N-CSRS

Biotechnology

Pharmaceuticals

Life Sciences Tools & Services

Industry Types Each Less Than 3%

Money Market Funds Plus Other Assets Less Liabilities

Invesco Semi-Annual Report to Shareholders

February 28, 2022

IBBQ Invesco Nasdaq Biotechnology ETF

SOXQ Invesco PHLX Semiconductor ETF

TAN Invesco Solar ETF

Table of Contents


Schedules of Investments

Invesco Nasdaq Biotechnology ETF (IBBQ)			3

Invesco PHLX Semiconductor ETF (SOXQ)			8

Invesco Solar ETF (TAN)			10

Statements of Assets and Liabilities			13

Statements of Operations			14

Statements of Changes in Net Assets			15

Financial Highlights			16

Notes to Financial Statements			19

Fund Expenses			29


		2

Invesco Nasdaq Biotechnology ETF (IBBQ)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.87%
Biotechnology-77.26%
4D Molecular Therapeutics, Inc.^(b)		879	$	12,042
89bio, Inc.^(b)		564		2,611
Abcam PLC, ADR (United Kingdom)^(b)		615		10,258
AC Immune S.A. (Switzerland)^(b)		2,186		8,897
Acadia Pharmaceuticals, Inc.^(b)		4,440		112,820
Achilles Therapeutics PLC, ADR (United Kingdom)		1,049		3,472
Acumen Pharmaceuticals, Inc.^(b)		1,126		6,598
Adaptimmune Therapeutics PLC, ADR^(b)		3,768		9,797
Adicet Bio, Inc.^(b)		1,047		13,695
ADMA Biologics, Inc.^(b)		5,432		8,746
Adverum Biotechnologies, Inc.^(b)		2,714		3,637
Aeglea BioTherapeutics, Inc.^(b)		1,335		3,698
Aerovate Therapeutics, Inc.^(b)(c)		687		6,719
Affimed N.V. (Germany)^(b)		3,304		14,571
Agios Pharmaceuticals, Inc.^(b)		1,479		46,041
Akebia Therapeutics, Inc.^(b)		4,857		10,491
Akero Therapeutics, Inc.^(b)		976		17,304
Akouos, Inc.^(b)(c)		968		5,169
Alaunos Therapeutics, Inc.^(b)		5,940		5,856
Alector, Inc.^(b)		2,264		35,862
Aligos Therapeutics, Inc.^(b)		1,113		2,693
Alkermes PLC^(b)(c)		4,458		110,826
Allakos, Inc.^(b)		1,552		8,676
Allogene Therapeutics, Inc.^(b)(c)		3,915		35,822
Allovir, Inc.^(b)		1,769		15,921
Alnylam Pharmaceuticals, Inc.^(b)		3,301		521,063
Alpine Immune Sciences, Inc.^(b)		761		6,271
Altimmune, Inc.^(b)(c)		1,112		8,240
ALX Oncology Holdings, Inc.^(b)(c)		1,127		20,421
Amarin Corp. PLC, ADR (Ireland)^(b)		10,773		35,659
Amgen, Inc.^(c)		13,985		3,167,323
Amicus Therapeutics, Inc.^(b)		7,664		62,385
AnaptysBio, Inc.^(b)		746		22,805
Anavex Life Sciences Corp.^(b)(c)		2,120		23,235
Annexon, Inc.^(b)		1,042		5,059
Apellis Pharmaceuticals, Inc.^(b)(c)		2,630		111,854
Applied Molecular Transport, Inc.^(b)		1,044		6,859
Applied Therapeutics, Inc.^(b)		722		1,357
Arbutus Biopharma Corp.^(b)		3,732		11,942
Arcturus Therapeutics Holdings, Inc.^(b)		724		17,354
Arcutis Biotherapeutics, Inc.^(b)(c)		1,402		24,956
Arena Pharmaceuticals, Inc.^(b)		1,702		161,639
Argenx SE, ADR (Netherlands)^(b)		758		218,084
Arrowhead Pharmaceuticals, Inc.^(b)		2,880		126,720
Ascendis Pharma A/S, ADR (Denmark)^(b)		1,548		173,980
Atara Biotherapeutics, Inc.^(b)		2,440		31,354
Athenex, Inc.^(b)		3,016		2,427
Aurinia Pharmaceuticals, Inc. (Canada)^(b)		3,581		44,046
Autolus Therapeutics PLC, ADR (United Kingdom)		1,580		5,909
Avidity Biosciences, Inc.^(b)		1,293		21,929
Avrobio, Inc.^(b)		1,187		1,721
Beam Therapeutics, Inc.^(b)(c)		1,876		146,985
BeiGene Ltd., ADR (China)^(b)(c)		1,354		285,044
BELLUS Health, Inc. (Canada)		2,867		19,066


	Shares		Value
Biotechnology-(continued)
Bicycle Therapeutics PLC, ADR (United Kingdom)^(b)		557	$	26,457
BioAtla, Inc.^(b)		984		6,376
BioCryst Pharmaceuticals, Inc.^(b)(c)		5,001		83,067
Biogen, Inc.^(b)		4,043		853,113
BioMarin Pharmaceutical, Inc.^(b)		5,053		394,740
Biomea Fusion, Inc.^(b)		825		5,288
BioNTech SE, ADR (Germany)^(b)		2,434		367,072
Black Diamond Therapeutics, Inc.^(b)		1,001		3,143
Bluebird Bio, Inc.^(b)		1,913		11,555
Blueprint Medicines Corp.^(b)		1,610		97,485
Bolt Biotherapeutics, Inc.^(b)(c)		1,021		3,563
Bridgebio Pharma, Inc.^(b)(c)		4,048		31,574
Brooklyn ImmunoTherapeutics, Inc.^(b)(c)		1,436		3,245
C4 Therapeutics, Inc.^(b)		1,326		29,742
Cabaletta Bio, Inc.^(b)		824		1,780
Candel Therapeutics, Inc.^(b)		826		3,403
Caribou Biosciences, Inc.^(b)		1,623		16,198
Cellectis S.A., ADR (France)^(b)(c)		565		2,559
Centessa Pharmaceuticals PLC, ADR^(b)(c)		539		4,808
Century Therapeutics, Inc.^(b)		1,481		20,882
ChemoCentryx, Inc.^(b)		1,912		58,010
Chimerix, Inc.^(b)		2,410		13,592
Chinook Therapeutics, Inc.^(b)		1,452		18,528
Clovis Oncology, Inc.^(b)(c)		3,587		7,389
Codiak Biosciences, Inc.^(b)		604		2,851
Cogent Biosciences, Inc.^(b)		1,115		6,612
Coherus Biosciences, Inc.^(b)(c)		2,129		25,101
Compass Pathways PLC, ADR (United Kingdom)^(b)		596		8,606
Connect Biopharma Holdings Ltd., ADR (China)^(b)		886		3,473
Cortexyme, Inc.^(b)		836		3,637
Corvus Pharmaceuticals, Inc.^(b)		1,287		2,278
Crinetics Pharmaceuticals, Inc.^(b)		1,305		26,126
CRISPR Therapeutics AG (Switzerland)^(b)(c)		2,124		130,350
Cullinan Oncology, Inc.^(b)(c)		1,188		17,036
CureVac N.V. (Germany)^(b)(c)		5,159		86,774
Curis, Inc.^(b)		2,488		8,335
Cyteir Therapeutics, Inc.^(b)		985		5,713
Cytokinetics, Inc.^(b)(c)		2,309		81,554
CytomX Therapeutics, Inc.^(b)		1,834		7,024
Day One Biopharmaceuticals, Inc.^(b)(c)		1,713		23,400
Decibel Therapeutics, Inc.^(b)(c)		697		2,439
Deciphera Pharmaceuticals, Inc.^(b)(c)		1,603		12,359
Denali Therapeutics, Inc.^(b)		3,349		109,043
Design Therapeutics, Inc.^(b)(c)		1,549		21,020
Dyne Therapeutics, Inc.^(b)		1,426		12,221
Eagle Pharmaceuticals, Inc.^(b)		392		18,577
Editas Medicine, Inc.^(b)(c)		1,881		32,203
Eiger BioPharmaceuticals, Inc.^(b)		971		3,884
Enanta Pharmaceuticals, Inc.^(b)		565		39,787
Epizyme, Inc.^(b)		4,497		6,701
Erasca, Inc.^(b)(c)		3,332		41,317
Evelo Biosciences, Inc.^(b)(c)		1,463		4,572
Exelixis, Inc.^(b)		8,681		178,221
Fate Therapeutics, Inc.^(b)(c)		2,619		90,486
FibroGen, Inc.^(b)		2,566		36,104

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


		3

Invesco Nasdaq Biotechnology ETF (IBBQ)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Biotechnology-(continued)
Forma Therapeutics Holdings, Inc.^(b)		1,303	$	12,848
Frequency Therapeutics, Inc.^(b)		970		2,755
G1 Therapeutics, Inc.^(b)(c)		1,166		12,371
Galapagos N.V., ADR (Belgium)^(b)		281		18,611
Gamida Cell Ltd. (Israel)^(b)		1,619		5,440
Generation Bio Co.^(b)(c)		1,573		8,054
Genmab A/S, ADR (Denmark)^(b)		1,294		43,297
Geron Corp.^(b)		8,888		9,688
Gilead Sciences, Inc.		34,560		2,087,424
Global Blood Therapeutics, Inc.^(b)		1,761		53,182
Gossamer Bio., Inc.^(b)		2,123		19,171
Gracell Biotechnologies, Inc., ADR (China)^(b)		1,336		4,262
Graphite Bio, Inc.^(b)		1,595		14,674
Grifols S.A., ADR (Spain)		3,158		39,033
Gritstone bio, Inc.^(b)(c)		1,873		9,552
Halozyme Therapeutics, Inc.^(b)		3,882		137,695
Harpoon Therapeutics, Inc.^(b)		891		3,653
Homology Medicines, Inc.^(b)(c)		1,578		5,507
Horizon Therapeutics PLC^(b)		6,230		567,989
Humacyte, Inc.^(b)		2,851		17,192
Icosavax, Inc.^(b)		1,112		19,371
Ideaya Biosciences, Inc.^(b)		1,045		13,794
IGM Biosciences, Inc.^(b)		718		11,976
I-Mab, ADR (China)^(b)		1,286		31,790
Imago Biosciences, Inc.^(b)(c)		968		22,796
Immuneering Corp., Class A^(b)(c)		716		5,349
Immunic, Inc.^(b)		722		8,411
ImmunityBio, Inc.^(b)(c)		10,952		74,912
ImmunoGen, Inc.^(b)		5,593		31,545
Immunovant, Inc.^(b)(c)		3,169		17,683
Impel Neuropharma, Inc.^(b)(c)		617		4,455
Incyte Corp.^(b)		6,075		414,922
Infinity Pharmaceuticals, Inc.^(b)		2,451		2,696
Inhibrx, Inc.^(b)		1,034		22,231
Inovio Pharmaceuticals, Inc.^(b)(c)		5,786		18,747
Insmed, Inc.^(b)(c)		3,277		78,320
Instil Bio, Inc.^(b)(c)		3,567		38,274
Intellia Therapeutics, Inc.^(b)(c)		2,038		201,456
Intercept Pharmaceuticals, Inc.^(b)(c)		829		11,822
Ionis Pharmaceuticals, Inc.^(b)(c)		3,890		129,848
Iovance Biotherapeutics, Inc.^(b)(c)		4,322		67,726
Ironwood Pharmaceuticals, Inc.^(b)		4,495		48,366
iTeos Therapeutics, Inc.^(b)		983		35,516
IVERIC bio, Inc.^(b)		3,162		50,718
Janux Therapeutics, Inc.^(b)		1,148		19,837
Jounce Therapeutics, Inc.^(b)		1,421		10,601
KalVista Pharmaceuticals, Inc.^(b)		688		11,042
Kamada Ltd. (Israel)^(b)		1,191		6,610
Karuna Therapeutics, Inc.^(b)		831		87,255
Karyopharm Therapeutics, Inc.^(b)(c)		2,057		21,249
Keros Therapeutics, Inc.^(b)		681		36,570
Kezar Life Sciences, Inc.^(b)		1,336		19,840
Kiniksa Pharmaceuticals Ltd., Class A^(b)		969		9,923
Kinnate Biopharma, Inc.^(b)(c)		1,188		9,243
Kodiak Sciences, Inc.^(b)		1,430		12,355
Kronos Bio, Inc.^(b)		1,562		11,762
Krystal Biotech, Inc.^(b)		702		44,612
Kura Oncology, Inc.^(b)(c)		1,846		29,296
Kymera Therapeutics, Inc.^(b)(c)		1,423		56,578
Larimar Therapeutics, Inc.^(b)		471		2,054


	Shares		Value
Biotechnology-(continued)
Leap Therapeutics, Inc.^(b)(c)		2,438	$	4,852
Legend Biotech Corp., ADR^(b)(c)		1,191		47,152
Lexicon Pharmaceuticals, Inc.^(b)(c)		4,138		8,566
Ligand Pharmaceuticals, Inc.^(b)(c)		452		45,751
Lyell Immunopharma, Inc.^(b)(c)		6,625		47,965
MacroGenics, Inc.^(b)		1,700		15,895
Madrigal Pharmaceuticals, Inc.^(b)(c)		459		42,618
Magenta Therapeutics, Inc.^(b)(c)		1,609		5,068
MannKind Corp.^(b)(c)		6,920		18,130
MeiraGTx Holdings PLC^(b)(c)		1,190		17,053
Mereo Biopharma Group PLC, ADR (United Kingdom)		3,050		3,782
Mersana Therapeutics, Inc.^(b)		1,992		8,745
Merus N.V. (Netherlands)^(b)		1,169		32,837
Mirati Therapeutics, Inc.^(b)(c)		1,547		136,585
Mirum Pharmaceuticals, Inc.^(b)		850		20,145
Moderna, Inc.^(b)		7,906		1,214,362
Molecular Templates, Inc.^(b)		1,561		3,668
Monte Rosa Therapeutics, Inc.^(b)(c)		1,286		18,441
Morphic Holding, Inc.^(b)(c)		1,015		40,458
Mustang Bio, Inc.^(b)		2,564		2,229
Myriad Genetics, Inc.^(b)		2,188		53,343
Neoleukin Therapeutics, Inc.^(b)		1,164		3,003
Neurocrine Biosciences, Inc.^(b)		2,607		234,291
NextCure, Inc.^(b)		749		3,670
Nkarta, Inc.^(b)(c)		894		8,100
Novavax, Inc.^(b)(c)		2,070		172,576
Nurix Therapeutics, Inc.^(b)		1,193		19,291
Nuvalent, Inc., Class A^(b)(c)		1,172		17,521
ObsEva S.A. (Switzerland)^(c)		2,152		2,948
Olema Pharmaceuticals, Inc.^(b)		1,123		5,256
Omega Therapeutics, Inc.^(b)(c)		1,310		15,550
Oncocyte Corp.^(b)		2,557		3,733
Oncorus, Inc.^(b)		714		1,507
ORIC Pharmaceuticals, Inc.^(b)		1,049		8,140
Ovid therapeutics, Inc.^(b)		1,875		6,356
Oyster Point Pharma, Inc.^(b)		721		7,181
Passage Bio, Inc.^(b)		1,475		4,897
PMV Pharmaceuticals, Inc.^(b)		1,264		20,022
Poseida Therapeutics, Inc.^(b)		1,724		6,293
Praxis Precision Medicines, Inc.^(b)		1,192		15,615
Precigen, Inc.^(b)(c)		5,721		12,872
Precision BioSciences, Inc.^(b)		1,691		7,187
Prelude Therapeutics, Inc.^(b)(c)		993		8,768
Prometheus Biosciences, Inc.^(b)(c)		1,048		45,630
ProQR Therapeutics N.V. (Netherlands)^(b)		1,978		2,116
Protagonist Therapeutics, Inc.^(b)		1,309		31,783
Prothena Corp. PLC (Ireland)^(b)(c)		1,288		44,565
PTC Therapeutics, Inc.^(b)		1,912		67,149
Puma Biotechnology, Inc.^(b)		1,134		2,608
Radius Health, Inc.^(b)		1,302		10,833
Rallybio Corp.^(b)(c)		879		9,660
RAPT Therapeutics, Inc.^(b)		829		16,580
Recursion Pharmaceuticals, Inc., Class A^(b)(c)		4,359		47,731
Regeneron Pharmaceuticals, Inc.^(b)		2,907		1,797,572
REGENXBIO, Inc.^(b)		1,170		30,666
Relay Therapeutics, Inc.^(b)		2,991		72,113
Repare Therapeutics, Inc. (Canada)^(b)		1,151		18,497
Replimune Group, Inc.^(b)		1,293		20,740
REVOLUTION Medicines, Inc.^(b)(c)		2,026		38,332

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


		4

Invesco Nasdaq Biotechnology ETF (IBBQ)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Biotechnology-(continued)
Rhythm Pharmaceuticals, Inc.^(b)		1,402	$	10,683
Rigel Pharmaceuticals, Inc.^(b)		4,724		11,857
Rocket Pharmaceuticals, Inc.^(b)(c)		1,761		31,363
Rubius Therapeutics, Inc.^(b)(c)		2,468		12,315
SAB Biotherapeutics, Inc.		1,184		5,873
Sage Therapeutics, Inc.^(b)		1,611		58,592
Sana Biotechnology, Inc.^(b)		5,197		33,573
Sangamo Therapeutics, Inc.^(b)		4,019		23,511
Sarepta Therapeutics, Inc.^(b)		2,414		184,937
Scholar Rock Holding Corp.^(b)		980		17,052
Seagen, Inc.^(b)		5,039		649,376
Selecta Biosciences, Inc.^(b)		3,200		5,920
Sensei Biotherapeutics, Inc.^(b)		849		3,065
Sera Prognostics, Inc., Class A^(b)		825		4,422
Seres Therapeutics, Inc.^(b)		2,487		19,896
Sesen Bio, Inc.^(b)		5,489		3,482
Shattuck Labs, Inc.^(b)		1,160		5,800
Silverback Therapeutics, Inc.^(b)		979		4,210
Solid Biosciences, Inc.^(b)		3,034		2,471
Spectrum Pharmaceuticals, Inc.^(b)		4,501		3,061
Spero Therapeutics, Inc.^(b)		883		8,477
SpringWorks Therapeutics, Inc.^(b)(c)		1,348		76,283
Stoke Therapeutics, Inc.^(b)(c)		1,012		19,734
Summit Therapeutics, Inc.^(b)(c)		2,706		7,414
Surface Oncology, Inc.^(b)(c)		1,279		4,604
Sutro Biopharma, Inc.^(b)		1,281		11,427
Syndax Pharmaceuticals, Inc.^(b)		1,336		20,828
Syros Pharmaceuticals, Inc.^(b)		1,713		2,210
Talaris Therapeutics, Inc.^(b)		1,143		8,012
Taysha Gene Therapies, Inc.^(b)(c)		1,044		6,650
TCR2 Therapeutics, Inc.^(b)		1,039		2,816
Tenaya Therapeutics, Inc.^(b)(c)		1,142		13,316
Tonix Pharmaceuticals Holding Corp.^(b)		12,107		2,239
Travere Therapeutics, Inc.^(b)		1,700		46,342
Turning Point Therapeutics, Inc.^(b)(c)		1,400		44,324
Twist Bioscience Corp.^(b)		1,554		86,931
Ultragenyx Pharmaceutical, Inc.^(b)		1,876		126,292
uniQure N.V. (Netherlands)^(b)(c)		1,280		21,747
United Therapeutics Corp.^(b)		1,252		208,082
UroGen Pharma Ltd.^(b)		605		3,630
Vanda Pharmaceuticals, Inc.^(b)		1,550		17,608
Vaxcyte, Inc.^(b)(c)		1,450		33,596
Veracyte, Inc.^(b)		1,913		53,181
Verastem, Inc.^(b)		5,026		6,031
Vertex Pharmaceuticals, Inc.^(b)		7,018		1,614,280
Verve Therapeutics, Inc.^(b)(c)		1,318		43,033
Vir Biotechnology, Inc.^(b)		3,604		90,785
Viracta Therapeutics, Inc.^(b)		1,022		2,790
Vor BioPharma, Inc.^(b)		1,022		9,229
Werewolf Therapeutics, Inc.^(b)		748		5,356
Xencor, Inc.^(b)		1,603		50,190
Xenon Pharmaceuticals, Inc. (Canada)^(b)		1,427		45,236
Y-mAbs Therapeutics, Inc.^(b)(c)		1,187		10,814
Zai Lab Ltd., ADR (China)^(b)		1,924		105,243
Zentalis Pharmaceuticals, Inc.^(b)(c)		1,263		63,011

				22,325,428


	Shares		Value
Health Care Equipment & Supplies-0.89%
Bioventus, Inc., Class A^(b)		1,621	$	21,073
Novocure Ltd.^(b)(c)		2,867		234,693

				255,766

Health Care Providers & Services-0.89%
23andMe Holding Co., Class A^(b)(c)		5,848		26,141
Castle Biosciences, Inc.^(b)		704		30,476
Guardant Health, Inc.^(b)(c)		2,790		184,893
PetIQ, Inc.^(b)(c)		759		15,059

				256,569

Life Sciences Tools & Services-8.20%
AbCellera Biologics, Inc. (Canada)^(b)(c)		7,764		67,624
Absci Corp.^(b)(c)		2,564		24,025
Adaptive Biotechnologies Corp.^(b)		3,889		56,118
Alpha Teknova, Inc.^(b)		756		12,852
Codex DNA, Inc.^(b)		825		8,415
Codexis, Inc.^(b)		1,769		35,256
Compugen Ltd. (Israel)^(b)		2,310		7,138
Harvard Bioscience, Inc.^(b)		1,133		6,118
Illumina, Inc.^(b)		4,314		1,408,952
Maravai LifeSciences Holdings, Inc., Class A^(b)		3,615		141,238
MaxCyte, Inc.^(b)		2,758		19,196
Medpace Holdings, Inc.^(b)		996		152,358
NanoString Technologies, Inc.^(b)		1,270		45,034
Nautilus Biotechnology, Inc.^(b)(c)		3,432		13,728
Pacific Biosciences of California, Inc.^(b)(c)		6,069		72,342
Personalis, Inc.^(b)		1,191		12,506
Quantum-Si, Inc.^(b)(c)		3,273		13,616
Rapid Micro Biosystems, Inc., Class A^(b)		905		6,326
Seer, Inc.^(b)(c)		1,575		24,129
Singular Genomics Systems, Inc.^(b)		1,995		16,419
Syneos Health, Inc.^(b)		2,864		226,829

				2,370,219

Pharmaceuticals-12.63%
Aclaris Therapeutics, Inc.^(b)		1,700		25,330
Aerie Pharmaceuticals, Inc.^(b)		1,302		10,807
Amphastar Pharmaceuticals, Inc.^(b)		1,312		36,356
Aquestive Therapeutics, Inc.^(b)(c)		1,121		3,128
Arvinas, Inc.^(b)(c)		1,452		94,104
AstraZeneca PLC, ADR (United Kingdom)		16,707		1,017,122
ATAI Life Sciences N.V. (Germany)^(b)		4,431		25,434
Atea Pharmaceuticals, Inc.^(b)		2,294		14,544
Athira Pharma, Inc.^(b)		1,023		9,371
Avadel Pharmaceuticals PLC, ADR^(c)		1,604		12,928
Axsome Therapeutics, Inc.^(b)(c)		1,029		28,925
BioDelivery Sciences International, Inc.^(b)		2,726		15,211
Cara Therapeutics, Inc.^(b)		1,463		15,171
Clearside Biomedical, Inc.^(b)		1,688		2,692
Collegium Pharmaceutical, Inc.^(b)		969		18,866
Cymabay Therapeutics, Inc.^(b)		2,324		7,390
Edgewise Therapeutics, Inc.^(b)(c)		1,401		16,518
Endo International PLC^(b)		6,451		20,063
Esperion Therapeutics, Inc.^(b)		1,849		7,562
Evolus, Inc.^(b)(c)		1,547		14,155
EyePoint Pharmaceuticals, Inc.^(b)		970		9,652
Fulcrum Therapeutics, Inc.^(b)		1,128		12,408
Harmony Biosciences Holdings, Inc.^(b)(c)		1,603		64,056
Harrow Health, Inc.^(b)		735		5,667
Hutchmed China Ltd., ADR (China)^(b)(c)		1,588		43,273

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


		5

Invesco Nasdaq Biotechnology ETF (IBBQ)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Pharmaceuticals-(continued)
Ikena Oncology, Inc.^(b)(c)		995	$	6,079
Innoviva, Inc.^(b)		1,902		36,537
Intra-Cellular Therapies, Inc.^(b)		2,479		137,535
Jazz Pharmaceuticals PLC^(b)		1,704		234,164
KemPharm, Inc.^(b)(c)		984		5,835
Landos Biopharma, Inc.^(b)		1,122		2,390
Marinus Pharmaceuticals, Inc.^(b)(c)		1,012		7,914
Nektar Therapeutics^(b)(c)		2,897		29,665
NGM Biopharmaceuticals, Inc.^(b)(c)		2,147		31,904
NRX Pharmaceuticals, Inc.		1,609		4,811
Ocular Therapeutix, Inc.^(b)(c)		2,126		11,863
Omeros Corp.^(b)(c)		1,725		12,420
Optinose, Inc.^(b)		2,277		6,672
Pacira BioSciences, Inc.^(b)(c)		1,238		82,562
Paratek Pharmaceuticals, Inc.^(b)		1,400		4,928
Phathom Pharmaceuticals, Inc.^(b)		865		15,682
Phibro Animal Health Corp., Class A		565		12,035
Pliant Therapeutics, Inc.^(b)		998		8,952
Provention Bio, Inc.^(b)(c)		1,741		10,916
Rain Therapeutics, Inc.^(b)		473		2,829
Rani Therapeutics Holdings, Inc., Class A		553		9,230
Reata Pharmaceuticals, Inc., Class A^(b)		866		28,353
Redhill Biopharma Ltd., ADR (Israel)^(c)		1,293		2,832
Relmada Therapeutics, Inc.^(b)		745		15,280
Revance Therapeutics, Inc.^(b)		1,990		27,004
Royalty Pharma PLC, Class A^(c)		11,827		464,328
Sanofi, ADR (France)		7,329		384,406
SIGA Technologies, Inc.^(b)		2,034		12,204
Supernus Pharmaceuticals, Inc.^(b)		1,458		46,583
Terns Pharmaceuticals, Inc.^(b)		703		2,334


	Shares		Value
Pharmaceuticals-(continued)
TherapeuticsMD, Inc.^(b)		11,695	$	2,797
Theravance Biopharma, Inc.^(b)		2,026		20,402
Tricida, Inc.^(b)		1,544		12,290
Verrica Pharmaceuticals, Inc.^(b)		747		6,260
Viatris, Inc.		33,305		366,688
WaVe Life Sciences Ltd.^(b)		1,610		3,953
Xeris Biopharma Holdings, Inc.^(b)		3,442		8,192
Zogenix, Inc.^(b)		1,555		40,834

				3,650,396


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.87% (Cost $35,498,274)				28,858,378


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-24.01%
Invesco Private Government Fund, 0.12%^(d)(e)(f)		2,074,318		2,074,318
Invesco Private Prime Fund, 0.08%^(d)(e)(f)		4,862,800		4,863,287

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $6,937,779)				6,937,605

TOTAL INVESTMENTS IN SECURITIES-123.88% (Cost $42,436,053)				35,795,983
OTHER ASSETS LESS LIABILITIES-(23.88)%				(6,899,188	)

NET ASSETS-100.00%			$	28,896,795

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at February 28, 2022.

^(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 February 28, 2022.


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value February 28, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	252,748		$	(252,748	)		$	-		$	-		$	-		$	1

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


		6

Invesco Nasdaq Biotechnology ETF (IBBQ)–(continued)

February 28, 2022

(Unaudited)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	262,268		$	4,889,125		$	(3,077,075	)		$	-			$	-			$	2,074,318		$	87	*
Invesco Private Prime Fund			611,959			10,457,815			(6,206,142	)			(174	)			(171	)			4,863,287			493	*

Total		$	874,227		$	15,599,688		$	(9,535,965	)		$	(174	)		$	(171	)		$	6,937,605		$	581

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

^(e)	The rate shown is the 7-day SEC standardized yield as of February 28, 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 2I.

Portfolio Composition

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

as of February 28, 2022

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


		7

Invesco PHLX Semiconductor ETF (SOXQ)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.88%
Electronic Equipment, Instruments & Components-1.27%
II-VI Incorporated^(b)(c)		5,291	$	367,513
IPG Photonics Corp.^(b)		2,669		347,904

				715,417

Semiconductors & Semiconductor Equipment-98.61%
Advanced Micro Devices, Inc.^(b)		31,689		3,908,521
Amkor Technology, Inc.		12,175		276,007
Analog Devices, Inc.		13,922		2,231,557
Applied Materials, Inc.		17,046		2,287,573
ASML Holding N.V., New York Shares (Netherlands)		3,155		2,102,839
Azenta, Inc.		3,714		325,049
Broadcom, Inc.		9,057		5,320,444
Entegris, Inc.		6,752		881,001
Intel Corp.		101,952		4,863,110
KLA Corp.		6,143		2,140,836
Lam Research Corp.		3,676		2,063,523
Lattice Semiconductor Corp.^(b)		6,832		427,820
Marvell Technology, Inc.		35,248		2,408,496
Microchip Technology, Inc.		27,643		1,944,132
Micron Technology, Inc.		29,858		2,653,182
Monolithic Power Systems, Inc.		2,293		1,051,799
NVIDIA Corp.		15,364		3,746,511
NXP Semiconductors N.V. (China)		11,231		2,135,238
ON Semiconductor Corp.^(b)		21,448		1,342,859
Power Integrations, Inc.		3,008		270,720
Qorvo, Inc.^(b)		5,496		751,743
QUALCOMM, Inc.		27,780		4,777,882


	Shares		Value
Semiconductors & Semiconductor Equipment-(continued)
Silicon Laboratories, Inc.^(b)		1,994	$	306,498
Skyworks Solutions, Inc.		8,231		1,137,277
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		21,415		2,291,619
Teradyne, Inc.		8,116		957,039
Texas Instruments, Inc.		13,028		2,214,630
Wolfspeed, Inc.^(b)(c)		5,798		595,571

				55,413,476

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.88% (Cost $57,467,518)				56,128,893


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.49%
Invesco Private Government Fund, 0.12%^(d)(e)(f)		250,787		250,787
Invesco Private Prime Fund, 0.08%^(d)(e)(f)		585,111		585,169

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $836,002)				835,956

TOTAL INVESTMENTS IN SECURITIES-101.37% (Cost $58,303,520)				56,964,849
OTHER ASSETS LESS LIABILITIES-(1.37)%				(767,497	)

NET ASSETS-100.00%			$	56,197,352

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at February 28, 2022.

^(d)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value February 28, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	763		$	369,679		$	(370,442)		$	-		$	-		$	-		$	4

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


		8

Invesco PHLX Semiconductor ETF (SOXQ)–(continued)

February 28, 2022

(Unaudited)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	105,927		$	1,921,627		$	(1,776,767	)		$	-			$	-			$	250,787		$	23	*
Invesco Private Prime Fund			247,162			4,161,911			(3,823,734	)			(46	)			(124	)			585,169			177	*

Total		$	353,852		$	6,453,217		$	(5,970,943	)		$	(46	)		$	(124	)		$	835,956		$	204

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

^(e)	The rate shown is the 7-day SEC standardized yield as of February 28, 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 2I.

Portfolio Composition

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

as of February 28, 2022


Semiconductors & Semiconductor
Equipment		98.61
Electronic Equipment, Instruments &
Components		1.27
Money Market Funds Plus Other Assets
Less Liabilities		0.12

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


		9

Invesco Solar ETF (TAN)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.15%
Building Products-0.82%
Luoyang Glass Co. Ltd., H Shares (China)^(b)(c)(d)		10,661,692	$	18,280,058


Chemicals-2.48%
Hanwha Solutions Corp. (South Korea)^(c)		1,933,292		55,062,664


Construction & Engineering-0.79%
ReneSola Ltd., ADR (China)^(c)(d)		2,905,721		17,463,383


Electrical Equipment-10.37%
Array Technologies, Inc.^(c)(d)		3,972,021		44,645,516
Beam Global^(b)(c)(d)		519,139		7,532,707
Shoals Technologies Group, Inc., Class A^(c)(d)		3,233,966		51,129,003
Soltec Power Holdings S.A. (Spain)^(c)(d)		2,115,563		11,509,768
Sunrun, Inc.^(c)(d)		4,236,690		115,577,984

				230,394,978

Independent Power and Renewable Electricity Producers-24.28%
Atlantica Sustainable Infrastructure PLC (Spain)^(d)		2,000,098		67,503,307
Azure Power Global Ltd. (India)^(c)(d)		900,836		14,908,836
Beijing Enterprises Clean Energy Group Ltd. (China)^(c)		1,032,972,593		13,616,619
Doral Group Renewable Energy Resources Ltd. (Israel)^(c)(d)		3,224,073		12,933,912
Encavis AG (Germany)^(d)		3,721,874		64,252,913
Energix-Renewable Energies Ltd. (Israel)		5,455,373		22,268,104
Enlight Renewable Energy Ltd. (Israel)^(c)(d)		17,690,138		42,852,827
GCL New Energy Holdings Ltd. (China)^(c)		536,497,318		11,809,711
Grenergy Renovables S.A. (Spain)^(d)		369,690		11,668,131
Neoen S.A. (France)^(c)(d)(e)		1,018,431		38,639,756
OY Nofar Energy Ltd. (Israel)^(c)		799,001		21,640,589
RENOVA, Inc. (Japan)^(c)(d)		931,511		11,508,923
Scatec ASA (South Africa)^(e)		2,564,392		36,977,240
Solaria Energia y Medio Ambiente S.A. (Spain)^(c)(d)		2,834,109		52,022,518
Sunnova Energy International, Inc.^(c)(d)		2,866,624		57,762,474
West Holdings Corp. (Japan)^(d)		516,615		19,570,997
Xinyi Energy Holdings Ltd. (China)^(d)		76,594,585		39,136,415

				539,073,272

Mortgage REITs-2.68%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.^(d)		1,255,628		59,441,430


Semiconductors & Semiconductor Equipment-58.73%
Canadian Solar, Inc. (Canada)^(c)(d)		1,794,432		56,811,717
Daqo New Energy Corp., ADR (China)^(c)(d)		2,155,469		103,376,293

Investment Abbreviations:

ADR -American Depositary Receipt

REIT -Real Estate Investment Trust


	Shares		Value
Semiconductors & Semiconductor Equipment-(continued)
Enphase Energy, Inc.^(c)		1,212,328	$	202,095,077
First Solar, Inc.^(c)(d)		2,030,568		152,881,465
Flat Glass Group Co. Ltd., H Shares (China)^(d)		13,071,442		53,866,981
Gigasolar Materials Corp. (Taiwan)		1,894,000		11,449,340
JinkoSolar Holding Co. Ltd., ADR (China)^(c)(d)		1,421,906		71,962,663
Maxeon Solar Technologies Ltd.^(c)(d)		1,140,856		12,366,879
Meyer Burger Technology AG (Switzerland)^(c)(d)		103,934,493		38,956,431
Motech Industries, Inc. (Taiwan)^(b)		14,574,000		16,255,920
SMA Solar Technology AG (Germany)^(d)		795,344		31,748,976
SolarEdge Technologies, Inc.^(c)(d)		843,372		269,389,884
SunPower Corp.^(c)(d)		3,078,475		55,197,057
TSEC Corp. (Taiwan)^(b)(c)		16,106,000		22,336,751
United Renewable Energy Co. Ltd. (Taiwan)^(c)		50,386,458		37,384,155
Xinyi Solar Holdings Ltd. (China)		93,015,815		168,087,245

				1,304,166,834

Total Common Stocks & Other Equity Interests (Cost $2,779,229,292)				2,223,882,619


Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(b)(f)(Cost $691,954)		691,954		691,954

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.18% (Cost $2,779,921,246)				2,224,574,573


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-26.13%
Invesco Private Government Fund, 0.12%^(b)(f)(g)		174,077,816		174,077,816
Invesco Private Prime Fund, 0.08%^(b)(f)(g)		406,140,957		406,181,579

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $580,303,120)				580,259,395

TOTAL INVESTMENTS IN SECURITIES-126.31% (Cost $3,360,224,366)				2,804,833,968
OTHER ASSETS LESS LIABILITIES-(26.31)%				(584,301,986	)

NET ASSETS-100.00%			$	2,220,531,982

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


		10

Invesco Solar ETF (TAN)–(continued)

February 28, 2022

(Unaudited)

Notes to Schedule of Investments:

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

^(b)

Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2022.


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	22,392,028		$	99,565,764		$	(121,265,838	)		$	-			$	-			$	691,954		$	801
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			248,743,131			502,725,257			(577,390,572	)			-				-				174,077,816			26,350	*
Invesco Private Prime Fund			581,927,213			997,417,189			(1,172,997,383	)			(43,730	)			(121,710	)			406,181,579			252,053	*
Investments in Other Affiliates:
Anji Technology Co. Ltd.			9,755,635			-			(8,186,704	)			5,725,615				(7,294,546	)			-			-
Beam Global***			12,568,322			9,714,396			(4,834,358	)			(5,633,764	)			(4,281,889	)			7,532,707			-
Luoyang Glass Co. Ltd., H Shares**			31,425,445			4,660,278			(18,257,103	)			(6,015,964	)			6,467,402				18,280,058			-
Motech Industries, Inc.**			24,899,702			5,151,774			(15,647,468	)			4,109,472				(2,257,560	)			16,255,920			-
Sunwork, Inc.			11,990,259			6,174,371			(9,561,308	)			8,325,754				(16,929,076	)			-			-
TSEC Corp.**			28,150,071			6,087,102			(19,513,971	)			8,703,152				(1,089,603	)			22,336,751			-

Total		$	971,851,806		$	1,631,496,131		$	(1,947,654,705	)		$	15,170,535			$	(25,506,982	)		$	645,356,785		$	279,204

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

**	As of February 28, 2022, this security was not considered as an affiliate of the Fund.

***	As of August 31, 2021, this security was not considered as an affiliate of the Fund.

^(c)	Non-income producing security.

^(d)	All or a portion of this security was out on loan at February 28, 2022.

^(e)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2022 was $75,616,996, which represented 3.41% of the Fund’s Net Assets.

^(f)	The rate shown is the 7-day SEC standardized yield as of February 28, 2022.

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

This Fund has holdings greater than 10% of net assets in the following country:


China				22.41	%

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


		11

Invesco Solar ETF (TAN)–(continued)

February 28, 2022

(Unaudited)

Portfolio Composition

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

as of February 28, 2022


Semiconductors & Semiconductor Equipment	58.73
Independent Power and Renewable Electricity Producers	24.28
Electrical Equipment	10.37
Industry Types Each Less Than 3%	6.77
Money Market Funds Plus Other Assets Less Liabilities	(0.15	)

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


		12

Statements of Assets and Liabilities

February 28, 2022

(Unaudited)


	Invesco Nasdaq Biotechnology ETF (IBBQ)			Invesco PHLX Semiconductor ETF (SOXQ)		Invesco Solar ETF (TAN)
Assets:
Unaffiliated investments in securities, at value^(a)	$	28,858,378		$	56,128,893	$	2,216,349,912
Affiliated investments in securities, at value		6,937,605			835,956		588,484,056
Cash		822			5,796		364
Foreign currencies, at value		-			-		689,826
Deposits with brokers:
Cash segregated as collateral		-			-		13,056,433
Receivable for:
Dividends		40,172			70,722		-
Securities lending		1,106			59		150,892
Investments sold		-			-		1,148
Fund shares sold		-			-		18,127,283
Foreign tax reclaims		-			-		182,370
Other assets		-			-		7,070

Total assets		35,838,083			57,041,426		2,837,049,354


Liabilities:
Payable for:
Investments purchased		-			-		21,165,215
Collateral upon return of securities loaned		6,937,779			836,002		580,303,120
Collateral upon receipt of securities in-kind		-			-		13,056,433
Accrued unitary management fees		3,509			8,072		-
Accrued advisory fees		-			-		766,163
Accrued trustees’ and officer’s fees		-			-		15,695
Accrued expenses		-			-		1,202,857
Accrued tax expenses		-			-		7,889

Total liabilities		6,941,288			844,074		616,517,372

Net Assets	$	28,896,795		$	56,197,352	$	2,220,531,982


Net assets consist of:
Shares of beneficial interest	$	36,119,113		$	50,909,351	$	3,137,008,670
Distributable earnings (loss)		(7,222,318	)		5,288,001		(916,476,688	)

Net Assets	$	28,896,795		$	56,197,352	$	2,220,531,982

Shares outstanding (unlimited amount authorized, $0.01 par value)		1,440,001			2,080,001		31,208,000
Net asset value	$	20.07		$	27.02	$	71.15

Market price	$	20.06		$	26.98	$	71.36

Unaffiliated investments in securities, at cost	$	35,498,274		$	57,467,518	$	2,759,957,259

Affiliated investments in securities, at cost	$	6,937,779		$	836,002	$	600,267,107

Foreign currencies, at cost	$	-		$	-	$	689,898

^(a)Includes securities on loan with an aggregate value of:	$	6,797,185		$	820,268	$	608,204,453

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


		13

Statements of Operations

For the six months ended February 28, 2022

(Unaudited)


	Invesco Nasdaq Biotechnology ETF (IBBQ)				Invesco PHLX Semiconductor ETF (SOXQ)				Invesco Solar ETF (TAN)
Investment income:
Unaffiliated dividend income		$	131,587			$	345,735			$	536,488
Affiliated dividend income			1				4				801
Securities lending income			3,503				224				1,865,481
Foreign withholding tax			-				(6,133	)			(27,761	)

Total investment income			135,091				339,830				2,375,009


Expenses:
Unitary management fees			33,711				54,671				-
Advisory fees			-				-				7,341,370
Sub-licensing fees			-				-				2,055,579
Accounting & administration fees			-				-				105,596
Custodian & transfer agent fees			-				-				64,197
Trustees’ and officer’s fees			-				-				10,398
Other expenses			-				-				82,412

Total expenses			33,711				54,671				9,659,552

Less: Waivers			(24,611	)			(34,905	)			-

Net expenses			9,100				19,766				9,659,552

Net investment income (loss)			125,991				320,064				(7,284,543	)


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(671,699	)			(362,252	)			(16,545,796	)
Affiliated investment securities			(171	)			(124	)			(25,506,982	)
In-kind redemptions			75,295				6,955,666				204,914,534
Foreign currencies			-				-				(103,574	)

Net realized gain (loss)			(596,575	)			6,593,290				162,758,182

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(8,949,518	)			(4,996,723	)			(762,230,113	)
Affiliated investment securities			(174	)			(46	)			15,170,535
Foreign currencies			-				-				(21,104	)

Change in net unrealized appreciation (depreciation)			(8,949,692	)			(4,996,769	)			(747,080,682	)

Net realized and unrealized gain (loss)			(9,546,267	)			1,596,521				(584,322,500	)

Net increase (decrease) in net assets resulting from operations		$	(9,420,276	)		$	1,916,585			$	(591,607,043	)

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


		14

Statements of Changes in Net Assets

For the six months ended February 28, 2022 and the year ended August 31, 2021

(Unaudited)


	Invesco Nasdaq Biotechnology ETF (IBBQ)								Invesco PHLX Semiconductor ETF (SOXQ)								Invesco Solar ETF (TAN)
	Six Months Ended February 28, 2022				Period Ended August 31, 2021^(a)				Six Months Ended February 28, 2022				Period Ended August 31, 2021^(a)				Six Months Ended February 28, 2022				Year Ended August 31, 2021
Operations:
Net investment income (loss)		$	125,991			$	85,123			$	320,064			$	147,084			$	(7,284,543	)		$	(1,656,887	)
Net realized gain (loss)			(596,575	)			814,104				6,593,290				877,721				162,758,182				945,864,381
Change in net unrealized appreciation (depreciation)			(8,949,692	)			2,309,622				(4,996,769	)			3,658,098				(747,080,682	)			(400,052,910	)

Net increase (decrease) in net assets resulting from operations			(9,420,276	)			3,208,849				1,916,585				4,682,903				(591,607,043	)			544,154,584


Distributions to Shareholders from:
Distributable earnings			(186,834	)			-				(411,270	)			-				-				(3,100,002	)


Shareholder Transactions:
Proceeds from shares sold			27,859,981				69,388,017				33,588,629				73,208,006				744,576,182				3,176,990,404
Value of shares repurchased			(41,025,031	)			(20,927,911	)			(42,059,429	)			(14,728,072	)			(1,151,184,671	)			(1,834,571,394	)

Net increase (decrease) in net assets resulting from share transactions			(13,165,050	)			48,460,106				(8,470,800	)			58,479,934				(406,608,489	)			1,342,419,010

Net increase (decrease) in net assets			(22,772,160	)			51,668,955				(6,965,485	)			63,162,837				(998,215,532	)			1,883,473,592


Net assets:
Beginning of period			51,668,955				-				63,162,837				-				3,218,747,514				1,335,273,922

End of period		$	28,896,795			$	51,668,955			$	56,197,352			$	63,162,837			$	2,220,531,982			$	3,218,747,514


Changes in Shares Outstanding:
Shares sold			1,210,000				2,730,001				1,160,000				2,900,001				8,160,000				35,760,000
Shares repurchased			(1,690,000	)			(810,000	)			(1,420,000	)			(560,000	)			(14,320,000	)			(21,920,000	)
Shares outstanding, beginning of period			1,920,001				-				2,340,001				-				37,368,000				23,528,000

Shares outstanding, end of period			1,440,001				1,920,001				2,080,001				2,340,001				31,208,000				37,368,000

^(a)	For the period June 9, 2021 (commencement of investment operations) through August 31, 2021.

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


		15

Financial Highlights

Invesco Nasdaq Biotechnology ETF (IBBQ)


	Six Months Ended February 28, 2022 (Unaudited)				For the Period June 9, 2021^(a) Through August 31, 2021
Per Share Operating Performance:
Net asset value at beginning of period		$	26.91			$	25.34

Net investment income^(b)			0.09				0.04
Net realized and unrealized gain (loss) on investments			(6.78	)			1.53

Total from investment operations			(6.69	)			1.57

Distributions to shareholders from:
Net investment income			(0.15	)			-

Net asset value at end of period		$	20.07			$	26.91

Market price at end of period^(c)		$	20.06			$	26.87

Net Asset Value Total Return^(d)			(24.97	)%			6.19	%^(e)
Market Price Total Return^(d)			(24.90	)%			6.04	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	28,897			$	51,669
Ratio to average net assets of:
Expenses, after Waivers			0.05	%^(f)			-	%^(f)
Expenses, prior to Waivers			0.19	%^(f)			0.19	%^(f)
Net investment income			0.71	%^(f)			0.65	%^(f)
Portfolio turnover rate^(g)			12	%			8	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

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

^(e)	The net asset value total return from Fund Inception (June 11, 2021, the first day of trading on the exchange) to August 31, 2021 was 5.16%. The market price total return from Fund Inception to August 31, 2021 was 5.00%.

^(f)	Annualized.

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

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


		16

Financial Highlights–(continued)

Invesco PHLX Semiconductor ETF (SOXQ)


	Six Months Ended February 28, 2022 (Unaudited)				For the Period June 9, 2021^(a) Through August 31, 2021
Per Share Operating Performance:
Net asset value at beginning of period		$	26.99			$	24.88

Net investment income^(b)			0.16				0.06
Net realized and unrealized gain on investments			0.10				2.05

Total from investment operations			0.26				2.11

Distributions to shareholders from:
Net investment income			(0.23	)			-

Net asset value at end of period		$	27.02			$	26.99

Market price at end of period^(c)		$	26.98			$	27.06

Net Asset Value Total Return^(d)			0.92	%			8.48	%^(e)
Market Price Total Return^(d)			0.51	%			8.76	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	56,197			$	63,163
Ratio to average net assets of:
Expenses, after Waivers			0.07	%^(f)			-	%^(f)
Expenses, prior to Waivers			0.19	%^(f)			0.19	%^(f)
Net investment income			1.11	%^(f)			1.09	%^(f)
Portfolio turnover rate^(g)			9	%			4	%

^(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 (June 11, 2021, the first day of trading on the exchange) to August 31, 2021 was 6.72%. The market price total return from Fund Inception to August 31, 2021 was 7.08%.

^(f)	Annualized.

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

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


		17

Financial Highlights–(continued)

Invesco Solar ETF (TAN)


	Six Months Ended
	February 28,
	2022				Years Ended August 31,
	(Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	86.14			$	56.75			$	30.63			$	21.92			$	21.62			$	20.89

Net investment income (loss)^(a)			(0.20	)			(0.05	)			0.17				0.05				0.54				0.49
Net realized and unrealized gain (loss) on investments			(14.79	)			29.53				26.04				8.79				0.20				1.07

Total from investment operations			(14.99	)			29.48				26.21				8.84				0.74				1.56

Distributions to shareholders from:
Net investment income			-				(0.09	)			(0.09	)			(0.13	)			(0.44	)			(0.83	)

Net asset value at end of period		$	71.15			$	86.14			$	56.75			$	30.63			$	21.92			$	21.62

Market price at end of period		$	71.36	^(b)		$	85.59	^(b)		$	56.84	^(b)		$	30.54	^(b)		$	21.82	^(b)		$	21.70

Net Asset Value Total Return^(c)			(17.40	)%			51.93	%			85.82	%			40.73	%			3.19	%			8.72	%
Market Price Total Return^(c)			(16.63	)%			50.72	%			86.67	%			40.96	%			2.33	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,220,532			$	3,218,748			$	1,335,274			$	456,086			$	319,383			$	360,008
Ratio to average net assets of:
Expenses, after Waivers			0.66	%^(d)			0.65	%			0.69	%			0.70	%			0.65	%			0.70	%
Expenses, prior to Waivers			0.66	%^(d)			0.65	%			0.69	%			0.71	%			0.69	%			0.76	%
Net investment income (loss)			(0.50	)%^(d)			(0.05	)%			0.49	%			0.22	%			2.23	%			2.57	%
Portfolio turnover rate^(e)			16	%			55	%			28	%			29	%			54	%			57	%

^(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.


		18

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 28, 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 Nasdaq Biotechnology ETF (IBBQ)		“Nasdaq Biotechnology ETF”
Invesco PHLX Semiconductor ETF (SOXQ)		“PHLX Semiconductor ETF”
Invesco Solar ETF (TAN)		“Solar ETF”

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

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, 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
Nasdaq Biotechnology ETF		Nasdaq Biotechnology Index^®
PHLX Semiconductor ETF		PHLX Semiconductor Sector Index^®
Solar ETF		MAC Global Solar Energy Index

NOTE 2–Significant Accounting Policies

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

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

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

A security listed or traded on an exchange (except convertible securities) 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 NAV per Share, futures and option contracts generally are valued 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 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


		19

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 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 each 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 each Fund’s NAV and, accordingly, they reduce each 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


		20

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

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

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

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

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

Expenses - Each Fund (except for Solar ETF) 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).

Solar ETF is responsible for all of its expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, brokerage commissions and other expenses connected with executions of portfolio transactions, licensing fees related to its Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members and officers who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, acquired fund fees and expenses, if any, and 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 (if applicable) and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from each Fund’s unitary management fee (if applicable) and that 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.

G.	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


		21

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 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.

On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve 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. Prior to September 14, 2021, BNYM served as the sole securities lending agent for each Fund under the securities lending program. 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 period September 14, 2021 through February 28, 2022, each Fund had affiliated securities lending transactions with Invesco. The fees paid to Invesco for the Funds (except for Solar ETF) were less than $500. The Solar ETF paid Invesco $14,355 in fees for securities lending agent services.

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.


		22

K.	Other Risks

ADR and GDR Risk. Certain Funds may invest in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

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, may increase this risk.

Currency Risk. Because each Fund’s NAV is determined in U.S. dollars, a Fund’s NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund’s overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on a Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.

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 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


		23

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.

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.

Micro-Capitalization Company Risk. Investments in the securities of micro-capitalization companies involve substantially greater risks of loss and price fluctuations than other securities with larger capitalizations. Micro-capitalization companies carry additional risks because their earnings and revenues tend to be less predictable (and some companies may be experience significant losses), their share prices tend to be more volatile and their markets less liquid than companies with larger market capitalizations. Micro-capitalization companies may be newly formed or in the early stages of development, with limited product lines, markets or financial resources, and they may lack management depth or may be overly reliant on specific key individuals. In addition, less public information may be available about these companies. The shares of micro-capitalization companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the future ability to sell these securities.

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

Non-Diversified Fund Risk. Because each Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

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

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.


		24

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 each Fund’s investments, managing each Fund’s business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to the Investment Advisory Agreement, Solar ETF accrues daily and pays monthly to the Adviser an annual fee equal to 0.50% of the Fund’s average daily net assets. The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”), pursuant to which the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of Solar ETF (excluding interest expenses, brokerage commissions and other trading expenses, sub-licensing fees, offering costs, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses) from exceeding 0.65% of the Fund’s average daily net assets per year through August 31, 2023 (the “Expense Cap”). There is no guarantee that the Adviser will extend the waiver of these fees past that date.

Pursuant to another Investment Advisory Agreement, each Fund listed below 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)
Nasdaq Biotechnology ETF		0.19%
PHLX Semiconductor ETF		0.19%

Prior to December 17, 2021, the Adviser waived 100% of its unitary management fee for Nasdaq Biotechnology ETF and PHLX Semiconductor ETF.

Further, through at least August 31, 2023, 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. This agreement is not subject to recapture by the Adviser.

For the six months ended February 28, 2022, the Adviser waived fees for each Fund in the following amounts:


Nasdaq Biotechnology ETF	$	24,611
PHLX Semiconductor ETF		34,905
Solar ETF		-

The fees waived and/or expenses borne by the Adviser, pursuant to the Expense Cap, for Solar ETF are subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Fund if it would result in the Fund exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser. There are no amounts available for potential recapture by the Adviser as of February 28, 2022.

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
Nasdaq Biotechnology ETF		Nasdaq, Inc.
PHLX Semiconductor ETF		Nasdaq, Inc.
Solar ETF		MAC Indexing 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.


		25

For the six months ended February 28, 2022, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:


Nasdaq Biotechnology ETF	$	2,057
PHLX Semiconductor ETF		619
Solar ETF		3,269

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

NOTE 4–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available 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 February 28, 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
Nasdaq Biotechnology ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	28,696,739		$	161,639		$	-		$	28,858,378
Money Market Funds			-			6,937,605			-			6,937,605

Total Investments		$	28,696,739		$	7,099,244		$	-		$	35,795,983

PHLX Semiconductor ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	56,128,893		$	-		$	-		$	56,128,893
Money Market Funds			-			835,956			-			835,956

Total Investments		$	56,128,893		$	835,956		$	-		$	56,964,849

Solar ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	1,763,582,414		$	460,300,205		$	-		$	2,223,882,619
Money Market Funds			691,954			580,259,395			-			580,951,349

Total Investments		$	1,764,274,368		$	1,040,559,600		$	-		$	2,804,833,968

A reconciliation of Level 3 investments is presented when a Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.


		26

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the six months ended February 28, 2022:


	Value 08/31/21			Purchases at Cost			Proceeds from Sales				Accrued Discounts/ Premiums			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)				Transfers into Level 3*			Transfers out of Level 3*			Value 02/28/22
Solar ETF
Common Stocks & Other Equity Interests		$	44,976,464		$	-		$	(56,209,102	)		$	-		$	38,905,753		$	(27,673,115	)		$	-		$	-		$	-

NOTE 5–Tax Information

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

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

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


	No expiration
	Short-Term		Long-Term		Total*
Nasdaq Biotechnology ETF	$	6,726	$	-	$	6,726
PHLX Semiconductor ETF		22,165		-		22,165
Solar ETF		138,840,742		267,931,501		406,772,243

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

NOTE 6–Investment Transactions

For the six months ended February 28, 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
Nasdaq Biotechnology ETF	$	4,311,167	$	4,513,323
PHLX Semiconductor ETF		5,261,764		5,425,142
Solar ETF		477,517,950		514,953,586

For the six months ended February 28, 2022, in-kind transactions associated with creations and redemptions were as follows:


	In-kind Purchases		In-kind Sales
Nasdaq Biotechnology ETF	$	27,772,835	$	40,821,537
PHLX Semiconductor ETF		33,567,228		41,970,794
Solar ETF		648,943,857		994,226,576

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

At February 28, 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:


	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost
Nasdaq Biotechnology ETF	$	280,609	$	(6,935,800	)	$	(6,655,191	)	$	42,451,174
PHLX Semiconductor ETF		2,157,165		(3,496,167	)		(1,339,002	)		58,303,851
Solar ETF		91,226,749		(756,016,700	)		(664,789,951	)		3,469,623,919


		27

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 the unitary management fee, pays for such compensation for Nasdaq Biotechnology ETF and PHLX Semiconductor ETF. 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.


		28

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II (excluding Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF), you incur advisory fees and other Fund expenses. As a shareholder of Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF, 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 September 1, 2021 through February 28, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs such as sales charges and brokerage commissions. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


	Beginning Account Value September 1, 2021			Ending Account Value February 28, 2022			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco Nasdaq Biotechnology ETF (IBBQ)
Actual		$	1,000.00		$	750.30		0.05	%		$	0.22
Hypothetical (5% return before expenses)			1,000.00			1,024.55		0.05				0.25
Invesco PHLX Semiconductor ETF (SOXQ)
Actual			1,000.00			1,009.20		0.07				0.35
Hypothetical (5% return before expenses)			1,000.00			1,024.45		0.07				0.35
Invesco Solar ETF (TAN)
Actual			1,000.00			826.00		0.66				2.99
Hypothetical (5% return before expenses)			1,000.00			1,021.52		0.66				3.31

⁽¹⁾

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended February 28, 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.


		29

(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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


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