N-CSRS


		Invesco Semi-Annual Report to Shareholders April 30, 2022
		PCY		Invesco Emerging Markets Sovereign Debt ETF
		PGHY		Invesco Global Short Term High Yield Bond ETF
		PICB		Invesco International Corporate Bond ETF

Table of Contents



Liquidity Risk Management Program			3

Schedules of Investments

Invesco Emerging Markets Sovereign Debt ETF (PCY)			4

Invesco Global Short Term High Yield Bond ETF (PGHY)			8

Invesco International Corporate Bond ETF (PICB)			18

Statements of Assets and Liabilities			27

Statements of Operations			28

Statements of Changes in Net Assets			30

Financial Highlights			32

Notes to Financial Statements			35

Fund Expenses			44

Approval of Investment Advisory and Sub-Advisory Contracts			45


		2

Liquidity Risk Management Program

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

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

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

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

●

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

●

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

●

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

●

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

●

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


		3

Invesco Emerging Markets Sovereign Debt ETF (PCY)

April 30, 2022

(Unaudited)

Schedule of Investments


	Principal Amount			Value
U.S. Dollar Denominated Bonds & Notes-98.10%
Angola-3.00%
Angolan Government International Bond
8.25%, 05/09/2028^(a)		$	20,530,000		$	19,768,953
9.38%, 05/08/2048^(a)			21,576,000			19,530,164
9.13%, 11/26/2049^(a)			21,805,000			19,342,779

						58,641,896

Bahrain-3.08%
Bahrain Government International Bond
6.00%, 09/19/2044^(a)(b)			24,096,000			20,011,391
7.50%, 09/20/2047^(a)			21,422,000			20,003,863
6.25%, 01/25/2051^(a)(b)			24,240,000			20,133,114

						60,148,368

Brazil-2.90%
Brazilian Government International Bond
5.63%, 01/07/2041			21,109,000			18,903,321
5.63%, 02/21/2047^(b)			21,893,000			18,808,933
4.75%, 01/14/2050			25,028,000			19,002,509

						56,714,763

Chile-2.85%
Chile Government International Bond
3.50%, 01/31/2034			20,890,000			18,999,246
3.86%, 06/21/2047			21,164,000			18,333,527
4.00%, 01/31/2052			21,340,000			18,342,157

						55,674,930

China-2.67%
China Government International Bond
4.00%, 10/19/2048^(a)(b)			17,050,000			17,860,983
2.25%, 10/21/2050^(a)(b)			23,380,000			17,201,817
2.50%, 10/26/2051^(a)(b)			22,280,000			17,229,492

						52,292,292

Colombia-2.88%
Colombia Government International Bond
7.38%, 09/18/2037			18,104,000			18,715,535
6.13%, 01/18/2041			21,334,000			18,861,224
5.63%, 02/26/2044			23,225,000			18,799,961

						56,376,720

Costa Rica-3.11%
Costa Rica Government International Bond
5.63%, 04/30/2043^(a)			24,244,000			20,663,755
7.00%, 04/04/2044^(a)			20,938,000			20,025,496
7.16%, 03/12/2045^(a)(b)			20,721,000			20,109,628

						60,798,879

Dominican Republic-2.92%
Dominican Republic International Bond
7.45%, 04/30/2044^(a)			19,325,000			18,794,801
6.85%, 01/27/2045^(a)			21,055,000			19,026,290
6.50%, 02/15/2048^(a)(b)			22,213,000			19,194,927

						57,016,018

Egypt-2.92%
Egypt Government International Bond
8.50%, 01/31/2047^(a)			26,712,000			19,470,110


	Principal Amount			Value
Egypt-(continued)
7.90%, 02/21/2048^(a)		$	28,032,000		$	19,313,375
8.70%, 03/01/2049^(a)			25,075,000			18,410,867

						57,194,352

El Salvador-2.37%
El Salvador Government International Bond
6.38%, 01/18/2027^(a)			36,830,000			15,453,467
8.63%, 02/28/2029^(a)			37,514,000			15,313,983
9.50%, 07/15/2052^(a)			38,330,000			15,619,858

						46,387,308

Guatemala-3.03%
Guatemala Government Bond
4.88%, 02/13/2028^(a)			20,490,000			20,452,712
3.70%, 10/07/2033^(a)(b)			22,576,000			19,513,947
4.65%, 10/07/2041^(a)			22,410,000			19,333,970

						59,300,629

Hungary-2.72%
Hungary Government International Bond
2.13%, 09/22/2031^(a)			22,750,000			18,276,258
7.63%, 03/29/2041			14,057,000			17,784,677
3.13%, 09/21/2051^(a)			24,760,000			17,184,480

						53,245,415

Indonesia-2.85%
Indonesia Government International Bond
7.75%, 01/17/2038^(a)			14,938,000			19,001,171
6.75%, 01/15/2044^(a)			15,444,000			18,731,875
4.45%, 04/15/2070			19,650,000			17,917,431

						55,650,477

Jordan-2.99%
Jordan Government International Bond
5.75%, 01/31/2027^(a)(b)			20,595,000			19,556,188
5.85%, 07/07/2030^(a)(b)			21,900,000			19,521,441
7.38%, 10/10/2047^(a)(b)			22,201,000			19,428,761

						58,506,390

Kazakhstan-3.06%
Kazakhstan Government International Bond
5.13%, 07/21/2025^(a)			19,363,000			20,289,190
4.88%, 10/14/2044^(a)			20,521,000			19,500,901
6.50%, 07/21/2045^(a)			17,629,000			19,984,693

						59,774,784

Kenya-2.89%
Republic of Kenya Government International Bond
7.25%, 02/28/2028^(a)			32,572,000			28,708,961
8.25%, 02/28/2048^(a)			36,201,000			27,874,770

						56,583,731

Kuwait-1.51%
Kuwait International Government Bond,
3.50%, 03/20/2027^(a)			29,130,000			29,525,935

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


		4

Invesco Emerging Markets Sovereign Debt ETF (PCY)–(continued)

April 30, 2022

(Unaudited)


	Principal Amount			Value
Mexico-2.82%
Mexico Government International Bond
4.60%, 01/23/2046		$	21,701,750		$	18,549,571
5.75%, 10/12/2110			19,916,000			18,117,717
Series A, 6.05%, 01/11/2040			17,981,000			18,578,508

						55,245,796

Mongolia-2.98%
Mongolia Government International Bond
5.13%, 04/07/2026^(a)(b)			20,465,000			19,290,296
3.50%, 07/07/2027^(a)(b)			22,424,000			19,511,787
4.45%, 07/07/2031^(a)(b)			22,700,000			19,516,243

						58,318,326

Morocco-2.82%
Morocco Government International Bond
3.00%, 12/15/2032^(a)(b)			23,744,000			18,875,055
5.50%, 12/11/2042^(a)			20,700,000			18,203,580
4.00%, 12/15/2050^(a)			26,100,000			18,140,544

						55,219,179

Nigeria-2.82%
Nigeria Government International Bond
7.70%, 02/23/2038^(a)			24,520,000			18,536,139
7.63%, 11/28/2047^(a)			25,439,000			18,214,324
9.25%, 01/21/2049^(a)(b)			21,930,000			18,466,815

						55,217,278

Oman-3.07%
Oman Government International Bond
6.50%, 03/08/2047^(a)			21,455,000			19,697,084
6.75%, 01/17/2048^(a)			21,495,000			20,210,674
7.00%, 01/25/2051^(a)			20,895,000			20,168,899

						60,076,657

Pakistan-2.73%
Pakistan Government International Bond
6.88%, 12/05/2027^(a)			21,878,000			17,965,798
7.38%, 04/08/2031^(a)(b)			23,385,000			17,960,615
8.88%, 04/08/2051^(a)			24,280,000			17,457,320

						53,383,733

Panama-2.91%
Panama Government International Bond
3.16%, 01/23/2030			21,160,000			19,262,371
2.25%, 09/29/2032			23,260,000			18,684,293
3.30%, 01/19/2033^(b)			21,740,000			18,967,389

						56,914,053

Paraguay-2.92%
Paraguay Government International Bond
4.70%, 03/27/2027^(a)			19,640,000			19,576,400
6.10%, 08/11/2044^(a)			19,252,000			19,062,135
5.60%, 03/13/2048^(a)(b)			20,378,000			18,499,200

						57,137,735

Peru-2.72%
Peruvian Government International Bond
5.63%, 11/18/2050^(b)			16,371,000			18,041,375
3.55%, 03/10/2051^(b)			22,327,000			17,488,516
3.60%, 01/15/2072			24,760,000			17,701,075

						53,230,966


	Principal Amount			Value
Philippines-2.93%
Philippine Government International Bond
3.95%, 01/20/2040^(b)		$	20,967,000		$	19,062,406
3.70%, 03/01/2041			21,642,000			19,089,034
3.70%, 02/02/2042			21,745,000			19,157,779

						57,309,219

Poland-1.51%
Republic of Poland Government International Bond, 3.25%, 04/06/2026			29,774,000			29,564,719

Qatar-2.80%
Qatar Government International Bond
4.63%, 06/02/2046^(a)			17,590,000			18,418,841
5.10%, 04/23/2048^(a)(b)			16,271,000			18,149,568
4.82%, 03/14/2049^(a)			16,978,000			18,288,787

						54,857,196

Romania-2.86%
Romanian Government International Bond
6.13%, 01/22/2044^(a)(b)			18,032,000			18,651,002
5.13%, 06/15/2048^(a)(b)			20,204,000			18,406,410
4.00%, 02/14/2051^(a)(b)			24,640,000			18,827,868

						55,885,280

Saudi Arabia-2.81%
Saudi Government International Bond
4.50%, 10/26/2046^(a)			19,164,000			18,426,378
4.63%, 10/04/2047^(a)			18,725,000			18,331,475
5.00%, 04/17/2049^(a)			17,490,000			18,213,037

						54,970,890

South Africa-2.90%
Republic of South Africa Government International Bond
5.38%, 07/24/2044			23,657,000			18,985,452
6.30%, 06/22/2048^(b)			22,189,000			19,096,852
5.75%, 09/30/2049			23,520,000			18,719,803

						56,802,107

Turkey-3.06%
Turkey Government International Bond
8.00%, 02/14/2034			20,906,000			20,462,647
6.88%, 03/17/2036			22,810,000			19,684,756
7.25%, 03/05/2038			22,120,000			19,736,570

						59,883,973

Ukraine-2.81%
Ukraine Government International Bond
7.75%, 09/01/2025^(a)			56,150,000			19,091,000
7.75%, 09/01/2027^(a)			53,004,000			17,941,854
9.75%, 11/01/2028^(a)			52,872,000			17,984,411

						55,017,265

United Arab Emirates-2.88%
Emirate of Dubai Government International Bond, 5.25%, 01/30/2043^(a)			19,261,000			18,950,802

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


		5

Invesco Emerging Markets Sovereign Debt ETF (PCY)–(continued)

April 30, 2022

(Unaudited)


	Principal Amount		Value
United Arab Emirates-(continued)
Finance Department Government of Sharjah
4.00%, 07/28/2050^(a)	$	25,320,000	$	18,975,770
4.38%, 03/10/2051^(a)		23,150,000		18,305,747

				56,232,319

Total U.S. Dollar Denominated Bonds & Notes (Cost $2,366,035,121)				1,919,099,578

	Shares
Money Market Funds-0.18%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(c)(d)(Cost $3,521,679)		3,521,679		3,521,679

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.28% (Cost $2,369,556,800)				1,922,621,257


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-9.58%
Invesco Private Government Fund, 0.40%^(c)(d)(e)		56,220,959	$	56,220,959
Invesco Private Prime Fund, 0.35%^(c)(d)(e)		131,152,413		131,152,413

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $187,364,229)				187,373,372

TOTAL INVESTMENTS IN SECURITIES-107.86% (Cost $2,556,921,029)				2,109,994,629
OTHER ASSETS LESS LIABILITIES-(7.86)%				(153,842,247	)

NET ASSETS-100.00%			$	1,956,152,382

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2022 was $1,345,680,224, which represented 68.79% of the Fund’s Net Assets.

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

^(c)

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


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	1,814,291		$	177,684,367		$	(175,976,979	)		$	-		$	-			$	3,521,679		$	5,886
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			18,930,470			155,040,284			(117,749,795	)			-			-				56,220,959			28,678	*
Invesco Private Prime Fund			44,171,098			289,445,590			(202,447,432	)			9,142			(25,985	)			131,152,413			69,926	*

Total		$	64,915,859		$	622,170,241		$	(496,174,206	)		$	9,142		$	(25,985	)		$	190,895,051		$	104,490

*	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.

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

^(e)	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.


		6

Invesco Emerging Markets Sovereign Debt ETF (PCY)–(continued)

April 30, 2022

(Unaudited)


Portfolio Composition
Country Breakdown (% of the Fund’s Net Assets)
as of April 30, 2022

Costa Rica			3.11

Bahrain			3.08

Oman			3.07

Turkey			3.06

Kazakhstan			3.06

Guatemala			3.03

Angola			3.00

Jordan			2.99

Mongolia			2.98

Philippines			2.93

Egypt			2.92

Paraguay			2.92

Dominican Republic			2.92

Panama			2.91

South Africa			2.90

Brazil			2.90

Kenya			2.89

Colombia			2.88

United Arab Emirates			2.88

Romania			2.86

Chile			2.85

Indonesia			2.85

Mexico			2.82

Morocco			2.82

Nigeria			2.82

Ukraine			2.81

Saudi Arabia			2.81

Qatar			2.80

Pakistan			2.73

Hungary			2.72

Peru			2.72

China			2.67

El Salvador			2.37

Poland			1.51

Kuwait			1.51

Money Market Funds Plus Other Assets Less Liabilities			1.90

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


		7

Invesco Global Short Term High Yield Bond ETF (PGHY)

April 30, 2022

(Unaudited)

Schedule of Investments


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-96.48%
Argentina-1.79%
AES Argentina Generacion S.A., 7.75%, 02/02/2024^(a)	$	850,000	$	725,887
Agua y Saneamientos Argentinos S.A., 6.63%, 02/01/2023^(a)		450,000		248,771
Arcor S.A.I.C., 6.00%, 07/06/2023^(a)		350,000		351,325
Capex S.A., 6.88%, 05/15/2024^(a)		300,000		285,442
IRSA Propiedades Comerciales S.A., 8.75%, 03/23/2023^(a)		565,000		556,796
Pampa Energia S.A., 7.38%, 07/21/2023^(a)		675,000		677,582
Provincia de Cordoba, 5.00%, 12/10/2025^(a)(b)		221		182
Tecpetrol S.A., 4.88%, 12/12/2022^(a)		553,000		555,370

				3,401,355

Australia-0.62%
FMG Resources August 2006 Pty. Ltd., 5.13%, 05/15/2024^(a)		200,000		202,256
Infrabuild Australia Pty. Ltd., 12.00%, 10/01/2024^(a)		300,000		304,000
North Queensland Export Terminal Pty. Ltd., 4.45%, 12/15/2022^(a)		700,000		678,596

				1,184,852

Azerbaijan-0.73%
International Bank of Azerbaijan OJSC, 3.50%, 09/01/2024^(a)		450,000		436,500
Republic of Azerbaijan International Bond, 4.75%, 03/18/2024^(a)		400,000		401,190
State Oil Co. of the Azerbaijan Republic, 4.75%, 03/13/2023^(a)		550,000		548,660

				1,386,350

Bahrain-1.10%
Bahrain Government International Bond
6.13%, 07/05/2022^(a)		700,000		704,875
6.13%, 08/01/2023^(a)		400,000		409,804
BBK BSC, 5.50%, 07/09/2024^(a)		450,000		460,319
Oil and Gas Holding Co. BSCC (The), 7.63%, 11/07/2024^(a)		500,000		524,335

				2,099,333

Belgium-0.21%
Barry Callebaut Services N.V., 5.50%, 06/15/2023^(a)		400,000		407,079

Bolivia-0.58%
Bolivian Government International Bond
4.88%, 10/29/2022^(a)		700,000		698,967
5.95%, 08/22/2023^(a)		400,000		398,004

				1,096,971

Brazil-5.89%
Aegea Finance S.a.r.l., 5.75%, 10/10/2024^(a)		606,000		621,932
Azul Investments L.L.P., 5.88%, 10/26/2024^(a)		500,000		445,993


	Principal Amount		Value
Brazil-(continued)
Banco Daycoval S.A., 4.25%, 12/13/2024^(a)	$	500,000	$	493,777
Banco Nacional de Desenvolvimento Economico e Social
5.75%, 09/26/2023^(a)		395,000		409,342
4.75%, 05/09/2024^(a)		580,000		593,563
Banco Safra S.A., 4.13%, 02/08/2023^(a)		600,000		605,271
Banco Votorantim S.A.
4.00%, 09/24/2022^(a)		500,000		501,147
4.50%, 09/24/2024^(a)		200,000		201,269
Brazilian Government International Bond
2.63%, 01/05/2023		500,000		501,000
4.25%, 01/07/2025		400,000		403,506
BRF S.A., 4.75%, 05/22/2024^(a)		400,000		399,042
Caixa Economica Federal, 3.50%, 11/07/2022^(a)		410,000		410,947
Cemig Geracao e Transmissao S.A., 9.25%, 12/05/2024^(a)		300,000		322,722
Centrais Eletricas Brasileiras S.A., 3.63%, 02/04/2025^(a)		500,000		483,805
Cielo USA, Inc., 3.75%, 11/16/2022^(a)		612,000		610,464
Embraer Overseas Ltd., 5.70%, 09/16/2023^(a)		232,000		236,973
Embraer S.A., 5.15%, 06/15/2022		600,000		601,590
Gol Finance S.A., 7.00%, 01/31/2025^(a)		500,000		428,653
InterCement Financial Operations B.V., 5.75%, 07/17/2024^(a)		400,000		344,612
Itau Unibanco Holding S.A.
5.50%, 08/06/2022^(a)		410,000		411,523
2.90%, 01/24/2023^(a)		420,000		421,054
5.13%, 05/13/2023^(a)		600,000		611,100
3.25%, 01/24/2025^(a)		500,000		487,000
Petrobras Global Finance B.V.
6.25%, 03/17/2024		250,000		260,543
5.30%, 01/27/2025		397,000		411,524

				11,218,352

Canada-2.73%
Bombardier, Inc., 7.50%, 12/01/2024^(a)		500,000		498,248
Ensign Drilling, Inc., 9.25%, 04/15/2024^(a)		400,000		391,568
goeasy Ltd., 5.38%, 12/01/2024^(a)		500,000		491,020
Methanex Corp., 4.25%, 12/01/2024		500,000		492,724
Mountain Province Diamonds, Inc., 8.00%, 12/15/2022^(a)(c)		725,000		714,270
NOVA Chemicals Corp., 4.88%, 06/01/2024^(a)		300,000		296,264
Quebecor Media, Inc., 5.75%, 01/15/2023		500,000		506,182
Rockpoint Gas Storage Canada Ltd., 7.00%, 03/31/2023^(a)		600,000		594,876
TransAlta Corp., 4.50%, 11/15/2022		600,000		600,627
Videotron Ltd., 5.38%, 06/15/2024^(a)		600,000		606,780

				5,192,559

Chile-0.10%
Kenbourne Invest S.A., 6.88%, 11/26/2024^(a)		200,000		191,028

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


		8

Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)

April 30, 2022

(Unaudited)


	Principal Amount		Value
China-2.80%
China South City Holdings Ltd.
11.50%, 08/12/2022^(a)	$	700,000	$	665,000
10.88%, 10/26/2022^(a)		700,000		665,000
7.25%, 11/20/2022^(a)		400,000		382,000
Chongqing Hechuan City Construction Investment Group Co. Ltd., 6.30%, 07/18/2022^(a)		200,000		199,000
Hong Kong Red Star Macalline Universal Home Furnishings Ltd., 3.38%, 09/21/2022^(a)		600,000		516,000
Huai An Traffic Holding Group Co. Ltd., 6.00%, 09/19/2022^(a)		240,000		239,400
Kunming Municipal Urban Construction Investment & Development Co. Ltd., 5.80%, 10/17/2022^(a)		600,000		594,000
Lanzhou City Development Investment Co. Ltd., 4.15%, 11/15/2022^(a)(c)		400,000		362,000
New Metro Global Ltd., 6.50%, 05/20/2022^(a)		350,000		343,875
RongXingDa Development (BVI) Ltd., 8.95%, 12/31/2022^(a)		500,000		157,500
Yanlord Land HK Co. Ltd.
6.75%, 04/23/2023^(a)(c)		500,000		495,000
6.80%, 02/27/2024^(a)		300,000		294,000
Zoomlion HK SPV Co. Ltd., 6.13%, 12/20/2022^(a)		407,000		414,127

				5,326,902

Colombia-1.85%
Banco Davivienda S.A., 5.88%, 07/09/2022^(a)		420,000		421,050
Banco de Bogota S.A., 5.38%, 02/19/2023^(a)		407,000		411,101
Bancolombia S.A., 5.13%, 09/11/2022		550,000		552,689
Credivalores-Crediservicios S.A.S., 8.88%, 02/07/2025^(a)		500,000		241,967
Ecopetrol S.A.
5.88%, 09/18/2023		445,000		451,326
4.13%, 01/16/2025		500,000		484,395
Gilex Holding S.a.r.l., 8.50%, 05/02/2023^(a)		410,000		406,599
Grupo Aval Ltd., 4.75%, 09/26/2022^(a)		545,000		546,654

				3,515,781

Costa Rica-0.67%
Banco Nacional de Costa Rica, 6.25%, 11/01/2023^(a)(c)		550,000		567,347
Costa Rica Government International Bond, 4.25%, 01/26/2023^(a)		700,000		705,040

				1,272,387

Croatia-0.32%
Hrvatska Elektroprivreda, 5.88%, 10/23/2022^(a)		600,000		602,453

Cyprus-0.25%
ASG Finance Designated Activity Co., 7.88%, 12/03/2024^(a)(c)		500,000		477,500

Denmark-0.31%
DKT Finance ApS, 9.38%, 06/17/2023^(a)		600,000		598,200


	Principal Amount		Value
Dominican Republic-0.48%
Banco de Reservas de la Republica Dominicana, 7.00%, 02/01/2023^(a)	$	550,000	$	558,734
Dominican Republic International Bond, 5.50%, 01/27/2025^(a)		350,000		359,091

				917,825

Egypt-0.97%
Egypt Government International Bond
5.58%, 02/21/2023^(a)(c)		600,000		593,537
4.55%, 11/20/2023^(a)(c)		684,000		649,656
6.20%, 03/01/2024^(a)(c)		250,000		239,944
5.75%, 05/29/2024^(a)		400,000		374,348

				1,857,485

El Salvador-0.40%
AES El Salvador Trust II, 6.75%, 03/28/2023^(a)		700,000		620,421
El Salvador Government International Bond, 5.88%, 01/30/2025^(a)		300,000		144,702

				765,123

Georgia-0.76%
Bank of Georgia JSC, 6.00%, 07/26/2023^(a)		700,000		702,647
Georgia Capital JSC, 6.13%, 03/09/2024^(a)		500,000		486,250
TBC Bank JSC, 5.75%, 06/19/2024^(a)(c)		250,000		252,025

				1,440,922

Germany-0.38%
Commerzbank AG, 8.13%, 09/19/2023^(a)		509,000		530,229
Norddeutsche Landesbank-Girozentrale, 6.25%, 04/10/2024^(a)		200,000		200,814

				731,043

Ghana-0.12%
Ghana Government International Bond, 7.88%, 08/07/2023^(a)		230,000		224,505

Guatemala-0.51%
Guatemala Government Bond, 5.75%, 06/06/2022^(a)		560,000		559,955
Industrial Senior Trust, 5.50%, 11/01/2022^(a)		415,000		418,758

				978,713

India-4.96%
ABJA Investment Co. Pte. Ltd., 5.95%, 07/31/2024^(a)		300,000		309,375
Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy Pvt. Ltd., 6.25%, 12/10/2024^(a)(c)		300,000		304,560
Axis Bank Ltd., 3.00%, 08/08/2022^(a)		423,000		422,916
Azure Power Solar Energy Pvt Ltd., 5.65%, 12/24/2024^(a)(c)		500,000		503,190
GMR Hyderabad International Airport Ltd., 5.38%, 04/10/2024^(a)		500,000		503,500
Greenko Investment Co., 4.88%, 08/16/2023^(a)		400,000		396,100

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


		9

Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)

April 30, 2022

(Unaudited)


	Principal Amount		Value
India-(continued)
Greenko Solar Mauritius Ltd., 5.55%, 01/29/2025^(a)	$	500,000	$	493,475
IIFL Finance Ltd., 5.88%, 04/20/2023^(a)		612,000		604,044
India Green Energy Holdings, 5.38%, 04/29/2024^(a)		250,000		246,590
India Toll Roads, 5.50%, 08/19/2024^(a)		500,000		499,175
JSW Steel Ltd., 5.95%, 04/18/2024^(a)(c)		500,000		507,500
Manappuram Finance Ltd., 5.90%, 01/13/2023^(a)		500,000		501,125
Muthoot Finance Ltd.
6.13%, 10/31/2022^(a)		410,000		412,050
4.40%, 09/02/2023^(a)		400,000		397,400
ReNew Power Pvt Ltd., 6.45%, 09/27/2022^(a)		600,000		601,125
ReNew Power Synthetic, 6.67%, 03/12/2024^(a)		500,000		507,500
Shriram Transport Finance Co. Ltd.
5.95%, 10/24/2022^(a)		565,000		564,133
5.10%, 07/16/2023^(a)		400,000		394,322
4.40%, 03/13/2024^(a)(c)		278,000		265,341
Tata Motors Ltd., 5.75%, 10/30/2024^(a)(c)		500,000		507,410
TML Holdings Pte. Ltd., 5.50%, 06/03/2024^(a)(c)		500,000		498,875

				9,439,706

Indonesia-1.61%
Global Prime Capital Pte. Ltd., 5.50%, 10/18/2023^(a)		400,000		396,000
Indika Energy Capital III Pte. Ltd., 5.88%, 11/09/2024^(a)		200,000		196,636
Jababeka International B.V., 6.50%, 10/05/2023^(a)(c)		700,000		588,000
Medco Platinum Road Pte. Ltd., 6.75%, 01/30/2025^(a)		500,000		496,267
Nickel Mines Ltd., 6.50%, 04/01/2024^(a)		500,000		478,625
PT Saka Energi Indonesia, 4.45%, 05/05/2024^(a)		450,000		430,191
SSMS Plantation Holdings Pte. Ltd., 7.75%, 01/23/2023^(a)		800,000		488,000

				3,073,719

Israel-1.37%
Energean Israel Finance Ltd., 4.50%, 03/30/2024^(a)(c)		450,000		438,503
Leviathan Bond Ltd., 5.75%, 06/30/2023^(a)(c)		507,202		505,934
Teva Pharmaceutical Finance Co. B.V., 2.95%, 12/18/2022		550,000		543,834
Teva Pharmaceutical Finance Netherlands III B.V.
2.80%, 07/21/2023		700,000		679,738
6.00%, 04/15/2024^(c)		450,000		450,567

				2,618,576

Jamaica-0.16%
Digicel International Finance Ltd./Digicel international Holdings Ltd., 8.75%, 05/25/2024^(a)		300,000		296,553


	Principal Amount		Value
Japan-0.73%
Rakuten Group, Inc., 3.55%, 11/27/2024^(a)	$	300,000	$	292,693
SoftBank Group Corp.
5.38%, 07/30/2022^(a)		635,000		631,888
4.75%, 09/19/2024^(a)		300,000		291,300
3.13%, 01/06/2025^(a)		200,000		183,500

				1,399,381

Kenya-0.25%
Republic of Kenya Government International Bond, 6.88%, 06/24/2024^(a)		500,000		483,930

Kuwait-0.37%
Kuwait Projects Co. SPC Ltd., 5.00%, 03/15/2023^(a)		700,000		698,145

Malaysia-0.01%
SD International Sukuk Ltd., 6.30%, 05/09/2022^(a)		200,000		15,000

Mexico-1.93%
Axtel S.A.B. de C.V., 6.38%, 11/14/2024^(a)		426,000		425,753
BBVA Bancomer S.A., 6.75%, 09/30/2022^(a)		606,000		614,581
Credito Real, S.A.B. de C.V., SOFOM, E.R., 7.25%, 07/20/2023, (Acquired 09/28/2020; Cost $296,095)^(a)(d)		300,000		53,625
Grupo Posadas S.A.B. de C.V., 7.88%, 06/30/2022^(a)(e)		400,000		320,336
Operadora de Servicios Mega S.A. de C.V. SOFOM, E.R., 8.25%, 02/11/2025^(a)		300,000		189,586
Petroleos Mexicanos
3.50%, 01/30/2023		584,000		580,510
4.63%, 09/21/2023^(c)		585,000		583,842
4.88%, 01/18/2024^(c)		411,000		409,531
Unifin Financiera S.A.B. de C.V., 7.25%, 09/27/2023^(a)		700,000		504,700

				3,682,464

Mongolia-0.88%
Development Bank of Mongolia LLC, 7.25%, 10/23/2023^(a)		400,000		397,511
Mongolia Government International Bond
5.63%, 05/01/2023^(a)		400,000		399,153
8.75%, 03/09/2024^(a)		200,000		206,012
Mongolian Mortgage Corp. Hfc LLC, 8.85%, 02/08/2024^(a)		750,000		666,615

				1,669,291

Morocco-0.53%
Morocco Government International Bond, 4.25%, 12/11/2022^(a)		600,000		603,615
OCP S.A., 5.63%, 04/25/2024^(a)		400,000		411,650

				1,015,265

Nigeria-0.95%
Fidelity Bank PLC, 10.50%, 10/16/2022^(a)		500,000		502,050

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


		10

Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)

April 30, 2022

(Unaudited)


	Principal Amount		Value
Nigeria-(continued)
Nigeria Government International Bond
5.63%, 06/27/2022	$	700,000	$	697,550
6.38%, 07/12/2023^(a)		600,000		601,221

				1,800,821

Oman-1.08%
Bank Muscat SAOG, 4.88%, 03/14/2023^(a)		600,000		604,037
Oman Government International Bond
4.13%, 01/17/2023^(a)		700,000		704,244
4.88%, 02/01/2025^(a)		330,000		332,134
Oztel Holdings SPC Ltd., 5.63%, 10/24/2023^(a)		408,000		412,126

				2,052,541

Pakistan-0.45%
Pakistan Government International Bond, 8.25%, 04/15/2024^(a)		200,000		180,012
Third Pakistan International Sukuk Co. Ltd. (The), 5.63%, 12/05/2022^(a)		700,000		679,000

				859,012

Panama-0.62%
Banistmo S.A., 3.65%, 09/19/2022^(a)		550,000		550,022
Multibank, Inc., 4.38%, 11/09/2022^(a)		625,000		628,147

				1,178,169

Puerto Rico-0.22%
Popular, Inc., 6.13%, 09/14/2023		400,000		410,420

Russia-0.25%
Chelyabinsk Pipe Plant Via Chelpipe Finance DAC, 4.50%, 09/19/2024^(a)(e)		300,000		30,000
Global Ports Finance PLC, 6.50%, 09/22/2023^(a)		600,000		204,000
O1 Properties Finance PLC, 0.50%, 12/31/2049^(a)		500,000		33,850
Petropavlovsk 2016 Ltd., 8.13%, 11/14/2022^(a)		300,000		67,500
Sberbank of Russia Via SB Capital S.A., 5.13%, 10/29/2022^(a)		735,000		91,875
VTB Bank OJSC Via VTB Capital S.A., 6.95%, 10/17/2022^(a)		500,000		50,000

				477,225

Singapore-0.26%
LMIRT Capital Pte. Ltd., 7.25%, 06/19/2024^(a)		200,000		199,000
Puma International Financing S.A., 5.13%, 10/06/2024^(a)		300,000		287,820

				486,820

South Africa-1.98%
Eskom Holdings SOC Ltd.
6.75%, 08/06/2023^(a)		420,000		410,114
7.13%, 02/11/2025^(a)		300,000		287,445
MTN (Mauritius) Investments Ltd., 4.76%, 11/11/2024^(a)		300,000		298,881
Republic of South Africa Government International Bond
5.88%, 05/30/2022		500,000		501,492
4.67%, 01/17/2024		600,000		603,579


	Principal Amount		Value
South Africa-(continued)
Sasol Financing International Ltd., 4.50%, 11/14/2022^(c)	$	637,000	$	636,357
Sasol Financing USA LLC, 5.88%, 03/27/2024		450,000		448,711
Transnet SOC Ltd., 4.00%, 07/26/2022^(a)		600,000		592,560

				3,779,139

South Korea-0.32%
SK Innovation Co. Ltd., 4.13%, 07/13/2023^(a)(c)		600,000		602,709

Spain-0.10%
Codere Finance 2 (Luxembourg) S.A., 2.00% PIK Rate, 11.63% Cash Rate, 11/30/2027^(a)(f)		188,336		185,511

Sweden-0.73%
Stena AB, 7.00%, 02/01/2024^(a)		600,000		597,084
Stena International S.A.
5.75%, 03/01/2024^(a)		175,000		172,307
6.13%, 02/01/2025^(a)		200,000		199,186
Telefonaktiebolaget LM Ericsson, 4.13%, 05/15/2022		420,000		420,181

				1,388,758

Trinidad and Tobago-0.32%
Trinidad & Tobago Government International Bond, 4.38%, 01/16/2024^(a)		600,000		604,437

Turkey-9.85%
Akbank T.A.S., 5.00%, 10/24/2022^(a)		410,000		411,765
Arcelik A.S., 5.00%, 04/03/2023^(a)		700,000		701,411
Fibabanka A.S., 6.00%, 01/25/2023^(a)		600,000		596,115
Hazine Mustesarligi Varlik Kiralama A.S.
5.00%, 04/06/2023^(a)		700,000		702,380
4.49%, 11/25/2024^(a)		300,000		290,295
KOC Holding A.S., 5.25%, 03/15/2023^(a)		700,000		701,995
Mersin Uluslararasi Liman Isletmeciligi A.S., 5.38%, 11/15/2024^(a)		300,000		295,302
Petkim Petrokimya Holding A.S., 5.88%, 01/26/2023^(a)		420,000		420,354
QNB Finansbank A.S.
4.88%, 05/19/2022^(a)		600,000		600,543
6.88%, 09/07/2024^(a)		500,000		516,342
Roenesans Gayrimenkul Yatirim A.S., 7.25%, 04/26/2023^(a)		750,000		731,094
T.C. Ziraat Bankasi A.S.
5.13%, 05/03/2022^(a)		600,000		600,000
5.13%, 09/29/2023^(a)		420,000		413,335
Turk Telekomunikasyon A.S.
4.88%, 06/19/2024^(a)		200,000		191,382
6.88%, 02/28/2025^(a)		200,000		196,158
Turkey Government International Bond
6.25%, 09/26/2022		650,000		655,915
3.25%, 03/23/2023		600,000		593,844
7.25%, 12/23/2023		400,000		407,340
5.75%, 03/22/2024		400,000		393,160
6.35%, 08/10/2024		200,000		196,308

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


		11

Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)

April 30, 2022

(Unaudited)


	Principal Amount		Value
Turkey-(continued)
5.60%, 11/14/2024	$	300,000	$	288,483
7.38%, 02/05/2025		500,000		499,545
Turkiye Garanti Bankasi A.S.
5.25%, 09/13/2022^(a)		550,000		552,593
5.88%, 03/16/2023^(a)		500,000		505,220
Turkiye Ihracat Kredi Bankasi A.S.
4.25%, 09/18/2022^(a)		410,000		410,392
5.38%, 10/24/2023^(a)		420,000		414,082
8.25%, 01/24/2024^(a)		600,000		613,779
6.13%, 05/03/2024^(a)		400,000		390,859
Turkiye Is Bankasi A.S.
6.00%, 10/24/2022^(a)		410,000		410,916
7.85%, 12/10/2023^(a)		600,000		611,043
6.13%, 04/25/2024^(a)		300,000		296,867
Turkiye Petrol Rafinerileri A.S., 4.50%, 10/18/2024^(a)		300,000		286,170
Turkiye Sinai Kalkinma Bankasi A.S., 5.50%, 01/16/2023^(a)		500,000		502,592
Turkiye Vakiflar Bankasi T.A.O.
5.63%, 05/30/2022^(a)		600,000		601,648
6.00%, 11/01/2022^(a)		400,000		400,069
5.75%, 01/30/2023^(a)		420,000		421,591
8.13%, 03/28/2024^(a)		400,000		406,017
Yapi ve Kredi Bankasi A.S.
5.50%, 12/06/2022^(a)		420,000		420,730
6.10%, 03/16/2023^(a)		600,000		605,741
5.85%, 06/21/2024^(a)		200,000		196,207
8.25%, 10/15/2024^(a)		300,000		308,354

				18,757,936

Ukraine-0.66%
MHP SE, 7.75%, 05/10/2024^(a)		350,000		189,875
NAK Naftogaz Ukraine via Kondor Finance PLC, 7.38%, 07/19/2022^(a)		600,000		231,000
Ukraine Government International Bond 7.75%, 09/01/2022^(a)		500,000		280,000
7.75%, 09/01/2023^(a)		700,000		288,513
8.99%, 02/01/2024^(a)		550,000		201,850
Ukraine Railways Via Rail Capital Markets PLC, 8.25%, 07/09/2024^(a)		200,000		57,000

				1,248,238

United Arab Emirates-0.35%
Alpha Star Holding V Ltd., 6.63%, 04/18/2023^(a)(c)		654,000		667,051

United Kingdom-0.33%
Celtic Resources Holdings DAC, 4.13%, 10/09/2024^(a)		300,000		75,000
Jaguar Land Rover Automotive PLC, 5.63%, 02/01/2023^(a)		550,000		547,330

				622,330

United States-40.77%
ADT Security Corp. (The), 4.13%, 06/15/2023		410,000		408,071
Advanced Micro Devices, Inc., 7.50%, 08/15/2022		410,000		416,013
Ahern Rentals, Inc., 7.38%, 05/15/2023^(a)		500,000		472,500


	Principal Amount			Value
United States-(continued)
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 3.50%, 02/15/2023^(a)		$	700,000		$	699,090
Ally Financial, Inc., 5.13%, 09/30/2024^(c)			500,000			515,397
AMC Networks, Inc., 5.00%, 04/01/2024^(c)			300,000			297,378
American Airlines Group, Inc., 5.00%, 06/01/2022^(a)			715,000			715,064
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.63%, 05/20/2024			580,000			580,052
Avient Corp., 5.25%, 03/15/2023			700,000			702,674
Ball Corp., 4.00%, 11/15/2023			500,000			499,390
Bed Bath & Beyond, Inc., 3.75%, 08/01/2024			428,000			395,055
Brinker International, Inc.
3.88%, 05/15/2023			500,000			498,275
5.00%, 10/01/2024^(a)			500,000			499,512
Callon Petroleum Co., 6.13%, 10/01/2024			300,000			296,582
CCO Holdings LLC/CCO Holdings Capital Corp., 4.00%, 03/01/2023^(a)			500,000			500,632
CDW LLC/CDW Finance Corp., 5.50%, 12/01/2024			500,000			512,662
Cengage Learning, Inc., 9.50%, 06/15/2024^(a)			500,000			490,748
Cheniere Corpus Christi Holdings LLC, 7.00%, 06/30/2024			500,000			526,062
Citgo Holding, Inc., 9.25%, 08/01/2024^(a)			200,000			199,008
Civitas Resources, Inc., 7.50%, 04/30/2026			64,201			64,201
Clearwater Paper Corp., 5.38%, 02/01/2025^(a)			500,000			500,275
Cleaver-Brooks, Inc., 7.88%, 03/01/2023^(a)			700,000			666,032
Commercial Metals Co., 4.88%, 05/15/2023			574,000			577,633
Compass Minerals International, Inc., 4.88%, 07/15/2024^(a)			300,000			297,390
Continental Resources, Inc.
4.50%, 04/15/2023^(c)			500,000			506,250
3.80%, 06/01/2024			500,000			501,487
CSC Holdings LLC
5.88%, 09/15/2022			625,000			629,191
5.25%, 06/01/2024			500,000			489,345
CVR Energy, Inc., 5.25%, 02/15/2025^(a)			500,000			484,405
DCP Midstream Operating L.P., 3.88%, 03/15/2023			700,000			698,484
Delta Air Lines, Inc.
3.80%, 04/19/2023			500,000			499,987
2.90%, 10/28/2024^(c)			500,000			477,483
Diebold Nixdorf, Inc., 8.50%, 04/15/2024			430,000			280,104
DISH DBS Corp.
5.88%, 07/15/2022^(c)			602,000			603,487
5.00%, 03/15/2023			601,000			596,168
5.88%, 11/15/2024			500,000			485,623

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


		12

Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)

April 30, 2022

(Unaudited)


	Principal Amount			Value
United States-(continued)
Diversified Healthcare Trust, 4.75%, 05/01/2024		$	444,000		$	422,444
EnerSys, 5.00%, 04/30/2023^(a)			600,000			603,693
EnLink Midstream Partners L.P., 4.40%, 04/01/2024			500,000			494,350
Enova International, Inc., 8.50%, 09/01/2024^(a)			500,000			502,340
EQM Midstream Partners L.P.
4.75%, 07/15/2023			589,000			586,827
4.00%, 08/01/2024			500,000			484,083
Ford Motor Credit Co. LLC
3.55%, 10/07/2022^(c)			600,000			600,780
3.35%, 11/01/2022			700,000			701,074
3.09%, 01/09/2023			650,000			651,371
4.14%, 02/15/2023			650,000			649,174
3.37%, 11/17/2023			650,000			641,062
5.58%, 03/18/2024			400,000			404,998
4.06%, 11/01/2024			300,000			293,816
2.30%, 02/10/2025^(c)			500,000			464,955
Freedom Mortgage Corp., 8.13%, 11/15/2024^(a)			300,000			291,000
Freeport-McMoRan, Inc.
3.88%, 03/15/2023			630,000			632,277
4.55%, 11/14/2024			300,000			304,143
Fresh Market, Inc. (The), 9.75%, 05/01/2023^(a)			597,000			582,941
FS Energy and Power Fund, 7.50%, 08/15/2023^(a)			409,000			416,438
FXI Holdings, Inc., 7.88%, 11/01/2024^(a)			300,000			296,130
Genesis Energy L.P./Genesis Energy Finance Corp., 5.63%, 06/15/2024			500,000			490,960
Genworth Holdings, Inc., 4.80%, 02/15/2024			670,000			672,064
GEO Group, Inc. (The), 5.13%, 04/01/2023			623,000			595,105
Goodman Networks, Inc., 8.00%, 05/11/2022^(g)			98,659			89,780
Graphic Packaging International LLC
4.88%, 11/15/2022			624,000			628,296
4.13%, 08/15/2024			500,000			500,530
Hanesbrands, Inc., 4.63%, 05/15/2024^(a)			250,000			249,998
HCA, Inc.
5.88%, 05/01/2023^(c)			605,000			624,662
5.38%, 02/01/2025			500,000			514,281
Howmet Aerospace, Inc., 5.13%, 10/01/2024^(c)			500,000			509,387
Hyatt Hotels Corp.
1.30%, 10/01/2023^(c)			300,000			291,684
1.80%, 10/01/2024			300,000			285,612
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 4.75%, 09/15/2024			500,000			489,380
International Game Technology PLC, 6.50%, 02/15/2025^(a)			400,000			407,514
iStar, Inc., 4.75%, 10/01/2024			500,000			486,860
KB Home
7.50%, 09/15/2022			496,000			504,382
7.63%, 05/15/2023			500,000			513,167


	Principal Amount			Value
United States-(continued)
Koppers, Inc., 6.00%, 02/15/2025^(a)		$	500,000		$	484,485
Kraft Heinz Foods Co. (The), 3.50%, 06/06/2022^(c)			500,000			500,917
Laredo Petroleum, Inc., 9.50%, 01/15/2025			500,000			513,207
Las Vegas Sands Corp., 3.20%, 08/08/2024			500,000			480,868
Live Nation Entertainment, Inc., 4.88%, 11/01/2024^(a)			300,000			296,660
Lumen Technologies, Inc.
Series W, 6.75%, 12/01/2023			400,000			407,042
Series Y, 7.50%, 04/01/2024			400,000			411,800
Mattel, Inc., 3.15%, 03/15/2023			635,000			632,628
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/2024^(a)			300,000			293,060
Maxar Space Robotics LLC, 9.75%, 12/31/2023^(a)			500,000			533,795
MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc., 5.63%, 05/01/2024			275,000			278,905
MGM Resorts International, 6.00%, 03/15/2023			536,000			543,389
Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.88%, 10/01/2022^(a)			500,000			532,500
Navient Corp.
5.50%, 01/25/2023			410,000			412,571
7.25%, 09/25/2023			538,000			552,176
6.13%, 03/25/2024			300,000			302,087
5.88%, 10/25/2024^(c)			500,000			496,883
Netflix, Inc.
5.75%, 03/01/2024^(c)			431,000			445,566
5.88%, 02/15/2025			500,000			520,000
Newmark Group, Inc., 6.13%, 11/15/2023			396,000			404,130
NextEra Energy Operating Partners L.P., 4.25%, 07/15/2024^(a)			200,000			198,502
NGL Energy Partners L.P./NGL Energy Finance Corp., 7.50%, 11/01/2023			626,000			581,541
Nordstrom, Inc., 2.30%, 04/08/2024			500,000			479,403
Northwest Acquisitions ULC/Dominion Finco, Inc., 7.13%, 11/01/2022^(a)(e)			500,000			30
NortonLifeLock, Inc., 3.95%, 06/15/2022			416,000			415,936
Occidental Petroleum Corp.
6.95%, 07/01/2024			325,000			341,281
2.90%, 08/15/2024			500,000			489,388
Oceaneering International, Inc., 4.65%, 11/15/2024			500,000			484,345
OneMain Finance Corp.
5.63%, 03/15/2023			500,000			505,630
8.25%, 10/01/2023			575,000			596,712
6.13%, 03/15/2024			350,000			351,727
Ovintiv Exploration, Inc., 5.63%, 07/01/2024			500,000			520,280
Owens-Brockway Glass Container, Inc., 5.88%, 08/15/2023^(a)			700,000			709,684
PBF Logistics L.P./PBF Logistics Finance Corp., 6.88%, 05/15/2023			413,000			412,554

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


		13

Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)

April 30, 2022

(Unaudited)


	Principal Amount		Value
United States-(continued)
Perrigo Finance Unlimited Co., 3.90%, 12/15/2024^(c)	$	500,000	$	492,767
Pitney Bowes, Inc., 4.63%, 03/15/2024		250,000		248,205
Prime Security Services Borrower LLC/ Prime Finance, Inc., 5.25%, 04/15/2024^(a)		300,000		300,006
PTC, Inc., 3.63%, 02/15/2025^(a)		500,000		485,013
Pyxus Holdings, Inc., 10.00%, 08/24/2024		510,625		427,309
QVC, Inc.
4.38%, 03/15/2023		585,000		585,705
4.85%, 04/01/2024		250,000		250,006
4.45%, 02/15/2025^(c)		500,000		485,603
Radian Group, Inc., 4.50%, 10/01/2024		300,000		292,529
Range Resources Corp., 5.00%, 03/15/2023		500,000		501,915
Rayonier AM Products, Inc., 5.50%, 06/01/2024^(a)		500,000		500,685
Realogy Group LLC/Realogy Co-Issuer Corp., 4.88%, 06/01/2023^(a)		700,000		699,167
Revlon Consumer Products Corp., 6.25%, 08/01/2024		300,000		99,000
Royal Caribbean Cruises Ltd.
5.25%, 11/15/2022		500,000		501,307
10.88%, 06/01/2023^(a)		600,000		628,527
9.13%, 06/15/2023^(a)		600,000		620,184
Sensata Technologies B.V., 4.88%, 10/15/2023^(a)		484,000		485,863
Service Properties Trust
5.00%, 08/15/2022		602,000		600,319
4.50%, 06/15/2023		429,000		419,991
4.65%, 03/15/2024		550,000		520,525
4.35%, 10/01/2024		500,000		463,230
Six Flags Entertainment Corp., 4.88%, 07/31/2024^(a)		500,000		498,655
SM Energy Co., 10.00%, 01/15/2025^(a)		500,000		541,130
Spirit AeroSystems, Inc., 3.95%, 06/15/2023		421,000		413,925
Sprint Communications, Inc., 6.00%, 11/15/2022		600,000		609,771
Sprint Corp.
7.88%, 09/15/2023		460,000		480,721
7.13%, 06/15/2024		200,000		210,759
7.63%, 02/15/2025		500,000		532,435
Starwood Property Trust, Inc., 5.50%, 11/01/2023^(a)		500,000		504,377
Stellantis N.V., 5.25%, 04/15/2023		615,000		626,156
Stericycle, Inc., 5.38%, 07/15/2024^(a)		500,000		498,930
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II,Inc.
5.88%,04/15/2023^(a)		500,000		506,295
5.63%, 03/01/2024^(a)		300,000		302,468
Team Health Holdings, Inc., 6.38%, 02/01/2025^(a)		500,000		426,875
Tenet Healthcare Corp.
6.75%, 06/15/2023		565,000		581,970
4.63%, 07/15/2024		200,000		199,708
TerraForm Power Operating LLC, 4.25%, 01/31/2023^(a)		500,000		501,260


	Principal Amount		Value
United States-(continued)
TMX Finance LLC/TitleMax Finance Corp., 11.13%, 04/01/2023^(a)	$	500,000	$	493,913
Toll Brothers Finance Corp., 4.38%, 04/15/2023		699,000		703,605
TPro Acquisition Corp., 11.00%, 10/15/2024^(a)		500,000		525,820
Travel + Leisure Co., 3.90%, 03/01/2023		620,000		620,797
TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.88%, 06/15/2024		559,000		568,310
Trinity Industries, Inc., 4.55%, 10/01/2024		500,000		497,538
Triumph Group, Inc.
8.88%, 06/01/2024^(a)		500,000		518,130
6.25%, 09/15/2024^(a)		300,000		289,173
United Airlines Holdings, Inc.
5.00%, 02/01/2024^(c)		526,000		522,765
4.88%, 01/15/2025^(c)		500,000		483,098
Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.88%, 02/15/2025^(a)		500,000		509,615
Univision Communications, Inc., 5.13%, 02/15/2025^(a)		500,000		491,900
VICI Properties L.P./VICI Note Co., Inc., 3.50%, 02/15/2025^(a)		500,000		480,620
W&T Offshore, Inc., 9.75%, 11/01/2023^(a)		600,000		596,787
Welbilt, Inc., 9.50%, 02/15/2024^(c)		600,000		603,135
Wesco Aircraft Holdings, Inc., 8.50%, 11/15/2024^(a)		300,000		167,250
WR Grace Holdings LLC, 5.63%, 10/01/2024^(a)		300,000		301,125
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 4.25%, 05/30/2023^(a)		570,000		559,384
Xerox Corp., 3.80%, 05/15/2024^(c)		500,000		484,433
Yum! Brands, Inc., 3.88%, 11/01/2023^(c)		581,000		586,650

				77,636,289

Uzbekistan-0.31%
Republic of Uzbekistan International Bond, 4.75%, 02/20/2024^(a)		600,000		591,197

Vietnam-0.16%
Vietnam Government International Bond, 4.80%, 11/19/2024^(a)		300,000		307,875

Zambia-0.40%
First Quantum Minerals Ltd.
7.25%, 04/01/2023^(a)		153,970		154,107
6.50%, 03/01/2024^(a)		250,000		250,646
Zambia Government International Bond, 5.38%, 09/20/2022^(a)		500,000		360,230

				764,983

Total U.S. Dollar Denominated Bonds & Notes (Cost $194,118,747)				183,700,209

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


		14

Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
Preferred Stocks-0.14%
Guitar Center Holdings, Inc., Series A, Pfd., 0.00%^(h)		2,000	$	260,667
Guitar Center Holdings, Inc., Series B, Pfd., 0.00%^(h)(i)		24		1,560

Total Preferred Stocks (Cost $623,350)				262,227

	Principal Amount
Non-U.S. Dollar Denominated Bonds & Notes-0.11%^(j)
Spain-0.11%
Codere New Holdco S.A., 7.50% PIK Rate, 0.00% Cash Rate, 11/30/2027^(a)(f)(Cost $552,401)		EUR 227,550		209,461

	Shares
Common Stocks & Other Equity Interests-0.06%
Spain-0.00%
Codere New Topco S.A.^(i)(k)		8,480		0

United States-0.06%
Hornbeck Offshore Services, Inc.^(k)(l)		323		7,348
Hornbeck Offshore Services, Inc., Wts.^(k)(l)		3,246		73,846
Hornbeck Offshore Services, Inc., Wts.^(i)(k)(l)		2,673		10,024
PetroQuest Energy, Inc.^(i)(k)		28,971		12,313
Premier Brands Group Holdings LLC^(k)(m)		3,222		2,860
Premier Brands Group Holdings LLC Wts., expiring 03/21/2024^(k)(m)		10,096		2,221
TRU Taj LLC/TRU Taj Finance, Inc.^(k)		2,156		14,014

				122,626

Total Common Stocks & Other Equity Interests (Cost $216,736)				122,626

Investment Abbreviations:

EUR-Euro

Pfd.-Preferred

PIK-Pay-in-Kind

Wts.-Warrants


	Principal Amount		Value
Variable Rate Senior Loan Interests-0.00%^(n)(o)
Hornbeck Offshore Services, Inc., Second Lien Term Loan, 11.50%, 02/07/2025⁽ⁱ⁾(Cost $502,340)	$	589,900	$	0


	Shares

Money Market Funds-1.00%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(p)(q)(Cost $1,913,045)		1,913,045		1,913,045

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-97.79% (Cost $197,926,619)				186,207,568


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-8.67%
Invesco Private Government Fund, 0.40%^(p)(q)(r)		4,950,133		4,950,133
Invesco Private Prime Fund, 0.35%^(p)(q)(r)		11,555,619		11,555,619

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $16,505,747)				16,505,752

TOTAL INVESTMENTS IN SECURITIES-106.46% (Cost $214,432,366)				202,713,320
OTHER ASSETS LESS LIABILITIES-(6.46)%				(12,304,218	)

NET ASSETS-100.00%			$	190,409,102

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


		15

Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)

April 30, 2022

(Unaudited)

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2022 was $115,362,946, which represented 60.59% of the Fund’s Net Assets.

^(b)	Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

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

^(d)	Restricted security. The value of this security at April 30, 2022 represented less than 1% of the Fund’s Net Assets.

^(e)	Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at April 30, 2022 was $350,366, which represented less than 1% of the Fund’s Net Assets.

^(f)	All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

^(g)	Acquired as part of the Goodman Networks, Inc. reorganization.

^(h)	Acquired as part of the Guitar Center, Inc. reorganization.

⁽ⁱ⁾	Security valued using significant unobservable inputs (Level 3). See Note 5.

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

^(k)	Non-income producing security.

^(l)	Acquired as part of the Hornbeck Offshore Services, Inc. reorganization.

^(m)	Acquired as part of the Nine West Holding, Inc. reorganization.

⁽ⁿ⁾

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.

^(o)

Variable rate senior loan interests are, at present, not readily marketable, not registered under 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.

^(p)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$10,387,579		$50,060,839		$(58,535,373)		$	-		$	-			$1,913,045		$ 2,125
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		5,594,655		14,127,626		(14,772,148)			-			-			4,950,133		3,409*
Invesco Private Prime Fund		13,054,957		26,461,938		(27,955,918)			5			(5,363	)		11,555,619		10,706*

Total		$29,037,191		$90,650,403		$(101,263,439)		$	5		$	(5,363	)		$18,418,797		$16,240

*	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.

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

^(r)	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.


		16

Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)

April 30, 2022

(Unaudited)


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of April 30, 2022

Financials			22.83

Consumer Discretionary			11.92

Industrials			10.29

Energy			10.27

Sovereign Debt			9.64

Communication Services			7.05

Materials			6.57

Real Estate			6.27

Utilities			5.87

Sector Types Each Less Than 3%			6.08

Money Market Funds Plus Other Assets Less Liabilities			3.21

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


		17

Invesco International Corporate Bond ETF (PICB)

April 30, 2022

(Unaudited)

Schedule of Investments


	Principal Amount		Value
Non-U.S. Dollar Denominated Bonds & Notes-98.94%^(a)
Australia-1.60%
APT Pipelines Ltd., 3.50%, 03/22/2030^(b)		GBP 200,000	$	245,365
Australia & New Zealand Banking Group Ltd., 0.75%, 09/29/2026^(b)		EUR 100,000		101,548
BHP Billiton Finance Ltd., Series 12, 4.30%, 09/25/2042		GBP 350,000		479,417
Glencore Finance (Europe) Ltd.
1.88%, 09/13/2023^(b)		EUR 100,000		106,193
3.13%, 03/26/2026^(b)		GBP 146,000		180,599
National Australia Bank Ltd.
1.25%, 05/18/2026^(b)		EUR 100,000		104,199
2.90%, 02/25/2027		AUD 400,000		271,526
1.38%, 08/30/2028^(b)		EUR 200,000		203,671
NBN Co. Ltd., 1.00%, 12/03/2025^(b)		AUD 350,000		222,607
Telstra Corp. Ltd., 2.50%, 09/15/2023		EUR 50,000		54,233

				1,969,358

Austria-0.08%
OMV AG, 1.00%, 12/14/2026^(b)		EUR 100,000		102,468

Belgium-2.05%
Anheuser-Busch InBev S.A./N.V.
2.70%, 03/31/2026^(b)		EUR 100,000		109,541
1.15%, 01/22/2027^(b)		EUR 200,000		205,600
1.13%, 07/01/2027^(b)		EUR 200,000		204,013
2.13%, 12/02/2027^(b)		EUR 100,000		106,496
2.00%, 03/17/2028^(b)(c)		EUR 300,000		315,211
2.25%, 05/24/2029^(b)(c)		GBP 163,000		193,532
1.50%, 04/18/2030^(b)		EUR 200,000		199,320
1.65%, 03/28/2031^(b)		EUR 100,000		99,459
2.88%, 04/02/2032^(b)(c)		EUR 200,000		217,813
2.75%, 03/17/2036^(b)(c)		EUR 350,000		357,784
2.85%, 05/25/2037^(b)		GBP 200,000		228,486
3.70%, 04/02/2040^(b)		EUR 250,000		280,376

				2,517,631

Canada-18.64%
Bank of Montreal
2.85%, 03/06/2024		CAD 650,000		501,364
2.28%, 07/29/2024		CAD 500,000		378,959
2.37%, 02/03/2025		CAD 500,000		375,907
1.55%, 05/28/2026		CAD 350,000		248,584
3.19%, 03/01/2028		CAD 600,000		453,759
Bank of Nova Scotia (The)
2.49%, 09/23/2024		CAD 450,000		341,723
1.95%, 01/10/2025		CAD 500,000		372,090
2.16%, 02/03/2025		CAD 500,000		373,684
1.85%, 11/02/2026		CAD 700,000		497,203
2.62%, 12/02/2026		CAD 450,000		336,219
2.95%, 03/08/2027		CAD 500,000		370,531
1.40%, 11/01/2027		CAD 550,000		371,692
3.10%, 02/02/2028		CAD 650,000		489,177
Bell Canada
2.70%, 02/27/2024		CAD 300,000		230,781
3.35%, 03/12/2025		CAD 500,000		385,357
3.80%, 08/21/2028		CAD 350,000		265,600
2.50%, 05/14/2030		CAD 350,000		235,796


	Principal Amount		Value
Canada-(continued)
3.00%, 03/17/2031		CAD 300,000	$	205,981
3.50%, 09/30/2050		CAD 450,000		261,905
Canadian Imperial Bank of Commerce
2.43%, 06/09/2023		CAD 350,000		270,992
3.29%, 01/15/2024		CAD 450,000		349,861
0.38%, 05/03/2024^(b)		EUR 100,000		104,059
2.35%, 08/28/2024		CAD 500,000		378,716
2.00%, 04/17/2025		CAD 650,000		480,763
3.30%, 05/26/2025		CAD 650,000		505,319
1.10%, 01/19/2026		CAD 500,000		351,736
1.70%, 07/15/2026		CAD 400,000		284,266
Canadian Pacific Railway Co.
1.59%, 11/24/2023		CAD 375,000		284,982
2.54%, 02/28/2028		CAD 350,000		250,941
Cenovus Energy, Inc., 3.50%, 02/07/2028		CAD 350,000		259,602
CU, Inc., 4.09%, 09/02/2044		CAD 400,000		296,561
Enbridge, Inc.
3.20%, 06/08/2027		CAD 350,000		259,760
2.99%, 10/03/2029		CAD 300,000		210,345
3.10%, 09/21/2033		CAD 350,000		228,060
Federation des Caisses Desjardins du Quebec
2.42%, 10/04/2024		CAD 300,000		227,147
1.09%, 01/21/2026		CAD 400,000		281,185
HSBC Bank Canada, 1.78%, 05/20/2026		CAD 350,000		250,832
National Bank of Canada
2.98%, 03/04/2024		CAD 300,000		231,827
2.55%, 07/12/2024		CAD 350,000		266,752
2.58%, 02/03/2025		CAD 300,000		226,472
2.24%, 11/04/2026		CAD 375,000		270,623
Ontario Teachers’ Finance Trust
0.10%, 05/19/2028^(b)		EUR 200,000		192,275
0.90%, 05/20/2041^(b)		EUR 300,000		252,140
Rogers Communications, Inc.
3.10%, 04/15/2025		CAD 400,000		304,147
3.65%, 03/31/2027		CAD 550,000		417,043
3.25%, 05/01/2029		CAD 400,000		286,901
Royal Bank of Canada 2.35%, 07/02/2024		CAD 650,000		494,261
2.61%, 11/01/2024		CAD 750,000		570,363
1.94%, 05/01/2025		CAD 500,000		369,397
1.59%, 05/04/2026		CAD 400,000		285,009
2.33%, 01/28/2027		CAD 500,000		361,238
1.83%, 07/31/2028		CAD 300,000		204,160
Royal Office Finance L.P., Series A, 5.21%, 11/12/2032		CAD 374,570		319,914
Shaw Communications, Inc., 6.75%, 11/09/2039		CAD 500,000		437,637
Suncor Energy, Inc., 5.00%, 04/09/2030		CAD 400,000		318,664
TELUS Corp. 3.35%, 04/01/2024		CAD 350,000		272,189
Series CY, 3.30%, 05/02/2029		CAD 300,000		218,272
Thomson Reuters Corp., 2.24%, 05/14/2025		CAD 500,000		372,625

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


		18

Invesco International Corporate Bond ETF (PICB)–(continued)

April 30, 2022

(Unaudited)


	Principal Amount		Value
Canada-(continued)
Toronto-Dominion Bank (The)
2.50%, 12/02/2024		CAD 550,000	$	416,325
1.94%, 03/13/2025		CAD 550,000		407,543
2.67%, 09/09/2025		CAD 1,000,000		750,352
1.13%, 12/09/2025^(b)		CAD 600,000		424,368
2.26%, 01/07/2027		CAD 550,000		396,628
0.50%, 01/18/2027^(b)		EUR 200,000		196,143
1.89%, 03/08/2028		CAD 500,000		345,055
1.90%, 09/11/2028^(b)		CAD 300,000		204,363
1.95%, 04/08/2030^(b)		EUR 200,000		203,292
TransCanada PipeLines Ltd.
3.80%, 04/05/2027		CAD 650,000		497,535
4.18%, 07/03/2048^(b)		CAD 400,000		255,832
4.34%, 10/15/2049		CAD 300,000		196,254

				22,937,038

China-0.07%
Prosus N.V., 1.29%, 07/13/2029^(b)		EUR 100,000		85,562

Denmark-0.52%
Danske Bank A/S, 0.63%, 05/26/2025^(b)		EUR 100,000		102,593
Orsted A/S
4.88%, 01/12/2032^(b)		GBP 200,000		288,733
5.75%, 04/09/2040^(b)		GBP 150,000		248,724

				640,050

Finland-0.75%
Nordea Bank Abp
1.13%, 02/16/2027^(b)		EUR 130,000		132,418
0.50%, 05/14/2027^(b)		EUR 200,000		198,559
1.13%, 09/27/2027^(b)		EUR 200,000		203,872
0.50%, 11/02/2028^(b)		EUR 200,000		189,326
OP Corporate Bank PLC
0.50%, 08/12/2025^(b)		EUR 100,000		102,390
0.10%, 11/16/2027^(b)		EUR 100,000		95,422

				921,987

France-18.46%
Action Logement Services
0.38%, 10/05/2031^(b)		EUR 200,000		187,259
0.50%, 10/30/2034^(b)		EUR 100,000		89,156
0.75%, 07/19/2041^(b)		EUR 100,000		83,182
Aeroports de Paris
2.13%, 10/02/2026^(b)		EUR 100,000		106,924
2.75%, 04/02/2030^(b)		EUR 200,000		218,015
Air Liquide Finance S.A., 1.25%, 06/13/2028^(b)		EUR 100,000		103,872
Airbus SE
1.38%, 06/09/2026^(b)		EUR 100,000		104,227
1.63%, 06/09/2030^(b)(c)		EUR 200,000		202,207
2.38%, 04/07/2032^(b)		EUR 100,000		105,411
2.38%, 06/09/2040^(b)		EUR 100,000		94,724
Autoroutes du Sud de la France S.A.
1.25%, 01/18/2027^(b)		EUR 100,000		103,544
1.38%, 01/22/2030^(b)		EUR 100,000		102,453
1.38%, 02/21/2031^(b)		EUR 100,000		100,724
Banque Federative du Credit Mutuel S.A.
3.00%, 05/21/2024^(b)		EUR 100,000		108,329
1.25%, 01/14/2025^(b)		EUR 200,000		209,841
0.01%, 03/07/2025^(b)		EUR 200,000		202,228


	Principal Amount		Value
France-(continued)
0.75%, 07/17/2025^(b)		EUR 200,000	$	204,978
3.00%, 09/11/2025^(b)		EUR 100,000		107,905
1.63%, 01/19/2026^(b)		EUR 200,000		209,683
2.38%, 03/24/2026^(b)		EUR 100,000		104,719
0.01%, 05/11/2026^(b)		EUR 200,000		196,029
0.75%, 06/08/2026^(b)		EUR 200,000		202,164
1.00%, 07/16/2026^(b)		GBP 300,000		346,554
1.25%, 05/26/2027^(b)(c)		EUR 200,000		203,670
0.25%, 07/19/2028^(b)		EUR 100,000		91,635
0.63%, 11/03/2028^(b)		EUR 200,000		186,427
1.75%, 03/15/2029^(b)		EUR 100,000		99,741
1.88%, 06/18/2029^(b)		EUR 100,000		96,327
0.75%, 01/17/2030^(b)		EUR 100,000		91,206
1.25%, 06/03/2030^(b)		EUR 100,000		94,029
0.63%, 02/21/2031^(b)		EUR 200,000		175,808
BNP Paribas S.A.
2.38%, 02/17/2025^(b)		EUR 200,000		213,119
1.50%, 11/17/2025^(b)		EUR 200,000		207,641
3.38%, 01/23/2026^(b)		GBP 300,000		374,457
1.63%, 02/23/2026^(b)		EUR 100,000		105,454
1.13%, 06/11/2026^(b)		EUR 200,000		203,490
0.13%, 09/04/2026^(b)		EUR 100,000		96,571
2.25%, 01/11/2027^(b)		EUR 100,000		103,093
1.88%, 12/14/2027^(b)		GBP 300,000		344,205
1.50%, 05/23/2028^(b)		EUR 100,000		100,137
1.50%, 05/25/2028^(b)		EUR 100,000		102,251
1.38%, 05/28/2029^(b)		EUR 200,000		194,575
1.63%, 07/02/2031^(b)		EUR 100,000		90,353
1.25%, 07/13/2031^(b)		GBP 300,000		304,674
0.63%, 12/03/2032^(b)		EUR 200,000		170,240
2.00%, 09/13/2036^(b)		GBP 200,000		198,107
Bouygues S.A., 1.13%, 07/24/2028^(b)		EUR 100,000		100,798
BPCE S.A.
4.63%, 07/18/2023^(b)		EUR 100,000		109,845
0.88%, 01/31/2024^(b)		EUR 100,000		104,880
0.63%, 09/26/2024^(b)		EUR 200,000		206,712
1.00%, 04/01/2025^(b)		EUR 100,000		103,086
0.63%, 04/28/2025^(b)		EUR 200,000		205,466
0.25%, 01/15/2026^(b)		EUR 200,000		200,232
0.38%, 02/02/2026^(b)		EUR 100,000		100,007
0.50%, 02/24/2027^(b)		EUR 100,000		96,375
1.00%, 10/05/2028^(b)		EUR 100,000		98,410
5.25%, 04/16/2029^(b)		GBP 200,000		268,503
0.25%, 01/14/2031^(b)		EUR 200,000		175,054
0.75%, 03/03/2031^(b)		EUR 100,000		88,816
1.00%, 01/14/2032^(b)		EUR 100,000		89,181
Capgemini SE
2.00%, 04/15/2029^(b)		EUR 100,000		104,987
2.38%, 04/15/2032^(b)		EUR 200,000		211,441
Carrefour S.A., 2.63%, 12/15/2027^(b)		EUR 100,000		106,788
Cie de Saint-Gobain, 1.88%, 03/15/2031^(b)		EUR 100,000		102,226
Cie Generale des Etablissements Michelin S.C.A., 1.75%, 09/03/2030^(b)		EUR 100,000		102,990
Coentreprise de Transport d’Electricite S.A.
1.50%, 07/29/2028^(b)		EUR 200,000		204,516
2.13%, 07/29/2032^(b)		EUR 100,000		101,882

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


		19

Invesco International Corporate Bond ETF (PICB)–(continued)

April 30, 2022

(Unaudited)


	Principal Amount		Value
France-(continued)
Credit Agricole Assurances S.A.
2.00%, 07/17/2030^(b)		EUR 200,000	$	186,420
1.50%, 10/06/2031^(b)		EUR 200,000		175,533
Credit Agricole S.A.
0.50%, 06/24/2024^(b)		EUR 200,000		207,480
1.38%, 03/13/2025^(b)		EUR 200,000		208,793
0.38%, 10/21/2025^(b)		EUR 200,000		200,822
3.13%, 02/05/2026^(b)		EUR 100,000		111,934
1.25%, 04/14/2026^(b)		EUR 200,000		206,911
1.88%, 12/20/2026^(b)		EUR 200,000		206,875
1.38%, 05/03/2027^(b)		EUR 200,000		205,656
0.13%, 12/09/2027		EUR 200,000		186,664
0.38%, 04/20/2028^(b)		EUR 200,000		185,508
1.75%, 03/05/2029^(b)		EUR 200,000		199,356
1.00%, 07/03/2029^(b)		EUR 200,000		194,949
0.88%, 01/14/2032^(b)		EUR 200,000		177,562
1.13%, 07/12/2032^(b)		EUR 200,000		180,438
Danone S.A., 1.21%, 11/03/2028^(b)(c)		EUR 200,000		204,422
Dassault Systemes SE, 0.38%, 09/16/2029^(b)		EUR 200,000		190,477
ELO SACA, 2.88%, 01/29/2026^(b)		EUR 100,000		102,168
Engie Alliance GIE, 5.75%, 06/24/2023^(b)(c)		EUR 100,000		112,252
ENGIE S.A.
1.38%, 03/27/2025^(b)		EUR 100,000		105,248
2.38%, 05/19/2026^(b)		EUR 200,000		217,419
7.00%, 10/30/2028		GBP 200,000		307,900
5.00%, 10/01/2060^(b)		GBP 300,000		477,974
EssilorLuxottica S.A.
0.38%, 11/27/2027^(b)		EUR 200,000		197,963
0.50%, 06/05/2028^(b)		EUR 100,000		98,729
0.75%, 11/27/2031^(b)		EUR 100,000		94,749
Holding d’Infrastructures de Transport S.A.S.U., 1.48%, 01/18/2031^(b)		EUR 100,000		90,969
HSBC Continental Europe S.A., 0.10%, 09/03/2027^(b)		EUR 200,000		191,280
L’Oreal S.A., 0.38%, 03/29/2024^(b)		EUR 100,000		104,831
LVMH Moet Hennessy Louis Vuitton SE
0.13%, 02/11/2028^(b)		EUR 200,000		194,393
0.38%, 02/11/2031^(b)		EUR 200,000		186,761
Orange S.A.
1.38%, 03/20/2028^(b)		EUR 100,000		102,931
8.13%, 11/20/2028^(b)(c)		GBP 150,000		245,318
2.00%, 01/15/2029^(b)		EUR 200,000		212,853
1.38%, 01/16/2030^(b)		EUR 100,000		101,526
1.88%, 09/12/2030^(b)		EUR 100,000		104,651
3.25%, 01/15/2032^(b)		GBP 200,000		250,724
0.50%, 09/04/2032^(b)		EUR 100,000		89,471
8.13%, 01/28/2033		EUR 150,000		244,160
0.63%, 12/16/2033^(b)		EUR 100,000		87,992
5.63%, 01/23/2034		GBP 150,000		228,195
5.38%, 11/22/2050^(b)(c)		GBP 200,000		329,695
Pernod Ricard S.A., 1.75%, 04/08/2030^(b)(c)		EUR 200,000		206,612
RTE Reseau de Transport d’Electricite SADIR, 1.63%, 11/27/2025^(b)		EUR 100,000		105,940
Sanofi
0.50%, 01/13/2027^(b)		EUR 200,000		202,803
1.50%, 04/01/2030^(b)		EUR 100,000		103,722


	Principal Amount		Value
France-(continued)
Series 12FX, 1.38%, 03/21/2030^(b)		EUR 200,000	$	206,851
Series 20FX, 1.88%, 03/21/2038^(b)		EUR 200,000		203,630
Societe Generale S.A.
1.25%, 02/15/2024^(b)		EUR 200,000		210,823
1.13%, 01/23/2025^(b)		EUR 200,000		208,430
2.63%, 02/27/2025^(b)		EUR 100,000		106,226
0.13%, 02/24/2026^(b)		EUR 100,000		99,004
0.75%, 01/25/2027^(b)		EUR 200,000		194,251
0.25%, 07/08/2027^(b)		EUR 100,000		95,965
0.13%, 02/18/2028^(b)		EUR 100,000		93,748
2.13%, 09/27/2028^(b)		EUR 200,000		202,648
1.75%, 03/22/2029^(b)		EUR 200,000		196,285
1.25%, 06/12/2030^(b)		EUR 100,000		92,478
TotalEnergies Capital Canada Ltd., 2.13%, 09/18/2029^(b)		EUR 100,000		106,132
TotalEnergies Capital International S.A.
2.50%, 03/25/2026^(b)		EUR 100,000		109,893
1.49%, 04/08/2027^(b)		EUR 200,000		209,818
0.75%, 07/12/2028^(b)		EUR 200,000		198,568
1.38%, 10/04/2029^(b)		EUR 100,000		101,212
1.99%, 04/08/2032^(b)(c)		EUR 200,000		208,553
1.62%, 05/18/2040^(b)		EUR 100,000		90,100
UNEDIC ASSEO, 0.10%, 05/25/2034^(b)		EUR 400,000		343,833
Unibail-Rodamco-Westfield SE 0.63%, 05/04/2027^(b)		EUR 100,000		96,738
1.38%, 12/04/2031^(b)		EUR 100,000		90,217
Veolia Environnement S.A., 6.13%, 10/29/2037		GBP 200,000		325,374
Vinci S.A., 1.75%, 09/26/2030^(b)		EUR 200,000		208,818
Westfield America Management Ltd., 2.63%, 03/30/2029^(b)		GBP 150,000		170,399

				22,722,556

Germany-12.69%
Allianz Finance II B.V., Series 62, 4.50%, 03/13/2043^(b)		GBP 200,000		307,277
Aroundtown S.A.
0.38%, 04/15/2027^(b)		EUR 100,000		92,765
3.00%, 10/16/2029^(b)(c)		GBP 230,000		268,507
BASF SE
0.25%, 06/05/2027^(b)		EUR 100,000		98,591
0.88%, 11/15/2027^(b)		EUR 100,000		101,290
Bayer AG
0.38%, 07/06/2024^(b)		EUR 200,000		207,356
0.05%, 01/12/2025^(b)		EUR 100,000		101,325
0.75%, 01/06/2027^(b)		EUR 200,000		198,861
0.38%, 01/12/2029^(b)		EUR 100,000		92,549
1.13%, 01/06/2030^(b)		EUR 100,000		95,475
0.63%, 07/12/2031^(b)		EUR 100,000		88,731
1.38%, 07/06/2032^(b)		EUR 200,000		184,476
Bayer Capital Corp. B.V.
1.50%, 06/26/2026^(b)		EUR 200,000		207,805
2.13%, 12/15/2029^(b)		EUR 200,000		205,220
BMW Finance N.V.
0.50%, 02/22/2025^(b)		EUR 150,000		155,028
1.50%, 02/06/2029^(b)(c)		EUR 200,000		206,285
Commerzbank AG
0.50%, 09/13/2023^(b)		EUR 100,000		104,838
0.63%, 08/28/2024^(b)		EUR 100,000		103,590

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


		20

Invesco International Corporate Bond ETF (PICB)–(continued)

April 30, 2022

(Unaudited)


	Principal Amount			Value
Germany-(continued)
1.00%, 03/04/2026^(b)		EUR	200,000	$	203,697
0.50%, 12/04/2026^(b)		EUR	100,000		98,914
Deutsche Bahn Finance GmbH
1.00%, 12/17/2027		EUR	200,000		207,345
1.13%, 12/18/2028^(b)(c)		EUR	200,000		206,137
0.63%, 04/15/2036^(b)		EUR	200,000		172,932
0.63%, 12/08/2050^(b)		EUR	100,000		69,355
1.13%, 05/29/2051^(b)		EUR	180,000		144,168
Deutsche Bank AG
3.88%, 02/12/2024^(b)		GBP	100,000		125,995
2.63%, 12/16/2024^(b)		GBP	300,000		367,099
1.63%, 01/20/2027^(b)		EUR	200,000		199,336
Deutsche Telekom AG
0.50%, 07/05/2027^(b)(c)		EUR	200,000		199,349
1.75%, 03/25/2031^(b)		EUR	100,000		103,524
Deutsche Telekom International Finance B.V.
1.38%, 12/01/2025^(b)		EUR	100,000		105,487
1.38%, 01/30/2027^(b)		EUR	100,000		104,594
1.50%, 04/03/2028^(b)		EUR	157,000		163,459
2.00%, 12/01/2029^(b)		EUR	100,000		106,596
E.ON International Finance B.V.
1.50%, 07/31/2029^(b)		EUR	100,000		102,139
6.25%, 06/03/2030^(b)		GBP	200,000		303,000
6.38%, 06/07/2032		GBP	250,000		391,224
4.75%, 01/31/2034^(b)		GBP	200,000		277,370
5.88%, 10/30/2037^(b)		GBP	250,000		388,109
6.75%, 01/27/2039^(b)		GBP	250,000		424,182
6.13%, 07/06/2039^(b)		GBP	350,000		563,084
E.ON SE, 0.38%, 09/29/2027^(b)		EUR	100,000		98,208
Grand City Properties S.A., 0.13%, 01/11/2028^(b)		EUR	100,000		88,359
HeidelbergCement AG, 1.50%, 02/07/2025^(b)		EUR	160,000		168,454
HeidelbergCement Finance (Luxembourg) S.A., 1.63%, 04/07/2026^(b)		EUR	100,000		104,486
Landesbank Baden-Wuerttemberg, 0.38%, 02/18/2027^(b)		EUR	100,000		97,548
Mercedes-Benz Group AG
1.00%, 11/15/2027^(b)(c)		EUR	100,000		101,802
1.38%, 05/11/2028^(b)(c)		EUR	100,000		103,200
1.50%, 07/03/2029^(b)(c)		EUR	200,000		206,616
0.75%, 09/10/2030^(b)		EUR	100,000		95,731
1.13%, 11/06/2031^(b)		EUR	100,000		95,643
0.75%, 03/11/2033^(b)		EUR	100,000		90,802
2.13%, 07/03/2037^(b)(c)		EUR	150,000		149,720
Mercedes-Benz International Finance B.V.
0.85%, 02/28/2025^(b)		EUR	200,000		208,048
2.63%, 04/07/2025^(b)(c)		EUR	150,000		163,743
1.00%, 11/11/2025^(b)		EUR	115,000		119,451
1.50%, 03/09/2026^(b)		EUR	100,000		105,584
1.38%, 06/26/2026^(b)(c)		EUR	100,000		104,936
2.00%, 08/22/2026^(b)		EUR	200,000		214,814
0.38%, 11/08/2026^(b)		EUR	100,000		100,094
0.63%, 05/06/2027^(b)		EUR	175,000		175,433
SAP SE 1.75%, 02/22/2027^(b)		EUR	100,000		106,752


	Principal Amount			Value
Germany-(continued)
1.25%, 03/10/2028^(b)		EUR	100,000	$	103,685
1.63%, 03/10/2031^(b)		EUR	200,000		207,040
Siemens Financieringsmaatschappij N.V.
0.38%, 06/05/2026^(b)		EUR	100,000		101,556
2.88%, 03/10/2028^(b)		EUR	137,000		155,141
0.25%, 02/20/2029^(b)		EUR	200,000		192,049
0.13%, 09/05/2029^(b)		EUR	100,000		94,598
1.38%, 09/06/2030^(b)(c)		EUR	100,000		102,479
0.50%, 09/05/2034^(b)		EUR	100,000		88,399
3.75%, 09/10/2042^(b)		GBP	200,000		278,835
Traton Finance Luxembourg S.A.
0.13%, 03/24/2025^(b)		EUR	100,000		100,267
0.75%, 03/24/2029^(b)		EUR	200,000		184,691
Volkswagen Financial Services AG
1.50%, 10/01/2024^(b)		EUR	100,000		104,876
0.25%, 01/31/2025^(b)		EUR	100,000		100,784
0.13%, 02/12/2027^(b)		EUR	100,000		94,308
0.88%, 01/31/2028^(b)		EUR	130,000		124,356
Volkswagen Financial Services N.V., 2.13%, 01/18/2028^(b)		GBP	200,000		231,393
Volkswagen International Finance N.V.
1.13%, 10/02/2023^(b)		EUR	200,000		211,517
0.88%, 09/22/2028^(b)		EUR	100,000		95,509
1.63%, 01/16/2030^(b)		EUR	175,000		171,821
3.25%, 11/18/2030^(b)		EUR	100,000		108,806
4.13%, 11/16/2038^(b)		EUR	100,000		116,123
Series 10Y, 1.88%, 03/30/2027^(b)		EUR	300,000		308,754
Volkswagen Leasing GmbH
2.63%, 01/15/2024^(b)		EUR	200,000		215,964
1.13%, 04/04/2024^(b)		EUR	100,000		104,886
1.38%, 01/20/2025^(b)		EUR	100,000		103,935
0.38%, 07/20/2026^(b)		EUR	100,000		97,214
Vonovia Finance B.V., 1.25%, 12/06/2024^(b)		EUR	100,000		104,545
Vonovia SE
0.38%, 06/16/2027^(b)		EUR	100,000		94,472
0.25%, 09/01/2028^(b)		EUR	100,000		90,010
0.63%, 12/14/2029^(b)		EUR	100,000		89,064
0.75%, 09/01/2032^(b)		EUR	200,000		165,561
1.00%, 06/16/2033^(b)		EUR	100,000		82,962
Wintershall Dea Finance B.V.
0.45%, 09/25/2023^(b)		EUR	100,000		102,662
0.84%, 09/25/2025^(b)		EUR	200,000		195,119
1.33%, 09/25/2028^(b)		EUR	200,000		178,696
1.82%, 09/25/2031^(b)		EUR	200,000		172,031

					15,620,596

Ireland-0.25%
Ryanair DAC, 0.88%, 05/25/2026^(b)(c)		EUR	200,000		196,204
Smurfit Kappa Acquisitions ULC, 2.88%, 01/15/2026^(b)		EUR	100,000		108,498

					304,702

Italy-4.35%
Assicurazioni Generali S.p.A., 4.13%, 05/04/2026^(b)		EUR	100,000		109,761
ASTM S.p.A.
1.50%, 01/25/2030^(b)		EUR	225,000		207,217
2.38%, 11/25/2033^(b)		EUR	100,000		90,937

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


		21

Invesco International Corporate Bond ETF (PICB)–(continued)

April 30, 2022

(Unaudited)


	Principal
	Amount			Value
Italy-(continued)
Enel Finance International N.V.
1.00%, 09/16/2024^(b)		EUR	200,000	$	209,999
1.50%, 07/21/2025^(b)		EUR	100,000		105,837
0.25%, 11/17/2025^(b)		EUR	100,000		100,710
1.38%, 06/01/2026^(b)		EUR	50,000		52,019
1.13%, 09/16/2026^(b)(c)		EUR	150,000		154,832
0.38%, 06/17/2027^(b)		EUR	100,000		97,844
1.00%, 10/20/2027^(b)		GBP	125,000		140,808
0.38%, 05/28/2029^(b)		EUR	100,000		92,903
0.50%, 06/17/2030^(b)		EUR	120,000		109,185
0.88%, 09/28/2034^(b)		EUR	120,000		101,700
0.88%, 06/17/2036^(b)		EUR	100,000		81,146
5.75%, 09/14/2040^(b)		GBP	450,000		697,842
Enel S.p.A., 5.75%, 06/22/2037^(b)		GBP	180,000		275,333
Eni S.p.A.
3.75%, 09/12/2025^(b)		EUR	100,000		113,762
1.50%, 02/02/2026^(b)		EUR	150,000		157,532
1.25%, 05/18/2026^(b)		EUR	100,000		103,378
0.38%, 06/14/2028^(b)		EUR	100,000		95,325
3.63%, 01/29/2029^(b)		EUR	100,000		114,946
0.63%, 01/23/2030^(b)		EUR	100,000		92,541
2.00%, 05/18/2031^(b)		EUR	150,000		152,853
Intesa Sanpaolo S.p.A.
1.38%, 01/18/2024^(b)		EUR	100,000		106,194
1.00%, 07/04/2024^(b)		EUR	150,000		156,774
2.13%, 05/26/2025^(b)		EUR	125,000		132,704
0.63%, 02/24/2026^(b)		EUR	250,000		244,920
1.00%, 11/19/2026^(b)		EUR	100,000		99,310
0.75%, 03/16/2028^(b)		EUR	100,000		94,996
1.75%, 03/20/2028^(b)		EUR	150,000		151,030
1.75%, 07/04/2029^(b)		EUR	100,000		98,660
Snam S.p.A., 0.88%, 10/25/2026^(b)		EUR	200,000		203,467
Terna Rete Elettrica Nazionale S.p.A., 1.38%, 07/26/2027^(b)		EUR	100,000		103,143
UniCredit S.p.A.
0.50%, 04/09/2025^(b)		EUR	100,000		100,647
0.33%, 01/19/2026^(b)		EUR	150,000		146,150
2.13%, 10/24/2026^(b)		EUR	159,000		164,970
0.85%, 01/19/2031^(b)		EUR	100,000		85,726

					5,347,101

Japan-2.72%
Mizuho Financial Group, Inc., 0.69%, 10/07/2030^(b)		EUR	100,000		89,960
NTT Finance Corp.
0.01%, 03/03/2025^(b)		EUR	400,000		406,717
0.34%, 03/03/2030^(b)		EUR	400,000		372,481
Series 16, 0.18%, 12/19/2025		JPY	100,000,000		772,035
Series 18, 0.38%, 09/20/2030		JPY	100,000,000		769,874
Sumitomo Mitsui Financial Group, Inc.
1.55%, 06/15/2026^(b)		EUR	200,000		208,288
0.63%, 10/23/2029^(b)		EUR	125,000		115,063
Takeda Pharmaceutical Co. Ltd.
2.25%, 11/21/2026^(b)		EUR	200,000		214,427
3.00%, 11/21/2030^(b)		EUR	200,000		219,694
1.38%, 07/09/2032		EUR	100,000		94,289
2.00%, 07/09/2040		EUR	100,000		89,589

					3,352,417


	Principal
	Amount			Value
Luxembourg-0.08%
Logicor Financing S.a.r.l., 1.63%, 07/15/2027^(b)		EUR	100,000	$	97,846

Netherlands-4.54%
ABN AMRO Bank N.V.
1.25%, 05/28/2025^(b)		EUR	200,000		208,913
0.60%, 01/15/2027^(b)		EUR	200,000		197,665
0.50%, 09/23/2029^(b)		EUR	100,000		91,996
1.00%, 06/02/2033^(b)		EUR	100,000		89,396
1.25%, 01/20/2034^(b)		EUR	100,000		90,630
ASML Holding N.V., 1.38%, 07/07/2026^(b)		EUR	100,000		105,919
Cooperatieve Rabobank U.A.
1.25%, 03/23/2026^(b)(c)		EUR	250,000		262,829
1.38%, 02/03/2027^(b)(c)		EUR	200,000		209,573
5.25%, 09/14/2027^(b)		GBP	150,000		200,718
4.63%, 05/23/2029^(b)		GBP	300,000		390,397
1.13%, 05/07/2031^(b)		EUR	100,000		95,911
Heineken N.V., 1.00%, 05/04/2026^(b)		EUR	100,000		102,698
ING Groep N.V.
1.13%, 02/14/2025^(b)		EUR	100,000		104,292
2.13%, 01/10/2026^(b)		EUR	100,000		106,352
3.00%, 02/18/2026^(b)		GBP	300,000		369,166
1.38%, 01/11/2028^(b)		EUR	200,000		200,468
2.00%, 09/20/2028^(b)		EUR	200,000		204,905
2.50%, 11/15/2030^(b)		EUR	200,000		210,551
Koninklijke KPN N.V., 5.75%, 09/17/2029^(b)(c)		GBP	300,000		418,429
LeasePlan Corp. N.V.
0.25%, 02/23/2026^(b)		EUR	100,000		98,848
0.25%, 09/07/2026^(b)		EUR	200,000		193,827
Shell International Finance B.V.
1.88%, 09/15/2025^(b)		EUR	200,000		214,528
2.50%, 03/24/2026		EUR	100,000		109,818
1.63%, 01/20/2027^(b)		EUR	150,000		158,508
0.13%, 11/08/2027^(b)		EUR	100,000		97,167
1.50%, 04/07/2028^(b)		EUR	100,000		104,187
1.25%, 05/12/2028^(b)		EUR	100,000		102,454
0.75%, 08/15/2028^(b)		EUR	150,000		148,694
1.00%, 12/10/2030^(b)		GBP	150,000		159,899
0.50%, 11/08/2031^(b)		EUR	100,000		90,925
1.88%, 04/07/2032^(b)		EUR	100,000		102,880
1.25%, 11/11/2032^(b)		EUR	100,000		95,733
0.88%, 11/08/2039^(b)		EUR	100,000		79,829
1.75%, 09/10/2052^(b)		GBP	100,000		83,705
TenneT Holding B.V., 0.88%, 06/16/2035^(b)		EUR	100,000		87,702

					5,589,512

Norway-0.93%
Equinor ASA 1.25%, 02/17/2027^(b)		EUR	150,000		156,328
6.88%, 03/11/2031^(b)		GBP	300,000		490,012
1.38%, 05/22/2032^(b)		EUR	100,000		98,936
1.63%, 02/17/2035^(b)		EUR	100,000		96,831
Telenor ASA
0.75%, 05/31/2026^(b)		EUR	100,000		102,105
1.13%, 05/31/2029^(b)		EUR	200,000		199,389

					1,143,601

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


		22

Invesco International Corporate Bond ETF (PICB)–(continued)

April 30, 2022

(Unaudited)


	Principal
	Amount			Value
Singapore-0.27%
Temasek Financial I Ltd., 5.13%, 07/26/2040^(b)		GBP	200,000	$	327,664

Spain-4.92%
Abertis Infraestructuras S.A.
2.38%, 09/27/2027^(b)		EUR	100,000		105,597
3.00%, 03/27/2031^(b)(c)		EUR	200,000		210,094
Banco Bilbao Vizcaya Argentaria S.A.
1.13%, 02/28/2024^(b)		EUR	100,000		105,540
0.38%, 10/02/2024^(b)		EUR	100,000		102,985
1.38%, 05/14/2025^(b)		EUR	100,000		104,853
0.75%, 06/04/2025^(b)		EUR	100,000		103,285
1.00%, 06/21/2026^(b)		EUR	100,000		101,630
0.38%, 11/15/2026^(b)		EUR	100,000		98,893
0.50%, 01/14/2027^(b)(c)		EUR	200,000		194,745
3.50%, 02/10/2027^(b)		EUR	100,000		108,414
Banco de Sabadell S.A., 0.88%, 07/22/2025^(b)		EUR	100,000		100,902
Banco Santander S.A.
1.13%, 01/17/2025^(b)		EUR	100,000		103,980
2.50%, 03/18/2025^(b)(c)		EUR	200,000		212,807
1.38%, 01/05/2026^(b)		EUR	200,000		206,034
3.25%, 04/04/2026^(b)		EUR	200,000		216,020
1.50%, 04/14/2026^(b)		GBP	200,000		232,457
0.30%, 10/04/2026^(b)		EUR	100,000		98,452
3.13%, 01/19/2027^(b)		EUR	100,000		106,921
0.50%, 02/04/2027^(b)		EUR	100,000		97,010
1.75%, 02/17/2027^(b)		GBP	200,000		230,392
1.13%, 06/23/2027^(b)		EUR	100,000		99,453
2.13%, 02/08/2028^(b)(c)		EUR	100,000		100,426
0.20%, 02/11/2028^(b)		EUR	200,000		188,618
1.63%, 10/22/2030^(b)		EUR	100,000		91,126
1.00%, 11/04/2031^(b)		EUR	100,000		89,034
CaixaBank S.A.
1.75%, 10/24/2023^(b)		EUR	100,000		106,709
2.38%, 02/01/2024^(b)		EUR	200,000		215,222
1.13%, 05/17/2024^(b)		EUR	100,000		105,029
0.63%, 10/01/2024^(b)		EUR	100,000		102,543
0.38%, 02/03/2025^(b)		EUR	100,000		101,689
1.13%, 03/27/2026^(b)		EUR	100,000		101,911
1.38%, 06/19/2026^(b)		EUR	200,000		202,753
Iberdrola International, B.V., 1.13%, 04/21/2026^(b)		EUR	100,000		104,614
Mapfre S.A., 1.63%, 05/19/2026^(b)		EUR	100,000		104,763
Naturgy Finance B.V., 1.38%, 01/19/2027^(b)		EUR	200,000		206,811
Santander Consumer Finance S.A.
0.38%, 06/27/2024^(b)		EUR	100,000		103,411
0.38%, 01/17/2025^(b)		EUR	100,000		102,095
Telefonica Emisiones S.A.
5.38%, 02/02/2026^(b)		GBP	200,000		272,311
1.45%, 01/22/2027^(b)		EUR	100,000		104,711
1.20%, 08/21/2027^(b)		EUR	200,000		205,361
1.72%, 01/12/2028^(b)		EUR	200,000		209,868
1.79%, 03/12/2029^(b)(c)		EUR	100,000		104,758
0.66%, 02/03/2030^(b)		EUR	200,000		190,291

					6,054,518


	Principal
	Amount			Value
Sweden-1.60%
Heimstaden Bostad Treasury B.V., 0.25%, 10/13/2024^(b)		EUR	125,000	$	126,431
Skandinaviska Enskilda Banken AB
0.38%, 06/21/2028^(b)		EUR	200,000		188,367
0.63%, 11/12/2029^(b)		EUR	200,000		186,397
Svenska Handelsbanken AB
0.13%, 11/03/2026^(b)		EUR	100,000		98,543
0.05%, 09/06/2028^(b)		EUR	100,000		93,547
1.38%, 02/23/2029^(b)		EUR	130,000		130,041
0.50%, 02/18/2030^(b)		EUR	100,000		91,492
Swedbank AB
0.75%, 05/05/2025^(b)(c)		EUR	200,000		206,992
0.25%, 11/02/2026^(b)		EUR	100,000		98,676
Telia Co. AB, 3.63%, 11/08/2023^(b)		SEK	2,000,000		209,108
Vattenfall AB, 6.88%, 04/15/2039^(b)		GBP	300,000		544,278

					1,973,872

Switzerland-2.28%
Credit Suisse AG
1.13%, 12/15/2025^(b)(c)		GBP	200,000		230,541
0.25%, 01/05/2026^(b)		EUR	225,000		222,094
1.50%, 04/10/2026^(b)		EUR	150,000		154,759
0.25%, 09/01/2028^(b)		EUR	120,000		109,487
Credit Suisse Group AG
2.75%, 08/08/2025^(b)		GBP	150,000		182,651
0.65%, 09/10/2029^(b)		EUR	100,000		87,571
0.63%, 01/18/2033^(b)		EUR	248,000		192,776
Holcim Finance (Luxembourg) S.A.
2.25%, 05/26/2028^(b)		EUR	200,000		211,220
0.50%, 09/03/2030^(b)		EUR	100,000		88,665
Richemont International Holding S.A.
1.00%, 03/26/2026^(b)(c)		EUR	150,000		155,701
1.50%, 03/26/2030^(b)		EUR	100,000		103,741
2.00%, 03/26/2038^(b)		EUR	200,000		203,046
UBS AG
0.01%, 03/31/2026^(b)		EUR	200,000		197,171
0.50%, 03/31/2031^(b)		EUR	200,000		179,886
UBS Group AG
1.50%, 11/30/2024^(b)		EUR	100,000		106,326
1.25%, 09/01/2026^(b)		EUR	200,000		204,042
0.88%, 11/03/2031^(b)		EUR	200,000		179,896

					2,809,573

United Kingdom-20.08%
ABP Finance PLC, 6.25%, 12/14/2026^(b)(c)		GBP	200,000		285,356
Annington Funding PLC
2.65%, 07/12/2025^(b)		GBP	200,000		246,103
3.18%, 07/12/2029^(b)		GBP	150,000		181,667
3.69%, 07/12/2034^(b)		GBP	200,000		242,538
3.94%, 07/12/2047^(b)		GBP	200,000		238,755
Barclays PLC
3.13%, 01/17/2024^(b)		GBP	450,000		563,061
3.00%, 05/08/2026^(b)		GBP	200,000		244,711
3.25%, 02/12/2027^(b)		GBP	450,000		552,522
BAT International Finance PLC
7.25%, 03/12/2024		GBP	100,000		134,060
4.00%, 09/04/2026^(b)		GBP	250,000		314,012
2.25%, 06/26/2028^(b)		GBP	140,000		154,705
2.25%, 01/16/2030^(b)		EUR	200,000		188,157

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


		23

Invesco International Corporate Bond ETF (PICB)–(continued)

April 30, 2022

(Unaudited)


	Principal Amount			Value
United Kingdom-(continued)
6.00%, 11/24/2034^(b)		GBP	150,000	$	194,235
2.25%, 09/09/2052^(b)		GBP	200,000		137,381
BG Energy Capital PLC, 5.00%, 11/04/2036^(b)		GBP	250,000		354,916
Blend Funding PLC
3.46%, 09/21/2047^(b)(c)		GBP	200,000		251,080
2.92%, 04/05/2054^(b)		GBP	100,000		113,127
BP Capital Markets PLC
2.97%, 02/27/2026^(b)		EUR	100,000		111,001
1.57%, 02/16/2027^(b)		EUR	200,000		208,737
2.52%, 04/07/2028^(b)		EUR	100,000		108,880
1.23%, 05/08/2031^(b)		EUR	100,000		96,010
2.82%, 04/07/2032^(b)		EUR	200,000		218,508
British Telecommunications PLC
1.00%, 11/21/2024^(b)		EUR	100,000		104,554
1.75%, 03/10/2026^(b)		EUR	200,000		210,708
1.50%, 06/23/2027^(b)		EUR	100,000		102,876
5.75%, 12/07/2028^(b)		GBP	150,000		210,487
3.13%, 11/21/2031^(b)		GBP	200,000		238,142
6.38%, 06/23/2037^(b)		GBP	150,000		226,405
Cadent Finance PLC
2.13%, 09/22/2028^(b)(c)		GBP	250,000		294,561
2.63%, 09/22/2038^(b)		GBP	200,000		213,420
2.75%, 09/22/2046^(b)(c)		GBP	300,000		307,737
CCEP Finance Ireland DAC, 0.88%, 05/06/2033^(b)		EUR	100,000		88,662
Centrica PLC
4.38%, 03/13/2029^(b)		GBP	250,000		332,248
7.00%, 09/19/2033^(b)		GBP	172,000		279,498
4.25%, 09/12/2044^(b)		GBP	150,000		190,629
CK Hutchison Finance (16) (II) Ltd., 0.88%, 10/03/2024^(b)		EUR	100,000		104,055
Clarion Funding PLC, 3.13%, 04/19/2048^(b)		GBP	130,000		155,189
Community Finance Co. 1 PLC, 5.02%, 07/31/2034^(c)		GBP	150,000		223,285
Connect Plus (M25) Issuer PLC, 2.61%, 03/31/2039^(b)		GBP	271,893		333,077
Diageo Finance PLC
2.50%, 03/27/2032^(b)(c)		EUR	100,000		108,104
2.75%, 06/08/2038^(b)		GBP	100,000		118,642
easyJet FinCo B.V., 1.88%, 03/03/2028^(b)		EUR	200,000		188,522
GlaxoSmithKline Capital PLC
1.25%, 05/21/2026^(b)		EUR	100,000		104,922
3.38%, 12/20/2027^(b)		GBP	150,000		195,120
1.25%, 10/12/2028^(b)		GBP	200,000		229,557
5.25%, 12/19/2033		GBP	300,000		459,307
1.63%, 05/12/2035^(b)		GBP	300,000		315,264
6.38%, 03/09/2039^(c)		GBP	200,000		352,975
5.25%, 04/10/2042^(b)(c)		GBP	284,000		461,560
4.25%, 12/18/2045^(b)		GBP	250,000		365,775
Heathrow Funding Ltd.
7.13%, 02/14/2024^(b)		GBP	200,000		266,286
6.75%, 12/03/2026^(b)		GBP	250,000		358,465
6.45%, 12/10/2031^(b)		GBP	250,000		382,142
5.88%, 05/13/2041^(b)		GBP	200,000		309,241
4.63%, 10/31/2046^(b)		GBP	200,000		271,462


	Principal Amount			Value
United Kingdom-(continued)
High Speed Rail Finance 1 PLC, 4.38%, 11/01/2038^(b)(c)		GBP	150,000	$	206,700
HSBC Bank PLC 5.38%, 08/22/2033^(b)(c)		GBP	156,000		218,211
4.75%, 03/24/2046		GBP	200,000		269,804
HSBC Holdings PLC
0.88%, 09/06/2024^(b)(c)		EUR	300,000		312,734
2.50%, 03/15/2027^(b)		EUR	200,000		213,695
2.63%, 08/16/2028^(b)		GBP	300,000		356,630
0.64%, 09/24/2029^(b)(d)		EUR	100,000		92,716
Imperial Brands Finance Netherlands B.V., 1.75%, 03/18/2033^(b)		EUR	100,000		85,870
Imperial Brands Finance PLC
8.13%, 03/15/2024^(b)		GBP	200,000		272,237
5.50%, 09/28/2026^(b)		GBP	150,000		200,685
4.88%, 06/07/2032^(b)		GBP	200,000		251,717
Lloyds Bank Corporate Markets PLC, 2.38%, 04/09/2026^(b)(c)		EUR	100,000		107,937
Lloyds Bank PLC
7.63%, 04/22/2025^(b)		GBP	200,000		278,115
6.50%, 09/17/2040^(b)(c)		GBP	292,000		515,380
Lloyds Banking Group PLC, 1.50%, 09/12/2027^(b)		EUR	100,000		101,819
London Stock Exchange Group PLC, 1.63%, 04/06/2030^(b)(c)		GBP	200,000		227,983
Motability Operations Group PLC
3.63%, 03/10/2036^(b)		GBP	150,000		198,649
2.38%, 07/03/2039^(b)		GBP	200,000		224,305
2.13%, 01/18/2042^(b)		GBP	100,000		105,807
Nationwide Building Society
0.25%, 07/22/2025^(b)(c)		EUR	200,000		201,873
3.25%, 01/20/2028^(b)		GBP	200,000		253,024
NatWest Markets PLC
1.00%, 05/28/2024^(b)		EUR	200,000		209,649
2.75%, 04/02/2025^(b)		EUR	100,000		108,711
0.13%, 11/12/2025^(b)		EUR	100,000		99,291
0.13%, 06/18/2026^(b)(c)		EUR	200,000		194,626
Reckitt Benckiser Treasury Services PLC, 1.75%, 05/19/2032^(b)		GBP	125,000		141,606
Rio Tinto Finance PLC, 4.00%, 12/11/2029^(b)		GBP	150,000		199,908
Santander UK Group Holdings PLC, 3.63%, 01/14/2026^(b)		GBP	150,000		188,713
Scottish Widows Ltd., 7.00%, 06/16/2043^(b)(c)		GBP	250,000		393,942
Sky Ltd., 2.50%, 09/15/2026^(b)		EUR	100,000		109,252
Society of Lloyd’s, 4.75%, 10/30/2024^(b)		GBP	200,000		257,672
SSE PLC, 8.38%, 11/20/2028^(b)		GBP	183,000		297,076
Standard Chartered PLC
5.13%, 06/06/2034^(b)		GBP	200,000		264,343
4.38%, 01/18/2038^(b)		GBP	100,000		138,015
T.H.F.C. (Funding No.3) PLC, 5.20%, 10/11/2043^(b)(c)		GBP	300,000		475,384
Thames Water Utilities Finance PLC
5.13%, 09/28/2037^(b)(c)		GBP	150,000		217,093
5.50%, 02/11/2041^(b)		GBP	200,000		306,824
Unilever Finance Netherlands B.V., 1.75%, 03/25/2030^(b)(c)		EUR	150,000		158,274

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


		24

Invesco International Corporate Bond ETF (PICB)–(continued)

April 30, 2022

(Unaudited)


	Principal Amount			Value
United Kingdom-(continued)
University of Oxford, 2.54%, 12/08/2117^(b)		GBP	300,000	$	327,816
Vodafone Group PLC
1.88%, 09/11/2025^(b)		EUR	100,000		106,929
1.13%, 11/20/2025^(b)		EUR	100,000		103,991
2.20%, 08/25/2026^(b)		EUR	200,000		215,436
1.63%, 11/24/2030^(b)		EUR	100,000		100,148
1.60%, 07/29/2031^(b)		EUR	151,000		148,643
3.38%, 08/08/2049^(b)		GBP	200,000		223,795
3.00%, 08/12/2056^(b)(c)		GBP	300,000		302,253
Wellcome Trust Finance PLC, 4.63%, 07/25/2036^(b)(c)		GBP	150,000		230,217
Wellcome Trust Ltd. (The)
1.50%, 07/14/2071^(b)		GBP	300,000		254,530
2.52%, 02/07/2118^(b)(c)		GBP	200,000		212,977
Western Power Distribution West Midlands PLC, 5.75%, 04/16/2032^(b)		GBP	325,000		484,943
Westfield Stratford City Finance No. 2 PLC, 1.64%, 08/04/2026^(b)		GBP	250,000		300,700

					24,711,047

United States-2.06%
American Honda Finance Corp., 1.95%, 10/18/2024		EUR	100,000		107,174
Medtronic Global Holdings S.C.A.
0.38%, 10/15/2028		EUR	200,000		192,137
1.63%, 03/07/2031^(c)		EUR	150,000		152,432
0.75%, 10/15/2032		EUR	100,000		90,645
1.38%, 10/15/2040		EUR	100,000		82,740
1.63%, 10/15/2050		EUR	100,000		77,458
Nestle Finance International Ltd.
1.13%, 04/01/2026^(b)		EUR	100,000		104,948
1.50%, 04/01/2030^(b)		EUR	100,000		104,429
0.38%, 05/12/2032^(b)		EUR	200,000		183,849
Stellantis N.V. 3.38%, 07/07/2023^(b)(c)		EUR	200,000		216,292

Investment Abbreviations:

AUD-Australian Dollar

CAD-Canadian Dollar

EUR-Euro

GBP-British Pound Sterling

JPY-Japanese Yen

SEK-Swedish Krona


	Principal Amount				Value
United States-(continued)
3.75%, 03/29/2024^(b)(c)		EUR		125,000	$	137,217
3.88%, 01/05/2026^(b)		EUR		100,000		111,420
2.75%, 05/15/2026^(b)		EUR		100,000		107,320
0.63%, 03/30/2027^(b)(c)		EUR		200,000		193,320
4.50%, 07/07/2028^(b)(c)		EUR		100,000		115,240
0.75%, 01/18/2029^(b)(c)		EUR		200,000		184,183
1.25%, 06/20/2033^(b)		EUR		100,000		83,668
Toyota Motor Credit Corp.
0.25%, 07/16/2026^(b)(c)		EUR		200,000		199,036
0.13%, 11/05/2027^(b)		EUR		100,000		96,107

						2,539,615

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.94% (Cost $142,950,862)						121,768,714

			Shares
Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-10.75%
Invesco Private Government Fund, 0.40%^(e)(f)(g)				3,968,332		3,968,332
Invesco Private Prime Fund, 0.35%^(e)(f)(g)				9,255,846		9,255,846

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $13,224,365)						13,224,178

TOTAL INVESTMENTS IN SECURITIES-109.69% (Cost $156,175,227)						134,992,892
OTHER ASSETS LESS LIABILITIES-(9.69)%						(11,919,909	)

NET ASSETS-100.00%					$	123,072,983

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


		25

Invesco International Corporate Bond ETF (PICB)–(continued)

April 30, 2022

(Unaudited)

Notes to Schedule of Investments:

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

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2022 was $93,990,488, which represented 76.37% of the Fund’s Net Assets.

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

^(d)	Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(e)


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	516,859		$	7,753,078		$	(8,269,937	)		$	-			$	-			$	-		$	31
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			1,739,564			8,340,411			(6,111,643	)			-				-				3,968,332			2,272	*
Invesco Private Prime Fund			4,058,983			17,552,901			(12,352,849	)			(187	)			(3,002	)			9,255,846			6,078	*

Total		$	6,315,406		$	33,646,390		$	(26,734,429	)		$	(187	)		$	(3,002)			$	13,224,178		$	8,381

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

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


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of April 30, 2022

Financials			46.33

Utilities			9.73

Communication Services			8.94

Energy			6.76

Industrials			6.40

Consumer Discretionary			6.27

Consumer Staples			5.11

Health Care			4.71

Sector Types Each Less Than 3%			4.69

Money Market Funds Plus Other Assets Less Liabilities			1.06

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


		26

Statements of Assets and Liabilities

April 30, 2022

(Unaudited)


				Invesco
	Invesco Emerging			Global Short Term			Invesco International
	Markets Sovereign			High Yield Bond			Corporate Bond
	Debt ETF (PCY)			ETF (PGHY)			ETF (PICB)
Assets:
Unaffiliated investments in securities, at value^(a)	$	1,919,099,578		$	184,294,523		$	121,768,714
Affiliated investments in securities, at value		190,895,051			18,418,797			13,224,178
Cash		5,591,880			694,571			-
Foreign currencies, at value		-			803			393,898
Deposits with brokers:
Cash segregated as collateral		414,161			-			70,684
Receivable for:
Dividends and interest		35,068,967			2,912,123			1,136,548
Securities lending		52,729			9,473			1,534
Investments sold		59,448,575			943,912			1,701,702
Fund shares sold		490,141			-			-
Foreign tax reclaims		-			-			51,967
Investments matured, at value		-			1,824,302			-

Total assets		2,211,061,082			209,098,504			138,349,225


Liabilities:
Due to custodian		-			-			250,621
Payable for:
Investments purchased		61,365,525			2,127,567			1,673,624
Collateral upon return of securities loaned		187,364,229			16,505,747			13,224,365
Collateral upon receipt of securities in-kind		414,161			-			70,684
Fund shares repurchased		4,898,859			-			-
Accrued unitary management fees		865,926			56,088			56,948

Total liabilities		254,908,700			18,689,402			15,276,242

Net Assets	$	1,956,152,382		$	190,409,102		$	123,072,983


Net assets consist of:
Shares of beneficial interest	$	3,182,501,995		$	236,142,680		$	146,042,382
Distributable earnings (loss)		(1,226,349,613	)		(45,733,578	)		(22,969,399	)

Net Assets	$	1,956,152,382		$	190,409,102		$	123,072,983

Shares outstanding (unlimited amount authorized, $0.01 par value)		94,800,000			9,600,000			5,250,000
Net asset value	$	20.63		$	19.83		$	23.44

Market price	$	20.36		$	19.69		$	23.34

Unaffiliated investments in securities, at cost	$	2,366,035,121		$	196,013,574		$	142,950,862

Affiliated investments in securities, at cost	$	190,885,908		$	18,418,792		$	13,224,365

Foreign currencies, at cost	$	-		$	830		$	403,591

Investments matured, at cost	$	-		$	8,507,919		$	-

^(a)Includes securities on loan with an aggregate value of:	$	155,565,547		$	15,290,480		$	11,904,445

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


		27

Statements of Operations

For the six months ended April 30, 2022

(Unaudited)


				Invesco
	Invesco Emerging			Global Short Term			Invesco International
	Markets Sovereign			High Yield Bond			Corporate Bond
	Debt ETF (PCY)			ETF (PGHY)			ETF (PICB)
Investment income:
Unaffiliated interest income	$	73,103,899		$	4,987,349		$	1,000,811
Unaffiliated dividend income		-			7,620			-
Affiliated dividend income		5,886			2,125			31
Securities lending income		147,841			56,702			6,186
Foreign withholding tax		-			-			(435	)

Total investment income		73,257,626			5,053,796			1,006,593


Expenses:
Unitary management fees		6,010,611			387,355			351,704

Less: Waivers		(801	)		(245	)		(3	)

Net expenses		6,009,810			387,110			351,701

Net investment income		67,247,816			4,666,686			654,892


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(249,803,074	)		(11,266,298	)		(1,416,222	)
Affiliated investment securities		(25,985	)		(5,363	)		(3,002	)
In-kind redemptions		(5,550,667	)		(2,093,661	)		(801,413	)
Foreign currencies		-			(349	)		(69,041	)

Net realized gain (loss)		(255,379,726	)		(13,365,671	)		(2,289,678	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(348,392,063	)		(4,714,411	)		(23,880,990	)
Affiliated investment securities		9,142			5			(187	)
Foreign currencies		-			(20	)		(70,843	)

Change in net unrealized appreciation (depreciation)		(348,382,921	)		(4,714,426	)		(23,952,020	)

Net realized and unrealized gain (loss)		(603,762,647	)		(18,080,097	)		(26,241,698	)

Net increase (decrease) in net assets resulting from operations	$	(536,514,831	)	$	(13,413,411	)	$	(25,586,806	)

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


		28

(This Page Intentionally Left Blank)


		29

Statements of Changes in Net Assets

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

(Unaudited)


	Invesco Emerging
	Markets Sovereign								Invesco Global Short Term High
	Debt ETF (PCY)								Yield Bond ETF (PGHY)
	Six Months Ended				Year Ended				Six Months Ended				Year Ended
	April 30,				October 31,				April 30,				October 31,
	2022				2021				2022				2021
Operations:
Net investment income		$	67,247,816			$	125,519,125			$	4,666,686			$	9,908,902
Net realized gain (loss)			(255,379,726	)			56,620,363				(13,365,671	)			(820,726	)
Change in net unrealized appreciation (depreciation)			(348,382,921	)			(70,951,580	)			(4,714,426	)			1,773,806

Net increase (decrease) in net assets resulting from operations			(536,514,831	)			111,187,908				(13,413,411	)			10,861,982


Distributions to Shareholders from:
Distributable earnings			(63,588,161	)			(128,603,511	)			(5,599,996	)			(9,921,771	)
Return of capital			-				-				-				(1,754,213	)

Total distributions to shareholders			(63,588,161	)			(128,603,511	)			(5,599,996	)			(11,675,984	)


Shareholder Transactions:
Proceeds from shares sold			334,731,424				1,140,175,565				-				40,821,537
Value of shares repurchased			(502,391,553	)			(1,074,290,505	)			(26,940,121	)			-
Transaction fees			-				-				-				-

Net increase (decrease) in net assets resulting from share transactions			(167,660,129	)			65,885,060				(26,940,121	)			40,821,537

Net increase (decrease) in net assets			(767,763,121	)			48,469,457				(45,953,528	)			40,007,535


Net assets:
Beginning of period			2,723,915,503				2,675,446,046				236,362,630				196,355,095

End of period		$	1,956,152,382			$	2,723,915,503			$	190,409,102			$	236,362,630


Changes in Shares Outstanding:
Shares sold			13,800,000				41,300,000				-				1,850,000
Shares repurchased			(20,800,000	)			(39,000,000	)			(1,350,000	)			-
Shares outstanding, beginning of period			101,800,000				99,500,000				10,950,000				9,100,000

Shares outstanding, end of period			94,800,000				101,800,000				9,600,000				10,950,000

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


		30


Invesco International Corporate
Bond ETF (PICB)
Six Months Ended				Year Ended
April 30,				October 31,
2022				2021

	$	654,892			$	1,139,209
		(2,289,678	)			4,831,221
		(23,952,020	)			(4,047,648	)

		(25,586,806	)			1,922,782



		(1,184,912	)			(1,301,115	)
		-				-

		(1,184,912	)			(1,301,115	)



		42,731,920				42,457,100
		(15,883,732	)			(38,131,756	)
		17,214				7,455



		26,865,402				4,332,799

		93,684				4,954,466



		122,979,299				118,024,833

	$	123,072,983			$	122,979,299



		1,550,000				1,450,000
		(650,000	)			(1,300,000	)
		4,350,000				4,200,000


		5,250,000				4,350,000


		31

Financial Highlights

Invesco Emerging Markets Sovereign Debt ETF (PCY)


	Six Months Ended
	April 30,
	2022				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	26.76			$	26.89			$	29.12			$	26.20			$	29.62			$	29.81

Net investment income^(a)			0.68				1.23				1.28				1.41				1.26				1.45
Net realized and unrealized gain (loss) on investments			(6.17	)			(0.10	)			(2.20	)			2.93				(3.42	)			(0.17	)

Total from investment operations			(5.49	)			1.13				(0.92	)			4.34				(2.16	)			1.28

Distributions to shareholders from:
Net investment income			(0.64	)			(1.26	)			(1.31	)			(1.42	)			(1.26	)			(1.46	)
Return of capital			-				-				-				-				-				(0.01	)

Total distributions			(0.64	)			(1.26	)			(1.31	)			(1.42	)			(1.26	)			(1.47	)

Net asset value at end of period		$	20.63			$	26.76			$	26.89			$	29.12			$	26.20			$	29.62

Market price at end of period^(b)		$	20.36			$	26.73			$	26.81			$	29.13			$	26.13			$	29.62

Net Asset Value Total Return^(c)			(20.83	)%			4.17	%			(3.07	)%			16.91	%			(7.42	)%			4.49	%
Market Price Total Return^(c)			(21.76	)%			4.38	%			(3.38	)%			17.28	%			(7.66	)%			4.88	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,956,152			$	2,723,916			$	2,675,446			$	3,535,387			$	3,704,365			$	4,970,710
Ratio to average net assets of:
Expenses			0.50	%^(d)			0.50	%			0.50	%			0.50	%			0.50	%			0.50	%
Net investment income			5.59	%^(d)			4.47	%			4.63	%			5.03	%			4.51	%			4.98	%
Portfolio turnover rate^(e)			25	%			41	%			28	%			28	%			54	%			30	%

^(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)	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.


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Financial Highlights–(continued)

Invesco Global Short Term High Yield Bond ETF (PGHY)


	Six Months Ended
	April 30,
	2022				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	21.59			$	21.58			$	22.82			$	23.14			$	24.14			$	24.16

Net investment income^(a)			0.44				0.96				1.18				1.20				1.24				1.34
Net realized and unrealized gain (loss) on investments			(1.68	)			0.18				(1.20	)			(0.32	)			(1.00	)			0.02

Total from investment operations			(1.24	)			1.14				(0.02	)			0.88				0.24				1.36

Distributions to shareholders from:
Net investment income			(0.52	)			(0.96	)			(1.19	)			(1.20	)			(1.24	)			(1.37	)
Return of capital			-				(0.17	)			(0.03	)			-				-				(0.01	)

Total distributions			(0.52	)			(1.13	)			(1.22	)			(1.20	)			(1.24	)			(1.38	)

Net asset value at end of period		$	19.83			$	21.59			$	21.58			$	22.82			$	23.14			$	24.14

Market price at end of period^(b)		$	19.69			$	21.62			$	21.59			$	22.81			$	23.03			$	24.19

Net Asset Value Total Return^(c)			(5.82	)%			5.33	%			0.02	%			3.90	%			1.05	%			5.76	%
Market Price Total Return^(c)			(6.61	)%			5.42	%			0.15	%			4.36	%			0.36	%			5.66	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	190,409			$	236,363			$	196,355			$	230,477			$	216,400			$	222,093
Ratio to average net assets of:
Expenses			0.35	%^(d)			0.35	%			0.35	%			0.35	%			0.35	%			0.35	%
Net investment income			4.22	%^(d)			4.36	%			5.39	%			5.21	%			5.25	%			5.52	%
Portfolio turnover rate^(e)			33	%			59	%			54	%			57	%			42	%			38	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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


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Financial Highlights–(continued)

Invesco International Corporate Bond ETF (PICB)


	Six Months Ended April 30, 2022 (Unaudited)				Years Ended October 31,
	Six Months Ended April 30, 2022 (Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	28.27			$	28.10			$	26.96			$	25.31			$	26.88			$	25.08

Net investment income^(a)			0.12				0.29				0.34				0.39				0.43				0.42
Net realized and unrealized gain (loss) on investments			(4.72	)			0.20				1.13				1.65				(1.57	)			1.80

Total from investment operations			(4.60	)			0.49				1.47				2.04				(1.14	)			2.22

Distributions to shareholders from:
Net investment income			(0.14	)			(0.29	)			(0.34	)			(0.23	)			(0.43	)			(0.23	)
Net realized gains			(0.09	)			(0.03	)			-				-				-				-
Return of capital			-				-				-				(0.16	)			-				(0.19	)

Total distributions			(0.23	)			(0.32	)			(0.34	)			(0.39	)			(0.43	)			(0.42	)

Transaction fees^(a)			0.00	^(b)			0.00	^(b)			0.01				0.00	^(b)			-				0.00	^(b)

Net asset value at end of period		$	23.44			$	28.27			$	28.10			$	26.96			$	25.31			$	26.88

Market price at end of period^(c)		$	23.34			$	28.31			$	28.15			$	26.84			$	25.28			$	26.89

Net Asset Value Total Return^(d)			(16.35	)%			1.73	%			5.57	%			8.12	%			(4.31	)%			8.95	%
Market Price Total Return^(d)			(16.83	)%			1.69	%			6.24	%			7.77	%			(4.46	)%			9.25	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	123,073			$	122,979			$	118,025			$	111,878			$	118,969			$	159,963
Ratio to average net assets of:
Expenses			0.50	%^(e)			0.50	%			0.50	%			0.51	%^(f)			0.50	%			0.50	%
Net investment income			0.93	%^(e)			0.99	%			1.27	%			1.49	%^(f)			1.58	%			1.62	%
Portfolio turnover rate^(g)			6	%			22	%			22	%			23	%			12	%			14	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

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

^(d)

^(e)	Annualized.

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

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

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


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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

April 30, 2022

(Unaudited)

NOTE 1–Organization

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


Full Name		Short Name
Invesco Emerging Markets Sovereign Debt ETF (PCY)		“Emerging Markets Sovereign Debt ETF”
Invesco Global Short Term High Yield Bond ETF (PGHY)		“Global Short Term High Yield Bond ETF”
Invesco International Corporate Bond ETF (PICB)		“International Corporate Bond ETF”

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

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 of each Fund 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
Emerging Markets Sovereign Debt ETF		DBIQ Emerging Market USD Liquid Balanced Index
Global Short Term High Yield Bond ETF		DB Global Short Maturity High Yield Bond Index
International Corporate Bond ETF		S&P International Corporate Bond 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 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 (“OTC”) 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 may be valued up to 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

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

Debt obligations (including convertible debt securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact


		35

in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

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

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

Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income 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.


		36

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

Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders monthly 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 each Fund’s financial statements as a tax return of capital at fiscal year-end.

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

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

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

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

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

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

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

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

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

Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated,


		37

unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also continues to serve as a lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2022, there were no affiliated transactions with Invesco.

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

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.

Call Risk. If interest rates fall, it is possible that issuers of callable securities with high interest coupons will “call” (or prepay) their bonds before their maturity date. If an issuer exercises such a call during a period of declining interest rates, a Fund may have to replace such called security with a lower yielding security. If that were to happen, such Fund’s net investment income could fall.

Changing Global 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”) and certain foreign central banks keeping the federal


		38

funds and equivalent foreign rates at, near or below zero. In recent years, the FRB and certain foreign central banks began “tapering” their quantitative easing programs, leading to fluctuations in the Federal Funds Rate and equivalent foreign rates. 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 and foreign central banks 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 a Fund’s investments and share price may decline.

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.

Foreign Fixed-Income Investment Risk. For certain Funds, investments in fixed-income securities of non-U.S. issuers are subject to the same risks as other debt securities, notably credit risk, market risk, interest rate risk and liquidity risk, while also facing risks beyond those associated with investments in U.S. securities. For example, 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 also are 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.

Geographic Concentration Risk. A natural or other disaster could occur in a geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific geographic region and adversely impact the Fund’s investments in the affected region.

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.

Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. If a 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.


		39

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.

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

Non-Investment Grade Securities Risk. Non-investment grade securities (commonly known as “junk bonds”) 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, a Fund may incur additional expenses to seek recovery.

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

Valuation Risk. Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by a Fund. In certain circumstances, market quotations may not be readily available for some Fund securities, and those securities may be fair valued. The value established for a security through fair valuation may be different from what would be produced if the security had been valued using market quotations. Fund securities that are valued using techniques other than market quotations, including “fair valued” securities, 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. In addition, there is no assurance that a Fund could sell a portfolio security for the value established for it at any time, and it is possible that a Fund would incur a loss because a security is sold at a discount to its established value.

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

NOTE 3–Investment Advisory Agreement and Other Agreements

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

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


		Unitary Management Fees (as a % of average daily net assets)
Emerging Markets Sovereign Debt ETF		0.50%
Global Short Term High Yield Bond ETF		0.35%
International Corporate Bond ETF		0.50%


		40

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

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


Emerging Markets Sovereign Debt ETF	$	801
Global Short Term High Yield Bond ETF		245
International Corporate Bond ETF		3

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
Emerging Markets Sovereign Debt ETF		Deutsche Bank Securities Inc.
Global Short Term High Yield Bond ETF		Deutsche Bank Securities Inc.
International Corporate Bond ETF		S&P Dow Jones Indices LLC

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

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

NOTE 4–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase or sell securities from or to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.

For the six months ended April 30, 2022, the following Fund engaged in transactions with affiliates as listed below:


	Securities Purchases	Securities Sales	Net Realized Gains
Global Short Term High Yield Bond ETF	$450,000	$-	$-

NOTE 5–Additional Valuation Information

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


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

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

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

The following is a summary of the tiered valuation input levels, as of April 30, 2022, for each Fund (except for International Corporate Bond ETF). As of April 30, 2022, all of the securities in International Corporate Bond ETF were valued based on Level 2 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an


		41

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
Emerging Markets Sovereign Debt ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-	$	1,919,099,578	$	-	$	1,919,099,578
Money Market Funds		3,521,679		187,373,372		-		190,895,051

Total Investments	$	3,521,679	$	2,106,472,950	$	-	$	2,109,994,629

Global Short Term High Yield Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-	$	183,700,209	$	-	$	183,700,209
Preferred Stocks		-		260,667		1,560		262,227
Non-U.S. Dollar Denominated Bonds & Notes		-		209,461		-		209,461
Common Stocks & Other Equity Interests		-		100,289		22,337		122,626
Variable Rate Senior Loan Interests		-		-		0		0
Money Market Funds		1,913,045		16,505,752		-		18,418,797

Total Investments in Securities		1,913,045		200,776,378		23,897		202,713,320

Other Investments - Assets
Investments Matured		-		1,361,996		462,306		1,824,302

Total Investments	$	1,913,045	$	202,138,374	$	486,203	$	204,537,622

NOTE 6–Tax Information

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

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

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


	No expiration
	Short-Term		Long-Term		Total*
Emerging Markets Sovereign Debt ETF	$	192,181,682	$	328,476,139	$	520,657,821
Global Short Term High Yield Bond ETF		1,485,790		11,535,394		13,021,184
International Corporate Bond ETF		-		-		-

*	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 7–Investment Transactions

For the six months ended April 30, 2022, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:


	Purchases		Sales
Emerging Markets Sovereign Debt ETF	$	592,745,513	$	622,671,357
Global Short Term High Yield Bond ETF		68,518,520		68,220,108
International Corporate Bond ETF		15,503,478		8,033,542


		42

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


	In-kind Purchases		In-kind Sales
Emerging Markets Sovereign Debt ETF	$	297,034,179	$	431,227,369
Global Short Term High Yield Bond ETF		-		22,125,596
International Corporate Bond ETF		35,171,984		15,704,668

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. As of April 30, 2022, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:


	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost
Emerging Markets Sovereign Debt ETF	$	9,143	$	(453,980,864	)	$	(453,971,721	)	$	2,563,966,350
Global Short Term High Yield Bond ETF		316,147		(18,729,531	)		(18,413,384	)		222,951,006
International Corporate Bond ETF		9,111		(21,207,003	)		(21,197,892	)		156,190,784

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 each Fund’s unitary management fee, pays for such compensation for the Funds. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

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

NOTE 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 such Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.

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

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


		43

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2021 through April 30, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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


			Annualized
	Beginning	Ending	Expense Ratio	Expenses Paid
	Account Value	Account Value	Based on the	During the
	November 1, 2021	April 30, 2022	Six-Month Period	Six-Month Period⁽¹⁾
Invesco Emerging Markets Sovereign Debt ETF (PCY)
Actual	$1,000.00	$ 791.70	0.50%	$2.22
Hypothetical (5% return before expenses)	1,000.00	1,022.32	0.50	2.51
Invesco Global Short Term High Yield Bond ETF (PGHY)
Actual	1,000.00	941.80	0.35	1.69
Hypothetical (5% return before expenses)	1,000.00	1,023.06	0.35	1.76
Invesco International Corporate Bond ETF (PICB)
Actual	1,000.00	836.50	0.50	2.28
Hypothetical (5% return before expenses)	1,000.00	1,022.32	0.50	2.51

⁽¹⁾

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2022. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.


		44

Approval of Investment Advisory and Sub-Advisory Contracts

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


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

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

Investment Advisory Agreement

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


		45

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

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

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

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

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

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

●

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

●

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

●

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

●

0.07% of the Fund’s average daily net assets for Invesco PureBeta^SM 0-5 Yr US TIPS ETF and Invesco PureBeta^SM FTSE Developed ex-North America ETF;

●

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

●

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

●

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


		46

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

●

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

●

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

●

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

●

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

●

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

●

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

●

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

●

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

●

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

●

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

●

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

●

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

●

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

●

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

●

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

●

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

●

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

●

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

●

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

●

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

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


		47

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

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

Invesco Fund

Equal
to/Lower
than ETF
Peer Median

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

Lower than
Open-End
Active Fund
Peer Median

Invesco 1-30 Laddered Treasury ETF

Invesco California AMT-Free Municipal Bond ETF

N/A

Invesco CEF Income Composite ETF

N/A

Invesco China Technology ETF

N/A

Invesco DWA Developed Markets Momentum ETF

Invesco DWA Emerging Markets Momentum ETF

Invesco DWA SmallCap Momentum ETF

Invesco Emerging Markets Sovereign Debt ETF

Invesco FTSE International Low Beta Equal Weight ETF

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

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

Invesco FTSE RAFI Emerging Markets ETF

Invesco Fundamental High Yield^®Corporate Bond ETF

Invesco Fundamental Investment Grade Corporate Bond ETF

Invesco Global Clean Energy ETF

Invesco Global Short Term High Yield Bond ETF

N/A

Invesco Global Water ETF

Invesco International BuyBack Achievers^TMETF

Invesco International Corporate Bond ETF

Invesco KBW Bank ETF

Invesco KBW High Dividend Yield Financial ETF

Invesco KBW Premium Yield Equity REIT ETF

Invesco KBW Property & Casualty Insurance ETF

Invesco KBW Regional Banking ETF

Invesco MSCI Green Building ETF

Invesco NASDAQ 100 ETF

Invesco NASDAQ Next Gen 100 ETF

Invesco National AMT-Free Municipal Bond ETF

Invesco New York AMT-Free Municipal Bond ETF

N/A

Invesco Preferred ETF

N/A

Invesco PureBeta^SM0-5 Yr US TIPS ETF

Invesco PureBeta^SMFTSE Developed ex-North America ETF

Invesco PureBeta^SMFTSE Emerging Markets ETF

Invesco PureBeta^SMMSCI USA ETF

Invesco PureBeta^SMMSCI USA Small Cap ETF

Invesco PureBeta^SMUS Aggregate Bond ETF

Invesco Russell 1000 Enhanced Equal Weight ETF

Invesco Russell 1000 Equal Weight ETF

Invesco Russell 1000 Low Beta Equal Weight ETF

Invesco S&P 500 Enhanced Value ETF

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

Invesco S&P 500^®High Beta ETF

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


		48

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

Invesco Fund

Equal
to/Lower
than ETF
Peer Median

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

Lower than
Open-End
Active Fund
Peer Median

Invesco S&P 500^®Low Volatility ETF

Invesco S&P 500 Minimum Variance ETF

Invesco S&P 500 Momentum ETF

Invesco S&P 500 Revenue ETF

Invesco S&P Emerging Markets Low Volatility ETF

Invesco S&P Emerging Markets Momentum ETF

Invesco S&P International Developed High Dividend Low Volatility ETF

Invesco S&P International Developed Low Volatility ETF

Invesco S&P International Developed Momentum ETF

N/A

Invesco S&P International Developed Quality ETF

N/A

Invesco S&P MidCap 400 Revenue ETF

Invesco S&P MidCap Low Volatility ETF

Invesco S&P SmallCap 600 Revenue ETF

Invesco S&P SmallCap Consumer Discretionary ETF

Invesco S&P SmallCap Consumer Staples ETF

Invesco S&P SmallCap Energy ETF

Invesco S&P SmallCap Financials ETF

Invesco S&P SmallCap Health Care ETF

Invesco S&P SmallCap High Dividend Low Volatility ETF

Invesco S&P SmallCap Industrials ETF

Invesco S&P SmallCap Information Technology ETF

Invesco S&P SmallCap Low Volatility ETF

Invesco S&P SmallCap Materials ETF

Invesco S&P SmallCap Quality ETF

Invesco S&P SmallCap Utilities & Communication Services ETF

Invesco S&P Ultra Dividend Revenue ETF

Invesco Senior Loan ETF

N/A

Invesco Taxable Municipal Bond ETF

N/A

Invesco Treasury Collateral ETF

Invesco Variable Rate Preferred ETF

Invesco VRDO Tax-Free ETF

N/A

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

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

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


		49

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

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

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

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

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

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

Investment Sub-Advisory Agreement

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

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

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

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


		50

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

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

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

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

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


		51

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Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-PS-SAR-9

invesco.com/ETFs