Schedule of Investments

Invesco AAA CLO Floating Rate Note ETF (ICLO)

January 31, 2023

(Unaudited)

 

     Principal
Amount
   Value

Asset-Backed Securities-99.54%

 

ABPCI Direct Lending Fund IX LLC (Cayman Islands), Series 2020-9A, Class A1R, 6.22% (3 mo. USD LIBOR + 1.40%), 11/18/2031(a)(b)

     $ 500,000      $ 492,715

AGL CLO 14 Ltd. (Cayman Islands), Series 2021-14A, Class A, 5.97% (3 mo. USD LIBOR + 1.15%), 12/02/2034(a)(b)

       1,500,000        1,480,965

Aimco CLO 14 Ltd. (Cayman Islands), Series 2021-14A, Class A, 5.80% (3 mo. USD LIBOR + 0.99%), 04/20/2034(a)(b)

       1,500,000        1,472,305

Ballyrock CLO Ltd. (Cayman Islands)
Series 2018-1A, Class A1, 5.81% (3 mo. USD LIBOR + 1.00%), 04/20/2031(a)(b)

       1,250,000        1,239,860

Series 2019-2A, Class A1AR, 5.68%
(3 mo. USD LIBOR + 1.00%),
11/20/2030(a)(b)

       500,000        497,056

Benefit Street Partners CLO III Ltd. (Cayman Islands), Series 2013-IIIA, Class A2R2, 6.46% (3 mo. USD LIBOR + 1.65%), 07/20/2029(a)(b)

       850,000        843,015

Benefit Street Partners CLO XI (Cayman Islands), Series 2017-11A, Class A2R, 6.29% (3 mo. USD LIBOR + 1.50%), 04/15/2029(a)(b)

       1,000,000        980,300

Benefit Street Partners CLO XII Ltd. (Cayman Islands), Series 2017-12A, Class A1R, 5.74% (3 mo. USD LIBOR + 0.95%), 10/15/2030(a)(b)

       494,228        489,170

Benefit Street Partners CLO XXII Ltd. (Cayman Islands), Series 2020-22A, Class AR, 5.99% (3 mo. Term SOFR + 1.35%), 04/20/2035(a)(b)

       1,645,000        1,611,419

Buckhorn Park CLO Ltd. (Cayman Islands), Series 2019-1A, Class AR, 5.92% (3 mo. USD LIBOR + 1.12%), 07/18/2034(a)(b)

       1,325,000        1,310,250

Carlyle Global Market Strategies CLO Ltd. (Cayman Islands), Series 2013-1A, Class A1RR, 5.60% (3 mo. USD LIBOR + 0.95%), 08/14/2030(a)(b)

       741,519        736,193

Cedar Funding IV CLO Ltd. (Cayman Islands), Series 2014-4A, Class ARR, 5.98% (3 mo. USD LIBOR + 1.16%), 07/23/2034(a)(b)

       1,000,000        980,844

Cedar Funding XI CLO Ltd. (Cayman Islands), Series 2019-11A, Class A1R, 5.79% (3 mo. USD LIBOR + 1.05%), 05/29/2032(a)(b)

       1,500,000        1,485,802

CIFC Funding Ltd. (Cayman Islands), Series 2020-2A, Class AR, 5.98% (3 mo. USD LIBOR + 1.17%), 10/20/2034(a)(b)

       455,000        450,707

Dewolf Park CLO Ltd. (Cayman Islands), Series 2017-1A, Class AR, 5.71% (3 mo. USD LIBOR + 0.92%), 10/15/2030(a)(b)

       1,000,000        991,266

Galaxy Xxviii CLO Ltd. (Cayman Islands), Series 2018-28A, Class A2, 6.09% (3 mo. USD LIBOR + 1.30%), 07/15/2031(a)(b)

       750,000        746,535

GoldenTree Loan Management US CLO 2 Ltd. (Cayman Islands), Series 2017-2A, Class AR, 5.72% (3 mo. USD LIBOR + 0.91%), 11/20/2030(a)(b)

       900,000        893,588
     Principal
Amount
   Value

Golub Capital Partners CLO 25M Ltd. (Cayman Islands), Series 2015-25A, Class AR, 5.91% (3 mo. USD LIBOR + 1.38%), 05/05/2030(a)(b)

     $ 1,497,951      $ 1,487,012

Golub Capital Partners CLO 45(M) Ltd. (Cayman Islands), Series 2019-45A, Class A, 6.53% (3 mo. USD LIBOR + 1.72%), 10/20/2031(a)(b) .

       1,250,000        1,241,014

Madison Park Funding XXXVII Ltd. (Cayman Islands), Series 2019-37A, Class AR, 5.86% (3 mo. USD LIBOR + 1.07%), 07/15/2033(a)(b)

       1,340,000        1,327,578

Mariner CLO LLC (Cayman Islands), Series 2016-3A, Class BR2, 6.32% (3 mo. USD LIBOR + 1.50%), 07/23/2029(a)(b)

       1,000,000        983,032

Palmer Square CLO Ltd. (Cayman Islands), Series 2015-1A, Class A1A4, 5.81% (3 mo. USD LIBOR + 1.13%), 05/21/2034(a)(b)

       500,000        494,415

Rad CLO 5 Ltd. (Cayman Islands), Series 2019- 5A, Class BR, 6.52% (3 mo. USD LIBOR + 1.70%), 07/24/2032(a)(b)

       2,000,000        1,964,656

RR 1 LLC (Cayman Islands), Series 2017-1A, Class A1AB, 5.94% (3 mo. USD LIBOR + 1.15%), 07/15/2035(a)(b)

       1,310,000        1,295,781

RR 14 Ltd. (Cayman Islands), Series 2021-14A, Class A1, 5.91% (3 mo. USD LIBOR + 1.12%), 04/15/2036(a)(b)

       500,000        492,395

Signal Peak CLO 1 Ltd. (Cayman Islands), Series 2014-1A, Class AR3, 5.95% (3 mo. USD LIBOR + 1.16%), 04/17/2034(a)(b)

       1,500,000        1,483,872

Symphony CLO XV Ltd. (Cayman Islands), Series 2014-15A, Class AR3, 5.87% (3 mo. USD LIBOR + 1.08%), 01/17/2032(a)(b)

       1,000,000        987,339

Symphony CLO XVI Ltd. (Cayman Islands), Series 2015-16A, Class AR, 5.94% (3 mo. USD LIBOR + 1.15%), 10/15/2031(a)(b)

       500,000        494,733

Thompson Park CLO Ltd. (Cayman Islands), Series 2021-1A, Class A1, 5.79% (3 mo. USD LIBOR + 1.00%), 04/15/2034(a)(b)

       1,365,000        1,342,603
         

 

 

 

Total Asset-Backed Securities
(Cost $29,996,414)

            30,296,420
         

 

 

 
     Shares     

Money Market Funds-0.11%

         

Invesco Government & Agency Portfolio, Institutional Class, 4.30%(c)(d)
(Cost $33,984)

       33,984        33,984
         

 

 

 

TOTAL INVESTMENTS IN SECURITIES-99.65%
(Cost $30,030,398)

 

       30,330,404

OTHER ASSETS LESS LIABILITIES-0.35%

 

       108,030
         

 

 

 

NET ASSETS-100.00%

          $ 30,438,434
         

 

 

 
 

 

See accompanying notes which are an integral part of this schedule.


Invesco AAA CLO Floating Rate Note ETF (ICLO)—(continued)

January 31, 2023

(Unaudited)

    

 

Investment Abbreviations:

BR

-Bearer Shares

CLO

-Collateralized Loan Obligation

LIBOR

-London Interbank Offered Rate

SOFR

-Secured Overnight Financing Rate

USD

-U.S. Dollar

Notes to Schedule of Investments:

(a) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at January 31, 2023 was $30,296,420, which represented 99.53% of the Fund’s Net Assets.

(b) 

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on January 31, 2023.

(c) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended January 31, 2023.

 

   

Value

October 31, 2022

 

Purchases

at Cost

 

Proceeds
from Sales

 

Change in
Unrealized
Appreciation

 

Realized
Gain

 

Value
January 31, 2023

 

Dividend
Income

Investments in Affiliated Money Market Funds:              
Invesco Government & Agency Portfolio, Institutional Class   $-   $2,598,512   $(2,564,528)   $-   $-   $33,984   $1,065

 

(d) 

The rate shown is the 7-day SEC standardized yield as of January 31, 2023.

The valuation policy and a listing of other significant accounting policies are available in the most recent Statement of Additional Information.

 

See accompanying notes which are an integral part of this schedule.


Schedule of Investments(a)

Invesco Active U.S. Real Estate ETF (PSR)

January 31, 2023

(Unaudited)

 

     Shares   Value

Common Stocks & Other Equity Interests-99.98%

 

Apartments-9.58%

        

Apartment Income REIT Corp.

            38,546        $ 1,474,770

AvalonBay Communities, Inc.

       8,313       1,475,059

Camden Property Trust

       11,830       1,457,574

Equity Residential

       23,019       1,465,159

Essex Property Trust, Inc.

       6,385       1,443,457

Independence Realty Trust, Inc.(b)

       78,570       1,479,473

Mid-America Apartment Communities, Inc.

       8,726       1,454,799

UDR, Inc.

       34,755       1,480,215

Veris Residential, Inc.(c)

       83,059       1,436,921
        

 

 

 
             13,167,427
        

 

 

 

Data Centers-8.46%

        

Digital Realty Trust, Inc.

       52,118       5,973,765

Equinix, Inc.

       7,652       5,648,171
        

 

 

 
           11,621,936
        

 

 

 

Diversified-3.35%

        

Elme Communities(b)

       75,754       1,454,477

JBG SMITH Properties

       57,101       1,150,014

Vornado Realty Trust

       34,470       840,723

W.P. Carey, Inc.(b)

       13,496       1,154,313
        

 

 

 
           4,599,527
        

 

 

 

Free Standing-5.83%

        

Agree Realty Corp.

       14,969       1,117,137

Essential Properties Realty Trust, Inc.

       45,809       1,167,213

Four Corners Property Trust, Inc.

       39,675       1,141,053

National Retail Properties, Inc.

       23,549       1,115,045

NETSTREIT Corp.(b)

       57,173       1,150,893

Realty Income Corp.

       16,922       1,147,819

Spirit Realty Capital, Inc.

       26,540       1,164,575
        

 

 

 
           8,003,735
        

 

 

 

Health Care-7.29%

        

CareTrust REIT, Inc.

       70,589       1,462,604

Healthcare Realty Trust, Inc.

       65,941       1,419,710

Healthpeak Properties, Inc.

       50,339       1,383,316

National Health Investors, Inc.

       24,690       1,452,513

Physicians Realty Trust

       89,761       1,423,609

Ventas, Inc.

       27,795       1,440,059

Welltower, Inc.

       19,138       1,436,115
        

 

 

 
           10,017,926
        

 

 

 

Industrial-13.60%

        

Americold Realty Trust, Inc.

       71,749       2,253,636

EastGroup Properties, Inc.

       13,898       2,338,338

First Industrial Realty Trust, Inc.

       43,806       2,337,050

Plymouth Industrial REIT, Inc.(b)

       107,039       2,395,533

Prologis, Inc.

       18,353       2,372,676

Rexford Industrial Realty, Inc.

       37,963       2,409,512

STAG Industrial, Inc.

       63,936       2,276,122

Terreno Realty Corp.(b)

       35,663       2,297,767
        

 

 

 
           18,680,634
        

 

 

 

Infrastructure REITs-16.33%

        

American Tower Corp.

       33,098       7,393,762

Crown Castle, Inc.

       51,078       7,565,163

SBA Communications Corp., Class A

       25,136       7,478,714
        

 

 

 
           22,437,639
        

 

 

 

Lodging Resorts-2.71%

        

Apple Hospitality REIT, Inc.

       25,340       449,278

DiamondRock Hospitality Co.

       48,250       464,648

Host Hotels & Resorts, Inc.

       24,564       463,031
     Shares   Value

Lodging Resorts-(continued)

        

Pebblebrook Hotel Trust(b)

            29,867        $ 489,819

RLJ Lodging Trust

       37,076       466,045

Ryman Hospitality Properties, Inc.

       4,883       453,582

Summit Hotel Properties, Inc.

       55,491       472,783

Sunstone Hotel Investors, Inc.(b)

       41,827       459,679
        

 

 

 
               3,718,865
        

 

 

 

Manufactured Homes-3.21%

        

Equity LifeStyle Properties, Inc.

       20,700       1,485,846

Sun Communities, Inc.

       9,370       1,469,778

UMH Properties, Inc.

       81,128       1,453,814
        

 

 

 
           4,409,438
        

 

 

 

Office-3.04%

        

Alexandria Real Estate Equities, Inc.

       5,165       830,222

Corporate Office Properties Trust

       28,706       805,777

Cousins Properties, Inc.(b)

       30,928       848,046

Kilroy Realty Corp.

       19,819       813,372

Orion Office REIT, Inc.(b)

       90,892       877,108
        

 

 

 
           4,174,525
        

 

 

 

Regional Malls-0.83%

        

Simon Property Group, Inc.

       8,920       1,145,863
        

 

 

 

Self Storage-8.02%

        

CubeSmart

       49,616       2,271,917

Extra Space Storage, Inc.

       13,628       2,150,907

Life Storage, Inc.

       20,379       2,201,747

National Storage Affiliates Trust

       54,646       2,229,557

Public Storage

       7,116       2,165,683
        

 

 

 
           11,019,811
        

 

 

 

Shopping Centers-7.53%

        

Acadia Realty Trust

       74,370       1,154,966

Brixmor Property Group, Inc.

       50,338       1,184,453

Federal Realty Investment Trust

       10,261       1,144,410

Kimco Realty Corp.

       52,460       1,178,252

Phillips Edison & Co., Inc.(b)

       33,225       1,113,702

Regency Centers Corp.

       16,975       1,131,044

Retail Opportunity Investments Corp.

       72,400       1,146,092

SITE Centers Corp.(b)

       84,722       1,156,455

Urban Edge Properties(b)

       72,260       1,138,095
        

 

 

 
           10,347,469
        

 

 

 

Single Family Homes-2.13%

        

American Homes 4 Rent, Class A

       42,988       1,474,059

Invitation Homes, Inc.

       44,709       1,453,042
        

 

 

 
           2,927,101
        

 

 

 

Specialty-5.06%

        

Gaming and Leisure Properties, Inc.

       31,731       1,699,512

Lamar Advertising Co., Class A

       16,497       1,757,590

Outfront Media, Inc.

       88,181       1,754,802

VICI Properties, Inc.

       50,808       1,736,618
        

 

 

 
           6,948,522
        

 

 

 

Timber REITs-3.01%

        

PotlatchDeltic Corp.

       28,904       1,414,851

Rayonier, Inc.

       36,676       1,334,640

Weyerhaeuser Co.

       40,294       1,387,322
        

 

 

 
           4,136,813
        

 

 

 

TOTAL INVESTMENTS IN SECURITIES

        

(excluding investments purchased with cash collateral from securities on loan)-99.98%
(Cost $141,285,873)

 

      137,357,231
        

 

 

 
 

 

See accompanying notes which are an integral part of this schedule.


Invesco Active U.S. Real Estate ETF (PSR)–(continued)

January 31, 2023

(Unaudited)

    

 

     Shares   Value

Investments Purchased with Cash Collateral

from Securities on Loan

 

 

Money Market Funds-9.20%

 

   

Invesco Private Government Fund,
4.36%(d)(e)(f)

       3,540,809        $ 3,540,809

Invesco Private Prime Fund, 4.59%(d)(e)(f)

       9,103,764       9,106,495
        

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $12,647,383)

 

      12,647,304
        

 

 

 

TOTAL INVESTMENTS IN SECURITIES-109.18%
(Cost $153,933,256)

 

      150,004,535

OTHER ASSETS LESS LIABILITIES-(9.18)%

 

      (12,617,769 )
        

 

 

 

NET ASSETS-100.00%

         $ 137,386,766
        

 

 

 
 

 

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

(a) 

Property type classifications used in this report are generally according to FTSE National Association of Real Estate Investment Trusts (“NAREIT”) Equity REITs Index, which is exclusively owned by NAREIT.

(b) 

All or a portion of this security was out on loan at January 31, 2023.

(c) 

Non-income producing security.

(d) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended January 31, 2023.

 

    Value
October 31, 2022
  Purchases
at Cost
  Proceeds
from  Sales
  Change  in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
  Value
January 31, 2023
  Dividend
Income

Investments in Affiliated Money

Market Funds:

 

 

                   
Invesco Government & Agency Portfolio, Institutional Class     $ -     $ 1,001,735     $ (1,001,735 )     $ -     $ -     $ -     $ 613
Investments Purchased with Cash Collateral from Securities on Loan:                            
Invesco Private Government Fund       1,689,902       8,652,727       (6,801,820 )       -       -       3,540,809       23,108 *
Invesco Private Prime Fund       4,344,289       20,435,603       (15,675,676 )       (155 )       2,434       9,106,495       65,450 *
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total

    $ 6,034,191     $ 30,090,065     $ (23,479,231 )     $ (155 )     $ 2,434     $ 12,647,304     $ 89,171
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

*

Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

 

(e) 

The rate shown is the 7-day SEC standardized yield as of January 31, 2023.

(f) 

The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

 

See accompanying notes which are an integral part of this schedule.


Schedule of Investments

Invesco Balanced Multi-Asset Allocation ETF (PSMB)

January 31, 2023

(Unaudited)

 

Schedule of Investments in Affiliated Issuers- 103.32%(a)

 

     %  of
Net
Assets
01/31/23
     Value
10/31/22
     Purchases
at Cost
     Proceeds
from Sales
    Change in
Unrealized
Appreciation
(Depreciation)
    Realized
Gain
(Loss)
    Dividend
Income
     Shares
01/31/23
     Value
01/31/23
 

Domestic Equity Funds-47.27%

                       

Invesco Preferred ETF

     -         $ 714,131      $ -      $ (709,086   $ 163,225     $ (168,270   $ -        -      $ -  

Invesco RAFI™ Strategic US ETF(b)

     12.83%        4,272,279        1,427,368        (953,848     237,205       47,781       19,516        130,365        5,030,785  

Invesco RAFI™ Strategic US Small Company ETF

     3.07%        1,122,628        275,032        (303,847     43,850       67,243       5,044        32,742        1,204,906  

Invesco Russell 1000® Dynamic Multifactor ETF

     8.75%        3,122,082        739,702        (771,233     319,324       22,209       15,230        72,468        3,432,084  

Invesco S&P 500® Low Volatility ETF

     4.50%        1,671,549        434,957        (396,491     31,787       23,140       9,711        27,655        1,764,942  

Invesco S&P 500® Pure Growth ETF

     13.05%        4,887,778        1,293,503        (1,120,711     53,376       1,082       13,152        32,528        5,115,028  

Invesco S&P MidCap Low Volatility ETF

     3.06%        1,121,324        264,460        (258,139     57,869       12,430       4,804        21,457        1,197,944  

Invesco S&P SmallCap Low Volatility ETF(b)

     2.01%        755,166        205,317        (189,350     (2,811     20,463       2,580        16,843        788,785  
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

Total Domestic Equity Funds

        17,666,937        4,640,339        (4,702,705     903,825       26,078       70,037           18,534,474  
     

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

       

 

 

 

Fixed Income Funds-39.50%

                       

Invesco 1-30 Laddered Treasury ETF

     11.39%        4,306,541        1,062,669        (1,206,739     369,565       (67,516     26,121        149,016        4,464,520  

Invesco Emerging Markets Sovereign Debt ETF(b)

     1.95%        789,280        160,176        (303,524     181,820       (62,892     12,683        38,944        764,860  

Invesco Fundamental High Yield® Corporate Bond ETF

     5.43%        1,435,080        1,061,043        (452,034     80,647       5,744       19,919        121,050        2,130,480  

Invesco Investment Grade Defensive ETF

     2.07%        674,361        284,148        (171,065     23,053       1,558       5,614        33,556        812,055  

Invesco Investment Grade Value ETF

     1.19%        357,531        182,397        (105,300     29,793       1,227       4,450        19,891        465,648  

Invesco PureBetaSM 0-5 Yr US TIPS ETF

     3.95%        1,416,679        456,464        (321,743     (101     15,708       -        63,116        1,550,281  

Invesco Senior Loan ETF(b)

     2.47%        888,991        251,213        (190,906     17,345       1,567       20,693        45,865        968,210  

Invesco Taxable Municipal Bond ETF(b)

     4.63%        1,925,641        400,954        (659,860     224,402       (74,788     16,552        67,397        1,816,349  

Invesco Variable Rate Investment Grade ETF

     6.42%        1,758,639        1,239,519        (512,734     29,922       2,286       32,498        101,191        2,517,632  
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

Total Fixed Income Funds

        13,552,743        5,098,583        (3,923,905     956,446       (177,106     138,530           15,490,035  
     

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

       

 

 

 

Foreign Equity Funds-13.22%

                       

Invesco RAFI™ Strategic Developed ex-US ETF

     3.44%        1,613,947        274,055        (771,732     307,688       (76,644     4,174        46,133        1,347,314  

Invesco RAFI™ Strategic Emerging Markets ETF

     2.73%        914,573        306,046        (479,407     360,914       (30,452     4,039        42,838        1,071,674  

Invesco S&P Emerging Markets Low Volatility ETF

     2.72%        974,070        240,413        (271,140     118,719       3,274       4,650        44,426        1,065,336  

Invesco S&P International Developed Low Volatility ETF

     4.33%        1,572,867        349,053        (420,520     196,776       1,872       10,858        60,716        1,700,048  
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

Total Foreign Equity Funds

        5,075,457        1,169,567        (1,942,799     984,097       (101,950     23,721           5,184,372  
     

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

       

 

 

 

 

See accompanying notes which are an integral part of this schedule.


Invesco Balanced Multi-Asset Allocation ETF (PSMB)–(continued)

January 31, 2023

(Unaudited)

    

 

Schedule of Investments in Affiliated Issuers- 103.32%(a)

 

    % of
Net
Assets
01/31/23
    Value
10/31/22
    Purchases
at Cost
    Proceeds
from  Sales
    Change  in
Unrealized
Appreciation
(Depreciation)
    Realized
Gain
(Loss)
    Dividend
Income
    Shares
01/31/23
    Value
01/31/23
 

Money Market Funds-0.00%

                 

Invesco Government & Agency Portfolio, Institutional Class, 4.30%

    -        $ 1,204     $ 198,163     $ (199,367   $ -     $ -     $ 106       -     $ -  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan)-99.99%
(Cost $40,365,808)

    99.99%       36,296,341       11,106,652       (10,768,776     2,844,368       (252,978     232,394         39,208,881  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan                  

Money Market Funds-3.33%

                 

Invesco Private Government Fund, 4.36%(c)(d)

    0.93%       250,046       3,787,205       (3,672,394     -       -       4,573     364,857       364,857  

Invesco Private Prime Fund, 4.59%(c)(d)

    2.40%       643,159       9,795,508       (9,500,331     (5     469       12,618     938,518       938,800  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $1,303,657)
    3.33%       893,205       13,582,713       (13,172,725     (5     469       17,191         1,303,657  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

 

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $41,669,465)

    103.32%     $ 37,189,546     $ 24,689,365     $ (23,941,501   $ 2,844,363     $ (252,509 )(e)    $ 249,585       $ 40,512,538  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

 
OTHER ASSETS LESS LIABILITIES     (3.32)%                     (1,300,295
 

 

 

                 

 

 

 

NET ASSETS

    100.00%                   $ 39,212,243  
 

 

 

                 

 

 

 

Investment Abbreviations:

ETF-Exchange-Traded Fund

Notes to Schedule of Investments:

(a) 

Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.

(b)

All or a portion of this security was out on loan at January 31, 2023.

(c) 

The rate shown is the 7-day SEC standardized yield as of January 31, 2023.

(d) 

The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

(e) 

Includes capital gains distributions from affiliated underlying funds as follows:

 

Fund Name    Capital Gain

Invesco PureBetaSM 0-5 Yr US TIPS ETF

   $16,726

 

*

Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

 

See accompanying notes which are an integral part of this schedule.


Schedule of Investments

Invesco Conservative Multi-Asset Allocation ETF (PSMC)

January 31, 2023

(Unaudited)

 

Schedule of Investments in Affiliated Issuers- 105.56%(a)

 

    % of                       Change in                          
    Net                       Unrealized     Realized                    
    Assets     Value     Purchases     Proceeds     Appreciation     Gain     Dividend     Shares     Value  
    01/31/23     10/31/22     at Cost     from Sales     (Depreciation)     (Loss)     Income     01/31/23     01/31/23  

Domestic Equity Funds-15.57%

                 

Invesco Preferred ETF

    -        $ 419,303     $ -     $ (416,341   $ 131,706     $ (134,668   $ -       -     $ -  

Invesco RAFI™ Strategic US ETF .

    2.86%       344,513       112,350       (58,251     24,311       1,297       1,688       10,993       424,220  

Invesco RAFI™ Strategic US Small Company ETF

    1.76%       213,438       70,263       (48,000     25,549       (1,184     1,117       7,067       260,066  

Invesco Russell 1000® Dynamic Multifactor ETF

    3.11%       369,713       120,920       (76,319     46,612       550       2,101       9,744       461,476  

Invesco S&P 500® Low Volatility ETF

    3.03%       373,898       117,859       (60,002     15,375       1,269       2,512       7,026       448,399  

Invesco S&P 500® Pure Growth ETF

    4.81%       599,162       205,273       (103,273     15,097       (4,074     1,878       4,529       712,185  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Domestic Equity Funds

      2,320,027       626,665       (762,186     258,650       (136,810     9,296         2,306,346  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

 

Fixed Income Funds-79.66%

 

               

Invesco 1-30 Laddered Treasury ETF

    13.48%       1,625,547       508,998       (281,981     157,009       (12,919     11,908       66,644       1,996,654  

Invesco Emerging Markets Sovereign Debt ETF

    3.94%       421,311       195,128       (121,526     107,447       (19,464     9,865       29,679       582,896  

Invesco Fundamental High Yield® Corporate Bond ETF

    14.55%       1,564,878       738,191       (241,272     88,716       4,009       20,513       122,416       2,154,522  

Invesco Investment Grade Defensive ETF

    4.68%       464,443       282,542       (76,111     20,406       1,251       4,850       28,617       692,531  

Invesco Investment Grade Value ETF

    2.59%       251,942       155,908       (50,128     26,832       (326     3,738       16,413       384,228  

Invesco PureBetaSM 0-5 Yr US TIPS ETF

    6.78%       802,101       310,210       (107,250     (524     10,710       -       40,881       1,004,135  

Invesco Senior Loan ETF(b)

    5.58%       626,366       272,038       (87,573     14,882       364       17,989       39,132       826,077  

Invesco Taxable Municipal Bond ETF

    14.61%       1,974,209       520,308       (516,423     266,576       (80,585     20,099       80,300       2,164,085  

Invesco Variable Rate Investment Grade ETF

    13.45%       1,416,142       760,891       (211,516     25,231       1,369       26,140       80,069       1,992,117  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Fixed Income Funds

      9,146,939       3,744,214       (1,693,780     706,575       (95,591     115,102         11,797,245  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

 

Foreign Equity Funds-4.75%

                 

Invesco RAFI™ Strategic Developed ex-US ETF

    1.76%       212,963       65,373       (61,844     45,503       (1,691     827       8,913       260,304  

Invesco RAFI™ Strategic Emerging Markets ETF

    1.13%       126,029       50,743       (60,453     60,693       (9,299     648       6,704       167,713  

Invesco S&P International Developed Low Volatility ETF

    1.86%       224,439       67,162       (48,721     33,940       (1,384     1,805       9,837       275,436  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Foreign Equity Funds

      563,431       183,278       (171,018     140,136       (12,374     3,280         703,453  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

 

Money Market Funds-0.00%

                 

Invesco Government & Agency Portfolio, Institutional Class, 4.30%

    -          -       123,820       (123,820     -       -       34       -       -  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

TOTAL INVESTMENTS IN
AFFILIATED ISSUERS
(excluding investments purchased with cash collateral from securities on loan)-99.98%
(Cost $15,816,864)

    99.98%       12,030,397       4,677,977       (2,750,804     1,105,361       (244,775     127,712         14,807,044  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

 

 

See accompanying notes which are an integral part of this schedule.


Invesco Conservative Multi-Asset Allocation ETF (PSMC)–(continued)

January 31, 2023

(Unaudited)

    

 

Schedule of Investments in Affiliated Issuers- 105.56%(a)

 

    % of                       Change in                          
    Net                       Unrealized     Realized                    
    Assets     Value     Purchases     Proceeds     Appreciation     Gain     Dividend     Shares     Value  
    01/31/23     10/31/22     at Cost     from Sales     (Depreciation)     (Loss)     Income     01/31/23     01/31/23  
Investments Purchased with Cash Collateral from Securities on Loan                  

Money Market Funds-5.58%

                 

Invesco Private Government Fund, 4.36%(c)(d)

    1.56%     $ 297,696     $ 3,055,609     $ (3,121,832   $ -     $ -     $ 3,744     231,473     $ 231,473  

Invesco Private Prime Fund, 4.59%(c)(d)

    4.02%       765,328       7,117,011       (7,287,021     (57     193       10,096     595,275       595,454  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $826,976)
    5.58%       1,063,024       10,172,620       (10,408,853     (57     193       13,840         826,927  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

 

TOTAL INVESTMENTS IN AFFILIATED ISSUERS
(Cost $16,643,840)

    105.56%     $ 13,093,421     $ 14,850,597     $ (13,159,657   $ 1,105,304     $ (244,582 )(e)    $ 141,552       $ 15,633,971  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

 
OTHER ASSETS LESS LIABILITIES     (5.56)%                     (823,274
 

 

 

                 

 

 

 

NET ASSETS

    100.00%                   $ 14,810,697  
 

 

 

                 

 

 

 

Investment Abbreviations:

ETF-Exchange-Traded Fund

Notes to Schedule of Investments:

(a) 

Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.

(b) 

All or a portion of this security was out on loan at January 31, 2023.

(c) 

The rate shown is the 7-day SEC standardized yield as of January 31, 2023.

(d) 

The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

(e) 

Includes capital gains distributions from affiliated underlying funds as follows:

 

Fund Name    Capital Gain

Invesco PureBetaSM 0-5 Yr US TIPS ETF

   $11,112

 

*

Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

 

See accompanying notes which are an integral part of this schedule.


Schedule of Investments

Invesco Growth Multi-Asset Allocation ETF (PSMG)

January 31, 2023

(Unaudited)

 

Schedule of Investments in Affiliated Issuers- 102.19%(a)

 

    %  of
Net
Assets
01/31/23
    Value
10/31/22
    Purchases
at Cost
    Proceeds
from Sales
    Change in
Unrealized
Appreciation
(Depreciation)
    Realized
Gain
(Loss)
    Dividend
Income
    Shares
01/31/23
    Value
01/31/23
 

Domestic Equity Funds-62.33%

 

               

Invesco RAFI™ Strategic US ETF

    16.10%     $ 3,940,718     $ 2,451,443     $ (1,355,194   $ 147,080     $ 90,126     $ 23,740       136,672     $ 5,274,173  

Invesco RAFI™ Strategic US Small Company ETF

    4.42%       1,168,776       609,781       (447,088     6,849       109,578       7,039       39,345       1,447,896  

Invesco Russell 1000® Dynamic Multifactor ETF

    11.75%       3,017,007       1,592,138       (1,108,359     287,395       60,671       19,821       81,268       3,848,852  

Invesco S&P 500® Low Volatility ETF(b)

    8.85%       2,350,442       1,299,555       (827,795     24,569       52,061       15,676       45,422       2,898,832  

Invesco S&P 500® Pure Growth ETF

    14.94%       4,069,875       2,208,412       (1,354,217     (28,750     (2,329     14,589       31,116       4,892,991  

Invesco S&P MidCap Low Volatility ETF

    3.66%       964,080       497,320       (323,737     30,768       28,899       5,548       21,446       1,197,330  

Invesco S&P SmallCap Low Volatility ETF

    2.61%       703,585       388,671       (249,249     (20,408     32,218       3,232       18,253       854,817  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Domestic Equity Funds

      16,214,483       9,047,320       (5,665,639     447,503       371,224       89,645         20,414,891  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

 

Fixed Income Funds-19.79%

 

               

Invesco 1-30 Laddered Treasury ETF

    8.92%       2,345,842       1,327,908       (924,193     194,374       (21,513     17,020       97,544       2,922,418  

Invesco Fundamental High Yield® Corporate Bond ETF

    2.38%       518,752       454,374       (225,394     26,443       3,217       7,135       44,170       777,392  

Invesco Investment Grade Defensive ETF

    2.07%       514,282       339,837       (194,114     17,572       894       4,659       28,036       678,471  

Invesco PureBetaSM 0-5 Yr US TIPS ETF

    1.97%       512,333       316,188       (180,409     (745     5,876       -       26,268       645,205  

Invesco Senior Loan ETF(b)

    1.48%       387,174       221,236       (132,073     7,488       1,241       10,550       22,978       485,066  

Invesco Taxable Municipal Bond ETF

    0.99%       388,515       140,366       (228,732     59,258       (34,659     2,892       12,050       324,748  

Invesco Variable Rate Investment Grade ETF

    1.98%       510,935       306,836       (180,170     8,023       1,007       8,329       25,990       646,631  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Fixed Income Funds

      5,177,833       3,106,745       (2,065,085     312,413       (43,937     50,585         6,479,931  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

 

Foreign Equity Funds-17.88%

 

               

Invesco RAFI™ Strategic Developed ex-US ETF

    4.94%       1,560,422       644,474       (836,385     282,615       (34,337     5,760       55,360       1,616,789  

Invesco RAFI™ Strategic Emerging Markets ETF

    3.40%       867,403       494,705       (574,822     351,931       (24,314     4,854       44,566       1,114,903  

Invesco S&P Emerging Markets Low Volatility ETF

    3.78%       1,000,061       510,438       (406,403     117,185       17,334       6,258       51,652       1,238,615  

Invesco S&P International Developed Low Volatility ETF

    5.76%       1,529,574       751,688       (589,707     190,334       4,387       13,928       67,367       1,886,276  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Foreign Equity Funds

      4,957,460       2,401,305       (2,407,317     942,065       (36,930     30,800         5,856,583  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

 

Money Market Funds-0.00%

                 

Invesco Government & Agency Portfolio, Institutional Class, 4.30%

    -          -       167,076       (167,076     -       -       168       -       -  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

TOTAL INVESTMENTS IN AFFILIATED ISSUERS
(excluding investments purchased with cash collateral from securities on loan)-100.00%
(Cost $33,064,876)

    100.00%       26,349,776       14,722,446       (10,305,117     1,701,981       290,357       171,198         32,751,405  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

 

 

See accompanying notes which are an integral part of this schedule.


Invesco Growth Multi-Asset Allocation ETF (PSMG)–(continued)

January 31, 2023

(Unaudited)

    

 

Schedule of Investments in Affiliated Issuers- 102.19%(a)

 

    % of                       Change in                          
    Net                       Unrealized     Realized                    
    Assets     Value     Purchases     Proceeds     Appreciation     Gain     Dividend     Shares     Value  
    01/31/23     10/31/22     at Cost     from Sales     (Depreciation)     (Loss)     Income     01/31/23     01/31/23  
Investments Purchased with Cash Collateral from Securities on Loan                  

Money Market Funds-2.19%

 

               

Invesco Private Government Fund, 4.36%(c)(d)

    0.61%     $ 149,010     $ 1,850,022     $ (1,797,975   $ -     $ -     $ 3,313     201,057     $ 201,057  

Invesco Private Prime Fund,
4.59%(c)(d)

    1.58%       348,025       4,776,833       (4,607,978     (33     247       9,032     516,939       517,094  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $718,151)
    2.19%       497,035       6,626,855       (6,405,953     (33     247       12,345         718,151  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

 

TOTAL INVESTMENTS IN AFFILIATED ISSUERS
(Cost $33,783,027)

    102.19%     $ 26,846,811     $ 21,349,301     $ (16,711,070   $ 1,701,948     $ 290,604 (e)    $ 183,543       $ 33,469,556  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

 
OTHER ASSETS LESS LIABILITIES     (2.19)%                     (717,421
 

 

 

                 

 

 

 

NET ASSETS

    100.00%                   $ 32,752,135  
 

 

 

                 

 

 

 

Investment Abbreviations:

ETF-Exchange-Traded Fund

Notes to Schedule of Investments:

(a) 

Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.

(b) 

All or a portion of this security was out on loan at January 31, 2023.

(c) 

The rate shown is the 7-day SEC standardized yield as of January 31, 2023.

(d) 

The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

(e) 

Includes capital gains distributions from affiliated underlying funds as follows:

 

Fund Name    Capital Gain

Invesco PureBetaSM 0-5 Yr US TIPS ETF

   $8,038

 

*

Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

 

See accompanying notes which are an integral part of this schedule.


Schedule of Investments(a)

Invesco High Yield Bond Factor ETF (IHYF)

January 31, 2023

(Unaudited)

 

     Principal
Amount
   Value

U.S. Dollar Denominated Bonds & Notes-97.05%

 

Advertising-0.30%

         

Advantage Sales & Marketing, Inc., 6.50%, 11/15/2028(b)

     $   126,000      $        95,933
         

 

 

 

Aerospace & Defense-2.02%

         

Howmet Aerospace, Inc.

         

5.13%, 10/01/2024

       51,000        50,805

6.88%, 05/01/2025(c)

       115,000        118,590

Rolls-Royce PLC (United Kingdom), 5.75%, 10/15/2027(b)(c)

       200,000        194,762

TransDigm, Inc., 6.25%, 03/15/2026(b)

       274,000        274,213
         

 

 

 
            638,370
         

 

 

 

Airlines-2.03%

         

American Airlines Pass-Through Trust

         

Series 16-1, Class A, 4.10%, 01/15/2028

       25,552        22,045

Series 2014-1, Class A, 3.70%, 04/01/2028

       11,515        10,224

American Airlines, Inc., 11.75%, 07/15/2025(b)

       127,000        141,498

American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026(b)

       140,000        137,404

Delta Air Lines, Inc., 7.38%, 01/15/2026(c)

       138,000        143,817

Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/2026(b)

       102,000        97,537

United Airlines, Inc., 4.38%, 04/15/2026(b)

       94,000        89,349
         

 

 

 
            641,874
         

 

 

 

Alternative Carriers-1.01%

         

Lumen Technologies, Inc.

         

4.00%, 02/15/2027(b)

       91,000        76,867

4.50%, 01/15/2029(b)

       51,000        34,362

Series U, 7.65%, 03/15/2042

       75,000        49,951

Qwest Corp., 7.25%, 09/15/2025

       77,000        77,206

Zayo Group Holdings, Inc., 4.00%, 03/01/2027(b)

       100,000        79,654
         

 

 

 
            318,040
         

 

 

 

Aluminum-0.49%

         

Kaiser Aluminum Corp., 4.50%, 06/01/2031(b)

       185,000        156,677
         

 

 

 

Apparel Retail-0.57%

         

Foot Locker, Inc., 4.00%, 10/01/2029(b)

       67,000        56,728

Gap, Inc. (The), 3.63%, 10/01/2029(b)

       161,000        123,791
         

 

 

 
            180,519
         

 

 

 

Apparel, Accessories & Luxury Goods-0.85%

 

    

G-III Apparel Group Ltd., 7.88%, 08/15/2025(b)

       88,000        83,711

Hanesbrands, Inc., 4.88%, 05/15/2026(b)

       81,000        75,517

Under Armour, Inc., 3.25%, 06/15/2026

       122,000        110,953
         

 

 

 
            270,181
         

 

 

 

Application Software-0.92%

         

Cloud Software Group Holdings, Inc., 6.50%, 03/31/2029(b)

       50,000        43,946

Open Text Corp. (Canada), 3.88%, 12/01/2029(b)

       191,000        159,090

Open Text Holdings, Inc., 4.13%, 02/15/2030(b)

       103,000        86,868
         

 

 

 
            289,904
         

 

 

 

Auto Parts & Equipment-1.26%

         

Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027(b)

       37,000        36,904
     Principal
Amount
   Value

Auto Parts & Equipment-(continued)

         

IHO Verwaltungs GmbH (Germany), 7.13% PIK Rate, 6.38% Cash Rate, 05/15/2029(b)(d)

     $   200,000      $      175,252

ZF North America Capital, Inc. (Germany), 4.75%, 04/29/2025(b)

       192,000        185,409
         

 

 

 
            397,565
         

 

 

 

Automobile Manufacturers-2.74%

         

Ford Motor Credit Co. LLC

         

5.13%, 06/16/2025

       200,000        196,779

4.13%, 08/04/2025

       200,000        191,247

3.38%, 11/13/2025

       200,000        186,566

Jaguar Land Rover Automotive PLC (United Kingdom), 7.75%, 10/15/2025(b)

       200,000        197,285

PM General Purchaser LLC, 9.50%, 10/01/2028(b)

       123,000        94,281
         

 

 

 
            866,158
         

 

 

 

Automotive Retail-0.36%

         

Penske Automotive Group, Inc., 3.50%, 09/01/2025(c)

       120,000        113,781
         

 

 

 

Broadcasting-2.34%

         

AMC Networks, Inc.

         

5.00%, 04/01/2024

       55,000        52,863

4.75%, 08/01/2025(c)

       72,000        61,670

iHeartCommunications, Inc.

         

6.38%, 05/01/2026(c)

       72,000        68,877

8.38%, 05/01/2027(c)

       45,000        40,399

Liberty Interactive LLC, 8.25%, 02/01/2030

       79,000        37,718

Paramount Global, 6.38%, 03/30/2062(c)(e)

       118,000        103,101

Scripps Escrow II, Inc., 5.38%, 01/15/2031(b)

       160,000        129,320

TEGNA, Inc., 4.75%, 03/15/2026(b)

       50,000        48,539

Univision Communications, Inc., 5.13%, 02/15/2025(b)(c)

       73,000        71,207

Urban One, Inc., 7.38%, 02/01/2028(b)

       67,000        61,026

Videotron Ltd. (Canada), 5.13%, 04/15/2027(b)

       69,000        66,323
         

 

 

 
            741,043
         

 

 

 

Building Products-2.13%

         

Builders FirstSource, Inc., 4.25%, 02/01/2032(b)

       194,000        167,194

Cornerstone Building Brands, Inc., 6.13%, 01/15/2029(b)

       89,000        66,780

Masonite International Corp.

         

5.38%, 02/01/2028(b)

       100,000        93,713

3.50%, 02/15/2030(b)

       90,000        74,390

Standard Industries, Inc.

         

5.00%, 02/15/2027(b)

       41,000        38,907

4.75%, 01/15/2028(b)

       80,000        75,069

4.38%, 07/15/2030(b)

       108,000        92,445

3.38%, 01/15/2031(b)

       81,000        64,434
         

 

 

 
            672,932
         

 

 

 

Cable & Satellite-5.45%

         

Altice Financing S.A. (Luxembourg), 5.75%, 08/15/2029, (Acquired 07/05/2022; Cost $162,841)(b)(f)

       200,000        168,252

CCO Holdings LLC/CCO Holdings Capital Corp.

         

5.50%, 05/01/2026(b)

       88,000        86,572

5.13%, 05/01/2027(b)

       96,000        91,604
 

 

See accompanying notes which are an integral part of this schedule.


Invesco High Yield Bond Factor ETF (IHYF)–(continued)

January 31, 2023

(Unaudited)

    

 

     Principal
Amount
   Value

Cable & Satellite-(continued)

         

CSC Holdings LLC

         

5.25%, 06/01/2024(c)

     $ 69,000      $        67,620

6.50%, 02/01/2029(b)

         400,000        346,536

4.63%, 12/01/2030(b)

       200,000        118,494

DIRECTV Financing LLC/DIRECTV Financing Co-Obligor, Inc., 5.88%, 08/15/2027(b)

       240,000        217,747

DISH DBS Corp.

         

7.75%, 07/01/2026

       184,000        149,679

5.25%, 12/01/2026(b)

       79,000        68,236

7.38%, 07/01/2028

       176,000        126,681

5.13%, 06/01/2029

       119,000        75,863

Radiate Holdco LLC/Radiate Finance, Inc., 6.50%, 09/15/2028(b)

       40,000        20,893

Telenet Finance Luxembourg Notes S.a.r.l. (Belgium), 5.50%, 03/01/2028(b)

       200,000        186,900
         

 

 

 
            1,725,077
         

 

 

 

Casinos & Gaming-3.48%

         

Affinity Gaming, 6.88%, 12/15/2027(b)

       187,000        167,682

Caesars Entertainment, Inc.

         

8.13%, 07/01/2027(b)

       101,000        102,625

4.63%, 10/15/2029(b)

       45,000        38,538

Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/2025(b)(c)

       118,000        118,158

Las Vegas Sands Corp., 2.90%, 06/25/2025(c)

       200,000        187,352

Melco Resorts Finance Ltd. (Hong Kong), 5.38%, 12/04/2029(b)

       200,000        172,100

MGM Resorts International, 6.75%, 05/01/2025

       36,000        36,306

Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.88%, 09/01/2031(b)

       234,000        163,550

Sabre GLBL, Inc., 7.38%, 09/01/2025(b)

       117,000        114,918
         

 

 

 
            1,101,229
         

 

 

 

Coal & Consumable Fuels-0.41%

         

Enviva Partners L.P./Enviva Partners Finance Corp., 6.50%, 01/15/2026(b)

       140,000        130,837
         

 

 

 

Commodity Chemicals-0.72%

         

Koppers, Inc., 6.00%, 02/15/2025(b)

       112,000        110,432

Methanex Corp. (Canada), 5.25%, 12/15/2029

       127,000        116,934
         

 

 

 
            227,366
         

 

 

 

Communications Equipment-0.36%

         

CommScope Technologies LLC, 6.00%, 06/15/2025(b)(c)

       40,000        37,927

Hughes Satellite Systems Corp., 6.63%, 08/01/2026(c)

       79,000        76,509
         

 

 

 
            114,436
         

 

 

 

Construction & Engineering-0.15%

         

AECOM, 5.13%, 03/15/2027

       48,000        47,213
         

 

 

 

Construction Machinery & Heavy Trucks-0.43%

 

    

Manitowoc Co., Inc. (The), 9.00%, 04/01/2026(b)(c)

       40,000        39,406

Trinity Industries, Inc., 4.55%, 10/01/2024

       100,000        96,675
         

 

 

 
            136,081
         

 

 

 
     Principal
Amount
   Value

Construction Materials-0.45%

         

Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028(b)(c)

     $ 70,000      $        65,905

Eco Material Technologies, Inc., 7.88%, 01/31/2027(b)

       78,000        75,146
         

 

 

 
            141,051
         

 

 

 

Consumer Finance-3.14%

         

Ally Financial, Inc., 5.75%, 11/20/2025(c)

       92,000        91,492

ASG Finance Designated Activity Co. (Cyprus), 7.88%, 12/03/2024(b)

       200,000        197,000

Credit Acceptance Corp., 5.13%, 12/31/2024(b)

       80,000        74,944

Navient Corp.

         

6.13%, 03/25/2024

       127,000        126,838

5.00%, 03/15/2027(c)

       116,000        106,017

5.63%, 08/01/2033

       62,000        48,150

OneMain Finance Corp.

         

6.88%, 03/15/2025(c)

       72,000        71,871

7.13%, 03/15/2026

         140,000        139,286

PRA Group, Inc., 7.38%, 09/01/2025(b)

       140,000        139,013
         

 

 

 
            994,611
         

 

 

 

Data Processing & Outsourced Services-0.12%

 

    

Block, Inc., 2.75%, 06/01/2026

       43,000        39,134
         

 

 

 

Department Stores-1.09%

         

Macy’s Retail Holdings LLC

         

5.88%, 04/01/2029(b)

       121,000        112,674

6.13%, 03/15/2032(b)

       93,000        83,379

Nordstrom, Inc.

         

4.38%, 04/01/2030(c)

       94,000        75,544

4.25%, 08/01/2031(c)

       96,000        72,224
         

 

 

 
            343,821
         

 

 

 

Diversified Banks-1.14%

         

Commerzbank AG (Germany), 8.13%, 09/19/2023(b)

       200,000        201,863

Intesa Sanpaolo S.p.A. (Italy), 4.20%, 06/01/2032(b)(e)

       200,000        159,322
         

 

 

 
            361,185
         

 

 

 

Diversified Chemicals-0.18%

         

Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 5.13%, 04/01/2029(b)(c)

       78,000        56,308
         

 

 

 

Diversified Metals & Mining-0.76%

         

Mineral Resources Ltd. (Australia)

         

8.13%, 05/01/2027(b)

       86,000        86,759

8.50%, 05/01/2030(b)

       148,000        153,100
         

 

 

 
            239,859
         

 

 

 

Diversified Real Estate Activities-0.14%

         

Five Point Operating Co. L.P./Five Point Capital Corp., 7.88%, 11/15/2025(b)

       51,000        45,910
         

 

 

 

Diversified REITs-0.58%

         

HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, 06/15/2026(b)

       82,000        72,879

Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.88%, 02/15/2025(b)

       113,000        111,663
         

 

 

 
            184,542
         

 

 

 
 

 

See accompanying notes which are an integral part of this schedule.


Invesco High Yield Bond Factor ETF (IHYF)–(continued)

January 31, 2023

(Unaudited)

    

 

     Principal
Amount
   Value

Diversified Support Services-0.80%

 

    

MPH Acquisition Holdings LLC

         

5.50%, 09/01/2028(b)

     $ 81,000      $        67,351

5.75%, 11/01/2028(b)(c)

       87,000        63,311

Neptune Bidco US, Inc., 9.29%, 04/15/2029(b)

         127,000        123,636
         

 

 

 
            254,298
         

 

 

 

Drug Retail-0.28%

         

Rite Aid Corp., 8.00%, 11/15/2026(b)

       160,000        89,426
         

 

 

 

Education Services-0.36%

         

Grand Canyon University, 4.13%, 10/01/2024

       118,000        112,461
         

 

 

 

Electric Utilities-1.66%

         

Drax Finco PLC (United Kingdom), 6.63%, 11/01/2025(b)

       200,000        195,264

Midland Cogeneration Venture L.P., 6.00%, 03/15/2025(b)

       70,650        72,240

NRG Energy, Inc.

         

5.25%, 06/15/2029(b)

       83,000        75,010

3.63%, 02/15/2031(b)

       87,000        69,039

3.88%, 02/15/2032(b)

       144,000        112,301
         

 

 

 
            523,854
         

 

 

 

Electrical Components & Equipment-0.71%

 

    

Sensata Technologies B.V., 5.00%, 10/01/2025(b)

       109,000        107,935

WESCO Distribution, Inc., 7.13%, 06/15/2025(b)

       114,000        115,968
         

 

 

 
            223,903
         

 

 

 

Electronic Components-0.42%

         

Likewize Corp., 9.75%, 10/15/2025(b)

       141,000        132,744
         

 

 

 

Environmental & Facilities Services-0.46%

         

GFL Environmental, Inc. (Canada), 4.25%, 06/01/2025(b)

       123,000        118,749

Stericycle, Inc., 5.38%, 07/15/2024(b)

       28,000        27,760
         

 

 

 
            146,509
         

 

 

 

Financial Exchanges & Data-0.39%

         

Coinbase Global, Inc., 3.38%, 10/01/2028(b)

       189,000        122,198
         

 

 

 

Food Distributors-0.71%

         

C&S Group Enterprises LLC, 5.00%, 12/15/2028(b)

       224,000        173,038

US Foods, Inc., 6.25%, 04/15/2025(b)

       50,000        50,153
         

 

 

 
            223,191
         

 

 

 

Food Retail-0.19%

         

Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 4.63%, 01/15/2027(b)

       64,000        60,769
         

 

 

 

Footwear-0.47%

         

Abercrombie & Fitch Management Co., 8.75%, 07/15/2025(b)(c)

       147,000        148,645
         

 

 

 

Gas Utilities-0.94%

         

AmeriGas Partners L.P./AmeriGas Finance Corp.

         

5.63%, 05/20/2024

       122,000        120,323

5.88%, 08/20/2026

       60,000        58,118

Crescent Energy Finance LLC, 7.25%, 05/01/2026(b)

       60,000        57,682

Ferrellgas L.P./Ferrellgas Finance Corp., 5.88%, 04/01/2029(b)

       75,000        62,532
         

 

 

 
            298,655
         

 

 

 
     Principal
Amount
   Value

Health Care Equipment-0.30%

         

Varex Imaging Corp., 7.88%, 10/15/2027(b)

     $ 96,000      $        95,612
         

 

 

 

Health Care Facilities-0.99%

         

Legacy LifePoint Health LLC, 6.75%, 04/15/2025(b)

       95,000        92,758

RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/2026(b)

       26,000        22,839

Tenet Healthcare Corp., 4.88%, 01/01/2026

         204,000        198,925
         

 

 

 
            314,522
         

 

 

 

Health Care REITs-0.55%

         

Diversified Healthcare Trust, 9.75%, 06/15/2025

       73,000        71,327

MPT Operating Partnership L.P./MPT Finance Corp., 4.63%, 08/01/2029

       131,000        102,016
         

 

 

 
            173,343
         

 

 

 

Health Care Services-2.19%

         

Community Health Systems, Inc.

         

8.00%, 03/15/2026(b)

       126,000        121,801

6.00%, 01/15/2029(b)

       160,000        140,650

6.88%, 04/15/2029(b)

       102,000        64,673

6.13%, 04/01/2030(b)

       84,000        50,612

5.25%, 05/15/2030(b)

       83,000        67,080

Global Medical Response, Inc., 6.50%, 10/01/2025(b)

       10,000        7,047

Prime Healthcare Services, Inc., 7.25%, 11/01/2025(b)

       75,000        66,165

US Acute Care Solutions LLC, 6.38%, 03/01/2026(b)

       192,000        173,962
         

 

 

 
            691,990
         

 

 

 

Health Care Technology-0.35%

         

AthenaHealth Group, Inc., 6.50%, 02/15/2030(b)

       135,000        112,020
         

 

 

 

Home Furnishings-0.49%

         

Tempur Sealy International, Inc., 3.88%, 10/15/2031(b)

       187,000        154,306
         

 

 

 

Home Improvement Retail-0.72%

         

JELD-WEN, Inc.

         

4.63%, 12/15/2025(b)

       81,000        71,797

4.88%, 12/15/2027(b)(c)

       60,000        49,104

Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/2026(b)

       117,000        105,421
         

 

 

 
            226,322
         

 

 

 

Homebuilding-1.55%

         

LGI Homes, Inc., 4.00%, 07/15/2029(b)

       202,000        163,908

New Home Co., Inc. (The), 7.25%, 10/15/2025(b)

       80,000        69,639

Shea Homes L.P./Shea Homes Funding Corp., 4.75%, 02/15/2028

       78,000        69,601

Taylor Morrison Communities, Inc., 5.75%, 01/15/2028(b)

       80,000        77,690

Tri Pointe Homes, Inc., 5.25%, 06/01/2027

       118,000        111,144
         

 

 

 
            491,982
         

 

 

 

Homefurnishing Retail-0.02%

         

Bed Bath & Beyond, Inc., 3.75%, 08/01/2024

       97,000        5,627
         

 

 

 
 

 

See accompanying notes which are an integral part of this schedule.


Invesco High Yield Bond Factor ETF (IHYF)–(continued)

January 31, 2023

(Unaudited)

    

 

     Principal
Amount
   Value

Hotel & Resort REITs-0.57%

         

Service Properties Trust

         

4.50%, 03/15/2025

     $ 19,000      $        17,219

4.75%, 10/01/2026

         150,000        124,060

4.95%, 02/15/2027

       49,000        40,153
         

 

 

 
            181,432
         

 

 

 

Hotels, Resorts & Cruise Lines-2.74%

         

Carnival Corp.

         

5.75%, 03/01/2027(b)

       282,000        234,458

6.00%, 05/01/2029(b)

       200,000        158,251

Royal Caribbean Cruises Ltd.

         

11.63%, 08/15/2027(b)

       99,000        105,187

5.50%, 04/01/2028(b)

       138,000        118,862

Six Flags Theme Parks, Inc., 7.00%, 07/01/2025(b)

       66,000        66,799

Travel + Leisure Co., Series J, 6.00%, 04/01/2027

       188,000        184,685
         

 

 

 
            868,242
         

 

 

 

Housewares & Specialties-0.55%

         

Newell Brands, Inc., 4.45%, 04/01/2026

       183,000        174,064
         

 

 

 

Independent Power Producers & Energy Traders-0.61%

 

EnfraGen Energia Sur S.A./EnfraGen Spain S.A./Prime Energia S.p.A. (Colombia), 5.38%, 12/30/2030(b)

       270,000        193,151
         

 

 

 

Industrial Machinery-0.35%

         

CD&R Smokey Buyer, Inc., 6.75%, 07/15/2025(b)

       57,000        52,012

JPW Industries Holding Corp., 9.00%, 10/01/2024(b)

       65,000        58,090
         

 

 

 
            110,102
         

 

 

 

Integrated Oil & Gas-0.84%

         

Occidental Petroleum Corp.

         

5.88%, 09/01/2025(c)

       134,000        135,794

5.55%, 03/15/2026.

       129,000        130,449
         

 

 

 
            266,243
         

 

 

 

Integrated Telecommunication Services-2.20%

 

    

Connect Finco S.a.r.l./Connect US Finco LLC (United Kingdom), 6.75%, 10/01/2026(b)

       200,000        191,496

Consolidated Communications, Inc., 6.50%, 10/01/2028(b)

       53,000        43,308

Frontier North, Inc., Series G, 6.73%, 02/15/2028

       154,000        142,341

Ligado Networks LLC, 15.50% PIK Rate, 0.00% Cash Rate, 11/01/2023(b)(d)

       36,508        12,687

Telecom Italia S.p.A. (Italy), 5.30%, 05/30/2024(b)

       200,000        194,271

Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/2028(b)(c)

       140,000        113,534
         

 

 

 
            697,637
         

 

 

 

Interactive Media & Services-0.34%

         

Cumulus Media New Holdings, Inc., 6.75%, 07/01/2026(b)(c)

       37,000        30,934

Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 08/15/2026(b)

       101,000        1,515

Millennium Escrow Corp., 6.63%, 08/01/2026(b)

       72,000        50,189

TripAdvisor, Inc., 7.00%, 07/15/2025(b)

       24,000        24,125
         

 

 

 
            106,763
         

 

 

 
     Principal
Amount
   Value

Internet & Direct Marketing Retail-0.55%

         

Photo Holdings Merger Sub, Inc., 8.50%, 10/01/2026(b)

     $ 79,000      $        39,626

QVC, Inc.

         

4.75%, 02/15/2027

         125,000        94,913

5.45%, 08/15/2034

       68,000        40,038
         

 

 

 
            174,577
         

 

 

 

Internet Services & Infrastructure-0.13%

         

Cogent Communications Group, Inc., 3.50%, 05/01/2026(b)

       43,000        39,864
         

 

 

 

Investment Banking & Brokerage-0.56%

         

FS Energy and Power Fund, 7.50%, 08/15/2023(b)

       47,000        46,890

NFP Corp., 6.88%, 08/15/2028(b)

       119,000        103,043

StoneX Group, Inc., 8.63%, 06/15/2025(b)

       26,000        26,165
         

 

 

 
            176,098
         

 

 

 

IT Consulting & Other Services-0.12%

         

Unisys Corp., 6.88%, 11/01/2027(b)

       49,000        37,187
         

 

 

 

Leisure Facilities-0.80%

         

Carnival Holdings Bermuda Ltd., 10.38%, 05/01/2028(b)(c)

       125,000        135,184

Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.50%, 05/01/2025(b)

       48,000        47,703

Vail Resorts, Inc., 6.25%, 05/15/2025(b)

       70,000        70,416
         

 

 

 
            253,303
         

 

 

 

Leisure Products-0.11%

         

Vista Outdoor, Inc., 4.50%, 03/15/2029(b)

       42,000        34,073
         

 

 

 

Marine-0.92%

         

NCL Corp. Ltd., 5.88%, 03/15/2026(b)(c)

       161,000        139,465

Seaspan Corp. (Hong Kong), 5.50%, 08/01/2029(b)

       81,000        61,659

Teekay Offshore Partners L.P./Teekay Offshore Finance Corp., 8.50%, 07/15/2023

       107,000        89,624
         

 

 

 
            290,748
         

 

 

 

Metal & Glass Containers-1.17%

         

Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 04/30/2025(b)

       200,000        195,789

Ball Corp., 4.88%, 03/15/2026

       73,000        71,996

Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada), 6.00%, 09/15/2028(b)

       49,000        43,406

Mauser Packaging Solutions Holding Co.

         

8.50%, 04/15/2024(b)

       30,000        30,714

7.25%, 04/15/2025(b)

       28,000        27,371
         

 

 

 
            369,276
         

 

 

 

Mortgage REITs-0.45%

         

Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, 10/01/2025(b)

       82,000        79,016

Starwood Property Trust, Inc., 5.50%, 11/01/2023(b)

       63,000        62,669
         

 

 

 
            141,685
         

 

 

 

Movies & Entertainment-1.89%

         

Banijay Entertainment S.A.S.U. (France), 5.38%, 03/01/2025(b)

       200,000        193,248

Cinemark USA, Inc., 8.75%, 05/01/2025(b)

       145,000        147,837
 

 

See accompanying notes which are an integral part of this schedule.


Invesco High Yield Bond Factor ETF (IHYF)–(continued)

January 31, 2023

(Unaudited)

    

 

     Principal
Amount
   Value

Movies & Entertainment-(continued)

 

    

Lions Gate Capital Holdings LLC, 5.50%, 04/15/2029(b)

     $ 60,000      $        39,085

Netflix, Inc.

         

5.88%, 02/15/2025

       72,000        73,130

5.38%, 11/15/2029(b)(c)

       68,000        69,058

4.88%, 06/15/2030(b)(c)

       75,000        74,154
         

 

 

 
            596,512
         

 

 

 

Multi-Utilities-0.30%

         

Algonquin Power & Utilities Corp. (Canada), 4.75%, 01/18/2082(e)

         114,000        96,470
         

 

 

 

Office REITs-0.36%

         

Office Properties Income Trust, 4.50%, 02/01/2025(c)

       124,000        115,418
         

 

 

 

Office Services & Supplies-0.86%

         

ACCO Brands Corp., 4.25%, 03/15/2029(b)

       171,000        148,119

Pitney Bowes, Inc.

         

6.88%, 03/15/2027(b)

       78,000        65,515

7.25%, 03/15/2029(b)

       75,000        59,165
         

 

 

 
            272,799
         

 

 

 

Oil & Gas Drilling-1.08%

         

Harvest Midstream I L.P., 7.50%, 09/01/2028(b)

       84,000        82,749

Rockies Express Pipeline LLC

         

3.60%, 05/15/2025(b)

       118,000        111,771

7.50%, 07/15/2038(b)

       62,000        57,439

6.88%, 04/15/2040(b)

       104,000        88,280
         

 

 

 
            340,239
         

 

 

 

Oil & Gas Equipment & Services-0.56%

         

Oceaneering International, Inc., 4.65%, 11/15/2024

       92,000        89,345

USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 04/01/2026

       90,000        88,451
         

 

 

 
            177,796
         

 

 

 

Oil & Gas Exploration & Production-3.70%

         

Comstock Resources, Inc., 5.88%, 01/15/2030(b)

       141,000        121,078

CrownRock L.P./CrownRock Finance, Inc., 5.63%, 10/15/2025(b)

       119,000        116,170

Hilcorp Energy I L.P./Hilcorp Finance Co.

         

6.25%, 11/01/2028(b)

       185,000        177,917

6.00%, 04/15/2030(b)

       75,000        69,812

6.00%, 02/01/2031(b)

       58,000        53,850

Moss Creek Resources Holdings, Inc.

         

7.50%, 01/15/2026(b)

       57,000        52,735

10.50%, 05/15/2027(b)

       46,000        44,481

Murphy Oil Corp., 6.13%, 12/01/2042

       90,000        74,025

PDC Energy, Inc., 6.13%, 09/15/2024

       77,000        76,645

Southwestern Energy Co., 5.70%, 01/23/2025

       88,000        87,353

Strathcona Resources Ltd. (Canada), 6.88%, 08/01/2026(b)

       39,000        33,301

Vital Energy, Inc., 10.13%, 01/15/2028(c)

       100,000        99,628

WPX Energy, Inc., 5.25%, 09/15/2024

       161,000        162,420
         

 

 

 
            1,169,415
         

 

 

 

Oil & Gas Refining & Marketing-1.59%

         

CVR Energy, Inc., 5.25%, 02/15/2025(b)(c)

       105,000        101,438
     Principal
Amount
   Value

Oil & Gas Refining & Marketing-(continued)

 

    

EnLink Midstream Partners L.P.

         

4.15%, 06/01/2025

     $ 28,000      $        27,009

4.85%, 07/15/2026

       118,000        114,551

NuStar Logistics L.P.

         

6.00%, 06/01/2026

       70,000        68,630

5.63%, 04/28/2027

       65,000        62,471

Parkland Corp. (Canada), 4.63%, 05/01/2030(b)

         109,000        93,836

PBF Holding Co. LLC/PBF Finance Corp., 6.00%, 02/15/2028(c)

       36,000        33,992
         

 

 

 
            501,927
         

 

 

 

Oil & Gas Storage & Transportation-4.50%

         

Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, 12/15/2025(b)

       54,000        54,916

Buckeye Partners L.P., 4.13%, 03/01/2025(b)

       110,000        104,617

Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 6.00%, 02/01/2029(b)

       51,000        48,446

EQM Midstream Partners L.P.

         

4.00%, 08/01/2024

       118,000        114,294

7.50%, 06/01/2027(b)

       63,000        63,076

5.50%, 07/15/2028

       62,000        57,268

7.50%, 06/01/2030(b)

       37,000        37,001

Genesis Energy L.P./Genesis Energy Finance Corp.

         

8.00%, 01/15/2027

       112,000        110,729

7.75%, 02/01/2028

       58,000        56,155

ITT Holdings LLC, 6.50%, 08/01/2029(b)

       92,000        80,061

New Fortress Energy, Inc., 6.75%, 09/15/2025(b)

       132,000        126,481

NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/2026(b)

       144,000        136,955

Northriver Midstream Finance L.P. (Canada), 5.63%, 02/15/2026(b)

       73,000        70,201

Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 8.50%, 10/15/2026(b)

       104,000        101,400

Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp.

         

6.00%, 03/01/2027(b)

       51,000        48,434

5.50%, 01/15/2028(b)

       55,000        50,705

6.00%, 12/31/2030(b)

       138,000        125,858

Western Midstream Operating L.P., 3.35%, 02/01/2025

       40,000        38,246
         

 

 

 
            1,424,843
         

 

 

 

Other Diversified Financial Services-3.54%

         

AG Issuer LLC, 6.25%, 03/01/2028(b)

       92,000        87,032

Albion Financing 2 S.a.r.l. (Luxembourg), 8.75%, 04/15/2027(b)

       200,000        170,500

Midcap Financial Issuer Trust, 5.63%, 01/15/2030(b)

       209,000        169,041

Resorts World Las Vegas LLC/RWLV Capital, Inc.

         

4.63%, 04/16/2029(b)

       200,000        163,386

4.63%, 04/06/2031(b)

       200,000        154,772

Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.63%,
03/01/2030(b)(c)

       163,000        145,396
 

 

See accompanying notes which are an integral part of this schedule.


Invesco High Yield Bond Factor ETF (IHYF)–(continued)

January 31, 2023

(Unaudited)

    

 

     Principal
Amount
   Value

Other Diversified Financial Services-(continued)

 

United Wholesale Mortgage LLC

         

5.50%, 11/15/2025(b)

     $   121,000      $      113,356

5.75%, 06/15/2027(b)

       47,000        42,260

5.50%, 04/15/2029(b)

       85,000        73,215
         

 

 

 
            1,118,958
         

 

 

 

Packaged Foods & Meats-0.76%

         

FAGE International S.A./FAGE USA Dairy Industry, Inc. (Luxembourg), 5.63%, 08/15/2026(b)

       232,000        218,140

TreeHouse Foods, Inc., 4.00%, 09/01/2028

       28,000        23,387
         

 

 

 
            241,527
         

 

 

 

Paper Packaging-0.38%

         

Berry Global, Inc., 4.50%, 02/15/2026(b)

       82,000        79,663

Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/2026

       43,000        42,064
         

 

 

 
            121,727
         

 

 

 

Paper Products-0.56%

         

Domtar Corp., 6.75%, 10/01/2028(b)

       116,000        106,776

Glatfelter Corp., 4.75%, 11/15/2029(b)

       101,000        70,831
         

 

 

 
            177,607
         

 

 

 

Personal Products-0.42%

         

Coty, Inc., 5.00%, 04/15/2026(b)

       44,000        42,176

Herbalife Nutrition Ltd./HLF Financing, Inc., 7.88%, 09/01/2025(b)

       95,000        89,242
         

 

 

 
            131,418
         

 

 

 

Pharmaceuticals-1.47%

         

1375209 BC Ltd. (Canada), 9.00%, 01/30/2028(b)

       79,000        78,803

Bausch Health Cos., Inc.

         

5.50%, 11/01/2025(b)

       137,000        116,686

6.13%, 02/01/2027(b)

       35,000        23,928

4.88%, 06/01/2028(b)

       127,000        81,806

Elanco Animal Health, Inc., 6.40%, 08/28/2028

       61,000        59,853

Endo DAC/Endo Finance LLC/Endo Finco, Inc., 6.00%, 06/30/2028(b)(g)(h)

       36,000        2,252

HLF Financing S.a.r.l. LLC/Herbalife International, Inc., 4.88%, 06/01/2029(b)

       99,000        72,530

P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/2025(b)

       34,000        27,729
         

 

 

 
            463,587
         

 

 

 

Publishing-0.13%

         

Gannett Holdings LLC, 6.00%, 11/01/2026(b)

       52,000        40,288
         

 

 

 

Real Estate Services-0.19%

         

Realogy Group LLC/Realogy Co-Issuer Corp., 5.25%, 04/15/2030(b)

       80,000        60,093
         

 

 

 

Reinsurance-0.99%

         

Enstar Finance LLC

         

5.75%, 09/01/2040(e)

       65,000        58,328

5.50%, 01/15/2042(e)

       136,000        112,350

Global Atlantic Fin Co., 4.70%,
10/15/2051(b)(e)

       165,000        142,276
         

 

 

 
            312,954
         

 

 

 

Renewable Electricity-0.33%

         

Sunnova Energy Corp., 5.88%,
09/01/2026(b)(c)

       115,000        103,663
         

 

 

 
     Principal
Amount
   Value

Restaurants-0.57%

         

Aramark Services, Inc., 6.38%, 05/01/2025(b)

     $   131,000      $      131,193

Sizzling Platter LLC/Sizzling Platter Finance Corp., 8.50%, 11/28/2025(b)

       52,000        48,160
         

 

 

 
            179,353
         

 

 

 

Retail REITs-0.71%

         

Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC

         

5.75%, 05/15/2026(b)

       68,000        64,783

4.50%, 04/01/2027(b)

       83,000        72,987

Necessity Retail REIT, Inc. (The)/American Finance Operating Partner L.P., 4.50%, 09/30/2028(b)

       116,000        88,279
         

 

 

 
            226,049
         

 

 

 

Security & Alarm Services-0.80%

         

CoreCivic, Inc., 4.75%, 10/15/2027

       153,000        134,668

Prime Security Services Borrower LLC/Prime Finance, Inc., 5.75%, 04/15/2026(b)

       120,000        117,754
         

 

 

 
            252,422
         

 

 

 

Specialized REITs-0.52%

         

Iron Mountain, Inc.

         

4.50%, 02/15/2031(b)

       72,000        61,792

5.63%, 07/15/2032(b)

       39,000        35,140

SBA Communications Corp., 3.88%, 02/15/2027

       74,000        68,451
         

 

 

 
            165,383
         

 

 

 

Specialty Chemicals-1.06%

         

Avient Corp., 5.75%, 05/15/2025(b)

       149,000        147,632

Rayonier A.M. Products, Inc., 7.63%, 01/15/2026(b)

       121,000        113,287

WR Grace Holdings LLC, 5.63%, 08/15/2029(b)

       90,000        75,240
         

 

 

 
            336,159
         

 

 

 

Specialty Stores-1.39%

         

Bath & Body Works, Inc., 9.38%, 07/01/2025(b)

       66,000        70,713

LSF9 Atlantis Holdings LLC/Victra Finance Corp., 7.75%, 02/15/2026(b)

       111,000        101,428

Sally Holdings LLC/Sally Capital, Inc., 5.63%, 12/01/2025

       117,000        115,399

Staples, Inc., 7.50%, 04/15/2026(b)

       170,000        151,289
         

 

 

 
            438,829
         

 

 

 

Steel-0.93%

         

Cleveland-Cliffs, Inc., 6.75%, 03/15/2026(b)

       106,000        107,858

Infrabuild Australia Pty. Ltd. (Australia), 12.00%, 10/01/2024(b)

       102,000        97,179

SunCoke Energy, Inc., 4.88%, 06/30/2029(b)

       100,000        88,110
         

 

 

 
            293,147
         

 

 

 

Systems Software-0.70%

         

Gen Digital, Inc., 5.00%, 04/15/2025(b)

       53,000        52,002

McAfee Corp., 7.38%, 02/15/2030(b)

       69,000        57,411

Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/2025(b)

       171,000        113,032
         

 

 

 
            222,445
         

 

 

 
 

 

See accompanying notes which are an integral part of this schedule.


Invesco High Yield Bond Factor ETF (IHYF)–(continued)

January 31, 2023

(Unaudited)

    

 

     Principal
Amount
   Value

Technology Hardware, Storage & Peripherals-1.27%

 

Seagate HDD Cayman

         

4.09%, 06/01/2029

     $   100,000      $        88,750

4.13%, 01/15/2031

       32,000        26,917

9.63%, 12/01/2032(b)

       151,135        171,337

Xerox Corp., 6.75%, 12/15/2039

       78,000        60,959

Xerox Holdings Corp., 5.00%,
08/15/2025(b)(c)

       57,000        53,093
         

 

 

 
            401,056
         

 

 

 

Thrifts & Mortgage Finance-0.50%

 

    

Enact Holdings, Inc., 6.50%, 08/15/2025(b)

       78,000        76,920

NMI Holdings, Inc., 7.38%, 06/01/2025(b)

       81,000        82,006
         

 

 

 
            158,926
         

 

 

 

Tires & Rubber-0.29%

         

FXI Holdings, Inc., 12.25%, 11/15/2026(b)

       101,000        91,531
         

 

 

 

Tobacco-0.29%

         

Vector Group Ltd., 5.75%, 02/01/2029(b)

       106,000        92,592
         

 

 

 

Trading Companies & Distributors-0.23%

 

    

Fortress Transportation and Infrastructure Investors LLC, 6.50%, 10/01/2025(b)

       74,000        71,724
         

 

 

 

Wireless Telecommunication Services-1.00%

 

    

Sprint LLC

         

7.13%, 06/15/2024

       108,000        110,431

7.63%, 02/15/2025

       199,000        206,821
         

 

 

 
            317,252
         

 

 

 

Total U.S. Dollar Denominated Bonds & Notes
(Cost $32,621,062)

 

       30,702,568
         

 

 

 

U.S. Treasury Securities-0.36%

 

    

U.S. Treasury Bills-0.36%

 

    

4.48%, 05/11/2023(i)(j)

(Cost $113,600)

       115,000        113,562
         

 

 

 
     Shares    Value

Money Market Funds-0.57%

 

    

Invesco Government & Agency Portfolio, Institutional Class, 4.30%(k)(l)
(Cost $180,161)

       180,161      $      180,161
         

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-97.98%
(Cost $32,914,823)

 

       30,996,291
         

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

    

Money Market Funds-10.90%

 

    

Invesco Private Government Fund,
4.36%(k)(l)(m)

       965,601        965,601

Invesco Private Prime Fund, 4.59%(k)(l)(m)

       2,482,585        2,483,330
         

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $3,448,785)

 

       3,448,931
         

 

 

 

TOTAL INVESTMENTS IN SECURITIES-108.88%
(Cost $36,363,608)

 

       34,445,222

OTHER ASSETS LESS LIABILITIES-(8.88)%

 

       (2,808,785 )
         

 

 

 

NET ASSETS-100.00%

          $ 31,636,437
         

 

 

 
 

 

See accompanying notes which are an integral part of this schedule.


Invesco High Yield Bond Factor ETF (IHYF)–(continued)

January 31, 2023

(Unaudited)

    

 

Investment Abbreviations:

PIK    -Pay-in-Kind

REIT  -Real Estate Investment Trust

Notes to Schedule of Investments:

(a) 

Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

(b) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at January 31, 2023 was $22,465,102, which represented 71.01% of the Fund’s Net Assets.

(c) 

All or a portion of this security was out on loan at January 31, 2023.

(d) 

All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

(e) 

Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

(f) 

Restricted security. The value of this security at January 31, 2023 represented less than 1% of the Fund’s Net Assets.

(g) 

The borrower has filed for protection in federal bankruptcy court.

(h) 

Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at January 31, 2023 was $2,252, which represented less than 1% of the Fund’s Net Assets.

(i) 

$113,562 was pledged as collateral to cover margin requirements for open futures contracts.

(j) 

Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

(k) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended January 31, 2023.

 

    Value
October 31, 2022
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
  Value
January 31, 2023
  Dividend
Income
Investments in Affiliated Money Market Funds:                            
Invesco Government & Agency Portfolio, Institutional Class     $ 302,214     $ 2,595,080     $ (2,717,133 )     $ -     $ -     $ 180,161     $ 2,603
Investments Purchased with Cash Collateral from Securities on Loan:                            
Invesco Private Government Fund       745,329       1,352,500       (1,132,228 )       -       -       965,601       7,907 *
Invesco Private Prime Fund       1,916,067       3,281,936       (2,715,268 )       193       402       2,483,330       21,687 *
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
Total     $ 2,963,610     $ 7,229,516     $ (6,564,629 )     $ 193     $ 402     $ 3,629,092     $ 32,197
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

*

Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

 

(l) 

The rate shown is the 7-day SEC standardized yield as of January 31, 2023.

(m)

The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

 

Open Futures Contracts

Long Futures Contracts

  Number of
Contracts
  Expiration
Month
  Notional
Value
  Value   Unrealized
Appreciation
(Depreciation)
                   

Interest Rate Risk

                   

U.S. Treasury 10 Year Notes

      17       March-2023     $ 1,946,766     $ 25,512     $ 25,512

U.S. Treasury 10 Year Ultra Bonds

      4       March-2023       484,813       6,922       6,922

U.S. Treasury Ultra Bonds

      1       March-2023       141,750       7,295       7,295

U.S. Treasury Long Bonds

      2       March-2023       259,750       8,399       8,399

U.S. Treasury 5 Year Notes

      9       March-2023       983,180       5,281       5,281
               

 

 

     

 

 

 

Subtotal-Long Futures Contracts

                  53,409       53,409
               

 

 

     

 

 

 

Short Futures Contracts

                   

Interest Rate Risk

                   

U.S. Treasury 2 Year Notes

      13       March-2023       (2,673,430 )       (5,493 )       (5,493 )
               

 

 

     

 

 

 

Total Futures Contracts

                $ 47,916     $ 47,916
               

 

 

     

 

 

 

 

See accompanying notes which are an integral part of this schedule.


Invesco High Yield Bond Factor ETF (IHYF)–(continued)

January 31, 2023

(Unaudited)

    

 

Open Centrally Cleared Credit Default Swap Agreements(a)

 

Reference Entity

   Buy/Sell
Protection
     (Pay)/
Receive
Fixed
Rate
    Payment
Frequency
   

Maturity Date

  Implied
Credit
Spread(b)
    Notional
Value
     Upfront
Payments
Paid
(Received)
     Value      Unrealized
Appreciation
 
                      
Credit Risk                       
Markit CDX North America High Yield Index, Series 38, Version 2      Sell        5.00%       Quarterly     06/20/2027     3.9300     USD 267,300      $ 838      $ 10,629      $ 9,791  
Markit CDX North America High Yield Index, Series 39, Version 1      Sell        5.00          Quarterly     12/20/2027     4.3207       USD 636,000        2,226        17,511        15,285  
                

 

 

    

 

 

    

 

 

 

Subtotal Appreciation

                   3,064        28,140        25,076  
                

 

 

    

 

 

    

 

 

 

Total Credit Default Swap Agreements

 

     $ 3,064      $ 28,140      $ 25,076  
                

 

 

    

 

 

    

 

 

 

 

(a) 

Centrally cleared swap agreements collateralized by $71,565 cash held with the broker.

(b) 

Implied credit spreads represent the current level, as of January 31, 2023, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

 

See accompanying notes which are an integral part of this schedule.


Schedule of Investments(a)

Invesco High Yield Select ETF (HIYS)

January 31, 2023

(Unaudited)

 

       Principal  
Amount
   Value

U.S. Dollar Denominated Bonds & Notes-96.57%

 

Advertising-1.24%

         

Clear Channel Outdoor Holdings, Inc., 5.13%, 08/15/2027(b)

     $ 85,000      $ 77,201

Lamar Media Corp., 3.63%, 01/15/2031

       57,000        48,476
         

 

 

 
                 125,677
         

 

 

 

Aerospace & Defense-0.79%

         

TransDigm, Inc., 6.25%, 03/15/2026(b)

       80,000        80,062
         

 

 

 

Airlines-1.97%

         

American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026(b)

       152,000        149,182

Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%, 10/20/2025(b)

       51,000        50,405
         

 

 

 
            199,587
         

 

 

 

Alternative Carriers-0.51%

         

Lumen Technologies, Inc., 4.00%, 02/15/2027(b)

       61,000        51,526
         

 

 

 

Aluminum-0.49%

         

Novelis Corp., 3.25%, 11/15/2026(b)

       55,000        49,867
         

 

 

 

Apparel Retail-0.51%

         

Gap, Inc. (The), 3.63%, 10/01/2029(b)

       67,000        51,516
         

 

 

 

Apparel, Accessories & Luxury Goods-0.49%

 

    

Kontoor Brands, Inc., 4.13%, 11/15/2029(b)

       57,000        49,373
         

 

 

 

Application Software-1.08%

         

SS&C Technologies, Inc., 5.50%, 09/30/2027(b)

       113,000        108,811
         

 

 

 

Auto Parts & Equipment-2.00%

         

Clarios Global L.P., 6.75%, 05/15/2025(b)

       100,000        100,722

NESCO Holdings II, Inc., 5.50%, 04/15/2029(b)

       113,000        101,636
         

 

 

 
            202,358
         

 

 

 

Automobile Manufacturers-4.92%

         

Allison Transmission, Inc., 3.75%, 01/30/2031(b)

       172,000        145,718

Ford Motor Credit Co. LLC, 4.95%, 05/28/2027

       250,000        238,892

J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026(b)

       114,000        112,734
         

 

 

 
            497,344
         

 

 

 

Automotive Retail-4.21%

         

Asbury Automotive Group, Inc., 4.50%, 03/01/2028

       100,000        90,510

Group 1 Automotive, Inc., 4.00%, 08/15/2028(b)

       100,000        88,077

LCM Investments Holdings II LLC, 4.88%, 05/01/2029(b)

       91,000        75,237

Lithia Motors, Inc.

         

4.63%, 12/15/2027(b)

       31,000        28,866

3.88%, 06/01/2029(b)

       85,000        72,343

Sonic Automotive, Inc., 4.63%, 11/15/2029(b)

       85,000        70,754
         

 

 

 
            425,787
         

 

 

 

Broadcasting-1.03%

         

Gray Television, Inc., 5.88%, 07/15/2026(b)

       114,000        104,591
         

 

 

 
       Principal  
Amount
   Value

Cable & Satellite-9.19%

         

CCO Holdings LLC/CCO Holdings Capital Corp.

         

5.50%, 05/01/2026(b)

     $ 114,000      $      112,150

5.13%, 05/01/2027(b)

       168,000        160,307

CSC Holdings LLC, 6.50%, 02/01/2029(b)

       200,000        173,268

DISH DBS Corp., 5.13%, 06/01/2029

       84,000        53,550

Sirius XM Radio, Inc., 3.13%, 09/01/2026(b)

       81,000        73,025

Virgin Media Secured Finance PLC (United Kingdom), 5.50%, 05/15/2029(b)

       200,000        185,799

VZ Secured Financing B.V. (Netherlands), 5.00%, 01/15/2032(b)

       200,000        171,498
         

 

 

 
            929,597
         

 

 

 

Casinos & Gaming-2.28%

         

CCM Merger, Inc., 6.38%, 05/01/2026(b)

       75,000        72,645

Everi Holdings, Inc., 5.00%, 07/15/2029(b)

       57,000        51,652

Mohegan Tribal Gaming Authority, 8.00%, 02/01/2026(b)

       58,000        55,175

Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.

         

7.75%, 04/15/2025(b)

       19,000        19,103

5.13%, 10/01/2029(b)

       36,000        32,175
         

 

 

 
            230,750
         

 

 

 

Commodity Chemicals-1.03%

         

Mativ Holdings, Inc., 6.88%, 10/01/2026(b)

       112,000        103,753
         

 

 

 

Construction & Engineering-1.72%

         

Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029(b)

       33,000        27,853

Howard Midstream Energy Partners LLC, 6.75%, 01/15/2027(b)

       150,000        146,427
         

 

 

 
            174,280
         

 

 

 

Consumer Finance-1.81%

         

FirstCash, Inc.

         

4.63%, 09/01/2028(b)

       33,000        29,692

5.63%, 01/01/2030(b)

       75,000        68,721

OneMain Finance Corp., 6.13%, 03/15/2024

       85,000        84,379
         

 

 

 
            182,792
         

 

 

 

Department Stores-1.28%

         

Macy’s Retail Holdings LLC, 6.13%, 03/15/2032(b)

       144,000        129,103
         

 

 

 

Diversified Metals & Mining-1.00%

         

Hudbay Minerals, Inc. (Canada)

         

4.50%, 04/01/2026(b)

       22,000        20,298

6.13%, 04/01/2029(b)

       87,000        80,447
         

 

 

 
            100,745
         

 

 

 

Diversified Support Services-1.25%

         

Ritchie Bros. Auctioneers, Inc. (Canada), 5.38%, 01/15/2025(b)

       128,000        126,554
         

 

 

 

Electric Utilities-1.21%

         

NRG Energy, Inc., 4.45%, 06/15/2029(b)

       25,000        22,904

Vistra Operations Co. LLC, 4.38%, 05/01/2029(b)

       113,000        99,533
         

 

 

 
            122,437
         

 

 

 

Electrical Components & Equipment-0.92%

         

EnerSys, 4.38%, 12/15/2027(b)

       100,000        92,480
         

 

 

 

Electronic Components-0.84%

         

Sensata Technologies, Inc., 3.75%, 02/15/2031(b)

       100,000        85,019
         

 

 

 
 

 

See accompanying notes which are an integral part of this schedule.


Invesco High Yield Select ETF (HIYS)–(continued)

January 31, 2023

(Unaudited)

    

 

       Principal  
Amount
   Value

Food Distributors-1.58%

         

American Builders & Contractors Supply Co., Inc., 4.00%, 01/15/2028(b)

     $ 115,000      $      104,899

United Natural Foods, Inc., 6.75%, 10/15/2028(b)

       57,000        55,079
         

 

 

 
            159,978
         

 

 

 

Gold-0.36%

         

New Gold, Inc. (Canada), 7.50%, 07/15/2027(b)

       39,000        36,248
         

 

 

 

Health Care Facilities-2.65%

         

Encompass Health Corp., 4.50%, 02/01/2028

       56,000        52,352

HCA, Inc., 3.50%, 09/01/2030

       56,000        50,227

Tenet Healthcare Corp., 4.88%, 01/01/2026

       170,000        165,771
         

 

 

 
            268,350
         

 

 

 

Health Care REITs-1.73%

         

CTR Partnership L.P./CareTrust Capital Corp., 3.88%, 06/30/2028(b)

       56,000        50,207

Diversified Healthcare Trust, 4.38%, 03/01/2031

       114,000        77,373

MPT Operating Partnership L.P./MPT Finance Corp., 3.50%, 03/15/2031

       68,000        47,695
         

 

 

 
            175,275
         

 

 

 

Health Care Services-2.35%

         

Community Health Systems, Inc., 4.75%, 02/15/2031(b)

       100,000        76,647

DaVita, Inc., 3.75%, 02/15/2031(b)

       64,000        49,843

Select Medical Corp., 6.25%, 08/15/2026(b)

       114,000        111,485
         

 

 

 
            237,975
         

 

 

 

Health Care Supplies-0.74%

         

Medline Borrower L.P., 3.88%, 04/01/2029(b)

       87,000        74,493
         

 

 

 

Hotel & Resort REITs-1.51%

         

Service Properties Trust, 5.50%, 12/15/2027

       172,000        152,602
         

 

 

 

Hotels, Resorts & Cruise Lines-1.79%

         

Carnival Corp., 4.00%, 08/01/2028(b)

       58,000        50,202

IRB Holding Corp., 7.00%, 06/15/2025(b)

       56,000        56,265

Royal Caribbean Cruises Ltd., 4.25%, 07/01/2026(b)

       86,000        74,726
         

 

 

 
            181,193
         

 

 

 

Household Products-0.50%

         

Prestige Brands, Inc., 3.75%, 04/01/2031(b)

       59,000        50,178
         

 

 

 

Independent Power Producers & Energy Traders-1.89%

 

Calpine Corp., 3.75%, 03/01/2031(b)

       60,000        50,101

Clearway Energy Operating LLC, 4.75%, 03/15/2028(b)

       56,000        52,893

TransAlta Corp. (Canada), 7.75%, 11/15/2029

       86,000        88,541
         

 

 

 
            191,535
         

 

 

 

Industrial Machinery-1.76%

         

EnPro Industries, Inc., 5.75%, 10/15/2026

       114,000        111,824

Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029(b)

       73,000        65,869
         

 

 

 
            177,693
         

 

 

 
       Principal  
Amount
   Value

Integrated Oil & Gas-0.73%

         

Occidental Petroleum Corp., 5.55%, 03/15/2026

     $ 73,000      $ 73,820
         

 

 

 

Integrated Telecommunication Services-2.47%

 

    

Altice France S.A. (France), 8.13%, 02/01/2027(b)

       200,000        187,744

Level 3 Financing, Inc., 3.75%, 07/15/2029(b)

       84,000        61,512
         

 

 

 
                 249,256
         

 

 

 

Interactive Media & Services-1.05%

         

Match Group Holdings II LLC, 4.63%, 06/01/2028(b)

       115,000        105,902
         

 

 

 

Internet Services & Infrastructure-0.56%

         

Cogent Communications Group, Inc., 7.00%, 06/15/2027(b)

       57,000        56,492
         

 

 

 

IT Consulting & Other Services-0.50%

         

Gartner, Inc., 3.75%, 10/01/2030(b)

       57,000        50,593
         

 

 

 

Leisure Facilities-1.72%

         

Carnival Holdings Bermuda Ltd., 10.38%, 05/01/2028(b)

       141,000        152,488

VOC Escrow Ltd., 5.00%, 02/15/2028(b)

       24,000        21,140
         

 

 

 
            173,628
         

 

 

 

Managed Health Care-0.50%

         

Centene Corp., 4.25%, 12/15/2027

       53,000        50,904
         

 

 

 

Marine-0.49%

         

NCL Corp. Ltd., 5.88%, 02/15/2027(b)

       53,000        49,350
         

 

 

 

Movies & Entertainment-0.46%

         

WMG Acquisition Corp., 3.00%, 02/15/2031(b)

       56,000        46,514
         

 

 

 

Oil & Gas Drilling-4.98%

         

Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028(b)

       114,000        104,723

Nabors Industries, Inc., 7.38%, 05/15/2027(b)

       56,000        56,147

Precision Drilling Corp. (Canada), 6.88%, 01/15/2029(b)

       57,000        54,970

Rockies Express Pipeline LLC, 6.88%, 04/15/2040(b)

       171,000        145,153

Transocean, Inc., 8.75%, 02/15/2030(b)

       25,000        25,809

Valaris Ltd., 12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028(b)(c)

       115,000        116,518
         

 

 

 
            503,320
         

 

 

 

Oil & Gas Equipment & Services-3.37%

         

Enerflex Ltd. (Canada), 9.00%, 10/15/2027(b)

       114,000        116,264

USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 09/01/2027

       114,000        110,737

Weatherford International Ltd., 8.63%, 04/30/2030(b)

       113,000        114,206
         

 

 

 
            341,207
         

 

 

 

Oil & Gas Exploration & Production-6.20%

         

Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026(b)

       172,000        171,370

Callon Petroleum Co., 8.00%, 08/01/2028(b)

       114,000        114,141

Comstock Resources, Inc., 5.88%, 01/15/2030(b)

       56,000        48,088
 

 

See accompanying notes which are an integral part of this schedule.


Invesco High Yield Select ETF (HIYS)–(continued)

January 31, 2023

(Unaudited)

    

 

       Principal  
Amount
   Value

Oil & Gas Exploration & Production-(continued)

 

    

Hilcorp Energy I L.P./Hilcorp Finance Co., 6.25%, 11/01/2028(b)

     $ 172,000      $      165,415

SM Energy Co., 6.63%, 01/15/2027

       51,000        49,621

Strathcona Resources Ltd. (Canada), 6.88%, 08/01/2026(b)

       30,000        25,616

Transocean Titan Financing Ltd., 8.38%, 02/01/2028(b)

       51,000        52,993
         

 

 

 
            627,244
         

 

 

 

Oil & Gas Refining & Marketing-0.50%

 

    

Parkland Corp. (Canada), 4.50%, 10/01/2029(b)

       59,000        50,690
         

 

 

 

Oil & Gas Storage & Transportation-2.94%

 

    

Crestwood Midstream Partners L.P./ Crestwood Midstream Finance Corp., 8.00%, 04/01/2029(b)

       86,000        87,391

Genesis Energy L.P./Genesis Energy Finance Corp., 7.75%, 02/01/2028

       114,000        110,374

Holly Energy Partners L.P./Holly Energy Finance Corp., 6.38%, 04/15/2027(b)

       100,000        98,987
         

 

 

 
            296,752
         

 

 

 

Other Diversified Financial Services-1.50%

 

    

Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/2029(b)

       56,000        50,070

Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.63%, 03/01/2030(b)

       114,000        101,688
         

 

 

 
            151,758
         

 

 

 

Pharmaceuticals-0.79%

         

Bausch Health Cos., Inc., 4.88%, 06/01/2028(b)

       124,000        79,873
         

 

 

 

Research & Consulting Services-0.50%

 

    

Dun & Bradstreet Corp. (The), 5.00%, 12/15/2029(b)

       57,000        50,547
         

 

 

 

Restaurants-1.98%

         

1011778 BC ULC/New Red Finance, Inc. (Canada), 3.50%, 02/15/2029(b)

       86,000        75,361

Papa John’s International, Inc., 3.88%, 09/15/2029(b)

       86,000        74,086

Yum! Brands, Inc., 5.38%, 04/01/2032

       53,000        50,352
         

 

 

 
            199,799
         

 

 

 

Retail REITs-0.81%

         

NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026(b)

       86,000        82,243
         

 

 

 

Semiconductor Equipment-0.53%

         

Entegris Escrow Corp., 4.75%, 04/15/2029(b)

       57,000        53,506
         

 

 

 
       Principal  
Amount
   Value

Specialized Consumer Services-0.70%

 

    

Carriage Services, Inc., 4.25%, 05/15/2029(b)

       $   86,000      $ 70,874
         

 

 

 

Specialized REITs-0.50%

         

SBA Communications Corp., 3.88%, 02/15/2027

       55,000        50,876
         

 

 

 

Specialty Chemicals-0.27%

         

Rayonier A.M. Products, Inc., 7.63%, 01/15/2026(b)

       29,000        27,152
         

 

 

 

Steel-0.99%

         

SunCoke Energy, Inc., 4.88%, 06/30/2029(b)

       114,000        100,445
         

 

 

 

Systems Software-1.19%

         

Camelot Finance S.A., 4.50%, 11/01/2026(b)

       75,000        71,433

Crowdstrike Holdings, Inc., 3.00%, 02/15/2029

       57,000        48,977
         

 

 

 
            120,410
         

 

 

 

Trading Companies & Distributors-1.25%

 

    

Fortress Transportation and Infrastructure Investors LLC

         

6.50%, 10/01/2025(b)

       28,000        27,139

5.50%, 05/01/2028(b)

       113,000        99,598
         

 

 

 
            126,737
         

 

 

 

Wireless Telecommunication Services-0.46%

 

    

Vodafone Group PLC (United Kingdom), 4.13%, 06/04/2081(d)

       57,000        46,221
         

 

 

 

Total U.S. Dollar Denominated Bonds & Notes
(Cost $9,686,370)

 

         9,765,642
         

 

 

 

Non-U.S. Dollar Denominated Bonds & Notes-1.51%(e)

 

Integrated Telecommunication Services-1.51%

 

    

Iliad Holding S.A.S. (France), 5.63%, 10/15/2028(b)
(Cost $149,158)

       EUR150,000        152,319
         

 

 

 
     Shares     

Money Market Funds-0.06%

 

    

Invesco Government & Agency Portfolio, Institutional Class, 4.30%(f)(g)
(Cost $6,170)

       6,170        6,170
         

 

 

 

TOTAL INVESTMENTS IN SECURITIES-98.14%
(Cost $9,841,698)

 

       9,924,131

OTHER ASSETS LESS LIABILITIES-1.86%

 

       187,797
         

 

 

 

NET ASSETS-100.00%

          $ 10,111,928
         

 

 

 
 

 

See accompanying notes which are an integral part of this schedule.


Invesco High Yield Select ETF (HIYS)–(continued)

January 31, 2023

(Unaudited)

    

 

Investment Abbreviations:

EUR -Euro

PIK   -Pay-in-Kind

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

(a) 

Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

(b) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at January 31, 2023 was $8,063,887, which represented 79.75% of the Fund’s Net Assets.

(c) 

All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

(d) 

Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

(e) 

Foreign denominated security. Principal amount is denominated in the currency indicated.

(f) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended January 31, 2023.

 

    Value
October 31, 2022
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
  Value
January 31, 2023
  Dividend
Income
Investments in Affiliated Money Market Funds:                            
Invesco Government & Agency Portfolio, Institutional Class       $-       $515,951         $(509,781)       $-         $-         $6,170         $407  

 

(g) 

The rate shown is the 7-day SEC standardized yield as of January 31, 2023.

The valuation policy and a listing of other significant accounting policies are available in the most recent Statement of Additional Information.

 

See accompanying notes which are an integral part of this schedule.


Schedule of Investments

Invesco Moderately Conservative Multi-Asset Allocation ETF (PSMM)

January 31, 2023

(Unaudited)

 

Schedule of Investments in Affiliated Issuers- 104.08%(a)

 

    % of                       Change in                          
    Net                       Unrealized     Realized                    
    Assets     Value     Purchases     Proceeds     Appreciation     Gain     Dividend     Shares     Value  
    01/31/23     10/31/22     at Cost     from Sales     (Depreciation)     (Loss)     Income     01/31/23     01/31/23  

Domestic Equity Funds-31.84%

                 

Invesco Preferred ETF

    -        $ 645,285     $ -     $ (640,727   $ 178,994     $ (183,552   $ -       -     $ -  

Invesco RAFI™ Strategic US ETF

    9.36%       1,806,329       819,428       (332,783     112,899       8,240       9,921       62,558       2,414,113  

Invesco RAFI™ Strategic US Small Company ETF

    2.04%       446,096       135,579       (98,890     44,703       (401     2,338       14,323       527,087  

Invesco Russell 1000® Dynamic Multifactor ETF

    5.65%       1,204,682       360,622       (246,038     129,514       6,782       6,850       30,734       1,455,562  

Invesco S&P 500® Low Volatility ETF

    3.02%       661,482       208,173       (113,307     18,356       4,474       4,273       12,209       779,178  

Invesco S&P 500® Pure Growth ETF

    8.76%       1,970,702       619,518       (338,151     16,165       (10,124     6,157       14,360       2,258,110  

Invesco S&P MidCap Low Volatility ETF

    3.01%       657,007       191,554       (115,069     38,389       3,821       3,283       13,894       775,702  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Domestic Equity Funds

      7,391,583       2,334,874       (1,884,965     539,020       (170,760     32,822         8,209,752  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

 

Fixed Income Funds-59.64%

                 

Invesco 1-30 Laddered Treasury ETF

    12.46%       2,769,527       841,161       (602,000     243,884       (38,972     18,824       107,263       3,213,600  

Invesco Emerging Markets Sovereign Debt ETF(b)

    2.86%       546,048       251,535       (163,151     123,391       (21,185     12,152       37,507       736,638  

Invesco Fundamental High Yield® Corporate Bond ETF

    8.95%       1,724,569       813,564       (320,847     86,744       3,488       21,520       131,109       2,307,518  

Invesco Investment Grade Defensive ETF(b)

    3.17%       554,173       353,272       (112,083     22,416       763       5,651       33,824       818,541  

Invesco Investment Grade Value ETF

    1.79%       300,603       205,183       (72,530     29,588       (614     4,424       19,745       462,230  

Invesco PureBetaSM 0-5 Yr US TIPS ETF

    5.94%       1,233,041       506,879       (222,078     (1,105     33,075       -       62,387       1,532,374  

Invesco Senior Loan ETF(b)

    3.97%       835,617       296,705       (126,000     16,968       862       22,077       48,515       1,024,152  

Invesco Taxable Municipal Bond ETF

    11.56%       2,790,669       741,856       (783,840     338,544       (107,233     26,966       110,575       2,979,996  

Invesco Variable Rate Investment Grade ETF

    8.94%       1,484,268       1,090,851       (300,318     27,575       1,512       29,803       92,600       2,303,888  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Fixed Income Funds

      12,238,515       5,101,006       (2,702,847     888,005       (128,304     141,417         15,378,937  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

 

Foreign Equity Funds-8.49%

                 

Invesco RAFI™ Strategic Developed ex-US ETF

    2.00%       653,364       120,248       (339,727     141,267       (57,931     1,681       17,710       517,221  

Invesco RAFI™ Strategic Emerging Markets ETF

    1.81%       380,586       127,572       (178,101     161,367       (24,834     1,855       18,651       466,590  

Invesco S&P Emerging Markets Low Volatility ETF

    1.83%       399,297       111,307       (90,096     51,141       (106     2,174       19,664       471,543  

Invesco S&P International Developed Low Volatility ETF

    2.85%       623,946       169,821       (140,287     83,482       (3,138     4,946       26,208       733,824  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Foreign Equity Funds

      2,057,193       528,948       (748,211     437,257       (86,009     10,656         2,189,178  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

 

Money Market Funds-0.00%

                 

Invesco Government & Agency Portfolio, Institutional Class, 4.30%

    -          -       273,042       (273,042     -       -       133       -       -  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

TOTAL INVESTMENTS IN
AFFILIATED ISSUERS
(excluding investments purchased with cash collateral from securities on loan)-99.97%
(Cost $27,178,318)

    99.97%       21,687,291       8,237,870       (5,609,065     1,864,282       (385,073     185,028         25,777,867  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

 

 

See accompanying notes which are an integral part of this schedule.


Invesco Moderately Conservative Multi-Asset Allocation ETF (PSMM)–(continued)

January 31, 2023

(Unaudited)

    

 

Schedule of Investments in Affiliated Issuers- 104.08%(a)

 

    % of                       Change in                          
    Net                       Unrealized     Realized                    
    Assets     Value     Purchases     Proceeds     Appreciation     Gain     Dividend     Shares     Value  
    01/31/23     10/31/22     at Cost     from Sales     (Depreciation)     (Loss)     Income     01/31/23     01/31/23  
Investments Purchased with Cash Collateral from Securities on Loan                  

Money Market Funds-4.11%

 

               

Invesco Private Government Fund, 4.36%(c)(d)

    1.15%     $ 687,118     $ 3,985,370     $ (4,375,663   $ -     $ -     $ 5,075     296,825     $ 296,825  

Invesco Private Prime Fund, 4.59%(c)(d)

    2.96%       1,766,587       8,484,963       (9,488,509     (67     444       13,866     763,189       763,418  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $1,060,247)
    4.11%       2,453,705       12,470,333       (13,864,172     (67     444       18,941         1,060,243  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

 

TOTAL INVESTMENTS IN AFFILIATED ISSUERS
(Cost $28,238,565)

    104.08%     $ 24,140,996     $ 20,708,203     $ (19,473,237   $ 1,864,215     $ (384,629 )(e)    $ 203,969       $ 26,838,110  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

 
OTHER ASSETS LESS LIABILITIES     (4.08)%                     (1,052,605
 

 

 

                 

 

 

 

NET ASSETS

    100.00%                   $ 25,785,505  
 

 

 

                 

 

 

 

Investment Abbreviations:

ETF- Exchange-Traded Fund

Notes to Schedule of Investments:

(a)

Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.

(b)

All or a portion of this security was out on loan at January 31, 2023.

(c)

The rate shown is the 7-day SEC standardized yield as of January 31, 2023.

(d)

The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

(e)

Includes capital gains distributions from affiliated underlying funds as follows:

 

Fund Name    Capital Gain
Invesco PureBetaSM 0-5 Yr US TIPS ETF    $17,438

 

*

Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

 

See accompanying notes which are an integral part of this schedule.


Schedule of Investments(a)

Invesco S&P 500® Downside Hedged ETF (PHDG)

January 31, 2023

(Unaudited)

 

     Shares   Value

Common Stocks & Other Equity Interests-82.55%

 

Communication Services-6.46%

        

Activision Blizzard, Inc.

       4,248        $ 325,269

Alphabet, Inc., Class A(b)

            35,625           3,521,175

Alphabet, Inc., Class C(b)

       31,580       3,153,895

AT&T, Inc.

       42,508       865,888

Charter Communications, Inc., Class A(b)(c)

       641       246,343

Comcast Corp., Class A

       25,730       1,012,475

DISH Network Corp., Class A(b)(c)

       1,614       23,225

Electronic Arts, Inc.

       1,564       201,256

Fox Corp., Class A(c)

       1,943       65,945

Fox Corp., Class B

       895       28,372

Interpublic Group of Cos., Inc. (The)(c)

       2,317       84,478

Live Nation Entertainment, Inc.(b)(c)

       917       73,809

Lumen Technologies, Inc.(c)

       6,114       32,098

Match Group, Inc.(b)

       1,794       97,091

Meta Platforms, Inc., Class A(b)

       13,412       1,997,986

Netflix, Inc.(b)

       2,654       939,144

News Corp., Class A

       2,456       49,759

News Corp., Class B

       757       15,473

Omnicom Group, Inc.

       1,216       104,564

Paramount Global, Class B(c)

       3,244       75,131

Take-Two Interactive Software, Inc.(b)(c)

       941       106,549

T-Mobile US, Inc.(b)

       3,562       531,842

Verizon Communications, Inc.

       25,049       1,041,287

Walt Disney Co. (The)(b)

       10,873       1,179,612

Warner Bros Discovery, Inc.(b)

       13,180       195,328
        

 

 

 
           15,967,994
        

 

 

 

Consumer Discretionary-8.77%

        

Advance Auto Parts, Inc.

       386       58,780

Amazon.com, Inc.(b)

       52,936       5,459,290

Aptiv PLC(b)(c)

       1,616       182,753

AutoZone, Inc.(b)

       113       275,590

Bath & Body Works, Inc.

       1,467       67,497

Best Buy Co., Inc.(c)

       1,195       106,020

Booking Holdings, Inc.(b)

       231       562,277

BorgWarner, Inc.(c)

       1,504       71,109

Caesars Entertainment, Inc.(b)

       1,378       71,739

CarMax, Inc.(b)(c)

       1,015       71,507

Carnival Corp.(b)(c)

       6,432       69,594

Chipotle Mexican Grill, Inc.(b)

       165       271,653

D.R. Horton, Inc.

       1,867       184,254

Darden Restaurants, Inc.

       730       108,018

Dollar General Corp.

       1,345       314,192

Dollar Tree, Inc.(b)

       1,256       188,626

Domino’s Pizza, Inc.(c)

       227       80,131

eBay, Inc.

       3,237       160,232

Etsy, Inc.(b)

       750       103,185

Expedia Group, Inc.(b)

       898       102,641

Ford Motor Co.

       23,557       318,255

Garmin Ltd.

       915       90,475

General Motors Co.

       8,474       333,198

Genuine Parts Co.

       841       141,137

Hasbro, Inc.

       834       49,348

Hilton Worldwide Holdings, Inc.

       1,613       234,030

Home Depot, Inc. (The)

       6,106       1,979,382

Las Vegas Sands Corp.(b)

       1,960       115,640

Lennar Corp., Class A

       1,520       155,648

LKQ Corp.

       1,514       89,265

Lowe’s Cos., Inc.

       3,702       770,942

Marriott International, Inc., Class A

       1,605       279,559

McDonald’s Corp.

       4,368       1,168,003

MGM Resorts International

       2,047       84,766
     Shares   Value

Consumer Discretionary-(continued)

        

Mohawk Industries, Inc.(b)

       339        $ 40,700

Newell Brands, Inc.(c)

       2,417       38,575

NIKE, Inc., Class B

       7,513       956,630

Norwegian Cruise Line Holdings Ltd.(b)(c)

       2,707       41,174

NVR, Inc.(b)

       19       100,130

O’Reilly Automotive, Inc.(b)

       373       295,547

Pool Corp.(c)

       233       89,847

PulteGroup, Inc.(c)

       1,463       83,230

Ralph Lauren Corp.(c)

       264       32,696

Ross Stores, Inc.

       2,070       244,653

Royal Caribbean Cruises Ltd.(b)

       1,410       91,565

Starbucks Corp.

       6,846       747,173

Tapestry, Inc.(c)

       1,548       70,542

Target Corp.

       2,745       472,524

Tesla, Inc.(b)

            16,009           2,773,079

TJX Cos., Inc. (The)

       6,925       566,881

Tractor Supply Co.

       659       150,245

Ulta Beauty, Inc.(b)

       306       157,272

VF Corp.

       2,121       65,624

Whirlpool Corp.(c)

       350       54,457

Wynn Resorts Ltd.(b)

       662       68,610

Yum! Brands, Inc.

       1,680       219,257
        

 

 

 
           21,679,147
        

 

 

 

Consumer Staples-5.53%

        

Altria Group, Inc.

       10,689       481,433

Archer-Daniels-Midland Co.

       3,276       271,417

Brown-Forman Corp., Class B

       1,174       78,165

Campbell Soup Co.(c)

       1,290       66,990

Church & Dwight Co., Inc.

       1,455       117,651

Clorox Co. (The)

       736       106,492

Coca-Cola Co. (The)

       23,214       1,423,482

Colgate-Palmolive Co.

       4,982       371,308

Conagra Brands, Inc.

       2,858       106,289

Constellation Brands, Inc., Class A

       968       224,111

Costco Wholesale Corp.

       2,640       1,349,410

Estee Lauder Cos., Inc. (The), Class A

       1,379       382,093

General Mills, Inc.

       3,540       277,394

Hershey Co. (The)

       877       196,974

Hormel Foods Corp.

       1,859       84,231

JM Smucker Co. (The)

       636       97,181

Kellogg Co.

       1,527       104,722

Keurig Dr Pepper, Inc.

       5,068       178,799

Kimberly-Clark Corp.

       2,013       261,710

Kraft Heinz Co. (The)

       4,749       192,477

Kroger Co. (The)

       3,885       173,387

Lamb Weston Holdings, Inc.

       858       85,706

McCormick & Co., Inc.

       1,495       112,304

Molson Coors Beverage Co., Class B(c)

       1,208       63,517

Mondelez International, Inc., Class A

       8,145       533,009

Monster Beverage Corp.(b)(c)

       2,272       236,470

PepsiCo, Inc.

       8,217       1,405,271

Philip Morris International, Inc.

       9,246       963,803

Procter & Gamble Co. (The)

       14,134       2,012,399

Sysco Corp.

       3,023       234,162

Tyson Foods, Inc., Class A

       1,727       113,550

Walgreens Boots Alliance, Inc.

       4,281       157,798

Walmart, Inc.

       8,418       1,211,098
        

 

 

 
           13,674,803
        

 

 

 

Energy-4.17%

        

APA Corp.

       1,918       85,025

Baker Hughes Co., Class A

       5,973       189,583
 

 

See accompanying notes which are an integral part of this schedule.


Invesco S&P 500® Downside Hedged ETF (PHDG)–(continued)

January 31, 2023

(Unaudited)

    

 

     Shares   Value

Energy-(continued)

        

Chevron Corp.

            10,610        $ 1,846,352

ConocoPhillips

       7,432       905,738

Coterra Energy, Inc.

       4,703       117,716

Devon Energy Corp.

       3,899       246,573

Diamondback Energy, Inc.(c)

       1,050       153,426

EOG Resources, Inc.

       3,503       463,272

EQT Corp.

       2,358       77,036

Exxon Mobil Corp.

       24,563       2,849,554

Halliburton Co.

       5,416       223,247

Hess Corp.

       1,655       248,515

Kinder Morgan, Inc.

       11,798       215,903

Marathon Oil Corp.

       3,788       104,056

Marathon Petroleum Corp.

       2,795       359,213

Occidental Petroleum Corp.

       4,337       280,994

ONEOK, Inc.

       2,666       182,568

Phillips 66

       2,819       282,661

Pioneer Natural Resources Co.

       1,417       326,406

Schlumberger Ltd.

       8,457       481,880

Targa Resources Corp.

       1,350       101,277

Valero Energy Corp.

       2,299       321,929

Williams Cos., Inc. (The)

       7,265       234,224
        

 

 

 
             10,297,148
        

 

 

 

Financials-9.67%

        

Aflac, Inc.

       3,375       248,063

Allstate Corp. (The)

       1,582       203,240

American Express Co.

       3,565       623,625

American International Group, Inc.

       4,431       280,128

Ameriprise Financial, Inc.

       635       222,326

Aon PLC, Class A

       1,234       393,251

Arch Capital Group Ltd.(b)

       2,206       141,956

Arthur J. Gallagher & Co.

       1,258       246,216

Assurant, Inc.

       339       44,948

Bank of America Corp.

       41,628       1,476,961

Bank of New York Mellon Corp. (The)

       4,387       221,851

Berkshire Hathaway, Inc., Class B(b)

       10,746       3,347,594

BlackRock, Inc.

       896       680,252

Brown & Brown, Inc.

       1,402       82,101

Capital One Financial Corp.

       2,277       270,963

Cboe Global Markets, Inc.

       681       83,681

Charles Schwab Corp. (The)

       9,097       704,290

Chubb Ltd.

       2,476       563,265

Cincinnati Financial Corp.

       938       106,135

Citigroup, Inc.

       11,552       603,245

Citizens Financial Group, Inc.

       2,937       127,231

CME Group, Inc., Class A

       2,146       379,112

Comerica, Inc.

       841       61,654

Discover Financial Services

       1,630       190,270

Everest Re Group Ltd.

       252       88,122

FactSet Research Systems, Inc.

       227       96,007

Fifth Third Bancorp

       4,094       148,571

First Republic Bank

       1,091       153,700

Franklin Resources, Inc.

       1,825       56,940

Globe Life, Inc.

       581       70,214

Goldman Sachs Group, Inc. (The)

       2,020       738,936

Hartford Financial Services Group, Inc. (The)

       1,897       147,226

Huntington Bancshares, Inc.

       8,605       130,538

Intercontinental Exchange, Inc.

       3,331       358,249

Invesco Ltd.(d)

       2,921       54,068

JPMorgan Chase & Co.

       17,495       2,448,600

KeyCorp

       5,565       106,792

Lincoln National Corp.

       989       35,040

Loews Corp.

       1,266       77,834
     Shares   Value

Financials-(continued)

        

M&T Bank Corp.

       1,030        $ 160,680

MarketAxess Holdings, Inc.

       242       88,052

Marsh & McLennan Cos., Inc.

       2,958       517,384

MetLife, Inc.

       3,931       287,042

Moody’s Corp.

       940       303,385

Morgan Stanley

       7,863       765,306

MSCI, Inc.

       477       253,554

Nasdaq, Inc.

       2,022       121,704

Northern Trust Corp.

       1,243       120,534

PNC Financial Services Group, Inc. (The)

       2,406       398,025

Principal Financial Group, Inc.

       1,357       125,590

Progressive Corp. (The)

       3,490       475,861

Prudential Financial, Inc.

       2,195       230,343

Raymond James Financial, Inc.

       1,155       130,249

Regions Financial Corp.

       5,573       131,188

S&P Global, Inc.

       1,986       744,631

Signature Bank

       404       52,096

State Street Corp.

       2,189       199,921

SVB Financial Group(b)

       353       106,761

Synchrony Financial

       2,687       98,694

T. Rowe Price Group, Inc.(c)

       1,333       155,255

Travelers Cos., Inc. (The)

       1,398       267,186

Truist Financial Corp.

       7,913       390,823

U.S. Bancorp

       8,064       401,587

W.R. Berkley Corp.

       1,219       85,501

Wells Fargo & Co.

            22,727       1,065,214

Willis Towers Watson PLC

       646       164,207

Zions Bancorporation N.A.

       961       51,087
        

 

 

 
             23,905,055
        

 

 

 

Health Care-12.09%

        

Abbott Laboratories

       10,399       1,149,610

AbbVie, Inc.

       10,548       1,558,467

Agilent Technologies, Inc.

       1,766       268,573

Align Technology, Inc.(b)

       433       116,793

AmerisourceBergen Corp.(c)

       966       163,215

Amgen, Inc.

       3,182       803,137

Baxter International, Inc.

       3,007       137,390

Becton, Dickinson and Co.

       1,701       429,026

Biogen, Inc.(b)

       859       249,883

Bio-Rad Laboratories, Inc., Class A(b)

       138       64,510

Bio-Techne Corp.

       1,008       80,297

Boston Scientific Corp.(b)

       8,543       395,114

Bristol-Myers Squibb Co.

       12,681       921,275

Cardinal Health, Inc.

       1,563       120,742

Catalent, Inc.(b)

       1,156       61,904

Centene Corp.(b)

       3,377       257,463

Charles River Laboratories International,
Inc.(b)(c)

       327       79,543

Cigna Corp.

       1,824       577,606

Cooper Cos., Inc. (The)

       294       102,585

CVS Health Corp.

       7,837       691,380

Danaher Corp.

       3,908       1,033,197

DaVita, Inc.(b)

       353       29,084

DENTSPLY SIRONA, Inc.

       1,380       50,825

DexCom, Inc.(b)

       2,304       246,735

Edwards Lifesciences Corp.(b)

       3,688       282,870

Elevance Health, Inc.

       1,424       711,986

Eli Lilly and Co.

       4,704       1,618,882

GE HealthCare Technologies, Inc.(b)

       2,172       150,997

Gilead Sciences, Inc.

       7,481       627,955

HCA Healthcare, Inc.

       1,265       322,664

Henry Schein, Inc.(b)

       871       75,037
 

 

See accompanying notes which are an integral part of this schedule.


Invesco S&P 500® Downside Hedged ETF (PHDG)–(continued)

January 31, 2023

(Unaudited)

    

 

     Shares   Value

Health Care-(continued)

        

Hologic, Inc.(b)

       1,489     $ 121,160

Humana, Inc.

       755       386,334

IDEXX Laboratories, Inc.(b)

       494          237,367

Illumina, Inc.(b)

       938       200,920

Incyte Corp.(b)

       1,101       93,739

Intuitive Surgical, Inc.(b)

       2,108       517,915

IQVIA Holdings, Inc.(b)(c)

       1,108       254,186

Johnson & Johnson

       15,594       2,548,372

Laboratory Corp. of America Holdings

       528       133,119

McKesson Corp.

       846       320,363

Medtronic PLC

       7,928       663,494

Merck & Co., Inc.

       15,122       1,624,254

Mettler-Toledo International, Inc.(b)

       133       203,878

Moderna, Inc.(b)

       1,971       347,014

Molina Healthcare, Inc.(b)

       348       108,517

Organon & Co.

       1,634       49,232

PerkinElmer, Inc.

       753       103,560

Pfizer, Inc.

            33,480       1,478,477

Quest Diagnostics, Inc.

       679       100,818

Regeneron Pharmaceuticals, Inc.(b)

       639       484,662

ResMed, Inc.

       874       199,595

STERIS PLC

       595       122,873

Stryker Corp.

       2,009       509,904

Teleflex, Inc.

       301       73,269

Thermo Fisher Scientific, Inc.

       2,339       1,334,002

UnitedHealth Group, Inc.

       5,573       2,781,986

Universal Health Services, Inc., Class B

       412       61,063

Vertex Pharmaceuticals, Inc.(b)

       1,531       494,666

Viatris, Inc.

       7,233       87,953

Waters Corp.(b)

       354       116,317

West Pharmaceutical Services, Inc.

       442       117,395

Zimmer Biomet Holdings, Inc.

       1,252       159,430

Zoetis, Inc.

       2,780       460,062
        

 

 

 
             29,874,641
        

 

 

 

Industrials-6.93%

        

3M Co.

       3,297       379,419

A.O. Smith Corp.

       815       55,175

Alaska Air Group, Inc.(b)

       815       41,842

Allegion PLC

       564       66,298

American Airlines Group, Inc.(b)(c)

       4,174       67,368

AMETEK, Inc.

       1,370       198,540

Boeing Co. (The)(b)

       3,341       711,633

C.H. Robinson Worldwide, Inc.

       756       75,729

Carrier Global Corp.

       4,988       227,104

Caterpillar, Inc.

       3,104       783,108

Cintas Corp.

       515       228,526

Copart, Inc.(b)

       2,556       170,255

CoStar Group, Inc.(b)

       2,426       188,985

CSX Corp.

       12,540       387,737

Cummins, Inc.

       841       209,863

Deere & Co.

       1,638       692,612

Delta Air Lines, Inc.(b)

       3,824       149,518

Dover Corp.

       837       127,082

Eaton Corp. PLC

       2,372       384,762

Emerson Electric Co.

       3,527       318,206

Equifax, Inc.(c)

       730       162,206

Expeditors International of Washington, Inc.

       949       102,634

Fastenal Co.

       3,416       172,679

FedEx Corp.

       1,428       276,832

Fortive Corp.

       2,110       143,543

Generac Holdings, Inc.(b)(c)

       407       49,084

General Dynamics Corp.

       1,343       313,000
     Shares   Value

Industrials-(continued)

        

General Electric Co.

       6,517        $ 524,488

Honeywell International, Inc.

       4,010       836,005

Howmet Aerospace, Inc.

       2,196       89,355

Huntington Ingalls Industries, Inc.

       256       56,458

IDEX Corp.

       450       107,856

Illinois Tool Works, Inc.

       1,667       393,479

Ingersoll Rand, Inc.

       2,415       135,240

J.B. Hunt Transport Services, Inc.

       494       93,391

Jacobs Solutions, Inc.

       761       94,022

Johnson Controls International PLC

       4,108       285,794

L3Harris Technologies, Inc.

       1,136       244,035

Leidos Holdings, Inc.

       878       86,781

Lockheed Martin Corp.

       1,391       644,395

Masco Corp.(c)

       1,449       77,087

Nordson Corp.

       345       83,938

Norfolk Southern Corp.

       1,381       339,464

Northrop Grumman Corp.

       863       386,658

Old Dominion Freight Line, Inc.

       540       179,950

Otis Worldwide Corp.

       2,485       204,342

PACCAR, Inc.

       2,074       226,709

Parker-Hannifin Corp.

       766       249,716

Pentair PLC

       1,057       58,537

Quanta Services, Inc.

       852       129,666

Raytheon Technologies Corp.

       8,768       875,485

Republic Services, Inc.

       1,225       152,904

Robert Half International, Inc.(c)

       697       58,520

Rockwell Automation, Inc.

       685       193,191

Rollins, Inc.

       1,487       54,127

Snap-on, Inc.(c)

       341       84,817

Southwest Airlines Co.

       3,541       126,662

Stanley Black & Decker, Inc.(c)

       950       84,844

Textron, Inc.

       1,245       90,698

Trane Technologies PLC.

       1,374       246,111

TransDigm Group, Inc.

       308       221,067

Union Pacific Corp.

       3,667       748,765

United Airlines Holdings, Inc.(b)

       1,950       95,472

United Parcel Service, Inc., Class B

       4,353       806,306

United Rentals, Inc.(b)

       413       182,112

Verisk Analytics, Inc.

       933       169,610

W.W. Grainger, Inc.

       268       157,981

Wabtec Corp.

       1,085       112,634

Waste Management, Inc.

       2,228       344,738

Xylem, Inc.

       1,075       111,811
        

 

 

 
             17,128,961
        

 

 

 

Information Technology-21.86%

        

Accenture PLC, Class A

       3,758       1,048,670

Adobe, Inc.(b)

       2,773       1,026,953

Advanced Micro Devices, Inc.(b)

       9,617       722,718

Akamai Technologies, Inc.(b)

       938       83,435

Amphenol Corp., Class A

       3,549       283,104

Analog Devices, Inc.

       3,068       526,070

ANSYS, Inc.(b)

       520       138,507

Apple, Inc.

            89,448       12,906,452

Applied Materials, Inc.

       5,131       572,055

Arista Networks, Inc.(b)

       1,476       186,005

Autodesk, Inc.(b)

       1,287       276,911

Automatic Data Processing, Inc.

       2,474       558,654

Broadcom, Inc.

       2,416       1,413,384

Broadridge Financial Solutions, Inc.(c)

       702       105,553

Cadence Design Systems, Inc.(b)

       1,636       299,110

CDW Corp.

       808       158,392

Ceridian HCM Holding, Inc.(b)(c)

       987       71,340
 

 

See accompanying notes which are an integral part of this schedule.


Invesco S&P 500® Downside Hedged ETF (PHDG)–(continued)

January 31, 2023

(Unaudited)

    

 

     Shares   Value

Information Technology-(continued)

        

Cisco Systems, Inc.

       24,489        $ 1,191,880

Cognizant Technology Solutions Corp., Class A

       3,065       204,589

Corning, Inc.

       4,540       157,129

DXC Technology Co.(b)

       1,478       42,463

Enphase Energy, Inc.(b)

       811       179,539

EPAM Systems, Inc.(b)

       343       114,099

F5, Inc.(b)

       384       56,701

Fidelity National Information Services, Inc.

       3,539       265,567

First Solar, Inc.(b)

       591       104,962

Fiserv, Inc.(b)

       3,788       404,104

FleetCor Technologies, Inc.(b)

       440       91,876

Fortinet, Inc.(b)

       3,867       202,399

Gartner, Inc.(b)

       471       159,264

Gen Digital, Inc.

       3,724       85,689

Global Payments, Inc.

       1,613       181,817

Hewlett Packard Enterprise Co.

       7,674       123,782

HP, Inc.

       5,280       153,859

Intel Corp.

            24,615       695,620

International Business Machines Corp.

       5,393       726,599

Intuit, Inc.

       1,681       710,508

Jack Henry & Associates, Inc.(c)

       469       84,462

Juniper Networks, Inc.

       2,085       67,345

Keysight Technologies, Inc.(b)(c)

       1,066       191,187

KLA Corp.

       845       331,646

Lam Research Corp.

       813       406,581

Mastercard, Inc., Class A

       5,063       1,876,348

Microchip Technology, Inc.

       3,280       254,594

Micron Technology, Inc.

       6,484       390,985

Microsoft Corp.

       44,581       11,047,618

Monolithic Power Systems, Inc.

       266       113,465

Motorola Solutions, Inc.

       997       256,239

NetApp, Inc.

       1,296       85,834

NVIDIA Corp.

       14,851       2,901,440

NXP Semiconductors N.V. (China)

       1,546       284,943

ON Semiconductor Corp.(b)

       2,579       189,428

Oracle Corp.

       9,166       810,824

Paychex, Inc.

       1,913       221,640

Paycom Software, Inc.(b)

       290       93,943

PayPal Holdings, Inc.(b)

       6,800       554,132

PTC, Inc.(b)

       679       91,583

Qorvo, Inc.(b)

       651       70,738

QUALCOMM, Inc.

       6,686       890,642

Roper Technologies, Inc.

       633       270,133

salesforce.com, inc.(b)

       5,964       1,001,773

Seagate Technology Holdings PLC

       1,233       83,573

ServiceNow, Inc.(b)

       1,205       548,432

Skyworks Solutions, Inc.

       957       104,954

SolarEdge Technologies, Inc.(b)

       333       106,270

Synopsys, Inc.(b)

       912       322,620

TE Connectivity Ltd.

       1,897       241,204

Teledyne Technologies, Inc.(b)

       280       118,793

Teradyne, Inc.

       929       94,479

Texas Instruments, Inc.

       5,413       959,238

Trimble, Inc.(b)

       1,584       91,967

Tyler Technologies, Inc.(b)

       267       86,180

VeriSign, Inc.(b)

       550       119,927

Visa, Inc., Class A(c)

       9,752       2,245,008

Western Digital Corp.(b)

       2,040       89,658

Zebra Technologies Corp., Class A(b)

       308       97,383
        

 

 

 
           54,026,968
        

 

 

 
     Shares   Value

Materials-2.32%

        

Air Products and Chemicals, Inc.

              1,323     $ 424,035

Albemarle Corp.

       699       196,733

Amcor PLC

       8,881          107,105

Avery Dennison Corp.

       483       91,499

Ball Corp.(c)

       1,872       109,025

Celanese Corp.

       641       78,971

CF Industries Holdings, Inc.

       1,170       99,099

Corteva, Inc.

       4,261       274,621

Dow, Inc.

       4,197       249,092

DuPont de Nemours, Inc.(c)

       2,963       219,114

Eastman Chemical Co.

       771       67,979

Ecolab, Inc.

       1,478       228,839

FMC Corp.

       751       99,981

Freeport-McMoRan, Inc.

       8,525       380,385

International Flavors & Fragrances, Inc.

       1,521       171,052

International Paper Co.

       2,284       95,517

Linde PLC (United Kingdom)

       2,949       975,942

LyondellBasell Industries N.V., Class A

       1,515       146,485

Martin Marietta Materials, Inc.

       370       133,067

Mosaic Co. (The)

       2,031       100,616

Newmont Corp.

       4,734       250,571

Nucor Corp.

       1,530       258,600

Packaging Corp. of America

       594       84,764

PPG Industries, Inc.(c)

       1,402       182,737

Sealed Air Corp.

       929       50,872

Sherwin-Williams Co. (The)

       1,407       332,882

Steel Dynamics, Inc.

       995       120,037

Vulcan Materials Co.

       793       145,381

WestRock Co.

       1,633       64,079
        

 

 

 
               5,739,080
        

 

 

 

Real Estate-2.32%

        

Alexandria Real Estate Equities, Inc.

       891       143,219

American Tower Corp.

       2,777       620,354

AvalonBay Communities, Inc.

       834       147,985

Boston Properties, Inc.

       916       68,279

Camden Property Trust

       684       84,276

CBRE Group, Inc., Class A(b)

       1,884       161,101

Crown Castle, Inc.

       2,583       382,568

Digital Realty Trust, Inc.

       1,715       196,573

Equinix, Inc.

       552       407,448

Equity Residential

       2,029       129,146

Essex Property Trust, Inc.

       386       87,263

Extra Space Storage, Inc.

       799       126,106

Federal Realty Investment Trust

       469       52,307

Healthpeak Properties, Inc.

       3,206       88,101

Host Hotels & Resorts, Inc.(c)

       4,593       86,578

Invitation Homes, Inc.

       3,464       112,580

Iron Mountain, Inc.(c)

       1,734       94,642

Kimco Realty Corp.

       3,972       89,211

Mid-America Apartment Communities, Inc.

       689       114,870

Prologis, Inc.

       5,506       711,816

Public Storage

       943       286,993

Realty Income Corp.

       3,741       253,752

Regency Centers Corp.

       989       65,897

SBA Communications Corp., Class A

       644       191,609

Simon Property Group, Inc.

       1,950       250,497

UDR, Inc.

       1,966       83,732

Ventas, Inc.

       2,384       123,515

VICI Properties, Inc.

       5,744       196,330
 

 

See accompanying notes which are an integral part of this schedule.


Invesco S&P 500® Downside Hedged ETF (PHDG)–(continued)

January 31, 2023

(Unaudited)

    

 

     Shares   Value

Real Estate-(continued)

        

Welltower, Inc.

       2,818     $ 211,463

Weyerhaeuser Co.

              4,389          151,113
        

 

 

 
               5,719,324
        

 

 

 

Utilities-2.43%

        

AES Corp. (The)

       3,984       109,201

Alliant Energy Corp.

       1,612       87,096

Ameren Corp.

       1,542       133,954

American Electric Power Co., Inc.

       3,065       287,987

American Water Works Co., Inc.

       1,084       169,635

Atmos Energy Corp.

       834       98,028

CenterPoint Energy, Inc.

       3,755       113,101

CMS Energy Corp.

       1,731       109,382

Consolidated Edison, Inc.

       2,117       201,771

Constellation Energy Corp.

       1,950       166,452

Dominion Energy, Inc.

       4,970       316,291

DTE Energy Co.

       1,156       134,524

Duke Energy Corp.

       4,593       470,553

Edison International

       2,278       156,954

Entergy Corp.

       1,214       131,452

Evergy, Inc.

       1,474       92,346

Eversource Energy

       2,077       170,999

Exelon Corp.

       5,927       250,060

FirstEnergy Corp.

       3,240       132,678

NextEra Energy, Inc.

       11,852       884,515

NiSource, Inc.

       2,609       72,400

NRG Energy, Inc.

       1,480       50,646

PG&E Corp.(b)

       9,603       152,688

Pinnacle West Capital Corp.

       727       54,198

PPL Corp.

       4,392       130,003

Public Service Enterprise Group, Inc.

       2,976       184,304

Sempra Energy

       1,875       300,619

Southern Co. (The)

       6,493       439,446
     Shares    Value

Utilities-(continued)

         

WEC Energy Group, Inc.

       1,881      $ 176,795

Xcel Energy, Inc.

       3,264        224,465
         

 

 

 
            6,002,543
         

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $192,408,965)

 

       204,015,664
         

 

 

 

Money Market Funds-3.85%

 

    

Invesco Premier U.S. Government Money Portfolio, Institutional Class, 4.29%(d)(e)
(Cost $9,516,396)

       9,516,396        9,516,396
         

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-86.40%
(Cost $201,925,361)

 

       213,532,060
         

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-2.39%

 

    

Invesco Private Government Fund,
4.36%(d)(e)(f)

       1,648,248        1,648,248

Invesco Private Prime Fund, 4.59%(d)(e)(f)

       4,238,046        4,239,317
         

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $5,887,661)

 

       5,887,565
         

 

 

 

TOTAL INVESTMENTS IN SECURITIES-88.79%
(Cost $207,813,022)

 

       219,419,625

OTHER ASSETS LESS LIABILITIES-11.21%

 

       27,716,237
         

 

 

 

NET ASSETS-100.00%.

          $ 247,135,862
         

 

 

 
 

Notes to Schedule of Investments:

(a) 

Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

(b) 

Non-income producing security.

(c) 

All or a portion of this security was out on loan at January 31, 2023.

(d) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended January 31, 2023.

 

    Value
October 31, 2022
  Purchases at
Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Value
January 31, 2023
  Dividend
Income

Invesco Ltd.

    $ 40,950     $ 169,004     $ (151,146 )     $ 2,223     $ (6,963 )     $ 54,068     $ -
Investments in Affiliated Money Market Funds:                            
Invesco Government & Agency Portfolio, Institutional Class       56,456,197       420,817,493       (477,273,690 )       -       -       -       384,369
Invesco Premier U.S. Government Money Portfolio, Institutional Class       -       240,342,957       (230,826,561 )       -       -       9,516,396       276,598

 

See accompanying notes which are an integral part of this schedule.


Invesco S&P 500® Downside Hedged ETF (PHDG)–(continued)

January 31, 2023

(Unaudited)

    

 

    Value
October 31, 2022
  Purchases at
Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Value
January 31, 2023
  Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                            
Invesco Private Government Fund     $ 1,372,606     $ 11,940,350     $ (11,664,708 )     $ -     $ -     $ 1,648,248     $ 19,507 *
Invesco Private Prime Fund       3,328,929       31,431,849       (30,523,365 )       (291 )       2,195       4,239,317       53,337 *
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total

    $ 61,198,682     $ 704,701,653     $ (750,439,470 )     $ 1,932     $ (4,768 )     $ 15,458,029     $ 733,811
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

*

Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

 

(e) 

The rate shown is the 7-day SEC standardized yield as of January 31, 2023.

(f)

The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

 

Open Futures Contracts(a)

Long Futures Contracts

   Number of
Contracts
   Expiration
Month
   Notional
Value
   Value   Unrealized
Appreciation
(Depreciation)
Equity Risk                        
CBOE Volatility Index        154        February-2023      $ 3,006,958      $ (204,275 )     $ (204,275 )
CBOE Volatility Index        154        March-2023        3,154,012        (72,430 )       (72,430 )
E-Mini S&P 500 Index        181        March-2023        37,014,500        517,573       517,573
                   

 

 

     

 

 

 
    Total Futures Contracts                     $ 240,868     $ 240,868
                   

 

 

     

 

 

 

 

(a) 

Futures contracts collateralized by $21,510,651 cash held with Merrill Lynch International, the futures commission merchant.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

 

See accompanying notes which are an integral part of this schedule.


Schedule of Investments(a)

Invesco Short Duration Bond ETF (ISDB)

January 31, 2023

(Unaudited)

 

       Principal  
Amount
   Value

U.S. Dollar Denominated Bonds & Notes-71.40%

 

Aerospace & Defense-0.49%

         

Huntington Ingalls Industries, Inc., 3.84%, 05/01/2025

     $ 50,000      $ 48,517

Lockheed Martin Corp., 4.95%, 10/15/2025

       1,000        1,016
         

 

 

 
            49,533
         

 

 

 

Agricultural & Farm Machinery-1.50%

         

Cargill, Inc., 4.88%, 10/10/2025(b)

       50,000        50,342

CNH Industrial Capital LLC, 5.45%, 10/14/2025

       50,000        50,846

John Deere Capital Corp., 4.55%, 10/11/2024

       50,000        50,074
         

 

 

 
                 151,262
         

 

 

 

Airlines-0.90%

         

Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%, 10/20/2025(b)

       92,000        90,928
         

 

 

 

Asset Management & Custody Banks-0.12%

 

    

State Street Corp., 4.86%, 01/26/2026(c)

       12,000        12,047
         

 

 

 

Auto Parts & Equipment-0.21%

         

American Honda Finance Corp., 4.75%, 01/12/2026

       21,000        21,181
         

 

 

 

Automobile Manufacturers-4.34%

         

Ford Motor Credit Co. LLC

         

2.30%, 02/10/2025

       200,000        185,702

7.40% (SOFR + 2.95%), 03/06/2026(d)

       200,000        201,834

PACCAR Financial Corp., 4.95%, 10/03/2025

       50,000        50,656
         

 

 

 
            438,192
         

 

 

 

Automotive Retail-0.45%

         

Asbury Automotive Group, Inc., 4.50%, 03/01/2028

       50,000        45,255
         

 

 

 

Cable & Satellite-0.98%

         

CCO Holdings LLC/CCO Holdings Capital Corp., 5.50%, 05/01/2026(b)

       100,000        98,377
         

 

 

 

Construction Machinery & Heavy Trucks-0.50%

 

    

Caterpillar Financial Services Corp., 4.90%, 01/17/2025

       50,000        50,545
         

 

 

 

Consumer Electronics-0.38%

         

Tyco Electronics Group S.A., 4.50%, 02/13/2026

       38,000        38,067
         

 

 

 

Consumer Finance-0.49%

         

Capital One Financial Corp., 5.93% (SOFR + 1.35%), 05/09/2025(d)

       50,000        49,718
         

 

 

 

Data Processing & Outsourced Services-0.94%

 

    

Block, Inc., 2.75%, 06/01/2026

       50,000        45,505

Fidelity National Information Services, Inc., 4.50%, 07/15/2025

       50,000        49,510
         

 

 

 
            95,015
         

 

 

 

Diversified Banks-18.28%

         

Bank of America Corp.

         

3.84%, 04/25/2025(c)

       100,000        98,229

5.08%, 01/20/2027(c)

       58,000        58,236

Series U, 5.20%(c)(e)

       50,000        49,540

Barclays PLC (United Kingdom), 7.33%, 11/02/2026(c)

       200,000        210,046

BPCE S.A. (France), 5.98%, 01/18/2027(b)(c)

       250,000        253,278

Citigroup, Inc., 5.61%, 09/29/2026(c)

       100,000        101,639

Credit Suisse AG (Switzerland), 7.95%, 01/09/2025

       250,000        256,198
       Principal  
Amount
   Value

Diversified Banks-(continued)

         

JPMorgan Chase & Co.

         

5.55%, 12/15/2025(c)

     $  100,000      $ 100,845

Series CC, 7.39% (3 mo. USD LIBOR + 2.58%)(d)(e)

       100,000        99,625

Manufacturers & Traders Trust Co., 4.65%, 01/27/2026

       100,000        99,853

NatWest Group PLC (United Kingdom), 7.47%, 11/10/2026(c)

       200,000        211,634

Societe Generale S.A. (France), 6.45%, 01/12/2027(b)(c)

       200,000        205,340

Wells Fargo & Co., 4.54%, 08/15/2026(c)

       100,000        99,064
         

 

 

 
              1,843,527
         

 

 

 

Diversified Capital Markets-2.01%

         

UBS Group AG (Switzerland), 5.71%, 01/12/2027(b)(c)

       200,000        202,647
         

 

 

 

Diversified Chemicals-0.50%

         

Celanese US Holdings LLC, 6.05%, 03/15/2025

       50,000        50,404
         

 

 

 

Diversified REITs-0.50%

         

VICI Properties L.P./VICI Note Co., Inc., 5.63%, 05/01/2024(b)

       50,000        49,957
         

 

 

 

Diversified Support Services-0.49%

         

Ritchie Bros. Auctioneers, Inc. (Canada), 5.38%, 01/15/2025(b)

       50,000        49,435
         

 

 

 

Electric Utilities-2.01%

         

Duke Energy Corp., 5.00%, 12/08/2025

       100,000        100,772

National Rural Utilities Cooperative Finance Corp., 5.45%, 10/30/2025

       50,000        51,008

Wisconsin Public Service Corp., 5.35%, 11/10/2025

       50,000        50,902
         

 

 

 
            202,682
         

 

 

 

Electrical Components & Equipment-0.87%

 

    

Regal Rexnord Corp., 6.05%, 02/15/2026(b)

       86,000        87,429
         

 

 

 

Hotels, Resorts & Cruise Lines-0.50%

         

Hyatt Hotels Corp., 5.63%, 04/23/2025

       50,000        50,489
         

 

 

 

Integrated Oil & Gas-1.97%

         

BP Capital Markets PLC (United Kingdom), 4.38%(c)(e)

       50,000        48,363

Occidental Petroleum Corp., 5.50%, 12/01/2025

       50,000        50,396

Petroleos Mexicanos (Mexico), 6.88%, 10/16/2025

       100,000        100,277
         

 

 

 
            199,036
         

 

 

 

Investment Banking & Brokerage-0.98%

 

    

Morgan Stanley, 4.68%, 07/17/2026(c)

       100,000        99,194
         

 

 

 

IT Consulting & Other Services-0.99%

         

International Business Machines Corp., 4.50%, 02/06/2026

       100,000        100,149
         

 

 

 

Life & Health Insurance-1.52%

         

Protective Life Global Funding, 5.37%, 01/06/2026(b)

       150,000        152,810
         

 

 

 

Managed Health Care-0.52%

         

Elevance Health, Inc., 5.35%, 10/15/2025

       50,000        50,826

UnitedHealth Group, Inc., 5.15%, 10/15/2025

       2,000        2,040
         

 

 

 
            52,866
         

 

 

 
 

 

See accompanying notes which are an integral part of this schedule.


Invesco Short Duration Bond ETF (ISDB)–(continued)

January 31, 2023

(Unaudited)

    

 

       Principal  
Amount
   Value

Multi-Utilities-1.36%

         

WEC Energy Group, Inc., 4.75%, 01/09/2026

     $ 137,000      $        137,377
         

 

 

 

Office REITs-0.96%

 

    

Brandywine Operating Partnership L.P., 4.10%, 10/01/2024

       100,000        96,744
         

 

 

 

Oil & Gas Exploration & Production-0.95%

 

    

Genesis Energy L.P./Genesis Energy Finance Corp., 6.25%, 05/15/2026

       100,000        95,713
         

 

 

 

Oil & Gas Storage & Transportation-6.72%

 

    

Energy Transfer L.P., 4.50%, 04/15/2024

       200,000        198,397

Enterprise Products Operating LLC, 5.05%, 01/10/2026

       27,000        27,402

Kinder Morgan, Inc., 5.63%, 11/15/2023(b)

         100,000        100,219

MPLX L.P., 4.88%, 12/01/2024

       100,000        99,847

ONEOK, Inc., 5.85%, 01/15/2026

       50,000        51,253

Sabine Pass Liquefaction LLC, 5.75%, 05/15/2024

       200,000        201,193
         

 

 

 
            678,311
         

 

 

 

Other Diversified Financial Services-3.46%

 

    

AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 4.13%, 07/03/2023

       150,000        149,147

OPEC Fund for International Development (The) (Supranational), 4.50%, 01/26/2026(b)

       200,000        200,307
         

 

 

 
            349,454
         

 

 

 

Packaged Foods & Meats-0.50%

 

    

General Mills, Inc., 5.24%, 11/18/2025

       50,000        50,270
         

 

 

 

Paper Packaging-0.46%

         

Cascades, Inc./Cascades USA, Inc. (Canada), 5.13%, 01/15/2026(b)

       50,000        46,816
         

 

 

 

Pharmaceuticals-0.51%

         

Zoetis, Inc., 5.40%, 11/14/2025

       50,000        51,141
         

 

 

 

Regional Banks-1.00%

         

PNC Financial Services Group, Inc. (The), 5.67%, 10/28/2025(c)

       50,000        50,684

Synovus Financial Corp., 5.20%, 08/11/2025

       50,000        49,994
         

 

 

 
            100,678
         

 

 

 

Retail REITs-1.36%

         

Realty Income Corp.

         

4.60%, 02/06/2024

       100,000        99,606

5.05%, 01/13/2026

       37,000        37,106
         

 

 

 
            136,712
         

 

 

 

Semiconductors-1.92%

         

Broadcom, Inc., 3.46%, 09/15/2026

       150,000        143,464

Marvell Technology, Inc., 4.20%, 06/22/2023

       50,000        49,775
         

 

 

 
            193,239
         

 

 

 

Sovereign Debt-1.32%

         

Romanian Government International Bond (Romania), 6.63%, 02/17/2028(b)

       128,000        132,909
         

 

 

 

Specialized Finance-0.46%

         

Blackstone Private Credit Fund, 1.75%, 09/15/2024

       50,000        46,723
         

 

 

 

Specialized REITs-0.46%

         

SBA Communications Corp., 3.88%, 02/15/2027

       50,000        46,251
         

 

 

 
       Principal  
Amount
   Value

Specialty Chemicals-1.96%

         

Sasol Financing USA LLC (South Africa), 5.88%, 03/27/2024

     $ 200,000      $ 198,177
         

 

 

 

Systems Software-1.53%

         

Oracle Corp., 5.80%, 11/10/2025

       150,000        154,269
         

 

 

 

Tobacco-1.00%

         

Philip Morris International, Inc., 5.13%, 11/15/2024

       100,000        100,731
         

 

 

 

Trading Companies & Distributors-0.47%

 

    

Air Lease Corp., 3.38%, 07/01/2025

       50,000        47,831
         

 

 

 

Trucking-0.97%

         

Penske Truck Leasing Co. L.P./PTL Finance Corp.

         

3.95%, 03/10/2025(b)

       50,000        48,595

4.40%, 07/01/2027(b)

       50,000        48,827
         

 

 

 
            97,422
         

 

 

 

Wireless Telecommunication Services-1.59%

 

    

Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 4.74%, 03/20/2025(b)

       112,500        111,631

T-Mobile USA, Inc., 3.50%, 04/15/2025

       50,000        48,573
         

 

 

 
            160,204
         

 

 

 

Total U.S. Dollar Denominated Bonds & Notes
(Cost $7,153,388)

 

         7,201,717
         

 

 

 

U.S. Treasury Securities-21.42%

 

U.S. Treasury Bills-0.21%(f)

         

4.53%-4.55%, 05/11/2023(g)

       21,000        20,737
         

 

 

 

U.S. Treasury Notes-21.21%

         

4.13%, 01/31/2025

       2,102,000        2,099,783

3.50%, 01/31/2028

       40,000        39,825
         

 

 

 
            2,139,608
         

 

 

 

Total U.S. Treasury Securities
(Cost $2,157,031)

 

       2,160,345
         

 

 

 

Asset-Backed Securities-4.89%

 

Avis Budget Rental Car Funding (AESOP) LLC

         

Series 2022-3A, Class A, 4.62%, 02/20/2027(b)

       100,000        98,972

Series 2023-2A, Class A, 5.20%, 10/20/2027(b)

       100,000        100,605

Eaton Vance CLO Ltd. (Cayman Islands), Series 2019-1A, Class AR, 5.89% (3 mo. USD LIBOR + 1.10%), 04/15/2031(b)(d)

       100,000        99,180

OBX Trust, Series 2023-NQM1, Class A1, 6.12%, 11/25/2062(b)(h)

       100,000        100,781

Verus Securitization Trust, Series 2021-R3, Class A1, 1.02%, 04/25/2064(b)(h)

       104,066        94,014
         

 

 

 

Total Asset-Backed Securities
(Cost $488,467)

 

       493,552
         

 

 

 
     Shares     

Preferred Stocks-0.49%

 

    

Investment Banking & Brokerage-0.49%

 

    

Goldman Sachs Group, Inc. (The), Series P, Pfd., 7.47% (3 mo. USD LIBOR +
2.87%)(d)
(Cost $48,600)

       50,000        49,790
         

 

 

 
 

 

See accompanying notes which are an integral part of this schedule.


Invesco Short Duration Bond ETF (ISDB)–(continued)

January 31, 2023

(Unaudited)

    

 

     Shares    Value

Money Market Funds-4.17%

         

Invesco Government & Agency Portfolio, Institutional Class, 4.30%(i)(j)
(Cost $420,701)

       420,701      $ 420,701
         

 

 

 

TOTAL INVESTMENTS IN SECURITIES-102.37%
(Cost $10,268,187)

 

       10,326,105

OTHER ASSETS LESS LIABILITIES-(2.37)%

 

       (238,917 )
         

 

 

 

NET ASSETS-100.00%

          $ 10,087,188
         

 

 

 

 

 

Investment Abbreviations:

CLO

-Collateralized Loan Obligation

LIBOR

-London Interbank Offered Rate

Pfd.

-Preferred

REIT

-Real Estate Investment Trust

SOFR

-Secured Overnight Financing Rate

USD

-U.S. Dollar

Notes to Schedule of Investments:

(a) 

Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

(b) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at January 31, 2023 was $2,423,399, which represented 24.02% of the Fund’s Net Assets.

(c) 

Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

(d) 

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on January 31, 2023.

(e) 

Perpetual bond with no specified maturity date.

(f) 

Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

(g) 

$20,737 was pledged as collateral to cover margin requirements for open futures contracts.

(h) 

Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on January 31, 2023.

(i) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended January 31, 2023.

 

    Value
October 31, 2022
  Purchases
at Cost
  Proceeds
from
Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
  Value
January 31, 2023
  Dividend
Income
Investments in Affiliated Money Market Funds:                            
Invesco Government & Agency Portfolio, Institutional Class       $-       $3,223,436         $(2,802,735)       $-         $-         $420,701         $2,243  

 

(j) 

The rate shown is the 7-day SEC standardized yield as of January 31, 2023.

 

Open Futures Contracts

Long Futures Contracts

   Number of
Contracts
   Expiration
Month
   Notional
Value
  Value   Unrealized
Appreciation
(Depreciation)
Interest Rate Risk                       
U.S. Treasury 2 Year Notes        9        March-2023      $ 1,850,836     $ (3,529 )     $ (3,529 )
                  

 

 

     

 

 

 

Short Futures Contracts

                      
Interest Rate Risk                       
U.S. Treasury 5 Year Notes        9        March-2023        (983,180 )       381       381
                  

 

 

     

 

 

 

Total Futures Contracts

                   $ (3,148 )     $ (3,148 )
                  

 

 

     

 

 

 

The valuation policy and a listing of other significant accounting policies are available in the most recent Statement of Additional Information.

 

See accompanying notes which are an integral part of this schedule.


Schedule of Investments(a)

Invesco Total Return Bond ETF (GTO)

January 31, 2023

(Unaudited)

 

       Principal  
Amount
   Value

U.S. Dollar Denominated Bonds & Notes-46.69%

 

Advertising-0.05%

         

Lamar Media Corp., 3.75%, 02/15/2028(b)

     $      518,000      $ 470,925
         

 

 

 

Aerospace & Defense-0.26%

         

Boeing Co. (The), 2.20%, 02/04/2026

       124,000        114,691

Lockheed Martin Corp.

         

5.10%, 11/15/2027(b)

       651,000        676,031

4.15%, 06/15/2053

       173,000        158,621

5.70%, 11/15/2054

       473,000        537,912

4.30%, 06/15/2062

       212,000        194,903

5.90%, 11/15/2063

       473,000        554,684
         

 

 

 
                2,236,842
         

 

 

 

Agricultural & Farm Machinery-0.12%

 

    

Cargill, Inc.

         

4.00%, 06/22/2032(c)

       325,000        312,994

5.13%, 10/11/2032(c)

       478,000        498,887

4.38%, 04/22/2052(c)

       214,000        202,366
         

 

 

 
            1,014,247
         

 

 

 

Airlines-0.51%

         

American Airlines Pass-Through Trust

         

Series 2021-1, Class A, 2.88%, 07/11/2034

       648,143        535,935

Series 2021-1, Class B, 3.95%, 07/11/2030

       2,235,655        1,889,287

British Airways Pass-Through Trust (United Kingdom)

         

Series 2019-1, Class A, 3.35%, 06/15/2029(c)

       176,107        153,901

Series 2019-1, Class AA, 3.30%, 12/15/2032(c)

       114,884        100,940

Series 2021-1, Class A, 2.90%, 03/15/2035(c)

       991,893        818,713

Delta Air Lines, Inc./SkyMiles IP Ltd.

         

4.50%, 10/20/2025(c)

       456,662        451,338

4.75%, 10/20/2028(c)

       317,295        309,328

United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.88%, 10/15/2027

       214,287        217,139
         

 

 

 
            4,476,581
         

 

 

 

Apparel Retail-0.01%

         

Ross Stores, Inc., 3.38%, 09/15/2024

       126,000        122,905
         

 

 

 

Application Software-0.08%

         

Open Text Corp. (Canada), 6.90%, 12/01/2027(c)

       255,000        261,330

salesforce.com, Inc., 2.90%, 07/15/2051

       213,000        152,471

Workday, Inc., 3.70%, 04/01/2029

       289,000        272,262
         

 

 

 
            686,063
         

 

 

 

Asset Management & Custody Banks-0.71%

 

    

Ameriprise Financial, Inc.

         

3.00%, 04/02/2025

       33,000        31,871

4.50%, 05/13/2032

       240,000        240,659

Bank of New York Mellon Corp. (The)

         

4.54%, 02/01/2029(d)

       1,288,000        1,287,623

4.60%, 07/26/2030(d)

       226,000        225,002

5.83%, 10/25/2033(d)

       694,000        752,170

4.71%, 02/01/2034(d)

       833,000        830,140

Series I, 3.75%(d)(e)

       519,000        452,205
       Principal  
Amount
   Value

Asset Management & Custody Banks-(continued)

 

Blackstone Secured Lending Fund, 2.13%, 02/15/2027

     $ 771,000      $ 653,936

Northern Trust Corp., 6.13%, 11/02/2032

       787,000        865,901

State Street Corp.

         

5.82%, 11/04/2028(d)

            272,000        285,872

4.16%, 08/04/2033(d)

       163,000        155,478

4.82%, 01/26/2034(d)

       474,000        476,802
         

 

 

 
                6,257,659
         

 

 

 

Auto Parts & Equipment-0.37%

         

American Honda Finance Corp., 4.70%, 01/12/2028

       1,396,000        1,410,266

Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 4.75%, 04/01/2028(c)

       1,225,000        1,078,090

Nemak S.A.B. de C.V. (Mexico), 3.63%, 06/28/2031(c)

       955,000        771,950
         

 

 

 
            3,260,306
         

 

 

 

Automobile Manufacturers-1.19%

 

    

BMW US Capital LLC (Germany), 3.70%, 04/01/2032(b)(c)

       177,000        164,444

Ford Motor Co., 6.10%, 08/19/2032(b)

       1,839,000        1,806,741

Ford Motor Credit Co. LLC

         

2.70%, 08/10/2026

       2,541,000        2,271,451

7.35%, 11/04/2027

       1,305,000        1,371,881

7.35%, 03/06/2030

       962,000        1,010,947

General Motors Financial Co., Inc.

         

3.80%, 04/07/2025

       163,000        158,386

5.00%, 04/09/2027(b)

       470,000        465,875

4.30%, 04/06/2029

       418,000        391,165

Hyundai Capital America

         

5.88%, 04/07/2025(b)(c)

       45,000        45,478

2.00%, 06/15/2028(b)(c)

       153,000        129,754

Nissan Motor Acceptance Co. LLC, 1.85%, 09/16/2026(c)

       201,000        173,728

PACCAR Financial Corp., 4.60%, 01/10/2028

       478,000        484,996

Toyota Motor Credit Corp.

         

4.63%, 01/12/2028(b)

       815,000        823,667

4.70%, 01/12/2033(b)

       299,000        304,162

Volkswagen Group of America Finance LLC (Germany), 4.60%, 06/08/2029(c)

       864,000        847,137
         

 

 

 
            10,449,812
         

 

 

 

Automotive Retail-0.37%

         

AutoZone, Inc., 4.75%, 08/01/2032

       429,000        429,498

Lithia Motors, Inc., 3.88%, 06/01/2029(b)(c)

       2,262,000        1,925,166

Sonic Automotive, Inc., 4.88%, 11/15/2031(c)

       1,069,000        855,200
         

 

 

 
            3,209,864
         

 

 

 

Broadcasting-0.00%

         

Fox Corp., 4.71%, 01/25/2029

       41,000        40,559
         

 

 

 
 

 

See accompanying notes which are an integral part of this schedule.


Invesco Total Return Bond ETF (GTO)–(continued)

January 31, 2023

(Unaudited)

    

 

       Principal  
Amount
   Value

Building Products-0.03%

         

HP Communities LLC

         

5.78%, 03/15/2046(c)

     $ 150,000      $ 151,745

5.86%, 09/15/2053(c)

       100,000        89,898

Masco Corp., 2.00%, 02/15/2031(b)

       34,000        27,554
         

 

 

 
            269,197
         

 

 

 

Cable & Satellite-0.55%

         

CCO Holdings LLC/CCO Holdings Capital Corp.

         

6.38%, 09/01/2029(b)(c)

       1,604,000        1,549,697

7.38%, 03/01/2031(c)

       942,000        944,944

Charter Communications Operating LLC/Charter Communications Operating Capital Corp.

         

5.05%, 03/30/2029

       42,000        40,962

3.50%, 03/01/2042

       182,000        126,797

Comcast Corp.

         

4.15%, 10/15/2028

       17,000        16,856

5.50%, 11/15/2032(b)

         1,227,000        1,321,998

3.25%, 11/01/2039

       88,000        73,281

3.45%, 02/01/2050

       66,000        52,369

2.80%, 01/15/2051

       33,000        22,934

2.89%, 11/01/2051

       7,000        4,897

2.99%, 11/01/2063

       6,000        4,033

Cox Communications, Inc., 2.95%, 10/01/2050(c)

       31,000        20,370

Sirius XM Radio, Inc., 3.88%, 09/01/2031(c)

       759,000        626,653
         

 

 

 
                4,805,791
         

 

 

 

Casinos & Gaming-0.02%

         

MGM China Holdings Ltd. (Macau), 5.38%, 05/15/2024(b)(c)

       218,000        211,961
         

 

 

 

Construction Machinery & Heavy Trucks-0.14%

 

    

Daimler Trucks Finance North America LLC (Germany)

         

3.65%, 04/07/2027(c)

       766,000        735,327

5.13%, 01/19/2028(b)(c)

       504,000        509,123
         

 

 

 
            1,244,450
         

 

 

 

Consumer Finance-0.58%

         

American Express Co.

         

2.55%, 03/04/2027

       232,000        215,289

4.99%, 05/26/2033(d)

       460,000        456,460

4.42%, 08/03/2033(d)

       688,000        668,465

OneMain Finance Corp., 3.88%, 09/15/2028

       1,014,000        853,028

Synchrony Financial, 7.25%, 02/02/2033

       2,879,000        2,885,730
         

 

 

 
            5,078,972
         

 

 

 

Copper-0.08%

         

PT Freeport Indonesia (Indonesia), 5.32%, 04/14/2032(c)

       716,000        683,867
         

 

 

 

Data Processing & Outsourced Services-0.15%

 

    

Clarivate Science Holdings Corp., 3.88%, 07/01/2028(c)

       976,000        872,156

Fidelity National Information Services, Inc., 3.10%, 03/01/2041

       35,000        26,213
       Principal  
Amount
   Value

Data Processing & Outsourced Services-(continued)

 

PayPal Holdings, Inc.

         

2.85%, 10/01/2029(b)

     $ 7,000      $ 6,306

5.05%, 06/01/2052(b)

       432,000        421,174
         

 

 

 
                1,325,849
         

 

 

 

Distributors-0.04%

         

Genuine Parts Co., 2.75%, 02/01/2032

       375,000        312,784
         

 

 

 

Diversified Banks-9.70%

         

Africa Finance Corp. (Supranational), 4.38%, 04/17/2026(c)

       280,000        267,344

African Export-Import Bank (The) (Supranational)

         

2.63%, 05/17/2026(c)

       398,000        361,883

3.80%, 05/17/2031(c)

       500,000        426,603

Australia and New Zealand Banking Group Ltd. (Australia)

         

6.74%, 12/08/2032(c)

         1,421,000        1,511,200

6.75%(c)(d)(e)

       1,240,000        1,251,575

Banco do Brasil S.A. (Brazil), 3.25%, 09/30/2026(c)

       624,000        576,429

Bank of America Corp. 5.62% (SOFR + 1.05%), 02/04/2028(f)

       791,000        779,465

4.38%, 04/27/2028(d)

       550,000        538,121

4.95%, 07/22/2028(d)

       656,000        657,511

2.69%, 04/22/2032(d)

       163,000        137,722

2.57%, 10/20/2032(d)

       149,000        123,312

2.97%, 02/04/2033(d)

       191,000        162,991

4.57%, 04/27/2033(d)

       673,000        650,954

5.02%, 07/22/2033(b)(d)

       899,000        899,249

2.48%, 09/21/2036(d)

       217,000        169,521

3.85%, 03/08/2037(d)

       213,000        185,880

Series TT, 6.13%(b)(d)(e)

       1,453,000        1,458,086

Bank of Nova Scotia (The) (Canada), 8.63%, 10/27/2082(d)

       1,464,000        1,559,848

Barclays PLC (United Kingdom)

         

7.44%, 11/02/2033(d)

       1,366,000        1,540,620

8.00%(d)(e)

       1,692,000        1,703,252

BNP Paribas S.A. (France), 1.32%, 01/13/2027(c)(d)

       431,000        386,654

BPCE S.A. (France), 5.98%,
01/18/2027(b)(c)(d)

       1,606,000        1,627,057

Citigroup, Inc.

         

5.25% (SOFR + 0.69%), 01/25/2026(f)

       231,000        228,413

4.66%, 05/24/2028(d)

       389,000        385,150

3.98%, 03/20/2030(d)

       66,000        62,131

2.57%, 06/03/2031(d)

       57,000        48,405

3.79%, 03/17/2033(d)

       415,000        376,310

4.91%, 05/24/2033(d)

       445,000        439,818

3.88%(b)(d)(e)

       1,432,000        1,310,853

Series A, 8.87% (3 mo. USD LIBOR + 4.07%)(e)(f)

       248,000        250,604

Series P, 5.95%(d)(e)

       330,000        322,006

Cooperatieve Rabobank U.A. (Netherlands)

         

3.65%, 04/06/2028(c)(d)

       652,000        618,538

4.66%, 08/22/2028(c)(d)

       1,191,000        1,180,019

3.76%, 04/06/2033(b)(c)(d)

       584,000        523,773
 

 

See accompanying notes which are an integral part of this schedule.


Invesco Total Return Bond ETF (GTO)–(continued)

January 31, 2023

(Unaudited)

    

 

       Principal  
Amount
   Value

Diversified Banks-(continued)

         

Corp. Andina de Fomento (Supranational), 1.25%, 10/26/2024

     $   2,769,000      $     2,576,834

Credit Suisse AG (Switzerland)

         

7.95%, 01/09/2025

       1,910,000        1,957,354

5.00%, 07/09/2027

       1,619,000        1,536,817

7.50%, 02/15/2028

       2,317,000        2,433,062

Federation des caisses Desjardins du Quebec (Canada)

         

5.28%, 01/23/2026(c)(d)

       446,000        448,027

4.55%, 08/23/2027(b)(c)

       1,818,000        1,799,155

HSBC Holdings PLC (United Kingdom)

         

5.78% (SOFR + 1.43%), 03/10/2026(f)

       999,000        998,274

5.21%, 08/11/2028(d)

       1,260,000        1,266,788

5.40%, 08/11/2033(d)

       1,519,000        1,518,379

8.11%, 11/03/2033(b)(d)

       1,496,000        1,717,986

ING Groep N.V. (Netherlands), 5.48% (SOFR + 1.01%), 04/01/2027(f)

       885,000        859,301

JPMorgan Chase & Co.

         

5.71% (3 mo. USD LIBOR + 0.89%), 07/23/2024(f)

       52,000        52,144

4.32%, 04/26/2028(d)

       546,000        535,423

4.85%, 07/25/2028(d)

       700,000        700,240

3.70%, 05/06/2030(d)

       66,000        61,531

2.96%, 01/25/2033(d)

       104,000        89,224

4.59%, 04/26/2033(d)

       486,000        472,209

4.91%, 07/25/2033(b)(d)

       1,073,000        1,069,824

5.72%, 09/14/2033(b)(d)

       1,699,000        1,754,570

KeyBank N.A., 4.90%, 08/08/2032

       1,728,000        1,689,786

Macquarie Bank Ltd. (Australia), 6.80%, 01/18/2033(c)

       1,162,000        1,206,431

Manufacturers & Traders Trust Co., 4.70%, 01/27/2028

       1,553,000        1,550,685

Mitsubishi UFJ Financial Group, Inc. (Japan)

         

1.64%, 10/13/2027(b)(d)

       423,000        373,058

5.02%, 07/20/2028(b)(d)

       1,079,000        1,080,568

1.80%, 07/20/2033(d)

       1,206,000        1,212,494

Mizuho Financial Group, Inc. (Japan), 5.67%, 09/13/2033(b)(d)

       1,480,000        1,530,545

Multibank Inc. (Panama), 7.75%, 02/03/2028(c)

       1,152,000        1,169,556

National Australia Bank Ltd. (Australia), 6.43%, 01/12/2033(c)

       1,474,000        1,533,920

National Securities Clearing Corp., 5.10%, 11/21/2027(c)

       1,359,000        1,390,682

Nordea Bank Abp (Finland)

         

4.75%, 09/22/2025(c)

       1,408,000        1,407,617

5.38%, 09/22/2027(c)

       858,000        877,665

6.63%(c)(d)(e)

       859,000        851,484

Royal Bank of Canada (Canada) 5.26% (SOFR + 0.71%),

         

01/21/2027(f)

       772,000        754,774

5.00%, 02/01/2033

       1,471,000        1,494,509

Societe Generale S.A. (France)

         

6.69%, 01/10/2034(c)(d)

       1,308,000        1,399,563

7.37%, 01/10/2053(c)

       2,126,000        2,308,248

9.38%(b)(c)(d)(e)

       881,000        948,176
       Principal  
Amount
   Value

Diversified Banks-(continued)

         

Standard Chartered PLC (United Kingdom)

         

2.68%, 06/29/2032(b)(c)(d)

     $ 810,000      $ 662,697

4.30%(c)(d)(e)

         1,362,000        1,169,822

7.75%(b)(c)(d)(e)

       2,174,000        2,185,566

7.75%(b)(c)(d)(e)

       2,112,000        2,170,080

Sumitomo Mitsui Financial Group, Inc. (Japan)

         

2.13%, 07/08/2030

       594,000        491,532

2.14%, 09/23/2030

       97,000        77,790

5.77%, 01/13/2033

       891,000        943,225

Swedbank AB (Sweden), 5.34%, 09/20/2027(c)

       1,031,000        1,043,996

Toronto-Dominion Bank (The) (Canada), 8.13%, 10/31/2082(d)

       1,522,000        1,619,028

U.S. Bancorp

         

4.55%, 07/22/2028(b)(d)

       697,000        696,307

4.97%, 07/22/2033(d)

       569,000        567,060

5.85%, 10/21/2033(d)

       1,099,000        1,181,277

4.84%, 02/01/2034(d)

       2,501,000        2,489,214

2.49%, 11/03/2036(d)

       806,000        644,823

Wells Fargo & Co.

         

3.53%, 03/24/2028(d)

       206,000        196,004

4.81%, 07/25/2028(d)

       402,000        401,352

4.15%, 01/24/2029

       80,000        77,733

4.90%, 07/25/2033(b)(d)

       397,000        395,744

4.61%, 04/25/2053(d)

       597,000        557,978
         

 

 

 
              84,919,428
         

 

 

 

Diversified Capital Markets-1.33%

         

Credit Suisse Group AG (Switzerland)

         

6.44%, 08/11/2028(c)(d)

       1,665,000        1,611,307

6.54%, 08/12/2033(c)(d)

       1,843,000        1,770,965

9.02%, 11/15/2033(c)(d)

       1,572,000        1,767,471

4.50%(b)(c)(d)(e)

       810,000        543,712

5.10%(c)(d)(e)

       492,000        346,860

5.25%(c)(d)(e)

       471,000        354,428

7.50%(c)(d)(e)

       631,000        585,730

9.75%(b)(c)(d)(e)

       1,581,000        1,537,522

OWL Rock Core Income Corp., 4.70%, 02/08/2027(b)

       275,000        251,847

UBS Group AG (Switzerland)

         

5.71%, 01/12/2027(b)(c)(d)

       491,000        497,497

4.75%, 05/12/2028(c)(d)

       916,000        900,927

5.96%, 01/12/2034(c)(d)

       1,383,000        1,457,768
         

 

 

 
            11,626,034
         

 

 

 

Diversified Chemicals-0.21%

         

Celanese US Holdings LLC

         

5.90%, 07/05/2024

       893,000        898,377

6.05%, 03/15/2025

       954,000        961,706
         

 

 

 
            1,860,083
         

 

 

 

Diversified Metals & Mining-0.15%

         

Corp. Nacional del Cobre de Chile (Chile), 5.13%, 02/02/2033(c)

       674,000        678,710

FMG Resources August 2006 Pty. Ltd. (Australia), 4.38%, 04/01/2031(b)(c)

       746,000        657,472
         

 

 

 
            1,336,182
         

 

 

 
 

 

See accompanying notes which are an integral part of this schedule.


Invesco Total Return Bond ETF (GTO)–(continued)

January 31, 2023

(Unaudited)

    

 

       Principal  
Amount
   Value

Diversified REITs-0.25%

         

Atlantic Marine Corps Communities LLC, 5.34%, 12/01/2050(c)

     $ 92,337      $ 87,353

CubeSmart L.P., 2.25%, 12/15/2028

       57,000        48,943

Fort Benning Family Communities LLC, 5.81%, 01/15/2051(c)

            200,000        180,760

Trust Fibra Uno (Mexico), 4.87%, 01/15/2030(c)

       880,000        809,063

VICI Properties L.P.

         

4.75%, 02/15/2028

       547,000        530,375

4.95%, 02/15/2030(b)

       547,000        529,709
         

 

 

 
                2,186,203
         

 

 

 

Diversified Support Services-0.08%

 

    

Atento Luxco 1 S.A. (Brazil), 8.00%, 02/10/2026(c)

       1,305,000        713,835
         

 

 

 

Education Services-0.22%

         

Grand Canyon University, 3.25%, 10/01/2023

       1,235,000        1,219,562

Johns Hopkins University (The), Series A, 4.71%, 07/01/2032(b)

       703,000        728,059
         

 

 

 
            1,947,621
         

 

 

 

Electric Utilities-2.26%

         

AEP Texas, Inc.

         

4.70%, 05/15/2032

       265,000        264,221

5.25%, 05/15/2052

       311,000        317,905

Alfa Desarrollo S.p.A. (Chile), 4.55%, 09/27/2051(c)

       971,446        780,192

American Electric Power Co., Inc.

         

5.75%, 11/01/2027(b)

       628,000        655,853

5.95%, 11/01/2032(b)

       489,000        526,166

3.88%, 02/15/2062(d)

       735,000        630,771

Commonwealth Edison Co., Series 127, 3.20%, 11/15/2049

       49,000        37,306

Connecticut Light and Power Co. (The), 5.25%, 01/15/2053

       559,000        599,380

Consolidated Edison Co. of New York, Inc., 6.15%, 11/15/2052

       287,000        333,705

Duke Energy Carolinas LLC

         

4.95%, 01/15/2033

       1,134,000        1,165,093

5.35%, 01/15/2053

       1,023,000        1,082,339

Duke Energy Corp.

         

5.00%, 12/08/2027

       357,000        363,066

4.30%, 03/15/2028(b)

       352,000        347,053

5.00%, 08/15/2052

       819,000        784,146

3.25%, 01/15/2082(d)

       230,000        188,038

Enel Finance America LLC (Italy), 7.10%, 10/14/2027(c)

       533,000        571,630

Enel Finance International N.V. (Italy), 6.80%, 10/14/2025(c)

       1,072,000        1,111,415

Interconexion Electrica S.A. ESP (Colombia), 3.83%, 11/26/2033(c)

       439,000        367,764

Mercury Chile Holdco LLC (Chile), 6.50%, 01/24/2027(c)

       4,464,000        4,311,108

National Rural Utilities Cooperative Finance Corp.

         

2.75%, 04/15/2032

       206,000        177,129

5.80%, 01/15/2033(b)

       460,000        496,591

NextEra Energy Capital Holdings, Inc.

         

4.63%, 07/15/2027

       754,000        755,604

5.00%, 07/15/2032(b)

       236,000        240,189
       Principal  
Amount
   Value

Electric Utilities-(continued)

         

PacifiCorp, 5.35%, 12/01/2053

     $   2,211,000      $ 2,364,417

Southern Co. (The), 5.70%, 10/15/2032

       504,000        537,873

Tampa Electric Co., 5.00%, 07/15/2052

       276,000        272,349

Virginia Electric & Power Co.

         

Series B, 3.75%, 05/15/2027

       189,000        184,390

Series C, 4.63%, 05/15/2052

       389,000        365,856
         

 

 

 
              19,831,549
         

 

 

 

Electrical Components & Equipment-0.98%

 

    

CenterPoint Energy Houston Electric LLC

         

Series AI, 4.45%, 10/01/2032

       849,000        851,667

Series AJ, 4.85%, 10/01/2052

       642,000        649,002

Regal Rexnord Corp.

         

6.05%, 04/15/2028(c)

       1,500,000        1,523,610

6.30%, 02/15/2030(c)

       581,000        592,895

6.40%, 04/15/2033(c)

       2,553,000        2,620,274

Sensata Technologies B.V.

         

4.00%, 04/15/2029(c)

       2,179,000        1,959,084

5.88%, 09/01/2030(c)

       411,000        403,805
         

 

 

 
            8,600,337
         

 

 

 

Electronic Components-0.01%

         

Corning, Inc., 5.45%, 11/15/2079

       58,000        55,768
         

 

 

 

Electronic Equipment & Instruments-0.02%

 

    

Vontier Corp.

         

2.40%, 04/01/2028

       95,000        78,416

2.95%, 04/01/2031

       97,000        75,242
         

 

 

 
            153,658
         

 

 

 

Environmental & Facilities Services-0.13%

 

    

Clean Harbors, Inc., 6.38%, 02/01/2031(c)

       639,000        651,684

GFL Environmental, Inc. (Canada), 3.50%, 09/01/2028(b)(c)

       509,000        454,583
         

 

 

 
            1,106,267
         

 

 

 

Financial Exchanges & Data-0.49%

 

    

B3 S.A. - Brasil, Bolsa, Balcao (Brazil), 4.13%, 09/20/2031(c)

       1,382,000        1,214,432

Cboe Global Markets, Inc., 3.00%, 03/16/2032

       562,000        490,660

Intercontinental Exchange, Inc.

         

4.00%, 09/15/2027

       382,000        377,344

4.35%, 06/15/2029

       293,000        290,838

4.60%, 03/15/2033(b)

       376,000        373,752

4.95%, 06/15/2052

       518,000        514,157

5.20%, 06/15/2062

       392,000        393,138

Moody’s Corp.

         

4.25%, 08/08/2032

       200,000        194,310

3.75%, 02/25/2052

       206,000        169,331

3.10%, 11/29/2061

       381,000        259,109

S&P Global, Inc., 1.25%, 08/15/2030(b)

       27,000        21,555
         

 

 

 
            4,298,626
         

 

 

 

Food Distributors-0.09%

         

American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/2029(c)

       884,000        754,538
         

 

 

 
 

 

See accompanying notes which are an integral part of this schedule.


Invesco Total Return Bond ETF (GTO)–(continued)

January 31, 2023

(Unaudited)

    

 

       Principal  
Amount
   Value

General Merchandise Stores-0.52%

 

    

Dollar General Corp.

         

4.63%, 11/01/2027

     $ 341,000      $ 341,178

5.00%, 11/01/2032(b)

       300,000        304,622

5.50%, 11/01/2052

       596,000        624,183

Target Corp.

         

4.50%, 09/15/2032(b)

       783,000        790,543

4.40%, 01/15/2033

         1,545,000        1,545,362

4.80%, 01/15/2053

       964,000        975,401
         

 

 

 
                4,581,289
         

 

 

 

Health Care Equipment-0.17%

         

Alcon Finance Corp. (Switzerland)

         

5.38%, 12/06/2032(b)(c)

       798,000        836,013

5.75%, 12/06/2052(c)

       636,000        688,925
         

 

 

 
            1,524,938
         

 

 

 

Health Care Facilities-0.08%

         

Tenet Healthcare Corp., 6.13%, 06/15/2030(c)

       675,000        656,016
         

 

 

 

Health Care REITs-0.00%

         

Healthcare Realty Holdings L.P., 2.00%, 03/15/2031

       33,000        26,069
         

 

 

 

Health Care Services-0.35%

         

Piedmont Healthcare, Inc.

         

2.86%, 01/01/2052

       2,000,000        1,321,116

Series 2032, 2.04%, 01/01/2032

       1,275,000        1,025,181

Series 2042, 2.72%, 01/01/2042

       1,000,000        728,293
         

 

 

 
            3,074,590
         

 

 

 

Highways & Railtracks-0.04%

         

TransJamaican Highway Ltd. (Jamaica), 5.75%, 10/10/2036(c)

       369,554        305,806
         

 

 

 

Home Improvement Retail-0.49%

         

Home Depot, Inc. (The), 4.95%, 09/15/2052(b)

       433,000        446,639

Lowe’s Cos., Inc.

         

5.00%, 04/15/2033(b)

       1,593,000        1,615,035

5.63%, 04/15/2053(b)

       1,190,000        1,229,721

5.80%, 09/15/2062

       994,000        1,034,519
         

 

 

 
            4,325,914
         

 

 

 

Homebuilding-0.11%

         

Lennar Corp., 4.75%, 11/29/2027(b)

       464,000        458,063

M.D.C. Holdings, Inc.

         

3.85%, 01/15/2030

       156,000        133,315

3.97%, 08/06/2061

       546,000        330,279
         

 

 

 
            921,657
         

 

 

 

Household Products-0.03%

         

Colgate-Palmolive Co., 3.10%, 08/15/2027

       282,000        273,476
         

 

 

 

Hypermarkets & Super Centers-0.13%

 

    

Walmart, Inc.

         

4.15%, 09/09/2032(b)

       558,000        559,443

4.50%, 09/09/2052

       582,000        585,864
         

 

 

 
            1,145,307
         

 

 

 

Independent Power Producers & Energy Traders-0.26%

 

AES Corp. (The), 2.45%, 01/15/2031 .

       54,000        44,688

Calpine Corp., 3.75%, 03/01/2031(c)

       833,000        695,566
       Principal  
Amount
   Value

Independent Power Producers & Energy Traders-(continued)

 

EnfraGen Energia Sur S.A./EnfraGen Spain S.A./Prime Energia S.p.A. (Colombia), 5.38%, 12/30/2030(c)

     $   1,137,000      $ 813,378

Vistra Corp., 7.00%(c)(d)(e)

       796,000        745,323
         

 

 

 
                2,298,955
         

 

 

 

Industrial Conglomerates-0.33%

 

    

Bidvest Group UK PLC (The) (South Africa), 3.63%, 09/23/2026(c)

       931,000        858,056

Honeywell International, Inc., 5.00%, 02/15/2033

       1,918,000        2,021,282
         

 

 

 
            2,879,338
         

 

 

 

Insurance Brokers-0.04%

         

Marsh & McLennan Cos., Inc., 6.25%, 11/01/2052

       320,000        386,129
         

 

 

 

Integrated Oil & Gas-0.83%

         

BP Capital Markets America, Inc., 3.06%, 06/17/2041

       173,000        138,165

BP Capital Markets PLC (United Kingdom), 4.38%(d)(e)

       182,000        176,040

Ecopetrol S.A. (Colombia), 8.88%, 01/13/2033(b)

       2,530,000        2,598,727

Gray Oak Pipeline LLC, 2.60%, 10/15/2025(c)

       143,000        131,125

Petroleos Mexicanos (Mexico)

         

8.75%, 06/02/2029

       2,074,000        2,022,298

6.70%, 02/16/2032

       1,323,000        1,099,989

10.00%, 02/07/2033(c)

       915,000        893,955

Shell International Finance B.V. (Netherlands), 3.00%, 11/26/2051

       277,000        204,042
         

 

 

 
            7,264,341
         

 

 

 

Integrated Telecommunication Services-0.49%

 

    

AT&T, Inc.

         

5.92% (3 mo. USD LIBOR + 1.18%), 06/12/2024(f)

       18,000        18,195

3.55%, 09/15/2055

       33,000        24,191

British Telecommunications PLC (United Kingdom), 4.25%, 11/23/2081(c)(d)

       1,870,000        1,675,885

IHS Holding Ltd. (Nigeria)

         

5.63%, 11/29/2026(c)

       771,000        654,579

6.25%, 11/29/2028(c)

       586,000        481,803

Level 3 Financing, Inc., 3.75%, 07/15/2029(c)

       846,000        619,517

Sitios Latinoamerica S.A.B. de C.V. (Mexico), 5.38%, 04/04/2032(c)

       789,000        736,674

Verizon Communications, Inc., 3.88%, 02/08/2029

       35,000        33,722
         

 

 

 
            4,244,566
         

 

 

 

Interactive Home Entertainment-0.17%

 

    

Roblox Corp., 3.88%, 05/01/2030(b)(c)

       1,712,000        1,447,924
         

 

 

 

Interactive Media & Services-0.26%

 

    

Match Group Holdings II LLC, 5.63%, 02/15/2029(b)(c)

       321,000        302,140

Meta Platforms, Inc.

         

3.85%, 08/15/2032

       380,000        353,505

4.45%, 08/15/2052

       895,000        782,784

4.65%, 08/15/2062

       917,000        805,276
         

 

 

 
            2,243,705
         

 

 

 
 

 

See accompanying notes which are an integral part of this schedule.


Invesco Total Return Bond ETF (GTO)–(continued)

January 31, 2023

(Unaudited)

    

 

       Principal  
Amount
   Value

Internet & Direct Marketing Retail-0.09%

 

Prosus N.V. (China), 3.26%, 01/19/2027(c)

     $ 875,000      $ 794,902
         

 

 

 

Internet Services & Infrastructure-0.08%

 

Twilio, Inc., 3.88%, 03/15/2031(b)

       714,000        590,294

ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/2029(c)

       152,000        131,303
         

 

 

 
            721,597
         

 

 

 

Investment Banking & Brokerage-1.10%

 

Charles Schwab Corp. (The)

         

5.37% (SOFR + 1.05%), 03/03/2027(f)

       648,000        644,289

2.90%, 03/03/2032(b)

       217,000        192,496

Series K, 5.00%(b)(d)(e)

       446,000        431,505

Goldman Sachs Group, Inc. (The)

         

4.95% (SOFR + 0.58%), 03/08/2024(f)

       323,000        322,563

5.24% (SOFR + 0.70%), 01/24/2025(f)

       604,000        600,891

5.17% (SOFR + 0.79%), 12/09/2026(f)

       258,000        250,926

5.19% (SOFR + 0.81%), 03/09/2027(f)

       454,000        442,009

5.46% (SOFR + 0.92%), 10/21/2027(f)

       902,000        877,373

5.37% (SOFR + 1.12%), 02/24/2028(f)

       222,000        217,736

3.62%, 03/15/2028(d)

       457,000        435,419

4.48%, 08/23/2028(b)(d)

       406,000        399,236

2.62%, 04/22/2032(d)

       39,000        32,608

2.65%, 10/21/2032(d)

       177,000        146,172

3.21%, 04/22/2042(d)

       43,000        33,752

3.44%, 02/24/2043(d)

       156,000        125,666

Series V, 4.13%(b)(d)(e)

       746,000        664,484

JAB Holdings B.V. (Austria), 4.50%, 04/08/2052(c)

         2,856,000        2,132,112

Morgan Stanley

         

5.18% (SOFR + 0.63%), 01/24/2025(f)

       329,000        327,241

5.12%, 02/01/2029(b)(d)

       721,000        729,406

5.95%, 01/19/2038(d)

       580,000        593,317

3.22%, 04/22/2042(d)

       31,000        24,802
         

 

 

 
                9,624,003
         

 

 

 

IT Consulting & Other Services-0.02%

 

DXC Technology Co., 2.38%, 09/15/2028(b)

       177,000        152,578
         

 

 

 

Leisure Products-0.19%

         

Brunswick Corp.

         

4.40%, 09/15/2032(b)

       398,000        344,661

5.10%, 04/01/2052

       1,770,000        1,328,231
         

 

 

 
            1,672,892
         

 

 

 

Life & Health Insurance-2.19%

         

American Equity Investment Life Holding Co., 5.00%, 06/15/2027

       147,000        145,187

Athene Global Funding, 1.45%, 01/08/2026(c)

       85,000        75,724

Athene Holding Ltd.

         

6.15%, 04/03/2030

       60,000        61,960

3.45%, 05/15/2052

       219,000        147,616
       Principal  
Amount
   Value

Life & Health Insurance-(continued)

 

Delaware Life Global Funding

         

Series 21-1, 2.66%, 06/29/2026(c)

     $   4,125,000      $ 3,761,069

Series 22-1, 3.31%, 03/10/2025(c)

       2,375,000        2,253,281

F&G Annuities & Life, Inc., 7.40%, 01/13/2028(c)

       1,236,000        1,267,644

F&G Global Funding, 0.90%, 09/20/2024(c)

       359,000        332,018

GA Global Funding Trust

         

2.25%, 01/06/2027(c)

       412,000        370,509

2.90%, 01/06/2032(c)

       587,000        481,654

Lincoln National Corp., Series C,
9.25%(b)(d)(e)

       616,000        682,220

MAG Mutual Holding Co., 4.75%, 04/30/2041(g)

       3,179,000        2,636,949

MetLife, Inc.

         

9.25%, 04/08/2038(c)

       350,000        423,103

5.00%, 07/15/2052

       235,000        238,703

5.25%, 01/15/2054

       1,833,000        1,909,519

Nationwide Financial Services, Inc., 3.90%, 11/30/2049(c)

       22,000        17,007

New York Life Global Funding, 4.55%, 01/28/2033(c)

       1,495,000        1,500,441

Pacific Life Global Funding II

         

5.28% (SOFR + 0.80%), 03/30/2025(c)(f)

       1,518,000        1,502,244

4.95% (SOFR + 0.62%), 06/04/2026(c)(f)

       626,000        603,465

Penn Mutual Life Insurance Co. (The), 3.80%, 04/29/2061(c)

       49,000        34,884

Prudential Financial, Inc., 6.00%, 09/01/2052(b)(d)

       774,000        773,122
         

 

 

 
              19,218,319
         

 

 

 

Life Sciences Tools & Services-0.02%

 

Illumina, Inc., 2.55%, 03/23/2031

       193,000        160,142
         

 

 

 

Managed Health Care-1.04%

         

Centene Corp., 2.50%, 03/01/2031(b)

       1,185,000        970,429

Kaiser Foundation Hospitals

         

Series 2021, 2.81%, 06/01/2041

       1,760,000        1,360,933

Series 2021, 3.00%, 06/01/2051

       2,180,000        1,623,897

UnitedHealth Group, Inc.

         

3.70%, 05/15/2027(b)

       241,000        237,122

5.25%, 02/15/2028

       895,000        933,434

4.00%, 05/15/2029

       999,000        980,332

5.30%, 02/15/2030

       1,522,000        1,601,068

5.35%, 02/15/2033(b)

       1,310,000        1,397,163
         

 

 

 
            9,104,378
         

 

 

 

Movies & Entertainment-0.40%

         

Warnermedia Holdings, Inc.

         

5.05%, 03/15/2042(c)

       1,009,000        862,684

5.14%, 03/15/2052(c)

       733,000        609,779

5.39%, 03/15/2062(c)

       1,102,000        918,765

WMG Acquisition Corp., 3.00%, 02/15/2031(b)(c)

       1,333,000        1,107,210
         

 

 

 
            3,498,438
         

 

 

 
 

 

See accompanying notes which are an integral part of this schedule.


Invesco Total Return Bond ETF (GTO)–(continued)

January 31, 2023

(Unaudited)

    

 

       Principal  
Amount
   Value

Multi-line Insurance-0.08%

         

Boardwalk Pipelines L.P., 3.60%, 09/01/2032

     $      432,000      $        375,947

Massachusetts Mutual Life Insurance Co., 5.67%, 12/01/2052(c)

       328,000        349,079
         

 

 

 
            725,026
         

 

 

 

Multi-Utilities-0.72%

         

Algonquin Power & Utilities Corp. (Canada), 4.75%, 01/18/2082(d)

       3,583,000        3,032,042

Ameren Illinois Co., 5.90%, 12/01/2052(b)

       341,000        397,251

Dominion Energy, Inc.

         

5.38%, 11/15/2032(b)

       1,517,000        1,562,225

Series C, 3.38%, 04/01/2030

       28,000        25,545

WEC Energy Group, Inc.

         

5.15%, 10/01/2027

       635,000        649,484

4.75%, 01/15/2028

       590,000        593,276
         

 

 

 
            6,259,823
         

 

 

 

Office REITs-0.23%

         

Boston Properties L.P., 3.25%, 01/30/2031

       22,000        18,934

Brandywine Operating Partnership L.P., 7.55%, 03/15/2028

       1,197,000        1,202,934

Office Properties Income Trust

         

4.25%, 05/15/2024

       602,000        584,408

2.40%, 02/01/2027

       251,000        193,083
         

 

 

 
            1,999,359
         

 

 

 

Oil & Gas Equipment & Services-0.16%

         

Enerflex Ltd. (Canada), 9.00%, 10/15/2027(c)

       728,000        742,458

Petrofac Ltd. (United Kingdom), 9.75%, 11/15/2026(b)(c)

       1,052,000        675,398
         

 

 

 
            1,417,856
         

 

 

 

Oil & Gas Exploration & Production-1.00%

 

    

Apache Corp., 7.75%, 12/15/2029

       682,000        726,111

CNX Resources Corp., 7.38%, 01/15/2031(b)(c)

       498,000        484,925

Diamondback Energy, Inc., 6.25%, 03/15/2053

       1,779,000        1,863,698

EQT Corp., 5.70%, 04/01/2028

       361,000        365,625

Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates), 2.94%, 09/30/2040(c)

       1,726,223        1,415,128

Genesis Energy L.P./Genesis Energy Finance Corp., 8.88%, 04/15/2030

       460,000        468,045

Murphy Oil Corp., 6.38%, 07/15/2028(b)

       592,000        586,105

Rockcliff Energy II LLC, 5.50%, 10/15/2029(c)

       1,058,000        1,007,888

Transocean Titan Financing Ltd., 8.38%, 02/01/2028(c)

       740,000        768,912

Uzbekneftegaz JSC (Uzbekistan), 4.75%, 11/16/2028(c)

       1,278,000        1,078,670
         

 

 

 
            8,765,107
         

 

 

 

Oil & Gas Storage & Transportation-1.39%

 

    

El Paso Natural Gas Co. LLC, 8.38%, 06/15/2032

       230,000        269,351
       Principal  
Amount
   Value

Oil & Gas Storage & Transportation-(continued)

 

Enbridge, Inc. (Canada)

         

5.20% (SOFR + 0.63%), 02/16/2024(f)

     $   1,122,000      $     1,118,249

7.38%, 01/15/2083(b)(d)

       1,044,000        1,046,311

7.63%, 01/15/2083(d)

       792,000        817,576

Energy Transfer L.P.

         

5.50%, 06/01/2027

       432,000        438,770

5.55%, 02/15/2028

       238,000        242,180

5.75%, 02/15/2033

       573,000        589,580

6.00%, 06/15/2048

       6,000        5,900

Series 20Y, 5.80%, 06/15/2038

       6,000        5,918

Kinder Morgan, Inc.

         

7.80%, 08/01/2031

       351,000        405,503

4.80%, 02/01/2033(b)

       591,000        571,786

5.20%, 06/01/2033

       1,603,000        1,599,069

5.45%, 08/01/2052(b)

       1,241,000        1,192,321

Kinetik Holdings L.P., 5.88%, 06/15/2030(c)

       274,000        260,666

MPLX L.P., 4.95%, 03/14/2052(b)

       631,000        560,173

NGPL PipeCo LLC, 7.77%, 12/15/2037(c)

       407,000        457,429

ONEOK, Inc., 6.10%, 11/15/2032(b)

       427,000        449,432

Targa Resources Corp.

         

5.20%, 07/01/2027

       446,000        448,686

6.25%, 07/01/2052

       506,000        514,003

Venture Global Calcasieu Pass LLC, 3.88%, 11/01/2033(c)

       1,125,000        957,094

Williams Cos., Inc. (The), 2.60%, 03/15/2031

       245,000        207,568
         

 

 

 
            12,157,565
         

 

 

 

Other Diversified Financial Services-0.92%

 

    

AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)

         

4.50%, 09/15/2023

       442,000        439,620

1.75%, 01/30/2026

       408,000        366,906

AMC East Communities LLC, 6.01%, 01/15/2053(c)

       184,755        182,558

Avolon Holdings Funding Ltd. (Ireland), 4.25%, 04/15/2026(c)

       54,000        51,308

Corebridge Financial, Inc.

         

4.40%, 04/05/2052(c)

       203,000        174,120

6.88%, 12/15/2052(b)(c)(d)

       1,041,000        1,037,024

Jackson Financial, Inc.

         

5.17%, 06/08/2027(b)

       336,000        340,131

5.67%, 06/08/2032(b)

       386,000        381,447

Mid-Atlantic Military Family Communities LLC, 5.30%, 08/01/2050(c)

       219,955        193,390

OPEC Fund for International Development (The) (Supranational), 4.50%, 01/26/2026(c)

       1,730,000        1,732,658

Pacific Beacon LLC

         

5.38%, 07/15/2026(c)

       51,126        51,530

5.51%, 07/15/2036(c)

       500,000        493,720

Pershing Square Holdings Ltd.

         

3.25%, 11/15/2030(c)

       1,000,000        798,475

3.25%, 10/01/2031(c)

       2,300,000        1,781,419
         

 

 

 
            8,024,306
         

 

 

 
 

 

See accompanying notes which are an integral part of this schedule.


Invesco Total Return Bond ETF (GTO)–(continued)

January 31, 2023

(Unaudited)

    

 

       Principal  
Amount
   Value

Packaged Foods & Meats-0.26%

         

JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.63%, 01/15/2032(b)(c)

     $      540,000      $        451,796

Minerva Luxembourg S.A. (Brazil), 4.38%, 03/18/2031(c)

       2,130,000        1,807,134
         

 

 

 
            2,258,930
         

 

 

 

Paper Packaging-0.05%

         

Berry Global, Inc.

         

4.88%, 07/15/2026(c)

       290,000        282,828

1.65%, 01/15/2027

       192,000        168,061
         

 

 

 
            450,889
         

 

 

 

Pharmaceuticals-0.04%

         

Mayo Clinic, Series 2021, 3.20%, 11/15/2061

       489,000        355,837
         

 

 

 

Property & Casualty Insurance-0.10%

         

Fairfax Financial Holdings Ltd. (Canada), 3.38%, 03/03/2031

       250,000        213,092

First American Financial Corp., 4.30%, 02/01/2023

       37,000        37,000

Liberty Mutual Group, Inc., 5.50%, 06/15/2052(c)

       540,000        537,385

Progressive Corp. (The), 2.50%, 03/15/2027

       133,000        124,281
         

 

 

 
            911,758
         

 

 

 

Railroads-0.76%

         

Canadian Pacific Railway Co. (Canada), 6.13%, 09/15/2115

       419,000        461,134

CSX Corp.

         

6.15%, 05/01/2037

       1,098,000        1,224,374

4.50%, 11/15/2052(b)

       899,000        835,877

Empresa de los Ferrocarriles del Estado (Chile), 3.83%, 09/14/2061(c)

       663,000        474,537

Union Pacific Corp.

         

4.50%, 01/20/2033(b)

       1,183,000        1,193,942

4.95%, 09/09/2052(b)

       1,166,000        1,194,626

5.15%, 01/20/2063

       1,195,000        1,239,074
         

 

 

 
            6,623,564
         

 

 

 

Real Estate Development-0.36%

         

Agile Group Holdings Ltd. (China)

         

5.75%, 01/02/2025(c)

       208,000        131,075

5.50%, 04/21/2025(c)

       874,000        542,366

6.05%, 10/13/2025(c)

       488,000        286,884

5.50%, 05/17/2026(c)

       425,000        242,293

Essential Properties L.P., 2.95%, 07/15/2031

       123,000        93,574

Greentown China Holdings Ltd. (China), 4.70%, 04/29/2025(c)

       962,000        899,470

Logan Group Co. Ltd. (China)

         

4.25%, 07/12/2025(b)(c)

       725,000        217,518

4.50%, 01/13/2028(c)

       250,000        75,631

Piedmont Operating Partnership L.P., 3.15%, 08/15/2030

       33,000        25,965

Sino-Ocean Land Treasure Finance I Ltd. (China), 6.00%, 07/30/2024(c)

       730,000        633,283
         

 

 

 
            3,148,059
         

 

 

 
       Principal  
Amount
   Value

Regional Banks-2.05%

         

Citizens Financial Group, Inc.

         

4.30%, 12/03/2025

     $      354,000      $        345,509

2.50%, 02/06/2030

       33,000        28,100

5.64%, 05/21/2037(d)

       748,000        721,425

Series G, 4.00%(d)(e)

       1,481,000        1,286,876

Fifth Third Bancorp

         

2.55%, 05/05/2027

       21,000        19,381

6.36%, 10/27/2028(b)(d)

       738,000        781,387

4.77%, 07/28/2030(d)

       855,000        845,685

4.34%, 04/25/2033(d)

       290,000        274,372

Huntington Bancshares, Inc.

         

4.44%, 08/04/2028(d)

       315,000        307,032

2.49%, 08/15/2036(d)

       111,000        83,898

KeyCorp, 4.79%, 06/01/2033(b)(d)

       286,000        280,120

M&T Bank Corp., 5.05%, 01/27/2034(b)(d)

       1,099,000        1,097,039

PNC Financial Services Group, Inc. (The)

         

4.63%, 06/06/2033(b)(d)

       1,001,000        968,917

6.04%, 10/28/2033(d)

       866,000        936,780

5.07%, 01/24/2034(d)

       1,193,000        1,204,316

Series U, 6.00%(b)(d)(e)

       907,000        904,642

Series V, 6.20%(b)(d)(e)

       1,228,000        1,231,438

SVB Financial Group

         

Series D, 4.25%(d)(e)

       2,008,000        1,608,207

Series E, 4.70%(d)(e)

       1,348,000        1,037,960

Truist Financial Corp.

         

4.12%, 06/06/2028(b)(d)

       352,000        344,489

4.87%, 01/26/2029(d)

       1,179,000        1,186,209

4.92%, 07/28/2033(d)

       1,545,000        1,519,677

6.12%, 10/28/2033(b)(d)

       854,000        931,319
         

 

 

 
            17,944,778
         

 

 

 

Reinsurance-0.17%

         

Global Atlantic Fin Co.

         

4.40%, 10/15/2029(c)

       97,000        84,031

4.70%, 10/15/2051(c)(d)

       1,648,000        1,421,031
         

 

 

 
            1,505,062
         

 

 

 

Renewable Electricity-0.03%

         

NSTAR Electric Co., 4.55%, 06/01/2052

       312,000        301,054
         

 

 

 

Residential REITs-0.08%

         

American Homes 4 Rent L.P.

         

2.38%, 07/15/2031

       29,000        23,695

3.63%, 04/15/2032(b)

       276,000        245,586

AvalonBay Communities, Inc., 5.00%, 02/15/2033(b)

       300,000        311,960

Mid-America Apartments L.P., 2.88%, 09/15/2051

       31,000        21,653

Spirit Realty L.P.

         

2.10%, 03/15/2028

       39,000        32,663

2.70%, 02/15/2032

       38,000        29,524

Sun Communities Operating L.P., 2.70%, 07/15/2031

       34,000        28,020
         

 

 

 
            693,101
         

 

 

 

Restaurants-0.35%

         

1011778 BC ULC/New Red Finance, Inc. (Canada), 4.00%, 10/15/2030(c)

       746,000        636,006
 

 

See accompanying notes which are an integral part of this schedule.


Invesco Total Return Bond ETF (GTO)–(continued)

January 31, 2023

(Unaudited)

    

 

     Principal  
Amount
   Value

Restaurants-(continued)

         

Arcos Dorados B.V. (Brazil), 6.13%, 05/27/2029(c)

     $   1,363,000      $     1,339,597

McDonald’s Corp., 5.15%, 09/09/2052(b)

       1,055,000        1,086,816
         

 

 

 
            3,062,419
         

 

 

 

Retail REITs-0.12%

         

Agree L.P., 2.00%, 06/15/2028

       44,000        37,566

Kimco Realty OP LLC, 2.70%, 10/01/2030

       29,000        24,675

Kite Realty Group Trust, 4.75%, 09/15/2030

       59,000        54,412

Realty Income Corp.

         

2.20%, 06/15/2028

       33,000        29,245

4.85%, 03/15/2030

       289,000        289,680

5.63%, 10/13/2032(b)

       595,000        631,493
         

 

 

 
            1,067,071
         

 

 

 

Semiconductor Equipment-0.09%

         

Entegris Escrow Corp., 5.95%, 06/15/2030(c)

       855,000        822,108
         

 

 

 

Semiconductors-0.21%

         

Broadcom, Inc., 3.19%, 11/15/2036(c)

       60,000        45,925

Micron Technology, Inc.

         

4.98%, 02/06/2026

       6,000        6,021

4.19%, 02/15/2027

       21,000        20,484

SK hynix, Inc. (South Korea)

         

6.25%, 01/17/2026(b)(c)

       1,080,000        1,091,888

6.50%, 01/17/2033(b)(c)

       668,000        678,047

Skyworks Solutions, Inc., 1.80%, 06/01/2026

       25,000        22,361
         

 

 

 
            1,864,726
         

 

 

 

Soft Drinks-0.26%

         

Coca-Cola Icecek A.S. (Turkey), 4.50%, 01/20/2029(c)

       2,623,000        2,302,260
         

 

 

 

Sovereign Debt-2.80%

         

Airport Authority (Hong Kong)

         

4.88%, 01/12/2033(c)

       870,000        904,596

3.25%, 01/12/2052(c)

       1,670,000        1,295,085

Bahamas Government International Bond (Bahamas), 9.00%, 06/16/2029(c)

       2,993,000        2,718,300

Bermuda Government International Bond (Bermuda), 5.00%, 07/15/2032(c)

       892,000        897,827

Colombia Government International Bond (Colombia)

         

8.00%, 04/20/2033(b)

       939,000        963,266

7.50%, 02/02/2034

       650,000        643,147

Dominican Republic International Bond (Dominican Republic)

         

7.05%, 02/03/2031(c)

       520,000        520,000

5.30%, 01/21/2041(c)

       241,000        193,786

Egypt Government International Bond (Egypt), 5.88%, 02/16/2031(c)

       382,000        273,470

Ghana Government International Bond (Ghana), 7.75%, 04/07/2029(c)

       1,119,000        421,494

Indonesia Government International Bond (Indonesia), 4.55%, 01/11/2028

       1,335,000        1,336,059
       Principal  
Amount
   Value

Sovereign Debt-(continued)

         

Israel Government International Bond (Israel), 4.50%, 01/17/2033

     $   1,205,000      $     1,212,134

Mexico Government International Bond (Mexico)

         

6.35%, 02/09/2035

       620,000        659,554

4.40%, 02/12/2052

       1,992,000        1,561,294

Oman Government International Bond (Oman), 6.25%, 01/25/2031(c)

       795,000        824,844

Paraguay Government International Bond (Paraguay), 5.40%, 03/30/2050(c)

       1,200,000        1,073,863

Perusahaan Penerbit SBSN Indonesia III (Indonesia), 3.55%, 06/09/2051(c)

       1,886,000        1,474,310

Philippine Government International Bond (Philippines)

         

4.63%, 07/17/2028

       561,000        566,636

5.00%, 07/17/2033

       737,000        749,779

5.50%, 01/17/2048

       684,000        714,948

Qatar Government International Bond (Qatar), 3.38%, 03/14/2024(c)

       200,000        197,049

Romanian Government International Bond (Romania)

         

6.63%, 02/17/2028(c)

       932,000        967,742

7.13%, 01/17/2033(c)

       1,258,000        1,330,335

Saudi Government International Bond (Saudi Arabia)

         

4.75%, 01/18/2028(c)

       625,000        633,938

4.88%, 07/18/2033(c)

       1,150,000        1,172,281

5.00%, 01/18/2053(b)(c)

       1,227,000        1,171,564
         

 

 

 
            24,477,301
         

 

 

 

Specialized Consumer Services-0.08%

         

Ashtead Capital, Inc. (United Kingdom), 5.55%, 05/30/2033(c)

       660,000        662,938
         

 

 

 

Specialized Finance-0.48%

         

Blackstone Private Credit Fund

         

1.75%, 09/15/2024

       227,000        212,124

7.05%, 09/29/2025(b)(c)

       618,000        626,970

IP Lending VII Ltd. (Bermuda), Series 2022-7A, Class SNR, 8.00%, 10/11/2027(c)(g)

       2,746,000        2,746,000

Mitsubishi HC Capital, Inc. (Japan), 3.64%, 04/13/2025(b)(c)

       666,000        643,177
         

 

 

 
            4,228,271
         

 

 

 

Specialized REITs-0.50%

         

American Tower Corp.

         

2.70%, 04/15/2031

       125,000        105,504

4.05%, 03/15/2032(b)

       170,000        157,682

Crown Castle, Inc., 5.00%, 01/11/2028(b)

       561,000        567,873

EPR Properties

         

4.75%, 12/15/2026

       178,000        166,387

3.60%, 11/15/2031

       212,000        164,103

Prologis L.P.

         

2.88%, 11/15/2029

       183,000        164,751

4.63%, 01/15/2033(b)

       1,162,000        1,172,282

SBA Communications Corp.

         

3.88%, 02/15/2027

       1,190,000        1,100,775

3.13%, 02/01/2029(b)

       892,000        756,806
         

 

 

 
            4,356,163
         

 

 

 
 

 

See accompanying notes which are an integral part of this schedule.


Invesco Total Return Bond ETF (GTO)–(continued)

January 31, 2023

(Unaudited)

    

 

       Principal  
Amount
   Value

Specialty Chemicals-0.68%

         

Braskem Idesa S.A.P.I. (Mexico)

         

7.45%, 11/15/2029(c)

     $      289,000      $        238,875

6.99%, 02/20/2032(c)

       1,647,000        1,222,206

Sasol Financing USA LLC (South Africa)

         

4.38%, 09/18/2026

       1,785,000        1,644,868

5.50%, 03/18/2031(b)

       3,250,000        2,839,655
         

 

 

 
            5,945,604
         

 

 

 

Steel-0.30%

         

ArcelorMittal S.A. (Luxembourg), 6.55%, 11/29/2027(b)

       1,164,000        1,216,623

POSCO (South Korea)

         

5.63%, 01/17/2026(c)

       774,000        785,854

5.75%, 01/17/2028(b)(c)

       639,000        659,864
         

 

 

 
            2,662,341
         

 

 

 

Systems Software-0.48%

         

Oracle Corp.

         

6.25%, 11/09/2032(b)

       2,674,000        2,908,920

6.90%, 11/09/2052

       1,117,000        1,293,987
         

 

 

 
            4,202,907
         

 

 

 

Technology Hardware, Storage & Peripherals-0.07%

 

Apple, Inc.

         

3.35%, 08/08/2032(b)

       562,000        525,526

2.80%, 02/08/2061

       182,000        125,062
         

 

 

 
            650,588
         

 

 

 

Tobacco-0.08%

         

Philip Morris International, Inc.

         

5.63%, 11/17/2029

       358,000        374,109

5.75%, 11/17/2032(b)

       295,000        310,491
         

 

 

 
            684,600
         

 

 

 

Trading Companies & Distributors-0.36%

 

Air Lease Corp.

         

5.85%, 12/15/2027

       826,000        843,525

5.30%, 02/01/2028(b)

       1,592,000        1,590,192

Aircastle Ltd., 4.40%, 09/25/2023

       40,000        39,660

GATX Corp., 4.90%, 03/15/2033(b)

       668,000        656,192
         

 

 

 
            3,129,569
         

 

 

 

Trucking-0.40%

 

    

Aviation Capital Group LLC, 4.13%, 08/01/2025(c)

       11,000        10,394

Penske Truck Leasing Co. L.P./PTL Finance Corp., 5.70%, 02/01/2028(c)

       779,000        799,060

Ryder System, Inc., 4.30%, 06/15/2027

       195,000        190,930

Triton Container International Ltd. (Bermuda)

         

2.05%, 04/15/2026(c)

       742,000        657,993

3.15%, 06/15/2031(c)

       2,283,000        1,837,794
         

 

 

 
            3,496,171
         

 

 

 

Wireless Telecommunication Services-0.42%

 

Rogers Communications, Inc. (Canada), 4.55%, 03/15/2052(c)

       613,000        515,818

T-Mobile USA, Inc.

         

2.25%, 02/15/2026

       226,000        209,785

2.63%, 04/15/2026

       230,000        213,847

3.40%, 10/15/2052

       432,000        315,748

5.65%, 01/15/2053

       498,000        520,140
       Principal  
Amount
   Value

Wireless Telecommunication Services-(continued)

 

VEON Holdings B.V. (Netherlands), 3.38%, 11/25/2027(c)

     $      556,000      $        389,200

Vodafone Group PLC (United Kingdom)

         

4.13%, 06/04/2081(d)

       882,000        715,214

5.13%, 06/04/2081(d)

       1,011,000        778,364
         

 

 

 
            3,658,116
         

 

 

 

Total U.S. Dollar Denominated Bonds & Notes
(Cost $432,131,351)

 

       408,911,259
         

 

 

 

U.S. Treasury Securities-21.91%

 

    

U.S. Treasury Bills-0.34%(h)

         

4.15%, 03/09/2023(i)

       654,000        651,081

4.47%-4.55%, 05/11/2023(i)

       2,338,000        2,308,762
         

 

 

 
            2,959,843
         

 

 

 

U.S. Treasury Bonds-6.05%

         

4.00%, 11/15/2042

       1,677,000        1,733,337

3.00%, 08/15/2052

       57,959,800        51,298,951
         

 

 

 
            53,032,288
         

 

 

 

U.S. Treasury Notes-15.52%

         

4.13%, 01/31/2025

       2,755,000        2,752,094

3.88%, 01/15/2026

       1,400,200        1,400,200

3.50%, 01/31/2028

       58,239,500        57,984,702

3.50%, 01/31/2030

       7,429,300        7,403,762

4.13%, 11/15/2032

       63,050,900        66,341,369
         

 

 

 
            135,882,127
         

 

 

 

Total U.S. Treasury Securities
(Cost $190,952,805)

            191,874,258
         

 

 

 

Asset-Backed Securities-21.69%

 

    

AMSR Trust, Series 2021-SFR3, Class B, 1.73%, 10/17/2038(c)

       4,460,000        3,892,329

Angel Oak Mortgage Trust

         

Series 2020-1, Class A1, 2.16%, 12/25/2059(c)(j)

       80,491        76,682

Series 2020-3, Class A1, 1.69%, 04/25/2065(c)(j)

       269,859        250,134

Series 2020-5, Class A1, 1.37%, 05/25/2065(c)(j)

       314,683        289,911

Series 2021-3, Class A1, 1.07%, 05/25/2066(c)(j)

       1,309,791        1,120,566

Series 2022-1, Class A1, 2.88%, 12/25/2066(c)(k)

       2,736,544        2,513,966

Avis Budget Rental Car Funding (AESOP) LLC, Series 2023-1A, Class A, 5.25%, 04/20/2029(c)

       718,000        726,919

Bain Capital Credit CLO Ltd. (Cayman Islands), Series 2017-2A, Class AR2, 6.00% (3 mo. USD LIBOR + 1.18%), 07/25/2034(c)(f)

       3,000,000        2,958,210

Bayview MSR Opportunity Master Fund Trust

         

Series 2021-4, Class A3, 3.00%, 10/25/2051(c)(j)

       1,776,451        1,546,496

Series 2021-4, Class A4, 2.50%, 10/25/2051(c)(j)

       1,776,451        1,491,336

Series 2021-4, Class A8, 2.50%, 10/25/2051(c)(j)

       1,681,602        1,501,614
 

 

See accompanying notes which are an integral part of this schedule.


Invesco Total Return Bond ETF (GTO)–(continued)

January 31, 2023

(Unaudited)

    

 

       Principal  
Amount
   Value

Series 2021-5, Class A1, 3.00%, 11/25/2051(c)(j)

     $   1,989,386      $     1,736,822

Series 2021-5, Class A2, 2.50%, 11/25/2051(c)(j)

       2,427,500        2,037,893

Bear Stearns Asset Backed Securities I Trust, Series 2006-HE9, Class 2A, 4.65% (1 mo. USD LIBOR + 0.14%), 11/25/2036(f)

       139,208        134,946

Benchmark Mortgage Trust

         

Series 2018-B3, Class C, 4.53%, 04/10/2051(j)

       2,500,000        2,153,923

Series 2019-B14, Class C, 3.77%, 12/15/2062(j)

       930,000        739,630

Series 2019-B15, Class B, 3.56%, 12/15/2072

       2,000,000        1,706,038

Series 2019-B9, Class C, 4.97%, 03/15/2052(j)

       3,369,000        2,703,189

Series 2020-B17, Class C, 3.37%, 03/15/2053(j)

       3,000,000        2,308,680

BRAVO Residential Funding Trust

         

Series 2021-NQM2, Class A1, 0.97%, 03/25/2060(c)(j)

       401,782        381,550

Series 2021-NQM2, Class A2, 1.28%, 03/25/2060(c)(j)

       1,319,430        1,254,188

BX Commercial Mortgage Trust

         

Series 2021-VOLT, Class C, 5.56% (1 mo. USD LIBOR + 1.10%), 09/15/2036(c)(f)

       3,005,000        2,887,282

Series 2021-VOLT, Class D, 6.24% (1 mo. USD LIBOR + 1.65%), 09/15/2036(c)(f)

       8,799,000        8,473,854

Series 2021-XL2, Class B, 5.46% (1 mo. USD LIBOR + 1.00%), 10/15/2038(c)(f)

       732,105        706,303

BX Trust

         

Series 2021-LGCY, Class B, 5.44% (1 mo. USD LIBOR + 0.86%), 10/15/2036(c)(f)

       10,000,000        9,619,355

Series 2022-LBA6, Class A, 5.48% (1 mo. Term SOFR + 1.00%),
01/15/2039(c)(f)

       2,085,000        2,043,533

Series 2022-LBA6, Class B, 5.86% (1 mo. Term SOFR + 1.30%),
01/15/2039(c)(f)

       1,285,000        1,253,259

Series 2022-LBA6, Class C, 6.08% (1 mo. Term SOFR + 1.60%),
01/15/2039(c)(f)

       690,000        670,666

Chase Home Lending Mortgage Trust, Series 2019-ATR2, Class A3, 3.50%, 07/25/2049(c)(j)

       90,571        82,904

CIFC Funding Ltd. (Cayman Islands)

         

Series 2014-5A, Class A1R2, 5.99% (3 mo. USD LIBOR + 1.20%), 10/17/2031(c)(f)

       1,281,000        1,273,592

Series 2016-1A, Class ARR, 5.90% (3 mo. USD LIBOR + 1.08%), 10/21/2031(c)(f)

       957,000        945,049

Citigroup Commercial Mortgage Trust

         

Series 2013-GC11, Class D, 4.38%, 04/10/2046(c)(j)

       1,650,000        1,611,523

Series 2014-GC23, Class B, 4.18%, 07/10/2047(j)

       184,000        175,917
       Principal  
Amount
   Value

Citigroup Mortgage Loan Trust, Inc., Series 2021-INV3, Class A3, 2.50%, 05/25/2051(c)(j)

     $   1,817,349      $     1,525,670

COLT Mortgage Loan Trust

         

Series 2020-2, Class A1, 1.85%, 03/25/2065(c)(j)

       21,009        20,688

Series 2022-1, Class A1, 2.28%, 12/27/2066(c)(j)

       1,560,764        1,404,879

Series 2022-2, Class A1, 2.99%, 02/25/2067(c)(k)

       1,661,649        1,544,129

Credit Suisse Mortgage Capital Ctfs., Series 2020-SPT1, Class A1, 1.62%, 04/25/2065(c)(k)

       74,525        72,983

Credit Suisse Mortgage Capital Trust

         

Series 2021-NQM1, Class A1, 0.81%, 05/25/2065(c)(j)

       542,618        464,870

Series 2021-NQM2, Class A1, 1.18%, 02/25/2066(c)(j)

       278,484        240,833

Series 2022-ATH1, Class A1A, 2.87%, 01/25/2067(c)(j)

       2,207,849        2,067,268

Series 2022-ATH1, Class A1B, 3.35%, 01/25/2067(c)(j)

       1,160,000        1,013,261

CSAIL Commercial Mortgage Trust, Series 2020-C19, Class A3, 2.56%, 03/15/2053

       1,459,000        1,257,657

Domino’s Pizza Master Issuer LLC, Series 2019-1A, Class A2, 3.67%, 10/25/2049(c)

       1,940,000        1,752,323

Dryden 93 CLO Ltd. (Cayman Islands), Series 2021-93A, Class A1A, 5.87% (3 mo. USD LIBOR + 1.08%),
01/15/2034(c)(f)

       532,495        524,933

DT Auto Owner Trust, Series 2019-3A, Class D, 2.96%, 04/15/2025(c)

       152,615        150,635

Ellington Financial Mortgage Trust Series 2019-2, Class A1, 2.74%, 11/25/2059(c)(j)

       218,038        206,463

Series 2020-1, Class A1, 2.01%, 05/25/2065(c)(j)

       33,842        32,826

Series 2021-1, Class A1, 0.80%, 02/25/2066(c)(j)

       324,588        272,193

Series 2022-1, Class A1, 2.21%, 01/25/2067(c)(j)

       1,456,365        1,282,799

Extended Stay America Trust, Series 2021-ESH, Class B, 5.84% (1 mo. USD LIBOR + 1.38%), 07/15/2038(c)(f)

       678,454        664,240

Flagstar Mortgage Trust

         

Series 2021-11IN, Class A6, 3.70%, 11/25/2051(c)(j)

       3,041,181        2,702,503

Series 2021-8INV, Class A6, 2.50%, 09/25/2051(c)(j)

       1,203,984        1,071,519

FREMF Mortgage Trust, Series 2013- K29, Class X2A, IO, 0.13%, 05/25/2046(c)(l)

       2,082,518        21

GCAT Trust, Series 2019-NQM3, Class A1, 2.69%, 11/25/2059(c)(j)

       299,585        284,288

GoldenTree Loan Management US CLO 1 Ltd. (Cayman Islands), Series 2021-9A, Class A, 5.88% (3 mo. USD LIBOR + 1.07%), 01/20/2033(c)(f)

       4,000,000        3,952,680
 

 

See accompanying notes which are an integral part of this schedule.


Invesco Total Return Bond ETF (GTO)–(continued)

January 31, 2023

(Unaudited)

    

 

       Principal  
Amount
   Value

GoldenTree Loan Management US CLO 2 Ltd. (Cayman Islands), Series 2017-2A, Class AR, 5.72% (3 mo. USD LIBOR + 0.91%), 11/20/2030(c)(f)

     $   2,362,000      $     2,345,173

GoldenTree Loan Management US CLO 5 Ltd. (Cayman Islands), Series 2019-5A, Class AR, 5.88% (3 mo. USD LIBOR + 1.07%), 10/20/2032(c)(f)

       5,000,000        4,947,055

Golub Capital Partners CLO 40(A) Ltd. (Cayman Islands), Series 2019-40A, Class AR, 5.91% (3 mo. USD LIBOR + 1.09%), 01/25/2032(c)(f)

       8,000,000        7,891,896

GS Mortgage Securities Trust

         

Series 2013-GC14, Class B, 4.70%, 08/10/2046(c)(j)

       325,000        316,018

Series 2020-GC45, Class A5, 2.91%, 02/13/2053

       1,560,000        1,400,526

Series 2020-GC47, Class A5, 2.38%, 05/12/2053

       1,530,000        1,318,205

GS Mortgage-Backed Securities Trust, Series 2021-INV1, Class A6, 2.50%, 12/25/2051(c)(j)

       4,203,538        3,741,561

Hertz Vehicle Financing III L.P.

         

Series 2021-2A, Class A, 1.68%, 12/27/2027(c)

       539,000        477,669

Series 2021-2A, Class B, 2.12%, 12/27/2027(c)

       286,000        252,017

Hertz Vehicle Financing LLC

         

Series 2021-1A, Class A, 1.21%, 12/26/2025(c)

       394,000        366,888

Series 2021-1A, Class B, 1.56%, 12/26/2025(c)

       175,000        162,225

IP Lending III Ltd. (Cayman Islands), Series 2022-3A, Class SNR, 3.38%, 11/02/2026(c)(g)

       1,474,000        1,345,320

JP Morgan Mortgage Trust, Series 2021-LTV2, Class A1, 2.52%, 05/25/2052(c)(j)

       2,469,372        2,073,815

JPMDB Commercial Mortgage Securities Trust, Series 2020-COR7, Class C, 3.72%, 05/13/2053(j)

       2,908,000        2,225,755

KKR CLO 30 Ltd. (Cayman Islands), Series 30A, Class A1R, 5.81% (3 mo. USD LIBOR + 1.02%), 10/17/2031(c)(f)

       5,000,000        4,951,625

Life Mortgage Trust

         

Series 2021-BMR, Class B, 5.34% (1 mo. USD LIBOR + 0.88%), 03/15/2038(c)(f)

       1,213,968        1,177,610

Series 2021-BMR, Class C, 5.56% (1 mo. USD LIBOR + 1.10%), 03/15/2038(c)(f)

       491,485        475,025

Med Trust

         

Series 2021-MDLN, Class A, 5.41% (1 mo. USD LIBOR + 0.95%), 11/15/2038(c)(f)

       1,355,972        1,323,921

Series 2021-MDLN, Class B, 6.04% (1 mo. USD LIBOR + 1.45%), 11/15/2038(c)(f)

       2,197,472        2,146,391
       Principal  
Amount
   Value

Mello Mortgage Capital Acceptance Trust

         

Series 2021-INV2, Class A4, 2.50%, 08/25/2051(c)(j)

     $      982,387      $        872,984

Series 2021-INV3, Class A4, 2.50%, 10/25/2051(c)(j)

       1,140,733        1,013,697

MFA Trust

         

Series 2021-AEI1, Class A3, 2.50%, 08/25/2051(c)(j)

       1,340,728        1,125,545

Series 2021-AEI1, Class A4, 2.50%, 08/25/2051(c)(j)

       1,616,011        1,436,985

Series 2021-INV2, Class A1, 1.91%, 11/25/2056(c)(j)

       4,442,956        3,767,415

MHP Commercial Mortgage Trust, Series 2021-STOR, Class B, 5.49% (1 mo. USD LIBOR + 0.90%), 07/15/2038(c)(f)

       615,000        593,834

MMAF Equipment Finance LLC, Series 2020-A, Class A5, 1.56%, 10/09/2042(c)

       1,500,000        1,334,019

Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C25, Class B, 4.52%, 10/15/2048(j)

       1,032,000        970,620

Morgan Stanley Capital I Trust, Series 2019-L3, Class AS, 3.49%, 11/15/2052

       1,580,000        1,390,267

Neuberger Berman Loan Advisers CLO 40 Ltd. (Cayman Islands), Series 2021-40A, Class A, 5.85% (3 mo. USD LIBOR + 1.06%), 04/16/2033(c)(f)

       1,023,000        1,012,850

New Residential Mortgage Loan Trust

         

Series 2019-NQM4, Class A1, 2.49%, 09/25/2059(c)(j)

       169,534        158,893

Series 2020-NQM1, Class A1, 2.46%, 01/26/2060(c)(j)

       551,192        511,871

Series 2022-NQM2, Class A1, 3.08%, 03/27/2062(c)(j)

       1,546,988        1,431,301

OBX Trust

         

Series 2022-NQM1, Class A1, 2.31%, 11/25/2061(c)(j)

       1,809,600        1,603,303

Series 2022-NQM2, Class A1, 2.95%, 01/25/2062(c)(j)

       2,370,066        2,133,275

Series 2022-NQM2, Class A1A, 2.78%, 01/25/2062(c)(k)

       1,528,065        1,411,998

Series 2022-NQM2, Class A1B, 3.38%, 01/25/2062(c)(k)

       1,415,000        1,209,533

Oceanview Mortgage Trust, Series 2021-3, Class A5, 2.50%, 07/25/2051(c)(j)

       1,217,812        1,085,709

OCP CLO Ltd. (Cayman Islands)

         

Series 2017-13A, Class A1AR, 5.75% (3 mo. USD LIBOR + 0.96%),
07/15/2030(c)(f)

       3,000,000        2,974,371

Series 2020-8RA, Class A1, 6.01% (3 mo. USD LIBOR + 1.22%),
01/17/2032(c)(f)

       1,730,000        1,716,089

Octagon Investment Partners 31 LLC (Cayman Islands), Series 2017-1A, Class AR, 5.86% (3 mo. USD LIBOR + 1.05%), 07/20/2030(c)(f)

       3,879,915        3,852,446
 

 

See accompanying notes which are an integral part of this schedule.


Invesco Total Return Bond ETF (GTO)–(continued)

January 31, 2023

(Unaudited)

    

 

       Principal  
Amount
   Value

Octagon Investment Partners 49 Ltd. (Cayman Islands), Series 2020-5A, Class A1, 6.01% (3 mo. USD LIBOR + 1.22%), 01/15/2033(c)(f)

     $   3,000,000      $     2,981,040

One Bryant Park Trust, Series 2019- OBP, Class A, 2.52%, 09/15/2054(c)

       457,000        388,230

Onslow Bay Mortgage Loan Trust, Series 2021-NQM4, Class A1, 1.96%, 10/25/2061(c)(j)

       1,981,783        1,668,102

PPM CLO 3 Ltd. (United Kingdom), Series 2019-3A, Class AR, 5.88% (3 mo. USD LIBOR + 1.09%), 04/17/2034(c)(f)

       250,000        243,259

Progress Residential Trust, Series 2020-SFR1, Class A, 1.73%, 04/17/2037(c)

       868,438        809,839

Race Point VIII CLO Ltd. (Cayman Islands), Series 2013-8A, Class AR2, 5.72% (3 mo. USD LIBOR + 1.04%), 02/20/2030(c)(f)

       637,638        634,605

Residential Mortgage Loan Trust

         

Series 2019-3, Class A1, 2.63%, 09/25/2059(c)(j)

       17,037        16,718

Series 2020-1, Class A1, 2.38%, 01/26/2060(c)(j)

       57,698        55,464

SG Residential Mortgage Trust, Series 2022-1, Class A1, 3.17%,
03/27/2062(c)(j)

       2,709,542        2,513,314

Sonic Capital LLC

         

Series 2020-1A, Class A2I, 3.85%, 01/20/2050(c)

       1,588,657        1,473,875

Series 2021-1A, Class A2I, 2.19%, 08/20/2051(c)

       1,815,467        1,503,218

Series 2021-1A, Class A2II, 2.64%, 08/20/2051(c)

       1,854,933        1,448,980

STAR Trust

         

Series 2021-1, Class A1, 1.22%, 05/25/2065(c)(j)

       1,056,841        946,381

Series 2021-SFR1, Class B, 5.21% (1 mo. USD LIBOR + 0.75%), 04/17/2038(c)(f)

       475,000        464,267

Series 2021-SFR1, Class C, 5.51% (1 mo. USD LIBOR + 1.05%), 04/17/2038(c)(f)

       1,125,000        1,098,607

Series 2021-SFR1, Class D, 5.76% (1 mo. USD LIBOR + 1.30%), 04/17/2038(c)(f)

       1,665,000        1,609,565

Starwood Mortgage Residential Trust

         

Series 2020-1, Class A1, 2.28%, 02/25/2050(c)(j)

       15,395        14,871

Series 2020-INV1, Class A1, 1.03%, 11/25/2055(c)(j)

       639,096        568,977

Series 2021-6, Class A1, 1.92%, 11/25/2066(c)(j)

       2,584,785        2,222,738

Series 2022-1, Class A1, 2.45%, 12/25/2066(c)(j)

       1,931,595        1,676,953

Store Master Funding I-VII, Series 2016-1A, Class A2, 4.32%, 10/20/2046(c)

       444,215        415,507

Taco Bell Funding LLC, Series 2016-1A, Class A23, 4.97%, 05/25/2046(c)

       141,750        139,948
       Principal  
Amount
   Value

Textainer Marine Containers VII Ltd. (China), Series 2021-2A, Class A, 2.23%, 04/20/2046(c)

     $   1,384,600      $     1,219,714

Tricon American Homes Trust, Series 2020-SFR2, Class A, 1.48%, 11/17/2039(c)

       1,070,781        922,239

Verus Securitization Trust

         

Series 2020-INV1, Class A1, 0.33%, 03/25/2060(c)(j)

       43,122        41,621

Series 2021-1, Class A1B, 1.32%, 01/25/2066(c)(j)

       1,077,100        896,464

Series 2021-2, Class A1, 1.03%, 02/25/2066(c)(j)

       1,387,660        1,210,172

Series 2021-7, Class A1, 1.83%, 10/25/2066(c)(j)

       1,940,446        1,690,902

Series 2021-R1, Class A1, 0.82%, 10/25/2063(c)(j)

       918,691        834,224

Series 2022-1, Class A1, 2.72%, 01/25/2067(c)(k)

       1,510,729        1,365,182

Visio Trust, Series 2020-1R, Class A1, 1.31%, 11/25/2055(c)

       234,014        213,459

Wells Fargo Commercial Mortgage Trust, Series 2016-NXS5, Class XA, IO, 1.42%, 01/15/2059(m)

       1,433,861        44,984

Wendy’s Funding LLC, Series 2019-1A, Class A2II, 4.08%, 06/15/2049(c)

       455,000        424,902

WFRBS Commercial Mortgage Trust, Series 2014-C23, Class B, 4.39%, 10/15/2057(j)

       307,000        293,494

Zaxby’s Funding LLC, Series 2021-1A, Class A2, 3.24%, 07/30/2051(c)

       4,235,500        3,598,332
         

 

 

 

Total Asset-Backed Securities
(Cost $209,630,819)

            189,973,767
         

 

 

 
U.S. Government Sponsored Agency Mortgage-Backed Securities-19.30%

 

Collateralized Mortgage Obligations-0.55%

 

    

Freddie Mac Military Housing Bonds Resecuritization Trust Ctfs., Series 2015-R1, Class B1, 5.25%, 11/25/2055(c)(j)

       915,796        919,230

Freddie Mac Multifamily Structured Pass-Through Ctfs.

         

Series 2013-K035, Class X1, IO, 0.32%, 08/25/2023(m)

       7,468,545        10,657

Series 2014-K036, Class X1, IO, 0.77%, 10/25/2023(m)

       5,368,991        18,527

Series 2014-K037, Class X1, IO, 0.91%, 01/25/2024(m)

       5,807,343        37,126

Series 2015-K042, Class X1, IO, 1.02%, 12/25/2024(m)

       4,115,325        66,149

Series 2017-K066, Class AM, 3.20%, 06/25/2027

       250,000        240,110

Series 2017-KGX1, Class AFX, 3.00%, 10/25/2027

       1,000,000        950,126

Series 2018-K074, Class AM, 3.60%, 02/25/2028

       1,000,000        977,598

Series 2018-K154, Class A3, 3.46%, 11/25/2032

       1,000,000        952,264

Series K038, Class X1, IO, 1.08%, 03/25/2024(m)

       3,835,851        33,831
 

 

See accompanying notes which are an integral part of this schedule.


Invesco Total Return Bond ETF (GTO)–(continued)

January 31, 2023

(Unaudited)

    

 

       Principal  
Amount
   Value

Collateralized Mortgage Obligations-(continued)

 

Seasoned Credit Risk Transfer Trust

         

Series 2017-3, Class HT, 3.25%, 07/25/2056(k)

     $      272,033      $        250,224

Series 2017-4, Class HT, 3.25%, 06/25/2057(k)

       417,694        388,009
         

 

 

 
            4,843,851
         

 

 

 

Federal Home Loan Mortgage Corp. (FHLMC)-0.33%

 

0.00%, 12/14/2029(n)

       150,000        115,710

3.55%, 10/01/2033

       467,421        445,041

3.00%, 10/01/2034

       263,549        253,510

4.00%, 11/01/2048 to 07/01/2049

       278,077        272,981

3.50%, 08/01/2049

       1,842,024        1,755,083
         

 

 

 
            2,842,325
         

 

 

 

Federal National Mortgage Association (FNMA)-17.21%

 

2.82%, 10/01/2029

       489,351        455,998

2.90%, 11/01/2029

       498,582        463,838

3.08%, 10/01/2032

       750,000        698,353

3.31%, 01/01/2033

       1,000,000        951,425

2.50%, 10/01/2034 to 12/01/2034

       2,329,789        2,192,389

3.50%, 05/01/2047 to 06/01/2047

       1,716,474        1,643,566

4.00%, 11/01/2047

       78,159        77,007

3.00%, 09/01/2049 to 10/01/2049

       3,181,283        2,942,935

TBA, 1.50%, 02/01/2038(o)

       8,760,000        7,765,945

TBA, 2.00%, 02/01/2038 to 02/01/2053(o)

       30,491,850        25,960,859

TBA, 2.50%, 02/01/2053(o)

       17,400,000        15,241,818

TBA, 3.50%, 02/01/2053(o)

       22,000,000        20,637,429

TBA, 4.00%, 02/01/2053(o)

       9,249,000        8,933,956

TBA, 4.50%, 02/01/2053(o)

       9,249,000        9,136,278

TBA, 5.00%, 02/01/2053(o)

       23,000,000        23,091,641

TBA, 5.50%, 02/01/2053(o)

       30,000,000        30,494,531
         

 

 

 
            150,687,968
         

 

 

 

Government National Mortgage Association (GNMA)-1.21%

 

4.00%, 07/20/2049

       47,208        46,005

TBA, 2.00%, 02/01/2053(o)

       6,645,000        5,745,070

TBA, 2.50%, 02/01/2053(o)

       5,400,000        4,815,438
         

 

 

 
            10,606,513
         

 

 

 

Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $167,991,631)

            168,980,657
         

 

 

 

Agency Credit Risk Transfer Notes-0.74%

 

Fannie Mae Connecticut Avenue Securities

         

Series 2019-R03, Class 1M2, 6.66% (1 mo. USD LIBOR + 2.15%), 09/25/2031(c)(f)(p)

       10,149        10,151

Series 2019-R06, Class 2M2, 6.61% (1 mo. USD LIBOR + 2.10%), 09/25/2039(c)(f)(p)

       1,615        1,615

Series 2022-R03, Class 1M1, 6.41% (30 Day Average SOFR + 2.10%), 03/25/2042(c)(f)(p)

       2,330,660        2,343,760

Series 2022-R04, Class 1M1, 6.31% (30 Day Average SOFR + 2.00%), 03/25/2042(c)(f)(p)

       1,159,536        1,162,982
       Principal  
Amount
   Value

Freddie Mac

         

Series 2020-DNA5, Class M2,
STACR®, 7.11% (30 Day Average SOFR + 2.80%), 10/25/2050(c)(f)(q)

     $      361,277      $        364,748

Series 2022-DNA3, Class M1A, STACR®, 6.31% (30 Day Average SOFR + 2.00%), 04/25/2042(c)(f)(q)

       1,655,212        1,660,996

Series 2022-HQA3, Class M1,
STACR®, 6.61% (30 Day Average SOFR + 2.30%), 08/25/2042(c)(f)(q)

       971,988        972,009
         

 

 

 

Total Agency Credit Risk Transfer Notes (Cost $6,491,057)

            6,516,261
         

 

 

 

Municipal Obligations-0.40%

         

California (State of) Health Facilities Financing Authority (Social Bonds)

         

Series 2022, RB, 4.19%, 06/01/2037

       735,000        705,161

Series 2022, RB, 4.35%, 06/01/2041

       590,000        562,630

California State University

         

Series 2021 B, Ref. RB, 2.72%, 11/01/2052

       695,000        505,269

Series 2021 B, Ref. RB, 2.94%, 11/01/2052

       1,040,000        767,163

Illinois (State of), Series 2010-1, GO Bonds, (INS - AGM), 6.63%, 02/01/2035(r)

       200,000        214,638

Los Angeles (City of), CA Department of Water & Power, Series 2010, RB, 6.57%, 07/01/2045

       255,000        318,695

Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 C, Ref. RB, 3.03%, 08/15/2041

       580,000        438,306
         

 

 

 

Total Municipal Obligations(s)
(Cost $4,227,623)

 

       3,511,862
         

 

 

 
     Shares     

Preferred Stocks-0.33%

         

Diversified Banks-0.24%

         

Citigroup, Inc.

         

Series U, Pfd., 5.00%(b)(d)

       1,196,000        1,145,170

Series W, Pfd., 4.00%(d)

       691,000        641,000

Wells Fargo & Co., Class A, Series L, Conv. Pfd., 7.50%

       232        291,854
         

 

 

 
            2,078,024
         

 

 

 

Integrated Telecommunication Services-0.06%

 

AT&T, Inc., Series B, Pfd., 2.88%(d)

       500,000        502,233
         

 

 

 

Life & Health Insurance-0.00%

         

MetLife, Inc., Series G, Pfd., 3.85%(b)(d)

       42,000        40,077
         

 

 

 

Other Diversified Financial Services-0.03%

 

    

Equitable Holdings, Inc., Series B, Pfd., 4.95%(b)(d)

       269,000        261,571
         

 

 

 

Total Preferred Stocks
(Cost $3,048,242)

 

       2,881,905
         

 

 

 
 

 

See accompanying notes which are an integral part of this schedule.


Invesco Total Return Bond ETF (GTO)–(continued)

January 31, 2023

(Unaudited)

    

 

       Principal  
Amount
   Value

U.S. Government Sponsored Agency Securities-0.30%

 

Fannie Mae STRIPS

         

0.00%, 05/15/2029(n)

       $    450,000        $        358,333

0.00%, 01/15/2030(n)

         1,300,000        1,007,897

0.00%, 05/15/2030(n)

       850,000        641,189

Freddie Mac STRIPS, 0.00%, 09/15/2030(n)

       350,000        265,350

Tennessee Valley Authority

         

5.38%, 04/01/2056

       100,000        113,163

4.25%, 09/15/2065

       250,000        235,222
         

 

 

 

Total U.S. Government Sponsored Agency Securities (Cost $2,476,786)

 

       2,621,154
         

 

 

 

Non-U.S. Dollar Denominated Bonds & Notes-0.03%(t)

 

Sovereign Debt-0.03%

         

Dominican Republic International Bond (Dominican Republic), 13.63%, 02/03/2033(c)

       DOP  9,750,000        171,806

Ukraine Government International Bond (Ukraine), 4.38%, 01/27/2032(c)(u)

       EUR     309,000        64,467
         

 

 

 

Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $514,039)

 

       236,273
         

 

 

 
     Shares     

Common Stocks & Other Equity Interests-0.00%

 

Agricultural Products-0.00%

         

Locus Agriculture Solutions, Inc., Wts., expiring 12/31/2032(g)(v)
(Cost $0)

       14        0
         

 

 

 
     Shares      Value  

Options Purchased-0.07%
(Cost $637,351)

 

     656,775  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-111.46%
(Cost $1,018,101,704)

 

     976,164,171  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-9.34%

 

  

Invesco Private Government Fund,
4.36%(w)(x)(y)

     22,896,391      $ 22,896,391  

Invesco Private Prime Fund, 4.59%(w)(x)(y)

     58,870,882        58,888,542  
  

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $81,780,516)

 

     81,784,933  
  

 

 

 

TOTAL INVESTMENTS IN SECURITIES-120.80%
(Cost $1,099,882,220)

 

     1,057,949,104  

OTHER ASSETS LESS LIABILITIES-(20.80)%

 

     (182,196,264
  

 

 

 

NET ASSETS-100.00%

 

   $ 875,752,840  
     

 

 

 
 

 

See accompanying notes which are an integral part of this schedule.


Invesco Total Return Bond ETF (GTO)–(continued)

January 31, 2023

(Unaudited)

    

 

Investment Abbreviations:

AGM

-Assured Guaranty Municipal Corp.

CLO

-Collateralized Loan Obligation

Conv.

-Convertible

Ctfs.

-Certificates

DOP

-Dominican Republic Peso

EUR

-Euro

GO

-General Obligation

INS

-Insurer

IO

-Interest Only

LIBOR

-London Interbank Offered Rate

Pfd.

-Preferred

RB

-Revenue Bonds

Ref.

-Refunding

REIT

-Real Estate Investment Trust

SOFR

-Secured Overnight Financing Rate

STACR®

-Structured Agency Credit Risk

STRIPS

-Separately Traded Registered Interest and Principal Security

TBA

-To Be Announced

USD

-U.S. Dollar

Wts.

-Warrants

Notes to Schedule of Investments:

(a) 

Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

(b) 

All or a portion of this security was out on loan at January 31, 2023.

(c) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at January 31, 2023 was $346,726,391, which represented 39.59% of the Fund’s Net Assets.

(d) 

Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

(e) 

Perpetual bond with no specified maturity date.

(f) 

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on January 31, 2023.

(g) 

Security valued using significant unobservable inputs (Level 3). See Note 1.

(h) 

Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

(i) 

$2,959,843 was pledged as collateral to cover margin requirements for open futures contracts.

(j) 

Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on January 31, 2023.

(k) 

Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

(l) 

Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

(m) 

Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on January 31, 2023.

(n) 

Denotes a zero coupon security issued at a substantial discount from its value at maturity.

(o) 

Security purchased on a forward commitment basis. This security is subject to dollar roll transactions.

(p) 

CAS notes are bonds issued by Fannie Mae. The amount of periodic principal and ultimate principal paid by Fannie Mae is determined by the performance of a large and diverse reference pool.

(q) 

Principal payments are determined by the delinquency and principal payment experience on the STACR® reference pool. Freddie Mac transfers credit risk from the mortgages in the reference pool to credit investors who invest in the STACR® debt notes.

(r) 

Principal and/or interest payments are secured by the bond insurance company listed.

(s)

Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.

(t) 

Foreign denominated security. Principal amount is denominated in the currency indicated.

(u) 

Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at January 31, 2023 represented less than 1% of the Fund’s Net Assets.

(v) 

Non-income producing security.

(w) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended January 31, 2023.

 

     Value
October 31,  2022
   Purchases
at Cost
   Proceeds
from Sales
   Change in
Unrealized
Appreciation
   Realized
Gain
   Value
January 31, 2023
   Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                                   

 

See accompanying notes which are an integral part of this schedule.


Invesco Total Return Bond ETF (GTO)–(continued)

January 31, 2023

(Unaudited)

 

    Value
October 31, 2022
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
  Value
January 31, 2023
  Dividend
Income

Invesco Private Government Fund

    $ 23,693,081     $ 42,317,728     $ (43,114,418 )     $ -     $ -     $ 22,896,391     $ 256,173 *

Invesco Private Prime Fund

      59,702,935       100,960,111       (101,796,282 )       5,052       16,726       58,888,542       707,635 *
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total

    $ 83,396,016     $ 143,277,839     $ (144,910,700 )     $ 5,052     $ 16,726     $ 81,784,933     $ 963,808
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

*

Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

 

(x) 

The rate shown is the 7-day SEC standardized yield as of January 31, 2023.

(y) 

The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

The table below details options purchased.

 

Open Exchange-Traded Index Options Purchased

 

Description

   Type of
Contract
   

Expiration Date

    Number of
Contracts
     Exercise
Price
     Notional
Value*
     Value  
Equity Risk                

S&P 500 Index

     Call         07/21/2023         35          $4,150          $14,525,000          $656,775    

 

*

Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

 

Open Exchange-Traded Index Options Written

Description

   Type of
Contract
   Expiration
Date
   Number of
Contracts
   Exercise
Price
   Notional
Value*
  Value
Equity Risk                             

S&P 500 Index

       Call        07/21/2023        13      $ 4,400      $ (5,720,000 )     $ (92,040 )

 

*

Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

 

Open Futures Contracts

Long Futures Contracts

   Number of
Contracts
   Expiration
Month
   Notional
Value
  Value   Unrealized
Appreciation
(Depreciation)
Interest Rate Risk                       

U.S. Treasury 2 Year Notes

       146        March-2023      $ 30,024,672     $ 121,758     $ 121,758

U.S. Treasury Long Bonds

       196        March-2023        25,455,500       721,717       721,717
                  

 

 

     

 

 

 

Subtotal-Long Futures Contracts

                     843,475       843,475
                  

 

 

     

 

 

 
Short Futures Contracts                       
Interest Rate Risk                       

U.S. Treasury 5 Year Notes

       163        March-2023        (17,806,477 )       (49,478 )       (49,478 )

U.S. Treasury 10 Year Notes

       562        March-2023        (64,357,781 )       (512,607 )       (512,607 )

U.S. Treasury 10 Year Ultra Notes

       542        March-2023        (65,692,094 )       (1,212,180 )       (1,212,180 )

U.S. Treasury Ultra Bonds

       14        March-2023        (1,984,500 )       (3,525 )       (3,525 )
                  

 

 

     

 

 

 

Subtotal-Short Futures Contracts

                     (1,777,790 )       (1,777,790 )
                  

 

 

     

 

 

 

Total Futures Contracts

                   $ (934,315 )     $ (934,315 )
                  

 

 

     

 

 

 

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

 

See accompanying notes which are an integral part of this schedule.


Schedule of Investments(a)

Invesco Ultra Short Duration ETF (GSY)

January 31, 2023

(Unaudited)

 

     Principal
Amount
   Value

U.S. Dollar Denominated Bonds & Notes-43.69%

 

Aerospace & Defense-0.68%

         

Boeing Co. (The), 1.17%, 02/04/2023

     $ 2,046,000      $      2,045,657

L3Harris Technologies, Inc., 3.85%, 06/15/2023

       12,000,000        11,947,953
         

 

 

 
            13,993,610
         

 

 

 

Agricultural & Farm Machinery-0.13%

         

John Deere Capital Corp., 1.20%, 04/06/2023

       2,687,000        2,670,336
         

 

 

 

Application Software-0.24%

         

Intuit, Inc., 0.65%, 07/15/2023

       5,000,000        4,904,112
         

 

 

 

Asset Management & Custody Banks-0.35%

 

    

Ares Capital Corp., 3.50%, 02/10/2023

       7,250,000        7,246,548
         

 

 

 

Automobile Manufacturers-5.40%

 

    

BMW US Capital LLC (Germany)

         

3.80%, 04/06/2023(b)

       10,000,000        9,982,625

0.75%, 08/12/2024(b)

       11,111,000        10,475,920

General Motors Financial Co., Inc., 1.20%, 10/15/2024

       8,824,000        8,248,594

Hyundai Capital America

         

2.38%, 02/10/2023(b)

       11,205,000        11,196,358

1.25%, 09/18/2023(b)

       12,730,000        12,413,511

1.00%, 09/17/2024(b)

       8,721,000        8,148,311

Mercedes-Benz Finance North America LLC (Germany)

         

3.35%, 02/22/2023(b)(c)

       21,462,000        21,448,267

5.50%, 11/27/2024(b)

       11,250,000        11,407,702

Toyota Motor Credit Corp., 4.80%, 01/10/2025

       6,154,000        6,178,268

Volkswagen Group of America Finance LLC (Germany)

         

3.13%, 05/12/2023(b)

       5,091,000        5,065,810

0.88%, 11/22/2023(b)

       7,000,000        6,756,004
         

 

 

 
            111,321,370
         

 

 

 

Consumer Finance-0.92%

         

Ally Financial, Inc., 1.45%, 10/02/2023

       5,309,000        5,184,614

Capital One Financial Corp., 2.60%, 05/11/2023

       13,823,000        13,741,872
         

 

 

 
            18,926,486
         

 

 

 

Data Processing & Outsourced Services-0.64%

 

    

Fidelity National Information Services, Inc., 0.38%, 03/01/2023

       3,571,000        3,559,652

PayPal Holdings, Inc., 1.35%, 06/01/2023(c)

       9,688,000        9,576,154
         

 

 

 
            13,135,806
         

 

 

 

Department Stores-0.70%

 

    

7-Eleven, Inc.

         

0.63%, 02/10/2023(b)

       5,882,000        5,875,852

0.80%, 02/10/2024(b)

       9,000,000        8,606,617
         

 

 

 
            14,482,469
         

 

 

 

Diversified Banks-12.37%

 

    

Banco Santander S.A. (Spain), 3.89%, 05/24/2024

       17,000,000        16,752,827

Bank of Montreal (Canada), 4.98% (SOFR + 0.71%), 03/08/2024(d)

       13,043,000        13,065,621

Bank of Nova Scotia (The) (Canada), 1.95%, 02/01/2023(c)

       25,000,000        25,000,000
     Principal
Amount
   Value

Diversified Banks-(continued)

         

Banque Federative du Credit Mutuel S.A. (France), 0.65%, 02/27/2024(b)

     $ 7,955,000      $        7,599,044

BPCE S.A. (France), 5.15%, 07/21/2024(b)

       5,040,000        4,988,042

Canadian Imperial Bank of Commerce (Canada)

         

0.45%, 06/22/2023

       15,000,000        14,749,109

0.95%, 06/23/2023(c)

       17,045,000        16,777,367

Commonwealth Bank of Australia (Australia), 5.08%, 01/10/2025(c)

       10,000,000        10,081,187

Cooperatieve Rabobank U.A. (Netherlands), 5.00%, 01/13/2025

       19,762,000        19,891,514

Credit Suisse AG (Switzerland), 1.00%, 05/05/2023

       13,636,000        13,473,861

Discover Bank, 3.35%, 02/06/2023

       25,000,000        24,995,941

JPMorgan Chase & Co., 0.65%, 09/16/2024(e)

       13,500,000        13,122,334

Lloyds Banking Group PLC (United Kingdom), 4.05%, 08/16/2023

       16,883,000        16,792,436

Mitsubishi UFJ Financial Group, Inc. (Japan), 3.46%, 03/02/2023

       11,785,000        11,774,252

National Bank of Canada (Canada), 2.10%, 02/01/2023

       25,000,000        25,000,000

Sumitomo Mitsui Financial Group, Inc. (Japan), 0.51%, 01/12/2024

       1,364,000        1,306,730

Sumitomo Mitsui Trust Bank Ltd. (Japan)

         

0.80%, 09/12/2023(b)

       11,102,000        10,817,280

2.55%, 03/10/2025(b)

       5,122,000        4,858,443

UBS AG (Switzerland), 0.70%, 08/09/2024(b)

       4,288,000        4,023,929
         

 

 

 
            255,069,917
         

 

 

 

Diversified Capital Markets-0.32%

 

    

Macquarie Group Ltd. (Australia), 1.20%, 10/14/2025(b)(e)

       7,143,000        6,618,838
         

 

 

 

Electric Utilities-2.24%

 

    

American Electric Power Co., Inc., Series M, 0.75%, 11/01/2023

       3,797,000        3,680,402

Florida Power & Light Co., 4.83% (SOFR + 0.25%), 05/10/2023(d)

       13,043,000        13,030,214

NextEra Energy Capital Holdings, Inc.

         

4.78% (SOFR + 0.54%), 03/01/2023(d)

       3,704,000        3,704,147

4.26%, 09/01/2024

       7,895,000        7,829,876

Southern Co. (The), Series 2021, 4.95% (SOFR + 0.37%), 05/10/2023(d)

       10,526,000        10,518,324

Tampa Electric Co., 3.88%, 07/12/2024

       3,188,000        3,130,864

Xcel Energy, Inc., 0.50%, 10/15/2023

       4,372,000        4,244,038
         

 

 

 
            46,137,865
         

 

 

 

Fertilizers & Agricultural Chemicals-0.25%

 

    

Nutrien Ltd. (Canada), 1.90%, 05/13/2023

       5,300,000        5,253,369
         

 

 

 

Gas Utilities-0.88%

         

Atmos Energy Corp., 5.10% (3 mo. USD LIBOR + 0.38%), 03/09/2023(d)

       9,756,000        9,755,690

CenterPoint Energy Resources Corp., 5.28% (3 mo. USD LIBOR + 0.50%), 03/02/2023(d)

       8,333,000        8,335,314
         

 

 

 
            18,091,004
         

 

 

 
 

 

See accompanying notes which are an integral part of this schedule.


Invesco Ultra Short Duration ETF (GSY)–(continued)

January 31, 2023

(Unaudited)

    

 

     Principal
Amount
   Value

Health Care Distributors-0.22%

         

AmerisourceBergen Corp., 0.74%, 03/15/2023

     $ 4,588,000      $        4,565,742
         

 

 

 

Integrated Telecommunication Services-0.99%

 

    

AT&T, Inc., 5.11% (SOFR + 0.64%), 03/25/2024(d)

       9,917,000        9,917,544

Verizon Communications, Inc., 4.82% (SOFR + 0.50%), 03/22/2024(d)

       10,417,000        10,396,277
         

 

 

 
            20,313,821
         

 

 

 

Investment Banking & Brokerage-2.10%

 

    

Goldman Sachs Group, Inc. (The)

         

3.00%, 03/15/2024

       14,085,000        13,808,239

5.70%, 11/01/2024

       4,165,000        4,227,542

Morgan Stanley

         

4.60% (SOFR + 0.47%), 11/10/2023(d)

       6,000,000        5,998,607

5.18% (SOFR + 0.63%), 01/24/2025(d)

       7,228,000        7,189,351

3.62%, 04/17/2025(e)

       12,230,000        12,011,512
         

 

 

 
            43,235,251
         

 

 

 

Life & Health Insurance-5.89%

 

    

Athene Global Funding

         

2.80%, 05/26/2023(b)

       17,500,000        17,380,059

0.95%, 01/08/2024(b)

       5,000,000        4,796,310

2.51%, 03/08/2024(b)

       10,173,000        9,814,607

5.28% (SOFR + 0.70%),
05/24/2024(b)(d)

       9,750,000        9,668,510

Brighthouse Financial Global Funding

         

0.60%, 06/28/2023(b)

       3,255,000        3,196,373

1.75%, 01/13/2025(b)

       12,727,000        11,827,588

GA Global Funding Trust, 0.80%, 09/13/2024(b)

       10,909,000        10,087,308

Jackson National Life Global Funding, 5.50%, 01/09/2026(b)

       16,667,000        16,906,354

MassMutual Global Funding II, 4.68% (SOFR + 0.36%), 04/12/2024(b)(d)

       15,022,000        15,013,469

New York Life Global Funding, 1.10%, 05/05/2023(b)(c)

       3,243,000        3,212,530

Principal Life Global Funding II, 4.77% (SOFR + 0.45%), 04/12/2024(b)(d)

       5,882,000        5,858,803

Protective Life Global Funding

         

0.63%, 10/13/2023(b)

       3,192,000        3,097,227

5.37%, 01/06/2026(b)

       10,339,000        10,532,701
         

 

 

 
            121,391,839
         

 

 

 

Life Sciences Tools & Services-0.62%

 

    

Thermo Fisher Scientific, Inc., 0.80%, 10/18/2023

       13,208,000        12,835,163
         

 

 

 

Managed Health Care-0.14%

 

    

Humana, Inc., 0.65%, 08/03/2023

       2,917,000        2,852,687
         

 

 

 

Multi-line Insurance-0.85%

 

    

Metropolitan Life Global Funding I, 5.00%, 01/06/2026(b)

       17,241,000        17,474,815
         

 

 

 

Multi-Utilities-0.37%

 

    

Dominion Energy, Inc., Series D, 5.30% (3 mo. USD LIBOR + 0.53%), 09/15/2023(d)

       7,692,000        7,702,628
         

 

 

 

Oil & Gas Exploration & Production-0.17%

 

    

Pioneer Natural Resources Co., 0.55%, 05/15/2023

       3,509,000        3,466,076
         

 

 

 

Oil & Gas Refining & Marketing-0.29%

 

    

Phillips 66, 0.90%, 02/15/2024

       6,250,000        5,992,113
         

 

 

 
     Principal
Amount
   Value

Oil & Gas Storage & Transportation-1.88%

 

    

Enbridge, Inc. (Canada)

         

4.56% (SOFR + 0.40%), 02/17/2023(d)

     $ 3,571,000      $        3,570,883

4.00%, 10/01/2023

       15,000,000        14,896,457

5.20% (SOFR + 0.63%), 02/16/2024(d)

       4,606,000        4,590,603

Enterprise Products Operating LLC, 3.35%, 03/15/2023

       3,650,000        3,643,672

Kinder Morgan, Inc., 5.63%, 11/15/2023(b)

       12,000,000        12,026,260
         

 

 

 
            38,727,875
         

 

 

 

Other Diversified Financial Services-0.35%

 

    

Corebridge Global Funding, 0.80%, 07/07/2023(b)

       7,317,000        7,187,314
         

 

 

 

Packaged Foods & Meats-0.20%

 

    

Conagra Brands, Inc., 0.50%, 08/11/2023

       4,327,000        4,225,231
         

 

 

 

Pharmaceuticals-0.59%

 

    

Bristol-Myers Squibb Co., 0.54%, 11/13/2023

       12,500,000        12,091,774
         

 

 

 

Real Estate Development-0.34%

 

    

Piedmont Operating Partnership L.P., 3.40%, 06/01/2023

       7,000,000        6,956,973
         

 

 

 

Regional Banks-0.36%

         

ANZ New Zealand (Int’l) Ltd. (New Zealand), 4.77% (SOFR + 0.60%), 02/18/2025(b)(d)

       7,500,000        7,483,022
         

 

 

 

Restaurants-0.31%

         

Starbucks Corp., 4.55% (SOFR + 0.42%), 02/14/2024(d)

       6,318,000        6,303,542
         

 

 

 

Retail REITs-0.18%

         

Realty Income Corp., 5.05%, 01/13/2026

       3,687,000        3,697,553
         

 

 

 

Specialized Finance-0.57%

         

Blackstone Private Credit Fund, 2.70%, 01/15/2025

       12,645,000        11,841,860
         

 

 

 

Specialized REITs-0.56%

         

Crown Castle, Inc., 3.15%, 07/15/2023

       11,626,000        11,538,808
         

 

 

 

Specialty Chemicals-0.23%

         

Sherwin-Williams Co. (The), 4.05%, 08/08/2024

       4,808,000        4,754,730
         

 

 

 

Systems Software-0.38%

         

VMware, Inc., 0.60%, 08/15/2023

       8,064,000        7,881,684
         

 

 

 

Technology Hardware, Storage & Peripherals-0.34%

 

Apple, Inc., 0.75%, 05/11/2023

       7,143,000        7,065,693
         

 

 

 

Trading Companies & Distributors-0.64%

 

    

Air Lease Corp.

         

3.00%, 09/15/2023

       7,000,000        6,914,969

0.80%, 08/18/2024

       6,650,000        6,197,774
         

 

 

 
            13,112,743
         

 

 

 

Total U.S. Dollar Denominated Bonds & Notes
(Cost $912,423,275)

 

       900,550,667
         

 

 

 

Asset-Backed Securities-13.58%

 

ABPCI Direct Lending Fund CLO II LLC (Cayman Islands), Series 2017-1A, Class A1R, 6.41% (3 mo. USD LIBOR + 1.60%), 04/20/2032(b)(d)

       2,000,000        1,966,544
 

 

See accompanying notes which are an integral part of this schedule.


Invesco Ultra Short Duration ETF (GSY)–(continued)

January 31, 2023

(Unaudited)

    

 

     Principal
Amount
   Value

Angel Oak Mortgage Trust

         

Series 2020-1, Class A1, 2.16%, 12/25/2059(b)(f)

     $ 1,344,286      $        1,280,681

Series 2020-5, Class A1, 1.37%, 05/25/2065(b)(f)

       2,363,905        2,177,822

Series 2021-3, Class A1, 1.07%, 05/25/2066(b)(f)

       6,546,227        5,600,495

Angel Oak Mortgage Trust I LLC

         

Series 2019-1, Class A1, 3.92%, 11/25/2048(b)(f)

       45,773        45,581

Series 2019-4, Class A1, 2.99%, 07/26/2049(b)(f)

       108,365        107,767

Atrium XIII (Cayman Islands), Series 13A, Class A1, 6.00% (3 mo. USD LIBOR + 1.18%), 11/21/2030(b)(d)

       2,985,427        2,971,721

Bear Stearns Asset Backed Securities I Trust, Series 2006-HE9, Class 2A, 4.65% (1 mo. USD LIBOR + 0.14%), 11/25/2036(d)

       835,247        809,672

BINOM Securitization Trust, Series 2021- INV1, Class A1, 2.03%, 06/25/2056(b)(f)

       4,286,573        3,850,628

BRAVO Residential Funding Trust, Series 2021-NQM2, Class A1, 0.97%, 03/25/2060(b)(f)

       2,995,376        2,844,540

CBAM Ltd. (Cayman Islands), Series 2018- 5A, Class A, 5.81% (3 mo. USD LIBOR + 1.02%), 04/17/2031(b)(d)

       6,250,000        6,179,675

CIT Mortgage Loan Trust, Series 2007-1, Class 1A, 5.86% (1 mo. USD LIBOR + 1.35%), 10/25/2037(b)(d)

       299,555        298,441

COLT Mortgage Loan Trust

         

Series 2020-2R, Class A1, 1.33%, 10/26/2065(b)(f)

       2,033,501        1,847,933

Series 2021-4, Class A1, 1.40%, 10/25/2066(b)(f)

       12,661,420        10,592,205

Countrywide Asset-Backed Ctfs. Trust, Series 2006-6, Class 1A1, 4.85% (1 mo. USD LIBOR + 0.34%), 09/25/2036(d)

       13,916        13,908

CSMC Trust, Series 2014-2R, Class 27A1, 3.70% (1 mo. USD LIBOR + 0.20%), 02/27/2046(b)(d)

       41,037        40,587

CWABS, Inc. Asset-Backed Ctfs. Trust, Series 2004-4, Class M1, 5.23% (1 mo. USD LIBOR + 0.72%), 07/25/2034(d)

       682,756        671,543

Deephaven Residential Mortgage Trust, Series 2021-2, Class A1, 0.90%, 04/25/2066(b)(f)

       5,714,414        4,985,256

Dryden 30 Senior Loan Fund (Cayman Islands), Series 2013-30A, Class AR, 5.43% (3 mo. USD LIBOR + 0.82%), 11/15/2028(b)(d)

       12,611,326        12,531,497

Ellington Financial Mortgage Trust

         

Series 2019-2, Class A1, 2.74%, 11/25/2059(b)(f)

       1,570,682        1,487,294

Series 2020-2, Class A1, 1.18%, 10/25/2065(b)(f)

       364,045        331,368

FS KKR MM CLO 1 LLC, Series 2019-1A, Class A1R, 6.64% (3 mo. USD LIBOR + 1.85%), 01/15/2031(b)(d)

       9,000,000        8,924,085
     Principal
Amount
   Value

GoldenTree Loan Management US CLO 2 Ltd. (Cayman Islands), Series 2017-2A, Class AR, 5.72% (3 mo. USD LIBOR + 0.91%), 11/20/2030(b)(d)

     $ 10,000,000      $        9,928,760

GoldenTree Loan Opportunities IX Ltd. (Cayman Islands), Series 2014-9A, Class AR2, 5.91% (3 mo. USD LIBOR + 1.11%), 10/29/2029(b)(d)

       9,693,067        9,655,536

Golub Capital Partners CLO 34(M) Ltd. (Cayman Islands), Series 2017-34A, Class AR2, 5.98% (3 mo. USD LIBOR + 1.45%), 03/14/2031(b)(d)

       14,000,000        13,821,752

Golub Capital Partners CLO 36(M) Ltd. (Cayman Islands), Series 2018-36A, Class A, 5.83% (3 mo. USD LIBOR + 1.30%), 02/05/2031(b)(d)

       5,000,000        4,937,510

Golub Capital Partners CLO 45(M) Ltd. (Cayman Islands), Series 2019-45A, Class A, 6.53% (3 mo. USD LIBOR + 1.72%), 10/20/2031(b)(d)

       5,000,000        4,964,055

Golub Capital Partners CLO 47(M) Ltd. (Cayman Islands), Series 2020-47A, Class A1, 6.21% (3 mo. USD LIBOR + 1.68%), 05/05/2032(b)(d)

       10,000,000        9,861,530

GS Mortgage-Backed Securities Trust, Series 2020-NQM1, Class A1, 1.38%, 09/27/2060(b)(f)

       2,010,520        1,851,407

HSI Asset Securitization Corp. Trust, Series 2006-OPT2, Class M2, 5.09% (1 mo. USD LIBOR + 0.59%), 01/25/2036(d)

       875,471        853,676

JP Morgan Mortgage Trust, Series 2021- LTV2, Class A1, 2.52%, 05/25/2052(b)(f)

       9,748,457        8,186,898

KKR CLO 21 Ltd. (Cayman Islands), Series A, 5.65% (3 mo. USD LIBOR + 1.00%), 04/15/2031(b)(d)

       2,000,000        1,978,296

Nationstar Home Equity Loan Trust, Series 2007-B, Class 1AV1, 4.73% (1 mo. USD LIBOR + 0.22%), 04/25/2037(d)

       490,412        487,418

Navient Private Education Refi Loan Trust

         

Series 2020-FA, Class A, 1.22%, 07/15/2069(b)

       2,238,471        2,022,349

Series 2021-FA, Class A, 1.11%, 02/18/2070(b)

       4,010,003        3,434,090

Neuberger Berman CLO XIV Ltd. (Cayman Islands), Series 2013-14A, Class AR2, 5.83% (3 mo. USD LIBOR + 1.03%), 01/28/2030(b)(d)

       9,589,083        9,534,923

Neuberger Berman Loan Advisers CLO 25 Ltd. (Cayman Islands), Series 2017-25A, Class AR, 5.72% (3 mo. USD LIBOR + 0.93%), 10/18/2029(b)(d)

       9,750,000        9,677,811

New Residential Mortgage Loan Trust

         

Series 2017-5A, Class A1, 6.01% (1 mo. USD LIBOR + 1.50%), 06/25/2057(b)(d)

       323,986        319,746

Series 2019-NQM4, Class A1, 2.49%, 09/25/2059(b)(f)

       2,034,409        1,906,718

Series 2020-NQM1, Class A1, 2.46%, 01/26/2060(b)(f)

       1,320,565        1,226,357
 

 

See accompanying notes which are an integral part of this schedule.


Invesco Ultra Short Duration ETF (GSY)–(continued)

January 31, 2023

(Unaudited)

    

 

     Principal
Amount
   Value

OBX Trust

         

Series 2018-EXP1, Class 2A1, 5.36% (1 mo. USD LIBOR + 0.85%), 04/25/2048(b)(d)

     $    177,047      $           175,356

Series 2021-NQM2, Class A1, 1.10%, 05/25/2061(b)(f)

       9,614,560        7,758,485

OCP CLO Ltd. (Cayman Islands), Series 2014-7A, Class A1RR, 5.93% (3 mo. USD LIBOR + 1.12%), 07/20/2029(b)(d)

       6,033,094        6,001,637

Octagon Investment Partners XVII Ltd. (Cayman Islands), Series 2013-1A, Class A1R2, 5.82% (3 mo. USD LIBOR + 1.00%), 01/25/2031(b)(d)

       5,000,000        4,963,880

Race Point VIII CLO Ltd. (Cayman Islands), Series 2013-8A, Class AR2, 5.72% (3 mo. USD LIBOR + 1.04%), 02/20/2030(b)(d)

       9,363,266        9,318,725

Residential Mortgage Loan Trust

         

Series 2019-3, Class A1, 2.63%, 09/25/2059(b)(f)

       1,059,278        1,039,484

Series 2020-1, Class A1, 2.38%, 01/26/2060(b)(f)

       1,220,815        1,173,547

STAR Trust, Series 2021-SFR1, Class A, 5.06% (1 mo. USD LIBOR + 0.60%), 04/17/2038(b)(d)

       19,739,680        19,318,733

Starwood Mortgage Residential Trust

         

Series 2020-1, Class A1, 2.28%, 02/25/2050(b)(f)

       254,428        245,763

Series 2020-INV1, Class A1, 1.03%, 11/25/2055(b)(f)

       3,198,281        2,847,382

Series 2021-2, Class A1, 0.94%, 05/25/2065(b)(f)

       3,180,272        2,972,842

Series 2021-4, Class A1, 1.16%, 08/25/2056(b)(f)

       9,551,903        8,067,353

Series 2021-6, Class A1, 1.92%, 11/25/2066(b)(f)

       10,280,883        8,840,853

Stratus CLO Ltd. (Cayman Islands), Series 2021-2A, Class A, 5.71% (3 mo. USD LIBOR + 0.90%), 12/28/2029(b)(d)

       10,243,452        10,163,000

TICP CLO II-2 Ltd. (Cayman Islands), Series 2018-IIA, Class A1, 5.08% (3 mo. USD LIBOR + 0.84%), 04/20/2028(b)(d)

       1,770,045        1,763,820

TRK Trust, Series 2021-INV1, Class A1, 1.15%, 07/25/2056(b)(f)

       7,123,877        6,222,017

Verus Securitization Trust

         

Series 2020-1, Class A1, 2.42%, 01/25/2060(b)(g)

       1,511,741        1,441,827

Series 2020-5, Class A1, 1.22%, 05/25/2065(b)(g)

       3,354,143        3,094,884

Series 2021-4, Class A1, 0.94%, 07/25/2066(b)(f)

       10,498,532        8,662,612

Series 2022-INV2, Class A1, 6.79%, 10/25/2067(b)(g)

       8,837,348        9,024,193

Visio Trust, Series 2020-1R, Class A1, 1.31%, 11/25/2055(b)

       2,908,460        2,652,987
         

 

 

 

Total Asset-Backed Securities
(Cost $297,627,669)

            279,957,455
         

 

 

 
     Principal
Amount
   Value

U.S. Treasury Securities-1.88%

 

    

U.S. Treasury Bills-1.88%

 

    

4.12%–4.37%, 10/05/2023(h)
(Cost $38,872,184)

     $ 40,000,000      $      38,768,907
         

 

 

 

Variable Rate Senior Loan Interests-0.06%(i)(j)

 

Aerospace & Defense-0.06%

 

    

Fly Funding II S.a.r.l. (India), Term Loan B, 4.62% (3 mo. USD LIBOR + 1.75%), 08/09/2025
(Cost $1,545,886)

       1,549,414        1,345,860
         

 

 

 

Commercial Paper-37.55%(h)

 

    

Arrow Electronics, Inc.

         

5.17%, 02/16/2023(b)

       30,000,000        29,932,400

5.20%, 02/21/2023(b)

       5,000,000        4,984,857

AutoNation, Inc.

         

4.96%, 02/02/2023(b)

       19,200,000        19,194,814

5.01%, 02/06/2023(b)

       8,300,000        8,293,117

Barclays Capital, Inc., 1.06%, 02/02/2023

       36,900,000        36,891,054

Brookfield Infrastructure Holdings Canada Inc., 5.05%, 03/02/2023

       10,000,000        9,960,042

Conagra Brands, Inc., 5.17%, 02/28/2023(b)

       10,000,000        9,960,341

Constellation Brands, Inc.

         

5.01%–5.04%, 02/06/2023(b)

       17,500,000        17,485,487

5.05%, 02/13/2023(b)

       15,000,000        14,972,803

Constellation Energy Generation LLC

         

5.07%, 02/10/2023(b)

       11,000,000        10,984,053

5.02%, 02/14/2023(b)

       12,500,000        12,474,474

5.03%, 02/22/2023(b)

       20,000,000        19,935,577

Crown Castle, Inc.

         

5.20%, 02/02/2023(b)

       8,500,000        8,497,705

5.06%, 02/14/2023(b)

       3,000,000        2,994,162

5.33%–5.33%, 02/23/2023(b)

       14,180,000        14,134,558

Dollarama, Inc.

         

4.91%, 02/10/2023(b)

       5,800,000        5,792,407

4.96%, 02/17/2023(b)

       14,000,000        13,968,723

E.ON SE, 4.87%, 02/13/2023(b)

       15,000,000        14,974,428

Electricite de France S.A.

         

4.96%, 02/06/2023(b)

       22,500,000        22,482,529

4.79%, 02/09/2023(b)

       7,000,000        6,991,792

Enel Finance America LLC

         

3.30%, 04/17/2023(b)

       15,000,000        14,823,870

7.00%, 09/06/2023(b)

       15,000,000        14,460,087

Energy Transfer L.P., 5.00%, 02/01/2023

       10,000,000        9,998,657

ENGIE S.A., 4.43%, 02/03/2023(b)

       3,500,000        3,498,692

Fidelity National Information Services, Inc., 4.87%, 02/27/2023(b)

       28,000,000        27,900,838

Fiserv, Inc., 4.68%, 02/02/2023(b)

       20,000,000        19,994,912

General Motors Financial Co., Inc.

         

5.72%, 04/12/2023(b)

       10,000,000        9,896,024

4.27%, 06/06/2023(b)

       12,500,000        12,257,844

Harley-Davidson Financial Services, Inc.

         

4.91%, 02/02/2023(b)

       4,700,000        4,698,783

5.22%, 02/16/2023(b)

       7,500,000        7,483,820

5.03%–5.22%, 02/21/2023(b)

       16,000,000        15,954,341

5.53%–5.53%, 04/19/2023(b)

       15,000,000        14,830,317

HSBC USA, Inc., 4.91% (SOFR + 0.35%), 02/10/2023(d)

       14,000,000        14,000,815

Humana, Inc., 4.87%, 02/08/2023(b)

       3,500,000        3,496,261

Jabil, Inc., 5.24%–5.24%, 02/13/2023(b)

       42,000,000        41,921,088

Leidos Inc., 4.91%–4.91%, 02/02/2023(b)

       24,500,000        24,493,262
 

 

See accompanying notes which are an integral part of this schedule.


Invesco Ultra Short Duration ETF (GSY)–(continued)

January 31, 2023

(Unaudited)

    

 

     Principal
Amount
   Value

Macquarie Bank Ltd., 4.91% (SOFR + 0.60%), 03/02/2023(b)(d)

     $ 20,000,000      $ 20,007,190

Mitsubishi HC Capital America, Inc., 4.87%, 02/21/2023

       20,000,000        19,944,093

Mitsubishi HC Finance America LLC

         

4.84%, 02/06/2023

       15,000,000        14,988,310

4.84%, 02/08/2023

       5,000,000        4,994,769

Nutrien Financial US LLC

         

4.86%, 02/13/2023(b)

       10,000,000        9,982,952

4.83%, 02/14/2023(b)

       10,000,000        9,981,633

Oglethorpe Power Corp.

         

4.87%, 02/06/2023(b)

       10,000,000        9,992,015

4.73%, 02/27/2023(b)

       12,000,000        11,955,720

Oracle Corp., 4.71%, 02/16/2023(b)

       10,000,000        9,979,080

Regatta Funding Co. LLC, 2.84%, 05/16/2023(b)

       10,000,000        9,860,729

Societe Generale S.A., 5.60%, 11/14/2023(b)

       15,000,000        14,397,300

VF Corp., 4.89%, 03/02/2023(b)

       18,500,000        18,429,006

Vulcan Materials Co., 4.69%, 02/07/2023(b)

       10,000,000        9,990,560

Walgreens Boots Alliance, Inc., 5.03%,

         

02/06/2023(b)

       7,000,000        6,994,428

WGL Holdings, Inc.

         

5.22%, 02/07/2023(b)

       5,000,000        4,995,562

5.19%, 02/08/2023(b)

       10,000,000        9,989,851

5.22%, 02/13/2023(b)

       13,500,000        13,477,692

5.32%, 02/16/2023(b)

       10,000,000        9,979,640

White Plains Capital Co. LLC

         

3.98%, 02/01/2023(b)

       20,000,000        19,997,494

5.70%, 07/18/2023(b)

       20,000,000        19,515,973
         

 

 

 

Total Commercial Paper
(Cost $774,196,171)

 

          774,068,931
         

 

 

 
     Repurchase
Amount
    

Repurchase Agreements-3.88%(k)

 

Citigroup Global Markets, Inc., joint term agreement dated 10/19/2022, aggregate maturing value of $264,052,768 (collateralized by non-agency mortgage-backed securities valued at $289,341,637; 0.00% - 8.71%; 06/15/2026 - 04/01/2069), 4.97%, 02/01/2023(l)

       50,200,146        50,000,000
     Repurchase
Amount
   Value

J.P. Morgan Securities LLC, joint open agreement dated 06/11/2021 (collateralized by corporate obligations valued at $82,500,000; 2.40% - 13.38%; 02/15/2023 - 06/03/2050), 4.62%, 02/01/2023(m)

     $ 30,111,658      $ 30,000,000
         

 

 

 

Total Repurchase Agreements
(Cost $80,000,000)

 

       80,000,000
         

 

 

 
     Principal
Amount
    

Certificate of Deposit-0.13%

         

Diversified Banks-0.13%

         

Sumitomo Mitsui Banking Corp. (Japan), 3.00%, 07/03/2023
(Cost $2,700,000)

       2,700,000        2,677,697
         

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.77%
(Cost $2,107,365,185)

 

       2,077,369,517
         

 

 

 
     Shares     
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-0.15%

 

    

Invesco Private Government Fund, 4.36%(n)(o)(p)

       838,775        838,775

Invesco Private Prime Fund,
4.59%(n)(o)(p)

       2,156,602        2,157,249
         

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $2,996,024)

 

       2,996,024
         

 

 

 

TOTAL INVESTMENTS IN SECURITIES-100.92%
(Cost $2,110,361,209)

 

       2,080,365,541

OTHER ASSETS LESS LIABILITIES-(0.92)%

 

       (18,998,788 )
         

 

 

 

NET ASSETS-100.00%

          $ 2,061,366,753
         

 

 

 
 

 

See accompanying notes which are an integral part of this schedule.


Invesco Ultra Short Duration ETF (GSY)–(continued)

January 31, 2023

(Unaudited)

    

 

Investment Abbreviations:

CLO  -Collateralized Loan Obligation

Ctfs.  -Certificates

LIBOR -London Interbank Offered Rate

REIT -Real Estate Investment Trust

SOFR -Secured Overnight Financing Rate

USD  -U.S. Dollar

Notes to Schedule of Investments:

 

(a) 

Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

(b) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at January 31, 2023 was $1,256,258,232, which represented 60.94% of the Fund’s Net Assets.

(c) 

All or a portion of this security was out on loan at January 31, 2023.

(d) 

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on January 31, 2023.

(e) 

Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

(f) 

Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on January 31, 2023.

(g) 

Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

(h) 

Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

(i) 

Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years.

(j) 

Variable rate senior loan interests are, at present, not readily marketable, not registered under the 1933 Act and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the LIBOR, on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

(k) 

Principal amount equals value at period end.

(l) 

Interest rate is redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

(m) 

Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

(n) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended January 31, 2023.

 

     Value
October 31, 2022
   Purchases
at Cost
   Proceeds
from Sales
  Change in
Unrealized
Appreciation
   Realized
  Gain  
  

Value

January 31, 2023

   Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                                  

Invesco Private Government Fund

     $ 546,142      $ 6,069,200      $ (5,776,567 )     $ -      $ -      $ 838,775      $ 8,358 *

Invesco Private Prime Fund

       1,404,000        9,643,771        (8,890,655 )       -        133        2,157,249        22,451 *
    

 

 

      

 

 

      

 

 

     

 

 

      

 

 

      

 

 

      

 

 

 

Total

     $ 1,950,142      $ 15,712,971      $ (14,667,222 )     $ -      $ 133      $ 2,996,024      $ 30,809
    

 

 

      

 

 

      

 

 

     

 

 

      

 

 

      

 

 

      

 

 

 

 

*

Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

 

(o) 

The rate shown is the 7-day SEC standardized yield as of January 31, 2023.

(p) 

The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

 

See accompanying notes which are an integral part of this schedule.


Schedule of Investments(a)

Invesco Variable Rate Investment Grade ETF (VRIG)

January 31, 2023

(Unaudited)

 

       Principal  
Amount
   Value

U.S. Dollar Denominated Bonds & Notes-46.51%

 

Agricultural & Farm Machinery-0.12%

         

John Deere Capital Corp., 4.87% (SOFR + 0.56%), 03/07/2025(b)(c)

     $ 678,000      $        677,891
         

 

 

 

Auto Parts & Equipment-0.36%

         

American Honda Finance Corp., 5.23% (3 mo. USD LIBOR + 0.37%), 05/10/2023(c)

         2,000,000        2,000,916
         

 

 

 

Automobile Manufacturers-2.63%

         

BMW US Capital LLC (Germany), 5.32% (SOFR + 0.84%), 04/01/2025(c)(d)

       897,000        895,112

Ford Motor Credit Co. LLC, 7.40% (SOFR + 2.95%), 03/06/2026(c)

       3,000,000        3,027,512

General Motors Financial Co., Inc.

         

5.12% (SOFR + 0.76%), 03/08/2024(c)

       1,154,000        1,146,065

5.80% (SOFR + 1.30%), 04/07/2025(c)

       2,500,000        2,480,159

Toyota Motor Credit Corp.

         

4.70% (SOFR + 0.26%),
06/18/2024(b)(c)

       3,000,000        2,993,331

4.88% (SOFR + 0.56%), 01/10/2025(c)

       2,500,000        2,502,530

Volkswagen Group of America Finance LLC (Germany), 5.29% (SOFR + 0.95%), 06/07/2024(c)(d)

       1,667,000        1,665,788
         

 

 

 
            14,710,497
         

 

 

 

Construction Machinery & Heavy Trucks-1.16%

 

Daimler Trucks Finance North America LLC (Germany)

         

5.49% (SOFR + 1.00%),
04/05/2024(c)(d)

       3,500,000        3,501,861

5.17% (SOFR + 0.75%),
12/13/2024(c)(d)

       3,000,000        2,983,063
         

 

 

 
            6,484,924
         

 

 

 

Consumer Finance-1.60%

         

American Express Co., 4.80% (SOFR + 0.23%), 11/03/2023(c)

       2,500,000        2,496,916

Capital One Financial Corp.

         

5.05% (SOFR + 0.69%),
12/06/2024(b)(c)

       3,000,000        2,970,895

5.93% (SOFR + 1.35%),
05/09/2025(b)(c)

       3,499,000        3,479,256
         

 

 

 
            8,947,067
         

 

 

 

Diversified Banks-18.07%

         

Banco Santander S.A. (Spain), 5.82% (SOFR + 1.24%), 05/24/2024(c)

       2,600,000        2,608,253

Bank of America Corp.

         

5.56% (3 mo. USD LIBOR + 0.79%), 03/05/2024(c)

       3,750,000        3,751,534

5.28% (SOFR + 0.73%), 10/24/2024(c)

       2,000,000        2,000,395

5.65% (SOFR + 1.10%),
04/25/2025(b)(c)

       3,500,000        3,507,605

5.58% (3 mo. USD LIBOR + 0.77%), 02/05/2026(c)

       1,042,000        1,040,639

5.53% (3 mo. USD LIBOR + 0.76%), 09/15/2026(b)(c)

       2,696,000        2,663,786

5.62% (SOFR + 1.05%), 02/04/2028(c)

       1,685,000        1,660,429

Bank of Nova Scotia (The) (Canada), 4.86% (SOFR + 0.55%), 03/02/2026(c)

       2,500,000        2,459,134

Barclays PLC (United Kingdom), 6.25% (3 mo. USD LIBOR + 1.38%), 05/16/2024(c)

       3,000,000        3,005,219

Canadian Imperial Bank of Commerce (Canada), 5.25% (SOFR + 0.80%), 03/17/2023(c)

       3,000,000        3,001,998
       Principal  
Amount
   Value

Diversified Banks-(continued)

         

Citigroup, Inc.

         

5.78% (3 mo. USD LIBOR + 1.02%), 06/01/2024(c)

     $ 4,010,000      $         4,019,198

5.23% (SOFR + 0.67%), 05/01/2025(c)

         2,500,000        2,477,861

5.95% (SOFR + 1.37%), 05/24/2025(c)

       3,000,000        3,010,004

6.00% (3 mo. USD LIBOR + 1.25%), 07/01/2026(c)

       1,882,000        1,905,625

Commonwealth Bank of Australia (Australia), 4.94% (SOFR + 0.52%), 06/15/2026(b)(c)(d)

       3,000,000        2,968,751

HSBC Holdings PLC (United Kingdom)

         

5.78% (SOFR + 1.43%),
03/10/2026(b)(c)

       3,500,000        3,497,457

6.12% (3 mo. USD LIBOR + 1.38%), 09/12/2026(c)

       3,000,000        2,963,861

ING Groep N.V. (Netherlands)

 

    

5.75% (3 mo. USD LIBOR + 1.00%), 10/02/2023(c)

       4,950,000        4,966,228

6.10% (SOFR + 1.64%),
03/28/2026(b)(c)

       2,500,000        2,505,746

5.48% (SOFR + 1.01%),
04/01/2027(b)(c)

       2,999,000        2,911,913

JPMorgan Chase & Co.

         

4.84% (SOFR + 0.54%), 06/01/2025(c)

       4,000,000        3,967,398

4.98% (SOFR + 0.60%), 12/10/2025(c)

       3,000,000        2,964,222

5.87% (SOFR + 1.32%), 04/26/2026(c)

       2,400,000        2,411,563

Mitsubishi UFJ Financial Group, Inc. (Japan), 6.17% (SOFR + 1.65%), 07/18/2025(b)(c)

       2,500,000        2,512,027

NatWest Group PLC (United Kingdom), 6.27% (3 mo. USD LIBOR + 1.55%), 06/25/2024(b)(c)

       4,000,000        4,011,222

NatWest Markets PLC (United Kingdom), 5.11% (SOFR + 0.53%),
08/12/2024(c)(d) .

       571,000        566,325

Nordea Bank Abp (Finland), 5.67% (3 mo. USD LIBOR + 0.94%), 08/30/2023(c)(d)

       2,987,000        2,995,119

Royal Bank of Canada (Canada), 5.36% (SOFR + 0.84%), 04/14/2025(c)

       4,000,000        4,003,046

Societe Generale S.A. (France), 5.59% (SOFR + 1.05%), 01/21/2026(c)(d)

       3,000,000        2,946,698

Standard Chartered PLC (United Kingdom), 6.22% (SOFR + 1.74%), 03/30/2026(c)(d)

       3,108,000        3,105,741

Sumitomo Mitsui Financial Group, Inc. (Japan), 5.94% (SOFR + 1.43%), 01/13/2026(b)(c)

       2,000,000        2,012,559

Swedbank AB (Sweden), 5.39% (SOFR + 0.91%), 04/04/2025(c)(d)

       4,615,000        4,601,270

Truist Bank

         

5.10% (SOFR + 0.73%), 03/09/2023(c)

       2,000,000        2,001,301

4.72% (SOFR + 0.20%), 01/17/2024(c)

       3,000,000        2,992,697

USB Realty Corp., 5.98% (3 mo. USD LIBOR + 1.15%)(c)(d)(e)

       1,100,000        867,011

Wells Fargo & Co., 5.87% (SOFR + 1.32%), 04/25/2026(c)

       2,000,000        2,009,270
         

 

 

 
            100,893,105
         

 

 

 

Electric Utilities-2.44%

         

American Electric Power Co., Inc., Series A, 5.29% (3 mo. USD LIBOR + 0.48%), 11/01/2023(c)

       3,000,000        2,988,681

Eversource Energy, Series T, 4.82% (SOFR + 0.25%), 08/15/2023(c)

       3,000,000        2,993,820

Florida Power & Light Co., 4.83% (SOFR + 0.25%), 05/10/2023(c)

       1,478,000        1,476,551
 

 

See accompanying notes which are an integral part of this schedule.


Invesco Variable Rate Investment Grade ETF (VRIG)–(continued)

January 31, 2023

(Unaudited)

    

 

       Principal  
Amount
   Value

Electric Utilities-(continued)

         

NextEra Energy Capital Holdings, Inc., 5.47% (SOFR + 1.02%),
03/21/2024(b)(c)

     $  4,850,000      $        4,845,442

Southern Co. (The), Series 2021, 4.95% (SOFR + 0.37%), 05/10/2023(c)

       1,316,000        1,315,040
         

 

 

 
            13,619,534
         

 

 

 

Gas Utilities-0.58%

         

CenterPoint Energy Resources Corp., 5.28% (3 mo. USD LIBOR + 0.50%), 03/02/2023(c)

       3,250,000        3,250,902
         

 

 

 

Health Care Equipment-0.53%

         

Baxter International, Inc., 4.57% (SOFR + 0.26%), 12/01/2023(c)

       3,000,000        2,982,379
         

 

 

 

Health Care Services-1.20%

 

    

Cigna Corp., 5.68% (3 mo. USD LIBOR + 0.89%), 07/15/2023(c)

       4,543,000        4,554,529

Roche Holdings, Inc., 4.57% (SOFR + 0.24%), 03/05/2024(c)(d)

       2,161,000        2,156,877
         

 

 

 
            6,711,406
         

 

 

 

Integrated Telecommunication Services-2.28%

 

AT&T, Inc.

         

5.54% (3 mo. USD LIBOR + 0.89%), 02/15/2023(c)

       2,669,000        2,669,791

5.92% (3 mo. USD LIBOR + 1.18%), 06/12/2024(c)

       3,832,000        3,873,487

Verizon Communications, Inc.

         

5.96% (3 mo. USD LIBOR + 1.10%), 05/15/2025(c)

       4,127,000        4,184,626

5.23% (SOFR + 0.79%), 03/20/2026(c)

       2,000,000        1,994,105
         

 

 

 
            12,722,009
         

 

 

 

Investment Banking & Brokerage-3.59%

 

    

Charles Schwab Corp. (The)

         

5.10% (SOFR + 0.52%), 05/13/2026(c)

       4,303,000        4,203,096

5.37% (SOFR + 1.05%),
03/03/2027(b)(c)

       4,000,000        3,977,096

Goldman Sachs Group, Inc. (The)

         

5.44% (3 mo. USD LIBOR + 0.75%), 02/23/2023(c)

       3,000,000        3,001,151

4.95% (SOFR + 0.58%), 03/08/2024(c)

       2,069,000        2,066,201

5.24% (SOFR + 0.70%),
01/24/2025(b)(c)

       2,535,000        2,521,952

6.55% (3 mo. USD LIBOR + 1.75%), 10/28/2027(c)

       1,220,000        1,256,861

Morgan Stanley, 5.70% (SOFR + 1.17%), 04/17/2025(c)

       3,000,000        3,008,572
         

 

 

 
            20,034,929
         

 

 

 

Life & Health Insurance-4.56%

         

Athene Global Funding

         

5.28% (SOFR + 0.70%),
05/24/2024(c)(d)

       5,000,000        4,958,211

5.21% (SOFR + 0.72%),
01/07/2025(c)(d)

       3,500,000        3,409,138

Equitable Financial Life Global Funding, 4.89% (SOFR + 0.39%),
04/06/2023(b)(c)(d)

       2,500,000        2,500,320

GA Global Funding Trust

         

4.89% (SOFR + 0.50%),
09/13/2024(c)(d)

       4,000,000        3,899,468

5.87% (SOFR + 1.36%),
04/11/2025(c)(d)

       4,000,000        3,933,889

New York Life Global Funding, 4.85% (SOFR + 0.48%), 06/09/2026(c)(d)

       4,000,000        3,882,794

Pacific Life Global Funding II, 4.95% (SOFR + 0.62%), 06/04/2026(c)(d)

       3,000,000        2,892,005
         

 

 

 
            25,475,825
         

 

 

 
       Principal  
Amount
   Value

Life Sciences Tools & Services-0.98%

 

    

Thermo Fisher Scientific, Inc.

         

4.87% (SOFR + 0.35%), 04/18/2023(c)

     $  3,000,000      $         2,999,894

4.91% (SOFR + 0.39%),
10/18/2023(b)(c)

       2,500,000        2,495,657
         

 

 

 
            5,495,551
         

 

 

 

Movies & Entertainment-0.54%

         

Warnermedia Holdings, Inc., 6.20% (SOFR + 1.78%), 03/15/2024(c)(d)

       3,000,000        3,009,542
         

 

 

 

Multi-line Insurance-0.49%

         

Metropolitan Life Global Funding I, 4.82% (SOFR + 0.32%), 01/07/2024(c)(d)

       2,750,000        2,744,416
         

 

 

 

Multi-Utilities-0.43%

         

CenterPoint Energy, Inc., 5.23% (SOFR + 0.65%), 05/13/2024(c)

       1,639,000        1,620,580

Dominion Energy, Inc., Series D, 5.30% (3 mo. USD LIBOR + 0.53%), 09/15/2023(c)

       769,000        770,062
         

 

 

 
            2,390,642
         

 

 

 

Oil & Gas Storage & Transportation-0.27%

 

    

Enbridge, Inc. (Canada)

         

4.56% (SOFR + 0.40%), 02/17/2023(c)

       357,000        356,988

5.20% (SOFR + 0.63%), 02/16/2024(c)

       1,152,000        1,148,149
         

 

 

 
            1,505,137
         

 

 

 

Other Diversified Financial Services-0.54%

 

AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 5.15% (SOFR + 0.68%), 09/29/2023(c)

       3,000,000        2,983,113
         

 

 

 

Packaged Foods & Meats-0.71%

         

General Mills, Inc., 5.84% (3 mo. USD LIBOR + 1.01%), 10/17/2023(c)

       3,937,000        3,954,009
         

 

 

 

Pharmaceuticals-1.18%

         

Bayer US Finance II LLC (Germany), 5.78% (3 mo. USD LIBOR + 1.01%), 12/15/2023(c)(d)

       4,105,000        4,115,729

GSK Consumer Healthcare Capital US LLC, 5.35% (SOFR + 0.89%), 03/24/2024(b)(c)

       2,500,000        2,495,280
         

 

 

 
            6,611,009
         

 

 

 

Regional Banks-1.01%

         

M&T Bank Corp., 5.50% (3 mo. USD LIBOR + 0.68%), 07/26/2023(c)

       2,940,000        2,941,038

Truist Financial Corp., 4.77% (SOFR + 0.40%), 06/09/2025(c)

       2,702,000        2,670,501
         

 

 

 
            5,611,539
         

 

 

 

Thrifts & Mortgage Finance-0.69%

 

    

Nationwide Building Society (United Kingdom), 5.86% (SOFR + 1.29%), 02/16/2028(c)(d)

       4,000,000        3,849,531
         

 

 

 

Trading Companies & Distributors-0.55%

 

    

BOC Aviation Ltd. (Singapore), 5.85% (3 mo. USD LIBOR + 1.13%), 09/26/2023(c)(d)

       3,082,000        3,081,999
         

 

 

 

Total U.S. Dollar Denominated Bonds & Notes
(Cost $260,835,998)

 

       259,747,872
         

 

 

 

Agency Credit Risk Transfer Notes-17.27%

 

Fannie Mae Connecticut Avenue Securities Series 2019-R01, Class 2M2, 6.96% (1 mo. USD LIBOR + 2.45%), 07/25/2031(c)(d)(f)

       601,843        602,738
 

 

See accompanying notes which are an integral part of this schedule.


Invesco Variable Rate Investment Grade ETF (VRIG)–(continued)

January 31, 2023

(Unaudited)

    

 

       Principal  
Amount
   Value

Series 2019-R02, Class 1M2, 6.81% (1 mo. USD LIBOR + 2.30%), 08/25/2031(c)(d)(f)

     $    512,019      $      512,070

Series 2021-R01, Class 1M1, 5.06% (30 Day Average SOFR + 0.75%), 10/25/2041(c)(d)(f)

       1,141,119        1,136,315

Series 2021-R03, Class 1M1, 5.16% (30 Day Average SOFR + 0.85%), 12/25/2041(c)(d)(f)

       3,458,094         3,422,528

Series 2022-R01, Class 1M1, 5.31% (30 Day Average SOFR + 1.00%), 12/25/2041(c)(d)(f)

       1,270,230        1,255,780

Series 2022-R01, Class 1M2, 6.21% (30 Day Average SOFR + 1.90%), 12/25/2041(c)(d)(f)

       1,000,000        975,665

Series 2022-R02, Class 2M1, 5.51% (30 Day Average SOFR + 1.20%), 01/25/2042(c)(d)(f)

       2,859,956        2,833,025

Series 2022-R02, Class 2M2, 7.31% (30 Day Average SOFR + 3.00%), 01/25/2042(c)(d)(f)

       2,000,000        1,947,093

Series 2022-R03, Class 1M1, 6.41% (30 Day Average SOFR + 2.10%), 03/25/2042(c)(d)(f)

       1,691,799        1,701,308

Series 2022-R03, Class 1M2, 7.81% (30 Day Average SOFR + 3.50%), 03/25/2042(c)(d)(f)

       4,250,000        4,314,054

Series 2022-R04, Class 1M1, 6.31% (30 Day Average SOFR + 2.00%), 03/25/2042(c)(d)(f)

       2,401,897        2,409,034

Series 2022-R04, Class 1M2, 7.41% (30 Day Average SOFR + 3.10%), 03/25/2042(c)(d)(f)

       3,400,000        3,416,903

Series 2022-R05, Class 2M1, 6.21% (30 Day Average SOFR + 1.90%), 04/25/2042(c)(d)(f)

       2,920,744        2,917,958

Series 2022-R05, Class 2M2, 7.31% (30 Day Average SOFR + 3.00%), 04/25/2042(c)(d)(f)

       1,750,000        1,722,886

Series 2022-R06, Class 1M1, 7.06% (30 Day Average SOFR + 2.75%), 05/25/2042(c)(d)(f)

       1,387,951        1,411,295

Series 2022-R06, Class 1M2, 8.16% (30 Day Average SOFR + 3.85%), 05/25/2042(c)(d)(f)

       1,250,000        1,293,062

Series 2022-R07, Class 1M1, 7.26% (30 Day Average SOFR + 2.95%), 06/25/2042(c)(d)(f)

       3,484,670        3,558,425

Series 2022-R07, Class 1M2, 8.96% (30 Day Average SOFR + 4.65%), 06/25/2042(c)(d)(f)

       600,000        637,082

Series 2022-R08, Class 1M1, 6.86% (30 Day Average SOFR + 2.55%), 07/25/2042(c)(d)(f)

       2,891,466        2,924,446

Series 2022-R08, Class 1M2, 7.91% (30 Day Average SOFR + 3.60%), 07/25/2042(c)(d)(f)

       1,500,000        1,533,926

Freddie Mac

         

Series 2020-DNA5, Class M2,
STACR®, 7.11% (30 Day Average SOFR + 2.80%), 10/25/2050(c)(d)(g)

       1,119,883        1,130,640
       Principal  
Amount
   Value

Series 2021-DNA2, Class M1,
STACR®, 5.11% (30 Day Average SOFR + 0.80%), 08/25/2033(c)(d)(g)

     $    177,178      $      176,916

Series 2021-DNA2, Class M2,
STACR®, 6.61% (30 Day Average SOFR + 2.30%), 08/25/2033(c)(d)(g)

       4,820,000        4,844,256

Series 2021-DNA3, Class M1,
STACR®, 5.06% (30 Day Average SOFR + 0.75%), 10/25/2033(c)(d)(g)

       1,229,499        1,222,149

Series 2021-DNA3, Class M2,
STACR®, 6.41% (30 Day Average SOFR + 2.10%), 10/25/2033(c)(d)(g)

       3,125,000        3,111,079

Series 2021-DNA5, Class M2,
STACR®, 5.96% (30 Day Average SOFR + 1.65%), 01/25/2034(c)(d)(g)

       3,388,750        3,354,231

Series 2021-DNA6, Class M2,
STACR®, 5.81% (30 Day Average SOFR + 1.50%), 10/25/2041(c)(d)(g)

       5,571,181        5,340,717

Series 2021-HQA1, Class M1,
STACR®, 5.01% (30 Day Average SOFR + 0.70%), 08/25/2033(c)(d)(g)

       171,208        170,955

Series 2021-HQA3, Class M1,
STACR®, 5.16% (30 Day Average SOFR + 0.85%), 09/25/2041(c)(d)(g)

       2,604,188        2,514,922

Series 2022-DNA1, Class M2,
STACR®, 6.21% (1 mo. USD LIBOR + 1.70%), 01/25/2050(c)(d)(g)

       426,983        426,071

Series 2022-DNA2, Class M1A,
STACR®, 5.61% (30 Day Average SOFR + 1.30%), 02/25/2042(c)(d)(g)

       2,210,652        2,196,527

Series 2022-DNA2, Class M1B,
STACR®, 6.71% (30 Day Average SOFR + 2.40%), 02/25/2042(c)(d)(g)

       4,250,000        4,178,178

Series 2022-DNA3, Class M1A,
STACR®, 6.31% (30 Day Average SOFR + 2.00%), 04/25/2042(c)(d)(g)

       3,318,639        3,330,235

Series 2022-DNA3, Class M1B,
STACR®, 7.21% (30 Day Average SOFR + 2.90%), 04/25/2042(c)(d)(g)

       4,500,000        4,520,250

Series 2022-DNA4, Class M1A,
STACR®, 6.51% (30 Day Average SOFR + 2.20%), 05/25/2042(c)(d)(g)

       2,544,674         2,563,024

Series 2022-DNA4, Class M1B,
STACR®, 7.66% (30 Day Average SOFR + 3.35%), 05/25/2042(c)(d)(g)

       1,500,000        1,528,831

Series 2022-DNA5, Class M1A,
STACR®, 7.26% (30 Day Average SOFR + 2.95%), 06/25/2042(c)(d)(g)

       1,964,207        2,011,828

Series 2022-DNA5, Class M1B,
STACR®, 8.81% (30 Day Average SOFR + 4.50%), 06/25/2042(c)(d)(g)

       1,500,000        1,594,308

Series 2022-HQA1, Class M1A,
STACR®, 6.41% (30 Day Average SOFR + 2.10%), 03/25/2042(c)(d)(g)

       2,552,351        2,556,426

Series 2022-HQA1, Class M1B,
STACR®, 7.81% (30 Day Average SOFR + 3.50%), 03/25/2042(c)(d)(g)

       2,000,000        2,008,911

Series 2022-HQA2, Class M1,
STACR®, 8.31% (30 Day Average SOFR + 4.00%), 07/25/2042(c)(d)(g)

       1,500,000        1,532,388
 

 

See accompanying notes which are an integral part of this schedule.


Invesco Variable Rate Investment Grade ETF (VRIG)–(continued)

January 31, 2023

(Unaudited)

    

 

       Principal       
       Amount      Value

Series 2022-HQA2, Class M1A, STACR®, 6.96% (30 Day Average SOFR + 2.65%), 07/25/2042(c)(d)(g)

     $   1,659,505      $ 1,685,088

Series 2022-HQA3, Class M1, STACR®, 6.61% (30 Day Average SOFR + 2.30%), 08/25/2042(c)(d)(g)

       787,073        787,091

Series 2022-HQA3, Class M1, STACR®, 7.86% (30 Day Average SOFR + 3.55%), 08/25/2042(c)(d)(g)

       3,130,000        3,138,912
         

 

 

 

Total Agency Credit Risk Transfer Notes
(Cost $96,360,557)

 

         96,449,526
         

 

 

 

Asset-Backed Securities-16.63%

 

Adjustable Rate Mortgage Trust, Series 2004-2, Class 6A1, 0.71%, 02/25/2035(h)

       81,775        80,300

BAMLL Commercial Mortgage Securities Trust, Series 2019-RLJ, Class B, 5.94% (1 mo. USD LIBOR + 1.35%), 04/15/2036(c)(d)

       4,000,000        3,922,052

BBCMS Mortgage Trust, Series 2019-BWAY, Class B, 5.99% (1 mo. Term SOFR + 1.42%), 11/15/2034(c)(d)

       3,250,000        2,965,093

Bear Stearns Adjustable Rate Mortgage Trust

         

Series 2003-7, Class 6A, 3.84%, 10/25/2033(h)

       125,429        118,070

Series 2003-8, Class 4A1, 4.08%, 01/25/2034(h)

       123,924        120,574

BX Commercial Mortgage Trust

         

Series 2020-VKNG, Class A, 5.61% (1 mo. Term SOFR + 1.04%), 10/15/2037(c)(d)

       1,192,676        1,176,973

Series 2021-ACNT, Class B, 5.84% (1 mo. USD LIBOR + 1.25%), 11/15/2038(c)(d)

       4,000,000        3,902,751

Series 2021-VINO, Class B, 5.44% (1 mo. USD LIBOR + 0.85%), 05/15/2038(c)(d)

       2,350,000        2,265,267

Series 2021-VOLT, Class B, 5.54% (1 mo. USD LIBOR + 0.95%), 09/15/2036(c)(d)

       2,000,000        1,933,081

Series 2021-VOLT, Class D, 6.24% (1 mo. USD LIBOR + 1.65%), 09/15/2036(c)(d)

       1,250,000        1,203,809

BX Trust

         

Series 2021-LGCY, Class B, 5.44% (1 mo. USD LIBOR + 0.86%), 10/15/2036(c)(d)

       3,630,000        3,491,826

Series 2022-IND, Class C, 6.85% (1 mo. Term SOFR + 2.29%), 04/15/2037(c)(d)

       3,267,553        3,211,846

Series 2022-LBA6, Class B, 5.86% (1 mo. Term SOFR + 1.30%), 01/15/2039(c)(d)

       1,000,000        975,299

Chesapeake Funding II LLC (Canada), Series 2019-2A, Class C, 2.27%, 09/15/2031(d)

       400,000        397,903

COMM Mortgage Trust, Series 2019-521F, Class C, 5.89% (1 mo. USD LIBOR + 1.30%), 06/15/2034(c)(d)

       4,000,000        3,451,760

Commonbond Student Loan Trust

         

Series 2017-BGS, Class A2, 5.16% (1 mo. USD LIBOR + 0.65%), 09/25/2042(c)(d)

       330,361        323,508

Series 2018-AGS, Class A2, 5.01% (1 mo. USD LIBOR + 0.50%), 02/25/2044(c)(d)

       595,505        578,276

DBCG Mortgage Trust, Series 2017-BBG, Class C, 5.59% (1 mo. USD LIBOR + 1.00%), 06/15/2034(c)(d)

       3,750,000        3,640,572
       Principal       
       Amount      Value

Edsouth Indenture No. 9 LLC, Series 2015-1, Class A, 5.31% (1 mo. USD LIBOR + 0.80%), 10/25/2056(c)(d)

     $ 387,325      $ 380,327

Fannie Mae Connecticut Avenue Securities

         

Series 2023-R01, Class 1M1, 6.71% (30 Day Average SOFR + 2.40%), 12/25/2042(c)(d)

         1,485,345            1,491,925

Series 2023-R01, Class 1M2, 8.06% (30 Day Average SOFR + 3.75%), 12/25/2042(c)(d)

       1,225,000        1,245,499

Great Wolf Trust, Series 2019-WOLF, Class B, 6.01% (1 mo. Term SOFR + 1.45%), 12/15/2036(c)(d)

       3,384,000        3,303,127

GS Mortgage Securities Corp. Trust

         

Series 2018-TWR, Class A, 5.74% (1 mo. USD LIBOR + 1.15%), 07/15/2031(c)(d)

       3,000,000        2,867,366

Series 2021-ROSS, Class A, 5.74% (1 mo. USD LIBOR + 1.15%),
05/15/2026(c)(d)

       2,500,000        2,360,281

Series 2022-SHIP, Class B, 5.99% (1 mo. Term SOFR + 1.42%), 08/15/2036(c)(d)

       3,000,000        2,985,434

Home Equity Asset Trust, Series 2004-5, Class M2, 5.45% (1 mo. USD LIBOR + 0.95%), 11/25/2034(c)

       1,106,896        1,097,266

Invitation Homes Trust, Series 2018-SFR4, Class C, 6.00% (1 mo. USD LIBOR + 1.40%), 01/17/2038(c)(d)

       2,999,862        2,969,773

J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2018-PHH, Class B, 6.05% (1 mo. USD LIBOR + 1.46%), 06/15/2035(c)(d)

       2,385,000        2,181,021

JP Morgan Mortgage Trust

         

Series 2019-6, Class A11, 5.29% (1 mo. USD LIBOR + 0.90%), 12/25/2049(c)(d)

       78,104        74,431

Series 2019-INV2, Class A1, 5.29% (1 mo. USD LIBOR + 0.90%),
02/25/2050(c)(d)

       209,784        196,884

Series 2019-INV3, Class A11, 5.39% (1 mo. USD LIBOR + 1.00%), 05/25/2050(c)(d)

       97,448        90,131

Series 2019-LTV3, Class A1, 5.24% (1 mo. USD LIBOR + 0.85%), 03/25/2050(c)(d)

       41,029        40,856

Series 2020-8, Class A11, 4.83% (30 Day Average SOFR + 0.90%), 03/25/2051(c)(d)

       224,211        211,504

Series 2020-LTV1, Class A11, 5.39% (1 mo. USD LIBOR + 1.00%), 06/25/2050(c)(d)

       18,430        18,199

Series 2021-1, Class A11, 4.58% (30 Day Average SOFR + 0.65%), 06/25/2051(c)(d)

       650,510        601,915

Med Trust, Series 2021-MDLN, Class B, 6.04% (1 mo. USD LIBOR + 1.45%), 11/15/2038(c)(d)

       2,991,114        2,921,585

Mello Mortgage Capital Acceptance Trust, Series 2021-INV2, Class A1, 4.88% (30 Day Average SOFR + 0.95%), 08/25/2051(c)(d)

       3,074,678        2,882,594

Merrill Lynch Mortgage Investors Trust

         

Series 2003-F, Class A1, 5.15% (1 mo. USD LIBOR + 0.64%), 10/25/2028(c)

       68,510        64,182

Series 2005-A2, Class A5, 2.16%, 02/25/2035(h)

       46,636        43,890
 

 

See accompanying notes which are an integral part of this schedule.


Invesco Variable Rate Investment Grade ETF (VRIG)–(continued)

January 31, 2023

(Unaudited)

    

 

     Principal     
       Amount        Value  

MHP Commercial Mortgage Trust, Series 2021-STOR, Class B, 5.49% (1 mo. USD LIBOR + 0.90%), 07/15/2038(c)(d)

     $   2,500,000      $ 2,413,959

NRZ Advance Receivables Trust, Series 2020-T2, Class AT2, 1.48%, 09/15/2053(d)

       2,000,000            1,936,659

OBX Trust

         

Series 2018-EXP1, Class 2A1, 5.36% (1 mo. USD LIBOR + 0.85%), 04/25/2048(c)(d)

       185,282        183,512

Series 2018-EXP2, Class 2A2, 5.46% (1 mo. USD LIBOR + 0.95%), 07/25/2058(c)(d)

       289,286        284,206

Series 2019-EXP1, Class 2A2, 5.18% (1 mo. USD LIBOR + 1.15%), 01/25/2059(c)(d)

       172,570        168,497

Series 2019-EXP2, Class 2A2, 5.17% (1 mo. USD LIBOR + 1.20%), 06/25/2059(c)(d)

       256,796        248,648

Series 2020-EXP1, Class 2A2, 5.46% (1 mo. USD LIBOR + 0.95%), 02/25/2060(c)(d)

       354,462        330,738

Series 2020-EXP3, Class 2A2, 5.71% (1 mo. USD LIBOR + 1.20%), 01/25/2060(c)(d)

       480,327        470,946

Series 2020-INV1, Class A11, 5.29% (1 mo. USD LIBOR + 0.90%), 12/25/2049(c)(d)

       221,685        204,774

RLGH Trust, Series 2021-TROT, Class B, 5.75% (1 mo. USD LIBOR + 1.16%), 04/15/2036(c)(d)

       3,000,000        2,925,843

SMB Private Education Loan Trust

         

Series 2019-B, Class A2B, 5.59% (1 mo. USD LIBOR + 1.00%), 06/15/2037(c)(d)

       2,297,936        2,256,752

Series 2020-A, Class A2B, 5.42% (1 mo. USD LIBOR + 0.83%), 09/15/2037(c)(d)

       1,355,438        1,327,841

Series 2021-A, Class A2A2, 5.32% (1 mo. USD LIBOR + 0.73%), 01/15/2053(c)(d)

       3,840,124        3,731,472

Series 2022-C, Class A1B, 6.25% (30 Day Average SOFR + 1.85%), 05/16/2050(c)(d)

       2,690,483        2,695,705

SMRT, Series 2022-MINI, Class B, 5.91% (1 mo. Term SOFR + 1.35%), 01/15/2039(c)(d)

       4,655,000        4,540,814

STAR Trust, Series 2022-SFR3, Class B, 6.51% (1 mo. Term SOFR + 1.95%), 05/17/2024(c)(d)

       5,000,000        4,930,056

WaMu Mortgage Pass-Through Ctfs. Trust, Series 2004-AR3, Class A2, 3.10%, 06/25/2034(h)

       52,005        48,204

Wells Fargo Commercial Mortgage Trust, Series 2016-NXS5, Class A6FL, 6.01% (1 mo. USD LIBOR + 1.55%), 01/15/2059(c)(d)

       2,500,000        2,428,623
         

 

 

 

Total Asset-Backed Securities
(Cost $95,252,786)

 

       92,914,399
         

 

 

 
     Principal     
       Amount        Value  

U.S. Treasury Securities-16.03%

 

    

U.S. Treasury Floating Rate Notes-16.03%

 

    

4.69% (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%), 07/31/2024(c)

     $ 16,000,000      $   15,995,561

4.92% (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%), 10/31/2024(c)

       73,500,000        73,529,734
         

 

 

 

Total U.S. Treasury Securities
(Cost $89,416,485)

 

       89,525,295
         

 

 

 
U.S. Government Sponsored Agency Mortgage-Backed Securities-2.94%

 

Collateralized Mortgage Obligations-2.59%

 

    

Fannie Mae REMICs

         

4.81% (1 mo. USD LIBOR + 0.30%), 04/25/2035(c)

       1,204,582        1,200,767

4.86% (1 mo. USD LIBOR + 0.35%), 09/25/2041(c)

       1,801        1,800

3.60% (1 mo. USD LIBOR + 0.32%), 01/25/2045(c)

       653,640        628,909

5.01% (1 mo. USD LIBOR + 0.50%), 05/25/2046(c)

       238,888        234,388

3.77% (1 mo. USD LIBOR + 0.30%), 09/25/2047(c)

       638,908        625,568

3.94% (1 mo. USD LIBOR + 0.32%), 12/25/2047(c)

       237,575        232,972

Freddie Mac Multifamily Structured Credit Risk, Series 2021-MN2, Class M1, 6.11% (30 Day Average SOFR + 1.80%), 07/25/2041(c)(d)

       3,557,027        3,285,128

Freddie Mac Multifamily Structured Pass-Through Ctfs.

         

Series KF35, Class A, 4.74% (1 mo. USD LIBOR + 0.35%), 08/25/2024(c)

       84,332        84,052

Series KF35, Class A, 4.78% (1 mo. USD LIBOR + 0.39%), 10/25/2025(c)

       981,575        971,213

Series KF81, Class AS, 4.46% (30 Day Average SOFR + 0.40%), 06/25/2027(c)

       1,587,641        1,572,971

Series Q008, Class A, 4.78% (1 mo. USD LIBOR + 0.39%), 10/25/2045(c)

       889,701        881,808

Freddie Mac REMICs

         

3.69% (1 mo. USD LIBOR + 0.35%), 09/15/2038(c)

       668,449        664,435

3.66% (1 mo. USD LIBOR + 0.45%), 09/15/2040(c)

       546,710        536,658

5.09% (1 mo. USD LIBOR + 0.50%), 06/15/2041(c)

       167,573        165,485

3.44% (1 mo. USD LIBOR + 0.32%), 08/15/2043(c)

       656,090        645,728

4.94% (1 mo. USD LIBOR + 0.35%), 01/15/2048(c)

       2,806,004        2,721,415
         

 

 

 
            14,453,297
         

 

 

 

Federal Home Loan Mortgage Corp. (FHLMC)-0.14%

 

ARM, 2.80% (1 yr. USD LIBOR + 1.62%), 06/01/2037(c)

       271,701        273,772

ARM, 3.68% (1 yr. USD LIBOR + 1.74%), 11/01/2038(c)

       271,446        276,555

ARM, 3.44% (1 yr. USD LIBOR + 1.73%), 03/01/2043(c)

       248,607        251,200
         

 

 

 
            801,527
         

 

 

 
 

 

See accompanying notes which are an integral part of this schedule.


Invesco Variable Rate Investment Grade ETF (VRIG)–(continued)

January 31, 2023

(Unaudited)

    

 

     Principal     
       Amount        Value  

Federal National Mortgage Association (FNMA)-0.21%

 

ARM, 4.02% (1 yr. USD LIBOR + 1.64%), 02/01/2035(c)

     $ 47,617      $ 46,810

ARM, 4.23% (1 yr. U.S. Treasury Yield Curve Rate + 2.34%), 07/01/2035(c)

       643,516        660,958

ARM, 5.53% (6 mo. USD LIBOR + 1.57%), 07/01/2035(c)

       41,832        42,355

ARM, 3.97% (1 yr. USD LIBOR + 1.72%), 10/01/2036(c)

       131,683        132,757

ARM, 2.53% (1 yr. USD LIBOR + 1.78%), 03/01/2037(c)

       193,860        191,320

ARM, 3.47% (1 yr. USD LIBOR + 1.53%), 11/01/2037(c)

       109,710        109,727
         

 

 

 
            1,183,927
         

 

 

 

Total U.S. Government Sponsored Agency Mortgage- Backed Securities
(Cost $16,982,863)

 

         16,438,751
         

 

 

 
     Shares     

Money Market Funds-0.25%

         

Invesco Government & Agency Portfolio, Institutional Class, 4.30%(i)(j)
(Cost $1,387,309)

         1,387,309        1,387,309
         

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.63%
(Cost $560,235,998)

            556,463,152
         

 

 

 
     Shares    Value
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-4.40%

 

Invesco Private Government Fund,
4.36%(i)(j)(k)

       6,875,010      $ 6,875,010

Invesco Private Prime Fund, 4.59%(i)(j)(k)

       17,676,985        17,682,288
         

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $24,556,893)

 

       24,557,298
         

 

 

 

TOTAL INVESTMENTS IN SECURITIES-104.03%
(Cost $584,792,891)

 

       581,020,450

OTHER ASSETS LESS LIABILITIES-(4.03)%

 

       (22,510,013 )
         

 

 

 

NET ASSETS-100.00%.

          $ 558,510,437
         

 

 

 
 

 

See accompanying notes which are an integral part of this schedule.


Invesco Variable Rate Investment Grade ETF (VRIG)–(continued)

January 31, 2023

(Unaudited)

    

 

Investment Abbreviations:

ARM

-Adjustable Rate Mortgage

Ctfs.

-Certificates

LIBOR

-London Interbank Offered Rate

REMICs

-Real Estate Mortgage Investment Conduits

SOFR

-Secured Overnight Financing Rate

STACR®

-Structured Agency Credit Risk

USD

-U.S. Dollar

Notes to Schedule of Investments:

(a)

Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

(b)

All or a portion of this security was out on loan at January 31, 2023.

(c)

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on January 31, 2023.

(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at January 31, 2023 was $262,607,225, which represented 47.02% of the Fund’s Net Assets.

(e)

Perpetual bond with no specified maturity date.

(f)

CAS notes are bonds issued by Fannie Mae. The amount of periodic principal and ultimate principal paid by Fannie Mae is determined by the performance of a large and diverse reference pool.

(g)

Principal payments are determined by the delinquency and principal payment experience on the STACR® reference pool. Freddie Mac transfers credit risk from the mortgages in the reference pool to credit investors who invest in the STACR® debt notes.

(h)

Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on January 31, 2023.

(i)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended January 31, 2023.

 

     Value
October 31, 2022
   Purchases
at Cost
   Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
   Value
January 31, 2023
   Dividend
Income
Investments in Affiliated Money Market Funds:                                 
Invesco Government & Agency Portfolio, Institutional Class      $ 1,075,009      $ 49,820,745      $ (49,508,445 )     $ -     $ -      $ 1,387,309      $ 34,080
Investments Purchased with Cash Collateral from Securities on Loan:                                 
Invesco Private Government Fund        5,473,023        16,664,393        (15,262,406 )       -       -        6,875,010        64,510 *
Invesco Private Prime Fund        14,069,884        42,013,221        (38,405,847 )       (216 )       5,246        17,682,288        176,661 *
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

      

 

 

      

 

 

 
Total      $ 20,617,916      $ 108,498,359      $ (103,176,698 )     $ (216 )     $ 5,246      $ 25,944,607      $ 275,251
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

      

 

 

      

 

 

 

 

 

*

Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

 

(j) 

The rate shown is the 7-day SEC standardized yield as of January 31, 2023.

(k) 

The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

 

See accompanying notes which are an integral part of this schedule.


Notes to Quarterly Schedules of Portfolio Holdings

January 31, 2023

(Unaudited)

    

 

NOTE 1–Additional Valuation Information

Generally Accepted Accounting Principles (“GAAP”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 –   Prices are determined using quoted prices in an active market for identical assets.
Level 2 –   Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –   Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect Invesco Capital Management LLC’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of January 31, 2023, for each Fund (except for Ultra Short Duration ETF). As of January 31, 2023, all of the securities in Ultra Short Duration ETF were valued based on Level 2 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

 

     Level 1      Level 2          Level 3          Total  

Invesco AAA CLO Floating Rate Note ETF

           

Investments in Securities

           

Asset-Backed Securities

   $ -      $ 30,296,420      $ -      $ 30,296,420  

Money Market Funds

     33,984        -        -        33,984  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $ 33,984      $     30,296,420      $ -      $     30,330,404  
  

 

 

    

 

 

    

 

 

    

 

 

 

Invesco Active U.S. Real Estate ETF

           

Investments in Securities

           

Common Stocks & Other Equity Interests

   $ 137,357,231      $ -      $ -      $ 137,357,231  

Money Market Funds

     -        12,647,304        -        12,647,304  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $ 137,357,231      $ 12,647,304      $ -      $ 150,004,535  
  

 

 

    

 

 

    

 

 

    

 

 

 

Invesco Balanced Multi-Asset Allocation ETF

           

Investments in Securities

           

Affiliated Issuers

   $ 39,208,881      $ -      $ -      $ 39,208,881  

Money Market Funds

     -        1,303,657        -        1,303,657  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $ 39,208,881      $ 1,303,657      $ -      $ 40,512,538  
  

 

 

    

 

 

    

 

 

    

 

 

 

Invesco Conservative Multi-Asset Allocation ETF

           

Investments in Securities

           

Affiliated Issuers

   $ 14,807,044      $ -      $ -      $ 14,807,044  

Money Market Funds

     -        826,927        -        826,927  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $ 14,807,044      $ 826,927      $ -      $ 15,633,971  
  

 

 

    

 

 

    

 

 

    

 

 

 

Invesco Growth Multi-Asset Allocation ETF

           

Investments in Securities

           

Affiliated Issuers

   $ 32,751,405      $ -      $ -      $ 32,751,405  

Money Market Funds

     -        718,151        -        718,151  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $ 32,751,405      $ 718,151      $ -      $ 33,469,556  
  

 

 

    

 

 

    

 

 

    

 

 

 


     Level 1     Level 2          Level 3          Total  

Invesco High Yield Bond Factor ETF

          

Investments in Securities

          

U.S. Dollar Denominated Bonds & Notes

   $ -     $     30,702,568      $ -      $     30,702,568  

U.S. Treasury Securities

     -       113,562        -        113,562  

Money Market Funds

     180,161       3,448,931        -        3,629,092  
  

 

 

   

 

 

    

 

 

    

 

 

 

Total Investments in Securities

     180,161       34,265,061        -        34,445,222  
  

 

 

   

 

 

    

 

 

    

 

 

 

Other Investments - Assets*

          

Futures Contracts

     53,409       -        -        53,409  

Swap Agreements

     -       25,076        -        25,076  
  

 

 

   

 

 

    

 

 

    

 

 

 
     53,409       25,076        -        78,485  
  

 

 

   

 

 

    

 

 

    

 

 

 

Other Investments - Liabilities*

          

Futures Contracts

     (5,493     -        -        (5,493
  

 

 

   

 

 

    

 

 

    

 

 

 

Total Other Investments

     47,916       25,076        -        72,992  
  

 

 

   

 

 

    

 

 

    

 

 

 

Total Investments

   $ 228,077     $ 34,290,137      $ -      $ 34,518,214  
  

 

 

   

 

 

    

 

 

    

 

 

 

Invesco High Yield Select ETF

          

Investments in Securities

          

U.S. Dollar Denominated Bonds & Notes

   $ -     $ 9,765,642      $ -      $ 9,765,642  

Non-U.S. Dollar Denominated Bonds & Notes

     -       152,319        -        152,319  

Money Market Funds

     6,170       -        -        6,170  
  

 

 

   

 

 

    

 

 

    

 

 

 

Total Investments

   $ 6,170     $ 9,917,961      $ -      $ 9,924,131  
  

 

 

   

 

 

    

 

 

    

 

 

 

Invesco Moderately Conservative Multi-Asset Allocation ETF

          

Investments in Securities

          

Affiliated Issuers

   $ 25,777,867     $ -      $ -      $ 25,777,867  

Money Market Funds

     -       1,060,243        -        1,060,243  
  

 

 

   

 

 

    

 

 

    

 

 

 

Total Investments

   $ 25,777,867     $ 1,060,243      $ -      $ 26,838,110  
  

 

 

   

 

 

    

 

 

    

 

 

 

Invesco S&P 500® Downside Hedged ETF

          

Investments in Securities

          

Common Stocks & Other Equity Interests

   $ 204,015,664     $ -      $ -      $ 204,015,664  

Money Market Funds

     9,516,396       5,887,565        -        15,403,961  
  

 

 

   

 

 

    

 

 

    

 

 

 

Total Investments in Securities

     213,532,060       5,887,565        -        219,419,625  
  

 

 

   

 

 

    

 

 

    

 

 

 

Other Investments - Assets*

          

Futures Contracts

     517,573       -        -        517,573  
  

 

 

   

 

 

    

 

 

    

 

 

 

Other Investments - Liabilities*

          

Futures Contracts

     (276,705     -        -        (276,705
  

 

 

   

 

 

    

 

 

    

 

 

 

Total Other Investments

     240,868       -        -        240,868  
  

 

 

   

 

 

    

 

 

    

 

 

 

Total Investments

   $ 213,772,928     $ 5,887,565      $ -      $ 219,660,493  
  

 

 

   

 

 

    

 

 

    

 

 

 

Invesco Short Duration Bond ETF

          

Investments in Securities

          

U.S. Dollar Denominated Bonds & Notes

   $ -     $ 7,201,717      $ -      $ 7,201,717  

U.S. Treasury Securities

     -       2,160,345        -        2,160,345  

Asset-Backed Securities

     -       493,552        -        493,552  

Preferred Stocks

     -       49,790        -        49,790  

Money Market Funds

     420,701       -        -        420,701  
  

 

 

   

 

 

    

 

 

    

 

 

 

Total Investments in Securities

     420,701       9,905,404        -        10,326,105  
  

 

 

   

 

 

    

 

 

    

 

 

 

Other Investments - Assets*

          

Futures Contracts

     381       -        -        381  
  

 

 

   

 

 

    

 

 

    

 

 

 

Other Investments - Liabilities*

          

Futures Contracts

     (3,529     -        -        (3,529
  

 

 

   

 

 

    

 

 

    

 

 

 

Total Other Investments

     (3,148     -        -        (3,148
  

 

 

   

 

 

    

 

 

    

 

 

 

Total Investments

   $ 417,553     $ 9,905,404      $ -      $ 10,322,957  
  

 

 

   

 

 

    

 

 

    

 

 

 


     Level 1      Level 2        Level 3        Total  

  Invesco Total Return Bond ETF

               

  Investments in Securities

               

U.S. Dollar Denominated Bonds & Notes

   $ -      $ 403,528,310        $ 5,382,949        $ 408,911,259  

U.S. Treasury Securities

     -        191,874,258          -          191,874,258  

Asset-Backed Securities

     -        188,628,447          1,345,320          189,973,767  

U.S. Government Sponsored Agency Mortgage-Backed Securities

     -        168,980,657          -          168,980,657  

Agency Credit Risk Transfer Notes

     -        6,516,261          -          6,516,261  

Municipal Obligations

     -        3,511,862          -          3,511,862  

Preferred Stocks

     291,854        2,590,051          -          2,881,905  

U.S. Government Sponsored Agency Securities

     -        2,621,154          -          2,621,154  

Options Purchased

     656,775        -          -          656,775  

Non-U.S. Dollar Denominated Bonds & Notes

     -        236,273          -          236,273  

Common Stocks & Other Equity Interests

     -        -          0          0  

Money Market Funds

     -        81,784,933          -          81,784,933  
  

 

 

    

 

 

      

 

 

      

 

 

 

Total Investments in Securities

     948,629        1,050,272,206          6,728,269          1,057,949,104  
  

 

 

    

 

 

      

 

 

      

 

 

 

Other Investments - Assets*

               

Futures Contracts

     843,475        -          -          843,475  

Investments Matured

     -        193,019          -          193,019  
  

 

 

    

 

 

      

 

 

      

 

 

 
     843,475        193,019          -          1,036,494  
  

 

 

    

 

 

      

 

 

      

 

 

 

Other Investments - Liabilities*

               

Futures Contracts

     (1,777,790      -          -          (1,777,790

Options written

     (92,040      -          -          (92,040
  

 

 

    

 

 

      

 

 

      

 

 

 
     (1,869,830      -          -          (1,869,830
  

 

 

    

 

 

      

 

 

      

 

 

 

Total Other Investments

       (1,026,355      193,019          -          (833,336
  

 

 

    

 

 

      

 

 

      

 

 

 

Total Investments

   $ (77,726    $ 1,050,465,225        $ 6,728,269        $ 1,057,115,768  
  

 

 

    

 

 

      

 

 

      

 

 

 

  Invesco Variable Rate Investment Grade ETF

               

  Investments in Securities

               

U.S. Dollar Denominated Bonds & Notes

   $ -      $ 259,747,872        $ -        $ 259,747,872  

Agency Credit Risk Transfer Notes

     -        96,449,526          -          96,449,526  

Asset-Backed Securities

     -        92,914,399          -          92,914,399  

U.S. Treasury Securities

     -        89,525,295          -          89,525,295  

U.S. Government Sponsored Agency Mortgage-Backed Securities

     -        16,438,751          -          16,438,751  

Money Market Funds

     1,387,309        24,557,298          -          25,944,607  
  

 

 

    

 

 

      

 

 

      

 

 

 

Total Investments

   $ 1,387,309      $ 579,633,141        $ -        $ 581,020,450  
  

 

 

    

 

 

      

 

 

      

 

 

 

 

*

Futures contracts and swap agreements are valued at unrealized appreciation (depreciation). Investments matured and options written are shown at value.