Consolidated Schedule of Investments(a)
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)
July 31, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-84.18%
Australia-1.16%
IREN Ltd.(b)
 
3,652
$58,834
Canada-4.48%
Bitfarms Ltd.(b)
 
58,131
73,245
Hive Digital Technologies Ltd.(b)
 
26,811
57,376
Hut 8 Corp.(b)
 
2,819
59,847
Sol Strategies, Inc.(b)(c)
 
40,357
35,904
 
 
226,372
China-11.18%
Alibaba Group Holding Ltd., ADR
 
583
70,327
Boyaa Interactive International Ltd.
 
69,455
66,458
Canaan, Inc., ADR(b)
 
86,641
59,817
Cango, Inc., ADR(b)
 
11,540
55,507
Meitu, Inc.(b)(d)
 
49,369
75,497
Mercurity Fintech Holding, Inc.(b)(c)
 
13,764
56,708
OSL Group Ltd.(b)
 
26,623
55,773
Tencent Holdings Ltd.
 
983
68,822
The9 Ltd., ADR(b)(c)
 
6,479
55,590
 
 
564,499
Germany-2.25%
Northern Data AG(b)(c)
 
2,289
55,473
SAP SE
 
203
58,220
 
 
113,693
Ireland-1.15%
Accenture PLC, Class A
 
217
57,961
Israel-1.24%
Etoro Group Ltd.(b)
 
1,048
62,838
Japan-0.89%
Metaplanet, Inc.(b)
 
6,035
44,734
Norway-1.28%
Aker ASA, Class A
 
936
64,724
Sweden-0.91%
K33 AB(b)(c)
 
7,416,042
45,707
Switzerland-1.10%
Nestle S.A.
 
637
55,673
Taiwan-1.30%
Taiwan Semiconductor Manufacturing Co. Ltd.,
ADR
 
272
65,721
United Kingdom-1.23%
Shell PLC, ADR
 
860
62,101
United States-56.01%
Advanced Micro Devices, Inc.(b)
 
432
76,166
Amazon.com, Inc.(b)
 
281
65,785
Applied Digital Corp.(b)(c)
 
6,667
87,604
Bakkt Holdings, Inc.(b)(c)
 
2,988
29,581
Bank of America Corp.
 
1,324
62,586
Bit Digital, Inc.(b)
 
17,925
52,162
Bitcoin Depot, Inc.(b)(c)
 
10,989
54,505
Bitdeer Technologies Group(b)(c)
 
4,723
60,879
BitFuFu, Inc., Class A(b)(c)
 
17,521
63,601
Block, Inc., Class A(b)
 
904
69,843
Cipher Mining, Inc.(b)
 
9,968
54,425
Cisco Systems, Inc.
 
904
61,544
Citigroup, Inc.
 
715
66,996
CleanSpark, Inc.(b)
 
4,821
54,815
Coinbase Global, Inc., Class A(b)
 
160
60,442
Core Scientific, Inc.(b)(c)
 
4,719
63,895
Digi Power X, Inc.(b)
 
23,651
71,190
 
Shares
Value
United States-(continued)
Exodus Movement, Inc., Class A(b)(c)
 
1,956
$60,323
Galaxy Digital, Inc.(b)
 
3,048
86,609
GameStop Corp., Class A(b)
 
2,692
60,435
Goldman Sachs Group, Inc. (The)
 
88
63,676
Gryphon Digital Mining, Inc.(b)(c)
 
42,313
45,698
Honeywell International, Inc.
 
264
58,700
Intel Corp.
 
2,611
51,698
International Business Machines Corp.
 
217
54,934
Intuit, Inc.
 
83
65,166
JPMorgan Chase & Co.
 
217
64,284
MARA Holdings, Inc.(b)
 
3,273
52,630
Mastercard, Inc., Class A
 
111
62,878
Microsoft Corp.
 
124
66,154
MicroStrategy, Inc., Class A(b)
 
148
59,475
NVIDIA Corp.
 
379
67,413
Oracle Corp.
 
267
67,757
PayPal Holdings, Inc.(b)
 
821
56,452
QUALCOMM, Inc.
 
391
57,383
Riot Platforms, Inc.(b)
 
4,940
66,245
Robinhood Markets, Inc., Class A(b)
 
631
65,025
Salesforce, Inc.
 
237
61,224
Semler Scientific, Inc.(b)(c)
 
1,353
48,505
SoFi Technologies, Inc.(b)
 
2,967
66,995
Terawulf, Inc.(b)
 
12,125
62,565
Tesla, Inc.(b)
 
201
61,962
Texas Instruments, Inc.
 
283
51,240
Verizon Communications, Inc.
 
1,480
63,285
Visa, Inc., Class A
 
175
60,457
Walmart, Inc.
 
656
64,275
 
 
2,829,462
Total Common Stocks & Other Equity Interests
(Cost $3,350,628)
4,252,319
Exchange-Traded Funds-15.70%
United States-15.70%
Grayscale Bitcoin Trust ETF(b)
 
1,107
101,600
Bitwise Bitcoin ETF(b)
 
419
26,602
Fidelity Wise Origin Bitcoin Fund(b)
 
1,283
130,661
ARK 21Shares Bitcoin ETF(b)
 
733
28,426
iShares Bitcoin Trust ETF(b)
 
6,790
450,313
Grayscale Bitcoin Mini Trust ETF(b)
 
553
28,590
VanEck Bitcoin ETF(b)
 
807
26,663
Total Exchange-Traded Funds
(Cost $512,418)
792,855
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from
securities on loan)-99.88%
(Cost $3,863,046)
5,045,174
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-8.30%
Invesco Private Government Fund, 4.32%(e)(f)(g)
 
106,285
106,285
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)—(continued)
July 31, 2025
(Unaudited)
 
Shares
Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 4.46%(e)(f)(g)
 
312,997
$313,060
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $419,345)
419,345
TOTAL INVESTMENTS IN SECURITIES-108.18%
(Cost $4,282,391)
5,464,519
OTHER ASSETS LESS LIABILITIES-(8.18)%
(413,027
)
NET ASSETS-100.00%
$5,051,492
 
Investment Abbreviations:
ADR-American Depositary Receipt
ETF-Exchange-Traded Fund
 
Notes to Consolidated Schedule of Investments:
(a)
The Consolidated Schedule of Investments includes the accounts of the wholly-owned subsidiary. All inter-company accounts and transactions have been
eliminated in consolidations.
(b)
Non-income producing security.
(c)
All or a portion of this security was out on loan at July 31, 2025.
(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 July 31, 2025
represented 1.49% 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 July 31, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
July 31, 2025
Dividend Income
Investments in Affiliated Money
Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$-
$952,444
$(952,444
)
$-
$-
$-
$379
Investments Purchased with
Cash Collateral from Securities
on Loan:
Invesco Private Government
Fund
188,767
1,788,996
(1,871,478
)
-
-
106,285
3,935
*
Invesco Private Prime Fund
493,333
3,263,389
(3,443,652
)
3
(13
)
313,060
10,529
*
Total
$682,100
$6,004,829
$(6,267,574
)
$3
$(13
)
$419,345
$14,843
 
*
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 July 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.
Consolidated Schedule of Investments(a)
Invesco Alerian Galaxy Crypto Economy ETF (SATO)
July 31, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-83.94%
Australia-2.07%
IREN Ltd.(b)
 
14,932
$240,555
Canada-7.98%
Bitfarms Ltd.(b)
 
237,664
299,456
Hive Digital Technologies Ltd.(b)
 
109,612
234,570
Hut 8 Corp.(b)(c)
 
11,522
244,612
Sol Strategies, Inc.(b)(c)
 
165,000
146,794
 
 
925,432
China-14.58%
Boyaa Interactive International Ltd.
 
283,961
271,706
Canaan, Inc., ADR(b)
 
354,228
244,559
Cango, Inc., ADR(b)(c)
 
47,180
226,936
Meitu, Inc.(b)(d)
 
89,709
137,186
Mercurity Fintech Holding, Inc.(b)
 
55,890
230,267
OSL Group Ltd.(b)
 
108,846
228,025
Tencent Holdings Ltd.
 
1,787
125,112
The9 Ltd., ADR(b)(c)
 
26,490
227,284
 
 
1,691,075
Germany-1.96%
Northern Data AG(b)(c)
 
9,360
226,837
Israel-2.21%
Etoro Group Ltd.(b)
 
4,283
256,809
Japan-0.70%
Metaplanet, Inc.(b)
 
10,894
80,752
Norway-1.01%
Aker ASA, Class A
 
1,701
117,624
Sweden-1.61%
K33 AB(b)
 
30,320,068
186,870
Taiwan-1.02%
Taiwan Semiconductor Manufacturing Co. Ltd.,
ADR
 
492
118,877
United States-50.80%
Advanced Micro Devices, Inc.(b)
 
784
138,227
Applied Digital Corp.(b)(c)
 
27,256
358,144
Bakkt Holdings, Inc.(b)(c)
 
12,214
120,919
Bit Digital, Inc.(b)
 
73,285
213,259
Bitcoin Depot, Inc.(b)(c)
 
44,929
222,848
Bitdeer Technologies Group(b)(c)
 
19,309
248,893
BitFuFu, Inc., Class A(b)(c)
 
71,634
260,031
Block, Inc., Class A(b)
 
1,644
127,015
Cipher Mining, Inc.(b)
 
40,753
222,511
CleanSpark, Inc.(b)
 
19,713
224,137
Coinbase Global, Inc., Class A(b)
 
654
247,055
Core Scientific, Inc.(b)
 
19,294
261,241
Digi Power X, Inc.(b)
 
42,974
129,352
Exodus Movement, Inc., Class A(b)(c)
 
7,999
246,689
Galaxy Digital, Inc.(b)
 
12,460
354,051
GameStop Corp., Class A(b)
 
4,893
109,848
Goldman Sachs Group, Inc. (The)
 
159
115,051
 
Shares
Value
United States-(continued)
Gryphon Digital Mining, Inc.(b)(c)
 
172,993
$186,832
JPMorgan Chase & Co.
 
392
116,126
MARA Holdings, Inc.(b)
 
13,384
215,215
Microsoft Corp.
 
225
120,038
MicroStrategy, Inc., Class A(b)
 
603
242,322
NVIDIA Corp.
 
689
122,552
PayPal Holdings, Inc.(b)
 
1,493
102,659
Riot Platforms, Inc.(b)
 
20,199
270,869
Robinhood Markets, Inc., Class A(b)
 
1,145
117,992
Semler Scientific, Inc.(b)(c)
 
5,532
198,322
SoFi Technologies, Inc.(b)
 
5,390
121,706
Terawulf, Inc.(b)
 
49,571
255,786
Tesla, Inc.(b)
 
365
112,519
Visa, Inc., Class A
 
318
109,859
 
 
5,892,068
Total Common Stocks & Other Equity Interests
(Cost $7,321,367)
9,736,899
Exchange-Traded Funds-15.97%
United States-15.97%
Grayscale Bitcoin Trust ETF(b)
 
2,595
238,169
Bitwise Bitcoin ETF(b)
 
981
62,284
Fidelity Wise Origin Bitcoin Fund(b)
 
3,002
305,724
ARK 21Shares Bitcoin ETF(b)
 
1,720
66,701
iShares Bitcoin Trust ETF(b)
 
15,827
1,049,647
Grayscale Bitcoin Mini Trust ETF(b)
 
1,306
67,520
VanEck Bitcoin ETF(b)
 
1,869
61,752
Total Exchange-Traded Funds
(Cost $1,013,883)
1,851,797
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from
securities on loan)-99.91%
(Cost $8,335,250)
11,588,696
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-14.95%
Invesco Private Government Fund,
4.32%(e)(f)(g)
 
312,627
312,627
Invesco Private Prime Fund, 4.46%(e)(f)(g)
 
1,421,404
1,421,688
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $1,734,315)
1,734,315
TOTAL INVESTMENTS IN SECURITIES-114.86%
(Cost $10,069,565)
13,323,011
OTHER ASSETS LESS LIABILITIES-(14.86)%
(1,723,326
)
NET ASSETS-100.00%
$11,599,685
Invesco Alerian Galaxy Crypto Economy ETF (SATO)—(continued)
July 31, 2025
(Unaudited)
Investment Abbreviations:
ADR-American Depositary Receipt
ETF-Exchange-Traded Fund
 
Notes to Consolidated Schedule of Investments:
(a)
The Consolidated Schedule of Investments includes the accounts of the wholly-owned subsidiary. All inter-company accounts and transactions have been
eliminated in consolidations.
(b)
Non-income producing security.
(c)
All or a portion of this security was out on loan at July 31, 2025.
(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 July 31, 2025
represented 1.18% 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 July 31, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
July 31, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$-
$3,016,239
$(3,016,239
)
$-
$-
$-
$1,093
Investments Purchased with
Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
781,885
9,343,251
(9,812,509
)
-
-
312,627
21,181
*
Invesco Private Prime Fund
2,180,165
16,683,938
(17,442,313
)
89
(191
)
1,421,688
55,883
*
Total
$2,962,050
$29,043,428
$(30,271,061
)
$89
$(191
)
$1,734,315
$78,157
 
*
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 July 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.
Notes to Quarterly Consolidated Schedules of Portfolio Holdings
July 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 July 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 consolidated financial statements may materially differ from the value received upon actual sale of those investments. 
 
Level 1
Level 2
Level 3
Total
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF
Investments in Securities
Common Stocks & Other Equity Interests
$3,661,238
$591,081
$-
$4,252,319
Exchange-Traded Funds
792,855
-
-
792,855
Money Market Funds
-
419,345
-
419,345
Total Investments
$4,454,093
$1,010,426
$-
$5,464,519
Invesco Alerian Galaxy Crypto Economy ETF
Investments in Securities
Common Stocks & Other Equity Interests
$8,362,787
$1,374,112
$-
$9,736,899
Exchange-Traded Funds
1,851,797
-
-
1,851,797
Money Market Funds
-
1,734,315
-
1,734,315
Total Investments
$10,214,584
$3,108,427
$-
$13,323,011