,405
Intuit, Inc.		775		513,740
KLA Corp.		389		265,415
Lam Research Corp.		436		409,077
Marvell Technology, Inc.		2,513		180,082
Microchip Technology, Inc.		561		47,203
Micron Technology, Inc.		2,991		271,014
Microsoft Corp.		11,301		4,674,546
MongoDB, Inc.^(b)		195		87,278
NVIDIA Corp.		4,003		3,166,853
NXP Semiconductors N.V. (China)		653		163,074
ON Semiconductor Corp.^(b)		954		75,290
Palo Alto Networks, Inc.^(b)		1,034		321,109
QUALCOMM, Inc.		3,412		538,379
Roper Technologies, Inc.		263		143,264
Splunk, Inc.^(b)		384		59,988
Synopsys, Inc.^(b)		488		279,980
Texas Instruments, Inc.		2,210		369,799
Workday, Inc., Class A^(b)		598		176,207
Zscaler, Inc.^(b)(c)		406		98,239

				22,335,353

Real Estate-0.23%
CoStar Group, Inc.^(b)		936		81,460

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


		3

Invesco ESG NASDAQ 100 ETF (QQMG)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Utilities-0.21%
Exelon Corp.		2,145	$	76,877

Total Common Stocks & Other Equity Interests (Cost $31,097,085)				36,115,208


Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%^(d)(e)(Cost $8,744)		8,744		8,744

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $31,105,829)				36,123,952


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.64%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		165,978	$	165,978
Invesco Private Prime Fund, 5.49%^(d)(e)(f)		426,584		426,797

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $592,805)				592,775

TOTAL INVESTMENTS IN SECURITIES-101.58% (Cost $31,698,634)				36,716,727
OTHER ASSETS LESS LIABILITIES-(1.58)%				(570,133	)

NET ASSETS-100.00%			$	36,146,594

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)

Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 29, 2024.


											Change in
											Unrealized
	Value			Purchases			Proceeds				Appreciation				Realized			Value			Dividend
	August 31, 2023			at Cost			from Sales				(Depreciation)				Gain			February 29, 2024			Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	116,591		$	(107,847	)		$	-			$	-		$	8,744		$	165
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			857,889			1,304,176			(1,996,087	)			-				-			165,978			6,311	*
Invesco Private Prime Fund			2,404,298			2,726,610			(4,704,447	)			(20	)			356			426,797			16,951	*

Total		$	3,262,187		$	4,147,377		$	(6,808,381	)		$	(20	)		$	356		$	601,519		$	23,427

*	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.

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


		4

Invesco ESG NASDAQ 100 ETF (QQMG)–(continued)

February 29, 2024

(Unaudited)


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024

Information Technology			61.79

Communication Services			12.59

Consumer Discretionary			10.53

Health Care			5.38

Consumer Staples			4.77

Industrials			3.91

Sector Types Each Less Than 3%			0.94

Money Market Funds Plus Other Assets Less Liabilities			0.09

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


		5

Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.89%
Communication Services-6.79%
Fox Corp., Class A		1,212	$	36,106
Fox Corp., Class B		1,154		31,597
Liberty Broadband Corp., Class C^(b)		462		27,803
Liberty Media Corp.-Liberty Formula One^(b)		778		56,607
Match Group, Inc.^(b)		1,051		37,878
NetEase, Inc., ADR (China)		483		52,125
News Corp., Class A		1,983		53,303
News Corp., Class B		997		27,906
Roku, Inc., Class A^(b)(c)		221		13,963

				337,288

Consumer Discretionary-14.52%
eBay, Inc.		2,122		100,328
Etsy, Inc.^(b)		400		28,676
Expedia Group, Inc.^(b)		301		41,183
Five Below, Inc.^(b)		216		43,347
JD.com, Inc., ADR (China)^(c)		1,279		28,931
LKQ Corp.		1,414		73,938
Lucid Group, Inc.^(b)(c)		6,428		21,212
Pool Corp.		200		79,624
Rivian Automotive, Inc., Class A^(b)(c)		2,060		23,319
Tractor Supply Co.^(c)		472		120,039
Trip.com Group Ltd., ADR (China)^(b)		980		43,581
Ulta Beauty, Inc.^(b)		214		117,392

				721,570

Financials-0.99%
Jack Henry & Associates, Inc.		283		49,177


Health Care-20.86%
Align Technology, Inc.^(b)		292		88,307
Alnylam Pharmaceuticals, Inc.^(b)(c)		265		40,039
argenx SE, ADR (Netherlands)^(b)		75		28,501
BeiGene Ltd., ADR (China)^(b)(c)		122		20,209
BioMarin Pharmaceutical, Inc.^(b)(c)		545		47,023
BioNTech SE, ADR (Germany)^(b)(c)		279		24,820
Bio-Techne Corp.		652		47,968
Bruker Corp.		487		42,145
Cooper Cos., Inc. (The)		816		76,378
Henry Schein, Inc.^(b)		617		47,182
Hologic, Inc.^(b)		666		49,151
ICON PLC^(b)		444		142,355
Incyte Corp.^(b)		624		36,417
Insulet Corp.^(b)		215		35,260
Jazz Pharmaceuticals PLC^(b)		157		18,667
Medpace Holdings, Inc.^(b)(c)		133		52,870
Neurocrine Biosciences, Inc.^(b)		271		35,338
Repligen Corp.^(b)(c)		240		46,558
Royalty Pharma PLC, Class A		888		26,942
Sanofi S.A., ADR		950		45,457
Shockwave Medical, Inc.^(b)(c)		96		25,043
United Therapeutics Corp.^(b)		148		33,395
Viatris, Inc.		2,142		26,496

				1,036,521

Industrials-10.30%
C.H. Robinson Worldwide, Inc.		461		34,151
Grab Holdings Ltd., Class A (Singapore)^(b)(c)		11,416		35,047
J.B. Hunt Transport Services, Inc.		474		97,791


	Shares		Value
Industrials-(continued)
Lincoln Electric Holdings, Inc.^(c)		189	$	48,497
Nordson Corp.		157		41,707
Paylocity Holding Corp.^(b)(c)		190		32,036
Ryanair Holdings PLC, ADR (Italy)^(c)		295		40,784
Saia, Inc.^(b)(c)		109		62,719
SS&C Technologies Holdings, Inc.		802		51,135
Tetra Tech, Inc.		209		37,060
United Airlines Holdings, Inc.^(b)		677		30,797

				511,724

Information Technology-45.06%
Akamai Technologies, Inc.^(b)		687		76,202
Amdocs Ltd.		561		51,163
AppLovin Corp., Class A^(b)(c)		1,020		60,914
Bentley Systems, Inc., Class B^(c)		1,243		63,853
Check Point Software Technologies Ltd. (Israel)^(b)		468		75,077
DocuSign, Inc.^(b)(c)		828		44,108
Enphase Energy, Inc.^(b)		458		58,171
Entegris, Inc.		547		73,495
F5, Inc.^(b)		248		46,431
First Solar, Inc.^(b)		421		64,788
Flex Ltd.^(b)		2,649		74,569
Gen Digital, Inc.		2,682		57,636
Lattice Semiconductor Corp.^(b)(c)		536		41,063
Logitech International S.A., Class R (Switzerland)^(c)		781		68,587
Manhattan Associates, Inc.^(b)		251		63,586
Monolithic Power Systems, Inc.		184		132,487
NetApp, Inc.		924		82,347
Nice Ltd., ADR (Israel)^(b)(c)		225		55,159
Nutanix, Inc., Class A^(b)		903		57,034
Okta, Inc.^(b)(c)		638		68,457
Open Text Corp. (Canada)		1,110		42,724
PTC, Inc.^(b)		455		83,270
Qorvo, Inc.^(b)		317		36,312
Seagate Technology Holdings PLC		1,049		97,609
Skyworks Solutions, Inc.		352		36,932
Super Micro Computer, Inc.^(b)		199		172,358
Teradyne, Inc.		641		66,401
Trimble, Inc.^(b)		1,253		76,671
VeriSign, Inc.^(b)		349		68,156
Western Digital Corp.^(b)		1,709		101,634
Zebra Technologies Corp., Class A^(b)(c)		261		72,944
Zoom Video Communications, Inc., Class A^(b)		973		68,820

				2,238,958

Materials-0.55%
Steel Dynamics, Inc.		205		27,433


Real Estate-0.82%
Zillow Group, Inc., Class A^(b)		180		9,731
Zillow Group, Inc., Class C^(b)(c)		558		31,331

				41,062

Total Common Stocks & Other Equity Interests (Cost $4,559,649)				4,963,733

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


		6

Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%^(d)(e)(Cost $3,254)		3,254	$	3,254

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.96% (Cost $4,562,903)				4,966,987


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-21.50%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		299,169		299,169


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.49%^(d)(e)(f)		768,919	$	769,303

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,068,527)				1,068,472

TOTAL INVESTMENTS IN SECURITIES-121.46% (Cost $5,631,430)				6,035,459
OTHER ASSETS LESS LIABILITIES-(21.46)%				(1,066,434	)

NET ASSETS-100.00%			$	4,969,025

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)


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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	305		$	16,393		$	(13,444	)		$	-			$	-		$	3,254		$	40

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			160,121			2,075,023			(1,935,975	)			-				-			299,169			6,008	*

Invesco Private Prime Fund			411,740			4,092,139			(3,734,801	)			(44	)			269			769,303			15,785	*



Total		$	572,166		$	6,183,555		$	(5,684,220	)		$	(44	)		$	269		$	1,071,726		$	21,833

*	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.

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


		7

Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)–(continued)

February 29, 2024

(Unaudited)

Portfolio Composition


Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024

Information Technology			45.06

Health Care			20.86

Consumer Discretionary			14.52

Industrials			10.30

Communication Services			6.79

Sector Types Each Less Than 3%			2.36

Money Market Funds Plus Other Assets Less Liabilities			0.11

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


		8

Invesco NASDAQ 100 ETF (QQQM)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.96%
Communication Services-15.60%
Alphabet, Inc., Class A^(b)		3,790,595	$	524,845,784
Alphabet, Inc., Class C^(b)		3,666,972		512,569,346
Charter Communications, Inc., Class A^(b)(c)		244,722		71,931,137
Comcast Corp., Class A		6,643,402		284,669,776
Electronic Arts, Inc.		444,613		62,014,621
Meta Platforms, Inc., Class A		2,261,820		1,108,585,837
Netflix, Inc.^(b)		723,812		436,400,731
Sirius XM Holdings, Inc.^(c)		6,342,905		28,035,640
Take-Two Interactive Software, Inc.^(b)		281,372		41,341,988
T-Mobile US, Inc.		1,913,232		312,430,786
Trade Desk, Inc. (The), Class A^(b)		737,745		63,025,555
Warner Bros. Discovery, Inc.^(b)		4,029,936		35,423,137

				3,481,274,338

Consumer Discretionary-13.62%
Airbnb, Inc., Class A^(b)		717,963		113,057,634
Amazon.com, Inc.^(b)		6,619,194		1,170,008,732
Booking Holdings, Inc.^(b)		58,188		201,844,280
DoorDash, Inc., Class A^(b)		613,155		76,380,718
lululemon athletica, inc.^(b)		200,947		93,860,334
Marriott International, Inc., Class A		485,959		121,426,575
MercadoLibre, Inc. (Brazil)^(b)(c)		83,917		133,872,790
O’Reilly Automotive, Inc.^(b)		97,880		106,436,670
PDD Holdings, Inc., ADR (China)^(b)(c)		1,105,145		137,634,758
Ross Stores, Inc.		558,944		83,260,298
Starbucks Corp.		1,880,600		178,468,940
Tesla, Inc.^(b)		3,081,966		622,187,296

				3,038,439,025

Consumer Staples-6.56%
Coca-Cola Europacific Partners PLC
(United Kingdom)^(c)		754,465		51,778,933
Costco Wholesale Corp.		732,536		544,926,205
Dollar Tree, Inc.^(b)(c)		359,696		52,760,209
Keurig Dr Pepper, Inc.		2,310,052		69,093,655
Kraft Heinz Co. (The)		2,026,203		71,484,442
Mondelez International, Inc., Class A		2,251,538		164,519,882
Monster Beverage Corp.^(b)		1,718,587		101,568,492
PepsiCo, Inc.		2,274,592		376,081,041
Walgreens Boots Alliance, Inc.		1,427,944		30,358,089

				1,462,570,948

Energy-0.46%
Baker Hughes Co., Class A		1,663,000		49,208,170
Diamondback Energy, Inc.		295,786		53,986,861

				103,195,031

Financials-0.48%
PayPal Holdings, Inc.^(b)		1,780,797		107,453,291

Health Care-6.25%
Amgen, Inc.		884,814		242,288,618
AstraZeneca PLC, ADR (United Kingdom)^(c)		962,166		61,732,571
Biogen, Inc.^(b)		238,747		51,805,712
DexCom, Inc.^(b)		638,827		73,509,823
GE HealthCare Technologies, Inc.		752,252		68,665,563
Gilead Sciences, Inc.		2,059,044		148,457,072


	Shares		Value
Health Care-(continued)
IDEXX Laboratories, Inc.^(b)		137,024	$	78,820,315
Illumina, Inc.^(b)		261,945		36,627,769
Intuitive Surgical, Inc.^(b)		582,500		224,612,000
Moderna, Inc.^(b)(c)		629,892		58,101,238
Regeneron Pharmaceuticals, Inc.^(b)		177,316		171,303,214
Vertex Pharmaceuticals, Inc.^(b)		426,578		179,478,428

				1,395,402,323

Industrials-4.83%
Automatic Data Processing, Inc.		680,479		170,888,691
Cintas Corp.		168,886		106,163,428
Copart, Inc.^(b)		1,587,255		84,362,603
CSX Corp.		3,265,740		123,902,176
Fastenal Co.^(c)		944,929		68,989,266
Honeywell International, Inc.		1,090,727		216,760,177
Old Dominion Freight Line, Inc.		180,927		80,056,579
PACCAR, Inc.		864,193		95,830,362
Paychex, Inc.		596,243		73,111,317
Verisk Analytics, Inc.		239,964		58,047,292

				1,078,111,891

Information Technology-50.69%
Adobe, Inc.^(b)		753,238		422,024,187
Advanced Micro Devices, Inc.^(b)		2,672,775		514,589,371
Analog Devices, Inc.		821,146		157,512,226
ANSYS, Inc.^(b)		144,143		48,168,266
Apple, Inc.		9,961,821		1,800,599,146
Applied Materials, Inc.		1,383,961		279,034,217
ASML Holding N.V., New York Shares (Netherlands)		145,446		138,418,049
Atlassian Corp., Class A^(b)(c)		256,522		53,207,793
Autodesk, Inc.^(b)		353,815		91,344,419
Broadcom, Inc.		772,534		1,004,672,742
Cadence Design Systems, Inc.^(b)		450,195		137,030,354
CDW Corp.		221,441		54,520,989
Cisco Systems, Inc.		6,722,646		325,174,387
Cognizant Technology Solutions Corp., Class A		828,236		65,447,209
CrowdStrike Holdings, Inc., Class A^(b)		376,728		122,116,381
Datadog, Inc., Class A^(b)		498,520		65,535,439
Fortinet, Inc.^(b)		1,269,080		87,706,119
GLOBALFOUNDRIES, Inc.^(b)(c)		904,492		49,448,578
Intel Corp.		6,974,818		300,265,915
Intuit, Inc.		463,379		307,169,305
KLA Corp.		224,934		153,472,468
Lam Research Corp.		218,337		204,854,690
Marvell Technology, Inc.^(c)		1,426,349		102,212,169
Microchip Technology, Inc.		893,238		75,157,045
Micron Technology, Inc.		1,824,004		165,273,002
Microsoft Corp.		4,760,667		1,969,202,298
MongoDB, Inc.^(b)(c)		118,617		53,090,597
NVIDIA Corp.		1,582,115		1,251,642,819
NXP Semiconductors N.V. (China)		426,693		106,558,043
ON Semiconductor Corp.^(b)		712,169		56,204,377
Palo Alto Networks, Inc.^(b)(c)		521,683		162,008,656
QUALCOMM, Inc.		1,841,350		290,546,616
Roper Technologies, Inc.		176,799		96,307,719
Splunk, Inc.^(b)		279,128		43,605,376
Synopsys, Inc.^(b)		251,694		144,404,399

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


		9

Invesco NASDAQ 100 ETF (QQQM)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Information Technology-(continued)
Texas Instruments, Inc.		1,501,237	$	251,201,987
Workday, Inc., Class A^(b)		345,347		101,759,947
Zscaler, Inc.^(b)(c)		245,299		59,354,999

				11,310,842,299

Real Estate-0.26%
CoStar Group, Inc.^(b)(c)		675,251		58,767,095

Utilities-1.21%
American Electric Power Co., Inc.		868,225		73,964,088
Constellation Energy Corp.		528,089		88,956,592
Exelon Corp.		1,644,272		58,930,708
Xcel Energy, Inc.		911,930		48,049,592

				269,900,980

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.96% (Cost $18,530,870,200)				22,305,957,221


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.94%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		123,385,951	$	123,385,951
Invesco Private Prime Fund, 5.49%^(d)(e)(f)		309,862,930		310,017,861

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $433,437,484)				433,403,812

TOTAL INVESTMENTS IN SECURITIES-101.90% (Cost $18,964,307,684)				22,739,361,033
OTHER ASSETS LESS LIABILITIES-(1.90)%				(423,216,643	)

NET ASSETS-100.00%			$	22,316,144,390

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(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		$	5,153,075		$	110,124,330		$	(115,277,405	)		$	-			$	-		$	-		$	149,234

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			91,268,225			774,853,516			(742,735,790	)			-				-			123,385,951			2,939,246	*

Invesco Private Prime Fund			254,782,461			1,741,156,231			(1,686,046,973	)			(33,672	)			159,814			310,017,861			7,783,254	*



Total		$	351,203,761		$	2,626,134,077		$	(2,544,060,168	)		$	(33,672	)		$	159,814		$	433,403,812		$	10,871,734

*	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.

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


		10

Invesco NASDAQ 100 ETF (QQQM)–(continued)

February 29, 2024

(Unaudited)

Portfolio Composition


Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024

Information Technology			50.69

Communication Services			15.60

Consumer Discretionary			13.62

Consumer Staples			6.56

Health Care			6.25

Industrials			4.83

Sector Types Each Less Than 3%			2.41

Money Market Funds Plus Other Assets Less Liabilities			0.04

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


		11

Invesco NASDAQ Future Gen 200 ETF (QQQS)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-1.68%
Bandwidth, Inc., Class A^(b)(c)		3,019	$	62,010
EchoStar Corp., Class A^(b)(c)		3,162		41,454
iHeartMedia, Inc., Class A^(b)		12,642		35,019

				138,483

Consumer Discretionary-6.86%
BRP, Inc.^(c)		537		35,404
Garrett Motion, Inc. (Switzerland)^(b)(c)		4,476		43,059
Gentex Corp.		1,088		39,745
Gentherm, Inc.^(b)(c)		721		40,996
Goodyear Tire & Rubber Co. (The)^(b)		2,388		28,369
GoPro, Inc., Class A^(b)		9,178		21,477
Helen of Troy Ltd.^(b)(c)		311		38,875
Johnson Outdoors, Inc., Class A		630		28,955
Lovesac Co. (The)^(b)(c)		1,585		36,518
MasterCraft Boat Holdings, Inc.^(b)(c)		1,655		36,294
Newell Brands, Inc.		4,343		32,573
Qurate Retail, Inc., Class A^(b)		42,911		60,505
Sleep Number Corp.^(b)(c)		3,239		53,508
Sonos, Inc.^(b)		2,193		41,579
Stitch Fix, Inc., Class A^(b)(c)		8,857		28,608

				566,465

Energy-0.74%
DMC Global, Inc.^(b)		2,076		34,628
Gevo, Inc.^(b)(c)		29,317		26,139

				60,767

Health Care-58.79%
10X Genomics, Inc., Class A^(b)(c)		759		35,400
Accuray, Inc.^(b)(c)		12,693		33,002
Adaptive Biotechnologies Corp.^(b)(c)		7,563		31,084
Agenus, Inc.^(b)		42,632		28,563
Agios Pharmaceuticals, Inc.^(b)(c)		1,492		48,221
Akebia Therapeutics, Inc.^(b)		31,255		49,383
Aldeyra Therapeutics, Inc.^(b)(c)		11,962		43,302
Alector, Inc.^(b)(c)		6,070		42,308
Alkermes PLC^(b)(c)		1,359		40,349
Alphatec Holdings, Inc.^(b)(c)		2,791		37,483
Alpine Immune Sciences, Inc.^(b)(c)		2,136		75,230
Altimmune, Inc.^(b)		10,513		127,207
Amarin Corp. PLC, ADR (Ireland)^(b)(c)		42,364		45,329
Amicus Therapeutics, Inc.^(b)		3,005		38,524
AnaptysBio, Inc.^(b)(c)		2,342		59,791
AngioDynamics, Inc.^(b)		5,021		27,565
Anika Therapeutics, Inc.^(b)(c)		1,510		36,663
Arbutus Biopharma Corp.^(b)		16,162		45,254
Ardelyx, Inc.^(b)(c)		7,346		68,465
Arrowhead Pharmaceuticals, Inc.^(b)(c)		1,562		50,140
Arvinas, Inc.^(b)(c)		1,513		69,568
AtriCure, Inc.^(b)(c)		933		32,627
Atrion Corp.^(c)		109		40,111
Autolus Therapeutics PLC, ADR (United Kingdom)^(b)(c)		7,740		46,440
Avadel Pharmaceuticals PLC, ADR^(b)(c)		2,872		36,704
Axogen, Inc.^(b)		5,060		53,434
Azenta, Inc.^(b)(c)		592		38,569


	Shares		Value
Health Care-(continued)
Bicycle Therapeutics PLC, ADR (United Kingdom)^(b)		2,302	$	57,757
BioCryst Pharmaceuticals, Inc.^(b)(c)		5,584		31,438
BioXcel Therapeutics, Inc.^(b)(c)		8,720		27,730
bluebird bio, Inc.^(b)(c)		8,672		12,054
Cartesian Therapeutics, Inc., Rts., expiring 12/02/2024^(b)(d)		27,325		4,919
Cerus Corp.^(b)(c)		20,422		44,520
Codexis, Inc.^(b)(c)		14,038		65,277
Coherus BioSciences, Inc.^(b)(c)		15,551		35,456
CorMedix, Inc.^(b)(c)		10,195		36,090
Deciphera Pharmaceuticals, Inc.^(b)		2,629		43,878
DENTSPLY SIRONA, Inc.		1,032		33,726
Editas Medicine, Inc.^(b)(c)		3,147		31,659
Enanta Pharmaceuticals, Inc.^(b)		3,546		50,956
Esperion Therapeutics, Inc.^(b)(c)		24,832		62,328
Fate Therapeutics, Inc.^(b)(c)		13,302		94,311
Geron Corp.^(b)(c)		17,164		34,328
Gritstone bio, Inc.^(b)(c)		25,301		70,843
Heron Therapeutics, Inc.^(b)(c)		26,748		71,150
ICU Medical, Inc.^(b)(c)		380		41,507
IGM Biosciences, Inc.^(b)(c)		4,916		62,089
I-Mab, ADR (China)^(b)(c)		21,175		37,692
Innoviva, Inc.^(b)(c)		2,393		36,565
Inogen, Inc.^(b)(c)		5,694		37,865
Inovio Pharmaceuticals, Inc.^(b)(c)		7,003		62,047
Integra LifeSciences Holdings Corp.^(b)(c)		844		31,152
Ionis Pharmaceuticals, Inc.^(b)(c)		668		30,200
Iovance Biotherapeutics, Inc.^(b)(c)		5,458		86,837
Ironwood Pharmaceuticals, Inc.^(b)(c)		3,349		31,581
KalVista Pharmaceuticals, Inc.^(b)(c)		3,926		53,590
Kodiak Sciences, Inc.^(b)		13,688		82,265
Kura Oncology, Inc.^(b)(c)		3,425		72,199
Lexicon Pharmaceuticals, Inc.^(b)(c)		31,255		77,825
Ligand Pharmaceuticals, Inc.^(b)(c)		568		45,071
LivaNova PLC^(b)		730		40,011
MacroGenics, Inc.^(b)		4,038		72,442
MannKind Corp.^(b)(c)		9,151		37,611
Masimo Corp.^(b)(c)		354		45,503
MaxCyte, Inc.^(b)(c)		6,972		32,071
MeiraGTx Holdings PLC^(b)		6,349		39,173
Merit Medical Systems, Inc.^(b)		457		34,823
Mersana Therapeutics, Inc.^(b)		20,077		109,219
Merus N.V. (Netherlands)^(b)(c)		1,341		65,012
MiMedx Group, Inc.^(b)(c)		4,263		34,786
Ocular Therapeutix, Inc.^(b)(c)		13,267		133,466
Omeros Corp.^(b)(c)		15,126		68,067
OmniAb Operations, Inc., Rts., expiring 11/02/2027^(b)(d)		83		0
OmniAb Operations, Inc., Rts., expiring 11/02/2027^(b)(d)		83		0
Omnicell, Inc.^(b)(c)		986		25,873
OPKO Health, Inc.^(b)		22,689		22,689
OraSure Technologies, Inc.^(b)		4,527		32,572
Orthofix Medical, Inc.^(b)		2,998		39,154
Pacific Biosciences of California, Inc.^(b)(c)		3,906		21,600
Pacira BioSciences, Inc.^(b)(c)		1,212		36,021
PDS Biotechnology Corp.^(b)(c)		6,299		41,510

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


		12

Invesco NASDAQ Future Gen 200 ETF (QQQS)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Health Care-(continued)
Phibro Animal Health Corp., Class A		3,454	$	44,660
Prothena Corp. PLC (Ireland)^(b)(c)		1,017		28,059
PTC Therapeutics, Inc.^(b)(c)		1,439		40,565
Revance Therapeutics, Inc.^(b)(c)		4,893		34,936
Rigel Pharmaceuticals, Inc.^(b)		29,062		44,174
Sage Therapeutics, Inc.^(b)(c)		1,690		36,301
Scilex Holding Co., Class C (Singapore)^(b)		2,541		5,767
Seres Therapeutics, Inc.^(b)		31,856		36,316
SI-BONE, Inc.^(b)		1,737		30,137
SIGA Technologies, Inc.^(c)		6,099		31,776
Silk Road Medical, Inc.^(b)		3,549		63,847
Standard BioTools, Inc.^(b)		12,841		28,892
Supernus Pharmaceuticals, Inc.^(b)(c)		1,218		36,175
SurModics, Inc.^(b)		1,011		32,251
Sutro Biopharma, Inc.^(b)(c)		12,605		61,891
Tactile Systems Technology, Inc.^(b)(c)		2,486		37,911
Tandem Diabetes Care, Inc.^(b)		1,624		43,247
Theravance Biopharma, Inc.^(b)(c)		3,159		29,916
TransMedics Group, Inc.^(b)(c)		440		35,904
Twist Bioscience Corp.^(b)(c)		1,370		53,827
uniQure N.V. (Netherlands)^(b)		4,887		28,100
Vanda Pharmaceuticals, Inc.^(b)		8,906		39,810
Varex Imaging Corp.^(b)(c)		1,760		30,272
Vir Biotechnology, Inc.^(b)(c)		3,489		39,216
Voyager Therapeutics, Inc.^(b)(c)		4,563		37,964
WaVe Life Sciences Ltd.^(b)		6,239		30,010
X4 Pharmaceuticals, Inc.^(b)		42,474		41,225
Xencor, Inc.^(b)		1,790		41,080

				4,853,453

Industrials-6.24%
AeroVironment, Inc.^(b)(c)		238		30,176
American Superconductor Corp.^(b)(c)		3,503		47,115
Astronics Corp.^(b)(c)		2,229		42,730
Ballard Power Systems, Inc. (Canada)^(b)(c)		9,440		29,642
Conduent, Inc.^(b)		10,896		37,482
Energy Recovery, Inc.^(b)		1,738		27,165
Hudson Technologies, Inc.^(b)		2,680		39,262
Interface, Inc.^(c)		3,276		51,499
LSI Industries, Inc.^(c)		2,508		36,190
Lyft, Inc., Class A^(b)		2,801		44,480
Matthews International Corp., Class A^(c)		968		28,014
MillerKnoll, Inc.		1,285		39,257
Stratasys Ltd.^(b)(c)		3,001		37,062
SunPower Corp.^(b)(c)		7,982		24,824

				514,898

Information Technology-24.67%
8x8, Inc.^(b)(c)		10,720		30,338
Advanced Energy Industries, Inc.^(c)		350		35,420
Aehr Test Systems^(b)(c)		1,442		23,461
Alpha & Omega Semiconductor Ltd.^(b)(c)		1,535		33,617
Amkor Technology, Inc.		1,175		36,449
Applied Optoelectronics, Inc.^(b)(c)		2,481		39,646
Atomera, Inc.^(b)(c)		4,807		30,284
Aviat Networks, Inc.^(b)(c)		1,091		38,720
Axcelis Technologies, Inc.^(b)(c)		267		30,083
Bel Fuse, Inc., Class B		610		31,702
Canadian Solar, Inc. (Canada)^(b)		1,578		33,280
CEVA, Inc.^(b)(c)		1,524		34,503
Cirrus Logic, Inc.^(b)(c)		439		40,309


	Shares		Value
Information Technology-(continued)
Cognex Corp.		877	$	34,598
CommScope Holding Co., Inc.^(b)(c)		19,706		22,957
Commvault Systems, Inc.^(b)		450		43,070
Comtech Telecommunications Corp.		2,808		18,982
Digimarc Corp.^(b)(c)		992		34,780
Dropbox, Inc., Class A^(b)(c)		1,175		28,141
FARO Technologies, Inc.^(b)		1,803		40,369
Himax Technologies, Inc., ADR (Taiwan)		5,800		31,958
Hollysys Automation Technologies Ltd. (China)^(b)		1,451		37,175
Immersion Corp.^(c)		5,110		34,493
Infinera Corp.^(b)(c)		8,488		42,610
InterDigital, Inc.^(c)		331		35,424
IPG Photonics Corp.^(b)(c)		348		30,050
Itron, Inc.^(b)		486		45,042
Kimball Electronics, Inc.^(b)(c)		1,332		29,983
Kulicke & Soffa Industries, Inc. (Singapore)^(c)		641		30,524
Littelfuse, Inc.		143		34,068
LivePerson, Inc.^(b)		11,666		14,816
Lumentum Holdings, Inc.^(b)(c)		775		37,564
Luna Innovations, Inc.^(b)(c)		5,199		35,249
MaxLinear, Inc.^(b)(c)		1,769		34,389
MicroVision, Inc.^(b)(c)		13,145		31,022
Mitek Systems, Inc.^(b)(c)		2,935		34,075
MKS Instruments, Inc.		397		48,736
NETGEAR, Inc.^(b)		2,429		36,411
nLight, Inc.^(b)(c)		2,508		33,181
Nova Ltd. (Israel)^(b)(c)		259		44,924
OSI Systems, Inc.^(b)(c)		269		35,287
Power Integrations, Inc.		431		30,799
Radware Ltd. (Israel)^(b)		2,170		38,539
Rambus, Inc.^(b)(c)		488		28,909
Semtech Corp.^(b)(c)		2,021		42,845
Silicon Laboratories, Inc.^(b)		312		42,912
Silicon Motion Technology Corp., ADR (Taiwan)		559		39,572
SMART Global Holdings, Inc.^(b)		1,987		42,263
SolarEdge Technologies, Inc.^(b)(c)		415		27,876
Synaptics, Inc.^(b)		325		32,533
Turtle Beach Corp.^(b)		2,931		31,303
Universal Display Corp.		198		34,535
Upland Software, Inc.^(b)(c)		7,019		20,566
Veeco Instruments, Inc.^(b)(c)		1,163		42,112
Verint Systems, Inc.^(b)(c)		1,339		42,326
Viasat, Inc.^(b)(c)		1,620		31,703
Viavi Solutions, Inc.^(b)(c)		4,102		39,174
Vuzix Corp.^(b)(c)		15,776		26,661
Xerox Holdings Corp.^(c)		2,368		44,163

				2,036,481

Materials-0.96%
Haynes International, Inc.		679		40,353
Innospec, Inc.		317		39,394

				79,747

Total Common Stocks & Other Equity Interests (Cost $7,657,912)				8,250,294

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


		13

Invesco NASDAQ Future Gen 200 ETF (QQQS)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Money Market Funds-0.00%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%^(e)(f)(Cost $339)		339	$	339

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $7,658,251)				8,250,633


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-55.52%
Invesco Private Government Fund, 5.29%^(e)(f)(g)		1,283,464		1,283,464


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.49%^(e)(f)(g)		3,298,688	$	3,300,337

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $4,584,317)				4,583,801

TOTAL INVESTMENTS IN SECURITIES-155.46% (Cost $12,242,568)				12,834,434
OTHER ASSETS LESS LIABILITIES-(55.46)%				(4,578,825	)

NET ASSETS-100.00%			$	8,255,609

Investment Abbreviations:

ADR-American Depositary Receipt

Rts. -Rights

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

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

^(e)


	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		$	1,428		$	83,462		$	(84,551	)		$	-			$	-		$	339		$	77

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			626,570			3,099,045			(2,442,151	)			-				-			1,283,464			21,566	*

Invesco Private Prime Fund			1,609,220			6,313,819			(4,623,236	)			(515	)			1,049			3,300,337			56,620	*



Total		$	2,237,218		$	9,496,326		$	(7,149,938	)		$	(515	)		$	1,049		$	4,584,140		$	78,263

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

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

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

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


		14

Invesco NASDAQ Future Gen 200 ETF (QQQS)–(continued)

February 29, 2024

(Unaudited)


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024

Health Care			58.79

Information Technology			24.67

Consumer Discretionary			6.86

Industrials			6.24

Sector Types Each Less Than 3%			3.38

Money Market Funds Plus Other Assets

Less Liabilities			0.06

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


		15

Invesco NASDAQ Next Gen 100 ETF (QQQJ)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.92%
Communication Services-6.66%
Baidu, Inc., ADR (China)^(b)(c)		65,494	$	6,636,507
Fox Corp., Class A		119,854		3,570,450
Fox Corp., Class B		114,206		3,126,960
Liberty Broadband Corp., Class C^(b)(c)		60,990		3,670,378
Liberty Media Corp.-Liberty Formula One^(b).		100,904		7,341,775
Liberty Media Corp.-Liberty Live, Series C^(b)(c)		30,823		1,227,372
Match Group, Inc.^(b)		131,769		4,748,955
NetEase, Inc., ADR (China)		57,628		6,219,214
News Corp., Class A		184,544		4,960,543
News Corp., Class B		92,781		2,596,940
Roku, Inc., Class A^(b)(c)		60,639		3,831,172

				47,930,266

Consumer Discretionary-16.22%
Caesars Entertainment, Inc.^(b)		104,575		4,545,875
Churchill Downs, Inc.^(c)		36,165		4,407,429
DraftKings, Inc., Class A^(b)		227,161		9,840,614
eBay, Inc.		252,645		11,945,056
Etsy, Inc.^(b)(c)		58,050		4,161,604
Expedia Group, Inc.^(b)		64,892		8,878,523
Five Below, Inc.^(b)(c)		26,757		5,369,595
JD.com, Inc., ADR (China)^(c)		231,956		5,246,845
LKQ Corp.		129,728		6,783,477
Lucid Group, Inc.^(b)(c)		1,109,885		3,662,620
Pool Corp.^(c)		18,755		7,466,741
Rivian Automotive, Inc., Class A^(b)(c)		462,400		5,234,368
Tractor Supply Co.^(c)		52,619		13,382,064
Trip.com Group Ltd., ADR (China)^(b)(c)		158,040		7,028,039
Ulta Beauty, Inc.^(b)		23,639		12,967,410
Wynn Resorts Ltd.		54,755		5,760,226

				116,680,486

Consumer Staples-0.77%
Casey’s General Stores, Inc.^(c)		18,067		5,501,221

Energy-1.35%
APA Corp.		148,693		4,429,564
Chesapeake Energy Corp.^(c)		63,542		5,260,007

				9,689,571

Financials-0.85%
Jack Henry & Associates, Inc.		35,305		6,134,950

Health Care-21.09%
Align Technology, Inc.^(b)		37,304		11,281,476
Alnylam Pharmaceuticals, Inc.^(b)(c)		61,068		9,226,764
argenx SE, ADR (Netherlands)^(b)		15,572		5,917,516
BeiGene Ltd., ADR (China)^(b)(c)		20,373		3,374,787
BioMarin Pharmaceutical, Inc.^(b)(c)		91,761		7,917,139
BioNTech SE, ADR (Germany)^(b)(c)		46,649		4,149,895
Bio-Techne Corp.^(c)		76,671		5,640,685
Bruker Corp.		67,104		5,807,180
Cooper Cos., Inc. (The)		96,452		9,027,907
Henry Schein, Inc.^(b)		62,990		4,816,845
Hologic, Inc.^(b)		116,860		8,624,268
ICON PLC^(b)		39,989		12,821,273
Incyte Corp.^(b)		109,205		6,373,204
Insulet Corp.^(b)		33,855		5,552,220


	Shares		Value
Health Care-(continued)
Jazz Pharmaceuticals PLC^(b)		30,521	$	3,628,947
Medpace Holdings, Inc.^(b)		14,873		5,912,315
Neurocrine Biosciences, Inc.^(b)(c)		47,909		6,247,334
Repligen Corp.^(b)(c)		27,063		5,249,951
Royalty Pharma PLC, Class A		216,550		6,570,127
Sanofi S.A., ADR		136,808		6,546,263
Shockwave Medical, Inc.^(b)(c)		17,887		4,666,182
United Therapeutics Corp.^(b)		22,781		5,140,305
Viatris, Inc.		584,883		7,235,003

				151,727,586

Industrials-12.24%
Axon Enterprise, Inc.^(b)		36,478		11,212,243
C.H. Robinson Worldwide, Inc.		56,553		4,189,446
Grab Holdings Ltd., Class A (Singapore)^(b)(c).		1,837,829		5,642,135
J.B. Hunt Transport Services, Inc.		50,235		10,363,983
Lincoln Electric Holdings, Inc.^(c)		27,729		7,115,261
Nordson Corp.		27,785		7,381,085
Paylocity Holding Corp.^(b)		27,231		4,591,419
Ryanair Holdings PLC, ADR (Italy)^(c)		47,347		6,545,723
Saia, Inc.^(b)(c)		12,871		7,405,974
SS&C Technologies Holdings, Inc.		120,620		7,690,731
Tetra Tech, Inc.		25,815		4,577,516
United Airlines Holdings, Inc.^(b)		159,019		7,233,774
Woodward, Inc.		29,107		4,118,350

				88,067,640

Information Technology-36.83%
Akamai Technologies, Inc.^(b)		73,437		8,145,632
Amdocs Ltd.		57,699		5,262,149
AppLovin Corp., Class A^(b)(c)		128,293		7,661,658
Bentley Systems, Inc., Class B^(c)		138,622		7,121,012
Check Point Software Technologies Ltd. (Israel)^(b)(c)		56,961		9,137,684
DocuSign, Inc.^(b)(c)		98,509		5,247,574
Enphase Energy, Inc.^(b)		66,507		8,447,054
Entegris, Inc.		73,127		9,825,344
F5, Inc.^(b)		28,949		5,419,832
First Solar, Inc.^(b)		52,025		8,006,127
Flex Ltd.^(b)		210,107		5,914,512
Gen Digital, Inc.		312,249		6,710,231
Lattice Semiconductor Corp.^(b)(c)		66,917		5,126,511
Logitech International S.A., Class R (Switzerland)^(c)		76,405		6,709,887
Manhattan Associates, Inc.^(b)		29,843		7,560,127
Monolithic Power Systems, Inc.		23,320		16,791,333
NetApp, Inc.		100,313		8,939,895
Nice Ltd., ADR (Israel)^(b)(c)		24,048		5,895,367
Nutanix, Inc., Class A^(b)		118,004		7,453,133
Okta, Inc.^(b)(c)		76,422		8,200,081
Open Text Corp. (Canada)		131,624		5,066,208
PTC, Inc.^(b)		58,075		10,628,306
Qorvo, Inc.^(b)		47,180		5,404,469
Seagate Technology Holdings PLC^(c)		101,865		9,478,538
Skyworks Solutions, Inc.		77,932		8,176,625
Super Micro Computer, Inc.^(b)(c)		25,978		22,500,065
Teradyne, Inc.		74,481		7,715,487
Trimble, Inc.^(b)		120,599		7,379,453
VeriSign, Inc.^(b)		49,719		9,709,623

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


		16

Invesco NASDAQ Next Gen 100 ETF (QQQJ)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Information Technology-(continued)
Western Digital Corp.^(b)		157,925	$	9,391,800
Zebra Technologies Corp., Class A^(b)		25,042		6,998,738
Zoom Video Communications, Inc., Class A^(b)		125,523		8,878,242

				264,902,697

Materials-1.47%
Steel Dynamics, Inc.		78,826		10,548,495

Real Estate-0.85%
Zillow Group, Inc., Class A^(b)(c)		27,008		1,460,052
Zillow Group, Inc., Class C^(b)(c)		83,219		4,672,747

				6,132,799

Utilities-1.59%
Alliant Energy Corp.^(c)		123,709		5,907,105
Evergy, Inc.		111,364		5,516,972

				11,424,077

Total Common Stocks & Other Equity Interests (Cost $690,164,310)				718,739,788


Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%^(d)(e)(Cost $164,611)		164,611		164,611

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $690,328,921)				718,904,399


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-18.28%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		36,794,682	$	36,794,682
Invesco Private Prime Fund, 5.49%^(d)(e)(f)		94,673,311		94,720,648

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $131,529,261)				131,515,330

TOTAL INVESTMENTS IN SECURITIES-118.22% (Cost $821,858,182)				850,419,729
OTHER ASSETS LESS LIABILITIES-(18.22)%				(131,081,901	)

NET ASSETS-100.00%			$	719,337,828

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(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		$	100,009		$	2,238,140		$	(2,173,538	)		$	-		$	-		$	164,611		$	2,518

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


		17

Invesco NASDAQ Next Gen 100 ETF (QQQJ)–(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		$	20,494,896		$	185,269,208		$	(168,969,422	)		$	-			$	-		$	36,794,682		$	698,725	*

Invesco Private Prime Fund			52,701,161			329,762,594			(287,774,265	)			(12,465	)			43,623			94,720,648			1,872,233	*


Total		$	73,296,066		$	517,269,942		$	(458,917,225	)		$	(12,465	)		$	43,623		$	131,679,941		$	2,573,476

*	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
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024

Information Technology			36.83

Health Care			21.09

Consumer Discretionary			16.22

Industrials			12.24

Communication Services			6.66

Sector Types Each Less Than 3%			6.88

Money Market Funds Plus Other Assets Less Liabilities			0.08

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


		18

Statements of Assets and Liabilities

February 29, 2024

(Unaudited)


	Invesco ESG			Invesco ESG						Invesco NASDAQ				Invesco NASDAQ
	NASDAQ 100			NASDAQ Next Gen			Invesco NASDAQ			Future Gen 200				Next Gen 100
	ETF (QQMG)			100 ETF (QQJG)			100 ETF (QQQM)			ETF (QQQS)				ETF (QQQJ)
Assets:
Unaffiliated investments in securities, at value^(a)		$	36,115,208		$	4,963,733		$	22,305,957,221		$	8,250,294			$	718,739,788
Affiliated investments in securities, at value			601,519			1,071,726			433,403,812			4,584,140				131,679,941
Receivable for:
Dividends			26,644			2,489			19,037,197			1,344				374,230
Securities lending			1,404			431			981,062			5,411				76,706
Investments sold			-			-			23,309,133			-				1,116,861
Fund shares sold			-			-			28,790,239			-				-
Foreign tax reclaims			-			-			-			-				81,131

Total assets			36,744,775			6,038,379			22,811,478,664			12,841,189				852,068,657


Liabilities:
Due to custodian			-			-			7,174,937			-				-
Payable for:
Investments purchased			-			-			28,807,114			-				-
Collateral upon return of securities loaned			592,805			1,068,527			433,437,484			4,584,317				131,529,261
Fund shares repurchased			-			-			23,293,127			-				1,118,568
Accrued unitary management fees			5,376			762			2,621,612			1,263				83,000
Accrued tax expenses			-			65			-			-				-

Total liabilities			598,181			1,069,354			495,334,274			4,585,580				132,730,829

Net Assets		$	36,146,594		$	4,969,025		$	22,316,144,390		$	8,255,609			$	719,337,828


Net assets consist of:
Shares of beneficial interest		$	31,641,260		$	4,966,255		$	18,330,226,356		$	8,968,547			$	998,771,233
Distributable earnings (loss)			4,505,334			2,770			3,985,918,034			(712,938	)			(279,433,405	)

Net Assets		$	36,146,594		$	4,969,025		$	22,316,144,390		$	8,255,609			$	719,337,828

Shares outstanding (unlimited amount authorized, $0.01 par value)			1,200,001			225,001			123,350,001			300,001				25,520,001
Net asset value		$	30.12		$	22.08		$	180.92		$	27.52			$	28.19

Market price		$	30.13		$	22.09		$	180.76		$	27.51			$	28.18

Unaffiliated investments in securities, at cost		$	31,097,085		$	4,559,649		$	18,530,870,200		$	7,657,912			$	690,164,310

Affiliated investments in securities, at cost		$	601,549		$	1,071,781		$	433,437,484		$	4,584,656			$	131,693,872

^(a)Includes securities on loan with an aggregate value of:		$	585,614		$	1,059,194		$	423,624,417		$	4,409,300			$	128,852,826

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


		19

Statements of Operations

For the six months ended February 29, 2024

(Unaudited)


	Invesco ESG				Invesco ESG								Invesco NASDAQ				Invesco NASDAQ
	NASDAQ 100				NASDAQ Next Gen				Invesco NASDAQ				Future Gen 200				Next Gen 100
	ETF (QQMG)				100 ETF (QQJG)				100 ETF (QQQM)				ETF (QQQS)				ETF (QQQJ)
Investment income:
Unaffiliated dividend income		$	114,289			$	14,749			$	86,774,620			$	6,488			$	2,455,755
Affiliated dividend income			165				40				149,234				77				2,518
Securities lending income, net			8,163				1,021				4,911,057				13,911				164,195
Foreign withholding tax			(266	)			(287	)			(134,947	)			(19	)			(16,881	)

Total investment income			122,351				15,523				91,699,964				20,457				2,605,587


Expenses:
Unitary management fees			24,951				3,731				12,934,972				6,434				493,305
Tax expenses			-				65				-				-				-

Total expenses			24,951				3,796				12,934,972				6,434				493,305

Less: Waivers			(3	)			(1	)			(2,928	)			(1	)			(53	)

Net expenses			24,948				3,795				12,932,044				6,433				493,252

Net investment income.			97,403				11,728				78,767,920				14,024				2,112,335


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(391,430	)			(47,183	)			(75,905,169	)			(870,428	)			(25,480,534	)
Affiliated investment securities			356				269				159,814				1,049				43,623
In-kind redemptions			346,963				-				570,756,665				-				3,515,701
Foreign currencies			-				-				-				(2	)			-

Net realized gain (loss)			(44,111	)			(46,914	)			495,011,310				(869,381	)			(21,921,210	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			4,188,741				602,175				2,331,548,340				1,261,086				70,324,130
Affiliated investment securities			(20	)			(44	)			(33,672	)			(515	)			(12,465	)

Change in net unrealized appreciation			4,188,721				602,131				2,331,514,668				1,260,571				70,311,665

Net realized and unrealized gain			4,144,610				555,217				2,826,525,978				391,190				48,390,455

Net increase in net assets resulting from operations		$	4,242,013			$	566,945			$	2,905,293,898			$	405,214			$	50,502,790

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


		20

(This Page Intentionally Left Blank)


		21

Statements of Changes in Net Assets

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

(Unaudited)


	Invesco ESG NASDAQ 100 ETF (QQMG)								Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)
	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		$	97,403			$	85,131			$	11,728			$	21,141
Net realized gain (loss)			(44,111	)			(176,510	)			(46,914	)			(189,951	)
Change in net unrealized appreciation (depreciation)			4,188,721				3,215,307				602,131				419,920

Net increase (decrease) in net assets resulting from operations			4,242,013				3,123,928				566,945				251,110


Distributions to Shareholders from:
Distributable earnings			(82,063	)			(80,030	)			(9,430	)			(21,562	)


Shareholder Transactions:
Proceeds from shares sold			15,218,512				6,189,831				1,413,460				449,447
Value of shares repurchased			(1,330,798	)			(1,090,750	)			-				(500,104	)

Net increase (decrease) in net assets resulting from share transactions			13,887,714				5,099,081				1,413,460				(50,657	)

Net increase (decrease) in net assets			18,047,664				8,142,979				1,970,975				178,891


Net assets:
Beginning of period			18,098,930				9,955,951				2,998,050				2,819,159

End of period		$	36,146,594			$	18,098,930			$	4,969,025			$	2,998,050


Changes in Shares Outstanding:
Shares sold			550,000				250,000				75,000				25,000
Shares repurchased			(50,000	)			(50,000	)			-				(25,000	)
Shares outstanding, beginning of period			700,001				500,001				150,001				150,001

Shares outstanding, end of period			1,200,001				700,001				225,001				150,001

^(a)	For the period October 11, 2022 (commencement of investment operations) through August 31, 2023.

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


		22


Invesco NASDAQ 100 ETF (QQQM)								Invesco NASDAQ Future Gen 200 ETF (QQQS)								Invesco NASDAQ Next Gen 100 ETF (QQQJ)
Six Months Ended February 29, 2024				Year Ended August 31, 2023				Six Months Ended February 29, 2024				Period Ended August 31, 2023^(a)				Six Months Ended February 29, 2024				Year Ended August 31, 2023

	$	78,767,920			$	65,706,898			$	14,024			$	26,695			$	2,112,335			$	5,551,832
		495,011,310				49,760,519				(869,381	)			494,097				(21,921,210	)			(145,036,872	)
		2,331,514,668				2,463,756,364				1,260,571				(668,705	)			70,311,665				185,304,693

		2,905,293,898				2,579,223,781				405,214				(147,913	)			50,502,790				45,819,653



		(64,169,213	)			(57,866,694	)			(16,362	)			(23,525	)			(2,139,293	)			(6,555,564	)



		7,181,095,027				9,353,984,009				1,302,711				9,537,486				22,261,028				118,386,095
		(2,188,983,620	)			(2,306,446,027	)			-				(2,802,002	)			(55,459,329	)			(256,647,775	)

		4,992,111,407				7,047,537,982				1,302,711				6,735,484				(33,198,301	)			(138,261,680	)

		7,833,236,092				9,568,895,069				1,691,563				6,564,046				15,165,196				(98,997,591	)



		14,482,908,298				4,914,013,229				6,564,046				-				704,172,632				803,170,223

	$	22,316,144,390			$	14,482,908,298			$	8,255,609			$	6,564,046			$	719,337,828			$	704,172,632



		44,060,000				71,610,000				50,000				350,001				830,000				4,750,000
		(13,870,000	)			(18,360,000	)			-				(100,000	)			(2,190,000	)			(10,290,000	)
		93,160,001				39,910,001				250,001				-				26,880,001				32,420,001

		123,350,001				93,160,001				300,001				250,001				25,520,001				26,880,001


		23

Financial Highlights

Invesco ESG NASDAQ 100 ETF (QQMG)


	Six Months Ended February 29, 2024				Year Ended August 31,				For the Period October 25, 2021^(a)Through August 31,
	(Unaudited)				2023				2022
Per Share Operating Performance:
Net asset value at beginning of period		$	25.86			$	19.91			$	25.00

Net investment income^(b)			0.10				0.16				0.13
Net realized and unrealized gain (loss) on investments			4.25				5.95				(5.13	)

Total from investment operations			4.35				6.11				(5.00	)

Distributions to shareholders from:
Net investment income			(0.09	)			(0.16	)			(0.09	)

Net asset value at end of period		$	30.12			$	25.86			$	19.91

Market price at end of period^(c)		$	30.13			$	25.88			$	19.94

Net Asset Value Total Return^(d)			16.87	%			30.88	%			(20.03	)%^(e)
Market Price Total Return^(d)			16.82	%			30.78	%			(19.91	)%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	36,147			$	18,099			$	9,956
Ratio to average net assets of:
Expenses			0.20	%^(f)			0.20	%			0.20	%^(f)
Net investment income			0.78	%^(f)			0.76	%			0.69	%^(f)
Portfolio turnover rate^(g)			10	%			14	%			10	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

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

^(e)	The net asset value total return from Fund Inception (October 27, 2021, the first day of trading on the exchange) to August 31, 2022 was (20.63)%. The market price total return from Fund Inception to August 31, 2022 was (20.54)%.

^(f)	Annualized.

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

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


		24

Financial Highlights–(continued)

Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)


	Six Months Ended February 29, 2024				Year Ended August 31,				For the Period October 25, 2021^(a) Through August 31,
	(Unaudited)				2023				2022
Per Share Operating Performance:
Net asset value at beginning of period		$	19.99			$	18.79			$	25.00

Net investment income^(b)			0.06				0.13				0.09
Net realized and unrealized gain (loss) on investments			2.08				1.20				(6.23	)

Total from investment operations			2.14				1.33				(6.14	)

Distributions to shareholders from:
Net investment income			(0.05	)			(0.13	)			(0.07	)

Net asset value at end of period		$	22.08			$	19.99			$	18.79

Market price at end of period^(c)		$	22.09			$	20.00			$	18.81

Net Asset Value Total Return^(d)			10.74	%			7.16	%			(24.57	)%^(e)
Market Price Total Return^(d)			10.73	%			7.10	%			(24.49	)%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	4,969			$	2,998			$	2,819
Ratio to average net assets of:
Expenses			0.20	%^(f)			0.20	%			0.20	%^(f)
Net investment income			0.63	%^(f)			0.67	%			0.52	%^(f)
Portfolio turnover rate^(g)			30	%			28	%			46	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (October 27, 2021, the first day of trading on the exchange) to August 31, 2022 was (23.10)%. The market price total return from Fund Inception to August 31, 2022 was (23.05)%.

^(f)	Annualized.

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

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


		25

Financial Highlights–(continued)

Invesco NASDAQ 100 ETF (QQQM)


	Six Months Ended February 29, 2024				Years Ended August 31,								For the Period October 12, 2020^(a)Through August 31,
	(Unaudited)				2023				2022				2021
Per Share Operating Performance:
Net asset value at beginning of period		$	155.46			$	123.13			$	156.10			$	120.98

Net investment income^(b)			0.74				1.03				0.98				0.74
Net realized and unrealized gain (loss) on investments			25.35				32.29				(33.24	)			34.93

Total from investment operations			26.09				33.32				(32.26	)			35.67

Distributions to shareholders from:
Net investment income			(0.63	)			(0.99	)			(0.71	)			(0.55	)

Net asset value at end of period		$	180.92			$	155.46			$	123.13			$	156.10

Market price at end of period^(c)		$	180.76			$	155.47			$	123.29			$	156.11

Net Asset Value Total Return^(d)			16.84	%			27.26	%			(20.72	)%			29.56	%^(e)
Market Price Total Return^(d)			16.72	%			27.11	%			(20.61	)%			29.57	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	22,316,144			$	14,482,908			$	4,914,013			$	1,809,161
Ratio to average net assets of:
Expenses			0.15	%^(f)			0.15	%			0.15	%			0.15	%^(f)
Net investment income			0.91	%^(f)			0.78	%			0.71	%			0.61	%^(f)
Portfolio turnover rate^(g)			6	%			27	%			6	%			5	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (October 13, 2020, the first day of trading on the exchange) to August 31, 2021 was 29.61%. The market price total return from Fund Inception to August 31, 2021 was 29.48%.

^(f)	Annualized.

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

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


		26

Financial Highlights–(continued)

Invesco NASDAQ Future Gen 200 ETF (QQQS)


					For the Period
	Six Months Ended				October 11, 2022^(a)
	February 29,				Through
	2024				August 31,
	(Unaudited)				2023
Per Share Operating Performance:
Net asset value at beginning of period		$	26.26			$	25.00

Net investment income^(b)			0.05				0.14
Net realized and unrealized gain on investments			1.28				1.24

Total from investment operations			1.33				1.38

Distributions to shareholders from:
Net investment income			(0.07	)			(0.12	)

Net asset value at end of period		$	27.52			$	26.26

Market price at end of period^(c)		$	27.51			$	26.26

Net Asset Value Total Return^(d)			5.08	%			5.51	%^(e)
Market Price Total Return^(d)			5.04	%			5.51	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	8,256			$	6,564
Ratio to average net assets of:
Expenses			0.20	%^(f)			0.20	%^(f)
Net investment income			0.44	%^(f)			0.56	%^(f)
Portfolio turnover rate^(g)			38	%			61	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (October 13, 2022, the first day of trading on the exchange) to August 31, 2023 was 4.09%. The market price total return from Fund Inception to August 31, 2023 was 4.01%.

^(f)	Annualized.

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

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


		27

Financial Highlights–(continued)

Invesco NASDAQ Next Gen 100 ETF (QQQJ)


	Six Months Ended February 29, 2024				Years Ended August 31,								For the Period October 12, 2020^(a)Through August 31,
	(Unaudited)				2023				2022				2021
Per Share Operating Performance:
Net asset value at beginning of period		$	26.20			$	24.77			$	34.79			$	26.71

Net investment income^(b)			0.08				0.18				0.15				0.10
Net realized and unrealized gain (loss) on investments			1.99				1.46				(9.85	)			8.06

Total from investment operations			2.07				1.64				(9.70	)			8.16

Distributions to shareholders from:
Net investment income			(0.08	)			(0.21	)			(0.11	)			(0.08	)
Net realized gains			-				-				(0.21	)			-

Total distributions			(0.08	)			(0.21	)			(0.32	)			(0.08	)

Net asset value at end of period		$	28.19			$	26.20			$	24.77			$	34.79

Market price at end of period^(c)		$	28.18			$	26.20			$	24.80			$	34.77

Net Asset Value Total Return^(d)			7.94	%			6.70	%			(28.06	)%			30.58	%^(e)
Market Price Total Return^(d)			7.90	%			6.57	%			(27.93	)%			30.51	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	719,338			$	704,173			$	803,170			$	1,209,202
Ratio to average net assets of:
Expenses			0.15	%^(f)			0.15	%			0.15	%			0.15	%^(f)
Net investment income			0.64	%^(f)			0.74	%			0.50	%			0.35	%^(f)
Portfolio turnover rate^(g)			28	%			31	%			45	%			29	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (October 13, 2020, the first day of trading on the exchange) to August 31, 2021 was 30.39%. The market price total return from Fund Inception to August 31, 2021 was 29.93%.

^(f)	Annualized.

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

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


		28

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 ESG NASDAQ 100 ETF (QQMG)		“ESG NASDAQ 100 ETF”

Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)		“ESG NASDAQ Next Gen 100 ETF”

Invesco NASDAQ 100 ETF (QQQM)		“NASDAQ 100 ETF”

Invesco NASDAQ Future Gen 200 ETF (QQQS)		“NASDAQ Future Gen 200 ETF”

Invesco NASDAQ Next Gen 100 ETF (QQQJ)		“NASDAQ Next Gen 100 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

ESG NASDAQ 100 ETF		Nasdaq-100^®ESG Index

ESG NASDAQ Next Gen 100 ETF		Nasdaq Next Generation 100 ESG Index^®

NASDAQ 100 ETF		NASDAQ-100 Index^®

NASDAQ Future Gen 200 ETF		Nasdaq Innovators Completion Cap Index^TM

NASDAQ Next Gen 100 ETF		NASDAQ Next Generation 100 Index^®

NOTE 2–Significant Accounting Policies

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

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


		29

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.


		30

Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

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

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

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

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

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

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

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

Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser 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 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


		31

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 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

ESG NASDAQ 100 ETF		$602

ESG NASDAQ Next Gen 100 ETF		108

NASDAQ 100 ETF		292,775

NASDAQ Future Gen 200 ETF		787

NASDAQ Next Gen 100 ETF		15,504

J.	Foreign Currency Translations -Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are


		32

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

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

The performance of a Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause a Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that a Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value a Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statements of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

K.	Other Risks

ADR Risk. The Funds may invest in American depositary receipts (“ADRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. ADRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

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.

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.


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ESG Risk. Because the underlying indexes of ESG NASDAQ 100 ETF and ESG NASDAQ Next Gen 100 ETF evaluate ESG factors to assess and exclude certain investments for non-financial reasons, such Funds may forego some market opportunities available to funds that do not use these factors. The securities of companies that score favorably under a Fund’s ESG scoring methodology may underperform similar companies that do not score as well or may underperform the stock market as a whole. As a result, ESG NASDAQ 100 ETF and ESG NASDAQ Next Gen 100 ETF may underperform funds that do not screen or score companies based on ESG factors or funds that use a different ESG methodology. Information used by a Fund’s underlying index to evaluate such factors may not be readily available, complete or accurate, which could negatively impact the index’s ability to apply its methodology, which in turn could negatively impact the Fund’s performance. In addition, the assessment of an issuer, based on the issuer’s level of involvement in a particular industry or the issuer’s ESG score, may differ from that of other funds or an investor. As a result, the issuers deemed eligible for inclusion in a Fund’s portfolio may not reflect the beliefs or values of any particular investor and may not be deemed to exhibit positive or favorable ESG characteristics if different metrics were used to evaluate them.

Foreign Investment Risk. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns. From time to time, certain companies in which the Funds invest may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. Government and the United Nations and/or in countries the U.S. Government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. Government identifies as state sponsors of terrorism or subjects to sanctions.

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 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.

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.

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


		34

and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk. Because each Fund (except Nasdaq Next Gen 100 ETF) is non-diversified, and to the extent Nasdaq Next Gen 100 ETF becomes non-diversified, and can invest a greater portion of its 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.

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)

ESG NASDAQ 100 ETF		0.20	%

ESG NASDAQ Next Gen 100 ETF		0.20	%

NASDAQ 100 ETF		0.15	%

NASDAQ Future Gen 200 ETF		0.20	%

NASDAQ Next Gen 100 ETF		0.15	%

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:



ESG NASDAQ 100 ETF	$	3

ESG NASDAQ Next Gen 100 ETF		1

NASDAQ 100 ETF		2,928

NASDAQ Future Gen 200 ETF		1

NASDAQ Next Gen 100 ETF		53

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 licensing agreements on behalf of each Fund with Nasdaq, 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.


		35

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:



ESG NASDAQ 100 ETF	$	128

ESG NASDAQ Next Gen 100 ETF		248

NASDAQ 100 ETF		5,299

NASDAQ Future Gen 200 ETF		10,429

NASDAQ Next Gen 100 ETF		45,337

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

NOTE 4–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active 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

ESG NASDAQ 100 ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	36,115,208		$	-		$	-		$	36,115,208

Money Market Funds			8,744			592,775			-			601,519


Total Investments		$	36,123,952		$	592,775		$	-		$	36,716,727


ESG NASDAQ Next Gen 100 ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	4,963,733		$	-		$	-		$	4,963,733

Money Market Funds			3,254			1,068,472			-			1,071,726


Total Investments		$	4,966,987		$	1,068,472		$	-		$	6,035,459


NASDAQ 100 ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	22,305,957,221		$	-		$	-		$	22,305,957,221

Money Market Funds			-			433,403,812			-			433,403,812


Total Investments		$	22,305,957,221		$	433,403,812		$	-		$	22,739,361,033


NASDAQ Future Gen 200 ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	8,245,375		$	-		$	4,919		$	8,250,294

Money Market Funds			339			4,583,801			-			4,584,140


Total Investments		$	8,245,714		$	4,583,801		$	4,919		$	12,834,434


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	Level 1			Level 2			Level 3			Total

NASDAQ Next Gen 100 ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	718,739,788		$	-		$	-		$	718,739,788

Money Market Funds			164,611			131,515,330			-			131,679,941


Total Investments		$	718,904,399		$	131,515,330		$	-		$	850,419,729

NOTE 5–Tax Information

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

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

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


	No expiration
	Short-Term		Long-Term		Total*

ESG NASDAQ 100 ETF	$	297,726	$	199,995	$	497,721

ESG NASDAQ Next Gen 100 ETF		205,820		132,530		338,350

NASDAQ 100 ETF		35,548,624		262,624,871		298,173,495

NASDAQ Future Gen 200 ETF		432,723		-		432,723

NASDAQ Next Gen 100 ETF		161,686,822		123,600,952		285,287,774

*	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

ESG NASDAQ 100 ETF	$	2,580,737	$	2,573,917

ESG NASDAQ Next Gen 100 ETF		1,150,080		1,149,135

NASDAQ 100 ETF		1,126,069,907		1,108,866,319

NASDAQ Future Gen 200 ETF		2,473,920		2,475,231

NASDAQ Next Gen 100 ETF		187,368,019		187,395,242

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


	In-kind Purchases		In-kind Sales

ESG NASDAQ 100 ETF	$	15,202,919	$	1,328,691

ESG NASDAQ Next Gen 100 ETF		1,412,888		-

NASDAQ 100 ETF		7,187,170,686		2,190,577,112

NASDAQ Future Gen 200 ETF		1,300,130		-

NASDAQ Next Gen 100 ETF		22,229,004		55,379,509

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


		37

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:


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

ESG NASDAQ 100 ETF	$	5,756,070	$	(744,415	)	$	5,011,655	$	31,705,072

ESG NASDAQ Next Gen 100 ETF		663,270		(283,809	)		379,461		5,655,998

NASDAQ 100 ETF		4,226,789,154		(469,589,893	)		3,757,199,261		18,982,161,772

NASDAQ Future Gen 200 ETF		1,481,385		(901,246	)		580,139		12,254,295

NASDAQ Next Gen 100 ETF		102,463,852		(76,390,353	)		26,073,499		824,346,230

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

NOTE 8–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only 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.


		38

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.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transaction costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is

useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.


	Beginning Account Value 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 ESG NASDAQ 100 ETF (QQMG)

Actual		$	1,000.00		$	1,168.70		0.20	%		$	1.08

Hypothetical (5% return before expenses)			1,000.00			1,023.87		0.20				1.01

Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)

Actual			1,000.00			1,107.40		0.20				1.05

Hypothetical (5% return before expenses)			1,000.00			1,023.87		0.20				1.01

Invesco NASDAQ 100 ETF (QQQM)

Actual			1,000.00			1,168.40		0.15				0.81

Hypothetical (5% return before expenses)			1,000.00			1,024.12		0.15				0.75

Invesco NASDAQ Future Gen 200 ETF (QQQS)

Actual			1,000.00			1,050.80		0.20				1.02

Hypothetical (5% return before expenses)			1,000.00			1,023.87		0.20				1.01

Invesco NASDAQ Next Gen 100 ETF (QQQJ)

Actual			1,000.00			1,079.40		0.15				0.78

Hypothetical (5% return before expenses)			1,000.00			1,024.12		0.15				0.75

⁽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.


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Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-TRST2-SAR-1

invesco.com/ETFs