Schedule of Investments(a)
Invesco China Technology ETF (CQQQ)
January 31, 2026
(Unaudited)
 
Shares
Value
Common Stocks & Other Equity Interests-99.95%
Broadline Retail-7.54%
PDD Holdings, Inc., ADR (China)(b)
 
2,357,727
$238,248,313
Capital Markets-0.68%
Hithink RoyalFlush Information Network
Co. Ltd., A Shares (China)
 
430,276
21,608,157
Electrical Equipment-0.37%
China XD Electric Co. Ltd., A Shares
(China)
 
4,104,262
8,545,283
Qingdao TGOOD Electric Co. Ltd., A
Shares (China)
 
845,141
3,270,962
 
 
11,816,245
Electronic Equipment, Instruments & Components-11.63%
Avary Holding Shenzhen Co. Ltd., A
Shares (China)
 
1,833,265
15,042,809
Beijing Yuanliu Hongyuan Electronic
Technology Co. Ltd., A Shares (China)
 
180,579
1,413,838
BOE Technology Group Co. Ltd., A Shares
(China)
 
29,585,961
18,610,031
BOE Technology Group Co. Ltd., B Shares
(China)
 
7,924,199
3,233,177
Chaozhou Three-Circle (Group) Co. Ltd., A
Shares (China)
 
1,534,312
10,952,120
China Zhenhua (Group) Science &
Technology Co. Ltd., A Shares (China)
 
443,960
3,480,910
Everdisplay Optronics (Shanghai) Co. Ltd.,
A Shares (China)(b)
 
10,620,785
4,053,258
Guangzhou Shiyuan Electronic Technology
Co. Ltd., A Shares (China)
 
557,515
3,169,788
Hengdian Group DMEGC Magnetics Co.
Ltd., A Shares (China)
 
1,302,430
3,784,872
HGTECH Co., Ltd., A Shares (China)
 
805,236
8,968,282
IRICO Display Devices Co. Ltd. (China)(b)
 
2,845,722
2,754,243
Kingboard Laminates Holdings Ltd.
(China)(c)
 
9,149,501
17,183,997
Lens Technology Co. Ltd. (China)(c)
 
2,506,200
9,403,328
Lens Technology Co. Ltd., A Shares
(China)
 
3,989,318
20,815,212
Leyard Optoelectronic Co. Ltd., A Shares
(China)
 
2,149,913
2,171,942
Lingyi iTech Guangdong Co., A Shares
(China)
 
5,849,412
12,318,649
Maxscend Microelectronics Co. Ltd., A
Shares (China)
 
427,884
4,815,328
Raytron Technology Co. Ltd., A Shares
(China)
 
369,053
5,995,930
Shanghai BOCHU Electronic Technology
Corp. Ltd., A Shares (China)
 
230,990
5,033,306
Shengyi Electronics Co. Ltd., A Shares
(China)
 
534,770
6,777,659
Shengyi Technology Co. Ltd., A Shares
(China)
 
1,945,204
19,224,261
Shennan Circuits Co. Ltd., A Shares
(China)
 
533,974
17,842,922
Shenzhen Everwin Precision Technology
Co. Ltd., A Shares (China)
 
1,085,272
6,030,469
Shenzhen Huaqiang Industry Co. Ltd., A
Shares (China)
 
837,599
3,150,315
Shenzhen Kaifa Technology Co. Ltd., A
Shares (China)
 
1,249,298
5,833,569
Shenzhen Kinwong Electronic Co. Ltd., A
Shares (China)
 
788,500
7,272,204
 
Shares
Value
Electronic Equipment, Instruments & Components-(continued)
Sunny Optical Technology Group Co. Ltd.
(China)(c)
 
7,692,738
$61,665,233
TCL Technology Group Corp., A Shares
(China)
 
16,654,546
11,643,341
Tianma Microelectronics Co. Ltd., A
Shares (China)(b)
 
1,940,024
2,708,307
Tunghsu Optoelectronic Technology Co.
Ltd., A Shares (China)(b)(d)
 
2,101,000
0
Unisplendour Corp. Ltd., A Shares
(China)
 
2,289,886
8,238,344
Universal Scientific Industrial Shanghai Co.
Ltd., A Shares (China)
 
1,335,284
6,496,827
Victory Giant Technology (HuiZhou) Co.
Ltd. (China)
 
690,523
26,054,047
WUS Printed Circuit Kunshan Co. Ltd., A
Shares (China)
 
1,535,960
15,362,554
Xiamen Faratronic Co. Ltd., A Shares
(China)
 
178,309
2,788,035
Zhejiang Crystal-Optech Co. Ltd., A
Shares (China)
 
1,113,232
3,817,056
Zhejiang Dahua Technology Co. Ltd., A
Shares (China)
 
2,641,635
7,201,162
Zhuzhou Hongda Electronics Corp. Ltd., A
Shares (China)
 
327,145
2,348,521
 
 
367,655,846
Entertainment-4.60%
Hangzhou Shunwang Technology Co. Ltd.,
A Shares (China)
 
525,508
1,963,701
Kingsoft Corp. Ltd. (China)(c)
 
11,419,483
43,823,669
Talkweb Information System Co. Ltd.
(China)(b)
 
1,005,888
4,570,578
Tencent Music Entertainment Group, ADR
(China)(c)
 
5,661,972
95,007,890
 
 
145,365,838
Hotels, Restaurants & Leisure-7.44%
Meituan, B Shares (China)(b)(e)
 
17,836,954
220,576,816
TravelSky Technology Ltd., H Shares
(China)
 
10,665,914
14,510,568
 
 
235,087,384
Interactive Media & Services-29.55%
Autohome, Inc., ADR (China)(c)
 
702,208
15,476,664
Baidu, Inc., A Shares (China)(b)
 
12,684,047
243,196,922
Bilibili, Inc., Z Shares (China)(b)(c)
 
3,275,714
112,259,863
JOYY, Inc., ADR (China)(c)
 
306,693
19,735,695
Kuaishou Technology (China)(e)
 
20,309,099
207,564,118
Meitu, Inc. (China)(b)(c)(e)
 
38,708,519
38,247,989
Tencent Holdings Ltd. (China)
 
3,706,181
284,951,314
Visual China Group Co. Ltd., A Shares
(China)
 
548,682
2,074,333
Weibo Corp., A Shares (China)
 
972,026
10,382,502
 
 
933,889,400
IT Services-2.44%
Beijing Sinnet Technology Co. Ltd., A
Shares (China)
 
1,422,903
3,134,469
China TransInfo Technology Co. Ltd., A
Shares (China)
 
1,255,401
2,227,849
DHC Software Co. Ltd., A Shares (China)
 
2,566,355
3,577,959
Digital China Information Service Group
Co. Ltd., A Shares (China)(b)
 
768,114
1,780,768
GDS Holdings Ltd., A Shares (China)(b)
 
9,627,206
53,621,704
See accompanying notes which are an integral part of this schedule.

Invesco China Technology ETF (CQQQ)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
IT Services-(continued)
iSoftStone Information Technology
(Group) Co. Ltd., A Shares (China)
 
762,847
$5,264,236
Taiji Computer Corp. Ltd., A Shares
(China)
 
487,431
1,696,682
Wangsu Science & Technology Co. Ltd., A
Shares (China)
 
1,956,766
4,652,631
Wonders Information Co. Ltd., A Shares
(China)(b)
 
1,108,606
1,075,591
 
 
77,031,889
Media-0.80%
China Literature Ltd. (China)(b)(c)(e)
 
4,653,921
21,308,060
NanJi E-Commerce Co. Ltd., A Shares
(China)
 
1,851,187
856,892
People.cn Co. Ltd., A Shares (China)
 
877,271
3,085,307
 
 
25,250,259
Semiconductors & Semiconductor Equipment-20.76%
3Peak, Inc., A Shares (China)(b)
 
107,477
3,126,602
ACM Research (Shanghai), Inc., A Shares
(China)
 
179,823
4,871,934
Advanced Micro-Fabrication Equipment,
Inc., A Shares (China)
 
496,091
24,732,579
All Winner Technology Co. Ltd., A Shares
(China)
 
659,034
4,351,553
Amlogic Shanghai Co. Ltd., A Shares
(China)(b)
 
336,071
4,244,006
ASR Microelectronics Co. Ltd., A Shares
(China)(b)
 
334,790
4,266,863
Bestechnic (Shanghai) Co. Ltd. (China)
 
134,299
4,262,301
Cambricon Technologies Corp. Ltd.
(China)(b)
 
337,442
61,067,144
China Resources Microelectronics Ltd., A
Shares (China)
 
1,009,309
9,258,296
GalaxyCore, Inc., A Shares (China)
 
2,009,428
4,656,902
GigaDevice Semiconductor, Inc., A Shares
(China)
 
531,772
23,981,364
Goke Microelectronics Co. Ltd., A Shares
(China)
 
172,672
3,520,715
Guobo Electronics Co. Ltd., A Shares
(China)
 
276,259
5,025,834
Hangzhou Chang Chuan Technology Co.
Ltd., A Shares (China)
 
504,748
9,254,128
Hangzhou Lion Microelectronics Co. Ltd.,
A Shares (China)(b)
 
532,508
3,253,693
Hangzhou Silan Microelectronics Co. Ltd.,
A Shares (China)
 
1,332,206
6,380,225
Hoyuan Green Energy Co. Ltd., A Shares
(China)(b)
 
534,955
2,137,674
Hua Hong Semiconductor Ltd.
(China)(b)(e)
 
8,093,749
119,813,786
Hua Hong Semiconductor Ltd., A Shares
(China)(b)
 
326,459
7,264,082
Hwatsing Technology Co. Ltd., A Shares
(China)
 
282,350
7,681,698
Hygon Information Technology Co. Ltd., A
Shares (China)
 
1,860,956
70,464,354
Ingenic Semiconductor Co. Ltd., A Shares
(China)
 
385,770
7,957,172
JCET Group Co. Ltd., A Shares (China)
 
1,432,827
10,189,969
Jiangsu Pacific Quartz Co. Ltd., A Shares
(China)
 
426,381
2,437,164
 
Shares
Value
Semiconductors & Semiconductor Equipment-(continued)
Loongson Technology Corp. Ltd., A
Shares (China)(b)
 
318,762
$7,648,876
Montage Technology Co. Ltd., A Shares
(China)
 
916,084
23,911,414
National Silicon Industry Group Co. Ltd., A
Shares (China)(b)
 
2,199,353
7,089,588
NAURA Technology Group Co. Ltd., A
Shares (China)
 
576,808
39,384,771
Nexchip Semiconductor Corp., A Shares
(China)
 
1,606,231
8,439,099
OmniVision Integrated Circuits Group,
Inc., A Shares (China)
 
974,629
17,011,683
Piotech, Inc., A Shares (China)
 
224,002
11,350,928
Rockchip Electronics Co. Ltd., A Shares
(China)
 
335,363
9,211,054
Sanan Optoelectronics Co. Ltd., A Shares
(China)
 
3,994,613
9,286,145
SG Micro Corp., A Shares (China)
 
492,834
5,352,734
Shanghai Awinic Technology Co. Ltd., A
Shares (China)
 
180,151
2,129,059
Shanghai Fudan Microelectronics Group
Co. Ltd., A Shares (China)
 
430,482
4,951,850
Shanghai Fudan Microelectronics Group
Co. Ltd., H Shares (China)
 
3,253,967
21,573,211
Shenzhen Goodix Technology Co. Ltd., A
Shares (China)
 
369,691
4,295,707
SICC Co. Ltd., A Shares (China)(b)
 
344,132
4,305,509
Smartsens Technology (Shanghai) Co.
Ltd. (China)
 
321,733
4,472,641
StarPower Semiconductor Ltd., A Shares
(China)
 
189,636
3,019,194
Suzhou Centec Communications Co. Ltd.
(China)(b)
 
220,887
4,924,420
Suzhou Novosense Microelectronics Co.
Ltd., A Shares (China)(b)
 
112,806
2,999,130
Tianshui Huatian Technology Co. Ltd., A
Shares (China)
 
2,531,576
5,510,456
TongFu Microelectronics Co. Ltd., A
Shares (China)
 
1,215,025
9,136,650
Unigroup Guoxin Microelectronics Co.
Ltd., A Shares (China)
 
680,285
8,196,678
United Nova Technology Co. Ltd., A
Shares (China)(b)
 
6,711,671
7,327,515
Vanchip (Tianjin) Technology Co. Ltd., A
Shares (China)(b)
 
288,041
1,670,783
Verisilicon Microelectronics (Shanghai) Co.
Ltd. (China)(b)
 
420,561
13,356,023
Wuxi Autowell Technology Co. Ltd., A
Shares (China)
 
243,945
3,340,056
Yangzhou Yangjie Electronic Technology
Co. Ltd., A Shares (China)
 
434,880
5,420,146
Zhejiang Jingsheng Mechanical &
Electrical Co. Ltd., A Shares (China)
 
1,048,382
6,727,431
 
 
656,242,789
Software-12.17%
360 Security Technology, Inc., A Shares
(China)
 
5,604,318
9,784,340
Beijing E-Hualu Information Technology
Co. Ltd., A Shares (China)(b)
 
566,608
1,262,838
Beijing Kingsoft Office Software, Inc., A
Shares (China)
 
370,962
17,955,850
See accompanying notes which are an integral part of this schedule.

Invesco China Technology ETF (CQQQ)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
Software-(continued)
Beijing Shiji Information Technology Co.
Ltd., A Shares (China)
 
1,810,600
$3,326,311
Business-intelligence of Oriental Nations
Corp. Ltd., A Shares (China)(b)
 
890,983
1,386,183
China National Software & Service Co.
Ltd., A Shares (China)(b)
 
747,831
4,857,628
Empyrean Technology Co. Ltd., A Shares
(China)
 
434,485
6,452,795
Horizon Robotics (China)(b)(c)
 
97,891,827
102,828,422
Hundsun Technologies, Inc., A Shares
(China)
 
1,514,734
6,762,214
Iflytek Co. Ltd., A Shares (China)
 
1,850,997
15,852,701
Jiangsu Hoperun Software Co. Ltd.
(China)
 
637,786
4,577,815
Kingdee International Software Group Co.
Ltd. (China)(b)
 
32,502,304
53,701,125
Longshine Technology Group Co. Ltd., A
Shares (China)
 
854,964
2,127,272
Neusoft Corp., A Shares (China)
 
937,514
1,412,624
Newland Digital Technology Co. Ltd., A
Shares (China)
 
811,287
3,183,000
Qi An Xin Technology Group, Inc.
(China)(b)
 
548,717
2,935,327
Sangfor Technologies, Inc., A Shares
(China)
 
337,796
7,781,222
SenseTime Group, Inc., B Shares
(China)(b)(c)(e)
 
316,731,726
99,967,495
Shanghai Baosight Software Co. Ltd., A
Shares (China)
 
1,729,391
5,681,704
Shanghai Baosight Software Co. Ltd., B
Shares (China)
 
8,266,229
8,879,889
Shanghai Stonehill Technology Co. Ltd., A
Shares (China)(b)
 
4,548,992
6,400,982
Shenzhen Infogem Technologies Co. Ltd.,
A Shares (China)(b)
 
565,740
3,142,207
Shenzhen Kingdom Sci-Tech Co. Ltd., A
Shares (China)(b)
 
739,423
1,651,684
Sinosoft Co. Ltd., A Shares (China)
 
653,966
1,838,800
Thunder Software Technology Co. Ltd., A
Shares (China)
 
368,176
3,986,657
Topsec Technologies Group, Inc., A
Shares (China)
 
911,596
1,147,055
Yonyou Network Technology Co. Ltd., A
Shares (China)(b)
 
2,735,840
5,963,226
 
 
384,847,366
Technology Hardware, Storage & Peripherals-1.78%
China Greatwall Technology Group Co.
Ltd., A Shares (China)(b)
 
2,583,012
5,897,347
 
Shares
Value
Technology Hardware, Storage & Peripherals-(continued)
GRG Banking Equipment Co. Ltd., A
Shares (China)
 
1,988,537
$3,679,680
Huaqin Technology Co. Ltd. (China)
 
703,927
8,726,186
IEIT Systems Co. Ltd., A Shares (China)
 
1,178,600
10,621,530
Legend Holdings Corp., H Shares
(China)(b)(e)
 
6,201,374
6,845,699
Ninestar Corp., A Shares (China)(b)
 
1,139,141
3,468,259
Shenzhen Longsys Electronics Co. Ltd., A
Shares (China)(b)
 
278,809
13,369,697
Tsinghua Tongfang Co. Ltd., A Shares
(China)(b)
 
2,682,372
3,594,593
 
 
56,202,991
Textiles, Apparel & Luxury Goods-0.12%
Shijiazhuang Changshan BeiMing
Technology Co. Ltd., A Shares
(China)(b)
 
1,279,714
3,678,563
Trading Companies & Distributors-0.07%
Beijing United Information Technology Co.
Ltd., A Shares (China)
 
568,265
2,211,259
Total Common Stocks & Other Equity Interests
(Cost $2,585,757,430)
3,159,136,299
 
Money Market Funds-0.08%
 
 
 
Invesco Government & Agency Portfolio,
Institutional Class, 3.61%(f)(g)
(Cost $2,461,939)
 
2,461,939
2,461,939
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-100.03%
(Cost $2,588,219,369)
3,161,598,238
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-8.16%
Invesco Private Government Fund,
3.65%(f)(g)(h)
 
71,710,000
71,710,000
Invesco Private Prime Fund, 3.80%(f)(g)(h)
 
186,292,118
186,348,006
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $258,058,006)
258,058,006
TOTAL INVESTMENTS IN SECURITIES-108.19%
(Cost $2,846,277,375)
3,419,656,244
OTHER ASSETS LESS LIABILITIES-(8.19)%
(258,824,639
)
NET ASSETS-100.00%
$3,160,831,605
See accompanying notes which are an integral part of this schedule.

Invesco China Technology ETF (CQQQ)—(continued)
January 31, 2026
(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)
Non-income producing security.
(c)
All or a portion of this security was out on loan at January 31, 2026.
(d)
Security valued using significant unobservable inputs (Level 3). See Note1.
(e)
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, 2026 was $714,323,963, which represented 22.60% of the Fund’s Net Assets.
(f)
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 three months ended January 31, 2026.
 
Value
October 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
January 31, 2026
Dividend Income
Investments in
Affiliated Money
Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$940,970
$249,685,181
$(248,164,212
)
$-
$-
$2,461,939
$78,226
Investments
Purchased with Cash
Collateral from
Securities on Loan:
Invesco Private
Government Fund
53,202,496
96,734,019
(78,226,515
)
-
-
71,710,000
387,871
*
Invesco Private Prime
Fund
138,564,622
237,661,151
(189,877,767
)
733
(733
)
186,348,006
1,044,118
*
Total
$192,708,088
$584,080,351
$(516,268,494
)
$733
$(733
)
$260,519,945
$1,510,215
*
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, 2026.
(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:
 
China
99.95%
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
Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)
January 31, 2026
(Unaudited)
 
Shares
Value
Common Stocks & Other Equity Interests-99.98%
Australia-3.12%
Mineral Resources Ltd.(a)(b)
 
80,295
$3,177,488
OceanaGold Corp.
 
133,579
4,352,181
PLS Group Ltd.(a)(b)
 
1,112,176
3,283,007
Ramelius Resources Ltd.
 
1,261,078
3,907,312
Wesfarmers Ltd.
 
58,702
3,406,743
 
 
18,126,731
Austria-1.83%
BAWAG Group AG(a)(c)
 
23,875
3,897,980
Erste Group Bank AG
 
26,132
3,409,720
Raiffeisen Bank International AG
 
65,819
3,329,676
 
 
10,637,376
Canada-15.09%
Alamos Gold, Inc., Class A
 
89,049
3,318,253
Aritzia, Inc.(a)
 
35,966
2,850,667
Bombardier, Inc., Class B(a)
 
85,592
14,702,622
Dollarama, Inc.
 
92,725
12,565,105
DPM Metals, Inc.
 
106,466
3,735,332
Element Fleet Management Corp.
 
208,100
5,301,813
Finning International, Inc.
 
54,071
3,409,609
IAMGOLD Corp.(a)
 
281,459
5,135,954
Imperial Oil Ltd.
 
48,105
4,887,055
Kinross Gold Corp.
 
177,106
5,608,171
Loblaw Cos. Ltd.
 
65,097
2,945,385
Lundin Gold, Inc.
 
69,624
5,248,472
Pan American Silver Corp.(b)
 
56,829
3,113,498
Royal Bank of Canada
 
66,309
11,101,855
Toromont Industries Ltd.
 
30,312
3,882,595
 
 
87,806,386
China-1.67%
MMG Ltd.(a)
 
2,921,099
3,783,110
Yangzijiang Shipbuilding Holdings Ltd.
 
2,265,917
5,965,545
 
 
9,748,655
Denmark-2.52%
Jyske Bank A/S
 
21,315
3,113,337
Ringkjoebing Landbobank A/S
 
29,779
7,534,609
Sydbank A/S
 
44,016
4,000,986
 
 
14,648,932
Finland-3.62%
Konecranes OYJ
 
32,763
3,872,242
Sampo OYJ
 
1,246,469
13,951,449
Wartsila OYJ Abp
 
80,191
3,262,743
 
 
21,086,434
France-0.56%
Nexans S.A.
 
20,701
3,272,496
Georgia-1.85%
Lion Finance Group PLC
 
77,859
10,787,617
Germany-6.12%
Allianz SE
 
7,273
3,214,082
Bilfinger SE
 
38,388
5,398,011
Heidelberg Materials AG
 
12,772
3,510,568
HOCHTIEF AG
 
12,595
5,300,811
Siemens Energy AG, Class A(a)
 
82,884
14,173,019
thyssenkrupp AG
 
300,082
4,014,829
 
 
35,611,320
Greece-3.92%
Eurobank S.A.
 
743,406
3,646,190
 
Shares
Value
Greece-(continued)
National Bank of Greece S.A.
 
635,587
$11,261,646
Piraeus Bank S.A.(a)
 
782,310
7,920,049
 
 
22,827,885
Ireland-2.63%
AIB Group PLC(a)
 
628,952
7,056,023
Bank of Ireland Group PLC
 
404,664
8,251,577
 
 
15,307,600
Israel-4.48%
Bank Hapoalim B.M.
 
156,419
3,878,476
First International Bank of Israel Ltd. (The)
 
106,829
9,097,124
Harel Insurance Investments & Financial
Services Ltd.
 
101,486
4,668,936
Israel Discount Bank Ltd., Class A
 
345,418
4,081,676
Mizrahi Tefahot Bank Ltd.
 
55,139
4,326,382
 
 
26,052,594
Italy-5.88%
Banca Mediolanum S.p.A.
 
124,801
2,938,230
BPER Banca S.p.A.
 
621,754
8,788,205
Intesa Sanpaolo S.p.A.
 
427,256
3,035,686
Prysmian S.p.A.
 
31,438
3,737,133
UniCredit S.p.A.
 
98,179
8,586,954
Unipol Assicurazioni S.p.A.
 
317,945
7,106,892
 
 
34,193,100
Japan-5.50%
Advantest Corp.
 
42,799
7,101,324
Gunma Bank Ltd. (The)
 
250,068
3,158,488
Hitachi Ltd.
 
108,388
3,773,269
IHI Corp.
 
240,105
5,573,121
ITOCHU Corp.
 
471,796
6,059,781
Mitsui & Co. Ltd.
 
101,648
3,331,098
NEC Corp.
 
88,160
2,998,281
 
 
31,995,362
Mexico-1.22%
Fresnillo PLC
 
143,320
7,078,140
Netherlands-1.27%
ING Groep N.V.
 
110,659
3,275,276
Koninklijke Ahold Delhaize N.V.
 
104,832
4,113,819
 
 
7,389,095
Norway-0.54%
SpareBank 1 Sør-Norge ASA, Class B
 
155,227
3,139,513
Portugal-1.18%
Banco Comercial Portugues S.A., Class R
 
6,319,364
6,864,918
Singapore-1.07%
DBS Group Holdings Ltd.
 
65,968
3,073,839
Keppel Ltd.
 
363,332
3,133,319
 
 
6,207,158
South Korea-4.95%
ABLBio, Inc.(a)
 
56,915
7,766,492
APR Co., Ltd.(a)
 
22,898
4,291,840
HD Korea Shipbuilding & Offshore Engineering
Co. Ltd.
 
10,431
2,987,792
SK hynix, Inc.
 
9,221
5,757,384
SK Square Co. Ltd.(a)
 
20,356
7,968,385
 
 
28,771,893
See accompanying notes which are an integral part of this schedule.

Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
Spain-5.16%
ACS Actividades de Construccion y Servicios
S.A.
 
36,192
$4,075,339
Banco Bilbao Vizcaya Argentaria S.A.
 
269,818
6,873,821
Banco Santander S.A.
 
246,117
3,153,840
Bankinter S.A.
 
170,319
2,917,890
CaixaBank S.A.
 
379,633
5,029,408
Iberdrola S.A.
 
132,435
2,988,306
Indra Sistemas S.A.(b)
 
76,750
4,978,656
 
 
30,017,260
Sweden-1.99%
Investor AB, Class B
 
298,298
11,574,064
Switzerland-12.72%
ABB Ltd.
 
219,982
19,013,818
BKW AG(a)
 
17,201
3,264,714
Flughafen Zureich AG(a)
 
49,742
15,509,123
Geberit AG
 
16,239
12,448,259
Schindler Holding AG, PC
 
32,641
12,643,353
Swiss Life Holding AG
 
7,586
8,350,862
Zurich Insurance Group AG
 
3,868
2,762,501
 
 
73,992,630
Turkey-0.67%
Eldorado Gold Corp.(a)
 
89,913
3,878,977
United Kingdom-8.39%
Barclays PLC
 
478,007
3,199,346
Centrica PLC
 
1,265,851
3,324,094
Diploma PLC
 
182,785
13,354,151
Halma PLC
 
193,862
9,442,448
HSBC Holdings PLC
 
181,498
3,210,921
 
Shares
Value
United Kingdom-(continued)
NatWest Group PLC
 
515,441
$4,711,529
Rolls-Royce Holdings PLC
 
688,662
11,545,169
 
 
48,787,658
United States-2.03%
Ferrovial SE
 
80,626
5,465,650
Holcim AG(a)
 
29,426
3,044,720
Novartis AG
 
22,092
3,290,556
 
 
11,800,926
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.98%
(Cost $478,341,292)
581,604,720
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-2.05%
Invesco Private Government Fund,
3.65%(d)(e)(f)
 
3,288,525
3,288,525
Invesco Private Prime Fund, 3.80%(d)(e)(f)
 
8,631,151
8,633,740
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $11,922,265)
11,922,265
TOTAL INVESTMENTS IN SECURITIES-102.03%
(Cost $490,263,557)
593,526,985
OTHER ASSETS LESS LIABILITIES-(2.03)%
(11,795,482
)
NET ASSETS-100.00%
$581,731,503
Investment Abbreviations:
PC-Participation Certificate
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, 2026.
(c)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at January 31, 2026
represented less than 1% of the Fund’s Net Assets.
(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 three months ended January 31, 2026.
 
Value
October 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
January 31, 2026
Dividend Income
Investments in
Affiliated Money
Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$-
$4,448,446
$(4,448,446
)
$-
$-
$-
$2,311
See accompanying notes which are an integral part of this schedule.

Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)—(continued)
January 31, 2026
(Unaudited)
 
Value
October 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
January 31, 2026
Dividend Income
Investments
Purchased with Cash
Collateral from
Securities on Loan:
Invesco Private
Government Fund
$5,185,236
$37,999,920
$(39,896,631
)
$-
$-
$3,288,525
$38,300
*
Invesco Private Prime
Fund
13,452,730
63,282,839
(68,101,828
)
-
(1
)
8,633,740
106,205
*
Total
$18,637,966
$105,731,205
$(112,446,905
)
$-
$(1
)
$11,922,265
$146,816
*
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, 2026.
(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
Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)
January 31, 2026
(Unaudited)
 
Shares
Value
Common Stocks & Other Equity Interests-99.82%
Brazil-6.82%
Cia de Saneamento Basico do Estado de Sao
Paulo SABESP
 
48,432
$1,306,370
Cia de Saneamento de Minas Gerais COPASA
MG
 
80,300
784,510
Cia Paranaense de Energia
 
268,157
675,060
Cogna Educacao S.A.
 
1,611,000
1,400,053
Cury Construtora e Incorporadora S.A.
 
328,100
2,165,170
Direcional Engenharia S.A.
 
663,057
1,766,700
Itau Unibanco Holding S.A., Preference
Shares
 
92,890
807,271
 
 
8,905,134
China-16.87%
Aluminum Corp. of China Ltd., H Shares
 
460,000
803,440
China Coal Energy Co. Ltd., H Shares
 
1,224,000
1,791,963
China Hongqiao Group Ltd.
 
375,672
1,718,729
China Life Insurance Co. Ltd., H Shares
 
186,000
827,999
China Nonferrous Mining Corp. Ltd.
 
980,475
1,943,961
China Shenhua Energy Co. Ltd., H Shares(a)
 
343,000
1,887,804
CMOC Group Ltd., H Shares
 
303,000
851,863
Dongfang Electric Corp. Ltd., H Shares(a)
 
246,400
803,319
Dongfeng Motor Group Co. Ltd., H Shares(b)
 
905,738
1,047,409
Fuyao Glass Industry Group Co. Ltd., H
Shares(c)
 
75,128
644,159
JD Health International, Inc.(b)(c)
 
87,029
700,419
New China Life Insurance Co. Ltd., H Shares
 
142,300
1,157,458
People’s Insurance Co. (Group) of China Ltd.
(The), H Shares
 
1,219,104
1,060,374
PetroChina Co. Ltd., H Shares
 
1,426,235
1,694,830
PICC Property & Casualty Co. Ltd., H Shares
 
425,986
882,146
Sinotrans Ltd., H Shares
 
1,962,000
1,302,173
Sinotruk Hong Kong Ltd.
 
219,500
1,008,293
Zijin Mining Group Co. Ltd., H Shares
 
215,452
1,123,717
Zoomlion Heavy Industry Science and
Technology Co. Ltd., H Shares(a)
 
680,400
763,549
 
 
22,013,605
Hungary-1.08%
OTP Bank Nyrt.
 
11,167
1,412,672
Indonesia-3.31%
PT Bumi Resources Minerals Tbk(b)
 
11,705,798
742,750
PT Bumi Resources Tbk(b)
 
54,035,510
833,241
PT Energi Mega Persada Tbk.(b)
 
23,254,178
1,815,771
PT Petrosea Tbk
 
2,176,498
921,664
 
 
4,313,426
Malaysia-1.11%
AMMB Holdings Bhd.
 
431,200
705,232
Telekom Malaysia Bhd.
 
369,991
742,150
 
 
1,447,382
Mexico-7.46%
Fibra Uno Administracion S.A. de C.V.(a)
 
431,401
675,937
Gentera S.A.B. de C.V.
 
1,013,521
2,848,282
Grupo Aeroportuario del Pacifico S.A.B. de
C.V., Class B(a)
 
45,441
1,256,903
Grupo Mexico S.A.B. de C.V., Class B
 
140,556
1,572,312
Industrias Penoles S.A.B. de C.V.(b)
 
17,490
1,021,149
Prologis Property Mexico S.A. de C.V.
 
158,711
734,680
Qualitas Controladora S.A.B. de C.V.(a)
 
172,312
1,619,119
 
 
9,728,382
 
Shares
Value
Peru-0.78%
Credicorp Ltd.
 
2,841
$1,013,754
Philippines-1.29%
International Container Terminal Services,
Inc.
 
154,124
1,688,112
South Africa-9.64%
Capitec Bank Holdings Ltd.
 
2,760
746,414
DRDGOLD Ltd.
 
334,757
1,052,865
FirstRand Ltd.
 
120,043
689,671
Harmony Gold Mining Co. Ltd.
 
31,115
665,942
Impala Platinum Holdings Ltd.
 
67,034
1,258,521
Momentum Group Ltd.
 
307,429
721,084
Northam Platinum Holdings Ltd.(a)
 
40,156
963,670
PSG Financial Services Ltd.
 
598,046
1,015,526
Resilient REIT Ltd.
 
161,432
810,274
Sibanye Stillwater Ltd.(a)(b)
 
299,926
1,314,863
Tiger Brands Ltd.
 
29,086
609,089
Valterra Platinum Ltd.
 
8,157
738,204
Vukile Property Fund Ltd.
 
1,296,485
1,997,693
 
 
12,583,816
Taiwan-45.76%
Accton Technology Corp.
 
92,992
3,251,303
Advanced Energy Solution Holding Co. Ltd.
 
15,000
530,250
ASE Technology Holding Co. Ltd.
 
114,458
1,064,129
Asia Vital Components Co. Ltd.
 
18,370
834,595
Bizlink Holding, Inc.
 
37,052
1,504,729
Caliway Biopharmaceuticals Co. Ltd.(b)
 
553,000
2,890,621
Chenbro Micom Co. Ltd.
 
37,886
1,081,158
Chroma ATE, Inc.
 
30,338
931,571
CTBC Financial Holding Co. Ltd.
 
450,438
725,721
Delta Electronics, Inc.
 
23,439
894,487
Elite Material Co. Ltd.
 
17,649
957,327
EZconn Corp.
 
21,000
1,170,037
Fortune Electric Co. Ltd.
 
27,000
824,077
Fositek Corp.
 
17,000
756,285
Fubon Financial Holding Co. Ltd.
 
209,000
600,160
Global Brands Manufacture Ltd.
 
641,000
2,185,202
Gold Circuit Electronics Ltd.
 
46,894
1,024,026
Hua Nan Financial Holdings Co. Ltd.
 
703,399
737,887
Jentech Precision Industrial Co. Ltd.
 
8,164
723,333
King Yuan Electronics Co. Ltd.
 
97,000
898,721
L&K Engineering Co. Ltd.
 
38,000
686,129
Mega Union Technology, Inc.
 
77,275
1,708,514
Nan Ya Printed Circuit Board Corp.
 
86,000
1,047,417
Nanya Technology Corp.(b)
 
285,242
2,887,431
Powerchip Semiconductor Manufacturing
Corp.(b)
 
561,000
1,203,665
Sigurd Microelectronics Corp.
 
737,935
3,025,307
SinoPac Financial Holdings Co. Ltd.
 
1,430,433
1,295,663
Supreme Electronics Co. Ltd.
 
1,012,000
2,688,566
Taiwan Glass Industry Corp.(b)
 
597,000
902,249
Taiwan Semiconductor Manufacturing Co.
Ltd.
 
69,446
3,840,082
Topco Scientific Co. Ltd.
 
322,467
3,273,922
Transcend Information, Inc.
 
116,000
965,733
Unimicron Technology Corp.
 
97,000
1,153,022
United Integrated Services Co. Ltd.
 
106,000
3,022,715
Winbond Electronics Corp.(b)
 
601,000
2,376,560
WinWay Technology Co. Ltd.
 
9,000
1,106,370
Wiwynn Corp.
 
4,700
526,833
Yageo Corp.
 
99,000
864,308
See accompanying notes which are an integral part of this schedule.

Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
Taiwan-(continued)
Yankey Engineering Co. Ltd.
 
141,740
$2,656,786
Yuanta Financial Holding Co. Ltd.
 
645,172
878,874
 
 
59,695,765
Thailand-3.98%
Kasikornbank PCL, NVDR
 
107,734
643,443
Krung Thai Bank PCL, NVDR
 
887,174
796,092
Thanachart Capital PCL, NVDR
 
407,991
764,702
Tisco Financial Group PCL, NVDR
 
836,260
2,986,937
 
 
5,191,174
Turkey-1.72%
Tera Yatirim Menkul Degerler A.S.(b)
 
467,824
2,238,855
Total Common Stocks & Other Equity Interests
(Cost $105,308,226)
130,232,077
Money Market Funds-0.14%
Invesco Government & Agency Portfolio,
Institutional Class, 3.61%(d)(e)
(Cost $179,920)
 
179,920
179,920
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.96%
(Cost $105,488,146)
130,411,997
 
Shares
Value
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-4.07%
Invesco Private Government Fund,
3.65%(d)(e)(f)
 
1,475,808
$1,475,808
Invesco Private Prime Fund, 3.80%(d)(e)(f)
 
3,833,244
3,834,394
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $5,310,202)
5,310,202
TOTAL INVESTMENTS IN SECURITIES-104.03%
(Cost $110,798,348)
135,722,199
OTHER ASSETS LESS LIABILITIES-(4.03)%
(5,256,170
)
NET ASSETS-100.00%
$130,466,029
Investment Abbreviations:
NVDR-Non-Voting Depositary Receipt
REIT-Real Estate Investment Trust
Notes to Schedule of Investments:
(a)
All or a portion of this security was out on loan at January 31, 2026.
(b)
Non-income producing security.
(c)
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, 2026 was $1,344,578, which represented 1.03% of the Fund’s Net Assets.
(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 three months ended January 31, 2026.
 
Value
October 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
Value
January 31, 2026
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$-
$7,992,404
$(7,812,484
)
$-
$-
$179,920
$1,379
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
877,193
5,107,961
(4,509,346
)
-
-
1,475,808
14,278
*
Invesco Private Prime
Fund
2,282,754
13,494,204
(11,942,564
)
-
-
3,834,394
38,401
*
Total
$3,159,947
$26,594,569
$(24,264,394
)
$-
$-
$5,490,122
$54,058
*
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, 2026.
(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 Dorsey Wright Emerging Markets Momentum ETF (PIE)—(continued)
January 31, 2026
(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.

Schedule of Investments
Invesco Global Clean Energy ETF (PBD)
January 31, 2026
(Unaudited)
 
Shares
Value
Common Stocks & Other Equity Interests-99.89%
Austria-0.84%
Verbund AG(a)
 
20,825
$1,533,590
Belgium-1.03%
Elia Group S.A./N.V.
 
12,843
1,866,166
Canada-3.12%
Ballard Power Systems, Inc.(a)(b)
 
486,661
1,146,438
Boralex, Inc., Class A(a)
 
79,833
1,488,597
Canadian Solar, Inc.(a)(b)
 
54,373
1,039,883
NFI Group, Inc.(b)
 
163,192
1,993,277
 
 
5,668,195
Chile-1.24%
Sociedad Quimica y Minera de Chile S.A.,
ADR(b)
 
29,251
2,247,647
China-11.50%
BYD Co. Ltd., H Shares(a)
 
117,629
1,466,916
CALB Group Co. Ltd., H Shares(b)(c)
 
343,472
1,083,504
China Datang Corp. Renewable Power Co.
Ltd., H Shares(a)
 
4,895,542
1,310,052
Contemporary Amperex Technology Co. Ltd.
 
21,355
1,332,909
Flat Glass Group Co. Ltd., H Shares(a)(b)
 
941,477
1,316,098
Ganfeng Lithium Group Co. Ltd., H Shares(c)
 
202,282
1,544,695
JinkoSolar Holding Co. Ltd., ADR(a)
 
59,124
1,515,348
NIO, Inc., ADR(a)(b)
 
249,383
1,172,100
Tianneng Power International Ltd.
 
1,408,185
1,318,191
Wasion Holdings Ltd.
 
817,072
2,496,111
Xinyi Energy Holdings Ltd.
 
9,022,760
1,397,416
Xinyi Solar Holdings Ltd.(a)
 
3,184,330
1,376,823
XPeng, Inc., ADR(a)(b)
 
58,990
1,060,640
Yadea Group Holdings Ltd.(c)
 
953,689
1,347,893
Zhejiang Leapmotor Technology Co. Ltd.(b)(c)
 
212,690
1,155,276
 
 
20,893,972
Denmark-3.07%
NKT A/S(b)
 
13,847
1,817,677
Orsted A/S(b)(c)
 
80,221
1,811,247
Vestas Wind Systems A/S
 
64,182
1,952,622
 
 
5,581,546
Finland-0.96%
Kempower OYJ(a)(b)
 
90,213
1,739,772
France-3.82%
Legrand S.A.
 
10,221
1,637,785
Nexans S.A.
 
10,887
1,721,060
Rexel S.A.
 
44,759
1,882,458
SPIE S.A.
 
30,692
1,687,837
 
 
6,929,140
Germany-4.38%
Nordex SE(b)
 
49,998
2,009,005
SMA Solar Technology AG(a)(b)
 
46,714
2,039,573
Verbio SE(b)
 
76,397
2,264,091
Wacker Chemie AG
 
20,226
1,648,565
 
 
7,961,234
Ireland-0.95%
Kingspan Group PLC
 
19,690
1,720,719
Israel-3.88%
Energix-Renewable Energies Ltd.
 
359,060
2,289,058
Enlight Renewable Energy Ltd.(b)
 
40,579
2,296,847
OY Nofar Energy Ltd.(b)
 
49,212
2,465,376
 
 
7,051,281
 
Shares
Value
Italy-2.82%
ERG S.p.A.(a)
 
60,223
$1,608,588
Prysmian S.p.A.
 
15,826
1,881,286
Terna S.p.A.
 
150,220
1,633,738
 
 
5,123,612
Japan-5.11%
GS Yuasa Corp.
 
60,605
1,415,367
RENOVA, Inc.(a)(b)
 
305,262
1,369,536
Sanyo Denki Co. Ltd.(a)
 
61,927
1,670,466
Tamura Corp.
 
361,382
1,494,314
Toyo Tanso Co. Ltd.(a)
 
47,254
1,656,362
West Holdings Corp.(a)
 
162,243
1,674,950
 
 
9,280,995
Netherlands-0.97%
Alfen N.V.(a)(b)(c)
 
131,980
1,767,105
New Zealand-0.88%
Mercury NZ Ltd.
 
418,189
1,602,684
Norway-0.76%
NEL ASA(a)(b)
 
6,006,254
1,374,667
South Africa-1.02%
Scatec ASA(b)(c)
 
154,873
1,856,248
South Korea-8.28%
CS Wind Corp.(a)(b)
 
50,936
1,435,748
Doosan Fuel Cell Co. Ltd.(a)(b)
 
61,911
1,450,995
Ecopro BM Co. Ltd.(b)
 
14,278
2,287,123
HD Hyundai Electric Co. Ltd.
 
2,638
1,616,157
LG Energy Solution Ltd.(a)(b)
 
4,715
1,296,089
Lotte Energy Materials Corp.(a)(b)
 
56,828
1,524,638
LS Corp.
 
11,063
1,744,577
LS Electric Co. Ltd.(b)
 
4,725
1,841,330
Samsung SDI Co. Ltd.(a)(b)
 
6,830
1,838,474
 
 
15,035,131
Spain-4.71%
Acciona S.A.(a)
 
6,749
1,455,731
Corporacion ACCIONA Energias Renovables
S.A.(a)
 
55,521
1,410,539
EDP Renovaveis S.A.(a)
 
114,760
1,749,690
Grenergy Renovables S.A.(b)
 
17,341
1,986,591
Solaria Energia y Medio Ambiente S.A.(b)
 
87,957
1,946,950
 
 
8,549,501
Sweden-0.82%
NIBE Industrier AB, Class B(a)
 
386,865
1,491,244
Switzerland-0.93%
Landis+Gyr Group AG(b)
 
23,817
1,679,637
Taiwan-14.42%
AcBel Polytech, Inc.
 
1,154,128
1,802,992
Allis Electric Co. Ltd.
 
478,748
1,870,211
Chung-Hsin Electric and Machinery
Manufacturing Corp.
 
322,650
1,724,348
Delta Electronics, Inc.
 
50,046
1,909,873
Fortune Electric Co. Ltd.
 
65,191
1,989,720
FSP Technology, Inc.
 
867,303
1,418,663
Motech Industries, Inc.
 
2,922,370
2,162,116
Phihong Technology Co. Ltd.(b)
 
1,533,495
1,402,470
Shihlin Electric & Engineering Corp.
 
273,651
1,979,348
Sino-American Silicon Products, Inc.
 
462,799
1,753,104
Ta Ya Electric Wire & Cable Co. Ltd.
 
1,154,242
1,518,440
Teco Electric and Machinery Co. Ltd.
 
438,160
1,117,594
See accompanying notes which are an integral part of this schedule.

Invesco Global Clean Energy ETF (PBD)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
Taiwan-(continued)
TSEC Corp.(b)
 
3,610,105
$4,428,745
Voltronic Power Technology Corp.
 
41,109
1,104,186
 
 
26,181,810
United Kingdom-1.44%
Ceres Power Holdings PLC(b)
 
317,823
1,299,025
ITM Power PLC(a)(b)
 
1,529,342
1,310,014
 
 
2,609,039
United States-22.94%
Array Technologies, Inc.(a)(b)
 
204,756
2,318,862
Atkore, Inc.
 
24,004
1,667,078
Bloom Energy Corp., Class A(b)
 
15,028
2,274,788
Blue Bird Corp.(a)(b)
 
29,984
1,508,495
ChargePoint Holdings, Inc.(a)(b)
 
170,071
1,018,725
Core & Main, Inc., Class A(b)
 
32,332
1,725,235
Darling Ingredients, Inc.(b)
 
44,936
2,051,778
Enphase Energy, Inc.(b)
 
53,827
1,990,522
Eos Energy Enterprises, Inc.(a)(b)
 
102,344
1,498,316
EVgo, Inc.(a)(b)
 
520,451
1,566,557
First Solar, Inc.(b)
 
6,065
1,367,779
Green Plains, Inc.(a)(b)
 
163,805
1,877,205
HA Sustainable Infrastructure Capital, Inc.
 
47,185
1,623,636
Hubbell, Inc.
 
3,554
1,734,139
Itron, Inc.(b)
 
15,644
1,550,008
Lucid Group, Inc.(a)(b)
 
102,581
1,135,572
Ormat Technologies, Inc.(a)
 
14,383
1,797,012
Plug Power, Inc.(a)(b)
 
624,959
1,321,788
QuantumScape Corp.(a)(b)
 
114,676
1,014,883
Rivian Automotive, Inc., Class A(a)(b)
 
94,945
1,400,439
 
Shares
Value
United States-(continued)
SES AI Corp.(a)(b)
 
781,984
$1,587,428
Shoals Technologies Group, Inc., Class A(b)
 
192,592
1,818,068
Signify N.V.
 
65,925
1,404,636
SolarEdge Technologies, Inc.(a)(b)
 
42,728
1,322,432
Sunrun, Inc.(b)
 
82,467
1,566,873
Universal Display Corp.(a)
 
13,295
1,526,532
 
 
41,668,786
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.89%
(Cost $152,439,186)
181,413,721
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-23.95%
Invesco Private Government Fund,
3.65%(d)(e)(f)
 
12,004,613
12,004,613
Invesco Private Prime Fund, 3.80%(d)(e)(f)
 
31,490,702
31,500,149
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $43,504,762)
43,504,762
TOTAL INVESTMENTS IN SECURITIES-123.84%
(Cost $195,943,948)
224,918,483
OTHER ASSETS LESS LIABILITIES-(23.84)%
(43,298,493
)
NET ASSETS-100.00%
$181,619,990
Investment Abbreviations:
ADR-American Depositary Receipt
Notes to Schedule of Investments:
(a)
All or a portion of this security was out on loan at January 31, 2026.
(b)
Non-income producing security.
(c)
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, 2026 was $10,565,968, which represented 5.82% of the Fund’s Net Assets.
(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 three months ended January 31, 2026.
 
Value
October 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
January 31, 2026
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$-
$8,722,468
$(8,722,468
)
$-
$-
$-
$1,947
See accompanying notes which are an integral part of this schedule.

Invesco Global Clean Energy ETF (PBD)—(continued)
January 31, 2026
(Unaudited)
 
Value
October 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
January 31, 2026
Dividend Income
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
$5,186,590
$18,163,368
$(11,345,345
)
$-
$-
$12,004,613
$97,325
*
Invesco Private Prime
Fund
13,486,928
38,883,918
(20,870,696
)
191
(192
)
31,500,149
261,828
*
Total
$18,673,518
$65,769,754
$(40,938,509
)
$191
$(192
)
$43,504,762
$361,100
*
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, 2026.
(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
Invesco Global Water ETF (PIO)
January 31, 2026
(Unaudited)
 
Shares
Value
Common Stocks & Other Equity Interests-99.67%
Brazil-7.75%
Cia de Saneamento Basico do Estado de Sao
Paulo SABESP
 
839,734
$22,650,385
Canada-4.00%
Stantec, Inc.
 
117,408
11,699,616
Chile-0.39%
Aguas Andinas S.A., Class A
 
2,543,207
1,134,191
France-4.29%
Veolia Environnement S.A.
 
332,971
12,534,121
India-2.12%
Astral Ltd.
 
239,703
3,851,898
Jindal Saw Ltd.
 
874,056
1,665,662
VA Tech Wabag Ltd.
 
58,774
689,314
 
 
6,206,874
Japan-15.86%
Ebara Corp.
 
864,146
26,246,680
Ebara Jitsugyo Co. Ltd.
 
14,940
207,667
Kurita Water Industries Ltd.
 
142,487
7,150,272
METAWATER Co. Ltd.
 
56,490
1,213,871
Miura Co. Ltd.
 
141,383
2,916,550
Organo Corp.
 
81,454
8,628,725
 
 
46,363,765
Netherlands-1.42%
Arcadis N.V.(a)
 
92,326
4,161,417
Philippines-0.18%
Manila Water Co., Inc.
 
769,200
530,161
South Korea-1.37%
Coway Co. Ltd., (Acquired 03/19/2020 -
01/07/2026; Cost $3,472,759)(a)(b)(c)
 
69,129
3,999,816
Switzerland-9.67%
Belimo Holding AG
 
8,278
9,089,564
Geberit AG(a)
 
14,527
11,135,899
Georg Fischer AG(a)
 
79,940
5,348,828
Sulzer AG
 
12,501
2,704,049
 
 
28,278,340
United Kingdom-7.01%
Genuit Group PLC
 
306,159
1,397,903
Halma PLC
 
170,553
8,307,134
Severn Trent PLC
 
135,240
5,447,507
United Utilities Group PLC
 
311,870
5,356,169
 
 
20,508,713
 
Shares
Value
United States-45.61%
AECOM
 
63,320
$6,105,948
American Water Works Co., Inc.
 
78,246
10,103,906
Consolidated Water Co. Ltd.
 
31,862
1,206,933
Core & Main, Inc., Class A(b)
 
148,332
7,914,995
Ecolab, Inc.
 
41,134
11,599,377
Ferguson Enterprises, Inc.
 
89,948
22,708,272
IDEX Corp.
 
30,208
5,997,798
Pentair PLC
 
215,099
22,664,982
Roper Technologies, Inc.
 
50,731
18,832,869
Veralto Corp.
 
74,277
7,351,937
Waters Corp.(b)
 
27,153
10,066,160
Xylem, Inc.
 
63,894
8,809,066
 
 
133,362,243
Total Common Stocks & Other Equity Interests
(Cost $214,212,428)
291,429,642
Money Market Funds-0.06%
Invesco Government & Agency Portfolio,
Institutional Class, 3.61%(d)(e)
(Cost $169,965)
 
169,965
169,965
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.73%
(Cost $214,382,393)
291,599,607
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-3.42%
Invesco Private Government Fund,
3.65%(d)(e)(f)
 
2,777,839
2,777,839
Invesco Private Prime Fund, 3.80%(d)(e)(f)
 
7,210,397
7,212,560
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $9,990,399)
9,990,399
TOTAL INVESTMENTS IN SECURITIES-103.15%
(Cost $224,372,792)
301,590,006
OTHER ASSETS LESS LIABILITIES-(3.15)%
(9,209,077
)
NET ASSETS-100.00%
$292,380,929
Notes to Schedule of Investments:
(a)
All or a portion of this security was out on loan at January 31, 2026.
(b)
Non-income producing security.
(c)
Restricted security. The value of this security at January 31, 2026 represented 1.37% of the Fund’s Net Assets.
(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 three months ended January 31, 2026.
 
Value
October 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
January 31, 2026
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$61,691
$1,203,952
$(1,095,678
)
$-
$-
$169,965
$813
See accompanying notes which are an integral part of this schedule.

Invesco Global Water ETF (PIO)—(continued)
January 31, 2026
(Unaudited)
 
Value
October 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
January 31, 2026
Dividend Income
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
$286,478
$7,729,983
$(5,238,622
)
$-
$-
$2,777,839
$34,200
*
Invesco Private Prime
Fund
749,464
18,478,702
(12,015,606
)
36
(36
)
7,212,560
92,031
*
Total
$1,097,633
$27,412,637
$(18,349,906
)
$36
$(36
)
$10,160,364
$127,044
*
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, 2026.
(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
Invesco International BuyBack AchieversTM ETF (IPKW)
January 31, 2026
(Unaudited)
 
Shares
Value
Common Stocks & Other Equity Interests-99.99%
Australia-0.61%
Dyno Nobel Ltd.
 
706,265
$1,730,477
Helia Group Ltd.
 
110,472
449,392
L1 Group Ltd.
 
532,941
459,223
WEB Travel Group Ltd.(a)
 
148,282
477,360
 
 
3,116,452
Belgium-0.87%
Groupe Bruxelles Lambert N.V.
 
43,465
4,127,690
Tessenderlo Group S.A.
 
9,815
319,521
 
 
4,447,211
Brazil-0.58%
Karoon Energy Ltd.
 
269,250
320,673
Pagseguro Digital Ltd., Class A
 
84,249
947,801
StoneCo Ltd., Class A(a)(b)
 
104,486
1,686,404
 
 
2,954,878
Canada-6.31%
Air Canada(a)
 
146,448
2,038,581
Altus Group Ltd.
 
18,603
634,685
Athabasca Oil Corp.(a)
 
240,329
1,418,032
AtkinsRealis Group, Inc.
 
67,919
4,792,925
Aurinia Pharmaceuticals, Inc.(a)
 
65,184
947,124
Canadian Apartment Properties REIT
 
81,200
2,312,205
CCL Industries, Inc., Class B
 
73,461
4,451,656
CES Energy Solutions Corp.
 
83,413
874,692
Chemtrade Logistics Income Fund
 
57,172
667,073
Imperial Oil Ltd.
 
41,316
4,197,350
Lightspeed Commerce, Inc.(a)
 
41,735
453,055
Mattr Corp.(a)(b)
 
13,308
80,783
Minto Apartment REIT(c)
 
19,700
253,424
Obsidian Energy Ltd.(a)
 
31,524
229,071
Onex Corp.
 
26,759
2,292,641
Open Text Corp.
 
114,631
2,944,184
Secure Waste Infrastructure Corp.
 
107,690
1,397,270
Superior Plus Corp.
 
110,240
594,286
Tamarack Valley Energy Ltd.(b)
 
243,439
1,655,705
 
 
32,234,742
China-4.51%
Ascletis Pharma, Inc.(a)(c)
 
177,000
312,765
Baidu, Inc., A Shares(a)
 
1,106,600
21,217,338
China National Building Material Co. Ltd., H
Shares
 
1,837,469
1,322,095
Linklogis, Inc., B Shares(c)
 
681,000
194,961
 
 
23,047,159
Denmark-2.07%
Alm Brand A/S
 
352,010
977,272
ISS A/S
 
77,515
2,950,574
Pandora A/S
 
39,059
3,173,237
Scandinavian Tobacco Group A/S(c)
 
19,777
308,710
Sydbank A/S
 
34,792
3,162,538
 
 
10,572,331
France-5.26%
TotalEnergies SE
 
368,111
26,869,390
Georgia-0.12%
Georgia Capital PLC(a)
 
13,288
616,189
Germany-0.18%
Nagarro SE
 
4,920
415,861
TeamViewer SE(a)(c)
 
75,987
509,918
 
 
925,779
 
Shares
Value
Hong Kong-0.93%
J&T Global Express Ltd.(a)
 
3,409,600
$4,437,828
Skyworth Group Ltd.(a)
 
336,942
306,905
 
 
4,744,733
Indonesia-0.21%
PT Alamtri Resources (Indonesia) Tbk
 
6,538,800
859,333
PT Bukalapak.com Tbk(a)
 
23,459,300
202,657
 
 
1,061,990
Ireland-4.08%
AIB Group PLC(a)
 
1,003,631
11,259,433
Bank of Ireland Group PLC
 
447,464
9,124,320
Glenveagh Properties PLC(a)(c)
 
211,002
491,006
 
 
20,874,759
Israel-0.34%
Plus500 Ltd.
 
30,362
1,752,665
Italy-5.22%
Infrastrutture Wireless Italiane S.p.A.(c)
 
161,260
1,430,819
UniCredit S.p.A.
 
288,540
25,236,352
 
 
26,667,171
Japan-27.23%
Aisin Corp.
 
296,500
5,329,015
Anicom Holdings, Inc.
 
29,300
199,436
Avex, Inc.
 
17,021
132,159
Buffalo, Inc.
 
3,200
93,141
Canon Marketing Japan, Inc.
 
27,450
1,201,488
Credit Saison Co. Ltd.
 
91,637
2,482,044
ENEOS Holdings, Inc.
 
1,271,351
10,780,183
Exedy Corp.
 
24,000
887,280
Hiday Hidaka Corp.
 
15,500
312,492
Honda Motor Co. Ltd.
 
2,452,539
24,746,453
Idemitsu Kosan Co. Ltd.
 
477,848
4,067,810
Iriso Electronics Co. Ltd.
 
10,040
217,534
JTEKT Corp.
 
110,267
1,306,237
Kansai Paint Co. Ltd.
 
70,378
1,126,830
Kawasaki Kisen Kaisha Ltd.(b)
 
176,951
2,565,242
Keihan Holdings Co. Ltd.
 
52,840
1,177,579
Koito Manufacturing Co. Ltd.
 
124,778
1,959,759
K’s Holdings Corp.
 
80,435
839,227
Kurabo Industries Ltd.
 
7,600
447,929
Kureha Corp.
 
22,704
646,867
LY Corp.
 
1,293,115
3,321,652
Maxell Ltd.
 
23,177
334,505
Mebuki Financial Group, Inc.
 
444,800
3,366,535
Megachips Corp.(b)
 
7,718
424,099
Mitsubishi Motors Corp.
 
397,181
979,565
Morinaga & Co. Ltd.
 
39,184
687,503
NHK Spring Co. Ltd.
 
97,100
1,770,386
Nikon Corp.
 
127,019
1,603,928
Nippon Electric Glass Co. Ltd.
 
40,264
1,756,757
Nippon Yusen K.K.(b)
 
214,635
7,076,818
Nissan Motor Co. Ltd.(a)(b)
 
1,175,207
2,873,692
Raito Kogyo Co. Ltd.
 
21,107
478,824
Restar Corp.
 
11,600
220,781
Ricoh Co. Ltd.
 
281,659
2,500,381
Sankyu, Inc.
 
26,098
1,559,837
Santen Pharmaceutical Co. Ltd.
 
159,333
1,798,248
Sawai Group Holdings Co. Ltd.
 
52,500
807,895
Seino Holdings Co. Ltd.
 
79,829
1,246,759
Seria Co. Ltd.
 
32,200
767,575
Seven Bank Ltd.
 
274,000
529,141
See accompanying notes which are an integral part of this schedule.

Invesco International BuyBack AchieversTM ETF (IPKW)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
Japan-(continued)
Sompo Holdings, Inc.
 
353,000
$12,212,494
Stanley Electric Co. Ltd.
 
66,868
1,321,584
Sumitomo Bakelite Co. Ltd.
 
32,000
1,130,692
Suruga Bank Ltd.
 
82,800
1,043,336
Suzuken Co. Ltd.
 
35,696
1,443,558
Systena Corp.
 
159,997
526,732
T&D Holdings, Inc.
 
269,000
6,665,564
Toho Gas Co. Ltd.
 
45,610
1,515,791
Tokyo Gas Co. Ltd.
 
168,778
7,512,218
TOPPAN Holdings, Inc.
 
128,224
3,973,647
Toyo Seikan Group Holdings Ltd.
 
56,761
1,428,742
TRE Holdings Corp.
 
23,700
263,859
TS Tech Co. Ltd.
 
48,432
596,921
TSI Holdings Co. Ltd.(b)
 
36,648
250,788
Ushio, Inc.
 
38,900
701,558
Wacoal Holdings Corp.
 
21,559
609,843
Wacom Co. Ltd.
 
54,114
263,088
Yamaha Corp.
 
248,700
1,813,527
Zeon Corp.
 
106,400
1,304,406
 
 
139,201,934
Malaysia-0.12%
Nationgate Holdings Bhd.
 
425,100
107,299
Yinson Holdings Bhd.
 
852,500
510,396
 
 
617,695
Mexico-0.21%
Corp. Inmobiliaria Vesta SAB de C.V.(b)
 
347,168
1,081,510
Netherlands-11.19%
ING Groep N.V.
 
852,281
25,225,745
NN Group N.V.
 
120,929
9,620,487
Prosus N.V.(a)
 
387,195
22,344,981
 
 
57,191,213
Norway-2.20%
Equinor ASA
 
417,162
11,249,437
South Africa-0.20%
African Rainbow Minerals Ltd.
 
46,436
684,464
Thungela Resources Ltd.
 
54,875
339,035
 
 
1,023,499
South Korea-3.52%
DB HiTek Co. Ltd.
 
14,626
1,067,126
Hanwha Corp.(a)
 
14,824
1,176,951
HL Holdings Corp.(a)
 
2,004
63,347
InBody Co. Ltd.
 
3,732
84,653
Korea Zinc Co. Ltd.
 
5,260
6,852,163
Mcnex Co. Ltd.
 
6,281
132,872
Meritz Financial Group, Inc.
 
32,054
2,591,734
Mirae Asset Securities Co. Ltd.
 
145,796
4,322,201
Misto Holdings Corp.
 
16,936
551,492
NHN Corp.
 
6,664
149,077
SFA Engineering Corp.
 
9,587
223,809
Shinsegae, Inc.
 
2,718
602,166
SK Discovery Co. Ltd.
 
4,808
193,028
 
 
18,010,619
Spain-1.78%
Banco de Sabadell S.A.
 
2,309,925
9,094,215
Sweden-2.59%
AcadeMedia AB(c)
 
34,267
365,360
Saab AB, Class B
 
163,645
12,847,747
 
 
13,213,107
 
Shares
Value
Taiwan-0.04%
AmTran Technology Co., Ltd.
 
302,000
$194,808
United Kingdom-18.70%
Berkeley Group Holdings PLC (The)
 
40,555
2,297,843
Centrica PLC
 
2,280,116
5,987,529
Computacenter PLC
 
32,043
1,470,720
Drax Group PLC
 
168,291
2,082,456
Future PLC
 
42,441
315,016
Inchcape PLC
 
157,000
1,760,644
International Consolidated Airlines Group
S.A.
 
1,512,018
8,711,432
IP Group PLC(a)
 
331,954
270,357
JET2 PLC
 
78,321
1,331,515
Kainos Group PLC
 
45,467
561,529
Moonpig Group PLC
 
107,134
315,347
On the Beach Group PLC(c)
 
48,001
144,617
OSB Group PLC
 
175,875
1,474,199
Paragon Banking Group PLC
 
84,793
1,034,788
PayPoint PLC
 
21,024
153,772
Sage Group PLC (The)
 
416,782
5,480,930
Shell PLC
 
652,110
25,138,258
Standard Chartered PLC
 
823,706
21,135,786
Trainline PLC(a)(c)
 
182,063
511,693
Vesuvius PLC
 
116,565
735,620
Vistry Group PLC(a)
 
147,248
1,345,594
Vodafone Group PLC
 
9,035,098
13,344,164
 
 
95,603,809
United States-0.92%
Aegon Ltd.
 
598,888
4,721,024
Total Common Stocks & Other Equity Interests
(Cost $468,683,820)
511,088,319
Money Market Funds-0.19%
Invesco Government & Agency Portfolio,
Institutional Class, 3.61%(d)(e)
(Cost $958,769)
 
958,769
958,769
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-100.18%
(Cost $469,642,589)
512,047,088
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-4.90%
Invesco Private Government Fund,
3.65%(d)(e)(f)
 
6,951,872
6,951,872
Invesco Private Prime Fund, 3.80%(d)(e)(f)
 
18,074,653
18,080,075
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $25,031,947)
25,031,947
TOTAL INVESTMENTS IN SECURITIES-105.08%
(Cost $494,674,536)
537,079,035
OTHER ASSETS LESS LIABILITIES-(5.08)%
(25,958,375
)
NET ASSETS-100.00%
$511,120,660
See accompanying notes which are an integral part of this schedule.

Invesco International BuyBack AchieversTM ETF (IPKW)—(continued)
January 31, 2026
(Unaudited)
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, 2026.
(c)
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, 2026 was $4,523,273, which represented less than 1% of the Fund’s Net Assets.
(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 three months ended January 31, 2026.
 
Value
October 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
January 31, 2026
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$20,462
$8,762,088
$(7,823,781
)
$-
$-
$958,769
$8,045
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
2,631,740
33,366,220
(29,046,088
)
-
-
6,951,872
67,874
*
Invesco Private Prime
Fund
6,858,390
50,166,764
(38,945,078
)
125
(126
)
18,080,075
185,988
*
Total
$9,510,592
$92,295,072
$(75,814,947
)
$125
$(126
)
$25,990,716
$261,907
*
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, 2026.
(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
Invesco MSCI Global Climate 500 ETF (KLMT)
January 31, 2026
(Unaudited)
 
Shares
Value
Common Stocks & Other Equity Interests-99.82%
Australia-1.66%
ANZ Group Holdings Ltd.
 
74,417
$1,904,614
BHP Group Ltd.
 
121,908
4,224,126
Brambles Ltd.
 
71,008
1,108,885
Commonwealth Bank of Australia
 
30,705
3,197,780
CSL Ltd.
 
13,329
1,689,716
Goodman Group
 
71,693
1,532,210
Macquarie Group Ltd.
 
11,580
1,709,729
National Australia Bank Ltd.
 
65,187
1,969,991
Telstra Group Ltd.
 
388,256
1,326,976
Transurban Group
 
157,904
1,536,582
Wesfarmers Ltd.
 
29,923
1,736,567
Westpac Banking Corp.
 
74,355
2,009,903
 
 
23,947,079
Belgium-0.26%
Anheuser-Busch InBev S.A./N.V.
 
25,284
1,826,623
Groupe Bruxelles Lambert N.V.
 
20,475
1,944,425
 
 
3,771,048
Brazil-0.68%
AXIA Energia, Preference Shares(a)
 
19,082
192,440
AXIA Energia, Preference Shares
 
72,600
801,636
Itausa S.A., Preference Shares
 
819,002
2,136,847
MercadoLibre, Inc.(a)
 
821
1,763,336
Motiva Infraestrutura de Mobilidade S.A.
 
308,200
986,607
NU Holdings Ltd., Class A(a)
 
71,686
1,272,427
Wheaton Precious Metals Corp.
 
20,494
2,714,927
 
 
9,868,220
Canada-3.06%
Agnico Eagle Mines Ltd.
 
15,191
2,903,695
Bank of Montreal(b)
 
15,378
2,105,099
Bank of Nova Scotia (The)
 
28,941
2,175,678
Brookfield Corp.
 
48,277
2,212,867
Cameco Corp.
 
12,281
1,527,337
Canadian Imperial Bank of Commerce
 
20,794
1,932,369
Canadian National Railway Co.
 
14,663
1,418,385
Canadian Pacific Kansas City Ltd.
 
22,108
1,652,529
Celestica, Inc.(a)
 
2,769
782,411
CGI, Inc., Class A
 
13,767
1,186,434
Constellation Software, Inc.
 
505
937,152
Element Fleet Management Corp.(b)
 
48,136
1,226,372
Enbridge, Inc.
 
46,892
2,301,747
Franco-Nevada Corp.
 
7,299
1,718,040
Loblaw Cos. Ltd.
 
28,058
1,269,515
Manulife Financial Corp.
 
42,990
1,646,709
National Bank of Canada
 
12,493
1,496,872
Rogers Communications, Inc., Class B
 
25,183
955,881
Royal Bank of Canada
 
25,806
4,320,597
Shopify, Inc., Class A(a)
 
20,572
2,714,322
Stantec, Inc.
 
10,590
1,055,285
TC Energy Corp.
 
22,977
1,354,712
Thomson Reuters Corp.
 
7,319
813,162
Toronto-Dominion Bank (The)
 
32,481
3,052,492
WSP Global, Inc.
 
7,367
1,432,054
 
 
44,191,716
China-2.40%
Alibaba Group Holding Ltd.
 
300,340
6,391,273
Bank of China Ltd., H Shares
 
3,153,357
1,883,711
BYD Co. Ltd., H Shares
 
109,937
1,370,991
China Construction Bank Corp., H Shares
 
2,395,986
2,420,043
China Life Insurance Co. Ltd., H Shares
 
363,000
1,615,933
 
Shares
Value
China-(continued)
Industrial & Commercial Bank of China Ltd.,
H Shares
 
2,112,441
$1,752,802
Meituan, B Shares(a)(c)
 
130,141
1,609,360
NetEase, Inc.
 
49,200
1,276,152
PDD Holdings, Inc., ADR(a)
 
14,240
1,438,952
Ping An Insurance (Group) Co. of China
Ltd., H Shares(b)
 
328,878
3,051,397
Tencent Holdings Ltd.
 
117,195
9,010,588
Trip.com Group Ltd.
 
18,974
1,164,899
Xiaomi Corp., B Shares(a)(b)(c)
 
361,335
1,636,111
 
 
34,622,212
Denmark-0.41%
DSV A/S
 
4,956
1,398,693
Novo Nordisk A/S, Class B
 
56,838
3,387,444
Novonesis (Novozymes) B, Class B
 
18,256
1,122,736
 
 
5,908,873
France-2.13%
Air Liquide S.A.
 
10,514
1,976,020
AXA S.A.
 
38,320
1,753,699
BNP Paribas S.A.
 
20,935
2,271,968
Cie de Saint-Gobain S.A.
 
11,653
1,154,389
Danone S.A.
 
20,267
1,593,883
ENGIE S.A.
 
56,821
1,702,628
EssilorLuxottica S.A.
 
6,189
1,898,817
Hermes International S.C.A.
 
690
1,666,163
Legrand S.A.
 
9,939
1,592,598
L’Oreal S.A.
 
5,159
2,378,848
LVMH Moet Hennessy Louis Vuitton SE
 
4,404
2,852,674
Orange S.A.
 
99,125
1,849,423
Schneider Electric SE
 
10,875
3,129,196
TotalEnergies SE
 
38,594
2,817,077
Vinci S.A.
 
14,743
2,127,509
 
 
30,764,892
Germany-2.34%
Allianz SE
 
7,744
3,422,226
Bayerische Motoren Werke AG
 
13,162
1,360,345
Commerzbank AG
 
22,154
913,938
Deutsche Bank AG
 
42,316
1,675,895
Deutsche Boerse AG
 
7,243
1,840,766
Deutsche Post AG
 
22,876
1,284,062
Deutsche Telekom AG
 
73,821
2,486,294
GEA Group AG
 
22,307
1,600,801
Infineon Technologies AG
 
32,012
1,570,504
Mercedes-Benz Group AG
 
24,407
1,674,130
Muenchener Rueckversicherungs-
Gesellschaft AG in Muenchen, Class R
 
2,979
1,812,053
Rheinmetall AG
 
1,101
2,341,315
SAP SE
 
18,197
3,648,375
Siemens AG
 
14,188
4,305,025
Siemens Energy AG, Class A(a)
 
15,539
2,657,142
Volkswagen AG, Preference Shares
 
10,622
1,293,177
 
 
33,886,048
Greece-0.13%
Piraeus Bank S.A.(a)
 
179,706
1,819,330
Hong Kong-0.51%
AIA Group Ltd.
 
283,880
3,276,267
Hong Kong Exchanges & Clearing Ltd.
 
43,075
2,375,502
Sino Land Co. Ltd.
 
1,116,000
1,679,995
 
 
7,331,764
See accompanying notes which are an integral part of this schedule.

Invesco MSCI Global Climate 500 ETF (KLMT)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
India-0.87%
Bharti Airtel Ltd.
 
83,097
$1,782,179
HDFC Bank Ltd.
 
243,777
2,464,896
ICICI Bank Ltd.
 
136,389
2,010,732
Infosys Ltd.
 
99,623
1,781,885
Mahindra & Mahindra Ltd.
 
31,978
1,194,050
Reliance Industries Ltd.
 
139,276
2,116,290
Tata Consultancy Services Ltd.
 
35,277
1,199,704
 
 
12,549,736
Ireland-0.22%
AIB Group PLC(a)
 
113,656
1,275,072
Bank of Ireland Group PLC
 
60,178
1,227,101
Flutter Entertainment PLC(a)(b)
 
4,565
753,910
 
 
3,256,083
Italy-0.53%
Ferrari N.V.
 
2,662
891,120
Intesa Sanpaolo S.p.A.
 
378,316
2,687,964
Terna S.p.A.
 
160,345
1,743,854
UniCredit S.p.A.
 
26,597
2,326,233
 
 
7,649,171
Japan-4.84%
Advantest Corp.
 
14,550
2,414,175
AEON Co. Ltd.
 
62,900
863,110
Bridgestone Corp.
 
64,856
1,464,918
Canon, Inc.(b)
 
45,172
1,379,442
Daiichi Sankyo Co. Ltd.
 
42,657
783,993
Daikin Industries Ltd.
 
8,282
995,652
Daiwa House Industry Co. Ltd.
 
40,459
1,383,071
Denso Corp.
 
94,697
1,318,157
FANUC Corp.
 
36,079
1,453,434
Fast Retailing Co. Ltd.
 
4,352
1,665,813
FUJIFILM Holdings Corp.
 
48,728
976,509
Fujitsu Ltd.
 
47,494
1,323,935
Hitachi Ltd.
 
82,402
2,868,629
Hoya Corp.
 
7,297
1,228,082
Hulic Co. Ltd.
 
112,494
1,344,928
KDDI Corp.
 
86,798
1,470,246
Keyence Corp.
 
4,383
1,613,162
Komatsu Ltd.
 
37,092
1,424,306
Kyocera Corp.
 
79,607
1,198,200
Mitsubishi Corp.
 
72,476
1,931,663
Mitsubishi Electric Corp.
 
54,219
1,700,483
Mitsubishi Estate Co. Ltd.
 
57,100
1,459,963
Mitsubishi Heavy Industries Ltd.
 
63,486
1,875,337
Mitsubishi UFJ Financial Group, Inc.
 
208,039
3,779,875
Mitsui Fudosan Co. Ltd.
 
100,500
1,156,159
Mizuho Financial Group, Inc.
 
54,674
2,381,527
Murata Manufacturing Co. Ltd.
 
57,936
1,180,817
NEC Corp.
 
37,612
1,279,167
Nintendo Co. Ltd.
 
20,869
1,296,513
Recruit Holdings Co. Ltd.
 
29,907
1,580,421
Secom Co. Ltd.
 
34,776
1,278,099
Sekisui House Ltd.(b)
 
66,610
1,489,336
SoftBank Corp.
 
1,175,037
1,602,357
SoftBank Group Corp.
 
66,720
1,827,854
Sony Group Corp.
 
112,975
2,498,936
Sumitomo Mitsui Financial Group, Inc.
 
74,651
2,635,517
Takeda Pharmaceutical Co. Ltd.
 
63,669
2,174,299
Tokio Marine Holdings, Inc.
 
41,554
1,553,844
Tokyo Electron Ltd.
 
9,198
2,458,835
 
Shares
Value
Japan-(continued)
Toyota Motor Corp.
 
182,096
$4,140,676
Toyota Tsusho Corp.
 
40,800
1,490,721
 
 
69,942,161
Mexico-0.33%
America Movil S.A.B. de C.V., Class B
 
1,073,200
1,114,218
Grupo Financiero Banorte S.A.B. de C.V.,
Class O
 
131,625
1,499,115
Southern Copper Corp.
 
11,348
2,159,751
 
 
4,773,084
Netherlands-1.36%
argenx SE(a)
 
1,268
1,070,221
ASML Holding N.V.
 
6,627
9,536,971
Euronext N.V.(c)
 
7,687
1,080,500
ING Groep N.V.
 
74,515
2,205,489
Koninklijke Ahold Delhaize N.V.
 
31,406
1,232,435
Koninklijke KPN N.V.
 
306,596
1,507,006
Magnum Ice Cream Co. N.V. (The)(a)
 
10,091
179,999
NXP Semiconductors N.V.
 
6,401
1,447,522
Prosus N.V.(a)
 
25,344
1,462,599
 
 
19,722,742
New Zealand-0.09%
Meridian Energy Ltd.
 
376,216
1,282,100
Norway-0.24%
Gjensidige Forsikring ASA
 
36,833
1,051,796
Mowi ASA
 
46,915
1,085,032
Orkla ASA
 
113,951
1,360,273
 
 
3,497,101
Portugal-0.12%
EDP S.A.
 
349,305
1,792,633
Romania-0.10%
NEPI Rockcastle N.V.(a)
 
156,413
1,434,721
Singapore-0.93%
CapitaLand Ascendas REIT
 
747,286
1,676,406
CapitaLand Integrated Commercial Trust
 
919,212
1,729,950
CapitaLand Investment Ltd.(b)
 
714,500
1,734,122
DBS Group Holdings Ltd.
 
52,681
2,454,719
Keppel Ltd.
 
188,900
1,629,044
Oversea-Chinese Banking Corp. Ltd.
 
120,276
2,012,256
Sea Ltd., ADR(a)
 
7,716
898,837
Singapore Telecommunications Ltd.
 
370,870
1,341,625
 
 
13,476,959
South Africa-0.08%
Naspers Ltd.
 
18,826
1,160,982
South Korea-1.41%
Industrial Bank of Korea
 
85,167
1,308,498
KB Financial Group, Inc.
 
11,208
1,049,060
Samsung Electronics Co. Ltd.
 
87,957
9,717,030
Shinhan Financial Group Co. Ltd.
 
17,777
1,038,955
SK hynix, Inc.
 
9,683
6,045,847
Woori Financial Group, Inc.
 
58,644
1,226,766
 
 
20,386,156
Spain-0.96%
Amadeus IT Group S.A.
 
17,545
1,180,602
Banco Bilbao Vizcaya Argentaria S.A.
 
106,515
2,713,551
Banco Santander S.A.
 
278,587
3,569,923
Iberdrola S.A.
 
152,926
3,450,671
See accompanying notes which are an integral part of this schedule.

Invesco MSCI Global Climate 500 ETF (KLMT)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
Spain-(continued)
Iberdrola S.A., Rts., expiring
03/31/2026(a)(b)
 
152,926
$47,156
Industria de Diseno Textil S.A.
 
26,979
1,761,896
Telefonica S.A.(b)
 
273,154
1,109,822
 
 
13,833,621
Sweden-0.83%
Assa Abloy AB, Class B
 
39,742
1,616,955
Atlas Copco AB, Class A
 
108,280
2,246,908
Boliden AB(a)
 
37,602
2,649,580
Sandvik AB
 
53,590
2,129,281
Spotify Technology S.A.(a)
 
2,798
1,399,979
Volvo AB, Class B
 
54,186
1,981,269
 
 
12,023,972
Switzerland-2.05%
ABB Ltd.
 
40,159
3,471,084
Chocoladefabriken Lindt & Spruengli AG,
PC
 
74
1,067,633
Cie Financiere Richemont S.A.
 
10,824
2,109,229
Givaudan S.A.
 
332
1,288,342
Lonza Group AG
 
1,833
1,250,284
Nestle S.A.
 
46,445
4,449,353
Roche Holding AG
 
12,800
5,843,348
Schindler Holding AG, PC
 
3,832
1,484,309
Sika AG
 
7,499
1,444,594
TE Connectivity PLC
 
9,027
2,011,035
UBS Group AG
 
61,686
2,930,068
Zurich Insurance Group AG
 
3,261
2,328,985
 
 
29,678,264
Taiwan-2.86%
Cathay Financial Holding Co. Ltd.
 
564,116
1,343,996
Chang Hwa Commercial Bank Ltd.
 
2,096,000
1,356,749
CTBC Financial Holding Co. Ltd.
 
898,000
1,446,809
Delta Electronics, Inc.
 
48,000
1,831,793
E.Sun Financial Holding Co. Ltd.
 
1,195,356
1,265,803
First Financial Holding Co. Ltd.
 
1,528,775
1,395,647
Fubon Financial Holding Co. Ltd.
 
451,978
1,297,891
Hon Hai Precision Industry Co. Ltd.
 
268,700
1,857,368
MediaTek, Inc.
 
33,213
1,842,343
Mega Financial Holding Co. Ltd.
 
1,096,000
1,347,697
SinoPac Financial Holdings Co. Ltd.
 
1,468,255
1,329,922
Taiwan Cooperative Financial Holding Co.
Ltd.
 
2,098,574
1,568,361
Taiwan Semiconductor Manufacturing Co.
Ltd.
 
391,148
21,628,895
Yuanta Financial Holding Co. Ltd.
 
1,300,379
1,771,417
 
 
41,284,691
Thailand-0.08%
SCB X PCL, NVDR
 
259,500
1,117,095
United Kingdom-3.31%
3i Group PLC
 
25,800
1,188,609
AngloGold Ashanti PLC
 
16,213
1,472,158
AstraZeneca PLC
 
26,797
5,006,893
Aviva PLC
 
199,224
1,741,757
Barclays PLC
 
295,207
1,975,849
Coca-Cola Europacific Partners PLC
 
12,439
1,140,656
Compass Group PLC
 
49,260
1,481,294
Diageo PLC
 
57,547
1,327,949
Haleon PLC
 
281,951
1,478,781
HSBC Holdings PLC
 
292,901
5,181,777
 
Shares
Value
United Kingdom-(continued)
Informa PLC
 
100,663
$1,218,246
Lloyds Banking Group PLC
 
1,245,149
1,864,564
London Stock Exchange Group PLC
 
12,564
1,405,411
National Grid PLC(b)
 
142,070
2,420,588
NatWest Group PLC
 
197,027
1,800,979
Reckitt Benckiser Group PLC
 
17,975
1,503,913
RELX PLC
 
48,043
1,708,077
Severn Trent PLC
 
35,040
1,411,421
Shell PLC
 
97,069
3,741,923
Smiths Group PLC
 
44,374
1,528,229
SSE PLC
 
47,749
1,591,580
Tesco PLC
 
204,182
1,191,482
Unilever PLC
 
44,848
3,059,682
United Utilities Group PLC
 
79,069
1,357,960
 
 
47,799,778
United States-65.03%
3M Co.
 
11,258
1,724,275
Abbott Laboratories
 
31,084
3,397,481
AbbVie, Inc.
 
28,786
6,419,566
Accenture PLC, Class A
 
11,390
3,002,860
Adobe, Inc.(a)
 
7,474
2,191,751
Advanced Micro Devices, Inc.(a)
 
26,243
6,212,505
AECOM
 
9,468
912,999
Aflac, Inc.
 
12,062
1,338,279
Agilent Technologies, Inc.
 
8,083
1,081,910
Airbnb, Inc., Class A(a)
 
9,633
1,246,221
Allstate Corp. (The)
 
5,957
1,185,383
Alnylam Pharmaceuticals, Inc.(a)
 
2,438
824,190
Alphabet, Inc., Class A
 
96,698
32,683,924
Alphabet, Inc., Class C
 
68,386
23,150,713
Amazon.com, Inc.(a)
 
147,697
35,343,892
Amcor PLC(b)
 
28,342
1,254,134
American Express Co.
 
10,611
3,736,876
American Tower Corp.
 
11,018
1,975,307
AMETEK, Inc.
 
7,159
1,603,473
Amgen, Inc.
 
9,727
3,325,467
Amphenol Corp., Class A
 
23,505
3,386,600
Analog Devices, Inc.
 
9,834
3,057,194
Aon PLC, Class A
 
4,967
1,736,662
Apollo Global Management, Inc.
 
9,911
1,333,426
Apple, Inc.
 
228,044
59,172,857
Applied Materials, Inc.
 
15,947
5,140,037
AppLovin Corp., Class A(a)
 
3,828
1,811,065
Arista Networks, Inc.(a)
 
21,342
3,025,015
Arthur J. Gallagher & Co.
 
5,610
1,398,966
AT&T, Inc.
 
136,035
3,565,477
Autodesk, Inc.(a)
 
5,171
1,307,591
Automatic Data Processing, Inc.
 
8,546
2,109,324
AutoZone, Inc.(a)
 
360
1,333,544
AvalonBay Communities, Inc.
 
8,357
1,484,788
Axon Enterprise, Inc.(a)
 
1,859
898,975
Baker Hughes Co., Class A
 
26,740
1,498,510
Bank of America Corp.
 
114,803
6,107,520
Bank of New York Mellon Corp. (The)
 
17,130
2,054,230
Becton, Dickinson and Co.
 
8,165
1,661,414
BlackRock, Inc.
 
2,702
3,023,376
Blackstone, Inc., Class A
 
14,107
2,009,119
Block, Inc., Class A(a)
 
14,281
863,001
Booking Holdings, Inc.
 
605
3,026,113
Boston Scientific Corp.(a)
 
30,084
2,813,757
BP PLC
 
349,345
2,221,357
Bristol-Myers Squibb Co.
 
41,322
2,274,776
See accompanying notes which are an integral part of this schedule.

Invesco MSCI Global Climate 500 ETF (KLMT)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
United States-(continued)
Broadcom, Inc.
 
69,226
$22,934,574
Broadridge Financial Solutions, Inc.
 
5,729
1,129,243
Cadence Design Systems, Inc.(a)
 
5,171
1,532,478
Capital One Financial Corp.
 
12,457
2,727,211
Cardinal Health, Inc.
 
6,375
1,369,860
Carrier Global Corp.
 
20,801
1,239,324
Caterpillar, Inc.
 
8,064
5,300,951
CBRE Group, Inc., Class A(a)
 
7,671
1,306,601
Cencora, Inc.
 
4,848
1,741,499
Charles Schwab Corp. (The)
 
29,988
3,116,353
Cheniere Energy, Inc.
 
5,345
1,130,574
Chevron Corp.
 
33,182
5,869,896
Chipotle Mexican Grill, Inc.(a)
 
33,016
1,283,332
Chubb Ltd.
 
7,624
2,360,085
Cigna Group (The)
 
5,167
1,416,326
Cintas Corp.
 
7,673
1,468,536
Cisco Systems, Inc.
 
70,815
5,546,231
Citigroup, Inc.
 
32,799
3,795,172
Cloudflare, Inc., Class A(a)
 
6,307
1,118,546
CME Group, Inc., Class A
 
7,813
2,258,426
Coca-Cola Co. (The)
 
76,362
5,712,641
Cognizant Technology Solutions Corp.,
Class A
 
16,276
1,335,609
Coinbase Global, Inc., Class A(a)
 
3,710
722,485
Colgate-Palmolive Co.
 
23,176
2,092,561
Comcast Corp., Class A
 
82,666
2,459,314
ConocoPhillips
 
29,662
3,091,670
Consolidated Edison, Inc.
 
16,182
1,725,487
Constellation Energy Corp.
 
5,346
1,500,515
Corning, Inc.
 
20,585
2,125,401
Corteva, Inc.
 
20,735
1,509,508
Costco Wholesale Corp.
 
6,982
6,564,826
Coterra Energy, Inc.
 
44,464
1,282,786
CRH PLC
 
12,241
1,498,421
CrowdStrike Holdings, Inc., Class A(a)
 
4,281
1,889,655
CSX Corp.
 
42,445
1,602,723
Cummins, Inc.
 
3,925
2,271,869
CVS Health Corp.
 
22,983
1,712,693
Danaher Corp.
 
11,115
2,432,962
Datadog, Inc., Class A(a)
 
6,262
809,802
Deere & Co.
 
5,044
2,663,232
Dell Technologies, Inc., Class C
 
7,254
830,148
Devon Energy Corp.
 
37,073
1,490,705
Diamondback Energy, Inc.
 
10,955
1,796,072
Digital Realty Trust, Inc.
 
8,314
1,379,708
DoorDash, Inc., Class A(a)
 
7,588
1,552,657
Dover Corp.
 
8,209
1,654,031
DuPont de Nemours, Inc.
 
28,020
1,230,638
Eaton Corp. PLC
 
8,050
2,828,931
eBay, Inc.
 
12,246
1,117,080
Ecolab, Inc.
 
7,442
2,098,570
Edwards Lifesciences Corp.(a)
 
13,248
1,077,857
Elevance Health, Inc.
 
4,756
1,644,339
Eli Lilly and Co.
 
12,466
12,929,112
Emerson Electric Co.
 
13,768
2,023,345
EOG Resources, Inc.
 
16,395
1,838,371
Equinix, Inc.
 
2,116
1,737,088
Equity Residential
 
23,313
1,452,866
Exelon Corp.
 
34,257
1,534,028
Experian PLC
 
30,960
1,175,945
Exxon Mobil Corp.
 
71,255
10,075,457
Ferrovial SE
 
22,423
1,520,059
 
Shares
Value
United States-(continued)
Fiserv, Inc.(a)
 
21,743
$1,385,681
Ford Motor Co.
 
100,111
1,389,541
Fortinet, Inc.(a)
 
15,142
1,230,439
Freeport-McMoRan, Inc.
 
39,006
2,349,331
GE HealthCare Technologies, Inc.
 
12,723
1,004,735
GE Vernova, Inc.
 
4,700
3,413,939
General Electric Co.
 
18,310
5,617,325
General Mills, Inc.
 
32,619
1,508,955
General Motors Co.
 
20,865
1,752,660
Gilead Sciences, Inc.
 
22,503
3,194,301
Goldman Sachs Group, Inc. (The)
 
5,306
4,963,285
GSK PLC
 
88,185
2,287,113
HCA Healthcare, Inc.
 
2,873
1,402,800
Healthpeak Properties, Inc.
 
63,031
1,086,654
HEICO Corp., Class A
 
5,587
1,422,394
Hilton Worldwide Holdings, Inc.
 
6,738
2,011,360
Home Depot, Inc. (The)
 
17,066
6,392,753
Howmet Aerospace, Inc.
 
9,410
1,958,033
HP, Inc.
 
35,069
681,741
Ingersoll Rand, Inc.
 
16,847
1,450,358
Intel Corp.(a)
 
74,561
3,464,850
Intercontinental Exchange, Inc.
 
11,866
2,062,074
International Business Machines Corp.
 
15,032
4,610,314
Intuit, Inc.
 
4,766
2,377,853
Intuitive Surgical, Inc.(a)
 
5,908
2,978,932
IQVIA Holdings, Inc.(a)
 
5,089
1,171,233
Iron Mountain, Inc.
 
9,402
866,206
Jacobs Solutions, Inc.
 
6,806
920,580
Johnson & Johnson
 
41,096
9,339,066
Johnson Controls International PLC
 
15,411
1,837,916
JPMorgan Chase & Co.
 
43,256
13,231,578
Keurig Dr Pepper, Inc.
 
43,820
1,202,421
Keysight Technologies, Inc.(a)
 
6,165
1,333,674
Kimberly-Clark Corp.
 
10,746
1,074,493
Kimco Realty Corp.
 
68,986
1,454,225
Kinder Morgan, Inc.
 
45,895
1,399,339
KKR & Co., Inc., Class A
 
12,428
1,420,023
KLA Corp.
 
2,646
3,778,329
Kraft Heinz Co. (The)
 
53,353
1,266,600
Lam Research Corp.
 
25,043
5,846,539
Linde PLC
 
8,585
3,923,087
Lowe’s Cos., Inc.
 
9,737
2,600,363
Marriott International, Inc., Class A
 
5,826
1,836,938
Marsh & McLennan Cos., Inc.
 
12,386
2,330,921
Marvell Technology, Inc.
 
17,154
1,353,794
Mastercard, Inc., Class A
 
14,327
7,719,244
McDonald’s Corp.
 
12,961
4,082,715
McKesson Corp.
 
2,434
2,023,165
Medtronic PLC
 
25,905
2,667,179
Merck & Co., Inc.
 
44,243
4,878,676
Meta Platforms, Inc., Class A
 
33,790
24,210,535
MetLife, Inc.
 
14,421
1,137,529
Micron Technology, Inc.
 
18,398
7,632,962
Microsoft Corp.
 
108,889
46,853,848
Mondelez International, Inc., Class A
 
33,281
1,945,940
Moody’s Corp.
 
4,047
2,086,471
Morgan Stanley
 
21,316
3,896,565
Motorola Solutions, Inc.
 
3,526
1,419,356
Nasdaq, Inc.
 
18,152
1,758,747
Netflix, Inc.(a)
 
68,174
5,691,847
Newmont Corp.
 
24,933
2,801,223
NextEra Energy, Inc.
 
34,814
3,060,151
See accompanying notes which are an integral part of this schedule.

Invesco MSCI Global Climate 500 ETF (KLMT)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
United States-(continued)
NIKE, Inc., Class B
 
23,539
$1,454,946
Norfolk Southern Corp.
 
5,150
1,499,886
Novartis AG
 
34,843
5,189,790
NVIDIA Corp.
 
373,557
71,397,949
Occidental Petroleum Corp.
 
30,578
1,387,935
Omnicom Group, Inc.
 
13,476
1,038,191
ONEOK, Inc.(b)
 
19,539
1,547,293
Oracle Corp.
 
27,424
4,513,442
O’Reilly Automotive, Inc.(a)
 
16,978
1,670,805
Otis Worldwide Corp.
 
15,678
1,339,215
PACCAR, Inc.
 
15,816
1,943,945
Palantir Technologies, Inc., Class A(a)
 
35,865
5,257,450
Palo Alto Networks, Inc.(a)
 
12,431
2,199,914
Parker-Hannifin Corp.
 
3,480
3,256,723
PayPal Holdings, Inc.
 
20,216
1,065,181
PepsiCo, Inc.
 
26,320
4,043,542
Pfizer, Inc.
 
111,334
2,943,671
PNC Financial Services Group, Inc. (The)
 
8,025
1,791,983
PPG Industries, Inc.
 
14,496
1,676,173
Procter & Gamble Co. (The)
 
40,776
6,188,574
Progressive Corp. (The)
 
10,690
2,223,520
Prologis, Inc.
 
19,787
2,583,391
PTC, Inc.(a)
 
6,586
1,028,272
QUALCOMM, Inc.
 
19,515
2,958,279
Quanta Services, Inc.
 
3,395
1,611,369
Regency Centers Corp.
 
21,412
1,560,292
Regeneron Pharmaceuticals, Inc.
 
2,016
1,494,763
Republic Services, Inc.
 
7,087
1,524,343
Robinhood Markets, Inc., Class A(a)
 
13,245
1,317,613
Roblox Corp., Class A(a)
 
11,482
755,056
Royal Caribbean Cruises Ltd.
 
5,023
1,630,717
S&P Global, Inc.
 
6,196
3,270,187
Salesforce, Inc.
 
16,940
3,596,193
Sanofi S.A.
 
24,572
2,326,132
Seagate Technology Holdings PLC
 
4,935
2,011,950
Sempra
 
16,263
1,415,044
ServiceNow, Inc.(a)
 
18,922
2,214,063
Sherwin-Williams Co. (The)
 
4,717
1,672,837
Simon Property Group, Inc.
 
9,196
1,759,287
SLB Ltd.
 
42,218
2,042,507
Snowflake, Inc., Class A(a)
 
6,030
1,161,981
Starbucks Corp.
 
21,225
1,951,639
Strategy, Inc., Class A(a)
 
4,608
689,864
Stryker Corp.
 
5,963
2,203,686
Super Micro Computer, Inc.(a)(b)
 
13,109
381,603
Swiss Re AG(a)(b)
 
7,583
1,216,361
Synopsys, Inc.(a)
 
3,972
1,847,437
Sysco Corp.
 
16,427
1,377,404
Take-Two Interactive Software, Inc.(a)
 
5,383
1,185,875
Target Corp.
 
10,955
1,155,424
Tesla, Inc.(a)
 
43,606
18,768,458
Texas Instruments, Inc.
 
15,516
3,344,474
Thermo Fisher Scientific, Inc.
 
6,672
3,860,486
TJX Cos., Inc. (The)
 
19,885
2,978,972
T-Mobile US, Inc.
 
10,009
1,973,875
Trane Technologies PLC
 
5,071
2,132,761
TransDigm Group, Inc.
 
1,558
2,224,107
Travelers Cos., Inc. (The)
 
5,191
1,476,891
 
Shares
Value
United States-(continued)
Trimble, Inc.(a)
 
13,689
$925,376
Truist Financial Corp.
 
31,486
1,619,010
U.S. Bancorp
 
30,815
1,729,030
Uber Technologies, Inc.(a)
 
33,563
2,686,718
Union Pacific Corp.
 
11,079
2,604,673
United Parcel Service, Inc., Class B
 
12,510
1,328,812
United Rentals, Inc.
 
1,374
1,074,550
UnitedHealth Group, Inc.
 
14,625
4,196,351
Veeva Systems, Inc., Class A(a)
 
3,702
754,912
Ventas, Inc.
 
17,631
1,369,400
Verisk Analytics, Inc.
 
6,474
1,407,836
Verizon Communications, Inc.
 
80,099
3,566,008
Vertex Pharmaceuticals, Inc.(a)
 
4,726
2,220,747
Vertiv Holdings Co., Class A
 
7,499
1,396,164
Visa, Inc., Class A
 
27,980
9,004,803
Walmart, Inc.
 
71,693
8,541,504
Walt Disney Co. (The)
 
31,311
3,531,881
Warner Bros. Discovery, Inc.(a)
 
46,143
1,270,778
Waste Management, Inc.
 
9,472
2,105,057
Wells Fargo & Co.
 
51,717
4,679,871
Welltower, Inc.
 
15,092
2,842,729
Western Digital Corp.
 
7,915
1,980,570
Williams Cos., Inc. (The)
 
26,181
1,760,934
Willis Towers Watson PLC
 
4,083
1,296,230
Workday, Inc., Class A(a)
 
5,336
937,162
Xylem, Inc.
 
10,013
1,380,492
Yum! Brands, Inc.
 
8,279
1,287,385
 
 
939,445,888
Total Common Stocks & Other Equity Interests
(Cost $1,137,702,620)
1,442,218,120
Money Market Funds-0.02%
Invesco Government & Agency Portfolio,
Institutional Class, 3.61%(d)(e)
(Cost $256,231)
 
256,231
256,231
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.84%
(Cost $1,137,958,851)
1,442,474,351
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-1.15%
Invesco Private Government Fund,
3.65%(d)(e)(f)
 
4,579,016
4,579,016
Invesco Private Prime Fund, 3.80%(d)(e)(f)
 
11,990,610
11,994,207
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $16,573,223)
16,573,223
TOTAL INVESTMENTS IN SECURITIES-100.99%
(Cost $1,154,532,074)
1,459,047,574
OTHER ASSETS LESS LIABILITIES-(0.99)%
(14,324,976
)
NET ASSETS-100.00%
$1,444,722,598
See accompanying notes which are an integral part of this schedule.

Invesco MSCI Global Climate 500 ETF (KLMT)—(continued)
January 31, 2026
(Unaudited)
Investment Abbreviations:
ADR-American Depositary Receipt
NVDR-Non-Voting Depositary Receipt
PC-Participation Certificate
REIT-Real Estate Investment Trust
Rts.-Rights
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, 2026.
(c)
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, 2026 was $4,325,971, which represented less than 1% of the Fund’s Net Assets.
(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 three months ended January 31, 2026.
 
Value
October 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
January 31, 2026
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$-
$11,426,287
$(11,170,056
)
$-
$-
$256,231
$5,573
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
4,071,183
17,863,850
(17,356,017
)
-
-
4,579,016
48,509
*
Invesco Private Prime
Fund
10,604,888
42,247,029
(40,857,710
)
109
(109
)
11,994,207
129,689
*
Total
$14,676,071
$71,537,166
$(69,383,783
)
$109
$(109
)
$16,829,454
$183,771
*
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, 2026.
(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
Invesco MSCI Global Timber ETF (CUT)
January 31, 2026
(Unaudited)
 
Shares
Value
Common Stocks & Other Equity Interests-99.91%
Austria-3.34%
Mondi PLC(a)
 
106,168
$1,244,239
Brazil-6.48%
Dexco S.A.
 
110,938
121,416
Klabin S.A.
 
196,917
720,639
Suzano S.A.
 
167,253
1,575,878
 
 
2,417,933
Canada-5.38%
Canfor Corp.(b)
 
13,863
146,805
Cascades, Inc.
 
18,188
171,786
Resolute Forest Products, Inc.(b)(c)
 
13,637
0
Stella-Jones, Inc.
 
11,932
804,484
West Fraser Timber Co. Ltd.
 
12,887
884,955
 
 
2,008,030
Chile-1.10%
Empresas CMPC S.A.
 
270,348
410,280
China-1.75%
Lee & Man Paper Manufacturing Ltd.
 
308,831
141,214
Nine Dragons Paper Holdings Ltd.(b)
 
394,309
415,539
Shandong Sun Paper Industry JSC Ltd., A
Shares
 
39,300
95,038
 
 
651,791
Finland-11.45%
Huhtamaki OYJ
 
23,301
820,710
Metsa Board OYJ(a)
 
38,849
121,118
Stora Enso OYJ, Class R(a)
 
140,080
1,618,451
UPM-Kymmene OYJ(a)
 
61,704
1,708,474
 
 
4,268,753
India-0.48%
Century Plyboards (India) Ltd.
 
13,354
116,620
JK Paper Ltd.
 
17,844
63,585
 
 
180,205
Indonesia-1.26%
PT Indah Kiat Pulp & Paper Tbk
 
591,741
322,230
PT Pabrik Kertas Tjiwi Kimia Tbk
 
335,887
147,298
 
 
469,528
Japan-5.19%
Daio Paper Corp.
 
20,363
128,200
Hokuetsu Corp.(a)
 
24,846
146,516
Nippon Paper Industries Co. Ltd.
 
23,686
180,442
Oji Holdings Corp.
 
182,979
1,087,383
Rengo Co. Ltd.
 
45,616
392,047
 
 
1,934,588
Norway-0.45%
Elopak ASA
 
32,259
168,209
Portugal-1.00%
Altri SGPS S.A.(a)
 
14,755
75,982
Navigator Co. S.A. (The)(a)
 
51,211
194,549
Semapa-Sociedade de Investimento e Gestao
 
3,822
101,747
 
 
372,278
Russia-0.00%
Segezha Group PJSC(b)(c)(d)
 
1,310,077
0
Saudi Arabia-0.32%
Middle East Paper Co.(b)
 
9,952
54,863
Saudi Paper Manufacturing Co.(b)
 
4,247
63,933
 
 
118,796
 
Shares
Value
South Africa-0.43%
Sappi Ltd.(a)
 
144,870
$161,134
Spain-0.19%
Ence Energia y Celulosa S.A.(a)(b)
 
26,674
70,494
Sweden-7.26%
Billerud AB
 
53,966
439,098
Holmen AB, Class B(a)
 
16,946
639,150
Svenska Cellulosa AB S.C.A., Class B(a)
 
129,324
1,629,362
 
 
2,707,610
Switzerland-3.06%
SIG Group AG(a)(b)
 
73,554
1,142,567
Taiwan-0.77%
Cheng Loong Corp.
 
169,000
95,023
YFY, Inc.
 
240,000
190,633
 
 
285,656
Thailand-0.56%
SCG Packaging PCL, NVDR
 
327,510
207,102
United States-49.44%
Amcor PLC(a)
 
41,401
1,831,994
Avery Dennison Corp.
 
10,011
1,857,141
Eightco Holdings, Inc.(b)
 
19,284
27,962
Graphic Packaging Holding Co.(a)
 
71,260
1,043,959
International Paper Co.
 
45,589
1,838,149
Louisiana-Pacific Corp.
 
15,076
1,262,464
Packaging Corp. of America
 
8,691
1,934,182
Rayonier, Inc.
 
68,960
1,568,150
Sealed Air Corp.(a)
 
35,386
1,481,966
Smurfit WestRock PLC
 
49,181
2,047,405
Sonoco Products Co.
 
23,725
1,138,800
Sylvamo Corp.
 
8,245
403,510
Weyerhaeuser Co.
 
77,508
1,998,156
 
 
18,433,838
Total Common Stocks & Other Equity Interests
(Cost $39,043,973)
37,253,031
Money Market Funds-0.03%
Invesco Government & Agency Portfolio,
Institutional Class, 3.61%(e)(f)
(Cost $8,861)
 
8,861
8,861
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from
securities on loan)-99.94%
(Cost $39,052,834)
37,261,892
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-26.37%
Invesco Private Government Fund,
3.65%(e)(f)(g)
 
2,638,178
2,638,178
Invesco Private Prime Fund, 3.80%(e)(f)(g)
 
7,193,079
7,195,237
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $9,833,415)
9,833,415
TOTAL INVESTMENTS IN SECURITIES-126.31%
(Cost $48,886,249)
47,095,307
OTHER ASSETS LESS LIABILITIES-(26.31)%
(9,808,788
)
NET ASSETS-100.00%
$37,286,519
See accompanying notes which are an integral part of this schedule.

Invesco MSCI Global Timber ETF (CUT)—(continued)
January 31, 2026
(Unaudited)
Investment Abbreviations:
NVDR-Non-Voting Depositary Receipt
Notes to Schedule of Investments:
(a)
All or a portion of this security was out on loan at January 31, 2026.
(b)
Non-income producing security.
(c)
Security valued using significant unobservable inputs (Level 3). See Note1.
(d)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at January 31, 2026
represented less than 1% 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 three months ended January 31, 2026.
 
Value
October 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
January 31, 2026
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$23,493
$1,059,760
$(1,074,392
)
$-
$-
$8,861
$495
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
2,656,809
6,294,004
(6,312,635
)
-
-
2,638,178
21,017
*
Invesco Private Prime
Fund
6,912,980
11,951,505
(11,669,249
)
144
(143
)
7,195,237
56,618
*
Total
$9,593,282
$19,305,269
$(19,056,276
)
$144
$(143
)
$9,842,276
$78,130
*
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, 2026.
(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
Invesco MSCI Green Building ETF (GBLD)
January 31, 2026
(Unaudited)
 
Shares
Value
Common Stocks & Other Equity Interests-99.74%
Australia-2.94%
Abacus Group
 
8,926
$7,219
Centuria Office REIT(a)
 
7,711
5,769
Cromwell Property Group
 
31,262
8,968
Growthpoint Properties Australia Ltd.
 
5,252
8,413
Vicinity Ltd.
 
76,726
131,688
 
 
162,057
Austria-0.33%
CA Immobilien Anlagen AG(a)
 
604
18,089
Brazil-0.73%
ALLOS S.A.
 
6,868
40,535
Canada-1.82%
First Capital REIT
 
2,054
30,018
Morguard Corp.
 
53
1,205
RioCan REIT(a)
 
2,850
41,061
SmartCentres REIT(a)
 
1,426
28,106
 
 
100,390
China-0.30%
China Merchants Shekou Industrial Zone Holdings
Co. Ltd.
 
10,800
16,422
Finland-0.14%
Citycon OYJ(b)
 
1,660
7,512
France-11.41%
Carmila S.A.
 
1,242
24,120
Covivio S.A.
 
1,095
70,209
Gecina S.A.
 
903
83,243
Klepierre S.A.(a)
 
4,227
163,429
Mercialys S.A.
 
1,837
23,197
Unibail-Rodamco-Westfield
 
2,393
265,542
 
 
629,740
Hong Kong-4.49%
Fortune REIT
 
30,564
19,871
Hang Lung Group Ltd.
 
16,116
34,715
Hang Lung Properties Ltd.
 
34,900
42,126
Henderson Land Development Co. Ltd.(a)
 
28,483
113,329
Hysan Development Co. Ltd.
 
12,000
32,967
Yuexiu REIT
 
46,253
5,031
 
 
248,039
India-3.28%
Brookfield India Real Estate Trust(c)
 
8,774
33,686
Embassy Office Parks REIT
 
16,715
78,947
Mahindra Lifespace Developers Ltd.
 
2,130
8,511
Max Estates Ltd.(b)
 
1,121
4,697
Mindspace Business Parks REIT(c)
 
4,179
22,656
Nesco Ltd.
 
422
5,235
Nexus Select Trust
 
16,337
27,417
 
 
181,149
Japan-25.15%
Activia Properties, Inc.
 
39
36,542
AEON REIT Investment Corp.(a)
 
31
26,917
CRE Logistics REIT, Inc.
 
11
11,888
Daiwa House REIT Investment Corp.
 
86
75,177
Daiwa Office Investment Corp.
 
11
26,292
Frontier Real Estate Investment Corp.
 
48
28,370
Fukuoka REIT Corp.
 
14
16,935
Global One Real Estate Investment Corp.
 
19
16,818
GLP J-Reit
 
89
82,078
Hulic Reit, Inc.
 
25
27,921
 
Shares
Value
Japan-(continued)
Isetan Mitsukoshi Holdings Ltd.
 
6,341
$102,094
Japan Excellent, Inc.(a)
 
21
20,372
Japan Logistics Fund, Inc.
 
49
32,115
Japan Metropolitan Fund Investment Corp.
 
141
111,338
Japan Prime Realty Investment Corp.
 
66
44,905
Japan Real Estate Investment Corp.
 
126
101,986
LaSalle Logiport REIT
 
35
35,639
Mirai Corp.
 
38
12,315
Mitsubishi Estate Logistics REIT Investment Corp.
 
28
23,884
Mori Hills REIT Investment Corp.(a)
 
28
26,350
Nippon Building Fund, Inc.
 
153
142,381
Nippon Prologis REIT, Inc.
 
131
76,689
Nomura Real Estate Master Fund, Inc.
 
78
84,554
NTT UD REIT Investment Corp.
 
28
25,903
ORIX JREIT, Inc.
 
103
69,205
Sekisui House Reit, Inc.
 
80
47,130
SOSiLA Logistics REIT, Inc.
 
14
11,628
United Urban Investment Corp.
 
61
70,704
 
 
1,388,130
Mauritius Island-0.22%
Lighthouse Properties PLC
 
22,952
12,305
Mexico-3.34%
Fibra Uno Administracion S.A. de C.V.(a)
 
55,924
87,624
Prologis Property Mexico S.A. de C.V.
 
20,855
96,539
 
 
184,163
Netherlands-0.80%
Eurocommercial Properties N.V.
 
867
25,668
Wereldhave N.V.
 
738
18,351
 
 
44,019
Romania-1.97%
NEPI Rockcastle N.V.(b)
 
11,876
108,934
Singapore-12.74%
CapitaLand Ascendas REIT
 
76,933
172,586
CapitaLand India Trust
 
18,494
18,089
CapitaLand Integrated Commercial Trust
 
119,646
225,173
City Developments Ltd.
 
9,774
71,393
Frasers Centrepoint Trust
 
25,744
45,440
Frasers Logistics & Commercial Trust(c)
 
55,444
44,177
Keppel REIT
 
65,525
50,930
Lendlease Global Commercial REIT
 
43,480
21,872
Mapletree Pan Asia Commercial Trust
 
46,191
53,104
 
 
702,764
South Africa-0.94%
Redefine Properties Ltd.
 
133,819
51,710
Spain-3.07%
Colonial SFL Socimi S.A.(a)
 
5,510
34,204
Merlin Properties SOCIMI S.A.
 
7,752
115,793
Neinor Homes S.A.(b)(c)
 
803
19,203
 
 
169,200
Sweden-1.28%
Atrium Ljungberg AB
 
5,142
19,597
Fabege AB(a)
 
3,892
36,174
FastPartner AB, Class A
 
911
4,714
Platzer Fastigheter Holding AB, Class B(a)
 
1,198
10,042
 
 
70,527
Switzerland-4.88%
Swiss Prime Site AG
 
1,577
269,515
See accompanying notes which are an integral part of this schedule.

Invesco MSCI Green Building ETF (GBLD)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
United Kingdom-3.91%
Berkeley Group Holdings PLC (The)
 
1,878
$106,407
Crest Nicholson Holdings PLC
 
4,601
9,650
Tritax Big Box REIT PLC
 
43,779
99,659
 
 
215,716
United States-16.00%
American Assets Trust, Inc.
 
973
17,572
Beazer Homes USA, Inc.(b)
 
562
12,122
Brandywine Realty Trust(a)
 
3,450
9,763
BXP, Inc.
 
2,957
191,229
Cousins Properties, Inc.
 
3,293
83,115
Douglas Emmett, Inc.(a)
 
3,273
34,563
Empire State Realty Trust, Inc., Class A(a)
 
2,844
18,856
Highwoods Properties, Inc.
 
2,103
54,363
Hudson Pacific Properties, Inc.(a)(b)
 
1,075
9,267
JBG SMITH Properties, (Acquired 03/02/2022 -
12/18/2025; Cost $28,155)(d)
 
1,225
20,629
KB Home
 
1,270
73,076
Kilroy Realty Corp.
 
2,203
75,959
Meritage Homes Corp.
 
1,396
97,036
Piedmont Realty Trust, Inc., Class A
 
2,471
20,806
SL Green Realty Corp.(a)
 
1,393
62,379
Vornado Realty Trust
 
3,202
102,080
 
 
882,815
Total Common Stocks & Other Equity Interests
(Cost $5,835,942)
5,503,731
 
Shares
Value
Money Market Funds-0.03%
Invesco Government & Agency Portfolio,
Institutional Class, 3.61%(e)(f)
(Cost $1,528)
 
1,528
$1,528
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from
securities on loan)-99.77%
(Cost $5,837,470)
5,505,259
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-11.79%
Invesco Private Government Fund, 3.65%(e)(f)(g)
 
180,886
180,886
Invesco Private Prime Fund, 3.80%(e)(f)(g)
 
469,673
469,814
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $650,700)
650,700
TOTAL INVESTMENTS IN SECURITIES-111.56%
(Cost $6,488,170)
6,155,959
OTHER ASSETS LESS LIABILITIES-(11.56)%
(637,671
)
NET ASSETS-100.00%
$5,518,288
Investment Abbreviations:
REIT-Real Estate Investment Trust
Notes to Schedule of Investments:
(a)
All or a portion of this security was out on loan at January 31, 2026.
(b)
Non-income producing security.
(c)
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, 2026 was $119,722, which represented 2.17% of the Fund’s Net Assets.
(d)
Restricted security. The value of this security at January 31, 2026 represented 0.37% 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 three months ended January 31, 2026.
 
Value
October 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
January 31, 2026
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$4,292
$119,146
$(121,910
)
$-
$-
$1,528
$39
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
186,081
809,297
(814,492
)
-
-
180,886
1,685
*
Invesco Private Prime Fund
484,496
1,536,667
(1,551,349
)
6
(6
)
469,814
4,400
*
Total
$674,869
$2,465,110
$(2,487,751
)
$6
$(6
)
$652,228
$6,124
*
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 MSCI Green Building ETF (GBLD)—(continued)
January 31, 2026
(Unaudited)
(f)
The rate shown is the 7-day SEC standardized yield as of January 31, 2026.
(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
Invesco RAFI Developed Markets ex-U.S. ETF (PXF)
January 31, 2026
(Unaudited)
 
Shares
Value
Common Stocks & Other Equity Interests-99.85%
Australia-6.34%
AGL Energy Ltd.
 
138,803
$878,560
Ampol Ltd.(a)
 
61,941
1,251,944
ANZ Group Holdings Ltd.
 
274,020
7,013,213
APA Group
 
108,387
671,308
Aristocrat Leisure Ltd.
 
19,664
734,919
Aurizon Holdings Ltd.
 
357,694
920,491
Bendigo & Adelaide Bank Ltd.
 
55,209
422,941
BHP Group Ltd.
 
648,189
22,459,821
BlueScope Steel Ltd.
 
98,854
2,075,633
Brambles Ltd.
 
78,446
1,225,039
Coles Group Ltd.
 
110,999
1,649,885
Commonwealth Bank of Australia
 
70,170
7,307,874
Computershare Ltd.
 
18,458
421,720
Coronado Global Resources, Inc., CDI(a)(b)
 
782,668
221,688
CSL Ltd.
 
19,963
2,530,707
Dexus
 
120,372
564,955
Downer EDI Ltd.
 
79,169
444,159
Dyno Nobel Ltd.
 
294,762
722,220
EBOS Group Ltd.
 
11,326
176,260
Endeavour Group Ltd.(a)
 
222,159
574,157
Fortescue Ltd.
 
274,050
3,992,419
Glencore PLC(c)
 
3,583,906
24,502,425
Goodman Group
 
42,602
910,483
GPT Group (The)
 
164,143
606,701
Insurance Australia Group Ltd.
 
145,784
773,230
James Hardie Industries PLC, CDI(c)
 
25,282
579,574
JB Hi-Fi Ltd.
 
9,025
511,540
Lendlease Corp. Ltd.
 
100,037
336,794
Macquarie Group Ltd.
 
19,184
2,832,422
Medibank Pvt. Ltd.
 
214,063
691,000
Metcash Ltd.
 
208,914
484,539
Mineral Resources Ltd.(c)
 
21,494
850,575
Mirvac Group
 
479,115
669,392
National Australia Bank Ltd.
 
195,389
5,904,775
Northern Star Resources Ltd.
 
48,741
901,425
Orica Ltd.
 
39,228
703,031
Origin Energy Ltd.
 
148,568
1,225,801
QBE Insurance Group Ltd.
 
99,551
1,372,653
Ramsay Health Care Ltd.
 
23,356
592,727
Rio Tinto Ltd.(a)
 
60,980
6,391,510
Rio Tinto PLC
 
181,558
16,611,550
Santos Ltd.
 
425,879
2,089,432
Scentre Group
 
411,629
1,173,580
Sonic Healthcare Ltd.
 
62,540
1,006,161
South32 Ltd.
 
754,529
2,404,665
Stockland
 
228,275
859,267
Suncorp Group Ltd.
 
93,167
1,103,371
Telstra Group Ltd.
 
365,182
1,248,114
Transurban Group
 
136,162
1,325,008
Treasury Wine Estates Ltd.(a)
 
87,510
328,063
Vicinity Ltd.
 
392,121
673,013
Viva Energy Group Ltd.(b)
 
297,434
374,587
Washington H Soul Pattinson & Co. Ltd.(a)
 
2,396
64,537
Wesfarmers Ltd.
 
58,052
3,369,020
Westpac Banking Corp.
 
254,585
6,881,731
Whitehaven Coal Ltd.
 
204,583
1,257,469
Woodside Energy Group Ltd.(a)
 
272,649
4,843,065
Woolworths Group Ltd.
 
114,180
2,465,127
Worley Ltd.
 
88,063
824,060
 
 
156,002,330
 
Shares
Value
Austria-0.44%
ams-OSRAM AG(c)
 
46,986
$490,782
BAWAG Group AG(b)(c)
 
5,787
944,821
Erste Group Bank AG
 
20,973
2,736,571
Mondi PLC
 
83,429
977,749
OMV AG
 
38,281
2,282,439
Raiffeisen Bank International AG
 
25,042
1,266,834
voestalpine AG
 
34,771
1,657,110
Wienerberger AG
 
16,432
545,123
 
 
10,901,429
Belgium-0.65%
Ackermans & van Haaren N.V.
 
1,653
490,844
Ageas S.A./N.V.
 
18,086
1,289,317
Anheuser-Busch InBev S.A./N.V.
 
86,537
6,251,798
KBC Group N.V.
 
19,597
2,771,543
Proximus SADP(a)
 
55,323
506,592
Syensqo S.A.(a)
 
11,305
954,924
UCB S.A.
 
5,786
1,769,540
Umicore S.A.
 
80,285
1,915,484
 
 
15,950,042
Brazil-0.13%
Wheaton Precious Metals Corp.
 
7,593
1,005,877
Yara International ASA
 
49,104
2,264,351
 
 
3,270,228
Canada-8.01%
Agnico Eagle Mines Ltd.
 
14,439
2,759,953
Algonquin Power & Utilities Corp.
 
116,935
771,996
Alimentation Couche-Tard, Inc.
 
88,569
4,633,333
AltaGas Ltd.
 
32,266
978,595
ARC Resources Ltd.
 
60,059
1,120,770
ATCO Ltd., Class I
 
14,327
625,494
AtkinsRealis Group, Inc.
 
6,956
490,873
B2Gold Corp.(a)
 
172,454
844,345
Bank of Montreal(a)
 
47,966
6,566,080
Bank of Nova Scotia (The)
 
125,486
9,433,574
Barrick Mining Corp.
 
147,675
6,787,499
BCE, Inc.(a)
 
88,078
2,289,514
Brookfield Corp.
 
97,508
4,469,462
CAE, Inc.(c)
 
14,850
478,569
Canadian Apartment Properties REIT(a)
 
17,545
499,601
Canadian Imperial Bank of Commerce
 
63,462
5,897,469
Canadian National Railway Co.
 
33,175
3,209,093
Canadian Natural Resources Ltd.(a)
 
232,685
8,699,806
Canadian Pacific Kansas City Ltd.
 
39,663
2,964,730
Canadian Tire Corp. Ltd., Class A(a)
 
9,978
1,234,364
Capital Power Corp.
 
10,405
459,106
CCL Industries, Inc., Class B
 
9,760
591,445
Celestica, Inc.(c)
 
2,654
749,917
Cenovus Energy, Inc.
 
281,103
5,577,844
CGI, Inc., Class A
 
15,612
1,345,435
Constellation Software, Inc.
 
271
502,908
Dollarama, Inc.
 
4,461
604,507
Element Fleet Management Corp.(a)
 
20,225
515,277
Emera, Inc.(a)
 
23,845
1,188,420
Empire Co. Ltd., Class A
 
23,592
774,931
Enbridge, Inc.
 
185,241
9,092,766
Fairfax Financial Holdings Ltd.
 
1,448
2,402,868
Finning International, Inc.
 
16,937
1,068,014
Fortis, Inc.
 
38,377
2,057,505
Franco-Nevada Corp.
 
3,664
862,433
George Weston Ltd.
 
17,763
1,245,765
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
Canada-(continued)
Gildan Activewear, Inc.(a)
 
12,065
$788,237
Great-West Lifeco, Inc.
 
18,344
863,454
H&R REIT
 
53,508
424,776
Hydro One Ltd.(a)(b)
 
19,707
783,390
iA Financial Corp., Inc.
 
7,266
897,740
Imperial Oil Ltd.
 
21,057
2,139,210
Intact Financial Corp.
 
8,142
1,490,591
Keyera Corp.
 
20,463
696,783
Kinross Gold Corp.
 
52,939
1,676,346
Linamar Corp.
 
10,163
647,838
Loblaw Cos. Ltd.
 
43,838
1,983,498
Magna International, Inc.
 
95,286
4,898,171
Manulife Financial Corp.
 
131,224
5,026,466
Methanex Corp.(a)
 
11,914
571,615
Metro, Inc.
 
19,736
1,317,385
National Bank of Canada
 
19,888
2,382,918
Northland Power, Inc.(a)
 
32,196
446,272
Nutrien Ltd.
 
104,685
7,247,512
Onex Corp.
 
5,315
455,375
Open Text Corp.
 
28,531
732,791
Pan American Silver Corp.(a)
 
16,262
890,948
Pembina Pipeline Corp.
 
54,775
2,288,646
Power Corp. of Canada
 
44,738
2,268,699
Quebecor, Inc., Class B
 
14,611
535,929
RB Global, Inc.(a)
 
4,764
543,754
Restaurant Brands International, Inc.
 
15,649
1,054,284
RioCan REIT(a)
 
43,776
630,705
Rogers Communications, Inc., Class B
 
53,631
2,035,693
Royal Bank of Canada
 
78,219
13,095,899
Saputo, Inc.
 
32,880
997,460
Shopify, Inc., Class A(c)
 
8,451
1,115,047
Sun Life Financial, Inc.
 
41,422
2,624,530
Suncor Energy, Inc.
 
196,285
10,432,102
TC Energy Corp.
 
69,478
4,096,388
Teck Resources Ltd., Class B
 
69,920
3,773,403
TELUS Corp.
 
74,984
1,052,096
TFI International, Inc.
 
7,521
812,722
Thomson Reuters Corp.
 
4,925
547,182
Toromont Industries Ltd.
 
4,599
589,076
Toronto-Dominion Bank (The)
 
132,523
12,454,216
Tourmaline Oil Corp.
 
35,160
1,673,161
Vermilion Energy, Inc.
 
52,136
506,672
West Fraser Timber Co. Ltd.
 
20,442
1,403,760
Whitecap Resources, Inc.(a)
 
181,106
1,661,069
WSP Global, Inc.
 
4,580
890,295
 
 
197,238,365
Chile-0.10%
Antofagasta PLC
 
22,769
1,131,455
Lundin Mining Corp.
 
54,781
1,389,600
 
 
2,521,055
China-0.17%
China Gas Holdings Ltd.(a)
 
515,400
510,688
GCL Technology Holdings Ltd.(a)(c)
 
2,877,000
398,162
JOYY, Inc., ADR
 
11,721
754,247
Kingboard Holdings Ltd.
 
122,000
494,540
Sino Biopharmaceutical Ltd.
 
712,000
604,322
SITC International Holdings Co. Ltd.
 
149,937
560,063
Wilmar International Ltd.(a)
 
337,014
902,040
 
 
4,224,062
 
Shares
Value
Colombia-0.02%
Parex Resources, Inc.
 
38,192
$569,714
Denmark-0.75%
Carlsberg A/S, Class B
 
8,893
1,213,455
Coloplast A/S, Class B
 
5,574
476,908
Danske Bank A/S
 
43,135
2,205,748
DSV A/S
 
9,469
2,672,361
Genmab A/S(c)
 
3,134
1,024,777
ISS A/S
 
15,084
574,166
Novo Nordisk A/S, Class B
 
98,310
5,859,102
Novonesis (Novozymes) B, Class B
 
10,435
641,748
Orsted A/S(b)(c)
 
41,201
930,245
Pandora A/S
 
3,566
289,709
Rockwool A/S
 
10,896
369,315
Tryg A/S
 
19,461
474,705
Vestas Wind Systems A/S
 
53,211
1,618,849
 
 
18,351,088
Finland-1.23%
Elisa OYJ
 
10,525
467,263
Fortum OYJ(a)
 
58,064
1,376,585
Huhtamaki OYJ
 
11,202
394,558
Kesko OYJ, Class B(a)
 
35,667
905,412
Kone OYJ, Class B
 
19,380
1,397,795
Metso OYJ(a)
 
38,035
746,311
Neste OYJ
 
131,406
3,368,942
Nokia OYJ
 
890,203
5,754,522
Nordea Bank Abp
 
333,276
6,462,390
Orion OYJ, Class B
 
5,968
495,333
Outokumpu OYJ(a)
 
162,343
914,790
Sampo OYJ
 
191,973
2,148,711
Stora Enso OYJ, Class R(a)
 
126,527
1,461,863
TietoEVRY OYJ(a)
 
21,954
478,301
UPM-Kymmene OYJ(a)
 
80,636
2,232,668
Valmet OYJ(a)
 
14,151
486,665
Wartsila OYJ Abp
 
26,867
1,093,141
 
 
30,185,250
France-7.28%
Accor S.A.
 
11,593
632,728
Air Liquide S.A.
 
26,341
4,950,576
Airbus SE
 
18,336
4,213,258
Alstom S.A.(c)
 
50,210
1,608,941
Amundi S.A.(b)
 
6,480
578,222
Arkema S.A.
 
16,881
1,020,298
AXA S.A.
 
157,815
7,222,337
Ayvens S.A.(b)
 
47,850
696,238
BNP Paribas S.A.
 
132,636
14,394,304
Bollore SE
 
90,621
518,544
Bouygues S.A.
 
34,637
1,879,055
Bureau Veritas S.A.(a)
 
14,197
458,693
Capgemini SE
 
15,306
2,386,848
Carrefour S.A.
 
223,956
3,681,527
Cie de Saint-Gobain S.A.
 
41,130
4,074,488
Cie Generale des Etablissements Michelin
S.C.A.
 
112,534
4,194,184
Clariane SE(a)(c)
 
88,984
403,331
Covivio S.A.
 
6,516
417,791
Credit Agricole S.A.
 
111,534
2,424,192
Danone S.A.
 
47,648
3,747,241
Dassault Systemes SE
 
23,917
660,220
Eiffage S.A.
 
14,587
2,171,208
Elis S.A.
 
15,381
448,199
Emeis S.A.(c)
 
34,058
552,008
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
France-(continued)
ENGIE S.A.
 
220,094
$6,595,064
EssilorLuxottica S.A.
 
11,544
3,541,759
Eurazeo SE
 
2,580
155,540
Forvia SE(c)
 
112,436
1,842,451
Gecina S.A.
 
6,816
628,330
Hermes International S.C.A.
 
356
859,643
Kering S.A.
 
8,546
2,677,552
Klepierre S.A.(a)
 
17,682
683,642
Legrand S.A.
 
12,364
1,981,173
L’Oreal S.A.
 
10,988
5,066,637
LVMH Moet Hennessy Louis Vuitton SE
 
11,985
7,763,238
Orange S.A.
 
371,266
6,926,890
Pernod Ricard S.A.
 
19,962
1,791,412
Publicis Groupe S.A.
 
15,545
1,559,333
Renault S.A.
 
73,696
2,791,334
Rexel S.A.
 
48,862
2,055,020
Rubis S.C.A.
 
16,618
675,355
Safran S.A.
 
8,625
3,092,819
Schneider Electric SE
 
23,247
6,689,142
SCOR SE
 
26,110
853,938
SEB S.A.
 
5,959
337,358
Societe Generale S.A.
 
97,935
8,613,132
Sodexo S.A.
 
8,658
443,956
SPIE S.A.
 
8,116
446,321
STMicroelectronics N.V.
 
70,103
1,985,523
Teleperformance SE
 
10,247
664,311
Thales S.A.
 
4,114
1,263,971
TotalEnergies SE
 
429,342
31,338,801
Unibail-Rodamco-Westfield
 
14,922
1,655,837
Valeo SE
 
121,906
1,708,765
Veolia Environnement S.A.
 
71,315
2,684,531
Vinci S.A.
 
43,140
6,225,378
Worldline S.A.(a)(b)(c)
 
168,580
286,587
 
 
179,219,174
Germany-8.21%
adidas AG
 
11,705
2,082,868
Allianz SE
 
24,729
10,928,232
Aumovio SE(c)
 
10,893
524,589
Aurubis AG
 
6,090
1,154,172
BASF SE
 
219,641
11,950,818
Bayer AG
 
362,785
19,257,926
Bayerische Motoren Werke AG(a)
 
104,936
10,845,552
Beiersdorf AG
 
4,919
588,864
BioNTech SE, ADR(c)
 
24,702
2,809,853
Brenntag SE
 
17,748
1,083,701
Commerzbank AG
 
63,383
2,614,793
Continental AG
 
30,873
2,438,189
Daimler Truck Holding AG
 
55,227
2,683,736
Deutsche Bank AG
 
158,889
6,292,684
Deutsche Boerse AG
 
5,096
1,295,118
Deutsche Lufthansa AG
 
153,439
1,586,383
Deutsche Post AG
 
138,819
7,792,108
Deutsche Telekom AG
 
321,759
10,836,856
Dr. Ing. h.c. F. Porsche AG, Preference
Shares(a)(b)
 
10,428
509,298
E.ON SE
 
203,117
4,323,713
Evonik Industries AG
 
64,830
1,007,855
Freenet AG
 
12,794
463,657
Fresenius Medical Care AG
 
38,700
1,748,557
Fresenius SE & Co. KGaA
 
63,374
3,557,865
FUCHS SE, Preference Shares(a)
 
9,697
420,692
GEA Group AG
 
9,481
680,378
 
Shares
Value
Germany-(continued)
Hannover Rueck SE
 
2,841
$806,206
Hapag-Lloyd AG(b)
 
1,840
265,296
Heidelberg Materials AG
 
10,880
2,990,525
Henkel AG & Co. KGaA, Preference Shares
 
20,387
1,797,537
Infineon Technologies AG
 
74,026
3,631,706
K+S AG
 
49,391
812,196
KION Group AG
 
11,475
813,476
Knorr-Bremse AG
 
4,547
531,352
LANXESS AG
 
29,456
610,632
LEG Immobilien SE
 
7,258
526,713
Mercedes-Benz Group AG
 
247,054
16,945,979
Merck KGaA
 
10,298
1,539,894
MTU Aero Engines AG
 
1,397
623,325
Muenchener Rueckversicherungs-
Gesellschaft AG in Muenchen, Class R
 
7,602
4,624,110
Porsche Automobil Holding SE, Preference
Shares
 
50,584
2,172,113
Puma SE
 
21,444
550,142
Rheinmetall AG
 
537
1,141,949
RWE AG
 
63,552
4,050,443
SAP SE
 
29,768
5,968,282
Schaeffler AG
 
62,461
739,344
Siemens AG
 
44,908
13,626,307
Siemens Energy AG, Class A(c)
 
19,204
3,283,850
Siemens Healthineers AG(b)
 
17,244
863,831
Symrise AG
 
7,471
631,244
Talanx AG
 
3,662
463,566
thyssenkrupp AG
 
179,691
2,404,105
Tkms AG & Co. KGaA(c)
 
7,092
831,834
Traton SE(a)
 
11,969
468,108
Volkswagen AG, Preference Shares(a)
 
135,307
16,472,975
Vonovia SE
 
63,248
1,858,575
Zalando SE(b)(c)
 
18,861
544,323
 
 
202,068,395
Guatemala-0.03%
Millicom International Cellular S.A.
 
12,261
748,289
Hong Kong-1.53%
AIA Group Ltd.
 
770,107
8,887,827
CK Asset Holdings Ltd.
 
303,738
1,779,886
CK Hutchison Holdings Ltd.
 
429,917
3,467,618
CLP Holdings Ltd.
 
195,006
1,843,868
Hang Lung Group Ltd.(a)
 
64,000
137,860
Henderson Land Development Co. Ltd.(a)
 
216,867
862,879
HKT Trust & HKT Ltd.
 
348,000
521,680
Hong Kong & China Gas Co. Ltd. (The)(a)
 
972,425
916,159
Hong Kong Exchanges & Clearing Ltd.
 
18,578
1,024,541
Hongkong Land Holdings Ltd.
 
161,357
1,369,094
Kerry Properties Ltd.
 
106,500
323,408
Link REIT
 
308,576
1,419,195
MTR Corp. Ltd.(a)
 
170,090
752,339
New World Development Co. Ltd.(c)
 
955,075
1,390,030
Pacific Basin Shipping Ltd.
 
1,138,000
447,068
Prudential PLC
 
176,684
2,910,352
Sino Land Co. Ltd.
 
354,000
532,902
Sun Hung Kai Properties Ltd.
 
192,426
3,091,098
Swire Pacific Ltd., Class A(a)
 
72,065
695,633
Swire Properties Ltd.
 
167,600
508,161
Techtronic Industries Co. Ltd.
 
91,334
1,247,229
WH Group Ltd.
 
1,781,800
2,103,341
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
Hong Kong-(continued)
Wharf Real Estate Investment Co. Ltd.
 
224,481
$779,584
Yue Yuen Industrial Holdings Ltd.(a)
 
242,500
541,013
 
 
37,552,765
Indonesia-0.05%
Golden Agri-Resources Ltd.
 
348,276
79,251
Jardine Matheson Holdings Ltd.
 
15,021
1,094,699
 
 
1,173,950
Ireland-0.29%
AerCap Holdings N.V.
 
12,256
1,760,697
AIB Group PLC(c)
 
140,481
1,576,014
Bank of Ireland Group PLC
 
69,263
1,412,354
Glanbia PLC
 
28,174
544,909
Kerry Group PLC, Class A
 
11,729
1,046,397
Kingspan Group PLC
 
8,664
757,152
 
 
7,097,523
Israel-0.55%
Bank Hapoalim B.M.
 
82,093
2,035,531
Bank Leumi le-Israel B.M.
 
83,918
2,023,371
Check Point Software Technologies Ltd.(c)
 
3,949
708,885
ICL Group Ltd.
 
121,911
663,940
Israel Discount Bank Ltd., Class A
 
79,057
934,187
Mizrahi Tefahot Bank Ltd.
 
8,679
680,982
Nice Ltd.(c)
 
3,556
377,258
Oil Refineries Ltd.
 
362,003
119,397
Teva Pharmaceutical Industries Ltd.,
ADR(c)
 
104,256
3,553,044
ZIM Integrated Shipping Services Ltd.(a)
 
104,855
2,309,956
 
 
13,406,551
Italy-2.45%
A2A S.p.A.
 
210,353
636,896
Assicurazioni Generali S.p.A.
 
94,967
3,887,798
Banca Monte dei Paschi di Siena S.p.A.
 
127,956
1,332,207
Banco BPM S.p.A.
 
83,271
1,252,704
BPER Banca S.p.A.
 
77,991
1,102,367
Coca-Cola HBC AG(c)
 
12,231
666,155
Enel S.p.A.
 
845,652
9,377,136
Eni S.p.A.
 
499,401
10,244,356
Ferrari N.V.
 
1,652
553,017
FinecoBank Banca Fineco S.p.A.
 
18,584
494,454
Hera S.p.A.
 
106,476
528,831
Intesa Sanpaolo S.p.A.
 
1,034,606
7,350,954
Iveco Group N.V.
 
28,175
632,525
Leonardo S.p.A.
 
25,570
1,714,957
Moncler S.p.A.
 
8,426
492,711
Nexi S.p.A.(a)(b)
 
73,933
316,800
Poste Italiane S.p.A.(b)
 
29,732
785,928
Prysmian S.p.A.
 
12,520
1,488,291
Ryanair Holdings PLC
 
38,407
1,308,238
Snam S.p.A.
 
160,165
1,104,758
Telecom Italia S.p.A.(c)
 
5,881,130
4,003,839
Terna S.p.A.
 
78,642
855,282
UniCredit S.p.A.
 
106,852
9,345,514
Unipol Assicurazioni S.p.A.(a)
 
34,770
777,199
 
 
60,252,917
Japan-23.05%
Advantest Corp.
 
12,521
2,077,518
AEON Co. Ltd.
 
155,812
2,138,043
AGC, Inc.
 
56,468
2,090,394
Air Water, Inc.
 
34,523
525,731
 
Shares
Value
Japan-(continued)
Aisin Corp.
 
151,342
$2,720,080
Ajinomoto Co., Inc.
 
54,185
1,243,599
Alfresa Holdings Corp.
 
25,533
412,539
Alps Alpine Co. Ltd.
 
56,088
737,016
Amada Co. Ltd.
 
49,516
636,389
ANA Holdings, Inc.
 
44,286
862,596
Asahi Group Holdings Ltd.
 
199,626
2,096,630
Asahi Kasei Corp.
 
237,647
2,312,888
Astellas Pharma, Inc.
 
284,077
3,964,290
Bandai Namco Holdings, Inc.
 
34,603
900,814
Bridgestone Corp.
 
190,868
4,311,180
Brother Industries Ltd.
 
51,481
1,052,976
Canon, Inc.(a)
 
125,925
3,845,440
Central Japan Railway Co.
 
100,438
2,811,111
Chiba Bank Ltd. (The)(a)
 
51,010
692,849
Chubu Electric Power Co., Inc.
 
148,473
2,164,097
Chugai Pharmaceutical Co. Ltd.
 
23,006
1,318,379
Chugoku Electric Power Co., Inc. (The)
 
96,227
616,215
Coca-Cola Bottlers Japan Holdings, Inc.(a)
 
28,537
638,630
COMSYS Holdings Corp.
 
21,518
674,487
Cosmo Energy Holdings Co. Ltd.
 
32,331
972,657
Dai Nippon Printing Co. Ltd.
 
69,669
1,254,067
Daicel Corp.(a)
 
40,941
387,744
Daifuku Co. Ltd.
 
20,272
729,578
Dai-ichi Life Holdings, Inc.
 
342,320
3,020,169
Daiichi Sankyo Co. Ltd.
 
104,955
1,928,969
Daikin Industries Ltd.
 
28,569
3,434,530
Daito Trust Construction Co. Ltd.
 
47,444
966,112
Daiwa House Industry Co. Ltd.
 
86,439
2,954,875
Daiwa Securities Group, Inc.
 
113,201
1,106,650
Daiwabo Holdings Co. Ltd.(a)
 
16,113
317,903
Denka Co. Ltd.
 
26,030
502,645
Denso Corp.
 
376,310
5,238,136
Dentsu Group, Inc.(a)(c)
 
32,252
628,091
DIC Corp.
 
17,928
440,208
Disco Corp.
 
1,930
825,330
Dowa Holdings Co. Ltd.
 
12,725
756,119
East Japan Railway Co.
 
102,919
2,592,079
Ebara Corp.
 
32,727
994,016
Eisai Co. Ltd.
 
51,263
1,433,816
Electric Power Development Co. Ltd.
 
43,087
918,058
ENEOS Holdings, Inc.
 
630,448
5,345,766
EXEO Group, Inc.
 
33,731
564,600
FANUC Corp.
 
65,563
2,641,189
Fast Retailing Co. Ltd.
 
4,402
1,684,952
Fuji Electric Co. Ltd.
 
15,457
1,104,612
Fuji Media Holdings, Inc.
 
10,816
273,243
FUJIFILM Holdings Corp.
 
162,420
3,254,898
Fujikura Ltd.
 
7,972
1,005,224
Fujitsu Ltd.
 
135,246
3,770,096
Fukuoka Financial Group, Inc.
 
17,385
634,235
Furukawa Electric Co. Ltd.
 
11,090
969,170
GS Yuasa Corp.
 
20,109
469,625
Hankyu Hanshin Holdings, Inc.(a)
 
27,122
759,783
Hanwa Co. Ltd.
 
5,112
260,809
Haseko Corp.
 
42,299
869,786
Hino Motors Ltd.(a)(c)
 
173,863
469,506
Hitachi Construction Machinery Co. Ltd.
 
17,302
567,592
Hitachi Ltd.
 
281,827
9,811,133
Honda Motor Co. Ltd.
 
1,240,962
12,521,476
Hoya Corp.
 
10,494
1,766,136
Hulic Co. Ltd.
 
43,827
523,976
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
Japan-(continued)
Ibiden Co. Ltd.
 
24,724
$1,307,545
Idemitsu Kosan Co. Ltd.
 
232,201
1,976,674
IHI Corp.
 
44,455
1,031,853
Iida Group Holdings Co. Ltd.
 
24,852
411,779
INFRONEER Holdings, Inc.
 
46,029
691,639
Inpex Corp.
 
181,365
4,076,511
Isetan Mitsukoshi Holdings Ltd.
 
32,359
520,999
Isuzu Motors Ltd.
 
127,514
2,060,886
ITOCHU Corp.
 
699,525
8,984,748
Iwatani Corp.
 
40,280
479,310
Japan Airlines Co. Ltd.
 
44,993
852,908
Japan Exchange Group, Inc.
 
37,694
412,659
Japan Metropolitan Fund Investment Corp.
 
590
465,884
Japan Post Bank Co. Ltd.
 
197,925
3,528,014
Japan Post Holdings Co. Ltd.
 
312,050
3,767,013
Japan Post Insurance Co. Ltd.
 
39,725
1,234,353
Japan Tobacco, Inc.
 
96,686
3,505,722
JFE Holdings, Inc.(a)
 
217,118
2,932,574
JGC Holdings Corp.
 
47,567
668,768
JTEKT Corp.
 
75,802
897,960
Kajima Corp.
 
50,296
2,058,515
Kaneka Corp.
 
11,313
344,166
Kansai Electric Power Co., Inc. (The)
 
156,425
2,503,841
Kansai Paint Co. Ltd.(a)
 
26,574
425,479
Kao Corp.
 
46,308
1,858,440
Kawasaki Heavy Industries Ltd.
 
14,253
1,193,643
Kawasaki Kisen Kaisha Ltd.(a)
 
42,406
614,756
KDDI Corp.
 
341,356
5,782,127
Keyence Corp.
 
4,677
1,721,368
Kikkoman Corp.
 
56,128
509,355
Kintetsu Group Holdings Co. Ltd.
 
24,967
519,840
Kirin Holdings Co. Ltd.
 
133,013
2,074,690
Kobe Steel Ltd.
 
109,060
1,574,987
Koito Manufacturing Co. Ltd.
 
54,161
850,651
Komatsu Ltd.
 
119,967
4,606,647
Konami Group Corp.
 
3,039
445,203
Konica Minolta, Inc.
 
167,569
735,868
K’s Holdings Corp.
 
39,426
411,355
Kubota Corp.
 
202,973
3,119,965
Kuraray Co. Ltd.
 
70,797
766,767
Kurita Water Industries Ltd.
 
11,142
559,127
Kyocera Corp.
 
233,070
3,508,038
Kyowa Kirin Co. Ltd.
 
29,376
478,439
Kyushu Electric Power Co., Inc.
 
94,561
1,056,057
Kyushu Railway Co.
 
15,916
406,623
Lixil Corp.
 
75,371
867,438
LY Corp.
 
247,158
634,880
Makita Corp.
 
29,174
1,016,952
Marubeni Corp.
 
207,051
6,885,605
MatsukiyoCocokara & Co.
 
36,395
584,896
Mazda Motor Corp.
 
395,619
3,054,297
Mebuki Financial Group, Inc.
 
85,831
649,625
Medipal Holdings Corp.
 
22,517
409,429
MEIJI Holdings Co. Ltd.(a)
 
55,236
1,300,150
MINEBEA MITSUMI, Inc.
 
59,613
1,222,256
MISUMI Group, Inc.
 
33,736
559,474
Mitsubishi Chemical Group Corp.
 
348,284
2,306,896
Mitsubishi Corp.
 
509,218
13,571,909
Mitsubishi Electric Corp.
 
252,649
7,923,891
Mitsubishi Estate Co. Ltd.
 
98,559
2,520,009
Mitsubishi Gas Chemical Co., Inc.
 
42,690
849,616
Mitsubishi HC Capital, Inc.
 
114,478
1,002,281
 
Shares
Value
Japan-(continued)
Mitsubishi Heavy Industries Ltd.
 
137,127
$4,050,646
Mitsubishi Materials Corp.
 
47,391
1,367,578
Mitsubishi Motors Corp.
 
282,661
697,125
Mitsubishi UFJ Financial Group, Inc.
 
653,899
11,880,736
Mitsui & Co. Ltd.
 
354,881
11,629,776
Mitsui Chemicals, Inc.
 
98,638
1,445,878
Mitsui Fudosan Co. Ltd.
 
226,677
2,607,709
Mitsui Kinzoku Co. Ltd.
 
10,755
1,408,173
Mitsui OSK Lines Ltd.(a)
 
53,013
1,667,076
Mizuho Financial Group, Inc.
 
184,692
8,044,938
MS&AD Insurance Group Holdings, Inc.
 
118,241
3,022,259
Murata Manufacturing Co. Ltd.
 
204,086
4,159,560
Nagase & Co. Ltd.
 
13,627
355,323
Nagoya Railroad Co. Ltd.(a)
 
33,187
372,110
NEC Corp.
 
92,484
3,145,338
Nexon Co. Ltd.
 
23,698
568,794
NGK Insulators Ltd.
 
48,722
1,171,065
NH Foods Ltd.
 
24,560
1,118,676
Nichirei Corp.
 
37,374
465,279
Nidec Corp.
 
110,996
1,592,918
Nikon Corp.(a)
 
79,461
1,003,391
Nintendo Co. Ltd.
 
46,969
2,918,009
Nippon Building Fund, Inc.
 
532
495,075
Nippon Electric Glass Co. Ltd.
 
15,283
666,812
Nippon Express Holdings, Inc., Class H
 
59,139
1,347,675
Nippon Paint Holdings Co. Ltd.
 
71,729
477,826
Nippon Paper Industries Co. Ltd.
 
34,416
262,184
Nippon Sanso Holdings Corp.
 
12,525
381,280
Nippon Steel Corp.
 
1,162,481
4,859,821
Nippon Television Holdings, Inc.
 
8,824
212,762
Nippon Yusen K.K.(a)
 
81,578
2,689,741
Nissan Chemical Corp.
 
13,135
454,224
Nissan Motor Co. Ltd.(a)(c)
 
1,850,361
4,524,622
Nisshin Seifun Group, Inc.
 
44,424
565,957
Nissin Foods Holdings Co. Ltd.
 
23,291
474,123
Nissui Corp.
 
62,323
527,089
Niterra Co. Ltd.(a)
 
22,528
988,159
Nitori Holdings Co. Ltd.
 
41,917
718,851
Nitto Denko Corp.
 
69,407
1,547,455
Nomura Holdings, Inc.
 
252,325
2,294,066
Nomura Real Estate Master Fund, Inc.
 
383
415,183
Nomura Research Institute Ltd.
 
17,624
537,867
NSK Ltd.
 
130,469
910,295
NTT, Inc.
 
5,369,175
5,412,865
Obayashi Corp.
 
85,979
1,947,123
Oji Holdings Corp.
 
214,684
1,275,795
Olympus Corp.
 
93,251
1,117,448
Omron Corp.
 
39,109
1,001,091
Ono Pharmaceutical Co. Ltd.
 
82,390
1,231,454
Oriental Land Co. Ltd.
 
21,126
371,039
ORIX Corp.
 
119,229
3,645,329
Osaka Gas Co. Ltd.
 
60,073
2,262,611
Otsuka Corp.
 
24,424
485,812
Otsuka Holdings Co. Ltd.
 
52,925
3,178,804
Pan Pacific International Holdings Corp.
 
92,790
551,148
Panasonic Holdings Corp.
 
492,860
6,779,357
Persol Holdings Co. Ltd.
 
282,633
496,613
Recruit Holdings Co. Ltd.
 
55,723
2,944,655
Renesas Electronics Corp.(c)
 
148,190
2,471,712
Rengo Co. Ltd.
 
64,249
552,189
Resona Holdings, Inc.
 
171,058
2,001,025
Resonac Holdings Corp.(a)
 
35,244
2,053,428
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
Japan-(continued)
Ricoh Co. Ltd.
 
129,435
$1,149,038
Rohm Co. Ltd.
 
71,312
1,252,846
Ryohin Keikaku Co. Ltd.
 
23,160
463,419
Sankyu, Inc.
 
8,103
484,304
Santen Pharmaceutical Co. Ltd.
 
48,825
551,044
Sanwa Holdings Corp.
 
14,841
337,258
SBI Holdings, Inc.
 
33,076
750,406
SCREEN Holdings Co. Ltd.
 
6,339
809,908
Secom Co. Ltd.
 
38,454
1,413,274
Seiko Epson Corp.
 
69,553
897,889
Seino Holdings Co. Ltd.
 
25,753
402,207
Sekisui Chemical Co. Ltd.
 
67,055
1,189,872
Sekisui House Ltd.(a)
 
108,275
2,420,925
Seven & i Holdings Co. Ltd.
 
350,427
5,034,593
SG Holdings Co. Ltd.(a)
 
77,853
751,904
Sharp Corp.(a)(c)
 
68,975
315,799
Shimadzu Corp.
 
22,931
623,493
SHIMAMURA Co. Ltd.
 
7,114
478,362
Shimano, Inc.
 
7,749
886,153
Shimizu Corp.
 
71,219
1,268,872
Shin-Etsu Chemical Co. Ltd.
 
165,048
5,445,127
Shionogi & Co. Ltd.
 
81,246
1,678,211
Shiseido Co. Ltd.
 
62,396
1,069,161
Shizuoka Financial Group, Inc.
 
42,531
697,038
SMC Corp.
 
5,054
1,971,219
SoftBank Corp.
 
2,640,490
3,600,743
SoftBank Group Corp.
 
287,044
7,863,828
Sojitz Corp.
 
42,797
1,565,664
Sompo Holdings, Inc.
 
69,148
2,392,265
Sony Financial Group, Inc.(c)
 
290,578
293,414
Sony Group Corp.
 
354,736
7,846,538
Stanley Electric Co. Ltd.
 
26,781
529,302
Subaru Corp.
 
150,979
3,251,749
SUMCO Corp.(a)
 
87,897
920,621
Sumitomo Chemical Co. Ltd.
 
566,688
1,729,524
Sumitomo Corp.
 
155,727
6,344,430
Sumitomo Electric Industries Ltd.
 
136,909
6,013,241
Sumitomo Forestry Co. Ltd.(a)
 
85,734
932,568
Sumitomo Heavy Industries Ltd.
 
30,158
942,001
Sumitomo Metal Mining Co. Ltd.
 
58,300
3,305,119
Sumitomo Mitsui Financial Group, Inc.
 
311,436
10,995,096
Sumitomo Mitsui Trust Group, Inc.
 
57,697
1,933,257
Sumitomo Realty & Development Co. Ltd.
 
47,356
1,322,997
Sumitomo Rubber Industries Ltd.
 
52,448
848,000
Suntory Beverage & Food Ltd.
 
18,875
599,880
Suzuken Co. Ltd.
 
11,939
482,817
Suzuki Motor Corp.(a)
 
274,113
3,749,665
Sysmex Corp.
 
36,593
347,375
T&D Holdings, Inc.
 
35,196
872,123
Taiheiyo Cement Corp.
 
25,997
716,696
Taisei Corp.
 
18,862
1,887,548
Taiyo Yuden Co. Ltd.(a)
 
25,063
531,688
Takashimaya Co. Ltd.(a)
 
48,268
605,280
Takeda Pharmaceutical Co. Ltd.
 
286,023
9,767,699
TDK Corp.
 
182,380
2,360,919
Teijin Ltd.
 
48,144
467,273
Terumo Corp.
 
77,851
1,021,690
TIS, Inc.
 
16,562
483,492
Tobu Railway Co. Ltd.
 
27,536
487,708
Toho Gas Co. Ltd.
 
13,618
452,577
Tohoku Electric Power Co., Inc.
 
127,091
919,663
Tokio Marine Holdings, Inc.
 
104,111
3,893,060
 
Shares
Value
Japan-(continued)
Tokyo Electric Power Co. Holdings, Inc.(c)
 
662,510
$2,496,661
Tokyo Electron Ltd.
 
22,840
6,105,652
Tokyo Gas Co. Ltd.
 
59,349
2,641,592
Tokyo Tatemono Co. Ltd.
 
21,112
498,423
Tokyu Corp.
 
56,719
642,430
Tokyu Fudosan Holdings Corp.
 
78,543
729,627
TOPPAN Holdings, Inc.
 
42,564
1,319,053
Toray Industries, Inc.
 
277,349
2,052,417
Tosoh Corp.
 
61,495
1,006,889
TOTO Ltd.
 
27,171
856,723
Toyo Seikan Group Holdings Ltd.
 
22,620
569,372
Toyo Suisan Kaisha Ltd.
 
7,424
531,766
Toyo Tire Corp.
 
18,919
511,514
Toyoda Gosei Co. Ltd.
 
20,060
546,755
Toyota Boshoku Corp.
 
29,009
488,696
Toyota Industries Corp.(a)
 
20,403
2,619,150
Toyota Motor Corp.
 
1,296,676
29,485,080
Toyota Tsusho Corp.
 
103,494
3,781,390
Trend Micro, Inc.(c)
 
6,647
261,593
Tsuruha Holdings, Inc.
 
32,135
513,724
UBE Corp.
 
30,529
529,658
Unicharm Corp.
 
95,446
581,541
West Japan Railway Co.(a)
 
51,392
1,053,571
Yakult Honsha Co. Ltd.(a)
 
27,658
448,393
Yamada Holdings Co. Ltd.
 
180,382
634,424
Yamaha Corp.
 
87,544
638,373
Yamaha Motor Co. Ltd.(a)
 
247,158
1,872,513
Yamato Holdings Co. Ltd.
 
70,015
918,395
Yamazaki Baking Co. Ltd.
 
21,596
459,048
Yaskawa Electric Corp.
 
23,246
744,401
Yokogawa Electric Corp.
 
23,719
793,328
Yokohama Financial Group, Inc.
 
89,202
815,061
Yokohama Rubber Co. Ltd. (The)
 
24,528
971,265
 
 
567,368,032
Luxembourg-0.41%
Aperam S.A.
 
15,511
669,836
ArcelorMittal S.A.
 
147,826
8,057,273
Eurofins Scientific SE
 
9,137
741,801
SES S.A., FDR
 
72,462
595,656
 
 
10,064,566
Macau-0.02%
Galaxy Entertainment Group Ltd.
 
105,569
536,536
Netherlands-2.26%
Aalberts N.V.
 
13,716
528,586
ABN AMRO Bank N.V., CVA(b)
 
103,697
3,834,399
Adyen N.V.(b)(c)
 
247
367,592
Akzo Nobel N.V.
 
41,762
2,936,347
argenx SE, ADR(c)
 
596
500,938
ASM International N.V.
 
1,043
879,125
ASML Holding N.V.
 
7,169
10,316,968
ASR Nederland N.V.
 
13,612
992,236
Heineken Holding N.V.
 
15,885
1,185,002
Heineken N.V.
 
25,089
2,078,602
IMCD N.V.(a)
 
3,603
338,003
ING Groep N.V.
 
304,978
9,026,714
JDE Peet’s N.V.
 
16,848
636,581
Koninklijke Ahold Delhaize N.V.
 
172,099
6,753,512
Koninklijke KPN N.V.
 
277,103
1,362,040
Koninklijke Philips N.V.
 
100,268
2,889,725
Magnum Ice Cream Co. N.V. (The)(c)
 
28,882
514,243
NN Group N.V.
 
38,506
3,063,339
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
Netherlands-(continued)
NXP Semiconductors N.V.
 
12,818
$2,898,662
Prosus N.V.(c)
 
26,121
1,507,440
Randstad N.V.(a)
 
28,737
1,032,129
SBM Offshore N.V.
 
19,763
712,467
Universal Music Group N.V.
 
16,735
411,790
Wolters Kluwer N.V.
 
7,917
746,128
 
 
55,512,568
New Zealand-0.03%
Fletcher Building Ltd.(c)
 
109,217
246,661
Spark New Zealand Ltd.
 
285,562
390,473
 
 
637,134
Norway-0.62%
Aker BP ASA
 
57,502
1,698,285
DNB Bank ASA
 
73,778
2,122,394
Equinor ASA
 
217,471
5,864,452
Mowi ASA
 
38,174
882,874
Norsk Hydro ASA
 
245,515
2,186,795
Orkla ASA
 
60,411
721,147
Telenor ASA
 
74,557
1,260,598
Wallenius Wilhelmsen ASA
 
46,037
536,643
 
 
15,273,188
Poland-0.40%
Bank Polska Kasa Opieki S.A.
 
12,370
755,861
KGHM Polska Miedz S.A.(c)
 
18,991
1,770,407
ORLEN S.A.(a)
 
138,938
4,242,568
PGE Polska Grupa Energetyczna S.A.(c)
 
170,839
484,096
Powszechna Kasa Oszczednosci Bank Polski
S.A.
 
34,937
913,020
Powszechny Zaklad Ubezpieczen S.A.
 
57,378
1,134,305
Tauron Polska Energia S.A.(c)
 
176,247
547,647
 
 
9,847,904
Portugal-0.16%
EDP S.A.
 
420,113
2,156,020
Galp Energia SGPS S.A.
 
59,131
1,180,837
Jeronimo Martins SGPS S.A.
 
24,641
583,169
 
 
3,920,026
Russia-0.00%
Evraz PLC(c)(d)
 
48,360
0
Raspadskaya OJSC(c)(d)
 
546
0
 
 
0
Singapore-0.81%
CapitaLand Ascendas REIT
 
265,874
596,442
CapitaLand Integrated Commercial Trust
 
414,939
780,912
ComfortDelGro Corp. Ltd.
 
336,357
389,548
DBS Group Holdings Ltd.
 
100,810
4,697,333
Keppel Ltd.
 
124,170
1,070,823
Olam Group Ltd.
 
114,129
80,363
Oversea-Chinese Banking Corp. Ltd.
 
262,714
4,395,290
Sea Ltd., ADR(c)
 
6,026
701,969
Singapore Airlines Ltd.(a)
 
187,404
937,810
Singapore Telecommunications Ltd.
 
488,373
1,766,693
United Overseas Bank Ltd.
 
112,714
3,405,404
UOL Group Ltd.
 
79,672
682,107
Venture Corp. Ltd.
 
40,896
526,433
 
 
20,031,127
 
Shares
Value
South Africa-0.39%
Anglo American PLC
 
185,212
$8,612,361
Valterra Platinum Ltd.
 
11,678
1,056,852
 
 
9,669,213
South Korea-8.91%
BNK Financial Group, Inc.
 
61,362
707,082
Celltrion, Inc.(c)
 
5,257
765,083
CJ CheilJedang Corp.(a)
 
3,214
475,307
CJ Corp.
 
5,805
876,724
DB Insurance Co. Ltd.
 
6,359
627,821
DL E&C Co. Ltd.(c)
 
11,626
356,928
Doosan Enerbility Co. Ltd.(c)
 
18,920
1,181,101
E-MART, Inc.
 
10,087
636,682
GS Engineering & Construction Corp.(a)
 
26,085
338,635
GS Holdings Corp.
 
15,047
716,701
Hana Financial Group, Inc.
 
41,061
2,853,004
Hankook Tire & Technology Co. Ltd.
 
16,696
738,444
Hanwha Corp.(c)
 
11,067
878,664
Hanwha Solutions Corp.(a)(c)
 
24,855
474,548
HD Hyundai Co. Ltd.
 
7,288
1,182,754
HD Korea Shipbuilding & Offshore
Engineering Co. Ltd.
 
2,736
783,683
HMM Co. Ltd.(a)
 
67,045
929,289
Hyundai Engineering & Construction Co.
Ltd.
 
20,782
1,475,159
Hyundai Glovis Co. Ltd.(a)
 
6,519
1,099,099
Hyundai Mobis Co. Ltd.(a)
 
11,392
3,559,509
Hyundai Motor Co.
 
44,166
15,374,432
Hyundai Steel Co.
 
36,462
791,344
Industrial Bank of Korea(a)
 
40,407
620,809
Kakao Corp.
 
18,123
770,305
KB Financial Group, Inc.
 
43,480
4,069,694
Kia Corp.
 
56,049
5,963,794
Korea Electric Power Corp.(c)
 
70,316
2,836,063
Korea Gas Corp.(c)
 
19,884
552,448
Korea Zinc Co. Ltd.
 
1,023
1,332,655
Korean Air Lines Co. Ltd.(c)
 
42,816
690,328
KT Corp.
 
614
24,292
KT&G Corp.(a)
 
10,286
1,100,069
Kumho Petrochemical Co. Ltd.(c)
 
5,428
542,151
LG Chem Ltd.
 
14,768
3,171,006
LG Corp.(a)
 
13,640
865,845
LG Display Co. Ltd.(a)(c)
 
84,132
678,367
LG Electronics, Inc.
 
34,728
2,381,082
LG H&H Co. Ltd.(a)
 
2,508
455,731
LG Innotek Co. Ltd.(a)
 
5,129
870,913
LG Uplus Corp.
 
62,108
689,999
LOTTE Chemical Corp.(a)
 
8,827
509,422
LS Corp.
 
3,831
604,128
NAVER Corp.
 
10,282
1,954,420
POSCO Holdings, Inc.
 
25,435
6,103,475
Samsung C&T Corp.
 
11,784
2,456,428
Samsung E&A Co. Ltd.
 
24,694
525,644
Samsung Electro-Mechanics Co. Ltd.
 
7,865
1,512,587
Samsung Electronics Co. Ltd.
 
947,987
104,728,655
Samsung Fire & Marine Insurance Co. Ltd.
 
3,145
1,093,442
Samsung Life Insurance Co. Ltd.
 
10,507
1,368,070
Samsung SDI Co. Ltd.(a)(c)
 
9,414
2,534,025
Samsung SDS Co. Ltd.
 
6,341
760,364
Shinhan Financial Group Co. Ltd.
 
71,382
4,171,831
SK hynix, Inc.
 
29,683
18,533,397
SK Innovation Co. Ltd.(a)
 
15,628
1,212,469
SK Telecom Co. Ltd.
 
31,076
1,566,105
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
South Korea-(continued)
SK, Inc.
 
10,190
$2,353,196
S-Oil Corp.(c)
 
10,553
775,277
Woori Financial Group, Inc.
 
104,853
2,193,406
 
 
219,393,885
Spain-2.74%
ACS Actividades de Construccion y
Servicios S.A.
 
16,550
1,863,585
Aena S.M.E. S.A.(b)
 
21,774
678,701
Amadeus IT Group S.A.
 
14,839
998,515
Banco Bilbao Vizcaya Argentaria S.A.
 
448,456
11,424,761
Banco de Sabadell S.A.
 
382,651
1,506,504
Banco Santander S.A.
 
1,529,712
19,602,329
Bankinter S.A.
 
36,666
628,159
CaixaBank S.A.
 
198,898
2,635,017
Cellnex Telecom S.A.(a)(b)
 
22,248
690,631
Enagas S.A.
 
32,979
544,909
Endesa S.A.
 
33,684
1,247,948
Grifols S.A.(a)
 
72,343
928,918
Iberdrola S.A.
 
368,842
8,322,669
Iberdrola S.A., Rts., expiring
03/31/2026(a)(c)
 
368,842
113,735
Industria de Diseno Textil S.A.
 
44,157
2,883,726
Mapfre S.A.(a)
 
139,095
638,771
Merlin Properties SOCIMI S.A.
 
30,899
461,545
Naturgy Energy Group S.A.
 
14,833
467,460
Redeia Corp. S.A.
 
43,708
758,100
Repsol S.A.
 
371,429
7,344,111
Telefonica S.A.(a)
 
874,314
3,552,329
 
 
67,292,423
Sweden-2.06%
Alfa Laval AB
 
12,948
754,659
Assa Abloy AB, Class B
 
51,772
2,106,411
Atlas Copco AB, Class A
 
138,501
2,874,022
Autoliv, Inc.
 
7,877
955,007
Billerud AB(a)
 
42,988
349,775
Boliden AB(c)
 
38,874
2,739,210
Castellum AB(a)
 
41,224
512,802
Electrolux AB, Class B(a)(c)
 
103,907
844,557
Epiroc AB, Class A
 
38,541
1,087,170
EQT AB(a)
 
11,995
458,121
Essity AB, Class B
 
57,334
1,708,177
Evolution AB(a)(b)
 
6,843
447,304
H & M Hennes & Mauritz AB, Class B(a)
 
65,443
1,318,684
Hexagon AB, Class B
 
96,503
1,094,866
Holmen AB, Class B(a)
 
11,077
417,790
Husqvarna AB, Class B
 
95,039
488,545
NIBE Industrier AB, Class B(a)
 
103,504
398,976
Sandvik AB
 
68,200
2,709,777
Securitas AB, Class B(a)
 
48,457
806,330
Skandinaviska Enskilda Banken AB,
Class A(a)
 
116,719
2,524,468
Skanska AB, Class B
 
43,658
1,334,266
SKF AB, Class B(a)
 
47,129
1,239,959
Spotify Technology S.A.(c)
 
941
470,829
SSAB AB, Class A
 
208,715
1,736,375
Svenska Cellulosa AB S.C.A., Class B(a)
 
49,971
629,588
Svenska Handelsbanken AB, Class A(a)
 
124,536
1,975,571
Swedbank AB, Class A
 
85,367
3,339,807
Tele2 AB, Class B
 
61,988
1,147,606
Telefonaktiebolaget LM Ericsson, Class B
 
462,135
5,036,236
Telia Co. AB(a)
 
271,444
1,247,821
 
Shares
Value
Sweden-(continued)
Trelleborg AB, Class B
 
17,095
$696,088
Volvo AB, Class B(a)
 
180,267
6,591,323
Volvo Car AB, Class B(a)(c)
 
217,368
729,909
 
 
50,772,029
Switzerland-3.90%
ABB Ltd.
 
58,498
5,056,188
Adecco Group AG(a)(c)
 
56,114
1,655,412
Barry Callebaut AG(a)
 
419
742,003
Bucher Industries AG(c)
 
1,038
483,409
Chocoladefabriken Lindt & Spruengli AG,
PC
 
65
937,786
Cie Financiere Richemont S.A.
 
17,532
3,416,389
Clariant AG(a)(c)
 
44,204
410,595
DKSH Holding AG
 
5,455
401,804
DSM-Firmenich AG
 
20,158
1,595,298
Galenica AG(b)(c)
 
4,133
518,628
Geberit AG
 
1,188
910,680
Givaudan S.A.
 
273
1,059,390
Helvetia Baloise Holding AG
 
4,320
1,099,910
Julius Baer Group Ltd.
 
13,560
1,137,084
Kuehne + Nagel International AG,
Class R(a)
 
5,297
1,231,364
Logitech International S.A., Class R
 
9,031
781,071
Lonza Group AG
 
2,326
1,586,558
Nestle S.A.
 
161,328
15,454,951
Partners Group Holding AG
 
551
754,240
PSP Swiss Property AG
 
2,483
500,327
Roche Holding AG
 
63,509
28,992,590
Sandoz Group AG
 
28,904
2,298,865
Schindler Holding AG, PC
 
2,444
946,673
SGS S.A.
 
5,235
632,536
Sika AG
 
6,444
1,241,361
Sonova Holding AG, Class A
 
2,022
555,544
Sunrise Communications AG, (Acquired
03/21/2025 - 12/19/2025;
Cost $467,811)(e)
 
8,737
497,813
Swatch Group AG (The), BR(a)
 
7,750
1,835,640
Swiss Life Holding AG
 
1,532
1,686,465
Swiss Prime Site AG
 
4,452
760,864
Swisscom AG
 
2,186
1,801,877
UBS Group AG
 
182,238
8,656,256
Zurich Insurance Group AG
 
8,946
6,389,176
 
 
96,028,747
United Kingdom-10.94%
3i Group PLC
 
37,033
1,706,114
Aberdeen Group PLC
 
345,867
1,035,631
Admiral Group PLC
 
13,813
521,320
AngloGold Ashanti PLC
 
14,943
1,387,756
Ashtead Group PLC
 
26,062
1,682,647
Associated British Foods PLC
 
44,621
1,169,463
AstraZeneca PLC
 
69,207
12,931,002
Aviva PLC
 
257,105
2,247,794
B&M European Value Retail S.A.
 
230,945
559,137
BAE Systems PLC
 
153,973
4,191,814
Balfour Beatty PLC
 
76,347
749,745
Barclays PLC
 
1,754,370
11,742,166
Barratt Redrow PLC
 
230,177
1,229,126
Bellway PLC
 
23,142
863,684
Berkeley Group Holdings PLC (The)
 
13,614
771,368
British American Tobacco PLC
 
266,233
16,129,952
British Land Co. PLC (The)
 
102,840
588,264
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
United Kingdom-(continued)
BT Group PLC
 
1,561,389
$4,115,847
Bunzl PLC
 
33,103
930,957
Burberry Group PLC(c)
 
56,395
854,498
Centrica PLC
 
661,327
1,736,629
Coca-Cola Europacific Partners PLC
 
11,061
1,014,294
Compass Group PLC
 
68,444
2,058,175
Croda International PLC
 
14,847
556,413
Currys PLC
 
239,477
481,293
DCC PLC(a)
 
20,173
1,282,401
Diageo PLC
 
138,541
3,196,958
Dowlais Group PLC
 
365,091
466,635
Drax Group PLC
 
67,478
834,982
Entain PLC
 
58,984
490,740
Haleon PLC
 
724,515
3,799,947
Halma PLC
 
10,748
523,503
Hays PLC(a)
 
262,205
170,991
HSBC Holdings PLC
 
1,676,105
29,652,345
ICG PLC
 
15,784
393,879
IG Group Holdings PLC
 
32,376
602,354
IMI PLC
 
15,224
576,532
Imperial Brands PLC
 
85,076
3,593,428
Inchcape PLC
 
66,043
740,626
Informa PLC
 
72,340
875,475
International Consolidated Airlines Group
S.A.
 
167,210
963,374
Intertek Group PLC
 
9,028
555,426
Investec PLC
 
79,018
658,054
ITV PLC
 
497,017
555,727
J Sainsbury PLC
 
579,039
2,544,418
JD Sports Fashion PLC(a)
 
351,683
394,700
Johnson Matthey PLC
 
50,115
1,625,232
Kingfisher PLC
 
512,830
2,370,059
Land Securities Group PLC
 
88,350
790,810
Legal & General Group PLC
 
557,862
2,031,269
Lloyds Banking Group PLC
 
6,533,651
9,783,896
London Stock Exchange Group PLC
 
18,206
2,036,526
M&G PLC
 
531,299
2,258,731
Man Group PLC
 
161,533
584,700
Marks & Spencer Group PLC
 
214,134
1,076,987
Melrose Industries PLC
 
113,173
975,828
National Grid PLC
 
352,682
6,008,994
NatWest Group PLC
 
790,693
7,227,544
Next PLC
 
5,701
1,038,019
Pearson PLC
 
57,122
753,465
Pennon Group PLC
 
59,701
448,769
Persimmon PLC
 
79,883
1,542,711
Phoenix Group Holdings PLC
 
62,965
640,013
Quilter PLC(b)
 
191,011
509,910
Reckitt Benckiser Group PLC
 
47,099
3,940,628
RELX PLC
 
42,205
1,500,518
Rentokil Initial PLC
 
133,637
831,825
Rolls-Royce Holdings PLC
 
56,755
951,477
RS Group PLC
 
55,928
515,026
Sage Group PLC (The)
 
46,527
611,858
Schroders PLC
 
95,851
595,368
Segro PLC
 
98,762
1,031,893
Severn Trent PLC
 
17,226
693,868
Shell PLC
 
1,171,772
45,170,763
Smith & Nephew PLC
 
73,946
1,263,874
Smiths Group PLC
 
26,962
928,565
SSE PLC
 
87,150
2,904,903
St. James’s Place PLC
 
29,310
613,894
 
Shares
Value
United Kingdom-(continued)
Standard Chartered PLC
 
269,100
$6,904,939
Subsea 7 S.A.
 
29,495
756,424
Tate & Lyle PLC(a)
 
64,938
336,925
Taylor Wimpey PLC
 
753,302
1,104,438
Tesco PLC
 
1,127,702
6,580,583
Travis Perkins PLC
 
71,085
610,224
Unilever PLC
 
128,686
8,779,395
United Utilities Group PLC
 
46,505
798,694
Vistry Group PLC(c)
 
63,462
579,934
Vodafone Group PLC
 
8,781,077
12,968,994
Weir Group PLC (The)
 
12,521
554,614
Whitbread PLC(a)
 
23,967
897,201
WPP PLC
 
239,968
998,279
 
 
269,256,151
United States-4.85%
A.P. Moller - Maersk A/S, Class B(a)
 
2,631
6,529,737
Acerinox S.A.
 
35,555
530,074
Aegon Ltd.
 
104,147
820,989
Alcon AG
 
25,181
2,046,150
Allegion PLC
 
3,669
606,816
Amrize Ltd.(c)
 
22,746
1,207,950
Aptiv PLC(c)
 
31,280
2,369,460
ARM Holdings PLC, ADR(a)(c)
 
3,733
393,309
Bausch Health Cos., Inc.(c)
 
95,988
553,607
BeOne Medicines Ltd.(a)(c)
 
6,800
179,391
BP PLC
 
3,354,738
21,331,555
Experian PLC
 
26,713
1,014,632
Garmin Ltd.
 
6,442
1,298,965
GSK PLC
 
423,560
10,985,196
Holcim AG(c)
 
32,470
3,359,685
ICON PLC(c)
 
5,886
1,060,951
lululemon athletica, Inc.(c)
 
5,023
876,513
Medtronic PLC
 
111,140
11,442,974
Novartis AG
 
122,833
18,295,711
Perrigo Co. PLC
 
36,748
522,189
Qiagen N.V.
 
10,442
555,635
Sanofi S.A.
 
131,997
12,495,621
Signify N.V.
 
36,917
786,575
Sims Ltd.
 
22,910
322,701
Smurfit WestRock PLC
 
33,548
1,396,603
Stellantis N.V.
 
1,093,211
10,765,996
Swiss Re AG(c)
 
15,882
2,547,573
Tenaris S.A.
 
43,648
973,069
Trane Technologies PLC
 
4,516
1,899,339
Transocean Ltd.(c)
 
215,111
1,069,102
Waste Connections, Inc.(a)
 
7,229
1,216,088
 
 
119,454,156
Zambia-0.07%
First Quantum Minerals Ltd.(c)
 
63,685
1,810,165
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.85%
(Cost $1,647,306,302)
2,457,600,977
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-5.38%
Invesco Private Government Fund,
3.65%(f)(g)(h)
 
36,815,584
36,815,584
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 3.80%(f)(g)(h)
 
95,640,211
$95,668,903
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $132,484,487)
132,484,487
TOTAL INVESTMENTS IN SECURITIES-105.23%
(Cost $1,779,790,789)
2,590,085,464
OTHER ASSETS LESS LIABILITIES-(5.23)%
(128,686,160
)
NET ASSETS-100.00%
$2,461,399,304
Investment Abbreviations:
ADR-American Depositary Receipt
BR-Bearer Shares
CDI-CREST Depository Interest
CVA-Dutch Certificates
FDR-Fiduciary Depositary Receipt
PC-Participation Certificate
REIT-Real Estate Investment Trust
Rts.-Rights
Notes to Schedule of Investments:
(a)
All or a portion of this security was out on loan at January 31, 2026.
(b)
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, 2026 was $15,148,419, which represented less than 1% of the Fund’s Net Assets.
(c)
Non-income producing security.
(d)
Security valued using significant unobservable inputs (Level 3). See Note1.
(e)
Restricted security. The value of this security at January 31, 2026 represented less than 1% of the Fund’s Net Assets.
(f)
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 three months ended January 31, 2026.
 
Value
October 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
January 31, 2026
Dividend Income
Investments in
Affiliated Money
Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$-
$32,456,883
$(32,456,883
)
$-
$-
$-
$12,858
Investments
Purchased with Cash
Collateral from
Securities on Loan:
Invesco Private
Government Fund
39,266,155
70,987,085
(73,437,656
)
-
-
36,815,584
457,166
*
Invesco Private Prime
Fund
115,622,990
131,621,191
(151,575,278
)
1,580
(1,580
)
95,668,903
1,236,687
*
Total
$154,889,145
$235,065,159
$(257,469,817
)
$1,580
$(1,580
)
$132,484,487
$1,706,711
*
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, 2026.
(h)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned.
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.

Schedule of Investments
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)
January 31, 2026
(Unaudited)
 
Shares
Value
Common Stocks & Other Equity Interests-99.83%
Australia-5.93%
Accent Group Ltd.(a)
 
91,609
$59,189
ALS Ltd.
 
27,560
472,773
Amotiv Ltd.
 
16,931
99,371
AMP Ltd.
 
389,582
458,841
Ansell Ltd.
 
19,547
445,846
ARB Corp. Ltd.
 
5,400
97,156
ASX Ltd.
 
11,508
460,832
Atlas Arteria Ltd.
 
90,541
314,349
AUB Group Ltd.
 
5,363
113,251
Austal Ltd.(b)
 
35,476
172,113
Bank of Queensland Ltd.(a)
 
110,970
525,806
Bapcor Ltd.(a)
 
50,820
75,591
Beach Energy Ltd.(a)
 
399,240
344,270
Bega Cheese Ltd.
 
37,302
158,842
Breville Group Ltd.(a)
 
6,325
141,790
BWP Property Group Ltd.
 
24,423
63,839
CAR Group Ltd.
 
12,322
237,202
Centuria Capital Group
 
78,540
105,942
Centuria Industrial REIT
 
63,690
144,776
Challenger Ltd.
 
61,308
392,853
Charter Hall Group
 
30,315
485,685
Charter Hall Long Wale REIT
 
75,161
204,518
Charter Hall Retail REIT
 
61,049
167,247
Cleanaway Waste Management Ltd.(a)
 
224,426
386,996
Cochlear Ltd.
 
2,645
495,984
Corporate Travel Management Ltd.(a)
 
4,811
876
Credit Corp. Group Ltd.
 
11,920
117,791
Cromwell Property Group
 
189,232
54,285
Domino’s Pizza Enterprises Ltd.
 
10,011
159,531
Eagers Automotive Ltd.(a)
 
26,312
491,393
Elders Ltd.
 
45,569
234,846
Evolution Mining Ltd.
 
98,621
952,792
Flight Centre Travel Group Ltd.(a)
 
17,266
194,811
G8 Education Ltd.(a)
 
168,181
78,614
GrainCorp Ltd., Class A
 
45,814
231,117
Harvey Norman Holdings Ltd.
 
91,328
412,877
Healius Ltd.(a)
 
177,871
112,018
Helia Group Ltd.
 
52,819
214,864
HomeCo Daily Needs REIT(c)
 
174,465
157,493
IDP Education Ltd.(a)
 
28,615
125,275
IGO Ltd.(b)
 
109,983
632,480
Iluka Resources Ltd.
 
95,883
353,520
Ingenia Communities Group
 
31,837
105,017
Inghams Group Ltd.
 
74,220
129,780
Insignia Financial Ltd.(b)
 
91,247
296,602
IPH Ltd.(a)
 
36,946
96,446
IRESS Ltd.
 
21,077
119,379
Lottery Corp. Ltd. (The)
 
54,053
193,721
Lynas Rare Earths Ltd.(b)
 
25,957
262,863
Magellan Financial Group Ltd.
 
37,164
226,026
Monadelphous Group Ltd.
 
13,231
286,399
Myer Holdings Ltd.(a)(b)
 
283,356
86,041
National Storage REIT
 
140,837
271,520
New Hope Corp. Ltd.(a)
 
131,652
415,310
NEXTDC Ltd.(a)(b)
 
14,285
132,783
nib holdings Ltd.
 
53,554
251,295
Nine Entertainment Co. Holdings Ltd.
 
288,922
230,501
NRW Holdings Ltd.
 
73,818
267,958
Nufarm Ltd.(a)(b)
 
77,844
127,883
OceanaGold Corp.
 
19,633
639,669
Orora Ltd.
 
252,003
360,004
 
Shares
Value
Australia-(continued)
Perenti Ltd.
 
147,811
$286,269
Perpetual Ltd.
 
17,312
218,093
Perseus Mining Ltd.
 
94,985
368,041
PLS Group Ltd.(a)(b)
 
260,081
767,727
Premier Investments Ltd.
 
12,248
114,130
Qantas Airways Ltd.
 
41,393
291,150
Qube Holdings Ltd.
 
152,766
508,332
Ramelius Resources Ltd.
 
68,632
212,649
REA Group Ltd.
 
920
121,695
Reece Ltd.
 
38,091
392,250
Region Group
 
149,140
240,655
Regis Resources Ltd.
 
81,731
428,572
Sandfire Resources Ltd.(b)
 
35,290
481,739
SEEK Ltd.
 
20,526
299,928
Service Stream Ltd.
 
75,276
120,025
SGH Ltd.
 
10,482
337,954
Sigma Healthcare Ltd.
 
78,644
169,538
Stanmore Resources Ltd.
 
81,276
171,163
Steadfast Group Ltd.(a)
 
62,750
228,619
Super Retail Group Ltd.(a)
 
26,869
275,832
Tabcorp Holdings Ltd.
 
384,202
237,276
TPG Telecom Ltd.
 
73,845
200,403
Ventia Services Group Pty. Ltd.
 
53,502
215,566
Waypoint REIT Ltd.
 
82,602
141,649
WiseTech Global Ltd.
 
2,011
81,060
 
 
22,559,157
Austria-0.77%
ANDRITZ AG
 
7,820
679,076
CA Immobilien Anlagen AG(a)
 
5,024
150,459
EVN AG
 
5,619
190,017
Kontron AG(a)
 
6,801
189,373
Lenzing AG(a)(b)
 
4,278
129,622
Mayr Melnhof Karton AG(a)
 
921
104,762
Oesterreichische Post AG(a)
 
3,490
136,600
Palfinger AG
 
3,052
131,620
Strabag SE, BR
 
2,723
282,993
Telekom Austria AG
 
6,629
70,654
UNIQA Insurance Group AG
 
15,439
287,231
Verbund AG(a)
 
3,001
220,999
Vienna Insurance Group AG Wiener
Versicherung Gruppe
 
4,383
345,771
 
 
2,919,177
Belgium-1.52%
Aedifica S.A.(a)
 
5,167
456,647
Azelis Group N.V.(a)
 
22,387
222,493
Barco N.V.
 
11,760
162,026
Bekaert S.A.
 
5,864
288,713
Cofinimmo S.A.
 
5,358
559,148
Colruyt Group N.V(a)
 
7,705
296,325
Deme Group N.V.
 
742
148,447
D’Ieteren Group
 
1,526
348,851
Elia Group S.A./N.V.
 
3,229
469,193
Fagron
 
4,833
127,517
Financiere de Tubize S.A.
 
667
170,761
Galapagos N.V.(a)(b)
 
10,158
344,925
Gimv N.V.(a)
 
2,815
152,573
KBC Ancora
 
3,024
278,906
Lotus Bakeries N.V.
 
11
130,157
Melexis N.V.(a)
 
2,625
199,164
Montea N.V.
 
1,789
152,081
Ontex Group N.V.(a)(b)
 
14,568
85,035
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
Belgium-(continued)
Retail Estates N.V.
 
1,393
$107,157
Shurgard Self Storage Ltd.
 
3,666
133,550
Solvay S.A., Class A(a)
 
11,245
332,256
Tessenderlo Group S.A.(a)
 
2,115
68,853
Warehouses De Pauw C.V.A.
 
15,118
429,933
Xior Student Housing N.V.(a)(c)
 
3,829
127,895
 
 
5,792,606
Brazil-0.07%
ERO Copper Corp.(b)
 
7,726
260,624
Canada-9.40%
AbCellera Biologics, Inc.(a)(b)
 
40,257
145,730
Advantage Energy Ltd.(b)
 
27,246
221,525
Aecon Group, Inc.
 
16,855
439,376
Air Canada(b)
 
24,638
342,965
Alamos Gold, Inc., Class A
 
15,578
580,487
Alaris Equity Partners Income
 
6,226
99,265
Algoma Steel Group, Inc.(a)
 
66,713
280,814
Allied Properties REIT(a)
 
44,320
459,843
Altus Group Ltd.
 
2,716
92,663
Aritzia, Inc.(b)
 
3,013
238,811
Athabasca Oil Corp.(b)
 
58,899
347,526
ATS Corp.(b)
 
7,366
210,512
Badger Infrastructure Solutions Ltd.
 
3,005
170,849
Baytex Energy Corp.
 
237,125
823,016
Birchcliff Energy Ltd.
 
70,858
383,030
Bird Construction, Inc.
 
5,302
118,088
BlackBerry Ltd.(b)
 
55,640
199,279
Boardwalk REIT
 
4,763
242,169
Bombardier, Inc., Class B(b)
 
2,292
393,710
Boralex, Inc., Class A(a)
 
11,092
206,826
Boyd Group, Inc.
 
1,686
277,860
Brookfield Business Corp., Class A
 
5,716
203,963
Brookfield Infrastructure Corp.
 
5,352
257,373
Brookfield Renewable Corp.
 
7,906
331,093
Brookfield Wealth Solutions Ltd.(b)
 
4,691
215,229
BRP, Inc.
 
8,018
608,507
Cameco Corp.
 
8,838
1,099,145
Canaccord Genuity Group, Inc.
 
12,822
112,298
Canada Packers, Inc.
 
1,913
22,561
Canadian Solar, Inc.(a)(b)
 
28,403
543,207
Canadian Utilities Ltd., Class A
 
18,679
607,897
Canfor Corp.(b)
 
14,480
153,338
Capstone Copper Corp.(b)
 
39,652
441,863
Cardinal Energy Ltd.(a)
 
22,512
147,459
Cargojet, Inc.
 
2,045
140,386
Cascades, Inc.
 
20,428
192,943
Centerra Gold, Inc.
 
47,571
801,310
CES Energy Solutions Corp.
 
31,300
328,221
Champion Iron Ltd.
 
74,371
302,191
Chartwell Retirement Residences
 
15,131
225,934
Chemtrade Logistics Income Fund
 
23,364
272,607
Choice Properties REIT(a)
 
24,778
278,859
Cogeco Communications, Inc.
 
6,677
323,606
Colliers International Group, Inc.
 
1,714
235,503
Crombie REIT
 
19,441
223,963
Definity Financial Corp.
 
4,861
239,218
Descartes Systems Group, Inc. (The)(b)
 
2,153
161,680
DPM Metals, Inc.
 
15,326
537,709
Dream Industrial REIT
 
38,119
362,006
DREAM Unlimited Corp.
 
2,843
41,171
E-L Financial Corp. Ltd.
 
2,233
28,610
 
Shares
Value
Canada-(continued)
Enerflex Ltd.
 
25,662
$473,576
Enghouse Systems Ltd.
 
7,640
105,560
EQB, Inc.
 
2,544
199,496
Equinox Gold Corp.(a)(b)
 
41,057
590,622
Exchange Income Corp.
 
5,624
394,550
First Capital REIT(a)
 
31,966
467,162
First Majestic Silver Corp.
 
23,144
484,535
FirstService Corp.
 
1,682
262,035
Fortuna Mining Corp., Class C(b)
 
30,048
295,565
Freehold Royalties Ltd.(a)
 
12,916
156,234
Gibson Energy, Inc.(a)
 
29,916
592,289
goeasy Ltd.
 
1,359
125,568
Granite REIT
 
8,061
522,954
Hudbay Minerals, Inc.
 
35,374
842,456
IAMGOLD Corp.(b)
 
38,117
695,544
IGM Financial, Inc.
 
13,311
647,389
International Petroleum Corp.(b)
 
10,293
216,480
InterRent REIT(a)
 
17,718
174,413
Ivanhoe Mines Ltd., Class A(a)(b)
 
14,859
188,954
Kelt Exploration Ltd.(b)
 
20,088
115,708
Killam Apartment REIT(a)
 
15,823
204,952
Kinaxis, Inc.(b)
 
762
77,373
Labrador Iron Ore Royalty Corp.
 
6,222
135,637
Lassonde Industries, Inc., Class A
 
197
32,151
Laurentian Bank of Canada
 
12,689
374,818
Leon’s Furniture Ltd.
 
1,553
31,561
Lightspeed Commerce, Inc.(b)
 
21,137
229,453
Maple Leaf Foods, Inc.
 
14,178
264,159
MDA Space Ltd.(b)
 
5,218
148,084
MTY Food Group, Inc.(a)
 
3,581
112,152
Mullen Group Ltd.(a)
 
20,879
247,930
New Gold, Inc.(b)
 
29,769
300,735
NFI Group, Inc.(b)
 
16,295
199,032
North West Co., Inc. (The)
 
7,910
283,946
NorthWest Healthcare Properties REIT(a)
 
44,846
185,127
NuVista Energy Ltd.(b)
 
25,385
349,427
OR Royalties, Inc.
 
6,196
245,662
Paramount Resources Ltd., Class A
 
16,532
313,512
Pason Systems, Inc.
 
14,392
128,281
Peyto Exploration & Development Corp.(a)
 
23,170
419,888
Precision Drilling Corp.(b)
 
4,396
352,550
Premium Brands Holdings Corp.
 
7,213
498,569
Primaris REIT
 
13,427
164,101
Richelieu Hardware Ltd.
 
7,561
227,363
Russel Metals, Inc.
 
13,205
470,510
Sagicor Financial Co. Ltd.
 
2,411
17,395
Secure Waste Infrastructure Corp.
 
42,634
553,173
Sienna Senior Living, Inc.
 
8,696
136,205
SmartCentres REIT(a)
 
19,328
380,951
Spin Master Corp.(c)
 
7,598
104,419
SSR Mining, Inc.(b)
 
40,189
921,217
Stantec, Inc.
 
5,542
552,256
Stella-Jones, Inc.
 
8,121
547,537
Superior Plus Corp.
 
63,183
340,609
Tamarack Valley Energy Ltd.(a)
 
62,466
424,851
Teekay Tankers Ltd., Class A(a)
 
4,155
268,081
Tilray Brands, Inc.(a)(b)
 
40,000
298,400
TMX Group Ltd.
 
12,524
464,927
Topaz Energy Corp.
 
6,044
130,329
Torex Gold Resources, Inc.
 
9,773
473,007
TransAlta Corp.
 
28,222
362,635
Transcontinental, Inc., Class A
 
14,026
239,265
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
Canada-(continued)
Winpak Ltd.
 
4,653
$147,787
Xenon Pharmaceuticals, Inc.(b)
 
2,831
116,099
 
 
35,741,400
China-1.51%
Alibaba Health Information Technology
Ltd.(a)(b)
 
315,054
261,382
Bosideng International Holdings Ltd.
 
634,089
387,101
Budweiser Brewing Co. APAC Ltd.(a)(c)
 
302,880
298,723
CapitaLand China Trust
 
137,258
84,802
China Education Group Holdings Ltd.(a)(c)
 
339,902
132,439
China Gold International Resources Corp.
Ltd.
 
23,494
595,074
China Medical System Holdings Ltd.(a)
 
216,198
387,927
China Ruyi Holdings Ltd.(b)
 
381,032
105,414
China Water Affairs Group Ltd.(a)
 
151,098
104,330
Chow Tai Fook Jewellery Group Ltd.(a)
 
246,522
453,220
Damai Entertainment Holdings Ltd.(b)
 
1,057,526
133,530
FIH Mobile Ltd.(b)
 
44,840
114,657
Hopson Development Holdings Ltd.(b)
 
137,590
61,302
HUTCHMED China Ltd.(a)(b)
 
37,546
112,340
Jinchuan Group International Resources Co.
Ltd.(b)(d)
 
1,210,507
79,360
Kingboard Laminates Holdings Ltd.(a)
 
204,466
384,015
Lee & Man Paper Manufacturing Ltd.
 
311,861
142,600
Nine Dragons Paper Holdings Ltd.(b)
 
491,652
518,123
Stella International Holdings Ltd.(a)
 
90,737
167,800
Towngas Smart Energy Co. Ltd.(b)
 
195,099
91,609
VSTECS Holdings Ltd.
 
185,355
183,449
Want Want China Holdings Ltd.
 
307,246
185,359
Wharf (Holdings) Ltd. (The)(a)
 
55,393
179,161
Xinyi Glass Holdings Ltd.(a)
 
443,906
580,236
 
 
5,743,953
Colombia-0.07%
Aris Mining Corp.(b)
 
16,280
283,245
Cyprus-0.01%
Bank of Cyprus Holdings PLC
 
5,170
57,250
Denmark-1.71%
ALK-Abello A/S(b)
 
3,841
127,389
Alm Brand A/S
 
128,502
356,755
Ambu A/S(a)
 
6,463
87,966
Ascendis Pharma A/S, ADR(b)
 
996
225,196
Bavarian Nordic A/S(b)
 
7,024
214,806
Cementir Holding N.V.(a)
 
6,430
145,103
D/S Norden A/S
 
8,064
365,597
Demant A/S(b)
 
7,646
268,623
Dfds A/S(b)
 
11,938
187,817
FLSmidth & Co. A/S
 
6,104
525,157
GN Store Nord A/S(a)(b)
 
23,375
411,834
H. Lundbeck A/S
 
55,713
374,897
Jyske Bank A/S
 
5,430
793,123
Matas A/S(a)
 
5,219
80,271
Netcompany Group A/S(b)(c)
 
2,788
147,690
NKT A/S(b)
 
3,446
452,352
Per Aarsleff Holding A/S
 
2,088
298,853
Ringkjoebing Landbobank A/S
 
774
195,836
Royal Unibrew A/S
 
4,523
427,704
Scandinavian Tobacco Group A/S(c)
 
13,011
203,096
Schouw & Co. A/S
 
1,383
146,484
Sydbank A/S
 
4,899
445,311
 
 
6,481,860
 
Shares
Value
Finland-0.93%
Citycon OYJ(b)
 
17,099
$77,378
Hiab OYJ, Class B
 
2,971
177,182
Kalmar OYJ, Class B
 
5,369
275,501
Kemira OYJ(a)
 
19,731
465,774
Kojamo OYJ(a)(b)
 
19,403
220,195
Konecranes OYJ
 
6,057
715,874
Mandatum OYJ
 
42,510
347,941
Metsa Board OYJ(a)
 
55,965
174,479
Nokian Renkaat OYJ(a)
 
55,336
712,501
Olvi OYJ
 
693
27,616
Sanoma OYJ
 
3,090
35,476
Terveystalo OYJ(a)(c)
 
9,586
115,612
Tokmanni Group Corp.(a)
 
11,129
101,954
Vaisala OYJ, Class A(a)
 
1,402
69,986
 
 
3,517,469
France-3.27%
Aeroports de Paris S.A.(a)
 
2,535
336,144
Air France-KLM(a)(b)
 
24,892
320,476
Altarea SCA(a)
 
659
91,228
Alten S.A.
 
5,791
569,757
Beneteau SACA(a)
 
9,073
85,638
bioMerieux
 
3,208
373,886
Carmila S.A.
 
8,024
155,831
Cie de L’Odet SE
 
33
51,799
Cie des Alpes
 
4,199
129,751
Coface S.A.
 
17,961
329,684
Criteo S.A., ADR(b)
 
15,312
293,531
Dassault Aviation S.A.
 
1,073
409,408
Derichebourg S.A.
 
19,026
179,968
Edenred SE
 
14,211
298,741
Eramet S.A.(a)
 
2,514
218,664
FDJ United(a)
 
8,944
237,570
Fnac Darty S.A.
 
2,568
108,509
Gaztransport Et Technigaz S.A.
 
1,259
272,234
Getlink SE
 
17,473
347,123
ICADE(a)
 
14,271
353,732
Imerys S.A.(a)
 
9,997
312,847
Ipsen S.A.
 
4,058
665,342
Ipsos S.A.
 
6,820
290,379
JCDecaux SE
 
13,178
260,863
Lectra(a)
 
2,928
78,786
LISI S.A.
 
1,519
96,649
Mercialys S.A.
 
11,295
142,629
Metropole Television S.A.(a)
 
12,807
184,118
Nexans S.A.
 
4,320
682,923
Nexity S.A.(a)(b)
 
16,266
184,590
OPmobility
 
14,925
286,996
Remy Cointreau S.A.(a)
 
3,754
179,675
Sartorius Stedim Biotech
 
1,093
245,137
Societe BIC S.A.
 
4,639
299,924
SOITEC(b)
 
3,848
120,271
Sopra Steria Group
 
2,568
470,786
Stef S.A.
 
264
39,324
Technip Energies N.V.
 
12,275
482,796
Television Francaise 1 S.A.(a)
 
22,868
221,829
Tikehau Capital S.C.A.
 
2,261
43,326
Trigano S.A.
 
1,475
294,547
Ubisoft Entertainment S.A.(a)(b)
 
44,949
232,742
Vallourec SACA(a)
 
21,181
451,152
Verallia S.A.(a)(c)
 
8,557
224,817
Vicat S.A.
 
3,524
327,720
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
France-(continued)
Virbac SACA
 
354
$148,107
Vivendi SE
 
102,062
285,780
 
 
12,417,729
Georgia-0.11%
Lion Finance Group PLC
 
3,070
425,358
Germany-3.82%
AIXTRON SE
 
11,894
273,854
Aroundtown S.A.(a)(b)
 
163,680
522,019
Auto1 Group SE(a)(b)(c)
 
7,526
248,450
Bechtle AG
 
11,976
622,995
Bilfinger SE
 
3,558
500,316
CANCOM SE
 
5,941
200,619
Carl Zeiss Meditec AG, BR
 
5,230
174,211
CECONOMY AG(b)
 
47,642
248,868
Cewe Stiftung & Co. KGaA
 
584
70,203
CTS Eventim AG & Co. KGaA
 
1,159
97,757
Deutsche Pfandbriefbank AG(c)
 
35,637
176,482
Deutz AG
 
36,421
468,089
Draegerwerk AG & Co. KGaA, Preference
Shares
 
1,704
180,594
Duerr AG
 
10,511
281,171
DWS Group GmbH & Co. KGaA(c)
 
3,994
293,478
Evotec SE(b)
 
17,974
132,848
Fielmann Group AG
 
1,874
92,184
Fraport AG Frankfurt Airport Services
Worldwide(b)
 
3,110
288,798
Gerresheimer AG(a)
 
7,182
215,298
Grand City Properties S.A.(b)
 
11,883
133,665
GRENKE AG
 
6,045
103,555
Hella GmbH & Co. KGaA
 
921
89,343
HelloFresh SE(a)(b)
 
42,713
281,574
Hensoldt AG(a)
 
1,517
151,250
HOCHTIEF AG
 
574
241,577
Hornbach Holding AG & Co. KGaA
 
1,659
159,100
HUGO BOSS AG
 
7,487
311,565
Jenoptik AG
 
9,372
296,847
JOST Werke SE(c)
 
1,162
86,500
Jungheinrich AG, Preference Shares
 
9,838
424,912
Kloeckner & Co. SE(a)
 
18,814
245,981
Krones AG
 
2,056
332,052
KSB SE & Co. KGaA, Preference Shares
 
87
111,069
KWS Saat SE & Co. KGaA
 
1,378
122,868
Mutares SE & Co. KGaA(a)
 
4,359
169,066
Nemetschek SE
 
1,264
110,842
Nordex SE(b)
 
7,235
290,715
Rational AG
 
200
160,845
SAF-Holland SE
 
8,311
167,684
Salzgitter AG
 
15,137
815,218
Sartorius AG, Preference Shares(a)
 
1,205
338,011
Scout24 SE(c)
 
2,726
272,389
Siltronic AG(a)
 
5,315
331,198
Sirius Real Estate Ltd.
 
135,945
183,739
Sixt SE
 
3,747
294,686
Softwareone Holding AG
 
23,698
244,827
Stabilus SE
 
6,797
156,604
STO SE & Co. KGaA, Preference Shares
 
264
37,143
Stroeer SE & Co. KGaA
 
2,448
98,229
Suedzucker AG(a)
 
17,639
202,681
TAG Immobilien AG
 
24,885
423,714
TeamViewer SE(a)(b)(c)
 
10,643
71,421
TUI AG(b)
 
58,598
627,040
 
Shares
Value
Germany-(continued)
United Internet AG
 
20,746
$677,377
Wacker Chemie AG
 
6,339
516,674
Wacker Neuson SE
 
4,763
109,176
Wuestenrot & Wuerttembergische AG
 
2,575
46,001
 
 
14,525,372
Hong Kong-1.79%
ASMPT Ltd.
 
62,021
827,365
Bank of East Asia Ltd. (The)
 
58,245
111,288
Cathay Pacific Airways Ltd.
 
163,673
256,704
Champion REIT(a)
 
114,084
36,906
CK Infrastructure Holdings Ltd.
 
50,941
418,520
Crystal International Group Ltd.(c)
 
116,203
109,605
CTF Services Ltd.
 
66,527
77,956
Dah Sing Financial Holdings Ltd.
 
24,269
117,394
DFI Retail Group Holdings Ltd.
 
44,617
183,716
Fortune REIT
 
147,249
95,730
Futu Holdings Ltd., ADR(b)
 
2,310
375,537
Grand Pharmaceutical Group Ltd.
 
152,375
152,520
Hang Lung Properties Ltd.
 
448,170
540,961
HK Electric Investments & HK Electric
Investments Ltd.
 
168,510
144,101
HKBN Ltd.
 
183,700
164,734
Hutchison Port Holdings Trust, Class U
 
312,653
71,913
Hysan Development Co. Ltd.
 
101,721
279,450
Johnson Electric Holdings Ltd.
 
95,160
327,881
Luk Fook Holdings International Ltd.
 
68,257
280,495
Man Wah Holdings Ltd.(a)
 
319,591
198,287
Melco Resorts & Entertainment Ltd., ADR(b)
 
32,176
194,987
PAX Global Technology Ltd.
 
143,661
90,689
PCCW Ltd.
 
493,950
369,265
Power Assets Holdings Ltd.(a)
 
77,076
598,043
Skyworth Group Ltd.(b)
 
290,687
264,774
United Laboratories International Holdings
Ltd. (The)(a)
 
130,526
198,801
Vitasoy International Holdings Ltd.
 
95,137
85,130
VTech Holdings Ltd.(a)
 
32,117
250,188
 
 
6,822,940
Indonesia-0.12%
First Pacific Co. Ltd.
 
249,234
195,072
Nickel Industries Ltd.
 
423,197
269,527
 
 
464,599
Ireland-0.30%
Cairn Homes PLC
 
72,942
180,742
Cimpress PLC(a)(b)
 
4,093
323,715
Glenveagh Properties PLC(b)(c)
 
92,415
215,052
Greencoat Renewables PLC
 
78,174
62,339
Greencore Group PLC
 
88,302
350,214
 
 
1,132,062
Israel-2.78%
Airport City Ltd.(b)
 
6,562
122,437
Alony Hetz Properties & Investments Ltd.
 
17,201
227,651
Amot Investments Ltd.
 
21,708
168,604
Ashtrom Group Ltd.
 
5,274
116,951
Azrieli Group Ltd.
 
2,331
313,535
Bezeq The Israeli Telecommunication Corp.
Ltd.
 
151,132
389,297
Big Shopping Centers Ltd.
 
898
216,646
Cellcom Israel Ltd.
 
11,414
135,939
Clal Insurance Enterprises Holdings Ltd.(a)
 
5,917
431,614
Cognyte Software Ltd.(b)
 
11,664
105,326
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
Israel-(continued)
Delek Automotive Systems Ltd.
 
5,920
$44,339
Delek Group Ltd.
 
1,577
445,125
Elbit Systems Ltd.
 
1,154
818,666
Energean PLC(a)
 
13,924
162,156
Enlight Renewable Energy Ltd.(b)
 
4,368
247,237
Equital Ltd.(b)
 
1,124
52,764
FIBI Holdings Ltd.
 
1,813
161,826
First International Bank of Israel Ltd. (The)
 
4,642
395,294
Formula Systems 1985 Ltd.(a)
 
688
110,130
G City Ltd.
 
23,445
72,418
Harel Insurance Investments & Financial
Services Ltd.
 
8,755
402,780
Isracard Ltd.(a)
 
34,779
165,464
Israel Corp. Ltd.
 
647
193,961
Kornit Digital Ltd.(b)
 
6,246
80,886
Melisron Ltd.
 
1,489
195,669
Migdal Insurance & Financial Holdings Ltd.(b)
 
41,849
225,218
Mivne Real Estate KD Ltd.
 
51,229
239,448
Mobileye Global, Inc., Class A(a)(b)
 
12,400
111,352
Nova Ltd.(b)
 
606
277,451
Orion Retail Properties Ltd.(b)
 
2,835
2,465
Partner Communications Co. Ltd.
 
12,215
148,871
Paz Retail and Energy Ltd.
 
759
186,298
Phoenix Finance Ltd.
 
12,974
631,613
Plus500 Ltd.
 
10,038
579,450
Radware Ltd.(b)
 
4,367
105,463
Reit 1 Ltd.
 
14,526
127,909
Shikun & Binui Ltd.(a)(b)
 
26,893
157,262
Shufersal Ltd.
 
20,478
265,266
Strauss Group Ltd.
 
5,266
199,346
Taboola.com Ltd.(b)
 
35,531
142,124
Tower Semiconductor Ltd.(b)
 
9,254
1,225,592
Wix.com Ltd.(a)(b)
 
1,879
163,172
 
 
10,565,015
Italy-2.53%
ACEA S.p.A.
 
6,742
188,597
Amplifon S.p.A.
 
9,980
161,488
Azimut Holding S.p.A.
 
12,501
530,008
Banca Generali S.p.A.
 
4,432
299,712
Banca IFIS S.p.A.(a)
 
4,568
149,293
Banca Mediolanum S.p.A.
 
21,551
507,382
Banca Popolare di Sondrio S.p.A.
 
28,955
594,173
BFF Bank S.p.A.(b)(c)
 
20,987
201,979
Brembo N.V.
 
26,333
317,918
Credito Emiliano S.p.A.
 
7,432
137,193
Danieli & C. Officine Meccaniche S.p.A.(a)
 
6,991
518,006
Davide Campari-Milano N.V.(a)
 
51,863
370,979
De’ Longhi S.p.A.
 
7,749
343,805
DiaSorin S.p.A.
 
2,189
188,328
Enav S.p.A.(c)
 
32,795
189,965
ERG S.p.A.(a)
 
7,676
205,030
Infrastrutture Wireless Italiane S.p.A.(a)(c)
 
24,079
213,647
Interpump Group S.p.A.
 
7,423
432,208
Iren S.p.A.
 
126,227
405,499
Italgas S.p.A.
 
55,726
671,931
MFE-MediaForEurope N.V., Class A
 
81,469
305,008
OVS S.p.A.(c)
 
29,615
168,001
Piaggio & C S.p.A.(a)
 
52,042
108,017
Pirelli & C. S.p.A.(c)
 
73,334
554,224
Prada S.p.A.
 
36,880
188,602
Recordati Industria Chimica e Farmaceutica
S.p.A.
 
6,124
338,653
 
Shares
Value
Italy-(continued)
Reply S.p.A.
 
1,213
$159,605
Saipem S.p.A.(a)
 
173,056
641,460
Salvatore Ferragamo S.p.A.(a)(b)
 
15,768
124,667
SOL S.p.A.(a)
 
2,031
109,743
Technogym S.p.A.(c)
 
6,578
137,866
Webuild S.p.A.(a)
 
38,149
158,583
Webuild S.p.A., Wts., expiring
08/31/2030(b)(d)
 
6,553
0
 
 
9,621,570
Ivory Coast-0.21%
Endeavour Mining PLC
 
14,363
788,499
Japan-28.77%
77 Bank Ltd. (The)
 
9,603
529,102
ABC-MART, Inc.
 
13,524
217,357
ACOM Co. Ltd.
 
62,118
206,154
Activia Properties, Inc.
 
261
244,547
ADEKA Corp.(a)
 
14,892
444,090
Advance Residence Investment Corp.(a)
 
244
265,670
AEON Financial Service Co. Ltd.
 
27,679
303,115
AEON REIT Investment Corp.
 
222
192,764
Aica Kogyo Co. Ltd.
 
10,337
235,396
Aichi Financial Group, Inc.(a)
 
7,092
252,445
Aichi Steel Corp.
 
12,474
249,196
Ain Holdings, Inc.
 
6,218
260,504
Aisan Industry Co. Ltd.
 
9,542
136,257
ALSOK Co. Ltd.
 
54,341
422,340
Amano Corp.
 
8,716
221,925
and St. HD Co. Ltd.
 
7,055
127,378
Anritsu Corp.
 
26,222
364,535
AOKI Holdings, Inc.
 
7,488
89,709
Aoyama Trading Co. Ltd.
 
12,762
217,318
Aozora Bank Ltd.(a)
 
19,543
317,644
Arata Corp.
 
2,915
58,345
Arclands Corp.
 
13,906
172,746
Arcs Co. Ltd.
 
4,760
107,286
ARE Holdings, Inc.
 
16,256
382,327
artience Co. Ltd.
 
7,770
186,884
As One Corp.
 
7,359
110,898
Asahi Intecc Co. Ltd.
 
11,398
190,622
Asics Corp.
 
19,552
472,195
ASKUL Corp.
 
10,215
90,517
Autobacs Seven Co. Ltd.
 
9,518
101,720
Awa Bank Ltd. (The)
 
3,506
118,279
Azbil Corp.
 
56,526
496,302
Bank of Nagoya Ltd. (The)
 
7,314
232,506
BayCurrent, Inc.
 
2,917
103,115
Belc Co. Ltd.
 
1,405
69,830
Bic Camera, Inc.(a)
 
23,994
267,487
BIPROGY, Inc.
 
9,425
314,013
Blue Zones Holdings Co. Ltd.
 
1,941
111,739
BML, Inc.
 
3,217
81,676
Bunka Shutter Co. Ltd.
 
5,486
71,963
C. Uyemura & Co. Ltd.
 
1,228
142,475
Calbee, Inc.(a)
 
15,465
303,570
Canon Marketing Japan, Inc.
 
8,189
358,433
Capcom Co. Ltd.
 
12,274
313,865
Casio Computer Co. Ltd.
 
46,288
454,025
CCI Group, Inc.
 
26,222
157,790
Chudenko Corp.
 
3,871
110,771
Chugin Financial Group, Inc.
 
19,024
345,455
Chugoku Marine Paints Ltd.(a)
 
5,937
167,989
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
Japan-(continued)
Citizen Watch Co. Ltd.
 
54,157
$480,202
CKD Corp.
 
12,094
323,643
Comforia Residential REIT, Inc.(a)
 
210
152,163
Cosmos Pharmaceutical Corp.
 
7,210
324,028
Create SD Holdings Co. Ltd.
 
5,355
112,847
Credit Saison Co. Ltd.
 
21,192
573,998
CyberAgent, Inc.
 
49,863
453,828
Dai-Dan Co. Ltd.(a)
 
12,675
220,569
Daido Steel Co. Ltd.
 
32,872
423,637
Daihen Corp.(a)
 
3,658
276,710
Daiichikosho Co. Ltd.
 
14,037
152,269
Daio Paper Corp.(a)
 
14,119
88,889
Daiseki Co. Ltd.
 
5,191
117,049
Daishi Hokuetsu Financial Group, Inc.(a)
 
30,852
369,013
Daiwa House REIT Investment Corp.
 
509
444,945
Daiwa Office Investment Corp.
 
74
176,873
Daiwa Securities Living Investments Corp.
 
236
175,709
DCM Holdings Co. Ltd.
 
14,853
157,114
DeNA Co. Ltd.
 
8,868
145,897
Dexerials Corp.
 
12,162
214,065
DMG Mori Co. Ltd.
 
21,639
383,128
Doutor Nichires Holdings Co. Ltd.
 
6,762
123,694
DTS Corp.
 
18,548
151,591
Duskin Co. Ltd.
 
5,828
160,594
DyDo Group Holdings, Inc.(a)
 
4,846
77,589
Eagle Industry Co. Ltd.(a)
 
3,685
74,048
Earth Corp.
 
1,994
63,227
EDION Corp.
 
16,805
230,779
Elecom Co. Ltd.
 
7,631
81,817
Exedy Corp.
 
8,492
313,949
Ezaki Glico Co. Ltd.
 
8,765
315,868
FCC Co. Ltd.
 
9,129
222,972
Ferrotec Corp.(a)
 
12,401
475,670
Food & Life Cos. Ltd.
 
4,516
247,509
FP Corp.
 
8,544
145,916
Frontier Real Estate Investment Corp.
 
275
162,535
Fuji Co. Ltd.(a)
 
6,444
88,105
Fuji Corp.
 
16,438
406,293
Fuji Oil Co. Ltd.
 
12,488
327,965
Fuji Seal International, Inc.
 
6,683
138,657
Fujimi, Inc.
 
7,676
136,126
Fukuda Denshi Co. Ltd.
 
803
44,174
Fukuoka REIT Corp.
 
92
111,288
Fukuyama Transporting Co. Ltd.
 
3,810
113,674
Furukawa Co. Ltd.
 
7,302
219,393
Fuyo General Lease Co. Ltd.
 
9,182
259,053
Glory Ltd.
 
9,814
256,462
GLP J-Reit
 
435
401,168
GMO Internet Group, Inc.
 
4,881
122,035
Goldwin, Inc.
 
8,521
142,669
GungHo Online Entertainment, Inc.(b)
 
8,302
141,558
Gunma Bank Ltd. (The)
 
37,870
478,318
H.U. Group Holdings, Inc.
 
11,635
242,452
H2O Retailing Corp.
 
23,459
322,286
Hachijuni Nagano Bank Ltd.
 
62,796
787,077
Hakuhodo DY Holdings, Inc.
 
40,479
303,439
Hamakyorex Co. Ltd.
 
7,062
84,040
Hamamatsu Photonics K.K.
 
48,428
542,901
Happinet Corp.
 
7,452
133,923
Hazama Ando Corp.
 
34,806
451,542
Heiwa Corp.
 
11,497
151,089
Heiwa Real Estate REIT, Inc.
 
104
102,910
 
Shares
Value
Japan-(continued)
Heiwado Co. Ltd.
 
8,996
$171,981
Hikari Tsushin, Inc.
 
1,753
485,715
Hirogin Holdings, Inc.
 
38,269
434,836
Hirose Electric Co. Ltd.
 
4,075
441,370
Hisamitsu Pharmaceutical Co., Inc.
 
9,079
375,224
Hogy Medical Co. Ltd.(a)
 
3,302
143,355
Hokkaido Electric Power Co., Inc.(a)
 
79,670
542,443
Hokuetsu Corp.
 
13,191
77,787
Hokuhoku Financial Group, Inc.
 
17,954
619,059
Hokuriku Electric Power Co.(a)
 
56,416
357,989
Horiba Ltd.(a)
 
6,444
766,772
Hoshino Resorts REIT, Inc.
 
64
106,593
Hoshizaki Corp.(a)
 
11,944
395,011
Hosiden Corp.
 
11,309
189,007
House Foods Group, Inc.
 
9,889
192,163
Hulic Reit, Inc.
 
140
156,358
Hyakugo Bank Ltd. (The)
 
31,946
291,467
Hyakujushi Bank Ltd. (The)
 
4,351
236,034
IDOM, Inc.
 
18,286
180,606
Iino Kaiun Kaisha Ltd.(a)
 
15,552
158,317
Inaba Denki Sangyo Co. Ltd.
 
9,102
152,097
Inabata & Co. Ltd.
 
6,347
161,167
Industrial & Infrastructure Fund Investment
Corp.(a)
 
248
240,952
Internet Initiative Japan, Inc.
 
11,229
182,028
Invincible Investment Corp.
 
554
235,390
ITO EN Ltd.
 
13,547
251,162
Itochu Enex Co. Ltd.
 
6,351
78,938
Itoham Yonekyu Holdings, Inc.(a)
 
6,389
249,539
Iyogin Holdings, Inc.
 
31,877
595,312
Izumi Co. Ltd.
 
9,108
180,762
J. Front Retailing Co. Ltd.
 
34,459
504,701
Jaccs Co. Ltd.
 
4,632
127,383
JAFCO Group Co. Ltd.
 
11,211
177,553
Japan Airport Terminal Co. Ltd.
 
3,676
115,481
Japan Aviation Electronics Industry Ltd.
 
12,500
195,924
Japan Excellent, Inc.(a)
 
143
138,725
Japan Hotel REIT Investment Corp.
 
372
200,653
Japan Lifeline Co. Ltd.
 
8,390
84,077
Japan Logistics Fund, Inc.(a)
 
238
155,989
Japan Petroleum Exploration Co. Ltd.
 
45,809
565,815
Japan Prime Realty Investment Corp.
 
376
255,820
Japan Real Estate Investment Corp.
 
686
555,255
Japan Steel Works Ltd. (The)
 
5,684
315,644
Japan Wool Textile Co. Ltd. (The)
 
4,970
60,089
Jeol Ltd.
 
6,571
265,953
Joyful Honda Co. Ltd.
 
9,699
133,844
Juroku Financial Group, Inc.
 
5,084
271,218
JVCKenwood Corp.
 
33,508
273,232
Kadokawa Corp.
 
9,883
209,569
Kaga Electronics Co. Ltd.
 
6,212
156,514
Kagome Co. Ltd.(a)
 
13,010
231,135
Kakaku.com, Inc.
 
7,205
98,654
Kaken Pharmaceutical Co. Ltd.
 
6,770
178,516
Kamigumi Co. Ltd.
 
12,309
432,159
Kanadevia Corp.
 
35,846
237,448
Kanamoto Co. Ltd.
 
4,692
113,533
Kandenko Co. Ltd.
 
15,717
567,684
Kanematsu Corp.
 
35,570
468,715
Kato Sangyo Co. Ltd.
 
2,022
85,384
KDX Realty Investment Corp.
 
221
239,861
Keihan Holdings Co. Ltd.
 
12,680
282,583
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
Japan-(continued)
Keikyu Corp.
 
30,746
$303,161
Keio Corp.
 
15,630
391,097
Keisei Electric Railway Co. Ltd.
 
45,386
359,808
Keiyo Bank Ltd. (The)(a)
 
17,920
216,009
Kewpie Corp.
 
19,842
558,649
Kinden Corp.
 
18,471
819,990
Kissei Pharmaceutical Co. Ltd.
 
4,446
132,854
Kitz Corp.
 
12,774
167,261
Kiyo Bank Ltd. (The)
 
7,144
175,035
Kobayashi Pharmaceutical Co. Ltd.
 
7,031
246,694
Kobe Bussan Co. Ltd.(a)
 
7,475
183,277
Koei Tecmo Holdings Co. Ltd.
 
7,933
88,279
Kohnan Shoji Co. Ltd.
 
4,171
105,311
Kokusai Electric Corp.
 
9,432
392,851
Kokuyo Co. Ltd.
 
56,070
329,576
Komeri Co. Ltd.
 
4,145
88,736
Konoike Transport Co. Ltd.
 
5,808
125,411
Kose Holdings Corp.(a)
 
8,055
288,302
Kraftia Corp.
 
9,754
510,337
Kumagai Gumi Co. Ltd.(a)
 
34,212
385,210
Kumiai Chemical Industry Co. Ltd.(a)
 
23,268
106,197
Kurabo Industries Ltd.
 
2,607
153,651
Kureha Corp.
 
10,147
289,102
Kusuri no Aoki Holdings Co. Ltd.(a)
 
5,192
136,524
KYB Corp.(a)
 
7,248
206,588
Kyokuto Kaihatsu Kogyo Co. Ltd.(a)
 
7,905
169,404
Kyoritsu Maintenance Co. Ltd.
 
5,369
97,946
Kyoto Financial Group, Inc.
 
30,837
747,385
Kyushu Financial Group, Inc.
 
64,926
488,254
LaSalle Logiport REIT
 
181
184,303
Lasertec Corp.(a)
 
1,733
399,425
Life Corp.(a)
 
11,621
192,420
Lintec Corp.
 
10,352
320,422
Lion Corp.
 
46,137
496,189
M3, Inc.
 
23,499
290,895
Mabuchi Motor Co. Ltd.
 
38,966
367,229
Macnica Holdings, Inc.(a)
 
34,664
596,261
Makino Milling Machine Co. Ltd.
 
3,850
284,653
Maruha Nichiro Corp., Class C
 
29,688
268,251
Marui Group Co. Ltd.
 
17,073
335,200
Maruichi Steel Tube Ltd.
 
25,522
253,714
Maruwa Co. Ltd.
 
421
129,859
Maruzen Showa Unyu Co. Ltd.(a)
 
1,574
85,905
Max Co. Ltd.
 
4,113
174,487
McDonald’s Holdings Co. (Japan) Ltd.(a)
 
9,161
398,541
MCJ Co. Ltd.
 
10,101
103,267
Megmilk Snow Brand Co. Ltd.
 
8,670
189,436
Meidensha Corp.
 
6,769
266,139
Meiko Electronics Co. Ltd.(a)
 
2,225
183,065
MEITEC Group Holdings, Inc.
 
8,984
201,613
Menicon Co. Ltd.(a)
 
14,513
152,687
Milbon Co. Ltd.
 
5,478
90,295
MIRAIT ONE Corp.
 
14,076
338,861
Mitsubishi Estate Logistics REIT Investment
Corp.
 
128
109,184
Mitsubishi Logistics Corp.
 
52,452
449,495
Mitsubishi Pencil Co. Ltd.
 
4,717
70,199
Mitsuboshi Belting Ltd.
 
3,629
94,846
Mitsui E&S Co. Ltd.
 
7,857
350,289
Mitsui Fudosan Accommodations Fund, Inc.
 
206
184,764
Mitsui Fudosan Logistics Park, Inc.(a)
 
220
164,732
Mitsui High-Tec, Inc.(a)
 
18,629
90,373
 
Shares
Value
Japan-(continued)
Mitsui-Soko Holdings Co. Ltd.
 
9,893
$232,158
Mitsuuroko Group Holdings Co. Ltd.
 
2,002
28,252
Miura Co. Ltd.(a)
 
12,159
250,825
Mixi, Inc.
 
7,208
127,297
Mizuho Leasing Co. Ltd.
 
23,701
219,533
Mizuno Corp.
 
11,087
230,448
Mochida Pharmaceutical Co. Ltd.
 
1,334
31,375
Modec, Inc.
 
3,372
329,895
MonotaRO Co. Ltd.
 
8,631
116,800
Mori Hills REIT Investment Corp.(a)
 
158
148,691
Mori Trust REIT, Inc.(a)
 
270
136,075
Morinaga & Co. Ltd.
 
12,971
227,583
Morinaga Milk Industry Co. Ltd.
 
18,155
470,353
Morita Holdings Corp.
 
3,657
66,554
Musashi Seimitsu Industry Co. Ltd.
 
9,780
173,645
Musashino Bank Ltd. (The)
 
4,796
171,718
Nabtesco Corp.
 
26,186
711,879
Nakanishi, Inc.
 
8,131
114,374
Nankai Electric Railway Co. Ltd.
 
15,363
285,409
Nanto Bank Ltd. (The)
 
5,464
236,584
Nextage Co. Ltd.
 
9,405
199,893
NHK Spring Co. Ltd.
 
41,029
748,065
Nichias Corp.
 
9,235
464,811
Nichicon Corp.
 
14,457
158,726
Nichiha Corp.
 
3,230
71,327
Nifco, Inc.(a)
 
14,350
448,220
Nihon Kohden Corp.(a)
 
27,991
311,324
Nihon M&A Center Holdings, Inc.
 
28,129
129,606
Nihon Parkerizing Co. Ltd.
 
9,661
92,395
Nikkon Holdings Co. Ltd.(a)
 
15,010
356,973
Nippn Corp.
 
12,571
215,289
Nippon Densetsu Kogyo Co. Ltd.
 
4,283
96,922
Nippon Gas Co. Ltd.
 
12,781
243,178
Nippon Kayaku Co. Ltd.
 
25,908
302,070
Nippon Light Metal Holdings Co. Ltd.
 
12,133
214,746
Nippon Prologis REIT, Inc.
 
669
391,642
NIPPON REIT Investment Corp.
 
213
132,743
Nippon Shinyaku Co. Ltd.
 
14,989
501,953
Nippon Shokubai Co. Ltd.
 
39,489
570,595
Nippon Soda Co. Ltd.
 
7,273
174,135
Nipro Corp.(a)
 
25,833
238,166
Nishimatsu Construction Co. Ltd.
 
6,702
250,209
Nishimatsuya Chain Co. Ltd.(a)
 
8,249
114,479
Nishi-Nippon Financial Holdings, Inc.
 
20,099
488,397
Nishi-Nippon Railroad Co. Ltd.
 
9,939
183,633
Nisshin Oillio Group Ltd. (The)
 
4,595
168,311
Nisshinbo Holdings, Inc.
 
41,713
388,001
Nitta Corp.
 
1,666
44,037
Nitto Boseki Co. Ltd.(a)
 
3,156
302,166
Nitto Kogyo Corp.
 
4,581
122,951
NOF Corp.
 
26,070
505,161
Nojima Corp.
 
30,646
214,531
NOK Corp.
 
15,945
311,544
Nomura Co. Ltd.(a)
 
16,534
146,616
Nomura Real Estate Holdings, Inc.
 
92,382
615,891
Noritake Co. Ltd.
 
3,253
129,652
Noritsu Koki Co. Ltd.
 
10,350
148,004
North Pacific Bank Ltd.
 
61,749
370,090
NS Solutions Corp.(a)
 
6,635
175,861
NSD Co. Ltd.
 
5,448
114,715
NTN Corp.
 
199,313
479,249
NTT UD REIT Investment Corp.
 
151
139,690
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
Japan-(continued)
OBIC Co. Ltd.
 
10,214
$284,808
Odakyu Electric Railway Co. Ltd.
 
43,772
470,369
Okamura Corp.
 
10,032
154,471
Okasan Securities Group, Inc.
 
19,228
110,466
OKUMA Corp.
 
12,450
309,996
Okumura Corp.
 
5,489
229,338
Open House Group Co. Ltd.
 
11,451
675,981
Open Up Group, Inc.
 
8,779
105,878
Organo Corp.
 
1,742
184,537
ORIX JREIT, Inc.
 
574
385,666
Osaka Soda Co. Ltd.
 
11,740
171,176
OSG Corp.(a)
 
17,171
290,901
PALTAC Corp.
 
3,969
124,609
Paramount Bed Holdings Co. Ltd.
 
7,058
160,737
Park24 Co. Ltd.
 
13,267
185,484
Penta-Ocean Construction Co. Ltd.
 
63,557
669,205
Pigeon Corp.
 
22,933
239,774
Pilot Corp.
 
4,589
144,749
Pola Orbis Holdings, Inc.(a)
 
20,091
176,328
Prima Meat Packers Ltd.
 
5,408
96,918
Raito Kogyo Co. Ltd.
 
7,862
178,354
Rakuten Bank Ltd.(b)
 
2,275
109,230
Rakuten Group, Inc.(b)
 
66,138
397,830
Relo Group, Inc.
 
8,916
101,611
Resorttrust, Inc.
 
13,666
159,760
Ricoh Leasing Co. Ltd.
 
1,767
68,697
Rinnai Corp.
 
17,933
472,544
Rohto Pharmaceutical Co. Ltd.
 
23,836
395,903
Saizeriya Co. Ltd.
 
3,649
148,085
Sakata INX Corp.
 
10,031
154,325
Sakata Seed Corp.
 
6,003
158,410
San-A Co. Ltd.
 
8,483
162,241
San-Ai Obbli Co. Ltd.
 
4,945
70,503
Sangetsu Corp.(a)
 
7,526
154,138
San-In Godo Bank Ltd. (The)
 
19,246
197,512
Sanken Electric Co. Ltd.(b)
 
4,490
212,326
Sanki Engineering Co. Ltd.
 
7,560
326,743
Sankyo Co. Ltd.
 
21,291
334,125
Sanyo Denki Co. Ltd.(a)
 
4,483
120,928
Sapporo Holdings Ltd.(a)
 
31,405
336,367
Sawai Group Holdings Co. Ltd.
 
20,932
322,111
Sega Sammy Holdings, Inc.
 
27,922
439,374
Seibu Holdings, Inc.
 
12,280
326,428
Seiko Group Corp.
 
5,112
256,197
Seiren Co. Ltd.
 
6,474
132,918
Sekisui House Reit, Inc.
 
482
283,959
Senko Group Holdings Co. Ltd.
 
25,059
313,156
Senshu Ikeda Holdings, Inc.
 
41,567
220,756
Seria Co. Ltd.
 
10,143
241,786
Seven Bank Ltd.
 
102,826
198,574
Shibuya Corp.(a)
 
1,866
42,631
Shiga Bank Ltd. (The)
 
5,728
293,897
Shikoku Electric Power Co., Inc.(a)
 
35,996
365,552
Shinmaywa Industries Ltd.
 
12,914
183,066
Ship Healthcare Holdings, Inc.
 
13,990
231,357
SHO-BOND Holdings Co. Ltd.
 
21,048
189,555
SKY Perfect JSAT Holdings, Inc.
 
19,309
280,014
Skylark Holdings Co. Ltd.(a)
 
16,991
347,336
Socionext, Inc.
 
30,502
409,478
Sotetsu Holdings, Inc.
 
12,480
226,293
Square Enix Holdings Co. Ltd.
 
25,725
446,007
Starts Corp., Inc.
 
3,902
124,192
 
Shares
Value
Japan-(continued)
Sugi Holdings Co. Ltd.
 
18,867
$435,049
Sumitomo Bakelite Co. Ltd.
 
13,470
475,950
Sumitomo Densetsu Co. Ltd.
 
2,348
147,839
Sumitomo Osaka Cement Co. Ltd.
 
10,221
276,378
Sumitomo Pharma Co. Ltd.(a)(b)
 
51,739
772,425
Sumitomo Warehouse Co. Ltd. (The)
 
6,391
153,804
Sundrug Co. Ltd.
 
15,184
405,631
Suruga Bank Ltd.
 
17,714
223,208
SWCC Corp.
 
3,098
231,646
T Hasegawa Co. Ltd.
 
3,501
64,614
Tadano Ltd.
 
18,421
136,581
Taihei Dengyo Kaisha Ltd.
 
6,353
92,073
Taikisha Ltd.(a)
 
9,269
207,732
Taiyo Holdings Co. Ltd.
 
6,988
226,913
Takara Holdings, Inc.(a)
 
27,190
281,736
Takara Standard Co. Ltd.
 
4,947
94,767
Takasago International Corp.
 
10,867
106,459
Takasago Thermal Engineering Co. Ltd.
 
10,928
316,961
Takeuchi Manufacturing Co. Ltd.(a)
 
5,459
226,757
Takuma Co. Ltd.
 
11,743
190,445
Tamron Co. Ltd.
 
15,338
102,716
TBS Holdings, Inc.
 
13,656
531,200
THK Co. Ltd.
 
20,157
604,189
TKC Corp.
 
3,801
100,264
Toa Corp.
 
11,711
238,929
Toagosei Co. Ltd.
 
14,206
161,996
Tocalo Co. Ltd.
 
6,949
116,632
Toda Corp.
 
32,095
281,056
Toei Co. Ltd.
 
3,032
110,729
Toho Co. Ltd.
 
6,635
339,348
Toho Holdings Co. Ltd.(a)
 
10,824
324,645
Tokai Carbon Co. Ltd.
 
62,078
430,933
TOKAI Holdings Corp.
 
13,445
100,216
Tokai Rika Co. Ltd.
 
8,296
168,693
Tokai Tokyo Financial Holdings, Inc.
 
38,033
182,809
Token Corp.
 
1,316
126,874
Tokuyama Corp.
 
22,435
588,448
Tokyo Century Corp.
 
28,984
405,075
Tokyo Kiraboshi Financial Group, Inc.
 
4,214
276,022
Tokyo Metro Co. Ltd.(a)
 
14,348
153,704
Tokyo Ohka Kogyo Co. Ltd.
 
10,804
511,619
Tokyo Seimitsu Co. Ltd.
 
5,121
465,470
Tokyo Steel Manufacturing Co. Ltd.
 
23,452
229,721
Tokyu REIT, Inc.(a)
 
98
131,796
TOMONY Holdings, Inc.
 
32,339
183,616
Tomy Co. Ltd.
 
9,973
176,679
Topre Corp.
 
4,061
66,370
Toshiba TEC Corp.
 
6,278
105,919
Totetsu Kogyo Co. Ltd.
 
3,395
102,553
Towa Pharmaceutical Co. Ltd.
 
5,812
135,804
Transcosmos, Inc.
 
3,722
91,064
Trusco Nakayama Corp.
 
6,916
109,658
TS Tech Co. Ltd.
 
13,775
169,776
TSI Holdings Co. Ltd.(a)
 
15,678
107,287
Tsubakimoto Chain Co.
 
12,198
187,722
Tsumura & Co.(a)
 
12,274
325,513
TV Asahi Holdings Corp.
 
11,508
267,009
Tv Tokyo Holdings Corp.
 
3,228
95,788
UACJ Corp.
 
31,788
504,756
Ulvac, Inc.
 
10,645
573,406
United Super Markets Holdings, Inc.
 
20,805
125,805
United Urban Investment Corp.
 
328
380,179
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
Japan-(continued)
Ushio, Inc.
 
16,827
$303,473
USS Co. Ltd.
 
28,250
313,156
Valor Holdings Co. Ltd., Class C
 
4,940
112,207
Wacoal Holdings Corp.
 
7,062
199,764
Wacom Co. Ltd.
 
23,421
113,867
YAMABIKO Corp.
 
5,408
112,948
Yamaguchi Financial Group, Inc.
 
26,201
418,707
Yamato Kogyo Co. Ltd.
 
5,525
399,600
Yamazen Corp.
 
8,498
78,634
Yellow Hat Ltd.
 
10,669
116,859
Yodoko Ltd.
 
17,873
162,451
Yokogawa Bridge Holdings Corp.
 
5,972
120,588
Yoshinoya Holdings Co. Ltd.(a)
 
7,329
145,215
Yuasa Trading Co. Ltd.
 
1,659
61,000
Yurtec Corp.
 
7,309
128,924
Zenkoku Hosho Co. Ltd.
 
11,363
226,647
Zensho Holdings Co. Ltd.
 
4,706
255,877
Zeon Corp.
 
36,152
443,204
ZOZO, Inc.
 
17,021
141,040
 
 
109,347,835
Luxembourg-0.11%
RTL Group S.A.(a)
 
9,665
422,921
Macau-0.09%
Sands China Ltd.
 
116,649
253,239
SJM Holdings Ltd.(a)(b)
 
312,593
95,966
 
 
349,205
Mexico-0.18%
Fresnillo PLC
 
13,521
667,761
Netherlands-1.21%
Arcadis N.V.
 
6,668
300,547
Basic-Fit N.V.(b)(c)
 
4,031
154,224
BE Semiconductor Industries N.V.
 
2,573
502,635
Corbion N.V.
 
11,103
267,654
CTP N.V.(c)
 
10,125
221,533
Eurocommercial Properties N.V.
 
5,606
165,973
Euronext N.V.(c)
 
3,453
485,360
Flow Traders Ltd.(a)(b)
 
6,398
208,898
Fugro N.V.(a)
 
21,893
303,629
Koninklijke BAM Groep N.V.
 
44,970
473,344
Koninklijke Heijmans N.V, CVA
 
2,801
229,055
Koninklijke Vopak N.V.
 
7,377
369,514
OCI N.V.(b)
 
51,646
207,204
Redcare Pharmacy N.V.(a)(b)(c)
 
1,092
80,988
TKH Group N.V., CVA
 
8,430
371,289
Van Lanschot Kempen N.V., CVA
 
4,234
257,678
 
 
4,599,525
New Zealand-0.67%
a2 Milk Co. Ltd. (The)(a)
 
43,511
259,753
Air New Zealand Ltd.
 
91,488
32,085
Auckland International Airport Ltd.
 
91,770
459,379
Chorus Ltd.
 
33,682
193,479
Contact Energy Ltd.
 
51,783
293,174
Fisher & Paykel Healthcare Corp. Ltd.
 
22,433
526,459
Genesis Energy Ltd.
 
18,971
27,891
Kiwi Property Group Ltd.
 
62,582
38,170
Mercury NZ Ltd.
 
45,165
173,092
Meridian Energy Ltd.
 
62,554
213,177
Precinct Properties Group
 
64,370
45,392
Ryman Healthcare Ltd.(b)
 
53,746
90,488
SKYCITY Entertainment Group Ltd.(b)
 
57,826
32,380
 
Shares
Value
New Zealand-(continued)
Vector Ltd.
 
6,746
$19,677
Xero Ltd.(b)
 
2,015
132,112
 
 
2,536,708
Nigeria-0.18%
Airtel Africa PLC(c)
 
156,045
682,301
Norway-2.20%
Aker Solutions ASA, Class A
 
62,358
228,606
Austevoll Seafood ASA
 
13,980
134,831
BlueNord ASA(b)
 
1,929
90,459
Bonheur ASA
 
1,160
30,465
Borregaard ASA
 
7,815
157,788
DNO ASA
 
223,319
380,565
DOF Group ASA
 
12,557
147,450
Elkem ASA(b)(c)
 
111,583
332,560
Entra ASA(c)
 
8,225
96,644
Europris ASA(c)
 
19,086
175,916
Frontline PLC
 
19,140
547,021
Gjensidige Forsikring ASA
 
14,996
428,223
Hoegh Autoliners ASA
 
26,899
300,715
Kongsberg Gruppen ASA
 
11,171
384,993
Leroy Seafood Group ASA
 
55,348
273,640
MPC Container Ships ASA
 
137,390
267,137
Norconsult Norge AS
 
23,415
110,781
Nordic Semiconductor ASA(b)
 
12,905
173,875
Odfjell Drilling Ltd.
 
16,869
168,455
Opera Ltd., ADR(a)
 
8,846
109,867
SalMar ASA
 
5,518
329,787
SFL Corp. Ltd.(a)
 
27,024
239,433
SpareBank 1 Nord Norge
 
9,282
141,967
SpareBank 1 Oestlandet
 
3,485
71,072
SpareBank 1 SMN
 
12,178
245,487
SpareBank 1 Sør-Norge ASA, Class B
 
20,856
421,819
Sparebanken Norge
 
9,960
199,076
Stolt-Nielsen Ltd.(a)
 
5,944
187,070
Storebrand ASA
 
34,261
601,527
TGS ASA
 
35,846
379,067
TOMRA Systems ASA
 
15,216
202,520
Var Energi ASA
 
145,199
532,650
Veidekke ASA
 
6,905
127,666
Wilh Wilhelmsen Holding ASA, Class A
 
1,816
129,718
 
 
8,348,850
Philippines-0.00%
Maynilad Water Services, Inc.(b)
 
1,158
356
Poland-0.97%
Alior Bank S.A.
 
8,017
262,904
Allegro.eu S.A.(a)(b)(c)
 
25,419
209,797
Asseco Poland S.A.
 
5,813
355,655
Bank Handlowy w Warszawie S.A.
 
2,308
75,305
Bank Millennium S.A.(b)
 
38,099
185,172
Budimex S.A.(a)
 
760
147,610
CD Projekt S.A.(a)
 
1,746
128,052
Cyfrowy Polsat S.A.(a)(b)
 
36,984
139,709
Dino Polska S.A.(a)(b)(c)
 
18,154
192,966
Enea S.A.
 
21,296
132,127
Eurocash S.A.(b)
 
12,973
24,938
Grupa Azoty S.A.(a)(b)
 
8,176
41,032
Grupa Kety S.A.
 
708
204,132
Jastrzebska Spolka Weglowa S.A.(b)
 
18,244
152,372
KRUK S.A.(a)
 
1,528
211,087
LPP S.A.(a)
 
66
366,203
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
Poland-(continued)
mBank S.A.(b)
 
682
$199,877
Orange Polska S.A.(a)
 
52,757
171,378
Santander Bank Polska S.A.
 
3,058
482,011
 
 
3,682,327
Portugal-0.49%
Banco Comercial Portugues S.A., Class R
 
655,310
711,883
Navigator Co. S.A. (The)(a)
 
46,334
176,022
NOS SGPS S.A.
 
45,768
238,787
REN - Redes Energeticas Nacionais SGPS
S.A.
 
75,354
308,208
Sonae SGPS S.A.
 
195,265
411,259
 
 
1,846,159
Singapore-2.62%
BW LPG Ltd.(c)
 
25,064
398,079
CapitaLand Ascott Trust
 
328,861
254,435
CapitaLand India Trust
 
134,972
132,018
CapitaLand Integrated Commercial Trust
 
404
760
CapitaLand Investment Ltd.(a)
 
222,512
540,046
CDL Hospitality Trusts
 
91,625
62,548
City Developments Ltd.
 
88,507
646,489
ESR-REIT
 
63,633
136,967
Frasers Centrepoint Trust
 
104,310
184,116
Frasers Logistics & Commercial Trust(c)
 
515,254
410,546
Genting Singapore Ltd.
 
768,749
444,920
Grab Holdings Ltd., Class A(a)(b)
 
105,702
454,519
Hafnia Ltd.
 
57,380
352,883
IGG, Inc.
 
152,919
72,149
Jardine Cycle & Carriage Ltd.
 
8,923
223,103
Kenon Holdings Ltd.
 
2,675
191,336
Keppel DC REIT
 
99,781
179,235
Keppel Infrastructure Trust
 
353,450
144,657
Keppel REIT
 
282,819
219,825
Kulicke & Soffa Industries, Inc.
 
12,423
712,211
Lendlease Global Commercial REIT
 
247,522
124,513
Mapletree Industrial Trust(a)
 
219,527
364,807
Mapletree Logistics Trust
 
425,205
453,498
Mapletree Pan Asia Commercial Trust
 
382,842
440,136
NetLink NBN Trust(c)
 
264,909
204,293
SATS Ltd.
 
73,796
220,386
Seatrium Ltd.(a)
 
158,020
262,700
Sembcorp Industries Ltd.(a)
 
71,993
341,971
Sheng Siong Group Ltd.
 
63,431
136,003
Singapore Exchange Ltd.
 
42,403
588,976
Singapore Post Ltd.(a)
 
435,405
135,522
Singapore Technologies Engineering Ltd.
 
87,305
672,804
Suntec REIT
 
240,270
272,076
 
 
9,978,527
South Africa-0.04%
Scatec ASA(b)(c)
 
13,538
162,261
South Korea-7.98%
Amorepacific Corp.
 
5,233
503,709
AMOREPACIFIC Holdings Corp.
 
8,707
173,082
Asiana Airlines, Inc.(b)
 
6,955
36,800
BGF retail Co. Ltd.
 
2,262
190,495
BH Co. Ltd.(a)(b)
 
9,221
116,654
Binggrae Co. Ltd.
 
1,669
86,505
Cheil Worldwide, Inc.
 
14,294
217,701
Chong Kun Dang Pharmaceutical Corp.(a)(b)
 
1,728
102,437
CJ ENM Co. Ltd.(b)
 
3,991
206,756
CJ Logistics Corp.
 
3,379
243,086
 
Shares
Value
South Korea-(continued)
Com2uSCorp.(a)(b)
 
2,758
$70,446
Coway Co. Ltd., (Acquired 03/18/2022 -
12/19/2025; Cost $345,216)(b)(e)
 
7,608
440,200
Daeduck Electronics Co. Ltd.
 
7,389
321,082
Daesang Corp.
 
6,931
104,331
Daewoo Engineering & Construction Co.
Ltd.(a)(b)
 
64,888
222,861
Daishin Securities Co. Ltd.
 
10,306
223,611
Daou Technology, Inc.
 
4,541
167,118
DB HiTek Co. Ltd.
 
6,142
448,126
Delivery Hero SE(b)(c)
 
10,334
289,253
DL Holdings Co. Ltd.(b)
 
4,315
123,677
Dongjin Semichem Co. Ltd.
 
5,628
216,618
Dongwon Industries Co. Ltd.
 
2,359
67,911
Doosan Bobcat, Inc.(b)
 
14,475
589,306
Doosan Co. Ltd.
 
1,087
637,043
DoubleDown Interactive Co. Ltd., ADR(b)
 
2,031
17,182
Ecopro BM Co. Ltd.(b)
 
1,485
237,875
Ecopro Co. Ltd.
 
4,738
531,525
F&F Co. Ltd.(b)
 
2,334
117,978
Gravity Co. Ltd., ADR(b)
 
827
57,510
Green Cross Corp.(b)
 
1,112
127,006
Green Cross Holdings Corp.(b)
 
4,051
43,861
GS Retail Co. Ltd.
 
9,969
153,207
Hanmi Pharm Co. Ltd.(b)
 
477
160,602
Hanon Systems(a)(b)
 
67,966
154,474
Hansol Chemical Co. Ltd.
 
1,202
234,033
Hanwha Aerospace Co. Ltd.(b)
 
784
705,742
Hanwha Life Insurance Co. Ltd.(b)
 
74,370
179,808
Hanwha Systems Co. Ltd.(b)
 
3,973
259,843
Harim Holdings Co. Ltd., Class C(a)(b)
 
15,616
155,519
HD Construction Equipment Co. Ltd.
 
7,197
541,780
HD Hyundai Electric Co. Ltd.
 
321
196,659
HD Hyundai Heavy Industries Co. Ltd.
 
993
395,244
HDC Holdings Co. Ltd.
 
8,736
114,929
HDC Hyundai Development Co-Engineering &
Construction, Class E
 
13,407
191,302
Hite Jinro Co. Ltd.(a)(b)
 
7,524
91,827
HL Mando Co. Ltd.(a)
 
12,503
553,995
Hotel Shilla Co. Ltd.(b)
 
6,348
203,289
HS Hyosung Advanced Materials Corp.(b)
 
811
132,748
HYBE Co. Ltd.(b)
 
684
176,781
Hyosung Corp.(b)
 
1,204
127,123
Hyosung TNC Corp.(a)(b)
 
897
233,766
Hyundai Department Store Co. Ltd.
 
3,526
229,142
Hyundai Elevator Co. Ltd.
 
2,390
156,181
Hyundai Green Food Co. Ltd.
 
2,625
27,834
Hyundai Marine & Fire Insurance Co. Ltd.(a)(b)
 
21,138
412,115
Hyundai Rotem Co. Ltd.
 
1,640
262,228
Hyundai Wia Corp.(a)
 
5,084
303,554
iM Financial Group Co. Ltd.
 
30,209
324,825
JB Financial Group Co. Ltd.
 
23,818
415,571
KakaoBank Corp.
 
9,639
152,898
Kangwon Land, Inc.
 
16,518
199,777
KCC Corp.
 
1,355
458,247
KCC Glass Corp.
 
1,530
28,561
KEPCO Plant Service & Engineering Co.
Ltd.(b)
 
3,729
144,554
KIWOOM Securities Co. Ltd.
 
1,601
492,114
Kolon Industries, Inc.
 
7,158
271,975
Korea Aerospace Industries Ltd.
 
3,296
384,146
Korea Electric Terminal Co. Ltd.
 
1,384
71,776
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
South Korea-(continued)
Korea Investment Holdings Co. Ltd.
 
6,723
$1,005,725
Korea Petrochemical Ind Co. Ltd.(a)(b)
 
1,720
186,606
Korean Reinsurance Co.
 
15,092
123,296
Krafton, Inc.(b)
 
2,151
377,621
Kumho Tire Co., Inc.(b)
 
27,665
115,494
L&F Co. Ltd.(b)
 
1,933
168,380
LF Corp.
 
2,943
39,245
LG Energy Solution Ltd.(b)
 
1,218
334,812
LOTTE Chilsung Beverage Co. Ltd.
 
1,013
93,752
LOTTE Corp.
 
9,807
213,099
LOTTE Fine Chemical Co. Ltd.
 
3,636
119,479
Lotte Rental Co. Ltd.
 
2,296
49,120
LOTTE Shopping Co. Ltd.
 
3,630
211,823
LS Electric Co. Ltd.(b)
 
882
343,715
LX International Corp.
 
8,991
238,662
LX Semicon Co. Ltd.
 
2,669
101,228
Macquarie Korea Infrastructure Fund
 
38,168
296,645
Meritz Financial Group, Inc.
 
5,559
449,474
Mirae Asset Securities Co. Ltd.
 
34,593
1,025,528
Misto Holdings Corp.
 
6,168
200,850
NCSoft Corp.
 
3,850
626,089
Netmarble Corp., (Acquired 09/27/2022 -
12/19/2025; Cost $215,485)(b)(c)(e)
 
5,494
200,972
NH Investment & Securities Co. Ltd.
 
23,353
437,831
NHN Corp.(a)
 
5,384
120,443
NongShim Co. Ltd.(b)
 
761
214,513
OCI Holdings Co. Ltd.(a)(b)
 
4,382
349,522
Orion Corp.
 
3,228
262,761
Orion Holdings Corp.
 
7,707
111,579
Otoki Corp.
 
264
70,634
Pan Ocean Co. Ltd.(a)(b)
 
91,152
296,941
Poongsan Corp.
 
3,917
357,156
POSCO Future M Co. Ltd.(b)
 
1,180
182,574
Posco International Corp.
 
12,238
528,439
S-1 Corp.
 
2,249
124,531
Samsung Biologics Co. Ltd.(b)(c)
 
137
165,566
Samsung Card Co. Ltd.(a)
 
3,575
140,934
Samsung Episholdings Co. Ltd.(b)
 
74
31,155
Samsung Heavy Industries Co. Ltd.(b)
 
26,947
549,211
Samsung Securities Co. Ltd.
 
8,837
554,682
Samyang Biopharmaceuticals Corp.(b)
 
840
55,790
Samyang Holdings Corp.(b)
 
790
33,306
SD Biosensor, Inc.(b)
 
8,881
55,500
SeAH Steel Holdings Corp.
 
521
49,138
Seegene, Inc.
 
9,848
194,818
SFA Engineering Corp.
 
4,722
110,236
Shinsegae, Inc.(a)
 
1,795
397,677
SK Chemicals Co. Ltd.
 
2,757
128,129
SK Discovery Co. Ltd.
 
1,534
61,586
SK Gas Ltd.
 
612
98,782
SK Networks Co. Ltd.
 
18,852
73,169
SKC Co. Ltd.(b)
 
1,682
135,844
SL Corp.(b)
 
4,844
186,531
Soulbrain Co. Ltd.
 
686
230,208
Taihan Cable & Solution Co. Ltd.(b)
 
10,813
219,464
WONIK IPS Co. Ltd.(b)
 
6,542
514,654
Youngone Corp.
 
2,901
183,240
Youngone Holdings Co. Ltd.
 
802
115,197
Yuhan Corp.(b)
 
3,005
224,611
 
 
30,317,881
Spain-1.46%
Acciona S.A.(a)
 
3,075
663,265
 
Shares
Value
Spain-(continued)
Almirall S.A.(a)
 
9,642
$144,858
Atresmedia Corp. de Medios de
Comunicacion S.A.(a)
 
17,442
108,932
Befesa S.A.(c)
 
6,594
242,386
CIE Automotive S.A.(a)
 
6,252
213,749
Colonial SFL Socimi S.A.(a)
 
60,325
374,472
Construcciones y Auxiliar de Ferrocarriles
S.A.
 
2,735
182,985
Corporacion ACCIONA Energias Renovables
S.A.(a)
 
6,701
170,242
Ebro Foods S.A.
 
5,079
111,099
EDP Renovaveis S.A.
 
35,231
537,150
Elecnor S.A.
 
4,572
146,261
Faes Farma S.A.
 
25,953
161,493
Fluidra S.A.
 
8,398
245,170
Gestamp Automocion S.A.(c)
 
56,849
204,563
Indra Sistemas S.A.(a)
 
7,179
465,691
Linea Directa Aseguradora S.A. Cia de
Seguros y Reaseguros
 
53,364
74,694
Logista Integral S.A.
 
6,591
241,290
Sacyr S.A.
 
53,448
252,417
Unicaja Banco S.A.(c)
 
125,726
432,412
Vidrala S.A.(a)
 
2,011
210,858
Viscofan S.A.
 
5,670
381,898
 
 
5,565,885
Sweden-3.26%
AAK AB(a)
 
14,177
399,176
AcadeMedia AB(a)(c)
 
13,117
139,856
AddLife AB, Class B
 
5,646
87,030
Addtech AB, Class B
 
6,165
201,421
AFRY AB(a)
 
16,281
259,959
Alleima AB(a)
 
27,512
241,949
Arjo AB, Class B
 
37,772
113,939
Atea ASA(b)
 
7,602
122,053
Atrium Ljungberg AB(a)
 
28,724
109,472
Attendo AB(c)
 
15,706
157,764
Avanza Bank Holding AB(a)
 
3,169
124,243
Axfood AB(a)
 
10,777
371,539
Beijer Ref AB(a)
 
17,524
251,009
Betsson AB, Class B
 
13,014
153,759
Bilia AB, Class A
 
8,357
119,152
Bravida Holding AB(c)
 
26,750
265,188
Catena AB(a)
 
2,258
117,944
Corem Property Group AB, Class B(a)
 
227,129
105,799
Dios Fastigheter AB
 
15,493
112,907
Dometic Group AB(a)(c)
 
81,374
352,406
Electrolux Professional AB(a)
 
14,874
103,127
Elekta AB, Class B
 
66,848
432,394
Embracer Group AB, Class A(a)(b)
 
20,338
112,097
Fabege AB(a)
 
33,237
308,922
Fastighets AB Balder, Class B(a)(b)
 
55,647
422,343
Getinge AB, Class B(a)
 
26,108
575,657
Granges AB
 
15,226
257,093
Hexpol AB(a)
 
37,054
305,168
Hufvudstaden AB, Class A(a)
 
11,966
166,381
Indutrade AB
 
11,903
281,173
Inwido AB(a)
 
7,598
131,595
JM AB(a)
 
18,255
282,670
Lifco AB, Class B
 
4,812
166,382
Lindab International AB(a)
 
7,693
162,733
Loomis AB
 
10,391
433,879
MEKO AB
 
6,974
55,780
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
Sweden-(continued)
Munters Group AB(c)
 
6,441
$127,963
Mycronic AB
 
5,642
130,679
NCC AB, Class B
 
15,985
411,879
New Wave Group AB, Class B(a)
 
8,477
102,282
Nolato AB, Class B(a)
 
17,452
114,771
Nyfosa AB
 
14,690
117,509
Pandox AB
 
5,865
127,334
Peab AB, Class B
 
30,095
302,668
Ratos AB, Class B
 
45,285
194,769
Saab AB, Class B
 
10,636
835,031
Sagax AB, Class B(a)
 
9,770
216,784
Samhallsbyggnadsbolaget i Norden AB,
Class B(a)(b)
 
499,687
276,902
Scandic Hotels Group AB(c)
 
15,118
152,013
Sweco AB, Class B
 
12,556
209,315
Swedish Orphan Biovitrum AB, Class B(b)
 
11,680
446,321
Thule Group AB(a)(c)
 
10,700
257,947
Wallenstam AB, Class B(a)
 
32,889
150,714
Wihlborgs Fastigheter AB
 
21,873
227,404
 
 
12,406,244
Switzerland-3.56%
Accelleron Industries AG(b)
 
2,622
252,132
Allreal Holding AG(b)
 
1,639
481,297
ALSO Holding AG
 
967
250,169
Aryzta AG(b)
 
3,424
243,654
Avolta AG(b)
 
8,145
500,592
Bachem Holding AG(a)(b)
 
1,579
143,691
Banque Cantonale Vaudoise(a)
 
2,258
306,766
Belimo Holding AG
 
346
379,921
Bell Food Group AG(b)
 
111
31,973
BKW AG(b)
 
1,791
339,928
Bossard Holding AG, Class A(a)
 
579
114,230
Burckhardt Compression Holding AG
 
160
111,046
Cembra Money Bank AG
 
2,713
348,159
Comet Holding AG
 
524
203,677
CRISPR Therapeutics AG(a)(b)
 
6,944
346,922
Daetwyler Holding AG, BR(a)
 
705
144,651
dormakaba Holding AG
 
2,494
188,286
EFG International AG(b)
 
6,548
167,986
Emmi AG(a)(b)
 
261
265,449
EMS-Chemie Holding AG
 
457
356,687
Flughafen Zureich AG(b)
 
1,089
339,541
Forbo Holding AG(a)
 
176
208,663
Galderma Group AG, Class A
 
1,490
278,817
Garrett Motion, Inc.
 
12,114
218,537
Georg Fischer AG(a)
 
5,638
377,242
Huber + Suhner AG
 
1,914
388,624
Inficon Holding AG
 
1,047
166,334
International Workplace Group PLC
 
131,519
447,139
Interroll Holding AG, Class R
 
58
140,215
Kardex Holding AG
 
316
111,519
Landis+Gyr Group AG(b)
 
5,987
422,219
Luzerner Kantonalbank AG(a)
 
1,199
153,343
Mobimo Holding AG(b)
 
589
297,767
OC Oerlikon Corp. AG(a)
 
45,745
210,635
On Holding AG, Class A(b)
 
3,158
142,900
SFS Group AG(b)
 
1,499
220,932
Siegfried Holding AG(b)
 
1,722
212,565
SIG Group AG(a)(b)
 
34,898
542,095
St Galler Kantonalbank AG(a)
 
211
162,806
Stadler Rail AG(a)
 
8,016
206,169
Straumann Holding AG(a)(b)
 
3,229
389,864
 
Shares
Value
Switzerland-(continued)
Sulzer AG
 
1,226
$265,192
Swissquote Group Holding S.A.
 
216
123,449
Tecan Group AG, Class R(b)
 
1,499
265,131
Temenos AG
 
3,314
294,012
TORM PLC, Class A
 
14,423
355,869
Valiant Holding AG
 
1,687
339,974
VAT Group AG(c)
 
956
620,622
Vaudoise Assurances Holding S.A.(b)
 
110
105,179
Vontobel Holding AG, Class R
 
3,855
333,541
 
 
13,518,111
Taiwan-0.07%
FIT Hon Teng Ltd.(b)(c)
 
421,184
263,356
Turkey-0.24%
Eldorado Gold Corp.(b)
 
21,006
906,229
United Kingdom-7.12%
4imprint Group PLC
 
2,874
161,480
AG Barr PLC
 
10,265
89,828
Allfunds Group PLC
 
41,377
402,443
Ashmore Group PLC(a)
 
82,697
269,072
Auto Trader Group PLC(c)
 
25,506
188,553
Babcock International Group PLC
 
29,850
590,214
Beazley PLC
 
47,498
740,011
Big Yellow Group PLC
 
22,815
323,885
Bodycote PLC
 
26,057
267,318
Breedon Group PLC
 
51,449
237,648
Bridgepoint Group PLC(c)
 
26,045
97,156
Chemring Group PLC
 
32,213
220,848
Clarkson PLC
 
3,448
198,533
Close Brothers Group PLC(a)(b)
 
65,112
453,288
Coats Group PLC
 
193,667
226,019
Computacenter PLC
 
9,849
452,053
Convatec Group PLC(c)
 
127,812
404,309
Cranswick PLC
 
6,654
481,661
CVS Group PLC
 
6,311
112,939
Derwent London PLC
 
18,099
480,749
Diploma PLC
 
4,468
326,429
Domino’s Pizza Group PLC
 
60,071
150,318
Dr. Martens PLC(a)
 
100,926
93,309
Dunelm Group PLC
 
14,825
187,773
easyJet PLC
 
80,999
531,485
Elementis PLC
 
70,743
156,369
Endava PLC, ADR(a)(b)
 
12,498
78,987
Firstgroup PLC
 
110,542
283,561
Frasers Group PLC(a)(b)
 
21,406
204,494
Future PLC
 
20,658
153,333
Games Workshop Group PLC
 
1,336
312,562
Gamma Communications PLC
 
9,012
112,572
GB Group PLC
 
33,428
109,940
Genuit Group PLC
 
36,324
165,853
Genus PLC
 
6,548
284,620
Grafton Group PLC
 
26,180
335,687
Grainger PLC
 
92,370
246,565
Great Portland Estates PLC
 
42,630
219,419
Greggs PLC(a)
 
13,974
308,349
Hammerson PLC
 
51,629
251,408
Harbour Energy PLC
 
134,945
433,452
Hikma Pharmaceuticals PLC
 
21,965
462,060
Hill & Smith PLC
 
6,760
207,154
Hilton Food Group PLC
 
13,433
87,134
Howden Joinery Group PLC
 
50,295
577,818
Hunting PLC
 
28,396
173,255
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
United Kingdom-(continued)
Ibstock PLC(a)(c)
 
76,312
$133,151
InterContinental Hotels Group PLC
 
3,527
476,499
J D Wetherspoon PLC(a)
 
12,098
111,257
James Halstead PLC(a)
 
18,700
35,423
JET2 PLC
 
15,284
259,839
Just Group PLC
 
78,533
233,332
Keller Group PLC
 
12,412
302,964
Kier Group PLC
 
98,909
303,949
Lancashire Holdings Ltd.
 
30,025
254,294
LondonMetric Property PLC
 
164,020
451,533
Marshalls PLC
 
58,077
124,751
Mitchells & Butlers PLC(b)
 
24,849
90,056
Mitie Group PLC
 
140,594
322,324
Molten Ventures PLC(b)
 
22,575
156,938
MONY Group PLC
 
74,947
191,865
Morgan Advanced Materials PLC(a)
 
52,031
163,422
Morgan Sindall Group PLC
 
6,016
408,097
Ninety One PLC
 
49,795
173,846
Ocado Group PLC(a)(b)
 
62,492
187,815
OSB Group PLC
 
64,436
540,108
Oxford Instruments PLC
 
5,282
183,301
PageGroup PLC(a)
 
50,667
143,579
Paragon Banking Group PLC
 
23,386
285,396
Pepco Group N.V.(a)(c)
 
20,729
170,192
Petrofac Ltd.(a)(b)(d)
 
387,808
1,058
Pets at Home Group PLC
 
94,742
266,097
Polar Capital Holdings PLC
 
13,522
109,455
Premier Foods PLC
 
85,404
221,648
Primary Health Properties PLC
 
264,693
376,786
QinetiQ Group PLC
 
58,152
401,775
Rathbones Group PLC
 
5,234
158,877
Renew Holdings PLC
 
10,215
131,347
Renishaw PLC
 
3,834
199,914
Rightmove PLC
 
18,945
128,612
Rotork PLC
 
72,370
352,195
RWS Holdings PLC(a)
 
79,548
91,953
Safestore Holdings PLC
 
30,217
344,380
Savills PLC
 
18,808
278,365
Senior PLC
 
64,665
217,002
Serco Group PLC
 
177,885
732,466
Serica Energy PLC
 
64,221
190,249
Shaftesbury Capital PLC
 
123,266
243,189
Softcat PLC
 
6,722
132,020
Spirax Group PLC
 
5,881
587,680
Spire Healthcare Group PLC(c)
 
40,915
114,988
SSP Group PLC
 
97,312
244,348
Supermarket Income REIT PLC
 
126,338
145,057
Telecom Plus PLC(a)
 
7,775
142,442
THG PLC(a)(b)
 
313,598
160,345
TP ICAP Group PLC
 
118,920
416,025
Tritax Big Box REIT PLC
 
204,914
466,467
Unite Group PLC (The)
 
49,516
386,203
Vesuvius PLC
 
42,100
265,685
Victrex PLC
 
13,435
121,077
 
Shares
Value
United Kingdom-(continued)
Watches of Switzerland Group PLC(b)(c)
 
34,936
$249,546
WH Smith PLC
 
15,141
140,247
Workspace Group PLC
 
26,899
154,780
Yellow Cake PLC(b)(c)
 
17,524
164,063
Zigup PLC
 
36,898
193,030
 
 
27,085,215
United States-1.76%
Alkermes PLC(b)
 
12,827
434,707
Atlassian Corp., Class A(b)
 
2,281
269,568
Bausch + Lomb Corp.(b)
 
9,323
152,153
Burford Capital Ltd.(a)
 
18,794
179,600
Buzzi S.p.A.
 
9,231
527,350
Carnival PLC, ADR(b)
 
9,839
293,104
Coffee Stain Studios AB(a)(b)
 
20,338
42,595
Constellium SE(b)
 
29,252
657,292
Curaleaf Holdings, Inc.(b)
 
51,733
114,992
CyberArk Software Ltd.(b)
 
390
168,024
Diversified Energy Co.(a)
 
18,574
242,988
Dole PLC
 
21,458
341,826
Ferrovial SE
 
9,843
667,259
Galaxy Digital, Inc.(b)
 
1,919
54,559
GFL Environmental, Inc.
 
7,938
342,867
Inmode Ltd.(b)
 
7,911
124,282
Monday.com Ltd.(b)
 
436
50,031
Oracle Corp.
 
2,100
142,557
Reliance Worldwide Corp. Ltd.
 
103,328
270,124
RHI Magnesita N.V.(a)
 
1,734
66,023
Samsonite Group S.A.(c)
 
144,710
367,774
Sinch AB(a)(b)(c)
 
127,487
384,388
SolarEdge Technologies, Inc.(a)(b)
 
21,568
667,530
Titan S.A.
 
2,119
143,496
 
 
6,705,089
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.83%
(Cost $310,434,389)
379,512,631
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-14.62%
Invesco Private Government Fund,
3.65%(f)(g)(h)
 
15,439,207
15,439,207
Invesco Private Prime Fund, 3.80%(f)(g)(h)
 
40,107,160
40,119,192
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $55,558,586)
55,558,399
TOTAL INVESTMENTS IN SECURITIES-114.45%
(Cost $365,992,975)
435,071,030
OTHER ASSETS LESS LIABILITIES-(14.45)%
(54,931,273
)
NET ASSETS-100.00%
$380,139,757
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
January 31, 2026
(Unaudited)
Investment Abbreviations:
ADR-American Depositary Receipt
BR-Bearer Shares
CVA-Dutch Certificates
REIT-Real Estate Investment Trust
Wts.-Warrants
Notes to Schedule of Investments:
(a)
All or a portion of this security was out on loan at January 31, 2026.
(b)
Non-income producing security.
(c)
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, 2026 was $14,405,098, which represented 3.79% of the Fund’s Net Assets.
(d)
Security valued using significant unobservable inputs (Level 3). See Note1.
(e)
Restricted security. The aggregate value of these securities at January 31, 2026 was $641,172, which represented less than 1% of the Fund’s Net Assets.
(f)
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 three months ended January 31, 2026.
 
Value
October 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
Value
January 31, 2026
Dividend Income
Investments in
Affiliated Money Market
Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$-
$5,604,394
$(5,604,394
)
$-
$-
$-
$2,430
Investments Purchased
with Cash Collateral
from Securities on
Loan:
Invesco Private
Government Fund
14,588,985
13,436,660
(12,586,438
)
-
-
15,439,207
143,158
*
Invesco Private Prime
Fund
37,890,365
30,224,810
(27,995,982
)
(228
)
227
40,119,192
386,995
*
Total
$52,479,350
$49,265,864
$(46,186,814
)
$(228
)
$227
$55,558,399
$532,583
*
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, 2026.
(h)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned.
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.

Schedule of Investments
Invesco RAFI Emerging Markets ETF (PXH)
January 31, 2026
(Unaudited)
 
Shares
Value
Common Stocks & Other Equity Interests-99.59%
Brazil-12.34%
Ambev S.A.
 
1,692,177
$4,799,654
AXIA Energia
 
514,862
5,346,725
AXIA Energia, Preference Shares(a)
 
134,340
1,354,803
B3 S.A. - Brasil, Bolsa, Balcao
 
1,160,982
3,581,259
Banco Bradesco S.A., Preference Shares
 
3,846,006
15,654,208
Banco do Brasil S.A.
 
1,992,596
9,598,470
Cia de Saneamento Basico do Estado de
Sao Paulo SABESP
 
99,199
2,675,732
Cia Energetica de Minas Gerais, Preference
Shares
 
1,181,708
2,591,133
Cia Paranaense de Energia
 
791,980
1,993,734
Cia Siderurgica Nacional S.A.(a)
 
1,557,282
2,995,259
Cosan S.A.(a)
 
1,371,565
1,545,632
Equatorial S.A.
 
354,300
2,769,137
Gerdau S.A., Preference Shares
 
1,695,554
7,260,807
Hapvida Participacoes e Investimentos
S.A.(a)(b)
 
338,186
839,724
Itau Unibanco Holding S.A., Preference
Shares
 
1,954,985
16,989,967
Itausa S.A., Preference Shares
 
1
3
Klabin S.A.
 
401,117
1,467,926
Localiza Rent a Car S.A.
 
262,400
2,425,254
Localiza Rent a Car S.A., Preference
Shares(a)
 
10,019
89,292
Metalurgica Gerdau S.A., Preference
Shares
 
1,895,055
3,572,536
Natura Cosmeticos S.A.(a)
 
287,400
481,420
Petroleo Brasileiro S.A., Preference Shares
 
9,707,345
70,011,623
Suzano S.A.
 
292,368
2,754,727
Telefonica Brasil S.A.
 
418,680
2,989,229
Ultrapar Participacoes S.A.
 
816,592
3,958,534
Vale S.A.
 
3,493,361
56,261,558
Vibra Energia S.A.
 
1,612,003
8,855,079
WEG S.A.
 
183,400
1,811,739
 
 
234,675,164
Chile-0.76%
Banco de Chile
 
10,746,243
2,396,274
Cencosud S.A.
 
549,480
1,861,278
Empresas CMPC S.A.
 
478,338
725,925
Empresas COPEC S.A.
 
120,272
1,037,864
Enel Americas S.A.
 
6,789,185
648,814
Falabella S.A.
 
259,481
2,038,688
Sociedad Quimica y Minera de Chile S.A.,
Class B, Preference Shares(a)
 
74,580
5,812,927
 
 
14,521,770
China-38.42%
Agricultural Bank of China Ltd., H Shares
 
15,575,160
10,892,204
Alibaba Group Holding Ltd.
 
3,867,224
82,295,008
Aluminum Corp. of China Ltd., H Shares
 
2,426,153
4,237,538
Anhui Conch Cement Co. Ltd., H Shares(c)
 
1,578,946
5,008,880
ANTA Sports Products Ltd.
 
198,279
1,981,404
BAIC Motor Corp. Ltd., H Shares(a)(b)(c)
 
2,464,160
583,379
Baidu, Inc., A Shares(a)
 
1,029,846
19,745,699
Bank of Beijing Co. Ltd., A Shares
 
2,331,300
1,777,796
Bank of China Ltd., H Shares
 
41,707,217
24,914,509
Bank of Communications Co. Ltd., H
Shares
 
7,558,951
6,495,827
Bank of Jiangsu Co. Ltd.
 
1,132,600
1,650,579
Baoshan Iron & Steel Co. Ltd., A Shares
 
1,348,300
1,411,102
Beijing Enterprises Holdings Ltd.
 
312,408
1,415,634
 
Shares
Value
China-(continued)
BOC Hong Kong (Holdings) Ltd.
 
1,174,912
$6,188,977
BOE Technology Group Co. Ltd., A Shares
 
3,885,100
2,443,789
BYD Co. Ltd., H Shares
 
378,995
4,726,332
BYD Electronic International Co. Ltd.(c)
 
299,872
1,280,787
CGN Power Co. Ltd., H Shares(b)(c)
 
5,231,670
2,182,148
China Cinda Asset Management Co. Ltd., H
Shares(c)
 
11,269,744
1,918,255
China CITIC Bank Corp. Ltd., H Shares
 
6,213,052
5,788,566
China Coal Energy Co. Ltd., H Shares
 
1,393,910
2,040,715
China Communications Services Corp. Ltd.,
H Shares
 
1,486,320
902,942
China Construction Bank Corp., H Shares
 
52,189,380
52,713,399
China Energy Engineering Corp. Ltd., H
Shares
 
10,701,917
1,574,647
China Everbright Bank Co. Ltd., H Shares
 
9,641,248
4,019,863
China Everbright Environment Group Ltd.
 
2,813,057
1,810,507
China Hongqiao Group Ltd.
 
1,339,534
6,128,472
China International Marine Containers
Group Co. Ltd., H Shares
 
1,579,892
1,796,915
China Life Insurance Co. Ltd., H Shares
 
1,253,640
5,580,713
China Mengniu Dairy Co. Ltd.
 
1,469,053
3,068,882
China Merchants Bank Co. Ltd., H Shares
 
1,986,772
12,142,106
China Minsheng Banking Corp. Ltd., H
Shares
 
14,143,707
7,039,691
China National Building Material Co. Ltd., H
Shares
 
4,499,068
3,237,168
China Overseas Land & Investment Ltd.
 
3,651,914
6,547,028
China Pacific Insurance (Group) Co. Ltd., H
Shares
 
1,263,672
6,366,866
China Petroleum & Chemical Corp., H
Shares
 
29,126,492
20,051,156
China Railway Group Ltd., H Shares(c)
 
8,875,628
5,123,472
China Resources Gas Group Ltd.(c)
 
509,123
1,401,099
China Resources Land Ltd.
 
1,839,304
7,205,273
China Resources Pharmaceutical Group
Ltd.(b)
 
1,864,416
1,085,763
China Resources Power Holdings Co.
Ltd.(c)
 
1,020,955
2,326,269
China Shenhua Energy Co. Ltd., H
Shares(c)
 
1,557,520
8,572,282
China State Construction Engineering Corp.
Ltd., A Shares
 
5,162,922
3,744,227
China State Construction International
Holdings Ltd.
 
838,432
1,007,442
China Taiping Insurance Holdings Co. Ltd.
 
929,500
3,046,751
China Tower Corp. Ltd., H Shares(b)
 
2,222,747
3,199,020
China United Network Communications
Ltd., A Shares
 
2,114,800
1,555,139
China Vanke Co. Ltd., H Shares(a)(c)
 
7,644,472
3,715,712
China Yongda Automobiles Services
Holdings Ltd.
 
1,447,204
289,520
China Zheshang Bank Co. Ltd., H Shares
 
5,343,528
1,712,155
Chongqing Rural Commercial Bank Co. Ltd.,
H Shares
 
2,066,175
1,542,980
CITIC Ltd.
 
3,828,111
6,119,893
CITIC Securities Co. Ltd., H Shares
 
1,065,286
3,987,844
CMOC Group Ltd., H Shares
 
1,317,828
3,704,980
Contemporary Amperex Technology Co.
Ltd., A Shares
 
33,700
1,700,405
COSCO SHIPPING Holdings Co. Ltd., H
Shares(c)
 
2,730,936
4,799,626
Country Garden Services Holdings Co. Ltd.
 
1,852,029
1,531,873
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Emerging Markets ETF (PXH)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
China-(continued)
CRRC Corp. Ltd., H Shares
 
3,547,668
$2,636,254
CSPC Pharmaceutical Group Ltd.(c)
 
3,125,017
3,834,750
Daqo New Energy Corp., ADR(a)
 
90,952
2,248,333
Dongfeng Motor Group Co. Ltd., H
Shares(a)
 
3,157,176
3,651,007
ENN Energy Holdings Ltd.
 
388,080
3,341,908
Fosun International Ltd.
 
797,820
424,593
Geely Automobile Holdings Ltd.
 
1,862,412
3,834,942
Gree Electric Appliances, Inc. of Zhuhai
 
351,000
1,955,688
Guangdong Investment Ltd.
 
1,579,752
1,494,018
Haier Smart Home Co. Ltd., H Shares
 
1,441,755
4,754,523
Hello Group, Inc., ADR(c)
 
154,217
1,051,760
Huaneng Power International, Inc., H
Shares
 
2,202,129
1,606,074
Huatai Securities Co. Ltd., H Shares(b)
 
687,440
1,639,542
Huaxia Bank Co. Ltd., A Shares
 
1,461,792
1,333,808
Industrial & Commercial Bank of China Ltd.,
H Shares
 
34,963,424
29,010,970
Industrial Bank Co. Ltd., A Shares
 
1,954,326
5,258,191
iQIYI, Inc., ADR(a)(c)
 
964,460
2,006,077
JD.com, Inc., ADR(c)
 
840,058
23,924,852
Jiangxi Copper Co. Ltd., H Shares
 
1,583,263
9,461,611
JinkoSolar Holding Co. Ltd., ADR(c)
 
72,982
1,870,529
KE Holdings, Inc., ADR(c)
 
202,451
3,789,883
Kuaishou Technology(b)
 
234,739
2,399,092
Kunlun Energy Co. Ltd.
 
2,150,583
2,204,127
Kweichow Moutai Co. Ltd., A Shares
 
9,200
1,854,637
Lenovo Group Ltd.(c)
 
3,849,184
4,338,261
Li Auto, Inc., A Shares(a)(c)
 
158,360
1,323,816
Li Ning Co. Ltd.
 
935,646
2,447,448
Longfor Group Holdings Ltd.(b)(c)
 
2,869,172
3,774,343
Lufax Holding Ltd., ADR(a)(c)
 
513,012
1,364,612
Meituan, B Shares(a)(b)
 
567,748
7,020,932
Metallurgical Corp. of China Ltd., H
Shares(c)
 
7,493,038
1,773,190
Midea Group Co. Ltd., A Shares
 
319,800
3,571,731
NetEase, Inc.
 
298,363
7,738,955
New China Life Insurance Co. Ltd., H
Shares
 
322,419
2,622,534
NIO, Inc., ADR(a)(c)
 
472,980
2,223,006
PDD Holdings, Inc., ADR(a)
 
86,157
8,706,165
People’s Insurance Co. (Group) of China
Ltd. (The), H Shares
 
2,779,724
2,417,799
PetroChina Co. Ltd., H Shares
 
17,481,687
20,773,920
PICC Property & Casualty Co. Ltd., H
Shares
 
2,947,166
6,103,092
Ping An Bank Co. Ltd., A Shares
 
1,079,300
1,682,118
Ping An Insurance (Group) Co. of China
Ltd., H Shares(c)
 
4,030,696
37,397,612
Poly Developments and Holdings Group Co.
Ltd., A Shares
 
1,857,800
1,820,377
Postal Savings Bank of China Co. Ltd., H
Shares(b)
 
6,853,830
4,470,090
Shanghai Pudong Development Bank Co.
Ltd., A Shares
 
2,166,405
3,128,766
Shenzhou International Group Holdings
Ltd.
 
214,191
1,704,062
Sinopharm Group Co. Ltd., H Shares
 
1,049,573
2,801,377
Sunac China Holdings Ltd.(a)(c)
 
12,436,132
1,925,991
Sunny Optical Technology Group Co.
Ltd.(c)
 
186,525
1,495,190
Tencent Holdings Ltd.
 
593,020
45,594,597
 
Shares
Value
China-(continued)
Tencent Music Entertainment Group, ADR
 
85,937
$1,442,023
Tianneng Power International Ltd.
 
1,165,388
1,090,911
Trip.com Group Ltd.
 
69,804
4,285,582
Vipshop Holdings Ltd., ADR(c)
 
297,066
5,082,799
Weichai Power Co. Ltd., H Shares
 
1,377,433
4,670,424
Wuxi Biologics (Cayman), Inc.(a)(b)
 
431,879
2,044,432
Xiaomi Corp., B Shares(a)(b)
 
1,635,552
7,405,715
Yankuang Energy Group Co. Ltd., H
Shares(c)
 
2,186,645
3,186,771
Yum China Holdings, Inc.(c)
 
90,829
4,488,769
Zhongsheng Group Holdings Ltd.
 
1,363,924
2,032,590
Zijin Mining Group Co. Ltd., H Shares
 
1,400,869
7,306,408
ZTE Corp., H Shares(c)
 
593,908
2,149,274
ZTO Express (Cayman), Inc.
 
109,816
2,425,500
 
 
730,749,559
Hong Kong-0.12%
Orient Overseas International Ltd.(c)
 
141,412
2,317,489
India-9.69%
Axis Bank Ltd.
 
415,708
6,202,089
Bajaj Auto Ltd.
 
15,063
1,573,124
Bajaj Finance Ltd.
 
132,005
1,335,543
Bajaj Finserv Ltd.
 
61,652
1,310,159
Bank of Baroda
 
544,989
1,776,024
Bharat Petroleum Corp. Ltd.
 
1,412,499
5,599,923
Bharti Airtel Ltd.
 
169,338
3,631,787
Cipla Ltd.
 
82,957
1,195,574
Coal India Ltd.
 
597,744
2,867,308
Dr. Reddy’s Laboratories Ltd.
 
99,587
1,317,702
GAIL (India) Ltd.
 
1,435,459
2,614,918
Grasim Industries Ltd.
 
85,926
2,637,016
HCL Technologies Ltd.
 
176,529
3,257,423
HDFC Bank Ltd.
 
1,197,693
12,110,204
Hero MotoCorp Ltd.
 
30,141
1,815,461
Hindalco Industries Ltd.
 
583,219
6,070,908
Hindustan Petroleum Corp. Ltd.
 
733,116
3,402,819
Hindustan Unilever Ltd.
 
76,160
1,966,266
ICICI Bank Ltd.
 
612,902
9,035,786
Indian Oil Corp. Ltd.
 
2,294,956
4,075,670
IndusInd Bank Ltd.(a)
 
209,305
2,041,559
Infosys Ltd.
 
612,605
10,957,227
ITC Ltd.
 
1,194,654
4,187,780
JSW Steel Ltd.
 
180,450
2,371,949
Kotak Mahindra Bank Ltd.
 
655,744
2,910,212
Kwality Wall’s (India) Ltd.
 
74,447
32,534
Larsen & Toubro Ltd.
 
123,278
5,274,737
Mahindra & Mahindra Ltd.
 
84,837
3,167,791
Maruti Suzuki India Ltd.
 
17,331
2,753,348
NTPC Ltd.
 
1,273,180
4,933,012
Oil & Natural Gas Corp. Ltd.
 
1,872,482
5,489,425
Petronet LNG Ltd.
 
363,550
1,146,587
Power Finance Corp. Ltd.
 
576,164
2,379,499
Power Grid Corp. of India Ltd.
 
1,004,803
2,804,931
Rajesh Exports Ltd.(a)
 
95,327
168,551
REC Ltd.
 
363,034
1,439,011
Reliance Industries Ltd.
 
1,151,208
17,492,531
Shriram Finance Ltd.
 
281,802
3,128,158
State Bank of India
 
630,364
7,388,273
Steel Authority of India Ltd.
 
1,152,736
1,887,567
Sun Pharmaceutical Industries Ltd.
 
100,151
1,737,973
Tata Consultancy Services Ltd.
 
140,948
4,793,373
Tata Motors Ltd.(a)
 
337,966
1,684,549
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Emerging Markets ETF (PXH)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
India-(continued)
Tata Motors Passenger Vehicles Ltd.
 
492,770
$1,877,889
Tata Steel Ltd.
 
3,204,537
6,689,015
Tech Mahindra Ltd.
 
120,012
2,277,112
UltraTech Cement Ltd.
 
10,956
1,514,254
UPL Ltd.
 
176,009
1,348,582
Vedanta Ltd.
 
662,555
4,900,122
Wipro Ltd.
 
712,144
1,837,468
 
 
184,410,723
Indonesia-1.22%
PT Alamtri Resources (Indonesia) Tbk
 
12,088,015
1,588,615
PT Astra International Tbk
 
6,734,279
2,553,446
PT Bank Central Asia Tbk
 
6,289,467
2,778,997
PT Bank Mandiri (Persero) Tbk
 
11,869,487
3,415,401
PT Bank Negara Indonesia (Persero) Tbk
 
5,803,126
1,557,588
PT Bank Rakyat Indonesia (Persero) Tbk
 
22,364,145
5,076,750
PT Telkom Indonesia (Persero) Tbk
 
24,730,426
5,286,386
PT United Tractors Tbk
 
636,576
991,695
 
 
23,248,878
Malaysia-0.94%
Axiata Group Bhd.
 
1,034,700
603,277
CIMB Group Holdings Bhd.
 
1,773,200
3,863,295
Genting Bhd.
 
885,300
641,496
Malayan Banking Bhd.
 
1,530,900
4,581,799
Petronas Chemicals Group Bhd.
 
689,200
565,796
Public Bank Bhd.
 
2,458,800
3,039,061
Sime Darby Bhd.
 
1,661,500
909,979
Tenaga Nasional Bhd.
 
1,039,700
3,678,579
 
 
17,883,282
Mexico-3.37%
America Movil S.A.B. de C.V., Class B
 
8,485,416
8,809,727
Banco del Bajio S.A.(b)
 
369,959
1,094,927
CEMEX S.A.B. de C.V., Series CPO(c)(d)
 
7,718,388
9,646,316
Coca-Cola FEMSA S.A.B. de C.V.,
Series CPO(c)
 
158,551
1,670,603
Fibra Uno Administracion S.A. de C.V.(c)
 
1,070,966
1,678,034
Fomento Economico Mexicano, S.A.B. de
C.V., Series CPO(c)(e)
 
840,255
8,835,102
Grupo Bimbo S.A.B. de C.V., Series A(c)
 
362,831
1,269,605
Grupo Comercial Chedraui S.A. de C.V.(c)
 
92,980
643,040
Grupo Financiero Banorte S.A.B. de C.V.,
Class O
 
961,003
10,945,141
Grupo Mexico S.A.B. de C.V., Class B
 
995,871
11,140,184
Grupo Televisa S.A.B., Series CPO(c)(f)
 
1,908,502
1,259,719
Orbia Advance Corp. S.A.B. de C.V.(a)(c)
 
418,918
447,004
Sigma Foods S.A.B. de C.V., Class A(c)
 
1,486,652
1,480,053
Wal-Mart de Mexico S.A.B. de C.V.,
Series V(c)
 
1,607,558
5,139,515
 
 
64,058,970
Romania-0.10%
NEPI Rockcastle N.V.(a)
 
202,177
1,854,498
Russia-0.00%
Aeroflot PJSC(a)(g)
 
1,684,800
0
Alrosa PJSC(a)(g)
 
1,976,600
0
Gazprom PJSC(a)(g)
 
9,643,940
0
GMK Norilskiy Nickel PAO(a)(g)
 
2,015,200
0
Inter RAO UES PJSC(a)(g)
 
29,081,146
0
Lukoil PJSC(a)(g)
 
261,775
0
Magnit PJSC(a)(g)
 
55,179
0
Mobile TeleSystems PJSC(a)(g)
 
921,186
0
 
Shares
Value
Russia-(continued)
Moscow Exchange MICEX-RTS PJSC(a)(g)
 
550,555
$0
Novatek PJSC(a)(g)
 
130,598
0
Novolipetsk Steel PJSC(a)(g)
 
795,328
0
Rosneft Oil Co. PJSC(a)(g)
 
1,054,960
0
Sberbank of Russia PJSC(a)(g)
 
7,562,894
0
Severstal PAO(a)(g)
 
147,196
0
Sistema AFK PAO(a)(g)
 
3,408,447
0
Surgutneftegas PAO(a)(g)
 
3,493,738
0
Surgutneftegas PAO, Preference
Shares(a)(g)
 
3,804,484
0
Tatneft PJSC(a)(g)
 
753,855
0
Tatneft PJSC, Preference Shares(a)(g)
 
74,068
0
VTB Bank PJSC(a)(g)
 
712,692
0
 
 
0
Saudi Arabia-2.27%
Al Rajhi Bank
 
140,851
4,022,185
Banque Saudi Fransi
 
307,456
1,479,973
Riyad Bank
 
289,677
2,173,928
SABIC Agri-Nutrients Co.
 
49,110
1,636,201
Saudi Arabian Mining Co.(a)
 
123,560
2,510,487
Saudi Arabian Oil Co.(b)
 
1,761,405
12,108,296
Saudi Awwal Bank
 
188,936
1,795,266
Saudi Basic Industries Corp.
 
253,302
3,838,962
Saudi Electricity Co.
 
231,653
889,307
Saudi National Bank (The)
 
538,824
6,441,844
Saudi Telecom Co.
 
530,086
6,292,540
 
 
43,188,989
South Africa-5.14%
Absa Group Ltd.
 
387,856
6,155,968
Aspen Pharmacare Holdings Ltd.
 
198,871
1,332,727
Bid Corp. Ltd.
 
95,798
2,410,629
Bidvest Group Ltd. (The)
 
135,898
1,980,654
E Media Holdings Ltd.(c)
 
12,095
1,678
Exxaro Resources Ltd.(c)
 
140,883
1,617,629
FirstRand Ltd.
 
1,496,666
8,598,647
Gold Fields Ltd.
 
122,903
6,122,186
Growthpoint Properties Ltd.
 
1,575,180
1,732,728
Impala Platinum Holdings Ltd.
 
550,832
10,341,517
MTN Group Ltd.
 
787,213
8,805,031
Nedbank Group Ltd.
 
229,843
3,791,230
Old Mutual Ltd.
 
2,414,365
2,333,942
Sanlam Ltd.
 
527,494
3,328,513
Sappi Ltd.(c)
 
460,669
512,387
Sasol Ltd.(a)
 
852,455
6,064,779
Shoprite Holdings Ltd.
 
139,806
2,323,379
Sibanye Stillwater Ltd.(a)(c)
 
2,074,028
9,092,454
Standard Bank Group Ltd.
 
463,938
8,588,047
Thungela Resources Ltd.(c)
 
164,227
1,014,647
Valterra Platinum Ltd.
 
106,205
9,611,492
Vodacom Group Ltd.
 
213,829
1,986,735
 
 
97,746,999
Taiwan-20.59%
Acer, Inc.
 
2,032,000
1,614,674
ASE Technology Holding Co. Ltd.
 
1,272,000
11,825,924
Asia Cement Corp.
 
1,054,000
1,176,063
Asustek Computer, Inc.
 
300,600
4,722,358
AUO Corp.(a)
 
5,276,244
2,285,307
Catcher Technology Co. Ltd.
 
328,000
2,094,817
Cathay Financial Holding Co. Ltd.
 
2,717,919
6,475,395
Chailease Holding Co. Ltd.
 
616,861
2,033,071
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Emerging Markets ETF (PXH)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
Taiwan-(continued)
China Steel Corp.
 
4,193,632
$2,759,181
Chunghwa Telecom Co. Ltd.
 
1,152,039
4,885,158
Compal Electronics, Inc.
 
3,758,000
3,878,512
CTBC Financial Holding Co. Ltd.
 
4,462,000
7,188,932
Delta Electronics, Inc.
 
276,000
10,532,808
E.Sun Financial Holding Co. Ltd.
 
2,215,751
2,346,334
Eva Airways Corp.
 
1,188,000
1,406,162
Evergreen Marine Corp. Taiwan Ltd.
 
1,608,000
9,497,169
Far Eastern New Century Corp.
 
1,443,000
1,270,539
Far EasTone Telecommunications Co.
Ltd.(a)
 
531,000
1,493,768
First Financial Holding Co. Ltd.
 
2,526,314
2,306,318
Formosa Chemicals & Fibre Corp.
 
2,450,000
3,279,751
Formosa Petrochemical Corp.
 
1,071,000
1,819,703
Formosa Plastics Corp.
 
3,720,280
5,573,050
Fubon Financial Holding Co. Ltd.
 
2,150,141
6,174,304
Hon Hai Precision Industry Co. Ltd.
 
7,123,930
49,243,606
Hua Nan Financial Holdings Co. Ltd.
 
1,662,740
1,744,264
Innolux Corp.(a)
 
8,698,444
5,967,594
Inventec Corp.
 
1,645,000
2,335,085
KGI Financial Holding Co. Ltd.
 
5,444,070
3,112,950
Largan Precision Co. Ltd.
 
24,000
1,829,216
Lite-On Technology Corp.
 
646,313
3,322,167
MediaTek, Inc.
 
337,600
18,726,853
Mega Financial Holding Co. Ltd.
 
2,449,985
3,012,625
Micro-Star International Co. Ltd.
 
416,000
1,186,829
Nan Ya Plastics Corp.
 
2,861,940
6,841,693
Novatek Microelectronics Corp.
 
223,000
2,646,031
Pegatron Corp.
 
1,029,260
2,269,724
Pou Chen Corp.
 
1,911,000
1,847,141
Powertech Technology, Inc.
 
373,000
2,953,623
Quanta Computer, Inc.
 
609,000
5,361,132
Realtek Semiconductor Corp.
 
144,000
2,203,170
Shanghai Commercial & Savings Bank Ltd.
(The)
 
994,000
1,245,135
SinoPac Financial Holdings Co. Ltd.
 
2,317,355
2,099,023
Synnex Technology International Corp.
 
756,000
1,566,655
Taiwan Cooperative Financial Holding Co.
Ltd.
 
1,567,910
1,171,771
Taiwan Mobile Co. Ltd.
 
477,000
1,599,398
Taiwan Semiconductor Manufacturing Co.
Ltd.
 
2,006,000
110,923,650
TCC Group Holdings Co. Ltd.
 
2,731,136
2,285,083
TS Financial Holding Co. Ltd.
 
5,562,000
3,997,497
Unimicron Technology Corp.
 
424,570
5,046,789
Uni-President Enterprises Corp.
 
1,342,941
3,055,224
United Microelectronics Corp.
 
5,313,000
10,571,565
Walsin Lihwa Corp.
 
1,982,000
2,712,589
Wan Hai Lines Ltd.
 
779,000
1,824,416
Winbond Electronics Corp.(a)
 
2,169,000
8,576,969
Wistron Corp.
 
1,192,875
4,881,720
WPG Holdings Ltd.
 
967,000
1,966,690
WT Microelectronics Co. Ltd.
 
395,000
1,950,082
Yageo Corp.
 
428,160
3,738,000
Yang Ming Marine Transport Corp.
 
2,416,000
4,099,255
Yuanta Financial Holding Co. Ltd.
 
3,231,939
4,402,648
Zhen Ding Technology Holding Ltd.
 
436,000
2,686,901
 
 
391,644,061
Thailand-2.86%
Advanced Info Service PCL, NVDR
 
163,388
1,812,039
 
Shares
Value
Thailand-(continued)
Bangkok Bank PCL, NVDR
 
907,703
$4,553,497
Bangkok Dusit Medical Services PCL,
NVDR
 
2,206,721
1,407,304
Banpu PCL, NVDR
 
10,865,513
1,847,756
Charoen Pokphand Foods PCL, NVDR
 
3,221,149
2,110,011
CP ALL PCL, NVDR
 
1,254,265
1,729,194
Kasikornbank PCL, NVDR
 
1,014,449
6,058,809
Krung Thai Bank PCL, NVDR
 
2,177,569
1,954,009
PTT Exploration & Production PCL, NVDR
 
815,036
3,186,156
PTT Global Chemical PCL, NVDR
 
4,341,276
3,406,170
PTT PCL, NVDR
 
11,887,517
12,832,423
SCB X PCL, NVDR
 
1,094,369
4,711,038
Siam Cement PCL (The), NVDR
 
710,328
4,637,966
Thai Oil PCL, NVDR
 
1,843,253
2,506,946
TMBThanachart Bank PCL, NVDR
 
24,694,114
1,583,050
 
 
54,336,368
Turkey-1.42%
Akbank T.A.S.
 
1,586,325
3,392,825
BIM Birlesik Magazalar A.S.
 
167,728
2,559,331
Eregli Demir ve Celik Fabrikalari T.A.S.
 
4,101,855
2,655,044
KOC Holding A.S.
 
1,103,474
5,277,063
Turk Hava Yollari AO
 
437,627
3,060,654
Turkcell Iletisim Hizmetleri A.S.
 
626,639
1,688,646
Turkiye Is Bankasi A.S., Class C
 
5,088,532
1,955,884
Turkiye Petrol Rafinerileri A.S.
 
785,041
4,423,219
Yapi Ve Kredi Bankasi A.S.(a)
 
2,043,854
1,930,162
 
 
26,942,828
United States-0.35%
JBS N.V., BDR(a)
 
425,179
6,686,019
Total Common Stocks & Other Equity Interests
(Cost $1,399,560,099)
1,894,265,597
Money Market Funds-0.55%
Invesco Government & Agency Portfolio,
Institutional Class, 3.61%(h)(i)
(Cost $10,400,799)
 
10,400,799
10,400,799
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-100.14%
(Cost $1,409,960,898)
1,904,666,396
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-5.01%
Invesco Private Government Fund,
3.65%(h)(i)(j)
 
22,015,934
22,015,934
Invesco Private Prime Fund, 3.80%(h)(i)(j)
 
73,210,191
73,232,154
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $95,248,088)
95,248,088
TOTAL INVESTMENTS IN SECURITIES-105.15%
(Cost $1,505,208,986)
1,999,914,484
OTHER ASSETS LESS LIABILITIES-(5.15)%
(97,919,026
)
NET ASSETS-100.00%
$1,901,995,458
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Emerging Markets ETF (PXH)—(continued)
January 31, 2026
(Unaudited)
Investment Abbreviations:
ADR-American Depositary Receipt
BDR-Brazilian Depositary Receipt
CPO-Certificates of Ordinary Participation
NVDR-Non-Voting Depositary Receipt
Notes to Schedule of Investments:
(a)
Non-income producing security.
(b)
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, 2026 was $49,847,403, which represented 2.62% of the Fund’s Net Assets.
(c)
All or a portion of this security was out on loan at January 31, 2026.
(d)
Each CPO for Cemex S.A.B. de C.V. represents two Series A shares and one Series B share.
(e)
Each CPO for Fomento Economico Mexicano, S.A.B. de C.V. represents one Series B share and four Series D shares.
(f)
Each CPO for Grupo Televisa S.A.B. represents twenty-five Series A shares, twenty-two Series B shares, thirty-five Series D shares and thirty-five Series L
shares.
(g)
Security valued using significant unobservable inputs (Level 3). See Note1.
(h)
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 three months ended January 31, 2026.
 
Value
October 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
January 31, 2026
Dividend Income
Investments in
Affiliated Money
Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$13,450,994
$86,115,493
$(89,165,688
)
$-
$-
$10,400,799
$125,290
Investments
Purchased with Cash
Collateral from
Securities on Loan:
Invesco Private
Government Fund
12,401,431
48,165,596
(38,551,093
)
-
-
22,015,934
156,245
*
Invesco Private Prime
Fund
32,485,891
103,052,275
(62,306,012
)
168
(168
)
73,232,154
428,160
*
Total
$58,338,316
$237,333,364
$(190,022,793
)
$168
$(168
)
$105,648,887
$709,695
*
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.
(i)
The rate shown is the 7-day SEC standardized yield as of January 31, 2026.
(j)
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.
Open Futures Contracts(a)
Long Futures Contracts
Number of
Contracts
Expiration
Month
Notional
Value
Value
Unrealized
Appreciation
Equity Risk
 
MSCI Emerging Markets Index
90
March-2026
$6,843,600
$540,900
$540,900
(a)
Futures contracts collateralized by $2,938,527 cash held with Morgan Stanley & Co. LLC, the futures commission merchant.
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
Invesco S&P Global Water Index ETF (CGW)
January 31, 2026
(Unaudited)
 
Shares
Value
Common Stocks & Other Equity Interests-99.73%
Austria-0.64%
Wienerberger AG
 
198,986
$6,601,253
Brazil-11.39%
Cia de Saneamento Basico do Estado de
Sao Paulo SABESP
 
3,279,814
88,467,378
Cia de Saneamento de Minas Gerais
COPASA MG
 
1,403,500
13,711,840
Cia De Sanena Do Parana, Series CPO
 
1,784,846
15,913,631
 
 
118,092,849
China-1.58%
Beijing Capital Eco-environment Protection
Group Co. Ltd., A Shares
 
3,251,300
1,441,293
Beijing Enterprises Water Group Ltd.
 
22,806,694
7,853,876
Beijing Originwater Technology Co. Ltd., A
Shares
 
2,140,200
1,241,223
Chengdu Xingrong Environment Co. Ltd., A
Shares
 
1,762,100
1,855,959
China Lesso Group Holdings Ltd.
 
1,578,712
1,213,182
Jiangxi Hongcheng Environment. Co. Ltd.
 
568,900
789,355
Jingjin Equipment, Inc., A Shares
 
166,400
480,274
Zhongshan Public Utilities Group Co. Ltd., A
Shares
 
871,100
1,548,841
 
 
16,424,003
Finland-0.49%
Kemira OYJ(a)
 
214,544
5,064,573
India-1.55%
Astral Ltd.
 
336,842
5,412,870
ElectroSteel Castings Ltd.
 
1,437,944
1,111,742
Jain Irrigation Systems Ltd.(b)
 
896,049
356,201
Jindal Saw Ltd.
 
418,371
797,277
Supreme Industries Ltd.
 
117,728
4,504,872
VA Tech Wabag Ltd.
 
335,616
3,936,177
 
 
16,119,139
Italy-0.82%
Interpump Group S.p.A.
 
146,416
8,525,155
Japan-3.09%
Kurita Water Industries Ltd.
 
388,557
19,498,538
Nomura Micro Science Co. Ltd.(a)
 
118,048
2,676,262
Organo Corp.(a)
 
92,700
9,820,055
 
 
31,994,855
Netherlands-1.03%
Aalberts N.V.
 
277,312
10,687,016
Saudi Arabia-0.53%
Alkhorayef Water and Power Technologies
Co.
 
94,911
3,130,626
Power and Water Utility Co. for Jubail and
Yanbu(b)
 
276,706
2,393,270
 
 
5,523,896
South Korea-0.53%
Coway Co. Ltd.(a)(b)(c)
 
95,394
5,519,513
Switzerland-7.15%
Belimo Holding AG
 
17,883
19,636,225
Geberit AG
 
50,159
38,450,164
Georg Fischer AG(a)
 
140,103
9,374,367
Sulzer AG
 
31,132
6,734,058
 
 
74,194,814
 
Shares
Value
Taiwan-0.07%
Kuo Toong International Co. Ltd.
 
423,000
$690,561
Thailand-0.10%
Amata Corp. PCL, NVDR
 
2,079,785
1,033,292
United Kingdom-9.61%
Pennon Group PLC
 
1,856,516
13,955,312
Severn Trent PLC
 
968,417
39,008,119
United Utilities Group PLC
 
2,717,491
46,671,181
 
 
99,634,612
United States-61.15%
Advanced Drainage Systems, Inc.
 
260,022
39,533,745
American States Water Co.
 
285,785
20,850,873
American Water Works Co., Inc.
 
629,004
81,223,286
Badger Meter, Inc.
 
107,108
15,699,891
California Water Service Group
 
439,898
19,663,441
Consolidated Water Co. Ltd.(a)
 
110,546
4,187,482
Core & Main, Inc., Class A(a)(b)
 
519,792
27,736,101
Ecolab, Inc.
 
148,937
41,998,745
Energy Recovery, Inc.(a)(b)
 
192,527
2,808,969
Essential Utilities, Inc.
 
1,476,229
57,262,923
Franklin Electric Co., Inc.
 
139,122
13,859,334
H2O America
 
245,810
12,791,952
Hawkins, Inc.
 
37,961
4,944,420
Lindsay Corp.(a)
 
39,268
4,919,102
Middlesex Water Co.
 
135,370
7,090,681
Montrose Environmental Group, Inc.(a)(b)
 
121,301
2,702,586
Mueller Water Products, Inc., Class A
 
568,183
15,380,714
Otter Tail Corp.
 
76,154
6,789,891
Pentair PLC
 
297,378
31,334,720
Select Water Solutions, Inc., Class A
 
727,969
8,801,145
TETRA Technologies, Inc.(b)
 
493,659
5,627,713
Valmont Industries, Inc.
 
35,799
15,950,602
Veralto Corp.
 
598,546
59,244,083
Watts Water Technologies, Inc., Class A
 
99,610
29,814,269
Xylem, Inc.
 
574,147
79,157,647
Zurn Elkay Water Solutions Corp.
 
541,329
24,960,680
 
 
634,334,995
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.73%
(Cost $766,147,849)
1,034,440,526
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-3.39%
Invesco Private Government Fund,
3.65%(d)(e)(f)
 
9,778,449
9,778,449
Invesco Private Prime Fund, 3.80%(d)(e)(f)
 
25,404,095
25,411,716
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $35,190,165)
35,190,165
TOTAL INVESTMENTS IN SECURITIES-103.12%
(Cost $801,338,014)
1,069,630,691
OTHER ASSETS LESS LIABILITIES-(3.12)%
(32,363,388
)
NET ASSETS-100.00%
$1,037,267,303
See accompanying notes which are an integral part of this schedule.

Invesco S&P Global Water Index ETF (CGW)—(continued)
January 31, 2026
(Unaudited)
Investment Abbreviations:
CPO-Certificates of Ordinary Participation
NVDR-Non-Voting Depositary Receipt
Notes to Schedule of Investments:
(a)
All or a portion of this security was out on loan at January 31, 2026.
(b)
Non-income producing security.
(c)
Restricted security. The value of this security at January 31, 2026 represented less than 1% of the Fund’s Net Assets.
(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 three months ended January 31, 2026.
 
Value
October 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
January 31, 2026
Dividend Income
Investments in
Affiliated Money
Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$461,168
$17,211,689
$(17,672,857
)
$-
$-
$-
$6,849
Investments
Purchased with Cash
Collateral from
Securities on Loan:
Invesco Private
Government Fund
8,716,512
30,542,369
(29,480,432
)
-
-
9,778,449
96,206
*
Invesco Private Prime
Fund
22,688,796
69,023,148
(66,300,227
)
310
(311
)
25,411,716
253,732
*
Total
$31,866,476
$116,777,206
$(113,453,516
)
$310
$(311
)
$35,190,165
$356,787
*
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, 2026.
(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
Invesco S&P International Developed Quality ETF (IDHQ)
January 31, 2026
(Unaudited)
 
Shares
Value
Common Stocks & Other Equity Interests-99.78%
Australia-4.41%
Aristocrat Leisure Ltd.
 
68,340
$2,554,127
Brambles Ltd.
 
132,691
2,072,147
Computershare Ltd.
 
57,358
1,310,490
Insurance Australia Group Ltd.
 
219,087
1,162,024
JB Hi-Fi Ltd.
 
12,385
701,986
Medibank Pvt. Ltd.
 
308,958
997,323
Netwealth Group Ltd.
 
27,526
469,209
Pro Medicus Ltd.
 
8,398
1,080,104
QBE Insurance Group Ltd.
 
140,818
1,941,661
REA Group Ltd.
 
7,419
981,362
Rio Tinto PLC
 
89,390
8,178,689
Wesfarmers Ltd.
 
118,795
6,894,211
Yancoal Australia Ltd.(a)
 
83,652
336,867
 
 
28,680,200
Austria-0.24%
ANDRITZ AG
 
6,867
596,319
Strabag SE, BR
 
3,245
337,243
Verbund AG(a)
 
8,471
623,819
 
 
1,557,381
Canada-3.53%
AtkinsRealis Group, Inc.
 
24,733
1,745,364
BCE, Inc.
 
30,576
794,798
Brookfield Asset Management Ltd., Class A
 
49,155
2,455,663
Celestica, Inc.(b)
 
12,709
3,591,068
Imperial Oil Ltd.
 
15,492
1,573,854
Kinross Gold Corp.
 
122,871
3,890,786
Lundin Gold, Inc.
 
19,213
1,448,335
Rogers Communications, Inc., Class B
 
40,961
1,554,773
Suncor Energy, Inc.
 
110,382
5,866,553
 
 
22,921,194
China-0.13%
Budweiser Brewing Co. APAC Ltd.(a)(c)
 
296,794
292,720
Chow Tai Fook Jewellery Group Ltd.(a)
 
285,724
525,291
 
 
818,011
Denmark-0.63%
Coloplast A/S, Class B
 
12,570
1,075,481
Vestas Wind Systems A/S
 
98,168
2,986,585
 
 
4,062,066
Finland-1.74%
Elisa OYJ
 
13,553
601,693
Fortum OYJ(a)
 
37,896
898,441
Kone OYJ, Class B
 
50,768
3,661,674
Orion OYJ, Class B
 
10,688
887,084
Sampo OYJ
 
267,093
2,989,512
Wartsila OYJ Abp
 
56,049
2,280,474
 
 
11,318,878
France-6.24%
Airbus SE
 
59,478
13,666,895
Bollore SE
 
69,101
395,404
Dassault Aviation S.A.
 
1,579
602,474
Hermes International S.C.A.
 
3,544
8,557,799
Safran S.A.
 
48,418
17,362,099
 
 
40,584,671
Germany-6.94%
adidas AG
 
17,045
3,033,104
Allianz SE
 
37,905
16,750,966
Deutsche Boerse AG
 
17,942
4,559,853
 
Shares
Value
Germany-(continued)
Hannover Rueck SE
 
6,219
$1,764,800
Muenchener Rueckversicherungs-Gesellschaft
AG in Muenchen, Class R
 
13,083
7,958,068
Siemens Energy AG, Class A(b)
 
59,722
10,212,358
Talanx AG
 
6,322
800,291
 
 
45,079,440
Hong Kong-2.77%
Cathay Pacific Airways Ltd.
 
197,195
309,280
Futu Holdings Ltd., ADR(b)
 
6,767
1,100,111
Hong Kong Exchanges & Clearing Ltd.
 
175,778
9,693,815
Prudential PLC
 
251,023
4,134,870
Techtronic Industries Co. Ltd.
 
155,183
2,119,132
Zijin Gold International Co. Ltd.(b)
 
22,156
614,000
 
 
17,971,208
Israel-0.78%
Bezeq The Israeli Telecommunication Corp.
Ltd.
 
263,934
679,860
Check Point Software Technologies Ltd.(b)
 
10,541
1,892,215
El Al Israel Airlines
 
66,318
376,165
Etoro Group Ltd.(b)
 
7,282
214,091
Israel Corp. Ltd.
 
1,179
353,446
Matrix IT Ltd.
 
6,598
297,035
Oddity Tech Ltd.(a)(b)
 
6,626
217,598
Plus500 Ltd.
 
11,901
686,992
Strauss Group Ltd.
 
9,075
343,538
 
 
5,060,940
Italy-1.74%
Banca Mediolanum S.p.A.
 
22,417
527,771
Coca-Cola HBC AG(b)
 
19,669
1,071,262
Ferrari N.V.
 
15,484
5,183,363
FinecoBank Banca Fineco S.p.A.
 
74,956
1,994,312
Prada S.p.A.
 
50,901
260,305
Ryanair Holdings PLC
 
67,526
2,300,103
 
 
11,337,116
Japan-19.10%
Advantest Corp.
 
137,832
22,869,452
Asahi Intecc Co. Ltd.
 
25,017
418,389
Asics Corp.
 
92,195
2,226,575
Azbil Corp.
 
52,650
462,271
Bandai Namco Holdings, Inc.
 
62,354
1,623,251
BayCurrent, Inc.
 
17,273
610,592
Canon Marketing Japan, Inc.
 
6,677
292,253
Capcom Co. Ltd.
 
44,945
1,149,313
CyberAgent, Inc.
 
42,696
388,597
Daifuku Co. Ltd.
 
45,199
1,626,688
Daiichi Sankyo Co. Ltd.
 
223,280
4,103,665
Daito Trust Construction Co. Ltd.
 
29,633
603,423
Denso Corp.
 
197,452
2,748,480
Fujikura Ltd.
 
32,226
4,063,517
GMO Payment Gateway, Inc.
 
4,702
272,449
Hitachi Ltd.
 
415,604
14,468,259
Hoya Corp.
 
36,102
6,075,953
IHI Corp.
 
92,255
2,141,348
Japan Exchange Group, Inc.
 
112,203
1,228,353
JX Advanced Metals Corp.(a)
 
52,552
853,120
Kakaku.com, Inc.
 
20,211
276,737
Kinden Corp.
 
10,699
474,965
Kobe Bussan Co. Ltd.
 
15,614
382,835
Koei Tecmo Holdings Co. Ltd.
 
23,372
260,085
Lasertec Corp.(a)
 
10,860
2,503,036
See accompanying notes which are an integral part of this schedule.

Invesco S&P International Developed Quality ETF (IDHQ)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
Japan-(continued)
MonotaRO Co. Ltd.
 
30,918
$418,403
MS&AD Insurance Group Holdings, Inc.
 
122,998
3,143,849
Murata Manufacturing Co. Ltd.
 
151,586
3,089,536
Nissan Chemical Corp.
 
14,089
487,215
Nomura Research Institute Ltd.
 
43,006
1,312,500
NS Solutions Corp.(a)
 
11,028
292,298
OBIC Business Consultants Co. Ltd.
 
5,422
240,963
Otsuka Corp.
 
19,206
382,022
Recruit Holdings Co. Ltd.
 
201,392
10,642,462
Sankyo Co. Ltd.
 
27,282
428,143
Sanrio Co. Ltd.(a)
 
31,099
965,274
Santen Pharmaceutical Co. Ltd.
 
35,283
398,207
Sanwa Holdings Corp.
 
22,056
501,217
Seibu Holdings, Inc.
 
38,548
1,024,685
Sharp Corp.(a)(b)
 
58,430
267,519
SMC Corp.
 
5,564
2,170,135
TBS Holdings, Inc.
 
8,396
326,593
Tokio Marine Holdings, Inc.
 
245,316
9,173,189
Tokyo Electron Ltd.
 
48,018
12,836,304
Toyo Suisan Kaisha Ltd.
 
12,250
877,443
Trend Micro, Inc.(b)
 
19,655
773,524
USS Co. Ltd.
 
43,270
479,654
Yamaha Corp.
 
44,670
325,735
Yokogawa Electric Corp.
 
23,146
774,163
ZOZO, Inc.
 
78,387
649,533
 
 
124,104,172
Mexico-0.15%
Fresnillo PLC
 
19,226
949,514
Netherlands-7.23%
Adyen N.V.(b)(c)
 
3,533
5,257,899
ASML Holding N.V.
 
26,854
38,645,815
Universal Music Group N.V.
 
126,568
3,114,396
 
 
47,018,110
New Zealand-0.24%
Fisher & Paykel Healthcare Corp. Ltd.
 
66,865
1,569,192
Norway-0.66%
Gjensidige Forsikring ASA
 
22,761
649,959
Kongsberg Gruppen ASA
 
67,785
2,336,118
Protector Forsikring ASA
 
7,910
429,897
Vend Marketplaces ASA, Class B
 
19,480
541,103
Wallenius Wilhelmsen ASA
 
28,739
335,004
 
 
4,292,081
Portugal-0.29%
Banco Comercial Portugues S.A., Class R
 
830,287
901,966
Galp Energia SGPS S.A.
 
49,329
985,092
 
 
1,887,058
Singapore-0.40%
Singapore Exchange Ltd.
 
107,321
1,490,685
Singapore Technologies Engineering Ltd.(a)
 
146,566
1,129,491
 
 
2,620,176
South Korea-7.05%
DB Insurance Co. Ltd.
 
4,050
399,854
Hanmi Pharm Co. Ltd.(b)
 
1,010
340,059
Hanmi Semiconductor Co. Ltd.
 
5,742
830,620
HD Hyundai Electric Co. Ltd.
 
3,360
2,058,486
HD Hyundai Heavy Industries Co. Ltd.
 
4,019
1,599,683
HD Korea Shipbuilding & Offshore Engineering
Co. Ltd.
 
4,577
1,311,008
Hyundai Rotem Co. Ltd.
 
7,688
1,229,276
 
Shares
Value
South Korea-(continued)
LG CNS Co. Ltd.
 
6,781
$327,095
LIG Nex1 Co. Ltd.(b)
 
1,299
433,283
NCSoft Corp.
 
2,169
352,724
Posco DX Co. Ltd.
 
15,825
424,188
Samsung C&T Corp.
 
7,544
1,572,581
Samsung E&A Co. Ltd.
 
19,209
408,889
Samyang Foods Co. Ltd.
 
460
375,939
SK Biopharmaceuticals Co. Ltd.(b)
 
3,233
263,789
SK hynix, Inc.
 
54,323
33,918,058
 
 
45,845,532
Spain-2.16%
Aena S.M.E. S.A.(c)
 
77,323
2,410,178
Amadeus IT Group S.A.
 
43,189
2,906,184
Endesa S.A.
 
32,078
1,188,448
Industria de Diseno Textil S.A.
 
115,461
7,540,320
 
 
14,045,130
Sweden-2.35%
Addtech AB, Class B
 
23,814
778,043
Alfa Laval AB
 
27,147
1,582,230
Atlas Copco AB, Class A
 
215,834
4,478,752
Essity AB, Class B(a)
 
61,181
1,822,793
Evolution AB(a)(c)
 
16,392
1,071,489
Sectra AB
 
18,856
469,113
Tele2 AB, Class B
 
48,229
892,881
Telefonaktiebolaget LM Ericsson, Class B
 
382,441
4,167,750
 
 
15,263,051
Switzerland-11.66%
ABB Ltd.
 
166,928
14,428,174
Chocoladefabriken Lindt & Spruengli AG, PC
 
156
2,250,685
EMS-Chemie Holding AG
 
946
738,350
Geberit AG
 
4,865
3,729,342
Givaudan S.A.
 
786
3,050,111
Kuehne + Nagel International AG, Class R(a)
 
5,259
1,222,531
Logitech International S.A., Class R
 
19,250
1,664,889
Partners Group Holding AG(a)
 
3,481
4,764,990
Roche Holding AG
 
62,853
28,693,119
Schindler Holding AG, PC
 
4,345
1,683,017
Sonova Holding AG, Class A
 
5,027
1,381,167
Straumann Holding AG(a)(b)
 
10,553
1,274,152
Zurich Insurance Group AG
 
15,243
10,886,453
 
 
75,766,980
United Kingdom-11.73%
3i Group PLC
 
114,002
5,252,083
Admiral Group PLC
 
49,507
1,868,457
Ashtead Group PLC
 
40,646
2,624,238
Auto Trader Group PLC(c)
 
161,938
1,197,127
Compass Group PLC
 
149,504
4,495,724
ICG PLC
 
26,555
662,662
Imperial Brands PLC
 
110,143
4,652,205
International Consolidated Airlines Group
S.A.
 
297,702
1,715,198
Intertek Group PLC
 
18,525
1,139,706
Next PLC
 
16,295
2,966,938
Reckitt Benckiser Group PLC
 
63,034
5,273,860
RELX PLC
 
207,484
7,376,699
Rolls-Royce Holdings PLC
 
1,092,274
18,311,578
Sage Group PLC (The)
 
128,162
1,685,406
See accompanying notes which are an integral part of this schedule.

Invesco S&P International Developed Quality ETF (IDHQ)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
United Kingdom-(continued)
Unilever PLC
 
232,201
$15,841,539
Wise PLC, Class A(b)
 
90,325
1,168,310
 
 
76,231,730
United States-7.61%
Ferrovial SE
 
58,245
3,948,438
GSK PLC
 
506,964
13,148,311
Novartis AG
 
178,544
26,593,744
Oracle Corp.
 
5,045
342,477
Swiss Re AG(b)
 
33,967
5,448,522
 
 
49,481,492
Total Common Stocks & Other Equity Interests
(Cost $521,381,552)
648,465,323
Money Market Funds-0.04%
Invesco Government & Agency Portfolio,
Institutional Class, 3.61%(d)(e)
(Cost $271,961)
 
271,961
271,961
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.82%
(Cost $521,653,513)
648,737,284
 
Shares
Value
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-2.24%
Invesco Private Government Fund,
3.65%(d)(e)(f)
 
4,046,173
$4,046,173
Invesco Private Prime Fund, 3.80%(d)(e)(f)
 
10,508,881
10,512,034
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $14,558,207)
14,558,207
TOTAL INVESTMENTS IN SECURITIES-102.06%
(Cost $536,211,720)
663,295,491
OTHER ASSETS LESS LIABILITIES-(2.06)%
(13,396,821
)
NET ASSETS-100.00%
$649,898,670
Investment Abbreviations:
ADR-American Depositary Receipt
BR-Bearer Shares
PC-Participation Certificate
Notes to Schedule of Investments:
(a)
All or a portion of this security was out on loan at January 31, 2026.
(b)
Non-income producing security.
(c)
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, 2026 was $10,229,413, which represented 1.57% of the Fund’s Net Assets.
(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 three months ended January 31, 2026.
 
Value
October 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
January 31, 2026
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$9,160
$3,513,656
$(3,250,855
)
$-
$-
$271,961
$3,627
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
4,387,217
16,117,974
(16,459,018
)
-
-
4,046,173
34,679
*
Invesco Private Prime
Fund
11,437,653
32,288,819
(33,214,438
)
118
(118
)
10,512,034
96,199
*
Total
$15,834,030
$51,920,449
$(52,924,311
)
$118
$(118
)
$14,830,168
$134,505
*
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, 2026.
(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 S&P International Developed Quality ETF (IDHQ)—(continued)
January 31, 2026
(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, 2026
(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 January 31, 2026. 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 China Technology ETF
Investments in Securities
Common Stocks & Other Equity Interests
$368,468,562
$2,790,667,737
$0
$3,159,136,299
Money Market Funds
2,461,939
258,058,006
-
260,519,945
Total Investments
$370,930,501
$3,048,725,743
$0
$3,419,656,244
Invesco Dorsey Wright Developed Markets Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests
$103,957,593
$477,647,127
$-
$581,604,720
Money Market Funds
-
11,922,265
-
11,922,265
Total Investments
$103,957,593
$489,569,392
$-
$593,526,985
Invesco Dorsey Wright Emerging Markets Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests
$19,647,270
$110,584,807
$-
$130,232,077
Money Market Funds
179,920
5,310,202
-
5,490,122
Total Investments
$19,827,190
$115,895,009
$-
$135,722,199
Invesco Global Clean Energy ETF
Investments in Securities
Common Stocks & Other Equity Interests
$51,928,080
$129,485,641
$-
$181,413,721
Money Market Funds
-
43,504,762
-
43,504,762
Total Investments
$51,928,080
$172,990,403
$-
$224,918,483
Invesco Global Water ETF
Investments in Securities
Common Stocks & Other Equity Interests
$167,712,244
$123,717,398
$-
$291,429,642
Money Market Funds
169,965
9,990,399
-
10,160,364
Total Investments
$167,882,209
$133,707,797
$-
$301,590,006

 
Level 1
Level 2
Level 3
Total
Invesco International BuyBack AchieversTM ETF
Investments in Securities
Common Stocks & Other Equity Interests
$39,780,440
$471,307,879
$-
$511,088,319
Money Market Funds
958,769
25,031,947
-
25,990,716
Total Investments
$40,739,209
$496,339,826
$-
$537,079,035
Invesco MSCI Global Climate 500 ETF
Investments in Securities
Common Stocks & Other Equity Interests
$993,432,368
$448,785,752
$-
$1,442,218,120
Money Market Funds
256,231
16,573,223
-
16,829,454
Total Investments
$993,688,599
$465,358,975
$-
$1,459,047,574
Invesco MSCI Global Timber ETF
Investments in Securities
Common Stocks & Other Equity Interests
$22,859,801
$14,393,230
$0
$37,253,031
Money Market Funds
8,861
9,833,415
-
9,842,276
Total Investments
$22,868,662
$24,226,645
$0
$47,095,307
Invesco MSCI Green Building ETF
Investments in Securities
Common Stocks & Other Equity Interests
$1,206,698
$4,297,033
$-
$5,503,731
Money Market Funds
1,528
650,700
-
652,228
Total Investments
$1,208,226
$4,947,733
$-
$6,155,959
Invesco RAFI Developed Markets ex-U.S. ETF
Investments in Securities
Common Stocks & Other Equity Interests
$247,808,306
$2,209,792,671
$0
$2,457,600,977
Money Market Funds
-
132,484,487
-
132,484,487
Total Investments
$247,808,306
$2,342,277,158
$0
$2,590,085,464
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF
Investments in Securities
Common Stocks & Other Equity Interests
$47,228,120
$332,204,093
$80,418
$379,512,631
Money Market Funds
-
55,558,399
-
55,558,399
Total Investments
$47,228,120
$387,762,492
$80,418
$435,071,030
Invesco RAFI Emerging Markets ETF
Investments in Securities
Common Stocks & Other Equity Interests
$365,303,510
$1,528,962,087
$0
$1,894,265,597
Money Market Funds
10,400,799
95,248,088
-
105,648,887
Total Investments in Securities
375,704,309
1,624,210,175
0
1,999,914,484
Other Investments - Assets*
Futures Contracts
540,900
-
-
540,900
Total Investments
$376,245,209
$1,624,210,175
$0
$2,000,455,384
Invesco S&P Global Water Index ETF
Investments in Securities
Common Stocks & Other Equity Interests
$752,427,844
$282,012,682
$-
$1,034,440,526
Money Market Funds
-
35,190,165
-
35,190,165
Total Investments
$752,427,844
$317,202,847
$-
$1,069,630,691
Invesco S&P International Developed Quality ETF
Investments in Securities
Common Stocks & Other Equity Interests
$26,345,209
$622,120,114
$-
$648,465,323
Money Market Funds
271,961
14,558,207
-
14,830,168
Total Investments
$26,617,170
$636,678,321
$-
$663,295,491
*
Futures contracts is valued at unrealized appreciation (depreciation).