Schedule of Investments(a)
Invesco Nasdaq Biotechnology ETF (IBBQ)
May 31, 2025
(Unaudited)
 
Shares
Value
Common Stocks & Other Equity Interests-99.84%
Biotechnology-79.95%
4D Molecular Therapeutics, Inc.(b)(c)
 
1,827
$6,614
89bio, Inc.(b)(c)
 
5,743
56,511
Absci Corp.(b)(c)
 
4,518
11,973
AC Immune S.A. (Switzerland)(b)(c)
 
3,894
6,659
Acadia Pharmaceuticals, Inc.(b)
 
6,736
145,296
Acrivon Therapeutics, Inc.(b)(c)
 
1,225
1,286
ADMA Biologics, Inc.(b)
 
9,508
188,639
Agios Pharmaceuticals, Inc.(b)(c)
 
2,253
72,299
Akero Therapeutics, Inc.(b)(c)
 
3,207
159,228
Alector, Inc.(b)(c)
 
3,902
5,190
Alkermes PLC(b)
 
6,562
200,863
Allogene Therapeutics, Inc.(b)(c)
 
8,252
9,655
Alnylam Pharmaceuticals, Inc.(b)
 
5,181
1,577,925
Altimmune, Inc.(b)(c)
 
3,034
16,475
Alvotech S.A. (Luxembourg)(b)(c)
 
12,161
139,122
Amarin Corp. PLC, ADR (Ireland)(b)
 
788
9,133
Amgen, Inc.
 
10,413
3,000,818
Amicus Therapeutics, Inc.(b)
 
12,443
75,529
AnaptysBio, Inc.(b)(c)
 
1,206
26,809
Anavex Life Sciences Corp.(b)(c)
 
3,349
25,218
Annexon, Inc.(b)
 
4,194
8,556
Apellis Pharmaceuticals, Inc.(b)
 
5,185
87,782
Apogee Therapeutics, Inc.(b)(c)
 
1,773
64,963
Applied Therapeutics, Inc.(b)(c)
 
4,580
1,618
Arbutus Biopharma Corp.(b)(c)
 
7,452
25,039
Arcellx, Inc.(b)(c)
 
2,223
137,959
Arcturus Therapeutics Holdings, Inc.(b)(c)
 
1,067
13,370
Arcutis Biotherapeutics, Inc.(b)(c)
 
4,665
60,832
Ardelyx, Inc.(b)(c)
 
9,375
34,406
argenx SE, ADR (Netherlands)(b)
 
1,282
734,919
ArriVent Biopharma, Inc.(b)(c)
 
1,321
28,071
Arrowhead Pharmaceuticals, Inc.(b)(c)
 
4,966
79,804
ARS Pharmaceuticals, Inc.(b)(c)
 
3,823
55,166
Artiva Biotherapeutics, Inc. (South Korea)(b)(c)
 
961
1,855
Ascendis Pharma A/S, ADR (Denmark)(b)
 
2,421
394,236
Astria Therapeutics, Inc.(b)
 
2,217
10,553
Aura Biosciences, Inc.(b)(c)
 
1,968
11,532
Aurinia Pharmaceuticals, Inc. (Canada)(b)
 
5,403
42,360
Autolus Therapeutics PLC, ADR (United
Kingdom)(b)
 
7,887
13,802
Avidity Biosciences, Inc.(b)(c)
 
4,876
151,058
Beam Therapeutics, Inc.(b)(c)
 
3,291
52,097
BeiGene Ltd., ADR (China)(b)(c)
 
1,671
410,364
Bicycle Therapeutics PLC, ADR (United
Kingdom)(b)(c)
 
1,732
14,237
BioCryst Pharmaceuticals, Inc.(b)
 
8,222
88,386
Biogen, Inc.(b)
 
5,853
759,661
BioMarin Pharmaceutical, Inc.(b)
 
7,628
442,958
Biomea Fusion, Inc.(b)(c)
 
1,428
2,056
BioNTech SE, ADR (Germany)(b)(c)
 
3,986
381,899
Blueprint Medicines Corp.(b)(c)
 
2,571
260,571
BridgeBio Pharma, Inc.(b)(c)
 
7,649
261,978
C4 Therapeutics, Inc.(b)(c)
 
2,793
3,491
Cargo Therapeutics, Inc.(b)(c)
 
1,815
7,714
Cartesian Therapeutics, Inc.(b)(c)
 
997
9,531
Cartesian Therapeutics, Inc., Rts., expiring
12/31/2049(b)(d)
 
2,633
359
Centessa Pharmaceuticals PLC, ADR(b)(c)
 
3,587
48,460
CG Oncology, Inc.(b)(c)
 
2,997
76,783
Climb Bio, Inc.(b)(c)
 
2,647
3,123
Cogent Biosciences, Inc.(b)(c)
 
4,476
24,349
 
Shares
Value
Biotechnology-(continued)
Compass Pathways PLC, ADR (United
Kingdom)(b)(c)
 
2,443
$10,163
Corvus Pharmaceuticals, Inc.(b)(c)
 
2,533
9,575
Crinetics Pharmaceuticals, Inc.(b)
 
3,761
114,748
CRISPR Therapeutics AG (Switzerland)(b)(c)
 
3,456
125,418
Cullinan Therapeutics, Inc.(b)(c)
 
2,304
19,918
CureVac N.V. (Germany)(b)(c)
 
8,833
39,484
Cytokinetics, Inc.(b)(c)
 
4,762
147,717
Day One Biopharmaceuticals, Inc.(b)(c)
 
3,986
25,431
Denali Therapeutics, Inc.(b)(c)
 
5,875
77,785
Design Therapeutics, Inc.(b)(c)
 
2,225
8,299
Disc Medicine, Inc.(b)(c)
 
1,358
63,391
Dynavax Technologies Corp.(b)(c)
 
4,881
47,785
Dyne Therapeutics, Inc.(b)(c)
 
4,456
53,294
Editas Medicine, Inc.(b)(c)
 
3,243
5,578
Enanta Pharmaceuticals, Inc.(b)(c)
 
837
4,963
Entrada Therapeutics, Inc.(b)(c)
 
1,484
11,278
Erasca, Inc.(b)
 
11,121
15,569
Exelixis, Inc.(b)
 
11,236
483,597
Fate Therapeutics, Inc.(b)(c)
 
4,477
5,417
Foghorn Therapeutics, Inc.(b)(c)
 
2,189
8,931
Galapagos N.V., ADR (Belgium)(b)
 
578
16,623
Genmab A/S, ADR (Denmark)(b)
 
1,655
34,672
Geron Corp.(b)
 
25,064
38,097
Gilead Sciences, Inc.
 
28,078
3,090,826
GRAIL, Inc.(b)(c)
 
1,317
50,586
Grifols S.A., ADR (Spain)(b)(c)
 
4,805
39,930
Halozyme Therapeutics, Inc.(b)
 
4,939
276,930
Humacyte, Inc.(b)(c)
 
5,062
13,516
Ideaya Biosciences, Inc.(b)(c)
 
3,441
68,441
IGM Biosciences, Inc.(b)(c)
 
1,337
1,698
ImmunityBio, Inc.(b)(c)
 
28,734
76,432
Immunocore Holdings PLC, ADR (United
Kingdom)(b)(c)
 
1,558
57,023
Immunovant, Inc.(b)(c)
 
6,864
101,930
Incyte Corp.(b)
 
7,750
504,215
Inhibrx Biosciences, Inc.(b)(c)
 
572
7,705
Inozyme Pharma, Inc.(b)
 
2,533
10,056
Insmed, Inc.(b)(c)
 
7,243
505,054
Intellia Therapeutics, Inc.(b)(c)
 
4,076
28,002
Ionis Pharmaceuticals, Inc.(b)(c)
 
6,391
214,162
Iovance Biotherapeutics, Inc.(b)(c)
 
12,899
22,573
Ironwood Pharmaceuticals, Inc.(b)(c)
 
6,297
3,773
iTeos Therapeutics, Inc.(b)
 
1,440
14,429
Janux Therapeutics, Inc.(b)(c)
 
2,329
55,430
KalVista Pharmaceuticals, Inc.(b)(c)
 
1,946
22,963
Keros Therapeutics, Inc.(b)(c)
 
1,597
22,598
Kiniksa Pharmaceuticals International PLC(b)(c)
 
1,658
45,363
Krystal Biotech, Inc.(b)(c)
 
1,159
145,988
Kura Oncology, Inc.(b)(c)
 
3,179
18,089
Kymera Therapeutics, Inc.(b)(c)
 
2,551
75,612
Kyverna Therapeutics, Inc.(b)(c)
 
1,696
4,325
Larimar Therapeutics, Inc.(b)
 
2,515
5,659
Legend Biotech Corp., ADR(b)(c)
 
3,300
95,535
LENZ Therapeutics, Inc.(b)(c)
 
1,084
31,653
Lexeo Therapeutics, Inc.(b)(c)
 
1,306
3,552
Lexicon Pharmaceuticals, Inc.(b)(c)
 
14,228
8,915
Lyell Immunopharma, Inc.(b)(c)
 
11,493
5,019
MacroGenics, Inc.(b)(c)
 
2,471
3,361
Madrigal Pharmaceuticals, Inc.(b)
 
886
243,880
MannKind Corp.(b)(c)
 
11,949
49,588
MeiraGTx Holdings PLC(b)(c)
 
3,071
15,724
See accompanying notes which are an integral part of this schedule.

Invesco Nasdaq Biotechnology ETF (IBBQ)—(continued)
May 31, 2025
(Unaudited)
 
Shares
Value
Biotechnology-(continued)
Mersana Therapeutics, Inc.(b)(c)
 
4,859
$1,670
Merus N.V. (Netherlands)(b)
 
2,788
156,323
Mesoblast Ltd., ADR (Australia)(b)(c)
 
1,334
14,194
Mineralys Therapeutics, Inc.(b)(c)
 
1,963
30,584
Mirum Pharmaceuticals, Inc.(b)(c)
 
1,997
88,787
Moderna, Inc.(b)
 
15,417
409,476
Monte Rosa Therapeutics, Inc.(b)
 
2,415
10,095
Neurocrine Biosciences, Inc.(b)
 
3,996
491,588
Neurogene, Inc.(b)(c)
 
588
10,002
NewAmsterdam Pharma Co. N.V.
(Netherlands)(b)
 
4,318
78,199
Nkarta, Inc.(b)(c)
 
2,775
4,829
Novavax, Inc.(b)(c)
 
6,331
46,470
Nurix Therapeutics, Inc.(b)(c)
 
2,987
31,752
Nuvalent, Inc., Class A(b)(c)
 
2,661
198,537
Olema Pharmaceuticals, Inc.(b)(c)
 
2,918
15,407
OnKure Therapeutics, Inc.(b)(c)
 
496
1,255
ORIC Pharmaceuticals, Inc.(b)(c)
 
2,795
22,835
Oruka Therapeutics, Inc.(c)
 
1,478
16,199
PepGen, Inc.(b)(c)
 
1,290
1,883
Praxis Precision Medicines, Inc.(b)(c)
 
788
30,377
Precigen, Inc.(b)(c)
 
11,523
15,210
Prime Medicine, Inc.(b)(c)
 
5,161
6,090
Protagonist Therapeutics, Inc.(b)(c)
 
2,476
117,536
Prothena Corp. PLC (Ireland)(b)
 
2,119
9,726
PTC Therapeutics, Inc.(b)(c)
 
3,188
154,682
Pyxis Oncology, Inc.(b)(c)
 
2,344
2,836
Q32 Bio, Inc.(b)(c)
 
476
823
Recursion Pharmaceuticals, Inc., Class A(b)(c)
 
15,544
64,974
Regeneron Pharmaceuticals, Inc.
 
4,301
2,108,694
REGENXBIO, Inc.(b)(c)
 
1,951
17,266
Relay Therapeutics, Inc.(b)(c)
 
6,672
20,016
Replimune Group, Inc.(b)(c)
 
3,034
27,245
Revolution Medicines, Inc.(b)(c)
 
7,479
294,673
Rhythm Pharmaceuticals, Inc.(b)(c)
 
2,561
157,066
Rigel Pharmaceuticals, Inc.(b)(c)
 
693
13,306
Rocket Pharmaceuticals, Inc.(b)(c)
 
4,196
10,532
Roivant Sciences Ltd.(b)(c)
 
28,644
314,798
Sage Therapeutics, Inc.(b)(c)
 
2,417
15,614
Sana Biotechnology, Inc.(b)(c)
 
8,788
19,070
Sarepta Therapeutics, Inc.(b)
 
3,915
147,204
Savara, Inc.(b)(c)
 
6,749
15,388
Scholar Rock Holding Corp.(b)(c)
 
3,818
110,760
Silence Therapeutics PLC, ADR (United
Kingdom)(b)(c)
 
1,846
10,781
Solid Biosciences, Inc.(b)
 
3,005
9,646
SpringWorks Therapeutics, Inc.(b)
 
3,019
141,017
Spyre Therapeutics, Inc.(b)(c)
 
2,366
36,152
Stoke Therapeutics, Inc.(b)(c)
 
2,083
19,872
Summit Therapeutics, Inc.(b)(c)
 
29,480
536,978
Sutro Biopharma, Inc.(b)
 
3,240
2,909
Syndax Pharmaceuticals, Inc.(b)(c)
 
3,361
35,425
Tango Therapeutics, Inc.(b)(c)
 
4,257
9,451
Taysha Gene Therapies, Inc.(b)(c)
 
8,068
21,864
Tectonic Therapeutic, Inc.(b)(c)
 
584
12,562
Tevogen Bio Holdings, Inc.(b)(c)
 
6,892
8,891
Tourmaline Bio, Inc.(b)(c)
 
1,006
16,780
Travere Therapeutics, Inc.(b)(c)
 
3,491
52,435
TScan Therapeutics, Inc.(b)
 
1,932
2,763
Twist Bioscience Corp.(b)(c)
 
2,418
70,847
Tyra Biosciences, Inc.(b)(c)
 
1,995
18,154
Ultragenyx Pharmaceutical, Inc.(b)
 
3,727
126,830
 
Shares
Value
Biotechnology-(continued)
uniQure N.V. (Netherlands)(b)
 
2,130
$30,821
United Therapeutics Corp.(b)
 
1,797
572,973
UroGen Pharma Ltd.(b)(c)
 
1,660
7,038
Vanda Pharmaceuticals, Inc.(b)(c)
 
2,296
9,965
Vaxcyte, Inc.(b)
 
5,176
168,168
Vera Therapeutics, Inc.(b)
 
2,512
47,602
Veracyte, Inc.(b)(c)
 
3,175
84,487
Vericel Corp.(b)(c)
 
1,969
81,310
Vertex Pharmaceuticals, Inc.(b)
 
6,691
2,957,757
Verve Therapeutics, Inc.(b)(c)
 
3,494
15,548
Vir Biotechnology, Inc.(b)(c)
 
5,395
26,651
Voyager Therapeutics, Inc.(b)(c)
 
2,153
5,899
Xencor, Inc.(b)
 
2,771
22,168
Xenon Pharmaceuticals, Inc. (Canada)(b)
 
3,097
89,348
Y-mAbs Therapeutics, Inc.(b)(c)
 
1,763
8,110
Zai Lab Ltd., ADR (China)(b)(c)
 
2,536
76,435
Zymeworks, Inc.(b)(c)
 
2,710
30,975
 
 
28,521,991
Health Care Equipment & Supplies-0.23%
Novocure Ltd.(b)(c)
 
4,322
82,593
Health Care Providers & Services-0.62%
Castle Biosciences, Inc.(b)(c)
 
1,127
17,998
Guardant Health, Inc.(b)
 
4,983
202,410
 
 
220,408
Life Sciences Tools & Services-4.10%
10X Genomics, Inc., Class A(b)
 
4,263
40,626
AbCellera Biologics, Inc. (Canada)(b)
 
11,726
23,687
Adaptive Biotechnologies Corp.(b)(c)
 
5,809
55,302
Alpha Teknova, Inc.(b)(c)
 
2,098
12,105
Codexis, Inc.(b)(c)
 
3,256
7,489
Fortrea Holdings, Inc.(b)
 
3,532
15,188
Illumina, Inc.(b)
 
6,331
520,661
Maravai LifeSciences Holdings, Inc., Class A(b)
 
5,580
12,555
MaxCyte, Inc.(b)(c)
 
4,148
9,872
Medpace Holdings, Inc.(b)(c)
 
1,222
360,368
OmniAb Operations, Inc., Rts., expiring
11/02/2027(b)(c)(d)
 
125
0
OmniAb Operations, Inc., Rts., expiring
11/02/2027(b)(d)
 
125
0
OmniAb, Inc.(b)(c)
 
4,764
6,050
Pacific Biosciences of California, Inc.(b)(c)
 
10,772
10,381
Personalis, Inc.(b)
 
3,471
16,071
Tempus AI, Inc.(b)(c)
 
6,723
370,975
 
 
1,461,330
Pharmaceuticals-14.94%
Alumis, Inc.(b)(c)
 
3,759
13,157
Amneal Pharmaceuticals, Inc.(b)
 
12,534
91,749
Amphastar Pharmaceuticals, Inc.(b)
 
1,890
48,592
Amylyx Pharmaceuticals, Inc.(b)
 
3,375
17,381
ANI Pharmaceuticals, Inc.(b)(c)
 
855
50,206
Aquestive Therapeutics, Inc.(b)
 
3,587
9,721
Arvinas, Inc.(b)(c)
 
2,711
19,519
AstraZeneca PLC, ADR (United Kingdom)
 
23,314
1,697,959
Atea Pharmaceuticals, Inc.(b)(c)
 
3,324
9,872
Avadel Pharmaceuticals PLC(b)(c)
 
3,788
34,509
Axsome Therapeutics, Inc.(b)(c)
 
1,969
207,060
Collegium Pharmaceutical, Inc.(b)
 
1,240
36,134
CorMedix, Inc.(b)(c)
 
2,384
28,942
Edgewise Therapeutics, Inc.(b)(c)
 
3,729
53,250
Enliven Therapeutics, Inc.(b)(c)
 
1,922
34,154
See accompanying notes which are an integral part of this schedule.

Invesco Nasdaq Biotechnology ETF (IBBQ)—(continued)
May 31, 2025
(Unaudited)
 
Shares
Value
Pharmaceuticals-(continued)
Esperion Therapeutics, Inc.(b)(c)
 
7,757
$6,592
Evolus, Inc.(b)(c)
 
2,494
22,920
EyePoint Pharmaceuticals, Inc.(b)(c)
 
2,689
19,468
Harmony Biosciences Holdings, Inc.(b)
 
2,255
77,797
Harrow, Inc.(b)(c)
 
1,402
39,410
Hutchmed (China) Ltd., ADR (China)(b)(c)
 
1,220
16,946
Indivior PLC (United Kingdom)(b)(c)
 
4,884
62,808
Innoviva, Inc.(b)(c)
 
2,467
48,279
Jazz Pharmaceuticals PLC(b)
 
2,433
262,934
Ligand Pharmaceuticals, Inc.(b)(c)
 
761
77,767
Mind Medicine (MindMed), Inc.(b)(c)
 
2,885
20,945
Neumora Therapeutics, Inc.(b)(c)
 
6,361
4,556
Ocular Therapeutix, Inc.(b)(c)
 
6,190
49,582
Omeros Corp.(b)(c)
 
2,281
7,048
Pacira BioSciences, Inc.(b)
 
1,825
47,158
Phathom Pharmaceuticals, Inc.(b)(c)
 
2,695
11,454
Phibro Animal Health Corp., Class A
 
796
19,438
Pliant Therapeutics, Inc.(b)
 
2,391
3,228
Rapport Therapeutics, Inc.(b)(c)
 
1,442
11,925
Royalty Pharma PLC, Class A
 
17,314
569,284
Sanofi S.A., ADR(c)
 
11,477
566,619
scPharmaceuticals, Inc.(b)(c)
 
1,972
7,178
SIGA Technologies, Inc.(c)
 
2,810
16,804
Structure Therapeutics, Inc., ADR(b)(c)
 
2,349
51,114
Supernus Pharmaceuticals, Inc.(b)
 
2,191
69,455
Tarsus Pharmaceuticals, Inc.(b)
 
1,506
64,683
Terns Pharmaceuticals, Inc.(b)(c)
 
3,343
10,397
Theravance Biopharma, Inc.(b)
 
1,936
17,734
Third Harmonic Bio, Inc., Class B(b)(c)
 
1,774
9,243
 
Shares
Value
Pharmaceuticals-(continued)
Trevi Therapeutics, Inc.(b)(c)
 
3,518
$22,902
Verona Pharma PLC, ADR (United Kingdom)(b)
 
3,167
257,160
Viatris, Inc.
 
47,896
421,006
WaVe Life Sciences Ltd.(b)(c)
 
6,005
36,090
Xeris Biopharma Holdings, Inc.(b)(c)
 
5,861
28,953
Zevra Therapeutics, Inc.(b)(c)
 
2,100
17,955
 
 
5,329,037
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from
securities on loan)-99.84%
(Cost $41,435,220)
35,615,359
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-27.23%
Invesco Private Government Fund,
4.29%(e)(f)(g)
 
2,737,448
2,737,448
Invesco Private Prime Fund, 4.45%(e)(f)(g)
 
6,976,682
6,978,077
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $9,715,525)
9,715,525
TOTAL INVESTMENTS IN SECURITIES-127.07%
(Cost $51,150,745)
45,330,884
OTHER ASSETS LESS LIABILITIES-(27.07)%
(9,657,276
)
NET ASSETS-100.00%
$35,673,608
Investment Abbreviations:
ADR
-American Depositary Receipt
Rts.
-Rights
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 May 31, 2025.
(d)
Security valued using significant unobservable inputs (Level 3). See Note1.
(e)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the nine months ended May 31, 2025.
 
Value
August 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
May 31, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio, Institutional
Class
$-
$339,399
$(339,399
)
$-
$-
$-
$633
See accompanying notes which are an integral part of this schedule.

Invesco Nasdaq Biotechnology ETF (IBBQ)—(continued)
May 31, 2025
(Unaudited)
 
Value
August 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
May 31, 2025
Dividend Income
Investments Purchased with
Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
$2,870,230
$19,064,234
$(19,197,016
)
$-
$-
$2,737,448
$99,540
*
Invesco Private Prime Fund
7,371,186
35,358,443
(35,750,091
)
(484
)
(977
)
6,978,077
263,264
*
Total
$10,241,416
$54,762,076
$(55,286,506
)
$(484
)
$(977
)
$9,715,525
$363,437
*
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 May 31, 2025.
(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 Nasdaq Free Cash Flow Achievers ETF (QOWZ)
May 31, 2025
(Unaudited)
 
Shares
Value
Common Stocks & Other Equity Interests-99.89%
Automobiles-0.56%
Thor Industries, Inc.(b)
 
1,018
$82,652
Building Products-0.87%
Owens Corning
 
962
128,860
Commercial Services & Supplies-6.08%
Cintas Corp.
 
1,562
353,793
Republic Services, Inc.
 
1,297
333,705
Rollins, Inc.
 
3,741
214,172
 
 
901,670
Consumer Finance-1.98%
Capital One Financial Corp.
 
1,556
294,317
Distributors-0.87%
Pool Corp.(b)
 
427
128,352
Electrical Equipment-0.75%
Acuity, Inc.
 
429
111,493
Electronic Equipment, Instruments & Components-4.78%
Amphenol Corp., Class A
 
4,795
431,214
Littelfuse, Inc.
 
451
92,482
Teledyne Technologies, Inc.(c)
 
372
185,576
 
 
709,272
Entertainment-1.20%
Warner Bros. Discovery, Inc.(c)
 
17,853
177,994
Financial Services-4.81%
Mastercard, Inc., Class A
 
1,219
713,846
Food Products-1.07%
McCormick & Co., Inc.
 
2,185
158,915
Health Care Providers & Services-2.79%
UnitedHealth Group, Inc.
 
1,369
413,315
Health Care Technology-0.29%
Simulations Plus, Inc.(b)
 
1,375
43,787
Hotels, Restaurants & Leisure-1.99%
Marriott International, Inc., Class A
 
1,118
294,962
Household Durables-1.76%
Cavco Industries, Inc.(c)
 
174
75,446
NVR, Inc.(c)
 
26
185,014
 
 
260,460
Interactive Media & Services-7.09%
Meta Platforms, Inc., Class A
 
1,623
1,050,876
IT Services-1.44%
VeriSign, Inc.
 
782
213,072
Life Sciences Tools & Services-4.63%
Mettler-Toledo International, Inc.(c)
 
157
181,416
Thermo Fisher Scientific, Inc.
 
885
356,496
West Pharmaceutical Services, Inc.
 
707
149,071
 
 
686,983
Machinery-0.80%
Watts Water Technologies, Inc., Class A
 
491
118,881
Metals & Mining-0.48%
Radius Recycling, Inc., Class A(b)
 
2,424
71,775
Oil, Gas & Consumable Fuels-1.97%
Kinder Morgan, Inc.
 
10,407
291,812
 
Shares
Value
Professional Services-4.71%
Automatic Data Processing, Inc.
 
1,232
$401,053
DLH Holdings Corp.(b)(c)
 
3,273
16,365
Paychex, Inc.
 
1,785
281,869
 
 
699,287
Semiconductors & Semiconductor Equipment-22.72%
Broadcom, Inc.
 
4,510
1,091,736
KLA Corp.
 
480
363,302
Microchip Technology, Inc.
 
3,647
211,672
NVIDIA Corp.
 
11,844
1,600,480
Rambus, Inc.(c)
 
1,903
101,753
 
 
3,368,943
Software-24.44%
Adobe, Inc.(c)
 
1,046
434,184
Cadence Design Systems, Inc.(c)
 
1,189
341,326
Fair Isaac Corp.(c)
 
134
231,322
Fortinet, Inc.(c)
 
2,990
304,322
Intuit, Inc.
 
715
538,731
Manhattan Associates, Inc.(c)
 
771
145,550
Progress Software Corp.(b)
 
1,314
80,890
PTC, Inc.(c)
 
1,076
181,112
Qualys, Inc.(c)
 
737
102,111
Roper Technologies, Inc.
 
492
280,573
Salesforce, Inc.
 
1,827
484,831
ServiceNow, Inc.(c)
 
495
500,490
 
 
3,625,442
Trading Companies & Distributors-1.81%
Fastenal Co.
 
6,493
268,421
Total Common Stocks & Other Equity Interests
(Cost $14,151,590)
14,815,387
 
Money Market Funds-0.01%
 
 
 
Invesco Government & Agency Portfolio,
Institutional Class, 4.24%(d)(e)
(Cost $1,837)
 
1,837
1,837
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from
securities on loan)-99.90%
(Cost $14,153,427)
14,817,224
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-2.37%
Invesco Private Government Fund, 4.29%(d)(e)(f)
 
97,314
97,314
Invesco Private Prime Fund, 4.45%(d)(e)(f)
 
253,428
253,478
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $350,792)
350,792
TOTAL INVESTMENTS IN SECURITIES-102.27%
(Cost $14,504,219)
15,168,016
OTHER ASSETS LESS LIABILITIES-(2.27)%
(337,072
)
NET ASSETS-100.00%
$14,830,944
See accompanying notes which are an integral part of this schedule.

Invesco Nasdaq Free Cash Flow Achievers ETF (QOWZ)—(continued)
May 31, 2025
(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)
All or a portion of this security was out on loan at May 31, 2025.
(c)
Non-income producing security.
(d)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the nine months ended May 31, 2025.
 
Value
August 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
May 31, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$6,725
$136,226
$(141,114
)
$-
$-
$1,837
$156
Investments Purchased with
Cash Collateral from Securities
on Loan:
Invesco Private Government
Fund
19,183
3,270,329
(3,192,198
)
-
-
97,314
2,809
*
Invesco Private Prime Fund
50,888
6,460,449
(6,257,805
)
(3
)
(51
)
253,478
7,331
*
Total
$76,796
$9,867,004
$(9,591,117
)
$(3
)
$(51
)
$352,629
$10,296
*
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 May 31, 2025.
(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 PHLX Semiconductor ETF (SOXQ)
May 31, 2025
(Unaudited)
 
Shares
Value
Common Stocks & Other Equity Interests-99.89%
Electronic Equipment, Instruments & Components-1.19%
Coherent Corp.(b)
 
69,980
$5,292,587
Semiconductors & Semiconductor Equipment-98.70%
Advanced Micro Devices, Inc.(b)
 
178,639
19,780,696
Amkor Technology, Inc.
 
111,420
2,007,789
Analog Devices, Inc.
 
77,549
16,593,935
Applied Materials, Inc.
 
112,849
17,689,081
ARM Holdings PLC, ADR(b)(c)
 
59,123
7,363,178
ASML Holding N.V., New York Shares
(Netherlands)
 
25,144
18,525,345
Broadcom, Inc.
 
223,629
54,133,872
Cirrus Logic, Inc.(b)(c)
 
23,982
2,358,870
Entegris, Inc.(c)
 
68,244
4,691,093
GLOBALFOUNDRIES, Inc.(b)
 
249,557
8,934,141
Intel Corp.
 
751,775
14,697,201
KLA Corp.
 
25,152
19,037,046
Lam Research Corp.
 
232,466
18,780,928
Lattice Semiconductor Corp.(b)(c)
 
62,242
2,797,156
MACOM Technology Solutions Holdings,
Inc.(b)
 
33,575
4,083,056
Marvell Technology, Inc.
 
194,290
11,694,315
Microchip Technology, Inc.
 
242,861
14,095,652
Micron Technology, Inc.
 
190,526
17,997,086
Monolithic Power Systems, Inc.(c)
 
22,026
14,579,009
NVIDIA Corp.
 
428,414
57,891,584
NXP Semiconductors N.V. (Netherlands)
 
82,757
15,817,345
ON Semiconductor Corp.(b)
 
190,294
7,996,154
Onto Innovation, Inc.(b)(c)
 
22,255
2,046,125
Qorvo, Inc.(b)(c)
 
42,174
3,206,068
QUALCOMM, Inc.
 
113,494
16,479,329
Skyworks Solutions, Inc.
 
72,571
5,009,576
Taiwan Semiconductor Manufacturing Co.
Ltd., ADR (Taiwan)
 
197,629
38,205,638
 
Shares
Value
Semiconductors & Semiconductor Equipment-(continued)
Teradyne, Inc.
 
73,027
$5,739,922
Texas Instruments, Inc.
 
91,044
16,647,395
 
 
438,878,585
Total Common Stocks & Other Equity Interests
(Cost $456,568,142)
444,171,172
 
Money Market Funds-0.06%
 
 
 
Invesco Government & Agency Portfolio,
Institutional Class, 4.24%(d)(e)
(Cost $267,329)
 
267,329
267,329
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.95%
(Cost $456,835,471)
444,438,501
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-7.44%
Invesco Private Government Fund,
4.29%(d)(e)(f)
 
9,179,431
9,179,431
Invesco Private Prime Fund, 4.45%(d)(e)(f)
 
23,890,452
23,895,230
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $33,074,661)
33,074,661
TOTAL INVESTMENTS IN SECURITIES-107.39%
(Cost $489,910,132)
477,513,162
OTHER ASSETS LESS LIABILITIES-(7.39)%
(32,869,966
)
NET ASSETS-100.00%
$444,643,196
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 May 31, 2025.
(d)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the nine months ended May 31, 2025.
 
Value
August 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
May 31, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$205,395
$3,452,504
$(3,390,570
)
$-
$-
$267,329
$6,103
See accompanying notes which are an integral part of this schedule.

Invesco PHLX Semiconductor ETF (SOXQ)—(continued)
May 31, 2025
(Unaudited)
 
Value
August 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
May 31, 2025
Dividend Income
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
$7,025,751
$102,357,705
$(100,204,025
)
$-
$-
$9,179,431
$210,768
*
Invesco Private Prime Fund
10,957,299
195,058,956
(182,118,732
)
(186
)
(2,107
)
23,895,230
556,103
*
Total
$18,188,445
$300,869,165
$(285,713,327
)
$(186
)
$(2,107
)
$33,341,990
$772,974
*
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 May 31, 2025.
(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 Solar ETF (TAN)
May 31, 2025
(Unaudited)
 
Shares
Value
Common Stocks & Other Equity Interests-100.00%
Construction & Engineering-1.37%
West Holdings Corp. (Japan)(b)
 
747,048
$8,159,662
Electrical Equipment-23.12%
Array Technologies, Inc.(b)(c)
 
2,775,729
18,319,811
Nextracker, Inc., Class A(c)
 
1,297,507
73,555,672
Shoals Technologies Group, Inc.,
Class A(b)(c)
 
3,818,707
18,024,297
Sunrun, Inc.(b)(c)
 
3,695,803
27,681,565
 
 
137,581,345
Financial Services-3.88%
HA Sustainable Infrastructure Capital,
Inc.(b)
 
921,949
23,094,822
Independent Power and Renewable Electricity Producers-25.93%
Clearway Energy, Inc., Class C
 
726,501
22,354,436
Doral Group Renewable Energy Resources
Ltd. (Israel)(b)(c)
 
2,759,319
11,298,610
Energix-Renewable Energies Ltd.
(Israel)(b)
 
3,693,437
11,712,958
Enlight Renewable Energy Ltd. (Israel)(c)
 
1,160,965
22,689,340
Grenergy Renovables S.A. (Spain)(c)
 
255,691
20,281,546
OY Nofar Energy Ltd. (Israel)(b)(c)
 
565,635
14,601,034
ReNew Energy Global PLC, Class A
(India)(b)(c)
 
1,230,300
8,378,343
RENOVA, Inc. (Japan)(c)
 
997,232
4,662,931
Scatec ASA (South Africa)(c)(d)
 
1,536,253
13,157,872
Solaria Energia y Medio Ambiente S.A.
(Spain)(b)(c)
 
1,925,958
16,628,547
Xinyi Energy Holdings Ltd. (China)(b)
 
68,916,183
8,502,154
 
 
154,267,771
Semiconductors & Semiconductor Equipment-45.70%
Canadian Solar, Inc. (Canada)(b)(c)
 
1,285,161
13,532,745
Daqo New Energy Corp., ADR (China)(b)(c)
 
954,104
12,746,829
Enphase Energy, Inc.(c)
 
1,037,709
42,950,776
First Solar, Inc.(b)(c)
 
455,219
71,961,020
 
Shares
Value
Semiconductors & Semiconductor Equipment-(continued)
Flat Glass Group Co. Ltd., H Shares
(China)(b)
 
10,337,864
$10,928,626
GCL Technology Holdings Ltd. (China)(b)(c)
 
289,732,864
30,156,633
JinkoSolar Holding Co. Ltd., ADR
(China)(b)
 
828,592
14,980,943
Motech Industries, Inc. (Taiwan)
 
11,828,000
7,732,690
SMA Solar Technology AG (Germany)(b)
 
379,302
8,404,095
SolarEdge Technologies, Inc.(b)(c)
 
1,073,942
19,180,604
TSEC Corp. (Taiwan)
 
15,206,000
7,771,015
United Renewable Energy Co. Ltd.
(Taiwan)(c)
 
38,040,458
9,323,085
Xinyi Solar Holdings Ltd. (China)(b)
 
74,109,129
22,246,849
 
 
271,915,910
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-100.00%
(Cost $1,100,161,988)
595,019,510
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-27.28%
Invesco Private Government Fund,
4.29%(e)(f)(g)
 
45,051,995
45,051,995
Invesco Private Prime Fund, 4.45%(e)(f)(g)
 
117,253,957
117,277,408
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $162,331,653)
162,329,403
TOTAL INVESTMENTS IN SECURITIES-127.28%
(Cost $1,262,493,641)
757,348,913
OTHER ASSETS LESS LIABILITIES-(27.28)%
(162,339,213
)
NET ASSETS-100.00%
$595,009,700
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 May 31, 2025.
(c)
Non-income producing security.
(d)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at May 31, 2025
represented 2.21% of the Fund’s Net Assets.
(e)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the nine months ended May 31, 2025.
 
Value
August 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
May 31, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$120,097
$45,596,089
$(45,716,186
)
$-
$-
$-
$27,621
See accompanying notes which are an integral part of this schedule.

Invesco Solar ETF (TAN)—(continued)
May 31, 2025
(Unaudited)
 
Value
August 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
May 31, 2025
Dividend Income
Investments Purchased
with Cash Collateral
from Securities on Loan:
Invesco Private
Government Fund
$84,758,203
$248,034,715
$(287,740,923
)
$-
$-
$45,051,995
$2,482,953
*
Invesco Private Prime
Fund
222,718,484
504,141,051
(609,545,713
)
(21,333
)
(15,081
)
117,277,408
6,655,174
*
Total
$307,596,784
$797,771,855
$(943,002,822
)
$(21,333
)
$(15,081
)
$162,329,403
$9,165,748
*
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 May 31, 2025.
(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
16.73%
Israel
10.14%
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
May 31, 2025
(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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.
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 May 31, 2025. 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 Nasdaq Biotechnology ETF
Investments in Securities
Common Stocks & Other Equity Interests
$35,615,000
$-
$359
$35,615,359
Money Market Funds
-
9,715,525
-
9,715,525
Total Investments
$35,615,000
$9,715,525
$359
$45,330,884
Invesco Nasdaq Free Cash Flow Achievers ETF
Investments in Securities
Common Stocks & Other Equity Interests
$14,815,387
$-
$-
$14,815,387
Money Market Funds
1,837
350,792
-
352,629
Total Investments
$14,817,224
$350,792
$-
$15,168,016
Invesco PHLX Semiconductor ETF
Investments in Securities
Common Stocks & Other Equity Interests
$444,171,172
$-
$-
$444,171,172
Money Market Funds
267,329
33,074,661
-
33,341,990
Total Investments
$444,438,501
$33,074,661
$-
$477,513,162
Invesco Solar ETF
Investments in Securities
Common Stocks & Other Equity Interests
$366,761,863
$228,257,647
$-
$595,019,510
Money Market Funds
-
162,329,403
-
162,329,403
Total Investments
$366,761,863
$390,587,050
$-
$757,348,913