N-CSRS

FTSE International Low Beta Equal Weight ETF

S&P Emerging Markets Low Volatility ETF

S&P Emerging Markets Momentum ETF


		Invesco Semi-Annual Report to Shareholders
		April 30, 2022


		IDLB		Invesco FTSE International Low Beta Equal Weight ETF

		EELV		Invesco S&P Emerging Markets Low Volatility ETF

		EEMO		Invesco S&P Emerging Markets Momentum ETF

		IDHD		Invesco S&P International Developed High Dividend Low Volatility ETF

		IDLV		Invesco S&P International Developed Low Volatility ETF

		IDMO		Invesco S&P International Developed Momentum ETF

Table of Contents



Liquidity Risk Management Program			3

Schedules of Investments

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)			4

Invesco S&P Emerging Markets Low Volatility ETF (EELV)			14

Invesco S&P Emerging Markets Momentum ETF (EEMO)			18

Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)			22

Invesco S&P International Developed Low Volatility ETF (IDLV)			25

Invesco S&P International Developed Momentum ETF (IDMO)			29

Statements of Assets and Liabilities			34

Statements of Operations			36

Statements of Changes in Net Assets			38

Financial Highlights			40

Notes to Financial Statements			46

Fund Expenses			56

Approval of Investment Advisory and Sub-Advisory Contracts			58


		2

Liquidity Risk Management Program

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

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

At a meeting held on March 15, 2022, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Funds and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

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

•

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

•

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

•

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

•

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

•

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


		3

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)

April 30, 2022

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-98.18%
Australia-5.86%
Adbri Ltd.		3,215	$	6,571
AGL Energy Ltd.		1,378		8,442
ALS Ltd.		792		7,212
Altium Ltd.		294		6,588
Ansell Ltd.		400		7,705
APA Group		1,023		8,257
Appen Ltd.		1,407		6,458
Aristocrat Leisure Ltd.		277		6,440
ASX Ltd.		123		7,436
Aurizon Holdings Ltd.		2,943		8,393
BHP Group Ltd.		210		7,099
Boral Ltd.		2,814		7,038
carsales.com Ltd.		480		7,069
Cochlear Ltd.		45		7,272
Coles Group Ltd.		578		7,613
CSL Ltd.		40		7,614
CSR Ltd.		1,788		7,663
Domino’s Pizza Enterprises Ltd.		131		6,964
EBOS Group Ltd.		278		7,600
Evolution Mining Ltd.		2,407		6,796
Fortescue Metals Group Ltd.		547		8,341
Goodman Group		456		7,629
Harvey Norman Holdings Ltd.^(a)		1,950		6,981
IGO Ltd.		862		7,991
Iluka Resources Ltd.		921		7,263
Incitec Pivot Ltd.		3,266		8,891
Insurance Australia Group Ltd.		2,308		7,363
JB Hi-Fi Ltd.		202		7,521
Macquarie Group Ltd.		57		8,216
Medibank Pvt Ltd.		3,195		7,196
Metcash Ltd.		2,483		8,370
Newcrest Mining Ltd.		397		7,486
NEXTDC Ltd.^(b)		909		7,095
Northern Star Resources Ltd.		1,001		6,846
Orora Ltd.		2,791		7,826
Pro Medicus Ltd.^(a)		215		7,030
Qube Holdings Ltd.		3,373		6,964
Ramsay Health Care Ltd.		162		9,204
Reece Ltd.		519		6,309
Rio Tinto Ltd.		84		6,697
Rio Tinto PLC		92		6,516
Seven Group Holdings Ltd.		455		6,365
Shopping Centres Australasia Property Group		3,554		7,600
Sonic Healthcare Ltd.		295		7,609
TPG Telecom Ltd.		1,743		7,200
Transurban Group		804		8,084
Treasury Wine Estates Ltd.		897		7,046
Washington H Soul Pattinson & Co. Ltd.		395		7,691
Wesfarmers Ltd.		208		7,216
Woodside Petroleum Ltd.		333		7,280
Woolworths Group Ltd.		288		7,824

				377,880

Austria-0.44%
ANDRITZ AG		174		7,381
Telekom Austria AG		926		6,604


	Shares		Value
Austria-(continued)
Verbund AG^(a)		78	$	8,352
voestalpine AG		220		5,737

				28,074

Belgium-1.11%
Ackermans & van Haaren N.V.		41		7,310
Ageas S.A./N.V.		157		7,527
Elia Group S.A./N.V.		51		8,127
Etablissements Franz Colruyt N.V.		195		7,173
Groupe Bruxelles Lambert S.A.		73		6,898
Proximus SADP		370		6,452
Telenet Group Holding N.V.		217		6,452
UCB S.A.		68		7,738
Umicore S.A.^(a)		175		6,756
Warehouses De Pauw C.V.A.		192		7,369

				71,802

Brazil-0.24%
Wheaton Precious Metals Corp.		179		8,064
Yara International ASA		147		7,527

				15,591

Canada-3.39%
Agnico Eagle Mines Ltd.		154		9,011
Barrick Gold Corp.		352		7,891
BCE, Inc.		150		8,016
Canadian Imperial Bank of Commerce		59		6,556
Canadian National Railway Co.		60		7,093
Canadian Pacific Railway Ltd.		104		7,647
Canadian Tire Corp. Ltd., Class A		56		7,753
Canadian Utilities Ltd., Class A		288		8,703
Enbridge, Inc.		183		8,027
Fortis, Inc.		175		8,559
Franco-Nevada Corp.		53		8,057
George Weston Ltd.		73		9,129
Great-West Lifeco, Inc.		278		7,709
Hydro One Ltd.^(c)		323		8,777
Intact Financial Corp.		56		7,875
Loblaw Cos. Ltd.		102		9,378
Metro, Inc.		153		8,453
Nutrien Ltd.		92		9,087
Restaurant Brands International, Inc.		145		8,326
Rogers Communications, Inc., Class B		152		8,323
Saputo, Inc.		335		7,198
Shaw Communications, Inc., Class B		269		8,053
Sun Life Financial, Inc.		156		7,801
TC Energy Corp.		148		7,869
Teck Resources Ltd., Class B		210		8,327
TELUS Corp.		317		7,972
Thomson Reuters Corp.		73		7,336

				218,926

China-1.78%
AAC Technologies Holdings, Inc.		2,827		6,545
BOC Hong Kong Holdings Ltd.		2,500		9,019
Budweiser Brewing Co. APAC Ltd.^(c)		2,400		6,004
China Travel International Investment Hong Kong Ltd.^(b)		38,000		6,839
Chow Tai Fook Jewellery Group Ltd.		3,800		6,346

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


		4

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
China-(continued)
ESR Cayman Ltd.^(b)(c)		2,699	$	8,187
Kerry Logistics Network Ltd.		3,008		6,866
Lee & Man Paper Manufacturing Ltd.		12,510		5,968
Minth Group Ltd.		2,538		5,985
Shui On Land Ltd.		51,500		7,286
SITC International Holdings Co. Ltd.		2,000		6,678
Tingyi Cayman Islands Holding Corp.		3,584		6,510
Towngas Smart Energy Co. Ltd.		11,319		5,577
Uni-President China Holdings Ltd.		7,425		6,519
Want Want China Holdings Ltd.		8,132		7,322
Wharf Holdings Ltd. (The)		2,000		5,823
Wilmar International Ltd.		2,313		7,411

				114,885

Denmark-1.40%
Ambu A/S, Class B^(a)		434		5,704
AP Moller—Maersk A/S, Class A		1		2,807
AP Moller—Maersk A/S, Class B		1		2,869
Carlsberg A/S, Class B		56		7,088
Chr. Hansen Holding A/S		105		8,182
Coloplast A/S, Class B		49		6,616
Danske Bank A/S		466		7,065
DSV A/S		42		6,861
GN Store Nord A/S^(a)		151		5,629
H Lundbeck A/S		297		6,829
Novo Nordisk A/S, Class B		72		8,235
Novozymes A/S, Class B^(a)		115		7,990
Royal Unibrew A/S		80		6,842
Tryg A/S		330		7,822

				90,539

Finland-1.22%
Elisa OYJ		134		7,832
Huhtamaki OYJ		221		8,284
Kesko OYJ, Class B		277		6,989
Kojamo OYJ		318		6,273
Kone OYJ, Class B		136		6,526
Nordea Bank Abp		703		6,979
Orion OYJ, Class B		163		6,377
Sampo OYJ, Class A		166		7,999
Stora Enso OYJ, Class R		407		7,965
UPM-Kymmene OYJ^(a)		223		7,660
Valmet OYJ		215		5,754

				78,638

France-4.21%
Air Liquide S.A.		45		7,769
ALD S.A.^(c)		563		7,659
Arkema S.A.		58		6,546
BioMerieux		78		7,400
Bollore SE		1,502		6,975
Bouygues S.A.^(a)		211		7,250
Bureau Veritas S.A.		260		7,451
Carrefour S.A.		377		7,992
Cie de L’Odet SE		6		6,928
Cie de Saint-Gobain		124		7,216
Cie Generale des Etablissements Michelin S.C.A.		56		6,923
Danone S.A.^(a)		127		7,635
Dassault Aviation S.A.		51		8,619
Dassault Systemes SE		153		6,806
Edenred		163		8,170


	Shares		Value
France-(continued)
ENGIE S.A.^(a)		552	$	6,484
EssilorLuxottica S.A.		45		7,634
Gecina S.A.		62		6,946
Hermes International		6		7,382
Ipsen S.A.		65		6,745
Kering S.A.		11		5,843
La Francaise des Jeux SAEM^(c)		184		6,846
Legrand S.A.		79		6,973
L’Oreal S.A.^(a)		19		6,912
LVMH Moet Hennessy Louis Vuitton SE^(a)		11		7,039
Orange S.A.		616		7,337
Pernod Ricard S.A.		36		7,417
Publicis Groupe S.A.		118		7,063
Remy Cointreau S.A.		40		7,921
Sanofi^(a)		74		7,789
Sartorius Stedim Biotech		20		6,510
Schneider Electric SE		48		6,836
SEB S.A.		52		6,234
SOITEC^(b)		46		8,237
Somfy S.A.		43		5,726
Teleperformance		20		7,151
Ubisoft Entertainment S.A.^(b)		141		6,366
Vivendi SE^(a)		597		6,846

				271,576

Germany-4.77%
1&1 AG		306		6,426
adidas AG		33		6,721
Beiersdorf AG		74		7,480
Brenntag SE		93		7,254
Carl Zeiss Meditec AG, BR		47		5,936
Commerzbank AG^(b)		976		6,468
Covestro AG^(c)		145		6,316
Deutsche Bank AG^(b)		640		6,536
Deutsche Boerse AG		46		8,065
Deutsche Post AG		153		6,605
Deutsche Telekom AG		414		7,626
Deutsche Wohnen SE		180		5,176
DWS Group GmbH & Co. KGaA^(c)		210		6,952
E.ON SE		596		6,244
Evotec SE^(b)		255		6,194
Fielmann AG		130		6,610
Fresenius Medical Care AG & Co. KGaA		118		7,399
Fuchs Petrolub SE		67		1,788
Fuchs Petrolub SE, Preference Shares		138		4,394
GEA Group AG		176		6,914
Hannover Rueck SE		43		6,755
HelloFresh SE^(b)		159		6,807
Henkel AG & Co. KGaA		38		2,429
Henkel AG & Co. KGaA, Preference Shares		64		4,143
KION Group AG		97		5,470
Knorr-Bremse AG		90		6,489
LEG Immobilien SE		58		5,972
Mercedes-Benz Group AG		106		7,503
Merck KGaA		39		7,232
METRO AG^(b)		864		7,597
MTU Aero Engines AG		32		6,472
Nemetschek SE		84		6,744
Puma SE		87		6,487
Rational AG		11		6,771

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


		5

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
Germany-(continued)
Rheinmetall AG		44	$	9,946
RWE AG		179		7,476
Sartorius AG		1		336
Sartorius AG, Preference Shares		16		6,061
Scout24 SE^(c)		125		7,976
Siemens AG		54		6,710
Siemens Healthineers AG^(c)		117		6,327
Symrise AG		63		7,540
Telefonica Deutschland Holding AG		2,737		8,284
United Internet AG		223		7,229
Varta AG		74		6,962
Vonovia SE		142		5,678
Wacker Chemie AG		48		7,742
Zalando SE^(b)(c)		129		5,116

				307,358

Hong Kong-3.42%
Cafe de Coral Holdings Ltd.		5,074		7,909
CK Infrastructure Holdings Ltd.		1,500		10,094
CLP Holdings Ltd.		1,013		9,862
Dairy Farm International Holdings Ltd.		2,839		7,648
Guotai Junan International Holdings Ltd.		56,000		6,073
Hang Lung Group Ltd.		4,000		7,804
Hang Lung Properties Ltd.		3,462		6,603
Hang Seng Bank Ltd.		445		7,858
Hong Kong & China Gas Co. Ltd. (The)		5,143		5,667
Hong Kong Exchanges & Clearing Ltd.		159		6,744
Hutchison Port Holdings Trust, Class U		30,000		7,165
Hutchison Telecommunications Hong Kong Holdings Ltd.		46,178		7,690
Jardine Matheson Holdings Ltd.		180		9,512
Johnson Electric Holdings Ltd., H Shares		5,000		5,716
Kerry Properties Ltd.		2,886		7,761
Lifestyle International Holdings Ltd.^(b)		13,000		6,249
Link REIT		1,000		8,624
Mapletree North Asia Commercial Trust^(c)		9,500		8,182
New World Development Co. Ltd.		2,000		7,649
PCCW Ltd.		14,000		7,939
Power Assets Holdings Ltd.		1,306		8,776
Shun Tak Holdings Ltd.^(b)		30,000		6,060
Sino Land Co. Ltd.		6,997		9,222
Sun Hung Kai Properties Ltd.		749		8,630
Swire Properties Ltd.		3,200		7,622
Techtronic Industries Co. Ltd.		466		6,222
Vinda International Holdings Ltd.^(a)		2,706		6,525
VTech Holdings Ltd.		1,047		7,392
WH Group Ltd.		10,803		7,436

				220,634

Indonesia-0.24%
First Pacific Co. Ltd.		20,000		8,045
Golden Agri-Resources Ltd.		32,700		7,642

				15,687

Ireland-0.32%
CRH PLC		169		6,686
Kerry Group PLC, Class A		65		7,181
Smurfit Kappa Group PLC		162		6,791

				20,658


	Shares		Value
Israel-2.19%
Bezeq The Israeli Telecommunication Corp. Ltd.^(b)		4,650	$	7,373
Camtek Ltd.^(b)		231		6,723
Elco Ltd.		88		6,847
Electra Ltd.		10		6,869
Energix-Renewable Energies Ltd.		1,784		6,084
First International Bank of Israel Ltd. (The)		184		7,721
Fox Wizel Ltd.		44		6,414
Gav-Yam Lands Corp. Ltd.		596		6,539
Harel Insurance Investments & Financial Services Ltd.		641		7,837
Maytronics Ltd.		355		6,323
Mizrahi Tefahot Bank Ltd.		203		7,505
Nice Ltd.^(b)		33		6,822
Nova Ltd.^(b)		71		6,795
Sapiens International Corp. N.V.		283		6,612
Shapir Engineering and Industry Ltd.		784		7,317
Shikun & Binui Ltd.^(b)		1,239		7,312
Shufersal Ltd.		862		7,265
Strauss Group Ltd.		241		6,430
Teva Pharmaceutical Industries Ltd.^(b)		962		8,460
Tower Semiconductor Ltd.^(b)		162		7,786

				141,034

Italy-2.70%
A2A S.p.A.		4,412		7,521
Amplifon S.p.A.		177		7,043
Assicurazioni Generali S.p.A.^(a)		386		7,285
Atlantia S.p.A.^(b)		418		9,923
Buzzi Unicem S.p.A.		402		7,395
Davide Campari-Milano N.V.		715		8,047
De Longhi S.p.A.^(a)		236		5,709
DiaSorin S.p.A.^(a)		52		6,797
Enel S.p.A.		1,079		6,974
Ferrari N.V.		36		7,594
FinecoBank Banca Fineco S.p.A.		474		6,530
Hera S.p.A.^(a)		2,022		7,521
Infrastrutture Wireless Italiane S.p.A.^(c)		737		7,852
Interpump Group S.p.A.		141		5,674
Italgas S.p.A.		1,189		7,676
Mediobanca Banca di Credito Finanziario S.p.A.		768		7,636
Moncler S.p.A.		132		6,856
Nexi S.p.A.^(b)(c)		574		5,642
Prysmian S.p.A.		217		7,035
Recordati Industria Chimica e Farmaceutica S.p.A.		155		7,420
Reply S.p.A.^(a)		46		6,749
Snam S.p.A.^(a)		1,385		7,601
Terna Rete Elettrica Nazionale S.p.A.^(a)		913		7,437
UnipolSai Assicurazioni S.p.A.^(a)		2,841		7,953

				173,870

Japan-34.53%
ABC-Mart, Inc.		200		8,259
Acom Co. Ltd.		2,900		7,483
Activia Properties, Inc.		2		6,391
Advance Residence Investment Corp.		3		8,255
AEON Financial Service Co. Ltd.		800		7,347
Aeon Mall Co. Ltd.		600		7,285
AEON REIT Investment Corp.		6		6,896
AGC, Inc.		200		7,524
Aica Kogyo Co. Ltd.		319		7,376
Ain Holdings, Inc.^(a)		150		6,761

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


		6

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
Japan-(continued)
Aisin Corp.		200	$	5,815
Ajinomoto Co., Inc.		245		6,388
Alfresa Holdings Corp.		470		6,412
Alps Alpine Co. Ltd.		800		7,052
Amano Corp.		399		7,701
Anritsu Corp.		553		6,980
Ariake Japan Co. Ltd.		188		7,543
As One Corp.		140		7,364
Asahi Kasei Corp.		900		7,419
ASKUL Corp.		530		6,437
Astellas Pharma, Inc.		488		7,450
Azbil Corp.		226		6,910
Benesse Holdings, Inc.		382		6,703
Bic Camera, Inc.^(a)		851		7,185
BIPROGY, Inc.		300		7,641
Bridgestone Corp.		221		8,102
Calbee, Inc.		374		6,712
Canon Marketing Japan, Inc.		356		7,746
Canon, Inc.		345		7,941
Capcom Co. Ltd.		334		8,828
Chiba Bank Ltd. (The)		1,400		8,061
Chugoku Bank Ltd. (The)		1,060		7,808
Concordia Financial Group Ltd.		2,000		7,286
Cosmo Energy Holdings Co. Ltd.		300		7,433
Cosmos Pharmaceutical Corp.		57		5,304
Credit Saison Co. Ltd.		700		7,862
Dai Nippon Printing Co. Ltd.		320		6,698
Daicel Corp.		1,057		6,450
Dai-ichi Life Holdings, Inc.		400		8,041
Daito Trust Construction Co. Ltd.		70		6,749
Daiwa House REIT Investment Corp.		3		7,294
Daiwa Office Investment Corp.		1		5,681
Daiwa Securities Group, Inc.		1,300		6,371
DeNA Co. Ltd.^(b)		500		7,256
Denka Co. Ltd.		300		8,036
Denso Corp.		123		7,519
Descente Ltd.		300		5,820
DIC Corp.		352		6,704
Disco Corp.		36		8,888
Eisai Co. Ltd.		163		7,111
Electric Power Development Co. Ltd.		460		6,345
ENEOS Holdings, Inc.		1,900		6,671
Ezaki Glico Co. Ltd.		256		7,369
FANUC Corp.		40		6,197
Fast Retailing Co. Ltd.		15		6,885
FP Corp.		255		5,733
Fuji Electric Co. Ltd.		200		8,825
Fuji Media Holdings, Inc.		700		6,049
Fuji Oil Holdings, Inc.		447		6,368
FUJIFILM Holdings Corp.		122		6,754
Fukuoka Financial Group, Inc.		400		7,314
Furukawa Electric Co. Ltd.		369		6,018
Fuyo General Lease Co. Ltd.		147		7,956
GLP J-Reit		5		6,727
GMO internet, Inc.		325		6,554
GMO Payment Gateway, Inc.		77		6,512
GOLDWIN, Inc.		169		8,399
GungHo Online Entertainment, Inc.		350		7,175
H.U. Group Holdings, Inc.		340		7,607
Hachijuni Bank Ltd. (The)		2,044		6,740


	Shares		Value
Japan-(continued)
Haseko Corp.		600	$	6,574
Heiwa Corp.		460		6,891
Hikari Tsushin, Inc.		60		6,946
Hino Motors Ltd.		900		4,663
Hirogin Holdings, Inc.^(a)		1,400		6,937
Hirose Electric Co. Ltd.		60		7,653
Hitachi Ltd.		200		9,329
Hitachi Metals Ltd.^(b)		500		7,826
Hitachi Transport System Ltd.		145		9,558
Horiba Ltd.		144		7,019
House Foods Group, Inc.		317		7,429
Hulic Co. Ltd.		893		7,545
Ibiden Co. Ltd.		188		7,134
Idemitsu Kosan Co. Ltd.		289		7,595
Industrial & Infrastructure Fund Investment Corp.		5		7,181
Information Services International-Dentsu Ltd.		261		7,460
Inpex Corp.		700		8,277
Internet Initiative Japan, Inc.		239		7,546
ITOCHU Corp.		242		7,333
Itochu Techno-Solutions Corp.		325		7,663
Itoham Yonekyu Holdings, Inc.		1,333		6,759
Iyo Bank Ltd. (The)		1,496		7,250
Izumi Co. Ltd.		318		6,867
Japan Aviation Electronics Industry Ltd.		500		7,006
Japan Exchange Group, Inc.		428		6,429
Japan Hotel REIT Investment Corp.		16		8,076
Japan Logistics Fund, Inc.		3		7,363
Japan Post Bank Co. Ltd.		930		7,049
Japan Post Holdings Co. Ltd.		986		6,921
Japan Post Insurance Co. Ltd.		500		8,124
Japan Prime Realty Investment Corp.		2		6,078
Japan Real Estate Investment Corp.		1		4,841
Japan Steel Works Ltd. (The)		245		6,927
Japan Tobacco, Inc.		438		7,506
JCR Pharmaceuticals Co. Ltd.		400		7,397
Jeol Ltd.		147		6,696
JTEKT Corp.		1,000		6,973
JustSystems Corp.		170		7,389
Kagome Co. Ltd.		279		6,990
Kaken Pharmaceutical Co. Ltd.		221		6,701
Kamigumi Co. Ltd.		396		6,742
Kandenko Co. Ltd.		1,060		6,731
Kansai Electric Power Co., Inc. (The)		718		6,318
Kao Corp.		174		7,009
Katitas Co. Ltd.		300		7,025
KDDI Corp.		231		7,672
Kenedix Office Investment Corp.		1		5,222
Kewpie Corp.		418		7,085
Keyence Corp.		17		6,870
Kinden Corp.		602		7,132
Kintetsu Group Holdings Co. Ltd.		300		8,628
Kobayashi Pharmaceutical Co. Ltd.		129		8,828
Kobe Bussan Co. Ltd.		259		6,318
Kokuyo Co. Ltd.		577		7,532
Komatsu Ltd.		400		8,988
Kose Corp.		85		8,818
K’s Holdings Corp.		700		6,958
Kuraray Co. Ltd.		900		7,218
Kusuri no Aoki Holdings Co. Ltd.		152		6,746
Kyocera Corp.		160		8,475

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


		7

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
Japan-(continued)
Kyushu Electric Power Co., Inc.		1,000	$	6,308
Kyushu Financial Group, Inc.		2,220		6,820
Kyushu Railway Co.		400		7,866
LaSalle Logiport REIT		5		6,785
Lawson, Inc.		204		7,511
Lintec Corp.		358		6,717
Lion Corp.		670		6,912
Mabuchi Motor Co. Ltd.		238		6,381
Mani, Inc.		581		6,575
Marui Group Co. Ltd.		400		6,907
Maruichi Steel Tube Ltd.		304		6,497
Maruwa Unyu Kikan Co. Ltd.		847		9,944
Matsui Securities Co. Ltd.		1,098		6,809
Mebuki Financial Group, Inc.		3,400		6,876
Medipal Holdings Corp.		417		6,843
MEIJI Holdings Co. Ltd.		161		8,052
Menicon Co. Ltd.		308		6,597
MISUMI Group, Inc.		260		6,551
Mitsubishi Chemical Holdings Corp.		1,100		6,733
Mitsubishi Corp.		237		7,966
Mitsubishi Heavy Industries Ltd.		300		10,269
Mitsubishi Materials Corp.		400		6,277
Mitsubishi UFJ Financial Group, Inc.		1,300		7,569
Mitsui & Co. Ltd.		300		7,294
Mitsui Fudosan Logistics Park, Inc.		2		8,575
Mitsui Mining & Smelting Co. Ltd.		300		7,641
Mizuho Financial Group, Inc.		600		7,310
MonotaRO Co. Ltd.		362		6,287
Mori Hills REIT Investment Corp.		7		7,932
Morinaga & Co. Ltd.		237		7,362
Morinaga Milk Industry Co. Ltd.		166		6,716
MS&AD Insurance Group Holdings, Inc.		245		7,339
Nagase & Co. Ltd.		500		7,172
Nankai Electric Railway Co. Ltd.		363		6,495
NEC Networks & System Integration Corp.		534		7,594
Nexon Co. Ltd.		357		8,166
NGK Insulators Ltd.		500		6,739
NGK Spark Plug Co. Ltd.		500		7,687
NH Foods Ltd.		258		8,175
NHK Spring Co. Ltd.		1,100		7,125
Nichirei Corp.		382		7,022
Nihon Kohden Corp.		298		7,196
Nintendo Co. Ltd.		21		9,694
Nippon Accommodations Fund, Inc.		1		4,923
Nippon Building Fund, Inc.		1		5,189
Nippon Electric Glass Co. Ltd.		300		6,074
Nippon Kayaku Co. Ltd.		800		6,979
Nippon Prologis REIT, Inc.		3		8,337
Nippon Shinyaku Co. Ltd.		128		8,683
Nippon Shokubai Co. Ltd.		200		8,111
Nippon Telegraph & Telephone Corp.		276		8,167
Nippon Television Holdings, Inc.		730		7,017
Nipro Corp.		900		7,112
Nishi-Nippon Railroad Co. Ltd.		400		8,027
Nissan Chemical Corp.		142		7,537
Nisshin Seifun Group, Inc.		608		8,092
Nissin Foods Holdings Co. Ltd.		131		9,151
Nitori Holdings Co. Ltd.		55		5,605
Nitto Denko Corp.		116		7,802
Noevir Holdings Co. Ltd.		199		7,817


	Shares		Value
Japan-(continued)
NOK Corp.		800	$	6,832
Nomura Real Estate Master Fund, Inc.		6		7,523
Nomura Research Institute Ltd.		267		7,578
NS Solutions Corp.		297		8,896
NSK Ltd.		1,300		7,192
Obayashi Corp.		1,000		6,902
Oji Holdings Corp.		1,590		7,533
Ono Pharmaceutical Co. Ltd.		321		8,258
Orient Corp.^(a)		7,000		6,744
ORIX JREIT, Inc.		6		8,063
Osaka Gas Co. Ltd.		421		7,620
OSG Corp.		500		6,278
Otsuka Corp.		197		6,478
Paltac Corp.		236		8,618
Pan Pacific International Holdings Corp.		507		7,870
Panasonic Holdings Corp.		800		7,142
PeptiDream, Inc.^(b)		400		6,458
Pigeon Corp.		464		7,876
Pola Orbis Holdings, Inc.		561		6,496
Relo Group, Inc.		500		7,187
Renesas Electronics Corp.^(b)		700		7,507
Rengo Co. Ltd.		1,159		6,876
Resona Holdings, Inc.^(a)		1,700		7,389
Rohm Co. Ltd.		100		7,051
Rohto Pharmaceutical Co. Ltd.		241		6,441
Ryohin Keikaku Co. Ltd.		500		4,497
Sankyo Co. Ltd.		320		9,232
Sansan, Inc.^(b)		783		7,510
Santen Pharmaceutical Co. Ltd.		692		5,663
Sanwa Holdings Corp.		700		6,395
Sawai Group Holdings Co. Ltd.		200		6,723
SBI Holdings, Inc.		300		6,725
Secom Co. Ltd.		133		9,398
Sega Sammy Holdings, Inc.		467		8,306
Sekisui Chemical Co. Ltd.		500		6,764
Sekisui House REIT, Inc.^(a)		12		7,043
Seven & i Holdings Co. Ltd.		166		7,326
Seven Bank Ltd.		3,700		6,930
SHIFT, Inc.^(b)		44		8,364
Shimamura Co. Ltd.		113		10,037
Shimano, Inc.		34		5,952
Shimizu Corp.		1,200		6,314
Shinsei Bank Ltd.^(b)		410		7,195
Ship Healthcare Holdings, Inc.		404		6,780
Shiseido Co. Ltd.		146		6,892
Shizuoka Bank Ltd. (The)		1,074		6,972
SHO-BOND Holdings Co. Ltd.		224		9,454
Skylark Holdings Co. Ltd.		600		7,137
Softbank Corp.		652		7,589
SoftBank Group Corp.		181		7,319
Sohgo Security Services Co. Ltd.		229		6,382
Sojitz Corp.		475		7,272
Sompo Holdings, Inc.		230		9,382
Sony Group Corp.		97		8,351
Square Enix Holdings Co. Ltd.		173		6,938
Stanley Electric Co. Ltd.		364		6,277
Subaru Corp.		500		7,535
Sugi Holdings Co. Ltd.		134		5,771
Sumitomo Bakelite Co. Ltd.		200		6,601
Sumitomo Chemical Co. Ltd.		1,600		6,787

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


		8

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
Japan-(continued)
Sumitomo Corp.		500	$	7,943
Sumitomo Electric Industries Ltd.		657		7,065
Sumitomo Forestry Co. Ltd.		400		6,151
Sumitomo Heavy Industries Ltd.		300		6,348
Sumitomo Metal Mining Co. Ltd.		200		8,706
Sumitomo Mitsui Financial Group, Inc.		200		6,031
Sumitomo Mitsui Trust Holdings, Inc.		237		7,354
Sumitomo Rubber Industries Ltd.		900		7,802
Sundrug Co. Ltd.		304		7,086
Suzuken Co. Ltd.		240		7,113
Taiheiyo Cement Corp.		400		6,482
Taisho Pharmaceutical Holdings Co. Ltd.		166		6,521
Takara Bio, Inc.		352		5,679
TBS Holdings, Inc.		500		6,572
TDK Corp.		188		5,882
THK Co. Ltd.		357		7,109
TIS, Inc.		358		8,071
Tobu Railway Co. Ltd.		300		6,754
Toda Corp.		1,215		7,024
Toho Co. Ltd.		200		7,436
Tokai Carbon Co. Ltd.		793		6,559
Tokio Marine Holdings, Inc.		149		8,054
Tokyo Electric Power Co. Holdings, Inc.^(b)		2,200		7,607
Tokyo Gas Co. Ltd.		421		8,094
Tokyo Ohka Kogyo Co. Ltd.		161		8,830
Tokyu Corp.		600		7,349
Toshiba Corp.		237		9,919
Toshiba TEC Corp.		239		8,163
Tosoh Corp.		467		6,447
Toyo Seikan Group Holdings Ltd.		600		6,511
Toyo Suisan Kaisha Ltd.		196		6,059
Toyoda Gosei Co. Ltd.		400		5,784
Toyota Boshoku Corp.		452		7,231
Toyota Motor Corp.		480		8,193
Trend Micro, Inc.		183		10,212
TS Tech Co. Ltd.		600		6,213
Tsumura & Co.		304		7,481
Tsuruha Holdings, Inc.		100		5,125
UBE Corp.		400		6,250
Ulvac, Inc.		200		7,915
Unicharm Corp.		232		8,083
United Urban Investment Corp.		7		7,642
Ushio, Inc.		500		6,539
USS Co. Ltd.		500		8,266
Welcia Holdings Co. Ltd.		289		5,976
Yakult Honsha Co. Ltd.		176		9,129
Yamada Holdings Co. Ltd.^(b)		2,200		6,565
Yamaguchi Financial Group, Inc.		1,283		7,035
Yamato Holdings Co. Ltd.		393		7,383
Yamato Kogyo Co. Ltd.		247		8,007
Yamazaki Baking Co. Ltd.^(a)		601		7,450
Yaoko Co. Ltd.		156		8,259
Yokohama Rubber Co. Ltd. (The)		600		8,018
Z Holdings Corp.		1,600		6,320
Zenkoku Hosho Co. Ltd.		200		7,032
Zensho Holdings Co. Ltd.		300		7,099
Zeon Corp.		663		7,111
ZOZO, Inc.		266		5,439

				2,227,700


	Shares		Value
Jordan-0.10%
Hikma Pharmaceuticals PLC		275	$	6,464

Luxembourg-0.34%
Eurofins Scientific SE		75		6,970
L’Occitane International S.A.		2,400		7,548
RTL Group S.A.^(a)		136		7,099

				21,617

Mexico-0.12%
Fresnillo PLC^(a)		786		7,719

Netherlands-2.05%
Aalberts N.V.		140		6,749
ABN AMRO Bank N.V., CVA^(a)(c)		604		7,534
Aegon N.V.		1,549		8,013
Akzo Nobel N.V.		82		7,075
ASR Nederland N.V.		179		8,100
Euronext N.V.^(c)		85		6,824
Heineken Holding N.V.		95		7,405
Heineken N.V.^(a)		77		7,510
JDE Peet’s N.V.^(a)		229		6,726
Koninklijke Ahold Delhaize N.V.^(a)		246		7,267
Koninklijke DSM N.V.		41		6,867
Koninklijke KPN N.V.^(a)		2,177		7,530
Koninklijke Philips N.V.		229		6,008
Koninklijke Vopak N.V.		200		5,356
NN Group N.V.		162		7,916
Prosus N.V.^(a)		123		5,931
Randstad N.V.		116		6,134
Signify N.V.		149		6,291
Wolters Kluwer N.V.		71		7,182

				132,418

New Zealand-0.78%
Auckland International Airport Ltd.^(b)		1,538		7,775
Contact Energy Ltd.		1,325		6,999
Infratil Ltd.^(a)		1,345		7,289
Kiwi Property Group Ltd.		10,203		6,983
Mainfreight Ltd.		134		7,017
SKYCITY Entertainment Group Ltd.		3,702		6,953
Spark New Zealand Ltd.		2,356		7,497

				50,513

Nigeria-0.11%
Airtel Africa PLC^(c)		3,745		6,777

Norway-0.71%
Gjensidige Forsikring ASA		298		6,439
Nordic Semiconductor ASA^(b)		282		5,671
Orkla ASA		820		6,721
Salmar ASA		98		8,107
Schibsted ASA, Class A		118		2,465
Schibsted ASA, Class B		148		2,846
Telenor ASA		500		7,102
TOMRA Systems ASA		161		6,415

				45,766

Poland-0.47%
CD Projekt S.A.^(a)		185		4,994
Cyfrowy Polsat S.A.		1,145		6,225
Dino Polska S.A.^(b)(c)		109		7,026

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


		9

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
Poland-(continued)
KGHM Polska Miedz S.A.		181	$	5,845
Polskie Gornictwo Naftowe i Gazownictwo S.A.		4,623		6,472

				30,562

Portugal-0.23%
EDP - Energias de Portugal S.A.		1,616		7,524
Jeronimo Martins SGPS S.A.		346		7,178

				14,702

Singapore-2.63%
Ascendas REIT		3,623		7,471
CapitaLand Integrated Commercial Trust		4,660		7,809
Frasers Logistics & Commercial Trust^(c)		7,100		7,396
Jardine Cycle & Carriage Ltd.		497		10,374
Kenon Holdings Ltd.		134		7,646
Keppel Corp. Ltd.		1,700		8,419
Keppel DC REIT		4,622		6,914
Keppel REIT		8,745		7,685
Mapletree Commercial Trust		5,487		7,402
Mapletree Industrial Trust		3,957		7,448
Mapletree Logistics Trust		5,650		7,290
NetLink NBN Trust^(c)		10,578		7,649
Olam Group Ltd.		5,896		7,216
Sembcorp Industries Ltd.		3,800		8,052
Singapore Exchange Ltd.		1,141		8,047
Singapore Post Ltd.		15,806		8,130
Singapore Technologies Engineering Ltd.		2,600		7,670
StarHub Ltd.		8,092		7,360
STMicroelectronics N.V.		182		6,741
Suntec REIT		6,100		8,076
Venture Corp. Ltd.		614		7,570
Wing Tai Holdings Ltd.		5,695		7,200

				169,565

South Korea-10.46%
Amorepacific Corp., Preference Shares		114		6,841
BGF retail Co. Ltd.		55		7,882
BNK Financial Group, Inc.		1,169		7,229
Celltrion Healthcare Co. Ltd.		1		51
Celltrion Pharm, Inc.^(b)		2		145
Cheil Worldwide, Inc.		394		7,875
CJ CheilJedang Corp.		24		7,497
CJ CheilJedang Corp., Preference Shares		54		7,605
CJ Corp.		108		7,406
CJ ENM Co. Ltd.		70		6,991
CJ Logistics Corp.^(b)		69		6,683
Coway Co. Ltd.		124		6,942
DB Insurance Co. Ltd.		152		8,095
DGB Financial Group, Inc.		979		6,878
DL Holdings Co. Ltd.		149		7,268
Dongsuh Cos., Inc.		325		6,865
Doosan Bobcat, Inc.		230		7,441
Doosan Enerbility^(b)		420		6,695
Ecopro BM Co. Ltd.		23		8,391
E-MART, Inc.		69		7,141
Fila Holdings Corp.		250		6,388
GS Engineering & Construction Corp.		206		6,801
GS Holdings Corp.		214		7,390
GS Retail Co. Ltd.		329		7,487
Hana Financial Group, Inc.		193		7,189
Hankook Tire & Technology Co. Ltd.		263		7,201


	Shares		Value
South Korea-(continued)
Hanssem Co. Ltd.		122	$	7,542
Hanwha Aerospace Co. Ltd.		165		6,966
Hanwha Corp.		223		5,276
Hanwha Corp., Preference Shares		120		1,510
Hanwha Solutions Corp.^(b)		241		6,020
Hite Jinro Co. Ltd.		248		7,311
Hotel Shilla Co. Ltd.		111		7,078
Hyundai Department Store Co. Ltd.		114		6,793
Hyundai Doosan Infracore Co. Ltd.^(b)		1,287		6,646
Hyundai Engineering & Construction Co. Ltd.		202		7,045
Hyundai Glovis Co. Ltd.		51		8,355
Hyundai Marine & Fire Insurance Co. Ltd.		326		8,363
Hyundai Mobis Co. Ltd.		40		6,534
Hyundai Motor Co.		44		6,393
Hyundai Motor Co., First Pfd		7		521
Hyundai Motor Co., Second Pfd.		12		898
Iljin Materials Co. Ltd.		98		6,732
Industrial Bank of Korea		846		7,495
Kakao Games Corp.^(b)		118		5,560
KB Financial Group, Inc.		156		7,209
KCC Corp.		28		7,439
KEPCO Plant Service & Engineering Co. Ltd.		237		7,023
Kia Corp.		124		8,157
Korea Aerospace Industries Ltd.		234		8,076
Korea Gas Corp.		212		6,832
Korea Investment Holdings Co. Ltd.		114		6,341
Korea Zinc Co. Ltd.		16		7,297
KT&G Corp.		111		7,287
Kumho Petrochemical Co. Ltd.		56		6,770
LG Chem Ltd.		16		6,427
LG Chem Ltd., Preference Shares		3		587
LG Household & Health Care Ltd.		9		6,398
LG Household & Health Care Ltd., Preference Shares		2		784
LG Innotek Co. Ltd.		28		7,615
LG Uplus Corp.		677		7,495
LOTTE Chemical Corp.		44		6,782
LOTTE Chilsung Beverage Co. Ltd.		56		8,042
LOTTE Corp.		301		8,128
LOTTE Fine Chemical Co. Ltd.		114		7,317
Medy-Tox, Inc.^(b)		74		7,941
Meritz Financial Group, Inc.		246		7,324
Mirae Asset Securities Co. Ltd.		838		5,300
Mirae Asset Securities Co. Ltd., Second Pfd.		349		1,223
NAVER Corp.		29		6,560
NCSoft Corp.		20		6,670
Netmarble Corp.^(c)		87		6,525
NH Investment & Securities Co. Ltd.		752		6,442
NHN Corp.^(b)		234		6,435
NongShim Co. Ltd.		30		7,195
Orion Corp.		98		7,335
Ottogi Corp.		21		7,824
Pearl Abyss Corp.^(b)		90		4,799
POSCO Holdings, Inc.		32		7,251
Posco International Corp.		432		8,415
S-1 Corp.		124		6,767
Samsung Biologics Co. Ltd.^(b)(c)		12		7,929
Samsung C&T Corp.		81		7,341
Samsung Card Co. Ltd.		274		7,236
Samsung Engineering Co. Ltd.^(b)		380		7,753

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


		10

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
South Korea-(continued)
Samsung Fire & Marine Insurance Co. Ltd.		45	$	7,399
Samsung Fire & Marine Insurance Co. Ltd., Preference Shares		4		516
Samsung Life Insurance Co. Ltd.		149		7,622
Samsung SDS Co. Ltd.		65		7,580
Samsung Securities Co. Ltd.		210		6,569
Seegene, Inc.		172		5,474
Shin Poong Pharmaceutical Co. Ltd.^(b)		249		5,952
Shinhan Financial Group Co. Ltd.		231		7,674
Shinsegae, Inc.		35		6,841
SK Chemicals Co. Ltd.		72		7,188
SK Networks Co. Ltd.		1,966		7,514
SK Telecom Co. Ltd.		165		7,429
SKC Co. Ltd.		65		7,663
S-Oil Corp.		101		8,215
SSANGYONG C&E Co. Ltd.		1,151		7,561
Wemade Co. Ltd.		82		4,921
Woori Financial Group, Inc.		648		7,472
Yuhan Corp.		155		7,472

				674,748

Spain-1.29%
Acciona S.A.		46		8,992
ACS Actividades de Construccion y Servicios S.A.		296		7,559
Enagas S.A.		351		7,580
Endesa S.A.		362		7,614
Fluidra S.A.		243		6,556
Grifols S.A.		253		4,210
Grifols S.A., Class B, Preference Shares		198		2,148
Iberdrola S.A.		694		7,929
Mapfre S.A.		3,797		6,934
Naturgy Energy Group S.A.		287		8,599
Red Electrica Corp. S.A.		381		7,656
Telefonica S.A		1,542		7,503

				83,280

Sweden-3.08%
Assa Abloy AB, Class B^(a)		283		7,159
Boliden AB		157		6,883
Castellum AB		333		6,563
Epiroc AB, Class A^(a)		258		5,261
Epiroc AB, Class B		158		2,748
Essity AB, Class B		300		7,995
Fastighets AB Balder, Class B^(b)		122		6,065
Getinge AB, Class B^(a)		198		5,756
H & M Hennes & Mauritz AB, Class B^(a)		475		5,991
Hexagon AB, Class B^(a)		569		7,377
Holmen AB, Class B		153		8,863
Industrivarden AB, Class A		162		4,157
Industrivarden AB, Class C^(a)		123		3,102
Kinnevik AB, Class A^(b)		276		6,035
Lundin Energy AB^(a)		188		7,798
Sagax AB, Class D		2,275		7,015
Securitas AB, Class B		633		7,470
Skandinaviska Enskilda Banken AB, Class A		677		7,591
Skandinaviska Enskilda Banken AB, Class C		10		122
SKF AB, Class B		427		6,948
Svenska Cellulosa AB S.C.A., Class A		16		313
Svenska Cellulosa AB S.C.A., Class B		430		8,360
Svenska Handelsbanken AB, Class A		786		7,944
Svenska Handelsbanken AB, Class B		19		214


	Shares		Value
Sweden-(continued)
Sweco AB, Class B		554	$	7,841
Swedbank AB, Class A		485		7,674
Swedish Match AB		989		7,902
Swedish Orphan Biovitrum AB, Class B^(b)		379		7,976
Tele2 AB, Class B^(a)		564		7,464
Telefonaktiebolaget LM Ericsson, Class A		12		101
Telefonaktiebolaget LM Ericsson, Class B		922		7,423
Telia Co. AB		2,018		8,381
Volvo AB, Class A		49		800
Volvo AB, Class B		357		5,681

				198,973

Switzerland-2.28%
Alcon, Inc.		98		6,968
Baloise Holding AG		46		8,006
Banque Cantonale Vaudoise		90		7,620
Barry Callebaut AG		3		6,928
BKW AG		60		7,326
Chocoladefabriken Lindt & Spruengli AG, PC		1		11,213
DKSH Holding AG		86		7,394
Emmi AG		7		6,958
Helvetia Holding AG		65		8,352
Logitech International S.A., Class R^(a)		98		6,364
Lonza Group AG		11		6,472
PSP Swiss Property AG		57		7,206
Roche Holding AG		19		7,052
Roche Holding AG, BR		1		403
Sonova Holding AG, Class A		19		6,856
Swatch Group AG (The)		31		1,530
Swatch Group AG (The), BR		20		5,176
Swiss Prime Site AG		76		7,454
Swisscom AG		13		7,716
Tecan Group AG, Class R		17		5,120
UBS Group AG		423		7,172
Zurich Insurance Group AG		17		7,749

				147,035

Taiwan-0.09%
FIT Hon Teng Ltd.^(b)(c)		43,000		5,483

United Kingdom-4.37%
3i Group PLC		425		6,924
Admiral Group PLC		189		5,915
Ashtead Group PLC		111		5,730
AstraZeneca PLC		60		7,958
Auto Trader Group PLC^(c)		830		6,549
B&M European Value Retail S.A.		919		5,626
British American Tobacco PLC		170		7,154
Bunzl PLC		191		7,386
Croda International PLC		79		7,643
Dechra Pharmaceuticals PLC		132		5,962
Derwent London PLC		186		7,043
Diageo PLC		153		7,570
Direct Line Insurance Group PLC		1,908		6,051
Entain PLC^(b)		353		6,627
Experian PLC		188		6,506
Halma PLC		226		6,948
Hargreaves Lansdown PLC		520		5,904
HomeServe PLC		816		10,041
Howden Joinery Group PLC		673		6,351
IMI PLC		373		6,267

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


		11

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
United Kingdom-(continued)
Intertek Group PLC		105	$	6,534
J Sainsbury PLC		2,128		6,195
JD Sports Fashion PLC		3,788		6,260
Johnson Matthey PLC^(a)		299		8,238
Kingfisher PLC^(a)		1,876		5,888
London Stock Exchange Group PLC		88		8,719
National Grid PLC		492		7,304
Next PLC		86		6,444
Renishaw PLC		122		6,413
Rentokil Initial PLC^(a)		1,057		7,251
Rightmove PLC		808		6,202
Sage Group PLC (The)		777		7,138
Segro PLC		425		7,101
Smiths Group PLC		361		6,595
Spirax-Sarco Engineering PLC		46		6,946
SSE PLC		341		7,931
Tate & Lyle PLC		744		7,239
Tesco PLC		1,958		6,641
Unilever PLC		153		7,096
United Utilities Group PLC		521		7,485
Weir Group PLC (The)		328		6,284

				282,059

United States-1.25%
Amcor PLC, CDI		653		7,766
Avast PLC^(c)		879		6,240
Ferguson PLC		49		6,170
GlaxoSmithKline PLC		355		7,981
JS Global Lifestyle Co. Ltd.^(c)		7,500		8,890
Nestle S.A.		57		7,375
Oracle Corp.		122		7,873
QIAGEN N.V.^(b)		154		7,120


	Shares		Value
United States-(continued)
Stellantis N.V.		432	$	5,755
Swiss Re AG		85		6,986
Waste Connections, Inc.		63		8,736

				80,892

Total Common Stocks & Other Equity Interests (Cost $6,934,835)				6,333,425


Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(d)(e) (Cost $3,051)		3,051		3,051

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.23% (Cost $6,937,886)				6,336,476


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-5.97%
Invesco Private Government Fund, 0.40%^(d)(e)(f)		121,467		121,467
Invesco Private Prime Fund, 0.35%^(d)(e)(f)		264,020		264,020

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $385,456)				385,487

TOTAL INVESTMENTS IN SECURITIES-104.20% (Cost $7,323,342)				6,721,963
OTHER ASSETS LESS LIABILITIES-(4.20)%				(270,913	)

NET ASSETS-100.00%			$	6,451,050

Investment Abbreviations:

BR-Bearer Shares

CDI-CREST Depository Interest

CVA-Dutch Certificates

PC-Participation Certificate

Pfd.-Preferred

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at April 30, 2022.

^(b)	Non-income producing security.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2022 was $176,658, which represented 2.74% of the Fund’s Net Assets.

^(d)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2022.


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	-	$	363,329	$	(360,278	)	$	-	$	-	$	3,051	$	5

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


		12

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)

April 30, 2022

(Unaudited)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2022		Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund	$	112,402	$	484,049	$	(474,984	)	$	-	$	-		$	121,467	$	87	*
Invesco Private Prime Fund		262,272		1,034,754		(1,032,844	)		31		(193	)		264,020		255	*

Total	$	374,674	$	1,882,132	$	(1,868,106	)	$	31	$	(193	)	$	388,538	$	347

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

^(e)	The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

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

Portfolio Composition

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

as of April 30, 2022


Industrials			16.57
Consumer Staples			12.72
Financials			12.13
Consumer Discretionary			10.34
Materials			10.08
Health Care			7.68
Communication Services			7.43
Real Estate			7.39
Information Technology			7.27
Utilities			5.20
Energy			1.37
Money Market Funds Plus Other Assets
Less Liabilities			1.82

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


		13

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

April 30, 2022

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.77%
Brazil-1.90%
ENGIE Brasil Energia S.A.		616,800	$	5,218,675
Itausa S.A., Preference Shares		1,852,600		3,445,427
Neoenergia S.A.		1,152,800		4,371,710
Telefonica Brasil S.A.		430,300		4,621,715

				17,657,527


China-8.95%
Agricultural Bank of China Ltd., H Shares		11,943,131		4,484,791
Bank of China Ltd., H Shares		15,326,334		6,033,536
Bank of Communications Co. Ltd., H Shares		6,622,923		4,617,219
China CITIC Bank Corp. Ltd., H Shares		10,270,907		5,224,056
China Conch Venture Holdings Ltd.		852,784		2,222,674
China Construction Bank Corp., H Shares		6,477,149		4,603,038
China Everbright Bank Co. Ltd., H Shares		11,309,000		4,098,454
China Galaxy Securities Co. Ltd., H Shares		6,947,000		3,768,050
China Life Insurance Co. Ltd., H Shares		2,917,974		4,234,701
China Tower Corp. Ltd., H Shares^(a)		40,375,797		4,710,550
Chongqing Rural Commercial Bank Co. Ltd., H Shares		11,947,403		4,633,453
CRRC Corp. Ltd., H Shares		9,597,000		3,546,659
Guotai Junan Securities Co. Ltd., H Shares^(a)(b)		2,650,749		3,408,793
Haitong Securities Co. Ltd., H Shares		5,457,303		3,815,970
Hengan International Group Co. Ltd.		733,537		3,471,827
Huatai Securities Co. Ltd., H Shares^(a)		2,389,868		3,285,598
Industrial & Commercial Bank of China Ltd., H Shares		8,456,875		5,097,583
People’s Insurance Co. Group of China Ltd.
(The), H Shares		16,923,708		5,395,928
Want Want China Holdings Ltd.		3,848,597		3,465,107
Yum China Holdings, Inc.		72,831		3,044,336

				83,162,323


Czech Rep-1.00%
CEZ A.S.		127,179		5,443,793
Komercni banka A.S.^(c)		117,560		3,834,676

				9,278,469


Egypt-0.41%
Commercial International Bank Egypt S.A.E		1,586,730		3,844,538

Greece-0.50%
Hellenic Telecommunications Organization S.A.		242,568		4,606,154

India-0.82%
Dr. Reddy’s Laboratories Ltd., ADR^(c)		72,252		3,878,487
WNS (Holdings) Ltd., ADR^(b)		48,132		3,772,105

				7,650,592


Indonesia-1.27%
PT Bank Central Asia Tbk		7,264,977		4,063,298
PT Indofood CBP Sukses Makmur Tbk		7,272,481		3,821,361
PT Indofood Sukses Makmur Tbk		9,007,459		3,914,395

				11,799,054


Kuwait-3.81%
Gulf Bank KSCP		5,092,063		5,666,156
Humansoft Holding Co. KSC		341,181		3,758,613
Kuwait Finance House KSCP		2,860,692		9,189,276


	Shares		Value
Kuwait-(continued)
Mobile Telecommunications Co. KSCP		4,094,629	$	9,099,176
National Bank of Kuwait SAKP		2,253,664		7,716,209

				35,429,430


Malaysia-7.64%
CIMB Group Holdings Bhd.		3,792,000		4,519,184
Genting Bhd.		3,628,900		3,844,385
Hong Leong Bank Bhd.		1,338,100		6,425,115
IHH Healthcare Bhd.		2,545,247		3,833,901
IOI Corp. Bhd.		3,632,100		3,887,322
Kuala Lumpur Kepong Bhd.		560,800		3,778,940
Malayan Banking Bhd.		3,874,392		8,052,431
Petronas Chemicals Group Bhd.		2,131,800		5,004,478
Petronas Gas Bhd.		1,351,300		5,270,489
Public Bank Bhd.		6,345,000		6,818,698
RHB Bank Bhd.		3,755,400		5,381,410
Sime Darby Bhd.		7,179,900		3,841,990
Telekom Malaysia Bhd.		3,798,100		4,336,847
Tenaga Nasional Bhd.		2,868,072		5,955,523

				70,950,713


Mexico-4.35%
America Movil S.A.B. de C.V., Series L		4,512,328		4,391,054
Arca Continental S.A.B. de C.V.		862,693		5,473,705
Coca-Cola FEMSA S.A.B. de C.V., Series L		887,339		4,837,897
Fomento Economico Mexicano, S.A.B. de C.V., Series CPO^(d)		542,476		4,078,571
Gruma S.A.B. de C.V., Class B		347,763		4,130,351
Grupo Elektra S.A.B. de C.V		89,916		5,391,171
Grupo Financiero Inbursa S.A.B. de C.V., Class O^(b)(c)		2,263,332		3,836,081
Kimberly-Clark de Mexico S.A.B. de C.V., Class A^(c)		2,846,937		3,974,287
Promotora y Operadora de Infraestructura S.A.B de C.V.		592,560		4,319,241

				40,432,358


Philippines-0.41%
Bank of the Philippine Islands		2,082,495		3,776,124

Poland-0.35%
Cyfrowy Polsat S.A.		593,807		3,228,426

Qatar-5.20%
Commercial Bank P.S.Q.C. (The)		2,004,281		4,231,734
Doha Bank Q.P.S.C.		4,750,070		3,391,277
Ezdan Holding Group Q.S.C.^(b)		10,731,094		3,886,679
Industries Qatar Q.S.C.		785,688		4,058,156
Masraf Al Rayan Q.S.C.		4,110,274		6,083,443
Mesaieed Petrochemical Holding Co. Q.P.S.C.		5,054,055		3,594,426
Ooredoo Q.P.S.C.		2,566,009		5,284,815
Qatar Gas Transport Co. Ltd.		5,622,319		5,279,970
Qatar Islamic Bank (S.A.Q)		904,547		6,082,888
Qatar National Bank Q.P.S.C.		1,012,739		6,457,909

				48,351,297


Romania-0.52%
NEPI Rockcastle PLC		803,118		4,854,099

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


		14

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

April 30, 2022

(Unaudited)


	Shares		Value
Russia-0.00%
Mobile TeleSystems PJSC, ADR^(e)		206,291	$	0
X5 Retail Group N.V., GDR^(a)(e)		51,546		0

				0


Saudi Arabia-10.88%
Advanced Petrochemical Co.		262,603		4,682,178
Al Rajhi Bank		90,078		4,210,170
Alinma Bank		436,540		4,812,359
Almarai Co. JSC		364,850		5,035,438
Arab National Bank		656,091		6,157,194
Bank Al-Jazira		572,324		4,795,289
Dar Al Arkan Real Estate Development Co.^(b).		1,465,195		4,202,231
Dr Sulaiman Al Habib Medical Services Group Co.		87,345		4,649,750
Etihad Etisalat Co.		551,771		6,336,691
Jarir Marketing Co.		88,432		4,523,122
Riyad Bank		369,852		4,019,298
Saudi Arabian Oil Co.^(a)		668,850		7,992,268
Saudi Basic Industries Corp.		121,955		4,253,998
Saudi British Bank (The)		352,161		4,186,696
Saudi Cement Co.		464,158		7,152,696
Saudi Electricity Co.		477,150		3,447,794
Saudi National Bank (The)		216,059		4,518,617
Saudi Telecom Co.		144,638		4,442,160
Savola Group (The)		510,364		4,857,629
United Electronics Co.		101,508		3,480,305
Yanbu National Petrochemical Co., Class A		208,043		3,371,128

				101,127,011


South Africa-3.74%
Capitec Bank Holdings Ltd.^(c)		32,299		4,500,252
Clicks Group Ltd.^(c)		203,903		4,007,090
FirstRand Ltd.		831,569		3,576,284
Growthpoint Properties Ltd.^(c)		4,444,603		3,967,931
Remgro Ltd.		422,145		3,789,892
Sanlam Ltd.		948,418		3,920,367
Shoprite Holdings Ltd.^(c)		231,020		3,327,915
Tiger Brands Ltd.^(c)		371,833		3,623,243
Vodacom Group Ltd.		426,426		4,082,018

				34,794,992


South Korea-8.76%
CJ Logistics Corp.^(b)		34,668		3,357,819
GS Retail Co. Ltd.		181,927		4,140,230
Hyundai Department Store Co. Ltd.		61,071		3,639,221
Hyundai Motor Co.		28,631		4,160,145
Industrial Bank of Korea		503,020		4,456,281
KT&G Corp.		114,776		7,535,350
LG Uplus Corp.		387,643		4,291,449
Mirae Asset Securities Co. Ltd.		541,493		3,425,033
NH Investment & Securities Co. Ltd.		435,384		3,729,525
NongShim Co. Ltd.^(c)		16,476		3,951,499
S-1 Corp.		90,730		4,951,500
Samsung Card Co. Ltd.		177,468		4,686,873
Samsung Electronics Co. Ltd.		85,459		4,540,788
Samsung Life Insurance Co. Ltd.		78,077		3,994,209
Samsung SDS Co. Ltd.		35,127		4,096,267
Samsung Securities Co. Ltd.		110,738		3,464,122
Shinhan Financial Group Co. Ltd.		136,378		4,530,382


	Shares		Value
South Korea-(continued)
SSANGYONG C&E Co. Ltd		697,905	$	4,584,427
Yuhan Corp.		80,748		3,892,699

				81,427,819


Taiwan-24.49%
Asia Cement Corp.		2,940,000		4,775,265
Catcher Technology Co. Ltd.		756,000		3,696,751
Chang Hwa Commercial Bank Ltd.		11,060,267		6,899,061
Chicony Electronics Co. Ltd.		1,238,000		3,439,343
Chunghwa Telecom Co. Ltd.		2,085,222		9,221,659
Compal Electronics, Inc.		4,636,000		3,457,335
CTBC Financial Holding Co. Ltd.		5,192,053		5,118,264
E.Sun Financial Holding Co. Ltd.		7,225,891		8,276,596
Far Eastern New Century Corp.		4,069,000		4,120,128
Far EasTone Telecommunications Co. Ltd.		3,046,993		8,571,852
First Financial Holding Co. Ltd.		7,957,684		7,479,130
Formosa Chemicals & Fibre Corp.		1,795,095		4,833,223
Formosa Petrochemical Corp.		1,019,000		3,155,672
Formosa Taffeta Co. Ltd.		5,169,000		4,738,642
Highwealth Construction Corp.		3,112,300		4,946,991
Hotai Finance Co. Ltd.^(b)		1,016,000		3,808,396
Hua Nan Financial Holdings Co. Ltd.		8,784,030		7,012,333
Inventec Corp.		5,214,000		4,464,413
Kings Town Bank Co. Ltd.		3,904,000		5,146,165
Lien Hwa Industrial Holdings Corp.		1,653,580		3,137,931
Lite-On Technology Corp.		1,469,000		3,218,397
Mega Financial Holding Co. Ltd.		4,773,777		6,698,144
Nan Ya Plastics Corp.		1,343,930		3,925,569
Pegatron Corp.		2,379,000		5,636,054
Powertech Technology, Inc.		1,096,000		3,448,288
President Chain Store Corp.		619,000		5,721,309
Quanta Computer, Inc.		1,348,000		3,796,538
Radiant Opto-Electronics Corp.		1,080,000		3,725,376
Shanghai Commercial & Savings Bank Ltd. (The)		2,674,000		4,388,272
SinoPac Financial Holdings Co. Ltd.		9,069,421		5,574,392
Synnex Technology International Corp.		1,513,264		3,959,424
Taichung Commercial Bank Co. Ltd.		14,049,000		7,071,375
Taishin Financial Holding Co. Ltd.		7,505,106		4,915,588
Taiwan Business Bank		15,488,154		6,676,731
Taiwan Cement Corp.		2,581,317		4,012,682
Taiwan Cooperative Financial Holding Co. Ltd.		7,232,068		6,970,064
Taiwan Fertilizer Co. Ltd.		1,529,000		3,867,895
Taiwan High Speed Rail Corp.		5,355,000		5,065,612
Taiwan Mobile Co. Ltd.		2,032,162		7,466,036
Taiwan Semiconductor Manufacturing Co. Ltd.		208,397		3,803,755
Tripod Technology Corp.		896,000		3,746,959
Uni-President Enterprises Corp.		2,369,181		5,466,796
Wistron Corp.		4,264,000		4,109,309
WPG Holdings Ltd.		2,028,937		3,727,415
Yuanta Financial Holding Co. Ltd.		4,844,010		4,253,740

				227,544,870


Thailand-11.06%
Advanced Info Service PCL, NVDR		628,436		3,926,216
Airports of Thailand PCL, NVDR^(b)		1,935,476		3,736,153
B. Grimm Power PCL, NVDR		3,910,248		3,686,448
Bangkok Bank PCL, NVDR		1,002,881		3,790,673
Bangkok Dusit Medical Services PCL, NVDR		6,351,658		4,754,194

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


		15

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

April 30, 2022

(Unaudited)


	Shares		Value
Thailand-(continued)
Bangkok Expressway & Metro PCL, NVDR		16,316,842	$	3,907,531
Berli Jucker PCL, NVDR		3,632,857		3,620,425
BTS Group Holdings PCL, NVDR		15,830,046		4,141,459
Bumrungrad Hospital PCL, NVDR		778,095		3,646,255
Charoen Pokphand Foods PCL, NVDR		6,019,408		4,220,391
CP ALL PCL, NVDR		2,140,478		4,037,311
Electricity Generating PCL, NVDR		1,060,914		5,134,929
Global Power Synergy PCL, NVDR		1,926,066		3,710,320
Home Product Center PCL, NVDR		8,009,896		3,483,308
Krung Thai Bank PCL, NVDR		9,774,357		4,317,351
Land & Houses PCL, NVDR		17,790,783		4,949,004
Osotspa PCL, NVDR		3,647,780		3,691,854
PTT Exploration & Production PCL, NVDR		893,113		3,915,730
PTT Global Chemical PCL, NVDR		2,561,700		3,718,141
PTT PCL, NVDR		3,722,916		4,055,682
Ratch Group PCL, NVDR		3,561,723		4,564,466
Siam Cement PCL (The), NVDR		447,124		4,814,034
Thai Beverage PCL		9,522,878		4,700,712
Tisco Financial Group PCL, NVDR		1,753,552		4,624,686
WHA Corp. PCL, NVDR		36,684,277		3,579,670

				102,726,943

United Arab Emirates-3.71%
Abu Dhabi Commercial Bank PJSC		1,477,391		4,084,103
Abu Dhabi Islamic Bank PJSC		1,797,899		4,288,781
Abu Dhabi National Oil Co. for Distribution PJSC		3,590,501		4,033,423


	Shares		Value
United Arab Emirates-(continued)
Aldar Properties PJSC		4,931,057	$	7,547,257
Dubai Islamic Bank PJSC		3,439,909		6,027,923
Emirates NBD Bank PJSC		1,022,846		4,231,666
First Abu Dhabi Bank PJSC		696,255		4,242,603

				34,455,756

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.77% (Cost $906,298,427)				927,098,495


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-2.07%
Invesco Private Government Fund, 0.40%^(f)(g)(h)		5,810,703		5,810,703
Invesco Private Prime Fund, 0.35%^(f)(g)(h)		13,412,914		13,412,914

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $19,222,834)				19,223,617

TOTAL INVESTMENTS IN SECURITIES-101.84% (Cost $925,521,261)				946,322,112

OTHER ASSETS LESS LIABILITIES-(1.84)%				(17,124,344	)

NET ASSETS-100.00%			$	929,197,768

Investment Abbreviations:

ADR-American Depositary Receipt

CPO-Certificates of Ordinary Participation

GDR-Global Depositary Receipt

NVDR-Non-Voting Depositary Receipt

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2022 was $19,397,209, which represented 2.09% of the Fund’s Net Assets.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at April 30, 2022.

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

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

^(f)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	9,266,939	$	141,923,899	$	(151,190,838	)	$	-	$	-	$	-	$	1,393

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


		16

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

April 30, 2022

(Unaudited)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2022		Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund	$	1,823,421	$	16,589,286	$	(12,602,004	)	$	-	$	-		$	5,810,703	$	2,579	*
Invesco Private Prime Fund		4,254,649		33,845,286		(24,685,300	)		782		(2,503	)		13,412,914		6,325	*

Total	$	15,345,009	$	192,358,471	$	(188,478,142	)	$	782	$	(2,503	)	$	19,223,617	$	10,297

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

^(g)	The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

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

Portfolio Composition

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

as of April 30, 2022


Financials			40.20
Consumer Staples			12.47
Communication Services			9.54
Information Technology			7.17
Materials			6.74
Industrials			5.09
Utilities			5.04
Consumer Discretionary			4.16
Real Estate			4.08
Sector Types Each Less Than 3%			5.28
Money Market Funds Plus Other Assets Less Liabilities			0.23

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


		17

Invesco S&P Emerging Markets Momentum ETF (EEMO)

April 30, 2022

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-100.01%
Brazil-0.10%
Braskem S.A., Class A, Preference Shares		715	$	5,807

Chile-0.19%
Cia Sud Americana de Vapores S.A.		89,756		10,143
Sociedad Quimica y Minera de Chile S.A., Class A		14		980

				11,123

China-4.98%
Bank of China Ltd., H Shares		237,000		93,300
Bank of Communications Co. Ltd., H Shares		65,000		45,315
China Coal Energy Co. Ltd., H Shares		6,000		5,116
China Railway Group Ltd., H Shares		13,000		9,071
China Resources Power Holdings Co. Ltd.		8,000		14,975
CITIC Ltd.		21,000		21,769
COSCO SHIPPING Holdings Co. Ltd., H Shares^(a).		10,398		16,282
Genscript Biotech Corp.^(a)		4,000		11,167
Kunlun Energy Co. Ltd.		14,000		11,565
PetroChina Co. Ltd., H Shares		78,000		37,360
Shanghai Baosight Software Co. Ltd., B Shares.		1,088		3,986
Yankuang Energy Group Co. Ltd., H Shares		6,753		19,034

				288,940

Czech Rep-0.88%
CEZ A.S.		943		40,365
Komercni banka A.S.		317		10,340

				50,705

Greece-0.73%
Eurobank Ergasias Services and Holdings S.A.^(a)		10,643		11,064
Hellenic Telecommunications Organization S.A.		899		17,071
National Bank of Greece S.A.^(a)		1,957		7,764
Star Bulk Carriers Corp.		232		6,519

				42,418

India-28.73%
Aarti Industries Ltd.		661		7,596
ABB India Ltd.		175		4,754
ACC Ltd.		240		7,260
Adani Enterprises Ltd.		1,813		54,908
Adani Green Energy Ltd.^(a)		1,340		50,111
Adani Total Gas Ltd.		1,811		57,671
Adani Transmission Ltd.^(a)		1,806		65,431
Ambuja Cements Ltd.		2,166		10,469
Apollo Hospitals Enterprise Ltd.		308		17,762
Astral Ltd.		266		7,419
Avenue Supermarts Ltd.^(a)(b)		433		22,123
Bajaj Finance Ltd.		700		60,309
Bajaj Finserv Ltd.		139		26,649
Bajaj Holdings & Investment Ltd.		103		6,921
Bharat Electronics Ltd.		3,616		11,119
Canara Bank^(a)		1,244		3,677
Coforge Ltd.		99		5,351
Deepak Nitrite Ltd.		309		9,281
Grasim Industries Ltd.		1,386		30,420
Gujarat Gas Ltd..		607		3,807
Hindalco Industries Ltd.		6,470		40,247
Hindustan Aeronautics Ltd.^(b)		267		5,532


	Shares		Value
India-(continued)
Hindustan Petroleum Corp. Ltd.		1,925	$	6,770
ICICI Bank Ltd.		14,009		135,316
Indian Oil Corp. Ltd.		8,929		14,636
Indian Railway Catering & Tourism Corp. Ltd.		1,463		14,088
Infosys Ltd.		12,512		253,874
JSW Energy Ltd.		2,662		11,010
JSW Steel Ltd.		3,092		29,212
L&T Technology Services Ltd.^(b)		96		5,069
Larsen & Toubro Infotech Ltd.^(b)		128		7,981
Larsen & Toubro Ltd.		2,088		45,834
Macrotech Developers Ltd.^(b)		303		3,942
Max Healthcare Institute Ltd.^(a)		1,741		9,426
Mindtree Ltd.		338		15,327
Mphasis Ltd.		373		13,719
NTPC Ltd.		18,686		37,988
Oil & Natural Gas Corp. Ltd.		17,122		35,775
Page Industries Ltd.		17		10,055
Pidilite Industries Ltd.		514		16,156
Piramal Enterprises Ltd.		420		11,757
Polycab India Ltd.		206		6,650
Power Grid Corp. of India Ltd.		12,479		37,035
SBI Life Insurance Co. Ltd.^(b)		1,342		19,305
Siemens Ltd.		251		7,406
SRF Ltd.		769		24,862
State Bank of India		7,621		48,909
Sun Pharmaceutical Industries Ltd.		3,290		39,818
Tata Elxsi Ltd.		222		22,198
Tata Motors Ltd.^(a)		5,814		33,155
Tata Motors Ltd., Class A^(a)		1,924		5,371
Tata Power Co. Ltd. (The)		10,971		34,619
Tata Steel Ltd.		2,720		44,812
Tech Mahindra Ltd.		2,045		33,411
Titan Co. Ltd.		1,525		48,689
Trent Ltd.		570		9,082
UltraTech Cement Ltd.		291		25,038
United Spirits Ltd.^(a)		838		9,403
Vedanta Ltd.		5,454		28,903

				1,665,418

Indonesia-0.51%
PT Adaro Energy Tbk		57,500		13,190
PT Bank Aladin Syariah Tbk^(a)		11,100		1,546
PT Bank Jago Tbk^(a)		18,500		14,867

				29,603

Kuwait-3.79%
Agility Public Warehousing Co. KSC		3,792		15,373
Gulf Bank KSCP		6,891		7,668
Kuwait Finance House KSCP		29,156		93,656
National Bank of Kuwait SAKP		30,083		103,000

				219,697

Malaysia-1.05%
CIMB Group Holdings Bhd.		21,700		25,861
Petronas Chemicals Group Bhd.		8,200		19,250
Press Metal Aluminium Holdings Bhd.		11,500		15,770

				60,881

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


		18

Invesco S&P Emerging Markets Momentum ETF (EEMO)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
Mexico-2.45%
America Movil S.A.B. de C.V., Series L		80,900	$	78,726
Arca Continental S.A.B. de C.V.		1,500		9,517
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B		1,100		16,926
Grupo Bimbo S.A.B. de C.V., Series A		5,500		16,951
Grupo Financiero Inbursa S.A.B. de C.V., Class O^(a)		8,300		14,068
Ternium S.A., ADR		132		5,663

				141,851

Peru-0.04%
Sociedad Minera Cerro Verde SAA		64		2,560

Philippines-0.27%
Converge Information and Communications Technology Solutions, Inc.^(a)		6,700		3,681
International Container Terminal Services, Inc.		2,845		11,656

				15,337

Poland-1.12%
Bank Polska Kasa Opieki S.A.		1,003		21,992
LPP S.A.^(c)		4		8,407
mBank S.A.^(a)		61		4,064
Powszechna Kasa Oszczednosci Bank Polski S.A.^(a)		2,990		21,894
Santander Bank Polska S.A.^(c)		142		8,594

				64,951

Qatar-2.63%
Commercial Bank P.S.Q.C. (The)		8,779		18,536
Industries Qatar Q.S.C.		6,991		36,109
Qatar Aluminum Manufacturing Co.		16,078		10,596
Qatar National Bank Q.P.S.C.		13,704		87,386

				152,627

Russia-0.00%
Alrosa PJSC^(d)		11,439		0
Gazprom PJSC^(d)		43,562		0
Severstal PAO^(d)		1,045		0

				0

Saudi Arabia-18.45%
Al Rajhi Bank		8,015		374,614
Alinma Bank		6,438		70,972
Arab National Bank		475		4,458
Bank AlBilad^(a)		2,766		37,974
Bank Al-Jazira		2,011		16,849
Banque Saudi Fransi		1,938		27,969
Dr Sulaiman Al Habib Medical Services Group Co.		291		15,491
Emaar Economic City^(a)		1,456		4,237
Mouwasat Medical Services Co.		125		7,976
National Industrialization Co.^(a)		1,214		6,625
Rabigh Refining & Petrochemical Co.^(a)		299		2,280
Riyad Bank		6,057		65,823
SABIC Agri-Nutrients Co.		962		41,613
Sahara International Petrochemical Co.		2,328		35,219
Saudi Arabian Mining Co.^(a)		2,411		88,149
Saudi British Bank (The)		1,304		15,503
Saudi Kayan Petrochemical Co.^(a)		1,913		9,572


	Shares		Value
Saudi Arabia-(continued)
Saudi National Bank (The)		11,482	$	240,132
United Electronics Co.		110		3,772

				1,069,228

South Africa-4.92%
Capitec Bank Holdings Ltd.		348		48,487
Investec Ltd.		2,033		12,323
MTN Group Ltd.		11,257		119,316
Nedbank Group Ltd.		1,408		19,610
Pepkor Holdings Ltd.^(b)		3,831		5,164
Rand Merchant Investment Holdings Ltd.		2,898		4,949
Sasol Ltd.^(a)		2,047		50,050
Shoprite Holdings Ltd.		1,767		25,454

				285,353

South Korea-3.22%
BNK Financial Group, Inc.		1,015		6,277
DB Insurance Co. Ltd.		183		9,745
Ecopro BM Co. Ltd.		31		11,309
Industrial Bank of Korea		861		7,628
KB Financial Group, Inc.		1,241		57,352
KCC Corp.		14		3,720
L&F Co. Ltd.^(a)		81		13,540
LG Innotek Co. Ltd.		42		11,422
Meritz Financial Group, Inc.		244		7,264
Meritz Fire & Marine Insurance Co. Ltd.		343		12,051
Meritz Securities Co. Ltd.		1,138		5,866
Samsung Engineering Co. Ltd.^(a)		460		9,385
Woori Financial Group, Inc.		2,716		31,318

				186,877

Taiwan-18.42%
Advanced Energy Solution Holding Co. Ltd.		110		3,342
Asustek Computer, Inc.		1,798		21,667
Cathay Financial Holding Co. Ltd.		33,274		70,072
Chailease Holding Co. Ltd.		5,122		40,638
China Airlines Ltd.^(a)		9,000		8,228
China Development Financial Holding Corp.		95,000		57,249
Chung Hung Steel Corp.		3,454		4,393
CTBC Financial Holding Co. Ltd.		88,000		86,749
E Ink Holdings, Inc.		5,054		28,973
E.Sun Financial Holding Co. Ltd.		55,000		62,998
Eclat Textile Co. Ltd.		624		10,169
Elite Material Co. Ltd.		826		6,071
eMemory Technology, Inc.		186		7,795
Evergreen Marine Corp. Taiwan Ltd.		12,460		60,410
First Financial Holding Co. Ltd.		42,000		39,474
Formosa Sumco Technology Corp.		357		2,314
Fubon Financial Holding Co. Ltd.		36,957		92,526
Gigabyte Technology Co. Ltd.		1,459		5,205
Hotai Finance Co. Ltd.^(a)		526		1,972
Hua Nan Financial Holdings Co. Ltd.		39,000		31,134
Kinsus Interconnect Technology Corp.		1,000		5,635
Lien Hwa Industrial Holdings Corp.		5,000		9,488
Medigen Vaccine Biologics Corp.^(a)		472		3,987
Medigen Vaccine Biologics Corp., Rts.^(a)		12		12
Mega Financial Holding Co. Ltd.		50,000		70,156
momo.com, Inc.		135		3,569
Nan Ya Printed Circuit Board Corp.		694		9,216
Ruentex Development Co. Ltd.		8,463		22,154
Ruentex Industries Ltd.		2,016		7,746

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


		19

Invesco S&P Emerging Markets Momentum ETF (EEMO)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
Taiwan-(continued)
Shin Kong Financial Holding Co. Ltd.		42,000	$	13,885
SinoPac Financial Holdings Co. Ltd.		61,000		37,493
Synnex Technology International Corp.		5,374		14,061
TA Chen Stainless Pipe		5,000		7,430
Taichung Commercial Bank Co. Ltd.		12,000		6,040
Taishin Financial Holding Co. Ltd.		59,000		38,643
Taiwan Cooperative Financial Holding Co. Ltd.		52,000		50,116
Unimicron Technology Corp.		4,890		34,198
Wisdom Marine Lines Co. Ltd.		2,263		7,004
Yang Ming Marine Transport Corp.^(a)		11,368		47,368
Yuanta Financial Holding Co. Ltd.		33,000		28,979
Yulon Finance Corp.		1,197		9,312

				1,067,871

Thailand-0.63%
Com7 PCL, NVDR		1,300		1,570
Gulf Energy Development PCL, NVDR		15,200		21,493
Land & Houses PCL, NVDR		11,900		3,310
Regional Container Lines PCL, NVDR		900		1,165
SCG Packaging PCL, NVDR		3,110		4,985
Thai Union Group PCL, NVDR		7,709		3,789

				36,312

Turkey-1.10%
Aksa Enerji Uretim A.S.^(a)		1,366		1,531
Arcelik A.S.		757		3,432
Coca-Cola Icecek A.S.		225		1,857
Enka Insaat ve Sanayi A.S.		7,122		7,552
Eregli Demir ve Celik Fabrikalari TAS		5,706		12,754
Ford Otomotiv Sanayi A.S.		187		3,762
Iskenderun Demir ve Celik A.S.		689		1,259
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S., Class D^(a)		2,192		2,237
Petkim Petrokimya Holding A.S.^(a)		3,684		2,349
Sasa Polyester Sanayi A.S.^(a)		650		2,774
Tofas Turk Otomobil Fabrikasi A.S.		566		2,997
Turk Hava Yollari AO^(a)		3,227		8,874
Turkiye Petrol Rafinerileri A.S.^(a)		371		5,775
Turkiye Sise ve Cam Fabrikalari A.S.		5,209		6,353

				63,506

United Arab Emirates-5.50%
Abu Dhabi Commercial Bank PJSC		10,832		29,944
Abu Dhabi Islamic Bank PJSC		5,555		13,251


	Shares		Value
United Arab Emirates-(continued)
Aldar Properties PJSC		9,679	$	14,814
Emirates Telecommunications Group Co. PJSC .		17,679		168,461
First Abu Dhabi Bank PJSC		15,173		92,456

				318,926

United States-0.30%
JBS S.A.		2,300		17,579
Total Common Stocks & Other Equity Interests (Cost $5,663,197)				5,797,570

	Principal Amount
Non-U.S. Dollar Denominated Bonds & Notes-0.00%^(e)
India-0.00%
Britannia Industries Ltd., 8.00%, 08/28/2022 (Cost $214)		INR 15,360		203

	Shares

Money Market Funds-0.19%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(f)(g)(Cost $11,027)		11,027		11,027

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.20% (Cost $5,674,438)				5,808,800


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-0.23%
Invesco Private Government Fund, 0.40%^(f)(g)(h)		4,026		4,026
Invesco Private Prime Fund, 0.35%^(f)(g)(h)		9,346		9,346

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $13,372)				13,372

TOTAL INVESTMENTS IN SECURITIES-100.43% (Cost $5,687,810)				5,822,172
OTHER ASSETS LESS LIABILITIES-(0.43)%				(25,190	)

NET ASSETS-100.00%			$	5,796,982

Investment Abbreviations:

ADR-American Depositary Receipt

INR-Indian Rupee

NVDR-Non-Voting Depositary Receipt

Rts.-Rights

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


		20

Invesco S&P Emerging Markets Momentum ETF (EEMO)–(continued)

April 30, 2022

(Unaudited)

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2022 was $69,116, which represented 1.19% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at April 30, 2022.

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

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

^(f)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	11,208	$	373,968	$	(374,149)		$	-	$	-		$	11,027	$	9
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		4,674		611,019		(611,667	)		-		-			4,026		8	*
Invesco Private Prime Fund		10,905		1,013,413		(1,014,933	)		-		(39	)		9,346		31	*

Total	$	26,787	$	1,998,400	$	(2,000,749	)	$	-	$	(39	)	$	24,399	$	48

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

^(g)	The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

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

Portfolio Composition

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

as of April 30, 2022


Financials	49.23
Materials	10.49
Information Technology	8.90
Industrials	8.24
Utilities	6.69
Communication Services	6.68
Sector Types Each Less Than 3%	9.78
Money Market Funds Plus Other Assets Less Liabilities	(0.01	)

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


		21

Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)

April 30, 2022

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.39%
Australia-8.60%
APA Group		30,415	$	245,478
Australia & New Zealand Banking Group Ltd.		9,675		184,706
Coles Group Ltd.		12,071		158,997
Dexus		24,576		192,607
GPT Group (The)		53,619		191,875
Medibank Pvt Ltd.		61,751		139,081
National Australia Bank Ltd.		8,226		188,313
Westpac Banking Corp.		14,023		234,973

				1,536,030

Austria-0.76%
Oesterreichische Post AG^(a)		4,225		135,984

Belgium-0.65%
Solvay S.A., Class A		1,233		116,531

China-1.80%
BOC Hong Kong Holdings Ltd.		49,901		180,025
Wilmar International Ltd.		44,100		141,304

				321,329

Finland-2.55%
Elisa OYJ		2,503		146,294
Orion OYJ, Class B		4,231		165,530
Sampo OYJ, Class A		2,974		143,310

				455,134

France-5.14%
Bouygues S.A.^(a)		6,233		214,156
Danone S.A.		2,294		137,909
ENGIE S.A.^(a)		11,011		129,344
Orange S.A.		23,907		284,736
Sanofi^(a)		1,444		151,983

				918,128

Germany-4.85%
BASF SE		2,941		156,402
Deutsche Telekom AG		8,374		154,246
E.ON SE		11,703		122,597
Evonik Industries AG		5,127		135,578
Talanx AG		2,825		119,118
Uniper SE		3,017		78,042
Vonovia SE		2,496		99,806

				865,789

Hong Kong-7.17%
CK Infrastructure Holdings Ltd.		33,298		224,062
CLP Holdings Ltd.		16,600		161,612
Hang Seng Bank Ltd.		8,192		144,665
HKT Trust & HKT Ltd.		210,733		302,062
Link REIT		21,585		186,138
Power Assets Holdings Ltd.		39,061		262,478

				1,281,017

Israel-3.96%
Amot Investments Ltd.		18,809		142,756
Bank Hapoalim BM		11,993		110,950
Bank Leumi Le-Israel BM		14,432		151,261


	Shares		Value
Israel-(continued)
First International Bank of Israel Ltd. (The)		3,794	$	159,211
Mizrahi Tefahot Bank Ltd.		3,889		143,782

				707,960

Italy-5.12%
Assicurazioni Generali S.p.A.^(a)		14,342		270,664
Snam S.p.A.		34,125		187,269
Terna Rete Elettrica Nazionale S.p.A.		20,810		169,504
UnipolSai Assicurazioni S.p.A.		102,339		286,494

				913,931

Japan-18.28%
Chubu Electric Power Co., Inc.		16,174		163,787
Chugoku Electric Power Co., Inc. (The)^(a)		27,132		178,842
Daiwa House REIT Investment Corp.		51		123,997
Daiwa Office Investment Corp.		30		170,423
EXEO Group, Inc.		7,061		117,816
Japan Prime Realty Investment Corp.		52		158,033
Japan Real Estate Investment Corp.		28		135,553
Japan Tobacco, Inc.		12,293		210,657
KDDI Corp.		4,810		159,742
Kenedix Office Investment Corp.^(a)		30		156,658
Kirin Holdings Co. Ltd.		9,100		133,858
Nippon Telegraph & Telephone Corp.		5,153		152,478
Nomura Real Estate Master Fund, Inc.		138		173,036
ORIX JREIT, Inc.		117		157,227
Sekisui House REIT, Inc.^(a)		256		150,252
Seven Bank Ltd.		85,985		161,040
Softbank Corp.		19,549		227,552
Takeda Pharmaceutical Co. Ltd.		8,311		241,498
Teijin Ltd.		12,200		131,127
Tohoku Electric Power Co., Inc.^(a)		28,953		161,347

				3,264,923

Netherlands-2.15%
Koninklijke KPN N.V.^(a)		63,218		218,651
NN Group N.V.		3,377		165,009

				383,660

New Zealand-2.40%
Fletcher Building Ltd.		35,604		141,926
Spark New Zealand Ltd.		90,025		286,473

				428,399

Norway-1.96%
Gjensidige Forsikring ASA		5,316		114,863
Telenor ASA		16,631		236,246

				351,109

Singapore-13.66%
Ascendas REIT		62,446		128,766
CapitaLand Integrated Commercial Trust		163,799		274,477
Keppel Corp. Ltd.		39,300		194,633
Keppel REIT		252,068		221,529
Mapletree Commercial Trust		148,953		200,945
Mapletree Industrial Trust		105,354		198,313
Mapletree Logistics Trust		157,431		203,119
Oversea-Chinese Banking Corp. Ltd.		15,200		134,977
Singapore Exchange Ltd.		18,865		133,045
Singapore Technologies Engineering Ltd.		60,693		179,036

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


		22

Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
Singapore-(continued)
Suntec REIT		209,520	$	277,394
United Overseas Bank Ltd.		6,316		135,560
Venture Corp. Ltd.		12,785		157,622

				2,439,416

Spain-1.23%
Red Electrica Corp. S.A.		10,962		220,267

Sweden-2.35%
Tele2 AB, Class B^(a)		13,522		178,959
Telia Co. AB		58,174		241,611

				420,570

Switzerland-4.58%
Holcim AG		3,236		158,613
Novartis AG		1,769		156,838
Swiss Life Holding AG		227		132,739
Swisscom AG		316		187,559
Zurich Insurance Group AG		401		182,784

				818,533

United Kingdom-9.89%
BAE Systems PLC		22,728		211,159
British American Tobacco PLC		7,834		329,689
Direct Line Insurance Group PLC		74,004		234,682
National Grid PLC		13,195		195,881
Phoenix Group Holdings PLC		29,934		225,482
Severn Trent PLC		3,653		143,629
Tesco PLC		33,899		114,982
Unilever PLC		3,158		146,456
United Utilities Group PLC		11,447		164,457

				1,766,417


	Shares		Value
United States-2.29%
GlaxoSmithKline PLC		9,419	$	211,760
Swiss Re AG		2,398		197,087

				408,847

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.39% (Cost $18,491,342)				17,753,974


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-10.14%
Invesco Private Government Fund, 0.40%^(b)(c)(d)		543,304		543,304
Invesco Private Prime Fund, 0.35%^(b)(c)(d)		1,267,617		1,267,617

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,810,837)				1,810,921

TOTAL INVESTMENTS IN SECURITIES-109.53% (Cost $20,302,179)				19,564,895
OTHER ASSETS LESS LIABILITIES-(9.53)%				(1,701,619	)

NET ASSETS-100.00%			$	17,863,276

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at April 30, 2022.

^(b)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	-	$	976,776	$	(976,776)		$	-	$	-		$	-	$	9
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		419,898		1,731,970		(1,608,564	)		-		-			543,304		237	*
Invesco Private Prime Fund		979,762		3,928,418		(3,640,339	)		84		(308	)		1,267,617		651	*

Total	$	1,399,660	$	6,637,164	$	(6,225,679	)	$	84	$	(308	)	$	1,810,921	$	897

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

^(c)	The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

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

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


		23

Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)–(continued)

April 30, 2022

(Unaudited)

Portfolio Composition

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

as of April 30, 2022


Financials			23.93
Real Estate			19.83
Utilities			15.72
Communication Services			15.55
Consumer Staples			7.69
Industrials			6.69
Health Care			5.19
Materials			3.91
Information Technology			0.88
Money Market Funds Plus Other Assets Less Liabilities			0.61

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


		24

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

April 30, 2022

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.70%
Australia-8.05%
APA Group		350,042	$	2,825,176
ASX Ltd.		47,826		2,891,203
Australia & New Zealand Banking Group Ltd.		154,598		2,951,439
Bank of Queensland Ltd.		430,069		2,438,490
Brambles Ltd.		361,957		2,688,370
Coles Group Ltd.		220,122		2,899,398
Dexus		322,607		2,528,338
GPT Group (The)		678,095		2,426,549
Medibank Pvt Ltd.		1,170,949		2,637,309
National Australia Bank Ltd.		136,858		3,133,018
Ramsay Health Care Ltd.		57,496		3,266,709
Tabcorp Holdings Ltd.^(a)		657,684		2,515,403
Telstra Corp. Ltd.		987,688		2,814,780
Transurban Group		295,209		2,968,090
Wesfarmers Ltd.		68,025		2,359,826
Westpac Banking Corp.^(a)		161,590		2,707,640
Woolworths Group Ltd.		97,524		2,649,448

				46,701,186

Belgium-1.47%
Ackermans & van Haaren N.V.		16,091		2,868,717
Groupe Bruxelles Lambert S.A.		33,155		3,132,835
Warehouses De Pauw C.V.A.^(a)		66,028		2,534,173

				8,535,725

Canada-23.65%
Algonquin Power & Utilities Corp.		219,953		3,201,069
AltaGas Ltd.		136,028		3,127,031
Bank of Montreal^(a)		28,575		3,045,421
Bank of Nova Scotia (The)		52,160		3,320,070
BCE, Inc.		96,094		5,135,339
Canadian Apartment Properties REIT		71,083		2,798,714
Canadian Imperial Bank of Commerce		27,211		3,023,752
Canadian Utilities Ltd., Class A		136,539		4,125,923
CCL Industries, Inc., Class B^(a)		58,665		2,570,969
CGI, Inc., Class A^(b)		31,327		2,510,964
Choice Properties REIT		298,600		3,546,612
Dollarama, Inc.		50,836		2,840,818
Emera, Inc.^(a)		109,187		5,299,378
Empire Co. Ltd., Class A		79,926		2,653,464
Enbridge, Inc.		75,263		3,301,314
Fortis, Inc.		98,379		4,811,761
George Weston Ltd.		23,185		2,899,281
Great-West Lifeco, Inc.		152,209		4,220,717
Hydro One Ltd.^(c)		183,706		4,992,066
iA Financial Corp., Inc.		46,901		2,464,958
IGM Financial, Inc.		79,435		2,530,260
Intact Financial Corp.		24,445		3,437,468
Loblaw Cos. Ltd.		34,922		3,210,895
Manulife Financial Corp.		129,770		2,550,622
Metro, Inc.		62,024		3,426,716
National Bank of Canada		45,734		3,210,559
Open Text Corp.		62,611		2,520,509
Pembina Pipeline Corp.		68,227		2,594,980
Power Corp. of Canada		133,198		3,939,505
Quebecor, Inc., Class B		123,414		2,919,139
Restaurant Brands International, Inc.		42,309		2,429,527
RioCan REIT		170,335		3,198,654


	Shares		Value
Canada-(continued)
Rogers Communications, Inc., Class B		49,960	$	2,735,574
Royal Bank of Canada		39,252		3,984,936
Saputo, Inc.		98,680		2,120,224
Sun Life Financial, Inc.^(a)		72,367		3,618,775
TC Energy Corp.		55,135		2,931,359
TELUS Corp.		172,715		4,343,383
Thomson Reuters Corp.		28,821		2,896,420
TMX Group Ltd.		29,718		3,041,209
Toromont Industries Ltd.		27,419		2,426,208
Toronto-Dominion Bank (The)		43,799		3,179,930

				137,136,473

China-0.41%
Wilmar International Ltd.		740,936		2,374,087

Denmark-0.50%
Tryg A/S^(a)		121,594		2,882,145

Finland-1.44%
Elisa OYJ		57,430		3,356,630
Kojamo OYJ		110,092		2,171,784
Sampo OYJ, Class A		57,948		2,792,369

				8,320,783

France-4.86%
Air Liquide S.A.		18,478		3,190,098
Bouygues S.A.^(a)		77,297		2,655,798
Bureau Veritas S.A.		112,336		3,219,096
Danone S.A.^(a)		44,185		2,656,291
ENGIE S.A.^(a)		206,548		2,426,282
Legrand S.A.		28,669		2,530,677
L’Oreal S.A.^(a)		6,167		2,243,559
Orange S.A.		298,670		3,557,211
Pernod Ricard S.A.		13,641		2,810,521
Sanofi^(a)		27,414		2,885,352

				28,174,885

Germany-3.78%
Allianz SE		10,905		2,487,215
Beiersdorf AG		29,549		2,986,971
Brenntag SE		31,706		2,473,164
Deutsche Boerse AG		18,354		3,218,057
E.ON SE		227,219		2,380,268
Evonik Industries AG		103,833		2,745,750
Symrise AG		24,732		2,960,027
Talanx AG		62,721		2,644,668

				21,896,120

Hong Kong-5.52%
CK Hutchison Holdings Ltd.		359,179		2,514,865
CK Infrastructure Holdings Ltd.		432,090		2,907,536
CLP Holdings Ltd.		474,907		4,623,530
Hang Seng Bank Ltd.		143,688		2,537,437
HKT Trust & HKT Ltd.		2,716,881		3,894,349
Hong Kong & China Gas Co. Ltd. (The)		2,261,003		2,491,299
Link REIT		385,425		3,323,704
MTR Corp. Ltd.		725,330		3,849,978
Power Assets Holdings Ltd.		513,362		3,449,629
Sun Hung Kai Properties Ltd.		211,826		2,440,751

				32,033,078

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


		25

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

April 30, 2022

(Unaudited)


	Shares		Value
Ireland-0.47%
Kerry Group PLC, Class A		24,861	$	2,746,448

Israel-2.19%
Bank Leumi Le-Israel BM		230,626		2,417,174
First International Bank of Israel Ltd. (The)^(a)		62,705		2,631,340
Mivne Real Estate KD Ltd.		631,929		2,377,318
Mizrahi Tefahot Bank Ltd.		68,063		2,516,396
Strauss Group Ltd.^(a)		103,199		2,753,220

				12,695,448

Italy-2.47%
Assicurazioni Generali S.p.A.^(a)		157,802		2,978,060
Hera S.p.A.^(a)		665,663		2,476,111
Snam S.p.A.		566,913		3,111,060
Terna Rete Elettrica Nazionale S.p.A.		334,672		2,726,012
UnipolSai Assicurazioni S.p.A.^(a)		1,089,301		3,049,457

				14,340,700

Japan-14.11%
Advance Residence Investment Corp.		912		2,509,478
Chubu Electric Power Co., Inc.^(a)		268,738		2,721,397
Daiwa House REIT Investment Corp.		925		2,248,958
Daiwa Office Investment Corp.		450		2,556,345
EXEO Group, Inc.		122,936		2,051,246
Ezaki Glico Co. Ltd.		79,310		2,282,939
GLP J-Reit		1,611		2,167,375
House Foods Group, Inc.		96,470		2,260,764
Japan Prime Realty Investment Corp.		856		2,601,464
Japan Real Estate Investment Corp.		488		2,362,490
Japan Tobacco, Inc.		168,130		2,881,134
Kao Corp.		62,186		2,504,952
KDDI Corp.		75,668		2,512,972
Kenedix Office Investment Corp.^(a)		453		2,365,531
Kinden Corp.		181,778		2,153,415
Kirin Holdings Co. Ltd.		160,209		2,356,631
McDonald’s Holdings Co. Japan Ltd.^(a)		98,024		3,896,446
MEIJI Holdings Co. Ltd.		43,744		2,187,819
Mitsubishi Estate Co. Ltd.		175,526		2,546,602
Mizuho Financial Group, Inc.		195,550		2,382,492
Nippon Building Fund, Inc.		450		2,335,263
Nippon Telegraph & Telephone Corp.		90,281		2,671,429
Nisshin Seifun Group, Inc.		192,876		2,567,006
Nissin Foods Holdings Co. Ltd.		33,644		2,350,094
ORIX JREIT, Inc.		1,765		2,371,838
Osaka Gas Co. Ltd.		136,850		2,476,947
Secom Co. Ltd.		36,744		2,596,450
Sekisui House REIT, Inc.^(a)		4,194		2,461,545
Seven Bank Ltd.		1,157,079		2,167,081
Softbank Corp.		269,235		3,133,920
Takeda Pharmaceutical Co. Ltd.		90,696		2,635,417
Tohoku Electric Power Co., Inc.		396,854		2,211,551
Tokyo Gas Co. Ltd.		121,066		2,327,689

				81,856,680

Netherlands-1.91%
Koninklijke Ahold Delhaize N.V.^(a)		85,323		2,520,452
Koninklijke DSM N.V.		15,527		2,600,617
Koninklijke KPN N.V.^(a)		809,966		2,801,420
Wolters Kluwer N.V.		31,238		3,159,731

				11,082,220


	Shares		Value
New Zealand-0.50%
Spark New Zealand Ltd.		910,709	$	2,898,012

Norway-1.48%
Gjensidige Forsikring ASA		127,501		2,754,908
Orkla ASA		366,234		3,001,715
Telenor ASA		199,762		2,837,655

				8,594,278

Singapore-10.58%
Ascendas REIT		1,710,692		3,527,510
CapitaLand Integrated Commercial Trust		1,846,165		3,093,609
City Developments Ltd.		510,274		3,129,074
DBS Group Holdings Ltd.		119,319		2,894,337
Genting Singapore Ltd.		4,685,280		2,728,700
Jardine Cycle & Carriage Ltd.		142,304		2,970,474
Keppel Corp. Ltd.		588,528		2,914,679
Keppel REIT		2,897,954		2,546,852
Mapletree Commercial Trust		2,189,674		2,953,975
Mapletree Industrial Trust^(a)		1,827,249		3,439,521
Mapletree Logistics Trust		2,309,501		2,979,740
Oversea-Chinese Banking Corp. Ltd.		351,299		3,119,564
SATS Ltd.^(b)		877,294		2,873,761
Singapore Exchange Ltd.		426,220		3,005,905
Singapore Technologies Engineering Ltd.		1,191,170		3,513,784
Singapore Telecommunications Ltd.		1,596,114		3,177,213
Suntec REIT		2,301,383		3,046,922
United Overseas Bank Ltd.		144,548		3,102,426
UOL Group Ltd.		654,014		3,440,869
Venture Corp. Ltd.		235,839		2,907,588

				61,366,503

Spain-0.51%
Red Electrica Corp. S.A.^(a)		146,393		2,941,568

Sweden-3.09%
AAK AB		165,405		2,879,590
Axfood AB^(a)		120,424		3,572,225
Essity AB, Class B		105,068		2,800,140
Swedbank AB, Class A		164,729		2,606,341
Tele2 AB, Class B^(a)		192,387		2,546,176
Telia Co. AB		847,690		3,520,670

				17,925,142

Switzerland-5.35%
Chocoladefabriken Lindt & Spruengli AG, PC		228		2,556,496
EMS-Chemie Holding AG^(a)		2,695		2,411,117
Geberit AG		4,496		2,571,026
Givaudan S.A.^(a)		670		2,668,220
Holcim AG		51,608		2,529,580
Novartis AG		39,557		3,507,077
Roche Holding AG		7,314		2,714,722
SGS S.A		1,188		3,057,401
Swiss Life Holding AG		4,492		2,626,715
Swisscom AG^(a)		5,470		3,246,663
Zurich Insurance Group AG		6,882		3,136,959

				31,025,976

United Kingdom-4.80%
BAE Systems PLC		255,372		2,372,586
Bunzl PLC		67,187		2,598,101
Diageo PLC		61,133		3,024,754
National Grid PLC		201,489		2,991,128
RELX PLC		108,601		3,238,387

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


		26

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

April 30, 2022

(Unaudited)


	Shares		Value
United Kingdom-(continued)
Segro PLC		147,302	$	2,461,244
Severn Trent PLC^(a)		77,416		3,043,856
Tesco PLC		785,379		2,663,925
Unilever PLC		54,264		2,516,548
United Utilities Group PLC		203,347		2,921,451

				27,831,980

United States-2.56%
Ferguson PLC		17,078		2,150,427
GlaxoSmithKline PLC		144,219		3,242,357
Nestle S.A.		30,047		3,887,625
Swiss Re AG		28,749		2,362,832
Waste Connections, Inc.		23,208		3,218,304

				14,861,545

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.70% (Cost $584,864,207)				578,220,982


	Shares		Value

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-10.62%
Invesco Private Government Fund, 0.40%^(d)(e)(f)		18,490,515	$	18,490,515
Invesco Private Prime Fund, 0.35%^(d)(e)(f)		43,125,191		43,125,191

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $61,612,724)				61,615,706

TOTAL INVESTMENTS IN SECURITIES-110.32% (Cost $646,476,931)				639,836,688
OTHER ASSETS LESS LIABILITIES-(10.32)%				(59,869,536	)

NET ASSETS-100.00%			$	579,967,152

Investment Abbreviations:

PC-Participation Certificate

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at April 30, 2022.

^(b)	Non-income producing security.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at April 30, 2022 represented less than 1% of the Fund’s Net Assets.

^(d)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	-	$	45,037,215	$	(45,037,215	)	$	-	$	-		$	-	$	644
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		16,037,629		77,878,965		(75,426,079	)		-		-			18,490,515		8,570	*
Invesco Private Prime Fund		37,421,121		156,078,863		(150,365,057	)		2,982		(12,718	)		43,125,191		24,072	*

Total	$	53,458,750	$	278,995,043	$	(270,828,351	)	$	2,982	$	(12,718	)	$	61,615,706	$	33,286

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

^(e)	The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

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

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


		27

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

April 30, 2022

(Unaudited)

Portfolio Composition

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

as of April 30, 2022


Financials			21.69
Consumer Staples			15.04
Real Estate			14.57
Utilities			13.21
Industrials			12.50
Communication Services			10.02
Materials			3.74
Health Care			3.15
Sector Types Each Less Than 3%			5.78
Money Market Funds Plus Other Assets Less Liabilities			0.30

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


		28

Invesco S&P International Developed Momentum ETF (IDMO)

April 30, 2022

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.47%
Australia-2.83%
Computershare Ltd.		529	$	9,327
Glencore PLC		10,792		66,420
IGO Ltd.		803		7,444
Lynas Rare Earths Ltd.^(a)		820		5,185
Macquarie Group Ltd.		383		55,203
Mineral Resources Ltd.		145		5,940
Pilbara Minerals Ltd.^(a)		4,682		9,069
South32 Ltd.		4,545		15,235
Telstra Corp. Ltd.		3,930		11,200

				185,023

Austria-0.42%
BAWAG Group AG^(b)		84		3,984
Erste Group Bank AG		446		13,777
OMV AG		152		7,761
Raiffeisen Bank International AG^(c)		151		1,696

				27,218

Belgium-0.32%
Ackermans & van Haaren N.V.		25		4,457
D’Ieteren Group		39		6,318
Shurgard Self Storage S.A.^(c)		22		1,269
Sofina S.A.		13		3,994
Warehouses De Pauw C.V.A.		127		4,874

				20,912

Canada-26.86%
AltaGas Ltd.		358		8,230
Bank of Montreal		1,122		119,579
Bank of Nova Scotia (The)		1,805		114,891
BCE, Inc.		462		24,690
Brookfield Asset Management, Inc., Class A		1,470		73,704
Canadian Imperial Bank of Commerce		834		92,676
Canadian Natural Resources Ltd.		2,151		133,818
Canadian Utilities Ltd., Class A		111		3,354
Cenovus Energy, Inc.		2,104		39,099
Constellation Software, Inc.		19		30,058
Dollarama, Inc.		257		14,362
Emera, Inc.		263		12,765
Enbridge, Inc.		2,494		109,396
Fairfax Financial Holdings Ltd.		22		12,151
Fortis, Inc.		493		24,113
George Weston Ltd.		98		12,255
Gildan Activewear, Inc.		194		6,608
Great-West Lifeco, Inc.		484		13,421
iA Financial Corp., Inc.		137		7,200
IGM Financial, Inc..		86		2,739
Imperial Oil Ltd.		366		18,523
Intact Financial Corp.		167		23,484
Ivanhoe Mines Ltd., Class A^(a)		543		4,376
Keyera Corp.		172		4,289
Loblaw Cos. Ltd.		292		26,848
Metro, Inc.		220		12,155
National Bank of Canada		509		35,732
Nutrien Ltd.		536		52,944
Onex Corp.		66		3,986
Power Corp. of Canada		987		29,192
RioCan REIT		172		3,230


	Shares		Value
Canada-(continued)
Royal Bank of Canada		2,618	$	265,784
Sun Life Financial, Inc.		669		33,454
Suncor Energy, Inc.		1,573		56,837
TC Energy Corp.		882		46,893
Teck Resources Ltd., Class B		387		15,346
TELUS Corp.		420		10,562
Thomson Reuters Corp.		148		14,873
Toronto-Dominion Bank (The)		2,819		204,667
Tourmaline Oil Corp.		563		29,144
WSP Global, Inc.		67		7,854

				1,755,282

China-0.25%
BOC Hong Kong Holdings Ltd.		3,443		12,421
Wharf Holdings Ltd. (The)		1,345		3,916

				16,337

Denmark-4.10%
AP Moller—Maersk A/S, Class A		4		11,226
AP Moller—Maersk A/S, Class B		7		20,085
DSV A/S		171		27,932
Novo Nordisk A/S, Class B		1,827		208,955

				268,198

Finland-1.35%
Kesko OYJ, Class B		214		5,399
Nordea Bank Abp		5,923		59,152
Sampo OYJ, Class A		490		23,612

				88,163

France-11.63%
AXA S.A.		3,199		84,696
BNP Paribas S.A.		1,415		72,570
Bollore SE		836		3,882
Capgemini SE		224		45,568
Christian Dior SE		4		2,439
Cie de Saint-Gobain		533		31,017
Cie Generale des Etablissements Michelin S.C.A.		149		18,420
Credit Agricole S.A.		1,541		16,540
EssilorLuxottica S.A.		307		52,081
Hermes International		39		47,986
LVMH Moet Hennessy Louis Vuitton SE^(c)		260		166,373
Publicis Groupe S.A.		245		14,665
Societe Generale S.A.		1,410		33,500
TotalEnergies SE		2,827		139,291
Veolia Environnement S.A.		761		21,934
Vivendi SE^(c)		792		9,082

				760,044

Germany-2.65%
Bayerische Motoren Werke AG, Preference Shares		52		3,876
Deutsche Post AG		784		33,844
E.ON SE		2,893		30,306
Hannover Rueck SE		66		10,367
Hapag-Lloyd AG^(b)		11		4,405
Mercedes-Benz Group AG		749		53,020
Merck KGaA		118		21,883
Porsche Automobil Holding SE, Preference Shares .		117		9,817

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


		29

Invesco S&P International Developed Momentum ETF (IDMO)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
Germany-(continued)
Talanx AG		65	$	2,741
Uniper SE		112		2,897

				173,156

Hong Kong-0.26%
Orient Overseas International Ltd.		314		8,656
Power Assets Holdings Ltd.		1,196		8,037

				16,693

Israel-1.82%
Airport City Ltd.^(a)		110		2,453
Alony Hetz Properties & Investments Ltd.		189		3,084
Amot Investments Ltd.		286		2,171
Azrieli Group Ltd.		42		3,600
Bank Hapoalim BM		1,339		12,387
Bank Leumi Le-Israel BM		2,554		26,768
Bezeq The Israeli Telecommunication Corp. Ltd.^(a).		2,965		4,701
Big Shopping Centers Ltd.		15		2,274
Clal Insurance Enterprises Holdings Ltd.^(a)		89		1,967
First International Bank of Israel Ltd. (The)		109		4,574
Fox Wizel Ltd.		14		2,041
ICL Group Ltd.		903		10,004
Israel Corp. Ltd. (The)^(a)		6		3,399
Israel Discount Bank Ltd., Class A		1,767		10,427
Melisron Ltd.^(a)		28		2,271
Mivne Real Estate KD Ltd.		1,341		5,045
Mizrahi Tefahot Bank Ltd.		257		9,502
Nova Ltd.^(a)		23		2,201
Phoenix Holdings Ltd. (The)		187		2,343
ZIM Integrated Shipping Services Ltd.		141		7,844

				119,056

Italy-2.78%
A2A S.p.A.		1,239		2,112
Assicurazioni Generali S.p.A.		1,612		30,422
Banca Mediolanum S.p.A.		224		1,613
Eni S.p.A.		3,928		55,118
Hera S.p.A.		723		2,689
Intesa Sanpaolo S.p.A.		22,699		45,649
Mediobanca Banca di Credito Finanziario S.p.A.		802		7,974
Pirelli & C S.p.A.^(b)		431		2,114
Poste Italiane S.p.A.^(b)		570		5,534
UniCredit S.p.A.^(c)		2,954		26,941
UnipolSai Assicurazioni S.p.A.^(c)		424		1,187

				181,353

Japan-12.05%
AGC, Inc.		219		8,239
Aozora Bank Ltd.		109		2,182
BayCurrent Consulting, Inc.		19		6,291
Bridgestone Corp.		479		17,561
Dai Nippon Printing Co. Ltd.		286		5,987
Dai-ichi Life Holdings, Inc.		1,295		26,033
Daiwa Securities Group, Inc.		1,598		7,831
Denso Corp.		434		26,529
Ebara Corp.		72		3,331
Hitachi Transport System Ltd.		45		2,966
Inpex Corp.		1,342		15,869
JFE Holdings, Inc.		476		5,870
Kawasaki Kisen Kaisha Ltd.		143		7,425
Lasertec Corp.		64		8,663


	Shares		Value
Japan-(continued)
Marubeni Corp.^(c)		2,204	$	24,199
Mitsubishi Corp.		1,756		59,023
Mitsubishi UFJ Financial Group, Inc.		14,111		82,154
Mitsui & Co. Ltd.		1,650		40,117
Mitsui OSK Lines Ltd.		663		15,459
MS&AD Insurance Group Holdings, Inc.		450		13,480
Nippon Steel Corp.		768		12,268
Nippon Yusen K.K.		311		22,353
NTT Data Corp.		557		10,282
ORIX Corp.		1,130		20,648
Resona Holdings, Inc.^(c)		2,184		9,493
Seven & i Holdings Co. Ltd.		705		31,114
Shinko Electric Industries Co. Ltd.		77		3,350
Shinsei Bank Ltd.^(a)		111		1,948
Sojitz Corp.		211		3,230
Tokio Marine Holdings, Inc.		635		34,325
Toppan, Inc.		320		5,301
Toyota Motor Corp.		14,889		254,129

				787,650

Netherlands-4.46%
ING Groep N.V.^(c)		5,983		55,990
NN Group N.V.		433		21,158
Shell PLC		6,927		187,196
Wolters Kluwer N.V.		267		27,007

				291,351

Norway-1.33%
DNB Bank ASA		880		17,294
Equinor ASA		1,174		40,277
Kongsberg Gruppen ASA		123		5,323
Nordic Semiconductor ASA^(a)		175		3,519
Norsk Hydro ASA		1,563		13,265
SpareBank 1 SR-Bank ASA, Class B		223		2,863
Storebrand ASA		511		4,492

				87,033

Portugal-0.11%
Jeronimo Martins SGPS S.A.		359		7,448
Singapore-1.95%
DBS Group Holdings Ltd.		2,303		55,864
Kenon Holdings Ltd.		47		2,682
Oversea-Chinese Banking Corp. Ltd.		3,543		31,462
United Overseas Bank Ltd.		1,750		37,560

				127,568

Spain-0.92%
Banco Bilbao Vizcaya Argentaria S.A.		5,805		30,546
Naturgy Energy Group S.A.		384		11,505
Repsol S.A.		1,215		18,230

				60,281

Sweden-1.69%
AddTech AB, Class B		199		3,519
Alfa Laval AB^(c)		265		7,375
Fastighets AB Balder, Class B^(a)		95		4,723
Getinge AB, Class B^(c)		262		7,617
Investment AB Latour, Class B		141		3,744
Investor AB, Class A^(c)		572		11,964
Investor AB, Class B		1,549		29,838
Lundin Energy AB^(c)		204		8,462

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


		30

Invesco S&P International Developed Momentum ETF (IDMO)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
Sweden-(continued)
Sagax AB, Class B		173	$	4,379
Samhallsbyggnadsbolaget i Norden AB, Class B^(c)		1,853		5,750
Skandinaviska Enskilda Banken AB, Class A^(c)		1,559		17,479
SSAB AB, Class A		188		1,200
SSAB AB, Class B		495		2,924
Vitrolife AB		64		1,630

				110,604

Switzerland-3.84%
Chocoladefabriken Lindt & Spruengli AG, PC		2		22,426
Cie Financiere Richemont S.A.		548		63,839
Sika AG		120		36,568
Sonova Holding AG, Class A		51		18,403
Straumann Holding AG		110		12,999
Swiss Life Holding AG		45		26,314
Zurich Insurance Group AG		154		70,196

				250,745

United Kingdom-9.35%
Ashtead Group PLC		391		20,184
Aviva PLC		3,459		18,543
BAE Systems PLC		3,057		28,402
Barclays PLC		14,334		26,151
BT Group PLC		8,041		17,767
CNH Industrial N.V.		795		11,348
Diageo PLC		2,211		109,396
HSBC Holdings PLC		19,547		121,820
Lloyds Banking Group PLC		77,057		43,376
National Grid PLC		4,308		63,953
NatWest Group PLC		6,331		16,995
RELX PLC		1,835		54,718
Segro PLC		1,265		21,137
Severn Trent PLC		236		9,279
St James’s Place PLC		450		7,167


	Shares		Value
United Kingdom-(continued)
Tesco PLC		6,837	$	23,190
WPP PLC		1,392		17,239

				610,665

United States-8.50%
Ferguson PLC		244		30,724
GlaxoSmithKline PLC		4,463		100,338
Nestle S.A.		2,588		334,848
Stellantis N.V.		1,841		24,526
Swiss Re AG		307		25,232
Tenaris S.A.		461		7,029
Waste Connections, Inc.		237		32,865

				555,562

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.47% (Cost $6,798,798)				6,500,342


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-5.75%
Invesco Private Government Fund, 0.40%^(d)(e)(f)		112,108		112,108
Invesco Private Prime Fund, 0.35%^(d)(e)(f)		263,537		263,537

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $375,645)				375,645

TOTAL INVESTMENTS IN SECURITIES-105.22% (Cost $7,174,443)				6,875,987
OTHER ASSETS LESS LIABILITIES-(5.22)%				(341,227	)

NET ASSETS-100.00%			$	6,534,760

Investment Abbreviations:

PC-Participation Certificate

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2022 was $16,037, which represented less than 1% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at April 30, 2022.

^(d)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	-	$	118,890	$	(118,890	)	$	-	$	-	$	-	$	2

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


		31

Invesco S&P International Developed Momentum ETF (IDMO)–(continued)

April 30, 2022

(Unaudited)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2022		Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund	$	325,717	$	1,085,649	$	(1,299,258	)	$	-	$	-		$	112,108	$	46	*
Invesco Private Prime Fund		760,007		1,770,549		(2,266,962	)		-		(57	)		263,537		148	*

Total	$	1,085,724	$	2,975,088	$	(3,685,110	)	$	-	$	(57	)	$	375,645	$	196

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

^(e)	The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

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

Portfolio Composition

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

as of April 30, 2022


Financials			38.02
Energy			14.04
Consumer Discretionary			11.82
Industrials			9.20
Consumer Staples			8.95
Health Care			5.69
Materials			4.09
Utilities			3.12
Sector Types Each Less Than 3%			4.54
Money Market Funds Plus Other Assets Less Liabilities			0.53

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


		32

(This Page Intentionally Left Blank)


		33

Statements of Assets and Liabilities

April 30, 2022

(Unaudited)


	Invesco FTSE International Low Beta Equal Weight ETF (IDLB)				Invesco S&P Emerging Markets Low Volatility ETF (EELV)				Invesco S&P Emerging Markets Momentum ETF (EEMO)				Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)
Assets:
Unaffiliated investments in securities, at value^(a)		$	6,333,425			$	927,098,495			$	5,797,773			$	17,753,974
Affiliated investments in securities, at value			388,538				19,223,617				24,399				1,810,921
Cash			346				-				26				-
Foreign currencies, at value			7,050				896,688				2,932				3,302
Deposits with brokers:
Cash segregated as collateral			-				171,272				-				-
Receivable for:
Dividends			32,523				2,597,116				4,759				118,796
Securities lending			212				10,481				9				1,567
Investments sold			1				-				3,959				-
Fund shares sold			-				195,941				-				-
Foreign tax reclaims			94,227				8,831				-				24,817

Total assets			6,856,322				950,202,441				5,833,857				19,713,377

Liabilities:
Due to custodian			-				859,490				-				34,733
Payable for:
Investments purchased			17,343				513,740				7,616				10
Collateral upon return of securities loaned			385,456				19,222,834				13,372				1,810,837
Collateral upon receipt of securities in-kind			-				171,272				-				-
Accrued unitary management fees			2,473				237,337				1,626				4,521
Accrued tax expenses			-				-				14,261				-
Other payables			-				-				-				-

Total liabilities			405,272				21,004,673				36,875				1,850,101

Net Assets		$	6,451,050			$	929,197,768			$	5,796,982			$	17,863,276


Net assets consist of:
Shares of beneficial interest		$	22,907,710			$	1,006,754,568			$	7,388,283			$	21,262,815
Distributable earnings (loss)			(16,456,660	)			(77,556,800	)			(1,591,301	)			(3,399,539	)

Net Assets		$	6,451,050			$	929,197,768			$	5,796,982			$	17,863,276

Shares outstanding (unlimited amount authorized, $0.01 par value)			250,001				36,800,000				350,000				700,001
Net asset value		$	25.80			$	25.25			$	16.56			$	25.52

Market price		$	25.72			$	25.24			$	16.43			$	25.52

Unaffiliated investments in securities, at cost		$	6,934,835			$	906,298,427			$	5,663,411			$	18,491,342

Affiliated investments in securities, at cost		$	388,507			$	19,222,834			$	24,399			$	1,810,837

Foreign currencies, at cost		$	7,166			$	896,882			$	2,924			$	3,296

^(a)Includes securities on loan with an aggregate value of:		$	349,859			$	17,980,865			$	12,539			$	1,680,265

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


		34



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

	$	578,220,982			$	6,500,342
		61,615,706				375,645
		-				-
		223,627				2,801

		-				-

		2,205,699				29,352
		32,393				115
		-				2,016
		-				-
		971,973				10,035

		643,270,380				6,920,306


		1,531,385				8,089

		1,110				10
		61,612,724				375,645
		-				-
		152,343				1,507
		-				-
		5,666				295

		63,303,228				385,546

	$	579,967,152			$	6,534,760




	$	763,737,252			$	9,076,716
		(183,770,100	)			(2,541,956	)

	$	579,967,152			$	6,534,760

		19,250,000				200,000
	$	30.13			$	32.67

	$	30.02			$	32.54

	$	584,864,207			$	6,798,798

	$	61,612,724			$	375,645

	$	223,353			$	2,808

	$	57,545,551			$	350,930


		35

Statements of Operations

For the six months ended April 30, 2022

(Unaudited)



	Invesco FTSE International Low Beta Equal Weight ETF (IDLB)				Invesco S&P Emerging Markets Low Volatility ETF (EELV)				Invesco S&P Emerging Markets Momentum ETF (EEMO)				Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)
Investment income:
Unaffiliated interest income		$	-			$	-			$	8			$	-
Unaffiliated dividend income			114,155				11,036,786				65,533				385,198
Affiliated dividend income			5				1,393				9				9
Non-cash dividend income			157				-				4,352				2,457
Securities lending income			1,022				26,318				148				3,877
Foreign withholding tax			(13,840	)			(716,206	)			(4,225	)			(40,808	)

Total investment income			101,499				10,348,291				65,825				350,733


Expenses:
Unitary management fees			15,912				759,200				8,753				27,631

Less: Waivers			-				(75	)			(1	)			(1	)

Net expenses			15,912				759,125				8,752				27,630

Net investment income			85,587				9,589,166				57,073				323,103


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(43,496	)			5,632,433				(238,428	)^(a)			(338,526	)
Affiliated investment securities			(193	)			(2,503	)			(39	)			(308	)
In-kind redemptions			-				171,414				-				646,992
Foreign currencies			(143	)			(651,676	)			883				(1,680	)

Net realized gain (loss)			(43,832	)			5,149,668				(237,584	)			306,478

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(1,029,973	)			(13,321,349	)			(231,388	)^(b)			(1,176,998	)
Affiliated investment securities			31				782				-				84
Foreign currencies			(11,563	)			2,337				(119	)			(4,879	)

Change in net unrealized appreciation (depreciation)			(1,041,505	)			(13,318,230	)			(231,507	)			(1,181,793	)

Net realized and unrealized gain (loss)			(1,085,337	)			(8,168,562	)			(469,091	)			(875,315	)

Net increase (decrease) in net assets resulting from operations		$	(999,750	)		$	1,420,604			$	(412,018	)		$	(552,212	)

^(a) Net of foreign taxes of $228.

^(b) Net of foreign taxes of $1,850.

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


		36



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

	$	-			$	-
		11,876,461				126,947
		644				2
		-				29,421
		108,640				508
		(1,432,497	)			(15,665	)

		10,553,248				141,213



		854,950				11,353

		(55	)			-

		854,895				11,353

		9,698,353				129,860




		3,632,980				(500,227	)
		(12,718	)			(57	)
		11,975,348				713,508
		230,572				(3,246	)

		15,826,182				209,978


		(43,014,947	)			(1,324,631	)
		2,982				-
		(151,625	)			(1,390	)

		(43,163,590	)			(1,326,021	)

		(27,337,408	)			(1,116,043	)

	$	(17,639,055	)		$	(986,183	)


		37

Statements of Changes in Net Assets

For the six months ended April 30, 2022 and the year ended October 31, 2021

(Unaudited)


	Invesco FTSE International Low Beta Equal Weight ETF (IDLB)								Invesco S&P Emerging Markets Low Volatility ETF (EELV)
	Six Months Ended April 30, 2022				Year Ended October 31, 2021				Six Months Ended April 30, 2022				Year Ended October 31, 2021
Operations:
Net investment income		$	85,587			$	194,278			$	9,589,166			$	9,747,834
Net realized gain (loss)			(43,832	)			961,992				5,149,668				29,466,019
Change in net unrealized appreciation (depreciation)			(1,041,505	)			550,351				(13,318,230	)			36,093,653

Net increase (decrease) in net assets resulting from operations			(999,750	)			1,706,621				1,420,604				75,307,506


Distributions to Shareholders from:
Distributable earnings			(178,290	)			(179,259	)			(12,146,672	)			(8,893,471	)


Shareholder Transactions:
Proceeds from shares sold			-				-				586,438,809				91,924,916
Value of shares repurchased			-				(3,036,730	)			(7,506,823	)			(67,022,264	)
Transaction fees			-				797				293,563				174,854

Net increase (decrease) in net assets resulting from share transactions			-				(3,035,933	)			579,225,549				25,077,506

Net increase (decrease) in net assets			(1,178,040	)			(1,508,571	)			568,499,481				91,491,541


Net assets:
Beginning of period			7,629,090				9,137,661				360,698,287				269,206,746

End of period		$	6,451,050			$	7,629,090			$	929,197,768			$	360,698,287


Changes in Shares Outstanding:
Shares sold			-				-				22,700,000				3,800,000
Shares repurchased			-				(100,000	)			(300,000	)			(2,900,000	)
Shares outstanding, beginning of period			250,001				350,001				14,400,000				13,500,000

Shares outstanding, end of period			250,001				250,001				36,800,000				14,400,000

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


		38


Invesco S&P Emerging Markets Momentum ETF (EEMO)								Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)								Invesco S&P International Developed Low Volatility ETF (IDLV)								Invesco S&P International Developed Momentum ETF (IDMO)
Six Months Ended April 30, 2022				Year Ended October 31, 2021				Six Months Ended April 30, 2022				Year Ended October 31, 2021				Six Months Ended April 30, 2022				Year Ended October 31, 2021				Six Months Ended April 30, 2022				Year Ended October 31, 2021

	$	57,073			$	124,900			$	323,103			$	861,750			$	9,698,353			$	20,562,798			$	129,860			$	168,830
		(237,584	)			1,652,108				306,478				1,474,075				15,826,182				53,277,588				209,978				(1,550,235	)
		(231,507	)			(810,634	)			(1,181,793	)			1,545,952				(43,163,590	)			55,625,445				(1,326,021	)			11,574,198


		(412,018	)			966,374				(552,212	)			3,881,777				(17,639,055	)			129,465,831				(986,183	)			10,192,793



		(54,485	)			(88,036	)			(439,923	)			(759,011	)			(11,757,840	)			(17,849,945	)			(101,462	)			(142,128	)



		-				11,284,355				3,969,218				13,362,729				66,770,643				217,888,889				-				14,379,315
		-				(11,675,073	)			(3,967,240	)			(13,272,460	)			(158,100,382	)			(403,375,226	)			(9,078,965	)			(305,965,211	)
		-				5,550				-				-				-				-				-				-


		-				(385,168	)			1,978				90,269				(91,329,739	)			(185,486,337	)			(9,078,965	)			(291,585,896	)

		(466,503	)			493,170				(990,157	)			3,213,035				(120,726,634	)			(73,870,451	)			(10,166,610	)			(281,535,231	)



		6,263,485				5,770,315				18,853,433				15,640,398				700,693,786				774,564,237				16,701,370				298,236,601

	$	5,796,982			$	6,263,485			$	17,863,276			$	18,853,433			$	579,967,152			$	700,693,786			$	6,534,760			$	16,701,370



		-				600,000				150,000				500,000				2,200,000				6,950,000				-				400,000
		-				(600,000	)			(150,000	)			(500,000	)			(5,100,000	)			(13,100,000	)			(250,000	)			(10,250,000	)
		350,000				350,000				700,001				700,001				22,150,000				28,300,000				450,000				10,300,000

		350,000				350,000				700,001				700,001				19,250,000				22,150,000				200,000				450,000


		39

Financial Highlights

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)


	Six Months Ended April 30, 2022				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	30.52			$	26.11			$	28.22			$	26.98			$	29.47			$	25.09

Net investment income^(a)			0.34				0.72				0.47				0.68				0.67				0.64
Net realized and unrealized gain (loss) on investments			(4.35	)			4.35				(2.05	)			1.43				(2.30	)			4.45

Total from investment operations			(4.01	)			5.07				(1.58	)			2.11				(1.63	)			5.09

Distributions to shareholders from:
Net investment income			(0.71	)			(0.66	)			(0.55	)			(0.87	)			(0.86	)			(0.71	)

Transaction fees^(a)			-				0.00	^(b)			0.02				-				-				-

Net asset value at end of period		$	25.80			$	30.52			$	26.11			$	28.22			$	26.98			$	29.47

Market price at end of period^(c)		$	25.72			$	30.55			$	26.04			$	28.02			$	26.86			$	29.44

Net Asset Value Total Return^(d)			(13.35	)%			19.43	%			(5.44	)%			7.94	%			(5.81	)%			20.63	%
Market Price Total Return^(d)			(13.71	)%			19.87	%			(5.02	)%			7.65	%			(6.12	)%			19.98	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	6,451			$	7,629			$	9,138			$	53,615			$	109,258			$	134,104
Ratio to average net assets of:
Expenses			0.45	%^(e)			0.45	%			0.45	%			0.46	%^(f)			0.45	%			0.45	%
Net investment income			2.42	%^(e)			2.36	%			1.75	%			2.48	%^(f)			2.23	%			2.38	%
Portfolio turnover rate^(g)			32	%			43	%			38	%			53	%			50	%			39	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

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

^(d)

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

^(e)	Annualized.

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

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

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


		40

Financial Highlights–(continued)

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


	Six Months Ended April 30, 2022				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	25.05			$	19.94			$	23.23			$	23.02			$	24.59			$	22.27

Net investment income^(a)			0.46				0.74				0.72				0.74				1.04				0.63
Net realized and unrealized gain (loss) on investments			0.36				5.03				(3.33	)			0.58				(1.68	)			2.29

Total from investment operations			0.82				5.77				(2.61	)			1.32				(0.64	)			2.92

Distributions to shareholders from:
Net investment income			(0.63	)			(0.67	)			(0.72	)			(1.12	)			(1.01	)			(0.61	)

Transaction fees^(a)			0.01				0.01				0.04				0.01				0.08				0.01

Net asset value at end of period		$	25.25			$	25.05			$	19.94			$	23.23			$	23.02			$	24.59

Market price at end of period^(b)		$	25.24			$	25.08			$	19.82			$	23.12			$	23.03			$	24.63

Net Asset Value Total Return^(c)			3.40	%			29.21	%			(10.92	)%			5.87	%			(2.54	)%			13.30	%
Market Price Total Return^(c)			3.22	%			30.16	%			(11.03	)%			5.32	%			(2.60	)%			14.09	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	929,198			$	360,698			$	269,207			$	335,632			$	246,270			$	277,832
Ratio to average net assets of:
Expenses, after Waivers			0.29	%^(d)			0.29	%			0.29	%			0.29	%			0.29	%			0.29	%
Expenses, prior to Waivers			0.29	%^(d)			0.29	%			0.38	%			0.45	%			0.45	%			0.45	%
Net investment income			3.66	%^(d)			3.13	%			3.42	%			3.14	%			4.12	%			2.74	%
Portfolio turnover rate^(e)			47	%			92	%			114	%			67	%			125	%			81	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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


		41

Financial Highlights–(continued)

Invesco S&P Emerging Markets Momentum ETF (EEMO)


	Six Months Ended April 30, 2022				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	17.90			$	16.49			$	16.97			$	17.23			$	20.85			$	15.87

Net investment income^(a)			0.16				0.27	^(b)			0.32				0.40				0.27	^(c)			0.40
Net realized and unrealized gain (loss) on investments			(1.34	)			1.32				(0.46	)			1.61				(3.03	)			4.70

Total from investment operations			(1.18	)			1.59				(0.14	)			2.01				(2.76	)			5.10

Distributions to shareholders from:
Net investment income			(0.16	)			(0.19	)			(0.34	)			(0.43	)			(0.14	)			(0.37	)
Net realized gains			-				-				-				(1.85	)			(0.76	)			-

Total distributions			(0.16	)			(0.19	)			(0.34	)			(2.28	)			(0.90	)			(0.37	)

Transaction fees^(a)			-				0.01				0.00	^(d)			0.01				0.04				0.25

Net asset value at end of period		$	16.56			$	17.90			$	16.49			$	16.97			$	17.23			$	20.85

Market price at end of period^(e)		$	16.43			$	17.72			$	16.51			$	16.92			$	17.18			$	20.96

Net Asset Value Total Return^(f)			(6.63	)%			9.66	%			0.20	%			13.60	%			(13.66	)%			34.38	%
Market Price Total Return^(f)			(6.42	)%			8.44	%			0.59	%			13.66	%			(14.35	)%			35.37	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	5,797			$	6,263			$	5,770			$	5,941			$	12,924			$	390,986
Ratio to average net assets of:
Expenses, after Waivers			0.29	%^(g)			0.29	%			0.29	%			0.36	%^(h)(i)			0.27	%^(h)			0.27	%^(h)
Expenses, prior to Waivers			0.29	%^(g)			0.29	%			0.37	%			0.53	%^(h)(i)			0.45	%^(h)			0.45	%^(h)
Net investment income			1.89	%^(g)			1.43	%^(b)			2.10	%			2.42	%⁽ⁱ⁾			1.26	%^(c)			2.16	%
Portfolio turnover rate^(j)			49	%			166	%			172	%			114	%			140	%			111	%

^(a)	Based on average shares outstanding.

^(b)

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.22 and 1.14%, respectively.

^(c)

Net investment income per share and the ratio of net investment income to average net assets include a non-cash taxable distribution received during the year. Net investment income per share and the ratio of net investment income to average net assets excluding the non-cash taxable distribution are $0.17 and 0.83%, respectively.

^(d)	Amount represents less than $0.005.

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

^(f)

^(g)	Annualized.

^(h)

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

⁽ⁱ⁾	Ratios include non-recurring costs associated with a proxy statement of 0.08%.

^(j)	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.


		42

Financial Highlights–(continued)

Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)


	Six Months Ended April 30, 2022				Years Ended October 31,																For the Period November 29, 2016^(a)Through October 31,
	(Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	26.93			$	22.34			$	28.60			$	26.19			$	28.39			$	25.19

Net investment income^(b)			0.46				1.23				1.07				1.25				1.27				1.02
Net realized and unrealized gain (loss) on investments			(1.24	)			4.44				(5.83	)			2.41				(2.09	)			3.16

Total from investment operations			(0.78	)			5.67				(4.76	)			3.66				(0.82	)			4.18

Distributions to shareholders from:
Net investment income			(0.63	)			(1.08	)			(1.50	)			(1.25	)			(1.38	)			(0.98	)

Net asset value at end of period		$	25.52			$	26.93			$	22.34			$	28.60			$	26.19			$	28.39

Market price at end of period^(c)		$	25.52			$	27.05			$	22.49			$	28.61			$	26.41			$	28.60

Net Asset Value Total Return^(d)			(2.94	)%			25.55	%			(16.91	)%			14.30	%			(3.11	)%			16.70	%^(e)
Market Price Total Return^(d)			(3.38	)%			25.23	%			(16.38	)%			13.34	%			(3.06	)%			17.55	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	17,863			$	18,853			$	15,640			$	14,300			$	5,238			$	4,258
Ratio to average net assets of:
Expenses			0.30	%^(f)			0.30	%			0.30	%			0.37	%^(g)			0.30	%			0.30	%^(f)
Net investment income			3.51	%^(f)			4.61	%			4.39	%			4.60	%^(g)			4.51	%			4.00	%^(f)
Portfolio turnover rate^(h)			37	%			71	%			88	%			58	%			65	%			72	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (December 1, 2016, the first day of trading on the exchange) to October 31, 2017 was 17.22%. The market price total return from Fund Inception to October 31, 2017 was 18.16%.

^(f)	Annualized.

^(g)	Ratios include non-recurring costs associated with a proxy statement of 0.07%.

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

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


		43

Financial Highlights–(continued)

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


	Six Months Ended April 30, 2022				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	31.63			$	27.37			$	34.58			$	30.83			$	33.28			$	29.32

Net investment income^(a)			0.44				0.83				0.83				1.15				1.08				1.00
Net realized and unrealized gain (loss) on investments			(1.42	)			4.17				(6.40	)			3.79				(2.22	)			4.04

Total from investment operations			(0.98	)			5.00				(5.57	)			4.94				(1.14	)			5.04

Distributions to shareholders from:
Net investment income			(0.52	)			(0.74	)			(1.64	)			(1.19	)			(1.31	)			(1.08	)

Net asset value at end of period		$	30.13			$	31.63			$	27.37			$	34.58			$	30.83			$	33.28

Market price at end of period^(b)		$	30.02			$	31.69			$	27.43			$	34.57			$	30.76			$	33.29

Net Asset Value Total Return^(c)			(3.14	)%			18.34	%			(16.49	)%			16.33	%			(3.62	)%			17.59	%
Market Price Total Return^(c)			(3.67	)%			18.31	%			(16.28	)%			16.56	%			(3.87	)%			17.38	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	579,967			$	700,694			$	774,564			$	989,052			$	537,929			$	569,124
Ratio to average net assets of:
Expenses, after Waivers			0.25	%^(d)			0.25	%			0.25	%			0.25	%			0.25	%			0.25	%
Expenses, prior to Waivers			0.25	%^(d)			0.25	%			0.30	%			0.35	%			0.35	%			0.35	%
Net investment income			2.84	%^(d)			2.69	%			2.77	%			3.51	%			3.26	%			3.19	%
Portfolio turnover rate^(e)			41	%			81	%			99	%			59	%			65	%			69	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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


		44

Financial Highlights–(continued)

Invesco S&P International Developed Momentum ETF (IDMO)


	Six Months Ended April 30, 2022				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	37.11			$	28.96			$	26.85			$	24.86			$	27.96			$	23.57

Net investment income^(a)			0.51				0.50				0.04				0.61				0.61				0.71
Net realized and unrealized gain (loss) on investments			(4.50	)			8.25				2.58				2.12				(3.04	)			4.49

Total from investment operations			(3.99	)			8.75				2.62				2.73				(2.43	)			5.20

Distributions to shareholders from:
Net investment income			(0.45	)			(0.60	)			(0.51	)			(0.74	)			(0.67	)			(0.81	)

Net asset value at end of period		$	32.67			$	37.11			$	28.96			$	26.85			$	24.86			$	27.96

Market price at end of period^(b)		$	32.54			$	37.16			$	28.92			$	26.79			$	24.78			$	27.80

Net Asset Value Total Return^(c)			(10.82	)%			30.43	%			10.14	%			11.30	%			(8.95	)%			22.57	%
Market Price Total Return^(c)			(11.30	)%			30.80	%			10.24	%			11.42	%			(8.70	)%			22.19	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	6,535			$	16,701			$	298,237			$	2,685			$	2,486			$	2,796
Ratio to average net assets of:
Expenses, after Waivers			0.25	%^(d)			0.25	%			0.25	%			0.53	%^(e)			0.25	%			0.26	%
Expenses, prior to Waivers			0.25	%^(d)			0.25	%			0.26	%			0.63	%^(e)			0.35	%			0.36	%
Net investment income			2.86	%^(d)			1.42	%			0.13	%			2.39	%^(e)			2.21	%			2.87	%
Portfolio turnover rate^(f)			41	%			29	%			15	%			104	%			123	%			134	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

^(e)	Ratios include non-recurring costs associated with a proxy statement of 0.27%.

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

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


		45

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

April 30, 2022

(Unaudited)

NOTE 1–Organization

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


		Full Name		Short Name
		Invesco FTSE International Low Beta Equal Weight ETF (IDLB)		“FTSE International Low Beta Equal Weight ETF”
		Invesco S&P Emerging Markets Low Volatility ETF (EELV)		“S&P Emerging Markets Low Volatility ETF”
		Invesco S&P Emerging Markets Momentum ETF (EEMO)		“S&P Emerging Markets Momentum ETF”
		Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)		“S&P International Developed High Dividend Low Volatility ETF”
		Invesco S&P International Developed Low Volatility ETF (IDLV)		“S&P International Developed Low Volatility ETF”
		Invesco S&P International Developed Momentum ETF (IDMO)		“S&P International Developed Momentum ETF”

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., except for Shares of FTSE International Low Beta Equal Weight ETF which are listed and traded on The Nasdaq Stock Market and Shares of S&P International Developed High Dividend Low Volatility ETF, which are listed and traded on Cboe BZX Exchange, Inc.

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, 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
		FTSE International Low Beta Equal Weight ETF		FTSE Developed ex-U.S. Low Beta Equal Weight Index
		S&P Emerging Markets Low Volatility ETF		S&P BMI Emerging Markets Low Volatility Index^TM
		S&P Emerging Markets Momentum ETF		S&P Momentum Emerging Plus LargeMidCap Index
		S&P International Developed High Dividend Low Volatility ETF		S&P EPAC Ex-Korea Low Volatility High Dividend Index
		S&P International Developed Low Volatility ETF		S&P BMI International Developed Low Volatility^TMIndex
		S&P International Developed Momentum ETF		S&P Momentum Developed ex-U.S. & South Korea LargeMidCap Index

NOTE 2–Significant Accounting Policies

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

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:

Securities, including restricted securities in a fund that are held as investments (the “Underlying Fund”), if any, of a Fund, are valued in accordance with the Underlying Fund’s valuation policy. The policies of Underlying Funds affiliated with the Funds as a result of having the same investment adviser are the same as those set forth below.

A security listed or traded on an exchange is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales 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 by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining


		46

NAV per Share, futures and option contracts may be valued up to 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible debt securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes 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. 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. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund 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 using procedures approved by the Board of Trustees. 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 approved 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.

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 or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. 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 or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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


		47

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

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

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

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

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

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

Foreign Withholding Taxes - Each Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. Each Fund may file withholding tax refunds in certain jurisdictions to recover a portion of amounts previously withheld. Each Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for Foreign tax reclaims on the Statements of Assets and Liabilities.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received. These tax refund payments are reflected as Foreign withholding tax claims in the Statements of Operations, and any related interest is included in Unaffiliated interest income. Each Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are excluded from the unitary management fee and are reflected on the Statements of Operations as Professional fees, if any. In the event tax refunds received by a Fund during the fiscal year exceed the foreign withholding taxes paid by a Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds’ shareholders. For the six months ended April 30, 2022, the Funds did not enter into any closing agreements.


		48

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.

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 continues to serve 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 six months ended April 30, 2022, each Fund (except for FTSE International Low Beta Equal Weight ETF, S&P International Developed High Dividend Low Volatility ETF and S&P International Developed Low Volatility ETF) had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:


		49


	Amount
S&P Emerging Markets Low Volatility ETF		$115
S&P Emerging Markets Momentum ETF		2
S&P International Developed Momentum ETF		1

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.

L.	Other Risks

Authorized Participant Concentration Risk. Only authorized participants (“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 this risk.

Emerging Markets Investment Risk. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging markets securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. In addition, lack of relevant data and reliable public information, including financial information, about securities in emerging markets may contribute to incorrect weightings and data and computational errors when a Fund’s index provider selects securities for inclusion in the Fund’s Underlying Index or rebalances the Underlying Index.

Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact


		50

other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

Foreign Investment Risk. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. If a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns.

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.

High Dividend Paying Securities Risk. Certain Funds invest in securities that pay high dividends. As a group, these securities can fall out of favor with the market, causing such companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of the companies in which a Fund invests and the capital resources available for such companies’ dividend payments may adversely affect a Fund.

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

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

Market Risk. Securities in the 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 the 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.

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

Momentum Investing Risk. For certain Funds, the momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of a Fund may suffer.

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


		51

performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversification Risk. To the extent certain Funds become non-diversified, such Funds may invest a greater portion of their respective assets in securities of individual issuers than can a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase certain Funds’ volatility and cause the performance of a relatively small number of issuers to have a greater impact on such Funds’ performance.

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

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

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 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)
		FTSE International Low Beta Equal Weight ETF		0.45%
		S&P Emerging Markets Low Volatility ETF		0.29%
		S&P Emerging Markets Momentum ETF		0.29%
		S&P International Developed High Dividend Low Volatility ETF		0.30%
		S&P International Developed Low Volatility ETF		0.25%
		S&P International Developed Momentum ETF		0.25%

Further, 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. These waivers do not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the six months ended April 30, 2022, the Adviser waived fees for each Fund in the following amounts:


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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
FTSE International Low Beta Equal Weight ETF		FTSE International Ltd.
S&P Emerging Markets Low Volatility ETF		S&P Dow Jones Indices LLC
S&P Emerging Markets Momentum ETF		S&P Dow Jones Indices LLC
S&P International Developed High Dividend Low Volatility ETF		S&P Dow Jones Indices LLC
S&P International Developed Low Volatility ETF		S&P Dow Jones Indices LLC
S&P International Developed Momentum 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 or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 –

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

Level 2 –

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

Level 3 –

Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 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
FTSE International Low Beta Equal Weight ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	903,006		$	5,430,419		$	-		$	6,333,425
Money Market Funds			3,051			385,487			-			388,538

Total Investments		$	906,057		$	5,815,906		$	-		$	6,721,963

S&P Emerging Markets Low Volatility ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	191,819,503		$	735,278,992		$	0		$	927,098,495
Money Market Funds			-			19,223,617			-			19,223,617

Total Investments		$	191,819,503		$	754,502,609		$	-		$	946,322,112


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	Level 1			Level 2			Level 3			Total
S&P Emerging Markets Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	555,820		$	5,241,750		$	0		$	5,797,570
Non-U.S. Dollar Denominated Bonds & Notes			-			203			-			203
Money Market Funds			11,027			13,372			-			24,399

Total Investments		$	566,847		$	5,255,325		$	-		$	5,822,172

S&P International Developed High Dividend Low Volatility ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	1,696,285		$	16,057,689		$	-		$	17,753,974
Money Market Funds			-			1,810,921			-			1,810,921

Total Investments		$	1,696,285		$	17,868,610		$	-		$	19,564,895

S&P International Developed Low Volatility ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	190,716,317		$	387,504,665		$	-		$	578,220,982
Money Market Funds			-			61,615,706			-			61,615,706

Total Investments		$	190,716,317		$	449,120,371		$	-		$	639,836,688

S&P International Developed Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	2,216,720		$	4,283,622		$	-		$	6,500,342
Money Market Funds			-			375,645			-			375,645

Total Investments		$	2,216,720		$	4,659,267		$	-		$	6,875,987

NOTE 5–Tax Information

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

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

The Funds had capital loss carryforwards as of October 31, 2021, as follows:


	No expiration
	Short-Term		Long-Term		Total*
FTSE International Low Beta Equal Weight ETF	$	6,982,912	$	8,731,001	$	15,713,913
S&P Emerging Markets Low Volatility ETF		57,092,700		43,924,676		101,017,376
S&P Emerging Markets Momentum ETF		1,463,292		-		1,463,292
S&P International Developed High Dividend Low Volatility ETF		1,424,775		1,419,332		2,844,107
S&P International Developed Low Volatility ETF		109,272,942		80,445,428		189,718,370
S&P International Developed Momentum ETF		2,031,919		450,024		2,481,943

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

NOTE 6–Investment Transactions

For the six months ended April 30, 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
FTSE International Low Beta Equal Weight ETF	$	2,188,160	$	2,246,685
S&P Emerging Markets Low Volatility ETF		639,924,654		244,233,126
S&P Emerging Markets Momentum ETF		2,957,749		2,949,990
S&P International Developed High Dividend Low Volatility ETF		7,132,217		6,718,885


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	Purchases		Sales
S&P International Developed Low Volatility ETF	$	275,570,377	$	282,706,168
S&P International Developed Momentum ETF		3,889,327		3,947,300

For the six months ended April 30, 2022, in-kind transactions associated with creations and redemptions were as follows:


	In-kind Purchases		In-kind Sales
FTSE International Low Beta Equal Weight ETF	$	-	$	-
S&P Emerging Markets Low Volatility ETF		180,639,228		2,203,978
S&P Emerging Markets Momentum ETF		-		-
S&P International Developed High Dividend Low Volatility ETF		3,516,158		4,114,814
S&P International Developed Low Volatility ETF		65,158,389		150,933,917
S&P International Developed Momentum ETF		-		9,030,673

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

As of April 30, 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
FTSE International Low Beta Equal Weight ETF	$	441,477	$	(1,147,812	)	$	(706,335	)	$	7,428,298
S&P Emerging Markets Low Volatility ETF		57,906,677		(42,923,131	)		14,983,546			931,338,566
S&P Emerging Markets Momentum ETF		593,924		(487,564	)		106,360			5,715,812
S&P International Developed High Dividend Low Volatility ETF		778,064		(1,744,317	)		(966,253	)		20,531,148
S&P International Developed Low Volatility ETF		30,820,016		(44,722,311	)		(13,902,295	)		653,738,983
S&P International Developed Momentum ETF		154,076		(498,050	)		(343,974	)		7,219,961

NOTE 7–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation for 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 8–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant 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 Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’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.


		55

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 November 1, 2021 through April 30, 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, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.


							Annualized
	Beginning			Ending			Expense Ratio			Expenses Paid
	Account Value			Account Value			Based on the			During the
	November 1, 2021			April 30, 2022			Six-Month Period			Six-Month Period⁽¹⁾
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)

Actual		$	1,000.00		$	866.50		0.45	%		$	2.08

Hypothetical (5% return before expenses)			1,000.00			1,022.56		0.45				2.26

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

Actual			1,000.00			1,034.00		0.29				1.46

Hypothetical (5% return before expenses)			1,000.00			1,023.36		0.29				1.45

Invesco S&P Emerging Markets Momentum ETF (EEMO)

Actual			1,000.00			933.70		0.29				1.39

Hypothetical (5% return before expenses)			1,000.00			1,023.36		0.29				1.45

Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)

Actual			1,000.00			970.60		0.30				1.47

Hypothetical (5% return before expenses)			1,000.00			1,023.31		0.30				1.51

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

Actual			1,000.00			968.60		0.25				1.22

Hypothetical (5% return before expenses)			1,000.00			1,023.55		0.25				1.25


		56

Calculating your ongoing Fund expenses–(continued)


							Annualized
	Beginning			Ending			Expense Ratio			Expenses Paid
	Account Value			Account Value			Based on the			During the
	November 1, 2021			April 30, 2022			Six-Month Period			Six-Month Period⁽¹⁾
Invesco S&P International Developed Momentum ETF (IDMO)

Actual		$	1,000.00		$	891.80		0.25	%		$	1.17

Hypothetical (5% return before expenses)			1,000.00			1,023.55		0.25				1.25

⁽¹⁾

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 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 181/365.


		57

Approval of Investment Advisory and Sub-Advisory Contracts

At a meeting held on April 6, 2022, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 74 series (each, a “Fund” and collectively, the “Funds”):


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

Also at the April 6, 2022 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland, GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).

Investment Advisory Agreement

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other


		58

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

comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2021, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on April 6, 2018 or May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the one-year and since-inception periods for Invesco VRDO Tax-Free ETF and the one-year period for Invesco Treasury Collateral ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco VRDO Tax-Free ETF’s and Invesco Treasury Collateral ETF’s level of correlation to their respective underlying indexes. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement. The Trustees concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.

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

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

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

●

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

●

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

●

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

●

0.07% of the Fund’s average daily net assets for Invesco PureBeta^SM0-5 Yr US TIPS ETF and Invesco PureBeta^SMFTSE Developed ex-North America ETF;

●

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

●

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

●

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


		59

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

●

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

●

0.15% of the Fund’s average daily net assets for Invesco NASDAQ 100 ETF and Invesco NASDAQ Next Gen 100 ETF;

●

0.20% of the Fund’s average daily net assets for Invesco Russell 1000 Equal Weight ETF;

●

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

●

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

●

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

●

0.29% of the Fund’s average daily net assets for Invesco Russell 1000 Enhanced Equal Weight ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF and Invesco S&P SmallCap Utilities & Communication Services ETF;

●

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

●

0.35% of the Fund’s average daily net assets for Invesco Global Short Term High Yield Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF and Invesco Russell 1000 Low Beta Equal Weight ETF;

●

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

●

0.45% of the Fund’s daily net assets for Invesco FTSE International Low Beta Equal Weight ETF and Invesco FTSE RAFI Developed Markets ex-U.S. ETF;

●

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

●

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

●

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

●

0.60% of the Fund’s daily net assets for Invesco DWA SmallCap Momentum ETF;

●

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

●

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

●

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

●

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

●

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

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


		60

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

open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

Invesco Fund

Equal
to/Lower
than ETF
Peer Median

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

Lower than
Open-End
Active Fund
Peer Median

Invesco 1-30 Laddered Treasury ETF

Invesco California AMT-Free Municipal Bond ETF

N/A

Invesco CEF Income Composite ETF

N/A

Invesco China Technology ETF

N/A

Invesco DWA Developed Markets Momentum ETF

Invesco DWA Emerging Markets Momentum ETF

Invesco DWA SmallCap Momentum ETF

Invesco Emerging Markets Sovereign Debt ETF

Invesco FTSE International Low Beta Equal Weight ETF

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

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

Invesco FTSE RAFI Emerging Markets ETF

Invesco Fundamental High Yield^®Corporate Bond ETF

Invesco Fundamental Investment Grade Corporate Bond ETF

Invesco Global Clean Energy ETF

Invesco Global Short Term High Yield Bond ETF

N/A

Invesco Global Water ETF

Invesco International BuyBack Achievers^TMETF

Invesco International Corporate Bond ETF

Invesco KBW Bank ETF

Invesco KBW High Dividend Yield Financial ETF

Invesco KBW Premium Yield Equity REIT ETF

Invesco KBW Property & Casualty Insurance ETF

Invesco KBW Regional Banking ETF

Invesco MSCI Green Building ETF

Invesco NASDAQ 100 ETF

Invesco NASDAQ Next Gen 100 ETF

Invesco National AMT-Free Municipal Bond ETF

Invesco New York AMT-Free Municipal Bond ETF

N/A

Invesco Preferred ETF

N/A

Invesco PureBeta^SM0-5 Yr US TIPS ETF

Invesco PureBeta^SMFTSE Developed ex-North America ETF

Invesco PureBeta^SMFTSE Emerging Markets ETF

Invesco PureBeta^SMMSCI USA ETF

Invesco PureBeta^SMMSCI USA Small Cap ETF

Invesco PureBeta^SMUS Aggregate Bond ETF

Invesco Russell 1000 Enhanced Equal Weight ETF

Invesco Russell 1000 Equal Weight ETF

Invesco Russell 1000 Low Beta Equal Weight ETF

Invesco S&P 500 Enhanced Value ETF

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

Invesco S&P 500^®High Beta ETF

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


		61

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

Invesco Fund

Equal
to/Lower
than ETF
Peer Median

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

Lower than
Open-End
Active Fund
Peer Median

Invesco S&P 500^®Low Volatility ETF

Invesco S&P 500 Minimum Variance ETF

Invesco S&P 500 Momentum ETF

Invesco S&P 500 Revenue ETF

Invesco S&P Emerging Markets Low Volatility ETF

Invesco S&P Emerging Markets Momentum ETF

Invesco S&P International Developed High Dividend Low Volatility ETF

Invesco S&P International Developed Low Volatility ETF

Invesco S&P International Developed Momentum ETF

N/A

Invesco S&P International Developed Quality ETF

N/A

Invesco S&P MidCap 400 Revenue ETF

Invesco S&P MidCap Low Volatility ETF

Invesco S&P SmallCap 600 Revenue ETF

Invesco S&P SmallCap Consumer Discretionary ETF

Invesco S&P SmallCap Consumer Staples ETF

Invesco S&P SmallCap Energy ETF

Invesco S&P SmallCap Financials ETF

Invesco S&P SmallCap Health Care ETF

Invesco S&P SmallCap High Dividend Low Volatility ETF

Invesco S&P SmallCap Industrials ETF

Invesco S&P SmallCap Information Technology ETF

Invesco S&P SmallCap Low Volatility ETF

Invesco S&P SmallCap Materials ETF

Invesco S&P SmallCap Quality ETF

Invesco S&P SmallCap Utilities & Communication Services ETF

Invesco S&P Ultra Dividend Revenue ETF

Invesco Senior Loan ETF

N/A

Invesco Taxable Municipal Bond ETF

N/A

Invesco Treasury Collateral ETF

Invesco Variable Rate Preferred ETF

Invesco VRDO Tax-Free ETF

N/A

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

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco DWA Developed Markets Momentum ETF, Invesco Global Clean Energy ETF, Invesco International Corporate Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco VRDO Tax-Free ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

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


		62

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

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

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee was reasonable and appropriate.

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

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.

Investment Sub-Advisory Agreement

As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF at a meeting held on April 6, 2022. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.

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

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

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


		63

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

The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 15 and April 6, 2022 Board meetings, and Invesco Advisers, Inc., in connection with the April 6, 2022 meeting, and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF.

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

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

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


		64

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Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-PS-SAR-12

invesco.com/ETFs