Schedule of Investments(a)
Invesco KBW Bank ETF (KBWB)
May 31, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.69%
Asset Management & Custody Banks-11.71%
Bank of New York Mellon Corp. (The)(b)
 
1,798,791
$159,390,870
Northern Trust Corp.(b)
 
1,200,558
128,147,561
State Street Corp.
 
1,612,424
155,244,183
 
 
442,782,614
Consumer Finance-3.99%
Capital One Financial Corp.
 
797,766
150,897,439
Diversified Banks-44.17%
Bank of America Corp.
 
6,942,118
306,355,667
Citigroup, Inc.
 
2,001,248
150,733,999
Comerica, Inc.
 
806,266
46,029,726
Fifth Third Bancorp
 
3,680,181
140,546,112
JPMorgan Chase & Co.
 
1,209,223
319,234,872
KeyCorp
 
6,778,360
107,504,790
PNC Financial Services Group, Inc. (The)
 
833,819
144,926,081
U.S. Bancorp
 
3,411,247
148,696,257
Wells Fargo & Co.
 
4,086,032
305,553,473
 
 
1,669,580,977
Investment Banking & Brokerage-16.31%
Goldman Sachs Group, Inc. (The)
 
514,244
308,777,810
Morgan Stanley
 
2,404,134
307,801,276
 
 
616,579,086
Regional Banks-23.51%
Citizens Financial Group, Inc.
 
2,681,340
108,192,069
East West Bancorp, Inc.
 
849,170
77,444,304
First Horizon Corp.
 
3,201,011
63,636,099
Huntington Bancshares, Inc.
 
8,917,144
139,374,961
M&T Bank Corp.
 
834,553
152,422,760
Regions Financial Corp.
 
5,555,323
119,106,125
Truist Financial Corp.
 
3,451,409
136,330,655
 
Shares
Value
Regional Banks-(continued)
Western Alliance Bancorporation(b)
 
678,018
$49,095,283
Zions Bancorporation N.A.(b)
 
908,105
43,007,853
 
 
888,610,109
Total Common Stocks & Other Equity Interests
(Cost $3,844,056,949)
3,768,450,225
Money Market Funds-0.11%
Invesco Government & Agency Portfolio,
Institutional Class, 4.24%(c)(d)
(Cost $4,018,661)
 
4,018,661
4,018,661
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.80%
(Cost $3,848,075,610)
3,772,468,886
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-1.19%
Invesco Private Government Fund,
4.29%(c)(d)(e)
 
12,445,408
12,445,408
Invesco Private Prime Fund, 4.45%(c)(d)(e)
 
32,382,127
32,388,603
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $44,834,011)
44,834,011
TOTAL INVESTMENTS IN SECURITIES-100.99%
(Cost $3,892,909,621)
3,817,302,897
OTHER ASSETS LESS LIABILITIES-(0.99)%
(37,364,748
)
NET ASSETS-100.00%
$3,779,938,149
 
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)
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
$-
$79,342,382
$(75,323,721
)
$-
$-
$4,018,661
$73,761
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
4,559,871
160,678,813
(152,793,276
)
-
-
12,445,408
182,863
*
Invesco Private Prime Fund
11,971,364
408,862,597
(388,443,706
)
(999
)
(653
)
32,388,603
501,337
*
Total
$16,531,235
$648,883,792
$(616,560,703
)
$(999
)
$(653
)
$48,852,672
$757,961
 
*
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.
 
See accompanying notes which are an integral part of this schedule.
Invesco KBW Bank ETF (KBWB)—(continued)
May 31, 2025
(Unaudited)
(d)
The rate shown is the 7-day SEC standardized yield as of May 31, 2025.
(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. 
Open Futures Contracts(a)
Long Futures Contracts
Number of
Contracts
Expiration
Month
Notional
Value
Value
Unrealized
Appreciation
Equity Risk
 
CME E-Mini Financial Select Sector
59
June-2025
$9,257,100
$605,238
$605,238
 
(a)
Futures contracts collateralized by $1,154,695 cash held with Morgan Stanley & Co. LLC, the futures commission merchant.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco KBW High Dividend Yield Financial ETF (KBWD)
May 31, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-63.52%
Asset Management & Custody Banks-7.25%
AllianceBernstein Holding L.P.
 
319,804
$12,776,170
Artisan Partners Asset Management, Inc.,
Class A
 
203,563
8,203,589
Franklin Resources, Inc.
 
337,099
7,294,822
 
 
28,274,581
Consumer Finance-2.07%
OneMain Holdings, Inc.
 
155,559
8,064,179
Life & Health Insurance-2.26%
Lincoln National Corp.
 
127,803
4,235,392
Prudential Financial, Inc.
 
44,019
4,573,134
 
 
8,808,526
Mortgage REITs-40.55%
AGNC Investment Corp.
 
1,429,516
12,779,873
Annaly Capital Management, Inc.
 
582,243
11,033,505
Arbor Realty Trust, Inc.(b)
 
1,219,815
11,685,828
ARMOUR Residential REIT, Inc.(b)
 
857,035
13,892,537
Dynex Capital, Inc.(b)
 
1,112,851
13,398,726
Ellington Financial, Inc.
 
818,121
10,283,781
Invesco Mortgage Capital, Inc.(b)(c)
 
2,236,342
16,504,204
MFA Financial, Inc.
 
1,335,491
12,420,066
New York Mortgage Trust, Inc.(b)
 
1,758,131
11,480,596
Orchid Island Capital, Inc.(b)
 
2,127,288
14,529,377
PennyMac Mortgage Investment Trust(b)
 
805,083
9,886,419
Ready Capital Corp.(b)
 
2,248,688
10,051,635
Two Harbors Investment Corp.(b)
 
966,752
10,237,904
 
 
158,184,451
Regional Banks-9.33%
Capitol Federal Financial, Inc.
 
1,047,679
5,982,247
First Interstate BancSystem, Inc., Class A
 
215,416
5,848,544
Flushing Financial Corp.
 
462,795
5,567,424
Kearny Financial Corp.
 
972,510
5,864,235
Northwest Bancshares, Inc.
 
542,456
6,661,360
Washington Trust Bancorp, Inc.
 
234,471
6,485,468
 
 
36,409,278
Transaction & Payment Processing Services-2.06%
Western Union Co. (The)
 
865,501
8,031,849
Total Common Stocks & Other Equity Interests
(Cost $277,320,009)
247,772,864
 
Closed-End Funds-36.14%
Barings BDC, Inc.
 
1,034,412
9,630,376
 
Shares
Value
 
BlackRock TCP Capital Corp., BDC(b)
 
1,516,037
$11,885,730
Carlyle Secured Lending, Inc., BDC(b)
 
615,591
8,649,054
CION Investment Corp., BDC
 
988,929
9,562,943
Fidus Investment Corp., BDC
 
430,044
8,811,602
FS KKR Capital Corp., BDC(b)
 
548,474
11,633,133
Goldman Sachs BDC, Inc., BDC
 
812,930
9,210,497
Main Street Capital Corp.(b)
 
87,641
4,985,020
MidCap Financial Investment Corp., BDC(b)
 
864,454
11,345,959
New Mountain Finance Corp., BDC(b)
 
1,018,482
10,969,051
Oaktree Specialty Lending Corp.(b)
 
664,948
9,728,189
PennantPark Floating Rate Capital Ltd., BDC
 
1,032,944
10,639,323
PennantPark Investment Corp., BDC(b)
 
1,836,639
12,232,016
Trinity Capital, Inc., BDC(b)
 
803,349
11,696,761
 
 
140,979,654
Total Closed-End Funds
(Cost $144,703,922)
140,979,654
Money Market Funds-0.08%
Invesco Government & Agency Portfolio,
Institutional Class, 4.24%(c)(d)
(Cost $325,002)
 
325,002
325,002
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.74%
(Cost $422,348,933)
389,077,520
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-14.90%
Invesco Private Government Fund,
4.29%(c)(d)(e)
 
16,143,110
16,143,110
Invesco Private Prime Fund, 4.45%(c)(d)(e)
 
41,977,241
41,985,636
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $58,129,751)
58,128,746
TOTAL INVESTMENTS IN SECURITIES-114.64%
(Cost $480,478,684)
447,206,266
OTHER ASSETS LESS LIABILITIES-(14.64)%
(57,104,768
)
NET ASSETS-100.00%
$390,101,498
See accompanying notes which are an integral part of this schedule.
Invesco KBW High Dividend Yield Financial ETF (KBWD)—(continued)
May 31, 2025
(Unaudited)
Investment Abbreviations:
BDC
-Business Development Company
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)
All or a portion of this security was out on loan at May 31, 2025.
(c)
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
Invesco Mortgage Capital,
Inc.
$-
$20,220,455
$(1,517,670
)
$(2,186,476
)
$(12,105
)
$16,504,204
$1,655,099
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
127,294
23,230,042
(23,032,334
)
-
-
325,002
21,899
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
22,629,495
199,080,345
(205,566,730
)
-
-
16,143,110
975,089
*
Invesco Private Prime
Fund
73,980,800
405,531,049
(437,510,732
)
(8,074
)
(7,407
)
41,985,636
2,613,125
*
Total
$96,737,589
$648,061,891
$(667,627,466
)
$(2,194,550
)
$(19,512
)
$74,957,952
$5,265,212
 
*
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 May 31, 2025.
(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 KBW Premium Yield Equity REIT ETF (KBWY)
May 31, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.94%
Diversified REITs-20.77%
Armada Hoffler Properties, Inc.(b)
 
1,044,778
$7,271,655
Broadstone Net Lease, Inc.
 
446,145
7,098,167
CTO Realty Growth, Inc.(b)
 
457,861
8,433,800
Gladstone Commercial Corp.
 
497,473
7,138,737
Global Net Lease, Inc.(b)
 
1,858,942
14,425,390
 
 
44,367,749
Health Care REITs-18.40%
Community Healthcare Trust, Inc.
 
575,921
9,410,549
Global Medical REIT, Inc.(b)
 
1,089,897
6,931,745
Healthcare Realty Trust, Inc.(b)
 
461,449
6,691,011
Omega Healthcare Investors, Inc.
 
215,638
7,978,606
Sabra Health Care REIT, Inc.(b)
 
474,965
8,302,388
 
 
39,314,299
Hotel & Resort REITs-8.71%
Apple Hospitality REIT, Inc.
 
477,942
5,539,348
Park Hotels & Resorts, Inc.(b)
 
724,134
7,502,028
RLJ Lodging Trust(b)
 
764,095
5,577,893
 
 
18,619,269
Industrial REITs-7.05%
Innovative Industrial Properties, Inc.(b)
 
158,777
8,767,666
LXP Industrial Trust(b)
 
734,514
6,302,130
 
 
15,069,796
Multi-Family Residential REITs-1.96%
NexPoint Residential Trust, Inc.
 
123,036
4,183,224
Office REITs-19.30%
Brandywine Realty Trust(b)
 
2,544,610
10,763,700
Easterly Government Properties, Inc.(b)
 
340,406
7,397,022
Highwoods Properties, Inc.
 
257,377
7,644,097
Kilroy Realty Corp.(b)
 
185,062
5,958,997
Peakstone Realty Trust(b)
 
764,244
9,468,983
 
 
41,232,799
 
Shares
Value
Other Specialized REITs-11.81%
EPR Properties
 
137,257
$7,643,842
Four Corners Property Trust, Inc.(b)
 
187,593
5,179,443
Gaming and Leisure Properties, Inc.
 
131,994
6,164,120
Outfront Media, Inc.
 
378,764
6,257,181
 
 
25,244,586
Retail REITs-9.25%
Getty Realty Corp.(b)
 
208,214
6,092,342
SITE Centers Corp.(b)
 
1,146,144
13,662,036
 
 
19,754,378
Self-Storage REITs-2.69%
National Storage Affiliates Trust
 
166,924
5,742,186
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.94%
(Cost $232,650,900)
213,528,286
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-20.89%
Invesco Private Government Fund,
4.29%(c)(d)(e)
 
12,378,500
12,378,500
Invesco Private Prime Fund, 4.45%(c)(d)(e)
 
32,240,981
32,247,429
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $44,626,021)
44,625,929
TOTAL INVESTMENTS IN SECURITIES-120.83%
(Cost $277,276,921)
258,154,215
OTHER ASSETS LESS LIABILITIES-(20.83)%
(44,497,284
)
NET ASSETS-100.00%
$213,656,931
 
Investment Abbreviations:
REIT
-Real Estate Investment Trust
 
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
All or a portion of this security was out on loan at May 31, 2025.
(c)
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
$2,689
$14,991,156
$(14,993,845
)
$-
$-
$-
$12,528
See accompanying notes which are an integral part of this schedule.
Invesco KBW Premium Yield Equity REIT ETF (KBWY)—(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
$16,064,934
$138,544,463
$(142,230,897
)
$-
$-
$12,378,500
$390,322
*
Invesco Private Prime Fund
41,022,853
270,149,733
(278,920,292
)
(446
)
(4,419
)
32,247,429
1,055,133
*
Total
$57,090,476
$423,685,352
$(436,145,034
)
$(446
)
$(4,419
)
$44,625,929
$1,457,983
 
*
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 May 31, 2025.
(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 KBW Property & Casualty Insurance ETF (KBWP)
May 31, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.95%
Multi-line Insurance-9.36%
American International Group, Inc.
 
467,713
$39,587,228
Horace Mann Educators Corp.(b)
 
180,197
7,825,956
 
 
47,413,184
Property & Casualty Insurance-80.40%
Allstate Corp. (The)
 
194,776
40,877,639
American Financial Group, Inc.
 
153,583
19,041,220
Arch Capital Group Ltd.
 
208,767
19,841,216
Assurant, Inc.
 
93,299
18,937,831
AXIS Capital Holdings Ltd.(b)
 
200,220
20,782,836
Chubb Ltd.
 
135,867
40,379,672
Cincinnati Financial Corp.
 
131,226
19,791,505
Hanover Insurance Group, Inc. (The)(b)
 
113,754
20,018,429
Hartford Insurance Group, Inc. (The)
 
163,984
21,291,683
James River Group Holdings Ltd.
 
201,232
1,171,170
Kemper Corp.(b)
 
281,712
17,953,506
Mercury General Corp.(b)
 
244,181
15,744,791
ProAssurance Corp.(b)(c)
 
225,530
5,230,041
Progressive Corp. (The)
 
137,538
39,188,702
RLI Corp.
 
254,904
19,594,470
Selective Insurance Group, Inc.
 
225,414
19,840,940
Travelers Cos., Inc. (The)
 
150,051
41,369,061
Universal Insurance Holdings, Inc.
 
123,884
3,362,212
W.R. Berkley Corp.
 
307,471
22,965,009
 
 
407,381,933
Reinsurance-10.19%
Everest Group Ltd.
 
61,103
21,214,351
RenaissanceRe Holdings Ltd. (Bermuda)
 
81,624
20,358,658
SiriusPoint Ltd. (Sweden)(b)(c)
 
513,339
10,056,311
 
 
51,629,320
Total Common Stocks & Other Equity Interests
(Cost $464,116,375)
506,424,437
 
Shares
Value
Money Market Funds-0.01%
Invesco Government & Agency Portfolio,
Institutional Class, 4.24%(d)(e)
(Cost $65,802)
 
65,802
$65,802
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.96%
(Cost $464,182,177)
506,490,239
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-0.40%
Invesco Private Government Fund,
4.29%(d)(e)(f)
 
554,776
554,776
Invesco Private Prime Fund, 4.45%(d)(e)(f)
 
1,443,886
1,444,175
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $1,998,951)
1,998,951
TOTAL INVESTMENTS IN SECURITIES-100.36%
(Cost $466,181,128)
508,489,190
OTHER ASSETS LESS LIABILITIES-(0.36)%
(1,809,305
)
NET ASSETS-100.00%
$506,679,885
 
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
$175,420
$6,338,783
$(6,448,401
)
$-
$-
$65,802
$4,680
See accompanying notes which are an integral part of this schedule.
Invesco KBW Property & Casualty Insurance ETF (KBWP)—(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
$156,972
$23,273,942
$(22,876,138
)
$-
$-
$554,776
$28,671
*
Invesco Private Prime Fund
409,185
59,063,650
(58,028,256
)
(24
)
(380
)
1,444,175
77,331
*
Total
$741,577
$88,676,375
$(87,352,795
)
$(24
)
$(380
)
$2,064,753
$110,682
 
*
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 KBW Regional Banking ETF (KBWR)
May 31, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.89%
Regional Banks-99.89%
Ameris Bancorp
 
15,869
$975,467
Associated Banc-Corp
 
41,140
953,214
Atlantic Union Bankshares Corp., Class B
 
42,992
1,290,620
Banc of California, Inc.
 
47,898
657,161
Bank of Hawaii Corp.
 
12,025
799,783
Bank OZK(b)
 
21,293
943,919
BankUnited, Inc.(b)
 
22,613
768,390
BOK Financial Corp.
 
9,405
888,020
Brookline Bancorp, Inc.
 
26,954
278,435
Cadence Bank(b)
 
30,907
936,482
Cathay General Bancorp
 
21,263
911,226
Columbia Banking System, Inc.
 
38,342
896,436
Commerce Bancshares, Inc.
 
28,872
1,819,225
Community Financial System, Inc.(b)
 
15,945
896,747
Cullen/Frost Bankers, Inc.
 
13,853
1,759,054
CVB Financial Corp.(b)
 
48,075
901,406
Eastern Bankshares, Inc.
 
57,288
859,320
F.N.B. Corp.
 
68,882
955,393
First Bancorp
 
49,439
987,791
First Commonwealth Financial Corp.(b)
 
30,791
480,955
First Financial Bancorp
 
28,866
697,403
First Financial Bankshares, Inc.(b)
 
27,134
956,745
First Hawaiian, Inc.(b)
 
38,086
909,494
First Interstate BancSystem, Inc., Class A(b)
 
31,622
858,537
Flagstar Financial, Inc.
 
85,177
981,239
Fulton Financial Corp.(b)
 
51,710
891,997
Glacier Bancorp, Inc.
 
20,984
870,206
Hancock Whitney Corp.
 
17,895
978,320
Home BancShares, Inc.
 
34,135
965,679
Hope Bancorp, Inc.(b)
 
36,533
366,791
Independent Bank Corp.(b)
 
12,888
792,612
Old National Bancorp
 
49,998
1,042,958
Pacific Premier Bancorp, Inc.
 
29,174
618,489
Pinnacle Financial Partners, Inc.
 
16,684
1,773,176
Popular, Inc.
 
10,177
1,053,625
Prosperity Bancshares, Inc.
 
13,352
929,967
 
Shares
Value
Regional Banks-(continued)
Provident Financial Services, Inc.(b)
 
39,476
$659,249
Simmons First National Corp., Class A
 
38,058
713,968
SouthState Corp.
 
20,296
1,781,989
Synovus Financial Corp.
 
19,699
942,203
Texas Capital Bancshares, Inc.(b)(c)
 
12,914
925,805
Trustmark Corp.
 
18,383
633,478
UMB Financial Corp.
 
9,262
955,097
United Bankshares, Inc.
 
28,287
1,022,292
United Community Banks, Inc.
 
31,799
913,903
Valley National Bancorp(b)
 
104,156
914,490
WaFd, Inc.(b)
 
24,671
701,150
Webster Financial Corp.
 
36,324
1,869,959
Wintrust Financial Corp.
 
8,212
980,595
WSFS Financial Corp.
 
17,715
936,946
 
 
47,597,406
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from
securities on loan)-99.89%
(Cost $52,206,488)
47,597,406
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-13.50%
Invesco Private Government Fund,
4.29%(d)(e)(f)
 
1,785,916
1,785,916
Invesco Private Prime Fund, 4.45%(d)(e)(f)
 
4,648,750
4,649,680
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $6,435,596)
6,435,596
TOTAL INVESTMENTS IN SECURITIES-113.39%
(Cost $58,642,084)
54,033,002
OTHER ASSETS LESS LIABILITIES-(13.39)%
(6,381,097
)
NET ASSETS-100.00%
$47,651,905
 
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
$22,846
$1,192,938
$(1,215,784
)
$-
$-
$-
$2,022
See accompanying notes which are an integral part of this schedule.
Invesco KBW Regional Banking ETF (KBWR)—(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
$1,027,084
$40,401,487
$(39,642,655
)
$-
$-
$1,785,916
$103,218
*
Invesco Private Prime Fund
2,920,566
84,598,661
(82,868,384
)
(101
)
(1,062
)
4,649,680
274,932
*
Total
$3,970,496
$126,193,086
$(123,726,823
)
$(101
)
$(1,062
)
$6,435,596
$380,172
 
*
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.
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 KBW Bank ETF
Investments in Securities
Common Stocks & Other Equity Interests
$3,768,450,225
$-
$-
$3,768,450,225
Money Market Funds
4,018,661
44,834,011
-
48,852,672
Total Investments in Securities
3,772,468,886
44,834,011
-
3,817,302,897
Other Investments - Assets(a)
Futures Contracts
605,238
-
-
605,238
Total Investments
$3,773,074,124
$44,834,011
$-
$3,817,908,135
Invesco KBW High Dividend Yield Financial ETF
Investments in Securities
Common Stocks & Other Equity Interests
$247,772,864
$-
$-
$247,772,864
Closed-End Funds
140,979,654
-
-
140,979,654
Money Market Funds
325,002
58,128,746
-
58,453,748
Total Investments
$389,077,520
$58,128,746
$-
$447,206,266
Invesco KBW Premium Yield Equity REIT ETF
Investments in Securities
Common Stocks & Other Equity Interests
$213,528,286
$-
$-
$213,528,286
Money Market Funds
-
44,625,929
-
44,625,929
Total Investments
$213,528,286
$44,625,929
$-
$258,154,215
Invesco KBW Property & Casualty Insurance ETF
Investments in Securities
Common Stocks & Other Equity Interests
$506,424,437
$-
$-
$506,424,437
Money Market Funds
65,802
1,998,951
-
2,064,753
Total Investments
$506,490,239
$1,998,951
$-
$508,489,190
 
Level 1
Level 2
Level 3
Total
Invesco KBW Regional Banking ETF
Investments in Securities
Common Stocks & Other Equity Interests
$47,597,406
$-
$-
$47,597,406
Money Market Funds
-
6,435,596
-
6,435,596
Total Investments
$47,597,406
$6,435,596
$-
$54,033,002
 
(a)
Unrealized appreciation (depreciation).