Schedule of Investments(a)
Invesco Aerospace & Defense ETF (PPA)
January 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.99%
Aerospace & Defense-71.32%
AAR Corp.(b)(c)
  166,839   $8,582,198
Aerojet Rocketdyne Holdings, Inc.(b)
  363,800   20,343,696
AeroVironment, Inc.(b)(c)
  119,628   10,643,303
Axon Enterprise, Inc.(b)(c)
  307,638   60,124,771
Boeing Co. (The)(b)
  619,402   131,932,626
BWX Technologies, Inc.
  350,176   21,311,711
CAE, Inc. (Canada)(b)(c)
  1,445,122   32,659,757
Curtiss-Wright Corp.(c)
  120,224   19,933,139
Ducommun, Inc.(b)
  54,103   3,126,071
Elbit Systems Ltd. (Israel)(c)
  204,543   34,604,585
General Dynamics Corp.
  448,674   104,567,962
HEICO Corp.
  213,939   36,572,872
Hexcel Corp.
  344,221   24,295,118
Howmet Aerospace, Inc.
  1,239,398   50,431,105
Huntington Ingalls Industries, Inc.
  163,193   35,990,584
Kaman Corp.(c)
  101,248   2,553,475
Kratos Defense & Security Solutions, Inc.(b)(c)
  598,952   6,858,000
L3Harris Technologies, Inc.(c)
  388,437   83,444,036
Leonardo DRS, Inc.(b)
  1,138,282   15,196,065
Lockheed Martin Corp.
  248,949   115,328,114
Maxar Technologies, Inc.
  354,561   18,320,167
Mercury Systems, Inc.(b)(c)
  275,727   13,782,214
Moog, Inc., Class A
  94,200   8,979,144
Northrop Grumman Corp.
  225,313   100,949,236
Parsons Corp.(b)
  269,101   11,711,276
Raytheon Technologies Corp.
  1,216,966   121,514,055
Spirit AeroSystems Holdings, Inc., Class A(c)
  500,513   18,093,545
Textron, Inc.
  713,775   51,998,509
TransDigm Group, Inc.
  80,048   57,454,452
Triumph Group, Inc.(b)
  302,917   3,450,225
V2X, Inc.(b)
  118,807   5,246,517
Woodward, Inc.(c)
  181,164   18,525,831
        1,248,524,359
Communications Equipment-0.49%
Comtech Telecommunications Corp.
  132,086   2,094,884
Viasat, Inc.(b)(c)
  188,047   6,478,219
        8,573,103
Containers & Packaging-0.60%
Ball Corp.(c)
  180,271   10,498,983
Diversified Telecommunication Services-0.48%
Iridium Communications, Inc.(b)
  141,493   8,466,941
Electronic Equipment, Instruments & Components-2.98%
Keysight Technologies, Inc.(b)
  93,528   16,774,247
OSI Systems, Inc.(b)(c)
  50,292   4,763,155
Teledyne Technologies, Inc.(b)
  64,641   27,424,591
TTM Technologies, Inc.(b)(c)
  203,720   3,202,478
        52,164,471
Industrial Conglomerates-9.39%
General Electric Co.
  833,983   67,118,952
Honeywell International, Inc.
  466,623   97,281,563
        164,400,515
  Shares   Value
Machinery-3.28%
Oshkosh Corp.(c)
  115,239   $11,613,787
Parker-Hannifin Corp.
  140,427   45,779,202
        57,392,989
Metals & Mining-0.83%
ATI, Inc.(b)(c)
  398,254   14,492,463
Professional Services-9.94%
Booz Allen Hamilton Holding Corp.
  477,850   45,223,724
CACI International, Inc., Class A(b)
  78,219   24,098,492
Jacobs Solutions, Inc.
  150,177   18,554,368
KBR, Inc.
  518,786   26,577,407
Leidos Holdings, Inc.
  415,616   41,079,486
Planet Labs PBC(b)(c)
  419,217   2,075,124
Science Applications International Corp.
  158,585   16,457,951
        174,066,552
Software-0.68%
Palantir Technologies, Inc., Class A(b)(c)
  1,374,361   10,692,529
Telos Corp.(b)(c)
  236,519   1,147,117
        11,839,646
Total Common Stocks & Other Equity Interests

(Cost $1,628,286,579)
  1,750,420,022
Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 4.30%(d)(e)

(Cost $995,366)
  995,366   995,366
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-100.05%

(Cost $1,629,281,945)
  1,751,415,388
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-4.26%
Invesco Private Government Fund, 4.36%(d)(e)(f)
  20,896,833   20,896,833
Invesco Private Prime Fund, 4.59%(d)(e)(f)
  53,730,897   53,747,016
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $74,644,810)
  74,643,849
TOTAL INVESTMENTS IN SECURITIES-104.31%

(Cost $1,703,926,755)
  1,826,059,237
OTHER ASSETS LESS LIABILITIES-(4.31)%
  (75,466,837)
NET ASSETS-100.00%
  $1,750,592,400
See accompanying notes which are an integral part of this schedule.
Invesco Aerospace & Defense ETF (PPA)—(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 $337,190   $19,811,875   $(19,153,699)   $-   $-   $995,366   $12,641
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 25,045,121   281,564,284   (285,712,572)   -   -   20,896,833   560,418*
Invesco Private Prime Fund 59,781,622   586,973,641   (593,048,183)   (3,242)   43,178   53,747,016   1,554,639*
Total $85,163,933   $888,349,800   $(897,914,454)   $(3,242)   $43,178   $75,639,215   $2,127,698
    
* 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 DWA Momentum ETF (PDP)
January 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.91%
Communication Services-0.77%
T-Mobile US, Inc.(b)
  55,511   $8,288,347
Consumer Discretionary-11.72%
AutoNation, Inc.(b)(c)
  52,982   6,713,879
Chipotle Mexican Grill, Inc.(b)(c)
  4,916   8,093,604
Darden Restaurants, Inc.
  38,158   5,646,239
H&R Block, Inc.(c)
  134,395   5,238,717
Home Depot, Inc. (The)
  31,074   10,073,259
MGM Resorts International
  167,380   6,931,206
NVR, Inc.(b)
  1,821   9,596,670
O’Reilly Automotive, Inc.(b)
  35,253   27,932,715
Penske Automotive Group, Inc.
  52,198   6,671,948
Service Corp. International(c)
  206,683   15,325,544
Tempur Sealy International, Inc.(c)
  185,592   7,562,874
TJX Cos., Inc. (The)
  129,249   10,580,323
Tractor Supply Co.
  25,609   5,838,596
        126,205,574
Consumer Staples-3.79%
BJ’s Wholesale Club Holdings, Inc.(b)
  82,193   5,956,527
Celsius Holdings, Inc.(b)(c)
  53,355   5,352,574
Costco Wholesale Corp.
  24,332   12,437,058
Estee Lauder Cos., Inc. (The), Class A
  38,400   10,639,872
Performance Food Group Co.(b)
  105,193   6,450,435
        40,836,466
Energy-7.50%
Antero Midstream Corp.(c)
  571,850   6,233,165
Chord Energy Corp.
  60,109   8,615,423
Exxon Mobil Corp.
  53,635   6,222,196
Helmerich & Payne, Inc.
  119,987   5,812,170
Hess Corp.
  46,033   6,912,315
Marathon Petroleum Corp.
  66,659   8,567,015
Occidental Petroleum Corp.
  99,469   6,444,597
ONEOK, Inc.
  84,615   5,794,435
Targa Resources Corp.
  240,690   18,056,564
Texas Pacific Land Corp.(c)
  4,069   8,121,114
        80,778,994
Financials-7.01%
Aon PLC, Class A
  29,328   9,346,247
Arthur J. Gallagher & Co.(c)
  30,203   5,911,331
Globe Life, Inc.
  46,815   5,657,593
Marsh & McLennan Cos., Inc.
  32,804   5,737,748
MSCI, Inc.
  34,918   18,561,012
Nasdaq, Inc.
  92,366   5,559,509
W.R. Berkley Corp.
  351,821   24,676,725
        75,450,165
Health Care-12.10%
Acadia Healthcare Co., Inc.(b)
  102,856   8,641,961
Chemed Corp.
  13,033   6,583,490
Danaher Corp.
  85,012   22,475,473
Eli Lilly and Co.
  17,896   6,158,908
Halozyme Therapeutics, Inc.(b)
  100,449   5,200,245
IDEXX Laboratories, Inc.(b)
  32,765   15,743,582
Intuitive Surgical, Inc.(b)
  23,138   5,684,775
Medpace Holdings, Inc.(b)(c)
  57,827   12,783,815
Mettler-Toledo International, Inc.(b)
  14,806   22,696,413
Thermo Fisher Scientific, Inc.
  12,741   7,266,575
United Therapeutics Corp.(b)
  20,433   5,377,353
UnitedHealth Group, Inc.
  23,338   11,650,096
        130,262,686
  Shares   Value
Industrials-24.97%
AMETEK, Inc.
  39,336   $5,700,573
Booz Allen Hamilton Holding Corp.
  79,376   7,512,145
Builders FirstSource, Inc.(b)
  108,622   8,657,173
Cintas Corp.
  25,803   11,449,823
Copart, Inc.(b)
  398,651   26,554,143
CoStar Group, Inc.(b)
  178,879   13,934,674
Deere & Co.
  14,010   5,923,988
Equifax, Inc.(c)
  33,516   7,447,255
Evoqua Water Technologies Corp.(b)
  152,696   7,407,283
Howmet Aerospace, Inc.
  140,071   5,699,489
IDEX Corp.
  66,378   15,909,479
Illinois Tool Works, Inc.
  26,510   6,257,420
Old Dominion Freight Line, Inc.(c)
  68,559   22,846,601
Quanta Services, Inc.
  51,981   7,910,988
Rollins, Inc.
  719,703   26,197,189
Snap-on, Inc.(c)
  30,716   7,639,991
Tetra Tech, Inc.
  40,504   6,299,182
Trane Technologies PLC
  62,547   11,203,419
TransDigm Group, Inc.
  29,310   21,037,253
United Rentals, Inc.(b)
  16,788   7,402,669
W.W. Grainger, Inc.
  27,583   16,259,627
WESCO International, Inc.(b)
  78,845   11,748,694
WillScot Mobile Mini Holdings Corp.(b)
  160,408   7,773,372
        268,772,430
Information Technology-24.14%
Amphenol Corp., Class A
  269,110   21,466,905
Apple, Inc.
  229,023   33,045,729
Applied Materials, Inc.
  62,904   7,013,167
Automatic Data Processing, Inc.
  21,805   4,923,787
Cadence Design Systems, Inc.(b)
  145,615   26,622,790
CDW Corp.
  42,804   8,390,868
Enphase Energy, Inc.(b)
  18,132   4,014,062
First Solar, Inc.(b)
  34,719   6,166,094
Fiserv, Inc.(b)
  159,117   16,974,602
Gartner, Inc.(b)
  15,863   5,363,915
Intuit, Inc.
  32,280   13,643,788
Keysight Technologies, Inc.(b)
  39,550   7,093,292
KLA Corp.
  20,912   8,207,542
Lattice Semiconductor Corp.(b)
  244,331   18,517,846
Mastercard, Inc., Class A
  81,206   30,094,944
ON Semiconductor Corp.(b)
  145,798   10,708,863
Teledyne Technologies, Inc.(b)
  45,590   19,342,013
VeriSign, Inc.(b)
  27,734   6,047,399
Visa, Inc., Class A(c)
  52,785   12,151,635
        259,789,241
Materials-5.14%
Commercial Metals Co.(c)
  110,973   6,022,505
Graphic Packaging Holding Co.
  684,716   16,494,809
Louisiana-Pacific Corp.
  92,515   6,299,346
Nucor Corp.
  41,161   6,957,032
Olin Corp.
  172,721   11,156,049
Steel Dynamics, Inc.
  69,720   8,411,021
        55,340,762
Real Estate-0.68%
Ryman Hospitality Properties, Inc.
  78,626   7,303,569
Utilities-2.09%
American Water Works Co., Inc.
  36,281   5,677,614
See accompanying notes which are an integral part of this schedule.
Invesco DWA Momentum ETF (PDP)—(continued)
January 31, 2023
(Unaudited)
  Shares   Value
Utilities-(continued)
Constellation Energy Corp.
  61,626   $5,260,395
NextEra Energy, Inc.
  154,305   11,515,782
        22,453,791
Total Common Stocks & Other Equity Interests

(Cost $963,148,183)
  1,075,482,025
Money Market Funds-0.09%
Invesco Government & Agency Portfolio, Institutional Class, 4.30%(d)(e)

(Cost $940,736)
  940,736   940,736
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-100.00%

(Cost $964,088,919)
  1,076,422,761
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-5.30%
Invesco Private Government Fund, 4.36%(d)(e)(f)
  15,963,191   $15,963,191
Invesco Private Prime Fund, 4.59%(d)(e)(f)
  41,043,799   41,056,111
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $57,020,545)
  57,019,302
TOTAL INVESTMENTS IN SECURITIES-105.30%

(Cost $1,021,109,464)
  1,133,442,063
OTHER ASSETS LESS LIABILITIES-(5.30)%
  (57,056,907)
NET ASSETS-100.00%
  $1,076,385,156
 
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 $932,748   $13,509,494   $(13,501,506)   $-   $-   $940,736   $12,045
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 18,147,289   218,449,546   (220,633,644)   -   -   15,963,191   367,048*
Invesco Private Prime Fund 41,729,944   517,565,557   (518,247,621)   (1,452)   9,683   41,056,111   1,015,970*
Total $60,809,981   $749,524,597   $(752,382,771)   $(1,452)   $9,683   $57,960,038   $1,395,063
    
* 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 Global Listed Private Equity ETF (PSP)
January 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-82.57%
Biotechnology-0.61%
PureTech Health PLC(b)
  423,672   $1,327,429
Capital Markets-53.75%
3i Group PLC (United Kingdom)
  630,026   12,216,104
Alaris Equity Partners Income (Canada)(c)
  80,955   1,083,566
AURELIUS Equity Opportunities SE & Co. KGaA (Germany)
  48,288   823,883
Blackstone Secured Lending Fund
  65,015   1,599,369
Blackstone, Inc., Class A
  113,196   10,862,288
Blue Owl Capital, Inc.(c)
  790,159   9,940,200
Bridgepoint Group PLC (United Kingdom)(c)(d)
  1,218,636   3,585,631
Carlyle Group, Inc. (The)
  259,260   9,325,582
Chrysalis Investments Ltd. (Guernsey)(b)(c)
  1,101,195   1,175,377
EQT AB (Sweden)(c)
  415,223   9,276,267
Gimv N.V. (Belgium)
  44,048   2,069,009
Hamilton Lane, Inc., Class A(c)
  42,419   3,302,743
Intermediate Capital Group PLC (United Kingdom)
  334,079   5,708,636
IP Group PLC (United Kingdom)
  1,845,076   1,385,600
JAFCO Group Co. Ltd. (Japan)
  115,457   2,051,760
KKR & Co., Inc., Class A
  185,804   10,369,721
Molten Ventures PLC (United Kingdom)(b)
  305,712   1,345,872
Onex Corp. (Canada)
  108,487   5,591,225
P10, Inc., Class A(c)
  97,945   1,106,779
Partners Group Holding AG (Switzerland)
  9,938   9,237,608
Patria Investments Ltd., Class A (Cayman Islands)
  113,094   1,745,040
Ratos AB, Class B (Sweden)(c)
  461,880   1,855,496
StepStone Group, Inc., Class A
  86,060   2,512,091
TPG, Inc.(c)
  236,574   7,620,049
VNV Global AB (Sweden)(b)(c)
  164,454   448,919
        116,238,815
Diversified Consumer Services-1.29%
Graham Holdings Co., Class B
  4,260   2,783,101
Diversified Financial Services-15.21%
Cannae Holdings, Inc.(b)
  66,221   1,618,441
Compass Diversified Holdings
  81,627   1,821,915
Eurazeo SE (France)
  135,783   9,474,767
Kinnevik AB, Class B (Sweden)(b)(c)
  383,011   5,873,313
Sofina S.A. (Belgium)(c)
  37,928   8,963,319
Wendel SE (France)
  48,706   5,131,026
        32,882,781
Industrial Conglomerates-6.72%
Fosun International Ltd. (China)
  5,307,348   4,929,163
Melrose Industries PLC (United Kingdom)
  5,492,090   9,614,594
        14,543,757
Interactive Media & Services-1.78%
IAC, Inc.(b)
  67,967   3,840,136
IT Services-1.10%
Digital Garage, Inc. (Japan)
  67,175   2,383,887
Trading Companies & Distributors-2.11%
Seven Group Holdings Ltd. (Australia)(c)
  285,679   4,563,556
Total Common Stocks & Other Equity Interests

(Cost $205,584,320)
  178,563,462
  Shares   Value
Closed-End Funds-15.60%
Apax Global Alpha Ltd. (Guernsey)(c)(d)
  922,542   $2,021,622
Ares Capital Corp.(c)
  316,532   6,131,225
FS KKR Capital Corp., BDC(c)
  155,503   3,057,189
Goldman Sachs BDC, Inc., BDC
  34,462   537,952
Golub Capital BDC, Inc.(c)
  75,584   1,035,501
HBM Healthcare Investments AG (Switzerland), Class A(b)(c)
  9,922   2,316,483
Hercules Capital, Inc.(c)
  37,581   534,026
HgCapital Trust PLC (United Kingdom)(c)
  926,308   4,059,748
Main Street Capital Corp.
  40,521   1,601,795
NB Private Equity Partners Ltd. (Guernsey)(c)
  78,110   1,533,773
New Mountain Finance Corp., BDC(Acquired 03/28/2019 - 01/31/2023; Cost $1,031,208)(c)(e)
  82,073   1,060,383
Oakley Capital Investments Ltd. (Bermuda)(c)
  290,296   1,618,948
Oaktree Specialty Lending Corp.
  48,233   965,141
Owl Rock Capital Corp., BDC(c)
  200,836   2,624,927
Princess Private Equity Holding Ltd. (Guernsey)(c)
  107,177   1,049,925
Prospect Capital Corp.(c)
  134,263   1,006,972
Sixth Street Specialty Lending, Inc.(c)
  28,353   542,960
Syncona Ltd. (United Kingdom)(b)(c)
  938,165   2,025,828
Total Closed-End Funds

(Cost $34,757,066)
  33,724,398
  Shares    
Money Market Funds-0.96%
Invesco Government & Agency Portfolio, Institutional Class, 4.30%(f)(g)

(Cost $2,084,024)
  2,084,024   2,084,024
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.13%

(Cost $242,425,410)
  214,371,884
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-27.50%
Invesco Private Government Fund, 4.36%(f)(g)(h)
  16,646,801   16,646,801
Invesco Private Prime Fund, 4.59%(f)(g)(h)
  42,801,266   42,814,106
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $59,459,519)
  59,460,907
TOTAL INVESTMENTS IN SECURITIES-126.63%

(Cost $301,884,929)
  273,832,791
OTHER ASSETS LESS LIABILITIES-(26.63)%
  (57,581,083)
NET ASSETS-100.00%
  $216,251,708
    
See accompanying notes which are an integral part of this schedule.
Invesco Global Listed Private Equity ETF (PSP)—(continued)
January 31, 2023
(Unaudited)
Investment Abbreviations:
BDC -Business Development Company
    
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 aggregate value of these securities at January 31, 2023 was $5,607,253, which represented 2.59% of the Fund’s Net Assets.
(e) Restricted security. The value of this security at January 31, 2023 represented less than 1% of the Fund’s Net Assets.
(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 $2,395,158   $9,962,502   $(10,273,636)   $-   $-   $2,084,024   $29,935
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 8,533,789   63,177,456   (55,064,444)   -   -   16,646,801   242,254*
Invesco Private Prime Fund 20,226,755   139,889,018   (117,309,397)   1,168   6,562   42,814,106   662,092*
Total $31,155,702   $213,028,976   $(182,647,477)   $1,168   $6,562   $61,544,931   $934,281
    
* 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.  
    
This Fund has holdings greater than 10% of net assets in the following country:
United Kingdom 18.47%
    
Open Over-The-Counter Total Return Swap Agreements(a)  
Counterparty   Pay/
Receive 		  Reference Entity   Rate   Payment
Frequency 		  Maturity Date   Notional Value(b)   Upfront
Payments
Paid
(Received) 		  Value   Unrealized
Appreciation
Equity Risk                              
Citibank, N.A.   Receive   Brookfield Business Partners LP   1-Day CORRA plus 55 basis points   Monthly   October-2023   CAD 1,814,360   $-   $25,365   $25,365
    
Abbreviations:
CAD -Canadian Dollar
CORRA -Canadian Overnight Repo Rate Average
    
(a) The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively.
(b) Notional Value is denominated in U.S. Dollars unless otherwise noted.
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 Golden Dragon China ETF (PGJ)
January 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-100.03%(b)
Communication Services-25.33%
Autohome, Inc., ADR
  84,985   $2,962,577
Baidu, Inc., ADR(c)
  161,036   21,688,329
Bilibili, Inc., ADR(c)(d)
  152,402   3,810,050
DouYu International Holdings Ltd., ADR(c)
  223,770   407,261
Hello Group, Inc., ADR(d)
  219,384   2,248,686
iQIYI, Inc., ADR(c)
  478,426   3,205,454
JOYY, Inc., ADR
  73,594   2,625,834
Kanzhun Ltd., ADR(c)(d)
  308,921   7,503,691
NetEase, Inc., ADR(d)
  122,957   10,895,220
Sohu.com Ltd., ADR(c)(d)
  50,808   819,025
Tencent Music Entertainment Group, ADR(c)
  866,070   7,266,327
Weibo Corp., ADR(c)(d)
  105,751   2,405,835
        65,838,289
Consumer Discretionary-53.54%
Alibaba Group Holding Ltd., ADR(c)
  199,731   22,010,356
Baozun, Inc., ADR(c)(d)
  62,123   472,756
China Automotive Systems, Inc.(c)
  38,333   331,581
Dada Nexus Ltd., ADR(c)(d)
  120,715   1,570,502
H World Group Ltd., ADR(d)
  220,632   10,475,607
JD.com, Inc., ADR(d)
  305,834   18,206,298
Kaixin Auto Holdings (Hong Kong)(c)
  250,407   102,667
Kandi Technologies Group, Inc.(c)
  94,216   253,441
Li Auto, Inc., ADR(c)(d)
  397,455   9,896,630
MINISO Group Holding Ltd., ADR(d)
  111,524   1,697,395
New Oriental Education & Technology Group, Inc., ADR(c)
  149,567   6,377,537
Newegg Commerce, Inc.(c)(d)
  477,131   882,692
NIO, Inc., ADR(c)(d)
  1,368,401   16,516,600
Niu Technologies, ADR(c)
  64,440   347,332
Pinduoduo, Inc., ADR(c)
  213,156   20,885,025
TAL Education Group, ADR(c)
  575,236   4,204,975
Trip.com Group Ltd., ADR(c)(d)
  273,688   10,060,771
Uxin Ltd., ADR(c)(d)
  36,975   117,950
Vipshop Holdings Ltd., ADR(c)
  660,926   10,224,525
Xpeng, Inc., ADR(c)(d)
  428,581   4,560,102
        139,194,742
Consumer Staples-0.32%
111, Inc., ADR(c)
  61,292   186,941
Yatsen Holding Ltd., ADR(c)
  403,375   653,467
        840,408
Financials-3.88%
360 DigiTech, Inc., ADR(d)
  170,082   4,104,079
Fanhua, Inc., ADR(d)
  42,059   326,378
LexinFintech Holdings Ltd., ADR(c)
  181,774   603,490
Lufax Holding Ltd., ADR
  1,080,093   3,294,284
Noah Holdings Ltd., ADR(c)(d)
  42,214   799,111
Qudian, Inc., ADR(c)
  254,139   315,132
Up Fintech Holding Ltd., ADR(c)(d)
  161,891   655,658
        10,098,132
Health Care-1.83%
Burning Rock Biotech Ltd., ADR(c)
  70,826   206,104
I-Mab, ADR(c)(d)
  69,130   416,163
Meihua International Medical Technologies Co. Ltd.(c)(d)
  30,390   452,507
Zai Lab Ltd., ADR(c)(d)
  87,610   3,691,885
        4,766,659
  Shares   Value
Industrials-4.25%
CBAK Energy Technology, Inc.(c)(d)
  112,942   $131,013
EHang Holdings Ltd., ADR(c)(d)
  45,044   636,922
ReneSola Ltd., ADR(c)
  65,629   332,083
ZTO Express (Cayman), Inc., ADR(d)
  348,791   9,944,031
        11,044,049
Information Technology-7.19%
Agora, Inc., ADR(c)(d)
  90,907   353,628
Canaan, Inc., ADR(c)(d)
  200,939   630,948
Canadian Solar, Inc. (Canada)(c)
  81,564   3,431,398
Chindata Group Holdings Ltd., ADR(c)
  158,610   1,314,877
Daqo New Energy Corp., ADR(c)
  93,979   4,276,984
GDS Holdings Ltd., ADR(c)(d)
  112,057   2,616,531
Hollysys Automation Technologies Ltd.(d)
  78,650   1,466,036
JinkoSolar Holding Co. Ltd., ADR(c)(d)
  50,730   2,860,157
Kingsoft Cloud Holdings Ltd., ADR(c)(d)
  134,032   643,354
Renren, Inc., ADR
  11,360   21,811
Vnet Group, Inc., ADR(c)(d)
  170,721   1,003,840
WeTrade Group, Inc.(c)(d)
  247,558   77,758
        18,697,322
Materials-0.04%
Huadi International Group Co. Ltd.(c)(d)
  18,063   100,791
Real Estate-3.65%
KE Holdings, Inc., ADR(c)
  516,785   9,477,837
Total Common Stocks & Other Equity Interests

(Cost $332,442,705)
  260,058,229
Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 4.30%(e)(f)

(Cost $165,681)
  165,681   165,681
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-100.09%

(Cost $332,608,386)
  260,223,910
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-26.62%
Invesco Private Government Fund, 4.36%(e)(f)(g)
  19,284,926   19,284,926
Invesco Private Prime Fund, 4.59%(e)(f)(g)
  49,894,348   49,909,315
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $69,194,440)
  69,194,241
TOTAL INVESTMENTS IN SECURITIES-126.71%

(Cost $401,802,826)
  329,418,151
OTHER ASSETS LESS LIABILITIES-(26.71)%
  (69,446,848)
NET ASSETS-100.00%
  $259,971,303
See accompanying notes which are an integral part of this schedule.
Invesco Golden Dragon China ETF (PGJ)—(continued)
January 31, 2023
(Unaudited)
Investment Abbreviations:
ADR-American Depositary Receipt
    
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) Country of issuer and/or credit risk exposure listed in Common Stocks & Other Equity Interests has been determined to be China unless otherwise noted.
(c) Non-income producing security.
(d) All or a portion of this security was out on loan at January 31, 2023.
(e) 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 $163,140   $4,528,346   $(4,525,805)   $-   $-   $165,681   $4,666
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 22,508,565   143,620,372   (146,844,011)   -   -   19,284,926   399,369*
Invesco Private Prime Fund 52,545,493   288,308,027   (290,957,750)   (4,715)   18,260   49,909,315   1,104,109*
Total $75,217,198   $436,456,745   $(442,327,566)   $(4,715)   $18,260   $69,359,922   $1,508,144
    
* 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.
    
(f) The rate shown is the 7-day SEC standardized yield as of January 31, 2023.
(g) 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 MSCI Sustainable Future ETF (ERTH)
January 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-98.29%
Automobiles-14.95%
Li Auto, Inc., A Shares (China)(b)
  772,800   $9,621,832
Lucid Group, Inc.(b)(c)
  289,453   3,383,706
NIO, Inc., ADR (China)(b)(c)
  942,248   11,372,933
Rivian Automotive, Inc., Class A(b)(c)
  217,136   4,212,438
Tesla, Inc.(b)
  89,573   15,515,835
Workhorse Group, Inc.(b)(c)
  114,817   253,746
Xpeng, Inc. (China)(b)
  582,800   3,078,791
Yadea Group Holdings Ltd. (China)(d)
  843,353   1,921,565
        49,360,846
Building Products-3.95%
Advanced Drainage Systems, Inc.
  46,169   4,655,682
Kingspan Group PLC (Ireland)
  104,755   6,706,582
Rockwool A/S, Class B (Denmark)(c)
  5,843   1,672,405
        13,034,669
Chemicals-1.65%
FutureFuel Corp.
  6,441   59,708
Umicore S.A. (Belgium)
  142,390   5,377,968
        5,437,676
Commercial Services & Supplies-0.47%
China Everbright Environment Group Ltd. (China)
  2,355,286   1,045,652
Dynagreen Environmental Protection Group Co. Ltd., H Shares (China)(d)
  327,723   114,139
Midac Holdings Co. Ltd. (Japan)
  4,917   107,460
Sunny Friend Environmental Technology Co. Ltd. (Taiwan)
  53,000   298,514
        1,565,765
Construction & Engineering-0.88%
China Conch Venture Holdings Ltd. (China)
  1,105,563   2,338,473
OX2 AB (Sweden)(b)
  61,438   472,090
ReneSola Ltd., ADR (China)(b)
  19,299   97,653
        2,908,216
Electric Utilities-0.03%
Fastned B.V., CVA (Netherlands)(b)
  2,500   101,274
Electrical Equipment-16.23%
Alfen N.V. (Netherlands)(b)(c)(d)
  15,410   1,429,540
Blink Charging Co.(b)(c)
  27,563   375,132
China High Speed Transmission Equipment Group Co. Ltd. (Hong Kong)(b)
  343,207   162,092
Contemporary Amperex Technology Co. Ltd., A Shares (China)
  100,100   6,939,166
CS Wind Corp. (South Korea)
  17,498   918,598
Energiekontor AG (Germany)
  5,027   429,062
Fagerhult AB (Sweden)(c)
  57,635   269,473
Ginlong Technologies Co. Ltd., A Shares (China)(b)
  16,500   449,942
Jiangsu GoodWe Power Supply Technology Co. Ltd., A Shares (China)
  5,211   315,332
Kempower OYJ (Finland)(b)(c)
  11,860   296,860
Ming Yang Smart Energy Group Ltd., A Shares (China)
  103,200   428,088
Nordex SE (Germany)(b)(c)
  93,533   1,410,968
Plug Power, Inc.(b)(c)
  357,384   6,082,676
PNE AG (Germany)(c)
  30,591   548,186
PowerCell Sweden AB (Sweden)(b)(c)
  34,936   467,490
Pylon Technologies Co., Ltd., A Shares (China)
  6,696   305,261
Shoals Technologies Group, Inc., Class A(b)(c)
  93,324   2,602,806
  Shares   Value
Electrical Equipment-(continued)
Signify N.V.
  85,107   $3,069,554
Stem, Inc.(b)(c)
  40,131   395,692
Sungrow Power Supply Co. Ltd., A Shares (China)
  63,600   1,229,862
SunPower Corp.(b)(c)
  61,332   1,069,017
Sunrun, Inc.(b)(c)
  130,811   3,437,713
Titan Wind Energy Suzhou Co. Ltd., A Shares (China)
  103,700   251,677
TPI Composites, Inc.(b)
  25,567   333,649
Vestas Wind Systems A/S (Denmark)(c)
  674,459   19,683,777
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares (China)
  677,420   694,744
        53,596,357
Electronic Equipment, Instruments & Components-0.64%
Badger Meter, Inc.
  18,108   2,098,717
Equity REITs-17.05%
Advance Logistics Investment Corp. (Japan)
  694   747,458
AEON REIT Investment Corp. (Japan)(c)
  1,095   1,211,117
Brandywine Realty Trust
  98,854   648,482
CapitaLand Integrated Commercial Trust (Singapore)
  3,787,971   6,213,641
Centuria Office REIT (Australia)
  224,597   254,268
Covivio (France)
  30,362   2,082,236
CRE Logistics REIT, Inc. (Japan)(c)
  488   663,512
Digital Realty Trust, Inc.
  148,391   17,008,577
Douglas Emmett, Inc.(c)
  122,697   2,055,175
First Capital REIT (Canada)
  60,319   811,426
Frasers Centrepoint Trust (Singapore)
  663,874   1,126,595
Fukuoka REIT Corp. (Japan)
  272   350,019
Global One Real Estate Investment Corp. (Japan)
  322   266,503
Inmobiliaria Colonial SOCIMI S.A. (Spain)(c)
  179,176   1,305,568
Japan Excellent, Inc. (Japan)
  618   589,781
Keppel REIT (Singapore)
  1,711,049   1,261,228
Klepierre S.A. (France)
  147,726   3,747,325
Lar Espana Real Estate SOCIMI S.A. (Spain)
  12,857   64,092
Mapletree Pan Asia Commercial Trust (Singapore)
  1,627,638   2,267,434
Mercialys S.A. (France)
  48,029   533,138
Merlin Properties SOCIMI S.A. (Spain)
  204,183   1,995,326
Mitsubishi Estate Logistics REIT Investment Corp. (Japan)
  388   1,221,153
Mori Hills REIT Investment Corp. (Japan)(c)
  1,050   1,193,910
Nippon Prologis REIT, Inc. (Japan)
  1,540   3,500,172
OUE Commercial REIT (Singapore)
  1,515,346   405,464
Paragon REIT (Singapore)
  686,240   510,428
Paramount Group, Inc.(c)
  115,620   745,749
Piedmont Office Realty Trust, Inc., Class A
  72,120   764,472
Vornado Realty Trust
  112,302   2,739,046
        56,283,295
Food Products-3.34%
Darling Ingredients, Inc.(b)
  110,936   7,353,948
Grieg Seafood ASA (Norway)
  32,907   293,546
Minerva S.A. (Brazil)
  206,100   566,310
Salmar ASA (Norway)
  42,691   1,981,044
SLC Agricola S.A. (Brazil)
  82,850   834,773
        11,029,621
Household Durables-1.49%
KB Home
  53,393   2,052,961
See accompanying notes which are an integral part of this schedule.
Invesco MSCI Sustainable Future ETF (ERTH)—(continued)
January 31, 2023
(Unaudited)
  Shares   Value
Household Durables-(continued)
Meritage Homes Corp.(b)
  25,191   $2,712,819
Neinor Homes S.A. (Spain)(c)(d)
  15,908   160,165
        4,925,945
Independent Power and Renewable Electricity Producers-9.58%
Altus Power, Inc.(b)
  41,479   332,662
BCPG PCL, NVDR (Thailand)
  1,121,345   335,211
Boralex, Inc., Class A (Canada)
  74,078   2,066,867
Canvest Environmental Protection Group Co. Ltd. (Hong Kong)(c)(d)
  607,387   318,303
CECEP Solar Energy Co. Ltd., A Shares (China)
  220,200   249,629
CECEP Wind-Power Corp., A Shares (China)
  337,000   198,886
China Datang Corp. Renewable Power Co. Ltd., H Shares (China)
  1,643,772   543,155
China Everbright Greentech Ltd. (China)(c)(d)
  328,972   80,579
China Three Gorges Renewables Group Co. Ltd., A Shares (China)
  1,300,700   1,108,928
Concord New Energy Group Ltd. (Hong Kong)
  5,281,633   512,090
EDP Renovaveis S.A. (Spain)(c)
  212,335   4,620,421
Encavis AG (Germany)
  89,569   1,722,280
Energix-Renewable Energies Ltd. (Israel)
  206,038   679,023
Enlight Renewable Energy Ltd. (Israel)(b)
  78,204   1,618,751
eRex Co. Ltd. (Japan)
  26,918   498,999
Greenvolt-Energias Renovaveis S.A. (Portugal)(b)(c)
  51,189   428,655
Grenergy Renovables S.A. (Spain)(b)
  12,443   450,352
Montauk Renewables, Inc.(b)(c)
  49,548   550,478
Neoen S.A. (France)(d)
  37,489   1,405,060
NextEra Energy Partners L.P.(c)
  60,342   4,423,069
Omega Energia S.A. (Brazil)(b)
  240,191   416,558
Ormat Technologies, Inc.(c)
  32,577   3,015,001
RENOVA, Inc. (Japan)(b)
  26,631   462,403
Scatec ASA (South Africa)(d)
  85,187   689,974
Solaria Energia y Medio Ambiente S.A. (Spain)(b)
  59,640   1,223,169
SPCG PCL, NVDR (Thailand)
  326,045   145,194
Sunnova Energy International, Inc.(b)(c)
  72,270   1,407,820
Super Energy Corp. PCL, NVDR (Thailand)
  12,898,520   246,877
TransAlta Renewables, Inc. (Canada)(c)
  83,965   770,211
Voltalia S.A. (France)(b)(c)
  29,935   568,288
West Holdings Corp. (Japan)
  18,218   545,205
        31,634,098
IT Services-0.33%
Chindata Group Holdings Ltd., ADR (China)(b)
  91,035   754,680
Kingsoft Cloud Holdings Ltd., ADR (China)(b)(c)
  69,439   333,307
        1,087,987
Machinery-2.83%
Alstom S.A. (France)(c)
  214,736   6,379,011
Ebusco Holding N.V. (Netherlands)(b)(c)
  6,528   96,150
Energy Recovery, Inc.(b)
  29,390   650,401
Hyliion Holdings Corp.(b)(c)
  60,170   215,408
Lion Electric Co. (The) (Canada)(b)
  29,054   75,991
Proterra, Inc.(b)(c)
  120,837   616,269
Riyue Heavy Industry Co. Ltd., A Shares (China)
  34,800   123,781
Stadler Rail AG (Switzerland)(c)
  31,072   1,185,010
        9,342,021
  Shares   Value
Metals & Mining-0.53%
Schnitzer Steel Industries, Inc., Class A
  16,202   $548,276
Sims Ltd.
  109,680   1,191,934
        1,740,210
Oil, Gas & Consumable Fuels-0.70%
Enviva, Inc.(c)
  22,979   1,045,085
REX American Resources Corp.(b)
  9,495   310,676
VERBIO Vereinigte BioEnergie AG (Germany)
  14,786   929,778
Waga Energy S.A. (France)(b)
  1,238   37,647
        2,323,186
Paper & Forest Products-2.80%
Canfor Corp. (Canada)(b)
  38,282   723,266
Mercer International, Inc. (Germany)
  31,386   399,544
Suzano S.A. (Brazil)
  502,700   4,577,315
West Fraser Timber Co. Ltd. (Canada)
  40,886   3,544,873
        9,244,998
Real Estate Management & Development-0.70%
Deutsche EuroShop AG (Germany)(c)
  5,720   134,805
Platzer Fastigheter Holding AB, Class B (Sweden)
  32,172   282,073
Swire Properties Ltd. (Hong Kong)
  672,721   1,895,240
        2,312,118
Road & Rail-5.53%
BTS Group Holdings PCL, NVDR (Thailand)
  4,411,970   1,132,275
BTS Group Holdings PCL, Wts., expiring 11/20/2026 (Thailand)(b)
  1   0
Central Japan Railway Co. (Japan)
  96,098   11,692,057
MTR Corp. Ltd. (Hong Kong)
  1,011,184   5,427,369
        18,251,701
Semiconductors & Semiconductor Equipment-13.82%
Duk San Neolux Co. Ltd. (South Korea)(b)
  6,946   205,243
Enphase Energy, Inc.(b)
  52,027   11,517,737
First Solar, Inc.(b)
  66,173   11,752,325
GCL System Integration Technology Co. Ltd., A Shares (China)(b)
  217,100   104,274
JA Solar Technology Co. Ltd., A Shares (China)
  99,320   971,005
LONGi Green Energy Technology Co. Ltd., A Shares (China)
  309,072   2,214,604
Maxeon Solar Technologies Ltd.(b)(c)
  17,696   388,604
SMA Solar Technology AG (Germany)(b)
  7,276   613,203
SolarEdge Technologies, Inc.(b)
  38,313   12,226,828
TSEC Corp. (Taiwan)(b)
  383,000   474,960
United Renewable Energy Co. Ltd. (Taiwan)(b)
  1,084,075   763,765
Xinyi Solar Holdings Ltd. (China)
  3,349,309   4,378,386
        45,610,934
Software-0.17%
CM.com N.V. (Netherlands)(b)(c)(d)
  11,688   156,688
Tuya, Inc., ADR (China)(b)
  139,597   389,475
        546,163
Transportation Infrastructure-0.34%
Taiwan High Speed Rail Corp. (Taiwan)
  1,155,000   1,126,818
Water Utilities-0.28%
Beijing Enterprises Water Group Ltd. (China)
  3,077,748   786,804
China Everbright Water Ltd. (China)
  659,113   130,383
        917,187
Total Common Stocks & Other Equity Interests

(Cost $362,187,885)
  324,479,802
 
See accompanying notes which are an integral part of this schedule.
Invesco MSCI Sustainable Future ETF (ERTH)—(continued)
January 31, 2023
(Unaudited)
  Shares   Value
Exchange-Traded Funds-1.67%
iShares MSCI India ETF(b)(c)

(Cost $5,725,882)
  134,615   $5,517,869
TOTAL INVESTMENTS IN SECURITIES

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

(Cost $367,913,767)
  329,997,671
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-18.56%
Invesco Private Government Fund, 4.36%(e)(f)(g)
  17,083,582   17,083,582
  Shares   Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 4.59%(e)(f)(g)
  44,182,795   $44,196,049
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $61,277,262)
  61,279,631
TOTAL INVESTMENTS IN SECURITIES-118.52%

(Cost $429,191,029)
  391,277,302
OTHER ASSETS LESS LIABILITIES-(18.52)%
  (61,140,384)
NET ASSETS-100.00%
  $330,136,918
    
 
Investment Abbreviations:
ADR -American Depositary Receipt
CVA -Dutch Certificates
ETF -Exchange-Traded Fund
NVDR -Non-Voting Depositary Receipt
REIT -Real Estate Investment Trust
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) 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 aggregate value of these securities at January 31, 2023 was $6,276,013, which represented 1.90% of the Fund’s Net Assets.
(e) 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 $-   $8,964,642   $(8,964,642)   $-   $-   $-   $2,403
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 28,369,013   120,368,309   (131,653,740)   -   -   17,083,582   381,124*
Invesco Private Prime Fund 66,151,778   254,255,610   (276,225,868)   1,889   12,640   44,196,049   1,040,956*
Total $94,520,791   $383,588,561   $(416,844,250)   $1,889   $12,640   $61,279,631   $1,424,483
    
* 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.
    
(f) The rate shown is the 7-day SEC standardized yield as of January 31, 2023.
(g) 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.  
    
This Fund has holdings greater than 10% of net assets in the following country:  
China 15.92%
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 Raymond James SB-1 Equity ETF (RYJ)
January 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-100.01%
Communication Services-4.63%
AT&T, Inc.
  37,405   $761,940
DISH Network Corp., Class A(b)(c)
  51,748   744,654
Integral Ad Science Holding Corp.(b)
  72,656   746,904
Iridium Communications, Inc.(b)
  11,986   717,242
Radius Global Infrastructure, Inc., Class A(b)
  55,544   748,178
T-Mobile US, Inc.(b)
  4,957   740,129
WideOpenWest, Inc.(b)(c)
  64,919   745,919
ZipRecruiter, Inc., Class A(b)(c)
  39,156   769,024
        5,973,990
Consumer Discretionary-9.95%
Advance Auto Parts, Inc.
  4,877   742,670
Arko Corp.(c)
  86,767   727,975
Bath & Body Works, Inc.(c)
  15,981   735,286
Bloomin’ Brands, Inc.
  30,210   732,593
Dave & Buster’s Entertainment, Inc.(b)
  17,085   740,635
Dollar General Corp.
  3,119   728,598
Everi Holdings, Inc.(b)
  44,021   764,645
lululemon athletica, inc.(b)
  2,300   705,824
Mobileye Global, Inc., Class A (Israel)(b)
  20,934   808,052
Newell Brands, Inc.(c)
  47,794   762,792
Planet Fitness, Inc., Class A(b)(c)
  9,080   768,622
Polaris, Inc.(c)
  6,924   795,152
Target Corp.
  4,434   763,269
Tempur Sealy International, Inc.(c)
  18,737   763,533
Tractor Supply Co.
  3,392   773,342
Ulta Beauty, Inc.(b)
  1,464   752,437
Xponential Fitness, Inc., Class A(b)(c)
  28,054   770,924
        12,836,349
Consumer Staples-1.73%
Darling Ingredients, Inc.(b)
  10,960   726,538
Estee Lauder Cos., Inc. (The), Class A
  2,688   744,791
Primo Water Corp.
  48,766   763,188
        2,234,517
Energy-12.83%
Antero Resources Corp.(b)
  24,466   705,599
APA Corp.
  15,953   707,196
Black Stone Minerals L.P.
  43,967   715,783
Cheniere Energy, Inc.
  4,741   724,377
ConocoPhillips
  5,906   719,764
Devon Energy Corp.
  11,109   702,533
Diamondback Energy, Inc.
  4,875   712,335
Energy Transfer L.P.
  56,371   748,607
Enterprise Products Partners L.P.
  27,945   715,392
Enviva, Inc.(c)
  15,485   704,258
EOG Resources, Inc.
  5,418   716,531
Halliburton Co.
  17,678   728,687
Kimbell Royalty Partners L.P.
  43,726   712,297
Marathon Oil Corp.
  25,800   708,726
Marathon Petroleum Corp.
  5,722   735,391
NexTier Oilfield Solutions, Inc.(b)
  79,657   750,369
Northern Oil and Gas, Inc.
  22,159   742,770
Occidental Petroleum Corp.
  10,750   696,493
Patterson-UTI Energy, Inc.
  44,956   755,261
Pioneer Natural Resources Co.
  3,005   692,202
Targa Resources Corp.
  9,507   713,215
Valero Energy Corp.
  5,039   705,611
Williams Cos., Inc. (The)
  22,864   737,135
        16,550,532
  Shares   Value
Financials-18.52%
Allstate Corp. (The)
  5,725   $735,491
American Equity Investment Life Holding Co.
  15,719   749,010
Arthur J. Gallagher & Co.
  3,710   726,121
AssetMark Financial Holdings, Inc.(b)
  29,039   770,695
Axos Financial, Inc.(b)
  17,299   832,428
Cadence Bank(c)
  28,807   736,883
Chubb Ltd.
  3,263   742,300
Coastal Financial Corp.(b)(c)
  16,790   766,799
First Merchants Corp.
  17,893   762,958
First Republic Bank
  5,282   744,128
Globe Life, Inc.
  6,126   740,327
Hancock Whitney Corp.(c)
  14,929   768,545
Huntington Bancshares, Inc.
  50,978   773,336
Intercontinental Exchange, Inc.
  6,631   713,164
Ladder Capital Corp.
  65,689   735,717
Merchants Bancorp
  28,098   808,379
Mercury General Corp.
  20,658   738,110
NBT Bancorp, Inc.
  16,937   665,793
Nexpoint Real Estate Finance, Inc.(c)
  32,764   624,154
Old Second Bancorp, Inc.
  47,105   800,314
Open Lending Corp., Class A(b)(c)
  83,737   734,374
Origin Bancorp, Inc.(c)
  18,810   705,375
Pacific Premier Bancorp, Inc.
  23,553   761,704
Redwood Trust, Inc.(c)
  92,574   773,919
Starwood Property Trust, Inc.(c)
  35,173   734,764
Texas Capital Bancshares, Inc.(b)
  11,312   747,384
TPG RE Finance Trust, Inc.
  88,693   772,516
Travelers Cos., Inc. (The)
  3,881   741,737
Valley National Bancorp
  64,919   771,238
Voya Financial, Inc.(c)
  10,584   738,446
Willis Towers Watson PLC
  2,843   722,662
Wintrust Financial Corp.
  8,246   754,262
        23,893,033
Health Care-11.98%
89bio, Inc.(b)(c)
  57,682   673,726
Acadia Healthcare Co., Inc.(b)
  8,500   714,170
ADMA Biologics, Inc.(b)(c)
  205,514   758,347
AngioDynamics, Inc.(b)
  54,002   703,106
Apellis Pharmaceuticals, Inc.(b)
  13,819   728,676
Argenx SE, ADR (Netherlands)(b)
  1,839   702,958
Aveanna Healthcare Holdings, Inc.(b)
  325,402   396,990
Avidity Biosciences, Inc.(b)(c)
  32,012   758,684
Blueprint Medicines Corp.(b)
  15,406   720,076
Boston Scientific Corp.(b)
  15,767   729,224
CareDx, Inc.(b)(c)
  50,196   749,928
Cymabay Therapeutics, Inc.(b)(c)
  103,646   869,590
Encompass Health Corp.
  11,476   716,676
Health Catalyst, Inc.(b)(c)
  55,803   775,662
InflaRx N.V. (Germany)(b)
  81,251   176,315
Mirum Pharmaceuticals, Inc.(b)(c)
  33,850   794,798
Ocular Therapeutix, Inc.(b)(c)
  175,439   685,966
QuidelOrtho Corp.(b)
  8,162   698,749
REGENXBIO, Inc.(b)(c)
  31,274   725,869
Sol-Gel Technologies Ltd. (Israel)(b)(c)
  5,888   30,147
Tarsus Pharmaceuticals, Inc.(b)(c)
  48,178   759,285
Tenet Healthcare Corp.(b)
  13,956   765,487
Xencor, Inc.(b)(c)
  24,950   821,354
        15,455,783
Industrials-14.07%
Axon Enterprise, Inc.(b)
  3,888   759,871
Bloom Energy Corp., Class A(b)(c)
  29,921   745,930
See accompanying notes which are an integral part of this schedule.
Invesco Raymond James SB-1 Equity ETF (RYJ)—(continued)
January 31, 2023
(Unaudited)
  Shares   Value
Industrials-(continued)
Byrna Technologies, Inc.(b)(c)
  36,612   $356,601
Casella Waste Systems, Inc., Class A(b)(c)
  9,039   724,205
Chart Industries, Inc.(b)
  5,654   757,523
Clean Harbors, Inc.(b)
  5,763   750,919
Construction Partners, Inc., Class A(b)(c)
  27,517   778,456
Copa Holdings S.A., Class A (Panama)(b)(c)
  7,827   720,710
Delta Air Lines, Inc.(b)
  18,429   720,574
Federal Signal Corp.
  14,140   752,955
Forward Air Corp.
  7,111   766,921
FTC Solar, Inc.(b)(c)
  247,182   679,750
Griffon Corp.
  18,929   773,817
PACCAR, Inc.
  7,252   792,716
ReneSola Ltd., ADR (China)(b)
  137,533   695,917
Ryanair Holdings PLC, ADR (Ireland)(b)
  7,680   695,270
Shyft Group, Inc. (The)
  23,151   770,697
Southwest Airlines Co.
  19,409   694,260
Tecnoglass, Inc.
  21,883   749,274
Union Pacific Corp.
  3,447   703,843
United Parcel Service, Inc., Class B
  4,038   747,959
V2X, Inc.(b)
  16,720   738,355
Wabash National Corp.
  28,714   739,673
Waste Connections, Inc.
  5,592   743,177
WESCO International, Inc.(b)
  5,287   787,816
        18,147,189
Information Technology-13.96%
Alarm.com Holdings, Inc.(b)
  14,109   756,243
Avnet, Inc.(c)
  16,351   750,184
Cognex Corp.
  13,945   763,349
Edgio, Inc.(b)
  532,814   836,518
EngageSmart, Inc.(b)
  37,858   745,803
Fastly, Inc., Class A(b)(c)
  70,244   727,026
Fidelity National Information Services, Inc.
  9,731   730,214
Flywire Corp.(b)
  27,371   738,196
GoDaddy, Inc., Class A(b)
  8,987   738,102
HubSpot, Inc.(b)
  2,180   756,482
I3 Verticals, Inc., Class A(b)(c)
  24,820   717,794
Itron, Inc.(b)
  12,664   727,800
Jabil, Inc.
  9,057   712,152
Juniper Networks, Inc.
  22,864   738,507
Microchip Technology, Inc.
  9,773   758,580
New Relic, Inc.(b)
  12,419   758,180
nLight, Inc.(b)(c)
  59,842   742,041
Palantir Technologies, Inc., Class A(b)(c)
  102,464   797,170
Pure Storage, Inc., Class A(b)(c)
  27,655   800,336
RingCentral, Inc., Class A(b)
  19,766   771,467
Roper Technologies, Inc.
  1,629   695,176
salesforce.com, inc.(b)
  4,756   798,865
SS&C Technologies Holdings, Inc.
  12,783   771,454
TD SYNNEX Corp.
  6,596   673,781
        18,005,420
Materials-1.24%
Graphic Packaging Holding Co.
  31,884   768,086
Scotts Miracle-Gro Co. (The)(c)
  11,538   832,928
        1,601,014
  Shares   Value
Real Estate-10.54%
Agree Realty Corp.
  9,680   $722,418
CareTrust REIT, Inc.
  36,868   763,905
CBRE Group, Inc., Class A(b)
  8,534   729,742
CubeSmart(c)
  16,873   772,615
Cushman & Wakefield PLC(b)(c)
  51,159   738,224
Digital Realty Trust, Inc.
  6,739   772,424
DigitalBridge Group, Inc.(c)
  60,243   891,596
EPR Properties
  17,809   756,526
Equinix, Inc.
  999   737,392
Federal Realty Investment Trust
  6,682   745,244
Kite Realty Group Trust(c)
  35,019   759,912
Medical Properties Trust, Inc.(c)
  52,427   678,930
PotlatchDeltic Corp.(c)
  15,661   766,606
Prologis, Inc.
  5,856   757,064
SBA Communications Corp., Class A
  2,423   720,915
Uniti Group, Inc.
  116,016   764,546
Welltower, Inc.
  9,876   741,095
Weyerhaeuser Co.
  22,457   773,195
        13,592,349
Utilities-0.56%
Sunnova Energy International, Inc.(b)(c)
  37,001   720,779
Total Common Stocks & Other Equity Interests

(Cost $108,153,727)
  129,010,955
Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 4.30%(d)(e)

(Cost $9,462)
  9,462   9,462
TOTAL INVESTMENTS IN SECURITIES

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

(Cost $108,163,189)
  129,020,417
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-18.89%
Invesco Private Government Fund, 4.36%(d)(e)(f)
  6,820,053   6,820,053
Invesco Private Prime Fund, 4.59%(d)(e)(f)
  17,535,746   17,541,006
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $24,360,660)
  24,361,059
TOTAL INVESTMENTS IN SECURITIES-118.91%

(Cost $132,523,849)
  153,381,476
OTHER ASSETS LESS LIABILITIES-(18.91)%
  (24,387,506)
NET ASSETS-100.00%
  $128,993,970
 
See accompanying notes which are an integral part of this schedule.
Invesco Raymond James SB-1 Equity ETF (RYJ)—(continued)
January 31, 2023
(Unaudited)
Investment Abbreviations:
ADR -American Depositary Receipt
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 $9,638   $2,337,826   $(2,338,002)   $-   $-   $9,462   $836
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 6,869,651   34,352,214   (34,401,812)   -   -   6,820,053   126,244*
Invesco Private Prime Fund 15,899,917   70,723,829   (69,088,103)   (1,550)   6,913   17,541,006   344,372*
Total $22,779,206   $107,413,869   $(105,827,917)   $(1,550)   $6,913   $24,370,521   $471,452
    
* 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 BuyWrite ETF (PBP)
January 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-104.62%
Communication Services-8.20%
Activision Blizzard, Inc.
  2,267   $173,584
Alphabet, Inc., Class A(b)
  19,020   1,879,937
Alphabet, Inc., Class C(b)
  16,861   1,683,908
AT&T, Inc.
  22,695   462,297
Charter Communications, Inc., Class A(b)
  345   132,587
Comcast Corp., Class A
  13,736   540,512
DISH Network Corp., Class A(b)
  801   11,526
Electronic Arts, Inc.
  837   107,705
Fox Corp., Class A
  962   32,650
Fox Corp., Class B
  435   13,790
Interpublic Group of Cos., Inc. (The)
  1,232   44,919
Live Nation Entertainment, Inc.(b)
  453   36,462
Lumen Technologies, Inc.
  3,374   17,713
Match Group, Inc.(b)
  889   48,113
Meta Platforms, Inc., Class A(b)
  7,161   1,066,774
Netflix, Inc.(b)
  1,418   501,773
News Corp., Class A
  1,218   24,677
News Corp., Class B
  366   7,481
Omnicom Group, Inc.
  647   55,636
Paramount Global, Class B
  1,596   36,963
Take-Two Interactive Software, Inc.(b)
  503   56,955
T-Mobile US, Inc.(b)
  1,902   283,988
Verizon Communications, Inc.
  13,374   555,957
Walt Disney Co. (The)(b)
  5,803   629,567
Warner Bros Discovery, Inc.(b)
  7,036   104,274
        8,509,748
Consumer Discretionary-11.11%
Advance Auto Parts, Inc.
  191   29,085
Amazon.com, Inc.(b)
  28,264   2,914,866
Aptiv PLC(b)
  861   97,370
AutoZone, Inc.(b)
  59   143,892
Bath & Body Works, Inc.
  725   33,357
Best Buy Co., Inc.
  638   56,603
Booking Holdings, Inc.(b)
  126   306,697
BorgWarner, Inc.
  742   35,082
Caesars Entertainment, Inc.(b)
  675   35,141
CarMax, Inc.(b)
  500   35,225
Carnival Corp.(b)
  3,161   34,202
Chipotle Mexican Grill, Inc.(b)
  89   146,528
D.R. Horton, Inc.
  996   98,295
Darden Restaurants, Inc.
  390   57,708
Dollar General Corp.
  719   167,958
Dollar Tree, Inc.(b)
  670   100,621
Domino’s Pizza, Inc.
  113   39,889
eBay, Inc.
  1,729   85,586
Etsy, Inc.(b)
  398   54,757
Expedia Group, Inc.(b)
  479   54,750
Ford Motor Co.
  12,576   169,902
Garmin Ltd.
  488   48,253
General Motors Co.
  4,522   177,805
Genuine Parts Co.
  447   75,016
Hasbro, Inc.
  412   24,378
Hilton Worldwide Holdings, Inc.
  860   124,777
Home Depot, Inc. (The)
  3,259   1,056,470
Las Vegas Sands Corp.(b)
  1,039   61,301
Lennar Corp., Class A
  812   83,149
LKQ Corp.
  802   47,286
Lowe’s Cos., Inc.
  1,976   411,502
Marriott International, Inc., Class A
  855   148,924
McDonald’s Corp.
  2,330   623,042
MGM Resorts International
  1,016   42,073
  Shares   Value
Consumer Discretionary-(continued)
Mohawk Industries, Inc.(b)
  168   $20,170
Newell Brands, Inc.
  1,199   19,136
NIKE, Inc., Class B
  4,009   510,466
Norwegian Cruise Line Holdings Ltd.(b)
  1,337   20,336
NVR, Inc.(b)
  11   57,970
O’Reilly Automotive, Inc.(b)
  199   157,678
Pool Corp.
  127   48,972
PulteGroup, Inc.
  723   41,131
Ralph Lauren Corp.
  134   16,596
Ross Stores, Inc.
  1,105   130,600
Royal Caribbean Cruises Ltd.(b)
  693   45,003
Starbucks Corp.
  3,654   398,798
Tapestry, Inc.
  771   35,134
Target Corp.
  1,464   252,013
Tesla, Inc.(b)
  8,548   1,480,685
TJX Cos., Inc. (The)
  3,698   302,718
Tractor Supply Co.
  350   79,797
Ulta Beauty, Inc.(b)
  162   83,262
VF Corp.
  1,039   32,147
Whirlpool Corp.
  173   26,917
Wynn Resorts Ltd.(b)
  330   34,201
Yum! Brands, Inc.
  897   117,067
        11,532,287
Consumer Staples-7.02%
Altria Group, Inc.
  5,705   256,953
Archer-Daniels-Midland Co.
  1,747   144,739
Brown-Forman Corp., Class B
  575   38,284
Campbell Soup Co.
  640   33,235
Church & Dwight Co., Inc.
  776   62,747
Clorox Co. (The)
  393   56,863
Coca-Cola Co. (The)
  12,393   759,939
Colgate-Palmolive Co.
  2,659   198,175
Conagra Brands, Inc.
  1,517   56,417
Constellation Brands, Inc., Class A
  518   119,927
Costco Wholesale Corp.
  1,410   720,707
Estee Lauder Cos., Inc. (The), Class A
  738   204,485
General Mills, Inc.
  1,889   148,022
Hershey Co. (The)
  467   104,888
Hormel Foods Corp.
  917   41,549
JM Smucker Co. (The)
  342   52,258
Kellogg Co.
  816   55,961
Keurig Dr Pepper, Inc.
  2,707   95,503
Kimberly-Clark Corp.
  1,073   139,501
Kraft Heinz Co. (The)
  2,533   102,663
Kroger Co. (The)
  2,073   92,518
Lamb Weston Holdings, Inc.
  456   45,550
McCormick & Co., Inc.
  798   59,946
Molson Coors Beverage Co., Class B
  593   31,180
Mondelez International, Inc., Class A
  4,348   284,533
Monster Beverage Corp.(b)
  1,214   126,353
PepsiCo, Inc.
  4,387   750,265
Philip Morris International, Inc.
  4,935   514,424
Procter & Gamble Co. (The)
  7,546   1,074,399
Sysco Corp.
  1,615   125,098
Tyson Foods, Inc., Class A
  918   60,359
Walgreens Boots Alliance, Inc.
  2,285   84,225
Walmart, Inc.
  4,495   646,696
        7,288,362
Energy-5.29%
APA Corp.
  1,018   45,128
Baker Hughes Co., Class A
  3,190   101,251
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500 BuyWrite ETF (PBP)—(continued)
January 31, 2023
(Unaudited)
  Shares   Value
Energy-(continued)
Chevron Corp.
  5,665   $985,823
ConocoPhillips
  3,968   483,580
Coterra Energy, Inc.
  2,512   62,875
Devon Energy Corp.
  2,081   131,602
Diamondback Energy, Inc.
  559   81,681
EOG Resources, Inc.
  1,870   247,308
EQT Corp.
  1,168   38,159
Exxon Mobil Corp.
  13,115   1,521,471
Halliburton Co.
  2,891   119,167
Hess Corp.
  883   132,591
Kinder Morgan, Inc.
  6,297   115,235
Marathon Oil Corp.
  2,010   55,215
Marathon Petroleum Corp.
  1,493   191,880
Occidental Petroleum Corp.
  2,316   150,054
ONEOK, Inc.
  1,424   97,516
Phillips 66
  1,505   150,906
Pioneer Natural Resources Co.
  755   173,914
Schlumberger Ltd.
  4,514   257,208
Targa Resources Corp.
  718   53,864
Valero Energy Corp.
  1,229   172,097
Williams Cos., Inc. (The)
  3,879   125,059
        5,493,584
Financials-12.26%
Aflac, Inc.
  1,802   132,447
Allstate Corp. (The)
  843   108,300
American Express Co.
  1,904   333,067
American International Group, Inc.
  2,365   149,515
Ameriprise Financial, Inc.
  341   119,391
Aon PLC, Class A
  657   209,373
Arch Capital Group Ltd.(b)
  1,177   75,740
Arthur J. Gallagher & Co.
  671   131,328
Assurant, Inc.
  168   22,275
Bank of America Corp.
  22,227   788,614
Bank of New York Mellon Corp. (The)
  2,341   118,384
Berkshire Hathaway, Inc., Class B(b)
  5,736   1,786,879
BlackRock, Inc.
  478   362,902
Brown & Brown, Inc.
  744   43,569
Capital One Financial Corp.
  1,216   144,704
Cboe Global Markets, Inc.
  340   41,779
Charles Schwab Corp. (The)
  4,857   376,029
Chubb Ltd.
  1,322   300,742
Cincinnati Financial Corp.
  501   56,688
Citigroup, Inc.
  6,168   322,093
Citizens Financial Group, Inc.
  1,567   67,882
CME Group, Inc., Class A
  1,143   201,922
Comerica, Inc.
  416   30,497
Discover Financial Services
  869   101,438
Everest Re Group Ltd.
  127   44,411
FactSet Research Systems, Inc.
  124   52,445
Fifth Third Bancorp
  2,186   79,330
First Republic Bank
  582   81,992
Franklin Resources, Inc.
  898   28,018
Globe Life, Inc.
  285   34,442
Goldman Sachs Group, Inc. (The)
  1,077   393,977
Hartford Financial Services Group, Inc. (The)
  1,014   78,697
Huntington Bancshares, Inc.
  4,596   69,721
Intercontinental Exchange, Inc.
  1,778   191,224
Invesco Ltd.(c)
  1,437   26,599
JPMorgan Chase & Co.
  9,342   1,307,506
KeyCorp
  2,970   56,994
Lincoln National Corp.
  490   17,361
Loews Corp.
  626   38,486
  Shares   Value
Financials-(continued)
M&T Bank Corp.
  548   $85,488
MarketAxess Holdings, Inc.
  122   44,390
Marsh & McLennan Cos., Inc.
  1,579   276,183
MetLife, Inc.
  2,099   153,269
Moody’s Corp.
  502   162,021
Morgan Stanley
  4,199   408,689
MSCI, Inc.
  254   135,016
Nasdaq, Inc.
  1,078   64,885
Northern Trust Corp.
  662   64,194
PNC Financial Services Group, Inc. (The)
  1,283   212,247
Principal Financial Group, Inc.
  722   66,821
Progressive Corp. (The)
  1,862   253,884
Prudential Financial, Inc.
  1,171   122,885
Raymond James Financial, Inc.
  614   69,241
Regions Financial Corp.
  2,975   70,032
S&P Global, Inc.
  1,059   397,061
Signature Bank
  200   25,790
State Street Corp.
  1,168   106,673
SVB Financial Group(b)
  188   56,859
Synchrony Financial
  1,428   52,450
T. Rowe Price Group, Inc.
  713   83,043
Travelers Cos., Inc. (The)
  742   141,811
Truist Financial Corp.
  4,223   208,574
U.S. Bancorp
  4,306   214,439
W.R. Berkley Corp.
  649   45,521
Wells Fargo & Co.
  12,132   568,627
Willis Towers Watson PLC
  348   88,458
Zions Bancorporation N.A.
  476   25,304
        12,730,616
Health Care-15.34%
Abbott Laboratories
  5,551   613,663
AbbVie, Inc.
  5,630   831,833
Agilent Technologies, Inc.
  940   142,955
Align Technology, Inc.(b)
  234   63,117
AmerisourceBergen Corp.
  517   87,352
Amgen, Inc.
  1,700   429,080
Baxter International, Inc.
  1,605   73,332
Becton, Dickinson and Co.
  908   229,016
Biogen, Inc.(b)
  458   133,232
Bio-Rad Laboratories, Inc., Class A(b)
  68   31,787
Bio-Techne Corp.
  501   39,910
Boston Scientific Corp.(b)
  4,561   210,946
Bristol-Myers Squibb Co.
  6,772   491,986
Cardinal Health, Inc.
  840   64,890
Catalent, Inc.(b)
  565   30,256
Centene Corp.(b)
  1,803   137,461
Charles River Laboratories International, Inc.(b)
  161   39,163
Cigna Corp.
  973   308,120
Cooper Cos., Inc. (The)
  156   54,433
CVS Health Corp.
  4,184   369,113
Danaher Corp.
  2,086   551,497
DaVita, Inc.(b)
  175   14,418
DENTSPLY SIRONA, Inc.
  677   24,934
DexCom, Inc.(b)
  1,231   131,828
Edwards Lifesciences Corp.(b)
  1,967   150,869
Elevance Health, Inc.
  759   379,492
Eli Lilly and Co.
  2,512   864,505
GE HealthCare Technologies, Inc.(b)
  1,183   82,242
Gilead Sciences, Inc.
  3,995   335,340
HCA Healthcare, Inc.
  675   172,172
Henry Schein, Inc.(b)
  433   37,303
Hologic, Inc.(b)
  795   64,689
 
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500 BuyWrite ETF (PBP)—(continued)
January 31, 2023
(Unaudited)
  Shares   Value
Health Care-(continued)
Humana, Inc.
  403   $206,215
IDEXX Laboratories, Inc.(b)
  263   126,372
Illumina, Inc.(b)
  502   107,528
Incyte Corp.(b)
  588   50,062
Intuitive Surgical, Inc.(b)
  1,126   276,647
IQVIA Holdings, Inc.(b)
  592   135,811
Johnson & Johnson
  8,325   1,360,472
Laboratory Corp. of America Holdings
  282   71,098
McKesson Corp.
  450   170,406
Medtronic PLC
  4,231   354,092
Merck & Co., Inc.
  8,071   866,906
Mettler-Toledo International, Inc.(b)
  70   107,304
Moderna, Inc.(b)
  1,050   184,863
Molina Healthcare, Inc.(b)
  186   58,000
Organon & Co.
  805   24,255
PerkinElmer, Inc.
  400   55,012
Pfizer, Inc.
  17,873   789,272
Quest Diagnostics, Inc.
  361   53,601
Regeneron Pharmaceuticals, Inc.(b)
  345   261,672
ResMed, Inc.
  466   106,420
STERIS PLC
  318   65,670
Stryker Corp.
  1,071   271,831
Teleflex, Inc.
  148   36,026
Thermo Fisher Scientific, Inc.
  1,247   711,202
UnitedHealth Group, Inc.
  2,975   1,485,090
Universal Health Services, Inc., Class B
  202   29,938
Vertex Pharmaceuticals, Inc.(b)
  818   264,296
Viatris, Inc.
  3,861   46,950
Waters Corp.(b)
  189   62,102
West Pharmaceutical Services, Inc.
  239   63,478
Zimmer Biomet Holdings, Inc.
  668   85,063
Zoetis, Inc.
  1,483   245,422
        15,924,010
Industrials-8.77%
3M Co.
  1,758   202,311
A.O. Smith Corp.
  404   27,351
Alaska Air Group, Inc.(b)
  402   20,639
Allegion PLC
  279   32,796
American Airlines Group, Inc.(b)
  2,047   33,039
AMETEK, Inc.
  733   106,226
Boeing Co. (The)(b)
  1,784   379,992
C.H. Robinson Worldwide, Inc.
  380   38,065
Carrier Global Corp.
  2,662   121,201
Caterpillar, Inc.
  1,656   417,792
Cintas Corp.
  274   121,585
Copart, Inc.(b)
  1,363   90,789
CoStar Group, Inc.(b)
  1,295   100,881
CSX Corp.
  6,693   206,948
Cummins, Inc.
  447   111,544
Deere & Co.
  873   369,139
Delta Air Lines, Inc.(b)
  2,039   79,725
Dover Corp.
  445   67,564
Eaton Corp. PLC
  1,265   205,196
Emerson Electric Co.
  1,882   169,794
Equifax, Inc.
  390   86,658
Expeditors International of Washington, Inc.
  508   54,940
Fastenal Co.
  1,825   92,254
FedEx Corp.
  761   147,527
Fortive Corp.
  1,128   76,738
Generac Holdings, Inc.(b)
  202   24,361
General Dynamics Corp.
  718   167,337
General Electric Co.
  3,480   280,070
  Shares   Value
Industrials-(continued)
Honeywell International, Inc.
  2,139   $445,939
Howmet Aerospace, Inc.
  1,172   47,689
Huntington Ingalls Industries, Inc.
  130   28,670
IDEX Corp.
  244   58,482
Illinois Tool Works, Inc.
  890   210,076
Ingersoll Rand, Inc.
  1,290   72,223
J.B. Hunt Transport Services, Inc.
  263   49,720
Jacobs Solutions, Inc.
  404   49,914
Johnson Controls International PLC
  2,193   152,567
L3Harris Technologies, Inc.
  607   130,396
Leidos Holdings, Inc.
  437   43,193
Lockheed Martin Corp.
  741   343,276
Masco Corp.
  715   38,038
Nordson Corp.
  171   41,604
Norfolk Southern Corp.
  739   181,654
Northrop Grumman Corp.
  460   206,098
Old Dominion Freight Line, Inc.
  288   95,973
Otis Worldwide Corp.
  1,327   109,119
PACCAR, Inc.
  1,108   121,115
Parker-Hannifin Corp.
  409   133,334
Pentair PLC
  523   28,964
Quanta Services, Inc.
  453   68,942
Raytheon Technologies Corp.
  4,682   467,498
Republic Services, Inc.
  652   81,383
Robert Half International, Inc.
  345   28,966
Rockwell Automation, Inc.
  364   102,659
Rollins, Inc.
  736   26,790
Snap-on, Inc.
  169   42,035
Southwest Airlines Co.
  1,890   67,605
Stanley Black & Decker, Inc.
  470   41,976
Textron, Inc.
  663   48,300
Trane Technologies PLC
  735   131,653
TransDigm Group, Inc.
  163   116,993
Union Pacific Corp.
  1,956   399,396
United Airlines Holdings, Inc.(b)
  1,038   50,820
United Parcel Service, Inc., Class B
  2,325   430,660
United Rentals, Inc.(b)
  222   97,891
Verisk Analytics, Inc.
  498   90,531
W.W. Grainger, Inc.
  149   87,833
Wabtec Corp.
  578   60,002
Waste Management, Inc.
  1,189   183,974
Xylem, Inc.
  573   59,598
        9,106,011
Information Technology-27.71%
Accenture PLC, Class A
  2,007   560,053
Adobe, Inc.(b)
  1,479   547,733
Advanced Micro Devices, Inc.(b)
  5,133   385,745
Akamai Technologies, Inc.(b)
  497   44,208
Amphenol Corp., Class A
  1,895   151,164
Analog Devices, Inc.
  1,635   280,353
ANSYS, Inc.(b)
  277   73,782
Apple, Inc.
  47,616   6,870,513
Applied Materials, Inc.
  2,738   305,260
Arista Networks, Inc.(b)
  787   99,178
Autodesk, Inc.(b)
  687   147,815
Automatic Data Processing, Inc.
  1,321   298,295
Broadcom, Inc.
  1,290   754,663
Broadridge Financial Solutions, Inc.
  373   56,084
Cadence Design Systems, Inc.(b)
  872   159,428
CDW Corp.
  432   84,685
Ceridian HCM Holding, Inc.(b)
  484   34,984
Cisco Systems, Inc.
  13,074   636,312
 
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500 BuyWrite ETF (PBP)—(continued)
January 31, 2023
(Unaudited)
  Shares   Value
Information Technology-(continued)
Cognizant Technology Solutions Corp., Class A
  1,634   $109,069
Corning, Inc.
  2,426   83,964
DXC Technology Co.(b)
  731   21,002
Enphase Energy, Inc.(b)
  434   96,079
EPAM Systems, Inc.(b)
  183   60,875
F5, Inc.(b)
  191   28,203
Fidelity National Information Services, Inc.
  1,889   141,751
First Solar, Inc.(b)
  316   56,122
Fiserv, Inc.(b)
  2,024   215,920
FleetCor Technologies, Inc.(b)
  238   49,697
Fortinet, Inc.(b)
  2,064   108,030
Gartner, Inc.(b)
  251   84,873
Gen Digital, Inc.
  1,844   42,430
Global Payments, Inc.
  859   96,826
Hewlett Packard Enterprise Co.
  4,098   66,101
HP, Inc.
  2,821   82,204
Intel Corp.
  13,140   371,336
International Business Machines Corp.
  2,879   387,888
Intuit, Inc.
  898   379,558
Jack Henry & Associates, Inc.
  235   42,321
Juniper Networks, Inc.
  1,030   33,269
Keysight Technologies, Inc.(b)
  568   101,871
KLA Corp.
  449   176,224
Lam Research Corp.
  436   218,044
Mastercard, Inc., Class A
  2,704   1,002,102
Microchip Technology, Inc.
  1,750   135,835
Micron Technology, Inc.
  3,462   208,759
Microsoft Corp.
  23,736   5,882,018
Monolithic Power Systems, Inc.
  146   62,278
Motorola Solutions, Inc.
  534   137,243
NetApp, Inc.
  686   45,434
NVIDIA Corp.
  7,928   1,548,893
NXP Semiconductors N.V. (China)
  826   152,240
ON Semiconductor Corp.(b)
  1,376   101,067
Oracle Corp.
  4,895   433,012
Paychex, Inc.
  1,022   118,409
Paycom Software, Inc.(b)
  153   49,563
PayPal Holdings, Inc.(b)
  3,629   295,727
PTC, Inc.(b)
  339   45,724
Qorvo, Inc.(b)
  324   35,206
QUALCOMM, Inc.
  3,569   475,426
Roper Technologies, Inc.
  340   145,095
salesforce.com, inc.(b)
  3,185   534,984
Seagate Technology Holdings PLC
  612   41,481
ServiceNow, Inc.(b)
  645   293,559
Skyworks Solutions, Inc.
  512   56,151
SolarEdge Technologies, Inc.(b)
  178   56,805
Synopsys, Inc.(b)
  486   171,922
TE Connectivity Ltd.
  1,014   128,930
Teledyne Technologies, Inc.(b)
  148   62,790
Teradyne, Inc.
  492   50,036
Texas Instruments, Inc.
  2,890   512,137
Trimble, Inc.(b)
  785   45,577
Tyler Technologies, Inc.(b)
  136   43,897
VeriSign, Inc.(b)
  294   64,107
Visa, Inc., Class A
  5,204   1,198,013
Western Digital Corp.(b)
  1,005   44,170
Zebra Technologies Corp., Class A(b)
  163   51,537
        28,774,039
Materials-2.93%
Air Products and Chemicals, Inc.
  706   226,280
Albemarle Corp.
  372   104,699
  Shares   Value
Materials-(continued)
Amcor PLC
  4,740   $57,164
Avery Dennison Corp.
  257   48,686
Ball Corp.
  999   58,182
Celanese Corp.
  318   39,178
CF Industries Holdings, Inc.
  623   52,768
Corteva, Inc.
  2,275   146,624
Dow, Inc.
  2,239   132,885
DuPont de Nemours, Inc.
  1,582   116,989
Eastman Chemical Co.
  382   33,681
Ecolab, Inc.
  788   122,006
FMC Corp.
  399   53,119
Freeport-McMoRan, Inc.
  4,551   203,066
International Flavors & Fragrances, Inc.
  813   91,430
International Paper Co.
  1,127   47,131
Linde PLC (United Kingdom)
  1,574   520,900
LyondellBasell Industries N.V., Class A
  809   78,222
Martin Marietta Materials, Inc.
  198   71,209
Mosaic Co. (The)
  1,084   53,701
Newmont Corp.
  2,525   133,648
Nucor Corp.
  818   138,258
Packaging Corp. of America
  295   42,096
PPG Industries, Inc.
  746   97,234
Sealed Air Corp.
  460   25,190
Sherwin-Williams Co. (The)
  750   177,442
Steel Dynamics, Inc.
  530   63,939
Vulcan Materials Co.
  423   77,549
WestRock Co.
  805   31,588
        3,044,864
Real Estate-2.92%
Alexandria Real Estate Equities, Inc.
  475   76,351
American Tower Corp.
  1,482   331,064
AvalonBay Communities, Inc.
  444   78,783
Boston Properties, Inc.
  452   33,692
Camden Property Trust
  341   42,015
CBRE Group, Inc., Class A(b)
  1,007   86,109
Crown Castle, Inc.
  1,378   204,096
Digital Realty Trust, Inc.
  916   104,992
Equinix, Inc.
  295   217,748
Equity Residential
  1,082   68,869
Essex Property Trust, Inc.
  206   46,570
Extra Space Storage, Inc.
  426   67,236
Federal Realty Investment Trust
  236   26,321
Healthpeak Properties, Inc.
  1,699   46,689
Host Hotels & Resorts, Inc.
  2,276   42,903
Invitation Homes, Inc.
  1,847   60,027
Iron Mountain, Inc.
  922   50,323
Kimco Realty Corp.
  1,968   44,201
Mid-America Apartment Communities, Inc.
  366   61,020
Prologis, Inc.
  2,938   379,825
Public Storage
  504   153,387
Realty Income Corp.
  1,997   135,457
Regency Centers Corp.
  486   32,382
SBA Communications Corp., Class A
  346   102,945
Simon Property Group, Inc.
  1,038   133,341
UDR, Inc.
  974   41,483
Ventas, Inc.
  1,272   65,902
VICI Properties, Inc.
  3,067   104,830
Welltower, Inc.
  1,505   112,935
Weyerhaeuser Co.
  2,342   80,635
        3,032,131
 
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500 BuyWrite ETF (PBP)—(continued)
January 31, 2023
(Unaudited)
  Shares   Value
Utilities-3.07%
AES Corp. (The)
  2,128   $58,328
Alliant Energy Corp.
  800   43,224
Ameren Corp.
  824   71,581
American Electric Power Co., Inc.
  1,634   153,531
American Water Works Co., Inc.
  578   90,451
Atmos Energy Corp.
  444   52,188
CenterPoint Energy, Inc.
  2,005   60,391
CMS Energy Corp.
  920   58,135
Consolidated Edison, Inc.
  1,132   107,891
Constellation Energy Corp.
  1,039   88,689
Dominion Energy, Inc.
  2,652   168,773
DTE Energy Co.
  618   71,917
Duke Energy Corp.
  2,450   251,002
Edison International
  1,217   83,851
Entergy Corp.
  646   69,949
Evergy, Inc.
  729   45,672
Eversource Energy
  1,109   91,304
Exelon Corp.
  3,164   133,489
FirstEnergy Corp.
  1,731   70,884
NextEra Energy, Inc.
  6,327   472,184
NiSource, Inc.
  1,282   35,575
NRG Energy, Inc.
  725   24,810
  Shares   Value
Utilities-(continued)
PG&E Corp.(b)
  5,126   $81,503
Pinnacle West Capital Corp.
  359   26,763
PPL Corp.
  2,343   69,353
Public Service Enterprise Group, Inc.
  1,589   98,407
Sempra Energy
  1,002   160,651
Southern Co. (The)
  3,467   234,647
WEC Energy Group, Inc.
  1,005   94,460
Xcel Energy, Inc.
  1,741   119,729
        3,189,332
Total Common Stocks & Other Equity Interests

(Cost $96,009,251)
  108,624,984
Money Market Funds-0.00%
Invesco Government & Agency Portfolio, Institutional Class, 4.30%(c)(d)

(Cost $3,808)
  3,808   3,808
TOTAL INVESTMENTS IN SECURITIES-104.62%

(Cost $96,013,059)
  108,628,792
OTHER ASSETS LESS LIABILITIES-(4.62)%
  (4,800,624)
NET ASSETS-100.00%
  $103,828,168
 
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) 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. $24,206   $16,381   $(15,024)   $3,889   $(2,853)   $26,599   $777
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class -   1,977,137   (1,973,329)   -   -   3,808   579
Total $24,206   $1,993,518   $(1,988,353)   $3,889   $(2,853)   $30,407   $1,356
    
(d) The rate shown is the 7-day SEC standardized yield as of January 31, 2023.
    
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   02/17/2023   266     $ 3,920     $104,272,000   $(4,845,190)
    
* Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.
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® Quality ETF (SPHQ)
January 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.95%
Communication Services-3.74%
Interpublic Group of Cos., Inc. (The)(b)
  184,950   $6,743,277
Meta Platforms, Inc., Class A(c)
  1,064,653   158,601,357
        165,344,634
Consumer Discretionary-3.34%
Best Buy Co., Inc.
  102,560   9,099,123
Booking Holdings, Inc.(c)
  20,974   51,052,814
Genuine Parts Co.
  59,473   9,980,759
LKQ Corp.
  113,727   6,705,344
NVR, Inc.(c)
  1,611   8,489,970
Tapestry, Inc.(b)
  128,551   5,858,069
TJX Cos., Inc. (The)
  518,677   42,458,899
Ulta Beauty, Inc.(c)
  27,474   14,120,537
        147,765,515
Consumer Staples-11.39%
Brown-Forman Corp., Class B
  87,190   5,805,110
Coca-Cola Co. (The)
  1,716,797   105,273,992
Costco Wholesale Corp.
  223,192   114,082,359
Kraft Heinz Co. (The)
  342,140   13,866,934
PepsiCo, Inc.
  623,016   106,548,196
Procter & Gamble Co. (The)(b)
  1,045,012   148,788,809
Tyson Foods, Inc., Class A
  131,476   8,644,547
        503,009,947
Energy-14.24%
APA Corp.
  171,792   7,615,539
Chevron Corp.
  918,928   159,911,851
EOG Resources, Inc.
  337,261   44,602,767
Exxon Mobil Corp.
  2,061,055   239,102,991
Marathon Oil Corp.
  404,001   11,097,907
Marathon Petroleum Corp.
  306,039   39,332,132
Occidental Petroleum Corp.
  500,421   32,422,277
Phillips 66
  265,417   26,613,363
Schlumberger Ltd.
  621,587   35,418,027
Valero Energy Corp.
  233,168   32,650,515
        628,767,369
Financials-2.02%
American International Group, Inc.
  333,832   21,104,859
Ameriprise Financial, Inc.
  75,274   26,354,933
MarketAxess Holdings, Inc.
  16,560   6,025,356
Principal Financial Group, Inc.(b)
  132,259   12,240,570
T. Rowe Price Group, Inc.(b)
  99,463   11,584,456
Willis Towers Watson PLC
  46,394   11,792,891
        89,103,065
Health Care-13.82%
Abbott Laboratories
  802,995   88,771,097
AbbVie, Inc.
  863,855   127,634,576
Amgen, Inc.
  239,625   60,481,350
Biogen, Inc.(c)
  70,939   20,636,155
Bristol-Myers Squibb Co.
  957,748   69,580,392
Eli Lilly and Co.
  353,293   121,585,786
IDEXX Laboratories, Inc.(c)
  51,524   24,757,282
Quest Diagnostics, Inc.
  49,596   7,364,014
Teleflex, Inc.(b)
  19,742   4,805,598
Vertex Pharmaceuticals, Inc.(c)
  110,224   35,613,374
Waters Corp.(c)
  39,868   13,099,828
Zoetis, Inc.
  217,760   36,037,103
        610,366,555
Industrials-7.05%
3M Co.
  260,983   30,033,924
  Shares   Value
Industrials-(continued)
A.O. Smith Corp.
  56,434   $3,820,582
Allegion PLC
  38,016   4,468,781
Carrier Global Corp.
  428,569   19,512,746
Cintas Corp.
  38,623   17,138,570
Expeditors International of Washington, Inc.
  78,623   8,503,077
Fastenal Co.
  254,785   12,879,382
Illinois Tool Works, Inc.
  152,598   36,019,232
Ingersoll Rand, Inc.
  184,197   10,315,032
L3Harris Technologies, Inc.(b)
  80,533   17,300,099
Nordson Corp.
  23,966   5,830,928
Northrop Grumman Corp.
  62,831   28,150,801
Old Dominion Freight Line, Inc.
  45,404   15,130,429
Robert Half International, Inc.
  59,565   5,001,077
Rollins, Inc.
  99,062   3,605,857
United Parcel Service, Inc., Class B
  364,945   67,598,762
Verisk Analytics, Inc.
  70,605   12,835,283
W.W. Grainger, Inc.
  22,137   13,049,319
        311,193,881
Information Technology-39.25%
Accenture PLC, Class A
  285,313   79,616,593
Apple, Inc.
  1,515,433   218,661,828
Applied Materials, Inc.
  435,518   48,555,902
Automatic Data Processing, Inc.
  327,185   73,881,645
Broadcom, Inc.
  216,624   126,727,206
Cadence Design Systems, Inc.(c)
  135,298   24,736,533
Cisco Systems, Inc.
  1,929,908   93,928,622
Corning, Inc.
  344,580   11,925,914
Jack Henry & Associates, Inc.
  34,756   6,259,208
Keysight Technologies, Inc.(c)
  78,522   14,082,921
KLA Corp.
  100,287   39,360,642
Lam Research Corp.
  81,835   40,925,683
Mastercard, Inc., Class A
  614,710   227,811,526
Microchip Technology, Inc.
  270,500   20,996,210
Microsoft Corp.
  873,852   216,549,264
NetApp, Inc.
  137,915   9,134,110
NXP Semiconductors N.V. (China)
  122,397   22,558,991
ON Semiconductor Corp.(c)
  194,506   14,286,466
Paychex, Inc.
  155,940   18,067,208
Paycom Software, Inc.(c)
  22,981   7,444,465
QUALCOMM, Inc.
  629,947   83,915,240
Roper Technologies, Inc.
  48,904   20,869,782
Synopsys, Inc.(c)
  67,990   24,051,463
Teradyne, Inc.(b)
  85,178   8,662,603
Texas Instruments, Inc.
  411,683   72,954,344
Visa, Inc., Class A(b)
  902,075   207,666,686
        1,733,631,055
Materials-4.18%
CF Industries Holdings, Inc.
  144,900   12,273,030
DuPont de Nemours, Inc.(b)
  232,264   17,175,923
Eastman Chemical Co.
  55,718   4,912,656
Freeport-McMoRan, Inc.
  654,679   29,211,777
International Paper Co.
  181,098   7,573,519
Linde PLC (United Kingdom)
  228,768   75,708,482
LyondellBasell Industries N.V., Class A
  117,870   11,396,850
Mosaic Co. (The)
  171,095   8,476,046
Newmont Corp.
  338,668   17,925,697
        184,653,980
Real Estate-0.71%
Public Storage
  103,369   31,459,321
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500® Quality ETF (SPHQ)—(continued)
January 31, 2023
(Unaudited)
  Shares   Value
Utilities-0.21%
PPL Corp.(b)
  315,583   $9,341,257
TOTAL INVESTMENTS IN SECURITIES

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

(Cost $4,084,137,337)
  4,414,636,579
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.14%
Invesco Private Government Fund, 4.36%(d)(e)(f)
  51,136,799   51,136,799
  Shares   Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 4.59%(d)(e)(f)
  131,487,609   $131,527,053
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $182,660,936)
  182,663,852
TOTAL INVESTMENTS IN SECURITIES-104.09%

(Cost $4,266,798,273)
  4,597,300,431
OTHER ASSETS LESS LIABILITIES-(4.09)%
  (180,567,981)
NET ASSETS-100.00%
  $4,416,732,450
 
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
(Depreciation) 		  Realized
Gain 		  Value
January 31, 2023 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $61,264,847   $(61,264,847)   $-   $-   $-   $28,338
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 70,708,076   377,288,985   (396,860,262)   -   -   51,136,799   955,819*
Invesco Private Prime Fund 164,924,660   763,093,172   (796,518,889)   (10,967)   39,077   131,527,053   2,589,384*
Total $235,632,736   $1,201,647,004   $(1,254,643,998)   $(10,967)   $39,077   $182,663,852   $3,573,541
    
* 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 Spin-Off ETF (CSD)
January 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-100.00%
Communication Services-2.60%
Madison Square Garden Entertainment Corp.(a)(b)
  15,294   $799,723
Vimeo, Inc.(a)(b)
  158,259   718,496
        1,518,219
Consumer Discretionary-6.53%
Kontoor Brands, Inc.(b)
  44,148   2,108,509
Victoria’s Secret & Co.(a)(b)
  40,256   1,696,790
        3,805,299
Energy-4.29%
DT Midstream, Inc.(b)
  45,702   2,498,071
Health Care-13.49%
Embecta Corp.(b)
  77,532   2,046,069
Enhabit, Inc.(a)
  44,567   684,549
GE HealthCare Technologies, Inc.(a)
  38,457   2,673,531
Organon & Co.
  81,567   2,457,614
        7,861,763
Industrials-32.86%
Carrier Global Corp.
  86,074   3,918,949
Esab Corp.
  24,796   1,433,457
GXO Logistics, Inc.(a)(b)
  51,051   2,671,499
IAA, Inc.(a)
  64,072   2,673,724
MasterBrand, Inc.(a)
  124,428   1,144,737
Otis Worldwide Corp.
  46,125   3,792,859
RXO, Inc.(a)
  60,355   1,105,704
U-Haul Holding Co., Series N(b)
  38,919   2,404,805
        19,145,734
Information Technology-13.06%
Concentrix Corp.
  17,985   2,550,453
Consensus Cloud Solutions, Inc.(a)
  16,380   962,653
Kyndryl Holdings, Inc.(a)
  144,236   1,931,320
Vontier Corp.(b)
  93,997   2,164,751
        7,609,177
Materials-13.80%
Corteva, Inc.
  59,060   3,806,417
Dow, Inc.
  71,374   4,236,047
        8,042,464
  Shares   Value
Real Estate-6.47%
Apartment Income REIT Corp.
  85,468   $3,270,006
Orion Office REIT, Inc.(b)
  51,659   498,509
        3,768,515
Utilities-6.90%
Constellation Energy Corp.
  47,090   4,019,603
Total Common Stocks & Other Equity Interests

(Cost $47,808,112)
  58,268,845
Money Market Funds-0.16%
Invesco Government & Agency Portfolio, Institutional Class, 4.30%(c)(d)

(Cost $91,343)
  91,343   91,343
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-100.16%

(Cost $47,899,455)
  58,360,188
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-18.03%
Invesco Private Government Fund, 4.36%(c)(d)(e)
  2,941,536   2,941,536
Invesco Private Prime Fund, 4.59%(c)(d)(e)
  7,562,782   7,565,051
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $10,506,574)
  10,506,587
TOTAL INVESTMENTS IN SECURITIES-118.19%

(Cost $58,406,029)
  68,866,775
OTHER ASSETS LESS LIABILITIES-(18.19)%
  (10,599,919)
NET ASSETS-100.00%
  $58,266,856
Investment Abbreviations:
REIT -Real Estate Investment Trust
    
Notes to Schedule of Investments:
(a) Non-income producing security.
(b) All or a portion of this security was out on loan at 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 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 $45,749   $2,320,301   $(2,274,707)   $-   $-   $91,343   $2,166
See accompanying notes which are an integral part of this schedule.
Invesco S&P Spin-Off ETF (CSD)—(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 $2,332,430   $19,977,375   $(19,368,269)   $-   $-   $2,941,536   $41,770*
Invesco Private Prime Fund 8,088,332   43,328,995   (43,854,147)   12   1,859   7,565,051   113,646*
Total $10,466,511   $65,626,671   $(65,497,123)   $12   $1,859   $10,597,930   $157,582
    
* 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.
    
(d) The rate shown is the 7-day SEC standardized yield as of January 31, 2023.
(e) 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 Water Resources ETF (PHO)
January 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.94%
Building Products-10.72%
A.O. Smith Corp.
  1,154,836   $78,182,397
Advanced Drainage Systems, Inc.
  721,217   72,727,523
Zurn Elkay Water Solutions Corp.(b)
  1,899,535   41,523,835
        192,433,755
Chemicals-8.07%
Ecolab, Inc.
  936,320   144,970,426
Commercial Services & Supplies-2.96%
Tetra Tech, Inc.
  341,707   53,142,273
Construction & Engineering-3.29%
Northwest Pipe Co.(c)
  67,836   2,537,066
Stantec, Inc. (Canada)
  115,122   6,004,764
Valmont Industries, Inc.
  153,262   50,535,079
        59,076,909
Electronic Equipment, Instruments & Components-2.54%
Badger Meter, Inc.(b)
  186,560   21,622,304
Itron, Inc.(b)(c)
  418,712   24,063,379
        45,685,683
Life Sciences Tools & Services-11.26%
Danaher Corp.
  513,117   135,657,872
Waters Corp.(c)
  202,417   66,510,178
        202,168,050
Machinery-25.20%
Energy Recovery, Inc.(b)(c)
  734,289   16,249,815
Evoqua Water Technologies Corp.(b)(c)
  801,916   38,900,945
Franklin Electric Co., Inc.
  250,519   22,621,866
Gorman-Rupp Co. (The)(b)
  113,138   3,250,455
IDEX Corp.
  295,432   70,809,142
Lindsay Corp.
  78,000   12,216,360
Mueller Industries, Inc.(b)
  404,877   26,539,687
Mueller Water Products, Inc., Class A
  1,379,485   17,450,485
Pentair PLC(b)
  1,532,555   84,872,896
Toro Co. (The)(b)
  632,179   70,500,602
Watts Water Technologies, Inc., Class A(b)
  148,780   24,328,506
Xylem, Inc.
  624,402   64,944,052
        452,684,811
Software-7.60%
Roper Technologies, Inc.
  319,644   136,408,077
Trading Companies & Distributors-9.48%
Ferguson PLC(b)
  1,196,713   170,340,128
  Shares   Value
Water Utilities-18.82%
American States Water Co.(b)
  256,603   $24,164,304
American Water Works Co., Inc.
  874,736   136,887,437
Artesian Resources Corp., Class A(b)
  64,553   3,802,172
California Water Service Group
  352,910   21,587,505
Cia de Saneamento Basico do Estado de Sao Paulo, ADR (Brazil)(b)
  4,921,123   54,181,564
Essential Utilities, Inc.
  1,454,089   67,949,579
Global Water Resources, Inc.
  37,928   539,715
Middlesex Water Co.(b)
  133,127   11,164,030
SJW Group
  178,518   13,819,078
York Water Co. (The)(b)
  86,115   3,913,927
        338,009,311
Total Common Stocks & Other Equity Interests

(Cost $1,492,366,941)
  1,794,919,423
Money Market Funds-0.10%
Invesco Government & Agency Portfolio, Institutional Class, 4.30%(d)(e)

(Cost $1,862,798)
  1,862,798   1,862,798
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-100.04%

(Cost $1,494,229,739)
  1,796,782,221
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-2.96%
Invesco Private Government Fund, 4.36%(d)(e)(f)
  14,884,026   14,884,026
Invesco Private Prime Fund, 4.59%(d)(e)(f)
  38,266,574   38,278,054
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $53,160,851)
  53,162,080
TOTAL INVESTMENTS IN SECURITIES-103.00%

(Cost $1,547,390,590)
  1,849,944,301
OTHER ASSETS LESS LIABILITIES-(3.00)%
  (53,856,621)
NET ASSETS-100.00%
  $1,796,087,680
    
See accompanying notes which are an integral part of this schedule.
Invesco Water Resources ETF (PHO)—(continued)
January 31, 2023
(Unaudited)
Investment Abbreviations:
ADR -American Depositary Receipt
    
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 $2,036,333   $20,339,109   $(20,512,644)   $-   $-   $1,862,798   $24,358
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 14,403,192   216,999,725   (216,518,891)   -   -   14,884,026   451,919*
Invesco Private Prime Fund 32,750,005   513,816,354   (508,305,185)   1,229   15,651   38,278,054   1,238,199*
Total $49,189,530   $751,155,188   $(745,336,720)   $1,229   $15,651   $55,024,878   $1,714,476
    
* 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 WilderHill Clean Energy ETF (PBW)
January 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.95%
Aerospace & Defense-3.72%
Archer Aviation, Inc., Class A(b)
  5,332,275   $15,463,597
Lilium N.V. (Germany)(b)(c)
  8,795,970   11,258,842
Vertical Aerospace Ltd. (United Kingdom)(b)(c)
  3,044,765   6,302,664
        33,025,103
Airlines-1.45%
Joby Aviation, Inc.(b)(c)
  2,907,131   12,849,519
Auto Components-4.62%
Gentherm, Inc.(b)
  152,440   11,346,109
QuantumScape Corp.(b)(c)
  1,796,537   15,288,530
Solid Power, Inc.(b)(c)
  4,305,747   14,424,253
        41,058,892
Automobiles-12.04%
Fisker, Inc.(b)(c)
  1,435,711   10,696,047
Gogoro, Inc. (Taiwan)(b)(c)
  3,220,804   15,137,779
Lordstown Motors Corp., Class A(b)(c)
  8,982,695   11,767,330
NIO, Inc., ADR (China)(b)
  897,486   10,832,656
Polestar Automotive Holding UK PLC, ADR (Hong Kong)(b)(c)
  2,251,881   12,610,533
Rivian Automotive, Inc., Class A(b)
  495,474   9,612,196
Tesla, Inc.(b)
  75,740   13,119,683
Workhorse Group, Inc.(b)(c)
  6,023,091   13,311,031
Xpeng, Inc., ADR (China)(b)(c)
  922,106   9,811,208
        106,898,463
Chemicals-4.23%
Albemarle Corp.
  44,792   12,606,708
Livent Corp.(b)
  498,556   12,922,572
Sociedad Quimica y Minera de Chile S.A., ADR (Chile)
  123,547   12,050,774
        37,580,054
Commercial Services & Supplies-1.24%
Li-Cycle Holdings Corp. (Canada)(b)(c)
  2,025,841   11,020,575
Construction & Engineering-5.42%
Ameresco, Inc., Class A(b)
  182,021   11,734,894
MYR Group, Inc.(b)
  122,365   12,121,477
Quanta Services, Inc.
  75,005   11,415,011
ReneSola Ltd., ADR (China)(b)(c)
  2,540,023   12,852,516
        48,123,898
Electrical Equipment-28.79%
American Superconductor Corp.(b)
  1,015,597   5,514,692
Array Technologies, Inc.(b)
  521,445   11,591,722
Ballard Power Systems, Inc. (Canada)(b)(c)
  1,994,433   13,023,647
Beam Global(b)(c)
  232,641   4,050,280
Blink Charging Co.(b)(c)
  902,264   12,279,813
Bloom Energy Corp., Class A(b)
  502,519   12,527,799
ChargePoint Holdings, Inc.(b)(c)
  1,134,187   13,769,030
Energy Vault Holdings, Inc.(b)(c)
  4,360,727   18,489,482
Enovix Corp.(b)(c)
  935,370   7,426,838
ESS Tech, Inc.(b)(c)
  4,305,747   9,515,701
Fluence Energy, Inc.(b)
  547,548   13,217,809
FTC Solar, Inc.(b)(c)
  4,318,033   11,874,591
FuelCell Energy, Inc.(b)
  3,811,586   13,950,405
Plug Power, Inc.(b)
  786,807   13,391,455
SES AI Corp.(b)(c)
  2,951,808   9,740,966
Shoals Technologies Group, Inc., Class A(b)
  420,370   11,724,119
Stem, Inc.(b)
  1,079,427   10,643,150
SunPower Corp.(b)(c)
  543,728   9,477,179
Sunrun, Inc.(b)
  401,702   10,556,729
  Shares   Value
Electrical Equipment-(continued)
TPI Composites, Inc.(b)
  1,151,481   $15,026,827
Tritium DCFC Ltd. (Australia)(b)(c)
  7,680,058   10,291,278
Wallbox N.V. (Spain)(b)(c)
  3,146,119   17,586,805
        255,670,317
Electronic Equipment, Instruments & Components-2.58%
Advanced Energy Industries, Inc.
  118,466   10,986,537
Itron, Inc.(b)
  208,210   11,965,829
        22,952,366
Independent Power and Renewable Electricity Producers-7.78%
Altus Power, Inc.(b)
  1,660,780   13,319,456
Azure Power Global Ltd. (India)(b)(c)
  2,277,268   9,245,708
Brookfield Renewable Corp., Class A
  377,327   11,893,347
Ormat Technologies, Inc.
  126,769   11,732,471
ReNew Energy Global PLC, Class A (India)(b)(c)
  2,024,905   12,149,430
Sunnova Energy International, Inc.(b)
  554,200   10,795,816
        69,136,228
Machinery-4.35%
ESCO Technologies, Inc.
  113,751   11,197,649
Hyzon Motors, Inc.(b)(c)
  6,639,525   14,142,188
Lion Electric Co. (The) (Canada)(b)(c)
  5,082,892   13,317,177
        38,657,014
Metals & Mining-8.68%
5E Advanced Materials, Inc.(b)(c)
  1,384,454   13,636,872
Lithium Americas Corp. (Canada)(b)(c)
  493,829   12,459,306
MP Materials Corp.(b)
  358,577   11,657,338
Piedmont Lithium, Inc.(b)
  225,392   15,470,907
Sigma Lithium Corp. (Brazil)(b)(c)
  330,780   10,088,790
Standard Lithium Ltd. (Canada)(b)(c)
  3,138,537   13,778,177
        77,091,390
Oil, Gas & Consumable Fuels-1.01%
Gevo, Inc.(b)
  4,240,926   8,990,763
Semiconductors & Semiconductor Equipment-12.12%
Canadian Solar, Inc. (Canada)(b)
  333,535   14,031,817
Enphase Energy, Inc.(b)
  32,455   7,184,888
First Solar, Inc.(b)
  69,275   12,303,240
JinkoSolar Holding Co. Ltd., ADR (China)(b)
  229,212   12,922,973
Maxeon Solar Technologies Ltd.(b)(c)
  566,170   12,433,093
Navitas Semiconductor Corp.(b)(c)
  2,973,730   14,749,701
SolarEdge Technologies, Inc.(b)
  31,867   10,169,716
Universal Display Corp.
  98,361   13,035,783
Wolfspeed, Inc.(b)
  140,343   10,807,814
        107,639,025
Specialty Retail-1.92%
EVgo, Inc.(b)(c)
  2,478,116   17,074,219
TOTAL INVESTMENTS IN SECURITIES

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

(Cost $1,468,113,571)
  887,767,826
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-29.18%
Invesco Private Government Fund, 4.36%(d)(e)(f)
  71,750,984   71,750,984
See accompanying notes which are an integral part of this schedule.
Invesco WilderHill Clean Energy ETF (PBW)—(continued)
January 31, 2023
(Unaudited)
  Shares   Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 4.59%(d)(e)(f)
  187,364,647   $187,420,854
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $259,158,827)
  259,171,838
TOTAL INVESTMENTS IN SECURITIES-129.13%

(Cost $1,727,272,398)
  1,146,939,664
OTHER ASSETS LESS LIABILITIES-(29.13)%
  (258,709,879)
NET ASSETS-100.00%
  $888,229,785
    
Investment Abbreviations:
ADR -American Depositary Receipt
    
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 is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or is an "affiliated person" under the Investment Company Act of 1940, as amended (the “1940 Act”), which defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. For the Investments in Other Affiliates below, the Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. 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
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $43,577,097   $(43,577,097)   $-   $-   $-   $15,703
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 104,086,434   339,837,007   (372,172,457)   -   -   71,750,984   1,457,454*
Invesco Private Prime Fund 246,283,566   763,269,673   (822,203,002)   (20,361)   90,978   187,420,854   4,031,608*
Investments in Other Affiliates:                          
American Superconductor Corp.** 10,901,875   7,884,174   (12,624,783)   16,714,339   (17,360,913)   5,514,692   -
Arcimoto, Inc.** 8,451,757   7,103,905   (8,233,695)   23,512,604   (30,834,571)   -   -
ElectraMeccanica Vehicles Corp.** 12,798,781   7,149,251   (13,620,459)   31,973,102   (38,300,675)   -   -
Total $382,522,413   $1,168,821,107   $(1,272,431,493)   $72,179,684   $(86,405,181)   $264,686,530   $5,504,765
    
* 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.
** As of January 31, 2023, this security was not considered as an affiliate of the Fund.
    
(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.  
See accompanying notes which are an integral part of this schedule.
Invesco WilderHill Clean Energy ETF (PBW)—(continued)
January 31, 2023
(Unaudited)
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 S&P 500 BuyWrite ETF). As of January 31, 2023, all of the securities in S&P 500 BuyWrite ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The value of options held in S&P 500 BuyWrite ETF was based on Level 1 inputs.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 Aerospace & Defense ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $1,750,420,022   $-   $-   $1,750,420,022
Money Market Funds 995,366   74,643,849   -   75,639,215
Total Investments $1,751,415,388   $74,643,849   $-   $1,826,059,237
Invesco DWA Momentum ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $1,075,482,025   $-   $-   $1,075,482,025
Money Market Funds 940,736   57,019,302   -   57,960,038
Total Investments $1,076,422,761   $57,019,302   $-   $1,133,442,063
Invesco Global Listed Private Equity ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $178,563,462   $-   $-   $178,563,462
Closed-End Funds 33,724,398   -   -   33,724,398
Money Market Funds 2,084,024   59,460,907   -   61,544,931
Total Investments in Securities 214,371,884   59,460,907   -   273,832,791
Other Investments - Assets              
Swap Agreements -   25,365   -   25,365
Total Investments $214,371,884   $59,486,272   $-   $273,858,156
Invesco Golden Dragon China ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $260,058,229   $-   $-   $260,058,229
Money Market Funds 165,681   69,194,241   -   69,359,922
Total Investments $260,223,910   $69,194,241   $-   $329,418,151
  Level 1   Level 2   Level 3   Total
Invesco MSCI Sustainable Future ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $170,849,114   $153,630,688   $-   $324,479,802
Exchange-Traded Funds 5,517,869   -   -   5,517,869
Money Market Funds -   61,279,631   -   61,279,631
Total Investments $176,366,983   $214,910,319   $-   $391,277,302
Invesco Raymond James SB-1 Equity ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $129,010,955   $-   $-   $129,010,955
Money Market Funds 9,462   24,361,059   -   24,370,521
Total Investments $129,020,417   $24,361,059   $-   $153,381,476
Invesco S&P 500® Quality ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $4,414,636,579   $-   $-   $4,414,636,579
Money Market Funds -   182,663,852   -   182,663,852
Total Investments $4,414,636,579   $182,663,852   $-   $4,597,300,431
Invesco S&P Spin-Off ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $58,268,845   $-   $-   $58,268,845
Money Market Funds 91,343   10,506,587   -   10,597,930
Total Investments $58,360,188   $10,506,587   $-   $68,866,775
Invesco Water Resources ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $1,794,919,423   $-   $-   $1,794,919,423
Money Market Funds 1,862,798   53,162,080   -   55,024,878
Total Investments $1,796,782,221   $53,162,080   $-   $1,849,944,301
Invesco WilderHill Clean Energy ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $887,767,826   $-   $-   $887,767,826
Money Market Funds -   259,171,838   -   259,171,838
Total Investments $887,767,826   $259,171,838   $-   $1,146,939,664