N-CSR


		Invesco Annual Report to Shareholders October 31, 2022
		PCY		Invesco Emerging Markets Sovereign Debt ETF

		PGHY		Invesco Global Short Term High Yield Bond ETF

		PICB		Invesco International Corporate Bond ETF

Table of Contents



The Market Environment			3

Management’s Discussion of Fund Performance			5

Schedules of Investments

Invesco Emerging Markets Sovereign Debt ETF (PCY)			12

Invesco Global Short Term High Yield Bond ETF (PGHY)			15

Invesco International Corporate Bond ETF (PICB)			24

Statements of Assets and Liabilities			32

Statements of Operations			33

Statements of Changes in Net Assets			34

Financial Highlights			36

Notes to Financial Statements			38

Report of Independent Registered Public Accounting Firm			48

Fund Expenses			49

Tax Information			50

Trustees and Officers			51


		2

The Market Environment

Domestic Equity

The fiscal year ended October 31, 2022 began with continued volatility in equity markets in the fourth quarter of 2021 amid substantial inflation and the emergence of a new COVID-19 variant. Pandemic-related supply chain disruption and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil rose,¹ causing higher gas prices for consumers, and the Consumer Price Index (CPI) reported for November 2021 increased 0.8%, resulting in a 6.8% increase over the prior 12 months, the highest since 1982.² To combat inflation, the US Federal Reserve (the Fed) announced the potential for three or more interest rate increases in 2022. With solid corporate earnings and optimism about the COVID-19 Omicron variant reporting milder symptoms, stocks rallied at the 2021 year-end.

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the Fed’s shift toward tighter monetary policy. Russia’s invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.¹ Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and the Fed indicated it would “taper” its asset purchase program quickly.³

As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued into the second quarter of 2022 amid record inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the CPI rose by yet another 40-year high to 8.6% for the 12 months ended May 2022.² Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.¹ To tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.³ US equity markets rose in July and much of August until Fed chairman Jerome Powell’s hawkish comments at an economic policy symposium held in Jackson Hole, Wyoming sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.³

After experiencing a sharp drop in September 2022, US equity markets rebounded in October with strong gains, despite mixed data on the economy and corporate earnings. Inflation data

reported in October came in higher than expected; however, the

labor market remained strong, with payroll employment gains and a decline in the unemployment rate to a near record low of 3.5% in September.² The initial estimate of third quarter real gross domestic product showed an increase of 2.6% (annualized) after falling in the prior two quarters, but the headline number masked a drop in demand and investment. Corporate earnings were generally in line with expectations, but many companies’ forward earnings guidance was weaker than expected.

In this environment, US stocks had negative double-digit returns for the fiscal year ended October 31, 2022 of -14.61%, as measured by the S&P 500 Index.⁴

¹	Source: Bloomberg LP

²	Source: US Bureau of Labor Statistics

³	Source: US Federal Reserve

⁴	Source: Lipper Inc.

Fixed Income

In the fourth quarter of 2021, concerns about inflation heightened as US inflation rose 7%,¹ its highest level in nearly 40 years. Though the US Federal Reserve (the Fed) left policy rates unchanged during the quarter, the Fed indicated its accommodative policies were coming to an end in 2022 through a willingness to raise interest rates to combat inflation and the announced reduction of its monthly bond purchase program. Additionally, US interest rate moves and inflation risk significantly affected fixed income valuations during the quarter. The two-year Treasury yield rose moderately from 0.27% to 0.73%, while the 10-year increased slightly from 1.48% to 1.52% during the quarter.² The yield curve, as measured by the yield differential between two- and 10-year Treasuries, flattened during the quarter.

At the beginning of 2022, geopolitical and economic tensions between Ukraine and Russia culminated with the latter invading Ukrainian territory. World leaders levied sanctions against Russia that had material effects on its fixed income markets, particularly sovereign debt and corporates, and levels of liquidity. The Russia-Ukraine war exacerbated inflationary pressures while also exerting downward pressure on economic growth through a surge in commodity/energy prices. Additionally, surges of COVID-19 in China exacerbated supply chain issues and aggravated inflation. During the second quarter of 2022, the two-year Treasury yield rose significantly from 0.78% to 2.28%, while the 10-year increased slightly from 1.63% to 2.32%.²

In the second quarter of 2022, the macro backdrop of tightening financial conditions and slowing economic growth was negative for credit asset classes. Inflation, as measured by the Consumer Price Index, increased further to 9.1% and fixed income markets experienced significant negative performance as all bond sectors felt the impact of rising interest rates with negative performance ranging from -0.9% (Bloomberg Asset-Backed Securities) to -9.8% (Bloomberg US Corporate High Yield).³ Credit spreads increased across all major credit-sensitive sectors, reflecting


		3

The Market Environment (continued)

anticipation of an economic slowdown and increasing concerns about recession risk, with corporate spreads ending the second quarter above their long-term historical average. The Fed continued its rapid tightening of monetary policy in an effort to combat inflation via higher interest rates while simultaneously engineering a soft landing so as to not push the economy into a recession. The Fed aggressively raised its key Fed funds rate during the fiscal year, including a 0.50% hike in May, and three 0.75% hikes in June, July and November, the largest hikes since 1994, to a target Fed funds rate of 3.75-4.00%, the highest since 2008.⁴ At their November 2022 meeting, the Fed signaled that its hawkish policies would continue, though a slowing of the pace of rate increases was likely. While rates remained elevated across all maturities on the yield curve, the two-year Treasury rates increased from 2.92% to 4.51% during the fiscal year, while 10-year Treasury rates increased from 2.98% to 4.10%.² At the end of the fiscal year, the yield curve remained inverted, which historically has been an indicator of a potential recession.

¹	Source: US Bureau of Labor Statistics

²	Source: US Department of the Treasury

³	Source: Bloomberg

⁴	Source: Federal Reserve of Economic Data


		4


PCY		Management’s Discussion of Fund Performance
PCY		Invesco Emerging Markets Sovereign Debt ETF (PCY)

As an index fund, the Invesco Emerging Markets Sovereign Debt ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the DBIQ Emerging Market USD Liquid Balanced Index (the “Index”). The Fund generally will invest at least 80% of its total assets in components that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Deutsche Bank Securities Inc. (“DB” or the “Index Provider”) compiles and maintains the Index, which measures potential returns of a theoretical portfolio of liquid U.S. dollar- denominated government bonds from emerging market countries. The Index is composed of one to three securities from each of the eligible emerging market countries set forth in the prospectus that (i) are denominated in U.S. dollars, (ii) are sovereign or quasi-sovereign bonds, (iii) generally have at least three years to maturity at the time of rebalancing, (iv) have an outstanding amount of at least $500 million or greater, and (v) have a fixed coupon. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (32.83)%. On a net asset value (“NAV”) basis, the Fund returned (31.97)%. During the same time period, the Index returned (34.28)%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due the positive effects of the Fund’s sampling methodology, which offset the fees and operating expenses that the Fund incurred during the period.

During this same time period, the JP Morgan Emerging Market Bond Global Index (the “Benchmark Index”) returned (22.21)%. The Benchmark Index is an unmanaged index weighted by country, which limits weights of countries with higher debt outstanding, reallocating this excess to countries with lower debt outstanding, based on the average performance of approximately 800 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. dollar-denominated bond market in emerging market countries.

Relative to the Benchmark Index, the Fund was most overweight in Jordan bonds and most underweight in China bonds during the fiscal year ended October 31, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s higher allocation to Pakistan bonds, followed by Romania bonds.

For the fiscal year ended October 31, 2022, United States bonds contributed most significantly to the Fund’s return. Ukraine bonds detracted most significantly from the Fund’s return, followed by Russia bonds and Belarus bonds, respectively.

The position that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022, was Turkey Government International Bond, 5.95% coupon, due 01/15/2031 (portfolio average weight of 1.20%). Positions that detracted most significantly from the Fund’s return during this period included Pakistan Government International Bond, 6.88% coupon, due 12/05/2027 (portfolio average weight of 0.50%) and Republic of Kenya Government International Bond, 8.25% coupon, due 02/28/2048 (portfolio average weight of 1.50%).


		5

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


Country Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Jordan			3.38
Costa Rica			3.35
Turkey			3.35
Oman			3.35
Guatemala			3.29
Paraguay			3.22
Bahrain			3.21
Brazil			3.16
Panama			3.15
Angola			3.15
Kazakhstan			3.08
Dominican Republic			3.06
Morocco			3.03
Philippines			3.01
Kenya			3.00
South Africa			2.99
Mexico			2.99
Indonesia			2.95
Egypt			2.91
Chile			2.89
Mongolia			2.87
Qatar			2.86
Colombia			2.85
Saudi Arabia			2.82
El Salvador			2.81
United Arab Emirates			2.80
Peru			2.78
China			2.71
Nigeria			2.70
Romania			2.70
Hungary			2.69
Poland			1.76
Kuwait			1.73
Pakistan			1.32
Money Market Funds Plus Other Assets Less Liabilities			2.08


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
Republic of Poland Government International Bond, 3.25%, 04/06/2026			1.76
Kuwait International Government Bond, 3.50%, 03/20/2027			1.73
Republic of Kenya Government International Bond, 7.25%, 02/28/2028			1.55
Kazakhstan Government International Bond, 6.50%, 07/21/2045			1.54
Kazakhstan Government International Bond, 4.88%, 10/14/2044			1.54
Republic of Kenya Government International Bond, 8.25%, 02/28/2048			1.44
Jordan Government International Bond, 5.75%, 01/31/2027			1.19
Guatemala Government Bond, 4.88%, 02/13/2028			1.19
Paraguay Government International Bond, 4.70%, 03/27/2027			1.17
Turkey Government International Bond, 8.00%, 02/14/2034			1.15
Total			14.26

*	Excluding money market fund holdings.


		6

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

Growth of a $10,000 Investment

LOGO

Fund Performance History as of October 31, 2022


				3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
DBIQ Emerging Market USD Liquid Balanced Index		(34.28	)%		(12.31	)%		(32.56	)%		(5.89	)%		(26.16	)%		(0.71	)%		(6.86	)%		3.31	%		63.36	%
JP Morgan Emerging Market Bond Global Index		(22.21	)		(6.20	)		(17.46	)		(2.33	)		(11.11	)		0.88			9.14			3.91			78.03
Fund
NAV Return		(31.97	)		(11.77	)		(31.31	)		(5.76	)		(25.66	)		(0.98	)		(9.40	)		2.68			48.82
Market Price Return		(32.83	)		(12.18	)		(32.27	)		(6.01	)		(26.64	)		(1.15	)		(10.90	)		2.54			45.84

Fund Inception: October 11, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.50% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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


		7


PGHY		Management’s Discussion of Fund Performance
PGHY		Invesco Global Short Term High Yield Bond ETF (PGHY)

As an index fund, the Invesco Global Short Term High Yield Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the DB Global Short Maturity High Yield Bond Index (the “Index”). The Fund generally will invest at least 80% of its total assets in components that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Deutsche Bank Securities Inc. (“DB” or the “Index Provider”) compiles and maintains the Index, which is composed of U.S. dollar denominated, publicly issued, institutionally traded short-term bonds that are rated below investment grade. The Index is composed of bonds issued by corporations, as well as sovereign or quasi-government entities, that (i) are denominated in U.S. dollars; (ii) are rated below “investment grade” (i.e., have a “composite rating” from DB of between “C” and “BB+” (both inclusive)); (iii) have not been marked as defaulted by any rating agency; (iv) have generally three years or less to maturity; (v) have a minimum amount outstanding of at least $250 million; and (vi) have a fixed coupon.

Eligible bonds must be rated by at least one of S&P Global Ratings, Moody’s Investors Service, Inc., or Fitch Ratings Inc. DB converts all available ratings for each bond into a numerical score, and then calculates an average score for each bond from those available ratings that corresponds to DB’s “composite rating” system. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (7.87)%. On a net asset value (“NAV”) basis, the Fund returned (7.45)%. During the same time period, the Index returned (9.74)%. The Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the positive effects of the Fund’s sampling methodology, which offset the fees and operating expenses that the Fund incurred during the period.

During this same time period, ICE BofA 0-5 Year U.S. High Yield Constrained Index (the “Benchmark Index”) returned (5.94)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 950 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. dollar-denominated short-term high yield corporate bond market.

Relative to the Benchmark Index, the Fund was most overweight in the financial sector and most underweight in the communication services sector during the fiscal year ended October 31, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to the materials sector.

For the fiscal year ended October 31, 2022, the utilities sector contributed most significantly to the Fund’s return. The financial sector detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022, included Codere Finance 2 (Luxembourg) S.A., 13.63% coupon, due 11/30/2027, (portfolio average weight of 0.10%) and Mountain Province Diamonds, Inc., 8.00% coupon, due 12/15/2022, (portfolio average weight of 0.40%). Positions that detracted most significantly from the Fund’s return included Global Ports Finance PLC, 6.50% coupon, due 09/22/2023, (no longer held at fiscal year-end) and Celtic Resources Holdings DAC, 4.13% coupon, due 10/09/2024, (portfolio average weight of 0.00%).


Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Financials			20.01
Consumer Discretionary			12.52
Energy			11.93
Sovereign Debt			10.32
Industrials			9.92
Materials			8.81
Communication Services			7.20
Utilities			4.86
Real Estate			3.88
Sector Types Each Less Than 3%			5.84
Money Market Funds Plus Other Assets Less Liabilities			4.71

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
SoftBank Group Corp., 4.75%, 09/19/2024			0.45
Rakuten Group, Inc., 3.55%, 11/27/2024			0.44
Roenesans Gayrimenkul Yatirim A.S., 7.25%, 04/26/2023			0.39
Mountain Province Diamonds, Inc., 8.00%, 12/15/2022			0.38
Costa Rica Government International Bond, 4.25%, 01/26/2023			0.37
Avient Corp., 5.25%, 03/15/2023			0.37
KOC Holding A.S., 5.25%, 03/15/2023			0.37
Oman Government International Bond, 4.13%, 01/17/2023			0.37
Hazine Mustesarligi Varlik Kiralama A.S., 5.00%, 04/06/2023			0.37
Arcelik A.S., 5.00%, 04/03/2023			0.37
Total			3.88

*	Excluding money market fund holdings.


		8

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

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of October 31, 2022


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
DB Global Short Maturity High Yield Bond Index		(9.74	)%		(1.67	)%		(4.92	)%		0.15	%		0.76	%		3.16	%		33.78	%
ICE BofA 0-5 Year U.S. High Yield Constrained Index		(5.94	)		1.63			4.97			2.56			13.45			3.84			42.34
Fund
NAV Return		(7.45	)		(0.84	)		(2.50	)		0.47			2.36			2.45			25.45
Market Price Return		(7.87	)		(0.92	)		(2.74	)		0.37			1.87			2.45			25.39

Fund Inception: June 20, 2013

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.35% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

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


		9


PICB		Management’s Discussion of Fund Performance
PICB		Invesco International Corporate Bond ETF (PICB)

As an index fund, the Invesco International Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P International Corporate Bond Index^® (the “Index”). The Fund generally will invest at least 80% of its total assets in components that comprise the Index.

S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) constructs the Index, which is composed of investment grade corporate bonds issued by non-U.S. investment grade issuers, denominated in the following currencies of Group of Ten (“G10”) countries, excluding the U.S. Dollar (USD): Australian Dollar (AUD), British Pound (GBP), Canadian Dollar (CAD), Euro (EUR), Japanese Yen (JPY), New Zealand Dollar (NZD), Norwegian Krone (NOK), Swedish Krona (SEK) and Swiss Franc (SFR). The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (29.09)%. On a net asset value (“NAV”) basis, the Fund returned (29.02)%. During the same time period, the Index returned (28.88)%. The Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, which were partially offset by the positive effects of the Fund’s sampling methodology.

During this same time period, the Bloomberg Pan-European Aggregate Index (the “Benchmark Index”) returned (29.59)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 8,300 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad-based representation of the non-U.S. dollar corporate bond market.

Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the information technology sector during the fiscal year ended October 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed the Fund’s security selection in the information technology sector.

For the fiscal year ended October 31, 2022, no sector contributed to the Fund’s return. The financials sector detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022, included Orsted A/S, 5.38% coupon, due 09/13/2042, (portfolio average weight of 0.40 %), and BG Energy Capital PLC, 5.13% coupon, due 12/01/2025, (portfolio average weight of 0.30%). Positions that detracted most significantly from the Fund’s return included Enel Finance International N.V., 5.75% coupon, due 09/14/2040,

(portfolio average weight of 0.50%), and ENGIE S.A., 5.00% coupon, due 10/01/2060, (portfolio average weight of 0.30%).


Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Financials			51.68
Utilities			13.79
Communication Services			8.78
Industrials			5.11
Energy			4.97
Consumer Discretionary			4.71
Sector Types Each Less Than 3%			9.48
Money Market Funds Plus Other Assets Less Liabilities			1.48

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
Toronto-Dominion Bank (The), 2.67%, 09/09/2025			0.77
Royal Bank of Canada, 3.37%, 09/29/2025			0.72
NTT Finance Corp., Series 16, 0.18%, 12/19/2025			0.69
NTT Finance Corp., Series 18, 0.38%, 09/20/2030			0.68
Toronto-Dominion Bank (The), 4.21%, 06/01/2027			0.65
Electricite de France S.A., 6.13%, 06/02/2034			0.59
Bank of Montreal, 4.31%, 06/01/2027			0.58
Bank of Nova Scotia (The), 1.95%, 01/10/2025			0.49
Enel Finance International N.V., 5.75%, 09/14/2040			0.48
Bank of Nova Scotia (The), 2.95%, 03/08/2027			0.48
Total			6.13

*	Excluding money market fund holdings.


		10

Invesco International Corporate Bond ETF (PICB) (continued)

Growth of a $10,000 Investment

LOGO

Fund Performance History as of October 31, 2022


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
S&P International Corporate Bond Index^® (Net)		(28.88	)%		(8.52	)%		(23.43	)%		(4.63	)%		(21.12	)%		(1.99	)%		(18.21	)%		0.30	%		3.80	%
Bloomberg Pan-European Aggregate Index		(29.59	)		(9.86	)		(26.76	)		(5.38	)		(24.15	)		(1.98	)		(18.15	)		0.00			(0.06	)
Fund
NAV Return		(29.02	)		(8.65	)		(23.77	)		(4.64	)		(21.14	)		(1.94	)		(17.80	)		0.34			4.36
Market Price Return		(29.09	)		(8.50	)		(23.40	)		(4.63	)		(21.12	)		(1.98	)		(18.14	)		0.29			3.68

Fund Inception: June 3, 2010

Notes Regarding Indexes and Fund Performance History:

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

-	Net returns reflect reinvested dividends net of withholding taxes.


		11

Invesco Emerging Markets Sovereign Debt ETF (PCY)

October 31, 2022

Schedule of Investments


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-97.92%
Angola-3.15%
Angolan Government International Bond
8.25%, 05/09/2028^(a)	$	18,311,000	$	15,486,528
9.38%, 05/08/2048^(a)		19,286,000		14,731,611
9.13%, 11/26/2049^(a)		19,515,000		14,790,419

				45,008,558


Bahrain-3.21%
Bahrain Government International Bond
6.00%, 09/19/2044^(a)		21,408,000		15,099,812
7.50%, 09/20/2047^(a)		19,132,000		15,366,746
6.25%, 01/25/2051^(a)		21,680,000		15,347,315

				45,813,873


Brazil-3.16%
Brazilian Government International Bond
5.63%, 01/07/2041		18,931,000		15,272,627
5.63%, 02/21/2047^(b)		19,673,000		15,004,536
4.75%, 01/14/2050		22,068,000		14,835,788

				45,112,951


Chile-2.89%
Chile Government International Bond
4.34%, 03/07/2042		18,508,000		14,320,325
3.86%, 06/21/2047		18,864,000		13,582,365
4.00%, 01/31/2052		18,878,000		13,404,134

				41,306,824


China-2.71%
China Government International Bond
4.00%, 10/19/2048^(a)(b)		15,200,000		13,454,722
2.25%, 10/21/2050^(a)		20,840,000		12,557,670
2.50%, 10/26/2051^(a)		19,980,000		12,684,561

				38,696,953


Colombia-2.85%
Colombia Government International Bond
7.38%, 09/18/2037		16,227,000		13,729,804
6.13%, 01/18/2041		18,994,000		13,595,627
5.63%, 02/26/2044		20,609,000		13,455,829

				40,781,260


Costa Rica-3.35%
Costa Rica Government International Bond
5.63%, 04/30/2043^(a)		21,536,000		15,814,235
7.00%, 04/04/2044^(a)(b)		18,773,000		16,021,198
7.16%, 03/12/2045^(a)(b)		18,531,000		16,081,562

				47,916,995


Dominican Republic-3.06%
Dominican Republic International Bond
7.45%, 04/30/2044^(a)		17,295,000		14,570,506
6.85%, 01/27/2045^(a)		18,806,000		14,634,575
6.50%, 02/15/2048^(a)		19,712,000		14,520,729

				43,725,810


Egypt-2.91%
Egypt Government International Bond
8.50%, 01/31/2047^(a)		23,652,000		14,028,096


	Principal Amount		Value
Egypt-(continued)
7.90%, 02/21/2048^(a)	$	25,045,000	$	14,199,513
8.70%, 03/01/2049^(a)		22,452,000		13,431,729

				41,659,338


El Salvador-2.81%
El Salvador Government International Bond
6.38%, 01/18/2027^(a)		33,182,000		13,229,652
8.63%, 02/28/2029^(a)		33,856,000		13,882,811
9.50%, 07/15/2052^(a)		33,840,000		12,995,870

				40,108,333


Guatemala-3.29%
Guatemala Government Bond
4.88%, 02/13/2028^(a)		18,370,000		16,973,240
3.70%, 10/07/2033^(a)(b)		20,152,000		15,339,897
4.65%, 10/07/2041^(a)		19,890,000		14,719,239

				47,032,376


Hungary-2.69%
Hungary Government International Bond
5.50%, 06/16/2034^(a)		15,897,000		13,734,786
7.63%, 03/29/2041		12,445,000		12,502,645
3.13%, 09/21/2051^(a)		22,150,000		12,243,922

				38,481,353


Indonesia-2.95%
Indonesia Government International Bond
7.75%, 01/17/2038^(a)		13,293,000		14,788,462
6.75%, 01/15/2044^(a)		13,744,000		14,220,211
4.45%, 04/15/2070		17,554,000		13,207,249

				42,215,922


Jordan-3.38%
Jordan Government International Bond
5.75%, 01/31/2027^(a)		18,455,000		16,990,503
5.85%, 07/07/2030^(a)		19,563,000		16,262,135
7.38%, 10/10/2047^(a)		19,901,000		14,992,100

				48,244,738


Kazakhstan-3.08%
Kazakhstan Government International Bond
4.88%, 10/14/2044^(a)		28,574,000		21,966,005
6.50%, 07/21/2045^(a)		24,758,000		22,029,867

				43,995,872


Kenya-3.00%
Republic of Kenya Government International Bond
7.25%, 02/28/2028^(a)		29,163,000		22,175,079
8.25%, 02/28/2048^(a)		32,081,000		20,631,291

				42,806,370


Kuwait-1.73%
Kuwait International Government Bond,
3.50%, 03/20/2027^(a)		25,937,000		24,784,826


Mexico-2.99%
Mexico Government International Bond
4.60%, 01/23/2046		19,206,750		14,146,130

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


		12

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

October 31, 2022


	Principal Amount		Value
Mexico-(continued)
5.75%, 10/12/2110	$	17,760,000	$	13,699,562
Series A, 6.05%, 01/11/2040		16,127,000		14,918,199

				42,763,891


Mongolia-2.87%
Mongolia Government International Bond
5.13%, 04/07/2026^(a)		18,265,000		14,156,446
3.50%, 07/07/2027^(a)		20,054,000		13,838,320
4.45%, 07/07/2031^(a)(b)		20,293,000		13,079,867

				41,074,633


Morocco-3.03%
Morocco Government International Bond
3.00%, 12/15/2032^(a)		21,274,000		15,417,055
5.50%, 12/11/2042^(a)		18,483,000		13,973,333
4.00%, 12/15/2050^(a)		23,330,000		13,880,930

				43,271,318


Nigeria-2.70%
Nigeria Government International Bond
7.70%, 02/23/2038^(a)		21,956,000		12,954,040
7.63%, 11/28/2047^(a)		22,359,000		12,775,485
9.25%, 01/21/2049^(a)(b)		19,720,000		12,855,567

				38,585,092


Oman-3.35%
Oman Government International Bond
6.50%, 03/08/2047^(a)		19,075,000		15,776,398
6.75%, 01/17/2048^(a)		19,157,000		16,150,328
7.00%, 01/25/2051^(a)		18,624,000		15,960,098

				47,886,824


Pakistan-1.32%
Pakistan Government International Bond
8.25%, 09/30/2025^(a)		17,830,000		6,418,800
6.00%, 04/08/2026^(a)		18,530,000		6,161,225
6.88%, 12/05/2027^(a)		19,608,000		6,286,325

				18,866,350


Panama-3.15%
Panama Government International Bond
3.16%, 01/23/2030		18,770,000		15,453,573
2.25%, 09/29/2032		20,806,000		14,635,118
3.30%, 01/19/2033^(b)		19,370,000		14,960,317

				45,049,008


Paraguay-3.22%
Paraguay Government International Bond
4.70%, 03/27/2027^(a)		17,510,000		16,778,957
6.10%, 08/11/2044^(a)		17,252,000		15,010,130
5.60%, 03/13/2048^(a)		18,108,000		14,260,050

				46,049,137


Peru-2.78%
Peruvian Government International Bond
5.63%, 11/18/2050		14,658,000		13,546,953
3.55%, 03/10/2051^(b)		20,045,000		13,282,745
3.60%, 01/15/2072^(b)		21,892,000		12,922,957

				39,752,655


	Principal Amount		Value
Philippines-3.01%
Philippine Government International Bond
3.70%, 03/01/2041	$	19,192,000	$	14,489,960
3.20%, 07/06/2046		21,543,000		14,296,353
4.20%, 03/29/2047		18,234,000		14,208,433

				42,994,746


Poland-1.76%
Republic of Poland Government International Bond, 3.25%, 04/06/2026		26,731,000		25,154,940


Qatar-2.86%
Qatar Government International Bond
4.63%, 06/02/2046^(a)		15,740,000		13,920,299
5.10%, 04/23/2048^(a)		14,579,000		13,606,216
4.82%, 03/14/2049^(a)		15,009,000		13,407,149

				40,933,664


Romania-2.70%
Romanian Government International Bond
6.13%, 01/22/2044^(a)		16,170,000		13,006,194
5.13%, 06/15/2048^(a)		18,082,000		12,682,245
4.00%, 02/14/2051^(a)		21,798,000		12,849,354

				38,537,793


Saudi Arabia-2.82%
Saudi Government International Bond
4.50%, 10/26/2046^(a)		16,904,000		13,502,306
4.63%, 10/04/2047^(a)		16,587,000		13,385,228
5.00%, 04/17/2049^(a)		15,750,000		13,439,932

				40,327,466


South Africa-2.99%
Republic of South Africa Government International Bond
6.30%, 06/22/2048		19,719,000		14,378,602
5.75%, 09/30/2049		20,987,000		14,017,805
7.30%, 04/20/2052		18,280,000		14,386,360

				42,782,767


Turkey-3.35%
Turkey Government International Bond
5.95%, 01/15/2031		20,900,000		16,064,367
8.00%, 02/14/2034		18,547,000		16,405,823
6.88%, 03/17/2036		20,439,000		15,440,683

				47,910,873


United Arab Emirates-2.80%
Emirate of Dubai Government International Bond, 5.25%, 01/30/2043^(a)		17,311,000		14,568,245
Finance Department Government of Sharjah
4.00%, 07/28/2050^(a)		22,411,000		13,017,430
4.38%, 03/10/2051^(a)		20,678,000		12,370,696

				39,956,371


Total U.S. Dollar Denominated Bonds & Notes (Cost $2,007,579,585)				1,399,589,880

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


		13

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

October 31, 2022


	Shares		Value
Money Market Funds-0.55%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(c)(d) (Cost $7,905,005)		7,905,005	$	7,905,005

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.47% (Cost $2,015,484,590)				1,407,494,885


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-3.84%
Invesco Private Government Fund, 3.18%^(c)(d)(e)		15,375,146		15,375,146


	Shares	Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 3.28%^(c)(d)(e)	39,527,745	$	39,527,745

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $54,904,626)			54,902,891

TOTAL INVESTMENTS IN SECURITIES-102.31% (Cost $2,070,389,216)			1,462,397,776
OTHER ASSETS LESS LIABILITIES-(2.31)%			(33,017,905	)

NET ASSETS-100.00%		$	1,429,379,871

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $960,270,071, which represented 67.18% of the Fund’s Net Assets.

^(b)	All or a portion of this security was out on loan at October 31, 2022.

^(c)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2022.


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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	1,814,291		$	257,091,527		$	(251,000,813	)		$	-			$	-			$	7,905,005		$	46,096

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			18,930,470			246,671,541			(250,226,865	)			-				-				15,375,146			240,581	*

Invesco Private Prime Fund			44,171,098			422,644,909			(427,279,476	)			(1,736	)			(7,050	)			39,527,745			650,630	*


Total		$	64,915,859		$	926,407,977		$	(928,507,154	)		$	(1,736	)		$	(7,050	)		$	62,807,896		$	937,307

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

^(d)	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

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

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


		14

Invesco Global Short Term High Yield Bond ETF (PGHY)

October 31, 2022

Schedule of Investments


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-94.92%
Argentina-1.71%
AES Argentina Generacion S.A., 7.75%, 02/02/2024^(a)		$ 850,000	$	661,912
Agua y Saneamientos Argentinos S.A., 6.63%, 02/01/2023^(a)		850,000		498,351
Arcor S.A.I.C., 6.00%, 07/06/2023^(a)		543,000		532,794
Capex S.A., 6.88%, 05/15/2024^(a)		500,000		485,220
MSU Energy S.A./UGEN S.A./UENSA S.A., 6.88%, 02/01/2025^(a)		600,000		382,317
Provincia de Cordoba, 6.88%, 12/10/2025^(a)(b)		221		169
Tecpetrol S.A., 4.88%, 12/12/2022^(a)		553,000		553,000
YPF S.A., 8.50%, 07/28/2025^(a)		100,000		72,223

				3,185,986


Armenia-0.32%
Republic of Armenia International Bond, 7.15%, 03/26/2025^(a)		600,000		589,714


Australia-0.88%
FMG Resources August 2006 Pty. Ltd., 5.13%, 05/15/2024^(a)		600,000		586,518
Infrabuild Australia Pty. Ltd., 12.00%, 10/01/2024^(a)		400,000		372,084
North Queensland Export Terminal Pty. Ltd., 4.45%, 12/15/2022^(a)		700,000		688,423

				1,647,025


Azerbaijan-0.81%
International Bank of Azerbaijan OJSC, 3.50%, 09/01/2024^(a)		600,000		576,000
Republic of Azerbaijan International Bond, 4.75%, 03/18/2024^(a)		400,000		392,130
State Oil Co. of the Azerbaijan Republic, 4.75%, 03/13/2023^(a)		550,000		545,477

				1,513,607


Bahrain-0.72%
Bahrain Government International Bond, 6.13%, 08/01/2023^(a)		400,000		401,399
BBK BSC, 5.50%, 07/09/2024^(a)		450,000		438,500
Oil and Gas Holding Co. BSCC (The), 7.63%, 11/07/2024^(a)		500,000		496,955

				1,336,854


Belgium-0.32%
Barry Callebaut Services N.V., 5.50%, 06/15/2023^(a)		600,000		594,837


Bolivia-0.20%
Bolivian Government International Bond, 5.95%, 08/22/2023^(a)		400,000		383,000


Brazil-5.99%
Azul Investments L.L.P., 5.88%, 10/26/2024^(a)(c)		500,000		378,711
Banco Daycoval S.A., 4.25%, 12/13/2024^(a)		500,000		480,042


	Principal Amount		Value
Brazil-(continued)
Banco Nacional de Desenvolvimento Economico e Social
5.75%, 09/26/2023^(a)		$ 595,000	$	597,100
4.75%, 05/09/2024^(a)		580,000		574,212
Banco Safra S.A., 4.13%, 02/08/2023^(a)		600,000		593,575
Banco Votorantim S.A., 4.50%, 09/24/2024^(a)		500,000		485,196
Brazilian Government International Bond
2.63%, 01/05/2023		500,000		498,480
8.88%, 04/15/2024		500,000		529,500
4.25%, 01/07/2025		600,000		585,147
8.75%, 02/04/2025		500,000		535,052
2.88%, 06/06/2025		200,000		187,594
BRF S.A., 4.75%, 05/22/2024^(a)		400,000		388,054
Caixa Economica Federal, 3.50%, 11/07/2022^(a)		610,000		609,695
Cemig Geracao e Transmissao S.A., 9.25%, 12/05/2024^(a)		500,000		514,037
Centrais Eletricas Brasileiras S.A., 3.63%, 02/04/2025^(a)		500,000		471,377
Cielo USA, Inc., 3.75%, 11/16/2022^(a)		512,000		511,514
Embraer Netherlands Finance B.V., 5.05%, 06/15/2025		100,000		94,349
Gol Finance S.A., 7.00%, 01/31/2025^(a)		500,000		216,098
InterCement Financial Operations B.V., 5.75%, 07/17/2024^(a)		400,000		278,440
Itau Unibanco Holding S.A.
2.90%, 01/24/2023^(a)		620,000		617,749
5.13%, 05/13/2023^(a)		600,000		596,676
3.25%, 01/24/2025^(a)		500,000		481,515
Petrobras Global Finance B.V.
6.25%, 03/17/2024		468,000		470,204
5.30%, 01/27/2025		497,000		491,429

				11,185,746


Canada-2.68%
Bombardier, Inc.
7.50%, 12/01/2024^(a)		500,000		498,172
7.50%, 03/15/2025^(a)		100,000		99,401
Ensign Drilling, Inc., 9.25%, 04/15/2024^(a)		400,000		362,482
goeasy Ltd., 5.38%, 12/01/2024^(a)		500,000		467,318
Methanex Corp., 4.25%, 12/01/2024^(c)		600,000		580,878
Mountain Province Diamonds, Inc., 8.00%, 12/15/2022^(a)(c)		725,000		708,764
NOVA Chemicals Corp., 4.88%, 06/01/2024^(a)		603,000		587,777
Quebecor Media, Inc., 5.75%, 01/15/2023^(c)		500,000		500,835
TransAlta Corp., 4.50%, 11/15/2022		600,000		599,430
Videotron Ltd., 5.38%, 06/15/2024^(a)		600,000		597,435

				5,002,492


Cayman Islands-0.22%
Industrial Senior Trust, 5.50%, 11/01/2022^(a)		415,000		415,000

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


		15

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

October 31, 2022


	Principal Amount		Value
Chile-0.24%
Kenbourne Invest S.A., 6.88%, 11/26/2024^(a)		$ 500,000	$	445,857


China-1.45%
Greenland Global Investment Ltd., 5.88%, 07/03/2024^(a)		200,000		45,000
Huachen Energy Co. Ltd., 2.35% PIK Rate, 2.30% Cash Rate, 12/29/2026^(a)(d)		405,180		184,357
Lanzhou City Development Investment Co. Ltd., 4.15%, 11/15/2022^(a)		400,000		380,000
Yanlord Land HK Co. Ltd.
6.75%, 04/23/2023^(a)(c)		500,000		456,250
6.80%, 02/27/2024^(a)		300,000		178,500
Yinchuan Tonglian Capital Investment Operation Co. Ltd., 4.45%, 06/10/2023^(a)		200,000		175,993
Zhangzhou Transportation Development Group Co. Ltd., 4.98%, 06/01/2025^(a)		200,000		193,868
Zhongyuan Asset Management Co. Ltd., 4.20%, 11/29/2022^(a)		500,000		493,730
Zoomlion HK SPV Co. Ltd., 6.13%, 12/20/2022^(a)		607,000		607,704

				2,715,402


Colombia-1.33%
Banco de Bogota S.A., 5.38%, 02/19/2023^(a)		407,000		406,380
Bancolombia S.A., 3.00%, 01/29/2025		500,000		449,390
Credivalores-Crediservicios S.A.S., 8.88%, 02/07/2025^(a)		500,000		196,243
Ecopetrol S.A.
5.88%, 09/18/2023		575,000		566,461
4.13%, 01/16/2025^(c)		500,000		461,559
Gilex Holding S.a.r.l., 8.50%, 05/02/2023^(a)		410,000		404,625

				2,484,658


Costa Rica-0.37%
Costa Rica Government International Bond, 4.25%, 01/26/2023^(a)		700,000		700,327


Denmark-0.31%
DKT Finance ApS, 9.38%, 06/17/2023^(a)		600,000		579,750


Dominican Republic-0.58%
Banco de Reservas de la Republica Dominicana, 7.00%, 02/01/2023^(a)		550,000		551,438
Dominican Republic International Bond, 5.50%, 01/27/2025^(a)		550,000		539,772

				1,091,210


Egypt-1.39%
Egypt Government International Bond
5.58%, 02/21/2023^(a)		600,000		597,600
4.55%, 11/20/2023^(a)		684,000		664,607
6.20%, 03/01/2024^(a)		550,000		528,599
5.75%, 05/29/2024^(a)		600,000		568,227
6.75%, 11/10/2024^(a)		250,000		229,563

				2,588,596


	Principal Amount		Value
El Salvador-0.24%
El Salvador Government International Bond, 5.88%, 01/30/2025^(a)		$ 800,000	$	452,000


Ethiopia-0.06%
Ethiopia International Bond, 6.63%, 12/11/2024^(a)		200,000		104,142


Georgia-0.25%
Georgia Capital JSC, 6.13%, 03/09/2024^(a)		500,000		469,181


Germany-0.67%
Commerzbank AG, 8.13%, 09/19/2023^(a)		509,000		507,311
Deutsche Bank AG, 4.50%, 04/01/2025^(c)		200,000		186,074
Norddeutsche Landesbank-Girozentrale, 6.25%, 04/10/2024^(a)		400,000		371,968
ZF North America Capital, Inc., 4.75%, 04/29/2025^(a)		200,000		187,417

				1,252,770


Ghana-0.16%
Ghana Government International Bond, 7.88%, 08/07/2023^(a)		230,000		173,096
Tullow Oil PLC, 7.00%, 03/01/2025^(a)		200,000		130,446

				303,542


India-4.28%
ABJA Investment Co. Pte. Ltd., 5.95%, 07/31/2024^(a)		500,000		491,092
Adani Green Energy UP Ltd./Prayatna Developers Pvt. Ltd./Parampujya Solar Energy Pvt. Ltd., 6.25%, 12/10/2024^(a)		300,000		272,895
Azure Power Solar Energy Pvt. Ltd., 5.65%, 12/24/2024^(a)		500,000		406,125
GMR Hyderabad International Airport Ltd., 5.38%, 04/10/2024^(a)		500,000		481,275
Greenko Investment Co., 4.88%, 08/16/2023^(a)		600,000		575,040
Greenko Solar Mauritius Ltd., 5.55%, 01/29/2025^(a)		500,000		438,125
Greenko Wind Projects Mauritius Ltd., 5.50%, 04/06/2025^(a)		350,000		299,721
IIFL Finance Ltd., 5.88%, 04/20/2023^(a)		612,000		599,791
India Green Energy Holdings, 5.38%, 04/29/2024^(a)		500,000		466,973
India Toll Roads, 5.50%, 08/19/2024^(a)		500,000		465,476
JSW Steel Ltd.
5.95%, 04/18/2024^(a)		500,000		468,250
5.38%, 04/04/2025^(a)		200,000		173,750
Manappuram Finance Ltd., 5.90%, 01/13/2023^(a)		500,000		496,425
Muthoot Finance Ltd., 4.40%, 09/02/2023^(a)		400,000		388,600
Shriram Transport Finance Co. Ltd.
5.10%, 07/16/2023^(a)		400,000		390,906
4.40%, 03/13/2024^(a)		478,000		446,113
4.15%, 07/18/2025^(a)		200,000		173,102

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


		16

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

October 31, 2022


	Principal Amount		Value
India-(continued)
Tata Motors Ltd., 5.75%, 10/30/2024^(a)		$ 500,000	$	482,623
TML Holdings Pte. Ltd., 5.50%, 06/03/2024^(a)		500,000		473,775

				7,990,057


Indonesia-1.70%
APL Realty Holdings Pte. Ltd., 5.95%, 06/02/2024^(a)		600,000		252,000
Indika Energy Capital III Pte. Ltd., 5.88%, 11/09/2024^(a)		600,000		581,333
Jababeka International B.V., 6.50%, 10/05/2023^(a)		700,000		388,500
LMIRT Capital Pte. Ltd., 7.25%, 06/19/2024^(a)		400,000		250,000
Medco Platinum Road Pte. Ltd., 6.75%, 01/30/2025^(a)		500,000		479,825
Nickel Industries Ltd., 6.50%, 04/01/2024^(a)		500,000		455,000
PT Saka Energi Indonesia, 4.45%, 05/05/2024^(a)		450,000		419,786
Theta Capital Pte. Ltd., 8.13%, 01/22/2025^(a)		500,000		343,000

				3,169,444


Israel-1.75%
Energean Israel Finance Ltd., 4.50%, 03/30/2024^(a)(c)		450,000		431,025
Leviathan Bond Ltd.
5.75%, 06/30/2023^(a)		507,202		504,365
6.13%, 06/30/2025^(a)		200,000		190,873
Teva Pharmaceutical Finance Co. B.V., 2.95%, 12/18/2022		550,000		545,749
Teva Pharmaceutical Finance Netherlands III B.V.
2.80%, 07/21/2023		574,000		558,855
6.00%, 04/15/2024		450,000		446,137
7.13%, 01/31/2025		600,000		595,386

				3,272,390


Jamaica-0.23%
Digicel International Finance Ltd./Digicel international Holdings Ltd., 8.75%, 05/25/2024^(a)		500,000		427,822


Japan-1.24%
Rakuten Group, Inc., 3.55%, 11/27/2024^(a)		900,000		823,707
SoftBank Group Corp.
4.75%, 09/19/2024^(a)		900,000		848,250
3.13%, 01/06/2025^(a)		500,000		451,875
6.00%, 07/30/2025^(a)		200,000		188,128

				2,311,960


Kenya-0.23%
Republic of Kenya Government International Bond, 6.88%, 06/24/2024^(a)		500,000		438,265


Kuwait-0.36%
Kuwait Projects Co. SPC Ltd., 5.00%, 03/15/2023^(a)		700,000		676,843


	Principal Amount		Value
Mexico-1.63%
Axtel S.A.B. de C.V., 6.38%, 11/14/2024^(a)		$ 426,000	$	285,795
Credito Real S.A.B. de C.V., SOFOM, E.R., 7.25%, 07/20/2023, (Acquired 09/28/2020; Cost $297,011)^(a)(c)(e)		300,000		6,375
Operadora de Servicios Mega S.A. de C.V. SOFOM, E.R., 8.25%, 02/11/2025^(a)		500,000		210,103
Petroleos Mexicanos
3.50%, 01/30/2023		584,000		579,827
4.63%, 09/21/2023		585,000		572,569
4.88%, 01/18/2024^(c)		611,000		595,484
4.25%, 01/15/2025^(c)		600,000		559,626
SixSigma Networks Mexico S.A. de C.V., 7.50%, 05/02/2025^(a)		200,000		166,031
Unifin Financiera S.A.B. de C.V., 7.25%, 09/27/2023^(a)		700,000		71,750

				3,047,560


Mongolia-0.85%
Development Bank of Mongolia LLC, 7.25%, 10/23/2023^(a)		400,000		352,600
Mongolia Government International Bond
5.63%, 05/01/2023^(a)		600,000		571,500
8.75%, 03/09/2024^(a)		200,000		187,998
Mongolian Mortgage Corp. Hfc LLC, 8.85%, 02/08/2024^(a)		750,000		472,500

				1,584,598


Morocco-0.64%
Morocco Government International Bond, 4.25%, 12/11/2022^(a)		600,000		599,011
OCP S.A., 5.63%, 04/25/2024^(a)		600,000		595,814

				1,194,825


Netherlands-0.13%
InterGen N.V., 7.00%, 06/30/2023^(a)		250,000		245,010


Nigeria-0.31%
Nigeria Government International Bond, 6.38%, 07/12/2023^(a)		600,000		583,770


Oman-1.29%
Bank Muscat SAOG, 4.88%, 03/14/2023^(a)		600,000		597,214
Lamar Funding Ltd., 3.96%, 05/07/2025^(a)		200,000		184,857
Oman Government International Bond
4.13%, 01/17/2023^(a)		700,000		697,486
4.88%, 02/01/2025^(a)		530,000		516,379
Oztel Holdings SPC Ltd., 5.63%, 10/24/2023^(a)		408,000		406,002

				2,401,938


Pakistan-0.43%
Pakistan Government International Bond, 8.25%, 04/15/2024^(a)		400,000		171,360
Third Pakistan International Sukuk Co. Ltd. (The), 5.63%, 12/05/2022^(a)		700,000		639,072

				810,432

Panama-0.33%
Multibank, Inc., 4.38%, 11/09/2022^(a)		625,000		624,403

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


		17

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

October 31, 2022


	Principal Amount		Value
Puerto Rico-0.22%
Popular, Inc., 6.13%, 09/14/2023		$ 400,000	$	402,220


Russia-0.15%
Chelyabinsk Pipe Plant Via Chelpipe Finance DAC, 4.50%, 09/19/2024^(a)(f)		300,000		82,500
O1 Properties Finance PLC, 0.50%, 12/31/2049^(a)		500,000		32,435
Petropavlovsk 2016 Ltd., 8.13%, 11/14/2022^(a)		300,000		162,000

				276,935


Singapore-0.25%
Puma International Financing S.A., 5.13%, 10/06/2024^(a)		500,000		469,720


South Africa-1.58%
Eskom Holdings SOC Ltd.
6.75%, 08/06/2023^(a)		420,000		412,224
7.13%, 02/11/2025^(a)		613,000		575,178
MTN (Mauritius) Investments Ltd., 4.76%, 11/11/2024^(a)		300,000		288,698
Republic of South Africa Government International Bond, 4.67%, 01/17/2024		600,000		591,420
Sasol Financing International Ltd., 4.50%, 11/14/2022		637,000		636,087
Sasol Financing USA LLC, 5.88%, 03/27/2024		450,000		440,446

				2,944,053


South Korea-0.21%
SK Innovation Co. Ltd., 4.13%, 07/13/2023^(a)		400,000		393,266


Spain-0.09%
Codere Finance 2 (Luxembourg) S.A., 11.63% PIK Rate, 2.00% Cash Rate, 11/30/2027, (Acquired 03/01/2019 - 04/30/2022; Cost $186,746)^(a)(d)(e)		198,128		165,833


Sweden-0.79%
Stena AB, 7.00%, 02/01/2024^(a)		600,000		568,944
Stena International S.A.
5.75%, 03/01/2024^(a)		575,000		540,825
6.13%, 02/01/2025^(a)		400,000		375,794

				1,485,563


Trinidad and Tobago-0.32%
Trinidad & Tobago Government International Bond, 4.38%, 01/16/2024^(a)		600,000		591,464


Turkey-10.00%
Arcelik A.S., 5.00%, 04/03/2023^(a)		700,000		696,319
Fibabanka A. S., 6.00%, 01/25/2023^(a)		600,000		596,569
Hazine Mustesarligi Varlik Kiralama A.S.
5.00%, 04/06/2023^(a)		700,000		697,235
4.49%, 11/25/2024^(a)		500,000		463,974
KOC Holding A.S.
5.25%, 03/15/2023^(a)		700,000		699,783
6.50%, 03/11/2025^(a)		200,000		190,162
Mersin Uluslararasi Liman Isletmeciligi A.S., 5.38%, 11/15/2024^(a)		500,000		462,467


	Principal Amount		Value
Turkey-(continued)
Petkim Petrokimya Holding A.S., 5.88%, 01/26/2023^(a)		$ 620,000	$	620,028
QNB Finansbank A.S., 6.88%, 09/07/2024^(a)		500,000		501,545
Roenesans Gayrimenkul Yatirim A.S., 7.25%, 04/26/2023^(a)		750,000		736,745
T.C. Ziraat Bankasi A.S., 5.13%, 09/29/2023^(a)		420,000		413,635
Turk Telekomunikasyon A.S.
4.88%, 06/19/2024^(a)		600,000		530,220
6.88%, 02/28/2025^(a)		613,000		536,363
Turkey Government International Bond
3.25%, 03/23/2023		600,000		598,362
7.25%, 12/23/2023		600,000		607,446
5.75%, 03/22/2024		600,000		592,350
6.35%, 08/10/2024		500,000		490,515
5.60%, 11/14/2024		500,000		479,365
7.38%, 02/05/2025		500,000		492,858
4.25%, 03/13/2025		200,000		181,727
Turkiye Garanti Bankasi A.S., 5.88%, 03/16/2023^(a)		500,000		501,372
Turkiye Ihracat Kredi Bankasi A.S.
5.38%, 10/24/2023^(a)		420,000		410,869
8.25%, 01/24/2024^(a)		600,000		591,884
6.13%, 05/03/2024^(a)		400,000		375,937
Turkiye Is Bankasi A.S.
7.85%, 12/10/2023^(a)		600,000		603,211
6.13%, 04/25/2024^(a)		500,000		486,400
Turkiye Petrol Rafinerileri A.S., 4.50%, 10/18/2024^(a)		550,000		510,141
Turkiye Sinai Kalkinma Bankasi A.S.
5.50%, 01/16/2023^(a)		500,000		500,193
6.00%, 01/23/2025^(a)		500,000		452,207
Turkiye Vakiflar Bankasi T.A.O.
6.00%, 11/01/2022^(a)		400,000		400,000
5.75%, 01/30/2023^(a)		420,000		420,109
8.13%, 03/28/2024^(a)		400,000		394,540
5.25%, 02/05/2025^(a)		500,000		445,000
Yapi ve Kredi Bankasi A.S.
5.50%, 12/06/2022^(a)		420,000		420,009
6.10%, 03/16/2023^(a)		600,000		600,943
5.85%, 06/21/2024^(a)		516,000		493,496
8.25%, 10/15/2024^(a)		500,000		492,825

				18,686,804


Ukraine-0.11%
MHP SE, 7.75%, 05/10/2024^(a)		350,000		168,595
Ukraine Railways Via Rail Capital Markets PLC, 8.25%, 07/09/2024^(a)(f)		200,000		38,000

				206,595


United Arab Emirates-0.24%
Alpha Star Holding V Ltd., 6.63%, 04/18/2023^(a)		454,000		451,812


United Kingdom-0.52%
Celtic Resources Holdings DAC, 4.13%, 10/09/2024^(a)(g)		300,000		0
Clear Channel International B.V., 6.63%, 08/01/2025^(a)		200,000		190,721

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


		18

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

October 31, 2022


	Principal Amount		Value
United Kingdom-(continued)
eG Global Finance PLC, 6.75%, 02/07/2025^(a)		$ 50,000	$	45,114
Jaguar Land Rover Automotive PLC, 5.63%, 02/01/2023^(a)		550,000		539,807
Neptune Energy Bondco PLC, 6.63%, 05/15/2025^(a)		200,000		194,681

				970,323


United States-43.05%
ADT Security Corp. (The), 4.13%, 06/15/2023		510,000		506,135
Ahern Rentals, Inc., 7.38%, 05/15/2023^(a)		500,000		352,240
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 3.50%, 02/15/2023^(a)		500,000		497,402
Alliance Resource Operating Partners L.P./Alliance Resource Finance Corp., 7.50%, 05/01/2025^(a)		200,000		196,481
Ally Financial, Inc., 5.13%, 09/30/2024^(c)		500,000		492,676
AMC Networks, Inc.
5.00%, 04/01/2024		500,000		486,092
4.75%, 08/01/2025^(c)		100,000		91,633
American Airlines, Inc., 11.75%, 07/15/2025^(a)		200,000		219,002
AmeriGas Partners L.P./AmeriGas Finance Corp.
5.63%, 05/20/2024		500,000		489,700
5.50%, 05/20/2025		200,000		192,007
Aramark Services, Inc.
5.00%, 04/01/2025^(a)		200,000		193,084
6.38%, 05/01/2025^(a)		200,000		198,378
Arconic Corp., 6.00%, 05/15/2025^(a)		100,000		99,269
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 04/30/2025^(a)		50,000		47,261
Arrow Bidco LLC, 9.50%, 03/15/2024^(a)		500,000		503,080
Avient Corp.
5.25%, 03/15/2023		700,000		700,319
5.75%, 05/15/2025^(a)		100,000		97,797
B&G Foods, Inc., 5.25%, 04/01/2025		200,000		182,261
Ball Corp.
4.00%, 11/15/2023		600,000		589,425
5.25%, 07/01/2025		200,000		197,852
Brand Industrial Services, Inc., 8.50%, 07/15/2025^(a)		100,000		72,120
Brinker International, Inc.
3.88%, 05/15/2023		600,000		593,476
5.00%, 10/01/2024^(a)		500,000		485,704
Caesars Entertainment, Inc., 6.25%, 07/01/2025^(a)		200,000		194,431
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/2025^(a)		200,000		195,625
CCO Holdings LLC/CCO Holdings Capital Corp., 4.00%, 03/01/2023^(a)		500,000		496,855
CDW LLC/CDW Finance Corp., 5.50%, 12/01/2024		500,000		496,267


	Principal Amount		Value
United States-(continued)
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.50%, 05/01/2025^(a)		$ 100,000	$	99,375
Cengage Learning, Inc., 9.50%, 06/15/2024^(a)		500,000		473,905
Cheniere Corpus Christi Holdings LLC
7.00%, 06/30/2024		500,000		506,163
5.88%, 03/31/2025		100,000		100,088
Citgo Holding, Inc., 9.25%, 08/01/2024^(a)		500,000		501,100
CITGO Petroleum Corp., 7.00%, 06/15/2025^(a)		100,000		98,867
Clearwater Paper Corp., 5.38%, 02/01/2025^(a)		500,000		486,011
CNG Holdings, Inc., 12.50%, 06/15/2024^(a)		500,000		426,920
Commercial Metals Co., 4.88%, 05/15/2023^(c)		574,000		573,320
CommScope Technologies LLC, 6.00%, 06/15/2025^(a)		200,000		186,972
Compass Minerals International, Inc., 4.88%, 07/15/2024^(a)		500,000		474,382
Continental Resources, Inc.
4.50%, 04/15/2023		500,000		498,457
3.80%, 06/01/2024^(c)		500,000		482,780
Cooper-Standard Automotive, Inc., 13.00%, 06/01/2024^(a)		500,000		512,761
Cornerstone Chemical Co., 6.75%, 08/15/2024^(a)		500,000		376,698
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 5.75%, 04/01/2025		200,000		195,120
CSC Holdings LLC, 5.25%, 06/01/2024^(c)		500,000		485,528
CVR Energy, Inc., 5.25%, 02/15/2025^(a)		500,000		482,138
Dana Financing Luxembourg S.a.r.l., 5.75%, 04/15/2025^(a)		200,000		194,714
Delta Air Lines, Inc.
3.80%, 04/19/2023		600,000		594,447
2.90%, 10/28/2024		500,000		473,335
Diebold Nixdorf, Inc.
8.50%, 04/15/2024		430,000		216,373
9.38%, 07/15/2025^(a)		100,000		74,596
DISH DBS Corp.
5.00%, 03/15/2023		601,000		594,368
5.88%, 11/15/2024		500,000		462,500
Diversified Healthcare Trust, 4.75%, 05/01/2024		659,000		565,570
DPL, Inc., 4.13%, 07/01/2025		200,000		189,152
Enact Holdings, Inc., 6.50%, 08/15/2025^(a)		100,000		98,741
EnerSys, 5.00%, 04/30/2023^(a)		600,000		594,534
EnLink Midstream Partners L.P., 4.40%, 04/01/2024		600,000		577,305
Enova International, Inc., 8.50%, 09/01/2024^(a)		500,000		469,861
EQM Midstream Partners L.P., 4.00%, 08/01/2024		600,000		573,786
FirstEnergy Corp., 2.05%, 03/01/2025		200,000		184,194
Ford Motor Credit Co. LLC 3.35%, 11/01/2022		500,000		500,000

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


		19

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

October 31, 2022


	Principal Amount		Value
United States-(continued)
3.09%, 01/09/2023		$ 450,000	$	448,395
4.14%, 02/15/2023		450,000		448,965
3.37%, 11/17/2023		528,000		510,878
5.58%, 03/18/2024		600,000		593,469
4.06%, 11/01/2024^(c)		500,000		479,217
2.30%, 02/10/2025^(c)		500,000		456,500
4.69%, 06/09/2025		200,000		190,506
5.13%, 06/16/2025		200,000		193,838
Freedom Mortgage Corp.
8.13%, 11/15/2024^(a)		500,000		440,565
8.25%, 04/15/2025^(a)		200,000		171,467
Freeport-McMoRan, Inc.
3.88%, 03/15/2023		530,000		526,905
4.55%, 11/14/2024		500,000		490,718
FS Energy and Power Fund, 7.50%, 08/15/2023^(a)		409,000		410,718
FXI Holdings, Inc., 7.88%, 11/01/2024^(a)		500,000		429,638
Genesis Energy L.P./Genesis Energy Finance Corp., 5.63%, 06/15/2024		600,000		587,226
Goodyear Tire & Rubber Co. (The), 9.50%, 05/31/2025		200,000		208,223
Graphic Packaging International LLC
4.88%, 11/15/2022		624,000		622,590
4.13%, 08/15/2024		500,000		487,862
Hanesbrands, Inc., 4.63%, 05/15/2024^(a)		500,000		487,475
HAT Holdings I LLC/HAT Holdings II LLC, 6.00%, 04/15/2025^(a)		200,000		190,940
HCA, Inc.
5.38%, 02/01/2025		500,000		493,804
5.25%, 04/15/2025		200,000		196,613
7.69%, 06/15/2025		200,000		206,342
Hillenbrand, Inc., 5.75%, 06/15/2025		200,000		198,758
Hilton Domestic Operating Co., Inc., 5.38%, 05/01/2025^(a)		200,000		197,500
Howmet Aerospace, Inc.
5.13%, 10/01/2024^(c)		500,000		495,387
6.88%, 05/01/2025^(c)		200,000		203,910
Hyatt Hotels Corp.
1.30%, 10/01/2023^(c)		500,000		480,398
1.80%, 10/01/2024^(c)		500,000		466,453
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 4.75%, 09/15/2024		500,000		487,255
International Game Technology PLC, 6.50%, 02/15/2025^(a)		400,000		400,432
iStar, Inc., 4.75%, 10/01/2024		500,000		494,722
KB Home, 7.63%, 05/15/2023		500,000		500,952
Koppers, Inc., 6.00%, 02/15/2025^(a)		500,000		448,150
Laredo Petroleum, Inc., 9.50%, 01/15/2025		600,000		601,125
Las Vegas Sands Corp.
3.20%, 08/08/2024		600,000		569,464
2.90%, 06/25/2025		200,000		181,317
Legacy LifePoint Health LLC, 6.75%, 04/15/2025^(a)		200,000		177,400
Live Nation Entertainment, Inc., 4.88%, 11/01/2024^(a)		500,000		486,695
Mallinckrodt International Finance S.A./Mallinckrodt CB LLC, 10.00%, 04/15/2025^(a)		200,000		136,000


	Principal Amount		Value
United States-(continued)
Mattel, Inc., 3.15%, 03/15/2023		$ 485,000	$	479,772
Mauser Packaging Solutions Holding Co.
5.50%, 04/15/2024^(a)		500,000		490,922
7.25%, 04/15/2025^(a)		200,000		180,316
Maxim Crane Works Holdings Capital LLC, 10.13%, 08/01/2024^(a)		596,000		574,464
MGM Resorts International
6.00%, 03/15/2023		536,000		536,329
6.75%, 05/01/2025^(c)		200,000		198,233
5.75%, 06/15/2025^(c)		200,000		195,079
Mohegan Gaming & Entertainment, 7.88%, 10/15/2024^(a)		500,000		504,420
Murphy Oil Corp., 5.75%, 08/15/2025		200,000		197,493
Navient Corp.
5.50%, 01/25/2023		410,000		409,853
7.25%, 09/25/2023		538,000		540,012
6.13%, 03/25/2024		400,000		393,362
5.88%, 10/25/2024^(c)		500,000		486,915
6.75%, 06/25/2025		200,000		191,709
Netflix, Inc.
5.75%, 03/01/2024^(c)		431,000		431,534
5.88%, 02/15/2025		500,000		503,605
Newmark Group, Inc., 6.13%, 11/15/2023		596,000		593,857
NextEra Energy Operating Partners L.P., 4.25%, 07/15/2024^(a)		500,000		485,873
NGL Energy Partners L.P./NGL Energy Finance Corp.
7.50%, 11/01/2023		526,000		513,623
6.13%, 03/01/2025		200,000		156,309
Nordstrom, Inc., 2.30%, 04/08/2024		500,000		469,885
Northwest Acquisitions ULC/Dominion Finco, Inc., 7.13%, 12/31/2049^(a)(f)		500,000		30
NortonLifeLock, Inc., 5.00%, 04/15/2025^(a)		200,000		194,536
Occidental Petroleum Corp.
6.95%, 07/01/2024		525,000		537,041
2.90%, 08/15/2024		600,000		578,658
8.00%, 07/15/2025^(c)		200,000		211,378
Oceaneering International, Inc., 4.65%, 11/15/2024		500,000		477,204
OneMain Finance Corp.
5.63%, 03/15/2023		500,000		500,607
8.25%, 10/01/2023		575,000		584,812
6.13%, 03/15/2024^(c)		550,000		538,164
6.88%, 03/15/2025^(c)		200,000		194,623
Owens-Brockway Glass Container, Inc.
5.88%, 08/15/2023^(a)		532,000		529,968
5.38%, 01/15/2025^(a)		500,000		473,120
PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 06/15/2025^(c)		200,000		198,363
PBF Logistics L.P./PBF Logistics Finance Corp., 6.88%, 05/15/2023		600,000		601,011
Performance Food Group, Inc., 6.88%, 05/01/2025^(a)		200,000		199,806
Perrigo Finance Unlimited Co., 3.90%, 12/15/2024		500,000		479,143

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


		20

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

October 31, 2022


	Principal Amount		Value
United States-(continued)
Prime Security Services Borrower LLC/ Prime Finance, Inc., 5.25%, 04/15/2024^(a)	$	500,000	$	498,505
PTC, Inc., 3.63%, 02/15/2025^(a)		500,000		474,736
Pyxus Holdings, Inc., 10.00%, 08/24/2024		510,625		401,693
QVC, Inc.
4.85%, 04/01/2024		500,000		483,214
4.45%, 02/15/2025		500,000		438,080
Radian Group, Inc.
4.50%, 10/01/2024		500,000		473,254
6.63%, 03/15/2025		200,000		197,102
Range Resources Corp.
5.00%, 03/15/2023		600,000		598,407
4.88%, 05/15/2025		200,000		193,364
Rayonier AM Products, Inc., 5.50%, 06/01/2024^(a)		500,000		492,500
Realogy Group LLC/Realogy Co-Issuer Corp., 4.88%, 06/01/2023^(a)		500,000		499,625
Sabre GLBL, Inc., 9.25%, 04/15/2025^(a)		100,000		97,014
Scientific Games International, Inc., 8.63%, 07/01/2025^(a)		200,000		205,847
Sealed Air Corp., 5.13%, 12/01/2024^(a)		500,000		493,155
Sensata Technologies B.V., 5.63%, 11/01/2024^(a)		600,000		596,118
Service Properties Trust
4.50%, 06/15/2023		635,000		627,180
4.65%, 03/15/2024		550,000		518,705
4.35%, 10/01/2024		500,000		459,410
4.50%, 03/15/2025		200,000		177,259
Six Flags Entertainment Corp., 4.88%, 07/31/2024^(a)		500,000		485,273
Six Flags Theme Parks, Inc., 7.00%, 07/01/2025^(a)		200,000		202,240
SM Energy Co., 5.63%, 06/01/2025		200,000		193,762
Southeast Supply Header LLC, 4.25%, 06/15/2024^(a)		500,000		452,385
Spectrum Brands, Inc., 5.75%, 07/15/2025		200,000		197,640
Spirit AeroSystems, Inc.
3.95%, 06/15/2023		421,000		410,147
5.50%, 01/15/2025^(a)		500,000		483,188
7.50%, 04/15/2025^(a)		200,000		194,779
Sprint Communications LLC, 6.00%, 11/15/2022		500,000		500,700
Sprint Corp.
7.88%, 09/15/2023		460,000		468,284
7.13%, 06/15/2024		500,000		505,833
7.63%, 02/15/2025		500,000		514,425
Starwood Property Trust, Inc.
5.50%, 11/01/2023^(a)		500,000		494,317
3.75%, 12/31/2024^(a)		500,000		468,083
4.75%, 03/15/2025		200,000		188,137
Stellantis N.V., 5.25%, 04/15/2023		615,000		613,549
Stericycle, Inc., 5.38%, 07/15/2024^(a)		500,000		493,607
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.75%, 04/15/2025		200,000		167,759


	Principal Amount		Value
United States-(continued)
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.63%, 03/01/2024^(a)	$	500,000	$	490,661
Team Health Holdings, Inc., 6.38%, 02/01/2025^(a)		500,000		378,595
Tenet Healthcare Corp.
4.63%, 07/15/2024		500,000		485,443
4.63%, 09/01/2024^(a)		500,000		483,833
TMX Finance LLC/TitleMax Finance Corp., 11.13%, 04/01/2023^(a)		500,000		482,245
Toll Brothers Finance Corp., 4.38%, 04/15/2023		499,000		495,673
TPro Acquisition Corp., 11.00%, 10/15/2024^(a)		500,000		492,112
Travel + Leisure Co., 3.90%, 03/01/2023		620,000		614,527
Tri Pointe Group, Inc./Tri Pointe Homes, Inc., 5.88%, 06/15/2024		561,000		551,647
Trinity Industries, Inc., 4.55%, 10/01/2024		500,000		473,180
Triumph Group, Inc.
8.88%, 06/01/2024^(a)		484,000		489,813
6.25%, 09/15/2024^(a)		500,000		462,995
7.75%, 08/15/2025		200,000		151,773
Uber Technologies, Inc., 7.50%, 05/15/2025^(a)		100,000		100,179
United Airlines Holdings, Inc.
5.00%, 02/01/2024^(c)		526,000		513,531
4.88%, 01/15/2025^(c)		500,000		478,033
Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.88%, 02/15/2025^(a)		500,000		496,772
Univision Communications, Inc., 5.13%, 02/15/2025^(a)		500,000		483,955
US Foods, Inc., 6.25%, 04/15/2025^(a)		100,000		99,657
USI, Inc., 6.88%, 05/01/2025^(a)		200,000		194,417
Vail Resorts, Inc., 6.25%, 05/15/2025^(a)		200,000		199,470
Venator Finance S.a.r.l./Venator Materials LLC, 5.75%, 07/15/2025^(a)		200,000		66,478
VeriSign, Inc., 5.25%, 04/01/2025		200,000		198,138
W&T Offshore, Inc., 9.75%, 11/01/2023^(a)		500,000		496,383
Werner FinCo L.P./Werner FinCo, Inc., 8.75%, 07/15/2025^(a)		200,000		169,792
Wesco Aircraft Holdings, Inc., 8.50%, 11/15/2024^(a)		300,000		157,500
WeWork Cos. LLC/WW Co-Obligor, Inc., 5.00%, 07/10/2025^(a)		200,000		100,259
WeWork Cos., Inc., 7.88%, 05/01/2025^(a)		100,000		54,750
WR Grace Holdings LLC, 5.63%, 10/01/2024^(a)		500,000		490,835
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
4.25%, 05/30/2023^(a)		570,000		562,125
5.50%, 03/01/2025^(a)		200,000		189,603
Xerox Corp., 3.80%, 05/15/2024		600,000		572,559
Xerox Holdings Corp., 5.00%, 08/15/2025^(a)		200,000		181,033

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


		21

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

October 31, 2022


	Principal Amount		Value
United States-(continued)
XPO Logistics, Inc., 6.25%, 05/01/2025^(a)		$ 200,000	$	202,302
Yum! Brands, Inc., 3.88%, 11/01/2023		581,000		571,605

				80,412,583


Uzbekistan-0.54%
Republic of Uzbekistan International Bond, 4.75%, 02/20/2024^(a)		600,000		572,925
Uzbek Industrial and Construction Bank ATB, 5.75%, 12/02/2024^(a)		500,000		444,757

				1,017,682


Vietnam-0.26%
Vietnam Government International Bond, 4.80%, 11/19/2024^(a)		500,000		483,750


Zambia-0.29%
First Quantum Minerals Ltd., 6.50%, 03/01/2024^(a)		546,000		535,169

Total U.S. Dollar Denominated Bonds & Notes (Cost $189,343,488)				177,314,785


	Shares
Preferred Stocks-0.14%
Guitar Center Holdings, Inc., Series A, Pfd., 0.00%^(g)(h)		2,000		262,000
Guitar Center Holdings, Inc., Series B, Pfd., 0.00%^(g)(h)		24		1,560


Total Preferred Stocks (Cost $623,350)				263,560


Common Stocks & Other Equity Interests-0.07%
Spain-0.00%
Codere New Topco S.A.^(g)(i)		8,480		0


United States-0.07%
Hornbeck Offshore Services, Inc.^(i)(j)		323		9,044
Hornbeck Offshore Services, Inc., Wts.^(i)(j)		3,246		90,888
Hornbeck Offshore Services, Inc., Wts.^(g)(i)(j)		2,673		9,355
PetroQuest Energy, Inc.^(g)(i)		28,971		12,313
Premier Brands Group Holdings Co.^(k)		3,222		3,169

Investment Abbreviations:

EUR-Euro

Pfd.-Preferred

PIK-Pay-in-Kind

Wts.-Warrants


	Shares		Value
United States-(continued)
Premier Brands Group Holdings Co., Wts., expiring 03/21/2024^(k)		10,096	$	2,044
TRU Taj LLC/TRU Taj Finance, Inc.⁽ⁱ⁾		2,156		11,454

				138,267

Total Common Stocks & Other Equity Interests (Cost $180,910)				138,267


	Principal Amount
Non-U.S. Dollar Denominated Bonds & Notes-0.07%^(l)
Spain-0.07%
Codere New Holdco S.A., 7.50% PIK Rate, 0.00% Cash Rate, 11/30/2027^(a)(d) (Cost $403,687)		EUR 235,182		124,788


	Shares
Money Market Funds-2.47%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(m)(n) (Cost $4,619,354)		4,619,354		4,619,354


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-97.67% (Cost $195,170,789)				182,460,754


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-5.09%
Invesco Private Government Fund, 3.18%^(m)(n)(o)		2,658,893		2,658,893
Invesco Private Prime Fund, 3.28%^(m)(n)(o)		6,845,033		6,845,033

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $9,503,979)				9,503,926

TOTAL INVESTMENTS IN SECURITIES-102.76% (Cost $204,674,768)				191,964,680
OTHER ASSETS LESS LIABILITIES-(2.76)%				(5,160,141	)

NET ASSETS-100.00%.			$	186,804,539

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


		22

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

October 31, 2022

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $111,492,054, which represented 59.68% of the Fund’s Net Assets.

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

^(c)	All or a portion of this security was out on loan at October 31, 2022.

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

^(e)	Restricted security. The aggregate value of these securities at October 31, 2022 was $172,208, which represented less than 1% of the Fund’s Net Assets.

^(f)	Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at October 31, 2022 was $120,530, which represented less than 1% of the Fund’s Net Assets.

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

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

⁽ⁱ⁾	Non-income producing security.

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

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

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

^(m)


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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$10,387,579		$ 84,251,444		$ (90,019,669	)		$ -			$ -			$ 4,619,354		$ 28,650

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		5,594,655		25,382,426		(28,318,188	)		-			-			2,658,893		36,293	*

Invesco Private Prime Fund		13,054,957		48,779,527		(54,984,765	)		(53	)		(4,633	)		6,845,033		101,232	*


Total		$29,037,191		$158,413,397		$(173,322,622	)		$(53	)		$(4,633	)		$14,123,280		$166,175

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

⁽ⁿ⁾	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

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

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


		23

Invesco International Corporate Bond ETF (PICB)

October 31, 2022

Schedule of Investments


	Principal
	Amount			Value
Non-U.S. Dollar Denominated Bonds & Notes-98.52%^(a)
Australia-2.11%
APA Infrastructure Ltd., 3.50%, 03/22/2030^(b)		GBP	200,000	$	189,657
Australia & New Zealand Banking Group Ltd.
4.05%, 05/12/2025		AUD	200,000		125,750
0.75%, 09/29/2026^(b)		EUR	100,000		89,427
BHP Billiton Finance Ltd., Series 12, 4.30%, 09/25/2042		GBP	350,000		343,127
Commonwealth Bank of Australia, 4.20%, 08/18/2025		AUD	350,000		220,493
Glencore Finance (Europe) Ltd., 3.13%, 03/26/2026^(b)		GBP	146,000		150,811
National Australia Bank Ltd.
3.90%, 05/30/2025		AUD	300,000		188,241
2.90%, 02/25/2027		AUD	400,000		234,486
2.13%, 05/24/2028^(b)		EUR	100,000		91,448
1.38%, 08/30/2028^(b)		EUR	200,000		174,098
NBN Co. Ltd., 1.00%, 12/03/2025^(b)		AUD	350,000		199,414
Telstra Corp. Ltd., 2.50%, 09/15/2023		EUR	50,000		49,314

					2,056,266


Belgium-0.10%
KBC Group N.V., 1.13%, 01/25/2024^(b)		EUR	100,000		95,932


Canada-20.86%
Bank of Montreal
1.50%, 12/18/2024^(b)		GBP	200,000		213,461
2.37%, 02/03/2025		CAD	400,000		275,956
1.55%, 05/28/2026		CAD	350,000		226,776
3.65%, 04/01/2027		CAD	570,000		392,590
4.31%, 06/01/2027		CAD	800,000		566,111
Bank of Nova Scotia (The)
2.49%, 09/23/2024		CAD	550,000		384,159
1.95%, 01/10/2025		CAD	700,000		479,290
2.16%, 02/03/2025		CAD	500,000		343,267
1.85%, 11/02/2026		CAD	550,000		355,034
2.95%, 03/08/2027		CAD	700,000		468,561
1.40%, 11/01/2027		CAD	450,000		275,719
Bell Canada
2.70%, 02/27/2024		CAD	300,000		213,010
3.35%, 03/12/2025		CAD	550,000		387,077
3.80%, 08/21/2028		CAD	250,000		170,757
2.50%, 05/14/2030		CAD	250,000		151,806
3.00%, 03/17/2031		CAD	300,000		185,354
3.50%, 09/30/2050		CAD	350,000		176,068
Canadian Imperial Bank of Commerce
3.29%, 01/15/2024		CAD	450,000		322,460
2.35%, 08/28/2024		CAD	500,000		348,907
2.75%, 03/07/2025		CAD	500,000		346,914
2.00%, 04/17/2025		CAD	650,000		441,664
1.10%, 01/19/2026		CAD	300,000		193,289
1.70%, 07/15/2026		CAD	300,000		194,212
4.95%, 06/29/2027		CAD	600,000		435,115
Cenovus Energy, Inc., 3.50%, 02/07/2028		CAD	350,000		238,529
CPPIB Capital, Inc., 4.45%, 09/01/2027^(b)		AUD	350,000		220,123


	Principal
	Amount			Value
Canada-(continued)
Federation des caisses Desjardins du Quebec
2.42%, 10/04/2024		CAD	300,000	$	208,980
1.09%, 01/21/2026		CAD	400,000		257,401
4.41%, 05/19/2027		CAD	150,000		106,103
HSBC Bank Canada
3.40%, 03/24/2025		CAD	400,000		281,362
1.78%, 05/20/2026		CAD	350,000		228,482
National Bank of Canada
2.98%, 03/04/2024		CAD	300,000		213,748
2.55%, 07/12/2024		CAD	350,000		245,774
2.58%, 02/03/2025		CAD	600,000		415,421
2.24%, 11/04/2026		CAD	225,000		147,399
Ontario Teachers’ Finance Trust, 1.85%, 05/03/2032^(b)		EUR	200,000		172,264
Rogers Communications, Inc.
3.10%, 04/15/2025		CAD	500,000		347,541
3.65%, 03/31/2027		CAD	350,000		239,432
3.25%, 05/01/2029		CAD	400,000		258,448
4.25%, 04/15/2032		CAD	200,000		132,609
Royal Bank of Canada
2.61%, 11/01/2024		CAD	600,000		418,859
1.94%, 05/01/2025		CAD	500,000		339,264
3.37%, 09/29/2025		CAD	1,000,000		697,959
2.33%, 01/28/2027		CAD	700,000		457,975
3.63%, 06/14/2027^(b)		GBP	100,000		105,310
4.61%, 07/26/2027		CAD	650,000		465,607
1.83%, 07/31/2028		CAD	300,000		184,017
2.13%, 04/26/2029^(b)		EUR	100,000		87,285
Shaw Communications, Inc., 6.75%, 11/09/2039		CAD	450,000		343,229
TELUS Corp.
5.25%, 11/15/2032		CAD	400,000		287,330
Series CY, 3.30%, 05/02/2029		CAD	300,000		196,364
Thomson Reuters Corp., 2.24%, 05/14/2025		CAD	450,000		308,014
Toronto-Dominion Bank (The)
2.50%, 12/02/2024		CAD	550,000		382,353
1.94%, 03/13/2025		CAD	450,000		306,541
2.67%, 09/09/2025		CAD	1,100,000		753,440
1.13%, 12/09/2025		CAD	500,000		324,496
2.26%, 01/07/2027		CAD	450,000		293,914
0.50%, 01/18/2027^(b)		EUR	200,000		170,295
2.88%, 04/05/2027^(b)		GBP	200,000		204,298
4.21%, 06/01/2027		CAD	900,000		634,357
2.55%, 08/03/2027^(b)		EUR	200,000		184,013
5.38%, 10/21/2027		CAD	500,000		368,830
1.89%, 03/08/2028		CAD	400,000		248,933
1.90%, 09/11/2028		CAD	500,000		306,558
1.95%, 04/08/2030^(b)		EUR	100,000		84,314
3.13%, 08/03/2032^(b)		EUR	100,000		89,297
TransCanada PipeLines Ltd.
3.80%, 04/05/2027		CAD	550,000		379,947
4.18%, 07/03/2048^(b)		CAD	300,000		166,077
4.34%, 10/15/2049		CAD	550,000		310,310

					20,360,359

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


		24

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

October 31, 2022


	Principal
	Amount			Value
China-0.07%
Prosus N.V., 1.29%, 07/13/2029^(b)		EUR	100,000	$	68,697


Denmark-0.85%
Danske Bank A/S, 0.63%, 05/26/2025^(b)		EUR	100,000		91,858
Orsted A/S
4.88%, 01/12/2032^(b)		GBP	200,000		223,187
5.75%, 04/09/2040^(b)		GBP	150,000		176,877
5.38%, 09/13/2042^(b)		GBP	300,000		343,172

					835,094


Finland-1.11%
Nordea Bank Abp
1.13%, 02/16/2027^(b)		EUR	130,000		114,882
0.50%, 05/14/2027^(b)		EUR	200,000		173,343
1.13%, 09/27/2027^(b)		EUR	100,000		88,869
0.50%, 11/02/2028^(b)		EUR	200,000		160,248
2.50%, 05/23/2029^(b)		EUR	200,000		179,465
OP Corporate Bank PLC
0.50%, 08/12/2025^(b)		EUR	100,000		90,993
2.88%, 12/15/2025^(b)		EUR	200,000		192,960
0.10%, 11/16/2027^(b)		EUR	100,000		82,091

					1,082,851


France-21.45%
Aeroports de Paris
2.13%, 10/02/2026^(b)		EUR	100,000		94,178
2.75%, 04/02/2030^(b)		EUR	200,000		181,477
Airbus SE
1.63%, 06/09/2030^(b)		EUR	200,000		172,099
2.38%, 04/07/2032^(b)		EUR	100,000		88,569
2.38%, 06/09/2040^(b)		EUR	100,000		75,013
Autoroutes du Sud de la France S.A.
1.38%, 01/22/2030^(b)		EUR	100,000		86,932
1.38%, 02/21/2031^(b)		EUR	100,000		85,377
Banque Federative du Credit Mutuel S.A.
3.00%, 05/21/2024^(b)		EUR	100,000		97,887
1.75%, 12/19/2024^(b)		GBP	100,000		107,457
1.25%, 01/14/2025^(b)		EUR	100,000		93,961
0.01%, 03/07/2025^(b)		EUR	200,000		182,070
1.00%, 05/23/2025^(b)		EUR	300,000		277,998
0.75%, 07/17/2025^(b)		EUR	200,000		183,627
3.00%, 09/11/2025^(b)		EUR	100,000		96,323
1.25%, 12/05/2025^(b)		GBP	200,000		205,537
1.63%, 01/19/2026^(b)		EUR	200,000		185,302
2.38%, 03/24/2026^(b)		EUR	100,000		93,201
0.01%, 05/11/2026^(b)		EUR	200,000		173,621
0.75%, 06/08/2026^(b)		EUR	200,000		178,162
1.00%, 07/16/2026^(b)		GBP	200,000		197,822
1.25%, 05/26/2027^(b)		EUR	200,000		177,166
3.13%, 09/14/2027^(b)		EUR	300,000		287,850
0.25%, 07/19/2028^(b)		EUR	100,000		78,277
0.63%, 11/03/2028^(b)		EUR	200,000		158,183
1.75%, 03/15/2029^(b)		EUR	100,000		84,162
1.88%, 06/18/2029^(b)		EUR	100,000		81,824
0.75%, 01/17/2030^(b)		EUR	100,000		76,244
1.25%, 06/03/2030^(b)		EUR	100,000		78,582
0.63%, 02/21/2031^(b)		EUR	200,000		145,522
BNP Paribas S.A.
2.38%, 02/17/2025^(b)		EUR	200,000		191,139
1.50%, 11/17/2025^(b)		EUR	200,000		184,375


	Principal
	Amount			Value
France-(continued)
3.38%, 01/23/2026^(b)		GBP	300,000	$	320,019
1.13%, 06/11/2026^(b)		EUR	200,000		178,184
0.13%, 09/04/2026^(b)		EUR	100,000		84,968
2.25%, 01/11/2027^(b)		EUR	100,000		90,656
1.88%, 12/14/2027^(b)		GBP	300,000		282,091
1.50%, 05/23/2028^(b)		EUR	100,000		84,242
1.50%, 05/25/2028^(b)		EUR	100,000		89,247
1.38%, 05/28/2029^(b)		EUR	200,000		161,622
3.63%, 09/01/2029^(b)		EUR	100,000		92,812
1.63%, 07/02/2031^(b)		EUR	100,000		74,886
1.25%, 07/13/2031^(b)		GBP	300,000		237,988
2.10%, 04/07/2032^(b)		EUR	200,000		158,112
0.63%, 12/03/2032^(b)		EUR	300,000		201,031
2.00%, 09/13/2036^(b)		GBP	100,000		72,883
Bouygues S.A.
1.13%, 07/24/2028^(b)		EUR	100,000		86,704
2.25%, 06/29/2029^(b)		EUR	200,000		178,160
3.25%, 06/30/2037^(b)		EUR	100,000		82,813
BPCE S.A.
0.63%, 09/26/2024^(b)		EUR	200,000		186,296
1.00%, 04/01/2025^(b)		EUR	100,000		92,414
0.63%, 04/28/2025^(b)		EUR	200,000		184,191
0.25%, 01/15/2026^(b)		EUR	200,000		178,480
0.38%, 02/02/2026^(b)		EUR	100,000		89,188
0.50%, 02/24/2027^(b)		EUR	100,000		84,718
1.75%, 04/26/2027^(b)		EUR	100,000		90,730
1.00%, 10/05/2028^(b)		EUR	100,000		84,621
5.25%, 04/16/2029^(b)		GBP	200,000		208,095
0.25%, 01/14/2031^(b)		EUR	200,000		145,182
0.75%, 03/03/2031^(b)		EUR	100,000		73,102
1.00%, 01/14/2032^(b)		EUR	100,000		72,564
Capgemini SE, 2.38%, 04/15/2032^(b)		EUR	200,000		173,189
Carrefour S.A., 2.63%, 12/15/2027^(b)		EUR	100,000		92,697
Cie de Saint-Gobain, 1.88%, 03/15/2031^(b)		EUR	100,000		83,827
Cie Generale des Etablissements Michelin S.C.A., 1.75%, 09/03/2030^(b)		EUR	100,000		89,231
Coentreprise de Transport d’Electricite S.A.
1.50%, 07/29/2028^(b)		EUR	200,000		172,324
2.13%, 07/29/2032^(b)		EUR	100,000		80,961
Credit Agricole Assurances S.A.
2.00%, 07/17/2030^(b)		EUR	200,000		152,631
1.50%, 10/06/2031^(b)		EUR	100,000		70,261
Credit Agricole S.A.
1.38%, 03/13/2025^(b)		EUR	200,000		188,017
1.00%, 09/18/2025^(b)		EUR	300,000		277,759
0.38%, 10/21/2025^(b)		EUR	200,000		180,925
3.13%, 02/05/2026^(b)		EUR	200,000		193,522
1.25%, 04/14/2026^(b)		EUR	200,000		183,412
1.88%, 12/20/2026^(b)		EUR	200,000		181,136
1.38%, 05/03/2027^(b)		EUR	200,000		179,432
0.13%, 12/09/2027		EUR	200,000		161,277
0.38%, 04/20/2028^(b)		EUR	200,000		159,983
1.75%, 03/05/2029^(b)		EUR	200,000		169,746
1.00%, 07/03/2029^(b)		EUR	200,000		166,088
2.50%, 08/29/2029^(b)		EUR	100,000		91,090
0.88%, 01/14/2032^(b)		EUR	200,000		144,733
1.13%, 07/12/2032^(b)		EUR	200,000		146,984

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


		25

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

October 31, 2022


	Principal
	Amount			Value
France-(continued)
Credit Mutuel Arkea S.A., 3.38%, 09/19/2027^(b)		EUR	200,000	$	192,668
Danone S.A., 1.21%, 11/03/2028^(b)		EUR	200,000		174,698
Dassault Systemes SE, 0.38%, 09/16/2029^(b)		EUR	100,000		80,985
Electricite de France S.A.
1.00%, 10/13/2026^(b)		EUR	200,000		177,765
4.13%, 03/25/2027^(b)		EUR	100,000		99,210
6.25%, 05/30/2028^(b)		GBP	200,000		231,945
4.38%, 10/12/2029^(b)		EUR	100,000		96,799
4.63%, 04/26/2030^(b)		EUR	200,000		198,764
2.00%, 10/02/2030^(b)		EUR	200,000		163,525
5.88%, 07/18/2031		GBP	200,000		226,822
1.00%, 11/29/2033^(b)		EUR	200,000		134,122
6.13%, 06/02/2034^(b)		GBP	500,000		572,895
4.75%, 10/12/2034^(b)		EUR	200,000		192,853
5.50%, 03/27/2037^(b)		GBP	100,000		106,823
5.50%, 10/17/2041^(b)		GBP	400,000		422,661
5.13%, 09/22/2050^(b)		GBP	300,000		303,412
6.00%, 01/23/2114^(b)(c)		GBP	400,000		428,028
ELO SACA, 2.88%, 01/29/2026^(b)		EUR	100,000		92,196
ENGIE S.A.
2.38%, 05/19/2026^(b)		EUR	200,000		189,478
7.00%, 10/30/2028		GBP	200,000		243,428
5.00%, 10/01/2060^(b)		GBP	300,000		316,067
EssilorLuxottica S.A.
0.50%, 06/05/2028^(b)		EUR	100,000		85,272
0.75%, 11/27/2031^(b)		EUR	100,000		78,633
Holding d’Infrastructures de Transport S.A.S.U., 1.48%, 01/18/2031^(b)		EUR	100,000		74,792
HSBC Continental Europe S.A., 0.10%, 09/03/2027^(b)		EUR	100,000		83,801
Orange S.A.
1.38%, 03/20/2028^(b)		EUR	100,000		89,649
8.13%, 11/20/2028^(b)		GBP	150,000		197,678
2.00%, 01/15/2029^(b)		EUR	200,000		183,819
1.38%, 01/16/2030^(b)		EUR	100,000		86,255
1.88%, 09/12/2030^(b)		EUR	100,000		88,211
0.50%, 09/04/2032^(b)		EUR	100,000		73,411
8.13%, 01/28/2033		EUR	150,000		197,165
0.63%, 12/16/2033^(b)		EUR	200,000		142,633
5.38%, 11/22/2050^(b)		GBP	200,000		242,722
Pernod Ricard S.A., 1.75%, 04/08/2030^(b)		EUR	200,000		175,271
Sanofi
Series 12FX, 1.38%, 03/21/2030^(b)		EUR	200,000		173,991
Series 20FX, 1.88%, 03/21/2038^(b)		EUR	100,000		79,815
Societe Generale S.A.
1.25%, 02/15/2024^(b)		EUR	200,000		191,569
1.13%, 01/23/2025^(b)		EUR	200,000		186,498
2.63%, 02/27/2025^(b)		EUR	100,000		95,440
0.13%, 02/24/2026^(b)		EUR	100,000		88,200
0.75%, 01/25/2027^(b)		EUR	200,000		168,883
0.25%, 07/08/2027^(b)		EUR	100,000		84,261
0.13%, 02/18/2028^(b)		EUR	100,000		81,620
2.13%, 09/27/2028^(b)		EUR	200,000		171,339
1.75%, 03/22/2029^(b)		EUR	100,000		82,690
2.63%, 05/30/2029^(b)		EUR	200,000		183,727
1.25%, 06/12/2030^(b)		EUR	100,000		76,367


	Principal
	Amount			Value
France-(continued)
Suez S.A.C.A., 2.88%, 05/24/2034^(b)		EUR	200,000	$	162,038
TotalEnergies Capital Canada Ltd., 2.13%, 09/18/2029^(b)		EUR	300,000		271,626
TotalEnergies Capital International S.A.
0.75%, 07/12/2028^(b)		EUR	200,000		170,771
1.38%, 10/04/2029^(b)		EUR	100,000		85,979
1.99%, 04/08/2032^(b)		EUR	100,000		85,942
1.62%, 05/18/2040^(b)		EUR	100,000		67,722
Unibail-Rodamco-Westfield SE
0.63%, 05/04/2027^(b)		EUR	100,000		80,914
1.38%, 12/04/2031^(b)		EUR	100,000		68,448
Westfield America Management Ltd., 2.63%, 03/30/2029^(b)		GBP	150,000		127,769

					20,935,226


Germany-11.48%
Amprion GmbH, 3.97%, 09/22/2032^(b)		EUR	200,000		194,733
Aroundtown S.A.
0.38%, 04/15/2027^(b)		EUR	100,000		71,719
3.00%, 10/16/2029^(b)		GBP	100,000		81,912
BASF SE
0.75%, 03/17/2026^(b)		EUR	100,000		90,974
0.25%, 06/05/2027^(b)		EUR	100,000		86,087
0.88%, 11/15/2027^(b)		EUR	100,000		87,304
1.50%, 03/17/2031^(b)		EUR	200,000		163,277
Bayer AG
0.05%, 01/12/2025^(b)		EUR	100,000		91,763
0.75%, 01/06/2027^(b)		EUR	200,000		173,341
0.38%, 01/12/2029^(b)		EUR	100,000		77,605
1.13%, 01/06/2030^(b)		EUR	100,000		78,849
0.63%, 07/12/2031^(b)		EUR	100,000		71,769
1.38%, 07/06/2032^(b)		EUR	200,000		149,524
Bayer Capital Corp. B.V.
1.50%, 06/26/2026^(b)		EUR	200,000		181,925
2.13%, 12/15/2029^(b)		EUR	300,000		255,670
BMW Finance N.V., 1.50%, 02/06/2029^(b)		EUR	200,000		178,961
Commerzbank AG
0.63%, 08/28/2024^(b)		EUR	100,000		93,782
1.00%, 03/04/2026^(b)		EUR	200,000		180,884
0.50%, 12/04/2026^(b)		EUR	100,000		86,965
Deutsche Bahn Finance GmbH
0.63%, 04/15/2036^(b)		EUR	200,000		134,186
0.63%, 12/08/2050^(b)		EUR	100,000		49,019
1.13%, 05/29/2051^(b)		EUR	180,000		100,103
Deutsche Bank AG
3.88%, 02/12/2024^(b)		GBP	100,000		111,752
2.63%, 12/16/2024^(b)		GBP	300,000		316,742
1.63%, 01/20/2027^(b)		EUR	200,000		167,387
Deutsche Telekom AG, 1.75%, 03/25/2031^(b)		EUR	100,000		87,379
Deutsche Telekom International Finance B.V.
1.50%, 04/03/2028^(b)		EUR	157,000		141,876
2.00%, 12/01/2029^(b)		EUR	200,000		181,916
E.ON International Finance B.V.
1.50%, 07/31/2029^(b)		EUR	100,000		83,978
6.25%, 06/03/2030^(b)		GBP	200,000		234,094
6.38%, 06/07/2032		GBP	250,000		298,902

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


		26

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

October 31, 2022


	Principal
	Amount			Value
Germany-(continued)
4.75%, 01/31/2034^(b)		GBP	300,000	$	310,731
5.88%, 10/30/2037^(b)		GBP	250,000		279,584
6.75%, 01/27/2039^(b)		GBP	250,000		304,053
6.13%, 07/06/2039^(b)		GBP	250,000		285,478
E.ON SE, 0.38%, 09/29/2027^(b)		EUR	100,000		85,595
Grand City Properties S.A., 0.13%, 01/11/2028^(b)		EUR	100,000		68,582
HeidelbergCement Finance (Luxembourg) S.A., 1.63%, 04/07/2026^(b)		EUR	100,000		92,057
Landesbank Baden-Wuerttemberg
1.50%, 02/03/2025^(b)		GBP	200,000		209,950
0.38%, 02/18/2027^(b)		EUR	100,000		84,460
Mercedes-Benz Group AG
1.00%, 11/15/2027^(b)		EUR	100,000		89,146
1.38%, 05/11/2028^(b)		EUR	100,000		89,816
1.50%, 07/03/2029^(b)		EUR	200,000		176,129
0.75%, 09/10/2030^(b)		EUR	100,000		81,139
1.13%, 11/06/2031^(b)		EUR	100,000		80,204
0.75%, 03/11/2033^(b)		EUR	250,000		184,992
2.13%, 07/03/2037^(b)(c)		EUR	150,000		122,747
Mercedes-Benz International Finance B.V., 0.63%, 05/06/2027^(b)		EUR	175,000		155,049
RWE AG
2.50%, 08/24/2025^(b)		EUR	200,000		191,862
2.13%, 05/24/2026^(b)		EUR	100,000		93,504
2.75%, 05/24/2030^(b)		EUR	100,000		89,000
SAP SE, 1.63%, 03/10/2031^(b)		EUR	200,000		173,537
Siemens Financieringsmaatschappij N.V.
0.25%, 02/20/2029^(b)		EUR	100,000		82,053
0.13%, 09/05/2029^(b)		EUR	100,000		80,797
1.38%, 09/06/2030^(b)		EUR	100,000		86,114
3.00%, 09/08/2033^(b)		EUR	200,000		188,002
0.50%, 09/05/2034^(b)		EUR	100,000		70,184
Traton Finance Luxembourg S.A.
0.13%, 03/24/2025^(b)		EUR	100,000		89,970
0.75%, 03/24/2029^(b)		EUR	300,000		235,839
Volkswagen Financial Services AG
1.50%, 10/01/2024^(b)		EUR	100,000		95,112
0.25%, 01/31/2025^(b)		EUR	100,000		91,498
0.13%, 02/12/2027^(b)		EUR	100,000		83,781
0.88%, 01/31/2028^(b)		EUR	130,000		108,668
Volkswagen Financial Services N.V.,
2.13%, 01/18/2028^(b)		GBP	200,000		187,344
Volkswagen International Finance N.V.
0.88%, 09/22/2028^(b)		EUR	100,000		82,293
1.63%, 01/16/2030^(b)		EUR	175,000		147,806
3.25%, 11/18/2030^(b)		EUR	200,000		183,840
4.13%, 11/16/2038^(b)		EUR	100,000		92,776
Series 10Y, 1.88%, 03/30/2027^(b)		EUR	300,000		270,472
Volkswagen Leasing GmbH
2.63%, 01/15/2024^(b)		EUR	200,000		195,916
1.13%, 04/04/2024^(b)		EUR	100,000		95,487
1.38%, 01/20/2025^(b)		EUR	100,000		94,225
0.38%, 07/20/2026^(b)		EUR	100,000		86,887
Vonovia Finance B.V.
2.25%, 12/15/2023^(b)		EUR	100,000		96,783
1.25%, 12/06/2024^(b)		EUR	100,000		92,556
Vonovia SE
0.38%, 06/16/2027^(b)		EUR	100,000		79,370


	Principal
	Amount			Value
Germany-(continued)
0.25%, 09/01/2028^(b)		EUR	200,000	$	148,133
0.63%, 12/14/2029^(b)		EUR	100,000		70,807
0.75%, 09/01/2032^(b)		EUR	200,000		126,791
1.00%, 06/16/2033^(b)		EUR	100,000		62,176
Wintershall Dea Finance B.V.
0.84%, 09/25/2025^(b)		EUR	100,000		89,261
1.33%, 09/25/2028^(b)		EUR	200,000		162,666
1.82%, 09/25/2031^(b)		EUR	100,000		73,861

					11,203,461


Ireland-0.27%
Ryanair DAC, 0.88%, 05/25/2026^(b)		EUR	200,000		174,435
Smurfit Kappa Acquisitions ULC, 2.88%, 01/15/2026^(b)		EUR	100,000		95,094

					269,529


Italy-5.15%
Assicurazioni Generali S.p.A., 4.13%, 05/04/2026^(b)		EUR	100,000		99,631
ASTM S.p.A.
1.50%, 01/25/2030^(b)		EUR	125,000		94,057
2.38%, 11/25/2033^(b)		EUR	100,000		69,691
Enel Finance International N.V.
5.63%, 08/14/2024^(b)		GBP	200,000		229,439
1.50%, 07/21/2025^(b)		EUR	100,000		93,324
0.25%, 11/17/2025^(b)		EUR	100,000		88,279
1.38%, 06/01/2026^(b)		EUR	50,000		45,086
1.13%, 09/16/2026^(b)		EUR	150,000		133,292
0.38%, 06/17/2027^(b)		EUR	100,000		82,927
1.00%, 10/20/2027^(b)		GBP	125,000		112,048
3.88%, 03/09/2029^(b)		EUR	200,000		188,362
2.88%, 04/11/2029^(b)		GBP	200,000		185,974
0.38%, 05/28/2029^(b)		EUR	100,000		74,714
0.50%, 06/17/2030^(b)		EUR	120,000		86,088
0.88%, 09/28/2034^(b)		EUR	220,000		135,547
0.88%, 06/17/2036^(b)		EUR	100,000		58,046
5.75%, 09/14/2040^(b)		GBP	450,000		469,628
Enel S.p.A., 5.75%, 06/22/2037^(b)		GBP	180,000		190,506
Eni S.p.A.
3.75%, 09/12/2025^(b)		EUR	100,000		99,138
1.50%, 02/02/2026^(b)		EUR	150,000		139,459
1.25%, 05/18/2026^(b)		EUR	200,000		183,091
0.38%, 06/14/2028^(b)		EUR	100,000		81,673
3.63%, 01/29/2029^(b)		EUR	100,000		95,490
0.63%, 01/23/2030^(b)		EUR	100,000		76,919
2.00%, 05/18/2031^(b)		EUR	150,000		124,437
Intesa Sanpaolo S.p.A.
1.38%, 01/18/2024^(b)		EUR	100,000		96,343
1.00%, 07/04/2024^(b)		EUR	150,000		141,788
2.13%, 05/26/2025^(b)		EUR	125,000		117,943
0.63%, 02/24/2026^(b)		EUR	250,000		216,205
1.00%, 11/19/2026^(b)		EUR	100,000		86,761
4.75%, 09/06/2027^(b)		EUR	150,000		146,930
0.75%, 03/16/2028^(b)		EUR	100,000		80,865
1.75%, 03/20/2028^(b)		EUR	150,000		127,790
1.75%, 07/04/2029^(b)		EUR	100,000		81,942
Snam S.p.A., 0.88%, 10/25/2026^(b)		EUR	200,000		175,139
Terna Rete Elettrica Nazionale S.p.A., 1.38%, 07/26/2027^(b)		EUR	100,000		88,639

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


		27

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

October 31, 2022


	Principal
	Amount			Value
Italy-(continued)
UniCredit S.p.A.
0.50%, 04/09/2025^(b)		EUR	100,000	$	90,430
0.33%, 01/19/2026^(b)		EUR	150,000		130,470
2.13%, 10/24/2026^(b)		EUR	159,000		145,304
0.85%, 01/19/2031^(b)		EUR	100,000		69,502

					5,032,897


Japan-2.35%
Mizuho Financial Group, Inc., 0.69%, 10/07/2030^(b)		EUR	100,000		73,992
NTT Finance Corp.
0.34%, 03/03/2030^(b)		EUR	100,000		78,612
Series 16, 0.18%, 12/19/2025		JPY100,000,000			671,965
Series 18, 0.38%, 09/20/2030		JPY100,000,000			664,250
Sumitomo Mitsui Financial Group, Inc.
1.55%, 06/15/2026^(b)		EUR	200,000		181,059
0.63%, 10/23/2029^(b)		EUR	125,000		95,482
Takeda Pharmaceutical Co. Ltd.
2.25%, 11/21/2026^(b)		EUR	200,000		189,087
3.00%, 11/21/2030^(b)		EUR	200,000		186,416
1.38%, 07/09/2032		EUR	100,000		78,486
2.00%, 07/09/2040		EUR	100,000		70,835

					2,290,184


Luxembourg-0.08%
Logicor Financing S.a.r.l., 1.63%, 07/15/2027^(b)		EUR	100,000		77,257


Netherlands-3.92%
ABN AMRO Bank N.V.
1.38%, 01/16/2025^(b)		GBP	200,000		213,440
1.25%, 05/28/2025^(b)		EUR	200,000		186,348
0.60%, 01/15/2027^(b)		EUR	100,000		86,257
0.50%, 09/23/2029^(b)		EUR	100,000		77,053
1.00%, 06/02/2033^(b)		EUR	100,000		71,197
1.25%, 01/20/2034^(b)		EUR	100,000		70,047
Cooperatieve Rabobank U.A.
1.25%, 01/14/2025^(b)		GBP	200,000		210,429
5.25%, 09/14/2027^(b)		GBP	150,000		161,755
4.63%, 05/23/2029^(b)		GBP	200,000		202,281
1.13%, 05/07/2031^(b)		EUR	100,000		77,044
ING Groep N.V.
1.13%, 02/14/2025^(b)		EUR	100,000		93,950
2.13%, 01/10/2026^(b)		EUR	100,000		93,503
3.00%, 02/18/2026^(b)		GBP	300,000		315,941
1.38%, 01/11/2028^(b)		EUR	100,000		85,644
2.00%, 09/20/2028^(b)		EUR	200,000		173,171
2.50%, 11/15/2030^(b)		EUR	300,000		261,997
Koninklijke KPN N.V., 5.75%, 09/17/2029^(b)		GBP	300,000		339,254
LeasePlan Corp. N.V.
0.25%, 02/23/2026^(b)		EUR	100,000		84,847
0.25%, 09/07/2026^(b)		EUR	200,000		164,927
Shell International Finance B.V.
1.50%, 04/07/2028^(b)		EUR	100,000		90,427
1.25%, 05/12/2028^(b)		EUR	200,000		177,282
0.75%, 08/15/2028^(b)		EUR	150,000		128,437
0.50%, 11/08/2031^(b)		EUR	100,000		76,272
1.88%, 04/07/2032^(b)		EUR	100,000		85,804


	Principal
	Amount			Value
Netherlands-(continued)
1.25%, 11/11/2032^(b)		EUR	100,000	$	79,808
0.88%, 11/08/2039^(b)		EUR	100,000		60,478
TenneT Holding B.V.
2.13%, 11/17/2029^(b)		EUR	100,000		89,085
0.88%, 06/16/2035^(b)		EUR	100,000		67,632

					3,824,310


Norway-0.43%
Equinor ASA
1.38%, 05/22/2032^(b)		EUR	100,000		82,242
1.63%, 02/17/2035^(b)		EUR	100,000		79,063
Telenor ASA
0.75%, 05/31/2026^(b)		EUR	100,000		90,104
1.13%, 05/31/2029^(b)		EUR	200,000		169,691

					421,100


Portugal-0.18%
EDP Finance B.V., 1.88%, 09/21/2029^(b)		EUR	200,000		173,375


Spain-6.30%
Abertis Infraestructuras S.A.
2.38%, 09/27/2027^(b)		EUR	200,000		180,642
3.00%, 03/27/2031^(b)		EUR	100,000		86,004
Banco Bilbao Vizcaya Argentaria S.A.
0.38%, 10/02/2024^(b)		EUR	100,000		93,391
1.38%, 05/14/2025^(b)		EUR	100,000		93,622
0.75%, 06/04/2025^(b)		EUR	100,000		92,778
1.75%, 11/26/2025^(b)		EUR	200,000		186,922
1.00%, 06/21/2026^(b)		EUR	100,000		89,329
0.38%, 11/15/2026^(b)		EUR	100,000		86,277
0.50%, 01/14/2027^(b)		EUR	200,000		169,824
3.50%, 02/10/2027^(b)		EUR	100,000		95,079
3.38%, 09/20/2027^(b)		EUR	200,000		192,204
Banco de Sabadell S.A., 0.88%, 07/22/2025^(b)		EUR	100,000		89,968
Banco Santander S.A.
1.38%, 07/31/2024^(b)		GBP	200,000		216,101
1.13%, 01/17/2025^(b)		EUR	100,000		93,458
2.50%, 03/18/2025^(b)		EUR	200,000		190,175
1.38%, 01/05/2026^(b)		EUR	300,000		271,658
3.25%, 04/04/2026^(b)		EUR	300,000		284,600
1.50%, 04/14/2026^(b)		GBP	200,000		196,580
0.30%, 10/04/2026^(b)		EUR	100,000		86,992
3.13%, 01/19/2027^(b)		EUR	100,000		93,041
0.50%, 02/04/2027^(b)		EUR	100,000		84,205
1.75%, 02/17/2027^(b)		GBP	200,000		189,606
1.13%, 06/23/2027^(b)		EUR	100,000		86,295
2.13%, 02/08/2028^(b)		EUR	100,000		86,552
0.20%, 02/11/2028^(b)		EUR	200,000		163,413
1.63%, 10/22/2030^(b)		EUR	100,000		75,146
CaixaBank S.A.
2.38%, 02/01/2024^(b)		EUR	200,000		194,764
1.13%, 05/17/2024^(b)		EUR	100,000		95,488
0.38%, 02/03/2025^(b)		EUR	100,000		92,048
1.13%, 03/27/2026^(b)		EUR	100,000		89,884
1.38%, 06/19/2026^(b)		EUR	200,000		176,225
3.75%, 09/07/2029^(b)		EUR	200,000		192,191
Iberdrola Finanzas S.A., 1.38%, 03/11/2032^(b)		EUR	200,000		164,417

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


		28

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

October 31, 2022


	Principal
	Amount			Value
Spain-(continued)
Naturgy Finance B.V., 1.38%, 01/19/2027^(b)		EUR	200,000	$	177,045
Santander Consumer Finance S.A.
1.00%, 02/27/2024^(b)		EUR	200,000		191,585
0.38%, 06/27/2024^(b)		EUR	100,000		94,041
0.38%, 01/17/2025^(b)		EUR	100,000		92,278
Telefonica Emisiones S.A.
5.38%, 02/02/2026^(b)		GBP	200,000		226,059
1.46%, 04/13/2026^(b)		EUR	100,000		92,647
1.45%, 01/22/2027^(b)		EUR	100,000		90,937
1.20%, 08/21/2027^(b)		EUR	200,000		176,996
1.72%, 01/12/2028^(b)		EUR	200,000		179,773
1.79%, 03/12/2029^(b)		EUR	100,000		88,124
0.66%, 02/03/2030^(b)		EUR	200,000		158,906

					6,147,270


Sweden-1.72%
Heimstaden Bostad Treasury B.V., 0.25%, 10/13/2024^(b)		EUR	125,000		108,553
Skandinaviska Enskilda Banken AB
1.75%, 11/11/2026^(b)		EUR	200,000		185,074
0.38%, 06/21/2028^(b)		EUR	200,000		161,204
0.63%, 11/12/2029^(b)		EUR	200,000		155,285
Svenska Handelsbanken AB
0.13%, 11/03/2026^(b)		EUR	100,000		86,570
0.05%, 09/06/2028^(b)		EUR	100,000		80,437
1.38%, 02/23/2029^(b)		EUR	130,000		108,515
0.50%, 02/18/2030^(b)		EUR	100,000		75,758
Swedbank AB
0.25%, 11/02/2026^(b)		EUR	100,000		86,566
2.10%, 05/25/2027^(b)		EUR	200,000		184,802
Telia Co. AB, 3.63%, 11/08/2023^(b)		SEK	2,000,000		180,666
Vattenfall AB, 6.88%, 04/15/2039^(b)		GBP	200,000		262,424

					1,675,854


Switzerland-2.41%
Credit Suisse AG
2.13%, 05/31/2024^(b)		EUR	100,000		93,733
1.13%, 12/15/2025^(b)		GBP	200,000		198,328
0.25%, 01/05/2026^(b)		EUR	225,000		193,819
1.50%, 04/10/2026^(b)		EUR	150,000		133,031
0.25%, 09/01/2028^(b)		EUR	120,000		91,720
Credit Suisse Group AG
2.75%, 08/08/2025^(b)		GBP	150,000		152,541
0.65%, 09/10/2029^(b)		EUR	100,000		69,865
0.63%, 01/18/2033^(b)		EUR	248,000		147,544
Holcim Finance (Luxembourg) S.A.
2.25%, 05/26/2028^(b)		EUR	200,000		176,914
0.50%, 09/03/2030^(b)		EUR	100,000		71,469
Richemont International Holding S.A.
1.50%, 03/26/2030^(b)		EUR	100,000		86,289
2.00%, 03/26/2038^(b)		EUR	200,000		153,315
UBS AG
0.01%, 03/31/2026^(b)		EUR	200,000		174,433
0.50%, 03/31/2031^(b)		EUR	200,000		149,779
UBS Group AG
1.25%, 09/01/2026^(b)		EUR	200,000		176,973


	Principal
	Amount			Value
Switzerland-(continued)
0.88%, 11/03/2031^(b)		EUR	200,000	$	145,827
0.63%, 02/24/2033^(b)		EUR	200,000		137,210

					2,352,790


United Kingdom-15.74%
ABP Finance PLC, 6.25%, 12/14/2026^(b)		GBP	200,000		233,747
Annington Funding PLC
3.18%, 07/12/2029^(b)		GBP	150,000		139,560
3.69%, 07/12/2034^(b)		GBP	200,000		177,397
3.94%, 07/12/2047^(b)		GBP	200,000		163,761
B.A.T. International Finance PLC
7.25%, 03/12/2024		GBP	200,000		233,350
4.00%, 09/04/2026^(b)		GBP	150,000		157,516
2.25%, 06/26/2028^(b)		GBP	140,000		125,002
2.25%, 01/16/2030^(b)		EUR	200,000		153,572
6.00%, 11/24/2034^(b)		GBP	150,000		149,394
2.25%, 09/09/2052^(b)		GBP	200,000		101,874
Barclays PLC
3.13%, 01/17/2024^(b)		GBP	400,000		448,597
3.00%, 05/08/2026^(b)		GBP	300,000		308,511
3.25%, 02/12/2027^(b)		GBP	350,000		353,890
BG Energy Capital PLC
5.13%, 12/01/2025^(b)		GBP	250,000		285,969
5.00%, 11/04/2036^(b)		GBP	250,000		264,810
Blend Funding PLC, 3.46%, 09/21/2047^(b)		GBP	200,000		172,138
BP Capital Markets PLC
2.97%, 02/27/2026^(b)		EUR	100,000		96,822
1.57%, 02/16/2027^(b)		EUR	100,000		90,868
2.52%, 04/07/2028^(b)		EUR	100,000		92,781
1.23%, 05/08/2031^(b)		EUR	100,000		79,504
2.82%, 04/07/2032^(b)		EUR	200,000		179,184
British Telecommunications PLC
1.00%, 11/21/2024^(b)		EUR	100,000		93,745
1.75%, 03/10/2026^(b)		EUR	200,000		185,385
1.50%, 06/23/2027^(b)		EUR	100,000		88,360
5.75%, 12/07/2028^(b)		GBP	150,000		171,282
3.13%, 11/21/2031^(b)		GBP	100,000		93,054
6.38%, 06/23/2037^(b)		GBP	200,000		226,821
Cadent Finance PLC
2.13%, 09/22/2028^(b)		GBP	250,000		234,271
2.63%, 09/22/2038^(b)		GBP	200,000		150,913
2.75%, 09/22/2046^(b)		GBP	200,000		138,539
CCEP Finance Ireland DAC, 0.88%, 05/06/2033^(b)		EUR	100,000		72,049
Centrica PLC
4.38%, 03/13/2029^(b)		GBP	150,000		155,384
7.00%, 09/19/2033^(b)		GBP	272,000		328,107
4.25%, 09/12/2044^(b)		GBP	150,000		130,053
CK Hutchison Finance (16) (II) Ltd., 0.88%, 10/03/2024^(b)		EUR	100,000		93,865
Clarion Funding PLC, 3.13%, 04/19/2048^(b)		GBP	130,000		101,510
Diageo Finance PLC, 2.50%, 03/27/2032^(b)		EUR	100,000		90,451
easyJet FinCo B.V., 1.88%, 03/03/2028^(b)		EUR	200,000		157,701

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


		29

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

October 31, 2022


	Principal
	Amount			Value
United Kingdom-(continued)
GlaxoSmithKline Capital PLC, 3.38%, 12/20/2027^(b)		GBP	150,000	$	159,278
Heathrow Funding Ltd.
7.13%, 02/14/2024^(b)		GBP	200,000		229,745
6.75%, 12/03/2026^(b)		GBP	200,000		232,543
6.45%, 12/10/2031^(b)		GBP	250,000		289,986
5.88%, 05/13/2041^(b)		GBP	200,000		217,295
4.63%, 10/31/2046^(b)		GBP	200,000		184,878
High Speed Rail Finance 1 PLC, 4.38%, 11/01/2038^(b)		GBP	150,000		156,023
Housing & Care 21, 3.29%, 11/08/2049^(b)		GBP	200,000		163,570
HSBC Bank PLC
5.38%, 08/22/2033^(b)		GBP	156,000		163,978
4.75%, 03/24/2046		GBP	100,000		94,040
HSBC Holdings PLC
6.50%, 05/20/2024^(b)		GBP	200,000		233,806
0.88%, 09/06/2024^(b)		EUR	200,000		188,226
2.50%, 03/15/2027^(b)		EUR	200,000		182,347
2.63%, 08/16/2028^(b)		GBP	300,000		284,619
0.64%, (3 mo. EURIBOR + 0.78%), 09/24/2029^(b)(d)		EUR	200,000		155,373
Imperial Brands Finance Netherlands B.V., 1.75%, 03/18/2033^(b)		EUR	100,000		64,817
Imperial Brands Finance PLC
8.13%, 03/15/2024^(b)		GBP	200,000		236,244
5.50%, 09/28/2026^(b)		GBP	150,000		164,933
4.88%, 06/07/2032^(b)		GBP	100,000		94,012
Lloyds Bank Corporate Markets PLC
1.75%, 07/11/2024^(b)		GBP	100,000		108,965
2.38%, 04/09/2026^(b)		EUR	200,000		187,790
Lloyds Bank PLC, 7.50%, 04/15/2024^(b)		GBP	200,000		238,393
Lloyds Banking Group PLC
2.25%, 10/16/2024^(b)		GBP	300,000		324,844
1.50%, 09/12/2027^(b)		EUR	100,000		87,366
National Grid Electricity Distribution (West Midlands) PLC, 5.75%, 04/16/2032^(b)		GBP	225,000		258,424
Nationwide Building Society
0.25%, 07/22/2025^(b)		EUR	200,000		180,571
3.25%, 01/20/2028^(b)		GBP	200,000		204,957
NatWest Markets PLC
1.00%, 05/28/2024^(b)		EUR	200,000		189,339
2.75%, 04/02/2025^(b)		EUR	100,000		95,986
0.13%, 11/12/2025^(b)		EUR	100,000		87,728
0.13%, 06/18/2026^(b)		EUR	200,000		170,134
1.38%, 03/02/2027^(b)		EUR	100,000		87,318
Sanctuary Capital PLC, 2.38%, 04/14/2050^(b)		GBP	200,000		132,858
Santander UK Group Holdings PLC, 3.63%, 01/14/2026^(b)		GBP	150,000		158,832
Scottish Widows Ltd., 7.00%, 06/16/2043^(b)		GBP	250,000		284,656
Severn Trent Utilities Finance PLC, 3.63%, 01/16/2026^(b)		GBP	200,000		218,898
Sky Ltd., 2.50%, 09/15/2026^(b)		EUR	100,000		95,255
Society of Lloyd’s, 4.75%, 10/30/2024^(b)		GBP	100,000		110,927
SSE PLC, 8.38%, 11/20/2028^(b)		GBP	183,000		236,886


	Principal
	Amount				Value
United Kingdom-(continued)
Standard Chartered PLC
5.13%, 06/06/2034^(b)		GBP		100,000	$	101,209
4.38%, 01/18/2038^(b)		GBP		200,000		205,162
T.H.F.C. (Funding No.3) PLC, 5.20%, 10/11/2043^(b)		GBP		300,000		328,778
Thames Water Utilities Finance PLC
4.00%, 06/19/2025^(b)		GBP		100,000		111,071
5.13%, 09/28/2037^(b)		GBP		250,000		258,847
5.50%, 02/11/2041^(b)		GBP		100,000		106,966
Vodafone Group PLC
2.20%, 08/25/2026^(b)		EUR		200,000		189,785
1.63%, 11/24/2030^(b)		EUR		100,000		84,718
1.60%, 07/29/2031^(b)		EUR		151,000		125,134
3.38%, 08/08/2049^(b)		GBP		200,000		161,715
3.00%, 08/12/2056^(b)		GBP		300,000		217,694

						15,366,656


United States-1.94%
Medtronic Global Holdings S.C.A.
0.38%, 10/15/2028		EUR		100,000		82,628
3.00%, 10/15/2028		EUR		200,000		192,184
1.63%, 03/07/2031		EUR		150,000		127,859
0.75%, 10/15/2032		EUR		100,000		74,805
1.38%, 10/15/2040		EUR		100,000		63,886
1.63%, 10/15/2050		EUR		100,000		59,828
Nestle Finance International Ltd., 0.38%, 05/12/2032^(b)		EUR		200,000		151,707
Stellantis N.V.
3.75%, 03/29/2024^(b)		EUR		125,000		123,903
3.88%, 01/05/2026^(b)		EUR		100,000		98,152
2.75%, 05/15/2026^(b)		EUR		100,000		94,124
0.63%, 03/30/2027^(b)		EUR		200,000		169,090
4.50%, 07/07/2028^(b)		EUR		100,000		97,646
0.75%, 01/18/2029^(b)		EUR		200,000		155,584
2.75%, 04/01/2032^(b)		EUR		200,000		163,488
1.25%, 06/20/2033^(b)		EUR		100,000		68,456
Toyota Motor Credit Corp.
0.25%, 07/16/2026^(b)		EUR		100,000		88,293
0.13%, 11/05/2027^(b)		EUR		100,000		83,160

						1,894,793


Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $123,908,183)						96,163,901


			Shares
Money Market Funds-0.30%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(e)(f) (Cost $296,525)				296,525		296,525


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.82% (Cost $124,204,708)						96,460,426


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-0.69%
Invesco Private Government Fund, 3.18%^(e)(f)(g)				187,446		187,446

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


		30

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

October 31, 2022


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 3.28%^(e)(f)(g)		484,184	$	484,184

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $671,627)				671,630

TOTAL INVESTMENTS IN SECURITIES-99.51% (Cost $124,876,335)				97,132,056

OTHER ASSETS LESS LIABILITIES-0.49%				477,042

NET ASSETS-100.00%			$	97,609,098

Investment Abbreviations:

AUD-Australian Dollar

CAD-Canadian Dollar

EUR-Euro

EURIBOR-Euro Interbank Offered Rate

GBP-British Pound Sterling

JPY-Japanese Yen

SEK-Swedish Krona

Notes to Schedule of Investments:

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

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $72,797,158, which represented 74.58% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at October 31, 2022.

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

^(e)


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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	516,859		$	9,493,774		$	(9,714,108	)		$	-		$	-			$	296,525		$	439

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			1,739,564			9,859,885			(11,412,003	)			-			-				187,446			14,921	*

Invesco Private Prime Fund			4,058,983			21,281,834			(24,853,742	)			3			(2,894	)			484,184			41,231	*

Total		$	6,315,406		$	40,635,493		$	(45,979,853	)		$	3		$	(2,894	)		$	968,155		$	56,591

*	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 October 31, 2022.

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

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


		31

Statements of Assets and Liabilities

October 31, 2022


	Invesco Emerging Markets Sovereign Debt ETF (PCY)				Invesco Global Short Term High Yield Bond ETF (PGHY)				Invesco International Corporate Bond ETF (PICB)
Assets:
Unaffiliated investments in securities, at value^(a)		$	1,399,589,880			$	177,841,400			$	96,163,901
Affiliated investments in securities, at value			62,807,896				14,123,280				968,155
Cash			134,576				1,132,148				-
Foreign currencies, at value			21,341				4,055				420,859
Deposits with brokers:
Cash segregated as collateral			-				1,942,302				-
Receivable for:
Dividends and interest			23,963,666				2,918,581				1,092,371
Securities lending			59,993				11,071				235
Investments sold			1,277,708				1,579,189				286,198
Fund shares sold			310,490				1,764,900				-
Foreign tax reclaims			-				-				50,853
Investments matured, at value			-				1,417,744				-

Total assets			1,488,165,550				202,734,670				98,982,572


Liabilities:
Payable for:
Investments purchased			310,490				4,428,918				661,364
Collateral upon return of securities loaned			54,904,626				9,503,979				671,627
Collateral upon receipt of securities in-kind			-				1,942,302				-
Fund shares repurchased			2,948,537				-				-
Accrued unitary management fees			622,026				54,932				40,483

Total liabilities			58,785,679				15,930,131				1,373,474

Net Assets		$	1,429,379,871			$	186,804,539			$	97,609,098


Net assets consist of:
Shares of beneficial interest		$	2,903,630,793			$	236,591,142			$	131,335,757
Distributable earnings (loss)			(1,474,250,922	)			(49,786,603	)			(33,726,659	)

Net Assets		$	1,429,379,871			$	186,804,539			$	97,609,098

Shares outstanding (unlimited amount authorized, $0.01 par value)			83,500,000				9,800,000				4,950,000
Net asset value		$	17.12			$	19.06			$	19.72

Market price		$	16.88			$	18.96			$	19.73

Unaffiliated investments in securities, at cost		$	2,007,579,585			$	190,551,435			$	123,908,183

Affiliated investments in securities, at cost		$	62,809,631			$	14,123,333			$	968,152

Foreign currencies, at cost		$	22,001			$	4,185			$	415,745

Investments matured, at cost		$	-			$	9,394,020			$	-

^(a)Includes securities on loan with an aggregate value of:		$	51,965,167			$	9,125,105			$	335,124

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


		32

Statements of Operations

For the year ended October 31, 2022


	Invesco Emerging Markets Sovereign Debt ETF (PCY)				Invesco Global Short Term High Yield Bond ETF (PGHY)				Invesco International Corporate Bond ETF (PICB)
Investment income:
Unaffiliated interest income		$	127,750,448			$	9,294,914			$	1,975,856
Unaffiliated dividend income			-				7,619				-
Affiliated dividend income			46,096				28,650				439
Securities lending income, net			444,543				124,484				10,249
Foreign withholding tax			-				-				(1,158	)

Total investment income			128,241,087				9,455,667				1,985,386


Expenses:
Unitary management fees			10,295,190				713,749				628,648

Less: Waivers			(3,068	)			(1,452	)			(22	)

Net expenses			10,292,122				712,297				628,626

Net investment income			117,948,965				8,743,370				1,356,760


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(359,714,218	)			(15,924,728	)			(12,248,782	)
Affiliated investment securities			(7,050	)			(4,633	)			(2,894	)
In-kind redemptions			(48,269,923	)			(2,137,332	)			(1,561,276	)
Foreign currencies			(71	)			(683	)			(266,956	)

Net realized gain (loss)			(407,991,262	)			(18,067,376	)			(14,079,908	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities.			(509,446,225	)			(6,998,054	)			(30,443,124	)
Affiliated investment securities			(1,736	)			(53	)			3
Foreign currencies			(660	)			(123	)			(28,668	)

Change in net unrealized appreciation (depreciation)			(509,448,621	)			(6,998,230	)			(30,471,789	)

Net realized and unrealized gain (loss)			(917,439,883	)			(25,065,606	)			(44,551,697	)

Net increase (decrease) in net assets resulting from operations		$	(799,490,918	)		$	(16,322,236	)		$	(43,194,937	)

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


		33

Statements of Changes in Net Assets

For the years ended October 31, 2022 and 2021


	Invesco Emerging
	Markets Sovereign								Invesco Global Short Term High
	Debt ETF (PCY)								Yield Bond ETF (PGHY)
	2022				2021				2022				2021

Operations:
Net investment income		$	117,948,965			$	125,519,125			$	8,743,370			$	9,908,902
Net realized gain (loss)			(407,991,262	)			56,620,363				(18,067,376	)			(820,726	)
Change in net unrealized appreciation (depreciation)			(509,448,621	)			(70,951,580	)			(6,998,230	)			1,773,806

Net increase (decrease) in net assets resulting from operations			(799,490,918	)			111,187,908				(16,322,236	)			10,861,982


Distributions to Shareholders from:
Distributable earnings			(121,305,087	)			(128,603,511	)			(8,881,528	)			(9,921,771	)
Return of capital			-				-				(1,187,837	)			(1,754,213	)

Total distributions to shareholders			(121,305,087	)			(128,603,511	)			(10,069,365	)			(11,675,984	)


Shareholder Transactions:
Proceeds from shares sold			470,231,665				1,140,175,565				11,704,032				40,821,537
Value of shares repurchased			(843,971,292	)			(1,074,290,505	)			(34,870,522	)			-
Transaction fees			-				-				-				-

Net increase (decrease) in net assets resulting from share transactions			(373,739,627	)			65,885,060				(23,166,490	)			40,821,537

Net increase (decrease) in net assets			(1,294,535,632	)			48,469,457				(49,558,091	)			40,007,535


Net assets:
Beginning of year			2,723,915,503				2,675,446,046				236,362,630				196,355,095

End of year		$	1,429,379,871			$	2,723,915,503			$	186,804,539			$	236,362,630


Changes in Shares Outstanding:
Shares sold			20,900,000				41,300,000				600,000				1,850,000
Shares repurchased			(39,200,000	)			(39,000,000	)			(1,750,000	)			-
Shares outstanding, beginning of year			101,800,000				99,500,000				10,950,000				9,100,000

Shares outstanding, end of year			83,500,000				101,800,000				9,800,000				10,950,000

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


		34


Invesco International Corporate
Bond ETF (PICB)
2022			2021

$	1,356,760		$	1,139,209
	(14,079,908	)		4,831,221
	(30,471,789	)		(4,047,648	)

	(43,194,937	)		1,922,782


	(1,125,779	)		(1,301,115	)
	(984,729	)		-

	(2,110,508	)		(1,301,115	)


	44,894,274			42,457,100
	(24,976,244	)		(38,131,756	)
	17,214			7,455

	19,935,244			4,332,799

	(25,370,201	)		4,954,466


	122,979,299			118,024,833

$	97,609,098		$	122,979,299


	1,650,000			1,450,000
	(1,050,000	)		(1,300,000	)
	4,350,000			4,200,000

	4,950,000			4,350,000


		35

Financial Highlights

Invesco Emerging Markets Sovereign Debt ETF (PCY)


	Years Ended October 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	26.76		$	26.89		$	29.12		$	26.20		$	29.62

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

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


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

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

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

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

^(a)	Based on average shares outstanding.

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

^(c)

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

^(d)	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.

Invesco Global Short Term High Yield Bond ETF (PGHY)


	Years Ended October 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	21.59		$	21.58		$	22.82		$	23.14		$	24.14

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

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


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

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

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

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


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

^(a)	Based on average shares outstanding.

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

^(c)

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

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


		36

Financial Highlights–(continued)

Invesco International Corporate Bond ETF (PICB)


	Years Ended October 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	28.27		$	28.10		$	26.96		$	25.31		$	26.88

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

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


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

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

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

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

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


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

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

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

^(d)

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

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

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


		37

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

October 31, 2022

NOTE 1–Organization

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


Full Name		Short Name

Invesco Emerging Markets Sovereign Debt ETF (PCY)		“Emerging Markets Sovereign Debt ETF”

Invesco Global Short Term High Yield Bond ETF (PGHY)		“Global Short Term High Yield Bond ETF”
Invesco International Corporate Bond ETF (PICB)		“International Corporate Bond ETF”

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

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

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


Fund		Underlying Index

Emerging Markets Sovereign Debt ETF		DBIQ Emerging Market USD Liquid Balanced Index

Global Short Term High Yield Bond ETF		DB Global Short Maturity High Yield Bond Index
International Corporate Bond ETF		S&P International Corporate Bond Index^®

NOTE 2–Significant Accounting Policies

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

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

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

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

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

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

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly.


		38

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

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

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

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

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

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

Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of


		39

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

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

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

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

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

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

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

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

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

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

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

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


		40

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 (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 lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended October 31, 2022, there were no affiliated transactions with Invesco.

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

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


		41

K.	Other Risks

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

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

Changing Global Fixed-Income Market Conditions Risk. The historically low interest rate environment observed over the past several years was created in part by the Federal Reserve Board (“FRB”) and certain foreign central banks keeping the federal funds and equivalent foreign rates at, near or below zero. In recent years, the FRB and certain foreign central banks began “tapering” their quantitative easing programs, leading to fluctuations in the Federal Funds Rate and equivalent foreign rates. However, in response to the impact of the COVID-19 pandemic, in March 2020 the FRB announced cuts to the Federal Funds Rate and a new round of quantitative easing, before implementing several rounds of rate increases in 2022. Because there is little precedent for this situation, it is difficult to predict the impact of these rate changes and any future rate changes on various markets. Any additional changes to the monetary policy by the FRB and foreign central banks or other regulatory actions may affect interest rates and/or reduce liquidity for fixed-income investments, particularly those with longer maturities. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of a Fund’s investments and share price may decline. Changes in FRB or foreign central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase a Fund’s portfolio turnover rate and transaction costs.

Fixed-Income Securities Risk. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted.

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

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


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

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

Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. If a Fund invests in illiquid securities or current portfolio securities become illiquid, it may reduce the returns of the Fund because the Fund may be unable to sell the illiquid securities at an advantageous time or price.

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, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.

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

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

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

Valuation Risk. Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by a Fund. In certain circumstances, market quotations may not be readily available for some Fund securities, and those securities may be fair valued. The value established for a security through fair valuation may be different from what would be produced if the security had been valued using market quotations. Fund securities that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuations in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that a Fund could sell a portfolio security for the value established for it at any time, and it is possible that a Fund would incur a loss because a security is sold at a discount to its established value.

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


		43

impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ 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 has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:


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

Emerging Markets Sovereign Debt ETF		0.50%

Global Short Term High Yield Bond ETF		0.35%

International Corporate Bond ETF		0.50%

Through at least August 31, 2024, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the fiscal year ended October 31, 2022, the Adviser waived fees for each Fund in the following amounts:



Emerging Markets Sovereign Debt ETF	$	3,068

Global Short Term High Yield Bond ETF		1,452

International Corporate Bond ETF		22

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

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


Fund		Licensor

Emerging Markets Sovereign Debt ETF		Deutsche Bank Securities Inc.

Global Short Term High Yield Bond ETF		Deutsche Bank Securities Inc.

International Corporate Bond ETF		S&P Dow Jones Indices LLC

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

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.

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.


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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 October 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.



	Level 1			Level 2			Level 3			Total

Emerging Markets Sovereign Debt ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	1,399,589,880		$	-		$	1,399,589,880

Money Market Funds			7,905,005			54,902,891			-			62,807,896

Total Investments		$	7,905,005		$	1,454,492,771		$	-		$	1,462,397,776


Global Short Term High Yield Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	177,314,785		$	0		$	177,314,785

Preferred Stocks			-			-			263,560			263,560

Common Stocks & Other Equity Interests			-			116,599			21,668			138,267

Non-U.S. Dollar Denominated Bonds & Notes			-			124,788			-			124,788

Money Market Funds			4,619,354			9,503,926			-			14,123,280

Total Investments in Securities			4,619,354			187,060,098			285,228			191,964,680

Other Investments - Assets

Investments Matured			-			1,197,518			220,226			1,417,744

Total Investments		$	4,619,354		$	188,257,616		$	505,454		$	193,382,424


International Corporate Bond ETF

Investments in Securities

Non-U.S. Dollar Denominated Bonds & Notes		$	-		$	96,163,901		$	-		$	96,163,901

Money Market Funds			296,525			671,630			-			968,155

Total Investments		$	296,525		$	96,835,531		$	-		$	97,132,056

NOTE 5–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:


	2022						2021
	Ordinary		Long-Term		Return of		Ordinary		Long-Term		Return of
	Income*		Capital Gains		Capital		Income*		Capital Gains		Capital

Emerging Markets Sovereign Debt ETF	$	121,305,087	$	-	$	-	$	128,603,511	$	-	$	-

Global Short Term High Yield Bond ETF		8,881,528		-		1,187,837		9,921,771		-		1,754,213

International Corporate Bond ETF		748,498		377,281		984,729		1,151,105		150,010		-

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


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Tax Components of Net Assets at Fiscal Year-End:


	Net			Net
	Unrealized			Unrealized
	Appreciation			(Depreciation)-						Shares of
	(Depreciation)-			Foreign			Capital Loss			Beneficial		Total
	Investments			Currencies			Carryforwards			Interest		Net Assets

Emerging Markets Sovereign Debt ETF	$	(615,602,888	)	$	(660	)	$	(858,647,374	)	$	2,903,630,793	$	1,429,379,871

Global Short Term High Yield Bond ETF		(20,785,371	)		(132	)		(29,001,100	)		236,591,142		186,804,539

International Corporate Bond ETF		(27,966,519	)		(35,413	)		(5,724,727	)		131,335,757		97,609,098

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

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


	No expiration
	Short-Term		Long-Term		Total*

Emerging Markets Sovereign Debt ETF	$	306,562,180	$	552,085,194	$	858,647,374

Global Short Term High Yield Bond ETF		7,746,895		21,254,205		29,001,100

International Corporate Bond ETF		2,905,165		2,819,562		5,724,727

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

NOTE 6–Investment Transactions

For the fiscal year ended October 31, 2022, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:


	Purchases		Sales

Emerging Markets Sovereign Debt ETF	$	809,304,117	$	823,925,898

Global Short Term High Yield Bond ETF		110,448,907		114,080,745

International Corporate Bond ETF		41,790,064		34,581,378

For the fiscal year ended October 31, 2022, in-kind transactions associated with creations and redemptions were as follows:


	In-kind		In-kind
	Purchases		Sales

Emerging Markets Sovereign Debt ETF	$	402,693,069	$	758,040,182

Global Short Term High Yield Bond ETF		8,908,270		27,461,806

International Corporate Bond ETF		37,376,164		24,687,225

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. As of October 31, 2022, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:


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

Emerging Markets Sovereign Debt ETF		$161,478	$	(615,764,366	)	$	(615,602,888	)	$	2,078,000,664

Global Short Term High Yield Bond ETF		189,312		(20,974,683	)		(20,785,371	)		214,167,795

International Corporate Bond ETF		338,349		(28,304,868	)		(27,966,519	)		125,098,575


		46

NOTE 7–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, net operating losses and in-kind transactions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended October 31, 2022, the reclassifications were as follows:


	Undistributed Net Investment Income (Loss)				Undistributed Net Realized Gain			Shares of Beneficial Interest

Emerging Markets Sovereign Debt ETF		$	3,356,122			$	69,435,582		$	(72,791,704	)

Global Short Term High Yield Bond ETF			68,719				2,068,613			(2,137,332	)

International Corporate Bond ETF			(1,449,058	)			8,240,796			(6,791,738	)

NOTE 8–Trustees’ and Officer’s Fees

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

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

NOTE 9–Capital

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

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.


		47

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco Emerging Markets Sovereign Debt ETF, Invesco Global Short Term High Yield Bond ETF and Invesco International Corporate Bond ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Emerging Markets Sovereign Debt ETF, Invesco Global Short Term High Yield Bond ETF and Invesco International Corporate Bond ETF (three of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of October 31, 2022, the related statements of operations for the year ended October 31, 2022, the statements of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2022 and each of the financial highlights for each of the five years in the period ended October 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

December 23, 2022

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


		48

Calculating your ongoing Fund expenses

Example

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2022 through October 31, 2022.

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 transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


					Annualized
	Beginning		Ending		Expense Ratio		Expenses Paid
	Account Value		Account Value		Based on the		During the
	May 1, 2022		October 31, 2022		Six-Month Period		Six-Month Period⁽¹⁾
Invesco Emerging Markets Sovereign Debt ETF (PCY)

Actual		$1,000.00		$ 858.90		0.50%		$2.34

Hypothetical (5% return before expenses)		1,000.00		1,022.68		0.50		2.55

Invesco Global Short Term High Yield Bond ETF (PGHY)

Actual		1,000.00		982.10		0.35		1.75

Hypothetical (5% return before expenses)		1,000.00		1,023.44		0.35		1.79

Invesco International Corporate Bond ETF (PICB)

Actual		1,000.00		848.50		0.50		2.33

Hypothetical (5% return before expenses)		1,000.00		1,022.68		0.50		2.55

⁽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 October 31, 2022. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.


		49

Tax Information

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

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

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:


							Corporate															Qualified
	Qualified			Qualified			Dividends			U.S.			Business			Qualified						Short
	Business			Dividend			Received			Treasury			Interest			Interest			Long Term			Term
	Income*			Income*			Deduction*			Obligations*			Income*			Income*			Capital Gains			Gains

Invesco Emerging Markets Sovereign Debt ETF		0	%		0	%		0	%		0	%		99	%		0	%		$	-		$	-

Invesco Global Short Term High Yield Bond ETF		0	%		0	%		0	%		0	%		100	%		34	%			-			-

Invesco International Corporate Bond ETF		0	%		0	%		0	%		0	%		69	%		0	%			377,281			34,198

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


		50

Trustees and Officers

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

As of October 31, 2022


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chair of the Board; Chair of the Nominating and Governance Committee and Trustee	Vice Chair since 2018; Chair of the Nominating and Governance Committee and Trustee since 2007	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	234	Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, Mission Aviation Fellowship (2017-Present).

Todd J. Barre–1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	234	None.

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

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


		51

Trustees and Officers–(continued)

Name, Address and Year of
Birth of Independent Trustees

Position(s)
Held

with Trust

Term of
Office

and

Length of
Time
Served*

Principal

Occupation(s) During

the Past 5 Years

Number of
Portfolios

in Fund
Complex**
Overseen by
Independent
Trustees

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Edmund P. Giambastiani,

Jr.–1948

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

Trustee

Since 2019

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

234

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

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

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


		52

Trustees and Officers–(continued)

Name, Address and Year of
Birth of Independent Trustees

Position(s)
Held

with Trust

Term of
Office

and

Length of
Time
Served*

Principal

Occupation(s) During

the Past 5 Years

Number of
Portfolios

in Fund
Complex**
Overseen by
Independent
Trustees

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Victoria J. Herget–1951

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

Trustee

Since 2019

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

234

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

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

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


		53

Trustees and Officers–(continued)


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Marc M. Kole–1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Audit Committee and Trustee	Chair of the Audit Committee since 2008; Trustee since 2007	Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	234	Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.

Yung Bong Lim–1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Investment Oversight Committee and Trustee	Chair of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	234	Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

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

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


		54

Trustees and Officers–(continued)

Name, Address and Year of
Birth of Independent Trustees

Position(s)
Held

with Trust

Term of
Office

and

Length of
Time
Served*

Principal

Occupation(s) During

the Past 5 Years

Number of
Portfolios

in Fund
Complex**
Overseen by
Independent
Trustees

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Joanne Pace–1958

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

Trustee

Since 2019

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

234

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

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

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


		55

Trustees and Officers–(continued)


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker–1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005-2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	234	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015-Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present).

Donald H. Wilson–1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Board and Trustee	Chair since 2012; Trustee since 2007	Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016-2018); Chair, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank–Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	234	Director, Penfield Children’s Center (2004-Present); Board Chair, Gracebridge Alliance, Inc. (2015-Present).

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

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


		56

Trustees and Officers–(continued)

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

Name, Address and Year of
Birth of Interested Trustee

Position(s)
Held

with Trust

Term of
Office

and

Length of
Time
Served*

Principal

Occupation(s) During

the Past 5 Years

Number of
Portfolios

in Fund
Complex**
Overseen by
Interested
Trustee

Other

Directorships

Held by

Interested

Trustee During

the Past 5 Years

Anna Paglia–1974

Invesco Capital

Management LLC

3500 Lacey Road Suite 700

Downers Grove, IL 60515

Trustee, President and Principal Executive Officer

Trustee since 2022, President and Principal Executive Officer since 2020

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

234

None

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

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


		57

Trustees and Officers–(continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2020	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008-2020).

Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).

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

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


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Trustees and Officers–(continued)


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

Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2012	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-Present); Director, Invesco Trust Company (2022-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Treasurer (2008-2020), Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange- Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Treasurer, Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Vice President, Invesco Advisers, Inc. (2009-2020).

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

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


		59

Trustees and Officers–(continued)

Name, Address and Year of
Birth of Executive Officers

Position(s)
Held

with Trust

Length of
Time
Served*

Principal Occupation(s) During the Past 5 Years

Melanie Zimdars–1976

Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

Chief Compliance Officer

Since 2017

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

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

Availability of Additional Information About the Trustees

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


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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.


©2022 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-TRST2-FINC-AR-2	invesco.com/ETFs