The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM NPORT-P
Monthly Portfolio Investments Report

NPORT-P: Filer Information

Confidential ☐
Filer CIK
0001418144
Filer CCC
********
Filer Investment Company Type
Is this a LIVE or TEST Filing? ☐ LIVE ☐ TEST
Would you like a Return Copy? ☐
Is this an electronic copy of an official filing submitted in paper format? ☐

Submission Contact Information

Name
Phone
E-Mail Address

Notification Information

Notify via Filing Website only? ☐
Notification E-mail Address
Series ID
S000088835
Class (Contract) ID
C000255210

NPORT-P: Part A: General Information

Item A.1. Information about the Registrant.

a. Name of Registrant
Invesco Actively Managed Exchange-Traded Fund Trust
b. Investment Company Act file number for Registrant: (e.g., 811-______)
811-22148
c. CIK number of Registrant
0001418144
d. LEI of Registrant
549300S7YWBLZ3UGI217
e. Address and telephone number of Registrant:
i. Street Address 1
3500 Lacey Road
ii. Street Address 2
Suite 700
iii. City
Downers Grove
iv. State, if applicable
v. Foreign country, if applicable
vi. Zip / Postal Code
60515
vii. Telephone number
800-983-0903

Item A.2. Information about the Series.

a. Name of Series.
Invesco Top QQQ ETF
b. EDGAR series identifier (if any).
S000088835
c. LEI of Series.
2549004VNWRP6Q2C8A76

Item A.3. Reporting period.

a. Date of fiscal year-end.
2025-10-31
b. Date as of which information is reported.
2025-07-31

Item A.4. Final filing

a. Does the Fund anticipate that this will be its final filing on Form N PORT? ☐ Yes ☒ No

NPORT-P: Part B: Information About the Fund

Report the following information for the Fund and its consolidated subsidiaries.

Item B.1. Assets and liabilities. Report amounts in U.S. dollars.

a. Total assets, including assets attributable to miscellaneous securities reported in Part D.
48335769.37
b. Total liabilities.
15290744.08
c. Net assets.
33045025.29

Item B.2. Certain assets and liabilities. Report amounts in U.S. dollars.

a. Assets attributable to miscellaneous securities reported in Part D.
0.00000000
b. Assets invested in a Controlled Foreign Corporation for the purpose of investing in certain types of instruments such as, but not limited to, commodities.
0.00000000
c. Borrowings attributable to amounts payable for notes payable, bonds, and similar debt, as reported pursuant to rule 6-04(13)(a) of Regulation S-X [17 CFR 210.6-04(13)(a)].
Amounts payable within one year.
Banks or other financial institutions for borrowings.
0.00000000
Controlled companies.
0.00000000
Other affiliates.
0.00000000
Others.
0.00000000
Amounts payable after one year.
Banks or other financial institutions for borrowings.
0.00000000
Controlled companies.
0.00000000
Other affiliates.
0.00000000
Others.
0.00000000
d. Payables for investments purchased either (i) on a delayed delivery, when-issued, or other firm commitment basis, or (ii) on a standby commitment basis.
(i) On a delayed delivery, when-issued, or other firm commitment basis:
0.00000000
(ii) On a standby commitment basis:
0.00000000
e. Liquidation preference of outstanding preferred stock issued by the Fund.
0.00000000
f. Cash and cash equivalents not reported in Parts C and D.
0.00000000

Item B.3. Portfolio level risk metrics.

If the average value of the Fund's debt securities positions for the previous three months, in the aggregate, exceeds 25% or more of the Fund's net asset value, provide:
a. Interest Rate Risk (DV01). For each currency for which the Fund had a value of 1% or more of the Fund’s net asset value, provide the change in value of the portfolio resulting from a 1 basis point change in interest rates, for each of the following maturities: 3 month, 1 year, 5 years, 10 years, and 30 years.
b. Interest Rate Risk (DV100). For each currency for which the Fund had a value of 1% or more of the Fund’s net asset value, provide the change in value of the portfolio resulting from a 100 basis point change in interest rates, for each of the following maturities: 3 month, 1 year, 5 years, 10 years, and 30 years.

Currency Metric RecordISO Currency code3 month1 year5 years10 years30 years
— — — — — — —

c. Credit Spread Risk (SDV01, CR01 or CS01). Provide the change in value of the portfolio resulting from a 1 basis point change in credit spreads where the shift is applied to the option adjusted spread, aggregated by investment grade and non-investment grade exposures, for each of the following maturities: 3 month, 1 year, 5 years, 10 years, and 30 years.

Credit Spread Risk3 month1 year5 years10 years30 years
— — — — — —

For purposes of Item B.3., calculate value as the sum of the absolute values of:
(i) the value of each debt security,
(ii) the notional value of each swap, including, but not limited to, total return swaps, interest rate swaps, and credit default swaps, for which the underlying reference asset or assets are debt securities or an interest rate;
(iii) the notional value of each futures contract for which the underlying reference asset or assets are debt securities or an interest rate; and
(iv) the delta-adjusted notional value of any option for which the underlying reference asset is an asset described in clause (i),(ii), or (iii).

Report zero for maturities to which the Fund has no exposure. For exposures that fall between any of the listed maturities in (a) and (b), use linear interpolation to approximate exposure to each maturity listed above. For exposures outside of the range of maturities listed above, include those exposures in the nearest maturity.

Item B.4. Securities lending.

a. For each borrower in any securities lending transaction, provide the following information:

Borrower Information RecordName of borrowerLEI (if any) of borrowerAggregate value of all securities on loan to the borrower
— — — —

b. Did any securities lending counterparty provide any non-cash collateral? ☐ Yes ☒ No

Item B.5. Return information.

a. Monthly total returns of the Fund for each of the preceding three months. If the Fund is a Multiple Class Fund, report returns for each class. Such returns shall be calculated in accordance with the methodologies outlined in Item 26(b) (1) of Form N-1A, Instruction 13 to sub-Item 1 of Item 4 of Form N-2, or Item 26(b) (i) of Form N-3, as applicable.

Monthly Total Return Record Monthly total returns of the Fund for each of the preceding three months Class identification number(s) (if any) of the Class(es) for which returns are reported
Month 1 Month 2 Month 3
#113.163322007.931502006.48940400C000255210

b. For each of the preceding three months, monthly net realized gain (loss) and net change in unrealized appreciation (or depreciation) attributable to derivatives for each of the following categories: commodity contracts, credit contracts, equity contracts, foreign exchange contracts, interest rate contracts, and other contracts. Within each such asset category, further report the same information for each of the following types of derivatives instrument: forward, future, option, swaption, swap, warrant, and other. Report in U.S. dollars. Losses and depreciation shall be reported as negative numbers.

Asset category Instrument type Month 1 Month 2 Month 3
Monthly net realized gain(loss) Monthly net change in unrealized appreciation (or depreciation) Monthly net realized gain(loss) Monthly net change in unrealized appreciation (or depreciation) Monthly net realized gain(loss) Monthly net change in unrealized appreciation (or depreciation)
Commodity Contracts0.000000000.000000000.000000000.000000000.000000000.00000000
Forward 0.000000000.000000000.000000000.000000000.000000000.00000000
Future 0.000000000.000000000.000000000.000000000.000000000.00000000
Option 0.000000000.000000000.000000000.000000000.000000000.00000000
Swaption 0.000000000.000000000.000000000.000000000.000000000.00000000
Swap 0.000000000.000000000.000000000.000000000.000000000.00000000
Warrant 0.000000000.000000000.000000000.000000000.000000000.00000000
Other 0.000000000.000000000.000000000.000000000.000000000.00000000
Credit Contracts0.000000000.000000000.000000000.000000000.000000000.00000000
Forward 0.000000000.000000000.000000000.000000000.000000000.00000000
Future 0.000000000.000000000.000000000.000000000.000000000.00000000
Option 0.000000000.000000000.000000000.000000000.000000000.00000000
Swaption 0.000000000.000000000.000000000.000000000.000000000.00000000
Swap 0.000000000.000000000.000000000.000000000.000000000.00000000
Warrant 0.000000000.000000000.000000000.000000000.000000000.00000000
Other 0.000000000.000000000.000000000.000000000.000000000.00000000
Equity Contracts0.000000001773740.50.000000001186101.770.000000001046897.82
Forward 0.000000000.000000000.000000000.000000000.000000000.00000000
Future 0.000000000.000000000.000000000.000000000.000000000.00000000
Option 0.000000000.000000000.000000000.000000000.000000000.00000000
Swaption 0.000000000.000000000.000000000.000000000.000000000.00000000
Swap 0.000000001773740.50.000000001186101.770.000000001046897.82
Warrant 0.000000000.000000000.000000000.000000000.000000000.00000000
Other 0.000000000.000000000.000000000.000000000.000000000.00000000
Foreign Exchange Contracts0.000000000.000000000.000000000.000000000.000000000.00000000
Forward 0.000000000.000000000.000000000.000000000.000000000.00000000
Future 0.000000000.000000000.000000000.000000000.000000000.00000000
Option 0.000000000.000000000.000000000.000000000.000000000.00000000
Swaption 0.000000000.000000000.000000000.000000000.000000000.00000000
Swap 0.000000000.000000000.000000000.000000000.000000000.00000000
Warrant 0.000000000.000000000.000000000.000000000.000000000.00000000
Other 0.000000000.000000000.000000000.000000000.000000000.00000000
Interest Rate Contracts0.000000000.000000000.000000000.000000000.000000000.00000000
Forward 0.000000000.000000000.000000000.000000000.000000000.00000000
Future 0.000000000.000000000.000000000.000000000.000000000.00000000
Option 0.000000000.000000000.000000000.000000000.000000000.00000000
Swaption 0.000000000.000000000.000000000.000000000.000000000.00000000
Swap 0.000000000.000000000.000000000.000000000.000000000.00000000
Warrant 0.000000000.000000000.000000000.000000000.000000000.00000000
Other 0.000000000.000000000.000000000.000000000.000000000.00000000
Other Contracts0.000000000.000000000.000000000.000000000.000000000.00000000
Forward 0.000000000.000000000.000000000.000000000.000000000.00000000
Future 0.000000000.000000000.000000000.000000000.000000000.00000000
Option 0.000000000.000000000.000000000.000000000.000000000.00000000
Swaption 0.000000000.000000000.000000000.000000000.000000000.00000000
Swap 0.000000000.000000000.000000000.000000000.000000000.00000000
Warrant 0.000000000.000000000.000000000.000000000.000000000.00000000
Other 0.000000000.000000000.000000000.000000000.000000000.00000000

c. For each of the preceding three months, monthly net realized gain (loss) and net change in unrealized appreciation (or depreciation) attributable to investment other than derivatives. Report in U.S. dollars. Losses and depreciation shall be reported as negative numbers.

MonthMonthly net realized gain(loss)Monthly net change in unrealized appreciation (or depreciation)
Month 1 0.000000001163604.27
Month 2 -40201.86000000759082.08
Month 3 0.00000000787600.14

Item B.6. Flow information.

a. Provide the aggregate dollar amounts for sales and redemptions/repurchases of Fund shares during each of the preceding three months. If shares of the Fund are held in omnibus accounts, for purposes of calculating the Fund's sales, redemptions, and repurchases, use net sales or redemptions/repurchases from such omnibus accounts. The amounts to be reported under this Item should be after any front-end sales load has been deducted and before any deferred or contingent deferred sales load or charge has been deducted. Shares sold shall include shares sold by the Fund to a registered unit investment trust. For mergers and other acquisitions, include in the value of shares sold any transaction in which the Fund acquired the assets of another investment company or of a personal holding company in exchange for its own shares. For liquidations, include in the value of shares redeemed any transaction in which the Fund liquidated all or part of its assets. Exchanges are defined as the redemption or repurchase of shares of one Fund or series and the investment of all or part of the proceeds in shares of another Fund or series in the same family of investment companies.

MonthTotal net asset value of shares sold (including exchanges but excluding reinvestment of dividends and distributions)Total net asset value of shares sold in connection with reinvestments of dividends and distributionsTotal net asset value of shares redeemed or repurchased, including exchanges
Month 1 0.000000000.000000000.00000000
Month 2 0.000000000.000000001561939.71000000
Month 3 5031058.140000000.000000000.00000000

Item B.7. Highly Liquid Investment Minimum information.

a. If applicable, provide the Fund's current Highly Liquid Investment Minimum.
—
b. If applicable, provide the number of days that the Fund's holdings in Highly Liquid Investments fell below the Fund's Highly Liquid Investment Minimum during the reporting period.
—
c. Did the Fund's Highly Liquid Investment Minimum change during the reporting period? ☐ Yes ☐ No ☐ N/A

Item B.8. Derivatives Transactions.

For portfolio investments of open-end management investment companies, provide the percentage of the Fund's Highly Liquid Investments that it has pledged as margin or collateral in connection with derivatives transactions that are classified among the following categories as specified in rule 22e-4 [17 CFR 270.22e-4]:
(1) Moderately Liquid Investments
(2) Less Liquid Investments
(3) Illiquid Investments
For purposes of Item B.8, when computing the required percentage, the denominator should only include assets (and exclude liabilities) that are categorized by the Fund as Highly Liquid Investments.
Classification
—

Item B.9. Derivatives Exposure for limited derivatives users.

If the Fund is excepted from the rule 18f-4 [17 CFR 270.18f-4] program requirement and limit on fund leverage risk under rule 18f-4(c)(4) [17 CFR 270.18f-4(c)(4)], provide the following information:
a. Derivatives exposure (as defined in rule 18f-4(a) [17 CFR 270.18f-4(a)]), reported as a percentage of the Fund’s net asset value.
—
b. Exposure from currency derivatives that hedge currency risks, as provided in rule 18f-4(c)(4)(i)(B) [17 CFR 270.18f-4(c)(4)(i)(B)], reported as a percentage of the Fund's net asset value.
—
c. Exposure from interest rate derivatives that hedge interest rate risks, as provided in rule 18f-4(c)(4)(i)(B) [17 CFR 270.18f-4(c)(4)(i)(B)], reported as a percentage of the Fund's net asset value.
—
d. The number of business days, if any, in excess of the five-business-day period described in rule 18f-4(c)(4)(ii) [17 CFR 270.18f-4(c)(4)(ii)], that the Fund’s derivatives exposure exceeded 10 percent of its net assets during the reporting period.
—

Item B.10. VaR information.

For Funds subject to the limit on fund leverage risk described in rule 18f-4(c)(2) [17 CFR 270.18f-4(c)(2)], provide the following information, as determined in accordance with the requirement under rule 18f-4(c)(2)(ii) to determine the fund’s compliance with the applicable VaR test at least once each business day:
a. Median daily VaR during the reporting period, reported as a percentage of the Fund's net asset value.
—
b. For Funds that were subject to the Relative VaR Test during the reporting period, provide:
i. As applicable, the name of the Fund’s Designated Index, or a statement that the Fund's Designated Reference Portfolio is the Fund’s Securities Portfolio.
Nasdaq-100 Mega Index
ii. As applicable, the index identifier for the Fund’s Designated Index.
100% NDX Mega
iii. Median VaR Ratio during the reporting period, reported as a percentage of the VaRof the Fund's Designated Reference Portfolio.
—
c. Backtesting Results. Number of exceptions that the Fund identified as a result of its backtesting of its VaR calculation model (as described in rule 18f-4(c)(1)(iv) [17 CFR 270.18f-4(c)(1)(iv)] during the reporting period.
—

NPORT-P: Part C: Schedule of Portfolio Investments

For each investment held by the Fund and its consolidated subsidiaries, disclose the information requested in Part C. A Fund may report information for securities in an aggregate amount not exceeding five percent of its total assets as miscellaneous securities in Part D in lieu of reporting those securities in Part C, provided that the securities so listed are not restricted, have been held for not more than one year prior to the end of the reporting period covered by this report, and have not been previously reported by name to the shareholders of the Fund or to any exchange, or set forth in any registration statement, application, or report to shareholders or otherwise made available to the public.
Schedule of Portfolio Investments Record: 1

Item C.1. Identification of investment.

a. Name of issuer (if any).
Invesco Premier U.S. Government Money Portfolio
b. LEI (if any) of issuer. (1)
549300TCMEM5428K3T88
c. Title of the issue or description of the investment.
Invesco Premier U.S. Government Money Portfolio, Institutional Class
d. CUSIP (if any).
00142W843
At least one of the following other identifiers:
- ISIN
US00142W8432

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
15561295.53000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
15561295.53000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
47.09118965240

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Short-term investment vehicle (e.g., money market fund, liquidity pool, or other cash management vehicle)
b. Issuer type. (7)
Registered fund

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 2

Item C.1. Identification of investment.

a. Name of issuer (if any).
Tesla, Inc.
b. LEI (if any) of issuer. (1)
54930043XZGB27CTOV49
c. Title of the issue or description of the investment.
Tesla, Inc.
d. CUSIP (if any).
88160R101
At least one of the following other identifiers:
- ISIN
US88160R1014

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
2573.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
793178.71000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
2.400296876879

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 3

Item C.1. Identification of investment.

a. Name of issuer (if any).
Alphabet Inc.
b. LEI (if any) of issuer. (1)
5493006MHB84DD0ZWV18
c. Title of the issue or description of the investment.
Alphabet Inc., Class A
d. CUSIP (if any).
02079K305
At least one of the following other identifiers:
- ISIN
US02079K3059

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
4111.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
788900.90000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
2.387351479009

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 4

Item C.1. Identification of investment.

a. Name of issuer (if any).
Amazon.com, Inc.
b. LEI (if any) of issuer. (1)
ZXTILKJKG63JELOEG630
c. Title of the issue or description of the investment.
Amazon.com, Inc.
d. CUSIP (if any).
023135106
At least one of the following other identifiers:
- ISIN
US0231351067

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
7501.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
1756059.11000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
5.314140614476

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 5

Item C.1. Identification of investment.

a. Name of issuer (if any).
MIDAS SSTK FOR .GSCBBIG2 GSCBBIG2
b. LEI (if any) of issuer. (1)
N/A
c. Title of the issue or description of the investment.
MIDAS SSTK FOR .GSCBBIG2 GSCBBIG2
d. CUSIP (if any).
N/A
At least one of the following other identifiers:
- Ticker (if ISIN is not available).
GSCBBIG2

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
5300.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
6037389.00000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
18.27019028436

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☐ 1 ☒ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 6

Item C.1. Identification of investment.

a. Name of issuer (if any).
Broadcom Inc.
b. LEI (if any) of issuer. (1)
549300WV6GIDOZJTV909
c. Title of the issue or description of the investment.
Broadcom Inc.
d. CUSIP (if any).
11135F101
At least one of the following other identifiers:
- ISIN
US11135F1012

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
5494.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
1613587.80000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
4.882997624723

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 7

Item C.1. Identification of investment.

a. Name of issuer (if any).
N/A
b. LEI (if any) of issuer. (1)
N/A
c. Title of the issue or description of the investment.
Bank of America/Merrill Lynch NDXMEGA2 Index
d. CUSIP (if any).
N/A
At least one of the following other identifiers:
- Ticker (if ISIN is not available).
MLQBIG02

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
1.00000000
b. Units
Number of contracts
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
834837.26
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
2.526362902353

Item C.3. Payoff profile.

a. Payoff profile. (5)☐ Long ☐ Short ☒ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Derivative-equity
b. Issuer type. (7)

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☐ 1 ☒ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

a. Type of derivative instrument (21)
Swap
b. Counterparty.
i. Provide the name and LEI (if any) of counterparty (including a central counterparty).

Counterparty Info RecordName of counterpartyLEI (if any) of counterparty
#1Merrill Lynch InternationalGGDZP1UYGU9STUHRDP48

2. The reference instrument is an index or custom basket. (26)
Index name.
Bank of America MLQB1G01 Index
Index identifier, if any.
MLQB1G02
Narrative description. (27)
Custom swap Flag ☒ Yes ☐ No

1. Description and terms of payments to be received from another party.
Receipts: Reference Asset, Instrument or Index.
Receipts: fixed, floating or other. ☐ Fixed ☐ Floating ☒ Other
Description of Other Receipts
The Fund makes or receives payments based on any positive or negative return on the reference instrument
2. Description and terms of payments to be paid to another party.
Payments: Reference Asset, Instrument or Index.
Payments: fixed, floating or other. ☐ Fixed ☒ Floating ☐ Other
Payments: fixed or floating
Floating
Payments: Floating rate Index.
SOFRRATE
Payments: Floating rate Spread.
1.32
Payment: Floating Rate Reset Dates.
Day
Payment: Floating Rate Reset Dates Unit.
1
Payment: Floating Rate Tenor.
Month
Payment: Floating Rate Tenor Unit.
1
Payments: Base currency
United States Dollar
Payments: Amount
0.0000000

ii. Termination or maturity date.
2026-03-31
iii. Upfront payments or receipts
Upfront payments.
0.00
ISO Currency Code.
United States Dollar
Upfront receipts.
0.00
ISO Currency Code.
United States Dollar
iv. Notional amount.
5094360.53
ISO Currency Code.
USD
v. Unrealized appreciation or depreciation. (24)
834837.26

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 8

Item C.1. Identification of investment.

a. Name of issuer (if any).
Alphabet Inc.
b. LEI (if any) of issuer. (1)
5493006MHB84DD0ZWV18
c. Title of the issue or description of the investment.
Alphabet Inc., Class C
d. CUSIP (if any).
02079K107
At least one of the following other identifiers:
- ISIN
US02079K1079

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
3856.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
743668.16000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
2.250469332293

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 9

Item C.1. Identification of investment.

a. Name of issuer (if any).
NVIDIA Corp.
b. LEI (if any) of issuer. (1)
549300S4KLFTLO7GSQ80
c. Title of the issue or description of the investment.
NVIDIA Corp.
d. CUSIP (if any).
67066G104
At least one of the following other identifiers:
- ISIN
US67066G1040

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
17242.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
3066834.54000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
9.280775284890

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 10

Item C.1. Identification of investment.

a. Name of issuer (if any).
Meta Platforms, Inc.
b. LEI (if any) of issuer. (1)
BQ4BKCS1HXDV9HN80Z93
c. Title of the issue or description of the investment.
Meta Platforms, Inc., Class A
d. CUSIP (if any).
30303M102
At least one of the following other identifiers:
- ISIN
US30303M1027

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
1534.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
1186456.96000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
3.590425335092

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 11

Item C.1. Identification of investment.

a. Name of issuer (if any).
Apple Inc.
b. LEI (if any) of issuer. (1)
HWUPKR0MPOU8FGXBT394
c. Title of the issue or description of the investment.
Apple Inc.
d. CUSIP (if any).
037833100
At least one of the following other identifiers:
- ISIN
US0378331005

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
10552.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
2190278.64000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
6.628164514259

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 12

Item C.1. Identification of investment.

a. Name of issuer (if any).
Microsoft Corp.
b. LEI (if any) of issuer. (1)
INR2EJN1ERAN0W5ZP974
c. Title of the issue or description of the investment.
Microsoft Corp.
d. CUSIP (if any).
594918104
At least one of the following other identifiers:
- ISIN
US5949181045

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
5251.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
2801408.50000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
8.477549874497

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 13

Item C.1. Identification of investment.

a. Name of issuer (if any).
N/A
b. LEI (if any) of issuer. (1)
4PQUHN3JPFGFNF3BB653
c. Title of the issue or description of the investment.
Morgan Stanley & Co International PLC
d. CUSIP (if any).
N/A
At least one of the following other identifiers:
- Ticker (if ISIN is not available).
MSQBIG01

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
1.00000000
b. Units
Number of contracts
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
830496.84
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
2.513228035722

Item C.3. Payoff profile.

a. Payoff profile. (5)☐ Long ☐ Short ☒ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Derivative-equity
b. Issuer type. (7)

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☐ 1 ☒ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

a. Type of derivative instrument (21)
Swap
b. Counterparty.
i. Provide the name and LEI (if any) of counterparty (including a central counterparty).

Counterparty Info RecordName of counterpartyLEI (if any) of counterparty
#1Morgan Stanley & Co International PLC4PQUHN3JPFGFNF3BB653

2. The reference instrument is an index or custom basket. (26)
Index name.
Morgan Stanley & Co International PLC MSQBIG01 Index
Index identifier, if any.
MSQBIG01
Narrative description. (27)
Custom swap Flag ☒ Yes ☐ No

1. Description and terms of payments to be received from another party.
Receipts: Reference Asset, Instrument or Index.
Receipts: fixed, floating or other. ☐ Fixed ☐ Floating ☒ Other
Description of Other Receipts
The Fund makes or receives payments based on any positive or negative return on the reference instrument
2. Description and terms of payments to be paid to another party.
Payments: Reference Asset, Instrument or Index.
Payments: fixed, floating or other. ☐ Fixed ☒ Floating ☐ Other
Payments: fixed or floating
Floating
Payments: Floating rate Index.
SOFRRATE
Payments: Floating rate Spread.
1.40
Payment: Floating Rate Reset Dates.
Day
Payment: Floating Rate Reset Dates Unit.
1
Payment: Floating Rate Tenor.
Month
Payment: Floating Rate Tenor Unit.
1
Payments: Base currency
United States Dollar
Payments: Amount
0.0000000

ii. Termination or maturity date.
2026-03-31
iii. Upfront payments or receipts
Upfront payments.
0.00
ISO Currency Code.
United States Dollar
Upfront receipts.
0.00
ISO Currency Code.
United States Dollar
iv. Notional amount.
5096322.59
ISO Currency Code.
USD
v. Unrealized appreciation or depreciation. (24)
830496.84

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No

NPORT-P: Part E: Explanatory Notes (if any)

The Fund may provide any information it believes would be helpful in understanding the information reported in response to any Item of this Form. The Fund may also explain any assumptions that it made in responding to any Item of this Form. To the extent responses relate to a particular Item, provide the Item number(s), as applicable.

NPORT-P: Additional notes

IdentifierNote
(1) LEI (if any) of issuer. In the case of a holding in a fund that is a series of a series trust, report the LEI of the series.
(2) Balance. Indicate whether amount is expressed in number of shares, principal amount, or other units. For derivatives contracts, as applicable, provide the number of contracts.
(3) Currency. Indicate the currency in which the investment is denominated.
(4) Value. Report values in U.S. dollars. If currency of investment is not denominated in U.S. dollars, provide the exchange rate used to calculate value.
(5) Indicate payoff profile among the following categories (long, short, N/A). For derivatives, respond N/A to this Item and respond to the relevant payoff profile question in Item [C/D].11.
(6) Asset type (short-term investment vehicle (e.g., money market fund, liquidity pool, or other cash management vehicle), repurchase agreement, equity-common, equity-preferred, debt, derivative-commodity, derivative-credit, derivative-equity, derivative-foreign exchange, derivative-interest rate, derivatives-other, structured note, loan, ABS-mortgage backed security, ABS-asset backed commercial paper, ABS-collateralized bond/debt obligation, ABS-other, commodity, real estate, other). If “other” provide a brief description.
(7) Issuer type (corporate, U.S. Treasury, U.S. government agency, U.S. government sponsored entity, municipal, non-U.S. sovereign, private fund, registered fund, other). If “other” provide a brief description.
(8) Report the ISO country code that corresponds to the country where the issuer is organized.
(9) If different from the country where the issuer is organized, also report the ISO country code that corresponds to the country of investment or issuer based on the concentrations of the risk and economic exposure of the investments.
(10) Liquidity classification information. For portfolio investments of open-end management investment companies, provide the liquidity classification(s) for each portfolio investment among the following categories as specified in rule 22e-4 [17 CFR 270.22e-4]: Highly Liquid Investments, Moderately Liquid Investments, Less Liquid Investments, Illiquid Investments. For portfolio investments with multiple liquidity classifications, indicate the percentage amount attributable to each classification.
(11) Funds may choose to indicate the percentage amount of a holding attributable to multiple classification categories only in the following circumstances:
(1) if portions of the position have differing liquidity features that justify treating the portions separately;
(2) if a fund has multiple sub-advisers with differing liquidity views; or
(3) if the fund chooses to classify the position through evaluation of how long it would take to liquidate the entire position (rather than basing it on the sizes it would reasonably anticipated trading).
In (1) and (2), a fund would classify using the reasonably anticipated trade size for each portion of the position.
(12) Indicate the level within the fair value hierarchy in which the fair value measurements fall pursuant to U.S. Generally Accepted Accounting Principles 7 (ASC 820, Fair Value Measurement). [1/2/3] Report "N/A" if the investment does not have a level associated with it (i.e., net asset value used as the practical expedient).
(13) Select the category that most closely reflects the coupon type among the following (fixed, floating, variable, none).
(14) Are there any interest payments in arrears or have any coupon payments been legally deferred by the issuer? [Y/N]
(15) Enter "N" if the interest may be paid in kind but is not actually paid in kind or if the Fund has the option of electing in-kind payment and has elected to be paid in-kind.
(16) Description of the reference instrument, including the name of issuer, title of issue, and currency in which denominated, as well as CUSIP of reference instrument, ISIN (if CUSIP is not available), ticker (if CUSIP and ISIN are not available), or other identifier (if CUSIP, ISIN, and ticker are not available).
If other identifier provided, indicate the type of identifier used.
(17) Conversion ratio per US$1000 notional, or, if bond currency is not in U.S. dollars, per 1000 units of the relevant currency, indicating the relevant currency. If there is more than one conversion ratio, provide each conversion ratio.
(18) Select the category that reflects the transaction (repurchase, reverse repurchase). Select "repurchase agreement" if the Fund is the cash lender and receives collateral. Select "reverse repurchase agreement" if the Fund is the cash borrower and posts collateral.
(19) If multiple securities of an issuer are subject to the repurchase agreement, those securities may be aggregated.
(20) Category of investments that most closely represents the collateral, selected from among the following (asset-backed securities; agency collateralized mortgage obligations; agency debentures and agency strips; agency mortgage-backed securities; private label collateralized mortgage obligations; corporate debt securities; equities; money market; U.S. Treasuries (including strips); other instrument). If "other instrument", include a brief description, including, if applicable, whether it is a collateralized debt obligation, municipal debt, whole loan, or international debt
(21) Type of derivative instrument that most closely represents the investment, selected from among the following (forward, future, option, swaption, swap (including but not limited to total return swaps, credit default swaps, and interest rate swaps), warrant, other).
(22) In the case of a holding in a fund that is a series of a series trust, report the LEI of the series.
(23) Description and terms of payments necessary for a user of financial information to understand the terms of payments to be paid and received, including, as applicable, description of the reference instrument, obligation, or index, financing rate, floating coupon rate, fixed coupon rate, and payment frequency.
(24) Depreciation shall be reported as a negative number.
(25) If the reference instrument is a derivative, indicate the category of derivative from among the categories listed in sub-Item C.11.a. and provide all information required to be reported on this Form for that category.
(26) If the reference instrument is an index or custom basket, and if the index’s or custom basket’s components are publicly available on a website and are updated on that website no less frequently than quarterly, identify the index and provide the index identifier, if any. If the index’s or custom basket’s components are not publicly available in that manner, and the notional amount of the derivative represents 1% or less of the net asset value of the Fund, provide a narrative description of the index. If the index’s or custom basket’s components are not publicly available in that manner, and the notional amount of the derivative represents more than 5% of the net asset value of the Fund, provide the (i) name, (ii) identifier, (iii) number of shares or notional amount or contract value as of the trade date (all of which would be reported as negative for short positions), and (iv) value of every component in the index or custom basket. The identifier shall include CUSIP of the index’s or custom basket’s components, ISIN (if CUSIP is not available), ticker (if CUSIP and ISIN are not available), or other identifier (if CUSIP, ISIN, and ticker are not available). If other identifier provided, indicate the type of identifier used.

If the index’s or custom basket’s components are not publicly available in that manner, and the notional amount of the derivative represents greater than 1%, but 5% or less, of the net asset value of the Fund, Funds shall report the required component information described above, but may limit reporting to the (i) 50 largest components in the index and (ii) any other components where the notional value for that components is over 1% of the notional value of the index or custom basket.
An index or custom basket, where the components are publicly available on a website and are updated on that website no less frequently than quarterly.
(27) If the index’s or custom basket’s components are not publicly available in that manner, and the notional amount of the derivative represents 1% or less of the net asset value of the Fund, provide a narrative description of the index.
(28) If the reference instrument is neither a derivative or an index, the description of the reference instrument shall include the name of issuer and title of issue, as well as CUSIP of the reference instrument, ISIN (if CUSIP is not available), ticker if (CUSIP and ISIN are not available), or other identifier (if CUSIP, ISIN, and ticker are not available).
(29) If the Fund is required to adopt a policy as described in rule 35d-1(a)(2)(i) or (a)(3)(i) [17 CFR 270.35d-1(a)(2)(i) or (3)(i)], is the investment included in the Fund’s 80% basket, as defined in rule 35d-1(g), as applicable?

NPORT-P: Signatures

The Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Registrant:
Invesco Actively Managed Exchange-Traded Fund Trust
By (Signature):
Adrien Deberghes
Name:
Adrien Deberghes
Title:
Vice President
Date:
2025-08-30
Schedule of Investments
Invesco AAA CLO Floating Rate Note ETF (ICLO)
July 31, 2025
(Unaudited)
 
 
Principal
Amount
Value
Asset-Backed Securities-99.20%
522 Funding CLO Ltd.
 
Series 2019-5A, Class BR, 6.17% (3 mo.
Term SOFR + 1.85%), 04/15/2035(a)(b)
$
500,000
$500,530
Series 2020-6A, Class A1R2, 5.52% (3
mo. Term SOFR + 1.20%),
10/23/2034(a)(b)
 
130,000
129,829
ABPCI Direct Lending Fund CLO V Ltd.
(Cayman Islands)
 
Series 2019-5A, Class A1RR, 6.53% (3
mo. Term SOFR + 2.20%),
01/20/2036(a)(b)
 
1,300,000
1,306,461
Series 2019-5A, Class A1Z, 6.33% (3 mo.
Term SOFR + 2.00%), 01/20/2036(a)(b)
 
1,500,000
1,505,325
AGL CLO 13 Ltd. (Cayman Islands)
 
Series 2021-13A, Class A1, 5.75% (3 mo.
Term SOFR + 1.42%), 10/20/2034(a)(b)
 
1,250,000
1,251,875
Series 2021-13A, Class A1R, 5.37% (3
mo. Term SOFR + 1.10%),
10/20/2034(a)(b)
 
1,250,000
1,250,938
AGL CLO 14 Ltd. (Cayman Islands),
Series 2021-14A, Class AR, 5.46% (3 mo.
Term SOFR + 1.13%), 12/02/2034(a)(b)
 
1,000,000
1,002,050
AGL CLO 20 Ltd. (Jersey), Series 2022-20A,
Class BR, 6.08% (3 mo. Term SOFR +
1.75%), 10/20/2037(a)(b)
 
250,000
251,118
AGL Clo 28 Ltd. (Jersey), Series 2023-28A,
Class AL2, 6.03% (3 mo. Term SOFR +
1.70%), 01/21/2037(a)(b)
 
300,000
300,895
AGL CLO 29 Ltd. (Jersey), Series 2024-29A,
Class A1, 5.90% (3 mo. Term SOFR +
1.57%), 04/21/2037(a)(b)
 
4,000,000
4,020,536
AGL Core CLO 27 Ltd. (Cayman Islands),
Series 2023-27A, Class A, 6.06% (3 mo.
Term SOFR + 1.73%), 10/21/2036(a)(b)
 
500,000
501,552
AGL Core CLO 31 Ltd. (Cayman Islands),
Series 2024-31A, Class A, 5.73% (3 mo.
Term SOFR + 1.40%), 07/20/2037(a)(b)
 
2,200,000
2,206,279
AGL Core CLO 4 Ltd. (Cayman Islands),
Series 2020-4A, Class AR2, 5.71% (3 mo.
Term SOFR + 1.38%), 10/20/2037(a)(b)
 
1,250,000
1,254,964
AIMCO CLO Ltd. (Cayman Islands)
 
Series 2019-10A, Class ARR, 5.74% (3
mo. Term SOFR + 1.41%),
07/22/2037(a)(b)
 
250,000
250,883
Series 2020-11A, Class A2R, 5.82% (3
mo. Term SOFR + 1.50%),
07/17/2037(a)(b)
 
4,250,000
4,252,023
Series 2021-16A, Class AR, 5.72% (3 mo.
Term SOFR + 1.40%), 07/17/2037(a)(b)
 
1,250,000
1,254,676
Antares CLO Ltd. (Cayman Islands)
 
Series 2018-3A, Class A2R, 6.13% (3 mo.
Term SOFR + 1.80%), 07/20/2036(a)(b)
 
1,400,000
1,402,636
Series 2020-1A, Class A1R, 6.04% (3 mo.
Term SOFR + 1.72%), 10/23/2033(a)(b)
 
4,000,000
4,011,432
Series 2021-1A, Class A1, 6.11% (3 mo.
Term SOFR + 1.79%), 07/25/2033(a)(b)
 
1,200,000
1,203,732
 
Principal
Amount
Value
Apidos CLO XXVIII (Cayman Islands)
 
Series 2017-28A, Class A1B, 5.74% (3
mo. Term SOFR + 1.41%),
01/20/2031(a)(b)
$
2,000,000
$2,000,100
Series 2017-28A, Class A1BR, 4.19% (3
mo. Term SOFR + 1.55%),
10/20/2038(a)(b)
 
2,000,000
2,001,500
Apidos CLO XXXIX Ltd. (Cayman Islands),
Series 2022-39A, Class A1, 5.63% (3 mo.
Term SOFR + 1.30%), 04/21/2035(a)(b)
 
2,600,000
2,602,449
Apidos Loan Fund Ltd. (Cayman Islands),
Series 2024-1A, Class A1, 5.59% (3 mo.
Term SOFR + 1.27%), 04/25/2035(a)(b)
 
300,000
300,083
Bain Capital Credit CLO Ltd. (Cayman
Islands), Series 2022-1A, Class A1, 5.65%
(3 mo. Term SOFR + 1.32%),
04/18/2035(a)(b)
 
2,600,000
2,603,981
Ballyrock CLO 14 Ltd. (Cayman Islands),
Series 2020-14A, Class A1A, 5.71% (3
mo. Term SOFR + 1.38%),
07/20/2037(a)(b)
 
1,500,000
1,504,819
Barings CLO Ltd. (Cayman Islands)
 
Series 2019-1A, Class AR, 5.71% (3 mo.
Term SOFR + 1.39%), 04/15/2035(a)(b)
 
1,850,000
1,856,283
Series 2022-3A, Class BR, 6.08% (3 mo.
Term SOFR + 1.75%), 10/20/2037(a)(b)
 
1,500,000
1,506,654
Series 2023-3A, Class A, 6.02% (3 mo.
Term SOFR + 1.70%), 10/15/2036(a)(b)
 
1,500,000
1,502,249
Benefit Street Partners CLO XX Ltd. (Cayman
Islands), Series 2020-20A, Class AR,
5.75% (3 mo. Term SOFR + 1.43%),
07/15/2034(a)(b)
 
5,000,000
5,015,000
Benefit Street Partners CLO XXIX Ltd.
(Jersey), Series 2022-29A, Class AR,
5.50% (3 mo. Term SOFR + 1.18%),
01/25/2038(a)(b)
 
2,500,000
2,501,012
Benefit Street Partners CLO XXVII Ltd.
(Jersey), Series 2022-27A, Class AR,
5.70% (3 mo. Term SOFR + 1.37%),
10/20/2037(a)(b)
 
2,200,000
2,207,700
Benefit Street Partners Clo XXXVII Ltd.
(Cayman Islands), Series 2024-37A,
Class A, 5.67% (3 mo. Term SOFR +
1.35%), 01/25/2038(a)(b)
 
2,000,000
2,004,288
Blueberry Park CLO Ltd. (Jersey),
Series 2024-1A, Class A, 5.68% (3 mo.
Term SOFR + 1.35%), 10/20/2037(a)(b)
 
4,000,000
4,013,572
Broad River Bsl Funding CLO Ltd. (Cayman
Islands), Series 2020-1A, Class AR, 5.76%
(3 mo. Term SOFR + 1.43%),
07/20/2034(a)(b)
 
1,670,000
1,670,459
Carlyle Global Market Strategies CLO Ltd.
(Cayman Islands)
 
Series 2014-1A, Class A2R2, 5.71% (3
mo. Term SOFR + 1.39%),
04/17/2031(a)(b)
 
2,000,000
2,000,860
Series 2014-2RA, Class A2, 5.91% (3 mo.
Term SOFR + 1.59%), 05/15/2031(a)(b)
 
1,000,000
1,000,567
Carlyle US CLO Ltd. (Cayman Islands)
 
Series 2019-3A, Class A2RR, 6.38% (3
mo. Term SOFR + 2.05%),
04/20/2037(a)(b)
 
1,000,000
1,004,455
See accompanying notes which are an integral part of this schedule.
Invesco AAA CLO Floating Rate Note ETF (ICLO)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Series 2021-4A, Class A1, 5.70% (3 mo.
Term SOFR + 1.37%), 04/20/2034(a)(b)
$
1,300,000
$1,301,596
Series 2021-4A, Class B1, 6.24% (3 mo.
Term SOFR + 1.91%), 04/20/2034(a)(b)
 
1,000,000
1,003,407
Series 2021-6A, Class A1R, 5.61% (3 mo.
Term SOFR + 1.29%), 01/15/2038(a)(b)
 
2,000,000
2,005,734
Series 2022-3A, Class AR, 5.88% (3 mo.
Term SOFR + 1.55%), 04/20/2037(a)(b)
 
2,500,000
2,507,747
Series 2024-1A, Class A, 5.85% (3 mo.
Term SOFR + 1.53%), 04/15/2037(a)(b)
 
450,000
451,706
CBAM 2021-14 Ltd. (Cayman Islands),
Series 2021-14A, Class A, 5.69% (3 mo.
Term SOFR + 1.36%), 04/20/2034(a)(b)
 
1,600,000
1,601,427
CBAMR Ltd. (Cayman Islands), Series 2019-
9A, Class AR, 5.95% (3 mo. Term SOFR +
1.63%), 07/15/2037(a)(b)
 
1,000,000
1,003,410
Cedar Funding II CLO Ltd. (Cayman Islands)
 
Series 2013-1A, Class ARR, 5.67% (3 mo.
Term SOFR + 1.34%), 04/20/2034(a)(b)
 
2,500,000
2,505,077
Series 2013-1A, Class BRR, 5.94% (3 mo.
Term SOFR + 1.61%), 04/20/2034(a)(b)
 
1,150,000
1,151,914
Cedar Funding IX CLO Ltd. (Cayman Islands),
Series 2018-9A, Class AR, 5.75% (3 mo.
Term SOFR + 1.42%), 07/20/2037(a)(b)
 
6,000,000
6,019,986
Cedar Funding XI CLO Ltd. (Cayman Islands),
Series 2019-11A, Class A1R2, 5.39% (3
mo. Term SOFR + 1.06%),
05/29/2032(a)(b)
 
887,312
886,292
Cedar Funding XII CLO Ltd. (Cayman
Islands), Series 2020-12A, Class ARR,
5.52% (3 mo. Term SOFR + 1.20%),
01/25/2038(a)(b)
 
1,250,000
1,252,386
Cedar Funding XIV CLO Ltd. (Cayman
Islands), Series 2021-14A, Class AR,
5.70% (3 mo. Term SOFR + 1.38%),
10/15/2037(a)(b)
 
5,000,000
5,020,350
Cerberus Loan Funding XL LLC,
Series 2023-1A, Class A, 6.72% (3 mo.
Term SOFR + 2.40%), 03/22/2035(a)(b)
 
1,550,000
1,552,759
Cerberus Loan Funding XLI LLC,
Series 2023-2A, Class A1, 6.87% (3 mo.
Term SOFR + 2.55%), 07/15/2035(a)(b)
 
512,000
517,643
CIFC Funding Ltd. (Cayman Islands)
 
Series 2013-2A, Class A2L2, 6.09% (3
mo. Term SOFR + 1.76%),
10/18/2030(a)(b)
 
500,000
501,125
Series 2014-4RA, Class A1A2, 5.31% (3
mo. Term SOFR + 0.99%),
01/17/2035(a)(b)
 
740,000
741,792
Series 2014-5A, Class A1R3, 5.70% (3
mo. Term SOFR + 1.38%),
07/17/2037(a)(b)
 
1,300,000
1,304,004
Series 2016-1A, Class AR3, 5.33% (3 mo.
Term SOFR + 1.00%), 10/21/2031(a)(b)
 
540,684
539,944
Series 2017-1A, Class ARR, 5.88% (3 mo.
Term SOFR + 1.55%), 04/21/2037(a)(b)
 
3,900,000
3,912,808
Series 2017-5A, Class AR, 5.73% (3 mo.
Term SOFR + 1.41%), 07/17/2037(a)(b)
 
1,300,000
1,305,611
Series 2020-3A, Class A2R, 5.94% (3 mo.
Term SOFR + 1.61%), 10/20/2034(a)(b)
 
1,500,000
1,503,609
Series 2023-2A, Class A, 6.08% (3 mo.
Term SOFR + 1.75%), 01/21/2037(a)(b)
 
5,000,000
5,021,880
 
Principal
Amount
Value
Eaton Vance CLO Ltd. (Cayman Islands)
 
Series 2013-1A, Class A13R, 5.83% (3
mo. Term SOFR + 1.51%),
01/15/2034(a)(b)
$
2,200,000
$2,200,110
Series 2013-1A, Class AR4, 5.62% (3 mo.
Term SOFR + 1.34%), 10/15/2038(a)(b)
 
2,200,000
2,201,650
Elmwood CLO 19 Ltd. (Cayman Islands),
Series 2022-6A, Class AR, 6.02% (3 mo.
Term SOFR + 1.70%), 10/17/2036(a)(b)
 
2,100,000
2,107,659
Elmwood CLO 21 Ltd. (Cayman Islands),
Series 2022-8A, Class AR, 5.98% (3 mo.
Term SOFR + 1.65%), 10/20/2036(a)(b)
 
1,300,000
1,303,546
Elmwood CLO 24 Ltd. (Cayman Islands),
Series 2023-3A, Class AR, 5.64% (3 mo.
Term SOFR + 1.32%), 01/17/2038(a)(b)
 
1,000,000
1,002,489
Elmwood CLO 26 Ltd. (Cayman Islands),
Series 2024-1A, Class B, 6.33% (3 mo.
Term SOFR + 2.00%), 04/18/2037(a)(b)
 
1,100,000
1,104,924
Elmwood CLO 29 Ltd. (Cayman Islands),
Series 2024-5A, Class AR1, 5.85% (3 mo.
Term SOFR + 1.52%), 04/20/2037(a)(b)
 
520,000
521,704
Elmwood CLO III Ltd. (Cayman Islands)
 
Series 2019-3A, Class A1RR, 5.71% (3
mo. Term SOFR + 1.38%),
07/18/2037(a)(b)
 
6,000,000
6,028,746
Series 2019-3A, Class A2RR, 5.93% (3
mo. Term SOFR + 1.60%),
07/18/2037(a)(b)
 
325,000
325,505
Elmwood CLO VI Ltd. (Cayman Islands),
Series 2020-3A, Class ARR, 5.71% (3 mo.
Term SOFR + 1.38%), 07/18/2037(a)(b)
 
1,000,000
1,004,909
Elmwood CLO VIII Ltd. (Cayman Islands),
Series 2021-1A, Class AR, 5.88% (3 mo.
Term SOFR + 1.55%), 04/20/2037(a)(b)
 
1,808,072
1,815,447
Elmwood CLO X Ltd. (Cayman Islands),
Series 2021-3A, Class BR2, 5.91% (3 mo.
Term SOFR + 1.65%), 07/20/2038(a)(b)
 
1,000,000
1,003,574
Empower CLO 2025-1 Ltd. (Cayman Islands)
 
Series 2025-1A, Class A, 5.64% (3 mo.
Term SOFR + 1.31%), 07/20/2038(a)(b)
 
5,000,000
5,003,570
Series 2025-1A, Class B, 6.13% (3 mo.
Term SOFR + 1.80%), 07/20/2038(a)(b)
 
1,750,000
1,754,245
Empower CLO Ltd. (Cayman Islands)
 
Series 2022-1A, Class A1R, 5.72% (3 mo.
Term SOFR + 1.39%), 10/20/2037(a)(b)
 
3,750,000
3,757,350
Series 2024-1A, Class A1, 5.92% (3 mo.
Term SOFR + 1.60%), 04/25/2037(a)(b)
 
4,800,000
4,816,886
Flatiron CLO 21 Ltd. (Cayman Islands),
Series 2021-1A, Class A1R, 5.69% (3 mo.
Term SOFR + 1.36%), 10/19/2037(a)(b)
 
1,945,000
1,955,441
Flatiron CLO 25 Ltd. (Cayman Islands),
Series 2024-2A, Class A, 5.67% (3 mo.
Term SOFR + 1.35%), 10/17/2037(a)(b)
 
3,500,000
3,512,243
Galaxy XXI CLO Ltd. (Cayman Islands),
Series 2015-21A, Class AR, 5.61% (3 mo.
Term SOFR + 1.28%), 04/20/2031(a)(b)
 
18,728
18,737
Galaxy XXII CLO Ltd. (Cayman Islands),
Series 2016-22A, Class ARR, 5.56% (3
mo. Term SOFR + 1.24%),
04/16/2034(a)(b)
 
1,750,000
1,752,399
See accompanying notes which are an integral part of this schedule.
Invesco AAA CLO Floating Rate Note ETF (ICLO)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Galaxy XXIV CLO Ltd. (Cayman Islands),
Series 2017-24A, Class AR, 5.86% (3 mo.
Term SOFR + 1.54%), 04/15/2037(a)(b)
$
1,250,000
$1,253,443
GoldenTree Loan Management US CLO 12
Ltd. (Cayman Islands), Series 2022-12A,
Class AJR, 5.86% (3 mo. Term SOFR +
1.53%), 07/20/2037(a)(b)
 
2,000,000
2,004,324
GoldenTree Loan Management US CLO 9
Ltd., Series 2021-9A, Class AR, 5.83% (3
mo. Term SOFR + 1.50%),
04/20/2037(a)(b)
 
6,300,000
6,333,289
Golub Capital Partners CLO 49(M), Ltd.
(Cayman Islands), Series 2020-49A,
Class A1R, 5.84% (3 mo. Term SOFR +
1.52%), 07/20/2038(a)(b)
 
1,400,000
1,401,201
Golub Capital Partners CLO 54(M) L.P.
(Cayman Islands), Series 2021-54A,
Class A1R, 5.80% (3 mo. Term SOFR +
1.47%), 08/05/2037(a)(b)
 
2,400,000
2,403,475
Golub Capital Partners CLO 61(M),
Series 2022-61A, Class A1A, 5.54% (3
mo. Term SOFR + 1.23%),
07/25/2035(a)(b)
 
5,000,000
5,000,260
Golub Capital Partners CLO 68(B) Ltd.
(Jersey), Series 2023-68A, Class B,
7.12% (3 mo. Term SOFR + 2.80%),
07/25/2036(a)(b)
 
1,100,000
1,100,055
Golub Capital Partners CLO 71(M),
Series 2024-71A, Class A, 6.25% (3 mo.
Term SOFR + 1.95%), 02/09/2037(a)(b)
 
1,000,000
1,005,724
Golub Capital Partners CLO 78(M),
Series 2025-78A, Class A1, 5.71% (3 mo.
Term SOFR + 1.38%), 04/21/2039(a)(b)
 
3,500,000
3,496,682
Harmony-Peace Park CLO Ltd. (Jersey),
Series 2024-1A, Class A, 5.68% (3 mo.
Term SOFR + 1.35%), 10/20/2037(a)(b)
 
5,000,000
5,015,820
Ivy Hill Middle Market Credit Fund IX Ltd.
(Cayman Islands)
 
Series 9A, Class A1R3, 4.19% (3 mo.
Term SOFR + 1.52%), 07/23/2037(a)(b)
 
1,200,000
1,200,900
Series 9A, Class A1TR, 5.94% (3 mo.
Term SOFR + 1.62%), 04/23/2034(a)(b)
 
1,200,000
1,200,060
Ivy Hill Middle Market Credit Fund VII Ltd.
(Cayman Islands), Series 7A, Class AR3,
5.92% (3 mo. Term SOFR + 1.60%),
10/15/2036(a)(b)
 
500,000
500,675
Madison Park Funding XIX Ltd. (Cayman
Islands), Series 2015-19A, Class AR3,
5.93% (3 mo. Term SOFR + 1.60%),
01/22/2037(a)(b)
 
1,000,000
1,002,884
Madison Park Funding XXXVII Ltd. (Cayman
Islands), Series 2019-37A, Class AR2,
5.85% (3 mo. Term SOFR + 1.53%),
04/15/2037(a)(b)
 
5,340,000
5,366,054
Magnetite XL Ltd. (Cayman Islands),
Series 2024-40A, Class A1, 5.77% (3 mo.
Term SOFR + 1.45%), 07/15/2037(a)(b)
 
2,500,000
2,507,812
Magnetite Xlii Ltd., Series 2024-42A,
Class A1, 5.63% (3 mo. Term SOFR +
1.31%), 01/25/2038(a)(b)
 
1,500,000
1,505,535
 
Principal
Amount
Value
Magnetite XVII Ltd. (Cayman Islands),
Series 2016-17A, Class AR2, 5.83% (3
mo. Term SOFR + 1.50%),
04/20/2037(a)(b)
$
3,100,000
$3,119,046
Magnetite XXI Ltd. (Cayman Islands),
Series 2019-21A, Class AR, 5.61% (3 mo.
Term SOFR + 1.28%), 04/20/2034(a)(b)
 
2,500,000
2,502,365
Magnetite XXVII Ltd. (Cayman Islands)
 
Series 2020-27A, Class AR, 5.73% (3 mo.
Term SOFR + 1.40%), 10/20/2034(a)(b)
 
1,250,000
1,253,079
Series 2020-27A, Class BR, 6.14% (3 mo.
Term SOFR + 1.81%), 10/20/2034(a)(b)
 
930,000
932,882
Magnetite XXXVII Ltd. (Cayman Islands),
Series 2023-37A, Class A, 5.98% (3 mo.
Term SOFR + 1.65%), 10/20/2036(a)(b)
 
2,500,000
2,506,640
Morgan Stanley Eaton Vance CLO Ltd.
(Cayman Islands), Series 2022-16A,
Class B, 6.27% (3 mo. Term SOFR +
1.95%), 04/15/2035(a)(b)
 
630,000
630,955
Neuberger Berman CLO XVI-S Ltd. (Cayman
Islands), Series 2017-16SA, Class A1R,
5.50% (3 mo. Term SOFR + 1.18%),
04/15/2039(a)(b)
 
2,500,000
2,500,875
Neuberger Berman Loan Advisers CLO 33
Ltd. (Cayman Islands), Series 2019-33A,
Class AR2, 5.54% (3 mo. Term SOFR +
1.22%), 04/16/2039(a)(b)
 
1,000,000
1,000,718
Neuberger Berman Loan Advisers CLO 39
Ltd. (Cayman Islands), Series 2020-39A,
Class A1R, 5.86% (3 mo. Term SOFR +
1.53%), 04/20/2038(a)(b)
 
3,000,000
3,016,134
Neuberger Berman Loan Advisers CLO 40
Ltd. (Cayman Islands), Series 2021-40A,
Class A, 5.64% (3 mo. Term SOFR +
1.32%), 04/16/2033(a)(b)
 
3,612,561
3,618,904
Neuberger Berman Loan Advisers CLO 47
Ltd. (Cayman Islands), Series 2022-47A,
Class A, 5.62% (3 mo. Term SOFR +
1.30%), 04/14/2035(a)(b)
 
3,996,643
4,005,180
Neuberger Berman Loan Advisers NBLA CLO
52 Ltd. (Jersey), Series 2022-52A,
Class AR, 5.67% (3 mo. Term SOFR +
1.35%), 10/24/2038(a)(b)
 
2,500,000
2,510,372
OCP CLO Ltd. (Cayman Islands)
 
Series 2015-9A, Class AR3, 5.42% (3 mo.
Term SOFR + 1.10%), 01/15/2037(a)(b)
 
3,500,000
3,501,025
Series 2016-12A, Class A1R3, 5.70% (3
mo. Term SOFR + 1.37%),
10/18/2037(a)(b)
 
1,000,000
1,003,918
Series 2017-13A, Class AR2, 5.67% (3
mo. Term SOFR + 1.34%),
11/26/2037(a)(b)
 
1,500,000
1,506,298
Series 2019-17A, Class AR2, 5.73% (3
mo. Term SOFR + 1.40%),
07/20/2037(a)(b)
 
4,000,000
4,012,848
Series 2019-17A, Class BR2, 6.08% (3
mo. Term SOFR + 1.75%),
07/20/2037(a)(b)
 
1,250,000
1,255,060
See accompanying notes which are an integral part of this schedule.
Invesco AAA CLO Floating Rate Note ETF (ICLO)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Series 2020-20A, Class A1R, 5.86% (3
mo. Term SOFR + 1.53%),
04/18/2037(a)(b)
$
1,000,000
$1,004,040
Series 2024-31A, Class A1, 5.96% (3 mo.
Term SOFR + 1.63%), 04/20/2037(a)(b)
 
3,250,000
3,262,236
OHA Credit Funding 15-R Ltd. (Cayman
Islands), Series 2023-15RA, Class A,
5.61% (3 mo. Term SOFR + 1.29%),
07/20/2038(a)(b)
 
1,275,000
1,278,616
OHA Credit Funding 17 Ltd. (Bermuda),
Series 2024-17A, Class A, 5.81% (3 mo.
Term SOFR + 1.48%), 04/20/2037(a)(b)
 
2,000,000
2,009,254
OHA Credit Funding 4 Ltd. (Cayman Islands),
Series 2019-4A, Class AR2, 5.62% (3 mo.
Term SOFR + 1.29%), 01/22/2038(a)(b)
 
2,331,000
2,339,604
OHA Credit Funding 8 Ltd. (Cayman Islands),
Series 2021-8A, Class B1R, 5.88% (3 mo.
Term SOFR + 1.55%), 01/20/2038(a)(b)
 
2,250,000
2,254,311
OHA Credit Partners VII Ltd. (Cayman
Islands), Series 2012-7A, Class AR4,
5.46% (3 mo. Term SOFR + 1.14%),
02/20/2038(a)(b)
 
5,000,000
4,991,980
Palmer Square CLO 2023-1 Ltd. (Cayman
Islands), Series 2023-1A, Class AR, 5.58%
(3 mo. Term SOFR + 1.25%),
01/20/2038(a)(b)
 
5,000,000
5,009,455
Palmer Square CLO Ltd. (Cayman Islands),
Series 2015-1A, Class A1A5, 5.37% (3
mo. Term SOFR + 1.05%),
05/21/2034(a)(b)
 
1,795,000
1,796,919
Park Blue CLO Ltd. (Cayman Islands)
 
Series 2022-1A, Class A1R, 5.75% (3 mo.
Term SOFR + 1.42%), 10/20/2037(a)(b)
 
6,400,000
6,414,272
Series 2022-2A, Class A1R, 5.75% (3 mo.
Term SOFR + 1.42%), 07/20/2037(a)(b)
 
1,280,000
1,283,008
Series 2025-7A, Class A1, 5.47% (3 mo.
Term SOFR + 1.22%), 04/25/2038(a)(b)
 
1,250,000
1,250,500
Peace Park CLO Ltd. (Cayman Islands),
Series 2021-1A, Class B1, 6.19% (3 mo.
Term SOFR + 1.86%), 10/20/2034(a)(b)
 
795,000
798,419
Peebles Park CLO Ltd. (Jersey),
Series 2024-1A, Class A, 5.83% (3 mo.
Term SOFR + 1.50%), 04/21/2037(a)(b)
 
2,400,000
2,409,264
Pikes Peak CLO 4 (Cayman Islands),
Series 2019-4A, Class ARR, 5.53% (3 mo.
Term SOFR + 1.21%), 07/15/2034(a)(b)
 
1,250,000
1,250,320
Rad CLO 5 Ltd. (Cayman Islands),
Series 2019-5A, Class BR, 6.28% (3 mo.
Term SOFR + 1.96%), 07/24/2032(a)(b)
 
2,000,000
2,004,680
Regatta 30 Funding Ltd. (Cayman Islands),
Series 2024-4A, Class A2, 5.87% (3 mo.
Term SOFR + 1.55%), 01/25/2038(a)(b)
 
1,300,000
1,301,760
Regatta X Funding Ltd. (Cayman Islands),
Series 2017-3A, Class AR, 5.80% (3 mo.
Term SOFR + 1.48%), 07/17/2037(a)(b)
 
2,000,000
2,009,256
Regatta XVII Funding Ltd. (Cayman Islands),
Series 2020-1A, Class AR, 5.70% (3 mo.
Term SOFR + 1.38%), 10/15/2037(a)(b)
 
4,600,000
4,619,936
Regatta XX Funding Ltd. (Cayman Islands),
Series 2021-2A, Class AR, 5.50% (3 mo.
Term SOFR + 1.18%), 01/15/2038(a)(b)
 
1,350,000
1,348,538
 
Principal
Amount
Value
Regatta XXII Funding Ltd. (Cayman Islands),
Series 2022-2A, Class AR, 5.58% (3 mo.
Term SOFR + 1.25%), 07/20/2035(a)(b)
$
3,000,000
$3,007,692
RR 15 Ltd. (Cayman Islands), Series 2021-
15A, Class A2, 6.03% (3 mo. Term SOFR
+ 1.71%), 04/15/2036(a)(b)
 
2,100,000
2,103,780
RR 24 Ltd. (Bermuda), Series 2022-24A,
Class A1A2, 5.63% (3 mo. Term SOFR +
1.31%), 01/15/2037(a)(b)
 
900,000
901,342
RR 26 Ltd. (Cayman Islands), Series 2023-
26A, Class A1R, 5.44% (3 mo. Term SOFR
+ 1.12%), 04/15/2038(a)(b)
 
2,100,000
2,098,293
RR 29 Ltd. (Cayman Islands), Series 2024-
29RA, Class A1R, 5.71% (3 mo. Term
SOFR + 1.39%), 07/15/2039(a)(b)
 
1,500,000
1,503,282
RR 38 Ltd. (Cayman Islands), Series 2025-
38A, Class A1A, 5.47% (3 mo. Term SOFR
+ 1.15%), 04/15/2040(a)(b)
 
1,300,000
1,299,228
RR 5 Ltd. (Cayman Islands), Series 2018-5A,
Class A1R, 5.82% (3 mo. Term SOFR +
1.50%), 07/15/2039(a)(b)
 
2,200,000
2,210,417
Shackleton 2019-XIV CLO, Ltd. (Cayman
Islands), Series 2019-14A, Class A1R,
5.53% (3 mo. Term SOFR + 1.20%),
07/20/2034(a)(b)
 
1,250,000
1,251,551
Signal Peak CLO 10 Ltd. (Cayman Islands),
Series 2021-10A, Class A1R, 5.51% (3
mo. Term SOFR + 1.19%),
01/24/2038(a)(b)
 
4,500,000
4,495,603
Signal Peak CLO 11 Ltd. (Cayman Islands),
Series 2024-11A, Class A1, 5.78% (3 mo.
Term SOFR + 1.45%), 07/18/2037(a)(b)
 
9,700,000
9,743,873
Signal Peak CLO 14 Ltd. (Cayman Islands),
Series 2024-14A, Class A, 5.63% (3 mo.
Term SOFR + 1.30%), 01/22/2038(a)(b)
 
2,000,000
2,005,000
Signal Peak CLO 9 Ltd. (Cayman Islands),
Series 2021-9A, Class A1R, 5.69% (3 mo.
Term SOFR + 1.36%), 01/21/2038(a)(b)
 
1,300,000
1,306,139
Symphony CLO 40 Ltd. (Bermuda),
Series 2023-40A, Class AR, 5.63% (3 mo.
Term SOFR + 1.31%), 01/05/2038(a)(b)
 
1,500,000
1,504,831
Symphony CLO XIX Ltd. (Cayman Islands)
 
Series 2018-19A, Class A, 5.54% (3 mo.
Term SOFR + 1.22%), 04/16/2031(a)(b)
 
1,227,800
1,228,771
Series 2018-19A, Class B, 5.93% (3 mo.
Term SOFR + 1.61%), 04/16/2031(a)(b)
 
900,000
901,657
Symphony CLO XX Ltd. (Cayman Islands),
Series 2018-20A, Class AR2, 5.42% (3
mo. Term SOFR + 1.10%),
01/16/2032(a)(b)
 
2,301,406
2,302,474
Symphony CLO XXII Ltd. (Cayman Islands),
Series 2020-22A, Class BR, 6.01% (3 mo.
Term SOFR + 1.68%), 04/18/2033(a)(b)
 
750,000
750,598
Symphony CLO XXV Ltd. (Cayman Islands),
Series 2021-25A, Class B, 5.94% (3 mo.
Term SOFR + 1.61%), 04/19/2034(a)(b)
 
3,213,000
3,214,713
Symphony CLO XXXII Ltd. (Cayman Islands)
 
Series 2022-32A, Class B, 6.17% (3 mo.
Term SOFR + 1.85%), 04/23/2035(a)(b)
 
500,000
500,025
Series 2022-32A, Class BR, 5.92% (3 mo.
Term SOFR + 1.65%), 10/23/2035(a)(b)
 
3,500,000
3,504,844
See accompanying notes which are an integral part of this schedule.
Invesco AAA CLO Floating Rate Note ETF (ICLO)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Texas Debt Capital CLO Ltd. (Cayman
Islands), Series 2023-1A, Class A1R,
5.62% (3 mo. Term SOFR + 1.30%),
07/20/2038(a)(b)
$
3,550,000
$3,561,481
TICP CLO VII Ltd. (Cayman Islands),
Series 2017-7A, Class ASR2, 5.62% (3
mo. Term SOFR + 1.30%),
04/15/2033(a)(b)
 
4,875,760
4,877,306
Total Asset-Backed Securities
(Cost $336,256,973)
336,040,866
 
Shares
Value
Money Market Funds-3.85%
Invesco Premier U.S. Government Money
Portfolio, Institutional Class, 4.24%(c)(d)
(Cost $13,037,105)
 
13,037,105
$13,037,105
TOTAL INVESTMENTS IN SECURITIES-103.05%
(Cost $349,294,078)
349,077,971
OTHER ASSETS LESS LIABILITIES-(3.05)%
(10,335,786
)
NET ASSETS-100.00%
$338,742,185
 
Investment Abbreviations:
BR
-Bearer Shares
SOFR
-Secured Overnight Financing Rate
 
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, 2025 was $336,040,866, which represented 99.20% of the Fund’s Net Assets.
(b)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on July 31, 2025.
(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, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
Value
July 31, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$2,443,229
$26,746,415
$(29,189,644
)
$-
$-
$-
$61,060
Invesco Premier
U.S. Government Money
Portfolio, Institutional Class
-
40,875,596
(27,838,491
)
-
-
13,037,105
77,697
Total
$2,443,229
$67,622,011
$(57,028,135
)
$-
$-
$13,037,105
$138,757
 
(d)
The rate shown is the 7-day SEC standardized yield as of July 31, 2025.
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco Active U.S. Real Estate ETF (PSR)
July 31, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.98%
Apartments -8.92%
AvalonBay Communities, Inc.
 
9,178
$1,709,678
Equity Residential
 
27,690
1,750,008
UDR, Inc.
 
35,007
1,375,425
 
 
4,835,111
Data Centers -10.94%
Digital Realty Trust, Inc.
 
23,511
4,148,281
Equinix, Inc., REIT
 
2,273
1,784,691
 
 
5,932,972
Free Standing -5.05%
Agree Realty Corp.
 
9,829
704,739
Essential Properties Realty Trust, Inc.
 
19,466
593,519
Realty Income Corp., REIT
 
25,647
1,439,566
 
 
2,737,824
Gaming REITs-4.07%
Gaming and Leisure Properties, Inc.
 
48,387
2,205,480
Health Care-16.41%
American Healthcare REIT, Inc.
 
18,505
715,033
CareTrust REIT, Inc.
 
29,149
926,938
Healthpeak Properties, Inc.
 
87,748
1,486,451
Ventas, Inc.
 
16,116
1,082,673
Welltower, Inc., REIT
 
28,405
4,688,814
 
 
8,899,909
Industrial-10.85%
EastGroup Properties, Inc.
 
10,393
1,696,553
First Industrial Realty Trust, Inc.
 
17,719
863,270
Prologis, Inc., REIT
 
13,365
1,427,115
Rexford Industrial Realty, Inc.(b)
 
51,935
1,897,185
 
 
5,884,123
Infrastructure REITs-13.98%
American Tower Corp.
 
21,754
4,533,316
Crown Castle, Inc.
 
24,877
2,614,324
SBA Communications Corp., Class A
 
1,911
429,440
 
 
7,577,080
Lodging Resorts-2.01%
Host Hotels & Resorts, Inc.
 
69,450
1,091,754
Manufactured Homes-1.32%
Equity LifeStyle Properties, Inc.
 
11,984
718,081
Office-2.15%
Vornado Realty Trust
 
30,280
1,163,358
Regional Malls-2.84%
Simon Property Group, Inc.
 
9,404
1,540,281
Self Storage-6.49%
CubeSmart
 
45,538
1,771,884
Extra Space Storage, Inc.
 
12,982
1,744,261
 
 
3,516,145
 
Shares
Value
Shopping Centers-5.57%
Brixmor Property Group, Inc.
 
48,856
$1,276,607
Kite Realty Group Trust(b)
 
25,808
567,260
Tanger, Inc.
 
39,115
1,174,232
 
 
3,018,099
Single Family Homes-4.29%
American Homes 4 Rent, Class A
 
33,027
1,145,707
Invitation Homes, Inc.
 
38,484
1,179,534
 
 
2,325,241
Specialty-3.28%
Iron Mountain, Inc.
 
12,948
1,260,617
Outfront Media, Inc.(b)
 
29,564
518,257
 
 
1,778,874
Timber REITs-1.81%
Rayonier, Inc.(b)
 
42,121
981,841
Total Common Stocks & Other Equity Interests
(Cost $53,567,203)
54,206,173
 
Money Market Funds-0.24%
Invesco Government & Agency Portfolio,
Institutional Class, 4.25%(c)(d)
(Cost $130,714)
 
130,714
130,714
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from
securities on loan)-100.22%
(Cost $53,697,917)
54,336,887
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-6.51%
Invesco Private Government Fund,
4.32%(c)(d)(e)
 
979,106
979,106
Invesco Private Prime Fund, 4.46%(c)(d)(e)
 
2,549,906
2,550,416
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $3,529,522)
3,529,522
TOTAL INVESTMENTS IN SECURITIES-106.73%
(Cost $57,227,439)
57,866,409
OTHER ASSETS LESS LIABILITIES-(6.73)%
(3,649,002
)
NET ASSETS-100.00%
$54,217,407
 
Investment Abbreviations:
REIT
-Real Estate Investment Trust
 
Notes to Schedule of Investments:
(a)
Property type classifications used in this report are generally according to FTSE National Association of Real Estate Investment Trusts ("NAREIT") Equity REITs
Index, which is exclusively owned by NAREIT.
(b)
All or a portion of this security was out on loan at July 31, 2025.
(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, 2025.
See accompanying notes which are an integral part of this schedule.
Invesco Active U.S. Real Estate ETF (PSR)—(continued)
July 31, 2025
(Unaudited)
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
July 31, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$22,927
$1,545,556
$(1,437,769
)
$-
$-
$130,714
$1,745
Investments Purchased with
Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
2,322,376
15,208,448
(16,551,718
)
-
-
979,106
23,260
*
Invesco Private Prime Fund
5,958,527
37,510,991
(40,918,701
)
135
(536
)
2,550,416
61,548
*
Total
$8,303,830
$54,264,995
$(58,908,188
)
$135
$(536
)
$3,660,236
$86,553
 
*
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, 2025.
(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(a)
Invesco Comstock Contrarian Equity ETF (CSTK)
July 31, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-93.76%
Aerospace & Defense-1.43%
Textron, Inc.
 
19,758
$1,536,580
Air Freight & Logistics-1.88%
FedEx Corp.
 
9,026
2,017,221
Banks-13.48%
Bank of America Corp.
 
82,740
3,911,120
Citizens Financial Group, Inc.
 
44,089
2,103,927
Fifth Third Bancorp
 
41,761
1,736,005
Huntington Bancshares, Inc.
 
130,419
2,142,784
M&T Bank Corp.
 
5,914
1,115,972
Wells Fargo & Co.
 
42,546
3,430,484
 
 
14,440,292
Beverages-3.15%
Coca-Cola Co. (The)
 
22,851
1,551,354
Keurig Dr Pepper, Inc.
 
55,952
1,826,833
 
 
3,378,187
Broadline Retail-2.06%
eBay, Inc.
 
24,089
2,210,166
Building Products-2.47%
Johnson Controls International PLC
 
25,168
2,642,640
Capital Markets-2.57%
State Street Corp.
 
24,644
2,753,967
Chemicals-1.20%
International Flavors & Fragrances, Inc.
 
18,069
1,283,441
Communications Equipment-2.90%
Cisco Systems, Inc.
 
45,702
3,111,392
Consumer Staples Distribution & Retail-2.28%
Sysco Corp.
 
30,729
2,446,028
Containers & Packaging-1.36%
International Paper Co.
 
31,126
1,454,829
Electrical Equipment-3.96%
Eaton Corp. PLC
 
5,537
2,130,195
Emerson Electric Co.
 
14,550
2,117,170
 
 
4,247,365
Entertainment-1.51%
Walt Disney Co. (The)
 
13,551
1,614,060
Health Care Equipment & Supplies-3.31%
Becton, Dickinson and Co.
 
8,670
1,545,428
GE HealthCare Technologies, Inc.
 
13,001
927,231
Medtronic PLC
 
11,875
1,071,600
 
 
3,544,259
Health Care Providers & Services-5.37%
CVS Health Corp.
 
42,305
2,627,140
Elevance Health, Inc.
 
5,120
1,449,370
Humana, Inc.
 
3,549
886,789
UnitedHealth Group, Inc.
 
3,150
786,114
 
 
5,749,413
Hotels, Restaurants & Leisure-4.38%
Domino’s Pizza, Inc.
 
2,757
1,277,070
Las Vegas Sands Corp.
 
31,076
1,628,382
Starbucks Corp.
 
20,091
1,791,314
 
 
4,696,766
Household Products-1.69%
Kimberly-Clark Corp.
 
14,574
1,816,212
 
Shares
Value
Insurance-4.02%
Allstate Corp. (The)
 
5,821
$1,183,118
American International Group, Inc.
 
23,637
1,834,941
MetLife, Inc.
 
16,939
1,286,517
 
 
4,304,576
Interactive Media & Services-5.00%
Alphabet, Inc., Class A
 
14,185
2,722,101
Meta Platforms, Inc., Class A
 
3,409
2,636,657
 
 
5,358,758
IT Services-2.03%
Cognizant Technology Solutions Corp.,
Class A
 
30,279
2,172,821
Machinery-1.54%
Caterpillar, Inc.
 
3,767
1,650,021
Media-1.09%
Comcast Corp., Class A
 
35,068
1,165,310
Multi-Utilities-3.40%
Dominion Energy, Inc.
 
22,067
1,289,816
Sempra
 
28,767
2,349,689
 
 
3,639,505
Oil, Gas & Consumable Fuels-6.03%
Chevron Corp.
 
22,259
3,375,354
ConocoPhillips
 
18,523
1,765,983
Exxon Mobil Corp.
 
11,825
1,320,143
 
 
6,461,480
Pharmaceuticals-5.34%
Bristol-Myers Squibb Co.
 
21,357
924,972
Johnson & Johnson
 
13,401
2,207,681
Merck & Co., Inc.
 
33,097
2,585,537
 
 
5,718,190
Semiconductors & Semiconductor Equipment-3.49%
NXP Semiconductors N.V. (Netherlands)
 
11,818
2,526,334
QUALCOMM, Inc.
 
8,273
1,214,145
 
 
3,740,479
Software-3.14%
Microsoft Corp.
 
6,301
3,361,583
Textiles, Apparel & Luxury Goods-1.46%
NIKE, Inc., Class B
 
20,885
1,559,901
Tobacco-2.22%
Philip Morris International, Inc.
 
14,474
2,374,460
Total Common Stocks & Other Equity Interests
(Cost $95,098,738)
100,449,902
 
Money Market Funds-6.19%
 
 
 
Invesco Premier U.S. Government Money
Portfolio, Institutional Class, 4.24%(b)(c)
(Cost $6,633,179)
 
6,633,179
6,633,179
TOTAL INVESTMENTS IN SECURITIES-99.95%
(Cost $101,731,917)
107,083,081
OTHER ASSETS LESS LIABILITIES-0.05%
53,615
NET ASSETS-100.00%
$107,136,696
See accompanying notes which are an integral part of this schedule.
Invesco Comstock Contrarian Equity ETF (CSTK)—(continued)
July 31, 2025
(Unaudited)
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
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 period ended July 31, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
Value
July 31, 2025
Dividend Income
Investments in Affiliated Money
Market Funds:
Invesco Premier U.S. Government
Money Portfolio, Institutional Class
$-
$6,633,179
$-
$-
$-
$6,633,179
$33,214
 
(c)
The rate shown is the 7-day SEC standardized yield as of July 31, 2025.
The valuation policy and a listing of other significant accounting policies are available in the most recent Statement of Additional Information.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco Core Fixed Income ETF (GTOC)
July 31, 2025
(Unaudited)
 
 
Principal
Amount
Value
U.S. Dollar Denominated Bonds & Notes-43.11%
Aerospace & Defense-0.60%
Lockheed Martin Corp.
 
4.15% 08/15/2028
$
24,000
$23,944
4.40% 08/15/2030
 
10,000
9,970
5.00% 08/15/2035
 
56,000
56,023
 
 
89,937
Agricultural & Farm Machinery-0.40%
John Deere Capital Corp., 4.38%, 10/15/2030
 
60,000
59,795
Application Software-0.25%
Autodesk, Inc., 5.30%, 06/15/2035
 
37,000
37,504
Asset Management & Custody Banks-1.20%
Apollo Debt Solutions BDC, 5.88%,
08/30/2030(b)
 
37,000
37,057
Ares Capital Corp., 5.50%, 09/01/2030
 
30,000
29,961
Ares Strategic Income Fund, 5.45%,
09/09/2028(b)
 
29,000
28,963
Bank of New York Mellon Corp. (The)
 
5.03% (SOFR + 0.68%), 06/09/2028(c)
 
17,000
17,084
5.32% 06/06/2036(d)
 
29,000
29,565
Golub Capital Private Credit Fund, 5.45%,
08/15/2028(b)
 
38,000
37,867
 
 
180,497
Automobile Manufacturers-0.53%
Honda Motor Co. Ltd. (Japan)
 
4.44% 07/08/2028
 
27,000
26,964
5.34% 07/08/2035
 
27,000
27,009
Hyundai Capital America, 4.88%,
06/23/2027(b)
 
26,000
26,092
 
 
80,065
Broadcasting-0.22%
Paramount Global, 5.85%, 09/01/2043
 
37,000
32,868
Commercial & Residential Mortgage Finance-0.18%
Aviation Capital Group LLC, 4.80%,
10/24/2030(b)
 
27,000
26,742
Construction Machinery & Heavy Transportation Equipment-0.66%
Westinghouse Air Brake Technologies Corp.
 
4.90% 05/29/2030
 
37,000
37,481
5.50% 05/29/2035
 
60,000
61,197
 
 
98,678
Consumer Finance-2.32%
American Express Co.
 
4.73% 04/25/2029(d)
 
65,000
65,581
4.35% 07/20/2029(d)
 
84,000
83,846
5.16% (SOFR + 0.81%), 07/20/2029(c)
 
151,000
151,240
4.92% 07/20/2033(d)
 
41,000
41,144
Synchrony Financial
 
5.02% 07/29/2029(d)
 
3,000
2,999
6.00% 07/29/2036(d)
 
4,000
4,014
 
 
348,824
Distributors-0.55%
Genuine Parts Co., 4.95%, 08/15/2029
 
82,000
83,046
Diversified Banks-8.15%
Bank of America Corp., 6.25%(d)(e)
 
55,000
54,948
Banque Federative du Credit Mutuel (France),
4.59%, 10/16/2028(b)
 
38,000
38,109
Citigroup, Inc., 4.95%, 05/07/2031(d)
 
21,000
21,205
 
Principal
Amount
Value
Diversified Banks-(continued)
JPMorgan Chase & Co.
 
5.10% 04/22/2031(d)
$
65,000
$66,490
5.72% 09/14/2033(d)
 
40,500
42,217
5.58% 07/23/2036(d)
 
37,000
37,572
Mitsubishi UFJ Financial Group, Inc. (Japan),
5.62%, 04/24/2036(d)
 
96,000
99,203
Mizuho Financial Group, Inc. (Japan)
 
4.71% 07/08/2031(d)
 
60,000
59,901
5.61% (SOFR + 1.25%), 07/08/2031(c)
 
63,000
63,427
5.32% 07/08/2036(d)
 
63,000
63,354
Morgan Stanley Private Bank, N.A., 4.47%,
07/06/2028(d)
 
30,000
29,977
PNC Financial Services Group, Inc. (The),
5.37%, 07/21/2036(d)
 
37,000
37,398
Truist Bank
 
4.42% 07/24/2028(d)
 
250,000
249,679
5.12% (SOFR + 0.77%), 07/24/2028(c)
 
250,000
250,529
Wells Fargo & Co.
 
5.15% 04/23/2031(d)
 
21,000
21,434
5.39% 04/24/2034(d)
 
30,000
30,705
5.61% 04/23/2036(d)
 
21,000
21,637
Series BB, 3.90% (d)(e)
 
7,000
6,939
Westpac Banking Corp. (Australia), 5.18%
(SOFR + 0.82%), 07/01/2030(c)
 
29,000
29,211
 
 
1,223,935
Diversified Financial Services-2.77%
Aircastle Ltd./Aircastle Ireland DAC, 5.00%,
09/15/2030(b)
 
38,000
37,948
Citadel Securities Global Holdings LLC, 6.20%,
06/18/2035(b)
 
250,000
255,079
Horizon Mutual Holdings, Inc., 6.20%,
11/15/2034(b)
 
61,000
59,295
LPL Holdings, Inc., 5.15%, 06/15/2030
 
63,000
63,751
 
 
416,073
Diversified Metals & Mining-0.61%
Glencore Funding LLC (Australia), 5.19%,
04/01/2030(b)
 
37,000
37,614
Rio Tinto Finance (USA) PLC (Australia)
 
5.25% 03/14/2035
 
27,000
27,417
5.75% 03/14/2055
 
27,000
27,049
 
 
92,080
Diversified REITs-0.14%
ERP Operating L.P., 4.95%, 06/15/2032
 
21,000
21,186
Electric Utilities-1.79%
Exelon Corp., 5.45%, 03/15/2034
 
36,000
36,912
National Rural Utilities Cooperative Finance
Corp., 5.00%, 08/15/2034
 
81,000
81,187
NextEra Energy Capital Holdings, Inc., 4.69%,
09/01/2027
 
48,000
48,250
Niagara Mohawk Power Corp., 4.65%,
10/03/2030(b)
 
37,000
36,761
PSEG Power LLC, 5.20%, 05/15/2030(b)
 
37,000
37,823
Union Electric Co., 5.25%, 04/15/2035
 
27,000
27,411
 
 
268,344
See accompanying notes which are an integral part of this schedule.
Invesco Core Fixed Income ETF (GTOC)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Electrical Components & Equipment-0.36%
Molex Electronic Technologies LLC
 
4.75% 04/30/2028(b)
$
27,000
$27,033
5.25% 04/30/2032(b)
 
27,000
27,097
 
 
54,130
Financial Exchanges & Data-0.39%
Nasdaq, Inc.
 
5.35% 06/28/2028
 
29,000
29,788
5.95% 08/15/2053
 
29,000
29,495
 
 
59,283
Food Distributors-1.42%
Bunge Ltd. Finance Corp.
 
4.55% 08/04/2030
 
146,000
145,759
5.15% 08/04/2035
 
67,000
66,860
 
 
212,619
Forest Products-0.49%
Georgia-Pacific LLC
 
4.40% 06/30/2028(b)
 
37,000
37,077
4.95% 06/30/2032(b)
 
37,000
37,280
 
 
74,357
Gas Utilities-0.39%
Atmos Energy Corp., 5.20%, 08/15/2035
 
30,000
30,230
Southern Natural Gas Co., L.L.C., 5.45%,
08/01/2035(b)
 
28,000
28,062
 
 
58,292
Health Care Distributors-0.74%
McKesson Corp.
 
4.65% 05/30/2030
 
48,000
48,297
4.95% 05/30/2032
 
24,000
24,207
5.25% 05/30/2035
 
38,000
38,455
 
 
110,959
Health Care Equipment-0.25%
GE HealthCare Technologies, Inc., 4.80%,
01/15/2031
 
37,000
37,200
Health Care REITs-0.11%
Omega Healthcare Investors, Inc., 5.20%,
07/01/2030
 
17,000
17,063
Health Care Services-0.25%
HCA, Inc., 5.45%, 09/15/2034
 
37,000
37,169
Highways & Railtracks-0.15%
Burlington Northern Santa Fe LLC, 5.80%,
03/15/2056
 
22,000
22,386
Homebuilding-0.25%
Toll Brothers Finance Corp., 5.60%,
06/15/2035
 
37,000
37,199
Hotel & Resort REITs-0.19%
Phillips Edison Grocery Center Operating
Partnership I L.P., 5.25%, 08/15/2032
 
29,000
29,179
Industrial Conglomerates-0.43%
Siemens Funding B.V. (Germany), 4.90%,
05/28/2032(b)
 
63,000
64,154
Integrated Telecommunication Services-2.13%
AT&T, Inc., 6.05%, 08/15/2056
 
35,000
35,509
 
Principal
Amount
Value
Integrated Telecommunication Services-(continued)
NTT Finance Corp. (Japan), 5.50%,
07/16/2035(b)
$
200,000
$203,176
Verizon Communications, Inc., 5.25%,
04/02/2035
 
81,000
81,356
 
 
320,041
Interactive Media & Services-0.17%
Alphabet, Inc., 5.30%, 05/15/2065
 
26,000
25,268
Investment Banking & Brokerage-0.88%
Goldman Sachs Group, Inc. (The)
 
5.73% 04/25/2030(d)
 
26,000
27,001
5.54% 01/28/2036(d)
 
21,000
21,478
Morgan Stanley, 5.66%, 04/17/2036(d)
 
21,000
21,667
Nomura Holdings, Inc. (Japan), 5.49%,
06/29/2035
 
61,500
62,015
 
 
132,161
Life & Health Insurance-1.23%
American National Group, Inc., 6.00%,
07/15/2035
 
30,000
30,200
Athene Holding Ltd., 6.88%, 06/28/2055(d)
 
23,000
22,764
Equitable America Global Funding, 4.65%,
06/09/2028(b)
 
28,000
28,089
Jackson National Life Global Funding, 4.70%,
06/05/2028(b)
 
46,500
46,609
Lincoln Financial Global Funding, 4.63%,
05/28/2028(b)
 
19,000
19,049
Symetra Life Insurance Co., 6.55%,
10/01/2055(b)
 
37,000
37,814
 
 
184,525
Multi-line Insurance-0.20%
American International Group, Inc., 4.85%,
05/07/2030
 
29,000
29,406
Multi-Utilities-0.75%
NiSource, Inc.
 
5.25% 03/30/2028
 
37,000
37,762
5.35% 04/01/2034
 
36,000
36,585
Public Service Enterprise Group, Inc., 6.13%,
10/15/2033
 
36,000
38,392
 
 
112,739
Office REITs-0.42%
Cousins Properties L.P.
 
5.25% 07/15/2030
 
33,000
33,544
5.38% 02/15/2032
 
29,000
29,287
 
 
62,831
Oil & Gas Exploration & Production-0.76%
EOG Resources, Inc.
 
4.40% 07/15/2028
 
37,000
37,120
5.35% 01/15/2036
 
40,000
40,317
5.95% 07/15/2055
 
37,000
37,394
 
 
114,831
Oil & Gas Storage & Transportation-2.03%
Enterprise Products Operating LLC
 
4.30% 06/20/2028
 
37,000
36,975
5.20% 01/15/2036
 
37,000
37,083
Florida Gas Transmission Co. LLC, 5.75%,
07/15/2035(b)
 
51,000
52,064
Gulfstream Natural Gas System, L.L.C., 5.60%,
07/23/2035(b)
 
24,000
24,149
See accompanying notes which are an integral part of this schedule.
Invesco Core Fixed Income ETF (GTOC)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Oil & Gas Storage & Transportation-(continued)
Kinder Morgan, Inc., 5.15%, 06/01/2030
$
37,000
$37,769
Plains All American Pipeline L.P., 5.95%,
06/15/2035
 
37,000
37,994
Williams Cos., Inc. (The), 6.00%, 03/15/2055
 
79,500
79,438
 
 
305,472
Packaged Foods & Meats-0.17%
Mars, Inc., 5.70%, 05/01/2055(b)
 
26,000
25,679
Passenger Airlines-0.49%
Delta Air Lines, Inc.
 
4.95% 07/10/2028
 
36,000
36,182
5.25% 07/10/2030
 
37,000
37,374
 
 
73,556
Pharmaceuticals-0.82%
Takeda U.S. Financing, Inc.
 
5.20% 07/07/2035
 
61,500
61,293
5.90% 07/07/2055
 
61,500
61,467
 
 
122,760
Property & Casualty Insurance-0.25%
Travelers Cos., Inc. (The)
 
5.05% 07/24/2035
 
14,000
14,040
5.70% 07/24/2055
 
24,000
24,189
 
 
38,229
Retail REITs-0.55%
Kimco Realty OP LLC, 5.30%, 02/01/2036
 
23,000
23,055
Kite Realty Group L.P.
 
4.95% 12/15/2031
 
30,000
30,027
5.50% 03/01/2034
 
29,000
29,572
 
 
82,654
Self-Storage REITs-0.19%
Americold Realty Operating Partnership L.P.,
5.60%, 05/15/2032
 
29,000
29,046
Semiconductors-0.99%
Broadcom, Inc.
 
5.15% 11/15/2031
 
82,000
84,054
5.20% 07/15/2035
 
36,000
36,184
Micron Technology, Inc., 5.65%, 11/01/2032
 
27,000
27,922
 
 
148,160
Soft Drinks & Non-alcoholic Beverages-3.62%
PepsiCo, Inc.
 
4.10% 01/15/2029
 
120,000
119,451
4.60% 02/07/2030
 
82,000
83,201
4.30% 07/23/2030
 
86,000
85,636
4.65% 07/23/2032
 
105,000
104,960
5.00% 07/23/2035
 
150,000
150,378
 
 
543,626
Specialty Chemicals-1.25%
Sherwin-Williams Co. (The)
 
4.30% 08/15/2028
 
116,000
115,818
4.50% 08/15/2030
 
33,000
32,896
5.15% 08/15/2035
 
39,000
38,932
 
 
187,646
Systems Software-0.17%
Oracle Corp., 5.38%, 09/27/2054
 
28,000
25,242
 
Principal
Amount
Value
Tobacco-0.25%
B.A.T. Capital Corp. (United Kingdom), 7.08%,
08/02/2053
$
33,000
$36,817
Total U.S. Dollar Denominated Bonds & Notes
(Cost $6,469,861)
6,474,253
U.S. Treasury Securities-35.90%
U.S. Treasury Bills-0.44%(f)
4.10%–4.11%, 05/14/2026(g)
 
68,000
65,840
U.S. Treasury Bonds-8.09%
5.00%, 05/15/2045
 
445,700
452,316
4.63%, 02/15/2055
 
796,200
762,983
 
 
1,215,299
U.S. Treasury Notes-27.37%
3.75%, 06/30/2027
 
1,438,400
1,433,118
3.88%, 07/15/2028
 
727,000
726,801
3.88%, 06/30/2030
 
854,600
851,662
4.00%, 06/30/2032
 
600,900
596,112
4.25%, 05/15/2035
 
507,800
503,397
 
 
4,111,090
Total U.S. Treasury Securities
(Cost $5,385,855)
5,392,229
U.S. Government Sponsored Agency Mortgage-Backed
Securities-35.38%
Collateralized Mortgage Obligations-4.55%
Freddie Mac Multifamily Structured Pass
Through Ctfs.
 
Series K519, Class AS, 4.80% (30 Day
Average SOFR + 0.48%), 03/25/2029(c)
 
267,196
266,994
Series K530, Class A2, 4.79%,
09/25/2029(h)
 
100,000
101,663
Series KF153, Class AS, 5.00% (30 Day
Average SOFR + 0.68%), 02/25/2033(c)
 
306,298
306,829
Series KF81, Class AL, 4.79% (30 Day
Average SOFR + 0.47%), 06/25/2027(c)
 
7,433
7,428
 
 
682,914
Uniform Mortgage-Backed Securities-30.83%
TBA, 2.00%, 08/01/2055(i)
 
653,445
511,356
TBA, 2.50%, 08/01/2055(i)
 
1,036,458
849,417
TBA, 3.00%, 08/01/2055(i)
 
761,070
651,449
TBA, 3.50%, 08/01/2055(i)
 
383,316
342,478
TBA, 4.00%, 08/01/2055(i)
 
313,952
289,602
TBA, 4.50%, 08/01/2055(i)
 
274,027
259,977
TBA, 5.00%, 08/01/2055(i)
 
557,290
542,484
TBA, 5.50%, 08/01/2055(i)
 
617,384
614,212
TBA, 6.00%, 08/01/2055(i)
 
560,922
568,763
 
 
4,629,738
Total U.S. Government Sponsored Agency Mortgage-
Backed Securities
(Cost $5,314,665)
5,312,652
 
Asset-Backed Securities-19.12%
ALA Trust, Series 2025-OANA, Class B, 6.18%
(1 mo. Term SOFR + 1.84%),
06/15/2040(b)(c)
 
100,000
100,741
Angel Oak Mortgage Trust, Series 2024-2,
Class A1, 5.99%, 01/25/2069(b)
 
114,062
114,446
See accompanying notes which are an integral part of this schedule.
Invesco Core Fixed Income ETF (GTOC)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
 
Bain Capital Credit CLO Ltd. (Cayman Islands),
Series 2021-3A, Class AR, 5.38% (3 mo.
Term SOFR + 1.06%), 07/24/2034(b)(c)
$
250,000
$250,451
BSTN Commercial Mortgage Trust,
Series 2025-1C, Class A, 5.37%,
06/15/2044(b)(h)
 
100,000
101,504
COLT 2025-8 Mortgage Loan Trust,
Series 2025-8, Class A1, 5.48%,
08/25/2070(b)
 
130,000
130,033
GCAT 2025-NQM4 Trust, Series 2025-NQM4,
Class A1A, 5.53%, 06/25/2070(b)
 
150,000
150,227
GS Mortgage-Backed Securities Trust,
Series 2025-HE1, Class A1, 6.09% (30 Day
Average SOFR + 1.55%), 10/25/2055(b)(c)
 
100,000
100,050
IP Mortgage Trust, Series 2025-IP, Class A,
5.25%, 06/10/2042(b)(h)
 
100,000
100,840
J.P. Morgan Mortgage Trust, Series 2025-
NQM3, Class A1, 5.50%, 11/25/2065(b)(h)
 
150,000
150,285
Jersey Mike’s Funding, Series 2025-1A,
Class A2, 5.61%, 08/16/2055(b)
 
150,000
151,333
Jersey Mike’s Funding LLC, Series 2024-1A,
Class A2, 5.64%, 02/15/2055(b)
 
75,000
75,891
Morgan Stanley Residential Mortgage Loan
Trust, Series 2025-NQM1, Class A1, 5.74%,
11/25/2069(b)(h)
 
136,950
137,360
Neuberger Berman Loan Advisers CLO 38 Ltd.
(Cayman Islands), Series 2020-38A,
Class AR2, 5.29% (3 mo. Term SOFR +
0.96%), 10/20/2036(b)(c)
 
250,000
250,122
New Residential Mortgage Loan Trust,
Series 2025-NQM2, Class A1, 5.57%,
04/25/2065(b)
 
141,675
142,267
 
Principal
Amount
Value
 
RCKT Mortgage Trust, Series 2025-CES6,
Class A1A, 5.47%, 06/25/2055(b)
$
148,316
$148,822
Sonic Capital LLC, Series 2020-1A, Class A2I,
3.85%, 01/20/2050(b)
 
142,625
139,552
Symphony CLO XXIV Ltd. (Cayman Islands),
Series 2020-24A, Class AR, 5.52% (3 mo.
Term SOFR + 1.20%), 01/23/2032(b)(c)
 
172,495
172,562
VDCM Commercial Mortgage Trust,
Series 2025-AZ, Class B, 5.48%,
07/13/2044(b)(h)
 
150,000
149,551
WEST Trust 2025-ROSE, Series 2025-ROSE,
Class A, 5.28%, 04/10/2035(b)(h)
 
150,000
152,200
Zayo Issuer LLC, Series 2025-2A, Class A2,
5.95%, 06/20/2055(b)
 
150,000
153,387
Total Asset-Backed Securities
(Cost $2,872,486)
2,871,624
 
Shares
 
Money Market Funds-4.15%
Invesco Government & Agency Portfolio,
Institutional Class, 4.25%(j)(k)
(Cost $622,893)
 
622,893
622,893
TOTAL INVESTMENTS IN SECURITIES-137.66%
(Cost $20,665,760)
20,673,651
OTHER ASSETS LESS LIABILITIES-(37.66)%
(5,656,217
)
NET ASSETS-100.00%
$15,017,434
 
Investment Abbreviations:
CLO
-Collateralized Loan Obligation
Ctfs.
-Certificates
SOFR
-Secured Overnight Financing Rate
TBA
-To Be Announced
 
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
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, 2025 was $4,188,306, which represented 27.89% of the Fund’s Net Assets.
(c)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on July 31, 2025.
(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)
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(g)
$65,840 was pledged as collateral to cover margin requirements for open futures contracts.  
(h)
Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown
is the rate in effect on July 31, 2025.
(i)
Security purchased on a forward commitment basis. This security is subject to dollar roll transactions.  
(j)
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 period ended July 31, 2025.
See accompanying notes which are an integral part of this schedule.
Invesco Core Fixed Income ETF (GTOC)—(continued)
July 31, 2025
(Unaudited)
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
Value
July 31, 2025
Dividend Income
Investments in Affiliated Money
Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$-
$3,858,210
$(3,235,317
)
$-
$-
$622,893
$2,039
 
(k)
The rate shown is the 7-day SEC standardized yield as of July 31, 2025.
 
Open Futures Contracts
Long Futures Contracts
Number of
Contracts
Expiration
Month
Notional
Value
Value
Unrealized
Appreciation
(Depreciation)
Interest Rate Risk
 
U.S. Treasury 2 Year Notes
7
September-2025
$1,448,890
$(3,401
)
$(3,401
)
Short Futures Contracts
 
 
 
 
 
Interest Rate Risk
 
U.S. Treasury 5 Year Notes
8
September-2025
(865,375
)
1,894
1,894
U.S. Treasury 10 Year Notes
2
September-2025
(222,125
)
75
75
U.S. Treasury 10 Year Ultra Notes
10
September-2025
(1,130,781
)
(2,015
)
(2,015
)
Subtotal—Short Futures Contracts
 
(46
)
(46
)
Total Futures Contracts
$(3,447
)
$(3,447
)
The valuation policy and a listing of other significant accounting policies are available in the most recent Statement of Additional Information.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco Global Equity Net Zero ETF (IQSZ)
July 31, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-100.02%
Aerospace & Defense-0.32%
Aselsan Elektronik Sanayi Ve Ticaret A.S.
(Turkey)
 
22,536
$103,654
Howmet Aerospace, Inc.
 
1,072
192,713
Rheinmetall AG (Germany)
 
50
99,266
 
 
395,633
Air Freight & Logistics-0.67%
Deutsche Post AG (Germany)
 
2,138
96,076
DSV A/S (Denmark)
 
608
136,680
FedEx Corp.
 
741
165,606
InPost S.A. (Poland)(b)
 
5,682
81,848
Nippon Express Holdings, Inc., Class H (Japan)
 
6,663
146,663
United Parcel Service, Inc., Class B
 
2,299
198,082
 
 
824,955
Airport Services-0.31%
Aena S.M.E. S.A. (Spain)(c)
 
11,117
300,239
Grupo Aeroportuario del Sureste S.A.B. de C.V.,
ADR (Mexico)
 
276
83,713
 
 
383,952
Apparel Retail-0.42%
Ross Stores, Inc.
 
783
106,911
TJX Cos., Inc. (The)
 
3,261
406,092
 
 
513,003
Apparel, Accessories & Luxury Goods-0.77%
adidas AG (Germany)
 
522
100,062
ANTA Sports Products Ltd. (China)
 
7,504
86,132
Hermes International S.C.A. (France)
 
32
78,486
lululemon athletica, inc.(b)
 
549
110,091
LVMH Moet Hennessy Louis Vuitton SE
(France)
 
177
95,295
Moncler S.p.A. (Italy)
 
2,466
131,904
Pandora A/S (Denmark)
 
562
93,081
Ralph Lauren Corp.
 
847
253,041
 
 
948,092
Application Software-2.68%
Adobe, Inc.(b)
 
1,027
367,348
Atlassian Corp., Class A(b)
 
560
107,397
Autodesk, Inc.(b)
 
523
158,526
DocuSign, Inc.(b)
 
2,984
225,710
Guidewire Software, Inc.(b)
 
648
146,591
HubSpot, Inc.(b)
 
163
84,703
Intuit, Inc.
 
730
573,145
Palantir Technologies, Inc., Class A(b)
 
3,267
517,329
Salesforce, Inc.
 
2,001
516,918
SAP SE (Germany)
 
525
150,567
Synopsys, Inc.(b)
 
146
92,487
Workday, Inc., Class A(b)
 
1,140
261,493
Xero Ltd. (New Zealand)(b)
 
784
90,455
 
 
3,292,669
Asset Management & Custody Banks-1.26%
Ameriprise Financial, Inc.
 
262
135,766
Bank of New York Mellon Corp. (The)
 
5,405
548,337
Brookfield Corp. (Canada)
 
2,956
198,435
Northern Trust Corp.
 
1,604
208,520
St. James’s Place PLC (United Kingdom)
 
5,386
92,887
State Street Corp.
 
3,242
362,294
 
 
1,546,239
 
Shares
Value
Automobile Manufacturers-1.85%
BYD Co. Ltd., H Shares (China)
 
7,820
$114,179
Geely Automobile Holdings Ltd. (China)
 
71,936
161,354
General Motors Co.
 
4,506
240,350
Kia Corp. (South Korea)
 
1,176
86,049
Mercedes-Benz Group AG (Germany)
 
1,343
76,264
Subaru Corp. (Japan)
 
8,396
154,764
Tesla, Inc.(b)
 
4,197
1,293,809
Toyota Motor Corp. (Japan)
 
5,191
92,523
Volkswagen AG, Preference Shares (Germany)
 
531
55,687
 
 
2,274,979
Automotive Parts & Equipment-0.32%
Aisin Corp. (Japan)
 
6,955
96,313
Aptiv PLC (Jersey)(b)
 
1,470
100,901
Continental AG (Germany)
 
1,384
118,555
Hyundai Mobis Co. Ltd. (South Korea)
 
392
82,720
 
 
398,489
Automotive Retail-0.21%
AutoZone, Inc.(b)
 
35
131,893
O’Reilly Automotive, Inc.(b)
 
1,260
123,883
 
 
255,776
Biotechnology-0.99%
AbbVie, Inc.
 
2,576
486,916
Amgen, Inc.
 
882
260,278
Gilead Sciences, Inc.
 
3,391
380,775
Incyte Corp.(b)
 
1,246
93,313
 
 
1,221,282
Brewers-0.62%
Ambev S.A., ADR (Brazil)
 
35,566
77,534
Anheuser-Busch InBev S.A./N.V. (Belgium)
 
7,349
423,754
Asahi Group Holdings Ltd. (Japan)
 
6,700
85,169
Heineken N.V. (Netherlands)
 
1,078
84,862
Molson Coors Beverage Co., Class B
 
1,862
90,717
 
 
762,036
Broadline Retail-3.59%
Alibaba Group Holding Ltd. (China)
 
22,518
338,553
Amazon.com, Inc.(b)
 
14,339
3,356,904
eBay, Inc.
 
5,092
467,191
Naspers Ltd. (South Africa)
 
490
152,373
Prosus N.V. (Netherlands)(b)
 
1,810
103,701
 
 
4,418,722
Building Products-1.04%
Allegion PLC
 
997
165,422
Carlisle Cos., Inc.
 
214
75,908
Cie de Saint-Gobain S.A. (France)
 
851
97,911
Johnson Controls International PLC
 
4,943
519,015
Trane Technologies PLC
 
963
421,871
 
 
1,280,127
Cable & Satellite-0.37%
Charter Communications, Inc., Class A(b)
 
490
131,987
Comcast Corp., Class A
 
9,845
327,149
 
 
459,136
Casinos & Gaming-0.20%
Flutter Entertainment PLC (Ireland)(b)
 
499
150,828
Las Vegas Sands Corp.
 
1,878
98,407
 
 
249,235
Commodity Chemicals-0.07%
Orica Ltd. (Australia)
 
6,661
91,133
See accompanying notes which are an integral part of this schedule.
Invesco Global Equity Net Zero ETF (IQSZ)—(continued)
July 31, 2025
(Unaudited)
 
Shares
Value
Communications Equipment-1.04%
Accton Technology Corp. (Taiwan)
 
5,230
$154,464
Cisco Systems, Inc.
 
12,270
835,342
Motorola Solutions, Inc.
 
235
103,160
Nokia OYJ (Finland)
 
46,150
188,629
 
 
1,281,595
Computer & Electronics Retail-0.09%
Best Buy Co., Inc.
 
1,687
109,756
Construction & Engineering-2.07%
ACS Actividades de Construccion y Servicios
S.A. (Spain)
 
3,429
237,347
AECOM
 
1,522
171,590
Bouygues S.A. (France)
 
6,270
258,935
Eiffage S.A. (France)
 
2,219
298,743
EMCOR Group, Inc.
 
353
221,504
Ferrovial SE
 
1,861
95,681
Gamuda Bhd. (Malaysia)
 
74,332
89,718
Kajima Corp. (Japan)
 
3,331
83,613
Shimizu Corp. (Japan)
 
12,838
142,507
Skanska AB, Class B (Sweden)
 
3,721
87,060
Stantec, Inc. (Canada)
 
1,521
166,627
United Integrated Services Co. Ltd. (Taiwan)
 
4,641
121,846
Vinci S.A. (France)
 
2,991
416,696
WSP Global, Inc. (Canada)
 
715
147,546
 
 
2,539,413
Construction Machinery & Heavy Transportation Equipment-0.41%
Cummins, Inc.
 
321
118,006
HD Korea Shipbuilding & Offshore Engineering
Co. Ltd. (South Korea)
 
366
94,055
KION Group AG (Germany)
 
1,412
87,057
Komatsu Ltd. (Japan)
 
3,598
116,155
Weichai Power Co. Ltd., H Shares (China)
 
43,778
92,804
 
 
508,077
Consumer Electronics-0.35%
Panasonic Holdings Corp. (Japan)
 
18,326
173,703
Sony Group Corp. (Japan)
 
10,707
258,061
 
 
431,764
Consumer Finance-0.25%
American Express Co.
 
1,015
303,800
Consumer Staples Merchandise Retail-0.80%
AEON Co. Ltd. (Japan)
 
2,375
76,018
Dollar Tree, Inc.(b)
 
1,219
138,417
Wal-Mart de Mexico S.A.B. de C.V., Series V
(Mexico)
 
31,161
92,034
Walmart, Inc.
 
6,903
676,356
 
 
982,825
Copper-0.18%
Freeport-McMoRan, Inc.
 
3,630
146,071
Southern Copper Corp. (Mexico)
 
828
77,965
 
 
224,036
Data Processing & Outsourced Services-0.28%
Broadridge Financial Solutions, Inc.
 
360
89,104
Computershare Ltd. (Australia)
 
6,563
177,002
Teleperformance SE (France)
 
829
81,057
 
 
347,163
Diversified Banks-8.83%
ABN AMRO Bank N.V., CVA (Netherlands)(c)
 
5,289
153,346
Absa Group Ltd. (South Africa)
 
8,885
88,351
 
Shares
Value
Diversified Banks-(continued)
Alpha Bank S.A. (Greece)(b)
 
22,437
$84,231
Banco Bilbao Vizcaya Argentaria S.A. (Spain)
 
9,111
152,402
Banco Santander S.A. (Spain)
 
35,127
302,655
Bank of America Corp.
 
17,164
811,342
Bank of China Ltd., H Shares (China)
 
143,872
83,045
Bank Polska Kasa Opieki S.A. (Poland)
 
1,586
86,438
Barclays PLC (United Kingdom)
 
25,182
123,342
BNP Paribas S.A. (France)
 
1,411
129,030
BOC Hong Kong (Holdings) Ltd. (China)
 
30,223
135,709
CaixaBank S.A. (Spain)
 
12,245
115,543
Canadian Imperial Bank of Commerce (Canada)
 
3,686
264,023
Citigroup, Inc.
 
6,895
646,061
Commerzbank AG (Germany)
 
2,548
93,188
Commonwealth Bank of Australia (Australia)
 
1,596
181,532
Credicorp Ltd. (Peru)
 
373
88,401
CTBC Financial Holding Co. Ltd. (Taiwan)
 
56,297
77,358
Danske Bank A/S (Denmark)
 
4,898
194,934
DNB Bank ASA (Norway)
 
14,696
373,439
E.Sun Financial Holding Co. Ltd. (Taiwan)
 
90,573
96,867
First Abu Dhabi Bank PJSC (United Arab
Emirates)
 
18,714
91,549
First Financial Holding Co. Ltd. (Taiwan)
 
138,662
136,975
Grupo Financiero Banorte S.A.B. de C.V.,
Class O (Mexico)
 
14,013
125,122
Hana Financial Group, Inc. (South Korea)
 
1,273
77,830
HSBC Holdings PLC (United Kingdom)
 
39,048
476,694
ICICI Bank Ltd., ADR (India)
 
24,080
811,496
ING Groep N.V. (Netherlands)
 
6,454
150,855
Intesa Sanpaolo S.p.A. (Italy)
 
36,911
223,051
Itau Unibanco Holding S.A., ADR (Brazil)
 
20,086
125,939
JPMorgan Chase & Co.
 
4,420
1,309,381
KB Financial Group, Inc. (South Korea)
 
1,224
97,245
Lloyds Banking Group PLC (United Kingdom)
 
142,091
146,005
Malayan Banking Bhd. (Malaysia)
 
37,529
82,542
Mitsubishi UFJ Financial Group, Inc. (Japan)
 
12,542
173,214
Mizuho Financial Group, Inc. (Japan)
 
5,977
175,671
National Australia Bank Ltd. (Australia)
 
3,550
88,264
NatWest Group PLC (United Kingdom)
 
41,484
288,554
Nordea Bank Abp (Finland)
 
5,781
84,603
OTP Bank Nyrt. (Hungary)
 
1,077
87,711
Powszechna Kasa Oszczednosci Bank Polski S.A.
(Poland)
 
4,014
88,211
Raiffeisen Bank International AG (Austria)
 
3,026
87,630
Standard Chartered PLC (United Kingdom)
 
4,679
84,052
Sumitomo Mitsui Trust Group, Inc. (Japan)
 
3,918
102,918
Svenska Handelsbanken AB, Class A (Sweden)
 
8,327
101,765
Toronto-Dominion Bank (The) (Canada)
 
4,652
339,575
U.S. Bancorp
 
6,051
272,053
UniCredit S.p.A. (Italy)
 
2,155
159,017
Wells Fargo & Co.
 
7,257
585,132
 
 
10,854,291
Diversified Capital Markets-0.40%
Deutsche Bank AG (Germany)
 
9,713
320,852
Macquarie Group Ltd. (Australia)
 
719
99,757
UBS Group AG (Switzerland)
 
2,072
77,023
 
 
497,632
Diversified Chemicals-0.14%
BASF SE (Germany)
 
1,632
80,218
Mitsubishi Chemical Group Corp. (Japan)
 
16,366
89,323
 
 
169,541
See accompanying notes which are an integral part of this schedule.
Invesco Global Equity Net Zero ETF (IQSZ)—(continued)
July 31, 2025
(Unaudited)
 
Shares
Value
Diversified Metals & Mining-1.01%
Anglo American PLC (South Africa)
 
2,842
$80,132
BHP Group Ltd. (Australia)
 
16,497
417,414
Grupo Mexico S.A.B. de C.V., Class B (Mexico)
 
26,164
164,097
Hudbay Minerals, Inc. (Canada)
 
7,839
72,916
Rio Tinto Ltd. (Australia)
 
1,981
141,148
Rio Tinto PLC (Australia)
 
3,514
209,720
Saudi Arabian Mining Co. (Saudi Arabia)(b)
 
5,976
82,621
Teck Resources Ltd., Class B (Canada)
 
2,144
69,675
 
 
1,237,723
Diversified Real Estate Activities-0.19%
Daiwa House Industry Co. Ltd. (Japan)
 
2,645
87,624
Mitsubishi Estate Co. Ltd. (Japan)
 
8,003
150,139
 
 
237,763
Diversified REITs-0.08%
KDX Realty Investment Corp. (Japan)
 
89
95,839
Diversified Support Services-0.15%
Cintas Corp.
 
447
99,480
ISS A/S (Denmark)
 
2,940
84,785
 
 
184,265
Drug Retail-0.07%
Clicks Group Ltd. (South Africa)
 
4,210
88,833
Electric Utilities-0.97%
Edison International
 
2,548
132,802
Enel S.p.A. (Italy)
 
20,868
184,560
Exelon Corp.
 
4,288
192,703
Iberdrola S.A. (Spain)
 
8,488
149,626
NRG Energy, Inc.
 
2,686
449,099
Tenaga Nasional Bhd. (Malaysia)
 
27,200
82,850
 
 
1,191,640
Electrical Components & Equipment-1.27%
ABB Ltd. (Switzerland)
 
2,655
173,409
Acuity, Inc.
 
344
107,104
AMETEK, Inc.
 
1,574
290,954
Contemporary Amperex Technology Co., Ltd.
(China)(b)
 
2,833
146,594
Eaton Corp. PLC
 
355
136,576
Emerson Electric Co.
 
1,862
270,940
NKT A/S (Denmark)(b)
 
1,077
95,051
Rockwell Automation, Inc.
 
490
172,338
Schneider Electric SE (France)
 
637
165,335
 
 
1,558,301
Electronic Components-0.28%
Delta Electronics, Inc. (Taiwan)
 
8,340
157,110
Tripod Technology Corp. (Taiwan)
 
10,419
96,973
Zhen Ding Technology Holding Ltd. (Taiwan)
 
23,000
95,925
 
 
350,008
Electronic Equipment & Instruments-0.34%
Halma PLC (United Kingdom)
 
3,527
151,224
Hexagon AB, Class B (Sweden)
 
8,523
93,934
Keysight Technologies, Inc.(b)
 
1,046
171,450
 
 
416,608
Electronic Manufacturing Services-0.43%
Flex Ltd.(b)
 
3,527
175,891
Hon Hai Precision Industry Co. Ltd. (Taiwan)
 
18,779
110,430
Jabil, Inc.
 
1,078
240,577
 
 
526,898
 
Shares
Value
Fertilizers & Agricultural Chemicals-0.44%
CF Industries Holdings, Inc.
 
1,862
$172,850
Corteva, Inc.
 
2,687
193,813
Mosaic Co. (The)
 
2,238
80,590
Yara International ASA (Brazil)
 
2,351
87,292
 
 
534,545
Financial Exchanges & Data-0.89%
Deutsche Boerse AG (Germany)
 
209
60,659
Euronext N.V. (Netherlands)
 
649
104,919
Hong Kong Exchanges & Clearing Ltd. (Hong
Kong)
 
1,614
87,348
Moody’s Corp.
 
171
88,190
Nasdaq, Inc.
 
3,481
334,942
S&P Global, Inc.
 
594
327,353
Singapore Exchange Ltd. (Singapore)
 
7,056
86,588
 
 
1,089,999
Food Retail-0.71%
Empire Co. Ltd., Class A (Canada)
 
2,352
93,872
George Weston Ltd. (Canada)
 
431
82,079
J Sainsbury PLC (United Kingdom)
 
39,860
159,710
Jeronimo Martins SGPS S.A. (Portugal)
 
3,432
83,910
Koninklijke Ahold Delhaize N.V. (Netherlands)
 
2,055
81,403
Seven & i Holdings Co. Ltd. (Japan)
 
6,369
84,134
Tesco PLC (United Kingdom)
 
35,957
202,435
Woolworths Group Ltd. (Australia)
 
4,308
87,133
 
 
874,676
Footwear-0.23%
ASICS Corp. (Japan)
 
5,832
137,384
NIKE, Inc., Class B
 
2,021
150,949
 
 
288,333
Gas Utilities-0.19%
AltaGas Ltd. (Canada)
 
3,037
89,866
Tokyo Gas Co. Ltd. (Japan)
 
4,285
143,789
 
 
233,655
Gold-0.49%
Agnico Eagle Mines Ltd. (Canada)
 
1,132
140,838
Franco-Nevada Corp. (Canada)
 
540
86,209
Gold Fields Ltd., ADR (South Africa)
 
3,721
90,644
Harmony Gold Mining Co. Ltd., ADR (South
Africa)
 
6,170
83,048
Lundin Gold, Inc. (Canada)
 
1,862
86,369
Newmont Corp.
 
1,870
116,127
 
 
603,235
Health Care Distributors-0.34%
Cardinal Health, Inc.
 
2,682
416,300
Health Care Equipment-1.11%
Boston Scientific Corp.(b)
 
4,316
452,835
Edwards Lifesciences Corp.(b)
 
1,108
87,875
Medtronic PLC
 
2,978
268,735
ResMed, Inc.
 
465
126,452
Smith & Nephew PLC (United Kingdom)
 
5,779
88,501
Stryker Corp.
 
657
258,023
Zimmer Biomet Holdings, Inc.
 
915
83,860
 
 
1,366,281
Health Care Facilities-0.13%
Rede D’Or Sao Luiz S.A. (Brazil)(c)
 
13,448
78,067
Universal Health Services, Inc., Class B
 
460
76,567
 
 
154,634
See accompanying notes which are an integral part of this schedule.
Invesco Global Equity Net Zero ETF (IQSZ)—(continued)
July 31, 2025
(Unaudited)
 
Shares
Value
Health Care REITs-0.08%
Ventas, Inc.
 
1,372
$92,171
Health Care Services-0.47%
Cigna Group (The)
 
459
122,728
CVS Health Corp.
 
3,543
220,020
Fresenius Medical Care AG (Germany)
 
2,947
149,915
Fresenius SE & Co. KGaA (Germany)
 
1,763
84,396
 
 
577,059
Heavy Electrical Equipment-0.40%
GE Vernova, Inc.
 
364
240,346
Mitsubishi Electric Corp. (Japan)
 
4,408
99,347
Siemens Energy AG, Class A (Germany)(b)
 
1,325
153,857
 
 
493,550
Home Improvement Retail-0.38%
Kingfisher PLC (United Kingdom)
 
22,337
79,588
Lowe’s Cos., Inc.
 
1,714
383,199
 
 
462,787
Homebuilding-0.14%
Berkeley Group Holdings PLC (The) (United
Kingdom)
 
1,763
84,959
Sekisui Chemical Co. Ltd. (Japan)
 
4,995
86,815
 
 
171,774
Homefurnishing Retail-0.16%
Williams-Sonoma, Inc.
 
1,053
196,964
Hotel & Resort REITs-0.07%
Host Hotels & Resorts, Inc.
 
5,291
83,175
Hotels, Resorts & Cruise Lines-1.36%
Airbnb, Inc., Class A(b)
 
882
116,786
Booking Holdings, Inc.
 
124
682,503
Carnival Corp.(b)
 
10,483
312,079
Expedia Group, Inc.
 
1,789
322,414
Royal Caribbean Cruises Ltd.
 
464
147,492
TUI AG (Germany)(b)
 
9,503
85,988
 
 
1,667,262
Household Products-0.79%
Colgate-Palmolive Co.
 
2,449
205,349
Essity AB, Class B (Sweden)
 
3,876
95,861
Procter & Gamble Co. (The)
 
3,490
525,140
Reckitt Benckiser Group PLC (United Kingdom)
 
1,877
140,961
 
 
967,311
Human Resource & Employment Services-0.39%
Automatic Data Processing, Inc.
 
1,320
408,540
Paychex, Inc.
 
509
73,464
 
 
482,004
Independent Power Producers & Energy Traders-0.18%
Vistra Corp.
 
1,055
220,010
Industrial Conglomerates-0.98%
3M Co.
 
1,495
223,084
Hitachi Ltd. (Japan)
 
6,506
199,491
Keppel Ltd. (Singapore)
 
14,305
93,013
KOC Holding A.S. (Turkey)
 
22,144
97,557
Samsung C&T Corp. (South Korea)
 
797
96,154
Siemens AG (Germany)
 
1,368
349,457
Smiths Group PLC (United Kingdom)
 
4,866
151,038
 
 
1,209,794
Industrial Gases-0.23%
Linde PLC
 
603
277,537
 
Shares
Value
Industrial Machinery & Supplies & Components-1.35%
Daifuku Co. Ltd. (Japan)
 
3,526
$89,446
Dover Corp.
 
789
142,920
FANUC Corp. (Japan)
 
5,727
159,745
GEA Group AG (Germany)
 
1,274
91,780
Konecranes OYJ (Finland)
 
1,078
90,096
Mitsubishi Heavy Industries Ltd. (Japan)
 
6,324
151,300
Parker-Hannifin Corp.
 
537
393,030
Pentair PLC
 
1,519
155,242
Schindler Holding AG, PC (Switzerland)
 
328
118,646
Stanley Black & Decker, Inc.
 
1,193
80,706
Weir Group PLC (The) (United Kingdom)
 
2,644
93,076
Xylem, Inc.
 
646
93,425
 
 
1,659,412
Insurance Brokers-0.48%
Aon PLC, Class A
 
168
59,759
Arthur J. Gallagher & Co.
 
492
141,327
Marsh & McLennan Cos., Inc.
 
1,179
234,857
Willis Towers Watson PLC
 
476
150,326
 
 
586,269
Integrated Oil & Gas-2.39%
Chevron Corp.
 
2,748
416,707
Equinor ASA (Norway)
 
11,366
293,248
Exxon Mobil Corp.
 
6,594
736,154
Imperial Oil Ltd. (Canada)
 
1,106
92,421
Occidental Petroleum Corp.
 
2,648
116,353
OMV AG (Austria)
 
2,253
115,079
Petroleo Brasileiro S.A., ADR (Brazil)
 
6,563
83,613
Petroleo Brasileiro S.A., Preference Shares
(Brazil)
 
14,386
83,871
Saudi Arabian Oil Co. (Saudi Arabia)(c)
 
57,502
372,075
Shell PLC (United Kingdom)
 
9,015
324,600
Suncor Energy, Inc. (Canada)
 
7,824
309,270
 
 
2,943,391
Integrated Telecommunication Services-0.79%
AT&T, Inc.
 
16,583
454,540
Deutsche Telekom AG (Germany)
 
2,825
101,619
T-Mobile US, Inc.
 
866
206,463
Verizon Communications, Inc.
 
4,820
206,103
 
 
968,725
Interactive Home Entertainment-0.11%
Electronic Arts, Inc.
 
882
134,496
Interactive Media & Services-5.19%
Alphabet, Inc., Class A
 
8,171
1,568,015
Alphabet, Inc., Class C
 
7,788
1,501,994
LY Corp. (Japan)
 
30,574
111,979
Meta Platforms, Inc., Class A
 
3,321
2,568,594
Tencent Holdings Ltd. (China)
 
9,035
632,561
 
 
6,383,143
Internet Services & Infrastructure-0.23%
Okta, Inc.(b)
 
1,118
109,340
Shopify, Inc., Class A (Canada)(b)
 
1,371
167,955
 
 
277,295
Investment Banking & Brokerage-1.20%
Goldman Sachs Group, Inc. (The)
 
1,030
745,298
Morgan Stanley
 
4,423
630,100
SBI Holdings, Inc. (Japan)
 
2,636
98,120
 
 
1,473,518
See accompanying notes which are an integral part of this schedule.
Invesco Global Equity Net Zero ETF (IQSZ)—(continued)
July 31, 2025
(Unaudited)
 
Shares
Value
IT Consulting & Other Services-1.23%
Accenture PLC, Class A (Ireland)
 
1,360
$363,256
Amdocs Ltd.
 
920
78,531
Cognizant Technology Solutions Corp., Class A
 
1,611
115,605
Infosys Ltd., ADR (India)
 
34,227
572,276
International Business Machines Corp.
 
1,502
380,231
 
 
1,509,899
Leisure Products-0.07%
Bandai Namco Holdings, Inc. (Japan)
 
2,744
88,912
Life & Health Insurance-1.43%
Aflac, Inc.
 
828
82,270
Dai-ichi Life Holdings, Inc. (Japan)
 
10,903
86,441
Discovery Ltd. (South Africa)
 
6,954
83,073
Japan Post Holdings Co. Ltd. (Japan)
 
16,954
157,324
Japan Post Insurance Co. Ltd. (Japan)
 
3,744
96,058
Manulife Financial Corp. (Canada)
 
2,249
69,737
MetLife, Inc.
 
4,464
339,041
Phoenix Group Holdings PLC (United Kingdom)
 
9,991
87,551
Ping An Insurance (Group) Co. of China Ltd., H
Shares (China)
 
13,544
92,984
Poste Italiane S.p.A. (Italy)(c)
 
18,028
390,637
Principal Financial Group, Inc.
 
1,027
79,931
Prudential PLC (Hong Kong)
 
8,329
105,879
Sun Life Financial, Inc. (Canada)
 
1,400
85,546
 
 
1,756,472
Life Sciences Tools & Services-0.15%
Illumina, Inc.(b)
 
881
90,488
IQVIA Holdings, Inc.(b)
 
520
96,647
 
 
187,135
Managed Health Care-0.26%
Elevance Health, Inc.
 
294
83,225
UnitedHealth Group, Inc.
 
962
240,077
 
 
323,302
Marine Transportation-0.43%
A.P. Moller - Maersk A/S, Class B (Denmark)
 
59
116,884
Evergreen Marine Corp. Taiwan Ltd. (Taiwan)
 
29,253
193,038
Nippon Yusen K.K. (Japan)
 
1,926
67,681
Orient Overseas International Ltd. (Hong Kong)
 
8,710
156,713
 
 
534,316
Metal, Glass & Plastic Containers-0.35%
CCL Industries, Inc., Class B (Canada)
 
1,469
82,293
Crown Holdings, Inc.
 
3,481
345,872
 
 
428,165
Movies & Entertainment-1.33%
Netflix, Inc.(b)
 
683
791,870
Spotify Technology S.A. (Sweden)(b)
 
323
202,372
Walt Disney Co. (The)
 
5,389
641,884
 
 
1,636,126
Multi-line Insurance-0.76%
Allianz SE (Germany)
 
156
61,829
American International Group, Inc.
 
4,243
329,384
ASR Nederland N.V. (Netherlands)
 
1,291
86,005
Assicurazioni Generali S.p.A. (Italy)
 
7,337
274,517
AXA S.A. (France)
 
3,833
186,712
 
 
938,447
Multi-Utilities-0.54%
DTE Energy Co.
 
1,095
151,559
E.ON SE (Germany)
 
4,724
86,434
 
Shares
Value
Multi-Utilities-(continued)
ENGIE S.A. (France)
 
10,190
$229,726
National Grid PLC (United Kingdom)
 
6,127
86,273
NiSource, Inc.
 
2,547
108,120
 
 
662,112
Oil & Gas Equipment & Services-0.23%
Baker Hughes Co., Class A
 
2,155
97,083
Schlumberger N.V.
 
2,841
96,026
Technip Energies N.V. (France)
 
2,105
91,163
 
 
284,272
Oil & Gas Exploration & Production-1.20%
Aker BP ASA (Norway)
 
4,311
104,164
ConocoPhillips
 
3,135
298,891
Devon Energy Corp.
 
5,590
185,700
EOG Resources, Inc.
 
3,092
371,102
EQT Corp.
 
3,458
185,867
Inpex Corp. (Japan)
 
6,173
88,074
Ovintiv, Inc.
 
2,054
84,584
Var Energi ASA (Norway)
 
47,020
161,768
 
 
1,480,150
Oil & Gas Refining & Marketing-0.22%
ORLEN S.A. (Poland)
 
5,585
124,821
Valero Energy Corp.
 
1,043
143,214
 
 
268,035
Oil & Gas Storage & Transportation-0.32%
Enbridge, Inc. (Canada)
 
5,977
271,279
Williams Cos., Inc. (The)
 
1,968
117,982
 
 
389,261
Packaged Foods & Meats-0.99%
Ajinomoto Co., Inc. (Japan)
 
3,232
85,681
China Mengniu Dairy Co. Ltd. (China)
 
42,748
88,959
Danone S.A. (France)
 
966
79,287
JDE Peet’s N.V. (Netherlands)
 
3,772
112,187
Kraft Heinz Co. (The)
 
3,429
94,160
Mondelez International, Inc., Class A
 
1,469
95,030
Nestle S.A. (Switzerland)
 
2,970
259,574
Orkla ASA (Norway)
 
9,503
100,373
Tyson Foods, Inc., Class A
 
4,096
214,221
WH Group Ltd. (Hong Kong)
 
89,650
89,752
 
 
1,219,224
Passenger Airlines-0.31%
China Airlines Ltd. (Taiwan)
 
114,664
78,572
Turk Hava Yollari AO (Turkey)
 
11,341
80,294
United Airlines Holdings, Inc.(b)
 
2,548
225,014
 
 
383,880
Passenger Ground Transportation-0.47%
Grab Holdings Ltd., Class A (Singapore)(b)
 
18,812
91,991
Uber Technologies, Inc.(b)
 
5,583
489,908
 
 
581,899
Personal Care Products-0.13%
L’Oreal S.A. (France)
 
361
160,206
Pharmaceuticals-3.95%
AstraZeneca PLC (United Kingdom)
 
1,389
203,058
Bayer AG (Germany)
 
2,617
81,632
Bristol-Myers Squibb Co.
 
8,524
369,174
Chugai Pharmaceutical Co. Ltd. (Japan)
 
1,861
89,391
Eli Lilly and Co.
 
993
734,890
GSK PLC
 
9,110
167,912
See accompanying notes which are an integral part of this schedule.
Invesco Global Equity Net Zero ETF (IQSZ)—(continued)
July 31, 2025
(Unaudited)
 
Shares
Value
Pharmaceuticals-(continued)
Johnson & Johnson
 
5,104
$840,833
Merck & Co., Inc.
 
3,634
283,888
Novartis AG
 
5,677
646,696
Pfizer, Inc.
 
14,866
346,229
Roche Holding AG (Switzerland)
 
1,545
482,272
Sanofi S.A.
 
667
60,053
Shionogi & Co. Ltd. (Japan)
 
6,955
116,553
Takeda Pharmaceutical Co. Ltd. (Japan)
 
2,801
77,099
UCB S.A. (Belgium)
 
728
156,874
Zoetis, Inc.
 
1,372
200,024
 
 
4,856,578
Property & Casualty Insurance-1.28%
Allstate Corp. (The)
 
1,078
219,103
Hartford Insurance Group, Inc. (The)
 
1,176
146,283
MS&AD Insurance Group Holdings, Inc. (Japan)
 
4,603
98,547
Progressive Corp. (The)
 
1,270
307,391
QBE Insurance Group Ltd. (Australia)
 
25,286
375,799
Sompo Holdings, Inc. (Japan)
 
5,640
166,644
Travelers Cos., Inc. (The)
 
1,002
260,760
 
 
1,574,527
Publishing-0.06%
New York Times Co. (The), Class A
 
1,492
77,420
Rail Transportation-0.72%
Central Japan Railway Co. (Japan)
 
10,289
240,345
Tokyu Corp. (Japan)
 
7,447
83,999
Union Pacific Corp.
 
1,666
369,802
West Japan Railway Co. (Japan)
 
8,524
187,005
 
 
881,151
Real Estate Operating Companies-0.07%
Hongkong Land Holdings Ltd. (Hong Kong)
 
13,914
84,051
Real Estate Services-0.08%
CBRE Group, Inc., Class A(b)
 
611
95,157
Regional Banks-0.13%
Citizens Financial Group, Inc.
 
1,774
84,655
Truist Financial Corp.
 
1,843
80,558
 
 
165,213
Reinsurance-0.19%
SCOR SE (France)
 
2,472
80,767
Swiss Re AG
 
828
148,250
 
 
229,017
Research & Consulting Services-0.34%
Thomson Reuters Corp. (Canada)
 
882
177,402
TransUnion
 
922
87,765
Verisk Analytics, Inc.
 
536
149,388
 
 
414,555
Restaurants-0.92%
Aramark
 
1,963
83,545
Compass Group PLC (United Kingdom)
 
4,113
144,824
DoorDash, Inc., Class A(b)
 
798
199,700
McDonald’s Corp.
 
1,343
402,994
Starbucks Corp.
 
1,563
139,357
Yum China Holdings, Inc. (China)
 
1,775
82,857
Yum! Brands, Inc.
 
559
80,580
 
 
1,133,857
 
Shares
Value
Retail REITs-0.14%
Klepierre S.A. (France)
 
2,254
$86,292
Regency Centers Corp.
 
1,214
86,680
 
 
172,972
Semiconductor Materials & Equipment-1.87%
Advantest Corp. (Japan)
 
1,392
92,754
Applied Materials, Inc.
 
2,196
395,412
ASML Holding N.V. (Netherlands)
 
857
595,708
KLA Corp.
 
490
430,725
Lam Research Corp.
 
4,554
431,901
SCREEN Holdings Co. Ltd. (Japan)
 
1,392
108,810
Teradyne, Inc.
 
924
99,265
Tokyo Electron Ltd. (Japan)
 
904
144,008
 
 
2,298,583
Semiconductors-7.75%
Analog Devices, Inc.
 
1,984
445,666
ASE Technology Holding Co. Ltd. (Taiwan)
 
17,719
85,926
Broadcom, Inc.
 
1,981
581,820
Infineon Technologies AG (Germany)
 
4,114
162,085
Intel Corp.
 
4,407
87,259
MediaTek, Inc. (Taiwan)
 
3,220
145,816
Micron Technology, Inc.
 
3,339
364,418
Novatek Microelectronics Corp. (Taiwan)
 
4,886
77,217
NVIDIA Corp.
 
27,596
4,908,501
NXP Semiconductors N.V. (Netherlands)
 
368
78,667
QUALCOMM, Inc.
 
3,679
539,930
Realtek Semiconductor Corp. (Taiwan)
 
6,840
130,787
Renesas Electronics Corp. (Japan)
 
6,662
81,195
SK hynix, Inc. (South Korea)
 
1,629
315,726
Taiwan Semiconductor Manufacturing Co. Ltd.,
ADR (Taiwan)
 
6,004
1,450,687
United Microelectronics Corp. (Taiwan)
 
57,337
79,450
 
 
9,535,150
Soft Drinks & Non-alcoholic Beverages-0.38%
Coca-Cola Co. (The)
 
2,844
193,079
PepsiCo, Inc.
 
1,983
273,496
 
 
466,575
Specialized Finance-0.10%
Mitsubishi HC Capital, Inc. (Japan)
 
16,363
121,194
Specialty Chemicals-0.22%
DuPont de Nemours, Inc.
 
1,175
84,482
Ecolab, Inc.
 
413
108,107
Evonik Industries AG (Germany)
 
4,115
81,956
 
 
274,545
Steel-0.22%
Fortescue Ltd. (Australia)
 
9,207
104,365
Nucor Corp.
 
612
87,559
Steel Dynamics, Inc.
 
629
80,235
 
 
272,159
Systems Software-5.43%
Fortinet, Inc.(b)
 
2,093
209,091
Microsoft Corp.
 
10,213
5,448,635
Oracle Corp.
 
2,215
562,101
Palo Alto Networks, Inc.(b)
 
757
131,415
ServiceNow, Inc.(b)
 
347
327,263
 
 
6,678,505
Technology Distributors-0.07%
TD SYNNEX Corp.
 
606
87,500
See accompanying notes which are an integral part of this schedule.
Invesco Global Equity Net Zero ETF (IQSZ)—(continued)
July 31, 2025
(Unaudited)
 
Shares
Value
Technology Hardware, Storage & Peripherals-5.17%
Apple, Inc.
 
21,788
$4,522,535
Canon, Inc. (Japan)
 
3,135
89,223
Catcher Technology Co. Ltd. (Taiwan)
 
11,941
84,329
Compal Electronics, Inc. (Taiwan)
 
87,565
85,691
Dell Technologies, Inc., Class C
 
686
91,025
HP, Inc.
 
3,330
82,584
King Slide Works Co. Ltd. (Taiwan)
 
1,050
92,452
Lenovo Group Ltd. (China)
 
68,836
88,265
Lite-On Technology Corp. (Taiwan)
 
21,899
86,578
Pegatron Corp. (Taiwan)
 
32,318
86,036
Pure Storage, Inc., Class A(b)
 
1,472
87,613
Samsung Electronics Co. Ltd. (South Korea)
 
6,271
319,595
Samsung Electronics Co. Ltd., Preference
Shares (South Korea)
 
2,246
92,478
Seagate Technology Holdings PLC
 
847
132,988
Western Digital Corp.
 
2,057
161,865
Xiaomi Corp., B Shares (China)(b)(c)
 
37,740
253,913
 
 
6,357,170
Trading Companies & Distributors-0.63%
Fastenal Co.
 
2,335
107,714
Marubeni Corp. (Japan)
 
6,760
138,683
Mitsubishi Corp. (Japan)
 
9,505
187,851
Sumitomo Corp. (Japan)
 
8,851
226,688
Toyota Tsusho Corp. (Japan)
 
5,193
119,256
 
 
780,192
Transaction & Payment Processing Services-2.17%
Fidelity National Information Services, Inc.
 
1,810
143,732
 
Shares
Value
Transaction & Payment Processing Services-(continued)
Global Payments, Inc.
 
1,666
$133,197
Mastercard, Inc., Class A
 
1,535
869,531
Nexi S.p.A. (Italy)(c)
 
14,108
80,797
PayPal Holdings, Inc.(b)
 
3,946
271,327
Toast, Inc., Class A(b)
 
3,242
158,339
Visa, Inc., Class A
 
2,910
1,005,318
 
 
2,662,241
Water Utilities-0.07%
United Utilities Group PLC (United Kingdom)
 
5,780
86,459
Wireless Telecommunication Services-0.42%
KDDI Corp. (Japan)
 
13,105
215,510
MTN Group Ltd. (South Africa)
 
10,775
91,234
SoftBank Corp. (Japan)
 
147,781
213,952
 
 
520,696
Total Common Stocks & Other Equity Interests
(Cost $122,032,754)
122,999,814
Money Market Funds-0.07%
Invesco Government & Agency Portfolio,
Institutional Class, 4.25%(d)(e)
(Cost $89,313)
 
89,313
89,313
TOTAL INVESTMENTS IN SECURITIES-100.09%
(Cost $122,122,067)
123,089,127
OTHER ASSETS LESS LIABILITIES-(0.09)%
(113,824
)
NET ASSETS-100.00%
$122,975,303
 
Investment Abbreviations:
ADR
-American Depositary Receipt
CVA
-Dutch Certificates
PC
-Participation Certificate
REIT
-Real Estate Investment Trust
 
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
Non-income producing security.
(c)
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, 2025 was $1,629,074, which represented 1.32% of the Fund’s Net Assets.
(d)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the period ended July 31, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
Value
July 31, 2025
Dividend Income
Investments in Affiliated Money
Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$-
$1,500,649
$(1,411,336
)
$-
$-
$89,313
$266
 
(e)
The rate shown is the 7-day SEC standardized yield as of July 31, 2025.
The valuation policy and a listing of other significant accounting policies are available in the most recent Statement of Additional Information.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco High Yield Bond Factor ETF (IHYF)
July 31, 2025
(Unaudited)
 
 
Principal
Amount
Value
U.S. Dollar Denominated Bonds & Notes-96.95%
Advertising-0.84%
Advantage Sales & Marketing, Inc., 6.50%,
11/15/2028(b)
$
126,000
$94,613
Belo Corp., 7.25%, 09/15/2027
 
480,000
496,151
Stagwell Global LLC, 5.63%, 08/15/2029(b)
 
100,000
96,331
 
 
687,095
Agricultural & Farm Machinery-0.32%
Titan International, Inc., 7.00%,
04/30/2028
 
260,000
260,060
Air Freight & Logistics-0.94%
Clue Opco LLC, 9.50%, 10/15/2031(b)(c)
 
86,000
91,274
Global Infrastructure Solutions, Inc., 7.50%,
04/15/2032(b)(c)
 
240,000
247,519
Rand Parent LLC, 8.50%, 02/15/2030(b)(c)
 
288,000
289,894
Star Leasing Co. LLC, 7.63%,
02/15/2030(b)
 
140,000
138,230
 
 
766,917
Alternative Carriers-0.12%
Zayo Group Holdings, Inc., 4.00%,
03/01/2027, (Acquired 11/02/2022;
Cost $90,486)(b)(d)
 
100,000
95,214
Aluminum-0.15%
Arsenal AIC Parent LLC, 11.50%,
10/01/2031(b)
 
65,000
72,369
Kaiser Aluminum Corp., 4.63%,
03/01/2028(b)
 
50,000
48,918
 
 
121,287
Apparel Retail-0.68%
Foot Locker, Inc., 4.00%, 10/01/2029(b)
 
137,000
129,180
Gap, Inc. (The), 3.88%, 10/01/2031(b)
 
159,000
142,092
Victoria’s Secret & Co., 4.63%,
07/15/2029(b)(c)
 
300,000
279,545
 
 
550,817
Apparel, Accessories & Luxury Goods-0.33%
VF Corp., 2.95%, 04/23/2030(c)
 
320,000
271,586
Application Software-0.84%
Cloud Software Group, Inc., 9.00%,
09/30/2029(b)
 
100,000
103,559
Fair Isaac Corp., 4.00%, 06/15/2028(b)(c)
 
240,000
232,020
Open Text Holdings, Inc. (Canada), 4.13%,
02/15/2030(b)
 
140,000
131,365
SS&C Technologies, Inc., 5.50%,
09/30/2027(b)(c)
 
220,000
220,228
 
 
687,172
Asset Management & Custody Banks-0.60%
Prospect Capital Corp.
 
3.36% 11/15/2026
 
100,000
95,962
3.44% 10/15/2028(c)
 
430,000
388,688
 
 
484,650
Automobile Manufacturers-1.45%
Nissan Motor Acceptance Corp., 2.75%,
03/09/2028(b)
 
110,000
102,046
 
Principal
Amount
Value
Automobile Manufacturers-(continued)
Nissan Motor Co. Ltd. (Japan)
 
4.35% 09/17/2027(b)
$
200,000
$195,234
4.81% 09/17/2030(b)
 
400,000
367,945
Winnebago Industries, Inc., 6.25%,
07/15/2028(b)
 
520,000
518,130
 
 
1,183,355
Automotive Parts & Equipment-3.17%
Adient Global Holdings Ltd., 7.00%,
04/15/2028(b)
 
440,000
450,703
ANGI Group LLC, 3.88%, 08/15/2028(b)
 
123,000
114,694
Dana, Inc., 5.38%, 11/15/2027
 
100,000
100,432
Forvia SE (France), 8.00%, 06/15/2030(b)(c)
 
400,000
417,129
IHO Verwaltungs GmbH (Germany), 7.75%,
11/15/2030(b)(e)
 
400,000
410,902
Kronos Acquisition Holdings, Inc. (Canada),
8.25%, 06/30/2031(b)
 
80,000
69,540
Tenneco, Inc., 8.00%, 11/17/2028(b)
 
200,000
198,658
United Rentals (North America), Inc.
 
3.88% 11/15/2027
 
144,000
140,381
4.88% 01/15/2028
 
97,000
96,479
ZF North America Capital, Inc. (Germany)
 
6.88% 04/14/2028(b)
 
150,000
149,822
7.13% 04/14/2030(b)
 
450,000
436,534
 
 
2,585,274
Automotive Retail-0.62%
Advance Auto Parts, Inc.
 
5.95% 03/09/2028
 
120,000
120,644
3.50% 03/15/2032
 
100,000
85,507
Sonic Automotive, Inc., 4.63%,
11/15/2029(b)
 
45,000
43,313
Velocity Vehicle Group LLC, 8.00%,
06/01/2029(b)(c)
 
250,000
253,191
 
 
502,655
Broadcasting-1.65%
AMC Networks, Inc., 10.25%,
01/15/2029(b)(c)
 
400,000
410,898
Gray Media, Inc., 10.50%, 07/15/2029(b)
 
210,000
227,410
iHeartCommunications, Inc., 5.25%,
08/15/2027(b)
 
100,000
79,000
Liberty Interactive LLC, 8.25%, 02/01/2030
 
79,000
11,069
Paramount Global, 6.38%, 03/30/2062(c)(f)
 
380,000
374,729
Univision Communications, Inc., 8.50%,
07/31/2031(b)
 
200,000
203,299
Urban One, Inc., 7.38%, 02/01/2028(b)
 
67,000
39,224
 
 
1,345,629
Broadline Retail-2.14%
GrubHub Holdings, Inc., 5.50%,
07/01/2027(b)(c)
 
190,000
186,224
Macy’s Retail Holdings LLC
 
5.88% 03/15/2030(b)
 
58,000
57,349
6.13% 03/15/2032(b)
 
150,000
143,852
6.70% 07/15/2034(b)
 
387,000
334,683
Nordstrom, Inc.
 
4.00% 03/15/2027
 
99,000
97,346
6.95% 03/15/2028
 
124,000
127,860
4.38% 04/01/2030
 
79,000
72,026
QVC, Inc., 4.38%, 09/01/2028
 
50,000
30,625
See accompanying notes which are an integral part of this schedule.
Invesco High Yield Bond Factor ETF (IHYF)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Broadline Retail-(continued)
Rakuten Group, Inc. (Japan)
 
11.25% 02/15/2027(b)
$
200,000
$217,071
9.75% 04/15/2029(b)
 
430,000
473,351
 
 
1,740,387
Building Products-2.78%
Adams Homes, Inc., 9.25%, 10/15/2028(b)
 
66,000
68,601
Builders FirstSource, Inc., 4.25%,
02/01/2032(b)
 
140,000
129,323
James Hardie International Finance DAC,
5.00%, 01/15/2028(b)
 
400,000
397,287
JELD-WEN, Inc., 4.88%, 12/15/2027(b)(c)
 
360,000
341,853
MasterBrand, Inc., 7.00%, 07/15/2032(b)(c)
 
420,000
427,373
MIWD Holdco II LLC/MIWD Finance Corp.,
5.50%, 02/01/2030(b)(c)
 
230,000
219,499
Specialty Building Products Holdings LLC/
SBP Finance Corp., 7.75%,
10/15/2029(b)
 
150,000
147,160
Standard Industries, Inc.
 
5.00% 02/15/2027(b)
 
89,000
89,010
4.75% 01/15/2028(b)
 
80,000
78,968
4.38% 07/15/2030(b)
 
108,000
102,319
3.38% 01/15/2031(b)
 
131,000
117,139
STL Holding Co. LLC, 8.75%, 02/15/2029(b)
 
140,000
145,818
 
 
2,264,350
Cable & Satellite-6.14%
Cable One, Inc., 4.00%, 11/15/2030(b)
 
180,000
138,793
CCO Holdings LLC/CCO Holdings Capital
Corp.
 
5.13% 05/01/2027(b)(c)
 
509,000
505,151
5.00% 02/01/2028(b)
 
140,000
137,473
4.50% 05/01/2032(c)
 
395,000
358,701
4.25% 01/15/2034(b)
 
100,000
86,252
CSC Holdings LLC
 
11.75% 01/31/2029(b)
 
200,000
187,203
4.63% 12/01/2030(b)
 
200,000
93,745
Directv Financing LLC, 8.88%,
02/01/2030(b)(c)
 
350,000
341,145
Directv Financing LLC/Directv Financing
Co-Obligor, Inc., 5.88%, 08/15/2027(b)(c)
 
400,000
398,051
DISH DBS Corp.
 
5.25% 12/01/2026(b)
 
159,000
149,812
5.75% 12/01/2028(b)
 
160,000
143,129
DISH Network Corp., 11.75%,
11/15/2027(b)
 
207,000
215,761
EchoStar Corp.
 
10.75% 11/30/2029
 
200,000
210,911
6.75% PIK Rate, 2.00% Cash Rate,
11/30/2030(e)
 
100,000
94,855
Radiate Holdco LLC/Radiate Finance, Inc.,
9.25%, 03/25/2030(b)(e)
 
33,200
23,277
Sirius XM Radio LLC
 
3.13% 09/01/2026(b)
 
100,000
97,836
5.00% 08/01/2027(b)(c)
 
250,000
247,477
4.00% 07/15/2028(b)
 
260,000
247,627
Telenet Finance Luxembourg Notes S.a.r.l.
(Belgium), 5.50%, 03/01/2028(b)
 
600,000
595,404
Virgin Media Finance PLC (United Kingdom),
5.00%, 07/15/2030(b)
 
200,000
180,491
 
Principal
Amount
Value
Cable & Satellite-(continued)
Virgin Media Vendor Financing Notes IV DAC
(United Kingdom), 5.00%, 07/15/2028(b)
$
200,000
$194,138
VZ Secured Financing B.V. (Netherlands),
5.00%, 01/15/2032(b)(c)
 
400,000
352,187
 
 
4,999,419
Casinos & Gaming-3.80%
Affinity Interactive, 6.88%, 12/15/2027(b)
 
187,000
103,185
Brightstar Lottery PLC, 6.25%,
01/15/2027(b)
 
400,000
404,325
Churchill Downs, Inc., 4.75%,
01/15/2028(b)
 
250,000
246,734
Great Canadian Gaming Corp. (Canada),
8.75%, 11/15/2029(b)
 
260,000
254,772
Melco Resorts Finance Ltd. (Hong Kong),
5.38%, 12/04/2029(b)(c)
 
600,000
574,842
MGM Resorts International, 4.63%,
09/01/2026(c)
 
500,000
498,409
Studio City Finance Ltd. (Macau), 6.50%,
01/15/2028(b)
 
200,000
198,131
Voyager Parent LLC, 9.25%,
07/01/2032(b)(c)
 
300,000
317,541
Wynn Las Vegas LLC/Wynn Las Vegas
Capital Corp., 5.25%, 05/15/2027(b)
 
100,000
99,881
Wynn Macau Ltd. (Macau), 5.63%,
08/26/2028(b)(c)
 
400,000
395,886
 
 
3,093,706
Commercial & Residential Mortgage Finance-0.06%
Rocket Mortgage LLC/Rocket Mortgage
Co-Issuer, Inc., 2.88%, 10/15/2026(b)
 
49,000
47,818
Commercial Printing-0.90%
Deluxe Corp., 8.13%, 09/15/2029(b)(c)
 
450,000
463,831
R.R. Donnelley & Sons Co., 9.50%,
08/01/2029(b)
 
260,000
265,910
 
 
729,741
Commodity Chemicals-0.27%
Methanex Corp. (Canada), 5.13%,
10/15/2027
 
220,000
219,067
Communications Equipment-0.69%
CommScope Technologies LLC, 5.00%,
03/15/2027(b)
 
50,000
49,008
Viasat, Inc., 5.63%, 04/15/2027(b)(c)
 
420,000
418,370
Viavi Solutions, Inc., 3.75%, 10/01/2029(b)
 
100,000
92,582
 
 
559,960
Construction & Engineering-0.33%
Brand Industrial Services, Inc., 10.38%,
08/01/2030(b)
 
100,000
90,890
Brookfield Residential Properties,
Inc./Brookfield Residential U.S. LLC
(Canada)
 
6.25% 09/15/2027(b)
 
88,000
87,898
5.00% 06/15/2029(b)
 
100,000
93,220
 
 
272,008
Construction Machinery & Heavy Transportation Equipment-1.29%
New Flyer Holdings, Inc. (Canada), 9.25%,
07/01/2030(b)
 
280,000
298,161
See accompanying notes which are an integral part of this schedule.
Invesco High Yield Bond Factor ETF (IHYF)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Construction Machinery & Heavy Transportation Equipment-(continued)
Terex Corp.
 
5.00% 05/15/2029(b)
$
200,000
$195,390
6.25% 10/15/2032(b)(c)
 
220,000
220,555
Wabash National Corp., 4.50%,
10/15/2028(b)(c)
 
380,000
340,599
 
 
1,054,705
Construction Materials-0.63%
Smyrna Ready Mix Concrete LLC
 
6.00% 11/01/2028(b)
 
200,000
199,506
8.88% 11/15/2031(b)
 
300,000
315,995
 
 
515,501
Consumer Electronics-0.23%
Sensata Technologies B.V., 4.00%,
04/15/2029(b)
 
200,000
190,269
Consumer Finance-3.04%
Global Aircraft Leasing Co. Ltd. (Cayman
Islands), 8.75%, 09/01/2027(b)
 
330,000
341,183
goeasy Ltd. (Canada)
 
7.63% 07/01/2029(b)
 
140,000
144,277
6.88% 05/15/2030(b)
 
280,000
280,820
7.38% 10/01/2030(b)
 
120,000
122,471
Navient Corp.
 
5.00% 03/15/2027
 
116,000
114,813
11.50% 03/15/2031
 
240,000
270,247
5.63% 08/01/2033
 
422,000
380,629
OneMain Finance Corp., 6.63%,
01/15/2028(c)
 
280,000
286,887
PRA Group, Inc.
 
8.38% 02/01/2028(b)
 
300,000
307,173
8.88% 01/31/2030(b)
 
220,000
228,756
 
 
2,477,256
Diversified Banks-0.84%
APH Somerset Investor 2 LLC/APH2
Somerset Investor 2 LLC/APH3 Somerset
Investor 2 LLC, 7.88%, 11/01/2029(b)
 
330,000
340,306
Freedom Mortgage Corp.
 
12.00% 10/01/2028(b)
 
220,000
235,469
12.25% 10/01/2030(b)
 
100,000
110,706
 
 
686,481
Diversified Chemicals-1.92%
Chemours Co. (The)
 
5.38% 05/15/2027
 
308,000
301,988
5.75% 11/15/2028(b)
 
160,000
147,072
4.63% 11/15/2029(b)
 
54,000
45,786
8.00% 01/15/2033(b)
 
100,000
93,107
INEOS Finance PLC (Luxembourg)
 
6.75% 05/15/2028(b)
 
400,000
394,298
7.50% 04/15/2029(b)
 
200,000
198,776
SNF Group SACA (France), 3.13%,
03/15/2027(b)
 
400,000
386,669
 
 
1,567,696
Diversified Financial Services-3.52%
Burford Capital Global Finance LLC, 6.25%,
04/15/2028(b)
 
200,000
199,623
Compass Group Diversified Holdings LLC,
5.25%, 04/15/2029(b)(c)
 
290,000
269,665
eG Global Finance PLC (United Kingdom),
12.00%, 11/30/2028(b)
 
200,000
221,236
 
Principal
Amount
Value
Diversified Financial Services-(continued)
Freedom Mortgage Holdings LLC, 9.25%,
02/01/2029(b)
$
150,000
$156,474
Jefferies Finance LLC/JFIN Co-Issuer Corp.,
5.00%, 08/15/2028(b)(c)
 
400,000
386,116
Midcap Financial Issuer Trust, 6.50%,
05/01/2028(b)
 
400,000
396,885
Provident Funding Associates L.P./PFG
Finance Corp., 9.75%, 09/15/2029(b)
 
120,000
125,693
Resorts World Las Vegas LLC/RWLV Capital,
Inc.
 
4.63% 04/16/2029(b)
 
200,000
178,052
8.45% 07/27/2030(b)
 
200,000
199,311
4.63% 04/06/2031(b)
 
200,000
165,840
United Wholesale Mortgage LLC, 5.75%,
06/15/2027(b)
 
197,000
197,148
VistaJet Malta Finance PLC/Vista
Management Holding, Inc. (Switzerland),
9.50%, 06/01/2028(b)
 
360,000
369,347
 
 
2,865,390
Diversified Metals & Mining-1.34%
Algoma Steel, Inc. (Canada), 9.13%,
04/15/2029(b)
 
200,000
181,577
Mineral Resources Ltd. (Australia)
 
9.25% 10/01/2028(b)
 
321,000
335,895
8.50% 05/01/2030(b)
 
360,000
368,897
Perenti Finance Pty Ltd. (Australia), 7.50%,
04/26/2029(b)
 
200,000
206,914
 
 
1,093,283
Diversified Real Estate Activities-0.06%
Five Point Operating Co. L.P./Five Point
Capital Corp., 7.88%, 11/15/2025(b)
 
51,000
52,217
Diversified REITs-0.58%
Global Net Lease, Inc., 4.50%,
09/30/2028(b)
 
116,000
111,671
Iron Mountain Information Management
Services, Inc., 5.00%, 07/15/2032(b)
 
76,000
72,614
Uniti Group L.P./Uniti Group Finance 2019,
Inc./CSL Capital LLC, 4.75%,
04/15/2028(b)(c)
 
300,000
291,302
 
 
475,587
Diversified Support Services-1.38%
CPI CG, Inc., 10.00%, 07/15/2029(b)
 
150,000
156,029
Crown Americas LLC/Crown Americas
Capital Corp. V, 4.25%, 09/30/2026
 
295,000
292,221
Neptune Bidco US, Inc., 9.29%,
04/15/2029(b)(c)
 
307,000
297,406
Prime Security Services Borrower LLC/Prime
Finance, Inc., 3.38%, 08/31/2027(b)
 
100,000
96,521
Sabre GLBL, Inc.
 
11.25% 12/15/2027(b)
 
150,000
158,496
10.75% 11/15/2029(b)
 
18,000
18,607
11.13% 07/15/2030(b)
 
100,000
105,550
 
 
1,124,830
Drug Retail-0.13%
Walgreens Boots Alliance, Inc., 8.13%,
08/15/2029
 
100,000
107,405
See accompanying notes which are an integral part of this schedule.
Invesco High Yield Bond Factor ETF (IHYF)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Education Services-0.73%
Adtalem Global Education, Inc., 5.50%,
03/01/2028(b)
$
475,000
$469,759
Grand Canyon University, 5.13%,
10/01/2028
 
125,000
120,953
 
 
590,712
Electric Utilities-3.09%
Edison International, 7.88%, 06/15/2054(f)
 
200,000
192,201
Mallinckrodt International Finance S.A.,
14.75%, 11/14/2028(b)
 
125,643
128,394
Pattern Energy Operations L.P./Pattern
Energy Operations, Inc., 4.50%,
08/15/2028(b)
 
250,000
242,570
PG&E Corp.
 
5.00% 07/01/2028
 
480,000
468,710
7.38% 03/15/2055(f)
 
310,000
299,919
Vistra Operations Co. LLC
 
5.63% 02/15/2027(b)
 
63,000
62,968
5.00% 07/31/2027(b)(c)
 
400,000
398,131
XPLR Infrastructure Operating Partners L.P.
 
4.50% 09/15/2027(b)(c)
 
390,000
377,977
7.25% 01/15/2029(b)
 
340,000
347,022
 
 
2,517,892
Electrical Components & Equipment-0.76%
Atkore, Inc., 4.25%, 06/01/2031(b)
 
170,000
157,084
EnerSys, 4.38%, 12/15/2027(b)
 
200,000
196,694
Nissan Motor Acceptance Co. LLC, 6.95%,
09/15/2026(b)
 
260,000
264,103
 
 
617,881
Electronic Components-0.38%
Imola Merger Corp., 4.75%, 05/15/2029(b)
 
100,000
97,103
Sensata Technologies, Inc.
 
4.38% 02/15/2030(b)
 
130,000
124,550
3.75% 02/15/2031(b)
 
100,000
91,336
 
 
312,989
Fertilizers & Agricultural Chemicals-0.40%
Consolidated Energy Finance S.A.
(Switzerland)
 
5.63% 10/15/2028(b)
 
167,000
140,678
12.00% 02/15/2031(b)
 
200,000
188,183
 
 
328,861
Food Retail-0.59%
Albertson’s Cos., Inc./Safeway, Inc./New
Albertson’s L.P./Albertson’s LLC
 
4.63% 01/15/2027(b)
 
228,000
226,410
5.88% 02/15/2028(b)
 
250,000
250,110
 
 
476,520
Gas Utilities-0.13%
AmeriGas Partners L.P./AmeriGas Finance
Corp., 9.38%, 06/01/2028(b)
 
100,000
103,081
Health Care Distributors-0.31%
Owens & Minor, Inc.
 
4.50% 03/31/2029(b)
 
60,000
51,943
6.63% 04/01/2030(b)
 
220,000
198,309
 
 
250,252
 
Principal
Amount
Value
Health Care Equipment-0.43%
HAH Group Holding Co. LLC, 9.75%,
10/01/2031(b)
$
100,000
$97,001
Varex Imaging Corp., 7.88%,
10/15/2027(b)(c)
 
250,000
254,734
 
 
351,735
Health Care Facilities-0.32%
LifePoint Health, Inc.
 
9.88% 08/15/2030(b)
 
110,000
118,694
11.00% 10/15/2030(b)
 
130,000
143,045
 
 
261,739
Health Care REITs-0.29%
MPT Operating Partnership L.P./MPT Finance
Corp.
 
5.00% 10/15/2027(c)
 
148,000
135,911
4.63% 08/01/2029
 
131,000
99,704
 
 
235,615
Health Care Services-2.21%
Avantor Funding, Inc., 4.63%,
07/15/2028(b)
 
100,000
97,837
Community Health Systems, Inc.
 
6.00% 01/15/2029(b)
 
160,000
152,214
5.25% 05/15/2030(b)
 
200,000
175,146
CVS Health Corp.
 
6.75% 12/10/2054(f)
 
300,000
300,998
7.00% 03/10/2055(c)(f)
 
400,000
412,536
DaVita, Inc., 4.63%, 06/01/2030(b)(c)
 
320,000
305,390
Global Medical Response, Inc., 6.50%,
10/01/2025(b)
 
10,000
9,112
ModivCare, Inc., 5.00%, 10/01/2029(b)
 
115,000
5,175
MPH Acquisition Holdings LLC, 5.75%,
12/31/2030(b)
 
100,002
82,495
Prime Healthcare Services, Inc., 9.38%,
09/01/2029(b)
 
260,000
258,608
 
 
1,799,511
Health Care Technology-0.62%
athenahealth Group, Inc., 6.50%,
02/15/2030(b)
 
244,000
240,060
U.S. Acute Care Solutions LLC, 9.75%,
05/15/2029(b)
 
260,000
265,972
 
 
506,032
Home Furnishings-0.40%
Somnigroup International, Inc.
 
4.00% 04/15/2029(b)
 
250,000
237,742
3.88% 10/15/2031(b)
 
100,000
90,443
 
 
328,185
Homebuilding-1.10%
Beazer Homes USA, Inc., 5.88%,
10/15/2027
 
200,000
199,654
LGI Homes, Inc.
 
8.75% 12/15/2028(b)
 
380,000
398,790
4.00% 07/15/2029(b)
 
202,000
184,339
Tri Pointe Homes, Inc., 5.25%, 06/01/2027
 
118,000
117,081
 
 
899,864
Hotel & Resort REITs-0.70%
RLJ Lodging Trust L.P., 4.00%,
09/15/2029(b)
 
100,000
93,415
See accompanying notes which are an integral part of this schedule.
Invesco High Yield Bond Factor ETF (IHYF)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Hotel & Resort REITs-(continued)
Service Properties Trust
 
4.95% 02/15/2027(c)
$
429,000
$418,996
4.95% 10/01/2029
 
67,000
58,998
 
 
571,409
Hotels, Resorts & Cruise Lines-0.79%
Marriott Ownership Resorts, Inc., 4.75%,
01/15/2028(c)
 
256,000
249,983
Travel + Leisure Co., Series J, 6.00%,
04/01/2027
 
388,000
391,208
 
 
641,191
Housewares & Specialties-0.76%
Newell Brands, Inc.
 
6.38% 09/15/2027
 
140,000
141,533
6.63% 05/15/2032
 
100,000
95,883
6.88% 04/01/2036
 
400,000
382,621
 
 
620,037
Human Resource & Employment Services-0.58%
AMN Healthcare, Inc.
 
4.63% 10/01/2027(b)
 
150,000
146,794
4.00% 04/15/2029(b)(c)
 
350,000
321,762
 
 
468,556
Independent Power Producers & Energy Traders-0.45%
AES Corp. (The), 6.95%, 07/15/2055(c)(f)
 
300,000
289,807
Calpine Corp., 4.50%, 02/15/2028(b)
 
80,000
79,180
 
 
368,987
Industrial Machinery & Supplies & Components-0.19%
Husky Injection Molding Systems Ltd./Titan
Co-Borrower LLC (Canada), 9.00%,
02/15/2029(b)
 
150,000
154,978
Insurance Brokers-0.60%
Alliant Holdings Intermediate LLC/Alliant
Holdings Co-Issuer
 
6.75% 04/15/2028(b)
 
250,000
253,581
7.00% 01/15/2031(b)
 
100,000
102,913
HUB International Ltd., 7.38%,
01/31/2032(b)
 
130,000
135,444
 
 
491,938
Integrated Telecommunication Services-1.69%
Altice France S.A. (France)
 
5.50% 01/15/2028(b)
 
200,000
178,750
5.13% 07/15/2029(b)
 
200,000
173,686
FIBERCOP S.p.A. (Italy), 7.20%,
07/18/2036(b)
 
400,000
398,080
Frontier Florida LLC, Series E, 6.86%,
02/01/2028
 
100,000
104,382
Frontier North, Inc., Series G, 6.73%,
02/15/2028
 
500,000
517,812
 
 
1,372,710
Interactive Media & Services-0.95%
Cumulus Media New Holdings, Inc., 6.75%,
07/01/2026(b)
 
37,000
24,096
Nexstar Media, Inc., 5.63%, 07/15/2027(b)
 
100,000
99,868
Warnermedia Holdings, Inc., 3.76%,
03/15/2027
 
100,000
96,156
 
Principal
Amount
Value
Interactive Media & Services-(continued)
WarnerMedia Holdings, Inc.
 
4.05% 03/15/2029(c)
$
300,000
$281,876
5.05% 03/15/2042
 
400,000
267,722
 
 
769,718
Internet Services & Infrastructure-0.59%
Arches Buyer, Inc., 4.25%, 06/01/2028(b)(c)
 
300,000
289,224
Getty Images, Inc., 9.75%, 03/01/2027(b)
 
200,000
194,945
 
 
484,169
Investment Banking & Brokerage-0.44%
Icahn Enterprises L.P./Icahn Enterprises
Finance Corp., 5.25%, 05/15/2027
 
140,000
136,514
StoneX Group, Inc., 7.88%, 03/01/2031(b)
 
210,000
220,815
 
 
357,329
IT Consulting & Other Services-0.53%
Conduent Business Services LLC/Conduent
State & Local Solutions, Inc., 6.00%,
11/01/2029(b)
 
250,000
237,787
EquipmentShare.com, Inc., 9.00%,
05/15/2028(b)
 
180,000
189,932
 
 
427,719
Leisure Facilities-0.12%
Six Flags Entertainment Corp./Canada’s
Wonderland Co./Magnum Management
Corp., 5.38%, 04/15/2027
 
100,000
99,932
Life & Health Insurance-0.51%
Constellation Insurance, Inc., 6.80%,
01/24/2030(b)
 
200,000
197,391
Genworth Holdings, Inc., 6.50%,
06/15/2034
 
220,000
219,102
 
 
416,493
Life Sciences Tools & Services-0.55%
Charles River Laboratories International, Inc.,
4.25%, 05/01/2028(b)
 
250,000
242,532
Fortrea Holdings, Inc., 7.50%,
07/01/2030(b)(c)
 
220,000
201,420
 
 
443,952
Marine Transportation-0.55%
Seaspan Corp. (Hong Kong), 5.50%,
08/01/2029(b)
 
471,000
448,906
Metal, Glass & Plastic Containers-0.79%
Ardagh Metal Packaging Finance
USA LLC/Ardagh Metal Packaging Finance
PLC, 6.00%, 06/15/2027(b)
 
200,000
200,340
LABL, Inc., 5.88%, 11/01/2028(b)
 
200,000
177,799
Owens-Brockway Glass Container, Inc.
 
7.25% 05/15/2031(b)
 
160,000
161,998
7.38% 06/01/2032(b)
 
100,000
100,881
 
 
641,018
Movies & Entertainment-0.09%
Live Nation Entertainment, Inc., 6.50%,
05/15/2027(b)
 
75,000
75,911
Multi-line Insurance-0.25%
Acrisure LLC/Acrisure Finance, Inc., 7.50%,
11/06/2030(b)
 
200,000
206,748
See accompanying notes which are an integral part of this schedule.
Invesco High Yield Bond Factor ETF (IHYF)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Multi-Utilities-0.40%
Algonquin Power & Utilities Corp. (Canada),
4.75%, 01/18/2082(f)
$
334,000
$324,578
Office REITs-1.36%
Brandywine Operating Partnership L.P.
 
3.95% 11/15/2027
 
100,000
96,629
8.30% 03/15/2028
 
200,000
212,395
8.88% 04/12/2029
 
230,000
246,837
Hudson Pacific Properties L.P., 3.95%,
11/01/2027
 
260,000
245,957
Hudson Pacific Properties, L.P., 5.95%,
02/15/2028
 
200,000
191,778
Office Properties Income Trust, 9.00%,
09/30/2029(b)
 
157,000
116,965
 
 
1,110,561
Office Services & Supplies-0.28%
ACCO Brands Corp., 4.25%, 03/15/2029(b)
 
171,000
151,753
Pitney Bowes, Inc., 7.25%, 03/15/2029(b)
 
75,000
75,434
 
 
227,187
Oil & Gas Drilling-2.03%
Harvest Midstream I L.P., 7.50%,
09/01/2028(b)
 
307,000
311,010
Nabors Industries, Inc., 7.38%,
05/15/2027(b)(c)
 
257,000
259,611
Noble Finance II LLC, 8.00%, 04/15/2030(b)
 
330,000
336,878
Rockies Express Pipeline LLC, 6.88%,
04/15/2040(b)
 
214,000
215,591
Seadrill Finance Ltd. (Norway), 8.38%,
08/01/2030(b)
 
200,000
204,490
Transocean, Inc., 8.50%, 05/15/2031(b)
 
145,000
133,358
Valaris Ltd., 8.38%, 04/30/2030(b)
 
186,000
192,287
 
 
1,653,225
Oil & Gas Equipment & Services-0.85%
Enerflex Ltd. (Canada), 9.00%,
10/15/2027(b)
 
264,000
272,783
Oceaneering International, Inc., 6.00%,
02/01/2028
 
420,000
422,788
 
 
695,571
Oil & Gas Exploration & Production-4.77%
Baytex Energy Corp. (Canada)
 
8.50% 04/30/2030(b)
 
200,000
203,702
7.38% 03/15/2032(b)
 
130,000
125,829
Civitas Resources, Inc.
 
8.38% 07/01/2028(b)(c)
 
220,000
226,507
8.63% 11/01/2030(b)
 
130,000
132,771
8.75% 07/01/2031(b)(c)
 
358,000
362,865
Comstock Resources, Inc., 6.75%,
03/01/2029(b)
 
122,000
120,719
Crescent Energy Finance LLC
 
7.63% 04/01/2032(b)
 
130,000
127,147
7.38% 01/15/2033(b)
 
130,000
124,482
8.38% 01/15/2034(b)(c)
 
510,000
505,178
Hilcorp Energy I L.P./Hilcorp Finance Co.
 
5.75% 02/01/2029(b)
 
100,000
98,314
6.00% 04/15/2030(b)
 
75,000
73,828
6.25% 04/15/2032(b)
 
150,000
144,127
8.38% 11/01/2033(b)
 
200,000
208,895
6.88% 05/15/2034(b)
 
100,000
96,384
7.25% 02/15/2035(b)
 
220,000
214,603
 
Principal
Amount
Value
Oil & Gas Exploration & Production-(continued)
Kimmeridge Texas Gas LLC, 8.50%,
02/15/2030(b)
$
120,000
$123,404
Kraken Oil & Gas Partners LLC, 7.63%,
08/15/2029(b)
 
140,000
137,396
Moss Creek Resources Holdings, Inc., 8.25%,
09/01/2031(b)
 
140,000
136,795
Murphy Oil Corp., 5.88%, 12/01/2042
 
140,000
114,508
Saturn Oil & Gas, Inc. (Canada), 9.63%,
06/15/2029(b)
 
150,000
148,670
SM Energy Co., 7.00%, 08/01/2032(b)
 
120,000
118,928
Talos Production, Inc., 9.38%,
02/01/2031(b)(c)
 
245,000
250,063
Vital Energy, Inc., 7.75%, 07/31/2029(b)
 
100,000
91,084
 
 
3,886,199
Oil & Gas Refining & Marketing-1.40%
CVR Energy, Inc., 8.50%, 01/15/2029(b)(c)
 
260,000
255,695
NuStar Logistics L.P., 5.63%, 04/28/2027
 
325,000
326,877
PBF Holding Co. LLC/PBF Finance Corp.,
6.00%, 02/15/2028(c)
 
580,000
558,667
 
 
1,141,239
Oil & Gas Storage & Transportation-2.28%
Buckeye Partners L.P., 3.95%, 12/01/2026
 
71,000
69,859
Delek Logistics Partners L.P./Delek Logistics
Finance Corp., 8.63%, 03/15/2029(b)
 
100,000
104,158
ITT Holdings LLC, 6.50%, 08/01/2029(b)
 
92,000
87,714
NGL Energy Operating LLC/NGL Energy
Finance Corp., 8.13%, 02/15/2029(b)(c)
 
280,000
277,355
Tallgrass Energy Partners L.P./Tallgrass
Energy Finance Corp.
 
6.00% 03/01/2027(b)
 
51,000
50,875
5.50% 01/15/2028(b)
 
115,000
114,063
7.38% 02/15/2029(b)
 
85,000
87,289
Venture Global LNG, Inc.
 
8.13% 06/01/2028(b)(c)
 
495,000
512,812
8.38% 06/01/2031(b)(c)
 
220,000
227,708
9.88% 02/01/2032(b)(c)
 
300,000
323,871
 
 
1,855,704
Other Specialized REITs-0.44%
Iron Mountain, Inc., 4.88%,
09/15/2027(b)(c)
 
358,000
355,506
Other Specialty Retail-0.55%
Bath & Body Works, Inc., 6.69%,
01/15/2027
 
200,000
205,263
PetSmart, Inc./PetSmart Finance Corp.,
4.75%, 02/15/2028(b)(c)
 
250,000
245,610
 
 
450,873
Packaged Foods & Meats-0.83%
B&G Foods, Inc., 8.00%, 09/15/2028(b)
 
300,000
280,876
Lamb Weston Holdings, Inc., 4.88%,
05/15/2028(b)
 
200,000
198,075
Viking Baked Goods Acquisition Corp.,
8.63%, 11/01/2031(b)
 
200,000
196,603
 
 
675,554
Paper & Plastic Packaging Products & Materials-1.28%
Cascades, Inc./Cascades USA, Inc. (Canada),
5.38%, 01/15/2028(b)
 
150,000
146,807
Clydesdale Acquisition Holdings, Inc., 6.88%,
01/15/2030(b)
 
150,000
153,582
See accompanying notes which are an integral part of this schedule.
Invesco High Yield Bond Factor ETF (IHYF)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Paper & Plastic Packaging Products & Materials-(continued)
Mauser Packaging Solutions Holding Co.
 
7.88% 08/15/2026(b)
$
110,000
$109,532
9.25% 04/15/2027(b)
 
58,000
57,461
Sealed Air Corp.
 
6.13% 02/01/2028(b)
 
45,000
45,458
6.88% 07/15/2033(b)(c)
 
351,000
375,503
Toucan FinCo Ltd./Toucan FinCo Can,
Inc./Toucan FinCo US LLC (Canada),
9.50%, 05/15/2030(b)
 
150,000
153,719
 
 
1,042,062
Paper Products-0.39%
Domtar Corp., 6.75%, 10/01/2028(b)
 
366,000
319,174
Passenger Airlines-1.52%
Air Canada (Canada), 3.88%, 08/15/2026(b)
 
58,000
57,425
Allegiant Travel Co., 7.25%,
08/15/2027(b)(c)
 
530,000
530,190
American Airlines, Inc., 7.25%,
02/15/2028(b)
 
130,000
132,777
Avianca Midco 2 PLC, 9.00%,
12/01/2028(b)
 
210,000
200,813
JetBlue Airways Corp./JetBlue Loyalty L.P.,
9.88%, 09/20/2031(b)(c)
 
330,000
319,334
 
 
1,240,539
Personal Care Products-0.23%
Edgewell Personal Care Co., 4.13%,
04/01/2029(b)
 
200,000
189,403
Pharmaceuticals-2.32%
1261229 BC Ltd., 10.00%, 04/15/2032(b)
 
200,000
203,743
AdaptHealth LLC, 4.63%, 08/01/2029(b)
 
150,000
140,682
Bausch Health Cos., Inc.
 
4.88% 06/01/2028(b)
 
100,000
88,603
11.00% 09/30/2028(b)
 
100,000
102,845
Elanco Animal Health, Inc., 6.65%,
08/28/2028(c)
 
350,000
362,846
HLF Financing S.a.r.l. LLC/Herbalife
International, Inc., 4.88%, 06/01/2029(b)
 
250,000
209,592
Organon & Co./Organon Foreign Debt
Co-Issuer B.V.
 
4.13% 04/30/2028(b)(c)
 
400,000
378,870
6.75% 05/15/2034(b)(c)
 
400,000
377,691
P&L Development LLC/PLD Finance Corp.,
3.50% PIK Rate, 9.00% Cash Rate,
05/15/2029(b)(e)
 
26,829
27,672
 
 
1,892,544
Property & Casualty Insurance-0.15%
MBIA, Inc., 5.70%, 12/01/2034
 
140,000
122,247
Real Estate Development-0.18%
Cushman & Wakefield U.S. Borrower LLC,
8.88%, 09/01/2031(b)
 
136,000
145,885
Real Estate Services-0.70%
Anywhere Real Estate Group LLC/Anywhere
Co-Issuer Corp., 7.00%, 04/15/2030(b)(c)
 
339,000
324,961
Newmark Group, Inc., 7.50%, 01/12/2029
 
230,000
244,318
 
 
569,279
Regional Banks-0.12%
Veritiv Operating Co., 10.50%,
11/30/2030(b)
 
87,000
94,406
 
Principal
Amount
Value
Reinsurance-0.66%
Alliance Resource Operating Partners
L.P./Alliance Resource Finance Corp.,
8.63%, 06/15/2029(b)
$
200,000
$212,030
Global Atlantic (Fin) Co., 4.70%,
10/15/2051(b)(f)
 
335,000
327,993
 
 
540,023
Research & Consulting Services-0.24%
Clarivate Science Holdings Corp., 3.88%,
07/01/2028(b)
 
200,000
191,342
Security & Alarm Services-1.16%
Brink’s Co. (The), 4.63%, 10/15/2027(b)
 
100,000
98,617
CoreCivic, Inc., 4.75%, 10/15/2027
 
420,000
411,050
Garda World Security Corp. (Canada),
4.63%, 02/15/2027(b)
 
280,000
277,727
GEO Group, Inc. (The), 8.63%, 04/15/2029
 
150,000
159,370
 
 
946,764
Semiconductors-0.20%
ams-OSRAM AG (Austria), 12.25%,
03/30/2029(b)
 
150,000
161,849
Specialized Consumer Services-0.46%
Sotheby’s, 7.38%, 10/15/2027(b)
 
200,000
196,969
Sotheby’s/Bidfair Holdings, Inc., 5.88%,
06/01/2029(b)
 
200,000
180,901
 
 
377,870
Specialty Chemicals-1.32%
Herens Holdco S.a.r.l. (Luxembourg), 4.75%,
05/15/2028(b)
 
200,000
174,557
Tronox, Inc., 4.63%, 03/15/2029(b)(c)
 
340,000
264,838
Wayfair LLC
 
7.25% 10/31/2029(b)
 
200,000
203,997
7.75% 09/15/2030(b)
 
130,000
133,561
WR Grace Holdings LLC
 
4.88% 06/15/2027(b)
 
220,000
219,035
5.63% 08/15/2029(b)
 
90,000
83,046
 
 
1,079,034
Steel-0.96%
Cleveland-Cliffs, Inc.
 
4.63% 03/01/2029(b)
 
250,000
235,859
6.88% 11/01/2029(b)
 
130,000
130,179
6.75% 04/15/2030(b)
 
130,000
129,478
7.50% 09/15/2031(b)
 
80,000
79,932
7.00% 03/15/2032(b)
 
90,000
87,918
7.38% 05/01/2033(b)
 
120,000
116,935
 
 
780,301
Systems Software-0.21%
Gen Digital, Inc., 6.75%, 09/30/2027(b)
 
52,000
52,903
McAfee Corp., 7.38%, 02/15/2030(b)
 
129,000
119,745
 
 
172,648
Technology Hardware, Storage & Peripherals-0.68%
Xerox Corp., 10.25%, 10/15/2030(b)
 
540,000
555,805
Telecom Tower REITs-0.29%
SBA Communications Corp., 3.13%,
02/01/2029(c)
 
250,000
233,227
Tires & Rubber-0.53%
Goodyear Tire & Rubber Co. (The), 4.88%,
03/15/2027(c)
 
430,000
428,439
See accompanying notes which are an integral part of this schedule.
Invesco High Yield Bond Factor ETF (IHYF)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Trading Companies & Distributors-1.02%
Herc Holdings, Inc.
 
5.50% 07/15/2027(b)
$
420,000
$418,622
7.00% 06/15/2030(b)
 
200,000
206,832
7.25% 06/15/2033(b)
 
200,000
207,250
 
 
832,704
Transaction & Payment Processing Services-0.32%
NCR Atleos Corp., 9.50%, 04/01/2029(b)
 
241,000
261,303
Water Utilities-0.15%
S&S Holdings LLC, 8.38%, 10/01/2031(b)
 
130,000
124,715
Total U.S. Dollar Denominated Bonds & Notes
(Cost $78,367,830)
78,999,117
U.S. Treasury Securities-0.20%
U.S. Treasury Bills-0.20%
3.96%–4.15%, 05/14/2026(c)(g)(h)
(Cost $165,609)
 
171,000
165,567
 
Shares
 
Common Stocks & Other Equity Interests-0.00%
Oil & Gas Exploration & Production-0.00%
Endo Guc Trust(i)(j)
 
2,630
0
Pharmaceuticals-0.00%
Endo, Inc.(i)
 
43
920
Total Common Stocks & Other Equity Interests
(Cost $2,303)
920
 
Shares
Value
Money Market Funds-1.00%
Invesco Government & Agency Portfolio,
Institutional Class, 4.25%(k)(l)
(Cost $814,891)
 
814,891
$814,891
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-98.15%
(Cost $79,350,633)
79,980,495
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-23.68%
Invesco Private Government Fund,
4.32%(k)(l)(m)
 
5,355,783
5,355,783
Invesco Private Prime Fund, 4.46%(k)(l)(m)
 
13,937,180
13,939,967
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $19,295,750)
19,295,750
TOTAL INVESTMENTS IN SECURITIES-121.83%
(Cost $98,646,383)
99,276,245
OTHER ASSETS LESS LIABILITIES-(21.83)%
(17,787,165
)
NET ASSETS-100.00%
$81,489,080
 
Investment Abbreviations:
PIK
-Pay-in-Kind
REIT
-Real Estate Investment Trust
 
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
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, 2025 was $62,015,614, which represented 76.10% of the Fund’s Net Assets.
(c)
All or a portion of this security was out on loan at July 31, 2025.
(d)
Restricted security. The value of this security at July 31, 2025 represented less than 1% of the Fund’s Net Assets.
(e)
All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.
(f)
Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.
(g)
$121,978 was pledged as collateral to cover margin requirements for open futures contracts.  
(h)
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(i)
Non-income producing security.
(j)
Security valued using significant unobservable inputs (Level 3). See Note 1.
(k)
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, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
July 31, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$513,041
$7,230,639
$(6,928,789
)
$-
$-
$814,891
$9,751
See accompanying notes which are an integral part of this schedule.
Invesco High Yield Bond Factor ETF (IHYF)—(continued)
July 31, 2025
(Unaudited)
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
July 31, 2025
Dividend Income
Investments Purchased with
Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
$3,579,801
$18,082,406
$(16,306,424
)
$-
$-
$5,355,783
$97,729
*
Invesco Private Prime Fund
8,691,255
37,486,043
(32,236,773
)
648
(1,206
)
13,939,967
263,796
*
Total
$12,784,097
$62,799,088
$(55,471,986
)
$648
$(1,206
)
$20,110,641
$371,276
 
*
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.
 
(l)
The rate shown is the 7-day SEC standardized yield as of July 31, 2025.
(m)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned.  
 
Open Futures Contracts
Long Futures Contracts
Number of
Contracts
Expiration
Month
Notional
Value
Value
Unrealized
Appreciation
(Depreciation)
Interest Rate Risk
 
U.S. Treasury 10 Year Notes
33
September-2025
$3,665,062
$23,551
$23,551
U.S. Treasury 5 Year Notes
52
September-2025
5,624,937
3,695
3,695
U.S. Treasury Long Bond
1
September-2025
114,188
155
155
U.S. Treasury Ultra Bonds
1
September-2025
117,313
3,240
3,240
Subtotal—Long Futures Contracts
 
30,641
30,641
Short Futures Contracts
 
 
 
 
 
Interest Rate Risk
 
U.S. Treasury 2 Year Notes
51
September-2025
(10,556,203
)
15,435
15,435
U.S. Treasury 10 Year Ultra Notes
1
September-2025
(113,078
)
(80
)
(80
)
Subtotal—Short Futures Contracts
 
15,355
15,355
Total Futures Contracts
$45,996
$45,996
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco High Yield Select ETF (HIYS)
July 31, 2025
(Unaudited)
 
 
Principal
Amount
Value
U.S. Dollar Denominated Bonds & Notes-92.60%
Advertising-1.12%
Clear Channel Outdoor Holdings, Inc.
 
5.13% 08/15/2027(b)
$
49,000
$48,964
7.13% 02/15/2031(b)
 
20,000
19,985
7.50% 03/15/2033(b)
 
20,000
19,981
 
 
88,930
Aerospace & Defense-1.47%
TransDigm, Inc.
 
6.38% 03/01/2029(b)
 
87,000
89,149
6.00% 01/15/2033(b)
 
27,000
27,157
 
 
116,306
Alternative Carriers-0.62%
Lumen Technologies, Inc., 10.00%,
10/15/2032(b)
 
8,000
8,100
Windstream Services LLC/Windstream Escrow
Finance Corp., 8.25%, 10/01/2031(b)
 
39,000
40,857
 
 
48,957
Application Software-1.59%
Clarivate Science Holdings Corp., 4.88%,
07/01/2029(b)
 
43,000
40,306
Cloud Software Group, Inc.
 
6.50% 03/31/2029(b)
 
30,000
30,317
8.25% 06/30/2032(b)
 
12,000
12,787
SS&C Technologies, Inc.
 
5.50% 09/30/2027(b)
 
26,000
26,027
6.50% 06/01/2032(b)
 
16,000
16,467
 
 
125,904
Asset Management & Custody Banks-0.10%
Osaic Holdings, Inc.
 
6.75% 08/01/2032(b)
 
4,000
4,051
8.00% 08/01/2033(b)
 
4,000
4,068
 
 
8,119
Automobile Manufacturers-1.04%
Allison Transmission, Inc., 3.75%,
01/30/2031(b)
 
90,000
82,311
Automotive Parts & Equipment-2.78%
Clarios Global L.P./Clarios US Finance Co.,
6.75%, 02/15/2030(b)
 
56,000
57,773
Cougar JV Subsidiary LLC, 8.00%,
05/15/2032(b)
 
44,000
46,593
Forvia SE (France), 8.00%, 06/15/2030(b)(c)
 
32,000
33,370
NESCO Holdings II, Inc., 5.50%,
04/15/2029(b)(c)
 
41,000
40,007
PHINIA, Inc.
 
6.75% 04/15/2029(b)
 
11,000
11,334
6.63% 10/15/2032(b)
 
30,000
30,588
 
 
219,665
Automotive Retail-3.46%
Carvana Co., 14.00% PIK Rate, 9.00% Cash
Rate, 06/01/2031(b)(d)
 
38,000
45,217
Group 1 Automotive, Inc.
 
4.00% 08/15/2028(b)(c)
 
44,000
42,452
6.38% 01/15/2030(b)
 
41,000
41,838
LCM Investments Holdings II LLC
 
4.88% 05/01/2029(b)
 
22,000
21,397
8.25% 08/01/2031(b)
 
40,000
42,322
 
Principal
Amount
Value
Automotive Retail-(continued)
Lithia Motors, Inc.
 
4.63% 12/15/2027(b)
$
39,000
$38,490
4.38% 01/15/2031(b)(c)
 
44,000
41,418
 
 
273,134
Broadcasting-0.45%
Gray Media, Inc., 9.63%, 07/15/2032(b)
 
12,000
12,114
Univision Communications, Inc.
 
7.38% 06/30/2030(b)
 
8,000
7,964
9.38% 08/01/2032(b)
 
15,000
15,574
 
 
35,652
Broadline Retail-1.02%
Macy’s Retail Holdings LLC
 
7.38% 08/01/2033(b)
 
40,000
40,203
6.70% 07/15/2034(b)
 
47,000
40,646
 
 
80,849
Building Products-0.49%
New Enterprise Stone & Lime Co., Inc., 5.25%,
07/15/2028(b)
 
39,000
38,754
Cable & Satellite-3.03%
CCO Holdings LLC/CCO Holdings Capital Corp.
 
5.38% 06/01/2029(b)
 
6,000
5,897
4.75% 02/01/2032(b)(c)
 
50,000
46,266
4.50% 05/01/2032
 
51,000
46,314
4.50% 06/01/2033(b)
 
52,000
46,223
4.25% 01/15/2034(b)
 
54,000
46,576
Directv Financing LLC/Directv Financing
Co-Obligor, Inc.
 
5.88% 08/15/2027(b)
 
20,000
19,903
10.00% 02/15/2031(b)
 
21,000
20,268
Sinclair Television Group, Inc., 8.13%,
02/15/2033(b)
 
8,000
8,165
 
 
239,612
Casinos & Gaming-2.43%
Studio City Finance Ltd. (Macau), 5.00%,
01/15/2029(b)
 
200,000
185,055
Voyager Parent LLC, 9.25%, 07/01/2032(b)
 
7,000
7,409
 
 
192,464
Commercial & Residential Mortgage Finance-2.23%
Nationstar Mortgage Holdings, Inc.
 
6.50% 08/01/2029(b)
 
30,000
30,707
7.13% 02/01/2032(b)
 
44,000
45,982
PennyMac Financial Services, Inc., 4.25%,
02/15/2029(b)
 
22,000
21,090
Rocket Cos., Inc., 6.13%, 08/01/2030(b)
 
39,000
39,568
Walker & Dunlop, Inc., 6.63%, 04/01/2033(b)
 
38,000
38,778
 
 
176,125
Construction & Engineering-0.50%
AECOM, 6.00%, 08/01/2033(b)
 
39,000
39,343
Consumer Finance-4.04%
EZCORP, Inc., 7.38%, 04/01/2032(b)
 
74,000
77,253
FirstCash, Inc., 6.88%, 03/01/2032(b)
 
56,000
57,476
Global Aircraft Leasing Co. Ltd. (Cayman
Islands), 8.75%, 09/01/2027(b)
 
56,000
57,898
Navient Corp.
 
5.00% 03/15/2027
 
31,000
30,683
9.38% 07/25/2030
 
15,000
16,406
See accompanying notes which are an integral part of this schedule.
Invesco High Yield Select ETF (HIYS)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Consumer Finance-(continued)
OneMain Finance Corp.
 
6.63% 05/15/2029
$
10,000
$10,225
4.00% 09/15/2030(c)
 
23,000
21,132
6.75% 03/15/2032
 
22,000
22,351
7.13% 09/15/2032
 
25,000
25,797
 
 
319,221
Diversified Financial Services-3.13%
Freedom Mortgage Holdings LLC, 8.38%,
04/01/2032(b)
 
20,000
20,474
GGAM Finance Ltd. (Ireland), 6.88%,
04/15/2029(b)
 
87,000
89,846
Jane Street Group/JSG Finance, Inc.
 
6.13% 11/01/2032(b)
 
24,000
23,830
6.75% 05/01/2033(b)
 
53,000
54,275
Provident Funding Associates L.P./PFG Finance
Corp., 9.75%, 09/15/2029(b)
 
56,000
58,657
 
 
247,082
Diversified Metals & Mining-0.24%
Hudbay Minerals, Inc. (Canada), 6.13%,
04/01/2029(b)
 
19,000
19,132
Diversified REITs-1.16%
Iron Mountain Information Management
Services, Inc., 5.00%, 07/15/2032(b)
 
54,000
51,594
Uniti Group L.P./Uniti Group Finance 2019,
Inc./CSL Capital LLC
 
10.50% 02/15/2028(b)
 
32,000
33,842
8.63% 06/15/2032(b)
 
6,000
6,092
 
 
91,528
Diversified Support Services-1.13%
RB Global Holdings, Inc. (Canada)
 
6.75% 03/15/2028(b)
 
60,000
61,493
7.75% 03/15/2031(b)
 
15,000
15,739
Saks Global Enterprises LLC, 11.00%,
12/15/2029(b)
 
25,000
12,250
 
 
89,482
Drug Retail-0.10%
Walgreens Boots Alliance, Inc.
 
4.80% 11/18/2044
 
4,000
3,920
4.10% 04/15/2050
 
5,000
4,287
 
 
8,207
Electric Utilities-2.71%
Brookfield Infrastructure Finance ULC (Canada),
6.75%, 03/15/2055(e)
 
58,000
58,583
California Buyer Ltd./Atlantica Sustainable
Infrastructure PLC (United Kingdom), 6.38%,
02/15/2032(b)
 
50,000
50,544
Vistra Operations Co. LLC
 
5.00% 07/31/2027(b)
 
48,000
47,776
7.75% 10/15/2031(b)
 
54,000
57,195
 
 
214,098
Electrical Components & Equipment-1.29%
EnerSys
 
4.38% 12/15/2027(b)
 
39,000
38,355
6.63% 01/15/2032(b)
 
24,000
24,694
Nissan Motor Acceptance Co. LLC, 7.05%,
09/15/2028(b)
 
38,000
39,179
 
 
102,228
 
Principal
Amount
Value
Electronic Components-0.57%
Sensata Technologies, Inc., 3.75%,
02/15/2031(b)
$
49,000
$44,755
Electronic Manufacturing Services-0.79%
EMRLD Borrower L.P./Emerald Co-Issuer, Inc.,
6.63%, 12/15/2030(b)
 
61,000
62,272
Environmental & Facilities Services-1.76%
GFL Environmental, Inc.
 
4.00% 08/01/2028(b)
 
97,000
94,092
3.50% 09/01/2028(b)
 
47,000
45,343
 
 
139,435
Gold-1.08%
New Gold, Inc. (Canada), 6.88%,
04/01/2032(b)
 
83,000
85,254
Health Care Facilities-1.80%
Select Medical Corp., 6.25%, 12/01/2032(b)(c)
 
44,000
43,940
Tenet Healthcare Corp.
 
6.13% 10/01/2028
 
22,000
22,015
6.75% 05/15/2031(c)
 
74,000
76,199
 
 
142,154
Health Care REITs-0.60%
Diversified Healthcare Trust, 0.00%,
01/15/2026(b)(f)
 
41,000
39,984
MPT Operating Partnership L.P./MPT Finance
Corp., 8.50%, 02/15/2032(b)
 
7,000
7,280
 
 
47,264
Health Care Services-1.23%
Community Health Systems, Inc.
 
5.63% 03/15/2027(b)
 
20,000
20,044
5.25% 05/15/2030(b)
 
16,000
14,012
4.75% 02/15/2031(b)
 
29,000
24,292
DaVita, Inc.
 
6.88% 09/01/2032(b)
 
18,000
18,519
6.75% 07/15/2033(b)
 
20,000
20,643
 
 
97,510
Health Care Supplies-0.74%
Medline Borrower L.P.
 
3.88% 04/01/2029(b)
 
21,000
20,040
5.25% 10/01/2029(b)
 
39,000
38,263
 
 
58,303
Homebuilding-0.57%
Taylor Morrison Communities, Inc., 5.13%,
08/01/2030(b)
 
46,000
45,458
Hotel & Resort REITs-1.16%
RHP Hotel Properties L.P./RHP Finance Corp.,
6.50%, 06/15/2033(b)
 
39,000
39,968
RLJ Lodging Trust L.P., 4.00%,
09/15/2029(b)(c)
 
43,000
40,169
Service Properties Trust, 8.88%, 06/15/2032
 
11,000
11,512
 
 
91,649
Hotels, Resorts & Cruise Lines-2.71%
Carnival Corp.
 
5.75% 03/01/2027(b)
 
2,000
2,021
6.13% 02/15/2033(b)
 
94,000
95,726
See accompanying notes which are an integral part of this schedule.
Invesco High Yield Select ETF (HIYS)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Hotels, Resorts & Cruise Lines-(continued)
Hilton Domestic Operating Co., Inc., 5.88%,
03/15/2033(b)
$
77,000
$77,637
Royal Caribbean Cruises Ltd., 6.00%,
02/01/2033(b)
 
38,000
38,651
 
 
214,035
Household Appliances-0.49%
Whirlpool Corp., 4.75%, 02/26/2029
 
40,000
39,103
Housewares & Specialties-0.76%
Newell Brands, Inc.
 
6.63% 09/15/2029
 
19,000
18,951
6.38% 05/15/2030
 
42,000
40,805
 
 
59,756
Independent Power Producers & Energy Traders-2.10%
Calpine Corp., 5.13%, 03/15/2028(b)
 
59,000
58,754
Vistra Corp.
 
8.00% (b)(e)(g)
 
24,000
24,516
Series C, 8.88% (b)(e)(g)
 
76,000
82,557
 
 
165,827
Industrial Machinery & Supplies & Components-2.32%
Enpro, Inc., 6.13%, 06/01/2033(b)
 
78,000
78,887
ESAB Corp., 6.25%, 04/15/2029(b)
 
57,000
58,311
Roller Bearing Co. of America, Inc., 4.38%,
10/15/2029(b)
 
48,000
46,219
 
 
183,417
Insurance Brokers-1.58%
Alliant Holdings Intermediate LLC/Alliant
Holdings Co-Issuer, 7.00%, 01/15/2031(b)
 
66,000
67,923
HUB International Ltd., 7.25%, 06/15/2030(b)
 
55,000
57,368
 
 
125,291
Integrated Telecommunication Services-4.67%
Iliad Holding S.A.S.U. (France), 8.50%,
04/15/2031(b)
 
200,000
214,690
Level 3 Financing, Inc.
 
11.00% 11/15/2029(b)
 
15,202
17,255
6.88% 06/30/2033(b)
 
39,000
39,549
Telecom Italia Capital S.A. (Italy)
 
6.38% 11/15/2033
 
48,000
49,736
7.72% 06/04/2038
 
44,000
47,497
 
 
368,727
Interactive Media & Services-0.97%
WarnerMedia Holdings, Inc.
 
4.05% 03/15/2029
 
20,000
18,792
4.28% 03/15/2032(c)
 
38,000
31,934
5.05% 03/15/2042
 
28,000
18,740
5.14% 03/15/2052
 
12,000
7,427
 
 
76,893
Internet Services & Infrastructure-0.20%
CoreWeave, Inc.
 
9.25% 06/01/2030(b)
 
8,000
8,046
9.00% 02/01/2031(b)
 
8,000
7,976
 
 
16,022
Leisure Facilities-0.51%
Vail Resorts, Inc., 5.63%, 07/15/2030(b)
 
40,000
40,245
Marine Transportation-0.48%
Viking Cruises Ltd., 7.00%, 02/15/2029(b)
 
38,000
38,316
 
Principal
Amount
Value
Metal, Glass & Plastic Containers-3.18%
Ardagh Metal Packaging Finance USA LLC/
Ardagh Metal Packaging Finance PLC,
6.00%, 06/15/2027(b)
$
200,000
$200,340
LABL, Inc., 8.63%, 10/01/2031(b)
 
5,000
4,159
OI European Group B.V., 4.75%,
02/15/2030(b)(c)
 
49,000
46,480
 
 
250,979
Movies & Entertainment-1.06%
Starz Capital Holdings 1, Inc., 5.50%,
04/15/2029(b)
 
49,000
45,815
WMG Acquisition Corp., 3.75%, 12/01/2029(b)
 
40,000
37,591
 
 
83,406
Multi-line Insurance-0.75%
Acrisure LLC/Acrisure Finance, Inc., 7.50%,
11/06/2030(b)
 
57,000
58,923
Multi-Utilities-0.49%
CenterPoint Energy, Inc., 6.70%,
05/15/2055(c)(e)
 
38,000
38,589
Oil & Gas Drilling-0.49%
Summit Midstream Holdings LLC, 8.63%,
10/31/2029(b)
 
38,000
38,740
Oil & Gas Equipment & Services-0.52%
Tidewater, Inc., 9.13%, 07/15/2030(b)
 
39,000
40,932
Oil & Gas Exploration & Production-2.61%
Aethon United BR L.P./Aethon United Finance
Corp., 7.50%, 10/01/2029(b)
 
37,000
38,799
Civitas Resources, Inc.
 
8.75% 07/01/2031(b)
 
19,000
19,258
9.63% 06/15/2033(b)
 
19,000
19,559
Comstock Resources, Inc., 6.75%,
03/01/2029(b)
 
45,000
44,527
Hilcorp Energy I L.P./Hilcorp Finance Co.,
8.38%, 11/01/2033(b)
 
37,000
38,646
Kimmeridge Texas Gas LLC, 8.50%,
02/15/2030(b)
 
44,000
45,248
 
 
206,037
Oil & Gas Refining & Marketing-0.74%
Sunoco L.P., 6.25%, 07/01/2033(b)
 
58,000
58,785
Oil & Gas Storage & Transportation-6.42%
Antero Midstream Partners L.P./Antero
Midstream Finance Corp., 6.63%,
02/01/2032(b)
 
44,000
45,269
Delek Logistics Partners L.P./Delek Logistics
Finance Corp., 7.38%, 06/30/2033(b)
 
40,000
39,566
Excelerate Energy L.P., 8.00%, 05/15/2030(b)
 
38,000
39,805
Genesis Energy L.P./Genesis Energy Finance
Corp.
 
7.88% 05/15/2032
 
20,000
20,702
8.00% 05/15/2033
 
37,000
38,396
Global Partners L.P./GLP Finance Corp., 7.13%,
07/01/2033(b)
 
40,000
40,649
Northriver Midstream Finance L.P. (Canada),
6.75%, 07/15/2032(b)
 
41,000
41,778
Prairie Acquiror L.P., 9.00%, 08/01/2029(b)
 
38,000
39,395
Tallgrass Energy Partners L.P./Tallgrass Energy
Finance Corp., 7.38%, 02/15/2029(b)
 
44,000
45,185
See accompanying notes which are an integral part of this schedule.
Invesco High Yield Select ETF (HIYS)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Oil & Gas Storage & Transportation-(continued)
Venture Global LNG, Inc.
 
9.88% 02/01/2032(b)
$
54,000
$58,297
9.00% (b)(e)(g)
 
39,000
39,045
Venture Global Plaquemines LNG LLC
 
6.50% 01/15/2034(b)
 
15,000
15,441
6.75% 01/15/2036(b)
 
43,000
44,261
 
 
507,789
Other Specialized REITs-1.08%
Iron Mountain, Inc.
 
4.50% 02/15/2031(b)
 
49,000
46,387
6.25% 01/15/2033(b)
 
38,000
38,675
 
 
85,062
Other Specialty Retail-0.08%
SGUS LLC, 11.00%, 12/15/2029(b)
 
7,000
6,610
Packaged Foods & Meats-0.63%
Lamb Weston Holdings, Inc., 4.38%,
01/31/2032(b)(c)
 
53,000
49,567
Paper & Plastic Packaging Products & Materials-0.99%
Clydesdale Acquisition Holdings, Inc., 6.75%,
04/15/2032(b)
 
38,000
38,949
Sealed Air Corp.
 
5.00% 04/15/2029(b)
 
20,000
19,744
6.88% 07/15/2033(b)
 
18,000
19,257
 
 
77,950
Passenger Airlines-0.73%
American Airlines, Inc./AAdvantage Loyalty IP
Ltd., 5.75%, 04/20/2029(b)
 
58,000
58,017
Pharmaceuticals-1.74%
1261229 BC Ltd., 10.00%, 04/15/2032(b)
 
30,000
30,561
Amneal Pharmaceuticals LLC, 6.88%,
08/01/2032(b)
 
45,000
45,730
Bausch Health Cos., Inc., 11.00%,
09/30/2028(b)
 
12,000
12,341
Endo Finance Holdings, Inc., 8.50%,
04/15/2031(b)(c)
 
42,000
44,734
HLF Financing S.a.r.l. LLC/Herbalife
International, Inc., 4.88%, 06/01/2029(b)
 
5,000
4,192
 
 
137,558
Real Estate Development-1.11%
Cushman & Wakefield U.S. Borrower LLC,
8.88%, 09/01/2031(b)
 
42,000
45,053
Greystar Real Estate Partners LLC, 7.75%,
09/01/2030(b)
 
40,000
42,327
 
 
87,380
Reinsurance-0.59%
Global Atlantic (Fin) Co., 4.70%,
10/15/2051(b)(e)
 
48,000
46,996
Security & Alarm Services-0.60%
Brink’s Co. (The), 6.75%, 06/15/2032(b)
 
46,000
47,428
Specialized Consumer Services-0.81%
Carriage Services, Inc., 4.25%, 05/15/2029(b)
 
68,000
63,702
 
Principal
Amount
Value
Specialized Finance-0.54%
CD&R Smokey Buyer, Inc./Radio Systems Corp.,
9.50%, 10/15/2029(b)
$
5,000
$4,156
TrueNoord Capital DAC (Ireland), 8.75%,
03/01/2030(b)
 
37,000
38,408
 
 
42,564
Specialty Chemicals-0.49%
Celanese US Holdings LLC, 7.20%,
11/15/2033
 
37,000
38,660
Steel-0.52%
Cleveland-Cliffs, Inc.
 
5.88% 06/01/2027
 
9,000
9,013
7.00% 03/15/2032(b)(c)
 
33,000
32,237
 
 
41,250
Technology Hardware, Storage & Peripherals-0.09%
Xerox Holdings Corp.
 
5.50% 08/15/2028(b)
 
5,000
3,319
8.88% 11/30/2029(b)(c)
 
6,000
3,937
 
 
7,256
Telecom Tower REITs-0.50%
SBA Communications Corp., 3.13%,
02/01/2029
 
42,000
39,182
Trading Companies & Distributors-0.98%
Aircastle Ltd., 5.25%(b)(e)(g)
 
78,000
77,655
Transaction & Payment Processing Services-0.46%
Shift4 Payments LLC/Shift4 Payments Finance
Sub, Inc., 6.75%, 08/15/2032(b)
 
35,000
36,179
Wireless Telecommunication Services-1.18%
Vodafone Group PLC (United Kingdom), 4.13%,
06/04/2081(e)
 
101,000
93,172
Total U.S. Dollar Denominated Bonds & Notes
(Cost $7,152,443)
7,319,157
Non-U.S. Dollar Denominated Bonds & Notes-5.80%(h)
Cable & Satellite-1.47%
Sunrise FinCo I B.V. (Netherlands), 4.63%,
05/15/2032(b)
EUR
100,000
116,047
Metal, Glass & Plastic Containers-1.48%
Ball Corp., 4.25%, 07/01/2032
EUR
100,000
117,157
Specialized Consumer Services-1.45%
Allwyn Entertainment Financing (UK) PLC
(Czech Republic), 4.13%, 02/15/2031(b)
EUR
100,000
114,169
Wireless Telecommunication Services-1.40%
VMED O2 UK Financing I PLC (United Kingdom),
3.25%, 01/31/2031(b)
EUR
100,000
110,704
Total Non-U.S. Dollar Denominated Bonds & Notes
(Cost $436,025)
458,077
 
Shares
 
Money Market Funds-2.33%
Invesco Premier U.S. Government Money
Portfolio, Institutional Class, 4.24%(i)(j)
(Cost $184,129)
 
184,129
184,129
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from
securities on loan)-100.73%
(Cost $7,772,597)
7,961,363
See accompanying notes which are an integral part of this schedule.
Invesco High Yield Select ETF (HIYS)—(continued)
July 31, 2025
(Unaudited)
 
Shares
Value
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-7.86%
Invesco Private Government Fund, 4.32%(i)(j)(k)
 
172,015
$172,015
Invesco Private Prime Fund, 4.46%(i)(j)(k)
 
449,099
449,189
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $621,213)
621,204
TOTAL INVESTMENTS IN SECURITIES-108.59%
(Cost $8,393,810)
8,582,567
OTHER ASSETS LESS LIABILITIES-(8.59)%
(678,997
)
NET ASSETS-100.00%
$7,903,570
 
Investment Abbreviations:
ETF
-Exchange-Traded Fund
EUR
-Euro
PIK
-Pay-in-Kind
REIT
-Real Estate Investment Trust
 
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
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, 2025 was $6,759,954, which represented 85.53% of the Fund’s Net Assets.
(c)
All or a portion of this security was out on loan at July 31, 2025.
(d)
All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.
(e)
Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.
(f)
Denotes a zero coupon security issued at a substantial discount from its value at maturity.
(g)
Perpetual bond with no specified maturity date.
(h)
Foreign denominated security. Principal amount is denominated in the currency indicated.
(i)
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, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
July 31, 2025
Dividend Income
Invesco Senior Loan ETF
$-
$715,640
$(704,100
)
$-
$(11,540
)
$-
$8,063
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio, Institutional
Class
100,914
2,362,109
(2,463,023
)
-
-
-
2,458
Invesco Premier
U.S. Government Money
Portfolio, Institutional Class
-
4,036,028
(3,851,899
)
-
-
184,129
4,331
Investments Purchased with
Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
619,935
2,549,252
(2,997,172
)
-
-
172,015
7,813
*
Invesco Private Prime Fund
1,611,942
5,584,989
(6,747,681
)
8
(69
)
449,189
21,283
*
Total
$2,332,791
$15,248,018
$(16,763,875
)
$8
$(11,609
)
$805,333
$43,948
 
*
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.
 
(j)
The rate shown is the 7-day SEC standardized yield as of July 31, 2025.
(k)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned.  
 
See accompanying notes which are an integral part of this schedule.
Invesco High Yield Select ETF (HIYS)—(continued)
July 31, 2025
(Unaudited)
Open Forward Foreign Currency Contracts
Settlement Date
Counterparty
Contract to
Unrealized
Appreciation
Deliver
Receive
Currency Risk
 
 
 
10/31/2025
Citibank N.A.
EUR
279,000
USD
328,689
$7,377
 
Abbreviations:
EUR
-Euro
USD
-U.S. Dollar
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 Growth Focus ETF (MTRA)
July 31, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.78%
Canada-4.99%
Dollarama, Inc.
 
1,092
$149,581
Shopify, Inc., Class A(a)
 
790
96,546
 
 
246,127
China-6.34%
Alibaba Group Holding Ltd., ADR
 
1,142
137,759
Tencent Holdings Ltd.
 
2,500
175,031
 
 
312,790
France-16.13%
Airbus SE
 
463
93,362
Dassault Systemes SE
 
2,189
72,123
EssilorLuxottica S.A.
 
178
53,085
Hermes International S.C.A.
 
56
137,349
L’Oreal S.A.
 
120
53,254
LVMH Moet Hennessy Louis Vuitton SE
 
161
86,680
Sartorius Stedim Biotech
 
565
113,236
Schneider Electric SE
 
365
94,737
Societe Generale S.A.
 
1,435
91,863
 
 
795,689
Germany-5.96%
SAP SE
 
418
119,881
Siemens AG
 
681
173,962
 
 
293,843
India-5.36%
ICICI Bank Ltd., ADR
 
3,103
104,571
Reliance Industries Ltd., GDR(b)
 
2,540
159,885
 
 
264,456
Ireland-1.49%
Accenture PLC, Class A
 
275
73,453
Italy-3.47%
FinecoBank Banca Fineco S.p.A.
 
3,997
85,362
Ryanair Holdings PLC
 
2,916
85,990
 
 
171,352
Japan-5.49%
Hitachi Ltd.
 
3,000
91,988
Keyence Corp.
 
200
72,493
Mitsubishi UFJ Financial Group, Inc.
 
7,700
106,342
 
 
270,823
Netherlands-5.56%
ASML Holding N.V.
 
169
117,473
Universal Music Group N.V.
 
5,432
156,721
 
 
274,194
 
Shares
Value
Sweden-5.46%
Atlas Copco AB, Class A
 
6,492
$99,161
Epiroc AB, Class A
 
4,315
88,089
Svenska Handelsbanken AB, Class A
 
6,703
81,918
 
 
269,168
Switzerland-5.77%
Lonza Group AG
 
180
125,485
Sika AG
 
378
89,222
Straumann Holding AG
 
573
69,832
 
 
284,539
Taiwan-4.40%
Taiwan Semiconductor Manufacturing Co. Ltd.,
ADR
 
899
217,215
United Kingdom-14.51%
AstraZeneca PLC
 
1,137
166,218
BAE Systems PLC
 
6,485
155,053
Compass Group PLC
 
3,525
124,120
ConvaTec Group PLC(b)
 
24,200
74,713
RELX PLC
 
1,898
98,824
Rightmove PLC
 
8,967
96,965
 
 
715,893
United States-14.85%
Booking Holdings, Inc.
 
13
71,553
EPAM Systems, Inc.(a)
 
675
106,454
Experian PLC
 
2,367
124,974
Ferguson Enterprises, Inc.
 
657
146,597
Illumina, Inc.(a)
 
973
99,937
ResMed, Inc.
 
672
182,744
 
 
732,259
Total Common Stocks & Other Equity Interests
(Cost $4,982,652)
4,921,801
Money Market Funds-0.15%
Invesco Premier U.S. Government Money Portfolio,
Institutional Class, 4.24%(c)(d)
(Cost $7,039)
 
7,039
7,039
TOTAL INVESTMENTS IN SECURITIES-99.93%
(Cost $4,989,691)
4,928,840
OTHER ASSETS LESS LIABILITIES-0.07%
3,685
NET ASSETS-100.00%
$4,932,525
 
Investment Abbreviations:
ADR-American Depositary Receipt
GDR-Global Depositary Receipt
 
Notes to Schedule of Investments:
(a)
Non-income producing security.
(b)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
July 31, 2025 was $234,598, which represented 4.76% of the Fund’s Net Assets.
(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 period ended July 31, 2025.
See accompanying notes which are an integral part of this schedule.
Invesco International Growth Focus ETF (MTRA)—(continued)
July 31, 2025
(Unaudited)
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
Value
July 31, 2025
Dividend Income
Investments in Affiliated Money
Market Funds:
Invesco Premier
U.S. Government Money
Portfolio, Institutional Class
$-
$3,908,022
$(3,900,983
)
$-
$-
$7,039
$521
 
(d)
The rate shown is the 7-day SEC standardized yield as of July 31, 2025.
The valuation policy and a listing of other significant accounting policies are available in the most recent Statement of Additional Information.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments
Invesco MSCI EAFE Income Advantage ETF (EFAA)
July 31, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-77.74%
Australia-5.85%
ANZ Group Holdings Ltd.
 
20,248
$398,079
APA Group(a)
 
8,891
47,908
Aristocrat Leisure Ltd.
 
3,853
172,848
ASX Ltd.
 
1,327
59,593
BHP Group Ltd.
 
34,624
876,070
BlueScope Steel Ltd.
 
2,990
45,414
Brambles Ltd.
 
9,355
143,394
CAR Group Ltd.
 
2,566
62,572
Cochlear Ltd.
 
447
91,427
Coles Group Ltd.
 
9,146
121,997
Commonwealth Bank of Australia
 
11,404
1,297,109
Computershare Ltd.
 
3,597
97,010
CSL Ltd.
 
3,302
572,261
Evolution Mining Ltd.
 
13,645
61,869
Fortescue Ltd.
 
11,556
130,992
Glencore PLC(b)
 
69,869
280,980
Goodman Group
 
13,860
310,467
Insurance Australia Group Ltd.
 
16,138
90,759
James Hardie Industries PLC, CDI(a)(b)
 
3,940
103,608
Lottery Corp. Ltd. (The)
 
15,192
52,790
Macquarie Group Ltd.
 
2,468
342,420
Medibank Pvt. Ltd.
 
18,795
61,544
National Australia Bank Ltd.(a)
 
20,869
518,866
Northern Star Resources Ltd.
 
9,253
92,103
Origin Energy Ltd.
 
11,755
88,066
Pro Medicus Ltd.
 
391
80,444
Qantas Airways Ltd.
 
5,061
35,165
QBE Insurance Group Ltd.
 
10,272
152,662
REA Group Ltd.
 
364
55,552
Reece Ltd.
 
1,605
13,923
Rio Tinto Ltd.
 
2,529
180,193
Rio Tinto PLC
 
7,696
459,307
Santos Ltd.
 
22,162
111,725
Scentre Group
 
35,498
85,114
SGH Ltd.
 
1,397
45,777
Sigma Healthcare Ltd.
 
31,464
58,226
Sonic Healthcare Ltd.
 
3,110
55,022
South32 Ltd.
 
30,826
57,753
Stockland
 
16,292
57,868
Suncorp Group Ltd.
 
7,388
99,219
Telstra Group Ltd.
 
27,599
88,124
Transurban Group
 
21,182
187,807
Vicinity Ltd.
 
26,428
41,689
Washington H Soul Pattinson & Co. Ltd.(a)
 
1,608
41,854
Wesfarmers Ltd.
 
7,747
424,549
Westpac Banking Corp.
 
23,325
504,530
WiseTech Global Ltd.
 
1,367
103,730
Woodside Energy Group Ltd.
 
12,958
219,690
Woolworths Group Ltd.
 
8,337
168,622
 
 
9,448,691
Austria-0.20%
Erste Group Bank AG
 
2,103
192,871
Mondi PLC
 
3,008
40,746
OMV AG
 
1,008
51,487
Verbund AG
 
463
34,576
 
 
319,680
Belgium-0.63%
Ageas S.A./N.V.
 
1,019
69,488
Anheuser-Busch InBev S.A./N.V.
 
6,735
388,350
D’Ieteren Group
 
146
28,924
 
Shares
Value
Belgium-(continued)
Elia Group S.A./N.V.
 
334
$38,648
Groupe Bruxelles Lambert N.V.
 
567
47,540
KBC Group N.V.
 
1,563
163,506
Lotus Bakeries N.V.
 
3
25,438
Sofina S.A.
 
106
32,555
Syensqo S.A.
 
504
40,062
UCB S.A.
 
859
185,102
 
 
1,019,613
Brazil-0.03%
Yara International ASA
 
1,130
41,957
Chile-0.04%
Antofagasta PLC
 
2,692
66,525
China-0.14%
BOC Hong Kong (Holdings) Ltd.
 
25,443
114,246
SITC International Holdings Co. Ltd.
 
8,481
27,421
Wharf (Holdings) Ltd. (The)(a)
 
7,195
20,463
Wilmar International Ltd.
 
13,064
29,592
Yangzijiang Shipbuilding Holdings Ltd.
 
17,556
34,463
 
 
226,185
Denmark-1.49%
A.P. Moller - Maersk A/S, Class A
 
18
35,432
A.P. Moller - Maersk A/S, Class B
 
27
53,489
Carlsberg A/S, Class B
 
650
81,294
Coloplast A/S, Class B
 
857
78,522
Danske Bank A/S
 
4,704
187,213
Demant A/S(b)
 
630
23,946
DSV A/S
 
1,397
314,050
Genmab A/S(b)
 
432
93,307
Novo Nordisk A/S, Class B
 
21,976
1,025,336
Novonesis (Novozymes) B, Class B
 
2,400
155,772
Orsted A/S(a)(b)(c)
 
1,149
54,328
Pandora A/S
 
562
93,081
Rockwool A/S
 
660
29,014
Tryg A/S
 
2,313
55,973
Vestas Wind Systems A/S
 
6,888
126,165
 
 
2,406,922
Finland-0.82%
Elisa OYJ
 
966
49,849
Fortum OYJ
 
3,064
56,376
Kesko OYJ, Class B(a)
 
1,861
40,594
Kone OYJ, Class B
 
2,318
142,763
Metso OYJ(a)
 
4,236
53,357
Neste OYJ
 
2,883
45,635
Nokia OYJ
 
35,910
146,775
Nordea Bank Abp
 
21,409
313,313
Orion OYJ, Class B
 
755
60,622
Sampo OYJ
 
16,521
177,852
Stora Enso OYJ, Class R(a)
 
3,969
40,959
UPM-Kymmene OYJ
 
3,644
94,722
Wartsila OYJ Abp
 
3,430
95,044
 
 
1,317,861
France-8.10%
Accor S.A.
 
1,333
67,760
Aeroports de Paris S.A.
 
211
25,685
Air Liquide S.A.
 
3,944
778,207
Airbus SE
 
4,053
817,269
Alstom S.A.(b)
 
2,364
55,614
Amundi S.A.(c)
 
433
32,093
Arkema S.A.
 
393
26,803
See accompanying notes which are an integral part of this schedule.
Invesco MSCI EAFE Income Advantage ETF (EFAA)—(continued)
July 31, 2025
(Unaudited)
 
Shares
Value
France-(continued)
AXA S.A.
 
12,090
$588,926
bioMerieux
 
275
39,464
BNP Paribas S.A.
 
6,943
634,909
Bollore SE
 
4,822
27,895
Bouygues S.A.
 
1,287
53,150
Bureau Veritas S.A.
 
2,170
67,024
Capgemini SE
 
1,108
165,439
Carrefour S.A.
 
3,704
53,238
Cie de Saint-Gobain S.A.
 
3,067
352,870
Cie Generale des Etablissements Michelin
S.C.A.
 
4,573
163,169
Covivio S.A.
 
391
25,388
Credit Agricole S.A.
 
7,262
134,046
Danone S.A.
 
4,409
361,878
Dassault Aviation S.A.
 
133
41,532
Dassault Systemes SE
 
4,565
150,406
Edenred SE
 
1,654
47,374
Eiffage S.A.
 
465
62,603
ENGIE S.A.
 
12,462
280,946
EssilorLuxottica S.A.
 
2,028
604,805
Eurazeo SE
 
273
16,067
FDJ United
 
697
21,805
Gecina S.A.(b)
 
321
31,638
Getlink SE
 
2,061
37,488
Hermes International S.C.A.
 
213
522,419
Ipsen S.A.
 
264
31,199
Kering S.A.
 
509
125,350
Klepierre S.A.
 
1,467
56,163
Legrand S.A.
 
1,791
265,320
L’Oreal S.A.
 
1,640
727,803
LVMH Moet Hennessy Louis Vuitton SE
 
1,874
1,008,939
Orange S.A.
 
12,707
193,855
Pernod Ricard S.A.
 
1,373
141,516
Publicis Groupe S.A.
 
1,559
142,882
Renault S.A.
 
1,308
48,539
Rexel S.A.
 
1,528
46,319
Safran S.A.
 
2,455
811,916
Sartorius Stedim Biotech
 
202
40,484
Schneider Electric SE
 
3,726
967,095
Societe Generale S.A.
 
4,919
314,895
Sodexo S.A.
 
600
35,789
STMicroelectronics N.V.
 
4,620
117,757
Teleperformance SE
 
370
36,178
Thales S.A.
 
634
171,043
TotalEnergies SE
 
13,921
830,250
Unibail-Rodamco-Westfield
 
835
81,182
Veolia Environnement S.A.
 
4,290
145,811
Vinci S.A.
 
3,379
470,751
 
 
13,098,946
Germany-8.00%
adidas AG
 
1,165
223,319
Allianz SE
 
2,631
1,042,766
BASF SE
 
6,092
299,442
Bayer AG
 
6,702
209,056
Bayerische Motoren Werke AG
 
1,980
188,953
Bayerische Motoren Werke AG, Preference
Shares
 
392
34,371
Beiersdorf AG
 
681
84,871
Brenntag SE
 
837
52,079
Commerzbank AG
 
6,053
221,376
Continental AG
 
756
64,760
Covestro AG(b)(c)
 
1,287
88,923
 
Shares
Value
Germany-(continued)
CTS Eventim AG & Co. KGaA
 
434
$49,153
Daimler Truck Holding AG
 
3,247
158,415
Deutsche Bank AG
 
12,632
417,276
Deutsche Boerse AG
 
1,285
372,955
Deutsche Lufthansa AG
 
4,084
35,122
Deutsche Post AG
 
6,550
294,339
Deutsche Telekom AG
 
23,785
855,575
Dr. Ing. h.c. F. Porsche AG, Preference
Shares(a)(c)
 
787
40,023
E.ON SE
 
15,323
280,362
Evonik Industries AG
 
1,746
34,774
Fresenius Medical Care AG
 
1,498
76,204
Fresenius SE & Co. KGaA
 
2,883
138,012
GEA Group AG
 
1,000
72,041
Hannover Rueck SE
 
408
124,128
Heidelberg Materials AG
 
911
210,780
Henkel AG & Co. KGaA
 
709
50,565
Henkel AG & Co. KGaA, Preference Shares
 
1,153
89,110
Infineon Technologies AG
 
8,913
351,159
Knorr-Bremse AG
 
495
49,549
LEG Immobilien SE
 
509
40,520
Mercedes-Benz Group AG
 
4,930
279,958
Merck KGaA
 
884
110,811
MTU Aero Engines AG
 
370
160,071
Muenchener Rueckversicherungs-Gesellschaft
AG in Muenchen, Class R
 
911
598,156
Nemetschek SE
 
400
59,772
Porsche Automobil Holding SE, Preference
Shares
 
1,042
41,943
Rational AG
 
37
28,646
Rheinmetall AG
 
306
607,505
RWE AG
 
4,313
177,461
SAP SE
 
7,116
2,040,836
Sartorius AG, Preference Shares
 
181
38,657
Scout24 SE(c)
 
512
68,625
Siemens AG
 
5,180
1,323,237
Siemens Energy AG, Class A(b)
 
4,629
537,513
Siemens Healthineers AG(c)
 
2,306
124,572
Symrise AG
 
905
82,277
Talanx AG
 
435
57,827
Volkswagen AG, Preference Shares
 
1,408
147,661
Vonovia SE
 
5,056
157,377
Zalando SE(b)(c)
 
1,532
44,801
 
 
12,937,684
Hong Kong-1.62%
AIA Group Ltd.
 
72,811
678,902
CK Asset Holdings Ltd.
 
13,279
60,847
CK Hutchison Holdings Ltd.
 
18,210
118,529
CK Infrastructure Holdings Ltd.(a)
 
4,194
29,538
CLP Holdings Ltd.
 
11,421
99,132
Futu Holdings Ltd., ADR
 
392
60,243
Hang Seng Bank Ltd.
 
5,208
75,863
Henderson Land Development Co. Ltd.
 
9,757
34,142
HKT Trust & HKT Ltd.
 
26,466
41,673
Hong Kong & China Gas Co. Ltd. (The)
 
75,406
67,305
Hong Kong Exchanges & Clearing Ltd.
 
8,247
446,318
Hongkong Land Holdings Ltd.
 
7,497
45,287
Jardine Matheson Holdings Ltd.
 
1,078
58,537
Link REIT
 
17,835
99,372
MTR Corp. Ltd.
 
10,822
38,930
Power Assets Holdings Ltd.
 
9,679
63,728
Prudential PLC
 
17,779
226,009
See accompanying notes which are an integral part of this schedule.
Invesco MSCI EAFE Income Advantage ETF (EFAA)—(continued)
July 31, 2025
(Unaudited)
 
Shares
Value
Hong Kong-(continued)
Sino Land Co. Ltd.
 
22,635
$26,091
Sun Hung Kai Properties Ltd.
 
10,204
121,198
Swire Pacific Ltd., Class A(a)
 
2,239
20,239
Techtronic Industries Co. Ltd.
 
10,163
121,526
WH Group Ltd.
 
57,455
57,520
Wharf Real Estate Investment Co. Ltd.(a)
 
11,008
34,948
 
 
2,625,877
Ireland-0.33%
AerCap Holdings N.V.
 
1,256
134,706
AIB Group PLC
 
14,302
113,155
Bank of Ireland Group PLC
 
6,714
90,299
Kerry Group PLC, Class A
 
1,127
104,407
Kingspan Group PLC
 
1,053
87,647
 
 
530,214
Israel-0.63%
Azrieli Group Ltd.
 
320
31,484
Bank Hapoalim B.M.
 
8,989
168,810
Bank Leumi le-Israel B.M.
 
10,641
197,124
Check Point Software Technologies Ltd.(b)
 
590
109,858
Elbit Systems Ltd.
 
190
87,777
ICL Group Ltd.
 
5,459
34,057
Israel Discount Bank Ltd., Class A
 
8,779
84,077
Mizrahi Tefahot Bank Ltd.
 
1,077
66,625
Nice Ltd.(b)
 
448
70,037
Teva Pharmaceutical Industries Ltd., ADR(b)
 
7,816
120,757
Wix.com Ltd.(b)
 
362
49,243
 
 
1,019,849
Italy-2.57%
Assicurazioni Generali S.p.A.
 
5,883
220,115
Banca Mediolanum S.p.A.
 
1,525
26,978
Banco BPM S.p.A.
 
7,744
99,050
BPER Banca S.p.A.(a)
 
9,959
98,290
Coca-Cola HBC AG(b)
 
1,482
77,180
Davide Campari-Milano N.V.(a)
 
4,193
28,966
DiaSorin S.p.A.
 
145
14,218
Enel S.p.A.
 
55,501
490,861
Eni S.p.A.(a)
 
15,010
256,933
Ferrari N.V.
 
857
376,904
FinecoBank Banca Fineco S.p.A.
 
4,170
89,057
Infrastrutture Wireless Italiane S.p.A.(a)(c)
 
1,906
22,600
Intesa Sanpaolo S.p.A.
 
103,268
624,044
Leonardo S.p.A.
 
2,761
149,264
Mediobanca Banca di Credito Finanziario
S.p.A.
 
3,410
75,296
Moncler S.p.A.
 
1,595
85,315
Nexi S.p.A.(c)
 
3,352
19,197
Poste Italiane S.p.A.(c)
 
3,123
67,670
Prysmian S.p.A.
 
1,919
153,708
Recordati Industria Chimica e Farmaceutica
S.p.A.
 
783
45,040
Ryanair Holdings PLC
 
5,792
170,800
Snam S.p.A.
 
13,759
79,971
Telecom Italia S.p.A.(b)
 
70,627
32,551
Terna S.p.A.
 
9,605
93,210
UniCredit S.p.A.
 
9,526
702,922
Unipol Assicurazioni S.p.A.
 
2,447
49,225
 
 
4,149,365
Japan-16.80%
Advantest Corp.
 
5,179
345,097
AEON Co. Ltd.
 
5,010
160,358
 
Shares
Value
Japan-(continued)
AGC, Inc.
 
1,300
$39,202
Aisin Corp.(a)
 
3,599
49,839
Ajinomoto Co., Inc.
 
6,187
164,018
ANA Holdings, Inc.(a)
 
1,030
19,138
Asahi Group Holdings Ltd.
 
9,806
124,652
Asahi Kasei Corp.
 
8,532
59,484
ASICS Corp.
 
4,447
104,758
Astellas Pharma, Inc.
 
12,376
128,582
Bandai Namco Holdings, Inc.
 
4,047
131,133
Bridgestone Corp.
 
3,838
155,563
Canon, Inc.(a)
 
6,339
180,409
Capcom Co. Ltd.
 
2,340
59,687
Central Japan Railway Co.
 
5,222
121,983
Chiba Bank Ltd. (The)(a)
 
3,741
34,939
Chubu Electric Power Co., Inc.
 
4,368
53,532
Chugai Pharmaceutical Co. Ltd.
 
4,614
221,629
Concordia Financial Group Ltd.
 
7,139
47,436
Dai Nippon Printing Co. Ltd.
 
2,713
41,863
Daifuku Co. Ltd.
 
2,178
55,250
Dai-ichi Life Holdings, Inc.
 
23,955
189,920
Daiichi Sankyo Co. Ltd.
 
11,689
287,335
Daikin Industries Ltd.
 
1,843
227,067
Daito Trust Construction Co. Ltd.
 
432
44,317
Daiwa House Industry Co. Ltd.
 
3,847
127,443
Daiwa Securities Group, Inc.
 
9,071
63,279
Denso Corp.
 
12,843
174,600
Dentsu Group, Inc.(a)
 
1,303
25,748
Disco Corp.
 
643
190,409
East Japan Railway Co.
 
6,187
132,882
Eisai Co. Ltd.
 
1,812
50,921
ENEOS Holdings, Inc.
 
18,574
97,686
FANUC Corp.
 
6,402
178,573
Fast Retailing Co. Ltd.
 
1,302
397,954
Fuji Electric Co. Ltd.
 
953
47,478
FUJIFILM Holdings Corp.
 
7,579
157,524
Fujikura Ltd.
 
1,740
118,355
Fujitsu Ltd.
 
12,016
262,286
Hankyu Hanshin Holdings, Inc.
 
1,519
39,668
Hikari Tsushin, Inc.
 
113
30,443
Hitachi Ltd.
 
31,173
955,847
Honda Motor Co. Ltd.
 
28,755
298,301
Hoshizaki Corp.
 
755
25,906
Hoya Corp.
 
2,349
296,957
Hulic Co. Ltd.
 
3,155
30,152
Idemitsu Kosan Co. Ltd.
 
5,568
35,867
IHI Corp.
 
960
107,119
Inpex Corp.
 
5,976
85,263
Isuzu Motors Ltd.(a)
 
3,691
47,400
ITOCHU Corp.
 
8,061
423,677
Japan Airlines Co. Ltd.
 
966
19,221
Japan Exchange Group, Inc.
 
6,720
65,804
Japan Post Bank Co. Ltd.
 
12,322
137,808
Japan Post Holdings Co. Ltd.
 
12,168
112,912
Japan Post Insurance Co. Ltd.(a)
 
1,276
32,738
Japan Tobacco, Inc.(a)
 
8,138
232,889
JFE Holdings, Inc.(a)
 
3,958
45,899
Kajima Corp.
 
2,725
68,401
Kansai Electric Power Co., Inc. (The)
 
6,434
77,406
Kao Corp.
 
3,203
144,416
Kawasaki Kisen Kaisha Ltd.(a)
 
2,425
34,327
KDDI Corp.
 
20,948
344,487
Keyence Corp.
 
1,331
482,440
See accompanying notes which are an integral part of this schedule.
Invesco MSCI EAFE Income Advantage ETF (EFAA)—(continued)
July 31, 2025
(Unaudited)
 
Shares
Value
Japan-(continued)
Kikkoman Corp.
 
4,579
$40,308
Kirin Holdings Co. Ltd.
 
5,342
70,538
Kobe Bussan Co. Ltd.
 
1,075
28,685
Komatsu Ltd.
 
6,147
198,445
Konami Group Corp.
 
678
92,231
Kubota Corp.
 
6,688
75,153
Kyocera Corp.
 
8,746
103,450
Kyowa Kirin Co. Ltd.
 
1,665
28,479
Lasertec Corp.
 
532
53,707
LY Corp.
 
19,520
71,493
M3, Inc.
 
2,995
36,910
Makita Corp.
 
1,626
50,440
Marubeni Corp.
 
9,597
196,885
MatsukiyoCocokara & Co.
 
2,227
45,823
MEIJI Holdings Co. Ltd.
 
1,630
33,027
MINEBEA MITSUMI, Inc.
 
2,460
38,795
Mitsubishi Chemical Group Corp.
 
9,203
50,228
Mitsubishi Corp.
 
23,336
461,198
Mitsubishi Electric Corp.
 
12,986
292,676
Mitsubishi Estate Co. Ltd.
 
7,286
136,688
Mitsubishi HC Capital, Inc.(a)
 
5,955
44,106
Mitsubishi Heavy Industries Ltd.
 
21,873
523,307
Mitsubishi UFJ Financial Group, Inc.
 
78,072
1,078,229
Mitsui & Co. Ltd.
 
16,785
342,379
Mitsui Fudosan Co. Ltd.
 
18,007
161,278
Mitsui OSK Lines Ltd.(a)
 
2,337
78,711
Mizuho Financial Group, Inc.
 
16,319
479,633
MonotaRO Co. Ltd.
 
1,694
30,226
MS&AD Insurance Group Holdings, Inc.
 
8,747
187,268
Murata Manufacturing Co. Ltd.
 
11,358
169,396
NEC Corp.
 
8,368
240,782
Nexon Co. Ltd.
 
2,243
41,126
Nidec Corp.
 
5,648
108,584
Nintendo Co. Ltd.
 
7,482
626,605
Nippon Building Fund, Inc.
 
54
49,636
Nippon Paint Holdings Co. Ltd.
 
6,420
54,536
Nippon Sanso Holdings Corp.
 
1,201
42,594
Nippon Steel Corp.
 
6,590
127,168
Nippon Yusen K.K.
 
2,955
103,841
Nissan Motor Co. Ltd.(a)(b)
 
15,190
32,273
Nissin Foods Holdings Co. Ltd.
 
1,302
24,747
Nitori Holdings Co. Ltd.(a)
 
532
45,145
Nitto Denko Corp.
 
4,764
98,786
Nomura Holdings, Inc.
 
20,484
135,598
Nomura Research Institute Ltd.
 
2,562
101,585
NTT DATA Group Corp.
 
1,927
50,354
NTT, Inc.
 
203,963
206,392
Obayashi Corp.
 
4,380
64,627
OBIC Co. Ltd.
 
2,182
77,842
Olympus Corp.
 
7,677
91,903
Omron Corp.
 
1,164
30,063
Ono Pharmaceutical Co. Ltd.
 
2,571
28,809
Oriental Land Co. Ltd.
 
7,361
151,874
ORIX Corp.
 
7,935
178,606
Osaka Gas Co. Ltd.
 
2,453
62,190
Otsuka Corp.
 
1,519
28,839
Otsuka Holdings Co. Ltd.
 
3,021
144,120
Pan Pacific International Holdings Corp.
 
2,563
85,922
Panasonic Holdings Corp.
 
15,905
150,755
Rakuten Group, Inc.(b)
 
10,250
51,967
Recruit Holdings Co. Ltd.
 
9,558
568,237
Renesas Electronics Corp.
 
11,431
139,318
 
Shares
Value
Japan-(continued)
Resona Holdings, Inc.
 
14,276
$130,232
Ricoh Co. Ltd.
 
3,618
31,789
Sanrio Co. Ltd.
 
1,172
48,187
SBI Holdings, Inc.
 
1,808
67,299
SCREEN Holdings Co. Ltd.
 
532
41,585
SCSK Corp.
 
1,077
33,579
SECOM Co. Ltd.
 
2,881
103,676
Sekisui Chemical Co. Ltd.
 
2,564
44,563
Sekisui House Ltd.(a)
 
4,058
85,297
Seven & i Holdings Co. Ltd.
 
15,104
199,523
SG Holdings Co. Ltd.(a)
 
2,248
24,991
Shimadzu Corp.
 
1,597
35,424
Shimano, Inc.
 
530
58,097
Shin-Etsu Chemical Co. Ltd.
 
12,151
350,377
Shionogi & Co. Ltd.
 
5,193
87,025
Shiseido Co. Ltd.
 
2,688
43,783
SMC Corp.
 
402
140,169
SoftBank Corp.
 
195,263
282,695
SoftBank Group Corp.
 
6,498
497,186
Sompo Holdings, Inc.
 
6,073
179,438
Sony Group Corp.
 
41,904
1,009,973
Subaru Corp.
 
4,009
73,898
Sumitomo Corp.
 
7,470
191,319
Sumitomo Electric Industries Ltd.
 
4,917
122,261
Sumitomo Metal Mining Co. Ltd.(a)
 
1,635
36,035
Sumitomo Mitsui Financial Group, Inc.
 
25,131
635,255
Sumitomo Mitsui Trust Group, Inc.
 
4,372
114,843
Sumitomo Realty & Development Co. Ltd.
 
2,060
75,403
Suntory Beverage & Food Ltd.
 
964
29,168
Suzuki Motor Corp.
 
10,671
117,486
Sysmex Corp.
 
3,415
55,592
T&D Holdings, Inc.
 
3,330
81,479
Taisei Corp.
 
1,068
63,989
Takeda Pharmaceutical Co. Ltd.
 
10,805
297,413
TDK Corp.
 
13,199
161,129
Terumo Corp.
 
9,037
153,553
TIS, Inc.
 
1,418
45,329
Toho Co. Ltd.
 
756
47,795
Tokio Marine Holdings, Inc.
 
12,541
504,578
Tokyo Electron Ltd.
 
3,075
489,851
Tokyo Gas Co. Ltd.
 
2,215
74,328
Tokyo Metro Co. Ltd.
 
1,932
20,860
Tokyu Corp.
 
3,363
37,933
TOPPAN Holdings, Inc.
 
1,628
43,961
Toray Industries, Inc.
 
9,493
65,062
Toyota Industries Corp.
 
1,143
122,472
Toyota Motor Corp.
 
64,629
1,151,925
Toyota Tsusho Corp.
 
4,377
100,517
Trend Micro, Inc.
 
892
54,503
Unicharm Corp.
 
7,640
52,954
West Japan Railway Co.
 
3,023
66,320
Yakult Honsha Co. Ltd.
 
1,696
27,340
Yamaha Motor Co. Ltd.(a)
 
6,309
45,724
Yokogawa Electric Corp.
 
1,519
40,570
Zensho Holdings Co. Ltd.
 
644
33,958
ZOZO, Inc.
 
2,753
27,308
 
 
27,149,192
Luxembourg-0.12%
ArcelorMittal S.A.
 
3,202
100,119
See accompanying notes which are an integral part of this schedule.
Invesco MSCI EAFE Income Advantage ETF (EFAA)—(continued)
July 31, 2025
(Unaudited)
 
Shares
Value
Luxembourg-(continued)
CVC Capital Partners PLC(c)
 
1,492
$28,694
Eurofins Scientific SE
 
809
62,138
 
 
190,951
Macau-0.06%
Galaxy Entertainment Group Ltd.(a)
 
13,585
66,249
Sands China Ltd.
 
15,685
37,970
 
 
104,219
Netherlands-3.44%
ABN AMRO Bank N.V., CVA(c)
 
3,129
90,720
Adyen N.V.(b)(c)
 
173
297,592
Aegon Ltd.
 
9,027
64,701
Akzo Nobel N.V.
 
1,174
73,945
argenx SE(b)
 
408
274,830
ASM International N.V.
 
320
155,353
ASML Holding N.V.(a)
 
2,684
1,865,671
ASR Nederland N.V.
 
1,009
67,219
BE Semiconductor Industries N.V.(a)
 
557
75,478
Euronext N.V.(c)
 
532
86,004
EXOR N.V.
 
601
58,092
Heineken Holding N.V.
 
886
59,973
Heineken N.V.
 
1,969
155,004
IMCD N.V.
 
399
43,863
ING Groep N.V.
 
21,481
502,094
JDE Peet’s N.V.
 
1,164
34,620
Koninklijke Ahold Delhaize N.V.
 
6,221
246,429
Koninklijke KPN N.V.
 
26,538
118,907
Koninklijke Philips N.V.
 
5,670
148,509
NN Group N.V.
 
1,839
124,194
Prosus N.V.(b)
 
8,916
510,829
Randstad N.V.
 
755
35,990
Universal Music Group N.V.
 
7,497
216,299
Wolters Kluwer N.V.
 
1,624
253,695
 
 
5,560,011
New Zealand-0.23%
Auckland International Airport Ltd.(a)
 
11,478
51,030
Contact Energy Ltd.
 
5,469
29,373
Fisher & Paykel Healthcare Corp. Ltd.
 
3,997
86,788
Infratil Ltd.
 
6,268
42,889
Meridian Energy Ltd.(a)
 
9,195
30,978
Xero Ltd.(b)
 
1,114
128,528
 
 
369,586
Norway-0.45%
Aker BP ASA
 
2,160
52,191
DNB Bank ASA
 
6,109
155,236
Equinor ASA
 
5,717
147,501
Gjensidige Forsikring ASA
 
1,398
36,934
Kongsberg Gruppen ASA
 
2,993
89,833
Mowi ASA
 
3,174
59,384
Norsk Hydro ASA
 
9,581
57,036
Orkla ASA
 
4,777
50,456
SalMar ASA
 
435
17,695
Telenor ASA
 
4,200
64,715
 
 
730,981
Poland-0.01%
InPost S.A.(b)
 
1,592
22,933
Portugal-0.12%
EDP S.A.
 
21,417
92,844
 
Shares
Value
Portugal-(continued)
Galp Energia SGPS S.A.
 
2,844
$54,466
Jeronimo Martins SGPS S.A.
 
1,931
47,212
 
 
194,522
Singapore-1.35%
CapitaLand Ascendas REIT
 
25,504
54,652
CapitaLand Integrated Commercial Trust
 
39,462
66,684
CapitaLand Investment Ltd.(a)
 
15,962
34,023
DBS Group Holdings Ltd.
 
14,503
532,756
Genting Singapore Ltd.
 
42,904
24,221
Grab Holdings Ltd., Class A(b)
 
16,168
79,062
Keppel Ltd.
 
9,955
64,728
Oversea-Chinese Banking Corp. Ltd.
 
23,076
299,288
Sea Ltd., ADR(b)
 
2,608
408,543
Sembcorp Industries Ltd.
 
6,097
36,283
Singapore Airlines Ltd.
 
10,128
52,943
Singapore Exchange Ltd.
 
5,887
72,243
Singapore Technologies Engineering Ltd.
 
10,677
71,885
Singapore Telecommunications Ltd.
 
50,667
151,117
United Overseas Bank Ltd.
 
8,642
240,293
 
 
2,188,721
South Africa-0.13%
Anglo American PLC
 
7,636
215,302
South Korea-0.03%
Delivery Hero SE(b)(c)
 
1,332
39,870
Spain-2.59%
Acciona S.A.(a)
 
170
32,701
ACS Actividades de Construccion y Servicios
S.A.
 
1,250
86,494
Aena S.M.E. S.A.(c)
 
5,120
138,277
Amadeus IT Group S.A.
 
3,075
247,628
Banco Bilbao Vizcaya Argentaria S.A.
 
39,333
657,932
Banco de Sabadell S.A.
 
36,713
135,902
Banco Santander S.A.
 
103,251
889,612
Bankinter S.A.
 
4,595
65,783
CaixaBank S.A.
 
26,928
254,091
Cellnex Telecom S.A.(c)
 
3,372
119,346
EDP Renovaveis S.A.
 
2,176
25,623
Endesa S.A.
 
2,170
63,072
Grifols S.A.(b)
 
2,034
30,396
Iberdrola S.A.
 
44,166
778,559
Industria de Diseno Textil S.A.
 
7,444
356,622
Redeia Corp. S.A.
 
2,768
53,818
Repsol S.A.
 
7,898
120,099
Telefonica S.A.
 
25,114
129,989
 
 
4,185,944
Sweden-2.79%
Addtech AB, Class B
 
1,777
59,920
Alfa Laval AB
 
1,977
86,155
Assa Abloy AB, Class B
 
6,844
227,153
Atlas Copco AB, Class A
 
18,328
279,948
Atlas Copco AB, Class B
 
10,652
144,590
Beijer Ref AB(a)
 
2,567
43,222
Boliden AB(b)
 
1,866
57,289
Epiroc AB, Class A
 
4,497
91,804
Epiroc AB, Class B
 
2,657
47,773
EQT AB
 
2,545
85,321
Essity AB, Class B
 
4,105
101,525
Evolution AB(c)
 
1,011
90,211
Fastighets AB Balder, Class B(a)(b)
 
4,702
31,844
H & M Hennes & Mauritz AB, Class B
 
3,863
52,198
See accompanying notes which are an integral part of this schedule.
Invesco MSCI EAFE Income Advantage ETF (EFAA)—(continued)
July 31, 2025
(Unaudited)
 
Shares
Value
Sweden-(continued)
Hexagon AB, Class B
 
14,170
$156,171
Holmen AB, Class B(a)
 
530
19,758
Industrivarden AB, Class A
 
814
30,207
Industrivarden AB, Class C
 
1,078
39,930
Indutrade AB
 
1,862
45,354
Investment AB Latour, Class B
 
1,010
25,862
Investor AB, Class B
 
11,811
343,310
L E Lundbergforetagen AB, Class B
 
530
25,930
Lifco AB, Class B
 
1,608
57,452
NIBE Industrier AB, Class B(a)
 
10,327
47,797
Saab AB, Class B
 
2,185
119,210
Sagax AB, Class B
 
1,522
32,311
Sandvik AB
 
7,273
177,994
Securitas AB, Class B
 
3,350
49,869
Skandinaviska Enskilda Banken AB, Class A
 
10,831
190,033
Skanska AB, Class B
 
2,362
55,263
SKF AB, Class B
 
2,362
55,183
Spotify Technology S.A.(b)
 
1,045
654,734
Svenska Cellulosa AB S.C.A., Class B(a)
 
4,138
52,052
Svenska Handelsbanken AB, Class A
 
9,953
121,637
Swedbank AB, Class A
 
5,791
154,668
Swedish Orphan Biovitrum AB, Class B(b)
 
1,335
36,819
Tele2 AB, Class B
 
3,769
58,426
Telefonaktiebolaget LM Ericsson, Class B
 
18,955
138,097
Telia Co. AB(a)
 
16,101
57,036
Trelleborg AB, Class B
 
1,381
50,330
Volvo AB, Class B
 
10,841
312,291
 
 
4,506,677
Switzerland-5.78%
ABB Ltd.
 
10,791
704,806
Avolta AG(b)
 
597
31,042
Baloise Holding AG
 
278
66,643
Banque Cantonale Vaudoise(a)
 
209
24,192
Barry Callebaut AG(a)
 
23
28,016
BKW AG
 
144
32,159
Chocoladefabriken Lindt & Spruengli AG, PC
 
13
191,285
Cie Financiere Richemont S.A.
 
3,667
598,882
DSM-Firmenich AG
 
1,271
122,476
EMS-Chemie Holding AG
 
50
39,349
Galderma Group AG, Class A
 
891
137,353
Geberit AG
 
230
176,246
Givaudan S.A.
 
63
263,427
Helvetia Holding AG
 
254
61,097
Julius Baer Group Ltd.
 
1,407
95,227
Kuehne + Nagel International AG, Class R
 
328
66,889
Logitech International S.A., Class R
 
1,036
96,089
Lonza Group AG
 
493
343,690
Nestle S.A.
 
17,853
1,560,327
Partners Group Holding AG
 
151
203,039
Roche Holding AG
 
4,789
1,494,886
Roche Holding AG, BR
 
211
70,140
Sandoz Group AG
 
2,848
162,914
Schindler Holding AG
 
146
51,219
Schindler Holding AG, PC
 
275
99,474
SGS S.A.
 
1,097
111,497
SIG Group AG(a)(b)
 
2,084
33,725
Sika AG
 
1,038
245,007
Sonova Holding AG, Class A
 
339
92,301
Straumann Holding AG
 
763
92,987
Swatch Group AG (The), BR
 
200
35,380
Swiss Life Holding AG
 
196
203,067
Swiss Prime Site AG(a)
 
531
73,460
 
Shares
Value
Switzerland-(continued)
Swisscom AG
 
177
$123,016
Temenos AG
 
394
35,250
UBS Group AG
 
22,412
833,125
VAT Group AG(c)
 
185
64,801
Zurich Insurance Group AG
 
999
681,593
 
 
9,346,076
United Kingdom-10.06%
3i Group PLC
 
6,640
363,566
Admiral Group PLC
 
1,780
80,400
Ashtead Group PLC
 
2,944
197,095
Associated British Foods PLC
 
2,239
64,964
AstraZeneca PLC
 
10,567
1,544,790
Auto Trader Group PLC(c)
 
6,060
67,038
Aviva PLC
 
20,798
178,062
BAE Systems PLC
 
20,539
491,076
Barclays PLC
 
97,452
477,321
Barratt Redrow PLC
 
9,411
46,439
British American Tobacco PLC
 
13,499
724,720
BT Group PLC
 
40,707
111,400
Bunzl PLC
 
2,255
67,060
Centrica PLC
 
34,653
75,481
Coca-Cola Europacific Partners PLC
 
1,568
151,971
Compass Group PLC
 
11,581
407,783
Croda International PLC
 
904
31,177
DCC PLC
 
676
42,425
Diageo PLC
 
15,188
368,873
Entain PLC
 
4,142
55,736
Haleon PLC
 
61,493
289,033
Halma PLC
 
2,587
110,920
Hikma Pharmaceuticals PLC
 
1,135
29,397
HSBC Holdings PLC
 
120,427
1,470,159
Imperial Brands PLC
 
5,330
208,185
Informa PLC
 
9,076
103,997
InterContinental Hotels Group PLC
 
1,011
116,543
International Consolidated Airlines Group
S.A.
 
8,469
42,582
Intertek Group PLC
 
1,100
71,668
J Sainsbury PLC
 
11,768
47,152
JD Sports Fashion PLC
 
18,407
20,704
Kingfisher PLC
 
12,375
44,093
Land Securities Group PLC
 
4,822
36,746
Legal & General Group PLC
 
40,214
136,325
Lloyds Banking Group PLC
 
409,850
421,139
London Stock Exchange Group PLC
 
3,249
396,847
M&G PLC
 
15,566
53,686
Marks & Spencer Group PLC
 
13,998
64,419
Melrose Industries PLC
 
8,776
59,374
National Grid PLC
 
33,385
470,088
NatWest Group PLC
 
55,045
382,881
Next PLC
 
797
129,634
Pearson PLC
 
4,094
58,011
Phoenix Group Holdings PLC
 
4,787
41,948
Reckitt Benckiser Group PLC
 
4,645
348,835
RELX PLC
 
12,587
655,372
Rentokil Initial PLC
 
17,226
86,107
Rolls-Royce Holdings PLC
 
57,768
821,577
Sage Group PLC (The)
 
6,691
107,655
Schroders PLC
 
4,939
25,439
Segro PLC
 
8,774
74,931
Severn Trent PLC
 
1,846
64,867
Shell PLC
 
40,789
1,468,674
Smith & Nephew PLC
 
5,666
86,770
See accompanying notes which are an integral part of this schedule.
Invesco MSCI EAFE Income Advantage ETF (EFAA)—(continued)
July 31, 2025
(Unaudited)
 
Shares
Value
United Kingdom-(continued)
Smiths Group PLC
 
2,288
$71,018
Spirax Group PLC
 
504
42,205
SSE PLC
 
7,527
184,881
Standard Chartered PLC
 
13,756
247,108
Tesco PLC
 
46,000
258,976
Unilever PLC
 
17,047
991,098
United Utilities Group PLC
 
4,651
69,571
Vodafone Group PLC
 
135,915
147,660
Whitbread PLC
 
1,206
48,545
Wise PLC, Class A(b)
 
4,548
60,881
WPP PLC
 
7,364
39,953
 
 
16,255,031
United States-3.33%
Alcon AG
 
3,409
298,934
Amrize Ltd.(b)
 
3,553
179,652
BP PLC
 
109,144
586,239
CyberArk Software Ltd.(b)
 
320
131,670
Experian PLC
 
6,278
331,469
Ferrovial SE
 
3,479
178,867
GSK PLC
 
28,049
516,988
Holcim AG(b)
 
3,553
283,421
Monday.com Ltd.(b)
 
262
68,720
Novartis AG
 
12,955
1,475,771
Oracle Corp.
 
272
29,475
QIAGEN N.V.
 
1,472
73,204
Sanofi S.A.
 
7,565
681,110
Stellantis N.V.
 
13,833
122,436
Swiss Re AG
 
2,058
368,476
Tenaris S.A.
 
2,772
48,556
 
 
5,374,988
Total Common Stocks & Other Equity Interests
(Cost $115,654,883)
125,644,373
 
 
Principal
Amount
Equity Linked Notes-4.52%
 
 
 
Canada-2.01%
 
 
 
Bank of Montreal (iShares MSCI EAFE ETF),
125.14%, 08/07/2025(c)
 
416,000
392,939
Bank of Montreal (iShares MSCI EAFE ETF),
111.43%, 08/20/2025
 
569,000
568,318
Bank of Montreal (iShares MSCI EAFE ETF),
107.14%, 08/21/2025(c)
 
391,000
356,679
Bank of Montreal (iShares MSCI EAFE ETF),
113.48%, 08/28/2025(c)
 
398,000
396,417
Bank of Montreal (iShares MSCI EAFE ETF),
102.27%, 08/29/2025
 
324,000
324,000
Royal Bank of Canada (iShares MSCI EAFE
ETF), 120.40%, 08/19/2025(c)
 
480,000
483,054
Royal Bank of Canada (iShares MSCI EAFE
ETF), 113.33%, 08/22/2025(c)
 
385,000
359,837
Royal Bank of Canada (iShares MSCI EAFE
ETF), 108.69%, 08/25/2025(c)
 
387,000
362,662
 
 
3,243,906
Japan-0.54%
 
 
 
Mizuho Financial Group, Inc. (iShares MSCI
EAFE ETF), 123.00%, 08/06/2025(c)
 
546,000
532,445
Mizuho Financial Group, Inc. (iShares MSCI
EAFE ETF), 116.20%, 08/14/2025(c)
 
348,000
351,116
 
 
883,561
 
 
Principal
Amount
Equity Linked Notes-4.52%
 
 
 
Netherlands-0.57%
 
 
 
J.P. Morgan Chase & Co. (iShares MSCI EAFE
ETF), 117.89%, 08/12/2025
 
424,000
$419,616
J.P. Morgan Chase & Co. (iShares MSCI EAFE
ETF), 111.74%, 08/13/2025
 
501,000
505,324
 
 
924,940
Switzerland-0.31%
 
 
 
UBS AG (iShares MSCI EAFE ETF), 115.65%,
08/15/2025(c)
 
498,000
499,660
United States-1.09%
 
 
 
Citigroup, Inc. (iShares MSCI EAFE ETF),
112.49%, 08/08/2025(c)
 
245,000
232,881
Citigroup, Inc. (iShares MSCI EAFE ETF),
101.08%, 08/27/2025(c)
 
371,000
367,447
J.P. Morgan Chase & Co. (iShares MSCI EAFE
ETF), 112.00%, 08/11/2025(c)
 
378,000
371,506
J.P. Morgan Chase & Co. (iShares MSCI EAFE
ETF), 102.00%, 08/26/2025(c)
 
449,000
426,199
Wells Fargo & Co. (iShares MSCI EAFE ETF),
100.05%, 08/18/2025(c)
 
363,000
363,614
 
 
1,761,647
Total Equity Linked Notes
(Cost $7,473,000)
7,313,714
 
Shares
 
Money Market Funds-17.94%
Invesco Premier U.S. Government Money
Portfolio, Institutional Class, 4.24%(d)(e)
(Cost $28,995,056)
 
28,995,056
28,995,056
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-100.20%
(Cost $152,122,939)
161,953,143
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-1.58%
Invesco Private Government Fund,
4.32%(d)(e)(f)
 
707,239
707,239
Invesco Private Prime Fund, 4.46%(d)(e)(f)
 
1,843,546
1,843,915
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $2,551,158)
2,551,154
TOTAL INVESTMENTS IN SECURITIES-101.78%
(Cost $154,674,097)
164,504,297
OTHER ASSETS LESS LIABILITIES-(1.78)%
(2,874,022
)
NET ASSETS-100.00%
$161,630,275
See accompanying notes which are an integral part of this schedule.
Invesco MSCI EAFE Income Advantage ETF (EFAA)—(continued)
July 31, 2025
(Unaudited)
Investment Abbreviations:
ADR-American Depositary Receipt
BR-Bearer Shares
CDI-CREST Depository Interest
CVA-Dutch Certificates
ETF-Exchange-Traded Fund
PC-Participation Certificate
REIT-Real Estate Investment Trust
 
Notes to Schedule of Investments:
(a)
All or a portion of this security was out on loan at July 31, 2025.
(b)
Non-income producing security.
(c)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
July 31, 2025 was $7,081,841, which represented 4.38% of the Fund’s Net Assets.
(d)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the nine months ended July 31, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
July 31, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$24,563,266
$8,771,419
$(33,334,685
)
$-
$-
$-
$384,022
Invesco Premier
U.S. Government Money
Portfolio, Institutional Class
-
40,388,638
(11,393,582
)
-
-
28,995,056
376,215
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
79,384
4,795,199
(4,167,344
)
-
-
707,239
24,081
*
Invesco Private Prime Fund
207,437
12,011,157
(10,374,422
)
(4
)
(253
)
1,843,915
64,391
*
Total
$24,850,087
$65,966,413
$(59,270,033
)
$(4
)
$(253
)
$31,546,210
$848,709
 
*
Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from
borrowers, if any.
 
(e)
The rate shown is the 7-day SEC standardized yield as of July 31, 2025.
(f)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco QQQ Hedged Advantage ETF (QQHG)
July 31, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-96.75%
Advertising-0.17%
Interpublic Group of Cos., Inc. (The)
 
432
$10,627
Omnicom Group, Inc.
 
119
8,574
 
 
19,201
Aerospace & Defense-0.54%
Boeing Co. (The)(b)
 
27
5,990
General Dynamics Corp.
 
36
11,218
General Electric Co.
 
57
15,452
Howmet Aerospace, Inc.
 
60
10,786
RTX Corp.
 
106
16,702
 
 
60,148
Agricultural Products & Services-0.18%
Archer-Daniels-Midland Co.
 
197
10,674
Ingredion, Inc.
 
69
9,076
 
 
19,750
Air Freight & Logistics-0.07%
United Parcel Service, Inc., Class B
 
93
8,013
Apparel Retail-0.46%
TJX Cos., Inc. (The)
 
411
51,182
Application Software-7.20%
AppFolio, Inc., Class A(b)
 
23
6,150
AppLovin Corp., Class A(b)
 
202
78,921
Bentley Systems, Inc., Class B
 
199
11,538
CCC Intelligent Solutions Holdings, Inc.(b)
 
967
9,351
DocuSign, Inc.(b)
 
105
7,942
Dynatrace, Inc.(b)
 
356
18,729
Elastic N.V.(b)
 
72
6,026
Guidewire Software, Inc.(b)
 
52
11,764
HubSpot, Inc.(b)
 
39
20,266
Informatica, Inc., Class A(b)
 
425
10,498
Intuit, Inc.
 
211
165,662
Manhattan Associates, Inc.(b)
 
50
10,983
MicroStrategy, Inc., Class A(b)
 
166
66,709
Nutanix, Inc., Class A(b)
 
176
13,230
Palantir Technologies, Inc., Class A(b)
 
1,432
226,757
Pegasystems, Inc.
 
196
11,507
Procore Technologies, Inc.(b)
 
158
11,318
PTC, Inc.(b)
 
103
22,125
Salesforce, Inc.
 
175
45,208
Samsara, Inc., Class A(b)
 
294
11,181
Tyler Technologies, Inc.(b)
 
44
25,721
Zoom Communications, Inc., Class A(b)
 
122
9,034
 
 
800,620
Automobile Manufacturers-2.53%
Tesla, Inc.(b)
 
914
281,759
Automotive Retail-0.10%
AutoZone, Inc.(b)
 
3
11,305
Biotechnology-2.19%
AbbVie, Inc.
 
116
21,926
Alnylam Pharmaceuticals, Inc.(b)
 
22
8,629
BioMarin Pharmaceutical, Inc.(b)
 
166
9,603
Exelixis, Inc.(b)
 
232
8,403
Gilead Sciences, Inc.
 
989
111,055
Incyte Corp.(b)
 
149
11,159
Insmed, Inc.(b)
 
105
11,265
Ionis Pharmaceuticals, Inc.(b)
 
206
8,854
Natera, Inc.(b)
 
58
7,752
Neurocrine Biosciences, Inc.(b)
 
87
11,156
Revolution Medicines, Inc.(b)
 
279
10,398
 
Shares
Value
Biotechnology-(continued)
Roivant Sciences Ltd.(b)
 
732
$8,316
Ultragenyx Pharmaceutical, Inc.(b)
 
238
6,502
United Therapeutics Corp.(b)
 
32
8,790
 
 
243,808
Broadcasting-0.09%
Fox Corp., Class A
 
182
10,148
Broadline Retail-6.16%
Amazon.com, Inc.(b)
 
2,846
666,277
Coupang, Inc. (South Korea)(b)
 
197
5,797
eBay, Inc.
 
137
12,570
 
 
684,644
Building Products-0.23%
Johnson Controls International PLC
 
95
9,975
Trane Technologies PLC
 
36
15,771
 
 
25,746
Casinos & Gaming-0.33%
DraftKings, Inc., Class A(b)
 
206
9,278
Flutter Entertainment PLC (Ireland)(b)
 
66
19,949
Las Vegas Sands Corp.
 
132
6,917
 
 
36,144
Communications Equipment-1.08%
Arista Networks, Inc.(b)
 
245
30,189
Ciena Corp.(b)
 
72
6,685
F5, Inc.(b)
 
105
32,909
Motorola Solutions, Inc.
 
97
42,581
Ubiquiti, Inc.
 
17
7,403
 
 
119,767
Construction & Engineering-0.09%
Quanta Services, Inc.
 
25
10,153
Construction Machinery & Heavy Transportation Equipment-0.30%
Caterpillar, Inc.
 
41
17,959
Cummins, Inc.
 
16
5,882
Wabtec Corp.
 
49
9,410
 
 
33,251
Construction Materials-0.16%
CRH PLC
 
72
6,873
Vulcan Materials Co.
 
39
10,712
 
 
17,585
Consumer Finance-0.20%
American Express Co.
 
75
22,448
Consumer Staples Merchandise Retail-1.06%
BJ’s Wholesale Club Holdings, Inc.(b)
 
78
8,260
Dollar General Corp.
 
91
9,546
Dollar Tree, Inc.(b)
 
50
5,677
Target Corp.
 
146
14,673
Walmart, Inc.
 
816
79,952
 
 
118,108
Copper-0.13%
Freeport-McMoRan, Inc.
 
131
5,272
Southern Copper Corp. (Mexico)
 
96
9,039
 
 
14,311
Data Center REITs-0.10%
Equinix, Inc., REIT
 
14
10,992
Data Processing & Outsourced Services-0.23%
Broadridge Financial Solutions, Inc.
 
101
24,998
See accompanying notes which are an integral part of this schedule.
Invesco QQQ Hedged Advantage ETF (QQHG)—(continued)
July 31, 2025
(Unaudited)
 
Shares
Value
Distillers & Vintners-0.20%
Brown-Forman Corp., Class A
 
264
$7,561
Constellation Brands, Inc., Class A
 
87
14,532
 
 
22,093
Diversified Support Services-0.09%
RB Global, Inc. (Canada)
 
91
9,852
Education Services-0.13%
Duolingo, Inc.(b)
 
16
5,545
Grand Canyon Education, Inc.(b)
 
50
8,431
 
 
13,976
Electric Utilities-1.03%
Constellation Energy Corp.
 
207
72,003
Duke Energy Corp.
 
91
11,069
NextEra Energy, Inc.
 
120
8,527
Southern Co. (The)
 
244
23,053
 
 
114,652
Electrical Components & Equipment-0.44%
AMETEK, Inc.
 
54
9,982
Eaton Corp. PLC
 
66
25,392
Emerson Electric Co.
 
42
6,111
Vertiv Holdings Co., Class A
 
50
7,280
 
 
48,765
Electronic Components-0.45%
Amphenol Corp., Class A
 
226
24,071
Corning, Inc.
 
403
25,486
 
 
49,557
Electronic Equipment & Instruments-0.51%
Keysight Technologies, Inc.(b)
 
103
16,883
Teledyne Technologies, Inc.(b)
 
20
11,020
Trimble, Inc.(b)
 
342
28,690
 
 
56,593
Environmental & Facilities Services-0.83%
Republic Services, Inc.
 
143
32,983
Rollins, Inc.
 
376
21,534
Veralto Corp.
 
139
14,571
Waste Management, Inc.
 
102
23,374
 
 
92,462
Fertilizers & Agricultural Chemicals-0.10%
Corteva, Inc.
 
158
11,397
Financial Exchanges & Data-0.27%
CME Group, Inc., Class A
 
20
5,566
Moody’s Corp.
 
13
6,704
S&P Global, Inc.
 
32
17,635
 
 
29,905
Food Distributors-0.33%
Performance Food Group Co.(b)
 
85
8,534
Sysco Corp.
 
125
9,950
US Foods Holding Corp.(b)
 
214
17,833
 
 
36,317
Food Retail-0.40%
Albertson’s Cos., Inc., Class A
 
477
9,168
Casey’s General Stores, Inc.
 
22
11,443
Kroger Co. (The)
 
119
8,342
Sprouts Farmers Market, Inc.(b)
 
99
15,002
 
 
43,955
Gas Utilities-0.14%
Atmos Energy Corp.
 
102
15,904
 
Shares
Value
Gold-0.17%
Newmont Corp.
 
121
$7,514
Royal Gold, Inc.
 
74
11,205
 
 
18,719
Health Care Distributors-0.18%
Cardinal Health, Inc.
 
72
11,176
McKesson Corp.
 
13
9,016
 
 
20,192
Health Care Equipment-1.44%
Abbott Laboratories
 
216
27,257
Becton, Dickinson and Co.
 
71
12,656
Boston Scientific Corp.(b)
 
323
33,889
Edwards Lifesciences Corp.(b)
 
118
9,358
Medtronic PLC
 
213
19,221
ResMed, Inc.
 
38
10,334
STERIS PLC
 
40
9,060
Stryker Corp.
 
97
38,095
 
 
159,870
Health Care REITs-0.29%
Welltower, Inc., REIT
 
198
32,684
Health Care Services-0.09%
Cigna Group (The)
 
36
9,626
Health Care Technology-0.06%
Veeva Systems, Inc., Class A(b)
 
25
7,105
Heavy Electrical Equipment-0.06%
GE Vernova, Inc.
 
10
6,603
Home Improvement Retail-0.55%
Home Depot, Inc. (The)
 
96
35,281
Lowe’s Cos., Inc.
 
113
25,263
 
 
60,544
Homefurnishing Retail-0.06%
Williams-Sonoma, Inc.
 
35
6,547
Hotels, Resorts & Cruise Lines-0.94%
Carnival Corp.(b)
 
309
9,199
Hilton Worldwide Holdings, Inc.
 
210
56,297
Hyatt Hotels Corp., Class A
 
59
8,317
Royal Caribbean Cruises Ltd.
 
55
17,483
Viking Holdings Ltd.(b)
 
233
13,682
 
 
104,978
Household Products-0.46%
Procter & Gamble Co. (The)
 
338
50,859
Human Resource & Employment Services-0.09%
Dayforce, Inc.(b)
 
177
10,208
Industrial Conglomerates-0.09%
3M Co.
 
65
9,699
Industrial Gases-0.14%
Air Products and Chemicals, Inc.
 
53
15,258
Industrial Machinery & Supplies & Components-0.39%
Illinois Tool Works, Inc.
 
47
12,031
Parker-Hannifin Corp.
 
28
20,493
Xylem, Inc.
 
76
10,991
 
 
43,515
Industrial REITs-0.13%
Prologis, Inc., REIT
 
130
13,881
See accompanying notes which are an integral part of this schedule.
Invesco QQQ Hedged Advantage ETF (QQHG)—(continued)
July 31, 2025
(Unaudited)
 
Shares
Value
Integrated Oil & Gas-0.30%
Chevron Corp.
 
96
$14,557
Exxon Mobil Corp.
 
170
18,979
 
 
33,536
Integrated Telecommunication Services-0.79%
AT&T, Inc.
 
1,641
44,980
Verizon Communications, Inc.
 
1,011
43,230
 
 
88,210
Interactive Home Entertainment-0.07%
Roblox Corp., Class A(b)
 
55
7,578
Interactive Media & Services-9.18%
Alphabet, Inc., Class C
 
2,867
552,930
Meta Platforms, Inc., Class A
 
592
457,876
Pinterest, Inc., Class A(b)
 
265
10,229
 
 
1,021,035
Internet Services & Infrastructure-0.75%
Akamai Technologies, Inc.(b)
 
76
5,800
Cloudflare, Inc., Class A(b)
 
61
12,668
GoDaddy, Inc., Class A(b)
 
83
13,411
MongoDB, Inc.(b)
 
50
11,895
Okta, Inc.(b)
 
82
8,020
Snowflake, Inc., Class A(b)
 
73
16,315
Twilio, Inc., Class A(b)
 
55
7,095
VeriSign, Inc.
 
32
8,604
 
 
83,808
IT Consulting & Other Services-0.71%
Accenture PLC, Class A (Ireland)
 
94
25,107
Amdocs Ltd.
 
156
13,316
Gartner, Inc.(b)
 
68
23,028
International Business Machines Corp.
 
71
17,974
 
 
79,425
Life Sciences Tools & Services-0.27%
Danaher Corp.
 
70
13,801
Thermo Fisher Scientific, Inc.
 
34
15,901
 
 
29,702
Movies & Entertainment-3.48%
Liberty Media Corp.-Liberty Formula One(b)
 
98
9,835
Live Nation Entertainment, Inc.(b)
 
76
11,225
Netflix, Inc.(b)
 
283
328,110
Spotify Technology S.A. (Sweden)(b)
 
15
9,398
TKO Group Holdings, Inc.
 
59
9,913
Walt Disney Co. (The)
 
157
18,700
 
 
387,181
Multi-Sector Holdings-0.20%
Berkshire Hathaway, Inc., Class B(b)
 
48
22,650
Multi-Utilities-0.26%
Dominion Energy, Inc.
 
187
10,930
Public Service Enterprise Group, Inc.
 
127
11,404
Sempra
 
78
6,371
 
 
28,705
Other Specialty Retail-0.09%
Tractor Supply Co.
 
181
10,308
Packaged Foods & Meats-0.64%
General Mills, Inc.
 
518
25,372
Hershey Co. (The)
 
37
6,887
Hormel Foods Corp.
 
305
8,567
Kellanova
 
109
8,701
 
Shares
Value
Packaged Foods & Meats-(continued)
McCormick & Co., Inc.
 
195
$13,773
Tyson Foods, Inc., Class A
 
149
7,793
 
 
71,093
Passenger Airlines-0.09%
Delta Air Lines, Inc.
 
180
9,578
Passenger Ground Transportation-0.08%
Uber Technologies, Inc.(b)
 
104
9,126
Pharmaceuticals-0.66%
Eli Lilly and Co.
 
12
8,881
Johnson & Johnson
 
184
30,312
Merck & Co., Inc.
 
159
12,421
Pfizer, Inc.
 
542
12,623
Zoetis, Inc.
 
63
9,185
 
 
73,422
Property & Casualty Insurance-0.08%
Progressive Corp. (The)
 
38
9,198
Publishing-0.30%
New York Times Co. (The), Class A
 
175
9,081
News Corp., Class A
 
824
24,159
 
 
33,240
Rail Transportation-0.34%
Norfolk Southern Corp.
 
40
11,120
Union Pacific Corp.
 
120
26,636
 
 
37,756
Real Estate Services-0.07%
CBRE Group, Inc., Class A(b)
 
51
7,943
Research & Consulting Services-0.07%
Equifax, Inc.
 
32
7,687
Restaurants-0.95%
Aramark
 
142
6,044
Cava Group, Inc.(b)
 
96
8,449
Chipotle Mexican Grill, Inc.(b)
 
316
13,550
Darden Restaurants, Inc.
 
48
9,680
Dutch Bros, Inc., Class A(b)
 
157
9,305
McDonald’s Corp.
 
108
32,408
Texas Roadhouse, Inc.
 
71
13,144
Yum! Brands, Inc.
 
91
13,118
 
 
105,698
Retail REITs-0.09%
Realty Income Corp., REIT
 
182
10,216
Semiconductor Materials & Equipment-1.94%
Amkor Technology, Inc.
 
768
17,326
Applied Materials, Inc.
 
723
130,183
Entegris, Inc.
 
159
12,475
MKS, Inc.
 
117
11,136
Onto Innovation, Inc.(b)
 
118
11,181
Teradyne, Inc.
 
315
33,841
 
 
216,142
Semiconductors-21.22%
Advanced Micro Devices, Inc.(b)
 
1,201
211,748
Astera Labs, Inc.(b)
 
68
9,298
Broadcom, Inc.
 
2,050
602,085
Cirrus Logic, Inc.(b)
 
164
16,517
First Solar, Inc.(b)
 
34
5,941
Intel Corp.
 
3,036
60,113
Lattice Semiconductor Corp.(b)
 
199
9,916
MACOM Technology Solutions Holdings, Inc.(b)
 
159
21,805
See accompanying notes which are an integral part of this schedule.
Invesco QQQ Hedged Advantage ETF (QQHG)—(continued)
July 31, 2025
(Unaudited)
 
Shares
Value
Semiconductors-(continued)
Micron Technology, Inc.
 
802
$87,530
Monolithic Power Systems, Inc.
 
34
24,182
NVIDIA Corp.
 
6,299
1,120,403
Qorvo, Inc.(b)
 
158
13,209
Skyworks Solutions, Inc.
 
280
19,191
Texas Instruments, Inc.
 
803
145,391
Universal Display Corp.
 
79
11,408
 
 
2,358,737
Soft Drinks & Non-alcoholic Beverages-0.68%
Coca-Cola Co. (The)
 
1,109
75,290
Specialty Chemicals-0.45%
DuPont de Nemours, Inc.
 
111
7,981
Ecolab, Inc.
 
102
26,700
Sherwin-Williams Co. (The)
 
46
15,220
 
 
49,901
Systems Software-10.95%
CrowdStrike Holdings, Inc., Class A(b)
 
182
82,732
Dolby Laboratories, Inc., Class A
 
137
10,321
Gen Digital, Inc.
 
350
10,321
GitLab, Inc., Class A(b)
 
158
6,922
Microsoft Corp.
 
1,960
1,045,660
Oracle Corp.
 
49
12,435
SentinelOne, Inc., Class A(b)
 
390
7,153
ServiceNow, Inc.(b)
 
36
33,952
UiPath, Inc., Class A(b)
 
632
7,426
 
 
1,216,922
Technology Hardware, Storage & Peripherals-7.27%
Apple, Inc.
 
3,845
798,107
Pure Storage, Inc., Class A(b)
 
174
10,356
 
 
808,463
 
Shares
Value
Tobacco-0.42%
Altria Group, Inc.
 
350
$21,679
Philip Morris International, Inc.
 
152
24,936
 
 
46,615
Trading Companies & Distributors-0.08%
W.W. Grainger, Inc.
 
9
9,356
Transaction & Payment Processing Services-0.52%
Mastercard, Inc., Class A
 
46
26,057
Visa, Inc., Class A
 
91
31,438
 
 
57,495
Water Utilities-0.09%
American Water Works Co., Inc.
 
74
10,378
Total Common Stocks & Other Equity Interests
(Cost $9,259,339)
10,756,191
Options Purchased-2.76%
(Cost $526,540)†
306,843
Money Market Funds-0.52%
Invesco Premier U.S. Government Money
Portfolio, Institutional Class, 4.24%(c)(d)
(Cost $57,376)
 
57,376
57,376
TOTAL INVESTMENTS IN SECURITIES-100.03%
(Cost $9,843,255)
11,120,410
OTHER ASSETS LESS LIABILITIES-(0.03)%
(3,336
)
NET ASSETS-100.00%
$11,117,074
 
Investment Abbreviations:
REIT
-Real Estate Investment Trust
 
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
Non-income producing security.
(c)
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 period ended July 31, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
Value
July 31, 2025
Dividend Income
Investments in Affiliated Money
Market Funds:
Invesco Premier U.S. Government
Money Portfolio, Institutional Class
$-
$870,415
$(813,039
)
$-
$-
$57,376
$713
 
(d)
The rate shown is the 7-day SEC standardized yield as of July 31, 2025.
†
The table below details options purchased.
 
Open Exchange-Traded Index Options Purchased
Description
Type of
Contract
Expiration Date
Number of
Contracts
Exercise Price
Notional
Value*
Value
Equity Risk
Nasdaq-100 Micro Index
Put
12/19/2025
39
$215
$838,500
$16,380
Nasdaq-100 Micro Index
Put
09/19/2025
40
215
860,000
6,620
See accompanying notes which are an integral part of this schedule.
Invesco QQQ Hedged Advantage ETF (QQHG)—(continued)
July 31, 2025
(Unaudited)
Open Exchange-Traded Index Options Purchased—(continued)
Description
Type of
Contract
Expiration Date
Number of
Contracts
Exercise
Price
Notional
Value*
Value
Nasdaq-100 Micro Index
Put
10/17/2025
40
$215
$860,000
$10,800
Nasdaq-100 Micro Index
Put
11/21/2025
40
215
860,000
15,800
Nasdaq-100 Micro Index
Put
08/15/2025
40
214
856,000
1,040
Nasdaq-100 Micro Index
Put
01/16/2026
39
216
842,400
22,230
Nasdaq-100 Micro Index
Put
07/17/2026
40
228
912,000
51,600
Nasdaq-100 Micro Index
Put
02/20/2026
39
231
900,900
40,950
Nasdaq-100 Micro Index
Put
03/20/2026
39
232
904,800
45,435
Nasdaq-100 Micro Index
Put
04/17/2026
39
233
908,700
50,018
Nasdaq-100 Micro Index
Put
05/15/2026
39
200
780,000
21,645
Nasdaq-100 Micro Index
Put
06/18/2026
35
205
717,500
24,325
Total Index Options Purchased
$306,843
 
*
Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.
 
Open Exchange-Traded Index Options Written
Description
Type of
Contract
Expiration
Date
Number of
Contracts
Exercise
Price
Notional
Value*
Value
Equity Risk
Nasdaq-100 Micro Index
Put
07/17/2026
20
$171
$(342,000
)
$(6,100
)
Nasdaq-100 Micro Index
Put
12/19/2025
20
148
(296,000
)
(1,100
)
Nasdaq-100 Micro Index
Put
09/19/2025
20
146
(292,000
)
(110
)
Nasdaq-100 Micro Index
Put
08/15/2025
20
146
(292,000
)
(60
)
Nasdaq-100 Micro Index
Put
01/16/2026
20
148
(296,000
)
(1,370
)
Nasdaq-100 Micro Index
Put
10/17/2025
20
147
(294,000
)
(330
)
Nasdaq-100 Micro Index
Put
02/20/2026
20
148
(296,000
)
(1,770
)
Nasdaq-100 Micro Index
Put
11/21/2025
20
147
(294,000
)
(740
)
Nasdaq-100 Micro Index
Put
03/20/2026
20
148
(296,000
)
(2,220
)
Nasdaq-100 Micro Index
Put
04/17/2026
20
149
(298,000
)
(2,620
)
Nasdaq-100 Micro Index
Put
05/15/2026
20
148
(296,000
)
(2,780
)
Nasdaq-100 Micro Index
Put
06/18/2026
17
155
(263,500
)
(3,213
)
Equity Risk
Nasdaq-100 Micro Index
Call
08/01/2025
117
240
(2,808,000
)
(410
)
Nasdaq-100 Micro Index
Call
08/08/2025
115
244
(2,806,000
)
(460
)
Nasdaq-100 Micro Index
Call
08/15/2025
117
247
(2,889,900
)
(585
)
Total Exchange-Traded Options Written
$(23,868
)
 
*
Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.
The valuation policy and a listing of other significant accounting policies are available in the most recent Statement of Additional Information.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco QQQ Income Advantage ETF (QQA)
July 31, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-76.10%
Advertising-0.17%
Trade Desk, Inc. (The), Class A(b)
 
5,942
$516,716
Aerospace & Defense-0.26%
Axon Enterprise, Inc.(b)
 
1,035
781,932
Apparel Retail-0.19%
Ross Stores, Inc.
 
4,359
595,178
Apparel, Accessories & Luxury Goods-0.10%
lululemon athletica, inc.(b)
 
1,528
306,410
Application Software-6.15%
Adobe, Inc.(b)
 
5,652
2,021,664
AppLovin Corp., Class A(b)
 
4,081
1,594,447
Atlassian Corp., Class A(b)
 
2,190
419,998
Autodesk, Inc.(b)
 
2,836
859,620
Cadence Design Systems, Inc.(b)(c)
 
3,620
1,319,743
Datadog, Inc., Class A(b)
 
4,235
592,815
Intuit, Inc.
 
3,701
2,905,766
MicroStrategy, Inc., Class A(b)
 
3,365
1,352,259
Palantir Technologies, Inc., Class A(b)
 
30,003
4,750,975
Roper Technologies, Inc.
 
1,427
785,421
Synopsys, Inc.(b)
 
2,451
1,552,876
Workday, Inc., Class A(b)
 
2,866
657,403
 
 
18,812,987
Automobile Manufacturers-1.98%
Tesla, Inc.(b)
 
19,615
6,046,716
Automotive Retail-0.36%
O’Reilly Automotive, Inc.(b)
 
11,337
1,114,654
Biotechnology-2.13%
Amgen, Inc.
 
7,129
2,103,768
Biogen, Inc.(b)
 
1,942
248,576
Gilead Sciences, Inc.
 
16,497
1,852,448
Regeneron Pharmaceuticals, Inc.
 
1,410
769,098
Vertex Pharmaceuticals, Inc.(b)
 
3,403
1,554,729
 
 
6,528,619
Broadline Retail-5.23%
Amazon.com, Inc.(b)
 
57,218
13,395,306
MercadoLibre, Inc. (Brazil)(b)
 
675
1,602,375
PDD Holdings, Inc., ADR (China)(b)
 
8,855
1,004,600
 
 
16,002,281
Cable & Satellite-0.70%
Charter Communications, Inc., Class A(b)
 
1,860
501,010
Comcast Corp., Class A
 
49,383
1,640,997
 
 
2,142,007
Cargo Ground Transportation-0.14%
Old Dominion Freight Line, Inc.
 
2,800
417,900
Communications Equipment-1.17%
Cisco Systems, Inc.
 
52,509
3,574,813
Construction Machinery & Heavy Transportation Equipment-0.22%
PACCAR, Inc.
 
6,962
687,567
Consumer Staples Merchandise Retail-1.81%
Costco Wholesale Corp.
 
5,884
5,528,842
Diversified Support Services-0.58%
Cintas Corp.
 
5,353
1,191,310
Copart, Inc.(b)
 
12,810
580,677
 
 
1,771,987
Electric Utilities-1.11%
American Electric Power Co., Inc.
 
7,085
801,597
 
Shares
Value
Electric Utilities-(continued)
Constellation Energy Corp.
 
4,154
$1,444,927
Exelon Corp.
 
13,388
601,657
Xcel Energy, Inc.
 
7,646
561,522
 
 
3,409,703
Health Care Equipment-1.21%
DexCom, Inc.(b)
 
5,198
419,842
GE HealthCare Technologies, Inc.
 
6,071
432,984
IDEXX Laboratories, Inc.(b)
 
1,067
570,109
Intuitive Surgical, Inc.(b)
 
4,751
2,285,659
 
 
3,708,594
Hotels, Resorts & Cruise Lines-1.34%
Airbnb, Inc., Class A(b)
 
5,721
757,517
Booking Holdings, Inc.
 
434
2,388,762
Marriott International, Inc., Class A
 
3,631
957,967
 
 
4,104,246
Human Resource & Employment Services-0.77%
Automatic Data Processing, Inc.
 
5,385
1,666,658
Paychex, Inc.(c)
 
4,779
689,753
 
 
2,356,411
Industrial Conglomerates-0.62%
Honeywell International, Inc.
 
8,524
1,895,311
Industrial Gases-0.94%
Linde PLC
 
6,243
2,873,403
Integrated Telecommunication Services-1.17%
T-Mobile US, Inc.
 
15,058
3,589,978
Interactive Home Entertainment-0.34%
Electronic Arts, Inc.
 
3,328
507,487
Take-Two Interactive Software, Inc.(b)
 
2,415
537,893
 
 
1,045,380
Interactive Media & Services-6.78%
Alphabet, Inc., Class A
 
31,369
6,019,711
Alphabet, Inc., Class C
 
29,423
5,674,520
Meta Platforms, Inc., Class A
 
11,703
9,051,568
 
 
20,745,799
Internet Services & Infrastructure-0.64%
Shopify, Inc., Class A (Canada)(b)
 
16,154
1,974,180
IT Consulting & Other Services-0.15%
Cognizant Technology Solutions Corp.,
Class A
 
6,537
469,095
Movies & Entertainment-2.28%
Netflix, Inc.(b)
 
5,644
6,543,654
Warner Bros. Discovery, Inc.(b)
 
32,808
432,081
 
 
6,975,735
Oil & Gas Equipment & Services-0.19%
Baker Hughes Co., Class A
 
13,139
591,912
Oil & Gas Exploration & Production-0.19%
Diamondback Energy, Inc.
 
3,873
575,760
Packaged Foods & Meats-0.50%
Kraft Heinz Co. (The)
 
15,694
430,957
Mondelez International, Inc., Class A(c)
 
17,168
1,110,598
 
 
1,541,555
Pharmaceuticals-0.19%
AstraZeneca PLC, ADR (United Kingdom)
 
7,901
577,484
Rail Transportation-0.29%
CSX Corp.
 
24,908
885,230
See accompanying notes which are an integral part of this schedule.
Invesco QQQ Income Advantage ETF (QQA)—(continued)
July 31, 2025
(Unaudited)
 
Shares
Value
Real Estate Services-0.17%
CoStar Group, Inc.(b)(c)
 
5,593
$532,398
Research & Consulting Services-0.55%
Thomson Reuters Corp. (Canada)
 
5,866
1,178,538
Verisk Analytics, Inc.
 
1,852
516,171
 
 
1,694,709
Restaurants-0.87%
DoorDash, Inc., Class A(b)
 
5,287
1,323,072
Starbucks Corp.(c)
 
15,070
1,343,641
 
 
2,666,713
Semiconductor Materials & Equipment-1.92%
Applied Materials, Inc.
 
10,641
1,916,018
ASML Holding N.V., New York Shares
(Netherlands)
 
1,162
807,253
KLA Corp.
 
1,757
1,544,456
Lam Research Corp.
 
16,958
1,608,297
 
 
5,876,024
Semiconductors-16.66%
Advanced Micro Devices, Inc.(b)
 
21,499
3,790,489
Analog Devices, Inc.
 
6,578
1,477,616
ARM Holdings PLC, ADR(b)(c)
 
1,776
251,082
Broadcom, Inc.
 
41,913
12,309,848
GLOBALFOUNDRIES, Inc.(b)
 
7,333
274,181
Intel Corp.
 
57,838
1,145,192
Marvell Technology, Inc.
 
11,433
918,870
Microchip Technology, Inc.
 
7,152
483,404
Micron Technology, Inc.
 
14,821
1,617,564
NVIDIA Corp.
 
131,506
23,390,972
NXP Semiconductors N.V. (Netherlands)
 
3,351
716,343
ON Semiconductor Corp.(b)(c)
 
5,541
312,291
QUALCOMM, Inc.
 
14,560
2,136,826
Texas Instruments, Inc.
 
12,046
2,181,049
 
 
51,005,727
Soft Drinks & Non-alcoholic Beverages-1.45%
Coca-Cola Europacific Partners PLC (United
Kingdom)
 
6,088
590,049
Keurig Dr Pepper, Inc.
 
18,008
587,961
Monster Beverage Corp.(b)
 
12,931
759,696
PepsiCo, Inc.
 
18,178
2,507,110
 
 
4,444,816
Systems Software-8.50%
CrowdStrike Holdings, Inc., Class A(b)
 
3,302
1,500,990
Fortinet, Inc.(b)
 
10,150
1,013,985
Microsoft Corp.
 
40,059
21,371,476
Palo Alto Networks, Inc.(b)(c)
 
8,841
1,534,798
Zscaler, Inc.(b)
 
2,064
589,396
 
 
26,010,645
Technology Distributors-0.10%
CDW Corp.
 
1,745
304,293
Technology Hardware, Storage & Peripherals-5.46%
Apple, Inc.
 
80,494
16,708,140
Trading Companies & Distributors-0.23%
Fastenal Co.
 
15,212
701,730
Transaction & Payment Processing Services-0.29%
PayPal Holdings, Inc.(b)
 
12,897
886,798
Total Common Stocks & Other Equity Interests
(Cost $201,312,132)
232,980,378
 
 
Principal
Amount
Value
Equity Linked Notes-4.44%
 
 
 
Diversified Banks-4.44%
 
 
 
Bank of Montreal (NASDAQ 100 Stock
Index), 252.86%, 08/06/2025(d)
 
$459,000
$441,317
Bank of Montreal (NASDAQ 100 Stock
Index), 208.80%, 08/26/2025
 
538,000
543,400
Bank of Montreal (NASDAQ 100 Stock
Index), 196.62%, 08/27/2025(d)
 
568,000
571,469
Barclays Bank PLC (NASDAQ 100 Stock
Index), 214.00%, 08/29/2025(d)
 
623,000
619,576
BNP Paribas S.A. (NASDAQ 100 Stock
Index), 219.51%, 08/11/2025(d)
 
736,000
719,907
BNP Paribas S.A. (NASDAQ 100 Stock
Index), 250.28%, 08/14/2025(d)
 
749,000
747,967
BNP Paribas S.A. (NASDAQ 100 Stock
Index), 245.45%, 08/15/2025(d)
 
749,000
745,334
Citigroup, Inc. (NASDAQ 100 Stock Index),
241.92%, 08/20/2025(d)
 
414,000
420,439
Citigroup, Inc. (NASDAQ 100 Stock Index),
213.19%, 08/28/2025(d)
 
919,000
921,644
J.P. Morgan Chase & Co. (NASDAQ 100
Stock Index), 232.45%, 08/07/2025(d)
 
533,000
523,057
J.P. Morgan Chase & Co. (NASDAQ 100
Stock Index), 205.00%, 08/19/2025
 
731,000
735,204
J.P. Morgan Chase & Co. (NASDAQ 100
Stock Index), 218.32%, 09/03/2025(d)
 
1,255,000
1,255,000
Mizuho Financial Group, Inc. (NASDAQ 100
Stock Index), 208.00%, 08/25/2025(d)
 
744,000
752,370
Mizuho Financial Group, Inc. (NASDAQ 100
Stock Index), 206.00%, 09/02/2025(d)
 
945,000
942,335
Royal Bank of Canada (NASDAQ 100 Stock
Index), 241.97%, 08/08/2025
 
709,000
690,306
Royal Bank of Canada (NASDAQ 100 Stock
Index), 236.84%, 08/12/2025(d)
 
695,000
690,212
Royal Bank of Canada (NASDAQ 100 Stock
Index), 245.31%, 08/13/2025
 
665,000
660,899
Toronto-Dominion Bank (The) (NASDAQ 100
Stock Index), 204.00%, 08/18/2025(d)
 
547,000
551,830
Toronto-Dominion Bank (The) (NASDAQ 100
Stock Index), 245.00%, 08/21/2025(d)
 
528,000
538,200
Toronto-Dominion Bank (The) (NASDAQ 100
Stock Index), 245.00%, 08/22/2025(d)
 
512,000
521,526
 
 
13,591,992
Total Equity Linked Notes
(Cost $13,619,000)
13,591,992
 
Shares
 
Money Market Funds-19.06%
Invesco Premier U.S. Government Money
Portfolio, Institutional Class, 4.24%(e)(f)
(Cost $58,362,792)
 
58,362,792
58,362,792
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.60%
(Cost $273,293,924)
304,935,162
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-1.58%
Invesco Private Government Fund,
4.32%(e)(f)(g)
 
1,344,822
1,344,822
See accompanying notes which are an integral part of this schedule.
Invesco QQQ Income Advantage ETF (QQA)—(continued)
July 31, 2025
(Unaudited)
 
Shares
Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 4.46%(e)(f)(g)
 
3,491,937
$3,492,635
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $4,837,457)
4,837,457
TOTAL INVESTMENTS IN SECURITIES-101.18%
(Cost $278,131,381)
309,772,619
OTHER ASSETS LESS LIABILITIES-(1.18)%
(3,614,604
)
NET ASSETS-100.00%
$306,158,015
 
Investment Abbreviations:
ADR
-American Depositary Receipt
 
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
Non-income producing security.
(c)
All or a portion of this security was out on loan at July 31, 2025.
(d)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
July 31, 2025 was $10,962,183, which represented 3.58% of the Fund’s Net Assets.
(e)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the nine months ended July 31, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
July 31, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$24,679,350
$29,744,118
$(54,423,468
)
$-
$-
$-
$537,773
Invesco Premier
U.S. Government Money
Portfolio, Institutional Class
-
78,666,680
(20,303,888
)
-
-
58,362,792
643,535
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
89,525
21,752,255
(20,496,958
)
-
-
1,344,822
30,499
*
Invesco Private Prime Fund
504,696
45,731,926
(42,743,764
)
2
(225
)
3,492,635
79,574
*
Total
$25,273,571
$175,894,979
$(137,968,078
)
$2
$(225
)
$63,200,249
$1,291,381
 
*
Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from
borrowers, if any.
 
(f)
The rate shown is the 7-day SEC standardized yield as of July 31, 2025.
(g)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco S&P 500® Downside Hedged ETF (PHDG)
July 31, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-71.57%
Communication Services-7.06%
Alphabet, Inc., Class A
 
6,688
$1,283,427
Alphabet, Inc., Class C
 
5,397
1,040,865
AT&T, Inc.
 
8,231
225,612
Charter Communications, Inc., Class A(b)
 
111
29,899
Comcast Corp., Class A
 
4,325
143,720
Electronic Arts, Inc.
 
272
41,477
Fox Corp., Class A
 
250
13,940
Fox Corp., Class B
 
151
7,722
Interpublic Group of Cos., Inc. (The)
 
427
10,504
Live Nation Entertainment, Inc.(b)(c)
 
180
26,586
Match Group, Inc.
 
288
9,870
Meta Platforms, Inc., Class A
 
2,490
1,925,866
Netflix, Inc.(b)
 
487
564,628
News Corp., Class A
 
433
12,696
News Corp., Class B
 
128
4,278
Omnicom Group, Inc.
 
225
16,211
Paramount Global, Class B(c)
 
682
8,573
Take-Two Interactive Software, Inc.(b)
 
188
41,873
TKO Group Holdings, Inc.
 
76
12,769
T-Mobile US, Inc.
 
550
131,125
Trade Desk, Inc. (The), Class A(b)
 
515
44,784
Verizon Communications, Inc.
 
4,827
206,403
Walt Disney Co. (The)
 
2,073
246,915
Warner Bros. Discovery, Inc.(b)
 
2,560
33,715
 
 
6,083,458
Consumer Discretionary-7.44%
Airbnb, Inc., Class A(b)
 
496
65,675
Amazon.com, Inc.(b)
 
10,839
2,537,518
Aptiv PLC (Jersey)(b)
 
263
18,052
AutoZone, Inc.(b)
 
19
71,599
Best Buy Co., Inc.
 
223
14,508
Booking Holdings, Inc.
 
37
203,650
Caesars Entertainment, Inc.(b)(c)
 
244
6,510
CarMax, Inc.(b)
 
176
9,963
Carnival Corp.(b)
 
1,201
35,754
Chipotle Mexican Grill, Inc.(b)
 
1,554
66,636
D.R. Horton, Inc.
 
325
46,423
Darden Restaurants, Inc.
 
134
27,024
Deckers Outdoor Corp.(b)
 
174
18,474
Domino’s Pizza, Inc.
 
40
18,528
DoorDash, Inc., Class A(b)
 
389
97,347
eBay, Inc.
 
549
50,371
Expedia Group, Inc.
 
141
25,411
Ford Motor Co.(c)
 
4,463
49,405
Garmin Ltd.
 
176
38,502
General Motors Co.
 
1,078
57,501
Genuine Parts Co.
 
159
20,492
Hasbro, Inc.
 
150
11,274
Hilton Worldwide Holdings, Inc.
 
276
73,990
Home Depot, Inc. (The)
 
1,139
418,594
Las Vegas Sands Corp.
 
394
20,646
Lennar Corp., Class A
 
268
30,064
LKQ Corp.
 
298
8,782
Lowe’s Cos., Inc.
 
647
144,650
lululemon athletica, inc.(b)
 
128
25,668
Marriott International, Inc., Class A
 
262
69,123
McDonald’s Corp.
 
822
246,658
MGM Resorts International(b)
 
257
9,368
Mohawk Industries, Inc.(b)
 
60
6,871
NIKE, Inc., Class B
 
1,354
101,130
Norwegian Cruise Line Holdings Ltd.(b)
 
504
12,882
 
Shares
Value
Consumer Discretionary-(continued)
NVR, Inc.(b)
 
3
$22,649
O’Reilly Automotive, Inc.(b)
 
990
97,337
Pool Corp.(c)
 
44
13,558
PulteGroup, Inc.
 
232
26,197
Ralph Lauren Corp.
 
46
13,743
Ross Stores, Inc.
 
378
51,612
Royal Caribbean Cruises Ltd.
 
284
90,275
Starbucks Corp.
 
1,302
116,086
Tapestry, Inc.
 
237
25,603
Tesla, Inc.(b)
 
3,221
992,938
TJX Cos., Inc. (The)
 
1,289
160,519
Tractor Supply Co.(c)
 
613
34,910
Ulta Beauty, Inc.(b)
 
53
27,296
Williams-Sonoma, Inc.
 
141
26,374
Wynn Resorts Ltd.(c)
 
103
11,230
Yum! Brands, Inc.
 
320
46,128
 
 
6,415,498
Consumer Staples-3.75%
Altria Group, Inc.
 
1,943
120,349
Archer-Daniels-Midland Co.
 
549
29,745
Brown-Forman Corp., Class B(c)
 
209
6,030
Bunge Global S.A.
 
153
12,203
Campbell’s Co. (The)(c)
 
226
7,214
Church & Dwight Co., Inc.
 
282
26,443
Clorox Co. (The)
 
141
17,704
Coca-Cola Co. (The)
 
4,439
301,364
Colgate-Palmolive Co.
 
931
78,064
Conagra Brands, Inc.
 
547
9,988
Constellation Brands, Inc., Class A
 
178
29,733
Costco Wholesale Corp.
 
509
478,277
Dollar General Corp.
 
252
26,435
Dollar Tree, Inc.(b)
 
232
26,344
Estee Lauder Cos., Inc. (The), Class A
 
269
25,108
General Mills, Inc.(c)
 
632
30,955
Hershey Co. (The)
 
169
31,456
Hormel Foods Corp.
 
334
9,382
J.M. Smucker Co. (The)
 
122
13,095
Kellanova
 
308
24,588
Kenvue, Inc.
 
2,198
47,125
Keurig Dr Pepper, Inc.
 
1,563
51,032
Kimberly-Clark Corp.
 
380
47,356
Kraft Heinz Co. (The)
 
1,000
27,460
Kroger Co. (The)
 
701
49,140
Lamb Weston Holdings, Inc.
 
164
9,359
McCormick & Co., Inc.
 
290
20,483
Molson Coors Beverage Co., Class B(c)
 
197
9,598
Mondelez International, Inc., Class A
 
1,483
95,935
Monster Beverage Corp.(b)
 
803
47,176
PepsiCo, Inc.
 
1,573
216,948
Philip Morris International, Inc.
 
1,783
292,501
Procter & Gamble Co. (The)
 
2,689
404,614
Sysco Corp.
 
561
44,656
Target Corp.
 
525
52,763
Tyson Foods, Inc., Class A
 
328
17,154
Walgreens Boots Alliance, Inc.(c)
 
822
9,568
Walmart, Inc.
 
4,974
487,353
 
 
3,234,698
Energy-2.15%
APA Corp.(c)
 
424
8,179
Baker Hughes Co., Class A
 
1,135
51,132
Chevron Corp.
 
2,193
332,547
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500® Downside Hedged ETF (PHDG)—(continued)
July 31, 2025
(Unaudited)
 
Shares
Value
Energy-(continued)
ConocoPhillips
 
1,463
$139,482
Coterra Energy, Inc.
 
844
20,585
Devon Energy Corp.
 
753
25,015
Diamondback Energy, Inc.
 
214
31,813
EOG Resources, Inc.
 
613
73,572
EQT Corp.
 
684
36,765
Expand Energy Corp.
 
241
25,252
Exxon Mobil Corp.
 
4,955
553,176
Halliburton Co.
 
995
22,288
Kinder Morgan, Inc.
 
2,217
62,209
Marathon Petroleum Corp.
 
362
61,609
Occidental Petroleum Corp.
 
775
34,053
ONEOK, Inc.
 
711
58,380
Phillips 66
 
474
58,577
Schlumberger N.V.
 
1,727
58,373
Targa Resources Corp.
 
250
41,602
Texas Pacific Land Corp.
 
22
21,299
Valero Energy Corp.
 
363
49,844
Williams Cos., Inc. (The)
 
1,398
83,810
 
 
1,849,562
Financials-9.87%
Aflac, Inc.
 
568
56,436
Allstate Corp. (The)
 
304
61,788
American Express Co.
 
636
190,361
American International Group, Inc.
 
680
52,788
Ameriprise Financial, Inc.
 
110
57,001
Aon PLC, Class A
 
248
88,216
Apollo Global Management, Inc.
 
513
74,549
Arch Capital Group Ltd.
 
430
37,006
Arthur J. Gallagher & Co.
 
292
83,877
Assurant, Inc.
 
59
11,051
Bank of America Corp.
 
7,508
354,903
Bank of New York Mellon Corp. (The)
 
823
83,493
Berkshire Hathaway, Inc., Class B(b)
 
2,108
994,723
BlackRock, Inc.
 
167
184,704
Blackstone, Inc., Class A
 
839
145,113
Block, Inc., Class A(b)(c)
 
639
49,369
Brown & Brown, Inc.
 
310
28,325
Capital One Financial Corp.
 
730
156,950
Cboe Global Markets, Inc.
 
120
28,925
Charles Schwab Corp. (The)
 
1,954
190,964
Chubb Ltd.
 
427
113,599
Cincinnati Financial Corp.
 
179
26,404
Citigroup, Inc.
 
2,152
201,642
Citizens Financial Group, Inc.
 
501
23,908
CME Group, Inc., Class A
 
413
114,930
Coinbase Global, Inc., Class A(b)
 
241
91,040
Corpay, Inc.(b)
 
80
25,844
Erie Indemnity Co., Class A(c)
 
29
10,331
Everest Group Ltd.
 
49
16,454
FactSet Research Systems, Inc.(c)
 
44
17,728
Fidelity National Information Services, Inc.
 
607
48,202
Fifth Third Bancorp
 
768
31,926
Fiserv, Inc.(b)
 
629
87,393
Franklin Resources, Inc.
 
355
8,520
Global Payments, Inc.
 
284
22,706
Globe Life, Inc.
 
96
13,485
Goldman Sachs Group, Inc. (The)
 
353
255,427
Hartford Insurance Group, Inc. (The)
 
330
41,049
Huntington Bancshares, Inc.
 
1,667
27,389
Intercontinental Exchange, Inc.
 
659
121,803
Invesco Ltd.(d)
 
514
10,799
 
Shares
Value
Financials-(continued)
Jack Henry & Associates, Inc.
 
84
$14,264
JPMorgan Chase & Co.
 
3,190
945,006
KeyCorp
 
1,142
20,465
KKR & Co., Inc., Class A
 
774
113,453
Loews Corp.
 
203
18,380
M&T Bank Corp.
 
190
35,853
MarketAxess Holdings, Inc.
 
43
8,837
Marsh & McLennan Cos., Inc.
 
563
112,150
Mastercard, Inc., Class A
 
934
529,083
MetLife, Inc.
 
664
50,431
Moody’s Corp.
 
177
91,284
Morgan Stanley
 
1,419
202,151
MSCI, Inc.
 
89
49,961
Nasdaq, Inc.
 
475
45,705
Northern Trust Corp.
 
225
29,250
PayPal Holdings, Inc.(b)
 
1,134
77,974
PNC Financial Services Group, Inc. (The)
 
454
86,383
Principal Financial Group, Inc.
 
241
18,757
Progressive Corp. (The)
 
672
162,651
Prudential Financial, Inc.
 
406
42,053
Raymond James Financial, Inc.
 
211
35,264
Regions Financial Corp.
 
1,042
26,394
S&P Global, Inc.
 
361
198,947
State Street Corp.
 
331
36,989
Synchrony Financial
 
446
31,073
T. Rowe Price Group, Inc.
 
255
25,870
Travelers Cos., Inc. (The)
 
260
67,662
Truist Financial Corp.
 
1,509
65,958
U.S. Bancorp
 
1,789
80,433
Visa, Inc., Class A
 
1,967
679,540
W.R. Berkley Corp.
 
344
23,671
Wells Fargo & Co.
 
3,723
300,185
Willis Towers Watson PLC
 
114
36,002
 
 
8,503,200
Health Care-6.29%
Abbott Laboratories
 
1,989
250,992
AbbVie, Inc.
 
2,024
382,576
Agilent Technologies, Inc.
 
327
37,543
Align Technology, Inc.(b)
 
80
10,321
Amgen, Inc.
 
616
181,782
Baxter International, Inc.
 
585
12,730
Becton, Dickinson and Co.
 
329
58,644
Biogen, Inc.(b)
 
168
21,504
Bio-Techne Corp.
 
181
9,906
Boston Scientific Corp.(b)
 
1,690
177,315
Bristol-Myers Squibb Co.
 
2,327
100,782
Cardinal Health, Inc.
 
277
42,996
Cencora, Inc.
 
198
56,644
Centene Corp.(b)
 
569
14,834
Charles River Laboratories International,
Inc.(b)
 
59
10,009
Cigna Group (The)
 
302
80,749
Cooper Cos., Inc. (The)(b)
 
229
16,188
CVS Health Corp.
 
1,446
89,797
Danaher Corp.
 
734
144,715
DaVita, Inc.(b)(c)
 
50
7,018
DexCom, Inc.(b)
 
448
36,185
Edwards Lifesciences Corp.(b)
 
676
53,613
Elevance Health, Inc.
 
255
72,185
Eli Lilly and Co.
 
903
668,283
GE HealthCare Technologies, Inc.
 
524
37,372
Gilead Sciences, Inc.
 
1,429
160,462
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500® Downside Hedged ETF (PHDG)—(continued)
July 31, 2025
(Unaudited)
 
Shares
Value
Health Care-(continued)
HCA Healthcare, Inc.
 
195
$69,028
Henry Schein, Inc.(b)(c)
 
143
9,674
Hologic, Inc.(b)
 
257
17,173
Humana, Inc.
 
138
34,482
IDEXX Laboratories, Inc.(b)
 
94
50,225
Incyte Corp.(b)
 
184
13,780
Insulet Corp.(b)
 
80
23,072
Intuitive Surgical, Inc.(b)
 
409
196,766
IQVIA Holdings, Inc.(b)
 
192
35,685
Johnson & Johnson
 
2,761
454,847
Labcorp Holdings, Inc.
 
96
24,968
McKesson Corp.
 
144
99,870
Medtronic PLC
 
1,470
132,653
Merck & Co., Inc.
 
2,901
226,626
Mettler-Toledo International, Inc.(b)
 
24
29,608
Moderna, Inc.(b)(c)
 
388
11,469
Molina Healthcare, Inc.(b)
 
64
10,104
Pfizer, Inc.
 
6,498
151,338
Quest Diagnostics, Inc.
 
127
21,261
Regeneron Pharmaceuticals, Inc.
 
121
66,001
ResMed, Inc.
 
168
45,686
Revvity, Inc.(c)
 
140
12,306
Solventum Corp.(b)
 
158
11,275
STERIS PLC
 
113
25,593
Stryker Corp.
 
394
154,736
Thermo Fisher Scientific, Inc.
 
430
201,102
UnitedHealth Group, Inc.
 
1,043
260,291
Universal Health Services, Inc., Class B
 
67
11,152
Vertex Pharmaceuticals, Inc.(b)
 
294
134,320
Viatris, Inc.
 
1,369
11,965
Waters Corp.(b)
 
68
19,636
West Pharmaceutical Services, Inc.
 
83
19,859
Zimmer Biomet Holdings, Inc.
 
228
20,896
Zoetis, Inc.
 
513
74,790
 
 
5,417,382
Industrials-6.19%
3M Co.
 
623
92,964
A.O. Smith Corp.
 
135
9,557
Allegion PLC
 
100
16,592
AMETEK, Inc.
 
265
48,985
Automatic Data Processing, Inc.
 
467
144,536
Axon Enterprise, Inc.(b)
 
83
62,706
Boeing Co. (The)(b)
 
860
190,782
Broadridge Financial Solutions, Inc.
 
134
33,166
Builders FirstSource, Inc.(b)(c)
 
132
16,781
C.H. Robinson Worldwide, Inc.
 
136
15,684
Carrier Global Corp.
 
926
63,542
Caterpillar, Inc.
 
538
235,655
Cintas Corp.
 
393
87,462
Copart, Inc.(b)
 
1,005
45,557
CSX Corp.
 
2,122
75,416
Cummins, Inc.
 
158
58,084
Dayforce, Inc.(b)
 
182
10,496
Deere & Co.
 
290
152,067
Delta Air Lines, Inc.
 
736
39,163
Dover Corp.
 
157
28,439
Eaton Corp. PLC
 
453
174,278
Emerson Electric Co.
 
647
94,145
Equifax, Inc.
 
142
34,113
Expeditors International of Washington, Inc.(c)
 
160
18,598
Fastenal Co.
 
1,314
60,615
FedEx Corp.
 
254
56,766
 
Shares
Value
Industrials-(continued)
Fortive Corp.
 
391
$18,741
GE Vernova, Inc.
 
316
208,652
Generac Holdings, Inc.(b)
 
68
13,239
General Dynamics Corp.
 
291
90,679
General Electric Co.
 
1,231
333,699
Honeywell International, Inc.
 
733
162,983
Howmet Aerospace, Inc.
 
464
83,413
Hubbell, Inc.
 
62
27,124
Huntington Ingalls Industries, Inc.
 
45
12,549
IDEX Corp.(c)
 
87
14,225
Illinois Tool Works, Inc.
 
306
78,327
Ingersoll Rand, Inc.
 
462
39,099
J.B. Hunt Transport Services, Inc.
 
91
13,109
Jacobs Solutions, Inc.
 
141
20,004
Johnson Controls International PLC
 
757
79,485
L3Harris Technologies, Inc.
 
216
59,361
Leidos Holdings, Inc.
 
150
23,948
Lennox International, Inc.
 
37
22,533
Lockheed Martin Corp.
 
240
101,035
Masco Corp.
 
243
16,556
Nordson Corp.(c)
 
62
13,281
Norfolk Southern Corp.
 
260
72,280
Northrop Grumman Corp.
 
156
89,951
Old Dominion Freight Line, Inc.
 
215
32,089
Otis Worldwide Corp.
 
455
38,989
PACCAR, Inc.
 
601
59,355
Parker-Hannifin Corp.
 
148
108,321
Paychex, Inc.(c)
 
367
52,969
Paycom Software, Inc.
 
54
12,503
Pentair PLC
 
189
19,316
Quanta Services, Inc.
 
169
68,636
Republic Services, Inc.
 
233
53,741
Rockwell Automation, Inc.
 
130
45,722
Rollins, Inc.
 
322
18,441
RTX Corp.
 
1,527
240,609
Snap-on, Inc.
 
60
19,271
Southwest Airlines Co.
 
680
21,032
Stanley Black & Decker, Inc.
 
177
11,974
Textron, Inc.
 
209
16,254
Trane Technologies PLC
 
257
112,587
TransDigm Group, Inc.
 
64
102,941
Uber Technologies, Inc.(b)
 
2,395
210,161
Union Pacific Corp.
 
693
153,825
United Airlines Holdings, Inc.(b)
 
377
33,293
United Parcel Service, Inc., Class B
 
839
72,288
United Rentals, Inc.
 
75
66,220
Veralto Corp.
 
284
29,772
Verisk Analytics, Inc.
 
162
45,151
W.W. Grainger, Inc.
 
51
53,017
Wabtec Corp.
 
196
37,642
Waste Management, Inc.
 
419
96,018
Xylem, Inc.
 
279
40,349
 
 
5,332,908
Information Technology-24.34%
Accenture PLC, Class A (Ireland)
 
717
191,511
Adobe, Inc.(b)
 
489
174,910
Advanced Micro Devices, Inc.(b)
 
1,858
327,584
Akamai Technologies, Inc.(b)
 
172
13,125
Amphenol Corp., Class A
 
1,389
147,942
Analog Devices, Inc.
 
569
127,815
Apple, Inc.
 
17,137
3,557,127
Applied Materials, Inc.
 
932
167,816
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500® Downside Hedged ETF (PHDG)—(continued)
July 31, 2025
(Unaudited)
 
Shares
Value
Information Technology-(continued)
Arista Networks, Inc.(b)
 
1,184
$145,893
Autodesk, Inc.(b)
 
247
74,868
Broadcom, Inc.
 
5,392
1,583,630
Cadence Design Systems, Inc.(b)(c)
 
314
114,475
CDW Corp.
 
153
26,680
Cisco Systems, Inc.
 
4,567
310,921
Cognizant Technology Solutions Corp.,
Class A
 
567
40,688
Corning, Inc.
 
884
55,904
CrowdStrike Holdings, Inc., Class A(b)
 
282
128,189
Datadog, Inc., Class A(b)
 
366
51,233
Dell Technologies, Inc., Class C
 
358
47,503
Enphase Energy, Inc.(b)
 
152
4,919
EPAM Systems, Inc.(b)
 
65
10,251
F5, Inc.(b)
 
66
20,686
Fair Isaac Corp.(b)
 
28
40,228
First Solar, Inc.(b)
 
123
21,492
Fortinet, Inc.(b)
 
729
72,827
Gartner, Inc.(b)
 
88
29,801
Gen Digital, Inc.
 
622
18,343
GoDaddy, Inc., Class A(b)
 
162
26,176
Hewlett Packard Enterprise Co.
 
1,506
31,159
HP, Inc.
 
1,075
26,660
Intel Corp.
 
4,965
98,307
International Business Machines Corp.
 
1,060
268,339
Intuit, Inc.
 
321
252,027
Jabil, Inc.
 
126
28,119
Keysight Technologies, Inc.(b)
 
198
32,454
KLA Corp.
 
152
133,613
Lam Research Corp.
 
1,472
139,605
Microchip Technology, Inc.
 
617
41,703
Micron Technology, Inc.
 
1,278
139,481
Microsoft Corp.
 
8,529
4,550,222
Monolithic Power Systems, Inc.
 
55
39,118
Motorola Solutions, Inc.
 
192
84,284
NetApp, Inc.
 
233
24,262
NVIDIA Corp.
 
27,984
4,977,514
NXP Semiconductors N.V. (Netherlands)
 
291
62,207
ON Semiconductor Corp.(b)(c)
 
483
27,222
Oracle Corp.
 
1,860
472,012
Palantir Technologies, Inc., Class A(b)
 
2,444
387,007
Palo Alto Networks, Inc.(b)(c)
 
759
131,762
PTC, Inc.(b)(c)
 
138
29,644
QUALCOMM, Inc.
 
1,268
186,092
Roper Technologies, Inc.
 
123
67,699
Salesforce, Inc.
 
1,097
283,388
Seagate Technology Holdings PLC
 
243
38,153
ServiceNow, Inc.(b)
 
236
222,576
Skyworks Solutions, Inc.
 
184
12,611
Super Micro Computer, Inc.(b)(c)
 
577
34,026
Synopsys, Inc.(b)
 
210
133,029
TE Connectivity PLC (Switzerland)
 
342
70,367
Teledyne Technologies, Inc.(b)
 
53
29,204
Teradyne, Inc.
 
187
20,089
Texas Instruments, Inc.
 
1,044
189,027
Trimble, Inc.(b)
 
282
23,657
Tyler Technologies, Inc.(b)
 
49
28,644
VeriSign, Inc.
 
93
25,005
Western Digital Corp.(c)
 
399
31,397
Workday, Inc., Class A(b)
 
245
56,198
Zebra Technologies Corp., Class A(b)
 
59
20,002
 
 
20,980,422
 
Shares
Value
Materials-1.31%
Air Products and Chemicals, Inc.
 
255
$73,409
Albemarle Corp.
 
135
9,160
Amcor PLC
 
2,620
24,497
Avery Dennison Corp.
 
92
15,435
Ball Corp.
 
342
19,583
CF Industries Holdings, Inc.
 
200
18,566
Corteva, Inc.
 
786
56,694
Dow, Inc.
 
807
18,795
DuPont de Nemours, Inc.
 
479
34,440
Eastman Chemical Co.
 
132
9,585
Ecolab, Inc.
 
289
75,649
Freeport-McMoRan, Inc.
 
1,648
66,315
International Flavors & Fragrances, Inc.
 
293
20,812
International Paper Co.
 
605
28,278
Linde PLC
 
538
247,620
LyondellBasell Industries N.V., Class A
 
297
17,205
Martin Marietta Materials, Inc.
 
70
40,242
Mosaic Co. (The)
 
364
13,108
Newmont Corp.
 
1,305
81,040
Nucor Corp.
 
269
38,486
Packaging Corp. of America
 
102
19,762
PPG Industries, Inc.
 
266
28,063
Sherwin-Williams Co. (The)
 
266
88,014
Smurfit WestRock PLC
 
567
25,163
Steel Dynamics, Inc.
 
162
20,665
Vulcan Materials Co.
 
151
41,475
 
 
1,132,061
Real Estate-1.42%
Alexandria Real Estate Equities, Inc.(c)
 
177
13,528
American Tower Corp.
 
536
111,697
AvalonBay Communities, Inc.
 
163
30,364
BXP, Inc.(c)
 
167
10,927
Camden Property Trust
 
122
13,322
CBRE Group, Inc., Class A(b)
 
339
52,796
CoStar Group, Inc.(b)
 
483
45,977
Crown Castle, Inc.
 
498
52,335
Digital Realty Trust, Inc.
 
363
64,048
Equinix, Inc., REIT
 
112
87,939
Equity Residential(c)
 
392
24,774
Essex Property Trust, Inc.(c)
 
74
19,253
Extra Space Storage, Inc.
 
243
32,650
Federal Realty Investment Trust
 
88
8,110
Healthpeak Properties, Inc.(c)
 
802
13,586
Host Hotels & Resorts, Inc.
 
802
12,607
Invitation Homes, Inc.
 
653
20,014
Iron Mountain, Inc.
 
337
32,810
Kimco Realty Corp.
 
779
16,538
Mid-America Apartment Communities, Inc.
 
134
19,086
Prologis, Inc., REIT
 
1,063
113,507
Public Storage
 
181
49,221
Realty Income Corp., REIT
 
1,004
56,355
Regency Centers Corp.
 
187
13,352
SBA Communications Corp., Class A
 
123
27,641
Simon Property Group, Inc.
 
352
57,654
UDR, Inc.
 
345
13,555
Ventas, Inc.
 
501
33,657
VICI Properties, Inc.
 
1,209
39,413
Welltower, Inc., REIT
 
699
115,384
Weyerhaeuser Co.
 
832
20,842
 
 
1,222,942
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500® Downside Hedged ETF (PHDG)—(continued)
July 31, 2025
(Unaudited)
 
Shares
Value
Utilities-1.75%
AES Corp. (The)
 
815
$10,717
Alliant Energy Corp.
 
294
19,113
Ameren Corp.
 
309
31,249
American Electric Power Co., Inc.
 
611
69,129
American Water Works Co., Inc.
 
223
31,274
Atmos Energy Corp.
 
182
28,377
CenterPoint Energy, Inc.(c)
 
747
28,999
CMS Energy Corp.
 
343
25,313
Consolidated Edison, Inc.
 
397
41,089
Constellation Energy Corp.
 
359
124,875
Dominion Energy, Inc.(c)
 
963
56,287
DTE Energy Co.
 
238
32,942
Duke Energy Corp.
 
890
108,260
Edison International
 
444
23,141
Entergy Corp.
 
492
44,492
Evergy, Inc.
 
264
18,691
Eversource Energy
 
421
27,828
Exelon Corp.
 
1,153
51,816
FirstEnergy Corp.
 
588
25,113
NextEra Energy, Inc.
 
2,358
167,559
NiSource, Inc.
 
539
22,881
NRG Energy, Inc.
 
232
38,790
PG&E Corp.
 
2,515
35,260
Pinnacle West Capital Corp.
 
130
11,781
PPL Corp.
 
847
30,229
Public Service Enterprise Group, Inc.
 
571
51,270
Sempra
 
726
59,300
Southern Co. (The)
 
1,256
118,667
Vistra Corp.
 
390
81,331
WEC Energy Group, Inc.(c)
 
364
39,705
Xcel Energy, Inc.
 
658
48,324
 
 
1,503,802
Total Common Stocks & Other Equity Interests
(Cost $54,214,762)
61,675,933
 
Shares
Value
Money Market Funds-25.84%
Invesco Premier U.S. Government Money
Portfolio, Institutional Class, 4.24%(d)(e)
(Cost $22,269,919)
 
22,269,919
$22,269,919
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from
securities on loan)-97.41%
(Cost $76,484,681)
83,945,852
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-1.22%
Invesco Private Government Fund,
4.32%(d)(e)(f)
 
276,536
276,536
Invesco Private Prime Fund, 4.46%(d)(e)(f)
 
776,697
776,852
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $1,053,388)
1,053,388
TOTAL INVESTMENTS IN SECURITIES-98.63%
(Cost $77,538,069)
84,999,240
OTHER ASSETS LESS LIABILITIES-1.37%
1,184,800
NET ASSETS-100.00%
$86,184,040
 
Investment Abbreviations:
REIT
-Real Estate Investment Trust
 
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
Non-income producing security.
(c)
All or a portion of this security was out on loan at July 31, 2025.
(d)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the nine months ended July 31, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
July 31, 2025
Dividend Income
Invesco Ltd.
$13,352
$78,175
$(80,117
)
$2,454
$(3,065
)
$10,799
$401
Investments in Affiliated
Money Market Funds:
Invesco Premier
U.S. Government Money
Portfolio, Institutional Class
23,065,238
607,680,259
(608,475,578
)
-
-
22,269,919
1,087,738
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500® Downside Hedged ETF (PHDG)—(continued)
July 31, 2025
(Unaudited)
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
July 31, 2025
Dividend Income
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
$320,258
$14,663,154
$(14,706,876
)
$-
$-
$276,536
$14,700
*
Invesco Private Prime Fund
845,086
30,678,233
(30,746,536
)
-
69
776,852
39,745
*
Total
$24,243,934
$653,099,821
$(654,009,107
)
$2,454
$(2,996
)
$23,334,106
$1,142,584
 
*
Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from
borrowers, if any.
 
(e)
The rate shown is the 7-day SEC standardized yield as of July 31, 2025.
(f)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned.  
 
Open Futures Contracts(a)
Long Futures Contracts
Number of
Contracts
Expiration
Month
Notional
Value
Value
Unrealized
Appreciation
(Depreciation)
Equity Risk
 
CBOE Volatility Index
60
August-2025
$1,077,396
$(75,777
)
$(75,777
)
CBOE Volatility Index
55
September-2025
1,092,894
(18,964
)
(18,964
)
E-Mini S&P 500 Index
70
September-2025
22,309,875
651,196
651,196
Total Futures Contracts
$556,455
$556,455
 
(a)
Futures contracts collateralized by $1,592,402 cash held with Merrill Lynch International, the futures commission merchant.
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA)
July 31, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-75.81%
Advertising-0.48%
Interpublic Group of Cos., Inc. (The)
 
25,662
$631,285
Omnicom Group, Inc.(b)
 
8,327
599,961
Trade Desk, Inc. (The), Class A(c)
 
8,568
745,073
 
 
1,976,319
Aerospace & Defense-1.92%
Axon Enterprise, Inc.(c)
 
786
593,815
Boeing Co. (The)(c)
 
2,841
630,248
General Dynamics Corp.
 
2,218
691,151
General Electric Co.
 
2,491
675,260
Howmet Aerospace, Inc.
 
3,575
642,678
Huntington Ingalls Industries, Inc.
 
2,690
750,133
L3Harris Technologies, Inc.
 
2,480
681,554
Lockheed Martin Corp.
 
1,335
562,008
Northrop Grumman Corp.
 
1,240
714,996
RTX Corp.
 
4,292
676,291
Textron, Inc.
 
7,992
621,538
TransDigm Group, Inc.
 
422
678,770
 
 
7,918,442
Agricultural & Farm Machinery-0.15%
Deere & Co.
 
1,176
616,659
Agricultural Products & Services-0.32%
Archer-Daniels-Midland Co.
 
12,526
678,659
Bunge Global S.A.
 
8,083
644,700
 
 
1,323,359
Air Freight & Logistics-0.60%
C.H. Robinson Worldwide, Inc.
 
6,458
744,737
Expeditors International of Washington,
Inc.(b)
 
5,326
619,094
FedEx Corp.
 
2,731
610,351
United Parcel Service, Inc., Class B
 
6,021
518,769
 
 
2,492,951
Apparel Retail-0.30%
Ross Stores, Inc.
 
4,478
611,426
TJX Cos., Inc. (The)
 
4,899
610,073
 
 
1,221,499
Apparel, Accessories & Luxury Goods-0.48%
lululemon athletica, inc.(c)
 
2,413
483,879
Ralph Lauren Corp.
 
2,274
679,357
Tapestry, Inc.
 
7,456
805,472
 
 
1,968,708
Application Software-1.99%
Adobe, Inc.(c)
 
1,475
527,593
Autodesk, Inc.(c)
 
2,045
619,860
Cadence Design Systems, Inc.(b)(c)
 
1,985
723,671
Datadog, Inc., Class A(c)
 
4,643
649,927
Fair Isaac Corp.(c)
 
340
488,485
Intuit, Inc.
 
797
625,749
Palantir Technologies, Inc., Class A(c)
 
4,478
709,091
PTC, Inc.(b)(c)
 
3,570
766,872
Roper Technologies, Inc.
 
1,070
588,928
Salesforce, Inc.
 
2,288
591,059
Synopsys, Inc.(c)
 
1,221
773,695
Tyler Technologies, Inc.(c)
 
1,048
612,619
Workday, Inc., Class A(c)
 
2,403
551,200
 
 
8,228,749
Asset Management & Custody Banks-1.70%
Ameriprise Financial, Inc.
 
1,185
614,055
 
Shares
Value
Asset Management & Custody Banks-(continued)
Bank of New York Mellon Corp. (The)
 
6,804
$690,266
BlackRock, Inc.
 
621
686,832
Blackstone, Inc., Class A
 
4,306
744,766
Franklin Resources, Inc.(b)
 
27,062
649,488
Invesco Ltd.(d)
 
40,466
850,191
KKR & Co., Inc., Class A
 
4,832
708,274
Northern Trust Corp.
 
5,617
730,210
State Street Corp.
 
6,263
699,890
T. Rowe Price Group, Inc.
 
6,407
649,990
 
 
7,023,962
Automobile Manufacturers-0.45%
Ford Motor Co.
 
57,206
633,271
General Motors Co.
 
12,133
647,174
Tesla, Inc.(c)
 
1,867
575,540
 
 
1,855,985
Automotive Parts & Equipment-0.14%
Aptiv PLC (Jersey)(c)
 
8,682
595,932
Automotive Retail-0.44%
AutoZone, Inc.(c)
 
167
629,320
CarMax, Inc.(c)
 
8,997
509,320
O’Reilly Automotive, Inc.(c)
 
6,775
666,118
 
 
1,804,758
Biotechnology-1.21%
AbbVie, Inc.
 
3,185
602,029
Amgen, Inc.
 
2,095
618,234
Biogen, Inc.(c)
 
4,591
587,648
Gilead Sciences, Inc.
 
5,578
626,354
Incyte Corp.(c)
 
8,864
663,825
Moderna, Inc.(b)(c)
 
21,977
649,640
Regeneron Pharmaceuticals, Inc.
 
1,180
643,643
Vertex Pharmaceuticals, Inc.(c)
 
1,346
614,947
 
 
5,006,320
Brewers-0.14%
Molson Coors Beverage Co., Class B(b)
 
11,788
574,311
Broadcasting-0.30%
Fox Corp., Class A
 
7,138
398,015
Fox Corp., Class B
 
4,302
220,004
Paramount Global, Class B(b)
 
49,631
623,862
 
 
1,241,881
Broadline Retail-0.34%
Amazon.com, Inc.(c)
 
2,871
672,130
eBay, Inc.
 
7,831
718,494
 
 
1,390,624
Building Products-1.27%
A.O. Smith Corp.
 
9,317
659,550
Allegion PLC
 
4,414
732,371
Builders FirstSource, Inc.(b)(c)
 
5,329
677,476
Carrier Global Corp.
 
8,407
576,888
Johnson Controls International PLC
 
5,919
621,495
Lennox International, Inc.
 
1,101
670,509
Masco Corp.
 
9,552
650,778
Trane Technologies PLC
 
1,445
633,026
 
 
5,222,093
Cable & Satellite-0.24%
Charter Communications, Inc., Class A(c)
 
1,517
408,619
Comcast Corp., Class A
 
17,336
576,075
 
 
984,694
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA)—(continued)
July 31, 2025
(Unaudited)
 
Shares
Value
Cargo Ground Transportation-0.29%
J.B. Hunt Transport Services, Inc.
 
4,337
$624,745
Old Dominion Freight Line, Inc.
 
3,756
560,583
 
 
1,185,328
Casinos & Gaming-0.67%
Caesars Entertainment, Inc.(b)(c)
 
21,858
583,171
Las Vegas Sands Corp.
 
14,580
763,992
MGM Resorts International(c)
 
18,348
668,785
Wynn Resorts Ltd.(b)
 
6,960
758,849
 
 
2,774,797
Commodity Chemicals-0.25%
Dow, Inc.
 
19,884
463,098
LyondellBasell Industries N.V., Class A
 
9,976
577,910
 
 
1,041,008
Communications Equipment-0.67%
Arista Networks, Inc.(c)
 
6,479
798,342
Cisco Systems, Inc.
 
9,509
647,373
F5, Inc.(c)
 
2,088
654,421
Motorola Solutions, Inc.
 
1,486
652,324
 
 
2,752,460
Computer & Electronics Retail-0.13%
Best Buy Co., Inc.
 
8,390
545,853
Construction & Engineering-0.17%
Quanta Services, Inc.
 
1,715
696,513
Construction Machinery & Heavy Transportation Equipment-0.64%
Caterpillar, Inc.
 
1,686
738,502
Cummins, Inc.
 
1,881
691,493
PACCAR, Inc.
 
6,498
641,742
Wabtec Corp.
 
2,997
575,574
 
 
2,647,311
Construction Materials-0.31%
Martin Marietta Materials, Inc.
 
1,109
637,542
Vulcan Materials Co.
 
2,344
643,826
 
 
1,281,368
Consumer Electronics-0.15%
Garmin Ltd.
 
2,917
638,123
Consumer Finance-0.47%
American Express Co.
 
2,032
608,198
Capital One Financial Corp.
 
3,044
654,460
Synchrony Financial
 
9,863
687,155
 
 
1,949,813
Consumer Staples Merchandise Retail-0.76%
Costco Wholesale Corp.
 
619
581,637
Dollar General Corp.
 
5,468
573,593
Dollar Tree, Inc.(b)(c)
 
6,479
735,690
Target Corp.
 
6,220
625,110
Walmart, Inc.
 
6,367
623,839
 
 
3,139,869
Copper-0.14%
Freeport-McMoRan, Inc.
 
14,872
598,449
Data Center REITs-0.28%
Digital Realty Trust, Inc.(b)
 
3,466
611,541
Equinix, Inc., REIT
 
677
531,560
 
 
1,143,101
Data Processing & Outsourced Services-0.15%
Broadridge Financial Solutions, Inc.
 
2,527
625,458
 
Shares
Value
Distillers & Vintners-0.30%
Brown-Forman Corp., Class B(b)
 
22,175
$639,749
Constellation Brands, Inc., Class A(b)
 
3,604
602,012
 
 
1,241,761
Distributors-0.42%
Genuine Parts Co.
 
4,941
636,796
LKQ Corp.
 
15,494
456,608
Pool Corp.(b)
 
2,027
624,600
 
 
1,718,004
Diversified Banks-1.28%
Bank of America Corp.
 
13,642
644,857
Citigroup, Inc.
 
7,789
729,829
Fifth Third Bancorp
 
15,577
647,536
JPMorgan Chase & Co.
 
2,271
672,761
KeyCorp
 
37,570
673,255
PNC Financial Services Group, Inc. (The)
 
3,415
649,772
U.S. Bancorp
 
13,799
620,403
Wells Fargo & Co.
 
8,132
655,683
 
 
5,294,096
Diversified Financial Services-0.16%
Apollo Global Management, Inc.
 
4,413
641,297
Diversified Support Services-0.28%
Cintas Corp.
 
2,757
613,570
Copart, Inc.(c)
 
12,077
547,451
 
 
1,161,021
Drug Retail-0.15%
Walgreens Boots Alliance, Inc.
 
53,781
626,011
Electric Utilities-2.66%
Alliant Energy Corp.
 
9,974
648,410
American Electric Power Co., Inc.
 
5,981
676,690
Constellation Energy Corp.
 
2,093
728,029
Duke Energy Corp.
 
5,233
636,542
Edison International
 
12,303
641,232
Entergy Corp.
 
7,425
671,443
Evergy, Inc.
 
9,033
639,537
Eversource Energy
 
9,302
614,862
Exelon Corp.
 
14,221
639,092
FirstEnergy Corp.
 
15,226
650,303
NextEra Energy, Inc.
 
8,356
593,777
NRG Energy, Inc.
 
4,096
684,851
PG&E Corp.
 
42,379
594,154
Pinnacle West Capital Corp.
 
6,828
618,753
PPL Corp.
 
18,055
644,383
Southern Co. (The)
 
6,804
642,842
Xcel Energy, Inc.
 
8,930
655,819
 
 
10,980,719
Electrical Components & Equipment-1.04%
AMETEK, Inc.
 
3,363
621,651
Eaton Corp. PLC
 
1,870
719,426
Emerson Electric Co.
 
4,815
700,631
Generac Holdings, Inc.(c)
 
4,691
913,291
Hubbell, Inc.
 
1,571
687,281
Rockwell Automation, Inc.
 
1,874
659,104
 
 
4,301,384
Electronic Components-0.35%
Amphenol Corp., Class A
 
6,545
697,108
Corning, Inc.
 
12,087
764,382
 
 
1,461,490
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA)—(continued)
July 31, 2025
(Unaudited)
 
Shares
Value
Electronic Equipment & Instruments-0.65%
Keysight Technologies, Inc.(c)
 
3,748
$614,335
Teledyne Technologies, Inc.(b)(c)
 
1,220
672,244
Trimble, Inc.(c)
 
8,401
704,760
Zebra Technologies Corp., Class A(c)
 
2,093
709,569
 
 
2,700,908
Electronic Manufacturing Services-0.37%
Jabil, Inc.
 
3,424
764,134
TE Connectivity PLC (Switzerland)
 
3,686
758,395
 
 
1,522,529
Environmental & Facilities Services-0.59%
Republic Services, Inc.
 
2,466
568,783
Rollins, Inc.
 
10,709
613,304
Veralto Corp.
 
6,215
651,519
Waste Management, Inc.
 
2,621
600,628
 
 
2,434,234
Fertilizers & Agricultural Chemicals-0.45%
CF Industries Holdings, Inc.
 
6,399
594,019
Corteva, Inc.
 
8,467
610,725
Mosaic Co. (The)
 
17,601
633,812
 
 
1,838,556
Financial Exchanges & Data-1.59%
Cboe Global Markets, Inc.
 
2,744
661,414
CME Group, Inc., Class A
 
2,263
629,748
Coinbase Global, Inc., Class A(b)(c)
 
2,426
916,446
FactSet Research Systems, Inc.
 
1,444
581,788
Intercontinental Exchange, Inc.
 
3,445
636,739
MarketAxess Holdings, Inc.
 
2,702
555,261
Moody’s Corp.
 
1,252
645,694
MSCI, Inc.
 
1,095
614,689
Nasdaq, Inc.
 
7,029
676,330
S&P Global, Inc.
 
1,189
655,258
 
 
6,573,367
Food Distributors-0.16%
Sysco Corp.
 
8,152
648,899
Food Retail-0.16%
Kroger Co. (The)
 
9,436
661,464
Footwear-0.32%
Deckers Outdoor Corp.(c)
 
5,660
600,922
NIKE, Inc., Class B
 
9,669
722,178
 
 
1,323,100
Gas Utilities-0.15%
Atmos Energy Corp.
 
3,998
623,368
Gold-0.17%
Newmont Corp.
 
11,437
710,238
Health Care Distributors-0.58%
Cardinal Health, Inc.
 
3,975
617,000
Cencora, Inc.
 
2,127
608,492
Henry Schein, Inc.(b)(c)
 
8,582
580,572
McKesson Corp.
 
842
583,961
 
 
2,390,025
Health Care Equipment-2.32%
Abbott Laboratories
 
4,477
564,953
Baxter International, Inc.
 
19,418
422,536
Becton, Dickinson and Co.
 
3,540
631,005
Boston Scientific Corp.(c)
 
6,131
643,264
DexCom, Inc.(c)
 
7,341
592,933
Edwards Lifesciences Corp.(c)
 
8,083
641,063
 
Shares
Value
Health Care Equipment-(continued)
GE HealthCare Technologies, Inc.
 
8,317
$593,168
Hologic, Inc.(c)
 
9,412
628,910
IDEXX Laboratories, Inc.(c)
 
1,169
624,608
Insulet Corp.(c)
 
2,013
580,549
Intuitive Surgical, Inc.(c)
 
1,177
566,243
Medtronic PLC
 
6,922
624,641
ResMed, Inc.
 
2,420
658,095
STERIS PLC
 
2,531
573,246
Stryker Corp.
 
1,598
627,582
Zimmer Biomet Holdings, Inc.(b)
 
6,478
593,709
 
 
9,566,505
Health Care Facilities-0.28%
HCA Healthcare, Inc.
 
1,650
584,083
Universal Health Services, Inc., Class B
 
3,548
590,565
 
 
1,174,648
Health Care REITs-0.62%
Alexandria Real Estate Equities, Inc.(b)
 
8,337
637,197
Healthpeak Properties, Inc.(b)
 
34,824
589,918
Ventas, Inc.(b)
 
9,611
645,667
Welltower, Inc., REIT
 
4,068
671,505
 
 
2,544,287
Health Care Services-0.71%
Cigna Group (The)
 
1,969
526,471
CVS Health Corp.
 
9,282
576,412
DaVita, Inc.(b)(c)
 
4,409
618,892
Labcorp Holdings, Inc.
 
2,353
611,968
Quest Diagnostics, Inc.
 
3,448
577,230
 
 
2,910,973
Health Care Supplies-0.39%
Align Technology, Inc.(c)
 
3,294
424,959
Cooper Cos., Inc. (The)(c)
 
8,533
603,198
Solventum Corp.(c)
 
8,202
585,294
 
 
1,613,451
Heavy Electrical Equipment-0.20%
GE Vernova, Inc.
 
1,271
839,229
Home Furnishings-0.16%
Mohawk Industries, Inc.(c)
 
5,828
667,364
Home Improvement Retail-0.30%
Home Depot, Inc. (The)
 
1,697
623,664
Lowe’s Cos., Inc.
 
2,758
616,606
 
 
1,240,270
Homebuilding-0.63%
D.R. Horton, Inc.
 
4,890
698,488
Lennar Corp., Class A
 
5,466
613,176
NVR, Inc.(c)
 
84
634,157
PulteGroup, Inc.
 
5,888
664,873
 
 
2,610,694
Homefurnishing Retail-0.18%
Williams-Sonoma, Inc.
 
3,928
734,732
Hotel & Resort REITs-0.15%
Host Hotels & Resorts, Inc.
 
38,492
605,094
Hotels, Resorts & Cruise Lines-1.30%
Airbnb, Inc., Class A(c)
 
4,412
584,193
Booking Holdings, Inc.
 
112
616,455
Carnival Corp.(c)
 
25,542
760,385
Expedia Group, Inc.
 
3,529
635,996
Hilton Worldwide Holdings, Inc.
 
2,402
643,928
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA)—(continued)
July 31, 2025
(Unaudited)
 
Shares
Value
Hotels, Resorts & Cruise Lines-(continued)
Marriott International, Inc., Class A
 
2,287
$603,379
Norwegian Cruise Line Holdings Ltd.(c)
 
31,961
816,923
Royal Caribbean Cruises Ltd.
 
2,272
722,201
 
 
5,383,460
Household Products-0.70%
Church & Dwight Co., Inc.(b)
 
6,146
576,311
Clorox Co. (The)
 
4,822
605,450
Colgate-Palmolive Co.
 
6,624
555,423
Kimberly-Clark Corp.
 
4,599
573,127
Procter & Gamble Co. (The)
 
3,756
565,165
 
 
2,875,476
Human Resource & Employment Services-0.56%
Automatic Data Processing, Inc.
 
1,959
606,310
Dayforce, Inc.(b)(c)
 
10,062
580,275
Paychex, Inc.(b)
 
3,963
571,980
Paycom Software, Inc.
 
2,416
559,401
 
 
2,317,966
Independent Power Producers & Energy Traders-0.35%
AES Corp. (The)
 
53,123
698,568
Vistra Corp.
 
3,667
764,716
 
 
1,463,284
Industrial Conglomerates-0.29%
3M Co.
 
4,139
617,622
Honeywell International, Inc.
 
2,693
598,788
 
 
1,216,410
Industrial Gases-0.30%
Air Products and Chemicals, Inc.
 
2,156
620,669
Linde PLC
 
1,299
597,878
 
 
1,218,547
Industrial Machinery & Supplies & Components-1.77%
Dover Corp.
 
3,413
618,231
Fortive Corp.
 
11,287
540,986
IDEX Corp.(b)
 
3,328
544,161
Illinois Tool Works, Inc.
 
2,481
635,062
Ingersoll Rand, Inc.
 
7,325
619,915
Nordson Corp.(b)
 
2,782
595,932
Otis Worldwide Corp.
 
6,389
547,473
Parker-Hannifin Corp.
 
912
667,493
Pentair PLC
 
6,140
627,508
Snap-on, Inc.
 
1,895
608,655
Stanley Black & Decker, Inc.(b)
 
8,945
605,129
Xylem, Inc.
 
4,798
693,887
 
 
7,304,432
Industrial REITs-0.15%
Prologis, Inc., REIT
 
5,614
599,463
Insurance Brokers-0.71%
Aon PLC, Class A
 
1,742
619,647
Arthur J. Gallagher & Co.
 
1,956
561,861
Brown & Brown, Inc.
 
5,838
533,418
Marsh & McLennan Cos., Inc.
 
2,803
558,358
Willis Towers Watson PLC
 
2,071
654,042
 
 
2,927,326
Integrated Oil & Gas-0.45%
Chevron Corp.
 
4,205
637,707
Exxon Mobil Corp.
 
5,578
622,728
Occidental Petroleum Corp.
 
13,593
597,276
 
 
1,857,711
 
Shares
Value
Integrated Telecommunication Services-0.44%
AT&T, Inc.
 
21,518
$589,808
T-Mobile US, Inc.
 
2,643
630,118
Verizon Communications, Inc.
 
13,943
596,203
 
 
1,816,129
Interactive Home Entertainment-0.29%
Electronic Arts, Inc.
 
4,128
629,479
Take-Two Interactive Software, Inc.(c)
 
2,607
580,657
 
 
1,210,136
Interactive Media & Services-0.49%
Alphabet, Inc., Class A
 
1,900
364,610
Alphabet, Inc., Class C
 
1,560
300,862
Match Group, Inc.
 
19,335
662,610
Meta Platforms, Inc., Class A
 
887
686,041
 
 
2,014,123
Internet Services & Infrastructure-0.42%
Akamai Technologies, Inc.(c)
 
7,804
595,523
GoDaddy, Inc., Class A(c)
 
3,449
557,290
VeriSign, Inc.
 
2,170
583,448
 
 
1,736,261
Investment Banking & Brokerage-0.66%
Charles Schwab Corp. (The)
 
6,900
674,337
Goldman Sachs Group, Inc. (The)
 
970
701,882
Morgan Stanley
 
4,629
659,447
Raymond James Financial, Inc.
 
4,119
688,409
 
 
2,724,075
IT Consulting & Other Services-0.64%
Accenture PLC, Class A (Ireland)
 
1,902
508,024
Cognizant Technology Solutions Corp.,
Class A
 
7,563
542,721
EPAM Systems, Inc.(c)
 
3,453
544,573
Gartner, Inc.(c)
 
1,473
498,831
International Business Machines Corp.
 
2,160
546,804
 
 
2,640,953
Leisure Products-0.16%
Hasbro, Inc.
 
8,835
664,039
Life & Health Insurance-0.76%
Aflac, Inc.
 
6,010
597,154
Globe Life, Inc.
 
5,084
714,149
MetLife, Inc.
 
7,724
586,638
Principal Financial Group, Inc.
 
7,972
620,461
Prudential Financial, Inc.
 
5,831
603,975
 
 
3,122,377
Life Sciences Tools & Services-1.52%
Agilent Technologies, Inc.
 
5,086
583,924
Bio-Techne Corp.
 
11,831
647,511
Charles River Laboratories International,
Inc.(c)
 
4,028
683,310
Danaher Corp.
 
2,970
585,565
IQVIA Holdings, Inc.(c)
 
3,842
714,074
Mettler-Toledo International, Inc.(c)
 
515
635,345
Revvity, Inc.(b)
 
6,353
558,429
Thermo Fisher Scientific, Inc.
 
1,468
686,554
Waters Corp.(c)
 
1,757
507,351
West Pharmaceutical Services, Inc.
 
2,731
653,419
 
 
6,255,482
Managed Health Care-0.54%
Centene Corp.(c)
 
11,032
287,604
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA)—(continued)
July 31, 2025
(Unaudited)
 
Shares
Value
Managed Health Care-(continued)
Elevance Health, Inc.
 
1,600
$452,928
Humana, Inc.
 
2,636
658,657
Molina Healthcare, Inc.(c)
 
2,079
328,212
UnitedHealth Group, Inc.
 
1,968
491,134
 
 
2,218,535
Metal, Glass & Plastic Containers-0.15%
Ball Corp.
 
11,111
636,216
Movies & Entertainment-0.78%
Live Nation Entertainment, Inc.(b)(c)
 
4,248
627,430
Netflix, Inc.(c)
 
505
585,497
TKO Group Holdings, Inc.
 
3,702
621,973
Walt Disney Co. (The)
 
5,094
606,746
Warner Bros. Discovery, Inc.(c)
 
58,028
764,229
 
 
3,205,875
Multi-Family Residential REITs-0.82%
AvalonBay Communities, Inc.
 
2,947
548,967
Camden Property Trust
 
5,192
566,966
Equity Residential(b)
 
8,798
556,034
Essex Property Trust, Inc.(b)
 
2,129
553,923
Mid-America Apartment Communities, Inc.
 
4,065
578,978
UDR, Inc.
 
14,673
576,502
 
 
3,381,370
Multi-line Insurance-0.14%
American International Group, Inc.
 
7,223
560,721
Multi-Sector Holdings-0.14%
Berkshire Hathaway, Inc., Class B(c)
 
1,241
585,603
Multi-Utilities-1.56%
Ameren Corp.
 
6,364
643,591
CenterPoint Energy, Inc.(b)
 
16,845
653,923
CMS Energy Corp.
 
8,720
643,536
Consolidated Edison, Inc.
 
5,952
616,032
Dominion Energy, Inc.
 
10,982
641,898
DTE Energy Co.
 
4,517
625,198
NiSource, Inc.
 
15,449
655,810
Public Service Enterprise Group, Inc.
 
7,550
677,915
Sempra
 
8,019
654,992
WEC Energy Group, Inc.(b)
 
5,779
630,373
 
 
6,443,268
Office REITs-0.13%
BXP, Inc.(b)
 
8,358
546,864
Oil & Gas Equipment & Services-0.46%
Baker Hughes Co., Class A
 
15,633
704,267
Halliburton Co.
 
27,484
615,641
Schlumberger N.V.
 
17,046
576,155
 
 
1,896,063
Oil & Gas Exploration & Production-1.29%
APA Corp.(b)
 
31,095
599,823
ConocoPhillips
 
6,529
622,475
Coterra Energy, Inc.
 
23,652
576,872
Devon Energy Corp.
 
17,688
587,595
Diamondback Energy, Inc.
 
4,099
609,357
EOG Resources, Inc.
 
5,079
609,582
EQT Corp.
 
11,298
607,267
Expand Energy Corp.
 
5,435
569,479
Texas Pacific Land Corp.(b)
 
551
533,440
 
 
5,315,890
 
Shares
Value
Oil & Gas Refining & Marketing-0.46%
Marathon Petroleum Corp.
 
3,706
$630,724
Phillips 66
 
5,043
623,214
Valero Energy Corp.
 
4,543
623,799
 
 
1,877,737
Oil & Gas Storage & Transportation-0.59%
Kinder Morgan, Inc.
 
21,931
615,384
ONEOK, Inc.
 
7,347
603,262
Targa Resources Corp.
 
3,591
597,578
Williams Cos., Inc. (The)
 
10,339
619,823
 
 
2,436,047
Other Specialized REITs-0.29%
Iron Mountain, Inc.
 
6,032
587,275
VICI Properties, Inc.
 
18,771
611,935
 
 
1,199,210
Other Specialty Retail-0.33%
Tractor Supply Co.(b)
 
11,888
677,022
Ulta Beauty, Inc.(c)
 
1,334
687,023
 
 
1,364,045
Packaged Foods & Meats-1.73%
Campbell’s Co. (The)(b)
 
18,261
582,891
Conagra Brands, Inc.
 
27,257
497,713
General Mills, Inc.(b)
 
11,252
551,123
Hershey Co. (The)
 
3,622
674,163
Hormel Foods Corp.
 
19,720
553,935
J.M. Smucker Co. (The)
 
6,363
683,004
Kellanova
 
7,467
596,091
Kraft Heinz Co. (The)
 
23,086
633,942
Lamb Weston Holdings, Inc.
 
10,928
623,661
McCormick & Co., Inc.(b)
 
8,069
569,913
Mondelez International, Inc., Class A
 
9,117
589,779
Tyson Foods, Inc., Class A
 
11,015
576,084
 
 
7,132,299
Paper & Plastic Packaging Products & Materials-0.74%
Amcor PLC
 
66,581
622,532
Avery Dennison Corp.
 
3,441
577,297
International Paper Co.
 
12,956
605,563
Packaging Corp. of America
 
3,162
612,638
Smurfit WestRock PLC
 
14,059
623,938
 
 
3,041,968
Passenger Airlines-0.46%
Delta Air Lines, Inc.
 
12,397
659,644
Southwest Airlines Co.
 
18,208
563,174
United Airlines Holdings, Inc.(c)
 
7,749
684,314
 
 
1,907,132
Passenger Ground Transportation-0.15%
Uber Technologies, Inc.(c)
 
7,044
618,111
Personal Care Products-0.34%
Estee Lauder Cos., Inc. (The), Class A
 
8,758
817,472
Kenvue, Inc.
 
27,907
598,326
 
 
1,415,798
Pharmaceuticals-0.98%
Bristol-Myers Squibb Co.
 
12,159
526,606
Eli Lilly and Co.
 
762
563,933
Johnson & Johnson
 
3,936
648,417
Merck & Co., Inc.
 
7,589
592,853
Pfizer, Inc.
 
24,911
580,177
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA)—(continued)
July 31, 2025
(Unaudited)
 
Shares
Value
Pharmaceuticals-(continued)
Viatris, Inc.
 
67,914
$593,568
Zoetis, Inc.
 
3,676
535,924
 
 
4,041,478
Property & Casualty Insurance-1.59%
Allstate Corp. (The)
 
3,099
629,872
Arch Capital Group Ltd.
 
6,815
586,499
Assurant, Inc.
 
3,095
579,693
Chubb Ltd.
 
2,133
567,463
Cincinnati Financial Corp.
 
4,147
611,724
Erie Indemnity Co., Class A(b)
 
1,711
609,527
Hartford Insurance Group, Inc. (The)
 
4,904
610,009
Loews Corp.
 
6,921
626,627
Progressive Corp. (The)
 
2,308
558,628
Travelers Cos., Inc. (The)
 
2,343
609,742
W.R. Berkley Corp.
 
8,417
579,174
 
 
6,568,958
Publishing-0.15%
News Corp., Class A
 
16,222
475,629
News Corp., Class B
 
4,792
160,149
 
 
635,778
Rail Transportation-0.47%
CSX Corp.
 
18,867
670,533
Norfolk Southern Corp.
 
2,421
673,038
Union Pacific Corp.
 
2,693
597,765
 
 
1,941,336
Real Estate Services-0.34%
CBRE Group, Inc., Class A(c)
 
4,558
709,863
CoStar Group, Inc.(c)
 
7,453
709,451
 
 
1,419,314
Regional Banks-0.80%
Citizens Financial Group, Inc.
 
14,732
703,011
Huntington Bancshares, Inc.
 
37,905
622,779
M&T Bank Corp.
 
3,307
624,031
Regions Financial Corp.
 
27,338
692,472
Truist Financial Corp.
 
15,147
662,075
 
 
3,304,368
Reinsurance-0.15%
Everest Group Ltd.
 
1,825
612,835
Research & Consulting Services-0.59%
Equifax, Inc.
 
2,247
539,797
Jacobs Solutions, Inc.
 
4,817
683,388
Leidos Holdings, Inc.
 
4,171
665,900
Verisk Analytics, Inc.
 
1,962
546,829
 
 
2,435,914
Restaurants-1.01%
Chipotle Mexican Grill, Inc.(c)
 
11,782
505,212
Darden Restaurants, Inc.
 
2,799
564,474
Domino’s Pizza, Inc.
 
1,359
629,502
DoorDash, Inc., Class A(c)
 
2,798
700,200
McDonald’s Corp.
 
2,016
604,941
Starbucks Corp.
 
6,390
569,733
Yum! Brands, Inc.
 
4,253
613,070
 
 
4,187,132
Retail REITs-0.74%
Federal Realty Investment Trust
 
6,331
583,465
Kimco Realty Corp.
 
29,058
616,901
Realty Income Corp., REIT
 
10,559
592,677
 
Shares
Value
Retail REITs-(continued)
Regency Centers Corp.
 
8,595
$613,683
Simon Property Group, Inc.
 
3,825
626,497
 
 
3,033,223
Self-Storage REITs-0.27%
Extra Space Storage, Inc.
 
4,068
546,577
Public Storage
 
2,026
550,950
 
 
1,097,527
Semiconductor Materials & Equipment-0.74%
Applied Materials, Inc.
 
3,539
637,232
Enphase Energy, Inc.(c)
 
13,461
435,598
KLA Corp.
 
694
610,047
Lam Research Corp.
 
6,708
636,187
Teradyne, Inc.
 
7,029
755,125
 
 
3,074,189
Semiconductors-2.15%
Advanced Micro Devices, Inc.(c)
 
5,036
887,897
Analog Devices, Inc.
 
2,628
590,328
Broadcom, Inc.
 
2,408
707,230
First Solar, Inc.(b)(c)
 
3,626
633,571
Intel Corp.
 
29,487
583,843
Microchip Technology, Inc.
 
8,762
592,224
Micron Technology, Inc.
 
5,265
574,622
Monolithic Power Systems, Inc.
 
839
596,730
NVIDIA Corp.
 
4,267
758,971
NXP Semiconductors N.V. (Netherlands)
 
2,802
598,984
ON Semiconductor Corp.(b)(c)
 
11,784
664,146
QUALCOMM, Inc.
 
3,819
560,476
Skyworks Solutions, Inc.
 
8,374
573,954
Texas Instruments, Inc.
 
3,054
552,957
 
 
8,875,933
Single-Family Residential REITs-0.14%
Invitation Homes, Inc.
 
18,306
561,079
Soft Drinks & Non-alcoholic Beverages-0.58%
Coca-Cola Co. (The)
 
8,467
574,825
Keurig Dr Pepper, Inc.
 
18,565
606,147
Monster Beverage Corp.(c)
 
9,738
572,107
PepsiCo, Inc.
 
4,687
646,431
 
 
2,399,510
Specialty Chemicals-0.99%
Albemarle Corp.(b)
 
9,380
636,433
DuPont de Nemours, Inc.
 
8,785
631,641
Eastman Chemical Co.
 
7,611
552,635
Ecolab, Inc.
 
2,274
595,242
International Flavors & Fragrances, Inc.
 
7,793
553,537
PPG Industries, Inc.
 
5,404
570,122
Sherwin-Williams Co. (The)
 
1,710
565,805
 
 
4,105,415
Steel-0.33%
Nucor Corp.
 
5,202
744,250
Steel Dynamics, Inc.
 
4,694
598,767
 
 
1,343,017
Systems Software-1.09%
CrowdStrike Holdings, Inc., Class A(c)
 
1,287
585,032
Fortinet, Inc.(c)
 
5,949
594,305
Gen Digital, Inc.
 
20,715
610,885
Microsoft Corp.
 
1,297
691,949
Oracle Corp.
 
3,457
877,283
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA)—(continued)
July 31, 2025
(Unaudited)
 
Shares
Value
Systems Software-(continued)
Palo Alto Networks, Inc.(b)(c)
 
3,146
$546,146
ServiceNow, Inc.(c)
 
616
580,962
 
 
4,486,562
Technology Distributors-0.15%
CDW Corp.
 
3,481
607,017
Technology Hardware, Storage & Peripherals-1.39%
Apple, Inc.
 
3,066
636,410
Dell Technologies, Inc., Class C
 
5,476
726,611
Hewlett Packard Enterprise Co.
 
33,471
692,515
HP, Inc.
 
24,570
609,336
NetApp, Inc.
 
5,948
619,365
Seagate Technology Holdings PLC
 
4,815
756,003
Super Micro Computer, Inc.(b)(c)
 
14,107
831,890
Western Digital Corp.(b)
 
10,957
862,206
 
 
5,734,336
Telecom Tower REITs-0.45%
American Tower Corp.
 
2,837
591,202
Crown Castle, Inc.
 
6,106
641,680
SBA Communications Corp., Class A
 
2,705
607,868
 
 
1,840,750
Timber REITs-0.14%
Weyerhaeuser Co.(b)
 
22,291
558,390
Tobacco-0.29%
Altria Group, Inc.
 
10,187
630,983
Philip Morris International, Inc.
 
3,325
545,466
 
 
1,176,449
Trading Companies & Distributors-0.48%
Fastenal Co.
 
14,305
659,890
United Rentals, Inc.
 
839
740,787
W.W. Grainger, Inc.
 
560
582,142
 
 
1,982,819
Transaction & Payment Processing Services-1.27%
Block, Inc., Class A(b)(c)
 
8,505
657,096
Corpay, Inc.(c)
 
1,738
561,461
Fidelity National Information Services, Inc.
 
7,530
597,957
Fiserv, Inc.(c)
 
3,622
503,241
Global Payments, Inc.
 
7,665
612,817
Jack Henry & Associates, Inc.(b)
 
3,402
577,710
Mastercard, Inc., Class A
 
1,038
587,996
PayPal Holdings, Inc.(c)
 
8,183
562,663
Visa, Inc., Class A
 
1,627
562,080
 
 
5,223,021
Water Utilities-0.15%
American Water Works Co., Inc.
 
4,344
609,203
Total Common Stocks & Other Equity Interests
(Cost $294,688,936)
312,812,370
 
 
Principal
Amount
 
Equity Linked Notes-5.12%
 
 
 
Diversified Banks-3.93%
 
 
 
Bank of Montreal (Invesco S&P 500 Equal
Weight ETF), 174.00%, 08/06/2025(e)
 
$1,053,000
1,057,922
BNP Paribas S.A. (Invesco S&P 500 Equal
Weight ETF), 156.89%, 08/22/2025(e)
 
1,083,000
1,092,649
BNP Paribas S.A. (Invesco S&P 500 Equal
Weight ETF), 132.85%, 08/27/2025(e)
 
1,082,000
1,063,699
 
 
Principal
Amount
Value
Diversified Banks-(continued)
 
 
 
BNP Paribas S.A. (Invesco S&P 500 Equal
Weight ETF), 141.44%, 09/03/2025
 
$1,051,000
$1,051,000
Canadian Imperial Bank of Commerce
(Invesco S&P 500 Equal Weight ETF),
172.25%, 08/08/2025(e)
 
1,396,000
1,357,599
Canadian Imperial Bank of Commerce
(Invesco S&P 500 Equal Weight ETF),
173.00%, 08/12/2025(e)
 
907,000
911,426
J.P. Morgan Chase & Co. (Invesco S&P 500
Equal Weight ETF), 167.62%,
08/13/2025(e)
 
977,000
974,699
Mizuho Financial Group, Inc. (Invesco
S&P 500 Equal Weight ETF), 178.00%,
08/15/2025(e)
 
1,082,000
1,090,656
Mizuho Financial Group, Inc. (Invesco
S&P 500 Equal Weight ETF), 160.20%,
08/18/2025(e)
 
1,082,000
1,092,788
Royal Bank of Canada (Invesco S&P 500
Equal Weight ETF), 159.78%,
08/11/2025(e)
 
922,000
919,077
Societe Generale (Invesco S&P 500 Equal
Weight ETF), 161.11%, 08/07/2025(e)
 
1,056,000
1,044,646
Societe Generale (Invesco S&P 500 Equal
Weight ETF), 153.57%, 08/19/2025(e)
 
938,000
947,464
Societe Generale (Invesco S&P 500 Equal
Weight ETF), 152.00%, 08/20/2025(e)
 
938,000
947,210
Societe Generale (Invesco S&P 500 Equal
Weight ETF), 135.25%, 08/26/2025(e)
 
1,298,000
1,289,002
UBS AG (Invesco S&P 500 Equal Weight ETF),
162.75%, 08/29/2025
 
1,393,000
1,384,464
 
 
16,224,301
Investment Banking & Brokerage-1.19%
 
 
 
Goldman Sachs Group, Inc. (The) (Invesco
S&P 500 Equal Weight ETF), 178.85%,
08/14/2025(e)
 
653,000
659,183
Goldman Sachs Group, Inc. (The) (Invesco
S&P 500 Equal Weight ETF), 155.05%,
08/21/2025(e)
 
730,000
734,933
Goldman Sachs Group, Inc. (The) (Invesco
S&P 500 Equal Weight ETF), 136.10%,
08/28/2025(e)
 
1,458,000
1,438,251
Nomura Holdings, Inc. (Invesco S&P 500
Equal Weight ETF), 143.70%,
08/25/2025(e)
 
979,000
972,125
Nomura Holdings, Inc. (Invesco S&P 500
Equal Weight ETF), 141.00%,
09/02/2025(e)
 
1,104,000
1,092,608
 
 
4,897,100
Total Equity Linked Notes
(Cost $21,182,000)
21,121,401
 
Shares
 
Money Market Funds-19.51%
Invesco Premier U.S. Government Money
Portfolio, Institutional Class, 4.24%(d)(f)
(Cost $80,490,291)
 
80,490,291
80,490,291
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-100.44%
(Cost $396,361,227)
414,424,062
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA)—(continued)
July 31, 2025
(Unaudited)
 
Shares
Value
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-6.08%
Invesco Private Government Fund,
4.32%(d)(f)(g)
 
6,964,668
$6,964,668
Invesco Private Prime Fund, 4.46%(d)(f)(g)
 
18,129,595
18,133,221
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $25,097,969)
25,097,889
TOTAL INVESTMENTS IN SECURITIES-106.52%
(Cost $421,459,196)
439,521,951
OTHER ASSETS LESS LIABILITIES-(6.52)%
(26,885,740
)
NET ASSETS-100.00%
$412,636,211
 
Investment Abbreviations:
ETF
-Exchange-Traded Fund
REIT
-Real Estate Investment Trust
 
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
All or a portion of this security was out on loan at July 31, 2025.
(c)
Non-income producing security.
(d)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the nine months ended July 31, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
July 31, 2025
Dividend Income
Invesco Ltd.
$439,777
$351,472
$(112,624
)
$173,395
$(1,829
)
$850,191
$16,569
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
50,749,067
30,838,256
(81,587,323
)
-
-
-
899,892
Invesco Premier
U.S. Government Money
Portfolio, Institutional Class
-
108,176,245
(27,685,954
)
-
-
80,490,291
844,733
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
1,891,489
51,177,515
(46,104,336
)
-
-
6,964,668
153,168
*
Invesco Private Prime Fund
4,915,419
107,291,472
(94,072,241
)
103
(1,532
)
18,133,221
403,382
*
Total
$57,995,752
$297,834,960
$(249,562,478
)
$173,498
$(3,361
)
$106,438,371
$2,317,744
 
*
Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from
borrowers, if any.
 
(e)
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, 2025 was $18,685,937, which represented 4.53% of the Fund’s Net Assets.
(f)
The rate shown is the 7-day SEC standardized yield as of July 31, 2025.
(g)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco Short Duration Total Return Bond ETF (GTOS)
July 31, 2025
(Unaudited)
 
 
Principal
Amount
Value
U.S. Dollar Denominated Bonds & Notes-72.88%
Advertising-0.14%
Lamar Media Corp., 4.88%, 01/15/2029
$
14,000
$13,761
Aerospace & Defense-1.14%
Boeing Co. (The)
 
6.26% 05/01/2027
 
9,000
9,234
6.30% 05/01/2029
 
10,000
10,562
L3Harris Technologies, Inc., 5.40%, 01/15/2027
 
12,000
12,151
Lockheed Martin Corp., 4.15%, 08/15/2028
 
12,000
11,972
RTX Corp.
 
5.00% 02/27/2026
 
9,000
9,018
5.75% 11/08/2026
 
18,000
18,270
TransDigm, Inc.
 
6.75% 08/15/2028(b)
 
12,000
12,259
6.38% 03/01/2029(b)
 
29,000
29,716
 
 
113,182
Agricultural & Farm Machinery-0.63%
AGCO Corp., 5.45%, 03/21/2027
 
2,000
2,016
CNH Industrial Capital LLC
 
5.45% 10/14/2025
 
24,000
24,038
4.75% 03/21/2028
 
8,000
8,042
John Deere Capital Corp., 4.38%, 10/15/2030
 
29,000
28,901
 
 
62,997
Apparel Retail-0.04%
Gap, Inc. (The), 3.63%, 10/01/2029(b)
 
4,000
3,696
Application Software-0.66%
Intuit, Inc.
 
5.25% 09/15/2026
 
9,000
9,086
5.13% 09/15/2028
 
24,000
24,639
Roper Technologies, Inc., 4.50%, 10/15/2029
 
12,000
11,969
SS&C Technologies, Inc., 5.50%, 09/30/2027(b)
 
9,000
9,009
Synopsys, Inc., 4.85%, 04/01/2030
 
11,000
11,128
 
 
65,831
Asset Management & Custody Banks-0.58%
Bank of New York Mellon Corp. (The)
 
4.44% 06/09/2028(c)
 
10,000
10,022
5.03% (SOFR + 0.68%), 06/09/2028(d)
 
20,000
20,099
4.98% 03/14/2030(c)(e)
 
4,000
4,085
Blackstone Secured Lending Fund, 5.88%,
11/15/2027
 
8,000
8,141
Golub Capital Private Credit Fund, 5.45%,
08/15/2028(b)
 
4,000
3,986
New Mountain Finance Corp., 6.20%,
10/15/2027
 
11,000
11,138
 
 
57,471
Automobile Manufacturers-5.68%
Allison Transmission, Inc., 4.75%,
10/01/2027(b)
 
31,000
30,708
American Honda Finance Corp., 5.80%,
10/03/2025(e)
 
29,000
29,053
Daimler Truck Finance North America LLC
(Germany), 4.95%, 01/13/2028(b)
 
35,000
35,296
Ford Motor Credit Co. LLC
 
7.30% (SOFR + 2.95%), 03/06/2026(d)(e)
 
200,000
202,066
5.85% 05/17/2027
 
50,000
50,362
Honda Motor Co. Ltd. (Japan)
 
4.44% 07/08/2028
 
50,000
49,932
4.69% 07/08/2030
 
64,000
64,063
 
Principal
Amount
Value
Automobile Manufacturers-(continued)
Hyundai Capital America
 
5.50% 03/30/2026(b)
$
9,000
$9,052
5.65% 06/26/2026(b)(e)
 
11,000
11,100
5.30% 03/19/2027(b)
 
9,000
9,089
4.88% 06/23/2027(b)
 
31,000
31,110
5.00% 01/07/2028(b)
 
20,000
20,135
5.30% 01/08/2030(b)
 
8,000
8,169
Toyota Motor Credit Corp.
 
4.55% 08/07/2026
 
8,000
8,012
4.55% 08/09/2029
 
8,000
8,055
 
 
566,202
Automotive Parts & Equipment-0.13%
PHINIA, Inc., 6.75%, 04/15/2029(b)
 
13,000
13,394
Automotive Retail-0.82%
Advance Auto Parts, Inc., 5.90%, 03/09/2026
 
30,000
30,174
Asbury Automotive Group, Inc., 4.50%,
03/01/2028
 
31,000
30,537
Group 1 Automotive, Inc., 4.00%,
08/15/2028(b)(e)
 
12,000
11,578
O’Reilly Automotive, Inc., 5.75%, 11/20/2026
 
9,000
9,134
 
 
81,423
Biotechnology-0.19%
AbbVie, Inc.
 
4.80% 03/15/2027
 
11,000
11,075
4.80% 03/15/2029
 
8,000
8,129
 
 
19,204
Cable & Satellite-0.92%
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.50%, 05/01/2026(b)
 
80,000
79,917
Charter Communications Operating LLC/Charter
Communications Operating Capital Corp.,
6.15%, 11/10/2026
 
12,000
12,176
 
 
92,093
Cargo Ground Transportation-0.53%
Penske Truck Leasing Co. L.P./PTL Finance Corp.
 
5.75% 05/24/2026(b)
 
12,000
12,087
5.35% 01/12/2027(b)
 
3,000
3,026
4.40% 07/01/2027(b)
 
13,000
12,951
6.05% 08/01/2028(b)
 
8,000
8,312
Ryder System, Inc.
 
5.30% 03/15/2027
 
9,000
9,104
4.90% 12/01/2029
 
7,000
7,086
 
 
52,566
Commercial & Residential Mortgage Finance-0.04%
Rocket Cos., Inc., 6.13%, 08/01/2030(b)
 
4,000
4,058
Construction Machinery & Heavy Transportation Equipment-0.48%
Caterpillar Financial Services Corp., 5.15%,
08/11/2025
 
22,000
22,005
Cummins, Inc., 4.25%, 05/09/2028
 
10,000
10,015
Westinghouse Air Brake Technologies Corp.,
4.90%, 05/29/2030
 
16,000
16,208
 
 
48,228
Construction Materials-0.25%
JH North America Holdings, Inc., 5.88%,
01/31/2031(b)
 
25,000
25,101
See accompanying notes which are an integral part of this schedule.
Invesco Short Duration Total Return Bond ETF (GTOS)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Consumer Finance-1.38%
American Express Co.
 
5.65% 04/23/2027(c)
$
12,000
$12,089
4.73% 04/25/2029(c)
 
30,000
30,268
5.62% (SOFR + 1.26%), 04/25/2029(d)(e)
 
25,000
25,375
4.35% 07/20/2029(c)
 
18,000
17,967
5.16% (SOFR + 0.81%), 07/20/2029(d)
 
27,000
27,043
Capital One Financial Corp., 7.15%,
10/29/2027(c)
 
8,000
8,242
General Motors Financial Co., Inc., 5.40%,
04/06/2026
 
14,000
14,067
Synchrony Financial, 5.02%, 07/29/2029(c)
 
2,000
1,999
 
 
137,050
Consumer Staples Merchandise Retail-0.20%
Walmart, Inc., 4.79% (SOFR + 0.43%),
04/28/2027(d)
 
20,000
20,087
Distributors-0.10%
Genuine Parts Co., 6.50%, 11/01/2028
 
9,000
9,523
Diversified Banks-18.00%
Bank of America Corp.
 
4.62% 05/09/2029(c)
 
10,000
10,044
5.45% (SOFR + 1.11%), 05/09/2029(d)
 
30,000
30,242
5.82% 09/15/2029(c)
 
9,000
9,352
Bank of America N.A., 5.53%, 08/18/2026
 
68,000
68,729
Bank of Montreal (Canada), 5.92%, 09/25/2025
 
36,000
36,072
Barclays PLC (United Kingdom), 7.33%,
11/02/2026(c)
 
200,000
201,202
Citigroup, Inc.
 
5.61% 09/29/2026(c)
 
60,000
60,075
4.64% 05/07/2028(c)
 
39,000
39,048
5.49% (SOFR + 1.14%), 05/07/2028(d)
 
20,000
20,149
4.79% 03/04/2029(c)
 
40,000
40,217
4.54% 09/19/2030(c)
 
15,000
14,943
5.81% (SOFR + 1.46%), 05/07/2031(d)
 
22,000
22,247
Fifth Third Bancorp, 6.34%, 07/27/2029(c)
 
4,000
4,205
Goldman Sachs Bank USA, 5.28%,
03/18/2027(c)
 
40,000
40,150
JPMorgan Chase & Co.
 
6.07% 10/22/2027(c)
 
13,000
13,238
5.04% 01/23/2028(c)
 
9,000
9,073
5.57% 04/22/2028(c)
 
10,000
10,179
4.98% 07/22/2028(c)
 
37,000
37,366
4.51% 10/22/2028(c)
 
19,000
19,025
6.09% 10/23/2029(c)
 
9,000
9,429
Series CC, 7.14% (3 mo. Term SOFR +
2.84%)(d)(e)(f)
 
60,000
60,844
Macquarie Bank Ltd. (Australia), 5.39%,
12/07/2026(b)
 
11,000
11,166
Manufacturers & Traders Trust Co., 4.65%,
01/27/2026
 
100,000
100,007
Morgan Stanley Bank N.A., 5.88%, 10/30/2026
 
250,000
254,602
NatWest Group PLC (United Kingdom), 7.47%,
11/10/2026(c)
 
200,000
201,434
PNC Financial Services Group, Inc. (The), 6.62%,
10/20/2027(c)
 
9,000
9,214
Royal Bank of Canada (Canada), 4.88%,
01/19/2027
 
9,000
9,074
Toronto-Dominion Bank (The) (Canada), 4.98%
(SOFR + 0.62%), 12/17/2026(d)
 
54,000
54,188
U.S. Bancorp, 6.79%, 10/26/2027(c)
 
40,000
41,059
UBS AG (Switzerland), 5.80%, 09/11/2025
 
200,000
200,239
 
Principal
Amount
Value
Diversified Banks-(continued)
Wells Fargo & Co.
 
5.71% 04/22/2028(c)
$
9,000
$9,178
4.97% 04/23/2029(c)
 
20,000
20,238
5.72% (SOFR + 1.37%), 04/23/2029(d)(e)
 
12,000
12,175
5.57% 07/25/2029(c)
 
12,000
12,358
6.30% 10/23/2029(c)
 
12,000
12,630
7.63% (c)(e)(f)
 
12,000
12,803
Wells Fargo Bank N.A., 5.45%, 08/07/2026
 
28,000
28,266
Westpac Banking Corp. (Australia)
 
4.81% (SOFR + 0.46%), 10/20/2026(d)
 
36,000
36,058
5.18% (SOFR + 0.82%), 07/01/2030(d)(e)
 
13,000
13,095
 
 
1,793,613
Diversified Financial Services-4.34%
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust (Ireland), 6.10%, 01/15/2027
 
150,000
152,890
Eagle Funding LuxCo S.a.r.l. (Mexico), 5.50%,
08/17/2030(b)
 
250,000
251,438
LPL Holdings, Inc.
 
5.70% 05/20/2027
 
9,000
9,151
6.75% 11/17/2028
 
8,000
8,497
Macquarie Airfinance Holdings Ltd. (United
Kingdom), 5.15%, 03/17/2030(b)
 
10,000
10,002
 
 
431,978
Diversified Metals & Mining-0.53%
BHP Billiton Finance (USA) Ltd. (Australia),
5.25%, 09/08/2026
 
20,000
20,193
Glencore Funding LLC (Australia)
 
4.91% 04/01/2028(b)
 
4,000
4,039
5.37% 04/04/2029(b)
 
10,000
10,244
Rio Tinto Finance (USA) PLC (Australia)
 
4.38% 03/12/2027
 
12,000
12,038
4.50% 03/14/2028
 
6,000
6,030
 
 
52,544
Diversified Support Services-0.62%
Element Fleet Management Corp. (Canada),
5.04%, 03/25/2030(b)
 
49,000
49,444
RB Global Holdings, Inc. (Canada), 6.75%,
03/15/2028(b)
 
12,000
12,299
 
 
61,743
Electric Utilities-4.09%
Duke Energy Corp.
 
5.00% 12/08/2025
 
42,000
42,059
4.85% 01/05/2027
 
11,000
11,077
4.85% 01/05/2029
 
4,000
4,048
Exelon Corp.
 
5.15% 03/15/2029
 
8,000
8,184
5.13% 03/15/2031
 
11,000
11,230
FirstEnergy Transmission LLC, 4.55%,
01/15/2030
 
12,000
11,983
National Rural Utilities Cooperative Finance Corp.
 
5.60% 11/13/2026
 
10,000
10,135
5.15% (SOFR + 0.80%), 02/05/2027(d)
 
45,000
45,182
4.12% 09/16/2027
 
18,000
17,945
4.85% 02/07/2029
 
9,000
9,147
NextEra Energy Capital Holdings, Inc.
 
5.75% 09/01/2025
 
38,000
38,024
4.95% 01/29/2026
 
26,000
26,042
4.69% 09/01/2027
 
24,000
24,125
See accompanying notes which are an integral part of this schedule.
Invesco Short Duration Total Return Bond ETF (GTOS)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Electric Utilities-(continued)
Niagara Mohawk Power Corp., 4.65%,
10/03/2030(b)
$
46,000
$45,703
Oncor Electric Delivery Co. LLC, 4.65%,
11/01/2029
 
9,000
9,085
PacifiCorp, 5.10%, 02/15/2029
 
8,000
8,138
Public Service Co. of New Hampshire, 4.40%,
07/01/2028
 
19,000
19,053
Vistra Operations Co. LLC
 
5.05% 12/30/2026(b)
 
8,000
8,020
5.63% 02/15/2027(b)
 
25,000
24,987
Wisconsin Public Service Corp., 5.35%,
11/10/2025
 
30,000
30,030
Xcel Energy, Inc., 4.75%, 03/21/2028
 
3,000
3,019
 
 
407,216
Electrical Components & Equipment-0.82%
EnerSys, 4.38%, 12/15/2027(b)
 
5,000
4,917
Regal Rexnord Corp., 6.05%, 02/15/2026
 
47,000
46,979
Vertiv Group Corp., 4.13%, 11/15/2028(b)
 
31,000
30,177
 
 
82,073
Electronic Equipment & Instruments-0.11%
Keysight Technologies, Inc., 5.35%, 07/30/2030
 
11,000
11,317
Environmental & Facilities Services-0.46%
Veralto Corp.
 
5.50% 09/18/2026
 
36,000
36,325
5.35% 09/18/2028
 
9,000
9,234
 
 
45,559
Food Distributors-0.98%
Bunge Ltd. Finance Corp., 4.55%, 08/04/2030
 
98,000
97,838
Health Care Distributors-0.44%
McKesson Corp., 4.65%, 05/30/2030(e)
 
44,000
44,272
Health Care Equipment-0.70%
GE HealthCare Technologies, Inc., 4.80%,
01/15/2031
 
7,000
7,038
Smith & Nephew PLC (United Kingdom), 5.15%,
03/20/2027
 
7,000
7,074
Stryker Corp.
 
4.55% 02/10/2027
 
24,000
24,082
4.70% 02/10/2028
 
31,000
31,295
 
 
69,489
Health Care REITs-0.12%
Omega Healthcare Investors, Inc., 5.20%,
07/01/2030
 
12,000
12,044
Health Care Services-0.75%
CVS Health Corp., 7.00%, 03/10/2055(c)
 
57,000
58,786
HCA, Inc., 5.00%, 03/01/2028
 
16,000
16,180
 
 
74,966
Health Care Supplies-0.59%
Solventum Corp.
 
5.45% 02/25/2027
 
8,000
8,126
5.40% 03/01/2029
 
49,000
50,424
 
 
58,550
Hotels, Resorts & Cruise Lines-0.87%
Carnival Corp., 5.75%, 03/15/2030(b)
 
22,000
22,329
Hilton Domestic Operating Co., Inc.
 
5.75% 05/01/2028(b)
 
16,000
16,006
5.88% 04/01/2029(b)
 
15,000
15,264
 
Principal
Amount
Value
Hotels, Resorts & Cruise Lines-(continued)
Marriott International, Inc.
 
4.88% 05/15/2029
$
4,000
$4,049
4.80% 03/15/2030
 
8,000
8,055
Royal Caribbean Cruises Ltd., 5.50%,
04/01/2028(b)
 
21,000
21,249
 
 
86,952
Housewares & Specialties-0.05%
Newell Brands, Inc., 6.38%, 05/15/2030
 
5,000
4,858
Independent Power Producers & Energy Traders-0.11%
Clearway Energy Operating LLC, 4.75%,
03/15/2028(b)
 
11,000
10,823
Industrial Machinery & Supplies & Components-0.33%
ESAB Corp., 6.25%, 04/15/2029(b)
 
14,000
14,322
Ingersoll Rand, Inc., 5.20%, 06/15/2027
 
9,000
9,115
Nordson Corp., 5.60%, 09/15/2028
 
9,000
9,254
 
 
32,691
Industrial REITs-0.06%
LXP Industrial Trust, 6.75%, 11/15/2028
 
6,000
6,335
Insurance Brokers-0.11%
Arthur J. Gallagher & Co., 4.60%, 12/15/2027
 
11,000
11,042
Integrated Oil & Gas-1.20%
Chevron USA, Inc., 4.71% (SOFR + 0.36%),
02/26/2027(d)(e)
 
56,000
56,106
Occidental Petroleum Corp.
 
5.00% 08/01/2027
 
9,000
9,072
5.20% 08/01/2029
 
3,000
3,010
Petroleos Mexicanos (Mexico), 6.88%,
10/16/2025(e)
 
51,000
51,084
 
 
119,272
Integrated Telecommunication Services-0.31%
TELUS Corp. (Canada), 6.63%, 10/15/2055(c)
 
21,000
21,275
T-Mobile USA, Inc., 4.95%, 03/15/2028
 
9,000
9,113
 
 
30,388
Interactive Media & Services-0.35%
Match Group Holdings II LLC, 5.00%,
12/15/2027(b)
 
13,000
12,911
WarnerMedia Holdings, Inc., 4.05%, 03/15/2029
 
23,000
21,611
 
 
34,522
Investment Banking & Brokerage-1.20%
Charles Schwab Corp. (The), 5.88%,
08/24/2026
 
36,000
36,495
Goldman Sachs Group, Inc. (The)
 
4.94% 04/23/2028(c)
 
32,000
32,201
5.64% (SOFR + 1.29%), 04/23/2028(d)
 
33,000
33,300
Morgan Stanley
 
5.65% 04/13/2028(c)
 
9,000
9,171
5.45% 07/20/2029(c)(e)
 
8,000
8,213
 
 
119,380
Leisure Facilities-0.16%
Vail Resorts, Inc., 5.63%, 07/15/2030(b)
 
16,000
16,098
Life & Health Insurance-4.49%
Athene Global Funding
 
5.62% 05/08/2026(b)
 
25,000
25,211
4.86% 08/27/2026(b)
 
28,000
28,105
5.52% 03/25/2027(b)
 
9,000
9,129
See accompanying notes which are an integral part of this schedule.
Invesco Short Duration Total Return Bond ETF (GTOS)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Life & Health Insurance-(continued)
Corebridge Global Funding
 
5.66% (SOFR + 1.30%), 09/25/2026(b)(d)
$
11,000
$11,078
4.65% 08/20/2027(b)
 
12,000
12,057
5.90% 09/19/2028(b)
 
9,000
9,346
5.20% 06/24/2029(b)
 
8,000
8,159
Lincoln Financial Global Funding, 4.63%,
05/28/2028(b)
 
34,000
34,088
New York Life Global Funding
 
4.15% 07/25/2028(b)
 
49,000
48,879
5.02% (SOFR + 0.66%), 07/25/2028(b)(d)
 
49,000
49,119
Pacific Life Global Funding II
 
5.41% (SOFR + 1.05%), 07/28/2026(b)(d)
 
11,000
11,078
5.50% 08/28/2026(b)
 
22,000
22,248
4.50% 08/28/2029(b)
 
28,000
28,074
Protective Life Global Funding, 5.37%,
01/06/2026(b)
 
150,000
150,474
 
 
447,045
Managed Health Care-0.32%
Elevance Health, Inc., 5.35%, 10/15/2025
 
29,000
29,021
UnitedHealth Group, Inc., 4.75%, 07/15/2026
 
3,000
3,010
 
 
32,031
Metal, Glass & Plastic Containers-0.09%
Ball Corp., 6.88%, 03/15/2028
 
9,000
9,194
Multi-Family Residential REITs-0.40%
Camden Property Trust, 5.85%, 11/03/2026
 
39,000
39,590
Multi-Utilities-0.52%
Algonquin Power & Utilities Corp. (Canada),
5.37%, 06/15/2026
 
16,000
16,087
DTE Energy Co., 4.95%, 07/01/2027
 
7,000
7,065
Sempra, 6.63%, 04/01/2055(c)
 
29,000
28,546
 
 
51,698
Office REITs-0.06%
Brandywine Operating Partnership L.P., 8.88%,
04/12/2029
 
6,000
6,439
Oil & Gas Exploration & Production-1.59%
Diamondback Energy, Inc.
 
5.20% 04/18/2027
 
8,000
8,080
5.15% 01/30/2030
 
22,000
22,409
EOG Resources, Inc., 4.40%, 07/15/2028
 
12,000
12,039
EQT Corp., 6.50%, 07/01/2027(b)
 
47,000
47,979
Hilcorp Energy I L.P./Hilcorp Finance Co., 5.75%,
02/01/2029(b)
 
14,000
13,764
Pioneer Natural Resources Co., 5.10%,
03/29/2026
 
8,000
8,031
Transocean Titan Financing Ltd., 8.38%,
02/01/2028(b)
 
45,238
46,404
 
 
158,706
Oil & Gas Storage & Transportation-2.10%
Columbia Pipelines Holding Co. LLC, 6.06%,
08/15/2026(b)
 
5,000
5,054
Energy Transfer L.P., 6.05%, 12/01/2026
 
56,000
56,984
Enterprise Products Operating LLC, 4.30%,
06/20/2028
 
31,000
30,979
Kinder Morgan, Inc., 5.10%, 08/01/2029
 
11,000
11,202
ONEOK, Inc.
 
5.85% 01/15/2026
 
26,000
26,135
5.55% 11/01/2026
 
6,000
6,065
 
Principal
Amount
Value
Oil & Gas Storage & Transportation-(continued)
Plains All American Pipeline L.P., Series B, 8.70%
(3 mo. Term SOFR + 4.37%)(d)(f)
$
24,000
$24,073
South Bow USA Infrastructure Holdings LLC
(Canada)
 
4.91% 09/01/2027(b)
 
20,000
20,073
5.03% 10/01/2029(b)
 
12,000
11,994
Williams Cos., Inc. (The), 4.80%, 11/15/2029
 
17,000
17,139
 
 
209,698
Packaged Foods & Meats-0.94%
Campbell’s Co. (The), 5.30%, 03/20/2026
 
8,000
8,033
Mars, Inc.
 
4.45% 03/01/2027(b)
 
35,000
35,061
4.60% 03/01/2028(b)
 
39,000
39,226
4.80% 03/01/2030(b)
 
11,000
11,113
 
 
93,433
Paper & Plastic Packaging Products & Materials-0.36%
Sealed Air Corp.
 
6.13% 02/01/2028(b)
 
16,000
16,163
7.25% 02/15/2031(b)
 
19,000
19,772
 
 
35,935
Passenger Airlines-0.87%
Delta Air Lines, Inc.
 
4.95% 07/10/2028(e)
 
50,000
50,253
5.25% 07/10/2030
 
33,000
33,333
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%,
10/20/2025(b)
 
3,115
3,108
 
 
86,694
Personal Care Products-0.22%
Coty, Inc./HFC Prestige Products, Inc./HFC
Prestige International US LLC, 4.75%,
01/15/2029(b)
 
15,000
14,729
Kenvue, Inc., 5.35%, 03/22/2026
 
7,000
7,032
 
 
21,761
Pharmaceuticals-0.89%
AstraZeneca Finance LLC (United Kingdom)
 
4.80% 02/26/2027
 
10,000
10,091
4.85% 02/26/2029
 
24,000
24,439
Bristol-Myers Squibb Co., 4.95%, 02/20/2026
 
10,000
10,033
Johnson & Johnson, 4.70%, 03/01/2030
 
9,000
9,181
Novartis Capital Corp., 3.80%, 09/18/2029
 
9,000
8,885
Zoetis, Inc., 5.40%, 11/14/2025
 
26,000
26,039
 
 
88,668
Regional Banks-0.27%
Santander Holdings USA, Inc., 6.12%,
05/31/2027(c)
 
10,000
10,104
Synovus Financial Corp., 5.20%, 08/11/2025
 
17,000
16,997
 
 
27,101
Restaurants-0.88%
Raising Cane’s Restaurants LLC, 9.38%,
05/01/2029(b)
 
83,000
87,678
Retail REITs-0.10%
Realty Income Corp., 5.05%, 01/13/2026
 
10,000
9,996
Self-Storage REITs-0.37%
Public Storage Operating Co., 5.05% (SOFR +
0.70%), 04/16/2027(d)
 
37,000
37,079
See accompanying notes which are an integral part of this schedule.
Invesco Short Duration Total Return Bond ETF (GTOS)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Semiconductors-0.68%
Broadcom, Inc.
 
5.05% 07/12/2027
$
11,000
$11,134
4.15% 02/15/2028
 
18,000
17,911
4.60% 07/15/2030
 
39,000
39,024
 
 
68,069
Soft Drinks & Non-alcoholic Beverages-0.96%
Keurig Dr Pepper, Inc., 4.93% (SOFR + 0.58%),
11/15/2026(d)
 
42,000
42,107
PepsiCo, Inc.
 
4.10% 01/15/2029
 
17,000
16,922
4.30% 07/23/2030
 
37,000
36,844
 
 
95,873
Sovereign Debt-1.78%
Romanian Government International Bond
(Romania)
 
6.63% 02/17/2028(b)
 
128,000
132,718
5.88% 01/30/2029(b)
 
44,000
44,731
 
 
177,449
Specialty Chemicals-0.94%
Sherwin-Williams Co. (The)
 
4.30% 08/15/2028
 
62,000
61,903
4.50% 08/15/2030(e)
 
18,000
17,943
Wayfair LLC, 7.25%, 10/31/2029(b)
 
14,000
14,280
 
 
94,126
Steel-0.31%
Cleveland-Cliffs, Inc., 6.88%, 11/01/2029(b)
 
31,000
31,043
Systems Software-1.07%
CrowdStrike Holdings, Inc., 3.00%, 02/15/2029
 
14,000
13,116
Oracle Corp., 5.80%, 11/10/2025
 
93,000
93,305
 
 
106,421
Telecom Tower REITs-0.31%
SBA Communications Corp., 3.88%,
02/15/2027
 
31,000
30,485
Tobacco-0.17%
Altria Group, Inc., 4.88%, 02/04/2028
 
9,000
9,086
Philip Morris International, Inc.
 
4.38% 11/01/2027
 
5,000
5,005
5.25% 09/07/2028
 
3,000
3,074
 
 
17,165
Trading Companies & Distributors-0.04%
Air Lease Corp., Series B, 4.65%(c)(f)
 
4,000
3,961
Transaction & Payment Processing Services-0.94%
Block, Inc., 2.75%, 06/01/2026
 
31,000
30,420
Fiserv, Inc., 5.15%, 03/15/2027
 
63,000
63,637
 
 
94,057
Total U.S. Dollar Denominated Bonds & Notes
(Cost $7,200,009)
7,262,825
 
Asset-Backed Securities-23.13%
ALA Trust, Series 2025-OANA, Class B, 6.18% (1
mo. Term SOFR + 1.84%), 06/15/2040(b)(d)
 
50,000
50,371
Angel Oak Mortgage Trust, Series 2024-2,
Class A1, 5.99%, 01/25/2069(b)
 
38,021
38,149
Avis Budget Rental Car Funding (AESOP) LLC
 
Series 2022-3A, Class A, 4.62%,
02/20/2027(b)
 
100,000
99,983
 
Principal
Amount
Value
 
Series 2023-2A, Class A, 5.20%,
10/20/2027(b)
$
100,000
$100,554
Series 2023-4A, Class A, 5.49%,
06/20/2029(b)
 
100,000
102,391
BX Trust
 
Series 2025-VLT6, Class A, 5.79% (1 mo.
Term SOFR + 1.44%), 03/15/2042(b)(d)
 
40,000
40,035
Series 2025-VLT6, Class B, 6.24% (1 mo.
Term SOFR + 1.89%), 03/15/2042(b)(d)
 
15,000
15,020
COLT 2025-8 Mortgage Loan Trust, Series 2025-
8, Class A1, 5.48%, 08/25/2070(b)
 
100,000
100,025
Cross Mortgage Trust, Series 2024-H8, Class A1,
5.55%, 12/25/2069(b)(g)
 
93,020
93,179
Extended Stay America Trust, Series 2021-ESH,
Class B, 5.84% (1 mo. Term SOFR + 1.49%),
07/15/2038(b)(d)
 
85,773
85,912
Frontier Issuer LLC, Series 2023-1, Class A2,
6.60%, 08/20/2053(b)
 
25,000
25,328
GCAT Trust
 
Series 2024-INV1, Class 2A2, 6.50%,
01/25/2054(b)(g)
 
61,739
62,882
Series 2025-NQM2, Class A1, 5.60%,
04/25/2070(b)
 
101,986
102,265
IP Mortgage Trust, Series 2025-IP, Class A,
5.25%, 06/10/2042(b)(g)
 
50,000
50,420
MILE Trust 2025-STNE
 
Series 2025-STNE, Class B, 6.04% (1 mo.
Term SOFR + 1.70%), 07/15/2042(b)(d)
 
100,000
100,214
Series 2025-STNE, Class C, 6.44% (1 mo.
Term SOFR + 2.10%), 07/15/2042(b)(d)
 
100,000
100,254
Morgan Stanley Residential Mortgage Loan Trust,
Series 2025-NQM1, Class A1, 5.74%,
11/25/2069(b)(g)
 
91,300
91,574
New Residential Mortgage Loan Trust,
Series 2025-NQM2, Class A1, 5.57%,
04/25/2065(b)
 
94,450
94,844
OBX Trust, Series 2023-NQM1, Class A1, 6.12%,
11/25/2062(b)(g)
 
66,540
66,502
PRKCM Trust, Series 2023-AFC4, Class A1,
7.23%, 11/25/2058(b)
 
69,913
70,842
Qdoba Funding LLC, Series 2023-1A, Class A2,
8.50%, 09/14/2053(b)
 
28,928
30,092
Sonic Capital LLC, Series 2020-1A, Class A2I,
3.85%, 01/20/2050(b)
 
23,771
23,259
Subway Funding LLC
 
Series 2024-1A, Class A2I, 6.03%,
07/30/2054(b)
 
36,723
37,256
Series 2024-3A, Class A2I, 5.25%,
07/30/2054(b)
 
24,813
24,483
Synchrony Card Funding LLC, Series 2024-A2,
Class A, 4.93%, 07/15/2030
 
10,000
10,116
TierPoint Issuer LLC
 
Series 2023-1A, Class A2, 6.00%,
06/25/2053(b)
 
4,667
4,666
Series 2025-1A, Class A2, 6.15%,
04/26/2055(b)
 
25,000
25,200
UBS Commercial Mortgage Trust, Series 2017-
C6, Class AS, 3.93%, 12/15/2050(g)
 
50,000
47,516
VDCM Commercial Mortgage Trust
 
Series 2025-AZ, Class A, 5.23%,
07/13/2044(b)(g)
 
110,000
109,870
See accompanying notes which are an integral part of this schedule.
Invesco Short Duration Total Return Bond ETF (GTOS)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
 
Series 2025-AZ, Class B, 5.48%,
07/13/2044(b)(g)
$
105,000
$104,686
Series 2025-AZ, Class D, 6.43%,
07/13/2044(b)(g)
 
235,000
235,479
Verus Securitization Trust, Series 2021-R3,
Class A1, 1.02%, 04/25/2064(b)(g)
 
56,697
53,696
WEST Trust 2025-ROSE, Series 2025-ROSE,
Class A, 5.28%, 04/10/2035(b)(g)
 
50,000
50,733
Ziply Fiber Issuer LLC, Series 2024-1A, Class A2,
6.64%, 04/20/2054(b)
 
56,000
57,312
Total Asset-Backed Securities
(Cost $2,285,643)
2,305,108
U.S. Treasury Securities-3.56%
U.S. Treasury Bills-0.34%(h)
4.11%, 05/14/2026(i)
 
35,000
33,888
U.S. Treasury Notes-3.22%
3.75%, 06/30/2027
 
156,700
156,124
3.88%, 07/15/2028
 
81,500
81,478
3.88%, 06/30/2030
 
83,800
83,512
 
 
321,114
Total U.S. Treasury Securities
(Cost $355,301)
355,002
 
Agency Credit Risk Transfer Notes-0.69%
Fannie Mae Connecticut Avenue Securities
 
Series 2023-R02, Class 1M1, 6.65% (30 Day
Average SOFR + 2.30%), 01/25/2043(b)(d)(j)
 
19,359
19,811
Series 2025-R04, Class 1A1, 5.35% (30 Day
Average SOFR + 1.00%), 05/25/2045(b)(d)(j)
 
18,898
18,908
Freddie Mac, Series 2023-DNA1, Class M1,
STACR®, 6.45% (30 Day Average SOFR +
2.10%), 03/25/2043(b)(d)(k)
 
29,192
29,671
Total Agency Credit Risk Transfer Notes
(Cost $67,449)
68,390
 
Shares
Value
Preferred Stocks-0.29%
Diversified Financial Services-0.29%
Apollo Global Management, Inc., Pfd., 7.63%,
09/15/2053(c)
(Cost $27,500)
 
1,100
$29,293
Money Market Funds-0.94%
Invesco Premier U.S. Government Money
Portfolio, Institutional Class, 4.24%(l)(m)
(Cost $93,360)
 
93,360
93,360
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from
securities on loan)-101.49%
(Cost $10,029,262)
10,113,978
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-6.00%
Invesco Private Government Fund, 4.32%(l)(m)(n)
 
145,307
145,307
Invesco Private Prime Fund, 4.46%(l)(m)(n)
 
452,513
452,604
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $597,911)
597,911
TOTAL INVESTMENTS IN SECURITIES-107.49%
(Cost $10,627,173)
10,711,889
OTHER ASSETS LESS LIABILITIES-(7.49)%
(746,318
)
NET ASSETS-100.00%
$9,965,571
See accompanying notes which are an integral part of this schedule.
Invesco Short Duration Total Return Bond ETF (GTOS)—(continued)
July 31, 2025
(Unaudited)
Investment Abbreviations:
Pfd.
-Preferred
REIT
-Real Estate Investment Trust
SOFR
-Secured Overnight Financing Rate
STACR®
-Structured Agency Credit Risk
 
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
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, 2025 was $4,332,988, which represented 43.48% of the Fund’s Net Assets.
(c)
Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.
(d)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on July 31, 2025.
(e)
All or a portion of this security was out on loan at July 31, 2025.
(f)
Perpetual bond with no specified maturity date.
(g)
Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown
is the rate in effect on July 31, 2025.
(h)
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(i)
$33,888 was pledged as collateral to cover margin requirements for open futures contracts.
(j)
CAS notes are bonds issued by Fannie Mae. The amount of periodic principal and ultimate principal paid by Fannie Mae is determined by the performance of a
large and diverse reference pool.
(k)
Principal payments are determined by the delinquency and principal payment experience on the STACR® reference pool. Freddie Mac transfers credit risk from
the mortgages in the reference pool to credit investors who invest in the STACR® debt notes.
(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, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
July 31, 2025
Dividend Income
Investments in Affiliated Money
Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$339,476
$1,228,819
$(1,568,295
)
$-
$-
$-
$4,367
Invesco Premier
U.S. Government Money
Portfolio, Institutional Class
-
3,579,336
(3,485,976
)
-
-
93,360
3,352
Investments Purchased with
Cash Collateral from Securities
on Loan:
Invesco Private Government
Fund
173,811
1,420,269
(1,448,773
)
-
-
145,307
2,856
*
Invesco Private Prime Fund
451,470
3,105,783
(3,104,629
)
31
(51
)
452,604
7,612
*
Total
$964,757
$9,334,207
$(9,607,673
)
$31
$(51
)
$691,271
$18,187
 
*
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, 2025.
(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.  
 
Open Futures Contracts
Long Futures Contracts
Number of
Contracts
Expiration
Month
Notional
Value
Value
Unrealized
Appreciation
(Depreciation)
Interest Rate Risk
 
U.S. Treasury 2 Year Notes
27
September-2025
$5,588,578
$(9,656
)
$(9,656
)
See accompanying notes which are an integral part of this schedule.
Invesco Short Duration Total Return Bond ETF (GTOS)—(continued)
July 31, 2025
(Unaudited)
Open Futures Contracts—(continued)
Short Futures Contracts
Number of
Contracts
Expiration
Month
Notional
Value
Value
Unrealized
Appreciation
(Depreciation)
Interest Rate Risk
 
U.S. Treasury 5 Year Notes
16
September-2025
$(1,730,750
)
$355
$355
U.S. Treasury 10 Year Notes
3
September-2025
(333,187
)
(348
)
(348
)
Subtotal—Short Futures Contracts
 
7
7
Total Futures Contracts
$(9,649
)
$(9,649
)
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE)
July 31, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-68.66%
Gas Utilities-1.90%
AltaGas Ltd. (Canada)
 
22,622
$669,391
Oil & Gas Equipment & Services-4.61%
Archrock, Inc.
 
26,130
610,397
Kodiak Gas Services, Inc.
 
31,547
1,019,914
 
 
1,630,311
Oil & Gas Storage & Transportation-62.15%
Antero Midstream Corp.
 
64,668
1,186,658
Cheniere Energy, Inc.
 
7,723
1,821,701
DT Midstream, Inc.
 
7,158
735,341
Enbridge, Inc. (Canada)
 
35,759
1,619,525
Gibson Energy, Inc. (Canada)(a)
 
22,027
397,985
Hess Midstream L.P., Class A
 
17,832
776,227
Keyera Corp. (Canada)
 
49,782
1,566,321
Kinder Morgan, Inc.
 
61,333
1,721,004
Kinetik Holdings, Inc., Class A
 
23,945
1,038,734
ONEOK, Inc.
 
22,199
1,822,760
Pembina Pipeline Corp. (Canada)
 
43,769
1,627,769
South Bow Corp. (Canada)
 
51,365
1,348,845
Targa Resources Corp.
 
12,975
2,159,170
TC Energy Corp. (Canada)
 
39,290
1,881,205
Williams Cos., Inc. (The)
 
37,825
2,267,609
 
 
21,970,854
Total Common Stocks & Other Equity Interests
(Cost $24,359,856)
24,270,556
Master Limited Partnerships &
Related Entities-29.61%
 
 
 
Oil & Gas Refining & Marketing-2.93%
 
 
 
Sunoco L.P.
 
18,708
1,034,739
Oil & Gas Storage & Transportation-26.68%
 
 
 
Energy Transfer L.P.
 
97,511
1,759,099
 
Shares
Value
Oil & Gas Storage & Transportation-(continued)
 
 
 
Enterprise Products Partners L.P.
 
48,777
$1,511,599
Genesis Energy L.P.
 
87,764
1,523,583
MPLX L.P.
 
30,084
1,579,410
Plains GP Holdings L.P., Class A
 
101,172
1,982,971
Western Midstream Partners L.P.
 
26,409
1,075,639
 
 
9,432,301
Total Master Limited Partnerships & Related Entities
(Cost $10,169,436)
10,467,040
Money Market Funds-1.32%
Invesco Government & Agency Portfolio,
Institutional Class, 4.25%(b)(c)
(Cost $468,097)
 
468,097
468,097
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from
securities on loan)-99.59%
(Cost $34,997,389)
35,205,693
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-1.08%
Invesco Private Government Fund, 4.32%(b)(c)(d)
 
105,798
105,798
Invesco Private Prime Fund, 4.46%(b)(c)(d)
 
275,477
275,532
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $381,330)
381,330
TOTAL INVESTMENTS IN SECURITIES-100.67%
(Cost $35,378,719)
35,587,023
OTHER ASSETS LESS LIABILITIES-(0.67)%
(237,749
)
NET ASSETS-100.00%
$35,349,274
 
Notes to Schedule of Investments:
(a)
All or a portion of this security was out on loan at July 31, 2025.
(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 period ended July 31, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
July 31, 2025
Dividend Income
Investments in Affiliated Money
Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$-
$898,594
$(430,497
)
$-
$-
$468,097
$4,227
Investments Purchased with
Cash Collateral from Securities
on Loan:
Invesco Private Government
Fund
-
2,542,169
(2,436,371
)
-
-
105,798
1,241
*
Invesco Private Prime Fund
-
3,614,908
(3,339,330
)
-
(46
)
275,532
2,963
*
Total
$-
$7,055,671
$(6,206,198
)
$-
$(46
)
$849,427
$8,431
 
*
Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from
borrowers, if any.
 
(c)
The rate shown is the 7-day SEC standardized yield as of July 31, 2025.
(d)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned.  
See accompanying notes which are an integral part of this schedule.
Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE)—(continued)
July 31, 2025
(Unaudited)
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco Top QQQ ETF (QBIG)
July 31, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-45.21%
Automobiles-2.40%
Tesla, Inc.(b)
 
2,573
$793,179
Broadline Retail-5.31%
Amazon.com, Inc.(b)
 
7,501
1,756,059
Interactive Media & Services-8.23%
Alphabet, Inc., Class A
 
4,111
788,901
Alphabet, Inc., Class C
 
3,856
743,668
Meta Platforms, Inc., Class A
 
1,534
1,186,457
 
 
2,719,026
Semiconductors & Semiconductor Equipment-14.16%
Broadcom, Inc.
 
5,494
1,613,588
NVIDIA Corp.
 
17,242
3,066,834
 
 
4,680,422
Software-8.48%
Microsoft Corp.
 
5,251
2,801,408
 
Shares
Value
Technology Hardware, Storage & Peripherals-6.63%
Apple, Inc.
 
10,552
$2,190,279
Total Common Stocks & Other Equity Interests
(Cost $13,491,053)
14,940,373
 
Money Market Funds-47.09%
 
 
 
Invesco Premier U.S. Government Money
Portfolio, Institutional Class, 4.24%(c)(d)
(Cost $15,561,296)
 
15,561,296
15,561,296
TOTAL INVESTMENTS IN SECURITIES-92.30%
(Cost $29,052,349)
30,501,669
OTHER ASSETS LESS LIABILITIES-7.70%
2,543,356
NET ASSETS-100.00%
$33,045,025
 
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
Non-income producing security.
(c)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the period ended July 31, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
Value
July 31, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$-
$20,425,166
$(20,425,166
)
$-
$-
$-
$184,162
Invesco Premier
U.S. Government Money
Portfolio, Institutional Class
-
18,358,998
(2,797,702
)
-
-
15,561,296
207,876
Total
$-
$38,784,164
$(23,222,868
)
$-
$-
$15,561,296
$392,038
 
(d)
The rate shown is the 7-day SEC standardized yield as of July 31, 2025.
 
Open Over-The-Counter Total Return Swap Agreements(a)
Counterparty
Pay/
Receive
Reference Entity
Rate
Payment
Frequency
Maturity Date
Notional Value(b)
Upfront
Payments
Paid
(Received)
Value
Unrealized
Appreciation
Equity Risk
 
 
 
Bank of
America, N.A.
Pay
Bank of America MLQBIGG5R
Index
SOFR + 0.73
%
Quarterly
April-2026
$
5,094,361
$-
$834,837
$834,837
Goldman
Sachs
International
Pay
Goldman Sachs GSQBIGG5R
Index
SOFR + 0.82
%
Quarterly
April-2026
 
5,095,312
-
833,728
833,728
Morgan
Stanley Capital
Services LLC
Pay
Morgan Stanley MSQBIGG5R
Index
SOFR + 0.88
%
Quarterly
April-2026
 
5,096,323
-
830,497
830,497
Total Over-The-Counter Total Return Swap Agreements
 
 
$—
$2,499,062
$2,499,062
 
Abbreviations:
SOFR
-Secured Overnight Financing Rate
 
(a)
The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively.
(b)
Notional Value is denominated in U.S. Dollars unless otherwise noted.
See accompanying notes which are an integral part of this schedule.
Invesco Top QQQ ETF (QBIG)—(continued)
July 31, 2025
(Unaudited)
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco Total Return Bond ETF (GTO)
July 31, 2025
(Unaudited)
 
 
Principal
Amount
Value
U.S. Dollar Denominated Bonds & Notes-52.33%
Aerospace & Defense-0.96%
BAE Systems PLC (United Kingdom)
 
5.00% 03/26/2027(b)
$
913,000
$920,982
5.13% 03/26/2029(b)
 
662,000
677,428
5.50% 03/26/2054(b)(c)
 
630,000
619,821
Boeing Co. (The)
 
6.26% 05/01/2027
 
53,000
54,376
6.30% 05/01/2029
 
96,000
101,394
6.39% 05/01/2031
 
95,000
102,253
6.53% 05/01/2034
 
459,000
499,765
5.81% 05/01/2050
 
130,000
125,593
General Dynamics Corp., 4.95%,
08/15/2035
 
815,000
817,221
Howmet Aerospace, Inc., 4.85%,
10/15/2031
 
113,000
114,423
Huntington Ingalls Industries, Inc.
 
5.35% 01/15/2030
 
145,000
148,273
5.75% 01/15/2035(c)
 
282,000
290,029
L3Harris Technologies, Inc., 5.40%,
07/31/2033
 
9,000
9,241
Lockheed Martin Corp.
 
4.15% 08/15/2028
 
380,000
379,118
4.50% 02/15/2029
 
78,000
78,529
4.40% 08/15/2030(c)
 
1,772,000
1,766,756
4.80% 08/15/2034(c)
 
255,000
253,579
5.00% 08/15/2035
 
2,932,000
2,933,178
5.90% 11/15/2063
 
5,000
5,112
RTX Corp.
 
5.75% 01/15/2029
 
64,000
66,762
5.15% 02/27/2033
 
19,000
19,406
6.40% 03/15/2054
 
27,000
29,426
TransDigm, Inc.
 
6.75% 08/15/2028(b)
 
620,000
633,400
6.38% 03/01/2029(b)
 
2,810,000
2,879,410
6.38% 05/31/2033(b)
 
4,788,000
4,830,383
 
 
18,355,858
Agricultural & Farm Machinery-0.29%
AGCO Corp.
 
5.45% 03/21/2027
 
50,000
50,407
5.80% 03/21/2034
 
130,000
132,558
CNH Industrial Capital LLC, 4.75%,
03/21/2028
 
388,000
390,041
Imperial Brands Finance PLC (United
Kingdom), 6.38%, 07/01/2055(b)
 
1,786,000
1,803,525
John Deere Capital Corp.
 
4.70% 06/10/2030
 
42,000
42,570
4.38% 10/15/2030(c)
 
2,923,000
2,913,003
5.10% 04/11/2034
 
249,000
253,290
 
 
5,585,394
Air Freight & Logistics-0.32%
GXO Logistics, Inc.
 
6.25% 05/06/2029
 
176,000
183,127
6.50% 05/06/2034
 
130,000
136,494
 
Principal
Amount
Value
Air Freight & Logistics-(continued)
United Parcel Service, Inc.
 
4.65% 10/15/2030
$
904,000
$911,868
5.15% 05/22/2034(c)
 
162,000
165,364
5.25% 05/14/2035(c)
 
1,280,000
1,301,582
5.50% 05/22/2054(c)
 
230,000
220,894
5.95% 05/14/2055
 
1,156,000
1,177,124
5.60% 05/22/2064
 
216,000
205,761
6.05% 05/14/2065
 
1,733,000
1,766,014
 
 
6,068,228
Apparel Retail-0.08%
Gap, Inc. (The), 3.63%,
10/01/2029(b)
 
1,580,000
1,459,964
Application Software-0.21%
Autodesk, Inc., 5.30%, 06/15/2035
 
801,000
811,923
Cadence Design Systems, Inc., 4.70%,
09/10/2034
 
123,000
121,170
Fair Isaac Corp., 6.00%,
05/15/2033(b)
 
1,115,000
1,123,023
Intuit, Inc., 5.20%, 09/15/2033
 
41,000
42,293
Roper Technologies, Inc.
 
4.50% 10/15/2029
 
212,000
211,443
4.75% 02/15/2032
 
240,000
239,076
4.90% 10/15/2034
 
256,000
251,494
SS&C Technologies, Inc.
 
5.50% 09/30/2027(b)
 
618,000
618,641
6.50% 06/01/2032(b)
 
127,000
130,708
Synopsys, Inc., 5.70%, 04/01/2055
 
427,000
421,391
 
 
3,971,162
Asset Management & Custody Banks-0.74%
Affiliated Managers Group, Inc.,
5.50%, 08/20/2034
 
527,000
531,457
Ameriprise Financial, Inc.
 
5.70% 12/15/2028
 
56,000
58,300
5.15% 05/15/2033
 
24,000
24,512
5.20% 04/15/2035
 
1,200,000
1,203,423
Apollo Debt Solutions BDC, 5.88%,
08/30/2030(b)
 
1,475,000
1,477,266
Ares Capital Corp., 5.50%,
09/01/2030
 
1,160,000
1,158,504
Ares Strategic Income Fund, 5.70%,
03/15/2028
 
603,000
606,394
Bank of New York Mellon Corp. (The)
 
5.03% (SOFR + 0.68%),
06/09/2028(d)
 
2,675,000
2,688,227
4.89% 07/21/2028(c)(e)
 
254,000
256,890
4.98% 03/14/2030(e)
 
26,000
26,552
5.06% 07/22/2032(e)
 
149,000
151,978
5.83% 10/25/2033(e)
 
9,000
9,541
5.19% 03/14/2035(e)
 
26,000
26,345
5.32% 06/06/2036(e)
 
997,000
1,016,443
Series I, 3.75% (e)(f)
 
9,000
8,711
Series J, 4.97% 04/26/2034(e)
 
17,000
17,071
Blackstone Secured Lending Fund
 
2.13% 02/15/2027
 
771,000
737,816
5.88% 11/15/2027
 
127,000
129,236
Brookfield Asset Management Ltd.
(Canada), 5.80%, 04/24/2035
 
1,530,000
1,565,735
Citadel L.P.
 
6.00% 01/23/2030(b)
 
118,000
121,677
6.38% 01/23/2032(b)
 
182,000
188,974
See accompanying notes which are an integral part of this schedule.
Invesco Total Return Bond ETF (GTO)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Asset Management & Custody Banks-(continued)
Golub Capital Private Credit Fund,
5.45%, 08/15/2028(b)(c)
$
892,000
$888,869
Northern Trust Corp., 6.13%,
11/02/2032
 
4,000
4,315
State Street Corp., 6.45%(e)(f)
 
1,178,000
1,199,891
 
 
14,098,127
Automobile Manufacturers-1.88%
American Honda Finance Corp.
 
5.06% (SOFR + 0.71%),
01/09/2026(d)
 
747,000
748,377
4.90% 01/10/2034
 
163,000
161,131
Daimler Truck Finance North
America LLC (Germany)
 
5.00% 01/15/2027(b)(c)
 
596,000
600,430
5.38% 01/18/2034(b)
 
556,000
559,079
5.63% 01/13/2035(b)
 
829,000
844,740
Ford Motor Credit Co. LLC
 
6.95% 06/10/2026(c)
 
792,000
801,086
2.70% 08/10/2026
 
1,014,000
989,130
7.35% 11/04/2027
 
889,000
921,199
5.92% 03/20/2028(c)
 
1,070,000
1,078,880
6.80% 05/12/2028
 
896,000
925,183
6.80% 11/07/2028
 
806,000
834,424
7.20% 06/10/2030(c)
 
879,000
925,299
Honda Motor Co. Ltd. (Japan)
 
4.44% 07/08/2028
 
3,295,000
3,290,530
4.69% 07/08/2030
 
2,424,000
2,426,390
5.34% 07/08/2035
 
5,101,000
5,102,734
Hyundai Capital America
 
5.65% 06/26/2026(b)
 
49,000
49,443
4.88% 06/23/2027(b)
 
3,350,000
3,361,901
5.00% 01/07/2028(b)
 
1,397,000
1,406,417
5.60% 03/30/2028(b)
 
25,000
25,613
5.35% 03/19/2029(b)
 
52,000
52,967
5.30% 01/08/2030(b)
 
596,000
608,603
5.80% 04/01/2030(b)
 
5,000
5,199
Hyundai Capital Services, Inc. (South
Korea), 5.25%, 01/22/2028(b)(c)
 
2,198,000
2,226,326
Mercedes-Benz Finance North
America LLC (Germany)
 
4.80% 01/11/2027(b)
 
750,000
753,420
5.10% 08/03/2028(b)(c)
 
625,000
637,070
4.85% 01/11/2029(b)(c)
 
690,000
696,593
5.00% 01/11/2034(b)(c)
 
337,000
335,049
5.13% 08/01/2034(b)(c)
 
1,235,000
1,230,465
PACCAR Financial Corp., 4.00%,
09/26/2029
 
457,000
453,392
Toyota Motor Credit Corp.
 
4.55% 08/09/2029
 
160,000
161,103
5.10% 03/21/2031
 
189,000
193,755
Volkswagen Group of America
Finance LLC (Germany)
 
4.90% 08/14/2026(b)
 
1,035,000
1,035,465
5.25% 03/22/2029(b)(c)
 
804,000
812,965
4.95% 08/15/2029(b)
 
882,000
883,672
5.60% 03/22/2034(b)(c)
 
603,000
605,433
 
 
35,743,463
Automotive Parts & Equipment-0.45%
Clarios Global L.P./Clarios US Finance
Co., 6.75%, 02/15/2030(b)
 
1,228,000
1,266,872
 
Principal
Amount
Value
Automotive Parts & Equipment-(continued)
ERAC USA Finance LLC
 
5.00% 02/15/2029(b)
$
62,000
$63,171
4.90% 05/01/2033(b)
 
28,000
27,957
PHINIA, Inc., 6.75%, 04/15/2029(b)
 
2,729,000
2,811,795
ZF North America Capital, Inc.
(Germany)
 
6.88% 04/14/2028(b)(c)
 
2,535,000
2,531,998
7.13% 04/14/2030(b)
 
703,000
681,963
6.75% 04/23/2030(b)
 
176,000
167,607
6.88% 04/23/2032(b)(c)
 
1,096,000
1,023,646
 
 
8,575,009
Automotive Retail-0.14%
Advance Auto Parts, Inc.
 
7.00% 08/01/2030(b)
 
1,085,000
1,091,200
7.38% 08/01/2033(b)
 
1,167,000
1,173,985
AutoZone, Inc., 5.20%, 08/01/2033
 
30,000
30,345
O’Reilly Automotive, Inc., 5.00%,
08/19/2034
 
327,000
324,208
 
 
2,619,738
Biotechnology-0.04%
AbbVie, Inc.
 
4.80% 03/15/2029
 
248,000
252,000
5.05% 03/15/2034
 
193,000
195,519
5.40% 03/15/2054
 
144,000
138,872
5.50% 03/15/2064
 
114,000
109,837
Amgen, Inc.
 
5.15% 03/02/2028
 
24,000
24,445
5.25% 03/02/2030
 
9,000
9,249
Gilead Sciences, Inc.
 
5.25% 10/15/2033
 
42,000
43,297
5.55% 10/15/2053
 
39,000
38,327
 
 
811,546
Broadcasting-0.03%
Paramount Global
 
5.85% 09/01/2043
 
212,000
188,322
4.95% 05/19/2050
 
212,000
163,745
Univision Communications, Inc.,
9.38%, 08/01/2032(b)
 
255,000
264,758
 
 
616,825
Broadline Retail-0.13%
El Puerto de Liverpool S.A.B. de C.V.
(Mexico), 6.66%, 01/22/2037(b)(c)
 
1,246,000
1,297,472
Macy’s Retail Holdings LLC, 7.38%,
08/01/2033(b)
 
1,119,000
1,124,661
 
 
2,422,133
Building Products-0.21%
Amrize Finance US LLC
 
4.60% 04/07/2027(b)
 
957,000
957,648
4.70% 04/07/2028(b)
 
820,000
824,376
4.95% 04/07/2030(b)
 
447,000
451,643
5.40% 04/07/2035(b)(c)
 
1,477,000
1,491,063
Carrier Global Corp., 5.90%,
03/15/2034
 
19,000
20,128
See accompanying notes which are an integral part of this schedule.
Invesco Total Return Bond ETF (GTO)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Building Products-(continued)
HP Communities LLC
 
5.78% 03/15/2046(b)
$
150,000
$144,728
5.86% 09/15/2053(b)
 
100,000
87,462
Lennox International, Inc., 5.50%,
09/15/2028
 
34,000
34,933
 
 
4,011,981
Cable & Satellite-0.12%
CCO Holdings LLC/CCO Holdings
Capital Corp.
 
6.38% 09/01/2029(b)(c)
 
429,000
433,233
7.38% 03/01/2031(b)
 
61,000
62,749
Charter Communications
Operating LLC/Charter
Communications Operating Capital
Corp., 6.65%, 02/01/2034
 
77,000
81,657
Comcast Corp.
 
5.50% 11/15/2032
 
13,000
13,570
6.05% 05/15/2055(c)
 
1,733,000
1,755,927
Cox Communications, Inc., 5.70%,
06/15/2033(b)
 
12,000
12,085
 
 
2,359,221
Cargo Ground Transportation-0.09%
Penske Truck Leasing Co. L.P./PTL
Finance Corp.
 
5.75% 05/24/2026(b)
 
10,000
10,072
5.35% 01/12/2027(b)
 
32,000
32,278
5.70% 02/01/2028(b)
 
13,000
13,323
5.55% 05/01/2028(b)
 
20,000
20,479
6.05% 08/01/2028(b)
 
28,000
29,092
5.25% 02/01/2030(b)
 
1,163,000
1,186,930
Ryder System, Inc., 4.90%,
12/01/2029
 
434,000
439,350
 
 
1,731,524
Commercial & Residential Mortgage Finance-0.39%
Aviation Capital Group LLC
 
6.25% 04/15/2028(b)
 
17,000
17,641
6.75% 10/25/2028(b)
 
55,000
58,286
4.80% 10/24/2030(b)
 
3,564,000
3,529,995
Nationwide Building Society (United
Kingdom), 6.56%,
10/18/2027(b)(e)
 
634,000
647,701
Radian Group, Inc., 6.20%,
05/15/2029
 
89,000
92,477
Rocket Cos., Inc.
 
6.13% 08/01/2030(b)
 
776,000
787,312
6.38% 08/01/2033(b)(c)
 
2,305,000
2,353,943
 
 
7,487,355
Computer & Electronics Retail-0.00%
Leidos, Inc., 5.75%, 03/15/2033
 
13,000
13,496
Construction & Engineering-0.20%
AECOM, 6.00%, 08/01/2033(b)
 
3,747,000
3,779,992
Construction Machinery & Heavy Transportation Equipment-0.79%
Caterpillar, Inc.
 
5.20% 05/15/2035
 
2,048,000
2,089,037
5.50% 05/15/2055
 
484,000
478,424
Cummins, Inc.
 
4.70% 02/15/2031
 
2,943,000
2,957,315
5.30% 05/09/2035
 
2,477,000
2,508,967
 
Principal
Amount
Value
Construction Machinery & Heavy Transportation Equipment-(continued)
Westinghouse Air Brake Technologies
Corp.
 
4.90% 05/29/2030(c)
$
1,823,000
$1,846,693
5.50% 05/29/2035
 
5,007,000
5,106,917
 
 
14,987,353
Construction Materials-0.11%
JH North America Holdings, Inc.
 
5.88% 01/31/2031(b)
 
1,266,000
1,271,126
6.13% 07/31/2032(b)
 
722,000
730,032
 
 
2,001,158
Consumer Electronics-0.05%
LG Electronics, Inc. (South Korea),
5.63%, 04/24/2029(b)(c)
 
554,000
573,074
Sensata Technologies B.V., 4.00%,
04/15/2029(b)
 
342,000
325,360
 
 
898,434
Consumer Finance-1.35%
American Express Co.
 
5.65% 04/23/2027(e)
 
198,000
199,472
4.73% 04/25/2029(e)
 
967,000
975,648
5.62% (SOFR + 1.26%),
04/25/2029(d)
 
2,984,000
3,028,757
4.35% 07/20/2029(c)(e)
 
3,614,000
3,607,384
5.16% (SOFR + 0.81%),
07/20/2029(d)
 
5,386,000
5,394,557
5.53% 04/25/2030(e)
 
177,000
183,620
5.02% 04/25/2031(e)
 
1,592,000
1,620,852
4.92% 07/20/2033(e)
 
2,461,000
2,469,652
5.44% 01/30/2036(e)
 
395,000
402,935
5.67% 04/25/2036(e)
 
530,000
550,112
Capital One Financial Corp., 7.15%,
10/29/2027(e)
 
20,000
20,603
FirstCash, Inc.
 
4.63% 09/01/2028(b)(c)
 
2,729,000
2,670,490
6.88% 03/01/2032(b)
 
1,862,000
1,911,073
General Motors Financial Co., Inc.,
5.40%, 04/06/2026
 
5,000
5,024
OneMain Finance Corp., 7.13%,
09/15/2032
 
1,559,000
1,608,723
Synchrony Financial
 
5.02% 07/29/2029(e)
 
394,000
393,840
6.00% 07/29/2036(e)
 
576,000
577,988
 
 
25,620,730
Consumer Staples Merchandise Retail-0.13%
Dollar General Corp., 5.50%,
11/01/2052
 
9,000
8,321
Walmart, Inc., 4.90%, 04/28/2035
 
2,490,000
2,508,054
 
 
2,516,375
Distillers & Vintners-0.00%
Constellation Brands, Inc., 4.90%,
05/01/2033
 
5,000
4,958
Distributors-0.04%
Genuine Parts Co.
 
6.50% 11/01/2028
 
95,000
100,525
4.95% 08/15/2029
 
627,000
634,996
6.88% 11/01/2033
 
99,000
110,207
 
 
845,728
See accompanying notes which are an integral part of this schedule.
Invesco Total Return Bond ETF (GTO)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Diversified Banks-9.41%
Africa Finance Corp. (Supranational)
 
4.38% 04/17/2026(b)
$
280,000
$279,256
7.50% (b)(e)(f)
 
3,560,000
3,496,166
Australia and New Zealand Banking
Group Ltd. (Australia)
 
6.74% 12/08/2032(b)
 
617,000
672,701
5.20% 09/30/2035(b)(e)
 
1,480,000
1,454,942
6.75% (b)(e)(f)
 
636,000
645,618
Banco Bilbao Vizcaya Argentaria S.A.
(Spain), 9.38%(c)(e)(f)
 
622,000
691,639
Banco Santander S.A. (Spain)
 
5.55% 03/14/2028(c)(e)
 
600,000
608,783
9.63% (e)(f)
 
1,000,000
1,118,869
9.63% (c)(e)(f)
 
1,000,000
1,183,572
Bank of America Corp.
 
5.41% (SOFR + 1.05%),
02/04/2028(d)
 
12,000
12,117
4.95% 07/22/2028(e)
 
3,000
3,027
4.98% 01/24/2029(e)
 
2,018,000
2,043,363
5.19% (SOFR + 0.83%),
01/24/2029(d)
 
487,000
487,880
5.20% 04/25/2029(e)
 
39,000
39,733
4.62% 05/09/2029(c)(e)
 
1,209,000
1,214,325
5.16% 01/24/2031(c)(e)
 
226,000
231,269
5.37% (SOFR + 1.01%),
01/24/2031(d)
 
430,000
430,034
5.43% 08/15/2035(e)
 
361,000
361,805
5.51% 01/24/2036(e)
 
1,464,000
1,500,746
5.46% 05/09/2036(e)
 
1,861,000
1,905,032
6.25% (e)(f)
 
4,317,000
4,312,942
6.63% (e)(f)
 
1,105,000
1,134,341
Bank of Montreal (Canada)
 
5.30% 06/05/2026
 
13,000
13,089
7.70% 05/26/2084(e)
 
753,000
789,636
7.30% 11/26/2084(e)
 
873,000
907,689
Bank of New York Mellon (The)
 
4.59% 04/20/2027(e)
 
1,180,000
1,181,607
5.06% (SOFR + 0.71%),
04/20/2027(d)
 
1,433,000
1,436,582
Bank of New Zealand (New Zealand),
5.70%, 01/28/2035(b)(c)(e)
 
760,000
775,613
Bank of Nova Scotia (The) (Canada)
 
8.63% 10/27/2082(c)(e)
 
653,000
695,198
8.00% 01/27/2084(e)
 
531,000
567,381
Banque Federative du Credit Mutuel
(France), 4.59%, 10/16/2028(b)(c)
 
4,760,000
4,773,600
Barclays PLC (United Kingdom)
 
5.37% 02/25/2031(e)
 
691,000
706,145
6.69% 09/13/2034(e)
 
476,000
519,562
BNP Paribas S.A. (France)
 
4.79% 05/09/2029(b)(e)
 
1,034,000
1,038,062
5.80% (SOFR + 1.43%),
05/09/2029(b)(d)
 
2,760,000
2,792,220
5.09% 05/09/2031(b)(e)
 
2,595,000
2,621,202
7.45% (b)(e)(f)
 
1,651,000
1,686,084
BPCE S.A. (France)
 
6.29% 01/14/2036(b)(e)
 
928,000
976,329
6.92% 01/14/2046(b)(c)(e)
 
729,000
762,947
Canadian Imperial Bank of Commerce
(Canada), 6.95%, 01/28/2085(e)
 
714,000
719,624
Citibank N.A., 4.93%, 08/06/2026
 
1,123,000
1,128,472
 
Principal
Amount
Value
Diversified Banks-(continued)
Citigroup, Inc.
 
5.49% (SOFR + 1.14%),
05/07/2028(d)
$
2,283,000
$2,300,031
5.17% 02/13/2030(e)
 
48,000
48,883
4.54% 09/19/2030(e)
 
526,000
523,996
4.95% 05/07/2031(c)(e)
 
2,504,000
2,528,505
5.81% (SOFR + 1.46%),
05/07/2031(d)
 
2,445,000
2,472,479
6.17% 05/25/2034(e)
 
36,000
37,660
5.83% 02/13/2035(e)
 
132,000
134,286
5.41% 09/19/2039(e)
 
472,000
462,320
5.61% 03/04/2056(e)
 
1,577,000
1,539,822
Series AA, 7.63% (e)(f)
 
1,931,000
2,019,231
Series BB, 7.20% (e)(f)
 
1,641,000
1,692,168
Series DD, 7.00% (c)(e)(f)
 
2,242,000
2,334,960
Series GG, 6.88% (e)(f)
 
5,665,000
5,727,315
Series W, 4.00% (c)(e)(f)
 
1,647,000
1,640,122
Series Z, 7.38% (c)(e)(f)
 
1,892,000
1,970,255
Comerica, Inc., 5.98%,
01/30/2030(e)
 
32,000
32,911
Cooperatieve Rabobank U.A.
(Netherlands), 3.65%,
04/06/2028(b)(c)(e)
 
652,000
642,623
Corporacion Financiera de Desarrollo
S.A. (Peru), 5.95%, 04/30/2029(b)
 
915,000
941,183
Credit Agricole S.A. (France), 5.22%,
05/27/2031(b)(c)(e)
 
2,433,000
2,474,010
Federation des caisses Desjardins du
Quebec (Canada), 4.55%,
08/23/2027(b)(c)
 
574,000
575,252
Fifth Third Bancorp
 
1.71% 11/01/2027(e)
 
4,000
3,862
6.34% 07/27/2029(e)
 
4,000
4,205
4.77% 07/28/2030(e)
 
17,000
17,074
5.63% 01/29/2032(e)
 
50,000
51,808
Goldman Sachs Bank USA, 5.28%,
03/18/2027(e)
 
213,000
213,796
HSBC Holdings PLC (United Kingdom)
 
5.60% 05/17/2028(c)(e)
 
642,000
652,947
5.21% 08/11/2028(c)(e)
 
656,000
663,969
5.29% 11/19/2030(e)
 
700,000
714,905
5.13% 03/03/2031(c)(e)
 
808,000
819,490
5.24% 05/13/2031(c)(e)
 
1,878,000
1,912,868
5.91% (SOFR + 1.57%),
05/13/2031(c)(d)
 
3,064,000
3,112,104
7.40% 11/13/2034(e)
 
506,000
565,765
5.79% 05/13/2036(c)(e)
 
2,018,000
2,081,429
6.33% 03/09/2044(e)
 
664,000
709,348
6.88% (e)(f)
 
623,000
643,653
6.95% (c)(e)(f)
 
665,000
683,913
7.05% (e)(f)
 
3,011,000
3,075,350
ING Groep N.V. (Netherlands), 5.34%,
03/19/2030(c)(e)
 
590,000
604,761
See accompanying notes which are an integral part of this schedule.
Invesco Total Return Bond ETF (GTO)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Diversified Banks-(continued)
JPMorgan Chase & Co.
 
5.57% 04/22/2028(e)
$
141,000
$143,530
4.85% 07/25/2028(e)
 
3,000
3,025
4.92% 01/24/2029(e)
 
203,000
205,241
5.30% 07/24/2029(e)
 
23,000
23,555
6.09% 10/23/2029(e)
 
33,000
34,574
5.01% 01/23/2030(e)
 
23,000
23,393
5.58% 04/22/2030(e)
 
113,000
117,163
5.00% 07/22/2030(e)
 
254,000
258,360
4.60% 10/22/2030(e)
 
540,000
541,339
5.14% 01/24/2031(e)
 
472,000
482,492
5.10% 04/22/2031(c)(e)
 
1,157,000
1,183,514
5.72% 09/14/2033(e)
 
11,000
11,466
5.34% 01/23/2035(e)
 
25,000
25,569
5.50% 01/24/2036(e)
 
523,000
536,774
5.58% 07/23/2036(e)
 
1,927,000
1,956,782
5.53% 11/29/2045(e)
 
1,152,000
1,153,139
Series NN, 6.88% (e)(f)
 
91,000
95,338
Series OO, 6.50% (e)(f)
 
2,099,000
2,156,899
KeyBank N.A.
 
4.15% 08/08/2025
 
330,000
329,924
5.85% 11/15/2027(c)
 
571,000
586,981
KeyCorp, 2.55%, 10/01/2029
 
9,000
8,315
Manufacturers & Traders Trust Co.,
4.70%, 01/27/2028
 
798,000
802,969
Mitsubishi UFJ Financial Group, Inc.
(Japan)
 
5.02% 07/20/2028(e)
 
479,000
483,645
5.26% 04/17/2030(e)
 
753,000
770,909
5.16% 04/24/2031(e)
 
659,000
673,166
5.83% (SOFR + 1.48%),
04/24/2031(d)
 
1,329,000
1,351,460
5.41% 04/19/2034(c)(e)
 
542,000
559,188
5.43% 04/17/2035(e)
 
683,000
697,078
5.57% 01/16/2036(e)
 
906,000
932,927
5.62% 04/24/2036(e)
 
3,442,000
3,556,827
8.20% (e)(f)
 
1,787,000
1,944,277
Mizuho Financial Group, Inc. (Japan)
 
5.78% 07/06/2029(e)
 
570,000
589,496
5.38% 07/10/2030(e)
 
699,000
717,895
4.71% 07/08/2031(e)
 
2,389,000
2,385,044
5.61% (SOFR + 1.25%),
07/08/2031(d)
 
2,445,000
2,461,591
5.59% 07/10/2035(e)
 
816,000
840,694
5.32% 07/08/2036(c)(e)
 
3,879,000
3,900,788
Morgan Stanley Bank N.A.
 
4.75% 04/21/2026
 
548,000
549,202
5.88% 10/30/2026
 
646,000
657,891
5.02% 01/12/2029(e)
 
730,000
739,181
Morgan Stanley Private Bank, N.A.
 
4.47% 07/06/2028(e)
 
2,109,000
2,107,413
4.73% 07/18/2031(e)
 
1,878,000
1,886,896
National Australia Bank Ltd.
(Australia), 5.90%,
01/14/2036(b)(c)(e)
 
1,248,000
1,280,010
National Securities Clearing Corp.
 
5.10% 11/21/2027(b)
 
846,000
861,049
5.00% 05/30/2028(b)
 
560,000
570,161
Nordea Bank Abp (Finland),
6.30%(b)(e)(f)
 
828,000
823,201
 
Principal
Amount
Value
Diversified Banks-(continued)
Norinchukin Bank (The) (Japan),
5.09%, 10/16/2029(b)
$
623,000
$630,392
PNC Financial Services Group, Inc.
(The)
 
6.62% 10/20/2027(e)
 
38,000
38,905
5.58% 06/12/2029(e)
 
26,000
26,813
4.90% 05/13/2031(e)
 
2,316,000
2,342,268
6.04% 10/28/2033(e)
 
6,000
6,381
5.07% 01/24/2034(e)
 
10,000
10,034
6.88% 10/20/2034(e)
 
29,000
32,405
5.37% 07/21/2036(e)
 
1,837,000
1,856,747
Series V, 6.20% (e)(f)
 
15,000
15,200
Series W, 6.25% (e)(f)
 
22,000
22,305
Royal Bank of Canada (Canada)
 
5.06% (SOFR + 0.71%),
01/21/2027(d)
 
8,000
8,025
4.95% 02/01/2029
 
18,000
18,389
5.00% 02/01/2033
 
10,000
10,170
7.50% 05/02/2084(e)
 
856,000
892,291
6.75% 08/24/2085(e)
 
3,461,000
3,507,723
Standard Chartered PLC (United
Kingdom)
 
6.19% 07/06/2027(b)(c)(e)
 
523,000
529,991
6.75% 02/08/2028(b)(e)
 
448,000
461,201
7.02% 02/08/2030(b)(e)
 
525,000
565,102
5.01% 10/15/2030(b)(e)
 
793,000
802,227
5.24% 05/13/2031(b)(c)(e)
 
1,627,000
1,652,895
6.02% (SOFR + 1.68%),
05/13/2031(b)(d)
 
1,515,000
1,540,480
2.68% 06/29/2032(b)(e)
 
810,000
713,034
7.75% (b)(e)(f)
 
966,000
1,007,263
Sumitomo Mitsui Financial Group, Inc.
(Japan), 6.60%(c)(e)(f)
 
1,666,000
1,697,168
Sumitomo Mitsui Trust Bank Ltd.
(Japan)
 
5.65% 03/09/2026(b)
 
555,000
558,711
5.65% 09/14/2026(b)(c)
 
558,000
565,009
5.55% 09/14/2028(b)
 
687,000
710,460
5.20% 03/07/2029(b)
 
969,000
992,280
5.35% 03/07/2034(b)(c)
 
928,000
948,829
Synovus Bank, 5.63%, 02/15/2028(c)
 
730,000
740,479
Toronto-Dominion Bank (The)
(Canada)
 
4.78% 12/17/2029
 
605,000
611,290
8.13% 10/31/2082(e)
 
501,000
529,351
7.25% 07/31/2084(c)(e)
 
811,000
842,881
Truist Bank
 
4.42% 07/24/2028(e)
 
4,068,000
4,062,776
5.12% (SOFR + 0.77%),
07/24/2028(d)
 
5,245,000
5,256,098
U.S. Bancorp
 
5.78% 06/12/2029(e)
 
23,000
23,817
5.38% 01/23/2030(e)
 
52,000
53,430
UBS AG (Switzerland), 5.65%,
09/11/2028
 
674,000
699,907
See accompanying notes which are an integral part of this schedule.
Invesco Total Return Bond ETF (GTO)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Diversified Banks-(continued)
Wells Fargo & Co.
 
5.71% 04/22/2028(e)
$
89,000
$90,758
4.81% 07/25/2028(e)
 
7,000
7,040
5.72% (SOFR + 1.37%),
04/23/2029(d)
 
1,270,000
1,288,487
5.57% 07/25/2029(e)
 
19,000
19,567
6.30% 10/23/2029(e)
 
26,000
27,365
5.20% 01/23/2030(e)
 
33,000
33,709
5.15% 04/23/2031(c)(e)
 
1,313,000
1,340,161
4.90% 07/25/2033(e)
 
6,000
5,997
5.39% 04/24/2034(e)
 
14,000
14,329
5.56% 07/25/2034(e)
 
48,000
49,551
5.50% 01/23/2035(e)
 
44,000
45,108
5.61% 04/23/2036(e)
 
2,777,000
2,861,250
6.85% (c)(e)(f)
 
184,000
191,051
7.63% (e)(f)
 
20,000
21,339
Series BB, 3.90% (e)(f)
 
1,035,000
1,025,991
Westpac Banking Corp. (Australia)
 
6.82% 11/17/2033
 
85,000
93,577
5.62% 11/20/2035(e)
 
419,000
422,767
 
 
179,089,566
Diversified Capital Markets-0.38%
Credit Suisse Group AG (Switzerland)
 
4.50% (b)(e)(f)(g)(h)
 
332,000
19,920
5.25% (b)(e)(f)(g)(h)
 
271,000
16,260
UBS Group AG (Switzerland)
 
5.71% 01/12/2027(b)(e)
 
491,000
493,086
5.43% 02/08/2030(b)(e)
 
527,000
540,438
6.60% (b)(e)(f)
 
2,356,000
2,356,000
7.00% (b)(e)(f)
 
1,809,000
1,809,000
7.13% (b)(e)(f)
 
767,000
778,760
9.25% (b)(c)(e)(f)
 
521,000
612,020
9.25% (b)(e)(f)
 
584,000
642,418
 
 
7,267,902
Diversified Financial Services-1.99%
AerCap Ireland Capital DAC/AerCap
Global Aviation Trust (Ireland)
 
5.10% 01/19/2029
 
429,000
435,820
6.50% 01/31/2056(c)(e)
 
984,000
998,479
Aircastle Ltd./Aircastle Ireland DAC,
5.00%, 09/15/2030(b)
 
1,391,000
1,389,099
AMC East Communities LLC, 6.01%,
01/15/2053(b)
 
178,941
164,193
Apollo Global Management, Inc.,
6.38%, 11/15/2033
 
49,000
53,427
Avolon Holdings Funding Ltd. (Ireland)
 
4.95% 01/15/2028(b)
 
557,000
559,714
6.38% 05/04/2028(b)
 
50,000
52,067
BlackRock Funding, Inc., 4.90%,
01/08/2035
 
95,000
95,688
Citadel Securities Global Holdings LLC
 
5.50% 06/18/2030(b)(c)
 
750,000
756,931
6.20% 06/18/2035(b)
 
586,000
597,905
Corebridge Financial, Inc.
 
6.05% 09/15/2033
 
35,000
36,835
5.75% 01/15/2034
 
61,000
63,342
Eagle Funding LuxCo S.a.r.l. (Mexico),
5.50%, 08/17/2030(b)
 
15,315,000
15,403,061
 
Principal
Amount
Value
Diversified Financial Services-(continued)
Gabon Blue Bond Master Trust
(Gabon), Series 2, 6.10%,
08/01/2038(b)
$
1,270,000
$1,272,564
Horizon Mutual Holdings, Inc., 6.20%,
11/15/2034(b)
 
4,772,000
4,638,662
Jane Street Group/JSG Finance, Inc.
 
4.50% 11/15/2029(b)(c)
 
1,819,000
1,743,615
7.13% 04/30/2031(b)
 
417,000
431,045
6.13% 11/01/2032(b)(c)
 
1,796,000
1,783,274
6.75% 05/01/2033(b)
 
1,838,000
1,882,224
LPL Holdings, Inc.
 
5.70% 05/20/2027
 
166,000
168,784
5.15% 06/15/2030
 
796,000
805,488
5.65% 03/15/2035
 
10,000
10,040
Mid-Atlantic Military Family
Communities LLC, 5.30%,
08/01/2050(b)
 
210,772
166,213
OPEC Fund for International
Development (The) (Supranational),
4.50%, 01/26/2026(b)
 
1,730,000
1,728,978
Pacific Beacon LLC
 
5.38% 07/15/2026(b)
 
14,367
14,451
5.51% 07/15/2036(b)
 
500,000
493,279
Pershing Square Holdings Ltd.,
3.25%, 10/01/2031(b)
 
2,300,000
2,038,294
 
 
37,783,472
Diversified Metals & Mining-0.68%
BHP Billiton Finance (USA) Ltd.
(Australia)
 
5.10% 09/08/2028
 
52,000
53,189
5.25% 09/08/2030
 
38,000
39,291
5.25% 09/08/2033
 
73,000
74,814
Corporacion Nacional del Cobre de
Chile (Chile), 5.13%,
02/02/2033(b)
 
674,000
660,249
Glencore Funding LLC (Australia)
 
5.42% (SOFR + 1.06%),
04/04/2027(b)(d)
 
202,000
202,987
4.91% 04/01/2028(b)(c)
 
947,000
956,178
5.37% 04/04/2029(b)
 
115,000
117,812
5.19% 04/01/2030(b)
 
731,000
743,125
5.63% 04/04/2034(b)
 
74,000
75,497
5.67% 04/01/2035(b)
 
1,077,000
1,096,332
5.89% 04/04/2054(b)
 
70,000
68,833
6.14% 04/01/2055(b)(c)
 
414,000
420,035
Hudbay Minerals, Inc. (Canada),
6.13%, 04/01/2029(b)
 
2,729,000
2,748,024
Rio Tinto Finance (USA) PLC
(Australia)
 
4.38% 03/12/2027(c)
 
621,000
622,966
4.50% 03/14/2028
 
218,000
219,101
4.88% 03/14/2030
 
649,000
659,082
5.00% 03/14/2032(c)
 
713,000
724,546
5.25% 03/14/2035(c)
 
922,000
936,246
5.75% 03/14/2055
 
629,000
630,136
5.88% 03/14/2065
 
191,000
192,319
Windfall Mining Group, Inc./Groupe
Minier Windfall, Inc. (South Africa),
5.85%, 05/13/2032(b)
 
1,666,000
1,705,949
 
 
12,946,711
See accompanying notes which are an integral part of this schedule.
Invesco Total Return Bond ETF (GTO)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Diversified REITs-0.05%
ERP Operating L.P., 4.95%,
06/15/2032
$
629,000
$634,560
Fort Moore Family Communities LLC,
5.81%, 01/15/2051(b)
 
200,000
166,729
VICI Properties L.P.
 
5.75% 04/01/2034
 
56,000
57,331
6.13% 04/01/2054
 
39,000
38,254
 
 
896,874
Diversified Support Services-0.10%
Element Fleet Management Corp.
(Canada)
 
6.32% 12/04/2028(b)
 
78,000
81,959
5.04% 03/25/2030(b)
 
1,305,000
1,316,842
RB Global Holdings, Inc. (Canada)
 
6.75% 03/15/2028(b)
 
179,000
183,456
7.75% 03/15/2031(b)
 
333,000
349,398
 
 
1,931,655
Drug Retail-0.04%
CK Hutchison International (23) Ltd.
(United Kingdom), 4.88%,
04/21/2033(b)
 
760,000
757,820
Electric Utilities-2.51%
AEP Transmission Co. LLC, 5.38%,
06/15/2035
 
436,000
443,417
Alabama Power Co., 5.85%,
11/15/2033
 
37,000
39,280
Alexander Funding Trust II, 7.47%,
07/31/2028(b)
 
456,000
484,631
American Electric Power Co., Inc.
 
5.75% 11/01/2027
 
9,000
9,237
5.20% 01/15/2029
 
54,000
55,197
Baltimore Gas and Electric Co.,
5.45%, 06/01/2035(c)
 
1,045,000
1,072,161
Capital Power (US Holdings), Inc.
(Canada)
 
5.26% 06/01/2028(b)
 
415,000
419,519
6.19% 06/01/2035(b)(c)
 
1,430,000
1,472,145
CenterPoint Energy Houston
Electric LLC
 
4.80% 03/15/2030
 
409,000
414,321
5.05% 03/01/2035
 
422,000
420,018
Series AJ, 4.85% 10/01/2052
 
16,000
14,306
Chile Electricity Lux MPC II S.a.r.l.
(Chile), 5.58%, 10/20/2035(b)
 
3,276,597
3,314,278
Consolidated Edison Co. of New York,
Inc.
 
5.50% 03/15/2034
 
25,000
25,984
5.90% 11/15/2053
 
37,000
37,720
Constellation Energy Generation LLC
 
6.13% 01/15/2034
 
32,000
34,435
6.50% 10/01/2053
 
14,000
15,155
5.75% 03/15/2054
 
80,000
78,586
DTE Electric Co.
 
5.20% 03/01/2034
 
46,000
47,027
5.85% 05/15/2055
 
421,000
440,460
Duke Energy Carolinas LLC
 
4.85% 03/15/2030
 
127,000
129,321
5.25% 03/15/2035(c)
 
660,000
674,138
5.35% 01/15/2053
 
11,000
10,489
 
Principal
Amount
Value
Electric Utilities-(continued)
Duke Energy Corp.
 
4.85% 01/05/2029
$
94,000
$95,121
5.00% 08/15/2052
 
8,000
6,986
Duke Energy Indiana LLC, 5.40%,
04/01/2053
 
14,000
13,320
Electricite de France S.A. (France)
 
5.70% 05/23/2028(b)
 
336,000
345,507
6.38% 01/13/2055(b)
 
2,395,000
2,424,869
9.13% (b)(e)(f)
 
685,000
786,637
Enel Finance International N.V. (Italy),
7.05%, 10/14/2025(b)
 
672,000
674,664
Entergy Corp., 7.13%,
12/01/2054(e)
 
99,000
102,740
Entergy Louisiana LLC
 
5.15% 09/15/2034
 
138,000
138,937
5.80% 03/15/2055
 
589,000
588,066
Entergy Texas, Inc.
 
5.25% 04/15/2035
 
531,000
536,545
5.55% 09/15/2054
 
150,000
143,251
Evergy Metro, Inc., 4.95%,
04/15/2033
 
16,000
16,058
Exelon Corp.
 
5.15% 03/15/2029
 
58,000
59,337
5.13% 03/15/2031
 
1,034,000
1,055,624
5.45% 03/15/2034
 
99,000
101,509
5.60% 03/15/2053
 
106,000
101,216
5.88% 03/15/2055
 
833,000
828,067
FirstEnergy Pennsylvania Electric Co.,
5.20%, 04/01/2028(b)
 
6,000
6,112
FirstEnergy Transmission LLC
 
4.55% 01/15/2030
 
314,000
313,556
5.00% 01/15/2035
 
175,000
173,135
Florida Power & Light Co., 4.80%,
05/15/2033
 
9,000
8,993
Georgia Power Co., 4.95%,
05/17/2033
 
13,000
13,067
MidAmerican Energy Co.
 
5.35% 01/15/2034
 
13,000
13,418
5.85% 09/15/2054
 
20,000
20,452
5.30% 02/01/2055
 
110,000
104,264
National Rural Utilities Cooperative
Finance Corp.
 
4.85% 02/07/2029
 
256,000
260,187
5.00% 02/07/2031
 
85,000
86,895
5.80% 01/15/2033
 
7,000
7,420
5.00% 08/15/2034
 
630,000
631,452
7.13% 09/15/2053(e)
 
342,000
358,649
NextEra Energy Capital Holdings, Inc.
 
4.90% 03/15/2029
 
142,000
144,034
5.05% 03/15/2030(c)
 
556,000
566,522
5.45% 03/15/2035(c)
 
1,603,000
1,632,095
6.75% 06/15/2054(e)
 
102,000
106,679
6.38% 08/15/2055(e)
 
372,000
382,591
Niagara Mohawk Power Corp.
 
4.65% 10/03/2030(b)
 
4,791,000
4,760,071
5.29% 01/17/2034(b)
 
53,000
53,201
6.00% 07/03/2055(b)
 
3,701,000
3,704,585
Northern States Power Co.
 
5.05% 05/15/2035
 
1,301,000
1,308,986
5.65% 05/15/2055
 
1,002,000
1,004,327
See accompanying notes which are an integral part of this schedule.
Invesco Total Return Bond ETF (GTO)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Electric Utilities-(continued)
Oglethorpe Power Corp., 5.90%,
02/01/2055
$
71,000
$69,962
Ohio Power Co., 5.65%, 06/01/2034
 
110,000
113,299
Oklahoma Gas and Electric Co.,
5.60%, 04/01/2053
 
477,000
463,962
Oncor Electric Delivery Co. LLC
 
4.50% 03/20/2027(b)
 
766,000
768,288
4.65% 11/01/2029
 
820,000
827,763
5.65% 11/15/2033
 
57,000
59,938
5.80% 04/01/2055(b)
 
1,877,000
1,888,725
PacifiCorp
 
5.10% 02/15/2029
 
61,000
62,050
5.30% 02/15/2031
 
86,000
88,319
5.45% 02/15/2034
 
63,000
63,552
5.80% 01/15/2055
 
58,000
55,214
PPL Capital Funding, Inc., 5.25%,
09/01/2034
 
86,000
86,769
PSEG Power LLC, 5.20%,
05/15/2030(b)
 
90,000
92,003
Public Service Co. of Colorado,
5.25%, 04/01/2053
 
11,000
10,106
Public Service Co. of New Hampshire,
5.35%, 10/01/2033
 
20,000
20,644
San Diego Gas & Electric Co.
 
5.35% 04/01/2053
 
26,000
24,216
5.55% 04/15/2054
 
191,000
183,501
Sierra Pacific Power Co., 5.90%,
03/15/2054
 
12,000
11,983
Southern Co. (The)
 
5.70% 10/15/2032
 
6,000
6,297
4.85% 03/15/2035
 
397,000
386,640
Conv., 3.25% 06/15/2028(b)
 
2,077,000
2,099,847
Series B, 4.00% 01/15/2051(e)
 
179,000
178,319
Southwestern Electric Power Co.,
5.30%, 04/01/2033
 
12,000
12,108
Trans-Allegheny Interstate Line Co.,
5.00%, 01/15/2031(b)
 
71,000
71,979
Union Electric Co.
 
5.20% 04/01/2034
 
141,000
142,932
5.25% 04/15/2035
 
445,000
451,777
5.13% 03/15/2055
 
207,000
189,375
Virginia Electric & Power Co., 5.00%,
04/01/2033
 
13,000
13,104
Vistra Operations Co. LLC
 
5.05% 12/30/2026(b)
 
359,000
359,887
5.63% 02/15/2027(b)
 
3,000,000
2,998,486
7.75% 10/15/2031(b)
 
847,000
897,119
6.88% 04/15/2032(b)
 
455,000
473,051
6.95% 10/15/2033(b)
 
31,000
34,106
6.00% 04/15/2034(b)
 
84,000
87,258
5.70% 12/30/2034(b)(c)
 
791,000
805,963
Xcel Energy, Inc., 4.75%,
03/21/2028
 
267,000
268,711
 
 
47,698,223
Electrical Components & Equipment-0.25%
EnerSys, 4.38%, 12/15/2027(b)
 
4,833,000
4,753,112
Regal Rexnord Corp.
 
6.30% 02/15/2030
 
9,000
9,428
6.40% 04/15/2033
 
29,000
30,669
 
 
4,793,209
 
Principal
Amount
Value
Electronic Components-0.03%
Amphenol Corp.
 
5.00% 01/15/2035
$
330,000
$331,637
5.38% 11/15/2054
 
171,000
166,241
 
 
497,878
Electronic Equipment & Instruments-0.05%
Keysight Technologies, Inc., 5.35%,
07/30/2030
 
973,000
1,001,053
Electronic Manufacturing Services-0.03%
EMRLD Borrower L.P./Emerald
Co-Issuer, Inc., 6.63%,
12/15/2030(b)
 
586,000
598,223
Environmental & Facilities Services-0.06%
Republic Services, Inc.
 
4.88% 04/01/2029
 
78,000
79,516
5.00% 12/15/2033
 
43,000
43,690
5.00% 04/01/2034
 
9,000
9,095
Veralto Corp.
 
5.50% 09/18/2026
 
143,000
144,291
5.35% 09/18/2028
 
48,000
49,245
Waste Management, Inc., 5.35%,
10/15/2054(c)
 
790,000
764,527
 
 
1,090,364
Financial Exchanges & Data-0.00%
Intercontinental Exchange, Inc.
 
4.95% 06/15/2052
 
5,000
4,485
5.20% 06/15/2062
 
10,000
9,324
Nasdaq, Inc.
 
5.35% 06/28/2028
 
7,000
7,190
5.55% 02/15/2034
 
17,000
17,644
5.95% 08/15/2053
 
4,000
4,068
6.10% 06/28/2063
 
16,000
16,344
 
 
59,055
Food Distributors-1.60%
Bunge Ltd. Finance Corp.
 
4.55% 08/04/2030
 
9,561,000
9,545,208
5.15% 08/04/2035
 
5,006,000
4,995,565
JBS USA Holding Lux S.a.r.l./JBS USA
Foods Group Holdings, Inc./JBS
USA Food Co.
 
5.50% 01/15/2036(b)(c)
 
7,435,000
7,409,386
6.25% 03/01/2056(b)
 
6,149,000
6,104,481
6.38% 04/15/2066(b)
 
1,969,000
1,943,127
Sysco Corp., 5.10%, 09/23/2030
 
360,000
367,767
 
 
30,365,534
Food Retail-0.05%
Kroger Co. (The)
 
5.00% 09/15/2034
 
396,000
391,925
5.65% 09/15/2064
 
619,000
584,361
 
 
976,286
Forest Products-0.06%
Georgia-Pacific LLC, 4.95%,
06/30/2032(b)
 
1,061,000
1,069,024
Gas Utilities-0.57%
Atmos Energy Corp.
 
5.90% 11/15/2033
 
20,000
21,403
5.20% 08/15/2035
 
4,527,000
4,561,673
6.20% 11/15/2053
 
19,000
20,405
See accompanying notes which are an integral part of this schedule.
Invesco Total Return Bond ETF (GTO)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Gas Utilities-(continued)
Piedmont Natural Gas Co., Inc.,
5.40%, 06/15/2033
$
20,000
$20,467
Snam S.p.A. (Italy)
 
5.75% 05/28/2035(b)(c)
 
2,604,000
2,671,186
6.50% 05/28/2055(b)
 
2,030,000
2,110,345
Southern Natural Gas Co., L.L.C.,
5.45%, 08/01/2035(b)
 
1,362,000
1,365,036
Southwest Gas Corp., 5.45%,
03/23/2028
 
8,000
8,180
 
 
10,778,695
Gold-0.19%
Boroo Investments Pte. Ltd.
(Singapore), 9.50%, 08/07/2032(b)
 
3,154,000
3,114,669
New Gold, Inc. (Canada), 6.88%,
04/01/2032(b)
 
498,000
511,523
 
 
3,626,192
Health Care Distributors-0.20%
Cardinal Health, Inc., 5.45%,
02/15/2034
 
59,000
60,401
Cencora, Inc., 5.13%, 02/15/2034
 
59,000
59,292
McKesson Corp.
 
4.25% 09/15/2029
 
299,000
297,900
4.95% 05/30/2032
 
3,348,000
3,376,966
 
 
3,794,559
Health Care Equipment-0.25%
GE HealthCare Technologies, Inc.,
4.80%, 01/15/2031
 
1,828,000
1,837,860
Smith & Nephew PLC (United
Kingdom)
 
5.15% 03/20/2027
 
59,000
59,626
5.40% 03/20/2034
 
173,000
175,635
Stryker Corp.
 
4.55% 02/10/2027
 
209,000
209,713
4.25% 09/11/2029
 
334,000
332,336
4.85% 02/10/2030
 
932,000
947,901
5.20% 02/10/2035
 
1,232,000
1,251,797
 
 
4,814,868
Health Care Facilities-0.05%
Adventist Health System, 5.76%,
12/01/2034
 
80,000
80,023
Universal Health Services, Inc.
 
4.63% 10/15/2029
 
274,000
270,243
5.05% 10/15/2034(c)
 
487,000
463,142
UPMC
 
5.04% 05/15/2033
 
85,000
85,154
5.38% 05/15/2043
 
62,000
59,167
 
 
957,729
Health Care REITs-0.10%
Alexandria Real Estate Equities, Inc.
 
5.25% 05/15/2036
 
27,000
26,604
5.63% 05/15/2054
 
136,000
127,748
Omega Healthcare Investors, Inc.,
5.20%, 07/01/2030(c)
 
1,661,000
1,667,120
 
 
1,821,472
Health Care Services-0.90%
CommonSpirit Health
 
5.32% 12/01/2034
 
480,000
482,739
5.55% 12/01/2054
 
307,000
289,517
 
Principal
Amount
Value
Health Care Services-(continued)
CVS Health Corp.
 
5.00% 01/30/2029
$
22,000
$22,299
5.25% 01/30/2031
 
5,000
5,091
6.75% 12/10/2054(e)
 
2,249,000
2,256,485
7.00% 03/10/2055(c)(e)
 
9,185,000
9,472,858
6.00% 06/01/2063
 
9,000
8,602
DaVita, Inc., 6.88%, 09/01/2032(b)
 
25,000
25,721
HCA, Inc.
 
5.00% 03/01/2028(c)
 
337,000
340,787
5.45% 09/15/2034
 
168,000
168,766
5.75% 03/01/2035
 
621,000
636,320
5.90% 06/01/2053
 
19,000
18,234
6.20% 03/01/2055
 
554,000
553,219
Icon Investments Six DAC
 
5.81% 05/08/2027
 
831,000
845,045
5.85% 05/08/2029
 
721,000
747,913
6.00% 05/08/2034
 
640,000
655,284
Laboratory Corp. of America Holdings,
4.35%, 04/01/2030
 
508,000
502,891
Piedmont Healthcare, Inc., 2.86%,
01/01/2052
 
156,000
96,777
Quest Diagnostics, Inc., 6.40%,
11/30/2033
 
34,000
37,205
 
 
17,165,753
Health Care Supplies-0.34%
DENTSPLY SIRONA, Inc., 8.38%,
09/12/2055(e)
 
5,895,000
5,958,088
Solventum Corp.
 
5.45% 02/25/2027
 
111,000
112,755
5.40% 03/01/2029
 
212,000
218,161
5.60% 03/23/2034
 
150,000
153,913
 
 
6,442,917
Highways & Railtracks-0.14%
Burlington Northern Santa Fe LLC,
5.80%, 03/15/2056
 
2,344,000
2,385,165
TransJamaican Highway Ltd.
(Jamaica), 5.75%, 10/10/2036(b)
 
332,934
309,628
 
 
2,694,793
Home Improvement Retail-0.01%
Home Depot, Inc. (The), 4.90%,
04/15/2029
 
83,000
84,919
Lowe’s Cos., Inc.
 
5.80% 09/15/2062
 
2,000
1,928
5.85% 04/01/2063
 
3,000
2,900
 
 
89,747
Homebuilding-0.13%
D.R. Horton, Inc., 5.00%,
10/15/2034(c)
 
230,000
227,454
Toll Brothers Finance Corp., 5.60%,
06/15/2035
 
2,317,000
2,329,439
 
 
2,556,893
Hotel & Resort REITs-0.09%
Phillips Edison Grocery Center
Operating Partnership I L.P.
 
5.25% 08/15/2032
 
1,524,000
1,533,434
5.75% 07/15/2034
 
52,000
53,451
4.95% 01/15/2035
 
207,000
200,855
 
 
1,787,740
See accompanying notes which are an integral part of this schedule.
Invesco Total Return Bond ETF (GTO)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Hotels, Resorts & Cruise Lines-0.83%
Carnival Corp.
 
7.88% 06/01/2027
$
481,000
$506,231
7.00% 08/15/2029(b)
 
64,000
67,295
5.75% 03/15/2030(b)(c)
 
1,020,000
1,035,261
5.88% 06/15/2031(b)(c)
 
5,388,000
5,472,188
5.75% 08/01/2032(b)
 
4,104,000
4,136,914
Expedia Group, Inc., 5.40%,
02/15/2035
 
736,000
741,735
Hilton Domestic Operating Co., Inc.
 
5.88% 04/01/2029(b)
 
375,000
381,585
6.13% 04/01/2032(b)
 
174,000
177,585
5.75% 09/15/2033(b)
 
2,143,000
2,146,375
Marriott International, Inc.
 
4.88% 05/15/2029
 
36,000
36,441
4.80% 03/15/2030
 
324,000
326,225
5.30% 05/15/2034
 
41,000
41,360
5.35% 03/15/2035(c)
 
212,000
212,913
Royal Caribbean Cruises Ltd.
 
6.25% 03/15/2032(b)
 
219,000
224,914
6.00% 02/01/2033(b)
 
250,000
254,282
 
 
15,761,304
Household Appliances-0.05%
Whirlpool Corp.
 
6.13% 06/15/2030(c)
 
334,000
333,446
6.50% 06/15/2033(c)
 
670,000
660,716
 
 
994,162
Independent Power Producers & Energy Traders-0.27%
AES Corp. (The)
 
5.80% 03/15/2032(c)
 
2,057,000
2,089,794
6.95% 07/15/2055(e)
 
868,000
838,507
FIEMEX Energia - Banco Actinver S.A.
Institucion de Banca Multiple
(Mexico), 7.25%, 01/31/2041(b)(c)
 
639,303
655,062
Vistra Corp.
 
7.00% (b)(e)(f)
 
619,000
625,588
Series C, 8.88% (b)(e)(f)
 
888,000
964,615
 
 
5,173,566
Industrial Conglomerates-0.37%
Honeywell International, Inc.
 
4.88% 09/01/2029
 
129,000
131,814
4.95% 09/01/2031
 
156,000
159,287
5.00% 03/01/2035
 
129,000
129,004
5.35% 03/01/2064
 
194,000
182,814
Siemens Funding B.V. (Germany)
 
4.35% 05/26/2028(b)
 
2,618,000
2,628,159
4.60% 05/28/2030(b)
 
1,798,000
1,816,708
5.20% 05/28/2035(b)
 
1,236,000
1,266,267
5.90% 05/28/2065(b)
 
776,000
811,412
 
 
7,125,465
Industrial Machinery & Supplies & Components-0.17%
Enpro, Inc., 6.13%, 06/01/2033(b)
 
2,031,000
2,054,105
Ingersoll Rand, Inc.
 
5.20% 06/15/2027
 
128,000
129,642
5.40% 08/14/2028
 
5,000
5,129
Nordson Corp.
 
5.60% 09/15/2028
 
13,000
13,366
5.80% 09/15/2033
 
21,000
22,205
 
Principal
Amount
Value
Industrial Machinery & Supplies & Components-(continued)
nVent Finance S.a.r.l. (United
Kingdom), 5.65%, 05/15/2033
$
29,000
$29,651
Weir Group, Inc. (United Kingdom),
5.35%, 05/06/2030(b)
 
919,000
931,466
 
 
3,185,564
Industrial REITs-0.00%
LXP Industrial Trust, 6.75%,
11/15/2028
 
23,000
24,282
Insurance Brokers-0.04%
Arthur J. Gallagher & Co.
 
4.85% 12/15/2029
 
101,000
101,950
5.00% 02/15/2032
 
119,000
120,050
5.15% 02/15/2035
 
198,000
196,958
6.75% 02/15/2054
 
24,000
26,237
AssuredPartners, Inc., 7.50%,
02/15/2032(b)
 
233,000
248,975
Marsh & McLennan Cos., Inc.
 
5.40% 09/15/2033
 
29,000
29,985
5.45% 03/15/2053
 
9,000
8,676
5.70% 09/15/2053
 
25,000
24,976
 
 
757,807
Integrated Oil & Gas-1.20%
BP Capital Markets PLC, 6.13%(e)(f)
 
955,000
960,166
Ecopetrol S.A. (Colombia)
 
8.88% 01/13/2033
 
1,780,000
1,868,054
8.38% 01/19/2036
 
244,000
241,111
Eni S.p.A. (Italy), 5.50%,
05/15/2034(b)
 
743,000
749,992
Occidental Petroleum Corp.
 
5.00% 08/01/2027
 
146,000
147,168
5.20% 08/01/2029
 
156,000
156,502
5.38% 01/01/2032
 
212,000
210,369
5.55% 10/01/2034(c)
 
669,000
656,672
6.45% 09/15/2036
 
61,000
62,130
4.63% 06/15/2045
 
1,538,000
1,168,854
Petroleos Mexicanos (Mexico)
 
8.75% 06/02/2029
 
2,253,000
2,375,748
6.63% 06/15/2035
 
3,738,000
3,334,400
Saudi Arabian Oil Co. (Saudi Arabia)
 
4.75% 06/02/2030(b)
 
2,955,000
2,977,210
5.38% 06/02/2035(b)
 
3,590,000
3,642,098
6.38% 06/02/2055(b)
 
4,185,000
4,249,612
 
 
22,800,086
Integrated Telecommunication Services-0.73%
AT&T, Inc.
 
5.40% 02/15/2034
 
24,000
24,534
3.55% 09/15/2055
 
2,000
1,342
6.05% 08/15/2056
 
1,260,000
1,278,330
British Telecommunications PLC
(United Kingdom), 4.25%,
11/23/2081(b)(c)(e)
 
1,460,000
1,438,827
Iliad Holding S.A.S.U. (France), 8.50%,
04/15/2031(b)
 
184,000
197,515
NTT Finance Corp. (Japan)
 
4.88% 07/16/2030(b)
 
806,000
810,832
5.50% 07/16/2035(b)
 
1,309,000
1,329,783
TELUS Corp. (Canada)
 
6.63% 10/15/2055(e)
 
2,007,000
2,033,252
7.00% 10/15/2055(e)
 
1,979,000
2,008,521
See accompanying notes which are an integral part of this schedule.
Invesco Total Return Bond ETF (GTO)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Integrated Telecommunication Services-(continued)
T-Mobile USA, Inc.
 
5.65% 01/15/2053
$
20,000
$19,272
6.00% 06/15/2054
 
5,000
5,058
5.88% 11/15/2055(c)
 
729,000
727,442
Verizon Communications, Inc., 5.25%,
04/02/2035(c)
 
2,668,000
2,679,725
Zegona Finance PLC (United
Kingdom), 8.63%, 07/15/2029(b)
 
1,333,000
1,420,978
 
 
13,975,411
Interactive Media & Services-0.77%
Alphabet, Inc.
 
5.25% 05/15/2055
 
815,000
800,304
5.30% 05/15/2065
 
865,000
840,663
Flutter Treasury DAC (Ireland),
5.88%, 06/04/2031(b)(c)
 
4,351,000
4,382,414
Meta Platforms, Inc.
 
4.55% 08/15/2031
 
271,000
273,600
4.75% 08/15/2034(c)
 
669,000
666,724
5.40% 08/15/2054(c)
 
750,000
725,273
5.75% 05/15/2063
 
27,000
27,157
5.55% 08/15/2064
 
369,000
358,275
WarnerMedia Holdings, Inc.
 
4.28% 03/15/2032
 
192,000
161,350
5.05% 03/15/2042
 
9,667,000
6,470,171
 
 
14,705,931
Internet Services & Infrastructure-0.15%
CoreWeave, Inc.
 
9.25% 06/01/2030(b)
 
1,492,000
1,500,655
9.00% 02/01/2031(b)
 
1,376,000
1,371,853
 
 
2,872,508
Investment Banking & Brokerage-1.31%
Charles Schwab Corp. (The)
 
Series I, 4.00% (e)(f)
 
1,043,000
1,029,448
Series K, 5.00% (e)(f)
 
15,000
14,931
Goldman Sachs Group, Inc. (The)
 
5.14% (SOFR + 0.79%),
12/09/2026(d)
 
13,000
13,021
5.64% (SOFR + 1.29%),
04/23/2028(d)
 
1,017,000
1,026,240
5.73% 04/25/2030(e)
 
108,000
112,159
5.05% 07/23/2030(e)
 
211,000
214,440
4.69% 10/23/2030(e)
 
316,000
315,843
5.21% 01/28/2031(e)
 
457,000
466,806
5.22% 04/23/2031(c)(e)
 
1,329,000
1,359,243
5.85% 04/25/2035(e)
 
125,000
131,022
5.33% 07/23/2035(e)
 
593,000
599,269
5.54% 01/28/2036(c)(e)
 
1,638,000
1,675,253
5.73% 01/28/2056(e)
 
974,000
978,788
6.85% (e)(f)
 
2,762,000
2,827,624
Series V, 4.13% (e)(f)
 
459,000
449,839
Series W, 7.50% (c)(e)(f)
 
2,962,000
3,136,029
Series X, 7.50% (e)(f)
 
2,979,000
3,119,996
 
Principal
Amount
Value
Investment Banking & Brokerage-(continued)
Morgan Stanley
 
5.12% 02/01/2029(e)
$
8,000
$8,119
4.99% 04/12/2029(e)
 
515,000
521,451
5.16% 04/20/2029(e)
 
43,000
43,700
5.45% 07/20/2029(e)
 
15,000
15,400
6.41% 11/01/2029(e)
 
33,000
34,836
5.17% 01/16/2030(e)
 
32,000
32,651
5.04% 07/19/2030(e)
 
569,000
578,975
4.65% 10/18/2030(e)
 
468,000
469,041
5.23% 01/15/2031(e)
 
2,118,000
2,170,238
5.19% 04/17/2031(e)
 
1,520,000
1,553,061
5.25% 04/21/2034(e)
 
48,000
48,793
5.42% 07/21/2034(e)
 
20,000
20,490
5.47% 01/18/2035(e)
 
33,000
33,818
5.83% 04/19/2035(e)
 
107,000
112,202
5.32% 07/19/2035(e)
 
236,000
239,062
5.59% 01/18/2036(e)
 
1,152,000
1,182,794
5.66% 04/17/2036(e)
 
292,000
301,276
5.95% 01/19/2038(e)
 
8,000
8,256
 
 
24,844,114
IT Consulting & Other Services-0.39%
International Business Machines Corp.
 
4.80% 02/10/2030(c)
 
3,121,000
3,165,577
5.20% 02/10/2035(c)
 
2,148,000
2,170,681
5.70% 02/10/2055(c)
 
2,033,000
2,005,238
 
 
7,341,496
Leisure Facilities-0.10%
Vail Resorts, Inc., 5.63%,
07/15/2030(b)
 
1,813,000
1,824,105
Leisure Products-0.00%
Brunswick Corp., 5.85%,
03/18/2029
 
69,000
70,945
Life & Health Insurance-1.78%
200 Park Funding Trust, 5.74%,
02/15/2055(b)
 
819,000
806,395
AIA Group Ltd. (Hong Kong)
 
5.38% 04/05/2034(b)(c)
 
1,045,000
1,066,242
4.95% 03/30/2035(b)(c)
 
2,160,000
2,144,035
5.40% 09/30/2054(b)(c)
 
1,241,000
1,168,400
Amazon Conservation DAC (Ecuador),
6.03%, 01/16/2042(b)
 
3,415,000
3,436,088
American National Global Funding,
5.55%, 01/28/2030(b)
 
119,000
121,170
American National Group, Inc.,
6.00%, 07/15/2035
 
2,844,000
2,862,933
Athene Global Funding, 5.58%,
01/09/2029(b)
 
198,000
203,592
Athene Holding Ltd.
 
6.25% 04/01/2054
 
78,000
77,078
6.63% 05/19/2055(c)
 
419,000
431,386
Belrose Funding Trust II, 6.79%,
05/15/2055(b)
 
2,062,000
2,112,021
Corebridge Global Funding
 
5.90% 09/19/2028(b)
 
35,000
36,347
5.20% 01/12/2029(b)
 
233,000
237,286
5.20% 06/24/2029(b)
 
207,000
211,115
Dai-ichi Life Insurance Co. Ltd. (The)
(Japan), 6.20%(b)(e)(f)
 
980,000
999,489
See accompanying notes which are an integral part of this schedule.
Invesco Total Return Bond ETF (GTO)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Life & Health Insurance-(continued)
Delaware Life Global Funding,
Series 21-1, 2.66%,
06/29/2026(b)
$
4,125,000
$4,033,169
F&G Annuities & Life, Inc., 7.40%,
01/13/2028
 
16,000
16,751
GA Global Funding Trust, 5.50%,
01/08/2029(b)
 
658,000
673,693
High Street Funding Trust III, 5.81%,
02/15/2055(b)
 
672,000
651,611
Jackson National Life Global Funding,
4.70%, 06/05/2028(b)
 
1,993,000
1,997,663
MAG Mutual Holding Co., 4.75%,
04/30/2041(b)(h)
 
3,179,000
2,870,637
MassMutual Global Funding II, 4.55%,
05/07/2030(b)
 
1,696,000
1,697,996
MetLife, Inc.
 
5.25% 01/15/2054
 
16,000
15,014
Series G, 6.35% 03/15/2055(c)(e)
 
1,189,000
1,222,509
Series G, 3.85% (e)(f)
 
4,000
3,996
Nippon Life Insurance Co. (Japan)
 
5.95% 04/16/2054(b)(e)
 
790,000
806,066
6.50% 04/30/2055(b)(e)
 
1,079,000
1,130,203
Penn Mutual Life Insurance Co. (The),
3.80%, 04/29/2061(b)
 
2,000
1,287
Pricoa Global Funding I, 4.65%,
08/27/2031(b)
 
509,000
508,203
Prudential Financial, Inc., 5.20%,
03/14/2035
 
1,594,000
1,606,559
Symetra Life Insurance Co., 6.55%,
10/01/2055(b)
 
780,000
797,158
 
 
33,946,092
Managed Health Care-0.02%
Humana, Inc., 5.75%, 12/01/2028
 
20,000
20,712
UnitedHealth Group, Inc.
 
5.25% 02/15/2028
 
10,000
10,223
5.30% 02/15/2030
 
16,000
16,466
5.35% 02/15/2033
 
11,000
11,264
5.05% 04/15/2053
 
10,000
8,786
5.63% 07/15/2054
 
94,000
89,606
5.75% 07/15/2064
 
164,000
156,209
 
 
313,266
Marine Transportation-0.08%
A.P. Moller - Maersk A/S (Denmark),
5.88%, 09/14/2033(b)
 
25,000
26,486
Stena International S.A. (Sweden),
7.63%, 02/15/2031(b)
 
1,371,000
1,410,460
 
 
1,436,946
Metal, Glass & Plastic Containers-0.21%
CROWN Americas LLC, 5.88%,
06/01/2033(b)
 
2,729,000
2,736,581
Smurfit Kappa Treasury Unlimited Co.
(Ireland)
 
5.20% 01/15/2030
 
700,000
717,591
5.44% 04/03/2034
 
558,000
569,732
 
 
4,023,904
Movies & Entertainment-0.00%
Netflix, Inc., 5.40%, 08/15/2054
 
49,000
48,023
 
Principal
Amount
Value
Multi-Family Residential REITs-0.03%
AvalonBay Communities, Inc., 5.30%,
12/07/2033
$
47,000
$48,221
Essex Portfolio L.P., 5.50%,
04/01/2034
 
46,000
47,077
Invitation Homes Operating
Partnership L.P., 4.88%,
02/01/2035
 
213,000
205,412
Mid-America Apartments L.P., 5.30%,
02/15/2032
 
223,000
229,555
UDR, Inc., 5.13%, 09/01/2034
 
89,000
88,548
 
 
618,813
Multi-line Insurance-0.13%
Allianz SE (Germany), 3.50%(b)(e)(f)
 
1,600,000
1,582,045
American International Group, Inc.,
4.85%, 05/07/2030
 
441,000
447,169
Metropolitan Life Global Funding I,
5.15%, 03/28/2033(b)
 
512,000
521,296
 
 
2,550,510
Multi-Utilities-0.60%
Algonquin Power & Utilities Corp.
(Canada), 5.37%, 06/15/2026
 
89,000
89,485
Ameren Illinois Co., 4.95%,
06/01/2033
 
20,000
20,187
Black Hills Corp., 6.15%,
05/15/2034
 
65,000
68,560
CenterPoint Energy, Inc., Conv.,
3.00%, 08/01/2028(b)
 
3,272,000
3,314,536
CMS Energy Corp., 6.50%,
06/01/2055(e)
 
583,000
589,304
Dominion Energy, Inc., 5.38%,
11/15/2032
 
14,000
14,354
DTE Energy Co.
 
4.95% 07/01/2027
 
256,000
258,387
5.85% 06/01/2034
 
47,000
49,210
ENGIE S.A. (France)
 
5.25% 04/10/2029(b)(c)
 
978,000
999,952
5.63% 04/10/2034(b)
 
678,000
699,364
5.88% 04/10/2054(b)(c)
 
714,000
716,389
NiSource, Inc.
 
5.25% 03/30/2028
 
5,000
5,103
5.35% 04/01/2034
 
101,000
102,640
5.85% 04/01/2055
 
813,000
803,210
Public Service Enterprise Group, Inc.,
5.88%, 10/15/2028
 
59,000
61,414
Sempra
 
6.88% 10/01/2054(e)
 
122,000
123,449
6.55% 04/01/2055(c)(e)
 
833,000
805,835
6.63% 04/01/2055(e)
 
911,000
896,733
WEC Energy Group, Inc.
 
5.15% 10/01/2027
 
16,000
16,235
Conv., 3.38% 06/01/2028(b)
 
1,792,000
1,816,640
 
 
11,450,987
Office REITs-0.16%
Brandywine Operating Partnership
L.P.
 
8.30% 03/15/2028(c)
 
319,000
338,770
8.88% 04/12/2029
 
943,000
1,012,029
See accompanying notes which are an integral part of this schedule.
Invesco Total Return Bond ETF (GTO)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Office REITs-(continued)
Cousins Properties L.P.
 
5.25% 07/15/2030
$
1,265,000
$1,285,836
5.38% 02/15/2032
 
180,000
181,782
5.88% 10/01/2034
 
211,000
217,214
 
 
3,035,631
Oil & Gas Equipment & Services-0.00%
Northern Natural Gas Co., 5.63%,
02/01/2054(b)
 
31,000
29,625
Oil & Gas Exploration & Production-0.62%
Aethon United BR L.P./Aethon United
Finance Corp., 7.50%,
10/01/2029(b)
 
546,000
572,544
ConocoPhillips Co., 5.70%,
09/15/2063
 
33,000
31,587
Diamondback Energy, Inc.
 
5.20% 04/18/2027
 
113,000
114,136
5.15% 01/30/2030
 
172,000
175,196
5.90% 04/18/2064
 
67,000
61,927
EOG Resources, Inc.
 
4.40% 07/15/2028
 
711,000
713,295
5.35% 01/15/2036
 
1,410,000
1,421,181
5.95% 07/15/2055
 
2,404,000
2,429,619
Expand Energy Corp., 5.38%,
03/15/2030
 
90,000
90,164
Hilcorp Energy I L.P./Hilcorp Finance
Co.
 
6.88% 05/15/2034(b)
 
273,000
263,127
7.25% 02/15/2035(b)
 
500,000
487,733
Transocean Titan Financing Ltd.,
8.38%, 02/01/2028(b)
 
17,190
17,634
Uzbekneftegaz JSC (Uzbekistan),
4.75%, 11/16/2028(b)
 
1,278,000
1,199,001
Var Energi ASA (Norway)
 
5.88% 05/22/2030(b)
 
1,600,000
1,648,251
6.50% 05/22/2035(b)
 
1,750,000
1,814,992
Woodside Finance Ltd. (Australia),
5.70%, 05/19/2032
 
813,000
829,154
 
 
11,869,541
Oil & Gas Refining & Marketing-0.14%
Empresa Nacional del Petroleo (Chile),
5.95%, 07/30/2034(b)
 
929,000
949,392
Phillips 66 Co., 5.30%, 06/30/2033
 
20,000
20,225
Raizen Fuels Finance S.A. (Brazil)
 
6.70% 02/25/2037(b)
 
918,000
895,817
6.95% 03/05/2054(b)
 
932,000
871,184
 
 
2,736,618
Oil & Gas Storage & Transportation-2.29%
Antero Midstream Partners
L.P./Antero Midstream Finance
Corp., 6.63%, 02/01/2032(b)
 
1,023,000
1,052,509
Cheniere Energy Partners L.P.,
5.95%, 06/30/2033
 
20,000
20,888
Columbia Pipelines Holding Co. LLC
 
6.06% 08/15/2026(b)
 
17,000
17,184
5.10% 10/01/2031(b)
 
212,000
213,000
Columbia Pipelines Operating Co. LLC,
5.70%, 10/01/2054(b)
 
553,000
508,339
Eastern Energy Gas Holdings LLC,
5.65%, 10/15/2054
 
312,000
298,981
 
Principal
Amount
Value
Oil & Gas Storage & Transportation-(continued)
Enbridge, Inc. (Canada)
 
5.70% 03/08/2033
$
15,000
$15,544
7.63% 01/15/2083(e)
 
13,000
13,831
Energy Transfer L.P.
 
6.05% 12/01/2026
 
33,000
33,580
5.50% 06/01/2027
 
5,000
5,073
6.10% 12/01/2028
 
20,000
20,944
6.40% 12/01/2030
 
13,000
13,956
5.55% 05/15/2034
 
103,000
103,947
5.95% 05/15/2054
 
74,000
69,994
8.00% 05/15/2054(c)(e)
 
940,000
1,002,313
6.05% 09/01/2054
 
630,000
604,913
7.13% 10/01/2054(c)(e)
 
3,561,000
3,655,491
Enterprise Products Operating LLC
 
4.30% 06/20/2028
 
2,251,000
2,249,469
5.20% 01/15/2036
 
2,962,000
2,968,656
Florida Gas Transmission Co. LLC,
5.75%, 07/15/2035(b)(c)
 
4,262,000
4,350,955
GreenSaif Pipelines Bidco S.a.r.l.
(Saudi Arabia)
 
5.85% 02/23/2036(b)
 
4,380,000
4,493,818
6.13% 02/23/2038(b)
 
383,000
398,734
6.51% 02/23/2042(b)
 
970,000
1,017,516
6.10% 08/23/2042(b)
 
2,330,000
2,373,177
Gulfstream Natural Gas System,
L.L.C., 5.60%, 07/23/2035(b)
 
2,764,000
2,781,111
Kinder Morgan, Inc.
 
7.80% 08/01/2031
 
9,000
10,350
4.80% 02/01/2033
 
5,000
4,919
5.20% 06/01/2033
 
20,000
20,090
MPLX L.P., 4.95%, 03/14/2052
 
5,000
4,132
NGL Energy Operating LLC/NGL
Energy Finance Corp., 8.38%,
02/15/2032(b)
 
505,000
494,419
Northriver Midstream Finance L.P.
(Canada), 6.75%, 07/15/2032(b)
 
177,000
180,357
Plains All American Pipeline L.P.,
5.95%, 06/15/2035
 
913,000
937,540
South Bow Canadian Infrastructure
Holdings Ltd. (Canada)
 
7.50% 03/01/2055(b)(c)(e)
 
946,000
983,696
7.63% 03/01/2055(b)(e)
 
1,650,000
1,705,565
South Bow USA Infrastructure
Holdings LLC (Canada)
 
4.91% 09/01/2027(b)
 
363,000
364,321
5.03% 10/01/2029(b)
 
467,000
466,755
5.58% 10/01/2034(b)
 
342,000
337,804
6.18% 10/01/2054(b)
 
216,000
205,118
Southern Co. Gas Capital Corp.,
5.75%, 09/15/2033
 
21,000
21,977
Tallgrass Energy Partners
L.P./Tallgrass Energy Finance
Corp., 7.38%, 02/15/2029(b)
 
993,000
1,019,739
Venture Global LNG, Inc.
 
9.50% 02/01/2029(b)
 
712,000
776,937
9.88% 02/01/2032(b)(c)
 
229,000
247,221
Venture Global Plaquemines LNG LLC
 
7.50% 05/01/2033(b)(c)
 
1,082,000
1,169,175
6.50% 01/15/2034(b)
 
958,000
986,142
7.75% 05/01/2035(b)
 
1,944,000
2,132,747
6.75% 01/15/2036(b)
 
574,000
590,836
See accompanying notes which are an integral part of this schedule.
Invesco Total Return Bond ETF (GTO)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Oil & Gas Storage & Transportation-(continued)
Western Midstream Operating L.P.
 
6.15% 04/01/2033
$
19,000
$19,827
5.45% 11/15/2034
 
319,000
312,921
5.30% 03/01/2048
 
1,123,000
944,756
Williams Cos., Inc. (The)
 
5.30% 08/15/2028
 
67,000
68,624
4.80% 11/15/2029
 
301,000
303,457
5.65% 03/15/2033
 
20,000
20,719
5.15% 03/15/2034
 
99,000
98,648
5.80% 11/15/2054
 
232,000
225,622
6.00% 03/15/2055
 
656,000
655,488
 
 
43,593,825
Other Specialized REITs-0.03%
Simon Property Group L.P., 4.75%,
09/26/2034
 
655,000
638,106
Other Specialty Retail-0.00%
Tractor Supply Co., 5.25%,
05/15/2033
 
9,000
9,156
Packaged Foods & Meats-0.48%
Campbell’s Co. (The)
 
5.30% 03/20/2026
 
49,000
49,205
5.20% 03/21/2029
 
50,000
51,032
5.40% 03/21/2034
 
66,000
66,690
5.25% 10/13/2054(c)
 
188,000
169,851
General Mills, Inc., 5.50%,
10/17/2028
 
42,000
43,334
J.M. Smucker Co. (The), 6.20%,
11/15/2033
 
20,000
21,396
Mars, Inc.
 
4.60% 03/01/2028(b)(c)
 
2,048,000
2,059,840
4.80% 03/01/2030(b)
 
578,000
583,924
5.00% 03/01/2032(b)
 
1,443,000
1,457,047
5.20% 03/01/2035(b)
 
1,427,000
1,434,630
5.65% 05/01/2045(b)
 
826,000
820,959
5.70% 05/01/2055(b)
 
1,044,000
1,031,095
5.80% 05/01/2065(b)
 
710,000
703,674
McCormick & Co., Inc., 4.70%,
10/15/2034(c)
 
427,000
411,420
Post Holdings, Inc., 6.25%,
10/15/2034(b)(c)
 
275,000
276,032
 
 
9,180,129
Paper & Plastic Packaging Products & Materials-0.25%
Cascades, Inc./Cascades USA, Inc.
(Canada), 6.75%, 07/15/2030(b)
 
1,048,000
1,046,501
Graphic Packaging International LLC,
6.38%, 07/15/2032(b)(c)
 
757,000
767,077
Sealed Air Corp., 7.25%,
02/15/2031(b)(c)
 
2,842,000
2,957,542
 
 
4,771,120
Paper Products-0.01%
Magnera Corp., 7.25%,
11/15/2031(b)(c)
 
275,000
259,130
Passenger Airlines-0.35%
American Airlines Pass-Through Trust
 
Series 2021-1, Class A, 2.88%
07/11/2034
 
20,978
18,556
Series 2021-1, Class B, 3.95%
07/11/2030
 
226,300
214,955
 
Principal
Amount
Value
Passenger Airlines-(continued)
American Airlines, Inc./AAdvantage
Loyalty IP Ltd., 5.50%,
04/20/2026(b)
$
1,137,441
$1,137,115
AS Mileage Plan IP Ltd.
 
5.02% 10/20/2029(b)
 
273,000
271,009
5.31% 10/20/2031(b)
 
258,000
256,110
British Airways Pass-Through Trust
(United Kingdom), Series 2021-1,
Class A, 2.90%, 03/15/2035(b)
 
89,771
81,385
Delta Air Lines, Inc.
 
4.95% 07/10/2028
 
1,943,000
1,952,833
5.25% 07/10/2030(c)
 
2,206,000
2,228,278
Delta Air Lines, Inc./SkyMiles IP Ltd.
 
4.50% 10/20/2025(b)
 
3,169
3,161
4.75% 10/20/2028(b)
 
14,815
14,829
United Airlines Pass-Through Trust
 
Series 2020-1, Class A, 5.88%
10/15/2027
 
3,688
3,761
Series 24-A, 5.88% 02/15/2037
 
277,563
279,062
Series AA, 5.45% 02/15/2037
 
229,981
233,630
 
 
6,694,684
Passenger Ground Transportation-0.09%
Uber Technologies, Inc.
 
6.25% 01/15/2028(b)(c)
 
524,000
525,639
4.30% 01/15/2030
 
788,000
781,793
5.35% 09/15/2054
 
374,000
349,611
 
 
1,657,043
Personal Care Products-0.04%
Coty, Inc., 5.00%, 04/15/2026(b)
 
650,000
649,767
Kenvue, Inc.
 
5.05% 03/22/2028
 
13,000
13,280
5.00% 03/22/2030
 
57,000
58,422
4.90% 03/22/2033
 
31,000
31,369
5.20% 03/22/2063
 
13,000
11,878
 
 
764,716
Pharmaceuticals-0.73%
AstraZeneca Finance LLC (United
Kingdom)
 
4.85% 02/26/2029
 
156,000
158,855
4.90% 02/26/2031
 
359,000
368,104
Bristol-Myers Squibb Co.
 
4.90% 02/22/2029
 
55,000
56,075
5.75% 02/01/2031
 
44,000
46,693
5.90% 11/15/2033
 
28,000
29,942
6.25% 11/15/2053
 
29,000
30,888
6.40% 11/15/2063
 
48,000
51,466
Eli Lilly and Co.
 
4.70% 02/09/2034
 
20,000
19,931
5.00% 02/09/2054
 
124,000
114,548
5.10% 02/09/2064
 
156,000
143,402
5.20% 08/14/2064
 
106,000
99,096
Merck & Co., Inc.
 
4.30% 05/17/2030
 
60,000
60,062
4.90% 05/17/2044
 
57,000
52,878
5.15% 05/17/2063
 
9,000
8,201
Novartis Capital Corp.
 
4.00% 09/18/2031
 
330,000
323,313
4.20% 09/18/2034(c)
 
758,000
727,732
4.70% 09/18/2054
 
583,000
517,013
See accompanying notes which are an integral part of this schedule.
Invesco Total Return Bond ETF (GTO)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Pharmaceuticals-(continued)
Takeda U.S. Financing, Inc.
 
5.20% 07/07/2035(c)
$
4,133,000
$4,119,076
5.90% 07/07/2055(c)
 
2,937,000
2,935,443
Teva Pharmaceutical Finance
Netherlands IV B.V. (Israel), 5.75%,
12/01/2030(c)
 
2,952,000
2,997,172
Teva Pharmaceuticals Finance
Netherlands B.V. (Israel), 6.00%,
12/01/2032(c)
 
1,046,000
1,066,401
 
 
13,926,291
Property & Casualty Insurance-0.10%
Fairfax Financial Holdings Ltd.
(Canada), 6.10%, 03/15/2055
 
318,000
309,216
Travelers Cos., Inc. (The)
 
5.05% 07/24/2035
 
552,000
553,588
5.45% 05/25/2053
 
11,000
10,699
5.70% 07/24/2055
 
919,000
926,211
 
 
1,799,714
Rail Transportation-0.08%
Canadian Pacific Railway Co.
(Canada), 5.20%, 03/30/2035(c)
 
633,000
641,082
TTX Co., 5.05%, 11/15/2034(b)
 
847,000
857,118
 
 
1,498,200
Real Estate Development-0.01%
Piedmont Operating Partnership L.P.,
6.88%, 07/15/2029
 
202,000
211,411
Regional Banks-0.07%
Citizens Financial Group, Inc., 5.64%,
05/21/2037(e)
 
7,000
6,929
Regions Financial Corp., 5.72%,
06/06/2030(e)
 
155,000
160,225
Synovus Financial Corp., 6.17%,
11/01/2030(e)
 
201,000
206,770
Truist Financial Corp., Series P,
4.95%(e)(f)
 
134,000
134,071
Zions Bancorporation N.A., 6.82%,
11/19/2035(c)(e)
 
791,000
826,125
 
 
1,334,120
Reinsurance-0.22%
Global Atlantic (Fin) Co.
 
6.75% 03/15/2054(b)
 
182,000
187,646
7.95% 10/15/2054(b)(e)
 
923,000
966,847
RenaissanceRe Holdings Ltd.
(Bermuda), 5.75%, 06/05/2033
 
2,915,000
3,003,826
 
 
4,158,319
Renewable Electricity-0.01%
Idaho Power Co., 5.20%,
08/15/2034
 
86,000
87,461
Research & Consulting Services-0.02%
CACI International, Inc., 6.38%,
06/15/2033(b)
 
379,000
388,017
Restaurants-0.67%
1011778 BC ULC/New Red Finance,
Inc. (Canada), 5.63%,
09/15/2029(b)
 
701,000
706,060
Arcos Dorados B.V. (Brazil), 6.38%,
01/29/2032(b)
 
2,805,000
2,894,760
 
Principal
Amount
Value
Restaurants-(continued)
McDonald’s Corp.
 
4.80% 08/14/2028
$
115,000
$116,692
4.60% 05/15/2030
 
724,000
728,792
4.95% 08/14/2033
 
84,000
85,286
4.95% 03/03/2035(c)
 
497,000
495,613
Raising Cane’s Restaurants LLC,
9.38%, 05/01/2029(b)
 
7,290,000
7,700,908
 
 
12,728,111
Retail REITs-0.25%
Agree L.P., 5.63%, 06/15/2034
 
69,000
70,545
Brixmor Operating Partnership L.P.,
5.75%, 02/15/2035
 
58,000
59,565
Kimco Realty OP LLC
 
4.85% 03/01/2035
 
219,000
214,132
5.30% 02/01/2036
 
3,039,000
3,046,233
Kite Realty Group L.P.
 
4.95% 12/15/2031
 
148,000
148,132
5.50% 03/01/2034
 
17,000
17,335
NNN REIT, Inc.
 
5.60% 10/15/2033
 
17,000
17,554
5.50% 06/15/2034
 
67,000
68,348
Realty Income Corp.
 
2.20% 06/15/2028
 
2,000
1,886
5.63% 10/13/2032
 
6,000
6,268
5.13% 04/15/2035(c)
 
287,000
287,472
5.38% 09/01/2054
 
74,000
70,542
Regency Centers L.P.
 
5.00% 07/15/2032
 
621,000
627,760
5.25% 01/15/2034
 
34,000
34,533
5.10% 01/15/2035
 
94,000
94,014
 
 
4,764,319
Self-Storage REITs-0.27%
Americold Realty Operating
Partnership L.P.
 
5.60% 05/15/2032
 
1,009,000
1,010,586
5.41% 09/12/2034
 
374,000
363,888
Extra Space Storage L.P.
 
5.70% 04/01/2028
 
6,000
6,169
5.40% 02/01/2034
 
61,000
61,817
Goodman US Finance Six LLC
(Australia), 5.13%, 10/07/2034(b)
 
96,000
95,298
Prologis L.P.
 
4.88% 06/15/2028
 
17,000
17,271
4.75% 01/15/2031
 
1,685,000
1,700,001
5.13% 01/15/2034
 
15,000
15,171
5.00% 03/15/2034
 
148,000
147,994
5.00% 01/31/2035(c)
 
223,000
222,592
5.25% 05/15/2035
 
1,226,000
1,241,652
5.25% 03/15/2054
 
278,000
259,878
Public Storage Operating Co., 5.35%,
08/01/2053
 
76,000
72,286
 
 
5,214,603
Semiconductors-0.73%
Broadcom, Inc.
 
5.05% 07/12/2027
 
351,000
355,277
5.05% 07/12/2029
 
234,000
238,884
5.15% 11/15/2031
 
740,000
758,531
5.20% 07/15/2035
 
2,326,000
2,337,890
See accompanying notes which are an integral part of this schedule.
Invesco Total Return Bond ETF (GTO)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Semiconductors-(continued)
Foundry JV Holdco LLC
 
5.90% 01/25/2030(b)(c)
$
644,000
$672,089
5.50% 01/25/2031(b)
 
914,000
933,490
6.15% 01/25/2032(b)
 
711,000
744,413
5.90% 01/25/2033(b)(c)
 
517,000
531,753
5.88% 01/25/2034(b)
 
754,000
762,073
6.25% 01/25/2035(b)
 
733,000
764,345
6.10% 01/25/2036(b)
 
879,000
899,314
6.20% 01/25/2037(b)
 
987,000
1,015,614
6.40% 01/25/2038(b)
 
480,000
499,802
6.30% 01/25/2039(b)
 
1,040,000
1,071,872
Kioxia Holdings Corp. (Japan)
 
6.25% 07/24/2030(b)
 
750,000
747,795
6.63% 07/24/2033(b)
 
733,000
726,039
Micron Technology, Inc.
 
5.30% 01/15/2031
 
41,000
41,855
6.05% 11/01/2035
 
722,000
751,829
 
 
13,852,865
Single-Family Residential REITs-0.02%
American Homes 4 Rent L.P.
 
2.38% 07/15/2031
 
2,000
1,741
5.50% 07/15/2034(c)
 
207,000
209,899
5.25% 03/15/2035(c)
 
214,000
212,535
 
 
424,175
Soft Drinks & Non-alcoholic Beverages-1.25%
Coca-Cola Co. (The), 5.40%,
05/13/2064
 
375,000
362,754
Coca-Cola FEMSA S.A.B. de C.V.
(Mexico), 5.10%, 05/06/2035
 
3,486,000
3,470,592
Keurig Dr Pepper, Inc.
 
4.60% 05/15/2030
 
2,716,000
2,716,676
5.15% 05/15/2035
 
626,000
623,013
PepsiCo, Inc.
 
4.10% 01/15/2029
 
3,298,000
3,282,911
4.60% 02/07/2030(c)
 
1,110,000
1,126,251
4.30% 07/23/2030
 
2,693,000
2,681,616
4.65% 07/23/2032(c)
 
1,783,000
1,782,326
5.00% 02/07/2035
 
130,000
131,302
5.00% 07/23/2035
 
7,660,000
7,679,318
 
 
23,856,759
Sovereign Debt-2.82%
Bahamas Government International
Bond (Bahamas), 8.25%,
06/24/2036(b)
 
2,070,000
2,106,225
Barbados Government International
Bond (Barbados), 8.00%,
06/26/2035(b)(c)
 
1,603,000
1,601,405
Brazilian Government International
Bond (Brazil), 6.13%, 03/15/2034
 
2,001,000
1,984,692
Costa Rica Government International
Bond (Costa Rica), 7.30%,
11/13/2054(b)
 
528,000
550,110
Dominican Republic International Bond
(Dominican Republic)
 
6.95% 03/15/2037(b)
 
4,739,000
4,862,214
7.15% 02/24/2055(b)
 
2,730,000
2,781,870
 
Principal
Amount
Value
Sovereign Debt-(continued)
Guatemala Government Bond
(Guatemala)
 
6.05% 08/06/2031(b)
$
3,287,000
$3,355,008
6.25% 08/15/2036(b)
 
2,388,000
2,406,053
6.55% 02/06/2037(b)
 
1,315,000
1,344,693
6.88% 08/15/2055(b)
 
1,856,000
1,848,595
Mexico Government International
Bond (Mexico)
 
5.85% 07/02/2032
 
3,510,000
3,535,447
6.63% 01/29/2038
 
2,773,000
2,794,491
Peruvian Government International
Bond (Peru), 5.38%, 02/08/2035
 
1,806,000
1,802,514
Republic of Poland Government
International Bond (Poland), 5.38%,
02/12/2035
 
3,370,000
3,443,707
Romanian Government International
Bond (Romania)
 
6.63% 02/17/2028(b)
 
932,000
966,350
5.88% 01/30/2029(b)
 
3,084,000
3,135,266
5.75% 09/16/2030(b)
 
4,624,000
4,649,733
7.13% 01/17/2033(b)
 
536,000
569,506
5.75% 03/24/2035(b)
 
3,305,000
3,139,558
6.63% 05/16/2036(b)
 
4,624,000
4,630,474
Trinidad & Tobago Government
International Bond (Trinidad),
6.40%, 06/26/2034(b)
 
2,215,000
2,158,872
 
 
53,666,783
Specialized Consumer Services-0.34%
Rentokil Terminix Funding LLC
 
5.00% 04/28/2030(b)
 
2,882,000
2,895,984
5.63% 04/28/2035(b)
 
3,606,000
3,653,432
 
 
6,549,416
Specialized Finance-0.14%
Blackstone Private Credit Fund,
4.95%, 09/26/2027
 
191,000
190,351
Jefferson Capital Holdings LLC
 
9.50% 02/15/2029(b)
 
384,000
405,592
8.25% 05/15/2030(b)
 
2,016,000
2,105,134
 
 
2,701,077
Specialty Chemicals-0.66%
OCP S.A. (Morocco)
 
6.10% 04/30/2030(b)
 
1,527,000
1,555,345
6.70% 03/01/2036(b)
 
1,698,000
1,721,372
Sherwin-Williams Co. (The)
 
4.30% 08/15/2028
 
5,020,000
5,012,111
4.50% 08/15/2030(c)
 
1,679,000
1,673,729
5.15% 08/15/2035
 
2,308,000
2,303,956
Sociedad Quimica y Minera de Chile
S.A. (Chile), 6.50%, 11/07/2033(b)
 
185,000
195,256
 
 
12,461,769
Steel-0.37%
Cleveland-Cliffs, Inc.
 
5.88% 06/01/2027(c)
 
2,225,000
2,228,275
6.88% 11/01/2029(b)
 
1,704,000
1,706,347
POSCO (South Korea), 5.63%,
01/17/2026(b)
 
774,000
777,076
See accompanying notes which are an integral part of this schedule.
Invesco Total Return Bond ETF (GTO)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Steel-(continued)
POSCO Holdings, Inc. (South Korea)
 
5.13% 05/07/2030(b)
$
1,381,000
$1,401,725
5.75% 05/07/2035(b)
 
860,000
890,029
 
 
7,003,452
Systems Software-0.14%
Oracle Corp.
 
6.25% 11/09/2032
 
9,000
9,691
4.90% 02/06/2033
 
16,000
15,952
4.70% 09/27/2034
 
514,000
494,070
6.90% 11/09/2052
 
10,000
10,977
5.38% 09/27/2054
 
598,000
539,099
6.00% 08/03/2055
 
403,000
395,067
5.50% 09/27/2064
 
472,000
422,031
6.13% 08/03/2065
 
772,000
759,016
 
 
2,645,903
Technology Hardware, Storage & Peripherals-0.18%
Dell International LLC/EMC Corp.,
5.50%, 04/01/2035
 
2,462,000
2,490,275
Hewlett Packard Enterprise Co.
 
5.00% 10/15/2034
 
383,000
371,682
5.60% 10/15/2054
 
548,000
504,079
 
 
3,366,036
Tobacco-0.33%
B.A.T. Capital Corp. (United Kingdom)
 
5.83% 02/20/2031
 
145,000
151,902
6.00% 02/20/2034
 
60,000
63,222
7.08% 08/02/2043
 
19,000
20,927
7.08% 08/02/2053
 
8,000
8,926
Philip Morris International, Inc.
 
4.75% 02/12/2027
 
148,000
148,864
4.38% 11/01/2027
 
537,000
537,541
4.88% 02/15/2028
 
50,000
50,634
4.13% 04/28/2028
 
194,000
192,814
5.25% 09/07/2028
 
40,000
40,979
4.88% 02/13/2029
 
183,000
185,512
4.63% 11/01/2029
 
697,000
701,060
4.38% 04/30/2030
 
1,100,000
1,092,942
5.13% 02/13/2031
 
59,000
60,270
4.75% 11/01/2031
 
541,000
541,808
5.75% 11/17/2032
 
5,000
5,250
5.38% 02/15/2033
 
62,000
63,664
5.63% 09/07/2033
 
42,000
43,703
5.25% 02/13/2034
 
207,000
209,670
4.90% 11/01/2034(c)
 
955,000
942,993
4.88% 04/30/2035
 
1,192,000
1,168,195
 
 
6,230,876
Trading Companies & Distributors-0.18%
Air Lease Corp., Series B, 4.65%(e)(f)
 
1,129,000
1,118,069
Ferguson Enterprises, Inc., 5.00%,
10/03/2034
 
233,000
230,134
Mitsubishi Corp. (Japan)
 
5.00% 07/02/2029(b)(c)
 
957,000
976,807
5.13% 07/17/2034(b)(c)
 
1,069,000
1,086,878
 
 
3,411,888
 
Principal
Amount
Value
Transaction & Payment Processing Services-0.01%
Fiserv, Inc.
 
5.38% 08/21/2028
$
58,000
$59,437
5.63% 08/21/2033
 
37,000
38,140
5.45% 03/15/2034
 
144,000
146,248
Mastercard, Inc., 4.85%,
03/09/2033
 
28,000
28,407
 
 
272,232
Wireless Telecommunication Services-0.03%
Vodafone Group PLC (United
Kingdom), 5.13%, 06/04/2081(e)
 
780,000
602,920
Total U.S. Dollar Denominated Bonds & Notes
(Cost $985,803,979)
996,181,287
U.S. Government Sponsored Agency Mortgage-Backed
Securities-34.64%
Collateralized Mortgage Obligations-1.86%
Freddie Mac Military Housing Bonds
Resecuritization Trust Ctfs.,
Series 2015-R1, Class B1, 5.25%,
11/25/2055(b)(i)
 
877,152
770,106
Freddie Mac Multifamily Structured
Pass-Through Ctfs.
 
Series 2017-K066, Class AM,
3.20%, 06/25/2027
 
250,000
244,715
Series 2017-KGX1, Class AFX,
3.00%, 10/25/2027
 
1,000,000
971,783
Series 2018-K074, Class AM,
3.60%, 02/25/2028
 
1,000,000
982,743
Series 2018-K154, Class A3,
3.46%, 11/25/2032(i)
 
1,000,000
930,725
Series K-161, Class A2, 4.90%,
10/25/2033(i)
 
10,000,000
10,192,864
Series K-162, Class A2, 5.15%,
12/25/2033(i)
 
10,000,000
10,358,522
Series K-164, Class A2, 5.00%,
05/25/2034
 
10,000,000
10,247,258
Freddie Mac STRIPS, 0.00%,
09/15/2030(j)
 
350,000
283,830
Seasoned Credit Risk Transfer Trust
 
Series 2017-3, Class HT, 3.25%,
07/25/2056
 
237,526
208,594
Series 2017-4, Class HT, 3.25%,
06/25/2057
 
351,460
315,492
 
 
35,506,632
Federal Home Loan Mortgage Corp. (FHLMC)-1.91%
0.00%, 12/14/2029(j)
 
150,000
125,830
3.55%, 10/01/2033
 
448,829
417,534
3.00%, 10/01/2034 to 11/01/2052
 
13,275,579
11,401,687
4.00%, 11/01/2048 to 07/01/2049
 
215,402
201,847
3.50%, 08/01/2049
 
1,424,563
1,295,418
6.00%, 06/01/2053 to 08/01/2054
 
16,544,804
16,930,269
5.50%, 07/01/2053
 
5,951,496
5,965,689
 
 
36,338,274
Federal National Mortgage Association (FNMA)-0.74%
2.82%, 10/01/2029
 
466,249
440,820
2.90%, 11/01/2029
 
475,994
449,238
3.08%, 10/01/2032
 
740,504
675,234
3.31%, 01/01/2033
 
957,396
887,763
2.50%, 10/01/2034 to 12/01/2034
 
1,723,536
1,618,311
See accompanying notes which are an integral part of this schedule.
Invesco Total Return Bond ETF (GTO)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Federal National Mortgage Association (FNMA)-(continued)
3.50%, 05/01/2047 to 06/01/2047
$
1,404,001
$1,288,062
4.00%, 11/01/2047
 
64,616
60,960
3.00%, 09/01/2049 to 10/01/2049
 
2,545,677
2,231,021
5.50%, 09/01/2053
 
6,427,306
6,435,635
 
 
14,087,044
Government National Mortgage Association (GNMA)-7.65%
4.00%, 07/20/2049
 
35,629
33,230
TBA, 2.00%, 08/01/2055(k)
 
4,826,634
3,897,768
TBA, 2.50%, 08/01/2055(k)
 
30,422,321
25,588,241
TBA, 4.50%, 08/01/2055(k)
 
22,606,070
21,457,548
TBA, 5.00%, 08/01/2055(k)
 
32,243,000
31,474,274
TBA, 5.50%, 08/01/2055(k)
 
31,757,317
31,681,529
TBA, 6.00%, 08/01/2055(k)
 
31,082,000
31,508,149
 
 
145,640,739
Uniform Mortgage-Backed Securities-22.48%
TBA, 1.50%, 08/01/2040(k)
 
8,760,000
7,738,736
TBA, 2.00%, 08/01/2040 to
08/01/2055(k)
 
85,485,914
67,486,175
TBA, 2.50%, 08/01/2055(k)
 
104,729,860
85,830,141
TBA, 3.00%, 08/01/2055(k)
 
84,137,549
72,018,748
TBA, 3.50%, 08/01/2055(k)
 
47,340,382
42,296,862
TBA, 4.00%, 08/01/2055(k)
 
40,806,694
37,641,709
TBA, 4.50%, 08/01/2055(k)
 
13,357,014
12,672,175
TBA, 5.00%, 08/01/2055(k)
 
40,682,860
39,602,000
TBA, 5.50%, 08/01/2055(k)
 
36,732,376
36,543,645
TBA, 6.00%, 08/01/2055(k)
 
25,711,340
26,070,735
 
 
427,900,926
Total U.S. Government Sponsored Agency Mortgage-
Backed Securities
(Cost $662,009,758)
659,473,615
 
Asset-Backed Securities-27.82%
AGL CLO 17 Ltd. (Cayman Islands),
Series 2022-17A, Class AR, 5.28%
(3 mo. Term SOFR + 0.95%),
01/21/2035(b)(d)
 
4,125,000
4,127,669
AGL CLO 29 Ltd. (Jersey),
Series 2024-29A, Class A1, 5.90%
(3 mo. Term SOFR + 1.57%),
04/21/2037(b)(d)
 
6,019,000
6,049,902
ALA Trust, Series 2025-OANA,
Class B, 6.18% (1 mo. Term SOFR
+ 1.84%), 06/15/2040(b)(d)
 
4,039,000
4,068,934
AMSR Trust, Series 2021-SFR3,
Class B, 1.73%, 10/17/2038(b)
 
4,460,000
4,275,041
Angel Oak Mortgage Trust
 
Series 2020-1, Class A1, 2.16%,
12/25/2059(b)(i)
 
34,310
33,356
Series 2020-3, Class A1, 1.69%,
04/25/2065(b)(i)
 
148,373
140,142
Series 2020-5, Class A1, 1.37%,
05/25/2065(b)(i)
 
131,688
125,874
Series 2021-3, Class A1, 1.07%,
05/25/2066(b)(i)
 
894,648
759,717
Series 2022-1, Class A1, 2.88%,
12/25/2066(b)
 
2,165,360
2,004,449
Series 2023-6, Class A1, 6.50%,
12/25/2067(b)
 
620,690
624,443
 
Principal
Amount
Value
 
Series 2024-10, Class A1, 5.35%,
10/25/2069(b)
$
2,839,736
$2,826,152
Series 2024-2, Class A1, 5.99%,
01/25/2069(b)
 
2,850,797
2,860,395
Series 2024-8, Class A1, 5.34%,
05/27/2069(b)
 
7,526,761
7,489,347
Series 2025-HB1, Class A1, 6.15%
(30 Day Average SOFR + 1.80%),
02/25/2055(b)(d)
 
828,958
836,049
Apidos CLO XII (Cayman Islands),
Series 2013-12A, Class ARR,
5.40% (3 mo. Term SOFR +
1.08%), 04/15/2031(b)(d)
 
2,173,128
2,175,115
Apidos CLO XXV (Cayman Islands),
Series 2016-25A, Class A1R3,
5.47% (3 mo. Term SOFR +
1.14%), 01/20/2037(b)(d)
 
3,677,000
3,668,940
Avis Budget Rental Car Funding
(AESOP) LLC
 
Series 2023-1A, Class A, 5.25%,
04/20/2029(b)
 
718,000
730,458
Series 2023-4A, Class A, 5.49%,
06/20/2029(b)
 
2,738,000
2,803,480
Bain Capital Credit CLO Ltd. (Cayman
Islands)
 
Series 2021-1A, Class AR, 5.27%
(3 mo. Term SOFR + 0.94%),
04/18/2034(b)(d)
 
2,267,000
2,267,728
Series 2022-1A, Class A1, 5.65%
(3 mo. Term SOFR + 1.32%),
04/18/2035(b)(d)
 
1,692,000
1,694,590
Bank5, Series 2024-5YR10, Class A,
5.64%, 10/15/2057
 
1,020,000
1,038,622
Bayview MSR Opportunity Master
Fund Trust
 
Series 2021-4, Class A3, 3.00%,
10/25/2051(b)(i)
 
1,510,341
1,269,262
Series 2021-4, Class A4, 2.50%,
10/25/2051(b)(i)
 
1,510,341
1,216,814
Series 2021-4, Class A8, 2.50%,
10/25/2051(b)(i)
 
1,326,788
1,179,047
Series 2021-5, Class A1, 3.00%,
11/25/2051(b)(i)
 
1,664,600
1,403,883
Series 2021-5, Class A2, 2.50%,
11/25/2051(b)(i)
 
2,031,187
1,639,655
Bear Stearns Asset Backed Securities I
Trust, Series 2006-HE9, Class 2A,
4.75% (1 mo. Term SOFR +
0.39%), 11/25/2036(d)
 
77,996
77,312
Benchmark Mortgage Trust
 
Series 2018-B3, Class C, 4.55%,
04/10/2051(i)
 
2,500,000
2,125,927
Series 2019-B15, Class B, 3.56%,
12/15/2072
 
2,000,000
1,730,056
Benefit Street Partners CLO XXIII Ltd.
(Cayman Islands), Series 2021-23A,
Class A1R, 5.42% (3 mo. Term
SOFR + 1.10%), 04/25/2034(b)(d)
 
5,795,000
5,799,178
Benefit Street Partners CLO XXV Ltd.
(Cayman Islands), Series 2021-25A,
Class A1R, 5.32% (3 mo. Term
SOFR + 1.00%), 01/15/2035(b)(d)
 
5,715,000
5,716,429
See accompanying notes which are an integral part of this schedule.
Invesco Total Return Bond ETF (GTO)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
 
BMO Mortgage Trust, Series 2024-
5C5, Class AS, 6.36%,
02/15/2057(i)
$
3,600,000
$3,746,596
BRAVO Residential Funding Trust
 
Series 2021-NQM2, Class A1,
0.97%, 03/25/2060(b)(i)
 
154,603
150,154
Series 2021-NQM2, Class A2,
1.28%, 03/25/2060(b)(i)
 
507,707
493,017
BSTN Commercial Mortgage Trust,
Series 2025-1C, Class A, 5.37%,
06/15/2044(b)(i)
 
823,000
835,378
Buckhorn Park CLO Ltd. (Cayman
Islands), Series 2019-1A,
Class ARR, 5.40% (3 mo. Term
SOFR + 1.07%), 07/18/2034(b)(d)
 
3,847,208
3,843,049
BX Commercial Mortgage Trust
 
Series 2021-VOLT, Class C, 5.56%
(1 mo. Term SOFR + 1.21%),
09/15/2036(b)(d)
 
4,125,270
4,110,269
Series 2021-VOLT, Class D, 6.11%
(1 mo. Term SOFR + 1.76%),
09/15/2036(b)(d)
 
8,524,719
8,503,109
Series 2024-VLT5, Class A, 5.41%,
11/13/2046(b)(i)
 
3,115,000
3,125,401
Series 2024-VLT5, Class B, 5.80%,
11/13/2046(b)(i)
 
1,995,000
2,024,085
BX Trust
 
Series 2021-LGCY, Class B, 5.31%
(1 mo. Term SOFR + 0.97%),
10/15/2036(b)(d)
 
10,000,000
9,978,421
Series 2022-LBA6, Class A, 5.34%
(1 mo. Term SOFR + 1.00%),
01/15/2039(b)(d)
 
2,085,000
2,088,112
Series 2022-LBA6, Class B, 5.64%
(1 mo. Term SOFR + 1.30%),
01/15/2039(b)(d)
 
1,285,000
1,285,959
Series 2022-LBA6, Class C, 5.94%
(1 mo. Term SOFR + 1.60%),
01/15/2039(b)(d)
 
690,000
690,209
Series 2025-VLT6, Class A, 5.79%
(1 mo. Term SOFR + 1.44%),
03/15/2042(b)(d)
 
6,020,000
6,025,209
Series 2025-VLT6, Class B, 6.24%
(1 mo. Term SOFR + 1.89%),
03/15/2042(b)(d)
 
4,375,000
4,380,698
Carlyle Global Market Strategies CLO
Ltd. (Cayman Islands)
 
Series 2015-4A, Class A1RR,
5.55% (3 mo. Term SOFR +
1.22%), 07/20/2032(b)(d)
 
1,256,169
1,256,570
Series 2015-5A, Class A1R3,
5.43% (3 mo. Term SOFR +
1.10%), 01/20/2032(b)(d)
 
831,702
833,822
Series 2016-1A, Class A1R3,
5.42% (3 mo. Term SOFR +
1.09%), 04/20/2034(b)(d)
 
2,500,000
2,503,535
CarMax Auto Owner Trust,
Series 2024-1, Class A3, 4.92%,
10/16/2028
 
3,710,000
3,729,174
 
Principal
Amount
Value
 
Cedar Funding XI CLO Ltd. (Cayman
Islands), Series 2019-11A,
Class A1R2, 5.39% (3 mo. Term
SOFR + 1.06%), 05/29/2032(b)(d)
$
6,209,068
$6,201,928
Chase Home Lending Mortgage Trust
 
Series 2019-ATR2, Class A3,
3.50%, 07/25/2049(b)(i)
 
68,093
61,502
Series 2024-9, Class A4, 5.50%,
09/25/2055(b)(i)
 
4,805,191
4,802,979
Series 2024-9, Class A6, 5.50%,
09/25/2055(b)(i)
 
689,666
688,252
CIFC Funding Ltd. (Cayman Islands),
Series 2016-1A, Class AR3, 5.33%
(3 mo. Term SOFR + 1.00%),
10/21/2031(b)(d)
 
1,516,761
1,514,684
Citigroup Mortgage Loan Trust, Inc.
 
Series 2021-INV3, Class A3,
2.50%, 05/25/2051(b)(i)
 
1,530,370
1,234,936
Series 2024-1, Class A3A, 6.00%,
07/25/2054(b)(i)
 
2,390,318
2,409,103
CLI Funding IX LLC, Series 2025-1A,
Class A, 5.35%, 06/20/2050(b)
 
2,127,223
2,136,134
Clover CLO LLC, Series 2021-3A,
Class AR, 5.39% (3 mo. Term SOFR
+ 1.07%), 01/25/2035(b)(d)
 
6,000,000
6,004,206
COLT 2025-8 Mortgage Loan Trust,
Series 2025-8, Class A1, 5.48%,
08/25/2070(b)
 
2,550,000
2,550,650
COLT Mortgage Loan Trust
 
Series 2022-1, Class A1, 2.28%,
12/27/2066(b)(i)
 
1,164,131
1,044,537
Series 2022-2, Class A1, 2.99%,
02/25/2067(b)
 
1,271,372
1,202,367
Commercial Mortgage Trust,
Series 2015-CR25, Class B, 4.49%,
08/10/2048(i)
 
2,400,000
2,390,716
Credit Suisse Mortgage Capital Trust
 
Series 2021-NQM1, Class A1,
0.81%, 05/25/2065(b)(i)
 
317,458
286,399
Series 2021-NQM2, Class A1,
1.18%, 02/25/2066(b)(i)
 
197,773
176,707
Series 2022-ATH1, Class A1A,
2.87%, 01/25/2067(b)(i)
 
1,501,164
1,446,187
Series 2022-ATH1, Class A1B,
3.35%, 01/25/2067(b)(i)
 
1,160,000
1,054,745
Cross Mortgage Trust
 
Series 2024-H2, Class A1, 6.09%,
04/25/2069(b)
 
2,803,263
2,821,122
Series 2024-H8, Class A1, 5.55%,
12/25/2069(b)(i)
 
7,400,641
7,413,299
CSAIL Commercial Mortgage Trust,
Series 2020-C19, Class A3, 2.56%,
03/15/2053
 
1,459,000
1,307,050
DLLST LLC, Series 2024-1A,
Class A3, 5.05%, 08/20/2027(b)
 
2,050,000
2,056,180
Domino’s Pizza Master Issuer LLC,
Series 2019-1A, Class A2, 3.67%,
10/25/2049(b)
 
1,920,000
1,824,023
EFMT 2025-NQM2, Series 2025-
NQM2, Class A1, 5.60%,
06/25/2070(b)
 
8,656,148
8,665,382
See accompanying notes which are an integral part of this schedule.
Invesco Total Return Bond ETF (GTO)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
 
Ellington Financial Mortgage Trust
 
Series 2019-2, Class A1, 2.74%,
11/25/2059(b)(i)
$
104,464
$98,947
Series 2020-1, Class A1, 2.01%,
05/25/2065(b)(i)
 
3,833
3,808
Series 2021-1, Class A1, 0.80%,
02/25/2066(b)(i)
 
213,851
182,836
Series 2022-1, Class A1, 2.21%,
01/25/2067(b)(i)
 
1,166,028
1,012,851
Series 2024-INV2, Class A1,
5.04%, 10/25/2069(b)
 
1,654,507
1,640,664
Elmwood CLO 15 Ltd., Series 2022-
2A, Class A1R, 5.41% (3 mo. Term
SOFR + 1.15%), 04/22/2035(b)(d)
 
2,280,000
2,281,051
Empower CLO Ltd. (Cayman Islands),
Series 2024-1A, Class A1, 5.92%
(3 mo. Term SOFR + 1.60%),
04/25/2037(b)(d)
 
2,575,000
2,584,059
Enterprise Fleet Financing LLC
 
Series 2024-2, Class A2, 5.74%,
12/20/2026(b)
 
571,817
574,170
Series 2024-2, Class A3, 5.61%,
04/20/2028(b)
 
440,000
446,989
Series 2024-2, Class A4, 5.69%,
12/20/2030(b)
 
515,000
530,278
Extended Stay America Trust,
Series 2021-ESH, Class B, 5.84%
(1 mo. Term SOFR + 1.49%),
07/15/2038(b)(d)
 
8,139,836
8,153,063
Flagstar Mortgage Trust
 
Series 2021-11IN, Class A6,
3.70%, 11/25/2051(b)(i)
 
2,358,315
2,100,426
Series 2021-8INV, Class A6,
2.50%, 09/25/2051(b)(i)
 
839,206
746,665
Fort Greene Park CLO LLC,
Series 2025-2A, Class AR, 5.28%
(3 mo. Term SOFR + 0.95%),
04/22/2034(b)(d)
 
8,896,000
8,883,323
Frontier Issuer LLC, Series 2023-1,
Class A2, 6.60%, 08/20/2053(b)
 
2,515,295
2,548,282
GCAT 2025-NQM4 Trust,
Series 2025-NQM4, Class A1A,
5.53%, 06/25/2070(b)
 
4,025,000
4,031,085
GCAT Trust
 
Series 2019-NQM3, Class A1,
3.69%, 11/25/2059(b)(i)
 
158,044
153,072
Series 2024-INV1, Class 2A2,
6.50%, 01/25/2054(b)(i)
 
6,173,909
6,288,234
Series 2025-NQM2, Class A1,
5.60%, 04/25/2070(b)
 
3,554,931
3,564,658
Goldentree Loan Management US CLO
1 Ltd. (Cayman Islands),
Series 2017-1A, Class A1R3,
5.30% (3 mo. Term SOFR +
0.97%), 04/20/2034(b)(d)
 
1,539,000
1,538,026
Goldentree Loan Management US CLO
11 Ltd. (Cayman Islands),
Series 2021-11A, Class AR, 5.41%
(3 mo. Term SOFR + 1.08%),
10/20/2034(b)(d)
 
3,090,000
3,090,139
 
Principal
Amount
Value
 
GoldenTree Loan Management US
CLO 5 Ltd. (Cayman Islands),
Series 2019-5A, Class ARR, 5.40%
(3 mo. Term SOFR + 1.07%),
10/20/2032(b)(d)
$
3,694,357
$3,697,962
GoldenTree Loan Management US
CLO 8 Ltd. (Cayman Islands),
Series 2020-8A, Class ARR, 5.48%
(3 mo. Term SOFR + 1.15%),
10/20/2034(b)(d)
 
5,223,000
5,232,689
Golub Capital Partners CLO 53(B) Ltd.
(Cayman Islands), Series 2021-53A,
Class AR, 5.31% (3 mo. Term SOFR
+ 0.98%), 07/20/2034(b)(d)
 
5,796,000
5,797,466
GS Mortgage Securities Trust
 
Series 2020-GC45, Class A5,
2.91%, 02/13/2053
 
1,560,000
1,445,457
Series 2020-GC47, Class A5,
2.38%, 05/12/2053
 
1,530,000
1,375,948
GS Mortgage-Backed Securities Trust
 
Series 2021-INV1, Class A6,
2.50%, 12/25/2051(b)(i)
 
3,361,395
2,983,374
Series 2025-HE1, Class A1, 6.09%
(30 Day Average SOFR + 1.55%),
10/25/2055(b)(d)
 
1,845,000
1,845,923
Hertz Vehicle Financing III L.P.
 
Series 2021-2A, Class A, 1.68%,
12/27/2027(b)
 
2,694,000
2,599,173
Series 2021-2A, Class B, 2.12%,
12/27/2027(b)
 
286,000
274,995
Hilton Grand Vacations Trust,
Series 2025-1A, Class A, 4.88%,
05/27/2042(b)
 
1,603,000
1,610,936
HPEFS Equipment Trust, Series 2023-
2A, Class A2, 6.04%,
01/21/2031(b)
 
780
781
Invitation Homes Trust, Series 2024-
SFR1, Class A, 4.00%,
09/17/2041(b)
 
4,182,835
4,056,779
IP Mortgage Trust, Series 2025-IP,
Class A, 5.25%, 06/10/2042(b)(i)
 
5,716,000
5,764,029
J.P. Morgan Mortgage Trust,
Series 2025-NQM3, Class A1,
5.50%, 11/25/2065(b)(i)
 
3,954,000
3,961,499
Jersey Mike’s Funding, Series 2025-
1A, Class A2, 5.61%,
08/16/2055(b)
 
2,800,000
2,824,885
JP Morgan Mortgage Trust
 
Series 2021-LTV2, Class A1,
2.52%, 05/25/2052(b)(i)
 
1,972,353
1,640,616
Series 2024-8, Class A3, 5.50%,
01/25/2055(b)(i)
 
6,103,375
6,046,687
Series 2024-VIS1, Class A1, 5.99%,
07/25/2064(b)(i)
 
1,987,138
1,997,070
JPMDB Commercial Mortgage
Securities Trust, Series 2020-COR7,
Class C, 3.73%, 05/13/2053(i)
 
2,908,000
1,773,022
KKR CLO 15 Ltd. (Cayman Islands),
Series 15, Class A1R2, 5.43% (3
mo. Term SOFR + 1.10%),
01/18/2032(b)(d)
 
5,850,848
5,853,633
See accompanying notes which are an integral part of this schedule.
Invesco Total Return Bond ETF (GTO)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
 
Life Mortgage Trust, Series 2021-
BMR, Class C, 5.56% (1 mo. Term
SOFR + 1.21%), 03/15/2038(b)(d)
$
53,400
$53,182
Madison Park Funding XXXIII Ltd.
(Cayman Islands), Series 2019-33A,
Class AR, 5.61% (3 mo. Term SOFR
+ 1.29%), 10/15/2032(b)(d)
 
2,306,020
2,309,322
Mello Mortgage Capital Acceptance
Trust
 
Series 2021-INV2, Class A4,
2.50%, 08/25/2051(b)(i)
 
863,020
765,605
Series 2021-INV3, Class A4,
2.50%, 10/25/2051(b)(i)
 
929,793
826,115
Metronet Infrastructure Issuer LLC,
6.01%, 07/20/2055(h)
 
2,750,000
2,725,322
MFA Trust, Series 2021-INV2,
Class A1, 1.91%, 11/25/2056(b)(i)
 
3,173,326
2,827,220
MHP Commercial Mortgage Trust,
Series 2021-STOR, Class B, 5.36%
(1 mo. Term SOFR + 1.01%),
07/15/2038(b)(d)
 
615,000
615,157
MILE Trust 2025-STNE
 
Series 2025-STNE, Class A, 5.84%
(1 mo. Term SOFR + 1.50%),
07/15/2042(b)(d)
 
4,695,000
4,709,805
Series 2025-STNE, Class B, 6.04%
(1 mo. Term SOFR + 1.70%),
07/15/2042(b)(d)
 
1,425,000
1,428,051
Series 2025-STNE, Class C, 6.44%
(1 mo. Term SOFR + 2.10%),
07/15/2042(b)(d)
 
1,200,000
1,203,050
Morgan Stanley Bank of America
Merrill Lynch Trust, Series 2015-
C25, Class B, 4.50%,
10/15/2048(i)
 
1,032,000
1,016,685
Morgan Stanley Capital I Trust,
Series 2019-L3, Class AS, 3.49%,
11/15/2052
 
1,580,000
1,471,761
Morgan Stanley Residential Mortgage
Loan Trust
 
Series 2024-3, Class A1, 6.00%,
07/25/2054(b)(i)
 
4,912,835
4,941,988
Series 2024-NQM5, Class A1,
5.65%, 10/25/2069(b)(i)
 
5,692,928
5,717,373
Series 2025-NQM1, Class A1,
5.74%, 11/25/2069(b)(i)
 
8,106,525
8,130,811
Navient Refinance Loan Trust,
Series 2025-A, Class A, 5.15%,
02/16/2055(b)
 
6,971,079
7,019,588
Neuberger Berman Loan Advisers
CLO 40 Ltd. (Cayman Islands),
Series 2021-40A, Class A, 5.64%
(3 mo. Term SOFR + 1.32%),
04/16/2033(b)(d)
 
923,912
925,535
Neuberger Berman Loan Advisers
CLO 49 Ltd. (Cayman Islands),
Series 2022-49A, Class AR, 5.47%
(3 mo. Term SOFR + 1.15%),
07/25/2035(b)(d)
 
2,628,000
2,630,452
New Residential Mortgage Loan Trust
 
Series 2019-NQM4, Class A1,
2.49%, 09/25/2059(b)(i)
 
98,560
93,965
 
Principal
Amount
Value
 
Series 2020-NQM1, Class A1,
2.46%, 01/26/2060(b)(i)
$
381,439
$358,993
Series 2022-NQM2, Class A1,
3.08%, 03/27/2062(b)(i)
 
1,224,662
1,148,414
Series 2024-NQM3, Class A1,
5.47%, 11/25/2064(b)
 
920,578
920,716
Series 2025-NQM2, Class A1,
5.57%, 04/25/2065(b)
 
9,284,458
9,323,200
Oaktree CLO Ltd. (Cayman Islands),
Series 2021-2A, Class AR, 5.29%
(3 mo. Term SOFR + 0.97%),
01/15/2035(b)(d)
 
6,445,000
6,448,055
OBX Trust
 
Series 2021-NQM4, Class A1,
1.96%, 10/25/2061(b)(i)
 
1,579,506
1,332,907
Series 2022-NQM1, Class A1,
2.31%, 11/25/2061(b)(i)
 
1,422,129
1,264,612
Series 2022-NQM2, Class A1B,
3.38%, 01/25/2062(b)
 
1,415,000
1,266,444
Series 2024-NQM14, Class A1,
4.94%, 09/25/2064(b)
 
1,861,007
1,847,138
Series 2024-NQM18, Class A1,
5.41%, 10/25/2064(b)(i)
 
1,217,500
1,214,089
Oceanview Mortgage Trust,
Series 2021-3, Class A5, 2.50%,
07/25/2051(b)(i)
 
972,161
868,262
OCP CLO Ltd. (Cayman Islands),
Series 2020-8RA, Class AR, 5.57%
(3 mo. Term SOFR + 1.25%),
10/17/2036(b)(d)
 
6,049,000
6,045,982
One Bryant Park Trust, Series 2019-
OBP, Class A, 2.52%,
09/15/2054(b)
 
457,000
414,396
Palmer Square Loan Funding Ltd.
(Cayman Islands), Series 2025-2A,
Class A1, 5.23% (3 mo. Term SOFR
+ 0.94%), 07/15/2033(b)(d)
 
5,140,000
5,144,410
Pikes Peak CLO 6 (Cayman Islands),
Series 2020-6A, Class ARR, 5.26%
(3 mo. Term SOFR + 0.94%),
05/18/2034(b)(d)
 
4,742,000
4,743,190
PMT Loan Trust, Series 2025-INV1,
Class A7, 6.00%, 01/25/2060(b)(i)
 
1,531,701
1,546,077
PPM CLO 3 Ltd., Series 2019-3A,
Class AR, 5.67% (3 mo. Term SOFR
+ 1.35%), 04/17/2034(b)(d)
 
250,000
250,454
Qdoba Funding LLC, Series 2023-1A,
Class A2, 8.50%, 09/14/2053(b)
 
6,383,003
6,640,058
Rate Mortgage Trust
 
Series 2024-J4, Class A1, 6.00%,
12/25/2054(b)(i)
 
2,230,875
2,246,560
Series 2025-J1, Class A4, 6.00%,
03/25/2055(b)(i)
 
2,027,323
2,040,990
Series 2025-J2, Class A5, 5.50%,
07/25/2055(b)(i)
 
7,049,000
7,053,069
RCKT Mortgage Trust
 
Series 2025-CES6, Class A1A,
5.47%, 06/25/2055(b)
 
3,297,565
3,308,812
Series 2025-CES7, Class A1A,
5.38%, 07/25/2055(b)
 
1,550,000
1,553,953
See accompanying notes which are an integral part of this schedule.
Invesco Total Return Bond ETF (GTO)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
 
Regatta XIII Funding Ltd. (Cayman
Islands), Series 2018-2A,
Class A1R, 5.42% (3 mo. Term
SOFR + 1.10%), 07/15/2031(b)(d)
$
1,173,270
$1,173,680
Residential Mortgage Loan Trust,
Series 2020-1, Class A1, 2.38%,
01/26/2060(b)(i)
 
7,634
7,562
SG Residential Mortgage Trust,
Series 2022-1, Class A1, 3.17%,
03/27/2062(b)(i)
 
2,251,743
2,086,884
Shackleton CLO Ltd. (Cayman
Islands), Series 2015-7RA,
Class ARR, 5.42% (3 mo. Term
SOFR + 1.10%), 07/15/2031(b)(d)
 
680,628
680,424
Signal Peak CLO 1 Ltd., Series 2014-
1A, Class AR4, 5.40% (3 mo. Term
SOFR + 1.08%), 04/17/2034(b)(d)
 
6,080,000
6,087,582
Sonic Capital LLC
 
Series 2020-1A, Class A2I, 3.85%,
01/20/2050(b)
 
3,449,624
3,375,301
Series 2021-1A, Class A2I, 2.19%,
08/20/2051(b)
 
1,769,467
1,615,846
Series 2021-1A, Class A2II, 2.64%,
08/20/2051(b)
 
1,807,934
1,532,208
STAR Trust, Series 2021-1, Class A1,
1.22%, 05/25/2065(b)(i)
 
543,542
507,429
Starwood Mortgage Residential Trust
 
Series 2020-1, Class A1, 2.28%,
02/25/2050(b)(i)
 
10,162
9,669
Series 2020-INV1, Class A1,
1.03%, 11/25/2055(b)(i)
 
265,179
250,464
Series 2021-6, Class A1, 1.92%,
11/25/2066(b)(i)
 
1,917,011
1,684,774
Series 2022-1, Class A1, 2.45%,
12/25/2066(b)(i)
 
1,472,799
1,328,052
Store Master Funding I-VII,
Series 2016-1A, Class A2, 4.32%,
10/20/2046(b)
 
415,668
407,154
Subway Funding LLC
 
Series 2024-1A, Class A23, 6.51%,
07/30/2054(b)
 
3,545,210
3,613,713
Series 2024-1A, Class A2I, 6.03%,
07/30/2054(b)
 
2,034,625
2,064,175
Series 2024-1A, Class A2I, 6.27%,
07/30/2054(b)
 
6,810,535
6,948,414
Series 2024-3A, Class A23, 5.91%,
07/30/2054(b)
 
3,984,888
3,906,896
Series 2024-3A, Class A2I, 5.25%,
07/30/2054(b)
 
5,036,938
4,970,096
Series 2024-3A, Class A2I, 5.57%,
07/30/2054(b)
 
3,086,675
3,046,429
Symphony CLO XVI Ltd. (Cayman
Islands), Series 2015-16A,
Class ARR, 5.52% (3 mo. Term
SOFR + 1.20%), 10/15/2031(b)(d)
 
980,240
982,211
Symphony CLO XX Ltd. (Cayman
Islands), Series 2018-20A,
Class AR2, 5.42% (3 mo. Term
SOFR + 1.10%), 01/16/2032(b)(d)
 
1,946,228
1,947,132
 
Principal
Amount
Value
 
Symphony CLO XXI Ltd. (Cayman
Islands), Series 2019-21A,
Class AR2, 5.22% (3 mo. Term
SOFR + 0.90%), 07/15/2032(b)(d)
$
3,974,470
$3,976,099
Symphony CLO XXII Ltd. (Cayman
Islands), Series 2020-22A,
Class A1AR, 5.51% (3 mo. Term
SOFR + 1.18%), 04/18/2033(b)(d)
 
3,607,776
3,608,909
Symphony CLO XXIII Ltd. (Cayman
Islands), Series 2020-23A,
Class AR2, 5.22% (3 mo. Term
SOFR + 0.90%), 01/15/2034(b)(d)
 
3,508,338
3,506,230
Taco Bell Funding LLC, Series 2016-
1A, Class A23, 4.97%,
05/25/2046(b)
 
140,625
140,501
Textainer Marine Containers VII Ltd.
(China), Series 2021-2A, Class A,
2.23%, 04/20/2046(b)
 
1,062,600
988,255
TierPoint Issuer LLC
 
Series 2023-1A, Class A2, 6.00%,
06/25/2053(b)
 
477,500
477,430
Series 2025-1A, Class A2, 6.15%,
04/26/2055(b)
 
4,120,000
4,153,026
Series 2025-2A, Class A2, 6.40%,
04/26/2055(b)
 
3,221,000
3,216,766
Tricon American Homes Trust,
Series 2020-SFR2, Class A, 1.48%,
11/17/2039(b)
 
905,573
847,860
Tricon Residential Trust, Series 2025-
SFR1, Class A, 5.44% (1 mo. Term
SOFR + 1.10%), 03/17/2042(b)(d)
 
4,656,991
4,659,841
VDCM Commercial Mortgage Trust
 
Series 2025-AZ, Class A, 5.23%,
07/13/2044(b)(i)
 
4,760,000
4,754,360
Series 2025-AZ, Class C, 6.03%,
07/13/2044(b)(i)
 
800,000
806,279
Series 2025-AZ, Class D, 6.43%,
07/13/2044(b)(i)
 
4,657,000
4,666,485
Verus Securitization Trust
 
Series 2021-1, Class A1B, 0.82%,
01/25/2066(b)(i)
 
624,387
555,594
Series 2021-2, Class A1, 1.03%,
02/25/2066(b)(i)
 
865,698
765,994
Series 2021-7, Class A1, 1.83%,
10/25/2066(b)
 
1,509,366
1,357,767
Series 2021-R1, Class A1, 0.82%,
10/25/2063(b)(i)
 
331,879
320,428
Series 2022-1, Class A1, 2.72%,
01/25/2067(b)
 
1,191,831
1,109,437
Series 2024-7, Class A1, 5.10%,
09/25/2069(b)(i)
 
2,546,589
2,529,451
Visio Trust, Series 2020-1R, Class A1,
1.31%, 11/25/2055(b)
 
93,485
89,514
Wells Fargo Commercial Mortgage
Trust, Series 2016-NXS5, Class XA,
IO, 1.34%, 01/15/2059(l)
 
1,101,093
1,981
Wendy’s Funding LLC, Series 2019-
1A, Class A2II, 4.08%,
06/15/2049(b)
 
442,459
425,762
WEST Trust 2025-ROSE,
Series 2025-ROSE, Class A, 5.28%,
04/10/2035(b)(i)
 
3,098,000
3,143,443
See accompanying notes which are an integral part of this schedule.
Invesco Total Return Bond ETF (GTO)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
 
WFRBS Commercial Mortgage Trust,
Series 2014-C23, Class B, 4.28%,
10/15/2057(i)
$
307,000
$288,012
Zaxby’s Funding LLC
 
Series 2021-1A, Class A2, 3.24%,
07/30/2051(b)
 
4,128,000
3,848,683
Series 2024-1A, Class A2I, 6.59%,
04/30/2054(b)
 
1,188,000
1,207,603
Zayo Issuer LLC, Series 2025-2A,
Class A2, 5.95%, 06/20/2055(b)
 
7,989,000
8,169,401
Ziply Fiber Issuer LLC, Series 2024-
1A, Class A2, 6.64%,
04/20/2054(b)
 
2,331,000
2,385,611
Total Asset-Backed Securities
(Cost $538,842,195)
529,507,956
U.S. Treasury Securities-12.56%
U.S. Treasury Bills-0.43%(m)
4.04%–4.15%, 05/14/2026(n)
 
8,418,000
8,150,538
U.S. Treasury Bonds-4.17%
5.00%, 05/15/2045
 
6,328,800
6,422,743
4.63%, 02/15/2055
 
76,128,400
72,952,418
 
 
79,375,161
U.S. Treasury Notes-7.96%
3.75%, 06/30/2027
 
46,551,900
46,380,967
3.88%, 07/15/2028
 
1,626,200
1,625,755
3.88%, 06/30/2030
 
73,081,400
72,830,183
4.00%, 06/30/2032
 
4,529,800
4,493,703
4.25%, 05/15/2035
 
26,376,900
26,148,163
 
 
151,478,771
Total U.S. Treasury Securities
(Cost $238,996,338)
239,004,470
Variable Rate Senior Loan Interests-1.07%(o)(p)
Passenger Airlines-0.24%
AAdvantage Loyality IP Ltd.
(American Airlines, Inc.), Term Loan
B, 7.58% (3 mo. Term SOFR +
3.25%), 05/07/2032
 
4,484,062
4,520,495
Restaurants-0.42%
Raising Cane’s Restaurants LLC, Term
Loan B, 6.36% (1 mo. SOFR +
2.00%), 09/10/2031
 
7,967,400
7,984,848
Wireless Telecommunication Services-0.41%
X Corp., Term Loan B, 9.50% (6 mo.
USD LIBOR + 9.50%), 10/27/2029
 
8,000,000
7,772,800
Total Variable Rate Senior Loan Interests
(Cost $20,426,505)
20,278,143
 
Municipal Obligations-0.62%
Illinois (State of), Series 2010-1, GO
Bonds, (INS - AGM), 6.63%,
02/01/2035(q)
 
153,846
162,474
Los Angeles (City of), CA Department
of Water & Power, Series 2010, RB,
6.57%, 07/01/2045
 
255,000
266,488
 
Principal
Amount
Value
 
Virgin Islands Public Finance
Authority, Series 2024 B, RB,
9.00%, 04/01/2053(b)
$
12,000,000
$11,307,921
Total Municipal Obligations(r)
(Cost $12,523,334)
11,736,883
 
Shares
 
Preferred Stocks-0.33%
Aerospace & Defense-0.04%
Boeing Co. (The), Conv. Pfd., 6.00%,
10/15/2027
 
12,000
848,400
Diversified Financial Services-0.16%
Apollo Global Management, Inc., Pfd.,
7.63%, 09/15/2053(e)
 
111,250
2,962,587
Regional Banks-0.13%
M&T Bank Corp., Series J, Pfd.,
7.50%
 
91,792
2,481,138
Total Preferred Stocks
(Cost $5,676,050)
6,292,125
 
Principal
Amount
 
Agency Credit Risk Transfer Notes-0.20%
Fannie Mae Connecticut Avenue
Securities
 
Series 2023-R02, Class 1M1,
6.65% (30 Day Average SOFR +
2.30%), 01/25/2043(b)(d)(s)
$
464,618
475,453
Series 2025-R04, Class 1A1,
5.35% (30 Day Average SOFR +
1.00%), 05/25/2045(b)(d)(s)
 
2,371,649
2,372,942
Freddie Mac
 
Series 2022-HQA3, Class M1,
STACR®, 6.65% (30 Day Average
SOFR + 2.30%),
08/25/2042(b)(d)(t)
 
593,272
604,478
Series 2023-DNA1, Class M1,
STACR®, 6.45% (30 Day Average
SOFR + 2.10%),
03/25/2043(b)(d)(t)
 
359,062
364,953
Total Agency Credit Risk Transfer Notes
(Cost $3,788,601)
3,817,826
 
U.S. Government Sponsored Agency Securities-0.13%
Fannie Mae STRIPS
 
0.00%, 05/15/2029(j)
 
450,000
386,461
0.00%, 01/15/2030(j)
 
1,300,000
1,085,602
0.00%, 05/15/2030(j)
 
850,000
698,691
Tennessee Valley Authority
 
5.38%, 04/01/2056(c)
 
100,000
99,060
4.25%, 09/15/2065(c)
 
250,000
199,810
Total U.S. Government Sponsored Agency Securities
(Cost $2,189,554)
2,469,624
 
Shares
 
Exchange-Traded Funds-0.12%
Invesco High Yield Bond Factor ETF(u)
 
82,000
1,846,295
Invesco High Yield Select ETF(c)(u)
 
9,000
229,386
See accompanying notes which are an integral part of this schedule.
Invesco Total Return Bond ETF (GTO)—(continued)
July 31, 2025
(Unaudited)
 
Shares
Value
Invesco Short Duration Total Return
Bond ETF(c)(u)
 
12,000
$299,100
Total Exchange-Traded Funds
(Cost $2,376,878)
2,374,781
 
Principal
Amount
 
Non-U.S. Dollar Denominated Bonds & Notes-0.06%(v)
Drug Retail-0.06%
Boots Group Finco L.P. (United
Kingdom)
 
5.38% , 08/31/2032(b)
EUR
400,000
468,483
7.38% , 08/31/2032(b)
GBP
550,000
742,855
Total Non-U.S. Dollar Denominated Bonds & Notes
(Cost $1,205,239)
1,211,338
 
Shares
 
Options Purchased-0.04%
(Cost $954,926)†
822,240
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-129.92%
(Cost $2,474,793,357)
2,473,170,288
 
Principal
Amount
Value
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-8.17%
Invesco Private Government Fund,
4.32%(u)(w)(x)
 
42,821,474
$42,821,474
Invesco Private Prime Fund,
4.46%(u)(w)(x)
 
112,667,117
112,689,650
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $155,511,284)
155,511,124
TOTAL INVESTMENTS IN SECURITIES-138.09%
(Cost $2,630,304,641)
2,628,681,412
OTHER ASSETS LESS LIABILITIES-(38.09)%
(725,037,871
)
NET ASSETS-100.00%
$1,903,643,541
See accompanying notes which are an integral part of this schedule.
Invesco Total Return Bond ETF (GTO)—(continued)
July 31, 2025
(Unaudited)
Investment Abbreviations:
AGM
-Assured Guaranty Municipal Corp.
Conv.
-Convertible
Ctfs.
-Certificates
ETF
-Exchange-Traded Fund
EUR
-Euro
GBP
-British Pound Sterling
GO
-General Obligation
INS
-Insurer
IO
-Interest Only
LIBOR
-London Interbank Offered Rate
Pfd.
-Preferred
RB
-Revenue Bonds
REIT
-Real Estate Investment Trust
SOFR
-Secured Overnight Financing Rate
STACR®
-Structured Agency Credit Risk
STRIPS
-Separately Traded Registered Interest and Principal Security
TBA
-To Be Announced
USD
-U.S. Dollar
 
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
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, 2025 was $980,203,237, which represented 51.49% of the Fund’s Net Assets.
(c)
All or a portion of this security was out on loan at July 31, 2025.
(d)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on July 31, 2025.
(e)
Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.
(f)
Perpetual bond with no specified maturity date.
(g)
Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at July 31,
2025 was $36,180, which represented less than 1% of the Fund’s Net Assets.
(h)
Security valued using significant unobservable inputs (Level 3). See Note 1.
(i)
Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate
shown is the rate in effect on July 31, 2025.
(j)
Denotes a zero coupon security issued at a substantial discount from its value at maturity.
(k)
Security purchased on a forward commitment basis. This security is subject to dollar roll transactions.  
(l)
Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined
periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on
July 31, 2025.
(m)
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(n)
$8,150,538 was pledged as collateral to cover margin requirements for open futures contracts.  
(o)
Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which
borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity
may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average
life of three to five years.
(p)
Variable rate senior loan interests are, at present, not readily marketable, not registered under the 1933 Act and may be subject to contractual and legal
restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the Secured
Overnight Financing Rate ("SOFR"), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above
a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.
(q)
Principal and/or interest payments are secured by the bond insurance company listed.
(r)
Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s
obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.
(s)
CAS notes are bonds issued by Fannie Mae. The amount of periodic principal and ultimate principal paid by Fannie Mae is determined by the performance of a
large and diverse reference pool.
(t)
Principal payments are determined by the delinquency and principal payment experience on the STACR® reference pool. Freddie Mac transfers credit risk from
the mortgages in the reference pool to credit investors who invest in the STACR® debt notes.
(u)
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, 2025.
See accompanying notes which are an integral part of this schedule.
Invesco Total Return Bond ETF (GTO)—(continued)
July 31, 2025
(Unaudited)
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
July 31, 2025
Dividend Income
Invesco High Yield Bond
Factor ETF
$-
$1,853,210
$-
$(6,915
)
$-
$1,846,295
$43,530
Invesco High Yield Select
ETF
256,498
-
(25,349
)
(2,197
)
434
229,386
11,796
Invesco Short Duration
Total Return Bond ETF
299,460
-
-
(360
)
-
299,100
11,758
Investments in
Affiliated Money Market
Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
-
180,853,150
(180,853,150
)
-
-
-
153,312
Investments Purchased
with Cash Collateral
from Securities on
Loan:
Invesco Private
Government Fund
48,617,053
250,692,996
(256,488,575
)
-
-
42,821,474
1,396,029
*
Invesco Private Prime
Fund
126,919,544
533,395,604
(547,615,765
)
7,638
(17,371
)
112,689,650
3,754,767
*
Total
$176,092,555
$966,794,960
$(984,982,839
)
$(1,834
)
$(16,937
)
$157,885,905
$5,371,192
 
*
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.
 
(v)
Foreign denominated security. Principal amount is denominated in the currency indicated.
(w)
The rate shown is the 7-day SEC standardized yield as of July 31, 2025.
(x)
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 table below details options purchased.
 
Open Exchange-Traded Index Options Purchased
Description
Type of
Contract
Expiration Date
Number of
Contracts
Exercise Price
Notional
Value*
Value
Equity Risk
S&P 500 Index
Call
11/21/2025
48
$6,460
$31,008,000
$822,240
 
*
Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.
 
Open Futures Contracts
Long Futures Contracts
Number of
Contracts
Expiration
Month
Notional
Value
Value
Unrealized
Appreciation
(Depreciation)
Interest Rate Risk
 
U.S. Treasury 10 Year Notes
242
September-2025
$26,877,125
$(118,963
)
$(118,963
)
U.S. Treasury 2 Year Notes
1,451
September-2025
300,334,329
(553,310
)
(553,310
)
U.S. Treasury Ultra Bonds
354
September-2025
41,528,625
255,072
255,072
Subtotal—Long Futures Contracts
 
(417,201
)
(417,201
)
Short Futures Contracts
 
 
 
 
 
Interest Rate Risk
 
U.S. Treasury 5 Year Notes
1,471
September-2025
(159,120,828
)
132,966
132,966
See accompanying notes which are an integral part of this schedule.
Invesco Total Return Bond ETF (GTO)—(continued)
July 31, 2025
(Unaudited)
Open Futures Contracts—(continued)
Short Futures Contracts—(continued)
Number of
Contracts
Expiration
Month
Notional
Value
Value
Unrealized
Appreciation
(Depreciation)
U.S. Treasury 10 Year Ultra Notes
1,592
September-2025
$(180,020,375
)
$(2,154,345
)
$(2,154,345
)
U.S. Treasury Long Bonds
6
September-2025
(685,125
)
(759
)
(759
)
Subtotal—Short Futures Contracts
 
(2,022,138
)
(2,022,138
)
Total Futures Contracts
$(2,439,339
)
$(2,439,339
)
 
Open Forward Foreign Currency Contracts
Settlement Date
Counterparty
Contract to
Unrealized
Appreciation
(Depreciation)
Deliver
Receive
Currency Risk
 
 
 
10/31/2025
Citibank N.A.
GBP
100,000
USD
132,250
$(202
)
10/31/2025
State Street Bank & Trust
EUR
400,000
USD
459,691
(971
)
Total Forward Foreign Currency Contracts
$(1,173
)
 
Open Centrally Cleared Interest Rate Swap Agreements
Pay/
Receive
Floating
Rate
Floating Rate
Index
Payment
Frequency
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional Value
Upfront
Payments
Paid
(Received)
Value
Unrealized
Appreciation
Interest Rate Risk
 
 
 
Pay
SONIA
Annually
4.23
%
Annually
06/12/2027
GBP
74,000,000
$1,346
$7,140
$5,794
 
Abbreviations:
EUR
—Euro
GBP
—British Pound Sterling
SONIA
—Sterling Overnight Index Average
USD
—U.S. Dollar
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco Ultra Short Duration ETF (GSY)
July 31, 2025
(Unaudited)
 
 
Principal
Amount
Value
U.S. Dollar Denominated Bonds & Notes-60.85%
Aerospace & Defense-0.41%
L3Harris Technologies, Inc., 5.40%,
01/15/2027
$
11,141,000
$11,281,339
Agricultural & Farm Machinery-1.31%
John Deere Capital Corp.
 
4.79% (SOFR + 0.44%), 03/06/2026(b)
 
12,000,000
12,014,986
4.76% (SOFR + 0.40%), 01/05/2027(b)
 
12,000,000
12,013,270
4.85% (SOFR + 0.50%), 03/06/2028(b)
 
12,000,000
12,031,077
 
 
36,059,333
Agricultural Products & Services-0.44%
Cargill, Inc., 4.95% (SOFR + 0.61%),
02/11/2028(b)(c)
 
12,000,000
12,007,310
Application Software-0.11%
Synopsys, Inc., 4.55%, 04/01/2027
 
3,000,000
3,005,755
Asset Management & Custody Banks-2.52%
Ares Capital Corp.
 
3.88% 01/15/2026
 
8,090,000
8,057,009
7.00% 01/15/2027
 
4,285,000
4,412,540
Ares Strategic Income Fund
 
5.70% 03/15/2028
 
12,000,000
12,067,541
5.45% 09/09/2028(c)
 
2,937,000
2,933,226
Blue Owl Capital Corp.
 
4.25% 01/15/2026
 
12,000,000
11,970,964
3.40% 07/15/2026
 
6,000,000
5,915,182
2.63% 01/15/2027
 
9,500,000
9,158,941
Golub Capital BDC, Inc., 2.05%,
02/15/2027
 
11,000,000
10,493,703
Golub Capital Private Credit Fund, 5.45%,
08/15/2028(c)
 
2,453,000
2,444,390
State Street Corp., 4.54%, 04/24/2028(d)
 
1,719,000
1,724,588
 
 
69,178,084
Automobile Manufacturers-4.75%
American Honda Finance Corp.
 
4.85% (SOFR + 0.50%), 01/12/2026(b)
 
10,000,000
10,009,544
5.08% (SOFR + 0.72%), 10/05/2026(b)
 
10,000,000
10,020,517
5.22% (SOFR + 0.87%), 07/09/2027(b)
 
12,000,000
12,043,423
5.17% (SOFR + 0.82%),
03/03/2028(b)(e)
 
12,000,000
12,024,892
BMW US Capital LLC (Germany), 5.14%
(SOFR + 0.80%), 08/13/2026(b)(c)
 
7,207,000
7,226,416
Daimler Truck Finance North America LLC
(Germany), 5.13%, 09/25/2027(c)
 
5,905,000
5,966,992
Mercedes-Benz Finance North America LLC
(Germany)
 
4.65% 04/01/2027(c)
 
4,000,000
4,010,980
5.14% (SOFR + 0.78%),
04/01/2027(b)(c)(e)
 
12,000,000
12,008,846
Toyota Motor Credit Corp.
 
5.01% (SOFR + 0.65%), 01/05/2026(b)
 
10,000,000
10,015,941
4.80% (SOFR + 0.45%),
04/10/2026(b)(e)
 
12,000,000
12,013,118
5.11% (SOFR + 0.77%), 08/07/2026(b)
 
5,000,000
5,024,250
 
Principal
Amount
Value
Automobile Manufacturers-(continued)
Volkswagen Group of America Finance LLC
(Germany)
 
5.80% 09/12/2025(c)
$
10,000,000
$10,010,424
5.19% (SOFR + 0.83%),
03/20/2026(b)(c)
 
15,000,000
15,014,494
5.40% (SOFR + 1.06%),
08/14/2026(b)(c)
 
5,000,000
5,015,979
 
 
130,405,816
Broadline Retail-0.19%
eBay, Inc., 1.40%, 05/10/2026
 
5,250,000
5,128,245
Commercial & Residential Mortgage Finance-0.54%
Aviation Capital Group LLC, 4.75%,
04/14/2027(c)
 
2,904,000
2,906,722
Nationwide Building Society (United
Kingdom), 5.42% (SOFR + 1.07%),
07/14/2029(b)(c)
 
12,000,000
12,028,325
 
 
14,935,047
Computer & Electronics Retail-0.51%
Dell International LLC/EMC Corp., 6.02%,
06/15/2026
 
14,000,000
14,122,762
Construction Machinery & Heavy Transportation Equipment-0.51%
Caterpillar Financial Services Corp., 4.89%
(SOFR + 0.53%), 07/07/2027(b)
 
14,000,000
14,009,659
Consumer Finance-0.84%
Capital One Financial Corp., 4.93%,
05/10/2028(d)
 
7,000,000
7,040,632
General Motors Financial Co., Inc.
 
5.00% 07/15/2027
 
4,000,000
4,022,731
5.53% (SOFR + 1.17%), 04/04/2028(b)
 
12,000,000
11,965,697
 
 
23,029,060
Diversified Banks-18.32%
Bank of America Corp.
 
3.71% 04/24/2028(d)
 
11,250,000
11,103,365
4.62% 05/09/2029(d)
 
4,033,000
4,050,765
Bank of America N.A., 5.53%,
08/18/2026
 
12,000,000
12,128,613
Bank of Montreal (Canada)
 
5.31% (SOFR + 0.95%), 09/25/2025(b)
 
5,000,000
5,006,165
5.51% (SOFR + 1.16%), 12/11/2026(b)
 
10,000,000
10,096,353
Bank of Nova Scotia (The) (Canada),
1.35%, 06/24/2026
 
11,500,000
11,196,033
Barclays PLC (United Kingdom)
 
5.83% 05/09/2027(d)
 
12,000,000
12,098,448
6.50% 09/13/2027(d)
 
12,000,000
12,238,143
4.34% 01/10/2028
 
5,200,000
5,170,912
BPCE S.A. (France), 5.32% (SOFR +
0.96%), 09/25/2025(b)(c)
 
9,500,000
9,511,133
Canadian Imperial Bank of Commerce
(Canada)
 
5.58% (SOFR + 1.22%), 10/02/2026(b)
 
10,000,000
10,093,693
5.28% (SOFR + 0.93%),
09/11/2027(b)(e)
 
10,000,000
10,050,074
Citibank N.A.
 
5.17% (SOFR + 0.81%), 09/29/2025(b)
 
9,524,000
9,528,992
5.49% 12/04/2026
 
9,783,000
9,913,409
Citigroup, Inc., 4.64%, 05/07/2028(d)
 
12,000,000
12,014,828
See accompanying notes which are an integral part of this schedule.
Invesco Ultra Short Duration ETF (GSY)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Diversified Banks-(continued)
Cooperatieve Rabobank U.A.
(Netherlands), 4.94% (SOFR + 0.59%),
05/27/2027(b)
$
10,715,000
$10,744,159
Credit Agricole S.A. (France)
 
5.56% (SOFR + 1.21%),
09/11/2028(b)(c)
 
6,000,000
6,043,928
5.48% (SOFR + 1.13%),
01/09/2029(b)(c)
 
7,000,000
7,028,455
Fifth Third Bank N.A., 5.17% (SOFR +
0.81%), 01/28/2028(b)
 
6,366,000
6,369,896
HSBC USA, Inc., 5.32% (SOFR + 0.97%),
06/03/2028(b)
 
7,826,000
7,887,652
Huntington National Bank (The), 5.07%
(SOFR + 0.72%), 04/12/2028(b)
 
8,276,000
8,276,943
ING Groep N.V. (Netherlands), 1.73%,
04/01/2027(d)
 
6,750,000
6,618,892
JPMorgan Chase & Co.
 
5.55% (SOFR + 1.20%), 01/23/2028(b)
 
5,556,000
5,606,926
2.95% 02/24/2028(d)
 
6,000,000
5,860,852
5.27% (SOFR + 0.92%), 04/22/2028(b)
 
10,000,000
10,049,105
Lloyds Banking Group PLC (United
Kingdom), 5.90% (SOFR + 1.56%),
08/07/2027(b)
 
9,474,000
9,564,326
Macquarie Bank Ltd. (Australia), 5.55%
(SOFR + 1.20%), 12/07/2026(b)(c)
 
6,213,000
6,269,297
Mizuho Markets Cayman L.P. (Japan),
5.19% (SOFR + 0.85%), 08/14/2026(b)
 
10,000,000
10,050,497
Morgan Stanley Bank N.A.
 
5.04% (SOFR + 0.69%), 10/15/2027(b)
 
10,000,000
10,033,554
5.43% (SOFR + 1.08%), 01/14/2028(b)
 
10,000,000
10,072,020
Morgan Stanley Private Bank, N.A., 5.12%
(SOFR + 0.77%), 07/06/2028(b)
 
8,363,000
8,379,152
National Bank of Canada (Canada)
 
5.15% (SOFR + 0.80%), 08/20/2026(b)
 
10,000,000
9,993,540
5.39% (SOFR + 1.03%), 07/02/2027(b)
 
5,797,000
5,820,460
5.60% 07/02/2027(d)
 
7,000,000
7,059,686
PNC Bank N.A.
 
4.78% 01/15/2027(d)
 
12,000,000
12,006,007
4.54% 05/13/2027(d)
 
8,371,000
8,361,862
5.08% (SOFR + 0.73%), 07/21/2028(b)
 
3,159,000
3,168,270
Royal Bank of Canada (Canada)
 
5.30% (SOFR + 0.95%), 01/19/2027(b)
 
8,333,000
8,393,492
5.07% (SOFR + 0.72%), 10/18/2027(b)
 
15,000,000
15,048,097
4.50% 08/06/2029(d)
 
9,600,000
9,609,133
Santander UK Group Holdings PLC (United
Kingdom), 6.53%, 01/10/2029(d)
 
12,500,000
13,018,818
Societe Generale (France), 5.76% (SOFR +
1.41%), 04/13/2029(b)(c)
 
12,000,000
12,047,218
Sumitomo Mitsui Trust Bank Ltd. (Japan),
5.20%, 03/07/2027(c)
 
4,372,000
4,426,209
Svenska Handelsbanken AB (Sweden),
5.09% (SOFR + 0.74%),
05/23/2028(b)(c)
 
7,826,000
7,878,914
Swedbank AB (Sweden)
 
5.73% (SOFR + 1.38%),
06/15/2026(b)(c)
 
15,000,000
15,145,727
6.14% 09/12/2026(c)
 
4,065,000
4,137,540
 
Principal
Amount
Value
Diversified Banks-(continued)
Toronto-Dominion Bank (The) (Canada)
 
5.43% (SOFR + 1.08%), 07/17/2026(b)
$
12,500,000
$12,587,602
5.35% (SOFR + 1.00%), 10/20/2026(b)
 
9,800,000
9,799,742
5.18% (SOFR + 0.82%), 01/31/2028(b)
 
10,550,000
10,584,322
5.26% (SOFR + 0.91%), 06/02/2028(b)
 
12,000,000
12,046,582
Truist Bank, 5.12% (SOFR + 0.77%),
07/24/2028(b)
 
11,709,000
11,733,775
U.S. Bank N.A., 5.25% (SOFR + 0.91%),
05/15/2028(b)
 
12,000,000
12,067,200
Wells Fargo & Co.
 
5.13% (SOFR + 0.78%), 01/24/2028(b)
 
8,953,000
8,969,374
5.42% (SOFR + 1.07%), 04/22/2028(b)
 
10,000,000
10,068,475
Wells Fargo Bank N.A., 5.06% (SOFR +
0.71%), 01/15/2026(b)
 
5,333,000
5,343,195
 
 
502,371,820
Diversified Capital Markets-0.54%
UBS Group AG (Switzerland), 1.36%,
01/30/2027(c)(d)
 
15,000,000
14,755,055
Diversified Financial Services-0.85%
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust (Ireland), 4.45%,
10/01/2025
 
13,250,000
13,243,388
USAA Capital Corp., 5.25%,
06/01/2027(c)
 
10,000,000
10,186,220
 
 
23,429,608
Diversified Metals & Mining-1.06%
BHP Billiton Finance (USA) Ltd. (Australia),
5.25%, 09/08/2026
 
14,815,000
14,957,726
Glencore Funding LLC (Australia)
 
5.11% (SOFR + 0.75%),
10/01/2026(b)(c)
 
6,429,000
6,436,818
5.42% (SOFR + 1.06%),
04/04/2027(b)(c)
 
5,682,000
5,709,750
Rio Tinto Finance (USA) PLC (Australia),
4.38%, 03/12/2027(e)
 
2,089,000
2,095,615
 
 
29,199,909
Diversified Support Services-0.31%
Element Fleet Management Corp.
(Canada), 6.27%, 06/26/2026(c)(e)
 
8,433,000
8,542,036
Electric Utilities-1.90%
National Rural Utilities Cooperative Finance
Corp., 5.17% (SOFR + 0.82%),
09/16/2027(b)
 
10,000,000
10,040,750
NextEra Energy Capital Holdings, Inc.
 
5.75% 09/01/2025
 
5,490,000
5,493,517
5.12% (SOFR + 0.76%), 01/29/2026(b)
 
11,456,000
11,483,487
5.16% (SOFR + 0.80%), 02/04/2028(b)
 
8,796,000
8,871,993
Pinnacle West Capital Corp.
 
5.17% (SOFR + 0.82%), 06/10/2026(b)
 
15,294,000
15,341,423
4.90% 05/15/2028
 
779,000
786,281
 
 
52,017,451
Fertilizers & Agricultural Chemicals-0.26%
Nutrien Ltd. (Canada), 4.50%,
03/12/2027
 
7,165,000
7,159,584
Food Retail-0.15%
Whole Foods Market, Inc., 5.20%,
12/03/2025
 
3,985,000
3,979,476
See accompanying notes which are an integral part of this schedule.
Invesco Ultra Short Duration ETF (GSY)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Home Improvement Retail-0.17%
Home Depot, Inc. (The), 5.15%,
06/25/2026
$
4,505,000
$4,537,391
Integrated Oil & Gas-0.28%
Chevron USA, Inc., 4.71% (SOFR +
0.36%), 02/26/2027(b)(e)
 
7,758,000
7,772,729
Integrated Telecommunication Services-0.37%
Verizon Communications, Inc., 5.15%
(SOFR + 0.79%), 03/20/2026(b)
 
10,134,000
10,166,893
Interactive Home Entertainment-0.28%
Electronic Arts, Inc., 4.80%, 03/01/2026
 
7,717,000
7,721,181
Investment Banking & Brokerage-3.33%
Charles Schwab Corp. (The), 4.86% (SOFR
+ 0.52%), 05/13/2026(b)
 
5,251,000
5,253,944
Goldman Sachs Group, Inc. (The)
 
5.41% (SOFR + 1.07%), 08/10/2026(b)
 
10,000,000
10,007,923
1.43% 03/09/2027(d)
 
13,000,000
12,747,749
4.94% 04/23/2028(d)
 
15,925,000
16,025,043
Jefferies Financial Group, Inc.
 
5.00% 02/10/2026
 
11,413,000
11,408,658
5.03% 03/16/2026
 
13,660,000
13,672,441
Morgan Stanley
 
5.37% (SOFR + 1.02%), 04/13/2028(b)
 
10,000,000
10,054,649
5.73% (SOFR + 1.38%),
04/12/2029(b)(e)
 
12,000,000
12,175,690
 
 
91,346,097
Life & Health Insurance-9.03%
Athene Global Funding
 
5.62% 05/08/2026(c)
 
12,000,000
12,101,169
5.38% (SOFR + 1.03%),
08/27/2026(b)(c)
 
10,000,000
10,057,386
2.95% 11/12/2026(c)
 
5,000,000
4,896,912
5.19% (SOFR + 0.83%),
01/07/2027(b)(c)(e)
 
10,000,000
10,024,648
5.52% 03/25/2027(c)
 
12,711,000
12,892,645
Brighthouse Financial Global Funding,
5.55%, 04/09/2027(c)
 
8,150,000
8,245,710
Corebridge Global Funding
 
5.75% 07/02/2026(c)
 
6,336,000
6,413,882
5.66% (SOFR + 1.30%),
09/25/2026(b)(c)
 
10,000,000
10,070,507
5.11% (SOFR + 0.75%),
01/07/2028(b)(c)
 
10,000,000
9,985,344
F&G Global Funding, 5.88%,
06/10/2027(c)
 
7,514,000
7,677,959
GA Global Funding Trust, 4.40%,
09/23/2027(c)
 
14,500,000
14,453,103
Jackson National Life Global Funding
 
5.50% 01/09/2026(c)
 
16,667,000
16,723,119
5.55% 07/02/2027(c)
 
6,719,000
6,838,911
5.32% (SOFR + 0.97%),
01/14/2028(b)(c)
 
4,000,000
4,017,999
MassMutual Global Funding II
 
5.13% (SOFR + 0.77%),
01/29/2027(b)(c)
 
10,700,000
10,760,550
5.09% (SOFR + 0.74%),
04/09/2027(b)(c)
 
10,000,000
10,051,906
Met Tower Global Funding, 5.40%,
06/20/2026(c)
 
12,000,000
12,101,646
 
Principal
Amount
Value
Life & Health Insurance-(continued)
New York Life Global Funding
 
5.03% (SOFR + 0.67%),
04/02/2027(b)(c)
$
15,000,000
$15,064,599
4.40% 04/25/2028(c)
 
4,434,000
4,454,819
Pacific Life Global Funding II
 
4.96% (SOFR + 0.60%),
03/27/2026(b)(c)
 
9,750,000
9,771,626
4.97% (SOFR + 0.62%),
06/04/2026(b)(c)
 
6,420,000
6,439,895
5.41% (SOFR + 1.05%),
07/28/2026(b)(c)
 
12,500,000
12,589,251
4.45% 05/01/2028(c)
 
11,321,000
11,390,612
Principal Life Global Funding II, 5.00%,
01/16/2027(c)
 
3,000,000
3,024,578
Protective Life Global Funding, 5.37%,
01/06/2026(c)
 
10,339,000
10,371,699
Reliance Standard Life Global Funding II,
5.24%, 02/02/2026(c)
 
7,125,000
7,139,902
 
 
247,560,377
Oil & Gas Exploration & Production-0.61%
CNO Global Funding, 4.88%,
12/10/2027(c)
 
4,918,000
4,948,990
Pioneer Natural Resources Co., 1.13%,
01/15/2026
 
12,000,000
11,813,801
 
 
16,762,791
Oil & Gas Refining & Marketing-0.32%
Phillips 66, 1.30%, 02/15/2026
 
8,989,000
8,827,629
Oil & Gas Storage & Transportation-2.31%
Enbridge, Inc. (Canada)
 
5.25% 04/05/2027
 
4,666,000
4,721,347
4.60% 06/20/2028
 
3,485,000
3,500,752
Kinder Morgan, Inc., 1.75%, 11/15/2026
 
12,698,000
12,267,321
MPLX L.P., 1.75%, 03/01/2026
 
12,336,000
12,129,858
Plains All American Pipeline L.P./PAA
Finance Corp.
 
4.65% 10/15/2025
 
12,000,000
11,996,931
4.50% 12/15/2026
 
10,000,000
9,995,620
Williams Cos., Inc. (The), 5.40%,
03/02/2026
 
8,598,000
8,638,387
 
 
63,250,216
Packaged Foods & Meats-0.65%
Campbell’s Co. (The), 5.30%, 03/20/2026
 
10,352,000
10,395,270
Mars, Inc., 4.45%, 03/01/2027(c)
 
7,446,000
7,458,936
 
 
17,854,206
Passenger Airlines-0.13%
Delta Air Lines, Inc., 4.95%, 07/10/2028
 
3,614,000
3,632,291
Pharmaceuticals-0.46%
Bristol-Myers Squibb Co., 4.84% (SOFR +
0.49%), 02/20/2026(b)
 
4,651,000
4,657,431
GlaxoSmithKline Capital PLC (United
Kingdom), 4.85% (SOFR + 0.50%),
03/12/2027(b)(e)
 
7,912,000
7,942,474
 
 
12,599,905
Regional Banks-0.43%
Truist Financial Corp., 1.27%,
03/02/2027(d)
 
12,000,000
11,752,419
See accompanying notes which are an integral part of this schedule.
Invesco Ultra Short Duration ETF (GSY)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Restaurants-0.44%
Starbucks Corp., 4.75%, 02/15/2026(e)
$
12,000,000
$12,001,613
Retail REITs-0.13%
Realty Income Corp., 5.05%, 01/13/2026
 
3,687,000
3,685,493
Self-Storage REITs-0.37%
Public Storage Operating Co., 5.05%
(SOFR + 0.70%), 04/16/2027(b)
 
10,000,000
10,021,250
Semiconductors-0.87%
Advanced Micro Devices, Inc., 4.21%,
09/24/2026
 
12,000,000
12,003,433
NXP BV/NXP Funding LLC/NXP USA, Inc.
(Netherlands), 3.88%, 06/18/2026
 
12,000,000
11,929,626
 
 
23,933,059
Soft Drinks & Non-alcoholic Beverages-0.99%
Keurig Dr Pepper, Inc.
 
3.40% 11/15/2025
 
10,000,000
9,962,127
4.93% (SOFR + 0.58%), 11/15/2026(b)
 
12,000,000
12,030,679
5.23% (SOFR + 0.88%),
03/15/2027(b)(e)
 
5,000,000
5,030,460
 
 
27,023,266
Specialized Finance-0.58%
Blackstone Private Credit Fund, 2.63%,
12/15/2026
 
16,490,000
15,944,028
Specialty Chemicals-0.53%
Sherwin-Williams Co. (The)
 
3.45% 08/01/2025(e)
 
4,500,000
4,500,000
4.25% 08/08/2025
 
10,000,000
9,999,035
 
 
14,499,035
Systems Software-1.25%
Oracle Corp.
 
1.65% 03/25/2026
 
15,000,000
14,707,526
2.65% 07/15/2026
 
9,000,000
8,840,529
VMware LLC, 1.40%, 08/15/2026
 
11,000,000
10,658,875
 
 
34,206,930
Technology Hardware, Storage & Peripherals-0.43%
HP, Inc., 1.45%, 06/17/2026
 
12,000,000
11,680,665
Telecom Tower REITs-0.93%
American Tower Corp.
 
1.60% 04/15/2026
 
13,250,000
12,970,722
1.45% 09/15/2026
 
13,000,000
12,559,184
 
 
25,529,906
Trading Companies & Distributors-0.37%
Air Lease Corp., 1.88%, 08/15/2026
 
10,300,000
10,015,173
Transaction & Payment Processing Services-0.07%
PayPal Holdings, Inc., 5.02% (SOFR +
0.67%), 03/06/2028(b)
 
1,851,000
1,859,682
Total U.S. Dollar Denominated Bonds & Notes
(Cost $1,662,385,250)
1,668,801,574
 
Asset-Backed Securities-14.46%
Amur Equipment Finance Receivables
XII LLC, Series 2023-1A, Class A2,
6.09%, 12/20/2029(c)
 
6,275,238
6,329,848
Angel Oak Mortgage Trust
 
Series 2020-1, Class A1, 2.16%,
12/25/2059(c)(f)
 
573,015
557,089
 
Principal
Amount
Value
 
Series 2020-5, Class A1, 1.37%,
05/25/2065(c)(f)
$
989,241
$945,569
Series 2024-8, Class A1, 5.34%,
05/27/2069(c)
 
7,526,761
7,489,347
Series 2025-2, Class A1, 5.64%,
02/25/2070(c)
 
4,347,637
4,346,540
AutoNation Finance Trust, Series 2025-1A,
Class A2, 4.72%, 04/10/2028(c)
 
6,930,000
6,937,818
Barclays Dryrock Issuance Trust,
Series 2023-2, Class A, 5.24% (30 Day
Average SOFR + 0.90%),
08/15/2028(b)
 
9,260,000
9,271,855
Bear Stearns Asset Backed Securities I
Trust, Series 2006-HE9, Class 2A,
4.75% (1 mo. Term SOFR + 0.39%),
11/25/2036(b)
 
467,978
463,873
BINOM Securitization Trust, Series 2021-
INV1, Class A1, 2.03%,
06/25/2056(c)(f)
 
2,891,370
2,601,543
BMW Vehicle Lease Trust, Series 2024-2,
Class A2B, 4.77% (30 Day Average
SOFR + 0.42%), 01/25/2027(b)
 
2,741,025
2,742,725
BofA Auto Trust, Series 2025-1A,
Class A2A, 4.52%, 11/22/2027(c)
 
2,450,000
2,449,594
BRAVO Residential Funding Trust,
Series 2021-NQM2, Class A1, 0.97%,
03/25/2060(c)(f)
 
1,152,598
1,119,432
CarMax Auto Owner Trust, Series 2025-2,
Class A2A, 4.59%, 07/17/2028
 
4,360,000
4,370,042
CBAM Ltd. (Cayman Islands), Series 2018-
5A, Class A, 5.60% (3 mo. Term SOFR +
1.28%), 04/17/2031(b)(c)
 
1,635,117
1,637,226
CCG Receivables Trust, Series 2025-1,
Class A2, 4.48%, 10/14/2032(c)
 
5,450,000
5,460,793
Chase Auto Owner Trust, Series 2024-3A,
Class A2, 5.53%, 09/27/2027(c)
 
1,837,414
1,841,680
Chesapeake Funding II LLC (Canada)
 
Series 2023-1A, Class A2, 5.59%
(30 Day Average SOFR + 1.25%),
05/15/2035(b)(c)
 
4,859,945
4,881,834
Series 2023-2A, Class A2, 5.44%
(30 Day Average SOFR + 1.10%),
10/15/2035(b)(c)
 
5,766,650
5,793,960
Series 2024-1A, Class A2, 5.11%
(30 Day Average SOFR + 0.77%),
05/15/2036(b)(c)
 
1,746,142
1,745,628
Citizens Auto Receivables Trust,
Series 2024-2, Class A3, 5.33%,
08/15/2028(c)
 
7,625,000
7,677,738
COLT Mortgage Loan Trust, Series 2020-
2R, Class A1, 1.33%, 10/26/2065(c)(f)
 
1,149,852
1,073,504
Cross Mortgage Trust
 
Series 2023-H1, Class A1, 6.62%,
03/25/2068(c)
 
3,508,828
3,528,447
Series 2024-H5, Class A1, 5.85%,
08/26/2069(c)
 
8,252,140
8,293,744
CWABS, Inc. Asset-Backed Ctfs. Trust,
Series 2004-4, Class M1, 5.19% (1 mo.
Term SOFR + 0.83%), 07/25/2034(b)
 
160,637
167,592
Deephaven Residential Mortgage Trust,
Series 2021-2, Class A1, 0.90%,
04/25/2066(c)(f)
 
3,792,645
3,342,312
See accompanying notes which are an integral part of this schedule.
Invesco Ultra Short Duration ETF (GSY)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
 
Dell Equipment Finance Trust
 
Series 2024-1, Class A3, 5.39%,
03/22/2030(c)
$
2,750,000
$2,768,407
Series 2025-1, Class A3, 4.61%,
02/24/2031(c)
 
2,970,000
2,987,089
DLLST LLC, Series 2024-1A, Class A3,
5.05%, 08/20/2027(c)
 
2,730,000
2,738,230
Dryden 30 Senior Loan Fund (Cayman
Islands), Series 2013-30A, Class AR,
5.41% (3 mo. Term SOFR + 1.08%),
11/15/2028(b)(c)
 
156,501
156,577
Ellington Financial Mortgage Trust
 
Series 2019-2, Class A1, 2.74%,
11/25/2059(c)(f)
 
752,530
712,783
Series 2020-2, Class A1, 1.18%,
10/25/2065(c)(f)
 
206,505
193,322
Enterprise Fleet Financing LLC
 
Series 2023-3, Class A2, 6.40%,
03/20/2030(c)
 
4,458,034
4,520,124
Series 2024-1, Class A2, 5.23%,
03/20/2030(c)
 
2,046,852
2,059,595
Series 2024-3, Class A2, 5.31%,
04/20/2027(c)
 
2,685,198
2,695,577
Series 2024-4, Class A2, 4.69%,
07/20/2027(c)
 
4,125,000
4,129,423
Series 2025-2, Class A2, 4.51%,
02/22/2028(c)
 
4,500,000
4,501,981
First National Master Note Trust,
Series 2024-1, Class A, 5.34%,
05/15/2030
 
3,870,000
3,935,716
FS KKR MM CLO 1 LLC, Series 2019-1A,
Class A1R, 6.43% (3 mo. Term SOFR +
2.11%), 01/15/2031(b)(c)
 
1,601,337
1,603,290
GCAT Trust, Series 2025-NQM2, Class A1,
5.60%, 04/25/2070(c)
 
8,197,663
8,220,092
GMF Floorplan Owner Revolving Trust,
Series 2023-1, Class A2, 5.49% (30 Day
Average SOFR + 1.15%),
06/15/2028(b)(c)
 
15,000,000
15,098,193
GreatAmerica Leasing Receivables
Funding LLC
 
Series 2024-2, Class A2, 5.28%,
03/15/2027(c)
 
2,258,609
2,266,691
Series 2025-1, Class A2, 4.52%,
10/15/2027(c)
 
3,150,000
3,149,061
GS Mortgage-Backed Securities Trust
 
Series 2020-NQM1, Class A1, 1.38%,
09/27/2060(c)(f)
 
1,104,798
1,040,412
Series 2025-HE1, Class A1, 6.09%
(30 Day Average SOFR + 1.55%),
10/25/2055(b)(c)
 
4,645,000
4,647,322
Series 2025-PJ1, Class A7, 6.00%,
06/25/2055(c)(f)
 
8,143,442
8,172,695
Harley-Davidson Motorcycle Trust,
Series 2024-B, Class A2, 4.62%,
08/16/2027
 
2,095,193
2,095,315
HPEFS Equipment Trust, Series 2024-2A,
Class A2, 5.50%, 10/20/2031(c)
 
3,322,145
3,327,552
HSI Asset Securitization Corp. Trust,
Series 2006-OPT2, Class M2, 5.05% (1
mo. Term SOFR + 0.70%),
01/25/2036(b)
 
136,014
135,334
 
Principal
Amount
Value
 
Hyundai Auto Lease Securitization Trust
 
Series 2024-C, Class A2B, 4.84%
(30 Day Average SOFR + 0.50%),
03/15/2027(b)(c)
$
3,912,226
$3,917,014
Series 2025-B, Class A3, 4.53%,
04/17/2028(c)
 
3,800,000
3,811,647
Hyundai Auto Receivables Trust,
Series 2025-A, Class A2B, 4.68%
(30 Day Average SOFR + 0.34%),
12/15/2027(b)
 
9,318,000
9,322,165
J.P. Morgan Mortgage Trust
 
Series 2024-INV1, Class A4, 6.00%,
04/25/2055(c)(f)
 
6,844,217
6,895,287
Series 2025-NQM3, Class A1, 5.50%,
11/25/2065(c)(f)
 
10,000,000
10,018,965
John Deere Owner Trust, Series 2025-A,
Class A2B, 4.63% (30 Day Average
SOFR + 0.29%), 03/15/2028(b)
 
5,300,000
5,299,172
KKR CLO 21 Ltd. (Cayman Islands),
Series A, 5.58% (3 mo. Term SOFR +
1.26%), 04/15/2031(b)(c)
 
628,925
629,361
M&T Equipment (2025-LEAF1) LLC,
Series 2025-1A, Class A2, 4.70%,
12/16/2027(c)
 
4,750,000
4,758,673
Madison Park Funding XLII Ltd. (Cayman
Islands), Series 2024-13A, Class AR,
5.47% (3 mo. Term SOFR + 1.15%),
11/21/2030(b)(c)
 
1,554,763
1,556,400
Mercedes-Benz Auto Lease Trust,
Series 2024-A, Class A2A, 5.44%,
02/16/2027
 
2,868,320
2,874,477
Morgan Stanley Residential Mortgage Loan
Trust
 
Series 2023-NQM1, Class A1, 7.28%,
09/25/2068(c)
 
5,490,822
5,562,218
Series 2024-NQM3, Class A1, 5.04%,
07/25/2069(c)(f)
 
7,691,009
7,630,584
Series 2025-DSC2, Class A1, 5.44%,
07/25/2070(c)
 
6,000,000
6,002,728
Series 2025-NQM1, Class A1, 5.74%,
11/25/2069(c)(f)
 
9,495,198
9,523,643
Navient Private Education Refi Loan Trust
 
Series 2020-FA, Class A, 1.22%,
07/15/2069(c)
 
1,134,400
1,058,359
Series 2021-FA, Class A, 1.11%,
02/18/2070(c)
 
2,646,258
2,336,854
New Residential Mortgage Loan Trust
 
Series 2017-5A, Class A1, 5.97% (1 mo.
Term SOFR + 1.61%), 06/25/2057(b)(c)
 
191,679
193,910
Series 2019-NQM4, Class A1, 2.49%,
09/25/2059(c)(f)
 
1,182,714
1,127,580
Series 2020-NQM1, Class A1, 2.46%,
01/26/2060(c)(f)
 
913,864
860,086
OBX Trust
 
Series 2024-NQM12, Class A1, 5.48%,
07/25/2064(c)
 
5,008,868
4,997,904
Series 2024-NQM18, Class A1, 5.41%,
10/25/2064(c)(f)
 
4,882,816
4,869,137
Series 2024-NQM6, Class A1, 6.45%,
02/25/2064(c)
 
3,839,742
3,880,045
See accompanying notes which are an integral part of this schedule.
Invesco Ultra Short Duration ETF (GSY)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
 
Octagon Investment Partners XVII Ltd.
(Cayman Islands), Series 2013-1A,
Class A1R2, 5.58% (3 mo. Term SOFR +
1.26%), 01/25/2031(b)(c)
$
468,022
$468,452
PMT Loan Trust, Series 2025-INV1,
Class A7, 6.00%, 01/25/2060(c)(f)
 
3,374,455
3,406,127
Porsche Innovative Lease Owner Trust
 
Series 2024-1A, Class A2A, 4.84%,
01/20/2027(c)
 
4,182,158
4,184,380
Series 2024-2A, Class A2B, 4.79%
(30 Day Average SOFR + 0.44%),
12/21/2026(b)(c)
 
2,544,860
2,545,914
PRKCM Trust, Series 2023-AFC4,
Class A1, 7.23%, 11/25/2058(c)
 
5,156,067
5,224,576
Residential Mortgage Loan Trust,
Series 2020-1, Class A1, 2.38%,
01/26/2060(c)(f)
 
161,519
159,991
SBNA Auto Lease Trust
 
Series 2023-A, Class A3, 6.51%,
04/20/2027(c)
 
7,326,826
7,357,631
Series 2024-C, Class A3, 4.56%,
02/22/2028(c)
 
2,000,000
2,001,109
Starwood Mortgage Residential Trust
 
Series 2020-1, Class A1, 2.28%,
02/25/2050(c)(f)
 
167,947
159,788
Series 2020-INV1, Class A1, 1.03%,
11/25/2055(c)(f)
 
1,327,058
1,253,419
Series 2021-2, Class A1, 0.94%,
05/25/2065(c)(f)
 
1,603,867
1,499,564
Synchrony Card Funding LLC
 
Series 2023-A2, Class A, 5.74%,
10/15/2029
 
8,500,000
8,628,496
Series 2024-A1, Class A, 5.04%,
03/15/2030
 
10,000,000
10,105,174
Toyota Auto Receivables Owner Trust,
Series 2025-B, Class A2A, 4.46%,
03/15/2028
 
8,300,000
8,302,868
Verus Securitization Trust
 
Series 2022-INV2, Class A1, 6.79%,
10/25/2067(c)
 
5,819,235
5,813,400
Series 2023-7, Class A1, 7.07%,
10/25/2068(c)
 
6,420,792
6,507,943
Series 2023-INV2, Class A1, 6.44%,
08/25/2068(c)
 
6,207,318
6,238,042
Visio Trust, Series 2020-1R, Class A1,
1.31%, 11/25/2055(c)
 
1,161,879
1,112,525
Volvo Financial Equipment LLC,
Series 2025-1A, Class A2, 4.41%,
11/15/2027(c)
 
3,780,000
3,778,102
Westlake Automobile Receivables Trust,
Series 2025-P1, Class A2, 4.65%,
02/15/2028(c)
 
6,450,000
6,457,128
Wheels Fleet Lease Funding 1 LLC
 
Series 2024-1A, Class A2, 5.18% (1 mo.
Term SOFR + 0.83%), 02/18/2039(b)(c)
 
3,714,605
3,722,210
Series 2024-2A, Class A2, 5.35% (1 mo.
Term SOFR + 1.00%), 06/21/2039(b)(c)
 
5,599,323
5,625,457
Series 2025-1A, Class A1, 4.57%,
01/18/2040(c)
 
8,250,000
8,268,435
Series 2025-2A, Class A1, 4.41%,
05/18/2040(c)
 
15,000,000
14,988,868
 
Principal
Amount
Value
 
World Omni Auto Receivables Trust,
Series 2025-B, Class A2A, 4.38%,
08/15/2028
$
3,000,000
$2,998,763
World Omni Automobile Lease
Securitization Trust, Series 2025-A,
Class A2B, 4.73% (30 Day Average
SOFR + 0.39%), 12/15/2027(b)
 
2,320,000
2,322,386
Total Asset-Backed Securities
(Cost $396,886,367)
396,481,471
 
Shares
 
Exchange-Traded Funds-0.25%
Invesco AAA CLO Floating Rate
Note ETF(e)(g)
(Cost $7,059,851)
 
274,672
7,023,363
 
Principal
Amount
 
Commercial Paper-21.66%(h)
Air Lease Corp.
 
4.81%, 08/05/2025(c)
$
8,000,000
7,994,784
4.79%, 08/14/2025(c)
 
15,000,000
14,972,310
BAT International Finance PLC
 
4.69%, 08/25/2025(c)
 
10,000,000
9,968,230
4.81%, 10/21/2025(c)
 
15,000,000
14,842,665
Boston Properties L.P.
 
4.71%, 08/07/2025(c)
 
9,500,000
9,491,555
4.71%, 08/22/2025(c)
 
10,500,000
10,470,411
Broadcom, Inc., 4.57%, 10/21/2025(c)
 
3,000,000
2,968,398
Brookfield BRP Holdings Canada, Inc.,
4.78%, 09/12/2025
 
10,000,000
9,945,360
Brookfield Corporate Treasury Ltd.,
4.70%, 08/14/2025(c)
 
15,000,000
14,972,565
Brookfield Infrastructure Holdings Canada,
Inc., 4.93%, 11/18/2025
 
15,000,000
14,779,530
Brunswick Corp., 5.11%, 08/07/2025(c)
 
12,500,000
12,488,041
Canadian Natural Resources Ltd., 4.93%,
08/25/2025(c)
 
15,000,000
14,950,665
Charles Schwab Corp. (The), 4.57%,
08/26/2025(c)
 
9,600,000
9,569,933
CommonSpirit Health
 
Series A, 4.68%, 08/21/2025
 
25,000,000
24,928,125
Series A, 4.67%, 09/08/2025
 
12,625,000
12,556,976
Crown Castle, Inc.
 
5.06%, 08/05/2025(c)
 
17,000,000
16,988,287
5.04%, 08/26/2025(c)
 
10,860,000
10,820,752
CVS Health Corp.
 
4.94%, 08/04/2025(c)
 
12,000,000
11,993,568
4.86%, 08/05/2025(c)
 
15,000,000
14,989,935
4.82%, 08/12/2025(c)
 
5,000,000
4,991,850
5.04%, 08/25/2025(c)
 
20,000,000
19,930,920
Element Fleet Management Corp., 4.67%,
08/27/2025(c)
 
17,000,000
16,941,537
Eversource Energy, 4.68%,
08/05/2025(c)
 
19,000,000
18,987,802
Genuine Parts Co.
 
4.65%, 08/11/2025(c)
 
15,000,000
14,979,090
4.63%, 08/19/2025(c)
 
2,501,000
2,494,945
4.65%, 08/20/2025(c)
 
9,289,000
9,265,313
Glencore Funding LLC, 4.64%,
08/29/2025(c)
 
12,000,000
11,955,828
Global Payments, Inc., 4.88%,
08/01/2025
 
6,200,000
6,199,158
See accompanying notes which are an integral part of this schedule.
Invesco Ultra Short Duration ETF (GSY)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Harley-Davidson Financial Services, Inc.
 
5.18%, 08/01/2025(c)
$
8,000,000
$7,998,968
5.08%, 08/08/2025(c)
 
17,000,000
16,982,439
4.93%–4.97%, 08/12/2025(c)
 
18,500,000
18,471,177
5.17%, 09/03/2025(c)
 
10,000,000
9,955,350
5.04%, 09/04/2025(c)
 
1,500,000
1,493,105
HCA, Inc., 4.98%, 08/06/2025(c)
 
13,000,000
12,989,548
HSBC USA, Inc., 4.85%, 05/15/2026(c)
 
9,250,000
9,259,902
Jabil, Inc., 4.85%, 08/06/2025(c)
 
15,000,000
14,987,310
National Fuel Gas Co.
 
4.81%, 08/04/2025
 
20,000,000
19,989,280
4.85%, 08/14/2025
 
10,500,000
10,480,165
ONEOK, Inc., 4.63%, 08/05/2025(c)
 
7,000,000
6,995,457
Phillips 66, 4.62%–4.62%, 08/22/2025(c)
 
11,925,000
11,891,395
Sonoco Products Co.
 
4.93%–5.04%, 08/01/2025
 
24,300,000
24,296,671
4.98%, 08/15/2025
 
3,800,000
3,792,085
TELUS Corp.
 
4.95%, 08/06/2025(c)
 
14,000,000
13,988,562
4.78%, 08/26/2025(c)
 
12,000,000
11,956,860
5.01%, 09/05/2025(c)
 
15,000,000
14,925,060
White Plains Capital Co. LLC
 
4.65%, 10/21/2025(c)
 
15,000,000
14,841,030
4.61%, 01/06/2026(c)
 
15,000,000
14,693,055
WPP CP LLC, 4.64%, 08/21/2025(c)
 
8,500,000
8,477,297
Total Commercial Paper
(Cost $593,979,810)
593,903,249
Certificates of Deposit-1.84%
Diversified Banks-1.84%
Natixis S.A. (France), 4.99% (SOFR +
0.60%), 08/04/2025(b)
 
10,000,000
10,000,443
Intesa Sanpaolo S.p.A. (Italy)
 
5.00%01/07/2026
 
10,000,000
10,009,620
5.39% (SOFR + 1.00%), 10/16/2026(b)
 
15,500,000
15,562,442
5.03% (SOFR + 0.70%), 07/17/2026(b)
 
15,000,000
15,009,832
 
 
50,582,337
Total Certificates of Deposit
(Cost $50,500,000)
50,582,337
 
Repurchase
Amount
 
Repurchase Agreements-1.09%(i)
CF Secured LLC, joint open agreement
dated 02/07/2025 (collateralized by a
U.S. government sponsored agency
obligation, agency and non-agency
mortgage-backed securities and agency
and non-agency asset-backed securities
valued at $26,831,019; 0.00% - 6.75%;
12/20/2034 - 11/15/2068), 5.08%,
08/01/2025(j)
 
10,043,839
10,000,000
 
Repurchase
Amount
Value
Nomura Securities International, Inc., joint
term agreement dated 07/16/2025,
aggregate maturing value of
$30,004,233 (collateralized by
non-agency asset-backed securities and
non-agency mortgage-backed securities
valued at $33,000,000; 0.00% -
12.36%; 04/15/2031 - 03/25/2070),
5.08%, 08/01/2025(k)
$
10,001,411
$10,000,000
Santander US Capital Markets LLC, joint
term agreement dated 07/07/2025,
aggregate maturing value of
$30,004,183 (collateralized by
non-agency asset-backed securities and
non-agency mortgage-backed securities
valued at $36,110,044; 0.00% - 6.64%;
09/15/2027 - 10/25/2046), 5.03%,
08/01/2025(k)
 
10,001,394
10,000,000
Total Repurchase Agreements
(Cost $30,000,000)
30,000,000
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-100.15%
(Cost $2,740,811,278)
2,746,791,994
 
Shares
 
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-0.95%
Invesco Private Government Fund,
4.32%(g)(l)(m)
 
7,200,095
7,200,095
Invesco Private Prime Fund, 4.46%(g)(l)(m)
 
18,751,207
18,754,957
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $25,955,052)
25,955,052
TOTAL INVESTMENTS IN SECURITIES-101.10%
(Cost $2,766,766,330)
2,772,747,046
OTHER ASSETS LESS LIABILITIES-(1.10)%
(30,192,362
)
NET ASSETS-100.00%
$2,742,554,684
See accompanying notes which are an integral part of this schedule.
Invesco Ultra Short Duration ETF (GSY)—(continued)
July 31, 2025
(Unaudited)
Investment Abbreviations:
Ctfs.
-Certificates
ETF
-Exchange-Traded Fund
REIT
-Real Estate Investment Trust
SOFR
-Secured Overnight Financing Rate
 
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on July 31, 2025.
(c)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
July 31, 2025 was $1,260,042,124, which represented 45.94% of the Fund’s Net Assets.
(d)
Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.
(e)
All or a portion of this security was out on loan at July 31, 2025.
(f)
Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown
is the rate in effect on July 31, 2025.
(g)
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, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
July 31, 2025
Dividend Income
Invesco AAA CLO Floating
Rate Note ETF
$3,053,540
$4,000,770
$(3,593
)
$(30,947
)
$3,593
$7,023,363
$273,237
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
3,163,640
69,751,527
(65,715,072
)
-
-
7,200,095
135,442
*
Invesco Private Prime
Fund
8,238,473
162,184,484
(151,666,309
)
-
(1,691
)
18,754,957
356,320
*
Total
$14,455,653
$235,936,781
$(217,384,974
)
$(30,947
)
$1,902
$32,978,415
$764,999
 
*
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.
 
(h)
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(i)
Principal amount equals value at period end.  
(j)
Either party may terminate the agreement upon demand. Interest rate, principal amount and collateral are redetermined periodically. The Maturity Date
represents the next reset date, and the Repurchase Amount is calculated based on the next reset date. 
(k)
Interest rate is redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset
date.
(l)
The rate shown is the 7-day SEC standardized yield as of July 31, 2025.
(m)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco Variable Rate Investment Grade ETF (VRIG)
July 31, 2025
(Unaudited)
 
 
Principal
Amount
Value
U.S. Dollar Denominated Bonds & Notes-38.60%
Asset Management & Custody Banks-0.02%
Bank of New York Mellon Corp. (The),
5.18% (SOFR + 0.83%),
07/21/2028(b)
$
125,000
$125,414
State Street Corp., 5.20% (SOFR +
0.85%), 08/03/2026(b)
 
75,000
75,342
 
 
200,756
Automobile Manufacturers-5.07%
BMW US Capital LLC (Germany), 5.26%
(SOFR + 0.92%), 08/13/2027(b)(c)
 
150,000
150,392
Daimler Truck Finance North America LLC
(Germany)
 
5.32% (SOFR + 0.96%),
09/25/2027(b)(c)
 
4,250,000
4,263,003
5.19% (SOFR + 0.84%),
01/13/2028(b)(c)
 
4,000,000
4,005,181
Ford Motor Credit Co. LLC
 
7.30% (SOFR + 2.95%),
03/06/2026(b)
 
5,025,000
5,076,907
5.80% (SOFR + 1.45%),
11/05/2026(b)
 
7,625,000
7,593,810
Hyundai Capital America
 
5.85% (SOFR + 1.50%),
01/08/2027(b)(c)
 
4,700,000
4,746,311
5.40% (SOFR + 1.04%),
03/19/2027(b)(c)
 
4,000,000
4,009,876
5.35% (SOFR + 0.99%),
03/25/2027(b)(c)
 
5,000,000
5,008,631
5.40% (SOFR + 1.04%),
06/24/2027(b)(c)
 
5,225,000
5,236,672
5.28% (SOFR + 0.92%),
01/07/2028(b)(c)
 
3,000,000
2,993,545
Toyota Motor Credit Corp., 5.01% (SOFR
+ 0.65%), 03/19/2027(b)
 
75,000
75,160
Volkswagen Group of America
Finance LLC (Germany)
 
5.19% (SOFR + 0.83%),
03/20/2026(b)(c)
 
4,000,000
4,003,865
5.40% (SOFR + 1.06%),
08/14/2026(b)(c)
 
6,700,000
6,721,412
5.42% (SOFR + 1.06%),
03/25/2027(b)(c)
 
8,000,000
8,004,640
 
 
61,889,405
Commercial & Residential Mortgage Finance-0.74%
Nationwide Building Society (United
Kingdom)
 
5.63% (SOFR + 1.29%),
02/16/2028(b)(c)
 
4,000,000
4,033,235
5.42% (SOFR + 1.07%),
07/14/2029(b)(c)(d)
 
5,000,000
5,011,802
 
 
9,045,037
Construction Machinery & Heavy Transportation Equipment-0.01%
Caterpillar Financial Services Corp.,
4.86% (SOFR + 0.52%),
05/14/2027(b)
 
75,000
75,137
 
Principal
Amount
Value
Consumer Finance-2.60%
American Express Co.
 
5.10% (SOFR + 0.76%),
02/13/2026(b)
$
125,000
$125,244
5.71% (SOFR + 1.35%),
10/30/2026(b)
 
100,000
100,392
5.33% (SOFR + 0.97%),
07/28/2027(b)
 
4,294,000
4,311,734
5.29% (SOFR + 0.93%),
07/26/2028(b)
 
4,075,000
4,104,406
General Motors Financial Co., Inc.
 
5.39% (SOFR + 1.04%),
02/26/2027(b)
 
7,597,000
7,598,651
5.69% (SOFR + 1.35%),
05/08/2027(b)
 
6,500,000
6,525,930
5.40% (SOFR + 1.05%),
07/15/2027(b)
 
4,000,000
3,993,614
5.53% (SOFR + 1.17%),
04/04/2028(b)
 
5,000,000
4,985,707
 
 
31,745,678
Diversified Banks-18.98%
ABN AMRO Bank N.V. (Netherlands)
 
6.14% (SOFR + 1.78%),
09/18/2027(b)(c)
 
7,000,000
7,086,308
5.35% (SOFR + 1.00%),
12/03/2028(b)(c)
 
7,600,000
7,613,059
Banco Santander S.A. (Spain)
 
5.73% (SOFR + 1.38%),
03/14/2028(b)
 
1,200,000
1,207,562
5.47% (SOFR + 1.12%),
07/15/2028(b)
 
5,000,000
5,044,270
Bank of America Corp.
 
5.34% (3 mo. Term SOFR + 1.02%),
09/15/2026(b)(d)
 
2,706,000
2,708,508
5.33% (SOFR + 0.97%),
07/22/2027(b)(d)
 
7,114,000
7,150,146
5.41% (SOFR + 1.05%),
02/04/2028(b)
 
1,685,000
1,701,458
5.19% (SOFR + 0.83%),
01/24/2029(b)
 
200,000
200,361
5.45% (SOFR + 1.11%),
05/09/2029(b)(d)
 
1,500,000
1,512,095
Bank of Montreal (Canada)
 
5.51% (SOFR + 1.16%),
12/11/2026(b)
 
3,000,000
3,028,906
5.22% (SOFR + 0.86%),
01/27/2029(b)
 
125,000
125,199
Bank of Nova Scotia (The) (Canada)
 
5.25% 06/12/2028(d)
 
2,500,000
2,566,241
5.23% (SOFR + 0.89%),
02/14/2029(b)
 
5,625,000
5,635,326
Banque Federative du Credit Mutuel
(France), 5.48% (SOFR + 1.13%),
01/23/2027(b)(c)
 
75,000
75,538
Banque Federative du Credit Mutuel S.A.
(France), 5.58% (SOFR + 1.23%),
01/22/2030(b)(c)
 
5,000,000
5,031,494
Barclays PLC (United Kingdom)
 
6.23% (SOFR + 1.88%),
09/13/2027(b)
 
2,750,000
2,789,898
5.84% (SOFR + 1.49%),
03/12/2028(b)(d)
 
6,500,000
6,555,349
See accompanying notes which are an integral part of this schedule.
Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Diversified Banks-(continued)
BNP Paribas S.A. (France), 5.80% (SOFR
+ 1.43%), 05/09/2029(b)(c)
$
6,250,000
$6,322,963
BPCE S.A. (France), 6.33% (SOFR +
1.98%), 10/19/2027(b)(c)
 
6,250,000
6,350,296
Canadian Imperial Bank of Commerce
(Canada)
 
5.30% (SOFR + 0.94%),
06/28/2027(b)
 
250,000
251,959
5.07% (SOFR + 0.72%),
01/13/2028(b)
 
5,000,000
5,008,915
5.39% (SOFR + 1.03%),
03/30/2029(b)
 
4,000,000
4,020,082
Citibank N.A., 5.41% (SOFR + 1.06%),
12/04/2026(b)
 
75,000
75,607
Citigroup, Inc.
 
5.12% (SOFR + 0.77%),
06/09/2027(b)
 
975,000
976,274
5.63% (SOFR + 1.28%),
02/24/2028(b)
 
6,077,000
6,133,510
5.22% (SOFR + 0.87%),
03/04/2029(b)
 
3,274,000
3,281,369
5.81% (SOFR + 1.46%),
05/07/2031(b)
 
4,500,000
4,550,574
Credit Agricole S.A. (France), 5.56%
(SOFR + 1.21%), 09/11/2028(b)(c)
 
75,000
75,549
Fifth Third Bank N.A., 5.17% (SOFR +
0.81%), 01/28/2028(b)
 
2,634,000
2,635,612
HSBC Holdings PLC (United Kingdom)
 
5.97% (3 mo. Term SOFR + 1.64%),
09/12/2026(b)
 
75,000
75,113
5.91% (SOFR + 1.57%),
08/14/2027(b)
 
2,500,000
2,526,507
5.38% (SOFR + 1.03%),
03/03/2029(b)
 
3,636,000
3,643,986
5.63% (SOFR + 1.29%),
11/19/2030(b)(d)
 
5,000,000
5,001,102
Huntington National Bank (The), 5.07%
(SOFR + 0.72%), 04/12/2028(b)
 
3,103,000
3,103,353
ING Groep N.V. (Netherlands)
 
5.91% (SOFR + 1.56%),
09/11/2027(b)
 
6,575,000
6,641,129
5.37% (SOFR + 1.01%),
03/25/2029(b)
 
5,000,000
5,024,151
JPMorgan Chase & Co.
 
5.24% (SOFR + 0.89%),
04/22/2027(b)(d)
 
250,000
250,752
5.55% (SOFR + 1.20%),
01/23/2028(b)
 
1,667,000
1,682,280
5.53% (SOFR + 1.18%),
02/24/2028(b)
 
3,500,000
3,534,176
5.27% (SOFR + 0.92%),
04/22/2028(b)(d)
 
7,500,000
7,536,829
5.28% (SOFR + 0.93%),
07/22/2028(b)
 
5,000,000
5,031,979
5.15% (SOFR + 0.80%),
01/24/2029(b)(d)
 
5,200,000
5,210,632
 
Principal
Amount
Value
Diversified Banks-(continued)
Lloyds Banking Group PLC (United
Kingdom)
 
5.90% (SOFR + 1.56%),
08/07/2027(b)
$
3,158,000
$3,188,109
5.94% (SOFR + 1.58%),
01/05/2028(b)
 
4,575,000
4,617,993
5.41% (SOFR + 1.06%),
11/26/2028(b)
 
125,000
125,712
Mitsubishi UFJ Financial Group, Inc.
(Japan), 5.83% (SOFR + 1.48%),
04/24/2031(b)
 
1,246,000
1,267,057
Mizuho Financial Group, Inc. (Japan),
5.42% (SOFR + 1.08%),
05/13/2031(b)(d)
 
5,000,000
5,011,667
Morgan Stanley Bank N.A.
 
5.52% (SOFR + 1.17%),
10/30/2026(b)
 
175,000
176,610
5.43% (SOFR + 1.08%),
01/14/2028(b)
 
250,000
251,800
5.22% (SOFR + 0.87%),
05/26/2028(b)
 
3,200,000
3,214,967
5.29% (SOFR + 0.94%),
07/14/2028(b)(d)
 
5,000,000
5,030,426
NatWest Group PLC (United Kingdom),
5.64% (SOFR + 1.30%),
11/15/2028(b)
 
3,500,000
3,531,031
Royal Bank of Canada (Canada), 5.21%
(SOFR + 0.86%), 10/18/2028(b)
 
200,000
200,894
Societe Generale (France), 5.77% (SOFR
+ 1.42%), 05/22/2029(b)(c)
 
4,000,000
4,018,269
Societe Generale S.A. (France)
 
5.44% (SOFR + 1.10%),
02/19/2027(b)(c)
 
2,000,000
2,004,149
6.01% (SOFR + 1.66%),
01/19/2028(b)(c)
 
5,575,000
5,621,463
Standard Chartered Bank (United
Kingdom), 5.01% (SOFR + 0.65%),
10/08/2026(b)
 
3,000,000
3,009,332
Standard Chartered PLC (United
Kingdom)
 
6.37% (SOFR + 2.03%),
02/08/2028(b)(c)
 
4,000,000
4,075,136
5.51% (SOFR + 1.17%),
05/14/2028(b)(c)
 
4,000,000
4,018,180
5.59% (SOFR + 1.24%),
01/21/2029(b)(c)
 
3,500,000
3,523,339
Sumitomo Mitsui Trust Bank Ltd. (Japan),
5.33% (SOFR + 0.98%),
09/10/2027(b)(c)
 
125,000
126,303
Svenska Handelsbanken AB (Sweden),
5.01% (SOFR + 0.66%),
05/28/2027(b)(c)
 
5,475,000
5,493,646
Toronto-Dominion Bank (The) (Canada),
5.43% (SOFR + 1.08%),
07/17/2026(b)
 
1,914,000
1,927,414
U.S. Bank N.A., 5.25% (SOFR + 0.91%),
05/15/2028(b)
 
7,500,000
7,542,000
USB Realty Corp., 5.73% (3 mo. Term
SOFR + 1.41%)(b)(c)(e)
 
1,100,000
884,451
See accompanying notes which are an integral part of this schedule.
Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Diversified Banks-(continued)
Wells Fargo & Co.
 
5.13% (SOFR + 0.78%),
01/24/2028(b)(d)
$
5,596,000
$5,606,235
5.42% (SOFR + 1.07%),
04/22/2028(b)(d)
 
7,075,000
7,123,446
5.72% (SOFR + 1.37%),
04/23/2029(b)(d)
 
1,250,000
1,268,195
 
 
231,834,241
Diversified Capital Markets-1.29%
Deutsche Bank AG (Germany)
 
5.56% (SOFR + 1.22%),
11/16/2027(b)
 
4,050,000
4,059,379
5.56% (SOFR + 1.21%),
01/10/2029(b)
 
6,597,000
6,623,531
5.65% (SOFR + 1.30%),
08/04/2031(b)
 
5,000,000
5,002,565
Macquarie Group Ltd. (Australia), 5.28%
(SOFR + 0.92%), 09/23/2027(b)(c)
 
75,000
75,162
 
 
15,760,637
Diversified Financial Services-0.13%
LPL Holdings, Inc., 4.90%,
04/03/2028(d)
 
1,629,000
1,638,625
Diversified Metals & Mining-1.00%
Glencore Funding LLC (Australia)
 
5.11% (SOFR + 0.75%),
10/01/2026(b)(c)
 
3,214,000
3,217,908
5.42% (SOFR + 1.06%),
04/04/2027(b)(c)
 
6,223,000
6,253,392
Rio Tinto Finance (USA) PLC (Australia),
5.19% (SOFR + 0.84%),
03/14/2028(b)(d)
 
2,716,000
2,737,292
 
 
12,208,592
Electric Utilities-1.32%
Consolidated Edison Co. of New York,
Inc., 4.86% (SOFR + 0.52%),
11/18/2027(b)(d)
 
1,324,000
1,326,547
Georgia Power Co., 4.63% (SOFR +
0.28%), 09/15/2026(b)
 
3,679,000
3,679,233
National Rural Utilities Cooperative
Finance Corp.
 
5.15% (SOFR + 0.80%),
02/05/2027(b)(d)
 
5,000,000
5,020,226
5.17% (SOFR + 0.82%),
09/16/2027(b)(d)
 
4,000,000
4,016,300
Pacific Gas and Electric Co., 5.30% (SOFR
+ 0.95%), 09/04/2025(b)
 
1,900,000
1,900,390
Pinnacle West Capital Corp., 5.17%
(SOFR + 0.82%), 06/10/2026(b)
 
200,000
200,620
 
 
16,143,316
Integrated Telecommunication Services-0.19%
NTT Finance Corp. (Japan), 5.43% (SOFR
+ 1.08%), 07/16/2028(b)(c)(d)
 
2,333,000
2,356,037
 
Principal
Amount
Value
Investment Banking & Brokerage-1.92%
Goldman Sachs Group, Inc. (The)
 
5.41% (SOFR + 1.07%),
08/10/2026(b)
$
75,000
$75,059
5.16% (SOFR + 0.81%),
03/09/2027(b)
 
2,460,000
2,466,185
5.17% (SOFR + 0.82%),
09/10/2027(b)
 
3,500,000
3,505,650
5.27% (SOFR + 0.92%),
10/21/2027(b)
 
125,000
125,624
6.33% (3 mo. Term SOFR + 2.01%),
10/28/2027(b)
 
1,220,000
1,242,343
6.20% (SOFR + 1.85%),
03/15/2028(b)
 
3,500,000
3,562,273
5.64% (SOFR + 1.29%),
04/23/2028(b)(d)
 
1,308,000
1,319,884
Morgan Stanley
 
5.37% (SOFR + 1.02%),
04/13/2028(b)
 
7,500,000
7,540,987
5.73% (SOFR + 1.38%),
04/12/2029(b)(d)
 
3,500,000
3,551,243
 
 
23,389,248
Life & Health Insurance-3.77%
Athene Global Funding
 
5.19% (SOFR + 0.85%),
05/08/2026(b)(c)
 
6,775,000
6,792,912
5.38% (SOFR + 1.03%),
08/27/2026(b)(c)
 
6,000,000
6,034,432
5.57% (SOFR + 1.21%),
03/25/2027(b)(c)
 
5,000,000
5,043,565
5.30% (SOFR + 0.95%),
03/06/2028(b)(c)
 
3,000,000
3,015,117
Corebridge Global Funding
 
5.66% (SOFR + 1.30%),
09/25/2026(b)(c)
 
4,320,000
4,350,459
5.11% (SOFR + 0.75%),
01/07/2028(b)(c)
 
7,000,000
6,989,741
Jackson National Life Global Funding,
5.32% (SOFR + 0.97%),
01/14/2028(b)(c)
 
5,000,000
5,022,499
MassMutual Global Funding II
 
5.13% (SOFR + 0.77%),
01/29/2027(b)(c)
 
1,000,000
1,005,659
5.09% (SOFR + 0.74%),
04/09/2027(b)(c)
 
2,500,000
2,512,976
Pacific Life Global Funding II, 5.41%
(SOFR + 1.05%), 07/28/2026(b)(c)
 
2,265,000
2,281,172
Protective Life Global Funding, 5.05%
(SOFR + 0.70%), 04/10/2026(b)(c)
 
3,000,000
3,005,552
 
 
46,054,084
Regional Banks-0.62%
Santander Holdings USA, Inc., 5.97%
(SOFR + 1.61%), 03/20/2029(b)(d)
 
7,500,000
7,586,171
Soft Drinks & Non-alcoholic Beverages-0.90%
Keurig Dr Pepper, Inc.
 
4.93% (SOFR + 0.58%),
11/15/2026(b)
 
6,000,000
6,015,340
5.23% (SOFR + 0.88%),
03/15/2027(b)
 
5,000,000
5,030,459
 
 
11,045,799
See accompanying notes which are an integral part of this schedule.
Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Transaction & Payment Processing Services-0.04%
PayPal Holdings, Inc., 5.02% (SOFR +
0.67%), 03/06/2028(b)
$
500,000
$502,345
Total U.S. Dollar Denominated Bonds & Notes
(Cost $469,152,045)
471,475,108
U.S. Treasury Securities-21.40%
U.S. Treasury Floating Rate Notes-21.40%
4.41% (3 mo. U.S. Treasury Bill Money
Market Yield Rate + 0.21%),
10/31/2026(b)
 
97,125,000
97,236,927
4.31% (3 mo. U.S. Treasury Bill Money
Market Yield Rate + 0.10%),
01/31/2027(b)
 
121,100,000
121,085,121
4.37% (3 mo. U.S. Treasury Bill Money
Market Yield Rate + 0.16%),
04/30/2027(b)
 
43,100,000
43,129,079
Total U.S. Treasury Securities
(Cost $261,413,731)
261,451,127
 
Asset-Backed Securities-16.42%
Adjustable Rate Mortgage Trust,
Series 2004-2, Class 6A1, 0.71%,
02/25/2035(f)
 
8,105
8,066
Amur Equipment Finance Receivables
XIII LLC, Series 2024-1A, Class A2,
5.38%, 01/21/2031(c)
 
2,278,386
2,296,875
Angel Oak Mortgage Trust
 
Series 2025-5, Class A1, 5.57%,
04/25/2070(c)
 
3,875,264
3,874,367
Series 2025-HB1, Class A1, 6.15%
(30 Day Average SOFR + 1.80%),
02/25/2055(b)(c)
 
1,572,780
1,586,234
Avis Budget Rental Car Funding (AESOP)
LLC, Series 2020-2A, Class C, 4.25%,
02/20/2027(c)
 
1,300,000
1,293,424
BAMLL Commercial Mortgage Securities
Trust, Series 2022-DKLX, Class A,
5.49% (1 mo. Term SOFR + 1.15%),
01/15/2039(b)(c)
 
906,906
905,062
BBCMS Mortgage Trust, Series 2019-
BWAY, Class B, 5.77% (1 mo. Term
SOFR + 1.42%), 11/15/2034(b)(c)
 
3,250,000
170,625
Bear Stearns Adjustable Rate Mortgage
Trust
 
Series 2003-7, Class 6A, 6.13%,
10/25/2033(f)
 
61,402
59,391
Series 2003-8, Class 4A1, 6.73%,
01/25/2034(f)
 
99,395
99,467
BIG Commercial Mortgage Trust,
Series 2022, Class A, 5.68% (1 mo.
Term SOFR + 1.34%),
02/15/2039(b)(c)
 
1,432,263
1,429,913
BRAVO Residential Funding Trust,
Series 2025-NQM3, Class A1, 5.57%,
03/25/2065(c)
 
5,463,356
5,474,120
BX Commercial Mortgage Trust
 
Series 2021-ACNT, Class B, 5.71% (1
mo. Term SOFR + 1.36%),
11/15/2038(b)(c)
 
3,429,194
3,426,467
 
Principal
Amount
Value
 
Series 2021-VOLT, Class A, 5.16% (1
mo. Term SOFR + 0.81%),
09/15/2036(b)(c)
$
678,180
$677,090
Series 2021-VOLT, Class B, 5.41% (1
mo. Term SOFR + 1.06%),
09/15/2036(b)(c)
 
3,151,377
3,140,752
Series 2021-VOLT, Class C, 5.56% (1
mo. Term SOFR + 1.21%),
09/15/2036(b)(c)
 
3,875,313
3,861,220
Series 2021-VOLT, Class D, 6.11% (1
mo. Term SOFR + 1.76%),
09/15/2036(b)(c)
 
1,211,035
1,207,965
BX Trust, Series 2021-LGCY, Class B,
5.31% (1 mo. Term SOFR + 0.97%),
10/15/2036(b)(c)
 
3,630,000
3,622,167
CarMax Auto Owner Trust, Series 2024-
1, Class C, 5.47%, 08/15/2029
 
2,000,000
2,031,265
Carmax Select Receivables Trust,
Series 2024-A, Class C, 5.62%,
01/15/2030
 
1,400,000
1,419,439
CCG Receivables Trust, Series 2023-2,
Class A2, 6.28%, 04/14/2032(c)
 
1,524,764
1,540,131
Chase Home Lending Mortgage Trust
 
Series 2024-6, Class A11, 5.60%
(30 Day Average SOFR + 1.25%),
05/25/2055(b)(c)
 
3,281,856
3,277,366
Series 2024-7, Class A11, 5.65%
(30 Day Average SOFR + 1.30%),
06/25/2055(b)(c)
 
3,637,739
3,639,956
Series 2025-1, Class A11, 5.55%
(30 Day Average SOFR + 1.20%),
11/25/2055(b)(c)
 
4,557,201
4,543,110
Citigroup Mortgage Loan Trust,
Series 2024-1, Class A11, 5.70%
(30 Day Average SOFR + 1.35%),
07/25/2054(b)(c)
 
3,546,466
3,562,859
CLI Funding VI LLC, Series 2020-3A,
Class A, 2.07%, 10/18/2045(c)
 
2,123,250
1,973,297
Commonbond Student Loan Trust
 
Series 2017-BGS, Class A2, 5.12% (1
mo. Term SOFR + 0.76%),
09/25/2042(b)(c)
 
98,838
97,351
Series 2018-AGS, Class A2, 4.97% (1
mo. Term SOFR + 0.61%),
02/25/2044(b)(c)
 
194,553
192,339
Series 2018-CGS, Class A2, 5.27% (1
mo. Term SOFR + 0.91%),
02/25/2046(b)(c)
 
417,475
413,416
CPS Auto Receivables Trust
 
Series 2023-D, Class C, 7.17%,
01/15/2030(c)
 
4,000,000
4,064,706
Series 2024-D, Class C, 4.76%,
01/15/2031(c)
 
1,558,000
1,552,934
Cross 2024-H7 Mortgage Trust,
Series 2024-H7, Class A1, 5.59%,
11/25/2069(c)(f)
 
4,318,429
4,321,917
Edsouth Indenture No. 9 LLC,
Series 2015-1, Class A, 5.26% (30 Day
Average SOFR + 0.91%),
10/25/2056(b)(c)
 
219,310
218,158
See accompanying notes which are an integral part of this schedule.
Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
 
Extended Stay America Trust,
Series 2021-ESH, Class B, 5.84% (1
mo. Term SOFR + 1.49%),
07/15/2038(b)(c)
$
4,288,639
$4,295,607
Ford Credit Auto Lease Trust,
Series 2024-B, Class B, 5.18%,
02/15/2028
 
5,000,000
5,036,832
Ford Credit Floorplan Master Owner
Trust A, Series 2023-1, Class A2,
5.59% (30 Day Average SOFR +
1.25%), 05/15/2028(b)(c)
 
2,500,000
2,514,435
GMF Floorplan Owner Revolving Trust,
Series 2023-1, Class A2, 5.49%
(30 Day Average SOFR + 1.15%),
06/15/2028(b)(c)
 
4,000,000
4,026,185
GS Mortgage-Backed Securities Trust
 
Series 2024-HE1, Class A1, 5.95%
(30 Day Average SOFR + 1.60%),
08/25/2054(b)(c)
 
1,058,169
1,061,255
Series 2025-HE1, Class A1, 6.09%
(30 Day Average SOFR + 1.55%),
10/25/2055(b)(c)
 
2,900,000
2,901,450
HPEFS Equipment Trust, Series 2023-2A,
Class D, 6.97%, 07/21/2031(c)
 
1,500,000
1,523,637
J.P. Morgan Mortgage Trust
 
Series 2024-11, Class A11, 5.60%
(30 Day Average SOFR + 1.25%),
04/25/2055(b)(c)
 
2,563,511
2,560,799
Series 2024-9, Class A11, 5.70%
(30 Day Average SOFR + 1.35%),
02/25/2055(b)(c)
 
2,250,660
2,256,536
JP Morgan Chase Commercial Mortgage
Securities Trust, Series 2018-PHH,
Class B, 5.85% (1 mo. Term SOFR +
1.51%), 06/15/2035(b)(c)
 
2,385,000
1,771,105
JP Morgan Mortgage Trust
 
Series 2019-6, Class A11, 5.37% (1
mo. Term SOFR + 1.01%),
12/25/2049(b)(c)
 
40,453
38,648
Series 2019-INV2, Class A1, 5.37% (1
mo. Term SOFR + 1.01%),
02/25/2050(b)(c)
 
153,787
146,821
Series 2019-INV3, Class A11, 5.47%
(1 mo. Term SOFR + 1.11%),
05/25/2050(b)(c)
 
68,146
65,149
Series 2019-LTV3, Class A1, 5.32% (1
mo. Term SOFR + 0.96%),
03/25/2050(b)(c)
 
8,628
8,600
Series 2020-8, Class A11, 5.21%
(30 Day Average SOFR + 0.90%),
03/25/2051(b)(c)
 
173,328
163,636
Series 2020-LTV1, Class A11, 5.43%
(1 mo. Term SOFR + 1.11%),
06/25/2050(b)(c)
 
4,851
4,832
Series 2021-1, Class A11, 4.96%
(30 Day Average SOFR + 0.65%),
06/25/2051(b)(c)
 
549,059
511,012
Series 2024-5, Class A11, 5.60%
(30 Day Average SOFR + 1.25%),
11/25/2054(b)(c)
 
4,359,667
4,353,665
 
Principal
Amount
Value
 
MED Commercial Mortgage Trust,
Series 2024-MOB, Class A, 5.93% (1
mo. Term SOFR + 1.59%),
05/15/2041(b)(c)
$
5,000,000
$4,986,666
Mello Mortgage Capital Acceptance Trust,
Series 2021-INV2, Class A1, 5.00%
(30 Day Average SOFR + 0.95%),
08/25/2051(b)(c)
 
2,633,871
2,457,440
Merchants Fleet Funding LLC,
Series 2023-1A, Class A, 7.21%,
05/20/2036(c)
 
1,180,145
1,188,103
Merrill Lynch Mortgage Investors Trust
 
Series 2003-F, Class A1, 5.11% (1 mo.
Term SOFR + 0.75%), 10/25/2028(b)
 
24,306
23,691
Series 2005-A2, Class A5, 5.49%,
02/25/2035(f)
 
35,289
33,498
MHC Commercial Mortgage Trust,
Series 2021-MHC, Class B, 5.56% (1
mo. Term SOFR + 1.22%),
04/15/2038(b)(c)
 
2,800,000
2,806,504
MHP, Series 2021-STOR, Class C, 5.51%
(1 mo. Term SOFR + 1.16%),
07/15/2038(b)(c)
 
4,353,000
4,354,272
MHP Commercial Mortgage Trust,
Series 2021-STOR, Class B, 5.36% (1
mo. Term SOFR + 1.01%),
07/15/2038(b)(c)
 
2,500,000
2,500,636
Morgan Stanley Residential Mortgage
Loan Trust, Series 2024-4, Class AF,
5.70% (30 Day Average SOFR +
1.35%), 09/25/2054(b)(c)
 
3,646,856
3,643,763
Navient Private Education Refi Loan
Trust, Series 2019-D, Class A2B,
5.51% (1 mo. Term SOFR + 1.16%),
12/15/2059(b)(c)
 
1,553,570
1,547,659
Navient Student Loan Trust
 
Series 2021-1A, Class A1B, 5.06%
(30 Day Average SOFR + 0.71%),
12/26/2069(b)(c)
 
3,845,802
3,825,073
Series 2021-2A, Class A1B, 5.01%
(30 Day Average SOFR + 0.66%),
02/25/2070(b)(c)
 
1,026,025
1,013,188
Navistar Financial Dealer Note Master
Owner Trust
 
Series 2024-1, Class B, 5.79%,
04/25/2029(c)
 
2,080,000
2,093,144
Series 2024-1, Class C, 6.13%,
04/25/2029(c)
 
850,000
854,209
Nelnet Student Loan Trust
 
Series 2006-2, Class A7, 5.18%
(SOFR90A + 0.84%), 01/26/2037(b)(c)
 
3,661,885
3,595,630
Series 2014-3A, Class A, 5.04%
(30 Day Average SOFR + 0.69%),
06/25/2041(b)(c)
 
506,643
504,930
Series 2020-5A, Class A, 5.35% (1 mo.
Term SOFR + 0.99%),
10/25/2068(b)(c)
 
3,052,751
3,040,213
Series 2021-A, Class A2, 5.50% (1 mo.
Term SOFR + 1.14%),
04/20/2062(b)(c)
 
2,680,000
2,678,647
See accompanying notes which are an integral part of this schedule.
Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
 
Nelnet Student Loan Trust 2025-A,
Series 2025-AA, Class A1B, 5.44%
(30 Day Average SOFR + 1.10%),
03/15/2057(b)(c)
$
1,457,501
$1,451,174
NextGear Floorplan Master Owner Trust,
Series 2024-1A, Class A1, 5.24%
(30 Day Average SOFR + 0.90%),
03/15/2029(b)(c)
 
4,000,000
4,025,165
OBX Trust
 
Series 2018-EXP2, Class 2A2, 5.42%
(1 mo. Term SOFR + 1.06%),
07/25/2058(b)(c)
 
7,753
7,758
Series 2019-EXP1, Class 2A1B, 5.38%
(1 mo. Term SOFR + 1.06%),
01/25/2059(b)(c)
 
352,617
352,735
Series 2019-EXP1, Class 2A2, 5.58%
(1 mo. Term SOFR + 1.26%),
01/25/2059(b)(c)
 
35,262
35,422
Series 2019-EXP2, Class 2A2, 5.63%
(1 mo. Term SOFR + 1.31%),
06/25/2059(b)(c)
 
100,946
99,891
Series 2019-INV2, Class A11, 5.38%
(1 mo. Term SOFR + 1.06%),
05/27/2049(b)(c)
 
2,421,478
2,328,559
Series 2020-EXP1, Class 2A2, 5.42%
(1 mo. Term SOFR + 1.06%),
02/25/2060(b)(c)
 
198,478
196,225
Series 2020-EXP3, Class 2A2, 5.67%
(1 mo. Term SOFR + 1.31%),
01/25/2060(b)(c)
 
181,470
181,008
Series 2020-INV1, Class A11, 5.33%
(1 mo. Term SOFR + 1.01%),
12/25/2049(b)(c)
 
165,096
156,840
Series 2024-NQM5, Class A1, 5.99%,
01/25/2064(c)
 
669,143
672,318
Series 2025-HE1, Class A1, 5.95%
(30 Day Average SOFR + 1.60%),
02/25/2055(b)(c)
 
2,425,448
2,435,888
OneMain Financial Issuance Trust,
Series 2023-2A, Class A2, 5.84%
(30 Day Average SOFR + 1.50%),
09/15/2036(b)(c)
 
4,000,000
4,067,918
SMB Private Education Loan Trust
 
Series 2019-B, Class A2B, 5.46% (1
mo. Term SOFR + 1.11%),
06/15/2037(b)(c)
 
973,550
974,494
Series 2020-A, Class A2B, 5.29% (1
mo. Term SOFR + 0.94%),
09/15/2037(b)(c)
 
650,088
649,851
Series 2021-A, Class A2A2, 5.19% (1
mo. Term SOFR + 0.84%),
01/15/2053(b)(c)
 
2,286,823
2,262,545
Series 2022-B, Class A1B, 5.79%
(30 Day Average SOFR + 1.45%),
02/16/2055(b)(c)
 
1,701,867
1,719,165
Series 2022-C, Class A1B, 6.19%
(30 Day Average SOFR + 1.85%),
05/16/2050(b)(c)
 
1,651,492
1,667,340
Series 2023-C, Class A1B, 5.89%
(30 Day Average SOFR + 1.55%),
11/15/2052(b)(c)
 
1,377,833
1,392,557
 
Principal
Amount
Value
 
Series 2024-D, Class A1B, 5.44%
(30 Day Average SOFR + 1.10%),
07/15/2053(b)(c)
$
3,517,173
$3,525,339
Series 2024-F, Class A1B, 5.34%
(30 Day Average SOFR + 1.00%),
03/16/2054(b)(c)
 
6,763,810
6,748,715
SMRT, Series 2022-MINI, Class B, 5.69%
(1 mo. Term SOFR + 1.35%),
01/15/2039(b)(c)
 
4,655,000
4,631,623
SREIT Trust, Series 2021-PALM, Class A,
5.05% (1 mo. Term SOFR + 0.70%),
10/15/2034(b)(c)
 
3,015,000
3,003,667
Tesla Auto Lease Trust, Series 2023-A,
Class B, 6.41%, 07/20/2027(c)
 
3,500,000
3,511,373
Textainer Marine Containers VII Ltd.
(China), Series 2020-1A, Class A,
2.73%, 08/21/2045(c)
 
1,764,986
1,684,319
WaMu Mortgage Pass-Through Ctfs.
Trust, Series 2004-AR3, Class A2,
4.52%, 06/25/2034(f)
 
36,076
33,805
Wells Fargo Commercial Mortgage Trust,
Series 2016-NXS5, Class A6FL, 6.01%
(1 mo. Term SOFR + 1.66%),
01/15/2059(b)(c)
 
2,500,000
2,495,372
Westlake Automobile Receivables Trust,
Series 2023-4A, Class C, 6.64%,
11/15/2028(c)
 
3,000,000
3,068,449
Wheels Fleet Lease Funding 1 LLC,
Series 2025-1A, Class A1, 4.57%,
01/18/2040(c)
 
6,750,000
6,765,083
Total Asset-Backed Securities
(Cost $203,326,598)
200,513,517
 
Agency Credit Risk Transfer Notes-14.94%
Fannie Mae Connecticut Avenue
Securities
 
Series 2021-R03, Class 1M1, 5.20%
(30 Day Average SOFR + 0.85%),
12/25/2041(b)(c)(g)
 
700,210
699,845
Series 2022-R01, Class 1M1, 5.35%
(30 Day Average SOFR + 1.00%),
12/25/2041(b)(c)(g)
 
940,712
940,822
Series 2022-R01, Class 1M2, 6.25%
(30 Day Average SOFR + 1.90%),
12/25/2041(b)(c)(g)
 
4,994,000
5,050,668
Series 2022-R02, Class 2M1, 5.55%
(30 Day Average SOFR + 1.20%),
01/25/2042(b)(c)(g)
 
476,690
476,872
Series 2022-R02, Class 2M2, 7.35%
(30 Day Average SOFR + 3.00%),
01/25/2042(b)(c)(g)
 
4,000,000
4,099,002
Series 2022-R04, Class 1M2, 7.45%
(30 Day Average SOFR + 3.10%),
03/25/2042(b)(c)(g)
 
4,510,000
4,651,670
Series 2022-R05, Class 2M1, 6.25%
(30 Day Average SOFR + 1.90%),
04/25/2042(b)(c)(g)
 
777,638
780,854
Series 2022-R05, Class 2M2, 7.35%
(30 Day Average SOFR + 3.00%),
04/25/2042(b)(c)(g)
 
1,750,000
1,795,290
See accompanying notes which are an integral part of this schedule.
Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
 
Series 2022-R06, Class 1M1, 7.10%
(30 Day Average SOFR + 2.75%),
05/25/2042(b)(c)(g)
$
754,770
$771,071
Series 2022-R07, Class 1M1, 7.30%
(30 Day Average SOFR + 2.95%),
06/25/2042(b)(c)(g)
 
2,089,390
2,141,038
Series 2022-R08, Class 1M1, 6.90%
(30 Day Average SOFR + 2.55%),
07/25/2042(b)(c)(g)
 
3,971,096
4,067,336
Series 2023-R01, Class 1M1, 6.75%
(30 Day Average SOFR + 2.40%),
12/25/2042(b)(c)(g)
 
3,886,323
3,973,335
Series 2023-R01, Class 1M2, 8.10%
(30 Day Average SOFR + 3.75%),
12/25/2042(b)(c)(g)
 
1,225,000
1,294,681
Series 2023-R02, Class 1M1, 6.65%
(30 Day Average SOFR + 2.30%),
01/25/2043(b)(c)(g)
 
2,565,076
2,624,896
Series 2023-R02, Class 1M2, 7.70%
(30 Day Average SOFR + 3.35%),
01/25/2043(b)(c)(g)
 
700,000
732,370
Series 2023-R03, Class 2M1, 6.85%
(30 Day Average SOFR + 2.50%),
04/25/2043(b)(c)(g)
 
2,355,721
2,388,624
Series 2023-R03, Class 2M2, 8.25%
(30 Day Average SOFR + 3.90%),
04/25/2043(b)(c)(g)
 
4,046,476
4,305,621
Series 2023-R04, Class 1M1, 6.65%
(30 Day Average SOFR + 2.30%),
05/25/2043(b)(c)(g)
 
6,068,878
6,193,093
Series 2023-R04, Class 1M2, 7.90%
(30 Day Average SOFR + 3.55%),
05/25/2043(b)(c)(g)
 
4,000,000
4,234,050
Series 2023-R05, Class 1M1, 6.25%
(30 Day Average SOFR + 1.90%),
06/25/2043(b)(c)(g)
 
1,028,068
1,038,610
Series 2023-R05, Class 1M2, 7.45%
(30 Day Average SOFR + 3.10%),
06/25/2043(b)(c)(g)
 
1,100,000
1,150,788
Series 2023-R06, Class 1M1, 6.05%
(30 Day Average SOFR + 1.70%),
07/25/2043(b)(c)(g)
 
1,106,767
1,113,607
Series 2023-R06, Class 1M2, 7.05%
(30 Day Average SOFR + 2.70%),
07/25/2043(b)(c)(g)
 
5,180,000
5,360,754
Series 2023-R07, Class 2M2, 7.60%
(30 Day Average SOFR + 3.25%),
09/25/2043(b)(c)(g)
 
2,500,000
2,606,089
Series 2023-R08, Class 1M1, 5.85%
(30 Day Average SOFR + 1.50%),
10/25/2043(b)(c)(g)
 
949,356
952,906
Series 2023-R08, Class 1M2, 6.85%
(30 Day Average SOFR + 2.50%),
10/25/2043(b)(c)(g)
 
780,000
803,428
Series 2024-R03, Class 2M2, 6.30%
(30 Day Average SOFR + 1.95%),
03/25/2044(b)(c)(g)
 
4,500,000
4,543,509
Series 2024-R04, Class 1M1, 5.45%
(30 Day Average SOFR + 1.10%),
05/25/2044(b)(c)(g)
 
1,096,738
1,097,149
 
Principal
Amount
Value
 
Series 2025-R02, Class 1M1, 5.50%
(30 Day Average SOFR + 1.15%),
02/25/2045(b)(c)(g)
$
2,450,551
$2,452,873
Series 2025-R03, Class 2M2, 6.60%
(30 Day Average SOFR + 2.25%),
03/25/2045(b)(c)(g)
 
1,000,000
1,019,900
Series 2025-R04, Class 1M1, 5.55%
(30 Day Average SOFR + 1.20%),
05/25/2045(b)(c)(g)
 
2,819,423
2,827,737
Series 2025-R05, Class 2A1, 5.32%
(30 Day Average SOFR + 1.00%),
07/25/2045(b)(c)(g)
 
3,399,000
3,410,684
Series 2025-R05, Class 2M1, 5.52%
(30 Day Average SOFR + 1.20%),
07/25/2045(b)(c)(g)
 
5,000,000
5,015,625
Freddie Mac
 
Series 2021-DNA5, Class M2, STACR®,
6.00% (30 Day Average SOFR +
1.65%), 01/25/2034(b)(c)(h)
 
1,328,958
1,334,194
Series 2021-DNA6, Class M2, STACR®,
5.85% (30 Day Average SOFR +
1.50%), 10/25/2041(b)(c)(h)
 
5,000,897
5,024,825
Series 2021-HQA4, Class M1, STACR®,
5.30% (30 Day Average SOFR +
0.95%), 12/25/2041(b)(c)(h)
 
6,253,901
6,253,177
Series 2022-DNA2, Class M1A,
STACR®, 5.65% (30 Day Average
SOFR + 1.30%), 02/25/2042(b)(c)(h)
 
705,109
706,520
Series 2022-DNA3, Class M1B,
STACR®, 7.25% (30 Day Average
SOFR + 2.90%), 04/25/2042(b)(c)(h)
 
4,730,000
4,876,043
Series 2022-DNA4, Class M1, STACR®,
7.70% (30 Day Average SOFR +
3.35%), 05/25/2042(b)(c)(h)
 
2,500,000
2,601,701
Series 2022-DNA5, Class M1A,
STACR®, 7.30% (30 Day Average
SOFR + 2.95%), 06/25/2042(b)(c)(h)
 
4,004,524
4,094,468
Series 2022-DNA6, Class M1, STACR®,
8.05% (30 Day Average SOFR +
3.70%), 09/25/2042(b)(c)(h)
 
2,750,000
2,891,009
Series 2022-HQA1, Class M1A,
STACR®, 6.45% (30 Day Average
SOFR + 2.10%), 03/25/2042(b)(c)(h)
 
850,076
854,876
Series 2022-HQA2, Class M1A,
STACR®, 7.00% (30 Day Average
SOFR + 2.65%), 07/25/2042(b)(c)(h)
 
912,646
934,228
Series 2022-HQA3, Class M1,
STACR®, 6.65% (30 Day Average
SOFR + 2.30%), 08/25/2042(b)(c)(h)
 
2,998,195
3,054,826
Series 2023-DNA1, Class M1, STACR®,
7.45% (30 Day Average SOFR +
3.10%), 03/25/2043(b)(c)(h)
 
7,125,000
7,449,561
Series 2023-DNA1, Class M1, STACR®,
6.45% (30 Day Average SOFR +
2.10%), 03/25/2043(b)(c)(h)
 
2,112,337
2,146,992
Series 2023-DNA2, Class M1, STACR®,
6.45% (30 Day Average SOFR +
2.10%), 04/25/2043(b)(c)(h)
 
4,762,892
4,845,787
Series 2023-DNA2, Class M1, STACR®,
7.60% (30 Day Average SOFR +
3.25%), 04/25/2043(b)(c)(h)
 
2,700,000
2,830,265
See accompanying notes which are an integral part of this schedule.
Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
 
Series 2023-HQA1, Class M1, STACR®,
6.35% (30 Day Average SOFR +
2.00%), 05/25/2043(b)(c)(h)
$
3,448,023
$3,484,420
Series 2023-HQA2, Class M1, STACR®,
6.35% (30 Day Average SOFR +
2.00%), 06/25/2043(b)(c)(h)
 
690,850
694,841
Series 2023-HQA2, Class M1, STACR®,
7.70% (30 Day Average SOFR +
3.35%), 06/25/2043(b)(c)(h)
 
2,500,000
2,611,937
Series 2023-HQA3, Class M2, STACR®,
6.20% (30 Day Average SOFR +
1.85%), 11/25/2043(b)(c)(h)
 
950,689
958,674
Series 2023-HQA3, Class M2, STACR®,
7.70% (30 Day Average SOFR +
3.35%), 11/25/2043(b)(c)(h)
 
6,000,000
6,334,558
Series 2024-DNA2, Class A1, STACR®,
5.60% (30 Day Average SOFR +
1.25%), 05/25/2044(b)(c)(h)
 
2,714,408
2,727,159
Series 2024-DNA2, Class M1, STACR®,
5.55% (30 Day Average SOFR +
1.20%), 05/25/2044(b)(c)(h)
 
4,216,181
4,229,049
Series 2024-DNA3, Class A1, STACR®,
5.40% (30 Day Average SOFR +
1.05%), 10/25/2044(b)(c)(h)
 
781,250
781,905
Series 2024-HQA1, Class A1, STACR®,
5.60% (30 Day Average SOFR +
1.25%), 03/25/2044(b)(c)(h)
 
9,770,261
9,803,814
Series 2024-HQA1, Class M2, STACR®,
6.35% (30 Day Average SOFR +
2.00%), 03/25/2044(b)(c)(h)
 
3,000,000
3,041,890
Series 2024-HQA2, Class M1, STACR®,
5.55% (30 Day Average SOFR +
1.20%), 08/25/2044(b)(c)(h)
 
1,752,559
1,754,325
Series 2025-DNA1, Class A1, STACR®,
5.30% (30 Day Average SOFR +
0.95%), 01/25/2045(b)(c)(h)
 
1,843,750
1,845,938
Series 2025-DNA2, Class A1, STACR®,
5.45% (30 Day Average SOFR +
1.10%), 05/25/2045(b)(c)(h)
 
1,424,500
1,426,658
Series 2025-DNA2, Class M1, STACR®,
5.55% (30 Day Average SOFR +
1.20%), 05/25/2045(b)(c)(h)
 
2,284,791
2,289,047
Series 2025-HQA1, Class A1, STACR®,
5.30% (30 Day Average SOFR +
0.95%), 02/25/2045(b)(c)(h)
 
1,937,500
1,937,201
Series 2025-HQA1, Class M1, STACR®,
5.50% (30 Day Average SOFR +
1.15%), 02/25/2045(b)(c)(h)
 
4,113,077
4,118,044
Total Agency Credit Risk Transfer Notes
(Cost $180,382,836)
182,552,729
U.S. Government Sponsored Agency Mortgage-Backed
Securities-7.43%
Collateralized Mortgage Obligations-6.35%
Fannie Mae REMICs
 
4.76% (30 Day Average SOFR +
0.41%), 04/25/2035(b)
 
69,952
69,923
4.75%, (30 Day Average SOFR +
0.43%), 01/25/45 to 12/25/47(b)
 
477,681
468,776
4.96% (30 Day Average SOFR +
0.61%), 05/25/2046(b)
 
176,641
173,831
 
Principal
Amount
Value
Collateralized Mortgage Obligations-(continued)
4.73% (30 Day Average SOFR +
0.41%), 09/25/2047(b)
$
410,454
$405,609
5.45%, (30 Day Average SOFR +
1.10%), 07/25/54 to 02/25/55(b)
 
9,283,547
9,288,631
5.55% (30 Day Average SOFR +
1.20%), 07/25/2054(b)
 
4,639,101
4,653,496
5.50%, (30 Day Average SOFR +
1.15%), 10/25/54 to 01/25/55(b)
 
11,550,314
11,533,074
Freddie Mac Multifamily Structured
Pass-Through Ctfs.
 
Series KF151, Class AS, 4.83%
(30 Day Average SOFR + 0.51%),
12/25/2032(b)
 
803,152
805,884
Series KF158, Class AS, 5.04% (30 Day
Average SOFR + 0.72%),
07/25/2033(b)
 
4,343,349
4,362,349
Series KF35, Class A, 4.82% (30 Day
Average SOFR + 0.50%),
10/25/2025(b)
 
647,279
647,179
Series KF65, Class A, 4.95% (30 Day
Average SOFR + 0.63%),
07/25/2029(b)
 
1,444,651
1,445,730
Series KF81, Class AS, 4.72% (30 Day
Average SOFR + 0.40%),
06/25/2027(b)
 
619,391
618,598
Freddie Mac REMICs
 
4.78% (30 Day Average SOFR +
0.46%), 09/15/2038(b)
 
359,210
354,619
4.88% (30 Day Average SOFR +
0.56%), 09/15/2040(b)
 
315,599
309,014
4.95% (30 Day Average SOFR +
0.61%), 06/15/2041(b)
 
118,306
117,588
4.75% (30 Day Average SOFR +
0.43%), 08/15/2043(b)
 
387,021
383,809
4.80% (30 Day Average SOFR +
0.46%), 01/15/2048(b)
 
2,045,959
1,976,633
5.45% (30 Day Average SOFR +
1.10%), 07/25/2054(b)
 
7,500,000
7,494,673
5.40% (30 Day Average SOFR +
1.05%), 10/25/2054(b)
 
6,913,572
6,903,612
5.50% (30 Day Average SOFR +
1.15%), 11/25/2054(b)
 
6,504,412
6,464,710
5.25% (30 Day Average SOFR +
0.90%), 02/25/2055(b)
 
4,609,666
4,568,170
5.55% (30 Day Average SOFR +
1.20%), 04/25/2055(b)
 
6,584,194
6,557,025
5.85% (30 Day Average SOFR +
1.50%), 04/25/2055(b)
 
8,037,176
7,999,056
 
 
77,601,989
Federal Home Loan Mortgage Corp. (FHLMC)-0.66%
ARM, 6.49% (1 yr. Refinitiv USD IBOR
Consumer Cash Fallbacks + 1.55%),
06/01/2037(b)
 
105,168
107,505
ARM, 6.90% (1 yr. Refinitiv USD IBOR
Consumer Cash Fallbacks + 1.73%),
11/01/2038(b)
 
192,264
198,042
ARM, 6.76% (1 yr. Refinitiv USD IBOR
Consumer Cash Fallbacks + 1.72%),
03/01/2043(b)
 
151,637
157,556
See accompanying notes which are an integral part of this schedule.
Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)
July 31, 2025
(Unaudited)
 
Principal
Amount
Value
Federal Home Loan Mortgage Corp. (FHLMC)-(continued)
ARM, 6.85% (1 yr. Refinitiv USD IBOR
Consumer Cash Fallbacks + 1.76%),
11/01/2047(b)
$
2,617,798
$2,718,541
ARM, 5.45% (1 yr. U.S. Treasury Yield
Curve Rate + 2.16%), 11/01/2048(b)
 
2,347,583
2,404,570
ARM, 6.67% (1 yr. Refinitiv USD IBOR
Consumer Cash Fallbacks + 1.63%),
01/01/2049(b)
 
2,378,967
2,454,537
 
 
8,040,751
Federal National Mortgage Association (FNMA)-0.21%
ARM, 6.64% (1 yr. Refinitiv USD IBOR
Consumer Cash Fallbacks + 1.64%),
02/01/2035(b)
 
39,789
40,606
ARM, 6.15% (6 mo. Refinitiv USD IBOR
Consumer Cash Fallbacks + 1.57%),
07/01/2035(b)
 
23,731
24,391
ARM, 6.57% (1 yr. U.S. Treasury Yield
Curve Rate + 2.41%), 07/01/2035(b)
 
384,184
395,257
ARM, 7.16% (1 yr. Refinitiv USD IBOR
Consumer Cash Fallbacks + 1.66%),
10/01/2036(b)
 
77,668
79,497
ARM, 6.75% (1 yr. Refinitiv USD IBOR
Consumer Cash Fallbacks + 1.75%),
03/01/2037(b)
 
126,087
129,262
ARM, 6.40% (1 yr. Refinitiv USD IBOR
Consumer Cash Fallbacks + 1.52%),
11/01/2037(b)
 
43,627
44,255
ARM, 6.75% (1 yr. Refinitiv USD IBOR
Consumer Cash Fallbacks + 1.58%),
04/01/2045(b)
 
1,788,871
1,848,176
 
 
2,561,444
 
Principal
Amount
Value
Government National Mortgage Association (GNMA)-0.21%
ARM, 5.20% (1 yr. U.S. Treasury Yield
Curve Rate + 1.50%), 08/20/2049(b)
$
2,529,385
$2,572,825
Total U.S. Government Sponsored Agency Mortgage-
Backed Securities
(Cost $90,672,466)
90,777,009
 
Shares
 
Money Market Funds-1.28%
Invesco Government & Agency Portfolio,
Institutional Class, 4.25%(i)(j)
(Cost $15,659,000)
 
15,659,000
15,659,000
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-100.07%
(Cost $1,220,606,676)
1,222,428,490
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-2.41%
Invesco Private Government Fund,
4.32%(i)(j)(k)
 
8,170,220
8,170,220
Invesco Private Prime Fund, 4.46%(i)(j)(k)
 
21,252,612
21,256,863
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $29,427,083)
29,427,083
TOTAL INVESTMENTS IN SECURITIES-102.48%
(Cost $1,250,033,759)
1,251,855,573
OTHER ASSETS LESS LIABILITIES-(2.48)%
(30,318,150
)
NET ASSETS-100.00%
$1,221,537,423
 
Investment Abbreviations:
ARM
-Adjustable Rate Mortgage
Ctfs.
-Certificates
IBOR
-Interbank Offered Rate
REMICs
-Real Estate Mortgage Investment Conduits
SOFR
-Secured Overnight Financing Rate
STACR®
-Structured Agency Credit Risk
USD
-U.S. Dollar
 
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on July 31, 2025.
(c)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
July 31, 2025 was $552,786,083, which represented 45.25% of the Fund’s Net Assets.
(d)
All or a portion of this security was out on loan at July 31, 2025.
(e)
Perpetual bond with no specified maturity date.
(f)
Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown
is the rate in effect on July 31, 2025.
(g)
CAS notes are bonds issued by Fannie Mae. The amount of periodic principal and ultimate principal paid by Fannie Mae is determined by the performance of a
large and diverse reference pool.
(h)
Principal payments are determined by the delinquency and principal payment experience on the STACR® reference pool. Freddie Mac transfers credit risk from
the mortgages in the reference pool to credit investors who invest in the STACR® debt notes.
(i)
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, 2025.
See accompanying notes which are an integral part of this schedule.
Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)
July 31, 2025
(Unaudited)
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
July 31, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$10,381,524
$243,959,770
$(238,682,294
)
$-
$-
$15,659,000
$399,867
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
12,816,702
83,998,290
(88,644,772
)
-
-
8,170,220
345,812
*
Invesco Private Prime Fund
32,769,399
195,191,492
(206,701,336
)
2,024
(4,716
)
21,256,863
919,514
*
Total
$55,967,625
$523,149,552
$(534,028,402
)
$2,024
$(4,716
)
$45,086,083
$1,665,193
 
*
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.
 
(j)
The rate shown is the 7-day SEC standardized yield as of July 31, 2025.
(k)
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, 2025
(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, 2025, for each Fund (except for Invesco Comstock Contrarian ETF and Invesco QQQ Hedged Advantage ETF). As of July 31, 2025, all of the securities in Invesco Comstock Contrarian ETF and Invesco QQQ Hedged Advantage ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. 
 
Level 1
Level 2
Level 3
Total
Invesco AAA CLO Floating Rate Note ETF
Investments in Securities
Asset-Backed Securities
$-
$336,040,866
$-
$336,040,866
Money Market Funds
13,037,105
-
-
13,037,105
Total Investments
$13,037,105
$336,040,866
$-
$349,077,971
Invesco Active U.S. Real Estate ETF
Investments in Securities
Common Stocks & Other Equity Interests
$54,206,173
$-
$-
$54,206,173
Money Market Funds
130,714
3,529,522
-
3,660,236
Total Investments
$54,336,887
$3,529,522
$-
$57,866,409
Invesco Core Fixed Income ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes
$-
$6,474,253
$-
$6,474,253
U.S. Treasury Securities
-
5,392,229
-
5,392,229
U.S. Government Sponsored Agency Mortgage-Backed Securities
-
5,312,652
-
5,312,652
Asset-Backed Securities
-
2,871,624
-
2,871,624
Money Market Funds
622,893
-
-
622,893
Total Investments in Securities
622,893
20,050,758
-
20,673,651
Other Investments - Assets*
Futures Contracts
1,969
-
-
1,969
Other Investments - Liabilities*
Futures Contracts
(5,416
)
-
-
(5,416
)
Total Other Investments
(3,447
)
-
-
(3,447
)
Total Investments
$619,446
$20,050,758
$-
$20,670,204
 
Level 1
Level 2
Level 3
Total
Invesco Global Equity Net Zero ETF
Investments in Securities
Common Stocks & Other Equity Interests
$86,661,311
$36,338,503
$-
$122,999,814
Money Market Funds
89,313
-
-
89,313
Total Investments
$86,750,624
$36,338,503
$-
$123,089,127
Invesco High Yield Bond Factor ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes
$-
$78,999,117
$-
$78,999,117
U.S. Treasury Securities
-
165,567
-
165,567
Common Stocks & Other Equity Interests
-
920
0
920
Money Market Funds
814,891
19,295,750
-
20,110,641
Total Investments in Securities
814,891
98,461,354
0
99,276,245
Other Investments - Assets*
Futures Contracts
46,076
-
-
46,076
Other Investments - Liabilities*
Futures Contracts
(80
)
-
-
(80
)
Total Other Investments
45,996
-
-
45,996
Total Investments
$860,887
$98,461,354
$0
$99,322,241
Invesco High Yield Select ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes
$-
$7,319,157
$-
$7,319,157
Non-U.S. Dollar Denominated Bonds & Notes
-
458,077
-
458,077
Money Market Funds
184,129
621,204
-
805,333
Total Investments in Securities
184,129
8,398,438
-
8,582,567
Other Investments - Assets
Forward Foreign Currency Contracts
-
7,377
-
7,377
Total Investments
$184,129
$8,405,815
$-
$8,589,944
Invesco International Growth Focus ETF
Investments in Securities
Common Stocks & Other Equity Interests
$1,239,813
$3,681,988
$-
$4,921,801
Money Market Funds
7,039
-
-
7,039
Total Investments
$1,246,852
$3,681,988
$-
$4,928,840
Invesco MSCI EAFE Income Advantage ETF
Investments in Securities
Common Stocks & Other Equity Interests
$2,149,159
$123,495,214
$-
$125,644,373
Equity Linked Notes
-
7,313,714
-
7,313,714
Money Market Funds
28,995,056
2,551,154
-
31,546,210
Total Investments
$31,144,215
$133,360,082
$-
$164,504,297
Invesco QQQ Income Advantage ETF
Investments in Securities
Common Stocks & Other Equity Interests
$232,980,378
$-
$-
$232,980,378
Equity Linked Notes
-
13,591,992
-
13,591,992
Money Market Funds
58,362,792
4,837,457
-
63,200,249
Total Investments
$291,343,170
$18,429,449
$-
$309,772,619
Invesco S&P 500® Downside Hedged ETF
Investments in Securities
Common Stocks & Other Equity Interests
$61,675,933
$-
$-
$61,675,933
Money Market Funds
22,269,919
1,053,388
-
23,323,307
Total Investments in Securities
83,945,852
1,053,388
-
84,999,240
Other Investments - Assets*
Futures Contracts
651,196
-
-
651,196
Other Investments - Liabilities*
Futures Contracts
(94,741
)
-
-
(94,741
)
Total Other Investments
556,455
-
-
556,455
Total Investments
$84,502,307
$1,053,388
$-
$85,555,695
 
Level 1
Level 2
Level 3
Total
Invesco S&P 500 Equal Weight Income Advantage ETF
Investments in Securities
Common Stocks & Other Equity Interests
$312,812,370
$-
$-
$312,812,370
Equity Linked Notes
-
21,121,401
-
21,121,401
Money Market Funds
80,490,291
25,097,889
-
105,588,180
Total Investments
$393,302,661
$46,219,290
$-
$439,521,951
Invesco Short Duration Total Return Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes
$-
$7,262,825
$-
$7,262,825
Asset-Backed Securities
-
2,305,108
-
2,305,108
U.S. Treasury Securities
-
355,002
-
355,002
Agency Credit Risk Transfer Notes
-
68,390
-
68,390
Preferred Stocks
29,293
-
-
29,293
Money Market Funds
93,360
597,911
-
691,271
Total Investments in Securities
122,653
10,589,236
-
10,711,889
Other Investments - Assets*
Futures Contracts
355
-
-
355
Other Investments - Liabilities*
Futures Contracts
(10,004
)
-
-
(10,004
)
Total Other Investments
(9,649
)
-
-
(9,649
)
Total Investments
$113,004
$10,589,236
$-
$10,702,240
Invesco SteelPath MLP & Energy Infrastructure ETF
Investments in Securities
Common Stocks & Other Equity Interests
$24,270,557
$-
$-
$24,270,557
Master Limited Partnerships & Related Entities
10,467,039
-
-
10,467,039
Money Market Funds
468,097
381,330
-
849,427
Total Investments
$35,205,693
$381,330
$-
$35,587,023
Invesco Top QQQ ETF
Investments in Securities
Common Stocks & Other Equity Interests
$14,940,373
$-
$-
$14,940,373
Money Market Funds
15,561,296
-
-
15,561,296
Total Investments in Securities
30,501,669
-
-
30,501,669
Other Investments - Assets*
Swap Agreements
-
2,499,062
-
2,499,062
Total Investments
$30,501,669
$2,499,062
$-
$33,000,731
 
Level 1
Level 2
Level 3
Total
Invesco Total Return Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes
$-
$993,274,470
$2,906,817
$996,181,287
U.S. Government Sponsored Agency Mortgage-Backed Securities
-
659,473,615
-
659,473,615
Asset-Backed Securities
-
526,782,634
2,725,322
529,507,956
U.S. Treasury Securities
-
239,004,470
-
239,004,470
Variable Rate Senior Loan Interests
-
20,278,143
-
20,278,143
Municipal Obligations
-
11,736,883
-
11,736,883
Preferred Stocks
6,292,125
-
-
6,292,125
Agency Credit Risk Transfer Notes
-
3,817,826
-
3,817,826
U.S. Government Sponsored Agency Securities
-
2,469,624
-
2,469,624
Exchange-Traded Funds
2,374,781
-
-
2,374,781
Non-U.S. Dollar Denominated Bonds & Notes
-
1,211,338
-
1,211,338
Options Purchased
-
822,240
-
822,240
Money Market Funds
-
155,511,124
-
155,511,124
Total Investments in Securities
8,666,906
2,614,382,367
5,632,139
2,628,681,412
Other Investments - Assets*
Futures Contracts
388,037
-
-
388,037
Investments Matured
-
14,000
-
14,000
Swap Agreements
-
5,794
-
5,794
 
388,037
19,794
-
407,831
Other Investments - Liabilities*
Forward Foreign Currency Contracts
-
(1,173
)
-
(1,173
)
Futures Contracts
(2,827,377
)
-
-
(2,827,377
)
 
(2,827,377
)
(1,173
)
-
(2,828,550
)
Total Other Investments
(2,439,340
)
18,621
-
(2,420,719
)
Total Investments
$6,227,566
$2,614,400,988
$5,632,139
$2,626,260,693
Invesco Ultra Short Duration ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes
$-
$1,668,801,574
$-
$1,668,801,574
Commercial Paper
-
593,903,249
-
593,903,249
Asset-Backed Securities
-
396,481,471
-
396,481,471
Certificates of Deposit
-
50,582,337
-
50,582,337
Repurchase Agreements
-
30,000,000
-
30,000,000
Exchange-Traded Funds
7,023,363
-
-
7,023,363
Money Market Funds
-
25,955,052
-
25,955,052
Total Investments
$7,023,363
$2,765,723,683
$-
$2,772,747,046
Invesco Variable Rate Investment Grade ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes
$-
$471,475,108
$-
$471,475,108
U.S. Treasury Securities
-
261,451,127
-
261,451,127
Asset-Backed Securities
-
200,513,517
-
200,513,517
Agency Credit Risk Transfer Notes
-
182,552,729
-
182,552,729
U.S. Government Sponsored Agency Mortgage-Backed Securities
-
90,777,009
-
90,777,009
Money Market Funds
15,659,000
29,427,083
-
45,086,083
Total Investments
$15,659,000
$1,236,196,573
$-
$1,251,855,573
 
*
Forward foreign currency contracts, futures contracts and swap agreements are valued at unrealized appreciation (depreciation). Investments matured and
options written are shown at value.