Schedule of Investments(a)
Invesco Large Cap Growth ETF (PWB)
January 31, 2026
(Unaudited)
 
Shares
Value
Common Stocks & Other Equity Interests-100.01%
Communication Services-9.14%
Alphabet, Inc., Class A
 
146,076
$49,373,688
Meta Platforms, Inc., Class A
 
75,807
54,315,715
Spotify Technology S.A. (Sweden)(b)
 
34,045
17,034,416
Take-Two Interactive Software, Inc.(b)
 
83,300
18,350,990
 
 
139,074,809
Consumer Discretionary-7.27%
Amazon.com, Inc.(b)
 
205,370
49,145,041
Hilton Worldwide Holdings, Inc.
 
72,599
21,671,528
O’Reilly Automotive, Inc.(b)
 
201,169
19,797,041
TJX Cos., Inc. (The)
 
133,793
20,043,529
 
 
110,657,139
Consumer Staples-8.18%
Costco Wholesale Corp.
 
52,439
49,305,770
Monster Beverage Corp.(b)
 
272,124
21,976,734
Walmart, Inc.
 
446,639
53,212,571
 
 
124,495,075
Financials-10.12%
Charles Schwab Corp. (The)
 
220,022
22,864,686
Mastercard, Inc., Class A
 
86,399
46,550,917
Nasdaq, Inc.
 
225,176
21,817,303
Robinhood Markets, Inc., Class A(b)
 
173,423
17,252,120
Visa, Inc., Class A
 
141,105
45,411,822
 
 
153,896,848
Health Care-4.58%
Alnylam Pharmaceuticals, Inc.(b)
 
45,859
15,503,093
IDEXX Laboratories, Inc.(b)
 
26,632
17,855,691
McKesson Corp.
 
22,885
19,022,241
Veeva Systems, Inc., Class A(b)(c)
 
84,466
17,224,307
 
 
69,605,332
Industrials-11.69%
Fastenal Co.
 
503,046
21,812,075
Ferguson Enterprises, Inc.
 
82,741
20,888,793
General Electric Co.
 
158,175
48,526,508
Howmet Aerospace, Inc.
 
99,733
20,752,443
Johnson Controls International PLC
 
174,417
20,800,971
RTX Corp.
 
114,977
23,102,329
Vertiv Holdings Co., Class A
 
118,064
21,981,155
 
 
177,864,274
Information Technology-47.06%
Advanced Micro Devices, Inc.(b)
 
216,270
51,197,597
Amphenol Corp., Class A
 
144,483
20,817,111
Apple, Inc.
 
168,358
43,685,534
AppLovin Corp., Class A(b)
 
35,642
16,862,587
Arista Networks, Inc.(b)
 
163,025
23,107,163
Broadcom, Inc.
 
123,165
40,804,564
 
Shares
Value
Information Technology-(continued)
Cloudflare, Inc., Class A(b)
 
102,648
$18,204,623
CoreWeave, Inc., Class A(b)(c)
 
270,583
25,215,630
Corning, Inc.
 
241,229
24,906,894
Fortinet, Inc.(b)
 
249,670
20,288,184
Intel Corp.(b)
 
557,225
25,894,246
KLA Corp.
 
17,522
25,020,365
Lam Research Corp.
 
132,560
30,947,458
Micron Technology, Inc.
 
207,527
86,098,802
Microsoft Corp.
 
98,035
42,183,480
Monolithic Power Systems, Inc.
 
22,310
25,079,786
NVIDIA Corp.
 
254,552
48,652,524
Palantir Technologies, Inc., Class A(b)
 
286,400
41,983,376
Seagate Technology Holdings PLC
 
78,597
32,043,211
TE Connectivity PLC (Switzerland)
 
90,439
20,148,000
Ubiquiti, Inc.(c)
 
35,803
19,742,490
Western Digital Corp.
 
131,951
33,018,099
 
 
715,901,724
Materials-1.97%
Southern Copper Corp. (Mexico)
 
157,051
29,889,946
Total Common Stocks & Other Equity Interests
(Cost $1,183,119,588)
1,521,385,147
Money Market Funds-0.03%
Invesco Government & Agency Portfolio,
Institutional Class, 3.61%(d)(e)
(Cost $541,860)
 
541,860
541,860
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-100.04%
(Cost $1,183,661,448)
1,521,927,007
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-3.21%
Invesco Private Government Fund,
3.65%(d)(e)(f)
 
22,296,743
22,296,743
Invesco Private Prime Fund, 3.80%(d)(e)(f)
 
26,535,396
26,543,357
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $48,840,100)
48,840,100
TOTAL INVESTMENTS IN SECURITIES-103.25%
(Cost $1,232,501,548)
1,570,767,107
OTHER ASSETS LESS LIABILITIES-(3.25)%
(49,469,386
)
NET ASSETS-100.00%
$1,521,297,721
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)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the nine months ended January 31, 2026.
See accompanying notes which are an integral part of this schedule.

Invesco Large Cap Growth ETF (PWB)—(continued)
January 31, 2026
(Unaudited)
 
Value
April 30, 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
$582,888
$6,534,486
$(6,575,514
)
$-
$-
$541,860
$32,177
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
9,023,694
201,317,557
(188,044,508
)
-
-
22,296,743
119,266
*
Invesco Private Prime Fund
23,483,510
427,383,784
(424,321,182
)
120
(2,875
)
26,543,357
328,206
*
Total
$33,090,092
$635,235,827
$(618,941,204
)
$120
$(2,875
)
$49,381,960
$479,649
*
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(a)
Invesco Large Cap Value ETF (PWV)
January 31, 2026
(Unaudited)
 
Shares
Value
Common Stocks & Other Equity Interests-99.92%
Communication Services-9.45%
AT&T, Inc.
 
704,823
$18,473,411
T-Mobile US, Inc.
 
203,207
40,074,453
Verizon Communications, Inc.
 
449,075
19,992,819
Walt Disney Co. (The)
 
413,323
46,622,834
 
 
125,163,517
Consumer Discretionary-6.36%
Ford Motor Co.
 
1,393,325
19,339,351
General Motors Co.
 
254,339
21,364,476
McDonald’s Corp.
 
138,185
43,528,275
 
 
84,232,102
Consumer Staples-2.81%
Altria Group, Inc.
 
314,973
19,525,176
Kroger Co. (The)
 
280,875
17,652,994
 
 
37,178,170
Energy-16.18%
Baker Hughes Co., Class A
 
365,830
20,501,113
Cheniere Energy, Inc.
 
88,273
18,671,505
Chevron Corp.
 
281,371
49,774,530
EOG Resources, Inc.
 
169,418
18,996,840
Exxon Mobil Corp.
 
363,317
51,373,024
Marathon Petroleum Corp.
 
94,947
16,728,712
Phillips 66
 
135,562
19,461,281
Valero Energy Corp.
 
103,567
18,790,161
 
 
214,297,166
Financials-28.47%
Aflac, Inc.
 
163,602
18,151,642
Allstate Corp. (The)
 
85,028
16,919,722
American International Group, Inc.
 
240,411
18,001,975
Ameriprise Financial, Inc.
 
40,484
21,342,760
Bank of America Corp.
 
811,370
43,164,884
Bank of New York Mellon Corp. (The)
 
167,087
20,037,073
Berkshire Hathaway, Inc., Class B(b)
 
82,972
39,870,535
Chubb Ltd.
 
61,052
18,899,257
CME Group, Inc., Class A
 
65,504
18,934,586
JPMorgan Chase & Co.
 
141,384
43,247,952
MetLife, Inc.
 
240,159
18,943,742
PayPal Holdings, Inc.
 
298,174
15,710,788
Travelers Cos., Inc. (The)
 
62,083
17,663,234
U.S. Bancorp
 
378,171
21,219,175
Wells Fargo & Co.
 
497,679
45,034,973
 
 
377,142,298
 
Shares
Value
Health Care-13.52%
Cencora, Inc.
 
48,509
$17,425,403
Cigna Group (The)
 
66,508
18,230,508
CVS Health Corp.
 
231,803
17,273,959
Gilead Sciences, Inc.
 
144,156
20,462,944
Johnson & Johnson
 
204,488
46,469,898
Regeneron Pharmaceuticals, Inc.
 
23,707
17,577,555
Thermo Fisher Scientific, Inc.
 
71,888
41,595,116
 
 
179,035,383
Industrials-7.59%
3M Co.
 
106,493
16,310,468
Honeywell International, Inc.
 
95,723
21,778,897
Northrop Grumman Corp.
 
31,938
22,109,400
Uber Technologies, Inc.(b)
 
503,449
40,301,092
 
 
100,499,857
Information Technology-6.19%
Cisco Systems, Inc.
 
552,656
43,284,018
QUALCOMM, Inc.
 
255,261
38,695,015
 
 
81,979,033
Materials-5.34%
Linde PLC
 
103,349
47,227,392
Newmont Corp.
 
208,685
23,445,760
 
 
70,673,152
Utilities-4.01%
American Electric Power Co., Inc.
 
147,972
17,723,346
Duke Energy Corp.
 
147,911
17,949,000
Exelon Corp.
 
390,603
17,491,203
 
 
53,163,549
Total Common Stocks & Other Equity Interests
(Cost $1,168,580,410)
1,323,364,227
Money Market Funds-0.08%
Invesco Government & Agency Portfolio,
Institutional Class, 3.61%(c)(d)
(Cost $1,066,008)
 
1,066,008
1,066,008
TOTAL INVESTMENTS IN SECURITIES-100.00%
(Cost $1,169,646,418)
1,324,430,235
OTHER ASSETS LESS LIABILITIES-0.00%
27,393
NET ASSETS-100.00%
$1,324,457,628
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
Non-income producing security.
(c)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the nine months ended January 31, 2026.
 
Value
April 30, 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
$785,842
$28,709,117
$(28,428,951
)
$-
$-
$1,066,008
$25,699
See accompanying notes which are an integral part of this schedule.

Invesco Large Cap Value ETF (PWV)—(continued)
January 31, 2026
(Unaudited)
 
Value
April 30, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
Value
January 31, 2026
Dividend Income
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
$12,347,453
$123,876,740
$(136,224,193
)
$-
$-
$-
$83,311
*
Invesco Private Prime Fund
32,179,394
204,522,433
(236,701,959
)
-
132
-
211,559
*
Total
$45,312,689
$357,108,290
$(401,355,103
)
$-
$132
$1,066,008
$320,569
*
Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from
borrowers, if any.
(d)
The rate shown is the 7-day SEC standardized yield as of January 31, 2026.
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.

Schedule of Investments(a)
Invesco S&P 100 Equal Weight ETF (EQWL)
January 31, 2026
(Unaudited)
 
Shares
Value
Common Stocks & Other Equity Interests-99.87%
Communication Services-8.24%
Alphabet, Inc., Class A
 
37,349
$12,623,962
Alphabet, Inc., Class C
 
29,841
10,102,074
AT&T, Inc.
 
884,414
23,180,491
Comcast Corp., Class A
 
827,239
24,610,360
Meta Platforms, Inc., Class A
 
33,163
23,761,289
Netflix, Inc.(b)
 
232,636
19,422,780
T-Mobile US, Inc.
 
110,392
21,770,406
Verizon Communications, Inc.
 
540,280
24,053,266
Walt Disney Co. (The)
 
198,158
22,352,222
 
 
181,876,850
Consumer Discretionary-8.96%
Amazon.com, Inc.(b)
 
93,074
22,272,608
Booking Holdings, Inc.
 
4,062
20,317,474
General Motors Co.
 
266,958
22,424,472
Home Depot, Inc. (The)
 
61,474
23,027,546
Lowe’s Cos., Inc.
 
87,622
23,400,332
McDonald’s Corp.
 
69,464
21,881,160
NIKE, Inc., Class B
 
327,831
20,263,234
Starbucks Corp.
 
257,274
23,656,344
Tesla, Inc.(b)
 
47,766
20,558,964
 
 
197,802,134
Consumer Staples-10.67%
Altria Group, Inc.
 
367,527
22,782,999
Coca-Cola Co. (The)
 
307,221
22,983,203
Colgate-Palmolive Co.
 
277,419
25,048,161
Costco Wholesale Corp.
 
24,615
23,144,254
Mondelez International, Inc., Class A
 
400,273
23,403,962
PepsiCo, Inc.
 
144,111
22,139,773
Philip Morris International, Inc.
 
144,047
25,847,794
Procter & Gamble Co. (The)
 
154,231
23,407,639
Target Corp.
 
227,994
24,046,527
Walmart, Inc.
 
190,558
22,703,080
 
 
235,507,392
Energy-3.35%
Chevron Corp.
 
142,471
25,203,120
ConocoPhillips
 
222,847
23,227,343
Exxon Mobil Corp.
 
180,477
25,519,448
 
 
73,949,911
Financials-17.45%
American Express Co.
 
57,389
20,210,684
American International Group, Inc.
 
265,982
19,916,732
Bank of America Corp.
 
398,842
21,218,395
Bank of New York Mellon Corp. (The)
 
182,249
21,855,300
Berkshire Hathaway, Inc., Class B(b)
 
43,976
21,131,787
BlackRock, Inc.
 
19,922
22,291,523
Capital One Financial Corp.
 
90,764
19,870,963
Charles Schwab Corp. (The)
 
225,121
23,394,574
Citigroup, Inc.
 
194,148
22,464,865
Goldman Sachs Group, Inc. (The)
 
24,230
22,664,984
JPMorgan Chase & Co.
 
69,552
21,275,261
Mastercard, Inc., Class A
 
40,041
21,573,691
MetLife, Inc.
 
270,258
21,317,951
Morgan Stanley
 
119,994
21,934,903
PayPal Holdings, Inc.
 
352,697
18,583,605
U.S. Bancorp
 
402,702
22,595,609
Visa, Inc., Class A
 
66,198
21,304,503
Wells Fargo & Co.
 
237,837
21,521,870
 
 
385,127,200
 
Shares
Value
Health Care-14.87%
Abbott Laboratories
 
175,983
$19,234,942
AbbVie, Inc.
 
95,749
21,352,984
Amgen, Inc.
 
68,350
23,367,498
Bristol-Myers Squibb Co.
 
421,171
23,185,464
CVS Health Corp.
 
273,102
20,351,561
Danaher Corp.
 
93,591
20,486,134
Eli Lilly and Co.
 
21,715
22,521,712
Gilead Sciences, Inc.
 
177,743
25,230,619
Intuitive Surgical, Inc.(b)
 
38,788
19,557,685
Johnson & Johnson
 
104,423
23,730,127
Medtronic PLC
 
214,046
22,038,176
Merck & Co., Inc.
 
220,977
24,367,134
Pfizer, Inc.
 
836,638
22,120,709
Thermo Fisher Scientific, Inc.
 
37,640
21,778,880
UnitedHealth Group, Inc.
 
65,697
18,850,440
 
 
328,174,065
Industrials-14.96%
3M Co.
 
130,185
19,939,135
Boeing Co. (The)(b)
 
108,506
25,360,022
Caterpillar, Inc.
 
35,035
23,030,608
Deere & Co.
 
45,985
24,280,080
Emerson Electric Co.
 
157,424
23,135,031
FedEx Corp.
 
75,815
24,431,384
General Dynamics Corp.
 
62,977
22,110,595
General Electric Co.
 
76,102
23,347,332
Honeywell International, Inc.
 
112,264
25,542,305
Lockheed Martin Corp.
 
46,073
29,220,418
RTX Corp.
 
123,400
24,794,762
Uber Technologies, Inc.(b)
 
256,281
20,515,294
Union Pacific Corp.
 
91,598
21,534,690
United Parcel Service, Inc., Class B
 
216,438
22,990,044
 
 
330,231,700
Information Technology-15.09%
Accenture PLC, Class A
 
79,202
20,880,815
Adobe, Inc.(b)
 
62,822
18,422,552
Advanced Micro Devices, Inc.(b)
 
97,387
23,054,425
Apple, Inc.
 
77,346
20,069,740
Broadcom, Inc.
 
52,284
17,321,689
Cisco Systems, Inc.
 
268,787
21,051,398
Intel Corp.(b)
 
528,910
24,578,448
International Business Machines Corp.
 
69,016
21,167,207
Intuit, Inc.
 
32,583
16,256,310
Microsoft Corp.
 
45,111
19,410,812
NVIDIA Corp.
 
117,349
22,428,914
Oracle Corp.
 
96,734
15,920,482
Palantir Technologies, Inc., Class A(b)
 
114,814
16,830,584
QUALCOMM, Inc.
 
118,409
17,949,620
Salesforce, Inc.
 
81,681
17,340,060
ServiceNow, Inc.(b)
 
126,343
14,783,394
Texas Instruments, Inc.
 
118,740
25,594,407
 
 
333,060,857
Materials-1.14%
Linde PLC
 
54,926
25,099,534
Real Estate-2.00%
American Tower Corp.
 
119,614
21,444,398
Simon Property Group, Inc.
 
118,752
22,718,445
 
 
44,162,843
Utilities-3.14%
Duke Energy Corp.
 
189,160
22,954,566
See accompanying notes which are an integral part of this schedule.

Invesco S&P 100 Equal Weight ETF (EQWL)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
Utilities-(continued)
NextEra Energy, Inc.
 
265,397
$23,328,396
Southern Co. (The)
 
256,511
22,908,998
 
 
69,191,960
Total Common Stocks & Other Equity Interests
(Cost $1,960,798,422)
2,204,184,446
Money Market Funds-0.01%
Invesco Government & Agency Portfolio,
Institutional Class, 3.61%(c)(d)
(Cost $169,797)
 
169,797
169,797
TOTAL INVESTMENTS IN SECURITIES-99.88%
(Cost $1,960,968,219)
2,204,354,243
OTHER ASSETS LESS LIABILITIES-0.12%
2,673,403
NET ASSETS-100.00%
$2,207,027,646
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
Non-income producing security.
(c)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the nine months ended January 31, 2026.
 
Value
April 30, 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
$660,360
$32,210,280
$(32,700,843
)
$-
$-
$169,797
$40,119
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
9,777,174
150,428,601
(160,205,775
)
-
-
-
109,840
*
Invesco Private Prime Fund
25,442,638
321,212,746
(346,656,151
)
-
767
-
295,472
*
Total
$35,880,172
$503,851,627
$(539,562,769
)
$-
$767
$169,797
$445,431
*
Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from
borrowers, if any.
(d)
The rate shown is the 7-day SEC standardized yield as of January 31, 2026.
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.

Schedule of Investments(a)
Invesco S&P 500 GARP ETF (SPGP)
January 31, 2026
(Unaudited)
 
Shares
Value
Common Stocks & Other Equity Interests-99.97%
Communication Services-5.37%
Alphabet, Inc., Class C
 
72,070
$24,397,857
Fox Corp., Class A(b)
 
366,275
26,657,495
Meta Platforms, Inc., Class A
 
39,693
28,440,034
Netflix, Inc.(c)
 
235,640
19,673,584
Walt Disney Co. (The)
 
266,270
30,035,256
 
 
129,204,226
Consumer Discretionary-19.17%
Airbnb, Inc., Class A(c)
 
383,490
49,612,101
Carnival Corp.(c)
 
1,769,721
53,127,025
Chipotle Mexican Grill, Inc.(c)
 
856,952
33,309,724
Darden Restaurants, Inc.(b)
 
152,169
30,334,890
Deckers Outdoor Corp.(c)
 
323,446
38,600,046
eBay, Inc.
 
473,168
43,162,385
Expedia Group, Inc.
 
162,949
43,155,413
lululemon athletica, Inc.(c)
 
170,925
29,826,413
PulteGroup, Inc.
 
221,933
27,761,599
Ralph Lauren Corp.
 
76,381
26,993,809
Royal Caribbean Cruises Ltd.
 
183,666
59,627,167
Ulta Beauty, Inc.(c)
 
39,642
25,662,645
 
 
461,173,217
Energy-5.68%
Baker Hughes Co., Class A
 
722,610
40,495,064
Halliburton Co.
 
876,967
29,395,934
SLB Ltd.
 
732,794
35,452,574
Texas Pacific Land Corp.(b)
 
90,004
31,353,793
 
 
136,697,365
Financials-25.62%
American Express Co.
 
83,939
29,560,798
Ameriprise Financial, Inc.
 
46,633
24,584,451
Arch Capital Group Ltd.(c)
 
403,183
38,721,695
Block, Inc., Class A(c)
 
530,529
32,059,867
Chubb Ltd.
 
73,533
22,762,876
Erie Indemnity Co., Class A(b)
 
90,581
25,635,329
Fifth Third Bancorp(b)
 
504,081
25,314,948
Fiserv, Inc.(c)
 
417,991
26,638,566
Global Payments, Inc.
 
281,106
20,166,544
Hartford Insurance Group, Inc. (The)
 
169,585
22,904,150
Huntington Bancshares, Inc.
 
1,617,903
28,280,944
M&T Bank Corp.
 
129,214
28,629,946
Mastercard, Inc., Class A
 
49,211
26,514,395
Northern Trust Corp.
 
311,084
46,485,282
PNC Financial Services Group, Inc. (The)
 
141,033
31,492,669
Progressive Corp. (The)
 
135,187
28,118,896
Raymond James Financial, Inc.
 
140,418
23,289,730
Synchrony Financial
 
492,749
35,788,360
Travelers Cos., Inc. (The)
 
81,487
23,183,866
U.S. Bancorp
 
499,474
28,025,486
Visa, Inc., Class A
 
70,058
22,546,766
W.R. Berkley Corp.(b)
 
375,463
25,749,253
 
 
616,454,817
Health Care-5.35%
Cigna Group (The)
 
89,723
24,593,972
Eli Lilly and Co.
 
28,370
29,423,945
Molina Healthcare, Inc.(c)
 
156,411
28,089,851
ResMed, Inc.
 
94,912
24,516,719
Universal Health Services, Inc., Class B
 
110,380
22,215,079
 
 
128,839,566
 
Shares
Value
Industrials-18.09%
Caterpillar, Inc.
 
38,856
$25,542,380
Cummins, Inc.
 
49,119
28,431,060
Delta Air Lines, Inc.
 
791,632
52,160,633
EMCOR Group, Inc.
 
55,173
39,764,836
Hubbell, Inc.
 
52,684
25,706,631
PACCAR, Inc.
 
222,611
27,361,118
Parker-Hannifin Corp.
 
25,778
24,124,084
Paycom Software, Inc.
 
219,868
29,627,213
Trane Technologies PLC
 
64,041
26,934,364
Uber Technologies, Inc.(c)
 
695,908
55,707,435
United Airlines Holdings, Inc.(c)
 
429,292
43,925,157
United Rentals, Inc.
 
38,537
30,138,246
W.W. Grainger, Inc.
 
23,936
25,849,444
 
 
435,272,601
Information Technology-18.34%
Adobe, Inc.(c)
 
84,718
24,843,554
AppLovin Corp., Class A(c)
 
72,637
34,365,291
Arista Networks, Inc.(c)
 
360,529
51,101,380
Autodesk, Inc.(c)
 
85,343
21,580,684
First Solar, Inc.(c)
 
104,650
23,600,668
Fortinet, Inc.(c)
 
479,122
38,933,454
Gartner, Inc.(c)
 
104,258
21,853,519
KLA Corp.
 
18,791
26,832,421
Microsoft Corp.
 
46,023
19,803,237
Monolithic Power Systems, Inc.
 
46,470
52,239,250
NVIDIA Corp.
 
325,651
62,241,676
PTC, Inc.(c)
 
141,582
22,105,198
Super Micro Computer, Inc.(b)(c)
 
1,432,975
41,713,902
 
 
441,214,234
Real Estate-2.35%
Host Hotels & Resorts, Inc.
 
3,046,893
56,458,927
Total Common Stocks & Other Equity Interests
(Cost $2,261,057,617)
2,405,314,953
Money Market Funds-0.06%
Invesco Government & Agency Portfolio,
Institutional Class, 3.61%(d)(e)
(Cost $1,314,667)
 
1,314,667
1,314,667
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-100.03%
(Cost $2,262,372,284)
2,406,629,620
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-4.73%
Invesco Private Government Fund,
3.65%(d)(e)(f)
 
31,668,928
31,668,928
Invesco Private Prime Fund, 3.80%(d)(e)(f)
 
82,170,753
82,195,404
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $113,864,332)
113,864,332
TOTAL INVESTMENTS IN SECURITIES-104.76%
(Cost $2,376,236,616)
2,520,493,952
OTHER ASSETS LESS LIABILITIES-(4.76)%
(114,507,578
)
NET ASSETS-100.00%
$2,405,986,374
See accompanying notes which are an integral part of this schedule.

Invesco S&P 500 GARP ETF (SPGP)—(continued)
January 31, 2026
(Unaudited)
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
All or a portion of this security was out on loan at January 31, 2026.
(c)
Non-income producing security.
(d)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the nine months ended January 31, 2026.
 
Value
April 30, 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
$371,281
$28,686,738
$(27,743,352
)
$-
$-
$1,314,667
$65,928
Investments
Purchased with Cash
Collateral from
Securities on Loan:
Invesco Private
Government Fund
26,556,829
462,874,726
(457,762,627
)
-
-
31,668,928
880,675
*
Invesco Private Prime
Fund
69,169,970
1,067,584,502
(1,054,573,324
)
2,995
11,261
82,195,404
2,409,931
*
Total
$96,098,080
$1,559,145,966
$(1,540,079,303
)
$2,995
$11,261
$115,178,999
$3,356,534
*
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(a)
Invesco S&P 500 Value with Momentum ETF (SPVM)
January 31, 2026
(Unaudited)
 
Shares
Value
Common Stocks & Other Equity Interests-99.89%
Communication Services-7.07%
AT&T, Inc.
 
59,789
$1,567,070
Fox Corp., Class A
 
13,250
964,335
News Corp., Class A
 
32,080
867,122
Paramount Skydance Corp.(b)
 
80,503
902,439
Verizon Communications, Inc.
 
37,891
1,686,907
Walt Disney Co. (The)
 
9,624
1,085,587
Warner Bros. Discovery, Inc.(c)
 
22,988
633,090
 
 
7,706,550
Consumer Discretionary-6.97%
Aptiv PLC(c)
 
11,423
865,292
Carnival Corp.(c)
 
39,447
1,184,199
Ford Motor Co.
 
167,959
2,331,271
General Motors Co.
 
26,406
2,218,104
Genuine Parts Co.
 
7,178
997,670
 
 
7,596,536
Consumer Staples-7.67%
Archer-Daniels-Midland Co.
 
30,796
2,072,879
Bunge Global S.A.
 
24,428
2,781,861
Dollar General Corp.
 
9,407
1,349,246
Dollar Tree, Inc.(c)
 
5,402
635,221
Kroger Co. (The)
 
24,127
1,516,382
 
 
8,355,589
Energy-7.75%
Baker Hughes Co., Class A
 
17,346
972,070
Chevron Corp.
 
6,668
1,179,569
EQT Corp.
 
14,317
826,521
Expand Energy Corp.
 
6,512
732,014
Kinder Morgan, Inc.
 
27,670
843,658
Marathon Petroleum Corp.
 
6,957
1,225,754
Phillips 66
 
9,577
1,374,874
Valero Energy Corp.
 
7,084
1,285,250
 
 
8,439,710
Financials-37.04%
Aflac, Inc.
 
8,628
957,277
Allstate Corp. (The)
 
7,666
1,525,457
American International Group, Inc.
 
18,118
1,356,676
Assurant, Inc.
 
5,587
1,330,432
Bank of America Corp.
 
19,721
1,049,157
Bank of New York Mellon Corp. (The)
 
7,188
861,985
Berkshire Hathaway, Inc., Class B(c)
 
2,006
963,943
Capital One Financial Corp.
 
2,952
646,281
Chubb Ltd.
 
3,997
1,237,311
Cincinnati Financial Corp.
 
7,032
1,131,378
Citigroup, Inc.
 
12,337
1,427,514
Citizens Financial Group, Inc.
 
22,624
1,424,860
Fifth Third Bancorp
 
23,524
1,181,375
Franklin Resources, Inc.
 
55,484
1,476,984
Globe Life, Inc.
 
9,539
1,337,559
Goldman Sachs Group, Inc. (The)
 
854
798,840
Hartford Insurance Group, Inc. (The)
 
9,330
1,260,110
Huntington Bancshares, Inc.
 
75,778
1,324,599
Invesco Ltd.(d)
 
50,823
1,386,960
JPMorgan Chase & Co.
 
2,486
760,443
Loews Corp.
 
12,961
1,368,293
MetLife, Inc.
 
17,536
1,383,240
Morgan Stanley
 
4,012
733,394
Northern Trust Corp.
 
6,493
970,249
PNC Financial Services Group, Inc. (The)
 
5,724
1,278,169
Raymond James Financial, Inc.
 
5,199
862,306
 
Shares
Value
Financials-(continued)
Regions Financial Corp.
 
47,793
$1,362,100
State Street Corp.
 
9,420
1,232,701
Synchrony Financial
 
15,459
1,122,787
Travelers Cos., Inc. (The)
 
4,357
1,239,610
Truist Financial Corp.
 
28,602
1,470,715
U.S. Bancorp
 
24,014
1,347,426
W.R. Berkley Corp.
 
11,843
812,193
Wells Fargo & Co.
 
11,247
1,017,741
Willis Towers Watson PLC
 
2,253
715,260
 
 
40,355,325
Health Care-6.89%
Cardinal Health, Inc.
 
5,403
1,160,997
Cencora, Inc.
 
3,093
1,111,068
CVS Health Corp.
 
18,696
1,393,226
Labcorp Holdings, Inc.
 
2,764
750,481
McKesson Corp.
 
1,395
1,159,538
Quest Diagnostics, Inc.
 
3,911
731,474
Universal Health Services, Inc., Class B
 
5,967
1,200,918
 
 
7,507,702
Industrials-6.21%
General Dynamics Corp.
 
1,917
673,039
Huntington Ingalls Industries, Inc.
 
2,902
1,220,320
Leidos Holdings, Inc.
 
3,926
739,187
Snap-on, Inc.
 
1,980
724,898
Southwest Airlines Co.
 
22,988
1,092,390
Uber Technologies, Inc.(c)
 
9,394
751,990
United Airlines Holdings, Inc.(c)
 
15,260
1,561,403
 
 
6,763,227
Information Technology-2.91%
Cognizant Technology Solutions Corp., Class A
 
10,037
823,636
Dell Technologies, Inc., Class C
 
4,785
547,595
Hewlett Packard Enterprise Co.
 
51,465
1,107,527
Super Micro Computer, Inc.(b)(c)
 
23,677
689,238
 
 
3,167,996
Materials-1.61%
Newmont Corp.
 
8,224
923,966
Steel Dynamics, Inc.
 
4,619
829,434
 
 
1,753,400
Real Estate-1.91%
Realty Income Corp.
 
11,691
715,022
VICI Properties, Inc.
 
48,619
1,365,221
 
 
2,080,243
Utilities-13.86%
Alliant Energy Corp.
 
10,118
666,877
Ameren Corp.
 
7,479
772,431
American Electric Power Co., Inc.
 
6,992
837,467
Atmos Energy Corp.
 
3,924
652,718
CenterPoint Energy, Inc.
 
17,628
699,655
CMS Energy Corp.
 
9,703
693,668
Consolidated Edison, Inc.
 
10,827
1,154,483
Dominion Energy, Inc.
 
13,285
799,358
DTE Energy Co.
 
6,138
824,824
Duke Energy Corp.
 
7,190
872,507
Evergy, Inc.
 
11,330
869,351
Eversource Energy
 
14,958
1,034,047
Exelon Corp.
 
23,226
1,040,060
FirstEnergy Corp.
 
18,576
879,388
NiSource, Inc.
 
16,404
726,533
Pinnacle West Capital Corp.
 
11,721
1,096,617
See accompanying notes which are an integral part of this schedule.

Invesco S&P 500 Value with Momentum ETF (SPVM)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
Utilities-(continued)
PPL Corp.
 
22,252
$806,635
Xcel Energy, Inc.
 
8,759
666,210
 
 
15,092,829
Total Common Stocks & Other Equity Interests
(Cost $94,410,855)
108,819,107
Money Market Funds-0.13%
Invesco Government & Agency Portfolio,
Institutional Class, 3.61%(d)(e)
(Cost $142,971)
 
142,971
142,971
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-100.02%
(Cost $94,553,826)
108,962,078
 
Shares
Value
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-0.67%
Invesco Private Government Fund,
3.65%(d)(e)(f)
 
203,675
$203,675
Invesco Private Prime Fund, 3.80%(d)(e)(f)
 
528,699
528,858
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $732,533)
732,533
TOTAL INVESTMENTS IN SECURITIES-100.69%
(Cost $95,286,359)
109,694,611
OTHER ASSETS LESS LIABILITIES-(0.69)%
(756,545
)
NET ASSETS-100.00%
$108,938,066
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
All or a portion of this security was out on loan at January 31, 2026.
(c)
Non-income producing security.
(d)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the nine months ended January 31, 2026.
 
Value
April 30, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
January 31, 2026
Dividend Income
Invesco Ltd.
$265,673
$1,370,744
$(1,123,371
)
$604,439
$269,475
$1,386,960
$34,504
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
110,016
1,612,351
(1,579,396
)
-
-
142,971
3,281
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
1,893,177
23,988,440
(25,677,942
)
-
-
203,675
35,433
*
Invesco Private Prime Fund
4,930,086
48,795,557
(53,196,565
)
129
(349
)
528,858
97,089
*
Total
$7,198,952
$75,767,092
$(81,577,274
)
$604,568
$269,126
$2,262,464
$170,307
*
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(a)
Invesco S&P MidCap Momentum ETF (XMMO)
January 31, 2026
(Unaudited)
 
Shares
Value
Common Stocks & Other Equity Interests-99.96%
Consumer Discretionary-8.92%
Aramark(b)
 
1,321,865
$50,878,584
Boyd Gaming Corp.(b)
 
398,916
33,724,359
Chewy, Inc., Class A(b)(c)
 
1,333,732
38,824,938
Duolingo, Inc.(b)(c)
 
319,317
42,807,637
Five Below, Inc.(b)(c)
 
373,562
71,589,422
Ollie’s Bargain Outlet Holdings, Inc.(b)(c)
 
318,480
35,131,529
Planet Fitness, Inc., Class A(b)(c)
 
605,339
55,110,063
Somnigroup International, Inc.
 
1,289,826
113,311,214
Travel + Leisure Co.(b)
 
348,173
24,211,950
 
 
465,589,696
Consumer Staples-11.05%
BJ’s Wholesale Club Holdings, Inc.(b)(c)
 
569,063
52,604,184
Casey’s General Stores, Inc.
 
224,105
135,919,682
Maplebear, Inc.(b)(c)
 
944,249
35,088,293
Performance Food Group Co.(c)
 
1,201,675
114,699,879
Pilgrim’s Pride Corp.(b)
 
208,636
9,048,543
Sprouts Farmers Market, Inc.(b)(c)
 
665,688
47,203,936
US Foods Holding Corp.(c)
 
2,178,594
182,174,030
 
 
576,738,547
Energy-2.37%
Antero Midstream Corp.
 
2,139,140
40,258,615
DT Midstream, Inc.
 
663,880
83,662,157
 
 
123,920,772
Financials-9.84%
Federated Hermes, Inc., Class B(b)
 
706,602
37,647,755
First Horizon Corp.
 
2,654,937
65,019,407
FirstCash Holdings, Inc.
 
185,658
31,654,689
Hanover Insurance Group, Inc. (The)
 
210,227
36,608,930
Houlihan Lokey, Inc.(b)
 
289,339
48,701,540
Janus Henderson Group PLC
 
513,803
24,729,338
Old Republic International Corp.(b)
 
981,314
38,438,069
SEI Investments Co.(b)
 
587,235
51,588,595
Shift4 Payments, Inc., Class A(b)(c)
 
367,908
21,721,288
SLM Corp.(b)
 
1,277,924
34,695,637
Stifel Financial Corp.
 
500,354
61,693,648
Unum Group
 
802,772
60,986,589
 
 
513,485,485
Health Care-6.05%
Doximity, Inc., Class A(c)
 
937,698
35,135,544
Encompass Health Corp.
 
445,570
42,119,732
Exelixis, Inc.(b)(c)
 
1,622,862
67,121,573
Hims & Hers Health, Inc.(b)(c)
 
1,721,959
46,647,869
Masimo Corp.(b)(c)
 
252,600
34,689,558
Penumbra, Inc.(c)
 
250,699
89,792,861
 
 
315,507,137
Industrials-29.06%
Acuity, Inc.
 
138,082
42,700,478
AECOM
 
747,865
72,116,622
AeroVironment, Inc.(b)(c)
 
156,494
43,566,365
Alaska Air Group, Inc.(b)(c)
 
551,610
28,038,336
API Group Corp.(b)(c)
 
2,396,284
99,613,526
Applied Industrial Technologies, Inc.
 
167,987
43,745,495
Avis Budget Group, Inc.(b)(c)
 
91,833
10,559,877
BWX Technologies, Inc.(b)
 
659,998
135,583,389
Carpenter Technology Corp.(b)
 
356,317
113,248,232
Curtiss-Wright Corp.
 
330,259
216,877,783
ESAB Corp.(b)
 
294,583
35,674,001
ExlService Holdings, Inc.(b)(c)
 
762,964
29,870,040
 
Shares
Value
Industrials-(continued)
Genpact Ltd.(b)
 
791,389
$34,900,255
MasTec, Inc.(b)(c)
 
457,552
110,032,105
RB Global, Inc. (Canada)
 
1,288,681
146,355,501
RBC Bearings, Inc.(b)(c)
 
189,405
94,639,996
Ryder System, Inc.
 
207,294
39,651,196
Watts Water Technologies, Inc., Class A(b)
 
143,780
43,034,792
Woodward, Inc.(b)
 
555,145
176,447,287
 
 
1,516,655,276
Information Technology-18.82%
Belden, Inc.(b)
 
203,204
23,878,502
Ciena Corp.(c)
 
954,152
240,265,015
Flex Ltd.(b)(c)
 
2,314,503
145,906,269
Guidewire Software, Inc.(b)(c)
 
549,689
77,374,223
Kyndryl Holdings, Inc.(b)(c)
 
1,186,877
27,298,171
Lumentum Holdings, Inc.(b)(c)
 
528,864
207,230,070
Pegasystems, Inc.
 
584,077
25,518,324
TD SYNNEX Corp.(b)
 
338,064
53,640,615
Twilio, Inc., Class A(b)(c)
 
1,505,258
181,323,379
 
 
982,434,568
Materials-0.54%
NewMarket Corp.(b)
 
42,106
28,244,284
Real Estate-3.95%
EPR Properties
 
514,537
27,908,487
Omega Healthcare Investors, Inc.
 
1,296,424
56,887,085
Sabra Health Care REIT, Inc.(b)
 
1,129,651
21,158,363
Vornado Realty Trust
 
744,238
23,726,308
W.P. Carey, Inc.(b)
 
1,097,404
76,543,929
 
 
206,224,172
Utilities-9.36%
IDACORP, Inc.(b)
 
426,503
56,635,333
National Fuel Gas Co.(b)
 
893,163
74,802,401
OGE Energy Corp.(b)
 
1,227,559
53,619,777
Spire, Inc.(b)
 
282,093
23,834,038
Talen Energy Corp.(c)
 
451,553
157,303,003
TXNM Energy, Inc.(b)
 
786,887
46,363,382
UGI Corp.(b)
 
1,888,178
75,734,820
 
 
488,292,754
Total Common Stocks & Other Equity Interests
(Cost $4,810,790,665)
5,217,092,691
Money Market Funds-0.09%
Invesco Government & Agency Portfolio,
Institutional Class, 3.61%(d)(e)
(Cost $4,460,318)
 
4,460,318
4,460,318
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-100.05%
(Cost $4,815,250,983)
5,221,553,009
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-11.59%
Invesco Private Government Fund,
3.65%(d)(e)(f)
 
168,774,801
168,774,801
See accompanying notes which are an integral part of this schedule.

Invesco S&P MidCap Momentum ETF (XMMO)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 3.80%(d)(e)(f)
 
436,220,543
$436,351,409
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $605,126,210)
605,126,210
TOTAL INVESTMENTS IN SECURITIES-111.64%
(Cost $5,420,377,193)
5,826,679,219
OTHER ASSETS LESS LIABILITIES-(11.64)%
(607,543,489
)
NET ASSETS-100.00%
$5,219,135,730
Investment Abbreviations:
REIT
-Real Estate Investment Trust
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
All or a portion of this security was out on loan at January 31, 2026.
(c)
Non-income producing security.
(d)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the nine months ended January 31, 2026.
 
Value
April 30, 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
$1,485,367
$70,666,782
$(67,691,831
)
$-
$-
$4,460,318
$95,565
Investments
Purchased with Cash
Collateral from
Securities on Loan:
Invesco Private
Government Fund
60,869,742
838,941,212
(731,036,153
)
-
-
168,774,801
2,465,367
*
Invesco Private Prime
Fund
159,962,627
1,911,825,718
(1,635,449,637
)
6,779
5,922
436,351,409
6,689,058
*
Total
$222,317,736
$2,821,433,712
$(2,434,177,621
)
$6,779
$5,922
$609,586,528
$9,249,990
*
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(a)
Invesco S&P MidCap Quality ETF (XMHQ)
January 31, 2026
(Unaudited)
 
Shares
Value
Common Stocks & Other Equity Interests-100.00%
Consumer Discretionary-11.54%
Abercrombie & Fitch Co., Class A(b)
 
309,794
$30,245,188
Autoliv, Inc. (Sweden)
 
530,220
64,283,873
Boyd Gaming Corp.
 
690,602
58,383,493
Chewy, Inc., Class A(b)(c)
 
2,080,929
60,575,843
Columbia Sportswear Co.(c)
 
187,217
10,349,356
Duolingo, Inc.(b)(c)
 
240,746
32,274,409
GameStop Corp., Class A(b)(c)
 
2,636,310
62,955,083
Grand Canyon Education, Inc.(b)
 
280,309
48,728,916
Texas Roadhouse, Inc.
 
488,807
87,916,827
TopBuild Corp.(b)(c)
 
174,827
81,827,777
Valvoline, Inc.(b)(c)
 
975,576
31,920,847
Visteon Corp.(c)
 
184,429
16,757,219
YETI Holdings, Inc.(b)(c)
 
449,015
20,524,476
 
 
606,743,307
Consumer Staples-3.04%
Boston Beer Co., Inc. (The), Class A(b)
 
53,713
11,474,171
Ingredion, Inc.
 
499,421
58,981,620
Marzetti Co. (The)
 
125,813
21,585,736
Pilgrim’s Pride Corp.(c)
 
382,794
16,601,776
Sprouts Farmers Market, Inc.(b)
 
721,149
51,136,676
 
 
159,779,979
Energy-5.16%
Antero Midstream Corp.
 
2,059,378
38,757,494
TechnipFMC PLC (United Kingdom)
 
3,474,209
193,582,926
Weatherford International PLC
 
412,703
38,827,098
 
 
271,167,518
Financials-15.90%
American Financial Group, Inc.
 
449,660
58,577,208
Essent Group Ltd.
 
585,369
36,831,418
Evercore, Inc., Class A
 
297,731
105,179,430
Federated Hermes, Inc., Class B(c)
 
640,391
34,120,032
First Financial Bankshares, Inc.(c)
 
818,283
26,037,765
Hamilton Lane, Inc., Class A(c)
 
333,521
47,106,506
Hanover Insurance Group, Inc. (The)
 
245,738
42,792,815
Houlihan Lokey, Inc.
 
391,614
65,916,469
Kinsale Capital Group, Inc.(c)
 
195,024
77,206,101
MGIC Investment Corp.
 
1,420,614
38,242,929
Morningstar, Inc.
 
175,265
35,419,304
Primerica, Inc.
 
264,182
69,490,433
RenaissanceRe Holdings Ltd. (Bermuda)
 
296,363
83,485,457
RLI Corp.
 
678,741
39,658,837
SEI Investments Co.
 
859,100
75,471,935
 
 
835,536,639
Health Care-21.18%
Chemed Corp.
 
104,440
44,610,502
Doximity, Inc., Class A(b)(c)
 
1,075,084
40,283,398
Elanco Animal Health, Inc.(b)(c)
 
3,422,572
82,415,534
Envista Holdings Corp.(b)
 
1,112,222
26,103,850
Exelixis, Inc.(b)(c)
 
2,541,853
105,131,040
Globus Medical, Inc., Class A(b)
 
751,573
68,152,640
Halozyme Therapeutics, Inc.(b)(c)
 
822,206
58,960,392
Illumina, Inc.(b)(c)
 
1,484,870
215,024,025
Medpace Holdings, Inc.(b)(c)
 
321,334
187,170,628
Penumbra, Inc.(b)
 
314,101
112,501,555
United Therapeutics Corp.(b)
 
369,021
173,251,669
 
 
1,113,605,233
Industrials-25.67%
AECOM
 
924,000
89,101,320
 
Shares
Value
Industrials-(continued)
BWX Technologies, Inc.
 
574,726
$118,065,962
Carlisle Cos., Inc.(c)
 
409,010
139,427,419
Carpenter Technology Corp.
 
336,485
106,945,028
Donaldson Co., Inc.
 
782,858
79,804,544
Exponent, Inc.
 
347,595
24,981,653
Fluor Corp.(b)
 
1,487,910
68,726,563
FTI Consulting, Inc.(b)
 
202,299
35,335,566
Genpact Ltd.(c)
 
1,047,260
46,184,166
Graco, Inc.
 
1,000,823
87,401,873
Landstar System, Inc.
 
206,201
30,798,181
Lincoln Electric Holdings, Inc.
 
398,245
105,674,311
MSA Safety, Inc.(c)
 
236,798
41,948,766
MSC Industrial Direct Co., Inc., Class A
 
317,810
26,804,095
Nextpower, Inc., Class A(b)(c)
 
1,124,834
131,706,813
Sterling Infrastructure, Inc.(b)(c)
 
268,138
95,969,272
Toro Co. (The)
 
669,757
61,282,765
Valmont Industries, Inc.
 
133,051
59,282,204
 
 
1,349,440,501
Information Technology-8.18%
Bentley Systems, Inc., Class B(c)
 
951,608
33,420,473
Cirrus Logic, Inc.(b)
 
317,768
41,417,881
IPG Photonics Corp.(b)(c)
 
183,300
16,938,753
Manhattan Associates, Inc.(b)(c)
 
686,911
103,730,430
Pegasystems, Inc.(c)
 
808,544
35,325,287
Qualys, Inc.(b)(c)
 
250,044
32,980,804
Twilio, Inc., Class A(b)
 
1,073,754
129,344,407
Vontier Corp.(c)
 
982,655
36,849,562
 
 
430,007,597
Materials-7.23%
Alcoa Corp.
 
1,608,665
91,388,259
Cabot Corp.(c)
 
326,998
23,605,985
Crown Holdings, Inc.
 
759,479
79,502,262
Greif, Inc., Class A
 
177,568
12,539,852
Louisiana-Pacific Corp.
 
368,119
30,826,285
Royal Gold, Inc.
 
540,354
142,280,612
 
 
380,143,255
Utilities-2.10%
Talen Energy Corp.(b)
 
316,637
110,303,665
Total Common Stocks & Other Equity Interests
(Cost $4,929,139,222)
5,256,727,694
Money Market Funds-0.02%
Invesco Government & Agency Portfolio,
Institutional Class, 3.61%(d)(e)
(Cost $1,096,777)
 
1,096,777
1,096,777
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-100.02%
(Cost $4,930,235,999)
5,257,824,471
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-6.51%
Invesco Private Government Fund,
3.65%(d)(e)(f)
 
95,027,007
95,027,007
See accompanying notes which are an integral part of this schedule.

Invesco S&P MidCap Quality ETF (XMHQ)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 3.80%(d)(e)(f)
 
247,167,081
$247,241,231
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $342,268,238)
342,268,238
TOTAL INVESTMENTS IN SECURITIES-106.53%
(Cost $5,272,504,237)
5,600,092,709
OTHER ASSETS LESS LIABILITIES-(6.53)%
(343,225,748
)
NET ASSETS-100.00%
$5,256,866,961
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)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the nine months ended January 31, 2026.
 
Value
April 30, 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
$4,341,548
$54,985,633
$(58,230,404
)
$-
$-
$1,096,777
$145,905
Investments
Purchased with Cash
Collateral from
Securities on Loan:
Invesco Private
Government Fund
151,004,116
839,199,970
(895,177,079
)
-
-
95,027,007
3,706,856
*
Invesco Private Prime
Fund
393,999,594
1,767,009,878
(1,913,819,069
)
23,726
27,102
247,241,231
10,014,356
*
Total
$549,345,258
$2,661,195,481
$(2,867,226,552
)
$23,726
$27,102
$343,365,015
$13,867,117
*
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(a)
Invesco S&P MidCap Value with Momentum ETF (XMVM)
January 31, 2026
(Unaudited)
 
Shares
Value
Common Stocks & Other Equity Interests-99.95%
Communication Services-1.10%
Nexstar Media Group, Inc., Class A(b)
 
19,440
$4,128,667
Consumer Discretionary-17.09%
Aramark(b)
 
100,773
3,878,753
Autoliv, Inc. (Sweden)
 
32,816
3,978,612
AutoNation, Inc.(c)
 
30,179
6,186,091
Boyd Gaming Corp.
 
58,422
4,938,996
Gap, Inc. (The)
 
171,919
4,810,294
Graham Holdings Co., Class B
 
6,221
7,257,605
Lear Corp.(b)
 
81,069
9,492,369
Macy’s, Inc.
 
353,628
7,079,633
Penske Automotive Group, Inc.(b)
 
40,189
6,301,233
Thor Industries, Inc.
 
48,905
5,471,002
Visteon Corp.
 
52,815
4,798,771
 
 
64,193,359
Consumer Staples-5.68%
Albertson’s Cos., Inc., Class A
 
443,195
7,379,197
BJ’s Wholesale Club Holdings, Inc.(c)
 
39,870
3,685,583
Performance Food Group Co.(c)
 
63,067
6,019,745
US Foods Holding Corp.(c)
 
50,772
4,245,554
 
 
21,330,079
Energy-5.75%
Antero Resources Corp.(c)
 
94,399
3,433,292
HF Sinclair Corp.
 
136,654
7,104,642
PBF Energy, Inc., Class A
 
189,740
6,348,700
Valaris Ltd.(b)(c)
 
81,777
4,720,986
 
 
21,607,620
Financials-45.36%
Ally Financial, Inc.
 
100,522
4,250,070
American Financial Group, Inc.
 
26,096
3,399,526
Annaly Capital Management, Inc.
 
212,320
4,885,483
Associated Banc-Corp
 
158,384
4,317,548
Bank OZK
 
136,182
6,476,816
Brighthouse Financial, Inc.(c)
 
136,464
8,741,884
Cadence Bank
 
171
7,201
CNO Financial Group, Inc.
 
117,695
4,949,075
Columbia Banking System, Inc.
 
168,355
4,956,371
Comerica, Inc.
 
81
7,182
Cullen/Frost Bankers, Inc.
 
27,706
3,818,441
East West Bancorp, Inc.
 
32,656
3,737,153
Essent Group Ltd.
 
85,663
5,389,916
F.N.B. Corp.
 
310,716
5,453,066
Federated Hermes, Inc., Class B(b)
 
68,092
3,627,942
First American Financial Corp.
 
80,090
5,060,086
First Horizon Corp.
 
175,312
4,293,391
Hancock Whitney Corp.(b)
 
74,819
5,147,547
Hanover Insurance Group, Inc. (The)
 
25,882
4,507,092
Home BancShares, Inc.
 
148,670
4,296,563
International Bancshares Corp.
 
64,902
4,519,775
Janus Henderson Group PLC
 
92,214
4,438,260
MGIC Investment Corp.
 
172,870
4,653,660
Old National Bancorp(b)
 
208,250
5,087,548
Old Republic International Corp.(b)
 
94,179
3,688,991
RenaissanceRe Holdings Ltd. (Bermuda)
 
25,329
7,135,179
SLM Corp.(b)
 
123,853
3,362,609
Starwood Property Trust, Inc.(b)
 
231,223
4,145,828
Texas Capital Bancshares, Inc.(c)
 
43,102
4,360,629
UMB Financial Corp.
 
38,820
4,935,575
United Bankshares, Inc.
 
130,479
5,523,176
Unum Group
 
69,080
5,248,008
 
Shares
Value
Financials-(continued)
Valley National Bancorp
 
460,981
$5,743,823
Webster Financial Corp.
 
78,801
5,182,742
Western Alliance Bancorporation
 
57,180
5,097,597
Wintrust Financial Corp.
 
30,290
4,467,472
Zions Bancorporation N.A.
 
90,986
5,450,971
 
 
170,364,196
Health Care-0.82%
Tenet Healthcare Corp.(c)
 
16,327
3,090,375
Industrials-5.93%
AGCO Corp.
 
38,296
4,343,150
EnerSys
 
20,201
3,640,018
Oshkosh Corp.
 
36,425
5,238,644
Ryder System, Inc.
 
24,865
4,756,177
WESCO International, Inc.
 
14,845
4,296,588
 
 
22,274,577
Information Technology-3.26%
Kyndryl Holdings, Inc.(b)(c)
 
178,644
4,108,812
TD SYNNEX Corp.
 
51,149
8,115,812
 
 
12,224,624
Materials-2.05%
Commercial Metals Co.
 
45,357
3,486,593
Crown Holdings, Inc.
 
40,349
4,223,733
 
 
7,710,326
Real Estate-2.27%
Jones Lang LaSalle, Inc.(c)
 
12,350
4,420,189
Kilroy Realty Corp.
 
118,859
4,098,258
 
 
8,518,447
Utilities-10.64%
Black Hills Corp.
 
50,618
3,694,102
Essential Utilities, Inc.
 
89,145
3,457,934
National Fuel Gas Co.
 
36,821
3,083,759
New Jersey Resources Corp.(b)
 
84,095
4,161,020
NorthWestern Energy Group, Inc.
 
52,103
3,535,709
OGE Energy Corp.
 
71,544
3,125,042
ONE Gas, Inc.
 
45,266
3,601,363
Portland General Electric Co.
 
82,624
4,151,856
Southwest Gas Holdings, Inc.
 
45,584
3,775,267
Spire, Inc.
 
40,632
3,432,998
UGI Corp.
 
98,162
3,937,278
 
 
39,956,328
Total Common Stocks & Other Equity Interests
(Cost $332,345,763)
375,398,598
Money Market Funds-0.12%
Invesco Government & Agency Portfolio,
Institutional Class, 3.61%(d)(e)
(Cost $458,584)
 
458,584
458,584
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-100.07%
(Cost $332,804,347)
375,857,182
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-4.93%
Invesco Private Government Fund,
3.65%(d)(e)(f)
 
5,151,609
5,151,609
See accompanying notes which are an integral part of this schedule.

Invesco S&P MidCap Value with Momentum ETF (XMVM)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 3.80%(d)(e)(f)
 
13,354,092
$13,358,098
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $18,509,707)
18,509,707
TOTAL INVESTMENTS IN SECURITIES-105.00%
(Cost $351,314,054)
394,366,889
OTHER ASSETS LESS LIABILITIES-(5.00)%
(18,797,057
)
NET ASSETS-100.00%
$375,569,832
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
All or a portion of this security was out on loan at January 31, 2026.
(c)
Non-income producing security.
(d)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the nine months ended January 31, 2026.
 
Value
April 30, 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
$329,198
$13,130,404
$(13,001,018
)
$-
$-
$458,584
$13,497
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
14,218,409
105,998,607
(115,065,407
)
-
-
5,151,609
284,400
*
Invesco Private Prime Fund
34,788,887
208,071,533
(229,504,995
)
989
1,684
13,358,098
773,038
*
Total
$49,336,494
$327,200,544
$(357,571,420
)
$989
$1,684
$18,968,291
$1,070,935
*
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(a)
Invesco S&P SmallCap Momentum ETF (XSMO)
January 31, 2026
(Unaudited)
 
Shares
Value
Common Stocks & Other Equity Interests-100.09%
Communication Services-3.41%
CarGurus, Inc.(b)(c)
 
444,338
$14,396,551
Cinemark Holdings, Inc.(c)
 
434,103
10,279,559
Gogo, Inc.(b)(c)
 
430,125
1,974,274
Telephone and Data Systems, Inc.
 
915,793
41,329,738
Uniti Group, Inc.(b)(c)
 
944,393
7,857,350
 
 
75,837,472
Consumer Discretionary-15.98%
Adtalem Global Education, Inc.(b)
 
235,588
24,395,137
Boot Barn Holdings, Inc.(b)(c)
 
135,708
24,221,164
Brinker International, Inc.(b)
 
429,709
67,773,704
Buckle, Inc. (The)(c)
 
158,327
7,488,867
Cheesecake Factory, Inc. (The)(c)
 
392,283
22,736,723
Cracker Barrel Old Country Store, Inc.(c)
 
110,277
3,321,543
Dorman Products, Inc.(b)(c)
 
135,717
16,856,051
Frontdoor, Inc.(b)
 
487,231
28,800,224
Group 1 Automotive, Inc.
 
50,857
18,016,601
Monarch Casino & Resort, Inc.
 
77,914
7,131,468
National Vision Holdings, Inc.(b)
 
561,293
14,790,071
Patrick Industries, Inc.
 
141,034
17,794,260
Perdoceo Education Corp.
 
266,427
8,533,657
Phinia, Inc.
 
161,523
11,495,592
Shake Shack, Inc., Class A(b)
 
205,745
18,222,835
Sonic Automotive, Inc., Class A(c)
 
71,919
4,312,263
Stride, Inc.(b)(c)
 
310,767
26,290,888
Urban Outfitters, Inc.(b)
 
349,847
24,786,660
Wolverine World Wide, Inc.
 
439,505
7,788,029
 
 
354,755,737
Consumer Staples-4.65%
Cal-Maine Foods, Inc.
 
380,899
31,816,494
Chefs’ Warehouse, Inc. (The)(b)(c)
 
322,886
20,309,529
Fresh Del Monte Produce, Inc.(c)
 
311,426
12,351,155
PriceSmart, Inc.(c)
 
127,937
18,193,921
Tootsie Roll Industries, Inc.(c)
 
128,849
4,880,800
United Natural Foods, Inc.(b)
 
423,745
15,776,026
 
 
103,327,925
Energy-1.61%
Archrock, Inc.
 
710,327
21,018,576
Comstock Resources, Inc.(b)(c)
 
605,111
14,734,453
 
 
35,753,029
Financials-16.63%
Acadian Asset Management, Inc.
 
228,442
12,660,256
Ameris Bancorp
 
264,401
21,316,009
BancFirst Corp.
 
94,821
10,425,569
Blackstone Mortgage Trust, Inc., Class A
 
748,981
14,417,884
Ellington Financial, Inc.
 
481,262
6,184,217
Enova International, Inc.(b)
 
112,670
18,609,704
EZCORP, Inc., Class A(b)(c)
 
405,309
8,693,878
First Bancorp/Southern Pines NC(c)
 
210,856
12,214,888
Hanmi Financial Corp.
 
129,279
3,434,943
HCI Group, Inc.
 
76,335
12,112,074
Horace Mann Educators Corp.
 
260,398
11,668,434
Palomar Holdings, Inc.(b)
 
176,129
21,767,783
Pathward Financial, Inc.
 
93,845
8,473,265
Payoneer Global, Inc.(b)
 
1,139,439
7,281,015
Piper Sandler Cos.
 
69,703
24,141,634
PJT Partners, Inc., Class A
 
148,161
25,636,298
SiriusPoint Ltd. (Sweden)(b)
 
645,584
13,176,369
StepStone Group, Inc., Class A
 
311,749
22,037,537
StoneX Group, Inc.(b)(c)
 
448,814
50,383,860
 
Shares
Value
Financials-(continued)
United Fire Group, Inc.
 
99,706
$3,583,434
Victory Capital Holdings, Inc., Class A(c)
 
281,262
19,837,409
Virtu Financial, Inc., Class A
 
760,332
31,561,381
WisdomTree, Inc.(c)
 
477,294
7,732,163
World Acceptance Corp.(b)(c)
 
15,482
1,877,192
 
 
369,227,196
Health Care-6.52%
ADMA Biologics, Inc.(b)
 
1,275,240
22,061,652
Artivion, Inc.(b)(c)
 
173,096
7,057,124
Catalyst Pharmaceuticals, Inc.(b)(c)
 
539,028
13,098,380
Corcept Therapeutics, Inc.(b)(c)
 
449,334
17,914,947
Ligand Pharmaceuticals, Inc.(b)(c)
 
87,384
16,786,466
Pediatrix Medical Group, Inc.(b)(c)
 
489,548
10,466,536
Phibro Animal Health Corp., Class A(c)
 
118,606
4,762,031
Protagonist Therapeutics, Inc.(b)
 
300,432
24,575,338
TG Therapeutics, Inc.(b)(c)
 
956,006
28,135,257
 
 
144,857,731
Industrials-28.18%
Alamo Group, Inc.(c)
 
49,473
9,662,572
Armstrong World Industries, Inc.
 
363,699
66,826,054
AZZ, Inc.
 
188,677
23,450,664
CoreCivic, Inc.(b)(c)
 
595,470
11,034,059
CSG Systems International, Inc.
 
193,967
15,468,868
DXP Enterprises, Inc.(b)(c)
 
122,888
15,981,585
Enpro, Inc.
 
103,673
24,755,039
ESCO Technologies, Inc.
 
210,701
48,075,647
Everus Construction Group, Inc.(b)
 
255,315
22,592,824
Federal Signal Corp.
 
312,989
33,830,981
Gates Industrial Corp. PLC(b)
 
1,443,144
33,221,175
GEO Group, Inc. (The)(b)
 
936,951
14,972,477
Granite Construction, Inc.(c)
 
348,420
42,068,231
Interface, Inc.
 
239,949
7,551,195
JBT Marel Corp.(c)
 
311,590
49,016,223
Mercury Systems, Inc.(b)(c)
 
319,241
29,970,345
Mueller Water Products, Inc., Class A
 
732,582
19,830,995
MYR Group, Inc.(b)(c)
 
78,065
19,519,373
National Presto Industries, Inc.(c)
 
31,710
4,039,854
OPENLANE, Inc.(b)
 
693,234
20,824,749
Pitney Bowes, Inc.(c)
 
1,315,611
13,721,823
Powell Industries, Inc.(c)
 
39,419
17,485,874
SkyWest, Inc.(b)
 
267,693
25,837,728
Worthington Enterprises, Inc.
 
152,486
8,473,647
Zurn Elkay Water Solutions Corp.
 
1,029,655
47,477,392
 
 
625,689,374
Information Technology-14.80%
A10 Networks, Inc.
 
514,227
8,968,119
Calix, Inc.(b)
 
339,334
15,158,050
Clear Secure, Inc., Class A
 
465,154
15,173,323
Extreme Networks, Inc.(b)
 
603,104
8,793,256
InterDigital, Inc.(c)
 
249,435
81,425,561
Itron, Inc.(b)
 
219,386
21,736,765
OSI Systems, Inc.(b)(c)
 
108,240
27,075,154
Sanmina Corp.(b)
 
367,355
52,046,856
Semtech Corp.(b)(c)
 
450,982
35,965,815
SiTime Corp.(b)
 
98,457
35,750,721
Viavi Solutions, Inc.(b)
 
1,081,067
26,442,899
 
 
328,536,519
Materials-2.92%
Century Aluminum Co.(b)
 
247,483
11,218,404
See accompanying notes which are an integral part of this schedule.

Invesco S&P SmallCap Momentum ETF (XSMO)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
Materials-(continued)
Hawkins, Inc.
 
157,175
$20,472,044
Sensient Technologies Corp.
 
350,069
33,088,522
 
 
64,778,970
Real Estate-3.25%
CareTrust REIT, Inc.(c)
 
1,354,210
50,566,201
JBG SMITH Properties, (Acquired
09/19/2025 - 01/29/2026;
Cost $8,762,885)(d)
 
389,307
6,555,930
Outfront Media, Inc.
 
616,767
14,999,774
 
 
72,121,905
Utilities-2.14%
Clearway Energy, Inc., Class A
 
225,423
7,612,535
Clearway Energy, Inc., Class C
 
513,228
18,553,192
MDU Resources Group, Inc.(c)
 
1,037,516
21,279,453
 
 
47,445,180
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-100.09%
(Cost $2,001,648,045)
2,222,331,038
 
Shares
Value
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-16.01%
Invesco Private Government Fund,
3.65%(e)(f)(g)
 
98,529,812
$98,529,812
Invesco Private Prime Fund, 3.80%(e)(f)(g)
 
256,708,217
256,785,229
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $355,315,041)
355,315,041
TOTAL INVESTMENTS IN SECURITIES-116.10%
(Cost $2,356,963,086)
2,577,646,079
OTHER ASSETS LESS LIABILITIES-(16.10)%
(357,365,396
)
NET ASSETS-100.00%
$2,220,280,683
Investment Abbreviations:
REIT
-Real Estate Investment Trust
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
Non-income producing security.
(c)
All or a portion of this security was out on loan at January 31, 2026.
(d)
Restricted security. 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 nine months ended January 31, 2026.
 
Value
April 30, 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
$1,367,282
$20,134,736
$(21,502,018
)
$-
$-
$-
$35,378
Investments
Purchased with Cash
Collateral from
Securities on Loan:
Invesco Private
Government Fund
66,856,725
439,056,128
(407,383,041
)
-
-
98,529,812
2,173,582
*
Invesco Private Prime
Fund
173,410,521
1,071,997,552
(988,640,666
)
11,301
6,521
256,785,229
5,846,540
*
Total
$241,634,528
$1,531,188,416
$(1,417,525,725
)
$11,301
$6,521
$355,315,041
$8,055,500
*
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(a)
Invesco S&P SmallCap Value with Momentum ETF (XSVM)
January 31, 2026
(Unaudited)
 
Shares
Value
Common Stocks & Other Equity Interests-99.95%
Communication Services-3.45%
Scholastic Corp.
 
190,942
$6,677,242
Shenandoah Telecommunications Co.(b)
 
367,907
4,367,056
TEGNA, Inc.
 
249,802
4,786,206
Telephone and Data Systems, Inc.(b)
 
91,467
4,127,906
 
 
19,958,410
Consumer Discretionary-18.40%
Academy Sports & Outdoors, Inc.(b)
 
89,717
4,935,332
Adient PLC(c)
 
340,369
7,079,675
American Axle & Manufacturing Holdings,
Inc.(b)(c)
 
1,279,831
10,200,253
Asbury Automotive Group, Inc.(b)(c)
 
31,415
7,367,132
Dana, Inc.
 
211,502
6,112,408
Ethan Allen Interiors, Inc.
 
170,573
3,911,239
G-III Apparel Group Ltd.
 
244,080
7,163,748
Green Brick Partners, Inc.(b)(c)
 
56,109
3,893,403
Group 1 Automotive, Inc.(b)
 
16,620
5,887,801
Kohl’s Corp.(b)
 
403,851
7,055,277
LCI Industries(b)
 
30,567
4,483,873
MarineMax, Inc.(b)(c)
 
334,906
9,052,509
Matthews International Corp., Class A
 
130,203
3,423,037
Phinia, Inc.(b)
 
75,282
5,357,820
Sally Beauty Holdings, Inc.(b)(c)
 
328,134
4,994,199
Signet Jewelers Ltd.(b)
 
36,615
3,378,466
Sonic Automotive, Inc., Class A(b)
 
105,561
6,329,438
Standard Motor Products, Inc.
 
142,834
5,703,362
 
 
106,328,972
Consumer Staples-7.06%
Andersons, Inc. (The)
 
141,561
8,775,366
Cal-Maine Foods, Inc.
 
52,375
4,374,884
Fresh Del Monte Produce, Inc.(b)
 
172,939
6,858,761
Grocery Outlet Holding Corp.(b)(c)
 
665,804
6,345,112
United Natural Foods, Inc.(b)(c)
 
205,780
7,661,190
Universal Corp.(b)
 
119,280
6,750,055
 
 
40,765,368
Energy-8.34%
Bristow Group, Inc.(b)(c)
 
149,319
6,564,063
CVR Energy, Inc.(b)(c)
 
114,036
2,593,179
Dorian LPG Ltd.
 
172,706
5,100,008
Innovex International, Inc.(b)(c)
 
145,266
3,609,860
International Seaways, Inc.(b)
 
69,270
4,131,955
Liberty Energy, Inc., Class A(b)
 
209,694
5,168,957
Noble Corp. PLC(b)
 
124,659
4,440,354
Par Pacific Holdings, Inc.(c)
 
140,790
5,313,415
Peabody Energy Corp.
 
151,675
5,348,060
World Kinect Corp.(b)
 
220,588
5,936,023
 
 
48,205,874
Financials-41.79%
Adamas Trust, Inc.(b)
 
577,406
4,619,248
Ameris Bancorp
 
43,427
3,501,085
Apollo Commercial Real Estate Finance,
Inc.(b)
 
478,621
5,173,893
ARMOUR Residential REIT, Inc.(b)
 
217,895
3,791,373
Assured Guaranty Ltd.(b)
 
55,185
4,682,447
Atlantic Union Bankshares Corp., Class B(b)
 
106,244
4,126,517
Banc of California, Inc.
 
198,795
3,971,924
BankUnited, Inc.
 
85,716
4,068,938
Banner Corp.
 
57,367
3,547,575
Beacon Financial Corp.
 
130,435
3,697,832
Blackstone Mortgage Trust, Inc., Class A(b)
 
177,107
3,409,310
 
Shares
Value
Financials-(continued)
Bread Financial Holdings, Inc.(b)
 
70,434
$5,109,282
Capitol Federal Financial, Inc.
 
651,946
4,746,167
Cathay General Bancorp
 
73,479
3,760,655
Central Pacific Financial Corp.(b)
 
107,074
3,487,400
Customers Bancorp, Inc.(b)(c)
 
50,876
4,020,222
CVB Financial Corp.(b)
 
171,953
3,389,194
Dime Community Bancshares, Inc., Class B
 
125,294
4,262,502
Ellington Financial, Inc.
 
302,189
3,883,129
Enact Holdings, Inc.(b)
 
105,726
4,204,723
EZCORP, Inc., Class A(b)(c)
 
214,619
4,603,578
First Commonwealth Financial Corp.
 
226,666
4,086,788
First Financial Bancorp(b)
 
172,645
4,961,817
First Hawaiian, Inc.(b)
 
143,984
3,822,776
Fulton Financial Corp.(b)
 
217,440
4,490,136
Genworth Financial, Inc., Class A(c)
 
846,442
7,059,326
Hanmi Financial Corp.
 
137,007
3,640,276
Heritage Financial Corp.
 
167,363
4,319,639
Hilltop Holdings, Inc.(b)
 
123,650
4,630,692
Horace Mann Educators Corp.
 
91,379
4,094,693
Independent Bank Corp.(b)
 
48,729
3,936,329
Jackson Financial, Inc., Class A
 
53,527
6,365,431
Lincoln National Corp.(b)
 
162,173
6,748,019
Mercury General Corp.
 
38,558
3,377,295
NMI Holdings, Inc., Class A(c)
 
102,985
3,987,579
Northwest Bancshares, Inc.
 
329,201
4,240,109
OFG Bancorp
 
91,642
3,693,173
PennyMac Mortgage Investment Trust(b)
 
372,873
4,411,088
Preferred Bank
 
34,617
2,969,100
Provident Financial Services, Inc.
 
220,656
4,885,324
Radian Group, Inc.
 
117,802
3,875,686
Renasant Corp.
 
111,446
4,202,629
S&T Bancorp, Inc.(b)
 
95,971
4,092,203
Seacoast Banking Corp. of Florida(b)
 
103,437
3,458,933
SiriusPoint Ltd. (Sweden)(c)
 
196,548
4,011,545
Southside Bancshares, Inc.(b)
 
122,439
3,941,311
Stellar Bancorp, Inc.
 
120,814
4,487,032
Stewart Information Services Corp.
 
53,487
3,606,628
StoneX Group, Inc.(c)
 
71,638
8,042,082
Tompkins Financial Corp.
 
48,392
3,877,167
TrustCo Bank Corp.(b)
 
80,680
3,501,512
Trustmark Corp.(b)
 
97,671
4,152,971
United Community Banks, Inc.
 
122,496
4,217,537
United Fire Group, Inc.
 
153,218
5,506,655
Virtu Financial, Inc., Class A
 
105,359
4,373,452
WSFS Financial Corp.
 
67,644
4,378,596
 
 
241,502,523
Health Care-1.13%
AdaptHealth Corp.(b)(c)
 
648,918
6,521,626
Industrials-8.33%
Air Lease Corp., Class A(b)
 
79,738
5,153,467
Alamo Group, Inc.(b)
 
20,133
3,932,176
Astec Industries, Inc.
 
85,218
4,151,821
CoreCivic, Inc.(b)(c)
 
215,468
3,992,622
Deluxe Corp.(b)
 
249,128
6,576,979
DNOW, Inc.(b)(c)
 
334,058
5,074,341
GEO Group, Inc. (The)(b)(c)
 
264,900
4,233,102
Insteel Industries, Inc.
 
116,203
3,850,968
SkyWest, Inc.(c)
 
38,141
3,681,369
Titan International, Inc.(b)(c)
 
785,338
7,492,125
 
 
48,138,970
See accompanying notes which are an integral part of this schedule.

Invesco S&P SmallCap Value with Momentum ETF (XSVM)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
Information Technology-6.77%
Alpha & Omega Semiconductor Ltd.(b)(c)
 
161,499
$3,569,128
Benchmark Electronics, Inc.
 
82,137
4,282,623
Corsair Gaming, Inc.(b)(c)
 
626,730
3,196,323
MARA Holdings, Inc.(b)(c)
 
409,793
3,893,034
NetScout Systems, Inc.(c)
 
121,419
3,376,662
PC Connection, Inc.
 
73,426
4,318,183
Photronics, Inc.(c)
 
106,317
3,675,379
ScanSource, Inc.(c)
 
163,682
7,036,689
Vishay Intertechnology, Inc.(b)
 
286,630
5,775,594
 
 
39,123,615
Materials-2.53%
Kaiser Aluminum Corp.
 
40,880
5,012,705
Metallus, Inc.(b)(c)
 
247,723
4,942,074
O-I Glass, Inc.(b)(c)
 
305,624
4,669,935
 
 
14,624,714
Real Estate-0.90%
Cushman & Wakefield Ltd.(b)(c)
 
317,682
5,222,692
Utilities-1.25%
Avista Corp.
 
92,829
3,832,910
Northwest Natural Holding Co.
 
72,329
3,367,638
 
 
7,200,548
Total Common Stocks & Other Equity Interests
(Cost $506,028,505)
577,593,312
 
Shares
Value
Money Market Funds-0.05%
Invesco Government & Agency Portfolio,
Institutional Class, 3.61%(d)(e)
(Cost $284,147)
 
284,147
$284,147
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-100.00%
(Cost $506,312,652)
577,877,459
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-18.75%
Invesco Private Government Fund,
3.65%(d)(e)(f)
 
29,899,232
29,899,232
Invesco Private Prime Fund, 3.80%(d)(e)(f)
 
78,458,815
78,482,353
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $108,381,585)
108,381,585
TOTAL INVESTMENTS IN SECURITIES-118.75%
(Cost $614,694,237)
686,259,044
OTHER ASSETS LESS LIABILITIES-(18.75)%
(108,342,695
)
NET ASSETS-100.00%
$577,916,349
Investment Abbreviations:
REIT
-Real Estate Investment Trust
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
All or a portion of this security was out on loan at January 31, 2026.
(c)
Non-income producing security.
(d)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the nine months ended January 31, 2026.
 
Value
April 30, 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
$541,147
$23,042,588
$(23,299,588
)
$-
$-
$284,147
$13,719
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
20,800,227
116,646,034
(107,547,029
)
-
-
29,899,232
518,590
*
Invesco Private Prime Fund
54,108,381
271,496,984
(247,126,656
)
3,013
631
78,482,353
1,396,030
*
Total
$75,449,755
$411,185,606
$(377,973,273
)
$3,013
$631
$108,665,732
$1,928,339
*
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(a)
Invesco Zacks Mid-Cap ETF (CZA)
January 31, 2026
(Unaudited)
 
Shares
Value
Common Stocks & Other Equity Interests-99.99%
Consumer Discretionary-7.27%
Aptiv PLC(b)
 
22,057
$1,670,818
Boyd Gaming Corp.
 
7,793
658,820
Bright Horizons Family Solutions, Inc.(b)
 
5,899
546,424
Deckers Outdoor Corp.(b)
 
14,921
1,780,672
PulteGroup, Inc.
 
20,997
2,626,515
Stellantis N.V.(c)
 
331,283
3,269,763
Texas Roadhouse, Inc.
 
6,673
1,200,206
Yum China Holdings, Inc. (China)
 
35,847
1,771,559
 
 
13,524,777
Consumer Staples-3.26%
Archer-Daniels-Midland Co.
 
50,706
3,413,021
Ingredion, Inc.
 
6,529
771,075
Lamb Weston Holdings, Inc.
 
19,953
916,441
Smithfield Foods, Inc.
 
40,220
961,258
 
 
6,061,795
Financials-23.74%
Annaly Capital Management, Inc.
 
66,989
1,541,417
Arch Capital Group Ltd.(b)
 
36,749
3,529,374
AXIS Capital Holdings Ltd.
 
7,638
788,089
Cincinnati Financial Corp.
 
16,055
2,583,089
Corebridge Financial, Inc.
 
55,558
1,712,853
Corpay, Inc.(b)
 
7,146
2,248,346
Credicorp Ltd. (Peru)
 
7,816
2,788,983
Essent Group Ltd.
 
9,719
611,519
F.N.B. Corp.
 
42,430
744,647
First Horizon Corp.
 
48,386
1,184,973
Hartford Insurance Group, Inc. (The)
 
28,282
3,819,767
Invesco Ltd.(d)
 
43,634
1,190,772
Northern Trust Corp.
 
19,124
2,857,699
Popular, Inc.
 
6,583
879,028
Principal Financial Group, Inc.
 
22,926
2,171,551
Prosperity Bancshares, Inc.(c)
 
9,871
681,198
Regions Financial Corp.
 
87,720
2,500,020
RenaissanceRe Holdings Ltd. (Bermuda)
 
4,516
1,272,157
State Street Corp.
 
27,636
3,616,447
Tradeweb Markets, Inc., Class A
 
23,201
2,391,327
Unum Group
 
16,611
1,261,938
Voya Financial, Inc.
 
9,647
739,539
Willis Towers Watson PLC
 
9,607
3,049,934
 
 
44,164,667
Health Care-8.11%
Centene Corp.(b)
 
49,814
2,157,943
Encompass Health Corp.
 
10,219
966,002
GE HealthCare Technologies, Inc.
 
46,700
3,687,899
Globus Medical, Inc., Class A(b)
 
13,290
1,205,137
ICON PLC(b)(c)
 
8,265
1,489,766
IQVIA Holdings, Inc.(b)
 
17,034
3,920,375
Tenet Healthcare Corp.(b)
 
8,774
1,660,743
 
 
15,087,865
Industrials-22.25%
Acuity, Inc.
 
3,014
932,049
AerCap Holdings N.V. (Ireland)
 
18,567
2,667,335
Applied Industrial Technologies, Inc.
 
3,756
978,100
Armstrong World Industries, Inc.
 
4,208
773,178
Crane Co.
 
5,971
1,090,544
Donaldson Co., Inc.
 
11,863
1,209,314
Flowserve Corp.
 
13,046
1,019,545
Fortive Corp.
 
32,040
1,692,032
Graco, Inc.
 
17,039
1,488,016
 
Shares
Value
Industrials-(continued)
Kirby Corp.(b)
 
5,477
$644,424
Leidos Holdings, Inc.
 
12,983
2,444,439
Leonardo DRS, Inc.
 
26,528
1,089,240
Lincoln Electric Holdings, Inc.
 
5,534
1,468,447
Nextpower, Inc., Class A(b)
 
14,388
1,684,691
Otis Worldwide Corp.
 
39,985
3,415,519
Paylocity Holding Corp.(b)
 
5,334
719,983
Pentair PLC
 
16,509
1,739,553
SPX Technologies, Inc.(b)
 
5,293
1,103,114
Textron, Inc.
 
17,434
1,535,238
TFI International, Inc. (Canada)
 
8,183
880,082
Veralto Corp.
 
24,838
2,458,465
Verisk Analytics, Inc.
 
14,011
3,046,832
Wabtec Corp.
 
17,040
3,921,586
Xylem, Inc.
 
24,614
3,393,532
 
 
41,395,258
Information Technology-7.30%
Flex Ltd.(b)
 
40,188
2,533,452
Keysight Technologies, Inc.(b)
 
17,565
3,799,836
Littelfuse, Inc.
 
2,513
813,609
Ralliant Corp.
 
11,292
598,137
TD SYNNEX Corp.
 
8,016
1,271,899
Teledyne Technologies, Inc.(b)
 
4,737
2,938,361
Trimble, Inc.(b)
 
24,140
1,631,864
 
 
13,587,158
Materials-12.89%
AptarGroup, Inc.
 
6,610
825,920
Avery Dennison Corp.
 
7,895
1,464,601
Ball Corp.
 
26,643
1,515,187
Eastman Chemical Co.
 
11,656
807,994
International Flavors & Fragrances, Inc.
 
24,722
1,725,843
Nucor Corp.
 
22,624
4,020,737
Nutrien Ltd. (Canada)(c)
 
48,351
3,330,900
Packaging Corp. of America
 
8,939
1,989,374
PPG Industries, Inc.
 
22,645
2,618,441
Reliance, Inc.
 
5,221
1,720,320
RPM International, Inc.
 
13,077
1,398,716
Steel Dynamics, Inc.
 
14,271
2,562,644
 
 
23,980,677
Real Estate-7.95%
American Homes 4 Rent, Class A
 
37,099
1,161,941
CubeSmart
 
23,564
884,357
Equity Residential
 
37,400
2,330,768
Federal Realty Investment Trust
 
8,633
873,314
FirstService Corp. (Canada)
 
4,529
703,172
Healthpeak Properties, Inc.
 
72,944
1,257,555
Invitation Homes, Inc.
 
60,974
1,629,835
Mid-America Apartment Communities, Inc.
 
11,444
1,536,929
NNN REIT, Inc.
 
19,730
822,149
SBA Communications Corp., Class A
 
10,844
1,996,489
Sun Communities, Inc.
 
12,514
1,594,659
 
 
14,791,168
Utilities-7.22%
DTE Energy Co.
 
21,040
2,827,355
Edison International
 
38,779
2,415,156
Eversource Energy
 
38,720
2,676,714
See accompanying notes which are an integral part of this schedule.

Invesco Zacks Mid-Cap ETF (CZA)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
Utilities-(continued)
NiSource, Inc.
 
48,562
$2,150,811
PG&E Corp.
 
217,284
3,350,519
 
 
13,420,555
Total Common Stocks & Other Equity Interests
(Cost $171,470,126)
186,013,920
Money Market Funds-0.07%
Invesco Government & Agency Portfolio,
Institutional Class, 3.61%(d)(e)
(Cost $129,645)
 
129,645
129,645
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-100.06%
(Cost $171,599,771)
186,143,565
 
Shares
Value
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-2.04%
Invesco Private Government Fund,
3.65%(d)(e)(f)
 
1,054,963
$1,054,963
Invesco Private Prime Fund, 3.80%(d)(e)(f)
 
2,737,802
2,738,623
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $3,793,586)
3,793,586
TOTAL INVESTMENTS IN SECURITIES-102.10%
(Cost $175,393,357)
189,937,151
OTHER ASSETS LESS LIABILITIES-(2.10)%
(3,905,698
)
NET ASSETS-100.00%
$186,031,453
Investment Abbreviations:
REIT
-Real Estate Investment Trust
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
Non-income producing security.
(c)
All or a portion of this security was out on loan at January 31, 2026.
(d)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the nine months ended January 31, 2026.
 
Value
April 30, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
Value
January 31, 2026
Dividend Income
Invesco Ltd.
$697,949
$1,287,504
$(1,099,344
)
$284,709
$19,954
$1,190,772
$19,771
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
271,525
4,942,138
(5,084,018
)
-
-
129,645
6,457
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
2,187,176
35,877,498
(37,009,711
)
-
-
1,054,963
56,370
*
Invesco Private Prime
Fund
5,676,467
77,241,014
(80,179,851
)
110
883
2,738,623
152,694
*
Total
$8,833,117
$119,348,154
$(123,372,924
)
$284,819
$20,837
$5,114,003
$235,292
*
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(a)
Invesco Zacks Multi-Asset Income ETF (CVY)
January 31, 2026
(Unaudited)
 
Shares
Value
Common Stocks & Other Equity Interests-80.93%
Communication Services-1.24%
Tencent Music Entertainment Group, ADR
(China)
 
20,090
$337,110
TIM S.A., ADR (Brazil)(b)
 
48,086
1,120,404
 
 
1,457,514
Consumer Discretionary-10.63%
ADT, Inc.
 
92,434
739,472
Build-A-Bear Workshop, Inc.(b)
 
22,992
1,372,163
Carter’s, Inc.(b)
 
36,550
1,264,995
Century Communities, Inc.(b)
 
18,224
1,147,747
Gap, Inc. (The)
 
14,733
412,229
Gentex Corp.
 
32,734
753,209
Harley-Davidson, Inc.(b)
 
45,582
902,524
Lear Corp.(b)
 
6,954
814,244
Leggett & Platt, Inc.
 
117,377
1,369,790
Lennar Corp., Class A
 
2,955
323,129
Meritage Homes Corp.
 
10,407
723,391
Perdoceo Education Corp.(b)
 
39,911
1,278,349
Phinia, Inc.
 
20,364
1,449,306
 
 
12,550,548
Consumer Staples-0.30%
Kroger Co. (The)
 
5,651
355,165
Energy-11.91%
Alliance Resource Partners L.P.
 
46,120
1,098,578
APA Corp.
 
14,885
393,113
Black Stone Minerals L.P.
 
73,563
1,086,525
Crescent Energy Co., Class A(b)
 
119,428
1,166,811
Devon Energy Corp.
 
10,113
406,644
Energy Transfer L.P.
 
55,364
1,021,466
Enterprise Products Partners L.P.
 
24,611
816,839
Genesis Energy L.P.
 
32,976
547,731
Global Partners L.P.
 
19,689
929,714
Halliburton Co.
 
14,205
476,152
Matador Resources Co.
 
17,650
798,486
MPLX L.P.
 
17,820
996,138
Ovintiv, Inc.
 
9,180
399,055
Plains All American Pipeline L.P.
 
60,983
1,173,313
SM Energy Co.(b)
 
39,572
770,467
Sunoco L.P.
 
14,286
822,588
Western Midstream Partners L.P.
 
27,906
1,156,983
 
 
14,060,603
Financials-27.76%
Allstate Corp. (The)
 
1,717
341,666
American International Group, Inc.
 
4,855
363,542
AXIS Capital Holdings Ltd.
 
7,325
755,794
Banco Bilbao Vizcaya Argentaria S.A., ADR
(Spain)
 
53,002
1,347,311
Banco Bradesco S.A., ADR (Brazil)(b)
 
85,825
347,591
Banco Santander S.A., ADR (Spain)
 
73,127
932,369
BOK Financial Corp.(b)
 
9,987
1,297,711
CNO Financial Group, Inc.
 
26,793
1,126,646
Commerce Bancshares, Inc.(b)
 
14,321
753,857
Corebridge Financial, Inc.
 
12,790
394,316
East West Bancorp, Inc.
 
6,994
800,393
Ellington Financial, Inc.
 
18,441
236,967
Equitable Holdings, Inc.
 
8,009
371,618
Essent Group Ltd.
 
17,506
1,101,478
Grupo Cibest S.A., ADR (Colombia)
 
18,066
1,475,089
Hanover Insurance Group, Inc. (The)
 
5,938
1,034,043
ING Groep N.V., ADR (Netherlands)
 
43,934
1,291,220
 
Shares
Value
Financials-(continued)
Itau Unibanco Holding S.A., ADR (Brazil)(b)
 
23,340
$200,491
Jackson Financial, Inc., Class A
 
7,709
916,754
JPMorgan Chase & Co.
 
1,224
374,409
Kemper Corp.
 
27,928
1,100,642
Lincoln National Corp.(b)
 
18,079
752,267
Lloyds Banking Group PLC, ADR (United
Kingdom)(b)
 
236,207
1,410,156
Marex Group PLC (United Kingdom)
 
33,660
1,328,897
MetLife, Inc.
 
4,850
382,568
MGIC Investment Corp.
 
25,889
696,932
Old National Bancorp
 
34,304
838,047
Popular, Inc.
 
6,462
862,871
Radian Group, Inc.
 
31,220
1,027,138
Reinsurance Group of America, Inc.
 
3,895
789,711
Selective Insurance Group, Inc.
 
14,014
1,178,297
ServisFirst Bancshares, Inc.
 
15,637
1,279,888
SLM Corp.
 
25,816
700,904
SouthState Bank Corp.
 
8,347
854,149
Synchrony Financial
 
4,893
355,379
Unum Group
 
4,820
366,175
Virtu Financial, Inc., Class A
 
32,251
1,338,739
Voya Financial, Inc.
 
10,420
798,797
Webster Financial Corp.
 
12,587
827,847
Western Alliance Bancorporation
 
4,605
410,536
 
 
32,763,205
Health Care-2.55%
Cigna Group (The)
 
1,343
368,130
CONMED Corp.
 
25,265
969,923
Elevance Health, Inc.
 
1,106
382,389
Royalty Pharma PLC, Class A
 
9,174
382,372
Viatris, Inc.
 
68,998
903,184
 
 
3,005,998
Industrials-7.47%
Concentrix Corp.
 
30,946
1,155,833
Fortune Brands Innovations, Inc.(b)
 
15,471
836,981
Icahn Enterprises L.P.
 
142,814
1,111,093
LATAM Airlines Group S.A., ADR (Chile)(b)
 
12,101
796,367
Owens Corning
 
3,471
415,965
Pitney Bowes, Inc.(b)
 
112,547
1,173,865
Ryder System, Inc.
 
4,291
820,782
Timken Co. (The)
 
13,692
1,275,958
WillScot Holdings Corp.(b)
 
61,631
1,234,469
 
 
8,821,313
Information Technology-2.25%
CDW Corp.
 
2,560
323,558
Dell Technologies, Inc., Class C
 
2,856
326,841
Gen Digital, Inc.
 
27,889
669,057
Silicon Motion Technology Corp., ADR
(Taiwan)
 
11,186
1,330,351
 
 
2,649,807
Materials-6.22%
ArcelorMittal S.A., New York Shares
(Luxembourg)(b)
 
11,668
629,722
B2Gold Corp. (Canada)
 
87,447
428,490
Ball Corp.
 
7,468
424,705
Cabot Corp.
 
17,699
1,277,691
CEMEX S.A.B. de C.V., ADR (Mexico)
 
34,689
432,919
CF Industries Holdings, Inc.
 
4,678
436,130
Compania de Minas Buenaventura S.A.A.,
ADR (Peru)
 
20,479
701,611
See accompanying notes which are an integral part of this schedule.

Invesco Zacks Multi-Asset Income ETF (CVY)—(continued)
January 31, 2026
(Unaudited)
 
Shares
Value
Materials-(continued)
Graphic Packaging Holding Co.(b)
 
46,217
$677,079
Methanex Corp. (Canada)
 
31,672
1,511,388
Silgan Holdings, Inc.
 
18,948
817,606
 
 
7,337,341
Real Estate-9.03%
Broadstone Net Lease, Inc.
 
22,455
415,642
CareTrust REIT, Inc.(b)
 
26,359
984,245
First Industrial Realty Trust, Inc.
 
13,287
771,045
Healthcare Realty Trust, Inc.
 
56,116
942,188
Kilroy Realty Corp.
 
20,203
696,599
LXP Industrial Trust
 
9,831
487,126
Macerich Co. (The)(b)
 
29,841
564,890
NETSTREIT Corp.(b)
 
16,823
316,945
Omega Healthcare Investors, Inc.
 
22,269
977,164
Outfront Media, Inc.
 
16,924
411,592
Prologis, Inc.
 
8,651
1,129,475
Rexford Industrial Realty, Inc.
 
26,800
1,086,204
STAG Industrial, Inc.(b)
 
19,877
745,586
W.P. Carey, Inc.
 
16,279
1,135,460
 
 
10,664,161
Utilities-1.57%
AXIA Energia, ADR (Brazil)(b)
 
95,793
988,584
Suburban Propane Partners L.P.
 
43,104
869,407
 
 
1,857,991
Total Common Stocks & Other Equity Interests
(Cost $81,421,516)
95,523,646
Preferred Stocks-9.59%
Financials-8.32%
Apollo Global Management, Inc., Conv. Pfd.,
6.75%
 
17,544
1,217,027
Ares Management Corp., Series B, Conv.
Pfd., 6.75%
 
25,007
1,196,085
Bank of America Corp., Series L, Conv. Pfd.,
7.25%
 
963
1,199,898
Bank of America Corp., Series QQ, Pfd.,
4.25%
 
36,281
641,085
JPMorgan Chase & Co., Series JJ, Pfd.,
4.55%
 
30,244
591,875
JPMorgan Chase & Co., Series LL, Pfd.,
4.63%
 
46,701
929,350
JPMorgan Chase & Co., Series MM, Pfd.,
4.20%
 
39,253
729,321
KKR & Co., Inc., Series D, Conv. Pfd., 6.25%
 
24,987
1,222,864
Morgan Stanley, Series O, Pfd., 4.25%(b)
 
25,176
449,392
Wells Fargo & Co., Class A, Series L, Conv.
Pfd., 7.50%
 
969
1,195,707
Wells Fargo & Co., Series CC, Pfd., 4.38%
 
24,719
452,110
 
 
9,824,714
Industrials-1.27%
Boeing Co. (The), Conv. Pfd., 6.00%
 
20,039
1,497,314
Total Preferred Stocks
(Cost $11,489,685)
11,322,028
 
Closed-End Funds-9.29%
abrdn Income Credit Strategies Fund(b)
 
115,132
644,739
 
Shares
Value
 
Allspring Income Opportunities Fund
 
30,646
$209,925
Barings Global Short Duration High Yield
Fund
 
20,412
308,221
Blackstone Strategic Credit 2027 Term
Fund(b)
 
27,163
319,980
DoubleLine Yield Opportunities Fund(b)
 
43,854
649,478
Eagle Point Credit Co., Inc.(b)
 
202,244
1,096,162
Flaherty & Crumrine Preferred & Income
Securities Fund, Inc.
 
21,367
356,829
FS Credit Opportunities Corp.(b)
 
192,229
1,166,830
Morgan Stanley Emerging Markets Domestic
Debt Fund, Inc.(b)
 
60,307
352,796
Nuveen Credit Strategies Income Fund(b)
 
148,853
768,081
Nuveen Floating Rate Income Fund(b)
 
132,827
1,045,349
Nuveen Preferred & Income Opportunities
Fund(b)
 
150,985
1,232,038
Nuveen Taxable Municipal Income Fund
 
11,591
185,224
PGIM High Yield Bond Fund, Inc.
 
15,930
232,578
Tortoise Energy Infrastructure Corp.
 
12,752
568,102
Western Asset Diversified Income Fund(b)
 
34,588
480,773
Western Asset Emerging Markets Debt Fund,
Inc.
 
35,881
390,385
Western Asset High Income Fund II, Inc.
 
62,654
265,653
Western Asset High Income Opportunity
Fund, Inc.
 
84,263
317,672
Western Asset Inflation-Linked Opportunities
& Income Fund
 
43,675
376,042
Total Closed-End Funds
(Cost $11,044,529)
10,966,857
Money Market Funds-0.12%
Invesco Government & Agency Portfolio,
Institutional Class, 3.61%(c)(d)
(Cost $141,305)
 
141,305
141,305
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.93%
(Cost $104,097,035)
117,953,836
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-15.42%
Invesco Private Government Fund,
3.65%(c)(d)(e)
 
5,060,728
5,060,728
Invesco Private Prime Fund, 3.80%(c)(d)(e)
 
13,134,174
13,138,114
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $18,198,842)
18,198,842
TOTAL INVESTMENTS IN SECURITIES-115.35%
(Cost $122,295,877)
136,152,678
OTHER ASSETS LESS LIABILITIES-(15.35)%
(18,117,483
)
NET ASSETS-100.00%
$118,035,195
See accompanying notes which are an integral part of this schedule.

Invesco Zacks Multi-Asset Income ETF (CVY)—(continued)
January 31, 2026
(Unaudited)
Investment Abbreviations:
ADR
-American Depositary Receipt
Conv.
-Convertible
Pfd.
-Preferred
REIT
-Real Estate Investment Trust
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
All or a portion of this security was out on loan at January 31, 2026.
(c)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the nine months ended January 31, 2026.
 
Value
April 30, 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
$41,902
$5,688,640
$(5,589,237
)
$-
$-
$141,305
$5,005
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
5,331,054
51,955,494
(52,225,820
)
-
-
5,060,728
137,911
*
Invesco Private Prime Fund
13,870,132
94,309,368
(95,042,201
)
757
58
13,138,114
371,800
*
Total
$19,243,088
$151,953,502
$(152,857,258
)
$757
$58
$18,340,147
$514,716
*
Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from
borrowers, if any.
(d)
The rate shown is the 7-day SEC standardized yield as of January 31, 2026.
(e)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned.
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.

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, for each Fund (except for Invesco Large Cap Value ETF and Invesco S&P 100 Equal Weight ETF). As of January 31, 2026, all of the securities in Invesco Large Cap Value ETF and Invesco S&P 100 Equal Weight ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). 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 Large Cap Growth ETF
Investments in Securities
Common Stocks & Other Equity Interests
$1,521,385,147
$-
$-
$1,521,385,147
Money Market Funds
541,860
48,840,100
-
49,381,960
Total Investments
$1,521,927,007
$48,840,100
$-
$1,570,767,107
Invesco S&P 500 GARP ETF
Investments in Securities
Common Stocks & Other Equity Interests
$2,405,314,953
$-
$-
$2,405,314,953
Money Market Funds
1,314,667
113,864,332
-
115,178,999
Total Investments
$2,406,629,620
$113,864,332
$-
$2,520,493,952
Invesco S&P 500 Value with Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests
$108,819,107
$-
$-
$108,819,107
Money Market Funds
142,971
732,533
-
875,504
Total Investments
$108,962,078
$732,533
$-
$109,694,611
Invesco S&P MidCap Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests
$5,217,092,691
$-
$-
$5,217,092,691
Money Market Funds
4,460,318
605,126,210
-
609,586,528
Total Investments
$5,221,553,009
$605,126,210
$-
$5,826,679,219
Invesco S&P MidCap Quality ETF
Investments in Securities
Common Stocks & Other Equity Interests
$5,256,727,694
$-
$-
$5,256,727,694
Money Market Funds
1,096,777
342,268,238
-
343,365,015
Total Investments
$5,257,824,471
$342,268,238
$-
$5,600,092,709

 
Level 1
Level 2
Level 3
Total
Invesco S&P MidCap Value with Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests
$375,398,598
$-
$-
$375,398,598
Money Market Funds
458,584
18,509,707
-
18,968,291
Total Investments
$375,857,182
$18,509,707
$-
$394,366,889
Invesco S&P SmallCap Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests
$2,222,331,038
$-
$-
$2,222,331,038
Money Market Funds
-
355,315,041
-
355,315,041
Total Investments
$2,222,331,038
$355,315,041
$-
$2,577,646,079
Invesco S&P SmallCap Value with Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests
$577,593,312
$-
$-
$577,593,312
Money Market Funds
284,147
108,381,585
-
108,665,732
Total Investments
$577,877,459
$108,381,585
$-
$686,259,044
Invesco Zacks Mid-Cap ETF
Investments in Securities
Common Stocks & Other Equity Interests
$186,013,920
$-
$-
$186,013,920
Money Market Funds
129,645
3,793,586
-
3,923,231
Total Investments
$186,143,565
$3,793,586
$-
$189,937,151
Invesco Zacks Multi-Asset Income ETF
Investments in Securities
Common Stocks & Other Equity Interests
$95,523,646
$-
$-
$95,523,646
Preferred Stocks
11,322,028
-
-
11,322,028
Closed-End Funds
10,966,857
-
-
10,966,857
Money Market Funds
141,305
18,198,842
-
18,340,147
Total Investments
$117,953,836
$18,198,842
$-
$136,152,678