NPORT-EX 2 edgar.htm EDGAR HTML
Schedule of Investments(a)
Invesco S&P 500® Pure Growth ETF (RPG)
January 31, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.99%
Communication Services-4.05%
Live Nation Entertainment, Inc.(b)(c)
 
204,105
$29,529,911
Meta Platforms, Inc., Class A
 
29,117
20,066,854
Netflix, Inc.(b)
 
17,392
16,987,810
 
 
66,584,575
Consumer Discretionary-22.71%
Airbnb, Inc., Class A(b)
 
74,940
9,829,880
Booking Holdings, Inc.
 
5,143
24,365,271
Carnival Corp.(b)
 
1,442,525
39,914,667
Chipotle Mexican Grill, Inc.(b)
 
173,838
10,143,447
Deckers Outdoor Corp.(b)
 
123,455
21,895,979
Expedia Group, Inc.(b)
 
116,306
19,882,511
Garmin Ltd.
 
48,344
10,435,052
Hilton Worldwide Holdings, Inc.
 
93,450
23,929,742
Las Vegas Sands Corp.
 
322,540
14,782,008
Marriott International, Inc., Class A
 
76,168
22,133,659
Norwegian Cruise Line Holdings Ltd.(b)(c)
 
1,548,947
43,912,647
PulteGroup, Inc.
 
153,450
17,459,541
Ralph Lauren Corp.
 
71,123
17,759,413
Royal Caribbean Cruises Ltd.
 
149,208
39,778,853
Tapestry, Inc.(c)
 
286,821
20,920,724
Tesla, Inc.(b)
 
45,603
18,450,974
Wynn Resorts Ltd.(c)
 
205,697
17,864,784
 
 
373,459,152
Consumer Staples-0.56%
Costco Wholesale Corp.
 
9,316
9,128,562
Energy-3.77%
Hess Corp.
 
102,062
14,189,680
Targa Resources Corp.
 
79,515
15,648,552
Texas Pacific Land Corp.(c)
 
24,751
32,106,255
 
 
61,944,487
Financials-14.02%
American Express Co.
 
71,386
22,661,486
Ameriprise Financial, Inc.
 
31,236
16,972,393
Apollo Global Management, Inc.(c)
 
179,547
30,698,946
Arch Capital Group Ltd.
 
200,017
18,615,582
Brown & Brown, Inc.
 
133,840
14,007,694
Corpay, Inc.(b)
 
53,440
20,333,386
Discover Financial Services
 
81,850
16,459,217
Erie Indemnity Co., Class A(c)
 
37,580
15,142,861
Fiserv, Inc.(b)
 
75,858
16,388,362
Mastercard, Inc., Class A
 
20,006
11,111,933
Progressive Corp. (The)
 
68,764
16,946,200
Synchrony Financial
 
283,475
19,554,105
Visa, Inc., Class A
 
33,764
11,540,535
 
 
230,432,700
Health Care-4.91%
Boston Scientific Corp.(b)
 
122,820
12,571,855
DaVita, Inc.(b)
 
77,330
13,625,546
Eli Lilly and Co.
 
10,004
8,114,044
Insulet Corp.(b)
 
66,788
18,592,444
Intuitive Surgical, Inc.(b)
 
28,942
16,551,351
ResMed, Inc.(c)
 
48,035
11,344,906
 
 
80,800,146
Industrials-24.62%
Axon Enterprise, Inc.(b)
 
49,215
32,097,039
Caterpillar, Inc.
 
39,784
14,777,369
Cintas Corp.
 
58,694
11,772,256
Cummins, Inc.
 
41,550
14,802,187
 
Shares
Value
Industrials-(continued)
Dayforce, Inc.(b)(c)
 
106,711
$7,548,736
Delta Air Lines, Inc.
 
498,963
33,565,241
Eaton Corp. PLC
 
27,401
8,944,782
GE Vernova, Inc.
 
42,766
15,946,586
Howmet Aerospace, Inc.
 
202,085
25,579,919
Hubbell, Inc.
 
33,539
14,187,332
Ingersoll Rand, Inc.(c)
 
115,661
10,849,002
Lennox International, Inc.
 
16,270
9,638,673
Parker-Hannifin Corp.
 
16,785
11,867,834
Paycom Software, Inc.(c)
 
68,698
14,258,957
Quanta Services, Inc.
 
82,936
25,511,943
Republic Services, Inc.
 
39,332
8,529,931
Trane Technologies PLC
 
49,984
18,131,696
TransDigm Group, Inc.
 
9,696
13,121,985
Uber Technologies, Inc.(b)
 
316,651
21,168,119
United Airlines Holdings, Inc.(b)
 
387,836
41,048,562
United Rentals, Inc.
 
32,261
24,455,774
W.W. Grainger, Inc.
 
10,225
10,865,801
Wabtec Corp.
 
77,517
16,117,335
 
 
404,787,059
Information Technology-18.66%
Amphenol Corp., Class A
 
156,924
11,107,081
Arista Networks, Inc.(b)
 
291,428
33,581,248
Broadcom, Inc.
 
98,113
21,709,463
CrowdStrike Holdings, Inc., Class A(b)(c)
 
62,367
24,826,432
Fair Isaac Corp.(b)
 
10,135
18,988,531
Fortinet, Inc.(b)
 
294,608
29,720,055
GoDaddy, Inc., Class A(b)
 
106,561
22,660,197
International Business Machines Corp.
 
41,781
10,683,402
Motorola Solutions, Inc.
 
19,467
9,134,890
NVIDIA Corp.
 
240,021
28,819,321
Oracle Corp.
 
59,744
10,160,065
Palantir Technologies, Inc., Class A(b)
 
318,018
26,233,305
Palo Alto Networks, Inc.(b)
 
61,024
11,254,046
Salesforce, Inc.
 
23,812
8,136,560
ServiceNow, Inc.(b)
 
17,674
17,998,848
Super Micro Computer, Inc.(b)(c)
 
433,399
12,360,539
Tyler Technologies, Inc.(b)
 
15,773
9,489,668
 
 
306,863,651
Real Estate-1.98%
CBRE Group, Inc., Class A(b)
 
115,855
16,768,853
Iron Mountain, Inc.(c)
 
155,011
15,744,467
 
 
32,513,320
Utilities-4.71%
Constellation Energy Corp.
 
55,144
16,542,097
NRG Energy, Inc.
 
205,900
21,092,396
Vistra Corp.
 
237,316
39,876,208
 
 
77,510,701
Total Common Stocks & Other Equity Interests
(Cost $1,391,524,961)
1,644,024,353
Money Market Funds-0.02%
Invesco Government & Agency Portfolio,
Institutional Class, 4.33%(d)(e)
(Cost $439,792)
 
439,792
439,792
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-100.01%
(Cost $1,391,964,753)
1,644,464,145
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500® Pure Growth ETF (RPG)—(continued)
January 31, 2025
(Unaudited)
 
Shares
Value
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-7.34%
Invesco Private Government Fund,
4.35%(d)(e)(f)
 
33,446,764
$33,446,764
Invesco Private Prime Fund, 4.48%(d)(e)(f)
 
87,162,993
87,189,142
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $120,635,906)
120,635,906
TOTAL INVESTMENTS IN SECURITIES-107.35%
(Cost $1,512,600,659)
1,765,100,051
OTHER ASSETS LESS LIABILITIES-(7.35)%
(120,913,649
)
NET ASSETS-100.00%
$1,644,186,402
 
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
Non-income producing security.
(c)
All or a portion of this security was out on loan at January 31, 2025.
(d)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the nine months ended January 31, 2025.
 
 
Value
April 30, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
January 31, 2025
Dividend
Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$146,705
$18,066,531
$(17,773,444
)
$-
$-
$439,792
$26,628
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
29,575,383
375,338,547
(371,467,166
)
-
-
33,446,764
522,525
*
Invesco Private Prime Fund
76,068,511
748,276,844
(737,156,846
)
6,420
(5,787
)
87,189,142
1,418,666
*
Total
$105,790,599
$1,141,681,922
$(1,126,397,456
)
$6,420
$(5,787
)
$121,075,698
$1,967,819
 
*
Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from
borrowers, if any.
 
(e)
The rate shown is the 7-day SEC standardized yield as of January 31, 2025.
(f)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco S&P 500® Pure Value ETF (RPV)
January 31, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.88%
Communication Services-5.11%
AT&T, Inc.
 
412,268
$9,783,120
Comcast Corp., Class A
 
208,023
7,002,054
Fox Corp., Class A(b)
 
105,387
5,393,707
Fox Corp., Class B(b)
 
63,368
3,079,685
Paramount Global, Class B(b)
 
2,466,170
26,831,929
Verizon Communications, Inc.
 
181,181
7,136,719
Warner Bros. Discovery, Inc.(b)(c)
 
2,004,156
20,923,389
 
 
80,150,603
Consumer Discretionary-14.38%
Aptiv PLC (Jersey)(c)
 
288,090
17,982,578
Best Buy Co., Inc.(b)
 
164,401
14,115,470
BorgWarner, Inc.
 
689,818
22,005,194
Caesars Entertainment, Inc.(b)(c)
 
307,978
11,102,607
CarMax, Inc.(b)(c)
 
218,619
18,722,531
D.R. Horton, Inc.
 
43,059
6,110,072
Ford Motor Co.(b)
 
3,734,395
37,642,701
General Motors Co.
 
764,878
37,830,866
Genuine Parts Co.
 
68,583
7,972,774
Lennar Corp., Class A
 
61,704
8,098,033
LKQ Corp.(b)
 
411,673
15,392,453
MGM Resorts International(b)(c)
 
268,945
9,273,224
Millrose Properties, Inc.(c)(d)
 
40,694
450,076
Mohawk Industries, Inc.(c)
 
152,227
18,617,362
 
 
225,315,941
Consumer Staples-16.16%
Archer-Daniels-Midland Co.
 
670,175
34,333,065
Bunge Global S.A.
 
414,052
31,521,779
Conagra Brands, Inc.
 
427,256
11,061,658
Dollar General Corp.
 
267,121
18,981,618
Dollar Tree, Inc.(b)(c)
 
226,196
16,591,477
J.M. Smucker Co. (The)
 
80,096
8,561,461
Kraft Heinz Co. (The)
 
675,844
20,167,185
Kroger Co. (The)(b)
 
399,936
24,652,055
Molson Coors Beverage Co., Class B(b)
 
323,090
17,689,177
Sysco Corp.
 
138,679
10,112,473
Target Corp.
 
89,681
12,367,907
Tyson Foods, Inc., Class A
 
446,832
25,241,540
Walgreens Boots Alliance, Inc.(b)
 
2,133,176
21,929,049
 
 
253,210,444
Energy-8.98%
APA Corp.(b)
 
633,652
13,895,988
Chevron Corp.
 
47,590
7,099,952
Coterra Energy, Inc.
 
259,380
7,190,014
Devon Energy Corp.
 
236,925
8,079,142
Diamondback Energy, Inc.
 
49,502
8,136,149
EQT Corp.(b)
 
149,162
7,625,161
Exxon Mobil Corp.
 
69,198
7,392,422
Marathon Petroleum Corp.
 
148,322
21,611,999
Occidental Petroleum Corp.(b)
 
160,701
7,496,702
Phillips 66
 
199,484
23,513,179
Valero Energy Corp.
 
215,718
28,690,494
 
 
140,731,202
Financials-17.67%
Allstate Corp. (The)
 
44,735
8,603,883
American International Group, Inc.
 
238,503
17,568,131
Assurant, Inc.
 
41,138
8,852,486
Bank of America Corp.
 
171,110
7,922,393
Capital One Financial Corp.
 
52,740
10,743,665
Chubb Ltd.
 
24,440
6,644,747
 
Shares
Value
Financials-(continued)
Citigroup, Inc.
 
315,771
$25,713,233
Citizens Financial Group, Inc.
 
317,343
15,096,007
Everest Group Ltd.
 
51,414
17,866,879
Franklin Resources, Inc.(b)
 
795,552
17,693,076
Global Payments, Inc.(b)
 
72,498
8,181,399
Huntington Bancshares, Inc.
 
400,118
6,882,030
Invesco Ltd.(e)
 
1,149,312
22,101,270
KeyCorp
 
371,025
6,671,030
Loews Corp.
 
207,179
17,703,446
M&T Bank Corp.
 
36,592
7,363,774
MetLife, Inc.
 
139,584
12,075,412
Principal Financial Group, Inc.(b)
 
86,885
7,163,668
Prudential Financial, Inc.(b)
 
156,889
18,945,916
Regions Financial Corp.
 
271,882
6,699,172
State Street Corp.
 
106,454
10,817,855
Travelers Cos., Inc. (The)
 
29,526
7,239,185
Truist Financial Corp.
 
175,673
8,365,548
 
 
276,914,205
Health Care-18.17%
Baxter International, Inc.(b)
 
226,071
7,360,872
Biogen, Inc.(c)
 
55,097
7,930,111
Cardinal Health, Inc.
 
161,205
19,934,610
Cencora, Inc.
 
80,459
20,453,482
Centene Corp.(c)
 
645,366
41,322,785
Cigna Group (The)
 
72,069
21,203,421
CVS Health Corp.
 
743,128
41,971,869
Elevance Health, Inc.
 
44,845
17,745,167
Henry Schein, Inc.(c)
 
120,456
9,636,480
Humana, Inc.
 
100,887
29,583,095
McKesson Corp.
 
32,545
19,356,139
Molina Healthcare, Inc.(c)
 
55,946
17,366,198
Universal Health Services, Inc., Class B
 
58,838
11,094,493
Viatris, Inc.
 
1,744,795
19,681,288
 
 
284,640,010
Industrials-3.64%
FedEx Corp.
 
31,768
8,414,390
Huntington Ingalls Industries, Inc.(b)
 
82,801
16,333,325
Southwest Airlines Co.(b)
 
396,047
12,162,603
Stanley Black & Decker, Inc.
 
150,414
13,246,961
Textron, Inc.
 
89,564
6,852,542
 
 
57,009,821
Information Technology-2.40%
Hewlett Packard Enterprise Co.
 
753,352
15,963,529
Intel Corp.
 
508,966
9,889,210
Jabil, Inc.
 
72,257
11,735,259
 
 
37,587,998
Materials-8.86%
Celanese Corp.(b)
 
312,801
22,221,383
Dow, Inc.
 
357,937
13,977,440
DuPont de Nemours, Inc.
 
83,281
6,395,981
Eastman Chemical Co.
 
74,863
7,460,098
FMC Corp.
 
157,068
8,761,253
International Paper Co.(b)
 
127,219
7,077,193
LyondellBasell Industries N.V., Class A
 
198,997
15,064,073
Mosaic Co. (The)
 
1,130,538
31,530,705
Nucor Corp.
 
71,739
9,213,440
Smurfit WestRock PLC
 
204,616
10,863,063
Steel Dynamics, Inc.
 
49,225
6,310,645
 
 
138,875,274
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500® Pure Value ETF (RPV)—(continued)
January 31, 2025
(Unaudited)
 
Shares
Value
Real Estate-1.07%
Alexandria Real Estate Equities, Inc.
 
100,049
$9,739,770
VICI Properties, Inc.
 
237,090
7,058,169
 
 
16,797,939
Utilities-3.44%
AES Corp. (The)
 
800,284
8,803,124
Consolidated Edison, Inc.
 
77,481
7,263,069
Evergy, Inc.
 
124,543
7,991,924
Eversource Energy
 
109,048
6,289,889
Exelon Corp.
 
258,296
10,331,840
PG&E Corp.
 
370,437
5,797,339
Pinnacle West Capital Corp.(b)
 
84,689
7,364,555
 
 
53,841,740
Total Common Stocks & Other Equity Interests
(Cost $1,644,306,246)
1,565,075,177
Money Market Funds-0.03%
Invesco Government & Agency Portfolio,
Institutional Class, 4.33%(e)(f)
(Cost $459,143)
 
459,143
459,143
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.91%
(Cost $1,644,765,389)
1,565,534,320
 
Shares
Value
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-9.59%
Invesco Private Government Fund,
4.35%(e)(f)(g)
 
41,773,769
$41,773,769
Invesco Private Prime Fund, 4.48%(e)(f)(g)
 
108,438,414
108,470,946
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $150,244,715)
150,244,715
TOTAL INVESTMENTS IN SECURITIES-109.50%
(Cost $1,795,010,104)
1,715,779,035
OTHER ASSETS LESS LIABILITIES-(9.50)%
(148,882,249
)
NET ASSETS-100.00%
$1,566,896,786
 
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
All or a portion of this security was out on loan at January 31, 2025.
(c)
Non-income producing security.
(d)
Security valued using significant unobservable inputs (Level 3). See Note 1.
(e)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the nine months ended January 31, 2025.
 
 
Value
April 30, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
January 31, 2025
Dividend
Income
Invesco Ltd.
$32,396,772
$14,663,192
$(34,510,735
)
$17,377,406
$(7,825,365
)
$22,101,270
$1,349,287
Investments in
Affiliated Money
Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
1,100,284
41,247,259
(41,888,400
)
-
-
459,143
61,201
Investments
Purchased with Cash
Collateral from
Securities on Loan:
Invesco Private
Government Fund
25,838,779
328,969,693
(313,034,703
)
-
-
41,773,769
984,422
*
Invesco Private Prime
Fund
66,459,960
740,772,678
(698,758,592
)
8,723
(11,823
)
108,470,946
2,607,861
*
Total
$125,795,795
$1,125,652,822
$(1,088,192,430
)
$17,386,129
$(7,837,188
)
$172,805,128
$5,002,771
 
*
Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from
borrowers, if any.
 
(f)
The rate shown is the 7-day SEC standardized yield as of January 31, 2025.
(g)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned.  
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500® Pure Value ETF (RPV)—(continued)
January 31, 2025
(Unaudited)
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco S&P 500® Top 50 ETF (XLG)
January 31, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.90%
Communication Services-14.98%
Alphabet, Inc., Class A
 
1,654,015
$337,452,140
Alphabet, Inc., Class C
 
1,347,214
276,987,198
Comcast Corp., Class A
 
1,079,897
36,349,333
Meta Platforms, Inc., Class A
 
616,779
425,071,751
Netflix, Inc.(b)
 
120,838
118,029,725
Verizon Communications, Inc.
 
1,191,845
46,946,775
Walt Disney Co. (The)
 
512,277
57,918,038
 
 
1,298,754,960
Consumer Discretionary-12.96%
Amazon.com, Inc.(b)
 
2,648,513
629,498,570
Home Depot, Inc. (The)
 
280,354
115,500,241
McDonald’s Corp.
 
203,025
58,613,317
Tesla, Inc.(b)
 
789,938
319,608,915
 
 
1,123,221,043
Consumer Staples-6.22%
Coca-Cola Co. (The)
 
1,096,868
69,629,181
Costco Wholesale Corp.
 
124,812
122,300,782
PepsiCo, Inc.
 
388,821
58,591,436
Philip Morris International, Inc.
 
440,018
57,290,344
Procter & Gamble Co. (The)
 
666,491
110,630,841
Walmart, Inc.
 
1,228,635
120,602,812
 
 
539,045,396
Energy-2.35%
Chevron Corp.
 
473,542
70,647,731
Exxon Mobil Corp.
 
1,244,211
132,919,061
 
 
203,566,792
Financials-10.55%
Bank of America Corp.
 
1,889,961
87,505,194
Berkshire Hathaway, Inc., Class B(b)
 
518,127
242,830,581
JPMorgan Chase & Co.
 
797,925
213,285,352
Mastercard, Inc., Class A
 
232,178
128,958,627
Visa, Inc., Class A
 
489,722
167,386,980
Wells Fargo & Co.
 
942,030
74,231,964
 
 
914,198,698
Health Care-9.21%
Abbott Laboratories
 
491,338
62,856,870
AbbVie, Inc.
 
499,657
91,886,922
Danaher Corp.
 
182,659
40,685,466
Eli Lilly and Co.
 
222,921
180,806,765
Johnson & Johnson
 
681,594
103,704,527
 
Shares
Value
Health Care-(continued)
Merck & Co., Inc.
 
716,207
$70,775,576
Pfizer, Inc.
 
1,604,057
42,539,592
Thermo Fisher Scientific, Inc.
 
107,675
64,362,731
UnitedHealth Group, Inc.
 
260,033
141,065,302
 
 
798,683,751
Industrials-1.31%
Caterpillar, Inc.
 
136,644
50,755,047
General Electric Co.
 
306,471
62,388,302
 
 
113,143,349
Information Technology-41.15%
Accenture PLC, Class A (Ireland)
 
176,266
67,853,597
Adobe, Inc.(b)
 
124,081
54,279,233
Advanced Micro Devices, Inc.(b)
 
459,481
53,276,822
Apple, Inc.
 
4,279,038
1,009,852,968
Applied Materials, Inc.
 
233,910
42,185,668
Broadcom, Inc.
 
1,321,225
292,347,456
Cisco Systems, Inc.
 
1,128,051
68,359,890
Microsoft Corp.
 
2,103,923
873,254,280
NVIDIA Corp.
 
6,943,496
833,705,565
Oracle Corp.
 
455,513
77,464,541
QUALCOMM, Inc.
 
313,390
54,194,533
Salesforce, Inc.
 
270,844
92,547,395
Texas Instruments, Inc.
 
257,980
47,625,688
 
 
3,566,947,636
Materials-0.69%
Linde PLC
 
134,953
60,205,233
Utilities-0.48%
NextEra Energy, Inc.
 
581,881
41,639,404
Total Common Stocks & Other Equity Interests
(Cost $6,942,103,756)
8,659,406,262
Money Market Funds-0.07%
Invesco Government & Agency Portfolio,
Institutional Class, 4.33%(c)(d)
(Cost $6,309,639)
 
6,309,639
6,309,639
TOTAL INVESTMENTS IN SECURITIES-99.97%
(Cost $6,948,413,395)
8,665,715,901
OTHER ASSETS LESS LIABILITIES-0.03%
2,527,594
NET ASSETS-100.00%
$8,668,243,495
 
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
Non-income producing security.
(c)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the nine months ended January 31, 2025.
 
 
Value
April 30, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
January 31, 2025
Dividend
Income
Investments in Affiliated Money
Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$1,656,502
$59,596,907
$(54,943,770
)
$-
$-
$6,309,639
$88,574
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500® Top 50 ETF (XLG)—(continued)
January 31, 2025
(Unaudited)
 
Value
April 30, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
January 31, 2025
Dividend
Income
Investments Purchased with
Cash Collateral from Securities
on Loan:
Invesco Private Government Fund
$16,448,791
$38,883,930
$(55,332,721
)
$-
$-
$-
$231,237
*
Invesco Private Prime Fund
42,307,255
111,089,335
(153,398,923
)
8,242
(5,909
)
-
618,485
*
Total
$60,412,548
$209,570,172
$(263,675,414
)
$8,242
$(5,909
)
$6,309,639
$938,296
 
*
Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from
borrowers, if any.
 
(d)
The rate shown is the 7-day SEC standardized yield as of January 31, 2025.
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco S&P MidCap 400® Pure Growth ETF (RFG)
January 31, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.99%
Communication Services-1.98%
TKO Group Holdings, Inc.(b)
 
41,292
$6,408,931
Consumer Discretionary-18.58%
Abercrombie & Fitch Co., Class A(b)
 
36,305
4,334,091
Chewy, Inc., Class A(b)
 
95,545
3,724,344
Choice Hotels International, Inc.(c)
 
12,151
1,790,207
Churchill Downs, Inc.(c)
 
21,124
2,610,504
Crocs, Inc.(b)(c)
 
22,538
2,300,454
Grand Canyon Education, Inc.(b)
 
14,539
2,553,630
H&R Block, Inc.
 
52,783
2,919,428
Hilton Grand Vacations, Inc.(b)(c)
 
87,225
3,593,670
Hyatt Hotels Corp., Class A(c)
 
29,593
4,682,500
Murphy USA, Inc.
 
6,806
3,422,805
Planet Fitness, Inc., Class A(b)
 
45,545
4,926,147
Texas Roadhouse, Inc.
 
24,573
4,450,170
Toll Brothers, Inc.
 
28,759
3,905,760
TopBuild Corp.(b)
 
8,289
2,840,475
Travel + Leisure Co.
 
61,925
3,366,243
Valvoline, Inc.(b)
 
79,250
2,940,967
Williams-Sonoma, Inc.
 
10,380
2,194,021
Wingstop, Inc.
 
12,514
3,727,921
 
 
60,283,337
Consumer Staples-3.94%
Coca-Cola Consolidated, Inc.
 
2,113
2,889,781
e.l.f. Beauty, Inc.(b)(c)
 
20,456
2,043,759
Pilgrim’s Pride Corp.(b)
 
80,732
3,757,267
Sprouts Farmers Market, Inc.(b)
 
25,810
4,086,756
 
 
12,777,563
Energy-5.95%
CNX Resources Corp.(b)(c)
 
89,866
2,460,531
DT Midstream, Inc.
 
23,939
2,419,754
Permian Resources Corp.
 
273,134
4,001,413
Valaris Ltd.(b)(c)
 
144,947
6,948,759
Viper Energy, Inc.
 
74,121
3,476,275
 
 
19,306,732
Financials-12.97%
East West Bancorp, Inc.
 
33,534
3,452,996
Equitable Holdings, Inc.
 
41,555
2,261,423
Hamilton Lane, Inc., Class A(c)
 
28,820
4,587,568
Houlihan Lokey, Inc.
 
9,096
1,652,925
Interactive Brokers Group, Inc., Class A
 
25,550
5,555,592
Kinsale Capital Group, Inc.
 
9,042
3,996,021
RenaissanceRe Holdings Ltd. (Bermuda)
 
20,064
4,666,485
Ryan Specialty Holdings, Inc., Class A
 
49,816
3,316,749
Shift4 Payments, Inc., Class A(b)(c)
 
57,190
6,854,222
SLM Corp.
 
75,443
2,105,614
Western Alliance Bancorporation
 
41,018
3,604,252
 
 
42,053,847
Health Care-16.72%
Doximity, Inc., Class A(b)
 
44,493
2,629,536
Ensign Group, Inc. (The)
 
13,519
1,888,064
Exelixis, Inc.(b)
 
133,360
4,420,884
Globus Medical, Inc., Class A(b)
 
75,511
7,001,380
Halozyme Therapeutics, Inc.(b)(c)
 
74,424
4,215,375
HealthEquity, Inc.(b)
 
21,167
2,337,260
Lantheus Holdings, Inc.(b)(c)
 
44,313
4,099,396
Masimo Corp.(b)(c)
 
28,977
5,048,663
Medpace Holdings, Inc.(b)
 
10,620
3,707,973
Neurocrine Biosciences, Inc.(b)
 
22,199
3,370,252
 
Shares
Value
Health Care-(continued)
Roivant Sciences Ltd.(b)
 
615,387
$6,849,257
Sarepta Therapeutics, Inc.(b)
 
45,468
5,170,621
United Therapeutics Corp.(b)
 
9,940
3,490,630
 
 
54,229,291
Industrials-26.57%
AAON, Inc.
 
51,120
5,949,346
Acuity Brands, Inc.
 
8,808
2,927,691
American Airlines Group, Inc.(b)(c)
 
310,183
5,248,296
Applied Industrial Technologies, Inc.
 
10,286
2,674,669
BWX Technologies, Inc.
 
19,936
2,251,372
Carlisle Cos., Inc.
 
4,755
1,851,882
Chart Industries, Inc.(b)(c)
 
24,362
5,154,756
Clean Harbors, Inc.(b)
 
15,441
3,597,753
Comfort Systems USA, Inc.
 
14,423
6,299,245
Curtiss-Wright Corp.
 
7,362
2,554,172
EMCOR Group, Inc.
 
11,748
5,263,809
ESAB Corp.
 
21,639
2,679,774
ExlService Holdings, Inc.(b)
 
86,613
4,353,169
Kirby Corp.(b)
 
32,674
3,566,367
MasTec, Inc.(b)
 
28,881
4,190,344
Mueller Industries, Inc.
 
25,947
2,043,326
nVent Electric PLC
 
35,360
2,301,582
Owens Corning
 
13,094
2,416,498
Parsons Corp.(b)
 
37,188
2,947,893
Paylocity Holding Corp.(b)
 
19,584
4,024,904
RB Global, Inc. (Canada)
 
38,898
3,480,593
RBC Bearings, Inc.(b)
 
11,569
4,034,689
Saia, Inc.(b)(c)
 
3,954
1,898,355
Tetra Tech, Inc.
 
60,137
2,213,042
Woodward, Inc.
 
12,237
2,266,904
 
 
86,190,431
Information Technology-8.83%
AppFolio, Inc., Class A(b)
 
15,391
3,600,109
Aspen Technology, Inc.(b)(c)
 
15,463
4,075,274
Belden, Inc.
 
18,985
2,211,183
Coherent Corp.(b)
 
20,130
1,821,564
Commvault Systems, Inc.(b)
 
19,848
3,160,992
DocuSign, Inc.(b)
 
38,277
3,702,534
Dynatrace, Inc.(b)
 
33,209
1,917,820
Fabrinet (Thailand)(b)
 
9,663
2,089,237
Guidewire Software, Inc.(b)
 
21,888
4,624,278
Manhattan Associates, Inc.(b)
 
6,956
1,450,952
 
 
28,653,943
Materials-4.45%
Carpenter Technology Corp.
 
34,021
6,568,094
Eagle Materials, Inc.
 
14,050
3,607,197
Knife River Corp.(b)
 
24,794
2,568,162
Louisiana-Pacific Corp.
 
14,580
1,705,423
 
 
14,448,876
Total Common Stocks & Other Equity Interests
(Cost $283,475,166)
324,352,951
See accompanying notes which are an integral part of this schedule.
Invesco S&P MidCap 400® Pure Growth ETF (RFG)—(continued)
January 31, 2025
(Unaudited)
 
Shares
Value
Money Market Funds-0.03%
Invesco Government & Agency Portfolio,
Institutional Class, 4.33%(d)(e)
(Cost $86,366)
 
86,366
$86,366
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-100.02%
(Cost $283,561,532)
324,439,317
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-14.63%
Invesco Private Government Fund,
4.35%(d)(e)(f)
 
13,175,709
13,175,709
 
Shares
Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 4.48%(d)(e)(f)
 
34,282,669
$34,292,954
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $47,468,663)
47,468,663
TOTAL INVESTMENTS IN SECURITIES-114.65%
(Cost $331,030,195)
371,907,980
OTHER ASSETS LESS LIABILITIES-(14.65)%
(47,535,305
)
NET ASSETS-100.00%
$324,372,675
 
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
Non-income producing security.
(c)
All or a portion of this security was out on loan at January 31, 2025.
(d)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the nine months ended January 31, 2025.
 
 
Value
April 30, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
January 31, 2025
Dividend
Income
Investments in Affiliated
Money Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$318,883
$1,963,014
$(2,195,531
)
$-
$-
$86,366
$3,795
Investments Purchased with
Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
13,034,642
139,349,481
(139,208,414
)
-
-
13,175,709
569,939
*
Invesco Private Prime Fund
33,519,846
276,489,038
(275,716,340
)
1,764
(1,354
)
34,292,954
1,533,837
*
Total
$46,873,371
$417,801,533
$(417,120,285
)
$1,764
$(1,354
)
$47,555,029
$2,107,571
 
*
Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from
borrowers, if any.
 
(e)
The rate shown is the 7-day SEC standardized yield as of January 31, 2025.
(f)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco S&P MidCap 400® Pure Value ETF (RFV)
January 31, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.93%
Consumer Discretionary-26.83%
Aramark
 
39,379
$1,532,237
AutoNation, Inc.(b)
 
27,438
5,173,435
Capri Holdings Ltd.(b)
 
105,989
2,626,407
Gap, Inc. (The)
 
86,878
2,091,153
Goodyear Tire & Rubber Co. (The)(b)(c)
 
834,350
7,400,685
Graham Holdings Co., Class B
 
3,925
3,645,619
Harley-Davidson, Inc.(c)
 
96,801
2,619,435
Lear Corp.(c)
 
70,038
6,589,875
Lithia Motors, Inc., Class A
 
15,953
5,999,923
Macy’s, Inc.(c)
 
435,734
6,788,736
Marriott Vacations Worldwide Corp.(c)
 
21,565
1,871,195
Nordstrom, Inc.(c)
 
194,900
4,716,580
Penske Automotive Group, Inc.(c)
 
28,755
4,762,691
Polaris, Inc.(c)
 
41,842
1,995,863
PVH Corp.
 
34,716
3,110,554
Taylor Morrison Home Corp., Class A(b)
 
37,791
2,436,008
Thor Industries, Inc.(c)
 
33,094
3,403,387
Under Armour, Inc., Class A(b)(c)
 
95,078
793,901
Under Armour, Inc., Class C(b)(c)
 
66,157
498,162
Visteon Corp.(b)
 
25,381
2,133,527
Whirlpool Corp.(c)
 
41,504
4,358,335
 
 
74,547,708
Consumer Staples-3.98%
Coty, Inc., Class A(b)(c)
 
225,730
1,654,601
Darling Ingredients, Inc.(b)(c)
 
55,142
2,065,620
Performance Food Group Co.(b)
 
50,491
4,559,842
US Foods Holding Corp.(b)
 
39,267
2,785,208
 
 
11,065,271
Energy-12.39%
Chord Energy Corp.
 
29,814
3,352,584
Civitas Resources, Inc.
 
101,574
5,155,896
HF Sinclair Corp.
 
216,773
7,821,170
Murphy Oil Corp.
 
109,405
2,913,455
NOV, Inc.(c)
 
296,780
4,288,471
Ovintiv, Inc.
 
65,576
2,768,619
PBF Energy, Inc., Class A
 
277,265
8,112,774
 
 
34,412,969
Financials-13.23%
Ally Financial, Inc.
 
70,975
2,765,896
Associated Banc-Corp
 
85,248
2,143,135
Bank OZK(c)
 
38,646
1,962,830
Brighthouse Financial, Inc.(b)(c)
 
84,316
5,203,140
CNO Financial Group, Inc.
 
56,461
2,255,052
Essent Group Ltd.
 
30,319
1,766,082
F.N.B. Corp.
 
128,874
2,022,033
First American Financial Corp.
 
25,918
1,638,536
Hanover Insurance Group, Inc. (The)
 
9,382
1,436,290
Kemper Corp.
 
27,858
1,871,501
Old Republic International Corp.
 
48,059
1,757,998
Prosperity Bancshares, Inc.
 
18,303
1,464,240
Reinsurance Group of America, Inc.
 
15,459
3,522,488
Starwood Property Trust, Inc.(c)
 
73,358
1,419,477
Unum Group
 
32,911
2,509,464
Valley National Bancorp
 
292,917
3,011,187
 
 
36,749,349
Health Care-2.97%
Acadia Healthcare Co., Inc.(b)(c)
 
62,566
2,822,353
 
Shares
Value
Health Care-(continued)
Neogen Corp.(b)(c)
 
151,407
$1,735,124
Perrigo Co. PLC(c)
 
148,320
3,694,651
 
 
8,252,128
Industrials-15.04%
AGCO Corp.
 
28,217
2,946,701
Avis Budget Group, Inc.(b)(c)
 
35,248
3,161,746
CNH Industrial N.V.
 
181,422
2,336,715
Concentrix Corp.
 
207,755
10,861,431
Fluor Corp.(b)
 
26,300
1,267,923
GXO Logistics, Inc.(b)(c)
 
39,757
1,806,956
Insperity, Inc.
 
21,877
1,640,994
Knight-Swift Transportation Holdings, Inc.
 
30,405
1,735,821
ManpowerGroup, Inc.
 
99,954
6,019,230
Maximus, Inc.(c)
 
19,989
1,504,972
Oshkosh Corp.
 
25,107
2,922,455
Terex Corp.(c)
 
48,522
2,333,423
WESCO International, Inc.
 
17,574
3,251,190
 
 
41,789,557
Information Technology-10.81%
Amkor Technology, Inc.
 
73,994
1,820,992
Arrow Electronics, Inc.(b)
 
59,541
6,939,503
Avnet, Inc.(c)
 
143,400
7,408,044
BILL Holdings, Inc.(b)
 
41,845
4,049,341
Flex Ltd.(b)
 
48,304
2,011,862
TD SYNNEX Corp.
 
54,775
7,805,985
 
 
30,035,727
Materials-10.09%
Arcadium Lithium PLC (Argentina)(b)(c)
 
445,793
2,558,852
Ashland, Inc.(c)
 
22,603
1,435,064
Berry Global Group, Inc.
 
30,502
2,071,696
Chemours Co. (The)
 
79,883
1,516,978
Cleveland-Cliffs, Inc.(b)(c)
 
648,050
6,636,032
Commercial Metals Co.
 
34,833
1,689,052
Greif, Inc., Class A(c)
 
46,390
2,839,996
Olin Corp.(c)
 
39,116
1,145,708
Sonoco Products Co.
 
36,968
1,761,156
United States Steel Corp.(c)
 
173,491
6,393,143
 
 
28,047,677
Real Estate-0.80%
Kilroy Realty Corp.(c)
 
56,726
2,213,448
Utilities-3.79%
Black Hills Corp.
 
23,817
1,398,773
NorthWestern Energy Group, Inc.
 
33,495
1,805,716
Portland General Electric Co.
 
39,010
1,604,871
Southwest Gas Holdings, Inc.
 
22,031
1,645,275
Spire, Inc.
 
22,766
1,615,475
UGI Corp.(c)
 
79,995
2,458,246
 
 
10,528,356
Total Common Stocks & Other Equity Interests
(Cost $268,563,786)
277,642,190
See accompanying notes which are an integral part of this schedule.
Invesco S&P MidCap 400® Pure Value ETF (RFV)—(continued)
January 31, 2025
(Unaudited)
 
Shares
Value
Money Market Funds-0.06%
Invesco Government & Agency Portfolio,
Institutional Class, 4.33%(d)(e)
(Cost $177,958)
 
177,958
$177,958
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.99%
(Cost $268,741,744)
277,820,148
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-22.95%
Invesco Private Government Fund,
4.35%(d)(e)(f)
 
17,681,170
17,681,170
 
Shares
Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 4.48%(d)(e)(f)
 
46,080,926
$46,094,750
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $63,775,920)
63,775,920
TOTAL INVESTMENTS IN SECURITIES-122.94%
(Cost $332,517,664)
341,596,068
OTHER ASSETS LESS LIABILITIES-(22.94)%
(63,746,045
)
NET ASSETS-100.00%
$277,850,023
 
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
Non-income producing security.
(c)
All or a portion of this security was out on loan at January 31, 2025.
(d)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the nine months ended January 31, 2025.
 
 
Value
April 30, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
January 31, 2025
Dividend
Income
Investments in Affiliated
Money Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$194,319
$6,439,101
$(6,455,462
)
$-
$-
$177,958
$6,759
Investments Purchased with
Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
10,569,449
139,588,089
(132,476,368
)
-
-
17,681,170
473,287
*
Invesco Private Prime Fund
27,186,409
288,130,251
(269,220,625
)
3,636
(4,921
)
46,094,750
1,251,917
*
Total
$37,950,177
$434,157,441
$(408,152,455
)
$3,636
$(4,921
)
$63,953,878
$1,731,963
 
*
Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from
borrowers, if any.
 
(e)
The rate shown is the 7-day SEC standardized yield as of January 31, 2025.
(f)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco S&P SmallCap 600® Pure Growth ETF (RZG)
January 31, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.94%(a)
Communication Services-4.00%
CarGurus, Inc.(b)
 
14,506
$568,635
Cinemark Holdings, Inc.(b)(c)
 
55,436
1,587,133
Cogent Communications Holdings, Inc.
 
7,778
585,994
Madison Square Garden Sports Corp.,
Class A(b)
 
4,349
956,215
QuinStreet, Inc.(b)(c)
 
34,280
811,065
 
 
4,509,042
Consumer Discretionary-13.50%
Adtalem Global Education, Inc.(b)
 
14,325
1,534,637
Boot Barn Holdings, Inc.(b)
 
6,324
1,017,215
Brinker International, Inc.(b)
 
6,984
1,270,879
Cavco Industries, Inc.(b)
 
2,113
1,074,756
Champion Homes, Inc.(b)(c)
 
4,972
459,065
Dave & Buster’s Entertainment, Inc.(b)(c)
 
22,497
597,520
Dorman Products, Inc.(b)
 
8,531
1,119,950
Dream Finders Homes, Inc., Class A(b)(c)
 
34,045
785,418
Frontdoor, Inc.(b)
 
10,306
617,123
Green Brick Partners, Inc.(b)
 
16,169
977,740
Installed Building Products, Inc.(c)
 
3,771
749,826
Kontoor Brands, Inc.
 
4,178
383,749
Monarch Casino & Resort, Inc.
 
5,114
436,429
Sabre Corp.(b)(c)
 
300,169
1,005,566
Shake Shack, Inc., Class A(b)
 
9,308
1,099,554
Six Flags Entertainment Corp.(c)
 
19,266
849,438
Stride, Inc.(b)(c)
 
6,679
900,997
XPEL, Inc.(b)(c)(d)
 
8,251
345,964
 
 
15,225,826
Consumer Staples-3.09%
Cal-Maine Foods, Inc.
 
14,784
1,595,194
Chefs’ Warehouse, Inc. (The)(b)
 
27,390
1,475,225
Interparfums, Inc.
 
2,951
416,150
 
 
3,486,569
Energy-5.19%
Archrock, Inc.
 
28,837
810,031
Atlas Energy Solutions, Inc.(c)
 
46,413
1,065,642
Cactus, Inc., Class A(c)
 
19,788
1,181,542
Core Natural Resources, Inc.(c)
 
8,892
803,303
Northern Oil and Gas, Inc.(c)
 
21,224
763,003
Oceaneering International, Inc.(b)
 
19,428
482,786
Tidewater, Inc.(b)(c)
 
13,437
740,513
 
 
5,846,820
Financials-14.67%
Acadian Asset Management, Inc.
 
44,042
1,097,527
Axos Financial, Inc.(b)
 
18,488
1,292,866
BancFirst Corp.
 
2,791
332,352
Bancorp, Inc. (The)(b)
 
15,641
955,039
City Holding Co.(c)
 
2,773
327,574
Enova International, Inc.(b)
 
11,382
1,278,426
Goosehead Insurance, Inc., Class A(c)
 
6,840
733,043
HCI Group, Inc.(c)
 
7,462
909,842
Mercury General Corp.
 
13,184
657,091
NMI Holdings, Inc., Class A(b)
 
15,061
581,656
Palomar Holdings, Inc.(b)(c)
 
13,880
1,497,236
Pathward Financial, Inc.
 
14,143
1,127,621
Payoneer Global, Inc.(b)
 
40,145
425,537
PJT Partners, Inc., Class A
 
5,064
835,408
Preferred Bank
 
8,475
774,276
PROG Holdings, Inc.
 
17,180
734,445
ServisFirst Bancshares, Inc.
 
5,969
541,209
 
Shares
Value
Financials-(continued)
Trupanion, Inc.(b)(c)
 
25,270
$1,198,809
Virtu Financial, Inc., Class A
 
12,626
505,798
WisdomTree, Inc.
 
74,804
732,331
 
 
16,538,086
Health Care-22.69%
ADMA Biologics, Inc.(b)
 
82,252
1,328,370
ANI Pharmaceuticals, Inc.(b)
 
7,812
458,096
Arcus Biosciences, Inc.(b)
 
42,247
544,986
Artivion, Inc.(b)(c)
 
17,781
550,500
Astrana Health, Inc.(b)(c)
 
23,479
865,671
BioLife Solutions, Inc.(b)
 
26,472
722,818
Catalyst Pharmaceuticals, Inc.(b)
 
56,296
1,270,038
Collegium Pharmaceutical, Inc.(b)(c)
 
26,584
853,878
Corcept Therapeutics, Inc.(b)(c)
 
26,093
1,746,144
CorVel Corp.(b)
 
7,203
834,467
Glaukos Corp.(b)(c)
 
4,337
678,480
Harmony Biosciences Holdings, Inc.(b)
 
27,114
1,051,210
Hims & Hers Health, Inc.(b)(c)
 
52,930
1,973,230
ICU Medical, Inc.(b)
 
6,322
1,039,084
Inari Medical, Inc.(b)(c)
 
7,799
621,346
Inspire Medical Systems, Inc.(b)(c)
 
5,076
982,206
Integer Holdings Corp.(b)(c)
 
4,678
665,305
Krystal Biotech, Inc.(b)(c)
 
8,483
1,355,074
LeMaitre Vascular, Inc.(c)
 
8,421
816,247
OmniAb Operations, Inc., Rts., expiring
11/02/2027(b)(c)(e)
 
2,881
0
OmniAb Operations, Inc., Rts., expiring
11/02/2027(b)(c)(e)
 
2,881
0
Phibro Animal Health Corp., Class A
 
30,323
661,345
Protagonist Therapeutics, Inc.(b)(c)
 
41,560
1,570,968
RadNet, Inc.(b)(c)
 
6,396
418,746
TG Therapeutics, Inc.(b)(c)
 
52,034
1,649,478
TransMedics Group, Inc.(b)(c)
 
12,553
847,955
UFP Technologies, Inc.(b)(c)
 
5,105
1,402,139
Vericel Corp.(b)(c)
 
11,477
671,864
 
 
25,579,645
Industrials-20.99%
AeroVironment, Inc.(b)(c)
 
3,851
693,758
Alaska Air Group, Inc.(b)
 
16,863
1,235,215
Apogee Enterprises, Inc.
 
9,934
506,833
Armstrong World Industries, Inc.
 
6,043
912,553
AZZ, Inc.
 
15,980
1,370,924
CSW Industrials, Inc.
 
2,795
921,819
DXP Enterprises, Inc.(b)
 
19,459
1,971,002
Dycom Industries, Inc.(b)
 
5,587
1,056,837
Enerpac Tool Group Corp.
 
12,743
575,856
ESCO Technologies, Inc.
 
3,581
475,342
Federal Signal Corp.
 
6,006
590,450
GEO Group, Inc. (The)(b)
 
17,930
564,974
Granite Construction, Inc.
 
8,321
733,413
Greenbrier Cos., Inc. (The)
 
22,373
1,482,435
Griffon Corp.
 
8,847
670,337
Interface, Inc.
 
27,389
678,152
Moog, Inc., Class A
 
2,261
410,733
OPENLANE, Inc.(b)
 
49,303
1,001,344
Powell Industries, Inc.(c)
 
5,986
1,435,323
Pursuit Attractions and Hospitality, Inc.(b)
 
25,965
1,025,617
SkyWest, Inc.(b)
 
11,539
1,395,296
SPX Technologies, Inc.(b)
 
7,000
1,039,640
Trinity Industries, Inc.
 
33,452
1,265,489
See accompanying notes which are an integral part of this schedule.
Invesco S&P SmallCap 600® Pure Growth ETF (RZG)—(continued)
January 31, 2025
(Unaudited)
 
Shares
Value
Industrials-(continued)
Verra Mobility Corp., Class A(b)
 
25,876
$682,868
Zurn Elkay Water Solutions Corp.
 
24,665
972,788
 
 
23,668,998
Information Technology-8.47%
ACI Worldwide, Inc.(b)
 
17,307
926,790
Agilysys, Inc.(b)(c)
 
5,664
511,006
Badger Meter, Inc.
 
3,234
691,785
Box, Inc., Class A(b)
 
12,027
401,582
Clear Secure, Inc., Class A(c)
 
31,984
757,061
DigitalOcean Holdings, Inc.(b)(c)
 
13,917
577,277
Impinj, Inc.(b)(c)
 
8,167
1,036,311
InterDigital, Inc.(c)
 
8,300
1,518,734
Itron, Inc.(b)
 
4,958
532,291
MARA Holdings, Inc.(b)(c)
 
68,891
1,263,461
OSI Systems, Inc.(b)(c)
 
2,839
557,693
Semtech Corp.(b)(c)
 
6,392
428,008
SPS Commerce, Inc.(b)
 
1,903
351,446
 
 
9,553,445
Materials-3.51%
ATI, Inc.(b)
 
15,166
865,827
Century Aluminum Co.(b)
 
42,816
782,676
Hawkins, Inc.
 
7,088
757,778
Sylvamo Corp.
 
10,098
808,850
Warrior Met Coal, Inc.(c)
 
13,997
738,622
 
 
3,953,753
Real Estate-3.83%
Curbline Properties Corp.
 
15,102
369,546
DiamondRock Hospitality Co.
 
108,261
950,531
Essential Properties Realty Trust, Inc.
 
13,870
445,227
NexPoint Residential Trust, Inc.
 
9,698
382,877
OUTFRONT Media, Inc.
 
23,459
431,646
 
Shares
Value
Real Estate-(continued)
Sunstone Hotel Investors, Inc.
 
73,925
$837,570
Xenia Hotels & Resorts, Inc.
 
60,410
903,734
 
 
4,321,131
Total Common Stocks & Other Equity Interests
(Cost $97,450,308)
112,683,315
Money Market Funds-0.05%
Invesco Government & Agency Portfolio,
Institutional Class, 4.33%(f)(g)
(Cost $59,784)
 
59,784
59,784
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.99%
(Cost $97,510,092)
112,743,099
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-29.59%
Invesco Private Government Fund,
4.35%(f)(g)(h)
 
9,247,841
9,247,841
Invesco Private Prime Fund, 4.48%(f)(g)(h)
 
24,102,972
24,110,203
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $33,358,044)
33,358,044
TOTAL INVESTMENTS IN SECURITIES-129.58%
(Cost $130,868,136)
146,101,143
OTHER ASSETS LESS LIABILITIES-(29.58)%
(33,351,960
)
NET ASSETS-100.00%
$112,749,183
 
Investment Abbreviations:
Rts.
-Rights
 
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
Non-income producing security.
(c)
All or a portion of this security was out on loan at January 31, 2025.
(d)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at January 31, 2025
represented less than 1% of the Fund’s Net Assets.
(e)
Security valued using significant unobservable inputs (Level 3). See Note 1.
(f)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the nine months ended January 31, 2025.
 
 
Value
April 30, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
January 31, 2025
Dividend
Income
Investments in Affiliated
Money Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$-
$2,652,314
$(2,592,530
)
$-
$-
$59,784
$1,925
See accompanying notes which are an integral part of this schedule.
Invesco S&P SmallCap 600® Pure Growth ETF (RZG)—(continued)
January 31, 2025
(Unaudited)
 
Value
April 30, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
January 31, 2025
Dividend
Income
Investments Purchased with
Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
$8,098,838
$53,616,297
$(52,467,294
)
$-
$-
$9,247,841
$317,343
*
Invesco Private Prime Fund
20,867,053
104,996,305
(101,753,196
)
3,118
(3,077
)
24,110,203
843,404
*
Total
$28,965,891
$161,264,916
$(156,813,020
)
$3,118
$(3,077
)
$33,417,828
$1,162,672
 
*
Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from
borrowers, if any.
 
(g)
The rate shown is the 7-day SEC standardized yield as of January 31, 2025.
(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.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco S&P SmallCap 600® Pure Value ETF (RZV)
January 31, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.98%
Communication Services-2.92%
IAC, Inc.(b)(c)
 
39,907
$1,689,263
Scholastic Corp.
 
105,151
2,040,981
Shenandoah Telecommunications Co.(c)
 
81,280
877,824
TEGNA, Inc.
 
57,155
1,041,364
Telephone and Data Systems, Inc.
 
33,111
1,170,474
 
 
6,819,906
Consumer Discretionary-25.72%
Academy Sports & Outdoors, Inc.(c)
 
19,140
1,001,213
Adient PLC(b)
 
185,149
3,227,147
Advance Auto Parts, Inc.(c)
 
68,667
3,330,349
American Axle & Manufacturing Holdings,
Inc.(b)(c)
 
383,281
2,004,560
Asbury Automotive Group, Inc.(b)(c)
 
9,598
2,847,535
Bloomin’ Brands, Inc.
 
111,016
1,394,361
Caleres, Inc.(c)
 
74,050
1,357,337
Century Communities, Inc.(c)
 
18,261
1,394,775
Cracker Barrel Old Country Store, Inc.(c)
 
30,520
1,983,190
Dana, Inc.
 
230,019
3,666,503
Foot Locker, Inc.(b)(c)
 
140,586
2,818,749
Fox Factory Holding Corp.(b)
 
27,819
760,015
G-III Apparel Group Ltd.(b)
 
79,141
2,470,782
Guess?, Inc.(c)
 
142,610
1,841,095
Helen of Troy Ltd.(b)(c)
 
17,941
1,108,395
Kohl’s Corp.(c)
 
263,976
3,487,123
Leslie’s, Inc.(b)
 
384,964
777,627
LGI Homes, Inc.(b)(c)
 
6,928
618,532
MarineMax, Inc.(b)(c)
 
115,439
3,504,728
Meritage Homes Corp.
 
7,498
583,869
Monro, Inc.(c)
 
41,341
811,937
National Vision Holdings, Inc.(b)
 
158,722
1,809,431
Newell Brands, Inc.
 
112,917
1,124,653
ODP Corp. (The)(b)(c)
 
111,919
2,529,369
PENN Entertainment, Inc.(b)
 
78,202
1,610,961
Sally Beauty Holdings, Inc.(b)(c)
 
127,906
1,390,338
Shoe Carnival, Inc.(c)
 
27,486
743,771
Signet Jewelers Ltd.
 
7,825
463,475
Sonic Automotive, Inc., Class A
 
30,070
2,232,698
Standard Motor Products, Inc.
 
57,135
1,772,328
Topgolf Callaway Brands Corp.(b)(c)
 
416,473
3,273,478
Upbound Group, Inc.
 
31,306
918,518
Winnebago Industries, Inc.(c)
 
23,276
1,112,593
 
 
59,971,435
Consumer Staples-10.99%
Andersons, Inc. (The)
 
59,970
2,443,777
B&G Foods, Inc.(c)
 
474,454
3,074,462
Central Garden & Pet Co.(b)(c)
 
4,373
159,571
Central Garden & Pet Co., Class A(b)
 
23,922
746,127
Edgewell Personal Care Co.
 
34,559
1,150,815
Fresh Del Monte Produce, Inc.
 
91,196
2,780,566
Grocery Outlet Holding Corp.(b)
 
70,362
1,139,161
Hain Celestial Group, Inc. (The)(b)(c)
 
332,852
1,684,231
MGP Ingredients, Inc.(c)
 
18,213
658,036
PriceSmart, Inc.
 
8,667
788,437
SpartanNash Co.
 
182,162
3,320,813
TreeHouse Foods, Inc.(b)(c)
 
47,159
1,627,929
United Natural Foods, Inc.(b)
 
108,013
3,212,306
Universal Corp.
 
38,841
2,063,234
USANA Health Sciences, Inc.(b)
 
23,456
763,962
 
 
25,613,427
 
Shares
Value
Energy-11.75%
Bristow Group, Inc.(b)
 
30,241
$1,009,142
Crescent Energy Co., Class A(c)
 
144,262
2,172,586
CVR Energy, Inc.(c)
 
89,047
1,687,441
Dorian LPG Ltd.
 
36,492
877,268
Green Plains, Inc.(b)(c)
 
325,670
2,908,233
Innovex International, Inc.(b)(c)
 
120,739
1,881,114
Par Pacific Holdings, Inc.(b)
 
220,980
3,694,785
Patterson-UTI Energy, Inc.
 
180,896
1,459,831
Peabody Energy Corp.(c)
 
97,672
1,772,747
ProPetro Holding Corp.(b)(c)
 
134,270
1,192,318
REX American Resources Corp.(b)
 
15,870
662,096
Talos Energy, Inc.(b)(c)
 
193,231
1,916,851
Vital Energy, Inc.(b)(c)
 
83,918
2,676,984
World Kinect Corp.(c)
 
123,591
3,493,917
 
 
27,405,313
Financials-16.96%
Ambac Financial Group, Inc.(b)
 
113,060
1,314,888
Apollo Commercial Real Estate Finance,
Inc.(c)
 
93,291
826,558
ARMOUR Residential REIT, Inc.
 
53,651
1,009,712
Bread Financial Holdings, Inc.
 
18,948
1,199,977
Brookline Bancorp, Inc.
 
62,029
758,615
Capitol Federal Financial, Inc.
 
125,622
747,451
Eagle Bancorp, Inc.
 
37,092
972,181
Ellington Financial, Inc.
 
68,614
861,792
Encore Capital Group, Inc.(b)(c)
 
14,476
716,562
EZCORP, Inc., Class A(b)(c)
 
176,055
2,114,420
Franklin BSP Realty Trust, Inc.
 
59,246
754,202
Genworth Financial, Inc., Class A(b)
 
403,654
2,918,418
Green Dot Corp., Class A(b)
 
317,349
2,814,886
Hilltop Holdings, Inc.
 
29,043
876,518
Hope Bancorp, Inc.
 
89,796
1,047,021
Horace Mann Educators Corp.
 
16,352
631,678
Jackson Financial, Inc., Class A
 
12,334
1,162,356
KKR Real Estate Finance Trust, Inc.
 
67,851
677,153
Lincoln National Corp.
 
90,375
3,177,585
Navient Corp.(c)
 
105,609
1,443,675
New York Mortgage Trust, Inc.
 
193,939
1,169,452
PennyMac Mortgage Investment Trust(c)
 
99,245
1,349,732
PRA Group, Inc.(b)
 
102,978
2,276,844
ProAssurance Corp.(b)
 
137,531
2,057,464
Ready Capital Corp.(c)
 
122,647
815,602
Redwood Trust, Inc.
 
149,972
982,317
Renasant Corp.(c)
 
23,287
905,399
Simmons First National Corp., Class A
 
32,193
731,425
SiriusPoint Ltd. (Sweden)(b)
 
81,263
1,183,189
Stewart Information Services Corp.
 
9,459
616,632
United Fire Group, Inc., (Acquired
12/15/2021 - 12/31/2024;
Cost $1,363,819)(d)
 
57,856
1,435,407
 
 
39,549,111
Health Care-7.76%
AdaptHealth Corp.(b)(c)
 
246,287
2,664,825
AMN Healthcare Services, Inc.(b)(c)
 
107,262
2,951,850
Avanos Medical, Inc.(b)
 
91,588
1,577,145
Enovis Corp.(b)(c)
 
33,671
1,581,864
Fortrea Holdings, Inc.(b)(c)
 
52,512
882,727
Fulgent Genetics, Inc.(b)(c)
 
39,836
662,871
Owens & Minor, Inc.(b)(c)
 
177,940
2,533,866
Pacira BioSciences, Inc.(b)(c)
 
33,984
894,799
See accompanying notes which are an integral part of this schedule.
Invesco S&P SmallCap 600® Pure Value ETF (RZV)—(continued)
January 31, 2025
(Unaudited)
 
Shares
Value
Health Care-(continued)
Patterson Cos., Inc.
 
68,865
$2,131,372
Select Medical Holdings Corp.(c)
 
112,402
2,210,947
 
 
18,092,266
Industrials-10.76%
ABM Industries, Inc.
 
24,900
1,328,664
Air Lease Corp., Class A
 
29,693
1,371,817
Allegiant Travel Co.(c)
 
17,466
1,789,042
American Woodmark Corp.(b)
 
9,844
766,454
ArcBest Corp.
 
6,899
659,613
Astec Industries, Inc.
 
25,562
892,369
Deluxe Corp.
 
60,489
1,402,740
Enviri Corp.(b)
 
316,672
3,033,718
Healthcare Services Group, Inc.(b)
 
88,439
980,788
Heartland Express, Inc.
 
65,533
749,698
JetBlue Airways Corp.(b)(c)
 
351,529
2,313,061
MasterBrand, Inc.(b)
 
40,144
695,294
Matthews International Corp., Class A
 
26,511
742,043
MillerKnoll, Inc.
 
64,838
1,454,965
Resideo Technologies, Inc.(b)
 
45,581
1,026,484
Sun Country Airlines Holdings, Inc.(b)(c)
 
66,789
1,132,741
Sunrun, Inc.(b)(c)
 
131,218
1,187,523
Titan International, Inc.(b)(c)
 
402,034
3,549,960
 
 
25,076,974
Information Technology-4.72%
Corsair Gaming, Inc.(b)(c)
 
143,081
1,310,622
DXC Technology Co.(b)
 
114,366
2,484,030
Insight Enterprises, Inc.(b)(c)
 
4,096
707,584
ScanSource, Inc.(b)
 
41,146
1,721,960
Viasat, Inc.(b)(c)
 
321,115
3,089,126
Vishay Intertechnology, Inc.(c)
 
54,946
930,236
Xerox Holdings Corp.(c)
 
87,875
750,452
 
 
10,994,010
Materials-5.42%
AdvanSix, Inc.
 
54,366
1,700,568
Kaiser Aluminum Corp.
 
17,909
1,253,630
Koppers Holdings, Inc.
 
62,946
1,873,273
Mativ Holdings, Inc., Class A
 
253,025
2,416,389
 
Shares
Value
Materials-(continued)
Metallus, Inc.(b)(c)
 
106,022
$1,583,969
O-I Glass, Inc.(b)(c)
 
174,479
2,083,279
Stepan Co.
 
10,810
685,246
SunCoke Energy, Inc.
 
109,786
1,030,891
 
 
12,627,245
Real Estate-2.63%
Cushman & Wakefield PLC(b)
 
111,418
1,536,454
Global Net Lease, Inc.
 
141,913
1,020,355
JBG SMITH Properties, (Acquired
03/17/2023 - 12/23/2024;
Cost $871,652)(c)(d)
 
59,171
917,742
Safehold, Inc.(c)
 
66,216
1,073,361
SITE Centers Corp.
 
105,614
1,582,098
 
 
6,130,010
Utilities-0.35%
MDU Resources Group, Inc.
 
45,436
809,670
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.98%
(Cost $237,960,909)
233,089,367
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-29.65%
Invesco Private Government Fund,
4.35%(e)(f)(g)
 
18,793,124
18,793,124
Invesco Private Prime Fund, 4.48%(e)(f)(g)
 
50,325,070
50,340,168
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $69,133,292)
69,133,292
TOTAL INVESTMENTS IN SECURITIES-129.63%
(Cost $307,094,201)
302,222,659
OTHER ASSETS LESS LIABILITIES-(29.63)%
(69,071,487
)
NET ASSETS-100.00%
$233,151,172
 
Investment Abbreviations:
REIT
-Real Estate Investment Trust
 
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
Non-income producing security.
(c)
All or a portion of this security was out on loan at January 31, 2025.
(d)
Restricted security. The aggregate value of these securities at January 31, 2025 was $2,353,149, which represented 1.01% of the Fund’s Net Assets.
(e)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the nine months ended January 31, 2025.
 
 
Value
April 30, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
January 31, 2025
Dividend
Income
Investments in Affiliated
Money Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$-
$2,254,199
$(2,254,199
)
$-
$-
$-
$1,504
See accompanying notes which are an integral part of this schedule.
Invesco S&P SmallCap 600® Pure Value ETF (RZV)—(continued)
January 31, 2025
(Unaudited)
 
Value
April 30, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
January 31, 2025
Dividend
Income
Investments Purchased with
Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
$17,483,639
$86,874,323
$(85,564,838
)
$-
$-
$18,793,124
$623,551
*
Invesco Private Prime Fund
44,969,201
197,358,714
(191,988,717
)
5,507
(4,537
)
50,340,168
1,677,580
*
Total
$62,452,840
$286,487,236
$(279,807,754
)
$5,507
$(4,537
)
$69,133,292
$2,302,635
 
*
Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from
borrowers, if any.
 
(f)
The rate shown is the 7-day SEC standardized yield as of January 31, 2025.
(g)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Notes to Quarterly Schedules of Portfolio Holdings
January 31, 2025
(Unaudited)
NOTE 1—Additional Valuation Information
Generally Accepted Accounting Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect Invesco Capital Management LLC’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of January 31, 2025, for each Fund (except for Invesco S&P 500® Top 50 ETF). As of January 31, 2025, all of the securities in Invesco S&P 500® Top 50 ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. 
 
Level 1
Level 2
Level 3
Total
Invesco S&P 500® Pure Growth ETF
Investments in Securities
Common Stocks & Other Equity Interests
$1,644,024,353
$-
$-
$1,644,024,353
Money Market Funds
439,792
120,635,906
-
121,075,698
Total Investments
$1,644,464,145
$120,635,906
$-
$1,765,100,051
Invesco S&P 500® Pure Value ETF
Investments in Securities
Common Stocks & Other Equity Interests
$1,564,625,101
$-
$450,076
$1,565,075,177
Money Market Funds
459,143
150,244,715
-
150,703,858
Total Investments
$1,565,084,244
$150,244,715
$450,076
$1,715,779,035
Invesco S&P MidCap 400® Pure Growth ETF
Investments in Securities
Common Stocks & Other Equity Interests
$324,352,951
$-
$-
$324,352,951
Money Market Funds
86,366
47,468,663
-
47,555,029
Total Investments
$324,439,317
$47,468,663
$-
$371,907,980
Invesco S&P MidCap 400® Pure Value ETF
Investments in Securities
Common Stocks & Other Equity Interests
$277,642,190
$-
$-
$277,642,190
Money Market Funds
177,958
63,775,920
-
63,953,878
Total Investments
$277,820,148
$63,775,920
$-
$341,596,068
Invesco S&P SmallCap 600® Pure Growth ETF
Investments in Securities
Common Stocks & Other Equity Interests
$112,683,315
$-
$0
$112,683,315
Money Market Funds
59,784
33,358,044
-
33,417,828
Total Investments
$112,743,099
$33,358,044
$0
$146,101,143
 
Level 1
Level 2
Level 3
Total
Invesco S&P SmallCap 600® Pure Value ETF
Investments in Securities
Common Stocks & Other Equity Interests
$233,089,367
$-
$-
$233,089,367
Money Market Funds
-
69,133,292
-
69,133,292
Total Investments
$233,089,367
$69,133,292
$-
$302,222,659