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Invesco Semi-Annual Report to Shareholders

February 28, 2023


		QQMG		Invesco ESG NASDAQ 100 ETF

		QQJG		Invesco ESG NASDAQ Next Gen 100 ETF

		QQQM		Invesco NASDAQ 100 ETF

		QQQS		Invesco NASDAQ Future Gen 200 ETF

		QQQJ		Invesco NASDAQ Next Gen 100 ETF

Table of Contents


Schedules of Investments

Invesco ESG NASDAQ 100 ETF (QQMG)			3

Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)			6

Invesco NASDAQ 100 ETF (QQQM)			9

Invesco NASDAQ Future Gen 200 ETF (QQQS)			12

Invesco NASDAQ Next Gen 100 ETF (QQQJ)			15

Statements of Assets and Liabilities			18

Statements of Operations			19

Statements of Changes in Net Assets			20

Financial Highlights			22

Notes to Financial Statements			27

Fund Expenses			37

Approval of Investment Advisory Contracts			39


		2

Invesco ESG NASDAQ 100 ETF (QQMG)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Communication Services-12.68%
Activision Blizzard, Inc.		884	$	67,405
Alphabet, Inc., Class A^(b)		3,288		296,117
Alphabet, Inc., Class C^(b)		3,287		296,816
Charter Communications, Inc., Class A^(b)(c)		116		42,644
Comcast Corp., Class A		3,099		115,190
Electronic Arts, Inc.		386		42,823
Meta Platforms, Inc., Class A^(b)		579		101,290
Netflix, Inc.^(b)		500		161,065
Sirius XM Holdings, Inc.^(c)		4,281		18,793
T-Mobile US, Inc.^(b)		832		118,294

				1,260,437

Consumer Discretionary-11.76%
Airbnb, Inc., Class A^(b)		314		38,710
Amazon.com, Inc.^(b)		3,440		324,151
Booking Holdings, Inc.^(b)		32		80,768
Dollar Tree, Inc.^(b)		260		37,773
eBay, Inc.		584		26,806
JD.com, Inc., ADR (China)		281		12,488
Lucid Group, Inc.^(b)(c)		1,505		13,741
lululemon athletica, inc.^(b)		138		42,669
Marriott International, Inc., Class A		273		46,202
MercadoLibre, Inc. (Brazil)^(b)		43		52,460
O’Reilly Automotive, Inc.^(b)		82		68,068
PDD Holdings Inc., ADR (China)^(b)		239		20,967
Rivian Automotive, Inc., Class A^(b)(c)		490		9,457
Ross Stores, Inc.		394		43,553
Starbucks Corp.		813		82,999
Tesla, Inc.^(b)		1,304		268,246

				1,169,058

Consumer Staples-6.17%
Costco Wholesale Corp.		330		159,780
Keurig Dr Pepper, Inc.		1,138		39,318
Kraft Heinz Co. (The)		279		10,864
Mondelez International, Inc., Class A		1,141		74,370
Monster Beverage Corp.^(b)		262		26,661
PepsiCo, Inc.		1,541		267,410
Walgreens Boots Alliance, Inc.		968		34,393

				612,796

Health Care-6.48%
Align Technology, Inc.^(b)		76		23,522
Amgen, Inc.		457		105,869
AstraZeneca PLC, ADR (United Kingdom)		512		33,372
Biogen, Inc.^(b)		124		33,463
DexCom, Inc.^(b)		297		32,970
Gilead Sciences, Inc.		1,014		81,658
IDEXX Laboratories, Inc.^(b)		80		37,859
Illumina, Inc.^(b)		216		43,027
Intuitive Surgical, Inc.^(b)		271		62,165
Moderna, Inc.^(b)		184		25,541
Regeneron Pharmaceuticals, Inc.^(b)		110		83,646
Seagen, Inc.^(b)		113		20,305
Vertex Pharmaceuticals, Inc.^(b)		208		60,380

				643,777


	Shares		Value
Industrials-2.65%
Cintas Corp.		101	$	44,285
Copart, Inc.^(b)		491		34,596
CoStar Group, Inc.^(b)		250		17,665
CSX Corp.		1,974		60,187
Fastenal Co.^(c)		367		18,923
Old Dominion Freight Line, Inc.		118		40,033
PACCAR, Inc.		301		21,732
Verisk Analytics, Inc.		153		26,180

				263,601

Information Technology-60.17%
Adobe, Inc.^(b)		600		194,370
Advanced Micro Devices, Inc.^(b)		1,516		119,127
ANSYS, Inc.^(b)		111		33,701
Apple, Inc.		9,052		1,334,355
Applied Materials, Inc.		1,154		134,037
ASML Holding N.V., New York Shares (Netherlands)		121		74,745
Atlassian Corp., Class A^(b)		156		25,636
Autodesk, Inc.^(b)		244		48,480
Automatic Data Processing, Inc.		508		111,669
Broadcom, Inc.		332		197,304
Cadence Design Systems, Inc.^(b)		360		69,458
Cisco Systems, Inc.		5,282		255,754
Cognizant Technology Solutions Corp., Class A		619		38,768
Crowdstrike Holdings, Inc., Class A^(b)		178		21,483
Datadog, Inc., Class A^(b)		256		19,589
Enphase Energy, Inc.^(b)		69		14,527
Fiserv, Inc.^(b)		638		73,427
Fortinet, Inc.^(b)		770		45,769
Intel Corp.		4,424		110,290
Intuit, Inc.		315		128,262
KLA Corp.		154		58,425
Lam Research Corp.		170		82,622
Marvell Technology, Inc.		918		41,448
Microchip Technology, Inc.		234		18,961
Micron Technology, Inc.		1,161		67,129
Microsoft Corp.		5,252		1,309,954
NVIDIA Corp.		2,884		669,549
NXP Semiconductors N.V. (China)		225		40,158
Palo Alto Networks, Inc.^(b)(c)		368		69,320
Paychex, Inc.		381		42,062
PayPal Holdings, Inc.^(b)		1,256		92,442
QUALCOMM, Inc.		1,237		152,807
Synopsys, Inc.^(b)		191		69,478
Texas Instruments, Inc.		784		134,417
Workday, Inc., Class A^(b)		256		47,480
Zoom Video Communications, Inc., Class A^(b)(c)		242		18,051
Zscaler, Inc.^(b)(c)		127		16,655

				5,981,709

Total Common Stocks & Other Equity Interests (Cost $12,077,806)				9,931,378

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


		3

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

February 28, 2023

(Unaudited)


	Shares		Value
Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%^(d)(e)(Cost $2,172)		2,172	$	2,172

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.93% (Cost $12,079,978)				9,933,550


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-2.09%
Invesco Private Government Fund, 4.58%^(d)(e)(f)		58,303		58,303


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 4.83%^(d)(e)(f)		149,891	$	149,921

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $208,224)				208,224

TOTAL INVESTMENTS IN SECURITIES-102.02% (Cost $12,288,202)				10,141,774
OTHER ASSETS LESS LIABILITIES-(2.02)%				(201,076	)

NET ASSETS-100.00%			$	9,940,698

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, 2023.

^(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, 2023.


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value February 28, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	65,268		$	(63,096	)		$	-		$	-			$	2,172		$	88

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			20,569			251,730			(213,996	)			-			-				58,303			368	*

Invesco Private Prime Fund			52,891			444,670			(347,637	)			-			(3	)			149,921			968	*


Total		$	73,460		$	761,668		$	(624,729	)		$	-		$	(3	)		$	210,396		$	1,424

*	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, 2023.

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

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


		4

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

February 28, 2023

(Unaudited)


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023

Information Technology			60.17

Communication Services			12.68

Consumer Discretionary			11.76

Health Care			6.48

Consumer Staples			6.17

Industrials			2.65

Money Market Funds Plus Other Assets Less Liabilities			0.09

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


		5

Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.88%
Communication Services-12.34%
Fox Corp., Class A		1,100	$	38,522
Fox Corp., Class B		874		28,186
Liberty Broadband Corp., Class A^(b)(c)		45		3,903
Liberty Broadband Corp., Class C^(b)		304		26,348
Liberty Global PLC, Class A (United Kingdom)^(b)		381		7,807
Liberty Global PLC, Class C (United Kingdom)^(b)(c)		609		12,941
Liberty Media Corp.-Liberty Formula One, Class C^(b)		631		42,826
Match Group, Inc.^(b)		780		32,308
News Corp., Class A		1,479		25,365
News Corp., Class B		748		12,910
Paramount Global, Class B^(c)		2,024		43,354
Take-Two Interactive Software, Inc.^(b)		584		63,977
Trade Desk, Inc. (The), Class A^(b)		868		48,573
ZoomInfo Technologies, Inc., Class A^(b)		952		23,010

				410,030

Consumer Discretionary-13.59%
Etsy, Inc.^(b)		299		36,302
Expedia Group, Inc.^(b)		286		31,166
Five Below, Inc.^(b)(c)		161		32,892
Hasbro, Inc.		608		33,446
LKQ Corp.		972		55,686
Pool Corp.		142		50,674
Tractor Supply Co.		386		90,038
Trip.com Group Ltd., ADR (China)^(b)(c)		941		33,453
Ulta Beauty, Inc.^(b)		169		87,677

				451,334

Consumer Staples-2.63%
Coca-Cola Europacific Partners PLC (United Kingdom)^(c)		1,587		87,285

Health Care-18.27%
Acadia Healthcare Co., Inc.^(b)		140		10,151
Alnylam Pharmaceuticals, Inc.^(b)		171		32,738
Argenx SE, ADR (Netherlands)^(b)		30		10,981
BeiGene Ltd., ADR (China)^(b)(c)		84		18,869
BioMarin Pharmaceutical, Inc.^(b)		348		34,657
Bio-Techne Corp.		465		33,778
Bruker Corp.		381		26,258
Henry Schein, Inc.^(b)		483		37,824
Hologic, Inc.^(b)		378		30,104
Horizon Therapeutics PLC^(b)		139		15,219
ICON PLC^(b)		317		71,525
Incyte Corp.^(b)		484		37,258
Insulet Corp.^(b)		134		37,032
Jazz Pharmaceuticals PLC^(b)		114		16,006
Karuna Therapeutics, Inc.^(b)(c)		37		7,378
Neurocrine Biosciences, Inc.^(b)		196		20,208
Novocure Ltd.^(b)(c)		93		7,158
R1 RCM, Inc.^(b)		901		12,794
Repligen Corp.^(b)		180		31,387
Royalty Pharma PLC, Class A		642		23,016
Sanofi, ADR		716		33,545
Sarepta Therapeutics, Inc.^(b)		84		10,259
Shockwave Medical, Inc.^(b)		50		9,512


	Shares		Value
Health Care-(continued)
United Therapeutics Corp.^(b)		86	$	21,159
Viatris, Inc.		1,566		17,852

				606,668

Industrials-9.67%
American Airlines Group, Inc.^(b)		953		15,229
Avis Budget Group, Inc.^(b)		111		24,382
C.H. Robinson Worldwide, Inc.		315		31,488
Expeditors International of Washington, Inc.		516		53,953
Grab Holdings Ltd., Class A (Singapore)^(b)(c)		8,309		26,672
J.B. Hunt Transport Services, Inc.		363		65,627
Lincoln Electric Holdings, Inc.		140		23,510
Middleby Corp. (The)^(b)		65		10,107
Nordson Corp.		103		22,623
Tetra Tech, Inc.		160		21,902
United Airlines Holdings, Inc.^(b)		495		25,720

				321,213

Information Technology-42.70%
Akamai Technologies, Inc.^(b)		496		36,010
Amdocs Ltd.		449		41,133
Bentley Systems, Inc., Class B		889		35,969
CDW Corp.		559		113,153
Check Point Software Technologies Ltd. (Israel)^(b)		285		35,260
Cognex Corp.		639		30,301
DocuSign, Inc.^(b)		572		35,092
Entegris, Inc.		345		29,404
F5, Inc.^(b)		168		24,021
First Solar, Inc.		307		51,926
Flex Ltd.^(b)		2,063		46,954
Gen Digital, Inc.		2,183		42,590
Jack Henry & Associates, Inc.		240		39,418
Logitech International S.A., Class R (Switzerland)		602		32,839
Manhattan Associates, Inc.^(b)		185		26,594
MongoDB, Inc.^(b)		174		36,456
Monolithic Power Systems, Inc.		121		58,599
NetApp, Inc.		713		46,024
Okta, Inc.^(b)		454		32,366
ON Semiconductor Corp.^(b)		777		60,148
Open Text Corp. (Canada)		834		28,673
Paylocity Holding Corp.^(b)		138		26,580
PTC, Inc.^(b)		332		41,609
Qorvo, Inc.^(b)		149		15,033
Seagate Technology Holdings PLC		731		47,193
Skyworks Solutions, Inc.		255		28,450
SolarEdge Technologies, Inc.^(b)		115		36,561
Splunk, Inc.^(b)		482		49,405
SS&C Technologies Holdings, Inc.		607		35,631
Teradyne, Inc.		504		50,974
Trimble, Inc.^(b)		896		46,646
VeriSign, Inc.^(b)		264		51,963
Western Digital Corp.^(b)		1,235		47,523
Zebra Technologies Corp., Class A^(b)		192		57,648

				1,418,146

Materials-0.68%
Steel Dynamics, Inc.		180		22,700

Total Common Stocks & Other Equity Interests (Cost $3,581,283)				3,317,376

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


		6

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

February 28, 2023

(Unaudited)


	Shares		Value
Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%^(d)(e)(Cost $2,460)		2,460	$	2,460

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $3,583,743)				3,319,836


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-8.16%
Invesco Private Government Fund, 4.58%^(d)(e)(f)		75,931		75,931


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 4.83%^(d)(e)(f)		195,212	$	195,251

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $271,189)				271,182

TOTAL INVESTMENTS IN SECURITIES-108.11% (Cost $3,854,932)				3,591,018
OTHER ASSETS LESS LIABILITIES-(8.11)%				(269,479	)

NET ASSETS-100.00%			$	3,321,539

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, 2023.

^(d)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	279		$	16,099		$	(13,918	)		$	-			$	-		$	2,460		$	24

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			38,307			547,120			(509,496	)			-				-			75,931			1,051	*

Invesco Private Prime Fund			98,504			1,242,868			(1,146,143	)			(10	)			32			195,251			2,916	*


Total		$	137,090		$	1,806,087		$	(1,669,557	)		$	(10	)		$	32		$	273,642		$	3,991

*	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, 2023.

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

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


		7

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

February 28, 2023

(Unaudited)


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023

Information Technology			42.70

Health Care			18.27

Consumer Discretionary			13.59

Communication Services			12.34

Industrials			9.67

Sector Types Each Less Than 3%			3.31

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.


		8

Invesco NASDAQ 100 ETF (QQQM)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.97%
Communication Services-16.02%
Activision Blizzard, Inc.		454,788	$	34,677,585
Alphabet, Inc., Class A^(b)		2,727,248		245,615,955
Alphabet, Inc., Class C^(b)		2,726,384		246,192,475
Charter Communications, Inc.,
Class A^(b)(c)		90,415		33,237,458
Comcast Corp., Class A		2,507,111		93,189,316
Electronic Arts, Inc.		160,410		17,795,885
Meta Platforms, Inc., Class A^(b)		1,306,879		228,625,412
Netflix, Inc.^(b)		258,591		83,299,919
Sirius XM Holdings, Inc.^(c)		2,260,500		9,923,595
T-Mobile US, Inc.^(b)(c)		723,082		102,807,799
Warner Bros Discovery, Inc.^(b)(c)		1,411,341		22,045,147

				1,117,410,546

Consumer Discretionary-15.85%
Airbnb, Inc., Class A^(b)		231,456		28,533,896
Amazon.com, Inc.^(b)		4,570,131		430,643,444
Booking Holdings, Inc.^(b)		22,527		56,858,148
Dollar Tree, Inc.^(b)		128,585		18,680,829
eBay, Inc.		315,306		14,472,545
JD.com, Inc., ADR (China)		282,304		12,545,590
Lucid Group, Inc.^(b)(c)		976,612		8,916,468
lululemon athletica, inc.^(b)		71,128		21,992,778
Marriott International, Inc., Class A		183,935		31,129,159
MercadoLibre, Inc. (Brazil)^(b)		29,239		35,671,580
O’Reilly Automotive, Inc.^(b)		36,415		30,228,092
PDD Holdings Inc., ADR (China)^(b)		272,045		23,866,508
Rivian Automotive, Inc., Class A^(b)(c)		530,654		10,241,622
Ross Stores, Inc.		201,686		22,294,370
Starbucks Corp.		667,004		68,094,438
Tesla, Inc.^(b)		1,414,582		290,993,663

				1,105,163,130

Consumer Staples-6.02%
Costco Wholesale Corp.		257,147		124,505,434
Keurig Dr Pepper, Inc.		822,986		28,434,166
Kraft Heinz Co. (The)		711,921		27,722,204
Mondelez International, Inc., Class A		793,709		51,733,953
Monster Beverage Corp.^(b)		303,208		30,854,446
PepsiCo, Inc.		800,607		138,929,333
Walgreens Boots Alliance, Inc.		502,597		17,857,271

				420,036,807

Energy-0.46%
Baker Hughes Co., Class A		581,974		17,808,405
Diamondback Energy, Inc.		102,235		14,372,196

				32,180,601

Health Care-6.37%
Align Technology, Inc.^(b)		45,373		14,042,944
Amgen, Inc.		310,043		71,824,561
AstraZeneca PLC, ADR (United Kingdom)		355,117		23,146,526
Biogen, Inc.^(b)		83,720		22,592,679
DexCom, Inc.^(b)		224,455		24,916,750
Gilead Sciences, Inc.		728,948		58,702,182
IDEXX Laboratories, Inc.^(b)		48,184		22,802,596
Illumina, Inc.^(b)		91,388		18,204,490
Intuitive Surgical, Inc.^(b)		205,300		47,093,767


	Shares		Value
Health Care-(continued)
Moderna, Inc.^(b)(c)		223,214	$	30,984,335
Regeneron Pharmaceuticals, Inc.^(b)		62,196		47,295,082
Seagen, Inc.^(b)(c)		107,849		19,379,387
Vertex Pharmaceuticals, Inc.^(b)		149,150		43,296,754

				444,282,053

Industrials-3.59%
Cintas Corp.		59,050		25,891,653
Copart, Inc.^(b)		276,794		19,502,905
CoStar Group, Inc.^(b)(c)		236,339		16,699,714
CSX Corp.		1,221,759		37,251,432
Fastenal Co.		332,804		17,159,374
Honeywell International, Inc.		390,669		74,805,300
Old Dominion Freight Line, Inc.		64,227		21,789,652
PACCAR, Inc.		303,169		21,888,802
Verisk Analytics, Inc.		90,843		15,544,146

				250,532,978

Information Technology-50.45%
Adobe, Inc.^(b)		270,144		87,513,149
Advanced Micro Devices, Inc.^(b)		937,074		73,635,275
Analog Devices, Inc.		296,022		54,311,156
ANSYS, Inc.^(b)		50,588		15,359,023
Apple, Inc.		5,731,706		844,910,782
Applied Materials, Inc.		499,905		58,063,966
ASML Holding N.V., New York Shares (Netherlands)^(c)		51,324		31,704,375
Atlassian Corp., Class A^(b)(c)		86,157		14,158,180
Autodesk, Inc.^(b)		125,402		24,916,123
Automatic Data Processing, Inc.		241,038		52,984,973
Broadcom, Inc.		235,329		139,853,671
Cadence Design Systems, Inc.^(b)(c)		159,356		30,746,147
Cisco Systems, Inc.		2,387,520		115,603,718
Cognizant Technology Solutions Corp., Class A		298,623		18,702,759
Crowdstrike Holdings, Inc., Class A^(b)		126,850		15,309,527
Datadog, Inc., Class A^(b)(c)		169,791		12,992,407
Enphase Energy, Inc.^(b)(c)		78,940		16,619,238
Fiserv, Inc.^(b)		369,035		42,472,238
Fortinet, Inc.^(b)		453,958		26,983,264
GLOBALFOUNDRIES, Inc.^(b)(c)		316,749		20,696,380
Intel Corp.		2,398,486		59,794,256
Intuit, Inc.		163,306		66,494,937
KLA Corp.		82,403		31,262,050
Lam Research Corp.		79,213		38,498,310
Marvell Technology, Inc.		495,462		22,370,109
Microchip Technology, Inc.^(c)		319,699		25,905,210
Micron Technology, Inc.		631,882		36,535,417
Microsoft Corp.		3,325,507		829,447,956
NVIDIA Corp.		1,429,573		331,889,668
NXP Semiconductors N.V. (China)		150,611		26,881,051
Palo Alto Networks, Inc.^(b)(c)		175,787		33,112,997
Paychex, Inc.		209,493		23,128,027
PayPal Holdings, Inc.^(b)(c)		662,490		48,759,264
QUALCOMM, Inc.		651,446		80,473,124
Synopsys, Inc.^(b)		88,929		32,348,813
Texas Instruments, Inc.		527,496		90,439,189
Workday, Inc., Class A^(b)		117,447		21,782,895

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


		9

Invesco NASDAQ 100 ETF (QQQM)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Information Technology-(continued)
Zoom Video Communications, Inc., Class A^(b)(c)		142,717	$	10,645,261
Zscaler, Inc.^(b)(c)		83,743		10,982,894

				3,518,287,779

Utilities-1.21%
American Electric Power Co., Inc.		298,588		26,266,787
Constellation Energy Corp.		190,034		14,231,646
Exelon Corp.		577,521		23,326,073
Xcel Energy, Inc.		318,049		20,536,424

				84,360,930

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.97% (Cost $7,947,043,336)				6,972,254,824


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.46%
Invesco Private Government Fund, 4.58%^(d)(e)(f)		47,949,783	$	47,949,783
Invesco Private Prime Fund, 4.83%^(d)(e)(f)		123,445,432		123,470,117

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $171,419,904)				171,419,900

TOTAL INVESTMENTS IN SECURITIES-102.43% (Cost $8,118,463,240)				7,143,674,724
OTHER ASSETS LESS LIABILITIES-(2.43)%				(169,676,594	)

NET ASSETS-100.00%			$	6,973,998,130

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, 2023.

^(d)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	3,899,314		$	41,219,699		$	(45,119,013	)		$	-			$	-		$	-		$	38,963

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			20,827,857			358,717,995			(331,596,069	)			-				-			47,949,783			638,617	*

Invesco Private Prime Fund			53,557,349			767,833,561			(697,934,889	)			(3,142	)			17,238			123,470,117			1,736,245	*


Total		$	78,284,520		$	1,167,771,255		$	(1,074,649,971	)		$	(3,142	)		$	17,238		$	171,419,900		$	2,413,825

*	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, 2023.

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

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


		10

Invesco NASDAQ 100 ETF (QQQM)–(continued)

February 28, 2023

(Unaudited)


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023

Information Technology			50.45

Communication Services			16.02

Consumer Discretionary			15.85

Health Care			6.37

Consumer Staples			6.02

Industrials			3.59

Sector Types Each Less Than 3%			1.67

Money Market Funds Plus Other Assets Less Liabilities			0.03

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


		11

Invesco NASDAQ Future Gen 200 ETF (QQQS)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Communication Services-2.17%
Bandwidth, Inc., Class A^(b)		1,103	$	17,538
DISH Network Corp., Class A^(b)		1,545		17,628
EchoStar Corp., Class A^(b)		1,425		28,443
Roku, Inc., Class A^(b)		418		27,040
TrueCar, Inc.^(b)		9,959		23,205

				113,854

Consumer Discretionary-8.31%
BRP, Inc. (Canada)		331		28,618
Fossil Group, Inc.^(b)		5,199		22,512
Garrett Motion, Inc. (Switzerland)^(b)		3,503		27,043
Gentex Corp.		858		24,496
Gentherm, Inc.^(b)		346		21,974
Goodyear Tire & Rubber Co. (The)^(b)		2,210		25,106
GoPro, Inc., Class A^(b)		4,525		23,485
Helen of Troy Ltd.^(b)		256		28,849
Johnson Outdoors, Inc., Class A		446		28,928
MasterCraft Boat Holdings, Inc.^(b)		981		33,128
Newell Brands, Inc.		1,912		28,087
Purple Innovation, Inc.^(b)		4,911		21,216
Qurate Retail, Inc., Class A^(b)		10,553		22,267
Sleep Number Corp.^(b)		848		33,801
Sonos, Inc.^(b)		1,440		27,979
Universal Electronics, Inc.^(b)		1,134		14,424
Vuzix Corp.^(b)		5,947		24,680

				436,593

Consumer Staples-0.36%
22nd Century Group, Inc.^(b)		21,017		18,989

Energy-0.74%
Weatherford International PLC^(b)		581		38,706

Health Care-53.45%
10X Genomics, Inc., Class A^(b)		642		30,508
Aclaris Therapeutics, Inc.^(b)		1,630		20,310
Adaptive Biotechnologies Corp.^(b)		2,825		24,154
Affimed N.V. (Germany)^(b)		11,589		10,537
Agenus, Inc.^(b)		9,185		18,921
Agios Pharmaceuticals, Inc.^(b)		838		21,210
Aldeyra Therapeutics, Inc.^(b)		4,504		30,447
Alkermes PLC^(b)		1,001		26,767
Alphatec Holdings, Inc.^(b)		2,457		36,388
Altimmune, Inc.^(b)		2,492		31,374
Amarin Corp. PLC, ADR (Ireland)^(b)		21,906		44,469
Amicus Therapeutics, Inc.^(b)		2,088		27,541
AngioDynamics, Inc.^(b)		1,915		23,708
Apollo Endosurgery, Inc.^(b)		2,448		24,309
Arbutus Biopharma Corp.^(b)		10,735		29,843
Ardelyx, Inc.^(b)		14,643		42,172
AtriCure, Inc.^(b)		544		20,944
Avadel Pharmaceuticals PLC, ADR^(b)		2,705		26,915
Azenta, Inc.^(b)		420		18,434
Bionano Genomics, Inc.^(b)		12,338		16,533
Bluebird Bio, Inc.^(b)		3,185		16,562
Cara Therapeutics, Inc.^(b)		2,142		21,763
Cardiovascular Systems, Inc.^(b)		1,799		35,458
Chimerix, Inc.^(b)		11,428		18,056
Codexis, Inc.^(b)		4,534		21,922


	Shares		Value
Health Care-(continued)
Coherus Biosciences, Inc.^(b)		3,615	$	24,474
Concert Pharmaceuticals, Inc.^(b)		5,224		43,777
CTI BioPharma Corp.^(b)		4,120		22,495
Cymabay Therapeutics, Inc.^(b)		7,435		59,480
CytomX Therapeutics, Inc.^(b)		14,253		30,644
DENTSPLY SIRONA, Inc.		820		31,217
Eagle Pharmaceuticals, Inc.^(b)		683		19,124
Enanta Pharmaceuticals, Inc.^(b)		576		27,936
FibroGen, Inc.^(b)		1,749		38,828
G1 Therapeutics, Inc.^(b)		4,161		15,063
Geron Corp.^(b)		10,690		29,718
Heron Therapeutics, Inc.^(b)		9,151		21,688
ICU Medical, Inc.^(b)		158		26,961
IGM Biosciences, Inc.^(b)		1,127		23,689
I-Mab, ADR (China)^(b)		6,702		28,819
ImmunoGen, Inc.^(b)		4,778		18,539
Innoviva, Inc.^(b)		1,889		22,800
Inovio Pharmaceuticals, Inc.^(b)		12,156		15,317
Integra LifeSciences Holdings Corp.^(b)		460		25,585
Intercept Pharmaceuticals, Inc.^(b)		1,663		33,559
Ionis Pharmaceuticals, Inc.^(b)		608		21,827
Ironwood Pharmaceuticals, Inc.^(b)		2,048		23,081
KalVista Pharmaceuticals, Inc.^(b)		4,669		34,224
Karyopharm Therapeutics, Inc.^(b)		4,688		14,158
Lexicon Pharmaceuticals, Inc.^(b)		11,589		26,075
Ligand Pharmaceuticals, Inc.^(b)		340		24,528
Liquidia Corp.^(b)		5,016		37,971
LivaNova PLC^(b)		448		21,199
MacroGenics, Inc.^(b)		3,925		23,903
Madrigal Pharmaceuticals, Inc.^(b)		358		97,022
MannKind Corp.^(b)		5,393		28,475
Masimo Corp.^(b)		174		29,112
Merit Medical Systems, Inc.^(b)		351		24,774
Merrimack Pharmaceuticals, Inc.^(b)		2,083		23,913
Mersana Therapeutics, Inc.^(b)		3,724		22,567
Merus N.V. (Netherlands)^(b)		1,616		30,817
Milestone Pharmaceuticals, Inc. (Canada)^(b)		5,051		15,961
MiMedx Group, Inc.^(b)		7,631		36,705
NanoString Technologies, Inc.^(b)		3,603		35,165
Nektar Therapeutics^(b)		8,857		12,223
NGM Biopharmaceuticals, Inc.^(b)		4,484		21,254
NuVasive, Inc.^(b)		638		27,581
Omeros Corp.^(b)		11,761		44,339
OmniAb, Inc.^(b)(c)		83		0
OmniAb, Inc.^(b)(c)		83		0
Omnicell, Inc.^(b)		481		26,186
OPKO Health, Inc.^(b)		16,532		18,846
Oramed Pharmaceuticals, Inc. (Israel)^(b)		2,935		6,163
OraSure Technologies, Inc.^(b)		4,921		31,051
Orthofix Medical, Inc.^(b)		1,403		28,902
Pacific Biosciences of California, Inc.^(b)		2,354		21,374
Paratek Pharmaceuticals, Inc.^(b)		11,171		19,549
PDS Biotechnology Corp.^(b)		2,747		21,015
Personalis, Inc.^(b)		9,763		29,387
Phibro Animal Health Corp., Class A		2,049		32,190
Precision BioSciences, Inc.^(b)		18,102		20,274
Protagonist Therapeutics, Inc.^(b)		3,180		51,580
PTC Therapeutics, Inc.^(b)		609		26,595

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


		12

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

February 28, 2023

(Unaudited)


	Shares		Value
Health Care-(continued)
Quanterix Corp.^(b)		1,865	$	20,515
Reata Pharmaceuticals, Inc., Class A^(b)		638		19,886
Revance Therapeutics, Inc.^(b)		1,161		40,287
Rigel Pharmaceuticals, Inc.^(b)		37,436		56,528
Sangamo Therapeutics, Inc.^(b)		6,775		20,664
Scilex Holding Co., Class C (Singapore)^(b)		2,541		21,976
Selecta Biosciences, Inc.^(b)		18,931		30,857
SI-BONE, Inc.^(b)		2,019		39,926
SIGA Technologies, Inc.		2,701		18,502
Silk Road Medical, Inc.^(b)		475		25,170
Spero Therapeutics, Inc.^(b)		12,783		18,919
Supernus Pharmaceuticals, Inc.^(b)		688		25,862
SurModics, Inc.^(b)		686		14,982
Sutro Biopharma, Inc.^(b)		3,311		18,674
Tactile Systems Technology, Inc.^(b)		2,944		42,541
Theravance Biopharma, Inc.^(b)		2,350		25,380
uniQure N.V. (Netherlands)^(b)		937		19,639
Vanda Pharmaceuticals, Inc.^(b)		2,273		14,638
Varex Imaging Corp.^(b)		1,168		20,662
Vaxart, Inc.^(b)		21,017		16,381
Veradigm, Inc.^(b)		1,310		21,759
ViewRay, Inc.^(b)		5,146		22,231
X4 Pharmaceuticals, Inc.^(b)		16,532		15,507
Xencor, Inc.^(b)		834		26,796

				2,807,226

Industrials-4.20%
AeroVironment, Inc.^(b)		275		23,579
Astronics Corp.^(b)		2,998		45,690
Interface, Inc.		2,290		20,198
Kratos Defense & Security Solutions, Inc.^(b)		2,605		32,953
Matthews International Corp., Class A		784		29,917
MillerKnoll, Inc.		1,217		29,050
SunPower Corp.^(b)		1,023		15,365
TPI Composites, Inc.^(b)		2,053		23,733

				220,485

Information Technology-29.43%
8x8, Inc.^(b)		5,890		31,335
Absolute Software Corp. (Canada)		2,559		22,007
ACM Research, Inc., Class A^(b)		2,737		28,410
Aehr Test Systems^(b)		952		31,749
Alpha & Omega Semiconductor Ltd.^(b)		707		18,884
Amkor Technology, Inc.		885		22,798
Atomera, Inc.^(b)		2,908		19,280
Aviat Networks, Inc.^(b)		788		27,998
Axcelis Technologies, Inc.^(b)		315		40,490
AXT, Inc.^(b)		4,670		20,408
Bel Fuse, Inc., Class B		720		25,574
Brightcove, Inc.^(b)		4,484		24,079
CalAmp Corp.^(b)		6,870		29,335
Cirrus Logic, Inc.^(b)		337		34,627
CommScope Holding Co., Inc.^(b)		2,793		20,221
CommVault Systems, Inc.^(b)		383		22,551
Comtech Telecommunications Corp.		2,159		34,522
Digimarc Corp.^(b)		1,133		23,102
Dropbox, Inc., Class A^(b)		1,072		21,869
Edgio, Inc.^(b)		17,222		21,183
Extreme Networks, Inc.^(b)		1,183		22,146


	Shares		Value
Information Technology-(continued)
FARO Technologies, Inc.^(b)		844	$	22,957
FormFactor, Inc.^(b)		1,075		32,357
Himax Technologies, Inc., ADR (Taiwan)		3,366		25,009
Hollysys Automation Technologies Ltd. (China)		1,476		27,144
Immersion Corp.		3,529		26,997
Infinera Corp.^(b)		3,742		26,456
Inseego Corp.^(b)		19,527		17,486
InterDigital, Inc.		502		36,641
IPG Photonics Corp.^(b)		277		34,137
Itron, Inc.^(b)		466		25,989
Kimball Electronics, Inc.^(b)		1,074		26,861
Kulicke & Soffa Industries, Inc. (Singapore)		517		27,556
Lattice Semiconductor Corp.^(b)		346		29,396
Littelfuse, Inc.		101		26,132
LivePerson, Inc.^(b)		2,112		21,373
Lumentum Holdings, Inc.^(b)		451		24,268
Materialise N.V., ADR (Belgium)^(b)		2,570		22,102
MaxLinear, Inc.^(b)		678		23,194
MicroVision, Inc.^(b)		8,185		20,954
Mitek Systems, Inc.^(b)		2,425		22,552
MKS Instruments, Inc.		295		28,594
NETGEAR, Inc.^(b)		1,257		22,752
nLight, Inc.^(b)		2,284		25,809
Nova Ltd. (Israel)^(b)		295		26,721
OSI Systems, Inc.^(b)		285		26,377
Power Integrations, Inc.		308		25,333
Rambus, Inc.^(b)		658		29,103
Ribbon Communications, Inc.^(b)		9,950		44,377
Semtech Corp.^(b)		807		24,864
Silicon Laboratories, Inc.^(b)		173		30,886
Stratasys Ltd.^(b)		1,767		22,883
Synaptics, Inc.^(b)		234		27,521
Turtle Beach Corp.^(b)		2,597		21,010
Universal Display Corp.		220		29,887
Veeco Instruments, Inc.^(b)		1,247		26,524
Verint Systems, Inc.^(b)		643		24,035
Viasat, Inc.^(b)		727		23,090
Viavi Solutions, Inc.^(b)		2,189		23,948

				1,545,843

Materials-1.33%
Amyris, Inc.^(b)		14,638		18,297
Haynes International, Inc.		497		27,191
Innospec, Inc.		223		24,410

				69,898

Total Common Stocks & Other Equity Interests (Cost $4,748,855)				5,251,594


Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%^(d)(e)(Cost $343)		343		343

TOTAL INVESTMENTS IN SECURITIES-100.00% (Cost $4,749,198)				5,251,937
OTHER ASSETS LESS LIABILITIES-0.00%				261
NET ASSETS-100.00%			$	5,252,198

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


		13

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

February 28, 2023

(Unaudited)

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

^(d)


	Value August 31, 2022			Purchases at Cost		Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$37,520		$	(37,177	)		$	-		$	-		$	343		$	16

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			-		136,868			(136,868	)			-			-			-			58	*

Invesco Private Prime Fund			-		37,646			(37,646	)			-			-			-			5	*


Total		$	-		$212,034		$	(211,691	)		$	-		$	-		$	343		$	79

*	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, 2023.


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023

Health Care			53.45

Information Technology			29.43

Consumer Discretionary			8.31

Industrials			4.20

Sector Types Each Less Than 3%			4.60

Money Market Funds Plus Other Assets Less Liabilities			0.01

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


		14

Invesco NASDAQ Next Gen 100 ETF (QQQJ)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.87%
Communication Services-11.77%
Baidu, Inc., ADR (China)^(b)		88,182	$	12,141,780
Fox Corp., Class A		168,474		5,899,959
Fox Corp., Class B		133,862		4,317,050
Liberty Broadband Corp., Class A^(b)		10,568		916,563
Liberty Broadband Corp., Class C^(b)		70,920		6,146,636
Liberty Global PLC, Class A (United Kingdom)^(b)		95,779		1,962,512
Liberty Global PLC, Class C (United Kingdom)^(b)(c)		153,088		3,253,120
Liberty Media Corp.-Liberty Formula One, Class C^(b)		115,484		7,837,899
Match Group, Inc.^(b)		155,542		6,442,550
News Corp., Class A		213,023		3,653,344
News Corp., Class B		107,670		1,858,384
Paramount Global, Class B^(c)		338,982		7,260,994
Take-Two Interactive Software, Inc.^(b)		93,207		10,210,827
Trade Desk, Inc. (The), Class A^(b)		247,201		13,833,368
ZoomInfo Technologies, Inc., Class A^(b)		224,881		5,435,374

				91,170,360

Consumer Discretionary-11.42%
Caesars Entertainment, Inc.^(b)		119,512		6,066,429
Etsy, Inc.^(b)(c)		69,736		8,466,648
Expedia Group, Inc.^(b)		83,911		9,143,782
Five Below, Inc.^(b)(c)		30,928		6,318,590
Hasbro, Inc.		76,942		4,232,579
LKQ Corp.		148,274		8,494,618
Pool Corp.		21,763		7,766,344
Tractor Supply Co.		61,338		14,307,702
Trip.com Group Ltd., ADR (China)^(b)(c)		250,329		8,899,196
Ulta Beauty, Inc.^(b)		28,473		14,771,792

				88,467,680

Consumer Staples-2.36%
Casey’s General Stores, Inc.		20,722		4,309,140
Coca-Cola Europacific Partners PLC (United Kingdom)		253,863		13,962,465

				18,271,605

Energy-2.16%
APA Corp.		178,398		6,846,915
Chesapeake Energy Corp.		74,665		6,033,679
New Fortress Energy, Inc.^(c)		116,277		3,835,978

				16,716,572

Health Care-24.06%
Acadia Healthcare Co., Inc.^(b)		50,734		3,678,722
Alnylam Pharmaceuticals, Inc.^(b)		68,341		13,083,884
Argenx SE, ADR (Netherlands)^(b)		17,244		6,311,649
BeiGene Ltd., ADR (China)^(b)(c)		26,605		5,976,281
BioMarin Pharmaceutical, Inc.^(b)		103,093		10,267,032
BioNTech SE, ADR (Germany)		50,998		6,632,290
Bio-Techne Corp.		87,491		6,355,346
Bruker Corp.		81,891		5,643,928
Henry Schein, Inc.^(b)		75,453		5,908,724
Hologic, Inc.^(b)		136,439		10,866,002
Horizon Therapeutics PLC^(b)		125,877		13,782,273
ICON PLC^(b)(c)		45,287		10,218,106


	Shares		Value
Health Care-(continued)
Incyte Corp.^(b)		123,440	$	9,502,411
Insulet Corp.^(b)		38,491		10,637,373
Jazz Pharmaceuticals PLC^(b)		35,128		4,931,971
Karuna Therapeutics, Inc.^(b)(c)		19,171		3,823,081
Neurocrine Biosciences, Inc.^(b)		53,599		5,526,057
Novocure Ltd.^(b)(c)		58,466		4,500,128
R1 RCM, Inc.^(b)(c)		232,076		3,295,479
Repligen Corp.^(b)		30,938		5,394,659
Royalty Pharma PLC, Class A		244,647		8,770,595
Sanofi, ADR		161,022		7,543,881
Sarepta Therapeutics, Inc.^(b)(c)		48,889		5,970,814
Shockwave Medical, Inc.^(b)		20,077		3,819,448
United Therapeutics Corp.^(b)		25,422		6,254,829
Viatris, Inc.		675,504		7,700,746

				186,395,709

Industrials-10.60%
American Airlines Group, Inc.^(b)		362,007		5,784,872
Avis Budget Group, Inc.^(b)(c)		23,068		5,067,117
Axon Enterprise, Inc.^(b)		39,630		7,938,285
C.H. Robinson Worldwide, Inc.		65,613		6,558,675
Expeditors International of Washington, Inc.		88,239		9,226,270
Grab Holdings Ltd., Class A (Singapore)^(b)(c)		2,061,788		6,618,339
J.B. Hunt Transport Services, Inc.		57,412		10,379,516
Lincoln Electric Holdings, Inc.^(c)		32,215		5,409,865
Middleby Corp. (The)^(b)(c)		29,987		4,662,679
Nordson Corp.		31,780		6,980,159
Tetra Tech, Inc.		29,464		4,033,327
United Airlines Holdings, Inc.^(b)		182,143		9,464,150

				82,123,254

Information Technology-35.00%
Akamai Technologies, Inc.^(b)		87,649		6,363,317
Amdocs Ltd.		67,953		6,225,174
Bentley Systems, Inc., Class B^(c)		154,210		6,239,337
CDW Corp.		75,252		15,232,510
Check Point Software Technologies Ltd. (Israel)^(b)		69,578		8,608,190
Cognex Corp.		96,375		4,570,103
DocuSign, Inc.^(b)		111,888		6,864,329
Entegris, Inc.^(c)		83,023		7,076,050
F5, Inc.^(b)		33,622		4,807,274
First Solar, Inc.		59,157		10,005,815
Flex Ltd.^(b)		252,236		5,740,891
Gen Digital, Inc.		361,491		7,052,689
Jack Henry & Associates, Inc.		40,665		6,678,820
Logitech International S.A., Class R (Switzerland)^(c)		90,090		4,914,410
Manhattan Associates, Inc.^(b)		34,798		5,002,213
MongoDB, Inc.^(b)		38,324		8,029,644
Monolithic Power Systems, Inc.		26,115		12,647,233
NetApp, Inc.		121,128		7,818,812
Okta, Inc.^(b)(c)		84,628		6,033,130
ON Semiconductor Corp.^(b)		240,100		18,586,141
Open Text Corp. (Canada)^(c)		150,534		5,175,359
Paylocity Holding Corp.^(b)		31,025		5,975,725
PTC, Inc.^(b)		65,214		8,173,271
Qorvo, Inc.^(b)		56,527		5,703,009
Seagate Technology Holdings PLC^(c)		115,053		7,427,822

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


		15

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

February 28, 2023

(Unaudited)


	Shares		Value
Information Technology-(continued)
Skyworks Solutions, Inc.		88,873	$	9,915,561
SolarEdge Technologies, Inc.^(b)		31,017		9,860,925
Splunk, Inc.^(b)(c)		90,688		9,295,520
SS&C Technologies Holdings, Inc.		140,286		8,234,788
Teradyne, Inc.		86,794		8,778,345
Trimble, Inc.^(b)		137,347		7,150,285
VeriSign, Inc.^(b)		58,874		11,588,169
Western Digital Corp.^(b)		176,918		6,807,805
Zebra Technologies Corp., Class A^(b)		28,806		8,649,001

				271,231,667

Materials-1.58%
Steel Dynamics, Inc.		97,368		12,279,079

Utilities-0.92%
Alliant Energy Corp.		139,890		7,172,160

Total Common Stocks & Other Equity Interests (Cost $827,901,920)				773,828,086


Money Market Funds-0.08%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%^(d)(e)(Cost $639,770)		639,770		639,770

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $828,541,690)				774,467,856


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-9.74%
Invesco Private Government Fund, 4.58%^(d)(e)(f)		21,117,545	$	21,117,545
Invesco Private Prime Fund, 4.83%^(d)(e)(f)		54,291,400		54,302,257

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $75,423,076)				75,419,802

TOTAL INVESTMENTS IN SECURITIES-109.69% (Cost $903,964,766)				849,887,658
OTHER ASSETS LESS LIABILITIES-(9.69)%				(75,052,487	)

NET ASSETS-100.00%			$	774,835,171

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, 2023.

^(d)


	Value August 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value February 28, 2023		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class	$	-	$	4,992,144	$	(4,352,374	)		$ -		$ -		$ 639,770	$	5,805

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


		16

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

February 28, 2023

(Unaudited)


	Value August 31, 2022			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	29,805,913	$	147,663,683	$	(156,352,051	)		$	-			$	-		$	21,117,545	$	497,224	*

Invesco Private Prime Fund			85,560,046		291,718,035		(322,991,952	)			(11,458	)			27,586			54,302,257		1,367,352	*


Total		$	115,365,959	$	444,373,862	$	(483,696,377	)		$	(11,458	)		$	27,586		$	76,059,572	$	1,870,381

*	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, 2023.

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


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023

Information Technology			35.00

Health Care			24.06

Communication Services			11.77

Consumer Discretionary			11.42

Industrials			10.60

Sector Types Each Less Than 3%			7.02

Money Market Funds Plus Other Assets Less Liabilities			0.13

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


		17

Statements of Assets and Liabilities

February 28, 2023

(Unaudited)


	Invesco ESG NASDAQ 100 ETF (QQMG)			Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)			Invesco NASDAQ 100 ETF (QQQM)			Invesco NASDAQ Future Gen 200 ETF (QQQS)			Invesco NASDAQ Next Gen 100 ETF (QQQJ)
Assets:
Unaffiliated investments in securities, at value^(a)		$	9,931,378		$	3,317,376		$	6,972,254,824		$	5,251,594		$	773,828,086
Affiliated investments in securities, at value			210,396			273,642			171,419,900			343			76,059,572
Cash			-			114			-			-			-
Receivable for:
Dividends			8,480			2,094			6,474,054			1,049			403,545
Securities lending			235			34			230,276			44			12,813
Investments sold			-			-			8,468,011			-			1,756,912
Fund shares sold			-			-			12,080,883			-			-
Foreign tax reclaims			-			-			10,857			-			53,723

Total assets			10,150,489			3,593,260			7,170,938,805			5,253,030			852,114,651


Liabilities:
Due to custodian			-			-			4,147,778			-			-
Payable for:
Investments purchased			-			-			12,087,069			-			-
Collateral upon return of securities loaned			208,224			271,189			171,419,904			-			75,423,076
Fund shares repurchased			-			-			8,464,288			-			1,763,732
Accrued unitary management fees			1,567			532			821,636			830			92,672
Accrued tax expenses			-			-			-			2			-

Total liabilities			209,791			271,721			196,940,675			832			77,279,480

Net Assets		$	9,940,698		$	3,321,539		$	6,973,998,130		$	5,252,198		$	774,835,171


Net assets consist of:
Shares of beneficial interest		$	12,522,169		$	3,992,502		$	8,088,985,832		$	4,695,635		$	1,099,874,634
Distributable earnings (loss)			(2,581,471)			(670,963)			(1,114,987,702)			556,563			(325,039,463)
Net Assets		$	9,940,698		$	3,321,539		$	6,973,998,130		$	5,252,198		$	774,835,171

Shares outstanding (unlimited amount authorized, $0.01 par value)			500,001			175,001			57,750,001			180,001			30,770,001
Net asset value		$	19.88		$	18.98		$	120.76		$	29.18		$	25.18

Market price		$	19.92		$	18.99		$	120.79		$	29.23		$	25.17

Unaffiliated investments in securities, at cost		$	12,077,806		$	3,581,283		$	7,947,043,336		$	4,748,855		$	827,901,920

Affiliated investments in securities, at cost		$	210,396		$	273,649		$	171,419,904		$	343		$	76,062,846

^(a)Includes securities on loan with an aggregate value of:		$	203,842		$	262,933		$	167,578,439		$	-		$	73,781,721

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


		18

Statements of Operations

For the six months ended February 28, 2023

(Unaudited)


	Invesco ESG NASDAQ 100 ETF (QQMG)				Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)				Invesco NASDAQ 100 ETF (QQQM)				Invesco NASDAQ Future Gen 200 ETF (QQQS)^(a)				Invesco NASDAQ Next Gen 100 ETF (QQQJ)
Investment income:
Unaffiliated dividend income		$	46,453			$	12,455			$	27,712,372			$	3,535			$	3,402,978
Affiliated dividend income			88				24				38,963				16				5,805
Non-cash dividend income			-				-				-				12,830				-
Securities lending income, net			1,626				204				1,130,481				44				126,197
Foreign withholding tax			(110	)			(265	)			(49,552	)			(27	)			(51,233	)

Total investment income			48,057				12,418				28,832,264				16,398				3,483,747


Expenses:
Unitary management fees			9,448				2,906				4,207,533				3,425				578,759
Tax expenses			-				-				-				2				-

Total expenses			9,448				2,906				4,207,533				3,427				578,759

Less: Waivers			(2	)			-				(993	)			(1	)			(138	)

Net expenses			9,446				2,906				4,206,540				3,426				578,621

Net investment income			38,611				9,512				24,625,724				12,972				2,905,126


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(253,963	)			(299,820	)			(200,524,195	)			(136,528	)			(177,505,753	)
Affiliated investment securities			(3	)			32				17,238				-				27,586
In-kind redemptions			-				-				95,971,224				179,208				17,544,875
Foreign currencies			-				-				-				(1	)			-

Net realized gain (loss)			(253,966	)			(299,788	)			(104,535,733	)			42,679				(159,933,292	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			239,507				354,118				45,432,309				502,739				172,989,161
Affiliated investment securities			-				(10	)			(3,142	)			-				(11,458	)

Change in net unrealized appreciation			239,507				354,108				45,429,167				502,739				172,977,703

Net realized and unrealized gain (loss)			(14,459	)			54,320				(59,106,566	)			545,418				13,044,411

Net increase (decrease) in net assets resulting from operations		$	24,152			$	63,832			$	(34,480,842	)		$	558,390			$	15,949,537

^(a)	For the period October 11, 2022 (commencement of investment operations) through February 28, 2023.

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


		19

Statements of Changes in Net Assets

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)


	Invesco ESG NASDAQ 100 ETF (QQMG)								Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)
	Six Months Ended February 28, 2023				Period Ended August 31, 2022^(a)				Six Months Ended February 28, 2023				Period Ended August 31, 2022^(a)
Operations:
Net investment income		$	38,611			$	54,533			$	9,512			$	9,581
Net realized gain (loss)			(253,966	)			(195,353	)			(299,788	)			(108,308	)
Change in net unrealized appreciation (depreciation)			239,507				(2,385,935	)			354,108				(618,022	)

Net increase (decrease) in net assets resulting from operations			24,152				(2,526,755	)			63,832				(716,749	)


Distributions to Shareholders from:
Distributable earnings			(39,405	)			(39,471	)			(10,899	)			(7,146	)


Shareholder Transactions:
Proceeds from shares sold			-				12,522,177				449,447				3,543,054
Value of shares repurchased			-				-				-				-

Net increase (decrease) in net assets resulting from share transactions			-				12,522,177				449,447				3,543,054

Net increase (decrease) in net assets			(15,253	)			9,955,951				502,380				2,819,159


Net assets:
Beginning of period			9,955,951				-				2,819,159				-

End of period		$	9,940,698			$	9,955,951			$	3,321,539			$	2,819,159


Changes in Shares Outstanding:
Shares sold			-				500,001				25,000				150,001
Shares repurchased			-				-				-				-
Shares outstanding, beginning of period.			500,001				-				150,001				-

Shares outstanding, end of period			500,001				500,001				175,001				150,001

^(a)	For the period October 25, 2021 (commencement of investment operations) through August 31, 2022.

^(b)	For the period October 11, 2022 (commencement of investment operations) through February 28, 2023.

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


		20


Invesco NASDAQ 100 ETF (QQQM)								Invesco NASDAQ Future Gen 200 ETF (QQQS)				Invesco NASDAQ Next Gen 100 ETF (QQQJ)
Six Months Ended February 28, 2023				Year Ended August 31, 2022				Period Ended February 28, 2023^(b)				Six Months Ended February 28, 2023				Year Ended August 31, 2022

	$	24,625,724			$	25,895,892			$	12,972			$	2,905,126			$	5,070,934
		(104,535,733	)			172,819,808				42,679				(159,933,292	)			(28,683,565	)
		45,429,167				(1,216,189,168	)			502,739				172,977,703				(322,084,445	)

		(34,480,842	)			(1,017,473,468	)			558,390				15,949,537				(345,697,076	)



		(23,673,933	)			(17,757,319	)			(1,827	)			(3,703,474	)			(11,397,622	)



		3,359,865,645				5,971,651,618				5,488,161				72,706,840				450,411,017
		(1,241,725,969	)			(1,831,569,039	)			(792,526	)			(113,287,955	)			(499,347,837	)


		2,118,139,676				4,140,082,579				4,695,635				(40,581,115	)			(48,936,820	)

		2,059,984,901				3,104,851,792				5,252,198				(28,335,052	)			(406,031,518	)



		4,914,013,229				1,809,161,437				-				803,170,223				1,209,201,741

	$	6,973,998,130			$	4,914,013,229			$	5,252,198			$	774,835,171			$	803,170,223



		28,620,000				41,870,000				210,001				3,000,000				14,550,000
		(10,780,000	)			(13,550,000	)			(30,000	)			(4,650,000	)			(16,890,000	)
		39,910,001				11,590,001				-				32,420,001				34,760,001

		57,750,001				39,910,001				180,001				30,770,001				32,420,001


		21

Financial Highlights

Invesco ESG NASDAQ 100 ETF (QQMG)


					For the Period
	Six Months Ended				October 25, 2021^(a)
	February 28,				Through
	2023				August 31,
	(Unaudited)				2022
Per Share Operating Performance:
Net asset value at beginning of period		$	19.91			$	25.00

Net investment income^(b)			0.08				0.13
Net realized and unrealized gain (loss) on investments			(0.03	)			(5.13	)

Total from investment operations			0.05				(5.00	)

Distributions to shareholders from:
Net investment income			(0.08	)			(0.09	)

Net asset value at end of period		$	19.88			$	19.91

Market price at end of period^(c)		$	19.92			$	19.94

Net Asset Value Total Return^(d)			0.27	%			(20.03	)%^(e)
Market Price Total Return^(d)			0.32	%			(19.91	)%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	9,941			$	9,956
Ratio to average net assets of:
Expenses			0.20	%^(f)			0.20	%^(f)
Net investment income			0.82	%^(f)			0.69	%^(f)
Portfolio turnover rate^(g)			5	%			10	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

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

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

^(f)	Annualized.

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

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


		22

Financial Highlights–(continued)

Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)


					For the Period
	Six Months Ended				October 25, 2021^(a)
	February 28,				Through
	2023				August 31,
	(Unaudited)				2022
Per Share Operating Performance:
Net asset value at beginning of period		$	18.79			$	25.00

Net investment income^(b)			0.06				0.09
Net realized and unrealized gain (loss) on investments			0.20				(6.23	)

Total from investment operations			0.26				(6.14	)

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

Net asset value at end of period		$	18.98			$	18.79

Market price at end of period^(c)		$	18.99			$	18.81

Net Asset Value Total Return^(d)			1.42	%			(24.57	)%^(e)
Market Price Total Return^(d)			1.37	%			(24.49	)%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	3,322			$	2,819
Ratio to average net assets of:
Expenses			0.20	%^(f)			0.20	%^(f)
Net investment income			0.65	%^(f)			0.52	%^(f)
Portfolio turnover rate^(g)			22	%			46	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

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

^(f)	Annualized.

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

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


		23

Financial Highlights–(continued)

Invesco NASDAQ 100 ETF (QQQM)


	Six Months Ended February 28, 2023				Year Ended August 31,				For the Period October 12, 2020^(a)Through August 31,
	(Unaudited)				2022				2021
Per Share Operating Performance:
Net asset value at beginning of period		$	123.13			$	156.10			$	120.98

Net investment income^(b)			0.51				0.98				0.74
Net realized and unrealized gain (loss) on investments			(2.36	)			(33.24	)			34.93

Total from investment operations			(1.85	)			(32.26	)			35.67

Distributions to shareholders from:
Net investment income			(0.52	)			(0.71	)			(0.55	)

Net asset value at end of period		$	120.76			$	123.13			$	156.10

Market price at end of period^(c)		$	120.79			$	123.29			$	156.11

Net Asset Value Total Return^(d)			(1.48	)%			(20.72	)%			29.56	%^(e)
Market Price Total Return^(d)			(1.58	)%			(20.61	)%			29.57	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	6,973,998			$	4,914,013			$	1,809,161
Ratio to average net assets of:
Expenses			0.15	%^(f)			0.15	%			0.15	%^(f)
Net investment income			0.88	%^(f)			0.71	%			0.61	%^(f)
Portfolio turnover rate^(g)			7	%			6	%			5	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

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

^(f)	Annualized.

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

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


		24

Financial Highlights–(continued)

Invesco NASDAQ Future Gen 200 ETF (QQQS)


	For the Period October 11, 2022^(a) Through February 28, 2023 (Unaudited)
Per Share Operating Performance:
Net asset value at beginning of period		$	25.00

Net investment income^(b)			0.08
Net realized and unrealized gain on investments			4.11

Total from investment operations			4.19

Distributions to shareholders from:
Net investment income			(0.01	)

Net asset value at end of period		$	29.18

Market price at end of period^(c)		$	29.23

Net Asset Value Total Return^(d)			16.77	%^(e)
Market Price Total Return^(d)			16.97	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	5,252
Ratio to average net assets of:
Expenses			0.20	%^(f)
Net investment income			0.76	%^(f)
Portfolio turnover rate^(g)			26	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (October 13, 2022, the first day of trading on the exchange) to February 28, 2023 was 15.20%. The market price total return from Fund Inception to February 28, 2023 was 15.31%.

^(f)	Annualized.

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

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


		25

Financial Highlights–(continued)

Invesco NASDAQ Next Gen 100 ETF (QQQJ)


	Six Months Ended February 28, 2023				Year Ended August 31,				For the Period October 12, 2020^(a)Through August 31,
	(Unaudited)				2022				2021
Per Share Operating Performance:
Net asset value at beginning of period		$	24.77			$	34.79			$	26.71

Net investment income^(b)			0.09				0.15				0.10
Net realized and unrealized gain (loss) on investments			0.44				(9.85	)			8.06

Total from investment operations			0.53				(9.70	)			8.16

Distributions to shareholders from:
Net investment income			(0.12	)			(0.11	)			(0.08	)
Net realized gains			-				(0.21	)			-

Total distributions			(0.12	)			(0.32	)			(0.08	)

Net asset value at end of period		$	25.18			$	24.77			$	34.79

Market price at end of period^(c)		$	25.17			$	24.80			$	34.77

Net Asset Value Total Return^(d)			2.15	%			(28.06	)%			30.58	%^(e)
Market Price Total Return^(d)			1.98	%			(27.93	)%			30.51	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	774,835			$	803,170			$	1,209,202
Ratio to average net assets of:
Expenses			0.15	%^(f)			0.15	%			0.15	%^(f)
Net investment income			0.75	%^(f)			0.50	%			0.35	%^(f)
Portfolio turnover rate^(g)			26	%			45	%			29	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

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

^(f)	Annualized.

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

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


		26

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 28, 2023

(Unaudited)

NOTE 1–Organization

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


Full Name		Short Name

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

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

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

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

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

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

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

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


Fund		Underlying Index

ESG NASDAQ 100 ETF		Nasdaq-100^®ESG Index

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

NASDAQ 100 ETF		NASDAQ-100 Index^®

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

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

NOTE 2–Significant Accounting Policies

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

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

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

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

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

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

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related


		27

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

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

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

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

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

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

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

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

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


		28

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

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

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

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

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

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

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

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

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

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

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

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


		29

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

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

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

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended February 28, 2023, each Fund (except for NASDAQ Future Gen 200 ETF) had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each applicable Fund as listed below:


	Amount

ESG NASDAQ 100 ETF		$121

ESG NASDAQ Next Gen 100 ETF		12

NASDAQ 100 ETF		84,512

NASDAQ Next Gen 100 ETF		7,074

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


		30

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.

K.	Other Risks

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

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

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

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

Foreign Investment Risk. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory


		31

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 each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index.

Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflict, acts of terrorism, economic crisis or other events could result in increased premiums or discounts to each Fund’s NAV.

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

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying 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 can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

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

NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the


		32

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)

ESG NASDAQ 100 ETF		0.20	%

ESG NASDAQ Next Gen 100 ETF		0.20	%

NASDAQ 100 ETF		0.15	%

NASDAQ Future Gen 200 ETF		0.20	%

NASDAQ Next Gen 100 ETF		0.15	%

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

For the six months ended February 28, 2023, the Adviser waived fees for each Fund in the following amounts:



ESG NASDAQ 100 ETF	$	2

ESG NASDAQ Next Gen 100 ETF		-

NASDAQ 100 ETF		993

NASDAQ Future Gen 200 ETF*		1

NASDAQ Next Gen 100 ETF		138

*	For the period October 11, 2022 (commencement of investment operations) through February 28, 2023.

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

The Adviser has entered into licensing agreements on behalf of each Fund with Nasdaq, Inc. (the, “Licensor”).

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

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

For the six months ended February 28, 2023, 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:



ESG NASDAQ 100 ETF	$	17

ESG NASDAQ Next Gen 100 ETF		200

NASDAQ 100 ETF		3,058

NASDAQ Future Gen 200 ETF*		7,356

NASDAQ Next Gen 100 ETF		61,700

*	For the period October 11, 2022 (commencement of investment operations) through February 28, 2023.

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

NOTE 4–Additional Valuation Information

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


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


		33



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

Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of February 28, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1			Level 2			Level 3			Total

ESG NASDAQ 100 ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	9,931,378		$	-		$	-		$	9,931,378

Money Market Funds			2,172			208,224			-			210,396


Total Investments		$	9,933,550		$	208,224		$	-		$	10,141,774


ESG NASDAQ Next Gen 100 ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	3,317,376		$	-		$	-		$	3,317,376

Money Market Funds			2,460			271,182			-			273,642


Total Investments		$	3,319,836		$	271,182		$	-		$	3,591,018


NASDAQ 100 ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	6,972,254,824		$	-		$	-		$	6,972,254,824

Money Market Funds			-			171,419,900			-			171,419,900


Total Investments		$	6,972,254,824		$	171,419,900		$	-		$	7,143,674,724


NASDAQ Future Gen 200 ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	5,251,594		$	-		$	0		$	5,251,594

Money Market Funds			343			-			-			343


Total Investments		$	5,251,937		$	-		$	0		$	5,251,937


NASDAQ Next Gen 100 ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	773,828,086		$	-		$	-		$	773,828,086

Money Market Funds			639,770			75,419,802			-			76,059,572


Total Investments		$	774,467,856		$	75,419,802		$	-		$	849,887,658

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.


		34

The Funds had capital loss carryforwards as of August 31, 2022, as follows:


	No expiration
	Short-Term		Long-Term		Total*

ESG NASDAQ 100 ETF	$	194,923	$	-	$	194,923

ESG NASDAQ Next Gen 100 ETF		95,504		-		95,504

NASDAQ 100 ETF		38,924,872		2,961,961		41,886,833

NASDAQ Next Gen 100 ETF		85,555,206		21,972,300		107,527,506

*	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, 2023, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:


	Purchases		Sales

ESG NASDAQ 100 ETF	$	493,321	$	497,758

ESG NASDAQ Next Gen 100 ETF		641,850		644,261

NASDAQ 100 ETF		423,793,136		413,795,338

NASDAQ Future Gen 200 ETF*		3,830,431		1,208,309

NASDAQ Next Gen 100 ETF		204,276,182		205,627,414

*	For the period October 11, 2022 (commencement of investment operations) through February 28, 2023.

For the six months ended February 28, 2023, in-kind transactions associated with creations and redemptions were as follows:


	In-kind Purchases		In-kind Sales

ESG NASDAQ 100 ETF	$	-	$	-

ESG NASDAQ Next Gen 100 ETF		448,240		-

NASDAQ 100 ETF		3,356,665,461		1,241,043,324

NASDAQ Future Gen 200 ETF*		2,966,720		882,666

NASDAQ Next Gen 100 ETF		72,508,419		113,093,401

*	For the period October 11, 2022 (commencement of investment operations) through February 28, 2023.

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. As of February 28, 2023, 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

ESG NASDAQ 100 ETF	$	178,435	$	(2,325,293	)	$	(2,146,858	)	$	12,288,632

ESG NASDAQ Next Gen 100 ETF		163,744		(441,459	)		(277,715	)		3,868,733

NASDAQ 100 ETF		112,091,525		(1,091,050,499	)		(978,958,974	)		8,122,633,698

NASDAQ Future Gen 200 ETF*		835,584		(332,845	)		502,739			4,749,198

NASDAQ Next Gen 100 ETF		63,385,535		(121,890,019	)		(58,504,484	)		908,392,142

*	In the Fund’s initial year of operations, the cost of investments for tax purposes will not reflect any tax adjustments until its fiscal year-end reporting period.

NOTE 7–Trustees’ and Officer’s Fees

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


		35

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

NOTE 8–Capital

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

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

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital. Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.


		36

Calculating your ongoing Fund expenses

Example

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2022 through February 28, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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


	Beginning Account Value September 1, 2022			Ending Account Value February 28, 2023				Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco ESG NASDAQ 100 ETF (QQMG)

Actual		$	1,000.00		$	1,002.70			0.20	%		$	0.99

Hypothetical (5% return before expenses)			1,000.00			1,023.80			0.20				1.00

Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)

Actual			1,000.00			1,014.20			0.20				1.00

Hypothetical (5% return before expenses)			1,000.00			1,023.80			0.20				1.00

Invesco NASDAQ 100 ETF (QQQM)

Actual			1,000.00			985.20			0.15				0.74

Hypothetical (5% return before expenses)			1,000.00			1,024.05			0.15				0.75

Invesco NASDAQ Future Gen 200 ETF (QQQS)

Actual			1,000.00			1,167.70	⁽²⁾		0.20				0.84	⁽³⁾

Hypothetical (5% return before expenses)			1,000.00			1,023.80	⁽²⁾		0.20				1.00	⁽³⁾


		37

Calculating your ongoing Fund expenses–(continued)


	Beginning Account Value September 1, 2022			Ending Account Value February 28, 2023			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco NASDAQ Next Gen 100 ETF (QQQJ)

Actual		$	1,000.00		$	1,021.50		0.15	%		$	0.75

Hypothetical (5% return before expenses)			1,000.00			1,024.05		0.15				0.75

⁽¹⁾

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended February 28, 2023. 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.

⁽²⁾

The actual ending account value is based on the actual total return of the Fund for the period October 11, 2022 (commencement of investment operations) through February 28, 2023, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

⁽³⁾

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the period October 11, 2022 (commencement of investment operations) to February 28, 2023. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 141/365. Hypothetical 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.


		38

Approval of Investment Advisory Contracts

At a meeting held on June 21, 2022, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for Invesco NASDAQ Future Gen 200 ETF (the “Fund”).

The Trustees reviewed information provided by the Adviser describing: (i) the nature, extent and quality of services to be provided, (ii) the proposed unitary advisory fee for the Fund and comparisons to amounts paid by other comparable registered investment companies, (iii) the extent to which economies of scale may be realized as the Fund grows and whether the fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (iv) any further benefits to be realized by the Adviser or its affiliates from the Adviser’s relationship with the Fund.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions to be performed by the Adviser for the Fund, including the identity of the persons who will be responsible for the day-to-day management of the Fund, and they considered the quality of services provided by the Adviser to other exchange-traded funds (“ETFs”). The Trustees noted that the portfolio managers of the Fund also manage other ETFs on behalf of the Adviser that are overseen by the Board and that the Board is familiar with the background and experience of the Fund’s portfolio managers. The Trustees also noted other information the Board received and considered at its March 15, 2022 and April 6, 2022 meetings describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. The Trustees reviewed information related to the Adviser’s portfolio transaction policies and procedures, as well as reports on the correlation and tracking error between the underlying indexes and the performance of other ETFs for which the Adviser serves as investment adviser.

The Trustees considered the services to be provided by the Adviser in its oversight of the Fund’s administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function for the other ETFs managed by the Adviser and that was expected to be provided for the Fund.

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

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on the Fund’s proposed unitary advisory fee, as compared to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the median net expense ratios of comparable passive ETFs, open-end (non-ETF) index funds, open-end (non-ETF) actively managed funds and Adviser-identified select peer funds, as applicable. The Trustees noted that the proposed annual advisory fee to be charged to the Fund was a unitary fee, and that the Adviser has agreed to pay all other operating expenses of the Fund except for brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses. The Trustees noted the Fund’s proposed unitary advisory fee as compared to the median net expense ratio of its Lipper peer groups and select peer group as shown below:

Passive

Open-End

ETF

Index Fund

Active Fund

Select

Peer Group

Fund

(Number of Peers)

Invesco NASDAQ Future Gen 200 ETF

Higher than

median (19)

Higher than

median (15)

Lower than

median (175)

Lower than

median (3)

Based on all of the information provided, the Board concluded that the Fund’s proposed unitary advisory fee was reasonable and appropriate in light of the administrative, operational and management oversight services to be provided by the Adviser and the related costs in providing such services.

In conjunction with their review of the unitary advisory fee, the Trustees considered that the Adviser did not provide a profitability analysis for the Adviser in managing the Fund because the Fund had not yet commenced operations. However, the Trustees noted other information the Board received and considered at its March 15, 2022 and April 6, 2022 meetings regarding the Adviser’s overall profitability from its relationship with other ETFs for which it serves as investment adviser.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as the Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees noted that any reduction in fixed costs associated with the


		39

Approval of Investment Advisory Contracts–(continued)

management of the Fund would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Fund. The Trustees considered whether the proposed unitary advisory fee rate for the Fund is reasonable in relation to the proposed services and product strategy of the Fund, and they concluded that the unitary advisory fee was reasonable and appropriate.

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

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


		40

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Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

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Downers Grove, IL 60515

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invesco.com/ETFs