
		Invesco Semi-Annual Report to Shareholders
		February 28, 2022
		QQMG		Invesco ESG NASDAQ 100 ETF

		QQJG		Invesco ESG NASDAQ Next Gen 100 ETF

		QQQM		Invesco NASDAQ 100 ETF

		QQQJ		Invesco NASDAQ Next Gen 100 ETF

Table of Contents



Schedules of Investments

Invesco ESG NASDAQ 100 ETF (QQMG)			3

Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)			6

Invesco NASDAQ 100 ETF (QQQM)			9

Invesco NASDAQ Next Gen 100 ETF (QQQJ)			12

Statements of Assets and Liabilities			15

Statements of Operations			16

Statements of Changes in Net Assets			17

Financial Highlights			18

Notes to Financial Statements			22

Fund Expenses			31

Approval of Investment Advisory Contracts			33


		2

Invesco ESG NASDAQ 100 ETF (QQMG)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Communication Services-15.19%
Activision Blizzard, Inc.		696	$	56,723
Alphabet, Inc., Class A^(b)		128		345,746
Alphabet, Inc., Class C^(b)		128		345,321
Baidu, Inc., ADR (China)^(b)		153		23,323
Charter Communications, Inc., Class A^(b)		106		63,789
Comcast Corp., Class A		3,009		140,701
Electronic Arts, Inc.		333		43,320
Match Group, Inc.^(b)		165		18,396
Meta Platforms, Inc., Class A^(b)		1,026		216,517
NetEase, Inc., ADR (China)		305		29,079
Netflix, Inc.^(b)		441		173,983
Sirius XM Holdings, Inc.^(c)		3,909		24,079
T-Mobile US, Inc.^(b)		889		109,534

				1,590,511

Consumer Discretionary-10.80%
Airbnb, Inc., Class A^(b)		219		33,176
Amazon.com, Inc.^(b)		119		365,480
Booking Holdings, Inc.^(b)		33		71,684
Dollar Tree, Inc.^(b)		217		30,832
eBay, Inc.		624		34,064
JD.com, Inc., ADR (China)^(b)		370		26,503
lululemon athletica, inc.^(b)		127		40,633
Marriott International, Inc., Class A^(b)		251		42,705
MercadoLibre, Inc. (Brazil)^(b)		39		43,939
O’Reilly Automotive, Inc.^(b)		79		51,290
Pinduoduo, Inc., ADR (China)^(b)		199		10,320
Ross Stores, Inc.		379		34,637
Starbucks Corp.		957		87,843
Tesla, Inc.^(b)		297		258,518

				1,131,624

Consumer Staples-5.49%
Costco Wholesale Corp.		315		163,564
Keurig Dr Pepper, Inc.		1,110		42,924
Kraft Heinz Co. (The)		286		11,217
Mondelez International, Inc., Class A		1,002		65,611
Monster Beverage Corp.^(b)		264		22,281
PepsiCo, Inc.		1,422		232,838
Walgreens Boots Alliance, Inc.		802		36,964

				575,399

Health Care-5.02%
Align Technology, Inc.^(b)		67		34,268
Amgen, Inc.^(c)		496		112,334
Biogen, Inc.^(b)		117		24,688
DexCom, Inc.^(b)		53		21,937
Gilead Sciences, Inc.		963		58,165
IDEXX Laboratories, Inc.^(b)		71		37,797
Illumina, Inc.^(b)		190		62,054
Intuitive Surgical, Inc.^(b)		155		45,001
Moderna, Inc.^(b)		169		25,959
Regeneron Pharmaceuticals, Inc.^(b)		89		55,034
Seagen, Inc.^(b)		88		11,341
Vertex Pharmaceuticals, Inc.^(b)		163		37,493

				526,071


	Shares		Value
Industrials-1.72%
Cintas Corp.		83	$	31,152
Copart, Inc.^(b)		174		21,381
CSX Corp.		2,037		69,075
Fastenal Co.		379		19,503
PACCAR, Inc.		178		16,342
Verisk Analytics, Inc.		128		22,699

				180,152

Information Technology-61.76%
Adobe, Inc.^(b)		542		253,483
Advanced Micro Devices, Inc.^(b)		1,423		175,513
ANSYS, Inc.^(b)		92		29,825
Apple, Inc.		8,892		1,468,247
Applied Materials, Inc.		1,099		147,486
ASML Holding N.V., New York Shares (Netherlands)		98		65,318
Atlassian Corp. PLC, Class A^(b)		126		38,521
Autodesk, Inc.^(b)		232		51,093
Automatic Data Processing, Inc.		476		97,313
Broadcom, Inc.		259		152,147
Cadence Design Systems, Inc.^(b)		318		48,155
Cisco Systems, Inc.		5,166		288,108
Cognizant Technology Solutions Corp., Class A		506		43,582
Crowdstrike Holdings, Inc., Class A^(b)		190		37,090
Datadog, Inc., Class A^(b)		199		32,061
DocuSign, Inc.^(b)		189		22,383
Fiserv, Inc.^(b)		613		59,872
Fortinet, Inc.^(b)		143		49,266
Intel Corp.		4,015		191,516
Intuit, Inc.		286		135,670
KLA Corp.		149		51,927
Lam Research Corp.		153		85,887
Marvell Technology, Inc.		702		47,968
Microchip Technology, Inc.		218		15,332
Micron Technology, Inc.		1,069		94,991
Microsoft Corp.		4,714		1,408,496
NVIDIA Corp.		2,248		548,175
NXP Semiconductors N.V. (China)		228		43,347
Okta, Inc.^(b)		160		29,254
Palo Alto Networks, Inc.^(b)		109		64,773
Paychex, Inc.		353		42,028
PayPal Holdings, Inc.^(b)		1,189		133,085
QUALCOMM, Inc.		1,034		177,838
Skyworks Solutions, Inc.		48		6,632
Splunk, Inc.^(b)		153		18,069
Synopsys, Inc.^(b)		169		52,794
Texas Instruments, Inc.		781		132,762
VeriSign, Inc.^(b)		84		17,952
Workday, Inc., Class A^(b)		223		51,078
Zoom Video Communications, Inc., Class A^(b)		217		28,774
Zscaler, Inc.^(b)		128		30,611

				6,468,422

Total Common Stocks & Other Equity Interests (Cost $11,375,099)				10,472,179

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


		3

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

February 28, 2022

(Unaudited)


	Shares		Value
Money Market Funds-0.09%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $9,341)		9,341	$	9,341

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.07% (Cost $11,384,440)				10,481,520


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.32%
Invesco Private Government Fund, 0.12%^(d)(e)(f)		41,452		41,452


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.08%^(d)(e)(f)		96,713	$	96,722

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $138,174)				138,174

TOTAL INVESTMENTS IN SECURITIES-101.39% (Cost $11,522,614)				10,619,694
OTHER ASSETS LESS LIABILITIES-(1.39)%				(145,180	)

NET ASSETS-100.00%			$	10,474,514

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)

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


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value February 28, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	40,411		$	(31,070	)		$	-		$	-			$	9,341		$	-
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			85,763			(44,311	)			-			-				41,452			1	*
Invesco Private Prime Fund			-			184,887			(88,163	)			-			(2	)			96,722			3	*

Total		$	-		$	311,061		$	(163,544	)		$	-		$	(2	)		$	147,515		$	4

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

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

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

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


		4

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

February 28, 2022

(Unaudited)


Portfolio Composition Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2022

Information Technology			61.76

Communication Services			15.19

Consumer Discretionary			10.80

Consumer Staples			5.49

Health Care			5.02

Industrials			1.72

Money Market Funds Plus Other Assets Less Liabilities			0.02

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


		5

Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Communication Services-15.33%
Bilibili, Inc., ADR (China)^(b)(c)		151	$	4,773
Discovery, Inc., Class A^(b)		338		9,481
Discovery, Inc., Class C^(b)		659		18,432
DISH Network Corp., Class A^(b)		436		13,935
Fox Corp., Class A		739		30,912
Fox Corp., Class B		575		22,000
IAC/InterActiveCorp.^(b)		91		10,443
Liberty Broadband Corp., Class C^(b)		234		34,328
Liberty Global PLC, Class A (United Kingdom)^(b)		207		5,336
Liberty Global PLC, Class C (United Kingdom)^(b)		423		10,943
Liberty Media Corp.-Liberty Formula One, Class C^(b)		406		24,656
News Corp., Class A		920		20,534
News Corp., Class B		467		10,475
Paramount Global, Class B		1,261		38,599
Roku, Inc., Class A^(b)		125		17,441
Take-Two Interactive Software, Inc.^(b)		229		37,098
Yandex N.V., Class A (Russia)^(b)(d)		265		4,601
ZoomInfo Technologies, Inc., Class A^(b)		382		20,892

				334,879

Consumer Discretionary-14.25%
Etsy, Inc.^(b)		222		34,386
Expedia Group, Inc.^(b)		186		36,476
Hasbro, Inc.		357		34,647
Li Auto, Inc., ADR (China)^(b)		506		15,408
LKQ Corp.		700		32,865
Pool Corp.		95		43,565
Tractor Supply Co.		262		53,393
Trip.com Group Ltd., ADR (China)^(b)		777		20,062
Ulta Beauty, Inc.^(b)		108		40,446

				311,248

Consumer Staples-2.51%
Coca-Cola Europacific Partners PLC (United Kingdom)		1,072		54,897


Health Care-15.07%
10X Genomics, Inc., Class A^(b)		149		12,139
Alnylam Pharmaceuticals, Inc.^(b)		108		17,048
BeiGene Ltd., ADR (China)^(b)(c)		49		10,315
BioMarin Pharmaceutical, Inc.^(b)		222		17,343
Bio-Techne Corp.		71		29,778
Bruker Corp.		246		17,311
Cerner Corp.		520		48,490
DENTSPLY SIRONA, Inc.		382		20,681
Guardant Health, Inc.^(b)(c)		157		10,404
Hologic, Inc.^(b)		233		16,583
Horizon Therapeutics PLC^(b)		48		4,376
ICON PLC^(b)		115		27,371
Incyte Corp.^(b)		271		18,509
Insulet Corp.^(b)		48		12,705
Masimo Corp.^(b)		33		5,196
Novavax, Inc.^(b)		53		4,419
Repligen Corp.^(b)		128		25,178
Sanofi, ADR (France)		379		19,879
Viatris, Inc.		1,045		11,505

				329,230


	Shares		Value
Industrials-8.03%
American Airlines Group, Inc.^(b)		578	$	9,971
C.H. Robinson Worldwide, Inc.		227		21,946
CoStar Group, Inc.^(b)		453		27,638
Expeditors International of Washington, Inc.		318		32,868
J.B. Hunt Transport Services, Inc.		236		47,892
Lyft, Inc., Class A^(b)		387		15,070
Sunrun, Inc.^(b)		296		8,075
United Airlines Holdings, Inc.^(b)		271		12,032

				175,492

Information Technology-42.91%
Akamai Technologies, Inc.^(b)		286		30,962
CDW Corp.		367		63,293
Check Point Software Technologies Ltd. (Israel)^(b)		228		33,033
Citrix Systems, Inc.		278		28,495
Cognex Corp.		392		26,484
Coupa Software, Inc.^(b)		119		14,400
Enphase Energy, Inc.^(b)		130		21,671
Entegris, Inc.		205		26,748
F5, Inc.^(b)		112		22,495
First Solar, Inc.^(b)		183		13,778
Jack Henry & Associates, Inc.		154		27,227
Logitech International S.A., Class R (Switzerland)		402		30,005
Manhattan Associates, Inc.^(b)		112		14,972
MongoDB, Inc.^(b)		108		41,255
Monolithic Power Systems, Inc.		76		34,861
NetApp, Inc.		459		35,976
NortonLifeLock, Inc.		1,267		36,718
ON Semiconductor Corp.^(b)		522		32,682
Open Text Corp. (Canada)		594		25,839
Paylocity Holding Corp.^(b)		89		18,907
PTC, Inc.^(b)		210		23,369
Qorvo, Inc.^(b)		76		10,395
Seagate Technology Holdings PLC		572		59,008
SolarEdge Technologies, Inc.^(b)		71		22,679
SS&C Technologies Holdings, Inc.		383		28,714
Teradyne, Inc.		303		35,730
Trade Desk, Inc. (The), Class A^(b)		524		44,708
Trimble, Inc.^(b)		597		41,641
Western Digital Corp.^(b)		763		38,867
Zebra Technologies Corp., Class A^(b)		127		52,494

				937,406

Materials-0.31%
Steel Dynamics, Inc.		97		6,846

Real Estate-1.50%
Opendoor Technologies, Inc.^(b)		1,586		13,243
Zillow Group, Inc., Class A^(b)		83		4,754
Zillow Group, Inc., Class C^(b)		258		14,840

				32,837

Total Common Stocks & Other Equity Interests (Cost $2,446,811)				2,182,835

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


		6

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

February 28, 2022

(Unaudited)


	Shares		Value
Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(e)(f)(Cost $1,416)		1,416	$	1,416

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.98% (Cost $2,448,227)				2,184,251


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.17%
Invesco Private Government Fund, 0.12%^(e)(f)(g)		7,589		7,589


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.08%^(e)(f)(g)		17,946	$	17,948

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $25,537)				25,537

TOTAL INVESTMENTS IN SECURITIES-101.15% (Cost $2,473,764)				2,209,788
OTHER ASSETS LESS LIABILITIES-(1.15)%				(25,056	)

NET ASSETS-100.00%			$	2,184,732

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

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

^(e)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value February 28, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	29,362		$	(27,946	)		$	-		$	-			$	1,416		$	-
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			82,697			(75,108	)			-			-				7,589			1	*
Invesco Private Prime Fund			-			138,079			(120,128	)			-			(3	)			17,948			4	*

Total		$	-		$	250,138		$	(223,182	)		$	-		$	(3	)		$	26,953		$	5

*	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 February 28, 2022.

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

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


		7

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

February 28, 2022

(Unaudited)


Portfolio Composition Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2022

Information Technology			42.91

Communication Services			15.33

Health Care			15.07

Consumer Discretionary			14.25

Industrials			8.03

Sector Types Each Less Than 3%			4.32

Money Market Funds Plus Other Assets Less Liabilities			0.09

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


		8

Invesco NASDAQ 100 ETF (QQQM)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-17.60%
Activision Blizzard, Inc.		219,125	$	17,858,688
Alphabet, Inc., Class A^(b)		51,019		137,809,462
Alphabet, Inc., Class C^(b)		53,888		145,380,124
Baidu, Inc., ADR (China)^(b)		68,282		10,408,908
Charter Communications, Inc., Class A^(b)(c)		50,432		30,348,969
Comcast Corp., Class A		1,282,722		59,980,081
Electronic Arts, Inc.		79,574		10,351,782
Match Group, Inc.^(b)		79,651		8,880,290
Meta Platforms, Inc., Class A^(b)		600,846		126,796,531
NetEase, Inc., ADR (China)		79,721		7,600,600
Netflix, Inc.^(b)		124,622		49,165,871
Sirius XM Holdings, Inc.^(c)		1,125,190		6,931,170
T-Mobile US, Inc.^(b)		351,403		43,296,364

				654,808,840

Consumer Discretionary-16.12%
Airbnb, Inc., Class A^(b)		97,562		14,779,667
Amazon.com, Inc.^(b)		85,997		264,119,146
Booking Holdings, Inc.^(b)		11,542		25,072,110
Dollar Tree, Inc.^(b)		63,281		8,990,965
eBay, Inc.		176,124		9,614,609
JD.com, Inc., ADR (China)^(b)(c)		208,627		14,943,952
Lucid Group, Inc.^(b)(c)		463,182		13,423,014
lululemon athletica, inc.^(b)		35,046		11,212,617
Marriott International, Inc., Class A^(b)		91,621		15,588,397
MercadoLibre, Inc. (Brazil)^(b)(c)		14,185		15,981,530
O’Reilly Automotive, Inc.^(b)		18,949		12,302,449
Pinduoduo, Inc., ADR (China)^(b)(c)		116,967		6,065,909
Ross Stores, Inc.		99,967		9,135,984
Starbucks Corp.		330,067		30,296,850
Tesla, Inc.^(b)		170,287		148,222,913

				599,750,112

Consumer Staples-5.56%
Costco Wholesale Corp.		124,307		64,546,410
Keurig Dr Pepper, Inc.		398,915		15,426,043
Kraft Heinz Co. (The)		344,359		13,505,760
Mondelez International, Inc., Class A		392,460		25,698,281
Monster Beverage Corp.^(b)		148,861		12,563,868
PepsiCo, Inc.		388,977		63,691,094
Walgreens Boots Alliance, Inc.		243,513		11,223,514

				206,654,970

Health Care-5.75%
Align Technology, Inc.^(b)		22,195		11,351,855
Amgen, Inc.^(c)		158,470		35,890,286
AstraZeneca PLC, ADR (United Kingdom)		165,606		10,082,093
Biogen, Inc.^(b)		41,330		8,721,043
DexCom, Inc.^(b)		27,256		11,281,531
Gilead Sciences, Inc.		352,888		21,314,435
IDEXX Laboratories, Inc.^(b)		23,851		12,697,080
Illumina, Inc.^(b)		43,976		14,362,562
Intuitive Surgical, Inc.^(b)		100,513		29,181,939
Moderna, Inc.^(b)		114,072		17,521,459
Regeneron Pharmaceuticals, Inc.^(b)		29,732		18,385,080
Seagen, Inc.^(b)		51,450		6,630,361
Vertex Pharmaceuticals, Inc.^(b)		71,518		16,450,570

				213,870,294


	Shares		Value
Industrials-3.02%
Cintas Corp.		29,088	$	10,917,308
Copart, Inc.^(b)		66,738		8,200,766
CSX Corp.		623,981		21,159,196
Fastenal Co.		161,809		8,326,691
Honeywell International, Inc.		193,668		36,748,503
Old Dominion Freight Line, Inc.		32,346		10,157,614
PACCAR, Inc.		97,661		8,966,257
Verisk Analytics, Inc.^(c)		45,330		8,038,822

				112,515,157

Information Technology-50.84%
Adobe, Inc.^(b)		133,849		62,598,500
Advanced Micro Devices, Inc.^(b)		459,914		56,725,814
Analog Devices, Inc.		151,191		24,234,405
ANSYS, Inc.^(b)		24,537		7,954,650
Apple, Inc.		2,782,075		459,376,224
Applied Materials, Inc.		254,014		34,088,679
ASML Holding N.V., New York Shares (Netherlands)		22,812		15,204,426
Atlassian Corp. PLC, Class A^(b)		39,501		12,076,246
Autodesk, Inc.^(b)		61,857		13,622,767
Automatic Data Processing, Inc.		118,540		24,234,318
Broadcom, Inc.		115,792		68,020,852
Cadence Design Systems, Inc.^(b)		77,971		11,807,149
Cisco Systems, Inc.		1,186,543		66,173,503
Cognizant Technology Solutions Corp., Class A		147,777		12,728,033
Crowdstrike Holdings, Inc., Class A^(b)		57,903		11,303,245
Datadog, Inc., Class A^(b)		72,363		11,658,403
DocuSign, Inc.^(b)		55,338		6,553,679
Fiserv, Inc.^(b)		185,737		18,140,933
Fortinet, Inc.^(b)		46,006		15,849,987
Intel Corp.		1,144,175		54,577,147
Intuit, Inc.		79,674		37,794,955
KLA Corp.		42,647		14,862,479
Lam Research Corp.		39,607		22,233,389
Marvell Technology, Inc.		231,715		15,833,086
Microchip Technology, Inc.		156,106		10,978,935
Micron Technology, Inc.		314,710		27,965,131
Microsoft Corp.		1,273,154		380,405,684
NVIDIA Corp.		596,608		145,482,861
NXP Semiconductors N.V. (China)		74,822		14,225,159
Okta, Inc.^(b)(c)		41,531		7,593,528
Palo Alto Networks, Inc.^(b)		27,766		16,499,945
Paychex, Inc.		101,447		12,078,280
PayPal Holdings, Inc.^(b)		330,549		36,998,350
QUALCOMM, Inc.		315,094		54,193,017
Skyworks Solutions, Inc.		46,533		6,429,465
Splunk, Inc.^(b)		45,438		5,366,228
Synopsys, Inc.^(b)		42,893		13,399,344
Texas Instruments, Inc.		259,824		44,167,482
VeriSign, Inc.^(b)		31,250		6,678,750
Workday, Inc., Class A^(b)		54,302		12,437,873
Zoom Video Communications, Inc., Class A^(b)		68,146		9,036,160
Zscaler, Inc.^(b)		39,399		9,422,271

				1,891,011,332

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


		9

Invesco NASDAQ 100 ETF (QQQM)—(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Utilities-1.05%
American Electric Power Co., Inc.		141,685	$	12,843,745
Constellation Energy Corp.		91,739		4,218,144
Exelon Corp.		275,241		11,714,257
Xcel Energy, Inc.		151,542		10,203,323

				38,979,469

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $4,008,946,539)				3,717,590,174


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-2.48%
Invesco Private Government Fund, 0.12%^(d)(e)(f)		27,691,659		27,691,659


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.08%^(d)(e)(f)		64,609,301	$	64,615,763

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $92,307,421)				92,307,422

TOTAL INVESTMENTS IN SECURITIES-102.42% (Cost $4,101,253,960)				3,809,897,596
OTHER ASSETS LESS LIABILITIES-(2.42)%				(90,066,396	)

NET ASSETS-100.00%			$	3,719,831,200

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value February 28, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	10,238,851		$	(10,238,851	)		$	-		$	-			$	-		$	140
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			3,570,028			283,436,339			(259,314,708	)			-			-				27,691,659			2,451	*
Invesco Private Prime Fund			8,330,066			646,459,592			(590,154,668	)			1			(19,228	)			64,615,763			17,231	*

Total		$	11,900,094		$	940,134,782		$	(859,708,227	)		$	1		$	(19,228	)		$	92,307,422		$	19,822

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

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

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

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


		10

Invesco NASDAQ 100 ETF (QQQM)–(continued)

February 28, 2022

(Unaudited)


Portfolio Composition Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2022

Information Technology			50.84

Communication Services			17.60

Consumer Discretionary			16.12

Health Care			5.75

Consumer Staples			5.56

Industrials			3.02

Utilities			1.05

Money Market Funds Plus Other Assets Less Liabilities			0.06

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


		11

Invesco NASDAQ Next Gen 100 ETF (QQQJ)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.00%^(a)
Communication Services-14.21%
Bilibili, Inc., ADR (China)^(b)(c)		120,982	$	3,824,241
Discovery, Inc., Class A^(b)(c)		113,065		3,171,473
Discovery, Inc., Class C^(b)		220,614		6,170,574
DISH Network Corp., Class A^(b)		194,008		6,200,496
Fox Corp., Class A		214,068		8,954,464
Fox Corp., Class B		166,533		6,371,553
IAC/InterActiveCorp.^(b)		55,989		6,425,298
Liberty Broadband Corp., Class C^(b)		99,517		14,599,144
Liberty Global PLC, Class A (United Kingdom)^(b)		118,204		3,047,299
Liberty Global PLC, Class C (United Kingdom)^(b)		235,945		6,103,897
Liberty Media Corp.-Liberty Formula One, Class C^(b)		136,217		8,272,458
News Corp., Class A		262,620		5,861,678
News Corp., Class B		133,392		2,991,982
Paramount Global, Class B		405,411		12,409,631
Playtika Holding Corp.^(b)		273,716		5,638,550
Roku, Inc., Class A^(b)		78,651		10,974,174
Take-Two Interactive Software, Inc.^(b)		77,056		12,483,072
Yandex N.V., Class A (Russia)^(b)(d)		215,735		3,745,247
ZoomInfo Technologies, Inc., Class A^(b)		269,416		14,734,361

				141,979,592

Consumer Discretionary-13.42%
Caesars Entertainment, Inc.^(b)		142,837		12,025,447
DraftKings, Inc., Class A^(b)(c)		271,600		6,431,488
Etsy, Inc.^(b)		84,708		13,120,422
Expedia Group, Inc.^(b)		97,572		19,134,845
Hasbro, Inc.		92,174		8,945,487
Li Auto, Inc., ADR (China)^(b)		292,220		8,898,099
LKQ Corp		194,771		9,144,498
Penn National Gaming, Inc.^(b)(c)		113,271		5,816,466
Pool Corp		26,782		12,281,690
Tractor Supply Co.		76,056		15,499,452
Trip.com Group Ltd., ADR (China)^(b)		358,977		9,268,786
Ulta Beauty, Inc.^(b)		36,312		13,598,844

				134,165,524

Consumer Staples-1.56%
Coca-Cola Europacific Partners PLC (United Kingdom)		304,615		15,599,334

Energy-1.67%
Diamondback Energy, Inc.		121,070		16,719,767

Health Care-19.98%
10X Genomics, Inc., Class A^(b)(c)		61,195		4,985,557
Alnylam Pharmaceuticals, Inc.^(b)		79,926		12,616,319
BeiGene Ltd., ADR (China)^(b)(c)		33,156		6,980,001
BioMarin Pharmaceutical, Inc.^(b)		122,673		9,583,215
BioNTech SE, ADR (Germany)^(b)(c)		58,875		8,878,939
Bio-Techne Corp		26,249		11,009,093
Bruker Corp		101,326		7,130,311
Cerner Corp.		196,610		18,333,882
DENTSPLY SIRONA, Inc.		146,065		7,907,959
Guardant Health, Inc.^(b)(c)		67,923		4,501,257
Hologic, Inc.^(b)		168,001		11,956,631
Horizon Therapeutics PLC^(b)		151,568		13,818,455


	Shares		Value
Health Care-(continued)
ICON PLC^(b)		54,387	$	12,944,650
Incyte Corp.^(b)		147,602		10,081,217
Insulet Corp.^(b)		46,095		12,200,885
Masimo Corp.^(b)		36,894		5,808,960
Novavax, Inc.^(b)(c)		50,515		4,211,436
Repligen Corp.^(b)		36,939		7,265,901
Royalty Pharma PLC, Class A		286,995		11,267,424
Sanofi, ADR (France)		177,564		9,313,232
Viatris, Inc.		808,142		8,897,643

				199,692,967

Industrials-8.64%
American Airlines Group, Inc.^(b)(c)		432,678		7,463,695
Axon Enterprise, Inc.^(b)		45,759		6,417,700
C.H. Robinson Worldwide, Inc.		86,867		8,398,301
CoStar Group, Inc.^(b)		263,898		16,100,417
Expeditors International of Washington, Inc.		113,197		11,700,042
J.B. Hunt Transport Services, Inc.		70,183		14,242,236
Lyft, Inc., Class A^(b)		221,920		8,641,565
Sunrun, Inc.^(b)(c)		138,331		3,773,670
United Airlines Holdings, Inc.^(b)(c)		216,372		9,606,917

				86,344,543

Information Technology-37.30%
Affirm Holdings, Inc.^(b)(c)		139,107		5,820,237
Akamai Technologies, Inc.^(b)(c)		108,562		11,752,922
AppLovin Corp., Class A^(b)(c)		151,294		8,787,156
Bentley Systems, Inc., Class B^(c)		180,907		6,945,020
CDW Corp.		90,702		15,642,467
Check Point Software Technologies Ltd. (Israel)^(b)		88,734		12,855,782
Citrix Systems, Inc.		83,348		8,543,170
Cognex Corp.		118,150		7,982,214
Coupa Software, Inc.^(b)(c)		49,498		5,989,752
Enphase Energy, Inc.^(b)		90,157		15,029,172
Entegris, Inc.		90,562		11,816,530
F5, Inc.^(b)		40,912		8,217,175
First Solar, Inc.^(b)		71,041		5,348,677
Jack Henry & Associates, Inc.		49,485		8,748,948
Logitech International S.A., Class R (Switzerland)		111,898		8,352,067
Manhattan Associates, Inc.^(b)		42,294		5,653,862
Monday.com Ltd.^(b)(c)		29,205		4,639,798
MongoDB, Inc.^(b)		44,218		16,890,834
Monolithic Power Systems, Inc.		30,799		14,127,501
NetApp, Inc.		149,420		11,711,540
NortonLifeLock, Inc.		388,742		11,265,743
ON Semiconductor Corp.^(b)		287,885		18,024,480
Open Text Corp. (Canada)		182,264		7,928,484
Paylocity Holding Corp.^(b)		36,762		7,809,719
PTC, Inc.^(b)		78,762		8,764,635
Qorvo, Inc.^(b)		73,664		10,075,762
Seagate Technology Holdings PLC		148,776		15,347,732
SolarEdge Technologies, Inc.^(b)		35,100		11,211,642
SS&C Technologies Holdings, Inc.		169,893		12,736,878
Teradyne, Inc.		108,915		12,843,257
Trade Desk, Inc. (The), Class A^(b)(c)		291,389		24,861,309
Trimble, Inc.^(b)		167,723		11,698,679

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


		12

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

February 28, 2022

(Unaudited)


	Shares		Value
Information Technology-(continued)
Western Digital Corp.^(b)		208,222	$	10,606,829
Zebra Technologies Corp., Class A^(b)		35,720		14,764,505

				372,794,478

Materials-0.94%
Steel Dynamics, Inc.		132,598		9,358,767

Real Estate-1.30%
Opendoor Technologies, Inc.^(b)(c)		409,361		3,418,164
Zillow Group, Inc., Class A^(b)(c)		41,009		2,348,585
Zillow Group, Inc., Class C^(b)(c)		125,109		7,196,270

				12,963,019

Utilities-0.98%
Alliant Energy Corp.		167,287		9,769,561

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% (Cost $1,084,957,085)				999,387,552


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-11.21%
Invesco Private Government Fund, 0.12%^(e)(f)(g)		33,615,842	$	33,615,842
Invesco Private Prime Fund, 0.08%^(e)(f)(g)		78,429,121		78,436,966

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $112,058,691)				112,052,808

TOTAL INVESTMENTS IN SECURITIES-111.21% (Cost $1,197,015,776)				1,111,440,360
OTHER ASSETS LESS LIABILITIES-(11.21)%				(112,008,243	)

NET ASSETS-100.00%			$	999,432,117

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

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

^(e)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	595,896		$	27,112,291		$	(27,708,187	)		$	-			$	-			$	-		$	140
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			14,361,365			122,301,051			(103,046,574	)			-				-				33,615,842			3,872	*
Invesco Private Prime Fund			33,532,835			259,301,626			(214,379,616	)			(5,883	)			(11,996	)			78,436,966			32,192	*

Total		$	48,490,096		$	408,714,968		$	(345,134,377	)		$	(5,883	)		$	(11,996	)		$	112,052,808		$	36,204

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

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

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

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


		13

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

February 28, 2022

(Unaudited)


Portfolio Composition Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2022

Information Technology			37.30

Health Care			19.98

Communication Services			14.21

Consumer Discretionary			13.42

Industrials			8.64

Sector Types Each Less Than 3%			6.45

Money Market Funds Plus Other Assets Less Liabilities			0.00

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


		14

Statements of Assets and Liabilities

February 28, 2022

(Unaudited)


	Invesco ESG NASDAQ 100 ETF (QQMG)				Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)				Invesco NASDAQ 100 ETF (QQQM)				Invesco NASDAQ Next Gen 100 ETF (QQQJ)
Assets:
Unaffiliated investments in securities, at value^(a)		$	10,472,179			$	2,182,835			$	3,717,590,174			$	999,387,552
Affiliated investments in securities, at value			147,515				26,953				92,307,422				112,052,808
Receivable for:
Dividends			6,646				820				2,659,257				368,930
Securities lending			-				-				107,946				11,897
Investments sold			-				-				2,842,200				1,941,795
Fund shares sold			-				-				25,664,167				-
Foreign tax reclaims			-				-				-				45,138

Total assets			10,626,340				2,210,608				3,841,171,166				1,113,808,120


Liabilities:
Due to custodian			1,053				-				126,039				257,690
Payable for:
Investments purchased			11,037				-				25,638,650				-
Investments purchased - affiliated broker			-				-				-				193,118
Collateral upon return of securities loaned			138,174				25,537				92,307,421				112,058,691
Fund shares repurchased			-				-				2,845,081				1,747,404
Accrued unitary management fees			1,562				339				422,775				119,100

Total liabilities			151,826				25,876				121,339,966				114,376,003

Net Assets		$	10,474,514			$	2,184,732			$	3,719,831,200			$	999,432,117


Net assets consist of:
Shares of beneficial interest		$	11,389,274			$	2,500,025			$	3,914,105,602			$	1,103,894,199
Distributable earnings (loss)			(914,760	)			(315,293	)			(194,274,402	)			(104,462,082	)

Net Assets		$	10,474,514			$	2,184,732			$	3,719,831,200			$	999,432,117

Shares outstanding (unlimited amount authorized, $0.01 par value)			450,001				100,001				26,060,001				34,320,001
Net asset value		$	23.28			$	21.85			$	142.74			$	29.12

Market price		$	23.23			$	21.84			$	142.51			$	29.11

Unaffiliated investments in securities, at cost		$	11,375,099			$	2,446,811			$	4,008,946,539			$	1,084,957,085

Affiliated investments in securities, at cost		$	147,515			$	26,953			$	92,307,421			$	112,058,691

^(a)Includes securities on loan with an aggregate value of:		$	135,035			$	24,876			$	91,399,099			$	110,634,809

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


		15

Statements of Operations

For the six months ended February 28, 2022

(Unaudited)


	Invesco ESG NASDAQ 100 ETF (QQMG)^(a)				Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)^(a)				Invesco NASDAQ 100 ETF (QQQM)				Invesco NASDAQ Next Gen 100 ETF (QQQJ)
Investment income:
Unaffiliated dividend income		$	22,478			$	4,125			$	10,763,212			$	2,514,845
Affiliated dividend income			-				-				140				140
Securities lending income			19				5				344,485				74,394
Foreign withholding tax			(24	)			(19	)			(14,143	)			(24,720	)

Total investment income			22,473				4,111				11,093,694				2,564,659


Expenses:
Unitary management fees			5,524				1,630				2,254,203				875,911

Net expenses			5,524				1,630				2,254,203				875,911

Net investment income			16,949				2,481				8,839,491				1,688,748


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(22,706	)			(51,855	)			(30,842,954	)			(94,144,561	)
Affiliated investment securities			(2	)			(3	)			(19,228	)			(11,996	)
In-kind redemptions			-				-				125,447,157				75,035,593

Net realized gain (loss)			(22,708	)			(51,858	)			94,584,975				(19,120,964	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(902,920	)			(263,976	)			(487,327,850	)			(180,599,167	)
Affiliated investment securities			-				-				1				(5,883	)

Change in net unrealized appreciation (depreciation)			(902,920	)			(263,976	)			(487,327,849	)			(180,605,050	)

Net realized and unrealized gain (loss)			(925,628	)			(315,834	)			(392,742,874	)			(199,726,014	)

Net increase (decrease) in net assets resulting from operations		$	(908,679	)		$	(313,353	)		$	(383,903,383	)		$	(198,037,266	)

^(a)	For the period October 25, 2021 (commencement of investment operations) through February 28, 2022.

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


		16

Statements of Changes in Net Assets

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

(Unaudited)


	Invesco ESG NASDAQ 100 ETF (QQMG)			Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)			Invesco NASDAQ 100 ETF (QQQM)						Invesco NASDAQ Next Gen 100 ETF (QQQJ)
	Period Ended February 28, 2022^(a)			Period Ended February 28, 2022^(a)			Six Months Ended February 28, 2022			Period Ended August 31, 2021^(b)			Six Months Ended February 28, 2022			Period Ended August 31, 2021^(b)
Operations:
Net investment income	$	16,949		$	2,481		$	8,839,491		$	3,973,590		$	1,688,748		$	2,711,840
Net realized gain (loss)		(22,708	)		(51,858	)		94,584,975			25,379,518			(19,120,964	)		48,684,121
Change in net unrealized appreciation (depreciation)		(902,920	)		(263,976	)		(487,327,849	)		195,971,485			(180,605,050	)		95,029,634

Net increase (decrease) in net assets resulting from operations		(908,679)			(313,353	)		(383,903,383	)		225,324,593			(198,037,266	)		146,425,595


Distributions to Shareholders from:
Distributable earnings		(6,081	)		(1,940	)		(5,551,106	)		(2,671,477	)		(9,221,202	)		(2,373,270	)


Shareholder Transactions:
Proceeds from shares sold		11,389,274			2,500,025			3,024,411,814			1,850,201,568			332,340,787			1,352,687,957
Value of shares repurchased		-			-			(724,287,562	)		(263,693,247	)		(334,851,943	)		(287,538,541	)

Net increase (decrease) in net assets resulting from share transactions		11,389,274			2,500,025			2,300,124,252			1,586,508,321			(2,511,156	)		1,065,149,416

Net increase (decrease) in net assets		10,474,514			2,184,732			1,910,669,763			1,809,161,437			(209,769,624	)		1,209,201,741


Net assets:
Beginning of period		-			-			1,809,161,437			-			1,209,201,741			-

End of period	$	10,474,514		$	2,184,732		$	3,719,831,200		$	1,809,161,437		$	999,432,117		$	1,209,201,741


Changes in Shares Outstanding:
Shares sold		450,001			100,001			19,420,000			13,620,001			10,110,000			43,840,001
Shares repurchased		-			-			(4,950,000	)		(2,030,000	)		(10,550,000	)		(9,080,000	)
Shares outstanding, beginning of period		-			-			11,590,001			-			34,760,001			-

Shares outstanding, end of period		450,001			100,001			26,060,001			11,590,001			34,320,001			34,760,001

^(a)	For the period October 25, 2021 (commencement of investment operations) through February 28, 2022.

^(b)	For the period October 12, 2020 (commencement of investment operations) through August 31, 2021.

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


		17

Financial Highlights

Invesco ESG NASDAQ 100 ETF (QQMG)


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

Net investment income^(b)			0.05
Net realized and unrealized gain (loss) on investments			(1.75	)

Total from investment operations			(1.70	)

Distributions to shareholders from:
Net investment income			(0.02	)

Net asset value at end of period		$	23.28

Market price at end of period^(c)		$	23.23

Net Asset Value Total Return^(d)			(6.81	)%^(e)
Market Price Total Return^(d)			(7.01	)%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	10,475
Ratio to average net assets of:
Expenses			0.20	%^(f)
Net investment income			0.61	%^(f)
Portfolio turnover rate^(g)			6	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

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

^(e)	The net asset value total return from Fund Inception (October 27, 2021, the first day of trading on the exchange) to February 28, 2022 was (7.51)%. The market price total return from Fund Inception to February 28, 2022 was (7.93)%.

^(f)	Annualized.

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

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


		18

Financial Highlights–(continued)

Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)


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

Net investment income^(b)			0.03
Net realized and unrealized gain (loss) on investments			(3.16	)

Total from investment operations			(3.13	)

Distributions to shareholders from:
Net investment income			(0.02	)

Net asset value at end of period		$	21.85

Market price at end of period^(c)		$	21.84

Net Asset Value Total Return^(d)			(12.53	)%^(e)
Market Price Total Return^(d)			(12.57	)%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,185
Ratio to average net assets of:
Expenses			0.20	%^(f)
Net investment income			0.30	%^(f)
Portfolio turnover rate^(g)			35	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (October 27, 2021, the first day of trading on the exchange) to February 28, 2022 was (10.82)%. The market price total return from Fund Inception to February 28, 2022 was (10.93)%.

^(f)	Annualized.

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

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


		19

Financial Highlights–(continued)

Invesco NASDAQ 100 ETF (QQQM)


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

Net investment income^(b)			0.45				0.74
Net realized and unrealized gain (loss) on investments			(13.49	)			34.93

Total from investment operations			(13.04	)			35.67

Distributions to shareholders from:
Net investment income			(0.32	)			(0.55	)

Net asset value at end of period		$	142.74			$	156.10

Market price at end of period^(c)		$	142.51			$	156.11

Net Asset Value Total Return^(d)			(8.38	)%			29.56	%^(e)
Market Price Total Return^(d)			(8.52	)%			29.57	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	3,719,831			$	1,809,161
Ratio to average net assets of:
Expenses			0.15	%^(f)			0.15	%^(f)
Net investment income			0.59	%^(f)			0.61	%^(f)
Portfolio turnover rate^(g)			6	%			5	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

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

^(f)	Annualized.

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

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


		20

Financial Highlights–(continued)

Invesco NASDAQ Next Gen 100 ETF (QQQJ)


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

Net investment income^(b)			0.05				0.10
Net realized and unrealized gain (loss) on investments			(5.46	)			8.06

Total from investment operations			(5.41	)			8.16

Distributions to shareholders from:
Net investment income			(0.05	)			(0.08	)
Net realized gains			(0.21	)			-

Total distributions			(0.26	)			(0.08	)

Net asset value at end of period		$	29.12			$	34.79

Market price at end of period^(c)		$	29.11			$	34.77

Net Asset Value Total Return^(d)			(15.64	)%			30.58	%^(e)
Market Price Total Return^(d)			(15.63	)%			30.51	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	999,432			$	1,209,202
Ratio to average net assets of:
Expenses			0.15	%^(f)			0.15	%^(f)
Net investment income			0.29	%^(f)			0.35	%^(f)
Portfolio turnover rate^(g)			35	%			29	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

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

^(f)	Annualized.

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

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


		21

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 28, 2022

(Unaudited)

NOTE 1–Organization

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


Full Name		Short Name
Invesco ESG NASDAQ 100 ETF (QQMG)		“ESG NASDAQ 100 ETF”
Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)		“ESG NASDAQ Next Gen 100 ETF”
Invesco NASDAQ 100 ETF (QQQM)		“NASDAQ 100 ETF”
Invesco NASDAQ Next Gen 100 ETF (QQQJ)		“NASDAQ Next Gen 100 ETF”

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

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

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


Fund		Underlying Index
ESG NASDAQ 100 ETF		Nasdaq-100^®ESG Index
ESG NASDAQ Next Gen 100 ETF		Nasdaq Next Generation 100 ESG Index^®
NASDAQ 100 ETF		NASDAQ-100 Index^®
NASDAQ Next Gen 100 ETF		NASDAQ Next Generation 100 Index^®

NOTE 2–Significant Accounting Policies

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

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

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

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

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market


		22

data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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


		23

per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

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

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

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

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

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

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

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

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

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

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.

I.	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


		24

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

On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole securities lending agent for each Fund under the securities lending program. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the period September 14, 2021 through February 28, 2022, each Fund (except for ESG NASDAQ Next Gen 100 ETF) had affiliated securities lending transactions with Invesco. Fees paid to Invesco by ESG NASDAQ 100 ETF were less than $500. NASDAQ 100 ETF and NASDAQ Next Gen 100 ETF paid Invesco $32,634 and $2,594, respectively, in fees for securities lending agent services.

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

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

K.	Other Risks

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

Authorized Participant Concentration Risk. Only 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


		25

traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.

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

ESG Investing Strategy Risk. The stocks of companies with favorable environmental, social and governance (“ESG”) attributes may underperform the stock market as a whole. As a result, ESG NASDAQ 100 ETF and ESG NASDAQ Next Gen 100 ETF may underperform other funds that do not screen companies based on ESG attributes. The criteria used to select companies for investment may result in ESG NASDAQ 100 ETF and ESG NASDAQ Next Gen 100 ETF investing in securities, industries or sectors that underperform the market as a whole or underperform other funds screened for ESG standards.

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

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

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

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

Mid-Capitalization Company Risk. Investing in securities of mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies and securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Mid-capitalization companies tend to have less experienced management as well as limited


		26

product and market diversification and financial resources compared to larger capitalization companies. Often mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

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

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

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty.

The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

NOTE 3–Investment Advisory Agreement and Other Agreements

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

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


		Unitary Management Fees
		(as a % of average daily net assets)
ESG NASDAQ 100 ETF		0.20%
ESG NASDAQ Next Gen 100 ETF		0.20%
NASDAQ 100 ETF		0.15%
NASDAQ Next Gen 100 ETF		0.15%

Further, through at least August 31, 2023, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. These waivers do not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

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

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

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

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

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


		27

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


ESG NASDAQ Next Gen 100 ETF*	$	128
NASDAQ 100 ETF		71
NASDAQ Next Gen 100 ETF		25,833

*	For the period October 25, 2021 (commencement of investment operations) through February 28, 2022.

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

NOTE 4–Additional Valuation Information

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


Level 1	–	Prices are determined using quoted prices in an active market for identical assets.
Level 2	–	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3	–	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of February 28, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total
ESG NASDAQ 100 ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	10,472,179	$	-	$	-	$	10,472,179
Money Market Funds		9,341		138,174		-		147,515

Total Investments	$	10,481,520	$	138,174	$	-	$	10,619,694

ESG NASDAQ Next Gen 100 ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	2,178,234	$	-	$	4,601	$	2,182,835
Money Market Funds		1,416		25,537		-		26,953

Total Investments	$	2,179,650	$	25,537	$	4,601	$	2,209,788

NASDAQ 100 ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	3,717,590,174	$	-	$	-	$	3,717,590,174
Money Market Funds		-		92,307,422		-		92,307,422

Total Investments	$	3,717,590,174	$	92,307,422	$	-	$	3,809,897,596

NASDAQ Next Gen 100 ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	995,642,305	$	-	$	3,745,247	$	999,387,552
Money Market Funds		-		112,052,808		-		112,052,808

Total Investments	$	995,642,305	$	112,052,808	$	3,745,247	$	1,111,440,360


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NOTE 5–Tax Information

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

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

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


	No expiration
	Short-Term			Long-Term			Total*
NASDAQ 100 ETF		$	1,992,161		$	-		$	1,992,161
NASDAQ Next Gen 100 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 6–Investment Transactions

For the six months ended February 28, 2022, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:


	Purchases		Sales
ESG NASDAQ 100 ETF*	$	5,497,762	$	475,822
ESG NASDAQ Next Gen 100 ETF*		3,323,411		824,740
NASDAQ 100 ETF		189,891,927		183,073,660
NASDAQ Next Gen 100 ETF		409,182,449		411,238,592

*	For the period October 25, 2021 (commencement of investment operations) through February 28, 2022.

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


	In-kind		In-kind
	Purchases		Sales
ESG NASDAQ 100 ETF*	$	6,375,872	$	-
ESG NASDAQ Next Gen 100 ETF*		-		-
NASDAQ 100 ETF		3,020,912,179		725,633,259
NASDAQ Next Gen 100 ETF		331,811,046		338,984,251

*	For the period October 25, 2021 (commencement of investment operations) through February 28, 2022.

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

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


						Net
	Gross		Gross			Unrealized
	Unrealized		Unrealized			Appreciation
	Appreciation		(Depreciation)			(Depreciation)			Cost
ESG NASDAQ 100 ETF*	$	140,135	$	(1,043,055	)	$	(902,920	)	$	11,522,614
ESG NASDAQ Next Gen 100 ETF*		60,388		(324,364	)		(263,976	)		2,473,764
NASDAQ 100 ETF		74,612,063		(366,069,777	)		(291,457,714	)		4,101,355,310
NASDAQ Next Gen 100 ETF		61,515,141		(147,241,369	)		(85,726,228	)		1,197,166,588

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

NOTE 7–Trustees’ and Officer’s Fees

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.


		29

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

NOTE 8–Capital

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

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

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

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


		30

Calculating your ongoing Fund expenses

Example

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2021 through February 28, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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


	Beginning Account Value September 1, 2021	Ending Account Value February 28, 2022	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period⁽¹⁾
Invesco ESG NASDAQ 100 ETF (QQMG)	$1,000.00	$931.90⁽²⁾	0.20%	$0.67⁽³⁾

Actual

Hypothetical (5% return before expenses)	1,000.00	1,023.80⁽²⁾	0.20	1.00⁽³⁾
Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)	1,000.00	874.70⁽²⁾	0.20	0.65⁽³⁾

Actual

Hypothetical (5% return before expenses)	1,000.00	1,023.80⁽²⁾	0.20	1.00⁽³⁾
Invesco NASDAQ 100 ETF (QQQM)

Actual	1,000.00	916.20	0.15	0.71

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


		31

Calculating your ongoing Fund expenses–(continued)


	Beginning Account Value September 1, 2021		Ending Account Value February 28, 2022		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period⁽¹⁾
Invesco NASDAQ Next Gen 100 ETF (QQQJ)

Actual		$1,000.00		$ 843.60		0.15%		$0.69

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

⁽¹⁾

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

⁽²⁾

The actual ending account value is based on the actual total return of the Fund for the period October 25, 2021 (commencement of investment operations) through February 28, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

⁽³⁾

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the period October 25, 2021 (commencement of investment operations) to February 28, 2022. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 127/365. Hypothetical expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.


		32

Approval of Investment Advisory Contracts

At a meeting held on June 24, 2021, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the Investment Advisory Agreement (the “Agreement”) between Invesco Capital Management LLC (the “Adviser”) and the Trust for Invesco S&P 500 QVM Multi-factor ETF, Invesco S&P MidCap 400 QVM Multi-factor ETF, Invesco S&P SmallCap 600 QVM Multi-factor ETF, Invesco ESG NASDAQ 100 ETF and Invesco ESG NASDAQ Next Gen 100 ETF (each, a “Fund” and collectively, the “Funds”).

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

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions to be performed by the Adviser for each Fund, including the identity of the persons who will be responsible for the day-to-day management of the Funds, and they considered the quality of services provided by the Adviser to other exchange-traded funds (“ETFs”). The Trustees noted that each of the Funds’ portfolio managers also manages other ETFs on behalf of the Adviser that are overseen by the Board and that the Board is familiar with the background and experience of the Funds’ portfolio managers. The Trustees also noted other information the Board received and considered at its March 12, 2021 and April 15, 2021 meetings describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. The Trustees reviewed information related to the Adviser’s portfolio transaction policies and procedures, as well as reports on the correlation and tracking error between the underlying indexes and the performance of other ETFs for which the Adviser serves as investment adviser.

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

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

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s proposed unitary advisory fee, as compared to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the median net expense ratios of comparable passive ETFs, open-end (non-ETF) index funds, open-end (non-ETF) actively managed funds and Adviser-identified select peer funds.

The Trustees noted that the proposed annual advisory fee to be charged to each Fund was a unitary fee, and that the Adviser has agreed to pay all other operating expenses of each Fund except for brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses. The Trustees noted each Fund’s proposed unitary advisory fee as compared to the median net expense ratio of its Lipper peer groups and select peer group as shown below:


Fund	Passive ETF Peer Group (Number of Peers)	Open-End Index Fund Peer Group (Number of Peers)	Open-End Active Fund Peer Group (Number of Peers)	Select Peer Group (Number of Peers)
Invesco S&P 500 QVM Multi-factor ETF	Lower than	Lower than	Lower than	Lower than
	median (60)	median (23)	median (155)	median (3)
Invesco S&P MidCap 400 QVM Multi-factor ETF	Lower than	Higher than	Lower than	Lower than
	median (14)	median (8)	median (83)	median (2)
Invesco S&P SmallCap 600 QVM Multi-factor ETF	Lower than	Lower than	Lower than	Lower than
	median (52)	median (32)	median (205)	median (3)
Invesco ESG NASDAQ 100 ETF	Higher than	Higher than	Lower than	Higher than
	median (17)	median (18)	median (148)	median (2)
Invesco ESG NASDAQ Next Gen 100 ETF	Lower than	Higher than	Lower than	Lower than
	median (11)	median (3)	median (101)	median (2)


		33

Approval of Investment Advisory Contracts–(continued)

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

In conjunction with their review of the unitary advisory fee, the Trustees considered that the Adviser did not provide a profitability analysis for the Adviser in managing the Funds because the Funds had not yet commenced operations. However, the Trustees noted other information the Board received and considered at its March 12, 2021 and April 15, 2021 meetings on the Adviser’s overall profitability from its relationship with other ETFs for which it serves as investment adviser.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees noted that any reduction in fixed costs associated with the 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 proposed unitary advisory fee rate for each Fund is reasonable in relation to the proposed services and product strategy of that Fund, and they concluded that the unitary advisory fee was reasonable and appropriate.

Fall-Out Benefits. The Trustees considered that the Adviser identified no additional benefits that it would derive from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits to be received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees and advisory fees for affiliated money market cash management vehicles. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits to be received by affiliates of the Adviser.

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


		34

Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-TRST2-SAR-1

invesco.com/ETFs