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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Arcadis N.V.</name>
        <lei>7245000UZH70GO047N03</lei>
        <title>Arcadis N.V.</title>
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          <isin value="NL0006237562"/>
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        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Coway Co., Ltd.</name>
        <lei>N/A</lei>
        <title>Coway Co., Ltd.</title>
        <cusip>Y1786S109</cusip>
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          <isin value="KR7021240007"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Organo Corp.</name>
        <lei>N/A</lei>
        <title>Organo Corp.</title>
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          <isin value="JP3201600008"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Belimo Holding AG</name>
        <lei>506700339DLX749VEM23</lei>
        <title>Belimo Holding AG</title>
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          <isin value="CH1101098163"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Pentair PLC</name>
        <lei>549300EVR9D56WPSRP15</lei>
        <title>Pentair PLC</title>
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          <isin value="IE00BLS09M33"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>IE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Miura Co., Ltd.</name>
        <lei>3538005VS7UNWU9PHX56</lei>
        <title>Miura Co., Ltd.</title>
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          <isin value="JP3880800002"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United Utilities Group PLC</name>
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        <title>United Utilities Group PLC</title>
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          <isin value="GB00B39J2M42"/>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Metawater Co., Ltd.</name>
        <lei>N/A</lei>
        <title>Metawater Co., Ltd.</title>
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          <isin value="JP3921260000"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Cia de Saneamento Basico do Estado de Sao Paulo - SABESP</name>
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          <isin value="BRSBSPACNOR5"/>
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        <assetCat>EC</assetCat>
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        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>VA Tech Wabag Ltd.</name>
        <lei>335800GM4KXSX7LLLI83</lei>
        <title>VA Tech Wabag Ltd.</title>
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          <isin value="INE956G01038"/>
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        <invCountry>IN</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Genuit Group PLC</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Severn Trent PLC</name>
        <lei>213800RPBXRETY4A4C59</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ecolab Inc.</name>
        <lei>82DYEISM090VG8LTLS26</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Invesco Private Prime Fund</name>
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        <title>Invesco Private Prime Fund</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Astral Ltd.</name>
        <lei>3358007M1SKFTVDRMC40</lei>
        <title>Astral Ltd.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Halma PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Waters Corp.</name>
        <lei>5T547R1474YC9HOD8Q74</lei>
        <title>Waters Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>AECOM</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Roper Technologies, Inc.</name>
        <lei>54930003T4SXCIWVXY35</lei>
        <title>Roper Technologies, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Ferguson Enterprises Inc.</name>
        <lei>2138003JYQMRP3SLX189</lei>
        <title>Ferguson Enterprises Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Stantec Inc.</name>
        <lei>549300MZ7NGUZDCP2T16</lei>
        <title>Stantec Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Invesco Government &amp; Agency Portfolio</name>
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        <title>Invesco Government &amp; Agency Portfolio, Institutional Class</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Consolidated Water Co. Ltd.</name>
        <lei>5299001BMEW8X9VIJA73</lei>
        <title>Consolidated Water Co. Ltd.</title>
        <cusip>G23773107</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Veralto Corp.</name>
        <lei>635400FJE6GSOJUSNY27</lei>
        <title>Veralto Corp.</title>
        <cusip>92338C103</cusip>
        <identifiers>
          <isin value="US92338C1036"/>
        </identifiers>
        <balance>84639.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7465159.80000000</valUSD>
        <pctVal>2.658584259753</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sulzer AG</name>
        <lei>529900NZ6MAST5IJF669</lei>
        <title>Sulzer AG</title>
        <cusip>H83580284</cusip>
        <identifiers>
          <isin value="CH0038388911"/>
        </identifiers>
        <balance>12645.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.78205000"/>
        <valUSD>2404801.07000000</valUSD>
        <pctVal>0.856427249225</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="669676.54000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Veolia Environnement S.A.</name>
        <lei>969500LENY69X51OOT31</lei>
        <title>Veolia Environnement S.A.</title>
        <cusip>F9686M107</cusip>
        <identifiers>
          <isin value="FR0000124141"/>
        </identifiers>
        <balance>275925.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85247800"/>
        <valUSD>11662691.38000000</valUSD>
        <pctVal>4.153460684020</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IDEX Corp.</name>
        <lei>549300U5Y5EL6PHYLF13</lei>
        <title>IDEX Corp.</title>
        <cusip>45167R104</cusip>
        <identifiers>
          <isin value="US45167R1041"/>
        </identifiers>
        <balance>30129.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6563602.65000000</valUSD>
        <pctVal>2.337510670912</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>American Water Works Co., Inc.</name>
        <lei>549300DXHIJQMD5WFW18</lei>
        <title>American Water Works Co., Inc.</title>
        <cusip>030420103</cusip>
        <identifiers>
          <isin value="US0304201033"/>
        </identifiers>
        <balance>75189.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9655771.38000000</valUSD>
        <pctVal>3.438731721006</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Invesco Private Government Fund</name>
        <lei>N/A</lei>
        <title>Invesco Private Government Fund</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CADIS_ID" value="2442116"/>
        </identifiers>
        <balance>7562863.13000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7562863.13000000</valUSD>
        <pctVal>2.693379567854</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="7562863.13000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ebara Jitsugyo Co., Ltd.</name>
        <lei>3538004CBM4WNU6CM653</lei>
        <title>Ebara Jitsugyo Co., Ltd.</title>
        <cusip>J12611109</cusip>
        <identifiers>
          <isin value="JP3165950001"/>
        </identifiers>
        <balance>16296.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.70500000"/>
        <valUSD>249345.96000000</valUSD>
        <pctVal>0.088800141222</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Xylem Inc.</name>
        <lei>549300DF5MV96DRYLQ48</lei>
        <title>Xylem Inc.</title>
        <cusip>98419M100</cusip>
        <identifiers>
          <isin value="US98419M1009"/>
        </identifiers>
        <balance>73438.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8677434.08000000</valUSD>
        <pctVal>3.090314243525</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Core &amp; Main, Inc.</name>
        <lei>N/A</lei>
        <title>Core &amp; Main, Inc., Class A</title>
        <cusip>21874C102</cusip>
        <identifiers>
          <isin value="US21874C1027"/>
        </identifiers>
        <balance>100935.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5084095.95000000</valUSD>
        <pctVal>1.810610600424</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aguas Andinas S.A.</name>
        <lei>894500KC50BSHRL3SK15</lei>
        <title>Aguas Andinas S.A., Class A</title>
        <cusip>P4171M125</cusip>
        <identifiers>
          <isin value="CL0000000035"/>
        </identifiers>
        <balance>1653435.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CLP" exchangeRt="903.02500000"/>
        <valUSD>623435.77000000</valUSD>
        <pctVal>0.222025592149</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-05-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Invesco Exchange-Traded Fund Trust II</ncom:nameOfApplicant>
      <ncom:signature>Adrien Deberghes</ncom:signature>
      <ncom:signerName>Adrien Deberghes</ncom:signerName>
      <ncom:title>Vice President</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
