N-CSR

LOGO

Invesco Annual Report to Shareholders

October 31, 2021

PCY Invesco Emerging Markets Sovereign Debt ETF

PGHY Invesco Global Short Term High Yield Bond ETF

PICB Invesco International Corporate Bond ETF

Table of Contents



The Market Environment			3

Management’s Discussion of Fund Performance			5

Schedules of Investments

Invesco Emerging Markets Sovereign Debt ETF (PCY)			12

Invesco Global Short Term High Yield Bond ETF (PGHY)			15

Invesco International Corporate Bond ETF (PICB)			24

Statements of Assets and Liabilities			33

Statements of Operations			34

Statements of Changes in Net Assets			36

Financial Highlights			38

Notes to Financial Statements			41

Report of Independent Registered Public Accounting Firm			51

Fund Expenses			52

Tax Information			53

Trustees and Officers			54


		2

The Market Environment

Domestic Equity

US equity markets posted gains in the fourth quarter of 2020, as positive news on coronavirus (“COVID-19”) vaccines and strong corporate earnings outweighed investor concerns about the political disagreement over a fiscal stimulus package and sharply rising COVID-19 infections nationwide. Cyclical sectors like energy and financials led the way, while real estate and consumer staples lagged. Market leadership also shifted during the quarter with value stocks outperforming growth for the first time since the fourth quarter of 2016. While the US economy rebounded significantly since the pandemic began, the recovery appeared to slow in the fourth quarter with employment gains and gross domestic product (GDP) growth down from the third quarter of 2020. However, stocks were buoyed by the US Federal Reserve’s (the Fed’s) pledge to maintain its accommodative stance and asset purchases, “until substantial further progress has been made” toward employment and inflation targets.

US political unrest and rising COVID-19 infection rates marked the start of the first quarter of 2021. Additionally, retail investors bid up select stocks like GameStop and AMC Theaters, ultimately causing a sharp selloff in late January. Corporate earnings generally beat expectations, but market volatility rose during the quarter as investors worried about rising bond yields and inflation. Despite the Fed’s commitment to an accommodative policy, the 10-year US Treasury yield rose from 0.92% at year-end to 1.74%¹ at the end of March 2021. Approval of a third COVID-19 vaccine boosted investors’ optimism for faster economic recovery. Although March saw increased volatility with consecutive down days in the US stock market, stocks continued to hit all-time highs through April 2021.

The US stock market once again hit new highs in the second quarter of 2021, despite higher volatility stemming from inflation concerns and the potential for rising interest rates. Investors remained optimistic about the strength of the economic recovery after the Bureau of Economic Analysis reported that the US GDP grew at a 6.4% annualized rate for the first quarter of 2021.² Corporate earnings also remained strong as the majority of S&P 500 companies beat Wall Street earnings forecasts. US equity markets continued to move higher in July despite inflation concerns and increasing COVID-19 infection rates due to the rapidly spreading Delta variant. Despite the Consumer Price Index (CPI) increasing in June through September 2021,³ the Fed declined to raise interest rates at its September Federal Open Market Committee (FOMC) meeting. The US stock market saw continued volatility in August 2021 and a selloff through most of September due to increasing concerns of inflation due to a spike in oil prices and supply chain shortages causing rising costs. In October 2021, investor sentiment improved as many S&P 500 index companies met or exceeded earnings expectations and the index hit new record highs. For the fiscal year, the S&P 500 Index returned 42.91%.⁴

¹	Source: US Department of the Treasury

²	Source: US Bureau of Economic Analysis

³	Source: US Bureau of Labor Statistics, July 13, 2021

⁴	Source: Lipper Inc.

Fixed Income

Fixed income markets posted positive gains in the third quarter of 2020 primarily due to the Federal Reserve’s (Fed) continued accommodative pledge to keep interest rates low through 2023, extending central bank support of many fixed income asset classes. Additionally, the Fed announced a revised framework for interest rate policy by changing the way its inflation targets operate, aiming for lower volatility within interest rates. Corporate credit spreads in the US and globally rallied early in the quarter, however, US markets wobbled late in the quarter amid a resurgence in European COVID-19 cases, as well as questions over refreshed fiscal stimulus measures. Central banks across developed nations in Europe and Asia have taken accommodative stances to keeping interest rate low. Uncertainty regarding the 2020 US presidential election and concerns of smooth transitions of power dampened markets towards the end of the quarter. The unemployment rate fell to 7.9%,¹ its lowest since the beginning of the COVID-19 pandemic.

US corporate markets posted gains in the fourth quarter of 2020, as positive news on COVID-19 vaccines and strong corporate earnings outweighed investor concerns about political disagreement over a fiscal stimulus package and sharply rising COVID-19 infections nationwide. Global corporate markets were also buoyed by similar factors and ultra-accommodative central bank policies. Bonds were buoyed by the Fed’s pledge to maintain its accommodative stance and asset purchases, “until substantial further progress has been made” toward employment and inflation targets. Corporate issuance of investment grade credit slowed in the quarter, concluding a year of record issuance. US interest rate moves subtly affected fixed income valuations during the quarter. The two-year Treasury yield fell from 0.14% to 0.13%, while the 10-year yield saw an increase of 25 basis points, rising from 0.68% to 0.93% (a basis point is one one-hundredth of a percentage point).² The yield curve, as measured by the yield differential between 2- and 10-year Treasuries, steepened modestly during the quarter. Cyclical sectors like energy and financials led the way, while real estate and consumer staples lagged.

In the first quarter of 2021, rising 10-year US Treasury yields increased significantly to 1.74%,² their highest level since January 2020, reflecting higher inflation expectations. Largely a result of economic optimism, government bond yields rose globally during the first quarter of 2021, as investors began to price in higher levels of economic growth and inflation moving towards a post-pandemic world. On the fiscal front, another stimulus package was signed into law and COVID-19 vaccine approvals and administration ramped up. 30-year Treasury yields moved higher by 0.77% to end the quarter at 2.41%. Importantly, short-term rates, which are closely tied to Fed policy, were quite steady. Two-year US Treasury yields moved up just 0.04% to 0.16%.²


		3

The Market Environment (continued)

Fixed income markets settled down in the second quarter of 2021, posting gains and rebounding from negative performance experienced during the early part of the year due to a sharply rising interest rate environment. Globally, corporate credit markets rallied as economic activity continued to rebound. Yet global corporate credit spreads took a step back at the beginning of the third quarter of 2021, while credit stress from key emerging market country issuers stirred fear of possible global contagion. Despite higher volatility stemming from inflation concerns and potential for rising interest rates, investors remained optimistic about the strength of the economic recovery after the Bureau of Economic Analysis reported that US GDP grew at a 6.4% annualized rate for the first quarter of 2021.³ As the US COVID-19 vaccination rate neared the 50% threshold, consumers resumed pre-pandemic activities in the third quarter, and economically sensitive areas, such as the consumer discretionary and technology sectors, began to recover. With an inconsistent global vaccine rollout and the threat of COVID-19 variants on the rise, investors remained cautiously optimistic and expected corporate balance sheets to continue to recover meaningfully in 2021.

¹	Source: US Bureau of Labor Statistics

²	Source: US Department of the Treasury

³	Source: US Bureau of Economic Analysis


		4


PCY		Management’s Discussion of Fund Performance
PCY		Invesco Emerging Markets Sovereign Debt ETF (PCY)

As an index fund, the Invesco Emerging Markets Sovereign Debt ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the DBIQ Emerging Market USD Liquid Balanced Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Deutsche Bank Securities Inc. (“DB” or the “Index Provider”) compiles and maintains the Underlying Index, which measures potential returns of a theoretical portfolio of U.S. dollar-denominated government bonds from emerging market countries. The Index is composed of one to three securities from each of the countries set forth below that (i) are denominated in U.S. dollars, (ii) are sovereign bonds, (iii) have at least three years to maturity at the time of rebalancing, (iv) have an outstanding float of at least $500 million or greater, and (v) have a fixed coupon. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended October 31, 2021, on a market price basis, the Fund returned 4.38%. On a net asset value (“NAV”) basis, the Fund returned 4.17%. During the same time period, the Index returned 4.85%. During the fiscal year, the Fund mostly replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses, as well as trading costs incurred by the Fund during the period.

During this same time period, the JP Morgan Emerging Market Bond Global Index (the “Benchmark Index”) returned 4.06%. The Benchmark Index is an unmanaged index weighted by country, which limits weights of countries with higher debt outstanding,

reallocating this excess to countries with lower debt outstanding, based on the average performance of approximately 800 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. dollar-denominated bond market in emerging market countries.

Relative to the Benchmark Index, the Fund was most overweight in the country of Paraguay and most underweight in the country of China during the fiscal year ended October 31, 2021. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s higher allocation to the country of Angola, followed by security selection in the country of Oman.

For the fiscal year ended October 31, 2021, the country of Angola contributed most significantly to the Fund’s return, followed by the country of Costa Rica and the country of Oman, respectively. The country of Colombia detracted most significantly from the Fund’s return, followed by the country of Brazil and the country of Belarus, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2021, included Angolan Government International Bond, 9.38% coupon, due 05/08/2048 (portfolio average weight of 1.00%), and Angolan Government International Bond, 8.25% coupon, due 05/09/2028 (portfolio average weight of 1.00%). Positions that detracted most significantly from the Fund’s return during this period included Republic of Belarus International Bond, 6.38% coupon, due 02/24/2031 (portfolio average weight of 1.40%) and El Salvador Government International Bond, 8.63% coupon, due 02/28/2029 (portfolio average weight of 0.70%).


		5

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


Country Breakdown (% of the Fund’s Net Assets) as of October 31, 2021
Saudi Arabia			2.96
China			2.93
Mexico			2.92
Russia			2.91
Sri Lanka			2.89
South Africa			2.88
Oman			2.87
Peru			2.85
Qatar			2.84
Romania			2.83
Kazakhstan			2.82
Angola			2.81
Philippines			2.81
Indonesia			2.79
Dominican Republic			2.79
Chile			2.77
Costa Rica			2.75
Ukraine			2.75
Paraguay			2.75
United Arab Emirates			2.75
Panama			2.74
Pakistan			2.70
Guatemala			2.69
Colombia			2.69
Kenya			2.66
Jordan			2.65
Morocco			2.65
Nigeria			2.62
Brazil			2.61
Bahrain			2.59
Egypt			2.57
Belarus			2.55
Turkey			2.54
El Salvador			2.17
Kuwait			1.46
Poland			1.40
Hungary			1.38
Mongolia			1.34
Money Market Funds Plus Other Assets Less Liabilities			1.32


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2021
Security
Kuwait International Government Bond, 3.50%, 03/20/2027			1.46
Republic of Belarus International Bond, 6.38%, 02/24/2031			1.43
Republic of Poland Government International Bond, 3.25%, 04/06/2026			1.40
Chile Government International Bond, 3.86%, 06/21/2047			1.40
Hungary Government International Bond, 7.63%, 03/29/2041			1.38
Chile Government International Bond, 3.13%, 01/21/2026			1.37
Kenya Government International Bond, 7.25%, 02/28/2028			1.36
Kenya Government International Bond, 8.25%, 02/28/2048			1.30
Saudi Government International Bond, 5.00%, 04/17/2049			1.01
Peruvian Government International Bond, 3.55%, 03/10/2051			1.01
Total			13.12

*	Excluding money market fund holdings.


		6

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

Growth of a $10,000 Investment

LOGO

Fund Performance History as of October 31, 2021


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
DBIQ Emerging Market USD Liquid Balanced Index		4.85	%		6.46	%		20.67	%		3.38	%		18.07	%		5.57	%		71.95	%		6.69	%		148.56	%
JP Morgan Emerging Market Bond Global Index		4.06			6.45			20.64			3.89			21.01			5.02			63.21			6.07			128.86
Fund
NAV Return		4.17			5.69			18.05			2.69			14.20			4.71			58.52			5.73			118.76
Market Price Return		4.38			5.75			18.27			2.76			14.56			4.70			58.23			5.67			117.11

Fund Inception: October 11, 2007

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

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

Notes Regarding Indexes and Fund Performance History:

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


		7


PGHY		Management’s Discussion of Fund Performance
PGHY		Invesco Global Short Term High Yield Bond ETF (PGHY)

As an index fund, the Invesco Global Short Term High Yield Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the DB Global Short Maturity High Yield Bond Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Deutsche Bank Securities Inc. (“DB” or the “Index Provider”) compiles and maintains the Index, which is composed of U.S. and foreign short-term bonds that are rated below investment grade. The Index is composed of bonds issued by corporations, as well as sovereign, sub-sovereign or quasi-government entities, that (i) are denominated in U.S. dollars; (ii) are rated below “investment grade” (i.e., have a “composite rating” from DB of no greater than “BB+”); (iii) have not been marked as defaulted by any rating agency; (iv) have three years or less to maturity; (v) have a minimum amount outstanding of at least $250 million; and (vi) have a fixed coupon.

Eligible bonds must be rated by at least one of S&P Global Ratings, Moody’s Investors Service, Inc., or Fitch Ratings Inc. DB converts all available ratings for each bond into a numerical score, and then calculates an average score for each bond from those available ratings that corresponds to DB’s “composite rating” system. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended October 31, 2021, on a market price basis, the Fund returned 5.42%. On a net asset value (“NAV”) basis, the Fund returned 5.33%. During the same time period, the Index returned 6.54%. The Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the Fund’s utilization of a sampling methodology. It was also due to fees and operating expenses as well as trading costs incurred by the Fund during the period.

During this same time period, ICE BofA 0-5 Year U.S. High Yield Constrained Index (the “Benchmark Index”) returned 11.36%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 950 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. dollar-denominated short-term high yield corporate bond market.

Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the communication services sector during the fiscal year ended October 31, 2021. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s underweight holdings in the energy sector.

For the fiscal year ended October 31, 2021, the energy sector contributed most significantly to the Fund’s return, followed by the Industrials and the consumer discretionary sectors, respectively.

The real estate sector detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2021, included Guitar Center Escrow Issuer Inc., 9.50% coupon, due 10/15/2021, (no longer held at fiscal year-end) and Navios Maritime Holdings, Inc./Navios Maritime Finance II US, Inc. 7.38% coupon, due 01/15/2022, (portfolio average weight of 0.40%). Positions that detracted most significantly from the Fund’s return included CFLD Cayman Investment Ltd., 9.00% coupon, due 07/31/2021, (no longer held at fiscal year-end) and Scenery Journey Ltd., 13.75% coupon, due 11/06/2023, (portfolio average weight of 0.10%).


Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2021
Financials			24.62
Consumer Discretionary			11.59
Sovereign Debt			10.64
Energy			10.39
Materials			8.07
Real Estate			7.33
Industrials			7.03
Communication Services			5.42
Utilities			3.89
Sector Types Each Less Than 3%			7.10
Money Market Funds Plus Other Assets Less Liabilities			3.92

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2021
Security
Exela Intermediate LLC/Exela Finance, Inc., 10.00%, 07/15/2023			0.53
Athabasca Oil Corp., 9.88%, 02/24/2022			0.47
Easy Tactic Ltd., 5.75%, 01/13/2022			0.42
Navios Maritime Holdings, Inc./Navios Maritime Finance II US, Inc., 7.38%, 01/15/2022			0.41
Credit Bank of Moscow Via CBOM Finance PLC, 5.88%, 11/07/2021			0.38
FS Energy and Power Fund, 7.50%, 08/15/2023			0.38
Zoomlion HK SPV Co. Ltd., 6.13%, 12/20/2022			0.35
Alpha Star Holding III Ltd., 6.25%, 04/20/2022			0.34
Petroleos Mexicanos, 4.88%, 01/18/2024			0.34
Navient Corp., 5.50%, 01/25/2023			0.33
Total			3.95

*	Excluding money market fund holdings.


		8

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

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of October 31, 2021


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
DB Global Short Maturity High Yield Bond Index		6.54	%		3.30	%		10.23	%		3.58	%		19.24	%		4.82	%		48.22	%
ICE BofA 0-5 Year U.S. High Yield Constrained Index		11.36			5.42			17.17			5.50			30.69			5.08			51.33
Fund
NAV Return		5.33			3.06			9.47			3.19			16.99			3.71			35.56
Market Price Return		5.42			3.28			10.17			3.16			16.82			3.76			36.10

Fund Inception: June 20, 2013

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.35% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

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


		9


PICB		Management’s Discussion of Fund Performance
PICB		Invesco International Corporate Bond ETF (PICB)

As an index fund, the Invesco International Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P International Corporate Bond Index^® (the “Index”). The Fund generally will invest at least 80% of its total assets in investment grade corporate bonds that comprise the Index.

S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) measures the performance of investment grade corporate bonds issued in the following currencies of Group of Ten (“G10”) countries, excluding the U.S. Dollar (USD): Australian Dollar (AUD), British Pound (GBP), Canadian Dollar (CAD), Euro (EUR), Japanese Yen (JPY), New Zealand Dollar (NZD), Norwegian Krone (NOK), Swedish Krona (SEK) and Swiss Franc (SFR). The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended October 31, 2021, on a market price basis, the Fund returned 1.69%. On a net asset value (“NAV”) basis, the Fund returned 1.73%. During the same time period, the Index returned 1.82%. The Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period, which were partially offset by positive effects of the Fund’s sampling methodology.

During this same time period, the Bloomberg Pan-European Aggregate Index (the “Benchmark Index”) returned (2.08)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 8,300 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad-based representation of the non-U.S. dollar corporate bond market.

Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the real estate sector during the fiscal year ended October 31, 2021. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed the Fund’s overweight in the financials sector.

For the fiscal year ended October 31, 2021, the financials sector contributed most significantly to the Fund’s return, followed by the utilities and the communication services, respectively. The consumer discretionary sector detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2021, included Scottish Widows Ltd., 7.00% coupon, due 06/16/2043, (portfolio average weight of 0.30 %), and Heathrow Funding Ltd., 4.63% coupon, due 10/31/2046, (portfolio average weight of 0.30%). Positions that detracted most significantly from the

Fund’s return included NTT Finance Corp., Series 16, 0.18% coupon, due 12/19/2025, (portfolio average weight of 0.7%), and NTT Finance Corp., Series 18, 0.38% coupon, due 09/20/2030, (portfolio average weight of 0.70%).


Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2021
Financials			43.29
Utilities			10.56
Communication Services			9.31
Energy			7.10
Industrials			6.36
Consumer Discretionary			6.33
Consumer Staples			5.60
Health Care			5.44
Sector Types Each Less Than 3%			4.70
Money Market Funds Plus Other Assets Less Liabilities			1.31

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2021
Security
NTT Finance Corp., Series 18, 0.38%, 09/20/2030			0.72
NTT Finance Corp., Series 16, 0.18%, 12/19/2025			0.72
Enel Finance International N.V., 5.75%, 09/14/2040			0.59
T.H.F.C. (Funding No.3) PLC, 5.20%, 10/11/2043			0.51
Bank of Montreal, 3.19%, 03/01/2028			0.49
Western Power Distribution West Midlands PLC, 5.75%, 04/16/2032			0.48
Lloyds Bank PLC, 6.50%, 09/17/2040			0.47
ENGIE S.A., 5.00%, 10/01/2060			0.47
GlaxoSmithKline Capital PLC, 5.25%, 12/19/2033			0.46
University of Oxford, 2.54%, 12/08/2117			0.45
Total			5.36

*	Excluding money market fund holdings.


		10

Invesco International Corporate Bond ETF (PICB) (continued)

Growth of a $10,000 Investment

LOGO

Fund Performance History as of October 31, 2021


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
S&P International Corporate Bond Index^® (Net)		1.82	%		5.10	%		16.08	%		3.85	%		20.79	%		2.01	%		22.07	%		3.37	%		45.95	%
Bloomberg Pan-European Aggregate Index		(2.08	)		3.75			11.67			2.90			15.38			1.81			19.65			3.12			41.94
Fund
NAV Return		1.73			5.11			16.12			3.89			21.02			2.19			24.23			3.44			47.04
Market Price Return		1.69			5.20			16.42			3.98			21.53			2.30			25.54			3.39			46.21

Fund Inception: June 3, 2010

Notes Regarding Indexes and Fund Performance History:

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

-	Net returns reflect reinvested dividends net of withholding taxes.


		11

Invesco Emerging Markets Sovereign Debt ETF (PCY)

October 31, 2021

Schedule of Investments


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.68%
Angola-2.81%
Angolan Government International Bond
8.25%, 05/09/2028^(a)	$	24,730,000	$	24,915,970
9.38%, 05/08/2048^(a)		26,006,000		25,900,676
9.13%, 11/26/2049^(a)		26,365,000		25,819,033

				76,635,679

Bahrain-2.59%
Bahrain Government International Bond
6.00%, 09/19/2044^(a)		25,256,000		23,456,131
7.50%, 09/20/2047^(a)		22,332,000		23,177,221
6.25%, 01/25/2051^(a)		25,700,000		24,027,213

				70,660,565

Belarus-2.55%
Republic of Belarus International Bond
7.63%, 06/29/2027^(a)		23,135,000		22,575,133
6.20%, 02/28/2030^(a)		8,920,000		7,770,881
6.38%, 02/24/2031^(a)		44,770,000		38,986,835

				69,332,849

Brazil-2.61%
Brazilian Government International Bond
5.63%, 01/07/2041		23,969,000		23,537,798
5.63%, 02/21/2047^(b)		24,593,000		23,717,243
4.75%, 01/14/2050		27,818,000		23,831,402

				71,086,443

Chile-2.77%
Chile Government International Bond
3.13%, 01/21/2026^(b)		35,222,000		37,388,153
3.86%, 06/21/2047^(b)		35,094,000		38,191,747

				75,579,900

China-2.93%
China Government International Bond
2.75%, 12/03/2039^(a)		25,110,000		26,349,351
4.00%, 10/19/2048^(a)(b)		20,350,000		26,613,950
2.25%, 10/21/2050^(a)(b)		27,570,000		26,888,080

				79,851,381

Colombia-2.69%
Colombia Government International Bond
7.38%, 09/18/2037		18,674,000		23,191,054
6.13%, 01/18/2041		22,144,000		24,597,002
5.63%, 02/26/2044		23,985,000		25,353,104

				73,141,160

Costa Rica-2.75%
Costa Rica Government International Bond
5.63%, 04/30/2043^(a)(b)		27,854,000		24,873,622
7.00%, 04/04/2044^(a)		24,738,000		24,781,292
7.16%, 03/12/2045^(a)(b)		25,061,000		25,386,793

				75,041,707

Dominican Republic-2.79%
Dominican Republic International Bond
7.45%, 04/30/2044^(a)		21,045,000		25,143,724


	Principal Amount		Value
Dominican Republic-(continued)
6.85%, 01/27/2045^(a)	$	22,445,000	$	25,026,175
6.50%, 02/15/2048^(a)		24,003,000		25,719,455

				75,889,354

Egypt-2.57%
Egypt Government International Bond
8.50%, 01/31/2047^(a)		25,892,000		23,997,638
7.90%, 02/21/2048^(a)		26,632,000		23,518,613
8.70%, 03/01/2049^(a)		23,995,000		22,446,842

				69,963,093

El Salvador-2.17%
El Salvador Government International Bond
5.88%, 01/30/2025^(a)		24,970,000		19,976,000
8.63%, 02/28/2029^(a)		23,974,000		19,239,135
9.50%, 07/15/2052^(a)		24,200,000		20,025,500

				59,240,635

Guatemala-2.69%
Guatemala Government Bond
4.50%, 05/03/2026^(a)		21,820,000		23,303,760
4.38%, 06/05/2027^(a)		23,450,000		25,079,775
4.88%, 02/13/2028^(a)		22,730,000		24,809,795

				73,193,330

Hungary-1.38%
Hungary Government International Bond, 7.63%, 03/29/2041		22,737,000		37,542,652


Indonesia-2.79%
Indonesia Government International Bond
6.63%, 02/17/2037^(a)		18,627,000		25,563,666
7.75%, 01/17/2038^(a)		16,878,000		25,287,379
6.75%, 01/15/2044^(a)(b)		17,334,000		25,106,175

				75,957,220

Jordan-2.65%
Jordan Government International Bond
5.75%, 01/31/2027^(a)		23,135,000		24,804,283
5.85%, 07/07/2030^(a)(b)		23,350,000		24,168,417
7.38%, 10/10/2047^(a)		22,291,000		23,122,945

				72,095,645

Kazakhstan-2.82%
Kazakhstan Government International Bond
5.13%, 07/21/2025^(a)		23,323,000		26,537,889
4.88%, 10/14/2044^(a)		20,391,000		25,033,113
6.50%, 07/21/2045^(a)		17,559,000		25,345,714

				76,916,716

Kenya-2.66%
Kenya Government International Bond
7.25%, 02/28/2028^(a)		34,212,000		36,972,395
8.25%, 02/28/2048^(a)(b)		34,001,000		35,489,496

				72,461,891

Kuwait-1.46%
Kuwait International Government Bond, 3.50%, 03/20/2027^(a)		36,410,000		39,901,282

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


		12

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

October 31, 2021


	Principal Amount		Value
Mexico-2.92%
Mexico Government International Bond
4.60%, 01/23/2046	$	25,331,750	$	27,131,571
5.75%, 10/12/2110		22,166,000		25,690,394
Series A, 6.05%, 01/11/2040		21,431,000		26,742,245

				79,564,210

Mongolia-1.34%
Mongolia Government International Bond
5.13%, 04/07/2026^(a)(b)		12,275,000		12,761,756
3.50%, 07/07/2027^(a)(b)		12,290,000		11,868,204
4.45%, 07/07/2031^(a)		12,300,000		11,895,560

				36,525,520

Morocco-2.65%
Morocco Government International Bond
3.00%, 12/15/2032^(a)		25,544,000		24,309,969
5.50%, 12/11/2042^(a)		21,420,000		23,792,951
4.00%, 12/15/2050^(a)		26,560,000		23,969,470

				72,072,390

Nigeria-2.62%
Nigeria Government International Bond
7.70%, 02/23/2038^(a)		25,060,000		24,255,925
7.63%, 11/28/2047^(a)		25,089,000		23,510,400
9.25%, 01/21/2049^(a)		22,170,000		23,652,508

				71,418,833

Oman-2.87%
Oman Government International Bond
6.50%, 03/08/2047^(a)		25,795,000		25,547,832
6.75%, 01/17/2048^(a)		25,965,000		26,333,833
7.00%, 01/25/2051^(a)(b)		25,103,000		26,257,186

				78,138,851

Pakistan-2.70%
Pakistan Government International Bond
6.88%, 12/05/2027^(a)		23,828,000		24,410,976
7.38%, 04/08/2031^(a)(b)		24,135,000		24,559,462
8.88%, 04/08/2051^(a)		24,280,000		24,487,643

				73,458,081

Panama-2.74%
Panama Government International Bond
8.88%, 09/30/2027		17,752,500		24,132,305
3.88%, 03/17/2028		23,255,000		25,273,650
3.16%, 01/23/2030		24,270,000		25,126,974

				74,532,929

Paraguay-2.75%
Paraguay Government International Bond
5.00%, 04/15/2026^(a)		22,756,000		25,287,605
6.10%, 08/11/2044^(a)		20,812,000		25,161,916
5.60%, 03/13/2048^(a)		21,358,000		24,476,482

				74,926,003

Peru-2.85%
Peruvian Government International Bond
8.75%, 11/21/2033		15,976,500		24,833,712
5.63%, 11/18/2050^(b)		18,431,000		25,308,528
3.55%, 03/10/2051^(b)		27,267,000		27,556,848

				77,699,088


	Principal Amount		Value
Philippines-2.81%
Philippine Government International Bond
3.95%, 01/20/2040	$	22,907,000	$	25,429,650
3.70%, 03/01/2041		23,742,000		25,600,910
3.70%, 02/02/2042		23,705,000		25,558,203

				76,588,763

Poland-1.40%
Republic of Poland Government International Bond, 3.25%, 04/06/2026.		35,574,000		38,260,548


Qatar-2.84%
Qatar Government International Bond
4.63%, 06/02/2046^(a)		20,720,000		25,886,118
5.10%, 04/23/2048^(a)		19,391,000		25,781,808
4.82%, 03/14/2049^(a)		20,012,000		25,795,488

				77,463,414

Romania-2.83%
Romanian Government International Bond
6.13%, 01/22/2044^(a)(b)		19,252,000		25,139,801
5.13%, 06/15/2048^(a)		21,804,000		25,728,720
4.00%, 02/14/2051^(a)(b)		25,850,000		26,124,010

				76,992,531

Russia-2.91%
Russian Foreign Bond - Eurobond
5.63%, 04/04/2042^(a)		20,200,000		26,272,726
5.88%, 09/16/2043^(a)		18,800,000		25,555,084
5.25%, 06/23/2047^(a)		21,500,000		27,440,444

				79,268,254

Saudi Arabia-2.96%
Saudi Government International Bond
4.50%, 10/26/2046^(a)		22,324,000		25,804,088
4.63%, 10/04/2047^(a)		23,015,000		27,143,960
5.00%, 04/17/2049^(a)		22,100,000		27,604,425

				80,552,473

South Africa-2.88%
Republic of South Africa Government International Bond
6.25%, 03/08/2041		24,250,000		25,406,992
5.38%, 07/24/2044		28,487,000		26,922,181
6.30%, 06/22/2048		25,339,000		26,099,803

				78,428,976

Sri Lanka-2.89%
Sri Lanka Government International Bond
6.13%, 06/03/2025^(a)(b)		38,775,000		25,397,625
6.85%, 11/03/2025^(a)		40,360,000		26,118,974
6.83%, 07/18/2026^(a)		42,636,000		27,287,040

				78,803,639

Turkey-2.54%
Turkey Government International Bond
8.00%, 02/14/2034		21,766,000		23,453,518
6.88%, 03/17/2036		23,660,000		22,966,809
7.25%, 03/05/2038		22,740,000		22,739,955

				69,160,282

Ukraine-2.75%
Ukraine Government International Bond
7.75%, 09/01/2027^(a)		22,644,000		24,453,210

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


		13

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

October 31, 2021


	Principal Amount		Value
Ukraine-(continued)
9.75%, 11/01/2028^(a)	$	22,032,000	$	25,615,593
7.30%, 03/15/2033^(a)		24,400,000		24,910,204

				74,979,007

United Arab Emirates-2.75%
Emirate of Dubai Government International Bond, 5.25%, 01/30/2043^(a)		22,381,000		25,709,167
Finance Department Government of Sharjah
4.00%, 07/28/2050^(a)		26,820,000		24,273,012
4.38%, 03/10/2051^(a)		26,180,000		24,814,870

				74,797,049

Total U.S. Dollar Denominated Bonds & Notes (Cost $2,786,665,823)				2,688,122,343


	Shares
Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d)(Cost $1,814,291)		1,814,291		1,814,291

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-98.75% (Cost $2,788,480,114)				2,689,936,634


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.32%
Invesco Private Government Fund, 0.02%^(c)(d)(e)		18,930,470	$	18,930,470
Invesco Private Prime Fund, 0.11%^(c)(d)(e)		44,153,436		44,171,098

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $63,101,567)				63,101,568

TOTAL INVESTMENTS IN SECURITIES-101.07% (Cost $2,851,581,681)				2,753,038,202
OTHER ASSETS LESS LIABILITIES-(1.07)%				(29,122,699	)

NET ASSETS-100.00%			$	2,723,915,503

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2021 was $1,936,537,392, which represented 71.09% of the Fund’s Net Assets.

^(b)	All or a portion of this security was out on loan at October 31, 2021.

^(c)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2021.


	Value October 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	660,305		$	332,854,769		$	(331,700,783	)		$	-		$	-		$	1,814,291		$	2,644

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			-			200,953,554			(182,023,084	)			-			-			18,930,470			3,087	*

Invesco Private Prime Fund			-			351,195,981			(307,024,884	)			1			-			44,171,098			43,896	*


Total		$	660,305		$	885,004,304		$	(820,748,751	)		$	1		$	-		$	64,915,859		$	49,627

*	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 October 31, 2021.

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

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


		14

Invesco Global Short Term High Yield Bond ETF (PGHY)

October 31, 2021

Schedule of Investments


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-95.73%
Argentina-2.41%
AES Argentina Generacion S.A., 7.75%, 02/02/2024^(a)	$	850,000	$	742,471
Agua y Saneamientos Argentinos S.A., 6.63%, 02/01/2023^(a)		450,000		256,725
Arcor S.A.I.C., 6.00%, 07/06/2023^(a)		350,000		341,565
Capex S.A., 6.88%, 05/15/2024^(a)		300,000		285,467
Cia General de Combustibles S.A., 9.50%, 11/07/2021^(a)		525,000		527,075
Generacion Mediterranea S.A./Generacion Frias S.A./Central Termica Roca S.A., 9.63%, 07/27/2023^(a)		771,000		642,393
Genneia S.A., 8.75%, 01/20/2022^(a)		650,000		645,086
IRSA Propiedades Comerciales S.A., 8.75%, 03/23/2023^(a)		565,000		544,759
Pampa Energia S.A., 7.38%, 07/21/2023^(a)		675,000		648,368
Provincia de Cordoba, 5.00%, 12/10/2025^(a)(b)		661,221		505,900
Tecpetrol S.A., 4.88%, 12/12/2022^(a)		553,000		553,055

				5,692,864

Australia-0.34%
FMG Resources August 2006 Pty. Ltd., 5.13%, 05/15/2024^(a)		200,000		213,440
North Queensland Export Terminal Pty. Ltd., 4.45%, 12/15/2022^(a)(c)		600,000		580,496

				793,936

Azerbaijan-0.33%
Republic of Azerbaijan International Bond, 4.75%, 03/18/2024^(a)		200,000		214,800
State Oil Co. of the Azerbaijan Republic, 4.75%, 03/13/2023^(a)		550,000		572,891

				787,691

Bahrain-0.53%
Bahrain Government International Bond
6.13%, 07/05/2022^(a)		500,000		515,470
6.13%, 08/01/2023^(a)		500,000		529,908
BBK BSC, 5.50%, 07/09/2024^(a)		200,000		207,925

				1,253,303

Belarus-0.35%
Development Bank of the Republic of Belarus JSC, 6.75%, 05/02/2024^(a)		400,000		376,000
Republic of Belarus International Bond, 6.88%, 02/28/2023^(a)(c)		450,000		455,697

				831,697

Belgium-0.09%
Barry Callebaut Services N.V., 5.50%, 06/15/2023^(a)		200,000		214,236

Bolivia-0.48%
Bolivian Government International Bond
4.88%, 10/29/2022^(a)(c)		700,000		712,968
5.95%, 08/22/2023^(a)(c)		400,000		418,462

				1,131,430


	Principal Amount		Value
Brazil-5.22%
Banco Bradesco S.A., 2.85%, 01/27/2023^(a)	$	700,000	$	707,182
Banco BTG Pactual S.A., 5.50%, 01/31/2023^(a)		500,000		519,380
Banco do Estado do Rio Grande do Sul S.A., 7.38%, 02/02/2022^(a)		700,000		707,122
Banco Nacional de Desenvolvimento Economico e Social
5.75%, 09/26/2023^(a)		500,000		541,595
4.75%, 05/09/2024^(a)		250,000		269,149
Banco Safra S.A., 4.13%, 02/08/2023^(a)		600,000		614,250
Banco Votorantim S.A., 4.00%, 09/24/2022^(a)		500,000		510,688
Braskem Finance Ltd., 6.45%, 02/03/2024^(c)		700,000		765,625
Brazilian Government International Bond, 2.63%, 01/05/2023		500,000		510,070
BRF S.A., 4.75%, 05/22/2024^(a)		200,000		208,752
Caixa Economica Federal, 3.50%, 11/07/2022^(a)		750,000		764,070
Cielo USA, Inc., 3.75%, 11/16/2022^(a)		612,000		619,650
Embraer Overseas Ltd., 5.70%, 09/16/2023^(a)		625,000		659,631
Embraer S.A., 5.15%, 06/15/2022		600,000		612,042
Gerdau Trade, Inc., 4.75%, 04/15/2023^(a)		500,000		523,725
GTL Trade Finance, Inc./Gerdau Holdings, Inc., 5.89%, 04/29/2024^(a)		248,000		268,460
InterCement Financial Operations B.V., 5.75%, 07/17/2024^(a)		200,000		186,101
Itau Unibanco Holding S.A.
6.20%, 12/21/2021^(a)		700,000		703,045
5.65%, 03/19/2022^(a)		600,000		609,450
5.50%, 08/06/2022^(a)		700,000		719,390
2.90%, 01/24/2023^(a)		400,000		405,380
5.13%, 05/13/2023^(a)		600,000		629,388
Petrobras Global Finance B.V., 6.25%, 03/17/2024		250,000		273,563

				12,327,708

Canada-2.07%
Athabasca Oil Corp., 9.88%, 02/24/2022^(a)		1,100,000		1,102,145
Cenovus Energy, Inc., 3.80%, 09/15/2023^(c)		600,000		627,071
Cooke Omega Investments, Inc./Alpha
VesselCo. Holdings, Inc., 8.50%, 12/15/2022^(a)		500,000		510,175
Gateway Casinos & Entertainment Ltd., 8.25%, 03/01/2024^(a)		260,000		268,042
Mountain Province Diamonds, Inc., 8.00%, 12/15/2022^(a)		725,000		652,246
Quebecor Media, Inc., 5.75%, 01/15/2023		500,000		526,875
Rockpoint Gas Storage Canada Ltd., 7.00%, 03/31/2023^(a)		600,000		603,321
TransAlta Corp., 4.50%, 11/15/2022^(c)		600,000		612,750

				4,902,625

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


		15

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

October 31, 2021


	Principal Amount		Value
China-6.02%
China Grand Automotive Services Ltd., 8.63%, 04/08/2022^(a)	$	450,000	$	395,540
China South City Holdings Ltd.
11.50%, 02/12/2022^(a)		700,000		407,916
10.88%, 06/26/2022^(a)		700,000		343,875
7.25%, 11/20/2022^(a)		400,000		183,438
Chongqing Hechuan City Construction Investment Group Co. Ltd., 6.30%, 07/18/2022^(a)		200,000		200,120
Easy Tactic Ltd.
5.75%, 01/13/2022^(a)(c)		1,200,000		984,932
9.13%, 07/28/2022^(a)		600,000		414,580
8.13%, 02/27/2023^(a)		900,000		564,787
11.75%, 08/02/2023^(a)(c)		750,000		482,803
Fortune Star (BVI) Ltd.
5.95%, 01/29/2023^(a)		400,000		402,984
6.75%, 07/02/2023^(a)		500,000		498,515
6.85%, 07/02/2024^(a)		200,000		205,485
Fujian Zhanglong Group Co. Ltd., 5.88%, 08/26/2022^(a)		450,000		465,000
Gemstones International Ltd., 12.00%, 03/10/2023^(a)		300,000		217,491
Guangxi Liuzhou Dongcheng Investment Development Group Co. Ltd., 7.00%, 09/30/2022^(a)		600,000		564,155
Hejun Shunze Investment Co. Ltd.
11.00%, 06/04/2022^(a)		500,000		129,115
10.40%, 03/09/2023^(a)		500,000		118,886
Hong Kong Red Star Macalline Universal Home Furnishings Ltd., 3.38%, 09/21/2022^(a)		600,000		539,764
Huai An Traffic Holding Group Co. Ltd., 6.00%, 09/19/2022^(a)		240,000		243,587
Kunming Municipal Urban Construction Investment & Development Co. Ltd., 5.80%, 10/17/2022^(a)		600,000		576,142
New Metro Global Ltd.
7.50%, 12/16/2021^(a)		500,000		488,027
6.50%, 05/20/2022^(a)		350,000		333,417
RongXingDa Development (BVI) Ltd.
8.95%, 01/18/2022^(a)		500,000		279,300
8.00%, 04/24/2022^(a)		615,000		284,438
Scenery Journey Ltd.
11.50%, 10/24/2022^(a)		700,000		139,999
13.00%, 11/06/2022^(a)		500,000		102,500
12.00%, 10/24/2023^(a)		400,000		78,387
13.75%, 11/06/2023^(a)		750,000		164,991
Wanda Properties International Co. Ltd., 7.25%, 01/29/2024^(a)(c)		500,000		476,825
Wanda Properties Overseas Ltd.
6.95%, 12/05/2022^(a)		700,000		671,481
6.88%, 07/23/2023^(a)		500,000		476,444
Yancoal International Resources Development Co. Ltd., 6.00%, 11/29/2021^(a)		600,000		601,982
Yango Justice International Ltd., 9.25%, 04/15/2023^(a)		500,000		130,031


	Principal Amount		Value
China-(continued)
Yanlord Land HK Co. Ltd.
6.75%, 04/23/2023^(a)	$	500,000	$	503,642
6.80%, 02/27/2024^(a)		300,000		304,463
Zhangzhou Jiulongjiang Group Co. Ltd., 5.60%, 09/10/2022^(a)		400,000		414,149
Zoomlion HK SPV Co. Ltd., 6.13%, 12/20/2022^(a)		817,000		838,896

				14,228,087

Colombia-1.61%
Banco Davivienda S.A., 5.88%, 07/09/2022^(a)		700,000		717,682
Banco de Bogota S.A., 5.38%, 02/19/2023^(a)		477,000		496,390
Banco GNB Sudameris S.A., 7.50%, 07/30/2022^(a)		575,000		594,671
Bancolombia S.A., 5.13%, 09/11/2022^(c)		550,000		565,867
Ecopetrol S.A., 5.88%, 09/18/2023^(c)		200,000		215,070
Gilex Holding S.a.r.l., 8.50%, 05/02/2023^(a)		640,000		649,619
Grupo Aval Ltd., 4.75%, 09/26/2022^(a)		545,000		558,489

				3,797,788

Costa Rica-0.76%
Banco Nacional de Costa Rica, 6.25%, 11/01/2023^(a)		550,000		587,868
Costa Rica Government International Bond, 4.25%, 01/26/2023^(a)		700,000		716,100
Instituto Costarricense de Electricidad, 6.95%, 11/10/2021^(a)		490,000		491,107

				1,795,075

Croatia-0.77%
Croatia Government International Bond
5.50%, 04/04/2023^(a)		600,000		639,746
6.00%, 01/26/2024^(a)		500,000		554,976
Hrvatska Elektroprivreda, 5.88%, 10/23/2022^(a)		600,000		627,206

				1,821,928

Dominican Republic-0.56%
Banco de Reservas de la Republica Dominicana, 7.00%, 02/01/2023^(a)		550,000		575,657
Dominican Republic International Bond, 6.60%, 01/28/2024^(a)		683,000		747,892

				1,323,549

Egypt-1.01%
Egypt Government International Bond
6.13%, 01/31/2022^(a)		600,000		604,770
5.58%, 02/21/2023^(a)		600,000		616,257
4.55%, 11/20/2023^(a)		684,000		695,310
6.20%, 03/01/2024^(a)		250,000		261,582
5.75%, 05/29/2024^(a)		200,000		207,030

				2,384,949

El Salvador-0.27%
AES El Salvador Trust II, 6.75%, 03/28/2023^(a)		700,000		650,097

Finland-0.21%
Nokia OYJ, 3.38%, 06/12/2022		485,000		492,275

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


		16

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

October 31, 2021


	Principal Amount		Value
Georgia-0.34%
Bank of Georgia JSC, 6.00%, 07/26/2023^(a)	$	500,000	$	532,360
TBC Bank JSC, 5.75%, 06/19/2024^(a)		250,000		267,031

				799,391

Germany-0.56%
Commerzbank AG, 8.13%, 09/19/2023^(a)		509,000		570,468
ZF North America Capital, Inc., 4.50%, 04/29/2022^(a)		750,000		762,188

				1,332,656

Ghana-0.10%
Ghana Government International Bond, 7.88%, 08/07/2023^(a)		230,000		230,731

Greece-0.41%
Navios Maritime Holdings, Inc./Navios Maritime Finance II US, Inc., 7.38%, 01/15/2022^(a)		1,000,000		980,440


Guatemala-0.51%
Guatemala Government Bond, 5.75%, 06/06/2022^(a)		560,000		573,860
Industrial Senior Trust, 5.50%, 11/01/2022^(a)		625,000		642,975

				1,216,835

India-3.97%
ABJA Investment Co. Pte. Ltd.
4.45%, 07/24/2023^(a)		450,000		467,100
5.95%, 07/31/2024^(a)		300,000		328,131
Axis Bank Ltd., 3.00%, 08/08/2022^(a)		653,000		661,701
Delhi International Airport Ltd., 6.13%, 02/03/2022^(a)(c)		700,000		702,973
GMR Hyderabad International Airport Ltd., 5.38%, 04/10/2024^(a)		100,000		103,020
Greenko Investment Co., 4.88%, 08/16/2023^(a)		600,000		606,375
IIFL Finance Ltd., 5.88%, 04/20/2023^(a)		612,000		595,162
India Green Energy Holdings, 5.38%, 04/29/2024^(a)		250,000		259,458
India Toll Roads, 5.50%, 08/19/2024^(a)		250,000		247,515
JSW Steel Ltd.
5.25%, 04/13/2022^(a)		600,000		608,946
5.95%, 04/18/2024^(a)		250,000		265,164
Manappuram Finance Ltd., 5.90%, 01/13/2023^(a)		500,000		513,788
Muthoot Finance Ltd.
6.13%, 10/31/2022^(a)(c)		700,000		719,687
4.40%, 09/02/2023^(a)(c)		600,000		611,775
ReNew Power Pvt Ltd., 6.45%, 09/27/2022^(a)		600,000		613,950
Shriram Transport Finance Co. Ltd.
5.70%, 02/27/2022^(a)		600,000		605,225
5.95%, 10/24/2022^(a)		565,000		575,311
5.10%, 07/16/2023^(a)		600,000		610,815
4.40%, 03/13/2024^(a)		278,000		279,460

				9,375,556

Indonesia-1.40%
Alam Synergy Pte. Ltd., 6.63%, 04/24/2022^(a)		400,000		380,040


	Principal Amount		Value
Indonesia-(continued)
Global Prime Capital Pte. Ltd., 5.50%, 10/18/2023^(a)	$	400,000	$	405,420
Jababeka International B.V., 6.50%, 10/05/2023^(a)		700,000		667,598
PT ABM Investama Tbk, 7.13%, 08/01/2022^(a)		248,000		246,887
PT Saka Energi Indonesia, 4.45%, 05/05/2024^(a)		450,000		437,688
SSMS Plantation Holdings Pte. Ltd., 7.75%, 01/23/2023^(a)		800,000		588,876
TBLA International Pte. Ltd., 7.00%, 01/24/2023^(a)		600,000		584,286

				3,310,795

Israel-1.39%
Energean Israel Finance Ltd., 4.50%, 03/30/2024^(a)		250,000		255,500
Leviathan Bond Ltd., 5.75%, 06/30/2023^(a).		507,202		527,617
Teva Pharmaceutical Finance Co. B.V. 2.95%, 12/18/2022^(c)		550,000		554,812
Series 2, 3.65%, 11/10/2021		560,000		560,314
Teva Pharmaceutical Finance IV B.V., 3.65%, 11/10/2021		610,000		611,607
Teva Pharmaceutical Finance Netherlands III B.V.
2.80%, 07/21/2023^(c)		500,000		504,275
6.00%, 04/15/2024^(c)		250,000		262,500

				3,276,625

Italy-0.50%
UniCredit S.p.A.
6.57%, 01/14/2022^(a)		600,000		606,773
7.83%, 12/04/2023^(a)		500,000		567,501

				1,174,274

Jamaica-0.13%
Digicel International Finance Ltd./Digicel international Holdings Ltd., 8.75%, 05/25/2024^(a)		300,000		311,625


Japan-0.41%
SoftBank Group Corp.
5.38%, 07/30/2022^(a)		635,000		647,525
5.50%, 04/20/2023^(a)		300,000		311,621

				959,146

Kenya-0.09%
Kenya Government International Bond, 6.88%, 06/24/2024^(a)		200,000		216,086

Kuwait-0.30%
Kuwait Projects Co. SPC Ltd., 5.00%, 03/15/2023^(a)		700,000		701,842

Luxembourg-0.09%
ArcelorMittal S.A., 3.60%, 07/16/2024		200,000		211,198


Malaysia-0.03%
SD International Sukuk Ltd., 6.30%, 05/09/2022^(a)		200,000		64,585


Mexico-2.38%
Alpha Holding S.A. de C.V., 10.00%, 12/19/2022^(a)(d)		650,000		91,000

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


		17

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

October 31, 2021


	Principal Amount		Value
Mexico-(continued)
BBVA Bancomer S.A., 6.75%, 09/30/2022^(a)	$	606,000	$	635,542
Credito Real, S.A.B. de C.V., SOFOM, E.R., 7.25%, 07/20/2023^(a)(c)		300,000		288,537
Grupo Kaltex S.A. de C.V., 8.88%, 04/11/2022^(a)		450,000		422,604
Grupo Posadas S.A.B. de C.V., 7.88%, 06/30/2022^(a)(d)		400,000		330,504
Metalsa S.A. de C.V., 4.90%, 04/24/2023^(a)		505,000		527,149
Petroleos Mexicanos
4.88%, 01/24/2022		420,000		422,806
5.38%, 03/13/2022^(c)		420,000		425,515
3.50%, 01/30/2023		584,000		590,862
4.63%, 09/21/2023		585,000		603,281
4.88%, 01/18/2024^(c)		771,000		798,548
Unifin Financiera S.A.B. de C.V., 7.25%, 09/27/2023^(a)(c)		500,000		488,020

				5,624,368

Mongolia-1.13%
Development Bank of Mongolia LLC, 7.25%, 10/23/2023^(a)(c)		600,000		637,183
Mongolia Government International Bond
5.13%, 12/05/2022^(a)		526,000		543,359
5.63%, 05/01/2023^(a)		500,000		523,436
8.75%, 03/09/2024^(a)		200,000		225,019
Mongolian Mortgage Corp. Hfc LLC, 8.85%, 02/08/2024^(a)		750,000		739,549

				2,668,546

Morocco-0.35%
Morocco Government International Bond, 4.25%, 12/11/2022^(a)		600,000		619,806
OCP S.A., 5.63%, 04/25/2024^(a)		200,000		216,428

				836,234

Namibia-0.25%
Namibia International Bonds, 5.50%, 11/03/2021^(a)(c)		600,000		600,734


Nigeria-1.05%
Fidelity Bank PLC, 10.50%, 10/16/2022^(a)		500,000		527,459
Nigeria Government International Bond
5.63%, 06/27/2022		700,000		710,706
6.38%, 07/12/2023^(a)		600,000		625,650
United Bank for Africa PLC, 7.75%, 06/08/2022^(a)		600,000		612,986

				2,476,801

Oman-1.05%
Bank Muscat SAOG, 4.88%, 03/14/2023^(a)		600,000		618,230
Oman Government International Bond
3.88%, 03/08/2022^(a)		500,000		503,801
4.13%, 01/17/2023^(a)		700,000		716,464
Oztel Holdings SPC Ltd., 5.63%, 10/24/2023^(a)		608,000		635,606

				2,474,101


	Principal Amount		Value
Pakistan-0.39%
Pakistan Government International Bond, 8.25%, 04/15/2024^(a)	$	200,000	$	214,153
Third Pakistan International Sukuk Co. Ltd. (The), 5.63%, 12/05/2022^(a)		700,000		718,125

				932,278

Panama-0.51%
Banistmo S.A., 3.65%, 09/19/2022^(a)		550,000		558,255
Multibank, Inc., 4.38%, 11/09/2022^(a)		625,000		636,719

				1,194,974

Paraguay-0.26%
Paraguay Government International Bond, 4.63%, 01/25/2023^(a)		590,000		612,721

Peru-0.30%
Volcan Cia Minera S.A.A., Class B, 5.38%, 02/02/2022^(a)		700,000		702,625

Puerto Rico-0.23%
Popular, Inc., 6.13%, 09/14/2023		500,000		534,482

Russia-3.31%
Borets Finance DAC, 6.50%, 04/07/2022^(a)		200,000		203,700
Credit Bank of Moscow Via CBOM Finance PLC
5.88%, 11/07/2021^(a)		900,000		901,345
5.55%, 02/14/2023^(a)		500,000		516,669
Eurochem Finance DAC, 5.50%, 03/13/2024^(a)		300,000		323,063
Evraz PLC, 5.25%, 04/02/2024^(a)		300,000		320,853
Global Ports Finance PLC, 6.50%, 09/22/2023^(a)		600,000		655,553
GTLK Europe DAC, 5.13%, 05/31/2024^(a)		200,000		211,320
Mobile Telesystems OJSC Via MTS International Funding DAC, 5.00%, 05/30/2023^(a)		650,000		684,125
O1 Properties Finance PLC, 0.50%, 09/27/2028^(a)		500,000		61,195
Petropavlovsk 2016 Ltd., 8.13%, 11/14/2022^(a)		300,000		308,532
Polyus Finance PLC
4.70%, 03/28/2022^(a)		600,000		609,172
5.25%, 02/07/2023^(a)		200,000		210,090
4.70%, 01/29/2024^(a)		500,000		531,158
Rusal Capital DAC
5.13%, 02/02/2022^(a)		400,000		403,132
4.85%, 02/01/2023^(a)		600,000		612,540
Sberbank of Russia Via SB Capital S.A., 5.13%, 10/29/2022^(a)		735,000		760,496
VTB Bank OJSC Via VTB Capital S.A., 6.95%, 10/17/2022^(a)		500,000		520,446

				7,833,389

Saudi Arabia-0.17%
Dar Al-Arkan Sukuk Co. Ltd., 6.88%, 04/10/2022^(a)		400,000		407,800

South Africa-1.90%
Eskom Holdings SOC Ltd., 6.75%, 08/06/2023^(a)		650,000		672,474
Gold Fields Orogen Holding (BVI) Ltd., 5.13%, 05/15/2024^(a)		300,000		321,645

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


		18

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

October 31, 2021


	Principal Amount		Value
South Africa-(continued)
MTN Mauritius Investments Ltd., 5.37%, 02/13/2022^(a)	$	600,000	$	608,329
Republic of South Africa Government International Bond
5.88%, 05/30/2022		500,000		514,752
4.67%, 01/17/2024		600,000		638,877
Sasol Financing International Ltd., 4.50%, 11/14/2022^(c)		637,000		651,600
Sasol Financing USA LLC, 5.88%, 03/27/2024		450,000		476,212
Transnet SOC Ltd., 4.00%, 07/26/2022^(a)		600,000		607,097

				4,490,986

South Korea-0.26%
SK Innovation Co. Ltd., 4.13%, 07/13/2023^(a)(c)		600,000		625,227


Spain-0.19%
Codere Finance 2 (Luxembourg) S.A., 7.13%
PIK Rate, 4.50% Cash Rate, 11.63%, 11/01/2023^(a)(e)		724,938		438,587


Sri Lanka-0.61%
Sri Lanka Government International Bond
5.75%, 01/18/2022^(a)(c)		520,000		489,096
5.88%, 07/25/2022^(a)(c)		500,000		423,190
5.75%, 04/18/2023^(a)		400,000		276,252
6.85%, 03/14/2024^(a)		400,000		263,000

				1,451,538

Supranational-0.31%
Eastern & Southern African Trade & Development Bank (The), 5.38%, 03/14/2022^(a)		715,000		722,031


Sweden-0.59%
Stena AB, 7.00%, 02/01/2024^(a)		600,000		623,748
Telefonaktiebolaget LM Ericsson, 4.13%, 05/15/2022		750,000		765,000

				1,388,748

Trinidad-0.26%
Trinidad & Tobago Government International Bond, 4.38%, 01/16/2024^(a)		600,000		623,193


Turkey-8.97%
Akbank T.A.S., 5.00%, 10/24/2022^(a)		670,000		684,648
Arcelik A.S., 5.00%, 04/03/2023^(a)		700,000		720,439
Hazine Mustesarligi Varlik Kiralama A.S.
5.80%, 02/21/2022^(a)		700,000		708,572
5.00%, 04/06/2023^(a)		700,000		712,425
KOC Holding A.S., 5.25%, 03/15/2023^(a)		700,000		715,732
KT Kira Sertifikalari Varlik Kiralama A.S., 5.14%, 11/02/2021^(a)		700,000		700,000
Petkim Petrokimya Holding A.S., 5.88%, 01/26/2023^(a)		700,000		711,763
QNB Finansbank A.S., 4.88%, 05/19/2022^(a)		600,000		608,802
Roenesans Gayrimenkul Yatirim A.S., 7.25%, 04/26/2023^(a)		750,000		746,480
T.C. Ziraat Bankasi A.S., 5.13%, 05/03/2022^(a)		600,000		607,777


	Principal Amount		Value
Turkey-(continued)
TC Ziraat Bankasi A.S., 5.13%, 09/29/2023^(a)	$	700,000	$	708,778
Turk Telekomunikasyon A.S., 4.88%, 06/19/2024^(a)		200,000		204,667
Turkey Government International Bond
5.13%, 03/25/2022		600,000		606,923
6.25%, 09/26/2022		650,000		669,736
3.25%, 03/23/2023		600,000		596,362
7.25%, 12/23/2023		700,000		741,495
5.75%, 03/22/2024		400,000		407,972
6.35%, 08/10/2024		200,000		206,210
Turkiye Garanti Bankasi A.S.
5.25%, 09/13/2022^(a)		550,000		563,641
5.88%, 03/16/2023^(a)		500,000		518,270
Turkiye Ihracat Kredi Bankasi A.S.
4.25%, 09/18/2022^(a)		650,000		658,365
5.38%, 10/24/2023^(a)		750,000		762,686
8.25%, 01/24/2024^(a)		600,000		638,880
6.13%, 05/03/2024^(a)		400,000		407,279
Turkiye Is Bankasi A.S.
5.50%, 04/21/2022^(a)		600,000		607,794
6.00%, 10/24/2022^(a)		700,000		715,977
6.13%, 04/25/2024^(a)		300,000		308,097
Turkiye Sinai Kalkinma Bankasi A.S., 5.50%, 01/16/2023^(a)		500,000		511,158
Turkiye Vakiflar Bankasi T.A.O.
5.63%, 05/30/2022^(a)		600,000		611,847
6.00%, 11/01/2022^(a)		400,000		408,586
5.75%, 01/30/2023^(a)		750,000		767,443
8.13%, 03/28/2024^(a)		400,000		427,112
Yapi ve Kredi Bankasi A.S.
5.75%, 02/24/2022^(a)		700,000		707,420
5.50%, 12/06/2022^(a)		700,000		713,327
6.10%, 03/16/2023^(a)		600,000		618,975
5.85%, 06/21/2024^(a)		200,000		204,170

				21,209,808

Ukraine-1.75%
Kernel Holding S.A., 8.75%, 01/31/2022^(a)		700,000		710,469
Metinvest B.V., 7.75%, 04/23/2023^(a)		540,000		572,508
MHP SE, 7.75%, 05/10/2024^(a)		350,000		378,527
NAK Naftogaz Ukraine via Kondor Finance PLC, 7.38%, 07/19/2022^(a)		600,000		609,000
Ukraine Government International Bond
7.75%, 09/01/2022^(a)		500,000		519,313
7.75%, 09/01/2023^(a)		700,000		747,101
8.99%, 02/01/2024^(a)		550,000		602,338

				4,139,256

United Arab Emirates-0.63%
Alpha Star Holding III Ltd., 6.25%, 04/20/2022^(a)		800,000		814,888
Alpha Star Holding V Ltd., 6.63%, 04/18/2023^(a)		654,000		670,566

				1,485,454

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


		19

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

October 31, 2021


	Principal Amount		Value
United Kingdom-0.45%
Jaguar Land Rover Automotive PLC, 5.63%, 02/01/2023^(a)	$	550,000	$	553,933
Modulaire Global Finance PLC, 8.00%, 02/15/2023^(a)		500,000		510,135

				1,064,068

United States-34.42%
24 Hour Fitness Worldwide, Inc., 8.00%, 06/01/2022^(a)(d)(f)(g)		150,000		0
ADT Security Corp. (The), 4.13%, 06/15/2023		550,000		573,227
Advanced Micro Devices, Inc., 7.50%, 08/15/2022		510,000		536,775
Ahern Rentals, Inc., 7.38%, 05/15/2023^(a)		500,000		480,000
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 3.50%, 02/15/2023^(a)		700,000		713,125
American Airlines Group, Inc., 5.00%, 06/01/2022^(a)		515,000		516,931
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.63%, 05/20/2024		300,000		324,375
Apex Tool Group LLC/BC Mountain Finance, Inc., 9.00%, 02/15/2023^(a)		600,000		601,695
Avient Corp., 5.25%, 03/15/2023		700,000		734,125
Ball Corp., 4.00%, 11/15/2023		700,000		735,000
Bed Bath & Beyond, Inc., 3.75%, 08/01/2024		200,000		203,750
Bonanza Creek Energy, Inc., 7.50%, 04/30/2026		64,201		64,500
Brinker International, Inc., 3.88%, 05/15/2023^(c)		700,000		721,175
Calumet Specialty Products Partners L.P./Calumet Finance Corp.
7.63%, 01/15/2022		314,000		314,173
7.75%, 04/15/2023		500,000		496,893
Carpenter Technology Corp., 4.45%, 03/01/2023^(c)		650,000		675,001
CF Industries, Inc., 3.45%, 06/01/2023^(c)		432,000		448,498
Cheniere Corpus Christi Holdings LLC, 7.00%, 06/30/2024		200,000		223,995
Cincinnati Bell, Inc., 7.00%, 07/15/2024^(a)		122,000		124,288
CIT Group, Inc.
5.00%, 08/15/2022		520,000		536,900
5.00%, 08/01/2023		600,000		637,500
4.75%, 02/16/2024		700,000		744,625
Cleaver-Brooks, Inc., 7.88%, 03/01/2023^(a).		500,000		493,268
Cogent Communications Group, Inc., 5.38%, 03/01/2022^(a)		359,000		360,795
Commercial Metals Co., 4.88%, 05/15/2023		574,000		596,386
Continental Resources, Inc.
4.50%, 04/15/2023		500,000		520,585
3.80%, 06/01/2024		200,000		210,250
CoreCivic, Inc., 4.63%, 05/01/2023^(c)		463,000		471,681
CSC Holdings LLC
6.75%, 11/15/2021		614,000		615,535
5.88%, 09/15/2022		625,000		645,312
5.25%, 06/01/2024		200,000		210,750


	Principal Amount		Value
United States-(continued)
CSI Compressco L.P./CSI Compressco Finance, Inc., 7.25%, 08/15/2022	$	200,000	$	198,212
DCP Midstream Operating L.P.
4.95%, 04/01/2022		550,000		553,652
3.88%, 03/15/2023		700,000		722,750
Delta Air Lines, Inc.
3.63%, 03/15/2022		600,000		604,593
3.80%, 04/19/2023		500,000		518,478
Diebold Nixdorf, Inc., 8.50%, 04/15/2024^(c)		430,000		430,043
DISH DBS Corp.
5.88%, 07/15/2022^(c)		602,000		617,802
5.00%, 03/15/2023		601,000		622,786
Diversified Healthcare Trust, 4.75%, 05/01/2024		444,000		458,430
Encompass Health Corp., 5.13%, 03/15/2023		239,000		239,847
EnerSys, 5.00%, 04/30/2023^(a)		300,000		311,964
EnLink Midstream Partners L.P., 4.40%, 04/01/2024		200,000		209,250
EQM Midstream Partners L.P.
4.75%, 07/15/2023		589,000		620,724
4.00%, 08/01/2024		200,000		207,750
EQT Corp., 3.00%, 10/01/2022^(c)		593,000		599,814
Exela Intermediate LLC/Exela Finance, Inc., 10.00%, 07/15/2023^(a)		1,500,000		1,258,650
Ford Motor Co., 8.50%, 04/21/2023		560,000		614,740
Ford Motor Credit Co. LLC
5.60%, 01/07/2022		500,000		504,225
3.55%, 10/07/2022		400,000		406,476
3.35%, 11/01/2022		500,000		508,125
3.09%, 01/09/2023		650,000		661,732
4.14%, 02/15/2023		650,000		668,362
3.37%, 11/17/2023		650,000		667,875
5.58%, 03/18/2024		200,000		215,250
Freeport-McMoRan, Inc.
3.55%, 03/01/2022		533,000		534,639
3.88%, 03/15/2023		500,000		515,625
Fresh Market, Inc. (The), 9.75%, 05/01/2023^(a)		597,000		614,164
FS Energy and Power Fund, 7.50%, 08/15/2023^(a)		864,000		899,731
Genesis Energy L.P./Genesis Energy Finance Corp., 5.63%, 06/15/2024		200,000		199,500
Genworth Holdings, Inc.
4.90%, 08/15/2023		715,000		731,981
4.80%, 02/15/2024^(c)		670,000		685,852
GEO Group, Inc. (The), 5.13%, 04/01/2023^(c)		623,000		602,042
Goodman Networks, Inc., 8.00%, 05/11/2022^(h)		98,659		40,943
Graphic Packaging International LLC
4.88%, 11/15/2022		624,000		642,505
4.13%, 08/15/2024		200,000		211,615
Hanesbrands, Inc., 4.63%, 05/15/2024^(a)		250,000		260,938
HCA, Inc.
4.75%, 05/01/2023		500,000		528,679
5.88%, 05/01/2023		605,000		647,350
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 6.75%, 02/01/2024		225,000		228,656

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


		20

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

October 31, 2021


	Principal Amount			Value
United States-(continued)
Jacobs Entertainment, Inc., 7.88%, 02/01/2024^(a)		$	80,000		$	82,500
KB Home
7.50%, 09/15/2022			617,000			650,164
7.63%, 05/15/2023			500,000			531,875
Kraft Heinz Foods Co. (The), 3.50%, 06/06/2022^(c)			598,000			606,265
Lennar Corp.
4.75%, 11/15/2022			535,000			551,719
4.88%, 12/15/2023			500,000			536,675
Lumen Technologies, Inc.
Series T, 5.80%, 03/15/2022			735,000			743,960
Series W, 6.75%, 12/01/2023			700,000			769,132
Series Y, 7.50%, 04/01/2024			200,000			219,750
Macy’s Retail Holdings LLC, 2.88%, 02/15/2023			700,000			707,875
Mattel, Inc., 3.15%, 03/15/2023			700,000			717,745
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/2024^(a)			300,000			301,350
MDC Holdings, Inc., 5.50%, 01/15/2024			500,000			537,550
MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc., 5.63%, 05/01/2024			275,000			298,677
MGM Resorts International
7.75%, 03/15/2022			594,000			608,107
6.00%, 03/15/2023			536,000			566,268
Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.88%, 10/01/2022^(a)			500,000			497,983
Molina Healthcare, Inc., 5.38%, 11/15/2022			650,000			668,687
Navient Corp.
6.50%, 06/15/2022			651,000			670,530
5.50%, 01/25/2023			750,000			785,107
7.25%, 09/25/2023			598,000			651,820
6.13%, 03/25/2024			300,000			321,375
Netflix, Inc.
5.50%, 02/15/2022			500,000			507,500
5.75%, 03/01/2024			131,000			144,428
Newell Brands, Inc., 4.00%, 06/15/2022			600,000			607,641
Newmark Group, Inc., 6.13%, 11/15/2023			536,000			579,550
NGL Energy Partners L.P./NGL Energy Finance Corp., 7.50%, 11/01/2023			626,000			601,918
Northwest Acquisitions ULC/Dominion Finco, Inc., 7.13%, 11/01/2022^(a)(d)			500,000			650
NortonLifeLock, Inc., 3.95%, 06/15/2022			536,000			541,628
NuStar Logistics L.P., 4.75%, 02/01/2022			662,000			662,000
Occidental Petroleum Corp.
3.13%, 02/15/2022			548,000			548,081
2.70%, 08/15/2022^(c)			500,000			507,590
2.70%, 02/15/2023^(c)			484,000			490,021
6.95%, 07/01/2024			200,000			225,250
2.90%, 08/15/2024			200,000			203,990
OneMain Finance Corp.
6.13%, 05/15/2022			600,000			614,250
5.63%, 03/15/2023			500,000			526,485
8.25%, 10/01/2023			575,000			639,998
6.13%, 03/15/2024^(c)			350,000			372,750


	Principal Amount			Value
United States-(continued)
Ovintiv Exploration, Inc., 5.63%, 07/01/2024		$	200,000		$	220,256
Owens-Brockway Glass Container, Inc., 5.88%, 08/15/2023^(a)			500,000			526,875
PBF Logistics L.P./PBF Logistics Finance Corp., 6.88%, 05/15/2023			783,000			760,179
Peabody Energy Corp., 6.00%, 03/31/2022^(a)			200,000			198,862
Pitney Bowes, Inc., 4.63%, 03/15/2024			250,000			263,723
Prime Security Services Borrower LLC/Prime Finance, Inc., 5.25%, 04/15/2024^(a)			300,000			319,500
Pyxus Holdings, Inc., 10.00%, 08/24/2024^(c)			510,625			449,120
QEP Resources, Inc., 5.38%, 10/01/2022			600,000			620,958
QVC, Inc.
4.38%, 03/15/2023			585,000			607,669
4.85%, 04/01/2024			250,000			268,425
Qwest Corp., 6.75%, 12/01/2021			600,000			602,697
Range Resources Corp.
5.00%, 08/15/2022			600,000			610,326
5.00%, 03/15/2023			500,000			514,590
Rayonier AM Products, Inc., 5.50%, 06/01/2024^(a)			200,000			198,750
Realogy Group LLC/Realogy Co-Issuer Corp., 4.88%, 06/01/2023^(a)			500,000			516,250
Revlon Consumer Products Corp., 6.25%, 08/01/2024			300,000			133,961
Royal Caribbean Cruises Ltd.
5.25%, 11/15/2022			700,000			718,375
10.88%, 06/01/2023^(a)			600,000			672,000
9.13%, 06/15/2023^(a)			600,000			652,218
Sealed Air Corp., 4.88%, 12/01/2022^(a)			455,000			467,142
Sensata Technologies B.V., 4.88%, 10/15/2023^(a)			484,000			513,188
Service Properties Trust
5.00%, 08/15/2022			602,000			605,762
4.50%, 06/15/2023^(c)			539,000			550,454
4.65%, 03/15/2024			250,000			252,500
SM Energy Co., 5.00%, 01/15/2024			581,000			578,961
Spirit AeroSystems, Inc., 3.95%, 06/15/2023			501,000			508,816
Sprint Communications, Inc.
11.50%, 11/15/2021			600,000			602,910
6.00%, 11/15/2022			600,000			630,138
Sprint Corp.
7.88%, 09/15/2023			460,000			510,600
7.13%, 06/15/2024			200,000			226,250
SSL Robotics LLC, 9.75%, 12/31/2023^(a)			500,000			540,625
Starwood Property Trust, Inc.
5.00%, 12/15/2021^(c)			258,000			258,484
5.50%, 11/01/2023^(a)			500,000			525,625
Stellantis N.V., 5.25%, 04/15/2023^(c)			615,000			654,366
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.88%, 04/15/2023^(a)			500,000			523,750
Tenet Healthcare Corp., 6.75%, 06/15/2023			565,000			608,081
TerraForm Power Operating LLC, 4.25%, 01/31/2023^(a)			500,000			510,625

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


		21

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

October 31, 2021


	Principal Amount		Value
United States-(continued)
T-Mobile USA, Inc., 4.00%, 04/15/2022^(c)	$	599,000	$	607,236
TMX Finance LLC/TitleMax Finance Corp., 11.13%, 04/01/2023^(a)		500,000		512,435
Toll Brothers Finance Corp.
5.88%, 02/15/2022		700,000		702,831
4.38%, 04/15/2023^(c)		699,000		721,717
TPC Group, Inc., 10.50%, 08/01/2024^(a)		300,000		273,473
Travel + Leisure Co.
4.25%, 03/01/2022		667,000		669,301
3.90%, 03/01/2023		620,000		641,080
TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.88%, 06/15/2024		200,000		221,800
United Airlines Holdings, Inc.
4.25%, 10/01/2022		600,000		612,450
5.00%, 02/01/2024		526,000		547,040
W&T Offshore, Inc., 9.75%, 11/01/2023^(a)(c)		600,000		585,732
Welbilt, Inc., 9.50%, 02/15/2024		600,000		616,588
Western Midstream Operating L.P., 4.00%, 07/01/2022		575,000		581,469
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 4.25%, 05/30/2023^(a)		570,000		574,987
Xerox Corp.
4.07%, 03/17/2022		600,000		607,146
3.80%, 05/15/2024^(c)		250,000		260,000
Yum! Brands, Inc., 3.88%, 11/01/2023^(c)		581,000		607,871

				81,361,874

Uzbekistan-0.27%
Republic of Uzbekistan International Bond, 4.75%, 02/20/2024^(a)		600,000		629,457

Zambia-0.48%
First Quantum Minerals Ltd.
7.25%, 04/01/2023^(a)		500,000		508,625
6.50%, 03/01/2024^(a)		250,000		254,063
Zambia Government International Bond, 5.38%, 09/20/2022^(a)		500,000		377,250

				1,139,938

Total U.S. Dollar Denominated Bonds & Notes (Cost $232,273,159)				226,260,241


	Shares
Common Stocks & Other Equity Interests-0.23%
United States-0.23%
Bonanza Creek Energy, Inc.		5,979		335,661
PetroQuest Energy, Inc.⁽ⁱ⁾		28,971		12,313

Investment Abbreviations:
Pfd.-Preferred
PIK-Pay-in-Kind
Wts.-Warrants


	Shares		Value
United States-(continued)
Premier Brands Group Holdings LLC^(i)(j)		3,222	$	4,833
Premier Brands Group Holdings LLC, Wts., expiring 03/21/2024^(i)(j)		10,096		1,767
TRU Taj LLC/TRU Taj Finance, Inc.^(g)(i)		2,156		21,038
Unit Corp.⁽ⁱ⁾		5,174		176,433

Total Common Stocks & Other Equity Interests (Cost $641,855)				552,045


Preferred Stocks-0.10%
Guitar Center Holdings, Inc., Pfd., 0.00%^(k)		2,000		235,000
Guitar Center Holdings, Inc., Pfd., 0.00%^(k)		24		1,488

Total Preferred Stocks (Cost $623,350)				236,488


	Principal Amount
Variable Rate Senior Loan Interests-0.02%^(l)(m)
Hornbeck Offshore Services, Inc., Second Lien Term Loan, 11.50%, 02/07/2025^(g)(Cost $489,864)	$	589,900		50,142


	Shares
Money Market Funds-4.40%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(n)(o)(Cost $10,387,579)		10,387,579		10,387,579

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.48% (Cost $244,415,807)				237,486,495


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-7.89%
Invesco Private Government Fund, 0.02%^(n)(o)(p)		5,594,655		5,594,655
Invesco Private Prime Fund, 0.11%^(n)(o)(p)		13,049,737		13,054,957

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $18,649,612)				18,649,612

TOTAL INVESTMENTS IN SECURITIES-108.37% (Cost $263,065,419)				256,136,107
OTHER ASSETS LESS LIABILITIES-(8.37)%				(19,773,477	)

NET ASSETS-100.00%			$	236,362,630

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


		22

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

October 31, 2021

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2021 was $142,261,183, which represented 60.19% of the Fund’s Net Assets.

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

^(c)	All or a portion of this security was out on loan at October 31, 2021.

^(d)	Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at October 31, 2021 was $422,154, which represented less than 1% of the Fund’s Net Assets.

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

^(f)	The borrower has filed for protection in federal bankruptcy court.

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

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

⁽ⁱ⁾	Non-income producing security.

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

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

^(l)

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

^(m)

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

⁽ⁿ⁾


	Value October 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	6,303,011		$	96,917,569		$	(92,833,001	)		$	-			$	-		$	10,387,579		$	1,423

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			1,964,224			27,482,684			(23,852,253	)			-				-			5,594,655			610	*

Invesco Private Prime Fund			2,946,336			48,794,109			(38,685,863	)			(51	)			426			13,054,957			8,060	*


Total		$	11,213,571		$	173,194,362		$	(155,371,117	)		$	(51	)		$	426		$	29,037,191		$	10,093

*	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.

^(o)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

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

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


		23

Invesco International Corporate Bond ETF (PICB)

October 31, 2021

Schedule of Investments


	Principal
	Amount			Value
Non-U.S. Dollar Denominated Bonds & Notes-98.69%^(a)
Australia-1.38%
APT Pipelines Ltd., 3.50%, 03/22/2030^(b)		GBP	200,000	$	298,233
Australia & New Zealand Banking Group Ltd., 0.75%, 09/29/2026^(b)		EUR	100,000		118,815
BHP Billiton Finance Ltd., Series 12, 4.30%, 09/25/2042		GBP	250,000		462,920
Glencore Finance (Europe) Ltd.
1.88%, 09/13/2023^(b)		EUR	100,000		119,164
3.13%, 03/26/2026^(b)		GBP	100,000		143,819
National Australia Bank Ltd.
1.25%, 05/18/2026^(b)		EUR	100,000		121,167
1.38%, 08/30/2028^(b)		EUR	100,000		123,216
NBN Co. Ltd., 1.00%, 12/03/2025^(b)		AUD	350,000		249,981
Telstra Corp. Ltd., 2.50%, 09/15/2023		EUR	50,000		60,774

					1,698,089

Austria-0.10%
OMV AG, 1.00%, 12/14/2026^(b)		EUR	100,000		120,238


Belgium-2.34%
Anheuser-Busch InBev S.A./N.V.
2.70%, 03/31/2026^(b)		EUR	100,000		129,256
1.15%, 01/22/2027^(b)		EUR	200,000		241,188
1.13%, 07/01/2027^(b)		EUR	200,000		241,143
2.13%, 12/02/2027^(b)		EUR	100,000		127,289
2.00%, 03/17/2028^(b)		EUR	300,000		381,287
2.25%, 05/24/2029^(b)(c)		GBP	200,000		282,961
1.50%, 04/18/2030^(b)		EUR	100,000		122,874
1.65%, 03/28/2031^(b)		EUR	100,000		124,339
2.88%, 04/02/2032^(b)(c)		EUR	200,000		275,418
2.75%, 03/17/2036^(b)		EUR	250,000		344,949
2.85%, 05/25/2037^(b)(c)		GBP	250,000		370,293
3.70%, 04/02/2040^(b)		EUR	150,000		234,327

					2,875,324

Canada-15.52%
Bank of Montreal
2.85%, 03/06/2024		CAD	550,000		456,420
2.28%, 07/29/2024		CAD	450,000		368,736
2.37%, 02/03/2025		CAD	400,000		328,100
1.55%, 05/28/2026		CAD	350,000		275,720
3.19%, 03/01/2028		CAD	700,000		600,834
Bank of Nova Scotia (The)
2.49%, 09/23/2024		CAD	450,000		370,741
2.16%, 02/03/2025		CAD	500,000		407,642
1.85%, 11/02/2026		CAD	600,000		476,219
2.62%, 12/02/2026		CAD	350,000		291,875
1.40%, 11/01/2027		CAD	450,000		344,538
3.10%, 02/02/2028		CAD	550,000		469,551
Bell Canada
2.70%, 02/27/2024		CAD	300,000		247,324
3.35%, 03/12/2025		CAD	400,000		336,635
3.80%, 08/21/2028		CAD	350,000		303,401
2.50%, 05/14/2030		CAD	250,000		196,937
3.00%, 03/17/2031		CAD	300,000		243,674
3.50%, 09/30/2050		CAD	350,000		259,258


	Principal
	Amount			Value
Canada-(continued)
Canadian Imperial Bank of Commerce 3.29%, 01/15/2024		CAD	350,000	$	292,826
0.38%, 05/03/2024^(b)		EUR	100,000		116,871
2.35%, 08/28/2024		CAD	400,000		328,103
2.00%, 04/17/2025		CAD	550,000		445,577
3.30%, 05/26/2025		CAD	450,000		384,029
1.10%, 01/19/2026		CAD	400,000		310,377
1.70%, 07/15/2026		CAD	300,000		237,231
Cenovus Energy, Inc., 3.50%, 02/07/2028		CAD	350,000		292,833
CU, Inc., 4.09%, 09/02/2044		CAD	300,000		271,586
Enbridge, Inc.
3.20%, 06/08/2027		CAD	350,000		291,777
2.99%, 10/03/2029		CAD	300,000		244,694
3.10%, 09/21/2033		CAD	300,000		237,270
Federation des Caisses Desjardins du Quebec
2.42%, 10/04/2024		CAD	300,000		246,435
1.09%, 01/21/2026		CAD	300,000		232,605
HSBC Bank Canada, 1.78%, 05/20/2026		CAD	350,000		278,341
National Bank of Canada
2.98%, 03/04/2024		CAD	300,000		249,750
2.55%, 07/12/2024		CAD	300,000		247,459
OMERS Finance Trust, 0.45%, 05/13/2025^(b)		EUR	250,000		292,638
Ontario Teachers’ Finance Trust
0.10%, 05/19/2028^(b)		EUR	200,000		228,289
0.90%, 05/20/2041^(b)		EUR	100,000		117,067
Rogers Communications, Inc.
3.65%, 03/31/2027		CAD	450,000		379,747
3.25%, 05/01/2029		CAD	300,000		246,599
Royal Bank of Canada
2.35%, 07/02/2024		CAD	550,000		451,695
2.61%, 11/01/2024		CAD	650,000		537,336
1.94%, 05/01/2025		CAD	400,000		323,508
1.59%, 05/04/2026		CAD	400,000		315,914
2.33%, 01/28/2027		CAD	600,000		486,265
1.83%, 07/31/2028		CAD	300,000		233,719
Royal Office Finance L.P., Series A, 5.21%, 11/12/2032		CAD	379,973		368,015
Shaw Communications, Inc., 6.75%, 11/09/2039		CAD	400,000		423,370
Suncor Energy, Inc., 5.00%, 04/09/2030		CAD	400,000		371,268
TELUS Corp.
3.35%, 04/01/2024		CAD	350,000		292,466
Series CY, 3.30%, 05/02/2029		CAD	250,000		209,752
Thomson Reuters Corp., 2.24%, 05/14/2025		CAD	500,000		406,665
Toronto-Dominion Bank (The)
2.50%, 12/02/2024		CAD	450,000		370,955
1.94%, 03/13/2025		CAD	450,000		364,738
1.13%, 12/09/2025		CAD	500,000		389,771
1.89%, 03/08/2028		CAD	400,000		314,723
1.90%, 09/11/2028^(b)		CAD	400,000		312,476

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


		24

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

October 31, 2021


	Principal
	Amount			Value
Canada-(continued)
TransCanada PipeLines Ltd.
3.80%, 04/05/2027		CAD	550,000	$	471,656
4.18%, 07/03/2048^(b)		CAD	300,000		243,450
4.34%, 10/15/2049		CAD	300,000		249,645

					19,087,096

China-0.09%
Prosus N.V., 1.29%, 07/13/2029^(b)		EUR	100,000		113,331


Denmark-0.80%
Danske Bank A/S
0.88%, 05/22/2023^(b)		EUR	161,000		189,107
0.63%, 05/26/2025^(b)		EUR	100,000		117,585
Orsted A/S
4.88%, 01/12/2032^(b)		GBP	200,000		353,020
5.75%, 04/09/2040^(b)		GBP	150,000		328,596

					988,308

Finland-0.48%
Nordea Bank Abp
0.50%, 05/14/2027^(b)		EUR	100,000		117,453
1.13%, 09/27/2027^(b)		EUR	200,000		243,266
OP Corporate Bank PLC
0.50%, 08/12/2025^(b)		EUR	100,000		117,649
0.10%, 11/16/2027^(b)		EUR	100,000		114,071

					592,439

France-18.48%
Action Logement Services
0.38%, 10/05/2031^(b)		EUR	100,000		114,113
0.50%, 10/30/2034^(b)		EUR	100,000		113,082
Aeroports de Paris
2.13%, 10/02/2026^(b)		EUR	100,000		126,109
2.75%, 04/02/2030^(b)		EUR	200,000		269,070
Air Liquide Finance S.A., 1.25%, 06/13/2028^(b)		EUR	100,000		123,632
Airbus SE
1.38%, 06/09/2026^(b)		EUR	100,000		121,232
1.63%, 06/09/2030^(b)		EUR	200,000		248,303
2.38%, 04/07/2032^(b)		EUR	100,000		131,642
2.38%, 06/09/2040^(b)		EUR	100,000		132,573
Autoroutes du Sud de la France S.A.
1.25%, 01/18/2027^(b)		EUR	100,000		122,320
1.38%, 01/22/2030^(b)		EUR	100,000		125,286
1.38%, 02/21/2031^(b)		EUR	100,000		125,112
Banque Federative du Credit Mutuel S.A.
3.00%, 05/21/2024^(b)		EUR	100,000		124,318
1.25%, 01/14/2025^(b)		EUR	100,000		120,263
0.75%, 07/17/2025^(b)		EUR	100,000		118,393
3.00%, 09/11/2025^(b)		EUR	100,000		126,997
1.63%, 01/19/2026^(b)		EUR	100,000		122,728
2.38%, 03/24/2026^(b)		EUR	100,000		124,607
0.01%, 05/11/2026^(b)		EUR	200,000		228,907
0.75%, 06/08/2026^(b)		EUR	200,000		236,758
1.00%, 07/16/2026^(b)		GBP	100,000		133,831
1.25%, 05/26/2027^(b)		EUR	100,000		121,554
0.25%, 07/19/2028^(b)		EUR	100,000		112,443
0.63%, 11/03/2028^(b)		EUR	200,000		230,112
1.75%, 03/15/2029^(b)		EUR	100,000		124,141
1.88%, 06/18/2029^(b)		EUR	100,000		122,885
0.75%, 01/17/2030^(b)		EUR	100,000		115,279


	Principal
	Amount			Value
France-(continued)
1.25%, 06/03/2030^(b)		EUR	100,000	$	119,676
0.63%, 02/21/2031^(b)		EUR	200,000		226,469
BNP Paribas S.A.
2.38%, 02/17/2025^(b)		EUR	200,000		246,726
1.50%, 11/17/2025^(b)		EUR	100,000		121,341
3.38%, 01/23/2026^(b)		GBP	300,000		438,893
1.63%, 02/23/2026^(b)		EUR	100,000		123,265
1.13%, 06/11/2026^(b)		EUR	100,000		119,397
0.13%, 09/04/2026^(b)		EUR	100,000		114,313
2.25%, 01/11/2027^(b)		EUR	100,000		124,680
1.88%, 12/14/2027^(b)		GBP	200,000		273,868
1.50%, 05/23/2028^(b)		EUR	100,000		122,707
1.50%, 05/25/2028^(b)		EUR	100,000		124,736
1.38%, 05/28/2029^(b)		EUR	200,000		242,237
1.63%, 07/02/2031^(b)		EUR	100,000		118,990
1.25%, 07/13/2031^(b)		GBP	300,000		380,823
0.63%, 12/03/2032^(b)		EUR	200,000		221,330
2.00%, 09/13/2036^(b)		GBP	200,000		262,809
Bouygues S.A., 1.13%, 07/24/2028^(b)		EUR	100,000		121,790
BPCE S.A.
4.63%, 07/18/2023^(b)		EUR	100,000		124,752
0.88%, 01/31/2024^(b)		EUR	100,000		118,127
0.63%, 09/26/2024^(b)		EUR	100,000		117,569
1.00%, 04/01/2025^(b)		EUR	100,000		118,720
0.63%, 04/28/2025^(b)		EUR	200,000		235,420
0.25%, 01/15/2026^(b)		EUR	200,000		231,705
0.50%, 02/24/2027^(b)		EUR	100,000		115,424
1.00%, 10/05/2028^(b)		EUR	100,000		120,258
5.25%, 04/16/2029^(b)		GBP	200,000		329,680
0.25%, 01/14/2031^(b)		EUR	100,000		110,873
0.75%, 03/03/2031^(b)		EUR	100,000		114,307
Capgemini SE
2.00%, 04/15/2029^(b)		EUR	100,000		128,156
2.38%, 04/15/2032^(b)		EUR	100,000		133,799
Carrefour S.A., 2.63%, 12/15/2027^(b)		EUR	100,000		130,144
Cie de Saint-Gobain, 1.88%, 03/15/2031^(b)		EUR	100,000		128,907
Cie Generale des Etablissements Michelin S.C.A., 1.75%, 09/03/2030^(b)		EUR	100,000		128,913
Coentreprise de Transport d’Electricite S.A.
1.50%, 07/29/2028^(b)		EUR	100,000		123,079
2.13%, 07/29/2032^(b)		EUR	100,000		130,782
Credit Agricole Assurances S.A., 2.00%, 07/17/2030^(b)		EUR	200,000		239,323
Credit Agricole S.A.
0.50%, 06/24/2024^(b)		EUR	100,000		117,380
1.38%, 03/13/2025^(b)		EUR	200,000		240,514
0.38%, 10/21/2025^(b)		EUR	200,000		232,693
3.13%, 02/05/2026^(b)		EUR	100,000		131,236
1.25%, 04/14/2026^(b)		EUR	200,000		242,688
1.88%, 12/20/2026^(b)		EUR	200,000		248,232
1.38%, 05/03/2027^(b)		EUR	200,000		244,916
0.13%, 12/09/2027		EUR	100,000		112,545
0.38%, 04/20/2028^(b)		EUR	100,000		113,452
1.75%, 03/05/2029^(b)		EUR	200,000		248,285
1.00%, 07/03/2029^(b)		EUR	100,000		120,389
0.88%, 01/14/2032^(b)		EUR	200,000		230,781
Danone S.A., 1.21%, 11/03/2028^(b)		EUR	200,000		246,699

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


		25

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

October 31, 2021


	Principal
	Amount			Value
France-(continued)
Dassault Systemes SE, 0.38%, 09/16/2029^(b)		EUR	100,000	$	115,941
ELO SACA, 2.88%, 01/29/2026^(b)		EUR	200,000		250,895
ENGIE S.A.
1.38%, 03/27/2025^(b)		EUR	200,000		241,020
2.38%, 05/19/2026^(b)		EUR	100,000		127,786
7.00%, 10/30/2028		GBP	200,000		368,125
5.00%, 10/01/2060^(b)		GBP	250,000		575,568
EssilorLuxottica S.A.
0.38%, 11/27/2027^(b)		EUR	200,000		233,668
0.50%, 06/05/2028^(b)		EUR	100,000		117,685
0.75%, 11/27/2031^(b)		EUR	100,000		118,483
HSBC Continental Europe S.A., 0.10%, 09/03/2027^(b)		EUR	100,000		113,873
LVMH Moet Hennessy Louis Vuitton SE
0.13%, 02/11/2028^(b)		EUR	200,000		231,021
0.38%, 02/11/2031^(b)		EUR	200,000		231,390
Orange S.A.
1.38%, 03/20/2028^(b)		EUR	100,000		123,060
8.13%, 11/20/2028^(b)		GBP	150,000		292,606
2.00%, 01/15/2029^(b)		EUR	100,000		128,508
1.38%, 01/16/2030^(b)		EUR	100,000		123,759
1.88%, 09/12/2030^(b)		EUR	100,000		128,599
3.25%, 01/15/2032^(b)		GBP	200,000		304,538
0.50%, 09/04/2032^(b)		EUR	100,000		112,718
8.13%, 01/28/2033		EUR	150,000		308,712
5.63%, 01/23/2034		GBP	150,000		284,535
5.38%, 11/22/2050^(b)		GBP	150,000		339,007
Pernod Ricard S.A., 1.75%, 04/08/2030^(b)		EUR	200,000		255,797
RTE Reseau de Transport d’Electricite SADIR, 1.63%, 11/27/2025^(b)		EUR	100,000		122,490
Sanofi
0.50%, 01/13/2027^(b)		EUR	100,000		118,119
1.50%, 04/01/2030^(b)		EUR	100,000		126,521
Series 12FX, 1.38%, 03/21/2030^(b)		EUR	200,000		250,434
Series 20FX, 1.88%, 03/21/2038^(b)		EUR	100,000		138,837
Societe Generale S.A.
1.25%, 02/15/2024^(b)		EUR	200,000		238,233
1.13%, 01/23/2025^(b)		EUR	200,000		238,358
2.63%, 02/27/2025^(b)		EUR	100,000		124,131
0.13%, 02/24/2026^(b)		EUR	100,000		115,249
0.75%, 01/25/2027^(b)		EUR	200,000		232,857
0.25%, 07/08/2027^(b)		EUR	100,000		114,567
0.13%, 02/18/2028^(b)		EUR	100,000		113,119
2.13%, 09/27/2028^(b)		EUR	100,000		125,486
1.75%, 03/22/2029^(b)		EUR	100,000		122,696
1.25%, 06/12/2030^(b)		EUR	100,000		117,945
TotalEnergies Capital Canada Ltd., 2.13%, 09/18/2029^(b)		EUR	200,000		259,436
TotalEnergies Capital International S.A.
2.50%, 03/25/2026^(b)		EUR	100,000		128,310
1.49%, 04/08/2027^(b)		EUR	200,000		246,033
0.75%, 07/12/2028^(b)		EUR	200,000		236,737
1.38%, 10/04/2029^(b)		EUR	100,000		123,675
1.99%, 04/08/2032^(b)		EUR	100,000		130,763
UNEDIC ASSEO, 0.10%, 05/25/2034^(b)		EUR	300,000		330,877
Unibail-Rodamco-Westfield SE, 0.63%, 05/04/2027^(b)		EUR	100,000		116,089


	Principal
	Amount			Value
France-(continued)
Veolia Environnement S.A., 6.13%, 10/29/2037		GBP	200,000	$	421,913
Vinci S.A., 1.75%, 09/26/2030^(b)		EUR	100,000		129,394
Westfield America Management Ltd., 2.63%, 03/30/2029^(b)		GBP	250,000		346,479

					22,725,530

Germany-12.80%
Allianz Finance II B.V., Series 62, 4.50%, 03/13/2043^(b)(c)		GBP	200,000		415,479
Aroundtown S.A., 3.00%, 10/16/2029^(b)		GBP	130,000		186,996
BASF SE
0.25%, 06/05/2027^(b)		EUR	100,000		116,759
0.88%, 11/15/2027^(b)		EUR	100,000		120,554
Bayer AG
0.38%, 07/06/2024^(b)		EUR	200,000		233,616
0.05%, 01/12/2025^(b)		EUR	100,000		115,372
0.75%, 01/06/2027^(b)		EUR	200,000		234,627
0.38%, 01/12/2029^(b)		EUR	100,000		113,062
1.13%, 01/06/2030^(b)		EUR	100,000		118,282
1.38%, 07/06/2032^(b)		EUR	100,000		118,165
Bayer Capital Corp. B.V.
1.50%, 06/26/2026^(b)		EUR	200,000		242,812
2.13%, 12/15/2029^(b)		EUR	200,000		255,121
BMW Finance N.V., 1.50%, 02/06/2029^(b)(c)		EUR	200,000		251,298
Commerzbank AG
0.50%, 09/13/2023^(b)		EUR	100,000		116,930
0.63%, 08/28/2024^(b)		EUR	100,000		117,544
1.00%, 03/04/2026^(b)		EUR	100,000		119,075
0.50%, 12/04/2026^(b)		EUR	100,000		116,249
Daimler AG
1.50%, 03/09/2026^(b)		EUR	100,000		122,471
0.38%, 11/08/2026^(b)		EUR	100,000		116,789
1.00%, 11/15/2027^(b)		EUR	100,000		120,400
1.38%, 05/11/2028^(b)		EUR	100,000		123,268
1.50%, 07/03/2029^(b)		EUR	200,000		249,672
0.75%, 09/10/2030^(b)		EUR	100,000		118,217
1.13%, 11/06/2031^(b)		EUR	100,000		120,542
0.75%, 03/11/2033^(b)		EUR	100,000		115,897
2.13%, 07/03/2037^(b)		EUR	150,000		202,073
Daimler International Finance B.V. 0.85%, 02/28/2025^(b)		EUR	100,000		118,827
2.63%, 04/07/2025^(b)		EUR	150,000		188,827
1.00%, 11/11/2025^(b)		EUR	115,000		137,770
1.38%, 06/26/2026^(b)		EUR	100,000		122,420
2.00%, 08/22/2026^(b)		EUR	100,000		125,725
0.63%, 05/06/2027^(b)		EUR	125,000		147,508
Deutsche Bahn Finance GmbH
1.00%, 12/17/2027		EUR	100,000		121,579
1.13%, 12/18/2028^(b)		EUR	100,000		123,115
0.63%, 04/15/2036^(b)		EUR	200,000		225,390
0.63%, 12/08/2050^(b)		EUR	100,000		104,238
1.13%, 05/29/2051^(b)		EUR	100,000		118,580
Deutsche Bank AG
3.88%, 02/12/2024^(b)		GBP	200,000		287,489
2.63%, 12/16/2024^(b)		GBP	200,000		280,643
1.63%, 01/20/2027^(b)		EUR	100,000		120,657

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


		26

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

October 31, 2021


	Principal
	Amount			Value
Germany-(continued)
Deutsche Telekom AG
0.50%, 07/05/2027^(b)		EUR	100,000	$	117,166
1.75%, 03/25/2031^(b)		EUR	100,000		127,791
Deutsche Telekom International Finance B.V.
1.38%, 12/01/2025^(b)		EUR	100,000		121,579
1.38%, 01/30/2027^(b)		EUR	100,000		122,451
1.50%, 04/03/2028^(b)		EUR	157,000		194,492
2.00%, 12/01/2029^(b)		EUR	100,000		129,442
E.ON International Finance B.V.
1.50%, 07/31/2029^(b)		EUR	100,000		123,988
6.25%, 06/03/2030^(b)		GBP	200,000		364,503
6.38%, 06/07/2032		GBP	250,000		478,717
4.75%, 01/31/2034^(b)		GBP	200,000		347,224
5.88%, 10/30/2037^(b)		GBP	250,000		503,857
6.75%, 01/27/2039^(b)(c)		GBP	200,000		442,571
6.13%, 07/06/2039^(b)		GBP	250,000		527,425
E.ON SE, 0.38%, 09/29/2027^(b)		EUR	100,000		116,180
Grand City Properties S.A., 0.13%, 01/11/2028^(b)		EUR	100,000		110,380
HeidelbergCement AG, 1.50%, 02/07/2025^(b)		EUR	100,000		120,435
HeidelbergCement Finance (Luxembourg) S.A., 1.63%, 04/07/2026^(b)		EUR	100,000		121,924
Landesbank Baden-Wuerttemberg, 0.38%, 02/18/2027^(b)		EUR	100,000		116,152
SAP SE
1.75%, 02/22/2027^(b)		EUR	100,000		125,459
1.25%, 03/10/2028^(b)		EUR	100,000		123,033
1.63%, 03/10/2031^(b)		EUR	100,000		127,471
Siemens Financieringsmaatschappij N.V.
0.38%, 06/05/2026^(b)		EUR	100,000		117,362
2.88%, 03/10/2028^(b)		EUR	100,000		135,529
0.25%, 02/20/2029^(b)		EUR	100,000		115,235
0.13%, 09/05/2029^(b)		EUR	100,000		114,460
1.38%, 09/06/2030^(b)		EUR	100,000		125,426
0.50%, 09/05/2034^(b)		EUR	100,000		114,848
3.75%, 09/10/2042^(b)(c)		GBP	200,000		377,526
Traton Finance Luxembourg S.A.
0.13%, 03/24/2025^(b)		EUR	100,000		114,864
0.75%, 03/24/2029^(b)		EUR	200,000		228,651
Volkswagen Financial Services AG
1.50%, 10/01/2024^(b)		EUR	100,000		120,196
0.13%, 02/12/2027^(b)		EUR	100,000		112,875
Volkswagen International Finance N.V.
1.13%, 10/02/2023^(b)		EUR	100,000		118,356
0.88%, 09/22/2028^(b)		EUR	100,000		118,505
1.63%, 01/16/2030^(b)		EUR	175,000		216,262
3.25%, 11/18/2030^(b)		EUR	100,000		138,572
4.13%, 11/16/2038^(b)		EUR	100,000		162,121
Series 10Y, 1.88%, 03/30/2027^(b)		EUR	300,000		373,478
Volkswagen Leasing GmbH
2.63%, 01/15/2024^(b)		EUR	100,000		122,400
1.13%, 04/04/2024^(b)		EUR	100,000		118,614
1.38%, 01/20/2025^(b)		EUR	100,000		119,808
0.38%, 07/20/2026^(b)		EUR	100,000		115,128
Vonovia Finance B.V., 1.25%, 12/06/2024^(b)		EUR	100,000		119,787


	Principal
	Amount			Value
Germany-(continued)
Vonovia SE
0.38%, 06/16/2027^(b)		EUR	100,000	$	114,296
0.25%, 09/01/2028^(b)		EUR	200,000		224,114
0.63%, 12/14/2029^(b)		EUR	100,000		113,515
0.75%, 09/01/2032^(b)		EUR	100,000		111,141
1.00%, 06/16/2033^(b)		EUR	100,000		113,033
Wintershall Dea Finance B.V.
0.45%, 09/25/2023^(b)		EUR	100,000		116,571
0.84%, 09/25/2025^(b)		EUR	200,000		235,049
1.33%, 09/25/2028^(b)		EUR	100,000		118,961
1.82%, 09/25/2031^(b)		EUR	100,000		121,259

					15,734,220

Ireland-0.20%
Ryanair DAC, 0.88%, 05/25/2026^(b)		EUR	100,000		116,096
Smurfit Kappa Acquisitions ULC, 2.88%, 01/15/2026^(b)		EUR	100,000		126,972

					243,068

Italy-4.39%
Assicurazioni Generali S.p.A., 4.13%, 05/04/2026^(b)		EUR	100,000		132,852
Enel Finance International N.V.
1.00%, 09/16/2024^(b)		EUR	100,000		119,002
1.50%, 07/21/2025^(b)		EUR	100,000		121,396
1.38%, 06/01/2026^(b)		EUR	50,000		60,769
1.13%, 09/16/2026^(b)		EUR	150,000		180,577
0.38%, 06/17/2027^(b)		EUR	100,000		115,625
1.00%, 10/20/2027^(b)		GBP	125,000		165,630
0.38%, 05/28/2029^(b)		EUR	100,000		113,652
0.50%, 06/17/2030^(b)		EUR	120,000		136,719
0.88%, 09/28/2034^(b)		EUR	120,000		135,877
0.88%, 06/17/2036^(b)		EUR	100,000		112,453
5.75%, 09/14/2040^(b)		GBP	350,000		725,987
Enel S.p.A., 5.75%, 06/22/2037^(b)		GBP	180,000		358,284
Eni S.p.A.
3.75%, 09/12/2025^(b)		EUR	100,000		132,361
1.50%, 02/02/2026^(b)		EUR	150,000		183,408
1.25%, 05/18/2026^(b)		EUR	100,000		120,797
0.38%, 06/14/2028^(b)		EUR	100,000		114,704
3.63%, 01/29/2029^(b)		EUR	100,000		140,970
0.63%, 01/23/2030^(b)		EUR	100,000		114,882
2.00%, 05/18/2031^(b)		EUR	50,000		64,160
Intesa Sanpaolo S.p.A.
1.38%, 01/18/2024^(b)		EUR	100,000		119,303
1.00%, 07/04/2024^(b)		EUR	150,000		177,637
2.13%, 05/26/2025^(b)		EUR	125,000		153,666
0.63%, 02/24/2026^(b)		EUR	250,000		287,477
1.00%, 11/19/2026^(b)		EUR	100,000		117,863
0.75%, 03/16/2028^(b)		EUR	100,000		115,418
1.75%, 03/20/2028^(b)		EUR	50,000		61,089
1.75%, 07/04/2029^(b)		EUR	100,000		122,510
Snam S.p.A., 0.88%, 10/25/2026^(b)		EUR	100,000		118,773
Terna Rete Elettrica Nazionale S.p.A., 1.38%, 07/26/2027^(b)		EUR	100,000		121,998
UniCredit S.p.A.
1.00%, 01/18/2023^(b)		EUR	250,000		293,111
0.50%, 04/09/2025^(b)		EUR	100,000		116,407

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


		27

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

October 31, 2021


	Principal Amount			Value
Italy-(continued)
2.13%, 10/24/2026^(b)		EUR	100,000	$	124,322
0.85%, 01/19/2031^(b)		EUR	100,000		112,179

					5,391,858

Japan-2.64%
Mizuho Financial Group, Inc., 0.69%, 10/07/2030^(b)		EUR	100,000		114,156
NTT Finance Corp.
0.01%, 03/03/2025^(b)		EUR	100,000		115,529
0.34%, 03/03/2030^(b)		EUR	200,000		228,055
Series 16, 0.18%, 12/19/2025		JPY	100,000,000		879,863
Series 18, 0.38%, 09/20/2030		JPY	100,000,000		887,655
Sumitomo Mitsui Financial Group, Inc.
1.55%, 06/15/2026^(b)		EUR	200,000		244,054
0.63%, 10/23/2029^(b)		EUR	125,000		143,105
Takeda Pharmaceutical Co. Ltd.
2.25%, 11/21/2026^(b)		EUR	200,000		252,684
3.00%, 11/21/2030^(b)		EUR	100,000		136,801
1.38%, 07/09/2032		EUR	100,000		119,770
2.00%, 07/09/2040		EUR	100,000		127,556

					3,249,228

Luxembourg-0.10%
Logicor Financing S.a.r.l., 1.63%, 07/15/2027^(b)		EUR	100,000		120,293

Netherlands-4.59%
ABN AMRO Bank N.V.
1.25%, 05/28/2025^(b)		EUR	200,000		239,965
0.60%, 01/15/2027^(b)		EUR	100,000		116,519
0.50%, 09/23/2029^(b)		EUR	100,000		113,496
1.00%, 06/02/2033^(b)		EUR	100,000		114,999
ASML Holding N.V., 1.38%, 07/07/2026^(b)		EUR	100,000		122,336
Cooperatieve Rabobank U.A.
1.63%, 01/20/2022		NOK	1,000,000		118,412
1.25%, 03/23/2026^(b)		EUR	150,000		182,645
1.38%, 02/03/2027^(b)		EUR	100,000		123,255
5.25%, 09/14/2027^(b)(c)		GBP	150,000		240,496
4.63%, 05/23/2029^(b)		GBP	200,000		318,648
1.13%, 05/07/2031^(b)		EUR	200,000		242,530
Heineken N.V., 1.00%, 05/04/2026^(b)		EUR	100,000		120,001
ING Groep N.V.
1.00%, 09/20/2023^(b)			0		-
1.13%, 02/14/2025^(b)		EUR	100,000		119,379
2.13%, 01/10/2026^(b)		EUR	100,000		124,769
3.00%, 02/18/2026^(b)		GBP	300,000		434,915
1.38%, 01/11/2028^(b)		EUR	100,000		121,379
2.00%, 09/20/2028^(b)		EUR	200,000		252,798
2.50%, 11/15/2030^(b)		EUR	100,000		134,613
Koninklijke KPN N.V., 5.75%, 09/17/2029^(b)		GBP	250,000		417,369
LeasePlan Corp. N.V.
0.25%, 02/23/2026^(b)		EUR	100,000		114,529
0.25%, 09/07/2026^(b)		EUR	100,000		113,992
Shell International Finance B.V.
1.88%, 09/15/2025^(b)		EUR	100,000		123,822
2.50%, 03/24/2026		EUR	100,000		128,313
1.63%, 01/20/2027^(b)		EUR	150,000		186,609
0.13%, 11/08/2027^(b)		EUR	100,000		114,538


	Principal Amount			Value
Netherlands-(continued)
1.50%, 04/07/2028^(b)		EUR	100,000	$	124,032
1.25%, 05/12/2028^(b)		EUR	100,000		122,074
0.75%, 08/15/2028^(b)		EUR	150,000		177,033
1.00%, 12/10/2030^(b)		GBP	150,000		192,243
0.50%, 11/08/2031^(b)		EUR	100,000		112,513
1.88%, 04/07/2032^(b)		EUR	100,000		127,661
1.25%, 11/11/2032^(b)		EUR	100,000		120,369
0.88%, 11/08/2039^(b)		EUR	100,000		108,817
1.75%, 09/10/2052^(b)		GBP	100,000		121,069

					5,646,138

Norway-0.96%
Equinor ASA
1.25%, 02/17/2027^(b)		EUR	150,000		182,583
6.88%, 03/11/2031^(b)		GBP	200,000		395,331
1.38%, 05/22/2032^(b)		EUR	100,000		123,075
1.63%, 02/17/2035^(b)		EUR	100,000		125,703
Telenor ASA
0.75%, 05/31/2026^(b)		EUR	200,000		237,232
1.13%, 05/31/2029^(b)		EUR	100,000		121,473

					1,185,397

Singapore-0.17%
Temasek Financial I Ltd., 5.13%, 07/26/2040^(b)		GBP	100,000		214,048


Spain-5.00%
Abertis Infraestructuras S.A.
2.38%, 09/27/2027^(b)		EUR	100,000		126,059
3.00%, 03/27/2031^(b)		EUR	100,000		133,051
Banco Bilbao Vizcaya Argentaria S.A.
1.13%, 02/28/2024^(b)		EUR	100,000		118,782
0.38%, 10/02/2024^(b)		EUR	100,000		116,696
1.38%, 05/14/2025^(b)		EUR	100,000		120,353
1.00%, 06/21/2026^(b)		EUR	100,000		119,140
0.38%, 11/15/2026^(b)		EUR	100,000		116,080
0.50%, 01/14/2027^(b)		EUR	200,000		230,094
3.50%, 02/10/2027^(b)		EUR	100,000		131,009
Banco de Sabadell S.A., 0.88%, 07/22/2025^(b)		EUR	200,000		234,556
Banco Santander S.A.
1.13%, 01/17/2025^(b)		EUR	100,000		118,998
2.50%, 03/18/2025^(b)		EUR	200,000		247,142
1.38%, 01/05/2026^(b)		EUR	100,000		120,346
3.25%, 04/04/2026^(b)		EUR	200,000		256,222
1.50%, 04/14/2026^(b)		GBP	200,000		270,518
0.30%, 10/04/2026^(b)		EUR	100,000		115,636
3.13%, 01/19/2027^(b)		EUR	100,000		128,545
0.50%, 02/04/2027^(b)		EUR	100,000		115,130
1.75%, 02/17/2027^(b)		GBP	100,000		136,070
1.13%, 06/23/2027^(b)		EUR	100,000		119,011
2.13%, 02/08/2028^(b)		EUR	100,000		122,660
0.20%, 02/11/2028^(b)		EUR	100,000		113,393
1.63%, 10/22/2030^(b)		EUR	100,000		116,896
CaixaBank S.A.
1.75%, 10/24/2023^(b)		EUR	100,000		119,758
2.38%, 02/01/2024^(b)		EUR	100,000		121,678
1.13%, 05/17/2024^(b)		EUR	100,000		118,982
0.63%, 10/01/2024^(b)		EUR	100,000		117,083
0.38%, 02/03/2025^(b)		EUR	100,000		116,494

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


		28

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

October 31, 2021


	Principal Amount			Value
Spain-(continued)
1.13%, 03/27/2026^(b)		EUR	100,000	$	119,687
1.38%, 06/19/2026^(b)		EUR	100,000		119,750
Iberdrola International, B.V., 1.13%, 04/21/2026^(b)		EUR	100,000		121,094
Mapfre S.A., 1.63%, 05/19/2026^(b)		EUR	100,000		123,936
Naturgy Finance B.V., 1.38%, 01/19/2027^(b)		EUR	200,000		243,767
Santander Consumer Finance S.A.
0.38%, 06/27/2024^(b)		EUR	100,000		116,764
0.38%, 01/17/2025^(b)		EUR	100,000		116,542
Telefonica Emisiones S.A.
5.38%, 02/02/2026^(b)		GBP	200,000		316,968
1.45%, 01/22/2027^(b)		EUR	100,000		121,915
1.20%, 08/21/2027^(b)		EUR	200,000		241,817
1.72%, 01/12/2028^(b)		EUR	200,000		249,276
1.79%, 03/12/2029^(b)		EUR	100,000		125,881
0.66%, 02/03/2030^(b)		EUR	100,000		115,825

					6,153,604

Sweden-1.27%
Heimstaden Bostad Treasury B.V., 0.25%, 10/13/2024^(b)		EUR	125,000		144,666
Skandinaviska Enskilda Banken AB
0.38%, 02/11/2027^(b)		EUR	200,000		231,146
0.63%, 11/12/2029^(b)		EUR	200,000		232,291
Svenska Handelsbanken AB, 0.50%, 02/18/2030^(b)		EUR	100,000		114,397
Swedbank AB, 0.75%, 05/05/2025^(b)		EUR	100,000		118,480
Telia Co. AB, 3.63%, 11/08/2023^(b)		SEK	2,000,000		247,282
Vattenfall AB, 6.88%, 04/15/2039^(b)		GBP	200,000		471,483

					1,559,745

Switzerland-2.80%
Credit Suisse AG
1.13%, 12/15/2025^(b)		GBP	200,000		268,459
0.25%, 01/05/2026^(b)		EUR	125,000		143,858
1.50%, 04/10/2026^(b)		EUR	150,000		182,018
0.25%, 09/01/2028^(b)		EUR	120,000		134,093
Credit Suisse Group AG
1.00%, 04/14/2023^(b)		CHF	250,000		277,792
2.75%, 08/08/2025^(b)		GBP	150,000		212,383
0.65%, 09/10/2029^(b)		EUR	100,000		112,356
0.63%, 01/18/2033^(b)		EUR	148,000		157,967
Holcim Finance (Luxembourg) S.A.
2.25%, 05/26/2028^(b)		EUR	100,000		127,853
0.50%, 09/03/2030^(b)		EUR	100,000		110,924
Nestle Finance International Ltd.
1.50%, 04/01/2030^(b)		EUR	100,000		126,379
0.38%, 05/12/2032^(b)		EUR	200,000		226,207
Richemont International Holding S.A.
1.00%, 03/26/2026^(b)		EUR	150,000		179,907
1.50%, 03/26/2030^(b)		EUR	200,000		250,218
2.00%, 03/26/2038^(b)		EUR	100,000		133,420
UBS AG
0.01%, 03/31/2026^(b)		EUR	200,000		229,194
0.50%, 03/31/2031^(b)		EUR	200,000		227,737


	Principal Amount			Value
Switzerland-(continued)
UBS Group AG
1.50%, 11/30/2024^(b)		EUR	100,000	$	119,447
0.25%, 02/24/2028^(b)		EUR	200,000		226,467

					3,446,679

United Kingdom-22.45%
ABP Finance PLC, 6.25%, 12/14/2026^(b)		GBP	200,000		329,621
Annington Funding PLC
2.65%, 07/12/2025^(b)		GBP	200,000		283,933
3.18%, 07/12/2029^(b)		GBP	150,000		219,364
3.69%, 07/12/2034^(b)		GBP	200,000		309,291
3.94%, 07/12/2047^(b)		GBP	100,000		169,824
Barclays PLC
1.50%, 04/01/2022^(b)		EUR	75,000		87,493
3.13%, 01/17/2024^(b)		GBP	350,000		495,642
3.00%, 05/08/2026^(b)		GBP	200,000		286,875
3.25%, 02/12/2027^(b)		GBP	350,000		507,879
BAT International Finance PLC
7.25%, 03/12/2024		GBP	100,000		154,955
4.00%, 09/04/2026^(b)		GBP	150,000		223,253
2.25%, 06/26/2028^(b)		GBP	100,000		134,384
2.25%, 01/16/2030^(b)		EUR	200,000		241,629
6.00%, 11/24/2034^(b)		GBP	150,000		259,719
2.25%, 09/09/2052^(b)		GBP	200,000		202,099
BG Energy Capital PLC, 5.00%, 11/04/2036^(b)		GBP	150,000		280,558
Blend Funding PLC, 3.46%, 09/21/2047^(b)		GBP	100,000		174,594
BP Capital Markets PLC
2.97%, 02/27/2026^(b)		EUR	100,000		129,893
1.57%, 02/16/2027^(b)		EUR	200,000		245,683
2.52%, 04/07/2028^(b)		EUR	100,000		130,114
1.23%, 05/08/2031^(b)		EUR	100,000		119,418
2.82%, 04/07/2032^(b)		EUR	100,000		136,749
British Telecommunications PLC
1.00%, 11/21/2024^(b)		EUR	100,000		117,930
1.75%, 03/10/2026^(b)		EUR	200,000		241,707
1.50%, 06/23/2027^(b)		EUR	100,000		119,246
5.75%, 12/07/2028^(b)		GBP	150,000		249,833
3.13%, 11/21/2031^(b)		GBP	200,000		282,932
6.38%, 06/23/2037^(b)		GBP	100,000		191,495
Cadent Finance PLC
2.13%, 09/22/2028^(b)(c)		GBP	250,000		347,189
2.63%, 09/22/2038^(b)		GBP	200,000		281,826
2.75%, 09/22/2046^(b)		GBP	200,000		286,328
CCEP Finance Ireland DAC, 0.88%, 05/06/2033^(b)		EUR	100,000		113,837
Centrica PLC
4.38%, 03/13/2029^(b)		GBP	150,000		238,306
7.00%, 09/19/2033^(b)		GBP	177,000		358,551
4.25%, 09/12/2044^(b)		GBP	150,000		262,931
CK Hutchison Finance (16) (II) Ltd., 0.88%, 10/03/2024^(b)		EUR	100,000		118,022
CK Hutchison Finance (16) Ltd., Series A, 1.25%, 04/06/2023^(b)		EUR	200,000		235,681
Clarion Funding PLC, 3.13%, 04/19/2048^(b)		GBP	130,000		218,692

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


		29

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

October 31, 2021


	Principal Amount			Value
United Kingdom-(continued)
Community Finance Co. 1 PLC, 5.02%, 07/31/2034		GBP	150,000	$	266,888
Connect Plus (M25) Issuer PLC, 2.61%, 03/31/2039^(b)		GBP	276,300		411,786
Diageo Finance PLC, 2.50%, 03/27/2032^(b)		EUR	100,000		136,185
easyJet FinCo B.V., 1.88%, 03/03/2028^(b)		EUR	200,000		234,802
GlaxoSmithKline Capital PLC
1.25%, 05/21/2026^(b)		EUR	100,000		121,532
3.38%, 12/20/2027^(b)		GBP	150,000		228,366
1.25%, 10/12/2028^(b)		GBP	200,000		269,146
5.25%, 12/19/2033		GBP	300,000		563,612
1.63%, 05/12/2035^(b)(c)		GBP	200,000		262,515
6.38%, 03/09/2039^(c)		GBP	200,000		451,527
5.25%, 04/10/2042^(b)		GBP	225,000		477,795
4.25%, 12/18/2045^(b)(c)		GBP	250,000		493,005
Heathrow Funding Ltd.
7.13%, 02/14/2024^(b)		GBP	200,000		306,400
6.75%, 12/03/2026^(b)		GBP	200,000		336,323
6.45%, 12/10/2031^(b)		GBP	250,000		463,103
5.88%, 05/13/2041^(b)		GBP	200,000		404,659
4.63%, 10/31/2046^(b)		GBP	200,000		370,814
High Speed Rail Finance 1 PLC, 4.38%, 11/01/2038^(b)		GBP	150,000		256,489
HSBC Bank PLC
5.38%, 08/22/2033^(b)(c)		GBP	150,000		267,556
4.75%, 03/24/2046		GBP	200,000		372,590
HSBC Holdings PLC
0.88%, 09/06/2024^(b)		EUR	200,000		236,667
2.50%, 03/15/2027^(b)		EUR	200,000		255,380
2.63%, 08/16/2028^(b)		GBP	300,000		423,785
0.64%, 09/24/2029^(b)(d)		EUR	100,000		113,977
Imperial Brands Finance Netherlands B.V., 1.75%, 03/18/2033^(b)		EUR	100,000		113,475
Imperial Brands Finance PLC
8.13%, 03/15/2024^(b)		GBP	200,000		314,160
5.50%, 09/28/2026^(b)		GBP	150,000		237,376
4.88%, 06/07/2032^(b)		GBP	100,000		158,532
Lloyds Bank Corporate Markets PLC, 2.38%, 04/09/2026^(b)		EUR	200,000		252,682
Lloyds Bank PLC
7.63%, 04/22/2025^(b)		GBP	200,000		329,532
6.50%, 09/17/2040^(b)		GBP	250,000		582,735
Lloyds Banking Group PLC, 1.50%, 09/12/2027^(b)		EUR	100,000		123,497
London Stock Exchange Group PLC, 1.63%, 04/06/2030^(b)		GBP	100,000		135,805
Motability Operations Group PLC
3.63%, 03/10/2036^(b)		GBP	150,000		249,088
2.38%, 07/03/2039^(b)		GBP	200,000		290,443
Nationwide Building Society
0.25%, 07/22/2025^(b)		EUR	100,000		116,129
3.25%, 01/20/2028^(b)		GBP	200,000		303,927
NatWest Markets PLC
1.00%, 05/28/2024^(b)		EUR	100,000		118,782
2.75%, 04/02/2025^(b)		EUR	100,000		125,829
0.13%, 06/18/2026^(b)		EUR	200,000		228,771


	Principal Amount			Value
United Kingdom-(continued)
Reckitt Benckiser Treasury Services PLC, 1.75%, 05/19/2032^(b)		GBP	125,000	$	171,643
Rio Tinto Finance PLC, 4.00%, 12/11/2029^(b)(c)		GBP	150,000		241,917
Santander UK Group Holdings PLC, 3.63%, 01/14/2026^(b)		GBP	150,000		220,870
Scottish Widows Ltd., 7.00%, 06/16/2043^(b)(c)		GBP	150,000		319,868
Sky Ltd., 2.50%, 09/15/2026^(b)		EUR	100,000		128,638
Society of Lloyd’s, 4.75%, 10/30/2024^(b)		GBP	100,000		148,345
SSE PLC, 8.38%, 11/20/2028^(b)		GBP	120,000		232,479
Standard Chartered PLC
5.13%, 06/06/2034^(b)		GBP	200,000		338,369
4.38%, 01/18/2038^(b)		GBP	100,000		182,689
T.H.F.C. (Funding No.3) PLC, 5.20%, 10/11/2043^(b)(c)		GBP	300,000		630,904
Thames Water Utilities Finance PLC
5.13%, 09/28/2037^(b)(c)		GBP	150,000		282,748
5.50%, 02/11/2041^(b)		GBP	200,000		406,080
Unilever Finance Netherlands B.V., 1.75%, 03/25/2030^(b)		EUR	150,000		192,404
University of Oxford, 2.54%, 12/08/2117^(b)(c)		GBP	300,000		549,688
Vodafone Group PLC
1.88%, 09/11/2025^(b)		EUR	100,000		123,254
1.13%, 11/20/2025^(b)		EUR	100,000		120,010
2.20%, 08/25/2026^(b)		EUR	200,000		252,610
1.63%, 11/24/2030^(b)		EUR	100,000		124,139
1.60%, 07/29/2031^(b)		EUR	100,000		123,458
3.38%, 08/08/2049^(b)		GBP	200,000		317,248
3.00%, 08/12/2056^(b)		GBP	300,000		447,577
Wellcome Trust Finance PLC, 4.63%, 07/25/2036^(b)(c)		GBP	150,000		291,941
Wellcome Trust Ltd. (The)
1.50%, 07/14/2071^(b)		GBP	200,000		273,258
2.52%, 02/07/2118^(b)		GBP	200,000		360,095
Western Power Distribution West Midlands PLC, 5.75%, 04/16/2032^(b)		GBP	325,000		596,447
Westfield Stratford City Finance No. 2 PLC, 1.64%, 08/04/2026^(b)		GBP	250,000		342,643

					27,612,463

United States-2.13%
American Honda Finance Corp., 1.95%, 10/18/2024		EUR	100,000		122,328
Medtronic Global Holdings S.C.A.
0.38%, 10/15/2028		EUR	100,000		115,059
1.63%, 03/07/2031		EUR	100,000		125,102
0.75%, 10/15/2032		EUR	100,000		114,640
1.38%, 10/15/2040		EUR	100,000		117,878
1.63%, 10/15/2050		EUR	100,000		121,344
Stellantis N.V.
3.38%, 07/07/2023^(b)		EUR	200,000		242,888
3.75%, 03/29/2024^(b)		EUR	125,000		157,115
3.88%, 01/05/2026^(b)		EUR	100,000		131,036
2.75%, 05/15/2026^(b)		EUR	100,000		126,800
0.63%, 03/30/2027^(b)		EUR	100,000		115,283
4.50%, 07/07/2028^(b)		EUR	100,000		141,781

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


		30

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

October 31, 2021


	Principal Amount				Value
United States-(continued)
0.75%, 01/18/2029^(b)		EUR		100,000	$	113,773
1.25%, 06/20/2033^(b)		EUR		100,000		112,512
Thermo Fisher Scientific Finance I B.V.
0.80%, 10/18/2030		EUR		175,000		202,420
1.13%, 10/18/2033		EUR		150,000		174,490
1.63%, 10/18/2041		EUR		125,000		148,453
Toyota Motor Credit Corp.
0.25%, 07/16/2026^(b)		EUR		100,000		115,954
0.13%, 11/05/2027^(b)		EUR		100,000		113,969

						2,612,825

Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $118,671,079)						121,369,921


			Shares
Money Market Funds-0.42%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(e)(f)(Cost $516,859)				516,859		516,859

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.11% (Cost $119,187,938)						121,886,780


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.72%
Invesco Private Government Fund, 0.02%^(e)(f)(g)		1,739,564	$	1,739,564
Invesco Private Prime Fund, 0.11%^(e)(f)(g)		4,057,360		4,058,983

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $5,798,547)				5,798,547

TOTAL INVESTMENTS IN SECURITIES-103.83% (Cost $124,986,485)				127,685,327
OTHER ASSETS LESS LIABILITIES-(3.83)%				(4,706,028	)

NET ASSETS-100.00%			$	122,979,299

Investment Abbreviations:

AUD-Australian Dollar

CAD-Canadian Dollar

CHF-Swiss Franc

EUR-Euro

GBP-British Pound Sterling

JPY-Japanese Yen

NOK-Norwegian Krone

SEK-Swedish Krona

Notes to Schedule of Investments:

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

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2021 was $95,660,941, which represented 77.79% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at October 31, 2021.

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

^(e)


	Value October 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	7,458,563		$	(6,941,704	)		$	-		$	-		$	516,859		$	25

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


		31

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

October 31, 2021


	Value October 31, 2020		Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain		Value October 31, 2021			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$-		$	4,307,271		$	(2,567,707	)		$-		$-		$	1,739,564		$	99	*

Invesco Private Prime Fund		-			9,152,157			(5,093,174	)		-		-			4,058,983			1,273	*


Total		$-		$	20,917,991		$	(14,602,585	)		$-		$-		$	6,315,406		$	1,397

*	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 October 31, 2021.

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

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


		32

Statements of Assets and Liabilities

October 31, 2021


	Invesco Emerging Markets Sovereign Debt ETF (PCY)				Invesco Global Short Term High Yield Bond ETF (PGHY)				Invesco International Corporate Bond ETF (PICB)
Assets:
Unaffiliated investments in securities, at value^(a)		$	2,688,122,343			$	227,098,916			$	121,369,921
Affiliated investments in securities, at value			64,915,859				29,037,191				6,315,406
Cash			92,871				480,824				-
Foreign currencies, at value			-				2,330				420,723
Deposits with brokers:
Cash segregated as collateral			21,658,786				219,074				150,563
Receivable for:
Dividends and interest			36,919,184				3,636,655				1,208,386
Securities lending			12,370				8,585				563
Investments sold			36,666,258				742,500				1,697,373
Fund shares sold			60,359,165				8,642				143,339
Foreign tax reclaims			-				-				54,851
Investments matured, at value			-				2,154,835				-

Total assets			2,908,746,836				263,389,552				131,361,125


Liabilities:
Payable for:
Investments purchased			62,180,509				8,087,854				2,382,769
Collateral upon return of securities loaned			63,101,567				18,649,612				5,798,547
Collateral upon receipt of securities in-kind			21,658,786				219,074				150,563
Fund shares repurchased			36,753,281				-				-
Accrued unitary management fees			1,137,190				70,382				49,947

Total liabilities			184,831,333				27,026,922				8,381,826

Net Assets		$	2,723,915,503			$	236,362,630			$	122,979,299


Net assets consist of:
Shares of beneficial interest		$	3,350,162,124			$	263,082,801			$	119,176,980
Distributable earnings (loss)			(626,246,621	)			(26,720,171	)			3,802,319

Net Assets		$	2,723,915,503			$	236,362,630			$	122,979,299

Shares outstanding (unlimited amount authorized, $0.01 par value)			101,800,000				10,950,000				4,350,000
Net asset value		$	26.76			$	21.59			$	28.27

Market price		$	26.73			$	21.62			$	28.31

Unaffiliated investments in securities, at cost		$	2,786,665,823			$	234,028,228			$	118,671,079

Affiliated investments in securities, at cost		$	64,915,858			$	29,037,191			$	6,315,406

Foreign currencies, at cost		$	-			$	2,339			$	415,291

Investments matured, at cost		$	-			$	8,913,780			$	-

^(a)Includes securities on loan with an aggregate value of:		$	61,225,917			$	17,985,285			$	5,546,010

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


		33

Statements of Operations

For the year ended October 31, 2021


	Invesco Emerging Markets Sovereign Debt ETF (PCY)				Invesco Global Short Term High Yield Bond ETF (PGHY)				Invesco International Corporate Bond ETF (PICB)
Investment income:
Unaffiliated interest income		$	139,465,305			$	10,619,733			$	1,712,550
Unaffiliated dividend income			-				4,185				-
Affiliated dividend income			2,644				1,423				25
Securities lending income			100,125				75,979				1,992
Foreign withholding tax			-				-				(1,013	)

Total investment income			139,568,074				10,701,320				1,713,554


Expenses:
Unitary management fees			14,053,340				794,750				574,396
Tax expenses			-				128				-

Total expenses			14,053,340				794,878				574,396

Less: Waivers			(4,391	)			(2,460	)			(51	)

Net expenses			14,048,949				792,418				574,345

Net investment income			125,519,125				9,908,902				1,139,209


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			4,131,595				(823,653	)			3,160,113
Affiliated investment securities			-				426				-
In-kind redemptions			52,488,768				-				1,606,742
Foreign currencies			-				2,501				64,366

Net realized gain (loss)			56,620,363				(820,726	)			4,831,221

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(70,951,581	)			1,773,867				(4,027,458	)
Affiliated investment securities			1				(51	)			-
Foreign currencies			-				(10	)			(20,190	)

Change in net unrealized appreciation (depreciation)			(70,951,580	)			1,773,806				(4,047,648	)

Net realized and unrealized gain (loss)			(14,331,217	)			953,080				783,573

Net increase in net assets resulting from operations		$	111,187,908			$	10,861,982			$	1,922,782

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


		34

(This Page Intentionally Left Blank)


		35

Statements of Changes in Net Assets

For the years ended October 31, 2021 and 2020


	Invesco Emerging Markets Sovereign Debt ETF (PCY)								Invesco Global Short Term High Yield Bond ETF (PGHY)
	2021				2020				2021				2020
Operations:
Net investment income		$	125,519,125			$	141,613,491			$	9,908,902			$	11,173,841
Net realized gain (loss)			56,620,363				(165,622,738	)			(820,726	)			(8,378,134	)
Change in net unrealized appreciation (depreciation)			(70,951,580	)			(103,187,526	)			1,773,806				(5,426,421	)

Net increase (decrease) in net assets resulting from operations			111,187,908				(127,196,773	)			10,861,982				(2,630,714	)


Distributions to Shareholders from:
Distributable earnings			(128,603,511	)			(145,456,485	)			(9,921,771	)			(11,177,975	)
Return of capital			-				-				(1,754,213	)			(282,870	)

Total distributions to shareholders			(128,603,511	)			(145,456,485	)			(11,675,984	)			(11,460,845	)


Shareholder Transactions:
Proceeds from shares sold			1,140,175,565				1,134,059,434				40,821,537				17,991,045
Value of shares repurchased			(1,074,290,505	)			(1,721,347,456	)			-				(38,021,588	)
Transaction fees			-				-				-				-

Net increase (decrease) in net assets resulting from share transactions			65,885,060				(587,288,022	)			40,821,537				(20,030,543	)

Net increase (decrease) in net assets			48,469,457				(859,941,280	)			40,007,535				(34,122,102	)


Net assets:
Beginning of year			2,675,446,046				3,535,387,326				196,355,095				230,477,197

End of year		$	2,723,915,503			$	2,675,446,046			$	236,362,630			$	196,355,095


Changes in Shares Outstanding:
Shares sold			41,300,000				42,500,000				1,850,000				800,000
Shares repurchased			(39,000,000	)			(64,400,000	)			-				(1,800,000	)
Shares outstanding, beginning of year			99,500,000				121,400,000				9,100,000				10,100,000

Shares outstanding, end of year			101,800,000				99,500,000				10,950,000				9,100,000

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


		36


Invesco International Corporate Bond ETF (PICB)
2021				2020

	$	1,139,209			$	1,449,195
		4,831,221				750,703
		(4,047,648	)			4,034,404

		1,922,782				6,234,302



		(1,301,115	)			(1,457,468	)
		-				-

		(1,301,115	)			(1,457,468	)



		42,457,100				23,204,967
		(38,131,756	)			(21,858,354	)
		7,455				23,608

		4,332,799				1,370,221

		4,954,466				6,147,055



		118,024,833				111,877,778

	$	122,979,299			$	118,024,833



		1,450,000				850,000
		(1,300,000	)			(800,000	)
		4,200,000				4,150,000

		4,350,000				4,200,000


		37

Financial Highlights

Invesco Emerging Markets Sovereign Debt ETF (PCY)


	Years Ended October 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of year	$	26.89		$	29.12		$	26.20		$	29.62		$	29.81

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

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

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

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

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

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

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

^(a)	Based on average shares outstanding.

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

^(c)

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

^(d)	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.


		38

Financial Highlights–(continued)

Invesco Global Short Term High Yield Bond ETF (PGHY)


	Years Ended October 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of year	$	21.58		$	22.82		$	23.14		$	24.14		$	24.16

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

Total from investment operations		1.14			(0.02	)		0.88			0.24			1.36

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

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

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

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

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

^(a)	Based on average shares outstanding.

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

^(c)

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

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


		39

Financial Highlights–(continued)

Invesco International Corporate Bond ETF (PICB)


	Years Ended October 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of year	$	28.10		$	26.96		$	25.31		$	26.88		$	25.08

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

Total from investment operations		0.49			1.47			2.04			(1.14	)		2.22

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

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

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

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

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

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

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

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

^(d)

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

^(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.


		40

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

October 31, 2021

NOTE 1–Organization

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


Full Name		Short Name

Invesco Emerging Markets Sovereign Debt ETF (PCY)		“Emerging Markets Sovereign Debt ETF”

Invesco Global Short Term High Yield Bond ETF (PGHY)		“Global Short Term High Yield Bond ETF”

Invesco International Corporate Bond ETF (PICB)		“International Corporate Bond ETF”

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

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

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


Fund		Underlying Index

Emerging Markets Sovereign Debt ETF		DBIQ Emerging Market USD Liquid Balanced Index

Global Short Term High Yield Bond ETF		DB Global Short Maturity High Yield Bond Index

International Corporate Bond ETF		S&P International Corporate Bond Index^®

NOTE 2–Significant Accounting Policies

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

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

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

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

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

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


		41

subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

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

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

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

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

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


		42

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

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

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

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

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

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

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

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

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

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

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

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


		43

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

On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. BNY Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole securities lending agent for each Fund under the securities lending program. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended October 31, 2021, there were no securities lending transactions with Invesco.

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

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

K.	Other Risks

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

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


		44

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

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

Foreign Fixed-Income Investment Risk. For certain Funds, investments in fixed-income securities of non-U.S. issuers are subject to the same risks as other debt securities, notably credit risk, market risk, interest rate risk and liquidity risk, while also facing risks beyond those associated with investments in U.S. securities. For example, foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information, and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs.

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

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

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index will be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. As a result, 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 faces 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.


		45

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

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

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

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

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

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

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, 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.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

NOTE 3–Investment Advisory Agreement and Other Agreements

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

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the


		46

election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:


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

Emerging Markets Sovereign Debt ETF		0.50%

Global Short Term High Yield Bond ETF		0.35%

International Corporate Bond ETF		0.50%

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

For the fiscal year ended October 31, 2021, the Adviser waived fees for each Fund in the following amounts:



Emerging Markets Sovereign Debt ETF	$	4,391

Global Short Term High Yield Bond ETF		2,460

International Corporate Bond ETF		51

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

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


Fund		Licensor

Emerging Markets Sovereign Debt ETF		Deutsche Bank Securities Inc.

Global Short Term High Yield Bond ETF		Deutsche Bank Securities Inc.

International Corporate Bond ETF		S&P Dow Jones Indices LLC

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

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

NOTE 4–Additional Valuation Information

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


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

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

Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect 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 October 31, 2021. 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


		47

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


	Level 1		Level 2		Level 3		Total
Emerging Markets Sovereign Debt ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-	$	2,688,122,343	$	-	$	2,688,122,343
Money Market Funds		1,814,291		63,101,568		-		64,915,859

Total Investments	$	1,814,291	$	2,751,223,911	$	-	$	2,753,038,202

Global Short Term High Yield Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-	$	226,260,241	$	-	$	226,260,241
Common Stocks & Other Equity Interests		531,007		-		21,038		552,045
Preferred Stocks		-		236,488		-		236,488
Variable Rate Senior Loan Interests		-		-		50,142		50,142
Money Market Funds		10,387,579		18,649,612		-		29,037,191

Total Investments in Securities		10,918,586		245,146,341		71,180		256,136,107

Other Investments - Assets
Investments Matured		-		1,349,464		805,371		2,154,835

Total Investments	$	10,918,586	$	246,495,805	$	876,551	$	258,290,942

International Corporate Bond ETF
Investments in Securities
Non-U.S. Dollar Denominated Bonds & Notes	$	-	$	121,369,921	$	-	$	121,369,921
Money Market Funds		516,859		5,798,547		-		6,315,406

Total Investments	$	516,859	$	127,168,468	$	-	$	127,685,327

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2021 and 2020:


	2021						2020
	Ordinary Income*		Long-Term Capital Gains		Return of Capital		Ordinary Income*		Long-Term Capital Gains		Return of Capital

Emerging Markets Sovereign Debt ETF		$128,603,511		$ -		$ -		$145,456,485		$ -		$ -

Global Short Term High Yield Bond ETF		9,921,771		-		1,754,213		11,177,975		-		282,870

International Corporate Bond ETF		1,151,105		150,010		-		1,421,718		35,750		-

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

Tax Components of Net Assets at Fiscal Year-End:


	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Net Unrealized Appreciation (Depreciation)- Investments			Net Unrealized (Depreciation)- Foreign Currencies			Capital Loss Carryforwards			Shares of Beneficial Interest		Total Net Assets

Emerging Markets Sovereign Debt ETF		$ -		$ -		$(105,588,800	)		$ -			$(520,657,821	)		$3,350,162,124		$2,723,915,503

Global Short Term High Yield Bond ETF		-		-		(13,698,978	)		(9	)		(13,021,184	)		263,082,801		236,362,630

International Corporate Bond ETF		748,498		377,281		2,683,285			(6,745	)		-			119,176,980		122,979,299

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.


		48

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


	No expiration
	Short-Term		Long-Term		Total

Emerging Markets Sovereign Debt ETF	$	192,181,682	$	328,476,139	$	520,657,821

Global Short Term High Yield Bond ETF		1,485,790		11,535,394		13,021,184

International Corporate Bond ETF		-		-		-

NOTE 6–Investment Transactions

For the fiscal year ended October 31, 2021, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:


	Purchases		Sales

Emerging Markets Sovereign Debt ETF	$	1,152,975,928	$	1,121,043,923

Global Short Term High Yield Bond ETF		132,669,826		123,136,804

International Corporate Bond ETF		28,710,264		24,871,880

For the fiscal year ended October 31, 2021, in-kind transactions associated with creations and redemptions were as follows:


	In-kind Purchases		In-kind Sales

Emerging Markets Sovereign Debt ETF	$	1,047,114,199	$	1,004,014,664

Global Short Term High Yield Bond ETF		30,556,009		-

International Corporate Bond ETF		38,670,569		37,628,771

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

At October 31, 2021, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:


	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost

Emerging Markets Sovereign Debt ETF	$	25,809,028	$	(131,397,828	)	$	(105,588,800	)	$	2,858,627,002

Global Short Term High Yield Bond ETF		2,148,933		(15,847,911	)		(13,698,978	)		271,989,920

International Corporate Bond ETF		4,256,824		(1,573,539	)		2,683,285			125,002,042

NOTE 7–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions and in-kind transactions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended October 31, 2021, the reclassifications were as follows:


	Undistributed Net Investment Income		Undistributed Net Realized Gain (Loss)				Shares of Beneficial Interest

Emerging Markets Sovereign Debt ETF		$3,084,386		$	(48,421,418	)		$	45,337,032

Global Short Term High Yield Bond ETF		3,600			(3,599	)			(1	)

International Corporate Bond ETF		721,194			(4,425,841	)			3,704,647

NOTE 8–Trustees’ and Officer’s Fees

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

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


		49

NOTE 9–Capital

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

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

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


		50

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco Emerging Markets Sovereign Debt ETF, Invesco Global Short Term High Yield Bond ETF and Invesco International Corporate Bond ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Emerging Markets Sovereign Debt ETF, Invesco Global Short Term High Yield Bond ETF and Invesco International Corporate Bond ETF (three of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of October 31, 2021, the related statements of operations for the year ended October 31, 2021, the statements of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2021 and each of the financial highlights for each of the five years in the period ended October 31, 2021, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

December 22, 2021

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


		51

Calculating your ongoing Fund expenses

Example

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2021 through October 31, 2021.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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


	Beginning Account Value May 1, 2021			Ending Account Value October 31, 2021			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco Emerging Markets Sovereign Debt ETF (PCY)

Actual		$	1,000.00		$	1,000.60		0.50	%		$	2.52

Hypothetical (5% return before expenses)			1,000.00			1,022.68		0.50				2.55

Invesco Global Short Term High Yield Bond ETF (PGHY)

Actual			1,000.00			1,004.30		0.35				1.77

Hypothetical (5% return before expenses)			1,000.00			1,023.44		0.35				1.79

Invesco International Corporate Bond ETF (PICB)

Actual			1,000.00			972.20		0.50				2.49

Hypothetical (5% return before expenses)			1,000.00			1,022.68		0.50				2.55

⁽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 October 31, 2021. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.


		52

Tax Information

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

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

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2021:


	Qualified Business Income*			Qualified Dividend Income*			Corporate Dividends Received Deduction*			U.S. Treasury Obligations*			Business Interest Income*			Qualified Interest Income*			Long Term Capital Gains

Invesco Emerging Markets Sovereign Debt ETF		0	%		0	%		0	%		0	%		96	%		0	%		$	-

Invesco Global Short Term High Yield Bond ETF		0	%		0	%		0	%		0	%		99	%		29	%			-

Invesco International Corporate Bond ETF		0	%		0	%		0	%		0	%		69	%		0	%			150,010

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


		53

Trustees and Officers

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

As of October 31, 2021


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee	Vice Chairman since 2018; Chairman of the Nominating and Governance Committee and Trustee since 2007	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	234	Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017- Present).

Todd J. Barre–1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	234	None.

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

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


		54

Trustees and Officers–(continued)

Name, Address and Year of
Birth of Independent Trustees

Position(s)
Held

with Trust

Term of
Office

and

Length of
Time
Served*

Principal

Occupation(s) During

the Past 5 Years

Number of
Portfolios

in Fund
Complex**
Overseen by
Independent
Trustees

Other
Directorships
Held by
Independent
Trustees During
the Past 5 Years

Edmund P. Giambastiani,

Jr.–1948

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

Trustee

Since 2019

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

234

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

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

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


		55

Trustees and Officers–(continued)

Name, Address and Year of
Birth of Independent Trustees

Position(s)
Held

with Trust

Term of
Office

and

Length of
Time
Served*

Principal

Occupation(s) During

the Past 5 Years

Number of
Portfolios

in Fund
Complex**
Overseen by
Independent
Trustees

Other
Directorships
Held by
Independent
Trustees During
the Past 5 Years

Victoria J. Herget–1951

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

Trustee

Since 2019

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

234

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

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

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


		56

Trustees and Officers–(continued)


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Marc M. Kole–1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Audit Committee and Trustee	Chairman of the Audit Committee since 2008; Trustee since 2007	Managing Director of Finance (2020-Present) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008);Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	234	Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.

Yung Bong Lim–1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Investment Oversight Committee and Trustee	Chairman of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	234	Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

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

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


		57

Trustees and Officers–(continued)

Name, Address and Year of
Birth of Independent Trustees

Position(s)
Held

with Trust

Term of
Office

and

Length of
Time
Served*

Principal

Occupation(s) During

the Past 5 Years

Number of
Portfolios

in Fund
Complex**
Overseen by
Independent
Trustees

Other
Directorships
Held by
Independent
Trustees During
the Past 5 Years

Joanne Pace–1958

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

Trustee

Since 2019

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

234

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

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

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


		58

Trustees and Officers–(continued)


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker - 1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	234	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present).

Donald H. Wilson - 1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Board and Trustee	Chairman since 2012; Trustee since 2007	Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016-2018); Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	234	Director, Penfield Children’s Center (2004-Present); Board Chairman, Gracebridge Alliance, Inc. (2015-Present).

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

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


		59

Trustees and Officers–(continued)

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

Name, Address and Year of
Birth of Interested Trustee

Position(s)
Held with
Trust

Term of
Office and
Length of
Time
Served*

Principal

Occupation(s) During

the Past 5 Years

Number of
Portfolios

in Fund
Complex**
Overseen by
Interested
Trustee

Other
Directorships
Held by
Interested
Trustee During
the Past 5 Years

Kevin M. Carome–1956

Invesco Ltd.

Two Peachtree Pointe

1555 Peachtree St., N.E.,

Suite 1800

Atlanta, GA 30309

Trustee

Since 2010

Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008-Present), Invesco North American Holdings, Inc.; Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Secretary (2012-2020), Invesco Services (Bahamas) Private Limited; Director, Invesco Finance PLC (2011-2019); Director, INVESCO Asset Management (Bermuda) Ltd. (2014-2019); Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008-2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007- 2019); Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP.

234

None

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

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


		60

Trustees and Officers–(continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Anna Paglia–1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	President and Principal Executive Officer	Since 2020	President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2020-Present); Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present); formerly, Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).

Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2020	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008-2020).

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

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


		61

Trustees and Officers–(continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, the Invesco Funds (2014-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

Peter Hubbard–1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2009	Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

Michael McMaster–1962 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Chief Tax Officer	Since 2020	Vice President and Head of Global Fund Services Tax, Invesco Advisers, Inc. (2020-Present); Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds (2020-Present); Assistant Treasurer, Invesco Capital Management LLC (2020-Present); Chief Tax Officer and Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Treasurer, Invesco Specialized Products, LLC (2020-Present); formerly, Senior Vice President, Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) (2007-2020).

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


		62

Trustees and Officers–(continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2012	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-Present) and Vice President, Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Treasurer (2008-2020), Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange- Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Treasurer, Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Vice President, Invesco Advisers, Inc. (2009-2020).

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

Melanie Zimdars–1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chief Compliance Officer	Since 2017	Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

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

Availability of Additional Information About the Trustees

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


		63

(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-TRST2-FINC-AR-2

invesco.com/ETFs