XSLV Invesco S&P SmallCap Low Volatility ETF

INVESCO EXCHANGE-TRADED FUND TRUST II

SUPPLEMENT DATED MAY 29, 2020 TO THE STATEMENT
OF ADDITIONAL INFORMATION DATED OCTOBER 28, 2019,
AS PREVIOUSLY SUPPLEMENTED, OF:

Invesco S&P 500 Revenue ETF

Invesco S&P MidCap 400 Revenue ETF

Invesco S&P SmallCap 600 Revenue ETF

Invesco S&P Ultra Dividend Revenue ETF

(each, a “Fund” and collectively, the “Funds”)

Effective immediately, the following disclosure replaces the first two paragraphs in the section “Exchange Listing and Trading”:

There can be no assurance that a Fund will continue to meet the requirements of its Exchange necessary to maintain the listing of its Shares. The Exchanges may, but are not required to, remove the Shares of a Fund from listing if: (i) following the initial 12-month period beginning at the commencement of trading of a Fund, there are fewer than 50 beneficial owners of Shares (for each Cboe-listed Fund, there must be fewer than 50 beneficial owners for at least 30 consecutive trading days); (ii) the Fund is no longer eligible to operate in reliance on Rule 6c-11 under the 1940 Act; (iii) the Fund fails to meet certain continued listing standards of an Exchange; or (iv) such other event shall occur or condition shall exist that, in the opinion of the relevant Exchange, makes further dealings on such Exchange inadvisable. The applicable Exchange will remove the Shares of a Fund from listing and trading upon termination of the Fund.

Effective immediately, the fifth paragraph in the section “Exchange Listing and Trading” is deleted in its entirety.

Effective immediately, the following disclosure replaces the third sentence of the last paragraph in the section “Investment Restrictions”:

Each Fund with an 80% investment policy anticipates meeting that policy by investing at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in such securities.

Effective immediately, the following disclosure replaces the second and third paragraphs in the section “Disclosure of Portfolio Holdings – Portfolio Holdings Policy”:

Each business day before the opening of regular trading on the Exchange where a Fund’s Shares are traded, the Fund discloses on its website (www.invesco.com/ETFs) the portfolio holdings that will form the basis for the Fund’s next calculation of NAV per Share. The Trust, the Adviser and The Bank of New York Mellon (“BNYM” or the “Administrator”) will not disseminate non-public information concerning the Trust.

Access to information concerning the Funds’ portfolio holdings may be permitted at other times: (i) to personnel of third-party service providers, including the Funds’ custodian, transfer agent, auditors and counsel, as may be necessary to conduct business in the ordinary course in a manner consistent with such service providers’ agreements with the Trust on behalf of the Funds; or (ii) in instances when the Funds’ President and/or Chief Compliance Officer determines that (x) such disclosure serves a reasonable business purpose and is in the best interests of the Fund’s shareholders; and (y) in making such disclosure, no conflict exists between the interests of the Fund’s shareholders and those of the Adviser or the Distributor.

Effective immediately, the following disclosure replaces the first and second paragraphs in the section “Creation and Redemption of Creation Unit Aggregations – Role of the Authorized Participant”:

A Fund only may issue Creation Units to, or redeem Creation Units from, an authorized participant, referred to herein as an “AP.” To be eligible to place orders for the purchase or redemption of a Creation Unit of a Fund, an AP must have executed a written agreement with the Fund or one of its service providers that allows the AP to place such orders (“Participant Agreement”). In addition, an AP must be a member or participant of a clearing agency that is registered with the SEC. An AP may place orders for the creation or redemption of Creation Units through the clearing process of the Continuous Net Settlement System (the “Clearing Process”) of the National Securities Clearing Corporation (“NSCC”), Euroclear, the Fed Book-Entry System and/or DTC, subject to the procedures set forth in the Participant Agreement. (APs that participate in the Clearing Process are sometimes referred to as a “Participating Party,” and APs that are eligible to utilize the Fed Book Entry System and/or DTC are sometimes referred to as a “DTC Participant.”) Transfers of securities settling through Euroclear or other foreign depositories may require AP access to such facilities.

Effective immediately, the following disclosure replaces the first sentence of the first paragraph in the section “Creation and Redemption of Creation Unit Aggregations – Creations – Portfolio Deposit”:

The consideration for purchase of a Creation Unit of a Fund generally consists of the in-kind deposit of a portfolio of securities, assets or other positions constituting a substantial replication of a Fund’s portfolio holdings (the “Deposit Securities”) and an amount of cash denominated in U.S. dollars (the “Cash Component”) computed as described below, plus any applicable administrative or other transaction fees, also as discussed below.

Effective immediately, the following disclosure replaces the first sentence of the third paragraph in the section “Creation and Redemption of Creation Unit Aggregations – Creations – Portfolio Deposit”:

Each business day before the opening of regular trading on the Exchange where a Fund’s Shares are traded (usually 9:30 a.m., Eastern Time), the Fund discloses on its website (www.invesco.com/ETFs) the Deposit Securities and/or the amount of the applicable Cash Component to be included in the current Portfolio Deposit (based on information at the end of the previous Business Day) for each Fund.

Effective immediately, the following disclosure replaces the first sentence of the second paragraph in the section “Creation and Redemption of Creation Unit Aggregations – Redemptions – Fund Securities”:

Each business day before the opening of regular trading on the Exchange where a Fund’s Shares are traded (usually 9:30 a.m., Eastern Time), the Fund discloses the Fund Securities that will be applicable (subject to possible amendment or correction) to redemption requests received in proper form (as defined below) on that day, as well as the Cash Redemption Amount.

Effective immediately, the section “Determination of NAV – Intraday Indicative Value” is deleted in its entirety.

Please Retain This Supplement for Future Reference.

O-TRST2-SAI-1-SUP-2 052920