
		Invesco Annual Report to Shareholders
		August 31, 2022
		IBBQ		Invesco Nasdaq Biotechnology ETF

		SOXQ		Invesco PHLX Semiconductor ETF

		TAN		Invesco Solar ETF

Table of Contents



The Market Environment			3

Management’s Discussion of Fund Performance			4

Liquidity Risk Management Program			11

Schedules of Investments

Invesco Nasdaq Biotechnology ETF (IBBQ)			12

Invesco PHLX Semiconductor ETF (SOXQ)			16

Invesco Solar ETF (TAN)			17

Statements of Assets and Liabilities			19

Statements of Operations			20

Statements of Changes in Net Assets			21

Financial Highlights			22

Notes to Financial Statements			25

Report of Independent Registered Public Accounting Firm			36

Fund Expenses			37

Tax Information			38

Trustees and Officers			39

Approval of Investment Advisory Contracts			49


		2

The Market Environment

Domestic Equity

The fiscal year began with increasing volatility and the US stock market saw a selloff through most of September due to increasing concerns of inflation resulting from a spike in oil prices and supply chain shortages causing rising costs. Despite the Consumer Price Index (CPI) increasing monthly from June through September 2021,¹ the US Federal Reserve (the Fed) declined to raise interest rates at its September 2021 Federal Open Market Committee meeting.

Equity markets saw continued volatility in the fourth quarter of 2021 amid record inflation and the emergence of a new COVID-19 variant. Pandemic-related supply chain disruption and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil rose to nearly $85 per barrel in October,² causing higher gas prices for consumers, and pushing energy stocks higher. The CPI reported for November increased 0.8%, resulting in a 6.8% increase over the prior 12 months, the highest since 1982.¹ To combat inflation, the Fed announced a faster pace of “tapering” at its December meeting, pledging to end its asset purchase program by March 2022. The Fed also announced the potential for three interest rate increases in 2022. With solid corporate earnings and optimism about the COVID-19 Omicron variant reporting milder symptoms, stocks rallied at the 2021 year-end.

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the Fed’s shift toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.² The CPI rose by another 7.9% for the 12 months ended February 2022 reaching a 40 year high.¹ To combat inflation, the Fed raised the federal funds rate by a one-quarter percentage point in March.

As the war in Ukraine continued and corporate earnings in high-profile names, like Netflix, reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued for much of the second quarter of 2022 amid record inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the CPI rose by yet another 8.6% for the 12 months ended May 2022 reaching a 40 year high.¹ Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.² To tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.³ US equity markets rose in July and much of August until Fed

chairman Jerome Powell’s hawkish comments at Jackson Hole, Wyoming, an economic policy symposium, sparked a sharp selloff at month end. Due to declining energy prices, the CPI rose by 8.5% for the 12 months ending July,¹ down slightly from June, but still at multi-decade highs and far above the Fed’s 2% annual inflation target. As a result, the Fed indicated that it would continue taking aggressive action to curb inflation, though such measures could “bring pain to households and businesses.” The remarks deflated investor optimism that the Fed would pause rate hikes in the second half of 2022 and increased the likelihood of a US recession. In this environment, US stocks had negative double-digit returns of (11.23)% for the fiscal year ended August 31, 2022, measured by the S&P 500 Index.⁴

¹	Source: US Bureau of Labor Statistics

²	Source: Bloomberg LP

³	Source: US Federal Reserve

⁴	Source: Lipper Inc.

Global Equity

At the beginning of the fiscal year ended August 31, 2022, developed global equity markets were mostly positive, despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified at the end of 2021, resulting in broadly higher costs for companies and consumers. Emerging market equities declined due in part to COVID-19 concerns and China’s ongoing regulatory tightening in the private education and technology sectors and slowing economic growth.

Global equity markets declined in the first quarter 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply.

In the second quarter of 2022, global equity markets continued their decline as record inflation, rising interest rates and recession fears led to generally weaker consumer sentiment around the globe. In Europe, reduction of gas supplies from Russia due to the war in Ukraine drove prices higher and led to mounting fears of gas shortages and rationing. Emerging market equities also declined, but China was an outlier and posted a positive return for the quarter due to the easing of COVID-19 lockdowns.

After a rebound in July 2022, global equity markets declined again at the end of the fiscal year, as global economic uncertainty continued with central banks trying to bring inflation under control. At the end of the fiscal year, trailing one-year returns for developed market equities and emerging market equities were both in negative territory.


		3


IBBQ		Management’s Discussion of Fund Performance
IBBQ		Invesco Nasdaq Biotechnology ETF (IBBQ)

As an index fund, the Invesco Nasdaq Biotechnology ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq Biotechnology Index^® (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (“Nasdaq” or the “Index Provider”) compiles the Index, which is a modified market capitalization weighted index that is designed to measure the performance of securities listed on the Nasdaq Stock Market that are classified as either biotechnology or pharmaceutical companies. Eligible securities must (1) be classified under the biotechnology subsector or pharmaceuticals subsector of the Industry Classification Benchmark, (2) have a minimum market capitalization of $200 million at the time of the Index’s annual rebalancing, and (3) have a minimum average daily trading volume of 100,000 shares. The Index may include securities of large-, mid- and small-capitalization companies. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (27.06)%. On a net asset value (“NAV”) basis, the Fund returned (27.24)%. During the same time period, the Index returned (27.16)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500^® Biotechnology Index (the “Benchmark Index”) returned (8.93)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 33 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the biotech industry.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the pharmaceuticals and life sciences tools and services sub-industries and most underweight in the biotechnology sub-industry during the fiscal year ended August 31, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to security selection in the biotechnology sub-industry.

For the fiscal year ended August 31, 2022, there were no sub-industries contributed positively to the Fund’s return. The biotechnology sub-industry detracted most significantly from the Fund’s return during the period, followed by the life sciences tools & services and pharmaceuticals sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Vertex Pharmaceuticals Inc., a biotechnology company (portfolio average weight of 5.74%) and Amgen Inc., a biotechnology company (portfolio average weight of 7.21%). Positions that detracted most significantly from the Fund’s return during the period included Moderna, Inc., a biotechnology company (portfolio average weight of 6.43%) and Illumina, Inc., a life sciences tools and services company (portfolio average weight of 4.41%).


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Biotechnology			79.74
Pharmaceuticals			12.93
Life Sciences Tools & Services			5.67
Industry Types Each Less Than 3%			1.65
Money Market Funds Plus Other Assets Less Liabilities			0.01


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Gilead Sciences, Inc.			7.54
Vertex Pharmaceuticals, Inc.			7.40
Amgen, Inc.			7.21
Regeneron Pharmaceuticals, Inc.			6.45
Moderna, Inc.			5.41
AstraZeneca PLC, ADR			3.61
Illumina, Inc.			3.24
Biogen, Inc.			2.95
Seagen, Inc.			2.93
Alnylam Pharmaceuticals, Inc.			2.58
Total			49.32

*	Excluding money market fund holdings.


		4

Invesco Nasdaq Biotechnology ETF (IBBQ) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2022


				Fund Inception
Index	1 Year			Average Annualized			Cumulative
Nasdaq Biotechnology Index^®		(27.16	)%		(19.65	)%		(23.41	)%
S&P Composite 1500^® Biotechnology Index		(8.93	)		(3.77	)		(4.58	)
Fund
NAV Return		(27.24	)		(19.71	)		(23.49	)
Market Price Return		(27.06	)		(19.65	)		(23.41	)

Fund Inception: June 11, 2021

According to the Fund’s current prospectus, the Fund’s expense ratio of 0.19% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. The Fund’s NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay

on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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


		5


SOXQ		Management’s Discussion of Fund Performance
SOXQ		Invesco PHLX Semiconductor ETF (SOXQ)

As an index fund, the Invesco PHLX Semiconductor ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the PHLX Semiconductor Sector Index^® (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (“Nasdaq” or the “Index Provider”) compiles the Index, which is a modified market-capitalization weighted index designed to measure the performance of the 30 largest companies listed in the United States that are engaged in the semiconductor business, as determined by the Index Provider. Semiconductors include products such as memory chips, microprocessors, integrated circuits and related equipment that serve a wide variety of purposes in various types of electronics, including in personal household products, automobiles and computers, among others. The Index includes companies engaged in the design, distribution, manufacture and sale of semiconductors. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (20.76)%. On a net asset value (“NAV”) basis, the Fund returned (20.70)%. During the same time period, the Index returned (20.58)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500^® Semiconductor Index (the “Benchmark Index”) returned (20.95)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 49 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the semiconductor industry.

Relative to the Benchmark Index, the Fund was most overweight in the electronic equipment, instruments & components industry and most underweight in the semiconductors & semiconductor equipment industry during the fiscal year ended August 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection in the semiconductors & semiconductor equipment industry.

For the fiscal year ended August 31, 2022, the semiconductors & semiconductor equipment industry detracted most significantly from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included ON Semiconductor Corp., a semiconductors & semiconductor equipment company (portfolio average weight of 2.34%) and Wolfspeed, Inc., a semiconductors & semiconductor equipment company (portfolio average weight of 1.05%). Positions that detracted most significantly from the Fund’s return during the period included Intel Corp., a semiconductors & semiconductor equipment company (portfolio average weight of 7.95%) and NVIDIA Corp., a semiconductors & semiconductor equipment company (portfolio average weight of 7.89%).


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Semiconductors & Semiconductor Equipment			98.20
Industry Types Each Less Than 3%			1.72
Other Assets Less Liabilities			0.08


Top Ten Fund Holdings ^* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Texas Instruments, Inc.			8.64
Broadcom, Inc.			7.96
Advanced Micro Devices, Inc.			7.71
NVIDIA Corp.			7.48
Intel Corp.			6.65
KLA Corp.			4.36
QUALCOMM, Inc.			4.27
Analog Devices, Inc.			4.16
Microchip Technology, Inc.			4.15
Taiwan Semiconductor Manufacturing Co. Ltd., ADR			4.04
Total			59.42

*	Excluding money market fund holdings.


		6

Invesco PHLX Semiconductor ETF (SOXQ) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2022


				Fund Inception
Index	1 Year			Average Annualized			Cumulative
PHLX Semiconductor Sector Index^®		(20.58	)%		(12.68	)%		(15.24	)%
S&P Composite 1500^® Semiconductor Index		(20.95	)		(10.39	)		(12.52	)
Fund
NAV Return		(20.70	)		(12.79	)		(15.37	)
Market Price Return		(20.76	)		(12.60	)		(15.14	)

Fund Inception: June 11, 2021

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.19% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. The Index’s return assumes that dividends and capital gain distributions have been reinvested in the Index. The Fund’s NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The

returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

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


		7


TAN		Management’s Discussion of Fund Performance
TAN		Invesco Solar ETF (TAN)

As an index fund, the Invesco Solar ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the MAC Global Solar Energy Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, MAC Indexing, LLC (the “Index Provider”), has contracted with S&P DJI Netherlands B.V. (a subsidiary of S&P Dow Jones Indices LLC or “S&P DJI”) to calculate and administer the Index, which is a rules-based index that seeks to track the performance of companies in global solar energy businesses. The universe of companies that are eligible for inclusion in the Index is determined by S&P DJI based on factors such as a company’s business description and its most recent reported revenue. The Index includes companies listed on exchanges in specified countries that derive at least one-third of their total revenues from business segments of the solar industry. S&P DJI identifies companies that place a degree of importance on solar business activities. Examples of solar business activities include, but are not limited to: solar power equipment producers, including ancillary or enabling products such as tracking systems, inverters, batteries, or other solar energy storage systems; suppliers of raw materials, components or services to solar producers or developers; companies that produce solar equipment fabrication systems; companies involved in solar power system installation, development, integration, maintenance, or finance; companies that produce hydrogen using solar energy; companies that provide solar-powered charging systems for electric vehicles or other electrical devices; companies selling systems that use solar thermal energy to produce heat or electricity; and companies that sell electricity derived from solar power. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (1.46)%. On a net asset value (“NAV”) basis, the Fund returned (2.11)%. During the same time period, the Index returned (6.28)%. During the fiscal year, the Fund’s performance, on an NAV basis, differed from the return of the Index primarily due to the Fund’s and Index’s removal of GCL Technology Holdings Ltd. (formerly GCL Poly-Energy Holdings Ltd.) (3800 HK), a semiconductors & semiconductor equipment company, for which trading had been halted since March 31, 2021. While the Index removed the security at a price of 0.01HKD, the Fund was able to liquidate its position at a higher value. In October 2021, the security resumed trading. In April 2022, GCL Technology Holdings Ltd. was added back into the Index and the Fund and continues to be a constituent of the Index and the Fund.

During this same time period, the MSCI World Index (the “Benchmark Index”) returned (15.08)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on

the average performance of approximately 1,517 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of equity markets in developed countries.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that targets solar energy businesses, whereas the Benchmark Index tracks a broad market universe.

Relative to the Benchmark Index, the Fund was most overweight in the semiconductors & semiconductor equipment industry and most underweight in the software industry during the fiscal year ended August 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to stock selection within the semiconductors & semiconductor equipment industry.

For the fiscal year ended August 31, 2022, the semiconductors & semiconductor equipment industry contributed most significantly to the Fund’s return, followed by the chemicals industry. The independent power and renewable electricity producers industry detracted most significantly from the Fund’s return during the period, followed by the electric equipment and building products industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Enphase Energy, Inc., a semiconductors & semiconductor equipment company (portfolio average weight of 10.89%), and First Solar, Inc., a semiconductors & semiconductor equipment company (portfolio average weight of 6.90%). Positions that detracted most significantly from the Fund’s return during this period included Xinyi Solar Holdings Ltd., a semiconductors & semiconductor equipment company (portfolio average weight of 6.37%), and Sunrun, Inc., an electrical equipment (portfolio average weight of 5.55%).


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Semiconductors & Semiconductor Equipment			56.84
Independent Power and Renewable Electricity Producers			21.90
Electrical Equipment			14.55
Industry Types Each Less Than 3%			6.70
Money Market Funds Plus Other Assets Less Liabilities			0.01


		8

Invesco Solar ETF (TAN) (continued)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Enphase Energy, Inc.			12.77
First Solar, Inc.			9.80
SolarEdge Technologies, Inc.			8.04
Sunrun, Inc.			5.48
GCL Technology Holdings Ltd.			4.59
Xinyi Solar Holdings Ltd.			4.39
Daqo New Energy Corp., ADR			3.22
Encavis AG			2.85
Array Technologies, Inc.			2.83
Shoals Technologies Group, Inc., Class A			2.81
Total			56.78

*	Excluding money market fund holdings.

Growth of a $10,000 Investment

LOGO

Fund Performance History as of August 31, 2022


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
MAC Global Solar Energy Index (Net)		(6.28	)%		39.89	%		173.73	%		31.03	%		286.23	%		17.88	%		418.19	%		(7.02	)%		(64.88	)%
MSCI World Index (Net)		(15.08	)		8.77			28.70			7.85			45.95			9.47			147.05			6.27			139.63
Fund
NAV Return		(2.11	)		40.33			176.36			32.04			301.32			20.08			523.12			(5.36	)		(54.73	)
Market Price Return		(1.46	)		40.48			177.24			31.95			299.92			20.09			523.95			(5.36	)		(54.73	)


		9

Invesco Solar ETF (TAN) (continued)

Guggenheim Solar ETF (the “Predecessor Fund”) Inception: April 15, 2008

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.66% includes the management fee of 0.50%, 0.15% of other expenses and 0.01% of acquired fund fees and expenses. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Effective after the close of business on May 18, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

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

-	Net returns reflect reinvested dividends net of withholding taxes.


		10

Liquidity Risk Management Program

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

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

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

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

●

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

●

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

●

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

●

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

●

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


		11

Invesco Nasdaq Biotechnology ETF (IBBQ)

August 31, 2022

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Biotechnology-79.74%
4D Molecular Therapeutics, Inc.^(b)		679	$	5,337
89bio, Inc.^(b)		827		3,688
Abcam PLC, ADR (United Kingdom)^(b)		516		7,699
AC Immune S.A. (Switzerland)		1,722		5,200
Acadia Pharmaceuticals, Inc.^(b)		3,394		55,763
Achilles Therapeutics PLC, ADR (United Kingdom)		816		2,375
Acumen Pharmaceuticals, Inc.^(b)		848		4,825
Adaptimmune Therapeutics PLC, ADR^(b)		2,909		5,760
Adicet Bio, Inc.^(b)		837		11,852
ADMA Biologics, Inc.^(b)(c)		4,111		11,100
Adverum Biotechnologies, Inc.^(b)		2,062		2,392
Aeglea BioTherapeutics, Inc.^(b)		1,283		671
Aerovate Therapeutics, Inc.^(b)(c)		509		10,093
Affimed N.V. (Germany)^(b)		3,121		8,177
Agios Pharmaceuticals, Inc.^(b)(c)		1,145		29,197
Akebia Therapeutics, Inc.^(b)		3,814		1,389
Akero Therapeutics, Inc.^(b)(c)		733		8,613
Akouos, Inc.^(b)		723		2,422
Alaunos Therapeutics, Inc.^(b)		4,519		11,117
Alector, Inc.^(b)(c)		1,736		17,968
Aligos Therapeutics, Inc.^(b)		827		1,034
Alkermes PLC^(b)		3,432		81,235
Allakos, Inc.^(b)		1,145		5,553
Allogene Therapeutics, Inc.^(b)(c)		3,022		41,432
Allovir, Inc.^(b)		1,941		14,577
Alnylam Pharmaceuticals, Inc.^(b)		2,537		524,322
Alpine Immune Sciences, Inc.^(b)(c)		635		4,769
Altimmune, Inc.^(b)		1,026		22,654
ALX Oncology Holdings, Inc.^(b)(c)		853		11,089
Amarin Corp. PLC, ADR (Ireland)^(b)		8,265		9,753
Amgen, Inc.		6,104		1,466,791
Amicus Therapeutics, Inc.^(b)		5,887		66,111
AnaptysBio, Inc.^(b)(c)		592		13,746
Anavex Life Sciences Corp.^(b)(c)		1,627		15,603
Annexon, Inc.^(b)		1,013		5,956
Apellis Pharmaceuticals, Inc.^(b)(c)		2,239		135,482
Applied Molecular Transport, Inc.^(b)		805		1,191
Applied Therapeutics, Inc.^(b)		988		1,354
Arbutus Biopharma Corp.^(b)		3,086		6,851
Arcturus Therapeutics Holdings, Inc.^(b)		557		7,820
Arcutis Biotherapeutics, Inc.^(b)(c)		1,260		33,957
Argenx SE, ADR (Netherlands)^(b)		623		235,413
Arrowhead Pharmaceuticals, Inc.^(b)		2,221		88,196
Ascendis Pharma A/S, ADR (Denmark)^(b)		1,166		104,439
Atara Biotherapeutics, Inc.^(b)(c)		1,928		7,731
Athenex, Inc.^(b)		2,344		1,124
Aurinia Pharmaceuticals, Inc. (Canada)^(b)		2,969		21,852
Autolus Therapeutics PLC, ADR (United Kingdom)^(c)		1,183		3,904
Avidity Biosciences, Inc.^(b)(c)		1,040		20,405
Avrobio, Inc.^(b)		910		864
Beam Therapeutics, Inc.^(b)(c)		1,474		80,480
BeiGene Ltd., ADR (China)^(b)(c)		1,031		176,981
BELLUS Health, Inc. (Canada)^(b)		2,577		29,378
Bicycle Therapeutics PLC, ADR (United Kingdom)^(b)		534		14,124


	Shares		Value
Biotechnology-(continued)
BioAtla, Inc.^(b)		754	$	6,567
BioCryst Pharmaceuticals, Inc.^(b)(c)		3,905		54,279
Biogen, Inc.^(b)		3,076		600,989
BioMarin Pharmaceutical, Inc.^(b)		3,884		346,453
Biomea Fusion, Inc.^(b)		608		6,992
BioNTech SE, ADR (Germany)		1,846		267,005
Black Diamond Therapeutics, Inc.^(b)(c)		763		2,434
Bluebird Bio, Inc.^(b)(c)		1,499		8,754
Blueprint Medicines Corp.^(b)		1,251		91,598
Bolt Biotherapeutics, Inc.^(b)		812		1,462
Bridgebio Pharma, Inc.^(b)(c)		3,102		32,571
Brooklyn ImmunoTherapeutics, Inc.^(b)		1,229		506
C4 Therapeutics, Inc.^(b)		1,017		10,251
Cabaletta Bio, Inc.^(b)		603		576
Candel Therapeutics, Inc.^(b)		596		2,068
Caribou Biosciences, Inc.^(b)		1,272		12,555
Cellectis S.A., ADR (France)^(b)		387		1,281
Centessa Pharmaceuticals PLC, ADR^(b)		1,024		4,454
Century Therapeutics, Inc.^(b)		1,228		12,919
ChemoCentryx, Inc.^(b)		1,492		76,062
Chimerix, Inc.^(b)		1,857		4,085
Chinook Therapeutics, Inc.^(b)		1,293		26,894
Clovis Oncology, Inc.^(b)		3,006		3,367
Codiak Biosciences, Inc.		498		1,071
Cogent Biosciences, Inc.^(b)		1,334		21,998
Coherus Biosciences, Inc.^(b)(c)		1,629		18,212
Compass Pathways PLC, ADR (United Kingdom)^(b)(c)		489		7,990
Connect Biopharma Holdings Ltd., ADR (China)		985		1,379
Corvus Pharmaceuticals, Inc.^(b)		978		937
Crinetics Pharmaceuticals, Inc.^(b)(c)		1,115		21,051
CRISPR Therapeutics AG (Switzerland)^(b)(c)		1,631		106,162
Cullinan Oncology, Inc.^(b)		936		12,617
CureVac N.V. (Germany)^(b)(c)		3,936		38,730
Curis, Inc.^(b)		1,921		1,863
Cyteir Therapeutics, Inc.^(b)		742		1,603
Cytokinetics, Inc.^(b)(c)		1,797		95,169
CytomX Therapeutics, Inc.^(b)		1,369		2,053
Day One Biopharmaceuticals, Inc.^(b)(c)		1,513		35,540
Decibel Therapeutics, Inc.^(b)		522		2,579
Deciphera Pharmaceuticals, Inc.^(b)(c)		1,388		22,527
Denali Therapeutics, Inc.^(b)		2,580		71,389
Design Therapeutics, Inc.^(b)(c)		1,169		23,684
Dyne Therapeutics, Inc.^(b)		1,085		10,633
Eagle Pharmaceuticals, Inc.^(b)		265		8,684
Editas Medicine, Inc.^(b)(c)		1,432		21,050
Eiger BioPharmaceuticals, Inc.^(b)		895		7,393
Enanta Pharmaceuticals, Inc.^(b)		435		26,483
Erasca, Inc.^(b)(c)		2,554		23,037
Evelo Biosciences, Inc.		2,230		4,884
Exelixis, Inc.^(b)		6,740		119,568
Fate Therapeutics, Inc.^(b)(c)		2,034		53,169
FibroGen, Inc.^(b)		1,959		24,370
Forma Therapeutics Holdings, Inc.^(b)		1,005		13,467
Frequency Therapeutics, Inc.^(b)		731		1,506
G1 Therapeutics, Inc.^(b)(c)		902		13,088
Galapagos N.V., ADR (Belgium)^(b)		285		14,267
Gamida Cell Ltd. (Israel)		1,254		3,323

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


		12

Invesco Nasdaq Biotechnology ETF (IBBQ)–(continued)

August 31, 2022


	Shares		Value
Biotechnology-(continued)
Generation Bio Co.^(b)		1,192	$	6,103
Genmab A/S, ADR (Denmark)^(b)		888		31,515
Geron Corp.^(b)		7,901		20,859
Gilead Sciences, Inc.		24,169		1,534,006
Global Blood Therapeutics, Inc.^(b)		1,370		93,023
Gossamer Bio., Inc.^(b)(c)		1,962		27,370
Gracell Biotechnologies, Inc., ADR (China)^(b)		1,351		3,391
Graphite Bio, Inc.^(b)		1,186		3,926
Grifols S.A., ADR (Spain)		2,417		18,780
Gritstone bio, Inc.^(b)		1,496		4,922
Halozyme Therapeutics, Inc.^(b)		2,893		117,832
Harpoon Therapeutics, Inc.^(b)(c)		666		1,106
Homology Medicines, Inc.^(b)		1,228		2,874
Horizon Therapeutics PLC^(b)		4,825		285,688
Humacyte, Inc.^(b)(c)		2,128		7,767
Icosavax, Inc.^(b)		830		3,918
Ideaya Biosciences, Inc.^(b)		804		7,903
IGM Biosciences, Inc.^(b)		575		11,161
I-Mab, ADR (China)^(b)		1,084		6,645
Imago Biosciences, Inc.^(b)(c)		702		10,200
Immuneering Corp., Class A^(b)(c)		556		3,102
Immunic, Inc.^(b)		640		2,848
ImmunityBio, Inc.^(b)(c)		8,332		33,328
ImmunoGen, Inc.^(b)		4,614		26,807
Immunovant, Inc.^(b)		2,438		12,556
Impel Pharmaceuticals, Inc.^(b)		486		3,801
Incyte Corp.^(b)(c)		4,652		327,640
Infinity Pharmaceuticals, Inc.^(b)		1,862		2,998
Inhibrx, Inc.^(b)(c)		814		14,440
Inovio Pharmaceuticals, Inc.^(b)		4,767		10,916
Insmed, Inc.^(b)		2,511		61,821
Instil Bio, Inc.^(b)		2,702		14,050
Intellia Therapeutics, Inc.^(b)		1,595		95,796
Intercept Pharmaceuticals, Inc.^(b)(c)		621		10,787
Ionis Pharmaceuticals, Inc.^(b)(c)		2,982		126,795
Iovance Biotherapeutics, Inc.^(b)(c)		3,293		35,301
Ironwood Pharmaceuticals, Inc.^(b)(c)		3,239		34,852
iTeos Therapeutics, Inc.^(b)		745		16,524
IVERIC bio, Inc.^(b)(c)		2,439		24,000
Janux Therapeutics, Inc.^(b)		875		9,467
Jounce Therapeutics, Inc.^(b)		1,085		3,971
KalVista Pharmaceuticals, Inc.^(b)		512		8,433
Kamada Ltd. (Israel)^(b)		936		4,671
Karuna Therapeutics, Inc.^(b)		627		159,923
Karyopharm Therapeutics, Inc.^(b)(c)		1,659		8,395
Keros Therapeutics, Inc.^(b)		500		17,685
Kezar Life Sciences, Inc.^(b)(c)		1,427		14,670
Kiniksa Pharmaceuticals Ltd., Class A^(b)		715		8,380
Kinnate Biopharma, Inc.^(b)		917		13,278
Kodiak Sciences, Inc.^(b)(c)		1,092		10,931
Kronos Bio, Inc.^(b)(c)		1,191		4,764
Krystal Biotech, Inc.^(b)		538		37,719
Kura Oncology, Inc.^(b)(c)		1,398		19,376
Kymera Therapeutics, Inc.^(b)(c)		1,087		30,729
Larimar Therapeutics, Inc.^(b)		343		933
Leap Therapeutics, Inc.^(b)(c)		2,153		3,057
Legend Biotech Corp., ADR^(b)(c)		1,118		51,976
Lexicon Pharmaceuticals, Inc.^(b)		3,815		10,491
Ligand Pharmaceuticals, Inc.^(b)		358		33,076
Lyell Immunopharma, Inc.^(b)(c)		5,151		34,512


	Shares		Value
Biotechnology-(continued)
MacroGenics, Inc.^(b)		1,287	$	5,109
Madrigal Pharmaceuticals, Inc.^(b)(c)		363		26,180
Magenta Therapeutics, Inc.^(b)		1,226		2,158
MannKind Corp.^(b)(c)		5,290		19,308
MeiraGTx Holdings PLC^(b)		934		7,752
Mereo Biopharma Group PLC, ADR (United Kingdom)		2,441		2,929
Mersana Therapeutics, Inc.^(b)		2,034		15,255
Merus N.V. (Netherlands)^(b)		915		21,667
Mirati Therapeutics, Inc.^(b)		1,167		94,562
Mirum Pharmaceuticals, Inc.^(b)(c)		769		19,210
Moderna, Inc.^(b)		8,319		1,100,354
Molecular Templates, Inc.^(b)		1,182		867
Monte Rosa Therapeutics, Inc.^(b)(c)		981		7,770
Morphic Holding, Inc.^(b)(c)		803		22,099
Mustang Bio, Inc.^(b)		2,165		1,315
Myriad Genetics, Inc.^(b)		1,689		37,732
Neoleukin Therapeutics, Inc.^(b)		917		945
Neurocrine Biosciences, Inc.^(b)		2,007		209,992
NextCure, Inc.^(b)		596		2,444
Nkarta, Inc.^(b)		1,013		14,577
Novavax, Inc.^(b)(c)		1,638		54,120
Nurix Therapeutics, Inc.^(b)(c)		940		14,786
Nuvalent, Inc., Class A^(b)(c)		901		15,209
ObsEva S.A. (Switzerland)		1,747		314
Olema Pharmaceuticals, Inc.^(b)		845		3,338
Omega Therapeutics, Inc		974		4,354
Oncocyte Corp.^(b)		2,454		1,939
Oncorus, Inc.^(b)		544		707
ORIC Pharmaceuticals, Inc.^(b)		824		2,851
Ovid therapeutics, Inc.^(b)		1,474		2,963
Oyster Point Pharma, Inc.^(b)(c)		562		3,512
Passage Bio, Inc.^(b)		1,134		2,291
PMV Pharmaceuticals, Inc.^(b)(c)		955		13,294
Poseida Therapeutics, Inc.^(b)		1,822		6,031
Praxis Precision Medicines, Inc.^(b)		953		2,973
Precigen, Inc.^(b)		4,373		9,664
Precision BioSciences, Inc.^(b)		2,351		3,785
Prelude Therapeutics, Inc.^(b)(c)		1,010		7,272
Prometheus Biosciences, Inc.^(b)		818		42,790
ProQR Therapeutics N.V. (Netherlands)^(b)		1,496		1,182
Protagonist Therapeutics, Inc.^(b)		1,014		8,842
Prothena Corp. PLC (Ireland)^(b)(c)		984		27,129
PTC Therapeutics, Inc.^(b)		1,502		75,010
Puma Biotechnology, Inc.^(b)		941		2,522
Quince Therapeutics, Inc.^(b)		748		1,316
Rallybio Corp.^(b)		669		7,392
RAPT Therapeutics, Inc.^(b)		619		16,533
Recursion Pharmaceuticals, Inc., Class A^(b)		3,444		36,196
Regeneron Pharmaceuticals, Inc.^(b)		2,259		1,312,615
REGENXBIO, Inc.^(b)		905		26,697
Relay Therapeutics, Inc.^(b)(c)		2,279		52,349
Repare Therapeutics, Inc. (Canada)^(b)		882		10,513
Replimune Group, Inc.^(b)		1,024		19,517
REVOLUTION Medicines, Inc.^(b)		1,802		37,536
Rhythm Pharmaceuticals, Inc.^(b)		1,055		23,843
Rigel Pharmaceuticals, Inc.^(b)		3,604		5,118
Rocket Pharmaceuticals, Inc.^(b)(c)		1,379		21,250
Rubius Therapeutics, Inc.^(b)		1,887		1,321
SAB Biotherapeutics, Inc.^(b)		872		610

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


		13

Invesco Nasdaq Biotechnology ETF (IBBQ)–(continued)

August 31, 2022


	Shares		Value
Biotechnology-(continued)
Sage Therapeutics, Inc.^(b)		1,239	$	46,661
Sana Biotechnology, Inc.^(b)(c)		3,966		27,008
Sangamo Therapeutics, Inc.^(b)(c)		3,073		16,594
Sarepta Therapeutics, Inc.^(b)		1,841		201,369
Scholar Rock Holding Corp.^(b)		1,088		9,074
Seagen, Inc.^(b)		3,862		595,868
Selecta Biosciences, Inc.^(b)		3,180		5,978
Sensei Biotherapeutics, Inc.^(b)		642		1,226
Sera Prognostics, Inc., Class A^(b)		616		1,294
Seres Therapeutics, Inc.^(b)		2,592		13,323
Sesen Bio, Inc.^(b)		4,170		2,877
Shattuck Labs, Inc.^(b)		914		2,970
Silverback Therapeutics, Inc.^(b)		735		3,998
Solid Biosciences, Inc.^(b)		2,388		1,528
Spectrum Pharmaceuticals, Inc.^(b)		3,767		4,257
Spero Therapeutics, Inc		659		532
SpringWorks Therapeutics, Inc.^(b)(c)		1,032		28,659
Stoke Therapeutics, Inc.^(b)		817		12,304
Summit Therapeutics, Inc.^(b)		2,026		2,431
Surface Oncology, Inc.^(b)		1,141		1,552
Sutro Biopharma, Inc.^(b)		1,093		6,186
Syndax Pharmaceuticals, Inc.^(b)		1,180		27,860
Syros Pharmaceuticals, Inc.^(b)		1,287		1,030
Talaris Therapeutics, Inc.^(b)		871		2,883
Taysha Gene Therapies, Inc.^(b)		850		2,686
TCR2 Therapeutics, Inc.^(b)		802		2,181
Tenaya Therapeutics, Inc.^(b)		868		3,811
Tonix Pharmaceuticals Holding Corp.		881		899
Travere Therapeutics, Inc.^(b)		1,334		35,698
Twist Bioscience Corp.^(b)(c)		1,184		47,502
Ultragenyx Pharmaceutical, Inc.^(b)		1,470		70,104
uniQure N.V. (Netherlands)^(b)		980		19,149
United Therapeutics Corp.^(b)		951		215,516
UroGen Pharma Ltd.^(b)		482		3,591
Vanda Pharmaceuticals, Inc.^(b)		1,186		12,548
Vaxcyte, Inc.^(b)		1,223		31,994
Veracyte, Inc.^(b)(c)		1,498		30,559
Verastem, Inc.^(b)		3,902		4,526
Vertex Pharmaceuticals, Inc.^(b)		5,347		1,506,571
Verve Therapeutics, Inc.^(b)(c)		1,260		48,334
Vir Biotechnology, Inc.^(b)		2,785		66,144
Viracta Therapeutics, Inc.^(b)		812		3,289
Vor BioPharma, Inc.^(b)(c)		796		4,083
Werewolf Therapeutics, Inc.^(b)		583		2,950
Xencor, Inc.^(b)		1,252		33,040
Xenon Pharmaceuticals, Inc. (Canada)^(b)		1,305		50,647
Y-mAbs Therapeutics, Inc.^(b)(c)		911		14,649
Zai Lab Ltd., ADR (China)^(b)(c)		1,431		66,127
Zentalis Pharmaceuticals, Inc.^(b)		1,197		32,092

				16,229,256

Health Care Equipment & Supplies-0.93%
Bioventus, Inc., Class A^(b)		1,287		9,408
Novocure Ltd.^(b)(c)		2,195		180,275

				189,683

Health Care Providers & Services-0.72%
23andMe Holding Co., Class A^(b)(c)		5,367		18,087
Castle Biosciences, Inc.^(b)		553		16,037


	Shares		Value
Health Care Providers & Services-(continued)
Guardant Health, Inc.^(b)		2,144	$	107,329
PetIQ, Inc.^(b)		610		5,697

				147,150

Life Sciences Tools & Services-5.67%
AbCellera Biologics, Inc. (Canada)^(b)		5,975		63,813
Absci Corp.^(b)(c)		1,915		6,454
Adaptive Biotechnologies Corp.^(b)		2,981		26,591
Alpha Teknova, Inc.^(b)		588		2,652
Codex DNA, Inc.^(b)(c)		613		1,177
Codexis, Inc.^(b)		1,367		9,583
Compugen Ltd. (Israel)^(b)		1,812		2,120
Harvard Bioscience, Inc.^(b)		866		2,858
Illumina, Inc.^(b)		3,273		659,968
Maravai LifeSciences Holdings, Inc., Class A^(b)		2,761		57,622
MaxCyte, Inc.^(b)		2,128		11,066
Medpace Holdings, Inc.^(b)		703		103,770
NanoString Technologies, Inc.^(b)(c)		975		13,221
Nautilus Biotechnology, Inc.^(b)(c)		2,602		5,750
Pacific Biosciences of California, Inc.^(b)(c)		4,691		27,489
Personalis, Inc.^(b)		952		3,151
Quantum-Si, Inc.^(b)		2,487		7,759
Rapid Micro Biosystems, Inc., Class A^(b)		765		2,547
Seer, Inc.^(b)(c)		1,226		12,383
Singular Genomics Systems, Inc.^(b)(c)		1,478		3,946
Syneos Health, Inc.^(b)		2,150		129,236

				1,153,156

Pharmaceuticals-12.93%
Aclaris Therapeutics, Inc.^(b)		1,397		22,226
Aerie Pharmaceuticals, Inc.^(b)		1,013		15,296
Amphastar Pharmaceuticals, Inc.^(b)		1,025		30,340
Aquestive Therapeutics, Inc.^(b)		1,050		1,517
Arvinas, Inc.^(b)(c)		1,115		47,209
AstraZeneca PLC, ADR (United Kingdom)		11,787		735,273
ATAI Life Sciences N.V. (Germany)^(b)		3,364		15,138
Atea Pharmaceuticals, Inc.^(b)(c)		1,745		13,088
Athira Pharma, Inc.^(b)		760		2,569
Avadel Pharmaceuticals PLC, ADR^(b)		1,230		8,167
Axsome Therapeutics, Inc.^(b)		817		52,125
Cara Therapeutics, Inc.^(b)		1,117		11,527
Clearside Biomedical, Inc.^(b)		1,258		1,723
Collegium Pharmaceutical, Inc.^(b)		708		12,447
Cymabay Therapeutics, Inc.^(b)		1,770		6,266
Edgewise Therapeutics, Inc.^(b)		1,036		10,443
Esperion Therapeutics, Inc.^(b)(c)		1,335		9,959
Evolus, Inc.^(b)(c)		1,175		11,292
EyePoint Pharmaceuticals, Inc.^(b)		709		7,090
Fulcrum Therapeutics, Inc.^(b)(c)		1,092		8,081
Harmony Biosciences Holdings, Inc.^(b)(c)		1,239		54,405
Harrow Health, Inc.^(b)(c)		576		5,178
Hutchmed China Ltd., ADR (China)^(b)		1,120		14,403
Ikena Oncology, Inc.^(b)		760		3,610
Innoviva, Inc.^(b)		1,457		19,174
Intra-Cellular Therapies, Inc.^(b)		1,980		99,515
Jazz Pharmaceuticals PLC^(b)		1,308		203,028
KemPharm, Inc.^(b)(c)		718		3,920
Landos Biopharma, Inc.^(b)		843		759
Marinus Pharmaceuticals, Inc.^(b)		774		5,387
Nektar Therapeutics^(b)(c)		4,226		16,650
NGM Biopharmaceuticals, Inc.^(b)		1,656		23,366

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


		14

Invesco Nasdaq Biotechnology ETF (IBBQ)–(continued)

August 31, 2022


	Shares		Value
Pharmaceuticals-(continued)
NRX Pharmaceuticals, Inc.^(b)		1,398	$	909
Ocular Therapeutix, Inc.^(b)		1,610		8,179
Omeros Corp.^(b)		1,305		5,259
Optinose, Inc.^(b)		1,758		6,417
Pacira BioSciences, Inc.^(b)		956		50,171
Paratek Pharmaceuticals, Inc.^(b)		1,138		2,856
Phathom Pharmaceuticals, Inc.^(b)(c)		815		6,960
Phibro Animal Health Corp., Class A		426		6,309
Pliant Therapeutics, Inc.^(b)		995		19,184
Provention Bio, Inc.^(b)		1,705		7,366
Rain Therapeutics, Inc.^(b)		390		2,313
Rani Therapeutics Holdings, Inc., Class A		511		4,548
Reata Pharmaceuticals, Inc., Class A^(b)		664		15,876
Redhill Biopharma Ltd., ADR (Israel)^(c)		1,076		968
Relmada Therapeutics, Inc.^(b)(c)		627		18,271
Revance Therapeutics, Inc.^(b)		1,528		30,407
Royalty Pharma PLC, Class A		9,136		381,976
Sanofi, ADR (France)		5,973		245,072
SIGA Technologies, Inc.^(c)		1,521		22,937
Supernus Pharmaceuticals, Inc.^(b)		1,121		38,372
Terns Pharmaceuticals, Inc.^(b)		530		2,067
Theravance Biopharma, Inc.^(b)		1,595		14,371
Tricida, Inc.^(b)(c)		1,160		14,523
Verrica Pharmaceuticals, Inc.^(b)		808		3,167
Viatris, Inc.		25,446		243,009


	Shares		Value
Pharmaceuticals-(continued)
WaVe Life Sciences Ltd.^(b)		1,820	$	5,405
Xeris Biopharma Holdings, Inc.^(b)		2,836		4,736

				2,632,799

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $27,355,090)				20,352,044


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-13.20%
Invesco Private Government Fund, 2.29%^(d)(e)(f)		749,198		749,198
Invesco Private Prime Fund, 2.37%^(d)(e)(f)		1,937,500		1,937,694

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,686,807)				2,686,892

TOTAL INVESTMENTS IN SECURITIES-113.19% (Cost $30,041,897)				23,038,936
OTHER ASSETS LESS LIABILITIES-(13.19)%				(2,685,226	)

NET ASSETS-100.00%			$	20,353,710

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 August 31, 2022.

^(d)

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


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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	583,508		$	(583,508	)		$	-		$	-			$	-		$	30

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			262,268			10,649,162			(10,162,232	)			-			-				749,198			5,402	*

Invesco Private Prime Fund			611,959			21,966,470			(20,640,120	)			85			(700	)			1,937,694			14,969	*


Total		$	874,227		$	33,199,140		$	(31,385,860	)		$	85		$	(700	)		$	2,686,892		$	20,401

*	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 August 31, 2022.

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

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


		15

Invesco PHLX Semiconductor ETF (SOXQ)

August 31, 2022

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.92%
Electronic Equipment, Instruments & Components-1.26%
II-VI Incorporated^(b)		9,102	$	429,887
IPG Photonics Corp.^(b)		3,633		329,114

				759,001

Life Sciences Tools & Services-0.46%
Azenta, Inc.		5,266		277,571

Semiconductors & Semiconductor Equipment-98.20%
Advanced Micro Devices, Inc.^(b)		54,825		4,652,998
Amkor Technology, Inc.		17,177		345,773
Analog Devices, Inc.		16,581		2,512,519
Applied Materials, Inc.		23,806		2,239,430
ASML Holding N.V., New York Shares (Netherlands)		4,845		2,373,759
Broadcom, Inc.		9,627		4,804,932
Entegris, Inc.		9,529		904,111
Intel Corp.		125,733		4,013,397
KLA Corp.		7,654		2,633,971
Lam Research Corp.		5,370		2,351,577
Lattice Semiconductor Corp.^(b)		9,661		520,728
Marvell Technology, Inc.		47,210		2,210,372
Microchip Technology, Inc.		38,441		2,508,275


	Shares		Value
Semiconductors & Semiconductor Equipment-(continued)
Micron Technology, Inc.		37,819	$	2,137,908
Monolithic Power Systems, Inc.		3,276		1,484,618
NVIDIA Corp.		29,908		4,514,313
NXP Semiconductors N.V. (China)		14,717		2,422,124
ON Semiconductor Corp.^(b)		30,515		2,098,517
Power Integrations, Inc.		4,088		292,415
Qorvo, Inc.^(b)		7,446		668,502
QUALCOMM, Inc.		19,496		2,578,736
Silicon Laboratories, Inc.^(b)		2,568		321,847
Skyworks Solutions, Inc.		11,304		1,114,009
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		29,297		2,441,905
Teradyne, Inc.		11,241		951,438
Texas Instruments, Inc.		31,593		5,219,480
Wolfspeed, Inc.^(b)		8,672		984,012

				59,301,666

TOTAL INVESTMENTS IN SECURITIES-99.92% (Cost $75,532,881)				60,338,238
OTHER ASSETS LESS LIABILITIES-0.08%				47,414

NET ASSETS-100.00%			$	60,385,652

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.


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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	763		$	780,965		$	(781,728	)		$	-		$	-			$	-		$	123

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			105,927			2,429,806			(2,535,733	)			-			-				-			147	*

Invesco Private Prime Fund			247,162			5,362,322			(5,609,184	)			-			(300	)			-			506	*


Total		$	353,852		$	8,573,093		$	(8,926,645	)		$	-		$	(300	)		$	-		$	776

*	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.

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


		16

Invesco Solar ETF (TAN)

August 31, 2022

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Building Products-0.69%
Luoyang Glass Co. Ltd., H Shares (China)^(b)(c)(d)		14,635,635	$	20,436,951


Chemicals-2.76%
Hanwha Solutions Corp. (South Korea)^(c)		2,086,927		82,069,725


Construction & Engineering-1.20%
ReneSola Ltd., ADR (China)^(c)(d)		3,166,746		18,493,797
Xinte Energy Co. Ltd., H Shares (China) .		6,498,705		17,056,425

				35,550,222


Electrical Equipment-14.55%
Array Technologies, Inc.^(c)(d)		4,029,751		84,221,796
Heliogen, Inc.^(c)		6,166,818		14,800,363
Shoals Technologies Group, Inc., Class A^(c)(d)		3,174,595		83,714,070
Soltec Power Holdings S.A. (Spain)^(c)(d).		2,656,257		13,996,038
SunPower Corp.^(c)(d)		3,040,883		72,981,192
Sunrun, Inc.^(c)(d)		4,940,988		163,200,834

				432,914,293

Independent Power and Renewable Electricity Producers-21.90%
Altus Power, Inc.^(c)(d)		2,451,377		25,690,431
Atlantica Sustainable Infrastructure PLC (Spain)		2,013,122		67,278,537
Azure Power Global Ltd. (India)^(c)(d)		1,217,528		4,370,925
Doral Group Renewable Energy Resources Ltd. (Israel)^(c)(d)		3,993,417		14,874,246
Encavis AG (Germany)		3,944,003		84,671,810
Energix-Renewable Energies Ltd. (Israel)		6,829,823		31,352,161
Enlight Renewable Energy Ltd. (Israel)^(c)		20,550,174		50,423,280
GCL New Energy Holdings Ltd. (China)^(c)(d)		524,322,141		5,878,612
Grenergy Renovables S.A. (Spain)^(c)		641,080		23,206,971
Neoen S.A. (France)^(d)(e)		1,027,337		42,561,201
OY Nofar Energy Ltd. (Israel)^(c)		906,685		30,527,656
RENOVA, Inc. (Japan)^(c)(d)		1,203,595		26,437,849
Scatec ASA (South Africa)^(d)(e)		3,224,801		32,916,909
Shandong Hi-Speed New Energy Group Ltd. (China)^(c)		1,153,888,848		11,173,045
Solaria Energia y Medio Ambiente S.A. (Spain)^(c)		2,709,836		57,712,873
Sunnova Energy International, Inc.^(c)(d).		2,946,751		74,317,060
West Holdings Corp. (Japan)^(d)		1,040,149		33,277,265
Xinyi Energy Holdings Ltd. (China)^(d)		86,517,133		35,052,840

				651,723,671

Mortgage REITs-2.05%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.^(d)		1,542,949		60,977,344


	Shares		Value
Semiconductors & Semiconductor Equipment-56.84%
Canadian Solar, Inc. (Canada)^(c)(d)		1,717,910	$	77,597,995
Daqo New Energy Corp., ADR (China)^(c)(d)		1,435,717		95,719,252
Enphase Energy, Inc.^(c)		1,326,773		380,040,858
First Solar, Inc.^(c)		2,286,261		291,612,591
Flat Glass Group Co. Ltd., H Shares (China)^(c)(d)		13,680,952		45,232,194
GCL Technology Holdings Ltd. (China)^(c)(d)		380,298,610		136,636,842
Gigasolar Materials Corp. (Taiwan)^(c)		2,450,000		11,550,719
Gigasolar Materials Corp., Rts., expiring 09/07/2022 (Taiwan)^(c)		394,078		368,993
JinkoSolar Holding Co. Ltd., ADR (China)^(c)(d)		1,249,791		76,074,778
Maxeon Solar Technologies Ltd.^(c)(d)		1,243,016		24,673,868
Meyer Burger Technology AG (Switzerland)^(c)(d)		100,607,238		50,553,604
Motech Industries, Inc. (Taiwan)^(b)		19,688,000		18,434,760
SMA Solar Technology AG (Germany)^(c)(d)		766,286		38,758,111
SolarEdge Technologies, Inc.^(c)		866,684		239,178,783
TSEC Corp. (Taiwan)^(c)		22,128,000		28,352,920
United Renewable Energy Co. Ltd. (Taiwan)^(c)		60,628,458		45,913,296
Xinyi Solar Holdings Ltd. (China)		94,635,602		130,700,666

				1,691,400,230

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $3,057,273,335)				2,975,072,436


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-23.01%
Invesco Private Government Fund, 2.29%^(b)(f)(g)		190,757,568		190,757,568
Invesco Private Prime Fund, 2.37%^(b)(f)(g)		493,919,742		493,969,145

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $684,686,319)				684,726,713

TOTAL INVESTMENTS IN SECURITIES-123.00% (Cost $3,741,959,654)				3,659,799,149
OTHER ASSETS LESS LIABILITIES-(23.00)%				(684,316,649	)

NET ASSETS-100.00%			$	2,975,482,500

Investment Abbreviations:

ADR-American Depositary Receipt

Rts. -Rights

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


		17

Invesco Solar ETF (TAN)–(continued)

August 31, 2022

Notes to Schedule of Investments:

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

^(b)

Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or is an “affiliated person” under the Investment Company Act of 1940, as amended (the “1940 Act”), which defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. For the Investments in Other Affiliates below, the Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.


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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	22,392,028		$	148,390,646		$	(170,782,674	)		$	-			$	-			$	-		$	3,088

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			248,743,131			992,699,336			(1,050,684,899	)			-				-				190,757,568			1,035,925	*

Invesco Private Prime Fund			581,927,213			2,149,805,701			(2,237,633,612	)			40,389				(170,546	)			493,969,145			3,005,406	*

Investments in Other Affiliates:

Anji Technology Co. Ltd.			9,755,635			-			(8,186,704	)			5,725,615				(7,294,546	)			-			-

Beam Global***			12,568,322			11,132,094			(13,900,132	)			6,105,562				(15,905,846	)			-			-

Luoyang Glass Co. Ltd., H Shares			31,425,445			17,780,263			(23,924,246	)			(11,225,486	)			6,380,975				20,436,951			-

Motech Industries, Inc.			24,899,702			16,604,825			(21,331,651	)			2,403,961				(4,142,077	)			18,434,760			117,535

Sunworks, Inc.			11,990,259			6,174,372			(9,561,308	)			8,325,754				(16,929,077	)			-			-

TSEC Corp.**			28,150,071			21,671,409			(27,674,688	)			8,266,478				(2,060,350	)			28,352,920			-


Total		$	971,851,806		$	3,364,258,646		$	(3,563,679,914	)		$	19,642,273			$	(40,121,467	)		$	751,951,344		$	4,161,954

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

**	As of August 31, 2022, this security was not considered as an affiliate of the Fund.

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

^(c)	Non-income producing security.

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

^(e)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2022 was $75,478,110, which represented 2.54% of the Fund’s Net Assets.

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

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


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

China	19.91	%

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


		18

Statements of Assets and Liabilities

August 31, 2022


	Invesco Nasdaq Biotechnology ETF (IBBQ)			Invesco PHLX Semiconductor ETF (SOXQ)			Invesco Solar ETF (TAN)
Assets:
Unaffiliated investments in securities, at value^(a)	$	20,352,044		$	60,338,238		$	2,936,200,725
Affiliated investments in securities, at value		2,686,892			-			723,598,424
Foreign currencies, at value		-			-			793,388
Deposits with brokers:
Cash segregated as collateral		-			-			5,612,939
Receivable for:
Dividends		23,970			106,938			3,438,744
Securities lending		1,202			-			411,672
Investments sold		3,596			-			279,046
Fund shares sold		-			-			5,345,502
Foreign tax reclaims		-			-			163,267
Other assets		-			-			19,045

Total assets		23,067,704			60,445,176			3,675,862,752


Liabilities:
Due to custodian		14,078			49,004			516,954
Payable for:
Investments purchased		4,106			-			6,715,827
Collateral upon return of securities loaned		2,686,807			-			684,686,319
Collateral upon receipt of securities in-kind		-			-			5,612,939
Fund shares repurchased		5,246			-			278,567
Accrued unitary management fees		3,757			10,520			-
Accrued advisory fees		-			-			1,289,093
Accrued trustees’ and officer’s fees		-			-			17,508
Accrued expenses		-			-			1,255,156
Accrued tax expenses		-			-			7,889

Total liabilities		2,713,994			59,524			700,380,252

Net Assets	$	20,353,710		$	60,385,652		$	2,975,482,500


Net assets consist of:
Shares of beneficial interest	$	28,133,062		$	77,380,170		$	3,690,485,336
Distributable earnings (loss)		(7,779,352	)		(16,994,518	)		(715,002,836	)

Net Assets	$	20,353,710		$	60,385,652		$	2,975,482,500


Shares outstanding (unlimited amount authorized, $0.01 par value)		1,050,001			2,860,001			35,288,000

Net asset value	$	19.38		$	21.11		$	84.32


Market price	$	19.40		$	21.15		$	84.34


Unaffiliated investments in securities, at cost	$	27,355,090		$	75,532,881		$	3,016,815,528


Affiliated investments in securities, at cost	$	2,686,807		$	-		$	725,144,126


Foreign currencies, at cost	$	-		$	-		$	789,684


^(a)Includes securities on loan with an aggregate value of:	$	2,664,828		$	-		$	661,736,494

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


		19

Statements of Operations

For the year ended August 31, 2022


	Invesco Nasdaq Biotechnology ETF (IBBQ)			Invesco PHLX Semiconductor ETF (SOXQ)			Invesco Solar ETF (TAN)
Investment income:
Unaffiliated dividend income	$	244,534		$	806,507		$	8,482,484
Affiliated dividend income		30			123			120,623
Securities lending income, net		17,289			392			3,890,157
Foreign withholding tax		(3,331	)		(17,649	)		(479,325	)

Total investment income		258,522			789,373			12,013,939


Expenses:
Unitary management fees		56,680			111,324			-
Advisory fees		-			-			13,573,064
Sub-licensing fees		-			-			3,800,450
Accounting & administration fees		-			-			262,552
Custodian & transfer agent fees		-			-			476,552
Trustees’ and officer’s fees		-			-			24,664
Other expenses		-			-			484,028

Total expenses		56,680			111,324			18,621,310

Less: Waivers		(24,612	)		(34,914	)		(221	)

Net expenses		32,068			76,410			18,621,089

Net investment income (loss)		226,454			712,963			(6,607,150	)


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(928,886	)		(1,922,265	)		(160,054,728	)
Affiliated investment securities		(700	)		(300	)		(41,425,948	)
Unaffiliated in-kind redemptions		11,261			7,298,142			262,542,661
Affiliated in-kind redemptions		-			-			1,304,481
Foreign currencies		-			-			(207,158	)

Net realized gain (loss)		(918,325	)		5,375,577			62,159,308

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(9,312,668	)		(18,852,741	)		(265,048,549	)
Affiliated investment securities		85			-			(8,781,136	)
Foreign currencies		-			-			(40,020	)


Change in net unrealized appreciation (depreciation)		(9,312,583	)		(18,852,741	)		(273,869,705	)


Net realized and unrealized gain (loss)		(10,230,908	)		(13,477,164	)		(211,710,397	)


Net increase (decrease) in net assets resulting from operations	$	(10,004,454	)	$	(12,764,201	)	$	(218,317,547	)

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


		20

Statements of Changes in Net Assets

For the years ended August 31, 2022 and 2021


	Invesco Nasdaq Biotechnology ETF (IBBQ)						Invesco PHLX Semiconductor ETF (SOXQ)						Invesco Solar ETF (TAN)
	2022			2021^(a)			2022			2021^(a)			2022			2021
Operations:
Net investment income (loss)	$	226,454		$	85,123		$	712,963		$	147,084		$	(6,607,150	)	$	(1,656,887	)
Net realized gain (loss)		(918,325	)		814,104			5,375,577			877,721			62,159,308			945,864,381
Change in net unrealized appreciation (depreciation)		(9,312,583	)		2,309,622			(18,852,741	)		3,658,098			(273,869,705	)		(400,052,910	)

Net increase (decrease) in net assets resulting from operations		(10,004,454	)		3,208,849			(12,764,201	)		4,682,903			(218,317,547	)		544,154,584


Distributions to Shareholders from:
Distributable earnings		(290,468	)		-			(728,394	)		-			-			(3,100,002	)


Shareholder Transactions:
Proceeds from shares sold		35,536,414			69,388,017			62,816,295			73,208,006			1,842,850,588			3,176,990,404
Value of shares repurchased		(56,556,737	)		(20,927,911	)		(52,100,885	)		(14,728,072	)		(1,867,798,055	)		(1,834,571,394	)

Net increase (decrease) in net assets resulting from share transactions		(21,020,323	)		48,460,106			10,715,410			58,479,934			(24,947,467	)		1,342,419,010

Net increase (decrease) in net assets		(31,315,245	)		51,668,955			(2,777,185	)		63,162,837			(243,265,014	)		1,883,473,592


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

End of period	$	20,353,710		$	51,668,955		$	60,385,652		$	63,162,837		$	2,975,482,500		$	3,218,747,514


Changes in Shares Outstanding:
Shares sold		1,610,000			2,730,001			2,380,000			2,900,001			22,400,000			35,760,000
Shares repurchased		(2,480,000	)		(810,000	)		(1,860,000	)		(560,000	)		(24,480,000	)		(21,920,000	)
Shares outstanding, beginning of period		1,920,001			-			2,340,001			-			37,368,000			23,528,000

Shares outstanding, end of period		1,050,001			1,920,001			2,860,001			2,340,001			35,288,000			37,368,000

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

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


		21

Financial Highlights

Invesco Nasdaq Biotechnology ETF (IBBQ)


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

Net investment income^(b)			0.17				0.04
Net realized and unrealized gain (loss) on investments			(7.47	)			1.53

Total from investment operations			(7.30	)			1.57

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

Net asset value at end of period		$	19.38			$	26.91

Market price at end of period^(c)		$	19.40			$	26.87

Net Asset Value Total Return^(d)			(27.24	)%			6.19	%^(e)
Market Price Total Return^(d)			(27.06	)%			6.04	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	20,354			$	51,669
Ratio to average net assets of:
Expenses, after Waivers			0.11	%			-	%^(f)
Expenses, prior to Waivers			0.19	%			0.19	%^(f)
Net investment income			0.76	%			0.65	%^(f)
Portfolio turnover rate^(g)			22	%			8	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

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

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

^(f)	Annualized.

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

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


		22

Financial Highlights–(continued)

Invesco PHLX Semiconductor ETF (SOXQ)


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

Net investment income^(b)			0.31				0.06
Net realized and unrealized gain (loss) on investments			(5.83	)			2.05

Total from investment operations			(5.52	)			2.11

Distributions to shareholders from:
Net investment income			(0.36	)			-

Net asset value at end of period		$	21.11			$	26.99

Market price at end of period^(c)		$	21.15			$	27.06

Net Asset Value Total Return^(d)			(20.70	)%			8.48	%^(e)
Market Price Total Return^(d)			(20.76	)%			8.76	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	60,386			$	63,163
Ratio to average net assets of:
Expenses, after Waivers			0.13	%			-	%^(f)
Expenses, prior to Waivers			0.19	%			0.19	%^(f)
Net investment income			1.22	%			1.09	%^(f)
Portfolio turnover rate^(g)			19	%			4	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

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

^(f)	Annualized.

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

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


		23

Financial Highlights–(continued)

Invesco Solar ETF (TAN)


	Years Ended August 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	86.14		$	56.75		$	30.63		$	21.92		$	21.62

Net investment income (loss)^(a)		(0.19	)		(0.05	)		0.17			0.05			0.54
Net realized and unrealized gain (loss) on investments		(1.63	)		29.53			26.04			8.79			0.20

Total from investment operations		(1.82	)		29.48			26.21			8.84			0.74

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

Net asset value at end of year	$	84.32		$	86.14		$	56.75		$	30.63		$	21.92

Market price at end of year^(b)	$	84.34		$	85.59		$	56.84		$	30.54		$	21.82

Net Asset Value Total Return^(c)		(2.11	)%		51.93	%		85.82	%		40.73	%		3.19	%
Market Price Total Return^(c)		(1.46	)%		50.72	%		86.67	%		40.96	%		2.33	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	2,975,483		$	3,218,748		$	1,335,274		$	456,086		$	319,383
Ratio to average net assets of:
Expenses, after Waivers		0.69	%		0.65	%		0.69	%		0.70	%		0.65	%
Expenses, prior to Waivers		0.69	%		0.65	%		0.69	%		0.71	%		0.69	%
Net investment income (loss)		(0.24	)%		(0.05	)%		0.49	%		0.22	%		2.23	%
Portfolio turnover rate^(d)		38	%		55	%		28	%		29	%		54	%

^(a)	Based on average shares outstanding.

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

^(c)

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

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


		24

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

August 31, 2022

NOTE 1–Organization

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


Full Name		Short Name
Invesco Nasdaq Biotechnology ETF (IBBQ)		“Nasdaq Biotechnology ETF”
Invesco PHLX Semiconductor ETF (SOXQ)		“PHLX Semiconductor ETF”
Invesco Solar ETF (TAN)		“Solar ETF”

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

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

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


Fund		Underlying Index
Nasdaq Biotechnology ETF		Nasdaq Biotechnology Index^®
PHLX Semiconductor ETF		PHLX Semiconductor Sector Index^®
Solar ETF		MAC Global Solar Energy Index

NOTE 2–Significant Accounting Policies

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

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

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

A security listed or traded on an exchange 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 (“OTC”) market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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

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

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


		25

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 and unreliable 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


		26

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

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

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

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

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

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

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

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

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

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

Solar ETF is responsible for all of its expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, brokerage commissions and other expenses connected with executions of portfolio transactions, licensing fees related to its Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members and officers who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the


		27

Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

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

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

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 Independent Trustee is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

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

On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole securities lending agent for each Fund under the securities lending program. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the period September 14, 2021 through August 31, 2022, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:


		Amount

Nasdaq Biotechnology ETF		$743

PHLX Semiconductor ETF		15

Solar ETF		41,609


		28

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

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

K.	Other Risks

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

Authorized Participant Concentration Risk. Only authorized participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase this risk.

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

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


		29

including financial information, about securities in emerging markets may contribute to incorrect weightings and data and computational errors when a Fund’s index provider selects securities for inclusion in the Fund’s Underlying Index or rebalances the Underlying Index.

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

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

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

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

Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.

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

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary


		30

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

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

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

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

NOTE 3–Investment Advisory Agreement and Other Agreements

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

Pursuant to an Investment Advisory Agreement, Solar ETF accrues daily and pays monthly to the Adviser an annual fee equal to 0.50% of the Fund’s average daily net assets. The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”), pursuant to which the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of Solar ETF (excluding interest expenses, brokerage commissions and other trading expenses, sub-licensing fees, offering costs, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses) from exceeding 0.65% of the Fund’s average daily net assets per year through August 31, 2024 (the “Expense Cap”). There is no guarantee that the Adviser will extend the waiver of these fees past that date.

Pursuant to another Investment Advisory Agreement, each Fund listed below accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:


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

Nasdaq Biotechnology ETF		0.19%

PHLX Semiconductor ETF		0.19%

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

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

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



Nasdaq Biotechnology ETF	$	24,612

PHLX Semiconductor ETF		34,914

Solar ETF		221

The fees waived and/or expenses borne by the Adviser, pursuant to the Expense Cap, for Solar ETF are subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will


		31

be made by the Fund if it would result in the Fund exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser. There are no amounts available for potential recapture by the Adviser as of August 31, 2022.

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

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


Fund		Licensor

Nasdaq Biotechnology ETF		Nasdaq, Inc.

PHLX Semiconductor ETF		Nasdaq, Inc.

Solar ETF		MAC Indexing LLC

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

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

For the fiscal year ended August 31, 2022, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:



Nasdaq Biotechnology ETF	$	2,530

PHLX Semiconductor ETF		841

Solar ETF		3,600

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

NOTE 4–Additional Valuation Information

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


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

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

Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect 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 August 31, 2022, for each Fund (except for PHLX Semiconductor ETF). As of August 31, 2022, all of the securities in PHLX Semiconductor ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1			Level 2			Level 3			Total

Nasdaq Biotechnology ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	20,352,044		$	-		$	-		$	20,352,044

Money Market Funds			-			2,686,892			-			2,686,892


Total Investments		$	20,352,044		$	2,686,892		$	-		$	23,038,936


		32


	Level 1			Level 2			Level 3			Total

Solar ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	2,974,703,443		$	368,993		$	-		$	2,975,072,436

Money Market Funds			-			684,726,713			-			684,726,713


Total Investments		$	2,974,703,443		$	685,095,706		$	-		$	3,659,799,149

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

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the year ended August 31, 2022:


	Value 08/31/21			Purchases at Cost			Proceeds from Sales			Accrued Discounts/ Premiums			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Transfers into Level 3			Transfers out of Level 3				Value 08/31/22

Solar ETF

Common Stocks & Other Equity Interests		$	44,976,464		$	–		$	–		$	–		$	–		$	–		$	–		$	(44,976,464	)		$	–

The Funds’ policy is to recognize transfers into or out of Level 3 at the beginning of the reporting period.

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

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


	2022		2021
	Ordinary Income*		Ordinary Income*
Nasdaq Biotechnology ETF**	$	290,468	$	-

PHLX Semiconductor ETF**		728,394		-
Solar ETF		-		3,100,002

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

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

Tax Components of Net Assets at Fiscal Year-End:


	Undistributed Ordinary Income			Temporary Book/Tax Differences				Net Unrealized Appreciation (Depreciation)- Investments				Net Unrealized (Depreciation)- Foreign Currencies			Capital Loss Carryforwards			Shares of Beneficial Interest		Total Net Assets

Nasdaq Biotechnology ETF		$	41,351		$	-			$	(7,056,604	)		$	-		$	(764,099)$		28,133,062		$	20,353,710

PHLX Semiconductor ETF			131,653			-				(15,216,567	)			-			(1,909,604)		77,380,170			60,385,652

Solar ETF			-			(14,232	)			(242,379,825	)			(27,511)			(472,581,268)		3,690,485,336			2,975,482,500

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

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


	No expiration
	Short-Term			Long-Term			Total*

Nasdaq Biotechnology ETF		$	688,811		$	75,288		$	764,099

PHLX Semiconductor ETF			1,842,663			66,941			1,909,604

Solar ETF			196,052,127			276,529,141			472,581,268

*	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.


		33

NOTE 6–Investment Transactions

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


	Purchases			Sales
Nasdaq Biotechnology ETF		$	6,575,849		$	6,732,263

PHLX Semiconductor ETF			11,011,322			11,068,739

Solar ETF			1,044,555,043			1,039,404,841

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


	In-kind			In-kind
	Purchases			Sales
Nasdaq Biotechnology ETF		$	35,421,898		$	56,338,498

PHLX Semiconductor ETF			62,777,244			52,003,878

Solar ETF			1,582,848,860			1,589,813,912

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


								Net
	Gross			Gross				Unrealized
	Unrealized			Unrealized				Appreciation
	Appreciation			(Depreciation)				(Depreciation)				Cost
Nasdaq Biotechnology ETF		$	719,282		$	(7,775,886	)		$	(7,056,604	)		$	30,095,540

PHLX Semiconductor ETF			465,844			(15,682,411	)			(15,216,567	)			75,554,805

Solar ETF			317,516,489			(559,896,314	)			(242,379,825	)			3,902,178,974

NOTE 7–Reclassification of Permanent Differences

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


	Undistributed Net		Undistributed Net			Shares of
	Investment Income		Realized Gain (Loss)			Beneficial Interest
Nasdaq Biotechnology ETF	$	10,448	$	120,330		$	(130,778	)

PHLX Semiconductor ETF		-		(7,284,609	)		7,284,609

Solar ETF		6,972,456		(178,788,100	)		171,815,644

NOTE 8–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for Nasdaq Biotechnology ETF and PHLX Semiconductor ETF. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

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

NOTE 9–Capital

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


		34

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

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.


		35

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco Nasdaq Biotechnology ETF, Invesco PHLX Semiconductor ETF and Invesco Solar ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Nasdaq Biotechnology ETF, Invesco PHLX Semiconductor ETF and Invesco Solar ETF (three of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter referred to as the “Funds”) as of August 31, 2022, the related statements of operations for the year ended August 31, 2022, the statements of changes in net assets for each of the two years in the period ended August 31, 2022 (or for Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF for the year ended August 31, 2022 and the period June 9, 2021 (commencement of investment operations) through August 31, 2021), including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2022 (or for Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF for the year ended August 31, 2022 and the period June 9, 2021 (commencement of investment operations) through August 31, 2021) (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2022 (or for Invesco Nasdaq Biotechnology ETF and Invesco PHLX

Semiconductor ETF for the year ended August 31, 2022 and the period June 9, 2021 (commencement of investment operations) through August 31, 2021), and the financial highlights for each of the five years in the period ended August 31, 2022 (or for Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF for the year ended August 31, 2022 and the period June 9, 2021 (commencement of investment operations) through August 31, 2021) in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

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

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

October 27, 2022

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


		36

Calculating your ongoing Fund expenses

Example

As a shareholder of the Invesco Solar ETF, you incur advisory fees and other Fund expenses. As a shareholder of Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF, you incur a unitary management fee. In addition to the advisory fee or 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 March 1, 2022 through August 31, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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


	Beginning Account Value March 1, 2022			Ending Account Value August 31, 2022			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco Nasdaq Biotechnology ETF (IBBQ)

Actual		$	1,000.00		$	969.70		0.19	%		$	0.94

Hypothetical (5% return before expenses)			1,000.00			1,024.25		0.19				0.97

Invesco PHLX Semiconductor ETF (SOXQ)

Actual			1,000.00			785.80		0.19				0.86

Hypothetical (5% return before expenses)			1,000.00			1,024.25		0.19				0.97

Invesco Solar ETF (TAN)

Actual			1,000.00			1,185.10		0.72				3.97

Hypothetical (5% return before expenses)			1,000.00			1,021.58		0.72				3.67

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


		37

Tax Information

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

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

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


	Qualified Business Income*			Qualified Dividend Income*			Corporate Dividends Received Deduction*			U.S. Treasury Obligations*			Business Interest Income*

Invesco Nasdaq Biotechnology ETF		0	%		90	%		79	%		0	%		0	%

Invesco PHLX Semiconductor ETF		0	%		98	%		96	%		0	%		0	%

Invesco Solar ETF		0	%		0	%		0	%		0	%		0	%

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


		38

Trustees and Officers

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

As of August 31, 2022


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex Overseen by Independent Trustees**	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chair of the Board; Chair of the Nominating and Governance Committee and Trustee	Vice Chair since 2018; Chair of the Nominating and Governance Committee and Trustee since 2007	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	230	Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, Mission Aviation Fellowship (2017-Present).

Todd J. Barre–1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	230	None.

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

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


		39

Trustees and Officers–(continued)

Name, Address and Year of

Birth of Independent Trustees

Position(s)

Held

with Trust

Term of
Office

and

Length of

Time

Served*

Principal

Occupation(s) During

the Past 5 Years

Number of

Portfolios

in Fund

Complex**

Overseen by

Independent

Trustees

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Edmund P. Giambastiani,

Jr.–1948

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

Trustee

Since 2019

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

230

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

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

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


		40

Trustees and Officers–(continued)

Name, Address and Year of
Birth of Independent Trustees

Position(s)

Held

with Trust

Term of

Office

and

Length of

Time

Served*

Principal

Occupation(s) During

the Past 5 Years

Number of
Portfolios
in Fund
Complex**
Overseen by
Independent
Trustees

Other
Directorships
Held by
Independent
Trustees During
the Past 5 Years

Victoria J. Herget–1951

c/o Invesco Capital Management LLC

3500 Lacey Road, Suite 700 Downers Grove, IL 60515

Trustee

Since 2019

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

230

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

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

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


		41

Trustees and Officers–(continued)


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Marc M. Kole–1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Audit Committee and Trustee	Chair of the Audit Committee since 2008; Trustee since 2007	Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	230	Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.

Yung Bong Lim–1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Investment Oversight Committee and Trustee	Chair of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	230	Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

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

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


		42

Trustees and Officers–(continued)

Name, Address and Year of

Birth of Independent Trustees

Position(s)

Held

with Trust

Term of

Office

and

Length of

Time

Served*

Principal

Occupation(s) During

the Past 5 Years

Number of

Portfolios

in Fund

Complex**

Overseen by

Independent

Trustees

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Joanne Pace–1958

c/o Invesco Capital Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

Trustee

Since 2019

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

230

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

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

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


		43

Trustees and Officers–(continued)


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker–1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	230	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present).

Donald H. Wilson–1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Board and Trustee	Chair since 2012; Trustee since 2007	Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016-2018); Chair, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	230	Director, Penfield Children’s Center (2004-Present); Board Chair, Gracebridge Alliance, Inc. (2015-Present).

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

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


		44

Trustees and Officers–(continued)

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

Name, Address and Year of
Birth of Interested Trustee

Position(s)
Held
with Trust

Term of
Office

and

Length of
Time
Served*

Principal

Occupation(s) During

the Past 5 Years

Number of
Portfolios
in Fund
Complex**
Overseen by
Interested
Trustee

Other
Directorships
Held by
Interested
Trustee During
the Past 5 Years

Anna Paglia–1974

Invesco Capital Management LLC 3500 Lacey Road Suite 700 Downers Grove, IL 60515 Executive Officer since 2020

Trustee, President and Principal Executive Officer

Trustee since 2022, President and Principal

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

230

None

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

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


		45

Trustees and Officers–(continued)


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

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

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

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


		46

Trustees and Officers–(continued)


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

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

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

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


		47

Trustees and Officers–(continued)

Name, Address and Year of Birth

of Executive Officers

Position(s)

Held

with Trust

Length of

Time

Served*

Principal

Occupation(s) During

the Past 5 Years

Melanie Zimdars–1976

Invesco Capital Management LLC

3500 Lacey Road,

Suite 700

Downers Grove, IL 60515

Chief Compliance Officer

Since 2017

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

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

Availability of Additional Information About the Trustees

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


		48

Approval of Investment Advisory and Sub-Advisory Contracts

At a meeting held on April 6, 2022, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for Invesco MSCI Global Timber ETF, Invesco S&P Global Water Index ETF and Invesco Solar ETF (each, a “Fund” and collectively, the “Funds”).

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

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

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

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

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s contractual advisory fee, net advisory fee and gross and net expense ratios. The Trustees noted that the annual contractual advisory fee charged to each Fund is 0.50% of the Fund’s average daily net assets and that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (an “Expense Cap”) to the extent necessary to prevent the annual operating expenses of each Fund (excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses) from exceeding the percentage of that Fund’s average daily net assets, until at least August 31, 2024, as set forth below:

•

0.55% for Invesco MSCI Global Timber ETF;

•

0.63% for Invesco S&P Global Water Index ETF; and

•

0.65% for Invesco Solar ETF.

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


		49

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

below. The Trustees also noted that the contractual advisory fees for all of the Funds were lower than the median net advisory fees of their open-end actively-managed peer funds.


Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median	Lower than Open-End Active Fund Peer Median
Invesco MSCI Global Timber ETF			X

Invesco S&P Global Water Index ETF	X	X	X

Invesco Solar ETF		X	X

The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a significant component of the non-advisory fee expenses was the sub-licensing fees paid by the Funds, and noted that each Fund’s sub-license fees are not subject to the Expense Cap.


Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median	Lower than Open-End Active Fund Peer Median
Invesco MSCI Global Timber ETF			X

Invesco S&P Global Water Index ETF	X	X	X

Invesco Solar ETF		X	X

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding Invesco Solar ETF’s advisory fee and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fee and total expenses for the Fund are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

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

Based on all of the information provided, the Trustees determined that the contractual advisory fee and net expense ratio of each Fund were reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.

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

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size, advisory fee, expense ratio and Expense Cap agreed to by the Adviser. The Trustees also noted that the Expense Cap agreement with the Trust provides that the Adviser is entitled to be reimbursed by each Fund for fees waived or expenses absorbed pursuant to the Expense Cap for a period of three years from the date the fee or expense was incurred, provided that no reimbursement would be made that would result in a Fund exceeding its Expense Cap then in effect or in effect at the time the fees and/or expenses subject to reimbursement were


		50

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

waived and/or borne by the Adviser. The Trustees considered whether the advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the flat advisory fee was reasonable and appropriate.

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

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


		51

Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-TRST2-AR-2

invesco.com/ETFs