Summary Prospectus by Investment Company (Form 497K)

INVESCO EXCHANGE-TRADED FUND TRUST II

SUPPLEMENT DATED MAY 28, 2026 TO THE PROSPECTUSES
and statement of additional information
DATED February 27, 2026 OF:

Invesco MSCI Global Climate 500 ETF (KLMT)
(the "Fund")

The Fund seeks to track the investment results (before fees and expenses) of the MSCI ACWI Select Climate 500 Index (the "Underlying Index"). MSCI Inc. (the "Index Provider") has announced certain changes to the name and methodology of the Underlying Index, which are effective June 1, 2026. Accordingly, effective June 1, 2026, the Fund's Prospectuses and Statement of Additional Information are revised as follows:

To construct the Underlying Index, the Index Provider conducts screens on the universe of companies within the MSCI ACWI ex Select Countries Index (the "Parent Index") to exclude companies in the business of controversial or nuclear weapons, thermal coal mining, or thermal coal-based power generation. The exclusions for companies in the business of controversial weapons or nuclear weapons apply only to companies classified (based on the Index Provider's methodology) in countries that are neither members of the North Atlantic Treaty Organization ("NATO"), NATO Indo-Pacific partners (as determined by the Index Provider), nor Switzerland. Exclusions for companies in the business of thermal coal mining and thermal coal-based power generation are based on criteria that evaluates if such companies do not have at least one active carbon emissions reduction target approved by the Science Based Targets initiative ("SBTi"), and a certain percentage of revenue thresholds.

The final portfolio of securities is constructed according to certain constraints within the Underlying Index methodology that are designed to minimize the Parent Index's exposure to physical and transition risks of climate change:

To construct the universe of constituents eligible for inclusion in the Underlying Index, the Index Provider first screens companies within the Parent Index using certain exclusionary criteria to remove securities of companies that:

(1) are classified in a country that is neither a member of NATO, a NATO Indo-Pacific partner, nor Switzerland and have any tie to controversial weapons (e.g., cluster munitions, landmines, depleted uranium weapons, biological/chemical weapons, blinding lasers, non-detectable fragments and incendiary weapons);

(2) are classified in a country that is neither a member of NATO, a NATO Indo-Pacific partner, nor Switzerland and manufacture nuclear weapons or components for use in nuclear weapons, manufacture or assemble delivery platforms for the delivery of nuclear weapons (or the components of such platforms), or provide related auxiliary services;

(3) do not have at least one active carbon emissions reduction target approved by the SBTi and derive 5% or more revenue from the mining of thermal coal and its sale;

(4) do not have at least one active carbon emissions reduction target approved by the SBTi and derive 5% or more revenue from thermal coal-based power generation, have 5% or more capacity attributed to thermal coal-based power generation, or generate 5% or more power from thermal coal; and

(5) have an MSCI ESG Controversy Score of 0.

(The SBTi is a partnership among the CDP (an international non-profit that operates a system for the disclosure of issuers' environmental impact), the World Resources Institute, the World Wide Fund for Nature; and the UN Global Compact. It develops standards, tools and guidance designed to allow companies to set GHG emissions reductions targets.)

The final portfolio of securities is constructed according to certain constraints within the Underlying Index methodology that are designed to minimize the Parent Index's exposure to physical and transition risks of climate change:

Please Retain This Supplement for Future Reference.

KLMT-PRO-SUP 052826