NPORT-EX 2 edgar.htm
Schedule of Investments(a)
Invesco China Real Estate ETF (TAO)
January 31, 2020
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.71%
Diversified Real Estate Activities-24.11%
Chinese Estates Holdings Ltd. (Hong Kong)
  111,231   $78,689
Far East Consortium International Ltd. (Hong Kong)
  238,134   102,184
Gemdale Properties & Investment Corp. Ltd. (China)
  1,628,769   220,215
Hang Lung Properties Ltd. (Hong Kong)
  439,025   914,972
Henderson Land Development Co. Ltd. (Hong Kong)
  382,271   1,712,919
Joy City Property Ltd. (China)
  828,763   82,732
Kerry Properties Ltd. (Hong Kong)
  138,829   385,981
New World Development Co. Ltd. (Hong Kong)
  1,331,639   1,660,797
Shenzhen Investment Ltd. (China)
  615,099   212,943
Sun Hung Kai Properties Ltd. (Hong Kong)
  162,783   2,256,877
Swire Pacific Ltd., Class A (Hong Kong)
  113,502   994,283
Swire Pacific Ltd., Class B (Hong Kong)
  208,019   294,082
Wharf Holdings Ltd. (The) (Hong Kong)
  255,363   630,556
Wheelock & Co. Ltd. (Hong Kong)
  180,998   1,103,175
        10,650,405
Diversified REITs-0.85%
Sunlight REIT (Hong Kong)
  234,767   149,527
Yuexiu REIT (Hong Kong)
  342,102   224,577
        374,104
Office REITs-0.88%
Champion REIT (Hong Kong)
  464,439   279,062
Prosperity REIT (Hong Kong)
  287,302   109,666
        388,728
Real Estate Development-55.06%
Agile Group Holdings Ltd. (China)
  336,666   444,166
China Aoyuan Group Ltd. (China)
  299,782   400,584
China Evergrande Group (China)
  703,142   1,547,937
China Jinmao Holdings Group Ltd. (China)
  1,120,895   750,360
China Overseas Grand Oceans Group Ltd. (China)
  381,798   251,559
China Overseas Land & Investment Ltd. (China)
  648,343   2,087,981
China Resources Land Ltd. (China)
  506,634   2,109,329
China SCE Group Holdings Ltd. (China)
  485,693   255,420
China South City Holdings Ltd. (China)
  1,039,507   115,862
China Vanke Co. Ltd., H Shares (China)
  366,753   1,289,323
CIFI Holdings Group Co. Ltd. (China)
  861,382   590,943
CK Asset Holdings Ltd. (Hong Kong)
  352,291   2,250,922
Country Garden Holdings Co. Ltd. (China)
  1,549,560   1,962,762
Greentown China Holdings Ltd. (China)
  302,978   360,012
Guangzhou R&F Properties Co. Ltd., H Shares (China)
  299,482   449,808
Hopson Development Holdings Ltd. (China)
  154,909   141,576
Jiayuan International Group Ltd. (China)
  283,822   102,031
K Wah International Holdings Ltd. (Hong Kong)
  348,279   170,058
Kaisa Group Holdings Ltd. (China)(b)
  494,628   205,068
KWG Group Holdings Ltd. (China)(b)
  273,193   353,700
Logan Property Holdings Co. Ltd. (China)
  294,414   445,458
Longfor Group Holdings Ltd. (China)(c)
  333,184   1,404,379
Midea Real Estate Holding Ltd. (China)(c)
  58,171   162,820
  Shares   Value
Real Estate Development-(continued)
Poly Property Group Co. Ltd. (China)
  451,841   $175,647
Powerlong Real Estate Holdings Ltd. (China)
  337,084   184,323
Redco Properties Group Ltd. (China)(c)
  206,828   91,105
Ronshine China Holdings Ltd. (China)(b)(c)
  139,440   147,556
Seazen Group Ltd. (China)(b)
  397,407   398,044
Shimao Property Holdings Ltd. (China)
  230,178   743,622
Shui On Land Ltd. (China)
  807,837   161,356
Sino Land Co. Ltd. (Hong Kong)
  696,467   947,588
Sino-Ocean Group Holding Ltd. (China)
  725,913   260,542
Sunac China Holdings Ltd. (China)
  427,944   2,063,542
Times China Holdings Ltd. (China)
  171,836   300,421
Yanlord Land Group Ltd. (China)
  153,046   128,047
Yuexiu Property Co. Ltd. (China)
  1,439,557   288,815
Yuzhou Properties Co. Ltd. (China)
  413,916   191,440
Zall Smart Commerce Group Ltd. (China)(b)
  988,682   88,752
Zhenro Properties Group Ltd. (China)(c)
  487,015   300,109
        24,322,967
Real Estate Operating Companies-11.81%
China Dili Group (China)(b)
  651,258   198,376
China Logistics Property Holdings Co. Ltd. (China)(b)(c)
  369,666   145,055
Hang Lung Group Ltd. (Hong Kong)
  199,664   494,343
Hongkong Land Holdings Ltd. (Hong Kong)
  271,258   1,432,238
Hysan Development Co. Ltd. (Hong Kong)
  142,827   533,073
Red Star Macalline Group Corp. Ltd., H Shares (China)(c)
  149,063   112,153
SOHO China Ltd. (China)
  435,940   166,042
Swire Properties Ltd. (Hong Kong)
  244,694   756,482
Wharf Real Estate Investment Co. Ltd. (Hong Kong)
  268,552   1,380,563
        5,218,325
Real Estate Services-0.71%
China Overseas Property Holdings Ltd. (China)
  300,084   182,391
E-House China Enterprise Holdings Ltd. (China)(c)
  152,073   131,601
        313,992
Retail REITs-6.29%
Fortune REIT (Hong Kong)
  328,810   374,410
Link REIT (Hong Kong)
  238,259   2,402,778
        2,777,188
Total Common Stocks & Other Equity Interests

(Cost $50,084,334)
  44,045,709
Money Market Funds-0.46%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.45%(d)

(Cost $202,147)
  202,147   202,147
TOTAL INVESTMENTS IN SECURITIES-100.17%

(Cost $50,286,481)
  44,247,856
OTHER ASSETS LESS LIABILITIES-(0.17)%
  (73,230)
NET ASSETS-100.00%
  $44,174,626
Invesco China Real Estate ETF (TAO)—(continued)
January 31, 2020
(Unaudited)
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) 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 January 31, 2020 was $2,494,778, which represented 5.65% of the Fund’s Net Assets.
(d) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2020.
    
This Fund has holdings greater than 10% of net assets in the following countries:
China 50.72%
Hong Kong 48.99%
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
Schedule of Investments(a)
Invesco China Small Cap ETF (HAO)
January 31, 2020
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.91%
Communication Services-4.29%
Bilibili, Inc., ADR (China)(b)
  20,239   $436,150
Bitauto Holdings Ltd., ADR (China)(b)
  6,631   100,128
Changyou.com Ltd., ADR (China)
  4,214   44,963
China Literature Ltd. (China)(b)(c)
  54,218   225,258
CITIC Telecom International Holdings Ltd. (China)
  392,206   135,644
HUYA, Inc., ADR (China)(b)
  14,804   264,695
iDreamSky Technology Holdings Ltd. (China)(b)(c)
  125,962   80,187
IMAX China Holding, Inc. (Hong Kong)(c)
  28,520   52,799
Leyou Technologies Holdings Ltd. (China)(b)
  259,643   83,255
NetDragon Websoft Holdings Ltd. (Hong Kong)
  66,408   160,710
Qutoutiao, Inc., ADR (China)(b)
  31,348   129,154
Sogou, Inc., ADR (China)(b)
  16,109   65,725
Sohu.com Ltd., ADR (China)(b)
  7,717   82,032
Tencent Music Entertainment Group, ADR (China)(b)
  10,981   139,349
Wise Talent Information Technology Co. Ltd. (China)(b)(c)
  47,654   106,049
        2,106,098
Consumer Discretionary-14.51%
Ajisen (China) Holdings Ltd. (Hong Kong)
  156,106   43,578
BAIC Motor Corp. Ltd., H Shares (China)(c)
  403,721   198,911
Baozun, Inc., ADR (China)(b)
  9,872   297,246
Bosideng International Holdings Ltd. (China)
  937,437   307,698
Bright Scholar Education Holdings Ltd., ADR (China)
  7,869   67,516
Chaowei Power Holdings Ltd. (China)
  129,639   43,065
China Dongxiang Group Co. Ltd. (China)
  932,077   95,531
China Education Group Holdings Ltd. (China)(c)
  128,646   157,437
China First Capital Group Ltd. (Hong Kong)(b)
  873,015   27,879
China Harmony New Energy Auto Holding Ltd. (China)
  183,732   93,889
China Kepei Education Group Ltd. (China)(c)
  127,806   67,820
China Lilang Ltd. (China)
  118,532   83,954
China Maple Leaf Educational Systems Ltd. (China)
  381,962   137,281
China Meidong Auto Holdings Ltd. (China)
  104,070   127,675
China New Higher Education Group Ltd. (China)(c)
  189,041   64,594
China Travel International Investment Hong Kong Ltd. (China)
  565,671   90,186
China Yongda Automobiles Services Holdings Ltd. (China)
  314,097   331,086
China Yuhua Education Corp. Ltd. (China)(c)
  285,761   197,349
China ZhengTong Auto Services Holdings Ltd. (China)
  231,624   61,529
Citychamp Watch & Jewellery Group Ltd. (Hong Kong)(b)
  345,403   74,286
Crystal International Group Ltd. (Hong Kong)(c)
  145,814   50,465
Fosun Tourism Group (Hong Kong)(c)
  59,886   78,318
Fu Shou Yuan International Group Ltd. (China)
  279,196   234,757
Fuyao Glass Industry Group Co. Ltd., H Shares (China)(c)
  128,884   366,910
Golden Eagle Retail Group Ltd. (China)
  111,230   114,884
GOME Retail Holdings Ltd. (China)(b)
  2,745,912   253,060
Goodbaby International Holdings Ltd. (China)(b)
  230,210   41,918
Haichang Ocean Park Holdings Ltd. (China)(b)(c)
  326,564   29,676
Hailiang Education Group, Inc., ADR (China)(b)
  1,051   74,726
Hisense Home Appliances Group Co. Ltd., H Shares (China)
  85,429   86,820
  Shares   Value
Consumer Discretionary-(continued)
Hope Education Group Co. Ltd. (China)(c)
  544,086   $108,629
Imperial Pacific International Holdings Ltd. (Hong Kong)(b)
  13,354,173   104,329
JNBY Design Ltd. (China)(c)
  54,114   62,925
Kandi Technologies Group, Inc. (China)(b)
  9,720   38,686
Kasen International Holdings Ltd. (China)(b)
  152,896   65,816
Koolearn Technology Holding Ltd. (China)(b)(c)
  62,056   215,252
Luckin Coffee, Inc., ADR (China)(b)
  9,486   308,200
Maoyan Entertainment (China)(b)(c)
  106,628   168,268
Niu Technologies, ADR (China)(b)
  6,705   58,736
OneSmart International Education Group Ltd., ADR (China)(b)
  18,201   107,932
Pou Sheng International (Holdings) Ltd. (Hong Kong)
  519,528   154,931
Puxin Ltd., ADR (China)(b)
  9,556   73,390
Q Technology Group Co. Ltd. (China)(b)(c)
  97,658   137,335
Qingling Motors Co. Ltd., H Shares (China)
  190,751   44,555
Shanghai Jin Jiang Capital Co. Ltd., H Shares (China)
  316,695   52,668
Skyworth Group Ltd. (Hong Kong)(b)
  434,354   116,160
TCL Electronics Holdings Ltd. (China)
  199,318   89,156
Tianli Education International Holdings Ltd (China)(c)
  281,172   125,235
Tianneng Power International Ltd. (China)
  180,961   120,626
Uxin Ltd., ADR (China)(b)
  26,460   65,092
Virscend Education Co. Ltd. (China)(c)
  410,314   94,431
Wisdom Education International Holdings Co. Ltd. (China)(c)
  140,753   53,009
Xiabuxiabu Catering Management China Holdings Co. Ltd. (China)(b)(c)
  106,940   114,723
Xinhua Winshare Publishing and Media Co. Ltd., H Shares (China)
  112,891   77,690
Xtep International Holdings Ltd. (China)
  299,923   136,098
Yadea Group Holdings Ltd. (China)(c)
  260,318   67,059
Zhongsheng Group Holdings Ltd. (China)
  126,705   468,695
        7,129,670
Consumer Staples-4.17%
Ausnutria Dairy Corp. Ltd. (China)
  168,698   205,232
China Agri-Industries Holdings Ltd. (China)
  562,183   301,295
China Foods Ltd. (China)
  186,158   70,352
China Huishan Dairy Holdings Co. Ltd. (China)(b)(d)
  1,348,437   0
China Huiyuan Juice Group Ltd. (China)(b)(d)
  222,871   0
China Modern Dairy Holdings Ltd. (China)(b)
  628,383   78,279
COFCO Meat Holdings Ltd. (China)(b)(c)
  188,970   39,893
CP Pokphand Co. Ltd. (Hong Kong)
  1,353,233   118,301
Dali Foods Group Co. Ltd. (China)(c)
  523,142   366,038
Health & Happiness H&H International Holdings Ltd. (China)
  54,122   226,313
Nissin Foods Co. Ltd. (Hong Kong)
  71,206   57,490
Uni-President China Holdings Ltd. (China)
  319,028   324,157
Vinda International Holdings Ltd. (Hong Kong)
  76,277   184,875
Zhou Hei Ya International Holdings Co. Ltd. (China)(c)
  152,006   74,793
        2,047,018
Energy-2.59%
Anton Oilfield Services Group (China)
  506,610   46,999
China Coal Energy Co. Ltd., H Shares (China)
  533,364   181,332
China Suntien Green Energy Corp. Ltd., H Shares (China)
  433,323   112,454
Invesco China Small Cap ETF (HAO)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
Energy-(continued)
COSCO SHIPPING Energy Transportation Co. Ltd., H Shares (China)
  268,197   $116,417
Sinopec Kantons Holdings Ltd. (China)
  252,761   98,716
Sinopec Oilfield Service Corp., H Shares (China)(b)
  539,377   54,876
United Energy Group Ltd. (Hong Kong)
  1,940,972   344,209
Yanzhou Coal Mining Co. Ltd., H Shares (China)
  427,545   315,257
        1,270,260
Financials-8.86%
360 Finance, Inc., ADR (China)(b)
  12,662   115,604
Bank of Chongqing Co. Ltd., H Shares (China)
  120,955   64,177
Bank of Zhengzhou Co. Ltd., H Shares (China)(c)
  229,136   71,094
Central China Securities Co. Ltd., H Shares (China)(c)
  287,453   55,247
China Everbright Bank Co. Ltd., H Shares (China)
  774,830   310,626
China Everbright Ltd. (China)
  215,444   327,702
China Huarong Asset Management Co. Ltd., H Shares (China)(c)
  2,232,654   292,741
China Merchants Securities Co. Ltd., H Shares (China)(c)
  192,283   219,209
China Minsheng Financial Holding Corp. Ltd. (China)(b)
  4,431,723   57,074
China Reinsurance Group Corp., H Shares (China)
  1,548,120   219,863
China Renaissance Holdings Ltd. (China)(b)(c)
  47,014   84,352
Chong Sing Holdings FinTech Gr (China)(b)(d)
  4,230,158   6,537
Chongqing Rural Commercial Bank Co. Ltd., H Shares (China)
  595,206   272,131
CSC Financial Co. Ltd., H Shares (China)(c)
  202,208   157,925
Everbright Securities Co. Ltd., H Shares (China)(c)
  75,589   51,603
Fanhua, Inc., ADR (China)
  11,679   275,741
FinVolution Group, ADR (China)
  27,991   56,542
Guotai Junan International Holdings Ltd. (Hong Kong)
  670,219   113,720
Guotai Junan International Holdings Ltd., Rts., expiring 03/09/2020 (Hong Kong)(b)(d)
  223,406   0
Guotai Junan Securities Co. Ltd., H Shares (China)(c)
  187,914   297,936
Jiangxi Bank Co. Ltd., H Shares (China)(c)
  103,158   54,336
LexinFintech Holdings Ltd., ADR (China)(b)
  15,012   199,660
Noah Holdings Ltd., ADR (China)(b)
  6,168   209,280
Orient Securities Co. Ltd., H Shares (China)(c)
  184,942   101,669
Qudian, Inc., ADR (China)(b)
  29,677   85,470
Sheng Ye Capital Ltd. (China)(c)
  83,682   75,115
Shengjing Bank Co. Ltd., H Shares (China)(c)
  149,714   132,081
Shenwan Hongyuan Group Co. Ltd., H Shares (China)(b)(c)
  345,440   80,303
Yixin Group Ltd. (China)(b)(c)
  537,478   113,002
Zhengqi Financial Holding Corp., Rts., TBA (China)(b)(d)
  13,210   0
ZhongAn Online P&C Insurance Co. Ltd., H Shares (China)(b)(c)
  79,024   252,448
        4,353,188
Health Care-10.10%
3SBio, Inc. (China)(b)(c)
  194,244   248,275
AK Medical Holdings Ltd. (China)(c)
  80,450   114,218
Anxin-China Holdings Ltd. (China)(b)(d)
  2,827,938   0
CanSino Biologics, Inc. (China)(b)(c)
  12,234   98,445
  Shares   Value
Health Care-(continued)
China Animal Healthcare Ltd. (China)(b)(d)
  863,000   $0
China Grand Pharmaceutical and Healthcare Holdings Ltd. (Hong Kong)
  379,026   238,672
China Resources Medical Holdings Co. Ltd. (China)
  211,831   112,873
China Resources Pharmaceutical Group Ltd. (China)(c)
  416,240   348,001
China Shineway Pharmaceutical Group Ltd. (China)
  71,707   62,025
Consun Pharmaceutical Group Ltd. (China)
  108,889   56,093
CStone Pharmaceuticals (China)(b)(c)
  121,416   169,706
Essex Bio-technology Ltd. (China)
  107,590   73,840
Genertec Universal Medical Group Co. Ltd. (China)(c)
  271,653   185,177
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., H Shares (China)
  56,834   182,079
Hua Han Health Industry Holdings Ltd. (Hong Kong)(b)(d)
  2,279,911   0
Lifetech Scientific Corp. (China)(b)
  596,783   108,004
Livzon Pharmaceutical Group, Inc., H Shares (China)
  40,002   137,142
Luye Pharma Group Ltd. (China)(c)
  449,641   288,127
MicroPort Scientific Corp. (China)
  144,272   157,367
Ping An Healthcare and Technology Co. Ltd. (China)(b)(c)
  40,802   350,778
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares (China)
  131,000   349,542
Shanghai Haohai Biological Technology Co. Ltd., H Shares (China)(b)(c)
  10,244   50,983
Shanghai Junshi Biosciences Co. Ltd., H Shares (China)(b)(c)
  25,552   77,650
Sihuan Pharmaceutical Holdings Group Ltd. (China)
  919,002   103,570
Sinovac Biotech Ltd. (China)(b)(d)
  8,228   26,618
SSY Group Ltd. (Hong Kong)
  409,411   376,765
Tong Ren Tang Technologies Co. Ltd., H Shares (China)
  150,850   138,615
United Laboratories International Holdings Ltd. (The) (Hong Kong)
  162,901   107,623
Viva Biotech Holdings (China)(c)
  218,638   106,437
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., H Shares (China)(c)
  30,134   173,183
Zai Lab Ltd., ADR (China)(b)
  10,265   523,412
        4,965,220
Industrials-18.61%
51job, Inc., ADR (China)(b)
  6,593   475,685
A-Living Services Co. Ltd., U Shares (China)(c)
  85,078   282,108
Anhui Expressway Co. Ltd., H Shares (China)
  78,338   44,005
AviChina Industry & Technology Co. Ltd., H Shares (China)
  699,548   291,434
BEST, Inc., ADR (China)(b)
  54,912   291,583
CAR, Inc. (China)(b)
  183,262   121,451
China Aircraft Leasing Group Holdings Ltd. (China)(c)
  72,642   74,232
China Communications Services Corp. Ltd., H Shares (China)
  609,761   408,591
China Eastern Airlines Corp. Ltd., H Shares (China)(b)
  514,426   234,808
China High Speed Transmission Equipment Group Co. Ltd. (Hong Kong)
  108,275   64,761
China International Marine Containers Group Co. Ltd., H Shares (China)
  115,789   101,338
Invesco China Small Cap ETF (HAO)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
Industrials-(continued)
China Lesso Group Holdings Ltd. (China)
  253,349   $326,119
China Machinery Engineering Corp., H Shares (China)
  210,948   78,548
China Southern Airlines Co. Ltd., H Shares (China)
  392,910   215,660
China State Construction International Holdings Ltd. (China)
  450,970   357,015
CIMC Enric Holdings Ltd. (China)
  157,729   80,238
COSCO SHIPPING Development Co. Ltd., H Shares (China)
  938,891   99,910
COSCO SHIPPING Holdings Co. Ltd., H Shares (China)(b)
  657,610   233,527
COSCO SHIPPING Ports Ltd. (China)
  432,546   305,401
CSSC Offshore and Marine Engineering Group Co. Ltd., H Shares (China)(b)
  62,645   40,765
Dalian Port PDA Co. Ltd., H Shares (China)
  434,855   47,512
Dongfang Electric Corp. Ltd., H Shares (China)
  86,836   45,163
Ever Sunshine Lifestyle Services Group Ltd. (China)(c)
  118,510   93,883
Fullshare Holdings Ltd. (Hong Kong)(b)
  2,366,682   46,336
Greentown Service Group Co. Ltd. (China)(c)
  305,921   323,521
Guangshen Railway Co. Ltd., H Shares (China)
  364,071   100,952
Haitian International Holdings Ltd. (China)
  167,086   358,578
Harbin Electric Co. Ltd., H Shares (China)(b)
  171,863   44,811
Jiangsu Expressway Co. Ltd., H Shares (China)
  311,009   384,934
Lonking Holdings Ltd. (China)
  481,164   127,003
Metallurgical Corp. of China Ltd., H Shares (China)
  730,984   142,241
Qingdao Port International Co. Ltd., H Shares (China)(c)
  263,408   171,250
Sany Heavy Equipment International Holdings Co. Ltd. (China)
  243,628   117,657
Seaspan Corp. (Hong Kong)
  19,233   232,142
Shanghai Electric Group Co. Ltd., H Shares (China)
  757,163   224,281
Shanghai Industrial Holdings Ltd. (China)
  111,240   195,884
Shenzhen Expressway Co. Ltd., H Shares (China)
  176,827   228,030
Shougang Concord International Enterprises Co. Ltd. (China)
  2,137,725   93,905
Sichuan Expressway Co. Ltd., H Shares (China)
  193,875   53,049
Sinopec Engineering Group Co. Ltd., H Shares (China)
  345,415   185,658
Sinotrans Ltd., H Shares (China)
  547,628   167,299
Sinotruk Hong Kong Ltd. (China)
  168,965   288,769
SITC International Holdings Co. Ltd. (China)
  333,624   391,901
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares (China)
  197,130   207,040
Yuexiu Transport Infrastructure Ltd. (China)
  217,504   189,750
Zhejiang Expressway Co. Ltd., H Shares (China)
  364,960   297,112
Zoomlion Heavy Industry Science and Technology Co. Ltd., H Shares (China)
  353,631   260,050
        9,145,890
Information Technology-6.92%
21Vianet Group, Inc., ADR (China)(b)
  14,468   133,684
AsiaInfo Technologies Ltd. (China)(b)(c)
  55,504   65,954
AVIC International Holdings Ltd., H Shares (China)(b)
  71,206   74,570
BYD Electronic International Co. Ltd. (China)
  160,641   306,415
Camsing International Holding Ltd. (Hong Kong)(b)(d)
  122,874   18,356
  Shares   Value
Information Technology-(continued)
China Railway Signal & Communication Corp. Ltd., H Shares (China)(c)
  360,460   $173,434
Chinasoft International Ltd. (China)
  498,719   291,306
Comba Telecom Systems Holdings Ltd. (Hong Kong)
  360,647   130,981
Daqo New Energy Corp., ADR (China)(b)
  2,366   119,672
Digital China Holdings Ltd. (Hong Kong)
  258,369   130,777
GCL-Poly Energy Holdings Ltd. (China)(b)
  3,446,940   130,329
Hi Sun Technology China Ltd. (Hong Kong)(b)
  467,877   68,241
Hollysys Automation Technologies Ltd. (China)
  14,142   210,857
Hua Hong Semiconductor Ltd. (China)(c)
  100,370   239,803
Huami Corp., ADR (China)(b)
  5,692   79,347
JinkoSolar Holding Co. Ltd., ADR (China)(b)
  8,101   151,489
Ju Teng International Holdings Ltd. (China)
  216,759   49,862
Kingboard Laminates Holdings Ltd. (Hong Kong)
  227,818   232,580
Legend Holdings Corp., H Shares (China)(c)
  139,365   259,255
Link Motion, Inc., ADR (China)(b)(d)
  35,350   0
Meitu, Inc. (China)(b)(c)
  417,316   80,396
National Agricultural Holdings Ltd., ADR (China)(b)(d)
  308,064   0
O-Net Technologies Group Ltd. (China)
  104,860   54,693
Shanghai Fudan Microelectronics Group Co. Ltd., H Shares (China)(b)
  67,558   46,765
Wasion Holdings Ltd. (China)
  106,229   41,984
Weimob, Inc. (China)(b)(c)
  460,016   243,182
Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., H Shares (China)(c)
  39,226   66,747
        3,400,679
Materials-9.48%
Aluminum Corp. of China Ltd., H Shares (China)(b)
  1,005,386   293,206
Angang Steel Co. Ltd., H Shares (China)
  359,693   120,944
Asia Cement China Holdings Corp. (China)
  107,702   135,440
BBMG Corp., H Shares (China)
  541,915   145,167
China BlueChemical Ltd., H Shares (China)
  415,563   88,378
China Hongqiao Group Ltd. (China)
  414,486   203,105
China Metal Resources Utilization Ltd. (China)(b)(c)
  330,130   137,387
China Molybdenum Co. Ltd., H Shares (China)
  922,680   338,392
China Oriental Group Co. Ltd. (China)
  293,792   100,488
China Risun Group Ltd., H Shares (China)(c)
  251,048   81,361
China Shanshui Cement Group Ltd. (China)(b)
  325,000   110,792
China Tianrui Group Cement Co. Ltd. (China)(b)
  239,136   215,740
China Zhongwang Holdings Ltd. (China)
  361,818   119,389
CPMC Holdings Ltd. (China)
  189,587   71,284
Dongyue Group Ltd. (China)
  294,496   133,863
Fufeng Group Ltd. (China)
  272,101   104,966
Ganfeng Lithium Co. Ltd. (China)(c)
  24,100   61,472
Greatview Aseptic Packaging Co. Ltd. (China)
  190,921   76,222
Huabao International Holdings Ltd. (Hong Kong)
  206,823   66,895
Jiangxi Copper Co. Ltd., H Shares (China)
  293,444   344,173
Jinchuan Group International Resources Co. Ltd. (China)
  741,158   61,684
Lee & Man Paper Manufacturing Ltd. (China)
  323,305   223,324
Maanshan Iron & Steel Co. Ltd., H Shares (China)
  442,346   156,418
MMG Ltd. (China)(b)
  554,883   123,696
Shandong Gold Mining Co. Ltd., H Shares (China)(c)
  76,206   188,151
Shougang Fushan Resources Group Ltd. (China)
  866,318   170,369
Invesco China Small Cap ETF (HAO)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
Materials-(continued)
Silver Grant International Holdings Group Ltd. (China)(b)
  300,760   $44,931
Sinofert Holdings Ltd. (China)
  448,662   43,730
Sinopec Shanghai Petrochemical Co. Ltd., H Shares (China)
  781,768   199,651
Tiangong International Co. Ltd. (China)
  253,086   85,821
West China Cement Ltd. (China)
  652,188   104,911
Zhaojin Mining Industry Co. Ltd., H Shares (China)
  266,957   307,713
        4,659,063
Real Estate-16.91%
Beijing Capital Land Ltd., H Shares (China)
  325,582   85,267
Beijing North Star Co. Ltd., H Shares (China)
  180,376   51,333
C&D International Investment Group Ltd. (China)
  62,990   77,825
Central China Real Estate Ltd. (China)
  174,152   99,337
China Aoyuan Group Ltd. (China)
  328,848   439,424
China Dili Group (China)(b)
  712,868   217,143
China Logistics Property Holdings Co. Ltd. (China)(b)(c)
  404,787   158,836
China Overseas Grand Oceans Group Ltd. (China)
  418,654   275,843
China Overseas Property Holdings Ltd. (China)
  326,131   198,222
China SCE Group Holdings Ltd. (China)
  532,717   280,149
China South City Holdings Ltd. (China)
  1,138,208   126,863
Colour Life Services Group Co. Ltd. (China)(c)
  96,632   45,272
Dexin China Holdings Co. Ltd. (China)(c)
  185,524   71,198
E-House China Enterprise Holdings Ltd. (China)(c)
  166,786   144,334
Fantasia Holdings Group Co. Ltd. (China)
  323,619   57,531
Greentown China Holdings Ltd. (China)
  331,926   394,410
Guorui Properties Ltd. (China)(c)
  193,436   37,838
Hopson Development Holdings Ltd. (China)
  167,248   152,853
Jiayuan International Group Ltd. (China)
  310,909   111,769
Joy City Property Ltd. (China)
  908,633   90,705
Kaisa Group Holdings Ltd. (China)(b)
  542,154   224,772
KWG Group Holdings Ltd. (China)(b)
  299,186   387,353
Logan Property Holdings Co. Ltd. (China)
  321,268   486,089
LVGEM China Real Estate Investment Co. Ltd. (China)
  295,644   100,136
Midea Real Estate Holding Ltd. (China)(c)
  63,712   178,330
Mingfa Group International Co. Ltd. (Hong Kong)(b)(d)
  563,025   0
Poly Property Group Co. Ltd. (China)
  493,940   192,013
Powerlong Real Estate Holdings Ltd. (China)
  367,326   200,860
Red Star Macalline Group Corp. Ltd., H Shares (China)(c)
  163,557   123,058
Redco Properties Group Ltd. (China)(c)
  225,916   99,513
Redsun Properties Group Ltd. (China)
  237,354   73,813
Ronshine China Holdings Ltd. (China)(b)(c)
  152,835   161,730
Seazen Group Ltd. (China)(b)
  433,064   433,758
Shanghai Industrial Urban Development Group Ltd. (China)
  465,971   53,776
  Shares   Value
Real Estate-(continued)
Shenzhen Investment Ltd. (China)
  674,801   $233,612
Shui On Land Ltd. (China)
  880,932   175,955
Sino-Ocean Group Holding Ltd. (China)
  795,366   285,469
Skyfame Realty Holdings Ltd. (China)
  749,907   97,130
SOHO China Ltd. (China)
  475,507   181,112
Suncity Group Holdings Ltd. (China)(b)
  423,684   84,550
Times China Holdings Ltd. (China)
  187,867   328,448
Yanlord Land Group Ltd. (China)
  167,735   140,336
Yuexiu Property Co. Ltd. (China)
  1,577,188   316,427
Yuzhou Properties Co. Ltd. (China)
  449,695   207,989
Zall Smart Commerce Group Ltd. (China)(b)
  1,083,606   97,273
Zhenro Properties Group Ltd. (China)(c)
  533,828   328,956
        8,308,610
Utilities-3.47%
Beijing Enterprises Clean Energy Group Ltd. (China)(b)
  8,113,482   55,021
Beijing Jingneng Clean Energy Co. Ltd., H Shares (China)
  505,782   80,250
China Datang Corp. Renewable Power Co. Ltd., H Shares (China)
  581,760   55,077
China Everbright Greentech Ltd. (China)(c)
  152,862   71,919
China Oil & Gas Group Ltd. (China)
  1,109,671   36,760
China Power International Development Ltd. (China)
  1,099,575   213,185
China Tian Lun Gas Holdings Ltd. (China)
  69,076   58,268
China Water Affairs Group Ltd. (Hong Kong)
  216,969   169,153
Concord New Energy Group Ltd. (Hong Kong)
  1,648,742   75,054
Datang International Power Generation Co. Ltd., H Shares (China)
  718,474   124,635
Huadian Fuxin Energy Corp. Ltd., H Shares (China)
  459,770   78,518
Huadian Power International Corp. Ltd., H Shares (China)
  415,174   136,635
Huaneng Renewables Corp. Ltd., H Shares (China)
  1,217,431   500,149
SIIC Environment Holdings Ltd. (Singapore)
  299,676   51,336
        1,705,960
Total Common Stocks & Other Equity Interests

(Cost $61,715,666)
  49,091,656
Money Market Funds-0.71%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.45%(e)

(Cost $347,621)
  347,621   347,621
TOTAL INVESTMENTS IN SECURITIES-100.62%

(Cost $62,063,287)
  49,439,277
OTHER ASSETS LESS LIABILITIES-(0.62)%
  (303,279)
NET ASSETS-100.00%
  $49,135,998
 
Invesco China Small Cap ETF (HAO)—(continued)
January 31, 2020
(Unaudited)
Investment Abbreviations:
ADR -American Depositary Receipt
Rts. -Rights
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) 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 January 31, 2020 was $11,516,524, which represented 23.44% of the Fund’s Net Assets.
(d) Security valued using significant unobservable inputs (Level 3). See Additional Valution Information.
(e) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2020.
    
This Fund has holdings greater than 10% of net assets in the following country:  
China 92.40%
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
Schedule of Investments(a)
Invesco China Technology ETF (CQQQ)
January 31, 2020
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-100.10%
Capital Markets-0.56%
Hithink RoyalFlush Information Network Co. Ltd., A Shares (China)
  229,200   $3,414,014
Diversified Financial Services-0.00%
Zhengqi Financial Holding Corp., Rts., TBA (China)(b)(c)
  122,862   0
Electrical Equipment-0.52%
Qingdao TGOOD Electric Co. Ltd., A Shares (China)
  425,118   1,429,788
Sieyuan Electric Co. Ltd., A Shares (China)
  324,020   692,926
Suzhou Anjie Technology Co. Ltd., A Shares (China)
  293,700   1,022,278
        3,144,992
Electronic Equipment, Instruments & Components-15.43%
All Winner Technology Co. Ltd., A Shares (China)
  120,723   643,193
Avary Holding Shenzhen Co. Ltd., A Shares (China)
  351,956   2,513,535
BOE Technology Group Co. Ltd., A Shares (China)
  14,433,274   9,755,223
BOE Technology Group Co. Ltd., B Shares (China)
  5,700,539   2,210,602
Chaozhou Three-Circle Group Co. Ltd., A Shares (China)
  743,090   2,510,302
Guangdong Ellington Electronics Technology Co. Ltd., A Shares (China)
  288,600   479,510
Guangzhou Shiyuan Electronic Technology Co. Ltd., A Shares (China)
  99,500   1,193,322
Hangzhou Century Co. Ltd., A Shares (China)
  344,460   583,167
Hangzhou Hikvision Digital Technology Co. Ltd., A Shares (China)
  3,984,505   19,858,049
Hengdian Group DMEGC Magnetics Co. Ltd., A Shares (China)
  700,500   949,909
Leyard Optoelectronic Co. Ltd., A Shares (China)
  1,083,800   1,167,982
Lingyi iTech Guangdong Co., A Shares (China)(b)
  2,909,200   5,388,091
NAURA Technology Group Co. Ltd., A Shares (China)
  195,157   3,294,602
OFILM Group Co. Ltd., A Shares (China)(b)
  1,156,373   2,927,533
Shengyi Technology Co. Ltd., A Shares (China)
  970,298   3,277,580
Shennan Circuits Co. Ltd., A Shares (China)
  52,360   1,283,651
Shenzhen Everwin Precision Technology Co. Ltd., A Shares (China)
  388,000   1,165,547
Sunny Optical Technology Group Co. Ltd. (China)
  1,295,514   20,865,872
Tianma Microelectronics Co. Ltd., A Shares (China)
  873,100   2,034,827
Tunghsu Optoelectronic Technology Co. Ltd., A Shares (China)
  2,336,000   1,021,298
Unisplendour Corp. Ltd., A Shares (China)
  404,356   1,848,659
Universal Scientific Industrial Shanghai Co. Ltd., A Shares (China)
  365,000   998,728
Westone Information Industry, Inc., A Shares (China)
  357,400   1,281,226
Wuhan Guide Infrared Co. Ltd., A Shares (China)
  399,123   1,842,784
WUS Printed Circuit Kunshan Co. Ltd., A Shares (China)
  735,300   2,446,672
  Shares   Value
Electronic Equipment, Instruments & Components-(continued)
Xiamen Meiya Pico Information Co. Ltd., A Shares (China)
  342,880   $1,015,932
Zhejiang Crystal-Optech Co. Ltd., A Shares (China)
  478,070   1,138,540
        93,696,336
Entertainment-7.81%
Hangzhou Shunwang Technology Co. Ltd., A Shares (China)(b)
  296,100   1,164,337
NetEase, Inc., ADR (China)
  117,028   37,537,901
Tencent Music Entertainment Group, ADR (China)(b)
  689,363   8,748,017
        47,450,255
Health Care Technology-0.26%
Winning Health Technology Group Co. Ltd., A Shares (China)
  699,438   1,563,741
Interactive Media & Services-34.50%
58.com, Inc., ADR (China)(b)
  379,034   21,081,871
Autohome, Inc., ADR (China)(b)(d)
  318,164   24,333,183
Baidu, Inc., ADR (China)(b)
  348,361   43,043,485
JOYY, Inc., ADR (China)(b)
  323,902   19,605,788
Momo, Inc., ADR (China)
  622,807   19,057,894
SINA Corp. (China)(b)
  365,738   14,168,690
Tencent Holdings Ltd. (China)
  1,152,208   54,722,367
Weibo Corp., ADR (China)(b)(d)
  316,889   13,505,809
        209,519,087
Internet & Direct Marketing Retail-17.55%
Alibaba Group Holding Ltd., ADR (China)(b)
  289,352   59,777,229
Hangzhou Lianluo Interactive Information Technology Co. Ltd., A Shares (China)(b)
  928,100   475,080
Meituan Dianping, B Shares (China)(b)(e)
  3,657,161   46,356,618
        106,608,927
IT Services-6.01%
Beijing Lanxum Technology Co. Ltd., A Shares (China)(b)
  370,000   636,864
Beijing Ultrapower Software Co. Ltd., A Shares (China)(b)
  835,900   384,851
China TransInfo Technology Co. Ltd., A Shares (China)
  407,371   1,280,487
DHC Software Co. Ltd., A Shares (China)
  1,327,800   2,631,909
GDS Holdings Ltd., ADR (China)(b)(d)
  311,296   16,097,116
Taiji Computer Corp. Ltd., A Shares (China)
  176,400   1,039,224
TravelSky Technology Ltd., H Shares (China)
  5,680,974   12,291,905
Wangsu Science & Technology Co. Ltd., A Shares (China)
  1,036,945   1,147,031
Wonders Information Co. Ltd., A Shares (China)
  468,600   986,671
        36,496,058
Machinery-0.41%
Han’s Laser Technology Industry Group Co. Ltd., A Shares (China)
  406,000   2,496,387
Media-1.74%
China Literature Ltd. (China)(b)(e)
  1,317,835   5,475,164
Focus Media Information Technology Co. Ltd., A Shares (China)
  6,256,160   5,111,846
        10,587,010
Metals & Mining-0.14%
Shenghe Resources Holding Co. Ltd., A Shares (China)
  748,109   830,272
Invesco China Technology ETF (CQQQ)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
Pharmaceuticals-0.00%
Anxin-China Holdings Ltd. (China)(b)(c)
  2,144,054   $0
Real Estate Management & Development-0.13%
Shenzhen Huaqiang Industry Co. Ltd., A Shares (China)
  414,020   792,164
Semiconductors & Semiconductor Equipment-4.35%
Gigadevice Semiconductor Beijing, Inc., A Shares (China)
  136,688   5,404,270
LONGi Green Energy Technology Co. Ltd., A Shares (China)
  1,607,832   6,698,438
Sanan Optoelectronics Co. Ltd., A Shares (China)
  1,738,515   5,831,983
Shenzhen Goodix Technology Co. Ltd., A Shares (China)
  76,500   3,796,545
Tianjin Zhonghuan Semiconductor Co. Ltd., A Shares (China)
  1,187,225   2,628,484
Unigroup Guoxin Microelectronics Co. Ltd., A Shares (China)
  258,600   2,034,448
        26,394,168
Software-8.34%
Beijing Orient National Communication Science & Technology Co. Ltd., A Shares (China)
  450,400   946,644
Beijing Shiji Information Technology Co. Ltd., A Shares (China)
  454,703   2,386,448
Bluedon Information Security Technology Co. Ltd., A Shares (China)
  532,900   394,095
China National Software & Service Co. Ltd., A Shares (China)
  210,700   2,198,212
Glodon Co. Ltd., A Shares (China)
  480,325   2,670,341
Hundsun Technologies, Inc., A Shares (China)
  342,467   4,244,141
Iflytek Co. Ltd., A Shares (China)
  937,900   4,610,618
Kingdee International Software Group Co. Ltd. (China)
  13,472,536   14,450,106
Link Motion, Inc., ADR (China)(b)(c)
  367,331   0
National Agricultural Holdings Ltd., ADR (China)(b)(c)
  534,446   0
Newland Digital Technology Co. Ltd., A Shares (China)
  445,000   1,145,694
NSFOCUS Information Technology Co. Ltd., A Shares (China)
  316,500   866,761
Sangfor Technologies, Inc., A Shares (China)
  60,900   1,340,879
Shanghai 2345 Network Holding Group Co. Ltd., A Shares (China)
  1,429,700   624,250
Shanghai Baosight Software Co. Ltd., A Shares (China)
  220,393   1,169,148
Shanghai Baosight Software Co. Ltd., B Shares (China)
  1,811,110   3,767,585
  Shares   Value
Software-(continued)
Shenzhen Infogem Technologies Co. Ltd., A Shares (China)
  301,200   $648,419
Shenzhen Kingdom Sci-Tech Co. Ltd., A Shares (China)(b)
  363,700   1,023,120
Thunder Software Technology Co. Ltd., A Shares (China)
  153,400   1,283,132
Venustech Group, Inc., A Shares (China)
  382,135   2,081,017
Yonyou Network Technology Co. Ltd., A Shares (China)
  1,059,903   4,781,927
        50,632,537
Technology Hardware, Storage & Peripherals-2.35%
China Greatwall Technology Group Co. Ltd., A Shares (China)
  1,251,446   2,501,084
Dawning Information Industry Co. Ltd., A Shares (China)
  342,700   1,995,419
Inspur Electronic Information Industry Co. Ltd., A Shares (China)
  549,658   2,640,604
Legend Holdings Corp., H Shares (China)(e)
  3,142,767   5,846,350
Shenzhen Kaifa Technology Co. Ltd., A Shares (China)
  627,217   1,287,741
        14,271,198
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-100.10%

(Cost $565,440,305)
  607,897,146
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-3.87%
Invesco Government & Agency Portfolio, Institutional Class, 1.48%(f)(g)
  17,648,939   17,648,939
Invesco Liquid Assets Portfolio, Institutional Class, 1.66%(f)(g)
  5,880,627   5,882,980
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $23,531,726)
  23,531,919
TOTAL INVESTMENTS IN SECURITIES-103.97%

(Cost $588,972,031)
  631,429,065
OTHER ASSETS LESS LIABILITIES-(3.97)%
  (24,129,361)
NET ASSETS-100.00%
  $607,299,704
    
 
Invesco China Technology ETF (CQQQ)—(continued)
January 31, 2020
(Unaudited)
Investment Abbreviations:
ADR -American Depositary Receipt
Rts. -Rights
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) Non-income producing security.
(c) Security valued using significant unobservable inputs (Level 3). See Additional Valution Information.
(d) All or a portion of this security was out on loan at January 31, 2020.
(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 January 31, 2020 was $57,678,132, which represented 9.50% of the Fund’s Net Assets.
(f) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2020.
(g) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
    
This Fund has holdings greater than 10% of net assets in the following country:  
China 100.10%
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
Schedule of Investments
Invesco DWA Developed Markets Momentum ETF (PIZ)
January 31, 2020
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-100.04%
Australia-9.84%
Afterpay Ltd.(a)
  81,446   $2,101,901
Aristocrat Leisure Ltd.
  58,519   1,418,154
CSL Ltd.
  18,159   3,793,448
Ramsay Health Care Ltd.(b)
  113,826   6,035,103
REA Group Ltd.(b)
  81,664   6,237,841
        19,586,447
Belgium-1.77%
Galapagos N.V.(a)
  10,054   2,251,767
Sofina S.A.
  5,573   1,275,344
        3,527,111
Canada-13.19%
Algonquin Power & Utilities Corp.
  97,111   1,487,633
Alimentation Couche-Tard, Inc., Class B
  69,586   2,327,163
Bank of Nova Scotia (The)
  22,782   1,245,082
Canadian Apartment Properties REIT
  46,233   1,978,593
Canadian National Railway Co.
  26,613   2,488,548
CGI, Inc., Class A(a)
  18,419   1,411,211
Constellation Software, Inc.
  4,898   5,151,686
Emera, Inc.(b)
  29,832   1,329,927
Metro, Inc.
  28,877   1,177,962
Parkland Fuel Corp.
  37,974   1,322,220
Royal Bank of Canada(b)
  18,488   1,461,930
Shopify, Inc., Class A(a)
  5,839   2,721,070
Toromont Industries Ltd.
  42,002   2,164,331
        26,267,356
Denmark-5.22%
Coloplast A/S, Class B
  11,883   1,499,616
DSV Panalpina A/S
  11,610   1,263,036
Novo Nordisk A/S, Class B
  34,680   2,121,424
Royal Unibrew A/S
  57,819   5,506,367
        10,390,443
Finland-4.77%
Elisa OYJ
  32,735   1,971,289
Huhtamaki OYJ
  26,357   1,173,903
Kone OYJ, Class B
  81,821   5,282,670
Metso OYJ
  30,281   1,077,528
        9,505,390
France-6.35%
Airbus SE
  9,006   1,329,795
Dassault Systemes SE
  7,346   1,275,669
Hermes International
  3,401   2,550,098
Kering S.A.
  2,520   1,549,929
LVMH Moet Hennessy Louis Vuitton SE
  2,620   1,147,748
Pernod Ricard S.A.
  9,884   1,714,215
Safran S.A.
  9,234   1,493,524
Teleperformance
  6,301   1,583,692
        12,644,670
Germany-3.25%
adidas AG
  7,766   2,459,676
Hannover Rueck SE
  6,334   1,231,894
MTU Aero Engines AG
  5,186   1,577,011
Symrise AG
  11,747   1,209,896
        6,478,477
Hong Kong-0.71%
Techtronic Industries Co. Ltd.
  173,844   1,409,352
Ireland-2.13%
Kerry Group PLC, Class A
  10,043   1,283,249
  Shares   Value
Ireland-(continued)
Kingspan Group PLC
  30,573   $1,885,478
Smurfit Kappa Group PLC
  30,973   1,073,664
        4,242,391
Israel-1.21%
Nice Ltd.(a)
  13,914   2,412,844
Italy-0.62%
Snam S.p.A.
  228,783   1,226,360
Japan-7.27%
Advantest Corp.
  22,935   1,242,132
Asahi Intecc Co. Ltd.
  95,170   2,673,734
Hikari Tsushin, Inc.
  8,197   2,042,727
Hoshizaki Corp.
  13,805   1,286,437
Japan Hotel REIT Investment Corp.
  1,653   1,114,862
Keyence Corp.
  3,696   1,274,342
M3, Inc.
  80,020   2,377,307
MINEBEA MITSUMI, Inc.
  56,875   1,147,103
Obic Co. Ltd.
  9,550   1,322,558
        14,481,202
Luxembourg-0.76%
Eurofins Scientific SE(b)
  2,791   1,503,192
Netherlands-3.33%
argenx SE(a)
  14,512   2,092,294
ASM International N.V.
  18,922   2,307,679
ASML Holding N.V.
  7,875   2,218,859
        6,618,832
New Zealand-4.98%
a2 Milk Co. Ltd.(a)
  309,143   3,000,928
Fisher & Paykel Healthcare Corp. Ltd.
  85,521   1,289,537
Ryman Healthcare Ltd.
  527,714   5,631,501
        9,921,966
Norway-0.57%
Mowi ASA
  47,663   1,138,601
Singapore-1.01%
Singapore Exchange Ltd.
  315,710   2,012,365
South Africa-0.61%
Anglo American PLC
  46,249   1,210,530
Sweden-4.90%
Fastighets AB Balder, Class B(a)
  73,975   3,510,467
Hexagon AB, Class B
  30,335   1,652,923
Investor AB, Class B
  21,880   1,199,028
Nibe Industrier AB, Class B
  101,963   1,767,677
Tele2 AB, Class B
  108,264   1,633,173
        9,763,268
Switzerland-12.67%
EMS-Chemie Holding AG
  2,070   1,356,462
Geberit AG
  4,475   2,362,663
Givaudan S.A.
  519   1,711,255
Kuehne + Nagel International AG
  16,447   2,660,306
Logitech International S.A.
  27,583   1,240,084
Lonza Group AG(a)
  3,710   1,524,083
Nestle S.A.
  11,266   1,242,653
Partners Group Holding AG
  2,071   1,899,965
Schindler Holding AG, PC
  8,781   2,270,705
Sika AG
  8,056   1,449,236
Sonova Holding AG
  8,534   2,139,583
Straumann Holding AG
  1,280   1,221,007
Invesco DWA Developed Markets Momentum ETF (PIZ)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
Switzerland-(continued)
Swiss Re AG
  14,952   $1,689,842
Vifor Pharma AG
  13,312   2,456,878
        25,224,722
United Kingdom-14.22%
Ashtead Group PLC
  127,988   4,141,925
Compass Group PLC
  49,751   1,230,970
Croda International PLC
  38,095   2,502,807
Diageo PLC
  29,885   1,185,772
Halma PLC
  51,383   1,427,136
HomeServe PLC
  72,963   1,233,026
InterContinental Hotels Group PLC
  19,996   1,235,039
Intermediate Capital Group PLC
  94,218   2,163,533
JD Sports Fashion PLC
  218,850   2,370,796
Legal & General Group PLC
  341,679   1,375,976
Next PLC
  13,209   1,200,043
Persimmon PLC
  38,421   1,546,240
Rightmove PLC
  299,551   2,597,443
Rotork PLC
  470,794   1,888,488
UNITE Group PLC (The)
  131,448   2,204,055
        28,303,249
United States-0.66%
Waste Connections, Inc.
  13,512   1,303,131
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-100.04%

(Cost $168,370,694)
  199,171,899
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.48%
Invesco Government & Agency Portfolio, Institutional Class, 1.48%(c)(d)
  6,693,394   $6,693,394
Invesco Liquid Assets Portfolio, Institutional Class, 1.66%(c)(d)
  2,230,239   2,231,131
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $8,924,495)
  8,924,525
TOTAL INVESTMENTS IN SECURITIES-104.52%

(Cost $177,295,189)
  208,096,424
OTHER ASSETS LESS LIABILITIES-(4.52)%
  (8,993,508)
NET ASSETS-100.00%
  $199,102,916
 
Investment Abbreviations:
PC-Participation Certificate
REIT-Real Estate Investment Trust
    
Notes to Schedule of Investments:
(a) Non-income producing security.
(b) All or a portion of this security was out on loan at January 31, 2020.
(c) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2020.
(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.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
Schedule of Investments
Invesco DWA Emerging Markets Momentum ETF (PIE)
January 31, 2020
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-100.03%
Brazil-11.87%
Alpargatas S.A., Preference Shares(a)
  164,000   $1,375,478
B2W Cia Digital(a)
  119,100   1,984,419
Bradespar S.A., Preference Shares
  383,200   3,318,840
Cosan S.A.
  65,100   1,214,174
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes
  162,800   1,211,500
Ez Tec Empreendimentos e Participacoes S.A.
  120,800   1,571,750
Hapvida Participacoes e Investimentos S.A.(b)
  69,600   978,382
IRB Brasil Resseguros S.A.
  128,000   1,342,828
Natura & Co. Holding S.A.
  115,500   1,286,021
Notre Dame Intermedica Participacoes S.A.
  71,700   1,178,039
Qualicorp Consultoria e Corretora de Seguros S.A.
  145,500   1,411,673
Rumo S.A.(a)
  678,100   3,681,488
Sul America S.A.
  82,300   1,213,339
TOTVS S.A.
  65,600   1,145,976
        22,913,907
China-30.02%
51job, Inc., ADR(a)
  17,103   1,233,981
Alibaba Health Information Technology Ltd.(a)
  898,650   1,262,264
Anhui Conch Cement Co. Ltd., H Shares
  153,810   980,016
ANTA Sports Products Ltd.
  533,755   4,611,856
BYD Electronic International Co. Ltd.
  611,219   1,165,871
China Aoyuan Group Ltd.
  683,510   913,342
China Jinmao Holdings Group Ltd.
  1,866,580   1,249,544
China Merchants Bank Co. Ltd., H Shares
  240,668   1,160,960
China Resources Beer Holdings Co. Ltd.
  409,821   1,899,937
China Resources Cement Holdings Ltd.
  1,316,530   1,475,069
China SCE Group Holdings Ltd.
  2,663,846   1,400,885
China Vanke Co. Ltd., H Shares
  251,340   883,587
Country Garden Services Holdings Co. Ltd.
  320,344   1,036,288
Greentown Service Group Co. Ltd.(b)
  1,098,102   1,161,278
Kingdee International Software Group Co. Ltd.
  1,019,537   1,093,515
Li Ning Co. Ltd.
  895,132   2,624,294
Longfor Group Holdings Ltd.(b)
  338,830   1,428,177
New Oriental Education & Technology Group, Inc., ADR(a)
  33,350   4,053,692
Ping An Insurance (Group) Co. of China Ltd., H Shares
  114,806   1,299,103
Shenzhen Expressway Co. Ltd., H Shares
  1,347,416   1,737,585
Shenzhen International Holdings Ltd.
  747,888   1,495,029
Shenzhou International Group Holdings Ltd.
  433,862   5,728,922
Sinotruk Hong Kong Ltd.
  967,980   1,654,325
TAL Education Group, ADR(a)
  111,393   5,558,511
Tencent Holdings Ltd.
  114,199   5,423,708
Times China Holdings Ltd.
  1,232,120   2,154,114
Vipshop Holdings Ltd., ADR(a)
  74,861   952,981
Weichai Power Co. Ltd., H Shares
  615,230   1,076,640
Wuxi Biologics Cayman, Inc.(a)(b)
  98,791   1,250,396
        57,965,870
Hungary-0.67%
OTP Bank Nyrt
  28,053   1,298,555
India-1.89%
ICICI Bank Ltd., ADR
  67,898   989,953
WNS (Holdings) Ltd., ADR(a)
  37,371   2,666,795
        3,656,748
Indonesia-2.69%
PT Bank Central Asia Tbk
  443,357   1,041,887
PT Bank Rakyat Indonesia (Persero) Tbk
  3,355,346   1,088,610
  Shares   Value
Indonesia-(continued)
PT Barito Pacific Tbk
  18,812,821   $1,793,609
PT Charoen Pokphand Indonesia Tbk
  2,623,743   1,273,129
        5,197,235
Malaysia-8.38%
Hartalega Holdings Bhd.
  4,305,900   6,210,562
Press Metal Aluminium Holdings Bhd.
  2,241,300   2,657,209
QL Resources Bhd.
  1,529,400   3,097,614
Sunway Bhd.
  9,611,965   4,209,698
        16,175,083
Mexico-1.18%
Grupo Elektra S.A.B. de C.V.
  15,143   1,107,141
Qualitas Controladora S.A.B. de C.V.
  261,655   1,174,529
        2,281,670
Philippines-2.08%
SM Investments Corp.
  128,795   2,451,340
SM Prime Holdings, Inc.
  2,056,870   1,571,166
        4,022,506
South Africa-9.06%
Anglo American Platinum Ltd.
  18,421   1,473,115
Capitec Bank Holdings Ltd.
  22,662   2,033,831
Clicks Group Ltd.
  257,316   4,190,616
Gold Fields Ltd.
  171,983   1,112,813
Impala Platinum Holdings Ltd.(a)
  348,476   3,298,255
Northam Platinum Ltd.(a)
  158,583   1,328,864
Sibanye Gold Ltd.(a)
  797,751   2,057,183
Sibanye Gold Ltd., ADR(a)
  195,778   1,996,936
        17,491,613
Taiwan-22.68%
Airtac International Group
  75,000   1,134,580
Chailease Holding Co. Ltd.
  644,850   2,678,197
Chang Hwa Commercial Bank Ltd.
  1,391,000   986,168
Chunghwa Telecom Co. Ltd.
  286,000   1,018,235
E.Sun Financial Holding Co. Ltd.
  2,378,553   2,199,877
Genius Electronic Optical Co. Ltd.
  65,000   1,132,883
Great Wall Enterprise Co. Ltd.
  780,700   1,063,693
Hotai Motor Co. Ltd.
  53,000   1,076,472
Largan Precision Co. Ltd.
  24,000   3,736,942
Lien Hwa Industrial Holdings Corp.
  1,438,477   1,792,094
Lite-On Technology Corp.
  698,000   1,079,446
Mega Financial Holding Co. Ltd.
  1,062,000   1,104,722
Micro-Star International Co. Ltd.
  1,140,000   3,459,495
Primax Electronics Ltd.
  999,000   1,730,781
Qisda Corp.
  1,933,000   1,282,414
Radiant Opto-Electronics Corp.
  267,000   917,849
Realtek Semiconductor Corp.
  196,000   1,584,526
Taiwan Cement Corp.
  763,000   1,054,635
Taiwan Semiconductor Manufacturing Co. Ltd.
  338,680   3,623,107
Tripod Technology Corp.
  271,000   989,782
Unimicron Technology Corp.
  844,000   1,056,322
Uni-President Enterprises Corp.
  1,064,000   2,528,754
Voltronic Power Technology Corp.
  133,600   3,232,864
Winbond Electronics Corp.
  1,787,000   986,245
WT Microelectronics Co. Ltd.
  1,158,000   1,468,152
Zhen Ding Technology Holding Ltd.
  225,000   874,702
        43,792,937
Thailand-9.51%
Airports of Thailand PCL, NVDR
  854,014   1,922,398
B. Grimm Power PCL, NVDR
  832,542   1,643,137
Bangkok Dusit Medical Services PCL, NVDR
  4,584,272   3,640,293
Invesco DWA Emerging Markets Momentum ETF (PIE)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
Thailand-(continued)
Carabao Group PCL, NVDR
  372,334   $1,051,568
Gulf Energy Development PCL, NVDR
  240,328   1,474,742
Srisawad Corp. PCL, NVDR
  476,700   1,139,383
Thanachart Capital PCL, NVDR
  1,525,638   2,533,897
Tisco Financial Group PCL, NVDR
  1,510,707   4,955,054
        18,360,472
Total Common Stocks & Other Equity Interests

(Cost $172,575,858)
  193,156,596
  Shares   Value
Money Market Funds-0.01%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.45%(c)

(Cost $11,826)
  11,826   $11,826
TOTAL INVESTMENTS IN SECURITIES-100.04%

(Cost $172,587,684)
  193,168,422
OTHER ASSETS LESS LIABILITIES-(0.04)%
  (79,749)
NET ASSETS-100.00%
  $193,088,673
 
Investment Abbreviations:
ADR-American Depositary Receipt
NVDR-Non-Voting Depositary Receipt
    
Notes to Schedule of Investments:
(a) Non-income producing security.
(b) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at January 31, 2020 was $4,818,233, which represented 2.50% of the Fund’s Net Assets.
(c) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2020.
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
Schedule of Investments
Invesco Frontier Markets ETF (FRN)
January 31, 2020
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-94.90%
Argentina-14.39%
Banco BBVA Argentina S.A., ADR
  22,478   $105,197
Banco Macro S.A., ADR
  8,311   254,898
Despegar.com Corp.(a)
  18,677   276,606
Grupo Financiero Galicia S.A., ADR
  32,493   466,275
Loma Negra Cia Industrial Argentina S.A., ADR(a)
  19,481   134,419
MercadoLibre, Inc.(a)
  9,451   6,266,013
Pampa Energia S.A., ADR(a)
  19,587   257,961
Telecom Argentina S.A., ADR
  12,222   137,864
Transportadora de Gas del Sur S.A., Class B, ADR
  13,355   82,667
YPF S.A., ADR
  54,151   508,478
        8,490,378
Bahrain-9.99%
Ahli United Bank BSC
  4,514,533   5,052,473
GFH Financial Group BSC
  3,603,704   843,775
        5,896,248
Brazil-0.88%
Adecoagro S.A.(a)
  29,828   222,815
Arcos Dorados Holdings, Inc., Class A
  38,897   298,340
        521,155
Kazakhstan-4.30%
KAZ Minerals PLC
  439,660   2,537,313
Kenya-9.98%
Equity Group Holdings PLC
  3,304,878   1,647,497
KCB Group Ltd.
  2,547,392   1,327,031
Safaricom PLC
  9,589,691   2,911,327
        5,885,855
Kuwait-0.00%
Gulf National Holding K.S.C.C.(a)(b)
  25,808   0
Morocco-9.18%
Attijariwafa Bank
  39,657   2,082,318
Banque Centrale Populaire
  36,258   1,036,536
Cosumar
  26,501   610,446
Label Vie
  565   188,363
Maroc Telecom
  72,411   1,173,091
Societe d’Exploitation des Ports
  14,223   326,736
        5,417,490
Nigeria-14.09%
Dangote Cement PLC
  2,667,846   1,320,345
Guaranty Trust Bank PLC
  30,712,846   2,534,760
MTN Nigeria Communications PLC
  5,097,810   1,677,299
Nestle Nigeria PLC
  281,238   1,067,699
Zenith Bank PLC
  29,815,041   1,710,161
        8,310,264
  Shares   Value
Oman-5.09%
Bank Muscat SAOG
  2,590,349   $3,000,378
Panama-9.08%
Banco Latinoamericano de Comercio Exterior S.A., Class E
  44,878   904,741
Copa Holdings S.A., Class A
  45,421   4,449,441
        5,354,182
Romania-9.55%
Banca Transilvania S.A.
  4,416,113   2,646,157
BRD-Groupe Societe Generale S.A.
  236,017   881,908
OMV Petrom S.A.
  13,428,338   1,307,333
Societatea Nationala de Gaze Naturale ROMGAZ S.A.
  97,895   796,494
        5,631,892
Vietnam-8.37%
Bank for Foreign Trade of Vietnam JSC
  64,104   244,845
Bank for Investment and Development of Vietnam JSC
  36,930   81,897
Bao Viet Holdings
  21,200   53,678
Hoa Phat Group JSC(a)
  405,611   420,929
Masan Group Corp.(a)
  115,585   249,357
No Va Land Investment Group Corp.(a)
  90,451   214,608
PetroVietnam Gas JSC
  16,540   61,607
PetroVietnam Power Corp.(a)
  101,190   45,752
Saigon Beer Alcohol Beverage Corp.
  13,850   126,435
SSI Securities Corp.
  70,390   53,649
Vietjet Aviation JSC
  73,720   413,312
Vietnam Dairy Products JSC
  135,424   632,713
Vincom Retail JSC
  206,268   266,906
Vingroup JSC(a)
  281,906   1,393,567
Vinhomes JSC(c)
  180,900   681,598
        4,940,853
Total Common Stocks & Other Equity Interests

(Cost $47,726,772)
  55,986,008
Money Market Funds-3.86%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.45%(d)

(Cost $2,279,685)
  2,279,685   2,279,685
TOTAL INVESTMENTS IN SECURITIES-98.76%

(Cost $50,006,457)
  58,265,693
OTHER ASSETS LESS LIABILITIES-1.24%
  731,962
NET ASSETS-100.00%
  $58,997,655
Investment Abbreviations:
ADR-American Depositary Receipt
    
Notes to Schedule of Investments:
(a) Non-income producing security.
(b) Security valued using significant unobservable inputs (Level 3). See Additional Valution Information.
(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 January 31, 2020 was $681,598, which represented 1.16% of the Fund’s Net Assets.
(d) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2020.
Invesco Frontier Markets ETF (FRN)—(continued)
January 31, 2020
(Unaudited)
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
Schedule of Investments
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)
January 31, 2020
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.60%
Australia-5.61%
AGL Energy Ltd.
  49,331   $658,841
AMP Ltd.
  491,946   601,033
APA Group
  69,332   525,874
ASX Ltd.
  5,761   330,404
Aurizon Holdings Ltd.
  166,186   601,880
Australia & New Zealand Banking Group Ltd.
  196,248   3,382,988
Bank of Queensland Ltd.
  53,519   274,086
Bendigo & Adelaide Bank Ltd.
  50,935   354,965
BGP Holdings PLC(a)(b)
  231,466   0
BHP Group Ltd.
  217,906   5,747,559
BHP Group PLC
  136,148   2,978,849
BlueScope Steel Ltd.
  44,323   422,826
Boral Ltd.(c)
  100,377   334,643
Brambles Ltd.
  84,560   714,968
Caltex Australia Ltd.
  31,173   717,468
Challenger Ltd.
  45,307   271,460
CIMIC Group Ltd.
  6,229   122,139
Coca-Cola Amatil Ltd.
  52,926   424,467
Coles Group Ltd.
  113,450   1,256,957
Commonwealth Bank of Australia
  106,815   6,096,711
Computershare Ltd.
  18,295   220,334
Crown Resorts Ltd.
  39,314   307,929
CSL Ltd.
  6,785   1,417,399
Dexus
  47,756   406,661
Downer EDI Ltd.
  60,280   299,026
Fortescue Metals Group Ltd.
  161,130   1,228,622
Goodman Group
  52,235   520,684
GPT Group (The)
  93,085   373,894
Incitec Pivot Ltd.
  153,235   336,473
Insurance Australia Group Ltd.
  187,475   888,576
Lendlease Group
  63,898   775,110
Macquarie Group Ltd.
  18,477   1,790,721
Medibank Pvt Ltd.
  187,343   388,792
Metcash Ltd.
  132,732   232,806
Mirvac Group
  290,309   660,781
National Australia Bank Ltd.
  210,338   3,641,365
Newcrest Mining Ltd.
  21,616   427,323
Oil Search Ltd.
  55,043   266,783
Orica Ltd.
  32,911   502,997
Origin Energy Ltd.
  162,800   893,689
Qantas Airways Ltd.
  57,040   244,769
QBE Insurance Group Ltd.
  137,190   1,262,825
Ramsay Health Care Ltd.(c)
  6,152   326,182
Rio Tinto Ltd.
  27,785   1,837,187
Rio Tinto PLC
  81,324   4,378,102
Santos Ltd.
  72,900   424,097
Scentre Group
  375,588   970,548
Sonic Healthcare Ltd.
  26,157   554,567
South32 Ltd.
  218,330   385,865
Stockland
  260,186   856,973
Suncorp Group Ltd.
  105,545   908,650
Tabcorp Holdings Ltd.
  75,758   237,859
Telstra Corp. Ltd.
  673,057   1,730,219
Transurban Group
  66,468   698,603
Treasury Wine Estates Ltd.
  20,182   176,046
Vicinity Centres
  240,570   409,066
Wesfarmers Ltd.
  104,701   3,168,862
Westpac Banking Corp.
  222,566   3,742,799
Woodside Petroleum Ltd.
  72,881   1,694,483
  Shares   Value
Australia-(continued)
Woolworths Group Ltd.
  90,510   $2,535,165
Worley Ltd.
  22,447   229,014
        68,169,964
Austria-0.27%
ANDRITZ AG
  5,514   217,294
Erste Group Bank AG(a)
  27,831   1,022,731
OMV AG
  17,393   867,179
Raiffeisen Bank International AG
  16,368   373,664
voestalpine AG
  21,324   517,997
Wienerberger AG
  8,679   246,415
        3,245,280
Belgium-0.75%
Ageas
  23,786   1,311,920
Anheuser-Busch InBev S.A./N.V.
  50,391   3,820,800
bpost S.A.
  22,663   225,936
Colruyt S.A.
  3,190   159,612
KBC Group N.V.
  19,864   1,458,601
Proximus SADP
  17,660   503,361
Solvay S.A., Class A
  6,979   723,451
UCB S.A.
  4,582   421,861
Umicore S.A.(c)
  10,978   505,733
        9,131,275
Brazil-0.03%
Yamana Gold, Inc.(c)
  89,164   363,384
Canada-7.31%
Agnico Eagle Mines Ltd.
  8,583   530,860
Air Canada(a)
  14,790   495,740
Algonquin Power & Utilities Corp.
  20,594   315,477
Alimentation Couche-Tard, Inc., Class B
  42,385   1,417,480
AltaGas Ltd.
  28,016   451,417
ARC Resources Ltd.(c)
  53,230   282,541
Atco Ltd., Class I
  9,363   365,444
Bank of Montreal(c)
  49,768   3,798,030
Bank of Nova Scotia (The)
  94,929   5,188,060
Barrick Gold Corp.
  55,021   1,019,670
Baytex Energy Corp.(a)
  118,138   128,629
BCE, Inc.(c)
  23,794   1,121,919
Bombardier, Inc., Class B(a)
  208,775   194,165
Brookfield Asset Management, Inc., Class A
  48,856   2,991,463
CAE, Inc.
  10,087   299,357
Cameco Corp.
  25,062   202,194
Canadian Apartment Properties REIT
  6,907   295,593
Canadian Imperial Bank of Commerce
  33,325   2,719,318
Canadian National Railway Co.
  23,111   2,161,081
Canadian Natural Resources Ltd.
  88,262   2,483,923
Canadian Pacific Railway Ltd.
  3,845   1,022,048
Canadian Tire Corp. Ltd., Class A(c)
  5,526   593,025
Canadian Utilities Ltd., Class A
  9,916   303,654
Capital Power Corp.
  9,317   255,090
Celestica, Inc.(a)
  26,003   235,542
Cenovus Energy, Inc.
  139,416   1,214,376
CGI, Inc., Class A(a)
  10,213   782,491
CI Financial Corp.
  25,206   441,970
Crescent Point Energy Corp.
  323,561   1,066,671
Empire Co. Ltd., Class A
  17,178   398,748
Enbridge, Inc.
  97,227   3,955,831
Fairfax Financial Holdings Ltd.
  1,745   781,321
Finning International, Inc.
  15,316   265,081
Fortis, Inc.
  27,123   1,183,728
Franco-Nevada Corp.
  3,762   427,899
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
Canada-(continued)
George Weston Ltd.
  9,743   $785,672
Gibson Energy, Inc.
  17,111   343,630
Gildan Activewear, Inc.
  6,783   188,071
Great-West Lifeco, Inc.
  30,566   792,490
H&R REIT
  28,681   463,867
Husky Energy, Inc.
  43,010   280,002
Hydro One Ltd.(d)
  29,387   597,717
IGM Financial, Inc.
  8,519   246,510
Imperial Oil Ltd.
  20,765   492,689
Intact Financial Corp.
  7,289   790,158
Inter Pipeline Ltd.(c)
  31,435   524,095
Keyera Corp.(c)
  14,996   391,525
Kinross Gold Corp.(a)
  68,867   349,399
Loblaw Cos. Ltd.
  13,551   709,441
Magna International, Inc.
  34,734   1,761,978
Manulife Financial Corp.
  189,434   3,692,570
MEG Energy Corp.(a)
  53,279   272,327
Methanex Corp.
  4,445   144,218
Metro, Inc.
  12,292   501,420
National Bank of Canada
  23,477   1,303,479
Nutrien Ltd.
  25,734   1,099,175
Onex Corp.
  7,975   511,949
Open Text Corp.
  7,350   331,002
Parkland Fuel Corp.
  8,113   282,487
Pembina Pipeline Corp.
  24,408   935,312
Power Corp. of Canada
  51,735   1,291,664
Power Financial Corp.
  38,126   990,230
Restaurant Brands International, Inc.
  3,179   194,074
RioCan REIT
  26,192   537,881
Rogers Communications, Inc., Class B
  20,075   1,005,761
Royal Bank of Canada(c)
  90,355   7,144,778
Saputo, Inc.
  10,338   317,828
Shaw Communications, Inc., Class B
  34,428   673,175
SNC-Lavalin Group, Inc.(c)
  19,415   446,858
Sun Life Financial, Inc.
  50,263   2,364,647
Suncor Energy, Inc.
  115,860   3,543,561
TC Energy Corp.
  51,240   2,811,604
Teck Resources Ltd., Class B
  48,105   621,977
TELUS Corp.
  14,693   589,364
Thomson Reuters Corp.
  14,061   1,131,110
Toronto-Dominion Bank (The)
  108,316   5,990,119
Tourmaline Oil Corp.
  21,995   222,021
TransAlta Corp.
  48,427   361,770
Vermilion Energy, Inc.(c)
  10,843   156,592
West Fraser Timber Co. Ltd.
  3,949   158,312
Wheaton Precious Metals Corp.
  14,240   419,485
Whitecap Resources, Inc.(c)
  59,382   216,416
WSP Global, Inc.
  5,169   367,581
        88,737,827
Chile-0.05%
Antofagasta PLC
  26,755   289,977
Lundin Mining Corp.
  51,004   267,641
        557,618
China-0.23%
AAC Technologies Holdings, Inc.
  32,454   233,011
BOC Hong Kong Holdings Ltd.
  255,168   852,762
China Mengniu Dairy Co. Ltd.(a)
  87,468   324,419
Lenovo Group Ltd.
  1,317,899   870,690
Semiconductor Manufacturing International Corp.(a)(c)
  261,933   482,381
        2,763,263
  Shares   Value
Denmark-0.88%
AP Moller - Maersk A/S, Class A
  518   $583,805
AP Moller - Maersk A/S, Class B
  775   929,998
Carlsberg A/S, Class B
  5,065   740,895
Coloplast A/S, Class B
  3,120   393,739
Danske Bank A/S
  92,827   1,554,149
Drilling Co. of 1972 A/S (The)(a)
  2,589   144,359
DSV Panalpina A/S
  4,924   535,675
ISS A/S
  19,420   471,436
Jyske Bank A/S(a)
  7,142   271,981
Novo Nordisk A/S, Class B
  48,037   2,938,489
Novozymes A/S, Class B
  5,071   264,629
Orsted A/S(d)
  5,231   570,935
Pandora A/S
  8,134   421,455
Vestas Wind Systems A/S
  8,261   824,220
        10,645,765
Finland-1.03%
Elisa OYJ
  8,189   493,138
Fortum OYJ
  37,553   909,731
Kesko OYJ, Class B
  6,711   453,963
Kone OYJ, Class B
  16,764   1,082,347
Metso OYJ
  7,512   267,309
Neste OYJ
  15,779   627,408
Nokia OYJ
  342,850   1,337,222
Nokian Renkaat OYJ
  9,917   267,167
Nordea Bank Abp
  391,272   3,089,455
Outokumpu OYJ(c)
  66,483   229,134
Sampo OYJ, Class A
  34,603   1,567,244
Stora Enso OYJ, Class R
  47,573   619,992
UPM-Kymmene OYJ
  40,113   1,268,251
Wartsila OYJ Abp
  25,011   306,968
        12,519,329
France-10.01%
Accor S.A.
  9,653   396,127
Air France-KLM(a)
  68,656   638,502
Air Liquide S.A.
  23,333   3,380,886
Airbus SE
  21,862   3,228,069
Alstom S.A.
  6,749   358,555
Amundi S.A.(d)
  3,552   288,336
Arkema S.A.
  6,389   587,806
Atos SE
  6,862   571,400
AXA S.A.
  319,263   8,519,681
BNP Paribas S.A.
  185,266   9,864,207
Bollore S.A.
  79,387   323,226
Bouygues S.A.
  34,425   1,363,092
Bureau Veritas S.A.
  13,776   380,290
Capgemini SE
  7,907   984,471
Carrefour S.A.
  125,728   2,132,473
Casino Guichard Perrachon S.A.(c)
  21,104   857,384
CGG S.A.(a)
  141,752   399,950
Cie de Saint-Gobain
  72,596   2,754,237
Cie Generale des Etablissements Michelin S.C.A.
  17,363   2,020,376
CNP Assurances
  18,332   330,534
Covivio
  3,178   377,543
Credit Agricole S.A.
  174,846   2,369,738
Danone S.A.
  30,494   2,446,646
Dassault Systemes SE
  1,613   280,105
Edenred
  6,195   334,958
Eiffage S.A.
  8,539   991,241
Electricite de France S.A.
  87,591   1,082,798
Elis S.A.
  13,836   270,015
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
France-(continued)
ENGIE S.A.
  274,966   $4,741,402
EssilorLuxottica S.A.
  4,987   741,945
Eurazeo SE
  5,070   363,522
Eutelsat Communications S.A.(c)
  17,085   256,456
Faurecia S.A.
  11,169   534,336
Gecina S.A.
  3,160   596,726
Getlink SE
  17,467   308,743
Hermes International
  529   396,649
ICADE
  2,621   292,783
Iliad S.A.(c)
  2,057   270,585
Imerys S.A.
  3,611   156,387
Ingenico Group S.A.
  4,021   468,779
Kering S.A.
  1,623   998,228
Klepierre S.A.
  15,753   536,468
Lagardere S.C.A.
  19,447   369,603
Legrand S.A.
  11,218   900,062
L’Oreal S.A.
  6,612   1,845,777
LVMH Moet Hennessy Louis Vuitton SE
  7,476   3,275,023
Natixis S.A.
  121,335   514,054
Nexity S.A.
  4,419   213,515
Orange S.A.
  256,845   3,644,760
Pernod Ricard S.A.
  7,150   1,240,048
Peugeot S.A.
  71,513   1,474,856
Publicis Groupe S.A.
  15,862   703,658
Renault S.A.
  38,154   1,490,239
Rexel S.A.
  51,872   621,695
Rubis S.C.A.
  4,432   274,310
Safran S.A.
  10,481   1,695,216
Sanofi
  81,762   7,878,424
Schneider Electric SE
  35,034   3,514,411
SCOR SE
  18,520   788,732
Societe Generale S.A.
  215,103   6,966,574
Sodexo S.A.(c)
  6,552   686,884
SPIE S.A.
  15,088   293,278
Suez
  59,155   972,189
Teleperformance
  1,655   415,967
Thales S.A.
  4,302   473,029
TOTAL S.A.
  261,470   12,791,504
Unibail-Rodamco-Westfield
  10,449   1,419,657
Valeo S.A.
  36,636   1,092,953
Veolia Environnement S.A.
  71,560   2,115,799
Vinci S.A.
  32,879   3,650,939
Vivendi S.A.
  75,000   2,057,928
        121,576,739
Germany-9.30%
Aareal Bank AG
  9,031   296,442
adidas AG
  5,806   1,838,897
Allianz SE
  47,202   11,290,955
Aroundtown S.A.
  23,936   226,425
Aurubis AG
  6,979   381,370
BASF SE
  97,951   6,629,107
Bayer AG
  74,001   5,990,679
Bayerische Motoren Werke AG
  56,764   4,047,364
Bayerische Motoren Werke AG, Preference Shares
  9,814   548,144
Beiersdorf AG(c)
  2,643   299,927
Brenntag AG
  13,401   696,214
CECONOMY AG(a)(c)
  47,570   246,980
Commerzbank AG
  252,870   1,457,199
Continental AG
  11,234   1,281,554
Covestro AG(d)
  15,815   668,624
Daimler AG
  166,123   7,696,198
  Shares   Value
Germany-(continued)
Deutsche Bank AG(c)
  550,216   $5,051,165
Deutsche Boerse AG
  6,245   1,017,690
Deutsche Lufthansa AG
  39,869   611,049
Deutsche Pfandbriefbank AG(d)
  23,702   382,966
Deutsche Post AG
  102,439   3,584,486
Deutsche Telekom AG
  359,455   5,818,273
Deutsche Wohnen SE
  12,515   529,801
E.ON SE
  345,373   3,919,283
Evonik Industries AG
  17,933   492,263
Freenet AG
  18,355   407,634
Fresenius Medical Care AG & Co. KGaA
  12,790   987,920
Fresenius SE & Co. KGaA
  31,808   1,625,889
GEA Group AG
  16,323   490,035
Hannover Rueck SE
  5,048   981,781
HeidelbergCement AG
  16,462   1,117,943
Henkel AG & Co. KGaA(c)
  5,289   489,416
Henkel AG & Co. KGaA, Preference Shares
  8,965   913,425
HOCHTIEF AG
  1,785   206,913
HUGO BOSS AG
  5,041   239,100
Infineon Technologies AG
  33,463   725,951
K+S AG(c)
  26,415   257,603
KION Group AG
  4,623   290,486
LANXESS AG
  9,050   544,787
LEG Immobilien AG
  2,812   346,995
Leoni AG(a)(c)
  9,606   112,841
Merck KGaA
  5,014   644,000
METRO AG
  43,990   614,003
MTU Aero Engines AG
  1,627   494,755
Muenchener Rueckversicherungs-Gesellschaft AG
  19,574   5,776,556
OSRAM Licht AG
  7,535   377,851
Porsche Automobil Holding SE, Preference Shares
  9,304   630,396
ProSiebenSat.1 Media SE
  34,480   457,956
Rheinmetall AG
  3,001   321,663
RWE AG
  112,536   3,908,487
Salzgitter AG
  9,976   168,042
SAP SE
  28,227   3,685,547
Siemens AG
  68,470   8,471,072
Symrise AG
  3,272   337,003
Talanx AG
  5,430   271,270
Telefonica Deutschland Holding AG
  87,759   265,797
thyssenkrupp AG(c)
  80,554   996,699
TUI AG
  70,608   724,500
Uniper SE
  39,888   1,308,877
United Internet AG
  7,793   253,041
Volkswagen AG
  5,895   1,081,838
Volkswagen AG, Preference Shares
  34,036   6,124,763
Vonovia SE
  22,178   1,266,733
        112,922,623
Hong Kong-1.40%
AIA Group Ltd.
  366,638   3,671,149
CK Asset Holdings Ltd.
  162,275   1,049,106
CK Hutchison Holdings Ltd.
  157,133   1,402,377
CLP Holdings Ltd.
  92,773   969,559
Hang Lung Properties Ltd.
  119,069   250,869
Hang Seng Bank Ltd.
  36,947   752,748
Henderson Land Development Co. Ltd.
  97,249   440,851
Hong Kong & China Gas Co. Ltd. (The)
  251,133   483,838
Hong Kong Exchanges & Clearing Ltd.
  17,502   583,332
Hongkong Land Holdings Ltd.
  59,994   319,768
Jardine Matheson Holdings Ltd.
  7,063   394,892
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
Hong Kong-(continued)
Jardine Strategic Holdings Ltd.
  6,749   $208,072
Kerry Properties Ltd.
  56,447   158,839
Link REIT
  94,215   958,542
MTR Corp. Ltd.
  88,767   501,857
New World Development Co. Ltd.
  373,707   472,133
NWS Holdings Ltd.
  87,660   113,570
Power Assets Holdings Ltd.
  46,806   339,371
Sino Land Co. Ltd.
  136,641   187,587
Sun Hung Kai Properties Ltd.
  109,350   1,539,228
Swire Pacific Ltd., Class A
  36,777   326,095
Swire Pacific Ltd., Class B
  65,225   92,904
Swire Properties Ltd.
  73,022   228,520
Techtronic Industries Co. Ltd.
  39,004   316,205
WH Group Ltd.(d)
  657,046   631,246
Wharf Holdings Ltd. (The)
  84,509   210,269
Wharf Real Estate Investment Co. Ltd.
  71,543   373,152
        16,976,079
Ireland-0.39%
AIB Group PLC
  56,844   167,187
Bank of Ireland Group PLC
  106,383   520,383
CRH PLC
  62,721   2,361,308
Flutter Entertainment PLC
  4,207   477,038
Kerry Group PLC, Class A
  3,922   501,135
Smurfit Kappa Group PLC
  21,590   748,497
        4,775,548
Israel-0.25%
Bank Hapoalim BM
  68,225   588,582
Bank Leumi Le-Israel BM
  93,487   675,849
Bezeq The Israeli Telecommunication Corp. Ltd.(a)
  273,220   212,177
Israel Chemicals Ltd.
  65,726   278,460
Israel Discount Bank Ltd., Class A
  87,421   398,768
Teva Pharmaceutical Industries Ltd.(a)
  80,934   826,837
        2,980,673
Italy-3.32%
A2A S.p.A.
  139,265   278,186
Assicurazioni Generali S.p.A.
  236,665   4,614,680
Atlantia S.p.A.
  42,186   1,036,459
Banco BPM S.p.A.(a)(c)
  476,011   975,904
BPER Banca(c)
  89,180   410,142
Enel S.p.A.
  950,633   8,275,178
Eni S.p.A.
  377,534   5,295,895
Hera S.p.A.
  77,140   350,666
Intesa Sanpaolo S.p.A.
  2,234,271   5,559,902
Leonardo S.p.A.
  48,392   599,561
Mediobanca Banca di Credito Finanziario S.p.A.
  52,030   519,629
Pirelli & C S.p.A.(c)(d)
  37,578   182,067
Poste Italiane S.p.A.(d)
  66,614   764,054
Prysmian S.p.A.
  19,827   441,204
Saipem S.p.A.(a)(c)
  83,984   348,830
Saras S.p.A.(c)
  116,703   156,748
Snam S.p.A.
  168,705   904,320
Telecom Italia S.p.A.(a)
  2,458,180   1,326,119
Telecom Italia S.p.A., RSP
  1,404,637   739,394
Terna - Rete Elettrica Nazionale S.p.A.
  84,964   592,813
UniCredit S.p.A.
  389,867   5,220,037
Unione di Banche Italiane S.p.A.
  267,955   803,541
  Shares   Value
Italy-(continued)
Unipol Gruppo S.p.A.
  132,506   $675,919
UnipolSai Assicurazioni S.p.A.(c)
  98,646   264,553
        40,335,801
Japan-21.94%
Aeon Co. Ltd.
  95,351   1,982,502
AGC, Inc.
  24,293   841,631
Air Water, Inc.
  12,869   180,595
Aisin Seiki Co. Ltd.
  24,877   848,093
Ajinomoto Co., Inc.
  40,082   667,509
Alfresa Holdings Corp.
  15,533   319,158
Alps Alpine Co. Ltd.
  17,293   319,422
Amada Holdings Co. Ltd.
  26,664   286,112
ANA Holdings, Inc.
  9,969   314,932
Aozora Bank Ltd.
  12,167   332,506
Asahi Group Holdings Ltd.
  20,610   967,131
Asahi Kasei Corp.
  112,931   1,185,731
Astellas Pharma, Inc.
  94,382   1,698,502
Bandai Namco Holdings, Inc.
  8,943   526,258
Bank of Kyoto Ltd. (The)(c)
  5,408   222,038
Bridgestone Corp.
  58,646   2,110,791
Brother Industries Ltd.
  20,591   410,927
Canon, Inc.
  91,700   2,442,147
Casio Computer Co. Ltd.
  14,916   281,984
Central Japan Railway Co.
  9,956   1,982,749
Chiba Bank Ltd. (The)
  58,956   328,002
Chubu Electric Power Co., Inc.
  59,669   819,186
Chugai Pharmaceutical Co. Ltd.
  3,783   393,186
Chugoku Electric Power Co., Inc. (The)(c)
  43,297   574,044
Coca-Cola Bottlers Japan Holdings, Inc.
  9,888   263,929
Concordia Financial Group Ltd.
  146,758   567,344
Cosmo Energy Holdings Co. Ltd.
  23,982   473,732
Credit Saison Co. Ltd.
  19,612   321,363
Dai Nippon Printing Co. Ltd.
  25,771   724,018
Daicel Corp.
  31,065   300,661
Dai-ichi Life Holdings, Inc.
  165,386   2,526,911
Daiichi Sankyo Co. Ltd.
  26,620   1,827,554
Daikin Industries, Ltd.
  11,473   1,655,029
Daito Trust Construction Co. Ltd.
  5,136   611,524
Daiwa House Industry Co. Ltd.
  59,498   1,899,918
Daiwa Securities Group, Inc.
  185,852   958,711
Denka Co. Ltd.
  8,139   226,031
Denso Corp.
  45,428   1,903,713
Dentsu Group, Inc.
  15,253   515,071
DIC Corp.
  11,133   300,140
East Japan Railway Co.
  25,962   2,323,489
Ebara Corp.
  9,336   264,872
Eisai Co. Ltd.
  8,088   621,534
Electric Power Development Co. Ltd.
  14,990   342,854
FANUC Corp.
  7,761   1,455,031
Fast Retailing Co. Ltd.
  1,070   585,817
Fuji Electric Co. Ltd.
  11,613   352,510
FUJIFILM Holdings Corp.
  26,501   1,340,882
Fujikura Ltd.
  64,277   243,741
Fujitsu Ltd.
  24,370   2,611,593
Fukuoka Financial Group, Inc.
  16,925   300,601
Furukawa Electric Co. Ltd.
  9,454   226,962
Hakuhodo DY Holdings, Inc.
  18,322   266,416
Hankyu Hanshin Holdings, Inc.
  13,912   573,757
Haseko Corp.
  28,522   378,942
Hino Motors Ltd.
  41,253   394,318
Hitachi Construction Machinery Co. Ltd.
  9,417   260,220
Hitachi Ltd.
  110,852   4,326,281
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
Japan-(continued)
Hitachi Metals Ltd.
  26,265   $412,447
Hokkaido Electric Power Co., Inc.
  34,981   166,215
Honda Motor Co. Ltd.
  184,273   4,813,183
Hoya Corp.
  10,396   1,016,724
Idemitsu Kosan Co. Ltd.
  35,764   912,372
IHI Corp.
  16,660   404,107
Iida Group Holdings Co. Ltd.
  17,417   298,894
INPEX Corp.
  117,361   1,115,842
Isetan Mitsukoshi Holdings Ltd.(c)
  49,772   395,384
Isuzu Motors Ltd.
  47,160   475,581
ITOCHU Corp.
  144,908   3,433,351
J Front Retailing Co. Ltd.
  35,365   433,966
Japan Airlines Co. Ltd.
  10,821   309,000
Japan Display, Inc.(a)(c)
  436,952   282,204
Japan Exchange Group, Inc.
  18,324   335,423
Japan Post Bank Co. Ltd.
  43,674   409,400
Japan Post Holdings Co. Ltd.
  220,745   2,029,139
Japan Post Insurance Co. Ltd.
  12,893   220,425
Japan Tobacco, Inc.
  84,832   1,812,713
JFE Holdings, Inc.
  85,057   1,031,969
JGC Holdings Corp.
  20,458   301,439
JSR Corp.
  16,562   303,475
JTEKT Corp.
  35,547   388,316
JXTG Holdings, Inc.
  439,282   1,900,036
Kajima Corp.
  48,036   623,136
Kaneka Corp.
  5,967   188,009
Kansai Electric Power Co., Inc. (The)
  76,262   864,047
Kao Corp.
  14,416   1,168,070
Kawasaki Heavy Industries Ltd.
  23,367   473,657
Kawasaki Kisen Kaisha Ltd.(a)
  19,449   266,294
KDDI Corp.
  142,116   4,288,983
Keikyu Corp.
  13,079   244,481
Keio Corp.
  4,982   288,665
Keyence Corp.
  2,108   726,816
Kikkoman Corp.
  4,702   232,963
Kintetsu Group Holdings Co. Ltd.
  12,326   656,189
Kirin Holdings Co. Ltd.
  51,302   1,141,911
Kobe Steel Ltd.
  91,336   427,249
Koito Manufacturing Co. Ltd.
  5,545   246,336
Komatsu Ltd.
  67,437   1,534,964
Konica Minolta, Inc.
  54,097   339,401
K’s Holdings Corp.
  25,916   318,734
Kubota Corp.
  80,553   1,293,560
Kuraray Co. Ltd.
  34,892   429,772
Kyocera Corp.
  22,111   1,483,927
Kyushu Electric Power Co., Inc.
  60,854   505,315
Kyushu Railway Co.
  9,116   301,526
Lawson, Inc.
  3,355   196,251
LIXIL Group Corp.
  46,485   787,438
Makita Corp.
  10,886   427,365
Marubeni Corp.
  230,832   1,693,570
Marui Group Co. Ltd.
  12,183   285,846
Mazda Motor Corp.
  111,054   957,000
Mebuki Financial Group, Inc.
  119,069   269,151
Medipal Holdings Corp.
  20,387   439,397
MEIJI Holdings Co. Ltd.
  6,929   493,536
MINEBEA MITSUMI, Inc.
  23,306   470,055
Mitsubishi Chemical Holdings Corp.
  205,262   1,515,058
Mitsubishi Corp.
  123,357   3,212,961
Mitsubishi Electric Corp.
  176,725   2,519,169
Mitsubishi Estate Co. Ltd.
  61,708   1,225,221
Mitsubishi Gas Chemical Co., Inc.
  18,682   291,300
  Shares   Value
Japan-(continued)
Mitsubishi Heavy Industries Ltd.
  40,949   $1,520,310
Mitsubishi Materials Corp.(c)
  16,244   417,097
Mitsubishi Motors Corp.
  72,820   277,480
Mitsubishi UFJ Financial Group, Inc.
  1,779,063   9,331,525
Mitsui & Co. Ltd.
  178,921   3,236,376
Mitsui Chemicals, Inc.
  23,030   521,646
Mitsui E&S Holdings Co. Ltd.
  22,680   194,816
Mitsui Fudosan Co. Ltd.
  60,236   1,618,094
Mitsui Mining & Smelting Co. Ltd.
  9,681   235,270
Mitsui OSK Lines Ltd.
  26,062   646,591
Mizuho Financial Group, Inc.
  3,624,911   5,434,775
MS&AD Insurance Group Holdings, Inc.
  41,809   1,410,670
Murata Manufacturing Co. Ltd.
  21,409   1,249,953
Nagoya Railroad Co. Ltd.
  13,061   387,426
NEC Corp.
  33,377   1,515,107
NGK Insulators Ltd.
  22,091   378,493
NGK Spark Plug Co. Ltd.
  15,492   278,294
NH Foods Ltd.
  12,885   573,605
NHK Spring Co. Ltd.
  21,967   180,381
Nidec Corp.
  5,701   738,497
Nikon Corp.
  28,289   349,485
Nintendo Co. Ltd.
  2,264   851,624
Nippon Electric Glass Co. Ltd.
  10,695   212,548
Nippon Express Co. Ltd.
  9,400   500,420
Nippon Light Metal Holdings Co. Ltd.
  94,728   185,287
Nippon Paper Industries Co. Ltd.
  22,003   363,993
Nippon Sheet Glass Co. Ltd.
  25,177   139,840
Nippon Steel Corp.
  101,139   1,432,845
Nippon Telegraph & Telephone Corp.
  169,222   4,350,575
Nippon Yusen KK
  49,151   804,483
Nissan Motor Co. Ltd.
  370,794   2,050,939
Nisshin Seifun Group, Inc.
  13,231   229,255
Nisshinbo Holdings, Inc.
  25,204   222,775
Nissin Foods Holdings Co. Ltd.
  3,120   237,775
Nitori Holdings Co. Ltd.
  2,030   318,121
Nitto Denko Corp.
  11,543   659,235
NOK Corp.
  17,381   237,979
Nomura Holdings, Inc.
  516,841   2,700,439
Nomura Real Estate Holdings, Inc.
  15,007   374,535
NSK Ltd.
  52,178   448,196
NTN Corp.
  87,888   240,833
NTT Data Corp.
  43,267   620,752
NTT DOCOMO, Inc.
  90,466   2,593,328
Obayashi Corp.
  78,194   875,115
Odakyu Electric Railway Co. Ltd.
  14,658   329,445
Oji Holdings Corp.
  109,527   571,964
Olympus Corp.
  38,008   625,781
Omron Corp.
  11,284   667,347
Ono Pharmaceutical Co. Ltd.
  15,364   359,984
Oriental Land Co. Ltd.
  2,703   355,628
ORIX Corp.
  123,592   2,118,687
Osaka Gas Co. Ltd.
  33,842   579,827
Otsuka Holdings Co. Ltd.
  26,144   1,185,085
Pan Pacific International Holdings Corp.
  14,896   242,849
Panasonic Corp.
  297,914   3,029,028
Rakuten, Inc.(a)
  42,691   337,164
Recruit Holdings Co. Ltd.
  28,120   1,116,653
Renesas Electronics Corp.(a)
  42,208   276,882
Rengo Co. Ltd.
  25,114   179,344
Resona Holdings, Inc.
  275,770   1,159,972
Ricoh Co. Ltd.
  99,151   1,151,738
Rohm Co. Ltd.
  5,521   410,057
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
Japan-(continued)
Santen Pharmaceutical Co. Ltd.
  15,954   $302,638
SBI Holdings, Inc.
  15,651   372,268
Secom Co. Ltd.
  8,878   795,608
Sega Sammy Holdings, Inc.
  18,451   255,183
Seibu Holdings, Inc.
  13,588   214,505
Seiko Epson Corp.
  30,271   452,452
Seino Holdings Co. Ltd.
  17,046   221,440
Sekisui Chemical Co. Ltd.
  30,321   515,584
Sekisui House Ltd.(c)
  72,085   1,570,261
Seven & i Holdings Co. Ltd.
  56,799   2,209,913
SG Holdings Co. Ltd.
  9,888   212,111
Sharp Corp.
  17,712   248,721
Shikoku Electric Power Co., Inc.
  19,128   164,128
Shimadzu Corp.
  8,560   246,411
Shimano, Inc.
  2,059   320,291
Shimizu Corp.
  61,763   645,638
Shin-Etsu Chemical Co. Ltd.
  18,813   2,207,015
Shinsei Bank Ltd.
  17,595   274,351
Shionogi & Co. Ltd.
  7,238   438,414
Shiseido Co. Ltd.
  7,351   480,662
Shizuoka Bank Ltd. (The)
  54,486   390,604
Showa Denko K.K.
  11,155   275,311
Skylark Holdings Co. Ltd.
  14,700   271,933
SMC Corp.
  1,826   812,548
Softbank Corp.(c)
  110,275   1,522,087
SoftBank Group Corp.
  107,873   4,502,629
Sojitz Corp.
  182,247   583,473
Sompo Holdings, Inc.
  41,235   1,572,397
Sony Corp.
  76,722   5,463,306
Sony Financial Holdings, Inc.
  15,416   362,412
Stanley Electric Co. Ltd.
  8,775   231,226
Subaru Corp.
  71,026   1,808,661
Sumitomo Chemical Co. Ltd.
  217,116   945,507
Sumitomo Corp.
  135,414   2,046,484
Sumitomo Electric Industries Ltd.
  76,355   1,042,630
Sumitomo Forestry Co. Ltd.
  21,820   309,025
Sumitomo Heavy Industries Ltd.
  11,053   299,003
Sumitomo Metal Mining Co. Ltd.
  23,208   677,493
Sumitomo Mitsui Financial Group, Inc.
  180,728   6,476,427
Sumitomo Mitsui Trust Holdings, Inc.
  38,407   1,446,840
Sumitomo Realty & Development Co. Ltd.
  20,851   779,135
Sumitomo Rubber Industries Ltd.
  29,374   329,284
Suntory Beverage & Food Ltd.
  7,570   324,424
Suzuken Co. Ltd.
  8,495   331,931
Suzuki Motor Corp.
  28,270   1,312,494
Sysmex Corp.
  3,948   287,654
T&D Holdings, Inc.
  74,460   818,212
Taiheiyo Cement Corp.
  13,952   384,119
Taisei Corp.
  16,511   671,804
Takashimaya Co. Ltd.(c)
  25,140   273,006
Takeda Pharmaceutical Co. Ltd.
  55,641   2,169,991
TDK Corp.
  9,531   1,043,807
Teijin Ltd.
  25,426   463,315
Terumo Corp.
  14,898   547,619
Tobu Railway Co. Ltd.
  14,917   532,627
Toho Gas Co. Ltd.
  6,169   241,615
Tohoku Electric Power Co., Inc.
  41,608   394,640
Tokio Marine Holdings, Inc.
  61,020   3,369,513
Tokyo Electric Power Co. Holdings, Inc.(a)
  622,758   2,499,421
Tokyo Electron Ltd.
  5,905   1,334,802
Tokyo Gas Co. Ltd.
  45,451   1,009,789
Tokyo Tatemono Co. Ltd.
  19,262   316,339
  Shares   Value
Japan-(continued)
Tokyu Corp.
  34,312   $611,623
Tokyu Fudosan Holdings Corp.
  70,948   507,964
Toppan Printing Co. Ltd.
  28,501   577,462
Toray Industries, Inc.
  154,589   1,034,349
Toshiba Corp.
  48,393   1,562,721
Tosoh Corp.
  30,634   444,594
TOTO Ltd.
  7,940   331,490
Toyo Seikan Group Holdings Ltd.
  18,344   317,510
Toyo Suisan Kaisha Ltd.
  5,459   231,687
Toyoda Gosei Co. Ltd.
  10,499   244,203
Toyota Industries Corp.
  15,277   845,707
Toyota Motor Corp.
  236,806   16,718,545
Toyota Tsusho Corp.
  20,814   736,464
Trend Micro, Inc.
  4,324   229,794
Ube Industries Ltd.
  15,158   312,432
Unicharm Corp.
  9,047   314,852
West Japan Railway Co.
  15,294   1,308,636
Yakult Honsha Co. Ltd.
  3,120   159,764
Yamada Denki Co. Ltd.
  100,980   513,355
Yamaguchi Financial Group, Inc.
  24,999   153,844
Yamaha Corp.
  5,674   296,303
Yamaha Motor Co. Ltd.
  31,837   605,692
Yamato Holdings Co. Ltd.
  22,384   366,578
Yamazaki Baking Co. Ltd.
  13,839   266,604
Yaskawa Electric Corp.
  8,096   289,450
Yokogawa Electric Corp.
  12,153   217,080
Yokohama Rubber Co. Ltd. (The)
  11,512   200,638
Z Holdings Corp.
  167,876   678,412
        266,554,635
Luxembourg-0.19%
ArcelorMittal S.A.
  96,128   1,422,803
RTL Group S.A.
  4,572   208,241
SES S.A., FDR
  31,139   383,214
Tenaris S.A.
  32,960   340,717
        2,354,975
Macau-0.11%
Galaxy Entertainment Group Ltd.
  58,745   389,621
Sands China Ltd.
  142,374   696,752
SJM Holdings Ltd.
  202,474   228,683
        1,315,056
Mongolia-0.01%
Turquoise Hill Resources Ltd.(a)
  130,631   84,944
Netherlands-1.95%
ABN AMRO Bank N.V., CVA(d)
  46,870   816,518
Aegon N.V.
  454,648   1,848,593
Akzo Nobel N.V.
  12,954   1,224,535
ASML Holding N.V.
  6,707   1,889,764
ASR Nederland N.V.
  14,780   550,996
Boskalis Westminster
  10,202   239,345
Heineken Holding N.V.
  6,554   645,694
Heineken N.V.
  10,083   1,098,626
ING Groep N.V.
  467,788   5,093,307
Koninklijke Ahold Delhaize N.V.
  95,034   2,338,031
Koninklijke DSM N.V.
  8,564   1,046,816
Koninklijke KPN N.V.
  320,615   899,989
Koninklijke Philips N.V.
  51,122   2,345,451
NN Group N.V.
  41,821   1,455,266
Randstad N.V.
  12,236   704,574
SBM Offshore N.V.
  12,535   215,801
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
Netherlands-(continued)
Signify N.V.(d)
  15,684   $523,516
Wolters Kluwer N.V.
  9,062   682,087
        23,618,909
New Zealand-0.05%
Fletcher Building Ltd.
  58,771   211,087
Spark New Zealand Ltd.
  145,870   439,903
        650,990
Norway-0.62%
DNB ASA
  82,576   1,449,904
Equinor ASA
  107,858   1,955,831
Gjensidige Forsikring ASA
  14,093   307,307
Mowi ASA
  26,356   629,607
Norsk Hydro ASA
  169,136   532,300
Orkla ASA
  57,312   553,361
Storebrand ASA
  48,850   375,737
Telenor ASA
  60,032   1,087,281
Yara International ASA
  18,830   685,151
        7,576,479
Poland-0.22%
Bank Polska Kasa Opieki S.A.
  18,966   483,960
KGHM Polska Miedz S.A.(a)
  15,625   367,367
PGE Polska Grupa Energetyczna S.A.(a)
  77,794   137,580
Polski Koncern Naftowy ORLEN S.A.
  29,135   568,286
Polskie Gornictwo Naftowe i Gazownictwo S.A.
  149,640   138,802
Powszechna Kasa Oszczednosci Bank Polski S.A.
  48,637   428,949
Powszechny Zaklad Ubezpieczen S.A.
  53,661   556,399
        2,681,343
Portugal-0.21%
Banco Comercial Portugues S.A., Class R
  848,855   180,333
EDP - Energias de Portugal S.A.
  280,504   1,406,306
Galp Energia SGPS S.A.
  42,860   647,865
Jeronimo Martins SGPS S.A.
  20,684   356,323
        2,590,827
Russia-0.01%
Evraz PLC
  30,296   140,815
Singapore-0.79%
Ascendas REIT
  130,299   300,712
CapitaLand Ltd.
  198,216   525,710
CapitaLand Mall Trust
  116,577   215,235
City Developments Ltd.
  35,148   272,964
ComfortDelGro Corp. Ltd.
  171,793   273,127
DBS Group Holdings Ltd.
  115,015   2,137,835
Genting Singapore Ltd.
  267,409   168,490
Jardine Cycle & Carriage Ltd.
  10,552   225,899
Keppel Corp. Ltd.
  92,134   450,916
Oversea-Chinese Banking Corp. Ltd.
  146,697   1,163,989
Singapore Airlines Ltd.
  38,574   241,635
Singapore Press Holdings Ltd.
  137,403   203,351
Singapore Technologies Engineering Ltd.
  89,232   268,696
Singapore Telecommunications Ltd.
  569,485   1,376,878
United Overseas Bank Ltd.
  72,813   1,368,878
Wilmar International Ltd.
  141,210   404,521
        9,598,836
South Africa-0.17%
Anglo American PLC
  65,751   1,720,979
Investec PLC
  69,318   383,044
        2,104,023
  Shares   Value
South Korea-3.82%
Amorepacific Corp.
  1,060   $167,202
Amorepacific Corp., Preference Shares
  355   24,901
BNK Financial Group, Inc.
  32,365   183,298
CJ CheilJedang Corp.
  922   183,727
CJ CheilJedang Corp., Preference Shares
  160   13,827
CJ Corp.
  1,837   127,620
Daelim Industrial Co. Ltd.
  3,573   242,827
DB Insurance Co. Ltd.
  4,388   156,471
Doosan Infracore Co. Ltd.(a)
  33,970   140,229
E-MART, Inc.
  2,730   254,252
GS Engineering & Construction Corp.
  5,574   130,949
GS Holdings Corp.
  4,986   191,182
Hana Financial Group, Inc.
  28,580   796,120
Hankook Tire & Technology Co. Ltd.
  8,232   198,228
Hanwha Solutions Corp.
  12,383   175,067
Hyundai Engineering & Construction Co. Ltd.
  8,433   270,286
Hyundai Glovis Co. Ltd.
  2,318   285,897
Hyundai Marine & Fire Insurance Co. Ltd.
  8,087   149,276
Hyundai Mobis Co. Ltd.
  8,063   1,552,593
Hyundai Motor Co.
  17,634   1,849,436
Hyundai Motor Co., First Pfd.
  2,778   170,617
Hyundai Motor Co., Second Pfd.
  4,392   295,908
Hyundai Steel Co.
  11,540   274,013
Industrial Bank of Korea
  32,025   288,852
KB Financial Group, Inc.
  44,145   1,627,867
Kia Motors Corp.
  29,896   1,025,923
Korea Electric Power Corp.
  55,971   1,190,473
Korea Gas Corp.
  6,053   165,056
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)
  4,968   475,187
Korea Zinc Co. Ltd.
  662   211,067
Korean Air Lines Co. Ltd.
  10,395   206,269
KT&G Corp.
  7,149   570,432
LG Chem Ltd.
  2,754   779,859
LG Chem Ltd., Preference Shares
  466   70,183
LG Corp.
  6,409   378,028
LG Display Co. Ltd.
  51,512   665,591
LG Electronics, Inc.
  18,323   1,013,119
LG Electronics, Inc., Preference Shares
  2,945   64,862
LG Household & Health Care Ltd.
  181   191,046
LG Household & Health Care Ltd., Preference Shares
  46   29,410
LG Uplus Corp.
  24,677   274,338
Lotte Chemical Corp.
  1,509   239,926
Lotte Shopping Co. Ltd.
  2,079   201,472
Mirae Asset Daewoo Co. Ltd.
  28,575   165,190
Mirae Asset Daewoo Co. Ltd., Second Pfd.
  10,467   33,284
NAVER Corp.
  2,574   387,660
POSCO
  10,044   1,862,419
Samsung C&T Corp.
  4,667   424,860
Samsung Electro-Mechanics Co. Ltd.
  3,066   321,559
Samsung Electronics Co. Ltd.
  333,740   15,793,041
Samsung Electronics Co. Ltd., Preference Shares
  59,498   2,371,234
Samsung Fire & Marine Insurance Co. Ltd.
  2,109   373,368
Samsung Fire & Marine Insurance Co. Ltd., Preference Shares
  186   23,565
Samsung Heavy Industries Co. Ltd.(a)
  39,743   221,749
Samsung Life Insurance Co. Ltd.
  6,676   389,296
Samsung SDI Co. Ltd.
  1,854   429,336
Shinhan Financial Group Co. Ltd.
  36,079   1,185,126
SK Holdings Co. Ltd.
  2,752   543,773
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
South Korea-(continued)
SK Hynix, Inc.
  30,306   $2,377,490
SK Innovation Co. Ltd.
  7,525   820,783
SK Telecom Co. Ltd.
  2,351   452,703
S-Oil Corp.
  3,809   243,525
Woongjin Coway Co. Ltd.
  2,752   202,732
Woori Financial Group, Inc.
  29,129   248,068
        46,373,647
Spain-3.42%
Acciona S.A.(c)
  2,584   293,231
Acerinox S.A.
  20,342   198,424
ACS Actividades de Construccion y Servicios S.A.
  33,453   1,113,291
Aena SME S.A.(d)
  2,757   510,695
Amadeus IT Group S.A.
  9,456   742,133
Banco Bilbao Vizcaya Argentaria S.A.
  877,236   4,538,497
Banco de Sabadell S.A.
  1,304,790   1,177,018
Banco Santander S.A.
  2,897,105   11,410,374
Bankia S.A.(c)
  164,441   299,136
Bankinter S.A.
  48,219   312,816
CaixaBank S.A.
  343,423   1,004,735
Distribuidora Internacional de Alimentacion S.A.(a)(c)
  461,387   52,205
Enagas S.A.
  16,303   439,389
Endesa S.A.
  47,003   1,290,238
Ferrovial S.A.
  31,761   1,008,762
Grifols S.A.(c)
  10,884   365,468
Grifols S.A., Class B, Preference Shares
  8,506   194,183
Iberdrola S.A.
  529,075   5,786,989
Industria de Diseno Textil S.A.
  37,830   1,273,208
Mapfre S.A.
  184,552   472,851
Merlin Properties SOCIMI S.A.
  16,581   235,201
Naturgy Energy Group S.A.
  33,018   870,855
Red Electrica Corp. S.A.
  25,000   499,660
Repsol S.A.
  194,517   2,687,003
Telefonica S.A.
  707,334   4,788,648
        41,565,010
Sweden-2.02%
Alfa Laval AB
  15,623   390,630
Assa Abloy AB, Class B
  34,227   814,248
Atlas Copco AB, Class A
  28,193   1,000,348
Atlas Copco AB, Class B
  16,747   521,245
BillerudKorsnas AB(c)
  16,391   210,698
Boliden AB
  19,455   462,827
Castellum AB
  14,278   350,482
Electrolux AB, Series B
  22,632   536,998
Epiroc AB, Class A
  16,780   194,459
Epiroc AB, Class B
  10,161   115,013
Essity AB, Class B
  32,307   1,025,656
Getinge AB, Class B
  18,659   318,545
Hennes & Mauritz AB, Class B(c)
  100,844   2,214,380
Hexagon AB, Class B
  7,024   382,730
Husqvarna AB, Class B
  28,036   211,521
ICA Gruppen AB
  6,964   306,199
Industrivarden AB, Class A
  16,639   402,568
Industrivarden AB, Class C
  13,307   313,808
NCC AB, Class A
  652   12,142
NCC AB, Class B(c)
  15,138   282,699
Sandvik AB
  58,836   1,075,250
Securitas AB, Class B
  28,628   450,717
Skandinaviska Enskilda Banken AB, Class A
  138,255   1,366,105
Skandinaviska Enskilda Banken AB, Class C
  2,010   21,229
  Shares   Value
Sweden-(continued)
Skanska AB, Class B
  45,599   $1,054,979
SKF AB, Class B
  36,621   671,352
SSAB AB, Class A(c)
  31,431   96,785
SSAB AB, Class B(c)
  78,636   226,722
Svenska Cellulosa AB S.C.A., Class A
  1,022   10,476
Svenska Cellulosa AB S.C.A., Class B
  30,592   306,344
Svenska Handelsbanken AB, Class A
  144,458   1,419,004
Svenska Handelsbanken AB, Class B(c)
  3,531   36,854
Swedbank AB, Class A
  89,683   1,379,395
Swedish Match AB
  7,331   414,822
Tele2 AB, Class B
  30,404   458,647
Telefonaktiebolaget LM Ericsson, Class A
  2,645   22,255
Telefonaktiebolaget LM Ericsson, Class B
  207,590   1,631,662
Telia Co. AB
  332,731   1,423,971
Trelleborg AB, Class B
  18,364   301,601
Volvo AB, Class B
  122,855   2,106,927
        24,542,293
Switzerland-6.86%
ABB Ltd.
  137,789   3,215,958
Adecco Group AG
  21,471   1,262,280
Alcon, Inc.(a)
  19,733   1,165,013
Baloise Holding AG
  4,639   838,382
Chocoladefabriken Lindt & Spruengli AG
  3   279,641
Chocoladefabriken Lindt & Spruengli AG, PC
  29   243,108
Cie Financiere Richemont S.A.
  24,779   1,814,909
Clariant AG
  12,833   289,140
Coca-Cola HBC AG(a)
  8,977   329,681
Credit Suisse Group AG(a)
  278,818   3,531,300
Dufry AG(a)
  2,561   222,363
Geberit AG
  1,192   629,339
Georg Fischer AG
  291   286,187
Givaudan S.A.
  304   1,002,354
Glencore PLC
  1,773,447   5,201,513
Helvetia Holding AG
  3,447   496,079
Julius Baer Group Ltd.
  13,229   662,513
Kuehne + Nagel International AG
  3,594   581,330
LafargeHolcim Ltd.(a)
  43,043   2,191,313
Lonza Group AG(a)
  1,806   741,912
Nestle S.A.
  131,741   14,531,191
Novartis AG
  98,692   9,329,410
Partners Group Holding AG
  305   279,811
PSP Swiss Property AG
  2,015   304,616
Roche Holding AG
  29,915   10,059,033
Roche Holding AG, BR
  1,146   380,237
Schindler Holding AG
  652   162,248
Schindler Holding AG, PC
  1,374   355,307
SGS S.A.
  220   636,653
Sika AG
  3,974   714,904
Sonova Holding AG
  1,333   334,200
STMicroelectronics N.V.
  29,683   831,907
Swatch Group AG (The)
  3,288   160,300
Swatch Group AG (The), BR
  2,143   539,277
Swiss Life Holding AG
  3,450   1,736,358
Swiss Prime Site AG(a)
  5,048   616,574
Swiss Re AG
  39,172   4,427,133
Swisscom AG(c)
  2,221   1,219,598
UBS Group AG
  344,023   4,280,446
Vifor Pharma AG
  1,659   306,187
Zurich Insurance Group AG
  17,054   7,085,425
        83,275,130
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
United Kingdom-15.94%
3i Group PLC
  56,977   $829,558
Admiral Group PLC
  11,597   345,337
Aggreko PLC
  29,757   302,430
Ashtead Group PLC
  20,742   671,249
Associated British Foods PLC
  21,317   737,908
AstraZeneca PLC
  57,943   5,670,487
Aviva PLC
  481,836   2,530,463
Babcock International Group PLC
  35,170   272,974
BAE Systems PLC
  280,802   2,337,148
Balfour Beatty PLC
  59,188   207,382
Barclays PLC
  2,475,484   5,482,149
Barratt Developments PLC
  88,190   933,272
Beazley PLC
  32,415   231,380
Bellway PLC
  9,094   477,710
Berkeley Group Holdings PLC
  9,907   684,313
BP PLC
  2,489,755   14,988,876
British American Tobacco PLC
  208,367   9,222,027
British Land Co. PLC (The)
  85,783   627,137
BT Group PLC
  1,055,545   2,239,073
Bunzl PLC
  16,475   426,746
Burberry Group PLC
  17,144   441,363
Capita PLC(a)
  246,295   472,227
Centrica PLC
  972,291   1,087,373
Close Brothers Group PLC
  11,549   215,570
CNH Industrial N.V.
  101,203   967,209
Compass Group PLC
  79,512   1,967,335
Croda International PLC
  4,241   278,630
DCC PLC
  7,195   581,587
Derwent London PLC
  5,462   295,920
Diageo PLC
  76,765   3,045,869
Direct Line Insurance Group PLC
  189,184   842,414
Dixons Carphone PLC
  171,491   306,537
Drax Group PLC
  51,131   183,330
DS Smith PLC
  97,722   438,880
easyJet PLC
  22,137   406,491
Experian PLC
  26,178   909,972
Fiat Chrysler Automobiles N.V.
  277,784   3,611,582
G4S PLC
  195,039   502,374
GlaxoSmithKline PLC
  329,630   7,751,808
Hammerson PLC
  79,771   245,430
Hays PLC
  111,239   227,578
Hiscox Ltd.
  16,377   283,453
HSBC Holdings PLC
  1,756,342   12,775,333
IG Group Holdings PLC
  28,733   251,420
IMI PLC
  20,683   300,998
Imperial Brands PLC
  83,472   2,146,520
Inchcape PLC
  45,835   396,958
Informa PLC
  38,245   390,612
InterContinental Hotels Group PLC
  9,506   587,131
Intermediate Capital Group PLC
  20,705   475,450
International Consolidated Airlines Group S.A.
  97,512   731,652
Intertek Group PLC
  4,054   307,814
Intu Properties PLC(a)(c)
  189,326   42,552
ITV PLC
  394,348   703,849
J Sainsbury PLC
  321,868   858,756
John Wood Group PLC
  60,250   298,863
Johnson Matthey PLC
  20,522   704,707
Kingfisher PLC
  382,994   1,029,920
Land Securities Group PLC
  69,294   856,801
Legal & General Group PLC
  714,503   2,877,377
Lloyds Banking Group PLC
  7,307,394   5,470,359
London Stock Exchange Group PLC
  6,586   680,296
  Shares   Value
United Kingdom-(continued)
M&G PLC(a)
  225,737   $714,755
Man Group PLC
  123,217   249,972
Marks & Spencer Group PLC
  289,131   670,793
Meggitt PLC
  52,327   466,012
Micro Focus International PLC
  16,239   219,457
Mondi PLC
  25,049   510,483
National Grid PLC
  431,647   5,722,974
Next PLC
  10,715   973,462
Pearson PLC
  60,484   453,186
Pennon Group PLC
  34,418   502,925
Persimmon PLC
  20,782   836,365
Petrofac Ltd.
  55,895   257,293
Phoenix Group Holdings PLC
  34,372   343,444
Playtech PLC
  47,296   215,155
Prudential PLC
  225,737   4,023,100
Quilter PLC(d)
  184,423   413,646
Reckitt Benckiser Group PLC
  27,344   2,263,978
RELX PLC
  58,059   1,540,617
Rentokil Initial PLC
  55,657   342,624
Rolls-Royce Holdings PLC
  103,771   916,500
Royal Bank of Scotland Group PLC (The)
  377,600   1,086,594
Royal Dutch Shell PLC, Class A
  506,174   13,307,410
Royal Dutch Shell PLC, Class B
  417,284   11,001,279
Royal Mail PLC
  228,999   598,300
RSA Insurance Group PLC
  84,246   611,236
Sage Group PLC (The)
  43,244   420,919
Schroders PLC
  6,994   296,222
Seadrill Ltd.(a)
  11,426   15,420
Segro PLC
  43,718   524,770
Severn Trent PLC
  19,040   647,291
Signature Aviation PLC
  57,645   221,276
Smith & Nephew PLC
  33,059   795,959
Smiths Group PLC
  27,035   602,096
SSE PLC
  160,384   3,189,244
St James’s Place PLC
  40,837   615,831
Standard Chartered PLC
  312,420   2,598,661
Standard Life Aberdeen PLC
  383,354   1,523,592
Subsea 7 S.A.
  31,667   340,725
Tate & Lyle PLC
  37,979   396,907
Taylor Wimpey PLC
  289,049   819,584
TechnipFMC PLC
  35,723   575,019
Tesco PLC
  1,042,550   3,393,122
Thomas Cook Group PLC(a)(b)(c)
  575,015   0
Travis Perkins PLC
  30,451   622,780
Unilever N.V.
  62,198   3,632,497
Unilever PLC
  45,779   2,735,781
United Utilities Group PLC
  59,888   800,101
Virgin Money UK PLC(a)
  231,036   500,226
Vodafone Group PLC
  5,119,371   10,075,297
Weir Group PLC (The)
  14,518   257,975
Whitbread PLC
  8,257   486,532
William Hill PLC
  121,607   277,163
WM Morrison Supermarkets PLC(c)
  327,036   784,385
WPP PLC
  169,700   2,113,952
        193,672,806
United States-0.41%
Amcor PLC, CDI
  72,900   775,478
Bausch Health Cos., Inc.(a)
  41,001   1,125,664
Carnival PLC
  8,999   369,872
Ferguson PLC
  16,990   1,523,391
James Hardie Industries PLC, CDI
  16,211   345,108
Ovintiv, Inc.
  15,895   247,820
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
United States-(continued)
Samsonite International S.A.(d)
  64,540   $123,347
Waste Connections, Inc.
  5,141   495,811
        5,006,491
Zambia-0.03%
First Quantum Minerals Ltd.
  49,636   388,816
Total Common Stocks & Other Equity Interests

(Cost $1,187,626,747)
  1,209,797,193
Money Market Funds-0.09%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.45%(e)

(Cost $1,139,353)
  1,139,353   1,139,353
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.69%

(Cost $1,188,766,100)
  1,210,936,546
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.55%
Invesco Government & Agency Portfolio, Institutional Class, 1.48%(e)(f)
  23,250,144   $23,250,144
Invesco Liquid Assets Portfolio, Institutional Class, 1.66%(e)(f)
  7,746,949   7,750,048
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $31,000,101)
  31,000,192
TOTAL INVESTMENTS IN SECURITIES-102.24%

(Cost $1,219,766,201)
  1,241,936,738
OTHER ASSETS LESS LIABILITIES-(2.24)%
  (27,228,749)
NET ASSETS-100.00%
  $1,214,707,989
 
Investment Abbreviations:
BR-Bearer Shares
CDI-CREST Depository Interest
CVA-Dutch Certificates
FDR-Fiduciary Depositary Receipt
PC-Participation Certificate
Pfd.-Preferred
REIT-Real Estate Investment Trust
RSP-Registered Savings Plan Shares
    
Notes to Schedule of Investments:
(a) Non-income producing security.
(b) Security valued using significant unobservable inputs (Level 3). See Additional Valution Information.
(c) All or a portion of this security was out on loan at January 31, 2020.
(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 January 31, 2020 was $6,473,667, which represented less than 1% of the Fund’s Net Assets.
(e) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2020.
(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.
Schedule of Investments
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)
January 31, 2020
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.61%
Australia-5.43%
Abacus Property Group
  53,590   $134,269
Adelaide Brighton Ltd.
  82,579   198,008
ALS Ltd.
  51,163   325,628
Alumina Ltd.
  95,885   138,371
Ansell Ltd.
  18,629   394,027
Aristocrat Leisure Ltd.
  25,856   611,009
Atlas Arteria Ltd.
  25,911   140,204
AusNet Services
  335,500   392,710
Australian Pharmaceutical Industries Ltd.
  152,381   133,425
Bapcor Ltd.
  29,519   122,459
Beach Energy Ltd.
  100,820   176,231
Bega Cheese Ltd.(a)
  35,246   100,941
Blackmores Ltd.
  921   54,511
Breville Group Ltd.
  10,965   134,341
Brickworks Ltd.
  7,621   100,488
BWP Trust
  49,500   134,457
carsales.com Ltd.
  18,226   205,396
Charter Hall Group
  28,396   240,541
Charter Hall Retail REIT
  52,611   164,325
Cleanaway Waste Management Ltd.
  102,510   137,208
Cochlear Ltd.
  2,360   374,087
Costa Group Holdings Ltd.(a)
  22,678   41,175
Cromwell Property Group(a)
  248,926   201,943
CSR Ltd.
  165,617   531,313
Domino’s Pizza Enterprises Ltd.(a)
  3,273   118,600
Eclipx Group Ltd.(b)
  79,854   85,223
Elders Ltd.
  19,577   95,901
Estia Health Ltd.
  48,861   79,850
Evolution Mining Ltd.
  60,952   152,944
Flight Centre Travel Group Ltd.
  9,240   241,577
G8 Education Ltd.
  79,646   100,906
Genworth Mortgage Insurance Australia Ltd.
  51,065   124,209
GrainCorp Ltd., Class A(b)
  65,946   362,682
Growthpoint Properties Australia Ltd.
  26,731   77,385
GUD Holdings Ltd.
  12,396   98,618
GWA Group Ltd.
  41,056   97,378
Harvey Norman Holdings Ltd.(a)
  132,378   369,079
Healius Ltd.
  154,249   299,469
IGO Ltd.
  38,753   155,876
Iluka Resources Ltd.
  28,042   179,978
Inghams Group Ltd.(a)
  43,738   101,836
InvoCare Ltd.(a)
  13,732   122,011
IOOF Holdings Ltd.(a)
  94,095   490,522
IRESS Ltd.
  13,096   120,311
JB Hi-Fi Ltd.(a)
  25,040   653,043
Link Administration Holdings Ltd.
  28,342   127,374
Magellan Financial Group Ltd.
  5,338   233,794
Mayne Pharma Group Ltd.(b)
  215,136   64,783
McMillan Shakespeare Ltd.
  9,245   78,726
Mineral Resources Ltd.
  19,737   220,050
Monadelphous Group Ltd.
  18,308   212,069
National Storage REIT
  58,036   82,835
New Hope Corp. Ltd.
  25,371   31,452
nib holdings Ltd.
  53,629   190,651
Nine Entertainment Co. Holdings Ltd.
  154,192   190,398
Northern Star Resources Ltd.
  23,631   202,671
NRW Holdings Ltd.
  52,904   108,857
Nufarm Ltd.(b)
  61,751   226,752
OceanaGold Corp.
  76,080   159,345
Orora Ltd.
  168,852   359,333
OZ Minerals Ltd.
  47,167   312,151
  Shares   Value
Australia-(continued)
Pact Group Holdings Ltd.(b)
  54,151   $99,515
Pendal Group Ltd.
  32,969   191,215
Perenti Global Ltd.
  106,297   107,360
Perpetual Ltd.(a)
  8,638   242,598
Perseus Mining Ltd.(b)
  265,519   210,213
Platinum Asset Management Ltd.(a)
  23,796   74,164
Premier Investments Ltd.
  12,057   157,986
Qube Holdings Ltd.
  130,478   295,333
REA Group Ltd.
  1,732   129,695
Regis Resources Ltd.
  37,211   112,778
Resolute Mining Ltd.(b)
  109,647   85,502
Sandfire Resources Ltd.
  21,874   80,728
SEEK Ltd.
  31,631   472,006
Seven Group Holdings Ltd.
  15,553   206,923
Seven West Media Ltd.(b)
  351,039   57,613
Shopping Centres Australasia Property Group
  96,102   183,454
Sigma Healthcare Ltd.
  307,796   122,911
Southern Cross Media Group Ltd.
  158,667   92,160
St Barbara Ltd.
  25,706   47,433
Star Entertainment Group Ltd. (The)
  141,746   391,266
Steadfast Group Ltd.
  51,830   130,762
Super Retail Group Ltd.
  41,056   253,431
Sydney Airport
  78,206   431,853
Tassal Group Ltd.
  27,835   79,604
TPG Telecom Ltd.
  37,858   187,246
Virgin Australia International Holdings Pty. Ltd.(b)(c)
  112,977   0
Viva Energy Group Ltd.(d)
  221,472   251,030
Viva Energy REIT Ltd.
  51,456   94,393
Vocus Group Ltd.(b)
  69,094   154,042
Washington H Soul Pattinson & Co. Ltd.
  7,609   107,634
Whitehaven Coal Ltd.
  72,866   120,366
        17,286,920
Austria-0.92%
ams AG(b)
  7,158   290,824
BAWAG Group AG(d)
  5,819   251,406
CA Immobilien Anlagen AG
  7,389   325,492
DO & CO AG
  883   88,069
EVN AG
  6,034   119,026
IMMOFINANZ AG(b)
  15,318   425,234
Lenzing AG(a)
  2,717   214,984
Oesterreichische Post AG(a)
  5,602   212,939
S IMMO AG
  6,395   171,118
Schoeller-Bleckmann Oilfield Equipment AG(a)
  995   45,871
Telekom Austria AG(b)
  12,445   99,989
UNIQA Insurance Group AG
  16,859   159,554
Verbund AG
  5,428   286,363
Vienna Insurance Group AG Wiener Versicherung Gruppe
  8,297   224,351
        2,915,220
Belgium-1.50%
Ackermans & van Haaren N.V.
  2,493   398,999
Aedifica S.A.
  1,379   185,927
AGFA-Gevaert N.V.(b)
  25,427   124,649
Barco N.V.
  933   232,122
Befimmo S.A.
  2,390   146,752
Bekaert S.A.
  11,979   304,532
Cie d’Entreprises CFE
  943   102,641
Cofinimmo S.A.
  2,983   474,381
Dieteren S.A./N.V.
  3,209   206,972
Econocom Group S.A./N.V.(a)
  29,484   83,581
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
Belgium-(continued)
Elia Group S.A./N.V.
  3,514   $338,213
Euronav N.V.
  31,434   311,712
Galapagos N.V.(a)(b)
  1,024   228,885
Gimv N.V.
  1,391   85,708
Melexis N.V.(a)
  1,452   103,627
Ontex Group N.V.
  14,514   262,252
Orange Belgium S.A.
  6,166   125,320
Sofina S.A.
  1,586   362,116
Telenet Group Holding N.V.
  8,581   397,403
Tessenderlo Group S.A.(b)
  2,670   89,803
Warehouses De Pauw C.V.A.
  7,756   221,119
        4,786,714
Cambodia-0.04%
NagaCorp Ltd.
  96,780   137,048
Canada-7.42%
Aecon Group, Inc.
  17,542   228,269
Alamos Gold, Inc., Class A
  52,016   328,406
Allied Properties REIT(a)
  11,541   481,868
Artis REIT(a)
  46,876   417,881
ATS Automation Tooling Systems, Inc.(b)
  8,660   133,120
B2Gold Corp.
  65,250   282,698
Birchcliff Energy Ltd.
  61,224   81,012
BlackBerry Ltd.(b)
  45,871   279,551
Boardwalk REIT
  9,534   340,400
Boyd Group Services, Inc.
  1,153   181,326
BRP, Inc.
  4,373   223,387
Canadian Western Bank
  15,425   381,616
Canfor Corp.(b)
  23,056   207,278
Cascades, Inc.
  23,545   201,349
CCL Industries, Inc., Class B
  9,383   395,951
Centerra Gold, Inc.(b)
  49,775   398,938
CES Energy Solutions Corp.(a)
  55,903   82,425
Chartwell Retirement Residences
  25,195   268,228
Choice Properties REIT(a)
  16,499   182,387
Cineplex, Inc.
  15,487   395,445
Cogeco Communications, Inc.
  1,961   154,057
Colliers International Group, Inc.
  2,333   189,279
Cominar REIT, Class U
  51,235   564,435
Constellation Software, Inc.
  492   517,483
Corus Entertainment, Inc., Class B
  56,991   216,321
Descartes Systems Group, Inc. (The)(b)
  2,533   113,631
Detour Gold Corp.(b)
  27,046   484,662
Dollarama, Inc.
  12,390   422,415
Dream Office REIT(a)
  19,789   487,038
ECN Capital Corp.
  44,861   189,952
Eldorado Gold Corp.(b)
  79,151   575,731
Element Fleet Management Corp.
  53,247   511,715
Emera, Inc.(a)
  8,766   390,793
Enerflex Ltd.
  16,457   125,927
Enerplus Corp.
  54,309   277,181
Ensign Energy Services, Inc.
  25,591   45,665
First Capital REIT
  23,933   392,143
FirstService Corp.
  1,595   157,034
Genworth MI Canada, Inc.(a)
  7,744   341,953
Granite REIT(a)
  5,347   289,111
Great Canadian Gaming Corp.(b)
  3,036   91,478
Home Capital Group, Inc.(a)(b)
  24,640   587,798
Hudbay Minerals, Inc.
  41,744   128,147
Hudsons Bay Co.(a)
  28,606   236,410
IAMGOLD Corp.(b)
  84,137   251,288
Innergex Renewable Energy, Inc.
  13,231   188,078
  Shares   Value
Canada-(continued)
Just Energy Group, Inc.
  61,488   $85,545
Kirkland Lake Gold Ltd.
  4,456   182,849
Laurentian Bank of Canada
  10,398   337,677
Linamar Corp.
  12,123   399,654
Maple Leaf Foods, Inc.
  10,184   199,591
Martinrea International, Inc.
  33,298   324,785
Mullen Group Ltd.
  27,369   186,868
NFI Group, Inc.
  9,162   212,121
Norbord, Inc.
  10,506   308,773
North West Co., Inc. (The)(a)
  8,535   177,857
Northland Power, Inc.
  15,374   346,294
Northview Apartment REIT(a)
  7,489   173,897
NuVista Energy Ltd.(b)
  25,275   40,706
Osisko Gold Royalties Ltd.
  11,545   115,227
Pan American Silver Corp.
  15,005   345,130
Paramount Resources Ltd., Class A(b)
  15,885   72,546
Pason Systems, Inc.
  8,096   80,804
Peyto Exploration & Development Corp.(a)
  81,437   177,954
PrairieSky Royalty Ltd.(a)
  20,938   229,716
Precision Drilling Corp.(b)
  140,525   165,755
Premium Brands Holdings Corp.
  2,594   191,135
Pretium Resources, Inc.(b)
  10,709   116,681
Quebecor, Inc., Class B
  11,907   295,661
Ritchie Bros Auctioneers, Inc.
  6,714   283,627
Russel Metals, Inc.
  19,781   321,270
Secure Energy Services, Inc.
  29,431   101,252
SEMAFO, Inc.(b)
  44,071   92,970
Seven Generations Energy Ltd., Class A(b)
  52,578   263,973
ShawCor Ltd.
  15,249   121,296
Shopify, Inc., Class A(b)
  536   249,785
Sierra Wireless, Inc.(a)(b)
  7,359   71,055
SmartCentres REIT
  17,478   415,095
SSR Mining, Inc.(b)
  9,629   176,482
Stantec, Inc.
  14,566   433,384
Stars Group, Inc. (The)(b)
  11,798   281,714
Stella-Jones, Inc.
  5,486   155,386
Superior Plus Corp.(a)
  33,476   292,350
TFI International, Inc.
  14,355   459,994
TMX Group Ltd.
  6,720   622,180
TORC Oil & Gas Ltd.(a)
  32,123   93,269
Torex Gold Resources, Inc.(b)
  7,963   109,641
Toromont Industries Ltd.
  5,637   290,470
TransAlta Renewables, Inc.
  11,443   143,194
Transcontinental, Inc., Class A
  17,577   206,796
Westshore Terminals Investment Corp.(a)
  8,145   99,030
Winpak Ltd.
  3,314   121,179
        23,593,878
China-0.87%
CapitaLand Retail China Trust
  90,606   102,708
China Travel International Investment Hong Kong Ltd.
  354,389   56,501
CITIC Telecom International Holdings Ltd.
  293,180   101,396
Kerry Logistics Network Ltd.
  60,477   96,225
Minth Group Ltd.
  71,360   219,811
MMG Ltd.(b)
  398,609   88,859
Nexteer Automotive Group Ltd.
  109,825   80,459
Noble Group Ltd.(b)(c)
  760,360   11,281
Shui On Land Ltd.
  412,534   82,399
SITC International Holdings Co. Ltd.
  101,950   119,758
Tingyi Cayman Islands Holding Corp.
  310,568   520,066
Towngas China Co. Ltd.(b)
  125,627   77,610
Uni-President China Holdings Ltd.
  141,247   143,518
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
China-(continued)
Want Want China Holdings Ltd.
  563,648   $463,559
Xinyi Glass Holdings Ltd.
  304,526   381,965
Xinyi Solar Holdings Ltd.
  338,313   236,487
        2,782,602
Colombia-0.08%
Gran Tierra Energy, Inc.(b)
  53,598   53,495
Parex Resources, Inc.(b)
  12,783   202,490
        255,985
Denmark-1.33%
Alm Brand A/S
  11,792   103,367
Chr. Hansen Holding A/S
  2,930   218,468
D/S Norden A/S
  8,274   111,594
Demant A/S(b)
  5,069   164,623
Dfds A/S
  4,398   184,203
FLSmidth & Co. A/S
  8,923   305,619
Genmab A/S(b)
  922   212,953
GN Store Nord A/S
  5,399   267,878
H Lundbeck A/S
  3,366   142,615
Matas A/S
  10,265   96,331
Nilfisk Holding A/S(b)
  1,949   42,082
NKT A/S(b)
  9,232   199,471
Ringkjoebing Landbobank A/S
  2,248   166,455
Rockwool International A/S, Class B
  602   139,914
Royal Unibrew A/S
  2,924   278,037
Scandinavian Tobacco Group A/S(d)
  15,242   199,698
Schouw & Co. A/S
  2,068   169,437
SimCorp A/S
  1,338   147,942
Sydbank A/S
  17,437   379,596
Topdanmark A/S
  4,683   221,117
Tryg A/S
  15,730   476,797
        4,228,197
Egypt-0.11%
Centamin PLC
  200,645   359,707
Faroe Islands-0.07%
Bakkafrost P/F
  3,262   232,146
Finland-1.30%
Cargotec OYJ, Class B
  10,809   398,903
Citycon OYJ(a)
  12,338   130,509
Cramo OYJ
  7,127   108,284
Finnair OYJ
  14,566   85,069
Huhtamaki OYJ
  12,435   553,837
Kemira OYJ
  16,151   243,346
Konecranes OYJ(a)
  12,073   364,325
Metsa Board OYJ(a)
  27,772   168,504
Orion OYJ, Class B(a)
  13,668   646,317
Outotec OYJ(b)
  38,425   221,373
Sanoma OYJ
  10,695   128,359
TietoEVRY OYJ
  10,518   342,649
Uponor OYJ
  12,138   164,644
Valmet OYJ
  15,554   337,380
YIT OYJ(a)
  34,141   243,469
        4,136,968
France-3.08%
Adevinta ASA, Class B(b)
  9,225   112,288
Aeroports de Paris
  2,332   442,637
ALD S.A.(a)(d)
  12,868   188,648
Alten S.A.
  2,448   303,684
Altran Technologies S.A.
  16,392   266,126
BioMerieux
  2,158   213,919
  Shares   Value
France-(continued)
Cie Plastic Omnium S.A.
  11,623   $292,390
Coface S.A.(b)
  20,854   256,583
Dassault Aviation S.A.
  179   218,546
Derichebourg S.A.
  35,889   130,261
Elior Group S.A.(d)
  29,581   416,923
Eramet(a)
  2,085   88,103
Europcar Mobility Group(a)(d)
  26,025   106,135
Fnac Darty S.A.(b)
  5,401   263,716
Gaztransport Et Technigaz S.A.
  1,378   139,124
Ipsen S.A.
  1,448   107,964
Ipsos
  5,899   191,542
JCDecaux S.A.
  8,586   229,458
Korian S.A.
  8,368   382,959
Maisons du Monde S.A.(d)
  5,996   80,104
Mercialys S.A.
  16,001   201,794
Mersen S.A.
  2,923   95,882
Metropole Television S.A.
  13,608   226,278
Nexans S.A.
  13,283   647,367
Orpea
  4,131   538,370
Quadient
  12,931   311,251
Rallye S.A.
  6,695   65,217
Remy Cointreau S.A.(a)
  1,578   167,641
Rothschild & Co.
  3,668   98,524
SEB S.A.
  2,858   367,404
Societe BIC S.A.
  4,792   322,785
Sopra Steria Group
  3,114   498,459
Tarkett S.A.(a)
  9,808   135,757
Technicolor S.A.(a)(b)
  223,939   155,230
Television Francaise 1
  35,542   269,099
Ubisoft Entertainment S.A.(b)
  5,150   392,390
Vallourec S.A.(a)(b)
  209,430   534,273
Vicat S.A.
  2,651   110,397
Virbac S.A.(b)
  614   150,376
Worldline S.A.(b)(d)
  1,297   91,480
        9,811,084
Georgia-0.04%
Bank of Georgia Group PLC
  6,199   123,635
Germany-4.38%
1&1 Drillisch AG
  4,965   121,929
ADO Properties S.A.(d)
  2,163   66,733
alstria office REIT-AG
  17,437   345,891
BayWa AG
  2,908   85,804
Bechtle AG
  2,787   404,070
Bilfinger SE
  11,994   425,085
CANCOM SE
  3,107   185,213
Carl Zeiss Meditec AG, BR
  1,401   171,561
CTS Eventim AG & Co. KGaA
  3,252   202,718
Delivery Hero SE(b)(d)
  3,107   239,714
Deutsche Beteiligungs AG
  1,913   80,665
Deutsche EuroShop AG
  10,137   276,801
Deutz AG
  27,790   145,349
DIC Asset AG
  10,214   191,294
Draegerwerk AG & Co. KGaA
  976   44,508
Draegerwerk AG & Co. KGaA, Preference Shares
  2,321   135,294
Duerr AG
  9,269   278,574
DWS Group GmbH & Co. KGaA(d)
  7,538   300,186
ElringKlinger AG(a)(b)
  14,220   97,073
Fielmann AG
  2,268   180,733
Fraport AG Frankfurt Airport Services Worldwide
  5,236   390,743
Fuchs Petrolub SE
  3,364   137,003
Fuchs Petrolub SE, Preference Shares(a)
  6,725   298,582
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
Germany-(continued)
Gerresheimer AG
  4,430   $351,001
Grand City Properties S.A.
  11,590   296,954
GRENKE AG
  1,330   132,578
Hamburger Hafen und Logistik AG
  4,840   119,599
Heidelberger Druckmaschinen AG(a)(b)
  126,929   125,471
Hella GmbH & Co. KGaA
  9,323   439,926
Hornbach Holding AG & Co. KGaA
  1,607   101,510
Indus Holding AG
  2,166   88,521
Jenoptik AG
  3,703   102,263
Jungheinrich AG, Preference Shares
  7,953   175,090
Kloeckner & Co. SE
  58,917   376,639
Knorr-Bremse AG
  3,001   327,616
Koenig & Bauer AG(a)
  2,392   63,783
Krones AG
  3,143   238,765
Nordex SE(a)(b)
  21,848   284,789
Norma Group SE
  4,123   150,598
Pfeiffer Vacuum Technology AG
  669   111,082
Puma SE
  5,399   433,182
Rational AG
  140   105,423
RHOEN-KLINIKUM AG
  3,728   65,327
Rocket Internet SE(b)(d)
  8,368   195,994
Sartorius AG, Preference Shares
  837   195,139
Schaeffler AG, Preference Shares
  31,455   316,237
Scout24 AG(d)
  8,381   577,238
Siemens Healthineers AG(d)
  8,901   419,607
Siltronic AG
  1,898   204,720
Sixt SE
  1,893   191,506
Sixt SE, Preference Shares
  2,401   167,098
Software AG
  5,967   199,694
Stabilus S.A.
  1,958   119,516
Stroeer SE & Co. KGaA
  1,908   151,694
Suedzucker AG
  29,952   507,186
TAG Immobilien AG(b)
  13,195   348,020
Takkt AG
  6,092   80,069
Tele Columbus AG(a)(b)(d)
  50,074   188,673
TLG Immobilien AG
  2,867   98,017
Wacker Chemie AG
  3,185   229,849
Wacker Neuson SE
  4,956   79,929
Wirecard AG(a)
  2,284   337,146
Zalando SE(b)(d)
  8,641   415,463
        13,918,435
Ghana-0.02%
Tullow Oil PLC
  115,869   77,652
Hong Kong-2.10%
ASM Pacific Technology Ltd.
  29,851   402,902
Bank of East Asia Ltd. (The)
  68,013   146,662
Brightoil Petroleum Holdings Ltd.(b)(c)
  160,687   0
Cafe de Coral Holdings Ltd.
  49,208   110,316
Cathay Pacific Airways Ltd.
  163,776   205,950
Champion REIT
  279,484   167,930
Chow Tai Fook Jewellery Group Ltd.
  219,645   199,706
CK Infrastructure Holdings Ltd.
  41,214   286,838
Dah Sing Financial Holdings Ltd.
  24,664   88,760
Dairy Farm International Holdings Ltd.
  30,697   157,189
Fortune REIT
  230,980   263,013
Global Brands Group Holding Ltd.
  193,971   12,272
Guotai Junan International Holdings Ltd.(a)
  463,653   79,416
Guotai Junan International Holdings Ltd., Rts., expiring 03/09/2020(b)(c)
  154,551   0
Haitong International Securities Group Ltd.
  539,344   155,409
Hang Lung Group Ltd.
  80,935   200,385
  Shares   Value
Hong Kong-(continued)
HKBN Ltd.
  62,872   $109,309
Hutchison Port Holdings Trust, Class U
  461,039   73,357
Hutchison Telecommunications Hong Kong Holdings Ltd.
  206,300   37,340
Hysan Development Co. Ltd.
  62,277   232,436
Johnson Electric Holdings Ltd.
  52,051   115,207
K Wah International Holdings Ltd.
  151,324   73,889
Li & Fung Ltd.
  1,643,775   144,603
Lifestyle International Holdings Ltd.
  70,546   70,441
Luk Fook Holdings International Ltd.
  50,148   135,929
Man Wah Holdings Ltd.
  295,136   204,211
Mapletree North Asia Commercial Trust(d)
  277,136   240,345
Melco International Development Ltd.
  111,325   240,667
Pacific Basin Shipping Ltd.
  795,171   141,746
Pacific Textiles Holdings Ltd.
  133,104   86,061
PCCW Ltd.
  519,842   307,059
Sa Sa International Holdings Ltd.(a)
  243,528   42,702
Shangri-La Asia Ltd.
  192,089   176,362
SmarTone Telecommunications Holdings Ltd.
  109,034   79,817
Sun Art Retail Group Ltd.
  389,872   463,939
Value Partners Group Ltd.
  151,183   81,018
Vitasoy International Holdings Ltd.
  29,670   106,701
VTech Holdings Ltd.
  31,452   284,236
Wheelock & Co. Ltd.
  64,153   391,010
Yue Yuen Industrial Holdings Ltd.
  130,485   361,033
        6,676,166
India-0.04%
Rhi Magnesita N.V.
  2,757   116,079
Indonesia-0.09%
First Pacific Co. Ltd.
  423,296   132,340
Golden Agri-Resources Ltd.
  947,051   143,108
        275,448
Ireland-0.61%
C&C Group PLC
  38,834   183,264
Cairn Homes PLC
  60,157   81,733
Dalata Hotel Group PLC
  18,809   94,861
Glanbia PLC
  16,559   193,233
Greencore Group PLC
  113,124   367,102
Hibernia REIT PLC
  85,694   130,293
Kingspan Group PLC
  9,590   591,428
UDG Healthcare PLC
  31,497   310,240
        1,952,154
Israel-1.36%
Airport City Ltd.(b)
  6,741   118,847
Alony Hetz Properties & Investments Ltd.
  12,495   206,668
Azrieli Group Ltd.
  3,976   294,010
Delek Group Ltd.
  1,574   203,982
Elbit Systems Ltd.
  2,185   334,576
First International Bank of Israel Ltd.
  9,305   260,519
Gazit-Globe Ltd.
  20,467   237,462
Harel Insurance Investments & Financial Services Ltd.
  29,638   202,267
Israel Corp. Ltd. (The)(b)
  792   137,290
Melisron Ltd.
  1,854   121,547
Mizrahi Tefahot Bank Ltd.
  19,460   530,817
Nice Ltd.(b)
  2,607   449,212
Oil Refineries Ltd.
  236,226   104,188
Partner Communications Co. Ltd.(b)
  15,935   71,162
Paz Oil Co. Ltd.
  1,191   144,508
Phoenix Holdings Ltd. (The)
  18,831   103,204
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
Israel-(continued)
Plus500 Ltd.
  19,031   $223,093
Shufersal Ltd.
  20,027   125,004
Strauss Group Ltd.
  3,067   90,362
Tower Semiconductor Ltd.(b)
  16,573   372,726
        4,331,444
Italy-3.06%
ACEA S.p.A.
  9,309   217,157
Amplifon S.p.A.
  5,960   168,967
Anima Holding S.p.A.(d)
  50,789   240,796
ASTM S.p.A.
  12,974   378,711
Autogrill S.p.A.
  29,831   289,925
Azimut Holding S.p.A.
  27,395   672,622
Banca Generali S.p.A.
  8,768   278,631
Banca IFIS S.p.A.
  6,175   97,943
Banca Mediolanum S.p.A.
  48,383   435,707
Banca Monte dei Paschi di Siena S.p.A.(a)(b)
  130,355   243,397
Banca Popolare di Sondrio SCPA
  31,334   67,504
Buzzi Unicem S.p.A.
  11,817   275,159
Buzzi Unicem S.p.A., RSP
  6,852   96,284
Cerved Group S.p.A.
  24,655   241,685
Danieli & C. Officine Meccaniche S.p.A.
  1,014   16,581
Danieli & C. Officine Meccaniche S.p.A., RSP
  3,579   35,733
Davide Campari-Milano S.p.A.
  26,034   251,868
De Longhi S.p.A.
  7,837   147,501
DiaSorin S.p.A.
  1,029   126,577
Enav S.p.A.(d)
  33,398   215,593
ERG S.p.A.
  12,833   303,488
Ferrari N.V.
  3,592   606,310
Fincantieri S.p.A.(a)
  108,051   98,248
FinecoBank Banca Fineco S.p.A.
  24,293   284,163
Freni Brembo S.p.A.(a)
  18,439   210,561
IMA Industria Macchine Automatiche S.p.A.
  1,783   116,332
Infrastrutture Wireless Italiane S.p.A.(d)
  18,634   193,450
Interpump Group S.p.A.
  5,050   142,307
Iren S.p.A.
  157,844   525,818
Italgas S.p.A.
  74,331   493,912
Maire Tecnimont S.p.A.(a)
  25,784   66,456
MARR S.p.A.
  4,576   97,676
Mediaset S.p.A.(a)(b)
  80,719   213,275
Moncler S.p.A.
  5,573   240,864
OVS S.p.A.(a)(b)(d)
  150,902   287,382
Piaggio & C S.p.A.
  40,533   110,769
PRADA S.p.A.
  73,272   280,648
Recordati S.p.A.
  6,414   274,582
Salini Impregilo S.p.A.(b)
  77,522   125,469
Salvatore Ferragamo S.p.A.(a)
  7,548   139,367
Societa Cattolica di Assicurazioni SC
  38,395   303,348
Tods S.p.A.
  2,984   120,767
        9,733,533
Ivory Coast-0.03%
Endeavour Mining Corp.(b)
  5,474   112,166
Japan-33.02%
77 Bank Ltd. (The)
  11,757   176,576
ABC-Mart, Inc.
  2,923   188,058
Acom Co. Ltd.
  36,859   172,442
Adastria Co. Ltd.
  7,429   145,555
ADEKA Corp.
  16,627   239,071
Advantest Corp.
  10,218   538,454
Aeon Delight Co. Ltd.
  2,791   95,692
AEON Financial Service Co. Ltd.
  22,443   349,773
Aeon Mall Co. Ltd.
  20,955   348,504
  Shares   Value
Japan-(continued)
Aica Kogyo Co. Ltd.
  6,251   $196,125
Aida Engineering Ltd.
  14,652   117,344
Aiful Corp.(b)
  42,039   113,988
Ain Holdings, Inc.
  2,929   180,521
Akebono Brake Industry Co. Ltd.(b)
  70,968   145,380
Alpen Co. Ltd.
  5,978   89,528
Amano Corp.
  9,361   271,353
Anritsu Corp.(a)
  8,803   170,002
AOKI Holdings, Inc.
  8,530   83,269
Aoyama Trading Co. Ltd.
  16,630   213,993
Arata Corp.
  3,959   163,488
Arcs Co. Ltd.
  5,740   101,231
Asahi Diamond Industrial Co. Ltd.
  13,193   71,980
Asahi Holdings, Inc.
  7,500   188,679
Asics Corp.
  29,805   436,338
ASKUL Corp.(a)
  4,236   138,204
Autobacs Seven Co. Ltd.
  13,264   193,572
Avex, Inc.
  10,210   113,812
Awa Bank Ltd. (The)
  3,859   84,798
Azbil Corp.
  16,563   446,629
Bank of the Ryukyus Ltd.
  8,229   79,111
Belluna Co. Ltd.
  11,113   63,501
Benesse Holdings, Inc.
  15,245   417,961
Bic Camera, Inc.
  40,436   436,811
BML, Inc.
  2,572   72,726
Calbee, Inc.
  7,286   237,931
Canon Marketing Japan, Inc.
  11,165   265,680
Capcom Co Ltd.
  6,216   176,716
Cawachi Ltd.
  4,685   91,227
Central Glass Co. Ltd.
  9,055   196,729
Chiyoda Corp.(b)
  97,967   278,966
Chudenko Corp.(a)
  4,643   106,734
Chugoku Bank Ltd. (The)
  26,387   249,280
Chugoku Marine Paints Ltd.
  11,509   107,024
Citizen Watch Co. Ltd.(a)
  79,046   379,795
CKD Corp.
  12,869   205,061
cocokara fine, Inc.
  4,802   295,467
Colowide Co. Ltd.(a)
  5,994   121,732
COMSYS Holdings Corp.
  15,029   434,900
Cosmos Pharmaceutical Corp.
  936   207,434
CyberAgent, Inc.
  8,156   325,531
Daibiru Corp.
  8,059   99,579
Daido Metal Co. Ltd.
  12,460   77,097
Daido Steel Co. Ltd.
  10,343   394,957
Daifuku Co. Ltd.
  6,179   372,321
Daihen Corp.
  4,989   156,263
Daiho Corp.
  4,750   118,523
Daiichikosho Co. Ltd.
  4,893   238,160
Daikyonishikawa Corp.
  12,664   86,258
Daio Paper Corp.(a)
  20,749   272,832
Daiseki Co. Ltd.
  4,262   113,514
Daishi Hokuetsu Financial Group, Inc.
  3,491   85,525
Daiwabo Holdings Co. Ltd.
  5,957   330,893
DCM Holdings Co. Ltd.
  28,374   270,678
DeNA Co. Ltd.
  21,539   355,179
Descente Ltd.
  3,740   60,728
Dexerials Corp.
  13,506   114,492
Disco Corp.
  2,304   533,157
DMG Mori Co. Ltd.
  17,426   239,970
Doutor Nichires Holdings Co. Ltd.
  4,770   90,116
Dowa Holdings Co. Ltd.
  14,459   516,440
DTS Corp.
  4,756   110,073
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
Japan-(continued)
Duskin Co. Ltd.
  6,824   $188,427
DyDo Group Holdings, Inc.(a)
  2,180   82,046
Earth Corp.
  2,411   128,392
EDION Corp.(a)
  32,415   334,608
Eizo Corp.
  2,849   93,522
Exedy Corp.
  10,374   213,113
Ezaki Glico Co. Ltd.
  6,223   265,684
FamilyMart Co. Ltd.(a)
  16,292   354,614
Fancl Corp.
  3,991   104,935
FCC Co. Ltd.
  7,356   147,649
Foster Electric Co. Ltd.
  9,350   139,021
FP Corp.
  2,331   141,126
Fuji Corp.
  13,603   213,254
Fuji Media Holdings, Inc.
  14,221   193,275
Fuji Oil Co. Ltd.
  53,562   110,700
Fuji Oil Holdings, Inc.
  5,928   153,990
Fuji Seal International, Inc.
  3,710   78,099
Fuji Soft, Inc.
  3,011   121,830
Fujitec Co. Ltd.
  9,981   162,819
Fujitsu General Ltd.
  12,420   277,683
Fukuyama Transporting Co. Ltd.
  5,963   197,166
Furukawa Co. Ltd.
  11,952   143,573
Futaba Corp.
  5,610   65,754
Futaba Industrial Co. Ltd.
  16,275   97,796
Fuyo General Lease Co. Ltd.
  3,480   216,825
Geo Holdings Corp.
  11,771   133,603
Glory Ltd.
  12,241   349,279
GMO internet, Inc.(a)
  6,313   122,297
Gree, Inc.
  24,641   104,720
GS Yuasa Corp.
  21,294   419,583
GungHo Online Entertainment, Inc.
  5,125   93,715
Gunma Bank Ltd. (The)
  104,347   334,900
Gunze Ltd.
  3,597   143,808
H.I.S. Co. Ltd.
  4,828   110,992
H2O Retailing Corp.
  25,912   234,074
Hachijuni Bank Ltd. (The)
  105,461   401,448
Hamakyorex Co. Ltd.
  2,670   80,168
Hamamatsu Photonics K.K.
  7,362   312,627
Hanwa Co. Ltd.
  14,652   352,657
Happinet Corp.
  6,420   77,425
Hazama Ando Corp.
  54,037   440,654
Heiwa Corp.(a)
  12,645   261,089
Heiwa Real Estate Co. Ltd.
  7,026   207,761
Heiwado Co. Ltd.
  8,676   151,447
Hikari Tsushin, Inc.
  1,770   436,386
Hirose Electric Co. Ltd.
  4,265   530,080
Hiroshima Bank Ltd. (The)
  59,214   263,920
Hisamitsu Pharmaceutical Co., Inc.
  6,391   321,829
Hitachi Capital Corp.
  9,277   251,438
Hitachi Chemical Co. Ltd.
  23,185   970,695
Hitachi High-Technologies Corp.
  10,485   753,187
Hitachi Transport System Ltd.
  8,556   245,953
Hitachi Zosen Corp.
  103,283   387,761
Hogy Medical Co. Ltd.
  2,683   91,744
Hokkoku Bank Ltd. (The)
  2,839   83,759
Hokuetsu Corp.
  35,895   164,991
Hokuhoku Financial Group, Inc.
  22,928   218,850
Hokuriku Electric Power Co.(b)
  49,986   371,098
Horiba Ltd.
  4,994   310,815
Hoshizaki Corp.
  4,558   418,607
Hosiden Corp.
  17,650   194,134
House Foods Group, Inc.
  7,364   233,192
  Shares   Value
Japan-(continued)
Hulic Co. Ltd.
  37,624   $456,127
Hyakugo Bank Ltd. (The)
  25,662   76,731
Ibiden Co. Ltd.
  30,916   711,929
IDOM Inc.
  25,101   133,871
Inaba Denki Sangyo Co. Ltd.
  7,592   190,241
Inabata & Co. Ltd.
  7,927   105,966
Internet Initiative Japan, Inc.
  4,784   133,353
IRISO Electronics Co. Ltd.
  1,741   66,218
Ishihara Sangyo Kaisha Ltd.
  15,207   127,575
Ito En Ltd.
  6,364   309,866
Itochu Enex Co. Ltd.
  10,123   85,592
Itochu Techno-Solutions Corp.
  9,720   287,070
Itoham Yonekyu Holdings, Inc.
  29,116   182,885
Iwatani Corp.
  11,662   388,297
Iyo Bank Ltd. (The)
  59,059   303,061
Izumi Co. Ltd.
  7,160   225,734
J Trust Co. Ltd.
  26,009   98,491
Jaccs Co. Ltd.
  6,589   155,646
Jafco Co. Ltd.
  6,087   252,942
Japan Airport Terminal Co. Ltd.
  3,989   182,940
Japan Aviation Electronics Industry Ltd.
  11,810   208,949
Japan Petroleum Exploration Co. Ltd.
  13,261   327,480
Japan Securities Finance Co. Ltd.(a)
  22,830   104,705
Japan Steel Works Ltd. (The)
  12,473   221,520
Jeol Ltd.
  5,044   162,638
Joyful Honda Co. Ltd.
  6,046   68,206
Juki Corp.
  9,035   62,634
Juroku Bank Ltd. (The)
  4,877   100,742
JVCKenwood Corp.
  82,564   187,851
Kadokawa Corp.
  13,071   218,976
Kaga Electronics Co. Ltd.
  5,290   109,121
Kagome Co. Ltd.
  7,329   180,323
Kakaku.com, Inc.
  5,708   149,702
Kaken Pharmaceutical Co. Ltd.
  4,137   218,198
Kamigumi Co. Ltd.
  16,220   345,903
Kanamoto Co. Ltd.
  6,349   156,706
Kandenko Co. Ltd.
  25,039   235,691
Kanematsu Corp.
  16,631   213,618
Kansai Paint Co. Ltd.
  21,996   526,733
Kato Sangyo Co. Ltd.
  3,103   96,018
Kato Works Co. Ltd.
  3,924   58,210
Keihan Holdings Co. Ltd.
  10,299   465,773
Keihin Corp.
  14,446   338,913
Keisei Electric Railway Co. Ltd.
  13,250   478,545
Kenedix, Inc.
  19,010   95,610
Kewpie Corp.
  19,970   416,323
KH Neochem Co. Ltd.
  4,797   103,455
Kinden Corp.
  26,032   441,736
Kintetsu World Express, Inc.
  10,783   172,459
Kissei Pharmaceutical Co. Ltd.
  4,953   139,379
Kitz Corp.
  17,241   118,821
Kiyo Bank Ltd. (The)
  8,262   117,655
Kobayashi Pharmaceutical Co. Ltd.
  2,870   231,895
Koei Tecmo Holdings Co. Ltd.
  5,746   151,366
Kohnan Shoji Co. Ltd.
  8,411   183,883
KOKUYO Co. Ltd.
  13,155   194,673
Komeri Co. Ltd.
  7,523   161,967
Komori Corp.
  8,557   77,963
Konami Holdings Corp.
  8,124   317,809
Konoike Transport Co. Ltd.
  6,217   88,042
Kose Corp.
  1,246   166,403
Kumagai Gumi Co. Ltd.
  8,796   251,158
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
Japan-(continued)
Kumiai Chemical Industry Co. Ltd.
  12,279   $94,218
Kureha Corp.
  3,779   211,009
Kurita Water Industries Ltd.
  16,182   470,773
KYB Corp.(b)
  11,678   313,226
Kyoei Steel Ltd.
  7,621   133,230
Kyokuto Kaihatsu Kogyo Co. Ltd.
  7,007   90,538
KYORIN Holdings, Inc.
  8,109   145,411
Kyoritsu Maintenance Co. Ltd.
  2,219   89,154
Kyowa Exeo Corp.
  12,594   314,491
Kyowa Kirin Co. Ltd.
  22,873   537,175
Kyudenko Corp.
  6,259   180,347
Kyushu Financial Group, Inc.
  69,423   289,795
Leopalace21 Corp.(a)(b)
  244,755   703,064
Lintec Corp.
  10,427   225,345
Lion Corp.
  18,623   355,121
LIXIL VIVA Corp.
  7,212   147,428
M3, Inc.
  8,005   234,529
Mabuchi Motor Co. Ltd.
  8,753   319,590
Macnica Fuji Electronics Holdings, Inc.
  16,263   244,555
Maeda Corp.
  31,705   300,513
Maeda Road Construction Co. Ltd.(a)
  12,626   426,955
Makino Milling Machine Co. Ltd.
  5,174   192,952
Mandom Corp.
  4,651   104,979
Maruha Nichiro Corp.
  11,203   267,380
Maruichi Steel Tube Ltd.
  9,203   253,882
Marusan Securities Co. Ltd.(a)
  14,126   67,344
Matsui Securities Co. Ltd.
  10,980   89,359
Matsumotokiyoshi Holdings Co. Ltd.
  10,962   439,600
Maxell Holdings Ltd.
  11,983   158,050
Megmilk Snow Brand Co. Ltd.
  12,464   291,347
Meidensha Corp.
  12,650   234,919
Meitec Corp.
  2,919   166,302
Miraca Holdings, Inc.
  12,279   322,279
Mirait Holdings Corp.
  12,779   190,928
MISUMI Group, Inc.
  15,899   394,202
Mitsubishi Logistics Corp.
  12,599   318,300
Mitsubishi Pencil Co. Ltd.
  4,609   67,371
Mitsubishi UFJ Lease & Finance Co. Ltd.
  87,413   548,341
Mitsui Sugar Co. Ltd.
  3,296   64,553
Mitsui-Soko Holdings Co. Ltd.
  5,744   93,601
Miura Co. Ltd.
  6,858   237,314
Mizuho Leasing Co. Ltd.
  4,466   133,078
Mizuno Corp.
  5,318   127,921
Mochida Pharmaceutical Co. Ltd.
  2,775   103,471
Modec, Inc.
  3,634   82,480
Monex Group, Inc.
  30,282   72,252
Morinaga & Co. Ltd.
  4,178   201,016
Morinaga Milk Industry Co. Ltd.
  13,500   517,721
Musashi Seimitsu Industry Co. Ltd.
  11,652   135,576
Musashino Bank Ltd. (The)
  4,345   68,064
Nabtesco Corp.
  13,762   392,675
Nachi-Fujikoshi Corp.
  5,402   199,002
Nagase & Co. Ltd.
  13,720   188,565
Nankai Electric Railway Co. Ltd.
  16,723   431,953
Nanto Bank Ltd. (The)
  4,640   109,630
NEC Networks & System Integration Corp.
  5,978   226,964
NET One Systems Co. Ltd.
  7,420   122,842
Nexon Co. Ltd.(b)
  19,614   263,629
Nichias Corp.
  11,434   272,049
Nichicon Corp.
  13,658   124,039
Nichiha Corp.
  4,874   117,486
NichiiGakkan Co. Ltd.
  10,176   140,591
  Shares   Value
Japan-(continued)
Nichi-iko Pharmaceutical Co. Ltd.
  9,300   $108,796
Nichirei Corp.
  17,325   417,275
Nifco, Inc.
  13,224   346,106
Nihon Kohden Corp.
  7,043   206,845
Nihon Parkerizing Co. Ltd.
  10,221   105,574
Nihon Unisys Ltd.
  7,088   216,673
Nikkiso Co. Ltd.
  14,151   176,686
Nikkon Holdings Co. Ltd.
  6,995   160,965
Nippo Corp.
  13,244   324,608
Nippon Chemi-Con Corp.
  6,546   99,158
Nippon Denko Co. Ltd.(b)
  39,321   57,406
Nippon Densetsu Kogyo Co. Ltd.
  5,324   112,448
Nippon Flour Mills Co. Ltd.
  9,805   147,931
Nippon Gas Co. Ltd.
  4,583   144,545
Nippon Kayaku Co. Ltd.
  30,582   356,700
Nippon Paint Holdings Co. Ltd.
  10,978   524,685
Nippon Shinyaku Co. Ltd.
  2,459   219,700
Nippon Shokubai Co. Ltd.
  6,503   380,890
Nippon Signal Co. Ltd.
  10,504   132,490
Nippon Soda Co. Ltd.
  7,570   203,648
Nippon Steel Trading Corp.
  4,059   183,608
Nippon Suisan Kaisha Ltd.
  67,383   366,731
Nippon Television Holdings, Inc.
  11,957   161,347
Nippon Thompson Co. Ltd.
  15,013   62,592
Nippon Yakin Kogyo Co. Ltd.(a)
  4,636   88,182
Nipro Corp.
  27,637   313,945
Nishimatsu Construction Co. Ltd.
  16,113   356,547
Nishimatsuya Chain Co. Ltd.
  11,903   101,744
Nishi-Nippon Financial Holdings, Inc.
  27,063   177,666
Nishi-Nippon Railroad Co. Ltd.
  8,362   193,370
Nishio Rent All Co. Ltd.
  3,767   101,036
Nissan Chemical Corp.
  7,721   316,519
Nissan Shatai Co. Ltd.
  14,691   138,796
Nissha Co. Ltd.
  9,090   81,994
Nisshin Oillio Group Ltd. (The)
  6,292   209,574
Nissin Electric Co. Ltd.
  9,251   111,122
Nissin Kogyo Co. Ltd.
  11,583   236,167
Nitta Corp.
  2,472   69,156
Nitto Boseki Co. Ltd.
  5,281   219,088
Nitto Kogyo Corp.
  5,334   111,043
NOF Corp.
  7,686   249,523
Nojima Corp.
  7,999   158,300
Nomura Co. Ltd.
  5,600   63,605
Nomura Research Institute Ltd.
  30,108   666,860
Noritake Co. Ltd.
  2,881   114,666
North Pacific Bank Ltd.
  87,067   173,433
NS Solutions Corp.
  4,007   118,112
NS United Kaiun Kaisha Ltd.
  3,690   67,521
NSD Co. Ltd.
  7,516   121,747
Obic Co. Ltd.
  2,446   334,761
Ogaki Kyoritsu Bank Ltd. (The)
  5,282   108,435
Okamoto Industries, Inc.
  1,707   59,490
Okamura Corp.
  12,278   117,755
Okasan Securities Group, Inc.
  37,475   131,175
Oki Electric Industry Co. Ltd.(a)
  36,924   460,460
Okinawa Electric Power Co., Inc. (The)
  7,685   141,775
OKUMA Corp.
  4,682   212,529
Okumura Corp.
  8,056   212,317
Onward Holdings Co. Ltd.
  34,616   201,529
Open House Co. Ltd.
  7,094   189,364
Oracle Corp. Japan
  2,363   204,803
Orient Corp.
  150,141   229,647
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
Japan-(continued)
Osaka Soda Co. Ltd.
  3,677   $97,565
Osaki Electric Co. Ltd.
  12,460   71,190
OSG Corp.
  9,994   169,027
Otsuka Corp.
  10,362   405,223
OUTSOURCING, Inc.
  6,230   56,169
Pacific Industrial Co. Ltd.
  8,258   98,844
Paltac Corp.
  6,454   303,782
Paramount Bed Holdings Co. Ltd.
  2,690   111,277
Park24 Co. Ltd.
  11,560   293,840
Penta-Ocean Construction Co. Ltd.
  81,731   482,468
Persol Holdings Co. Ltd.
  20,197   361,624
Pigeon Corp.
  4,547   159,251
Pilot Corp.
  1,771   69,157
Piolax, Inc.
  3,939   69,383
Plenus Co. Ltd.
  5,848   106,447
Pola Orbis Holdings, Inc.
  5,192   113,155
Press Kogyo Co. Ltd.
  18,749   61,633
Prima Meat Packers Ltd.
  8,642   191,020
Raito Kogyo Co. Ltd.
  7,494   104,897
Raiznext Corp.
  8,621   99,975
Relo Group, Inc.
  4,800   128,742
Resorttrust, Inc.
  12,350   194,099
Restar Holdings Corp.(a)
  5,476   92,623
Rinnai Corp.
  5,639   402,600
Rohto Pharmaceutical Co. Ltd.
  8,089   224,516
Round One Corp.
  9,103   85,919
Royal Holdings Co. Ltd.
  3,580   78,065
Ryobi Ltd.
  8,668   139,713
Ryohin Keikaku Co. Ltd.
  16,198   270,806
Ryosan Co. Ltd.
  3,989   91,787
S Foods, Inc.
  3,356   80,764
Saizeriya Co. Ltd.
  4,540   99,652
Sakai Chemical Industry Co. Ltd.
  3,999   81,429
Sakata INX Corp.
  10,452   108,564
Sakata Seed Corp.
  2,612   83,462
San-A Co. Ltd.
  3,065   124,832
Sanden Holdings Corp.(b)
  18,027   107,579
Sangetsu Corp.
  7,465   131,741
San-In Godo Bank Ltd. (The)
  16,832   91,908
Sanken Electric Co. Ltd.
  7,906   201,771
Sanki Engineering Co. Ltd.
  10,044   136,404
Sankyo Co. Ltd.
  8,362   280,473
Sankyu, Inc.
  8,105   400,541
Sanrio Co. Ltd.(a)
  6,931   137,064
Sanwa Holdings Corp.
  33,513   353,243
Sanyo Chemical Industries Ltd.
  2,252   105,347
Sanyo Denki Co. Ltd.
  2,191   107,297
Sanyo Special Steel Co. Ltd.
  7,362   100,354
Sapporo Holdings Ltd.
  20,210   489,448
Sato Holdings Corp.
  4,097   116,747
Sawai Pharmaceutical Co. Ltd.
  5,533   359,782
SCREEN Holdings Co. Ltd.(a)
  6,735   351,406
SCSK Corp.
  4,576   245,319
Seiko Holdings Corp.
  8,775   214,156
Seiren Co. Ltd.
  6,709   85,384
Senko Group Holdings Co. Ltd.
  30,672   245,127
Senshu Ikeda Holdings, Inc.
  53,616   97,965
Seven Bank Ltd.
  93,188   278,907
Shibuya Corp.
  2,659   73,538
Shiga Bank Ltd. (The)
  8,768   209,505
Shima Seiki Manufacturing Ltd.
  3,923   75,968
Shimachu Co. Ltd.
  10,197   290,014
  Shares   Value
Japan-(continued)
Shimamura Co. Ltd.
  5,368   $403,094
Shindengen Electric Manufacturing Co. Ltd.
  2,457   75,251
Shinko Electric Industries Co. Ltd.
  17,522   208,251
Shinmaywa Industries Ltd.
  16,611   216,320
Ship Healthcare Holdings, Inc.
  6,982   313,145
SHO-BOND Holdings Co. Ltd.
  2,888   117,741
Shochiku Co. Ltd.
  1,032   140,070
Showa Corp.
  13,016   271,464
Siix Corp.
  9,580   111,391
Sinfonia Technology Co. Ltd.
  6,511   73,082
SKY Perfect JSAT Holdings, Inc.
  33,339   143,146
Sohgo Security Services Co. Ltd.
  7,797   405,712
Sotetsu Holdings, Inc.
  10,529   281,455
Square Enix Holdings Co. Ltd.
  8,930   442,212
Starts Corp., Inc.
  6,256   150,652
Sugi Holdings Co. Ltd.
  5,771   289,198
SUMCO Corp.
  26,504   408,130
Sumitomo Bakelite Co. Ltd.
  5,341   192,072
Sumitomo Dainippon Pharma Co. Ltd.
  14,000   239,595
Sumitomo Mitsui Construction Co. Ltd.
  48,983   274,773
Sumitomo Osaka Cement Co. Ltd.
  8,368   340,657
Sumitomo Seika Chemicals Co. Ltd.
  2,047   58,510
Sumitomo Warehouse Co. Ltd. (The)
  14,358   186,228
Sundrug Co. Ltd.
  9,347   315,924
Suruga Bank Ltd.(a)(b)
  84,672   332,214
Sushiro Global Holdings Ltd.
  1,333   112,780
Tachi-S Co. Ltd.
  6,697   77,939
Tadano Ltd.
  25,763   217,006
Taikisha Ltd.
  6,724   228,795
Taisho Pharmaceutical Holdings Co. Ltd.
  3,947   278,745
Taiyo Holdings Co. Ltd.
  2,653   111,558
Taiyo Nippon Sanso Corp.
  20,661   452,598
Taiyo Yuden Co. Ltd.
  16,824   487,003
Takara Holdings, Inc.
  23,431   205,667
Takara Leben Co. Ltd.
  25,556   114,094
Takasago Thermal Engineering Co. Ltd.
  10,483   182,140
Takeuchi Manufacturing Co. Ltd.
  5,225   88,305
Takuma Co. Ltd.
  10,026   109,134
Tamura Corp.
  16,320   95,763
TechnoPro Holdings, Inc.
  2,266   151,899
Tekken Corp.
  3,917   99,057
T-Gaia Corp.
  5,976   146,377
THK Co. Ltd.
  14,596   363,552
TIS, Inc.
  9,615   580,273
Toa Corp.
  8,841   125,644
Toagosei Co. Ltd.
  17,063   190,132
Toda Corp.
  54,716   349,469
Toei Co. Ltd.
  856   118,329
Toho Co. Ltd.
  9,461   348,577
Toho Holdings Co. Ltd.
  17,084   351,959
Toho Zinc Co. Ltd.
  5,502   93,925
Tokai Carbon Co. Ltd.(a)
  11,951   108,335
TOKAI Holdings Corp.
  15,486   147,813
Tokai Rika Co. Ltd.
  14,036   236,869
Tokai Tokyo Financial Holdings, Inc.
  67,541   200,345
Token Corp.
  2,392   165,673
Tokuyama Corp.
  14,131   355,897
Tokyo Broadcasting System Holdings, Inc.
  8,111   140,485
Tokyo Century Corp.
  6,550   331,695
Tokyo Dome Corp.(a)
  20,567   193,655
Tokyo Ohka Kogyo Co. Ltd.
  5,993   250,330
Tokyo Seimitsu Co. Ltd.
  6,077   213,495
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
Japan-(continued)
Tokyo Steel Manufacturing Co. Ltd.
  15,481   $115,803
Tokyu Construction Co. Ltd.
  18,540   129,525
Tomy Co. Ltd.
  16,466   178,764
Topcon Corp.
  13,359   182,578
Toppan Forms Co. Ltd.
  9,145   105,300
Topre Corp.
  7,416   112,360
Toshiba Machine Co. Ltd.(a)
  5,511   168,988
Toshiba TEC Corp.
  7,025   276,715
Totetsu Kogyo Co. Ltd.
  4,921   142,862
Towa Pharmaceutical Co. Ltd.
  3,182   72,785
Toyo Construction Co. Ltd.
  29,006   137,265
Toyo Engineering Corp.(b)
  14,938   77,313
Toyo Ink SC Holdings Co. Ltd.
  5,642   125,654
Toyo Tire Corp.
  33,287   414,439
Toyobo Co. Ltd.
  29,368   400,176
Toyota Boshoku Corp.
  23,440   336,130
TPR Co. Ltd.
  4,549   74,108
Transcosmos, Inc.
  4,538   118,231
Trusco Nakayama Corp.
  4,951   115,236
TS Tech Co. Ltd.
  13,556   369,807
TSI Holdings Co. Ltd.
  16,192   75,319
Tsubaki Nakashima Co. Ltd.
  7,114   83,824
Tsubakimoto Chain Co.
  8,298   255,810
Tsumura & Co.
  8,710   235,901
Tsuruha Holdings, Inc.
  4,699   575,299
TV Asahi Holdings Corp.(a)
  5,555   105,958
UACJ Corp.
  13,208   268,598
Ulvac, Inc.
  7,972   289,419
Unipres Corp.
  14,792   187,981
United Arrows Ltd.
  4,260   113,448
United Super Markets Holdings, Inc.
  11,699   104,576
Unitika Ltd.(b)
  33,695   131,859
Unizo Holdings Co. Ltd.
  6,703   340,581
Ushio, Inc.
  19,731   291,845
USS Co. Ltd.
  15,476   281,518
Valor Holdings Co. Ltd.
  11,460   199,942
Vital KSK Holdings, Inc.
  8,621   81,890
VT Holdings Co. Ltd.
  22,187   90,616
Wacoal Holdings Corp.
  9,927   264,061
Wacom Co. Ltd.
  20,603   74,052
Warabeya Nichiyo Holdings Co. Ltd.
  4,568   75,437
Welcia Holdings Co. Ltd.
  5,911   326,437
World Co. Ltd.
  6,692   145,945
Xebio Holdings Co. Ltd.
  8,378   88,954
YAMABIKO Corp.
  8,746   85,653
Yamato Kogyo Co. Ltd.
  7,049   170,350
Yamazen Corp.
  9,728   89,964
Yaoko Co. Ltd.
  2,967   151,859
Yokogawa Bridge Holdings Corp.
  5,390   100,914
Yokohama Reito Co. Ltd.
  12,067   105,407
Yoshinoya Holdings Co. Ltd.(a)
  10,174   229,780
Zenkoku Hosho Co. Ltd.
  3,954   169,179
Zensho Holdings Co. Ltd.
  11,588   246,108
Zeon Corp.
  30,012   318,742
ZERIA Pharmaceutical Co. Ltd.
  5,373   95,222
ZOZO, Inc.
  3,333   55,578
        105,030,094
Jordan-0.09%
Hikma Pharmaceuticals PLC
  11,987   290,195
Kazakhstan-0.04%
KAZ Minerals PLC
  20,882   120,266
  Shares   Value
Liechtenstein-0.03%
Liechtensteinische Landesbank AG
  1,276   $85,600
Luxembourg-0.25%
Aperam S.A.
  14,579   417,176
Eurofins Scientific SE(a)
  677   364,622
        781,798
Macau-0.17%
MGM China Holdings Ltd.
  100,473   140,058
Wynn Macau Ltd.
  196,167   406,903
        546,961
Mexico-0.05%
Fresnillo PLC
  17,112   149,418
Netherlands-2.16%
Aalberts N.V.
  12,790   557,952
Altice Europe N.V.(b)
  99,797   641,680
Altice Europe N.V., Class B(b)
  8,502   55,495
AMG Advanced Metallurgical Group N.V.
  2,987   68,062
Arcadis N.V.
  16,097   365,978
ASM International N.V.
  4,725   573,251
BE Semiconductor Industries N.V.
  8,899   377,189
Corbion N.V.
  4,348   150,529
Eurocommercial Properties N.V., CVA
  10,469   261,735
Euronext N.V.(d)
  5,200   450,464
Flow Traders(a)(d)
  3,493   81,445
Fugro N.V., CVA(b)
  29,545   311,047
GrandVision N.V.(d)
  4,777   146,429
IMCD N.V.
  3,162   272,488
Intertrust N.V.(d)
  9,568   169,915
Koninklijke BAM Groep N.V.(a)
  112,222   308,377
Koninklijke Volkerwessels N.V.
  5,624   136,492
Koninklijke Vopak N.V.
  8,512   455,554
NIBC Holding N.V.(d)
  8,150   74,548
NSI N.V.
  2,406   131,183
OCI N.V.(a)(b)
  9,985   171,940
PostNL N.V.(a)
  174,356   322,197
Sligro Food Group N.V.
  2,974   85,031
TKH Group N.V., CVA
  5,765   304,408
TomTom N.V.
  7,869   85,470
Vastned Retail N.V.
  3,284   88,436
Wereldhave N.V.(a)
  11,760   215,658
        6,862,953
New Zealand-0.76%
Air New Zealand Ltd.
  44,797   81,432
Auckland International Airport Ltd.
  75,463   421,857
Chorus Ltd.
  51,460   216,803
Contact Energy Ltd.
  55,556   266,282
Fisher & Paykel Healthcare Corp. Ltd.
  25,947   389,578
Kiwi Property Group Ltd.
  86,571   87,678
Mercury NZ Ltd.
  41,358   139,455
Meridian Energy Ltd.
  85,490   293,910
Ryman Healthcare Ltd.
  23,009   242,666
SKYCITY Entertainment Group Ltd.
  60,967   142,515
Z Energy Ltd.
  52,242   149,087
        2,431,263
Norway-1.15%
Aker BP ASA(a)
  5,050   142,629
Aker Solutions ASA(b)
  47,230   95,379
Atea ASA
  7,391   95,446
Austevoll Seafood ASA
  15,932   155,642
Borregaard ASA
  8,429   80,470
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
Norway-(continued)
DNO ASA
  48,345   $48,197
Elkem ASA(d)
  40,259   101,079
Entra ASA(d)
  15,452   262,175
Frontline Ltd.
  19,211   175,274
Kongsberg Gruppen ASA
  11,513   178,606
Leroy Seafood Group ASA
  26,441   170,526
Norwegian Air Shuttle ASA(b)
  14,282   54,590
Norwegian Finans Holding ASA(b)
  15,406   157,523
PGS ASA(a)(b)
  119,170   229,735
Salmar ASA
  4,803   233,832
Schibsted ASA, Class A
  4,119   124,061
Schibsted ASA, Class B
  5,055   143,310
SpareBank 1 SMN
  12,661   139,423
SpareBank 1 SR-Bank ASA
  29,996   318,906
TGS NOPEC Geophysical Co. ASA
  13,653   346,266
TOMRA Systems ASA
  5,227   153,457
Veidekke ASA
  17,556   220,931
XXL ASA(a)(b)(d)
  31,066   39,745
XXL ASA, Rts. TBA(b)(c)
  3,550   0
        3,667,202
Poland-0.77%
Alior Bank S.A.(b)
  16,912   114,987
Asseco Poland S.A.
  6,023   99,106
Bank Millennium S.A.(b)
  58,412   88,955
CCC S.A.
  2,101   52,512
Cyfrowy Polsat S.A.
  28,957   202,129
Enea S.A.(b)
  59,797   110,531
Energa S.A.(b)
  49,074   90,645
Eurocash S.A.(a)
  29,237   146,192
Grupa Azoty S.A.(b)
  9,748   62,291
Grupa Lotos S.A.
  16,275   322,509
Jastrzebska Spolka Weglowa S.A.(a)
  11,872   57,054
LPP S.A.
  54   117,412
mBank S.A.(b)
  1,601   153,209
Orange Polska S.A.(b)
  140,212   253,209
PLAY Communications S.A.(d)
  24,486   224,852
Santander Bank Polska S.A.
  3,315   244,086
Tauron Polska Energia S.A.(b)
  322,290   123,307
        2,462,986
Portugal-0.37%
CTT-Correios de Portugal S.A.
  37,359   121,223
Mota-Engil SGPS S.A.
  66,936   125,288
Navigator Co. S.A. (The)
  64,161   230,139
NOS, SGPS S.A.
  35,866   186,094
REN - Redes Energeticas Nacionais SGPS S.A.
  61,019   184,606
Sonae SGPS S.A.
  343,610   319,672
        1,167,022
Russia-0.30%
Polymetal International PLC
  35,057   594,288
VEON Ltd.
  139,903   356,593
        950,881
Singapore-1.83%
Ascott Residence Trust
  160,831   148,100
BOC Aviation Ltd.(d)
  22,821   209,876
BW LPG Ltd.(d)
  47,124   380,493
CapitaLand Commercial Trust
  231,508   346,893
CDL Hospitality Trusts
  106,079   121,033
Ezion Holdings Ltd., Wts., expiring 04/16/2023(b)(c)
  177,436   0
Ezra Holdings Ltd.(b)(c)
  1,165,297   0
  Shares   Value
Singapore-(continued)
Frasers Centrepoint Trust
  66,822   $140,670
Frasers Commercial Trust
  82,989   98,975
Frasers Logistics & Industrial Trust(d)
  131,620   117,464
IGG, Inc.
  55,837   38,872
Keppel Infrastructure Trust
  312,565   119,936
Keppel REIT
  216,957   192,564
Mapletree Commercial Trust
  206,150   353,794
Mapletree Industrial Trust
  155,505   315,924
Mapletree Logistics Trust
  242,470   326,870
NetLink NBN Trust(d)
  256,110   189,517
SATS Ltd.
  66,268   218,601
Sembcorp Industries Ltd.
  217,656   335,150
Sembcorp Marine Ltd.(b)
  203,376   171,038
Singapore Exchange Ltd.
  62,623   394,382
Singapore Post Ltd.
  223,463   145,957
StarHub Ltd.
  147,793   155,925
Suntec REIT
  240,544   321,928
UOL Group Ltd.
  94,960   551,377
Venture Corp. Ltd.
  35,457   418,871
        5,814,210
South Korea-5.46%
Amorepacific Group
  4,602   276,248
Asiana Airlines, Inc.(b)
  46,273   175,454
Celltrion Healthcare Co. Ltd.(b)
  1,277   60,016
Celltrion, Inc.(b)
  1,261   172,059
Cheil Worldwide, Inc.
  7,533   133,425
CJ CGV Co. Ltd.
  2,289   49,414
CJ ENM Co. Ltd.
  865   99,620
CJ Logistics Corp.(b)
  1,368   167,065
Com2uSCorp.
  840   71,207
Daesang Corp.
  6,105   106,476
Daewoo Engineering & Construction Co. Ltd.(b)
  79,682   288,389
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(b)
  14,159   290,258
Daishin Securities Co. Ltd.
  8,046   71,242
Daishin Securities Co. Ltd., Preference Shares
  6,781   48,260
Daou Technology, Inc.
  4,944   73,560
DB HiTek Co. Ltd.
  8,003   181,760
DGB Financial Group, Inc.
  47,035   254,782
Dongkuk Steel Mill Co. Ltd.(b)
  20,436   83,321
Doosan Bobcat, Inc.
  5,195   133,422
Doosan Co. Ltd.
  4,605   241,883
Doosan Fuel Cell Co. Ltd.(b)
  15,399   97,031
Doosan Heavy Industries & Construction Co. Ltd.(b)
  61,045   276,741
Doosan Solus Co. Ltd.(b)
  8,488   185,876
Fila Holdings Corp.
  2,892   106,852
Green Cross Corp.
  636   65,251
GS Home Shopping, Inc.
  605   66,240
GS Retail Co. Ltd.
  6,607   218,222
Hanjin Kal Corp.
  3,992   136,638
Hanjin Transportation Co. Ltd.
  3,975   109,900
Hanmi Pharm Co. Ltd.
  200   46,844
Hanon Systems
  20,003   175,130
Hansol Paper Co. Ltd.
  5,658   67,545
Hanwha Aerospace Co. Ltd.(b)
  8,097   218,469
Hanwha Corp.
  12,572   225,917
Hanwha Corp., Preference Shares
  6,476   69,435
Hanwha Life Insurance Co. Ltd.
  71,378   121,303
Harim Holdings Co. Ltd.
  12,153   79,002
HDC Holdings Co. Ltd.
  6,631   55,456
Hite Jinro Co. Ltd.
  9,568   240,135
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
South Korea-(continued)
Hotel Shilla Co. Ltd.
  2,917   $212,555
Huchems Fine Chemical Corp.
  3,943   64,219
Hyosung Corp.
  2,193   130,349
Hyundai Corp.
  5,292   70,805
Hyundai Department Store Co. Ltd.
  4,062   263,324
Hyundai Elevator Co. Ltd.(b)
  977   49,407
Hyundai Greenfood Co. Ltd.
  10,730   92,133
Hyundai Home Shopping Network Corp.
  1,060   66,283
Hyundai Merchant Marine Co. Ltd.(b)
  67,760   195,744
Hyundai Mipo Dockyard Co. Ltd.
  3,050   104,665
Hyundai Rotem Co. Ltd.(b)
  7,977   95,947
Hyundai Wia Corp.
  9,749   348,762
Innocean Worldwide, Inc.
  1,217   71,498
IS Dongseo Co. Ltd.
  2,612   62,499
JB Financial Group Co. Ltd.
  23,837   101,502
Kakao Corp.
  2,688   353,991
Kangwon Land, Inc.
  13,089   300,801
KCC Corp.
  1,257   211,185
KCC Glass Corp.(b)
  1,181   33,790
KEPCO Plant Service & Engineering Co. Ltd.
  4,002   125,761
KIWOOM Securities Co. Ltd.
  1,527   90,010
Kolon Industries, Inc.
  6,510   227,608
Korea Aerospace Industries Ltd.
  6,368   159,591
Korea Investment Holdings Co. Ltd.
  6,498   357,785
Korea Line Corp.(b)
  3,896   66,986
Korea Petrochemical Ind Co. Ltd.
  781   60,792
Korean Reinsurance Co.
  18,963   136,687
Kumho Industrial Co. Ltd.
  8,005   63,124
Kumho Petrochemical Co. Ltd.
  3,567   192,864
Kumho Tire Co., Inc.(b)
  35,146   111,679
LF Corp.
  4,313   54,024
LG Hausys Ltd.
  2,335   94,881
LG HelloVision Co. Ltd.
  9,189   39,324
LG Innotek Co. Ltd.
  4,005   502,341
LG International Corp.
  10,117   101,905
LIG Nex1 Co. Ltd.
  2,587   60,260
Lotte Chilsung Beverage Co. Ltd.
  689   71,484
Lotte Corp.
  6,652   195,315
LOTTE Fine Chemical Co. Ltd.
  2,748   89,472
Lotte Himart Co. Ltd.
  4,380   97,473
LS Corp.
  7,822   258,784
LS Industrial Systems Co. Ltd.
  3,414   149,361
Mando Corp.
  13,323   373,646
Meritz Fire & Marine Insurance Co. Ltd.
  10,963   144,056
Meritz Securities Co. Ltd.
  50,578   154,087
NCSoft Corp.
  913   485,741
Netmarble Corp.(b)(d)
  821   60,890
NH Investment & Securities Co. Ltd.
  23,060   210,473
NHN Corp.(b)
  1,500   94,263
NongShim Co. Ltd.
  655   126,449
OCI Co. Ltd.
  4,245   195,735
Ottogi Corp.
  131   55,386
Pan Ocean Co. Ltd.(b)
  41,211   135,805
Paradise Co. Ltd.
  5,053   71,046
Partron Co. Ltd.
  8,793   80,781
Poongsan Corp.
  7,836   133,995
Posco International Corp.
  23,352   328,008
S-1 Corp.
  1,772   135,444
Samsung Card Co. Ltd.
  7,098   226,009
Samsung Engineering Co. Ltd.(b)
  32,736   467,512
Samsung SDS Co. Ltd.
  2,289   369,423
Samsung Securities Co. Ltd.
  12,364   360,961
  Shares   Value
South Korea-(continued)
Seoul Semiconductor Co. Ltd.
  4,382   $52,000
SFA Engineering Corp.
  2,060   69,750
Shinsegae, Inc.
  1,492   330,973
SK Gas Ltd.
  1,301   81,898
SK Networks Co. Ltd.
  81,308   336,575
SKC Co. Ltd.
  4,617   198,688
Taeyoung Engineering & Construction Co. Ltd.
  13,628   156,190
Youngone Corp.
  4,924   126,858
Yuhan Corp.
  693   125,851
        17,365,311
Spain-1.82%
Almirall S.A.
  5,394   79,801
Applus Services S.A.
  25,789   298,767
Atresmedia Corp de Medios de Comunicacion S.A.(a)
  16,968   57,503
Bolsas y Mercados Espanoles SHMSF S.A.
  10,232   396,155
Cellnex Telecom S.A.(d)
  5,214   259,056
Cia de Distribucion Integral Logista Holdings S.A.
  16,911   379,181
CIE Automotive S.A.
  5,094   111,220
Construcciones y Auxiliar de Ferrocarriles S.A.
  2,261   100,351
Ebro Foods S.A.
  12,638   261,482
EDP Renovaveis S.A.
  11,060   147,080
Ence Energia y Celulosa S.A.(a)
  13,838   56,066
Euskaltel S.A.(d)
  13,788   129,879
Faes Farma S.A.
  29,206   159,241
Fomento de Construcciones y Contratas S.A.
  7,063   87,821
Gestamp Automocion S.A.(a)(d)
  51,552   210,352
Indra Sistemas S.A.(a)(b)
  22,003   251,806
Inmobiliaria Colonial SOCIMI S.A.
  29,970   401,542
Liberbank S.A.(a)
  325,632   107,754
Mediaset Espana Comunicacion S.A.
  36,622   200,934
Melia Hotels International S.A.
  18,205   146,085
Metrovacesa S.A.(a)(d)
  6,267   63,061
Neinor Homes S.A.(b)(d)
  6,771   73,986
Prosegur Cash S.A.(a)(d)
  35,807   60,809
Prosegur Cia de Seguridad S.A.
  51,291   201,766
Sacyr S.A.
  146,256   417,992
Siemens Gamesa Renewable Energy S.A.
  21,326   339,491
Tecnicas Reunidas S.A.(a)(b)
  10,874   265,113
Unicaja Banco S.A.(d)
  162,848   162,692
Viscofan S.A.
  4,367   231,664
Zardoya Otis S.A.
  16,346   123,270
        5,781,920
Sweden-3.66%
AAK AB
  15,865   297,429
Adapteo OYJ(b)
  7,127   83,092
AF Poyry AB, Class B
  10,427   264,454
Arjo AB, Class B
  32,837   156,719
Atrium Ljungberg AB, Class B
  4,924   119,030
Attendo AB(d)
  16,980   93,170
Axfood AB
  18,659   386,783
Beijer Ref AB
  4,959   148,880
Betsson AB
  21,737   93,034
Bilia AB, Class A
  23,950   263,139
Bonava AB, Class B
  9,953   88,750
Bravida Holding AB(d)
  16,930   154,394
Bure Equity AB
  5,757   128,416
Clas Ohlson AB, Class B
  12,634   133,810
Cloetta AB, Class B
  38,909   137,250
Dometic Group AB(d)
  40,737   371,503
Elekta AB, Class B
  21,196   241,931
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
Sweden-(continued)
Fabege AB
  26,101   $446,698
Fastighets AB Balder, Class B(b)
  8,565   405,800
Hexpol AB
  31,262   281,783
Holmen AB, Class B
  17,937   531,114
Hufvudstaden AB, Class A
  10,476   207,036
Indutrade AB
  7,014   251,966
Intrum AB(a)
  9,148   253,503
Investment AB Latour, Class B(a)
  7,382   122,799
JM AB(a)
  18,817   575,131
Klovern AB, Class B(a)
  76,535   191,773
Klovern AB, Preference Shares
  2,507   99,358
Kungsleden AB
  29,144   310,228
Lifco AB, Class B
  2,494   147,099
Lindab International AB
  9,155   103,721
Loomis AB, Class B
  10,178   368,951
Lundin Petroleum AB
  3,241   98,377
Mekonomen AB(a)(b)
  14,310   119,366
Modern Times Group MTG AB, Class B(b)
  10,916   108,745
Mycronic AB(a)
  6,159   119,938
NetEnt AB
  19,440   49,600
Nibe Industrier AB, Class B
  18,235   315,420
Nobia AB
  27,524   202,337
Nolato AB, Class B
  2,060   119,275
Nordic Entertainment Group AB, Class B
  10,955   332,560
Pandox AB
  5,925   131,759
Peab AB, Class B
  36,394   364,905
Ratos AB, Class B
  101,308   354,943
Resurs Holding AB(d)
  14,107   77,988
Saab AB, Class B(a)
  10,430   338,914
SAS AB(a)(b)
  171,986   246,595
Scandic Hotels Group AB(d)
  14,921   158,364
Sweco AB, Class B
  6,457   249,205
Swedish Orphan Biovitrum AB(b)
  3,804   67,607
Thule Group AB(d)
  7,638   180,517
Wallenstam AB, Class B
  17,013   222,222
Wihlborgs Fastigheter AB
  17,071   326,245
        11,643,626
Switzerland-4.03%
Allreal Holding AG
  1,688   349,686
ALSO Holding AG
  1,033   168,123
Arbonia AG(a)
  8,590   103,516
Aryzta AG(b)
  356,886   357,910
Ascom Holding AG
  6,080   60,330
Autoneum Holding AG(a)
  992   114,216
Banque Cantonale Vaudoise
  370   309,305
Barry Callebaut AG
  169   374,290
Belimo Holding AG
  28   196,257
Bell Food Group AG
  262   68,322
BKW AG
  3,378   313,568
Bobst Group S.A.(a)
  1,187   62,183
Bucher Industries AG
  956   320,368
Burckhardt Compression Holding AG
  436   119,347
Cembra Money Bank AG
  3,606   421,321
Conzzeta AG
  154   175,005
Daetwyler Holding AG, BR
  899   161,790
DKSH Holding AG(a)
  6,706   346,547
dormakaba Holding AG(a)
  284   178,448
EFG International AG(a)
  12,091   74,704
Emmi AG
  202   195,503
EMS-Chemie Holding AG
  538   352,549
Flughafen Zurich AG
  1,935   336,461
Forbo Holding AG
  101   173,195
  Shares   Value
Switzerland-(continued)
Galenica AG(b)(d)
  9,189   $626,057
GAM Holding AG(a)(b)
  121,482   374,456
Huber + Suhner AG
  1,479   109,994
Implenia AG(a)
  7,031   286,218
Inficon Holding AG
  172   132,507
IWG PLC
  117,822   685,862
Landis+Gyr Group AG(b)
  4,700   431,282
Logitech International S.A.
  9,087   408,121
Mediclinic International PLC
  79,868   386,905
Mobimo Holding AG
  1,093   352,108
OC Oerlikon Corp. AG
  25,215   268,688
Rieter Holding AG(a)
  750   98,591
Schweiter Technologies AG, BR
  153   188,988
SFS Group AG
  1,883   175,306
Siegfried Holding AG
  315   145,534
SIG Combibloc Group AG(b)
  9,711   153,265
St Galler Kantonalbank AG
  165   78,432
Straumann Holding AG
  268   255,479
Sulzer AG(a)
  4,154   458,683
Sunrise Communications Group AG(d)
  5,514   454,741
Tecan Group AG
  572   161,793
Temenos AG(b)
  1,049   168,624
u-blox Holding AG
  982   88,278
Valiant Holding AG
  1,055   108,347
Valora Holding AG(a)
  874   232,898
VAT Group AG(b)(d)
  1,553   234,808
Vontobel Holding AG
  4,013   279,423
Wizz Air Holdings PLC(b)(d)
  2,467   136,441
        12,814,773
Ukraine-0.03%
Ferrexpo PLC
  46,605   85,750
United Arab Emirates-0.03%
Borr Drilling Ltd.(b)
  7,468   38,720
NMC Health PLC
  2,523   42,970
        81,690
United Kingdom-9.29%
888 Holdings PLC
  48,960   86,870
AA PLC
  154,644   97,441
Ascential PLC(d)
  22,380   107,476
Ashmore Group PLC(a)
  38,282   275,225
Assura PLC
  241,166   247,654
Auto Trader Group PLC(d)
  24,335   178,681
AVEVA Group PLC
  3,628   234,884
B&M European Value Retail S.A.
  84,179   403,579
Big Yellow Group PLC
  14,867   231,057
Bodycote PLC
  27,479   310,249
Brewin Dolphin Holdings PLC
  33,354   158,282
Britvic PLC
  32,538   397,736
Cairn Energy PLC(b)
  85,678   191,435
Capital & Counties Properties PLC
  87,736   282,421
Card Factory PLC
  52,106   60,856
Cineworld Group PLC(a)
  64,335   149,883
Coats Group PLC
  142,121   141,819
Computacenter PLC
  16,068   381,853
ConvaTec Group PLC(d)
  193,587   531,715
Countryside Properties PLC(d)
  40,577   261,024
Cranswick PLC
  6,883   322,821
Crest Nicholson Holdings PLC
  68,155   450,907
Daily Mail and General Trust PLC, Class A
  25,809   276,254
Dechra Pharmaceuticals PLC
  3,093   116,153
Dialog Semiconductor PLC(b)
  10,961   482,937
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
United Kingdom-(continued)
Dignity PLC
  10,550   $79,131
Diploma PLC
  7,597   195,080
Domino’s Pizza Group PLC(a)
  46,078   187,337
Dunelm Group PLC
  16,064   245,425
EI Group PLC(b)
  136,164   510,115
Electrocomponents PLC
  47,500   415,009
Elementis PLC
  77,725   131,604
Equiniti Group PLC(d)
  37,580   101,454
Essentra PLC
  41,552   229,502
Firstgroup PLC(b)
  166,887   272,348
Frasers Group PLC(b)
  66,631   414,045
Galliford Try Holdings PLC
  34,218   67,307
Games Workshop Group PLC
  2,041   178,511
Genus PLC
  3,991   162,412
Go-Ahead Group PLC (The)
  7,458   202,179
Grafton Group PLC
  36,017   438,151
Grainger PLC
  54,965   214,611
Great Portland Estates PLC
  42,333   520,539
Greggs PLC
  10,413   309,394
GVC Holdings PLC
  24,760   286,306
Halfords Group PLC
  38,487   83,051
Halma PLC
  18,515   514,245
Hargreaves Lansdown PLC
  10,692   241,878
Hastings Group Holdings PLC(d)
  40,912   97,074
Hill & Smith Holdings PLC
  8,955   167,742
HomeServe PLC
  21,694   364,980
Howden Joinery Group PLC
  56,290   509,995
Hunting PLC
  20,177   81,095
Ibstock PLC(d)
  60,030   230,273
Indivior PLC(b)
  174,559   87,278
J D Wetherspoon PLC
  10,493   214,532
JD Sports Fashion PLC
  22,123   240,414
Jupiter Fund Management PLC
  96,697   488,296
Just Eat PLC(b)
  12,456   141,628
Just Group PLC(b)
  215,959   223,490
Keller Group PLC
  12,685   139,791
Kier Group PLC(a)
  64,856   76,761
Lancashire Holdings Ltd.
  36,446   359,363
LondonMetric Property PLC
  70,637   212,113
Marshalls PLC
  16,689   173,686
Marston’s PLC
  178,919   246,936
McCarthy & Stone PLC(d)
  87,379   169,780
Metro Bank PLC(a)(b)
  8,095   24,623
Mitchells & Butlers PLC(b)
  55,457   292,414
Mitie Group PLC
  48,738   84,785
Moneysupermarket.com Group PLC
  54,298   231,877
Morgan Advanced Materials PLC
  35,595   146,395
National Express Group PLC
  43,607   257,663
NewRiver REIT PLC
  37,653   93,312
Ocado Group PLC(b)
  10,475   169,491
OneSavings Bank PLC
  33,952   190,133
PageGroup PLC
  48,406   292,615
Paragon Banking Group PLC
  42,821   287,922
Pets at Home Group PLC
  98,300   365,413
Polypipe Group PLC
  20,643   147,623
Premier Oil PLC(a)(b)
  309,839   411,146
Primary Health Properties PLC
  73,099   151,669
Provident Financial PLC
  56,459   348,430
PZ Cussons PLC
  30,897   78,362
QinetiQ Group PLC
  68,576   318,559
Rathbone Brothers PLC
  3,123   81,182
Redrow PLC
  29,491   309,057
  Shares   Value
United Kingdom-(continued)
Renishaw PLC
  1,804   $95,028
Restaurant Group PLC (The)
  106,822   181,011
Rightmove PLC
  25,683   223,333
Rotork PLC
  71,867   286,803
Safestore Holdings PLC
  18,158   192,684
Saga PLC
  207,424   114,347
Savills PLC
  22,396   368,571
Senior PLC
  77,967   171,122
Serco Group PLC(b)
  211,105   439,959
Shaftesbury PLC
  23,712   281,002
SIG PLC
  110,941   135,274
Spectris PLC
  13,208   459,085
Spirax-Sarco Engineering PLC
  4,456   523,952
Spire Healthcare Group PLC(d)
  109,053   188,866
SSP Group PLC
  34,125   290,329
St Modwen Properties PLC
  14,865   96,947
Stagecoach Group PLC
  96,904   173,779
Superdry PLC
  22,878   115,746
Synthomer PLC
  42,906   191,055
TalkTalk Telecom Group PLC(a)
  141,398   220,873
Ted Baker PLC(a)
  3,678   10,831
Telecom Plus PLC
  7,650   153,030
TP ICAP PLC
  108,788   566,579
Tritax Big Box REIT PLC
  139,071   256,601
UK Commercial Property REIT Ltd.
  113,029   128,939
Ultra Electronics Holdings PLC
  14,144   420,996
UNITE Group PLC (The)
  24,253   406,662
Vesuvius PLC
  40,000   230,450
Victrex PLC
  9,506   276,152
Vistry Group PLC
  47,533   860,424
WH Smith PLC
  10,980   347,417
Workspace Group PLC
  16,038   257,078
        29,551,669
United States-0.42%
Alacer Gold Corp.(b)
  54,356   255,638
Cott Corp.
  18,140   277,748
QIAGEN N.V.(b)
  12,039   402,383
Reliance Worldwide Corp. Ltd.(a)
  23,431   68,820
Sims Ltd.(a)
  47,226   331,464
        1,336,053
Total Common Stocks & Other Equity Interests

(Cost $309,552,764)
  316,864,822
Money Market Funds-0.18%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.45%(e)

(Cost $568,962)
  568,962   568,962
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.79%

(Cost $310,121,726)
  317,433,784
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-7.51%
Invesco Government & Agency Portfolio, Institutional Class, 1.48%(e)(f)
  17,860,860   17,860,860
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
Money Market Funds-(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 1.66%(e)(f)
  6,007,850   $6,010,254
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $23,871,010)
  23,871,114
TOTAL INVESTMENTS IN SECURITIES-107.30%

(Cost $333,992,736)
  341,304,898
OTHER ASSETS LESS LIABILITIES-(7.30)%
  (23,212,060)
NET ASSETS-100.00%
  $318,092,838
Investment Abbreviations:
BR-Bearer Shares
CVA-Dutch Certificates
REIT-Real Estate Investment Trust
RSP-Registered Savings Plan Shares
Rts.-Rights
TBA-To Be Announced
Wts.-Warrants
    
Notes to Schedule of Investments:
(a) All or a portion of this security was out on loan at January 31, 2020.
(b) Non-income producing security.
(c) Security valued using significant unobservable inputs (Level 3). See Additional Valution Information.
(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 January 31, 2020 was $12,989,651, which represented 4.08% of the Fund’s Net Assets.
(e) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2020.
(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.
Schedule of Investments
Invesco FTSE RAFI Emerging Markets ETF (PXH)
January 31, 2020
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.74%
Brazil-12.90%
Ambev S.A.
  1,533,950   $6,407,537
B3 S.A. - Brasil, Bolsa, Balcao
  366,085   4,129,245
Banco Bradesco S.A.
  481,929   3,535,593
Banco Bradesco S.A., Preference Shares
  1,856,260   14,287,110
Banco BTG Pactual S.A.
  108,800   1,909,554
Banco do Brasil S.A.
  891,758   10,129,511
Banco do Estado do Rio Grande do Sul S.A., Class B, Preference Shares
  166,600   783,243
Banco Santander Brasil S.A.
  197,300   1,942,412
BR Malls Participacoes S.A.
  334,555   1,440,546
Braskem S.A., Class A, Preference Shares
  112,309   829,193
BRF S.A.(a)
  565,400   4,042,115
CCR S.A.
  575,500   2,456,472
Centrais Eletricas Brasileiras S.A.
  161,010   1,477,754
Centrais Eletricas Brasileiras S.A., Class B, Preference Shares
  114,500   1,095,095
Cia Brasileira de Distribuicao, Preference Shares
  107,279   2,135,915
Cia de Saneamento Basico do Estado de Sao Paulo
  182,392   2,603,618
Cia de Saneamento do Parana
  36,900   875,601
Cia Energetica de Minas Gerais
  76,980   299,940
Cia Energetica de Minas Gerais, Preference Shares
  931,923   3,260,340
Cia Energetica de Sao Paulo, Class B, Preference Shares
  165,500   1,231,979
Cia Paranaense de Energia
  27,800   510,689
Cia Paranaense de Energia, Class B, Preference Shares
  137,608   2,364,285
Cia Siderurgica Nacional S.A.
  540,582   1,631,898
Cielo S.A.
  824,222   1,363,657
Cogna Educacao
  748,200   2,034,537
Cosan S.A.
  94,200   1,756,916
EDP - Energias do Brasil S.A.
  187,400   980,142
Embraer S.A.
  525,167   2,229,340
Equatorial Energia S.A.
  216,500   1,207,830
Gerdau S.A., Preference Shares
  783,517   3,676,245
Hypera S.A.
  127,100   1,057,965
IRB Brasil Resseguros S.A.
  118,100   1,238,969
Itau Unibanco Holding S.A., Preference Shares
  2,543,175   19,532,441
Itausa - Investimentos Itau S.A., Preference Shares
  907,209   2,730,172
Klabin S.A.
  232,600   1,129,456
Lojas Americanas S.A.
  60,010   326,223
Lojas Americanas S.A., Preference Shares
  202,820   1,307,597
Lojas Renner S.A.
  119,446   1,605,844
Metalurgica Gerdau S.A., Preference Shares
  1,627,500   3,629,573
Petrobras Distribuidora S.A.
  333,500   2,247,657
Petroleo Brasileiro S.A.
  1,514,962   10,759,749
Petroleo Brasileiro S.A., Preference Shares
  2,020,947   13,454,851
Sul America S.A.
  106,500   1,570,116
Suzano S.A.
  100,468   932,678
Telefonica Brasil S.A., Preference Shares
  277,543   3,857,317
TIM Participacoes S.A.
  475,666   1,864,484
  Shares   Value
Brazil-(continued)
Ultrapar Participacoes S.A.
  697,692   $4,124,191
Vale S.A.
  1,900,838   22,361,230
        176,358,825
Chile-0.79%
Banco de Chile
  9,298,967   915,107
Banco Santander Chile
  23,563,655   1,165,036
Cencosud S.A.
  991,740   1,226,152
Empresas CMPC S.A.
  359,822   824,584
Empresas COPEC S.A.
  109,989   980,751
Enel Americas S.A.
  12,752,659   2,511,560
Enel Chile S.A.
  10,393,379   985,167
Latam Airlines Group S.A.
  166,395   1,381,473
SACI Falabella
  205,213   804,722
        10,794,552
China-31.73%
Agile Group Holdings Ltd.
  1,227,273   1,619,149
Agricultural Bank of China Ltd., H Shares
  23,927,328   9,228,472
Air China Ltd., H Shares
  1,003,448   816,212
Alibaba Group Holding Ltd., ADR(a)
  80,616   16,654,459
Aluminum Corp. of China Ltd., H Shares(a)
  4,470,293   1,303,696
Anhui Conch Cement Co. Ltd., H Shares
  398,074   2,536,369
ANTA Sports Products Ltd.
  186,373   1,610,337
BAIC Motor Corp. Ltd., H Shares(b)
  1,613,012   794,721
Baidu, Inc., ADR(a)
  46,925   5,798,053
Bank of China Ltd., H Shares
  71,451,954   27,632,929
Bank of Communications Co. Ltd., H Shares
  7,061,269   4,501,887
Beijing Enterprises Holdings Ltd.
  239,754   1,047,425
BYD Co. Ltd., H Shares(c)
  186,147   973,632
CGN Power Co. Ltd., H Shares(b)
  4,394,467   1,080,847
China Cinda Asset Management Co. Ltd., H Shares
  5,120,246   1,023,435
China CITIC Bank Corp. Ltd., H Shares
  8,085,696   4,210,331
China Communications Construction Co. Ltd., H Shares
  3,957,563   2,785,471
China Communications Services Corp. Ltd., H Shares
  1,326,382   888,788
China Conch Venture Holdings Ltd.
  319,171   1,414,158
China Construction Bank Corp., H Shares
  73,304,289   55,619,527
China Everbright Bank Co. Ltd., H Shares
  2,714,162   1,088,098
China Everbright International Ltd.
  973,121   689,340
China Evergrande Group
  890,742   1,960,931
China Galaxy Securities Co. Ltd., H Shares
  1,591,344   788,932
China Huarong Asset Management Co. Ltd., H Shares(b)
  6,914,115   906,563
China Jinmao Holdings Group Ltd.
  3,574,941   2,393,171
China Life Insurance Co. Ltd., H Shares
  2,936,180   7,036,992
China Longyuan Power Group Corp. Ltd., H Shares
  2,063,279   1,219,726
China Merchants Bank Co. Ltd., H Shares
  1,808,118   8,722,189
China Merchants Port Holdings Co. Ltd.
  581,915   894,142
China Minsheng Banking Corp. Ltd., H Shares
  6,324,432   4,412,850
China Mobile Ltd.
  3,092,246   25,322,068
China National Building Material Co. Ltd., H Shares
  4,635,331   4,418,241
China Oilfield Services Ltd., H Shares
  1,033,794   1,501,979
China Oriental Group Co. Ltd.
  1,768,565   604,915
China Overseas Land & Investment Ltd.
  1,843,605   5,937,308
Invesco FTSE RAFI Emerging Markets ETF (PXH)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
China-(continued)
China Pacific Insurance (Group) Co. Ltd., H Shares
  1,141,613   $3,799,146
China Petroleum & Chemical Corp., H Shares
  30,795,349   16,252,674
China Railway Construction Corp. Ltd., H Shares
  2,220,132   2,154,294
China Railway Group Ltd., H Shares
  3,968,248   2,163,964
China Resources Beer Holdings Co. Ltd.
  323,901   1,501,611
China Resources Land Ltd.
  1,257,887   5,237,110
China Resources Power Holdings Co. Ltd.
  1,422,938   1,907,389
China Shenhua Energy Co. Ltd., H Shares
  2,652,515   4,662,397
China State Construction International Holdings Ltd.
  1,098,861   869,924
China Taiping Insurance Holdings Co. Ltd.
  782,245   1,626,418
China Telecom Corp. Ltd., H Shares
  10,903,884   4,234,970
China Tower Corp. Ltd., H Shares(b)
  8,994,999   1,871,569
China Unicom Hong Kong Ltd.
  4,955,804   4,132,665
China Vanke Co. Ltd., H Shares
  602,420   2,117,812
CIFI Holdings Group Co. Ltd.
  1,527,934   1,048,225
CITIC Ltd.
  2,924,850   3,284,552
CITIC Securities Co. Ltd., H Shares
  720,374   1,385,974
CNOOC Ltd.
  9,393,158   14,232,648
Country Garden Holdings Co. Ltd.
  2,932,511   3,714,487
CRRC Corp. Ltd., H Shares
  1,513,859   992,305
CSPC Pharmaceutical Group Ltd.
  539,656   1,193,378
Dongfeng Motor Group Co. Ltd., H Shares
  1,871,958   1,401,334
ENN Energy Holdings Ltd.
  174,968   2,037,023
Fosun International Ltd.
  1,445,704   1,915,202
GCL-Poly Energy Holdings Ltd.(a)
  11,050,529   417,822
Geely Automobile Holdings Ltd.
  1,065,708   1,699,896
GF Securities Co. Ltd., H Shares
  727,976   795,160
Great Wall Motor Co. Ltd., H Shares
  2,381,736   1,577,956
Guangdong Investment Ltd.
  731,639   1,479,980
Guangzhou Automobile Group Co. Ltd., H Shares
  918,990   922,882
Guangzhou R&F Properties Co. Ltd., H Shares
  1,209,521   1,816,644
Haitong Securities Co. Ltd., H Shares
  1,651,982   1,597,998
Hengan International Group Co. Ltd.
  239,335   1,740,274
Huaneng Power International, Inc., H Shares
  4,372,118   2,068,099
Industrial & Commercial Bank of China Ltd., H Shares
  59,143,693   39,366,557
JD.com, Inc., ADR(a)
  187,510   7,067,252
Jiangxi Copper Co. Ltd., H Shares
  1,430,099   1,677,326
Kingboard Holdings Ltd.
  375,949   993,120
Kunlun Energy Co. Ltd.
  1,627,685   1,260,339
Longfor Group Holdings Ltd.(b)
  689,069   2,904,443
NetEase, Inc., ADR
  11,470   3,679,117
New China Life Insurance Co. Ltd., H Shares
  358,260   1,338,116
Peoples Insurance Co. Group of China Ltd. (The), H Shares
  4,314,459   1,541,038
PetroChina Co. Ltd., H Shares
  16,257,808   7,162,225
PICC Property & Casualty Co. Ltd., H Shares
  4,806,489   5,132,342
Ping An Insurance (Group) Co. of China Ltd., H Shares
  1,511,489   17,103,463
Postal Savings Bank of China Co. Ltd., H Shares(b)
  3,697,350   2,294,945
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares
  579,216   1,077,641
  Shares   Value
China-(continued)
Shenzhou International Group Holdings Ltd.
  93,978   $1,240,931
Shimao Property Holdings Ltd.
  977,036   3,156,452
Sinopec Shanghai Petrochemical Co. Ltd., H Shares
  2,184,634   557,919
Sinopharm Group Co. Ltd., H Shares
  658,952   2,141,520
Sunac China Holdings Ltd.
  508,754   2,453,207
Tencent Holdings Ltd.
  298,040   14,154,957
Trip.com Group Ltd., ADR(a)
  86,337   2,774,008
Vipshop Holdings Ltd., ADR(a)
  208,774   2,657,693
Weichai Power Co. Ltd., H Shares
  985,063   1,723,840
Yangzijiang Shipbuilding Holdings Ltd.
  1,133,528   765,744
Yanzhou Coal Mining Co. Ltd., H Shares
  1,391,114   1,025,761
Zijin Mining Group Co. Ltd., H Shares
  2,691,790   1,173,035
        433,714,116
Hong Kong-0.16%
Haier Electronics Group Co. Ltd.
  447,866   1,342,374
Nine Dragons Paper Holdings Ltd.
  904,852   853,580
        2,195,954
India-8.56%
Axis Bank Ltd.
  439,319   4,474,745
Bharat Petroleum Corp. Ltd.
  1,048,616   6,714,993
Bharti Airtel Ltd.(a)
  776,099   5,399,493
Bharti Infratel Ltd.
  271,747   945,588
Coal India Ltd.
  886,535   2,254,475
GAIL (India) Ltd.
  496,749   838,502
Grasim Industries Ltd.
  193,011   2,099,152
HCL Technologies Ltd.
  276,262   2,289,617
Hero MotoCorp Ltd.
  36,213   1,265,446
Hindalco Industries Ltd.
  885,024   2,348,447
Hindustan Petroleum Corp. Ltd.
  1,079,949   3,502,344
Hindustan Unilever Ltd.
  59,294   1,687,977
Housing Development Finance Corp. Ltd.
  295,799   10,006,780
Indiabulls Housing Finance Ltd.
  187,614   805,591
Indian Oil Corp. Ltd.
  2,573,010   4,084,040
Infosys Ltd.
  860,223   9,354,168
ITC Ltd.
  561,566   1,850,573
JSW Steel Ltd.
  529,042   1,847,992
Larsen & Toubro Ltd.
  99,364   1,906,725
Mahindra & Mahindra Ltd.
  234,875   1,866,788
Maruti Suzuki India Ltd.
  20,817   2,004,720
NTPC Ltd.
  1,603,974   2,536,642
Oil & Natural Gas Corp. Ltd.
  1,703,633   2,601,140
Power Finance Corp. Ltd.(a)
  726,523   1,184,068
REC Ltd.
  786,704   1,578,151
Reliance Industries Ltd.
  756,908   14,973,747
Reliance Infrastructure Ltd.(a)
  565,193   173,065
Shriram Transport Finance Co. Ltd.
  72,493   1,036,790
State Bank of India(a)
  1,252,250   5,556,663
Sun Pharmaceutical Industries Ltd.
  257,647   1,568,106
Tata Consultancy Services Ltd.
  146,909   4,291,745
Tata Motors Ltd.(a)
  2,005,067   4,919,401
Tata Motors Ltd., Class A(a)
  755,954   784,528
Tata Steel Ltd.
  288,544   1,757,309
Tech Mahindra Ltd.
  100,182   1,118,382
Vedanta Ltd.
  2,045,191   3,952,378
Wipro Ltd.
  324,527   1,076,943
Yes Bank Ltd.
  558,900   309,168
        116,966,382
Invesco FTSE RAFI Emerging Markets ETF (PXH)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
Indonesia-1.96%
PT Adaro Energy Tbk
  11,239,243   $996,591
PT Astra International Tbk
  7,277,374   3,352,022
PT Bank Central Asia Tbk
  1,237,939   2,909,151
PT Bank Mandiri (Persero) Tbk
  7,035,114   3,851,178
PT Bank Negara Indonesia (Persero) Tbk
  2,925,700   1,533,607
PT Bank Rakyat Indonesia (Persero) Tbk
  15,772,465   5,117,225
PT Indofood Sukses Makmur Tbk
  1,828,995   1,038,373
PT Perusahaan Gas Negara Tbk
  7,165,140   888,619
PT Semen Indonesia (Persero) Tbk
  1,117,289   968,805
PT Telekomunikasi Indonesia (Persero) Tbk
  18,822,180   5,212,866
PT United Tractors Tbk
  674,016   941,750
        26,810,187
Malaysia-1.32%
CIMB Group Holdings Bhd.
  1,763,200   2,112,837
Genting Bhd.
  1,069,800   1,431,209
Genting Malaysia Bhd.
  1,603,300   1,180,221
Malayan Banking Bhd.
  1,530,900   3,140,499
Petronas Chemicals Group Bhd.
  899,100   1,354,583
Petronas Gas Bhd.
  244,100   950,924
Public Bank Bhd.
  819,900   3,709,085
Sapura Energy Bhd.
  16,459,800   984,053
Tenaga Nasional Bhd.
  1,044,600   3,168,263
        18,031,674
Mexico-4.12%
Alfa S.A.B. de C.V., Class A
  1,702,648   1,272,621
America Movil S.A.B. de C.V., Series L(c)
  18,125,116   15,032,407
Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander
  500,437   716,610
Cemex S.A.B. de C.V., Series CPO(d)
  16,828,510   6,760,581
Coca-Cola FEMSA S.A.B. de C.V., Series L(c)
  257,679   1,565,579
Fibra Uno Administracion S.A. de C.V.
  1,608,593   2,636,773
Fomento Economico Mexicano, S.A.B. de C.V., Series CPO(c)(e)
  730,736   6,580,796
Grupo Financiero Banorte S.A.B. de C.V., Class O
  1,136,341   6,973,138
Grupo Mexico S.A.B. de C.V., Class B
  1,749,450   4,666,310
Grupo Televisa S.A.B., Series CPO(c)(f)
  1,312,301   2,901,657
Orbia Advance Corp. S.A.B. de C.V.(c)
  702,958   1,642,762
Wal-Mart de Mexico S.A.B. de C.V., Series V
  1,910,615   5,539,551
        56,288,785
Romania-0.07%
NEPI Rockcastle PLC
  116,455   958,845
Russia-11.18%
Aeroflot PJSC
  978,210   1,642,552
Alrosa PJSC
  1,339,705   1,678,438
Gazprom PJSC
  8,912,715   31,614,323
LUKOIL PJSC
  376,618   38,574,768
Magnit PJSC
  88,545   5,142,498
MMC Norilsk Nickel PJSC
  24,961   8,109,522
Mobile TeleSystems PJSC
  1,255,780   6,386,488
Moscow Exchange MICEX-RTS PJSC
  883,952   1,519,943
Novatek PJSC
  217,046   3,922,557
Novolipetsk Steel PJSC
  442,769   955,311
Rosneft Oil Co. PJSC
  1,099,079   8,241,267
RusHydro PJSC
  134,626,254   1,449,213
Sberbank of Russia PJSC
  6,680,065   26,324,104
  Shares   Value
Russia-(continued)
Severstal PJSC
  145,608   $2,075,148
Surgutneftegas PJSC
  3,688,909   2,655,605
Surgutneftegas PJSC, Preference Shares
  3,846,086   2,169,503
Tatneft PJSC
  560,880   6,663,911
Tatneft PJSC, Preference Shares
  54,509   611,433
VTB Bank PJSC
  4,223,352,288   3,063,008
        152,799,592
South Africa-6.42%
Absa Group Ltd.
  596,126   5,430,058
AngloGold Ashanti Ltd.
  136,579   2,784,139
Aspen Pharmacare Holdings Ltd.(a)
  166,918   1,277,133
Barloworld Ltd.
  144,308   898,588
Bid Corp. Ltd.
  120,899   2,663,624
Bidvest Group Ltd. (The)
  126,580   1,746,862
Exxaro Resources Ltd.
  109,309   887,400
FirstRand Ltd.
  1,274,899   4,888,324
Foschini Group Ltd. (The)
  102,992   946,185
Gold Fields Ltd.
  601,460   3,891,738
Growthpoint Properties Ltd.
  1,415,738   1,983,619
Impala Platinum Holdings Ltd.(a)
  327,454   3,099,286
Investec Ltd.
  166,039   930,403
Life Healthcare Group Holdings Ltd.
  656,899   1,106,333
Mr Price Group Ltd.
  75,741   850,522
MTN Group Ltd.
  1,289,863   6,947,434
Naspers Ltd., Class N
  33,745   5,535,984
Nedbank Group Ltd.
  236,414   3,084,675
Netcare Ltd.
  782,467   1,027,620
Old Mutual Ltd.
  1,644,108   1,883,933
Pick n Pay Stores Ltd.
  203,712   882,102
Redefine Properties Ltd.
  2,495,463   1,185,900
Remgro Ltd.
  178,871   2,168,950
Sanlam Ltd.
  733,599   3,619,566
Sappi Ltd.
  373,454   949,352
Sasol Ltd.
  359,480   5,679,091
Shoprite Holdings Ltd.
  241,084   1,877,587
Sibanye Gold Ltd.(a)
  1,311,593   3,382,241
SPAR Group Ltd. (The)
  112,422   1,412,326
Standard Bank Group Ltd.
  719,045   7,494,420
Telkom S.A. SOC Ltd.
  257,393   553,585
Tiger Brands Ltd.
  75,593   992,821
Truworths International Ltd.
  229,279   674,103
Vodacom Group Ltd.
  387,794   3,031,357
Woolworths Holdings Ltd.
  649,180   1,920,771
        87,688,032
Taiwan-14.42%
Acer, Inc.
  2,028,000   1,125,971
Asia Cement Corp.
  1,313,000   1,952,613
Asustek Computer, Inc.
  267,738   1,964,226
AU Optronics Corp.
  6,467,000   2,128,517
Catcher Technology Co. Ltd.
  393,000   3,110,492
Cathay Financial Holding Co. Ltd.
  3,479,440   4,651,908
Chailease Holding Co. Ltd.
  345,902   1,436,604
China Development Financial Holding Corp.
  4,091,000   1,248,517
China Life Insurance Co. Ltd.(a)
  1,345,170   1,093,130
China Steel Corp.
  3,043,360   2,318,017
Chunghwa Telecom Co. Ltd.
  1,610,000   5,732,025
CTBC Financial Holding Co. Ltd.
  5,778,838   4,196,354
Delta Electronics, Inc.
  804,506   3,762,208
E.Sun Financial Holding Co. Ltd.
  3,453,408   3,193,990
Far Eastern New Century Corp.
  1,884,000   1,745,876
Invesco FTSE RAFI Emerging Markets ETF (PXH)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
Taiwan-(continued)
Far EasTone Telecommunications Co. Ltd.
  551,000   $1,245,587
First Financial Holding Co. Ltd.
  2,511,614   1,952,813
Formosa Chemicals & Fibre Corp.
  1,148,920   3,205,691
Formosa Petrochemical Corp.
  529,000   1,567,360
Formosa Plastics Corp.
  1,368,280   4,206,322
Fubon Financial Holding Co. Ltd.
  2,676,928   3,965,391
Hon Hai Precision Industry Co. Ltd.
  5,199,064   14,119,647
Innolux Corp.
  5,205,490   1,494,732
Inventec Corp.
  1,585,000   1,196,725
Largan Precision Co. Ltd.
  15,000   2,335,589
Lite-On Technology Corp.
  1,564,313   2,419,186
MediaTek, Inc.
  741,091   9,426,222
Mega Financial Holding Co. Ltd.
  3,697,080   3,845,805
Micro-Star International Co. Ltd.
  371,000   1,125,853
Nan Ya Plastics Corp.
  1,125,940   2,573,728
Novatek Microelectronics Corp.
  231,000   1,631,698
Pegatron Corp.
  1,124,106   2,332,801
Pou Chen Corp.
  896,740   1,034,802
Powertech Technology, Inc.
  517,200   1,826,295
President Chain Store Corp.
  188,000   1,842,929
Quanta Computer, Inc.
  1,461,000   2,969,293
Shin Kong Financial Holding Co. Ltd.(a)
  8,413,998   2,721,157
Taishin Financial Holding Co. Ltd.
  3,710,169   1,728,760
Taiwan Cement Corp.
  2,480,324   3,428,357
Taiwan Cooperative Financial Holding Co. Ltd.
  1,636,759   1,121,239
Taiwan Mobile Co. Ltd.
  564,400   1,986,859
Taiwan Semiconductor Manufacturing Co. Ltd.
  6,135,000   65,630,564
Tatung Co. Ltd.(a)
  1,303,000   840,295
Uni-President Enterprises Corp.
  1,553,941   3,693,172
United Microelectronics Corp.
  10,369,000   5,056,633
Walsin Lihwa Corp.
  2,059,000   1,001,456
Wistron Corp.
  1,473,875   1,316,195
Yuanta Financial Holding Co. Ltd.
  4,042,671   2,619,475
        197,123,079
Thailand-3.19%
Advanced Info Service PCL, NVDR
  480,936   3,127,508
Bangkok Bank PCL, Foreign Shares
  241,589   1,112,684
Banpu PCL, NVDR
  2,929,157   937,329
Charoen Pokphand Foods PCL, NVDR
  2,457,594   2,350,834
CP ALL PCL, NVDR
  1,004,546   2,267,137
IRPC PCL, NVDR
  6,756,954   617,976
Kasikornbank PCL, Foreign Shares
  260,591   1,163,103
Kasikornbank PCL, NVDR
  185,052   825,948
Krung Thai Bank PCL, NVDR
  4,254,331   2,190,513
PTT Exploration & Production PCL, NVDR
  710,433   2,833,225
PTT Global Chemical PCL, NVDR
  1,458,906   2,277,334
PTT PCL, NVDR
  9,155,063   12,657,561
Siam Cement PCL (The), NVDR
  394,109   4,494,272
Siam Commercial Bank PCL (The), NVDR
  1,354,330   4,224,769
  Shares   Value
Thailand-(continued)
Thai Oil PCL, NVDR
  830,756   $1,372,262
Thanachart Capital PCL, NVDR
  717,497   1,191,674
        43,644,129
Turkey-2.37%
Akbank T.A.S.(a)
  2,893,868   3,993,876
BIM Birlesik Magazalar A.S.
  157,520   1,283,847
Emlak Konut Gayrimenkul Yatirim Ortakligi A.S.
  4,084,634   1,139,739
Eregli Demir ve Celik Fabrikalari TAS
  1,207,182   1,881,873
Haci Omer Sabanci Holding A.S.
  1,501,604   2,446,222
KOC Holding A.S.
  849,114   2,744,187
Tupras-Turkiye Petrol Rafinerileri A.S.
  104,671   1,969,249
Turk Hava Yollari AO(a)
  846,632   1,935,159
Turkcell Iletisim Hizmetleri A.S.
  1,044,466   2,460,647
Turkiye Garanti Bankasi A.S.(a)
  2,229,399   4,432,723
Turkiye Halk Bankasi A.S.(a)
  1,715,970   1,984,046
Turkiye Is Bankasi A.S., Class C(a)
  2,336,208   2,829,993
Turkiye Vakiflar Bankasi T.A.O., Class D(a)
  1,889,655   2,083,830
Yapi ve Kredi Bankasi A.S.(a)
  2,556,329   1,268,554
        32,453,945
United States-0.55%
JBS S.A.
  1,163,282   7,507,943
Total Common Stocks & Other Equity Interests

(Cost $1,315,653,962)
  1,363,336,040
Money Market Funds-0.16%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.45%(g)

(Cost $2,205,135)
  2,205,135   2,205,135
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.90%

(Cost $1,317,859,097)
  1,365,541,175
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.18%
Invesco Government & Agency Portfolio, Institutional Class, 1.48%(g)(h)
  1,836,417   1,836,417
Invesco Liquid Assets Portfolio, Institutional Class, 1.66%(g)(h)
  611,894   612,139
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $2,448,547)
  2,448,556
TOTAL INVESTMENTS IN SECURITIES-100.08%

(Cost $1,320,307,644)
  1,367,989,731
OTHER ASSETS LESS LIABILITIES-(0.08)%
  (1,109,292)
NET ASSETS-100.00%
  $1,366,880,439
 
Invesco FTSE RAFI Emerging Markets ETF (PXH)—(continued)
January 31, 2020
(Unaudited)
Investment Abbreviations:
ADR-American Depositary Receipt
CPO-Certificates of Ordinary Participation
NVDR-Non-Voting Depositary Receipt
    
Notes to Schedule of Investments:
(a) Non-income producing security.
(b) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at January 31, 2020 was $9,853,088, which represented less than 1% of the Fund’s Net Assets.
(c) All or a portion of this security was out on loan at January 31, 2020.
(d) Each CPO for Cemex S.A.B. de C.V. represents two Series A shares and one Series B share.
(e) Each CPO for Fomento Economico Mexicano, S.A.B. de C.V. represents one Series B share and four Series D shares.
(f) Each CPO for Grupo Televisa S.A.B. represents twenty-five Series A shares, twenty-two Series B shares, thirty-five Series D shares and thirty-five Series L shares.
(g) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2020.
(h) 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.
Schedule of Investments
Invesco Global Clean Energy ETF (PBD)
January 31, 2020
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-100.08%
Austria-1.07%
Verbund AG
  12,400   $655,753
Canada-6.92%
Ballard Power Systems, Inc.(a)
  90,159   888,263
Boralex, Inc., Class A
  33,754   704,405
Canadian Solar, Inc.(b)
  28,774   576,919
Innergex Renewable Energy, Inc.
  49,177   699,049
Northland Power, Inc.
  30,534   687,768
TransAlta Renewables, Inc.
  53,681   671,748
        4,228,152
Chile-1.06%
Sociedad Quimica y Minera de Chile S.A., ADR
  22,993   646,103
China-8.62%
BYD Co. Ltd., H Shares(a)
  133,074   704,367
Daqo New Energy Corp., ADR(b)
  12,343   624,309
JinkoSolar Holding Co. Ltd., ADR(a)(b)
  27,733   518,607
Kandi Technologies Group, Inc.(a)(b)
  135,313   538,546
NIO, Inc., ADR(a)(b)
  251,907   952,209
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares
  581,230   616,044
Xinyi Energy Holdings Ltd.
  2,545,416   655,621
Xinyi Solar Holdings Ltd.
  928,103   657,390
        5,267,093
Denmark-3.29%
Novozymes A/S, Class B
  13,134   685,395
Orsted A/S(c)
  6,323   690,121
Vestas Wind Systems A/S
  6,370   635,550
        2,011,066
Finland-1.06%
Caverion OYJ(a)
  79,597   648,339
France-2.23%
Albioma S.A.
  21,769   726,145
Neoen S.A.(a)(b)(c)
  18,997   636,837
        1,362,982
Germany-5.30%
CropEnergies AG
  50,677   567,219
Encavis AG(a)
  61,531   739,165
Nordex SE(a)(b)
  47,813   624,709
SMA Solar Technology AG(b)
  16,852   620,023
VERBIO Vereinigte BioEnergie AG
  48,373   686,169
        3,237,285
Guernsey-1.01%
Renewables Infrastructure Group Ltd. (The)
  356,268   618,976
Hong Kong-1.94%
Canvest Environmental Protection Group Co. Ltd.(c)
  1,402,193   592,305
China High Speed Transmission Equipment Group Co. Ltd.
  982,943   592,432
        1,184,737
Ireland-1.05%
Kingspan Group PLC
  10,450   644,466
Italy-1.26%
Falck Renewables S.p.A.
  117,908   768,314
Japan-5.94%
eRex Co. Ltd.
  36,952   568,335
GS Yuasa Corp.
  29,259   590,120
Meidensha Corp.
  29,713   566,928
  Shares   Value
Japan-(continued)
RENOVA, Inc.(b)
  57,134   $696,878
Takuma Co. Ltd.
  53,024   588,530
West Holdings Corp.
  38,946   622,001
        3,632,792
Netherlands-1.10%
Signify N.V.(c)
  20,102   670,985
New Zealand-4.21%
Contact Energy Ltd.
  134,348   646,858
Mercury NZ Ltd.
  186,264   631,633
Meridian Energy Ltd.
  183,764   635,643
Tilt Renewables Ltd.(b)
  299,769   659,585
        2,573,719
Norway-2.41%
NEL ASA(b)
  665,535   662,445
Scatec Solar ASA(c)
  47,364   808,258
        1,470,703
South Korea-4.22%
CS Wind Corp.
  19,368   598,013
Ecopro Co. Ltd.
  37,090   637,954
Samsung SDI Co. Ltd.
  3,297   763,495
Seoul Semiconductor Co. Ltd.
  47,855   578,187
        2,577,649
Spain-5.83%
Atlantica Yield PLC
  24,326   698,764
Audax Renovables S.A.(a)(b)
  287,489   741,053
EDP Renovaveis S.A.
  56,121   746,319
Siemens Gamesa Renewable Energy S.A.
  36,650   585,067
Solaria Energia y Medio Ambiente S.A.(b)
  84,511   791,386
        3,562,589
Sweden-3.90%
Eolus Vind AB, Class B
  58,736   928,695
Nibe Industrier AB, Class B
  37,193   644,795
PowerCell Sweden AB(a)(b)
  40,341   811,118
        2,384,608
Switzerland-4.35%
Credit Suisse Real Estate Fund Green Property(a)
  4,045   683,638
Gurit Holding AG, BR
  450   681,217
Landis+Gyr Group AG(b)
  6,164   565,622
Meyer Burger Technology AG(a)(b)
  1,723,393   728,348
        2,658,825
Taiwan-6.45%
Epistar Corp.
  608,131   689,479
Everlight Electronics Co. Ltd.
  568,000   710,729
Gigasolar Materials Corp.(b)
  164,000   675,891
Lextar Electronics Corp.
  1,079,000   600,060
Sino-American Silicon Products, Inc.
  195,000   633,884
United Renewable Energy Co. Ltd.(b)
  2,614,241   633,462
        3,943,505
United Kingdom-3.11%
GCP Infrastructure Investments Ltd.(a)
  374,164   631,326
Greencoat UK Wind PLC
  329,085   616,863
Ricardo PLC
  63,851   649,780
        1,897,969
United States-23.75%
Ameresco, Inc., Class A(b)
  37,644   722,388
Bloom Energy Corp., Class A(a)(b)
  96,420   759,790
Invesco Global Clean Energy ETF (PBD)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
United States-(continued)
Cree, Inc.(b)
  13,484   $626,871
Enphase Energy, Inc.(a)(b)
  23,588   743,494
First Solar, Inc.(b)
  10,991   544,934
Hannon Armstrong Sustainable Infrastructure Capital, Inc.
  19,856   676,891
Itron, Inc.(b)
  7,616   622,608
Ormat Technologies, Inc.
  8,510   674,503
Plug Power, Inc.(a)(b)
  204,929   792,051
Renewable Energy Group, Inc.(a)(b)
  23,551   618,920
SolarEdge Technologies, Inc.(b)
  6,694   655,075
Sunnova Energy International, Inc.(b)
  55,037   747,402
SunPower Corp.(a)(b)
  79,270   675,380
Sunrun, Inc.(b)
  43,681   743,887
TerraForm Power, Inc., Class A
  41,959   759,038
Tesla, Inc.(b)
  1,498   974,554
TPI Composites, Inc.(b)
  34,172   709,069
Universal Display Corp.
  3,142   553,526
Veeco Instruments, Inc.(b)
  42,637   543,622
Vivint Solar, Inc.(a)(b)
  83,419   680,699
Willdan Group, Inc.(b)
  20,738   687,050
        14,511,752
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-100.08%

(Cost $46,218,713)
  61,158,362
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-17.49%
Invesco Government & Agency Portfolio, Institutional Class, 1.48%(d)(e)
  8,017,030   $8,017,030
Invesco Liquid Assets Portfolio, Institutional Class, 1.66%(d)(e)
  2,671,275   2,672,343
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $10,689,293)
  10,689,373
TOTAL INVESTMENTS IN SECURITIES-117.57%

(Cost $56,908,006)
  71,847,735
OTHER ASSETS LESS LIABILITIES-(17.57)%
  (10,737,027)
NET ASSETS-100.00%
  $61,110,708
 
Investment Abbreviations:
ADR-American Depositary Receipt
BR-Bearer Shares
    
Notes to Schedule of Investments:
(a) All or a portion of this security was out on loan at January 31, 2020.
(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 January 31, 2020 was $3,398,506, which represented 5.56% of the Fund’s Net Assets.
(d) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2020.
(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.
Schedule of Investments
Invesco Global Water ETF (PIO)
January 31, 2020
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.86%
Brazil-3.84%
Cia de Saneamento Basico do Estado de Sao Paulo
  551,041   $7,866,027
Canada-0.72%
Stantec, Inc.
  49,862   1,483,550
Cayman Islands-0.13%
Consolidated Water Co. Ltd.
  15,451   264,367
China-2.36%
Beijing Enterprises Water Group Ltd.(a)
  3,215,687   1,445,318
China Everbright Water Ltd.
  327,606   72,007
CT Environmental Group Ltd.(a)(b)
  2,561,890   56,088
Guangdong Investment Ltd.
  1,594,910   3,253,535
        4,826,948
France-7.49%
Suez
  389,689   6,404,387
Veolia Environnement S.A.
  302,307   8,938,245
        15,342,632
Hong Kong-0.18%
China Water Affairs Group Ltd.
  473,975   371,127
Italy-1.87%
ACEA S.p.A.
  31,838   742,705
Hera S.p.A.
  678,281   3,083,355
        3,826,060
Japan-4.20%
Kurita Water Industries Ltd.
  80,881   2,414,080
METAWATER Co. Ltd.
  11,117   432,844
Miura Co. Ltd.
  42,837   1,521,635
TOTO Ltd.
  101,200   4,225,031
        8,593,590
Netherlands-1.74%
Aalberts N.V.
  66,473   2,911,256
Arcadis N.V.
  29,110   663,260
        3,574,516
South Korea-1.39%
Woongjin Coway Co. Ltd.
  38,713   2,851,870
Spain-1.06%
Acciona S.A.(c)
  19,218   2,180,853
Switzerland-7.44%
Geberit AG
  28,843   15,228,219
Thailand-0.21%
TTW PCL, NVDR
  945,477   421,628
  Shares   Value
United Kingdom-15.63%
Halma PLC
  214,050   $5,945,128
HomeServe PLC
  119,134   2,013,285
Pennon Group PLC
  317,153   4,634,319
Polypipe Group PLC
  64,607   462,020
Severn Trent PLC
  205,612   6,990,065
Spirax-Sarco Engineering PLC
  42,362   4,981,071
United Utilities Group PLC
  521,528   6,967,594
        31,993,482
United States-51.60%
A.O. Smith Corp.
  93,154   3,976,744
American Water Works Co., Inc.
  64,004   8,717,345
Aqua America, Inc.
  103,527   5,377,192
Danaher Corp.
  106,130   17,073,133
Ecolab, Inc.
  82,996   16,276,346
Ferguson PLC
  143,109   12,831,724
HD Supply Holdings, Inc.(a)
  105,534   4,299,455
IDEX Corp.
  30,689   5,028,393
Pentair PLC
  207,360   8,901,965
Reliance Worldwide Corp. Ltd.(c)
  640,925   1,930,802
Roper Technologies, Inc.
  21,496   8,204,163
Waters Corp.(a)
  34,883   7,806,467
Xylem, Inc.
  63,872   5,215,787
        105,639,516
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.86%

(Cost $147,235,021)
  204,464,385
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.72%
Invesco Government & Agency Portfolio, Institutional Class, 1.48%(d)(e)
  2,642,335   2,642,335
Invesco Liquid Assets Portfolio, Institutional Class, 1.66%(d)(e)
  880,426   880,778
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $3,523,111)
  3,523,113
TOTAL INVESTMENTS IN SECURITIES-101.58%

(Cost $150,758,132)
  207,987,498
OTHER ASSETS LESS LIABILITIES-(1.58)%
  (3,244,731)
NET ASSETS-100.00%
  $204,742,767
Investment Abbreviations:
NVDR-Non-Voting Depositary Receipt
    
Notes to Schedule of Investments:
(a) Non-income producing security.
(b) Security valued using significant unobservable inputs (Level 3). See Additional Valution Information.
(c) All or a portion of this security was out on loan at January 31, 2020.
(d) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2020.
(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.
Schedule of Investments
Invesco International BuyBack AchieversTM ETF (IPKW)
January 31, 2020
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.66%
Australia-6.89%
Qantas Airways Ltd.
  710,627   $3,019,896
Rio Tinto PLC
  119,078   6,410,600
        9,430,496
Brazil-0.28%
Ser Educacional S.A.(a)
  54,400   389,167
Canada-29.46%
Canadian Tire Corp. Ltd., Class A(b)
  32,957   3,536,794
CI Financial Corp.
  204,845   3,591,815
Dream Office REIT(b)
  44,745   1,101,244
ECN Capital Corp.
  224,344   949,927
Gildan Activewear, Inc.
  119,971   3,326,405
Home Capital Group, Inc.(b)(c)
  45,618   1,088,237
Imperial Oil Ltd.
  134,079   3,181,278
Magna International, Inc.
  129,373   6,562,803
Methanex Corp.
  62,871   2,039,843
Norbord, Inc.
  31,288   919,560
RioCan REIT
  172,151   3,535,308
Thomson Reuters Corp.
  99,163   7,976,977
West Fraser Timber Co. Ltd.
  52,164   2,091,214
Westshore Terminals Investment Corp.(b)
  34,723   422,174
        40,323,579
Denmark-4.00%
Pandora A/S
  81,586   4,212,993
Sydbank A/S
  57,628   1,254,538
        5,467,531
Germany-4.44%
Bilfinger SE(b)
  39,083   1,385,160
Covestro AG(a)
  76,336   3,227,321
Rocket Internet SE(a)(c)
  62,200   1,456,838
        6,069,319
Ireland-2.41%
Flutter Entertainment PLC
  29,066   3,295,840
Japan-29.19%
Chugoku Marine Paints Ltd.
  45,059   419,012
Coca-Cola Bottlers Japan Holdings, Inc.(b)
  122,205   3,217,941
Fancl Corp.
  68,421   1,798,994
Foster Electric Co. Ltd.
  19,507   290,042
Geo Holdings Corp.
  25,701   291,711
Idemitsu Kosan Co. Ltd.
  127,356   3,177,087
Isuzu Motors Ltd.
  499,906   4,890,050
Joyful Honda Co. Ltd.
  73,528   829,477
Kenedix, Inc.
  123,361   620,441
KYORIN Holdings, Inc.
  45,028   807,445
NTT DOCOMO, Inc.
  254,062   7,269,187
Seiren Co. Ltd.
  46,086   586,528
Shinmaywa Industries Ltd.
  45,730   595,527
Ship Healthcare Holdings, Inc.
  35,103   1,574,383
Toshiba Corp.
  208,397   6,626,680
Yondoshi Holdings, Inc.
  17,325   375,853
Z Holdings Corp.
  1,674,547   6,574,348
        39,944,706
  Shares   Value
Netherlands-10.65%
ASM International N.V.
  31,594   $3,833,079
Koninklijke Ahold Delhaize N.V.
  283,839   6,967,078
Signify N.V.(a)
  113,571   3,779,687
        14,579,844
South Africa-0.20%
DataTec Ltd.
  123,983   276,905
South Korea-3.53%
BH Co. Ltd.(c)
  25,039   435,749
S&T Motiv Co. Ltd.
  6,321   205,027
SFA Engineering Corp.
  17,989   609,091
SK Innovation Co. Ltd.
  27,382   2,957,828
SK Materials Co. Ltd.
  4,766   621,353
        4,829,048
Switzerland-3.59%
Dufry AG(c)
  33,281   2,886,581
Forbo Holding AG
  1,183   2,028,616
        4,915,197
Taiwan-0.33%
Cheng Uei Precision Industry Co. Ltd.
  348,000   451,330
United Kingdom-4.69%
Computacenter PLC
  88,576   2,104,995
Man Group PLC
  1,437,012   2,907,259
Sole Realisation Co. PLC(c)(d)
  90,508   0
Ultra Electronics Holdings PLC
  47,399   1,410,829
        6,423,083
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.66%

(Cost $133,283,575)
  136,396,045
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-5.85%
Invesco Government & Agency Portfolio, Institutional Class, 1.48%(e)(f)
  6,001,895   6,001,895
Invesco Liquid Assets Portfolio, Institutional Class, 1.66%(e)(f)
  1,999,832   2,000,632
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $8,002,481)
  8,002,527
TOTAL INVESTMENTS IN SECURITIES-105.51%

(Cost $141,286,056)
  144,398,572
OTHER ASSETS LESS LIABILITIES-(5.51)%
  (7,543,266)
NET ASSETS-100.00%
  $136,855,306
Invesco International BuyBack AchieversTM ETF (IPKW)—(continued)
January 31, 2020
(Unaudited)
Investment Abbreviations:
REIT-Real Estate Investment Trust
    
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 January 31, 2020 was $8,853,013, which represented 6.47% of the Fund’s Net Assets.
(b) All or a portion of this security was out on loan at January 31, 2020.
(c) Non-income producing security.
(d) Security valued using significant unobservable inputs (Level 3). See Additional Valution Information.
(e) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2020.
(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.
Schedule of Investments
Invesco MSCI Global Timber ETF (CUT)
January 31, 2020
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.82%
Australia-1.31%
Orora Ltd.
  762,079   $1,642,759
Quintis Ltd.(a)(b)
  20,883   0
        1,642,759
Brazil-4.83%
Duratex S.A.
  196,642   722,466
Klabin S.A.
  442,134   2,146,909
Suzano S.A.
  343,853   3,192,102
        6,061,477
Canada-3.82%
Canfor Corp.(a)
  39,539   355,464
Canfor Pulp Products, Inc.
  18,537   118,997
Cascades, Inc.
  44,362   379,369
Interfor Corp.(a)
  42,474   449,934
Norbord, Inc.
  30,959   909,891
Stella-Jones, Inc.
  37,115   1,051,248
West Fraser Timber Co. Ltd.
  33,535   1,344,392
Western Forest Products, Inc.
  237,100   191,824
        4,801,119
Chile-1.30%
Empresas CMPC S.A.
  710,490   1,628,191
China-0.82%
Lee & Man Paper Manufacturing Ltd.
  829,099   579,789
Shandong Sun Paper Industry JSC Ltd.
  98,100   131,508
Shanying International Holding Co. Ltd., A Shares(a)
  173,700   83,967
Youyuan International Holdings Ltd.(a)(b)
  337,463   11,300
Yunnan Energy New Material Co. Ltd.
  25,400   216,615
        1,023,179
Finland-11.43%
Huhtamaki OYJ
  61,251   2,728,032
Metsa Board OYJ(c)
  121,314   736,060
Stora Enso OYJ, Class R
  367,399   4,788,104
UPM-Kymmene OYJ
  192,654   6,091,132
        14,343,328
Germany-0.24%
Mercer International, Inc.
  26,941   296,620
Hong Kong-0.79%
Nine Dragons Paper Holdings Ltd.
  1,037,567   991,480
Indonesia-1.15%
PT Indah Kiat Pulp & Paper Corp. Tbk
  1,727,578   853,984
PT Pabrik Kertas Tjiwi Kimia Tbk
  884,731   589,605
        1,443,589
Ireland-3.94%
Smurfit Kappa Group PLC
  142,648   4,944,822
Israel-0.06%
Hadera Paper Ltd.
  1,862   73,920
Japan-4.97%
Daiken Corp.
  6,859   119,480
Daio Paper Corp.
  43,703   585,475
Hokuetsu Corp.
  79,262   373,695
Nippon Paper Industries Co. Ltd.
  62,388   1,032,077
Oji Holdings Corp.
  544,551   2,843,713
Pack Corp. (The)(c)
  8,168   292,777
Rengo Co. Ltd.
  111,224   794,274
Tokushu Tokai Paper Co. Ltd.
  5,379   198,515
        6,240,006
  Shares   Value
Pakistan-0.04%
Packages Ltd.
  22,000   $54,708
Portugal-0.78%
Altri SGPS S.A.
  45,343   280,390
Navigator Co. S.A. (The)
  135,941   488,106
Semapa-Sociedade de Investimento e Gestao
  15,397   214,652
        983,148
South Africa-0.70%
Sappi Ltd.(a)
  346,122   879,871
South Korea-0.32%
Hansol Paper Co. Ltd.
  10,523   126,257
Kuk-il Paper Manufacturing Co. Ltd.
  53,570   233,275
Moorim P&P Co. Ltd.
  13,788   45,117
        404,649
Spain-0.43%
Ence Energia y Celulosa S.A.
  85,542   346,580
Miquel y Costas & Miquel S.A.(c)
  11,749   196,085
        542,665
Sweden-5.77%
BillerudKorsnas AB(c)
  111,776   1,436,824
Holmen AB, Class B
  66,708   1,975,221
Svenska Cellulosa AB S.C.A., Class B
  382,634   3,831,640
        7,243,685
Switzerland-1.27%
SIG Combibloc Group AG(a)
  101,063   1,596,972
Taiwan-0.67%
Cheng Loong Corp.
  455,000   296,716
Chung Hwa Pulp Corp.
  243,000   69,500
Longchen Paper & Packaging Co. Ltd.
  342,000   156,231
YFY, Inc.
  734,000   318,296
        840,743
Thailand-0.06%
Polyplex Thailand PCL, NVDR
  169,615   73,462
United Kingdom-8.06%
DS Smith PLC
  866,451   3,891,326
Mondi PLC
  305,799   6,231,993
        10,123,319
United States-47.06%
Amcor PLC
  651,613   6,900,582
Avery Dennison Corp.
  49,175   6,453,727
Boise Cascade Co.
  24,614   891,027
CatchMark Timber Trust, Inc., Class A
  30,950   317,547
Clearwater Paper Corp.(a)
  10,431   294,154
Domtar Corp.
  39,526   1,376,295
Graphic Packaging Holding Co.
  185,657   2,901,819
International Paper Co.
  142,465   5,801,175
Louisiana-Pacific Corp.
  78,068   2,395,126
Neenah, Inc.
  10,647   709,516
Packaging Corp. of America
  57,417   5,497,678
PH Glatfelter Co.
  27,897   465,880
PotlatchDeltic Corp.
  42,431   1,824,533
Rayonier, Inc.
  81,868   2,487,150
Schweitzer-Mauduit International, Inc., Class A
  19,512   683,505
Sealed Air Corp.
  97,592   3,464,516
Sonoco Products Co.
  63,204   3,611,477
Verso Corp., Class A(a)
  21,760   366,656
Invesco MSCI Global Timber ETF (CUT)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
United States-(continued)
Westrock Co.
  160,088   $6,243,432
Weyerhaeuser Co.
  221,056   6,399,571
        59,085,366
Total Common Stocks & Other Equity Interests

(Cost $112,314,293)
  125,319,078
Exchange-Traded Funds-0.12%
India-0.12%
Invesco India ETF(c)(d)

(Cost $192,058)
  7,615   148,264
Money Market Funds-0.17%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.45%(e)

(Cost $220,486)
  220,486   220,486
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-100.11%

(Cost $112,726,837)
  125,687,828
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.87%
Invesco Government & Agency Portfolio, Institutional Class, 1.48%(e)(f)
  1,757,065   $1,757,065
Invesco Liquid Assets Portfolio, Institutional Class, 1.66%(e)(f)
  585,454   585,688
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $2,342,753)
  2,342,753
TOTAL INVESTMENTS IN SECURITIES-101.98%

(Cost $115,069,590)
  128,030,581
OTHER ASSETS LESS LIABILITIES-(1.98)%
  (2,485,610)
NET ASSETS-100.00%
  $125,544,971
 
Investment Abbreviations:
NVDR-Non-Voting Depositary Receipt
    
Notes to Schedule of Investments:
(a) Non-income producing security.
(b) Security valued using significant unobservable inputs (Level 3). See Additional Valution Information.
(c) All or a portion of this security was out on loan at January 31, 2020.
(d) The Fund’s Adviser also serves as the adviser for the Invesco India ETF and therefore, Invesco India ETF is considered to be affiliated with the Fund. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates (excluding affiliated money market funds) for the three months ended January 31, 2020.
    
  Value
October 31, 2019 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain 		  Value
January 31, 2020 		  Dividend
Income
Invesco India ETF $73,870   $124,943   $(49,967)   $(42,353)   $41,771   $148,264   $-
    
(e) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2020.
(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.
Schedule of Investments
Invesco S&P Global Dividend Opportunities Index ETF (LVL)
January 31, 2020
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.92%
Australia-4.43%
AusNet Services
  117,056   $138,703
Commonwealth Bank of Australia
  10,211   582,816
GPT Group (The)
  24,774   99,510
Sonic Healthcare Ltd.
  22,434   475,634
        1,296,663
Canada-15.65%
Algonquin Power & Utilities Corp.
  6,272   96,080
Bank of Montreal
  5,644   430,720
Canadian Imperial Bank of Commerce
  7,285   594,456
First Capital REIT
  6,122   100,309
Fortis, Inc.
  1,844   80,478
H&R REIT
  8,679   140,368
Pembina Pipeline Corp.
  16,403   628,561
RioCan REIT
  5,589   114,776
Royal Bank of Canada
  5,417   428,347
Shaw Communications, Inc., Class B
  39,399   770,374
TELUS Corp.
  18,882   757,393
Toronto-Dominion Bank (The)
  7,971   440,814
        4,582,676
China-2.35%
Bank of Communications Co. Ltd., H Shares
  1,069,668   688,784
Finland-2.03%
Elisa OYJ
  9,897   595,993
France-8.79%
Danone S.A.
  5,951   477,471
Gecina S.A.
  401   75,724
Orange S.A.
  60,368   856,652
TOTAL S.A.
  13,970   683,433
Vinci S.A.
  4,339   481,810
        2,575,090
Germany-2.20%
alstria office REIT-AG
  3,521   69,884
LEG Immobilien AG
  795   98,102
Muenchener Rueckversicherungs-Gesellschaft AG
  1,312   387,189
Vonovia SE
  1,546   88,302
        643,477
Hong Kong-3.61%
CLP Holdings Ltd.
  8,757   91,518
Jardine Matheson Holdings Ltd.
  9,377   524,268
NWS Holdings Ltd.
  232,884   301,719
Sino Land Co. Ltd.
  101,930   139,934
        1,057,439
Italy-3.04%
Eni S.p.A.
  56,099   786,934
Terna - Rete Elettrica Nazionale S.p.A.
  14,655   102,252
        889,186
Japan-5.62%
Advance Residence Investment Corp.
  23   72,469
Japan Excellent, Inc.
  32   57,927
Kenedix Office Investment Corp.
  9   72,242
Kenedix Residential Next Investment Corp.
  44   87,363
Mitsubishi Heavy Industries Ltd.
  15,254   566,334
Mori Hills REIT Investment Corp.
  41   68,734
Nippon Accommodations Fund, Inc.
  11   72,971
Osaka Gas Co. Ltd.
  3,613   61,903
  Shares   Value
Japan-(continued)
Toyota Motor Corp.
  7,135   $503,732
United Urban Investment Corp.
  46   82,463
        1,646,138
Portugal-0.43%
EDP - Energias de Portugal S.A.
  25,344   127,062
Singapore-1.24%
SATS Ltd.
  108,444   362,301
Spain-1.94%
Iberdrola S.A.
  9,027   98,737
Red Electrica Corp. S.A.
  6,993   139,765
Viscofan S.A.
  6,179   329,231
        567,733
Sweden-1.62%
Securitas AB, Class B
  30,058   473,230
Switzerland-9.82%
Helvetia Holding AG
  2,691   387,279
PSP Swiss Property AG
  502   75,889
Roche Holding AG, BR
  1,443   478,781
SGS S.A.
  184   532,473
Swiss Prime Site AG(a)
  796   97,225
Swiss Re AG
  5,169   584,189
Swisscom AG
  1,308   718,251
        2,874,087
United Kingdom-5.12%
Informa PLC
  42,514   434,213
Legal & General Group PLC
  152,981   616,070
Meggitt PLC
  50,308   448,031
        1,498,314
United States-32.03%
Alexandria Real Estate Equities, Inc.
  340   55,488
Alliant Energy Corp.
  1,084   64,346
American Electric Power Co., Inc.
  690   71,912
American National Insurance Co.
  1,814   199,830
Arbor Realty Trust, Inc.
  36,185   534,452
AvalonBay Communities, Inc.
  293   63,490
Blackstone Mortgage Trust, Inc., Class A
  14,126   539,613
Camden Property Trust
  597   67,121
Chevron Corp.
  5,077   543,950
Clorox Co. (The)
  2,863   450,379
Coca-Cola Co. (The)
  8,704   508,314
Consolidated Edison, Inc.
  907   85,258
Cracker Barrel Old Country Store, Inc.
  3,656   559,112
Crown Castle International Corp.
  469   70,275
DTE Energy Co.
  557   73,864
Duke Energy Corp.
  1,050   102,511
Duke Realty Corp.
  1,572   57,079
Equity Residential
  758   62,975
Essex Property Trust, Inc.
  184   56,996
Evergy, Inc.
  1,029   74,253
Eversource Energy
  674   62,305
Gaming and Leisure Properties, Inc.
  2,940   138,930
Genuine Parts Co.
  5,484   513,138
Johnson & Johnson
  3,081   458,668
MDU Resources Group, Inc.
  2,359   69,850
National Fuel Gas Co.
  2,266   97,869
National Health Investors, Inc.
  1,311   110,622
National Storage Affiliates Trust
  2,369   80,901
Northwest Bancshares, Inc.
  31,860   500,998
NorthWestern Corp.
  1,029   79,202
Invesco S&P Global Dividend Opportunities Index ETF (LVL)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
United States-(continued)
Old Republic International Corp.
  17,567   $396,136
Paychex, Inc.
  5,443   466,846
PepsiCo., Inc.
  3,331   473,069
Pfizer, Inc.
  16,097   599,452
Pinnacle West Capital Corp.
  853   83,330
Portland General Electric Co.
  1,088   66,912
PS Business Parks, Inc.
  331   55,462
Sempra Energy
  397   63,774
Spire, Inc.
  878   74,033
UDR, Inc.
  1,339   64,151
Verizon Communications, Inc.
  11,434   679,637
        9,376,503
Total Common Stocks & Other Equity Interests

(Cost $27,657,219)
  29,254,676
  Shares   Value
Money Market Funds-0.40%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.45%(b)

(Cost $117,187)
  117,187   $117,187
TOTAL INVESTMENTS IN SECURITIES-100.32%

(Cost $27,774,406)
  29,371,863
OTHER ASSETS LESS LIABILITIES-(0.32)%
  (94,767)
NET ASSETS-100.00%
  $29,277,096
 
Investment Abbreviations:
BR-Bearer Shares
REIT-Real Estate Investment Trust
    
Notes to Schedule of Investments:
(a) Non-income producing security.
(b) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2020.
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
Schedule of Investments
Invesco S&P Global Water Index ETF (CGW)
January 31, 2020
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.93%
Austria-1.28%
ANDRITZ AG
  240,267   $9,468,346
Brazil-1.99%
Cia de Saneamento Basico do Estado de Sao Paulo, ADR
  1,036,316   14,674,235
Canada-3.12%
Algonquin Power & Utilities Corp.
  1,502,798   23,021,200
China-3.53%
Beijing Enterprises Water Group Ltd.(a)
  18,225,938   8,191,802
Guangdong Investment Ltd.
  8,722,692   17,793,847
        25,985,649
France-8.08%
Suez
  1,285,368   21,124,521
Veolia Environnement S.A.
  1,299,621   38,425,611
        59,550,132
Hong Kong-0.27%
China Water Affairs Group Ltd.
  2,585,178   2,024,222
Italy-1.91%
ACEA S.p.A.
  135,613   3,163,528
Hera S.p.A.
  2,393,895   10,882,257
        14,045,785
Japan-1.82%
Kurita Water Industries Ltd.
  357,973   10,684,529
METAWATER Co. Ltd.
  36,470   1,419,969
Organo Corp.
  20,362   1,301,921
        13,406,419
Netherlands-1.91%
Aalberts N.V.
  322,113   14,107,285
Singapore-0.58%
Sembcorp Industries Ltd.
  2,759,589   4,286,269
South Korea-1.70%
Woongjin Coway Co. Ltd.
  170,497   12,560,000
Sweden-3.40%
Alfa Laval AB
  1,003,282   25,085,563
Switzerland-6.84%
Geberit AG
  69,880   36,894,496
Georg Fischer AG
  13,730   13,502,934
        50,397,430
United Kingdom-14.38%
Halma PLC
  1,265,220   35,140,830
Pennon Group PLC
  1,262,815   18,452,570
Severn Trent PLC
  728,294   24,759,366
United Utilities Group PLC
  2,067,704   27,624,445
        105,977,211
United States-49.12%
Advanced Drainage Systems, Inc.
  169,928   7,063,907
  Shares   Value
United States-(continued)
Aegion Corp.(a)
  93,681   $1,957,933
American States Water Co.
  111,687   9,891,001
American Water Works Co., Inc.
  517,677   70,507,607
Aqua America, Inc.
  654,309   33,984,810
AquaVenture Holdings Ltd.(a)
  60,591   1,635,957
Badger Meter, Inc.
  97,479   5,757,110
California Water Service Group
  145,977   7,672,551
Danaher Corp.
  235,577   37,897,272
Energy Recovery, Inc.(a)(b)
  110,420   1,127,388
Evoqua Water Technologies Corp.(a)
  241,195   4,816,664
Forterra, Inc.(a)
  62,432   808,494
Franklin Electric Co., Inc.
  128,773   7,428,914
Gorman-Rupp Co. (The)
  58,624   2,163,812
IDEX Corp.
  210,055   34,417,512
Lindsay Corp.(b)
  36,114   3,612,483
Middlesex Water Co.
  50,240   3,278,662
Mueller Water Products, Inc., Class A
  526,857   6,137,884
Olin Corp.
  550,104   8,180,047
Pentair PLC
  562,663   24,155,123
Reliance Worldwide Corp. Ltd.(b)
  2,645,592   7,969,910
Select Energy Services, Inc., Class A(a)
  189,640   1,319,894
SJW Group
  78,483   5,756,728
Tetra Tech, Inc.
  165,714   14,185,118
Watts Water Technologies, Inc., Class A
  92,548   9,227,961
Xylem, Inc.
  602,774   49,222,525
York Water Co. (The)
  39,348   1,863,521
        362,040,788
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.93%

(Cost $535,193,575)
  736,630,534
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.03%
Invesco Government & Agency Portfolio, Institutional Class, 1.48%(c)(d)
  5,676,605   5,676,605
Invesco Liquid Assets Portfolio, Institutional Class, 1.66%(c)(d)
  1,896,145   1,896,903
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $7,573,411)
  7,573,508
TOTAL INVESTMENTS IN SECURITIES-100.96%

(Cost $542,766,986)
  744,204,042
OTHER ASSETS LESS LIABILITIES-(0.96)%
  (7,088,452)
NET ASSETS-100.00%
  $737,115,590
Investment Abbreviations:
ADR-American Depositary Receipt
    
Notes to Schedule of Investments:
(a) Non-income producing security.
(b) All or a portion of this security was out on loan at January 31, 2020.
(c) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2020.
(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.  
Invesco S&P Global Water Index ETF (CGW)—(continued)
January 31, 2020
(Unaudited)
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
Schedule of Investments
Invesco S&P International Developed Quality ETF (IDHQ)
January 31, 2020
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.93%
Australia-10.97%
Alumina Ltd.
  45,665   $66,644
Aristocrat Leisure Ltd.
  9,251   224,190
BHP Group Ltd.
  45,638   1,203,763
BlueScope Steel Ltd.
  6,873   65,566
Brambles Ltd.
  36,066   304,943
CIMIC Group Ltd.
  2,025   39,707
Cochlear Ltd.
  1,000   161,384
Coles Group Ltd.
  15,195   168,351
CSL Ltd.
  6,672   1,393,793
Fortescue Metals Group Ltd.
  27,932   212,982
Insurance Australia Group Ltd.
  33,137   157,060
Magellan Financial Group Ltd.
  2,513   113,170
Medibank Pvt Ltd.
  47,508   98,593
Qantas Airways Ltd.
  21,070   90,415
REA Group Ltd.
  707   54,004
Rio Tinto PLC
  18,687   1,006,020
Wesfarmers Ltd.
  27,610   835,639
Woolworths Group Ltd.
  20,881   584,872
        6,781,096
Austria-0.06%
Raiffeisen Bank International AG
  1,686   38,490
Belgium-0.32%
Colruyt S.A.
  660   33,023
Galapagos N.V.(a)
  726   162,600
        195,623
Canada-5.86%
Alimentation Couche-Tard, Inc., Class B
  11,817   395,196
Barrick Gold Corp.
  21,703   402,208
Canadian National Railway Co.
  9,507   888,988
Canadian Pacific Railway Ltd.
  1,932   513,549
CGI, Inc., Class A(a)
  3,015   231,001
CI Financial Corp.
  3,638   63,790
Constellation Software, Inc.
  256   269,259
Gildan Activewear, Inc.
  2,611   72,394
IGM Financial, Inc.
  1,108   32,062
Kirkland Lake Gold Ltd.
  3,569   146,452
Magna International, Inc.
  3,702   187,794
Onex Corp.
  1,663   106,755
Thomson Reuters Corp.
  3,887   312,682
        3,622,130
Denmark-4.96%
Carlsberg A/S, Class B
  1,337   195,573
Chr. Hansen Holding A/S
  1,532   114,229
Coloplast A/S, Class B
  2,382   300,605
GN Store Nord A/S
  1,998   99,228
H Lundbeck A/S
  924   39,298
Novo Nordisk A/S, Class B
  30,696   1,877,717
Novozymes A/S, Class B
  3,210   167,513
Orsted A/S(b)
  2,211   241,319
Rockwool International A/S, Class B
  134   31,278
        3,066,760
Finland-2.00%
Elisa OYJ
  2,120   127,665
Kone OYJ, Class B
  7,437   480,160
Metso OYJ
  1,745   62,095
Neste OYJ
  7,067   281,000
  Shares   Value
Finland-(continued)
Orion OYJ, Class B(c)
  1,795   $84,880
UPM-Kymmene OYJ
  6,336   200,325
        1,236,125
France-8.66%
Airbus SE
  10,232   1,510,822
Dassault Aviation S.A.
  44   53,540
Hermes International
  609   456,633
Kering S.A.
  1,256   772,504
L’Oreal S.A.
  3,078   859,241
LVMH Moet Hennessy Louis Vuitton SE
  3,369   1,475,863
Peugeot S.A.
  8,128   167,629
Sartorius Stedim Biotech
  302   54,251
        5,350,483
Germany-6.21%
adidas AG
  2,930   928,000
Covestro AG(b)
  2,108   89,122
Deutsche Boerse AG
  2,481   404,306
E.ON SE
  27,902   316,631
Evonik Industries AG
  2,437   66,896
HOCHTIEF AG
  342   39,644
Knorr-Bremse AG
  770   84,060
Merck KGaA
  1,808   232,220
MTU Aero Engines AG
  617   187,624
Muenchener Rueckversicherungs-Gesellschaft AG
  1,834   541,238
RWE AG
  13,446   466,993
Siemens Healthineers AG(b)
  1,965   92,505
Uniper SE
  2,239   73,470
Wirecard AG(c)
  2,141   316,038
        3,838,747
Hong Kong-3.52%
AIA Group Ltd.
  149,520   1,497,145
Hong Kong Exchanges & Clearing Ltd.
  15,294   509,741
Techtronic Industries Co. Ltd.
  20,419   165,536
        2,172,422
Ireland-0.22%
ICON PLC(a)
  818   137,931
Israel-0.63%
Bank Leumi Le-Israel BM
  21,136   152,799
Check Point Software Technologies Ltd.(a)
  1,839   210,216
First International Bank of Israel Ltd.
  1,009   28,335
        391,350
Italy-0.89%
DiaSorin S.p.A.
  227   27,924
Ferrari N.V.
  1,692   285,949
Mediaset S.p.A.(a)(c)
  10,095   26,704
Moncler S.p.A.
  3,254   140,637
Recordati S.p.A.
  1,535   65,713
        546,927
Japan-15.64%
ABC-Mart, Inc.
  480   31,178
Alfresa Holdings Corp.
  2,628   53,998
Asahi Group Holdings Ltd.
  6,045   283,663
Astellas Pharma, Inc.
  26,494   476,787
Bandai Namco Holdings, Inc.
  2,771   163,062
Bank of Kyoto Ltd. (The)(c)
  960   39,415
Brother Industries Ltd.
  3,167   63,203
Capcom Co Ltd.
  1,115   31,994
Casio Computer Co. Ltd.
  2,756   52,102
Invesco S&P International Developed Quality ETF (IDHQ)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
Japan-(continued)
Chugai Pharmaceutical Co. Ltd.
  2,640   $274,388
Daito Trust Construction Co. Ltd.
  911   108,469
Eisai Co. Ltd.
  3,616   277,877
FamilyMart Co. Ltd.
  2,977   66,140
Fancl Corp.
  1,115   29,751
FANUC Corp.
  2,384   446,952
Fast Retailing Co. Ltd.
  960   525,593
GOLDWIN, Inc.
  720   44,641
GungHo Online Entertainment, Inc.
  1,373   25,412
Hoshizaki Corp.
  644   60,012
Hoya Corp.
  4,754   464,939
Itochu Techno-Solutions Corp.
  1,076   32,215
Japan Exchange Group, Inc.
  6,091   111,496
Japan Tobacco, Inc.
  13,440   287,190
Kagome Co. Ltd.
  1,242   31,020
Kakaku.com, Inc.
  2,344   62,198
Kaken Pharmaceutical Co. Ltd.
  519   27,869
Kobe Bussan Co. Ltd.
  960   37,201
Kose Corp.
  381   51,780
Lion Corp.
  4,916   94,886
McDonald’s Holdings Co. Japan Ltd.
  820   39,190
Miura Co. Ltd.
  1,494   53,069
MonotaRO Co. Ltd.
  2,612   64,393
Morinaga & Co. Ltd.
  667   32,432
Nexon Co. Ltd.(a)
  5,907   80,933
Nifco, Inc.
  1,050   28,094
Nihon M&A Center, Inc.
  1,828   53,633
Nihon Unisys Ltd.
  960   29,761
Nintendo Co. Ltd.
  1,435   539,788
Nippon Shinyaku Co. Ltd.
  907   81,842
Nissan Chemical Corp.
  1,867   78,980
Nitori Holdings Co. Ltd.
  1,050   164,545
Nomura Research Institute Ltd.
  5,568   124,321
NS Solutions Corp.
  836   25,107
NTT DOCOMO, Inc.
  15,682   449,545
Otsuka Corp.
  1,395   55,344
PeptiDream, Inc.(a)
  1,440   69,618
Pigeon Corp.
  2,027   73,218
Recruit Holdings Co. Ltd.
  18,000   714,785
Sankyu, Inc.
  867   43,436
Santen Pharmaceutical Co. Ltd.
  4,955   93,993
SCSK Corp.
  623   33,971
Shionogi & Co. Ltd.
  4,302   260,577
Shizuoka Bank Ltd. (The)
  6,708   48,089
Showa Denko K.K.
  1,884   46,498
Sompo Holdings, Inc.
  4,800   183,036
Sony Financial Holdings, Inc.
  1,796   42,222
Subaru Corp.
  7,787   198,294
Sundrug Co. Ltd.
  804   27,669
Suzuken Co. Ltd.
  1,066   41,653
T&D Holdings, Inc.
  7,028   77,228
TIS, Inc.
  1,050   63,842
Tokio Marine Holdings, Inc.
  9,557   527,736
Tokyo Electron Ltd.
  2,561   578,904
Trend Micro, Inc.
  2,241   119,095
USS Co. Ltd.
  2,967   54,749
Workman Co. Ltd.
  356   29,233
Yamaha Corp.
  1,985   103,659
Zenkoku Hosho Co. Ltd.
  875   38,065
ZOZO, Inc.
  2,624   44,135
        9,670,113
  Shares   Value
Luxembourg-0.05%
RTL Group S.A.
  634   $28,877
Macau-0.35%
Sands China Ltd.
  43,630   213,517
Netherlands-3.74%
Akzo Nobel N.V.
  3,101   293,136
ASML Holding N.V.
  5,843   1,646,323
Randstad N.V.
  1,444   83,149
Wolters Kluwer N.V.
  3,849   289,710
        2,312,318
New Zealand-0.59%
a2 Milk Co. Ltd.(a)
  9,949   96,577
Contact Energy Ltd.
  9,511   45,794
Fisher & Paykel Healthcare Corp. Ltd.
  7,565   114,070
Fletcher Building Ltd.
  10,467   37,594
Spark New Zealand Ltd.
  24,184   72,932
        366,967
Norway-0.65%
Equinor ASA
  13,536   245,454
Gjensidige Forsikring ASA
  3,697   80,615
Salmar ASA
  835   40,918
TGS NOPEC Geophysical Co. ASA
  1,432   36,523
        403,510
Portugal-0.04%
Navigator Co. S.A. (The)
  7,566   27,166
Singapore-0.48%
Genting Singapore Ltd.
  70,909   44,678
Mapletree Commercial Trust
  27,360   47,107
SATS Ltd.
  8,403   28,074
Singapore Exchange Ltd.
  9,781   62,345
Singapore Technologies Engineering Ltd.
  25,301   76,187
Venture Corp. Ltd.
  3,075   36,790
        295,181
South Africa-0.76%
Anglo American PLC
  17,921   469,068
South Korea-2.03%
BGF retail Co. Ltd.
  228   31,564
Cheil Worldwide, Inc.
  1,432   25,412
GS Engineering & Construction Corp.
  1,158   27,205
Hanssem Co. Ltd.
  606   36,253
HDC Hyundai Development Co.-Engineering & Construction, Class E
  1,432   25,111
HDC Hyundai Development Co.-Engineering & Construction, Rts., expiring 03/06/2020(a)
  716   1,652
KMW Co. Ltd.(a)
  725   30,141
Korea Aerospace Industries Ltd.
  1,069   26,997
KT&G Corp.
  1,631   130,141
LG Household & Health Care Ltd.
  104   109,772
Lotte Corp.
  1,043   30,891
Medy-Tox, Inc.
  130   35,438
NAVER Corp.
  1,815   273,350
NCSoft Corp.
  230   122,734
Orion Corp.
  339   29,154
Samsung C&T Corp.
  1,219   110,972
Samsung Electro-Mechanics Co. Ltd.
  710   74,464
Samsung Engineering Co. Ltd.(a)
  2,772   40,120
Studio Dragon Corp.(a)
  485   33,490
Woongjin Coway Co. Ltd.
  809   59,597
        1,254,458
Invesco S&P International Developed Quality ETF (IDHQ)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
Spain-1.09%
Aena SME S.A.(b)
  979   $181,346
Industria de Diseno Textil S.A.
  13,794   464,251
Mapfre S.A.
  11,892   30,469
        676,066
Sweden-2.66%
Alfa Laval AB
  4,037   100,939
Atlas Copco AB, Class A
  13,629   483,586
Axfood AB
  1,792   37,146
Boliden AB
  3,307   78,672
Epiroc AB, Class A
  8,635   100,069
Hennes & Mauritz AB, Class B
  10,086   221,473
Industrivarden AB, Class C
  1,977   46,622
Investment AB Latour, Class B(c)
  1,921   32,068
Kinnevik AB, Class B
  4,049   97,795
Sandvik AB
  12,925   236,209
Skanska AB, Class B
  5,247   121,395
SKF AB, Class B
  4,746   87,006
        1,642,980
Switzerland-13.40%
Geberit AG
  703   371,162
Kuehne + Nagel International AG
  642   103,844
Novartis AG
  32,595   3,081,224
Partners Group Holding AG
  272   249,537
Roche Holding AG
  9,819   3,301,676
Schindler Holding AG, PC
  509   131,624
SGS S.A.
  87   251,767
Zurich Insurance Group AG
  1,905   791,470
        8,282,304
United Kingdom-13.64%
Admiral Group PLC
  2,944   87,667
AstraZeneca PLC
  15,617   1,528,330
Barratt Developments PLC
  12,469   131,953
Berkeley Group Holdings PLC
  1,827   126,198
Burberry Group PLC
  6,111   157,324
Compass Group PLC
  24,760   612,627
Croda International PLC
  1,691   111,097
Diageo PLC
  38,185   1,515,098
Direct Line Insurance Group PLC
  17,836   79,422
Experian PLC
  13,796   479,562
Hargreaves Lansdown PLC
  5,695   129,498
International Consolidated Airlines Group S.A.
  7,294   54,728
  Shares   Value
United Kingdom-(continued)
International Consolidated Airlines Group S.A., ADR
  4,189   $62,290
ITV PLC
  53,952   96,296
Legal & General Group PLC
  105,485   424,799
Micro Focus International PLC
  5,797   78,342
Mondi PLC
  6,679   136,114
Persimmon PLC
  5,279   212,452
Sage Group PLC (The)
  17,678   172,070
Smith & Nephew PLC
  10,955   263,763
Spirax-Sarco Engineering PLC
  1,159   136,279
St James’s Place PLC
  7,019   105,848
Taylor Wimpey PLC
  50,558   143,355
Unilever N.V.
  24,683   1,441,540
Whitbread PLC
  2,464   145,188
        8,431,840
United States-0.51%
Ferguson PLC
  3,200   286,925
Taro Pharmaceutical Industries Ltd.(a)
  332   26,782
        313,707
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.93%

(Cost $56,199,558)
  61,766,156
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.63%
Invesco Government & Agency Portfolio, Institutional Class, 1.48%(d)(e)
  292,607   292,607
Invesco Liquid Assets Portfolio, Institutional Class, 1.66%(d)(e)
  98,849   98,888
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $391,489)
  391,495
TOTAL INVESTMENTS IN SECURITIES-100.56%

(Cost $56,591,047)
  62,157,651
OTHER ASSETS LESS LIABILITIES-(0.56)%
  (345,811)
NET ASSETS-100.00%
  $61,811,840
 
Investment Abbreviations:
ADR-American Depositary Receipt
PC-Participation Certificate
Rts.-Rights
    
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 January 31, 2020 was $604,292, which represented less than 1% of the Fund’s Net Assets.
(c) All or a portion of this security was out on loan at January 31, 2020.
(d) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2020.
(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.
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 or are unreliable. 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.
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 a Fund’s own 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.
Except for the Funds listed below, as of January 31, 2020, all of the securities in each Fund 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 China Real Estate ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $-   $44,045,709   $-   $44,045,709
Money Market Funds 202,147   -   -   202,147
Total Investments $202,147   $44,045,709   $-   $44,247,856
Invesco China Small Cap ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $7,348,220   $41,691,925   $51,511   $49,091,656
Money Market Funds 347,621   -   -   347,621
Total Investments $7,695,841   $41,691,925   $51,511   $49,439,277
Invesco China Technology ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $279,848,121   $328,049,025   $-   $607,897,146
Money Market Funds 23,531,919   -   -   23,531,919
Total Investments $303,380,040   $328,049,025   $-   $631,429,065
Invesco DWA Emerging Markets Momentum ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $59,473,482   $133,683,114   $-   $193,156,596
Money Market Funds 11,826   -   -   11,826
Total Investments $59,485,308   $133,683,114   $-   $193,168,422
Invesco Frontier Markets ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $55,986,008   $-   $0   $55,986,008
Money Market Funds 2,279,685   -   -   2,279,685
Total Investments $58,265,693   $-   $0   $58,265,693
Invesco FTSE RAFI Developed Markets ex-U.S. ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $1,209,797,193   $-   $0   $1,209,797,193
Money Market Funds 32,139,545   -   -   32,139,545
Total Investments $1,241,936,738   $-   $0   $1,241,936,738
  Level 1   Level 2   Level 3   Total
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $86,788,672   $230,064,869   $11,281   $316,864,822
Money Market Funds 24,440,076   -   -   24,440,076
Total Investments $111,228,748   $230,064,869   $11,281   $341,304,898
Invesco FTSE RAFI Emerging Markets ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $456,805,179   $906,530,861   $-   $1,363,336,040
Money Market Funds 4,653,691   -   -   4,653,691
Total Investments $461,458,870   $906,530,861   $-   $1,367,989,731
Invesco Global Water ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $204,408,297   $-   $56,088   $204,464,385
Money Market Funds 3,523,113   -   -   3,523,113
Total Investments $207,931,410   $-   $56,088   $207,987,498
Invesco International BuyBack AchieversTM ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $56,588,780   $79,807,265   $0   $136,396,045
Money Market Funds 8,002,527   -   -   8,002,527
Total Investments $64,591,307   $79,807,265   $0   $144,398,572
Invesco MSCI Global Timber ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $125,456,042   $-   $11,300   $125,467,342
Money Market Funds 2,563,239   -   -   2,563,239
Total Investments $128,019,281   $-   $11,300   $128,030,581
Invesco S&P International Developed Quality ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $61,764,504   $1,652   $-   $61,766,156
Money Market Funds 391,495   -   -   391,495
Total Investments $62,155,999   $1,652   $-   $62,157,651
Subsequent Event
The World Health Organization has declared the coronavirus (COVID-19) to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Funds’ ability to achieve their investment objective, as stated in the most recent shareholder report. Because of the uncertainties on valuation, the global economy and business operations, values reflected in the Schedules of Investments may materially differ from the value received upon actual sales of those investments.