N-CSR

N-CSR 1 d578362dncsr.htm N-CSR N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21977

Invesco Exchange-Traded Fund Trust II

(Exact name of registrant as specified in charter)

3500 Lacey Road

Downers Grove, IL 60515

(Address of principal executive offices) (Zip code)

Brian Hartigan

President

3500 Lacey Road

Downers Grove, IL 60515

(Name and address of agent for service)

Registrant’s telephone number, including area code: 800-983-0903

Date of fiscal year end: October 31

Date of reporting period: October 31, 2023

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.


(a)		The Registrant’s annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:


		Invesco Annual Report to Shareholders October 31, 2023
		EELV		Invesco S&P Emerging Markets Low Volatility ETF

		EEMO		Invesco S&P Emerging Markets Momentum ETF

		IDLV		Invesco S&P International Developed Low Volatility ETF

		IDMO		Invesco S&P International Developed Momentum ETF

Table of Contents


The Market Environment			3

Management’s Discussion of Fund Performance			5

Schedules of Investments

Invesco S&P Emerging Markets Low Volatility ETF (EELV)			15

Invesco S&P Emerging Markets Momentum ETF (EEMO)			19

Invesco S&P International Developed Low Volatility ETF (IDLV)			23

Invesco S&P International Developed Momentum ETF (IDMO)			26

Statements of Assets and Liabilities			29

Statements of Operations			30

Statements of Changes in Net Assets			31

Financial Highlights			33

Notes to Financial Statements			37

Report of Independent Registered Public Accounting Firm			48

Fund Expenses			49

Tax Information			50

Trustees and Officers			51


		2

The Market Environment

Domestic Equity

At the start of the fiscal year, US equity markets rebounded, despite mixed data on the economy and corporate earnings. However, the US Federal Reserve’s (the Fed’s) message that rate hikes would continue until data showed inflation meaningfully declining, sent markets lower in December 2022. As energy prices declined, the rate of inflation slowed modestly in the fourth quarter of 2022. Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December.¹

US equities managed to deliver gains in the first quarter of 2023 despite significant volatility and a banking crisis. A January rally gave way to a February selloff as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the risk of a deeper than expected recession. In March, the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread sent investors to safe-haven assets, sparking a bond rally, particularly among securities at the short end of the yield curve. With instability in the banking sector, the Fed raised the federal funds rate by only 0.25% in February 2023 and again in March.¹ The Fed’s actions to stabilize the banking system in March sent markets higher, so equities were surprisingly resilient despite the turmoil.

The US economy and equity markets remained resilient in the second quarter of 2023, as milder inflation data and better-than-expected corporate earnings supported equities, with most major indexes posting gains for the quarter and with some big tech names providing optimistic future guidance. Following the March banking crisis, markets stabilized in April, as corporate earnings season got underway, with many companies surprising consensus earnings and revenue estimates. Facing persistently strong employment data, the Fed raised the federal funds rate by 0.25% at its May meeting,¹ but left rates unchanged at its June meeting, giving investors the long-awaited “pause” in rate hikes, which sent equities broadly higher.

near historic lows. At the same time, wages rose and consumers continued to spend, pushing the third quarter year-over-year Gross Domestic Product (GDP) to 4.9%, far above expectations.² Despite the higher-than-expected GDP for the third quarter of 2023, the Fed held interest rates steady at its September and October meetings, but left open the possibility of another rate hike before the end of the calendar year.¹

Despite higher rates and increased market volatility, US stocks for the fiscal year had positive returns of 10.69%, as measured by the S&P 500 Index.³

¹ Source: US Federal Reserve

² Source: US Bureau of Labor Statistics

³ Source: Lipper Inc.

Global Equity

Global equity markets posted gains in November 2022, after better inflation data sparked a rally. However, investor sentiment worsened in December after central banks signaled continued interest rate hikes into 2023, as inflation remained above target levels. International stocks outperformed US stocks in the fourth quarter of 2022, led by results in the UK and the rest of Europe. Emerging market equities also posted gains for the fourth quarter of 2022, driven by China, which eased its zero-COVID-19 policy and started to reopen.

For the first half of 2023, global equity markets continued to deliver gains amid continued interest rate increases, volatility and a banking crisis. The largest shock came in March 2023 as the failure of two US regional banks, Silicon Valley Bank and Signature Bank, along with the subsequent UBS takeover of Credit Suisse, led to a selloff in US and European financial stocks. Optimism about AI (Artificial Intelligence) boosted technology stocks during the second quarter of 2023. Emerging market equities also posted gains for the first half of 2023, but within the region, China’s equities declined due to weaker-than-expected economic data, real estate developer debt issues and geopolitical concerns.

The global equity rally in the first half of 2023 came to an end in the third quarter as global equity markets declined. Concerns about a slowing global economy and interest rates staying “higher for longer” hampered stock returns. During the quarter, value stocks outperformed growth stocks. Energy was the best performing sector, ending the quarter in positive territory, boosted by rising oil prices as Russia and the Organization of Petroleum Exporting Countries (OPEC) cut supplies. Developed global equities underperformed emerging market equities. Within emerging markets, China’s equities were weighed down by concerns in the real estate sector, but positive performance in the United Arab Emirates, Turkey and India offset those results.


		3

The Market Environment–(continued)

Global equity markets continued their decline in October 2023, but growth stocks managed to outperform value stocks. Despite higher rates and increased market volatility, both developed market equities and emerging market equities finished the fiscal year ended October 31, 2023, in positive territory.


		4


EELV		Management’s Discussion of Fund Performance
EELV		Invesco S&P Emerging Markets Low Volatility ETF (EELV)

As an index fund, the Invesco S&P Emerging Markets Low Volatility ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P BMI Emerging Markets Low Volatility Index^TM (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations (increases or decreases in a stock’s price) over time. S&P DJI measures the realized volatility of the Index’s constituents over the trailing 12 months and weights constituents so that the least volatile stocks receive the highest weights. The Parent Index is designed to measure publicly listed equity securities of companies with float-adjusted market values of at least $100 million located in emerging market countries. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2023, on a market price basis, the Fund returned 6.13%. On a net asset value (“NAV”) basis, the Fund returned 6.96%. During the same time period, the Index returned 7.67%. During the fiscal year, the Fund fully 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 the fees and expenses that the Fund incurred during the period, as well as trading costs around quarterly rebalances that were higher than average given the relatively less liquid nature of many emerging markets securities, and negative impact from foreign currency exchanges.

During this same time period, the MSCI Emerging Markets Index (Net) (the “Benchmark Index”) returned 10.80%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,400 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 emerging equity markets overall.

The performance of the Fund differed from the Benchmark Index in part because the Fund employs a beta driven stock selection and an inverse volatility weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the information technology sector during the fiscal year ended October 31, 2023.

The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to its stock selection within the financials and consumer discretionary sectors, respectively.

For the fiscal year ended October 31, 2023, the information technology sector contributed most significantly to the Fund’s return, followed by the financials sector. During the fiscal year, the materials sector detracted most significantly from the Fund’s return, followed by the energy and consumer staples sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included Wistron Corp., an information technology company (no longer held at fiscal year-end), and Quanta Computer Inc., an information technology company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during the period included IRPC PCL, NVDR, an energy company (portfolio average weight of 0.44%), and Kiatnakin Phatra Bank PCL, NVDR, a financials company (portfolio average weight of 0.43%).


Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2023
Financials			37.22
Consumer Staples			11.02
Communication Services			9.64
Materials			8.01
Information Technology			6.55
Industrials			6.27
Consumer Discretionary			5.44
Utilities			4.32
Real Estate			4.25
Energy			4.21
Health Care			2.88
Money Market Funds Plus Other Assets Less Liabilities			0.19

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2023
Security
Malayan Banking Bhd.			0.96
Hong Leong Bank Bhd.			0.89
Chang Hwa Commercial Bank Ltd.			0.88
Chunghwa Telecom Co. Ltd.			0.81
Taiwan Mobile Co. Ltd.			0.81
WT Microelectronics Co. Ltd.			0.80
MISC Bhd.			0.75
Tisco Financial Group PCL, NVDR			0.74
Taiwan High Speed Rail Corp.			0.73
RHB Bank Bhd.			0.73
Total			8.10

*	Excluding money market fund holdings.


		5

Invesco S&P Emerging Markets Low Volatility ETF (EELV) (continued)

Growth of a $10,000 Investment

LOGO

Fund Performance History as of October 31, 2023


	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 BMI Emerging Markets Low Volatility Index^™ (Net)		7.67	%		8.10	%		26.30	%		3.81	%		20.55	%		1.47	%		15.69	%		2.97	%		41.27	%
MSCI Emerging Markets Index (Net)		10.80			(3.67	)		(10.62	)		1.59			8.23			1.19			12.53			2.13			28.27
Fund
NAV Return		6.96			7.27			23.44			3.09			16.42			0.78			8.08			2.17			28.89
Market Price Return		6.13			7.37			23.78			3.01			15.98			0.76			7.90			2.08			27.53

Fund Inception: January 13, 2012

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 0.29% 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 stated above are based upon a hypothetical investment in their respective constituent securities. The returns of 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.

-	Net returns reflect reinvested dividends net of withholding taxes.


		6


EEMO		Management’s Discussion of Fund Performance
EEMO		Invesco S&P Emerging Markets Momentum ETF (EEMO)

As an index fund, the Invesco S&P Emerging Markets Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P Momentum Emerging Plus LargeMidCap Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities of companies that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of constituents of the S&P Emerging Plus LargeMidCap (the “Parent Index”) that have the highest “momentum score.” In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on upward price movements of the security as compared to other eligible securities within the Parent Index, which is designed to measure publicly listed equity securities of companies with float-adjusted market values of at least $100 million located in emerging market countries.

In selecting constituent securities for the Index, the Index Provider first calculates the momentum score of each stock in the Parent Index by evaluating the percentage change in the stock’s price over the last 12 months, excluding the most recent month, and applying an adjustment based on the security’s volatility over that period. The Index Provider then ranks all the stocks in descending order by momentum score and selects the top 20% for inclusion in the Index and weights the selected securities based on a modified market capitalization-weighted strategy. While the Fund generally seeks to invest in all of the securities comprising the Index in proportion to their weightings in the Index, at times the composition of the Index may make such “full replication” impracticable. In such circumstances, the Fund will utilize a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended October 31, 2023, on a market price basis, the Fund returned (2.76)%. On a net asset value (“NAV”) basis, the Fund returned (3.27)%. During the same time period, the Index returned (2.46)%. During the fiscal year, the Fund fully 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 the fees and expenses that the Fund incurred during the period, as well as trading costs around quarterly rebalances and Indian capital gains taxes incurred during the period.

During this same time period, the MSCI Emerging Markets Index (Net) (the “Benchmark Index”) returned 10.80%. The Benchmark Index is an unmanaged index weighted by market capitalization

based on the average performance of approximately 1,400 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 emerging equity markets overall.

The performance of the Fund differed from the Benchmark Index in part because the Fund employs a beta driven stock selection and a momentum weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the information technology sector during the fiscal year ended October 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to its overweight allocation to and security selection within the financials and utilities sectors, as well as to its underweight allocation to and security selection within the information technology sector.

For the fiscal year ended October 31, 2023, the energy sector contributed most significantly to the Fund’s return, followed by the consumer staples and consumer discretionary sectors, respectively. The materials sector detracted most significantly from the Fund’s return, followed by the information technology and utilities sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included Petroleo Brasileira S.A., Pfd, an energy company (portfolio average weight of 2.39%), and Petroleo Brasileiro S.A., an energy company (portfolio average weight of 1.94%). Positions that detracted most significantly from the Fund’s return during the period included POSCO Future M Co. Ltd., a materials company (portfolio average weight of 0.55%), and Adani Total Gas Ltd., a utilities company (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2023
Financials			23.65
Information Technology			17.11
Industrials			16.27
Materials			11.02
Consumer Staples			8.12
Energy			6.37
Consumer Discretionary			6.34
Health Care			3.69
Communication Services			3.58
Sector Types Each Less Than 3%			3.62
Money Market Funds Plus Other Assets Less Liabilities			0.23


		7

Invesco S&P Emerging Markets Momentum ETF (EEMO) (continued)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2023
Security
POSCO Holdings, Inc.			3.68
Quanta Computer, Inc.			3.10
Larsen & Toubro Ltd.			2.62
Fomento Economico Mexicano S.A.B. de C.V., Series CPO			2.29
Bharti Airtel Ltd.			2.27
PT Bank Central Asia Tbk			2.20
Petroleo Brasileiro S.A., Preference Shares			2.17
ITC Ltd.			2.04
PT Bank Rakyat Indonesia (Persero) Tbk			1.96
Ecopro Co. Ltd.			1.72
Total			24.05

*	Excluding money market fund holdings.

Growth of a $10,000 Investment

LOGO

Fund Performance History as of October 31, 2023


				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
Blended—S&P Momentum Emerging Plus LargeMidCap Index (Net)		(2.46	)%		(3.98	)%		(11.47	)%		0.51	%		2.55	%		(0.12	)%		(1.23	)%		(0.86	)%		(9.60	)%
MSCI Emerging Markets Index (Net)		10.80			(3.67	)		(10.62	)		1.59			8.23			1.19			12.53			1.15			14.34
Fund
NAV Return		(3.27	)		(4.86	)		(13.88	)		(0.40	)		(1.98	)		(1.43	)		(13.39	)		(2.06	)		(21.62	)
Market Price Return		(2.76	)		(4.84	)		(13.84	)		(0.30	)		(1.49	)		(1.31	)		(12.35	)		(2.11	)		(22.08	)


		8

Invesco S&P Emerging Markets Momentum ETF (EEMO) (continued)

Fund Inception: February 24, 2012

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 0.29% 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.

The Blended-S&P Momentum Emerging Plus LargeMidCap Index (Net) is comprised of the performance of the S&P BMI Emerging Markets High Beta Index^TM, the Fund’s underlying index from Fund inception until the conversion date, March 21, 2016, followed by the performance of the Index thereafter through October 31, 2023.

-	Net returns reflect reinvested dividends net of withholding taxes.


		9


IDLV		Management’s Discussion of Fund Performance
IDLV		Invesco S&P International Developed Low Volatility ETF (IDLV)

As an index fund, the Invesco S&P International Developed Low Volatility ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P BMI International Developed Low Volatility^TM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of the 200 least volatile stocks of the S&P Developed ex-U.S. & South Korea LargeMidCap (the “Parent Index”). Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations (increases or decreases in a stock’s price) over time. S&P DJI measures the realized volatility of the Index’s constituents over the trailing 12 months and weights constituents so that the least volatile stocks receive the highest weights. The Parent Index is designed to measure the performance of large- and mid-cap securities in developed markets throughout the world, excluding the United States and South Korea. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2023, on a market price basis, the Fund returned 7.17%. On a net asset value (“NAV”) basis, the Fund returned 6.42%. During the same time period, the Index returned 6.41%. During the fiscal year, the Fund fully 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 benefits to the Fund related to dividend tax treatment relative to the Index and income from securities lending in which the Fund participates, which were partially offset by the fees and expenses incurred by the Fund.

During this same time period, the MSCI EAFE^® Index (Net) (the “Benchmark Index”) returned 14.40%. The Benchmark Index is an unmanaged index weighted by market capitalization 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 markets of economically developed countries outside the U.S.

Relative to the Benchmark Index, the Fund was most overweight in the real estate sector and most underweight in the health care sector during the fiscal year ended October 31, 2023. The majority of the Fund’s underperformance relative to the

Benchmark Index during the period can be attributed to its security selection within the financials, utilities, and industrials sectors, respectively.

For the fiscal year ended October 31, 2023, the financials sector contributed most significantly to the Fund’s return, followed by the consumer staples and industrials sectors, respectively. The energy sector was the only sector that detracted from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included Zensho Holdings Co., Ltd., a consumer discretionary company (no longer held at fiscal year-end), and Mitsubishi HC Capital Inc., a financials company (portfolio average weight of 0.34%). Positions that detracted most significantly from the Fund’s return during the period included Algonquin Power & Utilities Corp., a utilities company (no longer held at fiscal year-end), and Kobayashi Pharmaceutical Co., Ltd., a consumer staples company (portfolio average weight of 0.26%).


Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2023
Consumer Staples			18.60
Financials			18.09
Industrials			17.86
Real Estate			11.14
Communication Services			9.08
Consumer Discretionary			7.87
Utilities			6.49
Health Care			3.77
Materials			3.24
Sector Types Each Less Than 3%			3.58
Money Market Funds Plus Other Assets Less Liabilities			0.28


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2023
Security
McDonald’s Holdings Co. (Japan) Ltd.			0.90
SoftBank Corp.			0.84
Oversea-Chinese Banking Corp. Ltd.			0.72
Danone S.A.			0.64
Telstra Group Ltd.			0.64
Koninklijke KPN N.V.			0.63
Metro, Inc.			0.63
Orange S.A.			0.62
Singapore Exchange Ltd.			0.62
Henkel AG & Co. KGaA, Preference Shares			0.62
Total			6.86

*	Excluding money market fund holdings.


		10

Invesco S&P International Developed Low Volatility ETF (IDLV) (continued)

Growth of a $10,000 Investment

LOGO

Fund Performance History as of October 31, 2023


				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 BMI International Developed Low Volatility^™ Index (Net)		6.41	%		1.42	%		4.31	%		0.25	%		1.24	%		1.69	%		18.24	%		3.92	%		57.41	%
MSCI EAFE^® Index (Net)		14.40			5.73			18.20			4.10			22.24			3.05			35.11			5.59			89.88
Fund
NAV Return		6.42			1.35			4.10			0.23			1.13			1.64			17.68			3.85			56.17
Market Price Return		7.17			1.51			4.60			0.41			2.07			1.67			17.97			3.87			56.50

Fund Inception: January 13, 2012

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 0.25% 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.

-	Net returns reflect reinvested dividends net of withholding taxes.


		11


IDMO		Management’s Discussion of Fund Performance
IDMO		Invesco S&P International Developed Momentum ETF (IDMO)

As an index fund, Invesco S&P International Developed Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P Momentum Developed ex-U.S. & South Korea LargeMidCap (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of constituents of the S&P Developed ex-U.S. & South Korea LargeMidCap (the “Parent Index”) that have the highest “momentum score.” In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on upward price movements of the security as compared to other eligible securities within the Parent Index, which is designed to measure the performance of large- and mid-cap securities in developed markets throughout the world, excluding the United States and South Korea.

In selecting constituent securities for the Index, the Index Provider first calculates the momentum score of each stock in the Parent Index by evaluating the percentage change in the stock’s price over the last 12 months, excluding the most recent month, and applying an adjustment based on the security’s volatility over that period. The Index Provider then ranks all the stocks in descending order by momentum score, selects the top 20% for inclusion in the Index and weights the selected securities based on a modified market capitalization-weighted strategy. The Fund generally invests in all of the securities comprising the Index in proportion to their weighting in the Index.

For the fiscal year ended October 31, 2023, on a market price basis, the Fund returned 14.62%. On a net asset value (“NAV”) basis, the Fund returned 13.82%. During the same time period, the Index returned 13.93%. During the fiscal year, the Fund fully 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 the fees and expenses that the Fund incurred during the period, which were partially offset by income from securities lending in which the Fund participates.

The performance of the Fund differed from the Benchmark Index in part because the Fund employs a momentum driven stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the energy sector and most underweight in the consumer discretionary sector during the fiscal year ended October 31, 2023. The majority of the Fund’s underperformance, on a NAV basis, relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to and stock selection within the energy and consumer discretionary sectors.

For the fiscal year ended October 31, 2023, the financials sector contributed most significantly to the Fund’s return, followed by the health care and energy sectors, respectively. The information technology sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and real estate sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included Novo Nordisk A/S, Class B, a health care company (portfolio average weight of 6.77%), and Mitsubishi UFJ Financial Group, Inc., a financials company (portfolio average weight of 2.49%). Positions that detracted most significantly from the Fund’s return during the period included Shopify, Inc., Class A, an information technology company (portfolio average weight of 0.16%), and Nutrien Ltd., a materials company (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2023
Financials			34.30
Industrials			22.56
Consumer Discretionary			13.06
Information Technology			9.38
Materials			7.99
Health Care			5.35
Utilities			3.53
Sector Types Each Less Than 3%			3.77
Money Market Funds Plus Other Assets Less Liabilities			0.06


		12

Invesco S&P International Developed Momentum ETF (IDMO) (continued)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2023
Security
Novo Nordisk A/S, Class B			4.89
SAP SE			3.16
Mitsubishi UFJ Financial Group, Inc.			2.97
HSBC Holdings PLC			2.66
Mitsubishi Corp.			2.61
BHP Group Ltd.			2.34
Sumitomo Mitsui Financial Group, Inc.			2.32
Siemens AG			2.26
Mitsui & Co. Ltd.			2.19
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R			2.01
Total			27.41

*	Excluding money market fund holdings.

Growth of a $10,000 Investment

LOGO

Fund Performance History as of October 31, 2023


				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
Blended—S&P Momentum Developed ex-US and South Korea LargeMidCap Index (Net)		13.93	%		6.57	%		21.03	%		8.33	%		49.21	%		3.87	%		46.22	%		4.95	%		75.90	%
MSCI EAFE^® Index (Net)		14.40			5.73			18.20			4.10			22.24			3.05			35.11			4.67			70.37
Fund
NAV Return		13.82			6.47			20.69			8.14			47.90			3.60			42.44			4.63			69.62
Market Price Return		14.62			7.03			22.62			8.54			50.62			3.71			44.01			4.69			70.83


		13

Invesco S&P International Developed Momentum ETF (IDMO) (continued)

Fund Inception: February 24, 2012

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 0.25% 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.

The Blended-S&P Momentum Developed ex-U.S. & South Korea LargeMidCap Index (Net) is comprised of the performance of the S&P BMI International Developed High Beta Index^TM (Net), the Fund’s underlying index from Fund inception until the conversion date, March 21, 2016, followed by the performance of the Index thereafter through October 31, 2023.

-	Net returns reflect reinvested dividends net of withholding taxes.


		14

Invesco S&P Emerging Markets Low Volatility ETF (EELV)

October 31, 2023

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.81%
Brazil-3.56%
Ambev S.A.		1,164,600	$	2,969,811
Caixa Seguridade Participacoes S.A.		1,352,300		2,901,425
Cia de Transmissao de Energia Eletrica Paulista, Preference Shares		833,700		3,503,094
ENGIE Brasil Energia S.A.		445,700		3,473,331
Itausa S.A., Preference Shares		1,592,810		2,728,907
Klabin S.A.		648,600		2,752,338
Telefonica Brasil S.A.		367,200		3,294,097
TIM S.A.		1,051,200		3,162,146

				24,785,149

Chile-1.60%
Banco de Chile		33,071,552		3,386,712
Banco de Credito e Inversiones S.A.		109,293		2,604,823
Banco Santander Chile		64,805,461		2,816,248
Cencosud S.A.		1,426,252		2,303,225

				11,111,008

China-4.01%
Agricultural Bank of China Ltd., H Shares		9,337,343		3,448,729
Bank of China Ltd., H Shares		10,070,310		3,526,397
Bank of Communications Co. Ltd., H Shares		5,058,848		2,993,439
CGN Power Co. Ltd., H Shares^(a)		11,684,265		2,807,354
China CITIC Bank Corp. Ltd., H Shares		6,691,619		2,984,657
China Construction Bank Corp., H Shares		5,477,993		3,108,439
China Everbright Bank Co. Ltd., H Shares		11,280,549		3,214,941
Hengan International Group Co. Ltd.		874,104		2,926,862
Industrial & Commercial Bank of China Ltd., H Shares		6,013,179		2,889,547

				27,900,365

Greece-0.90%
Hellenic Telecommunications Organization S.A.		227,437		3,180,505
OPAP S.A.		183,847		3,109,221

				6,289,726

Hungary-0.91%
Gedeon Richter PLC		130,802		3,060,157
MOL Hungarian Oil & Gas PLC		411,395		3,266,160

				6,326,317

India-2.18%
Dr. Reddy’s Laboratories Ltd., ADR^(b)		53,433		3,480,091
HDFC Bank Ltd., ADR^(b)		46,018		2,602,318
ICICI Bank Ltd., ADR^(b)		151,090		3,352,687
Reliance Industries Ltd., GDR^(a)		55,353		3,022,274
Wipro Ltd., ADR^(b)		586,861		2,670,218

				15,127,588

Indonesia-3.52%
PT Astra International Tbk		6,909,560		2,511,974
PT Bank Central Asia Tbk		6,353,290		3,499,609
PT Bank Mandiri (Persero) Tbk		7,185,544		2,567,073
PT Bank Negara Indonesia (Persero) Tbk		10,905,294		3,288,408
PT Bank Rakyat Indonesia (Persero) Tbk		9,493,970		2,964,438
PT Indofood CBP Sukses Makmur Tbk		4,905,542		3,196,245


	Shares		Value
Indonesia-(continued)
PT Indofood Sukses Makmur Tbk		8,408,259	$	3,519,983
PT Telkom Indonesia (Persero) Tbk		13,287,971		2,919,422

				24,467,152

Kuwait-2.92%
Boubyan Bank KSCP		1,972,857		3,734,757
Gulf Bank K.S.C.P		4,696,972		3,596,131
Gulf Bank K.S.C.P., Rts., expiring 11/12/2023^(c)		372,726		7,706
Kuwait Finance House KSCP		1,619,881		3,579,385
Mobile Telecommunications Co. KSCP		3,082,533		4,789,851
National Bank of Kuwait SAKP		1,613,455		4,571,152

				20,278,982

Malaysia-9.48%
CIMB Group Holdings Bhd		3,425,800		4,105,639
Gamuda Bhd		3,110,100		3,028,831
Genting Bhd		3,782,600		3,199,471
Genting Malaysia Bhd		6,644,600		3,374,946
Hong Leong Bank Bhd		1,514,400		6,166,305
IHH Healthcare Bhd		3,399,747		4,281,348
Kuala Lumpur Kepong Bhd		718,500		3,314,646
Malayan Banking Bhd		3,533,892		6,690,252
Malaysia Airports Holdings Bhd		2,501,900		3,880,584
MISC Bhd		3,418,200		5,201,375
Petronas Chemicals Group Bhd		1,921,400		2,960,033
Public Bank Bhd		5,026,300		4,388,584
RHB Bank Bhd		4,353,600		5,098,769
Telekom Malaysia Bhd		3,201,000		3,406,248
Tenaga Nasional Bhd		1,707,372		3,547,693
TIME dotCom Bhd		2,946,600		3,290,148

				65,934,872

Mexico-3.79%
America Movil S.A.B. de C.V., Class B^(c)		3,479,502		2,869,871
Arca Continental S.A.B. de C.V.		376,067		3,367,792
Becle S.A.B. de C.V.		1,167,072		2,055,128
Fibra Uno Administracion S.A. de C.V.^(b)		2,261,298		3,428,335
Fomento Economico Mexicano S.A.B. de C.V., Series CPO^(b)(d)		317,213		3,585,581
Grupo Bimbo S.A.B. de C.V., Series A^(b)		592,487		2,408,281
Grupo Elektra S.A.B. de C.V.^(b)		49,598		3,169,651
Kimberly-Clark de Mexico S.A.B. de C.V., Class A		1,399,211		2,561,564
Wal-Mart de Mexico S.A.B. de C.V., Series V		816,110		2,917,165

				26,363,368

Qatar-0.52%
Qatar Fuel Q.S.C.		889,876		3,629,404

Romania-0.49%
NEPI Rockcastle N.V.^(c)		637,059		3,420,638

Russia-0.07%
Mobile TeleSystems PJSC, ADR^(c)(e)		206,291		0
X5 Retail Group N.V., GDR^(a)(c)(e)		51,546		485,970

				485,970

Saudi Arabia-4.61%
Advanced Petrochemical Co.		274,148		2,725,696
Al Rajhi Bank		173,380		3,101,023

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


		15

Invesco S&P Emerging Markets Low Volatility ETF (EELV)–(continued)

October 31, 2023


	Shares		Value
Saudi Arabia-(continued)
Bank Al-Jazira^(c)		676,290	$	2,949,169
Jarir Marketing Co.		894,541		3,452,648
SABIC Agri-Nutrients Co.		79,819		2,846,727
Saudi Arabian Oil Co.^(a)		442,003		3,923,313
Saudi Basic Industries Corp.		159,780		3,279,417
Saudi Electricity Co.		671,494		3,185,999
Saudi Telecom Co.		366,472		3,751,073
Yanbu National Petrochemical Co., Class A		281,297		2,838,013

				32,053,078

South Africa-5.65%
Bid Corp. Ltd.		130,460		2,751,526
Bidvest Group Ltd. (The)^(b)		206,343		2,903,698
Clicks Group Ltd.		238,916		3,500,093
Discovery Ltd.^(b)		408,319		2,800,551
FirstRand Ltd.^(b)		766,533		2,512,191
Growthpoint Properties Ltd.^(b)		5,575,565		2,881,928
Nedbank Group Ltd.		272,327		2,913,582
OUTsurance Group Ltd.		1,785,179		3,839,484
Remgro Ltd.		420,619		3,232,683
Sanlam Ltd.		819,970		2,859,216
Shoprite Holdings Ltd.^(b)		231,815		2,953,255
Vodacom Group Ltd.		590,800		3,197,466
Woolworths Holdings Ltd.		786,715		2,911,956

				39,257,629

South Korea-7.30%
BNK Financial Group, Inc.		659,599		3,311,304
Cheil Worldwide, Inc.		236,276		3,474,467
GS Holdings Corp.		102,040		2,976,843
HD Hyundai Co. Ltd.		63,983		2,719,354
Hyundai Motor Co.		22,146		2,782,701
Industrial Bank of Korea		437,346		3,617,160
Kangwon Land, Inc.		261,673		2,842,355
KT&G Corp.		63,192		3,991,172
LG Uplus Corp.		456,334		3,416,043
NH Investment & Securities Co. Ltd.		428,136		3,068,643
Samsung Biologics Co. Ltd.^(a)(c)		5,813		3,051,658
Samsung C&T Corp.		43,086		3,404,003
Samsung Electronics Co. Ltd.		58,986		2,921,894
Samsung Fire & Marine Insurance Co. Ltd.		15,472		2,961,395
Samsung Life Insurance Co. Ltd.		65,009		3,480,175
Samsung Securities Co. Ltd.		105,351		2,753,612

				50,772,779

Taiwan-28.17%
Asia Cement Corp.		3,188,000		3,931,555
Catcher Technology Co. Ltd.		621,000		3,474,996
Cathay Financial Holding Co. Ltd.^(c)		2,496,000		3,378,277
Chang Hwa Commercial Bank Ltd.		11,581,284		6,123,602
Cheng Shin Rubber Industry Co. Ltd.		2,675,000		3,641,167
Chicony Electronics Co. Ltd.		1,013,000		3,888,346
China Development Financial Holding Corp.^(c)		10,169,000		3,542,769
China Steel Corp.		4,672,000		3,478,613
Chunghwa Telecom Co. Ltd.		1,570,222		5,615,716
CTBC Financial Holding Co. Ltd.		4,994,053		3,749,197
E.Sun Financial Holding Co. Ltd.		5,910,516		4,346,102
Far Eastern New Century Corp.		4,316,000		3,925,451
Far EasTone Telecommunications Co. Ltd.		1,729,993		4,048,296
First Financial Holding Co. Ltd.		6,365,909		5,083,306
Formosa Chemicals & Fibre Corp.		2,344,095		4,401,276


	Shares		Value
Taiwan-(continued)
Formosa Petrochemical Corp.		1,607,000	$	3,919,029
Formosa Plastics Corp.		1,881,000		4,465,454
Foxconn Technology Co. Ltd.		1,746,000		2,820,731
Fubon Financial Holding Co. Ltd.		2,041,147		3,782,116
Highwealth Construction Corp.		3,515,899		4,411,811
Hon Hai Precision Industry Co. Ltd.		1,138,000		3,385,756
Hotai Finance Co. Ltd.		734,600		2,819,722
Hua Nan Financial Holdings Co. Ltd.		7,230,167		4,525,124
Lien Hwa Industrial Holdings Corp.		2,059,000		3,929,462
Mega Financial Holding Co. Ltd.		3,673,513		4,156,557
Nan Ya Plastics Corp.		2,020,930		3,856,808
Pegatron Corp.		1,294,000		3,008,096
Pou Chen Corp.		3,495,000		3,108,702
Powertech Technology, Inc.		971,000		3,143,364
President Chain Store Corp.		547,000		4,342,608
Radiant Opto-Electronics Corp.		741,000		2,832,866
Shanghai Commercial & Savings Bank Ltd. (The)		2,789,000		3,688,858
Shin Kong Financial Holding Co. Ltd.^(c)		13,288,000		3,560,127
Simplo Technology Co. Ltd.		307,000		3,156,605
SinoPac Financial Holdings Co. Ltd.		7,313,804		4,025,016
Synnex Technology International Corp.		2,092,264		4,431,587
TA Chen Stainless Pipe		2,574,000		2,940,240
Taishin Financial Holding Co. Ltd.		7,249,665		3,855,610
Taiwan Business Bank		9,473,251		3,723,877
Taiwan Cement Corp.		3,225,974		3,207,574
Taiwan Cooperative Financial Holding Co. Ltd.		6,171,334		4,785,234
Taiwan Fertilizer Co. Ltd.		2,363,000		4,320,207
Taiwan High Speed Rail Corp.		5,634,000		5,106,817
Taiwan Mobile Co. Ltd.		1,900,162		5,612,317
Uni-President Enterprises Corp.		2,295,181		4,804,772
WPG Holdings Ltd.		1,937,937		4,277,980
WT Microelectronics Co. Ltd.		1,517,000		5,542,300
Yuanta Financial Holding Co. Ltd.		6,098,373		4,568,844
Yulon Finance Corp.		572,800		3,161,128

				195,905,968

Thailand-14.99%
Advanced Info Service PCL, NVDR		740,320		4,531,415
Airports of Thailand PCL, NVDR^(c)		2,426,059		4,505,514
Bangkok Bank PCL, NVDR		857,249		3,756,464
Bangkok Dusit Medical Services PCL, NVDR		4,465,744		3,292,543
Bangkok Expressway & Metro PCL, NVDR		14,132,848		3,106,336
BTS Group Holdings PCL, NVDR		14,689,168		3,044,705
Bumrungrad Hospital PCL, NVDR		400,236		2,895,218
Central Pattana PCL, NVDR		1,616,528		2,810,962
Charoen Pokphand Foods PCL, NVDR		6,521,862		3,393,165
CP ALL PCL, NVDR		1,975,825		3,037,194
Electricity Generating PCL, NVDR		939,081		3,187,532
Gulf Energy Development PCL, NVDR		2,189,767		2,634,970
Home Product Center PCL, NVDR		9,522,197		3,152,651
Intouch Holdings PCL, NVDR		1,796,749		3,549,257
IRPC PCL, NVDR		46,730,950		2,496,304
Kasikornbank PCL, NVDR		964,503		3,528,751
Kiatnakin Phatra Bank PCL, NVDR		2,125,732		2,912,772
Kiatnakin Phatra Bank PCL, Wts., expiring 03/17/2024^(c)		191,544		1,279
Kiatnakin Phatra Bank PCL, Wts., expiring 03/17/2026^(c)		191,544		10,658

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


		16

Invesco S&P Emerging Markets Low Volatility ETF (EELV)–(continued)

October 31, 2023


	Shares		Value
Thailand-(continued)
Krung Thai Bank PCL, NVDR		6,979,482	$	3,650,672
Krungthai Card PCL, NVDR		2,421,264		2,947,216
Land & Houses PCL, NVDR		18,837,453		3,956,953
Osotspa PCL, NVDR		3,497,066		2,286,459
PTT Oil & Retail Business PCL, NVDR		6,463,303		3,290,768
PTT PCL, NVDR		4,037,682		3,735,214
Ratch Group PCL, NVDR		4,164,092		3,736,300
SCB X PCL, NVDR		1,486,756		4,074,437
Siam Cement PCL (The), NVDR		468,254		3,752,025
Thai Beverage PCL		8,049,338		3,172,616
Thai Union Group PCL, NVDR		7,523,540		2,825,841
Tisco Financial Group PCL, NVDR		1,935,559		5,183,211
TMBThanachart Bank PCL, NVDR		64,508,656		2,997,272
WHA Corp. PCL, NVDR		20,111,120		2,797,680

				104,254,354

United Arab Emirates-5.14%
Abu Dhabi Commercial Bank PJSC		1,365,328		2,984,913
Abu Dhabi National Oil Co. for Distribution PJSC		3,263,538		2,985,431
ADNOC Drilling Co. PJSC		2,598,676		2,575,328
Aldar Properties PJSC		2,008,185		2,843,061
Borouge PLC		5,727,231		3,913,790
Dubai Electricity and Water Authority PJSC		6,101,487		3,953,591
Dubai Islamic Bank PJSC		2,827,374		4,156,771
Emaar Properties PJSC		1,633,862		2,975,915
Emirates NBD Bank PJSC		774,241		3,572,933


	Shares		Value
United Arab Emirates-(continued)
Emirates Telecommunications Group Co. PJSC		586,679	$	2,948,569
First Abu Dhabi Bank PJSC		816,860		2,819,979

				35,730,281

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.81% (Cost $732,026,429)				694,094,628


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-2.29%
Invesco Private Government Fund, 5.32%^(f)(g)(h)		4,448,834		4,448,834
Invesco Private Prime Fund, 5.53%^(f)(g)(h)		11,442,560		11,443,704

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $15,892,617)				15,892,538

TOTAL INVESTMENTS IN SECURITIES-102.10% (Cost $747,919,046)				709,987,166
OTHER ASSETS LESS LIABILITIES-(2.10)%				(14,594,680	)

NET ASSETS-100.00%			$	695,392,486

Investment Abbreviations:

ADR-American Depositary Receipt

CPO-Certificates of Ordinary Participation

GDR-Global Depositary Receipt

NVDR-Non-Voting Depositary Receipt

Rts.-Rights

Wts.-Warrants

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, 2023 was $13,290,569, which represented 1.91% of the Fund’s Net Assets.

^(b)	All or a portion of this security was out on loan at October 31, 2023.

^(c)	Non-income producing security.

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

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

^(f)

Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2023.


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	71,008,558		$	(71,008,558	)		$	-		$	-		$	-		$	18,435

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


		17

Invesco S&P Emerging Markets Low Volatility ETF (EELV)–(continued)

October 31, 2023


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2023			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	3,288,267		$	45,270,471		$	(44,109,904	)		$	-			$	-			$	4,448,834		$	143,558	*

Invesco Private Prime Fund			8,453,393			89,294,145			(86,302,893	)			(68	)			(873	)			11,443,704			380,347	*


Total		$	11,741,660		$	205,573,174		$	(201,421,355	)		$	(68	)		$	(873	)		$	15,892,538		$	542,340

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

^(g)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

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

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


		18

Invesco S&P Emerging Markets Momentum ETF (EEMO)

October 31, 2023

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.77%
Brazil-5.98%
Banco do Brasil S.A.		4,916	$	47,132
Caixa Seguridade Participacoes S.A.		2,366		5,076
Equatorial Energia S.A.		2,852		17,871
Gerdau S.A., Preference Shares		3,555		15,347
Petroleo Brasileiro S.A., Preference Shares		14,371		98,998
PRIO S.A.^(a)		3,479		32,907
Raia Drogasil S.A.		4,242		21,702
WEG S.A.		5,096		33,357

				272,390

Chile-0.67%
Banco Santander Chile		219,080		9,521
Cencosud S.A.		5,860		9,463
Enel Chile S.A.		192,418		11,358

				30,342

China-2.92%
CRRC Corp. Ltd., H Shares		18,004		7,501
New Oriental Education & Technology Group, Inc.^(a)		5,206		34,065
PetroChina Co. Ltd., H Shares		104,786		68,299
Vipshop Holdings Ltd., ADR^(a)		1,183		16,870
ZTE Corp., H Shares		2,696		5,988

				132,723

Czech Republic-0.17%
Komercni banka A.S.		272		7,954

Egypt-0.74%
Commercial International Bank Egypt S.A.E.		17,223		33,611

Greece-3.19%
Alpha Services and Holdings S.A.^(a)		9,322		13,893
Eurobank Ergasias Services and Holdings S.A.^(a)		11,882		19,367
JUMBO S.A.		679		17,842
Motor Oil Hellas Corinth Refineries S.A.		220		5,232
Mytilineos S.A.		905		33,461
National Bank of Greece S.A.^(a)		3,064		17,489
OPAP S.A.		573		9,691
Piraeus Financial Holdings S.A.^(a)		5,938		17,511
Public Power Corp. S.A.^(a)		1,062		10,810

				145,296

Hungary-0.79%
OTP Bank Nyrt		972		36,089

India-25.96%
ABB India Ltd.		249		12,290
Aditya Birla Capital Ltd.^(a)		2,696		5,584
AIA Engineering Ltd.		146		6,165
APL Apollo Tubes Ltd.		801		15,059
Aurobindo Pharma Ltd.		1,052		10,734
Bajaj Auto Ltd.		236		15,063
Bank of Baroda		4,883		11,507
Bharat Electronics Ltd.		13,184		21,100
Bharti Airtel Ltd.		9,414		103,390
Britannia Industries Ltd.		366		19,459
Canara Bank		1,468		6,777
CG Power and Industrial Solutions Ltd.		3,546		16,614
Cholamandalam Investment and Finance Co. Ltd.		1,764		24,096


	Shares		Value
India-(continued)
Colgate-Palmolive (India) Ltd.		490	$	12,440
Cummins India Ltd.		683		13,753
Dr. Reddy’s Laboratories Ltd.		536		34,555
Hindustan Aeronautics Ltd.^(b)		1,110		24,305
IDBI Bank Ltd.		2,016		1,498
IDFC First Bank Ltd.^(a)		22,500		22,349
Indian Hotels Co. Ltd. (The)		3,509		16,159
Indian Oil Corp. Ltd.		16,204		17,458
Indian Railway Finance Corp. Ltd.^(b)		9,133		7,964
InterGlobe Aviation Ltd.^(a)(b)		436		12,850
ITC Ltd.		18,043		92,839
Jindal Steel & Power Ltd.		1,705		12,979
Larsen & Toubro Ltd.		3,388		119,190
Lupin Ltd.		1,014		13,740
Mahindra & Mahindra Financial Services Ltd.		2,204		6,495
Max Healthcare Institute Ltd.		3,028		20,866
NHPC Ltd.		10,952		6,603
NMDC Ltd.		4,386		8,123
NTPC Ltd.		22,944		64,981
Oil & Natural Gas Corp. Ltd.		17,070		38,165
Oracle Financial Services Software Ltd.		88		4,098
Polycab India Ltd.		336		19,864
Power Finance Corp. Ltd.		11,951		35,397
Punjab National Bank		11,564		10,139
REC Ltd.		10,013		34,588
Siemens Ltd.		373		14,923
Sun Pharmaceutical Industries Ltd.		3,357		43,892
Supreme Industries Ltd.		366		19,031
Syngene International Ltd.^(b)		684		5,589
Tata Communications Ltd.		592		11,826
Tata Motors Ltd.		6,432		48,565
Torrent Pharmaceuticals Ltd.		360		8,320
Tube Investments of India Ltd.		347		13,129
TVS Motor Co. Ltd.		985		18,820
Union Bank of India Ltd.		8,982		10,961
Varun Beverages Ltd.		2,028		22,136
Vedanta Ltd.		3,787		9,852
Zomato Ltd.^(a)		19,302		24,366
Zydus Lifesciences Ltd.		1,678		11,559

				1,182,205

Indonesia-5.89%
PT Bank Central Asia Tbk		181,450		99,949
PT Bank Mandiri (Persero) Tbk		177,776		63,511
PT Bank Rakyat Indonesia (Persero) Tbk		285,172		89,043
PT Indofood CBP Sukses Makmur Tbk		7,664		4,994
PT Sumber Alfaria Trijaya Tbk		57,692		10,496

				267,993

Malaysia-0.56%
Gamuda Bhd		8,150		7,937
YTL Corp. Bhd		34,496		10,571
YTL Power International Bhd		15,326		6,787

				25,295

Mexico-6.09%
CEMEX S.A.B. de C.V., Series CPO^(a)(c)(d)		52,210		31,321
Fibra Uno Administracion S.A. de C.V.		9,608		14,567

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


		19

Invesco S&P Emerging Markets Momentum ETF (EEMO)–(continued)

October 31, 2023


	Shares		Value
Mexico-(continued)
Fomento Economico Mexicano S.A.B. de C.V., Series CPO^(e)		9,222	$	104,240
Grupo Carso S.A.B. de C.V., Series A1^(c)		2,744		17,473
Grupo Financiero Banorte S.A.B. de C.V., Class O		9,104		73,788
Kimberly-Clark de Mexico S.A.B. de C.V., Class A		5,075		9,291
Southern Copper Corp.		378		26,800

				277,480

Philippines-0.38%
BDO Unibank, Inc.		7,720		17,348

Poland-2.60%
Bank Polska Kasa Opieki S.A.		746		22,607
Budimex S.A.		54		6,023
CD Projekt S.A.^(c)		268		6,678
InPost S.A.^(a)		812		8,006
Powszechna Kasa Oszczednosci Bank Polski S.A.^(a)		3,604		37,220
Powszechny Zaklad Ubezpieczen S.A.		1,980		22,370
Santander Bank Polska S.A.^(a)		142		15,379

				118,283

Romania-0.22%
NEPI Rockcastle N.V.^(a)		1,858		9,976

Russia-0.00%
Alrosa PJSC^(f)		11,439		0
Gazprom PJSC^(a)(f)		43,562		0
Severstal PAO^(a)(f)		1,045		0

				0

Saudi Arabia-1.33%
Arabian Internet & Communications Services Co.		84		7,004
Dr Sulaiman Al Habib Medical Services Group Co.		277		18,606
Elm Co.		186		34,765

				60,375

South Africa-2.48%
Bid Corp. Ltd.		1,276		26,912
Bidvest Group Ltd. (The)		1,096		15,423
Gold Fields Ltd.		3,610		47,847
OUTsurance Group Ltd.		3,342		7,188
Woolworths Holdings Ltd.		4,239		15,690

				113,060

South Korea-9.50%
Doosan Bobcat, Inc.		256		7,345
Ecopro B.M. Co. Ltd.		320		46,488
Ecopro Co. Ltd.		170		78,042
Hanwha Aerospace Co. Ltd.		138		10,320
Hanwha Ocean Co. Ltd.^(a)		238		4,159
Hanwha Ocean Co. Ltd., Rts., expiring 12/29/2023^(a)		78		101
JYP Entertainment Corp.		170		12,915
Meritz Financial Group, Inc.^(a)		394		14,645
POSCO Future M Co. Ltd.		271		47,456
POSCO Holdings, Inc.		549		167,275
Posco International Corp.		402		14,912
Samsung Engineering Co. Ltd.^(a)		804		14,139
Samsung Heavy Industries Co. Ltd.^(a)		2,890		14,594

				432,391

Taiwan-17.92%
Acer, Inc.		12,742		13,396
Alchip Technologies Ltd.		418		33,829


	Shares		Value
Taiwan-(continued)
Chicony Electronics Co. Ltd.		3,082	$	11,830
Chroma ATE, Inc.		1,508		10,135
Compal Electronics, Inc.		15,212		13,155
Delta Electronics, Inc.		7,542		67,549
Elite Material Co. Ltd.		2,006		22,203
Faraday Technology Corp.		942		8,771
Gigabyte Technology Co. Ltd.		4,298		28,821
Global Unichip Corp.		582		25,749
Gold Circuit Electronics Ltd.		1,422		7,716
Hotai Finance Co. Ltd.		842		3,232
Innolux Corp.		34,226		12,821
International Games System Co. Ltd.		664		12,754
Inventec Corp.		24,550		30,427
King Slide Works Co. Ltd.		354		7,662
King Yuan Electronics Co. Ltd.		5,526		12,999
Lite-On Technology Corp.		16,494		50,853
Makalot Industrial Co. Ltd.		1,520		16,941
Micro-Star International Co. Ltd.		3,648		18,558
Novatek Microelectronics Corp.		2,546		35,676
Powertech Technology, Inc.		2,500		8,093
Qisda Corp.		8,704		11,365
Quanta Computer, Inc.		24,262		141,376
Radiant Opto-Electronics Corp.		1,902		7,271
TA Chen Stainless Pipe		7,144		8,161
Taishin Financial Holding Co. Ltd.		51,850		27,576
Taiwan Business Bank		792		311
Teco Electric and Machinery Co. Ltd.		8,088		11,496
Tripod Technology Corp.		2,224		11,314
Wistron Corp.		25,246		69,585
Wiwynn Corp.		588		27,555
Yuanta Financial Holding Co. Ltd.		53,590		40,149
Yulon Motor Co. Ltd.		2,920		6,671

				816,000

Thailand-1.71%
Bangkok Bank PCL, NVDR		2,406		10,543
Delta Electronics Thailand PCL, NVDR		17,642		38,776
Krung Thai Bank PCL, NVDR		14,714		7,696
Tisco Financial Group PCL, NVDR		1,726		4,622
TMBThanachart Bank PCL, NVDR		229,184		10,649
WHA Corp. PCL, NVDR		39,558		5,503

				77,789

Turkey-8.91%
AG Anadolu Grubu Holding A.S.		535		3,884
Akbank T.A.S.		22,264		23,183
Alarko Holding A.S.		861		3,080
Anadolu Efes Biracilik ve Malt Sanayii A.S.		1,207		4,260
Arcelik A.S.		1,102		5,289
Aselsan Elektronik Sanayi Ve Ticaret A.S.		8,978		13,118
BIM Birlesik Magazalar A.S.		2,725		26,197
Borusan Yatirim ve Pazarlama A.S.		54		4,438
Coca-Cola Icecek A.S.		406		5,278
Dogus Otomotiv Servis ve Ticaret A.S.		262		2,301
Emlak Konut Gayrimenkul Yatirim Ortakligi A.S.		10,220		2,370
Enerjisa Enerji A.S.^(b)		2,064		3,548
Enka Insaat ve Sanayi A.S.		6,347		6,824
Ford Otomotiv Sanayi A.S.		608		16,897
Gubre Fabrikalari T.A.S.^(a)		373		4,326
Haci Omer Sabanci Holding A.S.		10,434		19,730
Hektas Ticaret T.A.S.^(a)		6,103		4,728

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


		20

Invesco S&P Emerging Markets Momentum ETF (EEMO)–(continued)

October 31, 2023


	Shares		Value
Turkey-(continued)
Iskenderun Demir ve Celik A.S.^(a)		493	$	621
KOC Holding A.S.		11,029		53,327
Kontrolmatik Enerji Ve Muhendislik A.S.		738		6,847
Koza Altin Isletmeleri A.S.		7,112		5,520
Oyak Cimento Fabrikalari A.S.^(a)		2,692		6,789
Pegasus Hava Tasimaciligi A.S.^(a)		387		9,643
Petkim Petrokimya Holding A.S.^(a)		5,136		3,573
Sasa Polyester Sanayi A.S.^(a)		6,031		9,115
TAV Havalimanlari Holding A.S.^(a)		774		3,135
Tofas Turk Otomobil Fabrikasi A.S.		1,106		9,409
Turk Hava Yollari AO^(a)		6,129		47,073
Turk Telekomunikasyon A.S.^(a)		2,183		1,482
Turk Traktor ve Ziraat Makineleri A.S.		220		5,646
Turkcell Iletisim Hizmetleri A.S.^(a)		8,141		13,812
Turkiye Garanti Bankasi A.S.		3,854		6,402
Turkiye Halk Bankasi A.S.^(a)		3,784		1,760
Turkiye Is Bankasi A.S., Class C		21,325		15,813
Turkiye Petrol Rafinerileri A.S.		5,794		29,059
Turkiye Sise ve Cam Fabrikalari A.S.		7,664		12,824
Turkiye Vakiflar Bankasi T.A.O., Class D^(a)		4,971		2,864
Vestel Beyaz Esya Sanayi ve Ticaret A.S.		1,363		808
Yapi ve Kredi Bankasi A.S.		17,872		10,890

				405,863

United Arab Emirates-1.16%
Emirates NBD Bank PJSC		8,434		38,921
Multiply Group PJSC^(a)		15,212		14,081

				53,002

United Kingdom-0.60%
AngloGold Ashanti PLC		1,486		27,307

Total Common Stocks & Other Equity Interests (Cost $4,748,298)				4,542,772


	Shares		Value
Money Market Funds-0.12%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(g)(h) (Cost $5,499)		5,499	$	5,499

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.89% (Cost $4,753,797)				4,548,271


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.27%
Invesco Private Government Fund, 5.32%^(g)(h)(i)		15,924		15,924
Invesco Private Prime Fund, 5.53%^(g)(h)(i)		41,941		41,945

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $57,868)				57,869

TOTAL INVESTMENTS IN SECURITIES-101.16% (Cost $4,811,665)				4,606,140
OTHER ASSETS LESS LIABILITIES-(1.16)%				(52,869	)

NET ASSETS-100.00%			$	4,553,271

Investment Abbreviations:

ADR-American Depositary Receipt

CPO-Certificates of Ordinary Participation

NVDR-Non-Voting Depositary Receipt

Rts.-Rights

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2023 was $54,256, which represented 1.19% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at October 31, 2023.

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

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

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

^(g)



	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	4,220		$	212,902		$	(211,623	)		$	-		$	-		$	5,499		$	133

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


		21

Invesco S&P Emerging Markets Momentum ETF (EEMO)–(continued)

October 31, 2023



	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2023			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	6,971		$	287,813		$	(278,860	)		$	-		$	-		$	15,924		$	556	*

Invesco Private Prime Fund			17,921			561,190			(537,170	)			1			3			41,945			1,435	*


Total		$	29,112		$	1,061,905		$	(1,027,653	)		$	1		$	3		$	63,368		$	2,124

*	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.

^(h)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

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

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


		22

Invesco S&P International Developed Low Volatility ETF (IDLV)

October 31, 2023

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.72%
Australia-7.83%
ANZ Group Holdings Ltd.		158,535	$	2,480,303
APA Group		472,502		2,465,117
Brambles Ltd.		296,160		2,458,306
Coles Group Ltd.		316,837		3,063,245
Commonwealth Bank of Australia		42,163		2,577,719
CSL Ltd.		16,403		2,413,086
Lottery Corp. Ltd. (The)		810,673		2,325,148
National Australia Bank Ltd.		136,296		2,420,598
Orica Ltd.		256,020		2,376,373
Steadfast Group Ltd.		836,167		2,858,864
Telstra Group Ltd.		1,409,338		3,399,749
Transurban Group		351,374		2,629,625
Washington H Soul Pattinson & Co. Ltd.		139,305		2,947,677
Wesfarmers Ltd.		72,536		2,320,191
Westpac Banking Corp.		188,855		2,463,216
Woolworths Group Ltd.		126,649		2,824,216

				42,023,433


Belgium-1.46%
Ackermans & van Haaren N.V.^(a)		17,906		2,655,409
Anheuser-Busch InBev S.A./N.V.		45,598		2,584,811
Groupe Bruxelles Lambert N.V.^(a)		35,378		2,580,224

				7,820,444


Canada-15.20%
Alimentation Couche-Tard, Inc.		49,375		2,684,905
Bank of Montreal		32,244		2,433,891
Bank of Nova Scotia (The)^(a)		59,528		2,407,706
BCE, Inc.		81,683		3,029,023
Canadian National Railway Co.		25,480		2,693,089
Canadian Utilities Ltd., Class A		131,341		2,775,829
CGI,Inc.,Class A^(b)		26,065		2,513,655
Choice Properties REIT		311,440		2,701,054
Dollarama, Inc.		40,390		2,755,219
Emera, Inc.^(a)		70,123		2,294,246
Empire Co. Ltd., Class A		102,120		2,795,289
Enbridge, Inc.^(a)		83,901		2,685,799
Fortis, Inc.		75,561		2,996,858
George Weston Ltd.		25,237		2,734,485
Great-West Lifeco, Inc.		101,362		2,805,207
Hydro One Ltd.^(c)		112,048		2,902,392
Intact Financial Corp.		20,474		2,873,513
Loblaw Cos. Ltd.		32,832		2,682,374
Manulife Financial Corp.		144,398		2,510,908
Metro, Inc.		66,509		3,374,676
National Bank of Canada		40,478		2,513,966
Power Corp. of Canada		113,905		2,741,269
Restaurant Brands International, Inc.		40,180		2,696,032
Rogers Communications, Inc., Class B		62,293		2,305,503
Royal Bank of Canada		37,536		2,994,768
Sun Life Financial, Inc.		65,839		3,003,956
TELUS Corp.		177,339		2,856,330
Thomson Reuters Corp.		21,045		2,518,123
TMX Group Ltd.		134,824		2,804,766
Toronto-Dominion Bank (The)		45,174		2,520,568

				81,605,399


	Shares		Value

China-0.50%
Wilmar International Ltd.		1,030,237	$	2,677,015


Denmark-0.92%
Carlsberg A/S, Class B		17,971		2,137,784
Tryg A/S		143,617		2,799,589

				4,937,373


Finland-1.00%
Elisa OYJ		70,585		2,990,303
Sampo OYJ		60,673		2,379,916

				5,370,219


France-3.49%
Air Liquide S.A.		14,180		2,423,303
Bureau Veritas S.A.		98,691		2,241,760
Danone S.A.		57,483		3,411,649
Edenred SE		44,496		2,362,902
Orange S.A.^(a)		284,879		3,345,412
Pernod Ricard S.A.		13,021		2,305,336
Vinci S.A.^(a)		24,054		2,656,413

				18,746,775


Germany-3.11%
Allianz SE		10,944		2,555,330
Beiersdorf AG		23,774		3,117,268
Deutsche Boerse AG		14,323		2,349,637
Deutsche Telekom AG		129,246		2,797,152
Henkel AG& Co. KGaA, Preference Shares^(a)		46,099		3,317,311
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R		6,433		2,573,680

				16,710,378


Hong Kong-1.42%
HKT Trust & HKT Ltd.		2,445,829		2,531,914
MTR Corp. Ltd.		672,365		2,513,442
Power Assets Holdings Ltd.		534,793		2,556,202

				7,601,558


Italy-0.47%
Assicurazioni Generali S.p.A.		126,353		2,503,492


Japan-39.81%
ACOM Co. Ltd.		1,001,330		2,333,318
Activia Properties, Inc.		1,052		2,837,611
Advance Residence Investment Corp.		1,169		2,535,683
AEON Co. Ltd.		137,058		2,866,141
AEON Mall Co. Ltd.		242,492		2,742,836
AGC, Inc.		70,512		2,379,655
ANA Holdings, Inc.^(a)(b)		123,628		2,409,785
Asahi Kasei Corp.		436,559		2,661,815
Bridgestone Corp.		67,208		2,514,891
Canon Marketing Japan, Inc.		94,662		2,249,586
Canon, Inc.		100,399		2,354,101
Central Japan Railway Co.		107,381		2,407,910
COMSYS Holdings Corp.		131,139		2,679,151
Daiwa House Industry Co. Ltd.		102,729		2,799,449
Daiwa House REIT Investment Corp.		1,652		2,919,048
Daiwa Office Investment Corp.		644		2,810,816
Daiwa Securities Group, Inc.		425,493		2,427,455
East Japan Railway Co.		51,286		2,665,809
Electric Power Development Co. Ltd.		156,056		2,379,817

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


		23

Invesco S&P International Developed Low Volatility ETF (IDLV)–(continued)

October 31, 2023


	Shares		Value
Japan-(continued)
ENEOS Holdings, Inc.		645,955	$	2,378,745
GLP J-Reit		2,633		2,355,783
Hankyu Hanshin Holdings, Inc.		76,891		2,399,972
Haseko Corp.		243,307		2,972,958
Hulic Co. Ltd.		334,526		3,041,648
Japan Metropolitan Fund Investment Corp.		3,835		2,468,966
Japan Post Holdings Co. Ltd.		313,465		2,761,150
Japan Prime Realty Investment Corp.		1,162		2,716,154
Japan Real Estate Investment Corp.		640		2,370,762
Japan Tobacco, Inc.		129,819		3,018,209
Kamigumi Co. Ltd.		128,234		2,582,546
KDDI Corp.		101,549		3,008,685
Keikyu Corp.		272,834		2,302,366
Kewpie Corp.^(a)		177,735		3,080,098
Kintetsu Group Holdings Co. Ltd.		81,486		2,280,822
Kirin Holdings Co. Ltd.		219,171		3,067,338
Kobayashi Pharmaceutical Co. Ltd.		53,839		2,211,222
Kyocera Corp.		50,696		2,468,436
Kyushu Railway Co.		133,613		2,718,225
Lion Corp.		238,697		2,287,753
McDonald’s Holdings Co. (Japan) Ltd.^(a)		123,974		4,821,598
Medipal Holdings Corp.		156,607		2,616,235
MEIJI Holdings Co. Ltd.		102,520		2,516,883
Mitsubishi Estate Co. Ltd.		184,161		2,327,473
Mitsubishi Gas Chemical Co., Inc.		182,337		2,441,073
Mitsubishi HC Capital, Inc.		434,961		2,840,192
Nagoya Railroad Co. Ltd.		154,172		2,145,449
NH Foods Ltd.		100,088		2,993,817
Nippon Accommodations Fund, Inc.		641		2,577,629
Nippon Building Fund, Inc.		626		2,509,043
Nippon Express Holdings, Inc.		49,079		2,501,508
Nippon Telegraph & Telephone Corp.		2,598,383		3,033,406
Nisshin Seifun Group, Inc.		207,397		3,118,247
Nissin Foods Holdings Co. Ltd.		28,940		2,512,866
NOF Corp.		57,998		2,272,126
Nomura Real Estate Master Fund, Inc.		2,561		2,822,351
OBIC Co. Ltd.		14,840		2,179,774
Oji Holdings Corp.		673,710		2,862,194
ORIX JREIT, Inc.		2,015		2,312,437
Osaka Gas Co. Ltd.		168,953		3,170,553
Otsuka Holdings Co. Ltd.		69,613		2,321,276
SBI Holdings, Inc.		115,804		2,467,559
SECOM Co. Ltd.		39,311		2,712,536
Sekisui Chemical Co. Ltd.		168,459		2,284,755
Sekisui House Ltd.		130,541		2,533,329
Sekisui House REIT, Inc.^(a)		5,097		2,679,000
SHIMAMURA Co. Ltd.		24,059		2,366,264
Shimizu Corp.		358,700		2,536,681
Shionogi & Co. Ltd.		58,389		2,693,809
SHO-BOND Holdings Co. Ltd.		66,733		2,608,600
Skylark Holdings Co. Ltd.^(a)(b)		218,682		3,213,555
SoftBank Corp.		401,461		4,519,733
Sohgo Security Services Co. Ltd.		392,291		2,283,626
Takeda Pharmaceutical Co. Ltd.		101,070		2,711,528
Tobu Railway Co. Ltd.		97,224		2,326,520
Toho Co. Ltd.		68,904		2,334,487
Tokyu Corp.		211,722		2,376,621
Tosoh Corp.		193,742		2,350,694
United Urban Investment Corp.		2,305		2,319,535
USS Co. Ltd.		149,751		2,597,121


	Shares		Value
Japan-(continued)
West Japan Railway Co.		58,619	$	2,224,073
Yamada Holdings Co. Ltd.		1,033,323		3,260,073

				213,762,944


Netherlands-2.64%
Heineken N.V.		26,860		2,405,856
JDE Peet’s N.V.^(a)		110,057		3,052,506
Koninklijke Ahold Delhaize N.V.		90,412		2,675,834
Koninklijke KPN N.V.^(a)		1,013,475		3,401,198
Wolters Kluwer N.V.		20,712		2,651,193

				14,186,587


New Zealand-2.01%
Auckland International Airport Ltd.		581,453		2,482,404
Contact Energy Ltd.		584,205		2,647,064
Infratil Ltd.		447,109		2,553,798
Spark New Zealand Ltd.		1,080,610		3,123,828

				10,807,094


Norway-0.45%
Orkla ASA		354,414		2,440,865


Singapore-6.78%
CapitaLand Ascendas REIT		1,301,308		2,469,546
City Developments Ltd.		553,621		2,553,837
DBS Group Holdings Ltd.		131,698		3,157,753
Genting Singapore Ltd.		3,979,769		2,498,158
Mapletree Industrial Trust		1,651,670		2,591,942
Oversea-Chinese Banking Corp. Ltd.		418,290		3,871,331
Singapore Airlines Ltd.^(a)		562,774		2,509,798
Singapore Exchange Ltd.		482,962		3,338,309
Singapore Technologies Engineering Ltd.		1,048,401		2,877,258
Singapore Telecommunications Ltd.		1,623,253		2,819,855
United Overseas Bank Ltd.		151,159		2,981,144
UOL Group Ltd.		546,146		2,351,930
Venture Corp. Ltd.		279,848		2,389,856

				36,410,717


Spain-1.50%
Iberdrola S.A.		273,270		3,032,888
Naturgy Energy Group S.A.^(a)		88,131		2,487,225
Redeia Corp. S.A.		163,503		2,541,358

				8,061,471


Switzerland-3.11%
Chocoladefabriken Lindt & Spruengli AG, PC		253		2,793,967
Nestle S.A.		28,482		3,069,001
Novartis AG		27,270		2,533,274
SGS S.A.		27,234		2,213,913
Swisscom AG		5,432		3,247,083
Zurich Insurance Group AG		6,055		2,864,989

				16,722,227


United Kingdom-6.10%
British American Tobacco PLC		80,019		2,382,813
Bunzl PLC		80,833		2,875,907
Coca-Cola Europacific Partners PLC		39,915		2,335,427
Compass Group PLC		124,018		3,119,653
Diageo PLC		71,956		2,712,879
Imperial Brands PLC		125,810		2,673,151
London Stock Exchange Group PLC		26,141		2,626,484
National Grid PLC		216,686		2,573,109
Reckitt Benckiser Group PLC		40,570		2,708,618

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


		24

Invesco S&P International Developed Low Volatility ETF (IDLV)–(continued)

October 31, 2023


	Shares		Value
United Kingdom-(continued)
RELX PLC		83,332	$	2,900,101
Smiths Group PLC		133,536		2,614,505
Unilever PLC		68,760		3,244,860

				32,767,507


United States-1.92%
Ferrovial SE^(a)		89,765		2,698,434
QIAGEN N.V.^(b)		60,172		2,233,696
Roche Holding AG		10,675		2,743,090
Waste Connections, Inc.		20,208		2,613,757

				10,288,977

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.72% (Cost $577,364,830)				535,444,475


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-6.21%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		9,336,181	$	9,336,181
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		24,012,074		24,014,475

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $33,350,437)				33,350,656

TOTAL INVESTMENTS IN SECURITIES-105.93% (Cost $610,715,267)				568,795,131
OTHER ASSETS LESS LIABILITIES-(5.93)%				(31,832,547	)

NET ASSETS-100.00%.			$	536,962,584

Investment Abbreviations:

PC-Participation Certificate

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at October 31, 2023.

^(b)	Non-income producing security.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at October 31, 2023 represented less than 1% of the Fund’s Net Assets.

^(d)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	49,451		$	21,521,439		$	(21,570,890	)		$	-		$	-			$	-		$	7,440

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			8,908,375			137,631,778			(137,203,972	)			-			-				9,336,181			602,638	*

Invesco Private Prime Fund			22,901,210			296,303,170			(295,187,217	)			146			(2,834	)			24,014,475			1,624,048	*


Total		$	31,859,036		$	455,456,387		$	(453,962,079	)		$	146		$	(2,834	)		$	33,350,656		$	2,234,126

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

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

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

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


		25

Invesco S&P International Developed Momentum ETF (IDMO)

October 31, 2023

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Australia-4.99%
AGL Energy Ltd.^(a)		8,891	$	60,515
BHP Group Ltd.		54,461		1,534,449
Brambles Ltd.		18,021		149,585
Insurance Australia Group Ltd.		36,128		129,698
Northern Star Resources Ltd.		13,890		102,807
Origin Energy Ltd.		18,146		104,896
Pilbara Minerals Ltd.^(a)		35,721		83,003
Pro Medicus Ltd.		627		29,591
Qantas Airways Ltd.^(b)		11,325		35,207
QBE Insurance Group Ltd.		22,083		218,117
Seven Group Holdings Ltd.		3,195		56,116
Suncorp Group Ltd.		16,976		143,813
Washington H Soul Pattinson & Co. Ltd.^(a)		3,950		83,582
WiseTech Global Ltd.		2,945		108,447
Woodside Energy Group Ltd.		19,536		423,770

				3,263,596


Austria-0.32%
Erste Group Bank AG		4,938		176,157
voestalpine AG		1,316		32,772

				208,929


Belgium-0.42%
KBC Group N.V.		4,317		236,823
Lotus Bakeries N.V.^(a)		5		36,995

				273,818


Canada-4.90%
Constellation Software, Inc.		240		480,607
Element Fleet Management Corp.		5,820		78,648
Fairfax Financial Holdings Ltd.		424		352,464
Great-West Lifeco, Inc.		4,743		131,263
iA Financial Corp., Inc.		1,317		76,549
Ivanhoe Mines Ltd., Class A^(a)(b)		7,794		57,378
Restaurant Brands International, Inc.		6,585		441,846
Shopify, Inc., Class A^(b)		16,009		755,217
Stantec, Inc.		1,836		112,216
Sun Life Financial, Inc.		7,346		335,167
Teck Resources Ltd., Class B		5,480		193,423
Thomson Reuters Corp.		1,608		192,404

				3,207,182


Chile-0.11%
Antofagasta PLC		4,213		68,760


Denmark-5.34%
Danske Bank A/S		12,440		291,121
Novo Nordisk A/S, Class B		33,381		3,200,371

				3,491,492


Finland-0.70%
Nordea Bank Abp		43,636		458,128


France-7.20%
AXA S.A.		21,952		648,648
BNP Paribas S.A.		13,756		789,382
Cie de Saint-Gobain S.A.		6,361		345,592
Credit Agricole S.A.		16,881		203,020
Edenred SE		2,585		137,273
ENGIE S.A.		25,362		402,222


	Shares		Value
France-(continued)
Hermes International S.C.A.		534	$	993,185
Publicis Groupe S.A.		3,689		279,656
Safran S.A.		5,867		911,733

				4,710,711


Germany-13.61%
Allianz SE		5,488		1,281,401
Bayerische Motoren Werke AG		5,479		507,492
Bayerische Motoren Werke AG, Preference Shares		1,128		95,562
Commerzbank AG		14,612		156,766
Deutsche Lufthansa AG^(b)		9,791		68,345
E.ON SE		33,964		402,797
Hannover Rueck SE		1,113		245,053
Heidelberg Materials AG		2,282		165,179
Infineon Technologies AG		16,000		464,657
Mercedes-Benz Group AG		9,808		574,646
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R		3,292		1,317,046
SAP SE		15,425		2,066,398
Siemens AG		11,180		1,476,685
Talanx AG		1,323		83,136

				8,905,163


Hong Kong-0.06%
Swire Pacific Ltd., Class A		6,218		39,813


Ireland-0.99%
AerCap Holdings N.V.^(b)		1,761		109,393
Flutter Entertainment PLC^(b)		3,459		540,930

				650,323


Israel-0.06%
Global-e Online Ltd.^(b)		1,157		40,622


Italy-6.16%
Assicurazioni Generali S.p.A.		19,707		390,464
Banca Mediolanum S.p.A.		3,391		27,620
Enel S.p.A.		111,593		706,308
Ferrari N.V.		2,085		629,198
Intesa Sanpaolo S.p.A.		316,783		822,534
Leonardo S.p.A.		4,583		68,958
Mediobanca Banca di Credito Finanziario S.p.A.^(a)		12,820		152,717
Poste Italiane S.p.A.^(c)		6,408		63,262
UniCredit S.p.A.		46,872		1,170,470

				4,031,531


Japan-36.56%
ABC-MART, Inc.		1,464		22,529
Advantest Corp.		19,774		498,120
Ajinomoto Co., Inc.		11,026		398,973
Alfresa Holdings Corp.		2,840		44,781
Amada Co. Ltd.		5,442		52,104
ANA Holdings, Inc.^(b)		2,809		54,754
ASICS Corp.		3,236		101,047
Capcom Co. Ltd.		3,162		101,033
Chiba Bank Ltd. (The)		9,390		69,412
Chubu Electric Power Co., Inc.		10,155		122,206
Concordia Financial Group Ltd.		18,035		82,943
Dai Nippon Printing Co. Ltd.		3,167		81,744

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


		26

Invesco S&P International Developed Momentum ETF (IDMO)–(continued)

October 31, 2023


	Shares		Value
Japan-(continued)
Daiwa Securities Group, Inc.		20,227	$	115,396
Denso Corp.		27,984		406,423
Disco Corp.		2,292		395,835
Eisai Co. Ltd.		3,534		185,771
Fukuoka Financial Group, Inc.		3,014		78,751
GOLDWIN, Inc.		488		30,463
Hankyu Hanshin Holdings, Inc.		3,149		98,289
Hikari Tsushin, Inc.		366		52,249
Hitachi Construction Machinery Co. Ltd.		1,634		41,561
Hitachi Ltd.		13,748		860,311
Honda Motor Co. Ltd.		72,606		722,249
Hoshizaki Corp.		1,697		54,324
IBIDEN Co. Ltd.		3,319		138,966
Isetan Mitsukoshi Holdings Ltd.		5,524		61,789
Isuzu Motors Ltd.		7,626		83,614
ITOCHU Corp.^(a)		26,095		925,804
Japan Airlines Co. Ltd.^(a)		2,002		36,538
Japan Tobacco, Inc.		22,818		530,504
JFE Holdings, Inc.		9,843		135,480
JTEKT Corp.		3,207		25,972
Kajima Corp.		9,233		151,135
Kamigumi Co. Ltd.		1,270		25,577
Kansai Electric Power Co., Inc. (The)		12,243		155,741
Kawasaki Heavy Industries Ltd.		2,117		46,018
Keisei Electric Railway Co. Ltd.		3,753		140,188
Komatsu Ltd.		13,632		311,714
Kuraray Co. Ltd.		5,270		59,853
Lawson, Inc.		927		44,696
Marubeni Corp.		44,120		634,510
MatsukiyoCocokara & Co.		7,532		131,199
McDonald’s Holdings Co. (Japan) Ltd.		1,016		39,514
Medipal Holdings Corp.		2,587		43,218
Mitsubishi Corp.		37,176		1,707,280
Mitsubishi Electric Corp.		43,508		481,922
Mitsubishi HC Capital, Inc.		24,967		163,029
Mitsubishi Heavy Industries Ltd.		4,091		207,785
Mitsubishi UFJ Financial Group, Inc.		234,373		1,945,306
Mitsui & Co. Ltd.		40,051		1,432,575
Mitsui Chemicals, Inc.		3,350		83,238
Mizuho Financial Group, Inc.		54,752		920,276
NEC Corp.		4,676		222,461
Nichirei Corp.		2,135		46,071
Nippon Sanso Holdings Corp.		3,559		88,619
Nippon Steel Corp.^(a)		21,296		454,480
Nissin Foods Holdings Co. Ltd.		979		85,007
Obayashi Corp.		12,219		103,919
Oriental Land Co. Ltd.		15,646		501,784
Otsuka Corp.		1,717		68,285
Pan Pacific International Holdings Corp.		6,090		116,878
Panasonic Holdings Corp.		48,954		423,129
Pola Orbis Holdings, Inc.		1,026		10,257
Renesas Electronics Corp.^(b)		36,391		469,891
Resona Holdings, Inc.		36,336		192,783
Rohto Pharmaceutical Co. Ltd.		3,158		72,817
Sanwa Holdings Corp.		3,694		49,235
SCREEN Holdings Co. Ltd.		1,650		75,546
Sega Sammy Holdings, Inc.		1,902		29,463
Sekisui House Ltd.		8,999		174,638
Shimizu Corp.		9,099		64,347
Shin-Etsu Chemical Co. Ltd.		28,480		840,230


	Shares		Value
Japan-(continued)
Shinko Electric Industries Co. Ltd.		979	$	30,842
Shizuoka Financial Group, Inc.		9,523		80,267
Sojitz Corp.		5,636		115,589
Sumitomo Corp.		29,095		564,533
Sumitomo Electric Industries Ltd.		9,479		98,204
Sumitomo Forestry Co. Ltd.		4,878		113,829
Sumitomo Mitsui Financial Group, Inc.		31,844		1,518,133
Sumitomo Mitsui Trust Holdings, Inc.		4,584		169,806
Sundrug Co. Ltd.		1,067		28,844
T&D Holdings, Inc.		8,463		149,344
Taisei Corp.		2,247		75,654
Tobu Railway Co. Ltd.		2,213		52,956
Tokio Marine Holdings, Inc.		22,733		501,809
Tokyo Gas Co. Ltd.		4,356		97,190
TOPPAN Holdings, Inc.		5,665		129,127
Toyo Seikan Group Holdings Ltd.		3,214		53,586
Toyota Boshoku Corp.		1,348		23,116
Toyota Tsusho Corp.		6,015		314,006
Tsuruha Holdings, Inc.^(a)		570		41,589
Yamaha Motor Co. Ltd.		7,236		173,775
Yokohama Rubber Co. Ltd. (The)		2,666		48,525
Zensho Holdings Co. Ltd.		2,317		121,247

				23,926,520

Netherlands-1.15%
EXOR N.V.		1,220		104,375
ING Groep N.V.		51,199		650,924

				755,299

Singapore-1.37%
Jardine Cycle & Carriage Ltd.		1,020		20,995
Keppel Corp. Ltd.		33,497		151,831
Keppel REIT		6,699		3,887
Oversea-Chinese Banking Corp. Ltd.		56,540		523,286
Sembcorp Industries Ltd.		23,274		77,974
Singapore Airlines Ltd.^(a)		26,823		119,622

				897,595

Spain-3.95%
Banco Bilbao Vizcaya Argentaria S.A.		123,329		967,523
Banco Santander S.A.^(a)		250,868		919,071
Industria de Diseno Textil S.A.^(a)		20,295		698,257

				2,584,851

Sweden-1.21%
Saab AB, Class B		1,194		61,128
SSAB AB, Class A		3,374		20,185
SSAB AB, Class B^(a)		8,503		49,255
Swedbank AB, Class A		14,532		237,699
Volvo AB, Class B		21,309		421,311

				789,578

Switzerland-1.04%
ABB Ltd.		20,284		678,474


United Kingdom-6.07%
3i Group PLC		18,343		430,587
BAE Systems PLC		32,003		428,728
Centrica PLC		95,234		181,779
HSBC Holdings PLC		242,612		1,743,718
Informa PLC		16,543		142,847

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


		27

Invesco S&P International Developed Momentum ETF (IDMO)–(continued)

October 31, 2023


	Shares		Value
United Kingdom-(continued)
Melrose Industries PLC, (Acquired 09/15/2023 - 10/23/2023; Cost $110,065)^(d)		17,669	$	100,127
Rolls-Royce Holdings PLC^(b)		149,395		390,485
Sage Group PLC (The)		14,776		174,028
Standard Chartered PLC		23,768		181,700
Subsea 7 S.A.		3,588		47,019
Whitbread PLC		2,577		104,069
Wise PLC, Class A^(b)		5,671		45,803

				3,970,890


United States-3.73%
CRH PLC		12,070		647,515
Flex Ltd.^(b)		7,261		186,753
Holcim AG^(b)		9,009		555,162
Stellantis N.V.		32,379		602,353
Swiss Re AG		4,149		451,897

				2,443,680

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $66,544,954)				65,396,955


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-5.78%
Invesco Private Government Fund, 5.32%^(e)(f)(g)		1,058,661	$	1,058,661
Invesco Private Prime Fund, 5.53%^(e)(f)(g)		2,722,703		2,722,975

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,781,575)				3,781,636

TOTAL INVESTMENTS IN SECURITIES-105.72% (Cost $70,326,529)				69,178,591
OTHER ASSETS LESS LIABILITIES-(5.72)%				(3,740,344	)

NET ASSETS-100.00%			$	65,438,247

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at October 31, 2023.

^(b)	Non-income producing security.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at October 31, 2023 represented less than 1% of the Fund’s Net Assets.

^(d)	Restricted security. The value of this security at October 31, 2023 represented less than 1% of the Fund’s Net Assets.

^(e)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	6,262,263		$	(6,262,263	)		$	-		$	-			$	-		$	1,370

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			66,406			8,133,590			(7,141,335	)			-			-				1,058,661			25,057	*

Invesco Private Prime Fund			170,719			15,496,778			(12,944,464	)			65			(123	)			2,722,975			68,003	*


Total		$	237,125		$	29,892,631		$	(26,348,062	)		$	65		$	(123	)		$	3,781,636		$	94,430

*	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, 2023.

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

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


		28

Statements of Assets and Liabilities

October 31, 2023


	Invesco S&P Emerging Markets Low Volatility ETF (EELV)				Invesco S&P Emerging Markets Momentum ETF (EEMO)				Invesco S&P International Developed Low Volatility ETF (IDLV)				Invesco S&P International Developed Momentum ETF (IDMO)
Assets:
Unaffiliated investments in securities, at value^(a)		$	694,094,628			$	4,542,772			$	535,444,475			$	65,396,955
Affiliated investments in securities, at value			15,892,538				63,368				33,350,656				3,781,636
Foreign currencies, at value			5,800,952				6,689				-				-
Deposits with brokers:
Cash segregated as collateral			9,253,748				-				-				-
Receivable for:
Dividends			700,959				14,626				2,146,452				286,780
Securities lending			30,461				10				14,877				801
Investments sold			8,787,455				-				100				2,019
Fund shares sold			14,201				-				-				-
Foreign tax reclaims			3,340				50				938,144				14,308

Total assets			734,578,282				4,627,515				571,894,704				69,482,499


Liabilities:
Due to custodian			5,021,012				-				1,443,666				248,684
Due to foreign custodian			-				-				8,791				77
Payable for:
Investments purchased.			3,827				-				-				-
Collateral upon return of securities loaned			15,892,617				57,868				33,350,437				3,781,575
Collateral upon receipt of securities in-kind			9,253,748				-				-				-
Fund shares repurchased			8,813,093				-				-				-
Accrued unitary management fees			201,499				1,381				129,226				13,916
Accrued tax expenses			-				14,534				-				-
Other payables			-				461				-				-

Total liabilities			39,185,796				74,244				34,932,120				4,044,252

Net Assets		$	695,392,486			$	4,553,271			$	536,962,584			$	65,438,247


Net assets consist of:
Shares of beneficial interest.		$	909,176,936			$	7,365,159			$	816,740,428			$	69,696,783
Distributable earnings (loss)			(213,784,450	)			(2,811,888	)			(279,777,844	)			(4,258,536	)

Net Assets		$	695,392,486			$	4,553,271			$	536,962,584			$	65,438,247

Shares outstanding (unlimited amount authorized, $0.01 par value)			31,500,000				350,000				21,000,000				2,050,000
Net asset value		$	22.08			$	13.01			$	25.57			$	31.92

Market price		$	22.00			$	13.03			$	25.75			$	32.41

Unaffiliated investments in securities, at cost		$	732,026,429			$	4,748,298			$	577,364,830			$	66,544,954

Affiliated investments in securities, at cost		$	15,892,617			$	63,367			$	33,350,437			$	3,781,575

Foreign currencies (due to foreign custodian), at cost		$	5,829,966			$	6,724			$	(7,410	)		$	(67	)

^(a)Includes securities on loan with an aggregate value of:		$	13,490,977			$	53,310			$	31,609,231			$	3,493,023

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


		29

Statements of Operations

For the year ended October 31, 2023


	Invesco S&P Emerging Markets Low Volatility ETF (EELV)				Invesco S&P Emerging Markets Momentum ETF (EEMO)				Invesco S&P International Developed Low Volatility ETF (IDLV)				Invesco S&P International Developed Momentum ETF (IDMO)
Investment income:
Unaffiliated dividend income		$	35,473,601			$	238,095			$	21,617,162			$	1,447,731
Affiliated dividend income			18,435				133				7,440				1,370
Securities lending income, net			160,739				95				296,281				9,990
Foreign withholding tax			(3,923,117	)			(19,127	)			(1,728,517	)			(106,779	)

Total investment income			31,729,658				219,196				20,192,366				1,352,312


Expenses:
Unitary management fees			2,467,190				14,076				1,357,811				90,975

Less: Waivers			(335	)			(4	)			(213	)			(29	)

Net expenses			2,466,855				14,072				1,357,598				90,946

Net investment income			29,262,803				205,124				18,834,768				1,261,366


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(2,876,014	)			(289,348	)^(a)			(17,194,691	)			776,284
Affiliated investment securities			(873	)			3				(2,834	)			(123	)
In-kind redemptions			13,256,881				-				3,401,851				-
Foreign currencies			(1,239,344	)			(4,576	)			(135,473	)			(3,951	)

Net realized gain (loss)			9,140,650				(293,921	)			(13,931,147	)			772,210

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			42,769,232				(64,695	)^(b)			22,664,322				(868,206	)
Affiliated investment securities			(68	)			1				146				65
Foreign currencies			(25,429	)			(246	)			64,239				(2,483	)

Change in net unrealized appreciation (depreciation)			42,743,735				(64,940	)			22,728,707				(870,624	)

Net realized and unrealized gain (loss)			51,884,385				(358,861	)			8,797,560				(98,414	)

Net increase (decrease) in net assets resulting from operations		$	81,147,188			$	(153,737	)		$	27,632,328			$	1,162,952

^(a)	Net of foreign taxes of $50.

^(b)	Net of foreign taxes of $(3,857).

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


		30

Statements of Changes in Net Assets

For the years ended October 31, 2023 and 2022


	Invesco S&P Emerging Markets Low Volatility ETF (EELV)						Invesco S&P Emerging Markets Momentum ETF (EEMO)
	2023			2022			2023			2022
Operations:
Net investment income	$	29,262,803		$	32,915,434		$	205,124		$	143,323
Net realized gain (loss)		9,140,650			(74,840,745	)		(293,921	)		(795,443	)
Change in net unrealized appreciation (depreciation)		42,743,735			(114,823,682	)		(64,940	)		(507,039	)

Net increase (decrease) in net assets resulting from operations		81,147,188			(156,748,993	)		(153,737	)		(1,159,159	)


Distributions to Shareholders from:
Distributable earnings		(25,734,498	)		(35,911,398	)		(234,874	)		(147,705	)


Shareholder Transactions:
Proceeds from shares sold		159,947,585			1,130,799,843			-			773,925
Value of shares repurchased		(425,129,689	)		(396,266,066	)		-			(791,495	)
Transaction fees		764,961			1,825,266			-			2,831

Net increase (decrease) in net assets resulting from share transactions		(264,417,143	)		736,359,043			-			(14,739	)

Net increase (decrease) in net assets		(209,004,453	)		543,698,652			(388,611	)		(1,321,603	)


Net assets:
Beginning of year		904,396,939			360,698,287			4,941,882			6,263,485

End of year	$	695,392,486		$	904,396,939		$	4,553,271		$	4,941,882


Changes in Shares Outstanding:
Shares sold		7,000,000			45,650,000			-			50,000
Shares repurchased		(17,950,000	)		(17,600,000	)		-			(50,000	)
Shares outstanding, beginning of year		42,450,000			14,400,000			350,000			350,000

Shares outstanding, end of year		31,500,000			42,450,000			350,000			350,000

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


		31


Invesco S&P International Developed Low Volatility ETF (IDLV)						Invesco S&P International Developed Momentum ETF (IDMO)
2023			2022			2023			2022

$	18,834,768		$	19,373,224		$	1,261,366		$	246,583
	(13,931,147	)		(12,748,214	)		772,210			(674,824	)
	22,728,707			(101,102,593	)		(870,624	)		(1,307,273	)

	27,632,328			(94,477,583	)		1,162,952			(1,735,514	)


	(19,375,414	)		(26,853,850	)		(1,219,860	)		(320,959	)


	150,677,569			99,707,399			56,800,297			3,128,960
	(53,131,341	)		(247,910,310	)		-			(9,078,999	)
	-			-			-			-

	97,546,228			(148,202,911	)		56,800,297			(5,950,039	)

	105,803,142			(269,534,344	)		56,743,389			(8,006,512	)


	431,159,442			700,693,786			8,694,858			16,701,370

$	536,962,584		$	431,159,442		$	65,438,247		$	8,694,858


	5,650,000			3,450,000			1,750,000			100,000
	(1,950,000	)		(8,300,000	)		-			(250,000	)
	17,300,000			22,150,000			300,000			450,000

	21,000,000			17,300,000			2,050,000			300,000


		32

Financial Highlights

Invesco S&P Emerging Markets Low Volatility ETF (EELV)


	Years Ended October 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of year	$	21.30		$	25.05		$	19.94		$	23.23		$	23.02

Net investment income^(a)		0.80			1.05			0.74			0.72			0.74
Net realized and unrealized gain (loss) on investments		0.70			(3.69	)		5.03			(3.33	)		0.58

Total from investment operations		1.50			(2.64	)		5.77			(2.61	)		1.32


Distributions to shareholders from:
Net investment income		(0.74	)		(1.17	)		(0.67	)		(0.72	)		(1.12	)

Transaction fees^(a)		0.02			0.06			0.01			0.04			0.01

Net asset value at end of year	$	22.08		$	21.30		$	25.05		$	19.94		$	23.23

Market price at end of year^(b)	$	22.00		$	21.40		$	25.08		$	19.82		$	23.12

Net Asset Value Total Return^(c)		7.01	%		(10.68	)%		29.21	%		(10.92	)%		5.87	%
Market Price Total Return^(c)		6.13	%		(10.40	)%		30.16	%		(11.03	)%		5.32	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	695,392		$	904,397		$	360,698		$	269,207		$	335,632
Ratio to average net assets of:
Expenses, after Waivers		0.29	%		0.29	%		0.29	%		0.29	%		0.29	%
Expenses, prior to Waivers		0.29	%		0.29	%		0.29	%		0.38	%		0.45	%
Net investment income		3.44	%		4.42	%		3.13	%		3.42	%		3.14	%
Portfolio turnover rate^(d)		71	%		136	%		92	%		114	%		67	%

^(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.


		33

Financial Highlights–(continued)

Invesco S&P Emerging Markets Momentum ETF (EEMO)


	Years Ended October 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of year	$	14.12		$	17.90		$	16.49		$	16.97		$	17.23

Net investment income^(a)		0.59			0.43	^(b)		0.27	^(c)		0.32			0.40
Net realized and unrealized gain (loss) on investments.		(1.03	)		(3.78	)		1.32			(0.46	)		1.61

Total from investment operations		(0.44	)		(3.35	)		1.59			(0.14	)		2.01


Distributions to shareholders from:
Net investment income		(0.67	)		(0.44	)		(0.19	)		(0.34	)		(0.43	)
Net realized gains.		-			-			-			-			(1.85	)

Total distributions		(0.67	)		(0.44	)		(0.19	)		(0.34	)		(2.28	)

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

Net asset value at end of year	$	13.01		$	14.12		$	17.90		$	16.49		$	16.97

Market price at end of year^(e)	$	13.03		$	14.07		$	17.72		$	16.51		$	16.92


Net Asset Value Total Return^(f)		(3.27	)%		(18.82	)%		9.66	%		0.20	%		13.60	%
Market Price Total Return^(f)		(2.76	)%		(18.28	)%		8.44	%		0.59	%		13.66	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	4,553		$	4,942		$	6,263		$	5,770		$	5,941
Ratio to average net assets of:
Expenses, after Waivers		0.29	%		0.29	%		0.29	%		0.29	%		0.36	%^(g)(h)
Expenses, prior to Waivers		0.29	%		0.29	%		0.29	%		0.37	%		0.53	%^(g)(h)
Net investment income		4.23	%		2.64	%^(b)		1.43	%^(c)		2.10	%		2.42	%^(h)
Portfolio turnover rate⁽ⁱ⁾		115	%		114	%		166	%		172	%		114	%

^(a)	Based on average shares outstanding.

^(b)

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.32 and 1.98%, respectively.

^(c)

^(d)	Amount represents less than $0.005.

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

^(f)

^(g)

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

^(h)	Ratios include non-recurring costs associated with a proxy statement of 0.08%.

⁽ⁱ⁾	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.


		34

Financial Highlights–(continued)

Invesco S&P International Developed Low Volatility ETF (IDLV)


	Years Ended October 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of year	$	24.92		$	31.63		$	27.37		$	34.58		$	30.83

Net investment income^(a)		0.94			0.98			0.83			0.83			1.15
Net realized and unrealized gain (loss) on investments		0.70			(6.32	)		4.17			(6.40	)		3.79

Total from investment operations		1.64			(5.34	)		5.00			(5.57	)		4.94


Distributions to shareholders from:
Net investment income		(0.99	)		(1.37	)		(0.74	)		(1.64	)		(1.19	)

Net asset value at end of year	$	25.57		$	24.92		$	31.63		$	27.37		$	34.58

Market price at end of year^(b)	$	25.75		$	24.92		$	31.69		$	27.43		$	34.57


Net Asset Value Total Return^(c)		6.42	%		(17.33	)%		18.34	%		(16.49	)%		16.33	%
Market Price Total Return^(c)		7.17	%		(17.50	)%		18.31	%		(16.28	)%		16.56	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	536,963		$	431,159		$	700,694		$	774,564		$	989,052
Ratio to average net assets of:
Expenses, after Waivers		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Expenses, prior to Waivers		0.25	%		0.25	%		0.25	%		0.30	%		0.35	%
Net investment income		3.47	%		3.29	%		2.69	%		2.77	%		3.51	%
Portfolio turnover rate^(d)		67	%		78	%		81	%		99	%		59	%

^(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.


		35

Financial Highlights–(continued)

Invesco S&P International Developed Momentum ETF (IDMO)


	Years Ended October 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of year	$	28.98		$	37.11		$	28.96		$	26.85		$	24.86

Net investment income^(a)		1.13			0.97			0.50			0.04			0.61
Net realized and unrealized gain (loss) on investments		2.87	^(b)		(7.84	)		8.25			2.58			2.12

Total from investment operations.		4.00			(6.87	)		8.75			2.62			2.73


Distributions to shareholders from:
Net investment income		(1.06	)		(1.26	)		(0.60	)		(0.51	)		(0.74	)

Net asset value at end of year	$	31.92		$	28.98		$	37.11		$	28.96		$	26.85

Market price at end of year^(c)	$	32.41		$	29.21		$	37.16		$	28.92		$	26.79

Net Asset Value Total Return^(d)		13.82	%		(18.73	)%		30.43	%		10.14	%		11.30	%
Market Price Total Return^(d)		14.62	%		(18.21	)%		30.80	%		10.24	%		11.42	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	65,438		$	8,695		$	16,701		$	298,237		$	2,685
Ratio to average net assets of:
Expenses, after Waivers		0.25	%		0.25	%		0.25	%		0.25	%		0.53	%^(e)
Expenses, prior to Waivers		0.25	%		0.25	%		0.25	%		0.26	%		0.63	%^(e)
Net investment income		3.47	%		2.93	%		1.42	%		0.13	%		2.39	%^(e)
Portfolio turnover rate^(f)		131	%		106	%		29	%		15	%		104	%

^(a)	Based on average shares outstanding.

^(b)	Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

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

^(d)

^(e)	Ratios include non-recurring costs associated with a proxy statement of 0.27%.

^(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.


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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

October 31, 2023

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 S&P Emerging Markets Low Volatility ETF (EELV)		“S&P Emerging Markets Low Volatility ETF”

Invesco S&P Emerging Markets Momentum ETF (EEMO)		“S&P Emerging Markets Momentum ETF”

Invesco S&P International Developed Low Volatility ETF (IDLV)		“S&P International Developed Low Volatility ETF”

Invesco S&P International Developed Momentum ETF (IDMO)		“S&P International Developed Momentum 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 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 (“APs”), 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

S&P Emerging Markets Low Volatility ETF		S&P BMI Emerging Markets Low Volatility Index^TM

S&P Emerging Markets Momentum ETF		S&P Momentum Emerging Plus LargeMidCap Index

S&P International Developed Low Volatility ETF		S&P BMI International Developed Low Volatility^TMIndex

S&P International Developed Momentum ETF		S&P Momentum Developed ex-U.S. & South Korea LargeMidCap Index

NOTE 2–Significant Accounting Policies

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

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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,


		37

odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask 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, significant governmental actions 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.

The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued 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. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.


		38

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 a 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 a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

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

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

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

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

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

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

Foreign Withholding Taxes - Each Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. Each Fund may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. Each Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for Foreign tax reclaims on the Statements of Assets and Liabilities. There is no guarantee that a Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as Foreign withholding tax claims in the Statements of Operations, and any related interest is included in Unaffiliated interest income. Each Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are excluded from the unitary management fee and are reflected on the Statements of Operations as Professional fees, if any. In the event tax refunds received by a Fund during the fiscal year exceed the foreign withholding taxes paid by a Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing


		39

agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds’ shareholders. For the fiscal year ended October 31, 2023, the Funds did not enter into any closing agreements.

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

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended October 31, 2023, each Fund had affiliated securities lending transactions with Invesco. Fees


		40

paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:


	Amount

S&P Emerging Markets Low Volatility ETF		$352

S&P Emerging Markets Momentum ETF		1

S&P International Developed Low Volatility ETF		6

S&P International Developed Momentum ETF		8

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

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

L. Other Risks

AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

Currency Risk. Because each Fund’s NAV is determined in U.S. dollars, a Fund’s NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund’s overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on a Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.

Emerging Markets Investment Risk. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. In addition, lack of relevant data and reliable public information, including


		41

financial information, about securities in emerging markets may contribute to incorrect weightings and data and computational errors when a Fund’s index provider selects securities for inclusion in the Fund’s Underlying Index or rebalances the Underlying Index.

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

Foreign Investment Risk. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. If a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns. From time to time, certain companies in which the Funds invest may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. Government and the United Nations and/or in countries the U.S. Government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. Government identifies as state sponsors of terrorism or subjects to sanctions.

Geographic Concentration Risk. A Fund may from time to time have a substantial amount of its assets invested in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on a Fund’s investment performance. For example, 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 country or geographic region and adversely impact the Fund’s investments in the affected region.

Index Risk. Unlike many investment companies that are “actively managed”, 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. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

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


		42

Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund’s NAV.

Momentum Investing Risk. For certain Funds, the momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of a Fund may suffer.

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-Diversification Risk. To the extent certain Funds become non-diversified, such Funds may invest a greater portion of their respective assets in securities of individual issuers than can a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase certain Funds’ volatility and cause the performance of a relatively small number of issuers to have a greater impact on such Funds’ performance.

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

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

Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

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 pays 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 an Interested Trustee, 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)

S&P Emerging Markets Low Volatility ETF		0.29%

S&P Emerging Markets Momentum ETF		0.29%

S&P International Developed Low Volatility ETF		0.25%

S&P International Developed Momentum ETF		0.25%


		43

(including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does 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, 2023, the Adviser waived fees for each Fund in the following amounts:



S&P Emerging Markets Low Volatility ETF	$	335

S&P Emerging Markets Momentum ETF		4

S&P International Developed Low Volatility ETF		213

S&P International Developed Momentum ETF		29

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 on behalf of each Fund with S&P Dow Jones Indices LLC (the “Licensor”).

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

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

For the fiscal year ended October 31, 2023, the Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:



S&P Emerging Markets Low Volatility ETF	$	1,590

S&P Emerging Markets Momentum ETF		35

S&P International Developed Low Volatility ETF		10,553

S&P International Developed Momentum ETF		3,204

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

NOTE 4–Additional Valuation Information

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


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

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

Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s 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, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.



	Level 1		Level 2		Level 3		Total

S&P Emerging Markets Low Volatility ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	693,608,658	$	-	$	485,970	$	694,094,628

Money Market Funds		-		15,892,538		-		15,892,538

Total Investments	$	693,608,658	$	15,892,538	$	485,970	$	709,987,166


		44



	Level 1		Level 2		Level 3		Total

S&P Emerging Markets Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	4,542,671	$	101	$	0	$	4,542,772

Money Market Funds		5,499		57,869		-		63,368


Total Investments	$	4,548,170	$	57,970	$	0	$	4,606,140


S&P International Developed Low Volatility ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	535,444,475	$	-	$	-	$	535,444,475
Money Market Funds		-		33,350,656		-		33,350,656

Total Investments	$	535,444,475	$	33,350,656	$	-	$	568,795,131


S&P International Developed Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	65,396,955	$	-	$	-	$	65,396,955

Money Market Funds		-		3,781,636		-		3,781,636

Total Investments	$	65,396,955	$	3,781,636	$	-	$	69,178,591

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, 2023 and 2022:


	2023		2022
	Ordinary		Ordinary
	Income*		Income*

S&P Emerging Markets Low Volatility ETF	$	25,734,498	$	35,911,398

S&P Emerging Markets Momentum ETF		234,874		147,705

S&P International Developed Low Volatility ETF		19,375,414		26,853,850

S&P International Developed Momentum ETF		1,219,860		320,959

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

Tax Components of Net Assets at Fiscal Year-End:


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

S&P Emerging Markets Low Volatility ETF		$7,321,312		$(56,955,948	)		$(33,788	)		$(164,116,026	)		$909,176,936		$695,392,486

S&P Emerging Markets Momentum ETF		4,085		(209,913	)		(14,903	)		(2,591,157	)		7,365,159		4,553,271

S&P International Developed Low Volatility ETF		1,504,403		(44,579,699	)		(52,175	)		(236,650,373	)		816,740,428		536,962,584

S&P International Developed Momentum ETF		241,526		(1,299,937	)		(3,919	)		(3,196,206	)		69,696,783		65,438,247

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

The Funds have capital loss carryforwards as of October 31, 2023, as follows:


	No expiration
	Short-Term		Long-Term		Total*

S&P Emerging Markets Low Volatility ETF	$	120,854,722	$	43,261,304	$	164,116,026

S&P Emerging Markets Momentum ETF		2,572,388		18,769		2,591,157

S&P International Developed Low Volatility ETF		130,716,253		105,934,120		236,650,373

S&P International Developed Momentum ETF		2,866,147		330,059		3,196,206

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


		45

NOTE 6–Investment Transactions

For the fiscal year ended October 31, 2023, 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

S&P Emerging Markets Low Volatility ETF	$	598,723,105	$	774,602,940

S&P Emerging Markets Momentum ETF		5,539,500		5,591,078

S&P International Developed Low Volatility ETF		365,583,175		359,666,815

S&P International Developed Momentum ETF		48,969,542		47,995,709

For the fiscal year ended October 31, 2023, in-kind transactions associated with creations and redemptions were as follows:


	In-kind		In-kind
	Purchases		Sales

S&P Emerging Markets Low Volatility ETF	$	55,901,178	$	141,574,457

S&P Emerging Markets Momentum ETF		-		-

S&P International Developed Low Volatility ETF		144,091,728		52,330,925

S&P International Developed Momentum ETF		55,833,297		-

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. As of October 31, 2023, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:


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

S&P Emerging Markets Low Volatility ETF		$30,582,435		$(87,538,383	)		$(56,955,948	)		$766,943,114

S&P Emerging Markets Momentum ETF		405,677		(615,590	)		(209,913	)		4,816,053

S&P International Developed Low Volatility ETF		14,893,106		(59,472,805	)		(44,579,699	)		613,374,830

S&P International Developed Momentum ETF		2,622,532		(3,922,469	)		(1,299,937	)		70,478,528

NOTE 7–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, passive foreign investment companies and foreign currency 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, 2023, the reclassifications were as follows:


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

S&P Emerging Markets Low Volatility ETF		$	3,233,630			$	(15,566,598	)		$	12,332,968

S&P Emerging Markets Momentum ETF			(1	)			-				1

S&P International Developed Low Volatility ETF			959,205				(3,818,034	)			2,858,829

S&P International Developed Momentum ETF			87,935				(87,937	)			2

NOTE 8–Trustees’ and Officer’s Fees

The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. The Interested Trustee does not receive any Trustees’ fees.

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

NOTE 9–Capital


		46

per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP 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 AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’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.


		47

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P International Developed Low Volatility ETF and Invesco S&P International Developed Momentum ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P International Developed Low Volatility ETF and Invesco S&P International Developed Momentum ETF (four of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of October 31, 2023, the related statements of operations for the year ended October 31, 2023, the statements of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2023 (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, 2023, 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, 2023 and each of the financial highlights for each of the five years in the period ended October 31, 2023 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, 2023 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 21, 2023

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.


		48

Calculating your ongoing Fund expenses

Example

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2023 through October 31, 2023.

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 transaction costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.


					Annualized
	Beginning		Ending		Expense Ratio		Expenses Paid
	Account Value		Account Value		Based on the		During the
	May 1, 2023		October 31, 2023		Six-Month Period		Six-Month Period⁽¹⁾
Invesco S&P Emerging Markets Low Volatility ETF (EELV)

Actual		$1,000.00		$ 955.50		0.29%		$1.43

Hypothetical (5% return before expenses)		1,000.00		1,023.74		0.29		1.48

Invesco S&P Emerging Markets Momentum ETF (EEMO)

Actual		1,000.00		993.20		0.29		1.46

Hypothetical (5% return before expenses)		1,000.00		1,023.74		0.29		1.48

Invesco S&P International Developed Low Volatility ETF (IDLV)

Actual		1,000.00		923.50		0.25		1.21

Hypothetical (5% return before expenses)		1,000.00		1,023.95		0.25		1.28

Invesco S&P International Developed Momentum ETF (IDMO)

Actual		1,000.00		984.10		0.25		1.25

Hypothetical (5% return before expenses)		1,000.00		1,023.95		0.25		1.28

⁽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, 2023. 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.


		49

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, 2023:


			Corporate
	Qualified	Qualified	Dividends	U.S.	Business
	Business	Dividend	Received	Treasury	Interest
	Income*	Income*	Deduction*	Obligations*	Income*

Invesco S&P Emerging Markets Low Volatility ETF	0%	43%	0%	0%	0%

Invesco S&P Emerging Markets Momentum ETF	0%	48%	0%	0%	0%

Invesco S&P International Developed Low Volatility ETF	0%	61%	0%	0%	0%
Invesco S&P International Developed Momentum ETF	0%	71%	0%	0%	0%

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

The Funds intend to elect to pass through to shareholders the credit for taxes paid to foreign countries. The foreign source income and foreign taxes paid per share are as follows:


	Foreign Taxes			Foreign Source
	Per Share			Income Per Share

Invesco S&P Emerging Markets Low Volatility ETF		$	0.1233		$	1.1223

Invesco S&P Emerging Markets Momentum ETF			0.0546			0.6798

Invesco S&P International Developed Low Volatility ETF			0.0707			1.0109

Invesco S&P International Developed Momentum ETF			0.0488			0.7062


		50

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 November 28, 2023


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 Chair of the Board; Chair of the Nominating and Governance Committee and Trustee	Vice Chair since 2018; Chair 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).	213	Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, 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	Formerly, Assistant Professor of Business, Trinity Christian College (2010-2016); 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.	213	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.


		51

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, 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, Director, The Boeing Company (2009-2021); Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chair (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).

213

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.


		52

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).

213

Trustee Emerita

(2017-Present), Trustee (2000-2017) and Chair

(2010-2017),

Newberry Library;

Trustee, Chikaming

Open Lands

(2014-Present); Member (2002-

Present), Rockefeller Trust Committee; formerly, Trustee, Mather LifeWays (2001-2021); 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.


		53

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	Chair of the Audit Committee and Trustee	Chair of the Audit Committee since 2008; Trustee since 2007	Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); 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).	213	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	Chair of the Investment Oversight Committee and Trustee	Chair 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).	213	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.


		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

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.

213

Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-2021), Independent Directors Council (IDC); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Advisory Board Director, The Alberleen Group LLC (2012-2021); 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.


		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
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.	213	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	Chair of the Board and Trustee	Chair since 2012; Trustee since 2007	Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair 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); Chair, 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).	213	Director, Penfield Children’s Center (2004-Present); Board Chair, 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.


		56

Trustees and Officers–(continued)

The executive officers of the Trust, their term of office and length of time served, and their principal business occupations during at least the past five years are shown below:


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
Brian Hartigan–1978 Invesco Capital Management LLC 3500 Lacey Road Suite 700 Downers Grove, IL 60515	President and Principal Executive Officer	Since 2023	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 (2023-Present); Managing Director and Global Head of ETFs, Indexed Strategies, SMAs and Model Portfolios, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2023-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2023-Present); Director, Co-Chief Executive Officer and Co-President, Invesco Capital Markets, Inc. (2020-Present); Manager and President, Invesco Investment Advisers LLC (2020-Present); formerly, Global Head of ETF Investments and Indexed Strategy (2020-2023); Global Head of ETF Investments (2017-2020); Head of Investments-PowerShares (2015-2017) and Executive Director, Product Development, Invesco Capital Markets, Inc. (2010-2015).

Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza 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 (2020-Present) and Senior Vice President (2023-Present), The Invesco Funds; formerly, Vice President, The Invesco Funds (2020-2023); Senior Vice President and Treasurer, Fidelity Investments (2008-2020).

Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza 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.


		57

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 (2020-Present) and Secretary (2022-Present), Invesco Indexing LLC; 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); Vice President, Invesco Advisers, Inc. (2020-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).

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).

*	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.


		58

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

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.


		59

(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.


©2023 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-TRST2-HBLV-AR-2	invesco.com/ETFs


		Invesco Annual Report to Shareholders October 31, 2023
		PBTP		Invesco 0-5 Yr US TIPS ETF (formerly, Invesco PureBeta^SM 0-5 Yr US TIPS ETF)

		PCY		Invesco Emerging Markets Sovereign Debt ETF

		PGHY		Invesco Global ex-US High Yield Corporate Bond ETF (formerly, 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			4

Schedules of Investments

Invesco 0-5 Yr US TIPS ETF (PBTP)			14

Invesco Emerging Markets Sovereign Debt ETF (PCY)			15

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)			18

Invesco International Corporate Bond ETF (PICB)			28

Statements of Assets and Liabilities			36

Statements of Operations			37

Statements of Changes in Net Assets			38

Financial Highlights			40

Notes to Financial Statements			43

Report of Independent Registered Public Accounting Firm			54

Fund Expenses			55

Tax Information			56

Trustees and Officers			57


		2

The Market Environment

Fixed Income

The beginning of the fiscal year was headlined by the US Federal Reserve (the Fed) continuing its rapid tightening of monetary policy in an effort to combat inflation via higher interest rates, while simultaneously engineering a soft landing so as to not push the economy into a recession. The Fed aggressively raised its federal funds rate at the beginning of the fiscal year: a 0.75% hike in November 2022, its largest hike since 1994, a 0.50% hike in December and a 0.25% hike in January, to a target federal funds rate of 4.50% to 4.75%.¹

A January 2023 rally gave way to a February selloff as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the risk of a deeper than expected recession. In March, significant volatility plagued fixed income markets as the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread pushed overall corporate spread premiums wider over the fiscal year. However, issues did not seem to be systemic, as policymakers responded swiftly which calmed markets. The Fed, aiming to further stabilize markets, continued course with its hawkish policy and announced two 0.25% hikes in March and May, resulting in a target federal funds rate of 5.00% to 5.25%.¹ Markets stabilized due to milder inflation data and better-than-expected corporate earnings.

Through the second quarter of 2023, global economic growth remained resilient but bifurcated as emerging markets and Asian economies showed robust growth while developed western economies had sluggish yet positive growth. US labor markets maintained momentum with unemployment still at historic lows despite a slight uptick at the end of May. Inflation generally eased in developed economies, largely driven by moderation in the goods component of inflation. However, core inflation remained more stubborn and led developed country central banks to continue tightening, showcased by another 0.25% hike by the Fed in July, increasing the target rate from 5.25% to 5.50%, its highest level since June 2006.¹ While rates remained elevated across all maturities on the yield curve, the two-year Treasury rates increased from 3.45% to 4.85% during the fiscal year, while 10-year Treasury rates increased from 3.53% to 4.48%.² At the end of the fiscal year, the yield curve remained inverted. Additionally, in August, US debt was downgraded by the Fitch credit rating agency from AAA to AA^† on the premise of expected fiscal deterioration over the next three years.³ Despite the higher-than-expected Gross Domestic Product for the third quarter, the Fed held interest rates steady at its September and October 2023 meetings, but left open the possibility of another rate hike

before the end of the calendar year.¹ As of the end of the fiscal year, we believe markets have priced in that the Fed is near the end or has finished its interest rate hiking cycle, with the expectation that the US is likely to avoid a substantial broad-based recession. We anticipate economic activity will remain relatively resilient. In the US, we believe rate hikes are ending and inflation will continue to fall significantly, albeit imperfectly. As we enter 2024, we expect a more positive growth outlook to unfold as the US economy recovers.

¹	Source: Federal Reserve of Economic Data

²	Source: US Department of the Treasury

³	Source: Fitch Ratings

†

A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. Not Rated indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on S&P Global Ratings’ rating methodology, please visit spglobal.com and select ‘Understanding Credit Ratings’ under ‘AboutRatings’ on the homepage. For more information on Moody’s rating methodology, please visit ratings.moodys.com and select ‘RatingMethodologies’ on the homepage.


		3


PBTP		Management’s Discussion of Fund Performance
PBTP		Invesco 0-5 Yr US TIPS ETF (PBTP)

Effective after the close of markets on August 25, 2023, the Fund’s name changed from Invesco PureBeta^SM 0-5 Yr US TIPS ETF to Invesco 0-5 Yr US TIPS ETF (the “Fund”).

As an index fund, the Fund is passively managed and seeks to track the investment results (before fees and expenses) of the ICE BofA 0-5 Year US Inflation-Linked Treasury Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of the shorter maturity subset of the U.S. Treasury Inflation-Protected Securities (“TIPS”) market, represented by TIPS with a remaining maturity of at least one month and less than five years. TIPS are U.S. dollar-denominated, U.S. government debt securities that are publicly offered for sale in the United States. TIPS are “inflation-linked”, meaning that their principal and interest payments are tied to inflation (as measured by the Consumer Price Index). TIPS are issued by the U.S. Treasury, and their payments are supported by the full faith and credit of the United States.

To qualify for inclusion in the Index, securities must have: (i) at least one month but less than five years remaining term to final maturity; (ii) at least 18 months to maturity when issued; (iii) a minimum amount outstanding of $1 billion; and (iv) meet certain additional inclusion criteria detailed below. Original issue zero coupon bonds may be included in the Index, and the amounts outstanding of qualifying coupon securities are not reduced by any portions that have been stripped. Index constituents are market capitalization weighted. The Fund generally invests in all of the securities comprising its Index in proportion to their weightings in the Index.

During the fiscal year ended October 31, 2023, on a market price basis, the Fund returned 2.62%. On a net asset value (“NAV”) basis, the Fund returned 2.66%. During the same time period, the Index returned 2.67%. During the fiscal year, the Fund fully 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 the fees and expenses that the Fund incurred during the period.

For the fiscal year ended October 31, 2023, bonds with maturities of less than 1 year contributed most significantly to the Fund’s return, followed by bonds with maturities of 1 year. Bonds with maturities of 3 & 4 years detracted from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included U.S. Treasury Inflation-Indexed Note, 0.63% coupon, due 01/15/2024 (portfolio average weight of 5.25%) and U.S. Treasury Inflation-

Indexed Note, 0.13% coupon, due 07/15/2024 (portfolio average weight of 5.08%). Positions that detracted from the Fund’s return included U.S. Treasury Inflation-Indexed Note, 3.63% coupon, due 04/15/2028 (portfolio average weight of 3.30%) and U.S. Treasury Inflation-Indexed Note, 1.25% coupon, due 04/15/2028 (portfolio average weight of 3.80%).


Duration Breakdown (% of the Fund’s Net Assets) as of October 31, 2023
Maturing in 0-5 Years			99.84
Money Market Funds Plus Other Assets Less Liabilities			0.16

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2023
Security
U.S. Treasury Inflation — Indexed Notes, 0.63%, 01/15/2024			5.26
U.S. Treasury Inflation — Indexed Notes, 0.63%, 01/15/2026			5.13
U.S. Treasury Inflation — Indexed Notes, 0.13%, 07/15/2024			5.09
U.S. Treasury Inflation — Indexed Notes, 0.25%, 01/15/2025			5.03
U.S. Treasury Inflation — Indexed Notes, 0.38%, 07/15/2025			5.00
U.S. Treasury Inflation — Indexed Notes, 0.38%, 01/15/2027			4.47
U.S. Treasury Inflation — Indexed Bonds, 2.38%, 01/15/2025			4.43
U.S. Treasury Inflation — Indexed Notes, 0.50%, 01/15/2028			4.34
U.S. Treasury Inflation — Indexed Notes, 0.13%, 07/15/2026			4.34
U.S. Treasury Inflation — Indexed Notes, 0.13%, 04/15/2026			4.29
Total			47.38

*	Excluding money market fund holdings.


		4

Invesco 0-5 Yr US TIPS ETF (PBTP) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of October 31, 2023


				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
ICE BofA 0-5 Year US Inflation-Linked Treasury Index		2.67	%		2.11	%		6.48	%		2.98	%		15.83	%		2.52	%		16.42	%
Fund
NAV Return		2.66			2.04			6.25			2.88			15.27			2.43			15.79
Market Price Return		2.62			2.04			6.25			2.89			15.31			2.44			15.83

Fund Inception: September 22, 2017

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 0.07% 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 index stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The index does 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 Index and Fund Performance History:

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


		5


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 Markets USD Liquid Balanced Index (the “Index”). The Fund generally will invest at least 80% of its total assets in components 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 measures potential returns of a theoretical portfolio of liquid U.S. dollar- denominated government bonds from emerging market countries. The Index is composed of one to three securities from each of the eligible emerging market countries set forth in the prospectus that (i) are denominated in U.S. dollars, (ii) are sovereign or quasi-sovereign bonds, (iii) generally have at least three years to maturity at the time of rebalancing, (iv) have an outstanding amount 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, 2023, on a market price basis, the Fund returned 13.12%. On a net asset value (“NAV”) basis, the Fund returned 11.89%. During the same time period, the Index returned 12.04%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period, which was partially offset by positive impacts from sampling.

During this same time period, the JP Morgan Emerging Market Bond Global Index (the “Benchmark Index”) returned 6.94%. 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 El Salvador bonds and most underweight in China bonds during the fiscal year ended October 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to El Salvador bonds and Pakistan bonds, respectively.

For the fiscal year ended October 31, 2023, El Salvador bonds contributed most significantly to the Fund’s return followed by Pakistan bonds and Nigeria bonds, respectively. China bonds detracted most significantly from the Fund’s return, followed by Qatar bonds and Saudi Arabia bonds, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included El Salvador Government International Bond, 8.63% coupon, due 02/28/2029 (portfolio average weight of 1.81%) and El Salvador Government International Bond, 6.38% coupon, due 01/18/2027 (portfolio average weight of 1.69%). Positions that detracted most significantly from the Fund’s return during this period included Indonesia Government International Bond, 3.35% coupon, due 03/12/2071 (portfolio average weight of 0.92%) and Saudi Arabia Government International Bond, 3.45% coupon, due 02/02/2061 (portfolio average weight of 0.95%).


		6

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


Country Breakdown (% of the Fund’s Net Assets) as of October 31, 2023
El Salvador			5.03
Pakistan			3.62
Nigeria			3.28
Turkey			3.26
Colombia			3.14
Mongolia			3.11
Morocco			3.08
Brazil			3.07
Costa Rica			3.07
Dominican Republic			3.05
Oman			3.03
Kenya			3.02
Paraguay			2.99
Kazakhstan			2.98
Panama			2.96
United Arab Emirates			2.94
Romania			2.91
Guatemala			2.90
Hungary			2.89
Jordan			2.89
Chile			2.88
Peru			2.88
Bahrain			2.87
South Africa			2.87
Indonesia			2.85
Philippines			2.84
Mexico			2.81
Qatar			2.81
Saudi Arabia			2.79
China			2.73
Angola			2.70
Egypt			2.62
Kuwait			1.57
Money Market Funds Plus Other Assets Less Liabilities			1.56


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2023
Security
El Salvador Government International Bond, 8.63%, 02/28/2029			1.77
El Salvador Government International Bond, 6.38%, 01/18/2027			1.66
El Salvador Government International Bond, 8.25%, 04/10/2032			1.61
Kuwait International Government Bond, 3.50%, 03/20/2027			1.57
Republic of Kenya Government International Bond, 7.25%, 02/28/2028			1.53
Kazakhstan Government International Bond, 6.50%, 07/21/2045			1.52
Republic of Kenya Government International Bond, 8.25%, 02/28/2048			1.49
Kazakhstan Government International Bond, 4.88%, 10/14/2044			1.46
Pakistan Government International Bond, 6.88%, 12/05/2027			1.26
Pakistan Government International Bond, 8.88%, 04/08/2051			1.19
Total			15.06

*	Excluding money market fund holdings.


		7

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

Growth of a $10,000 Investment

LOGO

Fund Performance History as of October 31, 2023


				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 Markets USD Liquid Balanced Index		12.04	%		(8.26	)%		(22.80	)%		(2.34	)%		(11.15	)%		0.93	%		9.68	%		3.84	%		83.02	%
JP Morgan Emerging Market Bond Global Index		6.94			(4.69	)		(13.43	)		0.07			0.36			1.82			19.81			4.09			90.39
Fund
NAV Return		11.89			(7.44	)		(20.71	)		(2.12	)		(10.15	)		0.74			7.67			3.23			66.53
Market Price Return		13.12			(7.44	)		(20.69	)		(2.11	)		(10.13	)		0.72			7.46			3.17			64.97

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 stated above 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.


		8


PGHY		Management’s Discussion of Fund Performance
PGHY		Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)

Effective after the close of markets on August 25, 2023, the Invesco Global Short Term High Yield Bond ETF changed its name to Invesco Global ex-US High Yield Corporate Bond ETF (the “Fund”) and underlying index changed from the DB Global Short Maturity High Yield Bond Index (the “Previous Index”) to the ICE USD Global High Yield Excluding US Issuers Constrained Index (the “Index”). At that time, the Fund also changed its investment objective and investment policies.

As an index fund, the Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Index, and through August 25, 2023, the Previous Index. The Fund generally will invest at least 80% of its total assets in components that comprise the Index, and through August 25, 2023, the Previous Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is composed of U.S. dollar denominated below investment grade corporate debt (commonly referred to as “high yield securities” or “junk bonds”) publicly issued in the U.S. domestic and eurobond markets by non-U.S. issuers. To be eligible for inclusion in the Index, a security must: (i) have a country of risk associated with a country other than the United States, including both developed and emerging markets countries; (ii) have a composite rating (based on an average of the ratings of Moody’s Investor Services (“Moody’s”), S&P Global Ratings (“S&P”) and Fitch Ratings Inc. (“Fitch”)) no greater than BB1 and no lower than CCC3; (iii) have at least one day until final maturity; (iv) have at least 18 months to final maturity at the time of issuance; (v) have a fixed coupon schedule; and (vi) have a minimum amount outstanding of $500 million. Eurodollar bonds (USD bonds not issued in the U.S. domestic market) and Rule 144A securities (both with and without registration rights) qualify for inclusion in the Index. 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, 2023, on a market price basis, the Fund returned 5.40%. On a net asset value (“NAV”) basis, the Fund returned 5.28%. During the same time period, the Blended-Invesco Global ex-US High Yield Corporate Bond Benchmark (a composite of the returns of the Previous Index through August 25, 2023, and the Index for the remainder of the fiscal year, referred to herein as the “Blended Index”) returned 6.88%. The Fund’s performance, on a NAV basis, differed from the return of the Blended Index primarily due to fees and operating expenses that the Fund incurred during the period, as well as costs associated with portfolio rebalancing, sampling, and trading.

During this same time period, ICE BofA 0-5 Year US High Yield Constrained Index (the “Benchmark Index”) returned 6.41%. The

Benchmark Index is an unmanaged index comprised of US dollar-denominated, below investment-grade corporate debt securities publicly issued in the US domestic market with remaining maturities of less than five years. 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 consumer discretionary sector during the fiscal year ended October 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s underweight allocation to the consumer discretionary sector.

For the fiscal year ended October 31, 2023, the financials sector contributed most significantly to the Fund’s return. 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, 2023, included Pakistan Government International Bond, 8.25% coupon, due 04/15/2024, (no longer held at fiscal year-end) and El Salvador Government International Bond, 5.88% coupon, due 01/30/2025, (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included Sino-Ocean Land Treasure IV Ltd., 2.70% coupon, due 01/13/2025, (no longer held at fiscal year-end) and New Metro Global Ltd., 4.63% coupon, due 10/15/2025, (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2023
Financials			18.64
Communication Services			16.24
Energy			16.05
Materials			14.47
Industrials			10.83
Consumer Discretionary			9.43
Utilities			6.41
Sector Types Each Less Than 3%			6.50
Money Market Funds Plus Other Assets Less Liabilities			1.43


		9

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY) (continued)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2023
Security
Industrial and Commercial Bank of China Ltd., 3.20%			1.61
Bank of Communications Co. Ltd., 3.80%			0.77
1011778 BC ULC/New Red Finance, Inc., 4.00%, 10/15/2030			0.70
Teva Pharmaceutical Finance Netherlands III B.V., 3.15%, 10/01/2026			0.64
Vodafone Group PLC, 7.00%, 04/04/2079			0.57
Bombardier, Inc., 7.88%, 04/15/2027			0.54
Telecom Italia S.p.A., 5.30%, 05/30/2024			0.51
Connect Finco S.a.r.l./Connect US Finco LLC, 6.75%, 10/01/2026			0.50
Global Aircraft Leasing Co. Ltd., 7.25% PIK Rate, 6.50% Cash Rate, 6.50%, 09/15/2024			0.50
Altice France S.A., 8.13%, 02/01/2027			0.49
Total			6.83

*	Excluding money market fund holdings.

Growth of a $10,000 Investment

LOGO

Fund Performance History as of October 31, 2023


	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
Blended—Invesco Global ex-US High Yield Corporate Bond Benchmark		6.88	%		0.92	%		2.77	%		1.24	%		6.33	%		3.29	%		38.23	%		3.49	%		42.70	%
ICE USD Global High Yield Excluding US Issuers Constrained Index		N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A
DB Global Short Maturity High Yield Bond Index		8.58			1.45			4.41			1.56			8.03			3.47			40.71			3.67			45.26
ICE BofA 0-5 Year US High Yield Constrained Index		6.41			3.68			11.46			3.24			17.27			3.79			45.00			4.09			51.46
Fund
NAV Return		5.28			0.87			2.64			1.30			6.66			2.54			28.46			2.72			32.08
Market Price Return		5.40			0.78			2.36			1.36			6.97			2.42			27.05			2.73			32.15


		10

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY) (continued)

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.

-	The Blended-Invesco Global ex-US High Yield Corporate Bond Benchmark is comprised of the performance of the Previous Index from Fund inception until the conversion date, August 25, 2023, followed by the performance of the Index thereafter through October 31, 2023.

-	Performance information is not available for periods prior to the Index’s commencement date of July 11, 2023.


		11


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 the components that comprise the Index.

S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) constructs the Index, which is composed of investment grade corporate bonds issued by foreign issuers and denominated 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, 2023, on a market price basis, the Fund returned 7.58%. On a net asset value (“NAV”) basis, the Fund returned 7.38%. During the same time period, the Index returned 7.13%. The Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the positive effects of sampling, which were partially offset by the fees and expenses that the Fund incurred during the period.

During this same time period, the Bloomberg Pan-European Aggregate Index (the “Benchmark Index”) returned 6.10%. 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 information technology sector during the fiscal year ended October 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed the Fund’s overweight allocation to the financials sector.

For the fiscal year ended October 31, 2023, the financials sector contributed most significantly to the Fund’s return. No sector detracted from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included Enel Finance International N.V., 5.75% coupon, due 09/14/2040, (portfolio average weight of 0.45%), and Cooperative Rabobank U.A., 4.63% coupon, due 05/23/2029, (portfolio average weight of 0.39%). Positions that detracted most significantly from the Fund’s return included Vodafone Group PLC, 5.13% coupon, due 12/02/2052, (portfolio average weight of 0.19%), and Engie

S.A., 5.63% coupon, due 04/03/2053, (portfolio average weight of 0.30%).


Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2023
Financials			55.98
Utilities			13.12
Communication Services			7.04
Industrials			4.98
Consumer Discretionary			4.36
Energy			4.30
Sector Types Each Less Than 3%			8.86
Money Market Funds Plus Other Assets Less Liabilities			1.36

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2023
Security
Toronto-Dominion Bank (The), 2.67%, 09/09/2025			0.65
Royal Bank of Canada, 3.37%, 09/29/2025			0.60
Toronto-Dominion Bank (The), 4.21%, 06/01/2027			0.59
NTT Finance Corp., Series 16, 0.18%, 12/19/2025			0.57
NTT Finance Corp., Series 18, 0.38%, 09/20/2030			0.55
Royal Bank of Canada, 4.63%, 05/01/2028			0.51
Electricite de France S.A., 6.13%, 06/02/2034			0.50
Bank of Montreal, 4.71%, 12/07/2027			0.48
Bank of Montreal, 4.31%, 06/01/2027			0.47
Bank of Nova Scotia (The), 1.85%, 11/02/2026			0.47
Total			5.39

*	Excluding money market fund holdings.


		12

Invesco International Corporate Bond ETF (PICB) (continued)

Growth of a $10,000 Investment

LOGO

Fund Performance History as of October 31, 2023


	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)		7.13	%		(8.11	)%		(22.42	)%		(2.43	)%		(11.56	)%		(1.78	)%		(16.42	)%		0.79	%		11.20	%
Bloomberg Pan-European Aggregate Index		6.10			(9.89	)		(26.84	)		(3.56	)		(16.57	)		(2.10	)		(19.10	)		0.44			6.04
Fund
NAV Return		7.38			(8.13	)		(22.47	)		(2.41	)		(11.50	)		(1.71	)		(15.86	)		0.85			12.06
Market Price Return		7.58			(8.12	)		(22.43	)		(2.34	)		(11.18	)		(1.70	)		(15.79	)		0.82			11.53

Fund Inception: June 3, 2010

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.

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.


		13

Invesco 0-5 Yr US TIPS ETF (PBTP)

October 31, 2023

Schedule of Investments


	Principal Amount		Value
U.S. Treasury Securities-99.84%
U.S. Treasury Inflation – Indexed Bonds-17.50%^(a)
2.38%, 01/15/2025	$	3,097,345	$	3,058,463
2.00%, 01/15/2026		2,101,477		2,059,669
2.38%, 01/15/2027		1,702,263		1,685,307
1.75%, 01/15/2028		1,574,576		1,522,476
3.63%, 04/15/2028		2,170,027		2,265,501
2.38%, 10/15/2028		1,503,585		1,499,426

				12,090,842


U.S. Treasury Inflation – Indexed Notes-82.34%^(a)
0.63%, 01/15/2024		3,665,799		3,632,937
0.50%, 04/15/2024		2,664,901		2,620,099
0.13%, 07/15/2024		3,603,185		3,520,058
0.13%, 10/15/2024		2,864,493		2,779,490
0.25%, 01/15/2025		3,611,797		3,477,754
0.13%, 04/15/2025		2,861,413		2,732,332
0.38%, 07/15/2025		3,607,108		3,455,653
0.13%, 10/15/2025		2,759,172		2,618,269
0.63%, 01/15/2026		3,725,627		3,544,769
0.13%, 04/15/2026		3,171,652		2,966,676
0.13%, 07/15/2026		3,206,914		2,999,609
0.13%, 10/15/2026		2,924,005		2,719,392


	Principal Amount		Value
U.S. Treasury Inflation – Indexed Notes-(continued)
0.38%, 01/15/2027	$	3,320,413	$	3,086,133
0.13%, 04/15/2027		2,912,410		2,668,408
0.38%, 07/15/2027		3,149,849		2,914,024
1.63%, 10/15/2027		2,816,760		2,723,526
0.50%, 01/15/2028		3,268,084		3,000,243
1.25%, 04/15/2028		2,763,284		2,613,314
0.75%, 07/15/2028		3,046,817		2,819,803

				56,892,489

Total U.S. Treasury Securities (Cost $73,646,777)				68,983,331


	Shares
Money Market Funds-0.14%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(b)(c) (Cost $96,987)		96,987		96,987

TOTAL INVESTMENTS IN SECURITIES-99.98% (Cost $73,743,764)				69,080,318
OTHER ASSETS LESS LIABILITIES-0.02%				13,286

NET ASSETS-100.00%			$	69,093,604

Notes to Schedule of Investments:

^(a)	Principal amount of security and interest payments are adjusted for inflation. See Note 2J.

^(b)


	Value October 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain		Value October 31, 2023		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$59,418		$4,134,891		$(4,097,322)		$-		$-		$96,987		$2,861

^(c)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

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


		14

Invesco Emerging Markets Sovereign Debt ETF (PCY)

October 31, 2023

Schedule of Investments


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.44%
Angola-2.70%
Angolan Government International Bond
8.75%, 04/14/2032^(a)	$	15,123,000	$	11,810,730
9.38%, 05/08/2048^(a)		16,022,000		11,448,120
9.13%, 11/26/2049^(a)		16,138,000		11,357,117

				34,615,967


Bahrain-2.87%
Bahrain Government International Bond
6.00%, 09/19/2044^(a)		16,816,000		12,215,983
7.50%, 09/20/2047^(a)		14,653,000		12,294,014
6.25%, 01/25/2051^(a)		17,200,000		12,361,124

				36,871,121


Brazil-3.07%
Brazilian Government International Bond
5.63%, 01/07/2041		16,243,000		13,276,152
5.63%, 02/21/2047		17,128,000		13,182,631
4.75%, 01/14/2050^(b)		19,361,000		12,995,988

				39,454,771


Chile-2.88%
Chile Government International Bond
4.34%, 03/07/2042^(b)		15,980,000		12,417,043
4.00%, 01/31/2052^(b)		17,843,000		12,343,498
5.33%, 01/05/2054		14,400,000		12,248,014

				37,008,555


China-2.73%
China Government International Bond
4.00%, 10/19/2048^(a)(b)		15,040,000		12,047,421
2.25%, 10/21/2050^(a)		21,103,000		11,514,446
2.50%, 10/26/2051^(a)		20,123,000		11,517,904

				35,079,771


Colombia-3.14%
Colombia Government International Bond
7.38%, 09/18/2037		14,306,000		12,948,427
6.13%, 01/18/2041		17,867,000		13,721,256
5.63%, 02/26/2044		19,485,000		13,702,036

				40,371,719


Costa Rica-3.07%
Costa Rica Government International Bond
5.63%, 04/30/2043^(a)		16,651,000		13,315,337
7.00%, 04/04/2044^(a)(b)		14,068,000		12,944,717
7.16%, 03/12/2045^(a)(b)		14,052,000		13,166,411

				39,426,465


Dominican Republic-3.05%
Dominican Republic International Bond
7.45%, 04/30/2044^(a)		14,097,000		12,753,193
6.85%, 01/27/2045^(a)		15,672,000		13,119,362
6.50%, 02/15/2048^(a)(b)		16,557,000		13,242,518

				39,115,073


Egypt-2.62%
Egypt Government International Bond
7.50%, 01/31/2027^(a)		16,019,000		11,173,253


	Principal Amount		Value
Egypt-(continued)
6.59%, 02/21/2028^(a)	$	17,500,000	$	11,232,200
7.60%, 03/01/2029^(a)		17,940,000		11,221,129

				33,626,582


El Salvador-5.03%
El Salvador Government International Bond
6.38%, 01/18/2027^(a)		25,866,000		21,264,829
8.63%, 02/28/2029^(a)		27,745,000		22,762,108
8.25%, 04/10/2032^(a)		26,094,000		20,615,629

				64,642,566


Guatemala-2.90%
Guatemala Government Bond
5.25%, 08/10/2029^(a)		14,415,000		13,079,340
3.70%, 10/07/2033^(a)(b)		16,845,000		12,472,423
4.65%, 10/07/2041^(a)		16,803,000		11,682,109

				37,233,872


Hungary-2.89%
Hungary Government International Bond
7.63%, 03/29/2041		12,227,000		12,562,142
3.13%, 09/21/2051^(a)		22,677,000		12,180,270
6.75%, 09/25/2052^(a)		13,390,000		12,415,275

				37,157,687


Indonesia-2.85%
Indonesia Government International Bond
6.75%, 01/15/2044^(a)		12,355,000		12,989,295
4.45%, 04/15/2070		16,361,000		12,008,754
3.35%, 03/12/2071		19,902,000		11,588,618

				36,586,667


Jordan-2.89%
Jordan Government International Bond
7.50%, 01/13/2029^(a)		13,186,000		12,308,960
5.85%, 07/07/2030^(a)		15,298,000		12,985,707
7.38%, 10/10/2047^(a)		15,614,000		11,853,212

				37,147,879


Kazakhstan-2.98%
Kazakhstan Government International Bond
4.88%, 10/14/2044^(a)		22,713,000		18,780,358
6.50%, 07/21/2045^(a)		19,839,000		19,538,201

				38,318,559


Kenya-3.02%
Republic of Kenya Government International Bond
7.25%, 02/28/2028^(a)		24,176,000		19,692,561
8.25%, 02/28/2048^(a)		27,072,000		19,072,765

				38,765,326


Kuwait-1.57%
Kuwait International Government Bond, 3.50%, 03/20/2027^(a)		21,322,000		20,212,744


Mexico-2.81%
Mexico Government International Bond
4.60%, 01/23/2046		17,518,750		12,525,798

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


		15

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

October 31, 2023


	Principal Amount		Value
Mexico-(continued)
3.75%, 04/19/2071	$	20,995,000	$	11,675,702
5.75%, 10/12/2110		15,439,000		11,905,537

				36,107,037


Mongolia-3.11%
Mongolia Government International Bond
3.50%, 07/07/2027^(a)		16,569,000		13,916,815
8.65%, 01/19/2028^(a)		13,000,000		12,943,767
4.45%, 07/07/2031^(a)		17,307,000		13,137,921

				39,998,503


Morocco-3.08%
Morocco Government International Bond
6.50%, 09/08/2033^(a)		14,186,000		13,639,697
5.50%, 12/11/2042^(a)		16,747,000		13,129,246
4.00%, 12/15/2050^(a)		21,508,000		12,825,156

				39,594,099


Nigeria-3.28%
Nigeria Government International Bond
7.70%, 02/23/2038^(a)		19,983,000		14,299,735
7.63%, 11/28/2047^(a)		20,297,000		13,755,906
9.25%, 01/21/2049^(a)		17,990,000		14,031,840

				42,087,481


Oman-3.03%
Oman Government International Bond
6.50%, 03/08/2047^(a)		14,723,000		12,899,409
6.75%, 01/17/2048^(a)		14,673,000		13,185,158
7.00%, 01/25/2051^(a)		13,930,000		12,849,589

				38,934,156


Pakistan-3.62%
Pakistan Government International Bond
6.88%, 12/05/2027^(a)		30,183,000		16,114,704
7.38%, 04/08/2031^(a)		30,390,000		15,084,988
8.88%, 04/08/2051^(a)		31,133,000		15,220,145

				46,419,837


Panama-2.96%
Panama Government International Bond
2.25%, 09/29/2032		18,540,000		12,699,751
3.30%, 01/19/2033^(b)		17,361,000		12,898,690
6.40%, 02/14/2035		13,485,000		12,411,657

				38,010,098


Paraguay-2.99%
Paraguay Government International Bond
4.70%, 03/27/2027^(a)(b)		14,376,000		13,738,954
6.10%, 08/11/2044^(a)		14,623,000		12,302,766
5.60%, 03/13/2048^(a)(b)		15,945,000		12,365,039

				38,406,759


Peru-2.88%
Peruvian Government International Bond
5.63%, 11/18/2050		14,205,000		12,584,493
3.55%, 03/10/2051^(b)		19,219,000		12,161,532
3.60%, 01/15/2072		21,411,000		12,231,958

				36,977,983


	Principal Amount		Value
Philippines-2.84%
Philippine Government International Bond
3.20%, 07/06/2046	$	19,255,000	$	12,126,977
4.20%, 03/29/2047		16,095,000		11,991,310
5.95%, 10/13/2047^(b)		12,939,000		12,361,791

				36,480,078


Qatar-2.81%
Qatar Government International Bond
4.63%, 06/02/2046^(a)		14,695,000		12,020,187
5.10%, 04/23/2048^(a)		14,055,000		12,064,924
4.82%, 03/14/2049^(a)		14,564,000		11,949,616

				36,034,727


Romania-2.91%
Romanian Government International Bond
5.13%, 06/15/2048^(a)		16,578,000		12,315,547
4.00%, 02/14/2051^(a)		19,982,000		12,323,779
7.63%, 01/17/2053^(a)		12,884,000		12,708,726

				37,348,052


Saudi Arabia-2.79%
Saudi Government International Bond
4.63%, 10/04/2047^(a)		15,508,000		11,755,684
5.00%, 04/17/2049^(a)		15,066,000		12,033,018
3.45%, 02/02/2061^(a)		20,600,000		12,010,542

				35,799,244


South Africa-2.87%
Republic of South Africa Government International Bond
6.30%, 06/22/2048		17,403,000		12,279,122
5.75%, 09/30/2049		18,573,000		12,129,748
7.30%, 04/20/2052		15,860,000		12,391,973

				36,800,843


Turkey-3.26%
Turkey Government International Bond
9.38%, 03/14/2029		14,040,000		14,343,545
6.88%, 03/17/2036		16,835,000		13,966,417
6.63%, 02/17/2045		18,200,000		13,497,466

				41,807,428


United Arab Emirates-2.94%
Finance Department Government of Sharjah
3.63%, 03/10/2033^(a)		17,173,000		13,290,391
4.00%, 07/28/2050^(a)		21,607,000		12,312,749
4.38%, 03/10/2051^(a)		19,984,000		12,176,451

				37,779,591

Total U.S. Dollar Denominated Bonds & Notes (Cost $1,650,451,389)				1,264,221,240


	Shares
Money Market Funds-0.30%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(c)(d) (Cost $3,890,597)		3,890,597		3,890,597

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.74% (Cost $1,654,341,986)				1,268,111,837

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


		16

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

October 31, 2023


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.34%
Invesco Private Government Fund, 5.32%^(c)(d)(e)		15,584,874	$	15,584,874
Invesco Private Prime Fund, 5.53%^(c)(d)(e)		40,080,262		40,084,270

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $55,668,321)				55,669,144

TOTAL INVESTMENTS IN SECURITIES-103.08% (Cost $1,710,010,307)				1,323,780,981

OTHER ASSETS LESS LIABILITIES-(3.08)%				(39,549,431	)


NET ASSETS-100.00%			$	1,284,231,550

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, 2023 was $885,043,214, which represented 68.92% of the Fund’s Net Assets.

^(b)	All or a portion of this security was out on loan at October 31, 2023.

^(c)


	Value October 31, 2022			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	7,905,005	$	108,582,163	$	(112,596,571	)		$	-		$	-		$	3,890,597	$	213,267

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			15,375,146		132,123,462		(131,913,734	)			-			-			15,584,874		550,764	*

Invesco Private Prime Fund			39,527,745		210,093,439		(209,547,538	)			2,558			8,066			40,084,270		1,468,011	*

Total		$	62,807,896	$	450,799,064	$	(454,057,843	)		$	2,558		$	8,066		$	59,559,741	$	2,232,042

*	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, 2023.

^(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 2K.

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


		17

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)

October 31, 2023

Schedule of Investments


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.19%
Argentina-1.42%
MSU Energy S.A./UGEN S.A./UENSA S.A., 6.88%, 02/01/2025^(a)	$	120,000	$	83,340
Pampa Energia S.A., 7.50%, 01/24/2027^(a)		140,000		130,341
Provincia de Cordoba, 6.88%, 12/10/2025^(a)(b)		184		154
YPF S.A.
8.75%, 04/04/2024^(a)		284,400		270,904
8.50%, 07/28/2025^(a)		433,000		399,320
9.00%, 02/12/2026^(a)		273,701		267,134
6.95%, 07/21/2027^(a)		260,000		196,793
9.00%, 06/30/2029^(a)		285,942		252,587
7.00%, 09/30/2033^(a)		160,000		120,675
7.00%, 12/15/2047^(a)		205,000		130,916

				1,852,164


Australia-1.42%
FMG Resources (August 2006) Pty. Ltd.
4.50%, 09/15/2027^(a)		232,000		209,167
5.88%, 04/15/2030^(a)		269,000		241,755
4.38%, 04/01/2031^(a)		552,000		445,703
6.13%, 04/15/2032^(a)		309,000		273,657
Mineral Resources Ltd.
8.13%, 05/01/2027^(a)		210,000		203,645
8.00%, 11/01/2027^(a)		243,000		235,084
8.50%, 05/01/2030^(a)		250,000		240,690

				1,849,701


Austria-0.17%
Benteler International AG, 10.50%, 05/15/2028^(a)		220,000		221,826


Azerbaijan-0.26%
State Oil Co. of the Azerbaijan Republic (The), 6.95%, 03/18/2030^(a)		340,000		332,425


Bahrain-0.33%
BBK BSC, 5.50%, 07/09/2024^(a)		220,000		216,968
GFH Sukuk Ltd., 7.50%, 01/28/2025^(a)		220,000		218,075

				435,043


Belgium-0.27%
Telenet Finance Luxembourg Notes S.a.r.l., 5.50%, 03/01/2028^(a)		400,000		357,572


Brazil-11.46%
Acu Petroleo Luxembourg S.a.r.l., 7.50%, 01/13/2032^(a)		265,037		239,426
Adecoagro S.A., 6.00%, 09/21/2027^(a)		70,000		64,957
Aegea Finance S.a.r.l., 6.75%, 05/20/2029^(a)		220,000		201,525
Amaggi Luxembourg International S.a.r.l., 5.25%, 01/28/2028^(a)		340,000		310,864
Azul Secured Finance LLP
11.93%, 08/28/2028^(a)		200,000		194,575
10.88%, 05/28/2030^(a)		85,000		65,076
B3 S.A. - Brasil, Bolsa, Balcao, 4.13%, 09/20/2031^(a)		290,000		236,592
Banco Bradesco S.A.
3.20%, 01/27/2025^(a)		160,000		153,602
4.38%, 03/18/2027^(a)		220,000		207,952


	Principal Amount		Value
Brazil-(continued)
Banco BTG Pactual S.A.
4.50%, 01/10/2025^(a)	$	250,000	$	243,071
2.75%, 01/11/2026^(a)		220,000		202,786
Banco do Brasil S.A.
4.75%, 03/20/2024^(a)		340,000		337,291
4.63%, 01/15/2025^(a)		250,000		244,106
3.25%, 09/30/2026^(a)		340,000		310,560
4.88%, 01/11/2029^(a)		220,000		203,135
6.25%, 04/18/2030^(a)		340,000		326,095
Banco Votorantim S.A., 4.38%, 07/29/2025^(a)		240,000		229,348
Braskem Netherlands Finance B.V., 8.50%, 01/23/2081^(a)(c)		270,000		263,841
BRF S.A.
4.88%, 01/24/2030^(a)		260,000		211,522
5.75%, 09/21/2050^(a)		300,000		195,713
Cemig Geracao e Transmissao S.A., 9.25%, 12/05/2024^(a)		300,000		299,477
Centrais Eletricas Brasileiras S.A.
3.63%, 02/04/2025^(a)		220,000		210,325
4.63%, 02/04/2030^(a)		340,000		287,092
Cosan Luxembourg S.A.
5.50%, 09/20/2029^(a)		340,000		303,287
7.50%, 06/27/2030^(a)		250,000		244,116
CSN Inova Ventures, 6.75%, 01/28/2028^(a)		380,000		346,497
CSN Resources S.A.
4.63%, 06/10/2031^(a)		180,000		134,317
5.88%, 04/08/2032^(a)		220,000		174,215
Embraer Netherlands Finance B.V.
5.40%, 02/01/2027^(d)		178,000		172,123
7.00%, 07/28/2030^(a)		200,000		195,430
Globo Comunicacao e Participacoes S.A., 4.88%, 01/22/2030^(a)		235,000		185,785
Itau Unibanco Holding S.A.
3.25%, 01/24/2025^(a)		100,000		96,472
4.50%, 11/21/2029^(a)(c)		340,000		329,680
3.88%, 04/15/2031^(a)(c)		220,000		203,689
Klabin Austria GmbH
5.75%, 04/03/2029^(a)		330,000		312,840
3.20%, 01/12/2031^(a)		220,000		168,716
7.00%, 04/03/2049^(a)(d)		310,000		282,368
MARB BondCo PLC, 3.95%, 01/29/2031^(a)		360,000		264,511
MC Brazil Downstream Trading S.a.r.l., 7.25%, 06/30/2031^(a)		618,401		441,774
MercadoLibre, Inc., 3.13%, 01/14/2031		290,000		219,827
Minerva Luxembourg S.A., 4.38%, 03/18/2031^(a)		370,000		287,440
MV24 Capital B.V., 6.75%, 06/01/2034^(a)		243,771		211,994
NBM US Holdings, Inc., 7.00%, 05/14/2026^(a)		200,000		198,299
Nexa Resources S.A.
5.38%, 05/04/2027^(a)		310,000		283,245
6.50%, 01/18/2028^(a)		220,000		206,751
Petrobras Global Finance B.V.
6.25%, 03/17/2024		79,000		78,683
5.30%, 01/27/2025		97,000		95,541
7.38%, 01/17/2027^(d)		185,000		189,763

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


		18

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)–(continued)

October 31, 2023


	Principal Amount		Value
Brazil-(continued)
6.00%, 01/27/2028	$	298,000	$	294,211
5.09%, 01/15/2030		150,000		137,722
5.60%, 01/03/2031		277,000		259,706
6.50%, 07/03/2033^(d)		300,000		279,799
6.88%, 01/20/2040		183,000		171,436
6.75%, 01/27/2041		133,000		121,948
7.25%, 03/17/2044		196,000		189,225
6.90%, 03/19/2049		203,000		183,616
5.50%, 06/10/2051		181,000		135,475
6.85%, 06/05/2115		400,000		337,873
Petrorio Luxembourg Trading S.a.r.l., 6.13%, 06/09/2026^(a)		270,000		257,047
Rede D’or Finance S.a.r.l.
4.95%, 01/17/2028^(a)		220,000		196,393
4.50%, 01/22/2030^(a)		340,000		276,421
Rumo Luxembourg S.a.r.l.
5.25%, 01/10/2028^(a)		220,000		201,143
4.20%, 01/18/2032^(a)		220,000		169,381
Simpar Europe S.A., 5.20%, 01/26/2031^(a)		280,000		218,628
StoneCo Ltd., 3.95%, 06/16/2028^(a)		220,000		172,764
Usiminas International S.a.r.l., 5.88%, 07/18/2026^(a)		340,000		320,183
XP, Inc., 3.25%, 07/01/2026^(a)		140,000		126,916

				14,916,181


Burkina Faso-0.15%
Endeavour Mining PLC, 5.00%,
10/14/2026^(a)		220,000		194,599


Canada-11.62%
1011778 BC ULC/New Red Finance, Inc.
5.75%, 04/15/2025^(a)		195,000		193,590
3.88%, 01/15/2028^(a)		598,000		534,407
4.38%, 01/15/2028^(a)		287,000		257,965
3.50%, 02/15/2029^(a)		287,000		245,685
4.00%, 10/15/2030^(a)		1,112,000		911,838
Air Canada, 3.88%, 08/15/2026^(a)		463,000		422,121
Algonquin Power & Utilities Corp., 4.75%, 01/18/2082^(c)		292,000		230,827
Baffinland Iron Mines Corp./Baffinland Iron Mines L.P., 8.75%, 07/15/2026^(a)		220,000		212,041
Bombardier, Inc.
7.13%, 06/15/2026^(a)		463,000		446,163
7.88%, 04/15/2027^(a)		724,000		697,580
6.00%, 02/15/2028^(a)		292,000		258,689
7.50%, 02/01/2029^(a)		287,000		265,962
7.45%, 05/01/2034^(a)		130,000		145,596
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC
6.25%, 09/15/2027^(a)		240,000		210,370
4.88%, 02/15/2030^(a)		190,000		144,668
Emera, Inc., Series 16-A, 6.75%, 06/15/2076^(c)		420,000		396,559
Enerflex Ltd., 9.00%, 10/15/2027^(a)		240,000		218,644
Garda World Security Corp.
4.63%, 02/15/2027^(a)		218,000		194,664
9.50%, 11/01/2027^(a)		234,000		212,859
6.00%, 06/01/2029^(a)		196,000		149,630
GFL Environmental, Inc.
4.25%, 06/01/2025^(a)		195,000		187,662


	Principal Amount		Value
Canada-(continued)
3.75%, 08/01/2025^(a)	$	292,000	$	276,501
5.13%, 12/15/2026^(a)		195,000		185,257
4.00%, 08/01/2028^(a)		287,000		247,248
3.50%, 09/01/2028^(a)		287,000		246,049
4.75%, 06/15/2029^(a)		286,000		250,714
4.38%, 08/15/2029^(a)		210,000		179,335
goeasy Ltd., 5.38%, 12/01/2024^(a)		210,000		206,046
Hudbay Minerals, Inc.
4.50%, 04/01/2026^(a)		182,000		169,578
6.13%, 04/01/2029^(a)		182,000		163,072
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC, 6.00%, 09/15/2028^(a)		268,000		220,307
Jones Deslauriers Insurance Management, Inc., 8.50%, 03/15/2030^(a)		276,000		271,429
Kronos Acquisition Holdings, Inc/KIK Custom Products, Inc., 7.00%, 12/31/2027^(a)		199,000		169,384
Mattamy Group Corp.
5.25%, 12/15/2027^(a)		190,000		170,977
4.63%, 03/01/2030^(a)		230,000		188,059
MEG Energy Corp., 5.88%, 02/01/2029^(a)		232,000		216,992
Methanex Corp.
5.13%, 10/15/2027^(d)		229,000		209,783
5.25%, 12/15/2029		265,000		234,611
Northriver Midstream Finance L.P., 5.63%, 02/15/2026^(a)		200,000		189,316
NOVA Chemicals Corp.
4.88%, 06/01/2024^(a)		357,000		351,225
5.00%, 05/01/2025^(a)		198,000		187,197
5.25%, 06/01/2027^(a)		407,000		344,447
4.25%, 05/15/2029^(a)		220,000		162,879
Open Text Corp.
3.88%, 02/15/2028^(a)		342,000		297,629
3.88%, 12/01/2029^(a)		331,000		271,127
Open Text Holdings, Inc.
4.13%, 02/15/2030^(a)		342,000		283,712
4.13%, 12/01/2031^(a)		253,000		199,021
Parkland Corp.
5.88%, 07/15/2027^(a)		190,000		182,109
4.50%, 10/01/2029^(a)		309,000		266,074
4.63%, 05/01/2030^(a)		309,000		263,089
Ritchie Bros. Holdings, Inc.
6.75%, 03/15/2028^(a)		210,000		206,058
7.75%, 03/15/2031^(a)		308,000		309,155
Rogers Communications, Inc., 5.25%, 03/15/2082^(a)(c)		252,000		222,077
Strathcona Resources Ltd., 6.88%, 08/01/2026^(a)		195,000		180,080
Superior Plus L.P./Superior General Partner, Inc., 4.50%, 03/15/2029^(a)		230,000		196,412
Telesat Canada/Telesat LLC, 5.63%, 12/06/2026^(a)		190,000		121,438
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/2026^(a)		250,000		232,762
Videotron Ltd.
5.38%, 06/15/2024^(a)		182,000		180,691

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


		19

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)–(continued)

October 31, 2023


	Principal Amount		Value
Canada-(continued)
5.13%, 04/15/2027^(a)	$	182,000	$	169,561
3.63%, 06/15/2029^(a)		195,000		164,560

				15,123,481


Cayman Islands-0.50%
Global Aircraft Leasing Co. Ltd., 7.25% PIK Rate, 6.50% Cash Rate, 09/15/2024^(a)(e)		723,000		651,629


Chile-0.40%
AES Andes S.A., 7.13%, 03/26/2079^(a)(c)		230,000		216,885
Agrosuper S.A., 4.60%, 01/20/2032^(a)		70,000		56,043
LATAM Airlines Group S.A., 13.38%, 10/15/2029^(a)		230,000		248,134

				521,062


China-3.98%
Bank of Communications Co. Ltd., 3.80%^(a)(c)(f)		1,050,000		998,897
China Hongqiao Group Ltd., 6.25%, 06/08/2024^(a)		220,000		215,259
ENN Clean Energy International Investment Ltd., 3.38%, 05/12/2026^(a)		120,000		110,011
Fortune Star (BVI) Ltd.
6.85%, 07/02/2024^(a)		270,000		245,025
5.95%, 10/19/2025^(a)		310,000		231,827
5.00%, 05/18/2026^(a)		220,000		146,357
5.05%, 01/27/2027^(a)		220,000		134,305
Franshion Brilliant Ltd., 6.00%^(a)(c)(f)		220,000		189,222
Industrial and Commercial Bank of China Ltd., 3.20%^(a)(c)(f)		2,282,000		2,099,296
Powerlong Real Estate Holdings Ltd., 6.25%, 08/10/2024^(a)		225,000		20,531
RKPF Overseas 2020 (A) Ltd., 5.13%, 07/26/2026^(a)		225,000		65,873
West China Cement Ltd., 4.95%, 07/08/2026^(a)		270,000		188,604
Yancoal International Resources Development Co. Ltd., 3.50%, 11/04/2023^(a)		220,000		218,216
Yankuang Group (Cayman) Ltd., 2.90%, 11/30/2024^(a)		220,000		211,134
Yanlord Land (HK) Co. Ltd., 5.13%, 05/20/2026^(a)		220,000		112,488

				5,187,045


Colombia-4.40%
ABRA Global Finance, 5.50% PIK Rate, 6.00% Cash Rate, 03/02/2028^(a)(e)		340,000		262,117
AI Candelaria (Spain) S.A., 5.75%, 06/15/2033^(a)		270,000		184,622
Avianca Midco 2 PLC, 9.00%, 12/01/2028^(a)		400,000		329,150
Banco de Bogota S.A., 6.25%, 05/12/2026^(a)		490,000		462,587
Bancolombia S.A., 4.63%, 12/18/2029^(c)		250,000		219,003
Canacol Energy Ltd., 5.75%, 11/24/2028^(a)		220,000		158,909
Colombia Telecomunicaciones S.A. E.S.P., 4.95%, 07/17/2030^(a)		220,000		145,268
Ecopetrol S.A.
4.13%, 01/16/2025		281,000		271,579
5.38%, 06/26/2026		355,000		340,187
8.63%, 01/19/2029		289,000		288,581
6.88%, 04/29/2030		370,000		333,444
4.63%, 11/02/2031		310,000		232,797


	Principal Amount		Value
Colombia-(continued)
8.88%, 01/13/2033	$	560,000	$	538,175
7.38%, 09/18/2043		208,000		165,683
5.88%, 05/28/2045		470,000		306,785
5.88%, 11/02/2051		180,000		112,985
Empresas Publicas de Medellin E.S.P.
4.25%, 07/18/2029^(a)		250,000		195,684
4.38%, 02/15/2031^(a)		260,000		192,769
EnfraGen Energia Sur S.A./EnfraGen Spain S.A./Prime Energia S.p.A., 5.38%, 12/30/2030^(a)		320,000		213,267
GeoPark Ltd., 5.50%, 01/17/2027^(a)		220,000		184,976
Grupo Aval Ltd., 4.38%, 02/04/2030^(a)(d)		250,000		186,083
Grupo de Inversiones Suramericana S.A., 5.50%, 04/29/2026^(a)		200,000		188,026
SierraCol Energy Andina LLC, 6.00%, 06/15/2028^(a)		270,000		209,414

				5,722,091


Costa Rica-0.13%
Instituto Costarricense de Electricidad, 6.38%, 05/15/2043^(a)		220,000		171,809


Czech Republic-0.24%
Allwyn Entertainment Financing (UK) PLC, 7.88%, 04/30/2029^(a)		310,000		307,198


France-2.93%
Altice France S.A.
8.13%, 02/01/2027^(a)		760,000		641,540
5.50%, 01/15/2028^(a)		480,000		357,105
5.13%, 07/15/2029^(a)		900,000		616,847
5.50%, 10/15/2029^(a)		670,000		460,744
Calderys Financing LLC, 11.25%, 06/01/2028^(a)		210,000		212,100
CGG S.A., 8.75%, 04/01/2027^(a)		220,000		194,374
Electricite de France S.A.
5.63%, ^(a)(c)(f)		170,000		168,156
9.13%, ^(a)(c)(f)		470,000		483,569
Iliad Holding S.A.S.U.
6.50%, 10/15/2026^(a)		340,000		318,048
7.00%, 10/15/2028^(a)		400,000		362,364

				3,814,847


Georgia-0.15%
Georgian Railway JSC, 4.00%, 06/17/2028^(a).		220,000		189,222


Germany-1.59%
Cerdia Finanz GmbH, 10.50%, 12/03/2023^(a)(g)		273,000		269,061
Cheplapharm Arzneimittel GmbH, 5.50%, 01/15/2028^(a)		220,000		195,303
Mercer International, Inc., 5.13%, 02/01/2029^(d)		330,000		259,150
Norddeutsche Landesbank-Girozentrale, 6.25%, 04/10/2024^(a)		200,000		196,500
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/2027^(a)		680,000		619,694
ZF North America Capital, Inc.
4.75%, 04/29/2025^(a)		306,000		295,391

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


		20

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)–(continued)

October 31, 2023


	Principal Amount		Value
Germany-(continued)
6.88%, 04/14/2028^(a)	$	120,000	$	116,418
7.13%, 04/14/2030^(a)		120,000		116,309

				2,067,826


Ghana-0.72%
Kosmos Energy Ltd., 7.13%, 04/04/2026^(a)(d)		290,000		266,711
Tullow Oil PLC
7.00%, 03/01/2025^(a)		280,000		221,284
10.25%, 05/15/2026^(a)		520,000		447,060

				935,055


Guatemala-0.94%
Central American Bottling Corp./CBC Bottling Holdco S.L./Beliv Holdco S.L., 5.25%, 04/27/2029^(a)		279,000		245,927
CT Trust, 5.13%, 02/03/2032^(a)		400,000		307,271
Investment Energy Resources Ltd., 6.25%, 04/26/2029^(a)		310,000		271,552
Millicom International Cellular S.A.
6.25%, 03/25/2029^(a)		144,000		125,144
4.50%, 04/27/2031^(a)		360,000		271,800

				1,221,694


Hong Kong-2.68%
Bank of Communications (Hong Kong) Ltd., 3.73%^(a)(c)(f)		250,000		241,487
Bank of East Asia Ltd. (The)
5.83%, ^(a)(c)(f)		290,000		229,100
5.88%, ^(a)(c)(f)		290,000		250,819
CAS Capital No. 1 Ltd., 4.00%^(a)(c)(f)		340,000		269,457
China CITIC Bank International Ltd.
3.25%, ^(a)(c)(f)		270,000		249,061
4.80%, ^(a)(c)(f)		270,000		256,454
7.10%, ^(a)(c)(f)		220,000		220,000
FWD Group Holdings Ltd., 5.75%, 07/09/2024^(a)		200,000		196,651
Melco Resorts Finance Ltd.
4.88%, 06/06/2025^(a)		250,000		235,065
5.25%, 04/26/2026^(a)		220,000		201,452
5.63%, 07/17/2027^(a)		270,000		235,056
5.75%, 07/21/2028^(a)		180,000		152,933
5.38%, 12/04/2029^(a)		320,000		254,798
Nanyang Commercial Bank Ltd., 6.50%^(a)(c)(f)		290,000		279,002
Seaspan Corp., 5.50%, 08/01/2029^(a)		287,000		220,468

				3,491,803


Hungary-0.22%
OTP Bank Nyrt., 8.75%, 05/15/2033^(a)(c)		290,000		287,382


India-3.78%
Adani Green Energy Ltd., 4.38%, 09/08/2024^(a)		340,000		316,309
Adani Green Energy UP Ltd./Prayatna
Developers Pvt. Ltd./Parampujya Solar
Energy Pvt. Ltd., 6.25%, 12/10/2024^(a)		220,000		210,927
CA Magnum Holdings, 5.38%, 10/31/2026^(a)		250,000		219,183
Delhi International Airport Ltd.
6.13%, 10/31/2026^(a)		230,000		218,776
6.45%, 06/04/2029^(a)		220,000		200,283
Greenko Dutch B.V., 3.85%, 03/29/2026^(a)		203,500		182,005


	Principal Amount		Value
India-(continued)
Greenko Power II Ltd., 4.30%, 12/13/2028^(a)	$	231,875	$	195,193
Greenko Solar Mauritius Ltd.
5.55%, 01/29/2025^(a)		220,000		211,475
5.95%, 07/29/2026^(a)		240,000		221,700
Greenko Wind Projects Mauritius Ltd., 5.50%, 04/06/2025^(a)		150,000		143,179
JSW Hydro Energy Ltd., 4.13%, 05/18/2031^(a)		268,800		212,130
JSW Steel Ltd.
5.95%, 04/18/2024^(a)		220,000		218,735
3.95%, 04/05/2027^(a)		220,000		190,067
5.05%, 04/05/2032^(a)		220,000		170,060
Network i2i Ltd., 5.65%^(a)(c)(f)		250,000		243,169
Periama Holdings LLC, 5.95%, 04/19/2026^(a)		340,000		320,590
ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries, 4.50%, 07/14/2028^(a)		260,000		212,886
Shriram Finance Ltd., 4.40%, 03/13/2024^(a)		328,000		324,040
Vedanta Resources Finance II PLC
13.88%, 01/21/2024^(a)		250,000		222,815
8.95%, 03/11/2025^(a)		340,000		247,576
9.25%, 04/23/2026^(a)		270,000		158,665
Vedanta Resources Ltd., 6.13%, 08/09/2024^(a)		430,000		276,778

				4,916,541


Indonesia-0.83%
Indika Energy Capital IV Pte. Ltd., 8.25%, 10/22/2025^(a)		250,000		247,505
Medco Bell Pte. Ltd., 6.38%, 01/30/2027^(a)		60,000		56,268
Medco Oak Tree Pte. Ltd., 7.38%, 05/14/2026^(a)		240,000		237,577
PT Adaro Indonesia, 4.25%, 10/31/2024^(a)		340,000		327,515
PT Cikarang Listrindo Tbk, 4.95%, 09/14/2026^(a)		230,000		217,966

				1,086,831


Ireland-0.30%
AerCap Global Aviation Trust, 6.50%, 06/15/2045^(a)(c)		220,000		216,052
AerCap Holdings N.V., 5.88%, 10/10/2079^(c)(d)		190,000		178,523

				394,575


Israel-3.00%
Energian Israel Finance Ltd.
4.88%, 03/30/2026^(a)		220,000		194,425
5.38%, 03/30/2028^(a)		220,000		180,774
5.88%, 03/30/2031^(a)		220,000		176,484
8.50%, 09/30/2033^(a)		280,000		245,350
Leviathan Bond Ltd.
6.13%, 06/30/2025^(a)		210,000		195,489
6.50%, 06/30/2027^(a)		210,000		185,238
6.75%, 06/30/2030^(a)		200,000		170,111
Teva Pharmaceutical Finance Co. LLC, 6.15%, 02/01/2036^(d)		220,000		185,077
Teva Pharmaceutical Finance Netherlands III B.V.
6.00%, 04/15/2024^(d)		250,000		248,467
3.15%, 10/01/2026^(d)		945,000		832,885

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


		21

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)–(continued)

October 31, 2023


	Principal Amount		Value
Israel-(continued)
4.75%, 05/09/2027^(d)	$	320,000	$	290,940
6.75%, 03/01/2028		200,000		191,436
5.13%, 05/09/2029^(d)		320,000		279,613
7.88%, 09/15/2029		200,000		197,470
4.10%, 10/01/2046		561,000		336,235

				3,909,994


Italy-3.28%
F-Brasile S.p.A./F-Brasile U.S. LLC, 7.38%, 08/15/2026^(a)		100,000		93,002
Intesa Sanpaolo S.p.A.
5.71%, 01/15/2026^(a)		670,000		635,805
4.20%, 06/01/2032^(a)(c)		340,000		241,899
4.95%, 06/01/2042^(a)(c)		340,000		199,666
Kedrion S.p.A., 6.50%, 09/01/2029^(a)		200,000		167,500
Telecom Italia Capital S.A.
6.38%, 11/15/2033^(d)		386,000		329,519
6.00%, 09/30/2034		386,000		318,089
7.20%, 07/18/2036		386,000		334,132
7.72%, 06/04/2038		386,000		341,178
Telecom Italia S.p.A., 5.30%, 05/30/2024^(a)		670,000		657,535
UniCredit S.p.A.
5.86%, 06/19/2032^(a)(c)		450,000		405,186
5.46%, 06/30/2035^(a)(c)		670,000		549,946

				4,273,457


Jamaica-0.33%
Digicel International Finance Ltd./Digicel international Holdings Ltd.
8.75%, 05/25/2024^(a)		270,000		248,003
8.75%, 05/25/2024^(a)		194,000		178,195

				426,198


Japan-2.78%
Rakuten Group, Inc.
5.13%, ^(a)(c)(f)		340,000		247,505
6.25%, ^(a)(c)(f)		280,000		176,857
3.55%, 11/27/2024^(a)		360,000		340,200
10.25%, 11/30/2024^(a)		100,000		101,251
SoftBank Group Corp.
6.88%, ^(a)(c)(f)		590,000		539,909
4.75%, 09/19/2024^(a)		150,000		146,704
6.00%, 07/30/2025^(a)		200,000		193,772
4.00%, 07/06/2026^(a)		300,000		271,112
5.13%, 09/19/2027^(a)		550,000		495,000
4.63%, 07/06/2028^(a)		360,000		308,856
5.25%, 07/06/2031^(a)		610,000		504,404
Universal Entertainment Corp., 8.75%, 12/11/2024^(a)		289,000		299,377

				3,624,947


Jersey-0.39%
Aston Martin Capital Holdings Ltd., 10.50%, 11/30/2025^(a)		510,000		504,940


Kuwait-0.28%
Kuwait Projects Co. S.P.C Ltd.
4.23%, 10/29/2026^(a)		220,000		189,956
4.50%, 02/23/2027^(a)		200,000		170,130

				360,086


	Principal Amount		Value
Luxembourg-1.55%
Albion Financing 1 S.a.r.l./Aggreko Holdings, Inc., 6.13%, 10/15/2026^(a)	$	250,000	$	231,539
Altice Financing S.A.
5.00%, 01/15/2028^(a)		540,000		439,676
5.75%, 08/15/2029^(a)		720,000		557,550
Altice France Holding S.A.
10.50%, 05/15/2027^(a)		600,000		326,922
6.00%, 02/15/2028^(a)		516,000		226,780
ARD Finance S.A., 7.25% PIK Rate, 6.50% Cash Rate, 06/30/2027^(a)(e)		400,000		233,642

				2,016,109


Macau-2.32%
Champion Path Holdings Ltd.
4.50%, 01/27/2026^(a)		220,000		191,264
4.85%, 01/27/2028^(a)		220,000		172,653
MGM China Holdings Ltd.
5.38%, 05/15/2024^(a)		340,000		334,544
5.88%, 05/15/2026^(a)		340,000		317,342
4.75%, 02/01/2027^(a)		140,000		123,222
Studio City Finance Ltd.
6.50%, 01/15/2028^(a)		220,000		179,773
5.00%, 01/15/2029^(a)		290,000		208,438
Wynn Macau Ltd.
4.88%, 10/01/2024^(a)		270,000		262,570
5.50%, 01/15/2026^(a)		250,000		232,457
5.50%, 10/01/2027^(a)		340,000		296,151
5.63%, 08/26/2028^(a)		410,000		344,373
5.13%, 12/15/2029^(a)		450,000		353,729

				3,016,516


Mexico-4.09%
Alsea S.A.B. de C.V., 7.75%, 12/14/2026^(a)		220,000		219,085
Braskem Idesa S.A.P.I.
7.45%, 11/15/2029^(a)		200,000		126,405
6.99%, 02/20/2032^(a)		340,000		200,777
CEMEX S.A.B. de C.V.
5.13%,^(a)(c)(f)		450,000		416,633
9.13%,^(a)(c)(f)		250,000		256,596
5.45%, 11/19/2029^(a)		340,000		314,599
5.20%, 09/17/2030^(a)		320,000		287,816
3.88%, 07/11/2031^(a)		300,000		243,723
Grupo Aeromexico S.A.B. de C.V., 8.50%, 03/17/2027^(a)		340,000		315,623
Nemak S.A.B. de C.V., 3.63%, 06/28/2031^(a)		220,000		163,155
Petroleos Mexicanos
4.88%, 01/18/2024		11,000		10,941
6.88%, 10/16/2025		60,000		57,650
4.50%, 01/23/2026		70,000		62,965
6.88%, 08/04/2026		134,000		123,811
6.49%, 01/23/2027		100,000		88,625
6.50%, 03/13/2027		270,000		238,401
5.35%, 02/12/2028		100,000		80,781
6.50%, 01/23/2029		80,000		64,468
8.75%, 06/02/2029		90,000		79,657
6.84%, 01/23/2030		160,000		124,700
5.95%, 01/28/2031		225,000		161,134
6.70%, 02/16/2032		450,000		332,087
10.00%, 02/07/2033^(a)		110,000		97,776
6.63%, 06/15/2035		186,000		122,798

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


		22

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)–(continued)

October 31, 2023


	Principal Amount		Value
Mexico-(continued)
6.50%, 06/02/2041	$	70,000	$	41,457
5.50%, 06/27/2044		50,000		26,848
6.38%, 01/23/2045		40,000		22,646
5.63%, 01/23/2046		50,000		26,539
6.75%, 09/21/2047		370,000		209,906
6.35%, 02/12/2048		70,000		38,647
7.69%, 01/23/2050		540,000		333,833
6.95%, 01/28/2060		230,000		130,420
Total Play Telecomunicaciones S.A. de C.V.
7.50%, 11/12/2025^(a)		240,000		174,453
6.38%, 09/20/2028^(a)		282,000		135,278

				5,330,233


Moldova-0.12%
Aragvi Finance International DAC, 8.45%, 04/29/2026^(a)		220,000		151,525


Morocco-0.55%
OCP S.A.
3.75%, 06/23/2031^(a)		340,000		268,643
6.88%, 04/25/2044^(a)		270,000		222,147
5.13%, 06/23/2051^(a)		340,000		219,084

				709,874


Netherlands-1.49%
Trivium Packaging Finance B.V.
5.50%, 08/15/2026^(a)		270,000		245,178
8.50%, 08/15/2027^(a)		310,000		259,099
UPC Broadband Finco B.V., 4.88%, 07/15/2031^(a)		360,000		286,171
VZ Secured Financing B.V., 5.00%, 01/15/2032^(a)		680,000		516,412
Ziggo B.V., 4.88%, 01/15/2030^(a)		440,000		351,806
Ziggo Bond Co. B.V.
6.00%, 01/15/2027^(a)		130,000		119,237
5.13%, 02/28/2030^(a)		220,000		160,508

				1,938,411


Nigeria-0.67%
Access Bank PLC, 6.13%, 09/21/2026^(a)		20,000		16,740
IHS Holding Ltd.
5.63%, 11/29/2026^(a)		220,000		177,990
6.25%, 11/29/2028^(a)		220,000		162,754
IHS Netherlands Holdco B.V., 8.00%, 09/18/2027^(a)		420,000		343,782
Seplat Energy PLC, 7.75%, 04/01/2026^(a)		200,000		169,360

				870,626


Norway-0.23%
Seadrill Finance Ltd., 8.38%, 08/01/2030^(a)		300,000		300,423


Oman-1.19%
Bank muscat SAOG, 4.75%, 03/17/2026^(a)		220,000		210,382
Lamar Funding Ltd., 3.96%, 05/07/2025^(a)		250,000		238,361
Mazoon Assets Co. SAOC, 5.20%, 11/08/2027^(a)		220,000		212,725
OmGrid Funding Ltd., 5.20%, 05/16/2027^(a)		220,000		206,676
OQ SAOC, 5.13%, 05/06/2028^(a)		340,000		321,518


	Principal Amount		Value
Oman-(continued)
Oryx Funding Ltd., 5.80%, 02/03/2031^(a)	$	270,000	$	250,214
Oztel Holdings SPC Ltd., 6.63%, 04/24/2028^(a)		110,000		109,949

				1,549,825


Pakistan-0.08%
Pakistan Water & Power Development Authority, 7.50%, 06/04/2031^(a)		235,000		102,496


Panama-0.40%
C&W Senior Financing DAC, 6.88%, 09/15/2027^(a)		350,000		301,269
Telecomunicaciones Digitales S.A., 4.50%, 01/30/2030^(a)		270,000		213,458

				514,727


Paraguay-0.16%
Telefonica Celular del Paraguay S.A., 5.88%, 04/15/2027^(a)		230,000		207,840


Peru-0.83%
Cia de Minas Buenaventura S.A.A., 5.50%, 07/23/2026^(a)		50,000		43,589
Minsur S.A., 4.50%, 10/28/2031^(a)		220,000		178,870
Peru LNG S.r.l., 5.38%, 03/22/2030^(a)		220,000		168,748
Petroleos del Peru S.A., 5.63%, 06/19/2047^(a)		700,000		386,149
Petroleos del Peru S.A. - Petroperu S.A., 4.75%, 06/19/2032^(a)		450,000		301,812

				1,079,168


Poland-0.12%
Canpack S.A./Canpack US LLC, 3.88%, 11/15/2029^(a)		200,000		157,264


Russia-0.21%
Chelyabinsk Pipe Plant Via Chelpipe Finance DAC, 4.50%, 09/19/2024^(a)(h)		300,000		238,500
O1 Properties Finance PLC, 0.50%, 09/27/2028^(a)		500,000		37,500

				276,000


Saudi Arabia-0.56%
Arabian Centres Sukuk II Ltd., 5.63%, 10/07/2026^(a)		390,000		351,082
Arabian Centres Sukuk Ltd., 5.38%, 11/26/2024^(a)		20,000		19,148
Dar Al-Arkan Sukuk Co. Ltd.
6.75%, 02/15/2025^(a)		70,000		69,261
8.00%, 02/25/2029^(a)		300,000		294,563

				734,054


Singapore-0.23%
GLP Pte. Ltd., 4.50%^(a)(c)(f)		399,000		116,787
Puma International Financing S.A., 5.00%, 01/24/2026^(a)		200,000		179,616

				296,403


South Africa-2.59%
Bidvest Group UK PLC (The), 3.63%, 09/23/2026^(a)		160,000		142,648

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


		23

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)–(continued)

October 31, 2023


	Principal Amount		Value
South Africa-(continued)
Eskom Holdings SOC Ltd.
7.13%, 02/11/2025^(a)	$	413,000	$	405,896
8.45%, 08/10/2028^(a)		220,000		208,972
Liquid Telecommunications Financing PLC, 5.50%, 09/04/2026^(a)		280,000		173,265
MTN (Mauritius) Investments Ltd., 6.50%, 10/13/2026^(a)		220,000		215,666
Sasol Financing USA LLC
5.88%, 03/27/2024		470,000		465,881
4.38%, 09/18/2026^(d)		290,000		254,679
6.50%, 09/27/2028		340,000		301,248
8.75%, 05/03/2029^(a)		250,000		237,730
5.50%, 03/18/2031^(d)		380,000		291,587
Stillwater Mining Co.
4.00%, 11/16/2026^(a)		300,000		259,065
4.50%, 11/16/2029^(a)		240,000		182,871
Transnet SOC Ltd., 8.25%, 02/06/2028^(a)		250,000		237,050

				3,376,558


South Korea-0.19%
Woori Bank, 4.25%^(a)(c)(f)		250,000		241,563


Spain-0.24%
Cellnex Finance Co. S.A., 3.88%, 07/07/2041^(a)		290,000		193,507
Codere Finance 2 (Luxembourg) S.A., 11.63% PIK Rate, 2.00% Cash Rate, 11/30/2027^(a)(i)		209,644		18,344
Grifols S.A., 4.75%, 10/15/2028^(a)		120,000		100,603

				312,454


Switzerland-0.52%
Consolidated Energy Finance S.A., 5.63%, 10/15/2028^(a)		90,000		73,881
Oriflame Investment Holding PLC, 5.13%, 05/04/2026^(a)		260,000		82,680
VistaJet Malta Finance PLC/Vista Management Holding, Inc.
7.88%, 05/01/2027^(a)		195,000		150,362
9.50%, 06/01/2028^(a)		155,000		118,925
6.38%, 02/01/2030^(a)		380,000		253,858

				679,706


Tanzania-0.33%
HTA Group Ltd., 7.00%, 12/18/2025^(a)		440,000		426,413


Thailand-0.46%
Bangkok Bank PCL, 3.73%, 09/25/2034^(a)(c)		340,000		276,861
Kasikornbank PCL, 3.34%, 10/02/2031^(a)(c)		360,000		317,969

				594,830


Togo-0.08%
Ecobank Transnational, Inc., 9.50%, 04/18/2024^(a)		100,000		99,154


Trinidad-0.37%
Heritage Petroleum Co. Ltd., 9.00%, 08/12/2029^(a)		220,000		228,910
Trinidad Generation Unlimited, 5.25%, 11/04/2027^(a)		270,000		259,658

				488,568


	Principal Amount		Value
Turkey-5.48%
Akbank T.A.S.
5.13%, 03/31/2025^(a)	$	220,000	$	212,412
6.80%, 02/06/2026^(a)		200,000		194,565
6.80%, 06/22/2031^(a)(c)		240,000		224,822
Anadolu Efes Biracilik ve Malt Sanayii A.S., 3.38%, 06/29/2028^(a)		220,000		178,757
Aydem Yenilenebilir Enerji A.S., 7.75%, 02/02/2027^(a)		310,000		271,975
Eldorado Gold Corp., 6.25%, 09/01/2029^(a)		195,000		167,436
KOC Holding A.S., 6.50%, 03/11/2025^(a)		340,000		335,974
Mersin Uluslararasi Liman Isletmeciligi A.S., 5.38%, 11/15/2024^(a)		270,000		264,069
QNB Finansbank A.S., 6.88%, 09/07/2024^(a)		290,000		289,801
T.C. Ziraat Bankasi A.S.
5.38%, 03/02/2026^(a)		270,000		251,959
9.50%, 08/01/2026^(a)		220,000		224,405
Turk Telekomunikasyon A.S.
4.88%, 06/19/2024^(a)		220,000		215,237
6.88%, 02/28/2025^(a)		213,000		207,992
Turkiye Ihracat Kredi Bankasi A.S.
8.25%, 01/24/2024^(a)		200,000		200,598
6.13%, 05/03/2024^(a)		200,000		198,946
9.38%, 01/31/2026^(a)		220,000		223,832
5.75%, 07/06/2026^(a)		340,000		318,153
Turkiye Is Bankasi A.S.
6.13%, 04/25/2024^(a)		500,000		497,490
7.75%, 01/22/2030^(a)(c)		340,000		332,017
Turkiye Petrol Rafinerileri A.S., 4.50%, 10/18/2024^(a)		310,000		300,866
Turkiye Sise ve Cam Fabrikalari A.S., 6.95%, 03/14/2026^(a)		310,000		300,102
Turkiye Vakiflar Bankasi T.A.O.
8.13%, 03/28/2024^(a)		270,000		271,349
5.25%, 02/05/2025^(a)		300,000		290,341
6.50%, 01/08/2026^(a)		340,000		327,600
5.50%, 10/01/2026^(a)		235,000		217,144
Ulker Biskuvi Sanayi A.S., 6.95%, 10/30/2025^(a)		200,000		187,261
Yapi ve Kredi Bankasi A.S.
5.85%, 06/21/2024^(a)		226,000		224,447
8.25%, 10/15/2024^(a)		100,000		100,877
7.88%, 01/22/2031^(a)(c)		100,000		96,255

				7,126,682


Ukraine-0.08%
Ukraine Railways Via Rail Capital Markets PLC, 8.25%, 07/09/2026^(a)(h)		200,000		106,224


United Arab Emirates-1.41%
DIB Tier 1 Sukuk (3) Ltd., 6.25%^(a)(c)(f)		340,000		336,873
DP World Salaam, 6.00%^(a)(c)(f)		470,000		459,857
Emirates NBD Bank PJSC, 6.13%^(a)(c)(f)		450,000		439,921
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.13%, 07/31/2026^(a)		400,000		385,448
MAF Global Securities Ltd., 7.88%^(a)(c)(f)		220,000		217,418

				1,839,517


United Kingdom-6.51%
180 Medical, Inc., 3.88%, 10/15/2029^(a)		220,000		183,392

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


		24

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)–(continued)

October 31, 2023


	Principal Amount		Value
United Kingdom-(continued)
British Telecommunications PLC
4.25%, 11/23/2081^(a)(c)	$	240,000	$	209,870
4.88%, 11/23/2081^(a)(c)		220,000		177,545
Celtic Resources Holdings DAC, 4.13%, 10/09/2024^(a)(j)		300,000		0
Connect Finco S.a.r.l./Connect US Finco LLC, 6.75%, 10/01/2026^(a)		703,000		655,123
Drax Finco PLC, 6.63%, 11/01/2025^(a)		235,000		226,389
eG Global Finance PLC
6.75%, 02/07/2025^(a)		315,000		312,110
8.50%, 10/30/2025^(a)		260,000		256,008
Harbour Energy PLC, 5.50%, 10/15/2026^(a)		235,000		217,938
INEOS Quattro Finance 2 PLC, 3.38%, 01/15/2026^(a)		220,000		210,335
Ithaca Energy (North Sea) PLC, 9.00%, 07/15/2026^(a)		280,000		269,343
Jaguar Land Rover Automotive PLC
7.75%, 10/15/2025^(a)		310,000		310,561
4.50%, 10/01/2027^(a)		220,000		189,926
Mclaren Finance PLC, 7.50%, 08/01/2026^(a)		280,000		241,528
Neptune Energy Bondco PLC, 6.63%, 05/15/2025^(a)		200,000		198,185
Petrofac Ltd., 9.75%, 11/15/2026^(a)		270,000		184,017
Rolls-Royce PLC
3.63%, 10/14/2025^(a)		450,000		422,240
5.75%, 10/15/2027^(a)		450,000		426,993
Standard Chartered PLC, 7.01%^(a)(c)(f)		200,000		184,041
Virgin Media Finance PLC, 5.00%, 07/15/2030^(a)		220,000		173,181
Virgin Media Secured Finance PLC
5.50%, 05/15/2029^(a)		440,000		390,058
4.50%, 08/15/2030^(a)		410,000		338,574
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/2028^(a)		220,000		187,021
VMED O2 UK Financing I PLC
4.25%, 01/31/2031^(a)		410,000		322,839
4.75%, 07/15/2031^(a)		430,000		346,518
Vodafone Group PLC
6.25%, 10/03/2078^(a)(c)		440,000		434,729
7.00%, 04/04/2079^(c)(d)		771,000		746,175
3.25%, 06/04/2081^(c)(d)		188,000		165,324
4.13%, 06/04/2081^(c)		380,000		287,967
5.13%, 06/04/2081^(c)		313,000		199,434

				8,467,364


United States-2.47%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
5.25%, 04/30/2025^(a)		110,000		105,828
4.13%, 08/15/2026^(a)		350,000		307,971
5.25%, 08/15/2027^(a)		360,000		262,195
5.25%, 08/15/2027^(a)		250,000		182,080
CITGO Petroleum Corp., 7.00%, 06/15/2025^(a)		100,000		98,365
CNG Holdings, Inc., 14.50%, 06/30/2026^(a)		300,000		258,249
Constellium SE, 3.75%, 04/15/2029^(a)		250,000		206,094
Dresdner Funding Trust I, 8.15%, 06/30/2031^(a)		350,000		366,844


	Principal Amount		Value
United States-(continued)
LCPR Senior Secured Financing DAC
6.75%, 10/15/2027^(a)	$	520,000	$	469,659
5.13%, 07/15/2029^(a)		170,000		132,635
Mohegan Tribal Gaming Authority, 7.88%, 10/15/2024^(a)		500,000		486,305
OPENLANE, Inc., 5.13%, 06/01/2025^(a)		140,000		135,186
Playtika Holding Corp., 4.25%, 03/15/2029^(a)		231,000		186,546
Wesco Aircraft Holdings, Inc., 8.50%, 11/15/2024^(a)		296,000		11,840
WeWork Cos. LLC/WW Co-Obligor, Inc., 5.00%, 07/10/2025^(a)		200,000		7,000
WeWork Cos., Inc., 7.88%, 05/01/2025^(a)		100,000		3,000

				3,219,797


Uruguay-0.10%
Navios South American Logistics, Inc./Navios Logistics Finance US, Inc., 10.75%, 07/01/2025^(a)		135,000		131,079


Uzbekistan-0.19%
Uzbekneftegaz JSC, 4.75%, 11/16/2028^(a)		310,000		244,514


Vietnam-0.21%
Mong Duong Finance Holdings B.V., 5.13%, 05/07/2029^(a)		300,000		272,700


Zambia-1.21%
First Quantum Minerals Ltd.
7.50%, 04/01/2025^(a)		300,000		281,862
6.88%, 03/01/2026^(a)		450,000		396,758
6.88%, 10/15/2027^(a)		670,000		571,996
8.63%, 06/01/2031^(a)		380,000		321,234

				1,571,850

Total U.S. Dollar Denominated Bonds & Notes (Cost $133,284,154)				127,799,691


	Shares
Common Stocks & Other Equity Interests-0.19%
United States-0.19%
Cumulus Media, Inc., Class A^(d)(k)		3		14
Hornbeck Offshore Services, Inc.^(k)(l)		323		15,100
Hornbeck Offshore Services, Inc., Wts., TBA^(j)(k)(l)		3,246		154,185
Hornbeck Offshore Services, Inc., Wts., TBA^(k)(l)		2,673		60,810
PetroQuest Energy, Inc.^(k)		290		0
Premier Brands Group Holdings Co.^(k)(m)		3,222		3,169
Premier Brands Group Holdings Co., Wts., expiring 03/21/2024^(k)(m)		10,096		1,792
TRU Taj LLC/TRU Taj Finance, Inc.^(k)		2,156		6,827
Venator Materials PLC^(k)		1,188,447		4,748

Total Common Stocks & Other Equity Interests (Cost $355,604)				246,645


Preferred Stocks-0.18%
Guitar Center Holdings, Inc., Series A, Pfd., 0.00%^(j)(n) (Cost $220,500)		2,000		240,000

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


		25

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)–(continued)

October 31, 2023


	Shares		Value
Money Market Funds-0.81%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(o)(p) (Cost $1,053,548)		1,053,548	$	1,053,548

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.37% (Cost $134,913,806)				129,339,884


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-3.73%
Invesco Private Government Fund, 5.32%^(o)(p)(q)		1,358,201		1,358,201


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.53%^(o)(p)(q)		3,492,898	$	3,493,247

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $4,851,341)				4,851,448

TOTAL INVESTMENTS IN SECURITIES-103.10% (Cost $139,765,147)				134,191,332
OTHER ASSETS LESS LIABILITIES-(3.10)%				(4,035,281	)

NET ASSETS-100.00%.			$	130,156,051

Investment Abbreviations:

DAC-Designated Activity Co.

Pfd.-Preferred

PIK-Pay-in-Kind

TBA-To Be Announced

Wts.-Warrants

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, 2023 was $111,638,421, which represented 85.77% 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)	Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(d)	All or a portion of this security was out on loan at October 31, 2023.

^(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)	Perpetual bond with no specified maturity date.

^(g)	Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(h)	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, 2023 was $344,724, which represented less than 1% of the Fund’s Net Assets.

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

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

^(k)	Non-income producing security.

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

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

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

^(o)


	Value October 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value October 31, 2023		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$ 4,619,354		$ 72,645,941		$ (76,211,747	)		$ -		$ -		$ 1,053,548		$ 110,091

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


		26

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)–(continued)

October 31, 2023


	Value October 31, 2022			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain			Value October 31, 2023			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	2,658,893	$	15,323,103	$	(16,623,795	)		$	-		$	-		$	1,358,201	$	78,179	*

Invesco Private Prime Fund			6,845,033		32,675,320		(36,027,337	)			160			71			3,493,247		211,476	*


Total		$	14,123,280	$	120,644,364	$	(128,862,879	)		$	160		$	71		$	5,904,996	$	399,746

*	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.

^(p)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(q)	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 2K.

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


		27

Invesco International Corporate Bond ETF (PICB)

October 31, 2023

Schedule of Investments


	Principal Amount			Value
Non-U.S. Dollar Denominated Bonds & Notes-98.64%^(a)
Australia-2.39%
APA Infrastructure Ltd., 3.50%, 03/22/2030^(b)		GBP	200,000	$	204,227
Australia & New Zealand Banking Group Ltd.
4.05%, 05/12/2025		AUD	400,000		249,142
0.75%, 09/29/2026^(b)		EUR	100,000		96,748
Australia and New Zealand Banking Group Ltd., 3.65%, 01/20/2026^(b)		EUR	100,000		104,839
BHP Billiton Finance Ltd., Series 12, 4.30%, 09/25/2042		GBP	350,000		336,621
Commonwealth Bank of Australia
4.20%, 08/18/2025		AUD	350,000		217,792
4.90%, 08/17/2028		AUD	300,000		184,565
Glencore Finance (Europe) Ltd., 3.13%, 03/26/2026^(b)		GBP	146,000		166,556
National Australia Bank Ltd.
3.90%, 05/30/2025		AUD	350,000		217,369
2.90%, 02/25/2027		AUD	400,000		233,825
2.13%, 05/24/2028^(b)		EUR	100,000		98,469
1.38%, 08/30/2028^(b)		EUR	200,000		187,909
NBN Co. Ltd., 1.00%, 12/03/2025^(b)		AUD	450,000		260,442
Sydney Airport Finance Co. Pty. Ltd., 4.38%, 05/03/2033^(b)		EUR	100,000		103,752
Westpac Banking Corp., 3.70%, 01/16/2026^(b)		EUR	100,000		105,119

					2,767,375


Belgium-0.18%
Belfius Bank S.A., 4.13%, 09/12/2029		EUR	200,000		209,861


Canada-21.36%
Bank of Montreal
1.50%, 12/18/2024^(b)		GBP	100,000		115,723
2.37%, 02/03/2025		CAD	550,000		380,367
3.65%, 04/01/2027		CAD	620,000		418,885
4.31%, 06/01/2027		CAD	800,000		550,604
4.71%, 12/07/2027		CAD	800,000		555,813
5.04%, 05/29/2028		CAD	700,000		490,824
Bank of Nova Scotia (The)
1.95%, 01/10/2025		CAD	700,000		482,817
2.16%, 02/03/2025		CAD	600,000		413,783
5.50%, 12/29/2025		CAD	400,000		286,911
1.85%, 11/02/2026		CAD	850,000		549,584
2.95%, 03/08/2027		CAD	700,000		462,749
Bell Canada
3.35%, 03/12/2025		CAD	550,000		384,222
3.00%, 03/17/2031		CAD	300,000		179,892
5.85%, 11/10/2032		CAD	300,000		214,330
3.50%, 09/30/2050		CAD	450,000		213,608
Brookfield Finance II, Inc., 5.43%, 12/14/2032^(b)		CAD	400,000		269,234
Canadian Imperial Bank of Commerce
2.75%, 03/07/2025		CAD	600,000		415,425
2.00%, 04/17/2025		CAD	650,000		443,770
1.10%, 01/19/2026		CAD	400,000		261,751
2.25%, 01/07/2027		CAD	600,000		389,969
4.95%, 06/29/2027		CAD	700,000		491,414


	Principal Amount			Value
Canada-(continued)
CPPIB Capital, Inc.
4.45%, 09/01/2027^(b)		AUD	450,000	$	277,735
4.20%, 05/02/2028^(b)		AUD	500,000		303,161
Federation des caisses Desjardins du Quebec
5.20%, 10/01/2025		CAD	400,000		285,358
1.09%, 01/21/2026		CAD	300,000		196,138
4.41%, 05/19/2027		CAD	300,000		207,384
HSBC Bank Canada, 4.81%, 12/16/2024		CAD	300,000		214,144
National Bank of Canada
2.58%, 02/03/2025		CAD	500,000		346,587
5.30%, 11/03/2025		CAD	400,000		285,833
2.24%, 11/04/2026		CAD	325,000		212,305
5.22%, 06/14/2028		CAD	600,000		423,628
Ontario Teachers’ Finance Trust
0.50%, 05/06/2025^(b)		EUR	200,000		201,102
0.90%, 05/20/2041^(b)		EUR	200,000		127,905
Original Wempi, Inc., 7.79%, 10/04/2027		CAD	400,000		292,063
Rogers Communications, Inc.
3.10%, 04/15/2025		CAD	400,000		277,160
3.65%, 03/31/2027		CAD	600,000		404,201
3.25%, 05/01/2029		CAD	400,000		252,793
4.25%, 04/15/2032		CAD	300,000		188,694
6.75%, 11/09/2039		CAD	450,000		330,781
Royal Bank of Canada
1.94%, 05/01/2025		CAD	500,000		341,127
3.37%, 09/29/2025		CAD	1,000,000		690,531
5.34%, 06/23/2026		CAD	500,000		357,691
5.24%, 11/02/2026		CAD	600,000		427,328
2.33%, 01/28/2027		CAD	700,000		456,022
3.63%, 06/14/2027^(b)		GBP	200,000		225,900
4.61%, 07/26/2027		CAD	650,000		451,781
4.64%, 01/17/2028		CAD	600,000		415,939
5.00%, 01/24/2028^(b)		GBP	200,000		234,221
4.63%, 05/01/2028		CAD	850,000		586,903
2.13%, 04/26/2029^(b)		EUR	100,000		94,676
5.23%, 06/24/2030		CAD	400,000		279,497
TELUS Corp., 5.25%, 11/15/2032		CAD	400,000		272,069
Thomson Reuters Corp., 2.24%, 05/14/2025		CAD	450,000		308,130
Toronto-Dominion Bank (The)
2.50%, 12/02/2024		CAD	550,000		383,164
1.94%, 03/13/2025		CAD	550,000		376,936
2.67%, 09/09/2025		CAD	1,100,000		750,726
1.13%, 12/09/2025		CAD	600,000		395,453
4.34%, 01/27/2026		CAD	500,000		350,218
5.42%, 07/10/2026		CAD	600,000		430,098
2.26%, 01/07/2027		CAD	650,000		423,253
0.50%, 01/18/2027^(b)		EUR	200,000		188,088
2.88%, 04/05/2027^(b)		GBP	300,000		331,322
4.21%, 06/01/2027		CAD	1,000,000		686,591
2.55%, 08/03/2027^(b)		EUR	200,000		199,253
5.38%, 10/21/2027		CAD	600,000		427,916
5.49%, 09/08/2028		CAD	500,000		357,428
3.63%, 12/13/2029^(b)		EUR	150,000		151,918

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, 2023


	Principal Amount			Value
Canada-(continued)
1.95%, 04/08/2030^(b)		EUR	200,000	$	181,966
3.13%, 08/03/2032^(b)		EUR	100,000		95,255
TransCanada PipeLines Ltd.
3.80%, 04/05/2027		CAD	650,000		440,581
5.28%, 07/15/2030^(b)		CAD	400,000		277,624
4.18%, 07/03/2048^(b)		CAD	400,000		208,089
4.34%, 10/15/2049^(b)		CAD	300,000		159,274

					24,755,615


China-0.07%
Prosus N.V., 1.29%, 07/13/2029^(b)		EUR	100,000		78,961


Denmark-0.61%
Danske Bank A/S, 0.63%, 05/26/2025^(b)		EUR	100,000		100,163
Orsted A/S
4.88%, 01/12/2032^(b)		GBP	200,000		221,696
5.75%, 04/09/2040^(b)		GBP	150,000		168,464
5.38%, 09/13/2042^(b)		GBP	200,000		213,118

					703,441


Finland-0.96%
Nordea Bank Abp
1.13%, 02/12/2025^(b)		EUR	200,000		203,974
1.13%, 02/16/2027^(b)		EUR	130,000		125,192
4.13%, 05/05/2028^(b)		EUR	100,000		105,350
0.50%, 11/02/2028^(b)		EUR	100,000		88,320
2.50%, 05/23/2029^(b)		EUR	200,000		193,402
OP Corporate Bank PLC
0.50%, 08/12/2025^(b)		EUR	100,000		99,477
2.88%, 12/15/2025^(b)		EUR	200,000		206,947
0.10%, 11/16/2027^(b)		EUR	100,000		90,548

					1,113,210


France-23.55%
Action Logement Services
0.75%, 07/19/2041^(b)		EUR	100,000		60,270
3.63%, 05/25/2043^(b)		EUR	100,000		95,941
Aeroports de Paris S.A., 2.75%, 04/02/2030^(b)		EUR	200,000		195,680
Airbus SE
1.63%, 06/09/2030^(b)		EUR	100,000		91,462
2.38%, 06/09/2040^(b)		EUR	200,000		156,043
Banque Federative du Credit Mutuel S.A.
1.75%, 12/19/2024^(b)		GBP	200,000		231,752
1.25%, 01/14/2025^(b)		EUR	200,000		204,168
0.01%, 03/07/2025^(b)		EUR	200,000		200,057
1.00%, 05/23/2025^(b)		EUR	200,000		201,552
0.75%, 07/17/2025^(b)		EUR	200,000		199,829
3.00%, 09/11/2025^(b)		EUR	100,000		103,228
1.25%, 12/05/2025^(b)		GBP	200,000		221,352
1.63%, 01/19/2026^(b)		EUR	100,000		100,504
5.00%, 01/19/2026^(b)		GBP	100,000		118,924
2.38%, 03/24/2026^(b)		EUR	100,000		100,948
0.01%, 05/11/2026^(b)		EUR	200,000		191,482
0.75%, 06/08/2026^(b)		EUR	200,000		194,278
1.00%, 07/16/2026^(b)		GBP	300,000		320,986
1.25%, 05/26/2027^(b)		EUR	200,000		191,649
3.13%, 09/14/2027^(b)		EUR	200,000		203,909
3.88%, 01/26/2028^(b)		EUR	100,000		103,359
5.38%, 05/25/2028^(b)		GBP	100,000		118,850


	Principal Amount			Value
France-(continued)
0.25%, 07/19/2028^(b)		EUR	100,000	$	87,180
0.63%, 11/03/2028^(b)		EUR	200,000		175,198
4.13%, 03/13/2029^(b)		EUR	200,000		209,910
1.75%, 03/15/2029^(b)		EUR	100,000		91,906
1.88%, 06/18/2029^(b)		EUR	200,000		179,154
2.63%, 11/06/2029^(b)		EUR	100,000		94,763
0.75%, 01/17/2030^(b)		EUR	100,000		84,159
4.38%, 05/02/2030^(b)		EUR	100,000		104,016
1.25%, 06/03/2030^(b)		EUR	100,000		85,698
0.63%, 02/21/2031^(b)		EUR	200,000		159,956
1.13%, 01/19/2032^(b)		EUR	200,000		162,746
5.13%, 01/13/2033^(b)		EUR	200,000		205,698
3.75%, 02/01/2033^(b)		EUR	200,000		201,062
4.13%, 06/14/2033^(b)		EUR	200,000		205,613
BNP Paribas S.A.
2.38%, 02/17/2025^(b)		EUR	200,000		206,527
1.50%, 11/17/2025^(b)		EUR	100,000		100,763
3.38%, 01/23/2026^(b)		GBP	300,000		344,257
1.13%, 06/11/2026^(b)		EUR	200,000		196,927
0.13%, 09/04/2026^(b)		EUR	200,000		190,043
2.25%, 01/11/2027^(b)		EUR	100,000		99,193
1.88%, 12/14/2027^(b)		GBP	400,000		413,250
1.50%, 05/23/2028^(b)		EUR	100,000		95,233
1.38%, 05/28/2029^(b)		EUR	200,000		179,417
3.63%, 09/01/2029^(b)		EUR	200,000		201,732
1.63%, 07/02/2031^(b)		EUR	200,000		165,401
1.25%, 07/13/2031^(b)		GBP	300,000		256,521
2.10%, 04/07/2032^(b)		EUR	200,000		174,559
5.75%, 06/13/2032^(b)		GBP	300,000		351,714
0.63%, 12/03/2032^(b)		EUR	200,000		150,564
4.13%, 05/24/2033^(b)		EUR	100,000		103,465
2.00%, 09/13/2036^(b)		GBP	200,000		154,525
Bouygues S.A.
2.25%, 06/29/2029^(b)		EUR	200,000		193,768
3.88%, 07/17/2031^(b)		EUR	100,000		104,066
4.63%, 06/07/2032^(b)		EUR	100,000		109,232
3.25%, 06/30/2037^(b)		EUR	100,000		91,808
5.38%, 06/30/2042^(b)		EUR	200,000		221,310
BPCE S.A.
1.00%, 04/01/2025^(b)		EUR	200,000		202,126
0.63%, 04/28/2025^(b)		EUR	200,000		200,946
0.25%, 01/15/2026^(b)		EUR	200,000		194,347
0.38%, 02/02/2026^(b)		EUR	100,000		97,494
0.50%, 02/24/2027^(b)		EUR	200,000		187,312
1.75%, 04/26/2027^(b)		EUR	100,000		97,855
3.50%, 01/25/2028^(b)		EUR	200,000		206,071
4.38%, 07/13/2028^(b)		EUR	100,000		105,088
1.00%, 10/05/2028^(b)		EUR	100,000		92,432
5.25%, 04/16/2029^(b)		GBP	300,000		334,025
0.25%, 01/14/2031^(b)		EUR	200,000		159,254
0.75%, 03/03/2031^(b)		EUR	100,000		81,330
1.00%, 01/14/2032^(b)		EUR	100,000		80,392
4.00%, 11/29/2032^(b)		EUR	200,000		205,201
4.50%, 01/13/2033^(b)		EUR	200,000		205,746
Capgemini SE, 2.38%, 04/15/2032^(b)		EUR	100,000		93,764
Carrefour S.A., 2.63%, 12/15/2027^(b)		EUR	100,000		100,189
Cie de Saint-Gobain S.A., 1.88%, 03/15/2031^(b)		EUR	100,000		91,623

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, 2023


	Principal Amount			Value
France-(continued)
Coentreprise de Transport d’Electricite S.A.
1.50%, 07/29/2028^(b)		EUR	200,000	$	188,821
2.13%, 07/29/2032^(b)		EUR	200,000		176,819
Credit Agricole Assurances S.A.
2.00%, 07/17/2030^(b)		EUR	200,000		171,254
1.50%, 10/06/2031^(b)		EUR	300,000		236,686
Credit Agricole S.A.
1.38%, 03/13/2025^(b)		EUR	200,000		203,951
1.00%, 09/18/2025^(b)		EUR	200,000		201,032
0.38%, 10/21/2025^(b)		EUR	200,000		197,908
1.25%, 04/14/2026^(b)		EUR	300,000		298,184
1.88%, 12/20/2026^(b)		EUR	200,000		197,903
1.38%, 05/03/2027^(b)		EUR	300,000		291,437
3.38%, 07/28/2027^(b)		EUR	100,000		103,195
0.13%, 12/09/2027		EUR	200,000		180,041
0.38%, 04/20/2028^(b)		EUR	200,000		178,928
1.13%, 02/24/2029^(b)		EUR	200,000		183,473
1.75%, 03/05/2029^(b)		EUR	200,000		185,737
1.00%, 07/03/2029^(b)		EUR	200,000		179,532
2.50%, 08/29/2029^(b)		EUR	200,000		194,003
4.88%, 10/23/2029^(b)		GBP	300,000		348,405
4.13%, 03/07/2030^(b)		EUR	200,000		210,498
3.88%, 04/20/2031^(b)		EUR	200,000		206,086
0.88%, 01/14/2032^(b)		EUR	200,000		161,344
1.13%, 07/12/2032^(b)		EUR	200,000		162,890
4.00%, 01/18/2033^(b)		EUR	200,000		206,191
3.88%, 11/28/2034^(b)		EUR	100,000		100,711
Credit Mutuel Arkea S.A., 3.38%, 09/19/2027^(b)		EUR	100,000		102,461
Electricite de France S.A.
1.00%, 10/13/2026^(b)		EUR	200,000		195,481
4.13%, 03/25/2027^(b)		EUR	100,000		106,666
6.25%, 05/30/2028^(b)		GBP	100,000		122,771
4.38%, 10/12/2029^(b)		EUR	100,000		106,451
4.63%, 04/26/2030^(b)		EUR	200,000		215,474
2.00%, 10/02/2030^(b)		EUR	100,000		92,001
5.88%, 07/18/2031		GBP	200,000		235,579
4.25%, 01/25/2032^(b)		EUR	100,000		103,812
1.00%, 11/29/2033^(b)		EUR	200,000		150,634
6.13%, 06/02/2034^(b)		GBP	500,000		580,794
4.75%, 10/12/2034^(b)		EUR	200,000		210,065
5.50%, 03/27/2037^(b)		GBP	200,000		213,948
5.50%, 10/17/2041^(b)		GBP	500,000		515,995
4.63%, 01/25/2043^(b)		EUR	100,000		95,304
2.00%, 12/09/2049^(b)		EUR	200,000		111,907
5.13%, 09/22/2050^(b)		GBP	300,000		281,982
5.63%, 01/25/2053^(b)		GBP	200,000		200,591
6.00%, 01/23/2114^(b)		GBP	500,000		493,187
ENGIE S.A.
2.38%, 05/19/2026^(b)		EUR	200,000		203,477
3.63%, 01/11/2030^(b)		EUR	100,000		102,986
4.00%, 01/11/2035^(b)		EUR	100,000		100,882
5.63%, 04/03/2053^(b)		GBP	300,000		328,075
5.00%, 10/01/2060^(b)		GBP	350,000		345,438
EssilorLuxottica S.A.
0.13%, 05/27/2025^(b)		EUR	200,000		199,625
0.38%, 01/05/2026^(b)		EUR	100,000		98,281


	Principal Amount			Value
France-(continued)
Holding d’Infrastructures de Transport S.A.S.U., 1.48%, 01/18/2031^(b)		EUR	100,000	$	84,301
Kering S.A.
3.63%, 09/05/2031^(b)		EUR	100,000		103,389
3.88%, 09/05/2035^(b)		EUR	100,000		101,727
La Banque Postale S.A., 4.00%, 05/03/2028^(b)		EUR	100,000		105,489
Orange S.A.
8.13%, 01/28/2033		EUR	150,000		210,606
0.63%, 12/16/2033^(b)		EUR	100,000		77,017
5.38%, 11/22/2050^(b)		GBP	150,000		165,925
Pernod Ricard S.A., 1.13%, 04/07/2025^(b)		EUR	100,000		101,656
RTE Reseau de Transport d’Electricite SADIR
1.63%, 11/27/2025^(b)		EUR	200,000		202,444
3.75%, 07/04/2035^(b)		EUR	100,000		101,334
Societe Generale S.A.
1.13%, 01/23/2025^(b)		EUR	100,000		101,768
2.63%, 02/27/2025^(b)		EUR	200,000		205,699
0.13%, 02/24/2026^(b)		EUR	200,000		193,574
0.75%, 01/25/2027^(b)		EUR	200,000		187,867
4.13%, 06/02/2027^(b)		EUR	200,000		210,929
0.25%, 07/08/2027^(b)		EUR	200,000		183,754
4.00%, 11/16/2027^(b)		EUR	200,000		210,057
0.13%, 02/18/2028^(b)		EUR	100,000		89,500
2.13%, 09/27/2028^(b)		EUR	200,000		190,109
1.75%, 03/22/2029^(b)		EUR	100,000		91,061
2.63%, 05/30/2029^(b)		EUR	200,000		195,395
1.25%, 06/12/2030^(b)		EUR	200,000		170,335
4.25%, 11/16/2032^(b)		EUR	200,000		208,701
6.25%, 06/22/2033^(b)		GBP	200,000		243,180
Suez S.A.C.A., 2.88%, 05/24/2034^(b)		EUR	100,000		89,899
TotalEnergies Capital Canada Ltd., 2.13%, 09/18/2029^(b)		EUR	200,000		191,885
TotalEnergies Capital International S.A.
2.50%, 03/25/2026^(b)		EUR	100,000		102,415
1.62%, 05/18/2040^(b)		EUR	200,000		144,251
Unibail-Rodamco-Westfield SE
0.63%, 05/04/2027^(b)		EUR	200,000		185,432
1.38%, 12/04/2031^(b)		EUR	100,000		82,130

					27,303,477


Germany-9.33%
Amprion GmbH, 3.97%, 09/22/2032^(b)		EUR	100,000		103,381
Aroundtown S.A., 0.38%, 04/15/2027^(b)		EUR	200,000		161,250
BASF SE, 1.50%, 03/17/2031^(b)		EUR	200,000		178,817
Bayer AG
0.05%, 01/12/2025^(b)		EUR	100,000		100,789
0.75%, 01/06/2027^(b)		EUR	200,000		191,412
0.38%, 01/12/2029^(b)		EUR	100,000		87,179
1.13%, 01/06/2030^(b)		EUR	100,000		87,154
0.63%, 07/12/2031^(b)		EUR	200,000		159,435
1.38%, 07/06/2032^(b)		EUR	100,000		82,316
4.63%, 05/26/2033^(b)		EUR	200,000		209,479
Bayer Capital Corp. B.V.
1.50%, 06/26/2026^(b)		EUR	300,000		297,424
2.13%, 12/15/2029^(b)		EUR	300,000		279,381

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, 2023


	Principal Amount			Value
Germany-(continued)
BMW Finance N.V., 0.50%, 02/22/2025^(b)		EUR	200,000	$	202,244
Commerzbank AG
1.00%, 03/04/2026^(b)		EUR	195,000		192,227
0.50%, 12/04/2026^(b)		EUR	119,000		113,021
Deutsche Bahn Finance GmbH
0.63%, 04/15/2036^(b)		EUR	200,000		142,499
0.63%, 12/08/2050^(b)		EUR	100,000		46,824
1.13%, 05/29/2051^(b)		EUR	100,000		54,351
Deutsche Bank AG
2.63%, 12/16/2024^(b)		GBP	300,000		347,656
1.63%, 01/20/2027^(b)		EUR	200,000		190,930
E.ON International Finance B.V.
6.25%, 06/03/2030^(b)		GBP	300,000		367,930
6.38%, 06/07/2032		GBP	400,000		493,185
4.75%, 01/31/2034^(b)		GBP	200,000		215,183
5.88%, 10/30/2037^(b)		GBP	250,000		287,112
6.75%, 01/27/2039^(b)		GBP	250,000		309,568
6.13%, 07/06/2039^(b)		GBP	350,000		409,598
E.ON SE, 3.88%, 01/12/2035^(b)		EUR	100,000		100,768
Grand City Properties S.A., 0.13%, 01/11/2028^(b)		EUR	100,000		81,712
Heidelberg Materials AG, 1.50%,
02/07/2025^(b)		EUR	200,000		204,208
Heidelberg Materials Finance Luxembourg S.A., 1.63%, 04/07/2026^(b)		EUR	100,000		99,881
Landesbank Baden-Wuerttemberg
1.50%, 02/03/2025^(b)		GBP	200,000		228,579
0.38%, 02/18/2027^(b)		EUR	100,000		92,665
Landesbank Hessen-Thueringen Girozentrale, 0.38%, 05/12/2025^(b)		EUR	200,000		199,902
Mercedes-Benz Group AG, 2.13%, 07/03/2037^(b)(c)		EUR	150,000		125,292
Mercedes-Benz International Finance B.V., 2.63%, 04/07/2025^(b)		EUR	200,000		207,760
Robert Bosch GmbH
4.00%, 06/02/2035^(b)		EUR	200,000		205,968
4.38%, 06/02/2043^(b)		EUR	200,000		200,893
RWE AG
2.50%, 08/24/2025^(b)		EUR	200,000		206,660
2.13%, 05/24/2026^(b)		EUR	100,000		101,036
2.75%, 05/24/2030^(b)		EUR	100,000		96,671
Siemens Financieringsmaatschappij N.V., 2.25%, 03/10/2025^(b)		EUR	100,000		103,428
Traton Finance Luxembourg S.A.
0.13%, 03/24/2025^(b)		EUR	200,000		199,358
0.75%, 03/24/2029^(b)		EUR	200,000		173,146
Volkswagen Bank GmbH, 4.25%, 01/07/2026^(b)		EUR	200,000		210,139
Volkswagen Financial Services AG
0.25%, 01/31/2025^(b)		EUR	100,000		100,952
0.13%, 02/12/2027^(b)		EUR	100,000		92,314
0.88%, 01/31/2028^(b)		EUR	130,000		118,752
Volkswagen Financial Services N.V., 2.13%, 01/18/2028^(b)		GBP	200,000		204,764
Volkswagen International Finance N.V.
4.13%, 11/15/2025^(b)		EUR	100,000		105,622
3.88%, 03/29/2026^(b)		EUR	100,000		104,607


	Principal Amount			Value
Germany-(continued)
1.88%, 03/30/2027^(b)		EUR	300,000	$	290,956
0.88%, 09/22/2028^(b)		EUR	300,000		267,204
1.63%, 01/16/2030^(b)		EUR	175,000		154,883
3.25%, 11/18/2030^(b)		EUR	100,000		96,968
4.13%, 11/16/2038^(b)		EUR	100,000		94,830
Volkswagen Leasing GmbH, 0.38%, 07/20/2026^(b)		EUR	200,000		191,173
Vonovia SE
0.38%, 06/16/2027^(b)		EUR	100,000		90,057
0.25%, 09/01/2028^(b)		EUR	100,000		84,439
0.63%, 12/14/2029^(b)		EUR	100,000		81,224
0.75%, 09/01/2032^(b)		EUR	200,000		145,825
1.00%, 06/16/2033^(b)		EUR	100,000		72,651
Wintershall Dea Finance B.V.
0.84%, 09/25/2025^(b)		EUR	100,000		99,064
1.33%, 09/25/2028^(b)		EUR	200,000		181,778
1.82%, 09/25/2031^(b)		EUR	100,000		83,851

					10,810,325


Ireland-0.26%
Ryanair DAC, 0.88%, 05/25/2026^(b)		EUR	100,000		97,480
Smurfit Kappa Acquisitions ULC, 2.88%, 01/15/2026^(b)		EUR	200,000		205,116

					302,596


Italy-5.15%
Assicurazioni Generali S.p.A., 4.13%, 05/04/2026^(b)		EUR	100,000		105,095
ASTM S.p.A.
1.50%, 01/25/2030^(b)		EUR	225,000		191,513
2.38%, 11/25/2033^(b)		EUR	100,000		79,407
Autostrade per l’Italia S.p.A.
2.00%, 12/04/2028^(b)		EUR	100,000		92,415
2.00%, 01/15/2030^(b)		EUR	200,000		176,291
Enel Finance International N.V.
1.50%, 07/21/2025^(b)		EUR	100,000		101,415
0.25%, 11/17/2025^(b)		EUR	100,000		98,130
1.38%, 06/01/2026^(b)		EUR	50,000		49,361
0.38%, 06/17/2027^(b)		EUR	100,000		92,827
3.88%, 03/09/2029^(b)		EUR	200,000		209,206
2.88%, 04/11/2029^(b)		GBP	200,000		208,312
0.38%, 05/28/2029^(b)		EUR	100,000		86,232
0.50%, 06/17/2030^(b)		EUR	120,000		99,236
0.88%, 09/28/2034^(b)		EUR	220,000		159,590
0.88%, 06/17/2036^(b)		EUR	100,000		67,028
5.75%, 09/14/2040^(b)		GBP	450,000		503,123
Enel S.p.A., 5.75%, 06/22/2037^(b)		GBP	180,000		205,304
Eni S.p.A.
3.75%, 09/12/2025^(b)		EUR	100,000		105,500
1.50%, 02/02/2026^(b)		EUR	150,000		149,984
1.25%, 05/18/2026^(b)		EUR	100,000		98,754
0.38%, 06/14/2028^(b)		EUR	200,000		179,765
3.63%, 01/29/2029^(b)		EUR	100,000		103,473
0.63%, 01/23/2030^(b)		EUR	100,000		85,608
2.00%, 05/18/2031^(b)		EUR	150,000		136,231
4.25%, 05/19/2033^(b)		EUR	200,000		205,466
Intesa Sanpaolo S.p.A.
2.13%, 05/26/2025^(b)		EUR	125,000		127,913
0.63%, 02/24/2026^(b)		EUR	250,000		242,435
4.00%, 05/19/2026^(b)		EUR	100,000		105,333

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, 2023


	Principal Amount			Value
Italy-(continued)
1.00%, 11/19/2026^(b)		EUR	202,000	$	193,613
4.75%, 09/06/2027^(b)		EUR	150,000		158,836
0.75%, 03/16/2028^(b)		EUR	100,000		90,336
1.75%, 03/20/2028^(b)		EUR	150,000		141,997
1.75%, 07/04/2029^(b)		EUR	100,000		90,193
4.88%, 05/19/2030^(b)		EUR	300,000		315,203
6.63%, 05/31/2033^(b)		GBP	200,000		231,630
Snam S.p.A., 0.88%, 10/25/2026^(b)		EUR	209,000		201,767
UniCredit S.p.A.
0.50%, 04/09/2025^(b)		EUR	100,000		100,141
0.33%, 01/19/2026^(b)		EUR	150,000		146,112
2.13%, 10/24/2026^(b)		EUR	159,000		159,414
0.85%, 01/19/2031^(b)		EUR	100,000		81,168

					5,975,357


Japan-2.19%
Mizuho Financial Group, Inc.
5.63%, 06/13/2028^(b)		GBP	100,000		119,719
0.69%, 10/07/2030^(b)		EUR	100,000		82,162
NTT Finance Corp.
0.01%, 03/03/2025^(b)		EUR	100,000		100,410
Series 16, 0.18%, 12/19/2025		JPY	100,000,000		657,628
Series 18, 0.38%, 09/20/2030		JPY	100,000,000		631,372
Sumitomo Mitsui Financial Group, Inc.
1.55%, 06/15/2026^(b)		EUR	200,000		198,315
0.63%, 10/23/2029^(b)		EUR	125,000		106,167
Takeda Pharmaceutical Co. Ltd.
2.25%, 11/21/2026^(b)		EUR	200,000		201,383
3.00%, 11/21/2030^(b)		EUR	200,000		196,463
1.38%, 07/09/2032		EUR	200,000		167,713
2.00%, 07/09/2040		EUR	100,000		73,900

					2,535,232


Luxembourg-0.08%
Logicor Financing S.a.r.l., 1.63%, 07/15/2027^(b)		EUR	100,000		90,051


Netherlands-5.20%
ABN AMRO Bank N.V.
1.38%, 01/16/2025^(b)		GBP	100,000		115,058
1.00%, 04/16/2025^(b)		EUR	200,000		203,032
3.75%, 04/20/2025^(b)		EUR	100,000		105,350
1.25%, 05/28/2025^(b)		EUR	200,000		202,198
0.60%, 01/15/2027^(b)		EUR	300,000		282,407
4.00%, 01/16/2028^(b)		EUR	200,000		208,295
5.13%, 02/22/2028^(b)		GBP	200,000		233,667
4.38%, 10/20/2028^(b)		EUR	200,000		210,336
0.50%, 09/23/2029^(b)		EUR	100,000		84,333
4.25%, 02/21/2030^(b)		EUR	100,000		103,942
1.00%, 06/02/2033^(b)		EUR	100,000		80,074
1.25%, 01/20/2034^(b)		EUR	100,000		77,925
4.50%, 11/21/2034^(b)		EUR	200,000		207,737
Cooperatieve Rabobank U.A.
1.25%, 01/14/2025^(b)		GBP	100,000		115,133
5.25%, 09/14/2027^(b)		GBP	100,000		117,170
4.63%, 05/23/2029^(b)		GBP	400,000		438,027
4.00%, 01/10/2030^(b)		EUR	200,000		207,710
1.13%, 05/07/2031^(b)		EUR	100,000		85,263
ING Groep N.V.
1.13%, 02/14/2025^(b)		EUR	200,000		203,574


	Principal Amount			Value
Netherlands-(continued)
2.13%, 01/10/2026^(b)		EUR	100,000	$	101,702
3.00%, 02/18/2026^(b)		GBP	400,000		454,948
1.38%, 01/11/2028^(b)		EUR	100,000		95,673
2.00%, 09/20/2028^(b)		EUR	200,000		192,722
2.50%, 11/15/2030^(b)		EUR	200,000		191,467
Koninklijke KPN N.V., 5.75%, 09/17/2029^(b)		GBP	314,000		374,650
LeasePlan Corp. N.V.
0.25%, 02/23/2026^(b)		EUR	100,000		96,430
0.25%, 09/07/2026^(b)		EUR	100,000		94,434
Shell International Finance B.V.
0.38%, 02/15/2025^(b)		EUR	200,000		202,155
2.50%, 03/24/2026		EUR	150,000		153,463
1.63%, 01/20/2027^(b)		EUR	200,000		196,797
0.50%, 11/08/2031^(b)		EUR	100,000		81,133
1.88%, 04/07/2032^(b)		EUR	100,000		89,996
1.25%, 11/11/2032^(b)		EUR	100,000		83,819
0.88%, 11/08/2039^(b)		EUR	100,000		63,110
1.75%, 09/10/2052^(b)		GBP	100,000		52,343
TenneT Holding B.V., 4.50%, 10/28/2034^(b)		EUR	200,000		223,265

					6,029,338


New Zealand-0.17%
Bank of New Zealand, 5.87%, 09/01/2028^(b)		NZD	350,000		201,348


Norway-1.26%
Equinor ASA
1.38%, 05/22/2032^(b)		EUR	100,000		86,720
1.63%, 02/17/2035^(b)		EUR	200,000		164,812
Norway Government Bond
Series 477, 1.75%, 03/13/2025^(b)		NOK	3,000,000		259,859
Series 478, 1.50%, 02/19/2026^(b)		NOK	1,200,000		101,313
Series 479, 1.75%, 02/17/2027^(b)		NOK	4,000,000		332,791
Series 480, 2.00%, 04/26/2028^(b)		NOK	1,800,000		147,974
Series 481, 1.75%, 09/06/2029^(b)		NOK	1,900,000		150,411
Series 482, 1.38%, 08/19/2030^(b)		NOK	700,000		53,027
Series 483, 1.25%, 09/17/2031^(b)		NOK	900,000		65,731
SpareBank 1 SR-Bank ASA, 3.75%, 11/23/2027^(b)		EUR	100,000		103,961

					1,466,599


Portugal-0.16%
EDP Finance B.V., 1.88%, 09/21/2029^(b)		EUR	200,000		186,538


Spain-5.49%
Abertis Infraestructuras S.A.
2.38%, 09/27/2027^(b)		EUR	200,000		198,986
3.00%, 03/27/2031^(b)		EUR	100,000		94,566
Banco Bilbao Vizcaya Argentaria S.A.
1.38%, 05/14/2025^(b)		EUR	100,000		101,205
0.75%, 06/04/2025^(b)		EUR	100,000		100,397
1.75%, 11/26/2025^(b)		EUR	200,000		202,020
1.00%, 06/21/2026^(b)		EUR	100,000		97,663
0.38%, 11/15/2026^(b)		EUR	100,000		95,093
0.50%, 01/14/2027^(b)		EUR	100,000		93,924
3.50%, 02/10/2027^(b)		EUR	100,000		102,692
3.38%, 09/20/2027^(b)		EUR	200,000		206,135
4.38%, 10/14/2029^(b)		EUR	200,000		213,252

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


		32

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

October 31, 2023


	Principal Amount			Value
Spain-(continued)
Banco de Sabadell S.A., 0.88%, 07/22/2025^(b)		EUR	200,000	$	200,049
Banco Santander S.A.
1.13%, 01/17/2025^(b)		EUR	200,000		203,712
2.50%, 03/18/2025^(b)		EUR	200,000		205,867
1.38%, 01/05/2026^(b)		EUR	200,000		198,996
3.75%, 01/16/2026^(b)		EUR	200,000		209,677
3.25%, 04/04/2026^(b)		EUR	200,000		204,711
1.50%, 04/14/2026^(b)		GBP	200,000		216,541
0.30%, 10/04/2026^(b)		EUR	200,000		191,170
3.13%, 01/19/2027^(b)		EUR	100,000		101,649
0.50%, 02/04/2027^(b)		EUR	200,000		186,840
1.75%, 02/17/2027^(b)		GBP	200,000		210,380
1.13%, 06/23/2027^(b)		EUR	100,000		94,980
3.88%, 01/16/2028^(b)		EUR	100,000		104,691
2.13%, 02/08/2028^(b)		EUR	200,000		190,779
0.20%, 02/11/2028^(b)		EUR	200,000		179,600
5.13%, 01/25/2030^(b)		GBP	100,000		114,275
1.63%, 10/22/2030^(b)		EUR	200,000		166,767
1.00%, 11/04/2031^(b)		EUR	200,000		164,721
CaixaBank S.A.
0.38%, 02/03/2025^(b)		EUR	100,000		100,766
1.13%, 03/27/2026^(b)		EUR	100,000		98,465
1.38%, 06/19/2026^(b)		EUR	200,000		196,105
3.75%, 09/07/2029^(b)		EUR	200,000		206,696
Iberdrola Finanzas S.A., 1.00%, 03/07/2025^(b)		EUR	100,000		101,654
Naturgy Finance B.V., 1.38%, 01/19/2027^(b)		EUR	200,000		195,209
Santander Consumer Finance S.A., 0.38%, 01/17/2025^(b)		EUR	200,000		202,329
Telefonica Emisiones S.A.
1.53%, 01/17/2025^(b)		EUR	100,000		102,676
5.38%, 02/02/2026^(b)		GBP	195,000		234,829
0.66%, 02/03/2030^(b)		EUR	200,000		173,061
Telefonica Emisiones S.A.U., 2.59%, 05/25/2031^(b)		EUR	100,000		95,271

					6,358,399


Sweden-3.53%
Skandinaviska Enskilda Banken AB
3.25%, 11/24/2025^(b)		EUR	100,000		104,340
4.00%, 11/09/2026^(b)		EUR	200,000		210,084
1.75%, 11/11/2026^(b)		EUR	200,000		198,102
4.13%, 06/29/2027^(b)		EUR	100,000		106,199
3.75%, 02/07/2028^(b)		EUR	200,000		206,839
3.88%, 05/09/2028^(b)		EUR	100,000		105,134
0.38%, 06/21/2028^(b)		EUR	200,000		177,228
0.63%, 11/12/2029^(b)		EUR	200,000		170,239
Svenska Handelsbanken AB
1.00%, 04/15/2025^(b)		EUR	200,000		202,679
3.75%, 05/05/2026^(b)		EUR	179,000		188,297
0.13%, 11/03/2026^(b)		EUR	100,000		94,427
3.38%, 02/17/2028^(b)		EUR	100,000		103,041
0.05%, 09/06/2028^(b)		EUR	100,000		87,546
1.38%, 02/23/2029^(b)		EUR	130,000		119,526
0.50%, 02/18/2030^(b)		EUR	200,000		168,547
Swedbank AB
0.75%, 05/05/2025^(b)		EUR	100,000		100,713


	Principal Amount			Value
Sweden-(continued)
3.75%, 11/14/2025^(b)		EUR	100,000	$	105,144
0.25%, 11/02/2026^(b)		EUR	100,000		94,398
2.10%, 05/25/2027^(b)		EUR	200,000		197,317
Sweden Government Bond
Series 1058, 2.50%, 05/12/2025^(b)		SEK	4,000,000		352,986
Series 1059, 1.00%, 11/12/2026^(b)		SEK	3,000,000		252,388
Series 1060, 0.75%, 05/12/2028^(b)		SEK	2,000,000		162,608
Series 1061, 0.75%, 11/12/2029^(b)		SEK	1,000,000		79,076
Telia Co. AB, 3.63%, 11/08/2023^(b)		SEK	2,000,000		179,075
Vattenfall AB, 6.88%, 04/15/2039^(b)		GBP	250,000		324,015

					4,089,948


Switzerland-2.14%
Credit Suisse AG
1.13%, 12/15/2025^(b)		GBP	300,000		328,237
0.25%, 01/05/2026^(b)		EUR	225,000		217,201
7.75%, 03/10/2026^(b)		GBP	100,000		124,759
1.50%, 04/10/2026^(b)		EUR	150,000		147,610
0.25%, 09/01/2028^(b)		EUR	120,000		104,292
Holcim Finance (Luxembourg) S.A.
2.25%, 05/26/2028^(b)		EUR	100,000		98,167
0.50%, 09/03/2030^(b)		EUR	100,000		81,481
Richemont International Holding S.A., 2.00%, 03/26/2038^(b)		EUR	200,000		162,887
Sika Capital B.V, 3.75%, 11/03/2026^(b)		EUR	100,000		105,182
UBS AG
0.01%, 03/31/2026^(b)		EUR	200,000		190,976
0.50%, 03/31/2031^(b)		EUR	200,000		159,199
UBS Group AG
1.25%, 09/01/2026^(b)		EUR	200,000		193,994
0.65%, 09/10/2029^(b)		EUR	100,000		83,952
0.88%, 11/03/2031^(b)		EUR	200,000		155,863
0.63%, 01/18/2033^(b)		EUR	248,000		178,223
0.63%, 02/24/2033^(b)		EUR	200,000		146,876

					2,478,899


United Kingdom-12.95%
ABP Finance PLC, 6.25%, 12/14/2026^(b)		GBP	200,000		244,048
Anglian Water Services Financing PLC, 6.00%, 06/20/2039^(b)		GBP	200,000		230,748
Annington Funding PLC
3.18%, 07/12/2029^(b)		GBP	150,000		151,043
3.69%, 07/12/2034^(b)		GBP	200,000		183,044
3.94%, 07/12/2047^(b)		GBP	300,000		239,328
B.A.T. International Finance PLC
2.25%, 06/26/2028^(b)		GBP	227,000		233,009
2.25%, 01/16/2030^(b)		EUR	200,000		179,133
6.00%, 11/24/2034^(b)		GBP	150,000		162,430
2.25%, 09/09/2052^(b)		GBP	200,000		92,580
Barclays PLC
3.00%, 05/08/2026^(b)		GBP	200,000		223,887
3.25%, 02/12/2027^(b)		GBP	450,000		493,649
BG Energy Capital PLC, 5.00%, 11/04/2036^(b)		GBP	250,000		278,870
Blend Funding PLC
3.46%, 09/21/2047^(b)		GBP	200,000		165,766
2.92%, 04/05/2054^(b)		GBP	200,000		138,084

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


		33

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

October 31, 2023


	Principal Amount			Value
United Kingdom-(continued)
BP Capital Markets PLC
2.52%, 04/07/2028^(b)		EUR	100,000	$	99,682
1.23%, 05/08/2031^(b)		EUR	100,000		85,876
2.82%, 04/07/2032^(b)		EUR	200,000		190,986
British Telecommunications PLC
1.75%, 03/10/2026^(b)		EUR	200,000		201,310
1.50%, 06/23/2027^(b)		EUR	100,000		96,898
5.75%, 12/07/2028^(b)		GBP	150,000		181,073
3.13%, 11/21/2031^(b)		GBP	200,000		199,588
6.38%, 06/23/2037^(b)		GBP	200,000		237,458
Cadent Finance PLC
2.13%, 09/22/2028^(b)		GBP	250,000		256,712
2.63%, 09/22/2038^(b)		GBP	200,000		150,354
2.75%, 09/22/2046^(b)		GBP	300,000		198,854
CCEP Finance Ireland DAC, 0.88%, 05/06/2033^(b)		EUR	100,000		78,956
Centrica PLC
4.38%, 03/13/2029^(b)		GBP	150,000		168,923
7.00%, 09/19/2033^(b)		GBP	272,000		348,909
4.25%, 09/12/2044^(b)		GBP	150,000		135,378
Clarion Funding PLC, 3.13%, 04/19/2048^(b)		GBP	130,000		97,190
Connect Plus (M25) Issuer PLC, 2.61%, 03/31/2039^(b)		GBP	259,065		245,705
easyJet FinCo B.V., 1.88%, 03/03/2028^(b)		EUR	200,000		185,349
Heathrow Funding Ltd.
6.75%, 12/03/2026^(b)		GBP	300,000		371,588
6.45%, 12/10/2031^(b)		GBP	250,000		307,731
5.88%, 05/13/2041^(b)		GBP	300,000		337,292
4.63%, 10/31/2046^(b)		GBP	300,000		279,197
High Speed Rail Finance 1 PLC, 4.38%, 11/01/2038^(b)		GBP	250,000		259,616
Housing & Care 21, 3.29%, 11/08/2049^(b)		GBP	200,000		154,975
HSBC Holdings PLC
2.50%, 03/15/2027^(b)		EUR	100,000		100,008
2.63%, 08/16/2028^(b)		GBP	400,000		420,963
Imperial Brands Finance Netherlands B.V., 1.75%, 03/18/2033^(b)		EUR	100,000		75,101
Imperial Brands Finance PLC
5.50%, 09/28/2026^(b)		GBP	150,000		178,544
4.88%, 06/07/2032^(b)		GBP	200,000		206,191
Lloyds Bank Corporate Markets PLC, 2.38%, 04/09/2026^(b)		EUR	200,000		203,580
Motability Operations Group PLC
3.63%, 03/10/2036^(b)		GBP	200,000		196,754
2.13%, 01/18/2042^(b)		GBP	200,000		143,163
National Grid Electricity Distribution (West Midlands) PLC, 5.75%, 04/16/2032^(b)		GBP	225,000		266,341
National Grid PLC, 4.28%, 01/16/2035^(b)		EUR	100,000		100,338
Nationwide Building Society
0.25%, 07/22/2025^(b)		EUR	100,000		99,004
6.13%, 08/21/2028^(b)		GBP	300,000		367,691
NatWest Markets PLC
2.75%, 04/02/2025^(b)		EUR	100,000		103,774
0.13%, 11/12/2025^(b)		EUR	100,000		97,443


	Principal Amount			Value
United Kingdom-(continued)
0.13%, 06/18/2026^(b)		EUR	200,000	$	190,282
6.63%, 06/22/2026^(b)		GBP	200,000		246,498
1.38%, 03/02/2027^(b)		EUR	100,000		96,148
6.38%, 11/08/2027^(b)		GBP	255,000		313,386
Sanctuary Capital PLC, 2.38%, 04/14/2050^(b)		GBP	200,000		128,107
Santander UK Group Holdings PLC, 3.63%, 01/14/2026^(b)		GBP	150,000		171,460
Scottish Widows Ltd., 7.00%, 06/16/2043^(b)		GBP	150,000		170,305
Severn Trent Utilities Finance PLC, 3.63%, 01/16/2026^(b)		GBP	200,000		232,271
Sky Ltd., 2.50%, 09/15/2026^(b)		EUR	200,000		203,407
SSE PLC, 8.38%, 11/20/2028^(b)		GBP	183,000		246,679
Standard Chartered PLC
5.13%, 06/06/2034^(b)		GBP	200,000		208,396
4.38%, 01/18/2038^(b)		GBP	200,000		205,858
T.H.F.C. (Funding No.3) PLC, 5.20%, 10/11/2043^(b)		GBP	400,000		431,982
Thames Water Utilities Finance PLC
4.00%, 06/19/2025^(b)		GBP	200,000		229,017
4.38%, 01/18/2031^(b)		EUR	100,000		95,336
5.13%, 09/28/2037^(b)		GBP	150,000		144,975
5.50%, 02/11/2041^(b)		GBP	200,000		193,656
Vodafone Group PLC
1.88%, 09/11/2025^(b)		EUR	100,000		101,856
1.13%, 11/20/2025^(b)		EUR	100,000		100,124
1.63%, 11/24/2030^(b)		EUR	200,000		181,209
1.60%, 07/29/2031^(b)		EUR	151,000		134,009
3.38%, 08/08/2049^(b)		GBP	200,000		148,546
5.13%, 12/02/2052^(b)		GBP	200,000		197,170
3.00%, 08/12/2056^(b)		GBP	300,000		194,029

					15,008,820


United States-1.61%
Medtronic Global Holdings S.C.A.
3.13%, 10/15/2031		EUR	100,000		99,903
3.38%, 10/15/2034		EUR	200,000		197,980
1.38%, 10/15/2040		EUR	100,000		67,421
1.63%, 10/15/2050		EUR	100,000		59,405
Stellantis N.V.
3.88%, 01/05/2026^(b)		EUR	100,000		105,804
2.75%, 05/15/2026^(b)		EUR	100,000		102,765
0.63%, 03/30/2027^(b)		EUR	200,000		189,216
4.50%, 07/07/2028^(b)		EUR	100,000		108,118
0.75%, 01/18/2029^(b)		EUR	100,000		89,217
4.38%, 03/14/2030^(b)		EUR	200,000		212,297
4.25%, 06/16/2031^(b)		EUR	200,000		206,088
2.75%, 04/01/2032^(b)		EUR	100,000		91,850
1.25%, 06/20/2033^(b)		EUR	200,000		155,889
Toyota Motor Credit Corp., 0.13%, 11/05/2027^(b)		EUR	200,000		183,007

					1,868,960

Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $132,655,289)					114,334,350

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


		34

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

October 31, 2023


	Shares		Value
Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $51,669)		51,669	$	51,669

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.68% (Cost $132,706,958)				114,386,019


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-0.11%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		36,733		36,733


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		93,576	$	93,585

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $130,315)				130,318

TOTAL INVESTMENTS IN SECURITIES-98.79% ( Cost $132,837,273)				114,516,337
OTHER ASSETS LESS LIABILITIES-1.21%				1,398,523

NET ASSETS-100.00%.			$	115,914,860

Investment Abbreviations:

AUD-Australian Dollar

CAD-Canadian Dollar

EUR-Euro

GBP-British Pound Sterling

JPY-Japanese Yen

NOK-Norwegian Krone

NZD-New Zealand Dollar

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, 2023 was $88,343,810, which represented 76.21% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at October 31, 2023.

^(d)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	296,525		$	6,922,763		$	(7,167,619	)		$	-		$	-		$	51,669		$	1,578

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			187,446			80,228			(230,941	)			-			-			36,733			2,011	*

Invesco Private Prime Fund			484,184			72,195			(462,844	)			-			50			93,585			5,389	*

Total		$	968,155		$	7,075,186		$	(7,861,404	)		$	-		$	50		$	181,987		$	8,978

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

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

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

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


		35

Statements of Assets and Liabilities

October 31, 2023


	Invesco 0-5 Yr US TIPS ETF (PBTP)				Invesco Emerging Markets Sovereign Debt ETF (PCY)				Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)				Invesco International Corporate Bond ETF (PICB)
Assets:
Unaffiliated investments in securities, at value^(a)		$	68,983,331			$	1,264,221,240			$	128,286,336			$	114,334,350
Affiliated investments in securities, at value			96,987				59,559,741				5,904,996				181,987
Cash			-				-				661,076				-
Foreign currencies, at value			-				48,150				31,837				315,827
Deposits with brokers:
Cash segregated as collateral			-				14,957,651				8,978,727				-
Receivable for:
Dividends and interest			106,959				19,213,480				2,486,271				1,593,211
Securities lending			-				47,467				2,090				17
Investments sold			1,411,050				10,022,643				6,603,241				2,235,149
Fund shares sold			-				1,750,846				213,680				-
Foreign tax reclaims			-				-				-				5,860
Investments matured, at value			-				-				333,089				-

Total assets			70,598,327				1,369,821,218				153,501,343				118,666,401


Liabilities:
Due to custodian			-				18,459				-				-
Payable for:
Investments purchased.			1,500,545				1,750,847				938,225				2,572,040
Collateral upon return of securities loaned			-				55,668,321				4,851,341				130,315
Collateral upon receipt of securities in-kind			-				14,957,651				8,978,727				-
Fund shares repurchased			-				12,462,857				8,414,395				-
Accrued unitary management fees			4,178				571,446				42,044				49,186
Other payables.			-				160,087				120,560				-

Total liabilities.			1,504,723				85,589,668				23,345,292				2,751,541

Net Assets		$	69,093,604			$	1,284,231,550			$	130,156,051			$	115,914,860


Net assets consist of:
Shares of beneficial interest.		$	74,401,970			$	2,658,507,052			$	181,429,500			$	143,179,912
Distributable earnings (loss)			(5,308,366	)			(1,374,275,502	)			(51,273,449	)			(27,265,052	)

Net Assets		$	69,093,604			$	1,284,231,550			$	130,156,051			$	115,914,860

Shares outstanding (unlimited amount authorized, $0.01 par value)			2,820,001				71,800,000				7,000,000				5,600,000
Net asset value		$	24.50			$	17.89			$	18.59			$	20.70

Market price		$	24.51			$	17.83			$	18.55			$	20.75

Unaffiliated investments in securities, at cost		$	73,646,777			$	1,650,451,389			$	133,860,258			$	132,655,289

Affiliated investments in securities, at cost		$	96,987			$	59,558,918			$	5,904,889			$	181,984

Foreign currencies, at cost.		$	-			$	48,059			$	31,200			$	315,617

Investments matured, at cost		$	-			$	-			$	9,160,273			$	-

^(a)Includes securities on loan with an aggregate value of:		$	-			$	54,208,357			$	4,713,092			$	123,622

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


		36

Statements of Operations

For the year ended October 31, 2023


	Invesco 0-5 Yr US TIPS ETF (PBTP)				Invesco Emerging Markets Sovereign Debt ETF (PCY)				Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)				Invesco International Corporate Bond ETF (PICB)
Investment income:
Unaffiliated interest income		$	2,351,886			$	114,363,333			$	12,984,906			$	3,214,539
Unaffiliated dividend income			-				-				14				520
Affiliated dividend income			2,861				213,267				110,091				1,578
Securities lending income, net			25				758,579				70,325				215
Foreign withholding tax			-				-				-				(6,806	)

Total investment income			2,354,772				115,335,179				13,165,336				3,210,046


Expenses:
Unitary management fees			64,899				7,860,873				608,772				561,042
Tax expenses			-				-				1,314				-

Total expenses			64,899				7,860,873				610,086				561,042

Less: Waivers			(66	)			(4,654	)			(2,362	)			(40	)

Net expenses			64,833				7,856,219				607,724				561,002

Net investment income			2,289,939				107,478,960				12,557,612				2,649,044


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(1,421,657	)			(125,415,334	)			(7,980,569	)			(4,464,568	)
Affiliated investment securities			-				8,066				71				50
In-kind redemptions			(1,902,717	)			(25,809,157	)			(1,443,698	)			(1,015,005	)
Short Sales			-				-				205				-
Foreign currencies			-				(289	)			(5,807	)			38,202

Net realized gain (loss)			(3,324,374	)			(151,216,714	)			(9,429,798	)			(5,441,321	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			3,642,001				221,759,556				6,285,205				9,423,343
Affiliated investment securities			-				2,558				160				-
Foreign currencies			-				751				960				(2,778	)

Change in net unrealized appreciation			3,642,001				221,762,865				6,286,325				9,420,565

Net realized and unrealized gain (loss)			317,627				70,546,151				(3,143,473	)			3,979,244

Net increase in net assets resulting from operations		$	2,607,566			$	178,025,111			$	9,414,139			$	6,628,288

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


		37

Statements of Changes in Net Assets

For the years ended October 31, 2023 and 2022


							Invesco Emerging
	Invesco 0-5 Yr US						Markets Sovereign
	TIPS ETF (PBTP)						Debt ETF (PCY)
	2023			2022			2023			2022
Operations:
Net investment income	$	2,289,939		$	5,908,487		$	107,478,960		$	117,948,965
Net realized gain (loss)		(3,324,374	)		(922,791	)		(151,216,714	)		(407,991,262	)
Change in net unrealized appreciation (depreciation)		3,642,001			(8,750,936	)		221,762,865			(509,448,621	)

Net increase (decrease) in net assets resulting from operations		2,607,566			(3,765,240	)		178,025,111			(799,490,918	)


Distributions to Shareholders from:
Distributable earnings		(2,729,272	)		(5,579,040	)		(106,197,876	)		(121,305,087	)
Return of capital		-			-			-			-

Total distributions to shareholders.		(2,729,272	)		(5,579,040	)		(106,197,876	)		(121,305,087	)


Shareholder Transactions:
Proceeds from shares sold		8,165,188			112,102,622			251,632,488			470,231,665
Value of shares repurchased		(60,585,301	)		(33,948,435	)		(468,608,044	)		(843,971,292	)
Transaction fees		-			-			-			-

Net increase (decrease) in net assets resulting from share transactions		(52,420,113	)		78,154,187			(216,975,556	)		(373,739,627	)

Net increase (decrease) in net assets		(52,541,819	)		68,809,907			(145,148,321	)		(1,294,535,632	)


Net assets:
Beginning of year		121,635,423			52,825,516			1,429,379,871			2,723,915,503

End of year	$	69,093,604		$	121,635,423		$	1,284,231,550		$	1,429,379,871


Changes in Shares Outstanding:
Shares sold		330,000			4,290,000			13,300,000			20,900,000
Shares repurchased		(2,460,000	)		(1,320,000	)		(25,000,000	)		(39,200,000	)
Shares outstanding, beginning of year		4,950,001			1,980,001			83,500,000			101,800,000

Shares outstanding, end of year		2,820,001			4,950,001			71,800,000			83,500,000

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


		38


Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)						Invesco International Corporate Bond ETF (PICB)
2023			2022			2023			2022

$	12,557,612		$	8,743,370		$	2,649,044		$	1,356,760
	(9,429,798	)		(18,067,376	)		(5,441,321	)		(14,079,908	)
	6,286,325			(6,998,230	)		9,420,565			(30,471,789	)

	9,414,139			(16,322,236	)		6,628,288			(43,194,937	)



	(12,537,741	)		(8,881,528	)		(1,278,167	)		(1,125,779	)
	(118,421	)		(1,187,837	)		(1,282,836	)		(984,729	)

	(12,656,162	)		(10,069,365	)		(2,561,003	)		(2,110,508	)



	42,370,320			11,704,032			31,217,252			44,894,274
	(95,776,785	)		(34,870,522	)		(16,989,753	)		(24,976,244	)
	-			-			10,978			17,214

	(53,406,465	)		(23,166,490	)		14,238,477			19,935,244

	(56,648,488	)		(49,558,091	)		18,305,762			(25,370,201	)



	186,804,539			236,362,630			97,609,098			122,979,299

$	130,156,051		$	186,804,539		$	115,914,860		$	97,609,098



	2,200,000			600,000			1,450,000			1,650,000
	(5,000,000	)		(1,750,000	)		(800,000	)		(1,050,000	)
	9,800,000			10,950,000			4,950,000			4,350,000

	7,000,000			9,800,000			5,600,000			4,950,000


		39

Financial Highlights

Invesco 0-5 Yr US TIPS ETF (PBTP)


	Years Ended October 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of year	$	24.57		$	26.68		$	25.74		$	24.89		$	24.40

Net investment income^(a)		0.61			1.58			1.12			0.35			0.59
Net realized and unrealized gain (loss) on investments		0.04			(2.29	)		0.53			0.71			0.39

Total from investment operations		0.65			(0.71	)		1.65			1.06			0.98


Distributions to shareholders from:
Net investment income		(0.71	)		(1.39	)		(0.69	)		(0.21	)		(0.49	)
Net realized gains		(0.01	)		(0.01	)		(0.02	)		-			-

Total distributions		(0.72	)		(1.40	)		(0.71	)		(0.21	)		(0.49	)

Net asset value at end of year	$	24.50		$	24.57		$	26.68		$	25.74		$	24.89

Market price at end of year^(b)	$	24.51		$	24.59		$	26.70		$	25.75		$	24.90

Net Asset Value Total Return^(c)		2.66	%		(2.79	)%		6.46	%		4.28	%		4.04	%
Market Price Total Return^(c)		2.62	%		(2.78	)%		6.50	%		4.28	%		4.07	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	69,094		$	121,635		$	52,826		$	12,870		$	7,467
Ratio to average net assets of:
Expenses		0.07	%		0.07	%		0.07	%		0.07	%		0.20	%^(d)
Net investment income		2.47	%		6.14	%		4.26	%		1.40	%		2.39	%^(d)
Portfolio turnover rate^(e)		33	%		27	%		28	%		29	%		30	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Ratios include non-recurring costs associated with a proxy statement of 0.13%.

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

Invesco Emerging Markets Sovereign Debt ETF (PCY)


	Years Ended October 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of year	$	17.12		$	26.76		$	26.89		$	29.12		$	26.20

Net investment income^(a)		1.30			1.25			1.23			1.28			1.41
Net realized and unrealized gain (loss) on investments		0.76			(9.61	)		(0.10	)		(2.20	)		2.93

Total from investment operations		2.06			(8.36	)		1.13			(0.92	)		4.34


Distributions to shareholders from:
Net investment income		(1.29	)		(1.28	)		(1.26	)		(1.31	)		(1.42	)

Net asset value at end of year	$	17.89		$	17.12		$	26.76		$	26.89		$	29.12

Market price at end of year^(b)	$	17.83		$	16.88		$	26.73		$	26.81		$	29.13

Net Asset Value Total Return^(c)		11.89	%		(31.97	)%		4.17	%		(3.07	)%		16.91	%
Market Price Total Return^(c)		13.12	%		(32.83	)%		4.38	%		(3.38	)%		17.28	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	1,284,232		$	1,429,380		$	2,723,916		$	2,675,446		$	3,535,387
Ratio to average net assets of:
Expenses		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income		6.84	%		5.73	%		4.47	%		4.63	%		5.03	%
Portfolio turnover rate^(d)		32	%		40	%		41	%		28	%		28	%

^(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.


		40

Financial Highlights–(continued)

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)


	Years Ended October 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of year	$	19.06		$	21.59		$	21.58		$	22.82		$	23.14

Net investment income^(a)		1.39			0.86			0.96			1.18			1.20
Net realized and unrealized gain (loss) on investments		(0.43	)		(2.40	)		0.18			(1.20	)		(0.32	)

Total from investment operations		0.96			(1.54	)		1.14			(0.02	)		0.88


Distributions to shareholders from:
Net investment income		(1.42	)		(0.87	)		(0.96	)		(1.19	)		(1.20	)
Return of capital		(0.01	)		(0.12	)		(0.17	)		(0.03	)		-

Total distributions		(1.43	)		(0.99	)		(1.13	)		(1.22	)		(1.20	)

Net asset value at end of year	$	18.59		$	19.06		$	21.59		$	21.58		$	22.82

Market price at end of year^(b)	$	18.55		$	18.96		$	21.62		$	21.59		$	22.81

Net Asset Value Total Return^(c)		5.06	%		(7.26	)%		5.33	%		0.02	%		3.90	%
Market Price Total Return^(c)		5.40	%		(7.87	)%		5.42	%		0.15	%		4.36	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	130,156		$	186,805		$	236,363		$	196,355		$	230,477
Ratio to average net assets of:
Expenses		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		7.22	%		4.29	%		4.36	%		5.39	%		5.21	%
Portfolio turnover rate^(d)		141	%		58	%		59	%		54	%		57	%

^(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. For the year ended October 31, 2023, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

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


		41

Financial Highlights–(continued)

Invesco International Corporate Bond ETF (PICB)


	Years Ended October 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of year	$	19.72		$	28.27		$	28.10		$	26.96		$	25.31

Net investment income^(a)		0.50			0.26			0.29			0.34			0.39
Net realized and unrealized gain (loss) on investments		0.97			(8.39	)		0.20			1.13			1.65

Total from investment operations		1.47			(8.13	)		0.49			1.47			2.04


Distributions to shareholders from:
Net investment income		(0.25	)		(0.14	)		(0.29	)		(0.34	)		(0.23	)
Net realized gains		-			(0.09	)		(0.03	)		-			-
Return of capital		(0.24	)		(0.19	)		-			-			(0.16	)

Total distributions		(0.49	)		(0.42	)		(0.32	)		(0.34	)		(0.39	)

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

Net asset value at end of year	$	20.70		$	19.72		$	28.27		$	28.10		$	26.96

Market price at end of year^(c)	$	20.75		$	19.73		$	28.31		$	28.15		$	26.84

Net Asset Value Total Return^(d)		7.38	%		(29.02	)%		1.73	%		5.57	%		8.12	%
Market Price Total Return^(d)		7.58	%		(29.09	)%		1.69	%		6.24	%		7.77	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	115,915		$	97,609		$	122,979		$	118,025		$	111,878
Ratio to average net assets of:
Expenses		0.50	%		0.50	%		0.50	%		0.50	%		0.51	%^(e)
Net investment income		2.36	%		1.08	%		0.99	%		1.27	%		1.49	%^(e)
Portfolio turnover rate^(f)		34	%		28	%		22	%		22	%		23	%

^(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.


		42

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

October 31, 2023

NOTE 1–Organization


Full Name		Short Name

Invesco 0-5 Yr US TIPS ETF (PBTP)*		“0-5 Yr US TIPS ETF”

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

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)**		“Global ex-US High Yield Corporate Bond ETF”

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

*	Effective after the close of markets on August 25, 2023, the Fund’s name changed from Invesco PureBeta^SM 0-5 Yr US TIPS ETF to Invesco 0-5 Yr US TIPS ETF.

**	Effective after the close of markets on August 25, 2023, the Fund’s name changed from Invesco Global Short Term High Yield Bond ETF to Invesco Global ex-US High Yield Corporate Bond ETF.


Fund		Exchange

0-5 Yr US TIPS ETF		Cboe BZX Exchange, Inc.

Emerging Markets Sovereign Debt ETF		NYSE Arca, Inc.

Global ex-US High Yield Corporate Bond ETF		NYSE Arca, Inc.

International Corporate Bond ETF		NYSE Arca, Inc.

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

0-5 Yr US TIPS ETF		ICE BofA 0-5 Year US Inflation-Linked Treasury Index^SM

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

Global ex-US High Yield Corporate Bond ETF		ICE USD Global High Yield Excluding US Issuers Constrained 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.

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


		43

settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


		44

quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

Dividends and Distributions to Shareholders - Each Fund (except 0-5 Yr US TIPS ETF) declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. 0-5 Yr US TIPS ETF declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.

Foreign Withholding Taxes - Certain Funds are subject to foreign withholding tax imposed by certain foreign countries in which the Funds may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. Certain Funds may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. Certain Funds will record a receivable for such tax


		45

refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for Foreign tax reclaims on the Statements of Assets and Liabilities. There is no guarantee that a Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as Foreign withholding tax claims in the Statements of Operations, and any related interest is included in Unaffiliated interest income. Certain Funds may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are excluded from the unitary management fee and are reflected on the Statements of Operations as Professional fees, if any. In the event tax refunds received by a Fund during the fiscal year exceed the foreign withholding taxes paid by a Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds’ shareholders. For the fiscal year ended October 31, 2023, the Funds did not enter into any closing agreements.

Treasury Inflation-Protected Securities - 0-5 Yr US TIPS ETF may invest in Treasury Inflation-Protected Securities (“TIPS”). TIPS are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The principal value of TIPS will be adjusted upward or downward, and any increase or decrease in the principal amount of TIPS will be included as Treasury Inflation-Protected Securities inflation adjustment in the Statements of Operations, even though investors do not receive their principal until maturity.


		46

borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended October 31, 2023, there were no affiliated securities lending transactions with Invesco.

M.	Other Risks

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

Changing Fixed-Income Market Conditions Risk. Increases in the federal funds and equivalent foreign interest rates or other changes to monetary policy or regulatory actions may expose fixed-income markets to heightened volatility and reduced liquidity for certain fixed-income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. 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 redemptions by APs which could potentially increase a Fund’s portfolio turnover rate and transaction costs.


		47

Fund’s overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on a Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.

Emerging Markets Sovereign Debt Risk. Government obligors in emerging market countries are among the world’s largest debtors to commercial banks, other governments, international financial organizations and other financial institutions. Historically, certain issuers of the government debt securities in which Emerging Markets Sovereign Debt ETF may invest have experienced substantial difficulties in meeting their external debt obligations, resulting in defaults on certain obligations and the restructuring of certain indebtedness. Such restructuring arrangements have included obtaining additional credit to finance outstanding obligations and the reduction and rescheduling of payments of interest and principal through the negotiation of new or amended credit agreements.

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.

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.

Inflation-Linked Security Risk. The value of inflation-linked securities generally will fluctuate in response to changes in real interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates


		48

represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation -indexed securities will generally vary up or down along with the rate of inflation.

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 each 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 an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund’s NAV.

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

U.S. Government Obligations Risk. Certain Funds may invest in U.S. Government obligations issued or guaranteed by the U.S. Government, its agencies and instrumentalities, including bills, notes and bonds issued by the U.S. Treasury. U.S. Government securities include securities that are issued or guaranteed by the U.S. Treasury, by various agencies of the U.S. Government, or by various instrumentalities which have been established or sponsored by the U.S. Government. U.S. Treasury securities are backed by the “full faith and credit” of the United States. Securities issued or guaranteed by federal agencies and U.S. Government-sponsored instrumentalities may or may not be backed by the full faith and credit of the United States. In the case of those U.S. Government securities not backed by the full faith and credit of the United States, the investor must look principally to the agency or instrumentality issuing or guaranteeing the security for ultimate repayment, and may not be able to assert a claim against the United States itself in the event that the agency or instrumentality does not meet its commitment. The U.S. Government, its agencies and instrumentalities do not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate. Additionally, policy changes by the U.S. Government or its regulatory agencies and other governmental actions and political events within the United States, changes to the monetary policy by the Federal Reserve or other regulatory actions, the U.S. Government’s inability at times to agree on a long-term budget and deficit reduction plan or other legislation aimed at addressing financial or economic conditions, the threat of a federal government shutdown, and threats not to increase or suspend the federal government’s debt limit, may affect investor and consumer confidence; increase volatility in the financial markets, perhaps suddenly and to a significant degree; reduce prices of U.S. Treasury securities and/or increase the costs of various kinds of debt; result in higher interest rates; and even raise concerns about the U.S. Government’s credit rating and ability to service its 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.

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


		49

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 fluctuations 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.

NOTE 3–Investment Advisory Agreement and Other Agreements


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

0-5 Yr US TIPS ETF		0.07%

Emerging Markets Sovereign Debt ETF		0.50%

Global ex-US High Yield Corporate Bond ETF		0.35%

International Corporate Bond ETF		0.50%

Through at least August 31, 2025, 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. This waiver does 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, 2023, the Adviser waived fees for each Fund in the following amounts:



0-5 Yr US TIPS ETF	$	66

Emerging Markets Sovereign Debt ETF		4,654

Global ex-US High Yield Corporate Bond ETF		2,362

International Corporate Bond ETF		40

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


Fund		Licensor

0-5 Yr US TIPS ETF		ICE Data Indices, LLC

Emerging Markets Sovereign Debt ETF		Deutsche Bank Securities Inc.

Global ex-US High Yield Corporate Bond ETF		ICE Data Indices, LLC

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.


		50

NOTE 4–Additional Valuation Information


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

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

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


	Level 1			Level 2			Level 3			Total

0-5 Yr US TIPS ETF

Investments in Securities

U.S. Treasury Securities		$	-		$	68,983,331		$	-		$	68,983,331

Money Market Funds			96,987			-			-			96,987

Total Investments		$	96,987		$	68,983,331		$	-		$	69,080,318


Emerging Markets Sovereign Debt ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	1,264,221,240		$	-		$	1,264,221,240

Money Market Funds			3,890,597			55,669,144			-			59,559,741

Total Investments		$	3,890,597		$	1,319,890,384		$	-		$	1,323,780,981


Global ex-US High Yield Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	127,799,691		$	0		$	127,799,691

Common Stocks & Other Equity Interests			4,762			87,698			154,185			246,645

Preferred Stocks			-			-			240,000			240,000

Money Market Funds			1,053,548			4,851,448			-			5,904,996

Total Investments in Securities			1,058,310			132,738,837			394,185			134,191,332

Other Investments - Assets

Investments Matured			-			302,977			30,112			333,089

Total Investments		$	1,058,310		$	133,041,814		$	424,297		$	134,524,421


International Corporate Bond ETF

Investments in Securities

Non-U.S. Dollar Denominated Bonds & Notes		$	-		$	114,334,350		$	-		$	114,334,350

Money Market Funds			51,669			130,318			-			181,987

Total Investments		$	51,669		$	114,464,668		$	-		$	114,516,337


		51

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, 2023 and 2022:


	2023						2022
	Ordinary Income*		Long-Term Capital Gains		Return of Capital		Ordinary Income*		Long-Term Capital Gains		Return of Capital

0-5 Yr US TIPS ETF	$	2,723,908		$5,364	$	-	$	5,578,034		$ 1,006	$	-

Emerging Markets Sovereign Debt ETF		106,197,876		-		-		121,305,087		-		-

Global ex-US High Yield Corporate Bond ETF		12,537,741		-		118,421		8,881,528		-		1,187,837

International Corporate Bond ETF		1,278,167		-		1,282,836		748,498		377,281		984,729

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

Tax Components of Net Assets at Fiscal Year-End:


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

0-5 Yr US TIPS ETF		$	285,429	$	(4,879,097	)		$ -		$	(714,698	)	$	74,401,970	$	69,093,604

Emerging Markets Sovereign Debt ETF			1,280,795		(390,514,992	)		91			(985,041,396	)		2,658,507,052		1,284,231,550

Global ex-US High Yield Corporate Bond ETF			-		(14,424,186	)		828			(36,850,091	)		181,429,500		130,156,051

International Corporate Bond ETF			-		(18,725,943	)		(38,191	)		(8,500,918	)		143,179,912		115,914,860

The Funds have capital loss carryforwards as of October 31, 2023, as follows:


	No expiration
	Short-Term		Long-Term		Total*

0-5 Yr US TIPS ETF	$	120,926	$	593,772	$	714,698

Emerging Markets Sovereign Debt ETF		322,072,748		662,968,648		985,041,396

Global ex-US High Yield Corporate Bond ETF		9,658,718		27,191,373		36,850,091

International Corporate Bond ETF		3,042,107		5,458,811		8,500,918

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

NOTE 6–Investment Transactions


	Purchases		Sales

0-5 Yr US TIPS ETF	$	-	$	-

Emerging Markets Sovereign Debt ETF		497,138,835		484,501,837

Global ex-US High Yield Corporate Bond ETF		237,244,148		232,723,852

International Corporate Bond ETF		41,324,747		37,261,610

For the fiscal year ended October 31, 2023, in-kind transactions associated with creations and redemptions were as follows:


	In-kind		In-kind
	Purchases		Sales

0-5 Yr US TIPS ETF	$	6,898,475	$	55,353,429

Emerging Markets Sovereign Debt ETF		223,526,012		445,016,007

Global ex-US High Yield Corporate Bond ETF		24,623,713		77,917,959

International Corporate Bond ETF		26,406,693		16,267,947

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


		52

As of October 31, 2023, 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

0-5 Yr US TIPS ETF	$	540	$	(4,879,637	)	$	(4,879,097	)	$	73,959,415

Emerging Markets Sovereign Debt ETF		15,845,649		(406,360,641	)		(390,514,992	)		1,714,295,973

Global ex-US High Yield Corporate Bond ETF		421,345		(14,845,531	)		(14,424,186	)		148,948,607

International Corporate Bond ETF		575,466		(19,301,409	)		(18,725,943	)		133,242,280

NOTE 7–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, return of capital and foreign currency 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, 2023, the reclassifications were as follows:


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

0-5 Yr US TIPS ETF		$	(439	)		$	2,903,949		$	(2,903,510	)

Emerging Markets Sovereign Debt ETF			(289	)			28,148,474			(28,148,185	)

Global ex-US High Yield Corporate Bond ETF			57,818				1,578,938			(1,636,756	)

International Corporate Bond ETF			(1,432,103	)			2,543,589			(1,111,486	)

NOTE 8–Trustees’ and Officer’s Fees

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 APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

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.


		53

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco 0-5 Yr US TIPS ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Global ex-US High Yield Corporate 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 0-5 Yr US TIPS ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Global ex-US High Yield Corporate Bond ETF and Invesco International Corporate Bond ETF (four of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of October 31, 2023, the related statements of operations for the year ended October 31, 2023, the statements of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2023 (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, 2023, 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, 2023 and each of the financial highlights for each of the five years in the period ended October 31, 2023, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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, 2023 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 21, 2023


		54

Calculating your ongoing Fund expenses

Example

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, 2023 through October 31, 2023.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value May 1, 2023		Ending Account Value October 31, 2023		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period⁽¹⁾
Invesco 0-5 Yr US TIPS ETF (PBTP)

Actual		$1,000.00		$ 998.90		0.07%		$0.35

Hypothetical (5% return before expenses)		1,000.00		1,024.85		0.07		0.36

Invesco Emerging Markets Sovereign Debt ETF (PCY)

Actual		1,000.00		969.10		0.50		2.48

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

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)

Actual		1,000.00		1,010.50		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		951.60		0.50		2.46

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

⁽¹⁾


		55

Tax Information

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, 2023:


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

Invesco 0-5 Yr US TIPS ETF	0%	0%	0%	100%	100%	100%	$5,364	$22,787

Invesco Emerging Markets Sovereign Debt ETF	0%	0%	0%	0%	99%	0%	-	-

Invesco Global ex-US High Yield Corporate Bond ETF	0%	0%	0%	0%	100%	35%	-	-

Invesco International Corporate Bond ETF	0%	0%	0%	0%	100%	0%	-	-

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


		56

Trustees and Officers

As of November 28, 2023


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 Chair of the Board; Chair of the Nominating and Governance Committee and Trustee	Vice Chair since 2018; Chair 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).	213	Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, 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	Formerly, Assistant Professor of Business, Trinity Christian College (2010-2016); 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.	213	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.


		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

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, 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, Director, The Boeing Company (2009-2021); Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chair (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).

213

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.


		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

Victoria J. Herget–1951

c/o Invesco Capital

Management LLC

3500 Lacey Road

Suite 700

Downers Grove, IL 60515

Trustee

Since 2019

213

Trustee Emerita (2017-Present), Trustee (2000-2017) and Chair (2010-2017), Newberry Library; Trustee, Chikaming Open Lands (2014-Present); Member (2002- Present), Rockefeller Trust Committee; formerly, Trustee, Mather LifeWays (2001-2021); 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.


		59

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	Chair of the Audit Committee and Trustee	Chair of the Audit Committee since 2008; Trustee since 2007	Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); 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).	213	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	Chair of the Investment Oversight Committee and Trustee	Chair 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).	213	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.


		60

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

213

Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012-Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-2021), Independent Directors Council (IDC); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Advisory Board Director, The Alberleen Group LLC (2012-2021); 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.


		61

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.	213	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	Chair of the Board and Trustee	Chair since 2012; Trustee since 2007	Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair 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); Chair, 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).	213	Director, Penfield Children’s Center (2004-Present); Board Chair, 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.


		62

Trustees and Officers–(continued)

The executive officers of the Trust, their term of office and length of time served, and their principal business occupations during at least the past five years are shown below:


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
Brian Hartigan–1978 Invesco Capital Management LLC 3500 Lacey Road Suite 700 Downers Grove, IL 60515	President and Principal Executive Officer	Since 2023	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 (2023-Present); Managing Director and Global Head of ETFs, Indexed Strategies, SMAs and Model Portfolios, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2023-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2023-Present); Director, Co-Chief Executive Officer and Co-President, Invesco Capital Markets, Inc. (2020-Present); Manager and President, Invesco Investment Advisers LLC (2020-Present); formerly, Global Head of ETF Investments and Indexed Strategy (2020-2023); Global Head of ETF Investments (2017-2020); Head of Investments-PowerShares (2015-2017) and Executive Director, Product Development, Invesco Capital Markets, Inc. (2010-2015).

Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza 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 (2020-Present) and Senior Vice President (2023-Present), The Invesco Funds; formerly, Vice President, The Invesco Funds (2020-2023); Senior Vice President and Treasurer, Fidelity Investments (2008-2020).

Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza 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.


		63

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 (2020-Present) and Secretary (2022-Present), Invesco Indexing LLC; 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); Vice President, Invesco Advisers, Inc. (2020-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).

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).

*	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.


		64

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

Melanie Zimdars–1976

Invesco Capital

Management LLC

3500 Lacey Road

Suite 700

Downers Grove, IL 60515

Chief Compliance Officer

Since 2017

*	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.


		65

(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

Quarterly Portfolios

Frequency Distribution of Discounts and Premiums


©2023 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-TRST2-FINC-AR-2	invesco.com/ETFs


		Invesco Annual Report to Shareholders October 31, 2023

		CQQQ		Invesco China Technology ETF

		PIZ		Invesco Dorsey Wright Developed Markets Momentum ETF (formerly, Invesco DWA Developed Markets Momentum ETF)

		PIE		Invesco Dorsey Wright Emerging Markets Momentum ETF (formerly, Invesco DWA Emerging Markets Momentum ETF)

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

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

		PXH		Invesco FTSE RAFI Emerging Markets ETF

		PBD		Invesco Global Clean Energy ETF

		PIO		Invesco Global Water ETF

		IPKW		Invesco International BuyBack Achievers^TMETF

		CUT		Invesco MSCI Global Timber ETF

		GBLD		Invesco MSCI Green Building ETF

		CGW		Invesco S&P Global Water Index ETF

		IDHQ		Invesco S&P International Developed Quality ETF

Table of Contents



The Market Environment			3

Management’s Discussion of Fund Performance			5

Schedules of Investments

Invesco China Technology ETF (CQQQ)			38

Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)			42

Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)			45

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)			48

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)			59

Invesco FTSE RAFI Emerging Markets ETF (PXH)			74

Invesco Global Clean Energy ETF (PBD)			80

Invesco Global Water ETF (PIO)			83

Invesco International BuyBack Achievers^TMETF (IPKW)			85

Invesco MSCI Global Timber ETF (CUT)			88

Invesco MSCI Green Building ETF (GBLD)			90

Invesco S&P Global Water Index ETF (CGW)			93

Invesco S&P International Developed Quality ETF (IDHQ)			95

Statements of Assets and Liabilities			100

Statements of Operations			104

Statements of Changes in Net Assets			106

Financial Highlights			111

Notes to Financial Statements			123

Report of Independent Registered Public Accounting Firm			139

Fund Expenses			140

Tax Information			142

Trustees and Officers			143


		2

The Market Environment

Domestic Equity

Despite higher rates and increased market volatility, US stocks for the fiscal year had positive returns of 10.69%, as measured by the S&P 500 Index.³

¹	Source: US Federal Reserve

²	Source: US Bureau of Labor Statistics

³	Source: Lipper Inc.

Global Equity


		3

The Market Environment–(continued)


		4


CQQQ		Management’s Discussion of Fund Performance
CQQQ		Invesco China Technology ETF (CQQQ)

As an index fund, Invesco China Technology ETF’s (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE China Incl A 25% Technology Capped Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (the “Index Provider”) compiles, maintains, and calculates the Index. The Index is composed of securities that the Index Provider, pursuant to the Index methodology, has classified as being in the technology industry and that are constituents of the FTSE China Index or FTSE China A Stock Connect CNH Index. The Index may include China A-Shares (shares of Chinese incorporated companies that may trade on the Shanghai or Shenzhen stock exchanges via a Stock Connect program (“Stock Connect Programs”)), B Shares, H Shares, N Shares, Red Chips, P Chips and S Chips. Index constituents are modified market capitalization weighted. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2023, on a market price basis, the Fund returned 8.56%. On a net asset value (“NAV”) basis, the Fund returned 7.95%. During the same time period, the Index returned 8.75%. During the fiscal year, the Fund fully 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 the fees and expenses that the Fund incurred during the period.

During this same time period, the MSCI China Index (Net) (the “Benchmark Index”) returned 21.12%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 765 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 Chinese stocks.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a stock selection methodology within a specific sector whereas the Benchmark Index selects and weights stocks across multiple sectors based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the semiconductors & semiconductor equipment industry and most underweight the banks industry during the fiscal year ended October 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to the semiconductors & semiconductor equipment industry as well as the Fund’s overweight allocation to and security selection within the software and electronic equipment instruments & components industries, respectively.

For the fiscal year ended October 31, 2023, the interactive media & services industry contributed most significantly to the Fund’s return, followed by the broadline retail industry. The software industry detracted most significantly from the Fund’s return, followed by the electronic equipment instruments & components industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included PDD Holdings Inc., ADR, a broadline retail company (portfolio average weight of 7.47%), and Tencent Holdings Ltd., an interactive media & services company (portfolio average weight of 10.41%). Positions that detracted most significantly from the Fund’s return during the period included MOG Digitech Holdings Ltd., an electronic equipment, instruments & components company (portfolio average weight of 0.11%), and SenseTime Group, Inc., Class B, a software company (portfolio average weight of 1.77%).


Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2023
Interactive Media & Services			23.33
Semiconductors & Semiconductor Equipment			21.39
Electronic Equipment, Instruments & Components			13.50
Software			11.55
Hotels, Restaurants & Leisure			9.72
Broadline Retail			9.30
Entertainment			4.29
Industry Types Each Less Than 3%			7.02
Money Market Funds Plus Other Assets Less Liabilities			(0.10)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2023
Security
Tencent Holdings Ltd.			9.85
PDD Holdings, Inc., ADR			9.30
Meituan, B Shares			8.72
Baidu, Inc., A Shares			5.74
Kuaishou Technology			5.14
Sunny Optical Technology Group Co. Ltd.			3.72
Kingdee International Software Group Co. Ltd.			2.32
Bilibili, Inc., Z Shares			2.18
Kingsoft Corp. Ltd.			2.04
Sanan Optoelectronics Co. Ltd., A Shares			1.94
Total			50.95

*	Excluding money market fund holdings.


		5

Invesco China Technology ETF (CQQQ) (continued)

Growth of a $10,000 Investment

LOGO

Fund Performance History as of October 31, 2023


	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
Blended—FTSE China Incl A 25% Technology Capped Index (Net)		8.75	%		(21.62	)%		(51.85	)%		(2.23	)%		(10.65	)%		1.36	%		14.50	%		3.61	%		63.60	%
MSCI China Index (Net)		21.12			(16.95	)		(42.71	)		(2.65	)		(12.56	)		0.98			10.21			1.09			16.23
Fund
NAV Return		7.95			(22.17	)		(52.85	)		(2.88	)		(13.59	)		1.13			11.93			3.31			57.19
Market Price Return		8.56			(22.31	)		(53.10	)		(3.01	)		(14.19	)		1.20			12.62			3.30			57.09

Guggenheim China Technology ETF (the “Predecessor Fund”) Fund Inception: December 08, 2009

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 0.70% 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 stated above are based upon a hypothetical investment in their respective constituent securities. The

returns of 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:

-	Effective after the close of business on May 18, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

-	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.

-	The Blended-FTSE China Incl A 25% Technology Capped Index (Net) is comprised of the performance of the AlphaShares China Technology Index, the Fund’s previous underlying index, prior to June 22, 2019, followed by the performance of the Index thereafter through October 31, 2023.


		6


PIZ		Management’s Discussion of Fund Performance
PIZ		Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)

Effective after the close of markets on August 25, 2023, Invesco DWA Developed Markets Momentum ETF changed its name to Invesco Dorsey Wright Developed Markets Momentum ETF (the “Fund”).

As an index fund, the Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright^® Developed Markets Technical Leaders Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Dorsey Wright & Associates, LLC (“Dorsey Wright” or the “Index Provider”) selects securities pursuant to its proprietary selection methodology for inclusion in the Index, which is designed to identify securities that demonstrate powerful relative strength characteristics.

“Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index.

The Index is comprised of equity securities of large capitalization companies based in countries classified as developed markets, excluding the United States. Dorsey Wright selects securities for inclusion in the Index from an eligible universe of the largest 1,000 constituents by market capitalization within the Nasdaq Developed Markets Ex United States Index (except for U.S.-listed American depositary receipts (“ADRs”) or foreign listings). The Index Provider assigns a relative strength score to each eligible security and selects approximately 100 securities with the greatest scores for inclusion in the Index. Component security weights are based on relative scores, with securities with higher scores receiving larger weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2023, on a market price basis, the Fund returned 8.18%. On a net asset value (“NAV”) basis, the Fund returned 7.40%. During the same time period, the Index returned 7.90%. During the fiscal year, the Fund fully 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 the fees and expenses that the Fund incurred during the period, which were partially offset by dividend tax withholding differences between the Fund and the Index as well as income from the securities lending program in which the Fund participates.

During this same time period, the MSCI EAFE^® Index (Net) (the “Benchmark Index”) returned 14.40%. The Benchmark Index is an unmanaged index weighted by market capitalization 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 markets of economically developed countries outside of the U.S.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the industrials sector and most underweight in the health care sector during the fiscal year ended October 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s underweight allocation to and security selection within the energy sector as well as the Fund’s security selection within the materials sector.

For the fiscal year ended October 31, 2023, the information technology sector contributed most significantly to the Fund’s return, followed by the financials sector. The energy sector detracted most significantly from the Fund’s return, followed by the consumer staples sector.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included Ecopro BM Co., Ltd., an industrials company (no longer held at fiscal year-end), and Novo Nordisk A/S, Class B, a health care company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included L & F Co., Ltd., an information technology company (no longer held at fiscal year-end), and Interpump Group S.p.A., an industrials company (portfolio average weight of 0.78%).


Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2023
Industrials			38.14
Financials			14.28
Information Technology			11.20
Energy			8.37
Consumer Discretionary			7.59
Consumer Staples			7.02
Materials			5.17
Utilities			4.21
Sector Types Each Less Than 3%			3.79
Money Market Funds Plus Other Assets Less Liabilities			0.23


		7

Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ) (continued)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2023
Security
Constellation Software, Inc.			3.12
ASM International N.V.			2.99
InterContinental Hotels Group PLC			2.83
ASML Holding N.V.			2.77
Kuehne + Nagel International AG, Class R			2.60
Flughafen Zureich AG			2.57
Belimo Holding AG			2.22
Singapore Exchange Ltd.			2.13
Diploma PLC			2.12
Chocoladefabriken Lindt & Spruengli AG			2.10
Total			25.45

*	Excluding money market fund holdings.

Growth of a $10,000 Investment

LOGO

Fund Performance History as of October 31, 2023


	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
Dorsey Wright^® Developed Markets Technical Leaders Index (Net)		7.90	%		(0.55	)%		(1.64	)%		4.47	%		24.44	%		3.21	%		37.19	%		3.09	%		61.83	%
MSCI EAFE^® Index (Net)		14.40			5.73			18.20			4.10			22.24			3.05			35.11			1.88			34.37
Fund
NAV Return		7.40			(1.16	)		(3.43	)		3.75			20.18			2.41			26.83			2.22			41.50
Market Price Return		8.18			(0.90	)		(2.68	)		3.92			21.21			2.43			27.19			2.22			41.51


		8

Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ) (continued)

Fund Inception: December 28, 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 0.80% 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.

-	Net returns reflect reinvested dividends net of withholding taxes.


		9


PIE		Management’s Discussion of Fund Performance
PIE		Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)

Effective after the close of markets on August 25, 2023, Invesco DWA Emerging Markets Momentum ETF changed its name to Invesco Dorsey Wright Emerging Markets Momentum ETF (the “Fund”).

The Fund seeks to track the investment results (before fees and expenses) of the Dorsey Wright^® Emerging Markets Technical Leaders Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

The Index is comprised of equity securities of large capitalization companies based in countries classified as emerging markets.

Dorsey Wright selects securities for inclusion in the Index from an eligible universe of the largest 1,000 constituents by market capitalization within the Nasdaq Emerging Markets Index (except for U.S.-listed American Depositary Receipts (“ADRs”) or foreign listings). The Index Provider assigns a relative strength score to each eligible security and selects approximately 100 securities with the greatest scores for inclusion in the Index. Component security weights are based on relative scores, with securities with higher scores receiving larger weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2023, on a market price basis, the Fund returned 13.16%. On a net asset value (“NAV”) basis, the Fund returned 12.98%. During the same time period, the Index returned 14.95%. During the fiscal year, the Fund fully 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 the fees and expenses that the Fund incurred during the period, as well as trading and foreign currency costs associated with rebalancing activity.

During this same time period, the MSCI Emerging Markets Index (Net) (the “Benchmark Index”) returned 10.80%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 1,400 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 emerging market equities.

Relative to the Benchmark Index, the Fund was most overweight in the electronic components sub-industry and most underweight in the interactive media & services sub-industry during the fiscal year ended October 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to and security selection within the technology hardware, storage & peripherals sub-industry, followed by security selection in the electronic components sub-industry.

For the fiscal year ended October 31, 2023, the technology hardware, storage & peripherals sub-industry contributed most significantly to the Fund’s return, followed by the electronic components and apparel, accessories & luxury goods sub-industries, respectively. The coal & consumable fuels sub-industry detracted most significantly from the Fund’s return, followed by the agricultural & farm machinery and electric utilities sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included Asia Vital Components Co., Ltd., a technology hardware, storage & peripherals company (no longer held at fiscal year-end), and Wiwynn Corp., a technology hardware, storage & peripherals company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included Thungela Resources Ltd., a coal & consumable fuels company (no longer held at fiscal year-end), and Turk Traktor ve Ziraat Makineleri A.S., an agricultural & farm machinery company (portfolio average weight of 0.21%).


Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2023
Information Technology			26.57
Financials			15.94
Consumer Staples			13.96
Industrials			13.61
Materials			9.55
Consumer Discretionary			7.27
Energy			6.57
Sector Types Each Less Than 3%			6.55
Money Market Funds Plus Other Assets Less Liabilities			(0.02)


		10

Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE) (continued)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2023
Security
Yulon Finance Corp.			3.13
Frontken Corp. Bhd.			3.03
Gold Circuit Electronics Ltd.			2.71
Topco Scientific Co. Ltd.			2.62
PRIO S.A.			2.47
Micro-Star International Co. Ltd.			2.47
WT Microelectronics Co. Ltd.			2.46
Jinan Acetate Chemical Co. Ltd.			2.28
Taiwan Semiconductor Manufacturing Co. Ltd.			2.26
Clicks Group Ltd.			2.18
Total			25.61

*	Excluding money market fund holdings.

Growth of a $10,000 Investment

LOGO

Fund Performance History as of October 31, 2023


	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
Dorsey Wright^® Emerging Markets Technical Leaders Index (Net)		14.95	%		0.69	%		2.08	%		5.74	%		32.17	%		2.64	%		29.72	%		1.66	%		29.82	%
MSCI Emerging Markets Index (Net)		10.80			(3.67	)		(10.62	)		1.59			8.23			1.19			12.53			0.47			7.67
Fund
NAV Return		12.98			(1.22	)		(3.63	)		4.06			22.01			1.13			11.88			(0.87	)		(12.91	)
Market Price Return		13.16			(1.34	)		(3.97	)		4.08			22.14			1.13			11.86			(0.92	)		(13.63	)


		11

Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE) (continued)

Fund Inception: December 28, 2007

According to the Fund’s current prospectus, the Fund’s expense ratio of 0.90% 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.

-	Net returns reflect reinvested dividends net of withholding taxes.


		12


PXF		Management’s Discussion of Fund Performance
PXF		Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)

As an index fund, the Invesco FTSE RAFI Developed Markets ex-U.S. ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE RAFI^TM Developed ex U.S. 1000 Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.

The Index is designed to track the performance of non-U.S.-listed companies domiciled in developed markets countries with the largest cumulative scores (“Fundamental Value”), selected from the constituents of the FTSE Developed ex US Total Cap Index as determined by the Index Provider. The Index selects and weights companies based on their Fundamental Values, which are derived from the following four fundamental measures of firm size: book value, cash flow, sales and dividends. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2023, on a market price basis, the Fund returned 15.68%. On a net asset value (“NAV”) basis, the Fund returned 15.00%. During the same time period, the Index returned 15.16%. During the fiscal year, the Fund fully 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 the fees and expenses that the Fund incurred during the period, which were significantly offset by benefits to the Fund related to dividend tax treatment relative to the Index.

The performance of the Fund differed from the Benchmark Index in part because the Fund employs a fundamental weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the health care sector during the fiscal year ended October 31, 2023. The majority of the

Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s underweight exposure to the health care sector, as well as the Fund’s overweight exposure to, and security selection within, the financials sector.

For the fiscal year ended October 31, 2023, the energy sector contributed most significantly to the Fund’s return. No sector detracted from the Fund’s performance during this period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included Mitsubishi UFJ Financial Group, Inc., a financials company (portfolio average weight of 0.76%), and Shell PLC, an energy company (portfolio average weight of 2.57%). Positions that detracted most significantly from the Fund’s return included Roche Holding Ltd., a health care company (portfolio average weight of 0.81%), and Credit Suisse Group AG, a financials company (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2023
Financials			25.76
Industrials			13.22
Consumer Discretionary			10.17
Energy			9.61
Materials			9.31
Consumer Staples			7.64
Health Care			6.45
Information Technology			5.83
Communication Services			4.76
Utilities			4.70
Real Estate			2.33
Money Market Funds Plus Other Assets Less Liabilities			0.22

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2023
Security
Shell PLC			2.65
TotalEnergies SE			1.54
Samsung Electronics Co. Ltd.			1.41
BP PLC			1.27
HSBC Holdings PLC			1.11
Nestle S.A.			1.04
Toyota Motor Corp.			0.97
Mitsubishi UFJ Financial Group, Inc.			0.93
Allianz SE			0.91
Novartis AG			0.83
Total			12.66

*	Excluding money market fund holdings.


		13

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

Growth of a $10,000 Investment

LOGO

Fund Performance History as of October 31, 2023


	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
FTSE RAFI^™ Developed ex U.S. 1000 Index (Net)		15.16	%		11.13	%		37.26	%		4.65	%		25.52	%		3.28	%		38.11	%		2.29	%		44.80	%
MSCI EAFE^® Index (Net)		14.40			5.73			18.20			4.10			22.24			3.05			35.11			1.89			35.86
Fund
NAV Return		15.00			10.89			36.35			4.49			24.55			3.10			35.76			1.93			36.76
Market Price Return		15.68			11.10			37.12			4.69			25.78			3.13			36.04			1.97			37.67

Fund Inception: June 25, 2007

According to the Fund’s current prospectus, the Fund’s expense ratio of 0.45% 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.

-	Net returns reflect reinvested dividends net of withholding taxes.


		14


PDN		Management’s Discussion of Fund Performance
PDN		Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)

As an index fund, the Invesco FTSE RAFI Developed Markets ex- U.S. Small-Mid ETF (the “Fund) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE RAFI^TM Developed ex US Mid Small 1500 Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.

The Index is designed to track the performance of the small-and mid-capitalization companies in developed markets based on their cumulative scores (“Fundamental Value”), selected from the constituents of the FTSE Developed ex US Total Cap Index, as determined by the Index Provider. The Index selects and weights companies based on their Fundamental Values, which are derived from the following four fundamental measures of firm size: book value, cash flow, sales and dividends. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2023, on a market price basis, the Fund returned 9.58%. On a net asset value (“NAV”) basis, the Fund returned 8.88%. During the same time period, the Index returned 9.25%. During the fiscal year, the Fund fully 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 the fees and expenses that the Fund incurred during the period.

During this same time period, the MSCI EAFE^® Small Cap Index (Net) (the “Benchmark Index”) returned 6.47%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2,300 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 representation of small capitalization companies located in markets of economically developed countries outside of the U.S.

Relative to the Benchmark Index, the Fund was most overweight in the materials sector and most underweight in the information technology sector during the fiscal year ended October 31, 2023.

The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection in the industrials sector, as well as its security selection in the materials sector.

For the fiscal year ended October 31, 2023, the industrials sector contributed most significantly to the Fund’s return, followed by the financials and 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, 2023, included Yamazaki Baking Co., Ltd., a consumer staples company (portfolio average weight of 0.15%), and Asics Corp., a consumer discretionary company (portfolio average weight of 0.18%). Positions that detracted most significantly from the Fund’s return included Synthomer PLC, a materials company (portfolio average weight of 0.11%), and Tower Semiconductor Ltd., an information technology company (portfolio average weight of 0.14%).


Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2023
Industrials			21.67
Consumer Discretionary			12.98
Materials			11.49
Financials			10.96
Real Estate			10.17
Consumer Staples			8.03
Information Technology			7.15
Health Care			5.51
Energy			4.88
Communication Services			4.50
Utilities			2.50
Money Market Funds Plus Other Assets Less Liabilities			0.16


		15

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


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2023
Security
Yamazaki Baking Co. Ltd.			0.25
BE Semiconductor Industries N.V.			0.24
Zensho Holdings Co. Ltd.			0.24
KDX Realty Investment Corp.			0.23
Skylark Holdings Co. Ltd.			0.22
Hachijuni Bank Ltd. (The)			0.22
HOCHTIEF AG			0.21
Eldorado Gold Corp.			0.21
Kyushu Financial Group, Inc.			0.21
Sapporo Holdings Ltd.			0.21
Total			2.24

*	Excluding money market fund holdings.

Growth of a $10,000 Investment

LOGO

Fund Performance History as of October 31, 2023


	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
FTSE RAFI^™ Developed ex U.S. Mid-Small 1500 Index (Net)		9.25	%		2.21	%		6.76	%		2.04	%		10.65	%		3.09	%		35.52	%		3.53	%		74.84	%
MSCI EAFE^® Small Cap Index (Net)		6.47			0.26			0.78			1.58			8.17			3.36			39.14			2.94			59.40
Fund
NAV Return		8.88			1.87			5.72			1.74			9.03			2.75			31.18			3.06			62.46
Market Price Return		9.58			2.09			6.41			1.89			9.80			2.64			29.82			3.02			61.45


		16

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

Fund Inception: September 27, 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 0.49% 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.

-	Net returns reflect reinvested dividends net of withholding taxes.


		17


PXH		Management’s Discussion of Fund Performance
PXH		Invesco FTSE RAFI Emerging Markets ETF (PXH)

As an index fund, the Invesco FTSE RAFI Emerging Markets ETF (the “Fund) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE RAFI^TM Emerging Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (“FTSE”) in conjunction with Research Affiliates LLC (“RA” together with FTSE, the “Index Provider”), compiles, maintains and calculates the Index, which is comprised of securities of companies located in countries that are classified as emerging markets within the country classification definition of FTSE. The Index includes securities of companies selected from the constituents of the FTSE Emerging Total Cap Index. The Index selects and weights its component securities based on their cumulative score (“Fundamental Value”), which is derived from the following four fundamental measures of firm size: book value, cash flows, sales and dividends. In such circumstances, the Fund will utilize a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended October 31, 2023, on a market price basis, the Fund returned 14.09%. On a net asset value (“NAV”) basis, the Fund returned 14.21%. During the same time period, the Index returned 14.98%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period, as well as Indian capital gains taxes that the Fund incurred during the period.

During this same time period, the MSCI Emerging Markets Index (Net) (the “Benchmark Index”) returned 10.80%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 1,400 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 emerging market equities.

Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the information technology sector during the fiscal year ended October 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection in the financials and energy sectors.

For the fiscal year ended October 31, 2023, the financials sector contributed most significantly to the Fund’s return, followed by the energy sector and the information technology sectors, respectively. The real estate sector detracted most significantly from the Fund’s return, followed by the health care sector.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included Taiwan Semiconductor Manufacturing Co., an information technology company (portfolio average weight of 4.50%), and Petroleo Brasileiro SA, Pfd., an energy company (portfolio average weight of 2.11%). Positions that detracted most significantly from the Fund’s return included Banco Bradesco SA, Pfd., a financials company (portfolio average weight of 1.05%), and Country Garden Holdings Co. Ltd., a real estate company (portfolio average weight of 0.30%).


Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2023
Financials			30.46
Energy			14.05
Information Technology			13.70
Materials			10.46
Consumer Discretionary			9.16
Communication Services			7.04
Consumer Staples			4.83
Industrials			4.02
Utilities			3.20
Sector Types Each Less Than 3%			2.94
Money Market Funds Plus Other Assets Less Liabilities			0.14

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2023
Security
Taiwan Semiconductor Manufacturing Co. Ltd.			4.84
Petroleo Brasileiro S.A., Preference Shares			3.02
Alibaba Group Holding Ltd.			3.00
Petroleo Brasileiro S.A.			2.19
Vale S.A.			2.18
Industrial & Commercial Bank of China Ltd., H Shares			2.15
Tencent Holdings Ltd.			2.08
China Construction Bank Corp., H Shares			2.00
Ping An Insurance (Group) Co. of China Ltd., H Shares			1.79
Reliance Industries Ltd.			1.54
Total			24.79

*	Excluding money market fund holdings.


		18

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

Growth of a $10,000 Investment

LOGO

Fund Performance History as of October 31, 2023


	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
FTSE RAFI^™ Emerging Index (Net)		14.98	%		5.09	%		16.06	%		1.93	%		10.03	%		1.92	%		20.99	%		1.45	%		26.08	%
MSCI Emerging Markets Index (Net)		10.80			(3.67	)		(10.62	)		1.59			8.23			1.19			12.53			0.70			11.90
Fund
NAV Return		14.21			4.37			13.69			1.28			6.58			1.38			14.73			0.48			8.07
Market Price Return		14.09			4.35			13.63			1.26			6.46			1.47			15.75			0.34			5.66

Fund Inception: September 27, 2007

According to the Fund’s current prospectus, the Fund’s expense ratio of 0.49% 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.

-	Net returns reflect reinvested dividends net of withholding taxes.


		19


PBD		Management’s Discussion of Fund Performance
PBD		Invesco Global Clean Energy ETF (PBD)

As an index fund, the Invesco Global Clean Energy ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the WilderHill New Energy Global Innovation Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, WilderHill New Energy Finance LLC (the “Index Provider”) compiles and maintains the Index, which is comprised of securities of companies that are located in developed and emerging markets throughout the world and that are engaged in the business of the advancement of cleaner energy and conservation.

The Index is comprised primarily of companies whose technologies focus on the generation and use of cleaner energy, conservation and efficiency, and the advancement of renewable energy in general, as determined by the Index Provider. The Index includes companies in wind, solar, biofuels, hydro, wave, tidal, geothermal and other relevant renewable energy businesses and those involved in energy conversion, storage, conservation, efficiency, materials relating to those activities, carbon and greenhouse gas reduction, pollution control, emerging hydrogen and fuel cells. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2023, on a market price basis, the Fund returned (26.86)%. On a net asset value (“NAV”) basis, the Fund returned (27.24)%. During the same time period, the Index returned (27.47)%. During the fiscal year, the Fund fully 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 income from the securities lending program in which the Fund participates, which was partially offset by the fees and expenses that the Fund incurred during the period.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects, and weights stocks based upon the market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the electrical components & equipment sub-industry and most underweight in the diversified banks sub-industry during the fiscal year ended October 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection in the electrical components & equipment sub-industry and overweight allocation to the renewable electricity sub-industry.

For the fiscal year ended October 31, 2023, the electronic equipment & instruments sub-industry contributed most significantly to the Fund’s return, followed by the motorcycle manufacturers sub-industry. The electrical components & equipment sub-industry detracted most significantly from the Fund’s return, followed by the renewable electricity sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included Abalance Corp., a heavy electrical equipment company (no longer held at fiscal year-end), and Teco Electric & Machinery Co., Ltd., an electrical components & equipment company (portfolio average weight of 1.06%). Positions that detracted most significantly from the Fund’s return included ChargePoint Holdings, Inc., Class A, an electrical components & equipment company (portfolio average weight of 0.77%), and SunPower Corp., an electrical components & equipment company (portfolio average weight of 0.79%).


Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2023
Electrical Components & Equipment			23.17
Renewable Electricity			18.30
Heavy Electrical Equipment			8.69
Semiconductors			7.83
Electric Utilities			6.55
Semiconductor Materials & Equipment			6.25
Automobile Manufacturers			4.76
Specialty Chemicals			3.08
Automotive Parts & Equipment			3.01
Construction & Engineering			2.82
Sub-Industry Types Each Less than 3%			15.45
Money Market Funds Plus Other Assets Less Liabilities			0.09


		20

Invesco Global Clean Energy ETF (PBD) (continued)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2023
Security
West Holdings Corp.			1.59
NFI Group, Inc.			1.31
Sino-American Silicon Products, Inc.			1.31
Verbund AG			1.31
Solaria Energia y Medio Ambiente S.A.			1.29
Subsea 7 S.A.			1.25
Novozymes A/S, Class B			1.22
Landis+Gyr Group AG			1.20
Terna S.p.A.			1.20
JinkoSolar Holding Co. Ltd., ADR			1.19
Total			12.9

*	Excluding money market fund holdings.

Growth of a $10,000 Investment

LOGO

Fund Performance History as of October 31, 2023


	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
WilderHill New Energy Global Innovation Index		(27.47	)%		(15.02	)%		(38.64	)%		5.83	%		32.74	%		2.92	%		33.38	%		(2.01	)%		(28.33	)%
MSCI EAFE^® Index (Net)		14.40			5.73			18.20			4.10			22.24			3.05			35.11			2.00			38.32
Fund
NAV Return		(27.24	)		(14.99	)		(38.57	)		5.91			33.26			2.69			30.34			(2.55	)		(34.45	)
Market Price Return		(26.86	)		(15.00	)		(38.59	)		5.97			33.65			2.71			30.61			(2.59	)		(34.90	)


		21

Invesco Global Clean Energy ETF (PBD) (continued)

Fund Inception: June 13, 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 0.75% 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.

-	Net returns reflect reinvested dividends net of withholding taxes.


		22


PIO		Management’s Discussion of Fund Performance
PIO		Invesco Global Water ETF (PIO)

As an index fund, the Invesco Global Water ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the NASDAQ OMX Global Water Index^SM (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that are based on the securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (“Nasdaq” or the “Index Provider”) compiles, maintains, and calculates the Index, which is comprised of securities of global exchange-listed companies located in the United States, as well as developed and emerging markets throughout the world, that create products designed to conserve and purify water for homes, businesses and industries. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2023, on a market price basis, the Fund returned 4.37%. On a net asset value (“NAV”) basis, the Fund returned 4.57%. During the same time period, the Index returned 4.92%. During the fiscal year, the Fund fully 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 the fees and expenses that the Fund incurred during the period, which were partially offset by the benefits to the Fund related to dividend tax treatment relative to the Index.

Relative to the Benchmark Index, the Fund was most overweight in the industrial machinery & supplies & components sub-industry and most underweight in the diversified banks sub-industry during the fiscal year ended October 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to the life sciences tools & services sub-industry, followed by security selection in the water utilities sub-industry.

For the fiscal year ended October 31, 2023, the trading companies & distributors sub-industry contributed most significantly to the

Fund’s return, followed by the application software sub-industry. The life sciences tools & services sub-industry detracted most significantly from the Fund’s return, followed by the electric utilities sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included Ferguson PLC, a trading companies & distributors company (portfolio average weight of 6.81%), and Pentair PLC, an industrial machinery & supplies & components company (portfolio average weight of 7.78%). Positions that detracted most significantly from the Fund’s return included Danaher Corp., a life sciences tools & services company (portfolio average weight of 7.66%) and Spirax-Sarco Engineering PLC, an industrial machinery & supplies & components company (portfolio average weight of 3.00%).


Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2023
Industrials			52.70
Utilities			19.37
Information Technology			12.58
Health Care			10.27
Materials			4.12
Consumer Discretionary			0.90
Money Market Funds Plus Other Assets Less Liabilities			0.06

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2023
Security
Roper Technologies, Inc.			8.85
Pentair PLC			7.48
Danaher Corp.			6.55
Geberit AG			5.84
Veolia Environnement S.A.			5.27
Cia de Saneamento Basico do Estado de Sao Paulo SABESP			4.47
Ferguson PLC			4.16
Ecolab, Inc.			4.12
Xylem, Inc.			4.08
Halma PLC			3.73
Total			54.55

*	Excluding money market fund holdings.


		23

Invesco Global Water ETF (PIO) (continued)

Growth of a $10,000 Investment

LOGO

Fund Performance History as of October 31, 2023


				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
Blended—Nasdaq OMX Global Water Index^SM		4.92	%		2.14	%		6.55	%		7.61	%		44.33	%		5.37	%		68.68	%		3.25	%		68.80	%
MSCI EAFE^® Index (Net)		14.40			5.73			18.20			4.10			22.24			3.05			35.11			2.00			38.32
Fund
NAV Return		4.57			1.90			5.81			7.35			42.58			5.19			65.82			2.92			60.15
Market Price Return		4.37			1.91			5.84			7.40			42.91			5.17			65.54			2.79			57.05

Fund Inception: June 13, 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 0.75% 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.

The Blended-Nasdaq OMX Global Water Index^SM performance is comprised of the performance of the Palisades Global Water Index, the Fund’s previous underlying index until the conversion date, March 1, 2012, followed by the performance of the Index on a total return basis, starting from the conversion date until December 23, 2013, followed by the performance of the Index on a net basis thereafter through October 31, 2023.

-	Net returns reflect reinvested dividends net of withholding taxes.


		24


IPKW		Management’s Discussion of Fund Performance
IPKW		Invesco International BuyBack Achievers^TM ETF (IPKW)

As an index fund, the Invesco International BuyBack Achievers^TM ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the NASDAQ International BuyBack Achievers^TM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (“Nasdaq” or the “Index Provider”) compiles, maintains, and calculates the Index, which is comprised of the securities of foreign companies that are classified as “International BuyBack Achievers^TM” pursuant to the Index Provider’s proprietary selection methodology.

To qualify as an “International BuyBack Achiever^TM” a company must have effected a net reduction of 5% or more of its outstanding shares in its latest fiscal year. Additionally, to be eligible for inclusion in the Index, a security must: (i) be included in the NASDAQ Global Ex-US Index (a broad-based index designed to track the performance of the global equity market and whose component securities are issued by companies located throughout the world, excluding the United States); (ii) have a minimum market capitalization of $250 million; and (iii) have a minimum three-month average daily dollar trading volume of $1 million. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2023, on a market price basis, the Fund returned 12.85%. On a net asset value (“NAV”) basis, the Fund returned 12.38%. During the same time period, the Index returned 13.06%. During the fiscal year, the Fund fully 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 the fees and expenses that the Fund incurred during the period.

During this same time period, the MSCI ACWI ex USA^® Index (Net) (the “Benchmark Index”) returned 12.07%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 2,300 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 representation of the developed and emerging equity markets outside of the U.S.

The performance of the Fund differed from the Benchmark Index in part because the Fund employs a modified market capitalization weighting methodology and selects stocks based on constituent companies engaging in stock buybacks, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the energy sector and most underweight in the industrials sector during the fiscal year ended October 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark

Index during the period can be attributed to the Fund’s security selection in the financials sector and overweight allocation to the energy sector. For the fiscal year ended October 31, 2023, the financials sector contributed most significantly to the Fund’s return, followed by the materials and energy sectors, respectively. The health care sector detracted most significantly from Fund’s return followed by the industrials and consumer discretionary sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included Dai-ichi Life Holdings, Inc., a financials company (no longer held at fiscal year-end) and Fairfax Financial Holdings Ltd., a financials company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included Naspers Ltd., Class N, a consumer discretionary company (portfolio average weight of 1.18%) and Renesas Electronics Corp., an information technology company (portfolio average weight of 0.54%).


Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2023
Financials			32.40
Energy			25.96
Consumer Discretionary			9.73
Industrials			9.55
Materials			7.96
Health Care			5.43
Communication Services			5.37
Sector Types Each Less Than 3%			3.56
Money Market Funds Plus Other Assets Less Liabilities			0.04

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2023
Security
Shell PLC			5.36
BP PLC			5.00
UBS Group AG			5.00
Novartis AG			4.81
Canadian Natural Resources Ltd.			4.01
Lloyds Banking Group PLC			3.78
Banco Bilbao Vizcaya Argentaria S.A.			3.27
Barclays PLC			2.77
UniCredit S.p.A.			2.76
Vale S.A.			2.69
Total			39.45

*	Excluding money market fund holdings.


		25

Invesco International Buyback Achievers^TM ETF (IPKW) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of October 31, 2023


				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
Nasdaq International BuyBack Achievers^™ Index (Net)		13.06	%		7.42	%		23.95	%		6.02	%		33.92	%		6.62	%		85.78	%
MSCI ACWI ex USA^® Index (Net)		12.07			3.03			9.38			3.46			18.53			2.55			27.61
Fund
NAV Return		12.38			6.84			21.95			5.41			30.17			5.96			75.10
Market Price Return		12.85			6.89			22.11			5.52			30.83			5.94			74.70

Fund Inception: February 27, 2014

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 0.55% 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.

-	Net returns reflect reinvested dividends net of withholding taxes.


		26


CUT		Management’s Discussion of Fund Performance
CUT		Invesco MSCI Global Timber ETF (CUT)

As an index fund, the Invesco MSCI Global Timber ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the MSCI ACWI IMI Timber Select Capped Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, MSCI, Inc. (“MSCI” or the “Index Provider”) compiles, maintains, and calculates the Index, which is comprised of equity securities of companies in both developed and emerging markets throughout the world that are primarily engaged in the ownership and management of forests and timberlands and the production of finished products that use timber as a raw material.

The securities in the Index are selected from a universe of securities that are included in the MSCI ACWI Investable Market Index and classified by the Global Industry Classification Standard (“GICS”) to be in the sub-industries of forest products, paper products, paper packaging or specialized real estate investment trusts (“REITs”) classified as “timber” REITs. The constituents of the Index are weighted based on their free-float-adjusted market capitalization. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2023, on a market price basis, the Fund returned 0.85%. On a net asset value (“NAV”) basis, the Fund returned 0.40%. During the same time period, the Index returned 0.40%. During the fiscal year, the Fund’s performance, on a NAV basis, matched the return of the Index. The fees and expenses that the Fund incurred during the period were primarily offset by benefits to the Fund related to dividend tax treatment relative to the Index.

During this same time period, the MSCI World Index (Net) (the “Benchmark Index”) returned 10.48%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 1,500 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 equity markets in economically developed countries.

Relative to the Benchmark Index, the Fund was most overweight in the paper packaging sub-industry and most underweight in the pharmaceuticals sub-industry during the fiscal year ended October 31, 2023. The majority of the Fund’s underperformance

relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to the paper & plastic packaging products & materials and paper products sub-industries.

For the fiscal year ended October 31, 2023, the forest products sub-industry contributed most significantly to the Fund’s return, followed by the paper products sub-industry. The timber REITs sub-industry detracted most significantly from the Fund’s return during the period, followed by the paper & plastic packaging products & materials sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included Packaging Corp. of America, a paper & plastic packaging products & materials company (portfolio average weight of 5.15%) and Stella-Jones Inc., a forest products company (portfolio average weight of 1.11%). Positions that detracted most significantly from the Fund’s return included Sealed Air Corp., a paper & plastic packaging products & materials company (portfolio average weight of 3.03%) and Amcor PLC, a paper & plastic packaging products & materials company (portfolio average weight of 4.90%).


Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2023
Materials			91.12
Real Estate			8.04
Exchange-Traded Fund			0.66
Money Market Funds Plus Other Assets Less Liabilities			0.18

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2023
Security
UPM-Kymmene OYJ			5.38
Packaging Corp. of America			5.37
International Paper Co.			5.06
Avery Dennison Corp.			5.00
Amcor PLC			4.78
WestRock Co.			4.75
Weyerhaeuser Co.			4.48
Svenska Cellulosa AB S.C.A., Class B			4.29
Smurfit Kappa Group PLC			4.28
Suzano S.A.			4.19
Total			47.58

*	Excluding money market fund holdings.


		27

Invesco MSCI Global Timber ETF (CUT) (continued)

Growth of a $10,000 Investment

LOGO

Fund Performance History as of October 31, 2023


	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
Blended—MSCI ACWI IMI Timber Select Capped Index (Net)		0.40	%		3.43	%		10.64	%		3.13	%		16.64	%		3.80	%		45.18	%		3.67	%		77.76	%
MSCI World Index (Net)		10.48			8.14			26.47			8.27			48.75			7.53			106.74			5.54			136.53
Fund
NAV Return		0.40			3.36			10.42			3.13			16.66			3.60			42.46			2.97			59.56
Market Price Return		0.85			3.44			10.68			3.21			17.11			3.62			42.77			2.98			59.87

Guggenheim MSCI Global Timber ETF (the “Predecessor Fund”) Fund Inception: November 9, 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. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2025. According to the Fund’s current prospectus, the total gross annual operating expense ratio is indicated as 0.69% and the net annual operating expense ratio is indicated as 0.61%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. 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.

-	The Blended-MSCI ACWI IMI Timber Select Capped Index performance is comprised of the performance of the Beacon Global Timber Index, the Fund’s previous underlying index until the conversion date, May 20, 2016, followed by the performance of the Index thereafter through October 31, 2023.

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

-	Net returns reflect reinvested dividends net of withholding taxes.


		28


GBLD		Management’s Discussion of Fund Performance
GBLD		Invesco MSCI Green Building ETF (GBLD)

As an index fund, the Invesco MSCI Green Building ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the MSCI Global Green Building Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, MSCI Inc. (the “Index Provider”) compiles, maintains and calculates the Index, which is comprised of companies that the index methodology has determined provide exposure to the environmental impact theme of “green building”. The index methodology defines “green building” to include the design, construction, redevelopment, retrofitting, or acquisition of green-certified properties to promote mechanisms for raising capacity for effective climate change mitigation and adaptation.

The Index is composed of securities that are also components of the MSCI ACWI Investable Market Index (the “Parent Index”), an equity index composed of more than 9,100 securities of large-, mid- and small-capitalization companies located in both developed and emerging market countries around the world. Securities eligible for inclusion in the Index include American depositary receipts (“ADRs”), global depositary receipts (“GDRs”), and real estate investment trusts (“REITs”). Companies that derive 50% or more of their revenue from green building are eligible for inclusion in the Index. Such companies are evaluated for their level of involvement in, and strategic commitment to green building, based on the Index Provider’s internal environmental, social and governance (“ESG”) rating and score data. Once included in the Index, securities will remain constituents as long as they continue to meet the eligibility criteria and the revenue they derive from green building does not fall below 40%. The Index weights its constituents by their free-float adjusted market capitalization. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2023, on a market price basis, the Fund returned (5.28)%. On a net asset value (“NAV”) basis, the Fund returned (5.79)%. During the same time period, the Index returned (5.99)%. During the fiscal year, the Fund fully 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 benefits to the Fund related to dividend tax treatment relative to the Index, which were partially offset by the fees and expenses that the Fund incurred during the period.

During this same time period, the MSCI All Country World IMI Index (Net) (the “Benchmark Index”) returned 9.43%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 9,204 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 markets of economically developed countries outside of the U.S.

Relative to the Benchmark Index, the Fund was most overweight in the office REITs sub-industry and most underweight in the diversified banks sub-industry during the fiscal year ended October 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to the office REITs and retail REITs sub-industries.

For the fiscal year ended October 31, 2023, the diversified real estate activities sub-industry contributed most significantly to the Fund’s return, followed by the homebuilding and broadline retail sub-industries, respectively. The office REITs sub-industry detracted most significantly from the Fund’s return, followed by the industrial REITs and retail REITs sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included Sun Hung Kai Properties Ltd., a diversified real estate activities company (no longer held at fiscal year-end), and Meritage Homes Corp., a homebuilding company (portfolio average weight of 1.70%). Positions that detracted most significantly from the Fund’s return included Alexandria Real Estate Equities, Inc., an office REITs company (portfolio average weight of 8.31%), and Boston Properties, Inc., an office REITs company (portfolio average weight of 3.75%).


Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2023
Real Estate			90.84
Consumer Discretionary			7.87
Exchange-Traded Fund			0.97
Money Market Funds Plus Other Assets Less Liabilities			0.32


		29

Invesco MSCI Green Building ETF (GBLD) (continued)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2023
Security
Daiwa House Industry Co. Ltd.			7.14
Alexandria Real Estate Equities, Inc.			6.86
Boston Properties, Inc.			3.58
CapitaLand Ascendas REIT			3.18
CapitaLand Integrated Commercial Trust			3.07
Nippon Building Fund, Inc.			2.77
Unibail—Rodamco-Westfield SE			2.61
Klepierre S.A.			2.33
Berkeley Group Holdings PLC (The)			2.29
Land Securities Group PLC			2.19
Total			36.02

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of October 31, 2023


	1 Year			Fund Inception
Index	1 Year			Average Annualized			Cumulative
MSCI Global Green Building Index (Net)		(5.99	)%		(15.37	)%		(34.36	)%
MSCI All Country World IMI Index (Net)		9.43			(2.61	)		(6.46	)
Fund
NAV Return		(5.79	)		(15.22	)		(34.07	)
Market Price Return		(5.28	)		(14.97	)		(33.58	)


		30

Invesco MSCI Green Building ETF (GBLD) (continued)

Fund Inception: April 22, 2021

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 0.39% 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.

-	Net returns reflect reinvested dividends net of withholding taxes.


		31


CGW		Management’s Discussion of Fund Performance
CGW		Invesco S&P Global Water Index ETF (CGW)

As an index fund, the Invesco S&P Global Water Index ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P Global Water Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains, and calculates the Index, which is designed to measure the performance of the largest global companies in water-related businesses, with a target constituent count of 100. To be eligible for inclusion in the Index, companies must either derive at least 25% in aggregate revenue from water-related businesses as defined by FactSet’s Revere Business Industry Classification System (“RBICS”) or belong to the water utilities sub-industry classification under the Global Industry Classification Standard (“GICS”). Index constituents must have a minimum float-adjusted capitalization of $100 million and total market capitalization of at least $300 million.

The Index excludes from the eligible universe securities of companies based on their specific business activities and noncompliance with United Nations Global Compact (“UNGC”) Principles, using information provided by Sustainalytics, a globally recognized independent provider of environmental, social and governance (“ESG”) research, ratings, and data. Companies without Sustainalytics coverage are ineligible for inclusion until receiving such coverage. The UNGC is an arrangement by which companies voluntarily and publicly commit to a set of principles drawn from key UN Conventions and Declarations. The principles of the UNGC represent a set of values that the UN believes responsible businesses should incorporate into their operations in order to meet fundamental responsibilities in the areas of human rights, labor, the environment, and anti-corruption. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2023, on a market price basis, the Fund returned 0.81%. On a net asset value (“NAV”) basis, the Fund returned 0.81%. During the same time period, the Index returned 0.80%. During the fiscal year, the Fund fully 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 positive impacts from dividend tax withholding and sampling in newly added markets, partially offset by the fees and expenses that the Fund incurred during the period.

marketplace, and its performance comparison is a useful measure for investors as a broad representation of the markets of economically developed countries outside of the U.S.

Relative to the Benchmark Index, the Fund was most overweight in the water utilities industry and most underweight in the banks industry during the fiscal year ended October 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to the water utilities industry, followed by security selection within the machinery industry and an overweight allocation to the building products industry.

For the fiscal year ended October 31, 2023, the multi-utilities industry contributed most significantly to the Fund’s return, followed by the machinery and chemicals industries, respectively. The water utilities industry detracted most significantly from the Fund’s return during the period, followed by the building products and construction and engineering industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included United Utilities Group PLC, a utilities company (portfolio average weight of 6.42%), and Severn Trent PLC, a utilities company (portfolio average weight of 6.21%). Positions that detracted most significantly from the Fund’s return included American Water Works Co., Inc., a utilities company (portfolio average weight of 7.78%), and Essential Utilities, a utilities company (portfolio average weight of 5.58%).


Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2023
Water Utilities			40.25
Machinery			26.31
Building Products			11.23
Construction & Engineering			6.46
Commercial Services & Supplies			4.52
Chemicals			4.32
Industry Types Each Less Than 3%			6.82
Money Market Funds Plus Other Assets Less Liabilities			0.09


		32

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


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2023
Security
Xylem, Inc.			8.84
American Water Works Co., Inc.			8.60
Severn Trent PLC			7.03
United Utilities Group PLC			6.89
Stantec, Inc.			4.55
Essential Utilities, Inc.			4.36
Ecolab, Inc.			4.32
Geberit AG			4.17
Tetra Tech, Inc.			4.02
Pentair PLC			3.99
Total			56.77

*	Excluding money market fund holdings.

Growth of a $10,000 Investment

LOGO

Fund Performance History as of October 31, 2023


	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 Global Water Index (Net)		0.80	%		4.88	%		15.36	%		9.06	%		54.26	%		7.51	%		106.20	%		6.22	%		169.94	%
MSCI EAFE^® Index (Net)		14.40			5.73			18.20			4.10			22.24			3.05			35.11			1.92			36.70
Fund
NAV Return		0.81			4.64			14.57			8.79			52.36			7.23			101.01			5.81			153.50
Market Price Return		0.81			4.55			14.28			8.82			52.63			7.23			101.04			5.81			153.50


		33

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

Guggenheim S&P Global Water Index ETF (the “Predecessor Fund”) Fund Inception: May 14, 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 total annual operating expense ratio was indicated as 0.57%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. 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.

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

-	Net returns reflect reinvested dividends net of withholding taxes.


		34


IDHQ		Management’s Discussion of Fund Performance
IDHQ		Invesco S&P International Developed Quality ETF (IDHQ)

As an index fund, Invesco S&P International Developed Quality ETF (the “Fund) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P Quality Developed ex-U.S. LargeMidCap Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is constructed from constituents of the S&P Developed ex-U.S. LargeMidCap (the “Parent Index”) that the Index Provider identifies as being of the highest quality—that is, stocks of companies that seek to generate higher revenue and cash flow than their counterparts through prudent use of assets and finances.

The Parent Index is designed to measure the top 85% of float-adjusted market cap in each developed country, excluding the United States.

In selecting constituent securities for the Index, the Index Provider calculates the quality score of each security in the Parent Index and selects the top 20% of securities with the highest quality scores based on a composite of the following three equally-weighted factors: (i) return-on-equity, calculated as the company’s trailing 12-month earnings per share divided by the company’s latest book value per share; (ii) accruals ratio, computed using the change of the company’s net operating assets over the last year divided by the company’s average total assets over the last two years; and (iii) financial leverage, calculated as the company’s latest total debt divided by the company’s book value. Eligible securities also must have a minimum three-month average daily trading volume of $3 million.

The Index is modified market-capitalization weighted, weighting component securities by multiplying their market capitalization and their quality score; securities with higher scores receive relatively greater weights. The Fund generally invests all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2023, on a market price basis, the Fund returned 17.00%. On a net asset value (“NAV”) basis, the Fund returned 16.13%. During the same time period, the Index returned 16.29%. During the fiscal year, the Fund fully 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 the fees and expenses that the Fund incurred during the period.

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 markets of economically developed countries outside of the U.S.

The performance of the Fund differed from the Benchmark Index in part because the Fund employs a quality metric weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the health care sector and most underweight in the financials sector during the fiscal year ended October 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection in the health care sector and overweight allocation to the energy sector.

For the fiscal year ended October 31, 2023, the health care sector contributed most significantly to the Fund’s return, followed by the information technology and industrials sectors, respectively. No sector detracted from the Fund’s performance during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included Novo Nordisk A/S, Class B, a health care company (portfolio average weight of 5.57%) and ASML Holding N.V., an information technology company (portfolio average weight of 5.00%). Positions that detracted most significantly from the Fund’s return included Roche Holding AG, a health care company (portfolio average weight of 4.74%), and LVMH Moet Hennessy Louis Vuitton SE, a consumer discretionary company (portfolio average weight of 1.40%).


Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2023
Health Care			20.04
Energy			15.41
Consumer Staples			14.04
Industrials			11.13
Materials			10.93
Consumer Discretionary			9.59
Information Technology			8.20
Financials			6.37
Communication Services			3.37
Sector Types Each Less Than 3%			0.77
Money Market Funds Plus Other Assets Less Liabilities			0.15


		35

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


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2023
Security
Novo Nordisk A/S, Class B			6.50
Nestle S.A.			4.83
BHP Group Ltd.			4.54
ASML Holding N.V.			4.45
Roche Holding AG			4.31
Novartis AG			4.02
Shell PLC			3.66
LVMH Moet Hennessy Louis Vuitton SE			3.38
TotalEnergies SE			2.94
Unilever PLC			2.77
Total			41.40

*	Excluding money market fund holdings.

Growth of a $10,000 Investment

LOGO

Fund Performance History as of October 31, 2023


	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
Blended—S&P Quality Developed ex-U.S. LargeMidCap Index (Net)		16.29	%		3.16	%		9.79	%		6.21	%		35.14	%		5.08	%		64.06	%		2.91	%		60.10	%
MSCI EAFE^® Index (Net)		14.40			5.73			18.20			4.10			22.24			3.05			35.11			2.00			38.32
Fund
NAV Return		16.13			2.97			9.18			6.03			34.00			4.88			61.07			2.26			44.21
Market Price Return		17.00			3.22			9.99			6.22			35.25			4.95			62.08			2.21			43.03


		36

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

Fund Inception: June 13, 2007

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The

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.

The Blended-S&P Quality Developed ex-U.S. LargeMidCap Index is comprised of the performance of the QSG Developed International Opportunities Index, the Fund’s previous underlying index from Fund inception until March 1, 2012, followed by the performance of S&P International Developed High Quality Rankings Index (Net), the Fund’s underlying index for the period March 1, 2012 until March 18, 2016, followed by the performance of the Index thereafter through October 31, 2023.

-	Net returns reflect reinvested dividends net of withholding taxes.


		37

Invesco China Technology ETF (CQQQ)

October 31, 2023

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.10%
Broadline Retail-9.30%
PDD Holdings, Inc., ADR (China)^(b)(c)		628,097	$	63,701,598

Capital Markets-0.49%
Hithink RoyalFlush Information Network Co. Ltd., A Shares (China)		175,800		3,377,341

Chemicals-0.07%
Jiangsu Cnano Technology Co. Ltd., A Shares (China)		113,633		453,408

Consumer Staples Distribution & Retail-0.18%
Dada Nexus Ltd., ADR (China)^(b)(c)		325,956		1,251,671

Electrical Equipment-1.71%
China XD Electric Co. Ltd., A Shares (China)		6,693,801		4,225,873
East Group Co. Ltd., A Shares (China)		685,500		600,437
Hongfa Technology Co. Ltd., A Shares (China)		221,149		876,364
Qingdao TGOOD Electric Co. Ltd., A Shares (China)		348,218		857,923
Sieyuan Electric Co. Ltd., A Shares (China)		249,320		1,679,259
Suzhou Maxwell Technologies Co. Ltd., A Shares (China)		91,812		1,515,542
YunengTechnology Co. Ltd. (China)		118,514		1,980,443

				11,735,841

Electronic Equipment, Instruments & Components-13.50%
Avary Holding Shenzhen Co. Ltd., A Shares (China)		273,456		800,403
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., A Shares (China)		68,486		515,650
BOE Technology Group Co. Ltd., A Shares (China)		12,245,674		6,559,495
BOE Technology Group Co. Ltd., B Shares (China)		3,265,460		1,076,718
Chaozhou Three-Circle Group Co. Ltd., A Shares (China)		624,590		2,633,860
China Zhenhua Group Science & Technology Co. Ltd., A Shares (China)		168,959		1,544,806
Everdisplay Optronics (Shanghai) Co. Ltd. (China)^(b)		14,951,800		5,352,990
Guangzhou Shiyuan Electronic Technology Co. Ltd., A Shares (China)		82,360		472,568
Hengdian Group DMEGC Magnetics Co. Ltd., A Shares (China)		536,600		1,066,879
Holitech Technology Co. Ltd., A Shares (China)^(b)		954,700		429,205
Huagong Tech Co. Ltd., A Shares (China)		331,700		1,275,926
IRICO Display Devices Co. Ltd. (China)^(b)		4,696,100		3,888,764
Lens Technology Co. Ltd., A Shares (China)		1,621,500		2,893,755
Leyard Optoelectronic Co. Ltd., A Shares (China)		834,500		699,018
Lingyi iTech Guangdong Co., A Shares (China)		2,282,100		1,892,888
Maxscend Microelectronics Co. Ltd., A Shares (China)		155,346		3,199,006
MOG Digitech Holdings Ltd. (China)^(b)		2,561,469		720,194
Raytron Technology Co. Ltd., A Shares (China)		147,571		949,580


	Shares		Value
Electronic Equipment, Instruments & Components-(continued)
Shanghai BOCHU Electronic Technology Corp. Ltd., A Shares (China)		44,090	$	1,443,599
Shengyi Technology Co. Ltd., A Shares (China)		771,319		1,853,965
Shennan Circuits Co. Ltd., A Shares (China)		61,064		580,426
Shenzhen Everwin Precision Technology Co. Ltd., A Shares (China)^(b)		396,280		628,689
Shenzhen Huaqiang Industry Co. Ltd., A Shares (China)		320,475		502,295
Shenzhen Kaifa Technology Co. Ltd., A Shares (China)		514,917		1,208,821
Shenzhen Kinwong Electronic Co. Ltd., A Shares (China)		117,420		354,277
Sunny Optical Technology Group Co. Ltd. (China)		3,044,318		25,503,546
TCL Technology Group Corp., A Shares (China)^(b)		6,137,310		3,295,887
Tianma Microelectronics Co. Ltd., A Shares (China)^(b)		761,352		1,018,521
Tunghsu Optoelectronic Technology Co. Ltd., A Shares (China)^(b)		1,775,700		528,966
Unisplendour Corp. Ltd., A Shares (China)^(b)		438,058		1,173,845
Universal Scientific Industrial Shanghai Co. Ltd., A Shares (China)		274,600		545,215
Wuhan Guide Infrared Co. Ltd., A Shares (China)		1,408,901		1,524,780
WUS Printed Circuit Kunshan Co. Ltd., A Shares (China)		628,410		1,677,913
Xiamen Faratronic Co. Ltd., A Shares (China)		74,100		1,010,634
Zhejiang Crystal-Optech Co. Ltd., A Shares (China)		458,770		865,119
Zhejiang Dahua Technology Co. Ltd., A Shares (China)		4,365,200		12,168,470
Zhuzhou Hongda Electronics Corp. Ltd., A Shares (China)		131,500		587,950

				92,444,623

Entertainment-4.29%
Bilibili, Inc., Z Shares (China)^(b)(c)		1,103,384		14,933,462
Hangzhou Shunwang Technology Co. Ltd., A Shares (China)		229,000		463,126
Kingsoft Corp. Ltd. (China)		4,012,119		13,998,268

				29,394,856

Hotels, Restaurants & Leisure-9.72%
Meituan, B Shares (China)^(b)(d)		4,224,984		59,719,760
TravelSky Technology Ltd., H Shares (China)		4,359,937		6,875,958

				66,595,718

Interactive Media & Services-23.33%
Autohome, Inc., ADR (China)		280,574		7,505,354
Baidu, Inc., A Shares (China)^(b)		2,998,516		39,356,337
JOYY, Inc., ADR (China)^(c)		154,378		6,008,392
Kuaishou Technology (China)^(b)(d)		5,476,310		35,239,144
Tencent Holdings Ltd. (China)		1,824,851		67,447,142
Visual China Group Co. Ltd., A Shares (China)		180,900		350,029
Weibo Corp., ADR (China)		331,607		3,922,911

				159,829,309

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


		38

Invesco China Technology ETF (CQQQ)–(continued)

October 31, 2023


	Shares		Value
IT Services-1.82%
Beijing Sinnet Technology Co. Ltd., A Shares (China)^(b)		593,000	$	822,474
China TransInfo Technology Co. Ltd., A Shares (China)^(b)		335,171		528,077
DHC Software Co. Ltd., A Shares (China)		1,057,400		910,294
Digital China Information Service Co. Ltd., A Shares (China)		197,000		328,418
GDS Holdings Ltd., A Shares (China)^(b)(c)		4,374,555		5,411,867
Kingsoft Cloud Holdings Ltd., H shares (China)^(b)		7,311,499		2,317,373
Taiji Computer Corp. Ltd., A Shares (China)		204,573		800,614
Wangsu Science & Technology Co. Ltd., A Shares (China)		804,045		770,194
Wonders Information Co. Ltd., A Shares (China)^(b)		476,100		586,822

				12,476,133

Machinery-0.13%
Han’s Laser Technology Industry Group Co. Ltd., A Shares (China)		309,800		908,474

Media-1.20%
China Literature Ltd. (China)^(b)(d)		1,857,576		6,255,544
NanJi E-Commerce Co. Ltd., A Shares (China)^(b)		809,868		377,373
People.cn Co. Ltd., A Shares (China)		358,400		1,586,772

				8,219,689

Semiconductors & Semiconductor Equipment-21.39%
3Peak, Inc., A Shares (China)		31,915		702,574
ACM Research (Shanghai), Inc. (China)		307,600		5,064,949
Advanced Micro-Fabrication Equipment, Inc., A Shares (China)		201,649		4,716,009
All Winner Technology Co. Ltd., A Shares (China)		178,353		609,531
Amlogic Shanghai Co. Ltd., A Shares (China)^(b)		137,015		1,126,548
ASR Microelectronics Co. Ltd. (China)^(b)		546,800		4,873,910
Bestechnic (Shanghai) Co. Ltd. (China)^(b)		156,400		2,663,551
Cambricon Technologies Corp. Ltd. (China)^(b)		543,200		7,959,352
China Resources Microelectronics Ltd., A Shares (China)		314,273		2,282,506
GalaxyCore, Inc., A Shares (China)		3,265,000		8,213,696
GigaDevice Semiconductor, Inc., A Shares (China)		217,664		3,182,527
Goke Microelectronics Co. Ltd., A Shares (China)		71,600		651,220
Hangzhou Chang Chuan Technology Co. Ltd., A Shares (China)		202,802		1,131,220
Hangzhou Lion Electronics Co. Ltd., A Shares (China)		223,312		980,753
Hangzhou Silan Microelectronics Co. Ltd., A Shares (China)		467,000		1,548,137
Hoyuan Green Energy Co. Ltd., A Shares (China)		169,735		865,827
Hua Hong Semiconductor Ltd. (China)^(b)(c)(d)		1,928,797		4,732,881
Hwatsing Technology Co. Ltd. (China)		166,579		4,845,020
Ingenic Semiconductor Co. Ltd., A Shares (China)		128,300		1,293,852
JCET Group Co. Ltd., A Shares (China)		579,400		2,438,546
Loongson Technology Corp. Ltd. (China)^(b)		523,641		5,786,590


	Shares		Value
Semiconductors & Semiconductor Equipment-(continued)
Montage Technology Co. Ltd., A Shares (China)		370,289	$	2,784,466
National Silicon Industry Group Co. Ltd., A Shares (China)^(b)		3,580,600		8,870,646
NAURA Technology Group Co. Ltd., A Shares (China)		173,057		6,053,838
Piotech, Inc., A Shares (China)		190,632		6,566,529
Rockchip Electronics Co. Ltd., A Shares (China)		50,108		445,885
Sanan Optoelectronics Co. Ltd., A Shares (China)		6,542,900		13,303,774
SG Micro Corp., A Shares (China)		150,620		1,843,722
Shanghai Awinic Technology Co. Ltd. (China)^(b)		303,200		3,446,274
Shanghai Fudan Microelectronics Group Co. Ltd., A Shares (China)		94,617		625,772
Shanghai Fudan Microelectronics Group Co. Ltd., H Shares (China)^(c)		1,321,381		2,492,598
Shenzhen Goodix Technology Co. Ltd., A Shares (China)^(b)		599,300		6,055,976
Shenzhen SC New Energy Technology Corp., A Shares (China)		102,618		1,023,642
SICC Co. Ltd., A Shares (China)^(b)		563,000		4,669,805
StarPower Semiconductor Ltd., A Shares (China)		50,300		1,181,945
Suzhou Novosense Microelectronics Co. Ltd. (China)		148,400		2,909,152
Tianshui Huatian Technology Co. Ltd., A Shares (China)		1,057,100		1,289,939
TongFu Microelectronics Co. Ltd., A Shares (China)		499,200		1,394,985
Unigroup Guoxin Microelectronics Co. Ltd., A Shares (China)^(b)		277,759		2,858,017
Verisilicon Microelectronics (Shanghai) Co. Ltd. (China)^(b)		652,400		4,756,090
Will Semiconductor Co. Ltd., A Shares (China)		270,549		4,078,143
Wuxi Autowell Technology Co. Ltd., A Shares (China)		39,067		729,974
Yangzhou Yangjie Electronic Technology Co. Ltd., A Shares (China)		178,645		926,656
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., A Shares (China)		427,100		2,538,170

				146,515,197

Software-11.55%
360 Security Technology, Inc., A Shares (China)^(b)		2,334,300		2,864,407
Beijing E-Hualu Information Technology Co. Ltd., A Shares (China)^(b)		219,600		870,226
Beijing Kingsoft Office Software, Inc., A Shares (China)		150,636		5,909,675
Beijing Orient National Communication Science & Technology Co. Ltd., A Shares (China)^(b)		380,200		540,835
Beijing Shiji Information Technology Co. Ltd., A Shares (China)^(b)		900,225		1,294,102
China National Software & Service Co. Ltd., A Shares (China)		283,930		1,332,722
Empyrean Technology Co. Ltd. (China)		342,985		4,836,782

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


		39

Invesco China Technology ETF (CQQQ)–(continued)

October 31, 2023


	Shares		Value
Software-(continued)
Hundsun Technologies, Inc., A Shares (China)		619,825	$	2,635,787
Iflytek Co. Ltd., A Shares (China)		759,450		4,728,077
Kingdee International Software Group Co. Ltd. (China)^(b)		11,993,186		15,909,985
Longshine Technology Group Co. Ltd., A Shares (China)		361,967		923,948
Ming Yuan Cloud Group Holdings Ltd. (China)^(b)(c)		2,571,920		1,074,838
Neusoft Corp., A Shares (China)^(b)		403,600		526,140
Newland Digital Technology Co. Ltd., A Shares (China)		340,500		796,102
NSFOCUS Technologies Group Co. Ltd., A Shares (China)		244,800		306,079
Qi An Xin Technology Group, Inc. (China)^(b)		897,800		5,651,965
Sangfor Technologies, Inc., A Shares (China)^(b)		48,814		559,639
SenseTime Group, Inc., B Shares (China)^(b)(c)(d)		71,907,317		12,865,865
Shanghai Baosight Software Co. Ltd., A Shares (China)		359,217		2,094,504
Shanghai Baosight Software Co. Ltd., B Shares (China)		2,820,691		5,799,341
Shanghai Hyron Software Co. Ltd., A Shares (China)		1,096,600		419,573
Shenzhen Infogem Technologies Co. Ltd., A Shares (China)^(b)		233,000		383,340
Shenzhen Kingdom Sci-Tech Co. Ltd., A Shares (China)		310,300		495,252
Sinosoft Co. Ltd., A Shares (China)		69,820		292,042
Thunder Software Technology Co. Ltd., A Shares (China)		134,787		1,292,781
Topsec Technologies Group, Inc., A Shares (China)^(b)		390,800		501,443
Tuya, Inc., ADR (China)^(b)		1,009,824		1,726,799
Yonyou Network Technology Co. Ltd., A Shares (China)		1,119,104		2,503,346

				79,135,595


	Shares		Value
Technology Hardware, Storage & Peripherals-1.24%
China Greatwall Technology Group Co. Ltd., A Shares (China)		1,064,146	$	1,596,633
Inspur Electronic Information Industry Co. Ltd., A Shares (China)		476,458		1,913,489
Legend Holdings Corp., H Shares (China)^(d)		2,425,533		2,160,617
Ninestar Corp., A Shares (China)		458,250		1,537,916
Tsinghua Tongfang Co. Ltd., A Shares (China)^(b)		1,105,200		1,253,489

				8,462,144

Trading Companies & Distributors-0.18%
Beijing United Information Technology Co. Ltd., A Shares (China)		238,579		1,226,458

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.10% (Cost $817,075,029)				685,728,055


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-3.77%
Invesco Private Government Fund, 5.32%^(e)(f)(g)		7,228,670		7,228,670
Invesco Private Prime Fund, 5.53%^(e)(f)(g)		18,591,720		18,593,579

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $25,822,311)				25,822,249

TOTAL INVESTMENTS IN SECURITIES-103.87% (Cost $842,897,340)				711,550,304
OTHER ASSETS LESS LIABILITIES-(3.87)%				(26,499,260	)

NET ASSETS-100.00%			$	685,051,044

Investment Abbreviations:

ADR-American Depositary Receipt

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


		40

Invesco China Technology ETF (CQQQ)–(continued)

October 31, 2023

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2023.

^(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2023 was $120,973,811, which represented 17.66% of the Fund’s Net Assets.

^(e)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	276,917		$	154,170,712		$	(154,447,629	)		$	-			$	-		$	-		$	84,424

Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			13,979,864			200,970,626			(207,721,820	)			-				-			7,228,670			461,596	*
Invesco Private Prime Fund			35,951,651			477,423,670			(494,793,634	)			(487	)			12,379			18,593,579			1,231,909	*

Total		$	50,208,432		$	832,565,008		$	(856,963,083	)		$	(487	)		$	12,379		$	25,822,249		$	1,777,929

*	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, 2023.

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

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


China			100.10	%

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


		41

Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)

October 31, 2023

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.77%
Australia-1.11%
BHP Group Ltd.		23,094	$	650,678
REA Group Ltd.^(a)		6,090		554,129

				1,204,807

Canada-21.05%
ATS Corp.^(b)		19,892		669,156
Cameco Corp.		23,230		949,280
Canadian Pacific Kansas City Ltd.		15,498		1,099,177
CGI, Inc., Class A^(b)		17,585		1,695,862
Constellation Software, Inc.		1,693		3,390,281
Element Fleet Management Corp.		69,221		935,412
Enerplus Corp.		112,026		1,892,317
Fairfax Financial Holdings Ltd.		719		597,693
Finning International, Inc.		19,644		525,821
Ivanhoe Mines Ltd., Class A^(a)(b)		89,635		659,874
Premium Brands Holdings Corp.		26,637		1,713,057
Quebecor, Inc., Class B		31,262		644,269
Stantec, Inc.		9,372		572,818
TFI International, Inc.		11,304		1,249,160
Thomson Reuters Corp.		5,628		673,414
TMX Group Ltd.		33,256		691,830
Tourmaline Oil Corp.		32,924		1,739,108
Whitecap Resources, Inc.		271,116		2,091,592
WSP Global, Inc.		8,084		1,056,845

				22,846,966

France-7.70%
Alten S.A.		6,977		820,803
Eiffage S.A.		6,716		608,368
Hermes International S.C.A.		885		1,646,010
Legrand S.A.		7,075		609,330
L’Oreal S.A.		2,091		875,566
Rexel S.A.		25,961		527,823
Technip Energies N.V.		24,534		535,505
Veolia Environnement S.A.		20,027		546,784
Vinci S.A.^(a)		19,838		2,190,817

				8,361,006

Germany-4.29%
Allianz SE		2,451		572,287
Deutsche Post AG		14,834		576,380
Hannover Rueck SE		6,323		1,392,155
Mercedes-Benz Group AG		8,817		516,584
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R		2,015		806,150
Rheinmetall AG		2,771		791,988

				4,655,544

Greece-0.91%
Mytilineos S.A.		26,687		986,722

Ireland-0.71%
AIB Group PLC		177,166		766,661

Israel-0.54%
Mizrahi Tefahot Bank Ltd.		18,809		581,163

Italy-5.36%
Banco BPM S.p.A.		149,724		763,280
Davide Campari-Milano N.V.^(a)		152,708		1,683,531


	Shares		Value
Italy-(continued)
Infrastrutture Wireless Italiane S.p.A.^(a)(c)		49,168	$	536,337
Interpump Group S.p.A.^(a)		34,469		1,435,490
Terna S.p.A.		94,842		724,392
UniCredit S.p.A.		27,241		680,252

				5,823,282

Japan-9.38%
ASICS Corp.		19,648		613,526
Haseko Corp.		51,502		629,301
Inpex Corp.		42,718		615,616
ITOCHU Corp.^(a)		30,483		1,081,483
Kobe Steel Ltd.		58,198		677,110
Marubeni Corp.		42,462		610,665
Mitsubishi Corp.		12,065		554,076
Mitsubishi Heavy Industries Ltd.		10,734		545,188
Mitsui & Co. Ltd.		16,359		585,141
Mitsui OSK Lines Ltd.^(a)		43,196		1,107,531
Nippon Steel Corp.		25,374		541,509
NOF Corp.		17,975		704,187
Sanrio Co. Ltd.		15,270		645,304
Sumitomo Forestry Co. Ltd.		21,032		490,786
Toyota Tsusho Corp.		14,892		777,418

				10,178,841

Netherlands-8.34%
Arcadis N.V.		14,260		601,707
ASM International N.V.^(a)		7,911		3,248,610
ASML Holding N.V.^(a)		5,023		3,001,354
Koninklijke Ahold Delhaize N.V.		35,974		1,064,687
Wolters Kluwer N.V.		8,873		1,135,768

				9,052,126

Norway-1.18%
Equinor ASA		18,360		615,386
Kongsberg Gruppen ASA		16,381		668,630

				1,284,016

Singapore-5.04%
Keppel Corp. Ltd.		122,074		553,323
Keppel REIT		24,414		14,167
Oversea-Chinese Banking Corp. Ltd.		134,510		1,244,908
Sembcorp Industries Ltd.		401,824		1,346,208
Singapore Exchange Ltd.		333,731		2,306,801

				5,465,407

South Korea-0.40%
POSCO Holdings, Inc.		1,424		433,880

Spain-0.69%
Banco de Sabadell S.A.		608,760		753,491

Sweden-1.26%
Atlas Copco AB, Class A^(a)		105,897		1,366,761

Switzerland-19.32%
ABB Ltd.		28,255		945,093
Belimo Holding AG		5,749		2,406,867
BKW AG		6,970		1,168,751
Chocoladefabriken Lindt & Spruengli AG		21		2,284,490
Flughafen Zureich AG		15,010		2,790,717
Kuehne + Nagel International AG, Class R		10,501		2,821,268
Novartis AG		6,872		638,381

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


		42

Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)–(continued)

October 31, 2023


	Shares		Value
Switzerland-(continued)
Sandoz Group AG^(b)		1,375	$	35,733
Schindler Holding AG, PC		10,010		2,015,089
Siegfried Holding AG^(b)		1,142		902,883
Sika AG		8,150		1,942,459
Swiss Life Holding AG		2,117		1,353,410
VAT Group AG^(a)(c)		3,002		1,057,900
Zurich Insurance Group AG^(a)		1,291		610,851

				20,973,892

United Kingdom-10.62%
3i Group PLC		61,302		1,439,016
Ashtead Group PLC		9,604		548,203
AstraZeneca PLC		6,363		791,422
BAE Systems PLC		46,617		624,505
Centrica PLC		411,168		784,820
Diploma PLC		66,574		2,295,889
InterContinental Hotels Group PLC		43,540		3,069,635
RELX PLC		20,084		698,959
Rentokil Initial PLC		127,927		647,012
Rolls-Royce Holdings PLC^(b)		238,820		624,221

				11,523,682

United States-1.87%
Ferrovial SE^(a)		25,264		759,463
Samsonite International S.A.^(b)(c)		201,300		622,583
Tenaris S.A.		41,057		644,015

				2,026,061

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.77% (Cost $109,015,217)				108,284,308


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-11.12%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		3,378,573	$	3,378,573
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		8,689,105		8,689,974

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $12,068,541)				12,068,547

TOTAL INVESTMENTS IN SECURITIES-110.89% (Cost $121,083,758)				120,352,855
OTHER ASSETS LESS LIABILITIES-(10.89)%				(11,819,595	)

NET ASSETS-100.00%			$	108,533,260

Investment Abbreviations:

PC-Participation Certificate

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at October 31, 2023.

^(b)	Non-income producing security.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2023 was $2,216,820, which represented 2.04% of the Fund’s Net Assets.

^(d)


	Value October 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value October 31, 2023		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$ -		$ 8,127,950		$ (8,127,950	)		$ -		$ -		$ -		$ 1,691

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


		43

Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)–(continued)

October 31, 2023


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2023			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	1,900,398		$	30,992,983		$	(29,514,808	)		$	-			$	-		$	3,378,573		$	116,139	*
Invesco Private Prime Fund			4,885,456			63,248,844			(59,445,673	)			(124	)			1,471			8,689,974			310,019	*

Total		$	6,785,854		$	102,369,777		$	(97,088,431	)		$	(124	)		$	1,471		$	12,068,547		$	427,849

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

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

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

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


		44

Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)

October 31, 2023

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-100.02%
Brazil-7.19%
Banco do Brasil S.A.		77,500	$	743,035
Cia Energetica de Minas Gerais		288,900		882,225
Cia Energetica de Minas Gerais, Preference Shares		251,300		585,021
Cury Construtora e Incorporadora S.A.		341,100		996,989
Marcopolo S.A., Preference Shares		561,500		583,434
PRIO S.A.^(a)		308,300		2,916,103
Santos Brasil Participacoes S.A.		396,400		581,670
SLC Agricola S.A.		81,900		596,995
TOTVS S.A.		119,900		601,759

				8,487,231

China-10.50%
Akeso, Inc.^(a)(b)		154,000		864,019
China Nonferrous Mining Corp. Ltd.		998,000		605,846
China Shenhua Energy Co. Ltd., H Shares		396,099		1,214,934
Hisense Home Appliances Group Co. Ltd., H Shares		304,000		835,314
Jinan Acetate Chemical Co. Ltd.		90,281		2,694,374
Lenovo Group Ltd.		676,000		786,187
PetroChina Co. Ltd., H Shares		1,514,417		987,083
Sany Heavy Equipment International Holdings Co. Ltd.		1,607,148		2,111,479
Shougang Fushan Resources Group Ltd.		2,482,000		815,216
Zijin Mining Group Co. Ltd., H Shares		952,000		1,479,477

				12,393,929

Indonesia-2.20%
PT Bank Mandiri (Persero) Tbk		1,752,821		626,205
PT Indah Kiat Pulp & Paper Tbk		937,371		566,494
PT Mitra Adiperkasa Tbk		7,272,006		794,267
PT United Tractors Tbk		388,958		615,207

				2,602,173

Malaysia-5.90%
Frontken Corp. Bhd.		5,358,400		3,576,390
QL Resources Bhd.		1,421,000		1,649,309
YTL Corp. Bhd.		2,327,900		713,345
YTL Power International Bhd.		2,307,000		1,021,675

				6,960,719

Mexico-12.88%
Alsea S.A.B. de C.V.^(a)		365,339		1,208,960
Arca Continental S.A.B. de C.V.		74,811		669,955
CEMEX S.A.B. de C.V., Series CPO^(a)(c)		1,004,551		602,630
Corp. Inmobiliaria Vesta SAB de C.V.^(c)		275,941		864,064
Fibra Uno Administracion S.A. de C.V.^(c)		412,937		626,050
Gentera S.A.B. de C.V.^(c)		1,514,955		1,604,495
Grupo Aeroportuario del Centro Norte S.A.B.de C.V.		76,158		580,603
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B		44,442		517,731
Grupo Bimbo S.A.B. de C.V., Series A		199,162		809,533
Grupo Carso S.A.B. de C.V., Series A1^(c)		151,627		965,548
Grupo Comercial Chedraui S.A. de C.V.		241,142		1,398,124
Grupo Elektra S.A.B. de C.V.^(c)		9,699		619,832
Grupo Financiero Banorte S.A.B. de C.V., Class O		101,900		825,902


	Shares		Value
Mexico-(continued)
Grupo Financiero Inbursa S.A.B. de C.V., Class O^(a)		341,800	$	703,934
Grupo Mexico S.A.B. de C.V., Class B		136,459		555,799
Qualitas Controladora S.A.B. de C.V.		192,684		1,589,352
Regional S.A.B. de C.V.		139,000		1,055,994

				15,198,506

South Africa-3.34%
Clicks Group Ltd.		175,357		2,568,960
OUTsurance Group Ltd.		319,518		687,205
Truworths International Ltd.^(c)		170,633		687,196

				3,943,361

Taiwan-40.68%
Alchip Technologies Ltd.		13,443		1,087,957
China Motor Corp.		661,710		1,768,776
Delta Electronics, Inc.		84,939		760,745
First Financial Holding Co. Ltd.		818,057		653,235
Gold Circuit Electronics Ltd.		589,588		3,199,244
Goldsun Building Materials Co. Ltd.		1,128,974		877,143
Great Wall Enterprise Co. Ltd.		616,738		965,941
Jentech Precision Industrial Co. Ltd.		44,780		793,849
King Slide Works Co. Ltd.		33,459		724,163
King Yuan Electronics Co. Ltd.		265,268		624,016
Kings Town Bank Co. Ltd.		1,203,033		1,377,915
Lien Hwa Industrial Holdings Corp.		1,314,311		2,508,274
Micro-Star International Co. Ltd.		573,024		2,915,029
Powertech Technology, Inc.		220,139		712,644
Quanta Computer, Inc.		209,586		1,221,266
Sercomm Corp.		161,954		561,733
Sigurd Microelectronics Corp.		998,603		1,825,718
SinoPac Financial Holdings Co. Ltd.		1,419,026		780,935
Supreme Electronics Co. Ltd.		1,275,293		2,186,104
Ta Ya Electric Wire & Cable Co. Ltd.		897,496		885,459
Taichung Commercial Bank Co. Ltd.		1,454,133		659,034
Taishin Financial Holding Co. Ltd.		1,402,165		745,717
Taiwan Cooperative Financial Holding Co. Ltd.		805,866		624,866
Taiwan Semiconductor Manufacturing Co. Ltd.		163,267		2,662,810
Tong Yang Industry Co. Ltd.		281,569		636,319
Topco Scientific Co. Ltd.		592,626		3,087,831
Tripod Technology Corp.		229,946		1,169,758
TXC Corp.		286,507		847,110
Unimicron Technology Corp.		483,653		2,132,338
Uni-President Enterprises Corp.		887,673		1,858,270
Wistron NeWeb Corp.		141,586		556,566
WT Microelectronics Co. Ltd.		796,230		2,908,995
Yulon Finance Corp.		669,906		3,697,030

				48,016,790

Thailand-2.49%
AP (Thailand) PCL, NVDR		1,992,842		598,809
Bangchak Corp. PCL, NVDR		656,543		753,493
Kiatnakin Phatra Bank PCL, Wts., expiring 03/17/2024^(a)		35,668		238
Kiatnakin Phatra Bank PCL, Wts., expiring 03/17/2026^(a)		35,668		1,985

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


		45

Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)–(continued)

October 31, 2023


	Shares		Value
Thailand-(continued)
Sansiri PCL, NVDR		18,399,438	$	783,227
Thonburi Healthcare Group PCL, NVDR		460,858		798,175

				2,935,927

Turkey-14.27%
AG Anadolu Grubu Holding A.S.		143,654		1,042,901
Akbank T.A.S.		757,538		788,791
Anadolu Efes Biracilik ve Malt Sanayii A.S.		181,911		641,995
BIM Birlesik Magazalar A.S.		71,806		690,326
Coca-Cola Icecek A.S.		48,543		631,049
Ford Otomotiv Sanayi A.S.		39,100		1,086,651
KOC Holding A.S.		154,221		745,683
Koza Altin Isletmeleri A.S.		760,480		590,262
Migros Ticaret A.S.		124,146		1,481,797
Oyak Cimento Fabrikalari A.S.^(a)		716,796		1,807,650
Tofas Turk Otomobil Fabrikasi A.S.		66,310		564,131
Turk Hava Yollari AO^(a)		260,450		2,000,364
Turk Traktor ve Ziraat Makineleri A.S.		96,647		2,475,890
Turkiye Petrol Rafinerileri A.S.		251,963		1,263,700
Yapi ve Kredi Bankasi A.S.		1,683,984		1,026,125

				16,837,315

United States-0.57%
GCC S.A.B. de C.V.		76,219		677,751

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $115,879,288)				118,053,702


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-3.67%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		1,213,235	$	1,213,235
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		3,120,363		3,120,675

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $4,333,836)				4,333,910

TOTAL INVESTMENTS IN SECURITIES-103.69% (Cost $120,213,124)				122,387,612
OTHER ASSETS LESS LIABILITIES-(3.69)%				(4,357,518	)

NET ASSETS-100.00%.			$	118,030,094

Investment Abbreviations:

CPO-Certificates of Ordinary Participation

NVDR-Non-Voting Depositary Receipt

Wts.-Warrants

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at October 31, 2023 represented less than 1% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at October 31, 2023.

^(d)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	24,093,307		$	(24,093,307	)		$	-		$	-			$	-		$	7,439

Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			386,986			14,730,218			(13,903,969	)			-			-				1,213,235			34,954	*
Invesco Private Prime Fund			1,036,003			30,263,904			(28,179,201	)			63			(94	)			3,120,675			91,820	*

Total		$	1,422,989		$	69,087,429		$	(66,176,477	)		$	63		$	(94	)		$	4,333,910		$	134,213

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

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


		46

Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)–(continued)

October 31, 2023

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

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

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


		47

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

October 31, 2023

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.78%
Australia-5.84%
AGL Energy Ltd.^(a)		83,928	$	571,245
AMP Ltd.		491,742		325,357
Ampol Ltd.		27,738		559,536
ANZ Group Holdings Ltd.		229,062		3,583,708
APA Group		65,339		340,884
Aristocrat Leisure Ltd.		22,617		551,748
ASX Ltd.		8,234		292,626
Aurizon Holdings Ltd.		274,189		593,722
Bank of Queensland Ltd.^(a)		77,844		251,363
Bendigo & Adelaide Bank Ltd.		59,155		325,850
BHP Group Ltd.		414,465		11,677,628
BlueScope Steel Ltd.		65,414		778,638
Brambles Ltd.		105,213		873,331
Coles Group Ltd.		89,355		863,902
Commonwealth Bank of Australia		86,499		5,288,288
Computershare Ltd.		25,108		394,090
CSL Ltd.		10,088		1,484,070
Dexus		110,821		454,678
Endeavour Group Ltd.		109,526		342,571
Evolution Mining Ltd.^(a)		166,313		375,925
Fortescue Metals Group Ltd.		181,796		2,566,823
Glencore PLC		1,862,471		9,834,464
Goodman Group		62,759		824,122
GPT Group (The)		183,847		421,378
Incitec Pivot Ltd.		180,141		312,514
Insurance Australia Group Ltd.		249,510		895,731
James Hardie Industries PLC, CDI^(b)		19,969		494,230
JB Hi-Fi Ltd.^(a)		13,927		398,304
Lendlease Corp. Ltd.		89,770		352,963
Macquarie Group Ltd.		23,599		2,405,317
Medibank Pvt. Ltd.		275,611		598,546
Metcash Ltd.		122,397		285,184
Mineral Resources Ltd.^(a)		6,918		252,997
Mirvac Group		425,687		490,533
National Australia Bank Ltd.		192,177		3,413,037
Northern Star Resources Ltd.		55,597		411,503
Orica Ltd.		31,843		295,566
Origin Energy Ltd.		171,761		992,892
Qantas Airways Ltd.^(b)		76,806		238,772
QBE Insurance Group Ltd.		123,797		1,222,761
Ramsay Health Care Ltd.		13,184		406,354
Rio Tinto Ltd.		48,754		3,629,531
Rio Tinto PLC		135,618		8,647,932
Santos Ltd.		245,204		1,190,775
Scentre Group		473,474		728,466
Sonic Healthcare Ltd.		35,435		645,026
South32 Ltd.		406,317		854,102
Star Entertainment Group Ltd. (The)^(a)(b)		424,157		142,334
Stockland		265,692		595,509
Suncorp Group Ltd.		123,033		1,042,280
Telstra Group Ltd.		516,621		1,246,246
Transurban Group		144,765		1,083,397
Treasury Wine Estates Ltd.		43,677		331,175
Treasury Wine Estates Ltd., Rts., expiring 11/16/2023^(b)		4,621		3,440
Vicinity Ltd.		389,777		419,539
Wesfarmers Ltd.		55,919		1,788,667


	Shares		Value
Australia-(continued)
Westpac Banking Corp.		245,679	$	3,204,365
Woodside Energy Group Ltd.		88,480		1,919,284
Woolworths Group Ltd.		63,375		1,413,234
Worley Ltd.		35,129		364,545

				86,292,998

Austria-0.40%
ams-OSRAM AG^(a)(b)		43,847		155,576
ANDRITZ AG		6,762		310,199
BAWAG Group AG^(b)(c)		9,935		440,424
Erste Group Bank AG		44,794		1,597,970
Mondi PLC^(a)		79,231		1,277,740
OMV AG		21,549		942,069
Raiffeisen Bank International AG^(b)		27,373		395,518
voestalpine AG		17,850		444,517
Wienerberger AG		13,679		331,683

				5,895,696

Belgium-0.82%
Ageas S.A./N.V.		28,361		1,086,987
Anheuser-Busch InBev S.A./N.V.^(a)		85,741		4,860,394
Cofinimmo S.A.^(a)		3,126		193,956
Colruyt Group N.V.		11,564		477,559
Elia Group S.A./N.V.		2,062		195,395
Groupe Bruxelles Lambert N.V.^(a)		8,224		599,801
KBC Group N.V.^(a)		31,953		1,752,888
Proximus SADP		55,736		460,817
Sofina S.A.^(a)		1,282		242,558
Solvay S.A., Class A		9,117		961,162
UCB S.A.		8,911		650,471
Umicore S.A.^(a)		27,711		657,573

				12,139,561

Brazil-0.05%
Yara International ASA		22,364		730,673

Burkina Faso-0.02%
Endeavour Mining PLC^(a)		13,174		271,762

Canada-8.64%
Agnico Eagle Mines Ltd.		19,147		897,044
Air Canada^(a)(b)		21,030		253,436
Algonquin Power & Utilities Corp.^(a)		89,429		449,641
Alimentation Couche-Tard, Inc.		53,573		2,913,183
Allied Properties REIT		16,988		193,956
AltaGas Ltd.		38,003		705,174
ARC Resources Ltd.		44,571		716,282
ATCO Ltd., Class I		9,462		242,301
B2Gold Corp.		101,445		324,449
Bank of Montreal^(a)		58,474		4,413,823
Bank of Nova Scotia (The)		159,501		6,451,274
Barrick Gold Corp.		156,413		2,495,622
BCE, Inc.		35,019		1,298,598
Bombardier, Inc., Class B^(a)(b)		12,005		384,731
Brookfield Corp.		133,526		3,885,792
CAE, Inc.^(b)		14,252		297,308
Cameco Corp.		9,764		399,000
Canadian Apartment Properties REIT		15,515		456,202
Canadian Imperial Bank of Commerce		106,353		3,746,966
Canadian National Railway Co.		24,478		2,587,183

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


		48

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

October 31, 2023


	Shares		Value
Canada-(continued)
Canadian Natural Resources Ltd.		80,727	$	5,120,706
Canadian Pacific Kansas City Ltd.		27,924		1,980,477
Canadian Tire Corp. Ltd., Class A^(a)		7,236		697,200
Canadian Utilities Ltd., Class A		14,258		301,336
Canadian Western Bank		13,191		261,112
Capital Power Corp.		11,054		282,591
CCL Industries, Inc.^(a)		9,061		353,890
Celestica, Inc.^(b)		22,025		513,560
Cenovus Energy, Inc.		64,868		1,234,513
CGI, Inc., Class A^(b)		10,627		1,024,846
CI Financial Corp.		30,029		271,900
Constellation Software, Inc.		205		410,518
Crescent Point Energy Corp.		64,964		520,367
Dollarama, Inc.		4,838		330,026
Element Fleet Management Corp.		20,605		278,444
Emera, Inc.^(a)		29,126		952,928
Enbridge, Inc.^(a)		218,602		6,997,783
Fairfax Financial Holdings Ltd.		2,547		2,117,280
Finning International, Inc.		16,998		454,994
First Capital REIT		25,526		239,769
Fortis, Inc.		48,865		1,938,056
Franco-Nevada Corp.		4,141		503,214
George Weston Ltd.		7,738		838,430
Gibson Energy, Inc.		22,288		338,273
Gildan Activewear, Inc.		11,203		317,872
Great-West Lifeco, Inc.		41,350		1,144,367
Hydro One Ltd.^(c)		25,209		652,992
iA Financial Corp., Inc.		9,554		555,312
IGM Financial, Inc.		9,108		204,827
Imperial Oil Ltd.		14,843		844,979
Intact Financial Corp.		9,081		1,274,513
Keyera Corp.		25,244		586,435
Kinross Gold Corp.		239,955		1,251,413
Linamar Corp.		5,048		218,029
Loblaw Cos. Ltd.		13,773		1,125,254
Magna International, Inc.		48,242		2,315,755
Manulife Financial Corp.		291,197		5,063,566
MEG Energy Corp.^(b)		23,639		466,565
Methanex Corp.		6,773		279,360
Metro, Inc.		18,074		917,077
National Bank of Canada		26,930		1,672,541
Northland Power, Inc.^(a)		17,072		239,678
Nutrien Ltd.		42,084		2,257,818
Onex Corp.		7,700		431,078
Open Text Corp.		17,530		584,649
Parkland Corp.		28,778		870,025
Pembina Pipeline Corp.^(a)		51,050		1,569,468
Power Corp. of Canada		100,604		2,421,163
Restaurant Brands International, Inc.		11,318		759,425
RioCan REIT		35,973		436,625
Royal Bank of Canada		116,231		9,273,363
Saputo, Inc.^(a)		20,551		414,499
Shopify, Inc., Class A^(b)		15,639		737,762
SNC-Lavalin Group, Inc.		17,159		476,114
SSR Mining, Inc.		21,813		301,525
Sun Life Financial, Inc.		61,768		2,818,214
Suncor Energy, Inc.		157,305		5,088,829
TC Energy Corp.		104,370		3,590,644
Teck Resources Ltd., Class B		35,955		1,269,076
TELUS Corp.		44,715		720,207


	Shares		Value
Canada-(continued)
TFI International, Inc.		3,036	$	335,496
Thomson Reuters Corp.		5,261		629,501
TMX Group Ltd.		15,098		314,086
Toromont Industries Ltd.		3,430		257,945
Toronto-Dominion Bank (The)		160,332		8,946,023
Tourmaline Oil Corp.		13,541		715,261
Vermilion Energy, Inc.		29,583		426,404
West Fraser Timber Co. Ltd.		10,080		679,551
Wheaton Precious Metals Corp.		13,252		559,099
WSP Global, Inc.		4,816		629,610

				127,718,173

Chile-0.06%
Antofagasta PLC^(a)		28,006		457,084
Lundin Mining Corp.		78,095		487,162

				944,246

China-0.26%
AAC Technologies Holdings, Inc.		126,144		226,990
BOC Hong Kong (Holdings) Ltd.		344,646		911,762
Lenovo Group Ltd.		1,134,792		1,319,762
Prosus N.V.^(b)		26,745		747,162
Wilmar International Ltd.		171,595		445,880
Xinyi Glass Holdings Ltd.		197,615		227,048

				3,878,604

Denmark-1.09%
AP Moller - Maersk A/S, Class A^(a)		500		814,292
AP Moller - Maersk A/S, Class B		834		1,384,813
Carlsberg A/S, Class B		6,309		750,502
Chr. Hansen Holding A/S^(a)		4,429		301,378
Coloplast A/S, Class B^(a)		4,690		488,171
Danske Bank A/S		89,422		2,092,657
DSV A/S^(a)		6,617		985,801
Genmab A/S^(b)		848		238,980
ISS A/S		27,342		394,951
Jyske Bank A/S^(b)		4,355		306,025
Novo Nordisk A/S, Class B^(a)		57,572		5,519,659
Novozymes A/S, Class B^(a)		7,454		334,205
Orsted A/S^(a)(c)		10,280		494,685
Pandora A/S		5,757		650,759
Tryg A/S		21,668		422,384
Vestas Wind Systems A/S^(a)(b)		42,136		908,555

				16,087,817

Finland-1.21%
Elisa OYJ		9,607		406,996
Fortum OYJ^(a)		88,698		1,050,043
Huhtamaki OYJ^(a)		10,057		344,527
Kesko OYJ, Class B		30,785		519,497
Kone OYJ, Class B		23,017		994,812
Konecranes OYJ		8,880		290,126
Mandatum OYJ^(b)		55,979		216,088
Neste OYJ		22,622		758,232
Nokia OYJ^(a)		554,169		1,839,276
Nokian Renkaat OYJ^(a)		36,736		276,780
Nordea Bank Abp		448,417		4,710,857
Orion OYJ, Class B		5,788		229,667
Outokumpu OYJ^(a)		70,635		289,163
Sampo OYJ		56,299		2,208,344
Stora Enso OYJ, Class R^(a)		77,600		928,913

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


		49

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

October 31, 2023


	Shares		Value
Finland-(continued)
UPM-Kymmene OYJ		58,641	$	1,969,218
Valmet OYJ^(a)		11,228		251,127
Wartsila OYJ Abp^(a)		55,500		659,378

				17,943,044

France-8.95%
Accor S.A.		10,568		335,893
Air France-KLM^(b)		37,459		421,836
Air Liquide S.A.		27,127		4,635,891
Airbus SE		25,092		3,349,230
Alstom S.A.^(a)		34,664		467,158
Amundi S.A.^(a)(c)		7,086		368,653
Arkema S.A.		9,881		923,060
Atos SE^(a)(b)		47,822		333,009
AXA S.A.		260,534		7,698,374
BNP Paribas S.A.		173,997		9,984,739
Bollore SE^(a)		50,238		273,473
Bouygues S.A.		54,465		1,911,884
Bureau Veritas S.A.		14,700		333,910
Capgemini SE		8,730		1,536,398
Carrefour S.A.		116,982		2,050,117
Cie de Saint-Gobain S.A.		68,292		3,710,292
Cie Generale des Etablissements Michelin S.C.A.		93,023		2,755,076
Clariane SE^(a)		28,831		108,550
Covivio S.A.		6,619		282,650
Credit Agricole S.A.		268,014		3,223,284
Danone S.A.		66,000		3,917,137
Dassault Systemes SE		10,966		449,907
Edenred SE		7,591		403,110
Eiffage S.A.		10,330		935,742
Elis S.A.		26,498		433,290
ENGIE S.A.		343,622		5,449,581
EssilorLuxottica S.A.		13,907		2,508,357
Eurazeo SE		5,229		293,763
Forvia SE^(b)		49,105		822,159
Gecina S.A.		5,818		569,456
Hermes International S.C.A		372		691,882
Kering S.A.		3,282		1,329,350
Klepierre S.A.		28,001		677,773
Legrand S.A.		13,276		1,143,387
L’Oreal S.A.		7,218		3,022,398
LVMH Moet Hennessy Louis Vuitton SE		6,355		4,530,776
Nexans S.A.		2,908		205,020
Orange S.A.^(a)		409,765		4,811,983
Orpea S.A.^(a)(b)		125,421		127,002
Pernod Ricard S.A.		9,391		1,662,654
Publicis Groupe S.A.		21,241		1,610,239
Renault S.A.		72,996		2,550,032
Rexel S.A.		33,203		675,064
Rubis S.C.A		10,616		230,482
Safran S.A.		15,372		2,388,812
Schneider Electric SE		27,305		4,184,325
SCOR SE		28,276		841,340
SEB S.A.^(a)		3,687		363,020
Societe Generale S.A.		197,373		4,411,340
Sodexo S.A.		9,941		1,049,503
SPIE S.A.		14,693		385,778
Technip Energies N.V.		22,644		494,252
Teleperformance SE^(a)		2,673		305,563


	Shares		Value
France-(continued)
Thales S.A.		6,166	$	906,905
TotalEnergies SE		341,499		22,812,960
Ubisoft Entertainment S.A.^(b)		15,351		436,155
Unibail-Rodamco-Westfield SE^(a)(b)		12,619		622,364
Valeo SE^(a)		62,720		824,711
Veolia Environnement S.A.		86,965		2,374,346
Vinci S.A.^(a)		44,444		4,908,191
Vivendi SE^(a)		89,403		799,084
Wendel SE		2,631		196,336
Worldline S.A.^(b)(c)		16,408		207,772

				132,266,778

Germany-9.15%
adidas AG		15,059		2,661,384
Allianz SE		57,833		13,503,507
Aroundtown S.A.^(a)(b)		195,571		439,690
Aurubis AG		6,484		532,250
BASF SE		169,520		7,800,719
Bayer AG		108,942		4,682,069
Bayerische Motoren Werke AG^(a)		63,150		5,849,265
Bayerische Motoren Werke AG, Preference Shares		11,909		1,008,914
Beiersdorf AG		3,458		453,416
Brenntag SE		13,990		1,036,895
Commerzbank AG		152,358		1,634,581
Continental AG		25,544		1,658,881
Covestro AG^(b)(c)		39,371		1,985,043
Daimler Truck Holding AG		64,337		2,014,285
Deutsche Bank AG		418,285		4,578,671
Deutsche Boerse AG		7,538		1,236,582
Deutsche Lufthansa AG^(b)		97,261		678,924
Deutsche Post AG		128,506		4,993,143
Deutsche Telekom AG		451,630		9,774,213
E.ON SE		294,191		3,488,971
Evonik Industries AG		37,868		694,860
Freenet AG		18,514		468,489
Fresenius Medical Care AG& Co. KGaA		42,440		1,404,987
Fresenius SE & Co. KGaA		83,191		2,131,494
FUCHS SE		2,773		92,915
FUCHS SE, Preference Shares		5,788		234,439
GEA Group AG		11,330		385,980
Hannover Rueck SE		6,356		1,399,421
Heidelberg Materials AG		28,461		2,060,103
Henkel AG& Co. KGaA		11,127		701,676
Henkel AG& Co. KGaA, Preference Shares^(a)		18,884		1,358,904
HUGO BOSS AG		4,204		244,844
Infineon Technologies AG		46,571		1,352,472
K+S AG^(a)		26,884		450,968
KION Group AG		15,244		464,696
Knorr-Bremse AG		6,400		355,423
LANXESS AG		14,704		335,710
LEG Immobilien SE^(b)		9,431		586,551
Mercedes-Benz Group AG^(a)		143,234		8,392,012
Merck KGaA		5,033		757,285
MTU Aero Engines AG		2,209		413,280
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen, Class R		17,061		6,825,673
ProSiebenSat.1 Media SE^(a)		47,159		263,093
Puma SE		5,180		291,831

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


		50

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

October 31, 2023


	Shares		Value
Germany-(continued)
Rheinmetall AG		2,372	$	677,948
RWE AG		59,600		2,276,090
Salzgitter AG		6,925		172,160
SAP SE		54,111		7,248,938
Siemens AG		55,902		7,383,690
Siemens Energy AG, class A^(a)(b)		83,983		743,005
Siemens Healthineers AG^(c)		12,591		616,459
Symrise AG		5,182		526,924
TAG Immobilien AG^(b)		36,811		400,182
Talanx AG		7,508		471,793
Telefonica Deutschland Holding AG		177,276		300,465
thyssenkrupp AG		201,037		1,393,550
TUI AG^(b)		66,493		334,363
United Internet AG		19,392		402,773
Volkswagen AG^(a)		9,413		1,082,510
Volkswagen AG, Preference Shares		65,519		6,913,587
Vonovia SE		102,447		2,349,817
Zalando SE^(b)(c)		12,151		282,431

				135,255,194

Hong Kong-1.33%
AIA Group Ltd.		708,582		6,144,377
CK Asset Holdings Ltd.		130,387		651,552
CK Hutchison Holdings Ltd.		165,092		834,469
CLP Holdings Ltd.		98,397		719,938
Hang Lung Properties Ltd.		158,904		209,581
Hang Seng Bank Ltd.		41,503		475,519
Henderson Land Development Co. Ltd.		105,266		274,445
Hong Kong & China Gas Co. Ltd. (The)		563,703		392,631
Hong Kong Exchanges & Clearing Ltd.		25,853		908,618
Hongkong Land Holdings Ltd.		74,396		235,835
Jardine Matheson Holdings Ltd.		10,760		435,242
Link REIT		218,211		1,001,173
MTR Corp. Ltd.		102,426		382,890
New World Development Co. Ltd.^(a)		267,861		490,904
Orient Overseas International Ltd.		24,640		310,653
Power Assets Holdings Ltd.		61,795		295,368
Prudential PLC		259,223		2,698,247
Sun Hung Kai Properties Ltd.		125,402		1,287,740
Swire Pacific Ltd., Class A		63,360		405,687
Swire Pacific Ltd., Class B		135,772		139,336
Techtronic Industries Co. Ltd.		52,247		476,090
WH Group Ltd.		741,646		442,641
Wharf Real Estate Investment Co. Ltd.		131,453		459,479

				19,672,415

Ireland-0.28%
AIB Group PLC		123,691		535,255
Bank of Ireland Group PLC		93,567		835,708
Flutter Entertainment PLC^(a)(b)		5,320		833,090
Kerry Group PLC, Class A		7,728		595,320
Kingspan Group PLC		6,534		438,421
Smurfit Kappa Group PLC		29,801		970,590

				4,208,384

Israel-0.25%
Bank Hapoalim B.M.		93,631		668,173
Bank Leumi le-Israel B.M.		105,489		677,698
Bezeq The Israeli Telecommunication Corp. Ltd.		204,249		251,124
ICL Group Ltd.		73,897		358,018


	Shares		Value
Israel-(continued)
Israel Discount Bank Ltd., Class A		110,591	$	485,222
Mizrahi Tefahot Bank Ltd.		13,410		414,344
Teva Pharmaceutical Industries Ltd.^(a)(b)		100,793		852,326

				3,706,905

Italy-3.34%
A2A S.p.A.		332,654		622,711
Assicurazioni Generali S.p.A.		171,883		3,405,599
Azimut Holding S.p.A.		12,040		252,999
Banco BPM S.p.A.		274,838		1,401,100
BPER Banca		179,800		583,259
Coca-Cola HBC AG^(b)		18,938		489,941
Enel S.p.A.		1,534,863		9,714,636
Eni S.p.A.		440,852		7,189,150
Ferrari N.V.		1,885		568,843
FinecoBank Banca Fineco S.p.A.^(a)		20,330		238,848
Hera S.p.A.		152,236		427,064
Intesa Sanpaolo S.p.A.		2,874,876		7,464,677
Italgas S.p.A.^(a)		61,916		314,006
Iveco Group N.V.^(b)		70,480		592,552
Leonardo S.p.A.		75,790		1,140,367
Mediobanca Banca di Credito Finanziario S.p.A.		90,830		1,082,003
Moncler S.p.A.		5,082		262,890
Nexi S.p.A.^(b)(c)		48,240		279,220
Pirelli & C. S.p.A.^(c)		70,886		314,766
Poste Italiane S.p.A.^(a)(c)		70,741		698,382
Prysmian S.p.A.		21,066		785,794
Saras S.p.A.^(a)		173,526		251,740
Snam S.p.A.		220,870		1,010,880
Telecom Italia S.p.A.^(a)(b)		3,823,592		986,539
Telecom Italia S.p.A., RSP^(a)(b)		2,139,033		555,744
Terna S.p.A.^(a)		102,381		781,974
UniCredit S.p.A.		307,660		7,682,773
Unipol Gruppo S.p.A.		59,875		323,528

				49,421,985

Japan-21.44%
Advantest Corp.		25,672		646,695
AEON Co. Ltd.		56,247		1,176,231
AGC, Inc.		33,502		1,130,633
Aisin Corp.		21,045		722,877
Ajinomoto Co., Inc.		29,071		1,051,927
Alps Alpine Co. Ltd.		49,650		402,918
Amada Co. Ltd.		33,987		325,406
ANA Holdings, Inc.^(b)		16,191		315,599
Aozora Bank Ltd.^(a)		23,346		472,639
Asahi Group Holdings Ltd.		42,510		1,525,863
Asahi Kasei Corp.		142,672		869,909
Astellas Pharma, Inc.		148,187		1,859,126
Bandai Namco Holdings, Inc.		37,953		777,630
Bridgestone Corp.		53,362		1,996,781
Brother Industries Ltd.		23,815		367,812
Canon, Inc.		126,636		2,969,292
Casio Computer Co. Ltd.^(a)		28,026		222,439
Central Japan Railway Co.		107,692		2,414,884
Chiba Bank Ltd. (The)		69,587		514,396
Chubu Electric Power Co., Inc.		72,613		873,830
Chugai Pharmaceutical Co. Ltd.		26,449		778,913
Chugoku Electric Power Co., Inc. (The)		66,010		410,282
Concordia Financial Group Ltd.		175,209		805,791

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


		51

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

October 31, 2023


	Shares		Value
Japan-(continued)
Cosmo Energy Holdings Co. Ltd.		13,135	$	477,021
CyberAgent, Inc.		30,660		159,875
Dai Nippon Printing Co. Ltd.		17,588		453,970
Daifuku Co. Ltd.		18,076		294,394
Dai-ichi Life Holdings, Inc.		139,804		2,931,873
Daiichi Sankyo Co. Ltd.		44,044		1,122,003
Daikin Industries Ltd.		13,163		1,879,994
Daito Trust Construction Co. Ltd.		7,266		774,842
Daiwa House Industry Co. Ltd.		52,103		1,419,849
Daiwa House REIT Investment Corp.		164		289,784
Daiwa Securities Group, Inc.		147,250		840,067
Denka Co. Ltd.		14,200		254,427
Denso Corp.		187,068		2,716,868
Dentsu Group, Inc.		23,967		688,411
Disco Corp.		3,397		586,672
Dowa Holdings Co. Ltd.		8,532		257,912
East Japan Railway Co.		47,510		2,469,535
EBARA Corp.		10,677		465,306
Eisai Co. Ltd.		16,776		881,863
Electric Power Development Co. Ltd.		22,924		349,586
ENEOS Holdings, Inc.		508,634		1,873,057
FANUC Corp.		55,875		1,347,759
Fast Retailing Co. Ltd.		4,967		1,082,970
Fuji Electric Co. Ltd.		15,703		588,739
FUJIFILM Holdings Corp.		35,462		1,920,795
Fujikura Ltd.		50,580		357,695
Fujitsu Ltd.		18,557		2,378,977
Fukuoka Financial Group, Inc.		24,725		646,022
GLP J-Reit		259		231,731
Hakuhodo DY Holdings, Inc.		30,195		241,947
Hankyu Hanshin Holdings, Inc.		15,351		479,145
Haseko Corp.		26,205		320,198
Hikari Tsushin, Inc.		1,995		284,802
Hino Motors Ltd.^(a)(b)		89,610		257,271
Hirose Electric Co. Ltd.		2,303		257,756
Hitachi Construction Machinery Co. Ltd.		18,425		468,639
Hitachi Ltd.		77,086		4,823,824
Honda Motor Co. Ltd.		504,566		5,019,173
Hoya Corp.		10,643		1,007,411
Hulic Co. Ltd.		47,237		429,498
IBIDEN Co. Ltd.		8,650		362,175
Idemitsu Kosan Co. Ltd.		31,042		700,800
IHI Corp.		25,945		490,650
Inpex Corp.		175,624		2,530,948
Isetan Mitsukoshi Holdings Ltd.		49,545		554,190
Isuzu Motors Ltd.		80,000		877,150
ITOCHU Corp.^(a)		95,641		3,393,173
J. Front Retailing Co. Ltd.		42,765		403,944
Japan Airlines Co. Ltd.^(a)		16,772		306,103
Japan Exchange Group, Inc.		39,486		772,929
Japan Metropolitan Fund Investment Corp.		602		387,566
Japan Post Bank Co. Ltd.		78,573		726,091
Japan Post Holdings Co. Ltd.		260,353		2,293,314
Japan Post Insurance Co. Ltd.		30,961		592,153
Japan Real Estate Investment Corp.		112		414,883
Japan Tobacco, Inc.		153,906		3,578,217
JFE Holdings, Inc.^(a)		144,003		1,982,068
JGC Holdings Corp.		25,055		304,740
JSR Corp.^(a)		17,457		463,268
Kajima Corp.		46,301		757,900


	Shares		Value
Japan-(continued)
Kansai Electric Power Co., Inc. (The)		83,632	$	1,063,865
Kao Corp.		46,860		1,699,949
Kawasaki Heavy Industries Ltd.		33,941		737,784
Kawasaki Kisen Kaisha Ltd.^(a)		24,409		828,918
KDDI Corp.		145,130		4,299,900
Keio Corp.		8,678		256,137
Keyence Corp.		3,318		1,274,005
Kikkoman Corp.		8,570		482,188
Kintetsu Group Holdings Co. Ltd.		16,714		467,831
Kirin Holdings Co. Ltd.		79,030		1,106,039
Kobe Steel Ltd.		94,968		1,104,913
Koito Manufacturing Co. Ltd.		24,573		363,374
Komatsu Ltd.		97,281		2,224,465
Konami Group Corp.		5,920		303,105
Konica Minolta, Inc.^(b)		98,407		272,651
Kubota Corp.		90,420		1,202,456
Kuraray Co. Ltd.		34,387		390,542
Kurita Water Industries Ltd.		6,894		206,576
Kyocera Corp.		36,321		1,768,504
Kyoto Financial Group, Inc.		7,515		422,283
Kyowa Kirin Co. Ltd.		14,284		222,402
Kyushu Electric Power Co., Inc.^(b)		69,053		439,455
Kyushu Railway Co.		21,709		441,648
Lawson, Inc.		6,931		334,182
Lion Corp.		26,057		249,739
Lixil Corp.		38,254		417,032
LY Corp.		254,481		642,399
Makita Corp.		25,819		658,240
Marubeni Corp.		179,459		2,580,882
Marui Group Co. Ltd.		19,413		303,735
MatsukiyoCocokara & Co.		25,446		443,240
Mazda Motor Corp.		135,613		1,275,136
Mebuki Financial Group, Inc.		186,586		560,577
MEIJI Holdings Co. Ltd.		31,383		770,458
MINEBEA MITSUMI, Inc.		44,270		680,953
MISUMI Group, Inc.		13,840		206,487
Mitsubishi Chemical Group Corp.		147,688		827,061
Mitsubishi Corp.		117,340		5,388,753
Mitsubishi Electric Corp.		140,064		1,551,437
Mitsubishi Estate Co. Ltd.		146,469		1,851,112
Mitsubishi Gas Chemical Co., Inc.		23,719		317,543
Mitsubishi HC Capital, Inc.		77,964		509,086
Mitsubishi Heavy Industries Ltd.		58,169		2,954,445
Mitsubishi Materials Corp.^(a)		19,209		305,299
Mitsubishi Motors Corp.		121,532		387,278
Mitsubishi UFJ Financial Group, Inc.		1,665,206		13,821,281
Mitsui & Co. Ltd.		130,488		4,667,394
Mitsui Chemicals, Inc.		22,094		548,976
Mitsui Fudosan Co. Ltd.		102,080		2,188,608
Mitsui Mining & Smelting Co. Ltd.		13,507		347,742
Mitsui OSK Lines Ltd.^(a)		47,975		1,230,063
Mizuho Financial Group, Inc.		400,601		6,733,335
MS&AD Insurance Group Holdings, Inc.		40,135		1,455,720
Murata Manufacturing Co. Ltd.		121,448		1,986,777
Nabtesco Corp.		11,665		204,115
NEC Corp.		32,339		1,538,529
NGK Insulators Ltd.		33,677		407,384
NH Foods Ltd.		14,035		419,813
Nichirei Corp.		15,229		328,623
Nidec Corp.		24,609		880,883

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


		52

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

October 31, 2023


	Shares		Value
Japan-(continued)
Nikon Corp.		53,005	$	495,593
Nintendo Co. Ltd.		67,652		2,778,983
Nippon Building Fund, Inc.		133		533,071
Nippon Electric Glass Co. Ltd.		18,327		363,890
Nippon Express Holdings, Inc.		8,945		455,918
Nippon Paint Holdings Co. Ltd.		41,635		276,843
Nippon Sanso Holdings Corp.		15,630		389,189
Nippon Steel Corp.^(a)		161,969		3,456,594
Nippon Telegraph & Telephone Corp.		4,044,465		4,721,591
Nippon Yusen K.K.^(a)		79,661		1,934,125
Nishi-Nippon Financial Holdings, Inc.		32,490		383,157
Nissan Chemical Corp.		7,276		292,827
Nissan Motor Co. Ltd.		502,947		1,884,329
Nisshin Seifun Group, Inc.		37,045		556,978
Nissin Foods Holdings Co. Ltd.		3,942		342,285
Niterra Co. Ltd.		27,914		617,464
Nitori Holdings Co. Ltd.		4,472		484,569
Nitto Denko Corp.		16,765		1,071,911
Nomura Holdings, Inc.		316,691		1,212,646
Nomura Real Estate Holdings, Inc.		20,455		473,405
Nomura Real Estate Master Fund, Inc.		399		439,718
Nomura Research Institute Ltd.		22,500		585,955
NSK Ltd.		65,919		350,520
NTT DATA Group Corp.		62,126		756,243
Obayashi Corp.		72,873		619,766
Odakyu Electric Railway Co. Ltd.		30,684		433,784
Olympus Corp.		45,557		601,330
Omron Corp.		13,310		469,930
Ono Pharmaceutical Co. Ltd.		26,644		457,687
Oriental Land Co. Ltd.		10,560		338,670
ORIX Corp.		120,340		2,157,371
ORIX JREIT, Inc.		214		245,589
Osaka Gas Co. Ltd.		32,524		610,342
Otsuka Corp.		9,963		396,231
Otsuka Holdings Co. Ltd.		31,429		1,048,014
Pan Pacific International Holdings Corp.		25,270		484,976
Panasonic Holdings Corp.		221,061		1,910,719
Persol Holdings Co. Ltd.		178,770		264,770
Rakuten Group, Inc.^(a)		96,293		354,029
Recruit Holdings Co. Ltd.		61,655		1,764,014
Renesas Electronics Corp.^(b)		66,587		859,790
Resona Holdings, Inc.		304,348		1,614,736
Resonac Holdings Corp.		45,431		726,710
Ricoh Co. Ltd.		53,191		425,858
Rohm Co. Ltd.		31,072		489,536
Ryohin Keikaku Co. Ltd.		30,893		432,761
Santen Pharmaceutical Co. Ltd.		44,204		381,635
SBI Holdings, Inc.		39,081		832,741
SECOM Co. Ltd.		18,128		1,250,867
Seibu Holdings, Inc.		26,998		261,967
Seiko Epson Corp.		45,770		627,564
Sekisui Chemical Co. Ltd.		29,999		406,867
Sekisui House Ltd.		73,251		1,421,537
Seven & i Holdings Co. Ltd.		58,628		2,126,472
SG Holdings Co. Ltd.		35,378		498,042
Sharp Corp.^(b)		56,199		348,709
Shimadzu Corp.		14,127		330,683
Shimano, Inc.^(a)		3,660		520,924
Shimizu Corp.		53,754		380,142
Shin-Etsu Chemical Co. Ltd.		117,004		3,451,906


	Shares		Value
Japan-(continued)
Shionogi & Co. Ltd.		18,760	$	865,503
Shiseido Co. Ltd.		19,037		598,595
Shizuoka Financial Group, Inc.		54,646		460,600
SMC Corp.		2,377		1,077,965
SoftBank Corp.		241,380		2,717,507
SoftBank Group Corp.		146,732		5,933,420
Sojitz Corp.		32,088		658,096
Sompo Holdings, Inc.		31,650		1,359,877
Sony Group Corp.		95,685		7,850,283
Stanley Electric Co. Ltd.		13,396		211,362
Subaru Corp.		98,105		1,658,026
SUMCO Corp.		36,390		464,952
Sumitomo Chemical Co. Ltd.		228,598		576,608
Sumitomo Corp.		104,534		2,028,282
Sumitomo Electric Industries Ltd.		64,764		670,968
Sumitomo Forestry Co. Ltd.		26,802		625,430
Sumitomo Heavy Industries Ltd.		13,335		301,401
Sumitomo Metal Mining Co. Ltd.		29,602		824,075
Sumitomo Mitsui Financial Group, Inc.		212,294		10,120,920
Sumitomo Mitsui Trust Holdings, Inc.		44,800		1,659,533
Sumitomo Realty & Development Co. Ltd.		40,322		999,497
Suntory Beverage & Food Ltd.		14,010		414,255
Suzuki Motor Corp.		60,265		2,301,646
Sysmex Corp.		7,120		336,289
T&D Holdings, Inc.		83,157		1,467,444
Taisei Corp.		20,144		678,228
Taiyo Yuden Co. Ltd.		11,126		245,081
Takashimaya Co. Ltd.^(a)		25,755		347,436
Takeda Pharmaceutical Co. Ltd.		186,405		5,000,915
TDK Corp.		42,786		1,570,237
Terumo Corp.		31,597		853,742
THK Co. Ltd.		13,854		244,248
TIS, Inc.		14,693		310,945
Tobu Railway Co. Ltd.		15,954		381,771
Tohoku Electric Power Co., Inc.		71,255		442,318
Tokio Marine Holdings, Inc.		175,048		3,864,013
Tokyo Electric Power Co. Holdings, Inc.^(b)		672,483		2,828,563
Tokyo Electron Ltd.		23,645		3,084,334
Tokyo Gas Co. Ltd.		39,435		879,863
Tokyo Tatemono Co. Ltd.		30,095		395,252
Tokyu Corp.		42,650		478,755
Tokyu Fudosan Holdings Corp.		110,512		636,167
TOPPAN Holdings, Inc.		20,096		458,063
Toray Industries, Inc.		156,662		749,768
Toshiba Corp.^(b)		10,111		307,045
Tosoh Corp.		34,517		418,799
TOTO Ltd.		14,124		337,887
Toyo Suisan Kaisha Ltd.		7,528		345,966
Toyota Industries Corp.		12,789		933,556
Toyota Motor Corp.		835,755		14,293,014
Toyota Tsusho Corp.		20,505		1,070,438
Trend Micro, Inc.		7,546		281,122
Tsuruha Holdings, Inc.^(a)		5,215		380,506
Unicharm Corp.		13,612		460,280
West Japan Railway Co.		32,204		1,221,857
Yakult Honsha Co. Ltd.		10,262		241,024
Yamada Holdings Co. Ltd.		137,870		434,972
Yamaha Corp.		10,418		273,718
Yamaha Motor Co. Ltd.		47,947		1,151,463
Yamato Holdings Co. Ltd.		36,344		600,914

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


		53

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

October 31, 2023


	Shares		Value
Japan-(continued)
Yaskawa Electric Corp.		11,378	$	366,407
Yokogawa Electric Corp.		23,619		423,035

				316,987,812

Jordan-0.02%
Hikma Pharmaceuticals PLC		13,435		309,996

Luxembourg-0.22%
Aperam S.A.		8,379		231,600
ArcelorMittal S.A.		110,952		2,448,729
Eurofins Scientific SE^(a)		5,534		279,779
SES S.A., FDR		40,853		237,715

				3,197,823

Macau-0.05%
Galaxy Entertainment Group Ltd.		79,164		443,645
Sands China Ltd.^(b)		130,644		350,628

				794,273

Netherlands-4.91%
Aalberts N.V.		7,269		226,044
ABN AMRO Bank N.V., CVA^(c)		80,718		1,082,271
Adyen N.V.^(b)(c)		259		173,538
Aegon Ltd.^(a)		456,384		2,211,313
Akzo Nobel N.V.		21,493		1,437,147
ASM International N.V.^(a)		868		356,440
ASML Holding N.V.		5,372		3,209,890
ASR Nederland N.V.		26,635		990,993
Euronext N.V.^(c)		4,147		288,426
EXOR N.V.		6,979		597,079
Heineken Holding N.V.		6,869		521,306
Heineken N.V.		14,607		1,308,352
IMCD N.V.^(a)		1,809		217,025
ING Groep N.V.		569,067		7,234,890
Koninklijke Ahold Delhaize N.V.		144,337		4,271,799
Koninklijke KPN N.V.^(a)		351,396		1,179,277
Koninklijke Philips N.V.^(a)(b)		168,229		3,182,588
NN Group N.V.^(a)		63,440		2,029,118
Randstad N.V.^(a)		20,332		1,049,617
SBM Offshore N.V.^(a)		20,683		256,878
Shell PLC		1,221,259		39,219,483
Universal Music Group N.V.		18,685		456,226
Wolters Kluwer N.V.		8,668		1,109,528

				72,609,228

New Zealand-0.04%
Auckland International Airport Ltd.		54,803		233,971
Spark New Zealand Ltd.		102,736		296,989

				530,960

Norway-0.65%
Aker BP ASA		18,572		533,801
DNB Bank ASA		81,490		1,468,347
Equinor ASA		108,071		3,622,294
Mowi ASA		47,372		768,777
Norsk Hydro ASA		149,333		851,216
Orkla ASA		86,097		592,954
Schibsted ASA, Class A		5,904		117,956
Schibsted ASA, Class B		7,637		141,506
Storebrand ASA		57,480		479,219
Telenor ASA		98,203		1,003,417

				9,579,487


	Shares		Value
Poland-0.25%
Bank Polska Kasa Opieki S.A.		24,306	$	736,563
KGHM Polska Miedz S.A.		17,031		453,662
ORLEN S.A.^(a)		59,175		933,825
Powszechna Kasa Oszczednosci Bank Polski S.A.^(b)		95,676		988,092
Powszechny Zaklad Ubezpieczen S.A.		51,479		581,612

				3,693,754

Portugal-0.27%
Banco Comercial Portugues S.A., Class R^(a)(b)		1,295,187		396,466
EDP - Energias de Portugal S.A.		374,443		1,571,272
Galp Energia SGPS S.A.		87,523		1,314,593
Jeronimo Martins SGPS S.A.		28,774		662,420

				3,944,751

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

				0

Singapore-0.83%
CapitaLand Ascendas REIT		234,729		445,455
CapitaLand Integrated Commercial Trust		354,001		454,758
CapitaLand Investment Ltd.		146,412		314,187
DBS Group Holdings Ltd.		118,469		2,840,558
Genting Singapore Ltd.		407,339		255,693
Jardine Cycle & Carriage Ltd.		19,255		396,329
Keppel Corp. Ltd.		97,535		442,095
Keppel REIT		19,507		11,319
Oversea-Chinese Banking Corp. Ltd.		157,388		1,456,647
Singapore Airlines Ltd.^(a)		126,076		562,260
Singapore Technologies Engineering Ltd.		132,114		362,577
Singapore Telecommunications Ltd.		919,650		1,597,582
STMicroelectronics N.V.		19,901		756,852
United Overseas Bank Ltd.		112,159		2,211,990
Venture Corp. Ltd.		24,700		210,934

				12,319,236

South Africa-0.24%
Anglo American PLC		139,695		3,553,840

South Korea-4.46%
CJ CheilJedang Corp.		1,578		330,077
CJ CheilJedang Corp., Preference Shares		241		22,127
Delivery Hero SE^(b)(c)		7,792		197,420
Doosan Enerbility Co. Ltd.^(b)		57,929		575,623
E-MART, Inc.		3,360		180,869
GS Engineering & Construction Corp.		28,546		278,157
Hana Financial Group, Inc.		45,364		1,316,700
Hanwha Galleria Corp.^(b)		12,755		9,520
Hanwha Solutions Corp.^(b)		12,558		266,400
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.^(b)		4,808		321,471
HMM Co. Ltd.		32,434		349,904
Hyosung TNC Corp.		817		215,963
Hyundai Engineering & Construction Co. Ltd.		21,592		533,984
Hyundai Glovis Co. Ltd.		2,370		300,253
Hyundai Marine & Fire Insurance Co. Ltd.		13,051		304,399
Hyundai Mobis Co. Ltd.		6,130		946,359
Hyundai Motor Co.		18,218		2,289,137

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


		54

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

October 31, 2023


	Shares		Value
South Korea-(continued)
Hyundai Motor Co., First Pfd.		2,885	$	212,762
Hyundai Motor Co., Second Pfd.		4,492		332,938
Hyundai Steel Co.		13,191		319,874
Industrial Bank of Korea		38,595		319,208
JB Financial Group Co. Ltd.		38,424		287,351
Kakao Corp.^(a)		7,559		211,566
KB Financial Group, Inc.		60,567		2,309,578
Kia Corp.		38,886		2,214,160
Korea Electric Power Corp.^(b)		54,719		685,532
Korea Gas Corp.^(b)		15,952		269,892
Korea Investment Holdings Co. Ltd.		6,805		253,446
Korea Zinc Co. Ltd.		958		332,681
Korean Air Lines Co. Ltd.		27,028		410,258
KT&G Corp.		12,322		778,251
Kumho Petrochemical Co. Ltd.		2,341		219,618
LG Chem Ltd.		3,624		1,180,674
LG Chem Ltd., Preference Shares		563		116,931
LG Corp.		5,778		330,281
LG Display Co. Ltd.^(b)		44,823		404,570
LG Electronics, Inc.		17,281		1,275,714
LG Electronics, Inc., Preference Shares		2,868		95,667
LG H&H Co. Ltd.		789		184,317
LG H&H Co. Ltd., Preference Shares		174		18,243
LG Innotek Co. Ltd.		1,569		259,070
LOTTE Chemical Corp.		4,813		521,731
Meritz Financial Group, Inc.^(b)		11,304		420,170
NAVER Corp.		6,505		902,623
NCSoft Corp.		821		141,337
POSCO Holdings, Inc.^(a)		13,010		3,964,026
Posco International Corp.		16,871		625,847
Samsung C&T Corp.		7,909		624,849
Samsung Electro-Mechanics Co. Ltd.		5,387		495,801
Samsung Electronics Co. Ltd.		421,383		20,873,365
Samsung Electronics Co. Ltd., Preference Shares		75,861		3,010,736
Samsung Engineering Co. Ltd.^(b)		15,512		272,785
Samsung Fire & Marine Insurance Co. Ltd.		2,552		488,462
Samsung Fire & Marine Insurance Co. Ltd., Preference Shares		188		25,739
Samsung Heavy Industries Co. Ltd.^(b)		73,015		368,711
Samsung Life Insurance Co. Ltd.		7,818		418,527
Samsung SDI Co. Ltd.		1,633		514,488
Samsung SDI Co. Ltd., Preference Shares		43		6,941
Shinhan Financial Group Co. Ltd.		55,422		1,426,022
Shinsegae, Inc.		1,902		237,724
SK hynix, Inc.^(a)		69,991		6,027,139
SK Innovation Co. Ltd.^(b)		12,365		1,118,806
SK Square Co. Ltd.^(b)		9,716		306,109
SK, Inc.		4,044		425,196
S-Oil Corp.		7,482		367,854
Woori Financial Group, Inc.		100,690		887,202

				65,933,135

Spain-3.03%
Acciona S.A.^(a)		1,993		250,686
Acerinox S.A.		38,406		373,394
ACS Actividades de Construccion y Servicios S.A.		36,174		1,306,522
Aena SME S.A.^(c)		3,677		531,491
Amadeus IT Group S.A.^(a)		14,486		824,076


	Shares		Value
Spain-(continued)
Banco Bilbao Vizcaya Argentaria S.A.^(a)		1,013,393	$	7,950,125
Banco de Sabadell S.A.		1,187,747		1,470,131
Banco Santander S.A.^(a)		2,551,790		9,348,644
Bankinter S.A.^(a)		62,528		394,041
CaixaBank S.A.		366,576		1,485,951
Cellnex Telecom S.A.^(a)(c)		17,545		514,069
Cia de Distribucion Integral Logista Holdings S.A.		10,612		260,007
Enagas S.A.^(a)		33,542		559,994
Endesa S.A.^(a)		53,387		1,002,480
Grifols S.A.^(a)(b)		33,905		379,341
Grifols S.A., Class B, Preference Shares^(b)		26,743		213,419
Iberdrola S.A.		628,420		6,974,522
Industria de Diseno Textil S.A.^(a)		62,167		2,138,878
Inmobiliaria Colonial SOCIMI S.A.^(a)		38,233		213,781
Mapfre S.A.^(a)		189,983		393,993
Merlin Properties SOCIMI S.A.		48,554		403,388
Naturgy Energy Group S.A.^(a)		17,024		480,450
Redeia Corp. S.A.		43,541		676,766
Repsol S.A.		249,662		3,648,318
Telefonica S.A.^(a)		795,498		3,065,709

				44,860,176

Sweden-2.20%
Alfa Laval AB		15,776		509,174
Assa Abloy AB, Class B^(a)		46,584		990,248
Atlas Copco AB, Class A^(a)		101,564		1,310,837
Atlas Copco AB, Class B		61,616		689,638
Billerud AB		25,135		232,843
Boliden AB^(b)		23,396		598,372
Castellum AB^(a)		49,814		475,060
Dometic Group AB^(a)(c)		42,154		259,203
Electrolux AB, Class B^(a)(b)		56,448		472,899
Epiroc AB, Class A^(a)		22,047		362,101
Epiroc AB, Class B		13,348		184,821
Essity AB, Class B		55,793		1,269,901
Fastighets AB Balder, Class B^(a)(b)		61,870		261,321
Getinge AB, Class B		13,863		248,656
H & M Hennes & Mauritz AB, Class B^(a)		97,298		1,300,192
Hexagon AB, Class B		69,556		564,658
Holmen AB, Class B^(a)		7,849		295,550
Husqvarna AB, Class B^(a)		42,634		275,128
Industrivarden AB, Class A		12,211		314,984
Industrivarden AB, Class C^(a)		14,459		371,678
Investor AB, Class A^(a)		35,370		641,701
Investor AB, Class B		124,521		2,278,071
Kinnevik AB, Class B^(b)		29,689		252,390
Sandvik AB		66,815		1,133,851
Securitas AB, Class B^(a)		77,315		617,681
Skandinaviska Enskilda Banken AB, Class A		166,969		1,857,594
Skandinaviska Enskilda Banken AB, Class C		2,320		26,621
Skanska AB, Class B		37,232		557,681
SKF AB, Class B		46,257		745,650
SSAB AB, Class A		32,855		196,554
SSAB AB, Class B^(a)		91,727		531,349
Svenska Cellulosa AB S.C.A., Class B^(a)		46,688		639,144
Svenska Handelsbanken AB, Class A		195,090		1,658,832
Svenska Handelsbanken AB, Class B^(a)		4,608		47,430
Swedbank AB, Class A		126,391		2,067,366
Tele2 AB, Class B^(a)		94,360		668,387

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


		55

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

October 31, 2023


	Shares		Value
Sweden-(continued)
Telefonaktiebolaget LM Ericsson, Class A		4,369	$	20,412
Telefonaktiebolaget LM Ericsson, Class B^(a)		351,380		1,572,815
Telia Co. AB^(a)		587,785		1,242,105
Trelleborg AB, Class B		16,633		419,225
Volvo AB, Class A		24,164		483,165
Volvo AB, Class B		175,630		3,472,468
Volvo Car AB, Class B^(a)(b)		97,379		333,904

				32,451,660

Switzerland-4.73%
ABB Ltd.		91,166		3,049,385
Adecco Group AG^(a)		25,257		950,277
Alcon, Inc.		17,188		1,224,247
Avolta AG^(a)(b)		8,319		289,869
Baloise Holding AG^(a)		3,984		569,987
Barry Callebaut AG^(a)		223		336,932
Chocoladefabriken Lindt & Spruengli AG		3		326,356
Chocoladefabriken Lindt & Spruengli AG, PC		37		408,604
Cie Financiere Richemont S.A.		19,382		2,276,727
Clariant AG^(b)		20,543		290,521
DKSH Holding AG		3,385		207,180
DSM-Firmenich AG		11,771		1,064,907
Galenica AG^(c)		3,742		281,868
Geberit AG^(a)		1,426		660,938
Georg Fischer AG		5,402		278,514
Givaudan S.A		366		1,214,571
Helvetia Holding AG		2,990		400,178
Julius Baer Group Ltd.		15,922		937,772
Kuehne + Nagel International AG, Class R		3,328		894,122
Logitech International S.A., Class R		6,789		530,856
Lonza Group AG		1,798		625,907
Nestle S.A.		142,266		15,329,492
Novartis AG		131,287		12,196,036
Partners Group Holding AG^(a)		830		872,638
PSP Swiss Property AG		2,983		366,135
Sandoz Group AG^(b)		26,255		682,304
Schindler Holding AG		1,127		218,576
Schindler Holding AG, PC		2,354		473,878
SGS S.A.		10,127		823,247
SIG Group AG^(a)(b)		15,268		335,374
Sika AG		3,450		822,268
Sonova Holding AG		1,910		450,190
Swatch Group AG (The)		3,354		161,794
Swatch Group AG (The), BR		2,191		559,035
Swiss Life Holding AG		4,215		2,694,673
Swiss Prime Site AG^(a)		5,664		525,292
Swisscom AG^(a)		2,337		1,396,987
UBS Group AG^(b)		349,360		8,146,167
Zurich Insurance Group AG^(a)		15,043		7,117,758

				69,991,562

United Kingdom-10.89%
3i Group PLC		70,584		1,656,903
abrdn PLC^(a)		441,266		838,790
Admiral Group PLC^(a)		28,069		832,094
Ashtead Group PLC		18,059		1,030,821
Associated British Foods PLC		37,690		926,590
AstraZeneca PLC		53,303		6,629,759
Aviva PLC		306,585		1,479,175
B&M European Value Retail S.A.		106,866		685,730


	Shares		Value
United Kingdom-(continued)
BAE Systems PLC		274,107	$	3,672,074
Balfour Beatty PLC		85,288		320,000
Barclays PLC		2,672,940		4,268,421
Barratt Developments PLC		199,681		1,002,892
Beazley PLC		33,569		209,578
Bellway PLC		15,182		384,664
Berkeley Group Holdings PLC (The)		11,476		562,036
BP PLC		3,087,872		18,832,326
British American Tobacco PLC		291,807		8,689,453
British Land Co. PLC (The)		115,846		418,206
BT Group PLC^(a)		889,348		1,216,776
Bunzl PLC		24,573		874,268
Burberry Group PLC		19,518		400,736
Centrica PLC		1,185,431		2,262,701
CNH Industrial N.V.		83,974		928,879
Compass Group PLC		120,492		3,030,957
Croda International PLC		5,558		295,268
DCC PLC		14,585		807,922
Derwent London PLC		11,873		262,645
Diageo PLC		95,093		3,585,188
Direct Line Insurance Group PLC^(b)		308,283		565,993
Dowlais Group PLC		172,139		208,882
Drax Group PLC		47,831		245,279
DS Smith PLC		203,828		705,400
easyJet PLC^(b)		46,726		207,521
Entain PLC		33,003		372,602
Grafton Group PLC		25,598		239,518
Haleon PLC		582,399		2,328,618
Halma PLC		11,012		246,539
Harbour Energy PLC		82,936		255,421
Hiscox Ltd.		22,964		261,380
Howden Joinery Group PLC		35,677		276,032
HSBC Holdings PLC		2,277,356		16,367,971
IG Group Holdings PLC		42,898		332,108
IMI PLC		16,925		300,877
Imperial Brands PLC		123,753		2,629,445
Inchcape PLC		24,869		200,981
Informa PLC		86,653		748,241
InterContinental Hotels Group PLC		7,282		513,392
Intermediate Capital Group PLC		22,684		359,076
International Consolidated Airlines Group S.A.^(a)(b)		172,030		300,913
International Distributions Services PLC^(b)		138,441		424,346
Intertek Group PLC		10,006		464,181
Investec PLC		70,544		390,429
ITV PLC^(a)		473,871		367,207
J Sainsbury PLC		355,834		1,110,988
JD Sports Fashion PLC		127,464		197,206
Johnson Matthey PLC^(a)		28,776		521,679
Just Eat Takeaway.com N.V.^(a)(b)(c)		32,493		393,458
Kingfisher PLC		374,955		954,568
Land Securities Group PLC		88,791		613,061
Legal & General Group PLC^(a)		633,702		1,625,595
Lloyds Banking Group PLC		8,620,259		4,177,828
London Stock Exchange Group PLC		15,732		1,580,653
M&G PLC^(a)		294,980		709,444
Man Group PLC		112,278		299,055
Marks & Spencer Group PLC^(b)		353,771		930,687

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


		56

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

October 31, 2023


	Shares		Value
United Kingdom-(continued)
Melrose Industries PLC, (Acquired 03/19/2021 - 10/23/2023; Cost $794,937)^(e)		172,139	$	975,480
National Grid PLC		384,471		4,565,528
NatWest Group PLC		830,055		1,794,886
Next PLC		8,192		684,310
OSB Group PLC		44,183		160,734
Pearson PLC		72,235		834,112
Pennon Group PLC		37,537		330,916
Persimmon PLC		66,313		817,550
Phoenix Group Holdings PLC		89,583		493,301
Reckitt Benckiser Group PLC		43,822		2,925,735
RELX PLC		79,379		2,762,530
Rentokil Initial PLC		71,241		360,313
Rolls-Royce Holdings PLC^(b)		616,361		1,611,028
RS GROUP PLC		24,552		201,756
Sage Group PLC (The)^(a)		54,178		638,095
Schroders PLC		77,491		347,258
Segro PLC		95,370		824,901
Severn Trent PLC^(a)		20,187		650,612
Smith & Nephew PLC		67,912		758,812
Smiths Group PLC		27,868		545,628
Spectris PLC		7,622		286,717
Spirax-Sarco Engineering PLC		2,039		202,689
SSE PLC		136,657		2,707,948
St. James’s Place PLC		62,004		481,227
Standard Chartered PLC		288,502		2,205,523
Subsea 7 S.A		29,321		384,238
Tate & Lyle PLC		46,450		355,380
Taylor Wimpey PLC		677,277		910,601
Tesco PLC		1,029,211		3,368,275
Travis Perkins PLC		37,815		339,378
Tritax Big Box REIT PLC		168,828		280,255
Unilever PLC		189,870		8,960,175
United Utilities Group PLC		66,611		859,214
Virgin Money UK PLC		189,062		341,717
Vistry Group PLC		32,974		282,887
Vodafone Group PLC		6,605,126		6,067,352
Weir Group PLC (The)		15,307		317,063
Whitbread PLC		14,273		576,396
WPP PLC		145,991		1,251,762

				160,993,708


	Shares		Value
United States-3.83%
Amcor PLC, CDI^(a)		135,360	$	1,186,133
Bausch Health Cos., Inc.^(b)		81,789		556,159
CRH PLC		70,251		3,768,732
Experian PLC		30,675		927,215
Ferguson PLC		13,537		2,025,386
Ferrovial SE^(a)		25,337		761,658
GSK PLC		434,534		7,684,661
Holcim AG^(b)		62,960		3,879,783
QIAGEN N.V.^(b)		7,600		282,126
Roche Holding AG		42,712		10,975,442
Roche Holding AG, BR^(a)		1,817		493,558
Sanofi		107,038		9,696,030
Signify N.V.		20,567		531,744
Stellantis N.V.		458,958		8,538,090
Swiss Re AG		36,941		4,023,506
Tenaris S.A.		28,154		441,620
Waste Connections, Inc.		6,788		877,978

				56,649,821

Zambia-0.03%
First Quantum Minerals Ltd.		38,853		449,752

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.78% (Cost $1,456,305,195)				1,475,285,209


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-8.11%
Invesco Private Government Fund, 5.32%^(f)(g)(h)		33,489,437		33,489,437
Invesco Private Prime Fund, 5.53%^(f)(g)(h)		86,328,790		86,337,423

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $119,824,604)				119,826,860

TOTAL INVESTMENTS IN SECURITIES-107.89% (Cost $1,576,129,799)				1,595,112,069
OTHER ASSETS LESS LIABILITIES-(7.89)%				(116,635,544	)

NET ASSETS-100.00%			$	1,478,476,525

Investment Abbreviations:

BR-Bearer Shares

CDI-CREST Depository Interest

CVA-Dutch Certificates

FDR-Fiduciary Depositary Receipt

PC-Participation Certificate

Pfd.-Preferred

REIT-Real Estate Investment Trust

RSP-Registered Savings Plan Shares

Rts.-Rights

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


		57

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

October 31, 2023

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at October 31, 2023.

^(b)	Non-income producing security.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2023 was $10,062,571, which represented less than 1% of the Fund’s Net Assets.

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

^(e)	Restricted security. The value of this security at October 31, 2023 represented less than 1% of the Fund’s Net Assets.

^(f)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	52,307,606		$	(52,307,606	)		$	-		$	-			$	-		$	18,413

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			23,289,157			264,752,769			(254,552,489	)			-			-				33,489,437			1,644,105	*

Invesco Private Prime Fund			59,722,272			494,594,762			(467,971,774	)			3,274			(11,111	)			86,337,423			4,383,874	*


Total		$	83,011,429		$	811,655,137		$	(774,831,869	)		$	3,274		$	(11,111	)		$	119,826,860		$	6,046,392

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

^(g)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

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

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


		58

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

October 31, 2023

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.84%
Australia-6.34%
29Metals Ltd.^(a)		110,925	$	43,544
Abacus Group		114,135		69,374
Abacus Storage King/Abacus SK Pty. Ltd.^(a)		113,453		71,474
Adbri Ltd.^(a)(b)		176,299		219,899
ALS Ltd.		72,777		494,425
Altium Ltd.		5,825		145,606
Alumina Ltd.^(a)		227,684		112,443
Ansell Ltd.		34,932		469,327
ARB Corp. Ltd.^(b)		8,480		156,617
Atlas Arteria Ltd.		89,292		300,202
AUB Group Ltd.		7,628		130,063
Bapcor Ltd.		86,950		293,980
Beach Energy Ltd.		645,169		631,115
Bega Cheese Ltd.^(b)		87,494		154,003
Boral Ltd.^(a)(b)		143,109		407,743
Breville Group Ltd.^(b)		17,287		232,040
Brickworks Ltd.		11,705		181,644
BWP Trust		94,408		194,267
CAR Group Ltd.		26,815		469,100
Centuria Capital Group^(b)		143,099		103,741
Centuria Industrial REIT^(b)		108,519		195,133
Challenger Ltd.		121,086		448,494
Champion Iron Ltd.^(b)		82,124		370,217
Charter Hall Group		62,040		340,563
Charter Hall Long Wale REIT		111,638		213,465
Charter Hall Retail REIT		125,612		242,570
Charter Hall Social Infrastructure REIT		74,256		111,896
Cleanaway Waste Management Ltd.		395,106		560,362
Cochlear Ltd.		4,691		715,321
Collins Foods Ltd.		33,150		190,789
Coronado Global Resources, Inc., CDI^(c)		285,690		312,026
Corporate Travel Management Ltd.		11,380		119,175
Costa Group Holdings Ltd.		127,028		249,326
Credit Corp. Group Ltd.^(b)		11,703		89,436
Cromwell Property Group^(b)		309,603		62,728
CSR Ltd.		194,305		690,166
Domino’s Pizza Enterprises Ltd.^(b)		7,165		230,455
Downer EDI Ltd.		292,412		697,981
Eagers Automotive Ltd.^(b)		32,846		267,650
EBOS Group Ltd.^(b)		26,882		547,101
Elders Ltd.^(b)		51,569		193,620
EVT Ltd.		15,875		104,433
Flight Centre Travel Group Ltd.^(b)		26,809		316,228
G8 Education Ltd.^(b)		189,109		113,748
GrainCorp Ltd., Class A		93,663		411,561
Growthpoint Properties Australia Ltd.		66,108		82,457
GUD Holdings Ltd.		29,436		198,302
Harvey Norman Holdings Ltd.^(b)		286,882		666,617
Healius Ltd.^(a)		221,517		253,859
Helia Group Ltd.		107,903		247,314
IGO Ltd.		51,766		311,697
Iluka Resources Ltd.		55,767		255,636
Ingenia Communities Group		54,756		135,208
Inghams Group Ltd.		110,590		257,674
Insignia Financial Ltd.^(b)		185,402		241,818
InvoCare Ltd.		24,066		192,905
IPH Ltd.		25,258		109,066


	Shares		Value
Australia-(continued)
IRESS Ltd.		44,793	$	141,520
Link Administration Holdings Ltd.		167,614		126,289
Lottery Corp. Ltd. (The)		207,292		594,549
Lynas Rare Earths Ltd.^(a)		39,738		177,379
Magellan Financial Group Ltd.^(b)		69,149		284,143
McMillan Shakespeare Ltd.		19,350		205,334
Monadelphous Group Ltd.		28,311		251,848
Myer Holdings Ltd.^(b)		224,543		71,085
National Storage REIT		214,837		272,048
NEXTDC Ltd.^(a)		40,993		304,968
nib holdings Ltd.		114,045		522,783
Nine Entertainment Co. Holdings Ltd.^(b)		380,790		444,825
NRW Holdings Ltd.		125,834		199,180
Nufarm Ltd.		119,746		328,289
OceanaGold Corp.		240,506		401,926
Orora Ltd.		222,098		345,929
Perenti Ltd.^(a)		203,788		137,415
Perpetual Ltd.^(b)		23,435		284,145
Perseus Mining Ltd.		194,787		210,277
Platinum Asset Management Ltd.		103,415		73,662
Premier Investments Ltd.		14,560		209,356
Qube Holdings Ltd.		364,298		613,543
Ramelius Resources Ltd.		294,389		308,480
REA Group Ltd.^(b)		2,798		254,590
Reece Ltd.		29,604		327,266
Region RE Ltd.		275,130		342,300
Regis Resources Ltd.^(a)		344,189		377,007
Sandfire Resources Ltd.^(a)		80,416		303,965
SEEK Ltd.		42,056		548,798
Seven Group Holdings Ltd.		28,830		506,358
Silver Lake Resources Ltd.^(a)(b)		287,215		190,943
SmartGroup Corp. Ltd.		38,126		207,117
St Barbara Ltd.^(a)		764,834		84,745
Steadfast Group Ltd.		92,884		317,571
Super Retail Group Ltd.^(b)		57,074		476,278
Tabcorp Holdings Ltd.		435,204		213,551
TPG Telecom Ltd.^(b)		129,809		425,737
United Malt Grp Ltd.^(a)		82,186		260,180
Ventia Services Group Pty. Ltd.		80,086		139,443
Viva Energy Group Ltd.^(c)		299,812		537,208
Washington H Soul Pattinson & Co. Ltd.		34,550		731,074
Waypoint REIT Ltd.		186,322		250,096
Webjet Ltd.^(a)(b)		37,252		143,639
West African Resources Ltd.^(a)		228,427		107,025
Westgold Resources Ltd.^(a)		233,962		309,598
Whitehaven Coal Ltd.		160,329		751,191
Yancoal Australia Ltd.^(b)		60,743		185,759

				30,128,016

Austria-0.70%
AT&S Austria Technologie & Systemtechnik AG		9,095		227,646
CA Immobilien Anlagen AG		12,099		407,958
Eurotelesites AG^(a)		5,072		17,048
EVN AG^(b)		13,821		374,716
Immofinanz AG^(a)		14,634		293,895
Kontron AG		11,151		223,945
Lenzing AG^(a)		7,029		273,040

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


		59

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

October 31, 2023


	Shares		Value
Austria-(continued)
Mayr Melnhof Karton AG		1,049	$	123,076
Oesterreichische Post AG^(b)		6,834		217,790
Schoeller-Bleckmann Oilfield Equipment AG		1,869		94,233
Telekom Austria AG^(a)		20,288		141,533
UNIQA Insurance Group AG		31,757		255,782
Verbund AG		6,049		524,291
Vienna Insurance Group AG Wiener Versicherung Gruppe		6,670		178,722

				3,353,675

Belgium-1.02%
Ackermans & van Haaren N.V.		3,636		539,208
Aedifica S.A.^(b)		7,407		402,812
Barco N.V.		10,171		155,778
Bekaert S.A.		10,042		405,470
bpost S.A.		37,917		205,201
Deme Group N.V.		1,153		106,638
D’Ieteren Group		2,621		388,133
Euronav N.V.		27,009		482,185
Fagron		10,707		187,641
Galapagos N.V.^(a)(b)		10,441		344,659
KBC Ancora		6,054		228,447
Lotus Bakeries N.V.^(b)		26		192,374
Melexis N.V.		2,439		178,786
Montea N.V.		2,040		143,824
Recticel S.A.^(b)		10,999		98,704
Shurgard Self Storage Ltd.^(b)		3,399		126,860
Warehouses De Pauw C.V.A.^(b)		20,742		511,275
Xior Student Housing N.V.^(c)		5,281		151,552

				4,849,547

Brazil-0.03%
ERO Copper Corp.^(a)		11,313		153,366

Cambodia-0.02%
NagaCorp Ltd.^(a)		173,014		74,295

Canada-8.42%
ADENTRA, Inc.		7,027		128,569
Advantage Energy Ltd.^(a)		50,900		369,215
Aecon Group, Inc.^(b)		60,009		440,909
Africa Oil Corp.		74,175		136,782
Ag Growth International, Inc.		5,185		181,778
Alamos Gold, Inc., Class A^(b)		58,404		722,346
Algoma Steel Group, Inc.		99,069		692,216
Altus Group Ltd.		4,126		139,985
Aritzia, Inc.^(a)		6,864		106,650
Artis REIT^(b)		41,314		183,320
Athabasca Oil Corp.^(a)		93,437		277,299
ATS Corp.^(a)		7,654		257,477
Aurora Cannabis, Inc.^(a)(b)		277,841		122,084
AutoCanada, Inc.^(a)		8,721		150,580
Badger Infrastructure Solutions Ltd.		6,916		182,982
Ballard Power Systems, Inc.^(a)		31,405		104,740
Baytex Energy Corp.		163,244		705,539
Birchcliff Energy Ltd.		68,026		375,350
BlackBerry Ltd.^(a)		80,166		288,153
Boardwalk REIT, Class E		9,964		464,807
Boralex, Inc., Class A		11,375		211,481
Boyd Group Services, Inc.		2,338		398,180
Brookfield Business Corp., Class A		8,464		119,621
Brookfield Infrastructure Corp., Class A		12,674		326,014


	Shares		Value
Canada-(continued)
Brookfield Reinsurance Ltd., Class A^(a)		7,678	$	224,989
BRP, Inc.		4,532		305,985
Canaccord Genuity Group, Inc.		38,897		200,894
Canfor Corp.^(a)		34,575		353,159
Canopy Growth Corp.^(a)(b)		124,732		70,082
Cardinal Energy Ltd.^(b)		26,983		144,220
Cascades, Inc.		29,629		239,892
Centerra Gold, Inc.		111,782		567,667
CES Energy Solutions Corp.		89,631		234,367
Chartwell Retirement Residences		76,241		557,975
Chemtrade Logistics Income Fund		60,417		354,690
Choice Properties REIT		47,769		414,290
Chorus Aviation, Inc.^(a)(b)		77,730		116,462
Cineplex, Inc.^(a)		45,927		275,909
Cogeco Communications, Inc.^(b)		4,582		180,276
Cogeco, Inc.		3,862		131,140
Colliers International Group, Inc.		3,267		295,836
Converge Technology Solutions Corp.		52,591		104,557
Crew Energy, Inc.^(a)		57,826		257,838
Crombie REIT^(b)		24,379		213,892
CT REIT		15,882		144,720
Definity Financial Corp.		14,668		405,094
dentalcorp Holdings Ltd.^(a)		23,658		93,729
Descartes Systems Group, Inc. (The)^(a)		3,901		281,648
Doman Building Materials Group Ltd.		34,548		167,732
Dream Industrial REIT^(b)		44,092		371,920
Dream Office REIT^(b)		15,437		84,510
Dundee Precious Metals, Inc.		45,476		297,768
Enerflex Ltd.		58,599		233,003
Enerplus Corp.		27,440		463,510
Enghouse Systems Ltd.		5,764		135,189
Ensign Energy Services, Inc.^(a)		60,140		110,035
EQB, Inc.		5,348		265,117
Equinox Gold Corp.^(a)		137,632		601,784
Exchange Income Corp.		5,765		177,113
Fiera Capital Corp.		29,796		100,018
First Majestic Silver Corp.		27,975		143,880
FirstService Corp.		3,314		468,436
Fortuna Silver Mines, Inc.^(a)		108,452		303,892
Freehold Royalties Ltd.^(b)		13,652		140,429
GFL Environmental, Inc.^(b)		17,907		515,314
goeasy Ltd.		2,017		159,820
Granite REIT		12,500		568,612
H&R REIT		85,540		525,594
Hudbay Minerals, Inc.		132,363		576,839
IAMGOLD Corp.^(a)		311,995		797,826
Innergex Renewable Energy, Inc.		32,253		198,408
Interfor Corp.^(a)		43,910		541,185
International Petroleum Corp.^(a)		28,400		296,428
InterRent REIT		29,616		250,880
Ivanhoe Mines Ltd., Class A^(a)(b)		20,199		148,701
Kelt Exploration Ltd.^(a)		54,335		308,417
Killam Apartment REIT^(b)		30,880		348,561
Laurentian Bank of Canada		22,771		416,628
Lightspeed Commerce, Inc.^(a)		31,836		396,961
Lundin Gold, Inc.		13,681		164,773
Maple Leaf Foods, Inc.		25,590		508,943
Martinrea International, Inc.		35,666		293,652
Mullen Group Ltd.		33,513		317,688
New Gold, Inc.^(a)		250,253		304,648

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


		60

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

October 31, 2023


	Shares		Value
Canada-(continued)
NFI Group, Inc.		35,151	$	328,152
North West Co., Inc. (The)		13,365		340,419
NorthWest Healthcare Properties REIT^(b)		70,313		203,101
Nuvei Corp.^(c)		6,227		86,615
NuVista Energy Ltd.^(a)		47,349		458,739
Obsidian Energy Ltd.^(a)		38,292		325,203
Osisko Gold Royalties Ltd.		19,466		237,672
Pan American Silver Corp.		48,390		706,199
Paramount Resources Ltd., Class A		9,856		236,629
Pason Systems, Inc.		16,437		157,355
Peyto Exploration & Development Corp.^(b)		63,401		666,778
PrairieSky Royalty Ltd.		29,400		515,678
Precision Drilling Corp.^(a)		8,322		481,846
Premium Brands Holdings Corp.		8,768		563,880
Primaris REIT		21,551		192,962
Quebecor, Inc., Class B		14,642		301,752
RB Global, Inc.		11,132		727,700
Richelieu Hardware Ltd.		7,338		219,255
Russel Metals, Inc.		27,959		695,828
Secure Energy Services, Inc.		55,862		309,841
ShawCor Ltd.^(a)		23,959		250,592
Sienna Senior Living, Inc.		28,350		204,827
Silvercorp Metals, Inc.		45,723		101,442
Slate Grocery REIT, Class U		13,065		92,700
Sleep Country Canada Holdings, Inc.^(c)		11,560		182,112
SmartCentres REIT		37,957		587,571
Spartan Delta Corp.		15,308		49,180
Stantec, Inc.		15,636		955,674
Stelco Holdings, Inc.		14,601		411,026
Stella-Jones, Inc.		15,780		825,686
Superior Plus Corp.		80,503		540,456
Tamarack Valley Energy Ltd.^(b)		77,217		233,055
Taseko Mines Ltd.^(a)		90,083		96,037
Topaz Energy Corp.		11,957		182,596
Torex Gold Resources, Inc.^(a)		42,652		410,774
TransAlta Corp.^(b)		81,823		598,238
Transcontinental, Inc., Class A		23,121		170,045
Trican Well Service Ltd.		60,697		205,056
Tricon Residential, Inc.		65,012		430,369
Westshore Terminals Investment Corp.		9,962		167,845
Whitecap Resources, Inc.		62,917		485,389
Winpak Ltd.		5,492		149,381

				40,045,257

China-0.96%
BOC Aviation Ltd.^(c)		61,472		377,885
Budweiser Brewing Co. APAC Ltd.^(c)		180,051		342,402
CapitaLand China Trust		328,031		189,150
China Travel International Investment Hong Kong Ltd.		671,367		119,265
Chow Tai Fook Jewellery Group Ltd.		344,507		486,077
ESR Group Ltd.^(b)(c)		196,899		252,647
Huabao International Holdings Ltd.^(b)		287,586		96,663
MMG Ltd.^(a)		2,031,269		599,677
Nexteer Automotive Group Ltd.		488,507		235,369
Powerlong Real Estate Holdings Ltd.^(a)(b)		1,599,996		159,497
Shangri-La Asia Ltd.^(a)		149,205		95,153
SITC International Holdings Co. Ltd.		397,002		610,882


	Shares		Value
China-(continued)
Want Want China Holdings Ltd.		611,544	$	379,841
Wharf (Holdings) Ltd. (The)		238,420		604,536

				4,549,044

Colombia-0.18%
Aris Mining Corp.^(a)(b)		51,781		128,683
Parex Resources, Inc.		37,076		709,872

				838,555

Denmark-1.45%
Alm Brand A/S^(b)		208,029		300,494
Ambu A/S, Class B^(a)(b)		9,164		90,169
Bavarian Nordic A/S^(a)(b)		6,357		120,859
D/S Norden A/S		6,222		352,983
Demant A/S^(a)		13,169		501,110
Dfds A/S		9,506		274,087
FLSmidth & Co. A/S^(b)		17,579		657,717
GN Store Nord A/S^(a)(b)		26,225		435,638
H Lundbeck A/S, Class A		20,476		92,559
H. Lundbeck A/S		80,046		417,384
NKT A/S^(a)(b)		8,799		441,112
Per Aarsleff Holding A/S		4,134		180,608
Ringkjoebing Landbobank A/S		2,514		341,960
ROCKWOOL A/S, Class B^(b)		1,484		329,528
Royal Unibrew A/S^(b)		8,719		629,475
Scandinavian Tobacco Group A/S^(c)		13,796		204,556
Schouw & Co. A/S		1,881		115,875
Spar Nord Bank A/S		12,737		192,642
Sydbank A/S		14,658		635,197
Topdanmark A/S^(b)		13,398		599,569

				6,913,522

Egypt-0.13%
Centamin PLC		628,793		629,101

Faroe Islands-0.07%
Bakkafrost P/F		7,592		342,166

Finland-0.84%
Cargotec OYJ, Class B		15,857		623,839
Caverion OYJ^(b)		24,742		223,079
Citycon OYJ^(a)(b)		29,171		153,984
Kemira OYJ		13,039		210,592
Kojamo OYJ^(b)		57,897		493,249
Metsa Board OYJ^(b)		49,361		372,527
Metso OYJ		72,952		640,478
TietoEVRY OYJ^(b)		26,447		552,940
Tokmanni Group Corp.^(b)		19,304		260,155
Uponor OYJ		12,483		376,836
YIT OYJ^(b)		51,831		92,149

				3,999,828

France-3.26%
Adevinta ASA, Class B^(a)		62,384		547,522
Aeroports de Paris S.A.^(b)		5,547		620,324
ALD S.A.^(b)(c)		46,341		310,304
Alten S.A.		3,941		463,635
Beneteau S.A.		8,359		100,548
bioMerieux		5,106		488,432
Carmila S.A.^(a)(b)		9,792		136,829
Casino Guichard Perrachon S.A., (Acquired 03/18/2022 - 11/17/2022; Cost $686,740)^(a)(b)(d)		40,188		38,231

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


		61

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

October 31, 2023


	Shares		Value
France-(continued)
CGG S.A.^(a)(b)		890,084	$	626,585
Cie Plastic Omnium SE		22,105		247,669
Coface S.A.		32,441		390,222
Dassault Aviation S.A.		4,010		794,732
Derichebourg S.A.		59,236		255,584
Elior Group S.A.^(a)(b)(c)		173,688		328,256
Eramet S.A.^(b)		3,261		224,909
Esso S.A. Francaise		2,468		150,912
Euroapi S.A.^(a)		11,300		59,064
Eutelsat Communications S.A.^(b)		101,276		431,406
Fnac Darty S.A.^(b)		5,278		123,739
Gaztransport Et Technigaz S.A.		3,667		467,836
Getlink SE		39,261		632,236
ICADE		12,660		412,154
Imerys S.A.^(b)		15,571		411,793
Ipsen S.A.		5,249		618,624
Ipsos S.A.		10,655		516,491
JCDecaux SE^(a)		22,428		349,906
La Francaise des Jeux SAEM^(c)		13,341		428,966
Mercialys S.A.^(b)		44,737		380,188
Metropole Television S.A.		33,995		425,084
Neoen S.A.^(c)		4,654		122,392
Nexity S.A.^(b)		22,974		320,057
Remy Cointreau S.A.^(b)		2,141		242,484
Sartorius Stedim Biotech		734		136,974
Societe BIC S.A.		10,123		633,976
SOITEC^(a)		1,950		289,592
Solutions 30 SE^(a)(b)		60,850		103,810
Sopra Steria Group SACA		4,446		795,612
Television Francaise 1^(b)		32,660		229,914
Trigano S.A.		2,212		289,455
Vallourec S.A.^(a)		49,343		590,662
Verallia S.A.^(c)		18,187		590,935
Virbac S.A.		556		159,265

				15,487,309

Georgia-0.13%
Bank of Georgia Group PLC		8,437		340,922
TBC Bank Group PLC		8,062		262,669

				603,591

Germany-3.86%
1&1 AG		15,636		268,072
AIXTRON SE		6,421		179,584
Auto1 Group SE^(a)(b)(c)		36,820		215,610
Bechtle AG		17,131		761,962
Bilfinger SE		9,887		361,798
Branicks Group AG^(b)		16,898		69,659
CANCOM SE		10,772		267,799
Carl Zeiss Meditec AG, BR		2,240		193,534
CECONOMY AG^(a)		87,395		165,354
CompuGroup Medical SE & Co. KGaA		3,482		127,124
CTS Eventim AG& Co. KGaA		4,114		248,082
Deutsche Pfandbriefbank AG^(b)(c)		77,331		514,955
Deutsche Wohnen SE		16,997		364,706
Deutz AG		54,847		221,342
Duerr AG		17,821		364,869
DWS Group GmbH & Co. KGaA^(c)		14,385		420,569
Encavis AG^(a)		12,180		158,418
Evotec SE^(a)		18,095		311,187
Fielmann Group AG		7,015		301,191


	Shares		Value
Germany-(continued)
flatexDEGIRO AG^(a)		15,663	$	158,141
Fraport AG Frankfurt Airport Services Worldwide^(a)		11,696		577,708
Gerresheimer AG		7,899		733,899
Grand City Properties S.A.^(a)(b)		35,105		312,989
GRENKE AG		8,855		189,067
Heidelberger Druckmaschinen AG^(a)(b)		98,657		117,837
Hella GmbH & Co. KGaA		2,102		159,748
HelloFresh SE^(a)		30,819		669,756
Hensoldt AG		7,149		210,826
HOCHTIEF AG		9,893		1,020,594
Hornbach Holding AG& Co. KGaA		2,162		128,659
Jenoptik AG		8,903		210,418
Kloeckner & Co. SE		43,052		266,665
Krones AG		3,563		345,727
METRO AG^(a)		29,644		188,002
Nemetschek SE		2,950		219,518
Nordex SE^(a)(b)		33,782		354,433
Norma Group SE		7,578		133,125
PATRIZIA SE		12,528		101,037
Rational AG		398		226,119
SAF-Holland SE		14,549		193,767
Sartorius AG		77		15,773
Sartorius AG, Preference Shares^(b)		761		189,994
Scout24 SE^(c)		11,727		719,184
Siltronic AG		8,213		702,305
Sirius Real Estate Ltd.		325,748		315,433
Sixt SE		3,243		278,684
Sixt SE, Preference Shares		4,309		247,316
Softwareone Holding AG^(a)		17,058		334,019
Stabilus SE		5,705		361,208
Stroeer SE & Co. KGaA		7,080		323,589
Suedzucker AG		36,247		547,877
Synlab AG		25,380		265,986
TeamViewer SE^(a)(c)		11,210		171,751
Traton SE		25,720		505,389
Vitesco Technologies Group AG^(a)		8,792		855,899
Wacker Chemie AG^(b)		4,179		510,187

				18,378,444

Ghana-0.06%
Tullow Oil PLC^(a)(b)		712,047		286,686

Hong Kong-1.44%
ASMPT Ltd.		83,543		704,680
Cathay Pacific Airways Ltd.^(a)		427,803		429,739
CK Infrastructure Holdings Ltd.		129,360		599,302
Cowell e Holdings, Inc.^(a)(b)		133,460		319,979
DFI Retail Group Holdings Ltd.		50,751		108,100
Fortune REIT		182,657		102,246
HKBN Ltd.		338,081		117,092
Hysan Development Co. Ltd.		134,787		248,055
Kerry Properties Ltd.		141,723		238,360
Luk Fook Holdings International Ltd.		94,698		234,548
Man Wah Holdings Ltd.		312,822		194,299
Melco International Development Ltd.^(a)(b)		382,921		266,713
NWS Holdings Ltd.		177,788		210,403
Pacific Basin Shipping Ltd.		2,415,139		697,571
PCCW Ltd.		663,053		324,552
Renze Harvest International Ltd.^(a)(b)		2,838,593		54,417
Sino Land Co. Ltd.		372,641		371,946

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


		62

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

October 31, 2023


	Shares		Value
Hong Kong-(continued)
Swire Properties Ltd.		306,274	$	592,617
United Energy Group Ltd.		2,429,179		388,068
United Laboratories International Holdings Ltd. (The)		218,020		222,629
Vitasoy International Holdings Ltd.^(b)		101,872		125,508
VTech Holdings Ltd.		28,948		168,517
Yue Yuen Industrial Holdings Ltd.		90,370		105,793

				6,825,134

Indonesia-0.04%
First Resources Ltd.		162,610		179,221

Iraq-0.03%
Gulf Keystone Petroleum Ltd.^(b)		90,215		132,460

Ireland-0.35%
C&C Group PLC^(b)		103,296		174,480
Dalata Hotel Group PLC		48,603		206,007
Glanbia PLC		56,886		894,712
Greencore Group PLC^(a)(b)		250,116		272,698
Irish Residential Properties REIT PLC		127,404		122,546

				1,670,443

Israel-1.54%
Airport City Ltd.^(a)		11,328		148,714
Alony Hetz Properties & Investments Ltd.		36,930		179,559
Amot Investments Ltd.		36,726		153,602
Ashdod Refinery Ltd.^(a)		1,483		29,095
Azrieli Group Ltd.^(b)		7,770		333,613
Big Shopping Centers Ltd.^(a)		2,697		188,664
Clal Insurance Enterprises Holdings Ltd.^(a)		12,341		153,990
Delek Group Ltd.^(b)		3,857		420,446
Elbit Systems Ltd.		4,143		768,373
Electra Ltd.^(b)		383		121,142
Fattal Holdings 1998 Ltd.^(a)		1,545		127,670
First International Bank of Israel Ltd. (The)		16,147		548,804
Fox Wizel Ltd.		1,915		108,636
G City Ltd.^(b)		55,942		135,031
Harel Insurance Investments & Financial Services Ltd.^(b)		30,244		193,924
Isracard Ltd.		41,698		129,870
Israel Corp. Ltd.^(b)		1,295		278,875
Melisron Ltd.^(b)		3,924		212,323
Mivne Real Estate KD Ltd.^(b)		104,801		225,920
Nice Ltd.^(a)		3,483		537,747
Nova Ltd.^(a)		1,917		182,386
Oil Refineries Ltd.		797,666		218,466
Paz Oil Co. Ltd.^(a)		1,483		105,317
Phoenix Holdings Ltd. (The)^(b)		37,000		313,977
Plus500 Ltd.		33,308		570,293
Shikun & Binui Ltd.^(a)		71,936		162,523
Shufersal Ltd.^(a)		39,063		164,438
Strauss Group Ltd.^(a)(b)		9,848		182,230
Tower Semiconductor Ltd.^(a)		18,672		431,959

				7,327,587

Italy-2.65%
ACEA S.p.A.^(b)		15,404		185,127
Amplifon S.p.A.^(b)		12,559		353,642
Anima Holding S.p.A.^(c)		95,627		389,756
Banca Generali S.p.A.^(b)		17,020		550,858
Banca IFIS S.p.A.		15,072		256,969


	Shares		Value
Italy-(continued)
Banca Mediolanum S.p.A.		79,170	$	644,859
Banca Monte dei Paschi di Siena S.p.A.^(a)(b)		271,472		731,999
Banca Popolare di Sondrio S.p.A.^(b)		86,080		468,581
BFF Bank S.p.A.^(b)(c)		45,879		440,084
Brembo S.p.A.		34,909		374,523
Buzzi S.p.A.		32,221		851,440
Credito Emiliano S.p.A.		22,661		183,238
Danieli & C. Officine Meccaniche S.p.A.		3,536		93,439
Danieli & C. Officine Meccaniche S.p.A., RSP		12,077		243,308
Davide Campari-Milano N.V.^(b)		42,691		470,648
De’ Longhi S.p.A.		17,905		399,709
DiaSorin S.p.A.^(b)		2,277		203,374
Enav S.p.A.^(c)		41,530		138,013
ERG S.p.A.^(b)		13,666		335,123
Illimity Bank S.p.A.^(b)		20,615		104,897
Infrastrutture Wireless Italiane S.p.A.^(b)(c)		47,540		518,578
Interpump Group S.p.A.^(b)		8,627		359,278
Iren S.p.A.		261,905		522,939
Maire Tecnimont S.p.A.		82,326		382,012
MFE-MediaForEurope N.V., Class A^(b)		78,404		142,078
MFE-MediaForEurope N.V., Class B^(b)		33,527		88,772
OVS S.p.A.^(b)(c)		114,023		201,393
Piaggio & C S.p.A.		54,470		146,125
PRADA S.p.A.		59,108		355,044
Recordati Industria Chimica e Farmaceutica S.p.A.		15,693		723,215
Reply S.p.A.		2,107		197,878
Saipem S.p.A.^(a)(b)		357,658		543,061
Salvatore Ferragamo S.p.A.^(b)		12,674		154,595
Sesa S.p.A.^(b)		1,174		118,197
Technogym S.p.A.^(c)		21,395		160,676
UnipolSai Assicurazioni S.p.A.^(b)		108,618		256,943
Webuild S.p.A.^(b)		167,289		300,955
Webuild S.p.A., Wts., expiring 08/31/2030^(a)		6,553		0

				12,591,326

Japan-33.56%
77 Bank Ltd. (The)		30,355		668,453
ABC-MART, Inc.		20,826		320,479
ACOM Co. Ltd.		165,276		385,129
Activia Properties, Inc.		191		515,194
Adastria Co. Ltd.		12,381		257,520
ADEKA Corp.		23,283		384,194
Advance Residence Investment Corp.		247		535,769
Aeon Delight Co. Ltd.		6,748		147,931
AEON Financial Service Co. Ltd.		43,209		353,216
AEON Mall Co. Ltd.		59,232		669,975
AEON REIT Investment Corp.		486		462,108
Aica Kogyo Co. Ltd.		8,691		198,445
Aichi Financial Group, Inc.		10,367		161,346
Aiful Corp.		96,536		241,587
Ain Holdings, Inc.^(b)		9,666		270,746
Air Water, Inc.		44,536		557,711
Alfresa Holdings Corp.		55,372		873,111
Alpen Co. Ltd.^(b)		9,691		125,101
Amano Corp.		12,107		245,506
Anritsu Corp.		44,512		329,773
Aoyama Trading Co. Ltd.		28,934		286,579
Arclands Corp.^(b)		15,198		161,870
Arcs Co. Ltd.		8,928		169,605

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


		63

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

October 31, 2023


	Shares		Value
Japan-(continued)
ARE Holdings, Inc.^(b)		26,833	$	338,413
Ariake Japan Co. Ltd.		4,448		139,803
As One Corp.		3,783		119,376
Asahi Intecc Co. Ltd.		12,614		209,185
Asanuma Corp.^(b)		6,636		155,553
ASICS Corp.		29,558		922,974
ASKUL Corp.		17,335		224,006
Autobacs Seven Co. Ltd.^(b)		16,867		172,741
Avex, Inc.		15,174		137,768
Azbil Corp.		26,851		782,596
Bank of Iwate Ltd. (The)		13,335		239,941
BayCurrent Consulting, Inc.		3,968		98,489
Bell System24 Holdings, Inc.		13,007		132,694
Benesse Holdings, Inc.		27,547		324,591
Bic Camera, Inc.^(b)		56,153		423,803
BIPROGY, Inc.		21,920		542,771
BML, Inc.		5,895		110,742
Calbee, Inc.		19,922		382,141
Canon Marketing Japan, Inc.		11,826		281,038
Capcom Co. Ltd.		10,992		351,219
Central Glass Co. Ltd.		11,357		213,124
Chiba Kogyo Bank Ltd. (The)		41,561		267,843
Chiyoda Corp.^(a)(b)		66,042		153,936
Chugin Financial Group, Inc.		53,966		427,074
Citizen Watch Co. Ltd.		107,190		617,893
CKD Corp.		20,353		253,060
Coca-Cola Bottlers Japan Holdings, Inc.		51,154		681,963
Colowide Co. Ltd.		19,284		298,342
Comforia Residential REIT, Inc.		136		288,263
COMSYS Holdings Corp.		42,687		872,089
Cosmos Pharmaceutical Corp.^(b)		5,132		531,855
Create SD Holdings Co. Ltd.^(b)		6,680		142,250
Credit Saison Co. Ltd.		60,456		896,391
Daicel Corp.		80,629		678,541
Daido Steel Co. Ltd.		12,122		468,888
Daihen Corp.		6,505		202,738
Daiichikosho Co. Ltd.		13,854		202,900
Daiki Aluminium Industry Co. Ltd.^(b)		19,229		157,824
Daio Paper Corp.		37,084		302,657
Daiseki Co. Ltd.		7,715		210,648
Daishi Hokuetsu Financial Group, Inc.		9,723		251,349
Daiwa Office Investment Corp.		73		318,617
Daiwa Securities Living Investments Corp.		429		316,697
Daiwabo Holdings Co. Ltd.		18,326		344,085
DCM Holdings Co. Ltd.		45,235		351,856
DeNA Co. Ltd.		27,928		270,622
Descente Ltd.^(b)		4,719		129,781
Dexerials Corp.^(b)		10,271		229,978
DIC Corp.		26,556		415,143
Digital Garage, Inc.		4,942		97,897
DMG Mori Co. Ltd.		46,800		763,132
Doutor Nichires Holdings Co. Ltd.		12,179		175,071
DTS Corp.		9,064		184,039
Duskin Co. Ltd.		7,290		158,224
DyDo Group Holdings, Inc.		3,786		145,995
Earth Corp.		5,357		175,448
EDION Corp.^(b)		28,399		282,405
Elecom Co. Ltd.		14,916		167,632
eRex Co. Ltd.^(b)		9,723		47,509
Exedy Corp.		10,066		166,365


	Shares		Value
Japan-(continued)
EXEO Group, Inc.^(b)		37,622	$	776,562
Ezaki Glico Co. Ltd.		14,647		424,192
Fancl Corp.		10,031		149,327
Ferrotec Holdings Corp.^(b)		14,319		247,246
Food & Life Cos. Ltd.		14,651		244,756
FP Corp.		11,210		213,993
Frontier Real Estate Investment Corp.		103		307,752
Fuji Co. Ltd.^(b)		12,532		157,721
Fuji Corp.		28,322		421,992
Fuji Media Holdings, Inc.^(b)		42,067		414,295
Fuji Oil Co. Ltd.		80,580		168,135
Fuji Oil Holdings, Inc.		14,240		224,773
Fuji Seal International, Inc.		11,210		123,836
Fuji Soft, Inc.		10,430		371,897
Fujimi, Inc.		10,032		197,202
Fujitec Co. Ltd.^(b)		13,309		285,874
Fujitsu General Ltd.		10,681		189,013
Fukuoka REIT Corp.		165		177,371
Fukuyama Transporting Co. Ltd.		9,154		247,822
Furukawa Electric Co. Ltd.^(b)		32,491		481,213
Fuyo General Lease Co. Ltd.		3,862		310,602
Geo Holdings Corp.		23,344		361,154
Global One Real Estate Investment Corp.		285		216,039
GLOBERIDE, Inc.		7,442		94,988
Glory Ltd.		11,209		206,979
GMO Internet Group, Inc.		14,984		215,937
Godo Steel Ltd.		6,580		188,130
GOLDWIN, Inc.		2,786		173,917
GS Yuasa Corp.		25,565		406,234
GungHo Online Entertainment, Inc.		9,064		135,411
Gunma Bank Ltd. (The)		150,721		722,529
Gunze Ltd.		4,332		129,149
H.I.S. Co. Ltd.^(a)(b)		18,577		208,285
H.U. Group Holdings, Inc.		23,195		387,872
H2O Retailing Corp.		55,816		593,376
Hachijuni Bank Ltd. (The)		184,633		1,040,416
Hamamatsu Photonics K.K.		12,107		444,244
Hankyu Hanshin REIT, Inc.		150		140,645
Hanwa Co. Ltd.		9,978		297,143
Harmonic Drive Systems, Inc.		4,232		90,539
Hazama Ando Corp.		34,049		261,474
Heiwa Corp.^(b)		18,556		261,226
Heiwa Real Estate Co. Ltd.		7,406		188,029
Heiwa Real Estate REIT, Inc.^(b)		203		189,401
Heiwado Co. Ltd.		8,300		134,931
Hirata Corp.		3,034		136,229
Hirogin Holdings, Inc.		84,135		530,049
Hisamitsu Pharmaceutical Co., Inc.		16,890		534,431
Hitachi Zosen Corp.		65,357		337,045
Hokkaido Electric Power Co., Inc.		72,903		304,523
Hokkoku Financial Holdings, Inc.		11,541		378,362
Hokuhoku Financial Group, Inc.		37,271		430,310
Hokuriku Electric Power Co.^(a)		64,192		316,499
Horiba Ltd.		11,606		579,131
Hoshino Resorts REIT, Inc.^(b)		47		184,344
Hoshizaki Corp.		20,636		660,592
Hosiden Corp.		21,977		255,548
House Foods Group, Inc.		20,544		431,784
Hulic Reit, Inc.		314		319,712
Hyakugo Bank Ltd. (The)		60,476		226,418

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


		64

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

October 31, 2023


	Shares		Value
Japan-(continued)
Ichigo Office REIT Investment Corp.^(b)		338	$	189,483
Idec Corp.		6,291		111,410
IDOM, Inc.		35,573		212,811
Iida Group Holdings Co. Ltd.		40,153		617,494
Iino Kaiun Kaisha Ltd.		32,598		230,744
Inaba Denki Sangyo Co. Ltd.		7,041		145,520
Inabata & Co. Ltd.		14,692		303,648
Industrial & Infrastructure Fund Investment Corp.		423		379,023
INFRONEER Holdings, Inc.		63,803		668,384
Internet Initiative Japan, Inc.		16,034		256,690
Invincible Investment Corp.		957		367,141
IRISO Electronics Co. Ltd.^(b)		4,444		103,731
Ishihara Sangyo Kaisha Ltd.		17,049		157,381
ITO EN Ltd.^(b)		15,731		508,665
Itochu Techno-Solutions Corp.		10,496		299,608
Itoham Yonekyu Holdings, Inc.		7,435		204,475
Iwatani Corp.		12,836		609,232
Iyogin Holdings, Inc.		61,927		441,825
Izumi Co. Ltd.		12,276		308,268
J Trust Co. Ltd.^(b)		39,206		122,709
Jaccs Co. Ltd.		7,231		245,896
JAFCO Group Co. Ltd.^(b)		26,107		279,093
Japan Airport Terminal Co. Ltd.		5,193		227,341
Japan Aviation Electronics Industry Ltd.		18,480		344,109
Japan Display, Inc.^(a)(b)		975,642		238,362
Japan Excellent, Inc.^(b)		410		358,982
Japan Hotel REIT Investment Corp.		774		351,110
Japan Logistics Fund, Inc.		169		312,345
Japan Petroleum Exploration Co. Ltd.		12,501		425,106
Japan Prime Realty Investment Corp.		196		458,147
Japan Securities Finance Co. Ltd.		22,609		222,589
Japan Steel Works Ltd. (The)		24,304		388,845
Jeol Ltd.		7,873		218,861
Joyful Honda Co. Ltd.		10,327		120,560
JTEKT Corp.		91,140		738,111
Juroku Financial Group, Inc.		10,284		275,019
JVCKenwood Corp.		174,065		740,189
Kadokawa Corp.		16,350		311,411
Kaga Electronics Co. Ltd.		9,920		391,049
Kagome Co. Ltd.		17,142		354,849
Kakaku.com, Inc.		19,491		186,487
Kaken Pharmaceutical Co. Ltd.		6,123		134,755
Kamigumi Co. Ltd.		29,590		595,923
Kanamoto Co. Ltd.^(b)		10,699		172,023
Kandenko Co. Ltd.		22,088		203,604
Kaneka Corp.		21,461		519,927
Kanematsu Corp.		17,879		239,182
Kansai Paint Co. Ltd.		55,941		812,270
Kanto Denka Kogyo Co. Ltd.^(b)		19,875		103,676
Katitas Co. Ltd.^(b)		7,041		93,310
KDX Realty Investment Corp.^(b)		1,064		1,107,368
Keihan Holdings Co. Ltd.		29,133		706,179
Keikyu Corp.		76,262		643,553
Keisei Electric Railway Co. Ltd.		25,906		967,680
Keiyo Bank Ltd. (The)		40,469		181,976
Kewpie Corp.		36,542		633,263
KH Neochem Co. Ltd.		12,492		186,994
Kinden Corp.		20,366		306,475
Kiyo Bank Ltd. (The)^(b)		11,440		116,934


	Shares		Value
Japan-(continued)
Kobayashi Pharmaceutical Co. Ltd.		8,346	$	342,779
Kobe Bussan Co. Ltd.^(b)		10,548		260,696
Koei Tecmo Holdings Co. Ltd.		14,227		184,501
Kohnan Shoji Co. Ltd.		6,493		167,636
Kokuyo Co. Ltd.		19,896		305,840
Komeri Co. Ltd.^(b)		9,096		187,992
KOSE Corp.		4,109		268,796
KPP Group Holdings Co. Ltd.		55,152		235,255
K’s Holdings Corp.		73,668		683,440
Kumagai Gumi Co. Ltd.		15,219		378,855
Kumiai Chemical Industry Co. Ltd.^(b)		31,544		227,449
Kureha Corp.		6,515		383,299
Kusuri no Aoki Holdings Co. Ltd.		4,415		286,890
KYB Corp.		7,222		210,539
Kyoritsu Maintenance Co. Ltd.^(b)		4,903		186,285
Kyudenko Corp.		11,533		341,546
Kyushu Financial Group, Inc.^(b)		162,175		1,010,990
LaSalle Logiport REIT		347		339,565
Lasertec Corp.		1,245		207,205
Leopalace21 Corp.^(a)(b)		138,582		295,566
Life Corp.		11,440		267,408
Lintec Corp.		11,025		180,686
M3, Inc.		22,300		340,732
Mabuchi Motor Co. Ltd.		18,783		532,564
Macnica Holdings, Inc.		20,462		814,048
Makino Milling Machine Co. Ltd.		8,306		342,233
Mandom Corp.		12,665		115,574
Maruha Nichiro Corp., Class C		17,261		294,170
Maruichi Steel Tube Ltd.		11,728		288,312
Maruwa Co. Ltd.		1,092		188,988
Matsui Securities Co. Ltd.^(b)		28,401		140,650
Maxell Ltd.		17,027		180,788
McDonald’s Holdings Co. (Japan) Ltd.^(b)		13,204		513,530
Medipal Holdings Corp.		51,459		859,660
Megachips Corp.		6,889		175,585
Megmilk Snow Brand Co. Ltd.		19,571		314,154
Meidensha Corp.		9,879		153,099
Meiko Electronics Co. Ltd.^(b)		10,071		204,818
MEITEC Group Holdings, Inc.		17,872		311,428
Menicon Co. Ltd.		7,322		83,907
Mirai Corp.^(b)		496		149,509
MIRAIT ONE Corp.		22,225		292,625
Mitsubishi Estate Logistics REIT Investment Corp.		69		173,360
Mitsubishi Logistics Corp.		26,570		687,913
Mitsubishi Shokuhin Co. Ltd.		5,488		143,320
Mitsuboshi Belting Ltd.^(b)		5,588		159,768
Mitsui E&S Co. Ltd.^(b)		55,041		149,373
Mitsui Fudosan Logistics Park, Inc.		92		277,315
Mitsui High-Tec, Inc.		2,612		108,675
Mitsui Matsushima Holdings Co. Ltd.^(b)		4,994		91,079
Mitsui-Soko Holdings Co. Ltd.		8,564		242,028
Miura Co. Ltd.		16,145		309,532
Mixi, Inc.^(b)		15,947		239,871
Mizuho Leasing Co. Ltd.		6,316		198,932
Modec, Inc.^(a)		11,904		129,380
Monex Group, Inc.		58,096		252,033
MonotaRO Co. Ltd.^(b)		13,050		103,447
Mori Hills REIT Investment Corp.		330		308,330
Mori Trust REIT, Inc.		619		301,233

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


		65

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

October 31, 2023


	Shares		Value
Japan-(continued)
Morinaga & Co. Ltd.		14,806	$	532,623
Morinaga Milk Industry Co. Ltd.		21,209		826,121
Musashi Seimitsu Industry Co. Ltd.		17,324		164,152
Musashino Bank Ltd. (The)^(b)		13,621		254,261
Nachi-Fujikoshi Corp.		5,165		127,552
Nagase & Co. Ltd.		13,262		199,090
Nagoya Railroad Co. Ltd.^(b)		47,283		657,988
Nakanishi, Inc.		8,928		194,247
Nankai Electric Railway Co. Ltd.		23,670		450,909
Nanto Bank Ltd. (The)		9,292		165,660
NEC Networks & System Integration Corp.		24,001		321,873
NET One Systems Co. Ltd.		17,711		268,510
Nexon Co. Ltd.		36,270		657,528
NEXTAGE Co. Ltd.		5,763		78,961
NHK Spring Co. Ltd.		44,300		309,189
Nichias Corp.		10,738		211,009
Nichicon Corp.		23,524		193,852
Nifco, Inc.		18,451		426,537
Nihon Kohden Corp.		20,475		481,033
Nihon M&A Center Holdings, Inc.		24,252		109,774
Nikkiso Co. Ltd.		22,377		141,403
Nikkon Holdings Co. Ltd.		8,664		182,382
Nippon Accommodations Fund, Inc.^(b)		87		349,850
Nippon Carbon Co. Ltd.		4,470		130,312
Nippon Chemi-Con Corp.^(a)(b)		13,679		113,807
Nippon Denko Co. Ltd.		52,356		99,910
Nippon Gas Co. Ltd.		27,022		403,336
Nippon Kayaku Co. Ltd.		25,247		214,886
Nippon Light Metal Holdings Co. Ltd.^(b)		28,276		308,068
Nippon Paper Industries Co. Ltd.^(a)(b)		50,667		437,601
Nippon Prologis REIT, Inc.		384		681,562
NIPPON REIT Investment Corp.		121		278,840
Nippon Sheet Glass Co. Ltd.^(a)		82,269		355,814
Nippon Shinyaku Co. Ltd.		9,922		399,252
Nippon Shokubai Co. Ltd.		6,719		247,784
Nippon Soda Co. Ltd.		6,844		243,129
Nippon Thompson Co. Ltd.		30,819		108,669
Nippon Yakin Kogyo Co. Ltd.^(b)		7,583		199,783
Nipro Corp.		31,979		242,094
Nishimatsu Construction Co. Ltd.		14,289		342,777
Nishimatsuya Chain Co. Ltd.		16,091		206,125
Nishi-Nippon Railroad Co. Ltd.		14,246		228,489
Nissha Co. Ltd.		14,245		146,170
Nisshinbo Holdings, Inc.		45,898		328,525
Nissui Corp.		132,037		637,495
Nitto Boseki Co. Ltd.		13,084		290,285
Nitto Kogyo Corp.		9,656		218,694
NOF Corp.		14,241		557,905
Nojima Corp.		17,020		150,595
NOK Corp.^(b)		22,864		266,768
Noritsu Koki Co. Ltd.		9,656		202,435
North Pacific Bank Ltd.		117,262		298,101
NS Solutions Corp.		8,403		242,472
NS United Kaiun Kaisha Ltd.		6,451		181,886
NSD Co. Ltd.		11,385		196,359
NTN Corp.		330,742		578,954
NTT UD REIT Investment Corp.^(b)		339		279,133
OBIC Co. Ltd.		4,405		647,028
Ogaki Kyoritsu Bank Ltd. (The)		10,715		148,366
Oji Holdings Corp.		202,385		859,814


	Shares		Value
Japan-(continued)
Okamura Corp.		15,737	$	221,853
Oki Electric Industry Co. Ltd.		28,642		171,158
Okinawa Cellular Telephone Co.		6,316		133,247
Okinawa Electric Power Co., Inc. (The)		19,376		140,863
OKUMA Corp.^(b)		12,671		514,387
Okumura Corp.		9,334		283,512
One REIT, Inc.		87		150,395
Onward Holdings Co. Ltd.^(b)		74,004		232,110
Open House Group Co. Ltd.		22,313		726,062
Organo Corp.		5,552		180,185
Orient Corp.		22,999		170,543
Osaka Soda Co. Ltd.^(b)		7,472		433,188
OSG Corp.^(b)		20,222		228,331
Outsourcing, Inc.		51,709		377,971
PALTAC Corp.		5,771		185,196
Park24 Co. Ltd.^(a)		33,786		377,247
Pasona Group, Inc.^(b)		10,395		91,976
Penta-Ocean Construction Co. Ltd.		73,420		428,318
PHC Holdings Corp.		14,680		138,032
Pigeon Corp.		27,065		286,028
Pilot Corp.		6,708		225,542
Piolax, Inc.		10,548		153,994
Pola Orbis Holdings, Inc.		25,769		257,613
Prima Meat Packers Ltd.		9,420		142,626
Raito Kogyo Co. Ltd.		9,675		124,575
Relo Group, Inc.		20,005		196,424
Rengo Co. Ltd.		69,567		458,069
Resorttrust, Inc.		19,210		274,492
Rinnai Corp.		31,903		582,152
Rohto Pharmaceutical Co. Ltd.		26,942		621,225
Round One Corp.		51,420		184,364
Royal Holdings Co. Ltd.^(b)		7,147		121,142
Saizeriya Co. Ltd.		6,539		264,246
Sakata Seed Corp.^(b)		6,126		163,622
SAMTY Co. Ltd.		12,791		209,122
San-A Co. Ltd.		4,696		144,652
Sangetsu Corp.		20,368		379,668
San-In Godo Bank Ltd. (The)		58,229		397,562
Sanken Electric Co. Ltd.		4,584		221,504
Sankyo Co. Ltd.		10,733		442,516
Sankyu, Inc.		11,547		344,401
Sanwa Holdings Corp.		45,798		610,408
Sanyo Denki Co. Ltd.		3,281		120,022
Sapporo Holdings Ltd.		28,394		994,432
Sawai Group Holdings Co. Ltd.		10,986		348,633
SCREEN Holdings Co. Ltd.		19,652		899,779
SCSK Corp.		35,330		599,195
Sega Sammy Holdings, Inc.		39,609		613,574
Seiko Group Corp.		13,138		202,824
Seino Holdings Co. Ltd.^(b)		22,921		331,378
Seiren Co. Ltd.		10,732		157,531
Sekisui House REIT, Inc.^(b)		1,050		551,884
Senko Group Holdings Co. Ltd.		24,548		167,765
Senshu Ikeda Holdings, Inc.		198,566		462,833
Seria Co. Ltd.		15,953		221,000
Seven Bank Ltd.^(b)		286,329		563,980
Shibaura Machine Co. Ltd.^(b)		10,804		263,242
Shiga Bank Ltd. (The)		16,250		425,980
Shikoku Electric Power Co., Inc.		64,770		439,869
SHIMAMURA Co. Ltd.		8,664		852,126

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


		66

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

October 31, 2023


	Shares		Value
Japan-(continued)
Shinko Electric Industries Co. Ltd.		12,530	$	394,735
Ship Healthcare Holdings, Inc.		20,039		307,641
SHO-BOND Holdings Co. Ltd.		6,816		266,438
Shochiku Co. Ltd.^(b)		1,812		114,431
SKY Perfect JSAT Holdings, Inc.		37,509		171,886
Skylark Holdings Co. Ltd.^(a)(b)		71,040		1,043,940
Sohgo Security Services Co. Ltd.		114,515		666,621
Sotetsu Holdings, Inc.		18,962		332,362
Square Enix Holdings Co. Ltd.		14,818		489,220
Star Asia Investment Corp.		375		141,140
Star Micronics Co. Ltd.		11,621		138,198
Sugi Holdings Co. Ltd.		14,556		585,239
Sumida Corp.^(b)		12,001		101,590
Sumitomo Bakelite Co. Ltd.		9,348		410,042
Sumitomo Osaka Cement Co. Ltd.		13,251		305,627
Sumitomo Pharma Co. Ltd.		96,428		292,891
Sumitomo Rubber Industries Ltd.		72,173		721,754
Sumitomo Seika Chemicals Co. Ltd.^(b)		5,488		167,236
Sumitomo Warehouse Co. Ltd. (The)		24,263		385,786
Sundrug Co. Ltd.		25,381		686,122
Suruga Bank Ltd.		98,249		416,493
Suzuken Co. Ltd.		21,325		649,698
SWCC Corp.		10,683		146,654
Tadano Ltd.		20,927		155,109
Taiheiyo Cement Corp.		44,077		747,544
Taikisha Ltd.		6,480		186,983
Taisho Pharmaceutical Holdings Co. Ltd.		13,169		518,343
Taiyo Holdings Co. Ltd.		10,027		161,550
Takara Holdings, Inc.^(b)		44,945		371,265
Takeuchi Manufacturing Co. Ltd.		11,696		328,225
Tama Home Co. Ltd.^(b)		6,218		139,597
Tamura Corp.^(b)		29,183		94,036
TBS Holdings, Inc.		24,886		402,264
TechnoPro Holdings, Inc.		15,679		304,376
Teijin Ltd.		63,068		565,528
Toagosei Co. Ltd.		15,229		138,317
Toda Corp.		56,184		309,996
Toei Co. Ltd.		1,587		185,060
Toho Bank Ltd. (The)		77,868		149,623
Toho Co. Ltd.		19,286		653,415
Toho Gas Co. Ltd.		26,417		452,305
Toho Holdings Co. Ltd.^(b)		15,472		347,352
Toho Zinc Co. Ltd.^(b)		13,633		143,581
Tokai Carbon Co. Ltd.		82,199		622,551
Tokai Rika Co. Ltd.		13,183		204,041
Tokai Tokyo Financial Holdings, Inc.		65,687		221,205
Tokuyama Corp.		24,632		369,370
Tokyo Century Corp.		12,176		462,615
Tokyo Kiraboshi Financial Group, Inc.		16,597		482,748
Tokyo Ohka Kogyo Co. Ltd.		8,254		469,750
Tokyo Seimitsu Co. Ltd.		12,365		570,140
Tokyo Steel Manufacturing Co. Ltd.^(b)		21,959		251,134
Tokyu REIT, Inc.		217		258,489
Tomy Co. Ltd.		24,423		334,063
Topcon Corp.^(b)		30,070		270,331
TORIDOLL Holdings Corp.^(b)		7,208		173,436
Toshiba TEC Corp.		6,316		135,749
Toyo Ink SC Holdings Co. Ltd.		11,010		185,748
Toyo Seikan Group Holdings Ltd.		47,538		792,588
Toyo Tire Corp.		67,610		989,295


	Shares		Value
Japan-(continued)
Toyobo Co. Ltd.		33,951	$	226,198
Toyoda Gosei Co. Ltd.		28,960		566,981
Toyota Boshoku Corp.		31,214		535,262
Transcosmos, Inc.		8,304		167,511
Trusco Nakayama Corp.		9,537		142,383
TS Tech Co. Ltd.		21,585		239,232
Tsubaki Nakashima Co. Ltd.^(b)		24,341		117,811
Tsugami Corp.		16,335		115,411
Tsumura & Co.		15,718		279,913
TV Asahi Holdings Corp.		14,037		150,060
UACJ Corp.		26,330		530,268
UBE Corp.		39,274		600,086
Ulvac, Inc.		16,766		568,037
United Arrows Ltd.		15,835		200,650
United Urban Investment Corp.		735		739,635
Universal Entertainment Corp.		9,556		135,095
Ushio, Inc.		42,976		519,305
USS Co. Ltd.		43,586		755,909
Valor Holdings Co. Ltd., Class C		10,365		161,109
Wacoal Holdings Corp.		17,928		406,160
Wacom Co. Ltd.^(b)		42,267		144,290
Welcia Holdings Co. Ltd.		31,129		513,764
Workman Co. Ltd.^(b)		5,124		131,615
Yamaguchi Financial Group, Inc.		74,732		678,014
Yamato Kogyo Co. Ltd.		10,309		488,613
Yamazaki Baking Co. Ltd.		56,075		1,186,704
Yaoko Co. Ltd.		4,625		236,709
Yokogawa Bridge Holdings Corp.		9,920		162,642
Yokohama Rubber Co. Ltd. (The)		41,162		749,203
Yoshinoya Holdings Co. Ltd.^(b)		16,168		377,070
Zenkoku Hosho Co. Ltd.		10,032		318,955
Zensho Holdings Co. Ltd.		21,791		1,140,306
Zeon Corp.		62,223		508,442
Zojirushi Corp.		12,268		124,912
ZOZO, Inc.^(b)		10,772		203,178

				159,586,085

Luxembourg-0.09%
L’Occitane International S.A.		54,522		140,058
RTL Group S.A.		8,438		293,969

				434,027

Macau-0.13%
SJM Holdings Ltd.^(a)(b)		668,179		231,420
Wynn Macau Ltd.^(a)(b)		425,245		375,539

				606,959

Mexico-0.07%
Fresnillo PLC		48,449		325,582

Netherlands-1.60%
AMG Critical Materials N.V.^(b)		5,433		141,155
Arcadis N.V.		16,806		709,137
argenx SE^(a)(b)		1,203		564,705
Basic-Fit N.V.^(a)(b)(c)		6,470		164,952
BE Semiconductor Industries N.V.		11,148		1,146,529
Corbion N.V.		9,013		155,572
CTP N.V.^(c)		13,042		189,687
Eurocommercial Properties N.V.		10,194		218,087
Fugro N.V.^(a)		35,892		591,451
JDE Peet’s N.V.^(b)		19,969		553,854
Koninklijke BAM Groep N.V.^(b)		112,640		232,406

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


		67

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

October 31, 2023


	Shares		Value
Netherlands-(continued)
Koninklijke Vopak N.V.^(b)		24,544	$	825,247
OCI N.V.^(b)		23,937		556,884
PostNL N.V.^(b)		386,779		718,920
TKH Group N.V., CVA		10,209		372,071
Van Lanschot Kempen N.V., CVA		12,805		343,109
Wereldhave N.V.^(b)		9,381		141,101

				7,624,867

New Zealand-0.66%
a2 Milk Co. Ltd. (The)^(a)		85,328		207,458
Chorus Ltd.		70,844		295,656
Contact Energy Ltd.		55,934		253,440
Fisher & Paykel Healthcare Corp. Ltd.		48,929		592,243
Fletcher Building Ltd.		150,843		379,027
Infratil Ltd.		41,837		238,965
Mainfreight Ltd.^(b)		4,439		147,790
Mercury NZ Ltd.		43,157		148,103
Meridian Energy Ltd.		112,108		314,953
Ryman Healthcare Ltd.		89,843		296,821
Xero Ltd.^(a)		4,025		271,892

				3,146,348

Nigeria-0.13%
Airtel Africa PLC^(c)		445,185		612,058

Norway-1.54%
Aker ASA, Class A		5,063		303,643
Aker Solutions ASA, Class A		65,977		262,923
Austevoll Seafood ASA		39,744		271,442
BlueNord ASA^(a)		4,222		224,106
Borregaard ASA		7,895		106,994
Crayon Group Holding ASA^(a)(b)(c)		20,956		120,802
DNO ASA		362,714		369,152
Elkem ASA^(a)(c)		97,869		151,381
Entra ASA^(c)		21,760		169,749
Europris ASA^(c)		44,516		252,033
Gjensidige Forsikring ASA		45,685		684,148
Grieg Seafood ASA		19,969		132,540
Kongsberg Gruppen ASA		10,698		436,665
Leroy Seafood Group ASA		90,690		358,808
MPC Container Ships ASA		99,271		140,176
Nordic Semiconductor ASA^(a)(b)		9,660		77,960
Norske Skog ASA^(a)(b)(c)		21,870		79,754
Norwegian Air Shuttle ASA^(a)		123,225		88,395
PGS ASA^(a)		327,206		295,524
SalMar ASA		14,692		695,430
Solstad Offshore ASA^(a)(b)		39,205		83,171
SpareBank 1 SMN		23,954		290,320
SpareBank 1 SR-Bank ASA, Class B		24,829		269,366
Stolt-Nielsen Ltd.		7,886		259,415
TGS ASA		31,768		432,798
TOMRA Systems ASA		20,246		160,022
Var Energi ASA		101,988		343,530
Wallenius Wilhelmsen ASA		32,798		275,232

				7,335,479

Peru-0.06%
Hochschild Mining PLC^(a)(b)		246,310		279,607

Poland-1.19%
Alior Bank S.A.^(a)		23,606		370,727
Allegro.eu S.A.^(a)(b)(c)		44,487		318,292


	Shares		Value
Poland-(continued)
CCC S.A.^(a)(b)		25,173	$	237,752
CD Projekt S.A.^(b)		4,447		110,806
Cyfrowy Polsat S.A.^(a)(b)		46,325		144,175
Dino Polska S.A.^(a)(b)(c)		3,391		320,672
Grupa Kety S.A.^(b)		2,314		389,877
Jastrzebska Spolka Weglowa S.A.^(a)(b)		29,501		349,615
KRUK S.A.		2,472		273,011
LPP S.A.^(b)		200		643,569
mBank S.A.^(a)(b)		4,468		551,131
Orange Polska S.A.^(b)		241,010		446,332
PGE Polska Grupa Energetyczna S.A.^(a)		310,790		538,240
Santander Bank Polska S.A.^(a)		5,843		632,830
Tauron Polska Energia S.A.^(a)		372,174		326,690

				5,653,719

Portugal-0.34%
CTT-Correios de Portugal S.A.		55,118		210,026
Navigator Co. S.A. (The)		132,180		525,326
NOS, SGPS S.A.		52,790		192,730
REN - Redes Energeticas Nacionais SGPS S.A.		127,841		332,415
Sonae SGPS S.A.		357,420		350,970

				1,611,467

Singapore-2.05%
BW LPG Ltd.^(c)		38,624		546,255
CapitaLand Ascott Trust		563,600		370,235
CapitaLand India Trust		215,849		151,246
CDL Hospitality Trusts		178,466		126,355
City Developments Ltd.		138,012		636,645
ComfortDelGro Corp. Ltd.		938,555		904,268
ESR-LOGOS REIT		1,099,857		220,766
Frasers Centrepoint Trust		217,063		327,959
Frasers Logistics & Commercial Trust^(c)		575,397		436,782
Hafnia Ltd.		22,926		150,423
Keppel DC REIT		201,438		248,480
Keppel Infrastructure Trust		337,927		108,527
Keppel REIT		509,022		295,371
Lendlease Global Commercial REIT		266,612		99,246
Mapletree Industrial Trust		365,361		573,356
Mapletree Logistics Trust		616,111		661,058
Mapletree Pan Asia Commercial Trust		328,593		318,987
NetLink NBN Trust^(c)		521,731		316,074
Olam Group Ltd.		117,950		85,231
Parkway Life REIT		47,677		116,926
SATS Ltd.^(a)		166,987		299,834
Seatrium Ltd.^(a)		3,326,823		271,964
Sembcorp Industries Ltd.		233,826		783,374
Singapore Exchange Ltd.		120,037		829,715
Suntec REIT		638,578		512,708
UOL Group Ltd.		85,637		368,788

				9,760,573

South Africa-0.03%
Scatec ASA^(c)		30,073		151,553

South Korea-8.22%
Amorepacific Corp.		6,024		563,795
Amorepacific Corp., Preference Shares		2,255		60,944
AMOREPACIFIC Group		14,279		302,380
Asiana Airlines, Inc.^(a)		37,010		305,551
BGF retail Co. Ltd.		2,516		257,459

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


		68

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

October 31, 2023


	Shares		Value
South Korea-(continued)
BNK Financial Group, Inc.		152,945	$	767,811
Celltrion Healthcare Co. Ltd.		6,195		305,037
Celltrion, Inc.		6,040		668,602
Cheil Worldwide, Inc.		28,864		424,449
CJ Corp.		5,143		320,259
CJ ENM Co. Ltd.^(a)		6,798		262,246
CJ Logistics Corp.		7,098		398,903
Com2uSCorp.^(b)		3,731		115,890
Cosmax, Inc.^(a)		2,460		246,993
Coway Co. Ltd.		15,378		491,896
Daeduck Electronics Co. Ltd.		9,156		135,386
Daesang Corp.		9,540		140,428
Daewoo Engineering & Construction Co. Ltd.^(a)		129,577		377,059
Daou Technology, Inc.		8,291		100,065
DB HiTek Co. Ltd.		8,498		304,545
DB Insurance Co. Ltd.		15,022		977,701
DGB Financial Group, Inc.		60,554		352,415
DL E&C Co. Ltd.		21,004		532,662
DL Holdings Co. Ltd.		5,997		188,718
Dongkuk CM Co. Ltd.^(a)		10,357		52,838
Dongkuk Holdings Co. Ltd.		5,511		35,134
Dongkuk Steel Mill Co. Ltd.^(a)		17,179		133,687
Doosan Bobcat, Inc.		10,798		309,816
Doosan Co. Ltd.		11,864		653,572
Ecopro Co. Ltd.^(b)		878		403,065
Fila Holdings Corp.		20,900		553,238
Green Cross Corp.		1,713		121,764
GS Holdings Corp.		14,409		420,358
GS Retail Co. Ltd.		14,060		252,977
Hankook Tire & Technology Co. Ltd.		21,868		618,531
Hanmi Pharm Co. Ltd.		774		161,614
Hanon Systems		60,863		310,050
Hansol Chemical Co. Ltd.		1,135		126,228
Hanwha Aerospace Co. Ltd.		10,144		758,612
Hanwha Corp.		14,770		242,786
Hanwha Corp., Third Pfd.		7,833		76,906
Hanwha Investment & Securities Co. Ltd.^(a)		69,469		118,049
Hanwha Life Insurance Co. Ltd.^(a)		226,462		464,477
Hanwha Ocean Co. Ltd.^(a)(b)		36,951		645,695
Hanwha Ocean Co. Ltd., Rts., expiring 12/29/2023^(a)		10,984		14,233
Hanwha Systems Co. Ltd.		14,766		138,853
HD Hyundai Co. Ltd.		15,984		679,339
HD Hyundai Construction Equipment Co. Ltd.		7,276		239,741
HD Hyundai Electric Co. Ltd.		6,156		341,861
HD Hyundai Heavy Industries Co. Ltd.^(a)		3,399		256,960
HD Hyundai Infracore Co. Ltd.^(b)		72,439		358,829
HDC Hyundai Development Co-Engineering & Construction, Class E		20,187		173,836
Hite Jinro Co. Ltd.		12,816		201,651
HK inno.N Corp.		5,808		185,780
HL Mando Co. Ltd.		19,630		476,015
Hotel Shilla Co. Ltd.		7,220		333,054
HYBE Co. Ltd.^(a)		1,700		276,295
Hyosung Advanced Materials Corp.		1,118		295,528
Hyosung Chemical Corp.^(a)		1,617		104,045
Hyosung Corp.		4,713		205,892
Hyosung Heavy Industries Corp.^(a)		7,864		993,954
Hyundai Department Store Co. Ltd.		6,813		269,382


	Shares		Value
South Korea-(continued)
Hyundai Elevator Co. Ltd.^(b)		10,123	$	323,804
Hyundai Mipo Dockyard Co. Ltd.^(a)		4,597		235,883
Hyundai Rotem Co. Ltd.^(a)		16,453		283,242
Hyundai Wia Corp.		13,358		553,884
IS Dongseo Co. Ltd.^(a)		6,025		112,198
Kakao Games Corp.^(a)		3,921		67,646
KakaoBank Corp.		15,811		212,601
Kangwon Land, Inc.		26,734		290,391
KCC Corp.		2,525		444,032
KEPCO Plant Service & Engineering Co. Ltd.		9,201		222,097
KG Chemical Corp.		38,520		171,986
KIWOOM Securities Co. Ltd.		5,799		345,651
Kolmar Korea Co. Ltd.		5,441		215,940
Kolon Industries, Inc.		9,565		307,726
Korea Aerospace Industries Ltd.		10,404		340,496
Korea Line Corp.^(a)		79,369		98,142
Korea Petrochemical Ind Co. Ltd.		2,143		252,454
Korean Reinsurance Co.		25,906		170,143
Krafton, Inc.^(a)		5,109		619,640
LG Energy Solution Ltd.^(a)(b)		1,807		515,789
LG Uplus Corp.		81,509		610,163
LIG Nex1 Co. Ltd.		2,656		171,291
LOTTE Chilsung Beverage Co. Ltd.		1,345		144,902
LOTTE Corp.		15,488		298,166
LOTTE Fine Chemical Co. Ltd.		6,085		252,312
LOTTE Shopping Co. Ltd.		6,059		323,464
LS Corp.^(b)		10,989		637,102
LS Electric Co. Ltd.		7,948		376,641
LX International Corp.		27,020		497,166
LX Semicon Co. Ltd.		3,011		159,629
Mirae Asset Securities Co. Ltd.		61,623		301,145
Mirae Asset Securities Co. Ltd., Second Pfd.		34,100		88,371
Netmarble Corp.^(a)(c)		4,632		132,387
NH Investment & Securities Co. Ltd.		48,443		347,213
NongShim Co. Ltd.		1,153		379,481
OCI Co. Ltd.^(a)		2,815		217,188
OCI Holdings Co. Ltd.		6,224		448,406
Orion Corp.		4,246		376,640
Pan Ocean Co. Ltd.		70,197		223,499
Partron Co. Ltd.		25,072		160,952
Poongsan Corp.		15,165		403,674
POSCO Future M Co. Ltd.		1,075		188,247
S-1 Corp.		5,712		230,925
Samchully Co. Ltd.		822		56,299
Samsung Biologics Co. Ltd.^(a)(c)		428		224,688
Samsung Card Co. Ltd.		7,645		177,462
Samsung SDS Co. Ltd.		8,317		851,068
Samsung Securities Co. Ltd.		31,370		819,933
SD Biosensor, Inc.		8,901		63,534
Seah Besteel Holdings Corp.		14,038		226,076
SeAH Steel Holdings Corp.		1,200		177,705
Sebang Global Battery Co. Ltd.		4,149		151,607
Seegene, Inc.		9,144		129,183
SFA Engineering Corp.		7,794		160,722
SK Chemicals Co. Ltd.		4,845		202,331
SK IE Technology Co. Ltd.^(a)(c)		3,166		139,013
SKC Co. Ltd.		5,034		293,344
SL Corp.		7,800		171,530
Soulbrain Co. Ltd.		891		153,058
SSANGYONG C&E Co. Ltd.^(b)		43,664		180,081

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


		69

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

October 31, 2023


	Shares		Value
South Korea-(continued)
Sungwoo Hitech Co. Ltd.		56,577	$	330,108
TKG Huchems Co. Ltd.		9,358		151,399
UNID Co. Ltd.		2,155		121,588
WONIK IPS Co. Ltd.		7,389		164,133
Young Poong Corp.		334		116,110
Youngone Corp.		8,022		322,531
Yuhan Corp.		7,759		329,767

				39,071,818

Spain-1.43%
Almirall S.A.		18,315		166,293
Applus Services S.A.		57,753		607,397
Atresmedia Corp. de Medios de Comunicacion S.A.		44,778		167,455
Befesa S.A.^(b)(c)		6,838		199,053
CIE Automotive S.A.^(b)		12,580		319,927
Construcciones y Auxiliar de Ferrocarriles S.A.^(b)		8,293		247,193
Corp ACCIONA Energias Renovables S.A.^(b)		7,875		212,925
Ebro Foods S.A.^(b)		8,903		151,320
EDP Renovaveis S.A.^(b)		27,967		449,034
Ence Energia y Celulosa S.A.^(b)		41,459		123,666
Faes Farma S.A.		46,116		144,528
Fluidra S.A.^(b)		19,629		344,829
Gestamp Automocion S.A.^(c)		64,383		236,279
Indra Sistemas S.A.		50,644		709,282
Linea Directa Aseguradora S.A. Cia de Seguros y Reaseguros^(b)		185,899		159,947
Melia Hotels International S.A.^(a)(b)		30,766		170,566
Obrascon Huarte Lain S.A.^(a)		338,991		139,026
Prosegur Cia de Seguridad S.A.		58,213		86,882
Sacyr S.A.^(b)		224,133		645,813
Tecnicas Reunidas S.A.^(a)(b)		29,333		257,806
Unicaja Banco S.A.^(b)(c)		543,197		563,825
Vidrala S.A.^(b)		2,963		219,546
Vidrala S.A., Rts., expiring 11/30/2023^(a)		2,963		10,915
Viscofan S.A.		7,724		445,769

				6,779,276

Sweden-3.91%
AAK AB		33,908		643,401
AddLife AB, Class B		13,990		91,032
AddTech AB, Class B		14,210		207,821
AFRY AB		23,862		249,883
Ambea AB^(c)		55,178		204,757
Arjo AB, Class B		73,860		246,318
Atrium Ljungberg AB, Class B^(b)		12,030		184,553
Avanza Bank Holding AB^(b)		10,134		170,523
Axfood AB^(b)		29,669		654,847
Beijer Ref AB^(b)		17,125		162,013
Betsson AB, Class B^(a)		35,371		355,209
BHG Group AB^(a)(b)		101,229		89,245
Bonava AB, Class B^(a)(b)		73,688		115,024
Bravida Holding AB^(c)		34,473		215,058
Bure Equity AB^(b)		8,820		175,727
Catena AB^(b)		4,246		140,233
Cibus Nordic Real Estate AB		13,211		123,624
Cint Group AB^(a)(b)		96,379		62,325
Clas Ohlson AB, Class B^(b)		32,238		337,596
Cloetta AB, Class B		78,353		125,461
Coor Service Management Holding AB^(c)		23,295		80,231


	Shares		Value
Sweden-(continued)
Corem Property Group AB, Class B^(b)		249,386	$	160,489
Corem Property Group AB, Preference Shares		5,040		77,319
Dios Fastigheter AB^(b)		31,089		167,930
Electrolux Professional AB, Class B^(b)		29,500		118,975
Elekta AB, Class B^(b)		91,905		624,345
EQT AB^(b)		17,893		324,944
Evolution AB^(c)		6,462		573,692
Fabege AB^(b)		87,263		648,733
Granges AB		19,909		191,202
Hexpol AB		59,776		528,066
Hufvudstaden AB, Class A		24,514		260,660
Indutrade AB^(b)		26,854		473,860
Instalco AB^(b)(c)		33,718		94,098
Intrum AB^(b)		62,259		318,744
Investment AB Latour, Class B^(b)		12,675		218,668
Inwido AB		18,712		190,760
JM AB^(b)		29,712		315,931
L E Lundbergforetagen AB, Class B^(b)		14,643		595,935
Lagercrantz Group AB, Class B^(b)		13,550		123,340
Lifco AB, Class B		15,699		286,365
Lindab International AB		20,564		316,025
Loomis AB		20,844		539,913
Modern Times Group MTG AB, Class B^(a)		22,747		181,912
Mycronic AB		8,968		195,853
NCC AB, Class B^(b)		40,178		410,675
New Wave Group AB, Class B		18,080		117,662
NIBE Industrier AB, Class B^(b)		68,500		393,490
Nolato AB, Class B^(b)		43,533		192,092
Nordnet AB publ^(b)		11,684		164,708
Nyfosa AB^(b)		41,558		200,116
Pandox AB		23,939		234,834
Peab AB, Class B		66,764		247,871
Ratos AB, Class B^(b)		63,354		175,898
Saab AB, Class B		16,177		828,205
Sagax AB, Class B		13,505		243,564
Sagax AB, Class D		9,382		21,077
Samhallsbyggnadsbolaget i Norden AB, Class B^(b)		419,490		121,481
Samhallsbyggnadsbolaget i Norden AB, Class D		22,919		7,155
Scandic Hotels Group AB^(a)(c)		72,036		242,105
Stillfront Group AB^(a)		123,909		127,928
Storskogen Group AB, Class B^(b)		507,170		298,964
Sweco AB, Class B^(b)		29,953		274,794
Swedish Orphan Biovitrum AB^(a)		29,116		597,818
Thule Group AB^(c)		27,814		630,583
Viaplay Group AB, Class B^(a)(b)		18,160		38,717
Vitrolife AB^(b)		6,240		81,039
VNV Global AB^(a)(b)		59,371		75,511
Wallenstam AB, Class B^(b)		77,552		261,268
Wihlborgs Fastigheter AB		68,077		439,623

				18,589,818

Switzerland-3.00%
Accelleron Industries AG		9,964		244,597
Allreal Holding AG		3,737		598,708
ALSO Holding AG		1,720		436,591
Aryzta AG^(a)		283,838		518,678
Bachem Holding AG^(b)		1,666		120,092

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


		70

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

October 31, 2023


	Shares		Value
Switzerland-(continued)
Banque Cantonale Vaudoise^(b)		6,948	$	783,325
Belimo Holding AG^(b)		677		283,432
BKW AG		3,758		630,153
Bucher Industries AG		1,411		501,420
Burckhardt Compression Holding AG		336		169,837
Bystronic AG^(b)		224		106,825
Cembra Money Bank AG^(b)		8,284		568,470
Daetwyler Holding AG, BR^(b)		1,038		182,267
DocMorris AG^(a)(b)		3,018		124,560
dormakaba Holding AG^(a)		1,046		475,846
EFG International AG^(a)		23,164		276,935
Emmi AG		355		334,696
EMS-Chemie Holding AG^(b)		899		612,472
Flughafen Zureich AG		3,124		580,826
Forbo Holding AG^(b)		229		251,635
Huber + Suhner AG^(b)		2,321		158,380
Implenia AG^(b)		6,123		190,408
Inficon Holding AG		220		238,119
Interroll Holding AG, Class R		51		133,658
IWG PLC^(a)		185,689		297,428
Komax Holding AG, Class R^(b)		472		93,254
Landis+Gyr Group AG^(a)		5,032		371,573
Leonteq AG^(a)		2,659		113,805
Mobilezone Holding AG^(b)		11,704		177,480
Mobimo Holding AG		1,006		277,464
OC Oerlikon Corp. AG		66,906		265,551
Schweiter Technologies AG		191		106,618
SFS Group AG		3,072		305,158
Siegfried Holding AG^(a)		349		275,925
Stadler Rail AG^(b)		11,755		396,806
Straumann Holding AG		4,321		507,808
Sulzer AG		5,383		441,855
Swissquote Group Holding S.A.		772		147,520
Tecan Group AG, Class R^(a)		941		269,256
Temenos AG		5,957		426,393
Valiant Holding AG		2,050		223,010
VAT Group AG^(b)(c)		1,937		682,595
Vontobel Holding AG, Class R^(b)		4,639		270,169
Zehnder Group AG		2,200		113,620

				14,285,218

Taiwan-0.02%
FIT Hon Teng Ltd.^(a)(c)		560,443		75,207

Turkey-0.21%
Eldorado Gold Corp.^(a)		93,605		1,011,399

Ukraine-0.02%
Ferrexpo PLC^(a)		122,079		112,214

United Arab Emirates-0.08%
Network International Holdings PLC^(a)(c)		54,729		257,542
Shelf Drilling Ltd.^(a)(c)		46,231		123,733

				381,275

United Kingdom-7.01%
4imprint Group PLC		2,557		155,760
888 Holdings PLC^(a)(b)		192,536		190,644
Allfunds Group PLC		53,325		271,564
Ascential PLC^(a)(b)		73,297		232,851
Ashmore Group PLC^(b)		129,462		266,277
ASOS PLC^(a)(b)		61,489		295,023
Assura PLC		744,825		370,019


	Shares		Value
United Kingdom-(continued)
Aston Martin Lagonda Global Holdings PLC^(a)(c)		74,502	$	197,805
Auto Trader Group PLC^(c)		66,599		502,020
Babcock International Group PLC^(a)		130,648		619,554
Balanced Commercial Property Trust Ltd.		135,831		104,169
Big Yellow Group PLC		35,961		416,732
Bodycote PLC		30,766		214,292
Britvic PLC		72,685		739,113
Capricorn Energy PLC		38,280		72,463
Chemring Group PLC		57,087		193,616
Clarkson PLC		4,833		155,119
Close Brothers Group PLC		30,271		292,757
Coats Group PLC		263,027		215,759
Computacenter PLC		23,920		744,801
ConvaTec Group PLC^(c)		286,753		710,536
Cranswick PLC		9,247		392,054
Crest Nicholson Holdings PLC		73,909		143,496
Currys PLC^(b)		294,105		159,740
Dechra Pharmaceuticals PLC		8,736		403,675
Deliveroo PLC^(a)(b)(c)		257,286		405,865
Diploma PLC		10,696		368,865
DiscoverIE Group PLC		15,765		118,032
Domino’s Pizza Group PLC		72,629		302,292
Dr. Martens PLC		87,115		123,046
Dunelm Group PLC		24,515		290,189
Elementis PLC^(a)		135,439		194,589
EnQuest PLC^(a)(b)		1,273,627		249,750
Essentra PLC		53,903		97,197
FDM Group Holdings PLC		14,285		75,664
Firstgroup PLC		203,008		388,971
Forterra PLC^(c)		76,478		124,912
Frasers Group PLC^(a)		38,730		377,385
Future PLC		12,233		131,296
Games Workshop Group PLC		3,624		434,258
Genuit Group PLC		58,412		188,187
Genus PLC^(b)		7,714		200,129
Grainger PLC		177,885		490,854
Great Portland Estates PLC		70,056		331,537
Greggs PLC		16,024		460,831
Halfords Group PLC		86,569		210,725
Hammerson PLC		1,320,414		353,138
Hargreaves Lansdown PLC		73,415		629,478
Hays PLC		462,673		539,535
Hill & Smith PLC		9,117		182,319
Hilton Food Group PLC		21,898		173,516
Hunting PLC		47,032		165,221
Ibstock PLC^(b)(c)		129,979		193,211
Indivior PLC^(a)		11,940		228,195
J D Wetherspoon PLC^(a)		38,857		297,995
John Wood Group PLC^(a)		255,427		439,816
Jupiter Fund Management PLC		162,659		154,942
Just Group PLC		144,943		132,966
Lancashire Holdings Ltd.		48,951		337,390
Liontrust Asset Management PLC		11,090		75,226
LondonMetric Property PLC		256,777		515,364
LXI REIT PLC^(c)		173,128		180,146
Marshalls PLC^(b)		60,492		151,066
Mitchells & Butlers PLC^(a)		70,821		178,235
Mitie Group PLC		244,425		292,149
Mobico Group PLC		272,268		206,490

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


		71

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

October 31, 2023


	Shares		Value
United Kingdom-(continued)
Molten Ventures PLC^(a)		51,878	$	148,188
Moneysupermarket.com Group PLC		133,042		418,129
Morgan Advanced Materials PLC		45,783		125,000
Ninety One PLC^(b)		80,603		154,634
Ocado Group PLC^(a)(b)		76,832		433,808
Oxford Instruments PLC		5,336		116,679
PageGroup PLC		80,507		366,928
Paragon Banking Group PLC		84,453		454,599
Pepco Group N.V.^(a)(c)		25,809		104,424
Petershill Partners PLC^(b)(c)		119,738		214,457
Petrofac Ltd.^(a)(b)		369,439		210,699
Pets at Home Group PLC		131,519		448,134
Playtech PLC^(a)		51,340		244,584
Premier Foods PLC		110,724		157,468
Primary Health Properties PLC		327,931		357,140
QinetiQ Group PLC		127,236		511,046
Quilter PLC^(b)(c)		586,282		568,428
Rathbones Group PLC		8,098		147,201
Redde Northgate PLC		62,797		256,036
Redrow PLC		134,066		791,613
Renewi PLC^(a)		26,030		185,411
Renishaw PLC		4,107		153,696
Restaurant Group PLC (The)^(a)(b)		358,673		295,523
Rightmove PLC		48,254		276,960
Rotork PLC		139,867		496,945
S4 Capital PLC^(a)(b)		92,133		70,936
Safestore Holdings PLC		35,040		290,619
Saga PLC^(a)		77,239		103,286
Savills PLC		35,869		342,761
Serco Group PLC		436,797		757,945
Shaftesbury Capital PLC		200,855		253,477
Softcat PLC		17,547		269,349
Spirent Communications PLC		95,872		113,137
SSP Group PLC^(a)		187,490		409,518
Supermarket Income REIT PLC		162,334		143,011
Synthomer PLC^(a)(b)		31,879		73,305
Telecom Plus PLC		13,553		253,925
THG PLC^(a)(b)		648,222		549,981
TP ICAP Group PLC		144,364		275,206
Tritax EuroBox PLC^(c)		207,948		113,551
Tyman PLC		50,340		148,437
UK Commercial Property REIT Ltd.		203,980		130,443
UNITE Group PLC (The)		61,046		643,353
Urban Logistics REIT PLC		98,912		125,066
Vesuvius PLC		36,487		178,429


	Shares		Value
United Kingdom-(continued)
Victrex PLC		23,719	$	396,326
Warehouse REIT PLC^(c)		121,144		106,577
Watches of Switzerland Group PLC^(a)(b)(c)		31,769		193,136
WH Smith PLC		18,513		260,590
Wise PLC, Class A^(a)		20,408		164,830
Workspace Group PLC		35,050		205,087
XP Power Ltd.^(b)		4,392		58,411

				33,319,233

United States-0.97%
Argonaut Gold, Inc.^(a)		486,045		175,057
Brookfield Renewable Corp., Class A		22,998		522,663
Carnival PLC^(a)		48,021		487,962
Diversified Energy Co. PLC^(b)(c)		209,818		170,203
Galaxy Digital Holdings Ltd.^(a)(b)		46,005		208,775
JS Global Lifestyle Co. Ltd.^(b)(c)		240,483		37,803
Oracle Corp.		6,860		483,319
Primo Water Corp.		38,523		501,985
Reliance Worldwide Corp. Ltd.		180,374		398,571
RHI Magnesita N.V.		6,145		191,338
Samsonite International S.A.^(a)(c)		217,708		673,329
Sims Ltd.		63,624		502,739
Sinch AB^(a)(b)(c)		151,147		238,152

				4,591,896

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.84% (Cost $529,538,014)				474,704,251


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-15.35%
Invesco Private Government Fund, 5.32%^(e)(f)(g)		20,432,049		20,432,049
Invesco Private Prime Fund, 5.53%^(e)(f)(g)		52,547,733		52,552,988

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $72,982,192)				72,985,037

TOTAL INVESTMENTS IN SECURITIES-115.19% (Cost $602,520,206)				547,689,288
OTHER ASSETS LESS LIABILITIES-(15.19)%				(72,223,041	)

NET ASSETS-100.00%			$	475,466,247

Investment Abbreviations:

BR-Bearer Shares

CDI-CREST Depository Interest

CVA-Dutch Certificates

Pfd.-Preferred

REIT-Real Estate Investment Trust

RSP-Registered Savings Plan Shares

Rts.-Rights

Wts.-Warrants

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


		72

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

October 31, 2023

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)	All or a portion of this security was out on loan at October 31, 2023.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2023 was $21,357,870, which represented 4.49% of the Fund’s Net Assets.

^(d)	Restricted security. The value of this security at October 31, 2023 represented less than 1% of the Fund’s Net Assets.

^(e)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	599,917		$	17,730,330		$	(18,330,247	)		$	-		$	-			$	-		$	10,602

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			22,006,479			98,460,273			(100,034,703	)			-			-				20,432,049			1,098,466	*

Invesco Private Prime Fund			55,915,444			205,657,129			(209,018,644	)			4,872			(5,813	)			52,552,988			2,939,071	*


Total		$	78,521,840		$	321,847,732		$	(327,383,594	)		$	4,872		$	(5,813	)		$	72,985,037		$	4,048,139

*	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, 2023.

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

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


		73

Invesco FTSE RAFI Emerging Markets ETF (PXH)

October 31, 2023

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.86%
Brazil-16.30%
Ambev S.A.		1,464,177	$	3,733,753
B3 S.A. - Brasil, Bolsa, Balcao		1,347,782		2,966,564
Banco Bradesco S.A.		1,171,016		2,853,815
Banco Bradesco S.A., Preference Shares		3,924,506		10,887,138
Banco do Brasil S.A.		708,648		6,794,196
Banco Santander Brasil S.A., Series CPO		303,700		1,621,179
Braskem S.A., Class A, Preference Shares^(a)		313,309		998,389
BRF S.A.^(a)		1,413,100		2,989,843
CCR S.A.		592,600		1,407,763
Centrais Eletricas Brasileiras S.A.		485,362		3,353,165
Centrais Eletricas Brasileiras S.A., Class B, Preference Shares		101,300		772,355
Cia de Saneamento Basico do Estado de Sao Paulo SABESP		134,792		1,560,145
Cia Energetica de Minas Gerais		175,405		535,641
Cia Energetica de Minas Gerais, Preference Shares		694,568		1,616,940
Cia Paranaense de Energia		234,700		365,802
Cia Paranaense de Energia, Class B, Preference Shares		969,480		1,612,916
Cia Siderurgica Nacional S.A.		426,982		995,699
Cielo S.A.		1,138,022		794,336
Cogna Educacao S.A.^(a)		2,324,000		1,106,008
Cosan S.A.		433,965		1,355,334
Embraer S.A.^(a)		348,567		1,215,803
Energisa S.A.		143,600		1,327,225
Equatorial Energia S.A.		284,800		1,784,589
Gerdau S.A., Preference Shares		617,862		2,667,233
Grupo Casas Bahia S.A.^(a)		2,640,100		235,583
IRB Brasil Resseguros S.A.^(a)		260,100		2,098,645
Itau Unibanco Holding S.A.		250,200		1,127,215
Itau Unibanco Holding S.A., Preference Shares		2,712,005		14,423,156
Itausa S.A., Preference Shares		1,225,553		2,099,698
Klabin S.A.		301,100		1,277,720
Lojas Renner S.A.		287,010		697,748
Marfrig Global Foods S.A.		936,200		1,199,257
Metalurgica Gerdau S.A., Preference Shares		975,500		1,998,198
Natura & Co. Holding S.A.^(a)		466,200		1,178,673
Petroleo Brasileiro S.A.		3,188,719		23,926,458
Petroleo Brasileiro S.A., Preference Shares		4,792,045		33,011,232
Sendas Distribuidora S.A.		272,500		591,146
Suzano S.A.		189,468		1,937,510
Telefonica Brasil S.A.		289,443		2,596,550
TIM S.A.		430,966		1,296,402
Ultrapar Participacoes S.A.		920,492		3,732,711
Usinas Siderurgicas de Minas Gerais S.A. Usiminas		224,400		295,462
Usinas Siderurgicas de Minas Gerais S.A. Usiminas, Class A, Preference Shares		588,500		771,363


	Shares		Value
Brazil-(continued)
Vale S.A.		1,742,461	$	23,840,930
Vibra Energia S.A.		1,201,298		4,714,195

				178,365,683

Canada-0.05%
Canadian Solar, Inc.^(a)(b)		27,689		553,226

Chile-0.44%
Banco de Chile		15,730,130		1,610,854
Banco Santander Chile		32,123,439		1,395,987
Falabella S.A.		500,753		1,016,396
Sociedad Quimica y Minera de Chile S.A., Class B, Preference Shares		16,131		777,895

				4,801,132

China-36.20%
Agile Group Holdings Ltd.^(a)(b)		4,107,705		393,730
Agricultural Bank of China Ltd., A Shares		6,430,611		3,154,629
Agricultural Bank of China Ltd., H Shares		30,138,327		11,131,529
Alibaba Group Holding Ltd.^(a)		3,207,904		32,818,638
Aluminum Corp. of China Ltd., A Shares		470,000		398,191
Aluminum Corp. of China Ltd., H Shares		2,047,501		1,096,418
Anhui Conch Cement Co. Ltd., A Shares		195,300		645,565
Anhui Conch Cement Co. Ltd., H Shares		851,458		2,124,129
ANTA Sports Products Ltd.		104,957		1,185,102
Baidu, Inc., A Shares^(a)		534,863		7,020,222
Bank of Beijing Co. Ltd., A Shares		1,626,200		1,013,306
Bank of China Ltd., A Shares		1,552,200		827,207
Bank of China Ltd., H Shares		38,084,733		13,336,422
Bank of Communications Co. Ltd., A Shares		2,861,493		2,201,419
Bank of Communications Co. Ltd., H Shares		7,652,492		4,528,160
Baoshan Iron & Steel Co. Ltd., A Shares		1,235,200		1,056,606
BYD Co. Ltd., A Shares		8,200		267,286
BYD Co. Ltd., H Shares		53,810		1,632,607
CGN Power Co. Ltd., A Shares		254,200		103,165
CGN Power Co. Ltd., H Shares^(c)		5,250,850		1,261,611
China CITIC Bank Corp. Ltd., A Shares		461,401		339,205
China CITIC Bank Corp. Ltd., H Shares		6,137,584		2,737,542
China Coal Energy Co. Ltd., A Shares		209,800		246,550
China Coal Energy Co. Ltd., H Shares		1,237,693		971,223
China Conch Venture Holdings Ltd.		494,076		408,541
China Construction Bank Corp., A Shares		274,900		235,529
China Construction Bank Corp., H Shares		38,655,826		21,934,906
China Energy Engineering Corp. Ltd., A Shares		1,633,500		486,606
China Energy Engineering Corp. Ltd., H Shares		3,532,746		383,768
China Everbright Bank Co. Ltd., A Shares		3,871,300		1,571,140

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


		74

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

October 31, 2023


	Shares		Value
China-(continued)
China Everbright Bank Co. Ltd., H Shares		3,717,916	$	1,059,601
China Feihe Ltd.^(c)		1,372,304		852,363
China Gas Holdings Ltd.		1,131,422		1,016,524
China Hongqiao Group Ltd.^(b)		1,635,632		1,530,152
China Life Insurance Co. Ltd., H Shares		2,332,442		3,159,763
China Longyuan Power Group Corp. Ltd., H Shares		673,477		570,656
China Mengniu Dairy Co. Ltd.^(a)		547,180		1,786,730
China Merchants Bank Co. Ltd., A Shares		583,949		2,454,499
China Merchants Bank Co. Ltd., H Shares		1,577,098		6,006,380
China Minsheng Banking Corp. Ltd., A Shares		2,672,245		1,358,379
China Minsheng Banking Corp. Ltd., H Shares		6,879,786		2,286,052
China National Building Material Co. Ltd., H Shares		2,357,633		1,120,875
China Overseas Land & Investment Ltd.		2,471,002		4,667,511
China Pacific Insurance (Group) Co. Ltd., A Shares		273,600		1,037,482
China Pacific Insurance (Group) Co. Ltd., H Shares		1,508,323		3,716,544
China Petroleum & Chemical Corp., A Shares		2,304,200		1,719,153
China Petroleum & Chemical Corp., H Shares		24,926,591		12,742,679
China Power International Development Ltd.^(b)		2,686,529		1,043,766
China Railway Group Ltd., A Shares		1,907,900		1,577,294
China Railway Group Ltd., H Shares		5,497,115		2,592,382
China Resources Beer Holdings Co. Ltd.		133,141		704,450
China Resources Gas Group Ltd.		300,848		890,094
China Resources Land Ltd.		1,394,415		5,221,527
China Resources Pharmaceutical Group Ltd.^(c)		1,269,691		788,628
China Resources Power Holdings Co. Ltd.		1,090,269		2,112,374
China Shenhua Energy Co. Ltd., A Shares		258,300		1,070,176
China Shenhua Energy Co. Ltd., H Shares		1,715,955		5,263,262
China State Construction Engineering Corp. Ltd., A Shares		4,059,622		2,873,538
China State Construction International Holdings Ltd.		784,243		839,910
China Taiping Insurance Holdings Co. Ltd.		865,191		798,338
China Tower Corp. Ltd., H Shares^(c)		15,506,958		1,446,729
China United Network Communications Ltd., A Shares		1,507,500		918,743
China Vanke Co. Ltd., A Shares		659,000		1,020,274
China Vanke Co. Ltd., H Shares		1,872,345		1,751,599
China Yangtze Power Co. Ltd., A Shares		373,000		1,150,382
Chongqing Rural Commercial Bank Co. Ltd., A Shares		403,100		234,101
Chongqing Rural Commercial Bank Co. Ltd., H Shares		2,789,240		1,055,153


	Shares		Value
China-(continued)
CITIC Ltd.		1,229,486	$	1,044,920
CITIC Securities Co. Ltd., A Shares		216,700		642,866
CITIC Securities Co. Ltd., H Shares		573,815		1,116,155
COSCO SHIPPING Holdings Co. Ltd., A Shares		465,380		621,304
COSCO SHIPPING Holdings Co. Ltd., H Shares		1,653,403		1,679,901
Country Garden Holdings Co. Ltd.^(a)(b)		25,515,488		2,282,652
Country Garden Services Holdings Co. Ltd.^(b)		483,654		422,794
CRRC Corp. Ltd., A Shares		950,900		693,869
CRRC Corp. Ltd., H Shares		2,253,470		938,874
CSPC Pharmaceutical Group Ltd.		1,422,497		1,241,681
ENN Energy Holdings Ltd.		176,002		1,343,982
GCL Technology Holdings Ltd.		6,440,008		946,503
Geely Automobile Holdings Ltd.		2,085,982		2,364,678
Greentown China Holdings Ltd.		810,728		786,420
Guangdong Investment Ltd.		998,784		681,633
Haier Smart Home Co. Ltd., A Shares		103,300		313,651
Haier Smart Home Co. Ltd., H Shares		553,532		1,584,633
Haitong Securities Co. Ltd., A Shares		342,200		456,853
Haitong Securities Co. Ltd., H Shares		1,739,098		997,949
Hengan International Group Co. Ltd.		285,285		955,252
Huaneng Power International, Inc., A Shares^(a)		315,100		327,669
Huaneng Power International, Inc., H Shares^(a)		2,687,344		1,257,020
Huatai Securities Co. Ltd., A Shares		226,700		496,577
Huatai Securities Co. Ltd., H Shares^(c)		746,874		977,429
Huaxia Bank Co. Ltd., A Shares		1,460,892		1,117,912
Industrial & Commercial Bank of China Ltd., A Shares		3,276,912		2,118,008
Industrial & Commercial Bank of China Ltd., H Shares		49,039,297		23,565,135
Industrial Bank Co. Ltd., A Shares		1,153,526		2,377,007
JD.com, Inc., A Shares		642,621		8,196,403
Jiangxi Copper Co. Ltd., A Shares		134,500		337,256
Jiangxi Copper Co. Ltd., H Shares		1,111,963		1,574,592
JinkoSolar Holding Co. Ltd., ADR^(a)(b)		21,768		709,419
KE Holdings, Inc., ADR^(b)		89,112		1,310,837
Kuaishou Technology^(a)(c)		138,273		889,764
Kweichow Moutai Co. Ltd., A Shares		5,600		1,289,084
Li Ning Co. Ltd.		123,009		377,299
Longfor Group Holdings Ltd.^(c)		1,300,646		1,891,643
Lufax Holding Ltd., ADR		818,567		781,568
Meituan, B Shares^(a)(c)		273,955		3,872,329
Metallurgical Corp. of China Ltd., A Shares		1,134,800		513,274
Metallurgical Corp. of China Ltd., H Shares		3,164,046		626,776
NetEase, Inc.		270,230		5,812,400
New China Life Insurance Co. Ltd., A Shares		107,000		488,351
New China Life Insurance Co. Ltd., H Shares		705,393		1,545,183
New Oriental Education & Technology Group, Inc.^(a)		264,674		1,731,885
Nine Dragons Paper Holdings Ltd		1,518,828		863,787
NIO, Inc., A shares^(a)		95,557		707,097
PDD Holdings, Inc., ADR^(a)		10,338		1,048,480

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


		75

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

October 31, 2023


	Shares		Value
China-(continued)
People’s Insurance Co. (Group) of China Ltd. (The), A Shares		502,600	$	366,746
People’s Insurance Co. (Group) of China Ltd. (The), H Shares		5,527,333		1,822,524
PetroChina Co. Ltd., A Shares		1,574,100		1,531,489
PetroChina Co. Ltd., H Shares		18,728,270		12,206,909
PICC Property & Casualty Co. Ltd., H Shares		3,573,767		4,083,209
Ping An Bank Co. Ltd., A Shares		761,900		1,089,009
Ping An Insurance (Group) Co. of China Ltd., A Shares		480,144		2,982,652
Ping An Insurance (Group) Co. of China Ltd., H Shares		3,823,549		19,595,163
Poly Developments and Holdings Group Co. Ltd., A Shares		514,800		775,214
Postal Savings Bank of China Co. Ltd., A Shares		1,017,200		635,220
Postal Savings Bank of China Co. Ltd., H Shares^(c)		6,531,638		2,980,082
Qifu Technology, Inc., ADR^(b)		51,580		762,868
SAIC Motor Corp. Ltd., A Shares		809,556		1,606,257
Seazen Group Ltd.^(a)		4,342,510		704,827
Shanghai Pharmaceuticals Holding Co. Ltd., A Shares		120,500		296,882
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares		525,888		764,845
Shanghai Pudong Development Bank Co. Ltd., A Shares		2,585,505		2,409,525
Shenzhou International Group Holdings Ltd.		121,072		1,187,572
Sino Biopharmaceutical Ltd.		2,232,941		867,538
Sinopharm Group Co. Ltd., H Shares		525,415		1,255,689
Sinotruk Hong Kong Ltd.		519,623		977,539
Sunny Optical Technology Group Co. Ltd.		100,401		841,102
TAL Education Group, ADR^(a)		130,851		1,147,563
Tencent Holdings Ltd.		616,333		22,779,887
Tencent Music Entertainment Group, ADR^(a)(b)		117,539		853,333
Tingyi Cayman Islands Holding Corp.		832,182		1,103,960
Trip.com Group Ltd.^(a)		98,013		3,367,060
Vipshop Holdings Ltd., ADR^(a)		182,768		2,606,272
Weichai Power Co. Ltd., A Shares		247,000		468,477
Weichai Power Co. Ltd., H Shares		1,075,824		1,608,663
Wuxi Biologics Cayman, Inc.^(a)(c)		153,970		956,335
Xiaomi Corp., B Shares^(a)(c)		4,178,101		7,486,258
Xinyi Solar Holdings Ltd.		769,435		452,343
Yankuang Energy Group Co. Ltd., A Shares		56,900		151,773
Yankuang Energy Group Co. Ltd., H Shares		1,214,841		2,111,525
Yuexiu Property Co. Ltd.		824,484		857,718
Yum China Holdings, Inc.		57,042		2,984,561
Zhongsheng Group Holdings Ltd.		242,145		558,277
Zijin Mining Group Co. Ltd., A Shares		254,500		432,623
Zijin Mining Group Co. Ltd., H Shares		1,025,196		1,593,229
ZTO Express (Cayman), Inc.		49,183		1,150,910

				396,283,397


	Shares		Value
India-12.13%
Axis Bank Ltd.		404,519	$	4,770,393
Bajaj Finance Ltd.		12,814		1,153,162
Bank of Baroda		511,766		1,205,981
Bharat Petroleum Corp. Ltd.		368,705		1,546,627
Bharti Airtel Ltd.		306,671		3,368,054
Bharti Airtel Ltd.		24,182		156,056
Coal India Ltd.		865,004		3,264,852
GAIL (India) Ltd.		1,458,689		2,093,634
Grasim Industries Ltd.		67,118		1,520,940
HCL Technologies Ltd.		107,023		1,640,204
Hero MotoCorp Ltd.		47,927		1,777,775
Hindalco Industries Ltd.		699,378		3,859,825
Hindustan Petroleum Corp. Ltd.^(a)		411,659		1,224,711
Hindustan Unilever Ltd.		77,139		2,301,419
ICICI Bank Ltd.		201,449		2,214,738
Indiabulls Housing Finance Ltd.		764,303		1,486,218
Indian Oil Corp. Ltd.		1,540,693		1,659,888
Infosys Ltd.		468,239		7,695,747
ITC Ltd.		448,854		2,309,536
Jindal Steel & Power Ltd.		126,488		962,879
Jio Financial Services Ltd.^(a)		606,740		1,595,941
JSW Steel Ltd.		263,650		2,331,751
Larsen & Toubro Ltd.		133,259		4,688,063
Mahindra & Mahindra Ltd.		192,859		3,378,674
Maruti Suzuki India Ltd.		17,592		2,195,821
NTPC Ltd.		1,246,332		3,529,780
Oil & Natural Gas Corp. Ltd.		1,482,983		3,315,655
Power Finance Corp. Ltd.		1,164,042		3,447,719
Power Grid Corp. of India Ltd.		1,484,903		3,605,304
REC Ltd.		1,136,831		3,926,946
Reliance Industries Ltd.		611,431		16,801,753
Shriram Finance Ltd.		65,975		1,489,610
State Bank of India		594,141		4,035,809
Steel Authority of India Ltd.		1,302,771		1,312,022
Sun Pharmaceutical Industries Ltd.		107,445		1,404,833
Tata Consultancy Services Ltd.		119,461		4,833,537
Tata Motors Ltd.		890,338		6,722,549
Tata Motors Ltd., Class A		568,779		2,869,897
Tata Power Co. Ltd. (The)		401,735		1,154,897
Tata Steel Ltd.		4,702,332		6,706,826
Tech Mahindra Ltd.		137,296		1,868,596
UltraTech Cement Ltd.		12,784		1,293,198
UPL Ltd.		147,832		959,697
Vedanta Ltd.		830,391		2,160,286
Wipro Ltd.		195,248		895,350

				132,737,153

Indonesia-1.92%
PT Adaro Energy Indonesia Tbk		6,162,034		993,063
PT Astra International Tbk		5,275,036		1,917,742
PT Bank Central Asia Tbk		5,945,651		3,275,067
PT Bank Mandiri (Persero) Tbk		9,364,824		3,345,633
PT Bank Negara Indonesia (Persero) Tbk		4,965,436		1,497,289
PT Bank Rakyat Indonesia (Persero) Tbk		16,638,191		5,195,180
PT GoTo Gojek Tokopedia Tbk^(a)		167,029,382		630,895
PT Telkom Indonesia (Persero) Tbk		14,512,534		3,188,464
PT United Tractors Tbk		618,866		978,848

				21,022,181

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


		76

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

October 31, 2023


	Shares		Value
Malaysia-0.76%
CIMB Group Holdings Bhd.		2,078,000	$	2,490,373
Malayan Banking Bhd.		995,600		1,884,838
Petronas Chemicals Group Bhd.		705,500		1,086,865
Public Bank Bhd.		2,289,700		1,999,192
Top Glove Corp. Bhd.^(a)		5,358,300		815,357

				8,276,625

Mexico-3.39%
America Movil S.A.B. de C.V., Class B^(a)		9,630,884		7,943,492
Arca Continental S.A.B. de C.V.		118,816		1,064,033
CEMEX S.A.B. de C.V., Series CPO^(a)(b)(d)		8,600,200		5,159,262
Coca-Cola FEMSA S.A.B. de C.V., Series L		160,743		1,217,971
Fomento Economico Mexicano S.A.B. de C.V., Series CPO^(e)		567,894		6,419,124
Grupo Bimbo S.A.B. de C.V., Series A		239,958		975,357
Grupo Financiero Banorte S.A.B. de C.V., Class O		753,330		6,105,758
Grupo Mexico S.A.B. de C.V., Class B		863,643		3,517,624
Grupo Televisa S.A.B., Series CPO^(b)(f)		1,924,833		881,758
Wal-Mart de Mexico S.A.B. de C.V., Series V		1,063,633		3,801,930

				37,086,309

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

				0

Saudi Arabia-2.57%
Al Rajhi Bank		264,141		4,724,347
Alinma Bank		175,344		1,537,695
Riyad Bank		131,649		931,677
SABIC Agri-Nutrients Co.		34,791		1,240,814
Saudi Arabian Mining Co.^(a)		128,243		1,230,608
Saudi Arabian Oil Co.^(c)		585,178		5,194,164
Saudi Basic Industries Corp.		219,689		4,509,024
Saudi National Bank (The)		558,388		4,993,581
Saudi Telecom Co.		369,663		3,783,735

				28,145,645


	Shares		Value
South Africa-3.99%
Absa Group Ltd.		306,312	$	2,776,381
Anglo American Platinum Ltd.^(b)		24,382		811,567
Bid Corp. Ltd.		97,508		2,056,537
Bidvest Group Ltd. (The)		87,106		1,225,773
Capitec Bank Holdings Ltd.^(b)		12,994		1,147,051
Discovery Ltd.		155,662		1,067,644
Exxaro Resources Ltd.		104,623		1,043,389
FirstRand Ltd.^(b)		1,285,950		4,214,498
Foschini Group Ltd. (The)^(b)		169,149		908,683
Gold Fields Ltd.		224,918		2,981,046
Impala Platinum Holdings Ltd.^(b)		231,665		959,931
Kumba Iron Ore Ltd.		38,601		1,016,805
MTN Group Ltd.		541,156		2,626,268
Naspers Ltd.		14,790		2,295,259
Nedbank Group Ltd.		147,888		1,582,230
Old Mutual Ltd.^(b)		1,412,268		892,701
Sanlam Ltd.		514,549		1,794,220
Sasol Ltd.^(b)		259,527		3,269,612
Shoprite Holdings Ltd.^(b)		161,505		2,057,526
Sibanye Stillwater Ltd.^(b)		1,807,020		2,303,729
SPAR Group Ltd. (The)^(b)		157,557		945,498
Standard Bank Group Ltd.		366,763		3,578,047
Vodacom Group Ltd.		169,721		918,546
Woolworths Holdings Ltd.		329,957		1,221,307

				43,694,248

Taiwan-15.92%
ASE Technology Holding Co. Ltd.		1,674,884		5,860,932
Asustek Computer, Inc.		267,706		2,789,722
AUO Corp.^(a)		4,473,244		2,151,460
Catcher Technology Co. Ltd.		298,000		1,667,551
Cathay Financial Holding Co. Ltd.^(a)		2,905,919		3,933,092
Chailease Holding Co. Ltd.		255,141		1,380,523
China Airlines Ltd.		1,328,000		792,255
China Development Financial Holding Corp.^(a)		3,449,000		1,201,594
China Steel Corp.		3,192,632		2,377,125
Chunghwa Telecom Co. Ltd.		1,162,039		4,155,897
Compal Electronics, Inc.		1,291,000		1,116,465
CTBC Financial Holding Co. Ltd.		4,031,663		3,026,699
Delta Electronics, Inc.		381,791		3,419,463
E.Sun Financial Holding Co. Ltd.		2,752,903		2,024,256
Eva Airways Corp.		932,000		787,322
Evergreen Marine Corp. Taiwan Ltd.		744,381		2,467,118
Far Eastern New Century Corp.		1,136,000		1,033,205
Far EasTone Telecommunications Co. Ltd.		500,000		1,170,032
First Financial Holding Co. Ltd.		1,738,139		1,387,939
Formosa Plastics Corp.		818,280		1,942,579
Fubon Financial Holding Co. Ltd.		1,670,496		3,095,323
Globalwafers Co. Ltd.		55,457		811,295
Hon Hai Precision Industry Co. Ltd.		3,806,635		11,325,429
Innolux Corp.		4,306,369		1,613,146
Largan Precision Co. Ltd.		30,000		1,914,598
Lite-On Technology Corp.		807,313		2,489,018
MediaTek, Inc.		284,049		7,373,802
Mega Financial Holding Co. Ltd.		1,976,287		2,236,156
Micro-Star International Co. Ltd.		310,000		1,577,000
Nan Ya Plastics Corp.		896,940		1,711,749
Novatek Microelectronics Corp.		178,000		2,494,250

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


		77

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

October 31, 2023


	Shares		Value
Taiwan-(continued)
Pegatron Corp.		486,260	$	1,130,384
Pou Chen Corp.		1,013,000		901,034
President Chain Store Corp.		149,000		1,182,904
Quanta Computer, Inc.		751,000		4,376,106
Realtek Semiconductor Corp.		116,000		1,435,918
Shanghai Commercial & Savings Bank Ltd. (The)		559,000		739,359
Shin Kong Financial Holding Co. Ltd.^(a)		3,254,998		872,081
Sino-American Silicon Products, Inc.		203,000		1,023,293
SinoPac Financial Holdings Co. Ltd.		2,642,024		1,453,989
Synnex Technology International Corp.		467,000		989,145
Taishin Financial Holding Co. Ltd.		1,867,992		993,460
Taiwan Cement Corp.		2,664,136		2,648,941
Taiwan Cooperative Financial Holding Co. Ltd.		1,322,097		1,025,150
Taiwan Mobile Co. Ltd.		374,000		1,104,646
Taiwan Semiconductor Manufacturing Co. Ltd.		3,250,807		53,019,174
Unimicron Technology Corp.		235,000		1,036,072
Uni-President Enterprises Corp.		881,941		1,846,271
United Microelectronics Corp.		3,307,925		4,711,766
Walsin Lihwa Corp.		886,000		938,311
Wan Hai Lines Ltd.		391,000		556,935
Winbond Electronics Corp.		1,301,000		1,000,769
Winbond Electronics Corp., Rts., expiring 11/30/2023^(a)		53,306		4,848
Wistron Corp.		1,396,875		3,850,181
Yageo Corp.		111,786		1,812,839
Yang Ming Marine Transport Corp.		1,308,136		1,697,935
Yuanta Financial Holding Co. Ltd.		2,061,750		1,544,644
Zhen Ding Technology Holding Ltd.		345,000		1,037,074

				174,260,224

Thailand-3.84%
Advanced Info Service PCL, NVDR		326,042		1,995,666
Bangchak Corp. PCL, NVDR		927,432		1,064,383
Bangkok Bank PCL, NVDR		419,281		1,837,289
Bangkok Dusit Medical Services PCL, NVDR		1,184,517		873,331
Banpu PCL, NVDR		4,329,177		915,399
Charoen Pokphand Foods PCL, NVDR		3,544,554		1,844,144
CP ALL PCL, NVDR		1,556,592		2,392,758
Indorama Ventures PCL, NVDR		969,196		639,075
IRPC PCL, NVDR		10,737,739		573,596
Kasikornbank PCL, NVDR		954,534		3,492,278
Krung Thai Bank PCL, NVDR		4,081,997		2,135,120
Land & Houses PCL, NVDR		3,598,925		755,982
PTT Exploration & Production PCL, NVDR		486,107		2,218,030

Investment Abbreviations:

ADR-American Depositary Receipt

CPO-Certificates of Ordinary Participation

NVDR-Non-Voting Depositary Receipt

Rts.-Rights


	Shares		Value
Thailand-(continued)
PTT Global Chemical PCL, NVDR		1,735,417	$	1,665,768
PTT PCL, NVDR		10,708,506		9,906,318
SCB X PCL, NVDR		1,193,782		3,271,546
Siam Cement PCL (The), NVDR		433,777		3,475,768
Thai Oil PCL, NVDR		842,615		1,101,841
TMBThanachart Bank PCL, NVDR		24,658,711		1,145,720
True Corp. PCL, NVDR		4,641,810		781,330

				42,085,342

Turkey-1.78%
Akbank T.A.S.		2,718,890		2,831,061
BIM Birlesik Magazalar A.S.		215,266		2,069,518
Eregli Demir ve Celik Fabrikalari T.A.S.^(a)		756,634		1,012,491
Haci Omer Sabanci Holding A.S.		756,301		1,430,123
KOC Holding A.S.		577,525		2,792,426
Turk Hava Yollari AO^(a)		286,573		2,200,999
Turkcell Iletisim Hizmetleri A.S.^(a)		844,402		1,432,568
Turkiye Is Bankasi A.S., Class C		2,517,440		1,866,764
Turkiye Petrol Rafinerileri A.S.		391,322		1,962,644
Yapi ve Kredi Bankasi A.S.		3,069,598		1,870,439

				19,469,033

United Kingdom-0.20%
AngloGold Ashanti PLC		121,955		2,241,090

United States-0.37%
JBS S.A.		1,020,522		4,053,352

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.86% (Cost $1,166,159,771)				1,093,074,640


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.57%
Invesco Private Government Fund, 5.32%^(h)(i)(j)		4,807,946		4,807,946
Invesco Private Prime Fund, 5.53%^(h)(i)(j)		12,365,256		12,366,493

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $17,174,354)				17,174,439

TOTAL INVESTMENTS IN SECURITIES-101.43% (Cost $1,183,334,125)				1,110,249,079
OTHER ASSETS LESS LIABILITIES-(1.43)%				(15,680,080	)

NET ASSETS-100.00%			$	1,094,568,999

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


		78

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

October 31, 2023

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)	All or a portion of this security was out on loan at October 31, 2023.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2023 was $28,597,335, which represented 2.61% of the Fund’s Net Assets.

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

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

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

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

^(h)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	8,531,729		$	113,818,316		$	(122,350,045	)		$	-		$	-		$	-		$	173,533

Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			3,383,737			54,597,884			(53,173,675	)			-			-			4,807,946			315,463	*
Invesco Private Prime Fund			8,698,849			113,334,867			(109,669,148	)			317			1,608			12,366,493			838,654	*

Total		$	20,614,315		$	281,751,067		$	(285,192,868	)		$	317		$	1,608		$	17,174,439		$	1,327,650

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

⁽ⁱ⁾	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

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

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


		79

Invesco Global Clean Energy ETF (PBD)

October 31, 2023

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Austria-1.31%
Verbund AG		19,923		$ 1,726,807

Belgium-1.07%
Elia Group S.A./N.V.		14,941		1,415,810

Canada-5.19%
Ballard Power Systems, Inc.^(a)		379,158		1,264,543
Boralex, Inc., Class A		67,359		1,252,322
Canadian Solar, Inc.^(a)(b)		51,728		1,033,525
Innergex Renewable Energy, Inc.		171,813		1,056,930
Li-Cycle Holdings Corp.^(a)(b)		368,744		494,117
NFI Group, Inc.		185,303		1,729,895

				6,831,332

Chile-0.93%
Sociedad Quimica y Minera de Chile S.A., ADR^(b)		25,367		1,227,763

China-9.69%
China Datang Corp. Renewable Power Co. Ltd., H Shares^(b)		5,180,817		1,171,951
Flat Glass Group Co. Ltd., H Shares^(b)		635,716		1,139,066
Ganfeng Lithium Group Co. Ltd., H Shares^(c)		301,231		1,079,867
JinkoSolar Holding Co. Ltd., ADR^(a)(b)		48,276		1,573,315
NIO, Inc., ADR^(a)(b)		143,940		1,050,762
Tianneng Power International Ltd.^(b)		1,589,958		1,434,592
Xinyi Energy Holdings Ltd.^(b)		7,301,060		1,278,334
Xinyi Solar Holdings Ltd.		1,850,803		1,088,068
XPeng, Inc., ADR^(a)(b)		105,319		1,525,019
Yadea Group Holdings Ltd.^(c)		777,517		1,420,966

				12,761,940

Denmark-4.23%
NKT A/S^(a)(b)		29,896		1,498,748
Novozymes A/S, Class B^(b)		35,955		1,612,064
Orsted A/S^(c)		20,576		990,140
Vestas Wind Systems A/S^(a)		68,123		1,468,899

				5,569,851

France-3.29%
Neoen S.A.^(c)		55,107		1,449,213
Nexans S.A.		20,123		1,418,710
SPIE S.A.		55,639		1,460,852

				4,328,775

Germany-4.98%
Encavis AG^(a)(b)		109,019		1,417,943
Nordex SE^(a)(b)		133,375		1,399,342
SMA Solar Technology AG^(a)		19,862		1,212,412
VERBIO Vereinigte BioEnergie AG^(b)		34,455		1,160,672
Wacker Chemie AG		11,233		1,371,364

				6,561,733

Ireland-1.02%
Kingspan Group PLC		19,967		1,339,753

Israel-1.97%
Energix-Renewable Energies Ltd.		513,010		1,245,640
Enlight Renewable Energy Ltd.^(a)(b)		99,986		1,344,746

				2,590,386


	Shares		Value
Italy-2.40%
Prysmian S.p.A.		42,176	$	1,573,230
Terna S.p.A.^(b)		207,169		1,582,333

				3,155,563

Japan-5.76%
GS Yuasa Corp.		90,590		1,439,498
RENOVA, Inc.^(a)(b)		174,384		1,242,434
Takaoka Toko Co. Ltd.^(b)		108,565		1,468,131
Toyo Tanso Co. Ltd.		40,310		1,341,493
West Holdings Corp.^(b)		95,755		2,092,833

				7,584,389

Netherlands-1.74%
Alfen N.V.^(a)(b)(c)		24,393		764,993
Fugro N.V.^(a)		92,356		1,521,901

				2,286,894

New Zealand-1.09%
Mercury NZ Ltd.		419,301		1,438,930

Norway-0.72%
NEL ASA^(a)(b)		1,457,361		954,902

South Africa-0.84%
Scatec ASA^(c)		220,224		1,109,823

South Korea-6.81%
CS Wind Corp.		33,544		1,135,064
DaeMyoung Energy Co. Ltd.^(a)		82,320		1,022,181
Doosan Fuel Cell Co. Ltd.^(a)		89,545		1,089,352
Ecopro B.M. Co. Ltd.^(b)		7,227		1,049,896
Iljin Hysolus Co. Ltd.^(a)(b)		91,407		1,299,481
Lotte Energy Materials Corp.		41,709		1,188,995
LS Electric Co. Ltd.		21,808		1,033,440
Samsung SDI Co. Ltd.		3,647		1,149,012

				8,967,421

Spain-4.70%
Acciona S.A.		11,777		1,481,347
Corp ACCIONA Energias Renovables S.A.^(b)		57,464		1,553,716
EDP Renovaveis S.A.		90,003		1,445,073
Solaria Energia y Medio Ambiente S.A.^(a)(b)		113,887		1,703,357

				6,183,493

Sweden-2.58%
NIBE Industrier AB, Class B^(b)		211,237		1,213,426
OX2 AB^(a)(b)		315,359		1,271,863
PowerCell Sweden AB^(a)(b)		226,919		911,726

				3,397,015

Switzerland-1.86%
Landis+Gyr Group AG^(a)		21,432		1,582,584
Meyer Burger Technology AG^(a)(b)		3,238,148		866,068

				2,448,652

Taiwan-7.79%
Chung-Hsin Electric and Machinery Manufacturing Corp.		473,000		1,359,137
Motech Industries, Inc.		1,867,684		1,571,999
Phihong Technology Co. Ltd.^(a)		887,124		1,435,918
Shihlin Electric & Engineering Corp.		414,000		1,208,750
Sino-American Silicon Products, Inc.		343,000		1,729,012

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


		80

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

October 31, 2023


	Shares		Value
Taiwan-(continued)
Teco Electric and Machinery Co. Ltd.		1,030,000	$	1,463,943
United Renewable Energy Co. Ltd.		3,249,141		1,492,591

				10,261,350

United Kingdom-2.87%
Ceres Power Holdings PLC^(a)(b)		405,908		975,248
ITM Power PLC^(a)(b)		1,476,964		1,158,135
Subsea 7 S.A.		126,061		1,651,971

				3,785,354

United States-27.07%
Ameresco, Inc., Class A^(a)(b)		34,644		905,941
Archer Aviation, Inc., Class A^(a)(b)		276,248		1,312,178
Array Technologies, Inc.^(a)(b)		79,347		1,375,083
Bloom Energy Corp., Class A^(a)(b)		112,314		1,168,066
Brookfield Renewable Corp., Class A^(b)		58,457		1,330,481
ChargePoint Holdings, Inc.^(a)		225,089		571,726
Enphase Energy, Inc.^(a)		12,349		982,733
EVgo, Inc.^(a)(b)		395,399		816,499
First Solar, Inc.^(a)		8,548		1,217,663
Fisker, Inc.^(a)(b)		302,752		1,362,384
FuelCell Energy, Inc.^(a)(b)		965,237		1,052,108
Gevo, Inc.^(a)(b)		1,139,516		1,219,282
Hannon Armstrong Sustainable Infrastructure Capital, Inc.^(b)		70,729		1,212,295
Hubbell, Inc.		5,355		1,446,385
Itron, Inc.^(a)		24,399		1,397,575
Lucid Group, Inc.^(a)(b)		258,821		1,066,342
Ormat Technologies, Inc.^(b)		21,665		1,333,264
Plug Power, Inc.^(a)(b)		191,249		1,126,457
QuantumScape Corp.^(a)(b)		235,762		1,230,678
REC Silicon ASA^(a)		1,009,953		1,311,293
Rivian Automotive, Inc., Class A^(a)(b)		77,990		1,264,998


	Shares		Value
United States-(continued)
Shoals Technologies Group, Inc., Class A^(a)(b)		81,031	$	1,244,636
Signify N.V.		57,617		1,489,643
SolarEdge Technologies, Inc.^(a)		10,111		767,930
Stem, Inc.^(a)(b)		297,268		1,004,766
Sunnova Energy International, Inc.^(a)(b)		115,071		1,050,598
SunPower Corp.^(a)(b)		219,958		939,221
Sunrun, Inc.^(a)(b)		110,275		1,064,154
TPI Composites, Inc.^(a)(b)		358,277		827,620
Universal Display Corp.		10,866		1,512,330
Wolfspeed, Inc.^(a)(b)		30,863		1,044,404

				35,648,733

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.91% (Cost $210,195,400)				131,576,669


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-31.71%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		11,689,928		11,689,928
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		30,064,643		30,067,649

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $41,756,693)				41,757,577

TOTAL INVESTMENTS IN SECURITIES-131.62% (Cost $251,952,093)				173,334,246
OTHER ASSETS LESS LIABILITIES-(31.62)%				(41,640,861	)

NET ASSETS-100.00%			$	131,693,385

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)	All or a portion of this security was out on loan at October 31, 2023.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2023 was $6,815,002, which represented 5.17% of the Fund’s Net Assets.

^(d)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	6,441,658		$	(6,441,658)		$	-		$	-		$	-		$	2,114

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


		81

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

October 31, 2023


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2023			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	19,922,611		$	82,462,482		$	(90,695,165	)		$	-		$	-		$	11,689,928		$	780,820	*

Invesco Private Prime Fund			51,352,081			152,877,609			(174,167,572	)			1,799			3,732			30,067,649			2,113,655	*


Total		$	71,274,692		$	241,781,749		$	(271,304,395	)		$	1,799		$	3,732		$	41,757,577		$	2,896,589

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

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

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

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


		82

Invesco Global Water ETF (PIO)

October 31, 2023

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Brazil-4.47%
Cia de Saneamento Basico do Estado de Sao Paulo SABESP		906,541	$	10,492,722

Canada-3.27%
Stantec, Inc.		125,337		7,660,612

Cayman Islands-0.64%
Consolidated Water Co. Ltd.		51,023		1,506,199

Chile-0.30%
Aguas Andinas S.A., Class A		2,388,681		694,338

China-0.94%
China Lesso Group Holdings Ltd.		3,636,984		1,952,219
China Water Affairs Group Ltd.		398,941		252,378

				2,204,597

France-5.27%
Veolia Environnement S.A.		452,705		12,359,896

Japan-10.14%
EBARA Corp.		153,817		6,703,372
Kurita Water Industries Ltd.		129,986		3,894,988
METAWATER Co. Ltd.		33,748		421,390
Miura Co. Ltd.		100,495		1,926,688
Nomura Micro Science Co. Ltd.^(a)		41,496		2,085,144
Organo Corp.		68,145		2,211,580
TOTO Ltd.		273,796		6,549,988

				23,793,150

Mexico-0.04%
Grupo Rotoplas, S.A.B. de C.V.^(a)(b)		76,377		102,552

Netherlands-1.59%
Aalberts N.V.		61,639		1,916,785
Arcadis N.V.		43,116		1,819,299

				3,736,084

South Korea-0.90%
Coway Co. Ltd.		65,945		2,109,381

Spain-1.66%
Acciona S.A.^(a)		30,937		3,891,350

Switzerland-8.09%
Belimo Holding AG^(a)		5,049		2,113,806
Geberit AG		29,578		13,709,137
Georg Fischer AG		61,343		3,162,698

				18,985,641


	Shares		Value
United Kingdom-11.03%
Genuit Group PLC		162,503	$	523,538
Halma PLC		390,370		8,739,669
Severn Trent PLC		262,293		8,453,508
Spirax-Sarco Engineering PLC		81,997		8,150,985

				25,867,700

United States-51.60%
A.O. Smith Corp.		63,657		4,440,712
Advanced Drainage Systems, Inc.^(a)		40,972		4,377,039
AECOM		55,839		4,274,475
American Water Works Co., Inc.		66,357		7,806,901
Danaher Corp.		80,041		15,369,473
Ecolab, Inc.		57,698		9,678,263
Ferguson PLC		65,158		9,748,842
IDEX Corp.		36,132		6,916,026
Pentair PLC		301,892		17,545,963
Roper Technologies, Inc.		42,502		20,765,202
Veralto Corp.^(a)(b)		26,680		1,840,920
Waters Corp.^(a)(b)		36,571		8,723,281
Xylem, Inc.^(a)		102,428		9,581,115

				121,068,212

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $223,819,456)				234,472,434


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-2.29%
Invesco Private Government Fund, 5.32%^(c)(d)(e)		1,640,696		1,640,696
Invesco Private Prime Fund, 5.53%^(c)(d)(e)		3,720,681		3,721,053

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $5,361,762)				5,361,749

TOTAL INVESTMENTS IN SECURITIES-102.23% (Cost $229,181,218)				239,834,183
OTHER ASSETS LESS LIABILITIES-(2.23)%				(5,229,227	)

NET ASSETS-100.00%			$	234,604,956

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


		83

Invesco Global Water ETF (PIO)–(continued)

October 31, 2023

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at October 31, 2023.

^(b)	Non-income producing security.

^(c)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)				Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	10,705,889		$	(10,705,889	)		$ -			$	-			$	-		$	3,484

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			875,923			51,126,494			(50,361,721	)		-				-				1,640,696			127,018	*

Invesco Private Prime Fund			2,251,823			109,356,645			(107,882,828	)		(18	)			(4,569	)			3,721,053			336,344	*


Total		$	3,127,746			$171,189,028		$	(168,950,438	)		$(18	)		$	(4,569	)		$	5,361,749		$	466,846

*	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, 2023.

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

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


		84

Invesco International BuyBack Achievers^TM ETF (IPKW)

October 31, 2023

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.96%
Australia-1.20%
AMP Ltd.^(a)		173,649	$	114,894
BlueScope Steel Ltd.		28,478		338,980
Helia Group Ltd.		17,048		39,074
Qube Holdings Ltd.		86,456		145,607
Waypoint REIT Ltd.		42,150		56,577
Whitehaven Coal Ltd.		52,488		245,923

				941,055

Austria-0.50%
BAWAG Group AG^(b)(c)		5,176		229,455
Wienerberger AG		6,589		159,767

				389,222

Belgium-0.32%
Groupe Bruxelles Lambert N.V.		3,406		248,410

Brazil-2.69%
Vale S.A.		154,140		2,108,995

Canada-13.58%
Advantage Energy Ltd.^(c)		10,517		76,288
ARC Resources Ltd.		38,135		612,852
Artis REIT^(a)		4,732		20,997
Canadian Natural Resources Ltd.		49,482		3,138,761
Centerra Gold, Inc.		12,886		65,439
CI Financial Corp.		9,350		84,660
Enerplus Corp.		13,187		222,752
Gildan Activewear, Inc.		9,535		270,545
H&R REIT		17,223		105,826
Imperial Oil Ltd.		10,479		596,546
Interfor Corp.^(c)		3,227		39,772
Linamar Corp.		2,123		91,695
MEG Energy Corp.^(c)		17,903		353,353
Methanex Corp.		2,621		108,106
Nutrien Ltd.		31,027		1,664,607
Onex Corp.		4,327		242,243
Sleep Country Canada Holdings, Inc.^(b)		1,943		30,609
Stelco Holdings, Inc.		2,110		59,398
Stella-Jones, Inc.		3,143		164,457
Suncor Energy, Inc.		60,249		1,949,060
TFI International, Inc.		3,879		428,653
Trican Well Service Ltd.		13,265		44,814
West Fraser Timber Co. Ltd.		4,028		271,551

				10,642,984

China-0.23%
Great Wall Motor Co. Ltd., H Shares^(a)		127,034		177,288

Colombia-0.15%
Parex Resources, Inc.		5,950		113,921

Denmark-4.26%
AP Moller - Maersk A/S, Class B		468		777,089
D/S Norden A/S		1,450		82,260
DSV A/S		11,115		1,655,913
Jyske Bank A/S^(c)		2,904		204,064
Pandora A/S		5,081		574,345
Scandinavian Tobacco Group A/S^(b)		3,220		47,744

				3,341,415


	Shares		Value
Finland-3.91%
Nordea Bank Abp		188,264	$	1,976,556
Sampo OYJ		27,694		1,086,305

				3,062,861

Germany-2.86%
adidas AG		9,825		1,736,377
Bilfinger SE		2,360		86,360
CANCOM SE		1,707		42,437
Scout24 SE^(a)(b)		4,094		251,073
TeamViewer SE^(b)(c)		8,357		128,040

				2,244,287

Hong Kong-0.11%
Bank of East Asia Ltd. (The)		71,616		84,937

Ireland-0.28%
Glanbia PLC		11,974		188,329
Glenveagh Properties PLC^(b)(c)		30,453		29,356

				217,685

Israel-0.11%
Plus500 Ltd.		5,063		86,688

Italy-5.52%
Anima Holding S.p.A.^(b)		16,316		66,501
Eni S.p.A.		128,869		2,101,519
UniCredit S.p.A.		86,494		2,159,896

				4,327,916

Japan-13.07%
Central Glass Co. Ltd.		1,596		29,950
Citizen Watch Co. Ltd.		14,519		83,694
DCM Holdings Co. Ltd.		8,612		66,988
DeNA Co. Ltd.		5,441		52,723
en Japan, Inc.^(a)		2,638		38,844
ENEOS Holdings, Inc.		190,307		700,810
Geo Holdings Corp.		1,596		24,692
Glory Ltd.		3,458		63,854
Gree, Inc.		4,256		15,794
H2O Retailing Corp.		6,341		67,411
Hazama Ando Corp.		11,389		87,460
Hokkoku Financial Holdings, Inc.		1,596		52,324
Inpex Corp.		69,658		1,003,853
JAFCO Group Co. Ltd.		3,151		33,685
Japan Post Holdings Co. Ltd.		138,977		1,224,176
Kansai Paint Co. Ltd.		12,703		184,449
Kawasaki Kisen Kaisha Ltd.		8,825		299,693
Marui Group Co. Ltd.		13,076		204,586
Maxell Ltd.		3,170		33,658
Morinaga & Co. Ltd.		2,771		99,682
Nikkiso Co. Ltd.		4,367		27,596
Nikon Corp.		20,977		196,134
Nippon Ceramic Co. Ltd.		1,463		25,194
Nisshinbo Holdings, Inc.		9,399		67,275
Nitto Boseki Co. Ltd.		2,250		49,919
Pan Pacific International Holdings Corp.		35,848		687,987
Renesas Electronics Corp.^(c)		101,929		1,316,136
Santen Pharmaceutical Co. Ltd.		22,204		191,698
SoftBank Group Corp.		48,972		1,980,287
Suzuken Co. Ltd.		5,254		160,071
Taisei Corp.		11,904		400,796

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


		85

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

October 31, 2023


	Shares		Value
Japan-(continued)
Takashimaya Co. Ltd.		10,499	$	141,632
Toho Holdings Co. Ltd.		4,891		109,805
Toyo Ink SC Holdings Co. Ltd.		3,037		51,237
Transcosmos, Inc.		2,250		45,388
TSI Holdings Co. Ltd.		5,220		27,574
Wacoal Holdings Corp.		3,691		83,620
Yamada Holdings Co. Ltd.		56,463		178,137
Yamaguchi Financial Group, Inc.		14,711		133,467

				10,242,279

Luxembourg-1.03%
Aperam S.A.		3,036		83,917
ArcelorMittal S.A.		32,638		720,326

				804,243

Mexico-0.24%
Grupo Elektra S.A.B. de C.V.		2,920		186,608

Netherlands-6.02%
NN Group N.V.^(a)		14,840		474,655
PostNL N.V.		19,844		36,885
Shell PLC		130,883		4,203,173

				4,714,713

Singapore-0.05%
Yangzijiang Financial Holding Ltd.		154,846		36,167

South Africa-2.47%
Barloworld Ltd.		7,614		31,838
Motus Holdings Ltd.^(a)		7,271		35,884
Naspers Ltd.		10,821		1,679,310
Resilient REIT Ltd.		15,810		31,330
Tiger Brands Ltd.^(a)		8,145		74,899
Truworths International Ltd.^(a)		20,503		82,572

				1,935,833

South Korea-0.19%
Douzone Bizon Co. Ltd.		1,220		24,661
Genexine, Inc.^(c)		2,083		12,138
Hanssem Co. Ltd.		900		32,687
Humasis Co. Ltd.^(c)		7,468		11,114
SKC Co. Ltd.		1,236		72,025

				152,625

Spain-6.67%
Acerinox S.A.		11,732		114,062
ACS Actividades de Construccion y Servicios S.A.		13,089		472,745
Applus Services S.A.		7,612		80,056
Banco Bilbao Vizcaya Argentaria S.A.^(a)		326,255		2,559,489
CaixaBank S.A.		235,339		953,969
Repsol S.A.		71,328		1,042,318

				5,222,639

Sweden-0.53%
JM AB^(a)		3,036		32,282
NCC AB, Class B		4,850		49,574
Trelleborg AB, Class B		13,365		336,857

				418,713

Switzerland-9.81%
Novartis AG		40,570		3,768,791
UBS Group AG^(c)		167,843		3,913,662

				7,682,453


	Shares		Value
Taiwan-0.06%
FLEXium Interconnect, Inc.		19,000	$	48,913

Turkey-0.13%
Arcelik A.S.		17,382		83,430
Aygaz A.S.		3,999		19,421

				102,851

United Kingdom-23.97%
abrdn PLC^(a)		159,164		302,550
Balanced Commercial Property Trust Ltd.		63,390		48,614
Balfour Beatty PLC		50,088		187,930
Barclays PLC		1,361,470		2,174,133
BP PLC		641,853		3,914,536
Capricorn Energy PLC^(a)		10,435		19,753
Domino’s Pizza Group PLC		19,259		80,159
Firstgroup PLC		52,304		100,217
Forterra PLC^(b)		16,569		27,062
Frasers Group PLC^(c)		9,624		93,776
Grafton Group PLC^(a)		17,285		161,734
Howden Joinery Group PLC		52,741		408,055
Informa PLC		126,606		1,093,232
Kingfisher PLC^(a)		154,985		394,564
Lloyds Banking Group PLC		6,108,359		2,960,430
M&G PLC		197,466		474,918
Man Group PLC		115,336		307,200
Melrose Industries PLC, (Acquired 07/31/2023 - 10/31/2023; Cost $625,733)^(d)		97,433		552,135
NatWest Group PLC		520,720		1,125,989
Paragon Banking Group PLC		18,704		100,681
Pearson PLC		68,728		793,616
Smiths Group PLC		31,076		608,438
Spectris PLC		8,602		323,581
Standard Chartered PLC		201,843		1,543,037
Travis Perkins PLC		19,202		172,332
WPP PLC		95,053		815,008

				18,783,680

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.96% (Cost $84,033,863)				78,319,381


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-4.38%
Invesco Private Government Fund, 5.32%^(e)(f)(g)		854,461		854,461
Invesco Private Prime Fund, 5.53%^(e)(f)(g)		2,576,113		2,576,371

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,430,832)				3,430,832

TOTAL INVESTMENTS IN SECURITIES-104.34% (Cost $87,464,695)				81,750,213
OTHER ASSETS LESS LIABILITIES-(4.34)%				(3,402,809	)

NET ASSETS-100.00%			$	78,347,404

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


		86

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

October 31, 2023

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at October 31, 2023.

^(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, 2023 was $809,840, which represented 1.03% of the Fund’s Net Assets.

^(c)	Non-income producing security.

^(d)	Restricted security. The value of this security at October 31, 2023 represented less than 1% of the Fund’s Net Assets.

^(e)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	6,289,862		$	(6,289,862	)		$	-			$	-			$	-		$	1,023

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			1,081,717			28,186,779			(28,414,035	)			-				-				854,461			59,957	*

Invesco Private Prime Fund			2,768,002			51,170,222			(51,360,087	)			(38	)			(1,728	)			2,576,371			162,147	*


Total		$	3,849,719		$	85,646,863		$	(86,063,984	)		$	(38	)		$	(1,728	)		$	3,430,832		$	223,127

*	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, 2023.

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

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


		87

Invesco MSCI Global Timber ETF (CUT)

October 31, 2023

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.16%
Austria-4.06%
Mondi PLC^(a)		131,297	$	2,117,395

Brazil-6.12%
Dexco S.A.		112,395		152,891
Klabin S.A.		201,034		853,089
Suzano S.A.		213,453		2,182,782

				3,188,762

Canada-4.36%
Canfor Corp.^(b)		16,675		170,324
Cascades, Inc.		18,795		152,174
Interfor Corp.^(b)		14,210		175,136
Stella-Jones, Inc.		14,147		740,240
West Fraser Timber Co. Ltd.		15,344		1,034,428

				2,272,302

Chile-1.04%
Empresas CMPC S.A.		304,646		542,860

China-1.00%
Lee & Man Paper Manufacturing Ltd.		365,042		104,036
Nine Dragons Paper Holdings Ltd.		451,716		256,900
Shandong Chenming Paper Holdings Ltd., B Shares^(b)		164,500		33,217
Shandong Sun Paper Industry JSC Ltd., A Shares		47,300		80,340
ShenZhen YUTO Packaging Technology Co. Ltd., A Shares		13,000		46,649

				521,142

Finland-11.31%
Huhtamaki OYJ^(a)		25,790		883,498
Metsa Board OYJ^(a)		43,077		325,101
Stora Enso OYJ, Class R^(a)		157,176		1,881,480
UPM-Kymmene OYJ^(a)		83,588		2,806,960

				5,897,039

Germany-0.18%
Mercer International, Inc.^(a)		11,792		93,629

Indonesia-1.22%
PT Indah Kiat Pulp & Paper Tbk		741,188		447,932
PT Pabrik Kertas Tjiwi Kimia Tbk		387,676		186,700

				634,632

Ireland-4.28%
Smurfit Kappa Group PLC		68,644		2,230,394

Japan-3.90%
Daio Paper Corp.^(a)		23,298		190,144
Hokuetsu Corp.^(a)		30,841		234,599
Nippon Paper Industries Co. Ltd.^(a)(b)		26,912		232,434
Oji Holdings Corp.		232,152		986,276
Rengo Co. Ltd.		48,303		318,054
Tokushu Tokai Paper Co. Ltd.		2,981		70,763

				2,032,270

Norway-0.14%
Norske Skog ASA^(a)(b)(c)		20,232		73,780

Portugal-0.74%
Altri SGPS S.A.		19,899		96,080


	Shares		Value
Portugal-(continued)
Navigator Co. S.A. (The)		57,253	$	227,542
Semapa-Sociedade de Investimento e Gestao		4,593		64,860

				388,482

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

Saudi Arabia-0.14%
Middle East Paper Co.		9,822		71,736

South Africa-0.61%
Sappi Ltd.		152,717		319,415

South Korea-0.19%
Dongwha Enterprise Co. Ltd.^(b)		1,575		71,721
YoungPoong Paper Mfg Co. Ltd.		4,448		26,907

				98,628

Spain-0.22%
Ence Energia y Celulosa S.A.^(a)		38,708		115,460

Sweden-7.19%
Billerud AB		60,043		556,220
Holmen AB, Class B		25,373		955,406
Svenska Cellulosa AB S.C.A., Class B^(a)		163,241		2,234,717

				3,746,343

Switzerland-3.45%
SIG Group AG^(a)(b)		81,886		1,798,694

Taiwan-1.34%
Cheng Loong Corp.		204,000		177,993
Chung Hwa Pulp Corp.		110,000		70,541
Longchen Paper & Packaging Co. Ltd.		221,000		94,369
Shihlin Paper Corp.^(b)		41,000		64,720
YFY, Inc.		318,000		292,166

				699,789

Thailand-0.67%
SCG Packaging PCL, NVDR		350,181		350,741

United Kingdom-2.44%
DS Smith PLC		367,866		1,273,097

United States-44.56%
Amcor PLC		280,352		2,492,329
Avery Dennison Corp.		14,968		2,605,480
Clearwater Paper Corp.^(b)		4,770		161,274
Graphic Packaging Holding Co.^(a)		82,538		1,775,392
International Paper Co.		78,170		2,636,674
Louisiana-Pacific Corp.		17,576		901,297
Packaging Corp. of America		18,299		2,800,662
Pactiv Evergreen, Inc.^(a)		12,472		107,509
PotlatchDeltic Corp.^(a)		21,228		909,620
Ranpak Holdings Corp.^(a)(b)		12,516		39,551
Rayonier, Inc.^(a)		37,414		944,329
Resolute Forest Products, Inc.^(b)(d)		13,637		19,364
Sealed Air Corp.		38,878		1,197,054
Sonoco Products Co.^(a)		26,327		1,364,002
Sylvamo Corp.^(a)		10,449		462,891

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


		88

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

October 31, 2023


	Shares		Value
United States-(continued)
WestRock Co.		68,997	$	2,479,062
Weyerhaeuser Co.		81,450		2,336,800

				23,233,290

Total Common Stocks & Other Equity Interests (Cost $53,041,719)				51,699,880


Exchange-Traded Funds-0.66%
India-0.66%
Invesco India ETF^(e) (Cost $381,271)		14,953		341,676

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.82% (Cost $53,422,990)				52,041,556


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-24.87%
Invesco Private Government Fund, 5.32%^(e)(f)(g)		3,727,307	$	3,727,307
Invesco Private Prime Fund, 5.53%^(e)(f)(g)		9,240,983		9,241,907

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $12,969,118)				12,969,214

TOTAL INVESTMENTS IN SECURITIES-124.69% (Cost $66,392,108)				65,010,770
OTHER ASSETS LESS LIABILITIES-(24.69)%				(12,873,526	)

NET ASSETS-100.00%			$	52,137,244

Investment Abbreviations:

ETF-Exchange-Traded Fund

NVDR-Non-Voting Depositary Receipt

Notes to Schedule of Investments:

^(a⁾	All or a portion of this security was out on loan at October 31, 2023.

^(b)	Non-income producing security.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2023 was $73,780, which represented less than 1% of the Fund’s Net Assets.

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

^(e)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2023			Dividend Income
Invesco India ETF		$	384,979		$	51,605		$	(71,439	)		$	(21,078	)		$	45,120			$	341,676		$	1,569

Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			67,536			2,655,706			(2,723,242	)			-				-				-			1,067

Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			1,110,750			29,663,927			(27,047,370	)			-				-				3,727,307			130,402	*
Invesco Private Prime Fund			2,855,522			67,845,180			(61,457,385	)			84				(1,494	)			9,241,907			348,501	*

Total		$	4,418,787		$	100,216,418		$	(91,299,436	)		$	(20,994	)		$	43,626	**		$	13,310,890		$	481,539

*	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.

**	Includes capital gains distributions from affiliated underlying funds as follows:


Fund Name	Capital Gain
Invesco India ETF		$	47,511

^(f)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

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

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


		89

Invesco MSCI Green Building ETF (GBLD)

October 31, 2023

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-98.71%
Australia-2.31%
Centuria Office REIT		12,641	$	8,764
Cromwell Property Group^(a)		42,039		8,518
Growthpoint Properties Australia Ltd.		7,360		9,180
Vicinity Ltd.		102,888		110,744

				137,206

Austria-0.61%
CA Immobilien Anlagen AG		1,076		36,281

Canada-1.28%
First Capital REIT		2,884		27,090
RioCan REIT		4,039		49,023

				76,113

China-0.18%
Guangzhou R&F Properties Co. Ltd., H Shares^(b)		41,410		5,821
SOHO China Ltd.^(a)(b)		49,747		5,150

				10,971

Finland-0.19%
Citycon OYJ^(b)		2,095		11,059

France-8.69%
Carmila S.A.^(b)		1,726		24,118
Covivio S.A.		1,333		56,923
Gecina S.A.		1,224		119,803
Klepierre S.A.		5,714		138,309
Mercialys S.A.		2,579		21,917
Unibail-Rodamco-Westfield SE^(a)(b)		3,139		154,815

				515,885

Germany-0.11%
Deutsche EuroShop AG		347		6,287

Hong Kong-3.71%
Champion REIT		65,962		20,822
Fortune REIT		43,851		24,547
Henderson Land Development Co. Ltd.		37,858		98,702
Sunlight REIT		31,554		8,711
Swire Properties Ltd.		29,976		58,001
Yuexiu REIT^(a)		65,283		9,344

				220,127

Israel-0.35%
Alony Hetz Properties & Investments Ltd.		3,917		19,045
Property & Building Corp. Ltd.^(b)		55		1,683

				20,728

Japan-34.99%
Activia Properties, Inc.		19		51,250
Advance Logistics Investment Corp.		18		14,631
AEON REIT Investment Corp.		47		44,689
CRE Logistics REIT, Inc.		16		16,798
Daiwa House Industry Co. Ltd.		15,548		423,696
Daiwa House REIT Investment Corp.		59		104,252
Daiwa Office Investment Corp.		8		34,917
Frontier Real Estate Investment Corp.		13		38,842
Fukuoka REIT Corp.		19		20,425
Global One Real Estate Investment Corp.		30		22,741
GLP J-Reit		125		111,839
Hulic Reit, Inc.		36		36,655


	Shares		Value
Japan-(continued)
Isetan Mitsukoshi Holdings Ltd.		8,732	$	97,672
Japan Excellent, Inc.		33		28,894
Japan Logistics Fund, Inc.		24		44,357
Japan Metropolitan Fund Investment Corp.		187		120,390
Japan Prime Realty Investment Corp.		23		53,762
Japan Real Estate Investment Corp.		34		125,947
LaSalle Logiport REIT		50		48,929
Mitsubishi Estate Logistics REIT Investment Corp.		13		32,662
Mori Hills REIT Investment Corp.		42		39,242
Nippon Building Fund, Inc.		41		164,330
Nippon Prologis REIT, Inc.		60		106,494
Nomura Real Estate Master Fund, Inc.		114		125,634
One REIT, Inc.		7		12,101
ORIX JREIT, Inc.		71		81,480
Sekisui House REIT, Inc.		112		58,867
SOSiLA Logistics REIT, Inc.		20		15,821

				2,077,317

Netherlands-0.64%
Eurocommercial Properties N.V.		1,154		24,688
Wereldhave N.V.		868		13,056

				37,744

Singapore-11.45%
CapitaLand Ascendas REIT		99,618		189,049
CapitaLand India Trust		33,194		23,259
CapitaLand Integrated Commercial Trust		142,001		182,418
City Developments Ltd.		12,655		58,377
Digital Core REIT Management Pte. Ltd.		20,562		10,384
Frasers Centrepoint Trust		28,640		43,272
Frasers Logistics & Commercial Trust^(c)		79,564		60,397
Keppel REIT		57,273		33,234
Lendlease Global Commercial REIT		49,117		18,284
Mapletree Pan Asia Commercial Trust		63,231		61,382

				680,056

South Africa-0.55%
Redefine Properties Ltd.		176,239		32,903

Spain-2.09%
Inmobiliaria Colonial SOCIMI S.A.		7,053		39,437
Lar Espana Real Estate SOCIMI S.A.		1,362		7,889
Merlin Properties SOCIMI S.A.		8,720		72,446
Neinor Homes S.A.^(b)(c)		446		4,592

				124,364

Sweden-1.21%
Atrium Ljungberg AB, Class B		1,311		20,112
Fabege AB^(a)		5,986		44,501
Platzer Fastigheter Holding AB, Class B^(a)		1,363		7,137

				71,750

United Kingdom-6.06%
Berkeley Group Holdings PLC (The)		2,776		135,954
Crest Nicholson Holdings PLC		5,518		10,713
Land Securities Group PLC		18,845		130,116
Tritax Big Box REIT PLC		50,107		83,178

				359,961

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


		90

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

October 31, 2023


	Shares		Value
United States-24.29%
Alexandria Real Estate Equities, Inc.^(a)		4,376	$	407,537
American Assets Trust, Inc.		1,394		24,743
Beazer Homes USA, Inc.^(a)(b)		688		16,643
Boston Properties, Inc.^(a)		3,963		212,298
Brandywine Realty Trust, (Acquired 04/20/2021 - 09/01/2023; Cost $44,360)^(a)(d)		4,435		16,587
Cousins Properties, Inc.		4,025		71,927
Douglas Emmett, Inc.^(a)		4,478		50,198
Empire State Realty Trust, Inc., Class A^(a)		3,556		28,768
Equity Commonwealth^(a)		3,150		59,661
Highwoods Properties, Inc.^(a)		2,803		50,146
Hudson Pacific Properties, Inc.^(a)		3,222		14,370
JBG SMITH Properties, (Acquired 04/20/2021 -10/04/2023; Cost $71,632)^(a)(d)		2,810		36,165
KB Home		2,090		92,378
Kilroy Realty Corp.^(a)		2,945		84,168
Meritage Homes Corp.		960		109,459
Paramount Group, Inc.		4,272		18,284
Piedmont Office Realty Trust, Inc., Class A		3,231		16,833
SL Green Realty Corp.		1,685		49,354
Vornado Realty Trust^(a)		4,303		82,618

				1,442,137

Total Common Stocks & Other Equity Interests (Cost $8,023,606)				5,860,889


	Shares		Value
Exchange-Traded Funds-0.97%
India-0.97%
Invesco India ETF^(e) (Cost $58,777)		2,509	$	57,331

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.68% (Cost $8,082,383)				5,918,220


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-21.69%
Invesco Private Government Fund, 5.32%^(e)(f)(g)		360,532		360,532
Invesco Private Prime Fund, 5.53%^(e)(f)(g)		927,235		927,328

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,287,840)				1,287,860

TOTAL INVESTMENTS IN SECURITIES-121.37% (Cost $9,370,223)				7,206,080
OTHER ASSETS LESS LIABILITIES-(21.37)%				(1,268,741	)

NET ASSETS-100.00%			$	5,937,339

Investment Abbreviations:

ETF-Exchange-Traded Fund

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at October 31, 2023.

^(b)	Non-income producing security.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2023 was $64,989, which represented 1.09% of the Fund’s Net Assets.

^(d)	Restricted security. The aggregate value of these securities at October 31, 2023 was $52,752, which represented less than 1% of the Fund’s Net Assets.

^(e)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)		Realized Gain			Value October 31, 2023			Dividend Income
Invesco India ETF		$	-		$	71,934		$	(11,964	)		$(1,446)		$	3,485		$	57,331		$ 263
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			32,365			399,324			(431,689	)		-			-			-		210

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


		91

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

October 31, 2023


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain				Value October 31, 2023			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	32,360		$	4,060,513		$	(3,732,341	)		$	-			$	-			$	360,532		$	8,748	*
Invesco Private Prime Fund			83,181			8,985,525			(8,141,460	)			17				65				927,328			23,742	*

Total		$	147,906		$	13,517,296		$	(12,317,454	)		$	(1,429	)		$	3,550	**		$	1,345,191		$	32,963

*	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.

**	Includes capital gains distributions from affiliated underlying funds as follows:


Fund Name	Capital Gain
Invesco India ETF		$	4,678

^(f)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

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

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


		92

Invesco S&P Global Water Index ETF (CGW)

October 31, 2023

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Austria-1.03%
Wienerberger AG		357,896	$	8,678,114

Brazil-3.97%
Cia de Saneamento Basico do Estado de Sao Paulo SABESP, ADR^(a)		2,892,396		33,378,250

Canada-4.55%
Stantec, Inc.		625,452		38,227,698

China-1.07%
Beijing Enterprises Water Group Ltd.		32,346,451		6,821,006
China Lesso Group Holdings Ltd.		4,019,759		2,157,681

				8,978,687

Italy-1.77%
Interpump Group S.p.A.^(a)		357,568		14,891,210

Japan-2.12%
Kurita Water Industries Ltd.		433,380		12,986,090
Organo Corp.		147,891		4,799,659

				17,785,749

Netherlands-1.36%
Aalberts N.V.		366,735		11,404,340

South Korea-0.92%
Coway Co. Ltd.		240,332		7,687,492

Switzerland-8.86%
Belimo Holding AG		37,899		15,866,731
Geberit AG		75,537		35,010,721
Georg Fischer AG		326,669		16,842,272
Sulzer AG		82,080		6,737,406

				74,457,130

Thailand-0.53%
Amata Corp. PCL, NVDR		6,655,400		4,406,998

United Kingdom-15.68%
Pennon Group PLC		1,679,517		14,806,152
Severn Trent PLC^(a)		1,831,300		59,021,434
United Utilities Group PLC^(a)		4,487,736		57,887,229

				131,714,815

United States-58.05%
Advanced Drainage Systems, Inc.^(a)		258,950		27,663,629
American States Water Co.^(a)		247,910		19,349,376
American Water Works Co., Inc.		614,051		72,243,100

Investment Abbreviations:

ADR-American Depositary Receipt

NVDR-Non-Voting Depositary Receipt


	Shares		Value
United States-(continued)
Badger Meter, Inc.		116,576	$	16,151,605
California Water Service Group		378,446		18,422,751
Core & Main, Inc., Class A^(a)(b)		402,030		12,093,062
Ecolab, Inc.		216,334		36,287,865
Energy Recovery, Inc.^(a)(b)		215,482		3,275,326
Essential Utilities, Inc.		1,093,960		36,603,902
Franklin Electric Co., Inc.		146,986		12,746,626
Lindsay Corp.		39,792		4,970,817
Middlesex Water Co.		120,964		7,684,843
Montrose Environmental Group, Inc.^(a)(b)		182,328		4,215,423
Mueller Water Products, Inc., Class A		580,079		7,175,577
Pentair PLC		576,630		33,513,736
Select Water Solutions, Inc., Class A		552,004		4,106,910
SJW Group		191,782		11,982,539
Tetra Tech, Inc.		223,732		33,763,396
TETRA Technologies, Inc.^(b)		869,818		4,122,937
Valmont Industries, Inc.		81,335		16,015,675
Watts Water Technologies, Inc., Class A		100,844		17,447,020
Xylem, Inc.^(a)		793,931		74,264,306
Zurn Elkay Water Solutions Corp.^(a)		514,184		13,605,309

				487,705,730

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.91% (Cost $786,745,381)				839,316,213


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-3.31%
Invesco Private Government Fund, 5.32%^(c)(d)(e)		7,786,794		7,786,794
Invesco Private Prime Fund, 5.53%^(c)(d)(e)		20,026,603		20,028,606

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $27,814,423)				27,815,400

TOTAL INVESTMENTS IN SECURITIES-103.22% (Cost $814,559,804)				867,131,613
OTHER ASSETS LESS LIABILITIES-(3.22)%				(27,048,651	)

NET ASSETS-100.00%			$	840,082,962

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


		93

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

October 31, 2023

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at October 31, 2023.

^(b)	Non-income producing security.

^(c)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	20,753,102		$	(20,753,102	)		$	-			$	-			$	-		$	7,029

Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			26,467,571			235,635,838			(254,316,615	)			-				-				7,786,794			810,273	*
Invesco Private Prime Fund			67,629,085			425,498,542			(473,090,711	)			(617	)			(7,693	)			20,028,606			2,099,803	*

Total		$	94,096,656		$	681,887,482		$	(748,160,428	)		$	(617	)		$	(7,693	)		$	27,815,400		$	2,917,105

*	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, 2023.

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

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


		94

Invesco S&P International Developed Quality ETF (IDHQ)

October 31, 2023

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.85%
Australia-10.12%
BHP Group Ltd.		283,627	$	7,991,243
Charter Hall Group		15,030		82,506
Cochlear Ltd.		2,266		345,538
Coles Group Ltd.		39,773		384,534
Fortescue Metals Group Ltd.		50,360		711,045
Glencore PLC		412,444		2,177,841
Goodman Group		47,443		622,999
James Hardie Industries PLC, CDI^(a)		13,907		344,196
JB Hi-Fi Ltd.^(b)		4,980		142,425
Lynas Rare Earths Ltd.^(a)		29,291		130,747
Medibank Pvt. Ltd.		100,026		217,227
Pilbara Minerals Ltd.^(b)		87,154		202,516
Pro Medicus Ltd.		2,506		118,271
Qantas Airways Ltd.^(a)		27,775		86,346
Qube Holdings Ltd.		56,186		94,627
REA Group Ltd.^(b)		1,824		165,966
Rio Tinto PLC		33,384		2,128,792
SEEK Ltd.		14,361		187,400
Washington H Soul Pattinson & Co. Ltd.		7,272		153,875
Wesfarmers Ltd.		31,704		1,014,108
Whitehaven Coal Ltd.		48,753		228,423
WiseTech Global Ltd.		5,293		194,910
Yancoal Australia Ltd.^(b)		30,962		94,685

				17,820,220

Austria-0.36%
ANDRITZ AG		2,495		114,455
Mondi PLC		14,767		238,144
OMV AG		4,772		208,620
Wienerberger AG		3,152		76,429

				637,648

Belgium-0.05%
Ackermans & van Haaren N.V.		603		89,423

Cameroon-0.06%
Golar LNG Ltd.		4,500		100,935

Canada-8.20%
Alimentation Couche-Tard, Inc.		23,854		1,297,128
ARC Resources Ltd.		29,157		468,570
Brookfield Asset Management Ltd., Class A		12,660		362,496
Canadian National Railway Co.		19,330		2,043,069
Canadian Natural Resources Ltd.		43,339		2,749,096
Cenovus Energy, Inc.		45,304		862,188
CGI, Inc., Class A^(a)		6,156		593,672
Imperial Oil Ltd.		7,653		435,668
Intact Financial Corp.		5,201		729,957
Manulife Financial Corp.		66,903		1,163,363
Nutrien Ltd.		14,831		795,687
Pembina Pipeline Corp.^(b)		14,957		459,834
Suncor Energy, Inc.		43,606		1,410,658
TFI International, Inc.		3,100		342,569
Toromont Industries Ltd.		2,237		168,228
Tourmaline Oil Corp.		10,507		555,000

				14,437,183


	Shares		Value
China-0.15%
Budweiser Brewing Co. APAC Ltd.^(c)		49,565	$	94,257
ENN Energy Holdings Ltd.		21,712		165,797

				260,054

Denmark-7.36%
AP Moller - Maersk A/S, Class B		152		252,388
DSV A/S		6,558		977,011
Novo Nordisk A/S, Class B		119,440		11,451,193
Novozymes A/S, Class B^(b)		6,459		289,593

				12,970,185

Finland-1.22%
Elisa OYJ		5,225		221,355
Fortum OYJ		13,451		159,238
Kesko OYJ, Class B		8,088		136,485
Kone OYJ, Class B		19,880		859,228
Orion OYJ, Class B		4,797		190,344
Sampo OYJ		14,841		582,143

				2,148,793

France-11.29%
Airbus SE		20,977		2,799,968
Bollore SE		34,938		190,187
Hermes International S.C.A.		1,333		2,479,244
L’Oreal S.A.		7,869		3,294,992
LVMH Moet Hennessy Louis Vuitton SE		8,346		5,950,253
TotalEnergies SE		77,481		5,175,918

				19,890,562

Germany-1.44%
BioNTech SE, ADR^(a)(b)		5,649		528,408
Dr. Ing. h.c. F. Porsche AG, Preference Shares^(b)(c)		2,644		230,675
Hapag-Lloyd AG^(b)(c)		470		67,613
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R		4,286		1,714,720

				2,541,416

Hong Kong-0.82%
Hong Kong Exchanges & Clearing Ltd.		41,296		1,451,371

Ireland-0.14%
Ryanair Holdings PLC, ADR^(a)(b)		2,918		255,909

Israel-0.57%
Check Point Software Technologies Ltd.^(a)		4,644		623,457
ICL Group Ltd.		25,764		124,822
Israel Corp. Ltd.^(b)		378		81,401
Plus500 Ltd.		6,666		114,134
ZIM Integrated Shipping Services Ltd.^(b)		6,759		52,315

				996,129

Italy-1.66%
Eni S.p.A.		75,083		1,224,409
Ferrari N.V.		4,564		1,377,295
FinecoBank Banca Fineco S.p.A.		19,705		231,505
PRADA S.p.A.		14,710		88,358

				2,921,567

Japan-9.69%
Advantest Corp.		26,488		667,250
Bandai Namco Holdings, Inc.		23,202		475,392

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


		95

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

October 31, 2023


	Shares		Value
Japan-(continued)
BayCurrent Consulting, Inc.		6,735	$	167,169
Calbee, Inc.		4,663		89,445
Capcom Co. Ltd.		6,458		206,347
Daifuku Co. Ltd.		11,835		192,750
Daiichi Sankyo Co. Ltd.		62,074		1,581,310
Daito Trust Construction Co. Ltd.		1,930		205,814
Disco Corp.		3,048		526,399
GMO Payment Gateway, Inc.		1,810		71,542
GOLDWIN, Inc.		1,367		85,335
Hamamatsu Photonics K.K.		4,663		171,100
Hoya Corp.		12,147		1,149,772
Internet Initiative Japan, Inc.		4,151		66,454
Japan Exchange Group, Inc.		15,864		310,534
JGC Holdings Corp.		8,138		98,981
Kakaku.com, Inc.		6,359		60,842
Kobayashi Pharmaceutical Co. Ltd.		1,750		71,874
Konami Group Corp.		2,964		151,757
Lasertec Corp.		2,387		397,269
Mitsubishi Motors Corp.		27,136		86,473
Mitsui OSK Lines Ltd.		11,700		299,984
Nexon Co. Ltd.		13,953		252,950
Nintendo Co. Ltd.^(b)		37,232		1,529,402
Nippon Yusen K.K.^(b)		14,532		352,829
Nissan Chemical Corp.		4,884		196,560
Niterra Co. Ltd.		4,885		108,057
NOF Corp.		2,588		101,387
Olympus Corp.		39,596		522,648
Ono Pharmaceutical Co. Ltd.		14,877		255,555
Persol Holdings Co. Ltd.		62,760		92,952
Recruit Holdings Co. Ltd.		59,907		1,714,002
SCREEN Holdings Co. Ltd.		3,782		173,161
SCSK Corp.		6,090		103,286
Sega Sammy Holdings, Inc.		4,563		70,684
Seibu Holdings, Inc.		8,191		79,479
Sekisui Chemical Co. Ltd.		13,601		184,466
SG Holdings Co. Ltd.		15,321		215,685
Shimadzu Corp.		8,337		195,151
SHIMAMURA Co. Ltd.		973		95,697
Shimano, Inc.^(b)		2,310		328,780
Shinko Electric Industries Co. Ltd.		2,221		69,969
SHO-BOND Holdings Co. Ltd.		2,072		80,995
Square Enix Holdings Co. Ltd.		2,470		81,548
TIS, Inc.		9,083		192,222
Toei Animation Co. Ltd.^(b)		843		75,202
Tokyo Electron Ltd.		17,382		2,267,367
Trend Micro, Inc.		3,808		141,865
USS Co. Ltd.		7,003		121,452
Workman Co. Ltd.^(b)		2,332		59,899
Yamaha Corp.		5,633		147,999
ZOZO, Inc.		6,548		123,506

				17,068,548

Netherlands-9.76%
Adyen N.V.^(a)(c)		1,195		800,689
ASML Holding N.V.		13,111		7,834,115
Shell PLC		200,563		6,440,875
Universal Music Group N.V.		29,081		710,062
Wolters Kluwer N.V.		10,929		1,398,942

				17,184,683


	Shares		Value
New Zealand-0.33%
Fisher & Paykel Healthcare Corp. Ltd.		15,905	$	192,516
Meridian Energy Ltd.		40,120		112,712
Spark New Zealand Ltd.		93,827		271,235

				576,463

Norway-1.24%
Equinor ASA		43,169		1,446,927
Gjensidige Forsikring ASA		7,344		109,979
Norsk Hydro ASA		40,237		229,356
Telenor ASA		25,806		263,680
Var Energi ASA		37,861		127,528

				2,177,470

Portugal-0.27%
Galp Energia SGPS S.A.		18,403		276,413
Jeronimo Martins SGPS S.A.		8,456		194,669

				471,082

Singapore-0.15%
Singapore Exchange Ltd.		37,816		261,390

South Korea-0.85%
BGF retail Co. Ltd.		583		59,658
Celltrion Healthcare Co. Ltd.		3,397		167,266
Celltrion Pharm, Inc.^(a)		1,419		66,508
Cheil Worldwide, Inc.		6,540		96,172
DB Insurance Co. Ltd.		1,547		100,686
F&F Co. Ltd.		991		68,535
Hanjin Kal Corp.		2,505		79,107
Hansol Chemical Co. Ltd.		459		51,047
Hyundai Autoever Corp.		959		92,311
JYP Entertainment Corp.		1,126		85,541
Korea Aerospace Industries Ltd.		2,253		73,735
KT&G Corp.		3,500		221,058
NCSoft Corp.		495		85,215
Orion Corp.		953		84,535
Samsung Engineering Co. Ltd.^(a)		4,602		80,928
S-Oil Corp.		1,613		79,303

				1,491,605

Spain-0.66%
Industria de Diseno Textil S.A.^(b)		33,864		1,165,103

Sweden-0.49%
Axfood AB		4,238		93,540
Evolution AB^(c)		6,316		560,730
Fortnox AB		19,620		77,513
Tele2 AB, Class B		19,072		135,094

				866,877

Switzerland-13.26%
ABB Ltd.		58,489		1,956,382
Chocoladefabriken Lindt & Spruengli AG, PC		39		430,690
DSM-Firmenich AG		5,632		509,519
EMS-Chemie Holding AG		319		217,329
Geberit AG		1,766		818,525
Kuehne + Nagel International AG, Class R		3,378		907,556
Nestle S.A.		78,900		8,501,658
Novartis AG		76,178		7,076,631
Partners Group Holding AG		1,262		1,326,830
Sandoz Group AG^(a)		1		26

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


		96

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

October 31, 2023


	Shares		Value
Switzerland-(continued)
Sika AG		5,071	$	1,208,615
Sonova Holding AG		1,687		397,628

				23,351,389

United Kingdom-11.90%
3i Group PLC		39,706		932,067
Admiral Group PLC		13,007		385,587
Auto Trader Group PLC^(c)		55,741		420,173
BP PLC		788,015		4,805,949
Burberry Group PLC		13,309		273,255
Coca-Cola Europacific Partners PLC		6,798		397,751
Croda International PLC		5,298		281,456
Diageo PLC		78,865		2,973,362
Informa PLC		48,021		414,657
Next PLC		5,155		430,618
Reckitt Benckiser Group PLC		22,890		1,528,229
RELX PLC		74,384		2,588,695
Rightmove PLC		45,090		258,800
Smiths Group PLC		9,957		194,948
St. James’s Place PLC		24,790		192,401
Unilever PLC		103,379		4,878,569

				20,956,517

United States-7.81%
GSK PLC		206,459		3,651,193
Holcim AG^(a)		18,955		1,168,064


	Shares		Value
United States-(continued)
Oracle Corp.		1,845	$	129,989
Roche Holding AG		29,561		7,596,110
Stellantis N.V.		65,395		1,216,556

				13,761,912

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.85% (Cost $177,537,094)				175,854,434


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-3.02%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		1,488,540		1,488,540
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		3,828,198		3,828,581

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $5,317,064)				5,317,121

TOTAL INVESTMENTS IN SECURITIES-102.87% (Cost $182,854,158)				181,171,555
OTHER ASSETS LESS LIABILITIES-(2.87)%				(5,052,643	)

NET ASSETS-100.00%			$	176,118,912

Investment Abbreviations:

ADR-American Depositary Receipt

CDI-CREST Depository Interest

PC-Participation Certificate

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)	All or a portion of this security was out on loan at October 31, 2023.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2023 was $2,174,137, which represented 1.23% of the Fund’s Net Assets.

^(d)


	Value October 31, 2022			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain		Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-	$	3,452,442	$	(3,452,442	)		$	-	$	-		$	-	$	1,251

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			1,950,330		26,114,685		(26,576,475	)			-		-			1,488,540		91,045	*

Invesco Private Prime Fund			5,013,788		50,864,477		(52,050,805	)			35		1,086			3,828,581		244,034	*


Total		$	6,964,118	$	80,431,604	$	(82,079,722	)		$	35	$	1,086		$	5,317,121	$	336,330

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

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


		97

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

October 31, 2023

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

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

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


		98

(This Page Intentionally Left Blank)


		99

Statements of Assets and Liabilities

October 31, 2023


	Invesco China Technology ETF (CQQQ)			Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)				Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)				Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)
Assets:
Unaffiliated investments in securities, at value^(a)		$ 685,728,055				$ 108,284,308				$ 118,053,702			$1,475,285,209
Affiliated investments in securities, at value		25,822,249				12,068,547				4,333,910			119,826,860
Foreign currencies, at value		456				169,541				2,175,093			206,866
Deposits with brokers:
Cash segregated as collateral		-				80,761				-			-
Receivable for:
Dividends		3,634				172,544				90,261			4,663,769
Securities lending		26,072				2,886				6,277			48,666
Investments sold		-				3				-			453
Fund shares sold		-				75,514				-			-
Foreign tax reclaims		-				445,734				-			2,090,340
Other assets		-				-				-			-

Total assets		711,580,466				121,299,838				124,659,243			1,602,122,163


Liabilities:
Due to custodian		283,480				468,636				2,199,844			3,245,965
Payable for:
Investments purchased		-				75,515				1			-
Collateral upon return of securities loaned		25,822,311				12,068,541				4,333,836			119,824,604
Collateral upon receipt of securities in-kind		-				80,761				-			-
Fund shares repurchased		-				-				-			-
Expenses recaptured		-				-				-			-
Accrued unitary management fees		423,631				73,125				95,468			575,069
Accrued advisory fees		-				-				-			-
Accrued trustees’ and officer’s fees		-				-				-			-
Accrued expenses		-				-				-			-
Accrued tax expenses		-				-				-			-
Other payables		-				-				-			-

Total liabilities		26,529,422				12,766,578				6,629,149			123,645,638

Net Assets	$	685,051,044			$	108,533,260			$	118,030,094		$	1,478,476,525


Net assets consist of:
Shares of beneficial interest	$	1,594,487,642			$	276,736,165			$	268,837,754		$	1,645,085,389
Distributable earnings (loss)		(909,436,598	)			(168,202,905	)			(150,807,660	)		(166,608,864	)

Net Assets	$	685,051,044			$	108,533,260			$	118,030,094		$	1,478,476,525

Shares outstanding (unlimited amount authorized, $0.01 par value)		19,750,000				3,950,000				6,750,000			35,350,000
Net asset value	$	34.69			$	27.48			$	17.49		$	41.82

Market price	$	34.67			$	27.65			$	17.46		$	42.17

Unaffiliated investments in securities, at cost	$	817,075,029			$	109,015,217			$	115,879,288		$	1,456,305,195

Affiliated investments in securities, at cost	$	25,822,311			$	12,068,541			$	4,333,836		$	119,824,604

Foreign currencies, at cost	$	456			$	170,748			$	2,179,833		$	211,740

^(a)Includes securities on loan with an aggregate value of:	$	23,358,235			$	11,570,944			$	4,099,555		$	104,866,942

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


		100


Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)				Invesco FTSE RAFI Emerging Markets ETF (PXH)				Invesco Global Clean Energy ETF (PBD)				Invesco Global Water ETF (PIO)				Invesco International BuyBack Achievers^TM ETF (IPKW)				Invesco MSCI Global Timber ETF (CUT)				Invesco MSCI Green Building ETF (GBLD)

		$ 474,704,251				$1,093,074,640				$ 131,576,669				$234,472,434				$78,319,381				$51,699,880				$ 5,860,889
		72,985,037				17,174,439				41,757,577				5,361,749				3,430,832				13,310,890				1,345,191
		385,313				11,394,255				265,094				8,510				320,548				20,037				67

		-				-				-				-				5,336,577				-				-

		1,636,654				8,882,143				51,277				353,640				123,847				109,512				25,406
		43,610				45,439				103,779				318				1,706				2,660				251
		175				348				-				-				7,324,560				-				14,845
		-								-				-				55				-				-
		416,052				4,503				71,647				200,365				155,906				168,300				-
		-				-				-				-				-				8,282				-

		550,171,092				1,130,575,767				173,826,043				240,397,016				95,013,412				65,319,561				7,246,649



		1,516,515				5,709,495				285,757				276,784				505,119				91,184				19,511

		-				3,824,285				-				-				5,422,616				-				-
		72,982,192				17,174,354				41,756,693				5,361,762				3,430,832				12,969,118				1,287,840
		-				-				-				-				5,336,577				-				-
		-				-				-				-				1,931,128				-				-
		-				-				-				-				-				5,202				-
		201,681				470,260				90,208				153,514				39,736				-				1,959
		-				-				-				-				-				22,834				-
		-				-				-				-				-				7,909				-
		-				-				-				-				-				86,070				-
		-				3,671,495				-				-				-				-				-
		4,457				5,156,879				-				-				-				-				-

		74,704,845				36,006,768				42,132,658				5,792,060				16,666,008				13,182,317				1,309,310

	$	475,466,247			$	1,094,568,999			$	131,693,385			$	234,604,956			$	78,347,404			$	52,137,244			$	5,937,339



	$	618,033,463			$	1,498,615,047			$	427,105,482			$	301,279,149			$	147,742,735			$	73,550,167			$	8,773,816
		(142,567,216	)			(404,046,048	)			(295,412,097	)			(66,674,193	)			(69,395,331	)			(21,412,923	)			(2,836,477	)

	$	475,466,247			$	1,094,568,999			$	131,693,385			$	234,604,956			$	78,347,404			$	52,137,244			$	5,937,339


		16,850,000				63,400,000				9,825,000				7,350,000				2,350,000				1,800,000				400,001
	$	28.22			$	17.26			$	13.40			$	31.92			$	33.34			$	28.97			$	14.84

	$	28.42			$	17.25			$	13.41			$	31.94			$	33.48			$	29.03			$	14.93

	$	529,538,014			$	1,166,159,771			$	210,195,400			$	223,819,456			$	84,033,863			$	53,041,719			$	8,023,606

	$	72,982,192			$	17,174,354			$	41,756,693			$	5,361,762			$	3,430,832			$	13,350,389			$	1,346,617

	$	389,927			$	11,464,979			$	267,435			$	8,581			$	320,732			$	25,448			$	67

	$	65,520,455			$	15,272,634			$	40,498,931			$	5,177,972			$	3,230,287			$	12,372,746			$	1,253,491


		101

Statements of Assets and Liabilities–(continued)

October 31, 2023


	Invesco S&P Global Water Index ETF (CGW)			Invesco S&P International Developed Quality ETF (IDHQ)
Assets:
Unaffiliated investments in securities, at value^(a)		$	839,316,213		$	175,854,434
Affiliated investments in securities, at value			27,815,400			5,317,121
Foreign currencies, at value			113,725			18,876
Deposits with brokers:
Cash segregated as collateral			-			36,311
Receivable for:
Dividends			277,515			132,262
Securities lending			3,961			2,801
Investments sold			-			20
Fund shares sold			-			34,582
Foreign tax reclaims			1,398,471			448,951
Other assets			307			-

Total assets			868,925,592			181,845,358


Liabilities:
Due to custodian			285,714			294,779
Payable for:
Investments purchased			-			34,582
Collateral upon return of securities loaned			27,814,423			5,317,064
Collateral upon receipt of securities in-kind			-			36,311
Fund shares repurchased			-			-
Expenses recaptured			-			-
Accrued unitary management fees			-			43,710
Accrued advisory fees			363,367			-
Accrued trustees’ and officer’s fees			16,353			-
Accrued expenses			362,773			-
Accrued tax expenses			-			-
Other payables			-			-

Total liabilities			28,842,630			5,726,446

Net Assets		$	840,082,962		$	176,118,912


Net assets consist of:
Shares of beneficial interest		$	839,907,072		$	205,495,317
Distributable earnings (loss)			175,890			(29,376,405	)

Net Assets		$	840,082,962		$	176,118,912

Shares outstanding (unlimited amount authorized, $0.01 par value)			18,520,000			7,000,000
Net asset value		$	45.36		$	25.16

Market price		$	45.37		$	25.35

Unaffiliated investments in securities, at cost		$	786,745,381		$	177,537,094

Affiliated investments in securities, at cost		$	27,814,423		$	5,317,064

Foreign currencies, at cost		$	120,401		$	18,897

^(a)Includes securities on loan with an aggregate value of:		$	27,229,917		$	4,776,503

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


		102

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		103

Statements of Operations

For the year ended October 31, 2023


	Invesco China Technology ETF (CQQQ)				Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)				Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)				Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)				Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)
Investment income:
Unaffiliated dividend income		$	3,941,295			$	3,465,608			$	6,305,811			$	63,763,811			$	17,989,121
Affiliated dividend income			84,424				1,691				7,439				18,413				10,602
Securities lending income, net			436,710				30,424				27,704				903,585				735,575
Foreign withholding tax			(194,864	)			(212,124	)			(962,962	)			(6,371,319	)			(1,905,498	)

Total investment income			4,267,565				3,285,599				5,377,992				58,314,490				16,829,800


Expenses:
Unitary management fees			6,119,691				1,001,229				1,323,184				6,609,690				2,684,906
Advisory fees			-				-				-				-				-
Sub-licensing fees			-				-				-				-				-
Accounting & administration fees			-				-				-				-				-
Professional fees			-				-				-				-				-
Custodian & transfer agent fees			-				-				-				-				-
Trustees’ and officer’s fees			-				-				-				-				-
Recapture (Note 3)			-				-				-				-				-
Tax expenses			-				-				-				-				-
Other expenses			-				-				-				-				-

Total expenses			6,119,691				1,001,229				1,323,184				6,609,690				2,684,906

Less: Waivers			(1,380	)			(40	)			(123	)			(567	)			(266	)

Net expenses			6,118,311				1,001,189				1,323,061				6,609,123				2,684,640

Net investment income (loss)			(1,850,746	)			2,284,410				4,054,931				51,705,367				14,145,160


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(196,039,606	)			1,933,472				4,499,967				(25,750,935	)			(17,638,881	)
Affiliated investment securities			12,379				1,471				(94	)			(11,111	)			(5,813	)
Unaffiliated in-kind redemptions			6,178,131				4,130,089				1,753,584				6,466,538				12,019,893
Affiliated in-kind redemptions			-				-				-				-				-
Foreign currencies			(161,861	)			49,760				(444,128	)			(181,781	)			(175,932	)
Distributions of underlying fund shares			-				-				-				-				-

Net realized gain (loss)			(190,010,957	)			6,114,792				5,809,329				(19,477,289	)			(5,800,733	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			250,493,516				1,481,861				8,279,082				143,770,346				41,470,020
Affiliated investment securities			(487	)			(124	)			63				3,274				4,872
Foreign currencies			(2	)			37,568				(3,374	)			158,234				21,303

Change in net unrealized appreciation (depreciation)			250,493,027				1,519,305				8,275,771				143,931,854				41,496,195

Net realized and unrealized gain (loss)			60,482,070				7,634,097				14,085,100				124,454,565				35,695,462

Net increase (decrease) in net assets resulting from operations		$	58,631,324			$	9,918,507			$	18,140,031			$	176,159,932			$	49,840,622

^(a)	Net of foreign taxes of $2,909,309.

^(b)	Net of foreign taxes of $634,684.

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


		104


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

	$	70,378,197			$	2,448,366			$	4,681,991			$	2,929,943			$	1,921,965			$	290,422			$	20,672,419			$	4,715,225
		173,533				2,114				3,484				1,023				2,636				473				7,029				1,251
		295,687				2,426,160				29,829				71,424				25,698				1,873				135,409				45,667
		(6,400,506	)			(297,633	)			(263,108	)			(255,109	)			(111,988	)			(19,045	)			(698,920	)			(452,800	)

		64,446,911				4,579,007				4,452,196				2,747,281				1,838,311				273,723				20,115,937				4,309,343



		6,242,932				1,486,998				2,035,009				444,907				-				23,587				-				427,065
		-				-				-				-				291,890				-				4,820,351				-
		-				-				-				-				74,436				-				303,561				-
		-				-				-				-				17,939				-				74,847				-
		-				-				-				-				44,161				-				47,415				-
		-				-				-				-				15,669				-				23,631				-
		-				-				-				-				10,016				-				17,028				-
		-				-				-				-				5,862				-				-				-
		-				-				1,108				-				-				-				-				-
		-				-				-				-				20,663				-				111,309				-

		6,242,932				1,486,998				2,036,117				444,907				480,636				23,587				5,398,142				427,065

		(3,702	)			(71	)			(72	)			(20	)			(87,963	)			(372	)			(214	)			(31	)

		6,239,230				1,486,927				2,036,045				444,887				392,673				23,215				5,397,928				427,034

		58,207,681				3,092,080				2,416,151				2,302,394				1,445,638				250,508				14,718,009				3,882,309




		(45,279,495	)^(a)			(40,919,872	)			(9,149,716	)			423,661				(1,034,277	)			(453,571	)			(13,248,525	)			(2,971,415	)
		1,608				3,732				(4,569	)			(1,728	)			(5,992	)			(1,128	)			(7,693	)			1,086
		12,311,372				2,748,151				11,299,523				1,617,732				1,528,625				-				85,575,910				1,615
		-				-				-				-				2,107				-				-				-
		210,473				101,043				136,439				(48,753	)			(3,253	)			(464	)			102,309				(11,428	)
		-				-				-				-				47,511				4,678				-				-

		(32,756,042	)			(38,066,946	)			2,281,677				1,990,912				534,721				(450,485	)			72,422,001				(2,980,142	)



		149,515,467	^(b)			(14,637,251	)			10,065,125				5,183,207				(1,376,216	)			(266,194	)			(70,719,103	)			12,075,946
		317				1,799				(18	)			(38	)			(20,994	)			(1,429	)			(617	)			35
		(346,433	)			6,203				23,667				10,598				10,469				(633	)			94,470				29,829

		149,169,351				(14,629,249	)			10,088,774				5,193,767				(1,386,741	)			(268,256	)			(70,625,250	)			12,105,810

		116,413,309				(52,696,195	)			12,370,451				7,184,679				(852,020	)			(718,741	)			1,796,751				9,125,668

	$	174,620,990			$	(49,604,115	)		$	14,786,602			$	9,487,073			$	593,618			$	(468,233	)		$	16,514,760			$	13,007,977


		105

Statements of Changes in Net Assets

For the years ended October 31, 2023 and 2022


	Invesco China Technology ETF (CQQQ)						Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)
	2023			2022			2023			2022

Operations:
Net investment income (loss)	$	(1,850,746	)	$	(1,562,073	)	$	2,284,410		$	2,077,956
Net realized gain (loss)		(190,010,957	)		(462,966,564	)		6,114,792			(43,311,246	)
Change in net unrealized appreciation (depreciation)		250,493,027			(376,605,766	)		1,519,305			(33,274,660	)

Net increase (decrease) in net assets resulting from operations		58,631,324			(841,134,403	)		9,918,507			(74,507,950	)


Distributions to Shareholders from:
Distributable earnings		(670,073	)		-			(2,199,157	)		(3,925,843	)


Shareholder Transactions:
Proceeds from shares sold		103,484,499			172,945,075			32,883,352			28,274,301
Value of shares repurchased		(179,557,792	)		(149,431,932	)		(33,583,440	)		(100,277,950	)
Transaction fees		553,435			892,716			-			-

Net increase (decrease) in net assets resulting from share transactions		(75,519,858	)		24,405,859			(700,088	)		(72,003,649	)

Net increase (decrease) in net assets		(17,558,607	)		(816,728,544	)		7,019,262			(150,437,442	)


Net assets:
Beginning of year		702,609,651			1,519,338,195			101,513,998			251,951,440

End of year	$	685,051,044		$	702,609,651		$	108,533,260		$	101,513,998


Changes in Shares Outstanding:
Shares sold		2,200,000			3,000,000			1,150,000			750,000
Shares repurchased		(4,300,000	)		(3,200,000	)		(1,100,000	)		(3,150,000	)
Shares outstanding, beginning of year		21,850,000			22,050,000			3,900,000			6,300,000

Shares outstanding, end of year		19,750,000			21,850,000			3,950,000			3,900,000

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


		106


Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)						Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)								Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)								Invesco FTSE RAFI Emerging Markets ETF (PXH)
2023			2022			2023				2022				2023				2022				2023				2022


$	4,054,931		$	5,078,232			$	51,705,367			$	36,489,887			$	14,145,160			$	12,372,281			$	58,207,681			$	72,967,685
	5,809,329			(44,728,050	)			(19,477,289	)			11,475,160				(5,800,733	)			1,553,534				(32,756,042	)			(77,230,538	)
	8,275,771			(34,871,479	)			143,931,854				(265,604,524	)			41,496,195				(164,637,804	)			149,169,351				(368,884,411	)

	18,140,031			(74,521,297	)			176,159,932				(217,639,477	)			49,840,622				(150,711,989	)			174,620,990				(373,147,264	)



	(3,777,465	)		(6,385,828	)			(50,508,745	)			(56,137,305	)			(15,381,159	)			(16,160,202	)			(59,342,500	)			(87,622,863	)



	22,859,588			33,108,779				246,714,932				343,704,424				14,192,205				305,752,400				10,977,479				520,451,725
	(44,907,905	)		(41,730,730	)			(24,507,745	)			(139,666,614	)			(62,362,283	)			(84,459,440	)			(238,230,978	)			(214,644,247	)
	122,808			178,579				80,392				88,225				14,683				81,683				303,421				700,528

	(21,925,509	)		(8,443,372	)			222,287,579				204,126,035				(48,155,395	)			221,374,643				(226,950,078	)			306,508,006

	(7,562,943	)		(89,350,497	)			347,938,766				(69,650,747	)			(13,695,932	)			54,502,452				(111,671,588	)			(154,262,121	)



	125,593,037			214,943,534				1,130,537,759				1,200,188,506				489,162,179				434,659,727				1,206,240,587				1,360,502,708

$	118,030,094		$	125,593,037			$	1,478,476,525			$	1,130,537,759			$	475,466,247			$	489,162,179			$	1,094,568,999			$	1,206,240,587



	1,250,000			1,450,000				5,850,000				8,300,000				500,000				9,500,000				600,000				27,050,000
	(2,400,000	)		(2,150,000	)			(550,000	)			(3,150,000	)			(2,000,000	)			(2,550,000	)			(13,350,000	)			(11,550,000	)
	7,900,000			8,600,000				30,050,000				24,900,000				18,350,000				11,400,000				76,150,000				60,650,000

	6,750,000			7,900,000				35,350,000				30,050,000				16,850,000				18,350,000				63,400,000				76,150,000


		107

Statements of Changes in Net Assets–(continued)

For the years ended October 31, 2023 and 2022


	Invesco Global Clean Energy ETF (PBD)						Invesco Global Water ETF (PIO)
	2023			2022			2023			2022

Operations:
Net investment income	$	3,092,080		$	2,971,425		$	2,416,151		$	2,658,850
Net realized gain (loss)		(38,066,946	)		(76,665,090	)		2,281,677			(16,125,579	)
Change in net unrealized appreciation (depreciation)		(14,629,249	)		(71,102,510	)		10,088,774			(72,826,253	)

Net increase (decrease) in net assets resulting from operations		(49,604,115	)		(144,796,175	)		14,786,602			(86,292,982	)


Distributions to Shareholders from:
Distributable earnings		(6,009,522	)		(3,615,255	)		(2,520,644	)		(3,609,219	)
Return of capital		-			-			-			-

Total distributions to shareholders		(6,009,522	)		(3,615,255	)		(2,520,644	)		(3,609,219	)


Shareholder Transactions:
Proceeds from shares sold		-			7,715,450			-			31,091,667
Value of shares repurchased		(29,435,232	)		(42,210,220	)		(34,948,695	)		(6,934,994	)
Transaction fees		14,283			14,718			2,356			2,911

Net increase (decrease) in net assets resulting from share transactions		(29,420,949	)		(34,480,052	)		(34,946,339	)		24,159,584

Net increase (decrease) in net assets		(85,034,586	)		(182,891,482	)		(22,680,381	)		(65,742,617	)


Net assets:
Beginning of year		216,727,971			399,619,453			257,285,337			323,027,954

End of year	$	131,693,385		$	216,727,971		$	234,604,956		$	257,285,337


Changes in Shares Outstanding:
Shares sold		-			350,000			-			800,000
Shares repurchased		(1,600,000	)		(1,700,000	)		(1,000,000	)		(200,000	)
Shares outstanding, beginning of year		11,425,000			12,775,000			8,350,000			7,750,000

Shares outstanding, end of year		9,825,000			11,425,000			7,350,000			8,350,000

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


		108


Invesco International BuyBack Achievers^TMETF (IPKW)						Invesco MSCI Global Timber ETF (CUT)						Invesco MSCI Green Building ETF (GBLD)						Invesco S&P Global Water Index ETF (CGW)
2023			2022			2023			2022			2023			2022			2023			2022



$	2,302,394		$	3,127,706		$	1,445,638		$	1,606,588		$	250,508		$	166,520		$	14,718,009		$	12,544,693
	1,990,912			(26,410,957	)		534,721			6,256,984			(450,485	)		(234,786	)		72,422,001			(16,826,341	)
	5,193,767			(4,107,446	)		(1,386,741	)		(22,097,502	)		(268,256	)		(1,651,648	)		(70,625,250	)		(254,546,079	)

	9,487,073			(27,390,697	)		593,618			(14,233,930	)		(468,233	)		(1,719,914	)		16,514,760			(258,827,727	)



	(2,221,342	)		(9,566,307	)		(1,560,660	)		(1,454,000	)		(253,373	)		(174,785	)		(13,784,941	)		(20,088,093	)
	-			-			-			-			-			(26,115	)		-			-

	(2,221,342	)		(9,566,307	)		(1,560,660	)		(1,454,000	)		(253,373	)		(200,900	)		(13,784,941	)		(20,088,093	)




	29,985,637			14,961,759			-			5,213,349			1,730,816			2,085,059			101,723,809			55,189,956
	(39,692,142	)		(21,886,121	)		(7,552,564	)		(20,907,491	)		-			-			(197,367,725	)		(42,623,484	)
	2,838			6,640			395			3,660			-			-			3,321			1,588

	(9,703,667	)		(6,917,722	)		(7,552,169	)		(15,690,482	)		1,730,816			2,085,059			(95,640,595	)		12,568,060

	(2,437,936	)		(43,874,726	)		(8,519,211	)		(31,378,412	)		1,009,210			164,245			(92,910,776	)		(266,347,760	)



	80,785,340			124,660,066			60,656,455			92,034,867			4,928,129			4,763,884			932,993,738			1,199,341,498

$	78,347,404		$	80,785,340		$	52,137,244		$	60,656,455		$	5,937,339		$	4,928,129		$	840,082,962		$	932,993,738



	850,000			400,000			-			150,000			100,000			100,000			2,000,000			960,000
	(1,150,000	)		(600,000	)		(250,000	)		(650,000	)		-			-			(3,920,000	)		(880,000	)
	2,650,000			2,850,000			2,050,000			2,550,000			300,001			200,001			20,440,000			20,360,000

	2,350,000			2,650,000			1,800,000			2,050,000			400,001			300,001			18,520,000			20,440,000


		109

Statements of Changes in Net Assets–(continued)

For the years ended October 31, 2023 and 2022


	Invesco S&P International Developed Quality ETF (IDHQ)
	2023			2022

Operations:
Net investment income	$	3,882,309		$	3,303,241
Net realized gain (loss)		(2,980,142	)		(14,247,548	)
Change in net unrealized appreciation (depreciation)		12,105,810			(26,334,918	)

Net increase (decrease) in net assets resulting from operations		13,007,977			(37,279,225	)


Distributions to Shareholders from:
Distributable earnings		(3,884,122	)		(3,802,505	)


Shareholder Transactions:
Proceeds from shares sold		74,725,773			49,580,715
Value of shares repurchased		-			(30,759,251	)
Transaction fees		3,623			3,973

Net increase in net assets resulting from share transactions		74,729,396			18,825,437

Net increase (decrease) in net assets		83,853,251			(22,256,293	)


Net assets:
Beginning of year		92,265,661			114,521,954

End of year	$	176,118,912		$	92,265,661


Changes in Shares Outstanding:
Shares sold		2,850,000			1,650,000
Shares repurchased		-			(1,150,000	)
Shares outstanding, beginning of year		4,150,000			3,650,000

Shares outstanding, end of year		7,000,000			4,150,000

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


		110

Financial Highlights

Invesco China Technology ETF (CQQQ)


	Years Ended October 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of year	$	32.16		$	68.90		$	73.98		$	47.88		$	40.55

Net investment income (loss)^(a)		(0.09	)		(0.07	)		(0.15	)		(0.06	)		0.04
Net realized and unrealized gain (loss) on investments		2.62			(36.71	)		(4.54	)		26.17			7.46

Total from investment operations		2.53			(36.78	)		(4.69	)		26.11			7.50

Distributions to shareholders from:
Net investment income		(0.03	)		-			(0.39	)		(0.01	)		(0.17	)

Transaction fees^(a)		0.03			0.04			-			-			-

Net asset value at end of year	$	34.69		$	32.16		$	68.90		$	73.98		$	47.88

Market price at end of year^(b)	$	34.67		$	31.96		$	68.25		$	74.34		$	47.67

Net Asset Value Total Return^(c)		7.95	%		(53.32	)%		(6.41	)%		54.53	%		18.59	%
Market Price Total Return^(c)		8.56	%		(53.17	)%		(7.75	)%		55.97	%		17.32	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	685,051		$	702,610		$	1,519,338		$	1,043,162		$	509,964
Ratio to average net assets of:
Expenses		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Net investment income (loss)		(0.21	)%		(0.14	)%		(0.19	)%		(0.09	)%		0.09	%
Portfolio turnover rate^(d)		58	%		58	%		54	%		38	%		80	%

^(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.

Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)


	Years Ended October 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of year	$	26.03		$	39.99		$	29.82		$	27.18		$	24.53

Net investment income^(a)		0.54			0.40			0.22	^(b)		0.13			0.30
Net realized and unrealized gain (loss) on investments		1.42			(13.59	)		10.12			2.77			2.70

Total from investment operations		1.96			(13.19	)		10.34			2.90			3.00

Distributions to shareholders from:
Net investment income		(0.51	)		(0.77	)		(0.17	)		(0.26	)		(0.35	)

Net asset value at end of year	$	27.48		$	26.03		$	39.99		$	29.82		$	27.18

Market price at end of year^(c)	$	27.65		$	26.00		$	40.09		$	29.77		$	27.10

Net Asset Value Total Return^(d)		7.40	%		(33.25	)%		34.70	%		10.82	%		12.31	%
Market Price Total Return^(d)		8.18	%		(33.49	)%		35.26	%		10.96	%		12.25	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	108,533		$	101,514		$	251,951		$	155,043		$	175,327
Ratio to average net assets of:
Expenses		0.80	%		0.80	%		0.80	%		0.80	%		0.81	%
Net investment income		1.83	%		1.22	%		0.59	%^(b)		0.47	%		1.18	%
Portfolio turnover rate^(e)		144	%		152	%		161	%		115	%		106	%

^(a)	Based on average shares outstanding.

^(b)

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

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

^(d)

^(e)	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.


		111

Financial Highlights–(continued)

Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)


	Years Ended October 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of year	$	15.90		$	24.99		$	19.56		$	18.59		$	16.12

Net investment income^(a)		0.51			0.57	^(b)		0.19			0.23			0.36	^(c)
Net realized and unrealized gain (loss) on investments		1.56			(8.97	)		5.52			1.07			2.51

Total from investment operations		2.07			(8.40	)		5.71			1.30			2.87

Distributions to shareholders from:
Net investment income		(0.50	)		(0.71	)		(0.30	)		(0.34	)		(0.41	)

Transaction fees^(a)		0.02			0.02			0.02			0.01			0.01

Net asset value at end of year	$	17.49		$	15.90		$	24.99		$	19.56		$	18.59

Market price at end of year^(d)	$	17.46		$	15.85		$	24.81		$	19.60		$	18.51

Net Asset Value Total Return^(e)		12.98	%		(34.05	)%		29.35	%		7.08	%		18.23	%
Market Price Total Return^(e)		13.16	%		(33.79	)%		28.17	%		7.77	%		18.03	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	118,030		$	125,593		$	214,944		$	155,489		$	168,210
Ratio to average net assets of:
Expenses		0.90	%		0.90	%		0.90	%		0.90	%		0.91	%^(f)
Net investment income		2.76	%		2.66	%^(b)		0.79	%		1.25	%		2.13	%^(c)(f)
Portfolio turnover rate^(g)		150	%		169	%		198	%		155	%		158	%

^(a)	Based on average shares outstanding.

^(b)

^(c)

Net Investment income per share and the ratio of net investment income to average net assets include a non-cash taxable distribution received during the year. Net investment income per share and the ratio of net investment income to average net assets excluding the non-cash taxable distribution are $0.24 and 1.39%, respectively.

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

^(e)

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

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

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


		112

Financial Highlights–(continued)

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


	Years Ended October 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of year	$	37.62		$	48.20		$	34.17		$	40.99		$	40.04

Net investment income^(a)		1.54			1.40			1.42			0.94			1.45
Net realized and unrealized gain (loss) on investments		4.15			(9.83	)		13.72			(6.85	)		1.10

Total from investment operations		5.69			(8.43	)		15.14			(5.91	)		2.55

Distributions to shareholders from:
Net investment income		(1.49	)		(2.15	)		(1.11	)		(0.92	)		(1.60	)

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

Net asset value at end of year	$	41.82		$	37.62		$	48.20		$	34.17		$	40.99

Market price at end of year^(c)	$	42.17		$	37.71		$	48.22		$	34.25		$	40.86

Net Asset Value Total Return^(d)		15.00	%		(17.95	)%		44.49	%		(14.26	)%		6.58	%
Market Price Total Return^(d)		15.68	%		(17.81	)%		44.22	%		(13.80	)%		6.41	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	1,478,477		$	1,130,538		$	1,200,189		$	871,403		$	1,246,076
Ratio to average net assets of:
Expenses		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
Net investment income		3.52	%		3.24	%		3.09	%		2.57	%		3.64	%
Portfolio turnover rate^(e)		12	%		16	%		17	%		11	%		15	%

^(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)	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.


		113

Financial Highlights–(continued)

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


	Years Ended October 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of year	$	26.66		$	38.13		$	28.93		$	30.67		$	29.48

Net investment income^(a)		0.79			0.81			0.65			0.60			0.70
Net realized and unrealized gain (loss) on investments		1.63			(11.23	)		9.25			(1.70	)		1.24

Total from investment operations		2.42			(10.42	)		9.90			(1.10	)		1.94

Distributions to shareholders from:
Net investment income		(0.86	)		(1.06	)		(0.70	)		(0.64	)		(0.75	)

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

Net asset value at end of year	$	28.22		$	26.66		$	38.13		$	28.93		$	30.67

Market price at end of year^(c)	$	28.42		$	26.68		$	38.41		$	28.94		$	30.42

Net Asset Value Total Return^(d)		8.88	%		(27.72	)%		34.34	%		(3.36	)%		6.72	%
Market Price Total Return^(d)		9.58	%		(28.21	)%		35.26	%		(2.53	)%		5.85	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	475,466		$	489,162		$	434,660		$	308,106		$	328,155
Ratio to average net assets of:
Expenses		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%
Net investment income		2.58	%		2.55	%		1.77	%		2.09	%		2.36	%
Portfolio turnover rate^(e)		31	%		32	%		31	%		26	%		27	%

^(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)	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.


		114

Financial Highlights–(continued)

Invesco FTSE RAFI Emerging Markets ETF (PXH)


	Years Ended October 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of year	$	15.84		$	22.43		$	17.51		$	20.95		$	20.02

Net investment income^(a)		0.84			1.06	^(b)		0.92			0.59			0.72
Net realized and unrealized gain (loss) on investments		1.45			(6.37	)		4.63			(3.40	)		0.92

Total from investment operations		2.29			(5.31	)		5.55			(2.81	)		1.64

Distributions to shareholders from:
Net investment income		(0.87	)		(1.29	)		(0.64	)		(0.63	)		(0.71	)

Transaction fees^(a)		0.00	^(c)		0.01			0.01			0.00	^(c)		0.00	^(c)

Net asset value at end of year	$	17.26		$	15.84		$	22.43		$	17.51		$	20.95

Market price at end of year^(d)	$	17.25		$	15.85		$	22.34		$	17.51		$	20.93

Net Asset Value Total Return^(e)		14.21	%		(24.47	)%		31.79	%		(13.44	)%		8.31	%
Market Price Total Return^(e)		14.09	%		(24.14	)%		31.28	%		(13.36	)%		8.14	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	1,094,569		$	1,206,241		$	1,360,503		$	969,844		$	1,277,150
Ratio to average net assets of:
Expenses		0.49	%		0.49	%		0.49	%^(f)		0.49	%^(f)		0.49	%^(f)
Net investment income		4.57	%		5.39	%^(b)		4.11	%		3.14	%		3.48	%
Portfolio turnover rate^(g)		21	%		36	%		34	%		22	%		29	%

^(a)	Based on average shares outstanding.

^(b)

^(c)	Amount represents less than $0.005.

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

^(e)

^(f)

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

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


		115

Financial Highlights–(continued)

Invesco Global Clean Energy ETF (PBD)


	Years Ended October 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of year	$	18.97		$	31.28		$	22.89		$	12.66		$	10.97

Net investment income^(a)		0.29			0.25			0.16			0.19			0.21
Net realized and unrealized gain (loss) on investments		(5.30	)		(12.25	)		8.37			10.30			1.72

Total from investment operations		(5.01	)		(12.00	)		8.53			10.49			1.93

Distributions to shareholders from:
Net investment income		(0.56	)		(0.31	)		(0.14	)		(0.26	)		(0.24	)

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

Net asset value at end of year	$	13.40		$	18.97		$	31.28		$	22.89		$	12.66

Market price at end of year^(c)	$	13.41		$	18.89		$	31.31		$	22.92		$	12.56

Net Asset Value Total Return^(d)		(27.24	)%		(38.52	)%		37.31	%		84.06	%		17.86	%
Market Price Total Return^(d)		(26.86	)%		(38.83	)%		37.26	%		85.77	%		17.16	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	131,693		$	216,728		$	399,619		$	124,178		$	49,675
Ratio to average net assets of:
Expenses		0.75	%		0.75	%		0.75	%		0.75	%		0.77	%^(e)
Net investment income		1.56	%		1.09	%		0.52	%		1.20	%		1.74	%^(e)
Portfolio turnover rate^(f)		64	%		67	%		74	%		56	%		59	%

^(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 0.02%.

^(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.


		116

Financial Highlights–(continued)

Invesco Global Water ETF (PIO)


	Years Ended October 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of year	$	30.81		$	41.68		$	31.17		$	28.94		$	23.73

Net investment income^(a)		0.31			0.32			0.58	^(b)		0.25			0.38
Net realized and unrealized gain (loss) on investments		1.12			(10.75	)		10.35			2.27			5.25

Total from investment operations		1.43			(10.43	)		10.93			2.52			5.63

Distributions to shareholders from:
Net investment income		(0.32	)		(0.44	)		(0.42	)		(0.29	)		(0.42	)

Transaction fees^(a)		0.00	^(c)		0.00	^(c)		0.00	^(c)		0.00	^(c)		0.00	^(c)

Net asset value at end of year	$	31.92		$	30.81		$	41.68		$	31.17		$	28.94

Market price at end of year^(d)	$	31.94		$	30.89		$	41.72		$	31.18		$	28.84

Net Asset Value Total Return^(e)		4.57	%		(25.14	)%		35.17	%		8.76	%		23.90	%
Market Price Total Return^(e)		4.37	%		(25.02	)%		35.26	%		9.16	%		23.68	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	234,605		$	257,285		$	323,028		$	207,262		$	195,314
Ratio to average net assets of:
Expenses		0.75	%		0.75	%		0.75	%		0.75	%		0.76	%^(f)
Net investment income		0.89	%		0.91	%		1.52	%^(b)		0.86	%		1.45	%^(f)
Portfolio turnover rate^(g)		40	%		35	%		31	%		30	%		32	%

^(a)	Based on average shares outstanding.

^(b)

^(c)	Amount represents less than $0.005.

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

^(e)

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

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

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


		117

Financial Highlights–(continued)

Invesco International BuyBack Achievers^TM ETF (IPKW)


	Years Ended October 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of year	$	30.49		$	43.74		$	31.35		$	32.20		$	31.00

Net investment income^(a)		0.98			1.12			2.55	^(b)		0.57			0.76
Net realized and unrealized gain (loss) on investments		2.79			(10.90	)		10.57			(0.82	)		1.38

Total from investment operations		3.77			(9.78	)		13.12			(0.25	)		2.14

Distributions to shareholders from:
Net investment income		(0.92	)		(3.47	)		(0.73	)		(0.61	)		(0.94	)

Transaction fees^(a)		0.00	^(c)		0.00	^(c)		0.00	^(c)		0.01			0.00	^(c)

Net asset value at end of year	$	33.34		$	30.49		$	43.74		$	31.35		$	32.20

Market price at end of year^(d)	$	33.48		$	30.48		$	43.78		$	31.42		$	32.05

Net Asset Value Total Return^(e)		12.35	%		(23.55	)%		41.90	%		(0.30	)%		7.10	%
Market Price Total Return^(e)		12.85	%		(23.65	)%		41.72	%		0.37	%		6.74	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	78,347		$	80,785		$	124,660		$	92,470		$	141,692
Ratio to average net assets of:
Expenses		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Net investment income		2.85	%		3.08	%		5.98	%^(b)		1.86	%		2.44	%
Portfolio turnover rate^(f)		97	%		101	%		113	%		88	%		99	%

^(a)	Based on average shares outstanding.

^(b)

^(c)	Amount represents less than $0.005.

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

^(e)

^(f)	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.


		118

Financial Highlights–(continued)

Invesco MSCI Global Timber ETF (CUT)


	Years Ended October 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of year	$	29.59		$	36.09		$	27.82		$	27.65		$	27.98

Net investment income^(a)		0.75			0.68			0.55			0.53			0.72
Net realized and unrealized gain (loss) on investments		(0.59	)		(6.60	)		8.27			0.40			(0.23	)

Total from investment operations		0.16			(5.92	)		8.82			0.93			0.49

Distributions to shareholders from:
Net investment income		(0.78	)		(0.58	)		(0.55	)		(0.77	)		(0.82	)

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

Net asset value at end of year	$	28.97		$	29.59		$	36.09		$	27.82		$	27.65

Market price at end of year^(c)	$	29.03		$	29.53		$	36.09		$	27.81		$	27.56

Net Asset Value Total Return^(d)		0.44	%		(16.65	)%		31.90	%		3.29	%		2.32	%
Market Price Total Return^(d)		0.85	%		(16.82	)%		31.95	%		3.60	%		2.14	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	52,137		$	60,656		$	92,035		$	75,101		$	134,093
Ratio to average net assets of:
Expenses, after Waivers		0.67	%		0.61	%		0.60	%		0.55	%		0.56	%^(e)
Expenses, prior to Waivers		0.82	%		0.69	%		0.68	%		0.72	%		0.68	%^(e)
Net investment income		2.48	%		1.99	%		1.51	%		2.00	%		2.70	%^(e)
Portfolio turnover rate^(f)		10	%		15	%		14	%		10	%		18	%

^(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.


		119

Financial Highlights–(continued)

Invesco MSCI Green Building ETF (GBLD)


	Years Ended October 31,								For the Period April 20, 2021^(a) Through October 31,
	2023				2022				2021
Per Share Operating Performance:
Net asset value at beginning of period		$	16.43			$	23.82			$	25.00

Net investment income^(b)			0.70				0.69				0.44
Net realized and unrealized gain (loss) on investments			(1.59	)			(7.21	)			(1.21	)

Total from investment operations			(0.89	)			(6.52	)			(0.77	)

Distributions to shareholders from:
Net investment income			(0.70	)			(0.76	)			(0.41	)
Return of capital			-				(0.11	)			-

Total distributions			(0.70	)			(0.87	)			(0.41	)

Net asset value at end of period		$	14.84			$	16.43			$	23.82

Market price at end of period^(c)		$	14.93			$	16.44			$	23.89

Net Asset Value Total Return^(d)			(5.79	)%			(28.05	)%			(3.13	)%^(e)
Market Price Total Return^(d)			(5.28	)%			(28.22	)%			(2.84	)%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	5,937			$	4,928			$	4,764
Ratio to average net assets of:
Expenses, after Waivers			0.38	%			0.39	%			0.39	%
Expenses, prior to Waivers			0.39	%			0.39	%			0.39	%
Net investment income			4.14	%			3.40	%			3.34	%^(f)
Portfolio turnover rate^(g)			23	%			17	%			25	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (April 22, 2021, the first day of trading on the exchange) to October 31, 2021 was (2.74)%. The market price total return from Fund Inception to October 31, 2021 was (2.30)%.

^(f)	Annualized.

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

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


		120

Financial Highlights–(continued)

Invesco S&P Global Water Index ETF (CGW)


	Years Ended October 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of year	$	45.65		$	58.91		$	41.43		$	39.55		$	32.32

Net investment income^(a)		0.75			0.61			1.08	^(b)		0.63			0.64
Net realized and unrealized gain (loss) on investments		(0.36	)^(c)		(12.91	)		17.06			1.86			7.26

Total from investment operations.		0.39			(12.30	)		18.14			2.49			7.90

Distributions to shareholders from:
Net investment income		(0.68	)		(0.96	)		(0.66	)		(0.61	)		(0.67	)

Transaction fees^(a)		0.00	^(d)		0.00	^(d)		0.00	^(d)		0.00	^(d)		0.00	^(d)

Net asset value at end of year	$	45.36		$	45.65		$	58.91		$	41.43		$	39.55

Market price at end of year^(e)	$	45.37		$	45.66		$	59.04		$	41.54		$	39.54

Net Asset Value Total Return^(f)		0.81	%		(21.21	)%		44.25	%		6.31	%		25.10	%
Market Price Total Return^(f)		0.81	%		(21.37	)%		44.18	%		6.62	%		25.27	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	840,083		$	932,994		$	1,199,341		$	710,871		$	741,918
Ratio to average net assets of:
Expenses		0.56	%		0.57	%		0.57	%		0.57	%		0.59	%
Net investment income		1.53	%		1.20	%		2.08	%^(b)		1.61	%		1.82	%
Portfolio turnover rate^(g)		36	%		35	%		15	%		15	%		13	%

^(a)	Based on average shares outstanding.

^(b)

^(c)	Net gains (losses) on securities (both realized and unrealized) per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

^(d)	Amount represents less than $0.005.

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

^(f)

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

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


		121

Financial Highlights–(continued)

Invesco S&P International Developed Quality ETF (IDHQ)


	Years Ended October 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of year	$	22.23		$	31.38		$	25.01		$	24.47		$	21.36

Net investment income^(a)		0.69			0.76			0.63			0.46			0.54
Net realized and unrealized gain (loss) on investments		2.91			(9.05	)		6.39			0.55			3.16

Total from investment operations		3.60			(8.29	)		7.02			1.01			3.70

Distributions to shareholders from:
Net investment income		(0.67	)		(0.86	)		(0.65	)		(0.47	)		(0.59	)

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

Net asset value at end of year	$	25.16		$	22.23		$	31.38		$	25.01		$	24.47

Market price at end of year^(c)	$	25.35		$	22.23		$	31.53		$	25.00		$	24.53

Net Asset Value Total Return^(d)		16.13	%		(26.69	)%		28.19	%		4.42	%		17.58	%
Market Price Total Return^(d)		17.00	%		(27.04	)%		28.85	%		4.09	%		18.14	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	176,119		$	92,266		$	114,522		$	100,021		$	47,726
Ratio to average net assets of:
Expenses		0.29	%		0.29	%		0.29	%		0.29	%		0.31	%^(e)
Net investment income		2.64	%		2.85	%		2.09	%		1.83	%		2.38	%^(e)
Portfolio turnover rate^(f)		50	%		62	%		61	%		42	%		54	%

^(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 0.02%.

^(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.


		122

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

October 31, 2023

NOTE 1–Organization


Full Name		Short Name

Invesco China Technology ETF (CQQQ)		“China Technology ETF”

Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)*		“Dorsey Wright Developed Markets Momentum ETF”

Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)**		“Dorsey Wright Emerging Markets Momentum ETF”

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

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

Invesco FTSE RAFI Emerging Markets ETF (PXH)		“FTSE RAFI Emerging Markets ETF”

Invesco Global Clean Energy ETF (PBD)		“Global Clean Energy ETF”

Invesco Global Water ETF (PIO)		“Global Water ETF”

Invesco International BuyBack Achievers^TMETF (IPKW)		“International BuyBack Achievers^TMETF”

Invesco MSCI Global Timber ETF (CUT)		“MSCI Global Timber ETF”

Invesco MSCI Green Building ETF (GBLD)		“MSCI Green Building ETF”

Invesco S&P Global Water Index ETF (CGW)		“S&P Global Water Index ETF”

Invesco S&P International Developed Quality ETF (IDHQ)		“S&P International Developed Quality ETF”

*	Effective after the close of markets on August 25, 2023, the Fund’s name changed from Invesco DWA Developed Markets Momentum ETF to Invesco Dorsey Wright Developed Markets Momentum ETF.

**	Effective after the close of markets on August 25, 2023, the Fund’s name changed from Invesco DWA Emerging Markets Momentum ETF to Invesco Dorsey Wright Emerging Markets Momentum ETF.


Fund		Exchange

China Technology ETF		NYSE Arca, Inc.

Dorsey Wright Developed Markets Momentum ETF		The Nasdaq Stock Market LLC

Dorsey Wright Emerging Markets Momentum ETF		The Nasdaq Stock Market LLC

FTSE RAFI Developed Markets ex-U.S. ETF		NYSE Arca, Inc.

FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		NYSE Arca, Inc.

FTSE RAFI Emerging Markets ETF		NYSE Arca, Inc.

Global Clean Energy ETF		NYSE Arca, Inc.

Global Water ETF		The Nasdaq Stock Market LLC

International BuyBack Achievers^TMETF		The Nasdaq Stock Market LLC

MSCI Global Timber ETF		NYSE Arca, Inc.

MSCI Green Building ETF		NYSE Arca, Inc.

S&P Global Water Index ETF		NYSE Arca, Inc.

S&P International Developed Quality ETF		NYSE Arca, Inc.


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


Fund		Underlying Index

China Technology ETF		FTSE China Incl A 25% Technology Capped Index

Dorsey Wright Developed Markets Momentum ETF		Dorsey Wright^®Developed Markets Technical Leaders Index

Dorsey Wright Emerging Markets Momentum ETF		Dorsey Wright^®Emerging Markets Technical Leaders Index

FTSE RAFI Developed Markets ex-U.S. ETF		FTSE RAFI^TMDeveloped ex U.S. 1000 Index

FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		FTSE RAFI^TMDeveloped ex U.S. Mid-Small 1500 Index

FTSE RAFI Emerging Markets ETF		FTSE RAFI^TMEmerging Index

Global Clean Energy ETF		WilderHill New Energy Global Innovation Index

Global Water ETF		Nasdaq OMX Global Water Index^SM

International BuyBack Achievers^TMETF		Nasdaq International BuyBack Achievers^TMIndex

MSCI Global Timber ETF		MSCI ACWI IMI Timber Select Capped Index

MSCI Green Building ETF		MSCI Global Green Building Index

S&P Global Water Index ETF		S&P Global Water Index

S&P International Developed Quality ETF		S&P Quality Developed ex-U.S. LargeMidCap Index

NOTE 2–Significant Accounting Policies

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

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

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


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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 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.

Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.


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

Expenses - Each Fund (except for MSCI Global Timber ETF and S&P Global Water Index ETF) has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays 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 the Adviser (an “Interested Trustee”), or (iii) any other matters that directly benefit the Adviser).

MSCI Global Timber ETF and S&P Global Water Index ETF are responsible for all of their own expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, brokerage commissions and other expenses connected with executions of portfolio transactions, licensing fees related to their respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board


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members and officers who are not “interested persons” (as defined in the 1940 Act) of the Trust or the Adviser (the “Independent Trustees”), expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

Expenses of the Trust that are directly identifiable to a specific Fund, including expenses that are excluded from a Fund’s unitary management fee, are applied to that Fund. Expenses of the Trust that are not readily identifiable to a specific Fund, including expenses that are excluded from a Fund’s unitary management fee, 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.

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

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended October 31, 2023, each Fund (except for Dorsey Wright Developed Markets Momentum ETF, Dorsey Wright Emerging Markets Momentum ETF, FTSE RAFI Developed Markets ex-U.S. ETF, FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF and International BuyBack AchieversTM ETF) had affiliated securities lending transactions with Invesco.


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Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each applicable Fund as listed below:


	Amount

China Technology ETF		$2,273

FTSE RAFI Emerging Markets ETF		525

Global Clean Energy ETF		95,485

Global Water ETF		338

MSCI Global Timber ETF		604

MSCI Green Building ETF		99

S&P Global Water Index ETF		3,977

S&P International Developed Quality ETF		198

L.	Other Risks

ADR and GDR Risk. Certain Funds may invest in American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

China Investment Risk. Investments in companies located or operating in Greater China (normally considered to be the geographical area that includes mainland China, Hong Kong, Macau and Taiwan) involve risks and considerations not typically associated with investments in the U.S. and other Western nations, such as greater government control over the economy; political, legal and regulatory uncertainty; nationalization, expropriation, or confiscation of property; difficulty in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; limited legal remedies for shareholders; alteration or discontinuation of economic reforms; military conflicts, either internal or with other countries; inflation, currency fluctuations and fluctuations in inflation and interest rates


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that may have negative effects on the economy and securities markets of Greater China; and Greater China’s dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country within Greater China may impact the other countries in the region or Greater China as a whole. Export growth continues to be a major driver of China’s rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of additional tariffs or other trade barriers (or the threat thereof), including as a result of trade tensions between China and the United States, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by a Fund. Further, health events, such as disease outbreaks and pandemics, may cause uncertainty and volatility in the Chinese economy, especially in the consumer discretionary (leisure, retail, gaming, tourism), industrials, and commodities sectors. Additionally, any difficulties of the Public Company Accounting Oversight Board (“PCAOB”) to inspect audit work papers and practices of PCAOB-registered accounting firms in China with respect to their audit work of U.S. reporting companies may impose significant additional risks associated with investments in China.


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imposed by the U.S. Government and the United Nations and/or in countries the U.S. Government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. Government identifies as state sponsors of terrorism or subjects to sanctions.

Green Building Investing Risk. Companies involved in “green building” face many of the risk factors associated generally with the building and construction industry, including that such companies may be significantly affected by changes in government spending or regulation, zoning laws, economic conditions and world events, interest rates, taxation, real estate values and overbuilding. Such companies may be impacted by the supply and demand both for their specific products or services and for industrial sector products in general. In addition, such companies face risks specific to sustainable or “green” building, including: building costs may be more expensive for green buildings as compared to conventional buildings; green construction materials may not be readily available; the costs associated with obtaining third-party certification; and the failure to continue to meet certification standards. The technology and methods for green building are relatively new, and there is uncertainty surrounding the longevity and warranty of new products and/or the use of relatively untested materials. Moreover, there remains uncertainty about how the regulatory environment might evolve with respect to green building.

Non-Diversified Fund Risk. Because China Technology ETF, Global Water ETF, International BuyBack AchieversTM ETF, MSCI Global Timber ETF, MSCI Green Building ETF and S&P Global Water Index ETF are non-diversified, and to the extent certain Funds become non-diversified, and can invest a greater portion of their respective assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.


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to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

REIT Risk. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT’s shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and REIT shareholders will incur a proportionate share of the underlying expenses.

Thematic Investing Risk. Certain Funds rely on the index provider for their respective Underlying Index to identify securities that provide exposure to specific environmental themes, as set forth in the Underlying Index methodology. A Fund’s performance may suffer if such securities are not correctly identified. Performance may also suffer if the securities included in an Underlying Index do not benefit from the development of the applicable environmental theme. Further, to the extent that an index provider evaluates environmental, social and governance (“ESG”) factors as part of an Underlying Index’s methodology, there is a risk that information used by the index provider to evaluate these ESG factors may not be readily available, complete or accurate. This could negatively impact the index provider’s ability to apply its ESG standards when compiling the Underlying Index, and which may negatively impact a Fund’s performance. Performance may also be impacted by the inclusion of non-theme relevant exposures in an Underlying Index. There is no guarantee that an Underlying Index will reflect complete exposure to any particular environmental theme.

NOTE 3–Investment Advisory Agreements and Other Agreements

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

Pursuant to an Investment Advisory Agreement, each Fund listed below accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays 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 an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:


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

China Technology ETF		0.70%

Dorsey Wright Developed Markets Momentum ETF		0.80%

Dorsey Wright Emerging Markets Momentum ETF		0.90%

FTSE RAFI Developed Markets ex-U.S. ETF		0.45%

FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		0.49%

FTSE RAFI Emerging Markets ETF		0.49%

Global Clean Energy ETF		0.75%

Global Water ETF		0.75%

International BuyBack Achievers^TMETF		0.55%

MSCI Green Building ETF		0.39%

S&P International Developed Quality ETF		0.29%


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Pursuant to another Investment Advisory Agreement, each of the following Funds accrues daily and pays monthly to the Adviser an annual fee equal to a percentage of its average daily net assets as follows:


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

MSCI Global Timber ETF		0.50%

S&P Global Water Index ETF		0.50%

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each of MSCI Global Timber ETF and S&P Global Water Index ETF, pursuant to which the Adviser has contractually agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser)) of each such Fund from exceeding the percentage of the Fund’s average daily net assets per year (the “Expense Cap”) shown in the table below through at least August 31, 2025. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2025. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. The Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap for S&P Global Water Index ETF.


		Expense Cap

MSCI Global Timber ETF		0.55%

S&P Global Water Index ETF		0.63%

Further, through at least August 31, 2025, 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. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date. This agreement is not subject to recapture by the Adviser.

For the fiscal year ended October 31, 2023, the Adviser waived fees for each Fund in the following amounts:



China Technology ETF	$	1,380

Dorsey Wright Developed Markets Momentum ETF		40

Dorsey Wright Emerging Markets Momentum ETF		123

FTSE RAFI Developed Markets ex-U.S. ETF		567

FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		266

FTSE RAFI Emerging Markets ETF		3,702

Global Clean Energy ETF		71

Global Water ETF		72

International BuyBack Achievers^TMETF		20

MSCI Global Timber ETF		87,963

MSCI Green Building ETF		372

S&P Global Water Index ETF		214

S&P International Developed Quality ETF		31

The fees waived and/or expenses borne by the Adviser for MSCI Global Timber ETF and S&P Global Water Index ETF, pursuant to the Expense Cap, are subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Funds if it would result in the Funds exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser.

For the following Fund, the amounts available for potential recapture by the Adviser and the expiration schedule as of October 31, 2023 are as follows:


	Total
	Potential
	Recapture	Potential Recapture Amounts Expiring
	Amounts	10/31/24	10/31/25	10/31/26

MSCI Global Timber ETF	$223,469	$81,775	$62,435		$79,259


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


Fund		Licensor

China Technology ETF		FTSE International Ltd.

Dorsey Wright Developed Markets Momentum ETF		Dorsey Wright & Associates, LLC

Dorsey Wright Emerging Markets Momentum ETF		Dorsey Wright & Associates, LLC

FTSE RAFI Developed Markets ex-U.S. ETF		FTSE International Ltd.

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

FTSE RAFI Emerging Markets ETF		FTSE International Ltd.

Global Clean Energy ETF		WilderHill New Energy Finance, LLC

Global Water ETF		Nasdaq, Inc.

International BuyBack Achievers^TMETF		Nasdaq, Inc.

MSCI Global Timber ETF		MSCI, Inc.

MSCI Green Building ETF		MSCI, Inc.

S&P Global Water Index ETF		S&P Dow Jones Indices LLC

S&P International Developed Quality ETF		S&P Dow Jones Indices LLC

For the fiscal year ended October 31, 2023, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:



China Technology ETF	$	8,484

Dorsey Wright Developed Markets Momentum ETF		17,222

Dorsey Wright Emerging Markets Momentum ETF		5,196

FTSE RAFI Developed Markets ex-U.S. ETF		18,115

FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		15,114

FTSE RAFI Emerging Markets ETF		10,788

Global Clean Energy ETF		47,996

Global Water ETF		9,861

International BuyBack Achievers^TMETF		11,807

MSCI Global Timber ETF		1,374

MSCI Green Building ETF		134

S&P Global Water Index ETF		15,847

S&P International Developed Quality ETF		6,022

NOTE 4–Additional Valuation Information


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.


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



	Level 1		Level 2		Level 3		Total

China Technology ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	685,728,055	$	-	$	-	$	685,728,055

Money Market Funds		-		25,822,249		-		25,822,249

Total Investments	$	685,728,055	$	25,822,249	$	-	$	711,550,304


Dorsey Wright Developed Markets Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	108,284,308	$	-	$	-	$	108,284,308

Money Market Funds		-		12,068,547		-		12,068,547

Total Investments	$	108,284,308	$	12,068,547	$	-	$	120,352,855


Dorsey Wright Emerging Markets Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	118,053,702	$	-	$	-	$	118,053,702

Money Market Funds		-		4,333,910		-		4,333,910

Total Investments	$	118,053,702	$	4,333,910	$	-	$	122,387,612


FTSE RAFI Developed Markets ex-U.S. ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	1,474,950,594	$	334,615	$	0	$	1,475,285,209

Money Market Funds		-		119,826,860		-		119,826,860

Total Investments	$	1,474,950,594	$	120,161,475	$	0	$	1,595,112,069


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

Investments in Securities

Common Stocks & Other Equity Interests	$	474,429,838	$	274,413	$	-	$	474,704,251

Money Market Funds		-		72,985,037		-		72,985,037

Total Investments	$	474,429,838	$	73,259,450	$	-	$	547,689,288


FTSE RAFI Emerging Markets ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	1,093,069,792	$	4,848	$	0	$	1,093,074,640

Money Market Funds		-		17,174,439		-		17,174,439

Total Investments	$	1,093,069,792	$	17,179,287	$	0	$	1,110,249,079


Global Clean Energy ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	131,576,669	$	-	$	-	$	131,576,669

Money Market Funds		-		41,757,577		-		41,757,577

Total Investments	$	131,576,669	$	41,757,577	$	-	$	173,334,246


Global Water ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	234,472,434	$	-	$	-	$	234,472,434

Money Market Funds		-		5,361,749		-		5,361,749

Total Investments	$	234,472,434	$	5,361,749	$	-	$	239,834,183


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	Level 1		Level 2		Level 3		Total

International BuyBack Achievers^TMETF

Investments in Securities

Common Stocks & Other Equity Interests	$	78,319,381	$	-	$	-	$	78,319,381

Money Market Funds		-		3,430,832		-		3,430,832

Total Investments	$	78,319,381	$	3,430,832	$	-	$	81,750,213


MSCI Global Timber ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	51,680,516	$	-	$	19,364	$	51,699,880

Exchange-Traded Funds		341,676		-		-		341,676

Money Market Funds		-		12,969,214		-		12,969,214

Total Investments	$	52,022,192	$	12,969,214	$	19,364	$	65,010,770


MSCI Green Building ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	5,860,889	$	-	$	-	$	5,860,889

Exchange-Traded Funds		57,331		-		-		57,331

Money Market Funds		-		1,287,860		-		1,287,860

Total Investments	$	5,918,220	$	1,287,860	$	-	$	7,206,080


S&P Global Water Index ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	839,316,213	$	-	$	-	$	839,316,213

Money Market Funds		-		27,815,400		-		27,815,400

Total Investments	$	839,316,213	$	27,815,400	$	-	$	867,131,613


S&P International Developed Quality ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	175,854,434	$	-	$	-	$	175,854,434

Money Market Funds		-		5,317,121		-		5,317,121

Total Investments	$	175,854,434	$	5,317,121	$	-	$	181,171,555

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, 2023 and 2022:


	2023		2022

	Ordinary		Ordinary		Return of
	Income*		Income*		Capital

China Technology ETF	$	670,073	$	-	$	-

Dorsey Wright Developed Markets Momentum ETF		2,199,157		3,925,843		-

Dorsey Wright Emerging Markets Momentum ETF		3,777,465		6,385,828		-

FTSE RAFI Developed Markets ex-U.S. ETF		50,508,745		56,137,305		-

FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		15,381,159		16,160,202		-

FTSE RAFI Emerging Markets ETF		59,342,500		87,622,863		-

Global Clean Energy ETF		6,009,522		3,615,255		-

Global Water ETF		2,520,644		3,609,219		-

International BuyBack Achievers^TMETF		2,221,342		9,566,307		-

MSCI Global Timber ETF		1,560,660		1,454,000		-

MSCI Green Building ETF		253,373		174,785		26,115

S&P Global Water Index ETF		13,784,941		20,088,093		-

S&P International Developed Quality ETF		3,884,122		3,802,505		-

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


		135

Tax Components of Net Assets at Fiscal Year-End:


	Undistributed Ordinary Income		Temporary Book/Tax Differences			Net Unrealized Appreciation (Depreciation)- Investments			Net Unrealized Appreciation (Depreciation)- Foreign Currencies and Foreign Taxes			Capital Loss Carryforwards			Shares of Beneficial Interest		Total Net Assets

China Technology ETF		$ 3,630,897		$ -			$(198,799,742	)		$ -			$(714,267,753	)		$1,594,487,642		$ 685,051,044

Dorsey Wright Developed Markets Momentum ETF		432,253		-			(1,006,548	)		(13,043	)		(167,615,567	)		276,736,165		108,533,260

Dorsey Wright Emerging Markets Momentum ETF		282,220		-			1,959,105			(3,701	)		(153,045,284	)		268,837,754		118,030,094

FTSE RAFI Developed Markets ex-U.S. ETF		5,838,492		-			(41,783,499	)		(81,854	)		(130,582,003	)		1,645,085,389		1,478,476,525

FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		2,102,063		(34,367	)		(72,797,718	)		(32,339	)		(71,804,855	)		618,033,463		475,466,247

FTSE RAFI Emerging Markets ETF		3,977,304		-			(155,388,155	)		(4,017,791	)		(248,617,406	)		1,498,615,047		1,094,568,999

Global Clean Energy ETF		1,442,086		-			(88,306,287	)		(8,365	)		(208,539,531	)		427,105,482		131,693,385

Global Water ETF		398,132		-			7,965,080			1,994			(75,039,399	)		301,279,149		234,604,956

International BuyBack Achievers^TMETF		39,698		-			(6,237,108	)		(9,105	)		(63,188,816	)		147,742,735		78,347,404

MSCI Global Timber ETF		1,329,152		(6,944	)		(2,445,189	)		(18,127	)		(20,271,815	)		73,550,167		52,137,244

MSCI Green Building ETF		172,537		(225	)		(2,285,091	)		(682	)		(723,016	)		8,773,816		5,937,339

S&P Global Water Index ETF		11,619,860		(13,269	)		43,534,644			22,308			(54,987,653	)		839,907,072		840,082,962

S&P International Developed Quality ETF		260,391		-			(3,190,151	)		(1,664	)		(26,444,981	)		205,495,317		176,118,912

The Funds have capital loss carryforwards as of October 31, 2023, as follows:


	No expiration
	Short-Term		Long-Term		Total*

China Technology ETF	$	250,255,375	$	464,012,378	$	714,267,753

Dorsey Wright Developed Markets Momentum ETF		167,615,567		-		167,615,567

Dorsey Wright Emerging Markets Momentum ETF		153,045,284		-		153,045,284

FTSE RAFI Developed Markets ex-U.S. ETF		495,642		130,086,361		130,582,003

FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		11,810,449		59,994,406		71,804,855

FTSE RAFI Emerging Markets ETF		23,179,953		225,437,453		248,617,406

Global Clean Energy ETF		73,925,130		134,614,401		208,539,531

Global Water ETF		49,266,573		25,772,826		75,039,399

International BuyBack Achievers^TMETF		55,841,579		7,347,237		63,188,816

MSCI Global Timber ETF		12,088,511		8,183,304		20,271,815

MSCI Green Building ETF		168,590		554,426		723,016

S&P Global Water Index ETF		38,094,072		16,893,581		54,987,653

S&P International Developed Quality ETF		18,797,270		7,647,711		26,444,981

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


		136

NOTE 6–Investment Transactions


	Purchases		Sales

China Technology ETF		$497,167,154		$548,375,042

Dorsey Wright Developed Markets Momentum ETF		176,002,974		177,152,716

Dorsey Wright Emerging Markets Momentum ETF		212,264,576		227,253,111

FTSE RAFI Developed Markets ex-U.S. ETF		191,455,987		177,348,644

FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		166,934,449		170,361,706

FTSE RAFI Emerging Markets ETF		258,189,832		402,445,887

Global Clean Energy ETF		125,602,503		133,706,875

Global Water ETF		106,974,813		108,630,250

International BuyBack Achievers^TMETF		77,641,257		78,740,541

MSCI Global Timber ETF		6,034,794		6,392,919

MSCI Green Building ETF		1,557,062		1,398,455

S&P Global Water Index ETF		346,453,104		343,226,504

S&P International Developed Quality ETF		75,660,096		73,339,938

For the fiscal year ended October 31, 2023, in-kind transactions associated with creations and redemptions were as follows:


	In-kind		In-kind
	Purchases		Sales

China Technology ETF		$ 22,581,803		$ 43,470,476

Dorsey Wright Developed Markets Momentum ETF		32,281,957		31,792,472

Dorsey Wright Emerging Markets Momentum ETF		9,085,380		15,781,625

FTSE RAFI Developed Markets ex-U.S. ETF		232,735,182		22,885,342

FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		12,542,795		55,775,203

FTSE RAFI Emerging Markets ETF		1,011,868		82,525,193

Global Clean Energy ETF		-		24,608,266

Global Water ETF		-		32,874,420

International BuyBack Achievers^TMETF		28,751,787		36,946,168

MSCI Global Timber ETF		-		6,880,326

MSCI Green Building ETF		1,588,416		-

S&P Global Water Index ETF		100,523,936		199,005,926

S&P International Developed Quality ETF		72,383,545		-

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


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

China Technology ETF		$ 55,578,184		$(254,377,926	)		$(198,799,742	)		$ 910,350,046

Dorsey Wright Developed Markets Momentum ETF		6,073,502		(7,080,050	)		(1,006,548	)		121,359,403

Dorsey Wright Emerging Markets Momentum ETF		8,634,712		(6,675,607	)		1,959,105			120,428,507

FTSE RAFI Developed Markets ex-U.S. ETF		164,986,454		(206,769,953	)		(41,783,499	)		1,636,895,568

FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		39,286,745		(112,084,463	)		(72,797,718	)		620,487,006

FTSE RAFI Emerging Markets ETF		201,410,648		(356,798,803	)		(155,388,155	)		1,265,637,234

Global Clean Energy ETF		6,062,578		(94,368,865	)		(88,306,287	)		261,640,533

Global Water ETF		27,356,252		(19,391,172	)		7,965,080			231,869,103

International BuyBack Achievers^TMETF		1,255,020		(7,492,128	)		(6,237,108	)		87,987,321

MSCI Global Timber ETF		7,329,939		(9,775,128	)		(2,445,189	)		67,455,959

MSCI Green Building ETF		77,652		(2,362,743	)		(2,285,091	)		9,491,171


		137


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

S&P Global Water Index ETF	$	87,734,736	$	(44,200,092	)	$	43,534,644		$	823,596,969

S&P International Developed Quality ETF		14,255,808		(17,445,959	)		(3,190,151	)		184,361,706

NOTE 7–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, passive foreign investment companies, foreign currency transactions, foreign capital gains taxes, return of capital, taxable spinoff and partnerships, 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, 2023, the reclassifications were as follows:


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

China Technology ETF		$5,445,934		$ (5,284,348)		$ (161,586)

Dorsey Wright Developed Markets Momentum ETF		200,135		(4,290,097)		4,089,962

Dorsey Wright Emerging Markets Momentum ETF		270,723		(1,954,087)		1,683,364

FTSE RAFI Developed Markets ex-U.S. ETF		291,950		(5,905,626)		5,613,676

FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		2,709,838		(13,372,262)		10,662,424

FTSE RAFI Emerging Markets ETF		3,108,859		(3,942,130)		833,271

Global Clean Energy ETF		2,268,411		(3,123,694)		855,283

Global Water ETF		137,547		(11,109,434)		10,971,887

International BuyBack Achievers^TMETF		(16,427)		(974,152)		990,579

MSCI Global Timber ETF		31,688		(1,421,435)		1,389,747

MSCI Green Building ETF		175,260		(159,291)		(15,969)

S&P Global Water Index ETF		102,393		(84,891,884)		84,789,491

S&P International Developed Quality ETF		12,996		(14,611)		1,615

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 the unitary management fee, pays for such compensation for each Fund except MSCI Global Timber ETF and S&P Global Water Index ETF. The Interested Trustee does not receive any Trustees’ fees.

NOTE 9–Capital

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.


		138

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco China Technology ETF, Invesco Dorsey Wright Developed Markets Momentum ETF, Invesco Dorsey Wright Emerging Markets Momentum ETF, Invesco FTSE RAFI Developed Markets ex-U.S. ETF, Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, Invesco FTSE RAFI Emerging Markets ETF, Invesco Global Clean Energy ETF, Invesco Global Water ETF, Invesco International BuyBack Achievers^TM ETF, Invesco MSCI Global Timber ETF, Invesco MSCI Green Building ETF, Invesco S&P Global Water Index ETF and Invesco S&P International Developed Quality ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco China Technology ETF, Invesco Dorsey Wright Developed Markets Momentum ETF, Invesco Dorsey Wright Emerging Markets Momentum ETF, Invesco FTSE RAFI Developed Markets ex-U.S. ETF, Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, Invesco FTSE RAFI Emerging Markets ETF, Invesco Global Clean Energy ETF, Invesco Global Water ETF, Invesco International BuyBack Achievers^TM ETF, Invesco MSCI Global Timber ETF, Invesco MSCI Green Building ETF, Invesco S&P Global Water Index ETF and Invesco S&P International Developed Quality ETF (thirteen of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of October 31, 2023, the related statements of operations for the year ended October 31, 2023, the statements of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (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, 2023, 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, 2023 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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, 2023 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 21, 2023


		139

Calculating your ongoing Fund expenses

Example

As a shareholder of Invesco MSCI Global Timber ETF and Invesco S&P Global Water Index ETF, you incur advisory fees and other Fund expenses. As a shareholder of the Invesco China Technology ETF, Invesco Dorsey Wright Developed Markets Momentum ETF, Invesco Dorsey Wright Emerging Markets Momentum ETF, Invesco FTSE RAFI Developed Markets ex-U.S. ETF, Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, Invesco FTSE RAFI Emerging Markets ETF, Invesco Global Clean Energy ETF, Invesco Global Water ETF, Invesco International BuyBack Achievers^TM ETF, Invesco MSCI Green Building ETF and Invesco S&P International Developed Quality ETF, you incur a unitary management fee. In addition to the advisory fee or unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2023 through October 31, 2023.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value May 1, 2023		Ending Account Value October 31, 2023		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period⁽¹⁾
Invesco China Technology ETF (CQQQ)

Actual		$1,000.00		$ 827.70		0.70%		$3.22

Hypothetical (5% return before expenses)		1,000.00		1,021.68		0.70		3.57

Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)

Actual		1,000.00		909.40		0.80		3.85

Hypothetical (5% return before expenses)		1,000.00		1,021.17		0.80		4.08

Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)

Actual		1,000.00		972.90		0.90		4.48

Hypothetical (5% return before expenses)		1,000.00		1,020.67		0.90		4.58

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

Actual		1,000.00		944.90		0.45		2.21

Hypothetical (5% return before expenses)		1,000.00		1,022.94		0.45		2.29


		140

Calculating your ongoing Fund expenses–(continued)


	Beginning Account Value May 1, 2023		Ending Account Value October 31, 2023		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period⁽¹⁾
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)

Actual		$1,000.00		$ 910.20		0.49%		$2.36

Hypothetical (5% return before expenses)		1,000.00		1,022.74		0.49		2.50

Invesco FTSE RAFI Emerging Markets ETF (PXH)

Actual		1,000.00		969.50		0.49		2.43

Hypothetical (5% return before expenses)		1,000.00		1,022.74		0.49		2.50

Invesco Global Clean Energy ETF (PBD)

Actual		1,000.00		725.00		0.75		3.26

Hypothetical (5% return before expenses)		1,000.00		1,021.42		0.75		3.82

Invesco Global Water ETF (PIO)

Actual		1,000.00		914.10		0.75		3.62

Hypothetical (5% return before expenses)		1,000.00		1,021.42		0.75		3.82

Invesco International BuyBack Achievers^TMETF (IPKW)

Actual		1,000.00		977.80		0.55		2.74

Hypothetical (5% return before expenses)		1,000.00		1,022.43		0.55		2.80

Invesco MSCI Global Timber ETF (CUT)

Actual		1,000.00		976.10		0.75		3.74

Hypothetical (5% return before expenses)		1,000.00		1,021.42		0.75		3.82

Invesco MSCI Green Building ETF (GBLD)

Actual		1,000.00		889.30		0.38		1.81

Hypothetical (5% return before expenses)		1,000.00		1,023.29		0.38		1.94

Invesco S&P Global Water Index ETF (CGW)

Actual		1,000.00		912.70		0.55		2.65

Hypothetical (5% return before expenses)		1,000.00		1,022.43		0.55		2.80

Invesco S&P International Developed Quality ETF (IDHQ)

Actual		1,000.00		945.70		0.29		1.42

Hypothetical (5% return before expenses)		1,000.00		1,023.74		0.29		1.48

⁽¹⁾


		141

Tax Information

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, 2023:


	Qualified Business Income*			Qualified Dividend Income*			Corporate Dividends Received Deduction*			U.S. Treasury Obligations*			Business Interest Income*

Invesco China Technology ETF		0	%		99	%		0	%		0	%		0	%

Invesco Dorsey Wright Developed Markets Momentum ETF		0	%		100	%		0	%		0	%		0	%

Invesco Dorsey Wright Emerging Markets Momentum ETF		0	%		48	%		0	%		0	%		0	%

Invesco FTSE RAFI Developed Markets ex-U.S. ETF		0	%		90	%		0	%		0	%		0	%

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		0	%		80	%		0	%		0	%		0	%

Invesco FTSE RAFI Emerging Markets ETF		0	%		52	%		0	%		0	%		0	%

Invesco Global Clean Energy ETF		0	%		31	%		1	%		0	%		0	%

Invesco Global Water ETF		0	%		100	%		36	%		0	%		0	%

Invesco International BuyBack Achievers^TMETF		0	%		83	%		0	%		0	%		0	%

Invesco MSCI Global Timber ETF		0	%		84	%		38	%		0	%		0	%

Invesco MSCI Green Building ETF		14	%		17	%		0	%		0	%		0	%

Invesco S&P Global Water Index ETF		0	%		100	%		49	%		0	%		0	%

Invesco S&P International Developed Quality ETF		0	%		92	%		0	%		0	%		0	%

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

The Funds intend to elect to pass through to shareholders the credit for taxes paid to foreign countries. The foreign source income and foreign taxes paid per share are as follows:


	Foreign Taxes Per Share	Foreign Source Income Per Share

Invesco Dorsey Wright Developed Markets Momentum ETF	$0.0337	$0.8714

Invesco Dorsey Wright Emerging Markets Momentum ETF	0.1366	0.9246

Invesco FTSE RAFI Developed Markets ex-U.S. ETF	0.1641	1.7580

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF	0.1010	1.1477

Invesco FTSE RAFI Emerging Markets ETF	0.1000	1.1645

Invesco Global Water ETF	0.0357	0.5015

Invesco International BuyBack Achievers^TMETF	0.0301	1.1749

Invesco MSCI Global Timber ETF	0.0593	0.7361

Invesco MSCI Green Building ETF	0.0318	0.5628

Invesco S&P International Developed Quality ETF	0.0613	0.6735


		142

Trustees and Officers

As of November 28, 2023


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 Chair of the Board; Chair of the Nominating and Governance Committee and Trustee	Vice Chair since 2018; Chair 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).	213	Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, 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	Formerly, Assistant Professor of Business, Trinity Christian College (2010-2016); 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.	213	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.


		143

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, 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, Director, The Boeing Company (2009-2021); Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chair (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).

213

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.


		144

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

213

*	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.


		145

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	Chair of the Audit Committee and Trustee	Chair of the Audit Committee since 2008; Trustee since 2007	Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); 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).	213	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	Chair of the Investment Oversight Committee and Trustee	Chair 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).	213	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.


		146

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

213

*	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.


		147

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.	213	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	Chair of the Board and Trustee	Chair since 2012; Trustee since 2007	Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair 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); Chair, 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).	213	Director, Penfield Children’s Center (2004-Present); Board Chair, 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.


		148

Trustees and Officers–(continued)

The executive officers of the Trust, their term of office and length of time served, and their principal business occupations during at least the past five years are shown below:


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
Brian Hartigan–1978 Invesco Capital Management LLC 3500 Lacey Road Suite 700 Downers Grove, IL 60515	President and Principal Executive Officer	Since 2023	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 (2023-Present); Managing Director and Global Head of ETFs, Indexed Strategies, SMAs and Model Portfolios, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2023-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2023-Present); Director, Co-Chief Executive Officer and Co-President, Invesco Capital Markets, Inc. (2020-Present); Manager and President, Invesco Investment Advisers LLC (2020-Present); formerly, Global Head of ETF Investments and Indexed Strategy (2020-2023); Global Head of ETF Investments (2017-2020); Head of Investments-PowerShares (2015-2017) and Executive Director, Product Development, Invesco Capital Markets, Inc. (2010-2015).

Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza 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 (2020-Present) and Senior Vice President (2023-Present), The Invesco Funds; formerly, Vice President, The Invesco Funds (2020-2023); Senior Vice President and Treasurer, Fidelity Investments (2008-2020).

Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza 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.


		149

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 (2020-Present) and Secretary (2022-Present), Invesco Indexing LLC; 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); Vice President, Invesco Advisers, Inc. (2020-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).

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).

*	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.


		150

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

Melanie Zimdars–1976

Invesco Capital

Management LLC

3500 Lacey Road

Suite 700

Downers Grove, IL 60515

Chief Compliance Officer

Since 2017

*	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.


		151

(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

Quarterly Portfolios

Frequency Distribution of Discounts and Premiums


©2023 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-PS-AR-8	invesco.com/ETFs

LOGO

Invesco Annual Report to Shareholders

October 31, 2023

BLKC Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF

SATO Invesco Alerian Galaxy Crypto Economy ETF

Table of Contents



The Market Environment			3

Management’s Discussion of Fund Performance			5

Consolidated Schedules of Investments

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)			12

Invesco Alerian Galaxy Crypto Economy ETF (SATO)			14

Consolidated Statements of Assets and Liabilities			16

Consolidated Statements of Operations			17

Consolidated Statements of Changes			18

Consolidated Financial Highlights			19

Notes to Consolidated Financial Statements			21

Report of Independent Registered Public Accounting Firm			33

Fund Expenses			34

Tax Information			35

Trustees and Officers			36


		2

The Market Environment

Digital Assets

The digital asset markets for the fiscal year ended October 31, 2023 were more stable than the previous year, but remain extremely volatile. Bitcoin, for example, experienced lows around $15,000 during the fiscal year, but ended the period just under $35,000. Market pressure remained on risk assets due to rising interest rates and recession fears. Since many blockchain-related companies either are exposed to digital asset prices directly or generate revenues from activity in the space, stabilization in the digital asset markets has contributed to related returns for equity investments in companies in the industry.

Domestic Equity

raised the federal funds rate by 0.25% at its May meeting,¹ but left rates unchanged at its June meeting, giving investors the long-awaited “pause” in rate hikes, which sent equities broadly higher.

Equity markets declined in the third quarter and into October 2023 as a resilient US economy complicated the Fed’s efforts to tame inflation. While inflation has slowed from its peak, the Consumer Price Index (CPI) rose by 0.2% in July, and the 12-month headline inflation rate rose to 3.2% from 3% in June.² Due to the persistence of inflation, the Fed raised the federal funds rate in July by 0.25% again. The CPI data released in September was higher-than-expected and the overall US labor market remained tight with unemployment near historic lows. At the same time, wages rose and consumers continued to spend, pushing the third quarter year-over-year Gross Domestic Product (GDP) to 4.9%, far above expectations.² Despite the higher-than-expected GDP for the third quarter of 2023, the Fed held interest rates steady at its September and October meetings, but left open the possibility of another rate hike before the end of the calendar year.¹

Despite higher rates and increased market volatility, US stocks for the fiscal year had positive returns of 10.69%, as measured by the S&P 500 Index.³

1	Source: US Federal Reserve

2	Source: US Bureau of Labor Statistics

3	Source: Lipper Inc.

Global Equity


		3

The Market Environment–(continued)


		4


BLKC		Management’s Discussion of Fund Performance
BLKC		Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)

As an index fund, the Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Alerian Galaxy Global Blockchain Equity, Trusts and ETPs Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, VettaFi, LLC (the “Index Provider”) maintains the Index, which is comprised of two different components: (i) stocks of companies that are materially engaged in the research and development of blockchain technology, cryptocurrency mining, cryptocurrency buying, or cryptocurrency enabling technologies (the “Equity Component”); and (ii) exchange-traded products (“ETPs”) and private investment trusts that invest at least 75% of their assets in Bitcoin (the “ETP and Trust Component”). However, the Fund will not invest directly in cryptocurrencies such as Bitcoin, or in crypto assets. The Fund also will not invest in initial coin offerings or futures contracts on cryptocurrencies.

The term “blockchain” refers to a type of peer-to-peer distributed ledger, or decentralized database, that keeps continuously updated digital records of who owns a particular asset (e.g., cryptocurrency). Blockchain is secured using cryptography and facilitates the process of recording transactions and tracking assets in a business network. Blockchain derives its name from the way it stores transaction data—as unchangeable, digitally recorded data in packages called “blocks” that are linked together to form a chain. Blocks record and confirm the time and sequence of transactions, which are then logged into the blockchain network. Each block in the chain is cryptographically connected to the previous block in the chain, ensuring all data in the overall “blockchain” has not been tampered with. Blockchain networks can be private with restricted membership similar to an intranet, or public like the Internet, and are governed by rules agreed on by the network participants.

Blockchain technology can be used in a wide variety of data sharing applications, and track intangible and digital assets and companies across business sectors without a need for a third- party record keeper, payments processor, or central clearing authority. Blockchain technology has the potential to streamline transactions, increase confidence of commercial market participants, and increase efficiency for various business processes, including recordkeeping, payment processing and inventory management among others.

“Decentralized Commerce” refers to commerce that relies on decentralized technologies such as blockchain. Therefore, “Decentralized Commerce” reflects the commercial interaction of companies at the forefront of such innovation that seek to leverage blockchain and similar technologies or platforms to increase operational efficiency in business to business or business to consumer transactions to their competitive advantage.

Cryptocurrency assets, such as Bitcoin and Ethereum, are examples of specific applications of public blockchains. Cryptocurrencies are digital assets designed to work as a medium of exchange that are stored electronically in a blockchain. They use encryption techniques to secure transactions, to control the creation of additional monetary units, and to verify the transfer of assets. Unlike traditional currencies, decentralized virtual currencies (or cryptocurrencies) are digital assets and are not issued or backed by any government, agency, bank, organization or single administrator. There are thousands of cryptocurrencies, the most well-known of which is Bitcoin, and while the design and maintenance of each type of cryptocurrency differs, cryptocurrencies are typically based on the decentralized, open source protocol of a peer-to-peer computer network. The transactions of such currencies on a blockchain are verified by cryptocurrency “miners.” Crypto-mining involves using computers to solve mathematical equations. Generally, when a successful validation occurs, a miner receives rewards paid in the form of tokens. As a result, miners are incentivized to validate transactions and to secure the network to earn rewards.

The Equity Component of the Index is primarily comprised of exchange-listed equity securities of companies that are principally or materially engaged in one of the following four business activities (each, a “Business Segment”): Cryptocurrency Miners: Companies that mine cryptocurrency assets; Cryptocurrency Enabling Technologies: Companies that (i) facilitate the buying, selling and transfer of cryptocurrency assets, (ii) provide custody for cryptocurrency assets, (iii) supply semiconductors used in cryptocurrency mining, or (iv) supply cryptocurrency mining machines; Cryptocurrency Buyers: Companies that report cryptocurrency assets on their balance sheets; and Blockchain Users: Operating companies that are engaged in the research and development of blockchain technologies for non-cryptocurrency-related purposes.

To be eligible for inclusion in the Equity Component of the Index, a company’s stock must be listed on an approved and globally recognized exchange and such company must have: (i) a minimum full market capitalization value of $50 million, (ii) a minimum free float factor of 20%, and (iii) a minimum average daily trading value (“ADTV”) for the previous three months of $1 million. Companies may be located in the United States or in foreign jurisdictions, including in emerging markets, and may be represented by depositary receipts such as American depositary receipts (“ADRs”) or global depositary receipts (“GDRs”).

In addition to stocks of companies engaged in the Business Segments above, the Index also includes the ETP and Trust Component which is represented by exchange-traded products and open-ended private investment trusts that trade on an approved U.S. exchange (in accordance with the Index Provider’s methodology) and invest at least 75% of their assets in Bitcoin (“BTC”).


		5

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC) (continued)

To be eligible for inclusion in the ETP and Trust Component of the Index, an ETP or private trust must also: (i) have a minimum full market capitalization of $1 billion ($500 million for current Index constituents), (ii) have a minimum ADTV for the previous three months of $15 million ($7.5 million for current Index constituents), and (iii) be an SEC reporting company. As of the date of this report, the only security in the ETP and Trust Component that the Fund holds is the Grayscale Bitcoin Trust (“GBTC”). GBTC is a private fund traded on the over-the-counter markets that seeks to have its shares track the price of Bitcoin. It is not registered as an investment company under the Investment Company Act of 1940, as amended (the “1940 Act”).

Because the Fund will not invest directly in any cryptocurrency, it will not track price movements of any cryptocurrency. The Fund may, however, have indirect exposure to crypto assets by virtue of (i) its investments in companies that use one or more crypto assets as part of their business activities or that hold crypto assets as proprietary investments and (ii) its investments in the ETP and Trust Component.

The Index is rebalanced monthly. At each rebalance, the ETP and Trust Component is allocated a 15% Index weight, and the Equity Component is allocated the remaining 85% Index weight. All of the companies in the Equity Component are weighted equally to one another.

The Fund will allocate its assets in the same proportion as the Index (i.e., under normal circumstances, the Fund will invest approximately 85% of its assets in securities of the Equity Component and 15% in the ETP and Trust Component). The Fund generally employs a “full replication” methodology in seeking to track the Equity Component of the Index, meaning that the Fund generally invests in all of the securities comprising the Equity Component in proportion to their weightings in the Equity Component. However, due to the practical difficulties and expense of, or other restrictions on, purchasing all of the securities in the Index (particularly constituents of the ETP and Trust Component and otherwise where necessary), the Fund will also utilize a sampling methodology from time to time. A “sampling” methodology means that the Fund does not purchase all the components of the Index. Rather, the Adviser uses quantitative analysis to select a representative sample of assets that have, in the aggregate, investment characteristics similar to the Index in terms of key risk factors, performance attributes and other characteristics.

For the fiscal year ended October 31, 2023, on a market price basis, the Fund returned 35.92%. On a net asset value (“NAV”) basis, the Fund returned 35.88%. During the same time period, the Index returned 36.66%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the Fund having a lower weight allocation to the GBTC relative to the Index, as well as the fees and expenses that the Fund incurred during the period, which were partially offset by income from securities lending activity.

During this same time period, the MSCI All Country World Index (Net) (the “Benchmark Index”) returned 10.50%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 2,948 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 global stocks.

Relative to the Benchmark Index, the Fund was most overweight in the software industry and most underweight in the pharmaceuticals industry during the fiscal year ended October 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s investment in the GBTC, as well as security selection in and allocation to the software industry.

For the fiscal year ended October 31, 2023, the Fund’s investment in the GBTC contributed most significantly to the Fund’s return, followed by the software industry. The banks industry detracted most significantly from the Fund’s return, followed by the financial services industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included GBTC (portfolio average weight of 15.06%), and Meitu, Inc., an interactive media & services company (portfolio average weight of 1.72%). Positions that detracted most significantly from the Fund’s return included Silvergate Capital Corp., Class A, a banks company (no longer held at fiscal year-end), and Signature Bank, a banks company (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2023
Information Technology			42.57
Financials			20.59
Investment Companies			16.39
Communication Services			5.64
Consumer Discretionary			5.55
Sector Types Each Less Than 3%			8.92
Money Market Funds Plus Other Assets Less Liabilities			0.34


		6

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC) (continued)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2023
Security
Grayscale Bitcoin Trust BTC			16.39
MicroStrategy, Inc., Class A			1.98
Galaxy Digital Holdings Ltd.			1.94
Hut 8 Mining Corp.			1.82
Cleanspark, Inc.			1.74
Verizon Communications, Inc.			1.72
Marathon Digital Holdings, Inc.			1.72
Terawulf, Inc.			1.65
Bitfarms Ltd.			1.65
Canaan, Inc., ADR			1.63
Total			32.24

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of October 31, 2023


				Fund Inception
Index	1 Year			Average Annualized			Cumulative
Alerian Galaxy Global Blockchain Equity, Trusts and ETPs Index (Net)		36.66	%		(26.00	)%		(46.30	)%
MSCI All Country World Index (Net)		10.50			(4.03	)		(8.14	)
Fund
NAV Return		35.88			(25.65	)		(45.77	)
Market Price Return		35.92			(25.80	)		(45.99	)


		7

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC) (continued)

Fund Inception: October 7, 2021

According to the Fund’s current prospectus, the total annual operating expense ratio of 0.61% includes the unitary management fee of 0.60%, which covers operating expenses and expenses incurred in connection with managing the portfolio, and 0.01% of other expenses. 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 Index 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.


		8


SATO		Management’s Discussion of Fund Performance
SATO		Invesco Alerian Galaxy Crypto Economy ETF (SATO)

As an index fund, the Invesco Alerian Galaxy Crypto Economy ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Alerian Galaxy Global Cryptocurrency-Focused Blockchain Equity, Trusts and ETPs Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, VettaFi, LLC (the “Index Provider”) maintains the Index, which is comprised of two different components: (i) stocks of digital asset companies, which are companies that are materially engaged in cryptocurrency mining, cryptocurrency buying, or cryptocurrency enabling technologies (the “Equity Component”); and (ii) exchange-traded products (“ETPs”) and private investment trusts that invest at least 75% of their assets in Bitcoin (the “ETP and Trust Component”). However, the Fund will not invest directly in cryptocurrencies such as Bitcoin, or in crypto assets. The Fund also will not invest in initial coin offerings or futures contracts on cryptocurrencies.

Many digital assets rely on “blockchain” technologies. A “blockchain” is a peer-to-peer shared, distributed ledger, or decentralized database, that keeps continuously updated digital records of who owns a particular asset (e.g., cryptocurrency). Blockchain is secured using cryptography and facilitates the process of recording transactions and tracking assets in a business network. Blockchain derives its name from the way it stores transaction data—as unchangeable, digitally recorded data in packages called “blocks” that are linked together to form a chain. Blocks record and confirm the time and sequence of transactions, which are then logged into the blockchain network. Each block in the chain is cryptographically connected to the previous block in the chain, ensuring all data in the overall “blockchain” has not been tampered with. Blockchain networks can be private with restricted membership similar to an intranet, or public like the Internet, and are governed by rules agreed on by the network participants.

The Equity Component of the Index is primarily comprised of exchange-listed equity securities of companies that are principally engaged in one of the following three business activities (each, a “Business Segment”): Cryptocurrency Miners: Companies that mine cryptocurrency assets; Cryptocurrency Enabling Technologies: Companies that (i) facilitate the buying, selling and transfer of cryptocurrency assets, (ii) provide custody for cryptocurrency assets, (iii) supply semiconductors used in cryptocurrency mining, or (iv) supply cryptocurrency mining machines; and Cryptocurrency Buyers: Companies that report cryptocurrency assets on their balance sheets.

To be eligible for inclusion in the Equity Component of the Index, a company’s stock must be listed on a globally recognized exchange and such company must have (i) a minimum full market

capitalization value of $50 million, (ii) a minimum free float factor of 20%, and (iii) a minimum average daily trading value (“ADTV”) for the previous three months of $1 million. Companies may be located in the United States or in foreign jurisdictions, including in emerging markets, and may be represented by depositary receipts such as American depositary receipts (“ADRs”) or global depositary receipts (“GDRs”).

A company in either of the Cryptocurrency Enabling Technologies or Cryptocurrency Miners Business Segments shall be considered principally engaged if it derives at least 50% of its revenues from business activities described for its Business Segment. A company in the Cryptocurrency Buyers Business Segment shall be considered principally engaged if it reports cryptocurrency assets on its balance sheet amounting to at least 50% of its market capitalization.

Certain companies that are not principally engaged in one of the Business Segments, but that derive significant revenues from businesses in that Segment (“Diversified Companies”) may also be included in the Index, provided they meet certain eligibility criteria.

In addition to stocks of companies engaged in the Business Segments above, the Index also includes the ETP and Trust Component, which is represented by exchange traded products and private investment trusts that trade on an approved U.S. exchange (in accordance with the Index Provider’s methodology) and invest at least 75% of their assets in Bitcoin (“BTC”).

To be eligible for inclusion in the ETP and Trust Component of the Index, an ETP or private investment trust must also: (i) have a minimum full market capitalization of $1 billion ($500 million for current Index constituents), (ii) have a minimum ADTV for the previous three months of $15 million ($7.5 million for current Index constituents), and (iii) be an SEC reporting company. As of the date of this report, the only security in the ETP and Trust Component that the Fund holds is the Grayscale Bitcoin Trust (“GBTC”). GBTC is a private fund that seeks to have its shares track the price of Bitcoin. It is not registered as an investment company under the Investment Company Act of 1940, as amended (the “1940 Act”).

The Index is rebalanced monthly. At each rebalance, the ETP and Trust Component is allocated a 15% Index weight, and the Equity Component is allocated the remaining 85% Index weight. Companies that are principally engaged in a Business Segment together with the ETP and Trust Component are allocated 80% of


		9

Invesco Alerian Galaxy Crypto Economy ETF (SATO) (continued)

the Index weight, while Diversified Companies are allocated 20% of the Index weight.

For the fiscal year ended October 31, 2023, on a market price basis, the Fund returned 35.23%. On a net asset value (“NAV”) basis, the Fund returned 34.34%. During the same time period, the Index returned 33.78%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to income from securities lending activity, which was partially offset by the fees and expenses that the Fund incurred during the period, and by the Fund having a lower weight allocation to the GBTC relative to the Index.

Relative to the Benchmark Index, the Fund was most overweight in the software industry and most underweight in the

pharmaceuticals industry during the fiscal year ended October 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s investment in the GBTC, as well as security selection in and allocation to the software industry.

The banks industry detracted most significantly from the Fund’s return during the period, followed by the technology hardware, storage & peripherals and financial services industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included GBTC (portfolio average weight of 15.05%), and Applied Digital Corp., a software company (portfolio average weight of 4.87%). Positions that detracted most significantly from the Fund’s return included Silvergate Capital Corp., Class A, a banks company (no longer held at fiscal year-end), and Hut 8 Mining Corp., a software company (portfolio average weight of 4.60%).


Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2023
Information Technology			60.09
Financials			19.42
Investment Companies			15.83
Sector Types Each Less Than 3%			4.34
Money Market Funds Plus Other Assets Less Liabilities			0.32


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2023
Security
Grayscale Bitcoin Trust BTC			15.83
MicroStrategy, Inc., Class A			5.24
Galaxy Digital Holdings Ltd.			5.19
Hut 8 Mining Corp.			4.81
Cleanspark, Inc.			4.60
Marathon Digital Holdings, Inc.			4.54
Terawulf, Inc.			4.36
Bitfarms Ltd.			4.36
Canaan, Inc., ADR			4.32
Riot Platforms, Inc.			4.26
Total			57.51

*	Excluding money market fund holdings.


		10

Invesco Alerian Galaxy Crypto Economy ETF (SATO) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of October 31, 2023


				Fund Inception
Index	1 Year			Average Annualized			Cumulative
Alerian Galaxy Global Cryptocurrency-Focused Blockchain Equity, Trusts and ETPs Index (Net)		33.78	%		(41.01	)%		(66.37	)%
MSCI All Country World Index (Net)		10.50			(4.03	)		(8.14	)
Fund
NAV Return		34.34			(41.02	)		(66.37	)
Market Price Return		35.23			(41.21	)		(66.60	)

Fund Inception: October 7, 2021

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 Index 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 Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)

October 31, 2023

Consolidated Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-83.27%
Australia-2.99%
BHP Group Ltd.		1,364	$	38,431
Iris Energy Ltd.^(b)		12,652		38,968

				77,399

Canada-5.06%
Bitfarms Ltd.^(b)(c)		40,591		42,621
Hive Digital Technologies Ltd.^(b)(c)		13,572		41,530
Hut 8 Mining Corp.^(b)(c)		21,670		47,024

				131,175

Cayman Islands-1.00%
Bitdeer Technologies Group^(b)(c)		6,954		26,008


China-7.25%
Alibaba Group Holding Ltd., ADR^(b)(c)		464		38,298
Bit Digital, Inc.^(b)		19,417		40,776
Canaan, Inc., ADR^(b)(c)		22,037		42,311
Meitu, Inc.^(b)(d)		77,539		31,017
Tencent Holdings Ltd.		958		35,408

				187,810

Japan-1.37%
Rakuten Group, Inc.^(c)		9,645		35,460


Netherlands-1.47%
Shell PLC		1,166		38,003


Norway-1.48%
Aker ASA, Class A		638		38,263


South Korea-1.44%
Samsung Electronics Co. Ltd.		753		37,300


Switzerland-1.41%
Nestle S.A.		340		36,636

Taiwan-1.42%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		425		36,682


United States-58.38%
Accenture PLC, Class A		129		38,325
Advanced Micro Devices, Inc.^(b)		361		35,558
Alphabet, Inc., Class A^(b)		283		35,115
Amazon.com, Inc.^(b)		297		39,528
Applied Digital Corp.^(b)(c)		7,587		37,025
Bakkt Holdings, Inc.^(b)(c)		35,984		36,344
Bank of America Corp.		1,457		38,377
Block, Inc., Class A^(b)		863		34,736
Cisco Systems, Inc.		729		38,003
Citigroup, Inc.		944		37,279
Cleanspark, Inc.^(b)(c)		10,987		45,047
Coinbase Global, Inc., Class A^(b)		522		40,257
Galaxy Digital Holdings Ltd.^(b)(c)		11,050		50,146
Goldman Sachs Group, Inc. (The)		125		37,951
Honeywell International, Inc.		214		39,218
Intel Corp.		1,065		38,872

Investment Abbreviations:

ADR-American Depositary Receipt


	Shares		Value
United States-(continued)
International Business Machines Corp.^(c)		278	$	40,210
Intuit, Inc.		71		35,141
JPMorgan Chase & Co.		269		37,407
Marathon Digital Holdings, Inc.^(b)		5,042		44,420
Mastercard, Inc., Class A		97		36,506
Micron Technology, Inc.		562		37,581
Microsoft Corp.		118		39,897
MicroStrategy, Inc., Class A^(b)(c)		121		51,230
NVIDIA Corp.		83		33,847
Oracle Corp.		360		37,224
PayPal Holdings, Inc.^(b)		696		36,053
QUALCOMM, Inc.		352		38,364
Riot Platforms, Inc.^(b)(c)		4,265		41,712
Robinhood Markets, Inc., Class A^(b)(c)		4,223		38,598
Salesforce, Inc.^(b)		190		38,158
SoFi Technologies, Inc.^(b)(c)		4,698		35,470
Terawulf, Inc.^(b)		38,454		42,684
Tesla, Inc.^(b)		152		30,528
Texas Instruments, Inc.		254		36,070
Verizon Communications, Inc.		1,270		44,615
Visa, Inc., Class A		165		38,791
Walmart, Inc.		247		40,362
Western Alliance Bancorporation^(c)		862		35,428

				1,512,077

Total Common Stocks & Other Equity Interests (Cost $2,111,664)				2,156,813


Private Fund-16.39%
United States-16.39%
Grayscale Bitcoin Trust BTC^(b) (Cost $179,758)		15,860		424,414

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.66% (Cost $2,291,422)				2,581,227

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-25.01%
Invesco Private Government Fund, 5.32%^(e)(f)(g)		181,380		181,380
Invesco Private Prime Fund, 5.53%^(e)(f)(g)		466,188		466,235

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $647,615)				647,615

TOTAL INVESTMENTS IN SECURITIES-124.67% (Cost $2,939,037)				3,228,842
OTHER ASSETS LESS LIABILITIES-(24.67)%				(638,913	)

NET ASSETS-100.00%			$	2,589,929

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


		12

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)–(continued)

October 31, 2023

Notes to Consolidated Schedule of Investments:

^(a)	The Consolidated Schedule of Investments includes the accounts of the wholly-owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidations.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2023.

^(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at October 31, 2023 represented 1.20% of the Fund’s Net Assets.

^(e)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	137,477		$	(137,477	)		$	-			$	-		$	-		$	79

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			117,081			1,757,367			(1,693,068	)			-				-			181,380			4,254	*

Invesco Private Prime Fund			310,156			3,374,166			(3,218,121	)			(2	)			36			466,235			11,785	*


Total		$	427,237		$	5,269,010		$	(5,048,666	)		$	(2	)		$	36		$	647,615		$	16,118

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Consolidated Statement 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, 2023.

^(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 Consolidated Financial Statements which are an integral part of the consolidated financial statements.


		13

Invesco Alerian Galaxy Crypto Economy ETF (SATO)

October 31, 2023

Consolidated Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-83.85%
Australia-3.98%
Iris Energy Ltd.^(b)		56,318	$	173,459


Canada-13.41%
Bitfarms Ltd.^(b)(c)		180,672		189,706
Hive Digital Technologies Ltd.^(b)(c)		60,409		184,852
Hut 8 Mining Corp.^(b)(c)		96,456		209,309

				583,867

Cayman Islands-2.66%
Bitdeer Technologies Group^(b)(c)		30,956		115,775

China-9.88%
Bit Digital, Inc.^(b)(c)		86,429		181,501
Canaan, Inc., ADR^(b)(c)		98,080		188,314
Meitu, Inc.^(b)(d)		70,636		28,256
Tencent Holdings Ltd.		872		32,229

				430,300


Japan-0.74%
Rakuten Group, Inc.^(c)		8,785		32,299


Norway-0.80%
Aker ASA, Class A		581		34,844


South Korea-0.78%
Samsung Electronics Co. Ltd.		685		33,932


Taiwan-0.79%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		400		34,523


United States-50.81%
Advanced Micro Devices, Inc.^(b)		341		33,589
Alphabet, Inc., Class A^(b)		267		33,129
Applied Digital Corp.^(b)(c)		33,769		164,793
Bakkt Holdings, Inc.^(b)		160,168		161,770
Block, Inc., Class A^(b)		814		32,764
Cleanspark, Inc.^(b)		48,903		200,502
Coinbase Global, Inc., Class A^(b)		2,322		179,073
Galaxy Digital Holdings Ltd.^(b)(c)		49,780		225,906
Goldman Sachs Group, Inc. (The)		121		36,737
JPMorgan Chase & Co.		253		35,182
Marathon Digital Holdings, Inc.^(b)(c)		22,441		197,705
Micron Technology, Inc.		530		35,441


	Shares		Value
United States-(continued)
Microsoft Corp.		112	$	37,868
MicroStrategy, Inc., Class A^(b)(c)		539		228,207
NVIDIA Corp.		79		32,216
PayPal Holdings, Inc.^(b)		656		33,981
Riot Platforms, Inc.^(b)(c)		18,977		185,595
Robinhood Markets, Inc., Class A^(b)(c)		3,984		36,414
SoFi Technologies, Inc.^(b)(c)		4,413		33,318
Terawulf, Inc.^(b)		171,161		189,989
Tesla, Inc.^(b)		142		28,519
Visa, Inc., Class A		158		37,146
Western Alliance Bancorporation^(c)		813		33,414

				2,213,258

Total Common Stocks & Other Equity Interests (Cost $3,309,126)				3,652,257


Private Fund-15.83%
United States-15.83%
Grayscale Bitcoin Trust BTC^(b) (Cost $338,791)		25,759		689,311

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.68% (Cost $3,647,917)				4,341,568


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-32.80%
Invesco Private Government Fund, 5.32%^(e)(f)(g)		449,463		449,463
Invesco Private Prime Fund, 5.53%^(e)(f)(g)		979,056		979,154

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,428,584)				1,428,617

TOTAL INVESTMENTS IN SECURITIES-132.48% (Cost $5,076,501)				5,770,185
OTHER ASSETS LESS LIABILITIES-(32.48)%				(1,414,619	)

NET ASSETS-100.00%			$	4,355,566

Investment Abbreviations:

ADR-American Depositary Receipt

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


		14

Invesco Alerian Galaxy Crypto Economy ETF (SATO)–(continued)

October 31, 2023

Notes to Consolidated Schedule of Investments:

^(a)	The Consolidated Schedule of Investments includes the accounts of the wholly-owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidations.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2023.

^(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at October 31, 2023 represented less than 1% of the Fund’s Net Assets.

^(e)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	206,227		$	(206,227	)		$	-		$	-		$	-		$	135

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			221,063			4,423,362			(4,194,962	)			-			-			449,463			11,657	*

Invesco Private Prime Fund			641,624			7,997,140			(7,659,659	)			34			15			979,154			33,388	*


Total		$	862,687		$	12,626,729		$	(12,060,848	)		$	34		$	15		$	1,428,617		$	45,180

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Consolidated Statement 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, 2023.

^(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 Consolidated Financial Statements which are an integral part of the consolidated financial statements.


		15

Consolidated Statements of Assets and Liabilities

October 31, 2023


	Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)				Invesco Alerian Galaxy Crypto Economy ETF (SATO)
Assets:
Unaffiliated investments in securities, at value^(a)		$	2,581,227			$	4,341,568
Affiliated investments in securities, at value			647,615				1,428,617
Cash			6,871				10,048
Receivable for:
Dividends			1,510				176
Securities lending			1,699				6,176

Total assets			3,238,922				5,786,585


Liabilities:
Due to foreign custodian			95				317
Payable for:
Collateral upon return of securities loaned			647,615				1,428,584
Accrued unitary management fees			1,283				2,118

Total liabilities			648,993				1,431,019

Net Assets		$	2,589,929			$	4,355,566


Net assets consist of:
Shares of beneficial interest		$	4,549,611			$	10,982,777
Distributable earnings (loss)			(1,959,682	)			(6,627,211	)

Net Assets		$	2,589,929			$	4,355,566

Shares outstanding (unlimited amount authorized, $0.01 par value)			200,001				550,001
Net asset value		$	12.95			$	7.92

Market price		$	12.94			$	7.96

Unaffiliated investments in securities, at cost		$	2,291,422			$	3,647,917

Affiliated investments in securities, at cost		$	647,615			$	1,428,584

Foreign currencies (due to foreign custodian), at cost		$	(96	)		$	(326	)

^(a)Includes securities on loan with an aggregate value of:		$	611,677			$	1,351,023

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


		16

Consolidated Statements of Operations

For the year ended October 31, 2023


	Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)				Invesco Alerian Galaxy Crypto Economy ETF (SATO)
Investment income:
Unaffiliated dividend income		$	26,456			$	5,191
Affiliated dividend income			79				135
Securities lending income, net			28,829				83,133
Foreign withholding tax			(981	)			(537	)

Total investment income			54,383				87,922


Expenses:
Unitary management fees			13,718				20,816

Less: Waivers			-				(2	)

Net expenses			13,718				20,814

Net investment income			40,665				67,108


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(776,001	)			(2,058,071	)
Affiliated investment securities			36				15
Foreign currencies			(68	)			(361	)

Net realized gain (loss)			(776,033	)			(2,058,417	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			1,420,456				2,946,499
Affiliated investment securities			(2	)			34

Change in net unrealized appreciation			1,420,454				2,946,533

Net realized and unrealized gain			644,421				888,116

Net increase in net assets resulting from operations		$	685,086			$	955,224

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


		17

Consolidated Statements of Changes in Net Assets

For the years ended October 31, 2023 and 2022


	Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)						Invesco Alerian Galaxy Crypto Economy ETF (SATO)
	2023			2022			2023			2022

Operations:
Net investment income	$	40,665		$	65,408		$	67,108		$	163,013
Net realized gain (loss)		(776,033	)		(1,892,874	)		(2,058,417	)		(7,091,969	)
Change in net unrealized appreciation (depreciation)		1,420,454			(1,711,138	)		2,946,533			(3,653,798	)

Net increase (decrease) in net assets resulting from operations		685,086			(3,538,604	)		955,224			(10,582,754	)


Distributions to Shareholders from:
Distributable earnings		(61,014	)		(81,748	)		(102,622	)		(174,368	)


Shareholder Transactions:
Proceeds from shares sold		-			-			734,887			2,453,318
Value of shares repurchased		-			-			-			(690,633	)

Net increase in net assets resulting from share transactions		-			-			734,887			1,762,685

Net increase (decrease) in net assets		624,072			(3,620,352	)		1,587,489			(8,994,437	)


Net assets:
Beginning of year		1,965,857			5,586,209			2,768,077			11,762,514

End of year	$	2,589,929		$	1,965,857		$	4,355,566		$	2,768,077


Changes in Shares Outstanding:
Shares sold		-			-			100,000			150,000
Shares repurchased		-			-			-			(100,000	)
Shares outstanding, beginning of year		200,001			200,001			450,001			400,001

Shares outstanding, end of year		200,001			200,001			550,001			450,001

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


		18

Consolidated Financial Highlights

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)


	Years Ended October 31,								For the Period October 5, 2021^(a) Through October 31,
	2023				2022				2021
Per Share Operating Performance:
Net asset value at beginning of period		$	9.83			$	27.93			$	25.00

Net investment income^(b)			0.20				0.33				0.01
Net realized and unrealized gain (loss) on investments			3.23				(18.02	)			2.92

Total from investment operations			3.43				(17.69	)			2.93

Distributions to shareholders from:
Net investment income			(0.31	)			(0.41	)			-

Net asset value at end of period		$	12.95			$	9.83			$	27.93

Market price at end of period^(c)		$	12.94			$	9.82			$	27.73

Net Asset Value Total Return^(d)			35.88	%			(63.88	)%			11.72	%^(e)
Market Price Total Return^(d)			35.92	%			(63.66	)%			10.92	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,590			$	1,966			$	5,586
Ratio to average net assets of:
Expenses			0.60	%			0.61	%			0.60	%^(f)
Net investment income			1.78	%			1.94	%			0.27	%^(f)
Portfolio turnover rate^(g)			90	%			124	%			12	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (October 7, 2021, the first day of trading on the exchange) to October 31, 2021 was 10.48%. The market price total return from Fund Inception to October 31, 2021 was 9.34%.

^(f)	Annualized.

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

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


		19

Consolidated Financial Highlights–(continued)

Invesco Alerian Galaxy Crypto Economy ETF (SATO)


	Years Ended October 31,								For the Period October 5, 2021^(a) Through October 31,
	2023				2022				2021
Per Share Operating Performance:
Net asset value at beginning of period		$	6.15			$	29.41			$	25.00

Net investment income (loss)^(b)			0.14				0.36				(0.01	)
Net realized and unrealized gain (loss) on investments			1.85				(23.23	)			4.42

Total from investment operations			1.99				(22.87	)			4.41

Distributions to shareholders from:
Net investment income			(0.22	)			(0.36	)			-
Net realized gains			-				(0.03	)			-

Total distributions			(0.22	)			(0.39	)			-

Net asset value at end of period		$	7.92			$	6.15			$	29.41

Market price at end of period^(c)		$	7.96			$	6.14			$	29.09

Net Asset Value Total Return^(d)			34.34	%			(78.47	)%			17.64	%^(e)
Market Price Total Return^(d)			35.23	%			(78.27	)%			16.36	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	4,356			$	2,768			$	11,763
Ratio to average net assets of:
Expenses			0.60	%			0.61	%			0.60	%^(f)
Net investment income (loss)			1.93	%			2.57	%			(0.60	)%^(f)
Portfolio turnover rate^(g)			131	%			149	%			10	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (October 7, 2021, the first day of trading on the exchange) to October 31, 2021 was 16.25%. The market price total return from Fund Inception to October 31, 2021 was 13.63%.

^(f)	Annualized.

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

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


		20

Notes to Consolidated Financial Statements

Invesco Exchange-Traded Fund Trust II

October 31, 2023

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. Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. 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 Funds and their respective wholly-owned subsidiaries (each, a “Subsidiary”) organized under the laws of the Cayman Islands:


Full Name	Short Name	Subsidiary
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)	“Alerian Galaxy Blockchain Users and Decentralized Commerce ETF”	Invesco GBE Cayman Ltd.

Invesco Alerian Galaxy Crypto Economy ETF (SATO)	“Alerian Galaxy Crypto Economy ETF”	Invesco GCE Cayman Ltd.

The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on Cboe BZX Exchange, Inc.

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for cash and/or the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by authorized participants (“APs”), 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
Alerian Galaxy Blockchain Users and Decentralized Commerce ETF		Alerian Galaxy Global Blockchain Equity, Trusts and ETPs Index

Alerian Galaxy Crypto Economy ETF		Alerian Galaxy Global Cryptocurrency-Focused Blockchain Equity, Trusts and ETPs Index

Each Fund’s investment in its respective Subsidiary is expected to provide the Fund with exposure to exchange-traded products and private investment trusts traded over-the-counter that are linked to cryptocurrencies. Each Fund may invest up to 25% of its respective total assets in its Subsidiary.

NOTE 2–Significant Accounting Policies

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

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

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


		21

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, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.


		22

The Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Consolidated 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 Consolidated Statements of Operations and the Consolidated Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Consolidated Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Consolidated Statements of Operations and the Consolidated 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 Consolidated Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

Country Determination - For the purposes of presentation in the Consolidated 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

Each Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, each Fund is required to increase its taxable income by its share of its Subsidiary’s income. Net investment losses of each Subsidiary cannot be deducted by each Fund in the current period nor carried forward to offset taxable income in future periods.


		23

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 consolidated 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 consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. All inter-company accounts and transactions have been eliminated in consolidation. 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 consolidated 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. Also, under each Subsidiary’s organizational documents, the directors and officers of the Subsidiary are indemnified against certain liabilities that may arise out of the performance of their duties to the Fund and/or the Subsidiary, respectively. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust or the Adviser (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, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Consolidated 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 Consolidated Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Consolidated Statements of Assets and Liabilities.


	Amount
Alerian Galaxy Blockchain Users and Decentralized Commerce ETF		$1,116

Alerian Galaxy Crypto Economy ETF		4,170

J.	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


		24

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 Consolidated 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.

K.	Other Risks

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

Blockchain Company Investments Risk. Companies engaged in the development, enablement and acquisition of blockchain technologies are subject to a number of risks. Blockchain technology is new and many of its uses may be untested. The mechanics of using distributed ledger technology to transact in other types of assets, such as securities or derivatives, is less clear. There is no assurance that widespread adoption will occur. Furthermore, the development and acceptance of competing platforms or technologies may cause consumers or investors to use an alternative to blockchains. A lack of expansion in the usage of blockchain technology could adversely affect the underlying holdings of the Funds. Moreover, the extent to which companies held by the Funds utilize blockchain technology may vary, and it is possible that even widespread adoption of blockchain technology may not result in a material impact on the stock price of such companies.

Furthermore, companies that are developing applications of blockchain technology may not in fact do so or may not be able to capitalize on those blockchain technologies. A proliferation of recent startups attempting to apply blockchain technology in different contexts means the possibility of conflicting intellectual property claims could be a risk to an issuer, its operations or its business. This could also pose a risk to blockchain platforms that permit transactions in digital securities. Regardless of the merit of any intellectual property or other legal action, any threatened action that reduces confidence in the viability of blockchain may adversely affect an investment in the Funds. Additionally, blockchain technology is new, and as such may be subject to future laws or regulations. Any such regulatory changes affecting blockchain technology may adversely impact an investment in companies utilizing this technology.

Transacting on a blockchain depends in part specifically on the use of cryptographic keys that are required to access a user’s account (or “wallet”). The theft, loss or destruction of these keys impairs the value of ownership claims users have over the relevant assets being represented by the ledger (whether “smart contracts,” securities, currency or other digital assets). The theft, loss or destruction of private or public keys needed to transact on a blockchain could also adversely affect a company’s business or operations if it were dependent on the ledger.


		25

In addition, because blockchain functionality relies on the Internet, a significant disruption of Internet connectivity affecting large numbers of users or geographic areas could impede the functionality of blockchain technologies and adversely affect the Funds. In addition, certain features of blockchain technology, such as decentralization, open source protocol, and reliance on peer-to-peer connectivity, may increase the risk of fraud or cyber-attack by potentially reducing the likelihood of a coordinated response.

Cryptocurrency Risk. Cryptocurrencies (also referred to as “virtual currencies” and “digital currencies”) are digital assets designed to act as a medium of exchange. Although cryptocurrency is an emerging asset class, there are thousands of cryptocurrencies. While the Funds will not invest directly in cryptocurrencies, the value of the Funds’ investments in cryptocurrency-linked assets (including private trusts and ETPs) is subject to fluctuations in the value of the cryptocurrency, which have been and may in the future be highly volatile. The value of cryptocurrencies is determined by the supply and demand for cryptocurrency in the global market for the trading of cryptocurrency, which consists primarily of transactions on electronic exchanges. The price of a digital currency could drop precipitously (including to zero) for a variety of reasons, including, but not limited to, regulatory changes, a crisis of confidence, flaw or operational issue in a digital currency network or a change in user preference to competing cryptocurrencies. Cryptocurrency is a new technological innovation with a limited history; it is a highly speculative asset, and the Funds’ exposure to cryptocurrency-linked assets could result in substantial losses to the Funds.

Cryptocurrencies trade on exchanges, which are largely unregulated and, therefore, are more exposed to fraud and failure than established, regulated exchanges for securities, derivatives and other currencies. Cryptocurrency exchanges have in the past, and may in the future, cease operating temporarily or even permanently, resulting in the potential loss of users’ cryptocurrency or other market disruptions. Cryptocurrency exchanges are more exposed to the risk of market manipulation than exchanges for traditional assets. Cryptocurrency exchanges that are regulated typically must comply with minimum net capital, cybersecurity, and anti-money laundering requirements, but are not typically required to protect customers or their markets to the same extent that regulated securities exchanges or futures exchanges are required to do so. Furthermore, many cryptocurrency exchanges lack certain safeguards established by traditional exchanges to enhance the stability of trading on the exchange, such as measures designed to prevent sudden drops in value of items traded on the exchange (i.e., “flash crashes”). As a result, the prices of cryptocurrencies on exchanges may be subject to larger and more frequent sudden declines than assets traded on traditional exchanges. In addition, cryptocurrency exchanges are also subject to the risk of cybersecurity threats and have been breached, resulting in the theft and/or loss of cryptocurrencies. A cyber or other security breach or a business failure of a cryptocurrency exchange or custodian may affect the price of a particular cryptocurrency or cryptocurrencies generally. A risk also exists with respect to malicious actors or previously unknown vulnerabilities, which may adversely affect the value of a digital currency.

Currently, there is relatively limited use of cryptocurrency in the retail and commercial marketplace, which contributes to price volatility. A lack of expansion by cryptocurrencies into retail and commercial markets, or a contraction of such use, may result in increased volatility or a reduction in the value of cryptocurrencies, either of which could adversely impact a Fund’s investment in cryptocurrency. In addition, to the extent market participants develop a preference for one cryptocurrency over another, the value of the less preferred cryptocurrency would likely be adversely affected.

Digital Asset Company Investments Risk. Companies engaged in the development, enablement and acquisition of digital assets and cryptocurrencies are subject to a number of risks. The technology relating to digital assets, including blockchain, is developing and the risks associated with digital assets may not fully emerge until the technology is widely used. Cryptocurrencies and blockchain technology are new and many of their uses may be untested. The mechanics of using distributed ledger technology to transact in other types of assets, such as securities or derivatives, is less clear. There is no assurance that widespread adoption will occur. Furthermore, the development and acceptance of competing platforms or technologies may cause consumers or investors to use an alternative to cryptocurrencies. A lack of expansion in the usage of cryptocurrencies could adversely affect an investment in the Funds.

Currently, there are relatively few companies for which digital assets represents an attributable and significant revenue stream. Therefore, the values of the companies included in an Underlying Index may not be a reflection of their connection to digital assets, but may be based on other business operations. Furthermore, companies that are developing applications of digital assets and cryptocurrencies may not in fact do so or may not be able to capitalize on those digital assets. Blockchain technology also may never be implemented to a scale that provides identifiable economic benefit to the companies included in an Underlying Index, which could adversely affect an investment in the Funds. A proliferation of recent startups attempting to apply blockchain technology in different contexts means the possibility of conflicting intellectual property claims could be a risk to an issuer, its operations or its business. This could also pose a risk to blockchain platforms that permit transactions in


		26

digital securities. Regardless of the merit of any intellectual property or other legal action, any threatened action that reduces confidence in the viability of blockchain and/or cryptocurrencies may adversely affect an investment in the Funds.

There may be risks posed by the lack of regulation for digital assets and any future regulatory developments could affect the viability and expansion of the use of digital assets.

Emerging Markets Investment Risk. Investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. In addition, lack of relevant data and reliable public information, including financial information, about securities in emerging markets may contribute to incorrect weightings and data and computational errors when a Fund’s index provider selects securities for inclusion in the Fund’s Underlying Index or rebalances the Underlying Index.


		27

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

Micro-Capitalization Company Risk. Investments in the securities of micro-capitalization companies involve substantially greater risks of loss and price fluctuations than other securities with larger capitalizations. Micro-capitalization companies carry additional risks because their earnings and revenues tend to be less predictable (and some companies may experience significant losses), their share prices tend to be more volatile and their markets less liquid than companies with larger market capitalizations. Micro-capitalization companies may be newly formed or in the early stages of development, with limited product lines, markets or financial resources, and they may lack management depth or may be overly reliant on specific key individuals. In addition, less public information may be available about these companies. The shares of micro-capitalization companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the future ability to sell these securities.

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

Sampling Risk. A Fund’s 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.

Subsidiary Investment Risk. By investing in its Subsidiary, each Fund is indirectly exposed to the risks associated with its respective Subsidiary’s investments. Each Subsidiary is not registered under the 1940 Act; therefore each Fund will not receive all of the protections offered to investors in registered investment companies. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of a Fund and/or its Subsidiary to operate as intended, which may negatively affect the Fund and its shareholders.


		28

NOTE 3–Investment Advisory Agreement and Other Agreements


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

Alerian Galaxy Blockchain Users and Decentralized Commerce ETF		0.60%

Alerian Galaxy Crypto Economy ETF		0.60%

For the fiscal year ended October 31, 2023, the Adviser waived fees for each Fund in the following amounts:



Alerian Galaxy Blockchain Users and Decentralized Commerce ETF	$	-

Alerian Galaxy Crypto Economy ETF		2

The Adviser has entered into a licensing agreement on behalf of each Fund with VettaFi, LLC (the “Licensor”).



Alerian Galaxy Blockchain Users and Decentralized Commerce ETF	$	5,020

Alerian Galaxy Crypto Economy ETF		13,955

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

NOTE 4–Additional Valuation Information


		29

prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:


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

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

Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s 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, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1			Level 2			Level 3			Total

Alerian Galaxy Blockchain Users and Decentralized Commerce ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	2,156,813		$	-		$	-		$	2,156,813

Private Fund			424,414			-			-			424,414

Money Market Funds			-			647,615			-			647,615


Total Investments		$	2,581,227		$	647,615		$	-		$	3,228,842


Alerian Galaxy Crypto Economy ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	3,652,257		$	-		$	-		$	3,652,257

Private Fund			689,311			-			-			689,311

Money Market Funds			-			1,428,617			-			1,428,617


Total Investments		$	4,341,568		$	1,428,617		$	-		$	5,770,185

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, 2023 and 2022:


	2023		2022
	Ordinary Income*		Ordinary Income*

Alerian Galaxy Blockchain Users and Decentralized Commerce ETF	$	61,014	$	81,748

Alerian Galaxy Crypto Economy ETF		102,622		174,368

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

Tax Components of Net Assets at Fiscal Year-End:


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

Alerian Galaxy Blockchain Users and Decentralized Commerce ETF		$	31,541		$	(79,078	)		$	2		$	(1,912,147)		$	4,549,611		$	2,589,929

Alerian Galaxy Crypto Economy ETF			101,872			(564,262	)			9			(6,164,830)			10,982,777			4,355,566


		30

The Funds have capital loss carryforwards as of October 31, 2023, as follows:


	No expiration
	Short-Term		Long-Term		Total

Alerian Galaxy Blockchain Users and Decentralized Commerce ETF	$	1,517,386	$	394,761	$	1,912,147

Alerian Galaxy Crypto Economy ETF		5,160,155		1,004,675		6,164,830

NOTE 6–Investment Transactions


	Purchases		Sales
Alerian Galaxy Blockchain Users and Decentralized Commerce ETF	$	2,374,499	$	2,400,501

Alerian Galaxy Crypto Economy ETF		4,684,658		4,588,118

For the fiscal year ended October 31, 2023, in-kind transactions associated with creations and redemptions were as follows:


	In-kind			In-kind
	Purchases			Sales
Alerian Galaxy Blockchain Users and Decentralized Commerce ETF		$	-		$	-

Alerian Galaxy Crypto Economy ETF			597,835			-

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


	Gross		Gross		Net Unrealized
	Unrealized		Unrealized		Appreciation
	Appreciation		(Depreciation)		(Depreciation)		Cost
Alerian Galaxy Blockchain Users and Decentralized Commerce ETF		$ 492,202		$ (571,280)		$ (79,078)		$3,307,920

Alerian Galaxy Crypto Economy ETF		1,033,302		(1,597,564)		(564,262)		6,334,447

NOTE 7–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of passive foreign investment companies and income from the Subsidiary, 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, 2023, the reclassifications were as follows:


	Undistributed Net	Undistributed Net	Shares of
	Investment Income	Realized Gain	Beneficial Interest
Alerian Galaxy Blockchain Users and Decentralized Commerce ETF	$21,685	$308,830	$(330,515)

Alerian Galaxy Crypto Economy ETF	51,475	378,549	(430,024)

NOTE 8–Trustees’ and Officer’s Fees

NOTE 9–Capital


		31

securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

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 Consolidated Statements of Changes in Net Assets.


		32

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF and Invesco Alerian Galaxy Crypto Economy ETF

Opinions on the Consolidated Financial Statements

We have audited the accompanying consolidated statements of assets and liabilities, including the consolidated schedules of investments, of Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF and Invesco Alerian Galaxy Crypto Economy ETF and each of their subsidiaries (two of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of October 31, 2023, the related consolidated statements of operations for the year ended October 31, 2023, the consolidated statements of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the consolidated financial highlights for each of the two years in the period ended October 31, 2023 and for the period October 5, 2021 (commencement of investment operations) through October 31, 2021 (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2023, 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, 2023 and each of the financial highlights for each of the two years in the period ended October 31, 2023 and for the period October 5, 2021 (commencement of investment operations) through October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These consolidated financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ consolidated 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 consolidated 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 consolidated 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 consolidated 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 consolidated 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 consolidated financial statements. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

December 21, 2023


		33

Calculating your ongoing Fund expenses

Example

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, 2023 through October 31, 2023.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value May 1, 2023			Ending Account Value October 31, 2023			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)

Actual		$	1,000.00		$	1,133.80		0.60	%		$	3.23

Hypothetical (5% return before expenses)			1,000.00			1,022.18		0.60				3.06

Invesco Alerian Galaxy Crypto Economy ETF (SATO)

Actual			1,000.00			1,117.50		0.60				3.20

Hypothetical (5% return before expenses)			1,000.00			1,022.18		0.60				3.06

⁽¹⁾


		34

Tax Information

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, 2023:


	Qualified Business Income*			Qualified Dividend Income*			Corporate Dividends Received Deduction*			U.S. Treasury Obligations*			Business Interest Income*

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF		0	%		34	%		22	%		0	%		0	%

Invesco Alerian Galaxy Crypto Economy ETF		0	%		3	%		2	%		0	%		0	%

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


		35

Trustees and Officers

As of November 28, 2023


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 Chair of the Board; Chair of the Nominating and Governance Committee and Trustee	Vice Chair since 2018; Chair 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).	213	Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, 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	Formerly, Assistant Professor of Business, Trinity Christian College (2010-2016); 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.	213	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.


		36

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

213

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.


		37

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

213

*	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.


		38

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	Chair of the Audit Committee and Trustee	Chair of the Audit Committee since 2008; Trustee since 2007	Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); 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).	213	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	Chair of the Investment Oversight Committee and Trustee	Chair 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).	213	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.


		39

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

213

*	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.


		40

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.	213	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	Chair of the Board and Trustee	Chair since 2012; Trustee since 2007	Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair 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); Chair, 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).	213	Director, Penfield Children’s Center (2004-Present); Board Chair, 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.


		41

Trustees and Officers–(continued)

The executive officers of the Trust, their term of office and length of time served, and their principal business occupations during at least the past five years are shown below:


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
Brian Hartigan–1978 Invesco Capital Management LLC 3500 Lacey Road Suite 700 Downers Grove, IL 60515	President and Principal Executive Officer	Since 2023	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 (2023-Present); Managing Director and Global Head of ETFs, Indexed Strategies, SMAs and Model Portfolios, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2023-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2023-Present); Director, Co-Chief Executive Officer and Co-President, Invesco Capital Markets, Inc. (2020-Present); Manager and President, Invesco Investment Advisers LLC (2020-Present); formerly, Global Head of ETF Investments and Indexed Strategy (2020-2023); Global Head of ETF Investments (2017-2020); Head of Investments-PowerShares (2015-2017) and Executive Director, Product Development, Invesco Capital Markets, Inc. (2010-2015).

Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza 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 (2020-Present) and Senior Vice President (2023-Present), The Invesco Funds; formerly, Vice President, The Invesco Funds (2020-2023); Senior Vice President and Treasurer, Fidelity Investments (2008-2020).

Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza 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.


		42

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 (2020-Present) and Secretary (2022-Present), Invesco Indexing LLC; 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); Vice President, Invesco Advisers, Inc. (2020-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).

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).

*	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.


		43

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

Melanie Zimdars–1976

Invesco Capital

Management LLC

3500 Lacey Road

Suite 700

Downers Grove, IL 60515

Chief Compliance Officer

Since 2017

*	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.


		44

(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

Quarterly Portfolios

Frequency Distribution of Discounts and Premiums

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-PS-AR-11

invesco.com/ETFs

(b)	Not applicable.

Item 2. Code of Ethics.

The Registrant has adopted a Code of Ethics that applies to the Registrant’s principal executive officer and principal financial officer. This Code is filed as an exhibit to this report on Form N-CSR under Item 13(a)(1). No substantive amendments to this Code were made during the reporting period. There were no waivers for the fiscal year ended October 31, 2023.

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Trustees (the “Board”) has determined that the Registrant has four “audit committee financial experts” serving on its audit committee: Mr. Marc M. Kole, Ms. Joanne Pace, Mr. Gary R. Wicker and Mr. Donald H. Wilson. Each of these audit committee members is “independent,” meaning that he/she is not an “interested person” of the Registrant (as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended) and he/she does not accept any consulting, advisory, or other compensatory fee from the Registrant (except in his/her capacity as a Board or committee member).

An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as a result of being designated as an “audit committee financial expert.” Further, the designation of a person as an “audit committee financial expert” does not mean that a person has any greater duties, obligations, or liability than those imposed on a person without the “audit committee financial expert” designation. Similarly, the designation of a person as an “audit committee financial expert” does not affect the duties, obligations, or liability of any other member of the audit committee or Board.

Item 4. Principal Accountant Fees and Services.

(a) to (d)

Fees Billed by PwC to the Registrant

PricewaterhouseCoopers LLP (“PwC”), the Registrant’s independent registered public accounting firm, billed the Registrant aggregate fees for pre-approved services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.


	Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year End 2023		Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year End 2022
Audit Fees	$	432,180	$	477,990
Audit-Related Fees⁽¹⁾	$	11,000	$	0
Tax Fees⁽²⁾	$	308,200	$	358,074
All Other Fees	$	0	$	0
Total Fees	$	751,380	$	836,064

⁽¹⁾	^{Audit-Related Fees for the fiscal year ended 2023 includes fees billed for reviewing regulatory filings.}

⁽²⁾	^{Tax Fees for the fiscal years ended 2023 and 2022 include fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise and year-to-date estimates for various book-to-tax differences.}

Fees Billed by PwC Related to Invesco and Affiliates

PwC billed Invesco Capital Management LLC (“Invesco” or “Adviser”), the Registrant’s investment adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant (“Affiliates”), aggregate fees for pre-approved non-audit services rendered to Invesco and Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Affiliates that were required to be pre-approved.


	Fees Billed for Non- Audit Services Rendered to Invesco and Affiliates for Fiscal Year End 2023 That Were Required to be Pre-Approved by the Registrant’s Audit Committee		Fees Billed for Non- Audit Services Rendered to Invesco and Affiliates for Fiscal Year End 2022 That Were Required to be Pre-Approved by the Registrant’s Audit Committee
Audit-Related Fees⁽¹⁾	$	1,067,000	$	760,000
Tax Fees	$	0	$	0
All Other Fees	$	0	$	0
Total Fees	$	1,067,000	$	760,000

⁽¹⁾	^{Audit-Related Fees for the fiscal years ended 2023 and 2022 include fees billed related to reviewing controls at a service organization.}

(e)(1) Audit Committee Pre-Approval Policies and Procedures

Pre-Approval of Audit and Non-Audit Services Policies and Procedures

As Adopted by the Audit Committee of the Invesco ETFs


Applicable to		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 (collectively the “Funds”)

Risk Addressed by Policy		Approval of Audit and Non-Audit Services



Relevant Law and Other Sources		Sarbanes-Oxley Act of 2002; Regulation S-X.

Last Reviewed by Compliance for Accuracy		June 15, 2018

Effective Date		June 26, 2009

Amended Dates		March 12, 2015 and June 15, 2018

Statement of Principles

Under the Sarbanes-Oxley Act of 2002 and rules adopted by the Securities and Exchange Commission (“SEC”) (“Rules”), the Audit Committee of the Funds’ (the “Audit Committee”) Board of Trustees (the “Board”) is responsible for the appointment, compensation and oversight of the work of independent accountants (an “Auditor”). As part of this responsibility and to assure that the Auditor’s independence is not impaired, the Audit Committee pre-approves the audit and non-audit services provided to the Funds by each Auditor, as well as all non-audit services provided by the Auditor to the Funds’ investment adviser and to affiliates of the adviser that provide ongoing services to the Funds (“Service Affiliates”) if the services directly impact the Funds’ operations or financial reporting. The SEC Rules also specify the types of services that an Auditor may not provide to its audit client. The following policies and procedures comply with the requirements for pre-approval and provide a mechanism by which management of the Funds may request and secure pre-approval of audit and non-audit services in an orderly manner with minimal disruption to normal business operations.

Proposed services either may be pre-approved without consideration of specific case-by-case services by the Audit Committee (“general pre-approval”) or require the specific pre-approval of the Audit Committee (“specific pre-approval”). As set forth in these policies and procedures, unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee. Additionally, any fees exceeding 110% of estimated pre-approved fee levels provided at the time the service was pre-approved will also require specific approval by the Audit Committee before payment is made. The Audit Committee will also consider the impact of additional fees on the Auditor’s independence when determining whether to approve any additional fees for previously pre-approved services.

The Audit Committee will annually review and generally pre-approve the services that may be provided by each Auditor without obtaining specific pre-approval from the Audit Committee. The term of any general pre-approval runs from the date of such pre-approval through June 30th of the following year, unless the Audit Committee considers a different period and states otherwise. The Audit Committee will add to or subtract from the list of general pre-approved services from time to time, based on subsequent determinations.

The purpose of these policies and procedures is to set forth the guidelines to assist the Audit Committee in fulfilling its responsibilities.

Delegation

The Chairman of the Audit Committee (or, in his or her absence, any member of the Audit Committee) may grant specific pre-approval for non-prohibited services. All such delegated pre-approvals shall be presented to the Audit Committee no later than the next Audit Committee meeting.

Audit Services

The annual Audit services engagement terms will be subject to specific pre-approval of the Audit Committee. Audit services include the annual financial statement audit and other procedures such as tax provision work that is required to be performed by the independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committee will obtain, review and consider sufficient information concerning the proposed Auditor to make a reasonable evaluation of the Auditor’s qualifications and independence.

In addition to the annual Audit services engagement, the Audit Committee may grant either general or specific pre-approval of other Audit services, which are those services that only the independent auditor reasonably can provide. Other Audit services may include services such as issuing consents for the inclusion of audited financial statements with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings.

Non-Audit Services

The Audit Committee may provide either general or specific pre-approval of any non-audit services to the Funds and its Service Affiliates if the Audit Committee believes that the provision of the service will not impair the independence of the Auditor, is consistent with the SEC’s Rules on auditor independence, and otherwise conforms to the Audit Committee’s general principles and policies as set forth herein.

Audit-Related Services

“Audit-related services” are assurance and related services that are reasonably related to the performance of the audit or review of the Funds’ financial statements or that are traditionally performed by the independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; and assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities.

Tax Services

“Tax services” include, but are not limited to, the review and signing of the Funds’ federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will scrutinize carefully the retention of the Auditor in connection with a transaction initially recommended by the Auditor, the major business purpose of which may be tax avoidance or the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisors as necessary to ensure the consistency of Tax services rendered by the Auditor with the foregoing policy.

No Auditor shall represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

Under rules adopted by the Public Company Accounting Oversight Board and approved by the SEC, in connection with seeking Audit Committee pre-approval of permissible Tax services, the Auditor shall:

1.	Describe in writing to the Audit Committee, which writing may be in the form of the proposed engagement letter:

The scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the Fund, relating to the service; and

Any compensation arrangement or other agreement, such as a referral agreement, a referral fee or fee-sharing arrangement, between the Auditor and any person (other than the Fund) with respect to the promoting, marketing, or recommending of a transaction covered by the service;

2.	Discuss with the Audit Committee the potential effects of the services on the independence of the Auditor; and

3.	Document the substance of its discussion with the Audit Committee.

All Other Auditor Services

The Audit Committee may pre-approve non-audit services classified as “All other services” that are not categorically prohibited by the SEC, as listed in Exhibit 1 to this policy.

Pre-Approval Fee Levels or Established Amounts

Pre-approval of estimated fees or established amounts for services to be provided by the Auditor under general or specific pre-approval policies will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum estimated pre-approved fees or established amounts for pre-approved audit and non-audit services will be reported to the Audit Committee at the quarterly Audit Committee meeting and will require specific approval by the Audit Committee before payment is made. The Audit Committee will always factor in the overall relationship of fees for audit and non-audit services in determining whether to pre-approve any such services and in determining whether to approve any additional fees exceeding 110% of the maximum pre-approved fees or established amounts for previously pre-approved services.

Procedures

On an annual basis, the Auditor will submit to the Audit Committee for general pre-approval, a list of non-audit services that the Funds or Service Affiliates of the Funds may request from the Auditor. The list will describe the non-audit services in reasonable detail and will include an estimated range of fees and such other information as the Audit Committee may request.

Each request for services to be provided by the Auditor under the general pre-approval of the Audit Committee will be submitted to the Funds’ Treasurer (or his or her designee) and must include a detailed description of the services to be rendered. The Treasurer or his or her designee will ensure that such

services are included within the list of services that have received the general pre-approval of the Audit Committee.

Each request to provide services that require specific approval by the Audit Committee shall be submitted to the Audit Committee jointly by the Funds’ Treasurer or his or her designee and the Auditor, and must include a joint statement that, in their view, such request is consistent with the pre-approval policies and procedures and the SEC Rules.

Each request to provide Tax services under either the general or specific pre-approval of the Audit Committee will describe in writing: (i) the scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the audit client, relating to the service; and (ii) any compensation arrangement or other agreement between the Auditor and any person (other than the audit client) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will discuss with the Audit Committee the potential effects of the services on the Auditor’s independence and will document the substance of the discussion.

Non-audit services pursuant to the de minimis exception provided by the SEC Rules will be promptly brought to the attention of the Audit Committee for approval, including documentation that each of the conditions for this exception, as set forth in the SEC Rules, has been satisfied.

On at least an annual basis, the Auditor will prepare a summary of all the services provided to any entity in the investment company complex as defined in section 2-01(f)(14) of Regulation S-X in sufficient detail as to the nature of the engagement and the fees associated with those services.

The Audit Committee has designated the Funds’ Treasurer to monitor the performance of all services provided by the Auditor and to ensure such services are in compliance with these policies and procedures. The Funds’ Treasurer will report to the Audit Committee on a periodic basis as to the results of such monitoring. Both the Funds’ Treasurer and management will immediately report to the Chairman of the Audit Committee any breach of these policies and procedures that comes to the attention of the Funds’ Treasurer or senior management.

Exhibit 1 to Pre-Approval of Audit and Non-Audit Services Policies and Procedures

Conditionally Prohibited Non-Audit Services (not prohibited if the Fund can reasonably conclude that the results of the service would not be subject to audit procedures in connection with the audit of the Fund’s financial statements)

•

Bookkeeping or other services related to the accounting records or financial statements of the audit client

•

Financial information systems design and implementation

•

Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

•

Actuarial services

•

Internal audit outsourcing services

Categorically Prohibited Non-Audit Services

•

Management functions

•

Human resources

•

Broker-dealer, investment adviser, or investment banking services

•

Legal services

•

Expert services unrelated to the audit

•

Any service or product provided for a contingent fee or a commission

•

Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance

•

Tax services for persons in financial reporting oversight roles at the Fund

•

Any other service that the Public Company Oversight Board determines by regulation is impermissible.

(e)(2)

There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.

(f)

Not applicable.

(g)

In addition to the amounts shown in the tables above, PwC billed Invesco and Affiliates aggregate fees of $6,507,000 for the fiscal year ended October 31, 2023 and $6,370,000 for the fiscal year ended October 31, 2022 for non-audit services not required to be pre-approved by the Registrant’s Audit Committee. In total, PwC billed the Registrant, Invesco and Affiliates aggregate non-audit fees of $7,882,200 for the fiscal year ended October 31, 2023 and $7,515,074 for the fiscal year ended October 31, 2022.

(h)

With respect to the non-audit services above billed to Invesco and Affiliates that were not required to be pre-approved by the Registrant’s Audit Committee, the Audit Committee received information from PwC about such services, including by way of comparison, that PwC provided audit services to entities within the Investment Company Complex, as defined by Rule 2-01(f)(14) of Regulation S-X, of approximately $33 million and non-audit services of approximately $19 million for the fiscal year ended 2023. The Audit Committee considered this information in evaluating PwC’s independence.

(i)

Not applicable

(j)

Not applicable

Item 5. Audit Committee of Listed Registrants.

(a)

The Registrant has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended, which consists solely of independent trustees. The Audit Committee members are Marc M. Kole, Joanne Pace, Gary R. Wicker, and Donald H. Wilson.

(b)

Not applicable.

Item 6. Schedule of Investments.

(a)	The Schedules of Investments are included as a part of the report to shareholders filed under Item 1 of this Form N-CSR.

(b)	Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Board that would require disclosure herein.

Item 11. Controls and Procedures.

(a)

Based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the Registrant’s President (principal executive officer) and Treasurer (principal financial officer) have concluded that such disclosure controls and procedures are effective.

(b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.


(a)(1)		Code of Ethics is attached as Exhibit 99.CODEETH.

(a)(2)		Certifications of the Registrant’s President and Treasurer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.

(a)(3)		Not applicable.

(a)(4)		Not applicable.

(b)		Certifications of the Registrant’s President and Treasurer pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): Invesco Exchange-Traded Fund Trust II


By:		/s/ Brian Hartigan
Name:		Brian Hartigan
Title:		President
Date:		January 3, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By:		/s/ Brian Hartigan
Name:		Brian Hartigan
Title:		President

Date:		January 3, 2024

By:		/s/ Kelli Gallegos
Name:		Kelli Gallegos
Title:		Treasurer

Date:		January 3, 2024