N-CSRS

Invesco Semi-Annual Report to Shareholders

February 28, 2022

BKLN Invesco Senior Loan ETF

Table of Contents


Schedule of Investments			3

Statement of Assets and Liabilities			9

Statement of Operations			10

Statement of Changes in Net Assets			11

Financial Highlights			12

Notes to Financial Statements			13

Fund Expenses			22

Invesco Senior Loan ETF (BKLN)

February 28, 2022

(Unaudited)

Schedule of Investments


	Interest Rate	Maturity Date		Principal Amount (000)		Value
Variable Rate Senior Loan Interests-94.98%^(a)(b)
Aerospace & Defense-2.17%
Peraton Corp., First Lien Term Loan B (1 mo. USD LIBOR + 3.75%)	4.50%		02/01/2028	$	103,672	$	70,003,974
TransDigm, Inc., Term Loan F (1 mo. USD LIBOR + 2.25%)	2.46%		12/09/2025		48,809		48,074,911

							118,078,885

Air Transport-4.40%
AAdvantage Loyalty IP Ltd., Term Loan B (3 mo. USD LIBOR + 4.75%)	5.50%		04/20/2028		50,677		51,722,376
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Term Loan (3 mo. USD LIBOR + 5.25%)	6.25%		06/21/2027		53,709		56,243,052
SkyMiles IP Ltd., Term Loan (3 mo. USD LIBOR + 3.75%)	4.75%		10/20/2027		49,734		52,118,253
United Airlines, Inc., Term Loan B (3 mo. USD LIBOR + 3.75%)	4.50%		04/21/2028		79,873		79,639,844

							239,723,525

Automotive-1.10%
Panther BF Aggregator 2 L.P., Term Loan (Canada) (1 mo. USD LIBOR + 3.25%)	3.46%		04/30/2026		60,536		60,019,193

Beverage & Tobacco-0.87%
Triton Water Holdings, Inc., Term Loan B (3 mo. USD LIBOR + 3.50%)	4.00%		03/12/2028		48,487		47,405,682

Building & Development-2.92%
DTZ U.S. Borrower LLC, Term Loan (1 mo. USD LIBOR + 2.75%)	2.96%		08/21/2025		34,639		34,390,345
LBM Holdings LLC, Term Loan ^(c)	-		12/17/2027		49,839		49,153,960
Pisces Midco, Inc., Term Loan B (1 mo. USD LIBOR + 3.25%)	3.75%		03/26/2028		45,787		44,833,512
Quikrete Holdings, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.50%)	2.71%		02/01/2027		31,206		30,708,908

							159,086,725

Business Equipment & Services-8.86%
Allied Universal Holdco LLC, Term Loan (3 mo. USD LIBOR + 3.75%)	4.25%		05/12/2028		73,470		72,601,129
Asurion LLC
Second Lien Term Loan B-4 (1 mo. USD LIBOR + 5.25%)	5.46%		01/15/2029		49,200		48,728,788
Term Loan B-8 (1 mo. USD LIBOR + 3.25%)	3.46%		12/31/2026		54,038		53,185,490
Brand Energy & Infrastructure Services, Inc., Term Loan (3 mo. USD LIBOR + 4.25%)	5.25%		06/21/2024		43,667		41,827,939
Change Healthcare Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.50%)	3.50%		03/01/2024		59,569		59,328,336
Dun & Bradstreet Corp. (The), Term Loan (1 mo. USD LIBOR + 3.25%)	3.46%		02/06/2026		46,910		46,479,661
Endure Digital, Inc. (Eagle Company), Term Loan B (3 mo. USD LIBOR + 3.50%)	4.25%		02/01/2028		17,321		16,736,782
Mitchell International, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.75%)	4.25%		10/01/2028		35,380		34,949,948
Prime Security Services Borrower LLC, Term Loan B-1 (1 mo. USD LIBOR + 2.75%)	3.50%		09/23/2026		26,042		25,795,906
Solera, Term Loan B (3 mo. USD LIBOR + 4.00%)	4.50%		06/02/2028		60,306		60,039,108
Trans Union LLC, First Lien Term Loan (1 mo. USD LIBOR + 2.25%)	2.75%		11/30/2028		23,732		23,504,175

							483,177,262

Cable & Satellite Television-5.29%
Charter Communications Operating LLC, Term Loan B-2 (1 mo. USD LIBOR + 1.75%)	1.96%		02/01/2027		102,927		101,533,453
CSC Holdings LLC
Term Loan (1 mo. USD LIBOR + 2.25%)	2.44%		07/17/2025		56,404		54,821,396
Term Loan (1 mo. USD LIBOR + 2.50%)	2.69%		04/15/2027		40,795		39,669,436
Numericable-SFR S.A., Incremental Term Loan B-13 (France) (1 mo. USD LIBOR + 4.00%)	4.51%		08/14/2026		25,781		25,589,602
Virgin Media 02 - LG, Term Loan N (United Kingdom) (1 mo. USD LIBOR + 2.50%)	2.69%		01/31/2028		44,640		43,981,496
Vodafone Ziggo - LG, Term Loan I (1 mo. USD LIBOR + 2.50%)	2.69%		04/30/2028		23,329		22,902,974

							288,498,357

Chemicals & Plastics-1.00%
AkzoNobel Chemicals, Term Loan (1 mo. USD LIBOR + 3.00%)	3.21%		10/01/2025		55,261		54,666,910

Containers & Glass Products-1.06%
Berry Global, Inc., Term Loan Z (1 mo. USD LIBOR + 1.75%)	1.88%		07/01/2026		58,519		57,600,553

Drugs-3.50%
Amneal Pharmaceuticals LLC, Term Loan (1 mo. USD LIBOR + 3.50%)	3.75%		05/04/2025		44,559		43,801,517

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

Invesco Senior Loan ETF (BKLN)–(continued)

February 28, 2022

(Unaudited)


	Interest Rate	Maturity Date		Principal Amount (000)		Value
Drugs-(continued)
Grifols Worldwide Operations USA, Inc., Term Loan B (1 mo. USD LIBOR + 2.00%)	2.21%		11/15/2027	$	116	$	113,513
Jazz Pharmaceuticals, Inc., Term Loan B (1 mo. USD LIBOR + 3.50%)	4.00%		04/21/2028		51,908		51,791,264
Valeant Pharmaceuticals International, Inc.
Term Loan (Canada) (3 mo. USD LIBOR + 3.00%)	3.21%		06/02/2025		51,001		50,587,078
Term Loan B (Canada)^(c)	-		01/27/2027		45,000		44,573,400

							190,866,772

Electronics & Electrical-13.01%
Boxer Parent Co., Inc., Term Loan B (3 mo. USD LIBOR + 3.75%)	3.97%		10/02/2025		53,897		53,355,164
CommScope, Inc., Term Loan (1 mo. USD LIBOR + 3.25%)	3.46%		04/06/2026		41,877		40,980,489
CoreLogic, Inc., Term Loan B (1 mo. USD LIBOR + 3.50%)	4.00%		04/09/2028		65,478		64,741,669
Finastra USA, Inc., First Lien Term Loan (United Kingdom) (3 mo. USD LIBOR + 3.50%)	4.50%		06/13/2024		55,360		54,668,389
Hyland Software, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.50%)	4.25%		07/01/2024		41,248		41,129,525
McAfee Enterprise, Term Loan B (3 mo. USD LIBOR + 5.00%)	5.75%		07/27/2028		43,496		43,164,823
McAfee LLC
First Lien Term Loan B^(c)	-		02/03/2029		45,116		44,570,653
Term Loan B (1 mo. USD LIBOR + 3.75%)	4.05%		09/30/2024		42,454		42,411,931
MKS Instruments, Inc., Term Loan B ^(c)	-		11/01/2028		30,717		30,448,852
NortonLifeLock, Inc., Term Loan B ^(c)	-		01/28/2029		33,000		32,642,445
Proofpoint, Inc., Term Loan B (3 mo. USD LIBOR + 3.25%)	3.76%		08/31/2028		43,430		43,015,243
Quest Software US Holdings, Inc., Term Loan B (SOFR + 4.25%)	4.75%		01/19/2029		22,505		22,220,576
RealPage, Inc., Term Loan B (1 mo. USD LIBOR + 3.25%)	3.75%		04/24/2028		57,860		57,325,169
Seattle Spinco, Inc., Term Loan (1 mo. USD LIBOR + 2.75%)	2.96%		06/21/2024		10,686		10,392,506
TIBCO Software, Inc., Term Loan B-3 (1 mo. USD LIBOR + 3.75%)	3.96%		06/30/2026		37,441		37,253,677
Ultimate Software Group, Inc., Term Loan (1 mo. USD LIBOR + 3.25%)	3.75%		05/04/2026		91,705		91,218,071

							709,539,182

Financial Intermediaries-1.43%
Citadel Advisors Holdings L.P., Term Loan B (1 mo. USD LIBOR + 2.50%)	2.71%		02/15/2028		51,370		50,956,875
Jane Street Group LLC, First Lien Term Loan B (1 mo. USD LIBOR + 2.75%)	2.96%		01/26/2028		27,089		26,792,279

							77,749,154

Food Products-0.84%
Froneri International PLC, Term Loan B-2 (United Kingdom) (1 mo. USD LIBOR + 2.25%)	2.46%		01/29/2027		46,588		45,726,627

Food Service-2.90%
IRB Holding Corp.
Term Loan (SOFR + 3.00%)	3.75%		12/15/2027		37,646		37,340,488
Term Loan B (3 mo. USD LIBOR + 2.75%)	3.75%		02/05/2025		52,070		51,679,843
New Red Finance, Inc., Term Loan B-4 (1 mo. USD LIBOR + 1.75%)	1.96%		11/19/2026		70,553		69,344,951

							158,365,282

Health Care-15.11%
athenahealth, Inc.
Term Loan B^(c)	-		01/26/2029		14,965		14,847,523
Term Loan B (SOFR + 3.50%)	4.00%		01/26/2029		88,296		87,600,385
DaVita HealthCare Partners, Inc., Term Loan B-1 (1 mo. USD LIBOR + 1.75%)	1.96%		08/12/2026		44,079		43,690,966
Elanco Animal Health, Inc., Term Loan (1 mo. USD LIBOR + 1.75%)	1.98%		07/30/2027		72,735		71,269,274
Envision Healthcare Corp., Term Loan (1 mo. USD LIBOR + 3.75%)	3.96%		10/10/2025		91,525		67,094,806
Gainwell Holding Corp., Term Loan B (3 mo. USD LIBOR + 4.00%)	4.75%		10/01/2027		73,820		73,574,571
ICON PLC
Term Loan (1 mo. USD LIBOR + 2.50%)	2.75%		07/03/2028		13,125		12,995,415
Term Loan (1 mo. USD LIBOR + 2.50%)	2.75%		07/03/2028		52,681		52,158,910
LifePoint Health, Inc., First Lien Term Loan B (1 mo. USD LIBOR + 3.75%)	3.96%		11/16/2025		56,139		55,619,796
Mozart Debt Merger Sub, Inc., Term Loan (1 mo. USD LIBOR + 3.25%)	3.75%		10/01/2028		96,866		96,033,865
Organon & Co., Term Loan B (3 mo. USD LIBOR + 3.00%)	3.50%		06/02/2028		46,619		46,487,865
PAREXEL International Corp., Term Loan B (1 mo. USD LIBOR + 3.50%)	4.00%		11/15/2028		47,942		47,632,052
Sunshine Luxembourg VII S.a.r.l., Term Loan (Switzerland) (3 mo. USD LIBOR + 3.75%)	4.50%		10/01/2026		57,601		57,399,779

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

Invesco Senior Loan ETF (BKLN)–(continued)

February 28, 2022

(Unaudited)


	Interest Rate	Maturity Date		Principal Amount (000)		Value
Health Care-(continued)
Team Health Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.75%)	3.75%		02/06/2024	$	33,995	$	32,583,957
Verscend Holding Corp., Term Loan B-1 (1 mo. USD LIBOR + 4.00%)	4.21%		08/27/2025		65,109		65,007,591

							823,996,755

Home Furnishings-0.61%
Hunter Douglas, Inc., First Lien Term Loan ^(c)	-		02/09/2029		33,580		33,138,960

Industrial Equipment-1.66%
Madison IAQ LLC, Term Loan (1 mo. USD LIBOR + 3.25%)	3.75%		06/21/2028		44,083		43,466,915
Thyssenkrupp Elevators (Vertical Midco GmbH), Term Loan B (Germany) (1 mo. USD LIBOR + 3.50%)	4.00%		07/31/2027		47,526		47,270,876

							90,737,791

Insurance-3.69%
Acrisure LLC, Term Loan (3 mo. USD LIBOR + 3.50%)	3.72%		02/15/2027		60,228		59,394,287
AmWINS Group LLC, Term Loan (1 mo. USD LIBOR + 2.25%)	3.00%		02/17/2028		15,758		15,529,977
HUB International Ltd.
Incremental Term Loan B-3 (3 mo. USD LIBOR + 3.25%)	4.00%		04/25/2025		25,670		25,527,760
Term Loan (3 mo. USD LIBOR + 2.75%)	3.02%		04/25/2025		68,240		67,532,906
USI, Inc., Term Loan (3 mo. USD LIBOR + 3.00%)	3.22%		05/16/2024		33,736		33,478,034

							201,462,964

Leisure Goods, Activities & Movies-3.36%
Alpha Topco Ltd., Term Loan B (United Kingdom) (1 mo. USD LIBOR + 2.50%)	3.50%		02/01/2024		49,052		48,701,393
Crown Finance US, Inc., Term Loan (3 mo. USD LIBOR + 2.50%)	3.50%		02/28/2025		48,153		37,415,984
UFC Holdings LLC, Term Loan B-3 (3 mo. USD LIBOR + 2.75%)	3.50%		04/29/2026		49,009		48,450,974
William Morris Endeavor Entertainment LLC, First Lien Term Loan B-1 (1 mo. USD LIBOR + 2.75%)	2.96%		05/16/2025		50,028		48,912,931

							183,481,282

Lodging & Casinos-5.20%
Caesars Resort Collection LLC, Term Loan B (1 mo. USD LIBOR + 2.75%)	2.96%		12/23/2024		77,385		76,707,437
Fertitta Entertainment LLC, Term Loan (SOFR + 4.00%)	4.50%		01/31/2029		41,644		41,513,504
Golden Nugget, Inc., Term Loan B ^(c)	-		10/04/2023		2,962		2,966,864
Hilton Worldwide Finance LLC, Term Loan B-2 (1 mo. USD LIBOR + 1.75%)	1.94%		06/22/2026		48,445		47,798,888
Scientific Games International, Inc., Term Loan B-5 (1 mo. USD LIBOR + 2.75%)	2.96%		08/14/2024		62,954		62,615,595
Stars Group (US) Co-Borrower LLC, Term Loan (3 mo. USD LIBOR + 2.25%)	2.47%		07/21/2026		52,471		52,011,580

							283,613,868

Publishing-0.95%
Micro Holding L.P., First Lien Term Loan (1 mo. USD LIBOR + 3.50%)	3.71%		09/13/2024		52,486		51,906,126

Radio & Television-2.43%
Diamond Sports Holdings LLC, Term Loan B (1 mo. USD LIBOR + 3.25%)	5.50%		08/24/2026		55,952		21,243,186
Directv Financing LLC, Term Loan B (3 mo. USD LIBOR + 5.00%)	5.75%		07/25/2027		67,275		67,197,719
Nexstar Broadcasting, Inc., Term Loan B-4 (1 mo. USD LIBOR + 2.50%)	2.61%		09/18/2026		44,412		44,239,725

							132,680,630

Rail Industries-0.75%
Genesee & Wyoming, Inc., Term Loan (3 mo. USD LIBOR + 2.00%)	2.22%		12/30/2026		41,599		41,085,961

Retailers (except Food & Drug)-3.37%
Bass Pro Group LLC, Term Loan B-2 (3 mo. USD LIBOR + 3.75%)	4.50%		03/06/2028		80,106		79,825,852
Harbor Freight Tools USA, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%)	3.25%		10/15/2027		54,092		53,301,836
Pilot Travel Centers LLC, Term Loan B (1 mo. USD LIBOR + 2.00%)	2.21%		07/31/2028		51,623		50,897,181

							184,024,869

Telecommunications-6.37%
CenturyLink, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%)	2.46%		03/15/2027		84,992		82,840,371
Genesys Telecom Holdings U.S., Inc., Term Loan (1 mo. USD LIBOR + 4.00%)	4.75%		12/01/2027		46,428		46,412,004
II-VI, Inc., Term Loan B ^(c)	-		12/15/2028		21,392		21,218,513
Intelsat Jackson Holdings S.A., Term Loan B (Luxembourg) (SOFR + 4.25%)	4.75%		01/27/2029		25,127		24,813,099
Level 3 Financing, Inc., Term Loan B (1 mo. USD LIBOR + 1.75%)	1.96%		03/01/2027		54,085		52,892,572

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

Invesco Senior Loan ETF (BKLN)–(continued)

February 28, 2022

(Unaudited)


	Interest Rate	Maturity Date		Principal Amount (000)		Value
Telecommunications-(continued)
Radiate Holdco LLC, Term Loan B (1 mo. USD LIBOR + 3.25%)	4.00%		09/25/2026	$	51,685	$	51,208,057
Zayo Group LLC, Term Loan (1 mo. USD LIBOR + 3.00%)	3.21%		03/09/2027		69,302		67,881,927

							347,266,543

Utilities-2.13%
Brookfield WEC Holdings, Inc., Term Loan B (3 mo. USD LIBOR + 2.75%)	3.25%		08/01/2025		50,497		49,824,587
Pacific Gas and Electric Co., Term Loan B (3 mo. USD LIBOR + 3.00%)	3.50%		07/01/2025		30,808		30,299,336
Vistra Operations Co. LLC, Incremental Term Loan (1 mo. USD LIBOR + 1.75%)	1.87%		12/31/2025		36,791		36,199,105

							116,323,028

Total Variable Rate Senior Loan Interests (Cost $5,206,403,382)							5,180,222,886


U.S. Dollar Denominated Bonds & Notes-3.57%
Aerospace & Defense-0.23%
TransDigm, Inc.^(d)	6.25%		03/15/2026		12,081		12,471,156


Airlines-0.35%
American Airlines, Inc./AAdvantage Loyalty IP Ltd.^(d)	5.50%		04/20/2026		7,296		7,478,400
American Airlines, Inc./AAdvantage Loyalty IP Ltd.^(d)	5.75%		04/20/2029		4,378		4,484,167
United Airlines, Inc.^(d)	4.38%		04/15/2026		1,895		1,898,335
United Airlines, Inc.^(d)	4.63%		04/15/2029		5,478		5,344,857

							19,205,759

Commercial Services & Supplies-0.40%
ADT Security Corp. (The)^(d)	4.13%		08/01/2029		6,796		6,419,196
Prime Security Services Borrower LLC/Prime Finance, Inc.^(d)	5.75%		04/15/2026		15,160		15,576,369

							21,995,565

Diversified Telecommunication Services-0.67%
Altice France S.A. (France)^(d)	5.13%		07/15/2029		11,405		10,335,610
Altice France S.A. (France)^(d)	5.50%		10/15/2029		3,615		3,317,359
CommScope, Inc.^(d)	6.00%		03/01/2026		7,690		7,853,643
CommScope, Inc.^(d)	4.75%		09/01/2029		3,634		3,394,611
Lumen Technologies, Inc.^(d)	4.00%		02/15/2027		3,000		2,854,800
Zayo Group Holdings, Inc.^(d)	4.00%		03/01/2027		9,000		8,568,720

							36,324,743

Electric Utilities-0.35%
PG&E Corp	5.00%		07/01/2028		9,000		8,924,850
PG&E Corp	5.25%		07/01/2030		7,000		6,964,720
Vistra Operations Co. LLC^(d)	4.30%		07/15/2029		3,000		3,041,567

							18,931,137

Health Care Equipment & Supplies-0.17%
Mozart Debt Merger Sub, Inc.^(d)	3.88%		04/01/2029		10,000		9,452,150


Hotels, Restaurants & Leisure-0.61%
1011778 BC ULC/New Red Finance, Inc. (Canada)^(d)	3.88%		01/15/2028		16,000		15,585,600
1011778 BC ULC/New Red Finance, Inc. (Canada)^(d)	3.50%		02/15/2029		5,000		4,721,725
Caesars Resort Collection LLC/CRC Finco, Inc.^(d)	5.75%		07/01/2025		3,000		3,079,650
Scientific Games International, Inc.^(d)	5.00%		10/15/2025		9,900		10,011,078

							33,398,053

Insurance-0.13%
Acrisure LLC/Acrisure Finance, Inc.^(d)	4.25%		02/15/2029		7,282		6,853,964


Interactive Media & Services-0.02%
Diamond Sports Group LLC/Diamond Sports Finance Co.^(d)	5.38%		08/15/2026		2,241		922,664


Machinery-0.05%
TK Elevator US Newco, Inc. (Germany)^(d)	5.25%		07/15/2027		3,000		2,973,645

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

Invesco Senior Loan ETF (BKLN)–(continued)

February 28, 2022

(Unaudited)


	Interest Rate	Maturity Date		Principal Amount (000)		Value
Media-0.35%
Virgin Media Secured Finance PLC (United Kingdom)^(d)	4.50%		08/15/2030	$	12,000	$	11,238,360
VZ Secured Financing B.V. (Netherlands)^(d)	5.00%		01/15/2032		5,000		4,782,475
Ziggo B.V. (Netherlands)^(d)	4.88%		01/15/2030		3,000		2,867,145

							18,887,980

Pharmaceuticals-0.05%
Organon & Co./Organon Foreign Debt Co-Issuer B.V.^(d)	4.13%		04/30/2028		2,832		2,790,370


Real Estate Management & Development-0.19%
Cushman & Wakefield US Borrower LLC^(d)	6.75%		05/15/2028		10,000		10,461,900

Total U.S. Dollar Denominated Bonds & Notes (Cost $202,432,715)							194,669,086


				Shares
Money Market Funds-5.93%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(e)(f)(Cost $323,359,056)					323,359,056		323,359,056

TOTAL INVESTMENTS IN SECURITIES-104.48% (Cost $5,732,195,153)							5,698,251,028
OTHER ASSETS LESS LIABILITIES-(4.48)%							(244,357,396	)

NET ASSETS-100.00%						$	5,453,893,632

Investment Abbreviations:

LIBOR-London Interbank Offered Rate

SOFR-Secured Overnight Financing Rate

USD-U.S. Dollar

Notes to Schedule of Investments:

^(a)

Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years.

^(b)

Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended (the “1933 Act”) and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the London Interbank Offered Rate (“LIBOR”), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

^(c)	This variable rate interest will settle after February 28, 2022, at which time the interest rate will be determined.

^(d)

Security purchased or received in a transaction exempt from registration under the 1933 Act. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2022 was $178,779,516, which represented 3.28% of the Fund’s Net Assets.

^(e)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2022.


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	446,146,569		$	3,801,386,492		$	(3,924,174,005	)		$	-		$	-		$	323,359,056		$	68,434

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

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

Invesco Senior Loan ETF (BKLN)–(continued)

February 28, 2022

(Unaudited)

Portfolio Composition

Credit Quality Rating Breakdown*

(% of the Fund’s Net Assets)

as of February 28, 2022


Baa1			0.96
Baa3			3.57
Ba1			11.83
Ba2			8.46
Ba3			12.94
B1			26.87
B2			22.41
B3			4.91
Caa1			1.64
Caa2			0.68
NR			4.28
Money Market Fund Plus Other Assets Less Liabilities			1.45

Source: Moody’s. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from Aaa (highest) to C (lowest); ratings are subject to change without notice. “NR” indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on Moody’s rating methodology, please visit moodys.com and select “Methodologies & Frameworks” under “Ratings & Assessments” on the homepage.

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

Statement of Assets and Liabilities

February 28, 2022

(Unaudited)


	Invesco Senior Loan ETF (BKLN)
Assets:
Unaffiliated investments in securities, at value	$	5,374,891,972
Affiliated investments in securities, at value		323,359,056
Cash		11,376,240
Receivable for:
Dividends and interest		15,128,498
Investments sold		425,855,133
Fund shares sold		55,024

Total assets		6,150,665,923


Liabilities:
Payable for:
Investments purchased		663,377,202
Fund shares repurchased		30,553,692
Accrued unitary management fees		2,840,750
Accrued tax expenses		647

Total liabilities		696,772,291

Net Assets	$	5,453,893,632


Net assets consist of:
Shares of beneficial interest	$	6,370,903,166
Distributable earnings (loss)		(917,009,534	)

Net Assets	$	5,453,893,632

Shares outstanding (unlimited amount authorized, $ 0.01 par value)		249,900,000
Net asset value	$	21.82

Market price	$	21.76

Unaffiliated investments in securities, at cost	$	5,408,836,097

Affiliated investments in securities, at cost	$	323,359,056

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

Statement of Operations

For the six months ended February 28, 2022

(Unaudited)


	Invesco Senior Loan ETF (BKLN)
Investment income:
Interest income	$	119,220,633
Unaffiliated dividend income		9
Affiliated dividend income		68,434

Total investment income		119,289,076


Expenses:
Unitary management fees		20,804,154
Tax expenses		647

Net expenses		20,804,801

Net investment income		98,484,275


Realized and unrealized gain (loss) from:
Net realized gain (loss) from unaffiliated investments		(17,969,686	)

Change in net unrealized appreciation (depreciation) on unaffiliated investment securities		(75,614,388	)

Net realized and unrealized gain (loss)		(93,584,074	)

Net increase in net assets resulting from operations	$	4,900,201

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

Statement of Changes in Net Assets

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

(Unaudited)


	Invesco Senior Loan ETF (BKLN)
	Six Months Ended			Year Ended
	February 28,			August 31,
	2022			2021
Operations:
Net investment income	$	98,484,275		$	171,942,636
Net realized gain (loss)		(17,969,686	)		(45,804,588	)
Change in net unrealized appreciation (depreciation)		(75,614,388	)		82,836,777

Net increase in net assets resulting from operations		4,900,201			208,974,825


Distributions to Shareholders from:
Distributable earnings		(99,206,384	)		(173,598,262	)
Return of capital		-			(5,490,954	)

Total distributions to shareholders		(99,206,384	)		(179,089,216	)


Shareholder Transactions:
Proceeds from shares sold		1,711,923,376			4,875,251,293
Value of shares repurchased		(2,458,225,361	)		(3,123,795,601	)
Transaction fees		5,255,026			8,081,009

Net increase (decrease) in net assets resulting from share transactions		(741,046,959	)		1,759,536,701

Net increase (decrease) in net assets		(835,353,142	)		1,789,422,310


Net assets:
Beginning of period		6,289,246,774			4,499,824,464

End of period	$	5,453,893,632		$	6,289,246,774


Changes in Shares Outstanding:
Shares sold		77,400,000			219,800,000
Shares repurchased		(111,700,000	)		(141,800,000	)
Shares outstanding, beginning of period		284,200,000			206,200,000

Shares outstanding, end of period		249,900,000			284,200,000

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

Financial Highlights

Invesco Senior Loan ETF (BKLN)


	Six Months Ended
	February 28,																Ten Months Ended
	2022				Years Ended August 31,												August 31,				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	22.13			$	21.82			$	22.57			$	23.11			$	23.15			$	23.16			$	23.05

Net investment income^(a)			0.34				0.68				0.93				1.07				0.77				0.82				0.99
Net realized and unrealized gain (loss) on investments			(0.33	)			0.31				(0.88	)			(0.53	)			(0.08	)			(0.02	)			0.15

Total from investment operations			0.01				0.99				0.05				0.54				0.69				0.80				1.14

Distributions to shareholders from:
Net investment income			(0.34	)			(0.69	)			(0.91	)			(1.12	)			(0.74	)			(0.82	)			(0.99	)
Return of capital			-				(0.02	)			-				(0.02	)			-				-				(0.08	)

Total distributions			(0.34	)			(0.71	)			(0.91	)			(1.14	)			(0.74	)			(0.82	)			(1.07	)

Transaction fees^(a)			0.02				0.03				0.11				0.06				0.01				0.01				0.04

Net asset value at end of period		$	21.82			$	22.13			$	21.82			$	22.57			$	23.11			$	23.15			$	23.16

Market price at end of period^(b)		$	21.76			$	22.15			$	21.91			$	22.61			$	23.05			$	23.12			$	23.19

Net Asset Value Total Return^(c)			0.13	%			4.72	%			0.80	%			2.68	%			3.07	%			3.54	%			5.32	%
Market Price Total Return^(c)			(0.23	)%			4.38	%			1.05	%			3.15	%			2.93	%			3.27	%			5.64	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	5,453,894			$	6,289,247			$	4,499,824			$	4,401,945			$	7,378,227			$	8,763,831			$	6,458,747
Ratio to average net assets of:
Expenses, after Waivers			0.65	%^(d)			0.64	%^(e)			0.63	%^(e)			0.64	%^(e)			0.63	%^(d)(e)			0.63	%^(e)			0.64	%
Expenses, prior to Waivers			0.65	%^(d)			0.65	%^(e)			0.65	%^(e)			0.65	%^(e)			0.65	%^(d)(e)			0.65	%^(e)			0.65	%
Net investment income			3.08	%^(d)			3.08	%			4.22	%			4.66	%			3.99	%^(d)			3.52	%			4.33	%
Portfolio turnover rate^(f)			45	%			109	%			107	%			78	%			74	%			71	%			81	%

^(a)	Based on average shares outstanding.

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

^(c)

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

^(d)	Annualized.

^(e)

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

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

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

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 28, 2022

(Unaudited)

NOTE 1–Organization

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


Full Name		Short Name
Invesco Senior Loan ETF (BKLN)		“Senior Loan ETF”

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

The market price of a Share may differ to some degree from the Fund’s net asset value (“NAV”). Unlike conventional mutual funds, the 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 cash. Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Fund.

The investment objective of the Fund is to seek to track the investment results (before fees and expenses) of the S&P/LSTA U.S. Leveraged Loan 100 Index (the “Underlying Index”).

NOTE 2–Significant Accounting Policies

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

The 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:

Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but the Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain

foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

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

Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by the 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 Fund may periodically participate in litigation related to the Fund’s investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement 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 Statement of Operations and the Statement 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 the Fund’s NAV and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement 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 the Fund and the Adviser.

Country Determination - For the purposes of presentation in the Schedule 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 the 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 - The Fund declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, the 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 the Fund’s financial statements as a tax return of capital at fiscal year-end.

Federal Income Taxes - The 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 Fund 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.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the 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 Fund files U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, the 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 - The Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Fund, including the payments to Invesco Senior Secured Management, Inc. (the “Sub-Adviser”), set-up fees and commitment fees associated with the line of credit and the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest (including interest expenses associated with the line of credit), acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

Expenses of the Trust that are excluded from the Fund’s unitary management fee and are directly identifiable to the Fund are applied to the Fund. Expenses of the Trust that are excluded from the Fund’s unitary management fee and are not readily identifiable to the 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 the Fund.

To the extent the 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 Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

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

Securities Purchased on a When-Issued and Delayed Delivery Basis - The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value of the interests or securities at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, it may sell such securities prior to the settlement date.

J.	Other Risks

Authorized Participant Concentration Risk. Only authorized participants (“APs”) may engage in creation or redemption transactions directly with the Fund. The 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 the 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 the 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 the Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.

Cash Transaction Risk. Most exchange-traded funds (“ETFs”) generally make in-kind redemptions to avoid being taxed at the fund level on gains on the distributed portfolio securities. However, unlike most ETFs, the Fund currently intends to effect creations and redemptions principally for cash, rather than principally in-kind, because of the nature of the Fund’s investments. As such, the Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, the Fund may recognize a capital gain on these sales that might not have been incurred if the Fund had made a redemption in-kind. This may decrease the tax efficiency of the Fund compared to ETFs that utilize an in-kind redemption process and there may be a substantial difference in the after-tax rate of return between the Fund and conventional ETFs.

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

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

Index Risk. Unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, the 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, the 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 the Fund’s rebalance schedule.

Industry Concentration Risk. In following its methodology, the 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 the Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, the 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 the 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.

LIBOR Risk. The Fund may have investments in financial instruments that utilize the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR is intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis. The UK Financial Conduct Authority (FCA), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. Although the publication of most LIBOR rates ceased at the end of 2021, a selection of widely used USD LIBOR rates continues to be published until June 2023 to allow for an orderly transition away from these rates.

There remains uncertainty and risks relating to the continuing LIBOR transition and its effects on the Fund and the instruments in which the Fund invests. There can be no assurance that the composition or characteristics of any alternative reference rates (“ARRs”) or financial instruments in which the Fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, there remains uncertainty and risks relating to certain “legacy” USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. The effects of such uncertainty and risks in “legacy” USD LIBOR instruments held by the Fund could result in losses to the Fund.

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

Market Risk. Securities in 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 the Fund’s NAV.

Non-Correlation Risk. The Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, the 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 Underlying Index. Because the Fund issues and redeems Creation Units principally for cash, the Fund will incur higher costs in buying and selling securities than if it issued and redeemed Creation Units in-kind. Additionally, the Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its Underlying Index as would be the case if the Fund purchased all of the securities in its Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of the Fund and its Underlying Index may vary due to asset valuation differences and differences between the Fund’s portfolio and its Underlying Index resulting from legal restrictions, costs or liquidity constraints.

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

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

Risk of Investing in Loans. Investments in loans are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a loan resulting from changes in the general level of interest rates. Credit risk refers to the possibility that the borrower of a loan will be unable and/or unwilling to make timely interest payments and/or repay the principal on its obligation. Default in the payment of interest or principal on a loan will result in a reduction in its value. Although the loans in which the Fund will invest generally will be secured by specific collateral, there can be no assurance that such collateral would satisfy the borrower’s obligation in the event of non-payment of scheduled interest or principal or that such collateral could be readily liquidated. In the event of the bankruptcy of a borrower, the Fund’s access to the collateral may be limited by bankruptcy or other insolvency loans and, therefore, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a loan.

Risks of Loan Assignments and Participations. As the purchaser of an assignment, the Fund typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to

any associated collateral. Because assignments may be arranged through private negotiations between potential assignees and potential assignors, the rights and obligations acquired by the Fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. In addition, if the loan is foreclosed, the Fund could become part owner of any collateral and could bear the costs and liabilities of owning and disposing of the collateral. The Fund may be required to pass along to a purchaser that buys a loan from the Fund by way of assignment, a portion of any fees to which the Fund is entitled under the loan. In connection with purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Fund may not directly benefit from any collateral supporting the loan in which it has purchased the participation. As a result, the Fund will be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, the Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

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

Senior Loans Risk. The risks associated with senior loans are similar to the risks of junk bonds, although senior loans typically are senior and secured, whereas junk bonds often are subordinated and unsecured. Investments in senior loans typically are below investment grade and are considered speculative because of the credit risk of their issuers. Such companies are more likely to default on their payments of interest and principal owed, and such defaults could reduce the Fund’s NAV and income distributions. An economic downturn generally leads to a higher non-payment rate, and a senior loan may lose significant value before a default occurs. There is no assurance that the liquidation of the collateral would satisfy the claims of the borrower’s obligations in the event of the non-payment of scheduled interest or principal, or that the collateral could be readily liquidated. Economic and other events (whether real or perceived) can reduce the demand for certain senior loans or senior loans generally, which may reduce market prices. Senior loans and other debt securities also are subject to the risk of price declines and to increases in prevailing interest rates, although floating-rate debt instruments such as senior loans in which the Fund may be expected to invest are substantially less exposed to this risk than fixed-rate debt instruments. No active trading market may exist for certain senior loans, which may impair the ability of the Fund to realize full value in the event of the need to liquidate such assets. Adverse market conditions may impair the liquidity of some actively traded senior loans. Longer interest rate reset periods generally increase fluctuations in value as a result of changes in market interest rates.

Some loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate the loans to presently existing or future indebtedness of the borrower or take other action detrimental to lenders, including the Fund, such as invalidation of loans or causing interest previously paid to be refunded to the borrower. Investments in loans also are subject to the risk of changes in legislation or state or federal regulations. If such legislation or regulations impose additional requirements or restrictions on the ability of financial institutions to make loans, the availability of loans for investment by the Fund may be adversely affected. Many loans are not registered with the Securities and Exchange Commission (the “SEC”) or any state securities commission and often are not rated by any nationally recognized rating service. Generally, there is less readily available, reliable information about most loans than is the case for many other types of securities. Although a loan may be senior to equity and other debt securities in a borrower’s capital structure, such obligations may be structurally subordinated to obligations of the borrower’s subsidiaries.

There is no organized exchange on which loans are traded and reliable market quotations may not be readily available. Therefore, elements of judgment may play a greater role in valuation of loans than for securities with a more developed secondary market and the Fund may not realize full value in the event of the need to sell a loan. To the extent that a secondary market does exist for certain loans, the market may be subject to volatility, irregular trading activity, wide bid/ask spreads, decreased liquidity and extended trade settlement periods, any of which may impair the Fund’s ability to sell loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods for certain loans may result in cash not being immediately available to the Fund upon sale of the loan. As a result, the Fund may have to sell other investments with shorter settlement periods or engage in borrowing transactions to raise cash to meet its obligations.

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 Fund’s performance.

NOTE 3–Investment Advisory Agreement and Other Agreements

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

Pursuant to the Investment Advisory Agreement, the Fund accrues daily and pays monthly to the Adviser an annual unitary management fee of 0.65% of the Fund’s average daily net assets. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Fund, including the payments to the Sub-Adviser, set-up fees and commitment fees associated with the line of credit, the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest (including interest expenses associated with the line of credit), 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 Adviser has entered into a sub-advisory agreement with the Sub-Adviser. The sub-advisory fee is paid by the Adviser to the Sub-Adviser at the annual rate of 40% of compensation paid to the Adviser from the Fund.

Further, through at least August 31, 2023, the Adviser has contractually agreed to waive the management fee payable by the 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 the Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the six months ended February 28, 2022, no fees were waived.

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for the Fund. The Distributor does not maintain a secondary market in the Shares. The Fund is 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 the Fund with S&P Dow Jones Indices LLC (the “Licensor”).

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

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

NOTE 4–Additional Valuation Information

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

Level 1 –

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

Level 2 –

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

Level 3 –

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

The following is a summary of the tiered valuation input levels, as of February 28, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent

uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total
Investments in Securities
Variable Rate Senior Loan Interests	$	-	$	5,180,222,886	$	-	$	5,180,222,886
U.S. Dollar Denominated Bonds & Notes		-		194,669,086		-		194,669,086
Money Market Funds		323,359,056		-		-		323,359,056

Total Investments	$	323,359,056	$	5,374,891,972	$	-	$	5,698,251,028

NOTE 5–Tax Information

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

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Fund 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 Fund had a capital loss carryforward as of August 31, 2021, as follows:


No expiration
Short-Term		Long-Term		Total*
$	223,979,515	$	565,017,405	$	788,996,920

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

NOTE 6–Investment Transactions

For the six months ended February 28, 2022, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were $2,767,844,782 and $3,333,357,949, respectively.

At February 28, 2022, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:


Aggregate unrealized appreciation of investments	$	26,690,222
Aggregate unrealized (depreciation) of investments		(136,011,041	)

Net unrealized appreciation (depreciation) of investments	$	(109,320,819	)

Cost of investments for tax purposes is $5,807,571,847.

NOTE 7–Trustees’ and Officer’s Fees

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

NOTE 8–Senior Loan Participation Commitments

The Fund may invest in participations, assignments, or act as a party to the primary lending syndicate of a senior loan interest to corporations, partnerships, and other entities. When the Fund purchases a participation of a senior loan interest, the Fund typically enters into a contractual agreement with the lender or other third party selling the participation, but not with the borrower directly. As such, the Fund assumes the credit risk of the borrower, selling participant or other persons interpositioned between the Fund and the borrower.

During the six months ended February 28, 2022, there were no interests in senior loans purchased by the Fund on a participation basis.

NOTE 9–Borrowing

The Fund is a party to a committed line of credit facility with a syndicate administered by State Street Bank and Trust Company, which will expire on May 24, 2022. The Fund may borrow up to the lesser of (1) $725,000,000 or (2) the limits set by its prospectus for borrowings. The Adviser, on behalf of the Fund, pays an upfront fee of 0.10% on the commitment amount and a commitment fee of 0.15% on the amount of the commitment that has not been utilized. In case of borrowings from the line of credit, the Fund pays the associated interest expenses.

During the six months ended February 28, 2022, there were no outstanding borrowings from the line of credit.

NOTE 10–Capital

Shares are issued and redeemed by the Fund only in Creation Units consisting of a specified number of Shares as set forth in the Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Fund. Such transactions are principally permitted in exchange for cash. However, the Fund also reserves the right to permit or require Creation Units to be issued in exchange for the deposit of delivery of a basket of securities (“Deposit Securities”).

To the extent that the Fund permits transactions in exchange for Deposit Securities, the 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 Fund for creations and redemptions, which are treated as increases in capital.

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

Calculating your ongoing Fund expenses

Example

As a shareholder of the Invesco Senior Loan ETF (the “Fund”), a series of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest (including interest expenses associated with the line of credit), 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 Fund 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 through the six-month period ended February 28, 2022.

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. The amount of fees and expenses incurred indirectly by the Fund will vary because the investment companies have varied expenses and fee levels and the Fund may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.

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 the 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 Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

Annualized

Beginning

Ending

Expense Ratio

Expenses Paid

Account Value

Based on the

During the

September 1, 2021

February 28, 2022

Six-Month Period

Six-Month Period⁽¹⁾

Invesco Senior Loan ETF (BKLN)

Actual

$1,000.00

$1,001.30

0.65%

$3.23

Hypothetical (5% return before expenses)

1,000.00

1,021.57

0.65

3.26

⁽¹⁾

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended February 28, 2022. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.

Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Fund uses 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 the 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 Fund 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 the 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-BKLN-SAR-1

invesco.com/ETFs