Schedule of Investments(a)
Invesco Large Cap Growth ETF (PWB)
July 31, 2026
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-100.02%
Communication Services-7.43%
Alphabet, Inc., Class A
 
205,203
$73,078,944
AppLovin Corp., Class A(b)
 
66,493
26,324,579
Meta Platforms, Inc., Class A
 
130,259
72,516,488
 
 
171,920,011
Consumer Discretionary-6.58%
Amazon.com, Inc.(b)
 
300,744
81,676,056
Ross Stores, Inc.
 
145,790
36,603,495
TJX Cos., Inc. (The)
 
215,194
33,858,624
 
 
152,138,175
Consumer Staples-4.91%
Costco Wholesale Corp.
 
79,605
75,775,203
Monster Beverage Corp.(b)
 
391,166
37,700,579
 
 
113,475,782
Financials-9.62%
Charles Schwab Corp. (The)
 
382,615
40,266,403
Mastercard, Inc., Class A
 
161,821
92,739,615
Visa, Inc., Class A
 
244,425
89,491,325
 
 
222,497,343
Health Care-1.49%
IDEXX Laboratories, Inc.(b)
 
61,424
34,340,316
Industrials-18.67%
Bloom Energy Corp., Class A(b)
 
113,100
23,277,111
Caterpillar, Inc.
 
87,800
71,540,318
Comfort Systems USA, Inc.
 
18,151
31,395,603
CSX Corp.
 
733,694
36,978,178
GE Vernova, Inc.
 
31,923
31,613,028
Howmet Aerospace, Inc.
 
130,656
36,878,962
Johnson Controls International PLC
 
243,953
35,778,147
Old Dominion Freight Line, Inc.
 
157,938
33,504,967
Parker-Hannifin Corp.
 
39,383
38,458,681
Quanta Services, Inc.
 
46,149
30,797,997
Rockwell Automation, Inc.
 
74,999
36,005,520
Vertiv Holdings Co., Class A
 
105,588
25,506,893
 
 
431,735,405
Information Technology-49.74%
Advanced Micro Devices, Inc.(b)
 
158,374
75,409,780
Amphenol Corp., Class A
 
244,990
39,369,893
Analog Devices, Inc.
 
81,442
29,922,605
Apple, Inc.
 
258,882
79,971,239
Applied Materials, Inc.
 
175,386
89,038,211
Arista Networks, Inc.(b)
 
216,369
39,022,149
Broadcom, Inc.
 
189,041
73,589,881
Ciena Corp.(b)
 
56,829
21,427,374
Corning, Inc.
 
174,405
24,111,491
 
Shares
Value
Information Technology-(continued)
Dell Technologies, Inc., Class C
 
112,057
$45,424,546
Keysight Technologies, Inc.(b)
 
96,178
30,688,476
KLA Corp.
 
169,987
31,077,023
Lam Research Corp.
 
247,317
72,468,827
Lumentum Holdings, Inc.(b)
 
37,566
26,819,870
Micron Technology, Inc.
 
89,068
73,305,636
Monolithic Power Systems, Inc.
 
20,619
29,403,313
NVIDIA Corp.
 
371,374
74,553,331
Palantir Technologies, Inc., Class A(b)
 
584,153
71,885,868
Sandisk Corp.(b)
 
21,476
26,089,689
Seagate Technology Holdings PLC
 
40,467
34,645,013
TE Connectivity PLC (China)
 
163,999
33,732,954
Teradyne, Inc.
 
87,850
32,301,567
Texas Instruments, Inc.
 
105,301
29,035,698
Ubiquiti, Inc.(c)
 
56,194
31,273,085
Western Digital Corp.
 
65,155
35,499,050
 
 
1,150,066,569
Materials-1.58%
Nucor Corp.
 
142,279
36,606,964
Total Common Stocks & Other Equity Interests
(Cost $2,005,452,914)
2,312,780,565
Money Market Funds-0.03%
Invesco Government & Agency Portfolio,
Institutional Class, 3.64%(d)(e)
(Cost $586,406)
 
586,406
586,406
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-100.05%
(Cost $2,006,039,320)
2,313,366,971
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-0.03%
Invesco Private Government Fund,
3.69%(d)(e)(f)
 
219,580
219,580
Invesco Private Prime Fund, 3.82%(d)(e)(f)
 
567,660
567,717
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $787,297)
787,297
TOTAL INVESTMENTS IN SECURITIES-100.08%
(Cost $2,006,826,617)
2,314,154,268
OTHER ASSETS LESS LIABILITIES-(0.08)%
(1,754,646
)
NET ASSETS-100.00%
$2,312,399,622
 
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)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the three months ended July 31, 2026.
See accompanying notes which are an integral part of this schedule.

Invesco Large Cap Growth ETF (PWB)—(continued)
July 31, 2026
(Unaudited)
 
 
Value
April 30, 2026
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
Value
July 31, 2026
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$782,976
$2,862,793
$(3,059,363
)
$-
$-
$586,406
$6,312
Investments Purchased with
Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
-
37,079,167
(36,859,587
)
-
-
219,580
25,327
*
Invesco Private Prime Fund
14,500,702
83,301,739
(97,238,372
)
420
3,228
567,717
72,482
*
Total
$15,283,678
$123,243,699
$(137,157,322
)
$420
$3,228
$1,373,703
$104,121
 
*
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(a)
Invesco Large Cap Value ETF (PWV)
July 31, 2026
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.87%
Communication Services-2.98%
Verizon Communications, Inc.
 
1,098,851
$51,437,215
Consumer Discretionary-4.05%
eBay, Inc.
 
198,066
22,581,505
Ford Motor Co.
 
1,490,640
21,882,595
General Motors Co.
 
286,246
25,435,820
 
 
69,899,920
Consumer Staples-9.10%
Altria Group, Inc.
 
315,524
21,559,755
Coca-Cola Co. (The)
 
662,261
58,007,441
PepsiCo, Inc.
 
365,821
51,053,979
Target Corp.
 
182,023
26,300,503
 
 
156,921,678
Energy-17.95%
Chevron Corp.
 
288,510
56,787,423
ConocoPhillips
 
195,926
23,605,164
Diamondback Energy, Inc.
 
117,005
23,746,165
EOG Resources, Inc.
 
167,700
24,935,313
ExxonMobil Holdings Corp.
 
355,701
55,290,163
Kinder Morgan, Inc.
 
694,748
22,356,991
Occidental Petroleum Corp.
 
397,409
22,680,132
Phillips 66
 
131,348
27,803,745
Targa Resources Corp.
 
84,589
22,870,328
Valero Energy Corp.
 
94,598
29,599,714
 
 
309,675,138
Financials-33.86%
Allstate Corp. (The)
 
107,333
28,344,499
Bank of America Corp.
 
1,020,771
63,236,763
Bank of New York Mellon Corp. (The)
 
161,899
25,309,671
Capital One Financial Corp.
 
122,523
25,608,532
Chubb Ltd.
 
70,223
24,625,802
Citigroup, Inc.
 
420,066
55,637,742
Goldman Sachs Group, Inc. (The)
 
53,598
54,583,131
JPMorgan Chase & Co.
 
173,768
61,129,845
MetLife, Inc.
 
274,235
26,362,210
Morgan Stanley
 
264,057
55,562,874
PNC Financial Services Group, Inc. (The)
 
103,429
25,843,804
Travelers Cos., Inc. (The)
 
74,942
28,055,287
Truist Financial Corp.
 
469,064
24,316,278
U.S. Bancorp
 
413,590
26,060,306
Wells Fargo & Co.
 
687,418
59,427,286
 
 
584,104,030
 
Shares
Value
Health Care-23.92%
AbbVie, Inc.
 
250,036
$62,744,034
Bristol-Myers Squibb Co.
 
393,484
25,698,440
Cardinal Health, Inc.
 
113,990
26,221,120
Cigna Group (The)
 
81,353
22,701,555
CVS Health Corp.
 
251,735
26,288,686
Elevance Health, Inc.
 
58,846
22,116,680
HCA Healthcare, Inc.
 
58,198
23,429,933
Johnson & Johnson
 
231,458
59,334,258
Merck & Co., Inc.
 
445,050
57,945,510
Regeneron Pharmaceuticals, Inc.
 
36,021
27,470,695
UnitedHealth Group, Inc.
 
141,442
58,613,565
 
 
412,564,476
Industrials-4.29%
Delta Air Lines, Inc.
 
287,613
25,148,881
General Dynamics Corp.
 
66,293
25,418,062
United Parcel Service, Inc., Class B
 
223,976
23,342,779
 
 
73,909,722
Materials-1.11%
Newmont Corp.
 
204,627
19,175,596
Utilities-2.61%
American Electric Power Co., Inc.
 
174,473
22,306,373
Exelon Corp.
 
496,126
22,732,493
 
 
45,038,866
Total Common Stocks & Other Equity Interests
(Cost $1,427,883,018)
1,722,726,641
Money Market Funds-0.01%
Invesco Government & Agency Portfolio,
Institutional Class, 3.64%(b)(c)
(Cost $233,286)
 
233,286
233,286
TOTAL INVESTMENTS IN SECURITIES-99.88%
(Cost $1,428,116,304)
1,722,959,927
OTHER ASSETS LESS LIABILITIES-0.12%
2,049,657
NET ASSETS-100.00%
$1,725,009,584
 
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)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the three months ended July 31, 2026.
 
 
Value
April 30, 2026
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
Value
July 31, 2026
Dividend Income
Investments in Affiliated Money
Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$1,145,180
$11,258,962
$(12,170,856
)
$-
$-
$233,286
$7,794
See accompanying notes which are an integral part of this schedule.

Invesco Large Cap Value ETF (PWV)—(continued)
July 31, 2026
(Unaudited)
 
Value
April 30, 2026
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
Value
July 31, 2026
Dividend Income
Investments Purchased with
Cash Collateral from Securities
on Loan:
Invesco Private Government Fund
$-
$36,844,441
$(36,844,441
)
$-
$-
$-
$7,578
*
Invesco Private Prime Fund
-
36,835,178
(36,835,178
)
-
-
-
15,188
*
Total
$1,145,180
$84,938,581
$(85,850,475
)
$-
$-
$233,286
$30,560
 
*
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.
 
(c)
The rate shown is the 7-day SEC standardized yield as of July 31, 2026.
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.

Schedule of Investments(a)
Invesco S&P 100 Equal Weight ETF (EQWL)
July 31, 2026
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.84%
Communication Services-7.52%
Alphabet, Inc., Class A
 
40,769
$14,519,064
Alphabet, Inc., Class C
 
32,861
11,719,876
AT&T, Inc.
 
1,126,203
26,184,220
Comcast Corp., Class A
 
1,090,493
26,128,212
Meta Platforms, Inc., Class A
 
45,779
25,485,627
Netflix, Inc.(b)
 
318,771
22,859,068
T-Mobile US, Inc.
 
140,874
24,330,349
Verizon Communications, Inc.
 
556,745
26,061,234
Walt Disney Co. (The)
 
265,076
25,497,660
 
 
202,785,310
Consumer Discretionary-8.97%
Amazon.com, Inc.(b)
 
109,828
29,827,088
Booking Holdings, Inc.
 
162,721
31,388,881
General Motors Co.
 
329,209
29,253,512
Home Depot, Inc. (The)
 
81,963
27,208,437
Lowe’s Cos., Inc.
 
120,906
25,125,476
McDonald’s Corp.
 
92,522
25,040,154
NIKE, Inc., Class B
 
594,612
24,801,267
Starbucks Corp.
 
264,674
27,856,938
Tesla, Inc.(b)
 
68,501
21,318,196
 
 
241,819,949
Consumer Staples-8.57%
Altria Group, Inc.
 
357,436
24,423,602
Coca-Cola Co. (The)
 
312,707
27,390,006
Colgate-Palmolive Co.
 
290,595
26,531,324
Costco Wholesale Corp.
 
26,581
25,302,188
Mondelez International, Inc., Class A
 
407,280
25,377,617
PepsiCo, Inc.
 
181,118
25,276,828
Philip Morris International, Inc. (Switzerland)
 
142,876
27,263,598
Procter & Gamble Co. (The)
 
175,373
25,339,645
Walmart, Inc.
 
216,762
24,103,934
 
 
231,008,742
Energy-2.98%
Chevron Corp.
 
137,717
27,106,837
ConocoPhillips
 
217,971
26,261,146
ExxonMobil Holdings Corp.
 
173,545
26,975,835
 
 
80,343,818
Financials-15.96%
American Express Co.
 
83,419
28,049,639
Bank of America Corp.
 
479,264
29,690,405
Bank of New York Mellon Corp. (The)
 
187,041
29,240,119
Berkshire Hathaway, Inc., Class B(b)
 
54,042
27,644,645
BlackRock, Inc.
 
25,861
28,198,576
Capital One Financial Corp.
 
147,155
30,756,866
Charles Schwab Corp. (The)
 
292,808
30,815,114
Citigroup, Inc.
 
195,977
25,957,154
Goldman Sachs Group, Inc. (The)
 
26,107
26,586,847
JPMorgan Chase & Co.
 
84,965
29,889,837
Mastercard, Inc., Class A
 
53,447
30,630,476
Morgan Stanley
 
126,483
26,614,553
U.S. Bancorp
 
460,115
28,991,846
Visa, Inc., Class A
 
80,935
29,632,731
Wells Fargo & Co.
 
318,887
27,567,781
 
 
430,266,589
Health Care-15.61%
Abbott Laboratories
 
293,140
30,984,898
AbbVie, Inc.
 
116,199
29,158,977
Amgen, Inc.
 
77,396
29,809,843
 
Shares
Value
Health Care-(continued)
Bristol-Myers Squibb Co.
 
470,129
$30,704,125
CVS Health Corp.
 
266,672
27,848,557
Danaher Corp.
 
142,348
27,755,013
Eli Lilly and Co.
 
23,002
26,425,618
Gilead Sciences, Inc.
 
215,173
28,017,676
Intuitive Surgical, Inc.(b)
 
63,443
22,416,315
Johnson & Johnson
 
109,603
28,096,729
Medtronic PLC
 
325,721
27,813,316
Merck & Co., Inc.
 
219,491
28,577,728
Pfizer, Inc.
 
1,021,060
25,536,711
Thermo Fisher Scientific, Inc.
 
54,226
31,141,992
UnitedHealth Group, Inc.
 
64,152
26,584,589
 
 
420,872,087
Industrials-15.60%
3M Co.
 
166,649
29,376,886
Boeing Co. (The)(b)
 
125,066
27,031,765
Caterpillar, Inc.
 
30,532
24,877,779
Deere & Co.
 
46,675
27,662,872
Emerson Electric Co.
 
190,644
28,562,284
FedEx Corp.
 
81,878
25,169,297
GE Vernova, Inc.
 
30,148
29,855,263
General Dynamics Corp.
 
76,639
29,384,926
General Electric Co.
 
82,017
29,531,861
Honeywell Aerospace, Inc.(b)
 
129,164
26,703,365
Lockheed Martin Corp.
 
49,787
29,012,877
RTX Corp.
 
147,337
31,709,869
Uber Technologies, Inc.(b)
 
380,982
26,805,894
Union Pacific Corp.
 
97,887
28,595,729
United Parcel Service, Inc., Class B
 
253,138
26,382,042
 
 
420,662,709
Information Technology-18.86%
Accenture PLC, Class A
 
153,309
25,437,029
Adobe, Inc.(b)
 
112,002
28,046,421
Advanced Micro Devices, Inc.(b)
 
57,780
27,511,947
Apple, Inc.
 
89,645
27,692,237
Applied Materials, Inc.
 
52,592
26,699,381
Broadcom, Inc.
 
70,248
27,346,141
Cisco Systems, Inc.
 
220,026
25,520,816
Intel Corp.(b)
 
244,200
22,026,840
International Business Machines Corp.
 
95,971
21,463,914
Intuit, Inc.
 
91,966
29,067,693
Lam Research Corp.
 
81,227
23,801,135
Micron Technology, Inc.
 
29,308
24,121,363
Microsoft Corp.
 
65,783
30,570,676
NVIDIA Corp.
 
130,422
26,182,216
Oracle Corp.
 
129,879
16,867,386
Palantir Technologies, Inc., Class A(b)
 
200,747
24,703,926
QUALCOMM, Inc.
 
136,711
20,179,911
Salesforce, Inc.
 
152,933
28,142,731
ServiceNow, Inc.(b)
 
246,456
27,413,301
Texas Instruments, Inc.
 
92,689
25,558,065
 
 
508,353,129
Materials-0.91%
Linde PLC
 
51,339
24,559,551
Real Estate-1.92%
American Tower Corp.
 
135,789
23,540,381
Simon Property Group, Inc.
 
122,821
28,171,453
 
 
51,711,834
See accompanying notes which are an integral part of this schedule.

Invesco S&P 100 Equal Weight ETF (EQWL)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
Utilities-2.94%
Duke Energy Corp.
 
209,047
$26,220,765
NextEra Energy, Inc.
 
307,085
26,691,828
Southern Co. (The)
 
278,016
26,283,633
 
 
79,196,226
Total Common Stocks & Other Equity Interests
(Cost $2,389,667,146)
2,691,579,944
Money Market Funds-0.07%
Invesco Government & Agency Portfolio,
Institutional Class, 3.64%(c)(d)
(Cost $1,864,997)
 
1,864,997
1,864,997
TOTAL INVESTMENTS IN SECURITIES-99.91%
(Cost $2,391,532,143)
2,693,444,941
OTHER ASSETS LESS LIABILITIES-0.09%
2,431,183
NET ASSETS-100.00%
$2,695,876,124
 
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
Non-income producing security.
(c)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the three months ended July 31, 2026.
 
 
Value
April 30, 2026
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
Value
July 31, 2026
Dividend Income
Investments in Affiliated Money
Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$2,116,543
$22,399,185
$(22,650,731
)
$-
$-
$1,864,997
$17,005
Investments Purchased with
Cash Collateral from Securities
on Loan:
Invesco Private Government Fund
-
13,218,646
(13,218,646
)
-
-
-
10,715
*
Invesco Private Prime Fund
-
18,013,974
(18,013,974
)
-
-
-
27,830
*
Total
$2,116,543
$53,631,805
$(53,883,351
)
$-
$-
$1,864,997
$55,550
 
*
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.
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.

Schedule of Investments(a)
Invesco S&P 500 GARP ETF (SPGP)
July 31, 2026
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.95%
Communication Services-10.18%
Alphabet, Inc., Class C
 
77,115
$27,503,065
AppLovin Corp., Class A(b)
 
98,026
38,808,493
Comcast Corp., Class A
 
1,004,081
24,057,781
Fox Corp., Class A(c)
 
370,417
21,569,382
Meta Platforms, Inc., Class A
 
60,560
33,714,358
Netflix, Inc.(b)
 
326,926
23,443,863
Trade Desk, Inc. (The), Class A(b)
 
2,263,077
40,825,909
Walt Disney Co. (The)
 
217,169
20,889,486
 
 
230,812,337
Consumer Discretionary-14.82%
Airbnb, Inc., Class A(b)
 
184,072
27,890,589
Carnival Corp. Ltd.
 
1,393,772
38,760,799
Chipotle Mexican Grill, Inc.(b)
 
762,949
28,396,962
Deckers Outdoor Corp.(b)
 
279,804
27,107,412
eBay, Inc.
 
254,448
29,009,617
Expedia Group, Inc.
 
150,506
44,360,138
Garmin Ltd.
 
104,353
30,656,824
Las Vegas Sands Corp.
 
812,605
39,728,258
lululemon Athletica, Inc.(b)
 
206,731
24,574,114
Royal Caribbean Cruises Ltd.
 
143,322
45,619,393
 
 
336,104,106
Consumer Staples-0.95%
Constellation Brands, Inc., Class A
 
165,351
21,533,661
Energy-1.25%
Baker Hughes Co., Class A
 
467,609
28,285,669
Financials-31.11%
Allstate Corp. (The)
 
148,502
39,216,408
American Express Co.
 
70,835
23,818,269
Ameriprise Financial, Inc.
 
51,724
28,233,028
Arch Capital Group Ltd.(b)
 
437,031
43,934,726
Assurant, Inc.
 
98,813
27,587,602
Berkshire Hathaway, Inc., Class B(b)
 
54,052
27,649,760
Cboe Global Markets, Inc.
 
81,358
25,239,692
Chubb Ltd.
 
75,571
26,501,238
Cincinnati Financial Corp.
 
267,502
47,529,755
Erie Indemnity Co., Class A(c)
 
100,724
24,379,237
Everest Group Ltd.
 
68,661
25,689,513
Fiserv, Inc.(b)
 
409,438
22,085,086
Globe Life, Inc.
 
129,433
23,589,164
Hartford Insurance Group, Inc. (The)
 
198,875
28,222,351
Loews Corp.
 
250,058
29,009,229
Mastercard, Inc., Class A
 
52,756
30,234,464
Moody’s Corp.
 
52,492
25,111,123
PayPal Holdings, Inc.
 
636,094
36,390,938
Progressive Corp. (The)
 
206,932
43,749,564
Prudential Financial, Inc.
 
218,155
26,632,362
Synchrony Financial
 
349,036
26,453,438
Travelers Cos., Inc. (The)
 
79,045
29,591,286
Visa, Inc., Class A
 
62,573
22,909,853
W.R. Berkley Corp.
 
296,327
21,495,561
 
 
705,253,647
Health Care-9.98%
Boston Scientific Corp.(b)
 
651,681
30,453,053
Cigna Group (The)
 
92,752
25,882,446
Dexcom, Inc.(b)
 
389,224
32,480,743
Eli Lilly and Co.
 
35,669
40,977,974
Incyte Corp.(b)
 
336,668
40,238,559
 
Shares
Value
Health Care-(continued)
ResMed, Inc.
 
119,368
$25,184,261
Universal Health Services, Inc., Class B
 
184,005
30,993,802
 
 
226,210,838
Industrials-14.16%
Comfort Systems USA, Inc.
 
24,655
42,645,507
Delta Air Lines, Inc.
 
302,843
26,480,592
EMCOR Group, Inc.
 
43,225
34,468,912
GE Vernova, Inc.
 
28,596
28,318,333
General Electric Co.
 
123,600
44,504,652
Leidos Holdings, Inc.
 
170,243
19,680,091
Parker-Hannifin Corp.
 
24,356
23,784,364
Rollins, Inc.
 
451,519
17,144,176
Trane Technologies PLC
 
48,824
22,212,479
Uber Technologies, Inc.(b)
 
423,781
29,817,231
United Airlines Holdings, Inc.(b)
 
262,778
31,882,855
 
 
320,939,192
Information Technology-14.86%
Adobe, Inc.(b)
 
102,438
25,651,500
Arista Networks, Inc.(b)
 
246,306
44,421,287
Autodesk, Inc.(b)
 
100,624
23,566,141
First Solar, Inc.(b)
 
186,798
39,419,982
Fortinet, Inc.(b)
 
205,817
33,332,063
GoDaddy, Inc., Class A(b)
 
313,204
25,914,499
Intuit, Inc.
 
86,186
27,240,809
KLA Corp.
 
107,841
19,715,492
Microsoft Corp.
 
54,656
25,399,736
NVIDIA Corp.
 
241,119
48,404,639
PTC, Inc.(b)
 
173,956
23,866,763
 
 
336,932,911
Materials-1.49%
Newmont Corp.
 
360,482
33,780,768
Utilities-1.15%
Edison International
 
357,117
26,201,674
Total Common Stocks & Other Equity Interests
(Cost $2,135,897,388)
2,266,054,803
Money Market Funds-0.10%
Invesco Government & Agency Portfolio,
Institutional Class, 3.64%(d)(e)
(Cost $2,236,821)
 
2,236,821
2,236,821
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-100.05%
(Cost $2,138,134,209)
2,268,291,624
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-1.75%
Invesco Private Government Fund,
3.69%(d)(e)(f)
 
11,013,401
11,013,401
See accompanying notes which are an integral part of this schedule.

Invesco S&P 500 GARP ETF (SPGP)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 3.82%(d)(e)(f)
 
28,628,719
$28,631,582
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $39,644,746)
39,644,983
TOTAL INVESTMENTS IN SECURITIES-101.80%
(Cost $2,177,778,955)
2,307,936,607
OTHER ASSETS LESS LIABILITIES-(1.80)%
(40,759,159
)
NET ASSETS-100.00%
$2,267,177,448
 
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)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the three months ended July 31, 2026.
 
 
Value
April 30, 2026
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
$2,473,398
$8,614,167
$(8,850,744
)
$-
$-
$2,236,821
$14,008
Investments Purchased with
Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
31,408,862
75,842,441
(96,237,902
)
-
-
11,013,401
221,530
*
Invesco Private Prime Fund
81,560,702
142,197,443
(195,127,387
)
1,120
(296
)
28,631,582
611,388
*
Total
$115,442,962
$226,654,051
$(300,216,033
)
$1,120
$(296
)
$41,881,804
$846,926
 
*
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(a)
Invesco S&P 500 Value with Momentum ETF (SPVM)
July 31, 2026
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.92%
Communication Services-2.72%
Fox Corp., Class A(b)
 
15,537
$904,720
Verizon Communications, Inc.
 
30,463
1,425,973
Walt Disney Co. (The)
 
12,696
1,221,228
 
 
3,551,921
Consumer Discretionary-4.64%
Aptiv PLC(c)
 
21,316
1,203,714
Carnival Corp. Ltd.
 
46,692
1,298,504
Ford Motor Co.
 
83,119
1,220,187
General Motors Co.
 
26,203
2,328,399
 
 
6,050,804
Consumer Staples-6.01%
Archer-Daniels-Midland Co.
 
20,731
1,643,346
Bunge Global S.A.
 
15,566
1,653,576
Dollar General Corp.
 
14,253
1,810,844
Dollar Tree, Inc.(c)
 
7,718
981,807
Target Corp.
 
12,066
1,743,416
 
 
7,832,989
Energy-12.50%
APA Corp.
 
43,552
1,625,361
Baker Hughes Co., Class A
 
12,752
771,368
Chevron Corp.
 
4,771
939,076
ConocoPhillips
 
8,114
977,575
Devon Energy Corp.
 
29,587
1,335,261
EOG Resources, Inc.
 
7,825
1,163,499
EQT Corp.
 
29,103
1,550,899
ExxonMobil Holdings Corp.
 
5,931
921,915
Halliburton Co.
 
23,142
746,329
Kinder Morgan, Inc.
 
26,753
860,912
Marathon Petroleum Corp.
 
5,607
1,774,447
Phillips 66
 
9,081
1,922,266
Valero Energy Corp.
 
5,494
1,719,073
 
 
16,307,981
Financials-36.68%
Aflac, Inc.
 
10,213
1,301,953
Allstate Corp. (The)
 
8,998
2,376,192
Assurant, Inc.
 
5,821
1,625,165
Bank of America Corp.
 
25,812
1,599,053
Bank of New York Mellon Corp. (The)
 
6,266
979,564
Chubb Ltd.
 
4,454
1,561,929
Cincinnati Financial Corp.
 
10,129
1,799,721
Citigroup, Inc.
 
10,963
1,452,049
Citizens Financial Group, Inc.
 
22,879
1,639,280
Fifth Third Bancorp
 
22,360
1,263,340
Franklin Resources, Inc.
 
40,088
1,357,380
Globe Life, Inc.
 
8,624
1,571,724
Hartford Insurance Group, Inc. (The)
 
13,265
1,882,436
Huntington Bancshares, Inc.
 
93,217
1,588,418
JPMorgan Chase & Co.
 
3,196
1,124,321
KeyCorp
 
64,108
1,448,200
Loews Corp.
 
16,540
1,918,805
M&T Bank Corp.
 
6,692
1,648,173
MetLife, Inc.
 
18,284
1,757,641
Northern Trust Corp.
 
5,319
969,069
PNC Financial Services Group, Inc. (The)
 
5,571
1,392,026
Principal Financial Group, Inc.
 
11,759
1,336,998
Raymond James Financial, Inc.
 
7,876
1,386,018
Regions Financial Corp.
 
50,994
1,578,264
State Street Corp.
 
6,927
1,275,676
Synchrony Financial
 
24,098
1,826,387
 
Shares
Value
Financials-(continued)
T. Rowe Price Group, Inc.
 
11,751
$1,313,174
Travelers Cos., Inc. (The)
 
5,606
2,098,662
Truist Financial Corp.
 
32,901
1,705,588
U.S. Bancorp
 
25,277
1,592,704
Wells Fargo & Co.
 
17,219
1,488,583
 
 
47,858,493
Health Care-8.45%
Biogen, Inc.(c)
 
5,573
1,131,040
Bristol-Myers Squibb Co.
 
13,838
903,760
Cardinal Health, Inc.
 
5,969
1,373,049
CVS Health Corp.
 
19,867
2,074,711
HCA Healthcare, Inc.
 
2,335
940,048
Incyte Corp.(c)
 
8,635
1,032,055
McKesson Corp.
 
1,868
1,599,363
Quest Diagnostics, Inc.
 
4,201
978,875
Viatris, Inc.
 
56,727
996,126
 
 
11,029,027
Industrials-10.09%
Delta Air Lines, Inc.
 
19,833
1,734,198
DuPont de Nemours, Inc.
 
6,006
822,822
FedEx Corp.
 
3,164
972,614
General Dynamics Corp.
 
2,386
914,840
Huntington Ingalls Industries, Inc.
 
4,214
1,375,660
PACCAR, Inc.
 
7,047
934,996
Southwest Airlines Co.
 
26,927
1,210,907
Stanley Black & Decker, Inc.
 
18,830
1,780,941
Textron, Inc.
 
14,182
1,209,157
United Airlines Holdings, Inc.(c)
 
18,235
2,212,453
 
 
13,168,588
Materials-3.61%
CF Industries Holdings, Inc.
 
10,989
1,375,713
CRH PLC
 
8,594
816,516
Dow, Inc.
 
24,895
754,070
Newmont Corp.
 
9,243
866,161
Nucor Corp.
 
3,499
900,258
 
 
4,712,718
Real Estate-2.13%
Host Hotels & Resorts, Inc.
 
42,936
1,078,982
Kimco Realty Corp.
 
34,861
888,258
Realty Income Corp.
 
12,649
807,892
 
 
2,775,132
Utilities-13.09%
Ameren Corp.
 
8,281
907,680
American Electric Power Co., Inc.
 
7,324
936,373
Atmos Energy Corp.
 
5,295
914,870
CenterPoint Energy, Inc.
 
18,249
767,188
CMS Energy Corp.
 
12,233
880,654
Dominion Energy, Inc.
 
13,834
956,898
DTE Energy Co.
 
6,258
887,822
Duke Energy Corp.
 
8,335
1,045,459
Edison International
 
25,775
1,891,112
Evergy, Inc.
 
11,470
952,125
Eversource Energy
 
19,506
1,396,435
FirstEnergy Corp.
 
20,550
992,770
NiSource, Inc.
 
17,774
789,699
Pinnacle West Capital Corp.(b)
 
10,898
1,100,589
PPL Corp.
 
28,011
986,267
See accompanying notes which are an integral part of this schedule.

Invesco S&P 500 Value with Momentum ETF (SPVM)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
Utilities-(continued)
Sempra
 
9,025
$799,164
Xcel Energy, Inc.
 
11,155
872,321
 
 
17,077,426
Total Common Stocks & Other Equity Interests
(Cost $114,516,107)
130,365,079
Money Market Funds-0.12%
Invesco Government & Agency Portfolio,
Institutional Class, 3.64%(d)(e)
(Cost $150,419)
 
150,419
150,419
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-100.04%
(Cost $114,666,526)
130,515,498
 
Shares
Value
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-0.75%
Invesco Private Government Fund,
3.69%(d)(e)(f)
 
272,032
$272,032
Invesco Private Prime Fund, 3.82%(d)(e)(f)
 
706,789
706,860
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $978,890)
978,892
TOTAL INVESTMENTS IN SECURITIES-100.79%
(Cost $115,645,416)
131,494,390
OTHER ASSETS LESS LIABILITIES-(0.79)%
(1,030,055
)
NET ASSETS-100.00%
$130,464,335
 
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
All or a portion of this security was out on loan at July 31, 2026.
(c)
Non-income producing security.
(d)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the three months ended July 31, 2026.
 
 
Value
April 30, 2026
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
July 31, 2026
Dividend Income
Invesco Ltd.
$1,436,413
$94,993
$(1,635,785
)
$(421,079
)
$525,458
$-
$12,156
Investments in Affiliated
Money Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
76,570
1,085,691
(1,011,842
)
-
-
150,419
1,068
Investments Purchased with
Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
430,795
5,412,997
(5,571,760
)
-
-
272,032
4,755
*
Invesco Private Prime Fund
1,119,398
6,775,701
(7,188,165
)
96
(170
)
706,860
11,431
*
Total
$3,063,176
$13,369,382
$(15,407,552
)
$(420,983
)
$525,288
$1,129,311
$29,410
 
*
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(a)
Invesco S&P MidCap Momentum ETF (XMMO)
July 31, 2026
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.91%
Communication Services-1.57%
New York Times Co. (The), Class A(b)
 
1,034,721
$77,490,256
Nexstar Media Group, Inc., Class A(b)
 
183,604
34,982,070
 
 
112,472,326
Consumer Discretionary-4.91%
Autoliv, Inc. (Sweden)(b)
 
368,341
45,368,561
BorgWarner, Inc.(b)
 
1,578,089
100,587,393
Five Below, Inc.(b)(c)
 
453,388
98,444,137
Somnigroup International, Inc.
 
1,283,267
83,835,833
Travel + Leisure Co.
 
317,768
24,156,723
 
 
352,392,647
Consumer Staples-0.51%
Celsius Holdings, Inc.(b)(c)
 
1,244,794
36,360,433
Energy-7.60%
Antero Midstream Corp.
 
1,752,006
38,491,572
CNX Resources Corp.(b)(c)
 
924,290
33,089,582
DT Midstream, Inc.
 
594,138
81,991,044
HF Sinclair Corp.
 
1,026,483
93,892,400
TechnipFMC PLC (United Kingdom)
 
3,693,263
264,659,226
Weatherford International PLC
 
377,471
33,138,179
 
 
545,262,003
Financials-4.25%
Affiliated Managers Group, Inc.
 
262,333
96,205,381
Annaly Capital Management, Inc.(b)
 
4,584,354
104,156,523
Federated Hermes, Inc., Class B
 
565,030
33,879,198
FirstCash Holdings, Inc.(b)
 
348,096
71,015,065
 
 
305,256,167
Health Care-7.94%
Arrowhead Pharmaceuticals, Inc.(b)(c)
 
1,736,102
146,961,034
Elanco Animal Health, Inc.(b)(c)
 
4,317,915
113,863,419
Medpace Holdings, Inc.(b)(c)
 
122,468
70,677,507
Penumbra, Inc.(b)(c)
 
190,453
61,171,599
Roivant Sciences Ltd.(c)
 
5,218,072
176,944,822
 
 
569,618,381
Industrials-43.72%
AeroVironment, Inc.(b)(c)
 
156,340
23,352,506
API Group Corp.(b)(c)
 
3,440,821
136,531,777
ATI, Inc.(c)
 
1,314,380
246,367,387
Brink’s Co. (The)(b)
 
253,297
30,003,030
BWX Technologies, Inc.
 
793,151
133,804,574
CACI International, Inc., Class A(b)(c)
 
180,895
90,040,486
Carpenter Technology Corp.
 
315,264
163,830,090
Curtiss-Wright Corp.
 
421,315
305,032,060
Donaldson Co., Inc.(b)
 
941,779
88,753,253
Dycom Industries, Inc.(c)
 
299,478
120,111,641
EnerSys
 
378,455
70,411,553
Kratos Defense & Security Solutions,
Inc.(b)(c)
 
2,288,807
106,658,406
Lincoln Electric Holdings, Inc.
 
318,908
83,333,850
MasTec, Inc.(c)
 
445,349
117,171,322
Mueller Industries, Inc.
 
2,426,504
161,144,131
Nextpower, Inc., Class A(b)(c)
 
1,442,835
129,667,581
nVent Electric PLC
 
1,260,234
193,861,796
RB Global, Inc. (Canada)
 
1,117,100
122,590,554
RBC Bearings, Inc.(c)
 
229,887
126,739,002
SPX Technologies, Inc.(c)
 
283,276
62,213,075
Sterling Infrastructure, Inc.(c)
 
324,733
193,790,912
Valmont Industries, Inc.(b)
 
106,817
51,453,749
Watts Water Technologies, Inc., Class A
 
203,492
70,365,499
 
Shares
Value
Industrials-(continued)
WESCO International, Inc.
 
324,455
$111,447,048
Woodward, Inc.
 
552,128
199,180,176
 
 
3,137,855,458
Information Technology-10.58%
Advanced Energy Industries, Inc.
 
370,031
107,131,375
Amkor Technology, Inc.
 
841,831
41,982,112
Fabrinet (Thailand)(b)(c)
 
324,891
141,460,790
MACOM Technology Solutions Holdings,
Inc.(c)
 
410,751
103,279,232
MKS, Inc.
 
524,526
156,020,259
Rambus, Inc.(c)
 
676,899
61,618,116
TTM Technologies, Inc.(c)
 
1,281,071
147,886,836
 
 
759,378,720
Materials-6.99%
Alcoa Corp.
 
1,524,847
69,014,575
Commercial Metals Co.(b)
 
827,413
56,859,821
Hecla Mining Co.(b)
 
8,307,796
117,306,080
MP Materials Corp.(b)(c)
 
1,052,919
43,559,259
NewMarket Corp.(b)
 
51,354
43,659,117
Royal Gold, Inc.
 
864,123
171,398,797
 
 
501,797,649
Real Estate-5.39%
American Healthcare REIT, Inc.(b)
 
1,971,264
109,602,278
EPR Properties
 
433,299
26,894,869
Omega Healthcare Investors, Inc.
 
1,914,737
96,943,134
Sabra Health Care REIT, Inc.(b)
 
1,336,151
28,286,317
W.P. Carey, Inc.
 
1,702,091
125,273,898
 
 
387,000,496
Utilities-6.45%
Black Hills Corp.(b)
 
549,151
39,105,043
IDACORP, Inc.
 
374,621
53,537,087
National Fuel Gas Co.(b)
 
547,156
45,036,410
Ormat Technologies, Inc.(b)
 
753,575
73,533,848
Portland General Electric Co.
 
789,886
38,965,076
Spire, Inc.(b)
 
392,109
31,313,825
Talen Energy Corp.(c)
 
242,449
81,002,211
TXNM Energy, Inc.
 
673,790
39,025,917
UGI Corp.(b)
 
1,708,505
61,711,201
 
 
463,230,618
Total Common Stocks & Other Equity Interests
(Cost $6,642,035,967)
7,170,624,898
Money Market Funds-0.12%
Invesco Government & Agency Portfolio,
Institutional Class, 3.64%(d)(e)
(Cost $8,916,424)
 
8,916,424
8,916,424
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-100.03%
(Cost $6,650,952,391)
7,179,541,322
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-7.29%
Invesco Private Government Fund,
3.69%(d)(e)(f)
 
145,291,230
145,291,230
See accompanying notes which are an integral part of this schedule.

Invesco S&P MidCap Momentum ETF (XMMO)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 3.82%(d)(e)(f)
 
377,492,619
$377,530,368
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $522,827,434)
522,821,598
TOTAL INVESTMENTS IN SECURITIES-107.32%
(Cost $7,173,779,825)
7,702,362,920
OTHER ASSETS LESS LIABILITIES-(7.32)%
(525,480,294
)
NET ASSETS-100.00%
$7,176,882,626
 
Investment Abbreviations:
REIT
-Real Estate Investment Trust
 
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
All or a portion of this security was out on loan at July 31, 2026.
(c)
Non-income producing security.
(d)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the three months ended July 31, 2026.
 
 
Value
April 30, 2026
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
$5,713,748
$25,139,885
$(21,937,209
)
$-
$-
$8,916,424
$41,898
Investments Purchased
with Cash Collateral
from Securities on
Loan:
Invesco Private
Government Fund
152,427,380
368,015,185
(375,151,335
)
-
-
145,291,230
1,462,379
*
Invesco Private Prime
Fund
405,395,975
728,889,575
(756,740,396
)
(5,632
)
(9,154
)
377,530,368
3,952,731
*
Total
$563,537,103
$1,122,044,645
$(1,153,828,940
)
$(5,632
)
$(9,154
)
$531,738,022
$5,457,008
 
*
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(a)
Invesco S&P MidCap Quality ETF (XMHQ)
July 31, 2026
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.96%
Communication Services-1.49%
New York Times Co. (The), Class A(b)
 
1,083,000
$81,105,870
Consumer Discretionary-7.80%
Abercrombie & Fitch Co., Class A(b)(c)
 
266,890
26,566,231
Autoliv, Inc. (Sweden)(b)
 
443,677
54,647,696
Boyd Gaming Corp.(b)
 
649,582
55,253,445
Chewy, Inc., Class A(b)(c)
 
2,330,097
52,660,192
Harley-Davidson, Inc.(b)
 
766,162
18,801,615
Murphy USA, Inc.
 
105,625
64,194,650
SharkNinja, Inc.(b)(c)
 
428,487
69,316,342
Texas Roadhouse, Inc.(b)
 
404,739
83,149,580
 
 
424,589,751
Consumer Staples-2.02%
Maplebear, Inc.(b)(c)
 
1,139,140
50,805,644
Marzetti Co. (The)(b)
 
117,828
12,592,278
Sprouts Farmers Market, Inc.(b)(c)
 
534,371
46,575,777
 
 
109,973,699
Energy-7.27%
Antero Midstream Corp.
 
1,803,539
39,623,752
CNX Resources Corp.(b)(c)
 
878,882
31,463,976
Range Resources Corp.(b)
 
1,457,667
58,510,753
TechnipFMC PLC (United Kingdom)
 
3,143,916
225,293,021
Weatherford International PLC
 
465,056
40,827,266
 
 
395,718,768
Financials-15.52%
American Financial Group, Inc.
 
411,800
58,360,296
Evercore, Inc., Class A
 
378,480
121,325,549
Federated Hermes, Inc., Class B(b)
 
597,080
35,800,917
First Financial Bankshares, Inc.(b)
 
741,454
26,054,694
Hamilton Lane, Inc., Class A(b)
 
353,441
31,424,439
Hanover Insurance Group, Inc. (The)
 
220,797
51,364,006
Houlihan Lokey, Inc.
 
366,495
45,991,457
Kinsale Capital Group, Inc.(b)
 
171,243
61,034,430
MGIC Investment Corp.
 
1,213,922
36,466,217
Morningstar, Inc.(b)
 
154,880
29,825,242
Old Republic International Corp.(b)
 
1,336,528
57,751,375
Primerica, Inc.
 
233,501
74,710,980
RenaissanceRe Holdings Ltd.
(Bermuda)(b)
 
304,168
97,327,677
RLI Corp.(b)
 
597,056
36,563,709
SEI Investments Co.(b)
 
789,687
81,321,967
 
 
845,322,955
Health Care-16.52%
Chemed Corp.
 
110,400
58,760,400
Doximity, Inc., Class A(b)(c)
 
1,236,965
25,864,938
Exelixis, Inc.(c)
 
2,772,380
147,019,311
Illumina, Inc.(c)
 
1,118,179
229,338,513
LivaNova PLC(c)
 
372,966
29,889,495
Medpace Holdings, Inc.(b)(c)
 
295,636
170,614,492
Neurocrine Biosciences, Inc.(c)
 
599,577
100,009,444
United Therapeutics Corp.(c)
 
266,051
137,737,263
 
 
899,233,856
Industrials-32.30%
AECOM
 
729,564
52,813,138
Booz Allen Hamilton Holding Corp.
 
960,441
66,961,947
Carlisle Cos., Inc.(b)
 
331,893
119,454,929
Carpenter Technology Corp.
 
282,337
146,719,245
Curtiss-Wright Corp.
 
241,606
174,922,744
Donaldson Co., Inc.(b)
 
698,957
65,869,708
 
Shares
Value
Industrials-(continued)
ExlService Holdings, Inc.(c)
 
1,138,994
$38,646,066
Exponent, Inc.(b)
 
410,459
27,439,184
Fluor Corp.(b)(c)
 
879,688
44,133,947
Genpact Ltd.
 
931,503
32,760,960
Graco, Inc.
 
1,058,998
84,063,261
KBR, Inc.
 
782,579
28,650,217
Landstar System, Inc.
 
225,019
39,326,571
Lincoln Electric Holdings, Inc.
 
381,386
99,659,976
Maximus, Inc.
 
341,193
20,556,878
Middleby Corp. (The)(c)
 
319,153
42,632,458
MSC Industrial Direct Co., Inc., Class A(b)
 
274,074
33,820,732
Mueller Industries, Inc.
 
1,551,029
103,003,836
Nextpower, Inc., Class A(b)(c)
 
1,229,083
110,457,689
nVent Electric PLC
 
1,035,960
159,361,727
Tetra Tech, Inc.
 
1,783,771
59,149,846
Toro Co. (The)
 
709,690
65,199,220
UL Solutions, Inc., Class A(b)
 
526,993
48,293,639
Valmont Industries, Inc.
 
121,035
58,302,559
Vicor Corp.(c)
 
176,963
36,696,817
 
 
1,758,897,294
Information Technology-14.71%
AppFolio, Inc., Class A(b)(c)
 
215,100
38,758,869
Bentley Systems, Inc., Class B(b)
 
972,441
34,463,309
Cirrus Logic, Inc.(b)(c)
 
404,430
52,313,020
Cognex Corp.
 
1,188,016
77,506,164
DocuSign, Inc.(c)
 
1,461,750
80,147,752
Dolby Laboratories, Inc., Class A(b)
 
389,288
22,894,027
Everpure, Inc., Class A(c)
 
2,311,458
178,375,214
InterDigital, Inc.(b)
 
199,887
60,930,555
Manhattan Associates, Inc.(c)
 
793,914
151,923,383
Pegasystems, Inc.(b)
 
1,123,201
34,313,791
Qualys, Inc.(b)(c)
 
268,326
38,840,189
Vontier Corp.(b)
 
950,539
30,540,818
 
 
801,007,091
Materials-2.33%
Greif, Inc., Class A(b)
 
161,790
14,002,925
Hecla Mining Co.(b)
 
5,363,292
75,729,683
Sonoco Products Co.
 
659,768
37,184,524
 
 
126,917,132
Total Common Stocks & Other Equity Interests
(Cost $4,981,262,928)
5,442,766,416
Money Market Funds-0.07%
Invesco Government & Agency Portfolio,
Institutional Class, 3.64%(d)(e)
(Cost $3,516,141)
 
3,516,141
3,516,141
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-100.03%
(Cost $4,984,779,069)
5,446,282,557
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-10.54%
Invesco Private Government Fund,
3.69%(d)(e)(f)
 
159,548,943
159,548,943
See accompanying notes which are an integral part of this schedule.

Invesco S&P MidCap Quality ETF (XMHQ)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 3.82%(d)(e)(f)
 
414,457,195
$414,498,641
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $574,050,967)
574,047,584
TOTAL INVESTMENTS IN SECURITIES-110.57%
(Cost $5,558,830,036)
6,020,330,141
OTHER ASSETS LESS LIABILITIES-(10.57)%
(575,575,345
)
NET ASSETS-100.00%
$5,444,754,796
 
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
All or a portion of this security was out on loan at July 31, 2026.
(c)
Non-income producing security.
(d)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the three months ended July 31, 2026.
 
 
Value
April 30, 2026
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
$1,235,702
$18,563,580
$(16,283,141
)
$-
$-
$3,516,141
$22,113
Investments
Purchased with Cash
Collateral from
Securities on Loan:
Invesco Private
Government Fund
167,921,492
338,306,147
(346,678,696
)
-
-
159,548,943
1,119,841
*
Invesco Private Prime
Fund
365,372,454
816,203,192
(767,063,121
)
(156
)
(13,728
)
414,498,641
3,073,225
*
Total
$534,529,648
$1,173,072,919
$(1,130,024,958
)
$(156
)
$(13,728
)
$577,563,725
$4,215,179
 
*
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(a)
Invesco S&P MidCap Value with Momentum ETF (XMVM)
July 31, 2026
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.90%
Consumer Discretionary-14.57%
Autoliv, Inc. (Sweden)
 
37,350
$4,600,399
AutoNation, Inc.(b)
 
47,891
10,172,048
Boyd Gaming Corp.
 
67,762
5,763,836
Graham Holdings Co., Class B
 
6,079
7,316,320
Lear Corp.
 
66,193
8,647,454
Macy’s, Inc.
 
494,515
12,273,862
Penske Automotive Group, Inc.(c)
 
47,828
10,393,503
Toll Brothers, Inc.
 
46,008
6,712,107
V.F. Corp.(c)
 
236,235
3,382,885
Visteon Corp.(c)
 
41,467
4,334,960
 
 
73,597,374
Consumer Staples-1.11%
US Foods Holding Corp.(b)
 
55,474
5,580,130
Energy-14.84%
Chord Energy Corp.
 
33,538
4,708,064
CNX Resources Corp.(b)
 
235,527
8,431,867
HF Sinclair Corp.
 
122,935
11,244,864
Matador Resources Co.
 
106,941
5,335,287
Murphy Oil Corp.
 
119,771
4,759,700
NOV, Inc.(c)
 
247,291
4,804,864
Ovintiv, Inc.
 
85,818
5,360,192
PBF Energy, Inc., Class A
 
285,082
20,605,727
Permian Resources Corp., Class A
 
215,378
4,589,705
Range Resources Corp.
 
127,311
5,110,264
 
 
74,950,534
Financials-37.66%
Affiliated Managers Group, Inc.
 
11,708
4,293,675
Ally Financial, Inc.
 
173,665
7,524,904
American Financial Group, Inc.
 
36,647
5,193,613
Annaly Capital Management, Inc.
 
332,233
7,548,334
Associated Banc-Corp
 
255,206
7,880,761
Bank OZK
 
157,581
8,083,905
CNO Financial Group, Inc.
 
102,392
5,640,775
Columbia Banking System, Inc.
 
201,002
6,285,333
Cullen/Frost Bankers, Inc.(c)
 
29,589
4,921,834
East West Bancorp, Inc.
 
34,228
4,483,868
F.N.B. Corp.
 
388,757
7,347,507
Federated Hermes, Inc., Class B
 
73,207
4,389,492
First American Financial Corp.
 
112,386
8,427,826
First Horizon Corp.
 
216,131
5,541,599
Hancock Whitney Corp.(c)
 
73,899
5,690,223
Hanover Insurance Group, Inc. (The)
 
32,616
7,587,460
International Bancshares Corp.
 
73,152
5,599,054
Old National Bancorp(c)
 
242,672
6,464,782
Old Republic International Corp.
 
181,889
7,859,424
RenaissanceRe Holdings Ltd. (Bermuda)
 
27,809
8,898,324
Stifel Financial Corp.
 
64,084
5,313,204
Texas Capital Bancshares, Inc.
 
52,229
5,162,837
UMB Financial Corp.(c)
 
41,887
6,104,193
United Bankshares, Inc.(c)
 
132,282
6,409,063
Valley National Bancorp(c)
 
438,515
6,266,379
Voya Financial, Inc.
 
68,492
6,810,160
Webster Financial Corp.
 
77,043
5,949,260
Western Alliance Bancorporation
 
82,488
6,639,459
Wintrust Financial Corp.
 
32,721
5,220,308
Zions Bancorporation N.A.
 
95,728
6,672,242
 
 
190,209,798
 
Shares
Value
Health Care-2.90%
Envista Holdings Corp.(b)(c)
 
182,661
$4,988,472
Tenet Healthcare Corp.(b)
 
37,841
9,641,130
 
 
14,629,602
Industrials-8.45%
AGCO Corp.
 
58,517
5,978,097
Fluor Corp.(b)
 
128,753
6,459,538
GATX Corp.(c)
 
20,705
3,703,503
GXO Logistics, Inc.(b)(c)
 
124,800
6,259,968
Oshkosh Corp.
 
45,455
6,473,246
Ryder System, Inc.
 
15,388
3,945,791
Terex Corp.
 
90,320
5,675,709
WESCO International, Inc.
 
12,144
4,171,343
 
 
42,667,195
Information Technology-4.89%
Arrow Electronics, Inc.(b)(c)
 
40,084
8,680,992
Avnet, Inc.
 
100,640
8,940,857
TD SYNNEX Corp.
 
27,600
7,057,320
 
 
24,679,169
Materials-2.72%
Commercial Metals Co.
 
67,013
4,605,133
Greif, Inc., Class A
 
105,570
9,137,084
 
 
13,742,217
Real Estate-3.57%
EPR Properties
 
61,253
3,801,974
Jones Lang LaSalle, Inc.(b)
 
23,022
8,173,500
Kilroy Realty Corp.(c)
 
156,333
6,068,847
 
 
18,044,321
Utilities-9.19%
Black Hills Corp.
 
64,477
4,591,407
National Fuel Gas Co.
 
65,358
5,379,617
New Jersey Resources Corp.
 
70,498
4,081,129
NorthWestern Energy Group, Inc.
 
56,977
3,916,599
OGE Energy Corp.
 
74,326
3,519,336
ONE Gas, Inc.
 
63,791
4,953,371
Portland General Electric Co.
 
92,531
4,564,555
Southwest Gas Holdings, Inc.
 
42,490
3,798,606
Spire, Inc.
 
62,143
4,962,740
UGI Corp.(c)
 
184,206
6,653,521
 
 
46,420,881
Total Common Stocks & Other Equity Interests
(Cost $418,968,956)
504,521,221
Money Market Funds-0.15%
Invesco Government & Agency Portfolio,
Institutional Class, 3.64%(d)(e)
(Cost $774,065)
 
774,065
774,065
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-100.05%
(Cost $419,743,021)
505,295,286
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-8.43%
Invesco Private Government Fund,
3.69%(d)(e)(f)
 
11,499,610
11,499,610
See accompanying notes which are an integral part of this schedule.

Invesco S&P MidCap Value with Momentum ETF (XMVM)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 3.82%(d)(e)(f)
 
31,067,246
$31,070,353
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $42,569,713)
42,569,963
TOTAL INVESTMENTS IN SECURITIES-108.48%
(Cost $462,312,734)
547,865,249
OTHER ASSETS LESS LIABILITIES-(8.48)%
(42,847,250
)
NET ASSETS-100.00%
$505,017,999
 
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)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the three months ended July 31, 2026.
 
 
Value
April 30, 2026
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
$419,139
$3,511,552
$(3,156,626
)
$-
$-
$774,065
$3,670
Investments Purchased with
Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
11,814,285
51,992,687
(52,307,362
)
-
-
11,499,610
106,532
*
Invesco Private Prime Fund
30,703,247
126,369,898
(126,002,758
)
620
(654
)
31,070,353
287,503
*
Total
$42,936,671
$181,874,137
$(181,466,746
)
$620
$(654
)
$43,344,028
$397,705
 
*
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(a)
Invesco S&P SmallCap Momentum ETF (XSMO)
July 31, 2026
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.99%
Communication Services-4.08%
Lumen Technologies, Inc.(b)(c)
 
6,631,935
$42,311,745
Madison Square Garden Sports Corp.,
Class A(b)(c)
 
133,484
52,549,981
Scholastic Corp.(c)
 
222,256
9,034,707
Telephone and Data Systems, Inc.(c)
 
592,950
19,911,261
 
 
123,807,694
Consumer Discretionary-8.46%
Acushnet Holdings Corp.(c)
 
247,563
25,070,705
Callaway Golf Co.(b)(c)
 
1,111,640
20,520,874
Dana, Inc.(c)
 
1,173,088
31,591,260
Dauch Corp. (Mexico)(b)(c)
 
1,571,770
8,880,501
Installed Building Products, Inc.(c)
 
155,140
34,586,912
LCI Industries(c)
 
191,401
19,591,806
National Vision Holdings, Inc.(b)(c)
 
1,057,773
23,313,317
Patrick Industries, Inc.(c)
 
222,033
18,328,824
Phinia, Inc.(c)
 
297,789
21,914,293
Red Rock Resorts, Inc., Class A(c)
 
310,920
20,035,685
Signet Jewelers Ltd.
 
296,325
27,528,592
Standard Motor Products, Inc.(c)
 
139,739
5,342,222
 
 
256,704,991
Consumer Staples-2.91%
Andersons, Inc. (The)
 
282,382
19,986,998
Del Monte Corp.
 
269,588
8,009,460
PriceSmart, Inc.(c)
 
282,230
54,727,219
Tootsie Roll Industries, Inc.(c)
 
138,821
5,416,795
 
 
88,140,472
Energy-4.34%
Innovex International, Inc.(b)(c)
 
299,383
8,406,675
International Seaways, Inc.(c)
 
375,111
36,078,176
Par Pacific Holdings, Inc.(b)(c)
 
585,931
50,407,644
Peabody Energy Corp.(c)
 
1,101,505
23,484,086
REX American Resources Corp.(b)
 
311,702
13,415,654
 
 
131,792,235
Financials-16.32%
Acadian Asset Management, Inc.
 
352,439
30,482,449
Adamas Trust, Inc.(c)
 
741,999
6,729,931
Ameris Bancorp(c)
 
391,942
34,181,262
Axos Financial, Inc.(b)(c)
 
449,957
45,630,139
Blackstone Mortgage Trust, Inc.,
Class A(c)
 
918,632
13,356,909
Capitol Federal Financial, Inc.
 
856,598
7,572,326
Customers Bancorp, Inc.(b)(c)
 
216,337
17,021,395
Ellington Financial, Inc.
 
686,440
9,115,923
Enact Holdings, Inc.(c)
 
188,512
8,920,388
Enova International, Inc.(b)
 
181,887
46,224,762
EZCORP, Inc., Class A(b)(c)
 
752,171
22,392,131
First Bancorp/Southern Pines NC(c)
 
306,062
19,242,118
HA Sustainable Infrastructure Capital,
Inc.(c)
 
792,073
29,995,805
HCI Group, Inc.
 
69,529
12,168,270
Hilltop Holdings, Inc.
 
303,622
11,974,852
Horace Mann Educators Corp.(c)
 
256,196
13,350,374
Mercury General Corp.
 
354,584
37,983,038
SiriusPoint Ltd.(b)(c)
 
836,209
19,776,343
StoneX Group, Inc.(b)(c)
 
858,680
65,749,128
TrustCo Bank Corp.(c)
 
159,332
9,078,737
 
Shares
Value
Financials-(continued)
United Fire Group, Inc.(c)
 
197,944
$10,166,404
WisdomTree, Inc.(c)
 
1,251,770
24,246,785
 
 
495,359,469
Health Care-12.94%
Amneal Pharmaceuticals, Inc.(b)
 
1,844,564
33,792,413
ANI Pharmaceuticals, Inc.(b)(c)
 
122,617
9,716,171
Arcus Biosciences, Inc.(b)(c)
 
561,132
15,818,311
Artivion, Inc.(b)(c)
 
244,979
6,572,787
Collegium Pharmaceutical, Inc.(b)(c)
 
231,956
8,208,923
Indivior Pharmaceuticals, Inc.(b)(c)
 
1,665,208
66,624,972
Ligand Pharmaceuticals, Inc.(b)(c)
 
198,119
56,967,137
National HealthCare Corp.
 
111,575
25,219,297
Pediatrix Medical Group, Inc.(b)(c)
 
585,842
15,530,671
Phibro Animal Health Corp., Class A(c)
 
199,463
7,246,491
Protagonist Therapeutics, Inc.(b)(c)
 
569,778
77,854,466
PTC Therapeutics, Inc.(b)(c)
 
639,425
43,487,294
TransMedics Group, Inc.(b)(c)
 
334,085
25,560,843
 
 
392,599,776
Industrials-23.82%
AAR Corp.(b)(c)
 
332,306
46,536,132
Amentum Holdings, Inc.(b)(c)
 
1,249,733
27,744,073
Armstrong World Industries, Inc.
 
270,979
47,329,192
Astec Industries, Inc.
 
160,585
8,135,236
AZZ, Inc.
 
253,880
36,741,514
Enpro, Inc.(c)
 
121,819
38,241,421
ESCO Technologies, Inc.
 
285,421
89,990,387
Granite Construction, Inc.(c)
 
387,959
46,931,400
Healthcare Services Group, Inc.(b)(c)
 
611,487
14,247,647
Interface, Inc.(c)
 
323,176
11,072,010
Kennametal, Inc.(c)
 
588,528
19,992,296
Mercury Systems, Inc.(b)(c)
 
679,443
65,973,915
MYR Group, Inc.(b)(c)
 
144,552
48,167,617
National Presto Industries, Inc.(c)
 
37,613
4,566,971
OPENLANE, Inc.(b)
 
873,535
34,731,752
Powell Industries, Inc.(c)
 
255,747
53,369,284
Primoris Services Corp.(c)
 
586,324
49,491,609
Resideo Technologies, Inc.(b)(c)
 
910,954
31,245,722
Standex International Corp.
 
74,664
22,137,876
Sunrun, Inc.(b)(c)
 
1,558,893
15,292,740
Worthington Enterprises, Inc.(c)
 
196,506
11,045,602
 
 
722,984,396
Information Technology-13.62%
ACM Research, Inc., A Shares (China)(b)(c)
 
689,824
54,130,489
Clear Secure, Inc., Class A(c)
 
582,168
32,158,960
Digi International, Inc.(b)(c)
 
234,888
16,376,392
FormFactor, Inc.(b)(c)
 
565,831
60,091,252
Mirion Technologies, Inc.(b)(c)
 
1,758,287
26,339,139
OSI Systems, Inc.(b)(c)
 
83,008
18,377,141
Plexus Corp.(b)(c)
 
186,841
46,960,617
SolarEdge Technologies, Inc.(b)(c)
 
474,345
19,543,014
Viasat, Inc.(b)(c)
 
1,811,615
139,367,542
 
 
413,344,546
Materials-5.70%
Century Aluminum Co.(b)(c)
 
611,192
27,363,066
Ingevity Corp.(b)
 
227,779
16,652,923
Kaiser Aluminum Corp.
 
166,586
26,600,452
Materion Corp.
 
133,276
28,099,912
Sensient Technologies Corp.
 
270,972
33,511,107
See accompanying notes which are an integral part of this schedule.

Invesco S&P SmallCap Momentum ETF (XSMO)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
Materials-(continued)
Warrior Met Coal, Inc.
 
419,475
$33,310,510
Worthington Steel, Inc.(c)
 
209,179
7,532,536
 
 
173,070,506
Real Estate-4.14%
Global Net Lease, Inc.(c)
 
1,931,288
16,840,831
LXP Industrial Trust
 
419,048
25,364,975
Millrose Properties, Inc.(c)
 
1,099,398
30,761,156
Outfront Media, Inc.
 
1,029,848
32,821,256
St. Joe Co. (The)
 
319,052
19,857,797
 
 
125,646,015
Utilities-3.66%
Avista Corp.(c)
 
575,198
23,266,759
Clearway Energy, Inc., Class C(c)
 
800,351
25,395,137
Hawaiian Electric Industries, Inc.(b)(c)
 
1,761,450
22,757,934
MDU Resources Group, Inc.(c)
 
1,218,479
24,308,656
Northwest Natural Holding Co.
 
311,287
15,228,160
 
 
110,956,646
Total Common Stocks & Other Equity Interests
(Cost $2,639,411,971)
3,034,406,746
Money Market Funds-0.05%
Invesco Government & Agency Portfolio,
Institutional Class, 3.64%(d)(e)
(Cost $1,357,927)
 
1,357,927
1,357,927
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-100.04%
(Cost $2,640,769,898)
3,035,764,673
 
Shares
Value
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-16.31%
Invesco Private Government Fund,
3.69%(d)(e)(f)
 
136,745,109
$136,745,109
Invesco Private Prime Fund, 3.82%(d)(e)(f)
 
358,237,163
358,272,987
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $495,016,842)
495,018,096
TOTAL INVESTMENTS IN SECURITIES-116.35%
(Cost $3,135,786,740)
3,530,782,769
OTHER ASSETS LESS LIABILITIES-(16.35)%
(496,061,271
)
NET ASSETS-100.00%
$3,034,721,498
 
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)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the three months ended July 31, 2026.
 
 
Value
April 30, 2026
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
Value
July 31, 2026
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$2,814,442
$23,853,376
$(25,309,891
)
$-
$-
$1,357,927
$17,997
Investments Purchased with
Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
129,840,025
250,625,706
(243,720,622
)
-
-
136,745,109
1,326,875
*
Invesco Private Prime Fund
358,076,426
541,353,067
(541,161,535
)
2,941
2,088
358,272,987
3,600,178
*
Total
$490,730,893
$815,832,149
$(810,192,048
)
$2,941
$2,088
$496,376,023
$4,945,050
 
*
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.  
See accompanying notes which are an integral part of this schedule.

Invesco S&P SmallCap Momentum ETF (XSMO)—(continued)
July 31, 2026
(Unaudited)
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.

Schedule of Investments(a)
Invesco S&P SmallCap Value with Momentum ETF (XSVM)
July 31, 2026
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.96%
Communication Services-2.27%
People, Inc.(b)(c)
 
143,938
$5,983,503
Scholastic Corp.
 
141,713
5,760,633
Telephone and Data Systems, Inc.
 
104,586
3,511,998
 
 
15,256,134
Consumer Discretionary-18.31%
Academy Sports & Outdoors, Inc.(c)
 
117,398
5,570,535
Adient PLC(b)
 
445,896
9,381,652
Advance Auto Parts, Inc.(c)
 
90,545
5,028,869
American Eagle Outfitters, Inc.(c)
 
327,268
5,622,464
Callaway Golf Co.(b)
 
248,052
4,579,040
Dauch Corp. (Mexico)(b)(c)
 
1,228,464
6,940,822
G-III Apparel Group Ltd.(c)
 
223,068
8,121,906
Green Brick Partners, Inc.(b)(c)
 
67,518
4,775,548
Kohl’s Corp.(c)
 
849,592
16,261,191
LCI Industries
 
54,492
5,577,801
MarineMax, Inc.(b)(c)
 
203,066
6,999,685
Matthews International Corp., Class A(c)
 
168,156
4,666,329
National Vision Holdings, Inc.(b)(c)
 
274,171
6,042,729
Phinia, Inc.(c)
 
52,463
3,860,752
Sally Beauty Holdings, Inc.(b)(c)
 
580,148
8,684,816
Signet Jewelers Ltd.(c)
 
63,867
5,933,244
Sonic Automotive, Inc., Class A(c)
 
94,600
8,663,468
Standard Motor Products, Inc.(c)
 
171,394
6,552,393
 
 
123,263,244
Consumer Staples-4.23%
Andersons, Inc. (The)
 
107,728
7,624,988
Del Monte Corp.
 
287,823
8,551,221
John B. Sanfilippo & Son, Inc.
 
57,163
4,730,810
United Natural Foods, Inc.(b)(c)
 
148,419
7,544,138
 
 
28,451,157
Energy-6.65%
Bristow Group, Inc.
 
137,630
6,237,392
Crescent Energy Co., Class A
 
390,662
4,480,893
Helix Energy Solutions Group, Inc.(b)
 
551,416
5,243,966
International Seaways, Inc.
 
55,149
5,304,231
Par Pacific Holdings, Inc.(b)
 
126,349
10,869,805
Peabody Energy Corp.
 
180,191
3,841,672
RPC, Inc.(c)
 
633,989
3,556,678
World Kinect Corp.
 
132,062
5,263,991
 
 
44,798,628
Financials-48.94%
Adamas Trust, Inc.
 
685,619
6,218,564
Ameris Bancorp
 
47,100
4,107,591
ARMOUR Residential REIT, Inc.(c)
 
349,909
5,763,001
Atlantic Union Bankshares Corp., Class B
 
120,428
5,109,760
Axos Financial, Inc.(b)
 
46,300
4,695,283
Banc of California, Inc.
 
257,664
4,934,266
BankUnited, Inc.
 
98,081
4,575,479
Banner Corp.
 
74,005
5,210,692
Beacon Financial Corp.
 
158,395
4,991,026
Blackstone Mortgage Trust, Inc., Class A
 
253,267
3,682,502
Bread Financial Holdings, Inc.(c)
 
61,610
6,658,193
Capitol Federal Financial, Inc.
 
638,795
5,646,948
Cathay General Bancorp(c)
 
73,000
4,612,870
Central Pacific Financial Corp.
 
115,051
4,533,009
Customers Bancorp, Inc.(b)(c)
 
65,722
5,171,007
CVB Financial Corp.(c)
 
211,959
4,741,523
Dime Community Bancshares, Inc., Class B
 
113,313
4,618,638
Ellington Financial, Inc.
 
418,600
5,559,008
 
Shares
Value
Financials-(continued)
Enact Holdings, Inc.
 
120,478
$5,701,019
Encore Capital Group, Inc.(b)
 
69,629
6,550,696
EZCORP, Inc., Class A(b)(c)
 
139,804
4,161,965
First Commonwealth Financial Corp.
 
228,713
4,924,191
First Financial Bancorp(c)
 
158,336
5,356,507
First Hawaiian, Inc.(c)
 
165,548
4,600,579
First Interstate BancSystem, Inc., Class A
 
140,179
5,329,606
Fulton Financial Corp.
 
215,957
5,254,234
Genworth Financial, Inc., Class A(b)
 
1,003,799
9,867,344
Hanmi Financial Corp.
 
157,428
5,018,805
Heritage Financial Corp.
 
173,804
5,167,193
Hilltop Holdings, Inc.
 
136,171
5,370,584
Hope Bancorp, Inc.
 
461,585
6,466,806
Horace Mann Educators Corp.
 
108,020
5,628,922
Independent Bank Corp.
 
56,283
4,718,204
Jackson Financial, Inc., Class A
 
43,221
5,285,064
Lincoln National Corp.
 
275,316
12,557,163
Merchants Bancorp(c)
 
92,999
5,131,685
Mercury General Corp.
 
52,424
5,615,659
National Bank Holdings Corp., Class A
 
104,982
4,534,173
NMI Holdings, Inc., Class A(b)
 
153,805
6,813,561
Northwest Bancshares, Inc.
 
322,194
5,071,333
OFG Bancorp
 
97,574
5,157,762
PennyMac Mortgage Investment Trust(c)
 
751,456
7,086,230
Preferred Bank(c)
 
44,328
4,629,616
Provident Financial Services, Inc.(c)
 
234,608
5,790,125
Radian Group, Inc.
 
168,140
6,555,779
Renasant Corp.(c)
 
115,669
5,039,698
S&T Bancorp, Inc.(c)
 
98,070
5,114,350
Seacoast Banking Corp. of Florida(c)
 
142,471
4,949,442
SiriusPoint Ltd.(b)
 
293,246
6,935,268
Southside Bancshares, Inc.
 
134,479
4,371,912
Stewart Information Services Corp.
 
89,196
6,028,758
StoneX Group, Inc.(b)
 
94,838
7,261,746
Tompkins Financial Corp.
 
57,389
5,729,718
TrustCo Bank Corp.
 
73,148
4,167,973
Trustmark Corp.(c)
 
102,311
4,854,657
United Community Banks, Inc.
 
143,541
5,087,093
United Fire Group, Inc.
 
127,169
6,531,400
Virtu Financial, Inc., Class A
 
75,954
4,460,778
WaFd, Inc.
 
142,799
5,250,719
WSFS Financial Corp.
 
56,969
4,568,914
 
 
329,526,591
Health Care-1.74%
AdaptHealth Corp.(b)(c)
 
600,877
6,489,471
Pediatrix Medical Group, Inc.(b)(c)
 
197,070
5,224,326
 
 
11,713,797
Industrials-4.99%
Allegiant Travel Co.(b)(c)
 
51,565
5,057,495
Astec Industries, Inc.
 
83,704
4,240,445
Deluxe Corp.(c)
 
255,055
6,598,273
Hub Group, Inc., Class A
 
110,105
5,123,186
Kennametal, Inc.
 
118,759
4,034,243
Rush Enterprises, Inc., Class A
 
59,560
4,752,292
Trinity Industries, Inc.
 
120,729
3,771,574
 
 
33,577,508
Information Technology-2.69%
ePlus, Inc.(c)
 
51,378
4,747,841
See accompanying notes which are an integral part of this schedule.

Invesco S&P SmallCap Value with Momentum ETF (XSVM)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
Information Technology-(continued)
Photronics, Inc.(b)(c)
 
142,101
$4,304,239
ScanSource, Inc.(b)(c)
 
160,221
9,071,713
 
 
18,123,793
Materials-3.21%
Koppers Holdings, Inc.(c)
 
157,999
7,745,111
Metallus, Inc.(b)(c)
 
245,231
4,934,048
Minerals Technologies, Inc.
 
62,222
4,743,805
Worthington Steel, Inc.(c)
 
116,307
4,188,215
 
 
21,611,179
Real Estate-4.89%
Apple Hospitality REIT, Inc.
 
285,034
4,705,911
Cushman & Wakefield Ltd.(b)
 
533,557
7,160,335
Easterly Government Properties, Inc.
 
199,238
4,853,438
Millrose Properties, Inc.
 
207,329
5,801,065
Pebblebrook Hotel Trust(c)
 
305,967
5,843,970
Xenia Hotels & Resorts, Inc.
 
221,424
4,556,906
 
 
32,921,625
Utilities-2.04%
Avista Corp.
 
107,547
4,350,276
Hawaiian Electric Industries, Inc.(b)
 
385,665
4,982,792
Northwest Natural Holding Co.
 
90,681
4,436,115
 
 
13,769,183
Total Common Stocks & Other Equity Interests
(Cost $571,940,164)
673,012,839
 
Shares
Value
Money Market Funds-0.07%
Invesco Government & Agency Portfolio,
Institutional Class, 3.64%(d)(e)
(Cost $496,929)
 
496,929
$496,929
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-100.03%
(Cost $572,437,093)
673,509,768
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-16.76%
Invesco Private Government Fund,
3.69%(d)(e)(f)
 
29,270,447
29,270,447
Invesco Private Prime Fund, 3.82%(d)(e)(f)
 
83,536,722
83,545,076
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $112,815,251)
112,815,523
TOTAL INVESTMENTS IN SECURITIES-116.79%
(Cost $685,252,344)
786,325,291
OTHER ASSETS LESS LIABILITIES-(16.79)%
(113,025,739
)
NET ASSETS-100.00%
$673,299,552
 
Investment Abbreviations:
REIT
-Real Estate Investment Trust
 
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
Non-income producing security.
(c)
All or a portion of this security was out on loan at 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 three months ended July 31, 2026.
 
 
Value
April 30, 2026
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
$441,210
$6,271,120
$(6,215,401
)
$-
$-
$496,929
$3,535
Investments Purchased with
Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
25,902,901
78,134,150
(74,766,604
)
-
-
29,270,447
326,331
*
Invesco Private Prime Fund
82,504,486
179,944,041
(178,901,650
)
3,489
(5,290
)
83,545,076
887,527
*
Total
$108,848,597
$264,349,311
$(259,883,655
)
$3,489
$(5,290
)
$113,312,452
$1,217,393
 
*
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(a)
Invesco Zacks Mid-Cap ETF (CZA)
July 31, 2026
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.99%
Consumer Discretionary-4.71%
Las Vegas Sands Corp.
 
65,405
$3,197,650
Levi Strauss & Co., Class A
 
35,624
873,501
Trip.com Group Ltd., ADR (China)(b)(c)
 
67,839
3,189,111
Yum China Holdings, Inc. (China)
 
34,977
1,685,192
 
 
8,945,454
Consumer Staples-2.82%
Performance Food Group Co.(b)
 
14,228
1,627,541
Sysco Corp.
 
43,642
3,720,044
 
 
5,347,585
Energy-3.42%
Plains All American Pipeline L.P.
 
65,294
1,604,274
Venture Global, Inc., Class A
 
237,020
3,171,328
Western Midstream Partners L.P.
 
37,076
1,726,629
 
 
6,502,231
Financials-28.03%
American International Group, Inc.
 
49,161
3,863,071
Annaly Capital Management, Inc.
 
67,639
1,536,758
Arch Capital Group Ltd.(b)
 
31,665
3,183,282
AXIS Capital Holdings Ltd.
 
6,668
702,274
Cincinnati Financial Corp.
 
13,889
2,467,798
CNA Financial Corp.(c)
 
24,057
1,262,271
Credicorp Ltd. (Peru)
 
8,904
3,566,764
East West Bancorp, Inc.
 
12,507
1,638,417
Fidelity National Financial, Inc.
 
25,625
1,321,994
First Horizon Corp.
 
43,194
1,107,494
Fiserv, Inc.(b)
 
50,345
2,715,609
Hartford Insurance Group, Inc. (The)
 
25,285
3,588,194
Houlihan Lokey, Inc.
 
6,686
839,026
Huntington Bancshares, Inc.
 
179,021
3,050,518
KeyCorp
 
98,096
2,215,989
Northern Trust Corp.
 
16,969
3,091,582
Popular, Inc.
 
5,763
1,009,735
Prudential Financial, Inc.
 
32,383
3,953,317
RenaissanceRe Holdings Ltd. (Bermuda)
 
3,894
1,246,002
TPG, Inc.
 
37,861
1,653,011
Tradeweb Markets, Inc., Class A
 
24,024
2,414,412
Unum Group
 
15,159
1,305,342
Virtu Financial, Inc., Class A
 
15,022
882,242
Voya Financial, Inc.
 
8,567
851,817
Western Alliance Bancorporation
 
10,040
808,120
Willis Towers Watson PLC
 
8,770
2,946,018
 
 
53,221,057
Health Care-14.59%
Agilent Technologies, Inc.
 
24,830
3,435,727
Becton, Dickinson and Co.
 
24,572
4,069,615
Encompass Health Corp.
 
9,143
1,015,513
GE HealthCare Technologies, Inc.
 
40,451
2,751,477
Globus Medical, Inc., Class A(b)
 
11,913
938,625
IQVIA Holdings, Inc.(b)
 
14,082
3,309,552
Quest Diagnostics, Inc.
 
9,813
2,286,527
Royalty Pharma PLC, Class A
 
52,282
3,054,837
Tenet Healthcare Corp.(b)
 
7,577
1,930,468
Viatris, Inc.
 
104,432
1,833,826
Zoetis, Inc.
 
39,756
3,072,741
 
 
27,698,908
Industrials-19.92%
AerCap Holdings N.V.
 
15,120
2,281,608
API Group Corp.(b)(c)
 
41,458
1,645,053
 
Shares
Value
Industrials-(continued)
Applied Industrial Technologies, Inc.
 
3,409
$1,176,821
Armstrong World Industries, Inc.
 
3,913
683,445
Crane Co.
 
5,204
1,110,846
Dover Corp.
 
12,234
2,503,321
DuPont de Nemours, Inc.
 
13,149
1,801,413
Graco, Inc.
 
15,580
1,236,740
Huntington Ingalls Industries, Inc.
 
3,778
1,233,328
IDEX Corp.
 
6,844
1,577,200
JBT Marel Corp.
 
4,704
651,363
Kirby Corp.(b)(c)
 
5,092
667,765
Lincoln Electric Holdings, Inc.
 
5,165
1,349,666
Otis Worldwide Corp.
 
35,801
2,575,882
Stanley Black & Decker, Inc.
 
13,698
1,295,557
Textron, Inc.
 
16,379
1,396,474
Timken Co. (The)
 
6,441
885,960
Valmont Industries, Inc.
 
1,779
856,944
Veralto Corp.
 
21,988
2,070,610
Waste Connections, Inc.
 
22,037
3,688,553
Watts Water Technologies, Inc., Class A
 
2,870
992,417
WESCO International, Inc.
 
4,667
1,603,068
Xylem, Inc.
 
21,223
2,482,454
ZTO Express (Cayman), Inc., ADR (China)(c)
 
53,347
1,281,395
Zurn Elkay Water Solutions Corp.
 
15,246
770,075
 
 
37,817,958
Information Technology-6.08%
Check Point Software Technologies Ltd.
(Israel)(b)
 
9,860
1,253,502
F5, Inc.(b)
 
5,283
2,126,777
Ingram Micro Holding Corp.
 
22,198
626,206
TD SYNNEX Corp.
 
7,726
1,975,538
Teledyne Technologies, Inc.(b)
 
4,291
2,813,051
Zoom Communications, Inc., Class A(b)
 
28,648
2,752,213
 
 
11,547,287
Materials-5.96%
Amrize Ltd.(b)
 
51,365
2,512,262
AptarGroup, Inc.
 
5,695
762,902
Avery Dennison Corp.
 
6,913
1,173,343
Ball Corp.
 
23,479
1,523,787
Reliance, Inc.
 
4,675
1,898,518
Royal Gold, Inc.
 
8,354
1,657,016
RPM International, Inc.
 
11,570
1,238,800
SSR Mining, Inc. (Canada)(b)
 
21,156
542,017
 
 
11,308,645
Real Estate-7.49%
American Homes 4 Rent, Class A
 
32,205
1,076,291
CubeSmart
 
21,213
879,491
Equity Residential
 
33,518
2,227,271
Essex Property Trust, Inc.
 
5,775
1,640,909
Extra Space Storage, Inc.
 
19,558
2,895,366
Invitation Homes, Inc.
 
52,904
1,572,307
Regency Centers Corp.
 
16,446
1,320,449
Ryman Hospitality Properties, Inc.(c)
 
5,657
756,058
SBA Communications Corp., Class A
 
10,270
1,858,665
 
 
14,226,807
Utilities-6.97%
Axia Energia S.A., ADR (Brazil)
 
198,490
2,078,190
DTE Energy Co.
 
18,835
2,672,122
Eversource Energy
 
34,043
2,437,138
NiSource, Inc.
 
44,435
1,974,247
See accompanying notes which are an integral part of this schedule.

Invesco Zacks Mid-Cap ETF (CZA)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
Utilities-(continued)
Public Service Enterprise Group, Inc.
 
45,173
$3,463,866
Southwest Gas Holdings, Inc.
 
6,742
602,735
 
 
13,228,298
Total Common Stocks & Other Equity Interests
(Cost $174,258,180)
189,844,230
Money Market Funds-0.06%
Invesco Government & Agency Portfolio,
Institutional Class, 3.64%(d)(e)
(Cost $112,762)
 
112,762
112,762
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-100.05%
(Cost $174,370,942)
189,956,992
 
Shares
Value
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-2.92%
Invesco Private Government Fund,
3.69%(d)(e)(f)
 
1,540,847
$1,540,847
Invesco Private Prime Fund, 3.82%(d)(e)(f)
 
3,994,492
3,994,891
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $5,535,381)
5,535,738
TOTAL INVESTMENTS IN SECURITIES-102.97%
(Cost $179,906,323)
195,492,730
OTHER ASSETS LESS LIABILITIES-(2.97)%
(5,633,458
)
NET ASSETS-100.00%
$189,859,272
 
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)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the three months ended July 31, 2026.
 
 
Value
April 30, 2026
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
Value
July 31, 2026
Dividend Income
Investments in Affiliated Money
Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$148,481
$744,439
$(780,158
)
$-
$-
$112,762
$1,991
Investments Purchased with
Cash Collateral from Securities
on Loan:
Invesco Private Government Fund
3,176,170
11,154,727
(12,790,050
)
-
-
1,540,847
14,459
*
Invesco Private Prime Fund
8,248,369
26,123,212
(30,377,664
)
357
617
3,994,891
38,624
*
Total
$11,573,020
$38,022,378
$(43,947,872
)
$357
$617
$5,648,500
$55,074
 
*
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(a)
Invesco Zacks Multi-Asset Income ETF (CVY)
July 31, 2026
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-80.88%
Consumer Discretionary-3.96%
ADT, Inc.(b)
 
56,974
$435,281
Carnival Corp. Ltd.
 
14,783
411,115
Gold com, Inc.(b)
 
27,517
1,138,103
Lear Corp.
 
2,758
360,305
Perdoceo Education Corp.
 
23,346
742,636
Phinia, Inc.(b)
 
5,140
378,253
Sonic Automotive, Inc., Class A
 
5,019
459,640
Ultrapar Participacoes S.A., ADR (Brazil)(b)
 
154,023
1,001,150
 
 
4,926,483
Consumer Staples-1.77%
Cal-Maine Foods, Inc.(b)
 
10,411
913,877
JBS N.V., Class A
 
91,434
1,281,905
 
 
2,195,782
Energy-11.86%
Alliance Resource Partners L.P.
 
47,454
1,231,431
APA Corp.
 
10,526
392,830
BP PLC, ADR
 
23,115
1,045,260
Devon Energy Corp.
 
8,750
394,888
Dorchester Minerals L.P.
 
37,086
1,023,945
Enterprise Products Partners L.P.
 
22,518
856,810
Genesis Energy L.P.
 
44,799
685,873
Natural Resource Partners L.P.
 
4,377
429,209
Ovintiv, Inc.
 
14,011
875,127
Plains All American Pipeline L.P.
 
46,945
1,153,439
Plains GP Holdings L.P., Class A
 
41,061
1,081,136
Scorpio Tankers, Inc. (Monaco)
 
4,914
382,604
SM Energy Co.
 
37,333
1,214,069
Sunoco L.P.
 
12,629
968,518
Tenaris S.A., ADR(b)
 
14,479
830,081
USA Compression Partners L.P.
 
37,270
974,983
Western Midstream Partners L.P.
 
26,141
1,217,386
 
 
14,757,589
Financials-33.66%
Allstate Corp. (The)
 
5,577
1,472,774
American International Group, Inc.
 
10,250
805,445
Assured Guaranty Ltd.
 
15,577
1,288,529
AXIS Capital Holdings Ltd.
 
11,990
1,262,787
Banco Bilbao Vizcaya Argentaria S.A., ADR
(Spain)
 
51,046
1,426,736
Banco Santander S.A., ADR (Spain)(b)
 
33,010
465,441
Bank of New York Mellon Corp. (The)
 
2,805
438,506
Burford Capital Ltd.(b)
 
259,697
1,069,952
Capital One Financial Corp.
 
6,366
1,330,558
Corebridge Financial, Inc.
 
28,908
901,641
Essent Group Ltd.(b)
 
13,097
863,878
Everest Group Ltd.
 
3,370
1,260,885
FactSet Research Systems, Inc.(b)
 
1,711
450,335
FB Financial Corp.
 
14,792
893,141
Grupo Cibest S.A., ADR (Colombia)(b)
 
16,550
1,531,206
Hanover Insurance Group, Inc. (The)
 
4,039
939,593
Hartford Insurance Group, Inc. (The)
 
8,768
1,244,267
ING Groep N.V., ADR (Netherlands)
 
37,893
1,323,602
Inter & Co, Inc. (Brazil)
 
124,797
698,863
International Bancshares Corp.
 
10,831
829,005
Invesco Mortgage Capital, Inc.(b)(c)
 
41,298
306,018
Jackson Financial, Inc., Class A
 
11,177
1,366,724
Lincoln National Corp.(b)
 
22,113
1,008,574
Lloyds Banking Group PLC, ADR (United
Kingdom)
 
215,785
1,331,393
 
Shares
Value
Financials-(continued)
MetLife, Inc.
 
4,751
$456,714
MGIC Investment Corp.
 
30,408
913,456
Old National Bancorp(b)
 
16,273
433,513
Pagseguro Digital Ltd., Class A (Brazil)(b)
 
128,722
1,240,880
Pinnacle Financial Partners, Inc.
 
4,014
422,393
Popular, Inc.
 
5,201
911,267
Primerica, Inc.
 
2,840
908,686
PROG Holdings, Inc.
 
34,006
1,496,944
Radian Group, Inc.
 
22,150
863,628
Reinsurance Group of America, Inc.
 
5,595
1,325,176
Ryan Specialty Holdings, Inc., Class A
 
12,237
540,386
Selective Insurance Group, Inc.
 
4,415
418,498
SLM Corp.
 
53,751
1,397,257
SouthState Bank Corp.
 
4,132
434,232
Stifel Financial Corp.
 
5,439
450,947
Synchrony Financial
 
16,506
1,250,990
Unum Group
 
9,372
807,023
Virtu Financial, Inc., Class A
 
22,867
1,342,979
Voya Financial, Inc.
 
9,601
954,627
Western Alliance Bancorporation
 
9,942
800,232
 
 
41,879,681
Health Care-2.63%
Cigna Group (The)
 
2,817
786,084
Elevance Health, Inc.
 
2,040
766,714
Royalty Pharma PLC, Class A
 
14,690
858,337
Viatris, Inc.
 
48,660
854,469
 
 
3,265,604
Industrials-7.90%
AECOM
 
10,918
790,354
Concentrix Corp.(b)
 
45,814
1,127,024
DuPont de Nemours, Inc.
 
2,665
365,105
Genpact Ltd.
 
12,658
445,182
Icahn Enterprises L.P.
 
157,194
1,224,541
KBR, Inc.
 
35,406
1,296,214
Maximus, Inc.
 
19,485
1,173,971
Oshkosh Corp.
 
3,054
434,920
Pitney Bowes, Inc.
 
25,458
446,279
SS&C Technologies Holdings, Inc.
 
11,855
913,428
Tecnoglass, Inc.(b)
 
28,237
1,226,615
Tennant Co.(b)
 
4,584
385,194
 
 
9,828,827
Information Technology-2.48%
Cognizant Technology Solutions Corp.,
Class A
 
7,618
421,656
Crane NXT Co.(b)
 
29,096
1,511,537
Gen Digital, Inc.
 
15,946
437,718
Nokia OYJ, ADR (Finland)
 
12,979
118,628
Silicon Motion Technology Corp., ADR
(Taiwan)
 
624
158,247
United Microelectronics Corp., ADR
(Taiwan)(b)
 
23,041
438,470
 
 
3,086,256
Materials-5.80%
B2Gold Corp. (Canada)(b)
 
252,514
946,927
CF Industries Holdings, Inc.
 
6,640
831,262
Compania de Minas Buenaventura S.A.A.,
ADR (Peru)(b)
 
21,714
657,500
CVR Partners L.P.
 
9,593
1,237,401
FMC Corp.(b)
 
91,434
979,258
Gerdau S.A., ADR (Brazil)
 
129,501
642,325
See accompanying notes which are an integral part of this schedule.

Invesco Zacks Multi-Asset Income ETF (CVY)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
Materials-(continued)
Silgan Holdings, Inc.(b)
 
10,393
$415,512
Sociedad Quimica y Minera de Chile S.A.,
ADR (Chile)
 
9,519
638,344
Vale S.A., ADR (Brazil)(b)
 
57,311
863,104
 
 
7,211,633
Real Estate-10.82%
Apple Hospitality REIT, Inc.
 
55,852
922,117
Broadstone Net Lease, Inc.(b)
 
49,322
1,055,984
Curbline Properties Corp.(b)
 
13,575
415,938
DiamondRock Hospitality Co.
 
32,564
431,147
First Industrial Realty Trust, Inc.
 
16,978
1,117,832
Getty Realty Corp.(b)
 
8,951
305,587
Host Hotels & Resorts, Inc.
 
52,883
1,328,950
Kite Realty Group Trust
 
32,208
921,793
Macerich Co. (The)
 
39,018
1,008,225
NETSTREIT Corp.(b)
 
23,779
510,060
Newmark Group, Inc., Class A
 
81,849
1,227,326
Outfront Media, Inc.
 
22,573
719,401
Prologis, Inc.
 
8,077
1,168,015
Ryman Hospitality Properties, Inc.
 
8,714
1,164,626
W.P. Carey, Inc.
 
15,850
1,166,560
 
 
13,463,561
Total Common Stocks & Other Equity Interests
(Cost $85,629,387)
100,615,416
Preferred Stocks-9.56%
Financials-8.56%
Ares Management Corp., Series B, Conv.
Pfd., 6.75%
 
31,526
1,296,349
Bank of America Corp., Series L, Conv. Pfd.,
7.25%
 
1,087
1,402,121
Bank of America Corp., Series QQ, Pfd.,
4.25%
 
48,900
802,449
Bank of America Corp., Series SS, Pfd.,
4.75%
 
35,487
655,090
JPMorgan Chase & Co., Series MM, Pfd.,
4.20%
 
55,780
959,974
KKR & Co., Inc., Series D, Conv. Pfd., 6.25%
 
31,882
1,383,360
M&T Bank Corp., Series J, Pfd., 7.50%
 
25,534
667,714
Morgan Stanley, Series O, Pfd., 4.25%(b)
 
50,057
832,949
Morgan Stanley, Series P, Pfd., 6.50%
 
27,058
681,321
U.S. Bancorp, Series O, Pfd., 4.50%(b)
 
38,068
656,292
Wells Fargo & Co., Class A, Series L, Conv.
Pfd., 7.50%
 
1,105
1,310,132
 
 
10,647,751
Industrials-1.00%
Boeing Co. (The), Conv. Pfd., 6.00%
 
18,736
1,251,752
Total Preferred Stocks
(Cost $12,697,515)
11,899,503
 
Closed-End Funds-9.42%
abrdn Income Credit Strategies Fund
 
115,073
582,269
 
Shares
Value
 
Allspring Income Opportunities Fund
 
41,812
$263,416
Ares Dynamic Credit Allocation Fund, Inc.
 
22,916
283,700
Blackstone Strategic Credit 2027 Term Fund
 
11,618
129,773
DoubleLine Yield Opportunities Fund(b)
 
44,967
632,236
Flaherty & Crumrine Preferred & Income
Securities Fund, Inc.(b)
 
43,924
708,494
FS Credit Opportunities Corp.
 
165,453
818,992
Invesco Senior Income Trust(c)
 
417,583
1,240,221
KKR Income Opportunities Fund
 
49,115
540,756
Morgan Stanley Emerging Markets Domestic
Debt Fund, Inc.(b)
 
54,602
317,784
Nuveen Credit Strategies Income Fund(b)
 
226,354
1,077,445
Nuveen Floating Rate Income Fund(b)
 
160,170
1,234,911
Nuveen Taxable Municipal Income Fund(b)
 
8,783
133,589
Templeton Emerging Markets Income Fund
 
43,195
286,815
Tortoise Energy Infrastructure Corp.(b)
 
28,686
1,230,056
Western Asset Diversified Income Fund(b)
 
33,233
435,352
Western Asset Emerging Markets Debt Fund,
Inc.(b)
 
37,323
390,772
Western Asset High Income Fund II, Inc.(b)
 
90,163
349,832
Western Asset High Income Opportunity
Fund, Inc.(b)
 
145,373
513,167
XAI Floating Rate & Alternative Income Trust
 
29,239
549,986
Total Closed-End Funds
(Cost $12,267,748)
11,719,566
Money Market Funds-0.08%
Invesco Government & Agency Portfolio,
Institutional Class, 3.64%(c)(d)
(Cost $97,649)
 
97,649
97,649
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.94%
(Cost $110,692,299)
124,332,134
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-15.98%
Invesco Private Government Fund,
3.69%(c)(d)(e)
 
5,527,843
5,527,843
Invesco Private Prime Fund, 3.82%(c)(d)(e)
 
14,349,445
14,350,880
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $19,878,371)
19,878,723
TOTAL INVESTMENTS IN SECURITIES-115.92%
(Cost $130,570,670)
144,210,857
OTHER ASSETS LESS LIABILITIES-(15.92)%
(19,804,569
)
NET ASSETS-100.00%
$124,406,288
See accompanying notes which are an integral part of this schedule.

Invesco Zacks Multi-Asset Income ETF (CVY)—(continued)
July 31, 2026
(Unaudited)
Investment Abbreviations:
ADR
-American Depositary Receipt
Conv.
-Convertible
Pfd.
-Preferred
REIT
-Real Estate Investment Trust
 
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
All or a portion of this security was out on loan at July 31, 2026.
(c)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the three months ended July 31, 2026.
 
 
Value
April 30, 2026
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
July 31, 2026
Dividend Income
Invesco Mortgage Capital, Inc.
$383,134
$-
$(45,717
)
$(28,356
)
$(3,043
)
$306,018
$15,663
Invesco Senior Income Trust
-
1,317,793
(31,089
)
(45,436
)
(1,047
)
1,240,221
24,476
Investments in Affiliated
Money Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
184,831
2,748,344
(2,835,526
)
-
-
97,649
1,921
Investments Purchased with
Cash Collateral from Securities
on Loan:
Invesco Private Government
Fund
5,115,897
14,100,284
(13,688,338
)
-
-
5,527,843
38,624
*
Invesco Private Prime Fund
13,253,822
31,818,770
(30,722,494
)
396
386
14,350,880
105,183
*
Total
$18,937,684
$49,985,191
$(47,323,164
)
$(73,396
)
$(3,704
)
$21,522,611
$185,867
 
*
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.

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, for each Fund (except for Invesco Large Cap Value ETF and Invesco S&P 100 Equal Weight ETF). As of July 31, 2026, all of the securities in Invesco Large Cap Value ETF and Invesco S&P 100 Equal Weight ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. 
 
Level 1
Level 2
Level 3
Total
Invesco Large Cap Growth ETF
Investments in Securities
Common Stocks & Other Equity Interests
$2,312,780,565
$-
$-
$2,312,780,565
Money Market Funds
586,406
787,297
-
1,373,703
Total Investments
$2,313,366,971
$787,297
$-
$2,314,154,268
Invesco S&P 500 GARP ETF
Investments in Securities
Common Stocks & Other Equity Interests
$2,266,054,803
$-
$-
$2,266,054,803
Money Market Funds
2,236,821
39,644,983
-
41,881,804
Total Investments
$2,268,291,624
$39,644,983
$-
$2,307,936,607
Invesco S&P 500 Value with Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests
$130,365,079
$-
$-
$130,365,079
Money Market Funds
150,419
978,892
-
1,129,311
Total Investments
$130,515,498
$978,892
$-
$131,494,390
Invesco S&P MidCap Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests
$7,170,624,898
$-
$-
$7,170,624,898
Money Market Funds
8,916,424
522,821,598
-
531,738,022
Total Investments
$7,179,541,322
$522,821,598
$-
$7,702,362,920
Invesco S&P MidCap Quality ETF
Investments in Securities
Common Stocks & Other Equity Interests
$5,442,766,416
$-
$-
$5,442,766,416
Money Market Funds
3,516,141
574,047,584
-
577,563,725
Total Investments
$5,446,282,557
$574,047,584
$-
$6,020,330,141

 
Level 1
Level 2
Level 3
Total
Invesco S&P MidCap Value with Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests
$504,521,221
$-
$-
$504,521,221
Money Market Funds
774,065
42,569,963
-
43,344,028
Total Investments
$505,295,286
$42,569,963
$-
$547,865,249
Invesco S&P SmallCap Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests
$3,034,406,746
$-
$-
$3,034,406,746
Money Market Funds
1,357,927
495,018,096
-
496,376,023
Total Investments
$3,035,764,673
$495,018,096
$-
$3,530,782,769
Invesco S&P SmallCap Value with Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests
$673,012,839
$-
$-
$673,012,839
Money Market Funds
496,929
112,815,523
-
113,312,452
Total Investments
$673,509,768
$112,815,523
$-
$786,325,291
Invesco Zacks Mid-Cap ETF
Investments in Securities
Common Stocks & Other Equity Interests
$189,844,230
$-
$-
$189,844,230
Money Market Funds
112,762
5,535,738
-
5,648,500
Total Investments
$189,956,992
$5,535,738
$-
$195,492,730
Invesco Zacks Multi-Asset Income ETF
Investments in Securities
Common Stocks & Other Equity Interests
$100,615,416
$-
$-
$100,615,416
Preferred Stocks
11,899,503
-
-
11,899,503
Closed-End Funds
11,719,566
-
-
11,719,566
Money Market Funds
97,649
19,878,723
-
19,976,372
Total Investments
$124,332,134
$19,878,723
$-
$144,210,857