Schedule of Investments(a)
Invesco S&P 500® Pure Growth ETF (RPG)
January 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.97%
Consumer Discretionary-7.11%
AutoZone, Inc.(b)
  14,829   $36,165,707
Dollar General Corp.
  97,952   22,881,587
Dollar Tree, Inc.(b)
  143,840   21,601,891
O’Reilly Automotive, Inc.(b)
  42,500   33,674,875
Tractor Supply Co.
  114,350   26,070,656
Ulta Beauty, Inc.(b)
  40,337   20,731,605
        161,126,321
Consumer Staples-1.98%
Hershey Co. (The)
  83,200   18,686,720
Monster Beverage Corp.(b)(c)
  251,918   26,219,625
        44,906,345
Energy-29.88%
APA Corp.
  1,248,282   55,336,341
Chevron Corp.
  178,162   31,003,751
ConocoPhillips
  395,343   48,180,451
Coterra Energy, Inc.(c)
  2,161,361   54,098,866
Devon Energy Corp.(c)
  534,828   33,822,523
Diamondback Energy, Inc.(c)
  403,678   58,985,429
EOG Resources, Inc.(c)
  290,082   38,363,345
EQT Corp.(c)
  1,312,370   42,875,128
Exxon Mobil Corp.
  295,005   34,223,530
Hess Corp.(c)
  249,862   37,519,278
Marathon Oil Corp.
  1,428,957   39,253,449
Occidental Petroleum Corp.
  584,218   37,851,484
ONEOK, Inc.
  572,192   39,183,708
Pioneer Natural Resources Co.
  203,537   46,884,748
Targa Resources Corp.
  755,543   56,680,836
Williams Cos., Inc. (The)
  722,240   23,285,018
        677,547,885
Financials-5.01%
Ameriprise Financial, Inc.
  50,862   17,807,803
Arch Capital Group Ltd.(b)
  427,329   27,498,621
Progressive Corp. (The)
  150,213   20,481,543
Raymond James Financial, Inc.(c)
  217,234   24,497,478
W.R. Berkley Corp.
  333,712   23,406,560
        113,692,005
Health Care-21.00%
AbbVie, Inc.
  167,891   24,805,895
Amgen, Inc.
  63,469   16,019,576
Bristol-Myers Squibb Co.
  323,664   23,514,190
Danaher Corp.
  99,877   26,405,481
DexCom, Inc.(b)(c)
  135,468   14,507,268
Elevance Health, Inc.
  59,644   29,821,404
Eli Lilly and Co.
  65,547   22,558,000
Gilead Sciences, Inc.
  192,594   16,166,340
Hologic, Inc.(b)
  292,037   23,763,051
Incyte Corp.(b)
  348,946   29,709,262
Merck & Co., Inc.
  188,283   20,223,477
Moderna, Inc.(b)
  168,932   29,742,168
Molina Healthcare, Inc.(b)
  108,194   33,738,135
Pfizer, Inc.
  605,557   26,741,397
Regeneron Pharmaceuticals, Inc.(b)
  63,774   48,370,666
Thermo Fisher Scientific, Inc.(c)
  34,177   19,492,168
UnitedHealth Group, Inc.
  37,816   18,877,369
Vertex Pharmaceuticals, Inc.(b)
  160,503   51,858,519
        476,314,366
  Shares   Value
Industrials-6.43%
Deere & Co.
  50,912   $21,527,630
Expeditors International of Washington, Inc.(c)
  321,790   34,801,589
J.B. Hunt Transport Services, Inc.
  113,026   21,367,565
Quanta Services, Inc.
  158,904   24,183,600
Rollins, Inc.
  539,703   19,645,189
W.W. Grainger, Inc.
  41,306   24,349,061
        145,874,634
Information Technology-13.37%
Apple, Inc.
  168,170   24,265,249
Arista Networks, Inc.(b)
  168,791   21,271,042
Enphase Energy, Inc.(b)
  159,681   35,350,180
Fortinet, Inc.(b)(c)
  495,498   25,934,365
Jack Henry & Associates, Inc.
  108,780   19,590,190
KLA Corp.
  88,596   34,772,158
Lam Research Corp.
  53,411   26,710,841
Monolithic Power Systems, Inc.
  56,695   24,183,819
ON Semiconductor Corp.(b)
  297,875   21,878,919
PTC, Inc.(b)
  179,960   24,273,005
QUALCOMM, Inc.
  151,876   20,231,402
SolarEdge Technologies, Inc.(b)
  77,480   24,726,193
        303,187,363
Materials-13.35%
Albemarle Corp.
  59,595   16,773,013
CF Industries Holdings, Inc.
  554,859   46,996,557
FMC Corp.
  150,880   20,086,654
Freeport-McMoRan, Inc.(c)
  541,012   24,139,956
Mosaic Co. (The)
  1,250,655   61,957,449
Nucor Corp.(c)
  386,996   65,410,064
Steel Dynamics, Inc.
  559,041   67,442,706
        302,806,399
Utilities-1.84%
PG&E Corp.(b)(c)
  2,620,077   41,659,224
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.97%

(Cost $2,099,122,208)
  2,267,114,542
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.36%
Invesco Private Government Fund, 4.36%(d)(e)(f)
  27,711,210   27,711,210
Invesco Private Prime Fund, 4.59%(d)(e)(f)
  71,253,858   71,275,233
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $98,986,444)
  98,986,443
TOTAL INVESTMENTS IN SECURITIES-104.33%

(Cost $2,198,108,652)
  2,366,100,985
OTHER ASSETS LESS LIABILITIES-(4.33)%
  (98,282,906)
NET ASSETS-100.00%
  $2,267,818,079
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500® Pure Growth ETF (RPG)—(continued)
January 31, 2023
(Unaudited)
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 nine months ended January 31, 2023.
    
  Value
April 30, 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 $-   $25,223,856   $(25,223,856)   $-   $-   $-   $19,141
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 22,260,207   576,303,628   (570,852,625)   -   -   27,711,210   527,929*
Invesco Private Prime Fund 51,899,910   1,162,882,488   (1,143,522,561)   (7,533)   22,929   71,275,233   1,504,293*
Total $74,160,117   $1,764,409,972   $(1,739,599,042)   $(7,533)   $22,929   $98,986,443   $2,051,363
    
* 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(a)
Invesco S&P 500® Pure Value ETF (RPV)
January 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.96%
Communication Services-14.67%
AT&T, Inc.
  2,339,390   $47,653,374
DISH Network Corp., Class A(b)(c)
  6,756,518   97,226,294
Fox Corp., Class A(c)
  553,633   18,790,304
Fox Corp., Class B
  254,993   8,083,278
Lumen Technologies, Inc.(c)
  21,971,776   115,351,824
News Corp., Class A
  1,285,359   26,041,373
News Corp., Class B(c)
  397,968   8,134,466
Paramount Global, Class B(c)
  5,863,745   135,804,334
Verizon Communications, Inc.
  575,048   23,904,746
Warner Bros Discovery, Inc.(b)(c)
  5,741,551   85,089,786
        566,079,779
Consumer Discretionary-17.27%
Best Buy Co., Inc.(c)
  609,761   54,097,996
BorgWarner, Inc.
  1,002,597   47,402,786
CarMax, Inc.(b)(c)
  1,041,196   73,352,258
Ford Motor Co.
  5,564,000   75,169,640
General Motors Co.
  2,333,342   91,747,008
Lennar Corp., Class A(c)
  559,391   57,281,638
Mohawk Industries, Inc.(b)(c)
  727,085   87,293,825
Newell Brands, Inc.(c)
  3,734,141   59,596,890
PulteGroup, Inc.(c)
  1,120,414   63,740,353
Whirlpool Corp.(c)
  364,896   56,774,169
        666,456,563
Consumer Staples-7.11%
Kraft Heinz Co. (The)(c)
  806,360   32,681,771
Kroger Co. (The)
  1,208,863   53,951,556
Molson Coors Beverage Co., Class B(c)
  867,554   45,615,989
Tyson Foods, Inc., Class A
  1,050,639   69,079,514
Walgreens Boots Alliance, Inc.
  1,981,730   73,046,568
        274,375,398
Energy-4.25%
Kinder Morgan, Inc.
  1,044,131   19,107,597
Phillips 66
  703,513   70,541,249
Valero Energy Corp.
  531,912   74,483,637
        164,132,483
Financials-22.14%
Allstate Corp. (The)
  173,803   22,328,471
American International Group, Inc.
  735,505   46,498,626
Assurant, Inc.
  271,317   35,973,921
Bank of America Corp.
  600,741   21,314,291
Bank of New York Mellon Corp. (The)
  669,546   33,858,941
Berkshire Hathaway, Inc., Class B(b)
  163,934   51,068,720
Capital One Financial Corp.
  544,120   64,750,280
Citigroup, Inc.
  1,504,126   78,545,460
Citizens Financial Group, Inc.
  853,025   36,953,043
Franklin Resources, Inc.(c)
  1,166,720   36,401,664
Goldman Sachs Group, Inc. (The)
  60,223   22,030,176
Hartford Financial Services Group, Inc. (The)
  275,942   21,415,858
Invesco Ltd.(d)
  2,786,044   51,569,674
Lincoln National Corp.
  1,008,597   35,734,592
Loews Corp.
  787,888   48,439,354
M&T Bank Corp.(c)
  112,373   17,530,188
MetLife, Inc.
  259,232   18,929,121
Prudential Financial, Inc.(c)
  242,288   25,425,703
Signature Bank
  242,665   31,291,652
State Street Corp.
  312,763   28,564,645
SVB Financial Group(b)
  139,112   42,073,033
Synchrony Financial
  675,800   24,822,134
  Shares   Value
Financials-(continued)
Truist Financial Corp.
  613,079   $30,279,972
Wells Fargo & Co.
  611,838   28,676,847
        854,476,366
Health Care-8.28%
AmerisourceBergen Corp.
  269,051   45,458,857
Cardinal Health, Inc.
  502,769   38,838,905
Centene Corp.(b)
  685,881   52,291,568
CVS Health Corp.
  513,450   45,296,559
DaVita, Inc.(b)(c)
  256,111   21,100,985
Universal Health Services, Inc., Class B
  274,704   40,713,880
Viatris, Inc.
  6,247,669   75,971,655
        319,672,409
Industrials-7.33%
Alaska Air Group, Inc.(b)(c)
  805,076   41,332,602
American Airlines Group, Inc.(b)(c)
  2,471,445   39,889,122
Delta Air Lines, Inc.(b)
  827,537   32,356,697
FedEx Corp.
  273,322   52,986,203
Southwest Airlines Co.
  473,113   16,923,252
Stanley Black & Decker, Inc.(c)
  519,738   46,417,801
United Airlines Holdings, Inc.(b)(c)
  1,081,339   52,942,357
        282,848,034
Information Technology-8.70%
DXC Technology Co.(b)
  2,243,544   64,457,019
Fidelity National Information Services, Inc.(c)
  544,961   40,893,873
Global Payments, Inc.
  181,121   20,415,959
Hewlett Packard Enterprise Co.(c)
  3,433,161   55,376,887
HP, Inc.(c)
  927,483   27,026,855
Intel Corp.
  954,916   26,985,926
Micron Technology, Inc.
  461,424   27,823,867
Western Digital Corp.(b)
  1,653,347   72,664,601
        335,644,987
Materials-8.02%
Celanese Corp.
  185,529   22,857,173
Dow, Inc.
  758,685   45,027,955
DuPont de Nemours, Inc.(c)
  257,868   19,069,339
Eastman Chemical Co.
  289,476   25,523,099
International Paper Co.
  1,330,806   55,654,307
LyondellBasell Industries N.V., Class A
  528,170   51,068,757
WestRock Co.
  2,297,351   90,148,053
        309,348,683
Real Estate-0.57%
CBRE Group, Inc., Class A(b)
  257,020   21,977,780
Utilities-1.62%
Evergy, Inc.
  280,931   17,600,327
Exelon Corp.
  607,041   25,611,060
Pinnacle West Capital Corp.
  259,970   19,380,763
        62,592,150
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.96%

(Cost $3,789,780,564)
  3,857,604,632
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500® Pure Value ETF (RPV)—(continued)
January 31, 2023
(Unaudited)
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-10.76%
Invesco Private Government Fund, 4.36%(d)(e)(f)
  113,391,832   $113,391,832
Invesco Private Prime Fund, 4.59%(d)(e)(f)
  301,891,842   301,982,406
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $415,369,932)
  415,374,238
TOTAL INVESTMENTS IN SECURITIES-110.72%

(Cost $4,205,150,496)
  4,272,978,870
OTHER ASSETS LESS LIABILITIES-(10.72)%
  (413,731,709)
NET ASSETS-100.00%
  $3,859,247,161
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 nine months ended January 31, 2023.
    
  Value
April 30, 2022 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
January 31, 2023 		  Dividend
Income
Invesco Ltd. $36,016,603   $25,376,424   $(9,266,932)   $179,990   $(736,411)   $51,569,674   $1,065,878
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class 228,618   101,214,590   (101,443,208)   -   -   -   48,165
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 36,255,009   622,355,771   (545,218,948)   -   -   113,391,832   1,440,190*
Invesco Private Prime Fund 84,530,808   1,501,880,412   (1,284,474,899)   1,597   44,488   301,982,406   3,948,904*
Total $157,031,038   $2,250,827,197   $(1,940,403,987)   $181,587   $(691,923)   $466,943,912   $6,503,137
    
* 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(a)
Invesco S&P 500® Top 50 ETF (XLG)
January 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.95%
Communication Services-12.18%
Alphabet, Inc., Class A(b)
  641,598   $63,415,546
Alphabet, Inc., Class C(b)
  568,807   56,806,755
AT&T, Inc.
  764,917   15,581,359
Comcast Corp., Class A
  463,013   18,219,562
Meta Platforms, Inc., Class A(b)
  241,527   35,980,277
Verizon Communications, Inc.
  450,758   18,738,010
Walt Disney Co. (The)(b)
  195,654   21,226,503
        229,968,012
Consumer Discretionary-11.77%
Amazon.com, Inc.(b)
  953,355   98,319,501
Home Depot, Inc. (The)
  109,969   35,648,651
McDonald’s Corp.
  78,603   21,018,442
NIKE, Inc., Class B
  135,204   17,215,525
Tesla, Inc.(b)
  288,356   49,949,027
        222,151,146
Consumer Staples-7.98%
Coca-Cola Co. (The)
  418,044   25,634,458
Costco Wholesale Corp.
  47,509   24,283,750
PepsiCo, Inc.
  147,981   25,307,711
Philip Morris International, Inc.
  166,376   17,343,034
Procter & Gamble Co. (The)
  254,567   36,245,249
Walmart, Inc.
  151,472   21,792,277
        150,606,479
Energy-4.48%
Chevron Corp.
  191,070   33,250,002
Exxon Mobil Corp.
  442,431   51,326,420
        84,576,422
Financials-7.95%
Bank of America Corp.
  749,678   26,598,575
Berkshire Hathaway, Inc., Class B(b)
  193,532   60,289,089
JPMorgan Chase & Co.
  315,057   44,095,378
Wells Fargo & Co.
  408,965   19,168,189
        150,151,231
Health Care-15.94%
Abbott Laboratories
  187,142   20,688,548
AbbVie, Inc.
  189,957   28,066,147
Bristol-Myers Squibb Co.
  228,188   16,577,858
Danaher Corp.
  70,313   18,589,351
Eli Lilly and Co.
  84,720   29,156,388
Johnson & Johnson
  280,895   45,903,861
Medtronic PLC
  142,650   11,938,378
Merck & Co., Inc.
  272,343   29,252,361
Pfizer, Inc.
  602,980   26,627,597
  Shares   Value
Health Care-(continued)
Thermo Fisher Scientific, Inc.
  42,121   $24,022,870
UnitedHealth Group, Inc.
  100,372   50,104,699
        300,928,058
Industrials-0.71%
Union Pacific Corp.
  65,987   13,473,886
Information Technology-38.01%
Accenture PLC, Class A
  67,615   18,867,966
Adobe, Inc.(b)
  49,895   18,478,114
Advanced Micro Devices, Inc.(b)
  173,059   13,005,384
Apple, Inc.
  1,606,408   231,788,610
Broadcom, Inc.
  43,501   25,448,520
Cisco Systems, Inc.
  440,693   21,448,528
Intel Corp.
  442,937   12,517,400
Mastercard, Inc., Class A
  91,183   33,792,420
Microsoft Corp.
  800,787   198,443,026
NVIDIA Corp.
  267,533   52,267,922
QUALCOMM, Inc.
  120,312   16,026,762
salesforce.com, inc.(b)
  107,318   18,026,204
Texas Instruments, Inc.
  97,412   17,262,381
Visa, Inc., Class A(c)
  175,642   40,434,545
        717,807,782
Materials-0.93%
Linde PLC (United Kingdom)
  53,057   17,558,684
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.95%

(Cost $1,692,124,763)
  1,887,221,700
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.16%
Invesco Private Government Fund, 4.36%(d)(e)(f)
  11,411,663   11,411,663
Invesco Private Prime Fund, 4.59%(d)(e)(f)
  29,346,935   29,355,739
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $40,765,347)
  40,767,402
TOTAL INVESTMENTS IN SECURITIES-102.11%

(Cost $1,732,890,110)
  1,927,989,102
OTHER ASSETS LESS LIABILITIES-(2.11)%
  (39,752,111)
NET ASSETS-100.00%
  $1,888,236,991
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500® Top 50 ETF (XLG)—(continued)
January 31, 2023
(Unaudited)
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 nine months ended January 31, 2023.
    
  Value
April 30, 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 $-   $23,996,498   $(23,996,498)   $-   $-   $-   $12,239
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 12,114,562   186,505,603   (187,208,502)   -   -   11,411,663   263,737*
Invesco Private Prime Fund 25,624,591   336,342,607   (332,618,278)   (2,288)   9,107   29,355,739   702,751*
Total $37,739,153   $546,844,708   $(543,823,278)   $(2,288)   $9,107   $40,767,402   $978,727
    
* 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(a)
Invesco S&P MidCap 400® Pure Growth ETF (RFG)
January 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.92%
Communication Services-3.32%
Nexstar Media Group, Inc., Class A
  27,043   $5,537,595
World Wrestling Entertainment, Inc., Class A(b)
  37,754   3,194,744
        8,732,339
Consumer Discretionary-10.89%
Crocs, Inc.(b)(c)
  20,294   2,471,200
Deckers Outdoor Corp.(c)
  5,400   2,308,392
Grand Canyon Education, Inc.(c)
  35,062   4,086,827
H&R Block, Inc.(b)
  59,879   2,334,083
Murphy USA, Inc.
  19,249   5,236,306
Service Corp. International
  27,941   2,071,825
Tempur Sealy International, Inc.(b)
  85,053   3,465,910
Texas Roadhouse, Inc.(b)
  25,802   2,591,295
Visteon Corp.(c)
  11,576   1,809,792
Wingstop, Inc.(b)
  14,483   2,295,121
        28,670,751
Consumer Staples-5.24%
Casey’s General Stores, Inc.
  15,518   3,660,851
Celsius Holdings, Inc.(b)(c)
  47,337   4,748,848
Darling Ingredients, Inc.(c)
  52,740   3,496,135
Lancaster Colony Corp.(b)
  9,830   1,886,475
        13,792,309
Energy-19.83%
Antero Resources Corp.(c)
  197,917   5,707,926
CNX Resources Corp.(b)(c)
  264,295   4,421,656
DT Midstream, Inc.
  74,824   4,089,880
Matador Resources Co.
  100,068   6,620,499
Murphy Oil Corp.
  98,453   4,293,535
NOV, Inc.
  132,704   3,243,286
PBF Energy, Inc., Class A
  185,798   7,801,658
PDC Energy, Inc.
  93,170   6,310,404
Range Resources Corp.
  210,356   5,263,107
Southwestern Energy Co.(c)
  802,604   4,430,374
        52,182,325
Financials-11.29%
Annaly Capital Management, Inc.(b)
  325,926   7,649,483
FirstCash Holdings, Inc.
  21,803   2,009,801
Jefferies Financial Group, Inc.
  116,293   4,567,989
Kinsale Capital Group, Inc.(b)
  18,737   5,217,130
RLI Corp.
  34,157   4,524,095
Selective Insurance Group, Inc.
  18,933   1,798,635
SLM Corp.
  224,942   3,952,231
        29,719,364
Health Care-13.12%
Exelixis, Inc.(c)
  106,432   1,875,332
Halozyme Therapeutics, Inc.(c)
  95,684   4,953,561
HealthEquity, Inc.(c)
  23,585   1,435,147
Inari Medical, Inc.(b)(c)
  50,417   2,876,290
Jazz Pharmaceuticals PLC(c)
  17,772   2,784,161
Lantheus Holdings, Inc.(c)
  41,056   2,360,720
Medpace Holdings, Inc.(c)
  13,825   3,056,293
Neurocrine Biosciences, Inc.(c)
  40,489   4,491,445
Option Care Health, Inc.(c)
  82,943   2,394,564
Repligen Corp.(b)(c)
  11,523   2,135,212
Shockwave Medical, Inc.(c)
  23,337   4,385,722
United Therapeutics Corp.(c)
  6,781   1,784,556
        34,533,003
Industrials-13.66%
Avis Budget Group, Inc.(c)
  17,937   3,588,118
  Shares   Value
Industrials-(continued)
Axon Enterprise, Inc.(c)
  22,331   $4,364,371
Builders FirstSource, Inc.(c)
  69,550   5,543,135
Carlisle Cos., Inc.
  9,047   2,269,530
Clean Harbors, Inc.(c)
  21,391   2,787,247
EMCOR Group, Inc.
  14,709   2,180,609
FTI Consulting, Inc.(b)(c)
  12,817   2,044,568
KBR, Inc.
  35,967   1,842,589
Landstar System, Inc.
  21,187   3,661,749
Simpson Manufacturing Co., Inc.
  25,759   2,759,047
Toro Co. (The)
  15,558   1,735,028
Valmont Industries, Inc.
  9,632   3,175,959
        35,951,950
Information Technology-8.79%
Amkor Technology, Inc.
  151,742   4,439,971
Belden, Inc.
  29,893   2,424,023
Calix, Inc.(c)
  28,637   1,507,452
Cirrus Logic, Inc.(c)
  35,201   3,181,818
Concentrix Corp.
  19,510   2,766,713
ExlService Holdings, Inc.(b)(c)
  14,967   2,553,370
Fair Isaac Corp.(c)
  3,640   2,424,058
Paylocity Holding Corp.(c)
  8,667   1,805,250
WEX, Inc.(c)
  10,945   2,024,497
        23,127,152
Materials-10.57%
Cabot Corp.
  32,713   2,464,270
Eagle Materials, Inc.
  13,608   1,987,857
Louisiana-Pacific Corp.(b)
  69,011   4,698,959
MP Materials Corp.(b)(c)
  93,002   3,023,495
Olin Corp.
  46,753   3,019,776
Reliance Steel & Aluminum Co.
  20,072   4,565,376
Silgan Holdings, Inc.
  51,985   2,801,472
Westlake Corp.(b)
  42,736   5,245,844
        27,807,049
Utilities-3.21%
Essential Utilities, Inc.
  70,378   3,288,764
OGE Energy Corp.
  63,780   2,507,829
ONE Gas, Inc.
  32,305   2,660,640
        8,457,233
Total Common Stocks & Other Equity Interests

(Cost $243,554,698)
  262,973,475
Money Market Funds-0.10%
Invesco Government & Agency Portfolio, Institutional Class, 4.30%(d)(e)

(Cost $268,136)
  268,136   268,136
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-100.02%

(Cost $243,822,834)
  263,241,611
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-11.57%
Invesco Private Government Fund, 4.36%(d)(e)(f)
  8,010,760   8,010,760
See accompanying notes which are an integral part of this schedule.
Invesco S&P MidCap 400® Pure Growth ETF (RFG)—(continued)
January 31, 2023
(Unaudited)
  Shares   Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 4.59%(d)(e)(f)
  22,437,063   $22,443,794
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $30,453,146)
  30,454,554
TOTAL INVESTMENTS IN SECURITIES-111.59%

(Cost $274,275,980)
  293,696,165
OTHER ASSETS LESS LIABILITIES-(11.59)%
  (30,515,293)
NET ASSETS-100.00%
  $263,180,872
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) 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 nine months ended January 31, 2023.
    
  Value
April 30, 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 $-   $3,419,619   $(3,151,483)   $-   $-   $268,136   $2,044
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 20,042,244   120,876,441   (132,907,925)   -   -   8,010,760   287,574*
Invesco Private Prime Fund 48,584,214   239,650,774   (265,801,617)   95   10,328   22,443,794   786,801*
Total $68,626,458   $363,946,834   $(401,861,025)   $95   $10,328   $30,722,690   $1,076,419
    
* 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(a)
Invesco S&P MidCap 400® Pure Value ETF (RFV)
January 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.95%
Communication Services-0.60%
Frontier Communications Parent, Inc.(b)(c)
  51,884   $1,536,285
Consumer Discretionary-34.59%
Adient PLC(b)(c)
  100,746   4,535,585
Dana, Inc.
  229,138   4,156,563
Foot Locker, Inc.(c)
  114,394   4,977,283
Gap, Inc. (The)
  243,550   3,304,974
Goodyear Tire & Rubber Co. (The)(b)(c)
  669,120   7,527,600
Graham Holdings Co., Class B
  5,551   3,626,524
Hanesbrands, Inc.(c)
  431,353   3,640,619
KB Home
  179,656   6,907,773
Kohl’s Corp.(c)
  209,543   6,782,907
Lear Corp.(c)
  18,452   2,689,933
Lithia Motors, Inc., Class A(c)
  21,503   5,659,590
Macy’s, Inc.
  180,007   4,253,565
Nordstrom, Inc.(c)
  157,982   3,086,968
PVH Corp.
  68,532   6,161,027
Skechers U.S.A., Inc., Class A(b)(c)
  27,987   1,347,574
Taylor Morrison Home Corp., Class A(b)(c)
  194,075   6,947,885
Thor Industries, Inc.(c)
  60,075   5,726,950
Toll Brothers, Inc.
  74,321   4,421,356
Topgolf Callaway Brands Corp.(b)(c)
  95,284   2,333,505
        88,088,181
Consumer Staples-1.82%
Pilgrim’s Pride Corp.(b)(c)
  134,862   3,274,449
Post Holdings, Inc.(b)
  14,440   1,371,078
        4,645,527
Financials-14.30%
Associated Banc-Corp
  59,117   1,324,812
Brighthouse Financial, Inc.(b)
  115,123   6,477,971
CNO Financial Group, Inc.
  61,965   1,596,218
Essent Group Ltd.
  36,130   1,590,804
F.N.B. Corp.
  105,680   1,508,054
First American Financial Corp.(c)
  43,521   2,692,644
Janus Henderson Group PLC(c)
  71,905   1,863,778
Kemper Corp.
  29,381   1,725,546
MGIC Investment Corp.
  132,559   1,871,733
Navient Corp.(c)
  198,165   3,759,190
New York Community Bancorp, Inc.
  307,254   3,069,468
Old Republic International Corp.
  78,371   2,068,211
PacWest Bancorp
  78,197   2,162,929
Reinsurance Group of America, Inc.
  9,369   1,421,933
Unum Group
  77,765   3,268,463
        36,401,754
Health Care-6.00%
Enovis Corp.(b)(c)
  56,352   3,547,358
Patterson Cos., Inc.(c)
  73,367   2,214,950
Perrigo Co. PLC
  64,946   2,430,279
Syneos Health, Inc.(b)
  89,802   3,225,688
Tenet Healthcare Corp.(b)
  70,170   3,848,825
        15,267,100
Industrials-9.76%
Fluor Corp.(b)(c)
  62,358   2,291,656
GXO Logistics, Inc.(b)
  39,784   2,081,897
JetBlue Airways Corp.(b)
  690,857   5,526,856
ManpowerGroup, Inc.
  45,305   3,948,784
Ryder System, Inc.(c)
  41,461   3,914,333
  Shares   Value
Industrials-(continued)
Univar Solutions, Inc.(b)
  88,921   $3,065,996
XPO, Inc.(b)
  101,259   4,036,184
        24,865,706
Information Technology-14.33%
Arrow Electronics, Inc.(b)(c)
  44,876   5,272,481
Avnet, Inc.
  124,739   5,723,025
Coherent Corp.(b)(c)
  43,780   1,900,052
Jabil, Inc.
  43,571   3,425,988
Kyndryl Holdings, Inc.(b)(c)
  200,435   2,683,825
MKS Instruments, Inc.(c)
  16,974   1,736,780
NCR Corp.(b)(c)
  125,043   3,428,679
TD SYNNEX Corp.
  47,114   4,812,695
Viasat, Inc.(b)(c)
  63,877   2,200,563
Vishay Intertechnology, Inc.(c)
  51,642   1,182,085
Xerox Holdings Corp.
  251,151   4,113,853
        36,480,026
Materials-8.09%
Alcoa Corp.
  32,356   1,690,277
Avient Corp.
  53,169   2,154,408
Cleveland-Cliffs, Inc.(b)(c)
  331,213   7,071,398
Greif, Inc., Class A(c)
  29,059   2,075,684
United States Steel Corp.(c)
  267,436   7,619,252
        20,611,019
Real Estate-9.16%
Cousins Properties, Inc.(c)
  68,552   1,879,696
JBG SMITH Properties(c)
  78,750   1,586,025
Jones Lang LaSalle, Inc.(b)(c)
  16,222   2,998,961
Kilroy Realty Corp.(c)
  33,838   1,388,712
Medical Properties Trust, Inc.(c)
  149,591   1,937,204
Park Hotels & Resorts, Inc.(c)
  286,847   4,219,519
Pebblebrook Hotel Trust(c)
  169,861   2,785,720
Sabra Health Care REIT, Inc.
  88,346   1,192,671
SL Green Realty Corp.
  70,284   2,892,187
Vornado Realty Trust
  99,960   2,438,024
        23,318,719
Utilities-1.30%
Southwest Gas Holdings, Inc.(c)
  20,239   1,354,596
UGI Corp.
  48,842   1,945,377
        3,299,973
Total Common Stocks & Other Equity Interests

(Cost $237,685,674)
  254,514,290
Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 4.30%(d)(e)

(Cost $73,938)
  73,938   73,938
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.98%

(Cost $237,759,612)
  254,588,228
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-27.52%
Invesco Private Government Fund, 4.36%(d)(e)(f)
  18,922,652   18,922,652
See accompanying notes which are an integral part of this schedule.
Invesco S&P MidCap 400® Pure Value ETF (RFV)—(continued)
January 31, 2023
(Unaudited)
  Shares   Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 4.59%(d)(e)(f)
  51,135,280   $51,150,620
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $70,072,623)
  70,073,272
TOTAL INVESTMENTS IN SECURITIES-127.50%

(Cost $307,832,235)
  324,661,500
OTHER ASSETS LESS LIABILITIES-(27.50)%
  (70,029,936)
NET ASSETS-100.00%
  $254,631,564
Investment Abbreviations:
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) 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 nine months ended January 31, 2023.
    
  Value
April 30, 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 $89,315   $3,543,206   $(3,558,583)   $-   $-   $73,938   $1,230
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 7,518,534   71,696,841   (60,292,723)   -   -   18,922,652   175,605*
Invesco Private Prime Fund 17,532,140   148,575,016   (114,963,497)   (1,003)   7,964   51,150,620   489,067*
Total $25,139,989   $223,815,063   $(178,814,803)   $(1,003)   $7,964   $70,147,210   $665,902
    
* 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(a)
Invesco S&P SmallCap 600® Pure Growth ETF (RZG)
January 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.89%
Communication Services-1.76%
ATN International, Inc.
  18,026   $881,111
Cars.com, Inc.(b)(c)
  46,552   796,039
        1,677,150
Consumer Discretionary-7.53%
Adtalem Global Education, Inc.(b)(c)
  24,375   930,638
Cavco Industries, Inc.(b)
  3,056   813,202
Ethan Allen Interiors, Inc.
  20,889   600,350
Green Brick Partners, Inc.(b)(c)
  43,637   1,361,474
Jack in the Box, Inc.
  10,657   809,719
Monarch Casino & Resort, Inc.(b)
  12,825   982,651
Stride, Inc.(b)(c)
  16,997   729,681
XPEL, Inc.(b)(c)(d)
  12,651   962,362
        7,190,077
Consumer Staples-5.10%
Cal-Maine Foods, Inc.
  17,605   1,007,358
elf Beauty, Inc.(b)(c)
  15,090   868,429
Hostess Brands, Inc.(b)(c)
  17,462   403,896
Medifast, Inc.
  4,314   480,795
MGP Ingredients, Inc.(c)
  7,392   721,016
Simply Good Foods Co. (The)(b)(c)
  21,319   773,880
Tootsie Roll Industries, Inc.(c)
  13,689   612,309
        4,867,683
Energy-9.04%
Civitas Resources, Inc.
  23,540   1,566,587
CONSOL Energy, Inc.
  7,181   415,277
Dorian LPG Ltd.
  56,846   1,128,393
Ranger Oil Corp.(c)
  20,709   869,778
REX American Resources Corp.(b)
  44,952   1,470,830
RPC, Inc.(c)
  49,099   487,062
SM Energy Co.(c)
  41,252   1,355,953
Vital Energy, Inc.(b)(c)
  23,603   1,328,377
        8,622,257
Financials-14.49%
ARMOUR Residential REIT, Inc.
  254,482   1,598,147
Avantax, Inc.(b)
  27,702   807,236
BancFirst Corp.
  5,983   515,316
Bancorp, Inc. (The)(b)(c)
  14,126   479,295
Banner Corp.
  5,300   343,599
City Holding Co.(c)
  4,832   458,025
CVB Financial Corp.(c)
  13,161   318,759
Dime Community Bancshares, Inc.(c)
  18,223   543,410
First Bancorp
  54,775   736,724
Hanmi Financial Corp.
  30,229   704,033
Heritage Financial Corp.
  13,374   381,560
Mr. Cooper Group, Inc.(b)(c)
  29,790   1,370,042
NBT Bancorp, Inc.(c)
  11,847   465,706
OFG Bancorp
  35,332   1,000,249
Palomar Holdings, Inc.(b)(c)
  13,072   668,110
Piper Sandler Cos.(c)
  5,723   813,238
Preferred Bank
  7,573   538,668
ServisFirst Bancshares, Inc.(c)
  5,977   407,512
Stellar Bancorp, Inc.
  19,216   540,162
StoneX Group, Inc.(b)
  12,917   1,135,146
        13,824,937
Health Care-20.67%
AdaptHealth Corp.(b)(c)
  32,326   692,746
Addus HomeCare Corp.(b)(c)
  3,591   386,104
AMN Healthcare Services, Inc.(b)(c)
  9,889   947,762
  Shares   Value
Health Care-(continued)
Amphastar Pharmaceuticals, Inc.(b)(c)
  24,552   $742,944
Arcus Biosciences, Inc.(b)(c)
  20,684   447,395
Catalyst Pharmaceuticals, Inc.(b)(c)
  80,792   1,251,468
Collegium Pharmaceutical, Inc.(b)(c)
  17,487   491,035
Corcept Therapeutics, Inc.(b)
  30,298   692,612
Cross Country Healthcare, Inc.(b)(c)
  48,134   1,335,718
Cytokinetics, Inc.(b)
  28,117   1,194,410
Dynavax Technologies Corp.(b)(c)
  96,727   1,100,753
Ensign Group, Inc. (The)(c)
  9,189   856,874
Innoviva, Inc.(b)(c)
  59,116   747,817
iTeos Therapeutics, Inc.(b)
  92,803   1,939,583
NextGen Healthcare, Inc.(b)
  21,385   406,743
OmniAb, Inc.(b)(e)
  2,880   0
OmniAb, Inc., Class A(b)(e)
  2,881   0
Pacira BioSciences, Inc.(b)(c)
  7,671   301,240
REGENXBIO, Inc.(b)(c)
  34,436   799,260
Supernus Pharmaceuticals, Inc.(b)(c)
  17,411   714,025
uniQure N.V. (Netherlands)(b)
  30,578   649,783
Veradigm, Inc.(b)(c)
  26,567   475,815
Vir Biotechnology, Inc.(b)(c)
  66,607   1,968,237
Xencor, Inc.(b)(c)
  13,944   459,036
Zynex, Inc.(b)(c)
  79,451   1,122,643
        19,724,003
Industrials-16.57%
AAON, Inc.
  8,958   683,675
Aerojet Rocketdyne Holdings, Inc.(b)
  7,077   395,746
AeroVironment, Inc.(b)(c)
  4,319   384,261
Applied Industrial Technologies, Inc.
  3,774   540,474
Boise Cascade Co.(c)
  16,117   1,208,291
Comfort Systems USA, Inc.
  7,449   901,627
Encore Wire Corp.(c)
  8,783   1,417,840
EnPro Industries, Inc.(c)
  4,621   559,464
Forward Air Corp.(c)
  6,948   749,342
Franklin Electric Co., Inc.
  4,849   437,865
Hillenbrand, Inc.(c)
  9,094   426,145
Lindsay Corp.
  5,155   807,376
Marten Transport Ltd.(c)
  36,754   811,896
Matson, Inc.
  19,008   1,256,809
Mueller Industries, Inc.
  14,963   980,825
NV5 Global, Inc.(b)(c)
  4,086   544,623
PGT Innovations, Inc.(b)(c)
  42,012   911,660
Sun Country Airlines Holdings, Inc.(b)(c)
  34,452   643,219
Titan International, Inc.(b)(c)
  59,996   1,001,333
UFP Industries, Inc.
  12,309   1,151,507
        15,813,978
Information Technology-17.38%
A10 Networks, Inc.(c)
  21,707   336,024
Advanced Energy Industries, Inc.(c)
  12,181   1,129,666
Agilysys, Inc.(b)(c)
  6,864   573,556
Alpha & Omega Semiconductor Ltd.(b)(c)
  24,409   804,521
Axcelis Technologies, Inc.(b)(c)
  17,671   1,942,927
Badger Meter, Inc.
  3,881   449,808
Clearfield, Inc.(b)(c)
  13,048   932,410
CTS Corp.
  10,969   488,230
Digi International, Inc.(b)(c)
  13,034   443,026
Diodes, Inc.(b)(c)
  6,256   557,973
DoubleVerify Holdings, Inc.(b)
  35,017   952,112
Extreme Networks, Inc.(b)
  18,877   340,352
Fabrinet (Thailand)(b)(c)
  5,310   699,115
Harmonic, Inc.(b)(c)
  48,640   640,589
Kulicke & Soffa Industries, Inc. (Singapore)(c)
  19,767   1,010,094
See accompanying notes which are an integral part of this schedule.
Invesco S&P SmallCap 600® Pure Growth ETF (RZG)—(continued)
January 31, 2023
(Unaudited)
  Shares   Value
Information Technology-(continued)
MaxLinear, Inc.(b)(c)
  11,810   $486,572
NetScout Systems, Inc.(b)(c)
  10,522   337,756
Onto Innovation, Inc.(b)(c)
  6,531   513,663
Photronics, Inc.(b)
  50,801   920,514
Plexus Corp.(b)
  5,201   499,244
Progress Software Corp.(c)
  10,173   539,576
Rambus, Inc.(b)(c)
  29,669   1,200,704
SPS Commerce, Inc.(b)
  2,617   356,121
Veeco Instruments, Inc.(b)(c)
  21,578   428,539
        16,583,092
Materials-4.36%
American Vanguard Corp.
  25,876   584,539
Hawkins, Inc.
  23,223   905,697
Innospec, Inc.(c)
  4,709   532,211
Kaiser Aluminum Corp.
  10,023   877,213
Livent Corp.(b)(c)
  17,364   450,075
Myers Industries, Inc.(c)
  33,874   815,686
        4,165,421
Real Estate-1.65%
Marcus & Millichap, Inc.(c)
  17,821   645,833
St. Joe Co. (The)(c)
  19,671   926,504
        1,572,337
Utilities-1.34%
SJW Group
  5,494   425,291
South Jersey Industries, Inc.
  12,054   435,029
Unitil Corp.
  7,979   416,264
        1,276,584
Total Common Stocks & Other Equity Interests

(Cost $91,954,239)
  95,317,519
  Shares   Value
Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 4.30%(f)(g)

(Cost $57,372)
  57,372   $57,372
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.95%

(Cost $92,011,611)
  95,374,891
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-27.16%
Invesco Private Government Fund, 4.36%(f)(g)(h)
  7,184,579   7,184,579
Invesco Private Prime Fund, 4.59%(f)(g)(h)
  18,728,192   18,733,810
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $25,916,554)
  25,918,389
TOTAL INVESTMENTS IN SECURITIES-127.11%

(Cost $117,928,165)
  121,293,280
OTHER ASSETS LESS LIABILITIES-(27.11)%
  (25,866,814)
NET ASSETS-100.00%
  $95,426,466
 
Investment Abbreviations:
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) Non-income producing security.
(c) All or a portion of this security was out on loan at 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 value of this security at January 31, 2023 represented 1.01% of the Fund’s Net Assets.
(e) Security valued using significant unobservable inputs (Level 3). See Note 1.
(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 nine months ended January 31, 2023.
    
  Value
April 30, 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 $56,928   $2,467,747   $(2,467,303)   $-   $-   $57,372   $817
See accompanying notes which are an integral part of this schedule.
Invesco S&P SmallCap 600® Pure Growth ETF (RZG)—(continued)
January 31, 2023
(Unaudited)
  Value
April 30, 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 $11,064,178   $30,225,842   $(34,105,441)   $-   $-   $7,184,579   $182,207*
Invesco Private Prime Fund 25,804,690   59,891,890   (66,970,461)   452   7,239   18,733,810   497,758*
Total $36,925,796   $92,585,479   $(103,543,205)   $452   $7,239   $25,975,761   $680,782
    
* 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.
    
(g) The rate shown is the 7-day SEC standardized yield as of January 31, 2023.
(h) 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 S&P SmallCap 600® Pure Value ETF (RZV)
January 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-5.73%
AMC Networks, Inc., Class A(b)(c)
  194,586   $3,601,787
Consolidated Communications Holdings, Inc.(b)(c)
  519,057   2,257,898
E.W. Scripps Co. (The), Class A(b)(c)
  206,791   3,091,525
Gannett Co., Inc.(b)
  729,869   1,649,504
Marcus Corp. (The)(c)
  58,501   885,705
Scholastic Corp.
  19,863   878,739
Telephone & Data Systems, Inc.(c)
  396,476   5,300,884
Thryv Holdings, Inc.(b)(c)
  64,969   1,453,357
        19,119,399
Consumer Discretionary-28.83%
Aaron’s Co., Inc. (The)(c)
  341,604   5,004,499
Abercrombie & Fitch Co., Class A(b)(c)
  97,220   2,815,491
American Axle & Manufacturing Holdings, Inc.(b)
  177,437   1,573,866
American Eagle Outfitters, Inc.(c)
  80,604   1,300,949
America’s Car-Mart, Inc.(b)(c)
  44,409   3,825,391
Big Lots, Inc.(c)
  219,916   3,597,826
Caleres, Inc.(c)
  82,120   2,136,762
Century Communities, Inc.
  74,769   4,575,863
Chico’s FAS, Inc.(b)(c)
  213,846   1,126,968
Children’s Place, Inc. (The)(b)(c)
  54,958   2,493,444
Designer Brands, Inc., Class A(c)
  157,889   1,627,836
El Pollo Loco Holdings, Inc.(c)
  69,085   847,673
Genesco, Inc.(b)
  61,276   2,959,018
G-III Apparel Group Ltd.(b)(c)
  305,275   5,165,253
Group 1 Automotive, Inc.
  14,262   3,049,929
Guess?, Inc.(c)
  50,592   1,172,217
La-Z-Boy, Inc.(c)
  68,764   1,954,961
LGI Homes, Inc.(b)(c)
  7,870   895,999
M.D.C. Holdings, Inc.
  102,219   3,859,789
M/I Homes, Inc.(b)(c)
  96,864   5,792,467
MarineMax, Inc.(b)(c)
  101,451   3,170,344
Meritage Homes Corp.(b)
  28,217   3,038,689
Motorcar Parts of America, Inc.(b)(c)
  247,335   3,601,198
ODP Corp. (The)(b)
  50,426   2,601,982
Patrick Industries, Inc.(c)
  47,632   3,380,443
Rent-A-Center, Inc.(c)
  73,364   1,972,758
Sally Beauty Holdings, Inc.(b)(c)
  121,567   1,894,014
Shoe Carnival, Inc.(c)
  56,846   1,552,464
Signet Jewelers Ltd.(c)
  20,884   1,604,100
Sleep Number Corp.(b)(c)
  36,806   1,265,390
Sonic Automotive, Inc., Class A(c)
  45,749   2,457,179
Standard Motor Products, Inc.
  28,016   1,133,527
Tri Pointe Homes, Inc.(b)
  174,737   3,859,940
Universal Electronics, Inc.(b)(c)
  76,239   1,786,280
Urban Outfitters, Inc.(b)(c)
  44,794   1,226,908
Wolverine World Wide, Inc.(c)
  240,300   3,876,039
Zumiez, Inc.(b)(c)
  80,139   2,069,990
        96,267,446
Consumer Staples-4.60%
B&G Foods, Inc.(c)
  141,321   1,981,320
Fresh Del Monte Produce, Inc.
  141,793   4,055,280
Seneca Foods Corp., Class A(b)
  47,144   2,946,500
SpartanNash Co.
  72,738   2,304,340
United Natural Foods, Inc.(b)(c)
  60,736   2,527,832
Universal Corp.
  28,246   1,535,735
        15,351,007
  Shares   Value
Energy-4.21%
Bristow Group, Inc.(b)
  67,696   $2,067,436
DMC Global, Inc.(b)
  67,368   1,531,948
Helix Energy Solutions Group, Inc.(b)
  199,636   1,583,114
Oil States International, Inc.(b)
  358,856   3,071,807
Par Pacific Holdings, Inc.(b)
  90,462   2,418,049
World Fuel Services Corp.
  119,920   3,393,736
        14,066,090
Financials-10.70%
Ambac Financial Group, Inc.(b)
  87,281   1,454,101
Apollo Commercial Real Estate Finance, Inc.(c)
  104,827   1,275,745
Bread Financial Holdings, Inc.
  50,200   2,059,706
Encore Capital Group, Inc.(b)
  27,357   1,524,332
Enova International, Inc.(b)
  19,974   911,813
EZCORP, Inc., Class A(b)(c)
  251,028   2,286,865
Genworth Financial, Inc., Class A(b)
  858,538   4,739,130
Granite Point Mortgage Trust, Inc.(c)
  121,479   811,480
Green Dot Corp., Class A(b)
  50,527   913,528
Hilltop Holdings, Inc.
  27,598   902,455
HomeStreet, Inc.
  34,360   947,305
Hope Bancorp, Inc.
  73,474   947,080
LendingTree, Inc.(b)(c)
  55,262   2,191,691
ProAssurance Corp.
  48,917   948,501
PROG Holdings, Inc.(b)(c)
  94,147   2,098,537
Ready Capital Corp.(c)
  71,224   942,293
SiriusPoint Ltd. (Bermuda)(b)(c)
  236,753   1,796,955
Stewart Information Services Corp.(c)
  82,830   3,956,789
United Fire Group, Inc.(c)
  38,977   1,227,386
Universal Insurance Holdings, Inc.
  155,500   1,981,070
World Acceptance Corp.(b)(c)
  18,889   1,808,055
        35,724,817
Health Care-4.86%
Emergent BioSolutions, Inc.(b)(c)
  284,446   3,751,843
Enhabit, Inc.(b)(c)
  258,313   3,967,688
Organogenesis Holdings, Inc.(b)
  373,632   956,498
Orthofix Medical, Inc.(b)(c)
  39,891   862,842
Owens & Minor, Inc.(c)
  110,075   2,172,880
Phibro Animal Health Corp., Class A
  73,647   1,134,164
Zimvie, Inc.(b)(c)
  345,696   3,391,278
        16,237,193
Industrials-17.02%
ABM Industries, Inc.
  32,518   1,525,419
Allegiant Travel Co.(b)(c)
  13,001   1,118,476
American Woodmark Corp.(b)
  36,290   2,079,054
ArcBest Corp.
  22,828   1,904,997
AZZ, Inc.
  23,219   986,343
CoreCivic, Inc.(b)(c)
  105,822   1,125,946
Deluxe Corp.(c)
  122,967   2,458,110
DXP Enterprises, Inc.(b)
  87,323   2,645,887
GEO Group, Inc. (The)(b)(c)
  152,302   1,751,473
GMS, Inc.(b)
  29,932   1,775,566
Granite Construction, Inc.(c)
  23,805   1,013,617
Greenbrier Cos., Inc. (The)(c)
  66,364   2,051,975
Harsco Corp.(b)(c)
  345,538   2,743,572
Hawaiian Holdings, Inc.(b)(c)
  65,090   801,909
Heidrick & Struggles International, Inc.
  49,488   1,522,251
HNI Corp.(c)
  33,421   1,061,785
Interface, Inc.
  103,043   1,172,629
Kaman Corp.(c)
  82,696   2,085,593
KAR Auction Services, Inc.(b)(c)
  86,313   1,256,717
Kelly Services, Inc., Class A
  262,919   4,758,834
See accompanying notes which are an integral part of this schedule.
Invesco S&P SmallCap 600® Pure Value ETF (RZV)—(continued)
January 31, 2023
(Unaudited)
  Shares   Value
Industrials-(continued)
MillerKnoll, Inc.(c)
  101,750   $2,429,790
Pitney Bowes, Inc.(c)
  284,168   1,224,764
Powell Industries, Inc.(c)
  37,347   1,482,676
Proto Labs, Inc.(b)(c)
  45,592   1,395,115
Resideo Technologies, Inc.(b)(c)
  177,442   3,412,210
RXO, Inc.(b)(c)
  103,342   1,893,226
SkyWest, Inc.(b)(c)
  239,077   4,963,239
TrueBlue, Inc.(b)(c)
  124,745   2,448,744
Veritiv Corp.(c)
  13,758   1,720,300
        56,810,217
Information Technology-6.04%
Benchmark Electronics, Inc.(c)
  93,713   2,623,027
Cerence, Inc.(b)(c)
  53,743   1,317,778
Comtech Telecommunications Corp.(c)
  150,981   2,394,559
Ebix, Inc.(c)
  111,863   2,132,109
Ichor Holdings Ltd.(b)
  32,014   1,082,073
Insight Enterprises, Inc.(b)(c)
  17,955   2,023,887
NETGEAR, Inc.(b)
  68,180   1,361,555
PC Connection, Inc.
  23,629   1,158,530
ScanSource, Inc.(b)
  107,149   3,528,416
SMART Global Holdings, Inc.(b)(c)
  64,546   1,109,546
TTM Technologies, Inc.(b)(c)
  90,401   1,421,104
        20,152,584
Materials-9.96%
AdvanSix, Inc.
  29,135   1,259,797
Arconic Corp.(b)
  110,926   2,607,870
Century Aluminum Co.(b)(c)
  307,532   3,456,660
Clearwater Paper Corp.(b)
  71,773   2,771,155
Koppers Holdings, Inc.
  76,278   2,639,982
Mativ Holdings, Inc., Class A(c)
  134,557   3,708,391
Minerals Technologies, Inc.
  12,643   878,056
Olympic Steel, Inc.(c)
  114,724   5,075,390
Rayonier Advanced Materials, Inc.(b)(c)
  447,633   3,102,097
SunCoke Energy, Inc.
  290,643   2,647,758
Tredegar Corp.(c)
  191,292   2,320,372
Trinseo PLC(c)
  100,036   2,775,999
        33,243,527
Real Estate-7.99%
Anywhere Real Estate, Inc.(b)(c)
  600,524   5,092,443
Brandywine Realty Trust
  194,618   1,276,694
  Shares   Value
Real Estate-(continued)
Cushman & Wakefield PLC(b)(c)
  202,891   $2,927,717
Douglas Elliman, Inc.(c)
  707,159   3,295,361
Franklin Street Properties Corp.
  628,494   1,935,762
Hersha Hospitality Trust, Class A
  254,123   2,337,932
Hudson Pacific Properties, Inc.
  156,802   1,785,975
Industrial Logistics Properties Trust
  280,946   1,238,972
iStar, Inc.
  101,386   940,862
Office Properties Income Trust
  124,077   2,129,161
Orion Office REIT, Inc.(c)
  81,428   785,780
RE/MAX Holdings, Inc., Class A(c)
  81,712   1,863,851
Service Properties Trust
  121,123   1,079,206
        26,689,716
Total Common Stocks & Other Equity Interests

(Cost $310,422,734)
  333,661,996
Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 4.30%(d)(e)

(Cost $125,111)
  125,111   125,111
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.98%

(Cost $310,547,845)
  333,787,107
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-22.43%
Invesco Private Government Fund, 4.36%(d)(e)(f)
  20,968,636   20,968,636
Invesco Private Prime Fund, 4.59%(d)(e)(f)
  53,912,703   53,928,876
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $74,896,480)
  74,897,512
TOTAL INVESTMENTS IN SECURITIES-122.41%

(Cost $385,444,325)
  408,684,619
OTHER ASSETS LESS LIABILITIES-(22.41)%
  (74,817,942)
NET ASSETS-100.00%
  $333,866,677
 
Investment Abbreviations:
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) 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 nine months ended January 31, 2023.
    
  Value
April 30, 2022 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain
(Loss) 		  Value
January 31, 2023 		  Dividend
Income
Invesco Mortgage Capital, Inc. $485,636   $194,259   $(542,405)   $263,000   $(400,490)   $-   $42,602
See accompanying notes which are an integral part of this schedule.
Invesco S&P SmallCap 600® Pure Value ETF (RZV)—(continued)
January 31, 2023
(Unaudited)
  Value
April 30, 2022 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain
(Loss) 		  Value
January 31, 2023 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $104,095   $9,313,109   $(9,292,093)   $-   $-   $125,111   $2,488
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 16,991,207   93,267,776   (89,290,347)   -   -   20,968,636   297,933*
Invesco Private Prime Fund 39,656,595   185,899,362   (171,639,064)   (1,283)   13,266   53,928,876   820,826*
Total $57,237,533   $288,674,506   $(270,763,909)   $261,717   $(387,224)   $75,022,623   $1,163,849
    
* 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.
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. 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 S&P 500® Pure Growth ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $2,267,114,542   $-   $-   $2,267,114,542
Money Market Funds -   98,986,443   -   98,986,443
Total Investments $2,267,114,542   $98,986,443   $-   $2,366,100,985
Invesco S&P 500® Pure Value ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $3,857,604,632   $-   $-   $3,857,604,632
Money Market Funds -   415,374,238   -   415,374,238
Total Investments $3,857,604,632   $415,374,238   $-   $4,272,978,870
Invesco S&P 500® Top 50 ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $1,887,221,700   $-   $-   $1,887,221,700
Money Market Funds -   40,767,402   -   40,767,402
Total Investments $1,887,221,700   $40,767,402   $-   $1,927,989,102
Invesco S&P MidCap 400® Pure Growth ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $262,973,475   $-   $-   $262,973,475
Money Market Funds 268,136   30,454,554   -   30,722,690
Total Investments $263,241,611   $30,454,554   $-   $293,696,165
Invesco S&P MidCap 400® Pure Value ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $254,514,290   $-   $-   $254,514,290
Money Market Funds 73,938   70,073,272   -   70,147,210
Total Investments $254,588,228   $70,073,272   $-   $324,661,500
  Level 1   Level 2   Level 3   Total
Invesco S&P SmallCap 600® Pure Growth ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $95,317,519   $-   $0   $95,317,519
Money Market Funds 57,372   25,918,389   -   25,975,761
Total Investments $95,374,891   $25,918,389   $0   $121,293,280
Invesco S&P SmallCap 600® Pure Value ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $333,661,996   $-   $-   $333,661,996
Money Market Funds 125,111   74,897,512   -   75,022,623
Total Investments $333,787,107   $74,897,512   $-   $408,684,619