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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Balchem Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BancFirst Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Franklin Electric Co., Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Sprinklr, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>LXP Industrial Trust</name>
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        <fairValLevel>1</fairValLevel>
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        <name>AZZ Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Energizer Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Yelp Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Sylvamo Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Acadia Pharmaceuticals Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>LiveRamp Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>HCI Group, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Tootsie Roll Industries, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>A10 Networks, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Lindsay Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Brinker International, Inc.</name>
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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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        <name>NMI Holdings, Inc.</name>
        <lei>529900KNNGFXJX1C3Z08</lei>
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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>NetScout Systems, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Qorvo, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Artisan Partners Asset Management Inc.</name>
        <lei>549300T1FUI6JF63XU51</lei>
        <title>Artisan Partners Asset Management Inc., Class A</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Monarch Casino &amp; Resort, Inc.</name>
        <lei>549300AK5FF7KY11V997</lei>
        <title>Monarch Casino &amp; Resort, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Piper Sandler Cos.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Select Medical Holdings Corp.</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Cal-Maine Foods, Inc.</name>
        <lei>549300NHE5WMIEIEMF53</lei>
        <title>Cal-Maine Foods, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Park National Corp.</name>
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        <title>Park National Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Zurn Elkay Water Solutions Corp.</name>
        <lei>549300AM3633XDFU1Q85</lei>
        <title>Zurn Elkay Water Solutions Corp.</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Radian Group Inc.</name>
        <lei>54930005OUP720S5U385</lei>
        <title>Radian Group Inc.</title>
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          <isin value="US7502361014"/>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Interparfums, Inc.</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Liquidity Services, Inc.</name>
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        <title>Liquidity Services, Inc.</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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Korn Ferry</name>
        <lei>549300FOD20OM0GT5G40</lei>
        <title>Korn Ferry</title>
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          <isin value="US5006432000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Dorman Products, Inc.</name>
        <lei>2549000O0BBUX740XR59</lei>
        <title>Dorman Products, Inc.</title>
        <cusip>258278100</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lincoln National Corp.</name>
        <lei>EFQMQROEDSNBRIP7LE47</lei>
        <title>Lincoln National Corp.</title>
        <cusip>534187109</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>QuinStreet, Inc.</name>
        <lei>549300TP8MFBFPOS4Y78</lei>
        <title>QuinStreet, Inc.</title>
        <cusip>74874Q100</cusip>
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          <isin value="US74874Q1004"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Buckle, Inc. (The)</name>
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        <title>Buckle, Inc. (The)</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Pathward Financial, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Lakeland Financial Corp.</name>
        <lei>N/A</lei>
        <title>Lakeland Financial Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Westamerica Bancorporation</name>
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        <title>Westamerica Bancorporation</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Cactus, Inc.</name>
        <lei>549300J3T8C9F8QFKV08</lei>
        <title>Cactus, Inc., Class A</title>
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        <fairValLevel>1</fairValLevel>
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        <name>BlackLine, Inc.</name>
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        <title>BlackLine, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Bancorp, Inc. (The)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Virtus Investment Partners, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>HNI Corp.</name>
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        <title>HNI Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Federal Signal Corp.</name>
        <lei>549300RTXZRPTNP6G884</lei>
        <title>Federal Signal Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Western Union Co. (The)</name>
        <lei>28ID94QU1140NC23S047</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Enerpac Tool Group Corp.</name>
        <lei>IZW37BPZKUJE1QXGB081</lei>
        <title>Enerpac Tool Group Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Magnolia Oil &amp; Gas Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>WD-40 Co.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Dorian LPG Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Robert Half Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Academy Sports and Outdoors, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Sally Beauty Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PROG Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>First BanCorp.</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>CarGurus, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>XPEL, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Invesco Private Prime Fund</name>
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        <assetCat>STIV</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>Teradata Corp.</name>
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        <title>Teradata Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Mercury General Corp.</name>
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        <title>Mercury General Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Alamo Group Inc.</name>
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        <title>Alamo Group Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>EVERTEC, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Armstrong World Industries, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Kontoor Brands, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PJT Partners Inc.</name>
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        <title>PJT Partners Inc., Class A</title>
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        <fairValLevel>1</fairValLevel>
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        <name>ADMA Biologics, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Installed Building Products, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ACI Worldwide, Inc.</name>
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        <title>ACI Worldwide, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Leggett &amp; Platt, Inc.</name>
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        <title>Leggett &amp; Platt, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Catalyst Pharmaceuticals, Inc.</name>
        <lei>5299004O0R5XXLA5H544</lei>
        <title>Catalyst Pharmaceuticals, Inc.</title>
        <cusip>14888U101</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Acushnet Holdings Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Stride, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Tidewater Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CorVel Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ePlus inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Progyny, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Harmony Biosciences Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Clear Secure, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Mueller Water Products, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Moelis &amp; Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Arlo Technologies, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>TG Therapeutics, Inc.</name>
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        <name>Cohen &amp; Steers, Inc.</name>
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        <name>Covista Inc.</name>
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        <name>MarketAxess Holdings Inc.</name>
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        <name>Adeia Inc.</name>
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        <name>Wolverine World Wide, Inc.</name>
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        <name>Invesco Private Government Fund</name>
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        <name>Palomar Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Everus Construction Group, Inc.</name>
        <lei>2549006JMMHR0KILT425</lei>
        <title>Everus Construction Group, Inc.</title>
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          <isin value="US3004261034"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Enact Holdings, Inc.</name>
        <lei>9845003CA5664B741N19</lei>
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          <isin value="US29249E1091"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AMERISAFE, Inc.</name>
        <lei>2549002B4EXPBLGMNN22</lei>
        <title>AMERISAFE, Inc.</title>
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          <isin value="US03071H1005"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Upwork Inc.</name>
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        <title>Upwork Inc.</title>
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          <isin value="US91688F1049"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OFG Bancorp</name>
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          <isin value="PR67103X1020"/>
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        <assetCat>EC</assetCat>
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        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Griffon Corp.</name>
        <lei>5493000C2SGNC7ZN3242</lei>
        <title>Griffon Corp.</title>
        <cusip>398433102</cusip>
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          <isin value="US3984331021"/>
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        <balance>22228.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MYR Group Inc.</name>
        <lei>529900G1IMMZHOQ17I54</lei>
        <title>MYR Group Inc.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Oceaneering International, Inc.</name>
        <lei>549300L6PH74701W0R30</lei>
        <title>Oceaneering International, 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>
        <name>Badger Meter, Inc.</name>
        <lei>5493002JENE20OGTUG20</lei>
        <title>Badger Meter, Inc.</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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      <invstOrSec>
        <name>Knowles Corp.</name>
        <lei>5493003EO323TDZQU148</lei>
        <title>Knowles Corp.</title>
        <cusip>49926D109</cusip>
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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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      <invstOrSec>
        <name>Plexus Corp.</name>
        <lei>549300W7HCBI5YT25I79</lei>
        <title>Plexus Corp.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>CVR Energy, Inc.</name>
        <lei>529900SOYZIXZBTXB558</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <loanByFundCondition isLoanByFund="Y" loanVal="815890.16000000"/>
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        <name>LCI Industries</name>
        <lei>549300E1B98YNJ1WIQ04</lei>
        <title>LCI Industries</title>
        <cusip>50189K103</cusip>
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          <isin value="US50189K1034"/>
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        <balance>14062.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>City Holding Co.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Axos Financial, Inc.</name>
        <lei>529900D8M56422GK9O25</lei>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>National Beverage Corp.</name>
        <lei>549300O9MZIQJI8TGV17</lei>
        <title>National Beverage Corp.</title>
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          <isin value="US6350171061"/>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Alkermes PLC</name>
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        <invCountry>IE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <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>
