N-CSRS


		Invesco Semi-Annual Report to Shareholders April 30, 2022
		CQQQ		Invesco China Technology ETF

		PIZ		Invesco DWA Developed Markets Momentum ETF

		PIE		Invesco DWA Emerging Markets Momentum ETF

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

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

		PXH		Invesco FTSE RAFI Emerging Markets ETF

		PBD		Invesco Global Clean Energy ETF

		PIO		Invesco Global Water ETF

		IPKW		Invesco International BuyBack Achievers^TMETF

		CUT		Invesco MSCI Global Timber ETF

		GBLD		Invesco MSCI Green Building ETF

		CGW		Invesco S&P Global Water Index ETF

		IDHQ		Invesco S&P International Developed Quality ETF

Table of Contents



Liquidity Risk Management Program			3

Schedules of Investments

Invesco China Technology ETF (CQQQ)			4

Invesco DWA Developed Markets Momentum ETF (PIZ)			8

Invesco DWA Emerging Markets Momentum ETF (PIE)			11

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)			14

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)			25

Invesco FTSE RAFI Emerging Markets ETF (PXH)			41

Invesco Global Clean Energy ETF (PBD)			47

Invesco Global Water ETF (PIO)			50

Invesco International BuyBack Achievers^TM ETF (IPKW)			52

Invesco MSCI Global Timber ETF (CUT)			54

Invesco MSCI Green Building ETF (GBLD)			57

Invesco S&P Global Water Index ETF (CGW)			60

Invesco S&P International Developed Quality ETF (IDHQ)			62

Statements of Assets and Liabilities			66

Statements of Operations			70

Statements of Changes in Net Assets			72

Financial Highlights			77

Notes to Financial Statements			90

Fund Expenses			105

Approval of Investment Advisory and Sub-Advisory Contracts			107

Liquidity Risk Management Program

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

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

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

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

●

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

●

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

●

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

●

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

●

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

Invesco China Technology ETF (CQQQ)

April 30, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.81%
Capital Markets-0.36%
Hithink RoyalFlush Information Network Co. Ltd., A Shares (China)		282,200	$	3,485,739

Diversified Financial Services-0.00%
Zhengqi Holdings Co. Ltd., Rts., TBA (China)^(b)(c)		122,862		0

Electrical Equipment-1.24%
East Group Co. Ltd., A Shares (China)		1,084,400		1,045,420
Hongfa Technology Co. Ltd., A Shares (China)		390,964		2,832,766
Qingdao TGOOD Electric Co. Ltd., A Shares (China)		546,318		1,136,955
Sieyuan Electric Co. Ltd., A Shares (China)		400,620		1,815,144
Suzhou Anjie Technology Co. Ltd., A Shares (China)		360,800		706,491
Suzhou Maxwell Technologies Co. Ltd., A Shares (China)		90,833		4,555,689

				12,092,465

Electronic Equipment, Instruments & Components-12.27%
Avary Holding Shenzhen Co. Ltd., A Shares (China)		433,356		1,928,448
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., A Shares (China)		108,486		1,924,409
BOE Technology Group Co. Ltd., A Shares (China)		19,742,874		11,317,870
BOE Technology Group Co. Ltd., B Shares (China)		6,938,379		3,286,555
Chaozhou Three-Circle Group Co. Ltd., A Shares (China)		1,006,090		4,350,247
China Zhenhua Group Science & Technology Co. Ltd., A Shares (China)		270,259		4,305,660
Guangzhou Shiyuan Electronic Technology Co. Ltd., A Shares (China)		124,860		1,447,616
Hengdian Group DMEGC Magnetics Co. Ltd., A Shares (China)		854,000		1,968,694
Leyard Optoelectronic Co. Ltd., A Shares (China)		1,335,000		1,197,203
Lingyi iTech Guangdong Co., A Shares (China)^(b)		3,705,300		2,392,425
Maxscend Microelectronics Co. Ltd., A Shares (China)		156,329		4,360,877
OFILM Group Co. Ltd., A Shares (China)^(b)		1,712,573		1,440,360
Raytron Technology Co. Ltd., A Shares (China)		233,616		1,262,630
Shanghai Friendess Electronic Technology Corp. Ltd., A Shares (China)		48,073		1,791,697
Shengyi Technology Co. Ltd., A Shares (China)		1,202,919		3,028,723
Shennan Circuits Co. Ltd., A Shares (China)		92,764		1,327,831
Shenzhen Everwin Precision Technology Co. Ltd., A Shares (China)		630,480		733,388
Shenzhen Huaqiang Industry Co. Ltd., A Shares (China)		509,875		864,031
Shenzhen Kaifa Technology Co. Ltd., A Shares (China)		819,317		1,203,517


	Shares		Value
Electronic Equipment, Instruments & Components-(continued)
Shenzhen Kinwong Electronic Co. Ltd., A Shares (China)		188,220	$	584,298
Sunny Optical Technology Group Co. Ltd. (China)		3,766,151		55,107,524
Tianma Microelectronics Co. Ltd., A Shares (China)		1,211,627		1,669,722
Unisplendour Corp. Ltd., A Shares (China) .		697,158		1,782,122
Universal Scientific Industrial Shanghai Co. Ltd., A Shares (China)		437,500		795,407
Westone Information Industry, Inc., A Shares (China)		444,300		2,124,012
Wuhan Guide Infrared Co. Ltd., A Shares (China)		1,231,850		2,867,544
WUS Printed Circuit Kunshan Co. Ltd., A Shares (China)		995,810		1,944,327
Zhejiang Crystal-Optech Co. Ltd., A Shares (China)		730,070		1,034,370
Zhuzhou Hongda Electronics Corp. Ltd., A Shares (China)		209,300		1,594,004

				119,635,511

Entertainment-6.68%
Bilibili, Inc., Z Shares (China)^(b)(d)		1,880,320		46,069,181
Hangzhou Shunwang Technology Co. Ltd., A Shares (China)		364,500		548,271
Tencent Music Entertainment Group, ADR (China)^(b)		4,359,256		18,526,838

				65,144,290

Health Care Technology-0.14%
Winning Health Technology Group Co. Ltd., A Shares (China)		1,122,829		1,344,011

Household Durables-0.48%
TCL Technology Group Corp., A Shares (China)		7,365,900		4,642,356

Interactive Media & Services-31.55%
Autohome, Inc., ADR (China)		456,568		13,272,432
Baidu, Inc., A Shares (China)^(b)(d)		5,162,700		81,053,258
Hello Group, Inc., ADR (China)^(d)		1,118,804		5,952,037
JOYY, Inc., ADR (China)^(d)		396,334		15,682,936
Kuaishou Technology (China)^(b)(e)		8,590,375		70,588,436
Tencent Holdings Ltd. (China)		2,307,383		108,240,402
Weibo Corp., ADR (China)^(b)(d)		519,078		12,011,465
Zhihu, Inc., ADR (China)^(b)(d)		412,484		639,350

				307,440,316

Internet & Direct Marketing Retail-13.23%
China Ruyi Holdings Ltd. (China)^(b)(d)		17,386,707		4,200,183
Dada Nexus Ltd., ADR (China)^(b)(d)		475,950		3,631,499
Meituan, B Shares (China)^(b)(e)		5,641,152		121,094,729

				128,926,411

IT Services-4.82%
Beijing Sinnet Technology Co. Ltd., A Shares (China)		943,700		1,375,895
Beijing Ultrapower Software Co. Ltd., A Shares (China)^(b)		1,029,500		582,825
China TransInfo Technology Co. Ltd., A Shares (China)		533,671		688,508

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

Invesco China Technology ETF (CQQQ)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
IT Services-(continued)
DHC Software Co. Ltd., A Shares (China)		1,682,800	$	1,468,713
Digital China Information Service Co. Ltd., A Shares (China)		311,000		492,900
GDS Holdings Ltd., A Shares (China)^(b)(d)		6,900,400		27,463,310
Kingsoft Cloud Holdings Ltd., ADR (China)^(b)(d)		750,098		2,715,355
Taiji Computer Corp. Ltd., A Shares (China)		304,273		787,093
TravelSky Technology Ltd., H Shares (China)		6,993,892		10,471,008
Wangsu Science & Technology Co. Ltd., A Shares (China)		1,287,745		929,096

				46,974,703

Machinery-0.41%
Han’s Laser Technology Industry Group Co. Ltd., A Shares (China)		400,100		1,673,974
Wuxi Shangji Automation Co. Ltd., A Shares (China)		129,600		2,376,124

				4,050,098

Media-2.06%
China Literature Ltd. (China)^(b)(d)(e)		2,993,853		12,614,232
Focus Media Information Technology Co. Ltd., A Shares (China)		7,581,819		6,647,446
People.cn Co. Ltd., A Shares (China)		580,500		805,500

				20,067,178

Semiconductors & Semiconductor Equipment-14.72%
Advanced Micro-Fabrication Equipment, Inc., A Shares (China)^(b)		322,910		5,080,577
All Winner Technology Co. Ltd., A Shares (China)		282,953		770,001
Amlogic Shanghai Co. Ltd., A Shares (China)^(b)		215,639		3,521,768
China Resources Microelectronics Ltd., A Shares (China)		506,943		3,694,235
Gigadevice Semiconductor Beijing, Inc., A Shares (China)		348,664		6,490,332
Goke Microelectronics Co. Ltd., A Shares (China)		95,600		905,003
Hangzhou Chang Chuan Technology Co. Ltd., A Shares (China)		317,302		1,503,434
Hangzhou Lion Electronics Co. Ltd., A Shares (China)		128,612		1,001,019
Hangzhou Silan Microelectronics Co. Ltd., A Shares (China)		743,400		4,663,237
Hua Hong Semiconductor Ltd. (China)^(b)(d)(e)		3,676,109		14,292,025
Ingenic Semiconductor Co. Ltd., A Shares (China)		204,100		2,270,635
JCET Group Co. Ltd., A Shares (China)		934,200		3,033,309
LONGi Green Energy Technology Co. Ltd., A Shares (China)		2,841,704		28,758,702
Montage Technology Co. Ltd., A Shares (China)		593,768		5,181,684
National Silicon Industry Group Co. Ltd., A Shares (China)^(b)		895,508		2,795,580
NAURA Technology Group Co. Ltd., A Shares (China)		275,957		9,834,734


	Shares		Value
Semiconductors & Semiconductor Equipment-(continued)
Rockchip Electronics Co. Ltd., A Shares (China)		79,608	$	820,180
SG Micro Corp., A Shares (China)		123,175		5,148,186
Shenzhen Goodix Technology Co. Ltd., A Shares (China)		94,400		804,783
Shenzhen SC New Energy Technology Corp., A Shares (China)		163,018		1,448,206
StarPower Semiconductor Ltd., A Shares (China)		80,000		4,114,413
Tianjin Zhonghuan Semiconductor Co. Ltd., A Shares (China)		1,696,625		9,915,894
Tianshui Huatian Technology Co. Ltd., A Shares (China)		1,682,300		2,164,765
TongFu Microelectronics Co. Ltd., A Shares (China)		697,700		1,387,057
Unigroup Guoxin Microelectronics Co. Ltd., A Shares (China)		318,600		8,798,873
Will Semiconductor Co. Ltd., A Shares (China)		318,559		7,147,056
Yangzhou Yangjie Electronic Technology Co. Ltd., A Shares (China)		269,045		2,774,219
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., A Shares (China)		675,000		5,112,572

				143,432,479

Software-10.12%
Beijing E-Hualu Information Technology Co. Ltd., A Shares (China)		349,600		771,139
Beijing Kingsoft Office Software, Inc., A Shares (China)		241,976		6,883,603
Beijing Orient National Communication Science & Technology Co. Ltd., A Shares (China)^(b)		607,800		752,100
Beijing Shiji Information Technology Co. Ltd., A Shares (China)		787,252		2,124,879
Hundsun Technologies, Inc., A Shares (China)		767,335		4,395,678
Iflytek Co. Ltd., A Shares (China)		1,220,450		6,782,704
Kingdee International Software Group Co. Ltd. (China)^(b)(d)		19,260,164		39,217,672
Longshine Technology Group Co. Ltd., A Shares (China)		545,844		1,728,898
Ming Yuan Cloud Group Holdings Ltd. (China)^(d)		4,216,956		5,534,322
Newland Digital Technology Co. Ltd., A Shares (China)		541,800		963,544
NSFOCUS Technologies Group Co. Ltd., A Shares (China)		389,100		535,695
Sangfor Technologies, Inc., A Shares (China)		77,014		1,034,052
Shanghai 2345 Network Holding Group Co. Ltd., A Shares (China)^(b)		1,745,300		516,552
Shanghai Baosight Software Co. Ltd., A Shares (China)		360,841		2,580,462
Shanghai Baosight Software Co. Ltd., B Shares (China)		2,908,884		10,657,668
Shenzhen Infogem Technologies Co. Ltd., A Shares (China)		371,000		495,579
Shenzhen Kingdom Sci-Tech Co. Ltd., A Shares (China)		494,300		693,748

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

Invesco China Technology ETF (CQQQ)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
Software-(continued)
Sinosoft Co. Ltd., A Shares (China)		111,320	$	353,478
Thunder Software Technology Co. Ltd., A Shares (China)		198,387		2,788,830
Topsec Technologies Group, Inc., A Shares (China)		617,900		855,862
Tuya, Inc., ADR (China)^(b)(d)		1,515,158		3,757,592
Yonyou Network Technology Co. Ltd., A Shares (China)		1,804,204		5,175,450

				98,599,507

Technology Hardware, Storage & Peripherals-1.46%
China Greatwall Technology Group Co. Ltd., A Shares (China)		1,693,446		2,303,884
Inspur Electronic Information Industry Co. Ltd., A Shares (China)		763,158		2,837,230
Legend Holdings Corp., H Shares (China)^(d)(e)		3,869,476		4,548,771
Ninestar Corp., A Shares (China)		740,750		4,539,200

				14,229,085

Trading Companies & Distributors-0.27%
Beijing United Information Technology Co. Ltd., A Shares (China)		180,576		2,617,333

Total Common Stocks & Other Equity Interests (Cost $1,282,338,557)				972,681,482


	Shares		Value
Money Market Funds-0.17%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(f)(g) (Cost $1,636,193)		1,636,193	$	1,636,193

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.98% (Cost $1,283,974,750)				974,317,675

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-3.95%
Invesco Private Government Fund, 0.40%^(f)(g)(h)		11,643,698		11,643,698
Invesco Private Prime Fund, 0.35%^(f)(g)(h)		26,912,471		26,912,471

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $38,553,922)				38,556,169

TOTAL INVESTMENTS IN SECURITIES-103.93% (Cost $1,322,528,672)				1,012,873,844
OTHER ASSETS LESS LIABILITIES-(3.93)%				(38,333,315	)

NET ASSETS-100.00%			$	974,540,529

Investment Abbreviations:

ADR-American Depositary Receipt

Rts.- Rights

TBA-To Be Announced

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

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

^(e)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2022 was $223,138,193, which represented 22.90% of the Fund’s Net Assets.

^(f)

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


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	91,397,265		$	(89,761,072	)		$	-		$	-			$	1,636,193		$	1,045
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			86,683,578			113,196,234			(188,236,114	)			-			-				11,643,698			13,326	*
Invesco Private Prime Fund			202,261,685			209,028,205			(384,316,834	)			2,245			(62,830	)			26,912,471			60,366	*

Total		$	288,945,263		$	413,621,704		$	(662,314,020	)		$	2,245		$	(62,830	)		$	40,192,362		$	74,737

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

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

Invesco China Technology ETF (CQQQ)–(continued)

April 30, 2022

(Unaudited)

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

^(h)	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 2J.


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

China	99.81	%

Portfolio Composition

Industry Breakdown (% of the Fund’s Net Assets)

as of April 30, 2022


Interactive Media & Services			31.55
Semiconductors & Semiconductor Equipment			14.72
Internet & Direct Marketing Retail			13.23
Electronic Equipment, Instruments & Components			12.27
Software			10.12
Entertainment			6.68
IT Services			4.82
Industry Types Each Less Than 3%			6.42
Money Market Funds Plus Other Assets Less Liabilities			0.19

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

Invesco DWA Developed Markets Momentum ETF (PIZ)

April 30, 2022

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.45%
Australia-7.20%
Allkem Ltd.^(a)		143,967	$	1,199,959
BHP Group Ltd.		26,259		887,708
EBOS Group Ltd.		33,708		921,519
Fortescue Metals Group Ltd.		121,078		1,846,206
Glencore PLC		139,428		858,123
IGO Ltd.		97,713		905,783
Lynas Rare Earths Ltd.^(a)		253,587		1,603,625
Macquarie Group Ltd.		8,154		1,175,263
OZ Minerals Ltd.		50,244		877,115
Wesfarmers Ltd.		26,557		921,277
WiseTech Global Ltd.		26,494		821,662

				12,018,240


Belgium-1.42%
Elia Group S.A./N.V.^(b)		7,027		1,119,801
Warehouses De Pauw C.V.A		32,363		1,242,101

				2,361,902


Canada-29.55%
ARC Resources Ltd.^(b)		87,513		1,219,519
Cameco Corp.		32,046		831,709
Canadian Apartment Properties REIT		64,230		2,528,894
Canadian National Railway Co.		31,183		3,686,184
Canadian Natural Resources Ltd.		21,999		1,368,601
Canadian Pacific Railway Ltd.		17,903		1,316,337
Cenovus Energy, Inc.		102,199		1,899,164
Constellation Software, Inc.		2,931		4,636,830
Dollarama, Inc.		46,871		2,619,246
Emera, Inc.^(b)		20,093		975,211
Imperial Oil Ltd.		22,932		1,160,551
Intact Financial Corp.		7,072		994,468
Lithium Americas Corp.^(a)		74,576		1,889,418
Metro, Inc.		25,511		1,409,438
Northland Power, Inc.		103,369		3,135,727
Royal Bank of Canada		25,945		2,633,984
Teck Resources Ltd., Class B		27,368		1,085,255
TFI International, Inc.		11,775		952,098
TMX Group Ltd.		8,990		919,997
Toromont Industries Ltd.		47,600		4,211,951
Toronto-Dominion Bank (The)		43,389		3,150,163
Tourmaline Oil Corp.		35,564		1,841,019
West Fraser Timber Co. Ltd.		10,962		968,444
Whitecap Resources, Inc.		341,599		2,814,473
WSP Global, Inc.		9,117		1,068,745

				49,317,426


Chile-0.47%
Antofagasta PLC^(b)		40,774		782,987


Denmark-3.41%
AP Moller - Maersk A/S, Class B		282		809,146
Novo Nordisk A/S, Class B		42,657		4,878,696

				5,687,842


Finland-2.80%
Sampo OYJ, Class A		76,971		3,709,040
Stora Enso OYJ, Class R		49,119		961,314

				4,670,354


	Shares		Value

France-9.15%
Alten S.A		8,001	$	1,071,601
Legrand S.A.		9,555		843,441
L’Oreal S.A.^(b)		2,599		945,518
LVMH Moet Hennessy Louis Vuitton SE^(b)		4,298		2,750,272
Pernod Ricard S.A.		11,142		2,295,640
Remy Cointreau S.A.		5,135		1,016,885
Teleperformance		8,437		3,016,575
Vinci S.A.		25,713		2,480,898
Vivendi SE^(b)		74,446		853,643

				15,274,473


Germany-0.70%
K+S AG		34,550		1,171,350


Israel-3.51%
Bank Leumi Le-Israel BM		84,628		886,980
ICL Group Ltd.		81,849		906,758
Israel Discount Bank Ltd., Class A		161,654		953,957
Mizrahi Tefahot Bank Ltd.		84,280		3,115,964

				5,863,659


Italy-0.60%
Terna Rete Elettrica Nazionale S.p.A		123,820		1,008,554


Japan-6.35%
Bandai Namco Holdings, Inc.		17,188		1,171,642
Fujitsu Ltd.		6,300		892,152
ITOCHU Corp.		32,300		978,737
Kawasaki Kisen Kaisha Ltd.		24,000		1,246,226
Mitsui OSK Lines Ltd.		38,400		895,344
Nippon Yusen K.K		17,800		1,279,378
Nissan Chemical Corp.		18,700		992,603
Sony Group Corp.		15,240		1,312,074
Tokyo Electron Ltd.		4,302		1,827,997

				10,596,153

Luxembourg-0.48%
ArcelorMittal S.A.		27,460		801,596


Netherlands-4.08%
ASM International N.V		13,244		3,954,892
Koninklijke Ahold Delhaize N.V.^(b)		60,938		1,800,116
Wolters Kluwer N.V.		10,454		1,057,425

				6,812,433

New Zealand-3.04%
Mainfreight Ltd.^(b)		96,944		5,076,619

Norway-0.56%
Aker BP ASA		26,106		941,704


Singapore-0.68%
Oversea-Chinese Banking Corp. Ltd.		127,700		1,133,987

South Korea-4.94%
Ecopro BM Co. Ltd.		5,226		1,906,567
HMM Co. Ltd.		88,068		1,962,201
Kakao Corp.		13,532		943,241
L&F Co. Ltd.^(a)		15,890		2,656,140
LG Innotek Co. Ltd.		2,854		776,149

				8,244,298


Spain-0.52%
Ferrovial S.A		33,815		863,342

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

Invesco DWA Developed Markets Momentum ETF (PIZ)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value

Sweden-6.98%
Assa Abloy AB, Class B		41,654	$	1,053,648
Beijer Ref AB^(b)		123,244		2,009,423
Fabege AB		90,521		1,094,745
Investor AB, Class B^(b)		92,649		1,784,688
Nibe Industrier AB, Class B		381,122		3,739,549
Svenska Cellulosa AB S.C.A., Class B		101,556		1,974,401

				11,656,454

Switzerland-5.77%
Belimo Holding AG		8,344		4,130,626
Roche Holding AG		2,483		921,610
Sonova Holding AG, Class A		9,396		3,390,420
Swiss Life Holding AG		2,019		1,180,618

				9,623,274

United Kingdom-4.81%
3i Group PLC		63,977		1,042,315
AstraZeneca PLC		8,140		1,079,656
Diageo PLC		33,554		1,660,193
Drax Group PLC		113,070		1,136,971
RELX PLC		29,807		888,819
Segro PLC		78,127		1,305,411
UNITE Group PLC (The)		64,233		908,041

				8,021,406

United States-2.43%
Ferguson PLC		12,444		1,566,923
Nestle S.A		11,769		1,522,730
Waste Connections, Inc.		6,985		968,625

				4,058,278

Total Common Stocks & Other Equity Interests (Cost $177,840,745)				165,986,331


	Shares		Value
Money Market Funds-0.09%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(c)(d) (Cost $146,531)		146,531	$	146,531

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.54% (Cost $177,987,276)				166,132,862


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-8.33%
Invesco Private Government Fund, 0.40%^(c)(d)(e)		4,169,978		4,169,978
Invesco Private Prime Fund, 0.35%^(c)(d)(e)		9,726,341		9,726,341

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $13,896,319)				13,896,319

TOTAL INVESTMENTS IN SECURITIES-107.87% (Cost $191,883,595)				180,029,181
OTHER ASSETS LESS LIABILITIES-(7.87)%				(13,134,466	)

NET ASSETS-100.00%			$	166,894,715

Investment Abbreviations:

REIT - Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	Non-income producing security.

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

^(c)


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	7,896,487		$	(7,749,956	)		$	-		$	-			$	146,531		$	42
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			2,574,626			18,167,271			(16,571,919	)			-			-				4,169,978			1,699	*
Invesco Private Prime Fund			6,007,460			33,067,184			(29,346,454	)			-			(1,849	)			9,726,341			4,660	*

Total		$	8,582,086		$	59,130,942		$	(53,668,329	)		$	-		$	(1,849	)		$	14,042,850		$	6,401

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

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

Invesco DWA Developed Markets Momentum ETF (PIZ)–(continued)

April 30, 2022

(Unaudited)

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

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

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of April 30, 2022


Industrials			28.75
Financials			13.59
Materials			11.81
Information Technology			9.97
Energy			7.24
Health Care			6.71
Consumer Staples			6.38
Consumer Discretionary			5.26
Utilities			4.42
Real Estate			4.24
Communication Services			1.08
Money Market Funds Plus Other Assets Less Liabilities			0.55

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

Invesco DWA Emerging Markets Momentum ETF (PIE)

April 30, 2022

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-98.88%
Brazil-1.95%
Braskem S.A., Class A, Preference Shares		120,300		$	977,034
Petro Rio S.A.^(a)		544,500			2,935,695

					3,912,729


China-3.56%
C&D International Investment Group Ltd.		914,000			2,220,015
China Longyuan Power Group Corp. Ltd., H
Shares		586,065			1,136,986
China Merchants Bank Co. Ltd., H Shares		197,778			1,190,663
China State Construction International Holdings Ltd.		858,000			1,103,991
Yankuang Energy Group Co. Ltd., H Shares		534,000			1,505,137

					7,156,792


Indonesia-6.50%
PT Adaro Energy Tbk		5,912,704			1,356,318
PT BFI Finance Indonesia Tbk		17,015,567			1,508,243
PT Indo Tambangraya Megah Tbk		695,111			1,361,741
PT Matahari Department Store Tbk		5,584,322			2,234,191
PT Merdeka Copper Gold Tbk^(a)		10,986,851			4,016,714
PT Tower Bersama Infrastructure Tbk		5,926,535			1,228,474
PT Vale Indonesia Tbk		2,717,438			1,368,373

					13,074,054


Malaysia-3.97%
D&O Green Technologies Bhd.		2,168,200			1,907,813
Frontken Corp. Bhd.		7,861,000			4,869,344
Malaysian Pacific Industries Bhd.		168,700			1,198,351

					7,975,508


Mexico-3.25%
Alsea S.A.B. de C.V.^(a)		471,396			1,033,174
Banco del Bajio S.A.^(b)(c)		483,525			1,193,857
Gentera S.A.B. de C.V.^(a)(c)		1,590,273			1,235,065
Grupo Mexico S.A.B. de C.V., Class B		194,686			911,209
Qualitas Controladora S.A.B. de C.V		216,786			1,168,457
Regional S.A.B. de C.V.		165,902			1,000,932

					6,542,694


Philippines-0.53%
Semirara Mining & Power Corp.		2,041,292			1,068,157
South Africa-11.96%
Capitec Bank Holdings Ltd.^(c)		7,643			1,064,907
Impala Platinum Holdings Ltd.		290,970			3,793,625
Investec Ltd.		197,837			1,199,168
Motus Holdings Ltd.		200,014			1,438,495
MTN Group Ltd.		137,393			1,456,258
Nedbank Group Ltd.		72,852			1,014,644
Northam Platinum Holdings Ltd.^(a)		120,814			1,434,215
PSG Group Ltd.^(a)		181,351			1,084,480
Sasol Ltd.^(a)		160,753			3,930,462
Sibanye Stillwater Ltd.		622,251			2,145,979
Thungela Resources Ltd.^(a)(c)		246,769			4,199,866
Transaction Capital Ltd.		396,613			1,266,604

					24,028,703


Taiwan-57.70%
Asia Vital Components Co. Ltd.		422,000			1,462,162
ASMedia Technology, Inc.		33,319			1,566,859


	Shares		Value

Taiwan-(continued)
Chailease Holding Co. Ltd.		194,250		$	1,541,195
China Airlines Ltd.^(a)		1,285,000			1,174,726
China Development Financial Holding Corp.		1,767,000			1,064,831
E.Sun Financial Holding Co. Ltd.		1,991,000			2,280,508
Elan Microelectronics Corp.		205,000			1,037,264
Elite Material Co. Ltd.		479,000			3,520,329
Elite Semiconductor Microelectronics
Technology, Inc.		312,000			1,281,822
Eternal Materials Co. Ltd.		893,000			1,146,028
Eva Airways Corp.^(a)		1,044,000			1,220,542
Evergreen International Storage & Transport Corp.		868,000			1,046,475
Faraday Technology Corp.		270,000			2,311,707
Feng Hsin Steel Co. Ltd.		341,000			958,738
First Financial Holding Co. Ltd.		1,187,000			1,115,617
Gigabyte Technology Co. Ltd.		355,000			1,266,504
Goldsun Building Materials Co. Ltd.		1,240,000			1,216,073
Great Wall Enterprise Co. Ltd.		705,130			1,258,237
Greatek Electronics, Inc.		563,000			1,312,828
IBF Financial Holdings Co. Ltd.		2,072,000			1,125,540
Kings Town Bank Co. Ltd.		1,223,000			1,612,131
Lien Hwa Industrial Holdings Corp.		1,372,900			2,605,296
Lite-On Technology Corp.		645,000			1,413,115
Lotes Co. Ltd.		98,000			2,411,122
MediaTek, Inc.		39,000			1,068,633
Mega Financial Holding Co. Ltd.		903,000			1,267,010
Micro-Star International Co. Ltd.		826,000			3,346,139
Novatek Microelectronics Corp.		88,000			1,169,838
Nuvoton Technology Corp.		243,000			1,165,452
Pan Jit International, Inc.		528,000			1,324,484
Qisda Corp.		1,573,000			1,674,355
Realtek Semiconductor Corp.		140,000			1,906,552
Ruentex Development Co. Ltd.		553,000			1,447,635
Shiny Chemical Industrial Co. Ltd.		723,000			5,026,882
Sinbon Electronics Co. Ltd.		727,000			6,373,586
SinoPac Financial Holdings Co. Ltd.		1,847,000			1,135,233
Supreme Electronics Co. Ltd.		871,000			1,347,548
Taishin Financial Holding Co. Ltd.		1,718,000			1,125,231
Taiwan Mask Corp.		1,131,000			2,787,927
Taiwan Semiconductor Manufacturing Co. Ltd.		203,680			3,717,658
Topco Scientific Co. Ltd.		843,000			4,766,087
Tripod Technology Corp.		257,000			1,074,742
Unimicron Technology Corp.		598,000			4,182,096
Union Bank of Taiwan^(a)		2,070,000			1,130,321
United Integrated Services Co. Ltd.		415,000			2,510,237
Voltronic Power Technology Corp.		90,000			3,906,857
Wah Lee Industrial Corp.		410,000			1,436,322
Walsin Lihwa Corp.^(a)		1,331,000			2,004,171
Winbond Electronics Corp.		934,000			837,792
Wisdom Marine Lines Co. Ltd.		448,000			1,386,648
Wiwynn Corp.		101,000			3,458,656
WPG Holdings Ltd.		718,000			1,319,057
WT Microelectronics Co. Ltd.		847,000			2,043,282
Yang Ming Marine Transport Corp.^(a)		1,211,000			5,045,953
YFY, Inc.		1,054,000			1,111,429

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

Invesco DWA Emerging Markets Momentum ETF (PIE)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value

Taiwan-(continued)
Yieh Phui Enterprise Co. Ltd.^(a)		1,266,000		$	900,785
Yulon Finance Corp		772,000			6,005,569

					115,953,816


Thailand-9.46%
Com7 PCL, NVDR		4,231,617			5,111,401
Energy Absolute PCL, NVDR		1,287,926			3,294,347
Jay Mart PCL, NVDR		1,861,143			3,378,942
JMT Network Services PCL, NVDR		957,194			2,416,501
Singer Thailand PCL, NVDR		2,255,979			3,766,420
Thonburi Healthcare Group PCL, NVDR		584,341			1,048,019

					19,015,630

Total Common Stocks & Other Equity Interests (Cost $199,804,369)					198,728,083


Exchange-Traded Funds-0.97%

India-0.97%
iShares MSCI India ETF^(c) (Cost $2,035,409)		44,487			1,941,413

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.85% (Cost $201,839,778)					200,669,496


	Shares		Value

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.89%
Invesco Private Government Fund, 0.40%^(d)(e)(f)		1,132,435		$	1,132,435
Invesco Private Prime Fund, 0.35%^(d)(e)(f)		2,655,727			2,655,727

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,788,162)					3,788,162

TOTAL INVESTMENTS IN SECURITIES-101.74% (Cost $205,627,940)					204,457,658
OTHER ASSETS LESS LIABILITIES-(1.74)%					(3,487,753	)

NET ASSETS-100.00%				$	200,969,905

Investment Abbreviations:

ETF-Exchange-Traded Fund

NVDR-Non-Voting Depositary Receipt

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at April 30, 2022 represented less than 1% of the Fund’s Net Assets.

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

^(d)


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	121,401		$	14,034,634		$	(14,156,035	)		$	-		$	-			$	-		$	96
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			3,409,998			22,160,977			(24,438,540	)			-			-				1,132,435			1,409	*
Invesco Private Prime Fund			7,956,662			41,586,682			(46,883,937	)			-			(3,680	)			2,655,727			4,615	*

Total		$	11,488,061		$	77,782,293		$	(85,478,512	)		$	-		$	(3,680	)		$	3,788,162		$	6,120

*	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 April 30, 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 2J.

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

Invesco DWA Emerging Markets Momentum ETF (PIE)–(continued)

April 30, 2022

(Unaudited)

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of April 30, 2022


Information Technology			34.37
Financials			17.29
Materials			14.40
Industrials			12.08
Consumer Discretionary			6.76
Energy			6.18
Sector Types Each Less Than 3%			8.77
Money Market Funds Plus Other Assets Less Liabilities			0.15

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

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)

April 30, 2022

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.30%
Australia-6.32%
AGL Energy Ltd.		114,458	$	701,215
AMP Ltd.^(a)		313,190		253,678
Ampol Ltd.		14,864		349,724
APA Group		57,810		466,582
Aristocrat Leisure Ltd.		14,943		347,401
ASX Ltd.		5,188		313,628
Aurizon Holdings Ltd.		159,245		454,148
Australia & New Zealand Banking Group Ltd.		117,040		2,234,417
Bank of Queensland Ltd.		51,065		289,538
Bendigo & Adelaide Bank Ltd.		33,420		249,417
BHP Group Ltd.		324,083		10,955,905
BlueScope Steel Ltd.		43,702		623,148
Brambles Ltd.		103,946		772,040
Coles Group Ltd.		62,396		821,866
Commonwealth Bank of Australia		54,380		3,962,520
Computershare Ltd.		19,598		345,521
Crown Resorts Ltd.^(a)		34,082		311,111
CSL Ltd.		7,889		1,501,730
Dexus		60,581		474,786
Endeavour Group Ltd.		65,969		364,670
Evolution Mining Ltd.		79,598		224,735
Fortescue Metals Group Ltd.		103,931		1,584,747
Glencore PLC		1,259,254		7,750,200
Goodman Group		39,422		659,515
GPT Group (The)		113,798		407,224
GPT Group (The)^(b)		231,466		0
Incitec Pivot Ltd.		157,286		428,188
Insurance Australia Group Ltd.		160,190		511,025
JB Hi-Fi Ltd.		7,634		284,232
Lendlease Corp. Ltd.		31,688		272,253
Macquarie Group Ltd.		14,492		2,088,780
Medibank Pvt Ltd.		159,158		358,469
Metcash Ltd.		81,092		273,364
Mirvac Group		255,195		434,543
National Australia Bank Ltd.		107,052		2,450,685
Newcrest Mining Ltd.		47,024		886,670
Orica Ltd.		22,912		264,280
Origin Energy Ltd.		129,814		623,678
Qantas Airways Ltd.^(a)(c)		84,711		328,622
QBE Insurance Group Ltd.		76,286		657,200
Ramsay Health Care Ltd.		10,133		575,719
Rio Tinto Ltd.		30,861		2,460,373
Rio Tinto PLC		88,400		6,260,656
Santos Ltd.		113,347		636,665
Scentre Group		273,994		574,101
Sonic Healthcare Ltd.		22,850		589,401
South32 Ltd.		309,582		1,037,725
Stockland		160,162		464,048
Suncorp Group Ltd.		63,600		512,932
Tabcorp Holdings Ltd.		116,739		446,484
Telstra Corp. Ltd.		465,858		1,327,634
Transurban Group		110,573		1,111,723
Treasury Wine Estates Ltd.		31,396		246,633
Vicinity Centres		260,831		341,981
Wesfarmers Ltd.		45,641		1,583,312
Westpac Banking Corp.		170,359		2,854,576


	Shares		Value

Australia-(continued)
Whitehaven Coal Ltd.		109,635	$	378,969
Woodside Petroleum Ltd.		69,762		1,525,051
Woolworths Group Ltd.		59,471		1,615,657
Worley Ltd.		32,714		320,724

				71,145,819


Austria-0.36%
ams-OSRAM AG^(a)(c)		14,318		175,965
ANDRITZ AG		5,727		242,934
BAWAG Group AG^(d)		7,523		356,803
Erste Group Bank AG		31,170		962,889
Mondi PLC^(c)		41,011		758,000
OMV AG		16,504		842,650
Raiffeisen Bank International AG^(c)		18,343		206,058
voestalpine AG		10,004		260,881
Wienerberger AG		7,487		209,293

				4,015,473


Belgium-0.99%
Ageas S.A./N.V		20,268		971,700
Anheuser-Busch InBev S.A./N.V.^(c)		75,391		4,346,682
Cofinimmo S.A.^(c)		1,699		227,673
Elia Group S.A./N.V.^(c)		1,682		268,038
Etablissements Franz Colruyt N.V.		6,937		255,166
Euronav N.V.^(c)		22,178		259,937
Groupe Bruxelles Lambert S.A		5,541		523,572
KBC Group N.V		21,500		1,464,391
Proximus SADP^(c)		22,541		393,090
Sofina S.A		701		215,352
Solvay S.A., Class A		6,628		626,411
Telenet Group Holding N.V.		6,508		193,496
UCB S.A		6,093		693,386
Umicore S.A.^(c)		17,215		664,602

				11,103,496


Brazil-0.12%
Wheaton Precious Metals Corp.		9,822		442,511
Yara International ASA		17,011		870,981

				1,313,492


Canada-10.12%
Agnico Eagle Mines Ltd.		16,205		948,171
Air Canada^(a)		19,890		350,162
Algonquin Power & Utilities Corp.		35,962		523,370
Alimentation Couche-Tard, Inc.		47,949		2,145,615
Allied Properties REIT		8,720		284,719
AltaGas Ltd.		24,433		561,669
ARC Resources Ltd.		25,403		353,998
Atco Ltd., Class I		9,351		334,881
B2Gold Corp.		52,842		225,335
Bank of Montreal^(c)		41,030		4,372,831
Bank of Nova Scotia (The)		95,716		6,092,482
Barrick Gold Corp.		90,313		2,024,543
BCE, Inc.		24,861		1,328,591
Bombardier, Inc., Class B^(a)		312,324		307,913
Brookfield Asset Management, Inc., Class A		78,414		3,931,590
CAE, Inc.^(a)		10,557		252,350
Cameco Corp.		13,196		342,484

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

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value

Canada-(continued)
Canadian Apartment Properties REIT		10,305	$	405,733
Canadian Imperial Bank of Commerce		30,867		3,430,016
Canadian National Railway Co.		17,303		2,045,411
Canadian Natural Resources Ltd.		60,274		3,749,764
Canadian Pacific Railway Ltd.		14,461		1,063,261
Canadian Tire Corp. Ltd., Class A		4,632		641,315
Canadian Utilities Ltd., Class A		11,881		359,019
Capital Power Corp.		9,204		304,051
CCL Industries, Inc., Class B^(c)		6,322		277,059
Cenovus Energy, Inc.		45,585		847,106
CGI, Inc., Class A^(a)		9,982		800,091
CI Financial Corp.		19,353		253,639
Constellation Software, Inc.		183		289,505
Crescent Point Energy Corp.		43,491		302,860
Dollarama, Inc.		4,562		254,934
Element Fleet Management Corp.		24,788		222,463
Emera, Inc.^(c)		20,138		977,395
Empire Co. Ltd., Class A		14,103		468,206
Enbridge, Inc.		154,385		6,771,897
Fairfax Financial Holdings Ltd.		2,549		1,407,819
Finning International, Inc.		12,248		346,342
First Capital REIT		17,846		239,054
Fortis, Inc.^(c)		34,813		1,702,719
Franco-Nevada Corp.		2,869		436,125
George Weston Ltd.		5,903		738,169
Gibson Energy, Inc.		11,946		228,629
Gildan Activewear, Inc.		6,833		232,730
Great-West Lifeco, Inc.		28,848		799,948
H&R REIT		37,425		374,235
Hydro One Ltd.^(d)		22,718		617,344
iA Financial Corp., Inc.		8,640		454,089
IAMGOLD Corp.^(a)		74,754		212,321
IGM Financial, Inc.		6,568		209,212
Imperial Oil Ltd.		13,249		670,510
Intact Financial Corp.		4,821		677,931
Keyera Corp.		19,477		485,687
Kinross Gold Corp.		133,620		678,529
Linamar Corp.		5,397		214,858
Loblaw Cos. Ltd.		12,243		1,125,680
Magna International, Inc.		29,589		1,792,403
Manulife Financial Corp.^(c)		219,628		4,316,776
MEG Energy Corp.^(a)		21,988		332,044
Methanex Corp.		5,034		253,620
Metro, Inc.		13,397		740,161
National Bank of Canada		19,074		1,339,008
Northland Power, Inc.		10,384		315,001
Nutrien Ltd.		31,643		3,125,552
Onex Corp.		5,385		325,236
Open Text Corp.		11,162		449,345
Parkland Corp.		15,969		455,936
Pembina Pipeline Corp.		40,081		1,524,461
Power Corp. of Canada		56,221		1,662,810
Quebecor, Inc., Class B		11,951		282,680
Restaurant Brands International, Inc.		10,174		584,226
RioCan REIT		25,789		484,282
Rogers Communications, Inc., Class B		25,626		1,403,159
Royal Bank of Canada		83,536		8,480,729
Saputo, Inc.		18,529		398,111
Shaw Communications, Inc., Class B		27,859		833,993
Shopify, Inc., Class A^(a)		467		200,798


	Shares		Value

Canada-(continued)
SmartCentres REIT		10,235	$	250,580
SNC-Lavalin Group, Inc.		14,178		316,940
SSR Mining, Inc.		12,368		273,479
Stantec, Inc.		4,227		195,036
Sun Life Financial, Inc.^(c)		47,568		2,378,679
Suncor Energy, Inc.		146,661		5,299,327
TC Energy Corp.		66,161		3,517,578
Teck Resources Ltd., Class B		33,176		1,315,566
TELUS Corp.		27,907		701,796
TFI International, Inc.		2,824		228,342
Thomson Reuters Corp.		5,593		562,079
TMX Group Ltd.		2,475		253,281
Toronto-Dominion Bank (The)		105,127		7,632,514
Tourmaline Oil Corp.		10,228		529,466
Vermilion Energy, Inc.		17,161		336,090
West Fraser Timber Co. Ltd.		3,359		296,753
WSP Global, Inc.		3,955		463,627
Yamana Gold, Inc.		63,258		350,925

				113,898,749


Chile-0.06%
Antofagasta PLC^(c)		20,213		388,152
Lundin Mining Corp.		36,940		339,037

				727,189


China-0.23%
AAC Technologies Holdings, Inc.		87,797		203,254
BOC Hong Kong Holdings Ltd.		284,313		1,025,699
Lenovo Group Ltd.		695,172		674,385
Tingyi Cayman Islands Holding Corp.		93,092		169,079
Wilmar International Ltd.		87,669		280,907
Xinyi Glass Holdings Ltd.		96,128		212,457

				2,565,781


Denmark-1.10%
AP Moller - Maersk A/S, Class A		213		597,801
AP Moller - Maersk A/S, Class B		282		809,146
Carlsberg A/S, Class B		4,921		622,868
Chr. Hansen Holding A/S		3,145		245,079
Coloplast A/S, Class B		3,101		418,673
Danske Bank A/S		79,605		1,206,792
DSV A/S		4,063		663,671
Genmab A/S^(a)		712		251,157
ISS A/S^(a)(c)		20,383		332,736
Jyske Bank A/S^(a)		5,403		296,564
Novo Nordisk A/S, Class B		33,349		3,814,136
Novozymes A/S, Class B		5,179		359,829
Orsted A/S^(c)(d)		7,986		898,005
Pandora A/S		4,960		430,194
Tryg A/S		11,370		269,503
Vestas Wind Systems A/S		44,077		1,133,959

				12,350,113


Finland-1.31%
Elisa OYJ		7,745		452,674
Fortum OYJ		44,426		730,664
Huhtamaki OYJ		6,282		235,465
Kesko OYJ, Class B		18,881		476,387
Kone OYJ, Class B		19,795		949,859
Neste OYJ		21,185		910,724
Nokia OYJ^(a)		368,926		1,877,396

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

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value

Finland-(continued)
Nokian Renkaat OYJ		13,602	$	182,936
Nordea Bank Abp		401,482		3,985,489
Orion OYJ, Class B		4,769		186,579
Outokumpu OYJ^(c)		50,987		248,074
Sampo OYJ, Class A		36,156		1,742,267
Stora Enso OYJ, Class R		43,782		856,863
UPM-Kymmene OYJ^(c)		38,729		1,330,316
Valmet OYJ		7,867		210,556
Wartsila OYJ Abp		43,001		343,293

				14,719,542


France-9.49%
Accor S.A.^(a)		8,793		285,784
Aeroports de Paris^(a)(c)		1,448		204,719
Air France-KLM^(a)(c)		141,929		579,206
Air Liquide S.A.		21,323		3,681,267
Airbus SE^(c)		21,127		2,297,510
Alstom S.A.^(c)		29,153		634,639
Amundi S.A.^(d)		4,393		262,102
Arkema S.A		5,493		619,942
Atos SE		22,173		536,459
AXA S.A.^(c)		198,782		5,262,887
BNP Paribas S.A		129,744		6,654,079
Bollore SE		43,117		200,225
Bouygues S.A.^(c)		35,958		1,235,458
Bureau Veritas S.A.		12,583		360,578
Capgemini SE		5,927		1,205,711
Carrefour S.A.		110,491		2,342,216
CGG S.A.^(a)		258,327		298,514
Cie de Saint-Gobain		46,354		2,697,500
Cie Generale des Etablissements Michelin S.C.A.		16,295		2,014,460
CNP Assurances^(c)		19,734		434,480
Covivio		3,509		247,937
Credit Agricole S.A		185,513		1,991,186
Danone S.A.^(c)		48,335		2,905,778
Dassault Systemes SE		7,755		344,979
Edenred		7,675		384,708
Eiffage S.A		8,837		866,879
Electricite de France S.A		159,980		1,446,595
Elis S.A.^(a)		15,121		215,205
ENGIE S.A.^(c)		201,397		2,365,774
EssilorLuxottica S.A		9,845		1,670,172
Eurazeo SE^(c)		3,495		267,591
Eutelsat Communications S.A		22,875		254,296
Faurecia SE^(c)		23,131		498,339
Gecina S.A		4,031		451,609
Getlink SE		17,242		314,953
Hermes International		324		398,651
Kering S.A		2,027		1,076,648
Klepierre S.A.^(c)		20,975		498,098
Legrand S.A.		10,431		920,768
L’Oreal S.A.^(c)		5,530		2,011,818
LVMH Moet Hennessy Louis Vuitton SE^(c)		5,165		3,305,061
Orange S.A.		293,914		3,500,567
Orpea S.A.^(c)		7,884		279,877
Pernod Ricard S.A.		6,850		1,411,339
Publicis Groupe S.A.		17,847		1,068,288
Renault S.A.^(a)(c)		55,498		1,345,083
Rexel S.A		30,900		634,071


	Shares		Value

France-(continued)
Rubis S.C.A		10,121	$	269,107
Safran S.A		16,003		1,703,160
Sanofi^(c)		81,069		8,532,598
Schneider Electric SE		23,083		3,287,575
SCOR SE		20,340		571,791
SEB S.A		1,983		237,745
Societe Generale S.A.		146,565		3,482,268
Sodexo S.A.		8,993		674,306
SPIE S.A.		10,948		256,959
Technip Energies N.V.^(a)		20,144		244,557
Teleperformance		1,444		516,289
Thales S.A		7,165		917,842
TotalEnergies SE		315,267		15,533,711
Ubisoft Entertainment S.A.^(a)(c)		5,360		242,010
Unibail-Rodamco-Westfield^(a)(c)		15,486		1,097,063
Valeo^(c)		39,519		712,635
Veolia Environnement S.A		54,204		1,562,296
Vinci S.A.		37,233		3,592,397
Vivendi SE^(c)		29,018		332,738
Worldline S.A.^(a)(d)		12,861		504,094

				106,755,147


Germany-8.94%
Aareal Bank AG		8,003		272,488
adidas AG		7,225		1,471,576
Allianz SE		40,459		9,227,899
Aroundtown S.A		105,493		533,969
Aurubis AG		3,826		440,556
BASF SE		105,427		5,606,612
Bayer AG		96,131		6,336,255
Bayerische Motoren Werke AG		44,547		3,689,567
Bayerische Motoren Werke AG, Preference Shares		7,847		584,854
Beiersdorf AG		3,418		345,510
Brenntag SE		10,122		789,547
Commerzbank AG^(a)		181,956		1,205,858
Continental AG^(a)		17,376		1,210,200
Covestro AG^(d)		22,511		980,554
Daimler Truck Holding AG^(a)		45,921		1,240,786
Deutsche Bank AG^(a)		291,464		2,976,520
Deutsche Boerse AG		6,280		1,101,090
Deutsche Lufthansa AG^(a)(c)		108,858		821,449
Deutsche Post AG		76,864		3,318,109
Deutsche Telekom AG		349,047		6,429,323
E.ON SE		200,807		2,103,585
Evonik Industries AG		20,951		554,026
Freenet AG		14,575		402,086
Fresenius Medical Care AG & Co. KGaA		20,970		1,314,950
Fresenius SE & Co. KGaA		50,916		1,815,528
GEA Group AG		9,154		359,618
Hannover Rueck SE		3,743		587,958
HeidelbergCement AG		20,954		1,221,546
Henkel AG & Co. KGaA		8,099		517,769
Henkel AG & Co. KGaA, Preference Shares		13,962		903,785
HOCHTIEF AG		3,799		231,501
HUGO BOSS AG		3,585		203,698
Infineon Technologies AG		36,560		1,058,719
K+S AG		14,393		487,967
KION Group AG		5,289		298,279
Knorr-Bremse AG		3,722		268,339

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

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value

Germany-(continued)
LANXESS AG		10,569	$	415,569
LEG Immobilien SE		4,385		451,493
Mercedes-Benz Group AG		105,528		7,470,028
Merck KGaA		3,872		718,045
MTU Aero Engines AG		2,028		410,138
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R		12,449		2,978,921
Porsche Automobil Holding SE, Preference Shares		8,367		702,081
ProSiebenSat.1 Media SE		26,374		306,473
Puma SE		2,330		173,734
Rheinmetall AG		4,547		1,027,773
RWE AG		49,233		2,056,240
Salzgitter AG^(a)		7,286		306,071
SAP SE		42,378		4,370,996
Siemens AG		45,723		5,681,176
Siemens Energy AG		69,708		1,349,633
Siemens Healthineers AG^(d)		7,963		430,613
Symrise AG		3,594		430,145
TAG Immobilien AG		9,550		192,025
Telefonica Deutschland Holding AG		121,225		366,906
thyssenkrupp AG^(a)		109,592		853,232
TUI AG^(a)(c)		188,155		528,741
Uniper SE		9,530		246,516
United Internet AG		8,579		278,119
Volkswagen AG		5,565		1,228,171
Volkswagen AG, Preference Shares		31,354		4,926,475
Vonovia SE		41,062		1,641,923
Zalando SE^(a)(d)		5,660		224,489

				100,677,802


Hong Kong-1.02%
AIA Group Ltd.		414,931		4,054,280
CK Asset Holdings Ltd.		93,159		630,741
CK Hutchison Holdings Ltd.		89,070		623,642
CLP Holdings Ltd.		52,770		513,750
Hang Seng Bank Ltd.		26,595		469,651
Henderson Land Development Co. Ltd.^(c)		54,118		218,219
Hong Kong & China Gas Co. Ltd. (The)		281,112		309,745
Hong Kong Exchanges & Clearing Ltd.		15,416		653,866
Hongkong Land Holdings Ltd.		41,286		192,201
Jardine Matheson Holdings Ltd.		4,669		246,735
Link REIT		104,104		897,739
MTR Corp. Ltd.		53,817		285,655
New World Development Co. Ltd.		66,140		252,941
Power Assets Holdings Ltd.		37,446		251,625
Sun Hung Kai Properties Ltd.		76,749		884,335
Techtronic Industries Co. Ltd.		25,642		342,374
WH Group Ltd.		548,811		377,780
Wharf Real Estate Investment Co. Ltd.		56,213		263,635

				11,468,914


Ireland-0.45%
Bank of Ireland Group PLC^(a)		98,421		594,795
CRH PLC		60,405		2,389,843
Flutter Entertainment PLC^(a)		5,172		518,811
Kerry Group PLC, Class A		4,958		547,721
Kingspan Group PLC		3,398		311,486
Smurfit Kappa Group PLC		17,156		719,207

				5,081,863


	Shares		Value

Israel-0.34%
Bank Hapoalim BM		68,381	$	632,606
Bank Leumi Le-Israel BM		77,045		807,503
Bezeq The Israeli Telecommunication Corp. Ltd.^(a)		149,196		236,553
ICL Group Ltd.		32,727		362,564
Israel Discount Bank Ltd., Class A		60,402		356,446
Mizrahi Tefahot Bank Ltd.		6,610		244,382
Teva Pharmaceutical Industries Ltd.^(a)(c)		132,975		1,169,426

				3,809,480


Italy-2.92%
A2A S.p.A.^(c)		213,764		364,388
AMCO - Asset Management Co. S.p.A., Class B^(b)(c)		1,480		0
Assicurazioni Generali S.p.A.^(c)		149,240		2,816,477
Atlantia S.p.A.^(a)		48,402		1,149,045
Azimut Holding S.p.A.		9,348		196,799
Banco BPM S.p.A.^(c)		233,557		727,487
BPER Banca^(c)		180,213		297,082
Coca-Cola HBC AG		12,534		253,023
Enel S.p.A.		987,238		6,380,582
Eni S.p.A.		391,643		5,495,541
Ferrari N.V.		1,706		359,848
FinecoBank Banca Fineco S.p.A.		15,861		218,508
Hera S.p.A.^(c)		86,406		321,410
Intesa Sanpaolo S.p.A.^(c)		2,197,892		4,420,051
Italgas S.p.A.^(c)		44,691		288,518
Leonardo S.p.A.^(a)		93,143		965,318
Mediobanca Banca di Credito Finanziario S.p.A.		66,004		656,272
Moncler S.p.A.		3,554		184,595
Pirelli & C S.p.A.^(c)(d)		46,301		227,056
Poste Italiane S.p.A.^(d)		55,162		535,554
Prysmian S.p.A.		19,605		635,609
Saipem S.p.A.^(a)(c)		206,624		233,697
Snam S.p.A.		168,775		926,190
Telecom Italia S.p.A.^(c)		3,140,193		910,389
Telecom Italia S.p.A., RSP		1,732,767		477,716
Terna Rete Elettrica Nazionale S.p.A.^(c)		86,287		702,836
UniCredit S.p.A.^(c)		306,056		2,791,288
Unipol Gruppo S.p.A.		67,963		367,443

				32,902,722


Japan-18.66%
Advantest Corp.		4,240		292,404
Aeon Co. Ltd.		48,646		925,157
AGC, Inc.		22,214		835,697
Aisin Corp.		15,375		447,062
Ajinomoto Co., Inc.		25,406		662,381
Alps Alpine Co. Ltd.		42,611		375,631
Amada Co. Ltd.		27,471		214,155
ANA Holdings, Inc.^(a)		16,528		311,925
Aozora Bank Ltd.		13,177		263,815
Asahi Group Holdings Ltd.		31,348		1,172,396
Asahi Kasei Corp.		73,372		604,812
Astellas Pharma, Inc.		73,859		1,127,610
Bandai Namco Holdings, Inc.		9,149		623,653
Bridgestone Corp.		30,410		1,114,888
Brother Industries Ltd.		13,857		241,274
Canon, Inc.		89,536		2,060,780
Casio Computer Co. Ltd.		20,842		214,261

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

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value

Japan-(continued)
Central Japan Railway Co.		12,321	$	1,557,096
Chiba Bank Ltd. (The)		43,104		248,187
Chubu Electric Power Co., Inc.		39,370		398,684
Chugai Pharmaceutical Co. Ltd.		14,021		421,481
COMSYS Holdings Corp.		10,538		219,688
Concordia Financial Group Ltd.		66,986		244,037
Credit Saison Co. Ltd.		18,714		210,193
Dai Nippon Printing Co. Ltd.		13,439		281,304
Daifuku Co. Ltd.		3,470		214,547
Dai-ichi Life Holdings, Inc.		80,913		1,626,566
Daiichi Sankyo Co. Ltd.		54,588		1,374,391
Daikin Industries Ltd.		9,883		1,522,136
Daito Trust Construction Co. Ltd.		4,700		453,120
Daiwa House Industry Co. Ltd.		29,225		707,055
Daiwa House REIT Investment Corp.		96		233,405
Daiwa Securities Group, Inc.		121,891		597,358
Denso Corp.		33,469		2,045,863
Dentsu Group, Inc.		13,909		503,551
Disco Corp.		844		208,369
Dowa Holdings Co. Ltd.		5,866		250,831
East Japan Railway Co.		28,802		1,512,365
Ebara Corp.		7,066		326,923
Eisai Co. Ltd.		16,476		718,813
Electric Power Development Co. Ltd.		17,739		244,671
ENEOS Holdings, Inc.		330,893		1,161,858
FANUC Corp.		8,391		1,299,952
Fast Retailing Co. Ltd.		1,432		657,299
Fuji Electric Co. Ltd.		9,431		416,135
FUJIFILM Holdings Corp.		21,295		1,178,983
Fujitsu Ltd.		11,884		1,682,910
Fukuoka Financial Group, Inc.		12,850		234,950
GLP J-Reit		148		199,113
Hankyu Hanshin Holdings, Inc.		10,241		270,791
Hino Motors Ltd.		34,082		176,601
Hirose Electric Co. Ltd.		1,536		195,927
Hitachi Construction Machinery Co. Ltd.		11,783		267,468
Hitachi Ltd.		74,209		3,461,379
Hitachi Metals Ltd.^(a)		14,273		223,415
Honda Motor Co. Ltd.		100,959		2,655,343
Hoya Corp.		6,440		642,677
Hulic Co. Ltd.		30,166		254,878
Ibiden Co. Ltd.		4,654		176,615
Idemitsu Kosan Co. Ltd.		21,761		571,906
IHI Corp.		23,160		525,094
Iida Group Holdings Co. Ltd.		13,123		210,479
Inpex Corp.		132,340		1,564,872
Isetan Mitsukoshi Holdings Ltd.^(c)		47,381		351,235
Isuzu Motors Ltd.		46,506		542,486
ITOCHU Corp.		57,562		1,744,211
J. Front Retailing Co. Ltd.		35,915		269,036
Japan Airlines Co. Ltd.^(a)		17,623		291,506
Japan Exchange Group, Inc.		25,357		380,903
Japan Metropolitan Fund Investment Corp.		377		300,587
Japan Post Bank Co. Ltd.		72,336		548,271
Japan Post Holdings Co. Ltd.		329,036		2,309,566
Japan Post Insurance Co. Ltd.		22,713		369,025
Japan Real Estate Investment Corp.		67		324,358
Japan Tobacco, Inc.		111,754		1,915,055
JFE Holdings, Inc.		115,213		1,420,812
JGC Holdings Corp.		27,043		307,876


	Shares		Value

Japan-(continued)
JSR Corp.		10,252	$	279,982
JTEKT Corp.		25,242		176,004
Kajima Corp.		23,883		266,730
Kansai Electric Power Co., Inc. (The)		42,792		376,527
Kansai Paint Co. Ltd.		10,938		151,485
Kao Corp.		32,520		1,309,958
Kawasaki Heavy Industries Ltd.		35,365		628,219
Kawasaki Kisen Kaisha Ltd.		6,008		311,972
KDDI Corp.		90,395		3,002,063
Keio Corp.		6,210		238,757
Keisei Electric Railway Co. Ltd.^(c)		7,756		190,673
Keyence Corp.		2,194		886,652
Kikkoman Corp.^(c)		4,198		236,388
Kintetsu Group Holdings Co. Ltd.		8,846		254,401
Kirin Holdings Co. Ltd.		51,136		752,197
Kobe Steel Ltd.		88,756		388,157
Koito Manufacturing Co. Ltd.		8,591		315,998
Komatsu Ltd.		70,917		1,593,592
Konica Minolta, Inc.		115,562		404,007
Kubota Corp.		64,782		1,105,194
Kuraray Co. Ltd.		36,398		291,908
Kurita Water Industries Ltd.		6,156		211,810
Kyocera Corp.		21,765		1,152,927
Kyowa Kirin Co. Ltd.		10,104		212,531
Kyushu Electric Power Co., Inc.		34,851		219,831
Kyushu Railway Co.		16,802		330,429
Lawson, Inc.		5,993		220,644
Lion Corp.		18,288		188,670
Lixil Corp.		20,019		352,944
Makita Corp.		14,242		423,842
Marubeni Corp.^(c)		112,965		1,240,296
Marui Group Co. Ltd.		14,221		245,549
MatsukiyoCocokara & Co.		7,442		247,282
Mazda Motor Corp.		90,098		643,509
Mebuki Financial Group, Inc.		104,424		211,169
MEIJI Holdings Co. Ltd.		9,509		475,585
MINEBEA MITSUMI, Inc.		26,246		507,332
MISUMI Group, Inc.		7,880		198,532
Mitsubishi Chemical Holdings Corp.^(c)		123,011		752,915
Mitsubishi Corp.		94,771		3,185,448
Mitsubishi Electric Corp.		106,355		1,119,747
Mitsubishi Estate Co. Ltd.		73,390		1,064,772
Mitsubishi Gas Chemical Co., Inc.		24,844		365,725
Mitsubishi HC Capital, Inc.		47,904		215,830
Mitsubishi Heavy Industries Ltd.		38,540		1,319,272
Mitsubishi Materials Corp.		17,438		273,630
Mitsubishi Motors Corp.^(a)		141,618		355,829
Mitsubishi UFJ Financial Group, Inc.		1,259,853		7,334,880
Mitsui & Co. Ltd.		83,905		2,039,987
Mitsui Chemicals, Inc.		20,054		458,983
Mitsui Fudosan Co. Ltd.		58,271		1,231,598
Mitsui Mining & Smelting Co. Ltd.		10,496		267,342
Mitsui OSK Lines Ltd.		25,662		598,341
Mizuho Financial Group, Inc.		191,780		2,336,560
MS&AD Insurance Group Holdings, Inc.		26,869		804,867
Murata Manufacturing Co. Ltd.		24,678		1,479,940
Nabtesco Corp.		9,028		206,596
Nagoya Railroad Co. Ltd.		12,444		200,553
NEC Corp.		20,965		814,182
NGK Insulators Ltd.		20,497		276,269

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

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value

Japan-(continued)
NGK Spark Plug Co. Ltd.		17,974	$	276,319
NH Foods Ltd.		9,983		316,303
Nichirei Corp.		9,958		183,060
Nidec Corp.		11,561		758,607
Nikon Corp.		41,565		470,120
Nintendo Co. Ltd.		3,694		1,705,242
Nippon Building Fund, Inc.		75		389,210
Nippon Electric Glass Co. Ltd.		12,061		244,180
Nippon Prologis REIT, Inc.		74		205,648
Nippon Steel Corp.		136,698		2,183,517
Nippon Telegraph & Telephone Corp.		114,933		3,400,886
Nippon Yusen K.K		10,043		721,843
Nissan Chemical Corp.		4,610		244,701
Nissan Motor Co. Ltd.^(a)		357,561		1,420,347
Nissin Foods Holdings Co. Ltd.		3,384		236,379
Nitori Holdings Co. Ltd.		2,938		299,392
Nitto Denko Corp.		11,953		803,924
Nomura Holdings, Inc.		247,371		948,409
Nomura Real Estate Holdings, Inc.		11,442		277,915
Nomura Real Estate Master Fund, Inc.		236		295,916
Nomura Research Institute Ltd.		7,384		209,580
NSK Ltd.		87,235		482,622
NTT Data Corp.		37,460		691,519
Obayashi Corp.		45,401		313,368
Odakyu Electric Railway Co. Ltd.^(c)		15,204		231,156
Oji Holdings Corp.		62,075		294,086
Olympus Corp.		24,956		442,762
Omron Corp.		8,867		526,254
Ono Pharmaceutical Co. Ltd.		19,086		490,998
Oriental Land Co. Ltd.		1,805		272,130
ORIX Corp.		85,750		1,566,882
ORIX JREIT, Inc.		166		223,074
Osaka Gas Co. Ltd.		19,422		351,533
Otsuka Corp.		7,404		243,470
Otsuka Holdings Co. Ltd.		17,964		603,853
Pan Pacific International Holdings Corp.		21,728		337,257
Panasonic Holdings Corp.		131,980		1,178,316
Persol Holdings Co. Ltd.		12,750		254,016
Rakuten Group, Inc.^(c)		48,127		339,819
Recruit Holdings Co. Ltd.		33,834		1,250,127
Renesas Electronics Corp.^(a)		37,647		403,751
Resona Holdings, Inc.		212,697		924,529
Ricoh Co. Ltd.		57,970		424,491
Rohm Co. Ltd.		5,965		420,593
Ryohin Keikaku Co. Ltd.		16,596		149,265
Santen Pharmaceutical Co. Ltd.		24,844		203,311
SBI Holdings, Inc.		22,763		510,282
Secom Co. Ltd.		11,110		785,069
Sega Sammy Holdings, Inc.		12,263		218,107
Seibu Holdings, Inc.		25,152		250,827
Seiko Epson Corp.		25,921		362,556
Sekisui Chemical Co. Ltd.		19,203		259,776
Sekisui House Ltd.		41,879		723,467
Seven & i Holdings Co. Ltd.		42,642		1,881,962
SG Holdings Co. Ltd.		16,736		295,385
Sharp Corp.		31,330		265,124
Shimadzu Corp.		9,195		302,797
Shimamura Co. Ltd.		2,658		236,100
Shimano, Inc.		1,939		339,433
Shimizu Corp.		47,493		249,879


	Shares		Value

Japan-(continued)
Shin-Etsu Chemical Co. Ltd.		16,431	$	2,269,100
Shionogi & Co. Ltd.		10,801		606,160
Shiseido Co. Ltd.		12,034		568,052
Shizuoka Bank Ltd. (The)		37,338		242,368
Showa Denko K.K.		32,425		629,864
Skylark Holdings Co. Ltd.^(c)		17,587		209,208
SMC Corp.		1,510		731,064
Softbank Corp.		222,252		2,587,033
SoftBank Group Corp.		188,345		7,616,316
Sojitz Corp.		24,833		380,185
Sompo Holdings, Inc.		25,309		1,032,402
Sony Group Corp.		58,211		5,011,624
Stanley Electric Co. Ltd.		12,661		218,331
Subaru Corp.		56,824		856,313
SUMCO Corp.		17,494		253,597
Sumitomo Chemical Co. Ltd.		158,025		670,359
Sumitomo Corp.^(c)		61,731		980,718
Sumitomo Electric Industries Ltd.		45,376		487,973
Sumitomo Forestry Co. Ltd.		12,356		190,012
Sumitomo Heavy Industries Ltd.		10,896		230,563
Sumitomo Metal Mining Co. Ltd.		16,304		709,707
Sumitomo Mitsui Financial Group, Inc.		154,136		4,647,741
Sumitomo Mitsui Trust Holdings, Inc.^(c)		22,435		696,165
Sumitomo Realty & Development Co. Ltd.		22,561		596,172
Sumitomo Rubber Industries Ltd.		25,030		216,980
Suntory Beverage & Food Ltd.		9,475		376,829
Suzuki Motor Corp.		31,152		935,942
Sysmex Corp.		4,930		319,830
T&D Holdings, Inc.		68,572		881,529
Taisei Corp.		15,239		413,901
Taiyo Yuden Co. Ltd.		5,622		222,252
Takashimaya Co. Ltd.		23,170		210,767
Takeda Pharmaceutical Co. Ltd.		157,086		4,564,557
TDK Corp.		26,990		844,458
Teijin Ltd.		19,374		208,235
Terumo Corp.		22,040		659,924
THK Co. Ltd.		9,898		197,112
TIS, Inc.		13,304		299,947
Tobu Railway Co. Ltd.		9,603		216,186
Toho Gas Co. Ltd.		10,650		250,642
Tohoku Electric Power Co., Inc.		65,340		364,121
Tokio Marine Holdings, Inc.		35,783		1,934,226
Tokyo Electric Power Co. Holdings, Inc.^(a)		256,297		886,238
Tokyo Electron Ltd.		3,601		1,530,129
Tokyo Gas Co. Ltd.		33,615		646,303
Tokyu Corp.		21,853		267,645
Tokyu Fudosan Holdings Corp.		46,534		242,325
Toppan, Inc.		18,823		311,831
Toray Industries, Inc.		125,192		596,359
Toshiba Corp.		30,337		1,269,700
Tosoh Corp.		18,268		252,188
TOTO Ltd.		9,092		306,379
Toyo Suisan Kaisha Ltd.		6,325		195,520
Toyota Industries Corp.		7,659		458,501
Toyota Motor Corp.		761,968		13,005,452
Toyota Tsusho Corp.		14,703		530,684
Trend Micro, Inc.		5,667		316,242
Tsuruha Holdings, Inc.		3,692		189,207
Unicharm Corp.		10,873		378,821
United Urban Investment Corp.		220		240,168

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

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value

Japan-(continued)
West Japan Railway Co.		26,826	$	1,000,421
Yakult Honsha Co. Ltd.		5,610		290,979
Yamada Holdings Co. Ltd.^(a)(c)		161,935		483,214
Yamaha Corp.		7,007		269,408
Yamaha Motor Co. Ltd.		33,435		691,378
Yamato Holdings Co. Ltd.		24,707		464,178
Yaskawa Electric Corp.		8,354		285,495
Yokogawa Electric Corp.		17,393		278,479
Z Holdings Corp.		130,588		515,837

				209,992,109


Jordan-0.02%
Hikma Pharmaceuticals PLC		8,485		199,447


Luxembourg-0.29%
Aperam S.A		4,656		178,751
ArcelorMittal S.A.		95,810		2,796,830
Eurofins Scientific SE		2,718		252,588

				3,228,169


Macau-0.07%
Galaxy Entertainment Group Ltd.		78,882		450,627
Sands China Ltd.^(a)		177,077		388,806

				839,433


Mongolia-0.03%
Turquoise Hill Resources Ltd.^(a)		12,999		356,492


Netherlands-5.03%
Aalberts N.V.		4,705		226,824
ABN AMRO Bank N.V., CVA^(c)(d)		92,009		1,147,704
Aegon N.V		445,640		2,305,380
Akzo Nobel N.V		14,045		1,211,800
ASM International N.V		688		205,449
ASML Holding N.V.^(c)		3,736		2,113,713
ASR Nederland N.V.		16,367		740,652
EXOR N.V.		10,333		711,376
Heineken Holding N.V.		5,233		407,882
Heineken N.V.^(c)		11,243		1,096,564
ING Groep N.V.^(c)		515,589		4,824,987
Koninklijke Ahold Delhaize N.V.^(c)		107,792		3,184,188
Koninklijke DSM N.V		6,494		1,087,680
Koninklijke KPN N.V.^(c)		286,215		989,928
Koninklijke Philips N.V.		70,260		1,843,197
Koninklijke Vopak N.V.^(c)		6,216		166,471
NN Group N.V		30,784		1,504,183
PostNL N.V.^(c)		62,054		203,042
Prosus N.V.		9,995		481,966
Randstad N.V.		13,741		726,610
SBM Offshore N.V.		17,037		246,982
Shell PLC		1,098,991		29,699,308
Signify N.V.		11,390		480,922
Universal Music Group N.V.		11,432		264,484
Wolters Kluwer N.V.		7,772		786,140

				56,657,432


Norway-0.66%
Aker BP ASA		8,805		317,617
DNB Bank ASA		45,258		889,433
Equinor ASA		78,253		2,684,661
Gjensidige Forsikring ASA		10,775		232,815
Mowi ASA		31,947		911,870
Norsk Hydro ASA		94,460		801,668


	Shares		Value

Norway-(continued)
Orkla ASA		45,763	$	375,081
Storebrand ASA		43,636		383,551
Telenor ASA		56,716		805,661

				7,402,357


Poland-0.15%
Bank Polska Kasa Opieki S.A		15,613		342,338
KGHM Polska Miedz S.A.		10,040		324,250
Polski Koncern Naftowy ORLEN S.A		22,938		386,021
Powszechna Kasa Oszczednosci Bank Polski S.A.^(a)		54,044		395,735
Powszechny Zaklad Ubezpieczen S.A.		42,533		291,994

				1,740,338


Portugal-0.28%
Banco Comercial Portugues S.A., Class R^(a)		1,149,317		175,224
EDP - Energias de Portugal S.A.		330,961		1,540,852
Galp Energia SGPS S.A.		78,275		955,099
Jeronimo Martins SGPS S.A.		21,534		446,752

				3,117,927


Russia-0.00%
Evraz PLC^(b)		48,360		0
Raspadskaya OJSC^(b)		546		0

				0


Singapore-0.76%
Ascendas REIT		181,829		374,938
CapitaLand Integrated Commercial Trust		250,193		419,247
CapitaLand Investment Ltd.^(a)		105,822		321,855
ComfortDelGro Corp. Ltd.		205,401		216,641
DBS Group Holdings Ltd.		91,539		2,220,474
Genting Singapore Ltd.		400,447		233,220
Oversea-Chinese Banking Corp. Ltd.		114,892		1,020,251
Singapore Airlines Ltd.^(a)(c)		107,233		423,613
Singapore Technologies Engineering Ltd.		82,160		242,360
Singapore Telecommunications Ltd.		538,717		1,072,366
STMicroelectronics N.V		17,008		629,925
United Overseas Bank Ltd.		52,793		1,133,094
Venture Corp. Ltd.		18,629		229,671

				8,537,655


South Africa-0.28%
Anglo American PLC		70,609		3,128,453


South Korea-4.41%
Amorepacific Corp.		1,378		194,266
Amorepacific Corp., Preference Shares		517		31,026
Celltrion, Inc.		1,646		228,348
CJ CheilJedang Corp.		686		214,276
CJ CheilJedang Corp., Preference Shares		117		16,478
Doosan Enerbility^(a)		24,453		389,810
E-MART, Inc.		2,254		233,264
GS Engineering & Construction Corp.		10,754		355,048
Hana Financial Group, Inc.		21,872		814,687
Hanwha Solutions Corp.^(a)		10,870		271,514
Hyundai Engineering & Construction Co. Ltd.		15,325		534,460
Hyundai Glovis Co. Ltd.		2,357		386,156
Hyundai Mobis Co. Ltd.		6,204		1,013,380
Hyundai Motor Co.		12,394		1,800,875
Hyundai Motor Co., First Pfd		1,929		143,532

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

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value

South Korea-(continued)
Hyundai Motor Co., Second Pfd.		3,099	$	231,894
Hyundai Steel Co.		12,302		416,745
Industrial Bank of Korea		27,143		240,461
KB Financial Group, Inc.		31,613		1,460,965
Kia Corp.		30,326		1,995,010
Korea Electric Power Corp.^(a)(c)		27,397		496,398
Korea Gas Corp.		7,797		251,260
Korea Investment Holdings Co. Ltd.		3,857		214,532
Korea Shipbuilding & Offshore Engineering Co. Ltd.^(a)		5,729		412,049
Korea Zinc Co. Ltd.		826		376,699
Korean Air Lines Co. Ltd.^(a)		14,931		352,965
KT&G Corp.		8,252		541,766
LG Chem Ltd.		2,502		1,005,001
LG Chem Ltd., Preference Shares		391		76,479
LG Corp.		7,624		439,890
LG Display Co. Ltd.^(c)		63,260		830,964
LG Electronics, Inc.		16,472		1,495,999
LG Electronics, Inc., Preference Shares		2,632		120,711
LG Household & Health Care Ltd.		388		275,813
LG Household & Health Care Ltd., Preference Shares		94		36,828
LG Innotek Co. Ltd.		890		242,037
LG Uplus Corp.		23,017		254,813
LOTTE Chemical Corp.		2,286		352,350
Meritz Fire & Marine Insurance Co. Ltd.		8,254		289,995
NAVER Corp.		1,852		418,927
NCSoft Corp.		615		205,088
POSCO Holdings, Inc.		7,926		1,796,020
Posco International Corp.		19,053		371,147
Samsung C&T Corp.		5,666		513,506
Samsung Electro-Mechanics Co. Ltd.		3,350		433,562
Samsung Electronics Co. Ltd.		278,604		14,803,377
Samsung Electronics Co. Ltd., Preference Shares		48,760		2,277,020
Samsung Engineering Co. Ltd.^(a)		13,485		275,141
Samsung Fire & Marine Insurance Co. Ltd.		1,824		299,900
Samsung Fire & Marine Insurance Co. Ltd., Preference Shares		151		19,489
Samsung Heavy Industries Co. Ltd.^(a)		62,676		298,442
Samsung Life Insurance Co. Ltd.		5,625		287,760
Samsung SDI Co. Ltd.		1,374		654,347
Samsung SDI Co. Ltd., Preference Shares		36		8,572
Samsung SDS Co. Ltd.		1,897		221,215
Samsung Securities Co. Ltd.		7,256		226,983
Shinhan Financial Group Co. Ltd.		28,359		942,066
Shinsegae, Inc.		1,097		214,409
SK Hynix, Inc.		33,261		2,897,789
SK Innovation Co. Ltd.^(a)		7,618		1,207,072
SK Telecom Co. Ltd.^(c)		8,604		387,406
SK, Inc.^(c)		3,462		724,530
S-Oil Corp.		5,599		455,393
Woori Financial Group, Inc.		57,516		663,214

				49,641,119


Spain-3.11%
Acciona S.A.		2,033		397,413
Acerinox S.A.		23,088		243,311
ACS Actividades de Construccion y Servicios S.A.^(c)		37,143		948,481


	Shares		Value

Spain-(continued)
Aena SME S.A.^(a)(d)		3,182	$	449,740
Amadeus IT Group S.A.^(a)		11,886		741,131
Banco Bilbao Vizcaya Argentaria S.A.^(c)		877,156		4,615,546
Banco de Sabadell S.A.		1,152,777		880,059
Banco Santander S.A.^(c)		1,931,724		5,660,501
Bankinter S.A.		52,989		312,894
CaixaBank S.A.^(c)		359,587		1,147,522
Cellnex Telecom S.A.^(d)		10,032		468,921
Enagas S.A.		25,405		548,620
Endesa S.A.^(c)		40,924		860,737
Ferrovial S.A.		21,905		559,264
Grifols S.A.^(c)		25,755		428,520
Grifols S.A., Class B, Preference Shares		19,302		209,429
Iberdrola S.A.		540,656		6,177,386
Industria de Diseno Textil S.A.^(c)		50,657		1,062,275
Inmobiliaria Colonial SOCIMI S.A.		26,599		222,418
Mapfre S.A.		113,539		207,352
Merlin Properties SOCIMI S.A.		30,202		325,680
Naturgy Energy Group S.A.^(c)		33,150		993,218
Red Electrica Corp. S.A.		34,539		694,014
Repsol S.A.		249,174		3,738,720
Telefonica S.A.		638,502		3,106,883

				35,000,035


Sweden-2.50%
Alfa Laval AB^(c)		13,100		364,566
Assa Abloy AB, Class B^(c)		33,015		835,123
Atlas Copco AB, Class A^(c)		18,931		859,591
Atlas Copco AB, Class B^(c)		11,132		441,123
BillerudKorsnas AB		17,803		274,880
Boliden AB^(c)		18,796		824,051
Castellum AB		15,942		314,189
Dometic Group AB^(c)(d)		22,416		191,709
Electrolux AB, Class B^(c)		29,245		447,455
Epiroc AB, Class A^(c)		16,065		327,585
Epiroc AB, Class B		9,610		167,123
Essity AB, Class B		41,087		1,094,999
Fabege AB		15,310		185,156
Fastighets AB Balder, Class B^(a)		3,960		196,866
Getinge AB, Class B^(c)		6,462		187,863
H & M Hennes & Mauritz AB, Class B^(c)		77,224		973,986
Hexagon AB, Class B^(c)		44,436		576,077
Holmen AB, Class B		5,154		298,544
Husqvarna AB, Class A		1,427		13,655
Husqvarna AB, Class B		24,466		234,680
Industrivarden AB, Class A^(c)		16,862		432,645
Industrivarden AB, Class C^(c)		12,668		319,517
Investor AB, Class A^(c)		31,957		668,425
Investor AB, Class B^(c)		112,204		2,161,374
Kinnevik AB, Class A^(a)		942		20,597
Kinnevik AB, Class B^(a)(c)		15,456		303,107
Lundin Energy AB^(c)		9,579		397,346
Saab AB, Class B		9,552		404,721
Sandvik AB^(c)		47,157		889,053
Securitas AB, Class B^(c)		44,106		520,495
Skandinaviska Enskilda Banken AB, Class A		125,056		1,402,119
Skandinaviska Enskilda Banken AB, Class C		1,838		22,420
Skanska AB, Class B		24,402		466,505
SKF AB, Class B		36,500		593,921
SSAB AB, Class A		27,633		176,390

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

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value

Sweden-(continued)
SSAB AB, Class B		75,109	$	443,620
Svenska Cellulosa AB S.C.A., Class A		1,047		20,510
Svenska Cellulosa AB S.C.A., Class B^(c)		28,942		562,676
Svenska Handelsbanken AB, Class A		152,682		1,543,180
Svenska Handelsbanken AB, Class B^(c)		3,700		41,693
Swedbank AB, Class A		103,362		1,635,393
Swedish Match AB^(c)		55,460		443,123
Tele2 AB, Class B^(c)		36,149		478,420
Telefonaktiebolaget LM Ericsson, Class A		1,771		14,922
Telefonaktiebolaget LM Ericsson, Class B		151,097		1,216,552
Telia Co. AB^(c)		334,591		1,389,641
Trelleborg AB, Class B^(c)		16,346		357,212
Volvo AB, Class A		18,257		298,041
Volvo AB, Class B^(c)		134,627		2,142,274

				28,175,113


Switzerland-4.89%
ABB Ltd.		81,352		2,442,193
Adecco Group AG		20,656		801,060
Alcon, Inc.		13,807		981,723
Baloise Holding AG		3,450		600,409
Barry Callebaut AG		142		327,937
Chocoladefabriken Lindt & Spruengli AG		3		356,110
Chocoladefabriken Lindt & Spruengli AG, PC		27		302,743
Cie Financiere Richemont S.A		16,297		1,898,510
Clariant AG^(c)		16,411		278,929
Credit Suisse Group AG^(c)		406,158		2,752,576
Dufry AG^(a)		6,428		258,176
Geberit AG		994		568,416
Georg Fischer AG		4,280		232,572
Givaudan S.A.^(c)		252		1,003,569
Helvetia Holding AG		2,750		353,354
Holcim AG		57,454		2,816,124
Julius Baer Group Ltd.		13,273		636,040
Kuehne + Nagel International AG, Class R^(c)		2,270		637,910
Logitech International S.A., Class R^(c)		4,122		267,677
Lonza Group AG		1,201		706,628
Novartis AG		102,160		9,057,385
Partners Group Holding AG		410		435,391
PSP Swiss Property AG		2,264		286,231
Roche Holding AG		28,115		10,435,387
Roche Holding AG, BR		1,037		417,410
Schindler Holding AG		874		168,634
Schindler Holding AG, PC		1,839		354,998
SGS S.A		264		679,423
SIG Group AG^(a)		15,176		318,701
Sika AG		2,529		770,678
Sonova Holding AG, Class A		1,113		401,611
Swatch Group AG (The)		3,199		157,833
Swatch Group AG (The), BR^(c)		2,091		541,144
Swiss Life Holding AG		3,205		1,874,136
Swiss Prime Site AG		3,197		313,557
Swisscom AG^(c)		2,022		1,200,137
UBS Group AG		280,001		4,747,427
Vifor Pharma AG		1,661		296,676
Zurich Insurance Group AG		9,662		4,404,141

				55,083,556


	Shares		Value

Turkey-0.02%
Eldorado Gold Corp.^(a)		19,741	$	192,768


United Kingdom-11.37%
3i Group PLC		49,634		808,639
abrdn PLC		118,369		275,260
Admiral Group PLC		11,218		351,086
Ashtead Group PLC		14,815		764,774
Associated British Foods PLC		27,726		551,768
AstraZeneca PLC		44,175		5,859,191
Aviva PLC		263,545		1,412,798
B&M European Value Retail S.A		49,425		302,562
BAE Systems PLC		238,015		2,211,327
Barclays PLC		1,864,679		3,401,898
Barratt Developments PLC		87,481		534,781
Beazley PLC		33,962		181,085
Bellway PLC		7,299		220,382
Berkeley Group Holdings PLC		9,852		499,454
BP PLC		3,420,620		16,675,616
British American Tobacco PLC		232,073		9,766,649
British Land Co. PLC (The)		71,394		457,125
BT Group PLC		753,562		1,665,045
Bunzl PLC		19,164		741,066
Burberry Group PLC		17,778		349,059
Centrica PLC^(a)		542,871		535,025
CNH Industrial N.V		72,383		1,033,253
Compass Group PLC		102,924		2,164,588
Croda International PLC^(c)		3,767		364,424
DCC PLC		9,441		712,232
Derwent London PLC		6,533		247,378
Diageo PLC		67,396		3,334,637
Direct Line Insurance Group PLC		156,856		497,423
Drax Group PLC		31,890		320,669
DS Smith PLC		105,045		427,142
easyJet PLC^(a)		31,411		215,313
Entain PLC^(a)		18,079		339,387
Experian PLC		22,874		791,618
Halma PLC		7,422		228,188
Hays PLC		132,756		201,622
Hiscox Ltd.		19,679		232,646
Howden Joinery Group PLC		22,299		210,438
HSBC Holdings PLC		1,832,493		11,420,352
IG Group Holdings PLC		22,495		229,327
IMI PLC		12,968		217,894
Imperial Brands PLC		54,805		1,142,292
Inchcape PLC		19,593		172,168
Informa PLC^(a)		74,997		533,862
InterContinental Hotels Group PLC		6,555		417,832
Intermediate Capital Group PLC		11,110		212,787
International Consolidated Airlines Group S.A.^(a)(c)		172,830		303,461
Intertek Group PLC		6,203		385,980
Investec PLC		63,575		370,628
ITV PLC^(c)		295,442		272,709
J Sainsbury PLC		146,246		425,730
Johnson Matthey PLC^(c)		35,799		986,273
Just Eat Takeaway.com N.V.^(a)(c)(d)		11,037		297,724
Kingfisher PLC^(c)		225,236		706,911
Land Securities Group PLC		56,425		525,783
Legal & General Group PLC		401,711		1,247,290
Lloyds Banking Group PLC		6,282,999		3,536,771

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

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value

United Kingdom-(continued)
London Stock Exchange Group PLC		5,160	$	511,216
M&G PLC^(c)		181,844		486,294
Man Group PLC		99,107		288,794
Marks & Spencer Group PLC^(a)		269,515		461,423
Meggitt PLC^(a)		35,079		340,669
Melrose Industries PLC		239,188		343,524
Micro Focus International PLC^(c)		53,001		249,857
National Grid PLC		248,232		3,685,034
NatWest Group PLC		565,223		1,517,272
Next PLC		6,078		455,456
Pearson PLC^(c)		69,540		675,302
Pennon Group PLC		29,384		408,108
Persimmon PLC		30,678		798,858
Phoenix Group Holdings PLC		57,924		436,321
Prudential PLC		205,297		2,547,979
Quilter PLC^(d)		170,173		280,387
Reckitt Benckiser Group PLC		27,111		2,111,696
RELX PLC		58,970		1,758,434
Rentokil Initial PLC^(c)		52,720		361,656
Rolls-Royce Holdings PLC^(a)(c)		452,998		461,863
Royal Mail PLC		110,954		475,427
RS GROUP PLC		16,095		209,594
Sage Group PLC (The)		47,421		435,653
Schroders PLC^(c)		6,494		228,785
Segro PLC		38,129		637,091
Severn Trent PLC		14,490		569,720
Smith & Nephew PLC		49,359		797,319
Smiths Group PLC		25,223		460,784
Spectris PLC		6,419		234,022
Spirax-Sarco Engineering PLC		1,426		215,339
SSE PLC		84,405		1,963,084
SSP Group PLC^(a)		61,953		182,929
St James’s Place PLC		31,319		498,823
Standard Chartered PLC		220,318		1,506,980
Subsea 7 S.A.		35,963		297,269
Tate & Lyle PLC		38,653		376,080
Taylor Wimpey PLC		453,262		710,712
Tesco PLC		572,667		1,942,427
Travis Perkins PLC		23,123		351,488
Unilever PLC		151,899		7,044,470
United Utilities Group PLC		42,830		615,331
Virgin Money UK PLC		108,249		232,547
Vodafone Group PLC		3,624,796		5,475,506
Weir Group PLC (The)		13,323		255,266
Whitbread PLC^(a)(c)		12,343		427,218
WPP PLC		107,536		1,331,729

				127,947,058


	Shares		Value

United States-2.95%
Amcor PLC, CDI		97,390	$	1,158,270
Bausch Health Cos., Inc.^(a)		29,536		564,120
Carnival PLC^(a)		13,030		204,169
Ferguson PLC		11,105		1,398,319
GlaxoSmithKline PLC		364,804		8,201,589
James Hardie Industries PLC, CDI		10,608		306,764
Nestle S.A.		107,455		13,903,043
QIAGEN N.V.^(a)		5,484		253,525
Stellantis N.V.		233,741		3,113,952
Swiss Re AG		33,363		2,742,048
Tenaris S.A.^(c)		32,777		499,728
Waste Connections, Inc.		5,994		831,201

				33,176,728


Zambia-0.05%
First Quantum Minerals Ltd.		19,962		575,252

Total Common Stocks & Other Equity Interests (Cost $1,092,669,569)				1,117,527,023


Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(e)(f) (Cost $221,918)		221,918		221,918

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.32% (Cost $1,092,891,487)				1,117,748,941


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-10.63%
Invesco Private Government Fund, 0.40%^(e)(f)(g)		35,831,214		35,831,214
Invesco Private Prime Fund, 0.35%^(e)(f)(g)		83,848,457		83,848,457

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $119,670,916)				119,679,671

TOTAL INVESTMENTS IN SECURITIES-109.95% (Cost $1,212,562,403)				1,237,428,612
OTHER ASSETS LESS LIABILITIES-(9.95)%				(112,029,166	)

NET ASSETS-100.00%			$	1,125,399,446

Investment Abbreviations:

BR-Bearer Shares

CDI-CREST Depository Interest

CVA-Dutch Certificates

PC-Participation Certificate

Pfd.-Preferred

REIT-Real Estate Investment Trust

RSP-Registered Savings Plan Shares

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

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)

April 30, 2022

(Unaudited)

Notes to Schedule of Investments:

^(a)	Non-income producing security.

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

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

^(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2022 was $7,872,799, which represented less than 1% of the Fund’s Net Assets.

^(e)


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	66,026,564		$	(65,804,646	)		$	-		$	-			$	221,918		$	564
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			26,101,909			124,843,417			(115,114,112	)			-			-				35,831,214			19,382	*
Invesco Private Prime Fund			60,862,717			226,812,952			(203,814,922	)			8,754			(21,044	)			83,848,457			54,250	*

Total		$	86,964,626		$	417,682,933		$	(384,733,680	)		$	8,754		$	(21,044	)		$	119,901,589		$	74,196

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

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

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

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of April 30, 2022


Financials			23.49
Industrials			12.66
Energy			10.11
Materials			9.83
Consumer Discretionary			9.72
Consumer Staples			8.08
Health Care			7.32
Communication Services			5.53
Information Technology			5.48
Utilities			4.73
Real Estate			2.35
Money Market Funds Plus Other Assets Less Liabilities			0.70

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

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

April 30, 2022

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.46%
Australia-7.02%
Abacus Property Group		91,793	$	213,654
Adbri Ltd.		122,076		249,503
ALS Ltd.		71,291		649,218
Alumina Ltd.		182,735		232,824
Ansell Ltd.		39,395		758,847
ARB Corp. Ltd.		4,986		138,072
Atlas Arteria Ltd.		99,806		486,882
AUB Group Ltd.		8,696		141,430
Austal Ltd.		114,114		162,667
Bapcor Ltd.^(a)		72,793		346,551
Beach Energy Ltd.		558,297		638,400
Bega Cheese Ltd.		73,516		260,538
Blackmores Ltd.		2,696		136,603
Boral Ltd.^(a)		190,476		476,377
Breville Group Ltd.		12,170		200,792
Brickworks Ltd.		13,390		223,765
BWP Trust		90,863		264,309
carsales.com Ltd.		26,045		383,574
Centuria Industrial REIT		62,339		174,218
Centuria Office REIT		90,887		140,896
Challenger Ltd.		82,783		418,923
Champion Iron Ltd.		63,872		323,361
Charter Hall Group		43,833		467,271
Charter Hall Long Wale REIT		59,888		224,478
Charter Hall Retail REIT		121,446		379,584
Charter Hall Social Infrastructure REIT		56,561		161,571
Cleanaway Waste Management Ltd.		221,180		497,711
Cochlear Ltd.		5,268		851,304
Collins Foods Ltd.		24,280		174,047
Coronado Global Resources, Inc., CDI^(b)		254,740		413,647
Corporate Travel Management Ltd.^(c)		8,825		159,699
Costa Group Holdings Ltd.		119,827		281,847
Credit Corp. Group Ltd.		7,372		140,997
Cromwell Property Group		293,357		176,724
CSR Ltd.		139,961		599,879
Domino’s Pizza Enterprises Ltd.		4,532		240,925
Downer EDI Ltd.		187,149		728,236
Eagers Automotive Ltd.		35,632		329,796
EBOS Group Ltd.		11,659		318,737
Elders Ltd.		33,357		337,264
EVENT Hospitality and Entertainment Ltd.^(c)		15,182		154,170
Flight Centre Travel Group Ltd.^(a)(c)		37,577		588,531
Genworth Mortgage Insurance Australia Ltd.		74,344		158,025
GrainCorp Ltd., Class A		83,467		607,868
Growthpoint Properties Australia Ltd.		65,039		199,997
GUD Holdings Ltd.		20,594		185,418
Harvey Norman Holdings Ltd.^(a)		214,592		768,249
Healius Ltd.		151,695		481,382
HomeCo Daily Needs REIT^(b)		208,509		211,783
IGO Ltd.		42,760		396,378
Iluka Resources Ltd.		43,250		341,071
Ingenia Communities Group		42,742		139,906
Inghams Group Ltd.		89,803		194,936
Insignia Financial Ltd.^(a)		185,150		443,383
InvoCare Ltd.^(a)		20,704		177,974
IPH Ltd.		24,134		128,084
IRESS Ltd.		40,327		309,595


	Shares		Value
Australia-(continued)
Link Administration Holdings Ltd.		142,386	$	506,548
Magellan Financial Group Ltd.^(a)		29,958		340,408
Mineral Resources Ltd.		19,837		812,695
Monadelphous Group Ltd.		34,103		256,845
National Storage REIT		165,181		298,322
NEXTDC Ltd.^(c)		37,294		291,089
nib holdings Ltd.		47,233		234,862
Nine Entertainment Co. Holdings Ltd.		279,156		526,522
Northern Star Resources Ltd.		105,761		723,307
NRW Holdings Ltd.		120,333		164,717
Nufarm Ltd.		80,011		360,993
OceanaGold Corp.^(c)		210,750		527,679
oOh!media Ltd.		142,517		155,568
Orora Ltd.		216,963		608,368
OZ Minerals Ltd.		44,636		779,215
Pendal Group Ltd.		161,441		596,042
Perpetual Ltd.		12,734		293,383
Perseus Mining Ltd.		176,923		245,575
Platinum Asset Management Ltd.		178,766		235,051
Premier Investments Ltd.		11,984		212,141
Qube Holdings Ltd.		317,754		656,055
Ramelius Resources Ltd.		163,575		173,252
REA Group Ltd.		2,538		226,537
Reece Ltd.		28,751		349,474
Regis Resources Ltd.		294,637		430,124
Sandfire Resources Ltd.		61,799		246,280
SEEK Ltd.		38,162		747,346
Seven Group Holdings Ltd.		25,909		362,472
Shopping Centres Australasia Property Group		226,614		484,572
Silver Lake Resources Ltd.^(c)		145,932		189,747
SmartGroup Corp. Ltd.		24,788		156,429
St Barbara Ltd.		366,352		341,663
Star Entertainment Group Ltd. (The)^(c)		304,215		675,182
Steadfast Group Ltd.		102,624		371,564
Super Retail Group Ltd.		55,366		410,585
TPG Telecom Ltd.^(a)		133,933		553,292
United Malt Grp Ltd.		81,650		239,338
Viva Energy Group Ltd.^(b)		272,256		535,215
Washington H Soul Pattinson & Co. Ltd.		38,487		749,412
Waypoint REIT Ltd.		184,612		349,717
Webjet Ltd.^(a)(c)		50,159		208,397

				35,617,854

Austria-0.64%
AT&S Austria Technologie & Systemtechnik AG		5,443		278,928
CA Immobilien Anlagen AG		6,191		174,672
EVN AG		8,012		203,772
IMMOFINANZ AG		23,729		573,902
Lenzing AG^(a)		3,363		304,320
Mayr Melnhof Karton AG^(a)		779		137,396
Oesterreichische Post AG^(a)		9,038		290,893
S IMMO AG		6,608		158,892
S&T AG^(a)		13,247		224,078
UNIQA Insurance Group AG^(a)		25,461		193,403

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

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
Austria-(continued)
Verbund AG^(a)		5,482	$	587,029
Vienna Insurance Group AG Wiener Versicherung Gruppe		5,281		130,151

				3,257,436

Belgium-1.17%
Ackermans & van Haaren N.V		4,105		731,843
Aedifica S.A.^(a)		4,148		491,530
Barco N.V.^(a)		14,861		335,107
Befimmo S.A.		5,405		269,620
Bekaert S.A.^(a)		9,906		365,620
bpost S.A.^(a)(c)		65,085		394,530
Cie d’Entreprises CFE		2,115		276,396
D’Ieteren Group		3,476		563,163
Fagron^(a)		9,648		180,911
Galapagos N.V.^(a)(c)		7,831		457,654
KBC Ancora		6,894		276,926
Melexis N.V.^(a)		3,025		260,195
Montea N.V.		1,450		173,479
Ontex Group N.V.^(a)(c)		30,048		207,388
Recticel S.A.		9,660		210,247
Shurgard Self Storage S.A.^(a)		3,309		190,811
Warehouses De Pauw C.V.A.^(a)		14,663		562,770

				5,948,190

Burkina Faso-0.11%
Endeavour Mining PLC		21,996		536,825

Cambodia-0.03%
NagaCorp Ltd.		163,346		145,983

Canada-8.64%
Advantage Energy Ltd.^(c)		50,223		421,652
Aecon Group, Inc.^(a)		36,867		431,829
Ag Growth International, Inc.		7,753		235,917
Alamos Gold, Inc., Class A		89,630		699,900
Altus Group Ltd.		4,555		171,465
Aritzia, Inc.^(c)		4,355		155,895
Artis REIT		45,587		467,623
ATS Automation Tooling Systems, Inc.^(c)		7,942		232,969
Aurora Cannabis, Inc.^(c)		74,349		226,878
AutoCanada, Inc.^(c)		13,841		323,810
Badger Infrastructure Solutions Ltd.		7,358		171,277
Ballard Power Systems, Inc.^(a)(c)		16,054		134,029
Baytex Energy Corp.^(c)		52,088		267,766
Birchcliff Energy Ltd.		77,889		572,870
BlackBerry Ltd.^(c)		58,548		336,707
Boardwalk REIT, Class E		11,138		491,255
Boralex, Inc., Class A		12,599		379,631
Boyd Group Services, Inc.		3,036		377,704
Brookfield Infrastructure Corp., Class A		7,465		532,401
BRP, Inc.		5,039		410,319
Canaccord Genuity Group, Inc.		29,603		261,738
Canadian Western Bank^(a)		28,253		716,466
Canfor Corp.^(c)		28,712		549,955
Canopy Growth Corp.^(a)(c)		44,187		256,192
Capstone Copper Corp.^(c)		41,843		191,527
Cargojet, Inc.		1,112		130,590
Cascades, Inc.		32,819		324,325
Celestica, Inc.^(c)		67,954		767,776
Centerra Gold, Inc.		66,491		618,581
CES Energy Solutions Corp.		77,982		160,473


	Shares		Value
Canada-(continued)
Chartwell Retirement Residences		59,244	$	565,531
Chemtrade Logistics Income Fund^(c)		45,786		270,478
Choice Properties REIT		49,650		589,716
Chorus Aviation, Inc.^(c)		52,016		157,100
Cineplex, Inc.^(a)(c)		41,055		422,741
Cogeco Communications, Inc.		3,209		264,895
Cogeco, Inc.		2,347		140,484
Colliers International Group, Inc.		2,819		312,879
Corus Entertainment, Inc., Class B		139,230		458,635
Crew Energy, Inc.^(c)		69,099		273,033
Crombie REIT^(a)		23,108		316,593
Cronos Group, Inc.^(a)(c)		47,505		143,848
CT REIT^(a)		15,570		216,242
Descartes Systems Group, Inc. (The)^(c)		4,276		266,955
Doman Building Materials Group Ltd.^(a)		36,756		205,342
Dorel Industries, Inc., Class B		38,954		253,283
Dream Industrial REIT		29,057		340,122
Dream Office REIT		17,098		347,833
DREAM Unlimited Corp.		4,664		168,598
Dundee Precious Metals, Inc.		37,136		216,182
ECN Capital Corp.		44,214		201,342
Enerflex Ltd.		28,387		196,791
Enerplus Corp.		34,796		428,535
Enghouse Systems Ltd.		4,852		137,164
Equinox Gold Corp.^(c)		47,020		337,000
Equitable Group, Inc.		4,876		219,946
Exchange Income Corp.^(a)		10,477		339,792
Extendicare, Inc.^(a)		31,749		180,600
Fiera Capital Corp.		28,644		219,864
First Majestic Silver Corp.^(a)		16,592		172,275
First National Financial Corp.		4,845		137,687
FirstService Corp.		2,991		374,867
Fortuna Silver Mines, Inc.^(c)		72,318		254,065
Freehold Royalties Ltd.^(a)		14,368		168,407
GFL Environmental, Inc.		14,922		451,846
goeasy Ltd.		1,325		119,546
Granite REIT		9,831		731,835
Home Capital Group, Inc.		14,024		351,574
Hudbay Minerals, Inc.		73,581		473,825
Innergex Renewable Energy, Inc.		24,176		325,361
Interfor Corp.		18,478		529,451
International Petroleum Corp.^(c)		32,687		314,325
InterRent REIT		25,655		283,238
Intertape Polymer Group, Inc.		18,080		562,325
Ivanhoe Mines Ltd., Class A^(c)		24,233		195,297
Kelt Exploration Ltd.^(c)		39,571		205,278
Killam Apartment REIT		25,565		404,263
Labrador Iron Ore Royalty Corp.		6,993		190,193
Laurentian Bank of Canada		23,533		719,404
LifeWorks, Inc.		12,552		185,621
Lightspeed Commerce, Inc.^(c)		12,126		272,397
Maple Leaf Foods, Inc.		21,057		466,103
Martinrea International, Inc.		41,207		247,297
Mullen Group Ltd.		39,303		377,946
New Gold, Inc.^(c)		116,869		170,999
NFI Group, Inc.		41,550		383,298
North West Co., Inc. (The)		15,087		422,963
NorthWest Healthcare Properties REIT		45,641		473,177
Nuvei Corp.^(b)(c)		3,120		175,377
NuVista Energy Ltd.^(c)		50,743		435,150

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

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
Canada-(continued)
Obsidian Energy Ltd.^(c)		20,291	$	167,656
Osisko Gold Royalties Ltd.		22,749		281,414
Pan American Silver Corp.		32,312		805,240
Paramount Resources Ltd., Class A		12,251		297,732
Pason Systems, Inc.		21,427		271,767
Peyto Exploration & Development Corp.		86,185		882,721
PrairieSky Royalty Ltd.		34,567		476,833
Precision Drilling Corp.^(c)		10,072		729,128
Premium Brands Holdings Corp.		6,187		507,721
Richelieu Hardware Ltd.		5,616		160,256
Ritchie Bros. Auctioneers, Inc.		13,651		755,796
Russel Metals, Inc.		20,621		552,453
Sandstorm Gold Ltd.		23,927		178,977
Secure Energy Services, Inc.		72,949		376,146
ShawCor Ltd.^(c)		44,509		169,253
Sienna Senior Living, Inc.^(a)		23,569		256,151
Sierra Wireless, Inc.^(c)		10,759		170,302
Silvercorp Metals, Inc.		42,577		129,258
Slate Grocery REIT, Class U		12,200		150,824
Sleep Country Canada Holdings, Inc.^(b)		8,432		164,675
Spin Master Corp.^(b)(c)		4,917		177,782
Stelco Holdings, Inc.		10,786		395,724
Stella-Jones, Inc.		17,823		495,064
Summit Industrial Income REIT		17,891		284,733
Superior Plus Corp.		75,328		667,788
Torex Gold Resources, Inc.^(c)		34,746		390,945
Toromont Industries Ltd.		9,984		883,448
TransAlta Corp.		79,348		855,534
TransAlta Renewables, Inc.		21,640		301,729
Transcontinental, Inc., Class A		27,669		348,122
Tricon Residential, Inc.		27,655		402,258
Uni-Select, Inc.^(c)		14,009		330,810
Western Forest Products, Inc.		161,308		260,001
Westshore Terminals Investment Corp.		8,989		242,159
Whitecap Resources, Inc.		32,975		271,685
Winpak Ltd.		7,754		257,789

				43,836,308

China-1.13%
BeiGene Ltd.^(a)(c)		19,000		238,246
Budweiser Brewing Co. APAC Ltd.^(b)		201,867		505,026
CapitaLand China Trust		357,270		301,167
China Travel International Investment Hong Kong Ltd.^(c)		754,000		135,703
Chow Tai Fook Jewellery Group Ltd.		364,819		609,193
ESR Cayman Ltd.^(b)(c)		109,289		331,522
FIH Mobile Ltd.^(a)(c)		1,192,774		147,892
Jinchuan Group International Resources Co. Ltd.		1,538,000		197,926
Kerry Logistics Network Ltd.		89,708		204,766
Lee & Man Paper Manufacturing Ltd.		297,969		142,150
Minth Group Ltd.		139,131		328,116
MMG Ltd.^(c)		1,084,023		457,300
Nexteer Automotive Group Ltd.		382,788		214,441
Powerlong Real Estate Holdings Ltd.^(a)		314,000		106,016
SITC International Holdings Co. Ltd.		125,123		417,764
TI Fluid Systems PLC^(a)(b)		46,888		94,835
Towngas Smart Energy Co. Ltd.		439,000		216,304
Uni-President China Holdings Ltd.		277,349		243,516


	Shares		Value
China-(continued)
Want Want China Holdings Ltd.		662,444	$	596,435
Wharf Holdings Ltd. (The)		86,048		250,530

				5,738,848

Colombia-0.15%
Frontera Energy Corp.^(c)		16,444		177,944
Parex Resources, Inc.		30,599		599,506

				777,450

Denmark-1.61%
Alm Brand A/S		225,810		386,252
Bavarian Nordic A/S^(a)(c)		8,089		152,177
D/S Norden A/S		14,341		532,693
Demant A/S^(a)(c)		10,096		443,883
Dfds A/S		7,838		303,110
Drilling Co. of 1972 A/S (The)^(c)		7,595		379,356
FLSmidth & Co. A/S^(a)		25,831		711,369
GN Store Nord A/S^(a)		12,127		452,108
H Lundbeck A/S		23,457		539,362
Matas A/S		11,356		157,656
NKT A/S^(c)		11,508		541,837
Per Aarsleff Holding A/S		4,223		160,235
Ringkjoebing Landbobank A/S		3,476		421,500
ROCKWOOL A/S, Class B		1,025		287,621
Royal Unibrew A/S		5,801		496,137
Scandinavian Tobacco Group A/S^(b)		13,454		281,979
Schouw & Co. A/S		2,680		205,187
SimCorp A/S^(a)		3,703		259,768
Spar Nord Bank A/S		13,646		174,015
Sydbank A/S		19,125		659,408
Topdanmark A/S		10,985		618,162

				8,163,815

Egypt-0.15%
Centamin PLC		649,866		743,599

Faroe Islands-0.10%
Bakkafrost P/F		7,155		495,000

Finland-1.02%
Cargotec OYJ, Class B		19,150		663,681
Citycon OYJ^(a)		28,887		205,097
Finnair OYJ^(a)(c)		447,651		219,143
Kemira OYJ		19,600		254,981
Kojamo OYJ		36,581		721,633
Konecranes OYJ^(c)		22,721		632,436
Metsa Board OYJ^(a)		41,049		443,601
Metso Outotec OYJ		65,507		554,306
Terveystalo Oyj^(b)		13,439		149,959
TietoEVRY OYJ^(a)		28,537		714,871
Tokmanni Group Corp.		15,502		199,852
Uponor OYJ		11,579		200,753
YIT OYJ		50,764		202,721

				5,163,034

France-3.10%
Albioma S.A.		7,707		407,102
ALD S.A.^(a)(b)		20,581		279,975
Alten S.A.		4,114		551,002
BioMerieux		4,313		409,190
Casino Guichard Perrachon S.A.^(a)(c)		35,027		617,094
Cie Plastic Omnium S.A.^(a)		22,923		368,307
Coface S.A.^(c)		36,359		432,111

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

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
France-(continued)
Dassault Aviation S.A.		5,034	$	850,761
Derichebourg S.A.		31,461		282,315
Elior Group S.A.^(a)(b)(c)		79,831		242,086
Eramet S.A.^(c)		2,420		324,399
Fnac Darty S.A.^(a)		5,788		286,110
Gaztransport Et Technigaz S.A., (Acquired 09/11/2017 - 04/26/2022; Cost $310,843)^(d)		3,715		441,505
ICADE		10,541		627,129
Imerys S.A.		13,715		537,045
Ipsen S.A.		4,950		513,661
Ipsos		8,445		404,890
JCDecaux S.A.^(a)(c)		12,246		257,793
Korian S.A.		20,540		430,503
La Francaise des Jeux SAEM^(b)		12,449		463,152
Lagardere S.A.		10,833		284,189
Maisons du Monde S.A.^(a)(b)		15,306		261,281
Mercialys S.A.		39,272		376,075
Metropole Television S.A.		10,750		198,822
Nexans S.A.		9,055		823,508
Nexity S.A.		11,345		342,921
Remy Cointreau S.A.		2,151		425,963
Sartorius Stedim Biotech		617		200,831
SMCP S.A.^(b)(c)		35,890		231,633
Societe BIC S.A.^(a)		8,363		499,709
SOITEC^(c)		1,357		242,987
Somfy S.A.		864		115,045
Sopra Steria Group SACA		3,287		579,301
Television Francaise 1^(a)		27,881		235,064
Trigano S.A.		1,654		212,032
Vallourec S.A.^(c)		51,623		615,667
Verallia S.A.^(b)		18,148		494,799
Virbac S.A.		459		184,590
Wendel SE		6,856		679,274

				15,729,821

Germany-4.65%
1&1 AG		11,799		247,773
ADLER Group S.A.^(a)(b)		66,231		502,786
ADVA Optical Networking SE^(c)		11,952		199,745
Amadeus Fire AG		856		120,799
Auto1 Group SE^(b)(c)		15,035		159,088
Bechtle AG		14,237		665,657
Bilfinger SE		12,498		509,723
CANCOM SE		7,062		343,448
Carl Zeiss Meditec AG, BR		2,129		268,907
CECONOMY AG		107,978		374,085
CompuGroup Medical SE & Co. KGaA		3,417		184,020
Corestate Capital Holding S.A.^(a)(c)		11,937		102,783
CTS Eventim AG & Co. KGaA^(c)		5,183		360,205
Deutsche EuroShop AG		20,424		339,139
Deutsche Pfandbriefbank AG^(b)		52,541		667,909
Deutsche Wohnen SE		12,513		359,787
Deutz AG		55,024		246,586
DIC Asset AG		10,039		140,170
Draegerwerk AG & Co. KGaA		1,117		51,048
Draegerwerk AG & Co. KGaA, Preference Shares		3,329		165,763
Duerr AG		19,357		508,278
DWS Group GmbH & Co. KGaA^(b)		14,504		480,129


	Shares		Value
Germany-(continued)
ElringKlinger AG^(c)		18,733	$	156,487
Encavis AG^(a)		15,869		349,970
Evotec SE^(c)		9,842		239,046
Fielmann AG		4,779		243,005
Fraport AG Frankfurt Airport Services Worldwide^(c)		10,350		559,570
Fuchs Petrolub SE		7,203		192,250
Fuchs Petrolub SE, Preference Shares		15,092		480,479
Gerresheimer AG		8,625		605,080
Grand City Properties S.A		37,169		658,752
GRENKE AG		5,918		156,470
Heidelberger Druckmaschinen AG^(c)		173,973		391,292
Hella GmbH & Co. KGaA		6,681		423,240
HelloFresh SE^(c)		8,510		364,312
Hornbach Holding AG & Co. KGaA		3,569		429,600
Instone Real Estate Group SE^(b)		12,369		191,294
Jenoptik AG		9,758		276,034
Jungheinrich AG, Preference Shares		11,415		283,881
Kloeckner & Co. SE^(c)		49,138		640,217
Krones AG		4,082		319,313
Leoni AG^(a)(c)		19,310		180,967
METRO AG^(c)		53,298		468,656
MorphoSys AG^(c)		6,143		131,555
Nemetschek SE		1,843		147,977
Nordex SE^(a)(c)		41,319		603,689
Norma Group SE		7,281		180,813
Rational AG		267		164,355
Sartorius AG		61		20,464
Sartorius AG, Preference Shares		664		251,545
Schaeffler AG, Preference Shares^(a)		75,063		405,441
Scout24 SE^(b)		15,333		978,315
Siltronic AG		5,081		474,299
Sirius Real Estate Ltd.		168,870		254,379
Sixt SE^(c)		2,748		361,531
Sixt SE, Preference Shares		3,549		258,712
Software AG		13,130		407,718
Softwareone Holding AG^(a)		30,884		418,591
Stabilus SE		3,127		149,107
Stroeer SE & Co. KGaA		5,342		322,071
Suedzucker AG		34,698		454,630
Synlab AG^(c)		13,203		197,939
Talanx AG		13,408		565,356
TeamViewer AG^(b)(c)		11,238		136,314
Traton SE		18,519		310,531
Vantage Towers AG		10,885		369,748
Vitesco Technologies Group AG^(c)		16,760		676,351
Wacker Chemie AG		3,740		603,207
Wacker Neuson SE		7,807		164,143

				23,616,524

Ghana-0.06%
Tullow Oil PLC^(a)(c)		416,347		292,519

Hong Kong-1.67%
ASM Pacific Technology Ltd.		80,758		816,124
Bank of East Asia Ltd. (The)		116,397		171,780
Cathay Pacific Airways Ltd.^(a)(c)		298,307		297,971
CK Infrastructure Holdings Ltd.		103,763		698,222
Cowell e Holdings, Inc.^(c)		255,550		285,604
Dairy Farm International Holdings Ltd.		51,440		138,566
Hang Lung Properties Ltd.		327,862		625,285

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

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
Hong Kong-(continued)
Huabao International Holdings Ltd.^(a)		402,692	$	219,265
Hysan Development Co. Ltd.		80,937		236,927
Kerry Properties Ltd.		79,684		214,289
Man Wah Holdings Ltd.		264,698		247,288
Mapletree North Asia Commercial Trust^(b)		696,886		600,207
Melco International Development Ltd.^(c)		170,406		133,630
Orient Overseas International Ltd.		26,000		716,728
Pacific Basin Shipping Ltd.		775,375		357,149
PCCW Ltd.		355,311		201,495
Singamas Container Holdings Ltd.		1,060,000		147,383
Sino Land Co. Ltd.		309,667		408,151
Swire Pacific Ltd., Class A		65,500		373,310
Swire Pacific Ltd., Class B		117,500		110,505
Swire Properties Ltd.		173,650		413,593
Truly International Holdings Ltd.		900,000		242,667
United Energy Group Ltd.^(a)		1,770,000		208,743
Vinda International Holdings Ltd.^(a)		57,000		137,454
Vitasoy International Holdings Ltd.^(a)		150,545		273,224
VTech Holdings Ltd.		25,468		179,806

				8,455,366

Iraq-0.04%
Gulf Keystone Petroleum Ltd.		75,191		228,049

Ireland-0.36%
AIB Group PLC		303,505		654,280
C&C Group PLC^(a)(c)		91,930		238,903
Dalata Hotel Group PLC^(c)		32,926		150,457
Glanbia PLC		43,019		516,457
Glenveagh Properties PLC^(b)(c)		116,561		140,147
Greencore Group PLC^(a)(c)		92,850		133,593

				1,833,837

Israel-2.34%
Airport City Ltd.^(c)		13,372		298,137
Alony Hetz Properties & Investments Ltd.		19,550		318,990
Amot Investments Ltd.		24,754		187,877
Ashtrom Group Ltd.		6,090		170,216
Azrieli Group Ltd.		5,161		442,419
Big Shopping Centers Ltd.		930		140,968
Clal Insurance Enterprises Holdings Ltd.^(c)		13,263		293,191
Delek Group Ltd.^(c)		3,989		659,515
El Al Israel Airlines^(c)		144,627		182,469
Elbit Systems Ltd.		4,059		882,705
Elco Ltd.		1,711		133,130
Electra Ltd.		241		165,546
FIBI Holdings Ltd.		3,213		151,108
First International Bank of Israel Ltd. (The)		13,058		547,963
Formula Systems 1985 Ltd.		1,813		175,703
Gazit-Globe Ltd.		36,926		348,424
Harel Insurance Investments & Financial Services Ltd.		30,353		371,111
Isracard Ltd.		38,953		196,208
Israel Corp. Ltd. (The)^(c)		721		408,483
Matrix IT Ltd.		5,147		130,127
Melisron Ltd.^(c)		2,965		240,491
Migdal Insurance & Financial Holdings Ltd.		93,200		157,118
Mivne Real Estate KD Ltd.		83,151		312,814
Nice Ltd.^(c)		3,760		777,312
Norstar Holdings, Inc.		13,954		223,620
Nova Ltd.^(c)		1,291		123,554


	Shares		Value
Israel-(continued)
Oil Refineries Ltd.^(c)		955,927	$	426,150
Partner Communications Co. Ltd.^(c)		29,840		236,149
Paz Oil Co. Ltd.^(c)		2,152		334,049
Phoenix Holdings Ltd. (The)		33,972		425,556
Plus500 Ltd.		32,408		632,913
Reit 1 Ltd.		26,020		168,252
Shikun & Binui Ltd.^(c)		42,078		248,344
Shufersal Ltd.^(a)		44,795		377,516
Strauss Group Ltd.		6,949		185,391
Tower Semiconductor Ltd.^(c)		17,015		817,774

				11,891,293

Italy-2.78%
ACEA S.p.A		14,228		244,124
Amplifon S.p.A.^(a)		8,926		355,173
Anima Holding S.p.A.^(b)		88,531		428,419
Autogrill S.p.A.^(a)(c)		71,695		527,545
Banca Generali S.p.A.^(a)		16,005		525,750
Banca IFIS S.p.A.^(a)		16,363		294,867
Banca Mediolanum S.p.A.		84,353		607,484
Banca Monte dei Paschi di Siena S.p.A.^(a)(c)		249,850		210,497
Banca Popolare di Sondrio S.p.A.^(a)		87,987		345,130
BFF Bank S.p.A.^(b)		50,845		316,749
Brembo S.p.A.^(a)		38,815		386,965
Buzzi Unicem S.p.A.^(a)		35,376		650,780
Danieli & C. Officine Meccaniche S.p.A.^(a)		3,414		72,010
Danieli & C. Officine Meccaniche S.p.A., RSP		11,165		174,198
Davide Campari-Milano N.V.		41,926		471,839
De Longhi S.p.A.^(a)		15,217		368,084
DiaSorin S.p.A.^(a)		2,026		264,838
Enav S.p.A.^(b)(c)		61,788		283,254
ERG S.p.A.		20,335		701,007
Esprinet S.p.A.^(a)		29,418		271,078
Infrastrutture Wireless Italiane S.p.A.^(a)(b)		55,729		593,750
Interpump Group S.p.A		9,108		366,512
Iren S.p.A.		223,307		577,794
Maire Tecnimont S.p.A.^(a)		81,109		237,319
MFE-MediaForEurope N.V., Class A^(a)(c)		203,636		123,998
MFE-MediaForEurope N.V., Class B^(a)		227,128		208,430
Nexi S.p.A.^(b)(c)		26,990		265,285
OVS S.p.A.^(a)(b)(c)		140,789		266,355
Piaggio & C S.p.A		72,990		181,499
PRADA S.p.A.		64,913		400,004
Recordati Industria Chimica e Farmaceutica S.p.A.^(a)		13,404		641,686
Reply S.p.A		1,645		241,360
Salvatore Ferragamo S.p.A.^(a)(c)		12,133		208,341
Saras S.p.A.^(a)(c)		747,131		697,346
Sesa S.p.A.		1,053		152,018
Societa Cattolica Di Assicurazione S.p.A.^(a)(c)		31,463		204,506
Technogym S.p.A.^(a)(b)		24,306		183,154
Unieuro S.p.A.^(a)(b)		19,510		325,687
UnipolSai Assicurazioni S.p.A.^(a)		153,502		429,723
Webuild S.p.A.^(a)		185,508		312,846
Webuild S.p.A., Wts., expiring 08/02/2030^(c)		6,553		0

				14,117,404

Japan-27.29%
77 Bank Ltd. (The)		17,396		214,045
ABC-Mart, Inc.		8,920		368,351
Acom Co. Ltd.		150,932		389,434

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

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
Japan-(continued)
Activia Properties, Inc.		188	$	600,741
Adastria Co. Ltd.		16,532		271,691
ADEKA Corp.		18,217		350,486
Advance Residence Investment Corp.		254		698,912
Aeon Delight Co. Ltd.		5,784		123,701
AEON Financial Service Co. Ltd.		55,500		509,685
Aeon Mall Co. Ltd.		52,802		641,141
AEON REIT Investment Corp.		380		436,730
Aica Kogyo Co. Ltd.		9,532		220,405
Aichi Bank Ltd. (The)		4,170		147,609
Aiful Corp.		93,441		267,588
Ain Holdings, Inc.^(a)		8,362		376,923
Air Water, Inc.		48,490		642,413
Alconix Corp.		19,925		216,375
Alfresa Holdings Corp.		46,377		632,743
Alpen Co. Ltd.		9,540		143,417
Amano Corp.		8,957		172,885
Anritsu Corp.^(a)		31,472		397,241
Aoyama Trading Co. Ltd.		44,524		226,253
Arcland Sakamoto Co. Ltd.		12,591		150,238
Ariake Japan Co. Ltd.		3,723		149,376
As One Corp.		2,933		154,272
Asahi Holdings, Inc.^(a)		24,417		389,172
Asahi Intecc Co. Ltd.		11,097		217,555
Asanuma Corp.		4,880		191,532
Asics Corp.		40,560		633,048
ASKUL Corp.		16,868		204,873
Autobacs Seven Co. Ltd.		19,856		209,697
Avex, Inc.		16,698		180,284
Azbil Corp.		22,456		686,625
Bank of Kyoto Ltd. (The)		16,792		730,411
Bell System24 Holdings, Inc.		13,849		160,125
Benesse Holdings, Inc.		17,333		304,139
Bic Camera, Inc.^(a)		48,603		410,345
BIPROGY, Inc.		18,779		478,317
BML, Inc.		6,340		163,322
Calbee, Inc.		22,744		408,149
Canon Marketing Japan, Inc.		10,550		229,558
Capcom Co. Ltd.		14,718		389,008
Chiyoda Corp.^(c)		87,612		292,326
Chugoku Bank Ltd. (The)		23,280		171,476
Chugoku Electric Power Co., Inc. (The)^(a)		99,262		654,289
Citizen Watch Co. Ltd.		141,252		538,139
CKD Corp.		18,420		240,396
CMK Corp.		28,260		110,958
Coca-Cola Bottlers Japan Holdings, Inc.		40,835		458,982
Colowide Co. Ltd.^(a)		19,271		247,002
Comforia Residential REIT, Inc.		121		302,593
Cosmo Energy Holdings Co. Ltd.		29,975		742,666
Cosmos Pharmaceutical Corp.		3,869		360,028
CyberAgent, Inc.		53,250		566,971
Daicel Corp.		65,386		398,988
Daido Steel Co. Ltd.		9,316		267,328
Daihen Corp.		4,555		130,638
Daiichikosho Co. Ltd.		6,137		167,598
Daiki Aluminium Industry Co. Ltd.^(a)		13,725		151,407
Daio Paper Corp.		14,343		171,247
Daiseki Co. Ltd.		6,937		250,415
Daiwa Office Investment Corp.		68		386,292
Daiwa Securities Living Investments Corp.		395		349,248


	Shares		Value
Japan-(continued)
Daiwabo Holdings Co. Ltd.		18,819	$	244,694
DCM Holdings Co. Ltd.		23,961		197,287
DeNA Co. Ltd.^(c)		30,635		444,574
Denka Co. Ltd.		27,750		743,324
Descente Ltd.		6,505		126,188
Dexerials Corp.		8,321		185,034
DIC Corp.		19,516		371,691
Digital Garage, Inc.		4,270		141,760
DMG Mori Co. Ltd.		52,961		667,674
Doutor Nichires Holdings Co. Ltd.		12,391		142,373
DTS Corp.		6,893		151,136
Duskin Co. Ltd.		6,564		140,160
DyDo Group Holdings, Inc.		3,369		130,582
Earth Corp.		3,295		139,556
EDION Corp.		33,005		297,701
Elecom Co. Ltd.		13,003		156,362
en Japan, Inc.		5,690		134,290
Exedy Corp.		10,268		122,715
EXEO Group, Inc.		24,125		402,537
Ezaki Glico Co. Ltd.		12,366		355,955
Fancl Corp.		7,532		144,882
FCC Co. Ltd.		13,147		131,659
Financial Products Group Co. Ltd.		19,976		121,978
Food & Life Cos. Ltd.		11,055		263,670
FP Corp.		9,636		216,637
Frontier Real Estate Investment Corp.		111		429,782
Fuji Corp.		28,472		477,405
Fuji Media Holdings, Inc.		35,106		303,346
Fuji Oil Holdings, Inc.		15,890		226,356
Fuji Seal International, Inc.		11,645		155,315
Fuji Soft, Inc.		3,850		205,384
Fujikura Ltd.		124,788		595,106
Fujimi, Inc.		2,540		111,436
Fujitec Co. Ltd.		11,164		240,001
Fujitsu General Ltd.		15,699		279,465
Fukuoka REIT Corp.		109		136,629
Fukuyama Transporting Co. Ltd.		4,108		115,058
Furukawa Electric Co. Ltd.		40,255		656,465
Fuyo General Lease Co. Ltd.		2,288		123,828
Gakken Holdings Co. Ltd.		16,670		113,689
Global One Real Estate Investment Corp.		229		196,902
GLOBERIDE, Inc.		7,378		149,773
Glory Ltd.		9,293		149,849
GMO internet, Inc.		12,908		260,318
GOLDWIN, Inc.		4,367		217,032
GS Yuasa Corp.		34,360		598,817
GungHo Online Entertainment, Inc.		7,829		160,506
Gunma Bank Ltd. (The)		152,045		437,734
H.I.S. Co. Ltd.^(a)(c)		23,765		397,037
H.U. Group Holdings, Inc.		26,543		593,831
H2O Retailing Corp.^(a)		35,113		229,040
Hachijuni Bank Ltd. (The)		90,587		298,721
Hakuhodo DY Holdings, Inc.		48,525		574,653
Hamamatsu Photonics K.K.		12,765		574,814
Hanwa Co. Ltd.		6,882		168,727
Haseko Corp.		51,945		569,155
Hazama Ando Corp.^(a)		47,382		330,152
Heiwa Corp.		11,344		169,947
Heiwa Real Estate Co. Ltd.		6,988		219,791
Heiwa Real Estate REIT, Inc.		165		188,936

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

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
Japan-(continued)
Hikari Tsushin, Inc.		6,276	$	726,579
Hirata Corp.		3,520		129,938
Hirogin Holdings, Inc.^(a)		48,454		240,101
Hisamitsu Pharmaceutical Co., Inc.		23,002		632,551
Hitachi Transport System Ltd.		10,892		717,951
Hitachi Zosen Corp.^(a)		107,888		585,119
Hokkaido Electric Power Co., Inc.		54,453		203,001
Hokkoku Financial Holdings, Inc.		9,760		281,103
Hokuetsu Corp.^(a)		30,839		158,222
Hokuhoku Financial Group, Inc.		33,887		229,606
Hokuriku Electric Power Co.		40,831		162,303
Horiba Ltd.		9,658		470,785
Hoshino Resorts REIT, Inc.^(a)		44		227,200
Hoshizaki Corp.		8,963		569,072
Hosiden Corp.		27,000		259,016
House Foods Group, Inc.		14,710		344,727
Hulic Reit, Inc.		292		363,760
Ichigo Office REIT Investment Corp.^(a)		286		183,882
Idec Corp.		7,625		135,430
IDOM, Inc.		40,646		200,643
Iino Kaiun Kaisha Ltd.		23,480		132,438
Inabata & Co. Ltd.		8,845		144,882
Industrial & Infrastructure Fund Investment Corp.		306		439,484
INFRONEER Holdings, Inc.		45,242		331,880
Internet Initiative Japan, Inc.		10,738		339,047
Invincible Investment Corp.		1,452		475,744
IRISO Electronics Co. Ltd.		4,909		115,372
Ishihara Sangyo Kaisha Ltd.		22,160		173,986
Ito En Ltd.^(a)		10,315		424,160
Itochu Techno-Solutions Corp.		24,722		582,940
Itoham Yonekyu Holdings, Inc.		27,902		141,478
Iwatani Corp.		14,230		568,865
Iyo Bank Ltd. (The)		41,054		198,971
Izumi Co. Ltd.^(a)		11,038		238,350
J Trust Co. Ltd.		49,405		119,397
Jaccs Co. Ltd.		6,505		165,253
JAFCO Group Co. Ltd.		35,217		426,021
Japan Airport Terminal Co. Ltd.^(c)		7,891		327,620
Japan Aviation Electronics Industry Ltd.		21,897		306,803
Japan Display, Inc.^(c)		926,659		474,650
Japan Excellent, Inc.		287		282,658
Japan Hotel REIT Investment Corp.		1,148		579,460
Japan Lifeline Co. Ltd.		18,887		157,668
Japan Logistics Fund, Inc.		161		395,168
Japan Petroleum Exploration Co. Ltd.		22,885		453,425
Japan Prime Realty Investment Corp.		209		635,170
Japan Securities Finance Co. Ltd.		21,650		156,370
Japan Steel Works Ltd. (The)		16,738		473,266
Jeol Ltd.		3,741		170,416
Joyful Honda Co. Ltd.		13,010		156,195
Juki Corp.		25,210		168,981
JVCKenwood Corp.		160,805		229,060
Kadokawa Corp.		13,995		352,379
Kagome Co. Ltd.		15,429		386,557
Kakaku.com, Inc.		14,165		298,377
Kaken Pharmaceutical Co. Ltd.^(a)		6,247		189,409
Kamigumi Co. Ltd.		23,277		396,307
Kanamoto Co. Ltd.^(a)		11,565		173,078
Kaneka Corp.		12,013		322,142


	Shares		Value
Japan-(continued)
Kanematsu Corp.		18,119	$	187,812
Kanto Denka Kogyo Co. Ltd.		13,973		105,550
Keihan Holdings Co. Ltd.		29,144		623,968
Keikyu Corp.^(a)		64,864		654,840
Kenedix Office Investment Corp.^(a)		103		537,858
Kenedix Residential Next Investment Corp.		183		294,444
Kenedix Retail REIT Corp.		161		338,183
Kewpie Corp.		29,179		494,567
KH Neochem Co. Ltd.		11,414		216,575
Kinden Corp.		18,870		223,542
Kintetsu World Express, Inc.		14,327		343,357
Kobayashi Pharmaceutical Co. Ltd.^(a)		6,298		430,991
Koei Tecmo Holdings Co. Ltd.^(a)		8,158		248,828
Kohnan Shoji Co. Ltd.		6,667		192,356
Kokuyo Co. Ltd.		14,191		185,237
Komeri Co. Ltd.		7,070		149,395
Konami Holdings Corp.		14,345		890,196
Kose Corp.		4,931		511,521
K’s Holdings Corp.		66,275		658,759
Kumagai Gumi Co. Ltd.		13,438		281,286
Kureha Corp.		7,116		540,953
Kusuri no Aoki Holdings Co. Ltd.		4,386		194,643
KYB Corp.		9,773		221,422
Kyoritsu Maintenance Co. Ltd.		5,941		217,148
Kyudenko Corp.		7,558		171,741
Kyushu Financial Group, Inc.		60,855		186,943
LaSalle Logiport REIT		219		297,161
Lasertec Corp.		1,015		137,391
Leopalace21 Corp.^(c)		84,213		127,398
Life Corp.		7,565		172,977
Lintec Corp.		11,643		218,466
M3, Inc.		13,698		441,776
Mabuchi Motor Co. Ltd.		16,347		438,301
Macnica Fuji Electronics Holdings, Inc.		13,342		278,925
Makino Milling Machine Co. Ltd.		9,272		284,312
Mandom Corp.		14,425		143,718
Maruha Nichiro Corp., Class C		8,370		154,524
Maruichi Steel Tube Ltd.		10,367		221,568
Matsuda Sangyo Co. Ltd.		7,520		133,267
Matsui Securities Co. Ltd.		27,353		169,634
Maxell Ltd.		20,730		183,708
MCJ Co. Ltd.		17,483		114,500
Medipal Holdings Corp.		37,518		615,631
Megachips Corp.^(c)		4,575		118,145
Megmilk Snow Brand Co. Ltd.		9,189		137,452
Meidensha Corp.		8,293		150,167
Meiko Electronics Co. Ltd.		5,995		160,524
Meitec Corp.		5,358		285,485
Menicon Co. Ltd.		6,738		144,313
Mirai Corp.^(a)		440		171,132
Mirait Holdings Corp.		17,377		244,259
Mitsubishi Estate Logistics REIT Investment Corp.		45		161,508
Mitsubishi Logistics Corp.		17,503		404,845
Mitsui E&S Holdings Co. Ltd.^(a)(c)		117,334		313,324
Mitsui Fudosan Logistics Park, Inc.		69		295,848
Mitsui Matsushima Holdings Co. Ltd.		10,470		164,240
Miura Co. Ltd.		15,774		331,030
Mixi, Inc.		24,321		419,910
Monex Group, Inc.		51,061		234,199

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

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
Japan-(continued)
MonotaRO Co. Ltd.		9,250	$	160,646
Mori Hills REIT Investment Corp.		311		352,416
Mori Trust Sogo Reit, Inc.		190		207,510
Morinaga & Co. Ltd.		10,608		329,527
Morinaga Milk Industry Co. Ltd.		11,727		474,456
Musashi Seimitsu Industry Co. Ltd.		17,541		179,150
Nachi-Fujikoshi Corp.		4,828		140,083
Nagase & Co. Ltd.		12,200		175,002
Namura Shipbuilding Co. Ltd.^(a)(c)		60,890		164,791
Nankai Electric Railway Co. Ltd.		17,010		304,336
NEC Networks & System Integration Corp.		20,558		292,353
NET One Systems Co. Ltd.		19,664		469,667
Nexon Co. Ltd.		40,076		916,663
NHK Spring Co. Ltd.		64,386		417,067
Nichias Corp.		11,879		213,987
Nichicon Corp.^(a)		23,732		215,206
Nichi-iko Pharmaceutical Co. Ltd.^(a)(c)		28,528		171,529
Nifco, Inc.		20,500		430,865
Nihon Kohden Corp.		19,012		459,099
Nihon M&A Center Holdings, Inc.		15,174		188,015
Nikkiso Co. Ltd.		25,681		160,171
Nippon Accommodations Fund, Inc.		90		443,076
Nippon Carbon Co. Ltd.		4,504		144,491
Nippon Chemi-Con Corp.^(c)		15,308		213,914
Nippon Denko Co. Ltd.		50,074		120,853
Nippon Gas Co. Ltd.		26,526		377,129
Nippon Kayaku Co. Ltd.		21,394		186,623
Nippon Light Metal Holdings Co. Ltd.		24,647		317,630
Nippon Paint Holdings Co. Ltd.^(a)		90,654		723,205
Nippon Paper Industries Co. Ltd.^(a)		52,225		415,994
NIPPON REIT Investment Corp.		108		308,914
Nippon Sanso Holdings Corp.		42,729		768,304
Nippon Sheet Glass Co. Ltd.^(c)		75,413		229,023
Nippon Shinyaku Co. Ltd.		7,070		479,590
Nippon Shokubai Co. Ltd.		5,366		217,610
Nippon Steel Trading Corp.		4,130		168,916
Nippon Suisan Kaisha Ltd.		124,273		551,439
Nippon Television Holdings, Inc.		18,330		176,191
Nippon Yakin Kogyo Co. Ltd.		9,045		175,434
Nipro Corp.		36,954		291,999
Nishimatsu Construction Co. Ltd.		13,749		407,300
Nishimatsuya Chain Co. Ltd.^(a)		17,708		217,199
Nishi-Nippon Financial Holdings, Inc.		36,595		220,051
Nishi-Nippon Railroad Co. Ltd.		8,488		170,332
Nissha Co. Ltd.^(a)		19,259		204,143
Nisshin Seifun Group, Inc.		53,449		711,358
Nisshinbo Holdings, Inc.		81,318		608,802
Nissin Electric Co. Ltd.		16,286		174,408
Nitto Boseki Co. Ltd.		5,495		106,767
NOF Corp.		15,194		570,253
Nojima Corp.		7,696		154,721
NOK Corp.		22,790		194,633
Nomura Co. Ltd.		21,164		145,506
Noritz Corp.		10,470		121,332
NS Solutions Corp.		6,276		187,981
NS United Kaiun Kaisha Ltd.		5,285		145,423
NSD Co. Ltd.		8,379		148,815
NTN Corp.^(a)(c)		404,980		647,645
NTT UD REIT Investment Corp.^(a)		317		366,714
Obic Co. Ltd.		4,618		684,486


	Shares		Value
Japan-(continued)
Okamura Corp.		16,975	$	156,479
Oki Electric Industry Co. Ltd.		27,672		179,990
OKUMA Corp.^(a)		10,535		378,275
Okumura Corp.		6,869		162,541
One REIT, Inc.		58		123,243
Onward Holdings Co. Ltd.^(a)		91,419		170,264
Open House Group Co. Ltd.		16,559		642,110
Organo Corp.		2,135		147,118
Orient Corp.^(a)		367,953		354,481
OSG Corp.		17,772		223,134
Outsourcing, Inc.		38,602		384,327
Paltac Corp.		6,259		228,563
Park24 Co. Ltd.^(a)(c)		38,660		552,457
Pasona Group, Inc.^(a)		9,989		159,143
Penta-Ocean Construction Co. Ltd.		87,527		429,366
Pigeon Corp.		24,019		407,686
Pilot Corp.		3,974		160,678
Pola Orbis Holdings, Inc.		24,661		285,559
Press Kogyo Co. Ltd.		66,175		199,089
Pressance Corp.		9,455		113,991
Prima Meat Packers Ltd.		6,945		113,989
Raito Kogyo Co. Ltd.		11,291		168,917
Relo Group, Inc.		26,353		378,824
Rengo Co. Ltd.		60,754		360,423
Resorttrust, Inc.		21,908		365,966
Rinnai Corp.		10,424		661,514
Rohto Pharmaceutical Co. Ltd.		14,581		389,683
Round One Corp.		18,106		202,633
Royal Holdings Co. Ltd.		9,883		158,357
Saizeriya Co. Ltd.^(a)		6,883		126,683
Sakai Chemical Industry Co. Ltd.		9,250		130,884
Sakata Seed Corp.		5,808		196,125
SAMTY Co. Ltd.^(a)		10,780		174,312
San-In Godo Bank Ltd. (The)		25,615		127,250
Sanken Electric Co. Ltd.		7,568		278,931
Sankyo Co. Ltd.		17,288		498,770
Sankyu, Inc.		13,474		410,546
Sanoh Industrial Co. Ltd.		25,586		138,446
Sanrio Co. Ltd.^(a)		7,159		150,683
Sanwa Holdings Corp.		30,089		274,884
Sanyo Chemical Industries Ltd.		4,254		163,098
Sanyo Denki Co. Ltd.		3,760		162,189
Sanyo Special Steel Co. Ltd.		13,115		202,050
Sapporo Holdings Ltd.		19,700		409,667
Sawai Group Holdings Co. Ltd.		7,143		240,103
SBS Holdings, Inc.		6,498		151,883
SCREEN Holdings Co. Ltd.		7,207		591,385
SCSK Corp.		32,332		516,506
Seiko Holdings Corp.		7,486		128,371
Seino Holdings Co. Ltd.		28,672		234,371
Seiren Co. Ltd.^(a)		12,400		196,632
Sekisui House REIT, Inc.^(a)		813		477,166
Senko Group Holdings Co. Ltd.		28,823		195,544
Senshu Ikeda Holdings, Inc.		137,130		187,867
Seven Bank Ltd.		298,289		558,662
Shibaura Machine Co. Ltd.		9,252		221,508
Shiga Bank Ltd. (The)^(a)		9,045		169,808
Shikoku Electric Power Co., Inc.		42,146		243,382
Shindengen Electric Manufacturing Co. Ltd.		6,710		150,441
Shinko Electric Industries Co. Ltd.		7,192		312,920

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

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
Japan-(continued)
Shinsei Bank Ltd.^(c)		35,680	$	626,119
Ship Healthcare Holdings, Inc.		19,491		327,102
SHO-BOND Holdings Co. Ltd.		5,970		251,976
Shochiku Co. Ltd.^(c)		1,856		189,801
Siix Corp.		16,587		127,510
SKY Perfect JSAT Holdings, Inc.		52,288		169,249
Sodick Co. Ltd.		27,345		153,533
Sohgo Security Services Co. Ltd.		22,242		619,861
Sotetsu Holdings, Inc.^(a)		12,487		214,953
Square Enix Holdings Co. Ltd.		14,684		588,864
Star Micronics Co. Ltd.		13,691		153,927
Starts Corp., Inc.		6,573		121,905
Sugi Holdings Co. Ltd.		11,575		498,522
Sumitomo Bakelite Co. Ltd.		11,343		374,394
Sumitomo Mitsui Construction Co. Ltd.		46,409		150,920
Sumitomo Osaka Cement Co. Ltd.		16,680		466,051
Sumitomo Pharma Co. Ltd.		77,579		691,346
Sumitomo Warehouse Co. Ltd. (The)		12,417		209,028
Sundrug Co. Ltd.		22,338		520,691
Suruga Bank Ltd.^(a)		169,639		530,251
Suzuken Co. Ltd.		15,791		468,026
SWCC Showa Holdings Co. Ltd.^(a)		13,403		180,058
Tadano Ltd.		23,191		164,760
Taiheiyo Cement Corp.		42,185		683,571
Taisho Pharmaceutical Holdings Co. Ltd.		12,140		476,873
Taiyo Holdings Co. Ltd.		8,501		203,656
Takara Holdings, Inc.		37,880		319,464
Takasago Thermal Engineering Co. Ltd.^(a)		11,064		144,747
Takeuchi Manufacturing Co. Ltd.		11,942		218,718
Takuma Co. Ltd.		14,150		159,127
Tama Home Co. Ltd.^(a)		7,520		147,185
Tamura Corp.^(a)		36,698		156,355
TBS Holdings, Inc.		20,895		274,630
TechnoPro Holdings, Inc.		13,818		346,438
Toagosei Co. Ltd.		16,813		138,322
Tocalo Co. Ltd.		15,250		152,884
Toda Corp.		25,703		148,591
Toei Co. Ltd.		1,148		151,962
Toho Co. Ltd.		19,020		707,187
Toho Holdings Co. Ltd.		10,492		170,760
Toho Zinc Co. Ltd.^(a)		10,540		227,705
Tokai Carbon Co. Ltd.		78,486		649,141
Tokai Rika Co. Ltd.		13,329		140,436
Tokai Tokyo Financial Holdings, Inc.		62,863		187,416
Token Corp.		2,135		142,322
Tokuyama Corp.		38,325		511,241
Tokyo Century Corp.		10,470		322,373
Tokyo Ohka Kogyo Co. Ltd.		7,409		406,335
Tokyo Seimitsu Co. Ltd.		11,157		387,320
Tokyo Steel Manufacturing Co. Ltd.		24,998		258,280
Tokyo Tatemono Co. Ltd.		43,574		612,062
Tokyu Construction Co. Ltd.		23,685		110,204
Tokyu REIT, Inc.		185		261,022
Tomy Co. Ltd.		20,118		191,774
Topcon Corp.		30,530		384,792
Towa Pharmaceutical Co. Ltd.		6,379		135,507
Toyo Ink SC Holdings Co. Ltd.		9,760		145,460
Toyo Seikan Group Holdings Ltd.		46,082		500,060
Toyo Tire Corp.		47,074		539,673
Toyobo Co. Ltd.		24,979		204,982


	Shares		Value
Japan-(continued)
Toyoda Gosei Co. Ltd.		37,476	$	541,908
Toyota Boshoku Corp.		41,260		660,056
Transcosmos, Inc.		7,754		183,323
Trusco Nakayama Corp.		6,962		108,735
TS Tech Co. Ltd.		27,769		287,558
Tsubaki Nakashima Co. Ltd.		24,098		171,840
Tsugami Corp.		15,350		144,037
Tsumura & Co.		8,722		214,641
TV Asahi Holdings Corp.		14,899		170,361
UACJ Corp.		17,380		292,976
UBE Corp.		34,560		539,983
Ulvac, Inc.		14,249		563,933
United Arrows Ltd.		16,546		223,497
Ushio, Inc.		31,625		413,601
USS Co. Ltd.		36,652		605,951
V Technology Co. Ltd.		5,777		133,697
Wacoal Holdings Corp.^(a)		10,760		153,324
Wacom Co. Ltd.		27,441		199,381
Welcia Holdings Co. Ltd.		26,349		544,836
Yamaguchi Financial Group, Inc.		65,251		357,804
Yamato Kogyo Co. Ltd.		10,681		346,250
Yamazaki Baking Co. Ltd.^(a)		51,371		636,785
Yaoko Co. Ltd.		3,975		210,436
Yokohama Rubber Co. Ltd. (The)		41,575		555,555
Yokowo Co. Ltd.		6,405		126,297
Yoshinoya Holdings Co. Ltd.^(a)		15,774		287,188
Zenkoku Hosho Co. Ltd.		10,020		352,287
Zensho Holdings Co. Ltd.^(a)		24,148		571,386
Zeon Corp.		60,576		649,679
ZOZO, Inc.		8,209		167,842

				138,506,569

Jersey-0.03%
Sanne Group PLC^(c)		12,633		143,793

Kenya-0.07%
Vivo Energy PLC^(b)		208,921		378,138

Luxembourg-0.25%
Global Fashion Group S.A.^(a)(c)		48,480		93,005
RTL Group S.A.^(a)		7,086		369,862
SES S.A., FDR		89,419		796,766

				1,259,633

Macau-0.18%
MGM China Holdings Ltd.^(c)		217,889		124,260
SJM Holdings Ltd.^(c)		809,668		341,238
Wynn Macau Ltd.^(a)(c)		717,842		438,055

				903,553

Mexico-0.11%
Fresnillo PLC^(a)		54,816		538,353

Netherlands-1.98%
Accell Group N.V.^(c)		3,865		233,603
Adyen N.V.^(a)(b)(c)		392		655,604
AMG Advanced Metallurgical Group N.V.^(a)		5,513		214,257
Arcadis N.V		15,694		651,887
Argenx SE^(a)(c)		1,154		331,781
Basic-Fit N.V.^(b)(c)		5,228		217,335
BE Semiconductor Industries N.V.^(a)		7,623		461,603
Boskalis Westminster		14,081		486,996
Corbion N.V.		11,507		397,687

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

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
Netherlands-(continued)
Eurocommercial Properties N.V		10,296	$	248,581
Euronext N.V.^(b)		8,233		660,985
Flow Traders^(b)		12,037		393,699
Fugro N.V.^(c)		51,997		640,316
Heijmans N.V., CVA		9,200		126,119
IMCD N.V.		5,355		850,713
Intertrust N.V.^(b)(c)		22,276		460,602
JDE Peet’s N.V.^(a)		26,903		790,118
Koninklijke BAM Groep N.V.^(a)(c)		189,832		522,953
OCI N.V.^(c)		20,806		789,081
TKH Group N.V., CVA^(a)		7,784		381,686
TomTom N.V.^(a)(c)		19,331		166,895
Van Lanschot Kempen N.V., CVA		7,015		181,574
Wereldhave N.V.^(a)		12,813		209,381

				10,073,456

New Zealand-1.03%
a2 Milk Co. Ltd. (The)^(c)		95,770		303,938
Auckland International Airport Ltd.^(c)		150,908		762,876
Chorus Ltd.		49,069		234,085
Contact Energy Ltd.		68,428		361,438
Fisher & Paykel Healthcare Corp. Ltd.		41,258		570,727
Fletcher Building Ltd.		141,348		563,448
Goodman Property Trust		87,745		128,314
Infratil Ltd.		32,311		175,099
Mainfreight Ltd.		5,004		262,042
Mercury NZ Ltd.		40,249		156,994
Meridian Energy Ltd.		103,009		314,308
Ryman Healthcare Ltd.		36,994		219,426
SKYCITY Entertainment Group Ltd.		79,196		148,755
Spark New Zealand Ltd.		271,482		863,896
Xero Ltd.^(c)		2,373		156,529

				5,221,875

Nigeria-0.08%
Airtel Africa PLC^(b)		222,460		402,566

Norway-1.68%
Aker ASA, Class A		6,151		506,507
Aker Solutions ASA, Class A		116,761		408,428
Atea ASA		12,201		146,252
Austevoll Seafood ASA		20,903		335,487
Borregaard ASA		9,269		178,641
BW Offshore Ltd.		55,795		161,425
Crayon Group Holding ASA^(b)(c)		9,302		138,323
DNO ASA		270,461		414,859
Elkem ASA^(b)		100,832		424,882
Entra ASA^(b)		14,623		243,277
Europris ASA^(b)		37,420		191,989
Frontline Ltd.^(c)		68,479		574,662
Grieg Seafood ASA^(c)		14,005		210,839
Kongsberg Gruppen ASA		10,949		473,805
Leroy Seafood Group ASA		59,320		563,191
Norske Skog ASA^(b)(c)		33,995		190,472
Norwegian Air Shuttle ASA^(c)		122,831		172,904
Salmar ASA		7,852		649,538
Schibsted ASA, Class A		8,534		178,247
Schibsted ASA, Class B		10,558		203,068
SpareBank 1 Nord Norge		17,730		189,624
SpareBank 1 SMN		24,403		345,289
SpareBank 1 SR-Bank ASA, Class B		24,091		309,307


	Shares		Value
Norway-(continued)
TGS ASA		51,136	$	795,330
TOMRA Systems ASA		8,090		322,323
Wallenius Wilhelmsen ASA		34,484		219,197

				8,547,866

Peru-0.06%
Hochschild Mining PLC		188,629		279,452

Poland-0.87%
Alior Bank S.A.^(c)		30,553		246,894
Allegro.eu S.A.^(a)(b)(c)		37,876		193,566
Bank Millennium S.A.^(a)(c)		78,619		88,120
CCC S.A.^(a)(c)		11,904		138,735
CD Projekt S.A		3,844		103,768
Cyfrowy Polsat S.A.		41,162		223,791
Dino Polska S.A.^(b)(c)		3,405		219,475
Grupa Lotos S.A.^(c)		23,202		360,158
Jastrzebska Spolka Weglowa S.A.^(a)(c)		37,253		551,967
KRUK S.A.		2,937		168,106
LPP S.A.^(a)		88		184,952
mBank S.A.^(c)		3,660		243,814
Orange Polska S.A.^(c)		134,044		203,853
PGE Polska Grupa Energetyczna S.A.^(c)		183,715		405,255
Polskie Gornictwo Naftowe i Gazownictwo S.A		336,975		471,732
Santander Bank Polska S.A.		5,701		345,028
Tauron Polska Energia S.A.^(c)		389,651		291,390

				4,440,604

Portugal-0.30%
CTT-Correios de Portugal S.A.		40,919		183,237
Navigator Co. S.A. (The)		78,759		322,022
NOS, SGPS S.A.^(a)		91,367		384,995
REN - Redes Energeticas Nacionais SGPS S.A		71,154		216,647
Sonae SGPS S.A		382,591		411,157

				1,518,058

Singapore-2.03%
AIMS APAC REIT		142,720		146,190
Ascott Residence Trust		386,129		321,543
BOC Aviation Ltd.^(a)(b)		38,682		302,574
BW LPG Ltd.^(b)		47,519		301,096
City Developments Ltd.		136,520		837,161
ESR-REIT		483,455		135,851
Ezion Holdings Ltd., Wts., expiring 04/16/2023^(e)		177,436		0
Frasers Centrepoint Trust		168,708		297,221
Frasers Logistics & Commercial Trust^(b)		457,311		476,393
IGG, Inc.		236,311		96,815
Jardine Cycle & Carriage Ltd.		17,585		367,072
Keppel Corp. Ltd.		179,010		886,545
Keppel DC REIT		181,216		271,068
Keppel REIT		443,663		389,911
Mapletree Commercial Trust		511,972		690,675
Mapletree Industrial Trust		299,560		563,876
Mapletree Logistics Trust		520,076		671,007
NetLink NBN Trust^(b)		557,738		403,318
Olam Group Ltd.		148,105		181,257
Raffles Medical Group Ltd.		149,835		129,669
SATS Ltd.^(c)		97,881		320,630
Sembcorp Industries Ltd.		208,452		441,682

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

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
Singapore-(continued)
Sembcorp Marine Ltd.^(c)		2,544,345	$	200,835
Singapore Exchange Ltd.		115,582		815,139
Suntec REIT		464,807		615,382
UOL Group Ltd.		80,599		424,044

				10,286,954

South Africa-0.04%
Scatec ASA^(b)		15,315		187,098

South Korea-8.68%
Amorepacific Group		8,765		344,599
Asiana Airlines, Inc.^(a)(c)		39,298		619,693
BGF retail Co. Ltd.		2,470		353,970
BNK Financial Group, Inc.		107,950		667,590
Celltrion Healthcare Co. Ltd.		5,125		259,892
Cheil Worldwide, Inc.		21,294		425,591
Chong Kun Dang Pharmaceutical Corp.		2,043		159,082
CJ CGV Co. Ltd.^(c)		7,410		158,902
CJ Corp.		5,423		371,891
CJ ENM Co. Ltd.		5,028		502,167
CJ Logistics Corp.^(c)		2,678		259,382
Com2uSCorp.		2,490		185,349
Cosmax, Inc.		1,909		128,964
Coway Co. Ltd.		12,308		689,046
Daewoo Engineering & Construction Co. Ltd.^(a)(c)		130,167		690,582
Daewoo Shipbuilding & Marine Engineering Co. Ltd.^(c)		30,843		634,130
Daishin Securities Co. Ltd.		10,617		147,587
Daishin Securities Co. Ltd., Preference Shares		10,121		122,751
DB HiTek Co. Ltd.		4,921		259,454
DB Insurance Co. Ltd.		12,631		672,654
Delivery Hero SE^(b)(c)		6,364		226,750
DGB Financial Group, Inc.		37,476		263,305
DL Holdings Co. Ltd.		6,101		297,610
Dongkuk Steel Mill Co. Ltd.		49,438		723,814
Dongsuh Cos., Inc.		6,287		132,802
Doosan Bobcat, Inc.		10,741		347,517
Doosan Co. Ltd.		6,206		427,907
Fila Holdings Corp.		20,485		523,411
Gradiant Corp.^(a)		58,372		210,065
Green Cross Corp.		1,063		157,879
GS Holdings Corp.		16,066		554,799
GS Retail Co. Ltd.		16,464		374,682
Handsome Co. Ltd.		5,647		158,045
Hankook Tire & Technology Co. Ltd.		16,677		456,600
Hanmi Pharm Co. Ltd.		755		186,285
Hanon Systems		54,518		485,876
Hansol Chemical Co. Ltd.		1,009		192,370
Hanssem Co. Ltd.		2,670		165,062
Hanwha Aerospace Co. Ltd.		16,813		709,855
Hanwha Corp.		21,561		510,156
Hanwha Corp., Preference Shares		11,474		144,351
Hanwha Investment & Securities Co. Ltd.		36,897		138,491
Hanwha Life Insurance Co. Ltd.^(c)		203,694		471,351
HD Hyundai Co. Ltd.		15,630		715,624
HDC Hyundai Development Co-Engineering & Construction, Class E		55,954		659,396
Hite Jinro Co. Ltd.		9,166		270,203
HMM Co. Ltd.		29,362		654,201


	Shares		Value
South Korea-(continued)
Hotel Shilla Co. Ltd.		7,596	$	484,399
Hyosung Advanced Materials Corp.^(a)		963		360,094
Hyosung Chemical Corp.^(c)		1,008		178,834
Hyosung Corp.		4,328		284,158
Hyosung Heavy Industries Corp.^(c)		3,252		141,883
Hyosung TNC Corp.		1,485		480,997
Hyundai Construction Equipment Co. Ltd.		8,939		260,502
Hyundai Department Store Co. Ltd.		6,522		388,646
Hyundai Doosan Infracore Co. Ltd.^(c)		85,042		439,133
Hyundai Electric & Energy System Co. Ltd.^(c)		13,177		224,912
Hyundai Elevator Co. Ltd.		9,048		254,344
Hyundai Heavy Industries Co. Ltd.^(c)		4,251		465,762
Hyundai Marine & Fire Insurance Co. Ltd.		35,825		918,985
Hyundai Mipo Dockyard Co. Ltd.^(c)		5,615		368,281
Hyundai Rotem Co. Ltd.^(a)(c)		24,726		368,998
Hyundai Wia Corp.^(a)		14,781		755,283
IS Dongseo Co. Ltd.		5,623		237,409
JB Financial Group Co. Ltd.		29,914		211,935
Kakao Corp.		10,620		740,262
KakaoBank Corp.^(c)		3,785		125,107
Kangwon Land, Inc.^(c)		27,473		578,542
KCC Corp.		2,370		629,690
KCC Glass Corp.		4,715		229,852
KEPCO Plant Service & Engineering Co. Ltd.^(a)		8,887		263,345
KG Chemical Corp.		7,262		241,270
KIWOOM Securities Co. Ltd.		5,348		400,406
Kolmar Korea Co. Ltd.^(a)		4,960		183,213
Kolon Industries, Inc.		13,267		648,276
Korea Aerospace Industries Ltd.		14,774		509,920
Korea Line Corp.^(c)		75,412		158,993
Korea Petrochemical Ind Co. Ltd.		2,176		256,717
Korea Real Estate Investment & Trust Co. Ltd.		84,466		146,662
Korean Reinsurance Co.		22,659		173,618
Krafton, Inc.^(c)		2,007		391,377
Kumho Petrochemical Co. Ltd.		5,844		706,473
Kyeryong Construction Industrial Co. Ltd.		5,153		149,431
LIG Nex1 Co. Ltd.		3,141		204,573
LOTTE Chilsung Beverage Co. Ltd.		1,502		215,706
LOTTE Corp.		9,778		264,055
LOTTE Fine Chemical Co. Ltd.		5,640		361,984
LOTTE Shopping Co. Ltd.		5,865		436,635
LS Corp.		7,500		341,413
LS Electric Co. Ltd.		7,182		270,916
LX Hausys Ltd.		5,051		233,453
LX International Corp.		21,737		659,261
Mando Corp.		19,291		818,144
Meritz Financial Group, Inc.		15,868		472,397
Meritz Securities Co. Ltd.		123,763		637,973
Mirae Asset Securities Co. Ltd.		77,937		492,964
Mirae Asset Securities Co. Ltd., Second Pfd.		32,232		112,949
MK Electron Co. Ltd.		11,130		132,397
Netmarble Corp.^(b)		2,888		216,594
NH Investment & Securities Co. Ltd.		68,294		585,010
NHN Corp.^(c)		9,010		247,781
NongShim Co. Ltd.		1,264		303,150
OCI Co. Ltd.		7,614		630,853
Orion Corp.		5,082		380,359
Pan Ocean Co. Ltd.		55,641		291,537

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

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
South Korea-(continued)
Paradise Co. Ltd.^(a)(c)		9,998	$	130,638
Partron Co. Ltd.		15,573		142,982
Poongsan Corp.		11,266		285,076
S-1 Corp.		4,131		225,445
Samsung Biologics Co. Ltd.^(b)(c)		322		212,749
Samsung Card Co. Ltd.		11,035		291,431
Seah Besteel Holdings Corp.		14,988		216,215
Sebang Global Battery Co. Ltd.		3,750		223,113
Seoul Semiconductor Co. Ltd.		18,416		196,616
Seoyon Co. Ltd.		17,495		110,117
SFA Engineering Corp.		7,453		233,590
SK Chemicals Co. Ltd.		2,668		266,357
SKC Co. Ltd.		3,412		402,255
SL Corp.^(a)		7,748		162,711
SSANGYONG C&E Co. Ltd.		32,677		214,650
Sungwoo Hitech Co. Ltd.		35,407		136,664
TKG Huchems Co. Ltd.		10,013		176,322
WONIK IPS Co. Ltd.^(a)		5,810		181,556
Youngone Corp.		11,333		427,597
Yuhan Corp.		7,437		358,523

				44,074,103

Spain-1.63%
Almirall S.A.^(a)		17,808		231,207
Applus Services S.A		34,421		268,833
Befesa S.A.^(b)		4,823		302,229
Cia de Distribucion Integral Logista Holdings S.A		30,851		563,989
CIE Automotive S.A		15,536		337,059
Construcciones y Auxiliar de Ferrocarriles S.A.^(a)		4,069		125,224
Corp ACCIONA Energias Renovables S.A.		6,737		250,074
Ebro Foods S.A.^(a)		8,001		143,137
EDP Renovaveis S.A.^(a)		29,373		698,100
Ence Energia y Celulosa S.A.^(c)		69,161		260,096
Faes Farma S.A.		48,968		204,687
Fluidra S.A.^(a)		11,054		298,228
Gestamp Automocion S.A.^(b)		91,509		294,058
Indra Sistemas S.A.^(c)		60,657		618,250
Linea Directa Aseguradora S.A. Cia de Seguros y Reaseguros		113,433		162,353
Mediaset Espana Comunicacion S.A.^(c)		63,753		285,568
Melia Hotels International S.A.^(c)		34,062		279,493
Obrascon Huarte Lain S.A.^(c)		361,623		305,270
Prosegur Cia de Seguridad S.A.		68,410		140,516
Sacyr S.A.^(a)		264,271		708,714
Siemens Gamesa Renewable Energy S.A., Class R^(a)(c)		43,648		695,918
Tecnicas Reunidas S.A.^(a)(c)		35,646		295,476
Unicaja Banco S.A.^(b)		386,264		359,199
Viscofan S.A		8,504		467,928

				8,295,606

Sweden-4.30%
AAK AB		31,014		539,933
AddTech AB, Class B		16,241		287,173
AFRY AB		23,265		384,957
Arjo AB, Class B		39,004		294,720
Atrium Ljungberg AB, Class B		9,063		147,629
Avanza Bank Holding AB^(a)		6,887		174,468
Axfood AB^(a)		29,906		887,124


	Shares		Value
Sweden-(continued)
Beijer Alma AB		6,013	$	125,333
Beijer Ref AB^(a)		19,009		309,931
Betsson AB, Class B		66,604		409,131
BHG Group AB^(c)		16,704		115,289
Bilia AB, Class A		21,759		303,245
Bonava AB, Class B		38,681		188,482
Bravida Holding AB^(b)		20,171		206,641
Bure Equity AB		8,440		199,353
Byggmax Group AB		26,391		203,183
Catena AB		3,455		179,977
Cibus Nordic Real Estate AB^(a)		6,872		157,567
Clas Ohlson AB, Class B		19,497		221,640
Cloetta AB, Class B		89,659		226,528
Coor Service Management Holding AB^(b)		23,840		216,780
Corem Property Group AB, Class B		47,331		100,106
Corem Property Group AB, Preference Shares		772		24,249
Dios Fastigheter AB		21,246		189,136
Dustin Group AB^(a)(b)		23,377		168,129
Electrolux Professional AB, Class B		40,046		225,383
Elekta AB, Class B^(a)		79,555		533,422
EQT AB		7,929		224,513
Evolution AB^(b)		6,338		653,463
Granges AB^(a)		27,318		223,877
Hexpol AB		59,025		504,080
Hufvudstaden AB, Class A^(a)		31,023		399,661
Indutrade AB		26,198		620,825
Intrum AB^(a)		30,123		722,914
Investment AB Latour, Class B		10,855		288,269
Inwido AB^(a)		14,251		197,464
JM AB^(a)		21,990		510,553
L E Lundbergforetagen AB, Class B		14,340		671,429
Lifco AB, Class B		14,658		308,357
Lindab International AB		12,506		291,917
Loomis AB^(a)		15,335		382,843
Mekonomen AB^(c)		16,535		189,605
Modern Times Group MTG AB, Class B^(c)		14,955		157,683
Mycronic AB		10,965		191,923
NCC AB, Class A^(a)		1,035		13,816
NCC AB, Class B		25,419		313,814
New Wave Group AB, Class B		11,016		193,114
Nibe Industrier AB, Class B		76,572		751,320
Nobia AB		49,066		193,387
Nolato AB, Class B		23,980		166,087
Nordic Entertainment Group AB, Class B^(c)		13,963		456,334
Nordnet AB publ		9,377		161,415
Nyfosa AB		26,974		298,801
Pandox AB^(c)		27,760		386,939
Peab AB, Class B		33,090		317,375
Ratos AB, Class B^(a)		84,935		433,471
Resurs Holding AB, Class A^(a)(b)		106,141		309,165
Sagax AB, Class B		12,073		305,582
Sagax AB, Class D		7,516		23,177
Samhallsbyggnadsbolaget i Norden AB, Class B^(a)		146,201		453,686
Samhallsbyggnadsbolaget i Norden AB, Class D		6,927		18,099
SAS AB^(a)(c)		4,790,278		496,076
Scandic Hotels Group AB^(a)(b)(c)		65,070		249,823
Sinch AB^(a)(b)(c)		28,909		127,829

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

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
Sweden-(continued)
Stillfront Group AB^(c)		62,757	$	126,784
Sweco AB, Class B		30,774		435,583
Swedish Orphan Biovitrum AB, Class B^(c)		30,366		639,008
Thule Group AB^(a)(b)		14,474		501,512
VNV Global AB^(c)		28,700		119,656
Wallenstam AB, Class B^(a)		26,317		290,060
Wihlborgs Fastigheter AB^(a)		29,682		512,287

				21,853,085

Switzerland-3.25%
Allreal Holding AG		2,390		451,803
ALSO Holding AG		1,391		316,183
Arbonia AG		10,614		190,268
Aryzta AG^(a)(c)		351,889		327,941
Autoneum Holding AG^(a)		1,402		164,589
Banque Cantonale Vaudoise^(a)		8,026		679,565
Belimo Holding AG		689		341,084
BKW AG		4,995		609,898
Bucher Industries AG		1,408		508,968
Burckhardt Compression Holding AG		476		243,562
Bystronic AG		130		107,948
Cembra Money Bank AG^(a)		9,854		713,033
Daetwyler Holding AG, BR		620		199,344
DKSH Holding AG		7,816		672,029
dormakaba Holding AG		852		396,685
Emmi AG		327		325,054
EMS-Chemie Holding AG		734		656,683
Flughafen Zurich AG^(a)(c)		3,676		623,296
Forbo Holding AG		185		271,637
Galenica AG^(a)(b)		10,816		800,164
Huber + Suhner AG		3,584		314,859
Inficon Holding AG		196		178,831
Interroll Holding AG, Class R		38		115,427
IWG PLC^(c)		185,524		558,525
Komax Holding AG, Class R		613		160,138
Kongsberg Automotive ASA^(c)		656,626		173,222
Landis+Gyr Group AG^(a)		6,667		373,656
Mediclinic International PLC^(c)		127,942		590,689
Mobilezone Holding AG		13,925		225,516
Mobimo Holding AG		861		246,933
OC Oerlikon Corp. AG		61,927		441,517
Rieter Holding AG		942		128,147
SFS Group AG		2,681		336,845
Siegfried Holding AG		379		276,086
Stadler Rail AG^(a)		12,242		442,959
Straumann Holding AG		3,505		414,193
Sulzer AG^(a)		4,736		354,350
Tecan Group AG, Class R		825		248,464
Temenos AG		4,474		451,583
u-blox Holding AG^(c)		2,274		188,712
Valiant Holding AG		1,703		170,264
Valora Holding AG^(a)		1,323		216,528
VAT Group AG^(a)(b)		1,707		530,883
Vontobel Holding AG, Class R		4,087		299,479
Wizz Air Holdings PLC^(a)(b)(c)		5,624		216,251
Zehnder Group AG		2,081		162,433
Zur Rose Group AG^(a)(c)		863		106,005

				16,522,229

Ukraine-0.06%
Ferrexpo PLC		152,070		306,941


	Shares		Value
United Arab Emirates-0.10%
Borr Drilling Ltd.^(a)(c)		80,411	$	326,474
Network International Holdings PLC^(a)(b)(c)		63,309		205,361

				531,835

United Kingdom-7.68%
888 Holdings PLC		67,133		159,111
Ascential PLC^(c)		53,241		210,879
Ashmore Group PLC^(a)		121,063		333,135
Assura PLC		520,531		430,674
Aston Martin Lagonda Global Holdings PLC^(a)(b)(c)		19,076		198,110
Auto Trader Group PLC^(a)(b)		56,797		448,146
AVEVA Group PLC^(a)		17,666		475,141
Babcock International Group PLC^(c)		103,943		396,447
Balfour Beatty PLC		117,677		354,120
Biffa PLC^(a)(b)		54,495		235,418
Big Yellow Group PLC		25,302		451,362
BMO Commercial Property Trust Ltd.		115,266		170,377
Bodycote PLC		22,094		169,508
Brewin Dolphin Holdings PLC		44,258		283,763
Britvic PLC		62,763		669,350
Capita PLC^(c)		425,983		125,537
Capital & Counties Properties PLC		151,500		311,975
Capricorn Energy PLC^(c)		106,091		272,589
Civitas Social Housing PLC^(b)		173,002		187,153
Clarkson PLC		4,217		193,160
Close Brothers Group PLC		27,166		375,745
CMC Markets PLC^(b)		48,001		172,223
Computacenter PLC		13,054		435,307
ConvaTec Group PLC^(b)		344,699		909,162
Countryside Partnerships PLC^(b)(c)		145,147		453,289
Cranswick PLC		8,024		317,455
Crest Nicholson Holdings PLC		50,809		158,967
Currys PLC		375,942		436,048
Dechra Pharmaceuticals PLC		6,262		282,853
Diploma PLC		10,252		350,162
Domino’s Pizza Group PLC^(a)		69,084		301,491
Dr. Martens PLC		41,072		107,992
Dunelm Group PLC		21,482		262,895
Elementis PLC^(c)		99,091		149,377
EnQuest PLC^(c)		1,074,856		437,915
Essentra PLC		34,236		134,491
Euromoney Institutional Investor PLC		13,666		169,301
Firstgroup PLC^(c)		200,913		278,170
Frasers Group PLC^(c)		54,816		459,619
Games Workshop Group PLC		3,721		343,945
Genuit Group PLC		36,956		208,602
Genus PLC		6,192		193,845
Grafton Group PLC		52,974		643,504
Grainger PLC		122,303		451,952
Great Portland Estates PLC		45,418		386,836
Greggs PLC		13,230		384,798
Halfords Group PLC		66,882		190,109
Hammerson PLC		1,203,963		433,857
Harbour Energy PLC		76,959		483,115
Hargreaves Lansdown PLC^(a)		44,047		500,115
Hill & Smith Holdings PLC		11,403		196,995
HomeServe PLC		63,107		776,540
Ibstock PLC^(b)		106,613		249,377
Indivior PLC^(c)		72,937		285,089

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

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
United Kingdom-(continued)
IP Group PLC		257,008	$	263,873
J D Wetherspoon PLC^(a)(c)		28,672		261,014
JD Sports Fashion PLC		318,004		525,512
John Wood Group PLC^(c)		277,997		776,502
Jupiter Fund Management PLC		126,120		280,043
Kier Group PLC^(c)		115,419		114,050
Lancashire Holdings Ltd.		75,299		396,882
LondonMetric Property PLC		133,230		447,226
LXI REIT PLC^(b)		114,760		212,428
Marshalls PLC		20,146		154,026
Marston’s PLC^(c)		190,363		179,370
Mitchells & Butlers PLC^(c)		81,212		230,858
Moneysupermarket.com Group PLC		140,804		308,134
Morgan Sindall Group PLC		5,482		148,183
National Express Group PLC^(a)(c)		146,506		454,489
NCC Group PLC		61,027		138,426
Ninety One PLC^(a)		51,464		171,742
Ocado Group PLC^(a)(c)		31,971		363,929
OSB Group PLC		71,667		493,295
Oxford Instruments PLC		5,847		169,773
PageGroup PLC		69,480		425,741
Paragon Banking Group PLC		58,152		356,205
Pepco Group N.V.^(b)(c)		18,304		170,849
Petrofac Ltd.^(c)		381,286		642,289
Pets at Home Group PLC		119,887		463,733
Playtech PLC^(c)		91,523		595,213
Premier Foods PLC		106,388		147,679
Primary Health Properties PLC		250,160		452,793
Provident Financial PLC		54,978		175,542
QinetiQ Group PLC		127,824		545,839
Reach PLC		93,543		189,984
Redde Northgate PLC		41,218		204,484
Redrow PLC		83,568		546,948
Renewi PLC^(c)		27,108		232,490
Renishaw PLC		3,328		174,938
Restaurant Group PLC (The)^(c)		204,086		157,922
Rightmove PLC^(a)		47,947		368,013
Rotork PLC^(a)		140,238		507,296
S4 Capital PLC^(c)		37,924		141,115
Safestore Holdings PLC		24,470		384,152
Saga PLC^(c)		48,271		136,360
Savills PLC		19,938		266,444
Serco Group PLC		271,809		516,083
Shaftesbury PLC		51,324		382,465
Softcat PLC		13,046		228,888
Spire Healthcare Group PLC^(b)(c)		66,071		177,378
Spirent Communications PLC		84,740		245,976
SThree PLC		49,985		228,903
Synthomer PLC		122,805		463,720
Telecom Plus PLC		11,230		231,403
THG PLC^(c)		266,595		350,308
TP ICAP Group PLC		148,021		244,938


	Shares		Value
United Kingdom-(continued)
Tritax Big Box REIT PLC		261,525	$	792,958
Tritax EuroBox PLC^(a)(b)		116,158		147,735
Tyman PLC		44,485		151,364
UK Commercial Property REIT Ltd.		192,966		212,577
Ultra Electronics Holdings PLC		10,025		408,589
UNITE Group PLC (The)		51,552		728,774
Vesuvius PLC		33,055		133,149
Victrex PLC		18,967		429,862
Vistry Group PLC		47,643		496,894
Watches of Switzerland Group PLC^(b)(c)		16,633		207,893
WH Smith PLC^(c)		24,662		442,873
Wickes Group PLC		74,779		178,922
Workspace Group PLC		28,370		235,540

				39,010,072

United Republic of Tanzania-0.02%
Helios Towers PLC^(a)(c)		74,985		105,535

United States-0.97%
Argonaut Gold, Inc.^(c)		112,978		190,057
Avast PLC^(b)		47,436		336,755
Brookfield Renewable Corp.		10,957		395,482
Cineworld Group PLC^(a)(c)		1,122,985		432,035
Diversified Energy Co. PLC^(b)		157,172		237,695
JS Global Lifestyle Co. Ltd.^(b)		212,574		251,979
Oracle Corp.		8,010		516,884
Primo Water Corp.		41,419		608,946
Reliance Worldwide Corp. Ltd.		115,049		315,230
RHI Magnesita N.V		5,068		150,362
Samsonite International S.A.^(b)(c)		334,605		734,381
Sims Ltd.		52,615		765,528

				4,935,334

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.46% (Cost $511,403,539)				504,911,863


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-11.49%
Invesco Private Government Fund, 0.40%^(f)(g)(h)		17,626,115		17,626,115
Invesco Private Prime Fund, 0.35%^(f)(g)(h)		40,685,961		40,685,961

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $58,311,669)				58,312,076

TOTAL INVESTMENTS IN SECURITIES-110.95% (Cost $569,715,208)				563,223,939
OTHER ASSETS LESS LIABILITIES-(10.95)%				(55,601,488	)

NET ASSETS-100.00%			$	507,622,451

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

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

April 30, 2022

(Unaudited)

Investment Abbreviations:

BR-Bearer Shares

CDI-CREST Depository Interest

CVA-Dutch Certificates

FDR-Fiduciary Depositary Receipt

Pfd.-Preferred

REIT-Real Estate Investment Trust

RSP-Registered Savings Plan Shares

Wts.-Warrants

Notes to Schedule of Investments:

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

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2022 was $29,102,511, which represented 5.73% of the Fund’s Net Assets.

^(c)	Non-income producing security.

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

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

^(f)


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Invesco Office J-Reit, Inc.		$	58,080		$	-		$	(58,488	)		$	(10,828	)		$	11,236			$	-		$	-
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-			21,484,903			(21,484,903	)			-				-				-			157
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			12,012,523			32,628,678			(27,015,086	)			-				-				17,626,115			11,821	*
Invesco Private Prime Fund			28,084,570			68,259,791			(55,644,030	)			407				(14,777	)			40,685,961			33,353	*

Total		$	40,155,173		$	122,373,372		$	(104,202,507	)		$	(10,421	)		$	(3,541	)		$	58,312,076		$	45,331

*	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.

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

^(h)	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 2J.

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

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

April 30, 2022

(Unaudited)

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of April 30, 2022



Industrials			21.57
Consumer Discretionary			12.56
Materials			11.52
Real Estate			11.27
Financials			9.65
Information Technology			7.31
Consumer Staples			7.03
Health Care			5.65
Communication Services			5.63
Energy			4.63
Utilities			2.64
Money Market Funds Plus Other Assets Less Liabilities			0.54

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

Invesco FTSE RAFI Emerging Markets ETF (PXH)

April 30, 2022

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-100.03%
Brazil-14.94%
Ambev S.A		2,013,044	$	5,902,306
B3 S.A. - Brasil, Bolsa, Balcao		1,453,955		3,904,851
Banco Bradesco S.A		1,456,116		4,384,049
Banco Bradesco S.A., Preference Shares		4,989,806		18,116,536
Banco do Brasil S.A.		1,358,358		9,112,042
Banco Santander Brasil S.A		429,200		2,751,726
Braskem S.A., Class A, Preference Shares		175,409		1,424,609
BRF S.A.^(a)		840,200		2,304,010
CCR S.A		828,300		2,075,684
Centrais Eletricas Brasileiras S.A.		588,850		4,813,345
Centrais Eletricas Brasileiras S.A., Class B, Preference Shares		258,300		2,094,169
Cia de Saneamento Basico do Estado de Sao Paulo		280,192		2,519,476
Cia Energetica de Minas Gerais		223,543		864,434
Cia Energetica de Minas Gerais, Preference Shares		804,591		2,383,456
Cia Paranaense de Energia		278,800		367,064
Cia Paranaense de Energia, Class B, Preference Shares		1,142,780		1,716,870
Cia Siderurgica Nacional S.A		323,882		1,378,013
Cielo S.A.		3,166,022		2,173,675
Cogna Educacao^(a)		4,230,500		2,092,954
Cosan S.A.		413,265		1,752,467
Embraer S.A.^(a)		515,467		1,479,097
Energisa S.A.		153,200		1,473,779
Equatorial Energia S.A		433,700		2,245,480
Gerdau S.A., Preference Shares		680,792		3,845,110
Hapvida Participacoes e Investimentos S.A.^(b)		584,500		1,035,109
Itau Unibanco Holding S.A		414,100		1,679,078
Itau Unibanco Holding S.A., Preference Shares		4,411,775		21,265,108
Itausa S.A., Preference Shares		1,394,585		2,593,621
Klabin S.A.		342,400		1,433,984
Lojas Renner S.A.		292,810		1,404,272
Metalurgica Gerdau S.A., Preference Shares		1,256,300		2,881,864
Natura & Co. Holding S.A		434,000		1,629,187
Petroleo Brasileiro S.A		2,642,162		17,841,343
Petroleo Brasileiro S.A., Preference Shares		3,990,747		24,401,240
Rumo S.A.		536,800		1,774,447
Sul America S.A.		361,255		1,937,509
Suzano S.A.		167,168		1,674,651
Telefonica Brasil S.A.		358,843		3,854,218
TIM S.A.		554,566		1,509,541
Ultrapar Participacoes S.A		1,165,592		3,076,267
Usinas Siderurgicas de Minas Gerais S.A. Usiminas		116,500		247,482
Usinas Siderurgicas de Minas Gerais S.A. Usiminas, Class A, Preference Shares		329,200		751,838
Vale S.A		1,891,438		31,811,694


	Shares		Value
Brazil-(continued)
Via S/A^(a)		2,387,900	$	1,432,103
Vibra Energia S.A		1,195,619		5,099,041

				210,508,799

Canada-0.09%
Canadian Solar, Inc.^(a)(c)		46,440		1,278,029

Chile-0.73%
Banco de Chile		21,887,099		2,184,733
Banco Santander Chile		45,352,237		2,181,352
Cencosud S.A.		713,072		1,141,015
Enel Americas S.A.		14,485,651		1,516,404
Falabella S.A.		593,367		1,665,921
Sociedad Quimica y Minera de Chile S.A., Class A		2,464		172,557
Sociedad Quimica y Minera de Chile S.A., Class B, Preference Shares		19,155		1,421,384

				10,283,366

China-37.03%
Agricultural Bank of China Ltd., A Shares		11,450,700		5,302,277
Agricultural Bank of China Ltd., H Shares		36,804,292		13,820,460
Alibaba Group Holding Ltd.^(a)		3,544,690		43,327,188
Aluminum Corp. of China Ltd., A Shares^(a)		712,200		509,265
Aluminum Corp. of China Ltd., H Shares^(a)		2,797,558		1,296,998
Anhui Conch Cement Co. Ltd., A Shares		168,500		1,012,523
Anhui Conch Cement Co. Ltd., H Shares		735,247		3,981,862
ANTA Sports Products Ltd.		104,906		1,206,633
Baidu, Inc., A Shares^(a)		690,700		10,843,839
Bank of Beijing Co. Ltd., A Shares		1,970,100		1,359,935
Bank of China Ltd., A Shares		3,329,700		1,626,372
Bank of China Ltd., H Shares		48,193,940		18,972,564
Bank of Communications Co. Ltd., A Shares		3,917,493		3,012,321
Bank of Communications Co. Ltd., H Shares		10,322,443		7,196,366
Baoshan Iron & Steel Co. Ltd., A Shares		1,303,400		1,271,297
BYD Co. Ltd., A Shares		10,400		378,635
BYD Co. Ltd., H Shares		65,165		1,914,797
CGN Power Co. Ltd., A Shares		270,000		115,302
CGN Power Co. Ltd., H Shares^(b)		5,896,150		1,655,260
China CITIC Bank Corp. Ltd., A Shares		458,901		349,108
China CITIC Bank Corp. Ltd., H Shares		6,271,198		3,189,698
China Coal Energy Co. Ltd., A Shares		268,200		382,736
China Coal Energy Co. Ltd., H Shares		1,608,000		1,371,057
China Conch Environment Protection Holdings Ltd.^(a)		465,096		398,341
China Conch Venture Holdings Ltd		407,596		1,062,348
China Construction Bank Corp., A Shares		303,700		278,388
China Construction Bank Corp., H Shares		44,150,659		31,376,023

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

Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
China-(continued)
China Everbright Bank Co. Ltd., A Shares		4,159,200	$	2,006,017
China Everbright Bank Co. Ltd., H Shares		4,491,946		1,627,910
China Everbright Environment Group Ltd.		2,293,000		1,348,079
China Evergrande Group^(d)		10,711,764		1,689,467
China Gas Holdings Ltd.		1,448,029		1,755,110
China Hongqiao Group Ltd.^(c)		1,533,560		1,917,433
China Life Insurance Co. Ltd., H Shares .		3,528,372		5,120,539
China Longyuan Power Group Corp. Ltd., H Shares		653,011		1,266,863
China Mengniu Dairy Co. Ltd		510,480		2,746,754
China Merchants Bank Co. Ltd., A Shares		542,400		3,253,301
China Merchants Bank Co. Ltd., H Shares		1,422,283		8,562,427
China Minsheng Banking Corp. Ltd., A Shares		4,547,445		2,548,778
China Minsheng Banking Corp. Ltd., H Shares^(c)		11,824,533		4,484,903
China National Building Material Co. Ltd., H Shares		2,720,317		3,605,915
China Overseas Land & Investment Ltd		3,203,598		9,867,219
China Pacific Insurance (Group) Co. Ltd., A Shares		353,100		1,106,119
China Pacific Insurance (Group) Co. Ltd., H Shares		2,014,071		4,449,727
China Petroleum & Chemical Corp., A Shares		3,017,600		1,978,317
China Petroleum & Chemical Corp., H Shares		34,075,744		16,783,790
China Power International Development Ltd.		4,208,000		2,020,950
China Railway Group Ltd., A Shares		2,185,500		2,337,264
China Railway Group Ltd., H Shares		6,023,931		4,203,381
China Resources Cement Holdings Ltd. .		1,512,020		1,251,242
China Resources Gas Group Ltd		338,955		1,277,829
China Resources Land Ltd		1,779,560		7,900,628
China Resources Power Holdings Co. Ltd.		1,868,000		3,496,598
China Shenhua Energy Co. Ltd., A Shares		364,700		1,694,382
China Shenhua Energy Co. Ltd., H Shares		2,495,945		7,956,695
China State Construction Engineering Corp. Ltd., A Shares		5,087,637		4,807,319
China Tower Corp. Ltd., H Shares^(b)		16,633,351		1,940,574
China United Network Communications Ltd., A Shares		2,774,600		1,477,504
China Vanke Co. Ltd., A Shares		713,100		2,078,032
China Vanke Co. Ltd., H Shares		1,984,152		4,634,897
Chongqing Rural Commercial Bank Co. Ltd., A Shares		465,000		272,104
Chongqing Rural Commercial Bank Co. Ltd., H Shares		3,215,645		1,247,094
CIFI Holdings Group Co. Ltd.		2,418,000		1,165,795
CITIC Ltd.		1,693,516		1,755,489
CITIC Securities Co. Ltd., A Shares		227,700		673,516
CITIC Securities Co. Ltd., H Shares		740,183		1,623,611


	Shares		Value
China-(continued)
COSCO SHIPPING Holdings Co. Ltd., A Shares^(a)		181,380	$	391,767
COSCO SHIPPING Holdings Co. Ltd., H Shares^(a)		692,400		1,084,211
Country Garden Holdings Co. Ltd		4,539,533		3,102,413
CRRC Corp. Ltd., A Shares		1,330,300		1,014,740
CRRC Corp. Ltd., H Shares		3,023,000		1,117,177
CSPC Pharmaceutical Group Ltd		1,515,630		1,543,551
ENN Energy Holdings Ltd.		210,814		2,802,966
Geely Automobile Holdings Ltd		2,038,580		3,158,260
GF Securities Co. Ltd., A Shares		156,500		375,990
GF Securities Co. Ltd., H Shares		582,225		723,940
Great Wall Motor Co. Ltd., A Shares		42,800		158,348
Great Wall Motor Co. Ltd., H Shares		604,620		847,001
Greentown China Holdings Ltd.		799,000		1,394,024
Guangzhou Automobile Group Co. Ltd., A Shares		91,000		166,051
Guangzhou Automobile Group Co. Ltd., H Shares		1,196,192		1,016,577
Haier Smart Home Co. Ltd., A Shares		131,500		509,495
Haier Smart Home Co. Ltd., H Shares		712,415		2,546,405
Haitong Securities Co. Ltd., A Shares		354,500		483,253
Haitong Securities Co. Ltd., H Shares		1,821,291		1,273,521
Hengan International Group Co. Ltd		271,273		1,283,934
Huaneng Power International, Inc., A Shares		483,100		524,625
Huaneng Power International, Inc., H Shares^(c)		4,531,727		2,275,820
Huatai Securities Co. Ltd., A Shares		225,000		451,182
Huatai Securities Co. Ltd., H Shares^(b)		705,240		969,566
Huaxia Bank Co. Ltd., A Shares		1,676,500		1,380,737
Industrial & Commercial Bank of China Ltd., A Shares		3,190,012		2,303,846
Industrial & Commercial Bank of China Ltd., H Shares		47,693,365		28,748,313
Industrial Bank Co. Ltd., A Shares		1,105,400		3,404,398
JD.com, Inc., A Shares^(a)		319,414		9,957,366
Jiangxi Copper Co. Ltd., A Shares		142,700		377,481
Jiangxi Copper Co. Ltd., H Shares		1,123,975		1,770,478
JinkoSolar Holding Co. Ltd., ADR^(a)		31,651		1,622,430
JOYY, Inc., ADR		36,198		1,432,355
Kunlun Energy Co. Ltd		1,880,783		1,553,662
Kweichow Moutai Co. Ltd., A Shares		6,500		1,789,341
Longfor Group Holdings Ltd.^(b)(c)		886,235		4,318,560
Lufax Holding Ltd., ADR		310,094		1,721,022
Meituan, B Shares^(a)(b)		187,415		4,023,109
Metallurgical Corp. of China Ltd., A Shares		1,143,000		603,211
Metallurgical Corp. of China Ltd., H Shares		2,873,281		736,557
NetEase, Inc.		270,560		5,170,673
New China Life Insurance Co. Ltd., A Shares		108,400		486,505
New China Life Insurance Co. Ltd., H Shares		709,286		1,791,801
New Oriental Education & Technology Group, Inc., ADR^(a)(c)		145,005		1,819,813
People’s Insurance Co. Group of China Ltd. (The), H Shares		7,528,247		2,400,294
PetroChina Co. Ltd., H Shares		23,806,566		11,402,596

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

Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
China-(continued)
PICC Property & Casualty Co. Ltd., H Shares		2,566,090	$	2,607,848
Ping An Bank Co. Ltd., A Shares		832,900		1,919,926
Ping An Insurance (Group) Co. of China Ltd., A Shares		548,800		3,683,100
Ping An Insurance (Group) Co. of China Ltd., H Shares		4,300,317		27,657,941
Poly Developments and Holdings Group Co. Ltd., A Shares		596,500		1,635,203
Postal Savings Bank of China Co. Ltd., A Shares		994,200		810,957
Postal Savings Bank of China Co. Ltd., H Shares^(b)(c)		6,419,011		4,880,580
SAIC Motor Corp. Ltd., A Shares		922,656		2,218,670
Shanghai Pharmaceuticals Holding Co. Ltd., A Shares		137,400		364,903
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares		894,573		1,440,109
Shanghai Pudong Development Bank Co. Ltd., A Shares		2,879,652		3,492,707
Shenzhou International Group Holdings Ltd.		109,732		1,508,729
Shimao Group Holdings Ltd.^(c)(d)		6,060,315		3,243,280
Sino Biopharmaceutical Ltd.		1,995,317		1,039,056
Sinopharm Group Co. Ltd., H Shares		551,196		1,264,936
Sunac China Holdings Ltd.^(d)		8,308,367		4,364,827
Sunny Optical Technology Group Co. Ltd.		63,350		926,957
TAL Education Group, ADR^(a)		496,825		1,684,237
Tencent Holdings Ltd		654,344		30,695,579
Trip.com Group Ltd., ADR^(a)(c)		176,477		4,173,681
Vipshop Holdings Ltd., ADR^(a)		327,584		2,509,293
Weichai Power Co. Ltd., A Shares		250,700		421,347
Weichai Power Co. Ltd., H Shares		1,037,146		1,444,393
Xiaomi Corp., B Shares^(a)(b)		3,524,600		5,354,350
Yangzijiang Shipbuilding Holdings Ltd.		1,333,240		874,642
Yankuang Energy Group Co. Ltd., A Shares		43,300		227,587
Yankuang Energy Group Co. Ltd., H Shares		1,016,029		2,863,789
Zhongsheng Group Holdings Ltd		210,150		1,383,860
Zijin Mining Group Co. Ltd., A Shares		284,900		474,146
Zijin Mining Group Co. Ltd., H Shares		1,092,497		1,606,667

				521,947,830

India-12.69%
Axis Bank Ltd.^(a)		566,618		5,322,162
Bank of Baroda^(a)		985,150		1,442,424
Bharat Petroleum Corp. Ltd.		769,840		3,614,676
Bharti Airtel Ltd.^(a)		445,166		4,277,456
Coal India Ltd.		1,784,156		4,226,315
GAIL (India) Ltd		1,392,490		2,883,884
Grasim Industries Ltd		147,482		3,236,951
HCL Technologies Ltd.		193,733		2,706,242
Hero MotoCorp Ltd.		62,466		2,020,352
Hindalco Industries Ltd.		709,345		4,412,571
Hindustan Petroleum Corp. Ltd.		564,755		1,986,047
Hindustan Unilever Ltd.		98,623		2,867,564
Housing Development Finance Corp. Ltd.		377,654		10,873,304


	Shares		Value
India-(continued)
ICICI Bank Ltd.		288,019	$	2,782,047
Indiabulls Housing Finance Ltd.		846,904		1,669,053
Indian Oil Corp. Ltd		1,568,945		2,571,715
Indus Towers Ltd.^(a)		443,051		1,188,164
Infosys Ltd		541,010		10,977,317
ITC Ltd.		978,963		3,302,438
Jindal Steel & Power Ltd.		284,912		1,994,604
JSW Steel Ltd.		323,251		3,053,921
Larsen & Toubro Ltd		203,890		4,475,644
Mahindra & Mahindra Ltd		391,407		4,688,757
Maruti Suzuki India Ltd.		25,335		2,539,621
NTPC Ltd.		1,968,244		4,001,355
Oil & Natural Gas Corp. Ltd.		2,492,906		5,208,726
Piramal Enterprises Ltd		49,659		1,390,084
Power Grid Corp. of India Ltd.		1,433,874		4,255,461
REC Ltd.		780,394		1,292,414
Reliance Industries Ltd		753,267		27,237,561
Shriram Transport Finance Co. Ltd.		97,057		1,511,986
State Bank of India		808,756		5,190,365
Sun Pharmaceutical Industries Ltd		165,894		2,007,778
Tata Consultancy Services Ltd.		145,692		6,703,933
Tata Motors Ltd.^(a)		1,387,220		7,910,847
Tata Motors Ltd., Class A^(a)		303,168		846,317
Tata Power Co. Ltd. (The)		598,841		1,889,662
Tata Steel Ltd.		458,187		7,548,596
Tech Mahindra Ltd.		125,924		2,057,307
UltraTech Cement Ltd.		16,987		1,461,596
UPL Ltd.		184,504		1,963,600
Vedanta Ltd		855,068		4,531,340
Wipro Ltd		167,627		1,105,669
Yes Bank Ltd.^(a)		8,965,650		1,583,461

				178,811,287

Indonesia-1.67%
PT Adaro Energy Tbk		9,043,616		2,074,520
PT Astra International Tbk		5,135,081		2,683,192
PT Bank Central Asia Tbk		7,461,888		4,173,430
PT Bank Mandiri (Persero) Tbk		4,723,455		2,910,438
PT Bank Negara Indonesia (Persero) Tbk		3,355,663		2,122,607
PT Bank Rakyat Indonesia (Persero) Tbk		16,028,845		5,327,777
PT Telkom Indonesia (Persero) Tbk		13,360,540		4,257,825

				23,549,789

Malaysia-0.50%
CIMB Group Holdings Bhd.		1,169,700		1,394,011
Malayan Banking Bhd		808,200		1,679,741
Petronas Chemicals Group Bhd		855,200		2,007,613
Public Bank Bhd.		1,786,500		1,919,875

				7,001,240

Mexico-2.99%
America Movil S.A.B. de C.V., Series L		11,495,277		11,186,329
Arca Continental S.A.B. de C.V		209,360		1,328,369
Cemex S.A.B. de C.V., Series CPO^(a)(e)		11,784,367		5,185,272
Fomento Economico Mexicano, S.A.B. de C.V., Series CPO^(c)(f)		935,138		7,030,775
Grupo Financiero Banorte S.A.B. de C.V., Class O^(c)		870,280		5,744,441
Grupo Mexico S.A.B. de C.V., Class B		730,299		3,418,093

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

Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
Mexico-(continued)
Grupo Televisa S.A.B., Series CPO^(c)(g)		1,181,292	$	2,192,584
Wal-Mart de Mexico S.A.B. de C.V.,
Series V		1,700,530		6,012,703

				42,098,566

Russia-0.00%
Aeroflot PJSC^(a)(d)		1,684,800		0
Alrosa PJSC^(d)		1,976,600		0
Gazprom PJSC^(d)		9,643,940		0
Inter RAO UES PJSC^(d)		29,081,146		0
Lukoil PJSC^(d)		261,775		0
Magnit PJSC^(d)		55,179		0
MMC Norilsk Nickel PJSC^(d)		20,152		0
Mobile TeleSystems PJSC^(d)		921,186		0
Moscow Exchange MICEX-RTS PJSC^(d)		550,555		0
Novatek PJSC^(d)		298,686		0
Novolipetsk Steel PJSC^(d)		795,328		0
Rosneft Oil Co. PJSC^(d)		1,054,960		0
Sberbank of Russia PJSC^(d)		7,562,894		0
Severstal PAO^(d)		147,196		0
Sistema PJSFC^(d)		3,408,447		0
Surgutneftegas PJSC^(d)		3,493,738		0
Surgutneftegas PJSC, Preference Shares^(d)		3,804,484		0
Tatneft PJSC^(d)		753,855		0
Tatneft PJSC, Preference Shares^(d)		74,068		0
VTB Bank PJSC^(d)		3,563,458,267		0

				0

Saudi Arabia-3.53%
Al Rajhi Bank		171,439		8,012,914
Alinma Bank		203,311		2,241,274
Etihad Etisalat Co.		156,027		1,791,857
Riyad Bank		249,339		2,709,645
Saudi Arabian Mining Co.^(a)		69,072		2,525,366
Saudi Arabian Oil Co.^(b)		550,832		6,582,039
Saudi Basic Industries Corp		251,653		8,778,085
Saudi Electricity Co.		394,004		2,846,997
Saudi Kayan Petrochemical Co.^(a)		297,446		1,488,326
Saudi National Bank (The)		292,264		6,112,354
Saudi Telecom Co.		177,431		5,449,307
Yanbu National Petrochemical Co., Class A		78,332		1,269,291

				49,807,455

Singapore-0.04%
Yangzijiang Financial Holding Pte. Ltd.^(a)		1,388,230		547,893

South Africa-4.52%
Absa Group Ltd.^(c)		250,400		2,706,572
Aspen Pharmacare Holdings Ltd		145,191		1,552,888
Bid Corp. Ltd		91,277		1,907,345
Bidvest Group Ltd. (The)		94,150		1,289,337
Capitec Bank Holdings Ltd.^(c)		11,752		1,637,418
Discovery Ltd.^(a)(c)		129,691		1,243,875
Exxaro Resources Ltd.^(c)		107,692		1,530,297
FirstRand Ltd.		1,246,566		5,361,039
Foschini Group Ltd. (The)		151,574		1,320,345
Gold Fields Ltd.		251,194		3,386,533
Impala Platinum Holdings Ltd.		118,767		1,548,467
Kumba Iron Ore Ltd.		28,186		936,314


	Shares		Value
South Africa-(continued)
Mr Price Group Ltd		86,341	$	1,166,924
MTN Group Ltd		540,618		5,730,129
Naspers Ltd., Class N		37,602		3,744,263
Nedbank Group Ltd.		172,089		2,396,764
Old Mutual Ltd.^(c)		1,680,623		1,336,999
Remgro Ltd		143,247		1,286,029
Sanlam Ltd.		478,316		1,977,160
Sasol Ltd.^(a)		325,291		7,953,468
Shoprite Holdings Ltd.^(c)		163,266		2,351,898
Sibanye Stillwater Ltd.		843,097		2,907,618
Standard Bank Group Ltd.^(c)		326,243		3,454,755
Steinhoff International Holdings N.V.^(a)		10,267,386		1,691,861
Vodacom Group Ltd		162,487		1,555,428
Woolworths Holdings Ltd		479,906		1,791,740

				63,765,466

Taiwan-13.95%
Acer, Inc.		1,877,000		1,742,571
ASE Technology Holding Co. Ltd.		1,731,362		5,584,139
Asustek Computer, Inc		300,641		3,622,828
AU Optronics Corp.		7,075,519		4,047,203
Catcher Technology Co. Ltd.		302,000		1,476,745
Cathay Financial Holding Co. Ltd.		2,883,339		6,072,071
Chailease Holding Co. Ltd.		263,438		2,090,138
China Development Financial Holding Corp		6,175,000		3,721,183
China Steel Corp		4,951,653		5,993,805
Chunghwa Telecom Co. Ltd		1,029,599		4,553,286
Compal Electronics, Inc.		1,844,000		1,375,178
CTBC Financial Holding Co. Ltd		4,481,838		4,418,143
Delta Electronics, Inc.		551,506		4,603,486
E.Sun Financial Holding Co. Ltd.		2,118,472		2,426,515
Evergreen Marine Corp. Taiwan Ltd		286,000		1,386,628
First Financial Holding Co. Ltd.		1,820,163		1,710,703
Formosa Chemicals & Fibre Corp.		441,920		1,189,852
Formosa Petrochemical Corp.		396,000		1,226,346
Formosa Plastics Corp		1,198,280		4,267,685
Foxconn Technology Co. Ltd		668,000		1,325,851
Fubon Financial Holding Co. Ltd		2,332,440		5,839,512
Hon Hai Precision Industry Co. Ltd		3,091,064		10,575,470
Innolux Corp.		7,670,746		3,509,057
Largan Precision Co. Ltd		43,000		2,439,474
Lite-On Technology Corp		577,313		1,264,821
MediaTek, Inc.		230,091		6,304,690
Mega Financial Holding Co. Ltd		2,167,080		3,040,656
Micro-Star International Co. Ltd.		280,000		1,134,284
Nan Ya Plastics Corp.		972,940		2,841,921
Novatek Microelectronics Corp		113,000		1,502,178
Pegatron Corp		680,260		1,611,594
Powertech Technology, Inc		516,200		1,624,093
President Chain Store Corp		149,000		1,377,181
Quanta Computer, Inc.		1,122,000		3,160,026
Realtek Semiconductor Corp		82,000		1,116,695
Shin Kong Financial Holding Co. Ltd		11,030,998		3,646,748
Sino-American Silicon Products, Inc		187,000		929,525
SinoPac Financial Holdings Co. Ltd		2,315,000		1,422,882
Synnex Technology International Corp.		605,000		1,582,970
Taishin Financial Holding Co. Ltd.		2,478,000		1,623,005
Taiwan Cement Corp.		1,559,821		2,424,757

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

Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
Taiwan-(continued)
Taiwan Cooperative Financial Holding Co. Ltd		1,613,000	$	1,554,564
Taiwan Semiconductor Manufacturing Co. Ltd		3,225,000		58,864,141
Unimicron Technology Corp.		149,000		1,042,027
Uni-President Enterprises Corp		694,941		1,603,550
United Microelectronics Corp.		3,288,491		5,268,169
Walsin Technology Corp.		262,000		1,067,032
Wistron Corp		1,462,875		1,409,804
Yageo Corp.		152,000		2,044,878
Yuanta Financial Holding Co. Ltd.		2,262,257		1,986,588

				196,646,648

Thailand-4.21%
Advanced Info Service PCL, NVDR		413,017		2,580,364
Bangkok Bank PCL, NVDR		790,792		2,989,022
Bangkok Dusit Medical Services PCL, NVDR		2,187,595		1,637,407
Banpu PCL, NVDR		5,063,840		1,806,679
Charoen Pokphand Foods PCL, NVDR		3,974,756		2,786,823
CP ALL PCL, NVDR		1,822,818		3,438,150
Indorama Ventures PCL, NVDR		1,042,790		1,367,963
IRPC PCL, NVDR		11,763,841		1,189,915
Kasikornbank PCL, NVDR		1,127,347		4,993,623
Krung Thai Bank PCL, NVDR		7,388,833		3,263,661
Land & Houses PCL, NVDR		4,958,058		1,379,223
PTT Exploration & Production PCL, NVDR		819,350		3,592,326
PTT Global Chemical PCL, NVDR		2,086,614		3,028,585
PTT PCL, NVDR		9,911,343		10,797,251
SCB X PCL, NVDR		1,591,151		5,342,551
Siam Cement PCL (The), NVDR		533,412		5,743,068
Thai Oil PCL, NVDR		1,317,460		2,163,887
TMBThanachart Bank PCL, NVDR		33,404,469		1,254,585
TMBThanachart Bank PCL, Wts., expiring 10/25/2025^(a)		351,452		3,592

				59,358,675

Turkey-2.47%
Akbank T.A.S.		6,114,604		3,671,397
BIM Birlesik Magazalar A.S.		377,595		2,110,008
Eregli Demir ve Celik Fabrikalari TAS		1,229,978		2,749,331
Haci Omer Sabanci Holding A.S.		2,202,056		2,941,314
KOC Holding A.S		1,297,729		3,476,369


	Shares		Value
Turkey-(continued)
Turk Hava Yollari AO^(a)		1,289,757	$	3,546,699
Turkcell Iletisim Hizmetleri A.S.		2,069,126		2,990,912
Turkiye Garanti Bankasi A.S.		4,514,598		4,532,237
Turkiye Halk Bankasi A.S.^(a)		3,549,909		1,292,744
Turkiye Is Bankasi A.S., Class C		3,856,307		2,712,015
Turkiye Petrol Rafinerileri A.S.^(a)		215,855		3,359,950
Yapi ve Kredi Bankasi A.S.		4,453,226		1,459,828

				34,842,804

United Republic of Tanzania-0.21%
AngloGold Ashanti Ltd		147,401		3,012,731

United States-0.46%
JBS S.A.		844,640		6,455,641

Total Common Stocks & Other Equity Interests (Cost $1,419,886,592)				1,409,916,219

Money Market Funds-0.23%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(h)(i)(Cost $3,236,726)		3,236,726		3,236,726

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.26% (Cost $1,423,123,318)				1,413,152,945

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.53%
Invesco Private Government Fund, 0.40%^(h)(i)(j)		6,489,963		6,489,963
Invesco Private Prime Fund, 0.35%^(h)(i)(j)		15,139,367		15,139,367

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $21,628,571)				21,629,330

TOTAL INVESTMENTS IN SECURITIES-101.79% (Cost $1,444,751,889)				1,434,782,275
OTHER ASSETS LESS LIABILITIES-(1.79)%				(25,287,066	)

NET ASSETS-100.00%			$	1,409,495,209

Investment Abbreviations:

ADR-American Depositary Receipt

CPO-Certificates of Ordinary Participation

NVDR-Non-Voting Depositary Receipt

Wts.-Warrants

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

Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)

April 30, 2022

(Unaudited)

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2022 was $30,759,147, which represented 2.18% of the Fund’s Net Assets.

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

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

^(e)	Each CPO for Cemex S.A.B. de C.V. represents two Series A shares and one Series B share.

^(f)	Each CPO for Fomento Economico Mexicano, S.A.B. de C.V. represents one Series B share and four Series D shares.

^(g)	Each CPO for Grupo Televisa S.A.B. represents twenty-five Series A shares, twenty-two Series B shares, thirty-five Series D shares and thirty-five Series L shares.

^(h)


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	2,123,231		$	156,861,739		$	(155,748,244	)		$	-		$	-			$	3,236,726		$	2,529
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			10,330,294			38,430,548			(42,270,879	)			-			-				6,489,963			4,278	*
Invesco Private Prime Fund			24,104,019			52,383,866			(61,346,742	)			759			(2,535	)			15,139,367			11,560	*

Total		$	36,557,544		$	247,676,153		$	(259,365,865	)		$	759		$	(2,535	)		$	24,866,056		$	18,367

*	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.

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

^(j)	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 2J.

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of April 30, 2022


Financials	32.53
Energy	12.13
Materials	11.94
Information Technology	11.72
Consumer Discretionary	8.98
Communication Services	7.43
Consumer Staples	4.21
Utilities	3.87
Real Estate	3.32
Industrials	3.06
Health Care	0.84
Money Market Funds Plus Other Assets Less Liabilities	(0.03	)

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

Invesco Global Clean Energy ETF (PBD)

April 30, 2022

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.85%
Australia-1.08%
Tritium DCFC Ltd.^(a)(b)		293,762	$	2,670,297

Austria-0.94%
Verbund AG		21,751		2,329,164

Belgium-0.97%
Elia Group S.A./N.V.^(b)		15,114		2,408,521

Canada-5.16%
Ballard Power Systems, Inc.^(a)		196,666		1,641,897
Boralex, Inc., Class A		71,239		2,146,563
Canadian Solar, Inc.^(a)(b)		64,937		1,787,066
Innergex Renewable Energy, Inc.		141,563		1,905,155
Li-Cycle Holdings Corp.^(a)(b)		251,845		1,634,474
Lion Electric Co. (The)^(a)(b)		270,511		1,652,822
Lithium Americas Corp.^(a)(b)		80,137		2,016,247

				12,784,224

Chile-0.88%
Sociedad Quimica y Minera de Chile S.A., ADR		29,486		2,176,067

China-10.95%
BYD Co. Ltd., H Shares		85,573		2,514,462
China Datang Corp. Renewable Power Co. Ltd., H Shares		5,613,027		2,135,649
Daqo New Energy Corp., ADR^(a)		49,947		2,076,297
Flat Glass Group Co. Ltd., H Shares^(b)		468,698		1,681,658
Ganfeng Lithium Co. Ltd., H Shares^(c)		166,436		1,997,203
JinkoSolar Holding Co. Ltd., ADR^(a)		43,838		2,247,136
NIO, Inc., ADR^(a)(b)		114,841		1,917,845
ReneSola Ltd., ADR^(a)(b)		331,784		1,599,199
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares		1,503,585		2,133,414
Xinyi Energy Holdings Ltd.		4,157,098		2,230,688
Xinyi Solar Holdings Ltd.		1,199,829		1,789,468
XPeng, Inc., ADR^(a)(b)		78,214		1,924,846
Yadea Group Holdings Ltd.^(c)		1,926,000		2,887,274

				27,135,139

Denmark-3.49%
NKT A/S^(a)		50,294		2,368,017
Novozymes A/S, Class B^(b)		34,613		2,404,859
Orsted A/S^(c)		18,129		2,038,558
Vestas Wind Systems A/S		71,413		1,837,226

				8,648,660

France-2.40%
McPhy Energy S.A.^(a)(b)		95,825		1,754,435
Neoen S.A.^(a)(b)(c)		52,064		2,073,517
Nexans S.A		23,180		2,108,107

				5,936,059

Germany-6.15%
CropEnergies AG		167,695		2,192,105
Encavis AG		112,052		2,471,160
Energiekontor AG		25,112		2,408,007
Nordex SE^(a)(b)		117,498		1,716,698
SFC Energy AG, Class BR^(a)		69,953		1,882,042


	Shares		Value
Germany-(continued)
SMA Solar Technology AG^(b)		51,327	$	2,350,113
VERBIO Vereinigte BioEnergie AG		30,991		2,216,651

				15,236,776

Hong Kong-0.85%
Cadeler A.S.^(a)		576,151		2,103,359

India-0.61%
Azure Power Global Ltd.^(a)(b)		108,095		1,518,735

Ireland-0.82%
Kingspan Group PLC		22,146		2,030,064

Israel-2.14%
Electreon Wireless Ltd.^(a)		48,910		1,499,522
Enlight Renewable Energy Ltd.^(a)		888,306		1,915,346
Gencell Ltd.^(a)(b)		895,323		1,878,583

				5,293,451

Italy-1.76%
Prysmian S.p.A		64,052		2,076,615
Terna Rete Elettrica Nazionale S.p.A.		279,652		2,277,856

				4,354,471

Japan-2.56%
GS Yuasa Corp.^(b)		110,874		1,932,284
RENOVA, Inc.^(a)		175,752		2,165,217
West Holdings Corp.^(b)		57,102		2,257,795

				6,355,296

Netherlands-2.26%
Alfen Beheer B.V.^(a)(b)(c)		22,220		1,994,865
Fastned B.V., CVA^(a)(b)		55,722		1,734,606
Signify N.V.		44,455		1,877,033

				5,606,504

New Zealand-0.87%
Mercury NZ Ltd.		550,102		2,145,717

Norway-4.07%
Aker Offshore Wind A/S^(a)(b)		7,673,574		2,020,713
Cloudberry Clean Energy ASA^(a)		1,118,431		1,994,725
FREYR Battery S.A.^(a)(b)		223,369		2,005,854
Hexagon Composites ASA^(a)		595,618		2,398,036
NEL ASA^(a)(b)		1,148,858		1,652,413

				10,071,741

South Africa-0.68%
Scatec ASA^(c)		137,591		1,680,901

South Korea-9.25%
CS Wind Corp.		43,541		2,034,108
Doosan Fuel Cell Co. Ltd.^(a)(b)		66,510		1,802,169
Ecopro BM Co. Ltd.		7,838		2,859,486
Iljin Hysolus Co. Ltd.^(a)		70,291		2,241,639
Iljin Materials Co. Ltd.		31,708		2,178,252
L&F Co. Ltd.^(a)		15,485		2,588,441
LG Energy Solution^(a)(b)		7,318		2,429,623
Samsung SDI Co. Ltd.		5,342		2,544,048
SK IE Technology Co. Ltd.^(a)(c)		24,186		2,371,358
Unison Co. Ltd.^(a)(b)		1,011,191		1,868,993

				22,918,117

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

Invesco Global Clean Energy ETF (PBD)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
Spain-6.08%
Acciona S.A.		12,265	$	2,397,574
Corp ACCIONA Energias Renovables S.A.		61,420		2,279,882
EDP Renovaveis S.A.^(b)		89,600		2,129,499
Grenergy Renovables S.A.^(a)		65,507		2,359,272
Siemens Gamesa Renewable Energy S.A., Class R^(a)(b)		105,962		1,689,445
Solaria Energia y Medio Ambiente S.A.^(a)		101,962		2,280,621
Wallbox N.V.^(a)(b)		161,172		1,914,723

				15,051,016

Sweden-2.43%
Eolus Vind AB, Class B^(b)		221,081		2,345,060
Nibe Industrier AB, Class B		204,857		2,010,046
PowerCell Sweden AB^(a)(b)		112,997		1,657,473

				6,012,579

Switzerland-1.42%
Gurit Holding AG, BR^(b)		1,285		1,638,798
Landis+Gyr Group AG^(b)		33,566		1,881,225

				3,520,023

Taiwan-2.27%
Motech Industries, Inc.		1,783,000		1,852,646
Sino-American Silicon Products, Inc.		361,000		1,794,431
United Renewable Energy Co. Ltd.^(a)		2,711,141		1,970,839

				5,617,916

United Kingdom-2.25%
AFC Energy PLC^(a)(b)		4,167,865		1,746,967
Ceres Power Holdings PLC^(a)(b)		215,635		1,982,904
ITM Power PLC^(a)(b)		452,456		1,849,941

				5,579,812

United States-27.51%
Ameresco, Inc., Class A^(a)(b)		29,290		1,477,388
Archer Aviation, Inc., Class A^(a)(b)		554,967		2,558,398
Arcosa, Inc.^(b)		36,958		1,978,362
Array Technologies, Inc.^(a)(b)		182,480		1,191,594
Bloom Energy Corp., Class A^(a)(b)		96,343		1,788,126
Canoo, Inc.^(a)(b)		373,832		1,794,394
ChargePoint Holdings, Inc., (Acquired 03/30/2021 - 03/10/2022; Cost $2,785,051)^(a)(b)(d)		125,850		1,628,499
Enphase Energy, Inc.^(a)		12,152		1,961,333
EVgo, Inc.^(a)(b)		179,290		1,624,367
First Solar, Inc.^(a)(b)		27,751		2,026,655
Fisker, Inc.^(a)(b)		186,755		1,878,755
FTC Solar, Inc.^(a)(b)		343,423		961,584
FuelCell Energy, Inc.^(a)(b)		347,303		1,416,996
Gevo, Inc.^(a)(b)		566,651		2,102,275
Hannon Armstrong Sustainable Infrastructure Capital, Inc.^(b)		46,994		1,879,290


	Shares		Value
United States-(continued)
Itron, Inc.^(a)		43,317	$	2,069,686
Joby Aviation, Inc.^(a)(b)		420,560		2,203,734
Livent Corp.^(a)(b)		92,536		1,976,569
Lordstown Motors Corp., Class A^(a)(b)		897,198		1,955,892
Lucid Group, Inc.^(a)(b)		91,162		1,648,209
Maxeon Solar Technologies Ltd.^(a)(b)		166,019		1,922,500
MP Materials Corp.^(a)		48,995		1,863,770
Ormat Technologies, Inc.^(b)		27,478		2,135,040
Piedmont Lithium, Inc.^(a)		30,675		2,006,452
Plug Power, Inc.^(a)(b)		89,721		1,885,935
Proterra, Inc., (Acquired 12/30/2021 -03/30/2022; Cost $2,564,335)^(a)(b)(d)		287,870		1,787,673
QuantumScape Corp.^(a)(b)		137,240		2,050,366
Rivian Automotive, Inc., Class A^(a)(b)		51,785		1,565,978
Shoals Technologies Group, Inc., Class A^(a)(b		111,917		1,116,932
SolarEdge Technologies, Inc.^(a)(b)		6,443		1,613,392
Solid Power, Inc.^(a)(b)		256,647		2,083,974
Stem, Inc.^(a)(b)		243,034		1,742,554
Sunnova Energy International, Inc.^(a)(b)		90,437		1,561,847
SunPower Corp.^(a)(b)		106,598		1,759,933
Sunrun, Inc.^(a)(b)		73,517		1,468,870
TPI Composites, Inc.^(a)(b)		153,367		1,754,518
Universal Display Corp.		13,448		1,717,713
Wolfspeed, Inc.^(a)(b)		21,694		1,989,557

				68,149,110

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.85% (Cost $328,785,654)				247,333,719

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-32.93%
Invesco Private Government Fund, 0.40%^(e)(f)(g)		24,363,844		24,363,844
Invesco Private Prime Fund, 0.35%^(e)(f)(g)		57,208,439		57,208,439

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $81,574,932)				81,572,283

TOTAL INVESTMENTS IN SECURITIES-132.78% (Cost $410,360,586)				328,906,002
OTHER ASSETS LESS LIABILITIES-(32.78)%				(81,190,011	)

NET ASSETS-100.00%			$	247,715,991

Investment Abbreviations:

ADR-American Depositary Receipt

BR-Bearer Shares

CVA-Dutch Certificates

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

Invesco Global Clean Energy ETF (PBD)–(continued)

April 30, 2022

(Unaudited)

Notes to Schedule of Investments:

^(a)	Non-income producing security.

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

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2022 was $15,043,676, which represented 6.07% of the Fund’s Net Assets.

^(d)	Restricted security. The aggregate value of these securities at April 30, 2022 was $3,416,172, which represented 1.38% of the Fund’s Net Assets.

^(e)


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	3,668,113		$	(3,668,113	)		$	-			$	-			$	-		$	32
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			38,817,582			51,488,433			(65,942,171	)			-				-				24,363,844			15,893	*
Invesco Private Prime Fund			90,917,942			87,299,095			(120,980,531	)			(2,650	)			(25,417	)			57,208,439			53,586	*

Total		$	129,735,524		$	142,455,641		$	(190,590,815	)		$	(2,650	)		$	(25,417	)		$	81,572,283		$	69,511

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

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

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

Portfolio Composition

Sub-Industry Breakdown (% of the Fund’s Net Assets)

as of April 30, 2022


Electrical Components & Equipment			17.91
Renewable Electricity			15.02
Heavy Electrical Equipment			9.92
Semiconductors			6.98
Electric Utilities			6.19
Automobile Manufacturers			6.13
Semiconductor Equipment			5.35
Construction & Engineering			4.67
Specialty Chemicals			3.39
Diversified Metals & Mining			3.18
Sub-Industry Types Each Less Than 3%			21.11
Money Market Funds Plus Other Assets Less Liabilities			0.15

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

Invesco Global Water ETF (PIO)

April 30, 2022

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.78%
Brazil-2.24%
Cia de Saneamento Basico do Estado de Sao Paulo		704,641	$	6,336,106

Canada-1.43%
Stantec, Inc.		87,468		4,035,826

Cayman Islands-0.09%
Consolidated Water Co. Ltd.		24,311		264,504

China-2.15%
Beijing Enterprises Water Group Ltd.		3,317,108		1,069,799
China Water Affairs Group Ltd.^(a)		2,021,574		2,206,015
Guangdong Investment Ltd.		2,182,135		2,795,288

				6,071,102

France-3.54%
Veolia Environnement S.A.		346,803		9,995,737

India-0.45%
Indian Energy Exchange Ltd.^(b)		455,799		1,256,103

Italy-1.33%
ACEA S.p.A		46,818		803,304
Hera S.p.A.^(a)		794,520		2,955,429

				3,758,733

Japan-5.15%
Kurita Water Industries Ltd.		135,127		4,649,324
METAWATER Co. Ltd.		27,546		457,212
Miura Co. Ltd.		117,223		2,460,020
Organo Corp.		17,462		1,203,269
TOTO Ltd.		171,735		5,787,061

				14,556,886

Netherlands-1.84%
Aalberts N.V.		68,635		3,308,837
Arcadis N.V		45,159		1,875,784

				5,184,621

South Korea-0.97%
Coway Co. Ltd.		49,151		2,751,648

Spain-2.09%
Acciona S.A		30,133		5,890,428

Switzerland-7.66%
Belimo Holding AG		6,031		2,985,595
Geberit AG		32,610		18,647,941

				21,633,536

Thailand-0.13%
TTW PCL, NVDR		1,164,638		374,653


	Shares		Value
United Kingdom-15.14%
Genuit Group PLC		158,179	$	892,858
Halma PLC		318,520		9,792,850
HomeServe PLC		299,163		3,681,242
Pennon Group PLC		397,249		5,517,309
Severn Trent PLC		181,811		7,148,477
Spirax-Sarco Engineering PLC		56,601		8,547,272
United Utilities Group PLC		501,680		7,207,549

				42,787,557

United States-55.57%
A.O. Smith Corp.		116,476		6,805,693
Advanced Drainage Systems, Inc.		38,743		3,969,608
American Water Works Co., Inc.		80,463		12,397,739
Danaher Corp.		88,606		22,251,625
Ecolab, Inc.		137,946		23,359,775
Ferguson PLC		158,751		19,989,600
IDEX Corp.		43,923		8,337,464
Itron, Inc.^(c)		50,744		2,424,548
Pentair PLC		419,865		21,308,149
Reliance Worldwide Corp. Ltd.		285,978		783,568
Roper Technologies, Inc.		27,123		12,745,640
Waters Corp.^(c)		38,383		11,630,817
Xylem, Inc.^(a)		136,675		11,002,337

				157,006,563

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.78% (Cost $267,991,920)				281,904,003

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-2.23%
Invesco Private Government Fund, 0.40%^(d)(e)(f)		1,894,766		1,894,766
Invesco Private Prime Fund, 0.35%^(d)(e)(f)		4,419,083		4,419,083

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $6,313,849)				6,313,849

TOTAL INVESTMENTS IN SECURITIES-102.01% (Cost $274,305,769)				288,217,852
OTHER ASSETS LESS LIABILITIES-(2.01)%				(5,678,256	)

NET ASSETS-100.00%			$	282,539,596

Investment Abbreviations:

NVDR-Non-Voting Depositary Receipt

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

Invesco Global Water ETF (PIO)–(continued)

April 30, 2022

(Unaudited)

Notes to Schedule of Investments:

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

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at April 30, 2022 represented less than 1% of the Fund’s Net Assets.

^(c)	Non-income producing security.

^(d)


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	46,598		$	3,635,327		$	(3,681,925	)		$	-		$	-			$	-		$	38
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			2,705,012			10,150,050			(10,960,296	)			-			-				1,894,766			778	*
Invesco Private Prime Fund			6,311,696			20,010,201			(21,901,610	)			-			(1,204	)			4,419,083			2,734	*

Total		$	9,063,306		$	33,795,578		$	(36,543,831	)		$	-		$	(1,204	)		$	6,313,849		$	3,550

*	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 April 30, 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 2J.

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)


as of April 30, 2022
Industrials			46.27
Utilities			22.99
Health Care			11.99
Information Technology			8.84
Materials			8.27
Sector Types Each Less Than 3%			1.42
Money Market Funds Plus Other Assets Less Liabilities			0.22

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

Invesco International BuyBack Achievers^TM ETF (IPKW)

April 30, 2022

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Australia-5.85%
Brambles Ltd.		720,267	$	5,349,653
McMillan Shakespeare Ltd.		63,187		531,279

				5,880,932

Belgium-2.04%
Euronav N.V.^(a)		175,067		2,051,872

Canada-10.43%
CI Financial Corp.		168,556		2,209,079
Dream Office REIT		30,362		617,669
DREAM Unlimited Corp.		23,618		853,763
Home Capital Group, Inc.^(a)		40,081		1,004,808
Mullen Group Ltd.		73,949		711,109
Onex Corp.		70,703		4,270,228
Trican Well Service Ltd.^(b)		232,262		814,157

				10,480,813

Colombia-2.43%
Parex Resources, Inc.		124,743		2,444,008

Finland-0.55%
Rovio Entertainment OYJ^(a)(c)		60,161		553,114

France-4.64%
Vivendi SE^(a)		406,905		4,665,817

Germany-7.62%
Aroundtown S.A		927,522		4,694,793
Scout24 SE^(c)		46,321		2,955,491

				7,650,284

Hong Kong-0.77%
Skyworth Group Ltd.^(b)		1,473,251		771,378

Indonesia-0.53%
PT Surya Citra Media Tbk^(b)		30,198,757		526,181

Israel-3.33%
Gazit-Globe Ltd.		53,330		503,208
Paz Oil Co. Ltd.^(b)		5,232		812,150
Plus500 Ltd.		104,140		2,033,805

				3,349,163

Italy-0.32%
Banca Monte dei Paschi di Siena S.p.A.^(a)(b)		377,910		318,387

Japan-30.66%
Chugoku Marine Paints Ltd.^(a)		96,597		715,339
Enplas Corp.		18,566		399,378
G-7 Holdings, Inc.		36,540		461,247
Haseko Corp.		231,183		2,533,044
Hitachi Transport System Ltd.		48,390		3,189,646
Kohnan Shoji Co. Ltd.		49,307		1,422,607
Mirait Holdings Corp.		166,879		2,345,730
Nippon Soda Co. Ltd.		45,863		1,212,019
Obara Group, Inc.^(a)		22,605		505,978
Okamura Corp.		143,112		1,319,235
Round One Corp.		98,557		1,103,001
Ryoyo Electro Corp.		39,028		615,118
Seino Holdings Co. Ltd.		291,934		2,386,328
Shinsei Bank Ltd.^(b)		145,445		2,552,295
SoftBank Group Corp.		117,016		4,731,906
Tamron Co. Ltd.		33,445		591,344


	Shares		Value
Japan-(continued)
Tokyo Steel Manufacturing Co. Ltd.		210,075	$	2,170,497
Yamada Holdings Co. Ltd.^(b)		855,939		2,554,123

				30,808,835

Malaysia-0.23%
Berjaya Corp. Bhd.^(b)		3,866,100		226,451

Netherlands-2.18%
SBM Offshore N.V.^(a)		151,328		2,193,773

South Africa-1.02%
Barloworld Ltd.		142,536		1,025,725

South Korea-11.13%
KCC Corp.		5,210		1,384,255
Korean Reinsurance Co.		95,787		733,939
LX International Corp.		27,593		836,867
Mirae Asset Securities Co. Ltd.		379,505		2,400,432
POSCO Holdings, Inc.		22,173		5,024,370
SK Networks Co. Ltd.		140,346		536,392
SK Securities Co. Ltd.		395,933		270,065

				11,186,320

Spain-6.02%
ACS Actividades de Construccion y Servicios S.A.^(a)		196,638		5,021,332
CIE Automotive S.A		47,475		1,029,987

				6,051,319

Sweden-1.55%
Intrum AB^(a)		64,989		1,559,654

Thailand-2.03%
Supalai PCL, NVDR		1,408,122		896,651
Thanachart Capital PCL, NVDR		975,217		1,142,560

				2,039,211

United Kingdom-6.66%
abrdn PLC^(a)		1,894,439		4,405,411
Quilter PLC^(c)		1,389,153		2,288,848

				6,694,259

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $118,503,042)				100,477,496

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-12.16%
Invesco Private Government Fund, 0.40%^(d)(e)(f)		3,635,787		3,635,787
Invesco Private Prime Fund, 0.35%^(d)(e)(f)		8,582,527		8,582,527

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $12,217,679)				12,218,314

TOTAL INVESTMENTS IN SECURITIES-112.15% (Cost $130,720,721)				112,695,810
OTHER ASSETS LESS LIABILITIES-(12.15)%				(12,212,277	)

NET ASSETS-100.00%			$	100,483,533

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

Invesco International BuyBack Achievers^TM ETF (IPKW)–(continued)

April 30, 2022

(Unaudited)

Investment Abbreviations:

NVDR-Non-Voting Depositary Receipt

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

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

(b)	Non-income producing security.

(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2022 was $5,797,453, which represented 5.77% of the Fund’s Net Assets.

(d)


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	354,727		$	9,357,178		$	(9,711,905	)		$	-		$	-			$	-		$	73
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			3,468,349			14,901,010			(14,733,572	)			-			-				3,635,787			2,184	*
Invesco Private Prime Fund			8,092,804			27,049,869			(26,559,525	)			635			(1,256	)			8,582,527			5,962	*

Total		$	11,915,880		$	51,308,057		$	(51,005,002	)		$	635		$	(1,256	)		$	12,218,314		$	8,219

*	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 April 30, 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 2J.

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of April 30, 2022


Industrials			25.42
Financials			23.52
Communication Services			13.37
Materials			10.45
Consumer Discretionary			9.96
Energy			8.27
Real Estate			7.53
Sector Types Each Less Than 3%			1.47
Money Market Funds Plus Other Assets Less Liabilities			0.01

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

Invesco MSCI Global Timber ETF (CUT)

April 30, 2022

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.46%
Austria-3.49%
Mondi PLC		156,571	$	2,893,879

Brazil-4.42%
Dexco S.A.		110,496		287,162
Klabin S.A.		230,934		967,160
Suzano S.A.		241,353		2,417,819

				3,672,141

Canada-5.35%
Canfor Corp.^(a)		20,146		385,880
Cascades, Inc.		28,096		277,651
Interfor Corp.		19,599		561,571
Stella-Jones, Inc.		18,894		524,813
West Fraser Timber Co. Ltd.		30,417		2,687,206

				4,437,121

Chile-0.65%
Empresas CMPC S.A.		362,765		540,501

China-0.59%
Chengxin Lithium Group Co. Ltd.^(a)		17,900		119,048
Greatview Aseptic Packaging Co. Ltd.		258,185		70,419
Lee & Man Paper Manufacturing Ltd.		420,358		200,537
Shandong Sun Paper Industry JSC Ltd., A Shares		52,100		96,789

				486,793

Finland-11.30%
Huhtamaki OYJ		31,273		1,172,190
Metsa Board OYJ		57,233		618,495
Stora Enso OYJ, Class R		187,592		3,671,385
UPM-Kymmene OYJ		114,044		3,917,337

				9,379,407

Germany-0.27%
Mercer International, Inc.		13,842		221,610

Hong Kong-0.56%
Nine Dragons Paper Holdings Ltd.		530,653		467,294

Indonesia-0.80%
PT Indah Kiat Pulp & Paper Corp. Tbk		873,273		456,304
PT Pabrik Kertas Tjiwi Kimia Tbk		451,696		205,642

				661,946

Ireland-4.04%
Smurfit Kappa Group PLC		79,351		3,354,791

Japan-3.05%
Daiken Corp.		2,980		48,303
Daio Paper Corp.		26,976		322,078
Hokuetsu Corp.^(b)		39,047		200,334
Nippon Paper Industries Co. Ltd.		31,512		251,006
Oji Holdings Corp.		260,142		1,232,448
Pack Corp. (The)		4,127		75,757
Rengo Co. Ltd.		56,264		333,787
Tokushu Tokai Paper Co. Ltd.		2,621		69,867

				2,533,580

Norway-0.07%
Elopak ASA^(a)		39,066		58,621


	Shares		Value
Portugal-0.61%
Altri SGPS S.A.^(b)		23,152	$	152,720
Navigator Co. S.A. (The)		68,798		281,295
Semapa-Sociedade de Investimento e Gestao		5,242		72,431

				506,446

Russia-0.00%
Segezha Group PJSC^(c)(d)		1,310,077		0

South Africa-0.81%
Sappi Ltd.^(a)		182,829		671,459

South Korea-0.22%
Dongwha Enterprise Co. Ltd.^(a)		1,629		103,481
Kuk-il Paper Manufacturing Co. Ltd.^(a)		28,807		75,101

				178,582

Spain-0.31%
Ence Energia y Celulosa S.A.		47,648		179,191
Miquel y Costas & Miquel S.A.		5,972		79,005

				258,196

Sweden-7.81%
BillerudKorsnas AB		60,429		933,029
Holmen AB, Class B		30,251		1,752,281
Svenska Cellulosa AB S.C.A., Class B		195,366		3,798,208

				6,483,518

Switzerland-2.62%
SIG Group AG^(a)		103,395		2,171,326

Taiwan-1.16%
Cheng Loong Corp.		233,000		263,272
Chung Hwa Pulp Corp.^(a)		125,000		80,678
Longchen Paper & Packaging Co. Ltd.		208,000		140,617
Shihlin Paper Corp.^(a)		46,000		86,411
YFY, Inc.		374,000		394,378

				965,356

Thailand-0.87%
Polyplex Thailand PCL, NVDR		85,935		62,628
SCG Packaging PCL, NVDR		411,270		659,235

				721,863

United Kingdom-2.17%
DS Smith PLC		442,994		1,801,335

United States-48.29%
Amcor PLC^(b)		372,629		4,419,380
Avery Dennison Corp.		23,750		4,289,250
CatchMark Timber Trust, Inc., Class A^(b)		15,765		129,431
Clearwater Paper Corp.^(a)		5,382		178,198
Glatfelter Corp.		14,358		157,938
Graphic Packaging Holding Co.		99,025		2,158,745
International Paper Co.		94,177		4,358,512
Louisiana-Pacific Corp.		28,373		1,830,626
Neenah, Inc.^(b)		5,404		191,302
Packaging Corp. of America		29,536		4,760,317
Pactiv Evergreen, Inc.^(b)		14,289		140,890
PotlatchDeltic Corp.		21,637		1,198,473
Ranpak Holdings Corp.^(a)(b)		12,654		190,822
Rayonier, Inc.		46,161		1,994,155
Sealed Air Corp.		47,774		3,067,568
Sonoco Products Co.		31,706		1,962,918

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

Invesco MSCI Global Timber ETF (CUT)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
United States-(continued)
Sylvamo Corp.^(a)		11,378	$	508,028
WestRock Co.		85,452		4,232,438
Weyerhaeuser Co.		104,774		4,318,784

				40,087,775

Total Common Stocks & Other Equity Interests (Cost $65,287,163)				82,553,540

Exchange-Traded Funds-0.34%
India-0.34%
Invesco India ETF^(a)(b)(e)(Cost $294,799)		11,311		284,698


Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(e)(f)(Cost $21,023)		21,023		21,023

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.82% (Cost $65,602,985)				82,859,261


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-6.96%
Invesco Private Government Fund, 0.40%(e)(f)(g		1,733,398	$	1,733,398
Invesco Private Prime Fund, 0.35%^(e)(f)(g)		4,042,102		4,042,102

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $5,775,388)				5,775,500

TOTAL INVESTMENTS IN SECURITIES-106.78% (Cost $71,378,373)				88,634,761
OTHER ASSETS LESS LIABILITIES-(6.78)%				(5,628,812	)

NET ASSETS-100.00%			$	83,005,949

Investment Abbreviations:

ETF-Exchange-Traded Fund

NVDR -Non-Voting Depositary Receipt

Notes to Schedule of Investments:

^(a)	Non-income producing security.

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

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at April 30, 2022 represented less than 1% of the Fund’s Net Assets.

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

^(e)


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Invesco India ETF		$	260,608		$	82,524		$	(40,051	)		$	(38,203	)		$	19,820			$	284,698		$	3,325
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			223,357			2,769,040			(2,971,374	)			-				-				21,023			56
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			1,598,882			16,070,880			(15,936,364	)			-				-				1,733,398			1,573	*
Invesco Private Prime Fund			3,730,724			31,909,981			(31,598,290	)			112				(425	)			4,042,102			4,033	*

Total		$	5,813,571		$	50,832,425		$	(50,546,079	)		$	(38,091	)		$	19,395			$	6,081,221		$	8,987

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

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

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

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

Invesco MSCI Global Timber ETF (CUT)–(continued)

April 30, 2022

(Unaudited)

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of April 30, 2022


Materials			90.25
Real Estate			9.21
Exchange-Traded Fund			0.34
Money Market Funds Plus Other Assets Less Liabilities			0.20

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

Invesco MSCI Green Building ETF (GBLD)

April 30, 2022

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.65%
Australia-2.57%
Cromwell Property Group		26,901	$	16,205
GDI Property Group		9,081		7,296
Growthpoint Properties Australia Ltd.		5,781		17,777
Vicinity Centres		72,434		94,970

				136,248

Austria-0.42%
CA Immobilien Anlagen AG		797		22,486

Belgium-0.40%
Befimmo S.A.		426		21,250

Canada-0.51%
First Capital REIT		2,022		27,086

China-0.78%
China Evergrande Group^(a)		59,589		9,398
Guangzhou R&F Properties Co. Ltd., H Shares^(b)		31,751		11,793
Shimao Group Holdings Ltd.^(a)		24,046		12,869
SOHO China Ltd.^(c)		39,107		7,113

				41,173

Finland-0.16%
Citycon OYJ		1,166		8,279

France-8.19%
Covivio		974		68,820
Gecina S.A.		860		96,349
Klepierre S.A.		3,805		90,358
Mercialys S.A		1,319		12,631
Unibail-Rodamco-Westfield^(b)(c)		2,335		165,417

				433,575

Germany-0.29%
Deutsche EuroShop AG		925		15,360

Hong Kong-9.75%
Champion REIT		39,074		17,075
Henderson Land Development Co. Ltd.		27,310		110,122
Mapletree North Asia Commercial Trust^(d)		42,579		36,672
Sun Hung Kai Properties Ltd.		24,520		282,530
Swire Properties Ltd.		22,000		52,399
Yuexiu REIT		42,972		17,143

				515,941

Israel-0.14%
Property & Building Corp. Ltd.^(c)		55		7,623
Japan-22.61%
Activia Properties, Inc.		13		41,541
AEON REIT Investment Corp.		29		33,329
CRE Logistics REIT, Inc.		10		15,330
Frontier Real Estate Investment Corp.		9		34,847
Fukuoka REIT Corp.		12		15,042
Global One Real Estate Investment Corp.		18		15,477
GLP J-Reit		80		107,629
Hulic Reit, Inc.		24		29,898
Isetan Mitsukoshi Holdings Ltd.		6,340		46,998
Itochu Advance Logistics Investment Corp.		11		13,614
Japan Excellent, Inc.		23		22,652
Japan Metropolitan Fund Investment Corp.		131		104,448
Japan Real Estate Investment Corp.		24		116,188
LaSalle Logiport REIT		34		46,135


	Shares		Value
Japan-(continued)
Mitsubishi Estate Logistics REIT Investment Corp.		8	$	28,713
Mori Hills REIT Investment Corp.		29		32,862
Nippon Building Fund, Inc.		28		145,305
Nippon Prologis REIT, Inc.		39		108,382
Nomura Real Estate Master Fund, Inc.		80		100,311
One REIT, Inc.		5		10,624
ORIX JREIT, Inc.		49		65,847
Sekisui House REIT, Inc.		79		46,367
SOSiLA Logistics REIT, Inc.		12		14,634

				1,196,173

Netherlands-0.56%
Eurocommercial Properties N.V.		789		19,049
Wereldhave N.V		641		10,475

				29,524

Singapore-9.40%
Ascendas India Trust		16,164		14,664
CapitaLand Integrated Commercial Trust		91,025		152,530
City Developments Ltd.		7,694		47,181
Frasers Centrepoint Trust		19,046		33,554
Frasers Logistics & Commercial Trust^(d)		51,734		53,893
Keppel REIT		34,595		30,404
Manulife US REIT^(d)		26,954		16,795
Mapletree Commercial Trust		40,481		54,611
OUE Commercial REIT		40,811		12,234
Prime US REIT^(d)		9,885		7,296
SPH REIT		18,180		12,836
Starhill Global REIT		27,085		11,571
Suntec REIT		37,427		49,551

				497,120

Spain-2.33%
Inmobiliaria Colonial SOCIMI S.A		5,556		46,459
Lar Espana Real Estate SOCIMI S.A.		1,066		5,550
Merlin Properties SOCIMI S.A.		6,595		71,116

				123,125

Sweden-1.61%
Atrium Ljungberg AB, Class B		846		13,780
Fabege AB		4,954		59,913
Platzer Fastigheter Holding AB, Class B		1,122		11,341

				85,034

United Kingdom-4.74%
Berkeley Group Holdings PLC		2,101		106,512
Hammerson PLC		59,020		21,268
Land Securities Group PLC		13,186		122,871

				250,651

United States-35.19%
Alexandria Real Estate Equities, Inc.		2,744		499,847
Boston Properties, Inc.		2,766		325,282
Brandywine Realty Trust		3,204		37,391
Cousins Properties, Inc.^(b)		2,784		99,946
Douglas Emmett, Inc.		3,285		96,776
Empire State Realty Trust, Inc., Class A^(b)		2,744		23,708
Equity Commonwealth^(c)		2,264		59,294
Highwoods Properties, Inc.		1,954		79,801
Hudson Pacific Properties, Inc.^(b)		2,854		66,441

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

Invesco MSCI Green Building ETF (GBLD)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
United States-(continued)
JBG SMITH Properties		2,185	$	57,597
KB Home		1,474		47,802
Kilroy Realty Corp.		1,962		137,340
Meritage Homes Corp.^(c)		699		57,702
Paramount Group, Inc.		3,279		31,183
Piedmont Office Realty Trust, Inc., Class A		2,324		37,416
SL Green Realty Corp.^(b)		1,249		86,456
Vornado Realty Trust^(b)		3,050		118,066

				1,862,048

Total Common Stocks & Other Equity Interests (Cost $6,044,187)				5,272,696


Money Market Funds-0.10%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(e)(f)(Cost $5,235)		5,235		5,235

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.75% (Cost $6,049,422)				5,277,931


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-10.54%
Invesco Private Government Fund, 0.40%^(e)(f)(g)		167,326	$	167,326
Invesco Private Prime Fund, 0.35%^(e)(f)(g)		390,397		390,397

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $557,723)				557,723

TOTAL INVESTMENTS IN SECURITIES-110.29% (Cost $6,607,145)				5,835,654
OTHER ASSETS LESS LIABILITIES-(10.29)%				(544,675	)

NET ASSETS-100.00%			$	5,290,979

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes

to Schedule of Investments:

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

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

(c)	Non-income producing security.

(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2022 was $114,656, which represented 2.17% of the Fund’s Net Assets.

(e)


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Invesco Office J-Reit, Inc.		$	9,945		$	-		$	(10,015	)		$	371		$	(301	)		$	-		$	-
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-			98,606			(93,371	)			-			-				5,235			4
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			57,646			452,715			(343,035	)			-			-				167,326			40	*
Invesco Private Prime Fund			134,510			1,011,300			(755,372	)			-			(41	)			390,397			102	*

Total		$	202,101		$	1,562,621		$	(1,201,793	)		$	371		$	(342	)		$	562,958		$	146

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

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

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

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

Invesco MSCI Green Building ETF (GBLD)–(continued)

April 30, 2022

(Unaudited)

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of April 30, 2022



Real Estate			94.76
Consumer Discretionary			4.89
Money Market Funds Plus Other Assets
Less Liabilities			0.35

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

Invesco S&P Global Water Index ETF (CGW)

April 30, 2022

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.89%
Brazil-1.54%
Cia de Saneamento Basico do Estado de Sao Paulo, ADR^(a)		1,719,109	$	15,454,790

Canada-2.58%
Stantec, Inc.		560,363		25,855,488

China-3.08%
Beijing Enterprises Water Group Ltd.		23,516,032		7,584,144
China Water Affairs Group Ltd.^(a)		4,281,605		4,672,243
Guangdong Investment Ltd.		14,507,453		18,583,871

				30,840,258

Denmark-0.36%
Per Aarsleff Holding A/S		95,635		3,628,715

France-5.07%
Veolia Environnement S.A		1,759,862		50,723,662

Italy-1.84%
ACEA S.p.A		213,994		3,671,711
Interpump Group S.p.A.^(a)		367,641		14,794,111

				18,465,822

Japan-2.09%
Kurita Water Industries Ltd.^(a)		474,932		16,341,019
METAWATER Co. Ltd.		91,155		1,513,003
Nomura Micro Science Co. Ltd.^(a)		34,673		987,249
Organo Corp.		29,861		2,057,657

				20,898,928

Netherlands-2.06%
Aalberts N.V.		427,671		20,617,665

Spain-0.32%
Fomento de Construcciones y Contratas S.A		277,699		3,173,163

Switzerland-7.13%
Geberit AG		90,319		51,648,678
Georg Fischer AG		364,480		19,805,560

				71,454,238

United Kingdom-16.92%
Halma PLC		1,652,723		50,812,722
Pennon Group PLC		1,382,771		19,205,020
Severn Trent PLC^(a)		1,275,770		50,160,950
United Utilities Group PLC		3,433,895		49,334,167

				169,512,859

United States-56.90%
Advanced Drainage Systems, Inc.		252,571		25,878,425
American States Water Co.^(a)		185,809		14,615,736
American Water Works Co., Inc.		637,515		98,228,311
Artesian Resources Corp., Class A		42,831		1,991,641


	Shares		Value
United States-(continued)
Badger Meter, Inc.		129,993	$	10,489,135
California Water Service Group		264,671		13,728,485
Energy Recovery, Inc.^(a)(b)		168,615		3,122,750
Essential Utilities, Inc.		1,054,157		47,184,067
Evoqua Water Technologies Corp.^(a)(b)		537,268		22,398,703
Ferguson PLC		412,236		51,907,911
Franklin Electric Co., Inc.		173,305		12,120,952
Gorman-Rupp Co. (The)		100,856		3,213,272
Lindsay Corp.^(a)		48,683		6,579,507
Middlesex Water Co.		87,908		7,819,417
Montrose Environmental Group, Inc.^(b)		133,351		6,050,135
Mueller Water Products, Inc., Class A		695,882		8,371,460
Northwest Pipe Co.^(b)		43,798		1,169,845
Olin Corp.		627,522		36,019,763
Pentair PLC		735,846		37,344,184
Pure Cycle Corp.^(a)(b)		96,230		1,005,603
Reliance Worldwide Corp. Ltd.		3,511,908		9,622,486
Select Energy Services, Inc., Class A^(b)		340,614		2,643,165
SJW Group		137,863		8,133,917
Tetra Tech, Inc.		271,879		37,867,307
TETRA Technologies, Inc.^(a)(b)		637,766		2,346,979
Watts Water Technologies, Inc., Class A		122,424		15,604,163
Xylem, Inc.^(a)		802,117		64,570,418
York Water Co. (The)		65,842		2,546,769
Zurn Water Solutions Corp.^(a)		558,962		17,450,794

				570,025,300

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.89% (Cost $834,086,592)				1,000,650,888

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-2.80%
Invesco Private Government Fund, 0.40%^(c)(d)(e)		8,083,058		8,083,058
Invesco Private Prime Fund, 0.35%^(c)(d)(e)		20,001,182		20,001,182

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $28,084,240)				28,084,240

TOTAL INVESTMENTS IN SECURITIES-102.69% (Cost $862,170,832)				1,028,735,128
OTHER ASSETS LESS LIABILITIES-(2.69)%				(26,946,421	)

NET ASSETS-100.00%			$	1,001,788,707

Investment Abbreviations:

ADR-American Depositary Receipt

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

Invesco S&P Global Water Index ETF (CGW)–(continued)

April 30, 2022

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	198,686		$	26,227,527		$	(26,426,213	)		$	-		$	-			$	-		$	310
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			9,367,167			60,064,580			(61,348,689	)			-			-				8,083,058			5,946	*
Invesco Private Prime Fund			21,856,724			136,676,561			(138,530,213	)			-			(1,890	)			20,001,182			16,347	*

Total		$	31,422,577		$	222,968,668		$	(226,305,115	)		$	-		$	(1,890	)		$	28,084,240		$	22,603

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

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

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

Portfolio Composition

Industry Breakdown (% of the Fund’s Net Assets)

as of April 30, 2022


Water Utilities			35.95
Machinery			24.93
Building Products			10.43
Electronic Equipment, Instruments & Components			6.12
Multi-Utilities			5.43
Trading Companies & Distributors			5.18
Commercial Services & Supplies			4.38
Chemicals			3.60
Industry Types Each Less Than 3%			3.87
Money Market Funds Plus Other Assets Less Liabilities			0.11

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

Invesco S&P International Developed Quality ETF (IDHQ)

April 30, 2022

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.41%
Australia-9.28%
Ampol Ltd.		5,666	$	133,311
ASX Ltd.		6,505		393,244
Bendigo & Adelaide Bank Ltd.		14,307		106,775
BHP Group Ltd.		78,523		2,654,538
Boral Ltd.		16,729		41,839
Cochlear Ltd.		1,868		301,867
CSL Ltd.		11,392		2,168,552
Domino’s Pizza Enterprises Ltd.		1,657		88,087
Fortescue Metals Group Ltd.		57,046		869,841
JB Hi-Fi Ltd.		3,607		134,297
Magellan Financial Group Ltd.^(a)		3,726		42,338
Mineral Resources Ltd.		3,932		161,089
Rio Tinto PLC		31,862		2,256,527
SEEK Ltd.		11,360		222,469
Sonic Healthcare Ltd.		11,616		299,627
Transurban Group		77,156		775,742
Woolworths Group Ltd.		29,417		799,176

				11,449,319

Austria-0.26%
Mondi PLC		10,419		192,573
Oesterreichische Post AG^(a)		1,687		54,297
Wienerberger AG		2,572		71,898

				318,768

Belgium-0.69%
KBC Group N.V		7,991		544,277
Sofina S.A		408		125,340
Solvay S.A., Class A		1,869		176,639

				846,256

Brazil-0.40%
Wheaton Precious Metals Corp.		10,931		492,475

Canada-6.13%
Canadian National Railway Co.		14,480		1,711,700
Canadian Pacific Railway Ltd.		16,466		1,210,680
CGI, Inc., Class A^(b)		5,269		422,328
Constellation Software, Inc.		566		895,410
Fairfax Financial Holdings Ltd.		644		355,683
Franco-Nevada Corp.		4,569		694,547
Gildan Activewear, Inc.		6,332		215,666
Onex Corp.		1,826		110,284
Pan American Silver Corp.		5,141		128,118
Sun Life Financial, Inc.		14,464		723,285
Thomson Reuters Corp.		6,047		607,705
Toromont Industries Ltd.		1,989		175,999
West Fraser Timber Co. Ltd.		3,534		312,213

				7,563,618

China-0.58%
BOC Hong Kong Holdings Ltd.		103,673		374,015
Chow Tai Fook Jewellery Group Ltd.		61,024		101,901
ENN Energy Holdings Ltd.		18,489		245,828

				721,744

Denmark-7.19%
AP Moller - Maersk A/S, Class B		173		496,391
Chr. Hansen Holding A/S		3,286		256,066


	Shares		Value
Denmark-(continued)
Coloplast A/S, Class B		3,998	$	539,779
Demant A/S^(b)		2,442		107,366
DSV A/S		4,740		774,255
GN Store Nord A/S		3,925		146,328
Novo Nordisk A/S, Class B		50,315		5,754,544
Novozymes A/S, Class B^(a)		5,754		399,779
Pandora A/S		4,106		356,125
ROCKWOOL A/S, Class B		169		47,422

				8,878,055

Finland-1.32%
Elisa OYJ		3,715		217,132
Kesko OYJ, Class B		6,501		164,027
Kone OYJ, Class B		11,896		570,827
Neste OYJ		10,163		436,898
Orion OYJ, Class B		3,715		145,343
Wartsila OYJ Abp		11,510		91,888

				1,626,115

France-6.08%
BioMerieux		1,267		120,205
Kering S.A		1,755		932,174
L’Oreal S.A.^(a)		5,881		2,139,512
LVMH Moet Hennessy Louis Vuitton SE^(a)		6,222		3,981,431
Publicis Groupe S.A		5,545		331,913

				7,505,235

Germany-5.90%
adidas AG		5,289		1,077,254
BASF SE		22,705		1,207,453
Continental AG^(b)		2,671		186,029
Deutsche Post AG		23,247		1,003,540
Hapag-Lloyd AG^(c)		284		113,737
HeidelbergCement AG		3,660		213,365
Henkel AG & Co. KGaA, Preference Shares		3,968		256,856
Knorr-Bremse AG		1,678		120,976
Merck KGaA		2,970		550,773
SAP SE		24,691		2,546,705

				7,276,688

Hong Kong-1.17%
Bank of East Asia Ltd. (The)		49,573		73,160
Hong Kong Exchanges & Clearing Ltd.		29,008		1,230,368
Orient Overseas International Ltd.		5,228		144,118

				1,447,646

Ireland-0.27%
Kingspan Group PLC		3,612		331,102

Israel-0.77%
Check Point Software Technologies Ltd.^(b)		3,049		385,058
Cognyte Software Ltd.^(b)		3,620		24,544
Harel Insurance Investments & Financial Services Ltd.		7,234		88,446
Israel Discount Bank Ltd., Class A		35,379		208,780
Maytronics Ltd.		3,136		55,853
Phoenix Holdings Ltd. (The)		6,507		81,511
ZIM Integrated Shipping Services Ltd.		1,849		102,860

				947,052

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

Invesco S&P International Developed Quality ETF (IDHQ)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
Italy-1.04%
DiaSorin S.p.A.		664	$	86,798
Ferrari N.V.		3,379		712,736
FinecoBank Banca Fineco S.p.A		21,179		291,771
Recordati Industria Chimica e Farmaceutica S.p.A.		2,608		124,852
Telecom Italia S.p.A.^(a)		237,182		68,762

				1,284,919

Japan-11.95%
Advantest Corp.		4,796		330,748
Astellas Pharma, Inc.		40,971		625,507
BayCurrent Consulting, Inc.		485		160,579
Benefit One, Inc.		3,071		46,147
BIPROGY, Inc.		2,533		64,518
Bridgestone Corp.		13,950		511,433
Casio Computer Co. Ltd.		5,296		54,444
Chugai Pharmaceutical Co. Ltd.		14,807		445,108
CyberAgent, Inc.		14,681		156,314
Daito Trust Construction Co. Ltd.		1,709		164,762
Disco Corp.		806		198,988
Ebara Corp.		1,888		87,352
Freee KK^(b)		1,221		35,270
GMO Payment Gateway, Inc.		1,338		113,165
Hoshizaki Corp.		1,515		96,189
Hoya Corp.		8,989		897,054
Iida Group Holdings Co. Ltd.		4,456		71,469
Japan Exchange Group, Inc.		14,216		213,547
Japan Tobacco, Inc.		26,733		458,106
JCR Pharmaceuticals Co. Ltd.		3,372		62,353
JustSystems Corp.		1,460		63,460
Kakaku.com, Inc.		4,031		84,910
Kao Corp.		10,325		415,908
Kawasaki Kisen Kaisha Ltd.		1,840		95,544
Kobe Bussan Co. Ltd.		3,378		82,400
Kyowa Kirin Co. Ltd.		7,540		158,599
Lawson, Inc.		1,472		54,195
M3, Inc.		13,386		431,714
Mitsui OSK Lines Ltd.		8,430		196,556
MonotaRO Co. Ltd.		5,881		102,136
Murata Manufacturing Co. Ltd.		14,430		865,367
Nabtesco Corp.		3,691		84,464
Nifco, Inc.		2,474		51,998
Nihon M&A Center Holdings, Inc.		11,539		142,975
Nintendo Co. Ltd.		3,162		1,459,657
Nippon Shinyaku Co. Ltd.		1,468		99,581
Nippon Yusen K.K.		5,386		387,120
Nissan Chemical Corp.		3,471		184,242
NOF Corp.		1,933		72,548
Obic Co. Ltd.		1,590		235,672
Persol Holdings Co. Ltd.		4,206		83,795
Pigeon Corp.		3,775		64,075
Pola Orbis Holdings, Inc.		3,966		45,924
Rakus Co. Ltd.		2,944		35,885
SCREEN Holdings Co. Ltd.		1,052		86,324
SCSK Corp.		4,264		68,118
Sega Sammy Holdings, Inc.		4,282		76,159
Seria Co. Ltd.		2,412		46,678
SG Holdings Co. Ltd.		12,966		228,846
Shimadzu Corp.		6,373		209,867
Shimano, Inc.		2,039		356,939


	Shares		Value
Japan-(continued)
Square Enix Holdings Co. Ltd.		2,036	$	81,648
Sumitomo Pharma Co. Ltd.		6,007		53,531
Sumitomo Rubber Industries Ltd.		6,781		58,783
Takara Bio, Inc.		3,128		50,462
Tokyo Electron Ltd.		3,827		1,626,161
Trend Micro, Inc.		4,827		269,367
Unicharm Corp.		12,294		428,329
USS Co. Ltd.		5,140		84,977
Workman Co. Ltd.		1,408		47,649
Yakult Honsha Co. Ltd.		3,755		194,764
Yamaha Motor Co. Ltd.		7,343		151,840
Yamato Holdings Co. Ltd.		8,442		158,603
Yokohama Rubber Co. Ltd. (The)		4,328		57,834
ZOZO, Inc.		5,466		111,759

				14,740,416

Luxembourg-0.41%
ArcelorMittal S.A.		17,165		501,071

Netherlands-5.56%
ASM International N.V		1,005		300,111
ASML Holding N.V.^(a)		9,124		5,162,075
Koninklijke Philips N.V		27,857		730,799
Wolters Kluwer N.V.		6,582		665,771

				6,858,756

New Zealand-0.33%
a2 Milk Co. Ltd. (The)^(b)		21,092		66,938
Fisher & Paykel Healthcare Corp. Ltd.		13,569		187,702
Spark New Zealand Ltd.		46,523		148,043

				402,683

Norway-0.37%
Aker ASA, Class A		775		63,818
Aker BP ASA		2,607		94,040
Gjensidige Forsikring ASA		5,499		118,817
Schibsted ASA, Class A		3,240		67,673
TOMRA Systems ASA		2,868		114,267

				458,615

Singapore-0.28%
Singapore Exchange Ltd.		20,323		143,328
Singapore Technologies Engineering Ltd.		42,463		125,260
Venture Corp. Ltd.		6,587		81,209

				349,797

South Korea-1.53%
Coway Co. Ltd.		1,180		66,061
Fila Holdings Corp.		2,343		59,866
Hansol Chemical Co. Ltd.		269		51,286
Hyosung TNC Corp.		150		48,586
KMW Co. Ltd.^(b)		2,131		54,927
KT&G Corp.		2,520		165,445
Kumho Petrochemical Co. Ltd.		481		58,147
LEENO Industrial, Inc.		409		56,929
Meritz Fire & Marine Insurance Co. Ltd.		2,708		95,142
NAVER Corp.		4,095		926,299
Orion Corp.		847		63,393
Samsung Electro-Mechanics Co. Ltd.		1,273		164,754
S-Oil Corp.		966		78,569

				1,889,404

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

Invesco S&P International Developed Quality ETF (IDHQ)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
Spain-1.26%
Industria de Diseno Textil S.A.^(a)		32,565	$	682,886
Telefonica S.A.		179,531		873,579

				1,556,465

Sweden-5.67%
AAK AB		3,961		68,958
Alfa Laval AB^(a)		6,586		183,285
Assa Abloy AB, Class B^(a)		21,550		545,113
Atlas Copco AB, Class A^(a)		16,008		726,867
Axfood AB		3,090		91,661
Boliden AB^(a)		6,242		273,661
Electrolux AB, Class B^(a)		9,175		140,380
Elekta AB, Class B^(a)		7,953		53,325
Epiroc AB, Class A^(a)		20,259		413,106
Getinge AB, Class B^(a)		5,639		163,937
Husqvarna AB, Class B		10,716		102,789
Indutrade AB		6,332		150,052
Investment AB Latour, Class B		3,152		83,706
Investor AB, Class B^(a)		45,679		879,910
Lifco AB, Class B		5,006		105,310
Nibe Industrier AB, Class B		33,605		329,730
Sandvik AB^(a)		27,513		518,704
Securitas AB, Class B^(a)		7,305		86,206
Skanska AB, Class B		11,156		213,275
SKF AB, Class B		10,844		176,451
SSAB AB, Class A		13,904		88,754
Sweco AB, Class B		5,014		70,970
Tele2 AB, Class B^(a)		12,462		164,930
Telefonaktiebolaget LM Ericsson, Class B		73,350		590,575
Trelleborg AB, Class B^(a)		5,548		121,241
Volvo AB, Class B		40,848		650,000

				6,992,896

Switzerland-9.15%
EMS-Chemie Holding AG		189		169,091
Geberit AG		1,204		688,504
Kuehne + Nagel International AG, Class R		2,164		608,123
Logitech International S.A., Class R^(a)		7,557		490,741
Partners Group Holding AG		989		1,050,247
Roche Holding AG		18,049		6,699,210
Schindler Holding AG, PC		1,091		210,605
Sika AG		3,158		962,358
Straumann Holding AG		3,510		414,784

				11,293,663

United Kingdom-12.30%
abrdn PLC		55,344		128,699
Admiral Group PLC		9,133		285,832
Ashtead Group PLC		10,665		550,544
Auto Trader Group PLC^(c)		35,171		277,510
B&M European Value Retail S.A		22,870		140,002
Barratt Developments PLC		24,281		148,433
Burberry Group PLC		11,061		217,175


	Shares		Value
United Kingdom-(continued)
Diageo PLC		58,785	$	2,908,580
Halma PLC		9,398		288,940
Hargreaves Lansdown PLC^(a)		17,685		200,798
Imperial Brands PLC		30,080		626,953
Intertek Group PLC		4,433		275,842
Lloyds Banking Group PLC		2,582,461		1,453,696
Melrose Industries PLC		104,416		149,963
Next PLC		3,533		264,746
Pearson PLC		17,748		172,350
Persimmon PLC		8,927		232,460
RELX PLC		48,306		1,440,443
Rightmove PLC		21,112		162,044
Sage Group PLC (The)		31,652		290,785
Schroders PLC		4,002		140,992
Spirax-Sarco Engineering PLC		1,889		285,256
SSE PLC		26,619		619,102
St James’s Place PLC		13,501		215,033
Tesco PLC		270,245		916,643
Unilever PLC		60,057		2,785,204

				15,178,025

United States-9.52%
Avast PLC^(c)		16,472		116,937
Ferguson PLC		5,693		716,851
GlaxoSmithKline PLC		114,350		2,570,837
Inmode Ltd.^(b)		1,375		34,526
James Hardie Industries PLC, CDI		15,300		442,448
Nestle S.A		54,381		7,036,075
Oracle Corp.		1,221		78,791
Stellantis N.V.		56,665		754,904

				11,751,369

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.41% (Cost $134,008,836)				122,662,152

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-14.40%
Invesco Private Government Fund, 0.40%^(d)(e)(f)		5,329,234		5,329,234
Invesco Private Prime Fund, 0.35%^(d)(e)(f)		12,434,188		12,434,188

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $17,763,310)				17,763,422

TOTAL INVESTMENTS IN SECURITIES-113.81% (Cost $151,772,146)				140,425,574
OTHER ASSETS LESS LIABILITIES-(13.81)%				(17,043,589	)

NET ASSETS-100.00%			$	123,381,985

Investment Abbreviations:

CDI-CREST Depository Interest

PC-Participation Certificate

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

Invesco S&P International Developed Quality ETF (IDHQ)–(continued)

April 30, 2022

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2022 was $508,184, which represented less than 1% of the Fund’s Net Assets.

^(d)


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	1,086,669		$	(1,086,669)			$	-		$	-			$	-		$	14
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			1,212,403			11,237,907			(7,121,076	)			-			-				5,329,234			1,306	*
Invesco Private Prime Fund			2,828,941			23,388,783			(13,783,107	)			112			(542	)			12,434,188			3,372	*

Total		$	4,041,344		$	35,713,359		$	(21,990,852	)		$	112		$	(542	)		$	17,763,422		$	4,692

*	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 April 30, 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 2J.

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of April 30, 2022


Health Care			19.47
Industrials			16.68
Consumer Staples			16.08
Information Technology			13.09
Materials			10.52
Consumer Discretionary			9.91
Financials			7.84
Communication Services			4.39
Sector Types Each Less Than 3%			1.43
Money Market Funds Plus Other Assets Less Liabilities			0.59

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

Statements of Assets and Liabilities

April 30, 2022

(Unaudited)


	Invesco China Technology ETF (CQQQ)			Invesco DWA Developed Markets Momentum ETF (PIZ)			Invesco DWA Emerging Markets Momentum ETF (PIE)			Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)			Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)
Assets:
Unaffiliated investments in securities, at value^(a)		$	972,681,482		$	165,986,331		$	200,669,496		$	1,117,527,023		$	504,911,863
Affiliated investments in securities, at value			40,192,362			14,042,850			3,788,162			119,901,589			58,312,076
Cash			693,658			-			-			129,138			-
Foreign currencies, at value			38,906			44,938			187,646			294,240			-
Deposits with brokers:
Cash segregated as collateral			-			-			-			-			89,626
Receivable for:
Dividends			24,201			301,575			436,719			5,003,714			2,402,716
Securities lending			36,313			3,443			681			60,178			43,438
Investments sold			-			-			92,223			84			524,385
Investments sold - affiliated broker			-			-			-			-			-
Fund shares sold			-			-			1,096,202			-			106,786
Foreign tax reclaims			-			532,347			-			2,598,797			388,024
Other assets			-			-			-			-			-

Total assets			1,013,666,922			180,911,484			206,271,129			1,245,514,763			566,778,914


Liabilities:
Due to custodian			-			-			285,156			-			86,175
Due to foreign custodian			-			-			-			-			70,699
Payable for:
Investments purchased			268			180			1,074,720			1,200			388,440
Investments purchased - affiliated broker			-			-			-			-			-
Collateral upon return of securities loaned			38,553,922			13,896,319			3,788,162			119,670,916			58,311,669
Collateral upon receipt of securities in-kind			-			-			-			-			89,626
Fund shares repurchased			-			-			-			-			-
Accrued unitary management fees			572,203			115,738			153,186			432,156			209,854
Accrued advisory fees			-			-			-			-			-
Accrued trustees’ and officer’s fees			-			-			-			-			-
Accrued expenses			-			-			-			-			-
Accrued tax expenses			-			-			-			-			-
Other payables			-			4,532			-			11,045			-

Total liabilities			39,126,393			14,016,769			5,301,224			120,115,317			59,156,463

Net Assets		$	974,540,529		$	166,894,715		$	200,969,905		$	1,125,399,446		$	507,622,451

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


	Invesco China Technology ETF (CQQQ)				Invesco DWA Developed Markets Momentum ETF (PIZ)				Invesco DWA Emerging Markets Momentum ETF (PIE)				Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)				Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)

Net assets consist of:
Shares of beneficial interest		$	1,703,088,416			$	309,191,921			$	312,370,169			$	1,228,719,294			$	568,014,407
Distributable earnings (loss)			(728,547,887	)			(142,297,206	)			(111,400,264	)			(103,319,848	)			(60,391,956	)

Net Assets		$	974,540,529			$	166,894,715			$	200,969,905			$	1,125,399,446			$	507,622,451

Shares outstanding (unlimited amount authorized, $0.01 par value)			22,350,000				5,350,000				9,250,000				25,900,000				15,750,000
Net asset value		$	43.60			$	31.20			$	21.73			$	43.45			$	32.23

Market price		$	43.30			$	31.12			$	21.86			$	43.33			$	32.16

Unaffiliated investments in securities, at cost		$	1,282,338,557			$	177,840,745			$	201,839,778			$	1,092,669,569			$	511,403,539

Affiliated investments in securities, at cost		$	40,190,115			$	14,042,850			$	3,788,162			$	119,892,834			$	58,311,669

Foreign currencies (due to foreign custodian), at cost		$	38,905			$	44,838			$	188,520			$	294,866			$	(69,656	)

^(a) Includes securities on loan with an aggregate value of:		$	36,979,513			$	13,136,868			$	3,597,666			$	110,587,715			$	53,830,569

Statements of Assets and Liabilities–(continued)

April 30, 2022

(Unaudited)


Invesco FTSE RAFI Emerging Markets ETF (PXH)			Invesco Global Clean Energy ETF (PBD)			Invesco Global Water ETF (PIO)			Invesco International BuyBack Achievers^TM ETF (IPKW)			Invesco MSCI Global Timber ETF (CUT)			Invesco MSCI Green Building ETF (GBLD)			Invesco S&P Global Water Index ETF (CGW)			Invesco S&P International Developed Quality ETF (IDHQ)

$	1,409,916,219		$	247,333,719		$	281,904,003		$	100,477,496		$	82,553,540		$	5,272,696		$	1,000,650,888		$	122,662,152
	24,866,056			81,572,283			6,313,849			12,218,314			6,081,221			562,958			28,084,240			17,763,422
	-			-			-			-			-			-			-			-
	1,057,618			58,484			7,919			461			1,633			-			-			86,164

	-			-			-			-			-			-			-			-

	6,010,922			35,659			585,421			920,609			231,820			18,229			686,567			343,379
	21,242			556,324			873			19,346			1,581			80			5,125			4,654
	13,428,163			-			-			2,899,545			225			-			-			-
	-			-			-			-			252,867			-			-			-
	-			-			-			-			-			7			-			-
	-			86,508			270,815			149,344			148,230			731			1,482,158			378,815
	4,901			-			-			-			933			-			-			-


	1,455,305,121			329,642,977			289,082,880			116,685,115			89,272,050			5,854,701			1,030,908,978			141,238,586




	3,500			181,924			46,665			422,418			-			3,854			14,550			62,115
	-			-			-			-			-			359			12,700			-

	3,049,907			4			-			3,512,831			275,461			-			-			198
	-			-			-			-			24,036			-			-			-
	21,628,571			81,574,932			6,313,849			12,217,679			5,775,388			557,723			28,084,240			17,763,310
	-			-			-			-			-			-			-			-
	14,680,318			-			-			-			-			-			-			-
	620,883			168,838			182,770			47,826			-			1,786			-			30,956
	-			-			-			-			45,167			-			441,227			-
	-			-			-			-			6,553			-			16,637			-
	-			-			-			-			138,405			-			550,917			-
	5,826,733			1,288			-			-			1,091			-			-			-
	-			-			-			828			-			-			-			22

	45,809,912			81,926,986			6,543,284			16,201,582			6,266,101			563,722			29,120,271			17,856,601


$	1,409,495,209		$	247,715,991		$	282,539,596		$	100,483,533		$	83,005,949		$	5,290,979		$	1,001,788,707		$	123,381,985



$	1,659,260,742		$	457,031,561		$	320,379,014		$	160,517,882		$	83,461,320		$	6,117,058		$	847,753,455		$	140,500,924
	(249,765,533	)		(209,315,570	)		(37,839,418	)		(60,034,349	)		(455,371	)		(826,079	)		154,035,252			(17,118,939	)

$	1,409,495,209		$	247,715,991		$	282,539,596		$	100,483,533		$	83,005,949		$	5,290,979		$	1,001,788,707		$	123,381,985

	72,000,000			11,575,000			8,250,000			2,750,000			2,350,000			250,001			20,760,000			4,650,000
$	19.58		$	21.40		$	34.25		$	36.54		$	35.32		$	21.16		$	48.26		$	26.53

$	19.54		$	21.33		$	34.21		$	36.52		$	35.31		$	21.20		$	48.19		$	26.46

$	1,419,886,592		$	328,785,654		$	267,991,920		$	118,503,042		$	65,287,163		$	6,044,187		$	834,086,592		$	134,008,836

$	24,865,297		$	81,574,932		$	6,313,849		$	12,217,679		$	6,091,210		$	562,958		$	28,084,240		$	17,763,310

$	1,059,990		$	60,205		$	8,324		$	(2,084	)	$	1,502		$	(358	)	$	(12,786	)	$	86,140

$	21,081,203		$	77,188,226		$	5,928,957		$	11,374,752		$	5,423,723		$	522,897		$	25,503,033		$	16,562,010

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

(This Page Intentionally Left Blank)


		69

Statements of Operations

For the six months ended April 30, 2022

(Unaudited)


	Invesco China Technology ETF (CQQQ)				Invesco DWA Developed Markets Momentum ETF (PIZ)				Invesco DWA Emerging Markets Momentum ETF (PIE)				Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)				Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)
Investment income:
Unaffiliated dividend income		$	1,573,838			$	1,436,523			$	1,855,650			$	21,390,717			$	7,781,422
Affiliated dividend income			1,045				42				96				564				157
Non-cash dividend income			4,377,581				-				-				1,906,249				8,417
Securities lending income.			199,722				8,939				41,535				255,914				289,638
Foreign withholding tax			(17,437	)			(171,249	)			(221,982	)			(2,177,995	)			(934,081	)

Total investment income			6,134,749				1,274,255				1,675,299				21,375,449				7,145,553


Expenses:
Unitary management fees			4,503,739				837,470				947,231				2,550,114				1,185,751
Advisory fees			-				-				-				-				-
Sub-licensing fees			-				-				-				-				-
Accounting & administration fees			-				-				-				-				-
Custodian & transfer agent fees			-				-				-				-				-
Trustees’ and officer’s fees			-				-				-				-				-
Tax expenses			-				-				-				-				-
Other expenses			-				-				-				-				-

Total expenses			4,503,739				837,470				947,231				2,550,114				1,185,751

Less: Waivers			(81	)			(5	)			(10	)			(28	)			(12	)

Net expenses			4,503,658				837,465				947,221				2,550,086				1,185,739

Net investment income			1,631,091				436,790				728,078				18,825,363				5,959,814


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(278,184,579	)			(14,330,616	)			1,124,875				(11,546,709	)			(16,158,867	)
Affiliated investment securities			(62,830	)			(1,849	)			(3,680	)			(21,044	)			(3,541	)
Unaffiliated in-kind redemptions			2,313,777				6,549,712				257,380				23,388,206				16,582,925
Affiliated in-kind redemptions			-				-				-				-				-
Foreign currencies			(85,717	)			(97,833	)			(160,795	)			(62,999	)			(205,937	)
Distributions of underlying fund shares			-				-				-				-				-

Net realized gain (loss)			(276,019,349	)			(7,880,586	)			1,217,780				11,757,454				214,580

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(304,422,776	)			(42,843,913	)			(29,936,889	)			(115,628,158	)			(74,769,095	)
Affiliated investment securities			2,245				-				-				8,754				(10,421	)
Foreign currencies			(268	)			(57,127	)			(8,342	)			(412,716	)			(123,057	)

Change in net unrealized appreciation (depreciation)			(304,420,799	)			(42,901,040	)			(29,945,231	)			(116,032,120	)			(74,902,573	)

Net realized and unrealized gain (loss)			(580,440,148	)			(50,781,626	)			(28,727,451	)			(104,274,666	)			(74,687,993	)

Net increase (decrease) in net assets resulting from operations		$	(578,809,057	)		$	(50,344,836	)		$	(27,999,373	)		$	(85,449,303	)		$	(68,728,179	)

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


Invesco FTSE RAFI Emerging Markets ETF (PXH)				Invesco Global Clean Energy ETF (PBD)				Invesco Global Water ETF (PIO)				Invesco International BuyBack Achievers^TMETF (IPKW)				Invesco MSCI Global Timber ETF (CUT)				Invesco MSCI Green Building ETF (GBLD)				Invesco S&P Global Water Index ETF (CGW)				Invesco S&P International Developed Quality ETF (IDHQ)

	$	25,344,933			$	638,743			$	2,105,288			$	2,004,714			$	1,670,551			$	94,531			$	7,865,150			$	2,147,150
		2,529				32				38				73				3,381				4				310				14
		1,183,373				-				-				118,791				-				-				-				-
		61,537				1,989,203				3,738				184,010				6,152				1,176				18,226				18,276
		(1,590,158	)			(93,506	)			(122,944	)			(233,875	)			(51,918	)			(6,939	)			(290,184	)			(206,769	)

		25,002,214				2,534,472				1,986,120				2,073,713				1,628,166				88,772				7,593,502				1,958,671


		3,450,547				1,142,814				1,200,366				310,206				-				9,319				-				183,089
		-				-				-				-				222,330				-				2,862,172				-
		-				-				-				-				26,679				-				251,876				-
		-				-				-				-				9,599				-				33,706				-
		-				-				-				-				9,153				-				16,910				-
		-				-				-				-				-				-				2,395				-
		2,729				1,288				-				-				1,091				-				-				-
		-				-				-				-				29,051				-				51,024				-

		3,453,276				1,144,102				1,200,366				310,206				297,903				9,319				3,218,083				183,089

		(254	)			(4	)			-				(3	)			(26,732	)			(1	)			(9	)			(2	)

		3,453,022				1,144,098				1,200,366				310,203				271,171				9,318				3,218,074				183,087

		21,549,192				1,390,374				785,754				1,763,510				1,356,995				79,454				4,375,428				1,775,584




		(24,612,491	)			(35,496,744	)			(2,935,131	)			(4,181,240	)			854,008				(38,635	)			(7,320,006	)			(1,462,541	)
		(2,535	)			(25,417	)			(1,204	)			(1,256	)			3,802				(342	)			(1,890	)			(542	)
		2,078,527				3,719,297				1,392,856				411,683				2,049,859				-				9,844,048				2,686,675
		-				-				-				-				15,593				-				-				-
		(1,371,587	)			(21,054	)			(25,035	)			(3,822	)			(12,345	)			(678	)			32,646				(21,168	)
		-				-				-				-				2,004				-				-				-

		(23,908,086	)			(31,823,918	)			(1,568,514	)			(3,774,635	)			2,912,921				(39,655	)			2,554,798				1,202,424




		(158,310,492	)			(88,559,791	)			(59,468,240	)			(11,218,199	)			(4,792,979	)			(527,329	)			(211,150,297	)			(23,885,323	)
		759				(2,650	)			-				635				(38,091	)			371				-				112
		(288,045	)			(9,692	)			(38,080	)			(39,519	)			(22,415	)			(829	)			(93,525	)			(33,464	)


		(158,597,778	)			(88,572,133	)			(59,506,320	)			(11,257,083	)			(4,853,485	)			(527,787	)			(211,243,822	)			(23,918,675	)

		(182,505,864	)			(120,396,051	)			(61,074,834	)			(15,031,718	)			(1,940,564	)			(567,442	)			(208,689,024	)			(22,716,251	)


	$	(160,956,672	)		$	(119,005,677	)		$	(60,289,080	)		$	(13,268,208	)		$	(583,569	)		$	(487,988	)		$	(204,313,596	)		$	(20,940,667	)

Statements of Changes in Net Assets

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

(Unaudited)


	Invesco China Technology ETF (CQQQ)								Invesco DWA Developed Markets Momentum ETF (PIZ)
	Six Months Ended April 30, 2022				Year Ended October 31, 2021				Six Months Ended April 30, 2022				Year Ended October 31, 2021


Operations:
Net investment income (loss)		$	1,631,091			$	(3,007,211	)		$	436,790			$	1,214,869
Net realized gain (loss)			(276,019,349	)			31,255,498				(7,880,586	)			40,842,745
Change in net unrealized appreciation (depreciation)			(304,420,799	)			(228,330,434	)			(42,901,040	)			12,793,382

Net increase (decrease) in net assets resulting from operations			(578,809,057	)			(200,082,147	)			(50,344,836	)			54,850,996


Distributions to Shareholders from:
Distributable earnings			-				(6,502,078	)			(1,656,484	)			(964,301	)


Shareholder Transactions:
Proceeds from shares sold			133,011,550				934,478,610				28,269,708				171,884,702
Value of shares repurchased			(99,000,159	)			(251,717,877	)			(61,325,113	)			(128,862,593	)
Transaction fees			-				-				-				-

Net increase (decrease) in net assets resulting from share transactions			34,011,391				682,760,733				(33,055,405	)			43,022,109

Net increase (decrease) in net assets			(544,797,666	)			476,176,508				(85,056,725	)			96,908,804


Net assets:
Beginning of year			1,519,338,195				1,043,161,687				251,951,440				155,042,636

End of year		$	974,540,529			$	1,519,338,195			$	166,894,715			$	251,951,440


Changes in Shares Outstanding:
Shares sold			2,100,000				11,100,000				750,000				4,550,000
Shares repurchased			(1,800,000	)			(3,150,000	)			(1,700,000	)			(3,450,000	)
Shares outstanding, beginning of year			22,050,000				14,100,000				6,300,000				5,200,000

Shares outstanding, end of year			22,350,000				22,050,000				5,350,000				6,300,000

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


Invesco DWA Emerging Markets								Invesco FTSE RAFI Developed Markets								Invesco FTSE RAFI Developed Markets								Invesco FTSE RAFI Emerging Markets
Momentum ETF (PIE)								ex-U.S. ETF (PXF)								ex-U.S. Small-Mid ETF (PDN)								ETF (PXH)
Six Months Ended				Year Ended				Six Months Ended				Year Ended				Six Months Ended				Year Ended				Six Months Ended				Year Ended
April 30,				October 31,				April 30,				October 31,				April 30,				October 31,				April 30,				October 31,
2022				2021				2022				2021				2022				2021				2022				2021

	$	728,078			$	1,722,180			$	18,825,363			$	35,112,659			$	5,959,814			$	7,065,857			$	21,549,192			$	55,658,353
		1,217,780				44,078,965				11,757,454				27,602,304				214,580				32,710,580				(23,908,086	)			33,864,949
		(29,945,231	)			1,750,161				(116,032,120	)			316,656,880				(74,902,573	)			65,895,115				(158,597,778	)			225,062,252

		(27,999,373	)			47,551,306				(85,449,303	)			379,371,843				(68,728,179	)			105,671,552				(160,956,672	)			314,585,554



		(1,250,922	)			(2,586,314	)			(29,006,175	)			(27,603,102	)			(8,242,272	)			(7,594,401	)			(32,184,811	)			(40,406,081	)



		24,101,839				145,789,480				129,786,834				85,097,681				209,234,440				111,750,049				327,326,238				326,988,438
		(8,888,885	)			(131,467,700	)			(90,155,661	)			(108,096,381	)			(59,345,738	)			(83,278,298	)			(85,415,222	)			(210,835,982	)
		63,712				167,645				35,245				15,729				44,473				4,510				222,968				326,816



		15,276,666				14,489,425				39,666,418				(22,982,971	)			149,933,175				28,476,261				242,133,984				116,479,272

		(13,973,629	)			59,454,417				(74,789,060	)			328,785,770				72,962,724				126,553,412				48,992,501				390,658,745



		214,943,534				155,489,117				1,200,188,506				871,402,736				434,659,727				308,106,315				1,360,502,708				969,843,963

	$	200,969,905			$	214,943,534			$	1,125,399,446			$	1,200,188,506			$	507,622,451			$	434,659,727			$	1,409,495,209			$	1,360,502,708



		1,000,000				6,100,000				2,850,000				1,800,000				6,050,000				3,000,000				15,600,000				14,650,000
		(350,000	)			(5,450,000	)			(1,850,000	)			(2,400,000	)			(1,700,000	)			(2,250,000	)			(4,250,000	)			(9,400,000	)
		8,600,000				7,950,000				24,900,000				25,500,000				11,400,000				10,650,000				60,650,000				55,400,000

		9,250,000				8,600,000				25,900,000				24,900,000				15,750,000				11,400,000				72,000,000				60,650,000

Statements of Changes in Net Assets–(continued)

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

(Unaudited)


	Invesco Global								Invesco Global
	Clean Energy ETF (PBD)								Water ETF (PIO)
	Six Months Ended				Year Ended				Six Months Ended				Year Ended
	April 30,				October 31,				April 30,				October 31,
	2022				2021				2022				2021
Operations:
Net investment income		$	1,390,374			$	1,961,935			$	785,754			$	4,145,969
Net realized gain (loss)			(31,823,918	)			41,827,373				(1,568,514	)			46,218,048
Change in net unrealized appreciation (depreciation)			(88,572,133	)			(32,979,658	)			(59,506,320	)			24,908,830

Net increase (decrease) in net assets resulting from operations			(119,005,677	)			10,809,650				(60,289,080	)			75,272,847


Distributions to Shareholders from:
Distributable earnings			(1,475,607	)			(1,855,153	)			(1,678,567	)			(3,106,732	)


Shareholder Transactions:
Proceeds from shares sold			5,729,492				424,488,613				25,256,982				155,139,410
Value of shares repurchased			(37,164,347	)			(158,049,668	)			(3,780,139	)			(111,547,704	)
Transaction fees			12,677				48,283				2,446				8,130

Net increase (decrease) in net assets resulting from share transactions			(31,422,178	)			266,487,228				21,479,289				43,599,836

Net increase (decrease) in net assets			(151,903,462	)			275,441,725				(40,488,358	)			115,765,951


Net assets:
Beginning of year			399,619,453				124,177,728				323,027,954				207,262,003

End of year		$	247,715,991			$	399,619,453			$	282,539,596			$	323,027,954


Changes in Shares Outstanding:
Shares sold			250,000				12,400,000				600,000				3,950,000
Shares repurchased			(1,450,000	)			(5,050,000	)			(100,000	)			(2,850,000	)
Shares outstanding, beginning of year			12,775,000				5,425,000				7,750,000				6,650,000

Shares outstanding, end of year			11,575,000				12,775,000				8,250,000				7,750,000

^(a)	For the period April 20, 2021 (commencement of investment operations) through October 31, 2021.

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


Invesco International BuyBack							Invesco MSCI Global								Invesco MSCI Green								Invesco S&P Global
Achievers^TM ETF (IPKW)							Timber ETF (CUT)								Building ETF (GBLD)								Water Index ETF (CGW)
Six Months Ended			Year Ended				Six Months Ended				Year Ended				Six Months Ended				Period Ended				Six Months Ended				Year Ended
April 30,			October 31,				April 30,				October 31,				April 30,				October 31,				April 30,				October 31,
2022			2021				2022				2021				2022				2021^(a)				2022				2021

	$1,763,510			$	7,296,457			$	1,356,995			$	1,518,965			$	79,454			$	87,786			$	4,375,428			$	19,796,650
	(3,774,635	)			38,109,597				2,912,921				7,132,006				(39,655	)			3,150				2,554,798				45,148,590
	(11,257,083)				(8,019,452	)			(4,853,485	)			15,142,417				(527,787	)			(244,921	)			(211,243,822	)			258,398,968

	(13,268,208	)			37,386,602				(583,569	)			23,793,388				(487,988	)			(153,985	)			(204,313,596	)			323,344,208



	(7,174,117	)			(2,099,827	)			(1,454,000	)			(1,493,991	)			(101,951	)			(82,156	)			(20,088,093	)			(11,646,987	)



	11,839,492				66,429,753				-				11,405,740				1,117,034				5,000,025				47,334,548				270,538,311
	(15,579,769	)			(69,533,806	)			(6,992,443	)			(16,774,336	)			-				-				(20,486,903	)			(93,778,162	)
	6,069				6,881				1,094				3,017				-				-				1,253				13,469

	(3,734,208	)			(3,097,172	)			(6,991,349	)			(5,365,579	)			1,117,034				5,000,025				26,848,898				176,773,618

	(24,176,533	)			32,189,603				(9,028,918	)			16,933,818				527,095				4,763,884				(197,552,791	)			488,470,839



	124,660,066				92,470,463				92,034,867				75,101,049				4,763,884				-				1,199,341,498				710,870,659

	$100,483,533			$	124,660,066			$	83,005,949			$	92,034,867			$	5,290,979			$	4,763,884			$	1,001,788,707			$	1,199,341,498



	300,000				1,500,000				-				300,000				50,000				200,001				800,000				5,040,000
	(400,000	)			(1,600,000	)			(200,000	)			(450,000	)			-				-				(400,000	)			(1,840,000	)
	2,850,000				2,950,000				2,550,000				2,700,000				200,001				-				20,360,000				17,160,000

	2,750,000				2,850,000				2,350,000				2,550,000				250,001				200,001				20,760,000				20,360,000

Statements of Changes in Net Assets–(continued)

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

(Unaudited)


	Invesco S&P International
	Developed Quality ETF (IDHQ)
	Six Months Ended				Year Ended
	April 30,				October 31,
	2022				2021
Operations:
Net investment income		$	1,775,584			$	2,236,083
Net realized gain			1,202,424				12,964,294
Change in net unrealized appreciation (depreciation)			(23,918,675	)			10,136,928

Net increase (decrease) in net assets resulting from operations			(20,940,667	)			25,337,305


Distributions to Shareholders from:
Distributable earnings			(1,376,329	)			(2,252,111	)


Shareholder Transactions:
Proceeds from shares sold			45,199,466				67,242,044
Value of shares repurchased			(14,025,773	)			(75,829,640	)
Transaction fees			3,334				3,343

Net increase (decrease) in net assets resulting from share transactions			31,177,027				(8,584,253	)

Net increase in net assets			8,860,031				14,500,941


Net assets:
Beginning of year			114,521,954				100,021,013

End of year		$	123,381,985			$	114,521,954


Changes in Shares Outstanding:
Shares sold			1,450,000				2,200,000
Shares repurchased			(450,000	)			(2,550,000	)
Shares outstanding, beginning of year			3,650,000				4,000,000

Shares outstanding, end of year			4,650,000				3,650,000

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

Financial Highlights

Invesco China Technology ETF (CQQQ)


	Six Months Ended April 30, 2022 (Unaudited)
					Years Ended October 31,												Two Months Ended October 31, 2018				Years Ended August 31,
					2021				2020				2019				Two Months Ended October 31, 2018				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	68.90			$	73.98			$	47.88			$	40.55			$	49.32			$	55.00			$	39.26

Net investment income (loss)^(a)			0.07	^(b)			(0.15	)			(0.06	)			0.04				0.03				0.31				0.52
Net realized and unrealized gain (loss) on investments			(25.37	)			(4.54	)			26.17				7.46				(8.80	)			(5.13	)			15.82

Total from investment operations			(25.30	)			(4.69	)			26.11				7.50				(8.77	)			(4.82	)			16.34

Distributions to shareholders from:
Net investment income			—				(0.39	)			(0.01	)			(0.17	)			-				(0.86	)			(0.60	)

Net asset value at end of period		$	43.60			$	68.90			$	73.98			$	47.88			$	40.55			$	49.32			$	55.00

Market price at end of period		$	43.30	^(c)		$	68.25	^(c)		$	74.34	^(c)		$	47.67	^(c)		$	40.81	^(c)		$	49.36	^(c)		$	55.21

Net Asset Value Total Return^(d)			(36.72	)%			(6.41	)%			54.53	%			18.59	%			(17.78	)%			(9.05	)%			42.43	%
Market Price Total Return^(d)			(36.56	)%			(7.75	)%			55.97	%			17.32	%			(17.32	)%			(9.33	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	974,541			$	1,519,338			$	1,043,162			$	509,964			$	405,541			$	384,689			$	209,019
Ratio to average net assets of:
Expenses			0.70	%^(e)			0.70	%			0.70	%			0.70	%			0.70	%^(e)			0.65	%			0.70	%
Net investment income (loss)			0.25	%^(b)(e)			(0.19	)%			(0.09	)%			0.09	%			0.39	%^(e)			0.52	%			1.20	%
Portfolio turnover rate^(f)			33	%			54	%			38	%			80	%			4	%			21	%			10	%

^(a)	Based on average shares outstanding.

^(b)

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $(0.12) and (0.43)%, respectively.

^(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)	Annualized.

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

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

Financial Highlights–(continued)

Invesco DWA Developed Markets Momentum ETF (PIZ)


	Six Months Ended April 30, 2022				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	39.99			$	29.82			$	27.18			$	24.53			$	27.30			$	22.29

Net investment income^(a)			0.07				0.22	^(b)			0.13				0.30				0.24				0.36
Net realized and unrealized gain (loss) on investments			(8.58	)			10.12				2.77				2.70				(2.68	)			5.05

Total from investment operations			(8.51	)			10.34				2.90				3.00				(2.44	)			5.41

Distributions to shareholders from:
Net investment income			(0.28	)			(0.17	)			(0.26	)			(0.35	)			(0.33	)			(0.40	)

Net asset value at end of period		$	31.20			$	39.99			$	29.82			$	27.18			$	24.53			$	27.30

Market price at end of period^(c)		$	31.12			$	40.09			$	29.77			$	27.10			$	24.47			$	27.35

Net Asset Value Total Return^(d)			(21.40	)%			34.70	%			10.82	%			12.31	%			(9.09	)%			24.58	%
Market Price Total Return^(d)			(21.79	)%			35.26	%			10.96	%			12.25	%			(9.48	)%			24.91	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	166,895			$	251,951			$	155,043			$	175,327			$	223,182			$	232,084
Ratio to average net assets of:
Expenses			0.80	%^(e)			0.80	%			0.80	%			0.81	%			0.80	%			0.81	%
Net investment income			0.42	%^(e)			0.59	%^(b)			0.47	%			1.18	%			0.88	%			1.46	%
Portfolio turnover rate^(f)			81	%			161	%			115	%			106	%			94	%			98	%

^(a)	Based on average shares outstanding.

^(b)

Net investment income per share and the ratio of net investment income to average net assets includes income received from foreign withholding tax claims. Net investment income per share and the ratio of net investment income to average net assets excluding the foreign withholding tax claims are $0.16 and 0.44%, respectively.

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

^(d)

^(e)	Annualized.

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

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

Financial Highlights–(continued)

Invesco DWA Emerging Markets Momentum ETF (PIE)


	Six Months Ended April 30, 2022				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	24.99			$	19.56			$	18.59			$	16.12			$	19.48			$	16.11

Net investment income^(a)			0.08				0.19				0.23				0.36	^(b)			0.40				0.28
Net realized and unrealized gain (loss) on investments			(3.20	)			5.52				1.07				2.51				(3.29	)			3.34

Total from investment operations			(3.12	)			5.71				1.30				2.87				(2.89	)			3.62

Distributions to shareholders from:
Net investment income			(0.15	)			(0.30	)			(0.34	)			(0.41	)			(0.49	)			(0.26	)

Transaction fees^(a)			0.01				0.02				0.01				0.01				0.02				0.01

Net asset value at end of period		$	21.73			$	24.99			$	19.56			$	18.59			$	16.12			$	19.48

Market price at end of period^(c)		$	21.86			$	24.81			$	19.60			$	18.51			$	16.08			$	19.54

Net Asset Value Total Return^(d)			(12.52	)%			29.35	%			7.08	%			18.23	%			(15.11	)%			22.72	%
Market Price Total Return^(d)			(11.36	)%			28.17	%			7.77	%			18.03	%			(15.58	)%			23.18	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	200,970			$	214,944			$	155,489			$	168,210			$	192,660			$	212,377
Ratio to average net assets of:
Expenses			0.90	%^(e)			0.90	%			0.90	%			0.91	%^(f)			0.90	%			0.90	%
Net investment income			0.69	%^(e)			0.79	%			1.25	%			2.13	%^(b)(f)			2.01	%			1.67	%
Portfolio turnover rate^(g)			79	%			198	%			155	%			158	%			163	%			174	%

^(a)	Based on average shares outstanding.

^(b)

Net investment income per share and the ratio of net investment income to average net assets include a non-cash taxable distribution received during the year. Net investment income per share and the ratio of net investment income to average net assets excluding the non-cash taxable distribution are $0.24 and 1.39%, respectively.

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

^(d)

^(e)	Annualized.

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

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

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

Financial Highlights–(continued)

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)


	Six Months Ended April 30, 2022				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	48.20			$	34.17			$	40.99			$	40.04			$	44.66			$	36.74

Net investment income^(a)			0.77				1.42				0.94				1.45				1.34				1.20
Net realized and unrealized gain (loss) on investments			(4.34	)			13.72				(6.85	)			1.10				(4.56	)			7.98

Total from investment operations			(3.57	)			15.14				(5.91	)			2.55				(3.22	)			9.18

Distributions to shareholders from:
Net investment income			(1.18	)			(1.11	)			(0.92	)			(1.60	)			(1.40	)			(1.26	)

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

Net asset value at end of period		$	43.45			$	48.20			$	34.17			$	40.99			$	40.04			$	44.66

Market price at end of period^(c)		$	43.33			$	48.22			$	34.25			$	40.86			$	39.98			$	44.81

Net Asset Value Total Return^(d)			(7.50	)%			44.49	%			(14.26	)%			6.58	%			(7.45	)%			25.38	%
Market Price Total Return^(d)			(7.82	)%			44.22	%			(13.80	)%			6.41	%			(7.92	)%			25.99	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,125,399			$	1,200,189			$	871,403			$	1,246,076			$	1,275,422			$	1,214,850
Ratio to average net assets of:
Expenses			0.45	%^(e)			0.45	%			0.45	%			0.45	%			0.45	%			0.45	%
Net investment income			3.32	%^(e)			3.09	%			2.57	%			3.64	%			3.02	%			2.95	%
Portfolio turnover rate^(f)			13	%			17	%			11	%			15	%			10	%			13	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

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

^(d)

^(e)	Annualized.

^(f)	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.

Financial Highlights–(continued)

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


	Six Months Ended April 30, 2022				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	38.13			$	28.93			$	30.67			$	29.48			$	33.33			$	27.37

Net investment income^(a)			0.43				0.65				0.60				0.70				0.75				0.59
Net realized and unrealized gain (loss) on investments			(5.74	)			9.25				(1.70	)			1.24				(3.66	)			5.99

Total from investment operations.			(5.31	)			9.90				(1.10	)			1.94				(2.91	)			6.58

Distributions to shareholders from:
Net investment income			(0.59	)			(0.70	)			(0.64	)			(0.75	)			(0.94	)			(0.62	)

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

Net asset value at end of period		$	32.23			$	38.13			$	28.93			$	30.67			$	29.48			$	33.33

Market price at end of period^(c)		$	32.16			$	38.41			$	28.94			$	30.42			$	29.48			$	33.44

Net Asset Value Total Return^(d)			(14.03	)%			34.34	%			(3.36	)%			6.72	%			(9.05	)%			24.36	%
Market Price Total Return^(d)			(14.85	)%			35.26	%			(2.53	)%			5.85	%			(9.36	)%			25.09	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	507,622			$	434,660			$	308,106			$	328,155			$	291,863			$	206,657
Ratio to average net assets of:
Expenses			0.49	%^(e)			0.49	%			0.49	%			0.49	%			0.49	%			0.49	%
Net investment income			2.46	%^(e)			1.77	%			2.09	%			2.36	%			2.25	%			1.98	%
Portfolio turnover rate^(f)			30	%			31	%			26	%			27	%			21	%			19	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

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

^(d)

^(e)	Annualized.

^(f)	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.

Financial Highlights–(continued)

Invesco FTSE RAFI Emerging Markets ETF (PXH)


	Six Months Ended April 30, 2022				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	22.43			$	17.51			$	20.95			$	20.02			$	21.66			$	18.81

Net investment income^(a)			0.33				0.92				0.59				0.72				0.73				0.57
Net realized and unrealized gain (loss) on investments			(2.67	)			4.63				(3.40	)			0.92				(1.66	)			2.81

Total from investment operations			(2.34	)			5.55				(2.81	)			1.64				(0.93	)			3.38

Distributions to shareholders from:
Net investment income			(0.51	)			(0.64	)			(0.63	)			(0.71	)			(0.71	)			(0.53	)

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

Net asset value at end of period		$	19.58			$	22.43			$	17.51			$	20.95			$	20.02			$	21.66

Market price at end of period^(c)		$	19.54			$	22.34			$	17.51			$	20.93			$	20.03			$	21.62

Net Asset Value Total Return^(d)			(10.59	)%			31.79	%			(13.44	)%			8.31	%			(4.44	)%			18.10	%
Market Price Total Return^(d)			(10.43	)%			31.28	%			(13.36	)%			8.14	%			(4.22	)%			17.94	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,409,495			$	1,360,503			$	969,844			$	1,277,150			$	1,129,333			$	967,201
Ratio to average net assets of:
Expenses, after Waivers			0.49	%^(e)			0.49	%^(f)			0.49	%^(f)			0.49	%^(f)			0.48	%			0.48	%^(f)
Expenses, prior to Waivers			0.49	%^(e)			0.49	%^(f)			0.49	%^(f)			0.49	%^(f)			0.49	%			0.49	%^(f)
Net investment income			3.06	%^(e)			4.11	%			3.14	%			3.48	%			3.30	%			2.84	%
Portfolio turnover rate^(g)			26	%			34	%			22	%			29	%			16	%			24	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

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

^(d)

^(e)	Annualized.

^(f)

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

^(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.

Financial Highlights–(continued)

Invesco Global Clean Energy ETF (PBD)


	Six Months Ended April 30, 2022				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	31.28			$	22.89			$	12.66			$	10.97			$	13.08			$	10.65

Net investment income^(a)			0.12				0.16				0.19				0.21				0.18				0.23
Net realized and unrealized gain (loss) on investments			(9.88	)			8.37				10.30				1.72				(2.07	)			2.39

Total from investment operations			(9.76	)			8.53				10.49				1.93				(1.89	)			2.62

Distributions to shareholders from:
Net investment income			(0.12	)			(0.14	)			(0.26	)			(0.24	)			(0.22	)			(0.19	)

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

Net asset value at end of period		$	21.40			$	31.28			$	22.89			$	12.66			$	10.97			$	13.08

Market price at end of period^(c)		$	21.33			$	31.31			$	22.92			$	12.56			$	10.95			$	13.07

Net Asset Value Total Return^(d)			(31.26	)%			37.31	%			84.06	%			17.86	%			(14.69	)%			24.90	%
Market Price Total Return^(d)			(31.55	)%			37.26	%			85.77	%			17.16	%			(14.78	)%			25.17	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	247,716			$	399,619			$	124,178			$	49,675			$	49,661			$	60,499
Ratio to average net assets of:
Expenses			0.75	%^(e)			0.75	%			0.75	%			0.77	%^(f)			0.75	%			0.75	%
Net investment income			0.91	%^(e)			0.52	%			1.20	%			1.74	%^(f)			1.43	%			1.98	%
Portfolio turnover rate^(g)			34	%			74	%			56	%			59	%			46	%			40	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

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

^(d)

^(e)	Annualized.

^(f)	Ratios include non-recurring costs associated with a proxy statement of 0.02%.

^(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.

Financial Highlights–(continued)

Invesco Global Water ETF (PIO)


	Six Months Ended April 30, 2022				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	41.68			$	31.17			$	28.94			$	23.73			$	25.27			$	21.32

Net investment income^(a)			0.10				0.58	^(b)			0.25				0.38				0.45				0.28
Net realized and unrealized gain (loss) on investments			(7.33	)			10.35				2.27				5.25				(1.54	)			3.95

Total from investment operations			(7.23	)			10.93				2.52				5.63				(1.09	)			4.23

Distributions to shareholders from:
Net investment income			(0.20	)			(0.42	)			(0.29	)			(0.42	)			(0.45	)			(0.28	)

Transaction fees^(a)			0.00	^(c)			0.00	^(c)			0.00	^(c)			0.00	^(c)			0.00	^(c)			-

Net asset value at end of period		$	34.25			$	41.68			$	31.17			$	28.94			$	23.73			$	25.27

Market price at end of period^(d)		$	34.21			$	41.72			$	31.18			$	28.84			$	23.69			$	25.25

Net Asset Value Total Return^(e)			(17.42	)%			35.17	%			8.76	%			23.90	%			(4.45	)%			20.01	%
Market Price Total Return^(e)			(17.59	)%			35.26	%			9.16	%			23.68	%			(4.53	)%			20.08	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	282,540			$	323,028			$	207,262			$	195,314			$	164,916			$	200,862
Ratio to average net assets of:
Expenses			0.75	%^(f)			0.75	%			0.75	%			0.76	%^(g)			0.75	%			0.75	%
Net investment income			0.49	%^(f)			1.52	%^(b)			0.86	%			1.45	%^(g)			1.77	%			1.22	%
Portfolio turnover rate^(h)			16	%			31	%			30	%			32	%			34	%			34	%

^(a)	Based on average shares outstanding.

^(b)

^(c)	Amount represents less than $0.005.

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

^(e)

^(f)	Annualized.

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

^(h)	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.

Financial Highlights–(continued)

Invesco International BuyBack Achievers^TM ETF (IPKW)


	Six Months Ended April 30, 2022				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	43.74			$	31.35			$	32.20			$	31.00			$	35.31			$	27.94

Net investment income^(a)			0.62				2.55	^(b)			0.57				0.76				0.69				0.47
Net realized and unrealized gain (loss) on investments			(5.23	)			10.57				(0.82	)			1.38				(4.28	)			7.28

Total from investment operations			(4.61	)			13.12				(0.25	)			2.14				(3.59	)			7.75

Distributions to shareholders from:
Net investment income			(2.59	)			(0.73	)			(0.61	)			(0.94	)			(0.73	)			(0.38	)

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

Net asset value at end of period		$	36.54			$	43.74			$	31.35			$	32.20			$	31.00			$	35.31

Market price at end of period^(d)		$	36.52			$	43.78			$	31.42			$	32.05			$	30.96			$	35.47

Net Asset Value Total Return^(e)			(10.80	)%			41.90	%			(0.30	)%			7.10	%			(10.40	)%			28.03	%
Market Price Total Return^(e)			(10.96	)%			41.72	%			0.37	%			6.74	%			(10.96	)%			28.24	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	100,484			$	124,660			$	92,470			$	141,692			$	243,373			$	197,735
Ratio to average net assets of:
Expenses			0.55	%^(f)			0.55	%			0.55	%			0.55	%			0.55	%			0.55	%
Net investment income			3.13	%^(f)			5.98	%^(b)			1.86	%			2.44	%			1.90	%			1.47	%
Portfolio turnover rate^(g)			14	%			113	%			88	%			99	%			121	%			118	%

^(a)	Based on average shares outstanding.

^(b)

^(c)	Amount represents less than $0.005.

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

^(e)

^(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.

Financial Highlights–(continued)

Invesco MSCI Global Timber ETF (CUT)


	Six Months Ended April 30, 2022				Years Ended October 31,												Five Months Ended October 31,				Years Ended May 31,
	(Unaudited)				2021				2020				2019				2018				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	36.09			$	27.82			$	27.65			$	27.98			$	33.50			$	27.57			$	23.63

Net investment income^(a)			0.55				0.55				0.53				0.72				0.20				0.63				0.47
Net realized and unrealized gain (loss) on investments			(0.74	)			8.27				0.40				(0.23	)			(5.72	)			5.80				3.99

Total from investment operations			(0.19	)			8.82				0.93				0.49				(5.52	)			6.43				4.46

Distributions to shareholders from:
Net investment income			(0.58	)			(0.55	)			(0.77	)			(0.82	)			-				(0.50	)			(0.52	)

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

Net asset value at end of period		$	35.32			$	36.09			$	27.82			$	27.65			$	27.98			$	33.50			$	27.57

Market price at end of period		$	35.31	^(c)		$	36.09	^(c)		$	27.81	^(c)		$	27.56	^(c)		$	27.94	^(c)		$	33.54	^(c)		$	27.52

Net Asset Value Total Return^(d)			(0.51	)%			31.90	%			3.29	%			2.32	%			(16.48	)%			23.42	%			19.09	%
Market Price Total Return^(d)			(0.54	)%			31.95	%			3.60	%			2.14	%			(16.70	)%			23.79	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	83,006			$	92,035			$	75,101			$	134,093			$	173,463			$	236,190			$	190,203
Ratio to average net assets of:
Expenses, after Waivers			0.61	%^(e)			0.60	%			0.55	%			0.56	%^(f)			0.55	%^(e)			0.55	%			0.57	%
Expenses, prior to Waivers			0.67	%^(e)			0.68	%			0.72	%			0.68	%^(f)			0.64	%^(e)			0.67	%			0.70	%
Net investment income			3.05	%^(e)			1.51	%			2.00	%			2.70	%^(f)			1.50	%^(e)			2.02	%			1.85	%
Portfolio turnover rate^(g)			7	%			14	%			10	%			18	%			4	%			10	%			8	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

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

^(d)

^(e)	Annualized.

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

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

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

Financial Highlights–(continued)

Invesco MSCI Green Building ETF (GBLD)


	Six Months Ended April 30, 2022 (Unaudited)				For the Period April 20, 2021^(a)Through October 31, 2021
	Six Months Ended April 30, 2022 (Unaudited)
Per Share Operating Performance:
Net asset value at beginning of period		$	23.82			$	25.00

Net investment income^(b)			0.38				0.44
Net realized and unrealized gain (loss) on investments			(2.53	)			(1.21	)

Total from investment operations			(2.15	)			(0.77	)

Distributions to shareholders from:
Net investment income			(0.51	)			(0.41	)

Net asset value at end of period		$	21.16			$	23.82

Market price at end of period^(c)		$	21.20			$	23.89

Net Asset Value Total Return^(d)			(9.15	)%			(3.13	)%^(e)
Market Price Total Return^(d)			(9.25	)%			(2.84	)%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	5,291			$	4,764
Ratio to average net assets of:
Expenses			0.39	%^(f)			0.39	%^(f)
Net investment income			3.33	%^(f)			3.34	%^(f)
Portfolio turnover rate^(g)			8	%			25	%

^(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 (April 22, 2021, the first day of trading on the exchange) to October 31, 2021 was (2.74)%. The market price total return from Fund Inception to October 31, 2021 was (2.30)%.

^(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.

Financial Highlights–(continued)

Invesco S&P Global Water Index ETF (CGW)


	Six Months Ended April 30, 2022				Years Ended October 31,												Two Months Ended October 31,				Years Ended August 31,
	(Unaudited)				2021				2020				2019				2018				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	58.91			$	41.43			$	39.55			$	32.32			$	35.28			$	33.38			$	30.27

Net investment income^(a)			0.21				1.08	^(b)			0.63				0.64				0.04				0.59				0.61
Net realized and unrealized gain (loss) on investments			(9.90	)			17.06				1.86				7.26				(3.00	)			1.92				2.97

Total from investment operations			(9.69	)			18.14				2.49				7.90				(2.96	)			2.51				3.58

Distributions to shareholders from:
Net investment income			(0.96	)			(0.66	)			(0.61	)			(0.67	)			-				(0.61	)			(0.47	)

Transaction fees^(a)			0.00	^(c)			0.00	^(c)			0.00	^(c)			0.00	^(c)			0.00	^(c)			-				-

Net asset value at end of period		$	48.26			$	58.91			$	41.43			$	39.55			$	32.32			$	35.28			$	33.38

Market price at end of period		$	48.19	^(d)		$	59.04	^(d)		$	41.54	^(d)		$	39.54	^(d)		$	32.27	^(d)		$	35.23	^(d)		$	33.46

Net Asset Value Total Return^(e)			(16.71	)%			44.25	%			6.31	%			25.10	%			(8.39	)%			7.51	%			12.09	%
Market Price Total Return^(e)			(17.02	)%			44.18	%			6.62	%			25.27	%			(8.40	)%			7.09	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,001,789			$	1,199,341			$	710,871			$	741,918			$	531,298			$	594,105			$	610,253
Ratio to average net assets of:
Expenses			0.56	%^(f)			0.57	%			0.57	%			0.59	%			0.60	%^(f)			0.62	%			0.63	%
Net investment income			0.76	%^(f)			2.08	%^(b)			1.61	%			1.82	%			0.67	%^(f)			1.71	%			1.98	%
Portfolio turnover rate^(g)			11	%			15	%			15	%			13	%			5	%			13	%			8	%

^(a)	Based on average shares outstanding.

^(b)

^(c)	Amount represents less than $0.005.

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

^(e)

^(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.

Financial Highlights–(continued)

Invesco S&P International Developed Quality ETF (IDHQ)


	Six Months Ended April 30, 2022				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	31.38			$	25.01			$	24.47			$	21.36			$	23.50			$	19.65

Net investment income^(a)			0.41				0.63				0.46				0.54				0.58				0.45
Net realized and unrealized gain (loss) on investments			(4.95	)			6.39				0.55				3.16				(2.18	)			3.88

Total from investment operations			(4.54	)			7.02				1.01				3.70				(1.60	)			4.33

Distributions to shareholders from:
Net investment income			(0.31	)			(0.65	)			(0.47	)			(0.59	)			(0.54	)			(0.48	)

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

Net asset value at end of period		$	26.53			$	31.38			$	25.01			$	24.47			$	21.36			$	23.50

Market price at end of period^(c)		$	26.46			$	31.53			$	25.00			$	24.53			$	21.31			$	23.71

Net Asset Value Total Return^(d)			(14.55	)%			28.19	%			4.42	%			17.58	%			(7.00	)%			22.36	%
Market Price Total Return^(d)			(15.19	)%			28.85	%			4.09	%			18.14	%			(8.05	)%			23.70	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	123,382			$	114,522			$	100,021			$	47,726			$	32,039			$	28,203
Ratio to average net assets of:
Expenses			0.29	%^(e)			0.29	%			0.29	%			0.31	%^(f)			0.29	%			0.31	%
Net investment income			2.81	%^(e)			2.09	%			1.83	%			2.38	%^(f)			2.47	%			2.10	%
Portfolio turnover rate^(g)			23	%			61	%			42	%			54	%			54	%			49	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

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

^(d)

^(e)	Annualized.

^(f)	Ratios include non-recurring costs associated with a proxy statement of 0.02%.

^(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.

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

April 30, 2022

(Unaudited)

NOTE 1–Organization

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


Full Name		Short Name
Invesco China Technology ETF (CQQQ)		“China Technology ETF”
Invesco DWA Developed Markets Momentum ETF (PIZ)		“DWA Developed Markets Momentum ETF”
Invesco DWA Emerging Markets Momentum ETF (PIE)		“DWA Emerging Markets Momentum ETF”
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)		“FTSE RAFI Developed Markets ex-U.S. ETF”
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)		“FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF”
Invesco FTSE RAFI Emerging Markets ETF (PXH)		“FTSE RAFI Emerging Markets ETF”
Invesco Global Clean Energy ETF (PBD)		“Global Clean Energy ETF”
Invesco Global Water ETF (PIO)		“Global Water ETF”
Invesco International BuyBack Achievers^TMETF (IPKW)		“International BuyBack Achievers^TMETF”
Invesco MSCI Global Timber ETF (CUT)		“MSCI Global Timber ETF”
Invesco MSCI Green Building ETF (GBLD)		“MSCI Green Building ETF”
Invesco S&P Global Water Index ETF (CGW)		“S&P Global Water Index ETF”
Invesco S&P International Developed Quality ETF (IDHQ)		“S&P International Developed Quality 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 following exchanges:


Fund		Exchange
China Technology ETF		NYSE Arca, Inc.
DWA Developed Markets Momentum ETF		The Nasdaq Stock Market
DWA Emerging Markets Momentum ETF		The Nasdaq Stock Market
FTSE RAFI Developed Markets ex-U.S. ETF		NYSE Arca, Inc.
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		NYSE Arca, Inc.
FTSE RAFI Emerging Markets ETF		NYSE Arca, Inc.
Global Clean Energy ETF		NYSE Arca, Inc.
Global Water ETF		The Nasdaq Stock Market
International BuyBack Achievers^TMETF		The Nasdaq Stock Market
MSCI Global Timber ETF		NYSE Arca, Inc.
MSCI Green Building ETF		NYSE Arca, Inc.
S&P Global Water Index ETF		NYSE Arca, Inc.
S&P International Developed Quality ETF		NYSE Arca, Inc.

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

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


Fund		Underlying Index
China Technology ETF		FTSE China Incl A 25% Technology Capped Index
DWA Developed Markets Momentum ETF		Dorsey Wright^®Developed Markets Technical Leaders Index
DWA Emerging Markets Momentum ETF		Dorsey Wright^®Emerging Markets Technical Leaders Index
FTSE RAFI Developed Markets ex-U.S. ETF		FTSE RAFI^TMDeveloped ex U.S. 1000 Index
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		FTSE RAFI^TMDeveloped ex U.S. Mid-Small 1500 Index
FTSE RAFI Emerging Markets ETF		FTSE RAFI^TMEmerging Index
Global Clean Energy ETF		WilderHill New Energy Global Innovation Index
Global Water ETF		Nasdaq OMX Global Water Index^SM
International BuyBack Achievers^TMETF		Nasdaq International BuyBack Achievers^TMIndex
MSCI Global Timber ETF		MSCI ACWI IMI Timber Select Capped Index
MSCI Green Building ETF		MSCI Global Green Building Index
S&P Global Water Index ETF		S&P Global Water Index
S&P International Developed Quality ETF		S&P Quality Developed ex-U.S. LargeMidCap Index

NOTE 2–Significant Accounting Policies

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

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

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

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

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

Debt obligations (including convertible debt securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact 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. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

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

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

D.	Dividends and Distributions to Shareholders

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

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

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

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

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

Foreign Withholding Taxes - Each Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. Each Fund may file withholding tax refunds in certain jurisdictions to recover a portion of amounts previously withheld. Each Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for Foreign tax reclaims on the Statements of Assets and Liabilities.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received. These tax refund payments are reflected as Foreign withholding tax claims in the Statements of Operations, and any related interest is included in Unaffiliated interest income. Each Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are excluded from the unitary management fee and are reflected on the Statements of Operations as Professional fees, if any. In the event tax refunds received by a Fund during the fiscal year exceed the foreign withholding taxes paid by a Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds’ shareholders. For the six months ended April 30, 2022, the Funds did not enter into any closing agreements.

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

MSCI Global Timber ETF and S&P Global Water Index ETF are responsible for all of their expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, brokerage commissions and other expenses connected with executions of portfolio transactions, licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members and officers who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

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

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

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

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

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

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also continues to serve as a lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2022, each Fund (except for DWA Developed Markets Momentum ETF, FTSE RAFI Developed Markets ex-U.S. ETF, FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF and International BuyBack AchieversTM ETF) had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each applicable Fund as listed below:


	Amount
China Technology ETF	$	2,042
DWA Emerging Markets Momentum ETF		1,142
FTSE RAFI Emerging Markets ETF		57
Global Clean Energy ETF		58,958
Global Water ETF		10
MSCI Global Timber ETF		134
MSCI Green Building ETF		3
S&P Global Water Index ETF		463
S&P International Developed Quality ETF		24

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.

L.	Other Risks

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

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

China Investment Risk. Investments in companies located or operating in Greater China (normally considered to be the geographical area that includes mainland China, Hong Kong, Macau and Taiwan) involve risks and considerations not typically associated with investments in the U.S. and other Western nations, such as greater government control over the economy; political, legal and regulatory uncertainty; nationalization, expropriation, or confiscation of property; difficulty in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; limited legal remedies for shareholders; alteration or discontinuation of economic reforms; military conflicts, either internal or with other countries; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of Greater China; and Greater China’s dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country within Greater

China may impact the other countries in the region or Greater China as a whole. Export growth continues to be a major driver of China’s rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of additional tariffs or other trade barriers (or the threat thereof), including as a result of trade tensions between China and the United States, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by a Fund. Further, health events, such as the recent coronavirus outbreak, may cause uncertainty and volatility in the Chinese economy, especially in the consumer discretionary (leisure, retail, gaming, tourism), industrials, and commodities sectors. Additionally, the inability of the Public Company Accounting Oversight Board (“PCAOB”) to inspect audit work papers and practices of PCAOB-registered accounting firms in China with respect to their audit work of U.S. reporting companies may impose significant additional risks associated with investments in China.

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

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

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

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

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

Green Building Investing Risk. Companies involved in “green building” face many of the risk factors associated generally with the building and construction industry, including that such companies maybe significantly affected by changes in government spending or regulation, zoning laws, economic conditions and world events, interest rates, taxation, real estate values and overbuilding. Such companies may be impacted by the supply and demand both for their specific products or services and for industrial sector products in general. In addition, such companies face risks specific to sustainable or “green” building, including: building costs may be more expensive for green buildings as compared to conventional buildings; green construction materials may not be readily available; the costs associated with obtaining third-party certification; and the failure to continue to meet certification standards. The technology and methods for green building are relatively new, and there is uncertainty surrounding the longevity and warranty of new products and/or the use of relatively untested materials. Moreover, there remains uncertainty about how the regulatory environment might evolve with respect to green building.

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.

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 China Technology ETF, Global Water ETF, International BuyBack AchieversTM ETF, MSCI Global Timber ETF, MSCI Green Building ETF and S&P Global Water Index ETF are non-diversified, and to the extent certain Funds become non-diversified, and can invest a greater portion of their respective 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.

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

REIT Risk. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT’s shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and REIT shareholders will incur a proportionate share of the underlying expenses.

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

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

Thematic Investing Risk. Certain Funds rely on the index provider for their respective Underlying Index to identify securities that provide exposure to specific environmental themes, as set forth in the Underlying Index methodology. A Fund’s performance may suffer if such securities are not correctly identified. Performance may also suffer if the securities included in an Underlying Index do not benefit from the development of the applicable environmental theme. Further, to the extent that an index provider evaluates environmental, social and governance (“ESG”) factors as part of an Underlying Index’s methodology, there is a risk that information used by the index provider to evaluate these ESG factors may not be readily available, complete or accurate. This could negatively impact the index provider’s ability to apply its ESG standards when compiling the Underlying Index, and which may negatively impact a Fund’s performance. Performance may also be impacted by the inclusion of non-theme relevant exposures in an Underlying Index. There is no guarantee that an Underlying Index will reflect complete exposure to any particular environmental theme.

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 Agreements and Other Agreements

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

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


	Unitary Management Fees
	(as a % of average daily net assets)
China Technology ETF		0.70	%
DWA Developed Markets Momentum ETF		0.80	%
DWA Emerging Markets Momentum ETF		0.90	%
FTSE RAFI Developed Markets ex-U.S. ETF		0.45	%
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		0.49	%
FTSE RAFI Emerging Markets ETF		0.49	%
Global Clean Energy ETF		0.75	%
Global Water ETF		0.75	%
International BuyBack Achievers^TMETF		0.55	%
MSCI Green Building ETF		0.39	%
S&P International Developed Quality ETF		0.29	%

Pursuant to another Investment Advisory Agreement, each of the following Funds accrues daily and pays monthly to the Adviser an annual fee equal to a percentage of its average daily net assets as follows:


	Management Fees
	(as a % of average daily net assets)
MSCI Global Timber ETF		0.50	%
S&P Global Water Index ETF		0.50	%

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each of MSCI Global Timber ETF and S&P Global Water Index ETF, pursuant to which the Adviser has contractually agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if any, and 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)) of each such Fund from exceeding 0.60% of the Fund’s average daily net assets per year (the “Expense Cap”) shown in the table below through at least August 31, 2024. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2024. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. The Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap for S&P Global Water Index ETF.


	Expense Cap
MSCI Global Timber ETF		0.55	%
S&P Global Water Index ETF		0.63	%

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

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


China Technology ETF	$	81
DWA Developed Markets Momentum ETF		5
DWA Emerging Markets Momentum ETF		10
FTSE RAFI Developed Markets ex-U.S. ETF		28
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		12
FTSE RAFI Emerging Markets ETF		254
Global Clean Energy ETF		4
Global Water ETF		-
International BuyBack Achievers^TMETF		3
MSCI Global Timber ETF		26,732
MSCI Green Building ETF		1
S&P Global Water Index ETF		9
S&P International Developed Quality ETF		2

The fees waived and/or expenses borne by the Adviser for MSCI Global Timber ETF and S&P Global Water Index ETF, pursuant to the Expense Cap, are subject to recapture by the Adviser up to three years from the date the fees were waived or the expense were incurred, but no recapture payment will be made by the Funds if it would result in the Funds exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser.

For the following Fund, the amounts available for potential recapture by the Adviser and the expiration schedule as of April 30, 2022 are as follows:


	Total
	Potential
	Recapture	Potential Recapture Amounts Expiring
	Amounts	10/31/22	10/31/23	10/31/24	4/30/25
MSCI Global Timber ETF	$457,249	$190,541	$159,364	$81,775	$25,569

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

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


Fund		Licensor
China Technology ETF		FTSE International Ltd.
DWA Developed Markets Momentum ETF		Dorsey Wright & Associates, LLC
DWA Emerging Markets Momentum ETF		Dorsey Wright & Associates, LLC
FTSE RAFI Developed Markets ex-U.S. ETF		FTSE International Ltd.
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		FTSE International Ltd.
FTSE RAFI Emerging Markets ETF		FTSE International Ltd.
Global Clean Energy ETF		WilderHill New Energy Finance, LLC
Global Water ETF		Nasdaq, Inc.
International BuyBack Achievers^TMETF		Nasdaq, Inc.
MSCI Global Timber ETF		MSCI, Inc.
MSCI Green Building ETF		MSCI, Inc.
S&P Global Water Index ETF		S&P Dow Jones Indices LLC
S&P International Developed Quality ETF		S&P Dow Jones Indices LLC

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

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

For the six months ended April 30, 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:


China Technology ETF	$	12,361
DWA Emerging Markets Momentum ETF		4,339
FTSE RAFI Emerging Markets ETF		16,869
Global Clean Energy ETF		10,105
MSCI Global Timber ETF		797
MSCI Green Building ETF		60
S&P Global Water Index ETF		6,717

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 April 30, 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

100

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
China Technology ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	77,629,864		$	895,051,618		$	0		$	972,681,482
Money Market Funds			1,636,193			38,556,169			-			40,192,362

Total Investments		$	79,266,057		$	933,607,787		$	0		$	1,012,873,844

DWA Developed Markets Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	50,286,051		$	115,700,280		$	-		$	165,986,331
Money Market Funds			146,531			13,896,319			-			14,042,850

Total Investments		$	50,432,582		$	129,596,599		$	-		$	180,029,181

DWA Emerging Markets Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	31,161,067		$	167,567,016		$	-		$	198,728,083
Exchange-Traded Funds			1,941,413			-			-			1,941,413
Money Market Funds			-			3,788,162			-			3,788,162

Total Investments		$	33,102,480		$	171,355,178		$	-		$	204,457,658

FTSE RAFI Developed Markets ex-U.S. ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	238,630,100		$	878,896,923		$	0		$	1,117,527,023
Money Market Funds			221,918			119,679,671			-			119,901,589

Total Investments		$	238,852,018		$	998,576,594		$	0		$	1,237,428,612

FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	85,780,076		$	419,131,787		$	0		$	504,911,863
Money Market Funds			-			58,312,076			-			58,312,076

Total Investments		$	85,780,076		$	477,443,863		$	0		$	563,223,939

FTSE RAFI Emerging Markets ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	379,584,668		$	1,021,033,977		$	9,297,574		$	1,409,916,219
Money Market Funds			3,236,726			21,629,330			-			24,866,056

Total Investments		$	382,821,394		$	1,042,663,307		$	9,297,574		$	1,434,782,275

Global Clean Energy ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	107,669,165		$	139,664,554		$	-		$	247,333,719
Money Market Funds			-			81,572,283			-			81,572,283

Total Investments		$	107,669,165		$	221,236,837		$	-		$	328,906,002

Global Water ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	146,869,831		$	135,034,172		$	-		$	281,904,003
Money Market Funds			-			6,313,849			-			6,313,849

Total Investments		$	146,869,831		$	141,348,021		$	-		$	288,217,852

International BuyBack Achievers^TMETF
Investments in Securities
Common Stocks & Other Equity Interests		$	25,861,411		$	74,616,085		$	-		$	100,477,496
Money Market Funds			-			12,218,314			-			12,218,314

Total Investments		$	25,861,411		$	86,834,399		$	-		$	112,695,810

101


	Level 1			Level 2			Level 3			Total
MSCI Global Timber ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	50,001,140		$	32,552,400		$	0		$	82,553,540
Exchange-Traded Funds			284,698			-			-			284,698
Money Market Funds			21,023			5,775,500			-			5,796,523

Total Investments		$	50,306,861		$	38,327,900		$	0		$	88,634,761

MSCI Green Building ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	2,239,208		$	3,011,221		$	22,267		$	5,272,696
Money Market Funds			5,235			557,723			-			562,958

Total Investments		$	2,244,443		$	3,568,944		$	22,267		$	5,835,654

S&P Global Water Index ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	549,805,181		$	450,845,707		$	-		$	1,000,650,888
Money Market Funds			-			28,084,240			-			28,084,240

Total Investments		$	549,805,181		$	478,929,947		$	-		$	1,028,735,128

S&P International Developed Quality ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	12,601,753		$	110,060,399		$	-		$	122,662,152
Money Market Funds			-			17,763,422			-			17,763,422

Total Investments		$	12,601,753		$	127,823,821		$	-		$	140,425,574

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 October 31, 2021, as follows:


	No expiration
	Short-Term		Long-Term		Total*
China Technology ETF	$	8,945,567	$	82,624,015	$	91,569,582
DWA Developed Markets Momentum ETF		120,372,027		-		120,372,027
DWA Emerging Markets Momentum ETF		110,843,879		-		110,843,879
FTSE RAFI Developed Markets ex-U.S. ETF		2,874,925		109,160,735		112,035,660
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		2,914,633		38,540,727		41,455,360
FTSE RAFI Emerging Markets ETF		9,703,984		164,008,493		173,712,477
Global Clean Energy ETF		30,592,497		56,626,911		87,219,408
Global Water ETF		38,025,510		9,508,414		47,533,924
International BuyBack Achievers^TMETF		34,805,265		3,588,377		38,393,642
MSCI Global Timber ETF		11,819,143		8,605,511		20,424,654
MSCI Green Building ETF		4,300		-		4,300
S&P Global Water Index ETF		-		7,215,017		7,215,017
S&P International Developed Quality ETF		4,554,930		2,142,766		6,697,696

*	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.

102

NOTE 6–Investment Transactions

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


	Purchases		Sales
China Technology ETF	$	465,674,242	$	433,750,255
DWA Developed Markets Momentum ETF		169,515,989		172,298,051
DWA Emerging Markets Momentum ETF		178,463,986		168,046,904
FTSE RAFI Developed Markets ex-U.S. ETF		149,924,105		161,106,537
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		164,305,690		144,440,450
FTSE RAFI Emerging Markets ETF		546,018,677		362,303,257
Global Clean Energy ETF		106,118,703		109,800,451
Global Water ETF		51,575,363		51,184,929
International BuyBack Achievers^TMETF		15,675,470		20,699,362
MSCI Global Timber ETF		5,940,266		6,692,243
MSCI Green Building ETF		400,054		417,899
S&P Global Water Index ETF		124,360,670		139,853,962
S&P International Developed Quality ETF		29,999,927		29,074,291

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


	In-kind		In-kind
	Purchases		Sales
China Technology ETF	$	34,167,287	$	33,379,937
DWA Developed Markets Momentum ETF		27,530,867		59,588,126
DWA Emerging Markets Momentum ETF		5,584,364		1,694,041
FTSE RAFI Developed Markets ex-U.S. ETF		121,634,702		84,175,143
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		184,545,170		58,882,264
FTSE RAFI Emerging Markets ETF		63,050,164		15,296,700
Global Clean Energy ETF		5,027,232		33,467,064
Global Water ETF		23,656,820		3,506,925
International BuyBack Achievers^TMETF		10,387,066		13,724,528
MSCI Global Timber ETF		-		6,407,978
MSCI Green Building ETF		1,096,019		-
S&P Global Water Index ETF		46,490,165		20,363,967
S&P International Developed Quality ETF		43,562,268		13,520,670

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

As of April 30, 2022, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:


						Net
	Gross		Gross			Unrealized
	Unrealized		Unrealized			Appreciation
	Appreciation		(Depreciation)			(Depreciation)			Cost
China Technology ETF	$	69,846,193	$	(430,567,491	)	$	(360,721,298	)	$	1,373,595,142
DWA Developed Markets Momentum ETF		3,083,452		(17,825,836	)		(14,742,384	)		194,771,565
DWA Emerging Markets Momentum ETF		17,857,264		(20,429,679	)		(2,572,415	)		207,030,073
FTSE RAFI Developed Markets ex-U.S. ETF		143,685,196		(151,057,235	)		(7,372,039	)		1,244,800,651
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		43,706,023		(63,975,554	)		(20,269,531	)		583,493,470
FTSE RAFI Emerging Markets ETF		229,421,491		(284,405,903	)		(54,984,412	)		1,489,766,687
Global Clean Energy ETF		15,817,095		(106,698,787	)		(90,881,692	)		419,787,694
Global Water ETF		34,090,740		(23,274,841	)		10,815,899			277,401,953
International BuyBack Achievers^TMETF		4,699,571		(23,088,424	)		(18,388,853	)		131,084,663
MSCI Global Timber ETF		22,000,275		(6,109,964	)		15,890,311			72,744,450
MSCI Green Building ETF		49,430		(837,045	)		(787,615	)		6,623,269

103


						Net
	Gross		Gross			Unrealized
	Unrealized		Unrealized			Appreciation
	Appreciation		(Depreciation)			(Depreciation)			Cost
S&P Global Water Index ETF	$	187,203,547	$	(30,649,368	)	$	156,554,179		$	872,180,949
S&P International Developed Quality ETF		6,581,470		(18,696,613	)		(12,115,143	)		152,540,717

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 the unitary management fee, pays for such compensation for each Fund except MSCI Global Timber ETF and S&P Global Water Index ETF. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

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

NOTE 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.

104

Calculating your ongoing Fund expenses

Example

As a shareholder of Invesco MSCI Global Timber ETF and Invesco S&P Global Water Index ETF, you incur advisory fees and other Fund expenses. As a shareholder of the Invesco China Technology ETF, Invesco DWA Developed Markets Momentum ETF, Invesco DWA Emerging Markets Momentum ETF, Invesco FTSE RAFI Developed Markets ex-U.S. ETF, Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, Invesco FTSE RAFI Emerging Markets ETF, Invesco Global Clean Energy ETF, Invesco Global Water ETF, Invesco International BuyBack Achievers^™ ETF, Invesco MSCI Green Building ETF and Invesco S&P International Developed Quality ETF, 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 November 1, 2021 through April 30, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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


							Annualized
	Beginning			Ending			Expense Ratio			Expenses Paid
	Account Value			Account Value			Based on the			During the
	November 1, 2021			April 30, 2022			Six-Month Period			Six-Month Period⁽¹⁾
Invesco China Technology ETF (CQQQ)

Actual		$	1,000.00		$	632.80		0.70	%		$	2.83

Hypothetical (5% return before expenses)			1,000.00			1,021.32		0.70				3.51

Invesco DWA Developed Markets Momentum ETF (PIZ)

Actual			1,000.00			786.00		0.80				3.54

Hypothetical (5% return before expenses)			1,000.00			1,020.83		0.80				4.01
Invesco DWA Emerging Markets Momentum ETF (PIE)

Actual			1,000.00			874.80		0.90				4.18

Hypothetical (5% return before expenses)			1,000.00			1,020.33		0.90				4.51

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)

Actual			1,000.00			925.00		0.45				2.15

Hypothetical (5% return before expenses)			1,000.00			1,022.56		0.45				2.26

105

Calculating your ongoing Fund expenses–(continued)


							Annualized
	Beginning			Ending			Expense Ratio			Expenses Paid
	Account Value			Account Value			Based on the			During the
	November 1, 2021			April 30, 2022			Six-Month Period			Six-Month Period⁽¹⁾

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

Actual		$	1,000.00		$	859.70		0.49	%		$	2.26

Hypothetical (5% return before expenses)			1,000.00			1,022.36		0.49				2.46

Invesco FTSE RAFI Emerging Markets ETF (PXH)

Actual			1,000.00			894.10		0.49				2.30

Hypothetical (5% return before expenses)			1,000.00			1,022.36		0.49				2.46

Invesco Global Clean Energy ETF (PBD)

Actual			1,000.00			687.40		0.75				3.14

Hypothetical (5% return before expenses)			1,000.00			1,021.08		0.75				3.76

Invesco Global Water ETF (PIO)

Actual			1,000.00			825.80		0.75				3.40

Hypothetical (5% return before expenses)			1,000.00			1,021.08		0.75				3.76

Invesco International BuyBack Achievers^TMETF (IPKW)

Actual			1,000.00			892.00		0.55				2.58

Hypothetical (5% return before expenses)			1,000.00			1,022.07		0.55				2.76

Invesco MSCI Global Timber ETF (CUT)

Actual			1,000.00			994.90		0.61				3.02

Hypothetical (5% return before expenses)			1,000.00			1,021.77		0.61				3.06

Invesco MSCI Green Building ETF (GBLD)

Actual			1,000.00			908.50		0.39				1.85

Hypothetical (5% return before expenses)			1,000.00			1,022.86		0.39				1.96

Invesco S&P Global Water Index ETF (CGW)

Actual			1,000.00			832.90		0.56				2.54

Hypothetical (5% return before expenses)			1,000.00			1,022.02		0.56				2.81

Invesco S&P International Developed Quality ETF (IDHQ)

Actual			1,000.00			854.50		0.29				1.33

Hypothetical (5% return before expenses)			1,000.00			1,023.36		0.29				1.45

⁽¹⁾

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

106

Approval of Investment Advisory Contracts

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

Invesco 1-30 Laddered Treasury ETF

Invesco California AMT-Free Municipal Bond ETF

Invesco CEF Income Composite ETF

Invesco China Technology ETF

Invesco DWA Developed Markets Momentum ETF

Invesco DWA Emerging Markets Momentum ETF

Invesco DWA SmallCap Momentum ETF

Invesco Emerging Markets Sovereign Debt ETF

Invesco FTSE International Low Beta Equal Weight ETF

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

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

Invesco FTSE RAFI Emerging Markets ETF

Invesco Fundamental High Yield^® Corporate Bond ETF

Invesco Fundamental Investment Grade Corporate Bond ETF

Invesco Global Clean Energy ETF

Invesco Global Short Term High Yield Bond ETF

Invesco Global Water ETF

Invesco International BuyBack Achievers^™ ETF

Invesco International Corporate Bond ETF

Invesco KBW Bank ETF

Invesco KBW High Dividend Yield Financial ETF

Invesco KBW Premium Yield Equity REIT ETF

Invesco KBW Property & Casualty Insurance ETF

Invesco KBW Regional Banking ETF

Invesco MSCI Green Building ETF

Invesco NASDAQ 100 ETF

Invesco NASDAQ Next Gen 100 ETF

Invesco National AMT-Free Municipal Bond ETF

Invesco New York AMT-Free Municipal Bond ETF

Invesco Preferred ETF

Invesco PureBeta^SM 0-5 Yr US TIPS ETF

Invesco PureBeta^SM FTSE Developed ex-North America ETF

Invesco PureBeta^SM FTSE Emerging Markets ETF

Invesco PureBeta^SM MSCI USA ETF

Invesco PureBeta^SM MSCI USA Small Cap ETF

Invesco PureBeta^SM US Aggregate Bond ETF

Invesco Russell 1000 Enhanced Equal Weight ETF

Invesco Russell 1000 Equal Weight ETF

Invesco Russell 1000 Low Beta Equal Weight ETF

Invesco S&P 500^® Enhanced Value ETF

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

Invesco S&P 500^® High Beta ETF

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

Invesco S&P 500^® Low Volatility ETF

Invesco S&P 500 Minimum Variance ETF

Invesco S&P 500^® Momentum ETF

Invesco S&P 500 Revenue ETF

Invesco S&P Emerging Markets Low Volatility ETF

Invesco S&P Emerging Markets Momentum ETF

Invesco S&P International Developed High Dividend Low Volatility ETF

Invesco S&P International Developed Low Volatility ETF

Invesco S&P International Developed Momentum ETF

Invesco S&P International Developed Quality ETF

Invesco S&P MidCap 400 Revenue ETF

Invesco S&P MidCap Low Volatility ETF

Invesco S&P SmallCap 600 Revenue ETF

Invesco S&P SmallCap Consumer Discretionary ETF

Invesco S&P SmallCap Consumer Staples ETF

Invesco S&P SmallCap Energy ETF

Invesco S&P SmallCap Financials ETF

Invesco S&P SmallCap Health Care ETF

Invesco S&P SmallCap High Dividend Low Volatility ETF

Invesco S&P SmallCap Industrials ETF

Invesco S&P SmallCap Information Technology ETF

Invesco S&P SmallCap Low Volatility ETF

Invesco S&P SmallCap Materials ETF

Invesco S&P SmallCap Quality ETF

Invesco S&P SmallCap Utilities & Communication Services ETF

Invesco S&P Ultra Dividend Revenue ETF

Invesco Senior Loan ETF

Invesco Taxable Municipal Bond ETF

Invesco Treasury Collateral ETF

Invesco Variable Rate Preferred ETF

Invesco VRDO Tax-Free ETF

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

Investment Advisory Agreement

107

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

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

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

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

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

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

●

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

●

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

●

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

●

0.07% of the Fund’s average daily net assets for Invesco PureBeta^SM0-5 Yr US TIPS ETF and Invesco PureBeta^SMFTSE Developed ex-North America ETF;

●

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

●

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

●

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

108

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

●

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

●

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

●

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

●

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

●

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

●

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

●

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

●

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

●

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

●

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

●

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

●

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

●

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

●

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

●

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

●

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

●

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

●

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

●

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

●

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

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

109

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

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

Equal

Equal to/Lower

Lower than

to/Lower

than Open-End

Open-End

than ETF

Index Fund

Active Fund

Invesco Fund

Peer Median

Peer Median*

Peer Median

Invesco 1-30 Laddered Treasury ETF

Invesco California AMT-Free Municipal Bond ETF

N/A

Invesco CEF Income Composite ETF

N/A

Invesco China Technology ETF

N/A

Invesco DWA Developed Markets Momentum ETF

Invesco DWA Emerging Markets Momentum ETF

Invesco DWA SmallCap Momentum ETF

Invesco Emerging Markets Sovereign Debt ETF

Invesco FTSE International Low Beta Equal Weight ETF

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

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

Invesco FTSE RAFI Emerging Markets ETF

Invesco Fundamental High Yield^®Corporate Bond ETF

Invesco Fundamental Investment Grade Corporate Bond ETF

Invesco Global Clean Energy ETF

Invesco Global Short Term High Yield Bond ETF

N/A

Invesco Global Water ETF

Invesco International BuyBack Achievers^TMETF

Invesco International Corporate Bond ETF

Invesco KBW Bank ETF

Invesco KBW High Dividend Yield Financial ETF

Invesco KBW Premium Yield Equity REIT ETF

Invesco KBW Property & Casualty Insurance ETF

Invesco KBW Regional Banking ETF

Invesco MSCI Green Building ETF

Invesco NASDAQ 100 ETF

Invesco NASDAQ Next Gen 100 ETF

Invesco National AMT-Free Municipal Bond ETF

Invesco New York AMT-Free Municipal Bond ETF

N/A

Invesco Preferred ETF

N/A

Invesco PureBeta^SM0-5 Yr US TIPS ETF

Invesco PureBeta^SMFTSE Developed ex-North America ETF

Invesco PureBeta^SMFTSE Emerging Markets ETF

Invesco PureBeta^SMMSCI USA ETF

Invesco PureBeta^SMMSCI USA Small Cap ETF

Invesco PureBeta^SMUS Aggregate Bond ETF

Invesco Russell 1000 Enhanced Equal Weight ETF

Invesco Russell 1000 Equal Weight ETF

Invesco Russell 1000 Low Beta Equal Weight ETF

Invesco S&P 500 Enhanced Value ETF

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

Invesco S&P 500^®High Beta ETF

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

110

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

Equal

Equal to/Lower

Lower than

to/Lower

than Open-End

Open-End

than ETF

Index Fund

Active Fund

Invesco Fund

Peer Median

Peer Median*

Peer Median

Invesco S&P 500^®Low Volatility ETF

Invesco S&P 500 Minimum Variance ETF

Invesco S&P 500 Momentum ETF

Invesco S&P 500 Revenue ETF

Invesco S&P Emerging Markets Low Volatility ETF

Invesco S&P Emerging Markets Momentum ETF

Invesco S&P International Developed High Dividend Low Volatility ETF

Invesco S&P International Developed Low Volatility ETF

Invesco S&P International Developed Momentum ETF

N/A

Invesco S&P International Developed Quality ETF

N/A

Invesco S&P MidCap 400 Revenue ETF

Invesco S&P MidCap Low Volatility ETF

Invesco S&P SmallCap 600 Revenue ETF

Invesco S&P SmallCap Consumer Discretionary ETF

Invesco S&P SmallCap Consumer Staples ETF

Invesco S&P SmallCap Energy ETF

Invesco S&P SmallCap Financials ETF

Invesco S&P SmallCap Health Care ETF

Invesco S&P SmallCap High Dividend Low Volatility ETF

Invesco S&P SmallCap Industrials ETF

Invesco S&P SmallCap Information Technology ETF

Invesco S&P SmallCap Low Volatility ETF

Invesco S&P SmallCap Materials ETF

Invesco S&P SmallCap Quality ETF

Invesco S&P SmallCap Utilities & Communication Services ETF

Invesco S&P Ultra Dividend Revenue ETF

Invesco Senior Loan ETF

N/A

Invesco Taxable Municipal Bond ETF

N/A

Invesco Treasury Collateral ETF

Invesco Variable Rate Preferred ETF

Invesco VRDO Tax-Free ETF

N/A

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

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

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

111

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

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

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

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

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

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

Investment Sub-Advisory Agreement

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

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

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

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

112

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

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

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

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

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

113

Approval of Investment Advisory Contracts

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

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

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

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

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

●

0.55% for Invesco MSCI Global Timber ETF;

●

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

●

0.65% for Invesco Solar ETF.

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

114

Approval of Investment Advisory Contracts–(continued)

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

Equal

to/Lower

Equal to/Lower

Lower than

than ETF

than Open-End

Open-End

Peer

Index Fund

Active Fund

Invesco Fund

Median

Peer Median

Invesco MSCI Global Timber ETF

Invesco S&P Global Water Index ETF

Invesco Solar ETF

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

Equal

to/Lower

Equal to/Lower

Lower than

than ETF

than Open-End

Open-End

Peer

Index Fund

Active Fund

Invesco Fund

Median

Peer Median

Invesco MSCI Global Timber ETF

Invesco S&P Global Water Index ETF

Invesco Solar ETF

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

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

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

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

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

115

Approval of Investment Advisory Contracts–(continued)

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

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

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Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-PS-SAR-8

invesco.com/ETFs