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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AZZ Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Primoris Services Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Paycom Software, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Pitney Bowes Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Allegiant Travel Co.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Lindsay Corp.</name>
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        <title>Lindsay Corp.</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>JetBlue Airways Corp.</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Powell Industries, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Forward Air Corp.</name>
        <lei>N/A</lei>
        <title>Forward Air Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>SkyWest, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Amentum Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Millerknoll, Inc.</name>
        <lei>U98HXD3PNK7HYU2MU887</lei>
        <title>Millerknoll, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Boise Cascade Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Insperity, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Lyft, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Willscot Holdings Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Kennametal Inc.</name>
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        <title>Kennametal Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Zurn Elkay Water Solutions Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Liquidity Services, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Korn Ferry</name>
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        <title>Korn Ferry</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Gates Industrial Corp. PLC</name>
        <lei>549300S6K4FWUSB9KM27</lei>
        <title>Gates Industrial Corp. PLC</title>
        <cusip>G39108108</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CoreCivic, Inc.</name>
        <lei>529900JFA3K6PTLT8B15</lei>
        <title>CoreCivic, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Hayward Holdings, Inc.</name>
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        <title>Hayward Holdings, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Mercury Systems, Inc.</name>
        <lei>549300P3B84SGK7HH679</lei>
        <title>Mercury Systems, Inc.</title>
        <cusip>589378108</cusip>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HNI Corp.</name>
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        <title>HNI Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Sunrun Inc.</name>
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        <title>Sunrun Inc.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ManpowerGroup Inc.</name>
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        <title>ManpowerGroup Inc.</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Schneider National, Inc.</name>
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          <isin value="US80689H1023"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Federal Signal Corp.</name>
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        <title>Federal Signal Corp.</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Proto Labs, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Worthington Enterprises, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Enerpac Tool Group Corp.</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>LegalZoom.com, Inc.</name>
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        <title>LegalZoom.com, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>VSE Corp.</name>
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        <title>VSE Corp.</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Insteel Industries Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ESCO Technologies Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Werner Enterprises, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>National Presto Industries, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Robert Half Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Marten Transport, Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Hertz Global Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Albany International Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MasterBrand, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>OPENLANE, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>RXO, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Matson, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Hub Group, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Quanex Building Products Corp.</name>
        <lei>5493000TL30VL5WOAW87</lei>
        <title>Quanex Building Products Corp.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>EnPro Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Heartland Express, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>ABM Industries Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>CSW Industrials, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Rush Enterprises, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>DNOW Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ArcBest Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Vestis Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Deluxe Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>AAR Corp.</name>
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        <name>Standex International Corp.</name>
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        <name>Mueller Water Products, Inc.</name>
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        <name>Brady Corp.</name>
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        <name>UniFirst Corp.</name>
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        <name>Resideo Technologies, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Invesco Government &amp; Agency Portfolio</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Casella Waste Systems, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Gibraltar Industries, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>DXP Enterprises, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Invesco Private Government Fund</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Verra Mobility Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>JBT Marel Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Everus Construction Group, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Upwork Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Griffon Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MYR Group Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Kadant Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Granite Construction Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Greenbrier Cos., Inc. (The)</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Interface, Inc.</name>
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        <title>Interface, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-06-30</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>
  <documents>XXXX</documents>
</edgarSubmission>
