Schedule of Investments(a)
Invesco China Technology ETF (CQQQ)
July 31, 2026
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.89%
Broadline Retail-11.12%
PDD Holdings, Inc., ADR (China)(b)(c)
 
3,832,224
$339,381,757
Capital Markets-0.52%
Hithink RoyalFlush Information Network
Co. Ltd., A Shares (China)
 
456,706
15,887,064
Electrical Equipment-0.52%
China XD Electric Co. Ltd., A Shares
(China)
 
3,110,362
6,143,739
Qingdao TGOOD Electric Co. Ltd., A
Shares (China)
 
640,541
3,317,399
Sichuan Huafeng Technology Co. Ltd.
(China)(b)
 
279,713
5,688,584
Suzhou Anjie Technology Co. Ltd., A
Shares (China)
 
400,300
782,294
 
 
15,932,016
Electronic Equipment, Instruments & Components-12.33%
Avary Holding Shenzhen Co. Ltd., A
Shares (China)
 
1,388,765
16,749,886
Beijing Yuanliu Hongyuan Electronic
Technology Co. Ltd., A Shares (China)
 
140,279
1,023,911
BOE Technology Group Co. Ltd., A Shares
(China)
 
22,057,361
17,941,521
BOE Technology Group Co. Ltd., B Shares
(China)
 
6,006,299
3,738,668
Chaozhou Three-Circle (Group) Co. Ltd., A
Shares (China)
 
1,162,806
19,032,635
China Zhenhua (Group) Science &
Technology Co. Ltd., A Shares (China)
 
336,260
2,037,682
Everdisplay Optronics (Shanghai) Co. Ltd.,
A Shares (China)(b)
 
8,167,185
2,927,845
Founder Technology Group Corp., A
Shares (China)(b)
 
2,593,300
3,517,300
Guangzhou Shiyuan Electronic Technology
Co. Ltd., A Shares (China)
 
422,315
2,824,643
Hengdian Group DMEGC Magnetics Co.
Ltd., A Shares (China)
 
987,030
3,035,525
HGTECH Co. Ltd., A Shares (China)
 
610,011
8,578,014
IRICO Display Devices Co. Ltd. (China)
 
2,177,422
2,508,251
Kingboard Laminates Holdings Ltd.
(China)(c)
 
10,048,889
37,439,492
Lens Technology Co. Ltd., A Shares
(China)
 
3,020,118
14,071,507
Lens Technology Co. Ltd., H Shares
(China)(c)
 
2,517,030
6,597,974
Leyard Optoelectronic Co. Ltd., A Shares
(China)
 
1,645,502
1,306,884
Lingyi iTech Guangdong Co., A Shares
(China)
 
4,434,612
8,113,988
Maxscend Microelectronics Co. Ltd., A
Shares (China)(b)
 
348,984
3,500,528
Raytron Technology Co. Ltd., A Shares
(China)
 
281,853
5,893,210
Sai Micro Electronics, Inc., A Shares
(China)
 
444,400
1,840,390
Shanghai BOCHU Electronic Technology
Corp. Ltd., A Shares (China)
 
245,266
3,804,177
Shannon Semiconductor Technology Co.
Ltd. (China)
 
282,100
6,063,111
Shengyi Electronics Co. Ltd., A Shares
(China)
 
468,770
6,550,329
 
Shares
Value
Electronic Equipment, Instruments & Components-(continued)
Shengyi Technology Co. Ltd., A Shares
(China)
 
1,474,004
$23,028,388
Shennan Circuits Co. Ltd., A Shares
(China)
 
413,374
18,838,810
Shenzhen Everwin Precision Technology
Co. Ltd., A Shares (China)
 
825,972
3,371,151
Shenzhen Huaqiang Industry Co. Ltd., A
Shares (China)
 
634,599
2,045,048
Shenzhen Kaifa Technology Co. Ltd., A
Shares (China)
 
954,898
5,252,990
Shenzhen Kinwong Electronic Co. Ltd., A
Shares (China)
 
597,500
6,424,590
Sunny Optical Technology Group Co. Ltd.
(China)(c)
 
5,686,386
40,645,688
Suzhou Dongshan Precision
Manufacturing Co. Ltd., A Shares
(China)(b)
 
1,111,500
28,182,607
TCL Technology Group Corp., A Shares
(China)
 
12,621,646
8,830,259
Tianma Microelectronics Co. Ltd., A
Shares (China)(b)
 
1,491,286
1,426,849
Unisplendour Corp. Ltd., A Shares
(China)
 
1,735,386
8,939,834
Universal Scientific Industrial Shanghai Co.
Ltd., A Shares (China)
 
1,449,684
4,701,211
Victory Giant Technology (HuiZhou) Co.
Ltd. (China)
 
529,423
14,927,296
WUS Printed Circuit Kunshan Co. Ltd., A
Shares (China)
 
1,167,718
17,919,001
Xiamen Faratronic Co. Ltd., A Shares
(China)
 
136,409
2,761,298
Zhejiang Crystal-Optech Co. Ltd., A
Shares (China)
 
843,932
3,158,545
Zhejiang Dahua Technology Co. Ltd., A
Shares (China)
 
1,994,495
4,930,193
Zhuzhou Hongda Electronics Corp. Ltd., A
Shares (China)
 
250,045
1,757,097
 
 
376,238,326
Entertainment-2.45%
Hangzhou Shunwang Technology Co. Ltd.,
A Shares (China)
 
409,008
1,090,267
Kingsoft Corp. Ltd. (China)
 
8,504,723
29,181,250
Talkweb Information System Co. Ltd., A
Shares (China)(b)
 
764,588
2,931,581
Tencent Music Entertainment Group, ADR
(China)(c)
 
4,402,774
41,606,214
 
 
74,809,312
Hotels, Restaurants & Leisure-12.46%
Meituan, B Shares (China)(b)(d)
 
31,441,220
371,247,975
TravelSky Technology Ltd., H Shares
(China)
 
8,084,226
8,918,119
 
 
380,166,094
Interactive Media & Services-27.34%
Autohome, Inc., ADR (China)(c)
 
518,022
12,028,471
Baidu, Inc., A Shares (China)(b)
 
18,486,231
256,108,543
Bilibili, Inc., Z Shares (China)(b)(c)
 
2,512,736
47,836,323
JOYY, Inc., ADR (China)
 
223,635
16,452,827
Kuaishou Technology (China)(d)
 
26,885,393
149,743,866
Kunlun Tech Co. Ltd., A Shares (China)(b)
 
761,800
4,860,067
Meitu, Inc. (China)(b)(c)(d)
 
28,640,473
17,307,657
See accompanying notes which are an integral part of this schedule.

Invesco China Technology ETF (CQQQ)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
Interactive Media & Services-(continued)
Tencent Holdings Ltd. (China)
 
5,283,307
$322,858,767
Visual China Group Co. Ltd., A Shares
(China)
 
425,282
1,130,603
Weibo Corp., A Shares (China)
 
733,840
5,943,442
 
 
834,270,566
IT Services-1.75%
Beijing Sinnet Technology Co. Ltd., A
Shares (China)
 
1,090,803
2,178,398
China TransInfo Technology Co. Ltd., A
Shares (China)
 
959,001
1,127,310
CSG Digital Power Grid Research Institute
Co. Ltd. (China)
 
509,300
1,819,150
DHC Software Co. Ltd., A Shares (China)
 
1,945,055
2,083,964
Digital China Information Service Group
Co. Ltd., A Shares (China)
 
592,149
977,075
GDS Holdings Ltd., A Shares (China)(b)(c)
 
6,793,036
27,644,692
iSoftStone Information Technology
(Group) Co. Ltd., A Shares (China)
 
628,247
3,568,942
Range Intelligent Computing Technology
Group Co. Ltd. (China)
 
991,900
9,278,127
Taiji Computer Corp. Ltd., A Shares
(China)(b)
 
378,111
824,594
Wangsu Science & Technology Co. Ltd., A
Shares (China)
 
1,492,366
3,104,604
Wonders Information Co. Ltd., A Shares
(China)(b)
 
874,306
651,599
 
 
53,258,455
Machinery-0.36%
Guangdong Dtech Technology Co. Ltd., A
Shares (China)
 
135,100
6,994,005
Shenzhen Han’s CNC Technology Co. Ltd.,
A Shares (China)
 
115,947
3,995,926
 
 
10,989,931
Media-0.38%
China Literature Ltd. (China)(b)(c)(d)
 
3,507,013
9,057,872
NanJi E-Commerce Co. Ltd., A Shares
(China)
 
1,489,687
683,845
People.cn Co. Ltd., A Shares (China)
 
671,071
1,674,031
 
 
11,415,748
Semiconductors & Semiconductor Equipment-21.63%
3Peak, Inc., A Shares (China)
 
83,877
2,761,172
ACM Research (Shanghai), Inc., A Shares
(China)
 
202,823
8,135,187
Advanced Micro-Fabrication Equipment,
Inc., A Shares (China)
 
566,625
28,804,675
All Winner Technology Co. Ltd., A Shares
(China)
 
601,005
2,975,273
Amlogic Shanghai Co. Ltd., A Shares
(China)
 
255,471
3,682,275
ASR Microelectronics Co. Ltd., A Shares
(China)(b)
 
253,590
3,509,356
Beijing YanDong MicroElectronic Co. Ltd.
(China)(b)
 
518,331
3,821,444
Bestechnic (Shanghai) Co. Ltd. (China)
 
142,938
2,616,044
Biwin Storage Technology Co. Ltd.
(China)
 
285,690
9,516,084
Cambricon Technologies Corp. Ltd.
(China)
 
381,190
62,306,046
China Resources Microelectronics Ltd., A
Shares (China)
 
805,909
6,466,090
 
Shares
Value
Semiconductors & Semiconductor Equipment-(continued)
Dosilicon Co. Ltd., A Shares (China)(b)
 
268,400
$4,042,984
GalaxyCore, Inc., A Shares (China)(b)
 
1,390,428
3,065,314
GigaDevice Semiconductor, Inc., A Shares
(China)
 
405,172
22,621,216
GigaDevice Semiconductor, Inc., H Shares
(China)(c)
 
163,500
9,457,802
Goke Microelectronics Co. Ltd., A Shares
(China)(b)
 
131,772
2,521,446
Guobo Electronics Co. Ltd., A Shares
(China)
 
260,690
2,790,213
Hangzhou Chang Chuan Technology Co.
Ltd., A Shares (China)
 
385,048
14,771,441
Hangzhou Lion Microelectronics Co. Ltd.,
A Shares (China)
 
407,408
2,228,914
Hangzhou Silan Microelectronics Co. Ltd.,
A Shares (China)
 
1,009,706
4,212,736
Henan Shijia Photons Technology Co. Ltd.
(China)
 
274,200
3,654,678
Hoyuan Green Energy Co. Ltd., A Shares
(China)
 
414,655
986,855
Hua Hong Semiconductor Ltd.
(China)(b)(c)(d)
 
6,197,625
101,013,428
Hua Hong Semiconductor Ltd., A Shares
(China)(b)
 
247,425
8,689,407
Hwatsing Technology Co. Ltd., A Shares
(China)
 
300,415
11,421,202
Hygon Information Technology Co. Ltd., A
Shares (China)
 
1,410,356
57,819,088
Ingenic Semiconductor Co. Ltd., A Shares
(China)
 
292,970
5,480,778
InnoScience (Suzhou) Technology Holding
Co. Ltd. (China)(b)(c)
 
2,589,188
12,877,185
JCET Group Co. Ltd., A Shares (China)
 
1,085,827
10,531,220
Jiangsu Pacific Quartz Co. Ltd., A Shares
(China)
 
328,681
2,040,031
Loongson Technology Corp. Ltd., A
Shares (China)(b)
 
243,312
3,829,488
Montage Technology Co. Ltd., A Shares
(China)
 
695,484
21,062,793
National Silicon Industry Group Co. Ltd., A
Shares (China)(b)
 
2,005,753
6,963,199
NAURA Technology Group Co. Ltd., A
Shares (China)
 
439,908
44,652,852
Nexchip Semiconductor Corp., A Shares
(China)(b)
 
1,218,177
6,688,627
OmniVision Integrated Circuits Group,
Inc., A Shares (China)
 
734,529
9,627,455
Piotech, Inc., A Shares (China)
 
171,702
16,875,636
Rockchip Electronics Co. Ltd., A Shares
(China)
 
255,463
7,111,765
Sanan Optoelectronics Co. Ltd., A Shares
(China)(b)
 
3,027,313
5,486,276
SG Micro Corp., A Shares (China)
 
376,534
5,325,908
Shanghai Awinic Technology Co. Ltd., A
Shares (China)
 
141,151
1,120,908
Shanghai Biren Technology Co. Ltd., H
Shares (China)(b)
 
1,557,800
6,156,187
Shanghai Fudan Microelectronics Group
Co. Ltd., A Shares (China)
 
327,282
2,357,275
Shanghai Fudan Microelectronics Group
Co. Ltd., H Shares (China)
 
2,464,611
7,512,472
See accompanying notes which are an integral part of this schedule.

Invesco China Technology ETF (CQQQ)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
Semiconductors & Semiconductor Equipment-(continued)
Shanghai Iluvatar CoreX Semiconductor
Co. Ltd., H Shares (China)(b)(c)
 
125,600
$6,738,706
Shenzhen Goodix Technology Co. Ltd., A
Shares (China)
 
282,591
2,191,238
Shenzhen Techwinsemi Technology Co.
Ltd., A Shares (China)
 
137,600
7,871,971
SICC Co. Ltd., A Shares (China)(b)
 
260,732
3,335,441
Skyverse Technology Co. Ltd., A Shares
(China)(b)
 
212,481
10,882,321
Smartsens Technology (Shanghai) Co.
Ltd., A Shares (China)
 
244,118
3,321,483
StarPower Semiconductor Ltd., A Shares
(China)
 
145,436
1,727,907
Suzhou Centec Communications Co. Ltd.
(China)(b)
 
218,335
10,991,551
Suzhou Novosense Microelectronics Co.
Ltd., A Shares (China)(b)
 
86,406
2,381,998
Tianshui Huatian Technology Co. Ltd., A
Shares (China)
 
1,981,876
4,539,311
TongFu Microelectronics Co. Ltd., A
Shares (China)
 
920,803
7,731,727
Unigroup Guoxin Microelectronics Co.
Ltd., A Shares (China)
 
515,585
4,957,038
United Nova Technology Co. Ltd., A
Shares (China)(b)
 
5,086,400
5,853,719
Vanchip (Tianjin) Technology Co. Ltd., A
Shares (China)(b)
 
221,041
793,465
Verisilicon Microelectronics (Shanghai) Co.
Ltd. (China)(b)
 
319,022
9,076,225
Wuxi Autowell Technology Co. Ltd., A
Shares (China)
 
191,345
1,072,260
Yuanjie Semiconductor Technology Co.,
Ltd. (China)
 
75,607
12,175,884
Zhejiang Jingsheng Mechanical &
Electrical Co. Ltd., A Shares (China)
 
794,582
4,526,591
 
 
659,759,261
Software-6.97%
360 Security Technology, Inc., A Shares
(China)
 
4,247,218
5,874,534
Beijing Kingsoft Office Software, Inc., A
Shares (China)
 
281,362
11,266,363
Beijing Shiji Information Technology Co.
Ltd., A Shares (China)
 
1,356,500
1,711,491
Business-intelligence of Oriental Nations
Corp. Ltd., A Shares (China)(b)
 
690,983
1,354,999
China National Software & Service Co.
Ltd., A Shares (China)(b)
 
566,731
2,764,200
Empyrean Technology Co. Ltd., A Shares
(China)
 
331,085
4,274,570
Geovis Technology Co., Ltd., A Shares
(China)
 
490,200
2,426,579
Horizon Robotics (China)(b)(c)
 
79,139,825
52,534,125
Hundsun Technologies, Inc., A Shares
(China)
 
1,149,134
3,899,785
Iflytek Co. Ltd., A Shares (China)
 
1,457,497
9,096,330
Jiangsu Hoperun Software Co. Ltd., A
Shares (China)
 
483,286
2,700,647
Kingdee International Software Group Co.
Ltd. (China)(b)
 
24,642,686
26,486,054
Longshine Technology Group Co. Ltd., A
Shares (China)
 
654,364
1,073,980
MiniMax Group, Inc. (China)(b)
 
148,000
4,317,970
 
Shares
Value
Software-(continued)
Neusoft Corp., A Shares (China)
 
726,114
$907,876
Newland Digital Technology Co. Ltd., A
Shares (China)
 
614,747
1,711,848
Qi An Xin Technology Group, Inc.
(China)(b)
 
413,917
1,663,824
Sangfor Technologies, Inc., A Shares
(China)
 
261,817
4,681,414
SenseTime Group, Inc., B Shares
(China)(b)(c)(d)
 
274,113,064
50,792,260
Shanghai Baosight Software Co. Ltd., A
Shares (China)
 
1,302,791
3,586,918
Shanghai Baosight Software Co. Ltd., B
Shares (China)
 
6,267,129
5,591,746
Shanghai Stonehill Technology Co. Ltd., A
Shares (China)
 
3,440,892
3,443,752
Shenzhen Infogem Technologies Co. Ltd.,
A Shares (China)(b)
 
428,840
1,888,706
Shenzhen Kingdom Sci-Tech Co. Ltd., A
Shares (China)(b)
 
571,223
937,522
Sinosoft Co. Ltd., A Shares (China)
 
504,466
1,047,882
Thunder Software Technology Co. Ltd., A
Shares (China)
 
279,576
2,505,370
Topsec Technologies Group, Inc., A
Shares (China)(b)
 
715,796
697,501
Yonyou Network Technology Co. Ltd., A
Shares (China)(b)
 
2,073,340
3,411,139
 
 
212,649,385
Technology Hardware, Storage & Peripherals-1.96%
China Greatwall Technology Group Co.
Ltd., A Shares (China)(b)
 
1,957,312
3,977,239
GRG Banking Equipment Co. Ltd., A
Shares (China)
 
1,506,922
2,282,547
Huaqin Co. Ltd., A Shares (China)
 
776,937
9,338,620
IEIT Systems Co. Ltd., A Shares (China)
 
891,000
9,434,380
Legend Holdings Corp., H Shares
(China)(d)
 
4,740,364
7,936,746
Pantum Technology Co. Ltd., A Shares
(China)(b)
 
862,841
2,171,486
Sharetronic Data Technology Co. Ltd.
(China)
 
294,160
9,373,775
Shenzhen Longsys Electronics Co. Ltd., A
Shares (China)
 
254,360
13,060,701
Tsinghua Tongfang Co. Ltd., A Shares
(China)
 
2,032,972
2,139,309
 
 
59,714,803
Textiles, Apparel & Luxury Goods-0.06%
Shijiazhuang Changshan BeiMing
Technology Co. Ltd., A Shares (China)
 
970,114
1,907,008
Trading Companies & Distributors-0.04%
Beijing United Information Technology Co.
Ltd., A Shares (China)(b)
 
437,165
1,248,998
Total Common Stocks & Other Equity Interests
(Cost $2,808,047,954)
3,047,628,724
See accompanying notes which are an integral part of this schedule.

Invesco China Technology ETF (CQQQ)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
 
Money Market Funds-0.14%
 
 
 
Invesco Government & Agency Portfolio,
Institutional Class, 3.64%(e)(f)
(Cost $4,225,162)
 
4,225,162
$4,225,162
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-100.03%
(Cost $2,812,273,116)
3,051,853,886
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-7.19%
Invesco Private Government Fund,
3.69%(e)(f)(g)
 
41,576,999
41,576,999
 
Shares
Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 3.82%(e)(f)(g)
 
177,836,644
$177,854,428
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $219,428,931)
219,431,427
TOTAL INVESTMENTS IN SECURITIES-107.22%
(Cost $3,031,702,047)
3,271,285,313
OTHER ASSETS LESS LIABILITIES-(7.22)%
(220,220,397
)
NET ASSETS-100.00%
$3,051,064,916
 
Investment Abbreviations:
ADR
-American Depositary Receipt
 
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
Non-income producing security.
(c)
All or a portion of this security was out on loan at July 31, 2026.
(d)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
July 31, 2026 was $707,099,804, which represented 23.18% of the Fund’s Net Assets.
(e)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the nine months ended July 31, 2026.
 
 
Value
October 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
July 31, 2026
Dividend Income
Investments in
Affiliated Money
Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$940,970
$939,629,116
$(936,344,924
)
$-
$-
$4,225,162
$347,451
Investments
Purchased with Cash
Collateral from
Securities on Loan:
Invesco Private
Government Fund
53,202,496
386,767,068
(398,392,565
)
-
-
41,576,999
2,516,547
*
Invesco Private Prime
Fund
138,564,622
928,224,182
(888,900,046
)
3,229
(37,559
)
177,854,428
3,190,982
*
Total
$192,708,088
$2,254,620,366
$(2,223,637,535
)
$3,229
$(37,559
)
$223,656,589
$6,054,980
 
*
Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from
borrowers, if any.
 
(f)
The rate shown is the 7-day SEC standardized yield as of July 31, 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.  
 
This Fund has holdings greater than 10% of net assets in the following country:
 
China
99.89%
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.

Schedule of Investments
Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)
July 31, 2026
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.93%
Australia-1.79%
Mineral Resources Ltd.(a)
 
106,199
$4,308,174
PLS Group Ltd.(a)
 
1,484,368
4,305,056
Sandfire Resources Ltd.(a)
 
313,114
4,137,153
 
 
12,750,383
Austria-2.52%
BAWAG Group AG(b)
 
34,238
6,927,664
Erste Group Bank AG
 
36,859
4,807,465
Raiffeisen Bank International AG
 
90,900
6,227,000
 
 
17,962,129
Canada-20.42%
Aritzia, Inc.(a)
 
50,178
4,996,160
Bombardier, Inc., Class B(a)
 
95,027
22,878,012
Capital Power Corp.
 
82,187
3,859,042
Constellation Software, Inc.
 
11,347
24,289,787
Exchange Income Corp.
 
68,416
6,122,985
Finning International, Inc.
 
73,563
4,871,513
Keyera Corp.
 
102,030
4,331,829
Loblaw Cos. Ltd.
 
89,811
4,213,182
National Bank of Canada
 
30,375
4,909,671
Royal Bank of Canada
 
83,086
17,377,669
Tamarack Valley Energy Ltd.
 
463,096
4,426,786
TMX Group Ltd.
 
137,218
5,011,976
Toromont Industries Ltd.
 
134,382
20,199,688
Toronto-Dominion Bank (The)
 
152,181
18,228,959
 
 
145,717,259
Chile-0.51%
Lundin Mining Corp.
 
148,427
3,672,453
China-1.19%
Kingboard Holdings Ltd.
 
543,000
2,715,822
Kingboard Laminates Holdings Ltd.(c)
 
1,544,500
5,754,397
 
 
8,470,219
Denmark-3.34%
AL Sydbank A/S
 
70,680
6,790,602
Danske Bank A/S
 
74,912
4,301,375
NKT A/S(a)
 
25,626
3,489,688
Ringkjoebing Landbobank A/S
 
34,618
9,281,029
 
 
23,862,694
France-2.27%
Legrand S.A.
 
28,576
4,334,596
Nexans S.A.
 
28,538
4,337,150
Societe Generale S.A.
 
45,144
4,233,820
Technip Energies N.V.
 
95,733
3,303,628
 
 
16,209,194
Georgia-2.25%
Lion Finance Group PLC
 
102,149
16,021,871
Germany-2.87%
Allianz SE
 
9,523
4,732,737
HOCHTIEF AG
 
18,947
9,688,912
thyssenkrupp AG
 
434,175
6,078,994
 
 
20,500,643
Greece-2.34%
Piraeus Bank S.A.(a)
 
1,105,964
12,870,960
Public Power Corp. S.A.
 
149,692
3,848,582
 
 
16,719,542
Hong Kong-0.44%
ASMPT Ltd.
 
162,900
3,126,299
 
Shares
Value
Ireland-2.83%
AIB Group PLC
 
733,742
$8,707,186
Bank of Ireland Group PLC
 
546,706
11,454,896
 
 
20,162,082
Italy-6.45%
Azimut Holding S.p.A.
 
94,309
3,996,746
Banca Mediolanum S.p.A.
 
173,484
4,638,020
BPER Banca S.p.A.
 
808,776
13,112,355
Intesa Sanpaolo S.p.A.
 
610,391
4,603,735
Prysmian S.p.A.
 
43,148
5,940,715
Unipol Assicurazioni S.p.A.
 
440,265
13,744,621
 
 
46,036,192
Japan-14.22%
77 Bank Ltd. (The)
 
298,192
6,455,896
Asics Corp.
 
216,718
6,384,994
Ebara Corp.(c)
 
175,191
5,942,832
Fuji Corp.
 
79,214
3,536,324
Hachijuni Nagano Bank Ltd.
 
304,501
4,727,780
Ibiden Co. Ltd.
 
96,153
9,612,170
JX Advanced Metals Corp.
 
362,539
8,393,043
Kokusai Electric Corp.
 
72,140
3,244,917
Lasertec Corp.
 
12,654
2,904,842
Mebuki Financial Group, Inc.
 
484,650
4,487,377
Mitsubishi UFJ Financial Group, Inc.
 
209,842
4,683,603
Mizuho Financial Group, Inc.
 
93,662
4,852,172
Murata Manufacturing Co. Ltd.
 
76,524
3,484,139
NGK Corp.
 
95,555
3,266,893
Nikkon Holdings Co. Ltd.(c)
 
119,867
3,780,506
Niterra Co. Ltd.
 
74,531
4,349,229
Resonac Holdings Corp.(c)
 
60,346
5,022,981
SCREEN Holdings Co. Ltd.
 
57,393
4,374,905
SUMCO Corp.
 
174,968
3,554,423
Taiyo Yuden Co. Ltd.
 
67,456
4,168,412
Toyota Tsusho Corp.
 
102,530
4,252,336
 
 
101,479,774
Netherlands-0.81%
ING Groep N.V.
 
164,967
5,784,130
Norway-0.70%
SpareBank 1 Sor-Norge ASA, Class B
 
223,983
5,014,105
Portugal-1.48%
Banco Comercial Portugues S.A., Class R
 
8,571,417
10,537,101
Singapore-2.44%
DBS Group Holdings Ltd.
 
86,675
4,995,607
Oversea-Chinese Banking Corp. Ltd.
 
548,268
12,439,838
 
 
17,435,445
South Korea-6.80%
Hana Financial Group, Inc.
 
48,151
4,162,129
HD Hyundai Electric Co. Ltd.
 
30,186
13,958,886
Jusung Engineering Co. Ltd.
 
63,901
5,273,509
Samsung Electronics Co. Ltd.
 
28,529
4,965,610
SK hynix, Inc.
 
11,358
12,898,778
SK Square Co. Ltd.(a)
 
4,024
2,766,957
SK, Inc.
 
12,073
4,510,427
 
 
48,536,296
Spain-4.75%
ACS Actividades de Construccion y Servicios
S.A.
 
51,977
6,610,623
Banco Bilbao Vizcaya Argentaria S.A.
 
212,392
5,940,334
Banco Santander S.A.
 
355,321
5,042,082
See accompanying notes which are an integral part of this schedule.

Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
Spain-(continued)
Bankinter S.A.
 
232,171
$4,261,143
CaixaBank S.A.
 
537,136
7,785,036
Iberdrola S.A.(c)
 
179,772
4,260,607
 
 
33,899,825
Sweden-6.24%
Atlas Copco AB, Class A
 
403,075
8,501,014
Industrivarden AB, Class A
 
81,918
4,714,831
Investor AB, Class B
 
384,369
16,572,943
Swedbank AB, Class A
 
369,780
14,763,590
 
 
44,552,378
Switzerland-8.04%
ABB Ltd.
 
124,229
12,247,212
Accelleron Industries AG
 
43,437
3,929,719
Belimo Holding AG
 
17,691
18,434,383
Huber + Suhner AG
 
13,312
3,135,527
Swiss Life Holding AG
 
8,680
10,234,786
VAT Group AG(b)
 
12,592
9,417,849
 
 
57,399,476
United Kingdom-2.28%
Diploma PLC
 
67,899
6,714,255
HSBC Holdings PLC
 
239,000
5,082,027
Lloyds Banking Group PLC
 
2,880,145
4,444,996
 
 
16,241,278
 
Shares
Value
United States-2.95%
Ferrovial N.V.
 
106,568
$6,965,110
InterContinental Hotels Group PLC
 
86,928
14,056,881
 
 
21,021,991
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.93%
(Cost $675,092,968)
713,112,759
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-3.35%
Invesco Private Government Fund,
3.69%(d)(e)(f)
 
6,634,749
6,634,749
Invesco Private Prime Fund, 3.82%(d)(e)(f)
 
17,230,106
17,231,829
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $23,865,378)
23,866,578
TOTAL INVESTMENTS IN SECURITIES-103.28%
(Cost $698,958,346)
736,979,337
OTHER ASSETS LESS LIABILITIES-(3.28)%
(23,398,729
)
NET ASSETS-100.00%
$713,580,608
 
Notes to Schedule of Investments:
(a)
Non-income producing security.
(b)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
July 31, 2026 was $16,345,513, which represented 2.29% of the Fund’s Net Assets.
(c)
All or a portion of this security was out on loan at July 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 July 31, 2026.
 
 
Value
October 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
July 31, 2026
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$-
$103,490,194
$(103,490,194
)
$-
$-
$-
$48,650
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
5,185,236
152,127,222
(150,677,709
)
-
-
6,634,749
410,640
*
Invesco Private Prime Fund
13,452,730
245,656,126
(241,876,626
)
1,200
(1,601
)
17,231,829
513,666
*
Total
$18,637,966
$501,273,542
$(496,044,529
)
$1,200
$(1,601
)
$23,866,578
$972,956
 
*
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 July 31, 2026.
(f)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.

Schedule of Investments
Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)
July 31, 2026
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.78%
Brazil-1.46%
Cia de Saneamento Basico do Estado de Sao
Paulo SABESP
 
336,469
$1,834,449
Marcopolo S.A., Preference Shares
 
1
0
Porto Seguro S.A.
 
138,897
1,495,412
 
 
3,329,861
China-15.70%
China Hongqiao Group Ltd.
 
548,204
1,725,189
China Shenhua Energy Co. Ltd., H Shares(a)
 
522,479
2,894,764
CMOC Group Ltd., H Shares
 
561,526
1,210,339
Contemporary Amperex Technology Co. Ltd.,
H Shares(a)
 
14,663
1,160,911
COSCO SHIPPING Energy Transportation Co.
Ltd., H Shares(a)
 
641,649
1,134,795
Dongfang Electric Corp. Ltd., H Shares
 
432,036
1,184,329
Dongyue Group Ltd.
 
528,392
798,095
Harbin Electric Co. Ltd., H Shares
 
1,421,660
2,858,217
Hua Hong Semiconductor Ltd.(a)(b)(c)
 
103,900
1,693,438
Legend Holdings Corp., H Shares(b)
 
641,513
1,074,079
Lenovo Group Ltd.
 
463,937
1,418,954
PetroChina Co. Ltd., H Shares
 
1,975,090
2,513,480
Sinotruk Hong Kong Ltd.
 
352,805
1,828,786
Wanguo Gold Group Ltd.(a)
 
4,673,770
6,287,990
Weichai Power Co. Ltd., H Shares
 
318,408
1,331,464
WuXi AppTec Co. Ltd., H Shares(b)
 
96,493
1,979,008
Zijin Mining Group Co. Ltd., H Shares
 
1,117,235
4,744,244
 
 
35,838,082
Hungary-2.99%
Magyar Telekom Telecommunications PLC
 
500,094
4,328,405
OTP Bank Nyrt.
 
16,862
2,494,045
 
 
6,822,450
Malaysia-2.46%
IOI Properties Group Bhd.
 
1,296,142
1,201,898
KPJ Healthcare Bhd.
 
1,902,125
1,443,512
Press Metal Aluminium Holdings Bhd.
 
743,182
1,442,695
Sunway Bhd.
 
1,186,792
1,531,269
 
 
5,619,374
Mexico-3.05%
Fibra Uno Administracion S.A. de C.V.(a)
 
800,388
1,438,820
Grupo Mexico S.A.B. de C.V., Class B
 
223,735
2,678,568
Orbia Advance Corp. S.A.B. de C.V.(c)
 
1,054,023
1,484,711
Prologis Property Mexico S.A. de C.V.
 
304,784
1,366,314
 
 
6,968,413
Peru-0.85%
Credicorp Ltd.
 
4,867
1,949,623
Philippines-1.59%
International Container Terminal Services, Inc.
 
231,225
3,631,053
South Africa-7.89%
Advtech Ltd.
 
960,080
2,762,558
Capitec Bank Holdings Ltd.
 
4,832
1,377,205
Discovery Ltd.
 
75,961
1,205,886
FirstRand Ltd.
 
225,095
1,343,757
MTN Group Ltd.
 
98,786
1,222,437
OUTsurance Group Ltd.
 
429,059
2,143,696
PSG Financial Services Ltd.
 
913,663
1,859,986
Resilient REIT Ltd.(a)
 
279,364
1,405,892
 
Shares
Value
South Africa-(continued)
Standard Bank Group Ltd.
 
74,923
$1,489,165
Vukile Property Fund Ltd.
 
2,094,531
3,199,158
 
 
18,009,740
Taiwan-55.63%
Accton Technology Corp.
 
96,800
6,274,285
AP Memory Technology Corp.
 
54,431
1,092,302
ASE Technology Holding Co. Ltd.
 
202,056
3,447,986
Bizlink Holding, Inc.
 
53,821
3,426,740
Cathay Financial Holding Co. Ltd.
 
367,747
1,144,532
Chenbro Micom Co. Ltd.
 
53,596
1,703,123
Chroma ATE, Inc.
 
77,900
4,894,151
Compeq Manufacturing Co. Ltd.
 
387,285
1,981,462
CTBC Financial Holding Co. Ltd.
 
721,343
1,439,754
Delta Electronics, Inc.
 
39,773
1,956,737
Elite Semiconductor Microelectronics
Technology, Inc.
 
230,536
1,249,855
First Financial Holding Co. Ltd.
 
1,331,817
1,513,024
Fositek Corp.
 
29,209
1,194,636
Fubon Financial Holding Co. Ltd.
 
339,855
1,354,652
Global Unichip Corp.
 
12,000
1,374,135
Gold Circuit Electronics Ltd.
 
76,905
1,843,279
Hua Nan Financial Holdings Co. Ltd.
 
1,192,170
1,601,334
I-Chiun Precision Industry Co. Ltd.
 
190,624
1,079,989
ITEQ Corp.
 
218,995
1,747,374
Jentech Precision Industrial Co. Ltd.
 
13,400
1,387,977
King Slide Works Co. Ltd.
 
11,500
2,755,648
King Yuan Electronics Co. Ltd.
 
165,268
1,116,250
Kinik Co.
 
65,821
1,280,538
Kinsus Interconnect Technology Corp.
 
181,000
3,431,962
Marketech International Corp.
 
377,492
5,373,074
Mega Union Technology, Inc.
 
148,423
3,270,432
Nan Ya Plastics Corp.
 
430,318
2,044,584
Nan Ya Printed Circuit Board Corp.
 
140,771
3,875,851
Powerchip Semiconductor Manufacturing
Corp.(c)
 
873,875
1,429,233
President Securities Corp.
 
1,429,907
1,899,390
Sanyang Motor Co. Ltd.
 
1,050,791
2,100,180
Scientech Corp.
 
54,022
1,061,840
Sigurd Microelectronics Corp.
 
879,000
4,994,393
SinoPac Financial Holdings Co. Ltd.
 
1,981,374
2,471,050
Supreme Electronics Co. Ltd.
 
1,604,500
3,925,674
Taichung Commercial Bank Co. Ltd.
 
2,524,697
1,597,068
Taiwan Glass Industry Corp.(c)
 
816,811
1,128,769
Taiwan Semiconductor Manufacturing Co. Ltd.
 
93,000
6,878,771
Topco Scientific Co. Ltd.
 
445,466
6,799,570
Transcend Information, Inc.
 
177,224
1,573,913
Tripod Technology Corp.
 
274,427
3,081,278
TS Financial Holding Co. Ltd.
 
1,934,719
2,130,328
Unimicron Technology Corp.
 
149,331
3,503,750
United Integrated Services Co. Ltd.
 
180,734
6,048,440
Walsin Technology Corp.
 
172,564
1,128,080
WinWay Technology Co. Ltd.
 
14,700
2,580,173
WNC Corp.
 
158,988
1,065,563
Yankey Engineering Co. Ltd.
 
257,000
5,115,756
Zhen Ding Technology Holding Ltd.
 
130,821
1,641,406
 
 
127,010,291
Thailand-4.41%
Kasikornbank PCL, NVDR
 
214,722
1,566,629
KCE Electronics PCL, NVDR
 
1,152,275
1,434,135
Kiatnakin Phatra Bank PCL, NVDR
 
477,644
1,581,981
Krung Thai Bank PCL, NVDR
 
1,615,093
2,133,533
See accompanying notes which are an integral part of this schedule.

Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
Thailand-(continued)
SCG Packaging PCL, NVDR
 
1,711,479
$1,553,497
Thanachart Capital PCL, NVDR
 
768,872
1,794,462
 
 
10,064,237
Turkey-2.17%
Aselsan Elektronik Sanayi Ve Ticaret A.S.
 
495,603
3,569,912
Astor Transformator Enerji Turizm Insaat Ve
Petrol Sanayi Ticaret A.S.
 
224,302
1,394,214
 
 
4,964,126
United Kingdom-1.00%
Investec PLC
 
260,178
2,273,747
United States-0.58%
GCC S.A.B. de C.V.
 
114,542
1,317,434
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.78%
(Cost $194,417,516)
227,798,431
 
Shares
Value
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-4.51%
Invesco Private Government Fund,
3.69%(d)(e)(f)
 
2,857,132
$2,857,132
Invesco Private Prime Fund, 3.82%(d)(e)(f)
 
7,425,607
7,426,350
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $10,283,384)
10,283,482
TOTAL INVESTMENTS IN SECURITIES-104.29%
(Cost $204,700,900)
238,081,913
OTHER ASSETS LESS LIABILITIES-(4.29)%
(9,789,100
)
NET ASSETS-100.00%
$228,292,813
 
Investment Abbreviations:
NVDR-Non-Voting Depositary Receipt
REIT-Real Estate Investment Trust
 
Notes to Schedule of Investments:
(a)
All or a portion of this security was out on loan at July 31, 2026.
(b)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
July 31, 2026 was $4,746,525, which represented 2.08% of the Fund’s Net Assets.
(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 July 31, 2026.
 
 
Value
October 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
July 31, 2026
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$-
$52,013,071
$(52,013,071
)
$-
$-
$-
$16,740
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
877,193
17,723,595
(15,743,656
)
-
-
2,857,132
110,595
*
Invesco Private Prime Fund
2,282,754
42,746,989
(37,602,787
)
98
(704
)
7,426,350
134,248
*
Total
$3,159,947
$112,483,655
$(105,359,514
)
$98
$(704
)
$10,283,482
$261,583
 
*
Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from
borrowers, if any.
 
(e)
The rate shown is the 7-day SEC standardized yield as of July 31, 2026.
(f)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.

Schedule of Investments
Invesco Global Clean Energy ETF (PBD)
July 31, 2026
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.80%
Austria-1.08%
Verbund AG(a)
 
28,815
$1,973,377
Belgium-1.03%
Elia Group S.A./N.V.
 
13,181
1,884,379
Canada-3.02%
Ballard Power Systems, Inc.(b)
 
501,644
1,333,808
Canadian Solar, Inc.(a)(b)
 
116,280
1,753,502
NFI Group, Inc.(b)
 
135,445
2,434,988
 
 
5,522,298
Chile-0.88%
Sociedad Quimica y Minera de Chile S.A.,
ADR
 
23,866
1,600,454
China-13.98%
BYD Co. Ltd., H Shares
 
165,715
1,981,298
CALB Group Co. Ltd., H Shares(b)(c)
 
513,795
1,109,370
China Datang Corp. Renewable Power Co.
Ltd., H Shares(a)
 
9,433,571
1,539,685
Contemporary Amperex Technology Co. Ltd.,
H Shares(a)
 
23,718
1,877,822
Flat Glass Group Co. Ltd., H Shares(a)
 
1,952,630
1,733,359
Ganfeng Lithium Group Co. Ltd., H Shares(c)
 
210,337
988,203
Hainan Drinda New Energy Technology Co.
Ltd., H Shares(b)
 
383,546
738,112
JinkoSolar Holding Co. Ltd., ADR(a)
 
83,428
1,263,100
NIO, Inc., ADR(a)(b)
 
331,445
1,617,452
REPT BATTERO Energy Co. Ltd., H Shares(b)
 
1,002,746
1,378,274
Tianneng Power International Ltd.
 
2,617,543
1,692,285
Wasion Holdings Ltd.
 
595,223
1,339,781
Xinyi Energy Holdings Ltd.
 
12,480,625
1,430,919
Xinyi Solar Holdings Ltd.
 
5,247,534
1,473,216
XPeng, Inc., ADR(a)(b)
 
128,507
1,670,591
Yadea Group Holdings Ltd.(c)
 
1,357,750
1,861,090
Zhejiang Leapmotor Technology Co. Ltd., H
Shares(a)(b)(c)
 
362,333
1,849,916
 
 
25,544,473
Denmark-2.95%
NKT A/S(b)
 
12,550
1,709,029
Orsted A/S(b)(c)
 
81,536
1,813,748
Vestas Wind Systems A/S
 
69,427
1,864,556
 
 
5,387,333
Finland-0.87%
Kempower OYJ(a)(b)
 
134,464
1,591,285
France-3.96%
Legrand S.A.
 
11,464
1,738,935
Nexans S.A.
 
10,563
1,605,344
Rexel S.A.
 
46,587
1,928,804
SPIE S.A.
 
36,677
1,968,071
 
 
7,241,154
Germany-3.59%
Nordex SE(b)
 
38,472
1,715,042
SMA Solar Technology AG(b)
 
27,412
1,678,107
Verbio SE(b)
 
42,634
1,419,771
Wacker Chemie AG(b)
 
17,086
1,746,076
 
 
6,558,996
Ireland-1.19%
Kingspan Group PLC
 
23,349
2,165,254
Israel-2.83%
Energix-Renewable Energies Ltd.
 
261,943
1,894,665
 
Shares
Value
Israel-(continued)
Enlight Renewable Energy Ltd.(b)
 
22,867
$1,937,135
OY Nofar Energy Ltd.(a)(b)
 
22,737
1,334,436
 
 
5,166,236
Italy-3.04%
ERG S.p.A.(a)
 
76,911
1,947,975
Prysmian S.p.A.
 
11,344
1,561,868
Terna S.p.A.
 
178,969
2,047,099
 
 
5,556,942
Japan-5.51%
GS Yuasa Corp.
 
52,094
1,753,043
RENOVA, Inc.(a)(b)
 
251,600
1,459,944
Sanyo Denki Co. Ltd.
 
43,747
1,479,827
Tamura Corp.
 
343,431
1,704,923
Toyo Tanso Co. Ltd.(a)
 
49,359
2,001,568
West Holdings Corp.(a)
 
106,693
1,674,784
 
 
10,074,089
Netherlands-1.00%
Alfen N.V.(b)(c)
 
128,056
1,830,826
New Zealand-1.08%
Mercury NZ Ltd.
 
498,733
1,963,390
South Africa-0.97%
Scatec ASA(b)(c)
 
183,664
1,774,783
South Korea-6.34%
CS Wind Corp.(b)
 
55,851
1,453,881
Doosan Fuel Cell Co. Ltd.(b)
 
33,571
572,185
Ecopro BM Co. Ltd.(a)
 
14,777
1,055,547
HD Hyundai Electric Co. Ltd.
 
2,438
1,127,402
LG Energy Solution Ltd.(b)
 
6,987
1,580,670
Lotte Energy Materials Corp.(a)(b)
 
46,167
862,205
LS Corp.(a)
 
6,119
1,104,283
LS Electric Co. Ltd.
 
11,030
1,388,854
OCI Holdings Co. Ltd.(a)
 
8,474
1,117,290
Samsung SDI Co. Ltd.(b)
 
4,856
1,324,141
 
 
11,586,458
Spain-4.72%
Acciona S.A.(a)
 
6,801
1,866,365
Corporacion ACCIONA Energias Renovables
S.A.
 
74,457
1,859,854
EDP Renovaveis S.A.
 
125,252
1,939,149
Grenergy Renovables S.A.(b)
 
14,538
1,539,070
Solaria Energia y Medio Ambiente S.A.(b)
 
73,501
1,419,132
 
 
8,623,570
Sweden-1.02%
NIBE Industrier AB, Class B(a)
 
465,001
1,860,494
Switzerland-1.06%
Landis+Gyr Group AG(b)
 
34,114
1,931,067
Taiwan-13.73%
AcBel Polytech, Inc.
 
1,296,005
1,673,551
Allis Electric Co. Ltd.
 
571,956
1,712,432
Chung-Hsin Electric and Machinery
Manufacturing Corp.
 
427,540
2,014,428
Delta Electronics, Inc.
 
30,699
1,510,318
Fortune Electric Co. Ltd.
 
74,858
1,617,749
J & V Energy Technology Co. Ltd.
 
792,467
1,600,702
Motech Industries, Inc.
 
2,311,471
1,554,737
Phihong Technology Co. Ltd.(b)
 
2,643,076
1,708,505
Shihlin Electric & Engineering Corp.
 
332,204
1,989,686
Sino-American Silicon Products, Inc.
 
429,026
2,030,834
See accompanying notes which are an integral part of this schedule.

Invesco Global Clean Energy ETF (PBD)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
Taiwan-(continued)
Ta Ya Electric Wire & Cable Co. Ltd.
 
1,919,491
$1,989,909
Teco Electric and Machinery Co. Ltd.
 
901,459
1,780,198
TSEC Corp.(b)
 
1,640,449
1,187,004
Voltronic Power Technology Corp.
 
92,713
2,719,934
 
 
25,089,987
United Kingdom-1.25%
Ceres Power Holdings PLC(b)
 
211,021
993,554
ITM Power PLC(a)(b)
 
936,158
1,292,636
 
 
2,286,190
United States-24.70%
Array Technologies, Inc.(a)(b)
 
240,317
1,254,455
Atkore, Inc.
 
27,186
1,983,491
Bloom Energy Corp., Class A(b)
 
6,828
1,405,271
Blue Bird Corp.(a)(b)
 
28,663
2,132,241
Core & Main, Inc., Class A(b)
 
43,130
1,896,426
Darling Ingredients, Inc.(b)
 
33,081
2,006,032
Enphase Energy, Inc.(a)(b)
 
43,148
1,619,776
Eos Energy Enterprises, Inc.(a)(b)
 
253,554
857,012
EVgo, Inc.(a)(b)
 
1,067,802
1,687,127
First Solar, Inc.(b)
 
8,944
1,887,452
Green Plains, Inc.(a)(b)
 
124,498
2,097,791
HA Sustainable Infrastructure Capital, Inc.(a)
 
50,050
1,895,393
Hubbell, Inc.
 
4,308
2,035,745
Itron, Inc.(b)
 
25,477
2,539,038
Littelfuse, Inc.
 
4,504
1,991,353
Lucid Group, Inc.(a)(b)
 
331,284
2,444,876
Ormat Technologies, Inc.
 
15,293
1,492,291
Plug Power, Inc.(a)(b)
 
546,580
1,125,955
QuantumScape Corp.(a)(b)
 
240,876
1,257,373
 
Shares
Value
United States-(continued)
Rivian Automotive, Inc., Class A(b)
 
143,096
$2,177,921
SES AI Corp.(a)(b)
 
1,900,492
1,046,031
Shoals Technologies Group, Inc., Class A(a)(b)
 
223,226
1,950,995
Signify N.V.
 
85,186
1,452,768
SolarEdge Technologies, Inc.(a)(b)
 
41,233
1,698,800
Sunrun, Inc.(a)(b)
 
141,306
1,386,212
Universal Display Corp.(a)
 
22,398
1,795,424
 
 
45,117,249
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.80%
(Cost $169,391,987)
182,330,284
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-23.70%
Invesco Private Government Fund,
3.69%(d)(e)(f)
 
12,038,628
12,038,628
Invesco Private Prime Fund, 3.82%(d)(e)(f)
 
31,258,061
31,261,187
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $43,300,370)
43,299,815
TOTAL INVESTMENTS IN SECURITIES-123.50%
(Cost $212,692,357)
225,630,099
OTHER ASSETS LESS LIABILITIES-(23.50)%
(42,931,987
)
NET ASSETS-100.00%
$182,698,112
 
Investment Abbreviations:
ADR-American Depositary Receipt
 
Notes to Schedule of Investments:
(a)
All or a portion of this security was out on loan at July 31, 2026.
(b)
Non-income producing security.
(c)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
July 31, 2026 was $11,227,936, which represented 6.15% of the Fund’s Net Assets.
(d)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the nine months ended July 31, 2026.
 
 
Value
October 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
July 31, 2026
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$-
$16,121,419
$(16,121,419
)
$-
$-
$-
$4,331
See accompanying notes which are an integral part of this schedule.

Invesco Global Clean Energy ETF (PBD)—(continued)
July 31, 2026
(Unaudited)
 
Value
October 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
July 31, 2026
Dividend Income
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
$5,186,590
$53,714,047
$(46,862,009
)
$-
$-
$12,038,628
$678,502
*
Invesco Private Prime
Fund
13,486,928
111,053,737
(93,273,293
)
(364
)
(5,821
)
31,261,187
887,035
*
Total
$18,673,518
$180,889,203
$(156,256,721
)
$(364
)
$(5,821
)
$43,299,815
$1,569,868
 
*
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 July 31, 2026.
(f)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.

Schedule of Investments
Invesco Global Water ETF (PIO)
July 31, 2026
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.86%
Brazil-10.25%
Cia de Saneamento Basico do Estado de Sao
Paulo SABESP
 
3,278,333
$17,873,662
Cia de Saneamento de Minas Gerais COPASA
MG
 
803,200
10,144,636
 
 
28,018,298
Canada-2.36%
Stantec, Inc.
 
91,585
6,458,641
Chile-0.18%
Aguas Andinas S.A., Class A
 
1,341,053
490,360
France-3.83%
Veolia Environnement S.A.
 
263,445
10,459,734
Germany-2.05%
GEA Group AG
 
78,182
5,541,649
KSB SE & Co. KGaA
 
56
61,174
 
 
5,602,823
India-2.53%
Astral Ltd.
 
159,592
2,421,569
Jindal Saw Ltd.
 
1,097,990
2,956,648
VA Tech Wabag Ltd.
 
73,999
1,532,931
 
 
6,911,148
Japan-11.13%
Ebara Corp.(a)
 
522,003
17,707,395
Ebara Jitsugyo Co. Ltd.
 
16,242
242,968
Kitz Corp.
 
62,988
854,511
Kurita Water Industries Ltd.
 
94,071
5,051,315
METAWATER Co. Ltd.
 
29,288
561,334
Miura Co. Ltd.
 
77,609
1,554,919
Organo Corp.(a)
 
49,588
4,458,135
 
 
30,430,577
Netherlands-0.67%
Arcadis N.V.(a)
 
38,979
1,830,284
Philippines-0.09%
Manila Water Co., Inc.
 
434,623
251,908
South Korea-1.74%
Coway Co. Ltd.
 
75,087
4,757,056
Switzerland-8.28%
Belimo Holding AG
 
5,207
5,425,800
Geberit AG
 
16,251
10,699,853
Georg Fischer AG
 
65,238
4,179,993
Sulzer AG(a)
 
12,849
2,331,795
 
 
22,637,441
United Kingdom-6.93%
Genuit Group PLC
 
339,988
1,248,598
 
Shares
Value
United Kingdom-(continued)
Halma PLC
 
131,736
$6,284,633
Severn Trent PLC
 
128,042
5,184,905
United Utilities Group PLC
 
334,551
6,221,552
 
 
18,939,688
United States-49.82%
Agilent Technologies, Inc.
 
56,131
7,766,846
American Water Works Co., Inc.
 
58,533
7,853,373
Consolidated Water Co. Ltd.(a)
 
31,531
920,705
Ecolab, Inc.
 
83,414
23,158,229
Ferguson Enterprises, Inc.
 
47,250
11,072,093
IDEX Corp.
 
21,141
4,871,943
IDEXX Laboratories, Inc.(b)
 
18,947
10,592,699
Pentair PLC
 
301,438
19,726,103
Roper Technologies, Inc.
 
65,597
25,712,056
Veralto Corp.
 
64,317
6,056,732
Waters Corp.(b)
 
27,836
10,502,801
Xylem, Inc.
 
68,124
7,968,464
 
 
136,202,044
Total Common Stocks & Other Equity Interests
(Cost $213,141,000)
272,990,002
Money Market Funds-0.03%
Invesco Government & Agency Portfolio,
Institutional Class, 3.64%(c)(d)
(Cost $76,696)
 
76,696
76,696
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.89%
(Cost $213,217,696)
273,066,698
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-5.34%
Invesco Private Government Fund,
3.69%(c)(d)(e)
 
4,064,699
4,064,699
Invesco Private Prime Fund, 3.82%(c)(d)(e)
 
10,545,193
10,546,248
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $14,611,348)
14,610,947
TOTAL INVESTMENTS IN SECURITIES-105.23%
(Cost $227,829,044)
287,677,645
OTHER ASSETS LESS LIABILITIES-(5.23)%
(14,307,910
)
NET ASSETS-100.00%
$273,369,735
 
Notes to Schedule of Investments:
(a)
All or a portion of this security was out on loan at July 31, 2026.
(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 July 31, 2026.
See accompanying notes which are an integral part of this schedule.

Invesco Global Water ETF (PIO)—(continued)
July 31, 2026
(Unaudited)
 
 
Value
October 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
July 31, 2026
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$61,691
$4,239,097
$(4,224,092
)
$-
$-
$76,696
$2,707
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
286,478
38,586,642
(34,808,421
)
-
-
4,064,699
305,142
*
Invesco Private Prime
Fund
749,464
92,544,968
(82,743,904
)
(365
)
(3,915
)
10,546,248
410,965
*
Total
$1,097,633
$135,370,707
$(121,776,417
)
$(365
)
$(3,915
)
$14,687,643
$718,814
 
*
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 July 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.

Schedule of Investments
Invesco International BuyBack AchieversTM ETF (IPKW)
July 31, 2026
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.94%
Australia-0.55%
Dyno Nobel Ltd.
 
766,958
$2,026,325
Magellan Financial Group Ltd.
 
88,695
592,545
Orora Ltd.
 
375,658
382,767
 
 
3,001,637
Brazil-0.14%
Pagseguro Digital Ltd., Class A(a)
 
77,848
750,455
Canada-4.22%
Air Canada(b)
 
141,109
2,551,902
Altus Group Ltd.(a)
 
11,943
398,597
AtkinsRealis Group, Inc.
 
67,875
4,204,055
Baytex Energy Corp.
 
338,100
1,540,050
CES Energy Solutions Corp.
 
84,778
987,470
CGI, Inc., Class A
 
85,584
6,259,953
Docebo, Inc.(b)
 
3,830
79,065
EQB, Inc.
 
10,328
1,046,089
Imperial Oil Ltd.
 
8
1,037
Lightspeed Commerce, Inc.(a)(b)
 
42,882
432,228
Mattr Corp.(b)
 
5
61
North American Construction Group Ltd.,
Class C(b)
 
9,776
133,032
Obsidian Energy Ltd.(a)(b)
 
31,547
338,441
Open Text Corp.(a)
 
82,930
2,100,960
Secure Waste Infrastructure Corp.
 
6
103
Superior Plus Corp.
 
107,837
613,422
Tamarack Valley Energy Ltd.
 
240,762
2,301,471
 
 
22,987,936
China-9.11%
JD.com, Inc., A Shares
 
988,550
16,263,281
Linklogis, Inc., B Shares(c)
 
691,600
179,263
Meituan, B Shares(b)(c)
 
2,812,200
33,205,567
 
 
49,648,111
Denmark-1.64%
Alm Brand A/S
 
338,939
889,349
FLSmidth & Co. A/S
 
21,729
1,626,908
ISS A/S
 
71,568
3,164,788
Jyske Bank A/S
 
20,474
3,242,364
Pandora A/S
 
5
625
 
 
8,924,034
France-5.09%
Eurazeo SE
 
21,900
1,201,469
Societe Generale S.A.
 
282,865
26,528,433
 
 
27,729,902
Georgia-0.13%
Georgia Capital PLC(b)
 
13,660
729,313
Germany-0.19%
HelloFresh SE(b)
 
67,923
266,981
Indus Holding AG
 
11,410
417,366
Nagarro SE(a)
 
3,702
326,383
 
 
1,010,730
Hong Kong-0.12%
Gushengtang Holdings Ltd.
 
63,900
239,739
Melco International Development Ltd.(b)
 
446,000
209,394
Skyworth Group Ltd.(b)
 
340,386
189,568
 
 
638,701
Indonesia-0.02%
PT Bukalapak.com Tbk(b)
 
18,147,644
118,752
 
Shares
Value
Ireland-2.91%
AIB Group PLC
 
1,052,891
$12,494,471
Glanbia PLC
 
104,645
2,771,882
Glenveagh Properties PLC(b)(c)
 
209,220
577,031
 
 
15,843,384
Israel-0.34%
G City Ltd.
 
39,517
149,426
Plus500 Ltd.
 
32,767
1,718,439
 
 
1,867,865
Italy-0.03%
Wiit S.p.A.
 
5,031
162,076
Japan-28.73%
Aichi Corp.
 
8,800
80,193
Aida Engineering Ltd.
 
15,400
115,482
Aisan Industry Co. Ltd.
 
12,000
178,925
Alps Alpine Co. Ltd.
 
51,700
707,651
artience Co. Ltd.
 
11,800
326,670
Asahi Diamond Industrial Co. Ltd.
 
14,300
99,060
Canon, Inc.
 
394,400
10,969,900
Coca-Cola Bottlers Japan Holdings, Inc.
 
38,500
924,494
Daikyonishikawa Corp.
 
16,800
108,676
eGuarantee, Inc.(b)
 
8,900
102,960
Fuji Media Holdings, Inc.
 
44,600
1,114,122
Fukuyama Transporting Co. Ltd.
 
9,400
350,091
Furukawa Co. Ltd.
 
7,300
159,853
GLOBERIDE, Inc.
 
6,400
102,024
H2O Retailing Corp.
 
30,400
543,444
Hokuetsu Corp.
 
37,300
213,306
Honda Motor Co. Ltd.
 
1,340,209
13,498,620
Ichigo, Inc.
 
56,700
147,425
Japan Post Holdings Co. Ltd.
 
514,900
7,611,876
Japan Pulp & Paper Co. Ltd.
 
33,100
230,514
Kaga Electronics Co. Ltd.
 
13,500
391,784
Koito Manufacturing Co. Ltd.
 
74,600
1,245,852
Kurabo Industries Ltd.(a)
 
4,525
278,847
Kuraray Co. Ltd.
 
83,100
952,395
Kureha Corp.
 
10,770
287,859
Kusuri no Aoki Holdings Co. Ltd.
 
20,000
504,116
KYB Corp.
 
11,400
319,624
Kyocera Corp.
 
381,900
8,703,351
Maxell Ltd.
 
12,072
155,089
Medley, Inc.(b)
 
7,100
91,367
Megachips Corp.(a)
 
4,651
259,362
Megmilk Snow Brand Co. Ltd.
 
14,800
348,623
Mitsubishi Corp.
 
935,500
27,943,620
Nihon Parkerizing Co. Ltd.
 
37,300
385,909
Nippon Denko Co. Ltd.
 
31,700
85,210
Nippon Electric Glass Co. Ltd.
 
24,502
806,554
Nippon Express Holdings, Inc., Class H
 
66,900
2,206,248
Nippon Kayaku Co. Ltd.
 
44,100
529,556
Nippon Yusen K.K.(a)
 
112,642
4,321,912
Nishikawa Rubber Co. Ltd.(b)
 
8,000
165,552
Obara Group, Inc.
 
3,800
135,992
Ohsho Food Service Corp.
 
16,200
307,263
Oji Holdings Corp.
 
270,400
1,485,754
Optorun Co. Ltd.
 
11,300
213,261
Pacific Metals Co. Ltd.
 
5,800
89,937
Pilot Corp.
 
33,200
376,819
Quants Research Institute Holdings, Inc.(b)
 
6,700
38,985
Raito Kogyo Co. Ltd.
 
11,984
282,130
Riken Technos Corp.
 
1,600
22,268
Sakai Chemical Industry Co. Ltd.
 
4,000
100,989
See accompanying notes which are an integral part of this schedule.

Invesco International BuyBack AchieversTM ETF (IPKW)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
Japan-(continued)
Sanken Electric Co. Ltd.(b)
 
5,500
$280,931
Sankyo Co. Ltd.
 
68,100
789,691
Santen Pharmaceutical Co. Ltd.
 
95,275
1,123,989
Sega Sammy Holdings, Inc.
 
43,700
754,355
Seria Co. Ltd.
 
19,238
465,772
Seven & i Holdings Co. Ltd.
 
708,600
9,389,042
Shin-Etsu Chemical Co. Ltd.
 
551,600
19,649,796
Sinko Industries Ltd.
 
16,200
123,878
Sompo Holdings, Inc.
 
276,377
12,260,962
Stanley Electric Co. Ltd.
 
27,996
609,593
Suruga Bank Ltd.
 
42,284
684,249
Suzuken Co. Ltd.
 
21,221
676,504
T&D Holdings, Inc.
 
135,637
4,271,492
Taisei Corp.
 
45,400
3,674,740
Takara Standard Co. Ltd.
 
14,100
265,335
TIS, Inc.
 
59,500
1,425,400
Tokyo Gas Co. Ltd.
 
93,075
3,590,440
Toray Industries, Inc.
 
444,800
3,192,704
Toyo Seikan Group Holdings Ltd.
 
34,006
863,406
Toyoda Gosei Co. Ltd.
 
27,200
938,330
TSI Holdings Co. Ltd.
 
16,636
128,131
Tsukishima Holdings Co. Ltd.
 
11,300
192,348
Ushio, Inc.
 
22,694
526,266
 
 
156,498,868
Luxembourg-2.69%
ArcelorMittal S.A.
 
207,640
14,634,082
Malaysia-0.02%
Tanco Holdings Bhd.(b)
 
1,510,700
96,137
Mexico-0.40%
Grupo Financiero Inbursa S.A.B. de C.V.,
Class O
 
844,900
2,166,498
Netherlands-5.09%
ING Groep N.V.(a)
 
790,944
27,732,352
New Zealand-0.25%
Mercury NZ Ltd.
 
350,936
1,381,549
Norway-3.34%
Equinor ASA
 
394,903
16,199,684
Vend Marketplaces ASA, Class B
 
77,863
1,973,822
 
 
18,173,506
South Africa-0.07%
African Rainbow Minerals Ltd.
 
38,812
396,431
South Korea-0.82%
AhnLab, Inc.
 
3,579
131,827
Daeduck Co. Ltd.(b)
 
7,391
71,593
Eugene Investment & Securities Co. Ltd.
 
35,053
101,788
Hana Tour Service, Inc.
 
5,449
117,144
Hanwha Corp.
 
16,589
975,071
HL Holdings Corp.(b)
 
427
11,154
InBody Co. Ltd.
 
942
30,142
Meritz Financial Group, Inc.(b)
 
29,437
2,526,061
Misto Holdings Corp.
 
13,876
435,401
NHN Corp.(b)
 
1,795
46,106
SFA Engineering Corp.
 
1,196
16,511
 
 
4,462,798
Spain-1.48%
Banco de Sabadell S.A.
 
2,112,770
8,093,120
Sweden-0.34%
Altra Fastigheter AB
 
75,308
615,418
 
Shares
Value
Sweden-(continued)
Ambea AB(c)
 
36,359
$550,099
Boozt AB(b)(c)
 
24,530
430,432
Truecaller AB, Class B
 
127,657
235,626
 
 
1,831,575
Switzerland-1.83%
Geberit AG
 
15,173
9,990,084
Taiwan-0.48%
AmTran Technology Co. Ltd.
 
307,000
246,733
Catcher Technology Co. Ltd.
 
270,000
1,516,822
J & V Energy Technology Co. Ltd.
 
41,000
82,816
Nan Kang Rubber Tire Co. Ltd.
 
254,000
261,317
Run Long Construction Co. Ltd.
 
270,000
274,938
Swancor Holding Co. Ltd.
 
36,000
102,367
USI Corp.
 
408,000
140,801
 
 
2,625,794
Thailand-0.41%
Bangkok Life Assurance PCL, NVDR
 
669,300
521,129
Charoen Pokphand Foods PCL, NVDR
 
2,378,300
1,596,252
Prima Marine PCL, NVDR
 
390,700
118,172
 
 
2,235,553
United Kingdom-22.91%
Auto Trader Group PLC(c)
 
376,394
2,653,844
Berkeley Group Holdings PLC (The)(b)
 
39,409
1,858,632
Centrica PLC
 
2,321,608
4,837,532
Computacenter PLC
 
3
186
DCC PLC
 
36,922
3,152,360
Drax Group PLC
 
168,992
1,679,275
Future PLC
 
38,367
157,462
Grafton Group PLC
 
83,518
1,091,201
Imperial Brands PLC
 
321,077
12,167,073
Inchcape PLC
 
165,705
1,872,600
International Consolidated Airlines Group
S.A.(a)
 
1,469,151
8,599,257
IP Group PLC(b)
 
364,073
308,207
J D Wetherspoon PLC
 
30,548
321,250
JET2 PLC
 
80,597
1,670,234
Johnson Service Group PLC
 
148,253
301,536
Mears Group PLC
 
36,627
212,443
Moonpig Group PLC
 
101,540
375,777
On the Beach Group PLC(c)
 
52,211
131,863
Paragon Banking Group PLC
 
85,145
963,328
PayPoint PLC
 
18,410
153,449
Pearson PLC
 
265,866
4,479,738
QinetiQ Group PLC
 
221,192
1,512,109
Shell PLC
 
642,757
29,376,429
Smiths Group PLC
 
134,198
4,785,046
Standard Chartered PLC
 
902,960
26,658,750
Trainline PLC(b)(c)
 
154,713
493,223
Vodafone Group PLC
 
9,463,904
14,996,839
 
 
124,809,643
United States-6.59%
A.P. Moller - Maersk A/S, Class B
 
1,798
4,830,865
Novartis AG
 
159,452
24,918,507
Sinch AB(b)(c)
 
252,160
1,064,461
Tenaris S.A.
 
177,597
5,083,708
 
 
35,897,541
Total Common Stocks & Other Equity Interests
(Cost $509,069,863)
544,438,427
See accompanying notes which are an integral part of this schedule.

Invesco International BuyBack AchieversTM ETF (IPKW)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
Money Market Funds-0.14%
Invesco Government & Agency Portfolio,
Institutional Class, 3.64%(d)(e)
(Cost $765,575)
 
765,575
$765,575
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-100.08%
(Cost $509,835,438)
545,204,002
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-8.34%
Invesco Private Government Fund,
3.69%(d)(e)(f)
 
11,963,244
11,963,244
 
Shares
Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 3.82%(d)(e)(f)
 
33,487,418
$33,490,767
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $45,452,448)
45,454,011
TOTAL INVESTMENTS IN SECURITIES-108.42%
(Cost $555,287,886)
590,658,013
OTHER ASSETS LESS LIABILITIES-(8.42)%
(45,858,572
)
NET ASSETS-100.00%
$544,799,441
 
Investment Abbreviations:
NVDR-Non-Voting Depositary Receipt
 
Notes to Schedule of Investments:
(a)
All or a portion of this security was out on loan at July 31, 2026.
(b)
Non-income producing security.
(c)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
July 31, 2026 was $39,285,783, which represented 7.21% of the Fund’s Net Assets.
(d)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the nine months ended July 31, 2026.
 
 
Value
October 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
July 31, 2026
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$20,462
$25,645,001
$(24,899,888
)
$-
$-
$765,575
$15,568
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
2,631,740
132,692,034
(123,360,530
)
-
-
11,963,244
583,359
*
Invesco Private Prime
Fund
6,858,390
247,297,270
(220,652,955
)
1,688
(13,626
)
33,490,767
783,973
*
Total
$9,510,592
$405,634,305
$(368,913,373
)
$1,688
$(13,626
)
$46,219,586
$1,382,900
 
*
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 July 31, 2026.
(f)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.

Schedule of Investments
Invesco MSCI Global Climate 500 ETF (KLMT)
July 31, 2026
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.83%
Australia-1.63%
AngloGold Ashanti PLC
 
17,316
$1,307,112
ANZ Group Holdings Ltd.
 
76,571
1,997,493
BHP Group Ltd.
 
112,542
4,734,946
Commonwealth Bank of Australia
 
29,184
3,641,402
CSL Ltd.
 
16,740
1,444,671
Goodman Group
 
75,899
1,577,218
Macquarie Group Ltd.
 
10,405
1,843,672
National Australia Bank Ltd.
 
64,369
1,860,424
Telstra Group Ltd.
 
348,955
1,229,666
Transurban Group
 
181,442
1,880,751
Wesfarmers Ltd.
 
28,764
1,798,315
Westpac Banking Corp.
 
76,565
2,026,545
 
 
25,342,215
Belgium-0.21%
Anheuser-Busch InBev S.A./N.V.
 
20,677
1,791,832
Groupe Bruxelles Lambert N.V.
 
16,182
1,456,275
 
 
3,248,107
Brazil-0.51%
Itau Unibanco Holding S.A., Preference
Shares
 
252,800
2,134,096
Itausa S.A., Preference Shares
 
674,802
1,835,545
MercadoLibre, Inc.(a)
 
874
1,641,328
NU Holdings Ltd., Class A(a)(b)
 
82,619
1,183,930
Telefonica Brasil S.A.
 
187,800
1,206,128
 
 
8,001,027
Canada-2.89%
Agnico Eagle Mines Ltd.
 
14,407
2,090,111
Bank of Montreal(b)
 
14,813
2,655,327
Bank of Nova Scotia (The)
 
28,368
2,486,662
Brookfield Corp.
 
45,994
1,953,397
Cameco Corp.
 
11,818
1,019,169
Canadian Imperial Bank of Commerce
 
19,911
2,356,647
Canadian National Railway Co.
 
13,928
1,769,730
Canadian Pacific Kansas City Ltd.(b)
 
20,849
1,850,602
Celestica, Inc.(a)
 
2,851
942,719
CGI, Inc., Class A
 
16,648
1,217,701
Element Fleet Management Corp.(b)
 
54,463
1,221,375
Enbridge, Inc.
 
44,990
2,446,332
Franco-Nevada Corp.
 
7,233
1,537,705
Loblaw Cos. Ltd.
 
25,725
1,206,802
Manulife Financial Corp.
 
44,855
1,990,713
National Bank of Canada
 
10,869
1,756,814
Restaurant Brands International, Inc.(b)
 
14,343
1,060,044
Royal Bank of Canada
 
25,395
5,311,435
Shopify, Inc., Class A(a)
 
21,626
2,530,960
Toronto-Dominion Bank (The)
 
30,931
3,705,061
Wheaton Precious Metals Corp.
 
22,440
2,439,071
Whitecap Resources, Inc.(b)
 
124,027
1,462,314
 
 
45,010,691
China-2.00%
Alibaba Group Holding Ltd.
 
298,563
4,548,594
Bank of China Ltd., H Shares
 
2,402,327
1,685,417
BYD Co. Ltd., H Shares
 
108,101
1,292,462
China Construction Bank Corp., H Shares
 
1,994,933
2,341,145
China Life Insurance Co. Ltd., H Shares
 
326,404
1,215,307
Industrial & Commercial Bank of China Ltd.,
H Shares
 
1,862,473
1,781,800
Meituan, B Shares(a)(c)
 
136,726
1,614,418
NetEase, Inc.
 
55,691
1,481,878
 
Shares
Value
China-(continued)
PDD Holdings, Inc., ADR(a)
 
13,374
$1,184,402
Ping An Insurance (Group) Co. of China
Ltd., H Shares
 
297,540
2,223,081
TE Connectivity PLC
 
7,884
1,621,660
Tencent Holdings Ltd.
 
123,836
7,567,521
Trip.com Group Ltd.(a)
 
23,545
1,103,208
Xiaomi Corp., B Shares(a)(b)(c)
 
417,148
1,530,874
 
 
31,191,767
Denmark-0.32%
DSV A/S
 
4,735
1,021,010
Novo Nordisk A/S, Class B
 
56,471
2,665,103
Novonesis (Novozymes) B, Class B
 
19,702
1,280,143
 
 
4,966,256
France-1.97%
Airbus SE
 
11,794
2,762,503
AXA S.A.
 
32,389
1,674,926
BNP Paribas S.A.
 
19,784
2,508,261
Danone S.A.
 
18,130
1,407,084
EssilorLuxottica S.A.
 
7,030
1,327,933
Hermes International S.C.A.
 
699
1,235,748
Legrand S.A.
 
9,207
1,396,578
L’Oreal S.A.
 
5,007
2,225,068
LVMH Moet Hennessy Louis Vuitton SE
 
4,638
2,541,149
Orange S.A.
 
84,660
1,613,503
Safran S.A.
 
7,683
3,012,470
Schneider Electric SE
 
11,269
3,777,688
TotalEnergies SE
 
35,453
3,118,509
Vinci S.A.
 
14,227
2,004,223
 
 
30,605,643
Germany-2.08%
Allianz SE
 
6,799
3,378,965
Bayer AG
 
22,980
1,272,418
Bayerische Motoren Werke AG
 
15,123
1,034,246
Deutsche Bank AG
 
41,999
1,542,332
Deutsche Boerse AG
 
5,356
1,609,683
Deutsche Telekom AG
 
68,059
2,095,635
E.ON SE
 
79,179
1,701,930
GEA Group AG
 
18,498
1,311,164
Infineon Technologies AG
 
28,731
2,057,192
Mercedes-Benz Group AG
 
29,968
1,616,693
Muenchener Rueckversicherungs-
Gesellschaft AG in Muenchen, Class R
 
2,824
1,692,553
Rheinmetall AG
 
956
1,260,935
SAP SE
 
19,662
3,595,826
Siemens AG
 
13,717
4,484,198
Siemens Energy AG, Class A
 
15,284
2,605,280
Volkswagen AG, Preference Shares
 
12,332
1,063,354
 
 
32,322,404
Greece-0.12%
Piraeus Bank S.A.(a)
 
154,924
1,802,971
Hong Kong-0.54%
AIA Group Ltd.
 
273,866
2,761,097
CK Asset Holdings Ltd.
 
292,822
1,783,767
Hong Kong Exchanges & Clearing Ltd.
 
48,543
2,529,486
Sino Land Co. Ltd.
 
964,410
1,313,701
 
 
8,388,051
India-0.72%
Bharti Airtel Ltd.
 
99,138
2,048,124
HDFC Bank Ltd.
 
316,404
2,478,016
See accompanying notes which are an integral part of this schedule.

Invesco MSCI Global Climate 500 ETF (KLMT)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
India-(continued)
ICICI Bank Ltd.
 
149,965
$2,253,848
Infosys Ltd.
 
92,996
1,104,704
Mahindra & Mahindra Ltd.
 
44,821
1,595,970
Reliance Industries Ltd.
 
121,994
1,670,276
 
 
11,150,938
Ireland-0.24%
AIB Group PLC
 
102,193
1,212,706
Bank of Ireland Group PLC
 
58,750
1,230,964
Experian PLC
 
33,423
1,259,169
 
 
3,702,839
Israel-0.06%
Teva Pharmaceutical Industries Ltd.,
ADR(a)
 
27,622
967,046
Italy-0.63%
Enel S.p.A.
 
160,821
1,812,123
Intesa Sanpaolo S.p.A.
 
400,166
3,018,161
Prysmian S.p.A.
 
8,027
1,105,176
Terna S.p.A.
 
137,654
1,574,526
UniCredit S.p.A.
 
25,101
2,361,986
 
 
9,871,972
Japan-4.95%
Advantest Corp.
 
13,940
2,752,217
Astellas Pharma, Inc.
 
75,047
1,029,979
Canon, Inc.(b)
 
44,269
1,231,305
Daiichi Sankyo Co. Ltd.
 
50,137
809,680
Daikin Industries Ltd.
 
8,044
1,164,334
Daiwa House Industry Co. Ltd.
 
53,461
1,568,783
Denso Corp.
 
108,134
1,326,766
FANUC Corp.
 
30,103
1,212,101
Fast Retailing Co. Ltd.
 
4,122
2,016,896
Fujikura Ltd.
 
38,426
974,377
Fujitsu Ltd.
 
43,075
992,099
Hitachi Ltd.
 
83,273
2,726,846
Hoya Corp.
 
7,191
1,098,798
Hulic Co. Ltd.(b)
 
130,103
1,429,372
Japan Tobacco, Inc.
 
39,229
1,747,781
KDDI Corp.
 
87,606
1,612,812
Keyence Corp.
 
4,061
2,035,410
Kioxia Holdings Corp.(a)
 
5,318
1,481,203
Komatsu Ltd.
 
30,261
1,312,043
Kyocera Corp.
 
62,187
1,417,217
Mitsubishi Electric Corp.
 
54,599
1,965,344
Mitsubishi Estate Co. Ltd.
 
51,446
1,248,023
Mitsubishi Heavy Industries Ltd.
 
65,152
1,520,956
Mitsubishi UFJ Financial Group, Inc.
 
198,384
4,427,864
Mitsui Fudosan Co. Ltd.
 
126,212
1,228,557
Mizuho Financial Group, Inc.
 
51,560
2,671,072
Murata Manufacturing Co. Ltd.
 
42,982
1,956,971
NEC Corp.
 
33,110
983,244
Nintendo Co. Ltd.
 
22,479
1,071,489
Panasonic Holdings Corp.
 
57,690
1,524,316
Recruit Holdings Co. Ltd.
 
27,407
2,165,735
Secom Co. Ltd.
 
31,731
1,365,817
Sekisui House Ltd.(b)
 
76,692
1,677,698
Shin-Etsu Chemical Co. Ltd.
 
31,705
1,129,436
SoftBank Corp.
 
988,910
1,386,966
SoftBank Group Corp.
 
64,283
2,000,746
Sony Group Corp.
 
114,478
2,673,206
Sumitomo Electric Industries Ltd.
 
69,428
918,194
Sumitomo Mitsui Financial Group, Inc.
 
75,936
3,260,430
 
Shares
Value
Japan-(continued)
Takeda Pharmaceutical Co. Ltd.
 
57,148
$1,960,734
Tokio Marine Holdings, Inc.
 
34,673
1,765,826
Tokyo Electron Ltd.
 
9,178
3,066,235
Toyota Motor Corp.
 
193,480
3,658,788
Toyota Tsusho Corp.
 
37,348
1,548,973
 
 
77,116,639
Mexico-0.32%
Fibra Uno Administracion S.A. de C.V.(b)
 
722,484
1,298,776
Grupo Financiero Banorte S.A.B. de C.V.,
Class O
 
136,901
1,582,649
Southern Copper Corp.
 
11,594
2,118,340
 
 
4,999,765
Netherlands-1.43%
Akzo Nobel N.V.(b)
 
21,308
1,489,103
argenx SE(a)
 
1,322
1,129,737
ASM International N.V.
 
1,537
1,420,282
ASML Holding N.V.
 
6,628
10,897,962
ING Groep N.V.
 
78,434
2,750,080
Koninklijke KPN N.V.
 
267,455
1,260,033
Nebius Group N.V., Class A(a)(b)
 
4,152
790,582
NXP Semiconductors N.V.
 
5,753
1,318,358
Prosus N.V.(a)
 
27,193
1,260,887
 
 
22,317,024
New Zealand-0.09%
Meridian Energy Ltd.
 
408,540
1,366,695
Norway-0.34%
Aker BP ASA
 
38,320
1,365,311
Equinor ASA
 
42,567
1,746,181
Orkla ASA
 
93,978
1,043,165
Var Energi ASA
 
238,316
1,196,456
 
 
5,351,113
Portugal-0.10%
EDP S.A.
 
313,935
1,612,902
Romania-0.10%
NEPI Rockcastle N.V.(a)
 
169,514
1,557,529
Singapore-0.85%
CapitaLand Ascendas REIT
 
956,412
1,913,658
CapitaLand Integrated Commercial Trust
 
952,530
1,846,667
CapitaLand Investment Ltd.(b)
 
647,440
1,340,310
DBS Group Holdings Ltd.
 
50,256
2,896,558
Oversea-Chinese Banking Corp. Ltd.
 
107,615
2,441,713
Singapore Exchange Ltd.
 
85,080
1,620,277
Singapore Telecommunications Ltd.
 
350,476
1,211,336
 
 
13,270,519
South Africa-0.08%
Naspers Ltd.
 
22,674
1,189,192
South Korea-2.02%
Hyundai Motor Co.
 
3,674
973,452
KB Financial Group, Inc.
 
12,885
1,508,020
Samsung Electronics Co. Ltd.
 
83,306
14,499,811
Shinhan Financial Group Co. Ltd.
 
21,126
1,466,567
SK hynix, Inc.
 
9,143
10,383,300
SK Square Co. Ltd.(a)
 
2,203
1,514,813
Woori Financial Group, Inc.
 
51,120
1,183,395
 
 
31,529,358
Spain-0.85%
Amadeus IT Group S.A.
 
19,098
1,176,014
See accompanying notes which are an integral part of this schedule.

Invesco MSCI Global Climate 500 ETF (KLMT)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
Spain-(continued)
Banco Bilbao Vizcaya Argentaria S.A.
 
107,775
$3,014,329
Banco Santander S.A.(b)
 
268,726
3,813,280
Iberdrola S.A.
 
147,727
3,501,139
Industria de Diseno Textil S.A.
 
26,901
1,751,700
 
 
13,256,462
Sweden-0.75%
Assa Abloy AB, Class B
 
47,460
1,757,755
Atlas Copco AB, Class A
 
108,783
2,294,277
Boliden AB
 
40,296
2,023,815
Sandvik AB
 
52,712
1,967,473
Spotify Technology S.A.(a)
 
3,006
1,502,820
Volvo AB, Class B
 
56,292
2,149,250
 
 
11,695,390
Switzerland-2.24%
ABB Ltd.
 
35,956
3,544,750
Cie Financiere Richemont S.A.
 
11,385
2,688,758
Givaudan S.A.
 
451
1,801,244
Lonza Group AG(a)
 
2,214
1,541,966
Nestle S.A.
 
45,320
4,526,423
Philip Morris International, Inc.
 
26,414
5,040,319
Roche Holding AG
 
12,687
5,541,280
Schindler Holding AG, PC
 
4,785
1,505,106
Sika AG(a)
 
8,152
1,832,763
Swisscom AG
 
1,775
1,362,980
UBS Group AG
 
60,173
3,178,245
Zurich Insurance Group AG
 
3,139
2,389,292
 
 
34,953,126
Taiwan-3.69%
ASE Technology Holding Co. Ltd.
 
96,000
1,638,193
Cathay Financial Holding Co. Ltd.
 
596,116
1,855,280
Chang Hwa Commercial Bank Ltd.
 
2,173,000
1,689,370
CTBC Financial Holding Co. Ltd.
 
962,000
1,920,090
Delta Electronics, Inc.
 
44,000
2,164,695
E.Sun Financial Holding Co. Ltd.
 
1,311,356
1,564,070
First Financial Holding Co. Ltd.
 
1,669,775
1,896,964
Fubon Financial Holding Co. Ltd.
 
509,978
2,032,758
Hon Hai Precision Industry Co. Ltd.
 
294,700
2,250,626
MediaTek, Inc.
 
27,213
2,898,939
Mega Financial Holding Co. Ltd.
 
1,258,000
2,062,081
SinoPac Financial Holdings Co. Ltd.
 
1,645,520
2,052,193
Taiwan Cooperative Financial Holding Co.
Ltd.
 
2,562,574
2,183,607
Taiwan Semiconductor Manufacturing Co.
Ltd.
 
392,148
29,005,335
Yuanta Financial Holding Co. Ltd.
 
1,053,379
2,197,548
 
 
57,411,749
United Kingdom-3.46%
3i Group PLC
 
32,843
1,262,507
AstraZeneca PLC
 
26,340
4,474,057
Aviva PLC
 
182,794
1,708,268
BAE Systems PLC
 
78,736
2,225,656
Barclays PLC
 
299,449
2,055,219
British American Tobacco PLC
 
39,510
2,393,157
Compass Group PLC
 
45,265
1,437,429
Diageo PLC
 
60,755
1,332,706
GSK PLC
 
82,193
2,134,082
Haleon PLC
 
305,924
1,495,447
HSBC Holdings PLC
 
287,436
6,111,956
Informa PLC
 
116,216
1,390,158
Lloyds Banking Group PLC
 
1,235,322
1,906,502
 
Shares
Value
United Kingdom-(continued)
London Stock Exchange Group PLC
 
11,459
$1,287,139
National Grid PLC(b)
 
143,414
2,292,057
NatWest Group PLC
 
162,289
1,528,541
Reckitt Benckiser Group PLC
 
19,674
1,386,479
RELX PLC
 
43,906
1,541,969
Rolls-Royce Holdings PLC
 
157,014
3,127,728
Severn Trent PLC
 
34,590
1,400,680
Shell PLC
 
68,481
3,129,841
TechnipFMC PLC
 
19,702
1,411,845
Tesco PLC
 
189,017
1,242,294
Unilever PLC
 
47,370
3,009,566
United Utilities Group PLC
 
73,875
1,373,833
Vodafone Group PLC
 
769,656
1,219,624
 
 
53,878,740
United States-64.64%
3M Co.
 
12,175
2,146,209
Abbott Laboratories
 
33,886
3,581,750
AbbVie, Inc.
 
29,258
7,342,002
Accenture PLC, Class A
 
12,259
2,034,013
Adobe, Inc.(a)
 
8,131
2,036,084
Advanced Micro Devices, Inc.(a)
 
26,071
12,413,707
Aflac, Inc.
 
11,213
1,429,433
Agilent Technologies, Inc.
 
9,986
1,381,763
Airbnb, Inc., Class A(a)
 
9,438
1,430,046
Allstate Corp. (The)
 
5,718
1,510,009
Alphabet, Inc., Class A
 
100,216
35,689,924
Alphabet, Inc., Class C
 
61,803
22,042,040
Altria Group, Inc.
 
33,284
2,274,296
Amazon.com, Inc.(a)
 
150,073
40,756,825
Amcor PLC(b)
 
31,439
1,410,982
American Express Co.
 
10,548
3,546,765
American Tower Corp.
 
11,303
1,959,488
AMETEK, Inc.
 
7,195
1,739,103
Amgen, Inc.
 
10,096
3,888,575
Amphenol Corp., Class A
 
22,537
3,621,696
Analog Devices, Inc.
 
8,993
3,304,118
Aon PLC, Class A
 
5,557
2,003,576
Apollo Global Management, Inc.
 
9,161
1,150,530
Apple, Inc.
 
228,044
70,445,072
Applied Materials, Inc.
 
14,427
7,324,155
AppLovin Corp., Class A(a)
 
3,801
1,504,816
Arista Networks, Inc.(a)
 
19,648
3,543,517
Arthur J. Gallagher & Co.
 
5,789
1,443,892
Astera Labs, Inc.(a)
 
2,934
913,149
AT&T, Inc.
 
132,065
3,070,511
Autodesk, Inc.(a)
 
5,771
1,351,568
Automatic Data Processing, Inc.
 
9,690
2,581,997
AutoZone, Inc.(a)
 
333
1,004,411
AvalonBay Communities, Inc.
 
8,352
1,550,215
Baker Hughes Co., Class A
 
27,253
1,648,534
Bank of America Corp.
 
111,980
6,937,161
Bank of New York Mellon Corp. (The)
 
15,187
2,374,184
Becton, Dickinson and Co.
 
9,243
1,530,826
BlackRock, Inc.
 
2,773
3,023,651
Blackstone, Inc., Class A
 
16,099
2,056,647
Block, Inc., Class A(a)
 
13,158
1,068,956
Bloom Energy Corp., Class A(a)
 
4,706
968,542
Boeing Co. (The)(a)
 
12,497
2,701,102
Booking Holdings, Inc.
 
14,472
2,791,649
Boston Scientific Corp.(a)
 
34,606
1,617,138
BP PLC
 
331,677
2,488,246
Bristol-Myers Squibb Co.
 
40,266
2,629,772
See accompanying notes which are an integral part of this schedule.

Invesco MSCI Global Climate 500 ETF (KLMT)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
United States-(continued)
Broadcom, Inc.
 
69,899
$27,210,283
Broadridge Financial Solutions, Inc.
 
7,977
1,228,059
Cadence Design Systems, Inc.(a)
 
5,247
1,784,085
Capital One Financial Corp.
 
11,787
2,463,601
Cardinal Health, Inc.
 
6,134
1,411,004
Carrier Global Corp.
 
21,879
1,352,341
Caterpillar, Inc.
 
7,825
6,375,888
CBRE Group, Inc., Class A(a)
 
8,540
1,253,757
Cencora, Inc.
 
5,136
1,599,042
Charles Schwab Corp. (The)
 
29,684
3,123,944
Cheniere Energy, Inc.
 
5,197
1,369,773
Chevron Corp.
 
30,878
6,077,717
Chipotle Mexican Grill, Inc.(a)
 
30,548
1,136,997
Chubb Ltd.
 
7,098
2,489,127
Church & Dwight Co., Inc.
 
11,618
1,147,975
Ciena Corp.(a)
 
2,938
1,107,773
Cigna Group (The)
 
4,804
1,340,556
Cintas Corp.
 
6,845
1,400,692
Cisco Systems, Inc.
 
67,352
7,812,158
Citigroup, Inc.
 
30,427
4,030,056
Cloudflare, Inc., Class A(a)
 
6,039
1,684,760
CME Group, Inc., Class A
 
7,629
2,042,970
Coca-Cola Co. (The)
 
71,651
6,275,911
Coherent Corp.(a)
 
3,809
1,001,348
Colgate-Palmolive Co.
 
21,104
1,926,795
Comcast Corp., Class A
 
84,165
2,016,593
Comfort Systems USA, Inc.
 
820
1,418,346
ConocoPhillips
 
25,153
3,030,433
Consolidated Edison, Inc.
 
13,324
1,450,317
Constellation Energy Corp.
 
5,505
1,446,439
Corning, Inc.
 
14,995
2,073,059
Corteva, Inc.
 
19,889
1,565,463
Costco Wholesale Corp.
 
7,025
6,687,027
CrowdStrike Holdings, Inc., Class A(a)
 
16,414
3,132,776
CSX Corp.
 
40,771
2,054,858
Cummins, Inc.
 
3,639
2,307,854
CVS Health Corp.
 
23,285
2,431,653
Danaher Corp.
 
11,356
2,214,193
Datadog, Inc., Class A(a)
 
5,837
1,564,141
Deere & Co.
 
4,855
2,877,413
Dell Technologies, Inc., Class C
 
6,202
2,514,105
Devon Energy Corp.
 
28,744
1,297,217
Diamondback Energy, Inc.
 
10,664
2,164,259
Digital Realty Trust, Inc.
 
7,701
1,451,793
DoorDash, Inc., Class A(a)
 
7,119
1,396,463
Dover Corp.
 
8,808
1,802,293
DuPont de Nemours, Inc.
 
8,519
1,167,103
Eaton Corp. PLC
 
8,115
3,369,348
eBay, Inc.
 
10,023
1,142,722
Ecolab, Inc.
 
8,317
2,309,049
Edwards Lifesciences Corp.(a)
 
14,397
1,239,150
Elevance Health, Inc.
 
4,163
1,564,622
Eli Lilly and Co.
 
12,533
14,398,412
Emerson Electric Co.
 
13,181
1,974,777
EOG Resources, Inc.
 
15,535
2,309,899
Equinix, Inc.
 
1,996
2,034,483
Equity Residential
 
21,509
1,429,273
Exelon Corp.
 
35,264
1,615,796
ExxonMobil Holdings Corp.
 
67,174
10,441,527
Ferrovial N.V.
 
25,194
1,646,639
Flex Ltd.(a)
 
10,391
1,181,976
Ford Motor Co.
 
105,466
1,548,241
 
Shares
Value
United States-(continued)
Fortinet, Inc.(a)
 
12,386
$2,005,913
Freeport-McMoRan, Inc.
 
36,852
2,308,041
GE Vernova, Inc.
 
4,485
4,441,451
General Dynamics Corp.
 
4,576
1,754,530
General Electric Co.
 
17,154
6,176,641
General Mills, Inc.
 
33,703
1,204,882
General Motors Co.
 
20,254
1,799,770
Gilead Sciences, Inc.
 
22,715
2,957,720
Goldman Sachs Group, Inc. (The)
 
5,161
5,255,859
HCA Healthcare, Inc.
 
2,646
1,065,253
Hershey Co. (The)
 
4,415
772,846
Hewlett Packard Enterprise Co.
 
32,172
1,541,039
Hilton Worldwide Holdings, Inc.
 
5,236
1,678,086
Home Depot, Inc. (The)
 
17,632
5,853,119
Honeywell Aerospace, Inc.(a)
 
6,579
1,360,142
Honeywell International, Inc.
 
6,579
1,599,026
Howmet Aerospace, Inc.
 
7,360
2,077,434
HP, Inc.
 
40,570
1,106,344
Ingersoll Rand, Inc.
 
19,798
1,650,757
Intel Corp.(a)
 
69,974
6,311,655
Intercontinental Exchange, Inc.
 
12,048
1,837,079
International Business Machines Corp.
 
15,153
3,388,968
Intuit, Inc.
 
5,344
1,689,078
Intuitive Surgical, Inc.(a)
 
5,869
2,073,694
Iron Mountain, Inc.
 
7,469
913,608
Johnson & Johnson
 
41,035
10,519,322
Johnson Controls International PLC
 
14,674
2,152,089
JPMorgan Chase & Co.
 
42,517
14,957,055
Kenvue, Inc.
 
55,737
1,072,380
Keurig Dr Pepper, Inc.
 
39,130
1,217,726
Keysight Technologies, Inc.(a)
 
5,096
1,626,032
Kimco Realty Corp.
 
61,987
1,579,429
KKR & Co., Inc., Class A
 
13,806
1,400,343
KLA Corp.
 
24,370
4,455,323
Kraft Heinz Co. (The)
 
54,217
1,401,509
L3Harris Technologies, Inc.
 
5,178
1,434,617
Lam Research Corp.
 
22,058
6,463,435
Linde PLC
 
7,507
3,591,199
Lockheed Martin Corp.
 
3,917
2,282,593
Lowe’s Cos., Inc.
 
9,680
2,011,601
Lumentum Holdings, Inc.(a)
 
1,460
1,042,352
Marriott International, Inc., Class A
 
4,100
1,528,603
Marsh & McLennan Cos., Inc.
 
13,139
2,492,337
Marvell Technology, Inc.
 
15,186
2,848,286
Mastercard, Inc., Class A
 
14,039
8,045,751
McDonald’s Corp.
 
13,540
3,664,466
McKesson Corp.
 
2,491
2,132,769
Medtronic PLC
 
27,992
2,390,237
Merck & Co., Inc.
 
42,747
5,565,659
Meta Platforms, Inc., Class A
 
34,459
19,183,670
Micron Technology, Inc.
 
17,833
14,677,094
Microsoft Corp.
 
110,055
51,144,760
Mondelez International, Inc., Class A
 
30,804
1,919,397
Monolithic Power Systems, Inc.
 
952
1,357,581
Monster Beverage Corp.(a)
 
14,428
1,390,571
Moody’s Corp.
 
3,781
1,808,755
Morgan Stanley
 
21,245
4,470,373
Motorola Solutions, Inc.
 
3,380
1,472,835
Nasdaq, Inc.
 
15,919
1,499,411
Netflix, Inc.(a)
 
68,495
4,911,776
Newmont Corp.
 
24,790
2,323,071
NextEra Energy, Inc.
 
31,504
2,738,328
See accompanying notes which are an integral part of this schedule.

Invesco MSCI Global Climate 500 ETF (KLMT)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
United States-(continued)
NIKE, Inc., Class B
 
27,903
$1,163,834
Norfolk Southern Corp.
 
5,286
1,773,347
Northrop Grumman Corp.
 
2,855
1,548,780
Novartis AG
 
33,820
5,285,251
NVIDIA Corp.
 
358,291
71,926,918
ONEOK, Inc.
 
17,979
1,632,673
Oracle Corp.
 
27,545
3,577,269
O’Reilly Automotive, Inc., Class R(a)
 
15,395
1,375,543
Otis Worldwide Corp.
 
18,722
1,347,048
PACCAR, Inc.
 
15,810
2,097,671
Palantir Technologies, Inc., Class A(a)
 
34,577
4,255,046
Palo Alto Networks, Inc.(a)
 
14,237
4,724,264
Parker-Hannifin Corp.
 
2,710
2,646,396
PayPal Holdings, Inc.
 
22,468
1,285,394
PepsiCo, Inc.
 
24,869
3,470,718
Pfizer, Inc.
 
116,914
2,924,019
PNC Financial Services Group, Inc. (The)
 
7,896
1,972,974
PPG Industries, Inc.
 
14,963
1,653,711
Procter & Gamble Co. (The)
 
41,264
5,962,235
Progressive Corp. (The)
 
10,865
2,297,078
Prologis, Inc.
 
20,000
2,892,200
QUALCOMM, Inc.
 
18,200
2,686,502
Quanta Services, Inc.
 
2,792
1,863,269
Regency Centers Corp.
 
19,727
1,583,881
Regeneron Pharmaceuticals, Inc.
 
2,017
1,538,225
Robinhood Markets, Inc., Class A(a)
 
15,021
1,300,218
Rocket Lab Corp.(a)
 
9,675
628,391
Ross Stores, Inc.
 
6,286
1,578,226
Royal Caribbean Cruises Ltd.
 
4,269
1,358,823
RTX Corp.
 
22,896
4,927,677
S&P Global, Inc.
 
6,359
2,619,463
Salesforce, Inc.
 
15,980
2,940,640
Sanofi S.A.
 
24,981
2,146,307
Seagate Technology Holdings PLC
 
3,887
3,327,777
Sempra
 
13,954
1,235,627
ServiceNow, Inc.(a)
 
22,176
2,466,636
Sherwin-Williams Co. (The)
 
5,093
1,735,949
Simon Property Group, Inc.
 
9,196
2,109,286
SLB Ltd.
 
38,973
1,932,671
Snowflake, Inc., Class A(a)
 
7,317
2,145,930
Starbucks Corp.
 
20,765
2,185,516
Stryker Corp.
 
5,928
1,930,750
Synopsys, Inc.(a)
 
3,585
1,393,705
Sysco Corp.
 
17,476
1,489,654
Take-Two Interactive Software, Inc.(a)
 
4,974
1,208,284
Target Corp.
 
10,092
1,458,193
Teradyne, Inc.
 
3,470
1,275,884
Tesla, Inc.(a)
 
43,921
13,668,654
Texas Instruments, Inc.
 
15,082
4,158,711
Thermo Fisher Scientific, Inc.
 
6,729
3,864,465
TJX Cos., Inc. (The)
 
18,667
2,937,066
T-Mobile US, Inc.
 
10,417
1,799,120
 
Shares
Value
United States-(continued)
Trane Technologies PLC
 
5,259
$2,392,582
TransDigm Group, Inc.
 
1,188
1,490,203
Travelers Cos., Inc. (The)
 
4,809
1,800,297
Trimble, Inc.(a)
 
18,310
1,035,980
Truist Financial Corp.
 
34,059
1,765,619
U.S. Bancorp
 
30,630
1,929,996
Uber Technologies, Inc.(a)
 
32,376
2,277,975
Union Pacific Corp.
 
10,868
3,174,869
United Rentals, Inc.
 
1,356
1,463,477
UnitedHealth Group, Inc.
 
14,609
6,053,970
Ventas, Inc.
 
16,872
1,577,701
Verisk Analytics, Inc.
 
5,489
1,069,532
Verizon Communications, Inc.
 
79,080
3,701,735
Vertex Pharmaceuticals, Inc.(a)
 
4,626
2,207,065
Vertiv Holdings Co., Class A
 
6,513
1,573,345
Visa, Inc., Class A
 
28,166
10,312,418
Walmart, Inc.
 
71,684
7,971,261
Walt Disney Co. (The)
 
33,165
3,190,141
Warner Bros. Discovery, Inc.(a)
 
42,961
1,129,874
Waste Management, Inc.
 
6,809
1,542,579
Wells Fargo & Co.
 
50,271
4,345,928
Welltower, Inc.
 
14,537
3,408,054
Western Digital Corp.
 
6,275
3,418,871
Williams Cos., Inc. (The)
 
21,794
1,559,143
Willis Towers Watson PLC
 
4,514
1,516,343
Workday, Inc., Class A(a)
 
8,415
1,349,261
Xylem, Inc.
 
12,121
1,417,793
Yum! Brands, Inc.
 
8,078
1,238,196
 
 
1,006,996,716
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.83%
(Cost $1,158,448,050)
1,555,074,846
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-1.76%
Invesco Private Government Fund,
3.69%(d)(e)(f)
 
7,643,939
7,643,939
Invesco Private Prime Fund, 3.82%(d)(e)(f)
 
19,834,145
19,836,128
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $27,479,376)
27,480,067
TOTAL INVESTMENTS IN SECURITIES-101.59%
(Cost $1,185,927,426)
1,582,554,913
OTHER ASSETS LESS LIABILITIES-(1.59)%
(24,792,347
)
NET ASSETS-100.00%
$1,557,762,566
See accompanying notes which are an integral part of this schedule.

Invesco MSCI Global Climate 500 ETF (KLMT)—(continued)
July 31, 2026
(Unaudited)
Investment Abbreviations:
ADR-American Depositary Receipt
PC-Participation Certificate
REIT-Real Estate Investment Trust
 
Notes to Schedule of Investments:
(a)
Non-income producing security.
(b)
All or a portion of this security was out on loan at July 31, 2026.
(c)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
July 31, 2026 was $3,145,292, which represented less than 1% of the Fund’s Net Assets.
(d)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the nine months ended July 31, 2026.
 
 
Value
October 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
July 31, 2026
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$-
$30,777,909
$(30,777,909
)
$-
$-
$-
$12,186
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
4,071,183
70,122,778
(66,550,022
)
-
-
7,643,939
369,577
*
Invesco Private Prime Fund
10,604,888
127,595,492
(118,363,020
)
800
(2,032
)
19,836,128
442,832
*
Total
$14,676,071
$228,496,179
$(215,690,951
)
$800
$(2,032
)
$27,480,067
$824,595
 
*
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 July 31, 2026.
(f)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.

Schedule of Investments
Invesco MSCI Global Timber ETF (CUT)
July 31, 2026
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.92%
Austria-4.70%
Mayr Melnhof Karton AG
 
2,134
$204,111
Mondi PLC
 
110,965
1,335,917
 
 
1,540,028
Brazil-6.43%
Dexco S.A.(a)
 
115,657
116,097
Klabin S.A.
 
195,561
702,467
Suzano S.A.
 
151,038
1,287,821
 
 
2,106,385
Canada-5.62%
Canfor Corp.(a)
 
13,836
148,040
Cascades, Inc.
 
19,091
183,310
Resolute Forest Products, Inc.(a)(b)
 
13,637
0
Stella-Jones, Inc.
 
11,645
641,996
West Fraser Timber Co. Ltd.
 
13,382
865,964
 
 
1,839,310
Chile-0.92%
Empresas CMPC S.A.
 
266,279
302,565
China-1.96%
Lee & Man Paper Manufacturing Ltd.
 
295,869
151,488
Nine Dragons Paper Holdings Ltd.(a)(c)
 
413,065
398,101
Shandong Sun Paper Industry JSC Ltd., A
Shares
 
42,100
90,762
 
 
640,351
Finland-11.73%
Huhtamaki OYJ
 
23,028
819,398
Metsa Board OYJ(a)(c)
 
36,581
123,750
Stora Enso OYJ, Class R(c)
 
132,661
1,522,105
UBS AG
 
50,613
1,373,863
 
 
3,839,116
India-0.57%
Century Plyboards (India) Ltd.
 
13,937
116,777
JK Paper Ltd.
 
17,165
70,220
 
 
186,997
Indonesia-0.48%
PT Indah Kiat Pulp & Paper Tbk
 
337,420
156,849
Japan-5.76%
Daio Paper Corp.
 
20,270
126,061
Hokuetsu Corp.
 
20,565
117,605
Nippon Paper Industries Co. Ltd.(c)
 
24,855
213,897
Oji Holdings Corp.
 
178,687
981,823
Rengo Co. Ltd.
 
47,598
444,569
 
 
1,883,955
Norway-0.40%
Elopak ASA
 
33,798
129,696
Portugal-1.06%
Altri SGPS S.A.(c)
 
12,765
69,599
Navigator Co. S.A. (The)(c)
 
53,397
200,266
Semapa-Sociedade de Investimento e Gestao
 
3,400
78,747
 
 
348,612
Russia-0.00%
Segezha Group PJSC(a)(b)(d)
 
1,310,077
0
Saudi Arabia-0.26%
Saudi Paper Manufacturing Co.
 
4,567
84,176
 
Shares
Value
South Africa-0.33%
Sappi Ltd.(a)(c)
 
152,699
$109,804
Spain-0.25%
Ence Energia y Celulosa S.A.(a)(c)
 
27,782
82,311
Sweden-8.07%
Billerud AB
 
56,435
449,159
Holmen AB, Class B
 
16,929
573,044
Svenska Cellulosa AB S.C.A., Class B(c)
 
142,570
1,617,875
 
 
2,640,078
Switzerland-3.87%
SIG Group AG(a)(c)
 
69,705
1,265,709
Taiwan-1.02%
Cheng Loong Corp.
 
170,000
110,061
YFY, Inc.
 
249,872
223,447
 
 
333,508
Thailand-0.72%
SCG Packaging PCL, NVDR
 
259,076
235,161
United States-45.77%
Amcor PLC(c)
 
40,969
1,838,689
Avery Dennison Corp.
 
9,752
1,655,207
Graphic Packaging Holding Co.(c)
 
74,347
797,743
International Paper Co.
 
51,166
2,089,108
Packaging Corp. of America
 
7,404
1,820,199
Rayonier, Inc.(c)
 
68,390
1,489,534
Smurfit WestRock PLC
 
42,202
1,940,026
Sonoco Products Co.
 
24,849
1,400,490
Sylvamo Corp.(c)
 
8,195
306,575
Weyerhaeuser Co.
 
65,705
1,644,596
 
 
14,982,167
Total Common Stocks & Other Equity Interests
(Cost $35,232,168)
32,706,778
Money Market Funds-0.03%
Invesco Government & Agency Portfolio,
Institutional Class, 3.64%(e)(f)
(Cost $9,726)
 
9,726
9,726
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from
securities on loan)-99.95%
(Cost $35,241,894)
32,716,504
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-23.61%
Invesco Private Government Fund,
3.69%(e)(f)(g)
 
2,151,226
2,151,226
Invesco Private Prime Fund, 3.82%(e)(f)(g)
 
5,578,308
5,578,866
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $7,730,027)
7,730,092
TOTAL INVESTMENTS IN SECURITIES-123.56%
(Cost $42,971,921)
40,446,596
OTHER ASSETS LESS LIABILITIES-(23.56)%
(7,713,502
)
NET ASSETS-100.00%
$32,733,094
See accompanying notes which are an integral part of this schedule.

Invesco MSCI Global Timber ETF (CUT)—(continued)
July 31, 2026
(Unaudited)
Investment Abbreviations:
NVDR-Non-Voting Depositary Receipt
 
Notes to Schedule of Investments:
(a)
Non-income producing security.
(b)
Security valued using significant unobservable inputs (Level 3). See Note 1.
(c)
All or a portion of this security was out on loan at July 31, 2026.
(d)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at July 31, 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 July 31, 2026.
 
 
Value
October 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
July 31, 2026
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$23,493
$3,358,139
$(3,371,906
)
$-
$-
$9,726
$1,303
Investments Purchased with
Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
2,656,809
18,169,357
(18,674,940
)
-
-
2,151,226
147,099
*
Invesco Private Prime Fund
6,912,980
36,198,807
(37,531,528
)
209
(1,602
)
5,578,866
159,703
*
Total
$9,593,282
$57,726,303
$(59,578,374
)
$209
$(1,602
)
$7,739,818
$308,105
 
*
Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from
borrowers, if any.
 
(f)
The rate shown is the 7-day SEC standardized yield as of July 31, 2026.
(g)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.

Schedule of Investments
Invesco RAFI Developed Markets ex-U.S. ETF (PXF)
July 31, 2026
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.85%
Australia-6.33%
AGL Energy Ltd.(a)
 
175,779
$1,020,939
Ampol Ltd.
 
64,917
1,828,196
AngloGold Ashanti PLC
 
12,627
1,001,574
ANZ Group Holdings Ltd.
 
287,057
7,488,401
APA Group
 
121,398
866,806
Aristocrat Leisure Ltd.
 
31,572
1,416,385
Aurizon Holdings Ltd.
 
368,315
1,081,126
Bendigo & Adelaide Bank Ltd.
 
75,420
605,210
BHP Group Ltd.
 
670,394
28,205,286
BlueScope Steel Ltd.
 
102,711
2,351,456
Brambles Ltd.
 
91,473
1,253,395
Coles Group Ltd.
 
132,544
2,234,928
Commonwealth Bank of Australia
 
83,473
10,415,254
Computershare Ltd.
 
27,471
787,869
Coronado Global Resources, Inc.,
CDI(a)(b)(c)
 
574,329
68,746
CSL Ltd.
 
36,479
3,148,158
Dexus
 
157,643
660,819
Downer EDI Ltd.
 
81,283
441,395
Dyno Nobel Ltd.
 
288,466
762,135
EBOS Group Ltd.
 
17,472
225,981
Endeavour Group Ltd.(a)
 
255,232
621,801
Evolution Mining Ltd.
 
28,582
226,217
Fortescue Ltd.
 
298,944
3,872,009
Glencore PLC(c)
 
3,262,642
23,994,838
Goodman Group
 
54,938
1,141,638
GPT Group (The)
 
189,543
681,450
Insurance Australia Group Ltd.
 
188,455
1,120,777
JB Hi-Fi Ltd.
 
13,727
788,216
Lendlease Corp. Ltd.
 
137,367
290,776
Macquarie Group Ltd.
 
23,062
4,086,377
Medibank Pvt. Ltd.
 
242,375
876,924
Metcash Ltd.(a)
 
238,053
507,353
Mineral Resources Ltd.(c)
 
17,349
703,797
Mirvac Group
 
636,308
796,566
National Australia Bank Ltd.
 
241,918
6,992,029
Northern Star Resources Ltd.
 
57,143
790,471
Orica Ltd.
 
43,023
701,510
Origin Energy Ltd.
 
178,654
1,345,352
QBE Insurance Group Ltd.
 
130,276
2,255,433
Ramsay Health Care Ltd.
 
27,804
862,491
Rio Tinto Ltd.(a)
 
58,905
7,007,434
Rio Tinto PLC
 
181,677
17,627,297
Santos Ltd.
 
519,388
2,879,223
Scentre Group
 
510,752
1,399,687
Sonic Healthcare Ltd.
 
89,079
1,360,791
South32 Ltd.
 
760,608
2,420,418
Stockland
 
304,907
911,014
Suncorp Group Ltd.
 
126,855
1,703,650
Telstra Group Ltd.
 
398,032
1,402,606
Transurban Group
 
159,277
1,650,998
Treasury Wine Estates Ltd.(a)
 
141,351
487,969
Vicinity Ltd.
 
461,720
866,129
Viva Energy Group Ltd.(b)
 
326,182
654,604
Washington H Soul Pattinson & Co. Ltd.(a)
 
863
27,957
Wesfarmers Ltd.
 
67,646
4,229,204
Westpac Banking Corp.
 
277,615
7,347,997
Whitehaven Coal Ltd.
 
198,136
976,697
Woodside Energy Group Ltd.
 
314,382
7,344,502
 
Shares
Value
Australia-(continued)
Woolworths Group Ltd.
 
124,749
$3,474,770
Worley Ltd.
 
115,043
852,322
 
 
183,145,353
Austria-0.48%
ams-OSRAM AG(c)
 
46,818
929,467
ANDRITZ AG
 
3,528
331,581
BAWAG Group AG(b)
 
5,962
1,206,342
Erste Group Bank AG
 
22,740
2,965,945
Mondi PLC
 
126,282
1,520,319
OMV AG
 
42,244
3,082,138
Raiffeisen Bank International AG
 
23,348
1,599,428
voestalpine AG
 
30,884
1,605,128
Wienerberger AG
 
22,323
548,184
 
 
13,788,532
Belgium-0.65%
Ackermans & van Haaren N.V.
 
1,771
548,405
Ageas S.A./N.V.
 
20,275
1,674,120
Anheuser-Busch InBev S.A./N.V.
 
98,762
8,558,538
KBC Group N.V.
 
20,898
2,999,584
Proximus SADP
 
55,648
411,240
Syensqo S.A.(a)
 
14,302
1,269,399
UCB S.A.
 
5,803
1,486,178
Umicore S.A.
 
79,072
1,969,179
 
 
18,916,643
Brazil-0.08%
Yara International ASA
 
48,345
2,278,910
Canada-8.76%
Agnico Eagle Mines Ltd.
 
14,661
2,126,961
Algonquin Power & Utilities Corp.(a)
 
132,235
772,946
Alimentation Couche-Tard, Inc.
 
111,487
7,232,728
AltaGas Ltd.
 
37,316
1,483,755
ARC Resources Ltd.
 
79,931
1,910,458
ATCO Ltd., Class I
 
14,428
820,828
AtkinsRealis Group, Inc.
 
8,142
504,301
B2Gold Corp.
 
158,047
591,472
Bank of Montreal(a)
 
53,265
9,548,098
Bank of Nova Scotia (The)
 
134,584
11,797,266
Barrick Mining Corp., Class C
 
125,268
4,594,246
Bausch Health Cos., Inc.(c)
 
113,940
783,777
Baytex Energy Corp.
 
77,480
352,922
BCE, Inc.(a)
 
108,852
2,359,617
Brookfield Corp.
 
119,491
5,074,865
CAE, Inc.(c)
 
18,450
475,569
Cameco Corp.
 
2,505
216,028
Canadian Apartment Properties REIT(a)
 
24,639
608,752
Canadian Imperial Bank of Commerce
 
65,701
7,776,308
Canadian National Railway Co.
 
41,138
5,227,108
Canadian Natural Resources Ltd.
 
261,730
12,459,158
Canadian Pacific Kansas City Ltd.(a)
 
49,311
4,376,951
Canadian Tire Corp. Ltd., Class A
 
11,523
1,680,583
Capital Power Corp.
 
12,898
605,618
CCL Industries, Inc., Class B
 
12,268
812,853
Celestica, Inc.(c)
 
1,966
650,083
Cenovus Energy, Inc.
 
281,140
8,471,175
CGI, Inc., Class A
 
25,885
1,893,331
Constellation Software, Inc.
 
547
1,170,927
Dollarama, Inc.
 
5,405
735,783
Element Fleet Management Corp.(a)
 
28,446
637,924
Emera, Inc.(a)
 
28,046
1,497,613
Empire Co. Ltd., Class A
 
29,491
1,078,649
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
Canada-(continued)
Enbridge, Inc.
 
219,430
$11,931,511
Fairfax Financial Holdings Ltd.
 
1,883
3,151,053
Finning International, Inc.
 
14,973
991,547
Fortis, Inc.
 
45,973
2,615,137
Franco-Nevada Corp.
 
3,855
819,557
George Weston Ltd.
 
20,602
1,538,633
Gildan Activewear, Inc.
 
14,008
774,866
Great-West Lifeco, Inc.
 
19,937
1,320,843
H&R REIT(a)
 
64,331
505,348
Hydro One Ltd.(a)(b)
 
23,002
957,563
iA Financial Corp., Inc.
 
8,658
1,279,213
Imperial Oil Ltd.
 
21,197
2,746,234
Intact Financial Corp.
 
11,948
2,344,290
Keyera Corp.
 
23,959
1,017,213
Kinross Gold Corp.
 
27,534
634,351
Linamar Corp.
 
9,733
717,322
Loblaw Cos. Ltd.
 
49,606
2,327,099
Magna International, Inc.
 
89,890
6,160,334
Manulife Financial Corp.
 
157,037
6,969,472
Methanex Corp.
 
12,203
677,717
Metro, Inc.
 
26,318
1,748,092
National Bank of Canada
 
21,640
3,497,787
Northland Power, Inc.(a)
 
37,913
589,701
Nutrien Ltd.
 
115,689
7,979,519
Onex Corp.
 
6,533
499,877
Open Text Corp.
 
42,578
1,078,677
Pan American Silver Corp.
 
14,724
633,525
Pembina Pipeline Corp.
 
64,684
3,160,310
Power Corp. of Canada
 
48,380
3,303,849
Quebecor, Inc., Class B
 
15,596
721,184
RB Global, Inc.(a)
 
6,788
744,002
Restaurant Brands International, Inc.
 
20,550
1,518,782
RioCan REIT(a)
 
50,393
796,747
Rogers Communications, Inc., Class B
 
58,518
1,979,730
Royal Bank of Canada
 
83,073
17,374,950
Saputo, Inc.
 
31,787
893,439
Secure Waste Infrastructure Corp.
 
21,685
373,461
Shopify, Inc., Class A(c)
 
13,222
1,547,413
Sun Life Financial, Inc.
 
49,808
4,129,571
Suncor Energy, Inc.
 
200,817
13,476,075
TC Energy Corp.
 
78,903
5,309,508
Teck Resources Ltd., Class B
 
69,398
4,173,230
TELUS Corp.
 
107,489
1,025,201
TFI International, Inc.
 
9,068
1,224,214
Thomson Reuters Corp.(a)
 
9,660
946,960
Toromont Industries Ltd.
 
4,606
692,353
Toronto-Dominion Bank (The)
 
134,940
16,163,751
Tourmaline Oil Corp.
 
47,698
2,104,988
Vermilion Energy, Inc.
 
53,414
635,097
West Fraser Timber Co. Ltd.
 
27,110
1,754,319
Wheaton Precious Metals Corp.
 
7,396
803,894
Whitecap Resources, Inc.(a)
 
150,297
1,772,044
WSP Global, Inc.
 
6,991
853,511
 
 
253,313,717
Chile-0.07%
Antofagasta PLC
 
19,872
988,966
Lundin Mining Corp.
 
42,139
1,042,624
 
 
2,031,590
China-0.17%
China Gas Holdings Ltd.(a)
 
491,400
383,324
GCL Technology Holdings Ltd.(a)(c)
 
4,433,000
344,858
 
Shares
Value
China-(continued)
JOYY, Inc., ADR
 
11,487
$845,099
Kingboard Holdings Ltd.
 
158,500
792,740
Sino Biopharmaceutical Ltd.
 
741,000
475,464
SITC International Holdings Co. Ltd.
 
162,937
821,579
Wilmar International Ltd.
 
419,649
1,281,980
 
 
4,945,044
Colombia-0.02%
Parex Resources, Inc.
 
37,272
645,090
Denmark-0.80%
Carlsberg A/S, Class B
 
10,693
1,571,021
Coloplast A/S, Class B
 
9,410
620,868
Danske Bank A/S
 
48,937
2,809,915
DSV A/S
 
11,579
2,496,784
Genmab A/S(c)
 
4,101
1,177,745
ISS A/S
 
14,860
657,120
Novo Nordisk A/S, Class B
 
168,718
7,962,509
Novonesis (Novozymes) B, Class B
 
18,062
1,173,583
Orsted A/S(b)(c)
 
61,651
1,371,411
Pandora A/S
 
6,804
850,121
Rockwool A/S, Class B
 
20,673
659,024
Tryg A/S
 
25,523
606,007
Vestas Wind Systems A/S
 
48,023
1,289,723
 
 
23,245,831
Finland-1.22%
Elisa OYJ(a)
 
13,068
525,829
Fortum OYJ
 
60,638
1,375,423
Huhtamaki OYJ
 
15,427
548,934
Kesko OYJ, Class B(a)
 
45,199
1,123,700
Kone OYJ, Class B
 
23,163
1,333,422
Metso OYJ
 
42,017
784,711
Neste OYJ
 
92,490
3,270,308
Nokia OYJ
 
870,235
8,025,392
Nordea Bank Abp
 
377,763
7,607,264
Orion OYJ, Class B
 
6,688
623,833
Outokumpu OYJ
 
168,389
1,011,793
Sampo OYJ
 
242,814
2,682,317
Stora Enso OYJ, Class R(a)
 
145,021
1,663,919
Tieto OYJ(a)
 
25,224
538,684
UBS AG
 
98,335
2,669,251
Valmet OYJ(a)
 
19,804
595,801
Wartsila OYJ Abp
 
21,857
739,551
 
 
35,120,132
France-7.76%
Accor S.A.
 
13,452
698,008
Air Liquide S.A.
 
37,671
7,404,780
Airbus SE
 
21,899
5,129,393
Alstom S.A.(a)(c)
 
62,035
1,146,666
Amundi S.A.(b)
 
7,215
786,603
Arkema S.A.
 
24,630
1,673,832
Atos Group(a)(c)
 
7,357
271,948
AXA S.A.
 
190,565
9,854,651
Ayvens S.A.(b)
 
87,131
1,171,681
BNP Paribas S.A.
 
151,528
19,211,070
Bollore SE
 
110,701
493,265
Bouygues S.A.
 
36,342
2,042,524
Bureau Veritas S.A.
 
20,547
655,818
Capgemini SE
 
26,490
3,141,523
Carrefour S.A.
 
255,991
4,687,354
Cie de Saint-Gobain S.A.
 
55,800
5,232,660
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
France-(continued)
Cie Generale des Etablissements Michelin
S.C.A.
 
140,219
$5,654,944
Clariane SE(c)
 
40,835
187,905
Covivio S.A.
 
7,664
466,810
Credit Agricole S.A.
 
137,220
3,059,333
Danone S.A.
 
61,410
4,766,079
Dassault Systemes SE
 
43,910
1,019,264
Eiffage S.A.
 
15,296
2,169,114
Elis S.A.(c)
 
17,826
510,167
Emeis S.A.(c)
 
30,561
514,693
ENGIE S.A.
 
220,307
6,851,738
EssilorLuxottica S.A.
 
17,023
3,215,563
Forvia SE(c)
 
112,468
1,159,283
Gecina S.A.
 
8,182
707,233
Hermes International S.C.A.
 
614
1,085,478
Kering S.A.
 
9,523
3,136,205
Klepierre S.A.
 
20,732
939,546
Legrand S.A.
 
13,136
1,992,555
L’Oreal S.A.
 
13,905
6,179,262
LVMH Moet Hennessy Louis Vuitton SE
 
16,905
9,262,207
Nexans S.A.
 
1,700
258,363
Orange S.A.
 
342,370
6,525,101
Pernod Ricard S.A.
 
29,547
2,297,505
Publicis Groupe S.A.
 
23,046
2,454,168
Renault S.A.
 
111,907
3,525,642
Rexel S.A.
 
51,840
2,146,289
Rubis S.C.A.
 
18,735
722,617
Safran S.A.
 
8,674
3,401,037
Schneider Electric SE
 
27,404
9,186,596
SCOR SE
 
30,280
1,195,212
SEB S.A.
 
9,640
647,831
Societe Generale S.A.
 
100,784
9,452,005
Sodexo S.A.(a)
 
12,797
839,593
SPIE S.A.
 
9,117
489,214
STMicroelectronics N.V.
 
92,138
4,892,658
Teleperformance SE(a)
 
16,841
1,336,851
Thales S.A.
 
4,528
1,286,128
TotalEnergies SE
 
481,829
42,382,535
Unibail-Rodamco-Westfield
 
14,497
1,762,311
Valeo SE
 
129,835
2,241,329
Veolia Environnement S.A.
 
86,649
3,440,283
Vinci S.A.
 
52,194
7,352,810
Worldline S.A.(a)(b)(c)
 
13,200
187,309
 
 
224,502,542
Germany-7.87%
adidas AG
 
16,884
3,116,889
Allianz SE
 
30,335
15,075,878
Aumovio SE(c)
 
20,041
923,269
Aurubis AG
 
6,600
1,385,655
BASF SE
 
256,349
14,848,445
Bayer AG
 
322,326
17,847,413
Bayerische Motoren Werke AG
 
130,474
8,922,981
Beiersdorf AG(a)
 
7,644
708,459
BioNTech SE, ADR(c)
 
20,996
1,901,818
Brenntag SE(a)
 
22,672
1,595,147
Commerzbank AG(a)
 
55,947
2,434,573
Continental AG
 
30,908
2,564,617
Daimler Truck Holding AG
 
68,839
3,884,807
Deutsche Bank AG
 
178,154
6,542,359
Deutsche Boerse AG
 
7,024
2,110,981
Deutsche Lufthansa AG
 
167,692
1,755,631
Deutsche Post AG
 
158,625
10,572,550
 
Shares
Value
Germany-(continued)
Deutsche Telekom AG
 
448,094
$13,797,461
Dr. Ing. h.c. F. Porsche AG, Preference
Shares(a)(b)
 
18,728
914,789
E.ON SE
 
229,788
4,939,228
Evonik Industries AG
 
86,722
1,750,405
Freenet AG
 
15,241
427,323
Fresenius Medical Care AG
 
53,675
2,748,493
Fresenius SE & Co. KGaA
 
69,841
3,581,544
FUCHS SE, Preference Shares(a)
 
13,364
618,036
GEA Group AG
 
11,080
785,366
Hannover Rueck SE
 
3,752
1,079,064
Hapag-Lloyd AG(b)
 
2,175
318,459
Heidelberg Materials AG
 
12,324
2,289,126
Henkel AG & Co. KGaA, Preference Shares
 
35,216
3,063,165
Infineon Technologies AG
 
81,060
5,804,044
K+S AG(a)
 
61,502
1,029,251
KION Group AG
 
12,298
555,261
Knorr-Bremse AG
 
5,012
594,762
LANXESS AG
 
42,583
811,567
LEG Immobilien SE
 
9,681
579,923
Mercedes-Benz Group AG
 
328,879
17,742,138
Merck KGaA
 
13,588
2,240,603
MTU Aero Engines AG
 
1,859
777,682
Muenchener Rueckversicherungs-
Gesellschaft AG in Muenchen, Class R
 
10,466
6,272,757
Porsche Automobil Holding SE,
Preference Shares
 
56,671
1,876,734
Puma SE(c)
 
27,139
863,779
Rheinmetall AG
 
644
849,416
RWE AG
 
64,518
4,234,620
SAP SE
 
52,425
9,587,590
Schaeffler AG
 
29,697
244,231
Siemens AG
 
53,075
17,350,644
Siemens Energy AG, Class A
 
14,900
2,539,824
Siemens Healthineers AG(a)(b)
 
29,184
1,239,987
Symrise AG
 
10,988
1,125,047
Talanx AG
 
4,382
581,119
thyssenkrupp AG
 
143,969
2,015,746
Tkms AG & Co. KGaA(c)
 
2,555
242,863
Traton SE(a)
 
15,196
712,775
Volkswagen AG, Preference Shares(a)
 
138,094
11,907,462
Vonovia SE(a)
 
86,549
2,095,002
Zalando SE(b)(c)
 
31,536
1,026,235
 
 
227,404,993
Guatemala-0.03%
Millicom International Cellular S.A.
 
10,309
984,303
Hong Kong-1.42%
AIA Group Ltd.
 
864,707
8,717,913
CK Asset Holdings Ltd.
 
288,738
1,758,889
CK Hutchison Holdings Ltd.
 
498,417
4,670,285
CLP Holdings Ltd.
 
211,006
2,098,108
Hang Lung Group Ltd.
 
51,000
89,774
Henderson Land Development Co. Ltd.
 
248,867
902,326
HKT Trust & HKT Ltd.
 
423,000
716,147
Hong Kong & China Gas Co. Ltd. (The)
 
1,101,425
986,137
Hong Kong Exchanges & Clearing Ltd.
 
23,078
1,202,552
Hongkong Land Holdings Ltd.
 
161,970
1,313,373
Jardine Matheson Holdings Ltd.
 
20,228
1,343,442
Kerry Properties Ltd.
 
111,000
276,985
Link REIT
 
391,376
1,951,010
MTR Corp. Ltd.(a)
 
192,090
810,543
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
Hong Kong-(continued)
New World Development Co. Ltd.(a)(c)
 
824,075
$723,250
Pacific Basin Shipping Ltd.
 
1,077,000
450,056
Prudential PLC
 
176,178
2,643,771
Sino Land Co. Ltd.
 
424,000
577,565
Sun Hung Kai Properties Ltd.
 
192,426
3,020,406
Swire Pacific Ltd., Class A
 
84,065
1,067,685
Swire Properties Ltd.
 
170,400
519,019
Techtronic Industries Co. Ltd.
 
111,834
1,878,998
WH Group Ltd.
 
1,758,800
1,892,606
Wharf Real Estate Investment Co. Ltd.
 
274,481
928,385
Yue Yuen Industrial Holdings Ltd.(a)
 
260,000
470,600
 
 
41,009,825
Indonesia-0.01%
Golden Agri-Resources Ltd.
 
639,722
141,978
Ireland-0.30%
AIB Group PLC
 
168,619
2,000,972
Bank of Ireland Group PLC
 
73,338
1,536,620
Experian PLC
 
44,611
1,680,663
Glanbia PLC
 
31,469
833,564
Kerry Group PLC, Class A
 
18,245
1,737,917
Kingspan Group PLC
 
10,769
998,656
 
 
8,788,392
Israel-0.49%
Bank Hapoalim B.M.
 
79,840
1,934,776
Bank Leumi le-Israel B.M.
 
81,523
1,922,698
Check Point Software Technologies
Ltd.(c)
 
6,711
853,169
ICL Group Ltd.
 
153,677
783,851
Israel Discount Bank Ltd., Class A
 
88,580
922,759
Mizrahi Tefahot Bank Ltd.
 
9,613
714,061
Nice Ltd., ADR(a)(c)
 
6,914
683,034
Oil Refineries Ltd.
 
427,380
272,119
Teva Pharmaceutical Industries Ltd.,
ADR(c)
 
89,450
3,131,644
ZIM Integrated Shipping Services Ltd.
 
121,761
3,067,160
 
 
14,285,271
Italy-2.53%
A2A S.p.A.
 
268,450
699,660
Assicurazioni Generali S.p.A.(a)
 
106,680
5,394,254
Azimut Holding S.p.A.
 
6,945
294,324
Banca Monte dei Paschi di Siena S.p.A.
 
102,171
1,365,331
Banco BPM S.p.A.
 
104,542
1,904,446
BPER Banca S.p.A.
 
82,529
1,338,009
Coca-Cola HBC AG(c)
 
13,099
881,952
Enel S.p.A.
 
902,371
10,167,871
Eni S.p.A.
 
481,198
13,355,163
Ferrari N.V.
 
2,801
1,098,852
FinecoBank Banca Fineco S.p.A.
 
23,492
642,157
Hera S.p.A.
 
140,280
610,971
Intesa Sanpaolo S.p.A.
 
1,201,348
9,060,895
Iveco Group N.V.(a)
 
35,632
570,054
Leonardo S.p.A.
 
28,000
1,780,545
Moncler S.p.A.(a)
 
11,810
670,224
Nexi S.p.A.(a)(b)
 
121,436
593,803
Poste Italiane S.p.A.(a)
 
31,481
950,234
Prysmian S.p.A.
 
11,224
1,545,346
Ryanair Holdings PLC
 
49,956
1,397,684
Snam S.p.A.
 
172,716
1,168,516
Telecom Italia S.p.A.(c)
 
471,179
3,992,167
Terna S.p.A.
 
90,588
1,036,172
 
Shares
Value
Italy-(continued)
UniCredit S.p.A.
 
120,633
$11,351,478
Unipol Assicurazioni S.p.A.
 
39,271
1,226,000
 
 
73,096,108
Ivory Coast-0.01%
Endeavour Mining PLC
 
5,133
242,737
Japan-22.69%
Advantest Corp.
 
9,393
1,854,489
AEON Co. Ltd.
 
170,259
1,459,673
AGC, Inc.(a)
 
63,779
2,403,486
Air Water, Inc.
 
42,390
664,319
Aisin Corp.
 
146,389
2,016,702
Ajinomoto Co., Inc.
 
58,559
1,804,504
Alfresa Holdings Corp.
 
22,048
319,566
Alps Alpine Co. Ltd.(a)
 
61,456
841,187
Amada Co. Ltd.
 
48,661
834,207
ANA Holdings, Inc.(a)
 
54,559
1,064,831
ARCHION Corp.(c)
 
144,582
244,069
Asahi Group Holdings Ltd.(a)
 
282,360
2,944,545
Asahi Kasei Corp.
 
274,271
2,925,621
Astellas Pharma, Inc.
 
290,875
3,992,101
Bandai Namco Holdings, Inc.
 
54,807
1,586,520
Bridgestone Corp.
 
217,145
5,358,449
Brother Industries Ltd.
 
46,599
1,159,590
Canon, Inc.(a)
 
162,959
4,532,566
Central Japan Railway Co.
 
110,366
2,744,372
Chiba Bank Ltd. (The)(a)
 
51,049
829,179
Chubu Electric Power Co., Inc.
 
174,382
3,017,162
Chugai Pharmaceutical Co. Ltd.
 
29,473
1,277,910
Chugoku Electric Power Co., Inc. (The)(a)
 
100,677
589,548
Coca-Cola Bottlers Japan Holdings, Inc.
 
28,040
673,320
COMSYS Holdings Corp.
 
21,907
718,522
Cosmo Energy Holdings Co. Ltd.
 
32,685
812,755
Dai Nippon Printing Co. Ltd.
 
74,369
1,347,459
Daicel Corp.(a)
 
50,018
450,978
Daifuku Co. Ltd.
 
19,363
712,722
Dai-ichi Life Holdings, Inc.
 
396,420
4,776,180
Daiichi Sankyo Co. Ltd.
 
166,859
2,694,666
Daikin Industries Ltd.
 
33,985
4,919,183
Daito Trust Construction Co. Ltd.
 
59,194
1,248,530
Daiwa House Industry Co. Ltd.
 
96,343
2,827,131
Daiwa Securities Group, Inc.
 
123,347
1,378,799
Daiwabo Holdings Co. Ltd.
 
18,974
422,593
Denka Co. Ltd.(a)
 
27,117
574,011
Denso Corp.
 
380,656
4,670,516
Dentsu Group, Inc.(a)(c)
 
43,492
964,307
DIC Corp.(a)
 
24,030
660,326
Disco Corp.
 
1,883
672,542
Dowa Holdings Co. Ltd.
 
13,839
705,550
East Japan Railway Co.
 
116,876
2,687,120
Ebara Corp.(a)
 
29,452
999,071
Eisai Co. Ltd.
 
60,578
1,819,775
Electric Power Development Co. Ltd.
 
54,305
1,283,690
ENEOS Holdings, Inc.
 
567,335
4,681,823
EXEO Group, Inc.
 
34,883
569,171
FANUC Corp.
 
65,481
2,636,601
Fast Retailing Co. Ltd.
 
4,910
2,402,464
Fuji Electric Co. Ltd.
 
15,483
1,350,172
Fuji Media Holdings, Inc.
 
5,909
147,609
FUJIFILM Holdings Corp.
 
223,430
5,255,499
Fujikura Ltd.
 
31,264
792,769
Fujitsu Ltd.
 
179,445
4,132,960
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
Japan-(continued)
Fukuoka Financial Group, Inc.
 
17,168
$784,162
Furukawa Electric Co. Ltd.
 
72,240
1,377,440
GS Yuasa Corp.
 
18,404
619,323
Hankyu Hanshin Holdings, Inc.(a)
 
32,891
972,443
Hanwa Co. Ltd.
 
28,539
302,886
Haseko Corp.
 
44,814
779,163
Hikari Tsushin, Inc.
 
1,207
294,909
Hitachi Construction Machinery Co. Ltd.
 
19,173
638,560
Hitachi Ltd.
 
331,567
10,857,446
Honda Motor Co. Ltd.
 
1,234,780
12,436,736
Hoya Corp.
 
11,559
1,766,236
Hulic Co. Ltd.(a)
 
52,012
571,428
Ibiden Co. Ltd.
 
14,353
1,434,833
Idemitsu Kosan Co. Ltd.
 
244,745
2,002,103
IHI Corp.
 
38,601
674,428
Iida Group Holdings Co. Ltd.
 
26,488
378,939
INFRONEER Holdings, Inc.
 
43,227
698,825
Inpex Corp.
 
170,684
3,931,074
Isetan Mitsukoshi Holdings Ltd.
 
33,809
754,026
Isuzu Motors Ltd.(a)
 
141,960
2,116,384
ITOCHU Corp.
 
759,304
9,521,789
Iwatani Corp.
 
48,906
622,055
Japan Airlines Co. Ltd.
 
55,413
1,021,298
Japan Exchange Group, Inc.
 
47,012
639,027
Japan Metropolitan Fund Investment
Corp.
 
697
514,463
Japan Post Bank Co. Ltd.
 
198,426
3,833,702
Japan Post Holdings Co. Ltd.
 
331,642
4,902,734
Japan Post Insurance Co. Ltd.
 
114,664
1,261,626
Japan Tobacco, Inc.
 
104,116
4,638,710
JFE Holdings, Inc.(a)
 
243,587
2,761,685
JGC Holdings Corp.
 
43,275
604,795
JTEKT Corp.
 
73,846
1,010,426
JX Advanced Metals Corp.
 
13,889
321,540
Kajima Corp.
 
46,548
1,554,194
Kaneka Corp.
 
12,525
445,258
Kansai Electric Power Co., Inc. (The)(a)
 
174,609
2,642,369
Kansai Paint Co. Ltd.(a)
 
31,892
564,113
Kao Corp.
 
121,370
2,493,011
Kawasaki Heavy Industries Ltd.
 
61,555
1,050,854
Kawasaki Kisen Kaisha Ltd.(a)
 
57,703
1,027,425
KDDI Corp.
 
427,285
7,866,245
Keyence Corp.
 
6,145
3,079,929
Kikkoman Corp.
 
73,886
760,376
Kintetsu Group Holdings Co. Ltd.
 
32,099
696,713
Kioxia Holdings Corp.(c)
 
2,218
617,771
Kirin Holdings Co. Ltd.
 
152,343
2,816,184
Kobe Steel Ltd.
 
125,524
1,623,473
Koito Manufacturing Co. Ltd.
 
51,816
865,349
Komatsu Ltd.
 
127,939
5,547,123
Konami Group Corp.
 
4,341
558,784
Konica Minolta, Inc.
 
174,829
638,278
K’s Holdings Corp.
 
37,406
442,754
Kubota Corp.
 
217,155
3,681,366
Kuraray Co. Ltd.
 
80,764
925,622
Kurita Water Industries Ltd.
 
11,658
625,998
Kyocera Corp.
 
237,309
5,408,179
Kyowa Kirin Co. Ltd.
 
36,090
578,899
Kyushu Electric Power Co., Inc.
 
102,038
1,129,630
Kyushu Railway Co.
 
20,469
461,550
Lixil Corp.(a)
 
99,233
1,076,942
LY Corp.
 
371,723
1,034,931
 
Shares
Value
Japan-(continued)
Macnica Holdings, Inc.
 
16,577
$335,342
Makita Corp.
 
33,804
1,088,020
Marubeni Corp.
 
187,958
6,070,353
MatsukiyoCocokara & Co.
 
48,395
771,666
Mazda Motor Corp.
 
393,537
2,866,955
Mebuki Financial Group, Inc.
 
79,072
732,128
Medipal Holdings Corp.
 
23,449
421,916
MEIJI Holdings Co. Ltd.
 
63,241
1,502,944
MINEBEA MITSUMI, Inc.
 
63,844
1,452,896
MISUMI Group, Inc.
 
36,280
862,486
Mitsubishi Chemical Group Corp.
 
383,514
2,820,095
Mitsubishi Corp.
 
473,699
14,149,508
Mitsubishi Electric Corp.
 
216,610
7,797,088
Mitsubishi Estate Co. Ltd.
 
92,108
2,234,437
Mitsubishi Gas Chemical Co., Inc.
 
44,209
1,141,071
Mitsubishi HC Capital, Inc.(a)
 
133,578
1,228,953
Mitsubishi Heavy Industries Ltd.
 
129,266
3,017,680
Mitsubishi Materials Corp.
 
42,899
1,112,582
Mitsubishi Motors Corp.(a)
 
394,357
902,207
Mitsubishi UFJ Financial Group, Inc.
 
713,096
15,916,063
Mitsui & Co. Ltd.
 
348,989
10,700,407
Mitsui Chemicals, Inc.
 
114,677
1,506,611
Mitsui Fudosan Co. Ltd.
 
260,597
2,536,671
Mitsui Kinzoku Co. Ltd.
 
5,407
1,017,226
Mitsui OSK Lines Ltd.(a)
 
74,899
2,764,830
Mizuho Financial Group, Inc.
 
183,178
9,489,560
MS&AD Insurance Group Holdings, Inc.
 
152,826
4,700,984
Murata Manufacturing Co. Ltd.
 
195,914
8,919,968
Nagase & Co. Ltd.
 
55,700
392,571
Nagoya Railroad Co. Ltd.(a)
 
39,060
463,966
NEC Corp.
 
113,166
3,360,608
Nexon Co. Ltd.
 
26,624
416,949
NGK Corp.
 
45,428
1,553,120
NH Foods Ltd.
 
25,945
1,018,172
NHK Spring Co. Ltd.
 
14,555
322,435
Nichirei Corp.
 
47,433
659,252
Nidec Corp.(a)(c)
 
152,551
2,447,794
Nikon Corp.
 
84,975
1,008,942
Nintendo Co. Ltd.
 
79,370
3,783,268
Nippon Building Fund, Inc.
 
670
564,724
Nippon Electric Glass Co. Ltd.
 
14,517
477,869
Nippon Express Holdings, Inc., Class H
 
59,098
1,948,951
Nippon Paint Holdings Co. Ltd.(a)
 
99,324
748,928
Nippon Paper Industries Co. Ltd.
 
38,403
330,489
Nippon Sanso Holdings Corp.
 
15,831
568,684
Nippon Steel Corp.(a)
 
1,402,359
5,708,654
Nippon Television Holdings, Inc.
 
9,587
174,930
Nippon Yusen K.K.(a)
 
111,368
4,273,031
Nissan Chemical Corp.
 
13,904
645,807
Nissan Motor Co. Ltd.(a)(c)
 
1,837,678
3,876,923
Nisshin Seifun Group, Inc.
 
47,984
606,980
Nissin Foods Holdings Co. Ltd.(a)
 
31,734
573,261
Nissui Corp.
 
65,066
512,696
Niterra Co. Ltd.
 
23,560
1,374,835
Nitori Holdings Co. Ltd.(a)
 
61,427
990,255
Nitto Denko Corp.
 
84,426
1,781,431
Nomura Holdings, Inc.
 
286,600
2,770,621
Nomura Real Estate Master Fund, Inc.
 
454
433,898
Nomura Research Institute Ltd.
 
28,237
834,721
NSK Ltd.
 
138,510
985,856
NTT, Inc.
 
6,800,105
6,513,083
Obayashi Corp.
 
84,540
1,660,323
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
Japan-(continued)
Oji Holdings Corp.
 
226,353
$1,243,731
Olympus Corp.
 
132,062
1,508,250
Omron Corp.
 
43,871
1,465,916
Ono Pharmaceutical Co. Ltd.
 
85,720
1,280,119
Open House Group Co. Ltd.
 
4,506
239,258
Oriental Land Co. Ltd.
 
33,928
676,681
ORIX Corp.
 
118,198
4,766,800
Osaka Gas Co. Ltd.
 
58,887
2,018,826
Otsuka Corp.(a)
 
32,903
678,427
Otsuka Holdings Co. Ltd.
 
57,893
4,011,243
Pan Pacific International Holdings Corp.
 
123,809
702,061
Panasonic Holdings Corp.
 
548,211
14,485,126
Persol Holdings Co. Ltd.
 
342,013
567,391
Recruit Holdings Co. Ltd.
 
83,560
6,603,013
Renesas Electronics Corp.
 
166,253
3,329,824
Rengo Co. Ltd.
 
65,157
608,571
Resona Holdings, Inc.
 
167,233
2,266,106
Resonac Holdings Corp.(a)
 
24,272
2,020,313
Ricoh Co. Ltd.
 
138,066
1,353,818
Rohm Co. Ltd.
 
61,294
1,624,081
Ryohin Keikaku Co. Ltd.
 
24,343
638,043
Sankyu, Inc.
 
8,715
515,128
Santen Pharmaceutical Co. Ltd.
 
54,383
641,573
Sanwa Holdings Corp.
 
23,498
503,325
SBI Holdings, Inc.
 
45,653
861,201
SCREEN Holdings Co. Ltd.
 
12,600
960,462
Secom Co. Ltd.
 
47,541
2,046,336
Seiko Epson Corp.
 
85,871
1,571,718
Seino Holdings Co. Ltd.
 
28,236
465,883
Sekisui Chemical Co. Ltd.(a)
 
86,903
1,445,275
Sekisui House Ltd.(a)
 
134,856
2,950,081
Seven & i Holdings Co. Ltd.(a)
 
403,444
5,345,685
SG Holdings Co. Ltd.(a)
 
94,204
936,552
Sharp Corp.(a)(c)
 
105,478
407,162
Shimadzu Corp.
 
29,290
744,357
SHIMAMURA Co. Ltd.
 
25,812
542,898
Shimano, Inc.
 
10,806
1,363,016
Shimizu Corp.
 
61,425
904,159
Shin-Etsu Chemical Co. Ltd.
 
185,342
6,602,488
Shionogi & Co. Ltd.
 
86,758
1,567,514
Shiseido Co. Ltd.(a)
 
66,135
1,305,423
Shizuoka Financial Group, Inc.
 
40,766
803,504
SMC Corp.
 
5,511
2,379,290
SoftBank Corp.
 
3,444,289
4,830,685
SoftBank Group Corp.
 
225,802
7,027,869
Sojitz Corp.
 
44,312
1,479,371
Sompo Holdings, Inc.
 
94,435
4,189,437
Sony Financial Group, Inc.
 
541,942
525,010
Sony Group Corp.
 
490,214
11,447,115
Stanley Electric Co. Ltd.
 
29,511
642,581
Subaru Corp.
 
176,361
2,999,833
SUMCO Corp.
 
79,599
1,617,030
Sumitomo Chemical Co. Ltd.
 
644,317
2,083,316
Sumitomo Corp.
 
607,364
6,299,665
Sumitomo Electric Industries Ltd.
 
377,444
4,991,743
Sumitomo Forestry Co. Ltd.(a)
 
117,935
993,964
Sumitomo Heavy Industries Ltd.(a)
 
35,035
1,131,720
Sumitomo Metal Mining Co. Ltd.
 
45,671
2,293,942
Sumitomo Mitsui Financial Group, Inc.
 
334,785
14,374,514
Sumitomo Mitsui Trust Group, Inc.
 
243,336
2,500,261
Sumitomo Realty & Development Co. Ltd.
 
47,540
1,064,775
Sumitomo Rubber Industries Ltd.
 
61,245
865,886
 
Shares
Value
Japan-(continued)
Suntory Beverage & Food Ltd.
 
25,442
$737,060
Suzuken Co. Ltd.
 
10,618
338,491
Suzuki Motor Corp.
 
349,342
4,556,717
Sysmex Corp.(a)
 
68,851
694,699
T&D Holdings, Inc.
 
39,534
1,245,008
Taiheiyo Cement Corp.
 
29,872
755,869
Taisei Corp.
 
15,803
1,279,117
Taiyo Yuden Co. Ltd.
 
22,323
1,379,439
Takashimaya Co. Ltd.(a)
 
44,227
631,787
Takeda Pharmaceutical Co. Ltd.
 
330,537
11,340,647
TDK Corp.
 
199,535
3,833,861
Teijin Ltd.
 
57,627
586,864
Terumo Corp.
 
128,684
1,886,358
TIS, Inc.
 
24,976
598,333
Tobu Railway Co. Ltd.
 
31,709
614,612
Toho Gas Co. Ltd.
 
48,304
349,577
Tohoku Electric Power Co., Inc.
 
134,877
990,366
Tokio Marine Holdings, Inc.
 
129,760
6,608,416
Tokyo Electric Power Co. Holdings,
Inc.(a)(c)
 
668,154
2,155,391
Tokyo Electron Ltd.
 
22,731
7,594,093
Tokyo Gas Co. Ltd.
 
60,796
2,345,253
Tokyo Tatemono Co. Ltd.
 
22,442
473,198
Tokyu Corp.(a)
 
73,778
809,320
Tokyu Fudosan Holdings Corp.
 
89,223
741,012
TOPPAN Holdings, Inc.
 
54,017
1,513,541
Toray Industries, Inc.
 
294,800
2,116,027
Tosoh Corp.
 
68,067
1,143,921
TOTO Ltd.
 
28,064
1,217,036
Toyo Seikan Group Holdings Ltd.
 
21,068
534,913
Toyo Suisan Kaisha Ltd.
 
8,881
575,812
Toyo Tire Corp.
 
20,592
545,779
Toyoda Gosei Co. Ltd.
 
24,523
845,981
Toyota Boshoku Corp.
 
33,539
467,639
Toyota Motor Corp.
 
1,432,242
27,084,298
Toyota Tsusho Corp.
 
96,694
4,010,293
Trend Micro, Inc.
 
13,149
529,398
Tsuruha Holdings, Inc.(a)
 
17,073
260,436
UBE Corp.(a)
 
35,857
709,545
Unicharm Corp.(a)
 
137,655
872,482
West Japan Railway Co.(a)
 
65,610
1,237,116
Yakult Honsha Co. Ltd.(a)
 
37,088
655,876
Yamada Holdings Co. Ltd.
 
180,104
803,860
Yamaha Corp.
 
101,275
784,455
Yamaha Motor Co. Ltd.(a)
 
322,010
2,691,547
Yamato Holdings Co. Ltd.
 
67,951
881,147
Yamazaki Baking Co. Ltd.(a)
 
26,757
565,024
Yaskawa Electric Corp.(a)
 
24,629
732,845
Yokogawa Electric Corp.
 
24,657
878,722
Yokohama Financial Group, Inc.
 
87,870
999,454
Yokohama Rubber Co. Ltd. (The)
 
23,725
1,126,109
 
 
656,194,687
Luxembourg-0.39%
Aperam S.A.
 
15,093
795,457
ArcelorMittal S.A.
 
128,514
9,057,429
Eurofins Scientific SE
 
10,358
814,999
SES S.A., FDR
 
83,818
555,198
 
 
11,223,083
Macau-0.02%
Galaxy Entertainment Group Ltd.
 
123,569
538,939
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
Netherlands-2.30%
Aalberts N.V.
 
16,160
$798,539
ABN AMRO Bank N.V., CVA(b)
 
100,195
4,522,356
Adyen N.V.(b)(c)
 
473
480,059
Akzo Nobel N.V.(a)
 
42,397
2,962,900
Argenx SE, ADR(c)
 
809
690,740
ASM International N.V.
 
1,117
1,032,177
ASML Holding N.V.
 
6,970
11,460,289
ASR Nederland N.V.
 
14,346
1,170,241
Heineken Holding N.V.(a)
 
19,694
1,653,043
Heineken N.V.
 
32,821
2,964,928
IMCD N.V.(a)
 
5,639
616,393
ING Groep N.V.
 
313,130
10,979,072
Koninklijke Ahold Delhaize N.V.
 
204,943
8,088,261
Koninklijke KPN N.V.
 
316,133
1,489,365
Koninklijke Philips N.V.
 
119,739
3,147,756
Magnum Ice Cream Co. N.V. (The)(c)
 
54,498
1,016,158
NN Group N.V.
 
37,409
3,518,268
NXP Semiconductors N.V.
 
15,825
3,626,457
Prosus N.V.(c)
 
38,311
1,776,407
Randstad N.V.
 
42,619
1,797,696
SBM Offshore N.V.
 
19,082
711,028
Universal Music Group N.V.
 
35,579
585,715
Wolters Kluwer N.V.
 
16,099
1,261,062
 
 
66,348,910
New Zealand-0.02%
Fletcher Building Ltd.(c)
 
105,107
224,848
Spark New Zealand Ltd.
 
254,632
287,193
 
 
512,041
Norway-0.77%
Aker BP ASA
 
66,854
2,381,955
DNB Bank ASA
 
87,602
2,818,670
Equinor ASA
 
269,697
11,063,492
Mowi ASA
 
45,630
976,487
Norsk Hydro ASA
 
243,775
2,246,999
Orkla ASA
 
70,242
779,693
Telenor ASA
 
85,861
1,212,907
Wallenius Wilhelmsen ASA
 
52,013
811,263
 
 
22,291,466
Poland-0.40%
Bank Polska Kasa Opieki S.A.
 
15,165
997,529
Erste Bank Polska S.A.
 
2,128
418,679
KGHM Polska Miedz S.A.
 
15,801
1,307,102
ORLEN S.A.
 
134,594
5,329,810
PGE Polska Grupa Energetyczna S.A.(c)
 
183,215
494,147
Powszechna Kasa Oszczednosci Bank
Polski S.A.
 
43,373
1,296,457
Powszechny Zaklad Ubezpieczen S.A.
 
70,773
1,344,985
Tauron Polska Energia S.A.
 
177,281
427,282
 
 
11,615,991
Portugal-0.15%
EDP S.A.
 
436,706
2,243,663
Galp Energia SGPS S.A.
 
66,236
1,500,869
Jeronimo Martins SGPS S.A.
 
33,152
663,361
 
 
4,407,893
Russia-0.00%
Evraz PLC(c)(d)
 
48,360
0
Raspadskaya PAO(c)(d)
 
546
0
 
 
0
 
Shares
Value
Singapore-0.96%
CapitaLand Ascendas REIT
 
348,900
$698,104
CapitaLand Integrated Commercial Trust
 
438,579
850,272
ComfortDelGro Corp. Ltd.
 
422,060
440,699
DBS Group Holdings Ltd.
 
120,802
6,962,553
Grab Holdings Ltd., Class A(a)(c)
 
78,607
275,124
Keppel Ltd.
 
120,913
1,078,733
Keppel REIT
 
10,396
7,450
Olam Group Ltd.
 
200,018
218,072
Oversea-Chinese Banking Corp. Ltd.
 
299,872
6,803,897
Sea Ltd., ADR(c)
 
9,826
1,048,827
Singapore Airlines Ltd.
 
235,496
1,411,209
Singapore Telecommunications Ltd.
 
533,265
1,843,103
United Overseas Bank Ltd.
 
141,915
4,794,390
UOL Group Ltd.
 
100,067
771,338
Venture Corp. Ltd.
 
42,809
532,830
 
 
27,736,601
South Africa-0.29%
Anglo American PLC
 
164,454
8,312,555
South Korea-8.34%
BNK Financial Group, Inc.(a)
 
62,507
655,122
Celltrion, Inc.(c)
 
6,060
780,964
CJ CheilJedang Corp.
 
4,758
632,612
CJ Corp.(a)
 
5,637
505,605
DB Insurance Co. Ltd.(a)
 
6,063
656,560
DL E&C Co. Ltd.
 
14,982
599,186
Doosan Enerbility Co. Ltd.(c)
 
11,510
527,490
E-MART, Inc.
 
13,507
743,441
GS Engineering & Construction Corp.(a)
 
33,629
534,564
GS Holdings Corp.
 
19,919
1,232,366
Hana Financial Group, Inc.
 
38,649
3,340,784
Hankook Tire & Technology Co. Ltd.
 
19,515
909,117
Hanwha Corp.
 
8,920
524,301
Hanwha Solutions Corp.(a)(c)
 
32,006
563,357
HD Hyundai Co. Ltd.
 
6,291
863,846
HD Korea Shipbuilding & Offshore
Engineering Co. Ltd.(a)
 
2,741
727,900
HMM Co. Ltd.(a)
 
63,389
923,652
Hyundai Engineering & Construction Co.
Ltd.(a)
 
13,964
904,792
Hyundai Glovis Co. Ltd.(a)
 
6,001
823,010
Hyundai Mobis Co. Ltd.
 
13,538
4,378,270
Hyundai Motor Co.(a)
 
38,211
10,124,275
Hyundai Steel Co.(a)
 
54,101
982,483
Industrial Bank of Korea(a)
 
42,512
609,493
Kakao Corp.(a)
 
20,975
540,546
KB Financial Group, Inc.(a)
 
40,545
4,745,260
Kia Corp.(a)
 
59,006
5,319,994
Korea Electric Power Corp.
 
63,284
1,520,738
Korea Gas Corp.
 
24,185
583,220
Korea Zinc Co. Ltd.
 
842
574,128
Korean Air Lines Co. Ltd.
 
55,691
986,617
KT&G Corp.
 
10,351
1,288,062
Kumho Petrochemical Co. Ltd.
 
6,225
494,757
LG Chem Ltd.(a)
 
14,752
2,612,844
LG Corp.(a)
 
20,426
1,416,170
LG Display Co. Ltd.(a)(c)
 
158,768
998,874
LG Electronics, Inc.(a)
 
47,390
5,252,792
LG H&H Co. Ltd.(a)
 
3,540
707,310
LG Innotek Co. Ltd.(a)
 
4,569
1,578,078
LG Uplus Corp.
 
69,571
713,349
LOTTE Chemical Corp.
 
12,438
484,899
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
South Korea-(continued)
LS Corp.(a)
 
3,133
$565,406
NAVER Corp.(a)
 
13,167
1,884,997
POSCO Holdings, Inc.(a)
 
29,719
6,417,006
Samsung C&T Corp.
 
9,719
2,264,165
Samsung E&A Co. Ltd.
 
22,406
663,260
Samsung Electro-Mechanics Co. Ltd.
 
5,713
4,365,572
Samsung Electronics Co. Ltd.
 
687,235
119,616,568
Samsung Fire & Marine Insurance Co. Ltd.
 
3,391
1,467,632
Samsung Life Insurance Co. Ltd.
 
7,559
1,584,520
Samsung SDI Co. Ltd.(c)
 
7,701
2,099,920
Samsung SDS Co. Ltd.(a)
 
7,200
1,014,969
Shinhan Financial Group Co. Ltd.
 
67,348
4,675,297
SK hynix, Inc.
 
18,166
20,630,322
SK Innovation Co. Ltd.(c)
 
19,433
1,488,532
SK Telecom Co. Ltd.
 
31,506
1,780,355
SK, Inc.(a)
 
12,681
4,737,573
S-Oil Corp.(a)
 
11,503
1,030,164
Woori Financial Group, Inc.
 
106,098
2,456,100
 
 
241,103,186
Spain-2.75%
ACS Actividades de Construccion y
Servicios S.A.
 
13,462
1,712,146
Aena S.M.E. S.A.(b)
 
24,948
767,360
Amadeus IT Group S.A.
 
21,947
1,351,449
Banco Bilbao Vizcaya Argentaria S.A.
 
473,220
13,235,360
Banco de Sabadell S.A.
 
440,906
1,688,923
Banco Santander S.A.(a)
 
1,468,678
20,840,858
Bankinter S.A.
 
41,366
759,210
CaixaBank S.A.
 
212,773
3,083,847
Cellnex Telecom S.A.(b)
 
31,704
982,635
Enagas S.A.
 
34,075
662,714
Endesa S.A.
 
34,085
1,656,027
Grifols S.A.(a)
 
78,882
904,528
Iberdrola S.A.(a)
 
411,641
9,755,917
Industria de Diseno Textil S.A.
 
54,766
3,566,172
Mapfre S.A.
 
152,763
779,380
Merlin Properties SOCIMI S.A.
 
32,694
566,945
Naturgy Energy Group S.A.
 
17,623
586,576
Redeia Corp. S.A.(a)
 
55,921
984,058
Repsol S.A.
 
358,909
10,929,582
Telefonica S.A.(a)
 
1,140,854
4,699,620
 
 
79,513,307
Sweden-1.95%
Alfa Laval AB(a)
 
14,679
867,055
Assa Abloy AB, Class B
 
58,750
2,175,897
Atlas Copco AB, Class A
 
166,437
3,510,223
Autoliv, Inc.
 
9,054
1,115,181
Billerud AB(a)
 
56,655
450,910
Boliden AB
 
37,208
1,868,724
Castellum AB(a)
 
44,319
620,870
Electrolux AB, Class B(c)
 
220,213
643,543
Epiroc AB, Class A
 
44,279
1,133,046
EQT AB(a)
 
14,257
483,347
Essity AB, Class B
 
72,203
2,093,634
Evolution AB(b)(c)
 
9,089
692,390
Getinge AB, Class B
 
14,313
356,091
H & M Hennes & Mauritz AB, Class B(a)
 
61,419
1,122,713
Hexagon AB, Class B
 
137,823
1,357,854
Holmen AB, Class B
 
6,644
224,898
Husqvarna AB, Class B(a)
 
125,719
512,955
NIBE Industrier AB, Class B(a)
 
126,584
506,469
 
Shares
Value
Sweden-(continued)
Sandvik AB
 
63,302
$2,362,745
Securitas AB, Class B
 
60,515
970,321
Skandinaviska Enskilda Banken AB,
Class A(a)
 
140,654
3,289,726
Skanska AB, Class B
 
52,306
1,464,982
SKF AB, Class B
 
54,543
1,473,575
Spotify Technology S.A.(c)
 
1,931
965,384
SSAB AB, Class B(a)
 
231,322
2,431,932
Svenska Cellulosa AB S.C.A., Class B
 
65,555
743,914
Svenska Handelsbanken AB, Class A(a)
 
158,700
2,422,086
Swedbank AB, Class A
 
89,737
3,582,780
Tele2 AB, Class B
 
65,432
1,131,434
Telefonaktiebolaget LM Ericsson, Class B
 
495,425
4,864,247
Telia Co. AB
 
304,585
1,408,877
Trelleborg AB, Class B
 
20,574
912,892
Volvo AB, Class B(a)
 
212,920
8,129,365
Volvo Car AB, Class B(a)(c)
 
257,633
545,385
 
 
56,435,445
Switzerland-4.09%
ABB Ltd.
 
60,945
6,008,310
Adecco Group AG
 
66,155
1,847,743
Barry Callebaut AG
 
425
591,681
Bucher Industries AG
 
587
230,457
Chocoladefabriken Lindt & Spruengli AG,
PC
 
89
1,026,483
Cie Financiere Richemont S.A.
 
23,950
5,656,192
Clariant AG(c)
 
59,577
676,495
DKSH Holding AG
 
6,999
580,596
DSM-Firmenich AG(a)(c)
 
33,181
3,569,107
Galderma Group AG, Class A(c)
 
1,760
382,712
Galenica AG(b)(c)
 
5,003
531,083
Geberit AG
 
1,475
971,158
Givaudan S.A.
 
409
1,633,501
Helvetia Baloise Holding AG
 
3,831
1,026,595
Julius Baer Group Ltd.(a)
 
16,173
1,420,885
Kuehne + Nagel International AG, Class R
 
7,010
1,783,855
Logitech International S.A., Class R
 
11,201
1,143,113
Lonza Group AG(c)
 
3,073
2,140,226
Nestle S.A.
 
206,687
20,643,266
Partners Group Holding AG(a)
 
792
659,665
PSP Swiss Property AG
 
2,876
518,492
Roche Holding AG
 
71,563
31,256,454
Sandoz Group AG
 
27,868
2,270,055
Schindler Holding AG, PC
 
3,105
976,667
SGS S.A.
 
6,700
793,337
Sika AG(c)
 
10,156
2,283,310
Sonova Holding AG, Class A
 
3,149
857,321
Sunrise Communications AG(c)
 
10,788
569,354
Swatch Group AG (The), BR
 
6,943
1,551,141
Swiss Life Holding AG
 
1,755
2,069,361
Swiss Prime Site AG(c)
 
4,944
805,769
Swisscom AG
 
2,331
1,789,919
UBS Group AG
 
211,072
11,148,496
Zurich Insurance Group AG
 
11,654
8,870,597
 
 
118,283,396
United Kingdom-11.57%
3i Group PLC
 
62,041
2,384,897
Aberdeen Group PLC
 
343,946
1,117,907
Admiral Group PLC
 
19,349
979,394
Associated British Foods PLC(a)
 
59,709
1,675,006
AstraZeneca PLC
 
81,699
13,877,221
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
United Kingdom-(continued)
Aviva PLC
 
266,481
$2,490,349
B&M European Value Retail PLC
 
391,040
1,173,739
BAE Systems PLC
 
175,075
4,948,902
Balfour Beatty PLC
 
76,085
885,663
Barclays PLC
 
1,922,164
13,192,458
Barratt Redrow PLC
 
338,593
1,343,645
Beazley PLC
 
18,313
317,808
Bellway PLC
 
29,731
799,873
Berkeley Group Holdings PLC (The)(c)
 
18,125
854,822
British American Tobacco PLC
 
279,078
16,904,015
British Land Co. PLC (The)
 
128,032
764,448
BT Group PLC
 
1,594,975
4,312,209
Bunzl PLC
 
47,897
1,804,813
Burberry Group PLC(c)
 
59,393
955,900
Centrica PLC
 
742,705
1,547,574
Coca-Cola Europacific Partners PLC
 
14,518
1,589,140
Compass Group PLC
 
101,050
3,208,930
Croda International PLC
 
18,904
817,188
Currys PLC
 
299,474
676,994
DCC PLC
 
24,958
2,130,886
Diageo PLC
 
200,562
4,399,475
Drax Group PLC
 
77,168
766,819
easyJet PLC(a)
 
61,614
523,774
Entain PLC
 
81,474
595,596
GSK PLC
 
464,840
12,069,235
Haleon PLC
 
945,567
4,622,211
Halma PLC
 
11,759
560,978
Hays PLC
 
378,240
288,395
Hiscox Ltd.
 
13,912
339,142
Howden Joinery Group PLC
 
26,205
278,815
HSBC Holdings PLC
 
1,860,146
39,553,609
ICG PLC
 
23,380
596,051
IG Group Holdings PLC
 
34,853
685,782
IMI PLC
 
16,184
642,174
Imperial Brands PLC
 
108,436
4,109,135
Inchcape PLC
 
77,714
878,231
Informa PLC
 
96,045
1,148,876
International Consolidated Airlines Group
S.A.
 
179,579
1,051,115
Intertek Group PLC
 
11,969
943,947
Investec PLC
 
90,996
795,232
ITV PLC
 
631,554
632,236
J Sainsbury PLC
 
642,529
3,093,877
JD Sports Fashion PLC
 
493,288
597,176
Johnson Matthey PLC
 
45,650
1,231,382
Kingfisher PLC
 
588,847
2,452,989
Land Securities Group PLC
 
110,455
1,050,516
Legal & General Group PLC
 
656,576
2,661,975
Lloyds Banking Group PLC
 
6,786,427
10,473,654
London Stock Exchange Group PLC
 
28,924
3,248,905
M&G PLC
 
430,219
2,075,177
Man Group PLC
 
172,694
706,055
Marks & Spencer Group PLC
 
271,609
1,482,513
Melrose Industries PLC
 
143,169
879,366
National Grid PLC
 
416,380
6,654,628
NatWest Group PLC
 
923,274
8,695,981
Next PLC
 
6,981
1,395,927
Pearson PLC
 
79,300
1,336,174
Pennon Group PLC
 
73,909
459,702
Persimmon PLC
 
94,514
1,416,566
Quilter PLC(b)
 
213,724
557,591
Reckitt Benckiser Group PLC
 
58,103
4,094,673
 
Shares
Value
United Kingdom-(continued)
RELX PLC
 
73,335
$2,575,508
Rentokil Initial PLC
 
161,225
741,381
Rolls-Royce Holdings PLC
 
57,519
1,145,782
RS Group PLC
 
67,937
645,928
Sage Group PLC (The)
 
78,225
1,028,926
Schroders PLC
 
94,929
751,862
Segro PLC
 
124,851
1,628,472
Serco Group PLC
 
76,225
248,305
Severn Trent PLC
 
19,925
806,839
Shell PLC(a)
 
1,328,155
60,701,713
Smith & Nephew PLC
 
87,754
1,370,696
Smiths Group PLC
 
30,501
1,087,562
SSE PLC
 
87,752
2,768,273
St. James’s Place PLC
 
34,388
487,890
Standard Chartered PLC
 
262,321
7,744,695
Standard Life PLC
 
61,349
763,354
Subsea 7 S.A.
 
29,015
979,690
Tate & Lyle PLC
 
99,104
737,415
Taylor Wimpey PLC
 
1,001,713
1,053,140
Tesco PLC
 
1,247,591
8,199,657
Travis Perkins PLC(a)
 
71,174
532,464
Unilever PLC
 
166,887
10,602,860
United Utilities Group PLC
 
51,416
956,169
Vistry Group PLC(a)(c)
 
96,243
380,401
Vodafone Group PLC
 
7,983,068
12,650,254
Weir Group PLC (The)
 
14,660
522,253
Whitbread PLC
 
24,238
819,918
WPP PLC
 
420,641
1,696,567
 
 
334,427,410
United States-4.10%
A.P. Moller - Maersk A/S, Class B(a)
 
3,180
8,544,022
Acerinox S.A.
 
38,231
768,064
Aegon Ltd.
 
116,103
1,100,887
AerCap Holdings N.V.
 
6,616
998,354
Alcon AG
 
39,215
2,691,259
Allegion PLC
 
1,967
309,606
Amrize Ltd.(c)
 
28,535
1,397,668
Aptiv PLC(c)
 
17,169
969,533
ARM Holdings PLC, ADR(c)
 
510
122,242
Atlassian Corp., Class A(c)
 
3,558
359,411
BP PLC
 
3,565,250
26,746,562
Ferrovial N.V.
 
4,460
291,498
Garmin Ltd.
 
8,472
2,488,904
GFL Environmental, Inc.(a)
 
7,633
314,983
Holcim AG(c)
 
28,184
2,557,891
ICON PLC(c)
 
3,371
551,378
James Hardie Industries PLC, ADR(a)(c)
 
16,596
436,309
JBS N.V., Class A(a)
 
49,395
692,518
lululemon Athletica, Inc.(c)
 
10,522
1,250,750
Medtronic PLC
 
62,455
5,333,032
Novartis AG
 
136,357
21,309,315
Octave Intelligence PLC(c)
 
13,780
246,567
Perrigo Co. PLC
 
25,398
256,774
Qiagen N.V.
 
14,334
588,499
Sanofi S.A.
 
191,203
16,427,699
Signify N.V.
 
45,672
778,894
Sims Ltd.
 
31,739
565,862
Smurfit WestRock PLC
 
21,351
981,505
Stellantis N.V.(c)
 
1,753,502
10,073,151
Swiss Re AG
 
24,154
4,016,608
Tenaris S.A.
 
42,693
1,222,086
Trane Technologies PLC
 
2,506
1,140,105
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
United States-(continued)
Transocean Ltd.(a)(c)
 
194,993
$1,037,363
Versigent PLC(a)(c)
 
6,480
267,948
Waste Connections, Inc.
 
10,804
1,808,612
 
 
118,645,859
Zambia-0.06%
First Quantum Minerals Ltd.(c)
 
60,310
1,670,632
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.85%
(Cost $1,909,941,170)
2,887,148,392
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-8.47%
Invesco Private Government Fund,
3.69%(e)(f)(g)
 
67,974,606
67,974,606
 
Shares
Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 3.82%(e)(f)(g)
 
176,991,959
$177,009,658
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $244,986,214)
244,984,264
TOTAL INVESTMENTS IN SECURITIES-108.32%
(Cost $2,154,927,384)
3,132,132,656
OTHER ASSETS LESS LIABILITIES-(8.32)%
(240,493,930
)
NET ASSETS-100.00%
$2,891,638,726
 
Investment Abbreviations:
ADR-American Depositary Receipt
BR-Bearer Shares
CDI-CREST Depository Interest
CVA-Dutch Certificates
FDR-Fiduciary Depositary Receipt
PC-Participation Certificate
REIT-Real Estate Investment Trust
 
Notes to Schedule of Investments:
(a)
All or a portion of this security was out on loan at July 31, 2026.
(b)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
July 31, 2026 was $19,031,006, which represented less than 1% of the Fund’s Net Assets.
(c)
Non-income producing security.
(d)
Security valued using significant unobservable inputs (Level 3). See Note 1.
(e)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the nine months ended July 31, 2026.
 
 
Value
October 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
July 31, 2026
Dividend Income
Investments in
Affiliated Money Market
Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$-
$83,503,739
$(83,503,739
)
$-
$-
$-
$31,795
Investments Purchased
with Cash Collateral
from Securities on
Loan:
Invesco Private
Government Fund
39,266,155
312,888,796
(284,180,345
)
-
-
67,974,606
3,578,062
*
Invesco Private Prime
Fund
115,622,990
596,832,140
(535,414,391
)
(370
)
(30,711
)
177,009,658
4,360,434
*
Total
$154,889,145
$993,224,675
$(903,098,475
)
$(370
)
$(30,711
)
$244,984,264
$7,970,291
 
*
Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from
borrowers, if any.
 
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)
July 31, 2026
(Unaudited)
(f)
The rate shown is the 7-day SEC standardized yield as of July 31, 2026.
(g)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.

Schedule of Investments
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)
July 31, 2026
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.82%
Australia-5.16%
Accent Group Ltd.
 
53,818
$26,151
ALS Ltd.
 
25,036
377,176
Amotiv Ltd.
 
14,600
71,919
AMP Ltd.
 
331,227
498,164
Ansell Ltd.
 
16,939
388,299
ARB Corp. Ltd.
 
7,754
107,150
ASX Ltd.
 
13,113
504,883
Atlas Arteria Ltd.
 
77,660
273,764
AUB Group Ltd.(a)
 
7,416
144,242
Austal Ltd.(b)
 
35,061
88,260
Bank of Queensland Ltd.(a)
 
105,401
490,037
Bapcor Ltd.(a)
 
49,149
15,127
Beach Energy Ltd.(a)
 
436,028
279,893
Bega Cheese Ltd.
 
28,424
121,093
Breville Group Ltd.(a)
 
6,872
157,696
BWP Property Group Ltd.
 
31,829
86,691
CAR Group Ltd.(a)
 
16,463
300,041
Centuria Capital Group
 
73,367
75,111
Centuria Industrial REIT
 
60,303
127,135
Challenger Ltd.
 
54,697
375,181
Charter Hall Group
 
27,079
441,969
Charter Hall Long Wale REIT(a)
 
64,596
172,387
Charter Hall Retail REIT
 
59,767
168,618
Cleanaway Waste Management Ltd.(a)
 
254,132
416,564
Cochlear Ltd.
 
4,370
365,567
Corporate Travel Management Ltd.(a)(b)(c)
 
4,811
0
Credit Corp. Group Ltd.
 
6,055
58,474
Cromwell Property Group
 
191,915
58,004
Dalrymple Bay Infrastructure Ltd.
 
19,683
77,182
Domino’s Pizza Enterprises Ltd.
 
12,937
168,063
Eagers Automotive Ltd.(a)
 
22,019
361,340
Elders Ltd.(a)
 
36,963
145,584
Evolution Mining Ltd.
 
76,911
608,726
Flight Centre Travel Group Ltd.(a)
 
16,755
154,571
G8 Education Ltd.(a)
 
128,213
13,453
GrainCorp Ltd., Class A
 
46,139
180,696
Harvey Norman Holdings Ltd.(a)
 
90,534
311,232
Healius Ltd.(a)(b)
 
105,686
27,715
Helia Group Ltd.
 
41,295
144,980
HomeCo Daily Needs REIT(d)
 
160,891
142,692
IDP Education Ltd.
 
51,760
83,361
IGO Ltd.(b)
 
86,387
414,997
Iluka Resources Ltd.
 
80,656
340,414
Ingenia Communities Group
 
37,479
114,124
Inghams Group Ltd.
 
42,018
66,274
IPH Ltd.
 
19,936
58,145
IRESS Ltd.
 
23,774
113,732
Lottery Corp. Ltd. (The)
 
62,594
244,790
Lynas Rare Earths Ltd.(b)
 
17,660
173,009
Magellan Financial Group Ltd.
 
31,076
207,610
Monadelphous Group Ltd.
 
10,343
211,372
Myer Holdings Ltd.(a)
 
181,182
26,649
New Hope Corp. Ltd.
 
122,157
446,553
NEXTDC Ltd.(a)(b)
 
18,042
169,383
nib holdings Ltd.(a)
 
39,015
204,919
Nine Entertainment Co. Holdings Ltd.(a)
 
233,652
156,800
NRW Holdings Ltd.
 
59,112
289,052
Nufarm Ltd.(a)(b)
 
42,061
88,263
OceanaGold Corp.
 
12,708
306,184
Orora Ltd.
 
222,202
226,407
Perenti Ltd.
 
131,377
194,587
 
Shares
Value
Australia-(continued)
Perpetual Ltd.(a)
 
12,807
$169,823
Perseus Mining Ltd.
 
85,013
290,485
PLS Group Ltd.(b)
 
177,564
514,982
Premier Investments Ltd.
 
14,242
136,324
Qantas Airways Ltd.
 
38,933
270,435
Ramelius Resources Ltd.
 
67,456
144,805
REA Group Ltd.
 
1,236
139,329
Reece Ltd.
 
36,367
407,576
Region Group
 
138,367
230,902
Regis Resources Ltd.
 
59,404
254,088
Resolute Mining Ltd.(b)
 
82,031
53,573
Sandfire Resources Ltd.(b)
 
27,658
365,443
SEEK Ltd.
 
26,938
277,425
Service Stream Ltd.
 
67,002
114,310
SGH Ltd.
 
12,326
380,486
Sigma Healthcare Ltd.(a)
 
41,125
84,643
Stanmore Resources Ltd.
 
83,368
134,771
Steadfast Group Ltd.
 
85,654
305,541
Super Retail Group Ltd.
 
22,693
211,259
Tabcorp Holdings Ltd.
 
299,467
187,295
TPG Telecom Ltd.
 
94,842
237,668
Ventia Services Group Pty. Ltd.
 
56,912
231,676
Waypoint REIT Ltd.
 
70,355
122,771
WiseTech Global Ltd.
 
4,146
106,666
Yancoal Australia Ltd.
 
40,050
157,518
 
 
18,192,249
Austria-0.79%
ANDRITZ AG
 
7,694
723,124
CA Immobilien Anlagen AG
 
4,480
124,913
EVN AG
 
4,185
141,477
Kontron AG(a)(b)
 
7,407
190,975
Lenzing AG(a)(b)
 
3,554
96,349
Mayr Melnhof Karton AG
 
864
82,639
Oesterreichische Post AG(a)
 
3,174
118,988
Palfinger AG
 
2,665
89,895
Strabag SE, BR
 
3,024
291,212
Telekom Austria AG
 
4,740
55,415
UNIQA Insurance Group AG
 
12,541
260,410
Verbund AG(a)
 
3,791
259,624
Vienna Insurance Group AG Wiener
Versicherung Gruppe
 
4,297
351,344
 
 
2,786,365
Belgium-1.53%
Aedifica S.A.
 
10,452
843,289
Azelis Group N.V.(a)
 
36,858
480,244
Barco N.V.
 
10,302
93,132
Bekaert S.A.
 
4,462
204,596
Colruyt Group N.V(a)
 
4,973
222,440
Deme Group N.V.
 
689
131,151
D’Ieteren Group
 
1,986
408,997
Elia Group S.A./N.V.
 
2,801
400,436
Fagron
 
4,944
131,760
Financiere de Tubize S.A.
 
490
109,340
Gimv N.V.(a)
 
2,115
108,663
KBC Ancora
 
2,723
277,601
Lakefront Biotherapeutics N.V.(b)
 
9,655
264,261
Lotus Bakeries N.V.(a)
 
11
140,770
Melexis N.V.
 
2,592
203,076
Montea N.V.
 
1,891
147,871
Ontex Group N.V.(b)
 
7,655
20,345
Retail Estates N.V.(a)
 
1,141
86,552
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
Belgium-(continued)
Shurgard Self Storage Ltd.
 
4,219
$122,995
Solvay S.A., Class A
 
13,697
418,859
Tessenderlo Group S.A.(a)
 
1,590
39,065
Warehouses De Pauw C.V.A.
 
15,372
394,706
Xior Student Housing N.V.(d)
 
4,109
130,472
 
 
5,380,621
Brazil-0.07%
ERO Copper Corp.(b)
 
5,922
158,894
Karoon Energy Ltd.
 
65,600
81,168
 
 
240,062
Canada-8.84%
AbCellera Biologics, Inc.(a)(b)
 
34,272
195,693
ADENTRA, Inc.
 
1,260
31,185
Advantage Energy Ltd.(b)
 
28,935
226,885
Aecon Group, Inc.
 
12,681
408,855
AGF Management Ltd., Class B
 
5,043
81,243
Air Canada(b)
 
25,913
468,627
AKITA Drilling Ltd.(b)
 
4,037
10,158
Alamos Gold, Inc., Class A
 
13,651
379,116
Alaris Equity Partners Income
 
5,244
92,070
Algoma Steel Group, Inc.(b)
 
42,637
163,819
Allied Properties REIT(a)
 
50,253
351,773
Altus Group Ltd.(a)
 
3,374
112,607
Aritzia, Inc.(b)
 
2,376
236,575
Athabasca Oil Corp.(b)
 
50,631
373,908
ATS Corp.(b)
 
7,395
201,632
Badger Infrastructure Solutions Ltd.
 
2,334
147,841
Baytex Energy Corp.
 
106,136
483,451
Birchcliff Energy Ltd.
 
73,001
332,521
Bird Construction, Inc.
 
4,990
237,860
BlackBerry Ltd.(b)
 
55,470
471,723
Boardwalk REIT
 
5,325
251,475
Bombardier, Inc., Class B(b)
 
1,422
342,350
Boralex, Inc., Class A
 
11,228
296,777
Boyd Group, Inc.
 
2,065
213,308
Brookfield Business Corp.
 
3,854
114,231
Brookfield Infrastructure Corp.
 
6,107
257,975
Brookfield Renewable Corp.
 
7,022
234,158
Brookfield Wealth Solutions Ltd.(b)
 
3,936
170,223
BRP, Inc.
 
6,671
411,906
Cameco Corp.
 
6,341
546,840
Canaccord Genuity Group, Inc.
 
10,235
105,060
Canada Packers, Inc.
 
736
10,005
Canadian Solar, Inc.(a)(b)
 
22,145
333,947
Canadian Utilities Ltd., Class A
 
17,018
675,940
Canfor Corp.(b)
 
12,096
129,423
Capstone Copper Corp.(b)
 
36,023
341,780
Cardinal Energy Ltd.(a)
 
19,654
161,256
Cargojet, Inc.
 
2,396
144,305
Cascades, Inc.
 
16,457
158,018
Centerra Gold, Inc.
 
32,542
559,049
CES Energy Solutions Corp.
 
24,181
281,653
Champion Iron Ltd.
 
84,324
200,140
Chartwell Retirement Residences
 
14,900
239,934
Chemtrade Logistics Income Fund
 
19,423
226,511
Choice Properties REIT(a)
 
25,039
284,865
Cogeco Communications, Inc.(a)
 
7,627
321,314
Colliers International Group, Inc.
 
2,328
228,743
Crombie REIT
 
16,566
206,300
Definity Financial Corp.
 
6,194
353,356
Descartes Systems Group, Inc. (The)(b)
 
3,247
243,678
 
Shares
Value
Canada-(continued)
DPM Metals, Inc.
 
10,428
$366,320
Dream Industrial REIT(a)
 
37,729
387,012
DREAM Unlimited Corp.
 
1,204
16,993
Enerflex Ltd.
 
17,261
384,138
Enghouse Systems Ltd.
 
4,387
53,725
EQB, Inc.
 
2,267
229,617
Equinox Gold Corp.
 
33,290
298,052
Exchange Income Corp.(a)
 
4,690
419,738
First Capital REIT
 
28,626
467,900
First Majestic Silver Corp.
 
13,316
199,714
FirstService Corp.
 
2,258
317,844
Fortuna Mining Corp., Class C(b)
 
25,670
216,105
Freehold Royalties Ltd.(a)
 
12,530
152,913
Gibson Energy, Inc.
 
29,256
669,227
goeasy Ltd.(a)
 
3,462
117,518
Granite REIT
 
7,529
516,353
Headwater Exploration, Inc.
 
7,397
69,865
Hudbay Minerals, Inc.
 
24,312
551,281
IAMGOLD Corp.(b)
 
27,612
390,507
IGM Financial, Inc.
 
11,159
693,316
International Petroleum Corp.(b)
 
8,292
188,956
Ivanhoe Mines Ltd., Class A(a)(b)
 
18,930
135,884
Kelt Exploration Ltd.(b)
 
18,312
130,273
Killam Apartment REIT
 
17,956
237,946
Kinaxis, Inc.(b)
 
1,019
122,032
Labrador Iron Ore Royalty Corp.
 
6,672
127,224
Lassonde Industries, Inc., Class A
 
135
20,900
Laurentian Bank of Canada
 
11,195
321,442
Leon’s Furniture Ltd.
 
1,228
21,543
Lightspeed Commerce, Inc.(a)(b)
 
25,349
255,505
Lundin Gold, Inc.
 
1,050
58,748
LunR Royalties Corp., Class C(b)
 
1
13
Maple Leaf Foods, Inc.
 
12,743
259,792
MDA Space Ltd.(b)
 
4,908
148,480
MTY Food Group, Inc.
 
3,958
96,633
Mullen Group Ltd.(a)
 
18,388
360,852
NFI Group, Inc.(b)
 
13,592
244,353
North West Co., Inc. (The)
 
8,574
310,787
OR Royalties, Inc.
 
4,776
141,831
Paramount Resources Ltd., Class A
 
15,365
324,091
Pason Systems, Inc.
 
14,530
128,433
Peyto Exploration & Development Corp.(a)
 
21,596
396,097
Precision Drilling Corp.(b)
 
3,663
284,611
Premium Brands Holdings Corp.(a)
 
7,482
494,462
Primaris REIT
 
13,640
222,755
Richelieu Hardware Ltd.
 
6,609
167,056
Russel Metals, Inc.
 
10,612
508,795
Sagicor Financial Co. Ltd.
 
1,125
7,033
Secure Waste Infrastructure Corp.
 
19,356
333,351
Sienna Senior Living, Inc.(a)
 
8,272
131,435
SmartCentres REIT(a)
 
19,339
407,362
Spartan Delta Corp.(b)
 
16,590
140,729
Spin Master Corp.(d)
 
8,867
130,080
SSR Mining, Inc.(b)
 
24,972
637,984
Stantec, Inc.
 
6,243
440,261
Stella-Jones, Inc.
 
7,490
412,928
Strathcona Resources Ltd.
 
2,924
88,626
Superior Plus Corp.
 
52,349
297,783
Tamarack Valley Energy Ltd.
 
46,245
442,061
Teekay Tankers Ltd., Class A(a)
 
3,755
298,034
Tilray Brands, Inc.(a)(b)
 
33,028
149,947
TMX Group Ltd.
 
14,290
521,951
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
Canada-(continued)
Topaz Energy Corp.
 
6,645
$149,919
Torex Gold Resources, Inc.
 
8,440
324,581
TransAlta Corp.
 
26,155
327,392
Transcontinental, Inc., Class A
 
20,142
76,671
Trican Well Service Ltd.
 
17,775
75,010
Vital Infrastructure Property Trust(a)
 
43,580
173,655
Winpak Ltd.
 
4,431
138,882
Xenon Pharmaceuticals, Inc.(b)
 
2,770
173,596
 
 
31,158,965
Cayman Islands-0.05%
Oracle Corp.
 
3,355
188,354
China-1.40%
Alibaba Health Information Technology
Ltd.(a)(b)
 
386,339
177,395
Bosideng International Holdings Ltd.
 
715,044
450,655
Budweiser Brewing Co. APAC Ltd.(d)
 
319,168
267,398
CapitaLand China Trust
 
98,003
50,387
China Education Group Holdings Ltd.(a)(b)(d)
 
330,394
80,178
China Gold International Resources Corp.
Ltd.
 
13,465
304,020
China Medical System Holdings Ltd.
 
167,064
254,594
China Ruyi Holdings Ltd.(a)(b)
 
653,308
120,062
China Water Affairs Group Ltd.(a)
 
81,310
48,439
China Yuchai International Ltd.(a)
 
1,366
64,421
Chow Tai Fook Jewellery Group Ltd.(a)
 
225,560
355,285
Damai Entertainment Holdings Ltd.(a)(b)
 
1,098,842
72,800
FIH Mobile Ltd.(a)
 
44,796
110,000
Hopson Development Holdings Ltd.(a)(b)(c)
 
126,190
38,236
HUTCHMED China Ltd.(a)(b)
 
43,373
98,067
Jinchuan Group International Resources Co.
Ltd.(a)(c)
 
1,210,507
49,398
Kerry Logistics Network Ltd.
 
16,450
12,559
Kingboard Laminates Holdings Ltd.(a)
 
134,926
502,698
Lee & Man Paper Manufacturing Ltd.
 
365,649
187,216
Nine Dragons Paper Holdings Ltd.(b)
 
488,012
470,333
Stella International Holdings Ltd.(a)
 
67,995
126,377
Towngas Smart Energy Co. Ltd.(a)(b)
 
158,896
70,928
VSTECS Holdings Ltd.
 
174,397
208,569
Want Want China Holdings Ltd.
 
250,996
108,033
Wharf (Holdings) Ltd. (The)
 
69,378
173,716
Xinyi Glass Holdings Ltd.(a)
 
431,799
512,791
Yanlord Land Group Ltd.
 
55,136
29,422
 
 
4,943,977
Colombia-0.04%
Aris Mining Corp.(a)(b)
 
9,620
128,440
Denmark-1.71%
AL Sydbank A/S
 
5,147
494,500
ALK-Abello A/S
 
3,519
120,085
Alm Brand A/S
 
116,635
306,041
Ambu A/S, Class B(a)
 
8,209
91,544
Ascendis Pharma A/S(b)
 
890
217,080
Bavarian Nordic A/S(b)
 
8,152
222,954
Cementir Holding N.V.(a)
 
6,789
118,324
D/S Norden A/S
 
6,010
312,249
Demant A/S(a)(b)
 
9,968
430,474
Dfds A/S(b)
 
8,948
171,246
FLSmidth & Co. A/S
 
5,203
389,562
GN Store Nord A/S(a)(b)
 
25,499
383,825
H. Lundbeck A/S
 
55,532
354,478
Jyske Bank A/S
 
4,613
730,538
 
Shares
Value
Denmark-(continued)
Matas A/S(a)
 
2,500
$34,758
Netcompany Group A/S(b)(d)
 
2,771
137,981
NKT A/S(b)
 
2,862
389,740
Per Aarsleff Holding A/S
 
1,842
204,699
Ringkjoebing Landbobank A/S
 
822
220,377
Royal Unibrew A/S
 
4,959
371,160
Scandinavian Tobacco Group A/S(d)
 
11,854
131,290
Schouw & Co. A/S
 
1,421
135,638
Zealand Pharma A/S(b)
 
1,144
53,657
 
 
6,022,200
Faroe Islands-0.04%
Bakkafrost P/F
 
3,199
152,656
Finland-0.87%
Amer Sports, Inc.(a)(b)
 
2,511
89,166
Hiab OYJ, Class B(a)
 
3,380
229,178
Kalmar OYJ, Class B
 
4,337
192,426
Kemira OYJ(a)
 
19,736
386,503
Konecranes OYJ
 
15,787
491,378
Lumo Kodit OYJ(a)
 
21,799
197,584
Mandatum OYJ(a)
 
37,006
252,963
Metsa Board OYJ(a)(b)
 
48,884
165,369
Nokian Renkaat OYJ(a)
 
40,740
715,325
Olvi OYJ
 
694
26,451
Sanoma OYJ
 
3,644
37,124
Terveystalo OYJ(a)(d)
 
13,047
113,536
Tokmanni Group Corp.(a)
 
6,496
54,624
Vaisala OYJ, Class A
 
1,311
82,948
YIT OYJ(b)
 
6,111
20,604
 
 
3,055,179
France-3.71%
Aeroports de Paris S.A.(a)
 
2,991
413,635
Air France-KLM(a)(b)
 
21,131
294,473
Altarea SCA(a)
 
680
78,963
Alten S.A.
 
7,001
607,458
ARGAN S.A.
 
767
67,019
Beneteau SACA
 
4,227
29,327
bioMerieux
 
4,398
349,766
Caisse Regionale de Credit Agricole Mutuel
Brie Picardie
 
229
9,553
Caisse Regionale de Credit Agricole Mutuel
Nord de France
 
408
13,919
Carmila S.A.
 
9,239
180,003
Cie de L’Odet SE
 
28
43,536
Cie des Alpes
 
3,477
81,735
Clariane SE(b)
 
19,798
91,102
Coface S.A.
 
18,482
336,573
Criteo S.A.(b)
 
17,211
375,544
Dassault Aviation S.A.
 
988
340,535
Derichebourg S.A.
 
19,632
210,882
Edenred SE
 
18,760
616,277
Eramet S.A.(a)(b)
 
2,449
121,974
Eutelsat Communications SACA(a)(b)
 
44,958
106,102
FDJ United(a)
 
12,513
315,890
Fnac Darty S.A.
 
2,879
114,477
Gaztransport Et Technigaz S.A.
 
1,249
281,662
Getlink SE
 
17,174
365,543
ICADE(a)
 
11,666
259,658
Imerys S.A.
 
8,602
233,689
Ipsen S.A.
 
3,491
673,030
Ipsos S.A.
 
7,799
321,487
JCDecaux SE
 
11,695
305,685
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
France-(continued)
Lectra(a)
 
3,055
$72,331
LISI S.A.
 
1,827
133,881
Louis Hachette Group
 
27,588
55,935
Mercialys S.A.
 
10,966
151,668
Metropole Television S.A.
 
13,076
182,516
Nexans S.A.
 
3,783
574,933
Nexity S.A.(a)(b)
 
7,014
57,158
OPmobility
 
11,614
172,077
Remy Cointreau S.A.(a)
 
3,913
218,082
Sartorius Stedim Biotech
 
1,310
252,705
Societe BIC S.A.
 
3,723
291,247
Societe LDC
 
127
16,712
SOITEC(b)
 
3,747
455,453
Sopra Steria Group(a)
 
3,338
706,934
Stef S.A.
 
134
20,930
Technip Energies N.V.
 
12,063
416,279
Television Francaise 1 S.A.(a)
 
23,138
189,251
Tikehau Capital S.C.A.
 
2,577
47,144
Trigano S.A.(a)
 
1,311
228,488
Ubisoft Entertainment S.A.(a)(b)
 
24,816
163,805
Vallourec SACA
 
21,502
517,268
Verallia S.A.(a)(d)
 
5,510
115,673
Vicat SACA
 
3,774
285,061
Virbac SACA
 
355
137,928
Viridien(b)
 
921
98,812
Vivendi SE
 
147,294
271,217
 
 
13,072,985
Georgia-0.13%
Lion Finance Group PLC
 
2,867
449,683
Germany-3.82%
AIXTRON SE
 
8,870
373,304
Aroundtown S.A.
 
180,257
452,394
Auto1 Group SE(b)
 
8,982
235,344
Bechtle AG
 
13,604
568,396
Bilfinger SE
 
3,077
293,609
CANCOM SE
 
6,276
173,151
Carl Zeiss Meditec AG, BR
 
8,734
307,071
Cewe Stiftung & Co. KGaA
 
690
76,250
CTS Eventim AG & Co. KGaA
 
1,872
126,021
Deutsche Pfandbriefbank AG(a)(b)(d)
 
15,452
60,907
Deutz AG(a)
 
27,503
313,105
Draegerwerk AG & Co. KGaA, Preference
Shares
 
1,455
184,055
Duerr AG
 
9,225
190,047
DWS Group GmbH & Co. KGaA(d)
 
4,020
338,317
Evotec SE(a)(b)
 
20,572
80,735
Fielmann Group AG
 
2,119
99,096
Fraport AG Frankfurt Airport Services
Worldwide
 
2,729
212,715
Gerresheimer AG(a)(b)
 
4,709
149,454
Grand City Properties S.A.(a)
 
12,703
142,025
GRENKE AG
 
2,848
38,602
Hella GmbH & Co. KGaA
 
849
69,169
HelloFresh SE(a)(b)
 
69,094
271,583
Hensoldt AG(a)
 
1,353
124,005
HOCHTIEF AG
 
419
214,264
Hornbach Holding AG & Co. KGaA
 
1,333
128,124
HUGO BOSS AG
 
7,804
341,932
Indus Holding AG
 
929
33,982
Jenoptik AG
 
8,032
347,211
JOST Werke SE(d)
 
1,836
122,532
 
Shares
Value
Germany-(continued)
Jungheinrich AG, Preference Shares
 
10,632
$298,846
Kloeckner & Co. SE
 
23,887
340,394
Krones AG
 
2,093
269,129
KSB SE & Co. KGaA, Preference Shares
 
104
99,810
KWS Saat SE & Co. KGaA
 
1,312
108,324
LuxExperience B.V., ADR(b)
 
4,540
37,001
Mutares SE & Co. KGaA
 
1,980
60,850
Nemetschek SE
 
1,966
132,219
Nordex SE(b)
 
4,482
199,803
Rational AG
 
276
214,397
SAF-Holland SE
 
6,784
169,211
Salzgitter AG
 
12,350
738,231
Sartorius AG, Preference Shares
 
1,403
352,807
Schaeffler AG
 
23,564
193,793
Scout24 SE(d)
 
3,522
301,273
Siltronic AG(b)
 
4,088
360,500
Sirius Real Estate Ltd.
 
149,454
199,827
Sixt SE
 
4,410
364,237
SMA Solar Technology AG(b)
 
1,406
86,072
Softwareone Holding AG(b)
 
18,550
201,811
Stabilus SE
 
2,905
48,219
STO SE & Co. KGaA, Preference Shares
 
102
11,403
Stroeer SE & Co. KGaA
 
4,013
183,280
Suedzucker AG(a)(b)
 
16,244
211,755
TAG Immobilien AG
 
24,126
384,649
TeamViewer SE(a)(b)(d)
 
20,000
139,347
Tkms AG & Co. KGaA(b)
 
638
60,644
TUI AG
 
49,351
428,844
United Internet AG
 
17,106
466,251
Wacker Chemie AG(b)
 
5,904
603,350
Wacker Neuson SE
 
4,628
116,638
Wuestenrot & Wuerttembergische AG
 
2,032
34,165
 
 
13,484,480
Hong Kong-1.60%
ASMPT Ltd.
 
46,494
892,291
Bank of East Asia Ltd. (The)
 
58,876
125,082
Cathay Pacific Airways Ltd.
 
180,046
334,986
Champion REIT(a)
 
98,681
29,285
CK Infrastructure Holdings Ltd.
 
48,582
387,556
Crystal International Group Ltd.(d)
 
136,100
112,218
CTF Services Ltd.
 
93,961
98,245
Dah Sing Financial Holdings Ltd.
 
17,562
111,579
DFI Retail Group Holdings Ltd.
 
40,621
160,605
Fortune REIT(a)
 
122,031
75,158
Futu Holdings Ltd., ADR
 
2,522
265,113
FWD Group Holdings Ltd.(b)
 
7,103
27,152
Grand Pharmaceutical Group Ltd.
 
168,470
110,901
Hang Lung Properties Ltd.
 
382,207
355,241
HK Electric Investments & HK Electric
Investments Ltd.
 
136,697
112,591
HKBN Ltd.
 
136,991
105,747
Hutchison Port Holdings Trust, Class U
 
205,621
39,710
Hysan Development Co. Ltd.
 
89,176
212,075
Johnson Electric Holdings Ltd.
 
78,584
186,437
Luk Fook Holdings International Ltd.
 
68,285
214,072
Man Wah Holdings Ltd.(a)
 
245,409
98,568
Melco Resorts & Entertainment Ltd., ADR(b)
 
24,119
138,202
PAX Global Technology Ltd.
 
113,938
57,296
PCCW Ltd.
 
366,205
274,512
Power Assets Holdings Ltd.(a)
 
74,461
560,632
Skyworth Group Ltd.(b)
 
171,274
95,386
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
Hong Kong-(continued)
United Laboratories International Holdings
Ltd. (The)(a)
 
180,582
$205,494
Vitasoy International Holdings Ltd.
 
52,176
43,086
VTech Holdings Ltd.(a)
 
30,406
200,478
 
 
5,629,698
Indonesia-0.10%
First Pacific Co. Ltd.
 
184,747
131,880
Nickel Industries Ltd.(b)
 
420,701
239,263
 
 
371,143
Iraq-0.02%
United Energy Group Ltd.(a)(b)
 
1,453,875
67,057
Ireland-0.25%
Cairn Homes PLC
 
76,839
215,823
Cimpress PLC(a)(b)
 
1,841
181,707
Glenveagh Properties PLC(b)(d)
 
70,705
195,005
Greencore Group PLC
 
67,743
237,340
Uniphar PLC
 
8,422
41,149
 
 
871,024
Israel-2.60%
Airport City Ltd.(b)
 
5,626
101,164
Alony Hetz Properties & Investments Ltd.(a)
 
14,129
146,460
Amot Investments Ltd.
 
21,193
128,533
Ashtrom Group Ltd.
 
2,324
47,546
Azrieli Group Ltd.(a)
 
1,855
244,430
Bezeq The Israeli Telecommunication Corp.
Ltd.
 
154,584
369,705
Big Shopping Centers Ltd.
 
727
163,090
Cellcom Israel Ltd.(a)
 
9,450
101,776
Clal Insurance Enterprises Holdings Ltd.
 
3,916
295,807
Cognyte Software Ltd.(b)
 
6,187
55,312
Delek Automotive Systems Ltd.(a)(b)
 
3,403
18,809
Delek Group Ltd.
 
13,060
344,152
Delek Yizum Nechasim Ltd.(b)
 
1,306
28,767
Elbit Systems Ltd.
 
912
735,385
Energean PLC
 
17,771
182,538
Enlight Renewable Energy Ltd.(b)
 
2,446
207,208
Equital Ltd.(b)
 
1,069
40,008
Etoro Group Ltd., Class A(a)(b)
 
2,273
81,078
FIBI Holdings Ltd.
 
1,436
140,683
First International Bank of Israel Ltd. (The)
 
4,270
329,137
Formula Systems 1985 Ltd.(a)
 
768
80,839
Fox Wizel Ltd.
 
377
37,299
G City Ltd.
 
11,319
42,801
Harel Insurance Investments & Financial
Services Ltd.
 
5,321
304,477
Isracard Ltd.(b)
 
19,903
69,447
Israel Corp. Ltd.(a)
 
5,360
139,907
Kornit Digital Ltd.(b)
 
7,509
114,287
Melisron Ltd.
 
1,202
157,540
Menora Mivtachim Holdings Ltd.
 
373
58,220
Migdal Insurance & Financial Holdings Ltd.(b)
 
31,879
180,746
Mivne Real Estate KD Ltd.
 
40,262
177,340
Mobileye Global, Inc., Class A(a)(b)
 
24,824
197,103
Nova Ltd.(b)
 
493
192,699
Orion Retail Properties Ltd.(a)(b)
 
1,948
1,172
Partner Communications Co. Ltd.
 
9,784
120,093
Paz Retail and Energy Ltd.
 
682
192,208
Phoenix Finance Ltd.
 
9,963
557,590
Plus500 Ltd.
 
9,084
476,403
Radware Ltd.(b)
 
4,242
111,098
 
Shares
Value
Israel-(continued)
Reit 1 Ltd.
 
13,400
$94,668
Shikun & Binui Ltd.(b)
 
20,671
118,086
Shufersal Ltd.
 
16,973
242,345
Strauss Group Ltd.
 
4,439
167,801
Taboola.com Ltd.(b)
 
39,425
197,519
Tower Semiconductor Ltd.(b)
 
5,237
1,145,134
Wix.com Ltd.(a)(b)
 
4,123
226,889
 
 
9,165,299
Italy-2.53%
ACEA S.p.A.
 
6,399
155,141
Amplifon S.p.A.
 
14,505
202,601
Azimut Holding S.p.A.
 
13,516
572,798
Banca Generali S.p.A.
 
4,756
358,492
Banca IFIS S.p.A.(a)
 
4,808
81,685
Banca Mediolanum S.p.A.
 
20,014
535,066
BFF Bank S.p.A.(a)(b)(d)
 
50,293
169,493
Brembo N.V.
 
25,717
314,195
CIR SpA-Cie Industriali(b)
 
15,342
12,673
Credito Emiliano S.p.A.
 
7,298
160,118
Danieli & C. Officine Meccaniche S.p.A.(a)
 
4,938
369,965
Davide Campari-Milano N.V.(a)
 
52,566
357,205
De’ Longhi S.p.A.
 
7,556
353,874
DiaSorin S.p.A.
 
2,666
220,208
Enav S.p.A.(d)
 
28,871
168,228
ERG S.p.A.(a)
 
7,117
180,257
Infrastrutture Wireless Italiane S.p.A.(a)(d)
 
25,883
191,605
Interpump Group S.p.A.
 
7,907
317,596
Iren S.p.A.
 
101,974
295,892
Italgas S.p.A.
 
47,856
492,395
Lottomatica Group S.p.A.
 
3,964
106,922
MFE-MediaForEurope N.V., Class A(a)
 
112,903
342,368
OVS S.p.A.(d)
 
25,141
181,333
Piaggio & C S.p.A.(a)
 
25,568
57,218
Pirelli & C. S.p.A.(d)
 
77,744
590,890
Prada S.p.A.(a)
 
51,566
283,260
Recordati Industria Chimica e Farmaceutica
S.p.A.
 
7,625
453,190
Reply S.p.A.(a)
 
1,822
230,694
Saipem S.p.A.(a)
 
137,915
667,579
Salvatore Ferragamo S.p.A.(a)(b)
 
14,064
164,926
SOL S.p.A.
 
1,967
128,615
Technogym S.p.A.(d)
 
5,583
87,152
Webuild S.p.A.(a)
 
42,359
109,718
Webuild S.p.A., Wts., expiring
08/31/2030(b)(c)
 
6,553
0
 
 
8,913,352
Ivory Coast-0.08%
Endeavour Mining PLC
 
5,958
281,751
Japan-29.05%
77 Bank Ltd. (The)
 
22,751
492,562
ABC-MART, Inc.
 
15,728
268,916
ACOM Co. Ltd.
 
56,366
167,677
Activia Properties, Inc.
 
216
193,320
ADEKA Corp.(a)
 
14,698
358,467
Advance Residence Investment Corp.(a)
 
233
216,022
AEON Financial Service Co. Ltd.
 
23,055
226,509
AEON REIT Investment Corp.(a)
 
191
145,887
Aica Kogyo Co. Ltd.
 
8,779
202,258
Aichi Financial Group, Inc.
 
26,256
282,809
Aichi Steel Corp.
 
9,634
176,623
Ain Holdings, Inc.
 
4,880
180,011
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
Japan-(continued)
Aisan Industry Co. Ltd.
 
6,170
$91,997
ALSOK Co. Ltd.
 
43,673
320,777
Amano Corp.
 
9,056
219,206
and St. HD Co. Ltd.
 
7,519
159,406
Anritsu Corp.
 
19,596
427,952
AOKI Holdings, Inc.
 
6,872
74,193
Aoyama Trading Co. Ltd.(a)
 
33,210
156,026
Aozora Bank Ltd.(a)
 
18,493
350,653
Arata Corp.
 
2,477
40,512
Arclands Corp.
 
11,258
135,112
Arcs Co. Ltd.
 
3,432
77,870
ARE Holdings, Inc.
 
13,612
261,729
artience Co. Ltd.
 
5,020
138,973
As One Corp.
 
6,943
104,538
Asahi Intecc Co. Ltd.
 
11,850
267,148
Asics Corp.
 
20,784
612,343
ASKUL Corp.
 
5,267
41,626
Autobacs Seven Co. Ltd.
 
7,634
74,363
Awa Bank Ltd. (The)
 
3,212
165,709
Axial Retailing, Inc.
 
2,372
18,847
Azbil Corp.
 
51,040
528,122
Bank of Nagoya Ltd. (The)
 
5,476
220,831
BayCurrent, Inc.
 
5,051
227,649
Belc Co. Ltd.
 
1,093
45,796
Bic Camera, Inc.
 
21,954
239,975
BIPROGY, Inc.
 
11,077
339,668
Blue Zones Holdings Co. Ltd.
 
10,803
121,167
BML, Inc.
 
2,551
57,174
Bunka Shutter Co. Ltd.
 
4,938
58,654
C. Uyemura & Co. Ltd.
 
930
128,972
Calbee, Inc.
 
14,537
264,931
Canon Marketing Japan, Inc.(a)
 
15,101
339,077
Capcom Co. Ltd.
 
15,928
399,816
Casio Computer Co. Ltd.
 
42,995
472,092
CCI Group, Inc.
 
24,692
169,496
Chudenko Corp.
 
3,349
103,074
Chugin Financial Group, Inc.
 
14,802
304,771
Chugoku Marine Paints Ltd.
 
5,147
114,703
Citizen Watch Co. Ltd.
 
45,115
596,799
CKD Corp.
 
9,161
334,059
Comforia Residential REIT, Inc.(a)
 
196
125,528
Cosmos Pharmaceutical Corp.
 
8,960
361,129
Create SD Holdings Co. Ltd.
 
4,107
85,726
Credit Saison Co. Ltd.
 
19,894
563,117
CyberAgent, Inc.
 
55,485
506,546
Dai-Dan Co. Ltd.
 
9,655
145,475
Daido Steel Co. Ltd.
 
36,910
518,401
Daihen Corp.
 
2,850
238,282
Daiichi Jitsugyo Co. Ltd.
 
568
11,264
Daiichikosho Co. Ltd.
 
12,275
139,390
Daio Paper Corp.(a)
 
12,143
75,519
Daiseki Co. Ltd.
 
5,893
140,023
Daishi Hokuetsu Financial Group, Inc.(a)
 
27,362
392,756
Daiwa House REIT Investment Corp.
 
419
324,168
Daiwa Office Investment Corp.
 
62
132,498
Daiwa Securities Living Investments Corp.
 
192
116,943
DCM Holdings Co. Ltd.
 
12,721
122,433
DeNA Co. Ltd.(a)
 
10,812
167,886
Dexerials Corp.
 
12,994
262,097
DMG Mori Co. Ltd.
 
22,035
503,779
Doutor Nichires Holdings Co. Ltd.
 
6,102
122,323
DTS Corp.
 
16,208
117,787
 
Shares
Value
Japan-(continued)
Duskin Co. Ltd.
 
4,847
$135,242
DyDo Group Holdings, Inc.(a)
 
2,452
46,298
Eagle Industry Co. Ltd.
 
3,751
69,824
Earth Corp.
 
1,826
54,154
EDION Corp.(a)
 
12,147
184,459
Elecom Co. Ltd.
 
6,701
77,913
Exedy Corp.
 
5,790
218,009
Ezaki Glico Co. Ltd.
 
7,637
241,952
FCC Co. Ltd.
 
5,501
127,753
Ferrotec Corp.
 
8,244
415,508
Food & Life Cos. Ltd.
 
7,272
253,699
FP Corp.
 
9,004
142,718
Frontier Real Estate Investment Corp.
 
218
112,085
Fuji Co. Ltd.(a)
 
4,612
58,712
Fuji Corp.
 
12,878
574,908
Fuji Media Holdings, Inc.
 
7,600
189,850
Fuji Oil Co. Ltd.
 
12,152
301,866
Fuji Seal International, Inc.
 
6,223
117,149
Fujimi, Inc.
 
6,906
161,532
Fukuda Denshi Co. Ltd.
 
1,217
86,343
Fukuoka REIT Corp.
 
76
85,239
Fukuyama Transporting Co. Ltd.
 
3,388
126,182
Furukawa Co. Ltd.
 
5,569
121,948
Furuno Electric Co., Ltd.
 
1,436
64,605
Fuyo General Lease Co. Ltd.
 
7,826
222,004
Glory Ltd.
 
7,882
223,904
GLP J-Reit
 
465
422,252
GMO Internet Group, Inc.
 
5,249
140,025
Goldwin, Inc.
 
11,177
160,425
GungHo Online Entertainment, Inc.
 
8,282
126,033
Gunma Bank Ltd. (The)
 
30,906
485,333
Gunze Ltd.(a)
 
4,208
105,800
H.U. Group Holdings, Inc.
 
9,969
212,886
H2O Retailing Corp.
 
16,787
300,092
Hachijuni Nagano Bank Ltd.
 
46,244
717,999
Hakuhodo DY Holdings, Inc.(a)
 
34,919
284,774
Hamakyorex Co. Ltd.
 
5,674
65,043
Hamamatsu Photonics K.K.
 
48,362
688,015
Happinet Corp.(a)
 
7,136
147,606
Hazama Ando Corp.
 
28,982
329,951
Heiwa Corp.
 
11,093
148,465
Heiwa Real Estate REIT, Inc.
 
99
83,365
Heiwado Co. Ltd.
 
5,914
98,737
Hikari Tsushin, Inc.
 
2,181
532,889
Hi-Lex Corp.
 
1,520
21,603
Hirogin Holdings, Inc.
 
32,737
447,710
Hirose Electric Co. Ltd.
 
3,923
660,562
Hokkaido Electric Power Co., Inc.(a)
 
77,071
491,195
Hokuetsu Corp.
 
9,999
57,181
Hokuhoku Financial Group, Inc.
 
12,794
591,517
Hokuriku Electric Power Co.(a)
 
44,208
264,362
Horiba Ltd.(a)
 
5,018
786,988
Hoshino Resorts REIT, Inc.
 
65
99,365
Hoshizaki Corp.(a)
 
13,254
472,328
Hosiden Corp.
 
9,371
166,267
House Foods Group, Inc.
 
8,837
214,782
Hulic Reit, Inc.
 
117
115,571
Hyakugo Bank Ltd. (The)
 
27,872
348,159
Hyakujushi Bank Ltd. (The)
 
14,204
250,083
IDOM, Inc.
 
18,435
148,078
Iino Kaiun Kaisha Ltd.(a)
 
11,264
104,372
Inaba Denki Sangyo Co. Ltd.
 
8,320
148,266
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
Japan-(continued)
Inabata & Co. Ltd.
 
4,111
$101,591
Industrial & Infrastructure Fund Investment
Corp.(a)
 
250
221,037
Internet Initiative Japan, Inc.
 
13,597
298,256
Invincible Investment Corp.
 
607
232,443
Ishihara Sangyo Kaisha Ltd.
 
4,108
75,539
ITO EN Ltd.
 
15,474
289,291
Itochu Enex Co. Ltd.
 
4,919
66,671
Itoham Yonekyu Holdings, Inc.
 
6,893
211,979
Itoki Corp.
 
2,756
50,455
Iyogin Holdings, Inc.
 
24,524
551,362
Izumi Co. Ltd.
 
24,256
152,199
J. Front Retailing Co. Ltd.
 
32,977
613,166
Jaccs Co. Ltd.
 
3,654
85,620
JAFCO Group Co. Ltd.(a)
 
11,061
155,095
Japan Airport Terminal Co. Ltd.
 
3,942
139,345
Japan Aviation Electronics Industry Ltd.
 
9,764
143,960
Japan Excellent, Inc.
 
113
102,088
Japan Hotel REIT Investment Corp.
 
386
196,544
Japan Lifeline Co. Ltd.
 
3,614
35,563
Japan Logistics Fund, Inc.(a)
 
226
140,037
Japan Petroleum Exploration Co. Ltd.
 
38,371
426,630
Japan Prime Realty Investment Corp.
 
308
189,113
Japan Pulp & Paper Co. Ltd.
 
5,680
39,557
Japan Real Estate Investment Corp.
 
695
531,448
Japan Steel Works Ltd. (The)
 
4,940
228,711
Japan Wool Textile Co. Ltd. (The)
 
4,464
53,196
Jeol Ltd.
 
6,777
343,788
Joyful Honda Co. Ltd.
 
6,913
108,162
Juroku Financial Group, Inc.
 
21,773
319,325
JVCKenwood Corp.
 
34,349
241,250
Kadokawa Corp.
 
10,759
235,255
Kaga Electronics Co. Ltd.
 
5,094
147,833
Kagome Co. Ltd.(a)
 
12,406
203,050
Kakaku.com, Inc.
 
8,827
204,891
Kaken Pharmaceutical Co. Ltd.
 
6,097
144,962
Kamigumi Co. Ltd.
 
10,267
333,163
Kanadevia Corp.(a)
 
32,582
239,498
Kanamoto Co. Ltd.
 
4,100
133,473
Kandenko Co. Ltd.
 
11,291
375,279
Kanematsu Corp.
 
27,424
357,699
Kato Sangyo Co. Ltd.
 
1,654
65,994
KDX Realty Investment Corp.
 
302
294,939
Keihan Holdings Co. Ltd.(a)
 
10,730
219,745
Keikyu Corp.
 
24,989
243,751
Keio Corp.
 
74,686
379,154
Keisei Electric Railway Co. Ltd.(a)
 
56,450
453,339
Keiyo Bank Ltd. (The)
 
14,634
239,519
Kewpie Corp.
 
16,602
474,092
KH Neochem Co. Ltd.
 
3,808
78,295
Kinden Corp.
 
13,258
583,024
Kissei Pharmaceutical Co. Ltd.
 
3,046
77,718
Kitz Corp.
 
11,910
161,574
Kiyo Bank Ltd. (The)
 
6,275
182,362
Kobayashi Pharmaceutical Co. Ltd.(a)
 
7,393
259,346
Kobe Bussan Co. Ltd.
 
9,795
171,123
Koei Tecmo Holdings Co. Ltd.(a)
 
13,019
131,710
Kohnan Shoji Co. Ltd.
 
3,421
89,973
Kokusai Electric Corp.
 
8,548
384,496
Kokuyo Co. Ltd.
 
41,189
234,338
Komeri Co. Ltd.
 
3,595
86,918
Konoike Transport Co. Ltd.
 
3,617
67,589
 
Shares
Value
Japan-(continued)
Kose Holdings Corp.(a)
 
8,635
$307,093
Kraftia Corp.
 
7,725
405,934
Kumagai Gumi Co. Ltd.
 
32,142
286,030
Kumiai Chemical Industry Co. Ltd.(a)
 
12,500
57,341
Kurabo Industries Ltd.
 
2,097
129,225
Kureha Corp.
 
10,975
293,339
Kusuri no Aoki Holdings Co. Ltd.
 
5,345
134,725
KYB Corp.
 
5,226
146,522
Kyokuto Kaihatsu Kogyo Co. Ltd.(a)
 
6,247
91,709
Kyoritsu Maintenance Co. Ltd.
 
6,857
148,907
Kyoto Financial Group, Inc.
 
25,369
698,744
Kyushu Financial Group, Inc.
 
52,450
481,747
LaSalle Logiport REIT
 
190
181,615
Lasertec Corp.
 
1,412
324,138
Leopalace21 Corp.
 
18,372
77,669
Life Corp.
 
8,755
141,676
Lintec Corp.
 
8,102
310,359
Lion Corp.
 
41,787
447,624
M3, Inc.
 
31,869
356,765
Mabuchi Motor Co. Ltd.(a)
 
34,432
356,405
Macnica Holdings, Inc.(a)
 
27,339
553,051
Makino Milling Machine Co. Ltd.
 
3,896
338,196
Marui Group Co. Ltd.
 
19,047
354,570
Maruichi Steel Tube Ltd.
 
20,943
233,704
Maruwa Co. Ltd.
 
387
130,942
Maruzen Showa Unyu Co. Ltd.
 
1,348
64,640
Matsuda Sangyo Co. Ltd.
 
2,288
76,868
Max Co. Ltd.
 
12,336
141,315
McDonald’s Holdings Co. (Japan) Ltd.(a)
 
9,157
465,025
Megmilk Snow Brand Co. Ltd.
 
7,556
177,986
Meidensha Corp.
 
5,709
336,344
Meiko Electronics Co. Ltd.
 
1,459
183,126
MEITEC Group Holdings, Inc.
 
9,694
202,764
Menicon Co. Ltd.
 
12,009
130,430
Milbon Co. Ltd.
 
2,926
50,993
MIRAIT ONE Corp.(a)
 
11,694
258,124
Mitsubishi Estate Logistics REIT Investment
Corp.
 
128
99,897
Mitsubishi Logistics Corp.
 
44,912
449,973
Mitsubishi Pencil Co. Ltd.(a)
 
4,125
71,495
Mitsuboshi Belting Ltd.
 
3,030
77,321
Mitsui E&S Co. Ltd.
 
5,057
152,401
Mitsui Fudosan Accommodations Fund, Inc.
 
202
155,514
Mitsui Fudosan Logistics Park, Inc.(a)
 
238
161,088
Mitsui High-Tec, Inc.(a)
 
21,494
120,026
Mitsui-Soko Holdings Co. Ltd.
 
7,579
170,938
Mitsuuroko Group Holdings Co. Ltd.
 
1,834
24,205
Miura Co. Ltd.(a)
 
13,323
266,930
Mixi, Inc.
 
8,594
156,249
Miyazaki Bank Ltd. (The)
 
5,479
79,581
Mizuho Leasing Co. Ltd.
 
17,613
150,464
Mizuno Corp.
 
9,806
225,964
Mochida Pharmaceutical Co. Ltd.
 
1,822
35,515
Modec, Inc.
 
2,183
140,887
MonotaRO Co. Ltd.
 
12,341
155,616
Mori Hills REIT Investment Corp.(a)
 
153
124,671
Mori Trust REIT, Inc.
 
254
121,455
Morinaga & Co. Ltd.
 
11,793
195,308
Morinaga Milk Industry Co. Ltd.
 
50,504
377,387
Morita Holdings Corp.
 
2,849
44,803
Musashi Seimitsu Industry Co. Ltd.
 
10,176
200,931
Musashino Bank Ltd. (The)(a)
 
14,116
225,071
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
Japan-(continued)
Nabtesco Corp.
 
19,994
$574,254
Nachi-Fujikoshi Corp.
 
2,372
80,157
Nakanishi, Inc.
 
7,633
144,946
NANKAI Co. Ltd.
 
13,789
257,959
Nanto Bank Ltd. (The)
 
21,948
234,191
Nextage Co. Ltd.
 
6,917
144,028
NHK Spring Co. Ltd.
 
31,196
691,081
Nichias Corp.
 
22,561
467,253
Nichicon Corp.
 
13,515
239,992
Nichiha Corp.
 
3,238
62,251
Nifco, Inc.
 
11,572
374,330
Nihon Kohden Corp.
 
24,902
247,752
Nihon M&A Center Holdings, Inc.
 
30,923
123,385
Nihon Parkerizing Co. Ltd.
 
7,163
74,109
Nikkiso Co. Ltd.(a)
 
4,860
112,277
Nikkon Holdings Co. Ltd.
 
11,719
369,608
Nippn Corp.
 
11,296
198,924
Nippon Densetsu Kogyo Co. Ltd.
 
4,685
117,123
Nippon Gas Co. Ltd.
 
11,778
209,694
Nippon Kayaku Co. Ltd.
 
20,766
249,360
Nippon Light Metal Holdings Co. Ltd.
 
12,056
202,655
Nippon Prologis REIT, Inc.
 
629
357,195
NIPPON REIT Investment Corp.
 
172
90,394
Nippon Seiki Co. Ltd.
 
4,712
71,297
Nippon Shinyaku Co. Ltd.
 
14,195
301,710
Nippon Shokubai Co. Ltd.
 
32,799
440,883
Nippon Soda Co. Ltd.
 
5,067
120,893
Nipro Corp.
 
23,014
234,602
Nishimatsu Construction Co. Ltd.
 
5,106
169,079
Nishimatsuya Chain Co. Ltd.(a)
 
8,391
105,000
Nishi-Nippon Financial Holdings, Inc.
 
15,611
412,254
Nishi-Nippon Railroad Co. Ltd.
 
8,013
156,625
Nisshin Oillio Group Ltd. (The)
 
10,179
121,432
Nisshinbo Holdings, Inc.
 
34,107
457,897
Nitta Corp.
 
1,326
52,730
Nittetsu Mining Co. Ltd.
 
4,440
83,117
Nitto Boseki Co. Ltd.(a)
 
8,810
151,200
Nitto Kogyo Corp.
 
3,503
94,415
NOF Corp.
 
23,414
406,521
Nojima Corp.
 
28,278
231,350
NOK Corp.
 
13,429
253,581
Nomura Co. Ltd.
 
13,862
101,348
Nomura Real Estate Holdings, Inc.
 
88,772
509,741
Noritake Co. Ltd.
 
5,867
123,108
Noritsu Koki Co. Ltd.
 
10,096
122,713
Noritz Corp.
 
1,720
25,571
North Pacific Bank Ltd.
 
47,005
336,748
Npr-Riken Corp.
 
1,336
33,774
NS Solutions Corp.
 
7,698
189,728
NS United Kaiun Kaisha Ltd.
 
1,044
52,331
NSD Co. Ltd.
 
7,004
125,037
NTN Corp.
 
163,283
394,463
NTT UD REIT Investment Corp.
 
142
122,156
OBIC Co. Ltd.
 
13,182
377,822
Odakyu Electric Railway Co. Ltd.
 
38,638
427,324
Ogaki Kyoritsu Bank Ltd. (The)
 
2,372
105,488
Oita Bank Ltd. (The)
 
4,705
74,782
Okamura Corp.
 
7,806
113,868
Okasan Securities Group, Inc.
 
14,932
103,174
Oki Electric Industry Co. Ltd.
 
9,288
156,767
OKUMA Corp.
 
11,514
351,395
Okumura Corp.
 
4,736
170,762
 
Shares
Value
Japan-(continued)
Onward Holdings Co. Ltd.
 
12,796
$61,095
Open House Group Co. Ltd.
 
9,886
524,923
Open Up Group, Inc.
 
8,599
108,440
Organo Corp.
 
1,318
118,493
ORIX JREIT, Inc.
 
476
307,787
Osaka Soda Co. Ltd.
 
10,669
116,734
OSG Corp.(a)
 
13,941
317,819
Park24 Co. Ltd.(a)
 
14,082
174,165
Penta-Ocean Construction Co. Ltd.
 
43,425
403,892
Pigeon Corp.(a)
 
23,584
298,691
Pilot Corp.
 
12,333
139,979
Pola Orbis Holdings, Inc.
 
20,597
173,187
Prima Meat Packers Ltd.
 
5,034
78,273
Raito Kogyo Co. Ltd.
 
6,504
153,118
Raiznext Corp.
 
2,004
36,275
Rakuten Bank Ltd.(b)
 
2,393
81,723
Rakuten Group, Inc.(b)
 
78,712
410,107
Relo Group, Inc.
 
9,794
123,477
Resorttrust, Inc.
 
14,536
162,914
Ricoh Leasing Co. Ltd.(a)
 
1,427
59,933
Rinnai Corp.
 
13,893
310,446
Rohto Pharmaceutical Co. Ltd.
 
23,698
354,639
Round One Corp.
 
10,520
79,877
Ryoyo Ryosan Holdings, Inc.
 
3,856
70,396
S&B Foods, Inc.
 
668
27,521
Saizeriya Co. Ltd.
 
3,641
180,522
Sakata INX Corp.
 
8,305
129,446
Sakata Seed Corp.
 
5,728
154,383
San ju San Financial Group, Inc.
 
5,600
66,182
San-A Co. Ltd.
 
7,283
148,977
San-Ai Obbli Co. Ltd.
 
3,839
55,793
Sangetsu Corp.(a)
 
5,692
110,185
San-In Godo Bank Ltd. (The)
 
18,511
268,081
Sanken Electric Co. Ltd.(b)
 
4,012
204,926
Sanki Engineering Co. Ltd.(a)
 
17,265
245,404
Sankyo Co. Ltd.
 
24,067
279,082
Sanrio Co. Ltd.(a)
 
12,188
97,724
Sanyo Chemical Industries Ltd.
 
1,507
45,579
Sanyo Denki Co. Ltd.
 
3,205
108,415
Sapporo Holdings Ltd.(a)
 
31,001
391,145
Sawai Group Holdings Co. Ltd.
 
15,889
163,998
Sega Sammy Holdings, Inc.
 
32,240
556,531
Seibu Holdings, Inc.(a)
 
14,164
316,962
Seiko Group Corp.
 
7,348
358,996
Seiren Co. Ltd.
 
6,216
122,859
Sekisui House Reit, Inc.
 
470
223,364
Senko Group Holdings Co. Ltd.
 
17,423
240,650
Senshu Ikeda Holdings, Inc.
 
31,839
186,510
Seria Co. Ltd.
 
9,303
225,235
Seven Bank Ltd.
 
103,121
205,710
Shibuya Corp.(a)
 
812
22,115
Shiga Bank Ltd. (The)
 
23,600
350,401
Shikoku Electric Power Co., Inc.(a)
 
27,498
285,138
Shinmaywa Industries Ltd.
 
11,450
140,152
Ship Healthcare Holdings, Inc.
 
11,630
186,172
SHO-BOND Holdings Co. Ltd.(a)
 
22,302
184,447
Showa Sangyo Co. Ltd.
 
1,804
40,064
SKY Perfect JSAT Holdings Corp.
 
13,037
169,684
Skylark Holdings Co. Ltd.(a)
 
16,877
332,333
Socionext, Inc.
 
32,510
381,413
Sotetsu Holdings, Inc.
 
10,544
174,087
Square Enix Holdings Co. Ltd.
 
29,221
508,370
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
Japan-(continued)
Starts Corp., Inc.
 
2,828
$83,795
Sugi Holdings Co. Ltd.(a)
 
19,442
344,293
Sumitomo Bakelite Co. Ltd.
 
12,650
506,147
Sumitomo Osaka Cement Co. Ltd.
 
8,145
275,141
Sumitomo Pharma Co. Ltd.(b)
 
34,749
270,600
Sumitomo Warehouse Co. Ltd. (The)
 
4,923
125,145
Sundrug Co. Ltd.
 
13,304
316,001
Suruga Bank Ltd.
 
13,972
226,098
SWCC Corp.
 
2,398
165,175
T Hasegawa Co. Ltd.
 
3,581
72,658
Tadano Ltd.
 
17,017
141,311
Taihei Dengyo Kaisha Ltd.(a)
 
5,521
82,777
Taikisha Ltd.(a)
 
6,479
169,653
Taiyo Holdings Co. Ltd.
 
4,926
145,197
Takamatsu Construction Group Co. Ltd.,
Class D
 
968
22,541
Takara Holdings, Inc.(a)
 
21,769
283,783
Takara Standard Co. Ltd.
 
4,641
87,335
Takasago International Corp.
 
7,771
58,519
Takasago Thermal Engineering Co. Ltd.
 
9,514
251,762
Takeuchi Manufacturing Co. Ltd.
 
4,897
226,591
Takuma Co. Ltd.
 
8,657
182,493
Tamron Co. Ltd.
 
14,486
130,026
TBS Holdings, Inc.
 
9,682
364,137
THK Co. Ltd.
 
17,932
737,337
TKC Corp.
 
3,087
74,860
Toa Corp.
 
8,605
107,866
Toagosei Co. Ltd.
 
10,890
121,644
Tocalo Co. Ltd.
 
7,123
127,662
Toda Corp.
 
26,087
241,995
Toei Co. Ltd.
 
2,967
112,714
Toenec Corp.
 
3,892
49,529
Toho Bank Ltd. (The)
 
13,076
69,737
Toho Co. Ltd.
 
38,775
372,066
Toho Holdings Co. Ltd.
 
7,288
183,653
Tokai Carbon Co. Ltd.
 
57,540
548,341
TOKAI Holdings Corp.
 
12,447
90,530
Tokai Rika Co. Ltd.
 
6,010
118,425
Tokai Tokyo Financial Holdings, Inc.(a)
 
34,883
174,085
Token Corp.
 
1,120
93,797
Tokuyama Corp.
 
20,139
472,036
Tokyo Century Corp.
 
23,325
380,869
Tokyo Kiraboshi Financial Group, Inc.
 
27,064
284,316
Tokyo Metro Co. Ltd.
 
25,982
238,017
Tokyo Ohka Kogyo Co. Ltd.
 
7,704
416,918
Tokyo Seimitsu Co. Ltd.
 
4,217
438,778
Tokyo Steel Manufacturing Co. Ltd.
 
19,415
215,296
Tokyu Construction Co. Ltd.
 
5,796
42,061
Tokyu REIT, Inc.(a)
 
85
101,120
TOMONY Holdings, Inc.
 
24,765
153,262
Tomy Co. Ltd.(a)
 
12,855
292,204
Topre Corp.
 
3,725
65,202
Toshiba TEC Corp.
 
5,060
99,219
Totetsu Kogyo Co. Ltd.
 
2,915
75,888
Towa Pharmaceutical Co. Ltd.
 
4,636
115,876
Toyobo Co. Ltd.
 
8,248
77,529
Transcosmos, Inc.(a)
 
2,914
69,262
Trusco Nakayama Corp.
 
5,442
81,994
TS Tech Co. Ltd.
 
12,132
139,059
TSI Holdings Co. Ltd.
 
7,028
54,130
Tsubakimoto Chain Co.
 
8,802
141,121
Tsugami Corp.
 
2,556
93,726
 
Shares
Value
Japan-(continued)
Tsumura & Co.(a)
 
12,288
$293,845
Tsuruha Holdings, Inc.(a)
 
16,312
248,828
TV Asahi Holdings Corp.
 
9,556
187,188
Tv Tokyo Holdings Corp.
 
2,662
57,415
UACJ Corp.
 
28,542
416,295
Ulvac, Inc.
 
8,521
449,074
Umios Corp., Class C
 
23,364
191,313
United Super Markets Holdings, Inc.(a)
 
16,083
82,915
United Urban Investment Corp.
 
291
297,151
Ushio, Inc.
 
12,371
286,879
USS Co. Ltd.
 
29,033
366,378
Valor Holdings Co. Ltd., Class C
 
4,234
86,356
Wacoal Holdings Corp.
 
5,574
153,589
Wacom Co. Ltd.
 
18,175
87,602
Wakita & Co. Ltd.
 
4,160
49,944
World Co. Ltd.
 
6,175
62,059
YAMABIKO Corp.
 
4,460
107,300
Yamaguchi Financial Group, Inc.
 
22,827
421,781
Yamato Kogyo Co. Ltd.
 
5,163
434,315
Yamazen Corp.
 
7,798
86,324
Yellow Hat Ltd.
 
7,787
88,107
Yodoko Ltd.(a)
 
14,261
123,413
Yokogawa Bridge Holdings Corp.
 
4,382
81,013
Yoshinoya Holdings Co. Ltd.(a)
 
7,879
190,118
Yuasa Co. Ltd.
 
1,319
47,808
Yurtec Corp.
 
5,907
87,912
Zenkoku Hosho Co. Ltd.
 
11,899
233,533
Zensho Holdings Co. Ltd.(a)
 
5,282
329,568
Zeon Corp.
 
30,648
429,469
ZOZO, Inc.
 
26,227
188,973
 
 
102,429,040
Luxembourg-0.10%
RTL Group S.A.(a)
 
9,258
345,808
Macau-0.05%
Sands China Ltd.
 
86,985
163,140
SJM Holdings Ltd.(a)(b)
 
152,116
30,830
 
 
193,970
Mexico-0.07%
Fresnillo PLC
 
7,107
239,051
Mongolia-0.01%
Mongolian Mining Corp.(b)
 
49,647
45,251
Netherlands-1.38%
Arcadis N.V.(a)
 
8,604
404,006
Basic-Fit N.V.(a)(b)(d)
 
3,758
150,013
BE Semiconductor Industries N.V.
 
2,042
467,214
Corbion N.V.
 
11,152
243,166
CTP N.V.(d)
 
11,224
202,356
Eurocommercial Properties N.V.
 
5,989
193,291
Euronext N.V.(d)
 
3,641
664,242
Flow Traders Ltd.(a)(b)
 
3,328
101,321
Fugro N.V.(a)
 
25,104
244,848
Havas N.V.
 
5,208
111,267
Koninklijke BAM Groep N.V.
 
35,990
481,559
Koninklijke Heijmans N.V, CVA
 
2,168
234,003
Koninklijke Vopak N.V.
 
7,227
408,196
OCI N.V.(b)
 
31,084
144,774
Redcare Pharmacy N.V.(a)(b)(d)
 
1,809
128,391
TKH Group N.V., CVA
 
7,451
366,550
Van Lanschot Kempen N.V., CVA
 
4,096
307,122
 
 
4,852,319
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
New Zealand-0.66%
a2 Milk Co. Ltd. (The)(a)
 
42,929
$207,902
Air New Zealand Ltd.
 
74,931
18,218
Auckland International Airport Ltd.
 
87,592
448,035
Chorus Ltd.
 
29,989
165,936
Contact Energy Ltd.
 
37,720
201,234
Fisher & Paykel Healthcare Corp. Ltd.
 
24,336
580,656
Freightways Group Ltd.
 
2,588
21,040
Genesis Energy Ltd.
 
21,336
32,046
Kiwi Property Group Ltd.
 
54,612
29,858
Mercury NZ Ltd.
 
23,768
93,569
Meridian Energy Ltd.
 
51,422
172,023
Precinct Properties Group
 
62,372
38,545
Ryman Healthcare Ltd.(b)
 
49,674
62,542
SKYCITY Entertainment Group Ltd.(b)
 
37,166
13,518
Summerset Group Holdings Ltd.
 
4,420
21,624
Vector Ltd.
 
6,266
18,218
Xero Ltd.(b)
 
4,118
205,212
 
 
2,330,176
Nigeria-0.14%
Airtel Africa PLC(d)
 
108,922
490,933
Norway-2.57%
AF Gruppen ASA
 
1,110
22,199
Aker Solutions ASA, Class A
 
67,946
302,268
Austevoll Seafood ASA
 
13,318
119,527
BlueNord ASA(b)
 
2,540
138,399
Bonheur ASA
 
1,307
31,028
Borregaard ASA
 
6,907
115,030
BW Offshore Ltd.
 
4,283
21,089
DNO ASA
 
182,219
323,813
DOF Group ASA
 
13,922
182,414
Elkem ASA(b)(d)
 
87,080
285,741
Entra ASA(d)
 
3,529
39,406
Europris ASA(d)
 
18,854
169,740
Frontline PLC(a)
 
16,173
636,731
Gjensidige Forsikring ASA
 
14,429
430,126
Hoegh Autoliners ASA
 
27,611
490,857
Kongsberg Gruppen ASA
 
10,903
339,536
Leroy Seafood Group ASA
 
52,649
230,907
MPC Container Ships ASA
 
133,940
344,036
Norconsult Norge AS
 
22,429
91,903
Nordic Semiconductor ASA(b)
 
11,703
197,593
Odfjell Drilling Ltd.
 
13,485
129,794
Opera Ltd., ADR
 
12,055
227,840
Protector Forsikring ASA
 
1,177
61,201
SalMar ASA
 
5,993
326,497
SFL Corp. Ltd.
 
26,475
326,701
SpareBank 1 Nord Norge
 
7,158
119,551
SpareBank 1 Oestlandet
 
2,866
58,862
SpareBank 1 SMN
 
11,176
231,677
SpareBank 1 Sor-Norge ASA, Class B
 
18,383
411,524
Sparebanken Norge
 
9,705
201,607
Stolt-Nielsen Ltd.(a)
 
5,301
177,867
Storebrand ASA
 
29,592
629,431
TGS ASA
 
34,849
471,926
TOMRA Systems ASA
 
18,777
208,552
Var Energi ASA
 
147,799
742,019
Veidekke ASA
 
5,113
101,656
Wilh Wilhelmsen Holding ASA, Class A
 
1,536
124,775
 
 
9,063,823
Poland-1.12%
Alior Bank S.A.
 
8,058
296,737
 
Shares
Value
Poland-(continued)
Allegro.eu S.A.(b)(d)
 
26,524
$318,851
Asseco Poland S.A.(a)
 
6,389
341,473
Bank Handlowy w Warszawie S.A.
 
1,355
44,103
Bank Millennium S.A.(b)
 
30,710
169,363
BNP Paribas Bank Polska S.A.
 
448
18,601
Budimex S.A.(a)
 
787
152,323
CD Projekt S.A.(a)(b)
 
1,843
123,023
Cyfrowy Polsat S.A.(a)(b)
 
34,055
155,201
Dino Polska S.A.(b)(d)
 
27,413
234,563
Enea S.A.
 
15,597
81,875
Erste Bank Polska S.A.
 
1,386
272,692
Eurocash S.A.(b)
 
4,935
6,436
Grupa Azoty S.A.(a)(b)
 
9,280
48,731
Grupa Kety S.A.
 
605
202,298
InPost S.A.(b)
 
4,412
78,513
Jastrzebska Spolka Weglowa S.A.(a)(b)
 
24,095
161,298
KRUK S.A.
 
1,188
135,255
LPP S.A.
 
67
388,924
mBank S.A.(b)
 
659
238,447
Orange Polska S.A.
 
46,184
188,194
Pepco Group N.V.(d)
 
15,643
192,296
XTB S.A.(d)
 
2,361
93,942
 
 
3,943,139
Portugal-0.49%
Banco Comercial Portugues S.A., Class R
 
574,388
706,112
Navigator Co. S.A. (The)(a)
 
47,663
178,760
NOS SGPS S.A.
 
40,846
226,830
REN - Redes Energeticas Nacionais SGPS
S.A.
 
59,857
237,745
Sonae SGPS S.A.
 
160,978
377,280
 
 
1,726,727
Singapore-2.78%
BW LPG Ltd.(d)
 
23,116
529,541
CapitaLand Ascott Trust
 
285,053
200,890
CapitaLand India Trust
 
123,010
101,524
CapitaLand Investment Ltd.
 
244,702
506,574
CDL Hospitality Trusts
 
65,061
40,297
City Developments Ltd.
 
83,811
512,043
ESR-REIT
 
48,503
98,992
Frasers Centrepoint Trust
 
118,580
209,549
Frasers Logistics & Commercial Trust(d)
 
455,394
351,158
Genting Singapore Ltd.(a)
 
832,371
411,550
Grab Holdings Ltd., Class A(a)(b)
 
142,504
498,764
Hafnia Ltd.
 
59,456
455,780
Haw Par Corp. Ltd.
 
5,160
64,672
IGG, Inc.
 
74,878
31,887
Jardine Cycle & Carriage Ltd.
 
6,477
148,277
Kenon Holdings Ltd.
 
1,884
128,220
Keppel DC REIT
 
116,805
202,904
Keppel Infrastructure Trust
 
376,076
159,545
Keppel REIT
 
287,768
206,213
Kulicke & Soffa Industries, Inc.
 
9,206
821,175
Lendlease Global Commercial REIT
 
256,838
117,977
Mapletree Industrial Trust(a)
 
233,109
350,416
Mapletree Logistics Trust(a)
 
430,533
415,478
Mapletree Pan Asia Commercial Trust(a)
 
346,136
358,583
NetLink NBN Trust(d)
 
233,165
183,278
SATS Ltd.
 
76,242
280,802
Seatrium Ltd.(a)
 
181,446
303,656
Sembcorp Industries Ltd.(a)
 
80,977
347,923
Sheng Siong Group Ltd.
 
54,505
141,705
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
Singapore-(continued)
Singapore Exchange Ltd.
 
38,693
$736,876
Singapore Post Ltd.(a)
 
228,532
60,516
Singapore Technologies Engineering Ltd.
 
71,272
559,451
Suntec REIT
 
229,342
264,343
Wing Tai Holdings Ltd.
 
7,256
8,861
 
 
9,809,420
South Africa-0.03%
Scatec ASA(b)(d)
 
12,567
121,438
South Korea-7.30%
Amorepacific Corp.(a)
 
5,006
451,416
AMOREPACIFIC Holdings Corp.
 
8,933
158,625
Asiana Airlines, Inc.(b)
 
3,199
15,459
BGF retail Co. Ltd.
 
2,463
213,474
BH Co. Ltd.
 
7,830
81,144
Binggrae Co. Ltd.
 
1,890
89,334
Cheil Worldwide, Inc.(a)
 
15,450
204,071
Chong Kun Dang Pharmaceutical Corp.
 
1,837
85,725
CJ ENM Co. Ltd.(b)
 
3,875
84,793
CJ Logistics Corp.
 
3,242
167,437
Com2uSCorp.
 
1,091
22,512
Coway Co. Ltd.
 
8,154
516,588
Daeduck Electronics Co. Ltd.
 
3,709
242,941
Daesang Corp.
 
7,464
92,153
Daewoo Engineering & Construction Co.
Ltd.(a)(b)
 
61,256
525,609
Daishin Securities Co. Ltd.(b)
 
9,169
163,515
Daou Technology, Inc.
 
5,402
137,656
DB HiTek Co. Ltd.
 
4,235
240,481
Delivery Hero SE(b)(d)
 
14,605
635,238
DL Holdings Co. Ltd.(b)
 
6,278
187,269
Dongjin Semichem Co. Ltd.(a)
 
4,468
119,207
Dongwon Industries Co. Ltd.(a)
 
3,529
86,992
Doosan Bobcat, Inc.(a)
 
13,062
537,718
Doosan Co. Ltd.
 
567
447,696
DoubleDown Interactive Co. Ltd., ADR(b)
 
2,255
26,113
E1 Corp.
 
511
31,354
Ecopro BM Co. Ltd.(a)
 
1,297
92,647
Ecopro Co. Ltd.(a)(b)
 
3,176
173,864
F&F Co. Ltd.
 
2,380
133,609
GC Biopharma Corp.
 
1,122
90,554
GC Corp.
 
4,454
29,014
Gravity Co. Ltd., ADR(b)
 
654
40,515
GS Retail Co. Ltd.
 
8,548
146,487
Hanmi Pharm Co. Ltd.(a)
 
380
87,599
Hanon Systems(b)
 
79,811
180,785
Hansol Chemical Co. Ltd.(a)
 
804
114,321
Hanwha Aerospace Co. Ltd.
 
692
444,255
Hanwha Life Insurance Co. Ltd.(b)
 
77,800
235,269
Hanwha Systems Co. Ltd., Class C
 
2,899
126,965
Harim Holdings Co. Ltd., Class C(a)
 
27,403
181,832
HD Construction Equipment Co. Ltd.
 
5,004
426,895
HD Hyundai Electric Co. Ltd.
 
232
107,284
HD Hyundai Heavy Industries Co. Ltd.
 
734
245,755
HDC Holdings Co. Ltd.
 
9,447
130,716
Hite Jinro Co. Ltd.
 
8,402
90,178
HL Mando Co. Ltd.
 
12,123
372,489
Hotel Shilla Co. Ltd.(b)
 
6,276
189,544
HS Hyosung Advanced Materials Corp.
 
816
91,116
HYBE Co. Ltd.(b)
 
752
88,030
Hyosung Corp.
 
1,184
117,746
Hyosung Heavy Industries Corp.
 
34
55,258
 
Shares
Value
South Korea-(continued)
Hyosung TNC Corp.
 
997
$212,277
Hyundai Department Store Co. Ltd.
 
3,678
300,444
Hyundai Elevator Co. Ltd.(a)
 
2,365
110,680
Hyundai Green Food Co. Ltd.
 
2,293
28,927
Hyundai Marine & Fire Insurance Co. Ltd.(b)
 
21,384
568,808
Hyundai Rotem Co. Ltd.
 
1,355
125,920
Hyundai Wia Corp.(a)
 
6,451
258,881
iM Financial Group Co. Ltd.
 
30,140
353,396
IPARK Hyundai Development Co., Class E
 
13,699
188,589
JB Financial Group Co. Ltd.
 
20,912
381,396
KakaoBank Corp.(a)
 
10,482
160,773
Kangwon Land, Inc.(a)
 
16,526
169,520
KCC Corp.
 
1,291
339,838
KCC Glass Corp.(b)
 
969
14,872
KEPCO Plant Service & Engineering Co.
Ltd.(a)
 
3,481
108,597
KIWOOM Securities Co. Ltd.
 
987
197,080
Kolon Corp.
 
1,775
28,396
Kolon Industries, Inc.
 
8,374
276,033
Korea Aerospace Industries Ltd.(a)
 
2,274
202,464
Korea Electric Terminal Co. Ltd.
 
1,564
67,188
Korea Investment Holdings Co. Ltd.(a)
 
4,264
601,965
Korea Line Corp.(b)
 
38,595
50,536
Korea Petrochemical Ind Co. Ltd.(a)
 
1,835
108,204
Korean Reinsurance Co.
 
18,850
181,111
Krafton, Inc.(a)(b)
 
2,854
482,313
Kumho Tire Co., Inc.(b)
 
31,480
157,189
L&F Co. Ltd.(a)(b)
 
1,395
70,267
LF Corp.
 
2,989
46,525
LG CNS Co. Ltd.
 
3,109
133,484
LG Energy Solution Ltd.(b)
 
1,290
291,837
LOTTE Chilsung Beverage Co. Ltd.
 
1,130
79,484
LOTTE Corp.
 
13,779
215,663
LOTTE Fine Chemical Co. Ltd.
 
3,703
114,409
Lotte Rental Co. Ltd.
 
2,384
65,431
LOTTE Shopping Co. Ltd.(a)
 
4,778
385,962
LS Electric Co. Ltd.
 
2,561
322,471
LX International Corp.
 
9,095
237,274
LX Semicon Co. Ltd.(a)
 
3,988
94,733
Macquarie Korea Infrastructure Fund
 
42,497
300,766
Meritz Financial Group, Inc.(a)(b)
 
6,304
540,962
Mirae Asset Life Insurance Co. Ltd.(b)
 
4,585
50,146
Mirae Asset Securities Co. Ltd.(a)
 
16,888
401,187
Misto Holdings Corp.
 
5,623
176,439
NC Corp.
 
3,310
538,164
Netmarble Corp.(a)(d)
 
5,777
154,363
NH Investment & Securities Co. Ltd.
 
17,930
351,187
NHN Corp.(b)
 
5,373
138,010
NICE Holdings Co. Ltd.(b)
 
1,476
13,232
NongShim Co. Ltd.(a)
 
848
226,673
OCI Co. Ltd.(b)
 
846
40,422
OCI Holdings Co. Ltd.(a)
 
2,873
378,803
Orion Corp.(a)
 
3,410
312,725
Orion Holdings Corp.(a)
 
7,671
136,024
Otoki Corp.
 
351
79,588
Pan Ocean Co. Ltd.(a)
 
95,958
363,576
Poongsan Corp.
 
3,395
170,648
POSCO Future M Co. Ltd.
 
909
86,258
Posco International Corp.(a)
 
10,795
393,567
S-1 Corp.
 
2,124
105,191
Samchully Co. Ltd.
 
473
39,052
Samsung Biologics Co. Ltd.(a)(b)(d)
 
162
166,672
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
South Korea-(continued)
Samsung Card Co. Ltd.(a)
 
3,533
$115,725
Samsung Episholdings Co. Ltd.(b)
 
34
8,828
Samsung Heavy Industries Co. Ltd.(a)(b)
 
19,189
285,304
Samsung Securities Co. Ltd.
 
6,423
435,356
Samyang Biopharmaceuticals Corp.(b)
 
388
10,398
Samyang Holdings Corp.
 
1,105
44,478
SD Biosensor, Inc.(b)
 
6,906
30,591
Seah Besteel Holdings Corp.
 
1,315
30,279
SeAH Steel Holdings Corp.
 
276
20,171
Seegene, Inc.
 
10,704
200,273
SFA Engineering Corp.
 
4,786
66,072
Shinsegae, Inc.(a)
 
1,656
479,149
SK Chemicals Co. Ltd.
 
3,366
91,734
SK Discovery Co. Ltd.
 
1,805
64,574
SK Gas Ltd.(a)
 
683
107,612
SK Networks Co. Ltd.(a)
 
25,161
126,946
SKC Co. Ltd.(b)
 
1,652
81,108
SL Corp.
 
4,164
151,460
Soulbrain Co. Ltd.
 
476
82,429
Sungwoo Hitech Co. Ltd.
 
18,217
70,676
Taihan Cable & Solution Co. Ltd.(b)
 
6,464
102,854
WONIK IPS Co. Ltd.(a)
 
3,270
214,575
Youngone Corp.
 
2,935
182,325
Youngone Holdings Co. Ltd.
 
798
106,296
Yuhan Corp.
 
3,615
184,594
 
 
25,747,646
Spain-1.49%
Acciona S.A.
 
2,321
636,941
Almirall S.A.(a)
 
8,475
108,536
Atresmedia Corp. de Medios de
Comunicacion S.A.(a)
 
19,258
115,240
Befesa S.A.(d)
 
5,936
238,839
CIE Automotive S.A.
 
5,215
158,903
Colonial SFL Socimi S.A.(a)
 
65,715
419,688
Construcciones y Auxiliar de Ferrocarriles
S.A.
 
2,298
181,320
Corporacion ACCIONA Energias Renovables
S.A.
 
6,128
153,071
Ebro Foods S.A.
 
4,115
86,706
EDP Renovaveis S.A.
 
28,446
440,400
Elecnor S.A.
 
4,437
175,065
Faes Farma S.A.(a)
 
18,257
95,657
Fluidra S.A.
 
8,766
194,484
Gestamp Automocion S.A.(d)
 
34,282
115,455
Indra Sistemas S.A.
 
4,843
317,693
Linea Directa Aseguradora S.A. Cia de
Seguros y Reaseguros
 
49,878
73,500
Logista Integral S.A.
 
7,227
307,621
Neinor Homes S.A.(a)(b)(d)
 
3,341
61,047
Puig Brands S.A., Class B
 
4,666
89,643
Sacyr S.A.
 
51,435
278,976
Unicaja Banco S.A.(d)
 
105,459
404,602
Vidrala S.A.(a)
 
2,293
231,393
Viscofan S.A.
 
5,576
368,635
 
 
5,253,415
Sweden-3.64%
AAK AB(a)
 
15,705
338,254
AcadeMedia AB(d)
 
14,209
148,842
AddLife AB, Class B
 
7,439
126,215
Addtech AB, Class B
 
6,797
246,855
AFRY AB
 
17,945
193,619
 
Shares
Value
Sweden-(continued)
Alleima AB(a)
 
29,037
$344,451
Altra Fastigheter AB
 
19,276
157,524
Ambea AB(d)
 
5,928
89,689
Arjo AB, Class B
 
40,449
114,840
Atea ASA(b)
 
8,843
160,350
Atrium Ljungberg AB(a)
 
22,354
62,331
Attendo AB(d)
 
13,728
157,602
Avanza Bank Holding AB
 
3,963
162,323
Axfood AB(a)
 
10,179
259,298
Beijer Ref AB(a)
 
23,767
334,781
Betsson AB, Class B
 
20,216
195,030
Bilia AB, Class A
 
7,790
125,963
Bravida Holding AB(d)
 
28,026
385,444
Bure Equity AB
 
2,409
65,814
Catena AB
 
2,716
112,624
Coffee Stain Group AB, Class B(b)
 
10,388
19,604
Corem Property Group AB, Class B(a)
 
253,893
67,413
Dios Fastigheter AB
 
15,162
104,595
Dometic Group AB(b)(d)
 
71,304
177,787
Electrolux Professional AB, Class B
 
18,787
93,483
Elekta AB, Class B(a)
 
66,999
340,215
Embracer Group AB, Class A(a)(b)
 
25,458
180,168
Fabege AB(a)
 
29,774
233,074
Fastighets AB Balder, Class B(a)(b)
 
64,077
350,054
Getinge AB, Class B(a)
 
29,122
724,522
Granges AB
 
14,685
276,047
Hexpol AB
 
41,613
386,610
Holmen AB, Class B
 
6,659
225,406
Hufvudstaden AB, Class A(a)
 
11,282
143,399
Indutrade AB
 
15,629
391,666
Intrum AB(b)
 
158,134
53,126
Inwido AB(a)
 
9,174
165,139
JM AB(a)
 
18,296
236,308
Lifco AB, Class B(a)
 
6,715
228,273
Lindab International AB(a)
 
7,207
93,753
Loomis AB
 
10,240
564,035
MEKO AB
 
4,688
37,776
Modern Times Group MTG AB, Class B(b)
 
6,019
82,534
Munters Group AB(d)
 
6,098
108,344
Mycronic AB
 
6,117
201,741
NCC AB, Class B(a)
 
15,405
274,472
New Wave Group AB, Class B
 
10,314
102,140
Nolato AB, Class B
 
17,206
87,983
Nordnet AB publ
 
1,884
72,040
Norion Bank AB(b)
 
5,132
31,488
Pandox AB
 
5,984
111,069
Peab AB, Class B
 
28,086
277,686
Ratos AB, Class B
 
37,234
140,484
Saab AB, Class B
 
8,140
510,545
Sagax AB, Class B(a)
 
12,487
219,092
Samhallsbyggnadsbolaget i Norden AB,
Class B(a)(b)
 
489,333
168,338
Scandic Hotels Group AB(a)(d)
 
16,479
146,358
Sweco AB, Class B
 
16,101
226,886
Swedish Orphan Biovitrum AB, Class B(b)
 
11,114
549,741
Thule Group AB(a)(d)
 
12,957
297,716
Wallenstam AB, Class B(a)
 
31,791
137,777
Wihlborgs Fastigheter AB(a)
 
26,216
212,821
 
 
12,833,557
Switzerland-3.92%
Accelleron Industries AG
 
2,132
192,881
Allreal Holding AG(b)
 
1,456
380,592
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
Switzerland-(continued)
ALSO Holding AG
 
1,284
$306,977
Aryzta AG(a)(b)
 
3,755
246,509
Avolta AG(b)
 
7,723
463,301
Bachem Holding AG(a)(b)
 
1,444
134,135
Banque Cantonale Vaudoise(a)
 
2,185
342,511
Belimo Holding AG
 
350
364,707
Bell Food Group AG(b)
 
50
11,229
Berner Kantonalbank AG
 
196
93,198
BKW AG
 
2,011
331,975
Bossard Holding AG, Class A
 
647
181,139
Bucher Industries AG
 
510
200,226
Burckhardt Compression Holding AG(a)
 
194
116,201
Cembra Money Bank AG(a)
 
2,837
315,182
Comet Holding AG
 
475
192,584
CRISPR Therapeutics AG(a)(b)
 
6,636
318,462
Daetwyler Holding AG, BR
 
621
105,593
dormakaba Holding AG
 
2,752
198,149
EFG International AG(b)
 
6,667
132,549
Emmi AG
 
258
276,928
EMS-Chemie Holding AG(a)
 
455
460,409
Flughafen Zureich AG
 
1,087
319,289
Forbo Holding AG(a)
 
165
186,847
Galderma Group AG, Class A(b)
 
630
136,993
Garrett Motion, Inc.
 
11,560
360,094
Georg Fischer AG
 
6,522
417,884
Huber + Suhner AG
 
1,292
304,319
Implenia AG
 
978
77,541
Inficon Holding AG
 
973
196,154
International Workplace Group PLC
 
120,587
321,128
Interroll Holding AG, Class R
 
65
108,912
Kardex Holding AG
 
335
98,513
Landis+Gyr Group AG(b)
 
4,841
274,031
Luzerner Kantonalbank AG
 
1,140
157,119
Mobimo Holding AG(b)
 
552
238,613
OC Oerlikon Corp. AG
 
40,463
238,518
On Holding AG, Class A(b)
 
4,626
167,646
SFS Group AG(b)
 
1,552
253,889
Siegfried Holding AG(b)
 
1,938
181,703
SIG Group AG(a)(b)
 
40,151
729,065
St Galler Kantonalbank AG
 
173
139,085
Stadler Rail AG(a)
 
8,008
242,992
Straumann Holding AG
 
4,029
498,582
Sulzer AG
 
1,253
227,390
Swissquote Group Holding S.A.
 
2,678
139,419
Tecan Group AG, Class R(b)
 
1,816
419,363
Temenos AG
 
3,237
269,069
TORM PLC, Class A
 
14,619
444,710
Valiant Holding AG
 
1,391
271,709
VAT Group AG(d)
 
794
593,851
Vaudoise Assurances Holding S.A.
 
91
90,371
Vontobel Holding AG, Class R
 
3,347
357,905
 
 
13,828,141
Taiwan-0.05%
FIT Hon Teng Ltd.(b)(d)
 
290,091
173,547
Turkey-0.13%
Eldorado Gold Corp.
 
15,647
471,914
United Kingdom-7.50%
4imprint Group PLC
 
3,255
181,079
AG Barr PLC
 
11,121
97,616
Allfunds Group PLC
 
32,610
332,163
Ashmore Group PLC(a)
 
69,540
193,189
 
Shares
Value
United Kingdom-(continued)
Auto Trader Group PLC(d)
 
38,725
$273,039
Babcock International Group PLC
 
23,103
350,196
Beazley PLC
 
44,137
765,964
Big Yellow Group PLC
 
24,875
297,370
Bodycote PLC
 
18,706
182,313
Breedon Group PLC
 
62,090
277,595
Bridgepoint Group PLC(a)(d)
 
41,114
177,427
Chemring Group PLC
 
30,061
239,263
Clarkson PLC
 
3,530
225,060
Close Brothers Group PLC(b)
 
36,125
207,049
Coats Group PLC
 
184,373
199,507
Computacenter PLC
 
9,544
590,305
Convatec Group PLC(d)
 
170,354
513,990
Cranswick PLC
 
6,388
459,239
CVS Group PLC
 
6,692
112,914
Derwent London PLC
 
20,421
578,648
Diploma PLC
 
4,321
427,286
Domino’s Pizza Group PLC(a)
 
69,976
190,523
Dr. Martens PLC
 
73,009
76,239
Dunelm Group PLC
 
14,262
166,564
easyJet PLC(a)
 
41,330
351,342
Elementis PLC
 
62,527
150,499
Endava PLC, ADR(a)(b)
 
9,011
26,943
Firstgroup PLC
 
84,185
210,133
Frasers Group PLC(a)(b)
 
12,873
140,306
Future PLC
 
11,365
46,643
Games Workshop Group PLC
 
1,439
370,398
Gamma Communications PLC
 
12,736
160,472
GB Group PLC
 
18,990
56,451
Genuit Group PLC
 
45,414
166,782
Genus PLC
 
5,933
175,524
Grafton Group PLC
 
24,746
323,318
Grainger PLC
 
105,012
247,436
Great Portland Estates PLC
 
48,094
226,690
Greggs PLC(a)
 
17,350
438,502
Hammerson PLC
 
48,471
250,467
Harbour Energy PLC
 
137,617
445,753
Hikma Pharmaceuticals PLC
 
27,927
595,297
Hill & Smith PLC
 
6,688
257,811
Hilton Food Group PLC
 
7,224
58,037
Howden Joinery Group PLC
 
55,253
587,879
Hunting PLC
 
27,928
166,487
Ibstock PLC(d)
 
80,020
100,422
Immunocore Holdings PLC, ADR(b)
 
2,035
68,803
International Personal Finance PLC
 
23,385
78,652
J D Wetherspoon PLC(a)
 
12,523
131,695
James Halstead PLC(a)
 
19,016
30,660
JET2 PLC
 
21,297
441,344
Jupiter Fund Management PLC
 
43,886
93,029
Keller Group PLC
 
10,758
439,048
Kier Group PLC
 
76,198
247,804
Lancashire Holdings Ltd.
 
34,286
278,079
LondonMetric Property PLC
 
176,741
466,540
Marshalls PLC
 
31,435
68,174
Michael Page PLC
 
49,879
122,415
Mitchells & Butlers PLC(b)
 
20,133
74,424
Mitie Group PLC
 
144,102
403,369
Molten Ventures PLC(b)
 
19,131
157,600
MONY Group PLC
 
76,846
204,091
Morgan Advanced Materials PLC
 
43,961
133,791
Morgan Sindall Group PLC
 
5,399
324,400
Ninety One PLC
 
47,881
137,762
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
United Kingdom-(continued)
Ocado Group PLC(a)(b)
 
68,528
$195,583
OSB Group PLC
 
56,943
428,029
Oxford Instruments PLC
 
4,832
177,767
Paragon Banking Group PLC
 
25,868
292,670
Petrofac Ltd.(a)(b)(c)
 
392,398
1,050
Pets at Home Group PLC
 
63,588
181,259
Playtech PLC(b)
 
35,544
181,589
Polar Capital Holdings PLC
 
13,260
138,547
Premier Foods PLC
 
80,686
211,431
Primary Health Properties PLC
 
226,242
287,923
QinetiQ Group PLC
 
74,274
507,751
Rathbones Group PLC
 
5,318
119,470
Renew Holdings PLC
 
9,223
112,485
Renishaw PLC
 
3,193
211,803
Rightmove PLC
 
27,680
173,283
Rotork PLC
 
76,861
505,601
RWS Holdings PLC
 
49,911
64,826
Safestore Holdings PLC
 
28,985
241,431
Savills PLC
 
21,451
265,814
Senior PLC
 
52,557
205,105
Serco Group PLC
 
152,745
497,572
Serica Energy PLC
 
57,318
181,487
Shaftesbury Capital PLC
 
136,073
264,478
SigmaRoc PLC(b)
 
43,718
72,669
Softcat PLC
 
8,540
223,760
Spirax Group PLC
 
5,993
561,052
Spire Healthcare Group PLC(d)
 
50,622
159,305
SSP Group PLC
 
91,697
246,187
Supermarket Income REIT PLC
 
128,297
148,797
Telecom Plus PLC
 
9,641
110,308
THG PLC(a)(b)
 
260,157
106,323
TP ICAP Group PLC
 
106,433
490,843
Trainline PLC(b)(d)
 
22,858
72,871
Tritax Big Box REIT PLC
 
221,473
508,437
Unite Group PLC (The)
 
66,694
483,758
Vesuvius PLC
 
22,889
114,298
Victrex PLC
 
15,636
164,737
Watches of Switzerland Group PLC(b)(d)
 
35,568
350,792
WH Smith PLC
 
21,563
126,008
Wickes Group PLC
 
16,014
42,715
Workspace Group PLC
 
26,412
125,007
Yellow Cake PLC(b)(d)
 
8,254
61,094
Zegona Communications PLC
 
3,063
60,359
Zigup PLC
 
29,873
186,754
 
 
26,432,838
United States-2.00%
Alkermes PLC(a)(b)
 
6,927
339,354
 
Shares
Value
United States-(continued)
ARM Holdings PLC, ADR(b)
 
772
$185,041
Atlassian Corp., Class A(b)
 
5,486
554,168
Bausch + Lomb Corp.(b)
 
9,389
158,352
Brightstar Lottery PLC(a)
 
16,034
160,981
Burford Capital Ltd.(a)
 
32,956
133,845
Buzzi S.p.A.
 
10,137
479,768
Carnival Corp. Ltd.
 
6,860
190,777
Constellium SE(b)
 
20,199
561,128
Curaleaf Holdings, Inc.(b)
 
14,685
129,907
Diversified Energy Co.(a)
 
8,643
116,335
Dole PLC
 
10,762
152,175
Ferrovial N.V.
 
4,462
291,629
GFL Environmental, Inc.(a)
 
12,928
533,487
Inmode Ltd.(b)
 
12,183
184,451
InterContinental Hotels Group PLC
 
3,115
503,718
Lionsgate Studios Corp.(b)
 
17,122
227,380
Monday.com Ltd.(b)
 
1,498
130,551
Nordic American Tankers Ltd.(a)
 
15,950
104,153
Reliance Worldwide Corp. Ltd.
 
122,648
301,102
RHI Magnesita N.V.(a)
 
1,716
65,292
Samsonite Group S.A.(d)
 
147,091
264,727
Sinch AB(a)(b)(d)
 
128,134
540,901
SolarEdge Technologies, Inc.(a)(b)
 
13,202
543,922
Titan S.A.
 
3,461
207,840
 
 
7,060,984
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.82%
(Cost $296,555,439)
351,948,677
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-14.29%
Invesco Private Government Fund,
3.69%(e)(f)(g)
 
13,956,546
13,956,546
Invesco Private Prime Fund, 3.82%(e)(f)(g)
 
36,433,287
36,436,930
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $50,394,707)
50,393,476
TOTAL INVESTMENTS IN SECURITIES-114.11%
(Cost $346,950,146)
402,342,153
OTHER ASSETS LESS LIABILITIES-(14.11)%
(49,741,006
)
NET ASSETS-100.00%
$352,601,147
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
July 31, 2026
(Unaudited)
Investment Abbreviations:
ADR-American Depositary Receipt
BR-Bearer Shares
CVA-Dutch Certificates
REIT-Real Estate Investment Trust
Wts.-Warrants
 
Notes to Schedule of Investments:
(a)
All or a portion of this security was out on loan at July 31, 2026.
(b)
Non-income producing security.
(c)
Security valued using significant unobservable inputs (Level 3). See Note 1.
(d)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
July 31, 2026 was $14,633,453, which represented 4.15% of the Fund’s Net Assets.
(e)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the nine months ended July 31, 2026.
 
 
Value
October 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
July 31, 2026
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$-
$10,769,146
$(10,769,146
)
$-
$-
$-
$3,757
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
14,588,985
47,071,515
(47,703,954
)
-
-
13,956,546
1,123,920
*
Invesco Private Prime
Fund
37,890,365
101,576,285
(103,018,576
)
(1,272
)
(9,872
)
36,436,930
1,277,396
*
Total
$52,479,350
$159,416,946
$(161,491,676
)
$(1,272
)
$(9,872
)
$50,393,476
$2,405,073
 
*
Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from
borrowers, if any.
 
(f)
The rate shown is the 7-day SEC standardized yield as of July 31, 2026.
(g)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.

Schedule of Investments
Invesco RAFI Emerging Markets ETF (PXH)
July 31, 2026
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.60%
Brazil-11.35%
Ambev S.A.
 
1,488,177
$4,683,643
Axia Energia S.A.
 
505,115
5,251,331
B3 S.A. - Brasil, Bolsa, Balcao
 
985,582
3,051,422
Banco Bradesco S.A., Preference Shares
 
3,033,504
11,004,001
Banco do Brasil S.A.
 
2,421,096
10,173,974
Cia de Saneamento Basico do Estado de
Sao Paulo SABESP
 
441,440
2,406,757
Cia Energetica de Minas Gerais, Preference
Shares
 
1,257,332
2,806,362
Cia Paranaense de Energia
 
346,280
1,010,763
Cia Siderurgica Nacional S.A.(a)
 
1,582,669
1,507,704
Cosan S.A.(a)
 
1,446,965
1,159,133
Equatorial S.A.
 
343,119
2,610,883
Gerdau S.A., Preference Shares
 
1,516,316
7,455,261
Hapvida Participacoes e Investimentos
S.A.(a)(b)
 
607,886
1,349,621
Itau Unibanco Holding S.A., Preference
Shares
 
1,648,229
13,914,074
Klabin S.A.
 
422,416
1,517,344
Localiza Rent a Car S.A.
 
244,600
1,810,675
Metalurgica Gerdau S.A., Preference
Shares
 
1,568,054
3,370,268
Petroleo Brasileiro S.A., Preference Shares
 
9,590,245
81,959,678
Suzano S.A.
 
298,153
2,542,192
Telefonica Brasil S.A.
 
323,952
2,080,551
Ultrapar Participacoes S.A.
 
665,992
4,332,327
Vale S.A.
 
2,958,661
44,420,824
Vibra Energia S.A.
 
1,259,103
8,934,027
WEG S.A.
 
199,657
1,854,843
 
 
221,207,658
Chile-0.55%
Banco de Chile
 
11,179,615
2,332,430
Cencosud S.A.
 
561,013
1,181,210
Empresas CMPC S.A.
 
519,269
590,031
Empresas COPEC S.A.
 
113,780
778,161
Enel Americas S.A.
 
3,267,523
309,658
Falabella S.A.
 
279,073
1,868,352
Sociedad Quimica y Minera de Chile S.A.,
Class B, Preference Shares
 
54,939
3,710,035
 
 
10,769,877
China-36.90%
Agricultural Bank of China Ltd., H Shares
 
15,877,931
12,766,842
Alibaba Group Holding Ltd.
 
4,235,124
64,521,934
Aluminum Corp. of China Ltd., H Shares
 
1,901,225
2,070,438
Anhui Conch Cement Co. Ltd., H Shares(c)
 
1,779,436
4,192,985
ANTA Sports Products Ltd.
 
256,009
2,576,845
BAIC Motor Corp. Ltd., H Shares(a)(b)(c)
 
2,343,220
260,271
Baidu, Inc., A Shares(a)
 
945,057
13,092,835
Bank of Beijing Co. Ltd., A Shares
 
2,706,700
2,092,137
Bank of China Ltd., H Shares
 
40,859,257
28,665,909
Bank of Communications Co. Ltd., H
Shares
 
7,607,158
7,330,060
Bank of Jiangsu Co. Ltd., A Shares
 
1,196,900
2,095,909
Baoshan Iron & Steel Co. Ltd., A Shares
 
1,413,300
1,282,585
Beijing Enterprises Holdings Ltd.
 
184,108
742,655
BOC Hong Kong (Holdings) Ltd.
 
1,085,952
7,222,390
BOE Technology Group Co. Ltd., A Shares
 
3,941,700
3,206,190
BYD Co. Ltd., H Shares
 
613,395
7,333,787
BYD Electronic International Co. Ltd.
 
432,272
1,294,617
CGN Power Co. Ltd., H Shares(b)
 
4,719,600
1,740,507
 
Shares
Value
China-(continued)
China Cinda Asset Management Co. Ltd., H
Shares(c)
 
10,890,294
$1,377,166
China CITIC Bank Corp. Ltd., H Shares
 
5,940,492
5,858,096
China Coal Energy Co. Ltd., H Shares
 
1,415,650
1,940,521
China Communications Services Corp. Ltd.,
H Shares
 
1,487,760
809,884
China Construction Bank Corp., H Shares
 
45,003,890
52,814,116
China Energy Engineering Corp. Ltd., H
Shares(c)
 
10,236,057
1,437,072
China Everbright Bank Co. Ltd., H Shares
 
10,449,818
4,250,624
China Everbright Environment Group Ltd.
 
2,344,137
1,526,677
China Hongqiao Group Ltd.
 
1,029,044
3,238,385
China International Marine Containers
Group Co. Ltd., H Shares(c)
 
1,257,532
1,214,508
China Life Insurance Co. Ltd., H Shares
 
965,590
3,595,203
China Mengniu Dairy Co. Ltd.
 
1,636,093
3,948,017
China Merchants Bank Co. Ltd., H Shares
 
2,404,092
15,599,531
China Minsheng Banking Corp. Ltd., H
Shares
 
14,256,418
6,597,144
China National Building Material Co. Ltd., H
Shares(c)
 
5,099,100
2,420,462
China Overseas Land & Investment Ltd.
 
3,521,574
6,057,652
China Pacific Insurance (Group) Co. Ltd., H
Shares
 
1,175,272
4,587,640
China Petroleum & Chemical Corp., H
Shares
 
31,900,030
18,029,403
China Railway Group Ltd., H Shares(c)
 
10,410,398
4,793,366
China Resources Gas Group Ltd.
 
583,623
1,245,045
China Resources Land Ltd.
 
1,796,863
7,602,620
China Resources Pharmaceutical Group
Ltd.(b)
 
2,199,056
1,360,988
China Resources Power Holdings Co.
Ltd.(c)
 
1,206,185
2,971,961
China Shenhua Energy Co. Ltd., H
Shares(c)
 
1,581,420
8,761,764
China State Construction Engineering Corp.
Ltd., A Shares
 
5,434,822
3,783,131
China State Construction International
Holdings Ltd.
 
1,038,992
1,139,858
China Taiping Insurance Holdings Co. Ltd.
 
706,770
1,983,172
China Tower Corp. Ltd., H Shares(b)
 
2,148,441
2,746,673
China United Network Communications
Ltd., A Shares
 
2,437,300
1,608,532
China Vanke Co. Ltd., H Shares(a)(c)
 
9,499,992
3,006,565
China Yongda Automobiles Services
Holdings Ltd.
 
628,204
69,593
China Zheshang Bank Co. Ltd., H Shares(c)
 
6,005,158
1,831,004
Chongqing Rural Commercial Bank Co. Ltd.,
H Shares
 
2,146,675
1,797,008
CITIC Ltd.
 
3,566,961
5,615,068
CITIC Securities Co. Ltd., H Shares
 
909,646
3,175,795
CMOC Group Ltd., H Shares
 
844,787
1,820,893
Contemporary Amperex Technology Co.
Ltd., A Shares
 
40,500
2,372,244
COSCO SHIPPING Holdings Co. Ltd., H
Shares(c)
 
2,964,196
5,963,738
Country Garden Services Holdings Co. Ltd.
 
1,514,179
1,080,519
CRRC Corp. Ltd., H Shares
 
4,056,148
2,722,182
CSPC Pharmaceutical Group Ltd.
 
2,693,407
2,946,661
Daqo New Energy Corp., ADR(a)(c)
 
81,062
986,525
ENN Energy Holdings Ltd.
 
434,838
2,602,306
Fosun International Ltd.(a)
 
1,524,000
924,035
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Emerging Markets ETF (PXH)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
China-(continued)
Geely Automobile Holdings Ltd.
 
2,071,232
$5,247,067
Great Wall Motor Co. Ltd.
 
566,010
649,508
Gree Electric Appliances, Inc. of Zhuhai, A
Shares
 
410,500
2,570,934
Guangdong Investment Ltd.
 
1,487,012
1,604,923
Haier Smart Home Co. Ltd., H Shares
 
1,712,215
4,936,538
Hello Group, Inc., ADR
 
141,425
847,136
Huaneng Power International, Inc., H
Shares(c)
 
2,305,449
1,771,941
Huatai Securities Co. Ltd., H Shares(b)
 
695,610
1,499,688
Huaxia Bank Co. Ltd., A Shares
 
760,492
784,913
Industrial & Commercial Bank of China Ltd.,
H Shares
 
40,029,424
38,295,559
Industrial Bank Co. Ltd., A Shares
 
2,060,926
5,764,857
iQIYI, Inc., ADR(a)(c)
 
987,206
1,253,752
JD Logistics, Inc.(a)(b)
 
664,330
1,274,012
JD.com, Inc., ADR(c)
 
1,095,771
36,171,401
Jiangxi Copper Co. Ltd., H Shares
 
1,079,353
4,856,945
JinkoSolar Holding Co. Ltd., ADR(c)
 
75,670
1,145,644
KE Holdings, Inc., ADR(c)
 
209,099
3,544,228
Kuaishou Technology(b)
 
302,049
1,682,326
Kunlun Energy Co. Ltd.
 
2,198,643
2,033,564
Kweichow Moutai Co. Ltd., A Shares
 
10,900
2,177,531
Lenovo Group Ltd.
 
4,395,027
13,442,211
Li Auto, Inc., A Shares(a)(c)
 
270,410
1,841,855
Li Ning Co. Ltd.
 
966,636
1,867,558
Longfor Group Holdings Ltd.(b)(c)
 
2,975,012
2,603,849
Lufax Holding Ltd., ADR(a)(c)
 
317,770
495,721
Meituan, B Shares(a)(b)
 
952,466
11,246,417
Metallurgical Corp. of China Ltd., H Shares
 
8,308,008
1,590,105
Midea Group Co. Ltd., A Shares
 
341,000
4,422,125
NetEase, Inc.
 
327,764
8,721,450
New China Life Insurance Co. Ltd., H
Shares
 
261,529
1,612,840
NIO, Inc., ADR(a)(c)
 
446,826
2,180,511
PDD Holdings, Inc., ADR(a)
 
147,560
13,067,914
People’s Insurance Co. (Group) of China
Ltd. (The), H Shares
 
2,891,784
2,010,556
PetroChina Co. Ltd., H Shares
 
16,194,089
20,608,434
PICC Property & Casualty Co. Ltd., H
Shares
 
3,239,406
6,761,483
Ping An Bank Co. Ltd., A Shares
 
1,223,100
2,105,962
Ping An Insurance (Group) Co. of China
Ltd., H Shares
 
3,699,824
27,643,369
Poly Developments and Holdings Group Co.
Ltd., A Shares
 
1,788,700
1,398,361
Postal Savings Bank of China Co. Ltd., H
Shares(b)
 
7,647,820
4,953,946
Shanghai Pudong Development Bank Co.
Ltd., A Shares
 
2,402,805
3,381,186
Shenzhou International Group Holdings
Ltd.
 
262,891
1,494,247
Sinopharm Group Co. Ltd., H Shares
 
921,293
2,043,264
Sinotruk Hong Kong Ltd.
 
250,190
1,296,875
Sunac China Holdings Ltd.(a)(c)
 
14,131,552
992,315
Sunny Optical Technology Group Co. Ltd.
 
238,895
1,707,596
Tencent Holdings Ltd.
 
713,380
43,594,095
Tencent Music Entertainment Group, ADR
 
103,036
973,690
Tianneng Power International Ltd.
 
1,300,118
840,548
Trip.com Group Ltd.(a)
 
97,644
4,575,137
Vipshop Holdings Ltd., ADR
 
303,117
4,649,815
 
Shares
Value
China-(continued)
VOYAH Automobile Technology Co. Ltd., H
Shares(a)
 
757,083
$279,586
Weichai Power Co. Ltd., H Shares
 
1,060,520
4,434,700
Wuxi Biologics (Cayman), Inc.(a)(b)
 
424,799
2,096,812
Xiaomi Corp., B Shares(a)(b)(c)
 
2,369,920
8,697,272
Yangzijiang Shipbuilding Holdings Ltd.
 
362,596
1,105,666
Yankuang Energy Group Co. Ltd., H
Shares(c)
 
1,982,205
3,017,632
Yum China Holdings, Inc.
 
96,886
4,667,967
Zhongsheng Group Holdings Ltd.(a)
 
1,251,524
724,104
Zijin Mining Group Co. Ltd., H Shares
 
1,098,809
4,666,000
ZTE Corp., H Shares(c)
 
672,818
2,129,471
ZTO Express (Cayman), Inc.(c)
 
112,196
2,685,258
 
 
719,442,613
Hong Kong-0.14%
Orient Overseas International Ltd.(c)
 
141,882
2,774,729
India-9.47%
Axis Bank Ltd.
 
444,111
5,718,963
Bajaj Auto Ltd.
 
14,567
1,758,389
Bajaj Finance Ltd.
 
158,053
1,889,414
Bajaj Finserv Ltd.
 
79,965
1,699,634
Bank of Baroda
 
673,207
1,711,134
Bharat Petroleum Corp. Ltd.
 
1,349,704
4,510,680
Bharti Airtel Ltd.
 
217,310
4,489,478
Cipla Ltd.
 
109,126
1,684,174
Coal India Ltd.
 
642,932
2,791,268
Dr. Reddy’s Laboratories Ltd.
 
51,791
621,374
GAIL (India) Ltd.
 
1,730,063
3,286,901
Grasim Industries Ltd.
 
92,834
3,015,303
HCL Technologies Ltd.
 
225,253
3,185,197
HDFC Bank Ltd.
 
1,550,429
12,142,665
Hero MotoCorp Ltd.
 
29,380
1,658,512
Hindalco Industries Ltd.
 
564,470
5,784,046
Hindustan Petroleum Corp. Ltd.
 
785,363
3,196,008
Hindustan Unilever Ltd.
 
89,065
1,960,567
ICICI Bank Ltd.
 
774,432
11,639,061
Indian Oil Corp. Ltd.
 
2,227,464
3,265,265
IndusInd Bank Ltd.
 
230,692
2,446,485
Infosys Ltd.
 
817,648
9,712,884
ITC Ltd.
 
1,707,897
5,027,979
JSW Steel Ltd.
 
186,186
2,478,279
Kotak Mahindra Bank Ltd.
 
830,153
3,393,632
Larsen & Toubro Ltd.
 
131,724
5,433,075
Mahindra & Mahindra Ltd.
 
98,370
3,502,723
Maruti Suzuki India Ltd.
 
19,362
2,887,355
NTPC Ltd.
 
1,323,043
4,811,389
Oil & Natural Gas Corp. Ltd.
 
2,062,845
5,255,377
Petronet LNG Ltd.
 
426,480
1,254,336
Power Finance Corp. Ltd.
 
646,822
2,875,227
Power Grid Corp. of India Ltd.
 
1,079,344
3,212,972
Rajesh Exports Ltd.(a)
 
39,331
34,958
REC Ltd.
 
471,078
1,840,549
Reliance Industries Ltd.
 
1,313,444
17,982,961
Shriram Finance Ltd.
 
226,648
2,484,094
State Bank of India
 
654,444
7,043,407
Steel Authority of India Ltd.
 
1,060,396
1,879,849
Sun Pharmaceutical Industries Ltd.
 
116,414
2,427,269
Tata Consultancy Services Ltd.
 
192,318
4,771,325
Tata Motors Ltd.
 
111,318
509,216
Tata Motors Passenger Vehicles Ltd.
 
726,888
2,587,399
Tata Steel Ltd.
 
3,031,605
6,031,961
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Emerging Markets ETF (PXH)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
India-(continued)
Tech Mahindra Ltd.
 
137,027
$2,379,246
UltraTech Cement Ltd.
 
12,797
1,595,884
UPL Ltd.
 
210,269
1,331,637
Vedanta Ltd.
 
618,044
1,715,826
Wipro Ltd.
 
937,164
1,807,625
 
 
184,722,952
Indonesia-1.06%
PT Alamtri Resources (Indonesia) Tbk
 
13,081,106
1,788,427
PT Astra International Tbk
 
6,945,487
1,973,076
PT Bank Central Asia Tbk
 
8,923,218
3,127,365
PT Bank Mandiri (Persero) Tbk
 
14,362,515
3,341,726
PT Bank Negara Indonesia (Persero) Tbk
 
6,795,781
1,330,683
PT Bank Rakyat Indonesia (Persero) Tbk
 
28,146,673
4,733,593
PT Telkom Indonesia (Persero) Tbk
 
24,375,255
3,558,563
PT United Tractors Tbk
 
675,380
901,298
 
 
20,754,731
Malaysia-0.94%
Axiata Group Bhd.
 
947,800
460,497
CIMB Group Holdings Bhd.
 
1,969,200
3,802,896
Genting Bhd.
 
686,500
356,067
Malayan Banking Bhd.
 
1,770,500
4,720,137
Petronas Chemicals Group Bhd.
 
790,000
926,563
Public Bank Bhd.
 
2,967,700
3,751,828
Sime Darby Bhd.
 
1,885,100
995,552
Tenaga Nasional Bhd.
 
936,900
3,347,045
 
 
18,360,585
Mexico-3.21%
America Movil S.A.B. de C.V., Class B
 
7,534,648
9,584,199
Banco del Bajio S.A.(b)(c)
 
333,261
1,108,475
CEMEX S.A.B. de C.V., Series CPO(c)(d)
 
6,169,137
7,292,570
Coca-Cola FEMSA S.A.B. de C.V.,
Series CPO
 
160,489
1,732,131
Fibra Uno Administracion S.A. de C.V.(c)
 
861,839
1,549,287
Fomento Economico Mexicano, S.A.B. de
C.V., Series CPO(c)(e)
 
856,599
10,933,111
Grupo Bimbo S.A.B. de C.V., Series A(c)
 
373,563
1,334,031
Grupo Comercial Chedraui S.A. de C.V.(c)
 
106,514
555,272
Grupo Financiero Banorte S.A.B. de C.V.,
Class O
 
918,080
10,613,501
Grupo Mexico S.A.B. de C.V., Class B
 
862,626
10,327,409
Grupo Televisa S.A.B., Series CPO(a)(f)
 
1,616,286
913,856
Orbia Advance Corp. S.A.B. de C.V.(a)
 
426,798
601,193
Sigma Foods S.A.B. de C.V., Class A
 
1,248,168
1,270,440
Wal-Mart de Mexico S.A.B. de C.V.,
Series V(c)
 
1,676,051
4,854,157
 
 
62,669,632
Romania-0.09%
NEPI Rockcastle N.V.(a)
 
194,620
1,788,208
Russia-0.00%
Aeroflot PJSC(a)(g)
 
1,684,800
0
Alrosa PJSC(a)(g)
 
1,976,600
0
Gazprom PJSC(a)(g)
 
9,643,940
0
GMK Norilskiy Nickel PAO(a)(g)
 
2,015,200
0
Inter RAO UES PJSC(a)(g)
 
29,081,146
0
Lukoil PJSC(a)(g)
 
261,775
0
Magnit PJSC(a)(g)
 
55,179
0
Mobile TeleSystems PJSC(a)(g)
 
921,186
0
Moscow Exchange MICEX-RTS PJSC(a)(g)
 
550,555
0
Novatek PJSC(a)(g)
 
130,598
0
 
Shares
Value
Russia-(continued)
Novolipetsk Steel PJSC(a)(g)
 
795,328
$0
Rosneft Oil Co. PJSC(a)(g)
 
1,054,960
0
Sberbank of Russia PJSC(a)(g)
 
7,562,894
0
Severstal PAO(a)(g)
 
147,196
0
Sistema AFK PAO(a)(g)
 
3,408,447
0
Surgutneftegas PAO(a)(g)
 
3,493,738
0
Surgutneftegas PAO, Preference
Shares(a)(g)
 
3,804,484
0
Tatneft PJSC(a)(g)
 
753,855
0
Tatneft PJSC, Preference Shares(a)(g)
 
74,068
0
VTB Bank PJSC(a)(g)
 
712,692
0
 
 
0
Saudi Arabia-2.12%
Al Rajhi Bank
 
231,082
3,856,477
Banque Saudi Fransi
 
302,287
1,594,152
Riyad Bank
 
439,887
2,385,886
SABIC Agri-Nutrients Co.
 
47,610
1,562,920
Saudi Arabian Mining Co.(a)
 
117,866
1,780,212
Saudi Arabian Oil Co.(b)
 
1,764,122
12,446,296
Saudi Awwal Bank
 
223,534
2,019,749
Saudi Basic Industries Corp.
 
269,087
3,563,326
Saudi Energy Co.
 
252,424
1,142,142
Saudi National Bank (The)
 
535,495
5,603,640
Saudi Telecom Co.
 
459,957
5,288,133
 
 
41,242,933
South Africa-4.51%
Absa Group Ltd.
 
354,179
4,872,753
Aspen Pharmacare Holdings Ltd.
 
200,950
1,811,046
Bid Corp. Ltd.
 
107,074
2,931,894
Bidvest Group Ltd. (The)(c)
 
138,772
2,078,383
Capitec Bank Holdings Ltd.
 
3,190
909,206
E Media Holdings Ltd.(c)
 
2,860
298
Exxaro Resources Ltd.
 
126,584
1,560,728
FirstRand Ltd.
 
1,412,811
8,434,103
Gold Fields Ltd.
 
93,194
3,004,054
Growthpoint Properties Ltd.(c)
 
1,449,367
1,547,422
Impala Platinum Holdings Ltd.
 
451,853
4,919,063
MTN Group Ltd.
 
606,384
7,503,758
Naspers Ltd.
 
40,521
2,125,221
Nedbank Group Ltd.
 
239,745
4,048,079
Old Mutual Ltd.
 
2,181,621
1,761,532
Pepkor Holdings Ltd.(b)
 
841,591
1,081,249
Sanlam Ltd.
 
527,468
2,803,132
Sappi Ltd.(a)(c)
 
471,006
338,695
Sasol Ltd.(a)
 
769,772
9,105,577
Shoprite Holdings Ltd.
 
145,955
2,533,991
Sibanye Stillwater Ltd.
 
1,160,392
2,503,310
Standard Bank Group Ltd.
 
426,117
8,469,478
Thungela Resources Ltd.(c)
 
172,195
1,056,132
Valterra Platinum Ltd.
 
139,830
10,451,591
Vodacom Group Ltd.
 
209,420
2,022,570
 
 
87,873,265
Taiwan-24.43%
Acer, Inc.
 
2,578,000
2,284,389
ASE Technology Holding Co. Ltd.
 
929,000
15,852,928
Asia Cement Corp.
 
1,231,000
1,254,446
Asustek Computer, Inc.
 
359,048
8,908,884
AUO Corp.
 
6,815,244
4,990,375
Catcher Technology Co. Ltd.
 
341,000
1,915,690
Cathay Financial Holding Co. Ltd.
 
2,590,596
8,062,661
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Emerging Markets ETF (PXH)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
Taiwan-(continued)
Chailease Holding Co. Ltd.
 
740,258
$2,541,264
China Steel Corp.
 
5,638,073
3,298,692
Chunghwa Telecom Co. Ltd.
 
1,228,039
5,279,894
Compal Electronics, Inc.
 
5,205,000
5,724,109
CTBC Financial Holding Co. Ltd.
 
4,215,957
8,414,777
Delta Electronics, Inc.
 
152,000
7,478,037
E.Sun Financial Holding Co. Ltd.
 
2,367,751
2,824,045
Eva Airways Corp.
 
1,589,000
2,120,006
Evergreen Marine Corp. Taiwan Ltd.
 
1,590,000
9,992,570
Far Eastern New Century Corp.
 
1,596,000
1,337,399
Far EasTone Telecommunications Co. Ltd.
 
558,000
1,811,422
First Financial Holding Co. Ltd.
 
2,646,314
3,006,371
Formosa Chemicals & Fibre Corp.
 
2,612,000
4,548,377
Formosa Petrochemical Corp.
 
975,000
2,105,642
Formosa Plastics Corp.
 
3,622,280
6,090,768
Fubon Financial Holding Co. Ltd.
 
2,274,996
9,068,069
Hon Hai Precision Industry Co. Ltd.
 
6,566,930
50,151,696
Hua Nan Financial Holdings Co. Ltd.
 
1,723,740
2,315,343
Innolux Corp.(a)
 
7,803,444
10,709,096
Inventec Corp.
 
1,735,065
3,257,790
KGI Financial Holding Co. Ltd.
 
5,367,070
5,070,708
Largan Precision Co. Ltd.
 
27,090
3,358,284
Lite-On Technology Corp.
 
517,228
3,277,822
MediaTek, Inc.
 
306,000
32,597,484
Mega Financial Holding Co. Ltd.
 
2,636,945
4,322,411
Micro-Star International Co. Ltd.
 
591,000
2,560,662
Nan Ya Plastics Corp.
 
2,758,228
13,105,260
Novatek Microelectronics Corp.
 
284,647
4,498,730
Pegatron Corp.
 
1,330,085
3,441,698
Pou Chen Corp.
 
1,823,000
1,348,727
Powertech Technology, Inc.
 
296,922
2,122,878
Quanta Computer, Inc.
 
651,007
5,791,298
Realtek Semiconductor Corp.
 
168,519
3,494,546
Shanghai Commercial & Savings Bank Ltd.
(The)
 
977,600
1,370,961
SinoPac Financial Holdings Co. Ltd.
 
2,287,842
2,853,259
Synnex Technology International Corp.
 
903,000
2,589,839
Taiwan Cooperative Financial Holding Co.
Ltd.
 
1,987,910
1,693,928
Taiwan Mobile Co. Ltd.
 
520,000
1,805,977
Taiwan Semiconductor Manufacturing Co.
Ltd.
 
1,629,000
120,489,435
TCC Group Holdings Co. Ltd.(a)
 
3,945,136
2,953,973
TS Financial Holding Co. Ltd.
 
4,791,050
5,275,447
Unimicron Technology Corp.
 
241,570
5,667,952
Uni-President Enterprises Corp.
 
1,473,941
3,351,690
United Microelectronics Corp.
 
4,787,000
17,908,640
Walsin Lihwa Corp.
 
1,873,000
1,797,407
Wan Hai Lines Ltd.
 
988,000
2,577,135
Winbond Electronics Corp.
 
1,077,026
4,153,968
Wistron Corp.
 
1,198,875
6,429,563
WPG Holdings Ltd.
 
1,125,000
3,857,053
WT Microelectronics Co. Ltd.
 
368,061
2,221,415
Yageo Corp.
 
312,160
4,698,415
Yang Ming Marine Transport Corp.
 
2,473,000
3,868,854
Yuanta Financial Holding Co. Ltd.
 
2,985,939
6,229,233
Zhen Ding Technology Holding Ltd.
 
339,000
4,253,419
 
 
476,382,811
 
Shares
Value
Thailand-3.20%
Advanced Info Service PCL, NVDR
 
168,486
$1,913,813
Bangkok Bank PCL, NVDR
 
949,396
5,434,931
Bangkok Dusit Medical Services PCL,
NVDR
 
2,640,984
1,516,786
Banpu PCL, NVDR
 
12,154,554
2,111,252
Charoen Pokphand Foods PCL, NVDR
 
3,356,603
2,252,863
CP ALL PCL, NVDR
 
1,413,536
2,026,593
Kasikornbank PCL, NVDR
 
953,411
6,956,165
Krung Thai Bank PCL, NVDR
 
2,194,880
2,899,430
PTT Exploration & Production PCL, NVDR
 
776,168
3,476,121
PTT Global Chemical PCL, NVDR
 
3,486,872
3,820,581
PTT PCL, NVDR
 
13,038,306
15,030,151
SCB X PCL, NVDR
 
1,134,934
5,190,440
Siam Cement PCL (The), NVDR
 
614,302
4,661,801
Thai Oil PCL, NVDR
 
1,434,844
2,807,673
TMBThanachart Bank PCL, NVDR
 
24,884,420
2,274,468
 
 
62,373,068
Turkey-1.34%
Akbank T.A.S.
 
1,594,268
2,120,678
BIM Birlesik Magazalar A.S.
 
364,415
2,992,729
Eregli Demir ve Celik Fabrikalari T.A.S.
 
3,892,637
3,478,992
KOC Holding A.S.
 
1,147,947
4,748,815
Turk Hava Yollari AO
 
549,697
3,628,131
Turkcell Iletisim Hizmetleri A.S.
 
697,218
1,469,256
Turkiye Is Bankasi A.S., Class C
 
5,265,078
1,379,385
Turkiye Petrol Rafinerileri A.S.
 
779,056
4,852,204
Yapi Ve Kredi Bankasi A.S.(a)
 
1,970,281
1,355,533
 
 
26,025,723
United States-0.29%
BeOne Medicines Ltd., Class H(a)
 
56,200
1,389,405
JBS N.V., Class A(c)
 
304,047
4,262,739
 
 
5,652,144
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.60%
(Cost $1,430,477,032)
1,942,040,929
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-3.12%
Invesco Private Government Fund,
3.69%(h)(i)(j)
 
16,882,306
16,882,306
Invesco Private Prime Fund, 3.82%(h)(i)(j)
 
43,864,933
43,869,319
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $60,751,451)
60,751,625
TOTAL INVESTMENTS IN SECURITIES-102.72%
(Cost $1,491,228,483)
2,002,792,554
OTHER ASSETS LESS LIABILITIES-(2.72)%
(53,017,644
)
NET ASSETS-100.00%
$1,949,774,910
See accompanying notes which are an integral part of this schedule.

Invesco RAFI Emerging Markets ETF (PXH)—(continued)
July 31, 2026
(Unaudited)
Investment Abbreviations:
ADR-American Depositary Receipt
CPO-Certificates of Ordinary Participation
NVDR-Non-Voting Depositary Receipt
 
Notes to Schedule of Investments:
(a)
Non-income producing security.
(b)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
July 31, 2026 was $56,148,402, which represented 2.88% of the Fund’s Net Assets.
(c)
All or a portion of this security was out on loan at July 31, 2026.
(d)
Each CPO for Cemex S.A.B. de C.V. represents two Series A shares and one Series B share.
(e)
Each CPO for Fomento Economico Mexicano, S.A.B. de C.V. represents one Series B share and four Series D shares.
(f)
Each CPO for Grupo Televisa S.A.B. represents twenty-five Series A shares, twenty-two Series B shares, thirty-five Series D shares and thirty-five Series L
shares.
(g)
Security valued using significant unobservable inputs (Level 3). See Note 1.
(h)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the nine months ended July 31, 2026.
 
 
Value
October 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
July 31, 2026
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$13,450,994
$176,179,758
$(189,630,752
)
$-
$-
$-
$298,479
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
12,401,431
172,485,727
(168,004,852
)
-
-
16,882,306
1,325,154
*
Invesco Private Prime
Fund
32,485,891
331,119,480
(319,722,639
)
342
(13,755
)
43,869,319
1,592,659
*
Total
$58,338,316
$679,784,965
$(677,358,243
)
$342
$(13,755
)
$60,751,625
$3,216,292
 
*
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.
 
(i)
The rate shown is the 7-day SEC standardized yield as of July 31, 2026.
(j)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned.  
 
Open Futures Contracts
Long Futures Contracts
Number of
Contracts
Expiration
Month
Notional
Value
Value
Unrealized
Appreciation
(Depreciation)
Equity Risk
 
MSCI Emerging Markets Index
80
September-2026
$6,569,200
$(361,201
)
$(361,201
)
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.

Schedule of Investments
Invesco S&P Global Water Index ETF (CGW)
July 31, 2026
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.80%
Austria-0.45%
Wienerberger AG
 
193,916
$4,761,980
Brazil-10.90%
Cia de Saneamento Basico do Estado de
Sao Paulo SABESP
 
14,688,259
80,081,244
Cia de Saneamento de Minas Gerais
COPASA MG
 
1,750,700
22,111,820
Cia De Saneamento do Parana Sanepar,
Series CPO
 
1,712,346
12,210,701
 
 
114,403,765
China-1.33%
Beijing Capital Eco-environment Protection
Group Co. Ltd., A Shares
 
3,114,100
1,360,159
Beijing Enterprises Water Group Ltd.(a)
 
21,893,304
6,444,230
Beijing Originwater Technology Co. Ltd., A
Shares
 
2,049,900
1,080,184
Chengdu Xingrong Environment Co. Ltd., A
Shares
 
1,687,900
1,838,841
China Lesso Group Holdings Ltd.(a)
 
1,535,129
791,791
Jiangxi Hongcheng Environment. Co. Ltd.
 
544,800
752,192
Jingjin Equipment, Inc., A Shares
 
162,900
323,435
Zhongshan Public Utilities Group Co. Ltd., A
Shares
 
834,300
1,368,002
 
 
13,958,834
Finland-0.38%
Kemira OYJ(a)
 
204,119
3,997,393
India-1.61%
Astral Ltd.
 
328,195
4,979,866
Jindal Saw Ltd.
 
406,794
1,095,408
Supreme Industries Ltd.
 
114,749
4,167,175
VA Tech Wabag Ltd.
 
322,077
6,672,008
 
 
16,914,457
Italy-0.55%
Interpump Group S.p.A.
 
142,748
5,733,677
Japan-3.97%
Kitz Corp.
 
282,329
3,830,144
Kurimoto Ltd.(a)
 
89,323
843,893
Kurita Water Industries Ltd.
 
378,545
20,326,669
Nomura Micro Science Co. Ltd.(a)
 
114,825
2,809,745
Organo Corp.(a)
 
90,330
8,120,984
PILLAR Corp.(a)
 
59,855
3,457,104
Tsukishima Holdings Co. Ltd.
 
133,902
2,279,274
 
 
41,667,813
Malaysia-0.96%
YTL Power International Bhd.
 
9,862,700
10,077,440
Netherlands-1.24%
Aalberts N.V.
 
263,855
13,038,273
Saudi Arabia-0.48%
Alkhorayef Water and Power Technologies
Co.
 
90,933
2,424,943
Power and Water Utility Co. for Jubail and
Yanbu
 
265,112
2,662,037
 
 
5,086,980
South Korea-0.55%
Coway Co. Ltd.
 
91,509
5,797,454
Switzerland-6.59%
Belimo Holding AG(a)
 
17,421
18,153,037
 
Shares
Value
Switzerland-(continued)
Geberit AG
 
55,854
$36,774,941
Georg Fischer AG
 
136,539
8,748,461
Sulzer AG(a)
 
30,356
5,508,909
 
 
69,185,348
Taiwan-0.13%
Kuo Toong International Co. Ltd.
 
824,000
1,312,105
Thailand-0.16%
Amata Corp. PCL, NVDR
 
1,991,995
1,718,708
United Kingdom-12.28%
Pennon Group PLC
 
2,896,925
18,018,403
Severn Trent PLC
 
1,296,198
52,487,962
United Utilities Group PLC
 
3,138,237
58,360,925
 
 
128,867,290
United States-58.22%
Advanced Drainage Systems, Inc.
 
253,753
35,139,715
American States Water Co.
 
277,570
23,771,095
American Water Works Co., Inc.
 
631,383
84,712,657
Badger Meter, Inc.(a)
 
103,219
13,867,473
Cadiz, Inc.(a)(b)
 
398,327
1,190,998
California Water Service Group
 
423,968
21,245,037
Consolidated Water Co. Ltd.(a)
 
106,338
3,105,070
Core & Main, Inc., Class A(a)(b)
 
499,572
21,966,181
Ecolab, Inc.
 
151,902
42,172,552
Energy Recovery, Inc.(a)(b)
 
182,156
1,575,649
Essential Utilities, Inc.
 
1,506,959
60,052,316
Franklin Electric Co., Inc.
 
134,370
14,071,226
Gorman-Rupp Co. (The)(a)
 
73,731
5,986,220
H2O America(a)
 
278,387
17,073,475
Hawkins, Inc.(a)
 
36,872
4,720,722
Lindsay Corp.
 
36,738
4,071,305
Middlesex Water Co.(a)
 
131,679
7,545,207
Mueller Water Products, Inc., Class A
 
554,149
13,986,721
NWPX Infrastructure, Inc.(a)(b)
 
34,056
4,191,612
Onterris, Inc.(a)(b)
 
118,815
2,493,927
Pentair PLC
 
285,869
18,707,267
Select Water Solutions, Inc., Class A
 
836,210
15,486,609
TETRA Technologies, Inc.(a)(b)
 
478,629
3,685,443
Veralto Corp.
 
510,599
48,083,108
Watts Water Technologies, Inc., Class A
 
97,269
33,634,648
Xylem, Inc.
 
701,990
82,111,770
Zurn Elkay Water Solutions Corp.
 
525,883
26,562,350
 
 
611,210,353
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.80%
(Cost $889,475,571)
1,047,731,870
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-6.89%
Invesco Private Government Fund,
3.69%(c)(d)(e)
 
20,084,575
20,084,575
See accompanying notes which are an integral part of this schedule.

Invesco S&P Global Water Index ETF (CGW)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 3.82%(c)(d)(e)
 
52,207,811
$52,213,032
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $72,297,612)
72,297,607
TOTAL INVESTMENTS IN SECURITIES-106.69%
(Cost $961,773,183)
1,120,029,477
OTHER ASSETS LESS LIABILITIES-(6.69)%
(70,185,830
)
NET ASSETS-100.00%
$1,049,843,647
 
Investment Abbreviations:
CPO-Certificates of Ordinary Participation
NVDR-Non-Voting Depositary Receipt
 
Notes to Schedule of Investments:
(a)
All or a portion of this security was out on loan at July 31, 2026.
(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 July 31, 2026.
 
 
Value
October 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
July 31, 2026
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$461,168
$68,092,035
$(68,553,203
)
$-
$-
$-
$19,478
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
8,716,512
184,572,982
(173,204,919
)
-
-
20,084,575
925,319
*
Invesco Private Prime Fund
22,688,796
403,243,642
(373,712,807
)
305
(6,904
)
52,213,032
1,236,296
*
Total
$31,866,476
$655,908,659
$(615,470,929
)
$305
$(6,904
)
$72,297,607
$2,181,093
 
*
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 July 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.

Schedule of Investments
Invesco S&P International Developed Quality ETF (IDHQ)
July 31, 2026
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.79%
Australia-3.02%
Aristocrat Leisure Ltd.
 
81,077
$3,637,280
Brambles Ltd.
 
142,477
1,952,269
Computershare Ltd.
 
61,675
1,768,840
Evolution Mining Ltd.
 
276,792
2,190,721
HUB24 Ltd.
 
10,195
605,948
JB Hi-Fi Ltd.
 
13,087
751,467
Medibank Pvt. Ltd.
 
340,585
1,232,252
Netwealth Group Ltd.
 
29,277
441,103
Pro Medicus Ltd.
 
7,724
877,051
QBE Insurance Group Ltd.
 
164,302
2,844,516
REA Group Ltd.
 
7,376
831,466
Technology One Ltd.
 
38,852
845,821
Washington H Soul Pattinson & Co. Ltd.(a)
 
44,056
1,427,190
Wesfarmers Ltd.
 
144,958
9,062,723
 
 
28,468,647
Austria-0.04%
Strabag SE, BR
 
4,329
416,884
Belgium-0.36%
UCB S.A.
 
13,187
3,377,258
Canada-5.24%
Agnico Eagle Mines Ltd.
 
73,152
10,612,606
Alamos Gold, Inc., Class A
 
56,917
1,580,701
AtkinsRealis Group, Inc.
 
29,811
1,846,440
Barrick Mining Corp., Class C
 
255,893
9,384,963
Brookfield Asset Management Ltd., Class A
 
64,755
3,130,083
Celestica, Inc.(b)
 
21,312
7,047,081
Imperial Oil Ltd.
 
15,973
2,069,425
Intact Financial Corp.
 
18,423
3,614,735
Kinross Gold Corp.
 
245,668
5,659,899
Loblaw Cos. Ltd.
 
63,453
2,976,684
Lundin Gold, Inc.
 
27,597
1,544,063
 
 
49,466,680
Cayman Islands-0.05%
Oracle Corp.
 
7,940
445,762
China-0.05%
Chow Tai Fook Jewellery Group Ltd.(a)
 
309,400
487,343
Denmark-2.82%
Ascendis Pharma A/S(b)
 
9,519
2,321,779
Novo Nordisk A/S, Class B
 
446,489
21,071,686
Vestas Wind Systems A/S
 
119,400
3,206,648
 
 
26,600,113
Finland-1.32%
Elisa OYJ(a)
 
16,550
665,937
Kone OYJ, Class B
 
71,551
4,118,970
Orion OYJ, Class B
 
15,053
1,404,091
Sampo OYJ
 
302,803
3,345,004
Wartsila OYJ Abp
 
86,344
2,921,524
 
 
12,455,526
France-8.28%
Dassault Aviation S.A.
 
1,975
680,726
Hermes International S.C.A.
 
3,950
6,983,127
L’Oreal S.A.
 
25,599
11,375,975
LVMH Moet Hennessy Louis Vuitton SE
 
27,218
14,912,674
Safran S.A.
 
56,573
22,182,021
Thales S.A.
 
10,896
3,094,887
TotalEnergies SE
 
214,572
18,874,134
 
 
78,103,544
 
Shares
Value
Germany-9.56%
Allianz SE
 
45,413
$22,569,338
Deutsche Boerse AG
 
20,171
6,062,157
Hannover Rueck SE
 
7,384
2,123,616
Muenchener Rueckversicherungs-Gesellschaft
AG in Muenchen, Class R
 
15,228
9,126,843
Rheinmetall AG
 
6,127
8,081,325
SAP SE
 
126,973
23,221,078
Siemens Energy AG, Class A
 
105,817
18,037,351
Talanx AG
 
7,496
994,082
 
 
90,215,790
Hong Kong-2.27%
Cathay Pacific Airways Ltd.
 
291,346
542,066
DFI Retail Group Holdings Ltd.
 
116,550
460,809
Futu Holdings Ltd., ADR
 
9,747
1,024,605
Hong Kong Exchanges & Clearing Ltd.
 
221,310
11,532,058
Prudential PLC
 
341,316
5,121,873
Techtronic Industries Co. Ltd.
 
164,757
2,768,193
 
 
21,449,604
Israel-1.01%
Check Point Software Technologies Ltd.(b)
 
9,989
1,269,901
El Al Israel Airlines
 
105,136
465,993
Elbit Systems Ltd.
 
3,334
2,688,347
Etoro Group Ltd., Class A(a)(b)
 
11,522
410,990
Matrix IT Ltd.
 
15,829
447,694
Meitav Investment House Ltd.
 
9,619
415,438
Menora Mivtachim Holdings Ltd.
 
3,162
493,542
Nice Ltd.(b)
 
8,477
824,458
Phoenix Finance Ltd.
 
30,971
1,733,324
Plus500 Ltd.
 
14,982
785,719
 
 
9,535,406
Italy-1.45%
Banca Mediolanum S.p.A.
 
29,950
800,700
Coca-Cola HBC AG(b)
 
21,693
1,460,584
Ferrari N.V.
 
17,830
6,994,833
FinecoBank Banca Fineco S.p.A.
 
80,723
2,206,573
Ryanair Holdings PLC
 
79,469
2,223,407
 
 
13,686,097
Japan-14.63%
Advantest Corp.
 
110,050
21,727,505
Asahi Intecc Co. Ltd.
 
32,591
734,736
Asics Corp.
 
108,049
3,183,363
Astellas Pharma, Inc.
 
229,655
3,151,889
Bandai Namco Holdings, Inc.
 
66,107
1,913,626
BayCurrent, Inc.
 
16,473
742,440
Canon Marketing Japan, Inc.
 
20,869
468,591
CyberAgent, Inc.
 
51,158
467,043
Daifuku Co. Ltd.
 
46,764
1,721,310
Daito Trust Construction Co. Ltd.
 
34,876
735,610
Fujikura Ltd.
 
193,856
4,915,652
Fujitsu Ltd.
 
216,060
4,976,273
GMO Payment Gateway, Inc.
 
9,109
567,184
Hoya Corp.
 
44,387
6,782,413
IHI Corp.
 
125,016
2,184,252
Isetan Mitsukoshi Holdings Ltd.
 
35,870
799,992
Japan Exchange Group, Inc.
 
135,676
1,844,224
JX Advanced Metals Corp.(a)
 
81,276
1,881,599
Kakaku.com, Inc.
 
21,253
493,322
Kandenko Co. Ltd.
 
15,075
501,048
Kobe Bussan Co. Ltd.
 
26,699
466,445
Lasertec Corp.
 
12,496
2,868,571
See accompanying notes which are an integral part of this schedule.

Invesco S&P International Developed Quality ETF (IDHQ)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
Japan-(continued)
MonotaRO Co. Ltd.
 
37,338
$470,821
MS&AD Insurance Group Holdings, Inc.
 
118,302
3,639,013
Nexon Co. Ltd.
 
51,575
807,698
Nissan Chemical Corp.
 
14,947
694,252
Nitori Holdings Co. Ltd.
 
50,950
821,357
Otsuka Corp.
 
25,084
517,207
Recruit Holdings Co. Ltd.
 
207,847
16,424,324
Sankyo Co. Ltd.
 
43,584
505,403
Sanrio Co. Ltd.(a)
 
159,290
1,277,199
Santen Pharmaceutical Co. Ltd.
 
36,797
434,106
Sony Group Corp.
 
819,167
19,128,583
TIS, Inc.
 
24,525
587,528
Tokio Marine Holdings, Inc.
 
232,025
11,816,567
Tokyo Electron Ltd.
 
47,833
15,980,303
Trend Micro, Inc.
 
21,696
873,513
USS Co. Ltd.
 
42,358
534,531
ZOZO, Inc.(a)
 
64,376
463,847
 
 
138,103,340
Mexico-0.13%
Fresnillo PLC
 
37,400
1,257,984
Netherlands-7.39%
Adyen N.V.(b)(c)
 
4,660
4,729,543
argenx SE(b)
 
8,788
7,509,932
ASM International N.V.
 
5,362
4,954,817
ASML Holding N.V.
 
25,973
42,705,609
Prosus N.V.(b)
 
156,176
7,241,578
Universal Music Group N.V.
 
156,389
2,574,533
 
 
69,716,012
New Zealand-0.20%
Fisher & Paykel Healthcare Corp. Ltd.
 
78,716
1,878,162
Norway-0.98%
Equinor ASA
 
88,015
3,610,545
Frontline PLC
 
15,476
616,729
Gjensidige Forsikring ASA
 
33,691
1,004,324
Kongsberg Gruppen ASA
 
61,554
1,916,885
Protector Forsikring ASA
 
9,391
488,311
Telenor ASA
 
77,944
1,101,069
Wallenius Wilhelmsen ASA
 
31,342
488,851
 
 
9,226,714
Portugal-0.10%
Galp Energia SGPS S.A.
 
40,772
923,870
Singapore-0.73%
Hafnia Ltd.
 
60,109
460,786
Singapore Exchange Ltd.
 
123,567
2,353,230
Singapore Technologies Engineering Ltd.
 
172,774
1,356,194
Singapore Telecommunications Ltd.
 
800,292
2,766,017
 
 
6,936,227
South Korea-0.93%
APR Co., Ltd.
 
3,862
857,113
Hanmi Semiconductor Co. Ltd.
 
6,536
944,840
HD Hyundai Electric Co. Ltd.
 
3,940
1,821,971
HD Hyundai Marine Solution Co. Ltd.
 
2,967
376,817
Hyundai Rotem Co. Ltd.
 
9,059
841,851
Posco DX Co. Ltd.
 
26,262
348,686
Samsung Biologics Co. Ltd.(b)(c)
 
1,812
1,864,255
Samsung Heavy Industries Co. Ltd.(b)
 
84,548
1,257,068
SK Biopharmaceuticals Co. Ltd.(b)
 
7,851
431,360
 
 
8,743,961
 
Shares
Value
Spain-1.51%
Amadeus IT Group S.A.
 
63,473
$3,908,532
Endesa S.A.
 
32,011
1,555,261
Industria de Diseno Textil S.A.
 
135,035
8,793,010
 
 
14,256,803
Sweden-4.89%
Addtech AB, Class B
 
29,247
1,062,199
Assa Abloy AB, Class B
 
114,236
4,230,907
Atlas Copco AB, Class A
 
302,922
6,388,747
Axfood AB(a)
 
15,664
399,021
Epiroc AB, Class A
 
85,210
2,180,422
Essity AB, Class B
 
67,424
1,955,059
Evolution AB(b)(c)
 
19,671
1,498,515
H & M Hennes & Mauritz AB, Class B(a)
 
59,300
1,083,978
Hexagon AB, Class B
 
312,583
3,079,616
Industrivarden AB, Class C(a)
 
22,612
1,291,530
Investor AB, Class B
 
226,596
9,770,202
Sandvik AB
 
132,702
4,953,098
Sectra AB, Class B
 
18,046
505,580
Securitas AB, Class B
 
57,907
928,504
SKF AB, Class B
 
38,776
1,047,602
Tele2 AB, Class B
 
79,718
1,378,464
Telefonaktiebolaget LM Ericsson, Class B
 
360,786
3,542,317
Trelleborg AB, Class B
 
20,447
907,256
 
 
46,203,017
Switzerland-16.25%
ABB Ltd.
 
234,350
23,103,575
EMS-Chemie Holding AG(a)
 
1,006
1,017,959
Galderma Group AG, Class A(b)
 
21,499
4,674,960
Geberit AG
 
4,998
3,290,743
Givaudan S.A.
 
914
3,650,415
Kuehne + Nagel International AG, Class R
 
5,221
1,328,603
Logitech International S.A., Class R
 
27,088
2,764,454
Lonza Group AG(b)
 
8,248
5,744,414
Nestle S.A.
 
331,720
33,131,180
Partners Group Holding AG(a)
 
5,122
4,266,170
Roche Holding AG
 
107,536
46,968,322
Schindler Holding AG, PC
 
5,088
1,600,414
Sika AG(b)
 
18,189
4,089,320
Sonova Holding AG, Class A
 
5,881
1,601,113
Straumann Holding AG
 
12,333
1,526,190
Zurich Insurance Group AG
 
19,122
14,554,964
 
 
153,312,796
United Kingdom-11.34%
3i Group PLC
 
124,950
4,803,161
Admiral Group PLC
 
50,445
2,553,388
Auto Trader Group PLC(c)
 
152,369
1,074,309
BAE Systems PLC
 
342,069
9,669,376
Diploma PLC
 
15,036
1,486,849
GSK PLC
 
443,458
11,514,066
ICG PLC
 
37,146
947,002
Imperial Brands PLC
 
91,814
3,479,251
International Consolidated Airlines Group S.A.
 
361,191
2,114,129
Intertek Group PLC
 
15,474
1,220,373
Next PLC
 
18,120
3,623,292
Reckitt Benckiser Group PLC
 
99,822
7,034,721
RELX PLC
 
248,965
8,743,593
Rolls-Royce Holdings PLC
 
1,312,477
26,144,615
Sage Group PLC (The)
 
136,236
1,791,969
See accompanying notes which are an integral part of this schedule.

Invesco S&P International Developed Quality ETF (IDHQ)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
United Kingdom-(continued)
Unilever PLC
 
304,497
$19,345,660
Wise Group PLC, Class A(b)
 
120,508
1,437,209
 
 
106,982,963
United States-5.24%
Novartis AG
 
273,132
42,683,953
Swiss Re AG
 
33,554
5,579,749
Tenaris S.A.
 
42,615
1,219,853
 
 
49,483,555
Total Common Stocks & Other Equity Interests
(Cost $815,703,601)
941,734,058
Money Market Funds-0.02%
Invesco Government & Agency Portfolio,
Institutional Class, 3.64%(d)(e)
(Cost $201,625)
 
201,625
201,625
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.81%
(Cost $815,905,226)
941,935,683
 
Shares
Value
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-0.99%
Invesco Private Government Fund,
3.69%(d)(e)(f)
 
2,591,155
$2,591,155
Invesco Private Prime Fund, 3.82%(d)(e)(f)
 
6,727,400
6,728,073
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $9,319,164)
9,319,228
TOTAL INVESTMENTS IN SECURITIES-100.80%
(Cost $825,224,390)
951,254,911
OTHER ASSETS LESS LIABILITIES-(0.80)%
(7,587,305
)
NET ASSETS-100.00%
$943,667,606
 
Investment Abbreviations:
ADR-American Depositary Receipt
BR-Bearer Shares
PC-Participation Certificate
 
Notes to Schedule of Investments:
(a)
All or a portion of this security was out on loan at July 31, 2026.
(b)
Non-income producing security.
(c)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
July 31, 2026 was $9,166,622, which represented less than 1% of the Fund’s Net Assets.
(d)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the nine months ended July 31, 2026.
 
 
Value
October 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
July 31, 2026
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$9,160
$35,483,966
$(35,291,501
)
$-
$-
$201,625
$18,604
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
4,387,217
63,752,422
(65,548,484
)
-
-
2,591,155
347,755
*
Invesco Private Prime Fund
11,437,653
129,401,419
(134,106,497
)
182
(4,684
)
6,728,073
429,467
*
Total
$15,834,030
$228,637,807
$(234,946,482
)
$182
$(4,684
)
$9,520,853
$795,826
 
*
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 July 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.

Notes to Quarterly Schedules of Portfolio Holdings
July 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 July 31, 2026. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. 
 
Level 1
Level 2
Level 3
Total
Invesco China Technology ETF
Investments in Securities
Common Stocks & Other Equity Interests
$409,469,269
$2,638,159,455
$-
$3,047,628,724
Money Market Funds
4,225,162
219,431,427
-
223,656,589
Total Investments
$413,694,431
$2,857,590,882
$-
$3,271,285,313
Invesco Dorsey Wright Developed Markets Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests
$149,389,712
$563,723,047
$-
$713,112,759
Money Market Funds
-
23,866,578
-
23,866,578
Total Investments
$149,389,712
$587,589,625
$-
$736,979,337
Invesco Dorsey Wright Emerging Markets Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests
$13,565,331
$214,233,100
$-
$227,798,431
Money Market Funds
-
10,283,482
-
10,283,482
Total Investments
$13,565,331
$224,516,582
$-
$238,081,913
Invesco Global Clean Energy ETF
Investments in Securities
Common Stocks & Other Equity Interests
$55,338,376
$126,991,908
$-
$182,330,284
Money Market Funds
-
43,299,815
-
43,299,815
Total Investments
$55,338,376
$170,291,723
$-
$225,630,099
Invesco Global Water ETF
Investments in Securities
Common Stocks & Other Equity Interests
$171,169,343
$101,820,659
$-
$272,990,002
Money Market Funds
76,696
14,610,947
-
14,687,643
Total Investments
$171,246,039
$116,431,606
$-
$287,677,645

 
Level 1
Level 2
Level 3
Total
Invesco International BuyBack AchieversTM ETF
Investments in Securities
Common Stocks & Other Equity Interests
$29,972,732
$514,465,695
$-
$544,438,427
Money Market Funds
765,575
45,454,011
-
46,219,586
Total Investments
$30,738,307
$559,919,706
$-
$590,658,013
Invesco MSCI Global Climate 500 ETF
Investments in Securities
Common Stocks & Other Equity Interests
$1,067,278,787
$487,796,059
$-
$1,555,074,846
Money Market Funds
-
27,480,067
-
27,480,067
Total Investments
$1,067,278,787
$515,276,126
$-
$1,582,554,913
Invesco MSCI Global Timber ETF
Investments in Securities
Common Stocks & Other Equity Interests
$19,230,427
$13,476,351
$0
$32,706,778
Money Market Funds
9,726
7,730,092
-
7,739,818
Total Investments
$19,240,153
$21,206,443
$0
$40,446,596
Invesco RAFI Developed Markets ex-U.S. ETF
Investments in Securities
Common Stocks & Other Equity Interests
$298,259,348
$2,588,889,044
$0
$2,887,148,392
Money Market Funds
-
244,984,264
-
244,984,264
Total Investments
$298,259,348
$2,833,873,308
$0
$3,132,132,656
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF
Investments in Securities
Common Stocks & Other Equity Interests
$42,481,987
$309,378,006
$88,684
$351,948,677
Money Market Funds
-
50,393,476
-
50,393,476
Total Investments
$42,481,987
$359,771,482
$88,684
$402,342,153
Invesco RAFI Emerging Markets ETF
Investments in Securities
Common Stocks & Other Equity Interests
$368,894,210
$1,573,146,719
$0
$1,942,040,929
Money Market Funds
-
60,751,625
-
60,751,625
Total Investments in Securities
368,894,210
1,633,898,344
-
2,002,792,554
Other Investments - Liabilities*
Futures Contracts
(361,201
)
-
-
(361,201
)
Total Investments
$368,533,009
$1,633,898,344
$0
$2,002,431,353
Invesco S&P Global Water Index ETF
Investments in Securities
Common Stocks & Other Equity Interests
$725,614,118
$322,117,752
$-
$1,047,731,870
Money Market Funds
-
72,297,607
-
72,297,607
Total Investments
$725,614,118
$394,415,359
$-
$1,120,029,477
Invesco S&P International Developed Quality ETF
Investments in Securities
Common Stocks & Other Equity Interests
$54,493,955
$887,240,103
$-
$941,734,058
Money Market Funds
201,625
9,319,228
-
9,520,853
Total Investments
$54,695,580
$896,559,331
$-
$951,254,911
 
*
Futures contracts is valued at unrealized appreciation (depreciation).