Schedule of Investments
Invesco 0-5 Yr US TIPS ETF (PBTP)
July 31, 2026
(Unaudited)
 
 
Principal
Amount
Value
U.S. Treasury Securities-99.74%
U.S. Treasury Inflation — Indexed Bonds-17.77%(a)
2.38%, 01/15/2027
$
2,772,181
$2,752,856
1.75%, 01/15/2028
 
2,521,704
2,494,241
3.63%, 04/15/2028
 
3,523,962
3,590,787
2.50%, 01/15/2029
 
2,241,594
2,255,868
3.88%, 04/15/2029
 
3,994,343
4,162,414
0.13%, 07/15/2031
 
5,847,934
5,322,570
 
 
20,578,736
U.S. Treasury Inflation — Indexed Notes-81.97%(a)
0.13%, 10/15/2026
 
4,778,668
4,736,695
0.38%, 01/15/2027
 
5,346,076
5,261,917
0.13%, 04/15/2027
 
4,759,905
4,654,667
0.38%, 07/15/2027
 
5,118,656
5,020,207
1.63%, 10/15/2027
 
4,606,654
4,566,300
0.50%, 01/15/2028
 
5,346,810
5,196,961
1.25%, 04/15/2028
 
4,540,138
4,450,501
0.75%, 07/15/2028
 
4,951,738
4,824,458
2.38%, 10/15/2028
 
4,673,205
4,699,710
0.88%, 01/15/2029
 
4,888,513
4,733,656
2.13%, 04/15/2029
 
4,739,812
4,724,127
0.25%, 07/15/2029
 
5,305,895
5,037,370
 
Principal
Amount
Value
U.S. Treasury Inflation — Indexed Notes-(continued)
1.63%, 10/15/2029
$
5,029,273
$4,962,788
0.13%, 01/15/2030
 
5,439,668
5,079,866
1.63%, 04/15/2030
 
5,517,094
5,409,399
0.13%, 07/15/2030
 
5,590,904
5,189,934
1.13%, 10/15/2030
 
5,697,958
5,487,734
0.13%, 01/15/2031
 
5,630,441
5,161,286
1.25%, 04/15/2031
 
5,956,445
5,718,511
 
 
94,916,087
Total U.S. Treasury Securities
(Cost $116,855,139)
115,494,823
 
Shares
 
Money Market Funds-0.18%
Invesco Government & Agency Portfolio,
Institutional Class, 3.64%(b)(c)
(Cost $202,807)
 
202,807
202,807
TOTAL INVESTMENTS IN SECURITIES-99.92%
(Cost $117,057,946)
115,697,630
OTHER ASSETS LESS LIABILITIES-0.08%
94,430
NET ASSETS-100.00%
$115,792,060
 
Notes to Schedule of Investments:
(a)
Principal amount of security and interest payments are adjusted for inflation.  
(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 nine months ended July 31, 2026.
 
 
Value
October 31, 2025
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
$274,943
$3,916,472
$(3,988,608
)
$-
$-
$202,807
$2,460
 
(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
Invesco Emerging Markets Sovereign Debt ETF (PCY)
July 31, 2026
(Unaudited)
 
 
Principal
Amount
Value
U.S. Dollar Denominated Bonds & Notes-98.17%
Angola-3.07%
Angolan Government International Bond
 
9.88%, 03/31/2037(a)
$
13,200,000
$13,697,193
9.38%, 05/08/2048(a)
 
14,921,000
14,374,737
9.13%, 11/26/2049(a)
 
15,353,000
14,445,305
 
 
42,517,235
Bahrain-2.69%
Bahrain Government International Bond
 
6.00%, 09/19/2044(a)
 
15,286,000
12,269,273
7.50%, 09/20/2047(a)(b)
 
13,287,000
12,258,540
6.25%, 01/25/2051(a)
 
15,724,000
12,613,685
 
 
37,141,498
Brazil-2.87%
Brazilian Government International Bond
 
4.75%, 01/14/2050
 
18,748,000
13,311,080
7.13%, 05/13/2054(b)
 
13,735,000
13,195,901
7.25%, 01/12/2056
 
13,658,000
13,132,167
 
 
39,639,148
Chile-2.77%
Chile Government International Bond
 
4.34%, 03/07/2042
 
15,097,000
12,772,062
4.00%, 01/31/2052
 
17,280,000
12,864,960
5.33%, 01/05/2054
 
13,887,997
12,660,645
 
 
38,297,667
China-2.74%
China Government International Bond
 
4.00%, 10/19/2048(a)(b)
 
13,884,000
12,696,739
2.25%, 10/21/2050(a)(b)
 
19,529,000
12,611,106
2.50%, 10/26/2051(a)(b)
 
18,694,000
12,593,599
 
 
37,901,444
Colombia-2.94%
Colombia Government International Bond
 
5.63%, 02/26/2044
 
16,155,000
13,388,456
5.00%, 06/15/2045
 
17,625,000
13,430,250
8.38%, 11/07/2054
 
12,634,000
13,891,083
 
 
40,709,789
Costa Rica-2.84%
Costa Rica Government International Bond
 
5.63%, 04/30/2043(a)(b)
 
13,994,000
13,070,396
7.00%, 04/04/2044(a)
 
12,536,000
13,238,016
7.16%, 03/12/2045(a)
 
12,182,000
12,961,648
 
 
39,270,060
Dominican Republic-2.85%
Dominican Republic International Bond
 
7.45%, 04/30/2044(a)
 
12,461,000
13,084,050
6.85%, 01/27/2045(a)
 
13,418,000
13,196,603
6.50%, 02/15/2048(a)
 
13,798,000
13,108,100
 
 
39,388,753
Egypt-2.85%
Egypt Government International Bond
 
8.70%, 03/01/2049(a)
 
13,485,000
12,899,668
8.88%, 05/29/2050(a)
 
13,868,000
13,353,943
8.75%, 09/30/2051(a)
 
13,779,000
13,167,433
 
 
39,421,044
 
Principal
Amount
Value
El Salvador-3.01%
El Salvador Government International Bond
 
7.63%, 02/01/2041(a)
$
13,728,000
$13,848,120
7.13%, 01/20/2050(a)
 
15,139,000
13,908,956
9.50%, 07/15/2052(a)
 
12,299,000
13,821,616
 
 
41,578,692
Guatemala-2.90%
Guatemala Government Bond
 
6.55%, 02/06/2037(a)
 
12,904,000
13,407,256
4.65%, 10/07/2041(a)
 
15,426,000
13,009,903
6.88%, 08/15/2055(a)(b)
 
13,044,000
13,666,851
 
 
40,084,010
Hungary-2.82%
Hungary Government International Bond
 
7.63%, 03/29/2041
 
11,346,000
13,082,922
6.75%, 09/25/2052(a)
 
12,452,000
12,977,454
6.75%, 09/23/2055(a)
 
12,476,000
12,922,091
 
 
38,982,467
Indonesia-2.70%
Indonesia Government International Bond
 
3.50%, 02/14/2050
 
19,136,000
12,673,208
4.45%, 04/15/2070
 
16,954,000
12,361,684
3.35%, 03/12/2071
 
21,549,000
12,227,649
 
 
37,262,541
Jordan-2.92%
Jordan Government International Bond
 
5.85%, 07/07/2030(a)
 
13,551,000
13,567,762
5.75%, 11/12/2032(a)
 
13,968,000
13,623,685
7.38%, 10/10/2047(a)(b)
 
13,565,000
13,130,665
 
 
40,322,112
Kazakhstan-2.88%
Kazakhstan Government International
Bond
 
5.50%, 07/01/2037(a)
 
13,627,000
13,554,772
4.88%, 10/14/2044(a)
 
14,860,000
13,099,522
6.50%, 07/21/2045(a)
 
12,620,000
13,215,314
 
 
39,869,608
Kuwait-2.83%
Kuwait International Government Bond
 
4.14%, 10/09/2030(a)
 
13,658,000
13,179,773
4.80%, 04/20/2033(a)
 
13,484,000
13,093,902
4.65%, 10/09/2035(a)
 
13,672,000
12,862,321
 
 
39,135,996
Mexico-2.70%
Mexico Government International Bond
 
6.34%, 05/04/2053
 
14,048,000
12,562,424
3.75%, 04/19/2071
 
22,717,000
12,278,539
5.75%, 10/12/2110
 
16,090,000
12,505,952
 
 
37,346,915
Mongolia-2.92%
Mongolia Government International Bond
 
6.63%, 02/25/2030(a)
 
13,065,000
13,393,092
4.45%, 07/07/2031(a)(b)
 
14,514,000
13,510,054
5.95%, 03/09/2032(a)(b)
 
13,614,000
13,525,247
 
 
40,428,393
See accompanying notes which are an integral part of this schedule.

Invesco Emerging Markets Sovereign Debt ETF (PCY)—(continued)
July 31, 2026
(Unaudited)
 
Principal
Amount
Value
Morocco-2.83%
Morocco Government International Bond
 
6.50%, 09/08/2033(a)
$
12,480,000
$13,066,159
5.50%, 12/11/2042(a)
 
14,308,000
13,196,048
4.00%, 12/15/2050(a)
 
18,669,000
12,853,399
 
 
39,115,606
Nigeria-3.02%
Nigeria Government International Bond
 
7.63%, 11/28/2047(a)
 
14,254,000
13,898,924
9.25%, 01/21/2049(a)(b)
 
12,476,000
14,054,631
8.25%, 09/28/2051(a)
 
13,591,000
13,843,254
 
 
41,796,809
Oman-2.82%
Oman Government International Bond
 
6.50%, 03/08/2047(a)
 
12,550,000
12,784,988
6.75%, 01/17/2048(a)
 
12,568,000
13,091,791
7.00%, 01/25/2051(a)
 
12,149,000
13,160,479
 
 
39,037,258
Pakistan-2.87%
Pakistan Government International Bond
 
7.38%, 04/08/2031(a)
 
20,138,000
19,804,177
8.88%, 04/08/2051(a)
 
20,027,000
19,843,112
 
 
39,647,289
Panama-2.90%
Panama Government International Bond
 
6.40%, 02/14/2035
 
12,931,000
13,377,120
6.88%, 01/31/2036
 
12,620,000
13,448,187
7.88%, 03/01/2057
 
11,412,000
13,272,156
 
 
40,097,463
Peru-2.84%
Peruvian Government International Bond
 
5.88%, 08/08/2054(b)
 
13,993,000
13,268,862
6.20%, 06/30/2055
 
13,169,000
13,010,972
3.60%, 01/15/2072(b)
 
21,346,000
12,986,373
 
 
39,266,207
Philippines-2.73%
Philippine Government International Bond
 
4.20%, 03/29/2047
 
16,490,000
12,684,064
5.95%, 10/13/2047
 
12,918,000
12,560,424
5.90%, 02/04/2050(b)
 
13,015,000
12,559,215
 
 
37,803,703
Poland-1.46%
Republic of Poland Government
International Bond, 4.88%, 02/12/2030
 
20,067,000
20,177,000
Qatar-2.71%
Qatar Government International Bond
 
4.63%, 06/02/2046(a)
 
14,585,000
12,426,566
5.10%, 04/23/2048(a)
 
13,896,000
12,548,065
4.82%, 03/14/2049(a)
 
14,414,000
12,509,820
 
 
37,484,451
Romania-2.77%
Romanian Government International Bond
 
5.13%, 06/15/2048(a)
 
16,132,000
12,803,045
4.00%, 02/14/2051(a)
 
19,452,000
12,696,562
7.63%, 01/17/2053(a)(b)
 
12,050,000
12,775,952
 
 
38,275,559
 
Principal
Amount
Value
Saudi Arabia-2.75%
Saudi Government International Bond
 
5.75%, 01/16/2054(a)(b)
$
14,008,000
$12,871,568
4.50%, 04/22/2060(a)
 
16,884,000
12,437,884
3.45%, 02/02/2061(a)
 
21,519,000
12,749,973
 
 
38,059,425
Serbia-2.86%
Serbia International Bond
 
6.50%, 09/26/2033(a)
 
12,518,000
12,985,300
6.00%, 06/12/2034(a)
 
13,131,000
13,164,332
5.50%, 05/06/2036(a)
 
14,070,000
13,451,605
 
 
39,601,237
South Africa-2.85%
Republic of South Africa Government
International Bond
 
5.75%, 09/30/2049
 
15,930,000
12,971,454
7.30%, 04/20/2052
 
13,591,000
13,214,595
7.95%, 11/19/2054(a)
 
12,690,000
13,217,183
 
 
39,403,232
Trinidad-2.98%
Trinidad & Tobago Government
International Bond
 
5.95%, 01/14/2031(a)
 
13,629,000
13,697,145
6.40%, 06/26/2034(a)
 
13,407,000
13,567,884
6.50%, 01/28/2036(a)(b)
 
13,819,000
13,936,462
 
 
41,201,491
Turkey-2.83%
Turkey Government International Bond
 
4.88%, 04/16/2043
 
17,769,000
12,939,169
6.63%, 02/17/2045
 
15,079,000
13,287,003
5.75%, 05/11/2047
 
16,651,000
12,964,095
 
 
39,190,267
United Arab Emirates-2.75%
Finance Department Government of
Sharjah
 
6.13%, 03/06/2036(a)(b)
 
13,059,000
12,862,945
4.00%, 07/28/2050(a)
 
20,416,000
12,617,942
4.38%, 03/10/2051(a)
 
18,998,000
12,541,957
 
 
38,022,844
Uzbekistan-2.90%
Republic of Uzbekistan International Bond
 
3.90%, 10/19/2031(a)
 
14,725,000
13,547,671
6.90%, 02/28/2032(a)
 
12,522,000
13,236,727
6.95%, 05/25/2032(a)
 
12,553,000
13,304,244
 
 
40,088,642
Total U.S. Dollar Denominated Bonds & Notes
(Cost $1,461,917,200)
1,357,565,855
 
Shares
 
Money Market Funds-0.21%
Invesco Government & Agency Portfolio,
Institutional Class, 3.64%(c)(d)
(Cost $2,987,770)
 
2,987,770
2,987,770
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-98.38%
(Cost $1,464,904,970)
1,360,553,625
See accompanying notes which are an integral part of this schedule.

Invesco Emerging Markets Sovereign Debt ETF (PCY)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-4.14%
Invesco Private Government Fund,
3.69%(c)(d)(e)
 
15,905,378
$15,905,378
Invesco Private Prime Fund, 3.82%(c)(d)(e)
 
41,294,065
41,298,194
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $57,201,414)
57,203,572
TOTAL INVESTMENTS IN SECURITIES-102.52%
(Cost $1,522,106,384)
1,417,757,197
OTHER ASSETS LESS LIABILITIES-(2.52)%
(34,912,438
)
NET ASSETS-100.00%
$1,382,844,759
 
Notes to Schedule of Investments:
(a)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
July 31, 2026 was $948,506,184, which represented 68.59% of the Fund’s Net Assets.
(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 nine months ended July 31, 2026.
 
 
Value
October 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
July 31, 2026
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$3,047,458
$82,075,051
$(82,134,739
)
$-
$-
$2,987,770
$90,324
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
22,344,225
213,472,400
(219,911,247
)
-
-
15,905,378
1,617,262
*
Invesco Private Prime
Fund
58,029,735
376,715,725
(393,431,333
)
2,963
(18,896
)
41,298,194
1,860,128
*
Total
$83,421,418
$672,263,176
$(695,477,319
)
$2,963
$(18,896
)
$60,191,342
$3,567,714
 
*
Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from
borrowers, if any.
 
(d)
The rate shown is the 7-day SEC standardized yield as of July 31, 2026.
(e)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.

Schedule of Investments
Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)
July 31, 2026
(Unaudited)
 
 
Principal
Amount
Value
U.S. Dollar Denominated Bonds & Notes-97.74%
Angola-0.60%
Azule Energy Finance PLC
 
8.13%, 01/23/2030(a)
$
650,000
$660,007
8.25%, 01/22/2031(a)
 
350,000
356,111
8.63%, 01/22/2033(a)
 
318,000
325,180
 
 
1,341,298
Argentina-3.58%
Banco Macro S.A., 8.00%, 06/23/2029(a)
 
245,000
251,738
Cia General de Combustibles S.A., 11.88%,
11/28/2030(a)
 
237,000
241,740
Empresa Distribuidora y Comercializadora
Norte S.A., 9.50%, 04/28/2033(a)
 
270,000
267,233
Pampa Energia S.A.
 
7.88%, 12/16/2034(a)
 
325,000
338,816
7.75%, 11/14/2037(a)
 
451,000
457,043
Pluspetrol S.A.
 
8.13%, 05/18/2031(a)
 
238,000
245,339
8.50%, 05/30/2032(a)
 
311,000
328,851
Tecpetrol S A, 7.63%, 11/03/2030(a)
 
368,000
378,966
Telecom Argentina S.A.
 
9.50%, 07/18/2031(a)
 
399,000
431,578
9.25%, 05/28/2033(a)
 
487,000
521,714
8.50%, 01/20/2036(a)
 
350,000
365,138
Transportadora de Gas del Sur S.A., 7.75%,
11/20/2035(a)
 
240,000
248,640
Vista Energy Argentina S.A.U, 7.88%,
04/08/2038(a)
 
237,000
244,110
Vista Energy Argentina S.A.U.
 
8.50%, 06/10/2033(a)
 
438,000
462,404
7.63%, 12/10/2035(a)
 
291,000
304,386
YPF S.A.
 
6.95%, 07/21/2027(a)
 
313,000
314,532
9.00%, 06/30/2029(a)
 
364,417
378,389
9.50%, 01/17/2031(a)
 
351,000
372,762
8.75%, 09/11/2031(a)
 
506,000
535,998
7.00%, 09/30/2033(a)
 
265,000
268,977
8.25%, 01/17/2034(a)
 
805,000
848,015
7.00%, 12/15/2047(a)
 
255,000
240,023
 
 
8,046,392
Armenia-0.13%
Ardshinbank CJSC Via Dilijan Finance B.V.,
6.60%, 01/22/2031(a)
 
290,000
290,021
Australia-1.50%
Fortescue Treasury Pty Ltd.
 
4.50%, 09/15/2027(a)
 
292,000
289,508
4.38%, 04/01/2031(a)
 
460,000
433,533
6.13%, 04/15/2032(a)
 
416,000
420,383
Infrabuild Australia Pty Ltd., 14.50%,
11/15/2028(a)
 
293,000
307,990
Mineral Resources Ltd.
 
9.25%, 10/01/2028(a)
 
356,000
366,161
8.50%, 05/01/2030(a)
 
292,000
301,094
7.00%, 04/01/2031(a)
 
339,000
348,854
6.00%, 05/01/2032(a)
 
300,000
294,490
6.25%, 05/01/2034(a)
 
310,000
302,144
PLS Group Ltd., 6.88%, 05/01/2031(a)
 
300,000
304,073
 
 
3,368,230
 
Principal
Amount
Value
Azerbaijan-0.16%
State Oil Co. of the Azerbaijan Republic
(The), 6.95%, 03/18/2030(a)
$
340,000
$359,419
Bahrain-1.10%
Bank of Bahrain and Kuwait B.S.C., 6.88%,
06/06/2029(a)
 
200,000
192,557
Bapco Energies B.S.C. Closed
 
7.50%, 10/25/2027(a)
 
570,000
566,649
8.38%, 11/07/2028(a)(b)
 
400,000
399,342
Bapco Energies Sukuk Ltd.
 
5.25%, 04/08/2029(a)
 
400,000
377,818
6.63%, 05/25/2033(a)(b)
 
400,000
392,870
6.25%, 01/29/2035(a)
 
350,000
337,554
GFH Senior Sukuk Ltd., 7.50%,
11/06/2029(a)
 
200,000
192,865
 
 
2,459,655
Belgium-0.18%
Telenet Finance Luxembourg Notes S.a.r.l.,
5.50%, 03/01/2028(a)
 
400,000
394,605
Brazil-11.82%
3R Lux S.a.r.l., 9.75%, 02/05/2031(a)
 
250,000
264,125
Adecoagro S.A., 7.50%, 07/29/2032(a)
 
210,000
206,094
Aegea Finance S.a.r.l.
 
9.00%, 01/20/2031(a)
 
378,000
366,026
7.63%, 01/20/2036(a)
 
415,000
353,371
Amaggi (Luxembourg) International S.a.r.l.,
5.25%, 01/28/2028(a)
 
360,000
346,626
Axia Energia S.A.
 
4.63%, 02/04/2030(a)
 
350,000
335,791
6.50%, 01/11/2035(a)
 
460,000
455,837
Azul Secured Finance LLP, 9.88%,
02/15/2031(a)
 
660,000
610,500
B3 S.A. - Brasil, Bolsa, Balcao, 4.13%,
09/20/2031(a)
 
260,000
240,799
Banco Bradesco S.A.
 
4.38%, 03/18/2027(a)
 
220,000
218,826
6.50%, 01/22/2030(a)
 
490,000
499,776
5.38%, 01/20/2031(a)
 
350,000
342,685
Banco BTG Pactual S.A.
 
6.25%, 04/08/2029(a)
 
270,000
273,779
5.75%, 01/22/2030(a)
 
200,000
199,080
5.50%, 01/27/2031(a)
 
367,000
357,458
Banco do Brasil S.A.
 
3.25%, 09/30/2026(a)
 
360,000
358,691
4.88%, 01/11/2029(a)
 
220,000
217,211
6.25%, 04/18/2030(a)
 
390,000
394,834
6.00%, 03/18/2031(a)(b)
 
340,000
341,380
5.63%, 10/23/2031(a)
 
250,000
245,425
Banco Votorantim S.A., 5.88%,
04/08/2028(a)
 
400,000
401,840
BRF S.A.
 
4.88%, 01/24/2030(a)
 
310,000
291,785
5.75%, 09/21/2050(a)
 
310,000
238,020
Caixa Economica Federal, 5.63%,
05/13/2030(a)
 
400,000
397,500
Constellation Oil Services Holding S.A.,
9.38%, 11/07/2029(a)
 
300,000
316,500
CSN Inova Ventures, 6.75%, 01/28/2028(a)
 
680,000
569,296
CSN Resources S.A.
 
8.88%, 12/05/2030(a)
 
400,000
282,452
See accompanying notes which are an integral part of this schedule.

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)
July 31, 2026
(Unaudited)
 
Principal
Amount
Value
Brazil-(continued)
4.63%, 06/10/2031(a)
$
380,000
$234,354
5.88%, 04/08/2032(a)
 
220,000
135,850
FS Luxembourg S.a.r.l.
 
8.63%, 06/25/2033(a)
 
210,000
199,920
8.13%, 02/11/2036(a)
 
245,000
223,232
Gol Finance, Inc., 14.38%, 06/06/2030(a)(b)
 
1,050,000
1,009,312
Itau Unibanco Holding S.A., 6.00%,
02/27/2030(a)
 
400,000
406,380
Klabin Austria GmbH
 
5.75%, 04/03/2029(a)
 
380,000
382,778
3.20%, 01/12/2031(a)
 
200,000
179,001
7.00%, 04/03/2049(a)
 
347,000
345,345
LD Celulose International GmbH, 7.95%,
01/26/2032(a)
 
370,000
385,344
MARB BondCo PLC, 3.95%,
01/29/2031(a)(b)
 
605,000
531,948
MC Brazil Downstream Trading S.a.r.l.,
7.25%, 06/30/2031(a)
 
779,477
766,678
Minerva (Luxembourg) S.A.
 
4.38%, 03/18/2031(a)
 
438,000
383,480
8.88%, 09/13/2033(a)
 
470,000
486,532
Minerva Luxembourg S.A., 7.50%,
04/22/2036(a)(b)
 
300,000
285,660
NOVA Securitisation S.a.r.l.
 
5.75%, 02/03/2031(a)(b)
 
380,000
361,669
6.50%, 02/03/2036(a)(b)
 
245,000
224,303
Oceanica Lux, 11.25%, 05/08/2031(a)
 
300,000
300,585
Petrobras Global Finance B.V.
 
6.00%, 01/27/2028
 
548,000
553,314
5.13%, 09/10/2030(b)
 
440,000
429,066
5.60%, 01/03/2031(b)
 
377,000
375,664
6.50%, 07/03/2033(b)
 
440,000
447,260
6.00%, 01/13/2035
 
435,000
428,040
6.25%, 01/10/2036(b)
 
450,000
438,750
6.88%, 01/20/2040
 
318,000
319,145
6.75%, 01/27/2041
 
303,000
296,216
7.25%, 03/17/2044
 
386,000
388,679
5.50%, 06/10/2051
 
251,000
197,624
6.85%, 06/05/2115
 
657,000
592,592
Prio Luxembourg Holding S.a.r.l., 6.75%,
10/15/2030(a)
 
340,000
338,810
Rede D’or Finance S.a.r.l., 6.55%,
04/28/2036(a)
 
200,000
191,512
Rede D’Or Finance S.a.r.l.
 
4.95%, 01/17/2028(a)
 
220,000
217,015
4.50%, 01/22/2030(a)
 
360,000
338,913
6.45%, 09/09/2035(a)
 
200,000
192,666
Rumo Luxembourg S.a.r.l.
 
5.25%, 01/10/2028(a)
 
320,000
312,496
4.20%, 01/18/2032(a)
 
200,000
175,000
Sabesp Lux S.a.r.l., 5.63%, 08/20/2030(a)
 
210,000
206,115
Samarco Mineracao S.A., 9.00% PIK Rate,
0.50% Cash Rate, 06/30/2031(a)(c)
 
2,171,250
2,187,715
Simpar Europe S.A., 5.20%, 01/26/2031(a)
 
230,000
194,136
Usiminas International S.a.r.l., 7.50%,
01/27/2032(a)
 
200,000
205,408
XP, Inc., 6.75%, 07/02/2029(a)
 
220,000
223,608
 
Principal
Amount
Value
Brazil-(continued)
Yinson Bergenia Production B.V., 8.50%,
01/31/2045(a)
$
670,956
$719,526
Yinson Boronia Production B.V., 8.95%,
07/31/2042(a)
 
534,303
588,728
 
 
26,526,076
Cameroon-0.09%
Golar LNG Ltd., 7.50%, 10/02/2030(a)
 
200,000
204,129
Canada-10.06%
1011778 BC ULC/New Red Finance, Inc.
 
3.88%, 01/15/2028(a)
 
753,000
737,803
4.38%, 01/15/2028(a)
 
367,000
361,838
3.50%, 02/15/2029(a)
 
387,000
370,685
6.13%, 06/15/2029(a)
 
570,000
575,942
5.63%, 09/15/2029(a)
 
225,000
224,434
4.00%, 10/15/2030(a)
 
1,342,000
1,260,945
Air Canada, 3.88%, 08/15/2026(a)
 
563,000
562,330
Algonquin Power & Utilities Corp., 4.75%,
01/18/2082(b)(d)
 
338,000
334,859
AltaGas Ltd., 7.20%, 10/15/2054(a)(d)
 
426,000
440,657
Bell Canada
 
6.88%, 09/15/2055(b)(d)
 
451,000
454,756
7.00%, 09/15/2055(d)
 
613,000
617,880
Bombardier, Inc.
 
8.75%, 11/15/2030(a)
 
338,000
356,157
7.25%, 07/01/2031(a)
 
350,000
364,550
7.00%, 06/01/2032(a)
 
338,000
348,248
6.75%, 06/15/2033(a)
 
350,000
360,489
7.45%, 05/01/2034(a)
 
309,000
337,139
5.88%, 01/15/2035(a)
 
100,000
98,958
Brookfield Residential Properties,
Inc./Brookfield Residential U.S. LLC
 
6.25%, 09/15/2027(a)
 
340,000
339,951
4.88%, 02/15/2030(a)
 
190,000
177,040
Capstone Copper Corp., 6.75%,
03/31/2033(a)
 
280,000
280,629
Champion Iron Canada, Inc., 7.88%,
07/15/2032(a)
 
210,000
215,256
Dye & Durham Ltd., 8.63%, 04/15/2029(a)
 
209,000
125,645
Garda World Security Corp.
 
6.00%, 06/01/2029(a)
 
300,000
295,652
6.50%, 01/15/2031(a)
 
475,000
480,227
8.25%, 08/01/2032(a)
 
300,000
304,224
8.38%, 11/15/2032(a)
 
500,000
507,996
goeasy Ltd.
 
9.25%, 12/01/2028(a)
 
374,000
369,587
7.63%, 07/01/2029(a)
 
300,000
284,843
Great Canadian Gaming Corp., 8.75%,
11/15/2029(a)
 
300,000
302,873
Hudbay Minerals, Inc., 6.13%,
04/01/2029(a)
 
232,000
232,790
Ivanhoe Mines Ltd., 7.88%, 01/23/2030(a)
 
400,000
402,280
Jones Deslauriers Insurance Management,
Inc., 8.50%, 03/15/2030(a)
 
376,000
388,190
Kronos Acquisition Holdings, Inc., 8.25%,
06/30/2031(a)
 
248,000
173,677
Mattamy Group Corp., 4.63%,
03/01/2030(a)
 
270,000
258,758
Methanex Corp.
 
5.13%, 10/15/2027
 
305,000
305,440
5.25%, 12/15/2029(b)
 
495,000
490,655
See accompanying notes which are an integral part of this schedule.

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)
July 31, 2026
(Unaudited)
 
Principal
Amount
Value
Canada-(continued)
New Flyer Holdings, Inc., 9.25%,
07/01/2030(a)
$
294,000
$314,717
Northriver Midstream Finance L.P., 6.75%,
07/15/2032(a)
 
250,000
251,933
NOVA Chemicals Corp.
 
5.25%, 06/01/2027(a)
 
507,000
507,285
4.25%, 05/15/2029(a)
 
259,000
251,933
9.00%, 02/15/2030(a)
 
293,000
306,947
Open Text Corp.
 
3.88%, 02/15/2028(a)
 
400,000
389,967
3.88%, 12/01/2029(a)
 
391,000
359,621
Open Text Holdings, Inc.
 
4.13%, 02/15/2030(a)
 
452,000
416,988
4.13%, 12/01/2031(a)
 
293,000
258,534
RB Global Holdings, Inc.
 
6.75%, 03/15/2028(a)
 
260,000
262,319
7.75%, 03/15/2031(a)
 
408,000
421,036
Rogers Communications, Inc.
 
7.00%, 04/15/2055(d)
 
520,000
523,121
7.13%, 04/15/2055(d)
 
470,000
474,348
6.88%, 07/31/2056(d)
 
367,000
367,150
5.25%, 03/15/2082(a)(d)
 
338,000
336,663
Skeena Resources Ltd., 8.50%,
04/01/2031(a)
 
356,000
371,688
South Bow Canadian Infrastructure Holdings
Ltd., 7.50%, 03/01/2055(d)
 
292,000
308,133
Superior Plus L.P./Superior General Partner,
Inc., 4.50%, 03/15/2029(a)
 
270,000
260,604
Taseko Mines Ltd., 8.25%, 05/01/2030(a)
 
300,000
311,741
TELUS Corp.
 
6.63%, 10/15/2055(d)
 
340,000
338,894
7.00%, 10/15/2055(d)
 
380,000
383,041
6.38%, 06/09/2056(b)(d)
 
350,000
345,518
6.63%, 06/09/2056(b)(d)
 
330,000
322,301
Toucan FinCo Ltd./Toucan FinCo Can,
Inc./Toucan FinCo US LLC, 9.50%,
05/15/2030(a)
 
600,000
541,952
Wrangler Holdco Corp., 6.63%,
04/01/2032(a)
 
200,000
200,300
 
 
22,570,117
Cayman Islands-0.25%
Global Aircraft Leasing Co. Ltd., 8.75%,
09/01/2027(a)
 
563,000
571,965
Chile-0.84%
AES Andes S.A., 8.15%, 06/10/2055(a)(d)
 
200,000
209,580
Inversiones CMPC S.A., 6.70%,
12/09/2057(a)(b)(d)
 
250,000
243,158
LATAM Airlines Group S.A.
 
7.88%, 04/15/2030(a)(b)
 
830,000
855,854
7.63%, 01/07/2031(a)
 
350,000
357,437
Telefonica Moviles Chile S.A., 3.54%,
11/18/2031(a)
 
280,000
221,900
 
 
1,887,929
China-1.75%
Fortune Star (BVI) Ltd.
 
5.05%, 01/27/2027(a)
 
220,000
217,876
8.50%, 05/19/2028(a)
 
200,000
203,453
Franshion Brilliant Ltd., 4.25%,
07/23/2029(a)
 
200,000
185,656
 
Principal
Amount
Value
China-(continued)
Greentown China Holdings Ltd., 8.45%,
02/24/2028(a)
$
200,000
$202,573
Industrial and Commercial Bank of China
Ltd., 3.20%(a)(d)(e)
 
2,932,000
2,924,721
Longfor Group Holdings Ltd., 4.50%,
01/16/2028(a)
 
200,000
186,771
 
 
3,921,050
Colombia-4.55%
AI Candelaria (Spain) S.A., 5.75%,
06/15/2033(a)
 
295,000
272,137
Avianca Midco 2 PLC
 
9.63%, 02/14/2030(a)
 
550,000
531,256
9.50%, 01/28/2031(a)
 
367,000
342,775
Colombia Telecomunicaciones S.A. E.S.P.,
4.95%, 07/17/2030(a)
 
307,000
289,946
Ecopetrol S.A.
 
8.63%, 01/19/2029
 
379,000
401,781
6.88%, 04/29/2030
 
631,000
639,328
4.63%, 11/02/2031
 
400,000
364,730
7.75%, 02/01/2032
 
555,000
573,071
8.88%, 01/13/2033
 
730,000
788,396
8.38%, 01/19/2036
 
590,000
623,436
7.38%, 09/18/2043
 
308,000
296,139
5.88%, 05/28/2045
 
630,000
500,140
5.88%, 11/02/2051
 
250,000
192,439
Empresas Publicas de Medellin E.S.P.
 
4.25%, 07/18/2029(a)
 
550,000
517,781
4.38%, 02/15/2031(a)
 
260,000
236,988
EnfraGen Energia Sur S.A./EnfraGen Spain
S.A./Prime Energia S.p.A., 5.38%,
12/30/2030(a)
 
288,310
271,164
Gran Tierra Energy Inc., 9.75%,
04/15/2031(a)
 
235,000
210,725
Grupo Aval Ltd., 4.38%, 02/04/2030(a)
 
450,000
421,312
Grupo Nutresa S.A.
 
8.00%, 05/12/2030(a)
 
800,000
843,600
9.00%, 05/12/2035(a)(b)
 
800,000
885,999
7.88%(a)(d)(e)
 
550,000
542,795
Parex Resources, Inc., 8.50%,
05/11/2031(a)
 
200,000
203,708
SierraCol Energy Andina LLC/SierraCol
Energy Arauca/Colombia Energy
Development, 9.00%, 11/14/2030(a)
 
270,000
269,806
 
 
10,219,452
Costa Rica-0.10%
Instituto Costarricense de Electricidad,
6.38%, 05/15/2043(a)
 
220,000
215,554
Denmark-0.55%
GENMAB A/S/GENMAB FINANCE LLC,
7.25%, 12/15/2033(a)(b)
 
1,200,000
1,237,325
Dominican Republic-0.20%
Aeropuertos Dominicanos Siglo XXI S.A.,
7.00%, 06/30/2034(a)
 
200,000
204,816
AES Espana B.V., 7.75%, 08/03/2033(a)
 
250,000
251,024
 
 
455,840
France-2.76%
Altice France S.A.
 
9.50%, 11/01/2029(a)
 
657,221
666,457
6.88%, 10/15/2030(a)
 
405,338
395,758
See accompanying notes which are an integral part of this schedule.

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)
July 31, 2026
(Unaudited)
 
Principal
Amount
Value
France-(continued)
6.50%, 04/15/2032(a)
$
926,401
$896,698
6.88%, 07/15/2032(a)
 
777,433
754,731
Calderys Financing LLC, 11.25%,
06/01/2028(a)
 
310,000
321,007
Electricite de France S.A., 9.13%(a)(d)(e)
 
770,000
891,601
Forvia SE
 
8.00%, 06/15/2030(a)
 
200,000
210,195
6.75%, 09/15/2033(a)
 
300,000
298,517
Iliad Holding S.A.S.U.
 
7.00%, 10/15/2028(a)
 
350,000
350,847
8.50%, 04/15/2031(a)
 
420,000
441,798
7.00%, 04/15/2032(a)
 
450,000
453,890
Opal Bidco SAS, 6.50%, 03/31/2032(a)
 
522,000
525,000
 
 
6,206,499
Georgia-0.09%
Georgian Railway JSC, 4.00%,
06/17/2028(a)
 
220,000
211,398
Germany-1.42%
Cerdia Finanz GmbH, 9.38%, 10/03/2031(a)
 
420,000
373,178
IHO Verwaltungs GmbH
 
7.75% PIK Rate, 8.50% Cash Rate,
11/15/2030(a)(c)
 
230,000
238,387
8.13% PIK Rate 7.38% Cash Rate,
05/15/2033(a)(c)
 
240,000
248,765
Mercer International, Inc., 5.13%,
02/01/2029
 
489,000
285,195
ZF North America Capital, Inc.
 
6.88%, 04/14/2028(a)
 
291,000
296,239
7.13%, 04/14/2030(a)
 
270,000
271,746
6.75%, 04/23/2030(a)
 
365,000
362,215
7.50%, 03/24/2031(a)
 
700,000
704,882
6.88%, 04/23/2032(a)
 
415,000
407,725
 
 
3,188,332
Ghana-0.33%
Kosmos Energy Ltd., 8.75%, 10/01/2031(a)
 
200,000
175,232
Tullow Holdco 2 Ltd., 3% PIK Rate 10.25%
Cash Rate, 11/15/2028(a)(c)
 
547,293
558,951
 
 
734,183
Greece-0.14%
Danaos Corp., 6.88%, 10/15/2032(a)
 
300,000
306,489
Guatemala-0.99%
Central American Bottling Corp./CBC Bottling
Holdco S.L./Beliv Holdco S.L., 5.25%,
04/27/2029(a)
 
459,000
448,788
CT Trust, 5.13%, 02/03/2032(a)
 
300,000
280,500
Energuate Trust 2.0, 6.35%, 09/15/2035(a)
 
455,000
448,080
Industrial Subordinated Trust 2.0, 6.55%,
04/15/2036(a)(d)
 
450,000
451,688
Investment Energy Resources Ltd., 6.25%,
04/26/2029(a)
 
390,000
382,755
Mobiliare Latam S.A. / Mobiliare Latam
Mexico S.A. de CV, 6.75%,
11/10/2032(a)
 
200,000
200,067
 
 
2,211,878
Hong Kong-1.42%
CAS Capital No. 2 Ltd., 6.25%(a)(d)(e)
 
230,000
228,987
China CITIC Bank International Ltd.,
4.80%(a)(d)(e)
 
270,000
270,144
 
Principal
Amount
Value
Hong Kong-(continued)
Melco Resorts Finance Ltd.
 
5.63%, 07/17/2027(a)
$
270,000
$269,358
5.75%, 07/21/2028(a)
 
480,000
475,749
5.38%, 12/04/2029(a)
 
590,000
570,389
7.63%, 04/17/2032(a)
 
450,000
459,217
6.50%, 09/24/2033(a)
 
250,000
241,386
Nanyang Commercial Bank Ltd.,
6.50%(a)(d)(e)
 
290,000
292,857
Seaspan Corp Pte Ltd., 5.50%,
08/01/2029(a)
 
387,000
375,952
 
 
3,184,039
Hungary-0.30%
OTP Bank Nyrt.
 
8.75%, 05/15/2033(a)(d)
 
240,000
250,667
7.30%, 07/30/2035(a)(d)
 
400,000
417,930
 
 
668,597
India-2.24%
Biocon Biologics Global PLC, 6.67%,
10/09/2029(a)(b)
 
370,000
370,596
Continuum Green Energy India Pvt./Co-
Issuers, 7.50%, 06/26/2033(a)
 
389,340
396,465
Delhi International Airport Ltd.
 
6.13%, 10/31/2026(a)
 
200,000
200,087
6.45%, 06/04/2029(a)
 
220,000
224,495
Greenko Power II Ltd., 4.30%,
12/13/2028(a)
 
430,500
412,183
Greenko Wind Projects (Mauritius) Ltd.,
7.25%, 09/27/2028(a)
 
591,000
596,289
IIFL Finance Ltd., 7.60%, 09/10/2029(a)
 
246,000
246,669
IRB Infrastructure Developers Ltd., 7.11%,
03/11/2032(a)
 
400,000
403,040
JSW Steel Ltd.
 
3.95%, 04/05/2027(a)
 
206,000
204,061
5.05%, 04/05/2032(a)
 
320,000
310,743
Muthoot Finance Ltd.
 
7.13%, 02/14/2028(a)
 
460,000
462,739
6.38%, 04/23/2029(a)
 
250,000
249,577
6.38%, 03/02/2030(a)
 
315,000
312,511
Renew Treasury Ifsc Pvt. Ltd., 6.50%,
02/02/2031(a)
 
200,000
197,898
ReNew Wind Energy AP2/ReNew Power Pvt
Ltd. other 9 Subsidiaries, 4.50%,
07/14/2028(a)
 
260,000
252,250
UPL Corp. Ltd., 4.63%, 06/16/2030(a)
 
200,000
184,921
 
 
5,024,524
Indonesia-0.56%
Medco Cypress Tree Pte. Ltd., 8.63%,
05/19/2030(a)
 
280,000
290,646
Nickel Industries Ltd., 9.00%,
09/30/2030(a)
 
326,000
332,551
PT Bank Negara Indonesia (Persero) Tbk,
7.15%(a)(d)(e)
 
330,000
328,326
PT Indika Energy Tbk, 8.75%,
05/07/2029(a)
 
300,000
305,382
 
 
1,256,905
Ireland-0.07%
Virgin Media O2 Vendor Financing Notes VI
DAC, 8.50%, 03/15/2033(a)
 
245,000
153,531
See accompanying notes which are an integral part of this schedule.

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)
July 31, 2026
(Unaudited)
 
Principal
Amount
Value
Israel-2.60%
Energean Israel Finance Ltd.
 
5.38%, 03/30/2028(a)
$
320,000
$317,036
5.88%, 03/30/2031(a)
 
320,000
306,031
8.50%, 09/30/2033(a)(b)
 
380,000
398,689
Leviathan Bond Ltd.
 
6.50%, 06/30/2027(a)
 
430,000
430,639
6.75%, 06/30/2030(a)
 
248,000
254,124
Teva Pharmaceutical Finance Co. LLC,
6.15%, 02/01/2036
 
370,000
380,744
Teva Pharmaceutical Finance Netherlands III
B.V.
 
3.15%, 10/01/2026
 
745,000
742,321
4.75%, 05/09/2027(b)
 
285,000
284,293
6.75%, 03/01/2028
 
580,000
591,447
5.13%, 05/09/2029
 
464,000
462,531
8.13%, 09/15/2031
 
232,000
256,886
6.00%, 12/01/2032
 
300,000
305,519
4.10%, 10/01/2046
 
941,000
693,485
Teva Pharmaceutical Finance Netherlands IV
B.V., 5.75%, 12/01/2030
 
405,000
410,045
 
 
5,833,790
Italy-0.90%
Efesto Bidco S.p.A. Efesto US LLC,
Series XR, 7.50%, 02/15/2032(a)
 
390,000
394,350
FiberCop S.p.A.
 
6.38%, 11/15/2033(a)
 
400,000
392,916
6.00%, 09/30/2034(a)
 
200,000
192,733
7.20%, 07/18/2036(a)
 
200,000
202,986
7.72%, 06/04/2038(a)
 
200,000
207,407
Kedrion S.p.A., 6.50%, 09/01/2029(a)
 
400,000
394,371
Telecom Italia Capital S.A., 7.20%,
07/18/2036
 
226,000
243,737
 
 
2,028,500
Ivory Coast-0.09%
Endeavour Mining PLC, 7.00%,
05/28/2030(a)
 
200,000
202,909
Jamaica-0.48%
Digicel International Finance Ltd./Difl US LLC,
8.63%, 08/01/2032(a)
 
1,040,000
1,073,937
Japan-4.88%
Nissan Motor Co. Ltd.
 
4.35%, 09/17/2027(a)
 
1,220,000
1,199,636
7.50%, 07/17/2030(a)
 
400,000
409,707
4.81%, 09/17/2030(a)(b)
 
1,326,000
1,229,131
7.75%, 07/17/2032(a)(b)
 
480,000
495,829
8.13%, 07/17/2035(a)
 
580,000
611,992
Rakuten Group, Inc.
 
11.25%, 02/15/2027(a)
 
870,000
894,484
9.75%, 04/15/2029(a)(b)
 
1,005,000
1,091,199
6.25%(a)(d)(e)
 
430,000
407,656
8.13%(a)(d)(e)
 
200,000
204,411
SoftBank Group Corp.
 
5.13%, 09/19/2027(a)
 
750,000
741,558
4.63%, 07/06/2028(a)
 
360,000
347,845
6.50%, 04/10/2029(a)
 
200,000
196,096
6.88%, 01/10/2031(a)
 
200,000
194,212
5.25%, 07/06/2031(a)(b)
 
610,000
564,350
7.00%, 07/08/2031(a)
 
200,000
195,808
8.25%, 10/22/2031(a)
 
200,000
201,256
 
Principal
Amount
Value
Japan-(continued)
7.25%, 07/10/2032(a)(b)
$
250,000
$237,680
7.50%, 07/10/2035(a)
 
210,000
204,297
8.50%, 04/22/2036(a)
 
200,000
200,716
7.63%, 04/29/2061(a)(b)(d)
 
400,000
378,017
8.25%, 10/29/2065(a)(b)(d)
 
370,000
358,252
6.88%(a)(b)(d)(e)
 
590,000
586,233
 
 
10,950,365
Jersey-0.14%
Aston Martin Capital Holdings Ltd., 10.00%,
03/31/2029(a)
 
550,000
309,375
Kyrgyzstan-0.11%
Eldik Bank OAO, 8.50%, 04/23/2031(a)
 
240,000
238,802
Luxembourg-1.35%
Albion Financing 1 S.a.r.l./Aggreko Holdings,
Inc., 7.00%, 05/21/2030(a)
 
780,000
794,565
Altice Financing S.A.
 
5.00%, 01/15/2028(a)
 
610,000
386,139
5.75%, 08/15/2029(a)
 
970,000
612,013
Altice France Lux 3/Altice Holdings 1,
10.00%, 01/15/2033(a)
 
431,000
422,971
INEOS Finance PLC, 7.50%, 04/15/2029(a)
 
430,000
422,202
Maxam Prill S.a.r.l., 7.75%, 07/15/2030(a)
 
210,000
215,516
SES Americom, Inc., 5.30%, 03/25/2044(a)
 
222,000
167,970
 
 
3,021,376
Macau-1.75%
Champion Path Holdings Ltd., 4.85%,
01/27/2028(a)
 
220,000
212,861
MGM China Holdings Ltd.
 
4.75%, 02/01/2027(a)
 
340,000
337,868
7.13%, 06/26/2031(a)
 
200,000
205,343
6.25%, 05/15/2033(a)
 
400,000
384,786
SJM International Ltd., 6.50%,
01/15/2031(a)
 
200,000
188,489
Studio City Finance Ltd., 5.00%,
01/15/2029(a)
 
553,000
526,163
Wynn Macau Ltd.
 
5.50%, 10/01/2027(a)
 
468,000
465,876
5.63%, 08/26/2028(a)
 
670,000
662,332
5.13%, 12/15/2029(a)(b)
 
428,000
415,211
6.75%, 02/15/2034(a)
 
550,000
540,672
 
 
3,939,601
Malaysia-0.25%
GOHL Capital Holdings Ltd.
 
7.63%(a)(d)(e)
 
400,000
383,108
8.30%(a)(d)(e)
 
200,000
189,447
 
 
572,555
Mauritius Island-0.11%
Axian Telecom Holding and Management
Ltd., 7.25%, 07/11/2030(a)
 
250,000
252,037
Mexico-5.14%
Alpek S.A.B. de C.V., 3.25%, 02/25/2031(a)
 
270,000
234,728
Borr IHC Ltd./Borr Finance LLC
 
8.75%, 01/15/2032(a)
 
540,000
528,363
9.00%, 01/15/2034(a)
 
460,000
450,604
CEMEX S.A.B. de C.V., 7.20%(a)(b)(d)(e)
 
420,000
433,440
COX Asset Mexico S.A. de CV
 
7.13%, 01/08/2032(a)(b)
 
600,000
596,991
7.75%, 05/08/2036(a)
 
500,000
500,750
See accompanying notes which are an integral part of this schedule.

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)
July 31, 2026
(Unaudited)
 
Principal
Amount
Value
Mexico-(continued)
Fibra SOMA Trust F/6185, 7.13%,
05/28/2036(a)
$
393,000
$385,140
Grupo Aeromexico S.A.B. de C.V., 8.63%,
11/15/2031(a)
 
400,000
403,000
Grupo Aeromexico S.A.B. De C.V., 8.25%,
11/15/2029(a)
 
200,000
201,296
Grupo Televisa S.A.B.
 
6.63%, 01/15/2040(b)
 
285,000
247,950
5.00%, 05/13/2045
 
375,000
256,161
6.13%, 01/31/2046
 
418,000
324,281
5.25%, 05/24/2049(b)
 
314,000
213,122
Nemak S.A.B. de C.V., 3.63%,
06/28/2031(a)
 
225,000
189,511
Orbia Advance Corp. S.A.B. de CV
 
6.80%, 05/13/2030(a)
 
330,000
329,452
2.88%, 05/11/2031(a)
 
245,000
204,257
5.88%, 09/17/2044(a)
 
380,000
304,950
5.50%, 01/15/2048(a)
 
245,000
183,728
Petroleos Mexicanos
 
6.50%, 03/13/2027
 
116,000
116,696
5.35%, 02/12/2028
 
80,000
79,742
6.50%, 01/23/2029
 
180,000
182,556
8.75%, 06/02/2029
 
225,000
239,263
6.84%, 01/23/2030
 
260,000
263,896
5.95%, 01/28/2031
 
410,000
401,601
6.70%, 02/16/2032
 
655,000
653,374
10.00%, 02/07/2033
 
180,000
207,808
6.63%, 06/15/2035(b)
 
245,000
232,358
6.50%, 06/02/2041
 
151,000
131,259
5.50%, 06/27/2044
 
50,000
38,325
6.38%, 01/23/2045
 
154,000
126,129
5.63%, 01/23/2046
 
40,000
30,719
6.75%, 09/21/2047
 
568,000
464,624
6.35%, 02/12/2048
 
220,000
173,910
7.69%, 01/23/2050
 
890,000
793,921
6.95%, 01/28/2060
 
366,000
295,087
Saavi Energia S.a.r.l., 8.88%, 02/10/2035(a)
 
590,000
637,672
Total Play Telecomunicaciones S.A. de C.V.,
11.13%, 12/31/2032(a)
 
500,000
488,685
 
 
11,545,349
Moldova-0.07%
Aragvi Finance International DAC, 11.13%,
11/20/2029(a)
 
200,000
150,363
Mongolia-0.11%
Golomt Bank JSC, 7.95%, 05/14/2029(a)
 
240,000
240,742
Morocco-0.37%
OCP S.A.
 
6.74%(a)(d)(e)
 
650,000
638,212
7.37%(a)(d)(e)
 
200,000
196,249
 
 
834,461
Netherlands-1.17%
Sunrise FinCo I B.V., 4.88%, 07/15/2031(a)
 
620,000
581,276
Trivium Packaging Finance B.V.
 
8.25%, 07/15/2030(a)
 
31,000
32,770
12.25%, 01/15/2031(a)
 
260,000
287,709
VZ Secured Financing B.V.
 
5.00%, 01/15/2032(a)(b)
 
771,000
632,222
7.50%, 01/15/2033(a)(b)
 
580,000
520,577
 
Principal
Amount
Value
Netherlands-(continued)
Ziggo B.V., 4.88%, 01/15/2030(a)
$
436,000
$392,636
Ziggo Bond Co. B.V., 5.13%, 02/28/2030(a)
 
209,000
169,812
 
 
2,617,002
Nigeria-0.66%
Access Bank PLC, 6.13%, 09/21/2026(a)
 
229,000
228,726
IHS Holding Ltd.
 
6.25%, 11/29/2028(a)
 
220,000
218,664
7.88%, 05/29/2030(a)
 
350,000
358,821
8.25%, 11/29/2031(a)
 
400,000
417,075
Seplat Energy PLC, 9.13%, 03/21/2030(a)
 
250,000
263,749
 
 
1,487,035
Norway-0.27%
Odfjell Rig III Ltd., 7.25%, 03/08/2031(a)
 
284,000
291,172
TGS ASA, 8.50%, 01/15/2030(a)
 
300,000
313,811
 
 
604,983
Oman-0.99%
AL Jawaher Assets Co. Spc, 4.66%,
10/29/2030(a)
 
400,000
388,764
Mazoon Assets Co. SAOC
 
5.20%, 11/08/2027(a)
 
220,000
219,484
5.50%, 02/14/2029(a)
 
200,000
199,941
5.25%, 10/09/2031(a)
 
400,000
398,000
OmGrid Funding Ltd., 5.20%,
05/16/2027(a)
 
220,000
219,631
Oryx Funding Ltd., 5.80%, 02/03/2031(a)
 
270,000
274,097
OTEL Sukuk Ltd., 5.38%, 01/24/2031(a)
 
200,000
199,773
Oztel Holdings SPC Ltd., 6.63%,
04/24/2028(a)
 
310,000
315,794
 
 
2,215,484
Pakistan-0.41%
Pakistan Water & Power Development
Authority, 7.50%, 06/04/2031(a)
 
235,000
227,042
Veon Midco B.V.
 
6.95%, 06/01/2031(a)
 
344,000
342,330
7.45%, 06/01/2033(a)
 
344,000
341,025
 
 
910,397
Panama-0.84%
AES Panama Generation Holdings S.R.L.,
4.38%, 05/31/2030(a)
 
574,854
540,156
C&W Senior Finance Ltd., 9.00%,
01/15/2033(a)
 
450,000
457,202
Empresa de Transmision Electrica S.A.,
5.13%, 05/02/2049(a)
 
245,000
194,332
Sable International Finance Ltd., 7.13%,
10/15/2032(a)
 
471,000
465,201
Telecomunicaciones Digitales S.A., 4.50%,
01/30/2030(a)
 
250,000
236,272
 
 
1,893,163
Peru-1.10%
Compania de Minas Buenaventura S.A.A.,
6.80%, 02/04/2032(a)
 
450,000
459,900
Minsur S.A., 4.50%, 10/28/2031(a)
 
200,000
189,531
Peru LNG S.r.l., 5.38%, 03/22/2030(a)
 
280,056
272,151
See accompanying notes which are an integral part of this schedule.

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)
July 31, 2026
(Unaudited)
 
Principal
Amount
Value
Peru-(continued)
Petroleos del Peru S.A.
 
4.75%, 06/19/2032(a)
$
490,000
$420,430
5.63%, 06/19/2047(a)
 
1,000,000
715,850
Volcan Compania Minera S.A.A., 8.50%,
10/28/2032(a)
 
400,000
412,460
 
 
2,470,322
Poland-0.17%
Canpack S.A./Canpack US LLC, 3.88%,
11/15/2029(a)
 
400,000
378,471
Puerto Rico-0.22%
LCPR Senior Secured Financing DAC
 
6.75%, 10/15/2027(a)
 
535,000
301,751
5.13%, 07/15/2029(a)
 
370,000
203,585
 
 
505,336
Russia-0.01%
O1 Properties Finance PLC, 0.50% PIK Rate,
7.75% Cash Rate, 09/27/2028(a)(f)
 
500,000
29,173
Saudi Arabia-0.76%
Arabian Centres Sukuk III Ltd., 9.50%,
03/06/2029(a)(b)
 
400,000
400,881
Arabian Centres Sukuk IV Ltd., 8.88%,
12/04/2030(a)
 
418,000
414,310
Dar Al-Arkan Sukuk Co. Ltd.
 
8.00%, 02/25/2029(a)(b)
 
300,000
301,297
7.25%, 07/02/2030(a)
 
300,000
295,155
7.25%, 05/26/2031(a)
 
295,000
288,230
 
 
1,699,873
Serbia-0.53%
Telecommunications Co. Telekom Srbija AD
Belgrade, 7.00%, 10/28/2029(a)
 
500,000
497,720
Telecommunications Co. Telekom Srbija
Akcionarsko drustvo, Belgrade, 7.25%,
05/18/2031(a)
 
700,000
691,855
 
 
1,189,575
Singapore-0.18%
Puma International Financing S.A., 7.75%,
04/25/2029(a)
 
400,000
410,358
South Africa-1.28%
Bidvest Group (UK) PLC (The), 6.20%,
09/17/2032(a)
 
210,000
211,008
Eskom Holdings, 8.45%, 08/10/2028(a)
 
220,000
231,267
MTN (Mauritius) Investments Ltd., 6.50%,
10/13/2026(a)
 
220,000
219,781
Sasol Financing USA LLC
 
4.38%, 09/18/2026
 
310,000
309,648
8.75%, 05/03/2029(a)
 
500,000
524,802
5.50%, 03/18/2031
 
437,000
408,369
8.75%, 04/10/2033(a)
 
260,000
271,050
Sibanye-Stillwater UK Financing PLC, 6.25%,
11/15/2031(a)
 
235,000
231,453
Transnet, 8.25%, 02/06/2028(a)
 
450,000
465,283
 
 
2,872,661
Spain-0.12%
Grifols S.A., 4.75%, 10/15/2028(a)
 
288,000
280,999
Sweden-0.16%
Stena International S.A., 7.25%,
01/15/2031(a)
 
350,000
356,239
 
Principal
Amount
Value
Switzerland-0.67%
Consolidated Energy Finance S.A.
 
5.63%, 10/15/2028(a)
$
290,000
$280,088
12.00%, 02/15/2031(a)
 
250,000
261,174
VistaJet Malta Finance PLC/Vista
Management Holding, Inc.
 
9.50%, 06/01/2028(a)
 
200,000
203,101
6.38%, 02/01/2030(a)(b)
 
530,000
500,105
8.75%, 01/15/2032(a)
 
260,000
255,520
 
 
1,499,988
Tanzania-0.27%
HTA Group Ltd.
 
7.50%, 06/04/2029(a)
 
350,000
357,886
6.75%, 04/01/2031(a)
 
250,000
252,015
 
 
609,901
Thailand-0.76%
Bangkok Bank PCL, 3.73%,
09/25/2034(a)(d)
 
640,000
607,371
GC Treasury Center Co. Ltd.
 
6.50%(a)(d)(e)
 
252,000
247,778
7.13%(a)(d)(e)
 
210,000
206,610
Kasikornbank PCL, 3.34%, 10/02/2031(a)(d)
 
360,000
358,865
Thaioil Treasury Center Co. Ltd.,
6.10%(a)(d)(e)
 
300,000
291,027
 
 
1,711,651
Togo-0.10%
Ecobank Transnational, Inc., 10.13%,
10/15/2029(a)
 
200,000
220,829
Trinidad-0.21%
Heritage Petroleum Co. Ltd., 9.00%,
08/12/2029(a)
 
220,000
225,040
Trinidad Generation Unlimited, 7.75%,
06/16/2033(a)
 
230,000
240,120
 
 
465,160
Turkey-7.73%
ADM Elektrik Dagitim AS, 9.50%,
02/05/2031(a)
 
200,000
190,983
Akbank T.A.S.
 
7.50%, 01/20/2030(a)
 
200,000
205,600
7.88%, 09/04/2035(a)(d)
 
200,000
199,359
8.25%, 12/08/2036(a)(d)
 
320,000
320,457
Anadolu Efes Biracilik ve Malt Sanayii A.S.,
3.38%, 06/29/2028(a)
 
220,000
205,643
Aydem Yenilenebilir Enerji A.S., 9.88%,
09/30/2030(a)
 
200,000
197,237
Eldorado Gold Corp., 6.25%, 09/01/2029(a)
 
195,000
194,786
Emlak Konut Varlik Kiralama A.S., 7.75%,
06/01/2031(a)
 
319,000
315,688
Eregli Demir ve Celik Fabrikalari T.A.S.,
8.38%, 07/23/2029(a)
 
525,000
542,324
Ford Otomotiv Sanayi A.S., 7.13%,
04/25/2029(a)
 
200,000
199,795
GDZ Elektrik Dagitim AS, 9.00%,
10/15/2029(a)
 
400,000
383,329
Limak Cimento Sanayi ve Ticaret A.S.,
9.75%, 07/25/2029(a)
 
400,000
401,956
Limak Yenilenebilir Enerji AS, 9.63%,
08/12/2030(a)
 
200,000
197,104
See accompanying notes which are an integral part of this schedule.

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)
July 31, 2026
(Unaudited)
 
Principal
Amount
Value
Turkey-(continued)
Mersin Uluslararasi Liman Isletmeciligi A.S.,
8.25%, 11/15/2028(a)
$
200,000
$204,228
Pegasus Hava Tasimaciligi A.S., 8.00%,
09/11/2031(a)
 
400,000
395,680
QNB Bank A.S.
 
7.25%, 05/21/2029(a)
 
200,000
203,555
5.88%, 02/11/2031(a)
 
200,000
192,433
Sisecam UK PLC
 
8.25%, 05/02/2029(a)
 
400,000
406,664
8.63%, 05/02/2032(a)
 
475,000
480,747
8.38%, 01/23/2033(a)
 
200,000
201,531
T.C. Ziraat Bankasi A.S.
 
9.50%, 08/01/2026(a)
 
220,000
220,000
8.00%, 01/16/2029(a)
 
200,000
205,853
TPAO Varlik Kiralama ASA, 6.30%,
03/04/2031(a)
 
700,000
673,912
TT Varlik Kiralama A.S., 6.50%,
10/30/2030(a)
 
250,000
245,470
Turk Telekomunikasyon A.S.
 
7.38%, 05/20/2029(a)
 
200,000
202,586
6.95%, 10/07/2032(a)
 
247,000
242,955
Turkcell Iletisim Hizmetleri A.S.
 
7.45%, 01/24/2030(a)
 
200,000
204,621
7.65%, 01/24/2032(a)
 
200,000
205,150
Turkiye Cumhuriyeti Ziraat Bankasi A.S.
 
7.25%, 02/04/2030(a)
 
400,000
401,165
8.99%, 08/02/2034(a)(d)
 
200,000
205,261
Turkiye Garanti Bankasi A.S.
 
8.38%, 02/28/2034(a)(d)
 
200,000
202,868
8.13%, 01/03/2035(a)(d)
 
400,000
402,793
8.13%, 01/08/2036(a)(d)
 
200,000
200,797
7.63%, 04/15/2036(a)(d)
 
490,000
483,209
Turkiye Ihracat Kredi Bankasi A.S.
 
9.00%, 01/28/2027(a)
 
200,000
203,276
7.50%, 02/06/2028(a)
 
200,000
203,003
6.88%, 07/03/2028(a)
 
200,000
201,712
6.13%, 05/02/2029(a)
 
200,000
197,009
6.38%, 10/03/2030(a)
 
600,000
583,882
6.38%, 01/15/2031(a)
 
200,000
193,781
Turkiye Is Bankasi A.S.
 
7.75%, 06/12/2029(a)
 
200,000
206,597
7.38%, 04/02/2036(a)(d)
 
200,000
194,469
7.58%, 02/05/2037(a)(d)
 
200,000
195,553
Turkiye Vakiflar Bankasi T.A.O.
 
5.50%, 10/01/2026(a)
 
235,000
234,812
9.00%, 10/12/2028(a)
 
470,000
495,651
6.88%, 01/07/2030(a)
 
200,000
198,490
7.25%, 07/31/2030(a)
 
400,000
399,589
8.99%, 10/05/2034(a)(d)
 
400,000
410,512
Ulker Biskuvi Sanayi A.S., 7.88%,
07/08/2031(a)
 
400,000
405,368
WE Soda Investments Holding PLC
 
9.50%, 10/06/2028(a)
 
480,000
482,967
9.38%, 02/14/2031(a)(b)
 
360,000
350,217
Yapi Ve Kredi Bankasi A.S.
 
9.25%, 10/16/2028(a)
 
490,000
518,659
7.13%, 10/10/2029(a)
 
350,000
352,640
7.25%, 03/03/2030(a)
 
200,000
201,494
9.25%, 01/17/2034(a)(d)
 
420,000
434,118
7.55%, 06/11/2036(a)(d)
 
327,000
319,343
 
Principal
Amount
Value
Turkey-(continued)
Ziraat Katilim Varlik Kiralama A.S., 9.38%,
11/12/2026(a)
$
210,000
$212,579
Zorlu Enerji Elektrik Uretim A.S., 11.00%,
04/23/2030(a)
 
550,000
408,415
 
 
17,339,875
Ukraine-0.12%
MHP Lux S.A., 10.50%, 07/28/2029(a)
 
250,000
259,996
United Arab Emirates-1.36%
Alpha Star Holding IX Ltd., 7.00%,
08/26/2028(a)
 
475,000
464,045
Alpha Star Holding VIII Ltd., 8.38%,
04/12/2027(a)
 
200,000
200,015
Alpha Star Holding X Ltd., 6.13%,
08/05/2029(a)
 
280,000
265,031
Arada Sukuk 2 Ltd., 8.00%, 06/24/2029(a)
 
400,000
399,471
Binghatti Sukuk 2 SPV Ltd.
 
7.75%, 07/02/2029(a)
 
200,000
172,843
8.13%, 08/07/2030(a)
 
200,000
166,711
8.38%, 08/12/2031(a)
 
200,000
163,667
Binghatti Sukuk SPC Ltd., 9.63%,
02/28/2027(a)
 
200,000
191,066
Ittihad International II Ltd., 7.38%,
11/13/2030(a)
 
420,000
420,053
MAF Global Securities Ltd., 5.75%(a)(d)(e)
 
200,000
186,416
Omniyat Sukuk 1 Ltd.
 
8.38%, 05/06/2028(a)
 
200,000
192,124
7.25%, 03/04/2031(a)
 
280,000
239,932
 
 
3,061,374
United Kingdom-6.46%
A&K Travel Group Holdings Ltd., 7.50%,
05/15/2033(a)
 
200,000
199,040
Allwyn Entertainment Financing (UK) PLC,
7.88%, 04/30/2029(a)(b)
 
282,000
288,271
Ardonagh Finco Ltd., 7.75%, 02/15/2031(a)
 
672,000
682,304
Ardonagh Group Finance Ltd., 8.88%,
02/15/2032(a)
 
800,000
795,978
Belron UK Finance PLC, 5.75%,
10/15/2029(a)
 
600,000
599,810
Brightstar Lottery PLC/ Brightstar Global
Solutions Corp., 5.75%, 01/15/2033(a)
 
327,000
315,542
British Telecommunications PLC
 
4.25%, 11/23/2081(a)(d)
 
240,000
238,832
4.88%, 11/23/2081(a)(d)
 
250,000
238,950
California Buyer Ltd./Atlantica Sustainable
Infrastructure PLC, 6.38%,
02/15/2032(a)
 
300,000
295,809
Connect Finco S.a.r.l./Connect US Finco LLC,
9.00%, 09/15/2029(a)
 
1,000,000
1,048,980
EnQuest PLC, 9.88%, 04/30/2031(a)
 
400,000
415,863
Froneri Lux Finco S.a.r.l., 6.00%,
08/01/2032(a)
 
250,000
244,355
Global Auto Holdings Ltd./AAG FH UK Ltd.
 
8.38%, 01/15/2029(a)
 
250,000
248,070
11.50%, 08/15/2029(a)
 
400,000
420,555
8.75%, 01/15/2032(a)
 
300,000
291,081
Howden UK Refinance PLC/Howden UK
Refinance 2 PLC/Howden US
Refinance LLC
 
7.25%, 02/15/2031(a)
 
485,000
480,367
8.13%, 02/15/2032(a)
 
578,000
537,386
See accompanying notes which are an integral part of this schedule.

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)
July 31, 2026
(Unaudited)
 
Principal
Amount
Value
United Kingdom-(continued)
Ithaca Energy (North Sea) PLC, 8.13%,
10/15/2029(a)
$
450,000
$465,743
Jaguar Land Rover Automotive PLC
 
4.50%, 10/01/2027(a)
 
220,000
217,129
5.88%, 01/15/2028(a)
 
220,000
219,556
Marex Group Ltd., 7.70%(a)(d)(e)
 
200,000
199,506
Merlin Entertainments Group U.S. Holdings,
Inc., 7.38%, 02/15/2031(a)
 
400,000
313,303
Panama Infrastructure Receivable Purchaser
PLC, 0.00%, 04/05/2032(a)(g)
 
550,000
446,776
Trident Energy Finance PLC, 12.50%,
11/30/2029(a)
 
400,000
422,582
Virgin Media Finance PLC, 5.00%,
07/15/2030(a)
 
416,000
255,977
Virgin Media Secured Finance PLC
 
5.50%, 05/15/2029(a)
 
681,000
611,376
4.50%, 08/15/2030(a)
 
440,000
361,622
VMED O2 UK Financing I PLC
 
4.25%, 01/31/2031(a)
 
661,000
525,911
4.75%, 07/15/2031(a)
 
680,000
537,573
7.75%, 04/15/2032(a)
 
460,000
386,861
6.75%, 01/15/2033(a)
 
400,000
320,230
Vodafone Group PLC
 
7.00%, 04/04/2079(d)
 
1,001,000
1,028,027
4.13%, 06/04/2081(d)
 
500,000
458,273
5.13%, 06/04/2081(d)
 
528,000
393,745
 
 
14,505,383
United States-3.33%
Ardagh Group S.A.
 
9.50%, 12/01/2030(a)
 
945,000
1,001,424
12.00% PIK, 1.00% Cash, 11.00%,
12/01/2030(a)(c)
 
590,725
547,122
Bond US Bidco 1, Inc./Bidco 2/Bidco
3/German Bidco 1 GmbH/German Bidco 2,
7.13%, 06/15/2033(a)
 
368,000
370,275
Brightstar Lottery PLC, 5.25%,
01/15/2029(a)
 
327,000
323,216
Canpack Group, Inc./CANPACK S.A., 6.00%,
05/15/2031(a)
 
240,000
238,687
CNG Holdings, Inc., 16.50% PIK Rate, 1.00%
Cash Rate, 06/30/2031(a)(c)
 
317,963
254,370
Constellium SE, 3.75%, 04/15/2029(a)
 
250,000
238,936
Dresdner Funding Trust I, 8.15%,
06/30/2031(a)
 
450,000
481,695
EUSHI Finance, Inc., 6.25%, 04/01/2056(d)
 
315,000
310,941
Garrett Motion Holdings, Inc./Garrett LX I
S.a.r.l., 7.75%, 05/31/2032(a)
 
375,000
389,793
GFL Environmental Holdings (US), Inc.,
5.50%, 02/01/2034(a)
 
500,000
462,529
GFL Environmental, Inc.
 
4.00%, 08/01/2028(a)
 
287,000
279,870
4.75%, 06/15/2029(a)
 
310,000
302,059
4.38%, 08/15/2029(a)
 
210,000
201,907
6.75%, 01/15/2031(a)
 
400,000
404,840
ION Platform Finance US, Inc., 7.88%,
09/30/2032(a)
 
717,000
567,873
ION Platform Finance US, Inc./ION Platform
Finance S.a.r.l.
 
8.75%, 05/01/2029(a)
 
288,000
268,319
9.50%, 05/30/2029(a)
 
320,000
302,798
 
Principal
Amount
Value
United States-(continued)
Methanex US Operations, Inc., 6.25%,
03/15/2032(a)
$
325,000
$328,211
Playtika Holding Corp., 4.25%,
03/15/2029(a)
 
231,000
209,891
 
 
7,484,756
Uzbekistan-0.67%
JSC Uzbekneftegaz, 8.75%, 05/07/2030(a)
 
500,000
532,920
Navoi Mining & Metallurgical Co.
 
6.70%, 10/17/2028(a)
 
200,000
203,948
6.75%, 05/14/2030(a)
 
200,000
205,310
6.95%, 10/17/2031(a)
 
250,000
261,351
Uzbekneftegaz JSC, 4.75%, 11/16/2028(a)
 
310,000
298,283
 
 
1,501,812
Zambia-1.06%
First Quantum Minerals Ltd.
 
8.63%, 06/01/2031(a)
 
681,000
708,460
8.00%, 03/01/2033(a)
 
550,000
571,482
7.25%, 02/15/2034(a)
 
420,000
427,831
6.38%, 02/15/2036(a)(b)
 
700,000
677,352
 
 
2,385,125
Total U.S. Dollar Denominated Bonds & Notes
(Cost $219,911,940)
219,376,515
 
Shares
 
Common Stocks & Other Equity Interests-0.20%
Spain-0.00%
Codere Online Luxembourg S.A., Wts.,
expiring 10/15/2034(a)(h)(i)
 
10
6
United States-0.20%
Hornbeck Offshore Services, Inc.(h)(j)
 
323
26,244
Hornbeck Offshore Services, Inc., Wts.,
TBA(h)(j)
 
3,246
263,738
Hornbeck Offshore Services, Inc., Wts.,
TBA(h)(i)(j)
 
2,673
160,379
Premier Brands Group Holdings Co.(h)(k)
 
3,222
4,430
TRU Taj LLC/TRU Taj Finance, Inc.(h)
 
2,156
116
 
 
454,907
Total Common Stocks & Other Equity Interests
(Cost $178,938)
454,913
Money Market Funds-1.34%
Invesco Government & Agency Portfolio,
Institutional Class, 3.64%(l)(m)
(Cost $3,001,206)
 
3,001,206
3,001,206
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.28%
(Cost $223,092,084)
222,832,634
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-7.06%
Invesco Private Government Fund,
3.69%(l)(m)(n)
 
4,405,265
4,405,265
See accompanying notes which are an integral part of this schedule.

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)
July 31, 2026
(Unaudited)
 
Shares
Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 3.82%(l)(m)(n)
 
11,436,530
$11,437,674
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $15,843,144)
15,842,939
TOTAL INVESTMENTS IN SECURITIES-106.34%
(Cost $238,935,228)
238,675,573
OTHER ASSETS LESS LIABILITIES-(6.34)%
(14,221,700
)
NET ASSETS-100.00%
$224,453,873
 
Investment Abbreviations:
PIK-Pay-in-Kind
TBA-To Be Announced
Wts.-Warrants
 
Notes to Schedule of Investments:
(a)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
July 31, 2026 was $192,226,627, which represented 85.64% of the Fund’s Net Assets.
(b)
All or a portion of this security was out on loan at July 31, 2026.
(c)
All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.
(d)
Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.
(e)
Perpetual bond with no specified maturity date.
(f)
Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at July 31, 2026 represented
less than 1% of the Fund’s Net Assets.
(g)
Denotes a zero coupon security issued at a substantial discount from its value at maturity.
(h)
Non-income producing security.
(i)
Security valued using significant unobservable inputs (Level 3). See Note 1.
(j)
Acquired as part of the Hornbeck Offshore Services, Inc. reorganization.
(k)
Acquired as part of the Nine West Holding, Inc. reorganization.
(l)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the nine months ended July 31, 2026.
 
 
Value
October 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
July 31, 2026
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$1,938,406
$33,299,041
$(32,236,241
)
$-
$-
$3,001,206
$55,721
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
3,704,605
20,126,581
(19,425,921
)
-
-
4,405,265
275,267
*
Invesco Private Prime Fund
9,632,369
49,037,262
(47,229,493
)
(245
)
(2,219
)
11,437,674
315,212
*
Total
$15,275,380
$102,462,884
$(98,891,655
)
$(245
)
$(2,219
)
$18,844,145
$646,200
 
*
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.
 
(m)
The rate shown is the 7-day SEC standardized yield as of July 31, 2026.
(n)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.

Schedule of Investments
Invesco International Corporate Bond ETF (PICB)
July 31, 2026
(Unaudited)
 
 
Principal
Amount
Value
Non-U.S. Dollar Denominated Bonds & Notes-98.48%(a)
Australia-3.48%
APA Infrastructure Ltd., 3.50%,
03/22/2030(b)
GBP
649,000
$820,323
Australia and New Zealand Banking
Group Ltd., 4.95%, 02/05/2029
AUD
1,150,000
805,684
BHP Billiton Finance Ltd., Series 12,
4.30%, 09/25/2042
GBP
1,150,000
1,235,258
Commonwealth Bank of Australia
 
4.90%, 08/17/2028
AUD
1,100,000
770,777
5.03%, 01/15/2031(b)
AUD
1,780,000
1,243,182
National Australia Bank Ltd.
 
2.13%, 05/24/2028(b)
EUR
300,000
339,155
4.85%, 03/22/2029
AUD
1,400,000
978,276
3.13%, 02/28/2030(b)
EUR
400,000
456,956
5.10%, 10/16/2035(b)
AUD
1,050,000
711,605
Scentre Group Trust 1, 5.35%,
09/18/2035(b)
AUD
1,100,000
726,555
Sydney Airport Finance Co. Pty. Ltd.,
4.38%, 05/03/2033(b)
EUR
300,000
353,256
Westpac Banking Corp.
 
5.00%, 01/15/2029
AUD
1,100,000
771,705
5.10%, 05/14/2029(b)
AUD
1,300,000
913,704
4.50%, 10/30/2030(b)
AUD
1,540,000
1,054,838
5.14%, 02/12/2031(b)
AUD
1,850,000
1,296,333
 
 
12,477,607
Canada-16.81%
Bank of Montreal
 
4.71%, 12/07/2027
CAD
2,850,000
2,067,253
3.19%, 03/01/2028
CAD
2,850,000
2,032,026
5.04%, 05/29/2028
CAD
2,300,000
1,683,328
4.54%, 12/18/2028
CAD
2,250,000
1,638,265
4.42%, 07/17/2029
CAD
2,300,000
1,675,491
Bank of Nova Scotia (The)
 
4.68%, 02/01/2029
CAD
2,300,000
1,682,819
3.50%, 04/17/2029(b)
EUR
300,000
347,216
Bell Canada
 
3.80%, 08/21/2028
CAD
1,550,000
1,109,910
4.55%, 02/09/2030
CAD
1,200,000
873,981
3.00%, 03/17/2031
CAD
1,050,000
721,441
5.85%, 11/10/2032
CAD
1,450,000
1,114,397
5.15%, 08/24/2034
CAD
1,200,000
885,554
Brookfield Finance II, Inc., 5.43%,
12/14/2032(b)
CAD
1,150,000
864,494
Canadian Imperial Bank of Commerce
 
5.05%, 10/07/2027
CAD
2,050,000
1,489,733
5.50%, 01/14/2028
CAD
1,400,000
1,026,550
CDP Financial, Inc.
 
3.00%, 04/11/2029(b)
EUR
400,000
458,683
4.10%, 06/13/2030(b)
AUD
2,000,000
1,367,954
5.15%, 05/22/2031
AUD
1,400,000
990,449
2.75%, 02/13/2032(b)
EUR
500,000
558,117
3.25%, 09/30/2035(b)
EUR
500,000
559,354
Cenovus Energy, Inc., 3.50%,
02/07/2028
CAD
1,750,000
1,246,824
CI Financial Corp., 4.63%,
12/12/2031(b)
EUR
400,000
459,314
Coastal Gaslink Pipeline L.P.
 
Series J, 5.86%, 03/30/2049
CAD
1,150,000
878,282
Series K, 5.86%, 06/30/2049
CAD
1,150,000
879,569
 
Principal
Amount
Value
Canada-(continued)
Federation des caisses Desjardins du
Quebec
 
5.47%, 11/17/2028
CAD
1,500,000
$1,112,856
3.80%, 09/24/2029
CAD
1,400,000
1,001,681
3.71%, 07/16/2031
CAD
1,700,000
1,197,374
First Nations Finance Authority
 
1.71%, 06/16/2030
CAD
1,148,000
769,275
4.05%, 06/01/2035
CAD
1,252,000
895,048
Hydro One, Inc.
 
4.25%, 01/04/2035
CAD
1,230,000
876,594
4.85%, 11/30/2054
CAD
1,100,000
749,962
Series 64, 3.90%, 11/21/2033
CAD
1,400,000
986,731
National Bank of Canada
 
5.22%, 06/14/2028
CAD
2,100,000
1,544,331
5.02%, 02/01/2029
CAD
1,650,000
1,216,802
OMERS Finance Trust
 
3.25%, 01/28/2035(b)
EUR
250,000
280,611
5.75%, 05/20/2036
AUD
1,100,000
781,006
Ontario Teachers’ Finance Trust
 
2.85%, 12/04/2031(b)
EUR
400,000
450,188
1.85%, 05/03/2032(b)
EUR
400,000
423,977
0.90%, 05/20/2041(b)
EUR
400,000
302,065
Original Wempi, Inc., 7.79%,
10/04/2027
CAD
500,000
370,132
Rogers Communications, Inc.
 
4.25%, 04/15/2032
CAD
1,150,000
818,899
6.75%, 11/09/2039
CAD
1,670,000
1,352,976
Royal Bank of Canada
 
4.64%, 01/17/2028
CAD
2,300,000
1,670,064
4.63%, 05/01/2028
CAD
2,750,000
2,000,069
2.13%, 04/26/2029(b)
EUR
400,000
446,647
5.23%, 06/24/2030
CAD
1,500,000
1,127,751
TELUS Corp.
 
Series CAG, 5.25%, 11/15/2032
CAD
1,300,000
970,823
Series CY, 3.30%, 05/02/2029
CAD
1,150,000
813,243
Toronto-Dominion Bank (The)
 
5.38%, 10/21/2027
CAD
2,250,000
1,644,231
4.48%, 01/18/2028
CAD
2,300,000
1,666,162
5.49%, 09/08/2028
CAD
1,700,000
1,260,207
4.68%, 01/08/2029
CAD
2,850,000
2,084,725
3.63%, 12/13/2029(b)
EUR
450,000
520,120
1.95%, 04/08/2030(b)
EUR
473,000
514,708
3.56%, 04/16/2031(b)
EUR
300,000
343,709
3.13%, 08/03/2032(b)
EUR
400,000
444,970
3.36%, 09/22/2032(b)
EUR
400,000
448,146
TransCanada PipeLines Ltd.
 
5.28%, 07/15/2030(b)
CAD
1,450,000
1,082,490
4.58%, 02/20/2035
CAD
1,200,000
855,624
4.34%, 10/15/2049(b)
CAD
1,100,000
662,290
 
 
60,297,491
China-0.12%
Prosus N.V., 1.29%, 07/13/2029(b)
EUR
400,000
429,776
Denmark-2.08%
Carlsberg Breweries A/S
 
3.00%, 08/28/2029(b)
EUR
350,000
398,534
3.25%, 02/28/2032(b)
EUR
300,000
338,091
3.50%, 02/28/2035(b)
EUR
350,000
390,058
5.50%, 02/28/2039(b)
GBP
600,000
761,472
See accompanying notes which are an integral part of this schedule.

Invesco International Corporate Bond ETF (PICB)—(continued)
July 31, 2026
(Unaudited)
 
Principal
Amount
Value
Denmark-(continued)
DSV Finance B.V.
 
3.13%, 11/06/2028(b)
EUR
400,000
$458,961
3.25%, 11/06/2030(b)
EUR
400,000
455,017
Novo Nordisk Finance (Netherlands)
B.V.
 
3.13%, 01/21/2029(b)
EUR
300,000
344,995
2.88%, 08/27/2030(b)
EUR
300,000
339,214
3.25%, 01/21/2031(b)
EUR
400,000
457,367
3.38%, 05/21/2034(b)
EUR
500,000
562,520
3.63%, 05/27/2037(b)
EUR
400,000
447,356
Orsted A/S
 
4.88%, 01/12/2032(b)
GBP
800,000
1,027,454
5.75%, 04/09/2040(b)
GBP
538,000
661,683
5.38%, 09/13/2042(b)
GBP
700,000
806,555
 
 
7,449,277
Finland-0.63%
Nordea Bank Abp
 
0.50%, 11/02/2028(b)
EUR
300,000
324,979
2.50%, 05/23/2029(b)
EUR
300,000
338,225
3.38%, 06/11/2029(b)
EUR
300,000
346,863
2.75%, 05/02/2030(b)
EUR
400,000
450,977
3.25%, 04/29/2031(b)
EUR
300,000
341,472
3.63%, 03/15/2034(b)
EUR
400,000
457,368
 
 
2,259,884
France-22.93%
Abertis France SAS, 1.48%,
01/18/2031(b)
EUR
400,000
420,135
Action Logement Services
 
0.38%, 10/05/2031(b)
EUR
300,000
294,469
1.38%, 04/13/2032(b)
EUR
400,000
408,328
0.50%, 10/30/2034(b)
EUR
400,000
351,766
3.75%, 11/25/2035(b)
EUR
300,000
336,468
4.13%, 10/03/2038(b)
EUR
300,000
339,090
0.75%, 07/19/2041(b)(c)
EUR
400,000
277,468
3.63%, 05/25/2043(b)
EUR
400,000
407,967
Aeroports de Paris S.A., 2.75%,
04/02/2030(b)
EUR
600,000
674,784
Airbus SE
 
1.63%, 06/09/2030(b)
EUR
450,000
486,916
2.38%, 04/07/2032(b)
EUR
300,000
326,355
2.38%, 06/09/2040(b)
EUR
400,000
375,587
Autoroutes du Sud de la France S.A.
 
1.38%, 01/22/2030(b)
EUR
400,000
431,006
1.38%, 02/21/2031(b)
EUR
300,000
314,828
Ayvens S.A.
 
3.88%, 01/24/2028(b)
EUR
400,000
464,583
4.88%, 10/06/2028(b)
EUR
300,000
355,656
Banque Federative du Credit Mutuel S.A.
 
3.88%, 01/26/2028(b)
EUR
300,000
348,607
5.38%, 05/25/2028(b)
GBP
500,000
677,858
0.25%, 07/19/2028(b)
EUR
300,000
325,735
0.63%, 11/03/2028(b)
EUR
500,000
542,046
4.13%, 03/13/2029(b)
EUR
500,000
586,806
1.75%, 03/15/2029(b)
EUR
300,000
331,054
1.88%, 06/18/2029(b)
EUR
400,000
440,119
5.00%, 10/22/2029(b)
GBP
700,000
936,541
2.63%, 11/06/2029(b)
EUR
400,000
447,126
0.75%, 01/17/2030(b)
EUR
300,000
314,224
4.38%, 05/02/2030(b)
EUR
400,000
471,291
3.00%, 05/07/2030(b)
EUR
400,000
451,614
 
Principal
Amount
Value
France-(continued)
1.25%, 06/03/2030(b)
EUR
400,000
$420,720
4.50%, 10/22/2030(b)
GBP
900,000
1,175,080
0.63%, 02/21/2031(b)
EUR
500,000
501,318
3.13%, 03/11/2031(b)
EUR
300,000
337,220
3.25%, 10/17/2031(b)
EUR
300,000
338,024
4.75%, 11/10/2031(b)
EUR
400,000
480,319
1.13%, 01/19/2032(b)
EUR
500,000
500,708
5.13%, 01/13/2033(b)
EUR
400,000
483,674
3.75%, 02/01/2033(b)
EUR
500,000
572,175
4.13%, 06/14/2033(b)
EUR
400,000
466,746
4.38%, 01/11/2034(b)
EUR
500,000
575,378
3.75%, 02/03/2034(b)
EUR
400,000
455,137
3.63%, 03/07/2035(b)
EUR
300,000
333,802
BNP Paribas S.A.
 
1.38%, 05/28/2029(b)
EUR
400,000
435,776
3.63%, 09/01/2029(b)
EUR
500,000
577,090
1.63%, 07/02/2031(b)
EUR
400,000
413,680
1.25%, 07/13/2031(b)
GBP
1,100,000
1,221,896
2.10%, 04/07/2032(b)
EUR
500,000
524,431
5.75%, 06/13/2032(b)
GBP
1,000,000
1,358,981
0.63%, 12/03/2032(b)
EUR
600,000
566,913
4.13%, 05/24/2033(b)
EUR
500,000
589,548
4.10%, 02/13/2034(b)
EUR
500,000
579,184
2.00%, 09/13/2036(b)
GBP
700,000
665,763
Bouygues S.A.
 
2.25%, 06/29/2029(b)
EUR
300,000
335,428
0.50%, 02/11/2030(b)
EUR
400,000
417,931
3.88%, 07/17/2031(b)
EUR
400,000
466,786
4.63%, 06/07/2032(b)
EUR
400,000
482,357
3.25%, 06/30/2037(b)(c)
EUR
300,000
325,078
5.38%, 06/30/2042(b)
EUR
300,000
372,279
BPCE S.A.
 
4.38%, 07/13/2028(b)
EUR
300,000
352,052
1.00%, 10/05/2028(b)
EUR
400,000
439,124
3.88%, 01/11/2029(b)
EUR
200,000
232,581
5.25%, 04/16/2029(b)
GBP
800,000
1,068,164
0.25%, 01/14/2031(b)
EUR
500,000
498,969
0.75%, 03/03/2031(b)
EUR
300,000
302,718
1.00%, 01/14/2032(b)
EUR
400,000
397,540
4.00%, 11/29/2032(b)
EUR
500,000
583,120
4.50%, 01/13/2033(b)
EUR
400,000
471,999
3.88%, 01/25/2036(b)
EUR
400,000
457,588
Capgemini SE
 
2.00%, 04/15/2029(b)
EUR
400,000
444,367
3.13%, 09/25/2031(b)
EUR
400,000
443,655
2.38%, 04/15/2032(b)
EUR
400,000
424,156
3.50%, 09/25/2034(b)
EUR
400,000
435,498
Cie de Saint-Gobain S.A.
 
3.38%, 04/08/2030(b)
EUR
300,000
344,179
3.88%, 11/29/2030(b)
EUR
300,000
350,466
1.88%, 03/15/2031(b)
EUR
400,000
428,873
3.63%, 04/08/2034(b)
EUR
300,000
339,909
Cie Generale des Etablissements Michelin
S.C.A., 1.75%, 09/03/2030(b)
EUR
400,000
431,196
Credit Agricole Assurances S.A.
 
2.00%, 07/17/2030(b)
EUR
300,000
322,023
1.50%, 10/06/2031(b)
EUR
400,000
408,893
Credit Agricole S.A.
 
0.38%, 04/20/2028(b)
EUR
1,100,000
1,207,276
1.13%, 02/24/2029(b)
EUR
600,000
656,653
1.75%, 03/05/2029(b)
EUR
800,000
882,954
See accompanying notes which are an integral part of this schedule.

Invesco International Corporate Bond ETF (PICB)—(continued)
July 31, 2026
(Unaudited)
 
Principal
Amount
Value
France-(continued)
2.00%, 03/25/2029(b)
EUR
900,000
$998,251
1.00%, 07/03/2029(b)
EUR
900,000
971,835
2.50%, 08/29/2029(b)
EUR
600,000
675,316
4.88%, 10/23/2029(b)
GBP
1,000,000
1,336,463
4.13%, 03/07/2030(b)
EUR
900,000
1,060,760
3.88%, 04/20/2031(b)
EUR
1,000,000
1,167,805
0.88%, 01/14/2032(b)
EUR
900,000
891,049
3.13%, 02/26/2032(b)
EUR
400,000
448,686
1.13%, 07/12/2032(b)
EUR
600,000
594,980
4.00%, 01/18/2033(b)
EUR
400,000
469,399
4.38%, 11/27/2033(b)
EUR
400,000
472,616
3.75%, 01/22/2034(b)
EUR
600,000
686,803
3.50%, 09/26/2034(b)
EUR
400,000
445,289
3.88%, 11/28/2034(b)
EUR
500,000
578,223
3.75%, 05/27/2035(b)
EUR
400,000
450,374
4.13%, 02/26/2036(b)
EUR
800,000
923,076
3.88%, 02/16/2038(b)
EUR
400,000
444,901
Danone S.A., 1.21%, 11/03/2028(b)
EUR
500,000
549,510
Dassault Systemes SE
 
0.38%, 09/16/2029(b)
EUR
400,000
422,400
3.38%, 06/16/2031(b)
EUR
200,000
227,621
ENGIE S.A.
 
3.63%, 01/11/2030(b)
EUR
400,000
463,234
0.50%, 10/24/2030(b)
EUR
400,000
406,875
4.00%, 01/11/2035(b)
EUR
400,000
459,992
5.75%, 10/28/2050(b)
GBP
600,000
706,449
5.63%, 04/03/2053(b)
GBP
700,000
797,084
5.00%, 10/01/2060(b)
GBP
1,250,000
1,294,242
EssilorLuxottica S.A.
 
2.88%, 03/05/2029(b)
EUR
400,000
456,393
2.63%, 01/10/2030(b)
EUR
400,000
449,880
0.75%, 11/27/2031(b)
EUR
300,000
300,869
Kering S.A.
 
3.63%, 09/05/2031(b)
EUR
400,000
458,591
3.38%, 03/11/2032(b)
EUR
400,000
450,781
3.88%, 09/05/2035(b)
EUR
400,000
452,087
La Banque Postale S.A., 4.00%,
05/03/2028(b)
EUR
200,000
232,949
LOreal S.A.
 
2.75%, 11/19/2030(b)
EUR
300,000
338,942
3.38%, 01/19/2036(b)
EUR
400,000
446,094
LVMH Moet Hennessy Louis Vuitton SE
 
2.63%, 03/07/2029(b)
EUR
400,000
453,961
3.25%, 09/07/2029(b)
EUR
400,000
460,805
0.38%, 02/11/2031(b)
EUR
300,000
303,619
3.50%, 09/07/2033(b)
EUR
500,000
571,245
Orange S.A.
 
1.38%, 03/20/2028(b)
EUR
300,000
335,836
2.00%, 01/15/2029(b)
EUR
400,000
447,559
1.38%, 01/16/2030(b)
EUR
400,000
431,320
1.88%, 09/12/2030(b)
EUR
400,000
432,739
3.13%, 11/13/2031(b)
EUR
400,000
448,850
3.25%, 01/15/2032(b)
GBP
800,000
972,254
0.50%, 09/04/2032(b)
EUR
400,000
381,380
8.13%, 01/28/2033
EUR
550,000
789,660
0.63%, 12/16/2033(b)
EUR
400,000
367,341
5.63%, 01/23/2034
GBP
578,000
779,781
3.50%, 11/13/2034(b)
EUR
400,000
444,455
3.75%, 09/04/2037(b)
EUR
300,000
330,230
3.75%, 05/13/2038(b)
EUR
400,000
438,165
5.38%, 11/22/2050(b)
GBP
600,000
680,792
 
Principal
Amount
Value
France-(continued)
Pernod Ricard S.A., 1.75%,
04/08/2030(b)
EUR
400,000
$434,684
Societe Anonyme De Gestion De Stocks
De Securite - Sagess, 2.88%,
09/07/2032(b)
EUR
400,000
441,374
Societe Generale S.A.
 
2.13%, 09/27/2028(b)
EUR
400,000
449,240
4.13%, 11/21/2028(b)
EUR
300,000
352,246
1.75%, 03/22/2029(b)
EUR
300,000
330,608
2.63%, 05/30/2029(b)
EUR
400,000
453,431
1.25%, 06/12/2030(b)
EUR
400,000
422,370
4.25%, 11/16/2032(b)(c)
EUR
500,000
597,372
5.63%, 06/02/2033(b)
EUR
300,000
371,659
6.25%, 06/22/2033(b)
GBP
600,000
845,291
Suez SACA
 
5.00%, 11/03/2032(b)
EUR
300,000
363,675
2.88%, 05/24/2034(b)
EUR
300,000
316,762
6.63%, 10/05/2043(b)
GBP
700,000
925,840
TotalEnergies Capital Canada Ltd.,
2.13%, 09/18/2029(b)
EUR
400,000
444,878
TotalEnergies Capital International S.A.
 
1.38%, 10/04/2029(b)
EUR
400,000
435,654
3.08%, 07/01/2031(b)
EUR
300,000
338,961
1.99%, 04/08/2032(b)
EUR
500,000
529,966
3.16%, 03/03/2033(b)
EUR
300,000
334,005
3.65%, 07/01/2035(b)
EUR
400,000
449,144
1.62%, 05/18/2040(b)
EUR
400,000
333,404
3.85%, 03/03/2045(b)
EUR
400,000
413,813
Unibail-Rodamco-Westfield SE, 1.38%,
12/04/2031(b)
EUR
300,000
304,897
Vinci S.A.
 
1.63%, 01/18/2029(b)
EUR
500,000
553,963
1.75%, 09/26/2030(b)
EUR
400,000
430,453
Westfield America Management Ltd.,
2.63%, 03/30/2029(b)
GBP
600,000
755,102
 
 
82,264,405
Germany-10.04%
Allianz Finance II B.V., Series 62,
4.50%, 03/13/2043(b)
GBP
800,000
896,016
Amprion GmbH
 
3.97%, 09/22/2032(b)
EUR
300,000
348,988
4.07%, 01/15/2038(b)
EUR
300,000
337,965
Aroundtown S.A., 3.50%,
05/13/2030(b)
EUR
400,000
449,277
BASF SE, 1.50%, 03/17/2031(b)
EUR
400,000
423,780
Bayer AG
 
0.38%, 01/12/2029(b)
EUR
300,000
321,838
1.13%, 01/06/2030(b)
EUR
500,000
531,415
0.63%, 07/12/2031(b)
EUR
400,000
397,738
1.38%, 07/06/2032(b)
EUR
600,000
600,931
4.63%, 05/26/2033(b)
EUR
400,000
478,682
Bayer Capital Corp. B.V., 2.13%,
12/15/2029(b)
EUR
500,000
551,167
BMW Finance N.V.
 
2.63%, 05/20/2028(b)
EUR
400,000
455,542
2.63%, 01/27/2029(b)
EUR
300,000
339,401
1.50%, 02/06/2029(b)
EUR
500,000
551,190
BMW International Investment B.V.,
3.13%, 07/22/2029(b)
EUR
250,000
285,454
BMW US Capital LLC, 3.38%,
02/02/2034(b)
EUR
355,000
391,049
See accompanying notes which are an integral part of this schedule.

Invesco International Corporate Bond ETF (PICB)—(continued)
July 31, 2026
(Unaudited)
 
Principal
Amount
Value
Germany-(continued)
Deutsche Bahn AG
 
1.13%, 12/18/2028(b)
EUR
300,000
$331,190
0.63%, 04/15/2036(b)
EUR
350,000
303,200
0.63%, 12/08/2050(b)
EUR
348,000
179,609
1.13%, 05/29/2051(b)
EUR
301,000
178,485
Deutsche Boerse AG, 3.88%,
09/28/2033(b)
EUR
400,000
466,439
Deutsche Post AG, 3.50%,
03/25/2036(b)
EUR
341,000
380,696
Deutsche Telekom AG
 
1.75%, 03/25/2031(b)
EUR
300,000
324,235
3.63%, 02/03/2045(b)
EUR
350,000
357,730
Deutsche Telekom International Finance
B.V., 2.00%, 12/01/2029(b)
EUR
300,000
333,677
E.ON International Finance B.V.
 
1.50%, 07/31/2029(b)
EUR
350,000
383,674
6.25%, 06/03/2030(b)
GBP
900,000
1,256,277
6.38%, 06/07/2032
GBP
1,132,000
1,589,902
4.75%, 01/31/2034(b)
GBP
700,000
888,098
5.88%, 10/30/2037(b)
GBP
1,050,000
1,374,298
6.75%, 01/27/2039(b)
GBP
750,000
1,045,478
6.13%, 07/06/2039(b)
GBP
1,150,000
1,511,844
E.ON SE
 
3.88%, 01/12/2035(b)
EUR
366,000
420,785
4.13%, 03/25/2044(b)(c)
EUR
345,000
384,333
EnBW International Finance B.V.,
3.75%, 11/20/2035(b)
EUR
306,000
344,545
Eurogrid GmbH, 3.73%, 10/18/2035(b)
EUR
400,000
448,194
Grand City Properties S.A., 0.13%,
01/11/2028(b)
EUR
300,000
329,362
Landesbank Hessen-Thueringen
Girozentrale, 3.00%, 03/05/2032(b)
EUR
300,000
336,634
Mercedes-Benz Group AG
 
1.50%, 07/03/2029(b)
EUR
510,000
559,810
0.75%, 09/10/2030(b)
EUR
300,000
310,078
1.13%, 11/06/2031(b)
EUR
400,000
405,374
0.75%, 03/11/2033(b)(c)
EUR
379,000
361,311
2.13%, 07/03/2037(b)
EUR
450,000
426,373
Mercedes-Benz International Finance
B.V.
 
3.20%, 05/13/2029(b)
EUR
200,000
228,757
3.25%, 11/15/2030(b)
EUR
328,000
372,683
3.70%, 05/30/2031(b)
EUR
300,000
348,126
Robert Bosch GmbH
 
3.63%, 06/02/2030(b)
EUR
400,000
462,038
4.00%, 06/02/2035(b)
EUR
400,000
457,864
4.38%, 06/02/2043(b)
EUR
500,000
552,273
RWE AG, 2.75%, 05/24/2030(b)
EUR
275,000
310,891
SAP SE
 
1.63%, 03/10/2031(b)
EUR
400,000
426,235
3.50%, 06/03/2033(b)
EUR
300,000
340,835
Siemens Financieringsmaatschappij N.V.
 
2.63%, 05/27/2029(b)
EUR
300,000
340,719
3.38%, 08/24/2031(b)
EUR
400,000
461,268
3.13%, 05/22/2032(b)
EUR
500,000
566,153
3.00%, 09/08/2033(b)
EUR
300,000
334,180
0.50%, 09/05/2034(b)(c)
EUR
300,000
276,480
3.63%, 05/27/2036(b)
EUR
400,000
454,083
3.38%, 02/22/2037(b)
EUR
400,000
439,398
3.75%, 09/10/2042(b)
GBP
700,000
719,603
3.63%, 02/22/2044(b)
EUR
500,000
523,209
 
Principal
Amount
Value
Germany-(continued)
Traton Finance Luxembourg S.A.,
0.75%, 03/24/2029(b)
EUR
500,000
$536,695
Volkswagen Bank GmbH
 
3.63%, 11/26/2028(b)
EUR
200,000
230,098
3.13%, 12/10/2029(b)
EUR
300,000
338,960
Volkswagen Financial Services AG
 
0.88%, 01/31/2028(b)
EUR
230,000
255,365
3.63%, 05/19/2029(b)
EUR
400,000
459,293
Volkswagen Financial Services N.V.,
2.13%, 01/18/2028(b)
GBP
600,000
774,144
Volkswagen International Finance N.V.
 
0.88%, 09/22/2028(b)
EUR
500,000
545,205
1.63%, 01/16/2030(b)
EUR
300,000
322,709
3.25%, 11/18/2030(b)
EUR
300,000
337,769
4.13%, 11/16/2038(b)
EUR
400,000
434,735
Volkswagen Leasing GmbH, 3.88%,
10/11/2028(b)
EUR
400,000
464,115
Vonovia SE, 0.75%, 09/01/2032(b)
EUR
400,000
380,733
Wintershall Dea Finance B.V.
 
1.33%, 09/25/2028(b)
EUR
300,000
329,156
1.82%, 09/25/2031(b)
EUR
400,000
411,855
 
 
36,027,691
Hong Kong-0.72%
MTR Corp. Ltd.
 
4.89%, 01/29/2031(b)
AUD
1,000,000
699,941
3.25%, 06/10/2034(b)
EUR
300,000
337,008
5.58%, 01/29/2038(b)
AUD
1,200,000
828,155
3.63%, 06/10/2038(b)
EUR
350,000
386,700
4.13%, 06/10/2046(b)
EUR
300,000
327,109
 
 
2,578,913
Italy-4.85%
ASTM S.p.A.
 
1.50%, 01/25/2030(b)
EUR
425,000
456,304
2.38%, 11/25/2033(b)
EUR
300,000
307,902
Autostrade per l’Italia S.p.A.
 
2.00%, 12/04/2028(b)
EUR
400,000
446,289
2.00%, 01/15/2030(b)
EUR
400,000
436,428
Enel Finance International N.V.
 
3.88%, 03/09/2029(b)
EUR
300,000
350,229
0.88%, 09/28/2034(b)
EUR
470,000
425,444
3.88%, 01/23/2035(b)
EUR
300,000
342,340
0.88%, 06/17/2036(b)
EUR
300,000
256,711
5.75%, 09/14/2040(b)
GBP
1,550,000
1,950,230
Enel S.p.A.
 
3.50%, 05/26/2030(b)
EUR
400,000
459,868
3.88%, 05/26/2033(b)
EUR
400,000
459,652
5.75%, 06/22/2037(b)
GBP
669,000
865,266
Eni S.p.A.
 
4.30%, 02/10/2028(b)
EUR
500,000
587,627
3.63%, 01/29/2029(b)
EUR
425,000
494,196
0.63%, 01/23/2030(b)
EUR
400,000
419,966
2.00%, 05/18/2031(b)
EUR
350,000
377,026
4.25%, 05/19/2033(b)
EUR
400,000
470,958
3.88%, 01/15/2034(b)
EUR
300,000
344,020
4.00%, 05/26/2035(b)
EUR
400,000
454,881
Intesa Sanpaolo S.p.A.
 
0.75%, 03/16/2028(b)
EUR
500,000
554,539
1.75%, 07/04/2029(b)
EUR
323,000
355,904
4.88%, 05/19/2030(b)
EUR
400,000
482,721
3.63%, 10/16/2030(b)
EUR
300,000
347,742
See accompanying notes which are an integral part of this schedule.

Invesco International Corporate Bond ETF (PICB)—(continued)
July 31, 2026
(Unaudited)
 
Principal
Amount
Value
Italy-(continued)
5.13%, 08/29/2031(b)
EUR
500,000
$615,038
6.63%, 05/31/2033(b)
GBP
800,000
1,139,487
Italgas S.p.A., 3.13%, 02/08/2029(b)
EUR
300,000
343,372
Snam S.p.A.
 
3.25%, 07/01/2032(b)
EUR
300,000
336,358
3.88%, 02/19/2034(b)
EUR
400,000
459,090
5.75%, 11/26/2036(b)
GBP
700,000
921,951
UniCredit S.p.A.
 
0.85%, 01/19/2031(b)
EUR
313,000
321,237
4.00%, 03/05/2034(b)
EUR
400,000
463,444
4.20%, 06/11/2034(b)
EUR
300,000
347,828
3.73%, 06/10/2035(b)
EUR
400,000
452,498
Unipol Assicurazioni S.p.A., 3.25%,
09/23/2030(b)
EUR
300,000
344,944
 
 
17,391,490
Japan-2.49%
East Japan Railway Co., 5.56%,
09/04/2054(b)
GBP
700,000
823,500
Mizuho Financial Group, Inc., 0.69%,
10/07/2030(b)
EUR
300,000
307,725
NTT Finance Corp.
 
2.91%, 03/16/2029(b)
EUR
400,000
454,515
0.34%, 03/03/2030(b)
EUR
400,000
411,178
3.68%, 07/16/2033(b)
EUR
350,000
395,082
4.09%, 07/16/2037(b)
EUR
550,000
619,228
Series 17, 0.28%, 12/20/2027
JPY
200,000,000
1,232,004
Series 18, 0.38%, 09/20/2030
JPY
500,000,000
2,901,319
Sumitomo Mitsui Banking Corp., 3.54%,
04/02/2030(b)
EUR
200,000
230,176
Sumitomo Mitsui Financial Group, Inc.,
0.63%, 10/23/2029(b)
EUR
425,000
448,100
Takeda Pharmaceutical Co. Ltd.
 
3.00%, 11/21/2030(b)
EUR
500,000
563,827
1.38%, 07/09/2032
EUR
300,000
301,311
2.00%, 07/09/2040
EUR
300,000
259,429
 
 
8,947,394
Netherlands-3.55%
ABN AMRO Bank N.V.
 
4.38%, 10/20/2028(b)
EUR
400,000
470,723
2.63%, 01/16/2029(b)
EUR
300,000
340,217
2.75%, 06/04/2029(b)
EUR
300,000
341,153
0.50%, 09/23/2029(b)
EUR
400,000
421,121
3.13%, 01/21/2030(b)
EUR
500,000
572,636
4.25%, 02/21/2030(b)
EUR
500,000
589,861
3.38%, 04/09/2030(b)
EUR
300,000
344,919
4.63%, 11/08/2030(b)
GBP
800,000
1,048,835
3.88%, 01/15/2032(b)
EUR
300,000
347,235
5.38%, 12/21/2032(b)
GBP
600,000
800,120
1.00%, 06/02/2033(b)
EUR
300,000
287,824
1.25%, 01/20/2034(b)
EUR
300,000
287,655
4.50%, 11/21/2034(b)
EUR
300,000
359,685
Cooperatieve Rabobank U.A.
 
4.63%, 05/23/2029(b)
GBP
1,100,000
1,452,440
4.00%, 01/10/2030(b)
EUR
400,000
468,785
1.13%, 05/07/2031(b)
EUR
400,000
412,298
3.82%, 07/26/2034(b)
EUR
300,000
346,665
3.55%, 10/08/2035(b)
EUR
400,000
448,849
ING Bank N.V.
 
2.63%, 12/01/2028(b)
EUR
300,000
340,861
 
Principal
Amount
Value
Netherlands-(continued)
3.25%, 05/12/2029(b)
EUR
300,000
$344,587
3.63%, 05/12/2033(b)
EUR
300,000
343,764
ING Groep N.V.
 
1.38%, 01/11/2028(b)
EUR
400,000
450,096
2.00%, 09/20/2028(b)
EUR
500,000
561,390
2.50%, 11/15/2030(b)
EUR
500,000
552,935
Koninklijke KPN N.V., 3.88%,
02/16/2036(b)
EUR
300,000
337,652
Tennet Netherlands B.V., 4.50%,
10/28/2034(b)
EUR
400,000
483,431
 
 
12,755,737
New Zealand-0.79%
ASB Bank Ltd., 4.10%, 09/02/2030(b)
NZD
1,400,000
812,052
Bank of New Zealand, 5.87%,
09/01/2028(b)
NZD
1,050,000
638,838
Westpac New Zealand Ltd.
 
4.34%, 09/24/2029
NZD
1,300,000
764,176
3.87%, 11/19/2030
NZD
1,100,000
630,232
 
 
2,845,298
Norway-2.65%
Equinor ASA
 
6.88%, 03/11/2031(b)
GBP
900,000
1,303,230
1.38%, 05/22/2032(b)
EUR
300,000
306,276
1.63%, 02/17/2035(b)
EUR
300,000
291,676
Norway Government Bond
 
Series 479, 1.75%, 02/17/2027(b)
NOK
5,000,000
519,512
Series 480, 2.00%, 04/26/2028(b)
NOK
13,570,000
1,369,267
Series 481, 1.75%, 09/06/2029(b)
NOK
5,800,000
562,230
Series 482, 1.38%, 08/19/2030(b)
NOK
8,100,000
756,948
Series 483, 1.25%, 09/17/2031(b)
NOK
6,450,000
582,163
Series 484, 2.13%, 05/18/2032(b)
NOK
4,642,000
432,859
Series 486, 3.00%, 08/15/2033(b)
NOK
6,500,000
628,958
Series 487, 3.63%, 04/13/2034(b)
NOK
5,000,000
500,452
Series 488, 3.63%, 05/31/2039(b)
NOK
1,800,000
174,888
Series 489, 3.75%, 06/12/2035(b)
NOK
9,900,000
993,990
Series 490, 4.13%, 06/03/2036(b)
NOK
3,000,000
308,249
Telenor ASA, 1.13%, 05/31/2029(b)
EUR
400,000
434,920
Var Energi ASA, 3.88%, 03/12/2031(b)
EUR
300,000
344,825
 
 
9,510,443
Portugal-0.15%
EDP Finance B.V., 1.88%,
09/21/2029(b)
EUR
500,000
550,885
Singapore-0.69%
DBS Bank Ltd., 5.07%, 02/13/2031(b)
AUD
1,100,000
770,229
Temasek Financial I Ltd., 5.13%,
07/26/2040(b)
GBP
500,000
643,147
United Overseas Bank Ltd., 5.02%,
01/29/2031
AUD
1,500,000
1,046,941
 
 
2,460,317
Spain-4.73%
Abertis Infraestructuras S.A.
 
2.38%, 09/27/2027(b)
EUR
300,000
342,409
3.00%, 03/27/2031(b)
EUR
400,000
448,675
Banco Bilbao Vizcaya Argentaria S.A.
 
4.38%, 10/14/2029(b)
EUR
400,000
476,356
3.13%, 07/15/2030(b)
EUR
400,000
454,164
3.50%, 03/26/2031(b)
EUR
300,000
347,333
3.88%, 01/15/2034(b)(c)
EUR
400,000
468,553
See accompanying notes which are an integral part of this schedule.

Invesco International Corporate Bond ETF (PICB)—(continued)
July 31, 2026
(Unaudited)
 
Principal
Amount
Value
Spain-(continued)
3.75%, 08/26/2035(b)
EUR
300,000
$341,830
3.75%, 01/15/2036(b)
EUR
500,000
562,888
Banco Santander S.A.
 
3.88%, 04/22/2029(b)
EUR
400,000
466,402
3.00%, 01/12/2030(b)
EUR
300,000
340,964
5.13%, 01/25/2030(b)
GBP
500,000
672,360
4.25%, 06/12/2030(b)
EUR
300,000
355,067
1.63%, 10/22/2030(b)
EUR
400,000
424,401
5.38%, 01/17/2031(b)
GBP
700,000
946,578
4.88%, 10/18/2031(b)
EUR
700,000
849,077
1.00%, 11/04/2031(b)
EUR
300,000
303,002
3.25%, 05/27/2032(b)
EUR
300,000
338,663
3.50%, 10/02/2032(b)
EUR
300,000
339,823
3.75%, 01/09/2034(b)
EUR
500,000
574,246
3.50%, 02/17/2035(b)
EUR
400,000
445,910
3.75%, 01/12/2036(b)
EUR
300,000
340,224
CaixaBank S.A.
 
3.75%, 09/07/2029(b)
EUR
300,000
349,707
4.25%, 09/06/2030(b)
EUR
400,000
474,849
4.38%, 11/29/2033(b)
EUR
400,000
481,315
3.38%, 06/26/2035(b)
EUR
300,000
334,606
Cellnex Finance Co. S.A.
 
1.50%, 06/08/2028(b)
EUR
400,000
446,113
2.00%, 02/15/2033(b)
EUR
400,000
410,629
Cellnex Telecom S.A., 1.75%,
10/23/2030(b)
EUR
300,000
321,159
Iberdrola Finanzas S.A.
 
1.38%, 03/11/2032(b)
EUR
300,000
307,882
5.25%, 10/31/2036(b)
GBP
600,000
769,040
Santander Consumer Finance S.A.,
3.75%, 01/17/2029(b)
EUR
400,000
465,203
Telefonica Emisiones S.A.
 
1.72%, 01/12/2028(b)
EUR
400,000
452,098
1.79%, 03/12/2029(b)
EUR
400,000
443,990
0.66%, 02/03/2030(b)(c)
EUR
400,000
418,823
2.59%, 05/25/2031(b)
EUR
400,000
440,281
3.70%, 01/24/2032(b)
EUR
300,000
342,386
3.71%, 05/02/2033(b)
EUR
300,000
337,383
3.72%, 01/23/2034(b)
EUR
300,000
335,302
 
 
16,969,691
Sweden-2.29%
Skandinaviska Enskilda Banken AB
 
0.63%, 11/12/2029(b)
EUR
400,000
421,124
3.38%, 03/19/2030(b)
EUR
300,000
344,100
3.38%, 05/07/2031(b)
EUR
300,000
343,546
Svenska Handelsbanken AB
 
0.05%, 09/06/2028(b)
EUR
400,000
432,294
1.38%, 02/23/2029(b)
EUR
330,000
362,635
0.50%, 02/18/2030(b)
EUR
300,000
311,808
3.50%, 04/29/2033(b)
EUR
300,000
339,178
Swedbank AB, 4.13%, 11/13/2028(b)
EUR
400,000
469,827
Sweden Government Bond
 
Series 1056, 2.25%, 06/01/2032(b)
SEK
1,200,000
122,390
Series 1059, 1.00%, 11/12/2026(b)
SEK
5,300,000
554,108
Series 1060, 0.75%, 05/12/2028(b)
SEK
14,000,000
1,424,503
Series 1061, 0.75%, 11/12/2029(b)
SEK
15,900,000
1,572,234
Series 1062, 0.13%, 05/12/2031(b)
SEK
2,500,000
232,469
Vattenfall AB, 6.88%, 04/15/2039(b)
GBP
900,000
1,279,111
 
 
8,209,327
 
Principal
Amount
Value
Switzerland-1.22%
Holcim Finance (Luxembourg) S.A.,
0.50%, 09/03/2030(b)
EUR
300,000
$306,135
Lonza Finance International N.V.,
3.88%, 04/24/2036(b)
EUR
300,000
338,428
Richemont International Holding S.A.
 
1.50%, 03/26/2030(b)
EUR
500,000
541,035
2.00%, 03/26/2038(b)
EUR
400,000
376,732
Swisscom Finance B.V.
 
3.50%, 11/29/2031(b)
EUR
400,000
458,488
3.63%, 11/29/2036(b)
EUR
300,000
334,670
UBS AG, 0.50%, 03/31/2031(b)
EUR
400,000
402,722
UBS Group AG
 
0.65%, 09/10/2029(b)
EUR
300,000
318,261
0.88%, 11/03/2031(b)
EUR
400,000
400,074
0.63%, 01/18/2033(b)
EUR
548,000
516,706
0.63%, 02/24/2033(b)
EUR
400,000
376,012
 
 
4,369,263
United Kingdom-14.62%
Anglian Water Services Financing PLC
 
6.00%, 06/20/2039(b)
GBP
603,000
756,899
5.75%, 06/07/2043(b)
GBP
600,000
700,206
6.25%, 09/12/2044(b)
GBP
800,000
977,884
B.A.T. International Finance PLC
 
2.25%, 01/16/2030(b)
EUR
400,000
442,371
6.00%, 11/24/2034(b)
GBP
575,000
778,024
Barclays Bank PLC, 3.32%,
06/17/2029(b)
EUR
400,000
459,517
Blend Funding PLC
 
5.26%, 06/11/2032(b)
GBP
950,000
1,269,921
3.46%, 09/21/2047(b)
GBP
600,000
526,977
2.92%, 04/05/2054(b)
GBP
700,000
511,226
British Telecommunications PLC
 
3.13%, 11/21/2031(b)
GBP
650,000
789,910
6.38%, 06/23/2037(b)
GBP
550,000
750,431
Cadent Finance PLC
 
2.63%, 09/22/2038(b)
GBP
800,000
738,994
2.75%, 09/22/2046(b)
GBP
900,000
684,012
CCEP Finance (Ireland) DAC, 0.88%,
05/06/2033(b)
EUR
300,000
288,566
Centrica PLC, 4.25%, 09/12/2044(b)
GBP
700,000
700,450
Clarion Funding PLC, 3.13%,
04/19/2048(b)
GBP
630,000
511,600
Community Finance Co. 1 PLC, 5.02%,
07/31/2034
GBP
500,000
657,730
Diageo Finance PLC
 
3.13%, 02/28/2031(b)
EUR
300,000
339,609
2.50%, 03/27/2032(b)
EUR
400,000
433,988
2.75%, 06/08/2038(b)
GBP
700,000
688,318
easyJet FinCo B.V., 1.88%,
03/03/2028(b)
EUR
400,000
451,650
GlaxoSmithKline Capital PLC
 
5.25%, 12/19/2033
GBP
700,000
943,718
1.63%, 05/12/2035(b)
GBP
800,000
785,431
6.38%, 03/09/2039
GBP
700,000
965,304
Heathrow Funding Ltd.
 
6.45%, 12/10/2031(b)
GBP
1,050,000
1,473,499
5.88%, 05/13/2041(b)
GBP
800,000
1,000,173
4.63%, 10/31/2046(b)
GBP
900,000
930,837
High Speed Rail Finance 1 PLC, 4.38%,
11/01/2038(b)
GBP
750,000
915,495
See accompanying notes which are an integral part of this schedule.

Invesco International Corporate Bond ETF (PICB)—(continued)
July 31, 2026
(Unaudited)
 
Principal
Amount
Value
United Kingdom-(continued)
Housing & Care 21, 3.29%,
11/08/2049(b)
GBP
600,000
$503,663
HSBC Holdings PLC, 7.00%,
04/07/2038(b)
GBP
800,000
1,119,886
Imperial Brands Finance Netherlands
B.V.
 
5.25%, 02/15/2031(b)
EUR
400,000
485,841
1.75%, 03/18/2033(b)
EUR
400,000
394,986
Imperial Brands Finance PLC
 
4.88%, 06/07/2032(b)
GBP
500,000
646,348
3.88%, 02/12/2034(b)
EUR
300,000
334,706
Lloyds Bank PLC, 6.50%,
09/17/2040(b)
GBP
1,060,000
1,474,027
LSEGA Financing PLC, 4.88%,
09/19/2032(b)
GBP
600,000
785,209
Motability Operations Group PLC
 
4.00%, 01/17/2030(b)
EUR
300,000
349,479
3.88%, 01/24/2034(b)
EUR
400,000
452,474
4.25%, 06/17/2035(b)
EUR
300,000
345,355
3.63%, 03/10/2036(b)
GBP
600,000
669,126
2.38%, 07/03/2039(b)
GBP
600,000
531,059
2.13%, 01/18/2042(b)
GBP
600,000
464,697
5.75%, 06/17/2051(b)
GBP
550,000
639,768
5.63%, 01/24/2054(b)
GBP
600,000
685,009
National Grid Electricity Distribution
(West Midlands) PLC, 5.75%,
04/16/2032(b)
GBP
725,000
984,199
National Grid PLC, 4.28%,
01/16/2035(b)
EUR
300,000
349,439
Nationwide Building Society
 
3.00%, 03/03/2030(b)
EUR
400,000
452,886
3.13%, 08/18/2032(b)
EUR
300,000
334,727
NatWest Markets PLC
 
5.00%, 11/18/2029(b)
GBP
600,000
801,310
3.13%, 01/10/2030(b)
EUR
300,000
341,552
3.00%, 09/03/2030(b)
EUR
400,000
450,744
3.13%, 01/13/2031(b)
EUR
400,000
451,320
NIE Finance PLC, 5.88%,
09/03/2041(b)
GBP
700,000
896,639
Optivo Finance PLC, 5.25%,
03/13/2043(b)
GBP
600,000
702,902
Places For People Treasury PLC
 
6.25%, 12/06/2041(b)
GBP
600,000
774,425
5.75%, 05/11/2055(b)
GBP
500,000
574,395
Reckitt Benckiser Treasury Services
PLC, 1.75%, 05/19/2032(b)
GBP
600,000
668,474
Rothesay Life PLC
 
7.73%, 05/16/2033(b)
GBP
600,000
869,231
7.02%, 12/10/2034(b)
GBP
600,000
838,169
Sanctuary Capital PLC, 2.38%,
04/14/2050(b)
GBP
650,000
437,666
Santander UK PLC, 3.35%,
03/25/2030(b)
EUR
400,000
457,933
Scottish Hydro Electric Transmission
PLC, 5.50%, 01/15/2044(b)
GBP
550,000
663,300
Scottish Widows Ltd., 7.00%,
06/16/2043(b)
GBP
750,000
1,011,763
Severn Trent Utilities Finance PLC,
4.88%, 01/24/2042(b)
GBP
700,000
778,131
Standard Chartered PLC
 
3.93%, 05/28/2032(b)(d)
EUR
300,000
346,092
 
Principal
Amount
Value
United Kingdom-(continued)
5.13%, 06/06/2034(b)
GBP
600,000
$759,516
4.38%, 01/18/2038(b)
GBP
600,000
694,599
T.H.F.C. (Funding No.3) PLC, 5.20%,
10/11/2043(b)
GBP
1,100,000
1,302,711
Unilever Finance Netherlands B.V.,
1.75%, 03/25/2030(b)
EUR
300,000
327,610
University of Oxford, 2.54%,
12/08/2117(b)
GBP
1,150,000
644,943
Vodafone Group PLC
 
1.63%, 11/24/2030(b)
EUR
300,000
320,135
6.38%, 07/03/2050(b)
GBP
600,000
754,748
5.13%, 12/02/2052(b)
GBP
600,000
631,334
Wellcome Trust Finance PLC, 4.63%,
07/25/2036(b)
GBP
600,000
753,455
Wellcome Trust Ltd. (The)
 
1.50%, 07/14/2071(b)
GBP
920,000
379,601
2.52%, 02/07/2118(b)
GBP
800,000
446,644
WPP Finance 2013, 3.63%,
06/09/2031(b)(c)
EUR
300,000
335,742
Yorkshire Water Finance PLC
 
6.38%, 11/18/2034(b)
GBP
600,000
807,583
2.75%, 04/18/2041(b)
GBP
900,000
750,060
 
 
52,448,351
United States-3.64%
BG Energy Capital PLC, 5.00%,
11/04/2036(b)
GBP
850,000
1,075,152
BP Capital Markets PLC
 
1.23%, 05/08/2031(b)
EUR
400,000
413,031
2.82%, 04/07/2032(b)
EUR
400,000
440,234
Medtronic Global Holdings S.C.A.
 
0.38%, 10/15/2028
EUR
400,000
433,130
3.00%, 10/15/2028
EUR
300,000
343,974
1.63%, 03/07/2031
EUR
400,000
424,097
3.13%, 10/15/2031
EUR
200,000
224,697
0.75%, 10/15/2032
EUR
400,000
388,012
3.38%, 10/15/2034
EUR
300,000
335,375
1.50%, 07/02/2039
EUR
400,000
337,278
1.38%, 10/15/2040
EUR
300,000
238,989
1.63%, 10/15/2050
EUR
400,000
257,050
Nestle Finance International Ltd.,
0.38%, 05/12/2032(b)
EUR
350,000
342,212
Nestle Holdings, Inc., 2.50%,
04/04/2032(b)
GBP
700,000
827,657
Robert Bosch Finance LLC, 2.75%,
05/28/2028(b)
EUR
400,000
456,332
Sanofi S.A.
 
1.50%, 04/01/2030(b)
EUR
300,000
325,113
Series 12FX, 1.38%, 03/21/2030(b)
EUR
700,000
755,660
Series 20FX, 1.88%, 03/21/2038(b)
EUR
400,000
375,775
Schneider Electric SE, 3.62%,
09/02/2037(b)
EUR
300,000
335,163
Shell International Finance B.V.
 
0.50%, 11/08/2031(b)
EUR
400,000
397,120
1.88%, 04/07/2032(b)
EUR
400,000
421,922
1.25%, 11/11/2032(b)
EUR
300,000
301,135
0.88%, 11/08/2039(b)
EUR
300,000
229,251
1.75%, 09/10/2052(b)
GBP
600,000
341,407
Stellantis N.V.
 
4.50%, 07/07/2028(b)
EUR
400,000
467,843
0.75%, 01/18/2029(b)
EUR
400,000
427,715
4.38%, 03/14/2030(b)
EUR
400,000
463,958
See accompanying notes which are an integral part of this schedule.

Invesco International Corporate Bond ETF (PICB)—(continued)
July 31, 2026
(Unaudited)
 
Principal
Amount
Value
United States-(continued)
4.25%, 06/16/2031(b)
EUR
400,000
$455,073
2.75%, 04/01/2032(b)
EUR
400,000
417,656
1.25%, 06/20/2033(b)
EUR
500,000
452,427
Toyota Motor Credit Corp., 3.63%,
07/15/2031(b)
EUR
300,000
345,762
 
 
13,050,200
Total Non-U.S. Dollar Denominated Bonds & Notes
(Cost $361,740,791)
353,293,440
 
Shares
 
Money Market Funds-0.35%
Invesco Government & Agency Portfolio,
Institutional Class, 3.64%(e)(f)
(Cost $1,266,001)
 
1,266,001
1,266,001
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-98.83%
(Cost $363,006,792)
354,559,441
 
Shares
Value
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-0.70%
Invesco Private Government Fund,
3.69%(e)(f)(g)
 
696,138
$696,138
Invesco Private Prime Fund,
3.82%(e)(f)(g)
 
1,808,534
1,808,715
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $2,504,775)
2,504,853
TOTAL INVESTMENTS IN SECURITIES-99.53%
(Cost $365,511,567)
357,064,294
OTHER ASSETS LESS LIABILITIES-0.47%
1,692,497
NET ASSETS-100.00%
$358,756,791
 
Investment Abbreviations:
AUD-Australian Dollar
CAD-Canadian Dollar
EUR-Euro
GBP-British Pound Sterling
JPY-Japanese Yen
NOK-Norwegian Krone
NZD-New Zealand Dollar
SEK-Swedish Krona
 
Notes to Schedule of Investments:
(a)
Foreign denominated security. Principal amount is denominated in the currency indicated.
(b)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
July 31, 2026 was $283,125,193, which represented 78.92% of the Fund’s Net Assets.
(c)
All or a portion of this security was out on loan at July 31, 2026.
(d)
Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.
(e)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the nine months ended July 31, 2026.
 
 
Value
October 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
July 31, 2026
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$717,695
$26,049,344
$(25,501,038
)
$-
$-
$1,266,001
$28,943
Investments Purchased with
Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
524,385
1,707,928
(1,536,175
)
-
-
696,138
22,230
*
Invesco Private Prime Fund
1,359,240
4,317,457
(3,867,976
)
80
(86
)
1,808,715
23,099
*
Total
$2,601,320
$32,074,729
$(30,905,189
)
$80
$(86
)
$3,770,854
$74,272
 
*
Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from
borrowers, if any.
 
See accompanying notes which are an integral part of this schedule.

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

Notes to Quarterly Schedules of Portfolio Holdings
July 31, 2026
(Unaudited)
NOTE 1—Additional Valuation Information
Generally Accepted Accounting Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect Invesco Capital Management LLC’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of July 31, 2026. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. 
 
Level 1
Level 2
Level 3
Total
Invesco 0-5 Yr US TIPS ETF
Investments in Securities
U.S. Treasury Securities
$-
$115,494,823
$-
$115,494,823
Money Market Funds
202,807
-
-
202,807
Total Investments
$202,807
$115,494,823
$-
$115,697,630
Invesco Emerging Markets Sovereign Debt ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes
$-
$1,357,565,855
$-
$1,357,565,855
Money Market Funds
2,987,770
57,203,572
-
60,191,342
Total Investments
$2,987,770
$1,414,769,427
$-
$1,417,757,197
Invesco Global ex-US High Yield Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes
$-
$219,376,515
$-
$219,376,515
Common Stocks & Other Equity Interests
-
294,528
160,385
454,913
Money Market Funds
3,001,206
15,842,939
-
18,844,145
Total Investments in Securities
3,001,206
235,513,982
160,385
238,675,573
Other Investments - Assets
Investments Matured
-
405,809
4,875
410,684
Total Investments
$3,001,206
$235,919,791
$165,260
$239,086,257
Invesco International Corporate Bond ETF
Investments in Securities
Non-U.S. Dollar Denominated Bonds & Notes
$-
$353,293,440
$-
$353,293,440
Money Market Funds
1,266,001
2,504,853
-
3,770,854
Total Investments
$1,266,001
$355,798,293
$-
$357,064,294