UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811-21977
Invesco Exchange-Traded Fund Trust II
(Exact name of registrant as specified in charter)
3500 Lacey Road Downers Grove, IL 60515
(Address of principal executive offices) (Zip code)
Brian Hartigan, President
3500 Lacey Road
Downers Grove, IL 60515
Registrant's telephone number, including area code:
(800) 983-0903
Date of fiscal year end:
October 31
Date of reporting period:
April 30, 2025
Item 1. Reports to Stockholders.
(a) The Registrant's semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Act") is as follows:
TSR_logo
Invesco 0-5 Yr US TIPS ETF
PBTP | Cboe BZX Exchange, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco 0-5 Yr US TIPS ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco 0-5 Yr US TIPS ETF $4 0.07%
*
Annualized.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $56,537,993
Total number of portfolio holdings 27
Portfolio turnover rate 19%
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
U.S. Treasury Inflation - Indexed Notes, 0.63%, 01/15/2026 5.08%
U.S. Treasury Inflation - Indexed Notes, 0.38%, 07/15/2025 4.96%
U.S. Treasury Inflation - Indexed Notes, 0.38%, 01/15/2027 4.52%
U.S. Treasury Inflation - Indexed Notes, 0.50%, 01/15/2028 4.45%
U.S. Treasury Inflation - Indexed Notes, 0.13%, 07/15/2026 4.40%
U.S. Treasury Inflation - Indexed Notes, 0.13%, 04/15/2026 4.33%
U.S. Treasury Inflation - Indexed Notes, 1.63%, 10/15/2029 4.33%
U.S. Treasury Inflation - Indexed Notes, 0.13%, 01/15/2030 4.32%
U.S. Treasury Inflation - Indexed Notes, 0.38%, 07/15/2027 4.30%
U.S. Treasury Inflation - Indexed Notes, 0.25%, 07/15/2029 4.29%
* Excluding money market fund holdings, if any.
Duration allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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P-PBTP-SAR
Invesco 0-5 Yr US TIPS ETF
TSR_logo
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF
BLKC | Cboe BZX Exchange, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF $31 0.60%
*
Annualized.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $2,927,790
Total number of portfolio holdings 75
Portfolio turnover rate 48%
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
iShares Bitcoin Trust ETF 8.14%
Fidelity Wise Origin Bitcoin Fund 2.83%
Grayscale Bitcoin Trust ETF 2.35%
Sol Strategies, Inc. 1.89%
Galaxy Digital Holdings Ltd., Class H 1.76%
MicroStrategy, Inc., Class A 1.60%
Bitfarms Ltd. 1.47%
Cipher Mining, Inc. 1.46%
Bitdeer Technologies Group 1.43%
Terawulf, Inc. 1.41%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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P-BLKC-SAR
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF
TSR_logo
Invesco Alerian Galaxy Crypto Economy ETF
SATO | Cboe BZX Exchange, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco Alerian Galaxy Crypto Economy ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Alerian Galaxy Crypto Economy ETF $30 0.60%
*
Annualized.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $9,022,878
Total number of portfolio holdings 54
Portfolio turnover rate 75%
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
iShares Bitcoin Trust ETF 7.94%
Sol Strategies, Inc. 3.57%
Galaxy Digital Holdings Ltd., Class H 3.34%
MicroStrategy, Inc., Class A 3.01%
Bitfarms Ltd. 2.79%
Cipher Mining, Inc. 2.77%
Fidelity Wise Origin Bitcoin Fund 2.75%
Bitdeer Technologies Group 2.71%
Terawulf, Inc. 2.68%
Boyaa Interactive International Ltd. 2.66%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
TSR_QRcode
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P-SATO-SAR
Invesco Alerian Galaxy Crypto Economy ETF
TSR_logo
Invesco China Technology ETF
CQQQ | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco China Technology ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco China Technology ETF $33 0.65%
*
Annualized.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $949,241,947
Total number of portfolio holdings 156
Portfolio turnover rate 27%
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
Tencent Holdings Ltd. 10.53%
PDD Holdings, Inc., ADR 7.95%
Meituan, B Shares 7.70%
Baidu, Inc., A Shares 7.55%
Kuaishou Technology 5.47%
Sunny Optical Technology Group Co. Ltd. 3.59%
Bilibili, Inc., Z Shares 3.27%
Kingdee International Software Group Co. Ltd. 3.23%
SenseTime Group, Inc., B Shares 3.22%
Kingsoft Corp. Ltd. 2.68%
* Excluding money market fund holdings, if any.
Industry allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
TSR_QRcode
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P-CQQQ-SAR
Invesco China Technology ETF
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Invesco Dorsey Wright Developed Markets Momentum ETF
PIZ | The Nasdaq Stock Market LLC
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco Dorsey Wright Developed Markets Momentum ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Dorsey Wright Developed Markets Momentum ETF $42 0.80%
*
Annualized.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $265,207,031
Total number of portfolio holdings 102
Portfolio turnover rate 60%
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
Constellation Software, Inc. 3.16%
Flughafen Zureich AG 2.92%
Rheinmetall AG 2.86%
Hanwha Aerospace Co. Ltd. 2.84%
Dollarama, Inc. 2.70%
Halma PLC 2.58%
Singapore Exchange Ltd. 2.47%
Mizrahi Tefahot Bank Ltd. 2.30%
Schindler Holding AG, PC 2.21%
Kongsberg Gruppen ASA 1.86%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
P-PIZ-SAR
Invesco Dorsey Wright Developed Markets Momentum ETF
TSR_logo
Invesco Dorsey Wright Emerging Markets Momentum ETF
PIE | The Nasdaq Stock Market LLC
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco Dorsey Wright Emerging Markets Momentum ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Dorsey Wright Emerging Markets Momentum ETF $43 0.90%
*
Annualized.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $84,760,497
Total number of portfolio holdings 103
Portfolio turnover rate 97%
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
Pop Mart International Group Ltd. 3.60%
Taiwan Semiconductor Manufacturing Co. Ltd. 2.81%
Topco Scientific Co. Ltd. 2.66%
L&K Engineering Co. Ltd. 2.60%
Gentera S.A.B. de C.V. 2.57%
Sinbon Electronics Co. Ltd. 2.56%
Advancetek Enterprise Co. Ltd. 2.51%
Qualitas Controladora S.A.B. de C.V. 2.36%
Fortress REIT Ltd. 2.35%
QL Resources Bhd. 2.27%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
TSR_QRcode
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
P-PIE-SAR
Invesco Dorsey Wright Emerging Markets Momentum ETF
TSR_logo
Invesco Emerging Markets Sovereign Debt ETF
PCY | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco Emerging Markets Sovereign Debt ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Emerging Markets Sovereign Debt ETF $25 0.50%
*
Annualized.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $1,167,409,108
Total number of portfolio holdings 98
Portfolio turnover rate 12%
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
Pakistan Government International Bond, 7.38%, 04/08/2031 1.39%
Pakistan Government International Bond, 8.88%, 04/08/2051 1.33%
Serbia International Bond, 2.13%, 12/01/2030 1.10%
Guatemala Government Bond, 6.55%, 02/06/2037 1.08%
Philippine Government International Bond, 3.20%, 07/06/2046 1.08%
Republic of Uzbekistan International Bond, 3.70%, 11/25/2030 1.08%
Panama Government International Bond, 6.40%, 02/14/2035 1.08%
Brazilian Government International Bond, 5.63%, 02/21/2047 1.07%
China Government International Bond, 4.00%, 10/19/2048 1.07%
Jordan Government International Bond, 7.50%, 01/13/2029 1.07%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
TSR_QRcode
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
P-PCY-SAR
Invesco Emerging Markets Sovereign Debt ETF
TSR_logo
Invesco Global Clean Energy ETF
PBD | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco Global Clean Energy ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Global Clean Energy ETF $35 0.75%
*
Annualized.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $64,809,139
Total number of portfolio holdings 111
Portfolio turnover rate 26%
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
Elia Group S.A./N.V. 1.96%
Innergex Renewable Energy, Inc. 1.87%
Nordex SE 1.53%
Alfen N.V. 1.42%
Grenergy Renovables S.A. 1.39%
SPIE S.A. 1.38%
Acciona S.A. 1.24%
NKT A/S 1.22%
Boralex, Inc., Class A 1.21%
Terna S.p.A. 1.19%
* Excluding money market fund holdings, if any.
Sub-industry allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
TSR_QRcode
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
P-PBD-SAR
Invesco Global Clean Energy ETF
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Invesco Global ex-US High Yield Corporate Bond ETF
PGHY | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco Global ex-US High Yield Corporate Bond ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Global ex-US High Yield Corporate Bond ETF $17 0.35%
*
Annualized.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $153,931,060
Total number of portfolio holdings 560
Portfolio turnover rate 16%
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
Industrial and Commercial Bank of China Ltd., 3.20% 1.44%
Samarco Mineracao S.A., 9.00% PIK Rate, 0.50% Cash Rate, 9.50%, 06/30/2031 0.96%
1011778 BC ULC/New Red Finance, Inc., 4.00%, 10/15/2030 0.69%
Teva Pharmaceutical Finance Netherlands III B.V., 3.15%, 10/01/2026 0.66%
Bank of Communications Co. Ltd., 3.80% 0.55%
Nissan Motor Co. Ltd., 4.35%, 09/17/2027 0.54%
Nissan Motor Co. Ltd., 4.81%, 09/17/2030 0.52%
Vodafone Group PLC, 7.00%, 04/04/2079 0.52%
Connect Finco S.a.r.l./Connect US Finco LLC, 9.00%, 09/15/2029 0.49%
Rakuten Group, Inc., 9.75%, 04/15/2029 0.48%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
TSR_QRcode
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
P-PGHY-SAR
Invesco Global ex-US High Yield Corporate Bond ETF
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Invesco Global Water ETF
PIO | The Nasdaq Stock Market LLC
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco Global Water ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Global Water ETF $38 0.75%
*
Annualized.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $254,823,893
Total number of portfolio holdings 41
Portfolio turnover rate 15%
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
Pentair PLC 7.52%
Roper Technologies, Inc. 7.48%
Ecolab, Inc. 7.29%
Veolia Environnement S.A. 6.27%
Nomura Micro Science Co. Ltd. 5.02%
Cia de Saneamento Basico do Estado de Sao Paulo SABESP 4.85%
Geberit AG 4.64%
American Water Works Co., Inc. 3.96%
Waters Corp. 3.60%
Ebara Corp. 3.58%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
P-PIO-SAR
Invesco Global Water ETF
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Invesco International BuyBack AchieversTM ETF
IPKW | The Nasdaq Stock Market LLC
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco International BuyBack AchieversTM ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco International BuyBack AchieversTM ETF $29 0.55%
*
Annualized.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $161,903,872
Total number of portfolio holdings 128
Portfolio turnover rate 42%
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
SAP SE 5.57%
UniCredit S.p.A. 5.26%
Prosus N.V. 5.13%
HSBC Holdings PLC 4.96%
Alibaba Group Holding Ltd. 4.55%
Shell PLC 4.45%
TotalEnergies SE 4.44%
BP PLC 4.12%
BAE Systems PLC 2.89%
NatWest Group PLC 2.77%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
TSR_QRcode
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
P-IPKW-SAR
Invesco International BuyBack AchieversTM ETF
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Invesco International Corporate Bond ETF
PICB | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco International Corporate Bond ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco International Corporate Bond ETF $26 0.50%
*
Annualized.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $143,586,223
Total number of portfolio holdings 574
Portfolio turnover rate 16%
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
Electricite de France S.A., 6.13%, 06/02/2034 0.62%
Toronto-Dominion Bank (The), 4.21%, 06/01/2027 0.62%
Toronto-Dominion Bank (The), 4.68%, 01/08/2029 0.55%
Royal Bank of Canada, 4.63%, 05/01/2028 0.55%
Bank of Montreal, 4.71%, 12/07/2027 0.55%
Bank of Montreal, 4.31%, 06/01/2027 0.54%
Electricite de France S.A., 5.50%, 10/17/2041 0.50%
Enel Finance International N.V., 5.75%, 09/14/2040 0.50%
Barclays PLC, 3.25%, 02/12/2027 0.50%
Electricite de France S.A., 6.00%, 01/23/2114 0.49%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
TSR_QRcode
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
P-PICB-SAR
Invesco International Corporate Bond ETF
TSR_logo
Invesco MSCI Global Climate 500 ETF
KLMT | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco MSCI Global Climate 500 ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco MSCI Global Climate 500 ETF $5 0.10%
*
Annualized.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $1,173,614,406
Total number of portfolio holdings 503
Portfolio turnover rate 10%
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
Apple, Inc. 4.29%
Microsoft Corp. 3.72%
NVIDIA Corp. 3.53%
Amazon.com, Inc. 2.31%
Meta Platforms, Inc., Class A 1.61%
Alphabet, Inc., Class A 1.47%
Broadcom, Inc. 1.15%
Tesla, Inc. 1.08%
Eli Lilly and Co. 0.98%
Taiwan Semiconductor Manufacturing Co. Ltd. 0.95%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
TSR_QRcode
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P-KLMT-SAR
Invesco MSCI Global Climate 500 ETF
TSR_logo
Invesco MSCI Global Timber ETF
CUT | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco MSCI Global Timber ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco MSCI Global Timber ETF $35 0.74%†
*
Annualized.
​†
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $45,942,370
Total number of portfolio holdings 66
Portfolio turnover rate 20%
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
Amcor PLC 7.89%
Avery Dennison Corp. 5.14%
Svenska Cellulosa AB S.C.A., Class B 4.85%
Packaging Corp. of America 4.83%
Weyerhaeuser Co. 4.81%
UPM-Kymmene OYJ 4.73%
Graphic Packaging Holding Co. 4.68%
International Paper Co. 4.40%
Smurfit WestRock PLC 4.19%
Mondi PLC 4.14%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
TSR_QRcode
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P-CUT-SAR
Invesco MSCI Global Timber ETF
TSR_logo
Invesco MSCI Green Building ETF
GBLD | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco MSCI Green Building ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco MSCI Green Building ETF $19 0.39%
*
Annualized.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $4,953,697
Total number of portfolio holdings 97
Portfolio turnover rate 17%
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
Alexandria Real Estate Equities, Inc. 4.49%
Swiss Prime Site AG 4.31%
Unibail-Rodamco-Westfield 4.05%
CapitaLand Integrated Commercial Trust 3.78%
BXP, Inc. 3.77%
Klepierre S.A. 3.11%
CapitaLand Ascendas REIT 3.00%
Nippon Building Fund, Inc. 2.78%
Vicinity Ltd. 2.30%
Vornado Realty Trust 2.25%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
TSR_QRcode
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
P-GBLD-SAR
Invesco MSCI Green Building ETF
TSR_logo
Invesco RAFI Developed Markets ex-U.S. ETF
PXF | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco RAFI Developed Markets ex-U.S. ETF (the “Fund”), formerly Invesco FTSE RAFI Developed Markets ex-U.S. ETF, for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco RAFI Developed Markets ex-U.S. ETF $23 0.45%
*
Annualized.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $1,909,315,468
Total number of portfolio holdings 1,139
Portfolio turnover rate 7%
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
Shell PLC 2.06%
Samsung Electronics Co. Ltd. 1.38%
HSBC Holdings PLC 1.10%
TotalEnergies SE 1.08%
Toyota Motor Corp. 1.07%
Roche Holding AG 0.96%
Allianz SE 0.90%
Nestle S.A. 0.86%
Banco Santander S.A. 0.82%
BP PLC 0.80%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
TSR_QRcode
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
P-PXF-SAR
Invesco RAFI Developed Markets ex-U.S. ETF
TSR_logo
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF
PDN | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (the “Fund”), formerly Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF $25 0.49%
*
Annualized.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $325,074,334
Total number of portfolio holdings 1,862
Portfolio turnover rate 13%
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
Hanwha Aerospace Co. Ltd. 0.46%
Doosan Co. Ltd. 0.32%
Auto1 Group SE 0.28%
IAMGOLD Corp. 0.28%
ASICS Corp. 0.26%
Alamos Gold, Inc., Class A 0.25%
Elbit Systems Ltd. 0.24%
Dassault Aviation S.A. 0.22%
Eldorado Gold Corp. 0.22%
Sumitomo Pharma Co. Ltd. 0.21%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
TSR_QRcode
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
P-PDN-SAR
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF
TSR_logo
Invesco RAFI Emerging Markets ETF
PXH | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco RAFI Emerging Markets ETF (the “Fund”), formerly Invesco FTSE RAFI Emerging Markets ETF, for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco RAFI Emerging Markets ETF $24 0.48%†
*
Annualized.
​†
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $1,236,127,641
Total number of portfolio holdings 442
Portfolio turnover rate 13%
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
Alibaba Group Holding Ltd. 5.32%
Taiwan Semiconductor Manufacturing Co. Ltd. 5.29%
Tencent Holdings Ltd. 3.53%
Petroleo Brasileiro S.A., Preference Shares 2.96%
Industrial & Commercial Bank of China Ltd., H Shares 2.87%
China Construction Bank Corp., H Shares 2.81%
Ping An Insurance (Group) Co. of China Ltd., H Shares 2.47%
Bank of China Ltd., H Shares 2.13%
Vale S.A. 1.89%
Xiaomi Corp., B Shares 1.59%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
TSR_QRcode
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
P-PXH-SAR
Invesco RAFI Emerging Markets ETF
TSR_logo
Invesco S&P Emerging Markets Low Volatility ETF
EELV | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco S&P Emerging Markets Low Volatility ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco S&P Emerging Markets Low Volatility ETF $15 0.29%
*
Annualized.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $372,882,155
Total number of portfolio holdings 205
Portfolio turnover rate 36%
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
Kuwait Finance House K.S.C.P. 1.04%
Tisco Financial Group PCL, NVDR 0.96%
Chunghwa Telecom Co. Ltd. 0.93%
Saudi Arabian Oil Co. 0.87%
Chang Hwa Commercial Bank Ltd. 0.87%
Malayan Banking Bhd. 0.85%
Hong Leong Bank Bhd. 0.82%
Borouge PLC 0.80%
Taiwan High Speed Rail Corp. 0.79%
Taiwan Cooperative Financial Holding Co. Ltd. 0.78%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
TSR_QRcode
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
P-EELV-SAR
Invesco S&P Emerging Markets Low Volatility ETF
TSR_logo
Invesco S&P Emerging Markets Momentum ETF
EEMO | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco S&P Emerging Markets Momentum ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco S&P Emerging Markets Momentum ETF $14 0.29%
*
Annualized.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $12,052,619
Total number of portfolio holdings 239
Portfolio turnover rate 66%
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
Tencent Holdings Ltd. 9.03%
Taiwan Semiconductor Manufacturing Co. Ltd. 8.11%
Xiaomi Corp., B Shares 6.08%
Meituan, B Shares 4.48%
China Construction Bank Corp., H Shares 3.51%
Industrial & Commercial Bank of China Ltd., H Shares 2.27%
Bharti Airtel Ltd. 2.20%
Hon Hai Precision Industry Co. Ltd. 2.18%
Bank of China Ltd., H Shares 2.13%
MediaTek, Inc. 2.07%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
TSR_QRcode
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
P-EEMO-SAR
Invesco S&P Emerging Markets Momentum ETF
TSR_logo
Invesco S&P Global Water Index ETF
CGW | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco S&P Global Water Index ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco S&P Global Water Index ETF $30 0.59%
*
Annualized.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $934,826,168
Total number of portfolio holdings 65
Portfolio turnover rate 9%
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
Xylem, Inc. 7.84%
American Water Works Co., Inc. 7.60%
Cia de Saneamento Basico do Estado de Sao Paulo SABESP 5.92%
Veralto Corp. 5.67%
Severn Trent PLC 5.21%
United Utilities Group PLC 5.10%
Veolia Environnement S.A. 4.21%
Essential Utilities, Inc. 3.97%
Geberit AG 3.97%
Ecolab, Inc. 3.80%
* Excluding money market fund holdings, if any.
Industry allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
TSR_QRcode
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
P-CGW-SAR
Invesco S&P Global Water Index ETF
TSR_logo
Invesco S&P International Developed Low Volatility ETF
IDLV | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco S&P International Developed Low Volatility ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco S&P International Developed Low Volatility ETF $13 0.25%
*
Annualized.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $275,305,242
Total number of portfolio holdings 203
Portfolio turnover rate 26%
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
Koninklijke KPN N.V. 0.71%
Hydro One Ltd. 0.70%
Danone S.A. 0.68%
Coles Group Ltd. 0.67%
Fortis, Inc. 0.66%
Metro, Inc. 0.65%
Groupe Bruxelles Lambert N.V. 0.65%
Washington H Soul Pattinson & Co. Ltd. 0.64%
Swisscom AG 0.64%
Loblaw Cos. Ltd. 0.63%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
TSR_QRcode
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
P-IDLV-SAR
Invesco S&P International Developed Low Volatility ETF
TSR_logo
Invesco S&P International Developed Momentum ETF
IDMO | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco S&P International Developed Momentum ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco S&P International Developed Momentum ETF $13 0.25%
*
Annualized.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $682,847,331
Total number of portfolio holdings 192
Portfolio turnover rate 49%
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
SAP SE 5.63%
Royal Bank of Canada 3.11%
HSBC Holdings PLC 3.06%
Deutsche Telekom AG 2.50%
Commonwealth Bank of Australia 2.49%
Allianz SE 2.36%
Spotify Technology S.A. 2.24%
Enbridge, Inc. 2.00%
Rheinmetall AG 1.74%
Rolls-Royce Holdings PLC 1.73%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
TSR_QRcode
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
P-IDMO-SAR
Invesco S&P International Developed Momentum ETF
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Invesco S&P International Developed Quality ETF
IDHQ | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco S&P International Developed Quality ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco S&P International Developed Quality ETF $15 0.29%
*
Annualized.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $408,276,809
Total number of portfolio holdings 196
Portfolio turnover rate 19%
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
Novartis AG 5.50%
Nestle S.A. 5.11%
ASML Holding N.V. 4.50%
Roche Holding AG 3.93%
AstraZeneca PLC 3.06%
Novo Nordisk A/S, Class B 2.88%
Unilever PLC 2.86%
Siemens AG 2.24%
Allianz SE 2.18%
RELX PLC 1.91%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
P-IDHQ-SAR
Invesco S&P International Developed Quality ETF

(b) Not applicable.


Item 2. Code of Ethics.

Not applicable for a semi-annual report.


Item 3. Audit Committee Financial Expert.

Not applicable for a semi-annual report.


Item 4. Principal Accountant Fees and Services.

Not applicable for a semi-annual report.


Item 5. Audit Committee of Listed Registrants.

Not applicable for a semi-annual report.


Item 6. Investments.

(a) Investments in securities of unaffiliated issuers is filed under Item 7 of this Form N-CSR.

(b) Not applicable.


Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.


 
Invesco Semi-Annual Financial Statements and Other Information
April 30, 2025 
BLKC
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF
SATO
Invesco Alerian Galaxy Crypto Economy ETF
Table of Contents 
Consolidated Schedules of Investments
 
3
5
7
8
9
10
12
24
31
2
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)
April 30, 2025
(Unaudited)
Consolidated Schedule of Investments(a)
 
 
Shares
Value
Common Stocks & Other Equity Interests-83.15%
Australia-1.27%
IREN Ltd.(b)
 
6,071
$37,094
Canada-7.26%
Bitfarms Ltd.(b)(c)
 
43,186
43,138
Hive Digital Technologies Ltd.(b)
 
23,304
39,384
Hut 8 Corp.(b)(c)
 
2,842
34,985
Neptune Digital Assets Corp.(b)
 
34,819
39,828
Sol Strategies, Inc.(b)
 
25,496
55,189
 
 
212,524
China-9.03%
Alibaba Group Holding Ltd., ADR
 
320
38,218
Boyaa Interactive International Ltd.(c)
 
70,571
41,232
Canaan, Inc., ADR(b)
 
51,098
35,952
Meitu, Inc.(b)(d)
 
53,181
37,519
OSL Group Ltd.(b)
 
25,489
37,116
Tencent Holdings Ltd.
 
582
35,652
The9 Ltd., ADR(b)
 
3,104
38,738
 
 
264,427
Germany-3.88%
Bitcoin Group SE(c)
 
944
39,549
Northern Data AG(b)(c)
 
1,270
35,811
SAP SE
 
130
38,167
 
 
113,527
Ireland-1.20%
Accenture PLC, Class A
 
117
35,001
Norway-1.30%
Aker ASA, Class A
 
657
38,220
South Korea-1.17%
Samsung Electronics Co. Ltd.
 
877
34,218
Switzerland-1.20%
Nestle S.A.
 
330
35,278
Taiwan-1.25%
Taiwan Semiconductor Manufacturing Co. Ltd.,
ADR
 
220
36,672
United Kingdom-1.23%
Shell PLC, ADR
 
558
35,980
United States-54.36%
Advanced Micro Devices, Inc.(b)
 
376
36,604
Alphabet, Inc., Class A
 
218
34,618
Amazon.com, Inc.(b)
 
184
33,933
Applied Digital Corp.(b)(c)
 
6,496
29,492
Bakkt Holdings, Inc.(b)(c)
 
3,889
36,479
Bank of America Corp.
 
930
37,088
Bit Digital, Inc.(b)
 
19,264
37,372
Bitdeer Technologies Group(b)(c)
 
4,386
41,974
Block, Inc., Class A(b)
 
630
36,836
Cipher Mining, Inc.(b)
 
15,012
42,784
Cisco Systems, Inc.
 
589
34,003
Citigroup, Inc.
 
541
36,994
CleanSpark, Inc.(b)
 
4,674
38,187
Coinbase Global, Inc., Class A(b)
 
196
39,766
Core Scientific, Inc.(b)
 
4,888
39,593
Exodus Movement, Inc., Class A(b)(c)
 
812
31,700
 
Shares
Value
United States-(continued)
Galaxy Digital Holdings Ltd., Class H, (Acquired
11/18/2022 - 04/17/2025;
Cost $18,919)(b)(c)(e)
 
3,253
$51,622
Goldman Sachs Group, Inc. (The)
 
68
37,233
Honeywell International, Inc.
 
173
36,417
Intel Corp.
 
1,676
33,688
International Business Machines Corp.
 
146
35,306
Intuit, Inc.
 
58
36,393
JPMorgan Chase & Co.
 
148
36,204
MARA Holdings, Inc.(b)
 
2,839
37,957
Mastercard, Inc., Class A
 
67
36,720
Micron Technology, Inc.
 
476
36,628
Microsoft Corp.
 
88
34,783
MicroStrategy, Inc., Class A(b)
 
123
46,754
NVIDIA Corp.
 
310
33,765
Oracle Corp.
 
250
35,180
PayPal Holdings, Inc.(b)
 
551
36,278
QUALCOMM, Inc.
 
248
36,818
Riot Platforms, Inc.(b)
 
4,909
35,541
Robinhood Markets, Inc., Class A(b)
 
822
40,368
Salesforce, Inc.
 
131
35,201
Semler Scientific, Inc.(b)
 
1,021
33,009
SoFi Technologies, Inc.(b)
 
3,169
39,644
Terawulf, Inc.(b)(c)
 
14,878
41,361
Tesla, Inc.(b)
 
133
37,527
Texas Instruments, Inc.
 
213
34,091
Verizon Communications, Inc.
 
776
34,191
Visa, Inc., Class A
 
103
35,587
Walmart, Inc.
 
368
35,788
 
 
1,591,477
Total Common Stocks & Other Equity Interests
(Cost $1,956,459)
2,434,418
Exchange-Traded Funds-15.61%
United States-15.61%
Grayscale Bitcoin Trust ETF(b)
 
928
68,923
Bitwise Bitcoin ETF(b)
 
306
15,676
Fidelity Wise Origin Bitcoin Fund(b)
 
1,008
82,837
ARK 21Shares Bitcoin ETF(b)
 
203
19,060
iShares Bitcoin Trust ETF(b)
 
4,456
238,441
Grayscale Bitcoin Mini Trust ETF(b)
 
406
16,934
VanEck Bitcoin ETF(b)
 
569
15,152
Total Exchange-Traded Funds
(Cost $267,534)
457,023
Money Market Funds-0.01%
Invesco Government & Agency Portfolio,
Institutional Class, 4.26%(f)(g)
(Cost $294)
 
294
294
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from
securities on loan)-98.77%
(Cost $2,224,287)
2,891,735
See accompanying Notes to Consolidated Financial Statements which are an integral part of the consolidated financial statements.
3
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-12.50%
Invesco Private Government Fund, 4.32%(f)(g)(h)
 
101,886
$101,886
Invesco Private Prime Fund, 4.46%(f)(g)(h)
 
263,944
263,997
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $365,888)
365,883
TOTAL INVESTMENTS IN SECURITIES-111.27%
(Cost $2,590,175)
3,257,618
OTHER ASSETS LESS LIABILITIES-(11.27)%
(329,828
)
NET ASSETS-100.00%
$2,927,790
 
Investment Abbreviations:
ADR-American Depositary Receipt
ETF-Exchange-Traded Fund
 
Notes to Consolidated Schedule of Investments:
(a)
The Consolidated Schedule of Investments includes the accounts of the wholly-owned subsidiary. All inter-company accounts and transactions have been
eliminated in consolidations.
(b)
Non-income producing security.
(c)
All or a portion of this security was out on loan at April 30, 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 April 30, 2025
represented 1.28% of the Fund’s Net Assets.
(e)
Restricted security. The value of this security at April 30, 2025 represented 1.76% of the Fund’s Net Assets.
(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 six months ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$-
$861,006
$(860,712
)
$-
$-
$294
$340
Investments Purchased with
Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
188,767
1,155,466
(1,242,347
)
-
-
101,886
2,460
*
Invesco Private Prime Fund
493,333
2,023,385
(2,252,703
)
(2
)
(16
)
263,997
6,597
*
Total
$682,100
$4,039,857
$(4,355,762
)
$(2
)
$(16
)
$366,177
$9,397
 
*
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Consolidated Statement of Operations.
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 April 30, 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. See Note 2K.
See accompanying Notes to Consolidated Financial Statements which are an integral part of the consolidated financial statements.
4
Invesco Alerian Galaxy Crypto Economy ETF (SATO)
April 30, 2025
(Unaudited)
Consolidated Schedule of Investments(a)
 
 
Shares
Value
Common Stocks & Other Equity Interests-84.59%
Australia-2.40%
IREN Ltd.(b)(c)
 
35,444
$216,563
Canada-13.75%
Bitfarms Ltd.(b)(c)
 
252,308
252,030
Hive Digital Technologies Ltd.(b)
 
136,039
229,906
Hut 8 Corp.(b)(c)
 
16,570
203,977
Neptune Digital Assets Corp.(b)
 
203,075
232,287
Sol Strategies, Inc.(b)(c)
 
148,757
322,004
 
 
1,240,204
China-11.68%
Boyaa Interactive International Ltd.(c)
 
411,274
240,292
Canaan, Inc., ADR(b)
 
298,679
210,151
Meitu, Inc.(b)(d)
 
116,246
82,011
OSL Group Ltd.(b)
 
149,173
217,218
Tencent Holdings Ltd.
 
1,273
77,981
The9 Ltd., ADR(b)(c)
 
18,105
225,950
 
 
1,053,603
Germany-4.87%
Bitcoin Group SE(c)
 
5,505
230,631
Northern Data AG(b)(c)
 
7,403
208,747
 
 
439,378
Norway-0.91%
Aker ASA, Class A
 
1,419
82,547
South Korea-0.82%
Samsung Electronics Co. Ltd.
 
1,890
73,743
Taiwan-0.89%
Taiwan Semiconductor Manufacturing Co. Ltd.,
ADR
 
483
80,511
United States-49.27%
Advanced Micro Devices, Inc.(b)
 
822
80,022
Alphabet, Inc., Class A
 
477
75,748
Applied Digital Corp.(b)(c)
 
37,930
172,202
Bakkt Holdings, Inc.(b)(c)
 
22,713
213,048
Bit Digital, Inc.(b)
 
112,511
218,271
Bitdeer Technologies Group(b)(c)
 
25,609
245,078
Block, Inc., Class A(b)
 
1,378
80,572
Cipher Mining, Inc.(b)
 
87,693
249,925
CleanSpark, Inc.(b)
 
27,273
222,820
Coinbase Global, Inc., Class A(b)
 
1,147
232,715
Core Scientific, Inc.(b)
 
28,536
231,142
Exodus Movement, Inc., Class A(b)(c)
 
4,738
184,972
Galaxy Digital Holdings Ltd., Class H, (Acquired
12/16/2022 - 04/17/2025;
Cost $108,378)(b)(c)(e)
 
18,976
301,132
Goldman Sachs Group, Inc. (The)
 
150
82,132
JPMorgan Chase & Co.
 
321
78,523
MARA Holdings, Inc.(b)
 
16,560
221,407
 
Shares
Value
United States-(continued)
Micron Technology, Inc.
 
1,042
$80,182
Microsoft Corp.
 
191
75,495
MicroStrategy, Inc., Class A(b)
 
714
271,399
NVIDIA Corp.
 
678
73,848
PayPal Holdings, Inc.(b)
 
1,204
79,271
Riot Platforms, Inc.(b)
 
28,638
207,339
Robinhood Markets, Inc., Class A(b)
 
1,798
88,300
Semler Scientific, Inc.(b)(c)
 
5,957
192,590
SoFi Technologies, Inc.(b)
 
6,924
86,619
Terawulf, Inc.(b)
 
86,901
241,585
Tesla, Inc.(b)
 
289
81,544
Visa, Inc., Class A
 
225
77,737
 
 
4,445,618
Total Common Stocks & Other Equity Interests
(Cost $6,612,732)
7,632,167
Exchange-Traded Funds-15.22%
United States-15.22%
Grayscale Bitcoin Trust ETF(b)
 
2,778
206,322
Bitwise Bitcoin ETF(b)
 
914
46,824
Fidelity Wise Origin Bitcoin Fund(b)
 
3,018
248,019
ARK 21Shares Bitcoin ETF(b)
 
624
58,587
iShares Bitcoin Trust ETF(b)
 
13,397
716,874
Grayscale Bitcoin Mini Trust ETF(b)
 
1,228
51,220
VanEck Bitcoin ETF(b)
 
1,712
45,591
Total Exchange-Traded Funds
(Cost $809,459)
1,373,437
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from
securities on loan)-99.81%
(Cost $7,422,191)
9,005,604
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-24.45%
Invesco Private Government Fund,
4.32%(f)(g)(h)
 
623,813
623,813
Invesco Private Prime Fund, 4.46%(f)(g)(h)
 
1,582,495
1,582,812
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $2,206,642)
2,206,625
TOTAL INVESTMENTS IN SECURITIES-124.26%
(Cost $9,628,833)
11,212,229
OTHER ASSETS LESS LIABILITIES-(24.26)%
(2,189,351
)
NET ASSETS-100.00%
$9,022,878
 
Investment Abbreviations:
ADR-American Depositary Receipt
ETF-Exchange-Traded Fund
 
See accompanying Notes to Consolidated Financial Statements which are an integral part of the consolidated financial statements.
5
Invesco Alerian Galaxy Crypto Economy ETF (SATO)—(continued)
April 30, 2025
(Unaudited)
Notes to Consolidated Schedule of Investments:
(a)
The Consolidated Schedule of Investments includes the accounts of the wholly-owned subsidiary. All inter-company accounts and transactions have been
eliminated in consolidations.
(b)
Non-income producing security.
(c)
All or a portion of this security was out on loan at April 30, 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 April 30, 2025
represented less than 1% of the Fund’s Net Assets.
(e)
Restricted security. The value of this security at April 30, 2025 represented 3.34% of the Fund’s Net Assets.
(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 six months ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$-
$2,460,255
$(2,460,255
)
$-
$-
$-
$885
Investments Purchased with
Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
781,885
6,336,488
(6,494,560
)
-
-
623,813
13,178
*
Invesco Private Prime Fund
2,180,165
11,310,702
(11,907,945
)
72
(182
)
1,582,812
34,059
*
Total
$2,962,050
$20,107,445
$(20,862,760
)
$72
$(182
)
$2,206,625
$48,122
 
*
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Consolidated Statement of Operations.
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 April 30, 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. See Note 2K.
See accompanying Notes to Consolidated Financial Statements which are an integral part of the consolidated financial statements.
6
Consolidated Statements of Assets and Liabilities
April 30, 2025
(Unaudited) 
 
Invesco
Alerian Galaxy
Blockchain Users
and Decentralized
Commerce ETF (BLKC)
Invesco
Alerian Galaxy
Crypto Economy
ETF (SATO)
Assets:
Unaffiliated investments in securities, at value(a)
$2,891,441
$9,005,604
Affiliated investments in securities, at value
366,177
2,206,625
Cash
30,597
-
Foreign currencies, at value
3,680
49,865
Receivable for:
Dividends
1,362
452
Securities lending
1,759
15,779
Total assets
3,295,016
11,278,325
Liabilities:
Due to custodian
-
44,725
Payable for:
Collateral upon return of securities loaned
365,888
2,206,642
Accrued unitary management fees
1,338
4,080
Total liabilities
367,226
2,255,447
Net Assets
$2,927,790
$9,022,878
Net assets consist of:
Shares of beneficial interest
$3,733,195
$12,788,630
Distributable earnings (loss)
(805,405
)
(3,765,752
)
Net Assets
$2,927,790
$9,022,878
Shares outstanding (unlimited amount authorized, $0.01 par value)
150,001
600,001
Net asset value
$19.52
$15.04
Market price
$19.50
$14.96
Unaffiliated investments in securities, at cost
$2,223,993
$7,422,191
Affiliated investments in securities, at cost
$366,182
$2,206,642
Foreign currencies, at cost
$3,583
$48,002
(a)Includes securities on loan with an aggregate value of:
$347,840
$2,048,369
See accompanying Notes to Consolidated Financial Statements which are an integral part of the consolidated financial statements.
7
Consolidated Statements of Operations
For the six months ended April 30, 2025
(Unaudited) 
 
Invesco
Alerian Galaxy
Blockchain Users
and Decentralized
Commerce ETF (BLKC)
Invesco
Alerian Galaxy
Crypto Economy
ETF (SATO)
Investment income:
Unaffiliated dividend income
$15,888
$12,858
Affiliated dividend income
340
885
Securities lending income, net
14,395
89,369
Foreign withholding tax
(1,536
)
(1,289
)
Total investment income
29,087
101,823
Expenses:
Unitary management fees
10,342
31,459
Less: Waivers
(7
)
(18
)
Net expenses
10,335
31,441
Net investment income
18,752
70,382
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities
550,457
1,079,127
Affiliated investment securities
(16
)
(182
)
Foreign currencies
(370
)
(3,346
)
Net realized gain
550,071
1,075,599
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities
(240,614
)
(1,095,073
)
Affiliated investment securities
(2
)
72
Foreign currencies
152
2,306
Change in net unrealized appreciation (depreciation)
(240,464
)
(1,092,695
)
Net realized and unrealized gain (loss)
309,607
(17,096
)
Net increase in net assets resulting from operations
$328,359
$53,286
See accompanying Notes to Consolidated Financial Statements which are an integral part of the consolidated financial statements.
8
Consolidated Statements of Changes in Net Assets
For the six months ended April 30, 2025 and the year ended October 31, 2024
(Unaudited) 
 
Invesco
Alerian Galaxy
Blockchain Users
and Decentralized
Commerce ETF (BLKC)
Invesco
Alerian Galaxy
Crypto Economy
ETF (SATO)
 
Six Months Ended
April 30,
2025
Year Ended
October 31,
2024
Six Months Ended
April 30,
2025
Year Ended
October 31,
2024
Operations:
Net investment income
$18,752
$44,063
$70,382
$132,617
Net realized gain
550,071
1,199,444
1,075,599
3,013,509
Change in net unrealized appreciation (depreciation)
(240,464
)
618,208
(1,092,695
)
1,984,276
Net increase in net assets resulting from operations
328,359
1,861,715
53,286
5,130,402
Distributions to Shareholders from:
Distributable earnings
(763,294
)
(76,309
)
(1,507,262
)
(238,390
)
Shareholder Transactions:
Proceeds from shares sold
-
-
1,993,086
1,335,215
Value of shares repurchased
-
(1,012,610
)
-
(2,099,025
)
Net increase (decrease) in net assets resulting from share transactions
-
(1,012,610
)
1,993,086
(763,810
)
Net increase (decrease) in net assets
(434,935
)
772,796
539,110
4,128,202
Net assets:
Beginning of period
3,362,725
2,589,929
8,483,768
4,355,566
End of period
$2,927,790
$3,362,725
$9,022,878
$8,483,768
Changes in Shares Outstanding:
Shares sold
-
-
100,000
100,000
Shares repurchased
-
(50,000
)
-
(150,000
)
Shares outstanding, beginning of period
150,001
200,001
500,001
550,001
Shares outstanding, end of period
150,001
150,001
600,001
500,001
See accompanying Notes to Consolidated Financial Statements which are an integral part of the consolidated financial statements.
9
Consolidated Financial Highlights
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC) 
 
Six Months Ended
April 30,
2025
(Unaudited)
Years Ended October 31,
For the Period
October 5, 2021(a)
Through
October 31,
2021
 
2024
2023
2022
Per Share Operating Performance:
Net asset value at beginning of period
$22.42
$12.95
$9.83
$27.93
$25.00
Net investment income(b)
0.13
0.26
0.20
0.33
0.01
Net realized and unrealized gain (loss) on investments
(1.16
)(c)
9.62
3.23
(18.02
)
2.92
Total from investment operations
(1.03
)
9.88
3.43
(17.69
)
2.93
Distributions to shareholders from:
Net investment income
(1.87
)
(0.41
)
(0.31
)
(0.41
)
-
Net asset value at end of period
$19.52
$22.42
$12.95
$9.83
$27.93
Market price at end of period(d)
$19.50
$22.43
$12.94
$9.82
$27.73
Net Asset Value Total Return(e)
7.62
%
76.95
%
35.88
%
(63.88
)%
11.72
%(f)
Market Price Total Return(e)
7.47
%
77.18
%
35.92
%
(63.66
)%
10.92
%(f)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$2,928
$3,363
$2,590
$1,966
$5,586
Ratio to average net assets of:
Expenses
0.60
%(g)
0.60
%
0.60
%
0.61
%
0.60
%(g)
Net investment income
1.09
%(g)
1.37
%
1.78
%
1.94
%
0.27
%(g)
Portfolio turnover rate(h)
48
%
91
%
90
%
124
%
12
%
 
(a)
Commencement of investment operations.
(b)
Based on average shares outstanding.
(c)
Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of
shareholder transactions in relation to the fluctuating market values of the Fund’s investments.
(d)
The mean between the last bid and ask prices.
(e)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(f)
The net asset value total return from Fund Inception (October 7, 2021, the first day of trading on the exchange) to October 31, 2021 was 10.48%. The market
price total return from Fund Inception to October 31, 2021 was 9.34%.
(g)
Annualized.
(h)
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing
creations or redemptions. 
See accompanying Notes to Consolidated Financial Statements which are an integral part of the consolidated financial statements.
10
Consolidated Financial Highlights—(continued)
Invesco Alerian Galaxy Crypto Economy ETF (SATO) 
 
Six Months Ended
April 30,
2025
(Unaudited)
Years Ended October 31,
For the Period
October 5, 2021(a)
Through
October 31,
2021
 
2024
2023
2022
Per Share Operating Performance:
Net asset value at beginning of period
$16.97
$7.92
$6.15
$29.41
$25.00
Net investment income (loss)(b)
0.12
0.23
0.14
0.36
(0.01
)
Net realized and unrealized gain (loss) on investments
(1.39
)
9.24
1.85
(23.23
)
4.42
Total from investment operations
(1.27
)
9.47
1.99
(22.87
)
4.41
Distributions to shareholders from:
Net investment income
(0.66
)
(0.42
)
(0.22
)
(0.36
)
-
Net realized gains
-
-
-
(0.03
)
-
Total distributions
(0.66
)
(0.42
)
(0.22
)
(0.39
)
-
Net asset value at end of period
$15.04
$16.97
$7.92
$6.15
$29.41
Market price at end of period(c)
$14.96
$16.91
$7.96
$6.14
$29.09
Net Asset Value Total Return(d)
2.64
%
121.02
%
34.34
%
(78.47
)%
17.64
%(e)
Market Price Total Return(d)
2.40
%
119.10
%
35.23
%
(78.27
)%
16.36
%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$9,023
$8,484
$4,356
$2,768
$11,763
Ratio to average net assets of:
Expenses
0.60
%(f)
0.60
%
0.60
%
0.61
%
0.60
%(f)
Net investment income (loss)
1.34
%(f)
1.71
%
1.93
%
2.57
%
(0.60
)%(f)
Portfolio turnover rate(g)
75
%
137
%
131
%
149
%
10
%
 
(a)
Commencement of investment operations.
(b)
Based on average shares outstanding.
(c)
The mean between the last bid and ask prices.
(d)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(e)
The net asset value total return from Fund Inception (October 7, 2021, the first day of trading on the exchange) to October 31, 2021 was 16.25%. The market
price total return from Fund Inception to October 31, 2021 was 13.63%.
(f)
Annualized.
(g)
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing
creations or redemptions. 
See accompanying Notes to Consolidated Financial Statements which are an integral part of the consolidated financial statements.
11
Notes to Consolidated Financial Statements
Invesco Exchange-Traded Fund Trust II
April 30, 2025
(Unaudited)
NOTE 1—Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following Funds and their respective wholly-owned subsidiaries (each, a "Subsidiary") organized under the laws of the Cayman Islands: 
Full Name
Short Name
Subsidiary
Invesco Alerian Galaxy Blockchain Users and
Decentralized Commerce ETF (BLKC)
"Alerian Galaxy Blockchain Users and
Decentralized Commerce ETF"
Invesco GBE Cayman Ltd.
Invesco Alerian Galaxy Crypto Economy ETF
(SATO)
"Alerian Galaxy Crypto Economy ETF"
Invesco GCE Cayman Ltd.
The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on Cboe BZX Exchange, Inc.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit”, as set forth in each Fund’s prospectus. Creation Units are issued and redeemed principally in exchange for cash and/or the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by authorized participants (“APs”), the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”): 
Fund
Underlying Index
Alerian Galaxy Blockchain Users and Decentralized Commerce ETF
Alerian Galaxy Global Blockchain Equity, Trusts and ETPs Index
Alerian Galaxy Crypto Economy ETF
Alerian Galaxy Global Cryptocurrency-Focused Blockchain Equity, Trusts and
ETPs Index
Each Fund’s investment in its respective Subsidiary is expected to provide the Fund with exposure to exchange-traded products and private investment trusts traded over-the-counter that are linked to cryptocurrencies. Each Fund may invest up to 25% of its respective total assets in its Subsidiary.
NOTE 2—Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their consolidated financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
A.
Security Valuation - Securities, including restricted securities, are valued according to the following policies:
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted
12
prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.
The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market
13
quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
B.
Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.
The Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Consolidated Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Consolidated Statements of Operations and the Consolidated Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Consolidated Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Consolidated Statements of Operations and the Consolidated Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Consolidated Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
C.
Country Determination - For the purposes of presentation in the Consolidated Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.
Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s consolidated financial statements as a tax return of capital at fiscal year-end.
E.
Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the consolidated financial statements.
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Each Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, each Fund is required to increase its taxable income by its share of its Subsidiary’s income. Net investment losses of each Subsidiary cannot be deducted by each Fund in the current period nor carried forward to offset taxable income in future periods.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.
Foreign Withholding Taxes - Each Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. Each Fund may file withholding tax refunds in certain jurisdictions to seek to
14
recover a portion of amounts previously withheld. Each Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for Foreign tax reclaims on the Consolidated Statements of Assets and Liabilities. There is no guarantee that a Fund will receive refunds applied for in a timely manner or at all.
As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as Foreign withholding tax claims in the Consolidated Statements of Operations, and any related interest is included in Unaffiliated interest income. Each Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are excluded from the unitary management fee and are reflected on the Consolidated Statements of Operations as Professional fees, if any. In the event tax refunds received by a Fund during the fiscal year exceed the foreign withholding taxes paid by a Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds’ shareholders. For the six months ended April 30, 2025, the Funds did not enter into any closing agreements.
G.
Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser).
Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying consolidated financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
H.
Accounting Estimates - The preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. All inter-company accounts and transactions have been eliminated in consolidation. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the consolidated financial statements are released to print.
I.
Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Also, under each Subsidiary’s organizational documents, the directors and officers of the Subsidiary are indemnified against certain liabilities that may arise out of the performance of their duties to the Fund and/or the Subsidiary, respectively. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust or the Adviser (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
J.
Segment Reporting — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity’s segments impact overall performance. Each Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Funds’ chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within each Fund. The CODM monitors the operating results as a whole, and each Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds’ financial statements. Adoption of the new standard impacted the Funds’ financial statement note disclosures only and did not affect the Funds’ financial position or the results of its operations.
K.
Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for
15
international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Consolidated Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income, net on the Consolidated Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Consolidated Statements of Assets and Liabilities.
Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2025, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income, net on the Consolidated Statements of Operations, were incurred by each Fund as listed below: 
 
Amount
Alerian Galaxy Blockchain Users and Decentralized Commerce ETF
$500
Alerian Galaxy Crypto Economy ETF
4,473
 
L.
Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Consolidated Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.
Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.
The performance of a Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause a Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that a Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of a Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Consolidated Statements of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit
16
risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.
M.
Other Risks
ADR and GDR Risk. The Funds may invest in American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.
AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Additionally, to the extent that a Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that a Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or that the Shares may be halted and/or delisted.
Blockchain Company Investments Risk. Companies engaged in the development, enablement and acquisition of blockchain technologies are subject to a number of risks. Blockchain technology is new and many of its uses may be untested. The mechanics of using distributed ledger technology to transact in other types of assets, such as securities or derivatives, is less clear. There is no assurance that widespread adoption will occur. Furthermore, the development and acceptance of competing platforms or technologies may cause consumers or investors to use an alternative to blockchains. A lack of expansion in the usage of blockchain technology could adversely affect the underlying holdings of the Funds. Moreover, the extent to which companies held by the Funds utilize blockchain technology may vary, and it is possible that even widespread adoption of blockchain technology may not result in a material impact on the stock price of such companies.
Furthermore, companies that are developing applications of blockchain technology may not in fact do so or may not be able to capitalize on those blockchain technologies. A proliferation of recent startups attempting to apply blockchain technology in different contexts means the possibility of conflicting intellectual property claims could be a risk to an issuer, its operations or its business. This could also pose a risk to blockchain platforms that permit transactions in digital securities. Regardless of the merit of any intellectual property or other legal action, any threatened action that reduces confidence in the viability of blockchain may adversely affect an investment in the Funds. Additionally, blockchain technology is new, and as such may be subject to future laws or regulations. Any such regulatory changes affecting blockchain technology may adversely impact an investment in companies utilizing this technology.
Transacting on a blockchain depends in part specifically on the use of cryptographic keys that are required to access a user’s account (or “wallet”). The theft, loss or destruction of these keys impairs the value of ownership claims users have over the relevant assets being represented by the ledger (whether “smart contracts,” securities, currency or other digital assets). The theft, loss or destruction of private or public keys needed to transact on a blockchain could also adversely affect a company’s business or operations if it were dependent on the ledger.
In addition, because blockchain functionality relies on the Internet, a significant disruption of Internet connectivity affecting large numbers of users or geographic areas could impede the functionality of blockchain technologies and adversely affect the Funds. In addition, certain features of blockchain technology, such as decentralization, open source protocol, and reliance on peer-to-peer connectivity, may increase the risk of fraud or cyber-attack by potentially reducing the likelihood of a coordinated response.
Cryptocurrency Risk. Cryptocurrencies (also referred to as “virtual currencies” and “digital currencies”) are digital assets designed to act as a medium of exchange. Although cryptocurrency is an emerging asset class, there are thousands of cryptocurrencies. While the Funds will not invest directly in cryptocurrencies, the value of the Funds’ investments in cryptocurrency-linked assets (including private trusts and ETPs) is subject to fluctuations in the value of the cryptocurrency, which have been and may in the future be highly volatile. The value of cryptocurrencies is determined by the supply and demand for cryptocurrency in the global market for the trading of cryptocurrency, which consists primarily of transactions on electronic exchanges. The price of a digital currency could drop precipitously (including to zero) for a variety of reasons, including, but not limited to, regulatory changes, a crisis of confidence, flaw or operational issue in a digital currency network
17
or a change in user preference to competing cryptocurrencies. Cryptocurrency is a new technological innovation with a limited history; it is a highly speculative asset, and the Funds’ exposure to cryptocurrency-linked assets could result in substantial losses to the Funds.
Cryptocurrencies trade on exchanges, which are largely unregulated and, therefore, are more exposed to fraud and failure than established, regulated exchanges for securities, derivatives and other currencies. Cryptocurrency exchanges have in the past, and may in the future, cease operating temporarily or even permanently, resulting in the potential loss of users’ cryptocurrency or other market disruptions. Cryptocurrency exchanges are more exposed to the risk of market manipulation than exchanges for traditional assets. Cryptocurrency exchanges that are regulated typically must comply with minimum net capital, cybersecurity, and anti-money laundering requirements, but are not typically required to protect customers or their markets to the same extent that regulated securities exchanges or futures exchanges are required to do so. Furthermore, many cryptocurrency exchanges lack certain safeguards established by traditional exchanges to enhance the stability of trading on the exchange, such as measures designed to prevent sudden drops in value of items traded on the exchange (i.e., “flash crashes”). As a result, the prices of cryptocurrencies on exchanges may be subject to larger and more frequent sudden declines than assets traded on traditional exchanges. In addition, cryptocurrency exchanges are also subject to the risk of cybersecurity threats and have been breached, resulting in the theft and/or loss of cryptocurrencies. A cyber or other security breach or a business failure of a cryptocurrency exchange or custodian may affect the price of a particular cryptocurrency or cryptocurrencies generally. A risk also exists with respect to malicious actors or previously unknown vulnerabilities, which may adversely affect the value of a digital currency.
Currently, there is relatively limited use of cryptocurrency in the retail and commercial marketplace, which contributes to price volatility. A lack of expansion by cryptocurrencies into retail and commercial markets, or a contraction of such use, may result in increased volatility or a reduction in the value of cryptocurrencies, either of which could adversely impact a Fund’s investment in cryptocurrency. In addition, to the extent market participants develop a preference for one cryptocurrency over another, the value of the less preferred cryptocurrency would likely be adversely affected.
Currency Risk. Because each Fund’s NAV is determined in U.S. dollars, a Fund’s NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund’s overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on a Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.
Digital Asset Company Investments Risk. Companies engaged in the development, enablement and acquisition of digital assets and cryptocurrencies are subject to a number of risks. The technology relating to digital assets, including blockchain, is developing and the risks associated with digital assets may not fully emerge until the technology is widely used. Cryptocurrencies and blockchain technology are new and many of their uses may be untested. The mechanics of using distributed ledger technology to transact in other types of assets, such as securities or derivatives, is less clear. There is no assurance that widespread adoption will occur. Furthermore, the development and acceptance of competing platforms or technologies may cause consumers or investors to use an alternative to cryptocurrencies. A lack of expansion in the usage of cryptocurrencies could adversely affect an investment in the Funds.
Currently, there are relatively few companies for which digital assets represents an attributable and significant revenue stream. Therefore, the values of the companies included in an Underlying Index may not be a reflection of their connection to digital assets, but may be based on other business operations. Furthermore, companies that are developing applications of digital assets and cryptocurrencies may not in fact do so or may not be able to capitalize on those digital assets. Blockchain technology also may never be implemented to a scale that provides identifiable economic benefit to the companies included in an Underlying Index, which could adversely affect an investment in the Funds. A proliferation of recent startups attempting to apply blockchain technology in different contexts means the possibility of conflicting intellectual property claims could be a risk to an issuer, its operations or its business. This could also pose a risk to blockchain platforms that permit transactions in digital securities. Regardless of the merit of any intellectual property or other legal action, any threatened action that reduces confidence in the viability of blockchain and/or cryptocurrencies may adversely affect an investment in the Funds.
There may be risks posed by the lack of regulation for digital assets and any future regulatory developments could affect the viability and expansion of the use of digital assets.
Emerging Markets Investment Risk. Investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue
18
or enforce such actions, may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. In addition, lack of relevant data and reliable public information, including financial information, about securities in emerging markets may contribute to incorrect weightings and data and computational errors when a Fund’s index provider selects securities for inclusion in the Fund’s Underlying Index or rebalances the Underlying Index. 
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
Foreign Investment Risk. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns. From time to time, certain companies in which the Funds invest may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. Government and the United Nations and/or in countries the U.S. Government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. Government identifies as state sponsors of terrorism or subjects to sanctions.
Index Risk. Unlike many investment companies that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security’s current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources; adverse labor relations; political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Market Risk. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index.
19
Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund’s NAV. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which a Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.
During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by a Fund will rise in value.
Micro-Capitalization Company Risk. Investments in the securities of micro-capitalization companies involve substantially greater risks of loss and price fluctuations than other securities with larger capitalizations. Micro-capitalization companies carry additional risks because their earnings and revenues tend to be less predictable (and some companies may experience significant losses), their share prices tend to be more volatile and their markets less liquid than companies with larger market capitalizations. Micro-capitalization companies may be newly formed or in the early stages of development, with limited product lines, markets or financial resources, and they may lack management depth or may be overly reliant on specific key individuals. In addition, less public information may be available about these companies. The shares of micro-capitalization companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the future ability to sell these securities.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. Additionally, a Fund’s use of a representative sampling methodology may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints. 
Non-Diversified Fund Risk. Because Alerian Galaxy Crypto Economy ETF is non-diversified and can invest a greater portion of its assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Fund’s performance. 
Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.
Sampling Risk. A Fund’s use of a representative sampling methodology may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.
Small-Capitalization Company Risk. Investing in securities of small-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
Subsidiary Investment Risk. By investing in its Subsidiary, each Fund is indirectly exposed to the risks associated with its respective Subsidiary’s investments. Each Subsidiary is not registered under the 1940 Act; therefore each Fund will not receive all of the protections offered to investors in registered investment companies. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of a Fund and/or its Subsidiary to operate as intended, which may negatively affect the Fund and its shareholders.
Valuation Risk. Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by a Fund. In certain circumstances, market quotations may not be readily available for some Fund securities, and those securities may be fair valued. The value established for a security through fair valuation may be different from what would be produced if the security had been valued using market quotations. Fund securities that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuations in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that a Fund could sell a portfolio security for the value established for it at any time, and it is possible that a Fund would incur a loss because a security is sold at a discount to its established value.
20
NOTE 3—Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates: 
 
Unitary Management Fees
(as a % of average daily net assets)
Alerian Galaxy Blockchain Users and Decentralized Commerce ETF
0.60
%
Alerian Galaxy Crypto Economy ETF
0.60
%
Through at least August 31, 2027, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.
For the six months ended April 30, 2025, the Adviser waived fees for each Fund in the following amounts: 
Alerian Galaxy Blockchain Users and Decentralized Commerce ETF
$7
Alerian Galaxy Crypto Economy ETF
18
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into a licensing agreement on behalf of each Fund with VettaFi, LLC (the “Licensor”).
Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
For the six months ended April 30, 2025, the Funds incurred brokerage commissions with Invesco Capital Markets, Inc. ("ICMI"), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below: 
Alerian Galaxy Blockchain Users and Decentralized Commerce ETF
$886
Alerian Galaxy Crypto Economy ETF
4,953
Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Consolidated Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.
NOTE 4—Security Transactions with Affiliated Funds
Each Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Invesco ETF from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s "current market price", as provided for in these procedures and Rule 17a-7.
For the six months ended April 30, 2025, the Funds engaged in transactions with affiliates as listed below: 
 
Securities Purchases
Securities Sales
Net Realized Gains
Alerian Galaxy Blockchain Users and Decentralized Commerce ETF
$619
$-
$-
Alerian Galaxy Crypto Economy ETF
4,133
-
-
21
NOTE 5—Additional Valuation Information
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 the Adviser’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 April 30, 2025. 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 consolidated financial statements may materially differ from the value received upon actual sale of those investments. 
 
Level 1
Level 2
Level 3
Total
Alerian Galaxy Blockchain Users and Decentralized Commerce ETF
Investments in Securities
Common Stocks & Other Equity Interests
$2,061,656
$372,762
$-
$2,434,418
Exchange-Traded Funds
457,023
-
-
457,023
Money Market Funds
294
365,883
-
366,177
Total Investments
$2,518,973
$738,645
$-
$3,257,618
Alerian Galaxy Crypto Economy ETF
Investments in Securities
Common Stocks & Other Equity Interests
$6,418,997
$1,213,170
$-
$7,632,167
Exchange-Traded Funds
1,373,437
-
-
1,373,437
Money Market Funds
-
2,206,625
-
2,206,625
Total Investments
$7,792,434
$3,419,795
$-
$11,212,229
NOTE 6—Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds had capital loss carryforwards as of October 31, 2024, as follows: 
 
No expiration
 
 
Short-Term
Long-Term
Total
Alerian Galaxy Blockchain Users and Decentralized Commerce ETF
$1,346,772
$327,788
$1,674,560
Alerian Galaxy Crypto Economy ETF
4,584,132
849,837
5,433,969
22
NOTE 7—Investment Transactions
For the six months ended April 30, 2025, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows: 
 
Purchases
Sales
Alerian Galaxy Blockchain Users and Decentralized Commerce ETF
$1,589,079
$2,365,969
Alerian Galaxy Crypto Economy ETF
7,419,441
8,404,834
For the six months ended April 30, 2025, in-kind transactions associated with creations and redemptions were as follows: 
 
In-kind
Purchases
In-kind
Sales
Alerian Galaxy Crypto Economy ETF
$1,526,020
$-
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end: 
 
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
Cost
Alerian Galaxy Blockchain Users and Decentralized Commerce ETF
$778,603
$(335,251
)
$443,352
$2,814,266
Alerian Galaxy Crypto Economy ETF
2,187,576
(1,464,551
)
723,025
10,489,204
NOTE 8—Trustees’ and Officer’s Fees
The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. Interested Trustees do not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 9—Capital
Shares are issued and redeemed by each Fund only in Creation Units as discussed in Note 1. Only APs are permitted to purchase or redeem Creation Units from the Funds.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Consolidated Statements of Changes in Net Assets.
23
Approval of Investment Advisory and Sub-Advisory Contracts
At a meeting held on April 24, 2025, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following series (each, a “Fund” and collectively, the “Funds”):
Invesco 0-5 Yr US TIPS ETF
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF
Invesco Alerian Galaxy Crypto Economy ETF
Invesco California AMT-Free Municipal Bond ETF
Invesco CEF Income Composite ETF
Invesco China Technology ETF
Invesco Dorsey Wright Developed Markets Momentum ETF
Invesco Dorsey Wright Emerging Markets Momentum ETF
Invesco Dorsey Wright SmallCap Momentum ETF
Invesco Emerging Markets Sovereign Debt ETF
Invesco Equal Weight 0-30 Year Treasury ETF
Invesco ESG NASDAQ 100 ETF
Invesco ESG NASDAQ Next Gen 100 ETF
Invesco ESG S&P 500 Equal Weight ETF
Invesco Floating Rate Municipal Income ETF
Invesco Fundamental High Yield® Corporate Bond ETF
Invesco Fundamental Investment Grade Corporate Bond ETF
Invesco Global Clean Energy ETF
Invesco Global ex-US High Yield Corporate Bond ETF
Invesco Global Water ETF
Invesco International BuyBack Achievers™ ETF
Invesco International Corporate Bond ETF
Invesco KBW Bank ETF
Invesco KBW High Dividend Yield Financial ETF
Invesco KBW Premium Yield Equity REIT ETF
Invesco KBW Property & Casualty Insurance ETF
Invesco KBW Regional Banking ETF
Invesco MSCI Global Climate 500 ETF
Invesco MSCI Green Building ETF
Invesco MSCI USA ETF
Invesco NASDAQ 100 ETF
Invesco Nasdaq Biotechnology ETF
Invesco Nasdaq Free Cash Flow Achievers ETF
Invesco NASDAQ Future Gen 200 ETF
Invesco NASDAQ Next Gen 100 ETF
Invesco National AMT-Free Municipal Bond ETF
Invesco New York AMT-Free Municipal Bond ETF
Invesco PHLX Semiconductor ETF
Invesco Preferred ETF
Invesco RAFI Developed Markets ex-U.S. ETF
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF
Invesco RAFI Emerging Markets ETF
Invesco Russell 1000 Equal Weight ETF
Invesco S&P 500® Enhanced Value ETF
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
Invesco S&P 500® High Beta ETF
Invesco S&P 500® High Dividend Growers ETF
Invesco S&P 500® High Dividend Low Volatility ETF
Invesco S&P 500® Low Volatility ETF
Invesco S&P 500 Minimum Variance ETF
Invesco S&P 500® Momentum ETF
Invesco S&P 500 QVM Multi-factor ETF
Invesco S&P 500 Revenue ETF
Invesco S&P Emerging Markets Low Volatility ETF
Invesco S&P Emerging Markets Momentum ETF
Invesco S&P International Developed Low Volatility ETF
Invesco S&P International Developed Momentum ETF
Invesco S&P International Developed Quality ETF
Invesco S&P MidCap 400 QVM Multi-factor ETF
Invesco S&P MidCap 400 Revenue ETF
Invesco S&P MidCap Low Volatility ETF
Invesco S&P SmallCap 600 GARP ETF
Invesco S&P SmallCap 600 QVM Multi-factor ETF
Invesco S&P SmallCap 600 Revenue ETF
Invesco S&P SmallCap Consumer Discretionary ETF
Invesco S&P SmallCap Consumer Staples ETF
Invesco S&P SmallCap Energy ETF
Invesco S&P SmallCap Financials ETF
Invesco S&P SmallCap Health Care ETF
Invesco S&P SmallCap High Dividend Low Volatility ETF
Invesco S&P SmallCap Industrials ETF
Invesco S&P SmallCap Information Technology ETF
Invesco S&P SmallCap Low Volatility ETF
Invesco S&P SmallCap Materials ETF
Invesco S&P SmallCap Quality ETF
Invesco S&P SmallCap Utilities & Communication Services ETF
Invesco S&P Ultra Dividend Revenue ETF
Invesco Senior Loan ETF
Invesco Short Term Treasury ETF
Invesco Taxable Municipal Bond ETF
Invesco Variable Rate Preferred ETF
Also at the April 24, 2025 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF (the “Sub-Advisory Agreement”):  Invesco Advisers, Inc.; Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).
24
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Investment Advisory Agreement
The Trustees reviewed information from the Adviser describing:  (i) the nature, extent and quality of services provided, (ii) the investment performance of each Fund and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds.  The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.
The Trustees reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2024, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes.  In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges.  The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF.  The Trustees noted that, for each applicable period, the correlation for each Fund, other than the one-year period for Invesco Floating Rate Municipal Income ETF and for Invesco Senior Loan ETF, was within the targeted range set forth in the Trust’s registration statement.  The Trustees reviewed the reasons provided by the Adviser for Invesco Floating Rate Municipal Income ETF’s and Invesco Senior Loan ETF’s correlation to its respective underlying index.  The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement.  The Board concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent, and its oversight of the Sub-Advisers for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.  They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Based on its review, the Board concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee.  The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser compensates each Sub-Adviser (as applicable) from its unitary advisory fee and pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:
●
0.04% of the Fund’s average daily net assets for Invesco MSCI USA ETF;
●
0.07% of the Fund’s average daily net assets for Invesco 0-5 Yr US TIPS ETF;
●
0.08% of the Fund’s average daily net assets for Invesco Short Term Treasury ETF;
●
0.10% of the Fund’s average daily net assets for Invesco MSCI Global Climate 500 ETF and Invesco S&P 500 Minimum Variance ETF;
●
0.11% of the Fund’s average daily net assets for Invesco S&P 500 QVM Multi-factor ETF;
25
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
●
0.13% of the Fund’s average daily net assets for Invesco S&P 500 Enhanced Value ETF and Invesco S&P 500 Momentum ETF;
●
0.15% of the Fund’s average daily net assets for Invesco Equal Weight
0-30 Year Treasury ETF, Invesco NASDAQ 100 ETF, Invesco NASDAQ Next Gen 100 ETF, Invesco S&P MidCap 400 QVM Multi-factor ETF and Invesco S&P SmallCap 600 QVM Multi-factor ETF;
●
0.19% of the Fund’s average daily net assets for Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF;
●
0.20% of the Fund’s average daily net assets for Invesco ESG NASDAQ 100 ETF, Invesco ESG NASDAQ Next Gen 100 ETF, Invesco ESG S&P 500 Equal Weight ETF, Invesco NASDAQ Future Gen 200 ETF and Invesco Russell 1000 Equal Weight ETF;
●
0.22% of the Fund’s average daily net assets for Invesco Fundamental Investment Grade Corporate Bond ETF;
●
0.25% of the Fund’s average daily net assets for Invesco Floating Rate Municipal Income ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF, Invesco S&P MidCap Low Volatility ETF and Invesco S&P SmallCap Low Volatility ETF;
●
0.28% of the Fund’s average daily net assets for Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco Taxable Municipal Bond ETF;
●
0.29% of the Fund’s average daily net assets for Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF and Invesco S&P SmallCap Utilities & Communication Services ETF;
●
0.30% of the Fund’s average daily net assets for Invesco S&P 500® High Dividend Low Volatility ETF and Invesco S&P SmallCap High Dividend Low Volatility ETF;
●
0.35% of the Fund’s average daily net assets for Invesco Global ex-US High Yield Corporate Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF and Invesco S&P SmallCap 600 GARP ETF;
●
0.39% of the Fund’s average daily net assets for Invesco MSCI Green Building ETF, Invesco Nasdaq Free Cash Flow Achievers ETF, Invesco S&P 500 High Dividend Growers ETF, Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF and Invesco S&P Ultra Dividend Revenue ETF;
●
0.43% of the Fund’s average daily net assets for Invesco RAFI Developed Markets ex-U.S. ETF;
●
0.47% of the Fund’s average daily net assets for Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF and Invesco RAFI Emerging Markets ETF;
●
0.50% of the Fund’s average daily net assets for Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF and Invesco Variable Rate Preferred ETF;
●
0.55% of the Fund’s average daily net assets for Invesco International BuyBack AchieversTM ETF;
●
0.60% of the Fund’s average daily net assets for Invesco Dorsey Wright SmallCap Momentum ETF, Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF and Invesco Alerian Galaxy Crypto Economy ETF;
●
0.65% of the Fund’s average daily net assets for Invesco Senior Loan ETF and Invesco China Technology ETF;
●
0.75% of the Fund’s average daily net assets for Invesco Global Clean Energy ETF and Invesco Global Water ETF;
●
0.80% of the Fund’s average daily net assets for Invesco Dorsey Wright Developed Markets Momentum ETF; and
●
0.90% of the Fund’s average daily net assets for Invesco Dorsey Wright Emerging Markets Momentum ETF.
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable.  The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below.  The
26
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds.  The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund. 
Invesco Fund
Equal to/Lower
than ETF
Peer Median*
Equal to/Lower
than Open-End
Index Fund
Peer Median*
Lower than
Open-End
Active Fund
Peer Median
Invesco 0-5 Yr US TIPS ETF
X
 
X
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF
X
N/A
X
Invesco Alerian Galaxy Crypto Economy ETF
X
N/A
X
Invesco California AMT-Free Municipal Bond ETF
 
N/A
X
Invesco CEF Income Composite ETF
X
N/A
X
Invesco China Technology ETF
 
N/A
X
Invesco Dorsey Wright Developed Markets Momentum ETF
 
 
X
Invesco Dorsey Wright Emerging Markets Momentum ETF
 
 
X
Invesco Dorsey Wright SmallCap Momentum ETF
 
 
X
Invesco Emerging Markets Sovereign Debt ETF
 
 
X
Invesco Equal Weight 0-30 Year Treasury ETF
 
 
X
Invesco ESG NASDAQ 100 ETF
 
 
X
Invesco ESG NASDAQ Next Gen 100 ETF
X
 
X
Invesco ESG S&P 500 Equal Weight ETF
X
 
X
Invesco Floating Rate Municipal Income ETF
 
N/A
X
Invesco Fundamental High Yield® Corporate Bond ETF
 
X
X
Invesco Fundamental Investment Grade Corporate Bond ETF
 
 
X
Invesco Global Clean Energy ETF
 
X
X
Invesco Global ex-US High Yield Corporate Bond ETF
X
N/A
X
Invesco Global Water ETF
 
X
X
Invesco International BuyBack AchieversTM ETF
 
X
X
Invesco International Corporate Bond ETF
 
 
X
Invesco KBW Bank ETF
X
 
X
Invesco KBW High Dividend Yield Financial ETF
X
 
X
Invesco KBW Premium Yield Equity REIT ETF
X
 
X
Invesco KBW Property & Casualty Insurance ETF
X
 
X
Invesco KBW Regional Banking ETF
X
 
X
Invesco MSCI Global Climate 500 ETF
X
X
X
Invesco MSCI Green Building ETF
X
N/A
X
Invesco MSCI USA ETF
X
X
X
Invesco NASDAQ 100 ETF
X
X
X
Invesco Nasdaq Biotechnology ETF
X
 
X
Invesco Nasdaq Free Cash Flow Achievers ETF
 
X
X
Invesco NASDAQ Future Gen 200 ETF
 
 
X
Invesco NASDAQ Next Gen 100 ETF
X
 
X
Invesco National AMT-Free Municipal Bond ETF
 
 
X
Invesco New York AMT-Free Municipal Bond ETF
 
N/A
X
Invesco PHLX Semiconductor ETF
X
 
X
Invesco Preferred ETF
 
N/A
X
Invesco RAFI Developed Markets ex-U.S. ETF
 
 
X
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF
 
 
X
Invesco RAFI Emerging Markets ETF
 
 
X
27
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Invesco Fund
Equal to/Lower
than ETF
Peer Median*
Equal to/Lower
than Open-End
Index Fund
Peer Median*
Lower than
Open-End
Active Fund
Peer Median
Invesco Russell 1000 Equal Weight ETF
X
 
X
Invesco S&P 500 Enhanced Value ETF
X
 
X
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
X
 
X
Invesco S&P 500® High Beta ETF
X
 
X
Invesco S&P 500® High Dividend Growers ETF
 
 
X
Invesco S&P 500® High Dividend Low Volatility ETF
X
X
X
Invesco S&P 500® Low Volatility ETF
X
 
X
Invesco S&P 500 Minimum Variance ETF
X
X
X
Invesco S&P 500® Momentum ETF
X
 
X
Invesco S&P 500 QVM Multi-factor ETF
X
X
X
Invesco S&P 500 Revenue ETF
 
 
X
Invesco S&P Emerging Markets Low Volatility ETF
X
 
X
Invesco S&P Emerging Markets Momentum ETF
X
 
X
Invesco S&P International Developed Low Volatility ETF
X
X
X
Invesco S&P International Developed Momentum ETF
X
 
X
Invesco S&P International Developed Quality ETF
X
 
X
Invesco S&P MidCap 400 QVM Multi-factor ETF
X
X
X
Invesco S&P MidCap 400 Revenue ETF
 
 
X
Invesco S&P MidCap Low Volatility ETF
 
 
X
Invesco S&P SmallCap 600 GARP ETF
 
 
X
Invesco S&P SmallCap 600 QVM Multi-factor ETF
X
X
X
Invesco S&P SmallCap 600 Revenue ETF
 
X
X
Invesco S&P SmallCap Consumer Discretionary ETF
X
 
X
Invesco S&P SmallCap Consumer Staples ETF
X
 
X
Invesco S&P SmallCap Energy ETF
X
 
X
Invesco S&P SmallCap Financials ETF
X
 
X
Invesco S&P SmallCap Health Care ETF
X
 
X
Invesco S&P SmallCap High Dividend Low Volatility ETF
X
X
X
Invesco S&P SmallCap Industrials ETF
X
 
X
Invesco S&P SmallCap Information Technology ETF
X
 
X
Invesco S&P SmallCap Low Volatility ETF
 
 
X
Invesco S&P SmallCap Materials ETF
X
 
X
Invesco S&P SmallCap Quality ETF
 
 
X
Invesco S&P SmallCap Utilities & Communication Services ETF
X
X
X
Invesco S&P Ultra Dividend Revenue ETF
 
X
X
Invesco Senior Loan ETF
N/A
N/A
X
Invesco Short Term Treasury ETF
X
 
X
Invesco Taxable Municipal Bond ETF
 
X
X
Invesco Variable Rate Preferred ETF
 
X
X
 
*
The information provided by the Adviser indicated that certain Funds did not have any ETF or open-end index fund peers. Those Funds have been designated in
this column with an “N/A” for not available.
In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco Dorsey Wright Emerging Markets Momentum ETF’s, Invesco Global Clean Energy ETF’s, Invesco International Corporate Bond ETF’s, Invesco RAFI Developed Markets ex-U.S. ETF’s, Invesco California AMT-Free Municipal Bond ETF’s, Invesco National AMT-Free Municipal Bond ETF’s, Invesco New York AMT-Free Municipal Bond ETF’s, Invesco Taxable Municipal Bond ETF’s and Invesco Floating Rate Municipal Income ETF’s advisory fees and total expenses and the Lipper peer data.  The Adviser explained
28
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser.  The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds.  The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all of the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the index, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds.  The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund.  The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco S&P SmallCap 600 GARP ETF or Invesco MSCI Global Climate 500 ETF because those Funds had not completed a full year of operations as of December 31, 2024. With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose.  Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s.  Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Trustees reviewed each Fund’s asset size and unitary advisory fee.  The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds.  The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers.  The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.
Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds.  The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent.  The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser.  The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund.  No single factor was determinative in the Board’s analysis.
Investment Sub-Advisory Agreement
As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF at a meeting held on April 24, 2025.  The review process followed by the Board is described in detail above.  In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.
29
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement.  The Trustees reviewed the qualifications and background of each Sub-Adviser, the services provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Short Term Treasury ETF’s assets, and the experience and skills of the investment personnel responsible for the day-to-day management of the Funds.
Based on its review, the Board concluded that the nature, extent and quality of services provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rate under the Sub-Advisory Agreement.  The Trustees noted that the sub-advisory fee charged by the Sub-Advisers under the Sub-Advisory Agreement is consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates.  The Trustees considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF and noted that the Adviser compensates each Sub-Adviser from its fee.
The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 13 and April 24, 2025 Board meetings, and Invesco Advisers, Inc., in connection with the April 24, 2025 meeting, and they noted the net income generated by each firm.  The Trustees noted that the Adviser compensates each Sub-Adviser from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.  As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, the Trustees considered the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Board considered whether the sub-advisory fee rate for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF was reasonable in relation to the asset size of the Funds and concluded that the flat sub-advisory fee rate was reasonable and appropriate.
Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from affiliated money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund’s excess cash invested in the affiliated money market funds.  The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs.  The Trustees noted that the Sub-Advisers had not identified any further benefits that they received from their relationships with Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Funds.  The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.  No single factor was determinative in the Board’s analysis.
30
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Remuneration paid to the Funds’ trustees or officers and others, if any, is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.
31
©2025 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515
P-AG-NCSRS
invesco.com/ETFs


 
Invesco Semi-Annual Financial Statements and Other Information
April 30, 2025 
PBTP
Invesco 0-5 Yr US TIPS ETF
PCY
Invesco Emerging Markets Sovereign Debt ETF
PGHY
Invesco Global ex-US High Yield Corporate Bond ETF
PICB
Invesco International Corporate Bond ETF
Table of Contents 
Schedules of Investments
 
3
4
7
17
25
26
28
30
34
45
52
2
Invesco 0-5 Yr US TIPS ETF (PBTP)
April 30, 2025
(Unaudited)
Schedule of Investments
 
 
Principal
Amount
Value
U.S. Treasury Securities-99.86%
U.S. Treasury Inflation — Indexed Bonds-18.82%(a)
2.00%, 01/15/2026
$
1,631,765
$1,646,103
2.38%, 01/15/2027
 
1,325,601
1,361,893
1.75%, 01/15/2028
 
1,206,287
1,231,333
3.63%, 04/15/2028
 
1,680,497
1,804,904
2.50%, 01/15/2029
 
1,069,306
1,119,909
3.88%, 04/15/2029
 
1,906,711
2,099,698
1.63%, 04/15/2030
 
1,363,209
1,377,091
 
 
10,640,931
U.S. Treasury Inflation — Indexed Notes-81.04%(a)
0.38%, 07/15/2025
 
2,808,773
2,805,973
0.13%, 10/15/2025
 
2,140,995
2,140,089
0.63%, 01/15/2026
 
2,876,159
2,874,014
0.13%, 04/15/2026
 
2,465,663
2,450,172
0.13%, 07/15/2026
 
2,495,126
2,488,737
0.13%, 10/15/2026
 
2,268,140
2,256,284
0.38%, 01/15/2027
 
2,569,077
2,552,254
0.13%, 04/15/2027
 
2,266,775
2,235,066
0.38%, 07/15/2027
 
2,447,986
2,431,843
1.63%, 10/15/2027
 
2,188,230
2,233,389
0.50%, 01/15/2028
 
2,548,999
2,517,310
1.25%, 04/15/2028
 
2,159,494
2,170,018
 
Principal
Amount
Value
U.S. Treasury Inflation — Indexed Notes-(continued)
0.75%, 07/15/2028
$
2,359,909
$2,343,319
2.38%, 10/15/2028
 
2,226,116
2,326,615
0.88%, 01/15/2029
 
2,323,149
2,296,235
2.13%, 04/15/2029
 
2,304,388
2,380,038
0.25%, 07/15/2029
 
2,520,786
2,425,963
1.63%, 10/15/2029
 
2,404,664
2,444,879
0.13%, 01/15/2030
 
2,586,189
2,442,773
 
 
45,814,971
Total U.S. Treasury Securities
(Cost $56,172,479)
56,455,902
 
Shares
 
Money Market Funds-0.31%
Invesco Government & Agency Portfolio,
Institutional Class, 4.26%(b)(c)
(Cost $176,679)
 
176,679
176,679
TOTAL INVESTMENTS IN SECURITIES-100.17%
(Cost $56,349,158)
56,632,581
OTHER ASSETS LESS LIABILITIES-(0.17)%
(94,588
)
NET ASSETS-100.00%
$56,537,993
 
Notes to Schedule of Investments:
(a)
Principal amount of security and interest payments are adjusted for inflation. See Note 2K.
(b)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the six months ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
Value
April 30, 2025
Dividend Income
Investments in Affiliated Money
Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$158,159
$986,903
$(968,383
)
$-
$-
$176,679
$991
 
(c)
The rate shown is the 7-day SEC standardized yield as of April 30, 2025.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Invesco Emerging Markets Sovereign Debt ETF (PCY)
April 30, 2025
(Unaudited)
Schedule of Investments
 
 
Principal
Amount
Value
U.S. Dollar Denominated Bonds & Notes-98.33%
Angola-2.68%
Angolan Government International Bond
 
8.75%, 04/14/2032(a)
$
13,445,000
$10,587,837
9.38%, 05/08/2048(a)
 
14,764,000
10,383,078
9.13%, 11/26/2049(a)
 
15,045,000
10,311,504
 
 
31,282,419
Bahrain-3.03%
Bahrain Government International Bond
 
6.00%, 09/19/2044(a)(b)
 
14,217,000
11,652,076
7.50%, 09/20/2047(a)(b)
 
12,203,000
11,809,758
6.25%, 01/25/2051(a)
 
14,467,000
11,940,411
 
 
35,402,245
Brazil-3.18%
Brazilian Government International Bond
 
5.63%, 02/21/2047
 
15,329,000
12,541,883
4.75%, 01/14/2050
 
17,623,000
12,451,935
7.13%, 05/13/2054
 
12,740,000
12,115,988
 
 
37,109,806
Chile-3.19%
Chile Government International Bond
 
4.34%, 03/07/2042
 
14,377,000
12,352,718
4.00%, 01/31/2052
 
16,492,000
12,449,811
5.33%, 01/05/2054(b)
 
13,326,997
12,424,160
 
 
37,226,689
China-3.18%
China Government International Bond
 
4.00%, 10/19/2048(a)(b)
 
13,465,000
12,528,081
2.25%, 10/21/2050(a)(b)
 
18,703,000
12,293,877
2.50%, 10/26/2051(a)(b)
 
18,043,000
12,322,158
 
 
37,144,116
Colombia-2.94%
Colombia Government International Bond
 
5.63%, 02/26/2044
 
16,071,000
11,515,585
8.75%, 11/14/2053
 
11,914,000
11,431,984
8.38%, 11/07/2054
 
12,412,000
11,392,657
 
 
34,340,226
Costa Rica-3.11%
Costa Rica Government International Bond
 
5.63%, 04/30/2043(a)
 
13,706,000
12,200,076
7.00%, 04/04/2044(a)
 
11,905,000
11,994,288
7.16%, 03/12/2045(a)(b)
 
11,883,000
12,138,920
 
 
36,333,284
Dominican Republic-3.09%
Dominican Republic International Bond
 
7.45%, 04/30/2044(a)
 
11,610,000
11,912,440
6.85%, 01/27/2045(a)(b)
 
12,533,000
12,071,786
6.50%, 02/15/2048(a)(b)
 
13,096,000
12,082,370
 
 
36,066,596
Egypt-2.86%
Egypt Government International Bond
 
8.70%, 03/01/2049(a)
 
14,847,000
10,989,285
 
Principal
Amount
Value
Egypt-(continued)
8.88%, 05/29/2050(a)
$
15,112,000
$11,337,835
8.75%, 09/30/2051(a)
 
14,983,000
11,089,578
 
 
33,416,698
El Salvador-3.02%
El Salvador Government International Bond
 
7.63%, 02/01/2041(a)
 
13,259,000
11,876,063
7.13%, 01/20/2050(a)
 
14,449,000
11,696,029
9.50%, 07/15/2052(a)
 
11,630,000
11,658,598
 
 
35,230,690
Guatemala-3.19%
Guatemala Government Bond
 
3.70%, 10/07/2033(a)
 
14,866,000
12,377,983
6.55%, 02/06/2037(a)
 
12,653,000
12,628,549
4.65%, 10/07/2041(a)(b)
 
15,742,000
12,205,739
 
 
37,212,271
Hungary-3.05%
Hungary Government International Bond
 
7.63%, 03/29/2041
 
10,808,000
11,965,040
3.13%, 09/21/2051(a)
 
20,247,000
11,887,267
6.75%, 09/25/2052(a)
 
11,727,000
11,773,761
 
 
35,626,068
Indonesia-3.11%
Indonesia Government International Bond
 
3.50%, 02/14/2050
 
17,424,000
12,398,759
4.45%, 04/15/2070
 
15,011,000
11,883,694
3.35%, 03/12/2071
 
19,185,000
11,975,985
 
 
36,258,438
Jordan-3.11%
Jordan Government International Bond
 
7.50%, 01/13/2029(a)
 
12,505,000
12,491,338
5.85%, 07/07/2030(a)
 
13,370,000
12,358,693
7.38%, 10/10/2047(a)
 
13,636,000
11,466,342
 
 
36,316,373
Kazakhstan-3.12%
Kazakhstan Government International
Bond
 
4.71%, 04/09/2035(a)
 
12,745,000
12,329,296
4.88%, 10/14/2044(a)
 
13,457,000
11,957,453
6.50%, 07/21/2045(a)
 
11,610,000
12,181,050
 
 
36,467,799
Mexico-3.05%
Mexico Government International Bond
 
6.34%, 05/04/2053
 
13,506,000
11,899,839
3.75%, 04/19/2071
 
21,618,000
11,834,623
5.75%, 10/12/2110
 
15,630,000
11,887,678
 
 
35,622,140
Morocco-3.13%
Morocco Government International Bond
 
6.50%, 09/08/2033(a)
 
11,837,000
12,257,509
5.50%, 12/11/2042(a)
 
13,921,000
12,161,420
4.00%, 12/15/2050(a)
 
18,238,000
12,087,235
 
 
36,506,164
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Invesco Emerging Markets Sovereign Debt ETF (PCY)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Nigeria-2.83%
Nigeria Government International Bond
 
7.70%, 02/23/2038(a)
$
14,092,000
$10,969,125
7.63%, 11/28/2047(a)
 
15,392,000
10,955,275
9.25%, 01/21/2049(a)(b)
 
13,157,000
11,137,677
 
 
33,062,077
Oman-3.16%
Oman Government International Bond
 
6.50%, 03/08/2047(a)
 
12,125,000
12,054,787
6.75%, 01/17/2048(a)
 
12,238,000
12,403,256
7.00%, 01/25/2051(a)
 
11,891,000
12,405,369
 
 
36,863,412
Pakistan-2.72%
Pakistan Government International Bond
 
7.38%, 04/08/2031(a)
 
20,546,000
16,249,272
8.88%, 04/08/2051(a)
 
21,784,000
15,565,757
 
 
31,815,029
Panama-3.15%
Panama Government International Bond
 
6.40%, 02/14/2035
 
13,242,000
12,553,151
6.88%, 01/31/2036
 
12,893,000
12,489,061
7.88%, 03/01/2057(b)
 
12,095,000
11,732,679
 
 
36,774,891
Peru-3.16%
Peruvian Government International Bond
 
5.63%, 11/18/2050
 
13,064,000
12,274,038
5.88%, 08/08/2054
 
12,947,000
12,306,123
3.60%, 01/15/2072
 
20,081,000
12,302,117
 
 
36,882,278
Philippines-3.18%
Philippine Government International Bond
 
3.20%, 07/06/2046
 
18,001,000
12,623,372
4.20%, 03/29/2047
 
15,080,000
12,318,493
5.95%, 10/13/2047
 
11,844,000
12,162,661
 
 
37,104,526
Qatar-3.16%
Qatar Government International Bond
 
4.63%, 06/02/2046(a)
 
13,802,000
12,429,412
5.10%, 04/23/2048(a)
 
12,913,000
12,245,591
4.82%, 03/14/2049(a)
 
13,450,000
12,229,816
 
 
36,904,819
Romania-3.09%
Romanian Government International Bond
 
5.13%, 06/15/2048(a)
 
16,606,000
12,138,405
4.00%, 02/14/2051(a)
 
19,880,000
11,887,284
7.63%, 01/17/2053(a)
 
12,454,000
12,034,746
 
 
36,060,435
Saudi Arabia-3.15%
Saudi Government International Bond
 
5.75%, 01/16/2054(a)
 
12,955,000
12,255,171
4.50%, 04/22/2060(a)
 
15,769,000
12,143,766
3.45%, 02/02/2061(a)
 
20,078,000
12,370,332
 
 
36,769,269
 
Principal
Amount
Value
Serbia-3.21%
Serbia International Bond
 
2.13%, 12/01/2030(a)
$
15,285,000
$12,789,293
6.50%, 09/26/2033(a)
 
11,909,000
12,312,537
6.00%, 06/12/2034(a)
 
12,554,000
12,429,584
 
 
37,531,414
South Africa-3.00%
Republic of South Africa Government
International Bond
 
6.30%, 06/22/2048
 
15,223,000
11,838,680
5.75%, 09/30/2049
 
16,172,000
11,589,542
7.30%, 04/20/2052
 
13,479,000
11,561,275
 
 
34,989,497
Trinidad-3.13%
Trinidad & Tobago Government
International Bond
 
4.50%, 06/26/2030(a)
 
13,491,000
12,219,488
5.95%, 01/14/2031(a)
 
12,707,000
12,185,377
6.40%, 06/26/2034(a)
 
12,772,000
12,097,736
 
 
36,502,601
Turkey-3.02%
Turkey Government International Bond
 
4.88%, 04/16/2043
 
17,248,000
11,687,909
6.63%, 02/17/2045
 
14,556,000
11,910,665
5.75%, 05/11/2047
 
16,069,000
11,644,007
 
 
35,242,581
United Arab Emirates-3.15%
Finance Department Government of
Sharjah
 
6.13%, 03/06/2036(a)(b)
 
12,373,000
12,369,913
4.00%, 07/28/2050(a)
 
19,273,000
12,313,703
4.38%, 03/10/2051(a)
 
17,681,000
12,040,827
 
 
36,724,443
Uzbekistan-3.18%
Republic of Uzbekistan International Bond
 
3.70%, 11/25/2030(a)
 
14,588,000
12,560,724
3.90%, 10/19/2031(a)
 
14,677,000
12,457,294
6.90%, 02/28/2032(a)
 
12,061,000
12,080,298
 
 
37,098,316
Total U.S. Dollar Denominated Bonds & Notes
(Cost $1,340,340,010)
1,147,887,610
 
Shares
 
Money Market Funds-0.18%
Invesco Government & Agency Portfolio,
Institutional Class, 4.26%(c)(d)
(Cost $2,136,615)
 
2,136,615
2,136,615
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-98.51%
(Cost $1,342,476,625)
1,150,024,225
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5
Invesco Emerging Markets Sovereign Debt ETF (PCY)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-4.73%
Invesco Private Government Fund,
4.32%(c)(d)(e)
 
15,331,714
$15,331,714
Invesco Private Prime Fund, 4.46%(c)(d)(e)
 
39,896,795
39,904,774
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $55,238,513)
55,236,488
TOTAL INVESTMENTS IN SECURITIES-103.24%
(Cost $1,397,715,138)
1,205,260,713
OTHER ASSETS LESS LIABILITIES-(3.24)%
(37,851,605
)
NET ASSETS-100.00%
$1,167,409,108
 
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
April 30, 2025 was $774,371,498, which represented 66.33% of the Fund’s Net Assets.
(b)
All or a portion of this security was out on loan at April 30, 2025.
(c)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the six months ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$1,189,395
$48,181,109
$(47,233,889
)
$-
$-
$2,136,615
$54,535
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
13,407,358
61,641,840
(59,717,484
)
-
-
15,331,714
412,514
*
Invesco Private Prime Fund
35,021,651
143,933,177
(139,045,894
)
16
(4,176
)
39,904,774
1,097,453
*
Total
$49,618,404
$253,756,126
$(245,997,267
)
$16
$(4,176
)
$57,373,103
$1,564,502
 
*
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 April 30, 2025.
(e)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned. See Note 2L.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6
Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)
April 30, 2025
(Unaudited)
Schedule of Investments
 
 
Principal
Amount
Value
U.S. Dollar Denominated Bonds & Notes-97.28%
Angola-0.28%
Azule Energy Finance PLC, 8.13%,
01/23/2030(a)
$
450,000
$433,890
Argentina-1.48%
Telecom Argentina S.A., 9.50%,
07/18/2031(a)
 
300,000
314,850
Vista Energy Argentina S.A.U, 7.63%,
12/10/2035(a)
 
220,000
210,485
YPF S.A.
 
6.95%, 07/21/2027(a)
 
260,000
255,114
9.00%, 06/30/2029(a)
 
285,942
293,687
9.50%, 01/17/2031(a)
 
270,000
278,709
8.75%, 09/11/2031(a)
 
200,000
202,645
7.00%, 09/30/2033(a)
 
160,000
153,176
8.25%, 01/17/2034(a)
 
400,000
389,031
7.00%, 12/15/2047(a)
 
205,000
174,648
 
 
2,272,345
Australia-1.60%
FMG Resources (August 2006) Pty. Ltd.
 
4.50%, 09/15/2027(a)
 
232,000
226,528
5.88%, 04/15/2030(a)(b)
 
269,000
266,252
4.38%, 04/01/2031(a)
 
544,000
492,876
6.13%, 04/15/2032(a)
 
311,000
306,784
Infrabuild Australia Pty Ltd., 14.50%,
11/15/2028(a)
 
200,000
210,050
Mineral Resources Ltd.
 
8.13%, 05/01/2027(a)
 
210,000
204,420
8.00%, 11/01/2027(a)
 
143,000
136,000
9.25%, 10/01/2028(a)
 
414,000
392,043
8.50%, 05/01/2030(a)
 
242,000
220,091
 
 
2,455,044
Austria-0.15%
Benteler International AG, 10.50%,
05/15/2028(a)
 
220,000
224,843
Azerbaijan-0.23%
State Oil Co. of the Azerbaijan Republic (The),
6.95%, 03/18/2030(a)
 
340,000
354,595
Bahrain-1.14%
Bank of Bahrain and Kuwait B.S.C., 6.88%,
06/06/2029(a)
 
200,000
202,775
Bapco Energies B.S.C. Closed
 
7.50%, 10/25/2027(a)
 
370,000
379,649
8.38%, 11/07/2028(a)
 
200,000
212,440
Bapco Energies Sukuk Ltd.
 
5.25%, 04/08/2029(a)
 
200,000
196,000
6.63%, 05/25/2033(a)
 
200,000
207,150
6.25%, 01/29/2035(a)(b)
 
350,000
356,832
GFH Senior Sukuk Ltd., 7.50%,
11/06/2029(a)
 
200,000
198,152
 
 
1,752,998
Belgium-0.25%
Telenet Finance Luxembourg Notes S.a.r.l.,
5.50%, 03/01/2028(a)
 
400,000
392,078
 
Principal
Amount
Value
Bermuda-0.14%
RLGH Finance Bermuda Ltd., 8.25%,
07/17/2031(a)
$
200,000
$218,448
Brazil-12.37%
3R Lux S.a.r.l., 9.75%, 02/05/2031(a)
 
200,000
196,437
Acu Petroleo (Luxembourg) S.a.r.l., 7.50%,
01/13/2032(a)
 
249,114
250,165
Aegea Finance S.a.r.l.
 
6.75%, 05/20/2029(a)
 
220,000
218,092
9.00%, 01/20/2031(a)(b)
 
300,000
313,230
Amaggi (Luxembourg) International S.a.r.l.,
5.25%, 01/28/2028(a)
 
260,000
254,139
Ambipar Lux S.a.r.l., 9.88%, 02/06/2031(a)
 
200,000
192,578
Arcos Dorados B.V., 6.38%, 01/29/2032(a)
 
200,000
203,904
Azul Secured Finance LLP, 10.88%,
08/28/2030
 
130,000
24,806
B3 S.A. - Brasil, Bolsa, Balcao, 4.13%,
09/20/2031(a)
 
210,000
190,825
Banco Bradesco S.A.
 
4.38%, 03/18/2027(a)
 
220,000
217,874
6.50%, 01/22/2030(a)
 
350,000
363,412
Banco BTG Pactual S.A.
 
2.75%, 01/11/2026(a)
 
220,000
216,116
6.25%, 04/08/2029(a)
 
170,000
174,677
5.75%, 01/22/2030(a)
 
200,000
199,540
Banco do Brasil S.A.
 
3.25%, 09/30/2026(a)
 
260,000
255,363
4.88%, 01/11/2029(a)
 
220,000
217,424
6.25%, 04/18/2030(a)
 
260,000
266,916
6.00%, 03/18/2031(a)
 
260,000
262,762
Braskem America Finance Co., 7.13%,
07/22/2041(a)
 
200,000
155,488
Braskem Netherlands Finance B.V.
 
4.50%, 01/10/2028(a)
 
450,000
405,082
4.50%, 01/31/2030(a)
 
540,000
448,060
8.50%, 01/12/2031(a)
 
300,000
288,073
7.25%, 02/13/2033(a)
 
360,000
315,177
8.00%, 10/15/2034(a)
 
300,000
267,900
5.88%, 01/31/2050(a)
 
270,000
183,051
BRF S.A.
 
4.88%, 01/24/2030(a)
 
260,000
246,678
5.75%, 09/21/2050(a)
 
230,000
186,182
Centrais Eletricas Brasileiras S.A.
 
4.63%, 02/04/2030(a)
 
250,000
235,911
6.50%, 01/11/2035(a)
 
260,000
255,575
Cosan (Luxembourg) S.A., 5.50%,
09/20/2029(a)
 
180,000
176,355
CSN Inova Ventures, 6.75%, 01/28/2028(a)
 
480,000
448,221
CSN Resources S.A.
 
8.88%, 12/05/2030(a)
 
200,000
191,630
4.63%, 06/10/2031(a)
 
300,000
227,497
5.88%, 04/08/2032(a)
 
220,000
176,817
FS (Luxembourg) S.a.r.l., 8.88%,
02/12/2031(a)
 
200,000
201,213
Itau Unibanco Holding S.A., 6.00%,
02/27/2030(a)
 
400,000
409,670
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7
Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Brazil-(continued)
Klabin Austria GmbH
 
5.75%, 04/03/2029(a)
$
330,000
$332,505
3.20%, 01/12/2031(a)
 
170,000
148,045
7.00%, 04/03/2049(a)
 
240,000
236,366
LD Celulose International GmbH, 7.95%,
01/26/2032(a)
 
270,000
277,560
MARB BondCo PLC, 3.95%, 01/29/2031(a)
 
410,000
354,872
MC Brazil Downstream Trading S.a.r.l., 7.25%,
06/30/2031(a)
 
635,246
491,490
MercadoLibre, Inc., 3.13%, 01/14/2031
 
200,000
177,602
Minerva (Luxembourg) S.A.
 
4.38%, 03/18/2031(a)
 
438,000
385,769
8.88%, 09/13/2033(a)
 
340,000
362,905
Movida Europe S.A., 7.85%, 04/11/2029(a)
 
200,000
176,337
MV24 Capital B.V., 6.75%, 06/01/2034(a)
 
300,840
286,990
NewCo Holding 20 S.a.r.l., 9.38%,
11/07/2029(a)
 
300,000
296,550
Petrobras Global Finance B.V.
 
7.38%, 01/17/2027
 
235,000
243,918
6.00%, 01/27/2028
 
398,000
404,712
5.60%, 01/03/2031(b)
 
277,000
275,724
6.50%, 07/03/2033(b)
 
340,000
343,876
6.00%, 01/13/2035(b)
 
350,000
331,872
6.88%, 01/20/2040
 
243,000
239,071
6.75%, 01/27/2041
 
253,000
245,488
7.25%, 03/17/2044(b)
 
306,000
305,926
5.50%, 06/10/2051
 
181,000
136,892
6.85%, 06/05/2115
 
560,000
489,713
Petrorio Luxembourg Holding S.a.r.l., 6.13%,
06/09/2026(a)
 
270,000
270,535
Rede D’or Finance S.a.r.l.
 
4.95%, 01/17/2028(a)
 
220,000
216,309
4.50%, 01/22/2030(a)
 
260,000
242,329
Rumo Luxembourg S.a.r.l.
 
5.25%, 01/10/2028(a)
 
220,000
217,320
4.20%, 01/18/2032(a)
 
200,000
175,275
Samarco Mineracao S.A., 9.00% PIK Rate,
0.50% Cash Rate, 06/30/2031(a)(b)(c)
 
1,570,852
1,479,428
Simpar Europe S.A., 5.20%, 01/26/2031(a)
 
180,000
139,725
Trident Energy Finance PLC, 12.50%,
11/30/2029(a)
 
200,000
189,636
Usiminas International S.a.r.l., 7.50%,
01/27/2032(a)
 
200,000
200,250
XP, Inc., 6.75%, 07/02/2029(a)
 
170,000
172,906
Yinson Boronia Production B.V., 8.95%,
07/31/2042(a)
 
346,913
356,453
 
 
19,041,189
Canada-12.20%
1011778 BC ULC/New Red Finance, Inc.
 
3.88%, 01/15/2028(a)
 
528,000
507,531
4.38%, 01/15/2028(a)
 
287,000
278,159
3.50%, 02/15/2029(a)
 
287,000
268,669
6.13%, 06/15/2029(a)
 
600,000
610,203
5.63%, 09/15/2029(a)
 
225,000
224,536
4.00%, 10/15/2030(a)
 
1,162,000
1,058,939
Air Canada, 3.88%, 08/15/2026(a)
 
413,000
405,585
Algonquin Power & Utilities Corp., 4.75%,
01/18/2082(b)(d)
 
292,000
274,337
 
Principal
Amount
Value
Canada-(continued)
AltaGas Ltd., 7.20%, 10/15/2054(a)(d)
$
400,000
$391,647
Baffinland Iron Mines Corp./Baffinland Iron
Mines L.P., 8.75%, 07/15/2026(a)
 
220,000
193,551
Baytex Energy Corp.
 
8.50%, 04/30/2030(a)
 
275,000
255,813
7.38%, 03/15/2032(a)
 
200,000
172,652
Bell Canada
 
6.88%, 09/15/2055(b)(d)
 
380,000
380,505
7.00%, 09/15/2055(d)
 
450,000
447,679
Bombardier, Inc.
 
7.88%, 04/15/2027(a)
 
242,000
242,742
6.00%, 02/15/2028(a)
 
292,000
289,063
7.50%, 02/01/2029(a)
 
287,000
295,909
8.75%, 11/15/2030(a)
 
260,000
278,918
7.25%, 07/01/2031(a)
 
350,000
358,787
7.00%, 06/01/2032(a)
 
260,000
263,375
7.45%, 05/01/2034(a)
 
239,000
251,436
Brookfield Residential Properties,
Inc./Brookfield Residential U.S. LLC
 
6.25%, 09/15/2027(a)
 
240,000
235,547
4.88%, 02/15/2030(a)
 
190,000
165,650
Dye & Durham Ltd., 8.63%, 04/15/2029(a)
 
200,000
203,646
Emera, Inc., Series 16-A, 6.75%,
06/15/2076(d)
 
420,000
421,618
Enerflex Ltd., 9.00%, 10/15/2027(a)
 
215,000
220,649
Garda World Security Corp.
 
4.63%, 02/15/2027(a)
 
218,000
214,472
6.00%, 06/01/2029(a)
 
200,000
187,400
8.25%, 08/01/2032(a)
 
200,000
196,758
goeasy Ltd., 9.25%, 12/01/2028(a)
 
200,000
209,562
Great Canadian Gaming Corp., 8.75%,
11/15/2029(a)
 
200,000
198,475
Hudbay Minerals, Inc.
 
4.50%, 04/01/2026(a)
 
182,000
178,772
6.13%, 04/01/2029(a)
 
182,000
181,389
Husky Injection Molding Systems Ltd./Titan
Co-Borrower LLC, 9.00%, 02/15/2029(a)
 
330,000
335,405
Intelligent Packaging Ltd. Finco, Inc./Intelligent
Packaging Ltd. Co-Issuer LLC, 6.00%,
09/15/2028(a)
 
268,000
266,415
Ivanhoe Mines Ltd., 7.88%, 01/23/2030(a)
 
200,000
195,364
Jones Deslauriers Insurance Management, Inc.
 
8.50%, 03/15/2030(a)
 
276,000
291,389
10.50%, 12/15/2030(a)
 
200,000
215,327
Kronos Acquisition Holdings, Inc., 8.25%,
06/30/2031(a)
 
200,000
165,605
Mattamy Group Corp.
 
5.25%, 12/15/2027(a)
 
190,000
184,735
4.63%, 03/01/2030(a)
 
230,000
210,629
MEG Energy Corp., 5.88%, 02/01/2029(a)
 
232,000
224,087
Methanex Corp.
 
5.13%, 10/15/2027
 
229,000
224,989
5.25%, 12/15/2029(b)
 
265,000
251,999
Northriver Midstream Finance L.P., 6.75%,
07/15/2032(a)
 
300,000
298,432
NOVA Chemicals Corp.
 
5.00%, 05/01/2025(a)
 
200,000
200,000
5.25%, 06/01/2027(a)
 
357,000
353,260
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8
Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Canada-(continued)
4.25%, 05/15/2029(a)
$
220,000
$208,133
9.00%, 02/15/2030(a)
 
225,000
240,684
Open Text Corp.
 
3.88%, 02/15/2028(a)
 
342,000
327,244
3.88%, 12/01/2029(a)
 
291,000
268,486
Open Text Holdings, Inc.
 
4.13%, 02/15/2030(a)
 
342,000
316,498
4.13%, 12/01/2031(a)
 
253,000
226,606
Parkland Corp.
 
5.88%, 07/15/2027(a)
 
190,000
188,529
4.50%, 10/01/2029(a)
 
309,000
291,691
4.63%, 05/01/2030(a)
 
309,000
291,193
6.63%, 08/15/2032(a)
 
200,000
199,277
RB Global Holdings, Inc.
 
6.75%, 03/15/2028(a)
 
210,000
214,380
7.75%, 03/15/2031(a)
 
308,000
323,318
Rogers Communications, Inc.
 
7.00%, 04/15/2055(b)(d)
 
400,000
403,229
7.13%, 04/15/2055(d)
 
380,000
378,867
5.25%, 03/15/2082(a)(d)
 
252,000
245,849
South Bow Canadian Infrastructure Holdings
Ltd., 7.50%, 03/01/2055(a)(d)
 
250,000
245,994
Strathcona Resources Ltd., 6.88%,
08/01/2026(a)
 
195,000
191,428
Superior Plus L.P./Superior General Partner,
Inc., 4.50%, 03/15/2029(a)
 
230,000
215,004
Taseko Mines Ltd., 8.25%, 05/01/2030(a)
 
200,000
202,191
Telesat Canada/Telesat LLC, 5.63%,
12/06/2026(a)
 
190,000
108,300
Wrangler Holdco Corp. ˂˂No Caption
Available˃˃, 0.00%, (a)
 
200,000
205,510
 
 
18,774,021
Cayman Islands-0.26%
Global Aircraft Leasing Co. Ltd., 8.75%,
09/01/2027(a)
 
400,000
399,051
Chile-0.93%
AES Andes S.A., 8.15%, 06/10/2055(a)(d)
 
200,000
204,200
Agrosuper S.A., 4.60%, 01/20/2032(a)
 
170,000
155,118
Falabella S.A., 3.38%, 01/15/2032(a)
 
240,000
203,850
LATAM Airlines Group S.A.
 
13.38%, 10/15/2029(a)
 
230,000
257,567
7.88%, 04/15/2030(a)(b)
 
500,000
490,000
Telefonica Moviles Chile S.A., 3.54%,
11/18/2031(a)
 
180,000
119,330
 
 
1,430,065
China-3.82%
Bank of Communications Co. Ltd.,
3.80%(a)(d)(e)
 
850,000
845,656
CFAMC III Co. Ltd.
 
4.75%, 04/27/2027(a)
 
300,000
297,675
4.25%, 11/07/2027(a)
 
300,000
292,617
CFAMC IV Co. Ltd., 4.50%, 05/29/2029(a)
 
200,000
192,398
Fortune Star (BVI) Ltd.
 
5.00%, 05/18/2026(a)
 
220,000
213,073
5.05%, 01/27/2027(a)
 
220,000
207,519
8.50%, 05/19/2028(a)
 
200,000
198,781
 
Principal
Amount
Value
China-(continued)
Franshion Brilliant Ltd.
 
4.25%, 07/23/2029(a)
$
200,000
$174,722
6.00%(a)(d)(e)
 
220,000
217,322
Industrial and Commercial Bank of China Ltd.,
3.20%(a)(d)(e)
 
2,282,000
2,223,599
Longfor Group Holdings Ltd., 4.50%,
01/16/2028(a)
 
200,000
176,978
Vanke Real Estate (Hong Kong) Co. Ltd.,
3.98%, 11/09/2027(a)
 
330,000
254,431
West China Cement Ltd., 4.95%,
07/08/2026(a)
 
220,000
172,335
Westwood Group Holdings Ltd., 2.80%,
01/20/2026(a)
 
200,000
196,090
Yanlord Land (HK) Co. Ltd., 5.13%,
05/20/2026(a)
 
220,000
213,179
 
 
5,876,375
Colombia-3.50%
AI Candelaria (Spain) S.A., 5.75%,
06/15/2033(a)
 
195,000
160,107
Banco de Bogota S.A., 6.25%, 05/12/2026(a)
 
390,000
391,056
Canacol Energy Ltd., 5.75%, 11/24/2028(a)
 
220,000
102,315
Ecopetrol S.A.
 
8.63%, 01/19/2029
 
289,000
302,396
6.88%, 04/29/2030
 
591,000
575,692
4.63%, 11/02/2031
 
310,000
253,458
7.75%, 02/01/2032
 
380,000
362,551
8.88%, 01/13/2033
 
610,000
610,999
8.38%, 01/19/2036
 
450,000
421,521
7.38%, 09/18/2043
 
208,000
168,851
5.88%, 05/28/2045
 
470,000
315,278
5.88%, 11/02/2051
 
130,000
83,124
Empresas Publicas de Medellin E.S.P.
 
4.25%, 07/18/2029(a)
 
350,000
317,003
4.38%, 02/15/2031(a)(b)
 
260,000
225,209
EnfraGen Energia Sur S.A./EnfraGen Spain
S.A./Prime Energia S.p.A., 5.38%,
12/30/2030(a)
 
245,000
210,794
GeoPark Ltd., 8.75%, 01/31/2030(a)
 
200,000
173,115
Gran Tierra Energy, Inc., 9.50%,
10/15/2029(a)
 
200,000
155,726
Grupo Aval Ltd., 4.38%, 02/04/2030(a)
 
350,000
308,283
SierraCol Energy Andina LLC, 6.00%,
06/15/2028(a)
 
270,000
248,618
 
 
5,386,096
Costa Rica-0.10%
Instituto Costarricense de Electricidad, 6.38%,
05/15/2043(a)
 
170,000
150,391
Czech Republic-0.21%
Allwyn Entertainment Financing (UK) PLC,
7.88%, 04/30/2029(a)
 
310,000
321,744
Dominican Republic-0.13%
Aeropuertos Dominicanos Siglo XXI S.A.,
7.00%, 06/30/2034(a)
 
200,000
203,312
Finland-0.16%
Amer Sports Co., 6.75%, 02/16/2031(a)
 
250,000
253,196
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9
Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
France-2.78%
Altice France S.A.
 
8.13%, 02/01/2027(a)
$
560,000
$513,046
5.50%, 01/15/2028(a)
 
380,000
315,014
5.13%, 07/15/2029(a)
 
900,000
735,596
5.50%, 10/15/2029(a)
 
670,000
549,430
Calderys Financing LLC, 11.25%,
06/01/2028(a)
 
210,000
222,137
Electricite de France S.A., 9.13%(a)(d)(e)
 
520,000
582,907
Iliad Holding S.A.S.U.
 
7.00%, 10/15/2028(a)
 
300,000
303,923
8.50%, 04/15/2031(a)
 
420,000
443,468
7.00%, 04/15/2032(a)
 
300,000
304,465
Vallourec SACA, 7.50%, 04/15/2032(a)
 
300,000
310,974
 
 
4,280,960
Georgia-0.13%
Georgian Railway JSC, 4.00%, 06/17/2028(a)
 
220,000
195,514
Germany-1.55%
Cerdia Finanz GmbH, 9.38%, 10/03/2031(a)
 
300,000
302,625
Cheplapharm Arzneimittel GmbH, 5.50%,
01/15/2028(a)
 
220,000
194,818
IHO Verwaltungs GmbH, 7.75% PIK Rate,
8.50% Cash Rate, 11/15/2030(a)(c)
 
200,000
195,469
Mercer International, Inc., 5.13%,
02/01/2029(b)
 
309,000
254,574
TK Elevator U.S. Newco, Inc., 5.25%,
07/15/2027(a)
 
550,000
542,111
ZF North America Capital, Inc.
 
6.88%, 04/14/2028(a)
 
217,000
207,497
7.13%, 04/14/2030(a)
 
220,000
202,681
6.75%, 04/23/2030(a)
 
265,000
242,082
6.88%, 04/23/2032(a)
 
280,000
246,042
 
 
2,387,899
Ghana-0.35%
Kosmos Energy Ltd., 8.75%, 10/01/2031(a)
 
200,000
161,698
Tullow Oil PLC, 10.25%, 05/15/2026(a)
 
483,000
382,415
 
 
544,113
Guatemala-0.56%
Central American Bottling Corp./CBC Bottling
Holdco S.L./Beliv Holdco S.L., 5.25%,
04/27/2029(a)
 
379,000
362,981
CT Trust, 5.13%, 02/03/2032(a)
 
300,000
273,322
Investment Energy Resources Ltd., 6.25%,
04/26/2029(a)
 
240,000
229,155
 
 
865,458
Hong Kong-2.06%
Bank of East Asia Ltd. (The), 5.83%(a)(d)(e)
 
290,000
286,312
CAS Capital No. 1 Ltd., 4.00%(a)(d)(e)
 
340,000
326,400
China CITIC Bank International Ltd.
 
3.25%(a)(d)(e)
 
270,000
264,610
4.80%(a)(d)(e)
 
270,000
268,248
Melco Resorts Finance Ltd.
 
4.88%, 06/06/2025(a)
 
250,000
249,546
5.25%, 04/26/2026(a)
 
220,000
215,965
5.63%, 07/17/2027(a)
 
270,000
260,844
5.75%, 07/21/2028(a)
 
280,000
264,780
 
Principal
Amount
Value
Hong Kong-(continued)
5.38%, 12/04/2029(a)
$
320,000
$290,200
7.63%, 04/17/2032(a)
 
250,000
241,567
Nanyang Commercial Bank Ltd., 6.50%(a)(d)(e)
 
290,000
292,538
Seaspan Corp., 5.50%, 08/01/2029(a)(b)
 
237,000
216,575
 
 
3,177,585
Hungary-0.30%
OTP Bank Nyrt.
 
8.75%, 05/15/2033(a)(d)
 
240,000
254,566
7.30%, 07/30/2035(a)(d)
 
200,000
201,759
 
 
456,325
India-3.49%
Biocon Biologics Global PLC, 6.67%,
10/09/2029(a)
 
270,000
243,503
CA Magnum Holdings, 5.38%, 10/31/2026(a)
 
250,000
245,045
Continuum Green Energy India Pvt./Co-
Issuers, 7.50%, 06/26/2033(a)
 
214,995
216,088
Delhi International Airport Ltd.
 
6.13%, 10/31/2026(a)
 
200,000
200,029
6.45%, 06/04/2029(a)
 
220,000
221,278
Greenko Dutch B.V., 3.85%, 03/29/2026(a)
 
398,640
386,576
Greenko Power II Ltd., 4.30%, 12/13/2028(a)
 
208,750
191,928
IRB Infrastructure Developers Ltd., 7.11%,
03/11/2032(a)
 
200,000
196,006
JSW Hydro Energy Ltd., 4.13%,
05/18/2031(a)
 
236,000
210,552
JSW Steel Ltd.
 
3.95%, 04/05/2027(a)
 
428,000
409,035
5.05%, 04/05/2032(a)
 
220,000
195,610
Muthoot Finance Ltd.
 
7.13%, 02/14/2028(a)
 
260,000
258,415
6.38%, 04/23/2029(a)
 
200,000
193,510
Periama Holdings LLC, 5.95%, 04/19/2026(a)
 
340,000
338,969
ReNew Wind Energy AP2/ReNew Power Pvt
Ltd. other 9 Subsidiaries, 4.50%,
07/14/2028(a)
 
260,000
241,044
Shriram Finance Ltd.
 
6.63%, 04/22/2027(a)
 
200,000
199,755
6.15%, 04/03/2028(a)
 
200,000
196,596
UPL Corp. Ltd., 4.63%, 06/16/2030(a)
 
200,000
174,462
Vedanta Resources Finance II PLC
 
10.88%, 09/17/2029(a)
 
500,000
486,473
9.48%, 07/24/2030(a)
 
200,000
183,902
11.25%, 12/03/2031(a)
 
200,000
197,152
9.85%, 04/24/2033(a)
 
200,000
181,531
 
 
5,367,459
Indonesia-0.13%
Medco Maple Tree Pte. Ltd., 8.96%,
04/27/2029(a)
 
200,000
205,750
Israel-2.98%
Energean Israel Finance Ltd.
 
4.88%, 03/30/2026(a)
 
220,000
217,165
5.38%, 03/30/2028(a)
 
220,000
207,900
5.88%, 03/30/2031(a)
 
220,000
199,571
8.50%, 09/30/2033(a)
 
280,000
281,414
Leviathan Bond Ltd.
 
6.13%, 06/30/2025(a)
 
210,000
210,082
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10
Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Israel-(continued)
6.50%, 06/30/2027(a)
$
210,000
$207,071
6.75%, 06/30/2030(a)
 
200,000
194,128
Teva Pharmaceutical Finance Co. LLC, 6.15%,
02/01/2036(b)
 
220,000
215,344
Teva Pharmaceutical Finance Netherlands III
B.V.
 
3.15%, 10/01/2026
 
1,045,000
1,010,513
4.75%, 05/09/2027(b)
 
310,000
304,505
6.75%, 03/01/2028(b)
 
420,000
430,515
5.13%, 05/09/2029(b)
 
270,000
262,663
7.88%, 09/15/2029
 
200,000
214,623
8.13%, 09/15/2031
 
138,000
152,108
4.10%, 10/01/2046(b)
 
681,000
481,784
 
 
4,589,386
Italy-1.11%
Efesto Bidco S.p.A. Efesto US LLC, Series XR,
7.50%, 02/15/2032(a)
 
260,000
258,298
F-Brasile S.p.A./F-Brasile U.S. LLC, 7.38%,
08/15/2026(a)
 
300,000
300,533
FiberCop S.p.A.
 
6.38%, 11/15/2033(a)
 
200,000
191,850
6.00%, 09/30/2034(a)
 
200,000
185,694
7.20%, 07/18/2036(a)
 
200,000
193,073
7.72%, 06/04/2038(a)
 
200,000
198,646
Kedrion S.p.A., 6.50%, 09/01/2029(a)
 
200,000
191,876
Telecom Italia Capital S.A., 7.20%,
07/18/2036
 
186,000
190,723
 
 
1,710,693
Ivory Coast-0.14%
Endeavour Mining PLC, 5.00%,
10/14/2026(a)
 
220,000
216,095
Japan-4.54%
Nissan Motor Co. Ltd.
 
3.52%, 09/17/2025(a)
 
520,000
515,428
4.35%, 09/17/2027(a)
 
870,000
835,492
4.81%, 09/17/2030(a)
 
870,000
804,628
Rakuten Group, Inc.
 
11.25%, 02/15/2027(a)
 
650,000
696,800
9.75%, 04/15/2029(a)
 
700,000
740,336
5.13%(a)(d)(e)
 
270,000
255,976
6.25%(a)(b)(d)(e)
 
280,000
245,918
8.13%(a)(d)(e)
 
200,000
189,120
SoftBank Group Corp.
 
6.00%, 07/30/2025(a)
 
200,000
199,999
4.00%, 07/06/2026(a)
 
300,000
294,038
5.13%, 09/19/2027(a)
 
550,000
538,419
4.63%, 07/06/2028(a)
 
360,000
344,280
5.25%, 07/06/2031(a)
 
610,000
566,028
7.00%, 07/08/2031(a)
 
200,000
204,036
6.88%(a)(b)(d)(e)
 
590,000
560,742
 
 
6,991,240
Jersey-0.17%
Aston Martin Capital Holdings Ltd., 10.00%,
03/31/2029(a)
 
300,000
258,131
 
Principal
Amount
Value
Luxembourg-1.01%
Albion Financing 1 S.a.r.l./Aggreko Holdings,
Inc., 6.13%, 10/15/2026(a)
$
250,000
$249,260
Altice Financing S.A.
 
5.00%, 01/15/2028(a)
 
440,000
338,405
5.75%, 08/15/2029(a)
 
720,000
531,901
INEOS Finance PLC, 7.50%, 04/15/2029(a)
 
250,000
235,130
ION Trading Technologies S.a.r.l., 9.50%,
05/30/2029(a)
 
200,000
194,689
 
 
1,549,385
Macau-2.00%
Champion Path Holdings Ltd.
 
4.50%, 01/27/2026(a)
 
220,000
216,856
4.85%, 01/27/2028(a)
 
220,000
206,067
MGM China Holdings Ltd.
 
5.25%, 06/18/2025(a)
 
150,000
149,983
5.88%, 05/15/2026(a)
 
240,000
238,982
4.75%, 02/01/2027(a)
 
140,000
136,725
7.13%, 06/26/2031(a)
 
200,000
201,035
Studio City Finance Ltd.
 
6.50%, 01/15/2028(a)
 
220,000
211,664
5.00%, 01/15/2029(a)
 
383,000
336,730
Wynn Macau Ltd.
 
5.50%, 01/15/2026(a)
 
300,000
298,589
5.50%, 10/01/2027(a)
 
250,000
243,853
5.63%, 08/26/2028(a)
 
510,000
487,248
5.13%, 12/15/2029(a)
 
378,000
349,316
 
 
3,077,048
Mexico-3.86%
Alsea S.A.B. de C.V., 7.75%, 12/14/2026(a)
 
220,000
221,454
Borr IHC Ltd./Borr Finance LLC
 
10.00%, 11/15/2028(a)
 
417,073
358,971
10.38%, 11/15/2030(a)
 
285,437
247,102
Braskem Idesa S.A.P.I.
 
7.45%, 11/15/2029(a)
 
320,000
247,456
6.99%, 02/20/2032(a)(b)
 
440,000
317,096
CEMEX S.A.B. de C.V., 5.13%(a)(d)(e)
 
350,000
344,973
Grupo Aeromexico S.A.B. de C.V., 8.63%,
11/15/2031(a)
 
200,000
185,550
Grupo Aeromexico, S.A.B. De C.V., 8.25%,
11/15/2029(a)
 
200,000
187,500
Nemak S.A.B. de C.V., 3.63%, 06/28/2031(a)
 
220,000
177,356
Petroleos Mexicanos
 
6.88%, 10/16/2025
 
60,000
59,826
4.50%, 01/23/2026
 
70,000
68,402
6.88%, 08/04/2026
 
134,000
132,386
6.49%, 01/23/2027
 
100,000
97,773
6.50%, 03/13/2027
 
270,000
263,975
5.35%, 02/12/2028
 
100,000
92,494
6.50%, 01/23/2029
 
80,000
74,027
8.75%, 06/02/2029
 
125,000
123,010
6.84%, 01/23/2030
 
160,000
142,618
5.95%, 01/28/2031
 
250,000
206,997
6.70%, 02/16/2032
 
450,000
386,004
10.00%, 02/07/2033
 
110,000
110,242
6.63%, 06/15/2035
 
185,000
142,900
6.50%, 06/02/2041
 
70,000
48,255
5.50%, 06/27/2044
 
50,000
30,837
6.38%, 01/23/2045
 
94,000
62,110
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11
Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Mexico-(continued)
5.63%, 01/23/2046
$
40,000
$25,217
6.75%, 09/21/2047
 
396,000
266,211
6.35%, 02/12/2048
 
120,000
77,554
7.69%, 01/23/2050
 
590,000
430,832
6.95%, 01/28/2060
 
230,000
153,369
Saavi Energia S.a.r.l., 8.88%, 02/10/2035(a)
 
390,000
392,437
Total Play Telecomunicaciones S.A. de C.V.,
11.13%, 12/31/2032(a)
 
300,000
271,232
 
 
5,946,166
Moldova-0.13%
Aragvi Finance International DAC, 11.13%,
11/20/2029(a)
 
200,000
199,148
Morocco-0.92%
OCP S.A.
 
3.75%, 06/23/2031(a)
 
340,000
300,453
6.75%, 05/02/2034(a)
 
410,000
414,920
6.88%, 04/25/2044(a)
 
220,000
207,031
5.13%, 06/23/2051(a)
 
340,000
250,111
7.50%, 05/02/2054(a)
 
250,000
246,250
 
 
1,418,765
Netherlands-1.67%
OCI N.V., 6.70%, 03/16/2033(a)
 
220,000
240,269
Sunrise FinCo I B.V., 4.88%, 07/15/2031(a)
 
360,000
330,408
Trivium Packaging Finance B.V.
 
5.50%, 08/15/2026(a)
 
340,000
336,988
8.50%, 08/15/2027(a)
 
210,000
207,844
VEON Holdings B.V., 3.38%, 11/25/2027(a)
 
300,000
269,758
VZ Secured Financing B.V., 5.00%,
01/15/2032(a)
 
521,000
455,159
Ziggo B.V., 4.88%, 01/15/2030(a)
 
531,000
489,491
Ziggo Bond Co. B.V., 5.13%, 02/28/2030(a)
 
269,000
238,823
 
 
2,568,740
Nigeria-0.65%
Access Bank PLC, 6.13%, 09/21/2026(a)
 
229,000
220,875
IHS Holding Ltd.
 
6.25%, 11/29/2028(a)
 
220,000
209,554
7.88%, 05/29/2030(a)
 
150,000
144,974
8.25%, 11/29/2031(a)
 
200,000
193,090
Seplat Energy PLC, 9.13%, 03/21/2030(a)
 
250,000
238,431
 
 
1,006,924
Norway-0.32%
Seadrill Finance Ltd., 8.38%, 08/01/2030(a)
 
200,000
187,535
TGS ASA, 8.50%, 01/15/2030(a)
 
300,000
297,919
 
 
485,454
Oman-1.45%
Bank muscat SAOG, 4.75%, 03/17/2026(a)
 
220,000
219,123
Lamar Funding Ltd., 3.96%, 05/07/2025(a)
 
250,000
250,035
Mazoon Assets Co. SAOC
 
5.20%, 11/08/2027(a)
 
220,000
219,850
5.50%, 02/14/2029(a)
 
200,000
201,723
5.25%, 10/09/2031(a)
 
200,000
197,750
OmGrid Funding Ltd., 5.20%, 05/16/2027(a)
 
20,000
19,917
OQ SAOC, 5.13%, 05/06/2028(a)
 
340,000
334,535
Oryx Funding Ltd., 5.80%, 02/03/2031(a)
 
270,000
270,721
 
Principal
Amount
Value
Oman-(continued)
OTEL Sukuk Ltd., 5.38%, 01/24/2031(a)
$
200,000
$199,455
Oztel Holdings SPC Ltd., 6.63%,
04/24/2028(a)
 
310,000
320,060
 
 
2,233,169
Pakistan-0.11%
Pakistan Water & Power Development
Authority, 7.50%, 06/04/2031(a)
 
235,000
170,005
Panama-0.85%
AES Panama Generation Holdings S.R.L.,
4.38%, 05/31/2030(a)
 
493,995
432,332
C&W Senior Finance Ltd., 9.00%,
01/15/2033(a)
 
250,000
251,038
Empresa de Transmision Electrica S.A.,
5.13%, 05/02/2049(a)
 
170,000
123,453
Sable International Finance Ltd., 7.13%,
10/15/2032(a)(b)
 
338,000
332,624
Telecomunicaciones Digitales S.A., 4.50%,
01/30/2030(a)
 
190,000
172,277
 
 
1,311,724
Peru-0.77%
Compania de Minas Buenaventura S.A.A.,
6.80%, 02/04/2032(a)
 
200,000
199,002
Peru LNG S.r.l., 5.38%, 03/22/2030(a)
 
266,688
241,440
Petroleos del Peru S.A.
 
4.75%, 06/19/2032(a)
 
350,000
258,165
5.63%, 06/19/2047(a)
 
800,000
493,488
 
 
1,192,095
Poland-0.15%
Canpack S.A./Canpack US LLC, 3.88%,
11/15/2029(a)
 
250,000
229,097
Puerto Rico-0.42%
LCPR Senior Secured Financing DAC
 
6.75%, 10/15/2027(a)
 
535,000
440,300
5.13%, 07/15/2029(a)
 
270,000
200,604
 
 
640,904
Russia-0.03%
O1 Properties Finance PLC, 0.50% PIK Rate,
7.75% Cash Rate, 09/27/2028(a)(f)
 
500,000
38,750
Saudi Arabia-0.57%
Arabian Centres Sukuk II Ltd., 5.63%,
10/07/2026(a)
 
390,000
369,376
Arabian Centres Sukuk III Ltd., 9.50%,
03/06/2029(a)
 
200,000
199,686
Dar Al-Arkan Sukuk Co. Ltd., 8.00%,
02/25/2029(a)
 
300,000
310,447
 
 
879,509
Serbia-0.19%
Telecommunications co Telekom Srbija AD
Belgrade, 7.00%, 10/28/2029(a)
 
300,000
298,404
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12
Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Singapore-0.51%
GLP Pte. Ltd.
 
3.88%, 06/04/2025(a)
$
350,000
$347,001
4.50%(a)(d)(e)
 
399,000
235,454
Puma International Financing S.A., 7.75%,
04/25/2029(a)
 
200,000
198,745
 
 
781,200
South Africa-1.59%
Eskom Holdings SOC Ltd., 8.45%,
08/10/2028(a)
 
220,000
224,896
Liquid Telecommunications Financing PLC,
5.50%, 09/04/2026(a)
 
280,000
229,755
MTN (Mauritius) Investments Ltd., 6.50%,
10/13/2026(a)
 
220,000
221,991
Sasol Financing USA LLC
 
4.38%, 09/18/2026
 
190,000
182,045
6.50%, 09/27/2028(b)
 
250,000
232,390
8.75%, 05/03/2029(a)
 
350,000
332,112
5.50%, 03/18/2031(b)
 
287,000
222,467
Stillwater Mining Co.
 
4.00%, 11/16/2026(a)
 
200,000
191,706
4.50%, 11/16/2029(a)
 
177,000
149,303
Transnet SOC Ltd., 8.25%, 02/06/2028(a)
 
450,000
453,981
 
 
2,440,646
Spain-0.14%
Grifols S.A., 4.75%, 10/15/2028(a)
 
238,000
221,778
Sweden-0.16%
Stena International S.A., 7.25%,
01/15/2031(a)(b)
 
250,000
247,019
Switzerland-0.74%
Consolidated Energy Finance S.A.
 
5.63%, 10/15/2028(a)
 
290,000
226,510
12.00%, 02/15/2031(a)
 
200,000
180,545
Oriflame Investment Holding PLC, 5.13%,
05/04/2026(a)
 
260,000
56,909
VistaJet Malta Finance PLC/Vista
Management Holding, Inc.
 
7.88%, 05/01/2027(a)
 
195,000
189,617
9.50%, 06/01/2028(a)
 
200,000
195,584
6.38%, 02/01/2030(a)
 
330,000
285,304
 
 
1,134,469
Thailand-0.43%
Bangkok Bank PCL, 3.73%, 09/25/2034(a)(d)
 
340,000
313,806
Kasikornbank PCL, 3.34%, 10/02/2031(a)(d)
 
360,000
348,694
 
 
662,500
Trinidad-0.25%
Heritage Petroleum Co. Ltd., 9.00%,
08/12/2029(a)
 
220,000
223,009
Trinidad Generation Unlimited, 5.25%,
11/04/2027(a)
 
170,000
162,930
 
 
385,939
Turkey-6.80%
Akbank T.A.S.
 
6.80%, 02/06/2026(a)
 
200,000
201,264
7.50%, 01/20/2030(a)
 
200,000
200,488
6.80%, 06/22/2031(a)(d)
 
240,000
236,892
 
Principal
Amount
Value
Turkey-(continued)
Akbank Turk A.S., 7.88%, 09/04/2035(a)(d)
$
200,000
$195,576
Anadolu Efes Biracilik ve Malt Sanayii A.S.,
3.38%, 06/29/2028(a)
 
220,000
195,068
Aydem Yenilenebilir Enerji A.S., 7.75%,
02/02/2027(a)
 
279,000
278,139
Eldorado Gold Corp., 6.25%, 09/01/2029(a)
 
95,000
93,738
Eregli Demir ve Celik Fabrikalari T.A.S., 8.38%,
07/23/2029(a)
 
325,000
328,121
Ford Otomotiv Sanayi A.S., 7.13%,
04/25/2029(a)
 
200,000
198,400
GDZ Elektrik Dagitim AS, 9.00%,
10/15/2029(a)
 
200,000
187,409
Limak Cimento Sanayi ve Ticaret A.S., 9.75%,
07/25/2029(a)
 
200,000
196,677
Limak Yenilenebilir Enerji AS, 9.63%,
08/12/2030(a)
 
200,000
194,815
Mersin Uluslararasi Liman Isletmeciligi A.S.,
8.25%, 11/15/2028(a)
 
200,000
205,856
Pegasus Hava Tasimaciligi A.S., 8.00%,
09/11/2031(a)
 
200,000
196,090
QNB Bank A.S., 7.25%, 05/21/2029(a)
 
200,000
205,563
Sisecam UK PLC
 
8.25%, 05/02/2029(a)
 
200,000
200,625
8.63%, 05/02/2032(a)(b)
 
275,000
272,749
T.C. Ziraat Bankasi A.S.
 
5.38%, 03/02/2026(a)
 
270,000
269,190
9.50%, 08/01/2026(a)
 
220,000
229,350
8.00%, 01/16/2029(a)
 
200,000
203,811
Turk Telekomunikasyon A.S., 7.38%,
05/20/2029(a)
 
200,000
200,682
Turkcell Iletisim Hizmetleri A.S.
 
7.45%, 01/24/2030(a)
 
200,000
201,078
7.65%, 01/24/2032(a)
 
200,000
200,296
Turkiye Cumhuriyeti Ziraat Bankasi A.S.
 
7.25%, 02/04/2030(a)
 
200,000
197,214
8.99%, 08/02/2034(a)(d)
 
200,000
203,792
Turkiye Garanti Bankasi A.S.
 
8.38%, 02/28/2034(a)(d)
 
200,000
199,603
8.13%, 01/03/2035(a)(d)
 
200,000
197,411
Turkiye Ihracat Kredi Bankasi A.S.
 
9.38%, 01/31/2026(a)
 
220,000
225,708
5.75%, 07/06/2026(a)
 
340,000
338,436
9.00%, 01/28/2027(a)
 
200,000
207,912
7.50%, 02/06/2028(a)
 
200,000
202,048
Turkiye Is Bankasi A.S., 7.75%,
06/12/2029(a)
 
200,000
202,453
Turkiye Vakiflar Bankasi T.A.O.
 
6.50%, 01/08/2026(a)
 
140,000
140,480
5.50%, 10/01/2026(a)
 
235,000
233,355
9.00%, 10/12/2028(a)
 
270,000
283,910
6.88%, 01/07/2030(a)
 
200,000
194,846
8.99%, 10/05/2034(a)(d)
 
200,000
203,017
Ulker Biskuvi Sanayi A.S., 7.88%,
07/08/2031(a)
 
200,000
200,276
Vestel Elektronik Sanayi ve Ticaret A.S.,
9.75%, 05/15/2029(a)
 
200,000
161,648
WE Soda Investments Holding PLC
 
9.50%, 10/06/2028(a)
 
350,000
358,564
9.38%, 02/14/2031(a)
 
300,000
304,537
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13
Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Turkey-(continued)
Yapi Ve Kredi Bankasi A.S.
 
9.25%, 10/16/2028(a)
$
290,000
$306,820
7.13%, 10/10/2029(a)
 
150,000
148,154
7.25%, 03/03/2030(a)
 
200,000
197,352
7.88%, 01/22/2031(a)(d)
 
100,000
99,969
9.25%, 01/17/2034(a)(d)
 
220,000
225,161
Ziraat Katilim Varlik Kiralama A.S., 9.38%,
11/12/2026(a)
 
210,000
219,975
Zorlu Enerji Elektrik Uretim A.S., 11.00%,
04/23/2030(a)
 
350,000
321,290
 
 
10,465,808
Ukraine-0.13%
Ukraine Railways Via Rail Capital Markets PLC,
8.25%, 07/09/2026(a)(f)
 
236,403
206,754
United Arab Emirates-1.21%
Alpha Star Holding IX Ltd., 7.00%,
08/26/2028(a)
 
275,000
277,269
Alpha Star Holding VIII Ltd., 8.38%,
04/12/2027(a)
 
200,000
206,415
Arada Sukuk 2 Ltd., 8.00%, 06/24/2029(a)
 
200,000
203,945
Binghatti Sukuk SPC Ltd., 9.63%,
02/28/2027(a)
 
200,000
204,625
DP World Salaam, 6.00%(a)(d)(e)
 
470,000
469,589
MAF Global Securities Ltd., 7.88%(a)(d)(e)
 
220,000
226,646
Shelf Drilling Holdings Ltd., 9.63%,
04/15/2029(a)
 
384,000
272,199
 
 
1,860,688
United Kingdom-6.85%
180 Medical, Inc., 3.88%, 10/15/2029(a)
 
220,000
206,274
Ardonagh Finco Ltd., 7.75%, 02/15/2031(a)
 
450,000
458,509
Ardonagh Group Finance Ltd., 8.88%,
02/15/2032(a)
 
700,000
714,597
Belron UK Finance PLC, 5.75%,
10/15/2029(a)
 
400,000
399,888
British Telecommunications PLC, 4.25%,
11/23/2081(a)(d)
 
240,000
233,111
California Buyer Ltd./Atlantica Sustainable
Infrastructure PLC, 6.38%, 02/15/2032(a)
 
200,000
196,624
Connect Finco S.a.r.l./Connect US Finco LLC,
9.00%, 09/15/2029(a)
 
800,000
749,375
eG Global Finance PLC, 12.00%,
11/30/2028(a)
 
400,000
440,385
Global Auto Holdings Ltd./AAG FH UK Ltd.
 
8.38%, 01/15/2029(a)
 
200,000
176,711
11.50%, 08/15/2029(a)
 
200,000
192,252
8.75%, 01/15/2032(a)
 
200,000
160,377
Howden UK Refinance PLC/Howden UK
Refinance 2 PLC/Howden US Refinance LLC
 
7.25%, 02/15/2031(a)
 
325,000
334,114
8.13%, 02/15/2032(a)
 
200,000
203,138
Ithaca Energy (North Sea) PLC, 8.13%,
10/15/2029(a)
 
250,000
250,864
Jaguar Land Rover Automotive PLC
 
7.75%, 10/15/2025(a)
 
200,000
200,248
4.50%, 10/01/2027(a)
 
220,000
210,397
5.88%, 01/15/2028(a)
 
200,000
197,569
Mclaren Finance PLC, 7.50%, 08/01/2026(a)
 
280,000
280,761
 
Principal
Amount
Value
United Kingdom-(continued)
Merlin Entertainments Group U.S. Holdings,
Inc., 7.38%, 02/15/2031(a)
$
200,000
$186,489
Standard Chartered PLC, 7.01%(a)(d)(e)
 
400,000
405,296
Virgin Media Finance PLC, 5.00%,
07/15/2030(a)
 
420,000
368,783
Virgin Media Secured Finance PLC
 
5.50%, 05/15/2029(a)
 
440,000
424,197
4.50%, 08/15/2030(a)
 
410,000
368,982
Virgin Media Vendor Financing Notes IV DAC,
5.00%, 07/15/2028(a)
 
220,000
213,013
VMED 02 UK Financing I PLC, 7.75%,
04/15/2032(a)
 
250,000
252,553
VMED O2 UK Financing I PLC
 
4.25%, 01/31/2031(a)
 
446,000
389,634
4.75%, 07/15/2031(a)
 
530,000
466,377
Vodafone Group PLC
 
7.00%, 04/04/2079(d)
 
771,000
793,539
3.25%, 06/04/2081(d)
 
188,000
181,603
4.13%, 06/04/2081(b)(d)
 
380,000
338,256
5.13%, 06/04/2081(d)
 
313,000
233,324
Zegona Finance PLC, 8.63%, 07/15/2029(a)
 
300,000
319,900
 
 
10,547,140
United States-2.52%
Ardagh Packaging Finance PLC/Ardagh
Holdings USA, Inc., 4.13%, 08/15/2026(a)
 
350,000
309,267
Avianca Midco 2 PLC
 
9.00%, 12/01/2028(a)
 
400,000
360,500
9.63%, 02/14/2030(a)
 
350,000
306,033
CNG Holdings, Inc., 14.50%, 06/30/2026(a)
 
300,000
271,692
Constellium SE, 3.75%, 04/15/2029(a)
 
250,000
229,997
Dresdner Funding Trust I, 8.15%,
06/30/2031(a)
 
350,000
381,784
Garrett Motion Holdings, Inc./Garrett LX I
S.a.r.l., 7.75%, 05/31/2032(a)
 
275,000
274,746
GFL Environmental, Inc.
 
4.00%, 08/01/2028(a)
 
287,000
273,659
4.75%, 06/15/2029(a)
 
286,000
277,783
4.38%, 08/15/2029(a)
 
210,000
200,675
6.75%, 01/15/2031(a)
 
300,000
312,225
Methanex US Operations, Inc., 6.25%,
03/15/2032(a)
 
200,000
189,584
OCP Group, 0.00%,
 
200,000
198,897
OPENLANE, Inc., 5.13%, 06/01/2025(a)
 
86,000
86,194
Playtika Holding Corp., 4.25%,
03/15/2029(a)
 
231,000
203,050
WeWork Cos. US LLC, 7.88%,
12/21/2049(a)(f)(g)
 
100,000
3,910
 
 
3,879,996
Uzbekistan-0.35%
Navoi Mining & Metallurgical Combinat, 6.95%,
10/17/2031(a)
 
250,000
252,442
Uzbekneftegaz JSC, 4.75%, 11/16/2028(a)
 
310,000
280,628
 
 
533,070
Vietnam-0.14%
Mong Duong Finance Holdings B.V., 5.13%,
05/07/2029(a)
 
228,735
219,892
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14
Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Zambia-1.12%
First Quantum Minerals Ltd.
 
6.88%, 10/15/2027(a)
$
270,000
$266,957
9.38%, 03/01/2029(a)
 
500,000
525,101
8.63%, 06/01/2031(a)
 
581,000
589,601
8.00%, 03/01/2033(a)
 
350,000
346,720
 
 
1,728,379
Total U.S. Dollar Denominated Bonds & Notes
(Cost $149,221,990)
149,746,854
 
Shares
 
Common Stocks & Other Equity Interests-0.19%
Brazil-0.02%
Azul S.A., ADR(h)
 
38,282
29,217
Spain-0.00%
Codere Online Luxembourg S.A., Wts., expiring
10/15/2034(a)(h)(i)
 
10
0
United States-0.17%
Hornbeck Offshore Services, Inc.(h)(j)
 
323
15,665
Hornbeck Offshore Services, Inc., Wts.,
TBA(h)(j)
 
3,246
157,431
Hornbeck Offshore Services, Inc., Wts.,
TBA(h)(j)
 
2,673
73,729
Incora Top Holdco LLC(h)(i)
 
333
0
Premier Brands Group Holdings Co.(h)(k)
 
3,222
7,519
TRU Taj LLC/TRU Taj Finance, Inc.(h)
 
2,156
2,874
 
 
257,218
Total Common Stocks & Other Equity Interests
(Cost $236,143)
286,435
 
Shares
Value
 
Preferred Stocks-0.00%
Guitar Center Holdings, Inc., Series A, Pfd.,
0.00%(i)(l)
(Cost $220,500)
 
2,000
$4,000
Money Market Funds-0.43%
Invesco Government & Agency Portfolio,
Institutional Class, 4.26%(m)(n)
(Cost $658,928)
 
658,928
658,928
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-97.90%
(Cost $150,337,561)
150,696,217
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-5.20%
Invesco Private Government Fund,
4.32%(m)(n)(o)
 
2,389,356
2,389,356
Invesco Private Prime Fund, 4.46%(m)(n)(o)
 
5,620,062
5,621,186
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $8,010,854)
8,010,542
TOTAL INVESTMENTS IN SECURITIES-103.10%
(Cost $158,348,415)
158,706,759
OTHER ASSETS LESS LIABILITIES-(3.10)%
(4,775,699
)
NET ASSETS-100.00%
$153,931,060
 
Investment Abbreviations:
ADR-American Depositary Receipt
DAC-Designated Activity Co.
Pfd.-Preferred
PIK-Pay-in-Kind
RB-Revenue Bonds
TBA-To Be Announced
Wts.-Warrants
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15
Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)
April 30, 2025
(Unaudited)
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
April 30, 2025 was $131,755,249, which represented 85.59% of the Fund’s Net Assets.
(b)
All or a portion of this security was out on loan at April 30, 2025.
(c)
All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.
(d)
Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.
(e)
Perpetual bond with no specified maturity date.
(f)
Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at April 30,
2025 was $249,414, which represented less than 1% of the Fund’s Net Assets.
(g)
The borrower has filed for protection in federal bankruptcy court.
(h)
Non-income producing security.
(i)
Security valued using significant unobservable inputs (Level 3). See Note 4.
(j)
Acquired as part of the Hornbeck Offshore Services, Inc. reorganization.
(k)
Acquired as part of the Nine West Holding, Inc. reorganization.
(l)
Acquired as part of the Guitar Center, Inc. reorganization.
(m)
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 six months ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$2,305,374
$15,055,756
$(16,702,202
)
$-
$-
$658,928
$22,077
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
3,371,166
6,920,985
(7,902,795
)
-
-
2,389,356
43,874
*
Invesco Private Prime Fund
8,773,029
17,574,838
(20,726,068
)
(13
)
(600
)
5,621,186
116,860
*
Total
$14,449,569
$39,551,579
$(45,331,065
)
$(13
)
$(600
)
$8,669,470
$182,811
 
*
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not
include rebates and fees paid to lending agent or premiums received from borrowers, if any.
 
(n)
The rate shown is the 7-day SEC standardized yield as of April 30, 2025.
(o)
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 Note 2L.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16
Invesco International Corporate Bond ETF (PICB)
April 30, 2025
(Unaudited)
Schedule of Investments
 
 
Principal
Amount
Value
Non-U.S. Dollar Denominated Bonds & Notes-98.31%(a)
Australia-2.48%
APA Infrastructure Ltd., 3.50%,
03/22/2030(b)
GBP
349,000
$431,857
Australia & New Zealand Banking Group
Ltd., 0.75%, 09/29/2026(b)
EUR
100,000
111,164
Australia and New Zealand Banking
Group Ltd., 4.95%, 02/05/2029
AUD
300,000
197,032
BHP Billiton Finance Ltd., Series 12,
4.30%, 09/25/2042
GBP
450,000
497,213
Commonwealth Bank of Australia,
4.90%, 08/17/2028
AUD
500,000
327,846
National Australia Bank Ltd.
 
2.90%, 02/25/2027
AUD
600,000
376,885
1.38%, 08/30/2028(b)
EUR
200,000
219,184
4.85%, 03/22/2029
AUD
500,000
327,382
3.13%, 02/28/2030(b)
EUR
200,000
231,221
Sydney Airport Finance Co. Pty. Ltd.,
4.38%, 05/03/2033(b)
EUR
100,000
119,703
Westpac Banking Corp.
 
5.00%, 01/15/2029
AUD
400,000
263,109
5.10%, 05/14/2029
AUD
700,000
462,613
 
 
3,565,209
Belgium-0.17%
Belfius Bank S.A., 4.13%, 09/12/2029
EUR
200,000
238,829
Canada-18.51%
Bank of Montreal
 
3.65%, 04/01/2027
CAD
820,000
599,295
4.31%, 06/01/2027
CAD
1,050,000
777,052
4.71%, 12/07/2027
CAD
1,050,000
786,744
5.04%, 05/29/2028
CAD
900,000
683,024
4.54%, 12/18/2028
CAD
900,000
675,753
4.42%, 07/17/2029
CAD
850,000
636,826
Bank of Nova Scotia (The)
 
2.95%, 03/08/2027
CAD
950,000
685,736
4.68%, 02/01/2029
CAD
900,000
679,336
3.50%, 04/17/2029(b)
EUR
100,000
115,925
Bell Canada
 
3.80%, 08/21/2028
CAD
450,000
328,852
4.55%, 02/09/2030
CAD
500,000
374,318
2.50%, 05/14/2030
CAD
550,000
376,670
3.00%, 03/17/2031
CAD
500,000
344,531
5.85%, 11/10/2032
CAD
550,000
437,846
5.15%, 08/24/2034
CAD
400,000
304,024
Brookfield Finance II, Inc., 5.43%,
12/14/2032(b)
CAD
400,000
310,244
Canadian Imperial Bank of Commerce
 
5.00%, 12/07/2026
CAD
500,000
372,569
2.25%, 01/07/2027
CAD
690,000
492,686
4.95%, 06/29/2027
CAD
900,000
674,612
5.05%, 10/07/2027
CAD
800,000
602,696
5.50%, 01/14/2028
CAD
500,000
382,198
CDP Financial, Inc., 2.75%,
02/13/2032(b)
EUR
250,000
283,497
Cenovus Energy, Inc., 3.50%,
02/07/2028
CAD
550,000
396,686
 
Principal
Amount
Value
Canada-(continued)
Coastal Gaslink Pipeline L.P.
 
Series J, 5.86%, 03/30/2049
CAD
500,000
$404,688
Series K, 5.86%, 06/30/2049
CAD
400,000
324,929
Federation des caisses Desjardins du
Quebec
 
4.41%, 05/19/2027
CAD
400,000
297,146
5.47%, 11/17/2028
CAD
500,000
386,125
3.80%, 09/24/2029
CAD
550,000
401,994
Hydro One, Inc., 4.25%, 01/04/2035
CAD
530,000
390,803
National Bank of Canada
 
5.22%, 06/14/2028
CAD
750,000
574,171
5.02%, 02/01/2029
CAD
600,000
458,055
OMERS Finance Trust, 3.25%,
01/28/2035(b)
EUR
250,000
286,229
Ontario Teachers’ Finance Trust
 
1.85%, 05/03/2032(b)
EUR
100,000
106,546
0.90%, 05/20/2041(b)
EUR
200,000
156,519
Original Wempi, Inc., 7.79%,
10/04/2027
CAD
500,000
392,608
Rogers Communications, Inc.
 
3.65%, 03/31/2027
CAD
600,000
437,045
3.25%, 05/01/2029
CAD
400,000
284,851
4.25%, 04/15/2032
CAD
450,000
325,888
6.75%, 11/09/2039
CAD
620,000
517,828
Royal Bank of Canada
 
5.34%, 06/23/2026
CAD
500,000
371,570
4.63%, 05/01/2028
CAD
1,050,000
789,115
2.13%, 04/26/2029(b)
EUR
200,000
222,175
5.23%, 06/24/2030
CAD
600,000
467,794
TELUS Corp.
 
5.25%, 11/15/2032
CAD
400,000
307,342
Series CY, 3.30%, 05/02/2029
CAD
450,000
322,014
Toronto-Dominion Bank (The)
 
5.42%, 07/10/2026
CAD
650,000
483,691
2.26%, 01/07/2027
CAD
750,000
535,887
0.50%, 01/18/2027(b)
EUR
100,000
110,023
4.21%, 06/01/2027
CAD
1,200,000
887,851
5.38%, 10/21/2027
CAD
900,000
685,089
4.48%, 01/18/2028
CAD
900,000
672,260
5.49%, 09/08/2028
CAD
600,000
463,559
4.68%, 01/08/2029
CAD
1,050,000
793,106
3.63%, 12/13/2029(b)
EUR
150,000
174,723
1.95%, 04/08/2030(b)
EUR
350,000
375,826
3.56%, 04/16/2031(b)
EUR
100,000
115,177
3.13%, 08/03/2032(b)
EUR
100,000
111,250
TransCanada PipeLines Ltd.
 
3.80%, 04/05/2027
CAD
850,000
620,574
5.28%, 07/15/2030(b)
CAD
600,000
462,317
4.58%, 02/20/2035
CAD
400,000
290,277
4.34%, 10/15/2049(b)
CAD
400,000
253,969
 
 
26,582,134
Denmark-1.63%
Carlsberg Breweries A/S
 
3.00%, 08/28/2029(b)
EUR
150,000
172,031
3.25%, 02/28/2032(b)
EUR
100,000
113,801
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17
Invesco International Corporate Bond ETF (PICB)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Denmark-(continued)
3.50%, 02/28/2035(b)
EUR
150,000
$170,132
5.50%, 02/28/2039(b)
GBP
200,000
263,382
DSV Finance B.V.
 
3.13%, 11/06/2028(b)
EUR
100,000
115,281
3.25%, 11/06/2030(b)
EUR
200,000
229,798
Novo Nordisk Finance (Netherlands)
B.V., 3.38%, 05/21/2034(b)
EUR
200,000
229,996
Orsted A/S
 
4.88%, 01/12/2032(b)
GBP
300,000
386,264
5.75%, 04/09/2040(b)
GBP
338,000
427,520
5.38%, 09/13/2042(b)
GBP
200,000
236,857
 
 
2,345,062
Finland-0.65%
Nordea Bank Abp
 
1.13%, 02/16/2027(b)
EUR
130,000
144,100
4.13%, 05/05/2028(b)
EUR
200,000
236,435
0.50%, 11/02/2028(b)
EUR
100,000
105,131
2.50%, 05/23/2029(b)
EUR
200,000
224,326
3.38%, 06/11/2029(b)
EUR
100,000
116,690
3.63%, 03/15/2034(b)
EUR
100,000
114,581
 
 
941,263
France-24.74%
Action Logement Services
 
0.38%, 10/05/2031(b)
EUR
100,000
97,100
1.38%, 04/13/2032(b)
EUR
200,000
204,438
0.50%, 10/30/2034(b)
EUR
100,000
88,047
4.13%, 10/03/2038(b)
EUR
100,000
118,156
0.75%, 07/19/2041(b)
EUR
100,000
72,022
3.63%, 05/25/2043(b)
EUR
200,000
218,343
Aeroports de Paris S.A., 2.75%,
04/02/2030(b)
EUR
200,000
224,971
Airbus SE
 
1.63%, 06/09/2030(b)
EUR
200,000
216,460
2.38%, 04/07/2032(b)
EUR
100,000
109,763
2.38%, 06/09/2040(b)
EUR
100,000
95,150
Autoroutes du Sud de la France S.A.,
1.38%, 02/21/2031(b)
EUR
100,000
104,244
Ayvens S.A.
 
3.88%, 02/22/2027(b)
EUR
100,000
116,161
4.88%, 10/06/2028(b)
EUR
100,000
120,598
Banque Federative du Credit Mutuel,
3.63%, 03/07/2035(b)
EUR
200,000
222,549
Banque Federative du Credit Mutuel S.A.
 
0.75%, 06/08/2026(b)
EUR
200,000
223,455
3.13%, 09/14/2027(b)
EUR
300,000
345,382
3.88%, 01/26/2028(b)
EUR
200,000
234,544
0.25%, 07/19/2028(b)
EUR
100,000
104,674
0.63%, 11/03/2028(b)
EUR
100,000
105,183
4.13%, 03/13/2029(b)
EUR
200,000
237,833
1.75%, 03/15/2029(b)
EUR
100,000
108,534
1.88%, 06/18/2029(b)
EUR
200,000
213,546
2.63%, 11/06/2029(b)
EUR
100,000
111,527
0.75%, 01/17/2030(b)
EUR
100,000
101,614
4.38%, 05/02/2030(b)
EUR
200,000
237,988
1.25%, 06/03/2030(b)
EUR
100,000
102,644
0.63%, 02/21/2031(b)
EUR
200,000
193,976
3.25%, 10/17/2031(b)
EUR
200,000
227,679
4.75%, 11/10/2031(b)
EUR
200,000
242,942
 
Principal
Amount
Value
France-(continued)
1.13%, 01/19/2032(b)
EUR
200,000
$194,773
5.13%, 01/13/2033(b)
EUR
200,000
243,576
3.75%, 02/01/2033(b)
EUR
200,000
232,743
4.13%, 06/14/2033(b)
EUR
200,000
238,429
4.38%, 01/11/2034(b)
EUR
200,000
230,380
3.75%, 02/03/2034(b)
EUR
100,000
115,439
BNP Paribas S.A.
 
1.13%, 06/11/2026(b)
EUR
200,000
224,136
0.13%, 09/04/2026(b)
EUR
100,000
110,195
2.25%, 01/11/2027(b)
EUR
200,000
225,656
1.50%, 05/23/2028(b)
EUR
100,000
109,732
1.38%, 05/28/2029(b)
EUR
200,000
213,024
3.63%, 09/01/2029(b)
EUR
200,000
232,646
1.63%, 07/02/2031(b)
EUR
200,000
202,511
1.25%, 07/13/2031(b)
GBP
500,000
527,071
2.10%, 04/07/2032(b)
EUR
200,000
206,616
5.75%, 06/13/2032(b)
GBP
400,000
543,555
0.63%, 12/03/2032(b)
EUR
200,000
183,239
4.13%, 05/24/2033(b)
EUR
200,000
241,229
4.10%, 02/13/2034(b)
EUR
200,000
232,598
2.00%, 09/13/2036(b)
GBP
200,000
184,508
Bouygues S.A.
 
2.25%, 06/29/2029(b)
EUR
100,000
111,936
0.50%, 02/11/2030(b)
EUR
200,000
204,624
3.88%, 07/17/2031(b)
EUR
100,000
118,837
4.63%, 06/07/2032(b)
EUR
200,000
247,402
3.25%, 06/30/2037(b)
EUR
100,000
109,945
5.38%, 06/30/2042(b)
EUR
100,000
129,391
BPCE S.A.
 
0.50%, 02/24/2027(b)
EUR
100,000
109,433
3.50%, 01/25/2028(b)
EUR
200,000
232,850
4.38%, 07/13/2028(b)
EUR
200,000
237,494
3.88%, 01/11/2029(b)
EUR
100,000
116,924
5.25%, 04/16/2029(b)
GBP
300,000
398,639
0.25%, 01/14/2031(b)
EUR
200,000
193,787
0.75%, 03/03/2031(b)
EUR
200,000
195,330
1.00%, 01/14/2032(b)
EUR
100,000
96,422
4.00%, 11/29/2032(b)
EUR
200,000
237,649
4.50%, 01/13/2033(b)
EUR
100,000
119,391
3.88%, 01/25/2036(b)
EUR
200,000
231,708
Capgemini SE, 2.38%, 04/15/2032(b)
EUR
200,000
214,654
Carrefour S.A., 2.63%, 12/15/2027(b)
EUR
100,000
113,798
Cie de Saint-Gobain S.A.
 
3.75%, 11/29/2026(b)
EUR
100,000
115,889
3.38%, 04/08/2030(b)
EUR
100,000
115,595
3.88%, 11/29/2030(b)
EUR
300,000
354,679
1.88%, 03/15/2031(b)
EUR
100,000
106,397
3.63%, 04/08/2034(b)
EUR
100,000
115,216
Cie Generale des Etablissements Michelin
S.C.A., 1.75%, 09/03/2030(b)
EUR
200,000
215,112
Coentreprise de Transport d’Electricite
S.A.
 
1.50%, 07/29/2028(b)
EUR
100,000
109,610
2.13%, 07/29/2032(b)
EUR
200,000
209,988
Credit Agricole Assurances S.A.
 
2.00%, 07/17/2030(b)
EUR
300,000
314,346
1.50%, 10/06/2031(b)
EUR
200,000
196,855
Credit Agricole S.A.
 
1.88%, 12/20/2026(b)
EUR
300,000
337,481
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18
Invesco International Corporate Bond ETF (PICB)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
France-(continued)
0.13%, 12/09/2027
EUR
300,000
$320,190
0.38%, 04/20/2028(b)
EUR
200,000
212,605
1.13%, 02/24/2029(b)
EUR
200,000
214,686
1.75%, 03/05/2029(b)
EUR
300,000
325,946
2.00%, 03/25/2029(b)
EUR
300,000
327,061
1.00%, 07/03/2029(b)
EUR
200,000
211,553
2.50%, 08/29/2029(b)(c)
EUR
400,000
450,357
4.13%, 03/07/2030(b)
EUR
200,000
238,862
3.88%, 04/20/2031(b)
EUR
400,000
474,047
0.88%, 01/14/2032(b)
EUR
300,000
289,105
1.13%, 07/12/2032(b)
EUR
300,000
289,627
4.00%, 01/18/2033(b)
EUR
200,000
237,364
4.38%, 11/27/2033(b)
EUR
200,000
238,764
3.75%, 01/22/2034(b)
EUR
200,000
232,090
3.88%, 11/28/2034(b)
EUR
200,000
235,230
4.13%, 02/26/2036(b)
EUR
300,000
349,470
Credit Mutuel Arkea S.A., 3.38%,
09/19/2027(b)
EUR
200,000
231,581
Dassault Systemes SE, 0.38%,
09/16/2029(b)
EUR
200,000
205,147
Electricite de France S.A.
 
1.00%, 10/13/2026(b)
EUR
200,000
222,986
3.75%, 06/05/2027(b)
EUR
200,000
233,081
6.25%, 05/30/2028(b)
GBP
200,000
278,889
4.38%, 10/12/2029(b)
EUR
200,000
240,913
4.63%, 04/26/2030(b)
EUR
200,000
244,303
2.00%, 10/02/2030(b)
EUR
100,000
107,727
4.13%, 06/17/2031(b)
EUR
100,000
119,308
5.88%, 07/18/2031
GBP
352,000
485,813
4.25%, 01/25/2032(b)
EUR
100,000
119,932
1.00%, 11/29/2033(b)
EUR
300,000
277,430
6.13%, 06/02/2034(b)
GBP
650,000
892,485
4.75%, 10/12/2034(b)
EUR
200,000
247,203
5.50%, 03/27/2037(b)
GBP
200,000
252,729
5.50%, 10/17/2041(b)
GBP
600,000
716,289
4.63%, 01/25/2043(b)
EUR
100,000
114,013
4.75%, 06/17/2044(b)
EUR
200,000
229,611
2.00%, 12/09/2049(b)
EUR
200,000
141,090
5.13%, 09/22/2050(b)
GBP
400,000
431,669
5.63%, 01/25/2053(b)
GBP
200,000
226,195
6.50%, 11/08/2064(b)
GBP
300,000
377,957
6.00%, 01/23/2114(b)
GBP
600,000
705,843
ENGIE S.A.
 
3.63%, 01/11/2030(b)
EUR
100,000
117,042
4.00%, 01/11/2035(b)
EUR
200,000
233,731
5.75%, 10/28/2050(b)
GBP
200,000
249,712
5.63%, 04/03/2053(b)
GBP
300,000
360,233
5.00%, 10/01/2060(b)
GBP
450,000
487,536
Holding d’Infrastructures de Transport
S.A.S.U., 1.48%, 01/18/2031(b)
EUR
100,000
102,935
Kering S.A.
 
3.63%, 09/05/2031(b)
EUR
100,000
114,842
3.38%, 03/11/2032(b)
EUR
100,000
111,907
3.88%, 09/05/2035(b)
EUR
200,000
224,406
La Banque Postale S.A., 4.00%,
05/03/2028(b)
EUR
100,000
118,622
LVMH Moet Hennessy Louis Vuitton SE,
3.50%, 09/07/2033(b)
EUR
200,000
232,180
 
Principal
Amount
Value
France-(continued)
Orange S.A.
 
1.88%, 09/12/2030(b)
EUR
200,000
$217,058
0.50%, 09/04/2032(b)
EUR
100,000
94,620
8.13%, 01/28/2033
EUR
150,000
229,182
0.63%, 12/16/2033(b)
EUR
300,000
275,126
5.63%, 01/23/2034
GBP
228,000
313,211
5.38%, 11/22/2050(b)
GBP
250,000
309,304
Pernod Ricard S.A., 1.75%,
04/08/2030(b)
EUR
100,000
107,437
RTE Reseau de Transport d’Electricite
SADIR, 3.75%, 07/04/2035(b)
EUR
100,000
116,088
Societe Generale S.A.
 
4.25%, 09/28/2026(b)
EUR
200,000
232,985
0.75%, 01/25/2027(b)
EUR
200,000
219,932
3.00%, 02/12/2027(b)
EUR
200,000
228,643
4.13%, 06/02/2027(b)
EUR
200,000
234,715
0.25%, 07/08/2027(b)
EUR
200,000
216,351
4.00%, 11/16/2027(b)
EUR
200,000
235,062
0.13%, 02/18/2028(b)
EUR
100,000
105,982
2.13%, 09/27/2028(b)
EUR
200,000
221,234
4.13%, 11/21/2028(b)
EUR
100,000
119,184
1.75%, 03/22/2029(b)
EUR
200,000
215,845
2.63%, 05/30/2029(b)
EUR
100,000
113,040
1.25%, 06/12/2030(b)
EUR
200,000
204,980
4.25%, 11/16/2032(b)(c)
EUR
200,000
241,779
5.63%, 06/02/2033(b)
EUR
100,000
123,192
6.25%, 06/22/2033(b)
GBP
200,000
280,389
Suez S.A.
 
2.88%, 05/24/2034(b)
EUR
100,000
106,154
6.63%, 10/05/2043(b)
GBP
300,000
410,696
TotalEnergies Capital International
 
3.16%, 03/03/2033(b)
EUR
100,000
112,797
3.85%, 03/03/2045(b)
EUR
200,000
216,496
TotalEnergies Capital International S.A.
 
1.99%, 04/08/2032(b)
EUR
200,000
211,938
1.62%, 05/18/2040(b)
EUR
100,000
85,290
Unibail-Rodamco-Westfield SE
 
0.63%, 05/04/2027(b)
EUR
100,000
109,262
1.38%, 12/04/2031(b)
EUR
200,000
198,199
Vinci S.A., 1.75%, 09/26/2030(b)
EUR
200,000
215,225
 
 
35,526,654
Germany-11.06%
Allianz Finance II B.V., Series 62,
4.50%, 03/13/2043(b)
GBP
400,000
466,056
Amprion GmbH, 3.97%, 09/22/2032(b)
EUR
200,000
236,185
Aroundtown S.A., 0.38%,
04/15/2027(b)
EUR
200,000
214,722
BASF SE, 1.50%, 03/17/2031(b)
EUR
200,000
209,998
Bayer AG
 
0.75%, 01/06/2027(b)
EUR
200,000
220,707
0.38%, 01/12/2029(b)
EUR
200,000
206,500
1.13%, 01/06/2030(b)
EUR
100,000
103,776
0.63%, 07/12/2031(b)
EUR
200,000
191,165
1.38%, 07/06/2032(b)
EUR
200,000
194,992
4.63%, 05/26/2033(b)
EUR
200,000
239,201
Bayer Capital Corp. B.V.
 
1.50%, 06/26/2026(b)
EUR
200,000
224,369
2.13%, 12/15/2029(b)
EUR
300,000
325,469
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19
Invesco International Corporate Bond ETF (PICB)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Germany-(continued)
BMW International Investment B.V.,
3.00%, 08/27/2027(b)
EUR
284,000
$326,884
BMW US Capital LLC
 
3.00%, 11/02/2027(b)
EUR
204,000
234,584
3.38%, 02/02/2034(b)
EUR
135,000
150,836
Deutsche Bahn Finance GmbH
 
0.63%, 04/15/2036(b)
EUR
200,000
172,924
0.63%, 12/08/2050(b)
EUR
150,000
86,634
1.13%, 05/29/2051(b)
EUR
150,000
99,356
Deutsche Bank AG, 1.63%,
01/20/2027(b)
EUR
200,000
223,419
Deutsche Boerse AG, 3.88%,
09/28/2033(b)
EUR
200,000
238,865
Deutsche Post AG, 3.50%,
03/25/2036(b)
EUR
150,000
168,744
Deutsche Telekom AG, 3.63%,
02/03/2045(b)
EUR
150,000
159,043
E.ON International Finance B.V.
 
6.25%, 06/03/2030(b)
GBP
300,000
424,160
6.38%, 06/07/2032
GBP
382,000
547,511
4.75%, 01/31/2034(b)
GBP
300,000
381,499
5.88%, 10/30/2037(b)
GBP
400,000
536,607
6.75%, 01/27/2039(b)
GBP
250,000
358,731
6.13%, 07/06/2039(b)
GBP
500,000
678,511
E.ON SE
 
3.88%, 01/12/2035(b)
EUR
166,000
193,315
4.13%, 03/25/2044(b)(c)
EUR
175,000
198,137
EnBW International Finance B.V.,
3.75%, 11/20/2035(b)
EUR
174,000
197,875
Grand City Properties S.A., 0.13%,
01/11/2028(b)
EUR
100,000
104,692
Landesbank Baden-Wuerttemberg,
0.38%, 02/18/2027(b)
EUR
100,000
109,452
Landesbank Hessen-Thueringen
Girozentrale, 3.00%, 03/05/2032(b)
EUR
100,000
114,479
Mercedes-Benz Group AG
 
1.50%, 07/03/2029(b)
EUR
200,000
215,898
0.75%, 09/10/2030(b)
EUR
100,000
101,557
1.13%, 11/06/2031(b)
EUR
100,000
99,838
0.75%, 03/11/2033(b)(c)
EUR
129,000
120,811
2.13%, 07/03/2037(b)
EUR
250,000
244,056
Mercedes-Benz International Finance
B.V.
 
1.38%, 06/26/2026(b)
EUR
175,000
196,792
2.00%, 08/22/2026(b)
EUR
200,000
226,390
0.38%, 11/08/2026(b)
EUR
100,000
110,330
3.25%, 11/15/2030(b)
EUR
228,000
260,999
3.70%, 05/30/2031(b)
EUR
100,000
117,513
Robert Bosch GmbH
 
3.63%, 06/02/2030(b)
EUR
100,000
117,056
4.00%, 06/02/2035(b)
EUR
200,000
234,406
4.38%, 06/02/2043(b)
EUR
200,000
229,317
RWE AG, 2.75%, 05/24/2030(b)
EUR
175,000
198,630
Siemens Financieringsmaatschappij N.V.
 
3.38%, 08/24/2031(b)
EUR
200,000
235,358
3.13%, 05/22/2032(b)
EUR
200,000
229,870
3.00%, 09/08/2033(b)
EUR
100,000
113,760
0.50%, 09/05/2034(b)
EUR
200,000
183,415
3.38%, 02/22/2037(b)
EUR
200,000
223,295
 
Principal
Amount
Value
Germany-(continued)
3.75%, 09/10/2042(b)
GBP
300,000
$321,420
3.63%, 02/22/2044(b)
EUR
200,000
218,725
Traton Finance Luxembourg S.A.,
0.75%, 03/24/2029(b)
EUR
200,000
207,479
Volkswagen Financial Services AG
 
0.13%, 02/12/2027(b)
EUR
150,000
163,357
3.25%, 05/19/2027(b)
EUR
100,000
114,679
0.88%, 01/31/2028(b)
EUR
130,000
139,884
3.63%, 05/19/2029(b)
EUR
200,000
228,918
Volkswagen Financial Services N.V.,
2.13%, 01/18/2028(b)
GBP
200,000
245,293
Volkswagen International Finance N.V.
 
1.88%, 03/30/2027(b)
EUR
400,000
447,460
0.88%, 09/22/2028(b)
EUR
100,000
105,758
1.63%, 01/16/2030(b)
EUR
185,000
195,399
3.25%, 11/18/2030(b)
EUR
100,000
112,028
4.13%, 11/16/2038(b)
EUR
200,000
223,232
Volkswagen Leasing GmbH
 
0.38%, 07/20/2026(b)
EUR
200,000
221,730
3.88%, 10/11/2028(b)
EUR
100,000
116,942
Vonovia SE
 
0.38%, 06/16/2027(b)
EUR
100,000
108,701
0.25%, 09/01/2028(b)
EUR
200,000
208,110
0.75%, 09/01/2032(b)
EUR
200,000
185,764
Wintershall Dea Finance B.V.
 
1.33%, 09/25/2028(b)
EUR
200,000
212,436
1.82%, 09/25/2031(b)
EUR
100,000
98,588
 
 
15,874,592
Italy-4.70%
ASTM S.p.A.
 
1.50%, 01/25/2030(b)
EUR
125,000
132,109
2.38%, 11/25/2033(b)
EUR
200,000
202,685
Autostrade per l’Italia S.p.A.
 
2.00%, 12/04/2028(b)
EUR
200,000
220,770
2.00%, 01/15/2030(b)
EUR
200,000
215,967
Enel Finance International N.V.
 
3.88%, 03/09/2029(b)
EUR
200,000
235,907
0.88%, 09/28/2034(b)
EUR
170,000
152,029
3.88%, 01/23/2035(b)
EUR
100,000
115,273
0.88%, 06/17/2036(b)
EUR
100,000
84,321
5.75%, 09/14/2040(b)
GBP
550,000
715,865
Enel S.p.A., 5.75%, 06/22/2037(b)
GBP
339,000
449,104
Eni S.p.A.
 
0.38%, 06/14/2028(b)
EUR
286,000
304,862
3.63%, 01/29/2029(b)
EUR
100,000
117,466
0.63%, 01/23/2030(b)
EUR
100,000
102,493
2.00%, 05/18/2031(b)
EUR
150,000
160,086
4.25%, 05/19/2033(b)
EUR
200,000
238,163
3.88%, 01/15/2034(b)
EUR
100,000
115,152
Intesa Sanpaolo S.p.A.
 
1.00%, 11/19/2026(b)
EUR
202,000
224,973
4.75%, 09/06/2027(b)
EUR
150,000
178,382
0.75%, 03/16/2028(b)
EUR
200,000
215,664
1.75%, 03/20/2028(b)
EUR
150,000
165,953
1.75%, 07/04/2029(b)
EUR
100,000
108,497
4.88%, 05/19/2030(b)
EUR
200,000
246,314
3.63%, 10/16/2030(b)
EUR
200,000
232,831
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20
Invesco International Corporate Bond ETF (PICB)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Italy-(continued)
5.13%, 08/29/2031(b)
EUR
200,000
$250,419
6.63%, 05/31/2033(b)
GBP
300,000
425,191
Italgas S.p.A., 3.13%, 02/08/2029(b)
EUR
100,000
114,710
Snam S.p.A.
 
3.88%, 02/19/2034(b)
EUR
100,000
115,503
5.75%, 11/26/2036(b)
GBP
200,000
267,942
UniCredit S.p.A.
 
0.85%, 01/19/2031(b)
EUR
113,000
112,385
4.00%, 03/05/2034(b)
EUR
200,000
234,076
4.20%, 06/11/2034(b)
EUR
150,000
175,354
Unipol Assicurazioni S.p.A., 3.25%,
09/23/2030(b)
EUR
100,000
114,707
 
 
6,745,153
Japan-2.13%
East Japan Railway Co., 5.56%,
09/04/2054(b)
GBP
200,000
252,771
Mizuho Financial Group, Inc.
 
5.63%, 06/13/2028(b)
GBP
200,000
274,216
0.69%, 10/07/2030(b)
EUR
100,000
99,779
NTT Finance Corp.
 
0.34%, 03/03/2030(b)
EUR
200,000
202,327
Series 17, 0.28%, 12/20/2027
JPY
100,000,000
687,605
Series 18, 0.38%, 09/20/2030
JPY
100,000,000
667,347
Sumitomo Mitsui Financial Group, Inc.
 
1.55%, 06/15/2026(b)
EUR
200,000
225,213
0.63%, 10/23/2029(b)
EUR
125,000
128,086
Takeda Pharmaceutical Co. Ltd.
 
3.00%, 11/21/2030(b)
EUR
200,000
227,703
1.38%, 07/09/2032
EUR
200,000
201,410
2.00%, 07/09/2040
EUR
100,000
88,962
 
 
3,055,419
Luxembourg-0.08%
Logicor Financing S.a.r.l., 1.63%,
07/15/2027(b)
EUR
100,000
110,210
Netherlands-3.24%
ABN AMRO Bank N.V.
 
0.60%, 01/15/2027(b)
EUR
200,000
220,525
4.00%, 01/16/2028(b)
EUR
100,000
117,891
4.38%, 10/20/2028(b)
EUR
200,000
238,863
0.50%, 09/23/2029(b)
EUR
100,000
102,118
4.75%, 10/24/2029(b)
GBP
200,000
267,545
4.25%, 02/21/2030(b)
EUR
400,000
476,921
3.88%, 01/15/2032(b)
EUR
100,000
116,383
1.00%, 06/02/2033(b)
EUR
100,000
94,427
1.25%, 01/20/2034(b)
EUR
100,000
94,850
4.50%, 11/21/2034(b)
EUR
100,000
122,258
Ayvens Bank N.V., 0.25%,
09/07/2026(b)
EUR
200,000
221,015
Cooperatieve Rabobank U.A.
 
4.63%, 05/23/2029(b)
GBP
400,000
523,433
4.00%, 01/10/2030(b)
EUR
200,000
237,596
1.13%, 05/07/2031(b)
EUR
100,000
101,374
3.82%, 07/26/2034(b)
EUR
100,000
115,830
ING Groep N.V.
 
2.00%, 09/20/2028(b)
EUR
200,000
221,304
2.50%, 11/15/2030(b)
EUR
200,000
219,975
 
Principal
Amount
Value
Netherlands-(continued)
Koninklijke KPN N.V.
 
5.75%, 09/17/2029(b)
GBP
264,000
$366,040
3.88%, 02/16/2036(b)
EUR
100,000
114,738
Prosus N.V., 1.29%, 07/13/2029(b)
EUR
100,000
103,611
TenneT Holding B.V.
 
1.63%, 11/17/2026(b)
EUR
100,000
112,720
2.13%, 11/17/2029(b)
EUR
100,000
112,066
4.50%, 10/28/2034(b)
EUR
200,000
250,544
0.88%, 06/16/2035(b)
EUR
100,000
93,861
 
 
4,645,888
New Zealand-0.32%
Bank of New Zealand, 5.87%,
09/01/2028(b)
NZD
350,000
219,660
Westpac New Zealand Ltd., 4.34%,
09/24/2029
NZD
400,000
237,625
 
 
457,285
Norway-1.90%
Equinor ASA
 
1.25%, 02/17/2027(b)
EUR
200,000
223,032
1.38%, 05/22/2032(b)
EUR
100,000
101,989
1.63%, 02/17/2035(b)
EUR
100,000
97,474
Norway Government Bond
 
3.63%, 05/31/2039(b)
NOK
600,000
56,448
Series 479, 1.75%, 02/17/2027(b)
NOK
7,400,000
691,240
Series 480, 2.00%, 04/26/2028(b)
NOK
4,570,000
421,686
Series 481, 1.75%, 09/06/2029(b)
NOK
2,600,000
231,864
Series 482, 1.38%, 08/19/2030(b)
NOK
2,000,000
171,483
Series 483, 1.25%, 09/17/2031(b)
NOK
350,000
29,023
Series 484, 2.13%, 05/18/2032(b)
NOK
1,642,000
142,196
Series 486, 3.00%, 08/15/2033(b)
NOK
900,000
81,814
Series 487, 3.63%, 04/13/2034(b)
NOK
2,500,000
237,162
SpareBank 1 Sør-Norge ASA, 3.75%,
11/23/2027(b)
EUR
203,000
237,342
 
 
2,722,753
Portugal-0.15%
EDP Finance B.V., 1.88%,
09/21/2029(b)
EUR
200,000
217,375
Spain-5.39%
Abertis Infraestructuras S.A.
 
2.38%, 09/27/2027(b)
EUR
200,000
226,191
3.00%, 03/27/2031(b)
EUR
100,000
112,426
Banco Bilbao Vizcaya Argentaria S.A.
 
1.00%, 06/21/2026(b)
EUR
200,000
224,307
0.50%, 01/14/2027(b)
EUR
200,000
220,723
3.50%, 02/10/2027(b)
EUR
100,000
115,172
4.38%, 10/14/2029(b)
EUR
200,000
242,529
3.50%, 03/26/2031(b)
EUR
100,000
116,971
3.88%, 01/15/2034(b)
EUR
200,000
235,071
Banco Santander S.A.
 
1.75%, 02/17/2027(b)
GBP
200,000
252,937
2.13%, 02/08/2028(b)
EUR
200,000
222,471
0.20%, 02/11/2028(b)
EUR
200,000
212,528
3.88%, 04/22/2029(b)
EUR
200,000
234,549
5.13%, 01/25/2030(b)
GBP
300,000
405,640
4.25%, 06/12/2030(b)
EUR
200,000
241,822
1.63%, 10/22/2030(b)
EUR
100,000
103,538
5.38%, 01/17/2031(b)
GBP
200,000
271,156
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21
Invesco International Corporate Bond ETF (PICB)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Spain-(continued)
4.88%, 10/18/2031(b)
EUR
300,000
$368,238
1.00%, 11/04/2031(b)
EUR
100,000
98,028
3.50%, 10/02/2032(b)
EUR
100,000
113,366
3.75%, 01/09/2034(b)
EUR
300,000
349,430
3.50%, 02/17/2035(b)
EUR
200,000
222,789
CaixaBank S.A.
 
1.38%, 06/19/2026(b)
EUR
200,000
224,759
3.75%, 09/07/2029(b)
EUR
200,000
236,292
4.25%, 09/06/2030(b)
EUR
200,000
241,118
4.38%, 11/29/2033(b)
EUR
100,000
121,289
Cellnex Finance Co. S.A.
 
1.00%, 09/15/2027(b)
EUR
100,000
109,803
1.50%, 06/08/2028(b)
EUR
200,000
219,488
2.00%, 02/15/2033(b)
EUR
200,000
201,631
Cellnex Telecom S.A., 1.75%,
10/23/2030(b)
EUR
100,000
105,343
Iberdrola Finanzas S.A.
 
1.38%, 03/11/2032(b)
EUR
200,000
203,178
5.25%, 10/31/2036(b)
GBP
200,000
261,392
Santander Consumer Finance S.A.,
3.75%, 01/17/2029(b)
EUR
100,000
117,401
Telefonica Emisiones S.A.
 
1.45%, 01/22/2027(b)
EUR
100,000
112,195
1.20%, 08/21/2027(b)
EUR
200,000
221,326
1.79%, 03/12/2029(b)
EUR
200,000
220,300
0.66%, 02/03/2030(b)
EUR
200,000
205,301
2.59%, 05/25/2031(b)
EUR
100,000
110,152
3.70%, 01/24/2032(b)
EUR
200,000
232,246
 
 
7,733,096
Sweden-2.29%
Skandinaviska Enskilda Banken AB
 
4.00%, 11/09/2026(b)
EUR
200,000
233,054
0.38%, 02/11/2027(b)
EUR
200,000
219,163
0.75%, 08/09/2027(b)
EUR
200,000
218,381
3.75%, 02/07/2028(b)
EUR
100,000
117,276
0.38%, 06/21/2028(b)
EUR
200,000
211,934
0.63%, 11/12/2029(b)
EUR
200,000
204,552
Svenska Handelsbanken AB
 
1.38%, 02/23/2029(b)
EUR
130,000
139,945
0.50%, 02/18/2030(b)
EUR
200,000
202,285
Sweden Government Bond
 
Series 1056, 2.25%, 06/01/2032(b)
SEK
500,000
52,209
Series 1059, 1.00%, 11/12/2026(b)
SEK
4,500,000
460,922
Series 1060, 0.75%, 05/12/2028(b)
SEK
4,000,000
401,414
Series 1061, 0.75%, 11/12/2029(b)
SEK
4,000,000
393,182
Vattenfall AB, 6.88%, 04/15/2039(b)
GBP
300,000
438,751
 
 
3,293,068
Switzerland-1.78%
Holcim Finance (Luxembourg) S.A.,
0.50%, 09/03/2030(b)
EUR
200,000
198,891
Lonza Finance International N.V.,
3.88%, 04/24/2036(b)
EUR
100,000
115,548
Richemont International Holding S.A.
 
1.50%, 03/26/2030(b)
EUR
200,000
214,076
2.00%, 03/26/2038(b)
EUR
200,000
189,681
Sika Capital B.V., 3.75%,
11/03/2026(b)
EUR
100,000
115,734
 
Principal
Amount
Value
Switzerland-(continued)
Swisscom Finance B.V.
 
3.50%, 11/29/2031(b)
EUR
200,000
$233,897
3.63%, 11/29/2036(b)
EUR
100,000
114,275
UBS AG, 0.25%, 09/01/2028(b)
EUR
220,000
230,847
UBS Group AG
 
1.25%, 09/01/2026(b)
EUR
200,000
223,612
0.25%, 02/24/2028(b)
EUR
200,000
212,245
0.65%, 09/10/2029(b)
EUR
100,000
102,787
0.88%, 11/03/2031(b)
EUR
200,000
195,503
0.63%, 01/18/2033(b)
EUR
248,000
226,504
0.63%, 02/24/2033(b)
EUR
200,000
183,611
 
 
2,557,211
United Kingdom-14.18%
Anglian Water Services Financing PLC
 
6.00%, 06/20/2039(b)
GBP
200,000
257,074
5.75%, 06/07/2043(b)
GBP
300,000
360,228
6.25%, 09/12/2044(b)
GBP
300,000
380,066
B.A.T. International Finance PLC
 
2.25%, 06/26/2028(b)
GBP
127,000
157,168
2.25%, 01/16/2030(b)
EUR
200,000
218,657
6.00%, 11/24/2034(b)
GBP
275,000
372,605
Barclays PLC, 3.25%, 02/12/2027(b)
GBP
550,000
714,602
Blend Funding PLC
 
3.46%, 09/21/2047(b)
GBP
300,000
278,934
2.92%, 04/05/2054(b)
GBP
300,000
236,919
British Telecommunications PLC
 
1.50%, 06/23/2027(b)
EUR
200,000
222,952
3.13%, 11/21/2031(b)
GBP
200,000
238,492
6.38%, 06/23/2037(b)
GBP
250,000
346,476
Cadent Finance PLC
 
2.63%, 09/22/2038(b)
GBP
300,000
275,562
2.75%, 09/22/2046(b)
GBP
300,000
232,923
CCEP Finance (Ireland) DAC, 0.88%,
05/06/2033(b)
EUR
200,000
188,664
Centrica PLC
 
4.38%, 03/13/2029(b)
GBP
250,000
328,143
4.25%, 09/12/2044(b)
GBP
300,000
306,120
Clarion Funding PLC, 3.13%,
04/19/2048(b)
GBP
230,000
197,728
Community Finance Co. 1 PLC, 5.02%,
07/31/2034
GBP
300,000
400,199
Connect Plus (M25) Issuer PLC, 2.61%,
03/31/2039(b)
GBP
323,400
360,196
Diageo Finance PLC
 
2.50%, 03/27/2032(b)
EUR
100,000
109,674
2.75%, 06/08/2038(b)
GBP
200,000
200,550
DWR Cymru (Financing) UK PLC, 5.75%,
09/10/2044(b)
GBP
300,000
377,354
easyJet FinCo B.V., 1.88%,
03/03/2028(b)
EUR
100,000
111,222
GlaxoSmithKline Capital PLC
 
1.63%, 05/12/2035(b)
GBP
300,000
290,167
6.38%, 03/09/2039
GBP
300,000
431,166
Heathrow Funding Ltd.
 
6.75%, 12/03/2026(b)
GBP
350,000
480,549
6.45%, 12/10/2031(b)
GBP
350,000
496,687
5.88%, 05/13/2041(b)
GBP
300,000
389,313
4.63%, 10/31/2046(b)
GBP
300,000
322,561
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22
Invesco International Corporate Bond ETF (PICB)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
United Kingdom-(continued)
High Speed Rail Finance 1 PLC, 4.38%,
11/01/2038(b)
GBP
250,000
$308,767
Housing & Care 21, 3.29%,
11/08/2049(b)
GBP
200,000
176,500
HSBC Holdings PLC, 7.00%,
04/07/2038(b)
GBP
350,000
487,845
Imperial Brands Finance Netherlands
B.V.
 
5.25%, 02/15/2031(b)
EUR
100,000
123,786
1.75%, 03/18/2033(b)
EUR
100,000
97,788
Imperial Brands Finance PLC
 
5.50%, 09/28/2026(b)
GBP
250,000
336,888
4.88%, 06/07/2032(b)
GBP
200,000
256,023
Lloyds Bank PLC, 6.50%,
09/17/2040(b)
GBP
360,000
516,699
Lloyds Banking Group PLC, 1.50%,
09/12/2027(b)
EUR
100,000
111,043
Motability Operations Group PLC
 
4.00%, 01/17/2030(b)
EUR
100,000
118,391
3.88%, 01/24/2034(b)
EUR
100,000
114,999
4.25%, 06/17/2035(b)
EUR
100,000
117,929
3.63%, 03/10/2036(b)
GBP
300,000
337,362
2.38%, 07/03/2039(b)
GBP
200,000
179,508
2.13%, 01/18/2042(b)
GBP
200,000
157,710
5.75%, 06/17/2051(b)
GBP
250,000
313,871
5.63%, 01/24/2054(b)
GBP
200,000
243,977
National Grid Electricity Distribution
(West Midlands) PLC, 5.75%,
04/16/2032(b)
GBP
325,000
444,912
National Grid PLC, 4.28%,
01/16/2035(b)
EUR
100,000
118,598
Nationwide Building Society, 4.50%,
11/01/2026(b)
EUR
200,000
234,475
NatWest Markets PLC
 
6.63%, 06/22/2026(b)
GBP
420,000
573,255
2.75%, 11/04/2027(b)
EUR
200,000
228,203
5.00%, 11/18/2029(b)
GBP
100,000
134,894
Places For People Treasury PLC
 
6.25%, 12/06/2041(b)
GBP
200,000
267,216
5.75%, 05/11/2055(b)
GBP
200,000
238,305
Reckitt Benckiser Treasury Services
PLC, 1.75%, 05/19/2032(b)
GBP
200,000
219,569
Rolls-Royce PLC, 5.75%,
10/15/2027(b)
GBP
200,000
272,923
Rothesay Life PLC
 
3.38%, 07/12/2026(b)
GBP
200,000
262,300
7.73%, 05/16/2033(b)
GBP
200,000
284,034
7.02%, 12/10/2034(b)
GBP
200,000
272,884
Sanctuary Capital PLC, 2.38%,
04/14/2050(b)
GBP
200,000
145,768
Scottish Hydro Electric Transmission
PLC, 5.50%, 01/15/2044(b)
GBP
200,000
247,293
Scottish Widows Ltd., 7.00%,
06/16/2043(b)
GBP
250,000
332,872
Standard Chartered PLC
 
5.13%, 06/06/2034(b)
GBP
200,000
246,310
4.38%, 01/18/2038(b)
GBP
200,000
231,791
T.H.F.C. (Funding No.3) PLC, 5.20%,
10/11/2043(b)
GBP
300,000
367,686
 
Principal
Amount
Value
United Kingdom-(continued)
University of Oxford, 2.54%,
12/08/2117(b)
GBP
450,000
$291,289
Vodafone Group PLC
 
1.63%, 11/24/2030(b)
EUR
100,000
106,541
3.38%, 08/08/2049(b)
GBP
400,000
336,890
5.13%, 12/02/2052(b)
GBP
300,000
331,750
3.00%, 08/12/2056(b)
GBP
400,000
286,975
Wellcome Trust Ltd. (The)
 
1.50%, 07/14/2071(b)
GBP
300,000
139,479
2.52%, 02/07/2118(b)
GBP
300,000
192,725
Yorkshire Water Finance PLC, 6.38%,
11/18/2034(b)
GBP
200,000
275,509
 
 
20,366,483
United States-2.91%
BG Energy Capital PLC, 5.00%,
11/04/2036(b)
GBP
350,000
457,251
BP Capital Markets PLC
 
2.52%, 04/07/2028(b)
EUR
200,000
227,125
1.23%, 05/08/2031(b)
EUR
100,000
101,452
2.82%, 04/07/2032(b)
EUR
200,000
220,071
Medtronic Global Holdings S.C.A.
 
1.63%, 03/07/2031
EUR
200,000
210,690
3.13%, 10/15/2031
EUR
100,000
114,082
0.75%, 10/15/2032
EUR
200,000
190,124
3.38%, 10/15/2034
EUR
100,000
113,444
1.38%, 10/15/2040
EUR
200,000
159,603
1.63%, 10/15/2050
EUR
100,000
68,969
Sanofi S.A., Series 20FX, 1.88%,
03/21/2038(b)
EUR
200,000
193,428
Shell International Finance B.V.
 
0.50%, 11/08/2031(b)
EUR
100,000
97,264
1.88%, 04/07/2032(b)
EUR
200,000
210,660
1.25%, 11/11/2032(b)
EUR
100,000
99,396
0.88%, 11/08/2039(b)
EUR
100,000
76,844
1.75%, 09/10/2052(b)
GBP
200,000
118,469
Stellantis N.V.
 
0.63%, 03/30/2027(b)
EUR
100,000
109,814
4.50%, 07/07/2028(b)
EUR
100,000
118,240
0.75%, 01/18/2029(b)
EUR
200,000
207,217
4.38%, 03/14/2030(b)
EUR
200,000
235,190
4.25%, 06/16/2031(b)
EUR
200,000
230,734
2.75%, 04/01/2032(b)
EUR
200,000
208,664
1.25%, 06/20/2033(b)
EUR
200,000
181,249
Toyota Motor Credit Corp., 3.63%,
07/15/2031(b)
EUR
200,000
232,694
 
 
4,182,674
Total Non-U.S. Dollar Denominated Bonds & Notes
(Cost $141,440,208)
141,160,358
 
Shares
 
Money Market Funds-0.24%
Invesco Government & Agency Portfolio,
Institutional Class, 4.26%(d)(e)
(Cost $344,920)
 
344,920
344,920
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-98.55%
(Cost $141,785,128)
141,505,278
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23
Invesco International Corporate Bond ETF (PICB)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-0.37%
Invesco Private Government Fund,
4.32%(d)(e)(f)
 
147,653
$147,653
Invesco Private Prime Fund,
4.46%(d)(e)(f)
 
382,145
382,221
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $529,890)
529,874
TOTAL INVESTMENTS IN SECURITIES-98.92%
(Cost $142,315,018)
142,035,152
OTHER ASSETS LESS LIABILITIES-1.08%
1,551,071
NET ASSETS-100.00%
$143,586,223
 
Investment Abbreviations:
AUD-Australian Dollar
CAD-Canadian Dollar
EUR-Euro
GBP-British Pound Sterling
JPY-Japanese Yen
NOK-Norwegian Krone
NZD-New Zealand Dollar
SEK-Swedish Krona
 
Notes to Schedule of Investments:
(a)
Foreign denominated security. Principal amount is denominated in the currency indicated.
(b)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
April 30, 2025 was $109,504,602, which represented 76.26% of the Fund’s Net Assets.
(c)
All or a portion of this security was out on loan at April 30, 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 six months ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$745,439
$5,424,453
$(5,824,972
)
$-
$-
$344,920
$6,793
Investments Purchased with
Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
232,112
558,553
(643,012
)
-
-
147,653
3,049
*
Invesco Private Prime Fund
604,170
1,281,760
(1,503,693
)
(5
)
(11
)
382,221
8,054
*
Total
$1,581,721
$7,264,766
$(7,971,677
)
$(5
)
$(11
)
$874,794
$17,896
 
*
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 April 30, 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. See Note 2L.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24
Statements of Assets and Liabilities
April 30, 2025
(Unaudited)

 
 
Invesco
0-5 Yr
US TIPS ETF
(PBTP)
Invesco Emerging
Markets Sovereign
Debt ETF (PCY)
Invesco
Global ex-US
High Yield Corporate
Bond ETF (PGHY)
Invesco International
Corporate Bond
ETF (PICB)
Assets:
Unaffiliated investments in securities, at value(a)
$56,455,902
$1,147,887,610
$150,037,289
$141,160,358
Affiliated investments in securities, at value
176,679
57,373,103
8,669,470
874,794
Cash
-
-
1,125,601
-
Foreign currencies, at value
-
154,497
23,214
25,466
Cash collateral-failed in-kind securities
-
-
214,145
1,978,828
Receivable for:
Dividends and interest
81,799
17,758,866
2,492,012
2,236,010
Securities lending
-
23,062
4,812
62
Investments sold
1,204,996
-
1,662,142
3,597,116
Fund shares sold
-
-
665,089
1,659,485
Foreign tax reclaims
-
-
-
1,611
Investments matured, at value
-
-
106,225
-
Total assets
57,919,376
1,223,197,138
164,999,999
151,533,730
Liabilities:
Due to custodian
-
60,979
-
-
Payable for:
Investments purchased
1,378,241
-
2,799,823
5,383,823
Collateral upon return of securities loaned
-
55,238,513
8,010,854
529,890
Collateral upon receipt of securities in-kind
-
-
214,145
1,978,828
Accrued unitary management fees
3,142
488,538
44,117
54,966
Total liabilities
1,381,383
55,788,030
11,068,939
7,947,507
Net Assets
$56,537,993
$1,167,409,108
$153,931,060
$143,586,223
Net assets consist of:
Shares of beneficial interest
$57,307,065
$2,404,790,092
$199,567,016
$155,694,792
Distributable earnings (loss)
(769,072
)
(1,237,380,984
)
(45,635,956
)
(12,108,569
)
Net Assets
$56,537,993
$1,167,409,108
$153,931,060
$143,586,223
Shares outstanding (unlimited amount authorized, $0.01 par
value)
2,160,001
59,200,000
7,900,000
6,150,000
Net asset value
$26.17
$19.72
$19.48
$23.35
Market price
$26.17
$19.65
$19.59
$23.39
Unaffiliated investments in securities, at cost
$56,172,479
$1,340,340,010
$149,678,633
$141,440,208
Affiliated investments in securities, at cost
$176,679
$57,375,128
$8,669,782
$874,810
Foreign currencies, at cost
$-
$146,150
$20,234
$24,581
Investments matured, at cost
$-
$-
$3,661,152
$-
(a)Includes securities on loan with an aggregate value of:
$-
$53,167,548
$7,685,184
$499,268
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
25
Statements of Operations
For the six months ended April 30, 2025
(Unaudited)

 
 
Invesco
0-5 Yr
US TIPS ETF
(PBTP)
Invesco Emerging
Markets Sovereign
Debt ETF (PCY)
Invesco
Global ex-US
High Yield Corporate
Bond ETF (PGHY)
Invesco International
Corporate Bond
ETF (PICB)
Investment income:
Unaffiliated interest income
$874,122
$44,458,790
$5,612,476
$2,309,031
Unaffiliated dividend income
-
16,656
247
144
Affiliated dividend income
991
54,535
22,077
6,793
Securities lending income, net
-
198,362
22,679
705
Foreign withholding tax
-
-
-
(2,372
)
Total investment income
875,113
44,728,343
5,657,479
2,314,301
Expenses:
Unitary management fees
19,021
3,192,805
251,968
312,904
Less: Waivers
(22
)
(1,171
)
(471
)
(144
)
Net expenses
18,999
3,191,634
251,497
312,760
Net investment income
856,114
41,536,709
5,405,982
2,001,541
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities
(68,973
)
(12,740,661
)
(445,215
)
(1,626,265
)
Affiliated investment securities
-
(4,176
)
(600
)
(11
)
In-kind redemptions
92,903
(10,197,331
)
157,242
(19,168
)
Foreign currencies
-
(2
)
(336
)
(54,570
)
Net realized gain (loss)
23,930
(22,942,170
)
(288,909
)
(1,700,014
)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities
1,390,108
(34,249,997
)
(3,118,053
)
7,183,750
Affiliated investment securities
-
16
(13
)
(5
)
Foreign currencies
-
6,202
503
111,842
Change in net unrealized appreciation (depreciation)
1,390,108
(34,243,779
)
(3,117,563
)
7,295,587
Net realized and unrealized gain (loss)
1,414,038
(57,185,949
)
(3,406,472
)
5,595,573
Net increase (decrease) in net assets resulting from operations
$2,270,152
$(15,649,240
)
$1,999,510
$7,597,114
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26
27
Statements of Changes in Net Assets
For the six months ended April 30, 2025 and the year ended October 31, 2024
(Unaudited)

 
 
Invesco 0-5 Yr US
TIPS ETF (PBTP)
Invesco Emerging
Markets Sovereign
Debt ETF (PCY)
 
Six Months Ended
April 30,
2025
Year Ended
October 31,
2024
Six Months Ended
April 30,
2025
Year Ended
October 31,
2024
Operations:
Net investment income
$856,114
$1,350,903
$41,536,709
$94,476,391
Net realized gain (loss)
23,930
(968,288
)
(22,942,170
)
(29,946,869
)
Change in net unrealized appreciation (depreciation)
1,390,108
3,556,761
(34,243,779
)
228,026,937
Net increase (decrease) in net assets resulting from operations
2,270,152
3,939,376
(15,649,240
)
292,556,459
Distributions to Shareholders from:
Distributable earnings
(660,678
)
(1,578,803
)
(41,892,930
)
(95,756,117
)
Shareholder Transactions:
Proceeds from shares sold
8,006,409
8,157,881
18,335,793
246,901,542
Value of shares repurchased
(8,219,545
)
(24,470,403
)
(148,243,586
)
(373,074,363
)
Transaction fees
-
-
-
-
Net increase (decrease) in net assets resulting from share
transactions
(213,136
)
(16,312,522
)
(129,907,793
)
(126,172,821
)
Net increase (decrease) in net assets
1,396,338
(13,951,949
)
(187,449,963
)
70,627,521
Net assets:
Beginning of period
55,141,655
69,093,604
1,354,859,071
1,284,231,550
End of period
$56,537,993
$55,141,655
$1,167,409,108
$1,354,859,071
Changes in Shares Outstanding:
Shares sold
310,000
330,000
900,000
12,200,000
Shares repurchased
(320,000
)
(980,000
)
(7,400,000
)
(18,300,000
)
Shares outstanding, beginning of period
2,170,001
2,820,001
65,700,000
71,800,000
Shares outstanding, end of period
2,160,001
2,170,001
59,200,000
65,700,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28
 
Invesco Global ex-US High Yield
Corporate Bond ETF (PGHY)
Invesco International Corporate
Bond ETF (PICB)
Six Months Ended
April 30,
2025
Year Ended
October 31,
2024
Six Months Ended
April 30,
2025
Year Ended
October 31,
2024
$5,405,982
$10,336,513
$2,001,541
$3,815,308
(288,909
)
(5,047,979
)
(1,700,014
)
(1,522,133
)
(3,117,563
)
14,324,131
7,295,587
10,877,175
1,999,510
19,612,665
7,597,114
13,170,350
(5,520,505
)
(10,312,284
)
(1,974,658
)
(3,800,844
)
22,815,270
7,922,147
15,889,046
12,262,589
(5,883,242
)
(6,858,552
)
(4,387,888
)
(11,101,056
)
-
-
-
16,710
16,932,028
1,063,595
11,501,158
1,178,243
13,411,033
10,363,976
17,123,614
10,547,749
140,520,027
130,156,051
126,462,609
115,914,860
$153,931,060
$140,520,027
$143,586,223
$126,462,609
1,150,000
400,000
700,000
550,000
(300,000
)
(350,000
)
(200,000
)
(500,000
)
7,050,000
7,000,000
5,650,000
5,600,000
7,900,000
7,050,000
6,150,000
5,650,000
29
Financial Highlights
Invesco 0-5 Yr US TIPS ETF (PBTP) 
 
Six Months Ended
April 30,
2025
(Unaudited)
Years Ended October 31,
 
2024
2023
2022
2021
2020
Per Share Operating Performance:
Net asset value at beginning of period
$25.41
$24.50
$24.57
$26.68
$25.74
$24.89
Net investment income(a)
0.40
0.55
0.61
1.58
1.12
0.35
Net realized and unrealized gain (loss) on investments
0.57
1.04
0.04
(2.29
)
0.53
0.71
Total from investment operations
0.97
1.59
0.65
(0.71
)
1.65
1.06
Distributions to shareholders from:
Net investment income
(0.21
)
(0.68
)
(0.71
)
(1.39
)
(0.69
)
(0.21
)
Net realized gains
-
-
(0.01
)
(0.01
)
(0.02
)
-
Total distributions
(0.21
)
(0.68
)
(0.72
)
(1.40
)
(0.71
)
(0.21
)
Net asset value at end of period
$26.17
$25.41
$24.50
$24.57
$26.68
$25.74
Market price at end of period(b)
$26.17
$25.41
$24.51
$24.59
$26.70
$25.75
Net Asset Value Total Return(c)
4.25
%
6.57
%
2.66
%
(2.79
)%
6.46
%
4.28
%
Market Price Total Return(c)
4.25
%
6.53
%
2.62
%
(2.78
)%
6.50
%
4.28
%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$56,538
$55,142
$69,094
$121,635
$52,826
$12,870
Ratio to average net assets of:
Expenses
0.07
%(d)
0.07
%
0.07
%
0.07
%
0.07
%
0.07
%
Net investment income
3.15
%(d)
2.18
%
2.47
%
6.14
%
4.26
%
1.40
%
Portfolio turnover rate(e)
19
%
33
%
33
%
27
%
28
%
29
%
 
(a)
Based on average shares outstanding.
(b)
The mean between the last bid and ask prices.
(c)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(d)
Annualized.
(e)
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing
creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
30
Financial Highlights—(continued)
Invesco Emerging Markets Sovereign Debt ETF (PCY) 
 
Six Months Ended
April 30,
2025
(Unaudited)
Years Ended October 31,
 
2024
2023
2022
2021
2020
Per Share Operating Performance:
Net asset value at beginning of period
$20.62
$17.89
$17.12
$26.76
$26.89
$29.12
Net investment income(a)
0.65
1.32
1.30
1.25
1.23
1.28
Net realized and unrealized gain (loss) on
investments
(0.80
)
2.75
0.76
(9.61
)
(0.10
)
(2.20
)
Total from investment operations
(0.15
)
4.07
2.06
(8.36
)
1.13
(0.92
)
Distributions to shareholders from:
Net investment income
(0.75
)
(1.34
)
(1.29
)
(1.28
)
(1.26
)
(1.31
)
Net asset value at end of period
$19.72
$20.62
$17.89
$17.12
$26.76
$26.89
Market price at end of period(b)
$19.65
$20.48
$17.83
$16.88
$26.73
$26.81
Net Asset Value Total Return(c)
(1.17
)%
23.11
%
11.89
%
(31.97
)%
4.17
%
(3.07
)%
Market Price Total Return(c)
(0.83
)%
22.68
%
13.12
%
(32.83
)%
4.38
%
(3.38
)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$1,167,409
$1,354,859
$1,284,232
$1,429,380
$2,723,916
$2,675,446
Ratio to average net assets of:
Expenses
0.50
%(d)
0.50
%
0.50
%
0.50
%
0.50
%
0.50
%
Net investment income
6.50
%(d)
6.48
%
6.84
%
5.73
%
4.47
%
4.63
%
Portfolio turnover rate(e)
12
%
30
%
32
%
40
%
41
%
28
%
 
(a)
Based on average shares outstanding.
(b)
The mean between the last bid and ask prices.
(c)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(d)
Annualized.
(e)
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing
creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
31
Financial Highlights—(continued)
Invesco Global ex-US High Yield Corporate Bond ETF (PGHY) 
 
Six Months Ended
April 30,
2025
(Unaudited)
Years Ended October 31,
 
2024
2023
2022
2021
2020
Per Share Operating Performance:
Net asset value at beginning of period
$19.93
$18.59
$19.06
$21.59
$21.58
$22.82
Net investment income(a)
0.74
1.50
1.39
0.86
0.96
1.18
Net realized and unrealized gain (loss) on investments
(0.92
)
1.34
(0.43
)
(2.40
)
0.18
(1.20
)
Total from investment operations
(0.18
)
2.84
0.96
(1.54
)
1.14
(0.02
)
Distributions to shareholders from:
Net investment income
(0.27
)
(1.50
)
(1.42
)
(0.87
)
(0.96
)
(1.19
)
Return of capital
-
-
(0.01
)
(0.12
)
(0.17
)
(0.03
)
Total distributions
(0.27
)
(1.50
)
(1.43
)
(0.99
)
(1.13
)
(1.22
)
Net asset value at end of period
$19.48
$19.93
$18.59
$19.06
$21.59
$21.58
Market price at end of period(b)
$19.59
$19.92
$18.55
$18.96
$21.62
$21.59
Net Asset Value Total Return(c)
1.50
%
15.68
%
5.06
%
(7.26
)%
5.33
%
0.02
%
Market Price Total Return(c)
2.11
%
15.86
%
5.40
%
(7.87
)%
5.42
%
0.15
%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$153,931
$140,520
$130,156
$186,805
$236,363
$196,355
Ratio to average net assets of:
Expenses
0.35
%(d)
0.35
%
0.35
%
0.35
%
0.35
%
0.35
%
Net investment income
7.51
%(d)
7.64
%
7.22
%
4.29
%
4.36
%
5.39
%
Portfolio turnover rate(e)
16
%
29
%
141
%
58
%
59
%
54
%
 
(a)
Based on average shares outstanding.
(b)
The mean between the last bid and ask prices.
(c)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(d)
Annualized.
(e)
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing
creations or redemptions. For the year ended October 31, 2023, the portfolio turnover calculation includes the value of securities purchased and sold in the effort
to realign the Fund’s portfolio holdings due to the underlying index change.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
32
Financial Highlights—(continued)
Invesco International Corporate Bond ETF (PICB) 
 
Six Months Ended
April 30,
2025
(Unaudited)
Years Ended October 31,
 
2024
2023
2022
2021
2020
Per Share Operating Performance:
Net asset value at beginning of period
$22.38
$20.70
$19.72
$28.27
$28.10
$26.96
Net investment income(a)
0.35
0.67
0.50
0.26
0.29
0.34
Net realized and unrealized gain (loss) on investments
1.22
1.68
0.97
(8.39
)
0.20
1.13
Total from investment operations
1.57
2.35
1.47
(8.13
)
0.49
1.47
Distributions to shareholders from:
Net investment income
(0.59
)
(0.67
)
(0.25
)
(0.14
)
(0.29
)
(0.34
)
Net realized gains
(0.01
)
-
-
(0.09
)
(0.03
)
-
Return of capital
-
-
(0.24
)
(0.19
)
-
-
Total distributions
(0.60
)
(0.67
)
(0.49
)
(0.42
)
(0.32
)
(0.34
)
Transaction fees(a)
-
0.00
(b)
0.00
(b)
0.00
(b)
0.00
(b)
0.01
Net asset value at end of period
$23.35
$22.38
$20.70
$19.72
$28.27
$28.10
Market price at end of period(c)
$23.39
$22.48
$20.75
$19.73
$28.31
$28.15
Net Asset Value Total Return(d)
5.98
%
11.39
%
7.38
%
(29.02
)%
1.73
%
5.57
%
Market Price Total Return(d)
5.68
%
11.61
%
7.58
%
(29.09
)%
1.69
%
6.24
%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$143,586
$126,463
$115,915
$97,609
$122,979
$118,025
Ratio to average net assets of:
Expenses
0.50
%(e)
0.50
%
0.50
%
0.50
%
0.50
%
0.50
%
Net investment income
3.20
%(e)
3.00
%
2.36
%
1.08
%
0.99
%
1.27
%
Portfolio turnover rate(f)
16
%
41
%
34
%
28
%
22
%
22
%
 
(a)
Based on average shares outstanding.
(b)
Amount represents less than $0.005.
(c)
The mean between the last bid and ask prices.
(d)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(e)
Annualized.
(f)
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing
creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
33
Notes to Financial Statements
Invesco Exchange-Traded Fund Trust II
April 30, 2025
(Unaudited)
NOTE 1—Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios: 
Full Name
Short Name
Invesco 0-5 Yr US TIPS ETF (PBTP)
"0-5 Yr US TIPS ETF"
Invesco Emerging Markets Sovereign Debt ETF (PCY)
"Emerging Markets Sovereign Debt ETF"
Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)
"Global ex-US High Yield Corporate Bond ETF"
Invesco International Corporate Bond ETF (PICB)
"International Corporate Bond ETF"
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on the following exchanges: 
Fund
Exchange
0-5 Yr US TIPS ETF
Cboe BZX Exchange, Inc.
Emerging Markets Sovereign Debt ETF
NYSE Arca, Inc.
Global ex-US High Yield Corporate Bond ETF
NYSE Arca, Inc.
International Corporate Bond ETF
NYSE Arca, Inc.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit”, as set forth in each Fund’s prospectus. Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”), though each Fund reserves the right to issue and redeem Creation Units in exchange for cash. Except when aggregated in Creation Units by authorized participants (“APs”), the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”): 
Fund
Underlying Index
0-5 Yr US TIPS ETF
ICE BofA 0-5 Year US Inflation-Linked Treasury IndexSM
Emerging Markets Sovereign Debt ETF
DBIQ Emerging Market USD Liquid Balanced Index
Global ex-US High Yield Corporate Bond ETF
ICE USD Global High Yield Excluding US Issuers Constrained Index
International Corporate Bond ETF
S&P International Corporate Bond Index®
NOTE 2—Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
A.
Security Valuation - Securities, including restricted securities, are valued according to the following policies:
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
34
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. 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.
35
The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
B.
Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.
The Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
C.
Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.
Dividends and Distributions to Shareholders - Each Fund (except 0-5 Yr US TIPS ETF) declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. 0-5 Yr US TIPS ETF declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.
E.
Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
36
F.
Foreign Withholding Taxes - Certain Funds are subject to foreign withholding tax imposed by certain foreign countries in which the Funds may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. Certain Funds may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. Certain Funds will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for Foreign tax reclaims on the Statements of Assets and Liabilities. There is no guarantee that a Fund will receive refunds applied for in a timely manner or at all.
As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as Foreign withholding tax claims in the Statements of Operations, and any related interest is included in Unaffiliated interest income. Certain Funds may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are excluded from the unitary management fee and are reflected on the Statements of Operations as Professional fees, if any. In the event tax refunds received by a Fund during the fiscal year exceed the foreign withholding taxes paid by a Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds’ shareholders. For the six months ended April 30, 2025, the Funds did not enter into any closing agreements.
G.
Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser).
Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
H.
Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
I.
Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an "interested person" (as defined in the 1940 Act) of the Trust or the Adviser (each, an "Independent Trustee") is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
J.
Segment Reporting — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity’s segments impact overall performance. Each Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Funds’ chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within each Fund. The CODM monitors the operating results as a whole, and each Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds’ financial statements. Adoption of the new standard impacted the Funds’ financial statement note disclosures only and did not affect the Funds’ financial position or the results of its operations.
K.
Treasury Inflation-Protected Securities - 0-5 Yr US TIPS ETF will invest in Treasury Inflation-Protected Securities (“TIPS”). TIPS are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The principal value of
37
TIPS will be adjusted upward or downward, and any increase or decrease in the principal amount of TIPS will be included as Treasury Inflation-Protected Securities inflation adjustment in the Statements of Operations, even though investors do not receive their principal until maturity.
L.
Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income, net on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.
Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2025, there were no affiliated securities lending transactions with Invesco.
M.
Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.
Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.
The performance of a Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause a Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that a Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of a Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statements of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.
38
N.
Other Risks
AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Additionally, to the extent that a Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that a Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or that the Shares may be halted and/or delisted.
Call Risk. If interest rates fall, it is possible that issuers of callable securities with high interest coupons will “call” (or prepay) their bonds before their maturity date. If an issuer exercises such a call during a period of declining interest rates, a Fund may have to replace such called security with a lower yielding security. If that were to happen, such Fund’s net investment income could fall.
Changing Fixed-Income Market Conditions Risk. Fluctuations in the federal funds and equivalent foreign interest rates or other changes to monetary policy or regulatory actions may expose fixed-income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed-income investments, particularly those with longer maturities, when rates increase. Such changes and resulting increased volatility may adversely impact a Fund, including its operations and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of a Fund’s investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by APs, which could potentially increase a Fund’s portfolio turnover rate and transaction costs.
Currency Risk. Because each Fund’s NAV is determined in U.S. dollars, a Fund’s NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund’s overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on a Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.
Emerging Markets Sovereign Debt Risk. Government obligors in emerging market countries are among the world’s largest debtors to commercial banks, other governments, international financial organizations and other financial institutions. Historically, certain issuers of the government debt securities in which Emerging Markets Sovereign Debt ETF may invest have experienced substantial difficulties in meeting their external debt obligations, resulting in defaults on certain obligations and the restructuring of certain indebtedness. Such restructuring arrangements have included obtaining additional credit to finance outstanding obligations and the reduction and rescheduling of payments of interest and principal through the negotiation of new or amended credit agreements.
Fixed-Income Securities Risk. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.
Foreign Fixed-Income Investment Risk. For certain Funds, investments in fixed-income securities of non-U.S. issuers are subject to the same risks as other debt securities, notably credit risk, market risk, interest rate risk and liquidity risk, while also facing risks beyond those associated with investments in U.S. securities. For example, foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information, and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability or other adverse political or
39
economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs.
Geographic Concentration Risk. A Fund may from time to time have a substantial amount of its assets invested in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on a Fund’s investment performance. For example, a natural or other disaster could occur in a country or geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific country or geographic region and adversely impact the Fund’s investments in the affected region.
Index Risk. Unlike many investment companies that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security’s current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources; adverse labor relations; political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Inflation-Linked Security Risk. The value of inflation-linked securities generally will fluctuate in response to changes in real interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation.  In addition, interest payments on inflation -indexed securities will generally vary up or down along with the rate of inflation.
Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. If a Fund invests in illiquid securities or current portfolio securities become illiquid, it may reduce the returns of the Fund because the Fund may be unable to sell the illiquid securities at an advantageous time or price.
Market Risk. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund’s NAV. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which a Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.
During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by a Fund will rise in value.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. Additionally, a Fund’s use of a representative sampling methodology may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints. 
40
Non-Investment Grade Securities Risk. Non-investment grade securities (commonly known as "junk bonds" or "high yield bonds") and unrated securities of comparable credit quality are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of the non-investment grade securities markets generally, real or perceived adverse economic and competitive industry conditions and less secondary market liquidity. If the issuer of non-investment grade securities defaults, a Fund may incur additional expenses to seek recovery. 
Restricted Securities Risk. Certain Funds may invest in restricted securities, including those that may be resold only in accordance with Regulation S under the Securities Act of 1933. Regulation S securities are securities of U.S. and non-U.S. issuers initially offered and sold outside the United States without registration with the SEC. Accordingly, the liquidity of the market for specific Regulation S securities may vary. Delay or difficulty in selling such securities may result in a loss to the Funds.
Sampling Risk. Certain Funds’ use of a representative sampling methodology may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.
U.S. Government Obligations Risk. Certain Funds may invest in U.S. Government obligations issued or guaranteed by the U.S. Government, its agencies and instrumentalities, including bills, notes and bonds issued by the U.S. Treasury. U.S. Government securities include securities that are issued or guaranteed by the U.S. Treasury, by various agencies of the U.S. Government, or by various instrumentalities which have been established or sponsored by the U.S. Government. U.S. Treasury securities are backed by the “full faith and credit” of the United States, which may be negatively affected by an actual or threatened failure of the U.S. Government to pay its obligation. Securities issued or guaranteed by federal agencies and U.S. Government-sponsored instrumentalities may or may not be backed by the full faith and credit of the United States. In the case of those U.S. Government securities not backed by the full faith and credit of the United States, the investor must look principally to the agency or instrumentality issuing or guaranteeing the security for ultimate repayment, and may not be able to assert a claim against the United States itself in the event that the agency or instrumentality does not meet its commitment. The U.S. Government, its agencies and instrumentalities do not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate.
Valuation Risk. Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by a Fund. In certain circumstances, market quotations may not be readily available for some Fund securities, and those securities may be fair valued. The value established for a security through fair valuation may be different from what would be produced if the security had been valued using market quotations. Fund securities that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuations in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that a Fund could sell a portfolio security for the value established for it at any time, and it is possible that a Fund would incur a loss because a security is sold at a discount to its established value.
NOTE 3—Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates: 
 
Unitary Management Fees
(as a % of average daily net assets)
0-5 Yr US TIPS ETF
0.07
%
Emerging Markets Sovereign Debt ETF
0.50
%
Global ex-US High Yield Corporate Bond ETF
0.35
%
International Corporate Bond ETF
0.50
%
Through at least August 31, 2027, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are
41
attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.
For the six months ended April 30, 2025, the Adviser waived fees for each Fund in the following amounts: 
0-5 Yr US TIPS ETF
$22
Emerging Markets Sovereign Debt ETF
1,171
Global ex-US High Yield Corporate Bond ETF
471
International Corporate Bond ETF
144
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into a licensing agreement on behalf of each Fund with the following entities (each, a “Licensor”): 
Fund
Licensor
0-5 Yr US TIPS ETF
ICE Data Indices, LLC
Emerging Markets Sovereign Debt ETF
Deutsche Bank Securities Inc.
Global ex-US High Yield Corporate Bond ETF
ICE Data Indices, LLC
International Corporate Bond ETF
S&P Dow Jones Indices LLC
Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
NOTE 4—Additional Valuation Information
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 the Adviser’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 April 30, 2025. 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
0-5 Yr US TIPS ETF
Investments in Securities
U.S. Treasury Securities
$-
$56,455,902
$-
$56,455,902
Money Market Funds
176,679
-
-
176,679
Total Investments
$176,679
$56,455,902
$-
$56,632,581
42
 
Level 1
Level 2
Level 3
Total
Emerging Markets Sovereign Debt ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes
$-
$1,147,887,610
$-
$1,147,887,610
Money Market Funds
2,136,615
55,236,488
-
57,373,103
Total Investments
$2,136,615
$1,203,124,098
$-
$1,205,260,713
Global ex-US High Yield Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes
$-
$149,746,854
$-
$149,746,854
Common Stocks & Other Equity Interests
29,217
257,218
0
286,435
Preferred Stocks
-
-
4,000
4,000
Money Market Funds
658,928
8,010,542
-
8,669,470
Total Investments in Securities
688,145
158,014,614
4,000
158,706,759
Other Investments - Assets
Investments Matured
-
101,350
4,875
106,225
Total Investments
$688,145
$158,115,964
$8,875
$158,812,984
International Corporate Bond ETF
Investments in Securities
Non-U.S. Dollar Denominated Bonds & Notes
$-
$141,160,358
$-
$141,160,358
Money Market Funds
344,920
529,874
-
874,794
Total Investments
$344,920
$141,690,232
$-
$142,035,152
NOTE 5—Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds had capital loss carryforwards as of October 31, 2024, as follows: 
 
No expiration
 
 
Short-Term
Long-Term
Total*
0-5 Yr US TIPS ETF
$142,328
$1,022,932
$1,165,260
Emerging Markets Sovereign Debt ETF
302,905,622
715,796,703
1,018,702,325
Global ex-US High Yield Corporate Bond ETF
9,884,793
32,182,972
42,067,765
International Corporate Bond ETF
3,032,330
6,805,348
9,837,678
 
*
Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a
variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.
NOTE 6—Investment Transactions
For the six months ended April 30, 2025, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows: 
 
Purchases
Sales
0-5 Yr US TIPS ETF
$-
$-
Emerging Markets Sovereign Debt ETF
155,174,414
154,474,209
Global ex-US High Yield Corporate Bond ETF
22,904,973
24,967,582
International Corporate Bond ETF
19,658,232
19,581,321
43
For the six months ended April 30, 2025, in-kind transactions associated with creations and redemptions were as follows: 
 
In-kind
Purchases
In-kind
Sales
0-5 Yr US TIPS ETF
$6,305,474
$7,330,705
Emerging Markets Sovereign Debt ETF
13,538,256
144,657,413
Global ex-US High Yield Corporate Bond ETF
20,391,639
5,500,785
International Corporate Bond ETF
15,204,314
4,296,307
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end: 
 
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
Cost
0-5 Yr US TIPS ETF
$579,812
$(460,519
)
$119,293
$56,513,288
Emerging Markets Sovereign Debt ETF
14,221,617
(209,611,452
)
(195,389,835
)
1,400,650,548
Global ex-US High Yield Corporate Bond ETF
3,695,278
(6,924,447
)
(3,229,169
)
162,042,153
International Corporate Bond ETF
4,936,384
(5,627,645
)
(691,261
)
142,726,413
NOTE 7—Trustees’ and Officer’s Fees
The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. Interested Trustees do not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 8—Capital
Shares are issued and redeemed by each Fund only in Creation Units as discussed in Note 1. Only APs are permitted to purchase or redeem Creation Units from the Funds.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
44
Approval of Investment Advisory and Sub-Advisory Contracts
At a meeting held on April 24, 2025, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following series (each, a “Fund” and collectively, the “Funds”):
Invesco 0-5 Yr US TIPS ETF
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF
Invesco Alerian Galaxy Crypto Economy ETF
Invesco California AMT-Free Municipal Bond ETF
Invesco CEF Income Composite ETF
Invesco China Technology ETF
Invesco Dorsey Wright Developed Markets Momentum ETF
Invesco Dorsey Wright Emerging Markets Momentum ETF
Invesco Dorsey Wright SmallCap Momentum ETF
Invesco Emerging Markets Sovereign Debt ETF
Invesco Equal Weight 0-30 Year Treasury ETF
Invesco ESG NASDAQ 100 ETF
Invesco ESG NASDAQ Next Gen 100 ETF
Invesco ESG S&P 500 Equal Weight ETF
Invesco Floating Rate Municipal Income ETF
Invesco Fundamental High Yield® Corporate Bond ETF
Invesco Fundamental Investment Grade Corporate Bond ETF
Invesco Global Clean Energy ETF
Invesco Global ex-US High Yield Corporate Bond ETF
Invesco Global Water ETF
Invesco International BuyBack Achievers™ ETF
Invesco International Corporate Bond ETF
Invesco KBW Bank ETF
Invesco KBW High Dividend Yield Financial ETF
Invesco KBW Premium Yield Equity REIT ETF
Invesco KBW Property & Casualty Insurance ETF
Invesco KBW Regional Banking ETF
Invesco MSCI Global Climate 500 ETF
Invesco MSCI Green Building ETF
Invesco MSCI USA ETF
Invesco NASDAQ 100 ETF
Invesco Nasdaq Biotechnology ETF
Invesco Nasdaq Free Cash Flow Achievers ETF
Invesco NASDAQ Future Gen 200 ETF
Invesco NASDAQ Next Gen 100 ETF
Invesco National AMT-Free Municipal Bond ETF
Invesco New York AMT-Free Municipal Bond ETF
Invesco PHLX Semiconductor ETF
Invesco Preferred ETF
Invesco RAFI Developed Markets ex-U.S. ETF
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF
Invesco RAFI Emerging Markets ETF
Invesco Russell 1000 Equal Weight ETF
Invesco S&P 500® Enhanced Value ETF
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
Invesco S&P 500® High Beta ETF
Invesco S&P 500® High Dividend Growers ETF
Invesco S&P 500® High Dividend Low Volatility ETF
Invesco S&P 500® Low Volatility ETF
Invesco S&P 500 Minimum Variance ETF
Invesco S&P 500® Momentum ETF
Invesco S&P 500 QVM Multi-factor ETF
Invesco S&P 500 Revenue ETF
Invesco S&P Emerging Markets Low Volatility ETF
Invesco S&P Emerging Markets Momentum ETF
Invesco S&P International Developed Low Volatility ETF
Invesco S&P International Developed Momentum ETF
Invesco S&P International Developed Quality ETF
Invesco S&P MidCap 400 QVM Multi-factor ETF
Invesco S&P MidCap 400 Revenue ETF
Invesco S&P MidCap Low Volatility ETF
Invesco S&P SmallCap 600 GARP ETF
Invesco S&P SmallCap 600 QVM Multi-factor ETF
Invesco S&P SmallCap 600 Revenue ETF
Invesco S&P SmallCap Consumer Discretionary ETF
Invesco S&P SmallCap Consumer Staples ETF
Invesco S&P SmallCap Energy ETF
Invesco S&P SmallCap Financials ETF
Invesco S&P SmallCap Health Care ETF
Invesco S&P SmallCap High Dividend Low Volatility ETF
Invesco S&P SmallCap Industrials ETF
Invesco S&P SmallCap Information Technology ETF
Invesco S&P SmallCap Low Volatility ETF
Invesco S&P SmallCap Materials ETF
Invesco S&P SmallCap Quality ETF
Invesco S&P SmallCap Utilities & Communication Services ETF
Invesco S&P Ultra Dividend Revenue ETF
Invesco Senior Loan ETF
Invesco Short Term Treasury ETF
Invesco Taxable Municipal Bond ETF
Invesco Variable Rate Preferred ETF
Also at the April 24, 2025 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF (the “Sub-Advisory Agreement”):  Invesco Advisers, Inc.; Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).
45
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Investment Advisory Agreement
The Trustees reviewed information from the Adviser describing:  (i) the nature, extent and quality of services provided, (ii) the investment performance of each Fund and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds.  The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.
The Trustees reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2024, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes.  In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges.  The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF.  The Trustees noted that, for each applicable period, the correlation for each Fund, other than the one-year period for Invesco Floating Rate Municipal Income ETF and for Invesco Senior Loan ETF, was within the targeted range set forth in the Trust’s registration statement.  The Trustees reviewed the reasons provided by the Adviser for Invesco Floating Rate Municipal Income ETF’s and Invesco Senior Loan ETF’s correlation to its respective underlying index.  The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement.  The Board concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent, and its oversight of the Sub-Advisers for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.  They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Based on its review, the Board concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee.  The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser compensates each Sub-Adviser (as applicable) from its unitary advisory fee and pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:
●
0.04% of the Fund’s average daily net assets for Invesco MSCI USA ETF;
●
0.07% of the Fund’s average daily net assets for Invesco 0-5 Yr US TIPS ETF;
●
0.08% of the Fund’s average daily net assets for Invesco Short Term Treasury ETF;
●
0.10% of the Fund’s average daily net assets for Invesco MSCI Global Climate 500 ETF and Invesco S&P 500 Minimum Variance ETF;
●
0.11% of the Fund’s average daily net assets for Invesco S&P 500 QVM Multi-factor ETF;
46
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
●
0.13% of the Fund’s average daily net assets for Invesco S&P 500 Enhanced Value ETF and Invesco S&P 500 Momentum ETF;
●
0.15% of the Fund’s average daily net assets for Invesco Equal Weight
0-30 Year Treasury ETF, Invesco NASDAQ 100 ETF, Invesco NASDAQ Next Gen 100 ETF, Invesco S&P MidCap 400 QVM Multi-factor ETF and Invesco S&P SmallCap 600 QVM Multi-factor ETF;
●
0.19% of the Fund’s average daily net assets for Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF;
●
0.20% of the Fund’s average daily net assets for Invesco ESG NASDAQ 100 ETF, Invesco ESG NASDAQ Next Gen 100 ETF, Invesco ESG S&P 500 Equal Weight ETF, Invesco NASDAQ Future Gen 200 ETF and Invesco Russell 1000 Equal Weight ETF;
●
0.22% of the Fund’s average daily net assets for Invesco Fundamental Investment Grade Corporate Bond ETF;
●
0.25% of the Fund’s average daily net assets for Invesco Floating Rate Municipal Income ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF, Invesco S&P MidCap Low Volatility ETF and Invesco S&P SmallCap Low Volatility ETF;
●
0.28% of the Fund’s average daily net assets for Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco Taxable Municipal Bond ETF;
●
0.29% of the Fund’s average daily net assets for Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF and Invesco S&P SmallCap Utilities & Communication Services ETF;
●
0.30% of the Fund’s average daily net assets for Invesco S&P 500® High Dividend Low Volatility ETF and Invesco S&P SmallCap High Dividend Low Volatility ETF;
●
0.35% of the Fund’s average daily net assets for Invesco Global ex-US High Yield Corporate Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF and Invesco S&P SmallCap 600 GARP ETF;
●
0.39% of the Fund’s average daily net assets for Invesco MSCI Green Building ETF, Invesco Nasdaq Free Cash Flow Achievers ETF, Invesco S&P 500 High Dividend Growers ETF, Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF and Invesco S&P Ultra Dividend Revenue ETF;
●
0.43% of the Fund’s average daily net assets for Invesco RAFI Developed Markets ex-U.S. ETF;
●
0.47% of the Fund’s average daily net assets for Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF and Invesco RAFI Emerging Markets ETF;
●
0.50% of the Fund’s average daily net assets for Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF and Invesco Variable Rate Preferred ETF;
●
0.55% of the Fund’s average daily net assets for Invesco International BuyBack AchieversTM ETF;
●
0.60% of the Fund’s average daily net assets for Invesco Dorsey Wright SmallCap Momentum ETF, Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF and Invesco Alerian Galaxy Crypto Economy ETF;
●
0.65% of the Fund’s average daily net assets for Invesco Senior Loan ETF and Invesco China Technology ETF;
●
0.75% of the Fund’s average daily net assets for Invesco Global Clean Energy ETF and Invesco Global Water ETF;
●
0.80% of the Fund’s average daily net assets for Invesco Dorsey Wright Developed Markets Momentum ETF; and
●
0.90% of the Fund’s average daily net assets for Invesco Dorsey Wright Emerging Markets Momentum ETF.
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable.  The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below.  The
47
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds.  The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund. 
Invesco Fund
Equal to/Lower
than ETF
Peer Median*
Equal to/Lower
than Open-End
Index Fund
Peer Median*
Lower than
Open-End
Active Fund
Peer Median
Invesco 0-5 Yr US TIPS ETF
X
 
X
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF
X
N/A
X
Invesco Alerian Galaxy Crypto Economy ETF
X
N/A
X
Invesco California AMT-Free Municipal Bond ETF
 
N/A
X
Invesco CEF Income Composite ETF
X
N/A
X
Invesco China Technology ETF
 
N/A
X
Invesco Dorsey Wright Developed Markets Momentum ETF
 
 
X
Invesco Dorsey Wright Emerging Markets Momentum ETF
 
 
X
Invesco Dorsey Wright SmallCap Momentum ETF
 
 
X
Invesco Emerging Markets Sovereign Debt ETF
 
 
X
Invesco Equal Weight 0-30 Year Treasury ETF
 
 
X
Invesco ESG NASDAQ 100 ETF
 
 
X
Invesco ESG NASDAQ Next Gen 100 ETF
X
 
X
Invesco ESG S&P 500 Equal Weight ETF
X
 
X
Invesco Floating Rate Municipal Income ETF
 
N/A
X
Invesco Fundamental High Yield® Corporate Bond ETF
 
X
X
Invesco Fundamental Investment Grade Corporate Bond ETF
 
 
X
Invesco Global Clean Energy ETF
 
X
X
Invesco Global ex-US High Yield Corporate Bond ETF
X
N/A
X
Invesco Global Water ETF
 
X
X
Invesco International BuyBack AchieversTM ETF
 
X
X
Invesco International Corporate Bond ETF
 
 
X
Invesco KBW Bank ETF
X
 
X
Invesco KBW High Dividend Yield Financial ETF
X
 
X
Invesco KBW Premium Yield Equity REIT ETF
X
 
X
Invesco KBW Property & Casualty Insurance ETF
X
 
X
Invesco KBW Regional Banking ETF
X
 
X
Invesco MSCI Global Climate 500 ETF
X
X
X
Invesco MSCI Green Building ETF
X
N/A
X
Invesco MSCI USA ETF
X
X
X
Invesco NASDAQ 100 ETF
X
X
X
Invesco Nasdaq Biotechnology ETF
X
 
X
Invesco Nasdaq Free Cash Flow Achievers ETF
 
X
X
Invesco NASDAQ Future Gen 200 ETF
 
 
X
Invesco NASDAQ Next Gen 100 ETF
X
 
X
Invesco National AMT-Free Municipal Bond ETF
 
 
X
Invesco New York AMT-Free Municipal Bond ETF
 
N/A
X
Invesco PHLX Semiconductor ETF
X
 
X
Invesco Preferred ETF
 
N/A
X
Invesco RAFI Developed Markets ex-U.S. ETF
 
 
X
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF
 
 
X
Invesco RAFI Emerging Markets ETF
 
 
X
48
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Invesco Fund
Equal to/Lower
than ETF
Peer Median*
Equal to/Lower
than Open-End
Index Fund
Peer Median*
Lower than
Open-End
Active Fund
Peer Median
Invesco Russell 1000 Equal Weight ETF
X
 
X
Invesco S&P 500 Enhanced Value ETF
X
 
X
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
X
 
X
Invesco S&P 500® High Beta ETF
X
 
X
Invesco S&P 500® High Dividend Growers ETF
 
 
X
Invesco S&P 500® High Dividend Low Volatility ETF
X
X
X
Invesco S&P 500® Low Volatility ETF
X
 
X
Invesco S&P 500 Minimum Variance ETF
X
X
X
Invesco S&P 500® Momentum ETF
X
 
X
Invesco S&P 500 QVM Multi-factor ETF
X
X
X
Invesco S&P 500 Revenue ETF
 
 
X
Invesco S&P Emerging Markets Low Volatility ETF
X
 
X
Invesco S&P Emerging Markets Momentum ETF
X
 
X
Invesco S&P International Developed Low Volatility ETF
X
X
X
Invesco S&P International Developed Momentum ETF
X
 
X
Invesco S&P International Developed Quality ETF
X
 
X
Invesco S&P MidCap 400 QVM Multi-factor ETF
X
X
X
Invesco S&P MidCap 400 Revenue ETF
 
 
X
Invesco S&P MidCap Low Volatility ETF
 
 
X
Invesco S&P SmallCap 600 GARP ETF
 
 
X
Invesco S&P SmallCap 600 QVM Multi-factor ETF
X
X
X
Invesco S&P SmallCap 600 Revenue ETF
 
X
X
Invesco S&P SmallCap Consumer Discretionary ETF
X
 
X
Invesco S&P SmallCap Consumer Staples ETF
X
 
X
Invesco S&P SmallCap Energy ETF
X
 
X
Invesco S&P SmallCap Financials ETF
X
 
X
Invesco S&P SmallCap Health Care ETF
X
 
X
Invesco S&P SmallCap High Dividend Low Volatility ETF
X
X
X
Invesco S&P SmallCap Industrials ETF
X
 
X
Invesco S&P SmallCap Information Technology ETF
X
 
X
Invesco S&P SmallCap Low Volatility ETF
 
 
X
Invesco S&P SmallCap Materials ETF
X
 
X
Invesco S&P SmallCap Quality ETF
 
 
X
Invesco S&P SmallCap Utilities & Communication Services ETF
X
X
X
Invesco S&P Ultra Dividend Revenue ETF
 
X
X
Invesco Senior Loan ETF
N/A
N/A
X
Invesco Short Term Treasury ETF
X
 
X
Invesco Taxable Municipal Bond ETF
 
X
X
Invesco Variable Rate Preferred ETF
 
X
X
 
*
The information provided by the Adviser indicated that certain Funds did not have any ETF or open-end index fund peers. Those Funds have been designated in
this column with an “N/A” for not available.
In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco Dorsey Wright Emerging Markets Momentum ETF’s, Invesco Global Clean Energy ETF’s, Invesco International Corporate Bond ETF’s, Invesco RAFI Developed Markets ex-U.S. ETF’s, Invesco California AMT-Free Municipal Bond ETF’s, Invesco National AMT-Free Municipal Bond ETF’s, Invesco New York AMT-Free Municipal Bond ETF’s, Invesco Taxable Municipal Bond ETF’s and Invesco Floating Rate Municipal Income ETF’s advisory fees and total expenses and the Lipper peer data.  The Adviser explained
49
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser.  The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds.  The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all of the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the index, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds.  The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund.  The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco S&P SmallCap 600 GARP ETF or Invesco MSCI Global Climate 500 ETF because those Funds had not completed a full year of operations as of December 31, 2024. With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose.  Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s.  Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Trustees reviewed each Fund’s asset size and unitary advisory fee.  The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds.  The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers.  The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.
Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds.  The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent.  The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser.  The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund.  No single factor was determinative in the Board’s analysis.
Investment Sub-Advisory Agreement
As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF at a meeting held on April 24, 2025.  The review process followed by the Board is described in detail above.  In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.
50
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement.  The Trustees reviewed the qualifications and background of each Sub-Adviser, the services provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Short Term Treasury ETF’s assets, and the experience and skills of the investment personnel responsible for the day-to-day management of the Funds.
Based on its review, the Board concluded that the nature, extent and quality of services provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rate under the Sub-Advisory Agreement.  The Trustees noted that the sub-advisory fee charged by the Sub-Advisers under the Sub-Advisory Agreement is consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates.  The Trustees considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF and noted that the Adviser compensates each Sub-Adviser from its fee.
The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 13 and April 24, 2025 Board meetings, and Invesco Advisers, Inc., in connection with the April 24, 2025 meeting, and they noted the net income generated by each firm.  The Trustees noted that the Adviser compensates each Sub-Adviser from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.  As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, the Trustees considered the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Board considered whether the sub-advisory fee rate for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF was reasonable in relation to the asset size of the Funds and concluded that the flat sub-advisory fee rate was reasonable and appropriate.
Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from affiliated money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund’s excess cash invested in the affiliated money market funds.  The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs.  The Trustees noted that the Sub-Advisers had not identified any further benefits that they received from their relationships with Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Funds.  The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.  No single factor was determinative in the Board’s analysis.
51
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Remuneration paid to the Funds’ trustees or officers and others, if any, is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.
52
©2025 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515
P-FI-NCSRS
invesco.com/ETFs


 
Invesco Semi-Annual Financial Statements and Other Information
April 30, 2025 
EELV
Invesco S&P Emerging Markets Low Volatility ETF
EEMO
Invesco S&P Emerging Markets Momentum ETF
IDLV
Invesco S&P International Developed Low Volatility ETF
IDMO
Invesco S&P International Developed Momentum ETF
Table of Contents 
Schedules of Investments
 
3
7
11
15
18
19
20
22
26
38
45
2
Invesco S&P Emerging Markets Low Volatility ETF (EELV)
April 30, 2025
(Unaudited)
Schedule of Investments
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.44%
Brazil-10.99%
Ambev S.A.
 
707,186
$1,819,992
Banco Bradesco S.A., Preference Shares
 
771,000
1,869,825
Banco do Brasil S.A.
 
410,900
2,099,717
Banco Santander Brasil S.A., Series CPO
 
354,000
1,845,847
BB Seguridade Participacoes S.A.
 
306,400
2,314,750
Caixa Seguridade Participacoes S.A.
 
565,301
1,633,576
CCR S.A.
 
708,700
1,683,685
Centrais Eletricas Brasileiras S.A.
 
226,600
1,759,118
Cia de Saneamento Basico do Estado de Sao
Paulo SABESP
 
89,800
1,806,501
Cia Energetica de Minas Gerais, Preference
Shares
 
739,500
1,430,304
Cia Paranaense de Energia - Copel, Class B,
Preference Shares
 
950,500
1,935,787
CPFL Energia S.A.
 
286,000
1,929,265
ENGIE Brasil Energia S.A.
 
305,500
2,243,197
Equatorial Energia S.A.
 
270,600
1,759,421
Itau Unibanco Holding S.A., Preference
Shares
 
357,375
2,245,982
Itausa S.A., Preference Shares
 
1,155,157
2,183,237
Klabin S.A.
 
554,957
1,816,398
Neoenergia S.A.
 
480,200
1,942,378
Porto Seguro S.A.
 
255,200
1,982,946
Rumo S.A.
 
449,200
1,539,280
Telefonica Brasil S.A.
 
339,280
1,665,417
Vale S.A.
 
158,700
1,481,768
 
 
40,988,391
Chile-5.40%
Banco de Chile
 
15,712,646
2,283,600
Banco de Credito e Inversiones S.A.
 
51,945
2,036,718
Banco Santander Chile
 
37,498,105
2,244,609
Cencosud S.A.
 
616,311
2,087,857
Empresas CMPC S.A.
 
903,036
1,402,127
Empresas COPEC S.A.
 
196,884
1,338,073
Enel Americas S.A.
 
22,112,008
2,149,679
Enel Chile S.A.
 
22,662,715
1,587,606
Falabella S.A.
 
370,027
1,663,479
LATAM Airlines Group S.A.
 
98,667,961
1,542,315
Plaza S.A.
 
766,004
1,782,038
 
 
20,118,101
China-2.75%
Bank of China Ltd., H Shares
 
2,584,309
1,443,178
Bank of Communications Co. Ltd., H Shares
 
1,579,000
1,380,932
China CITIC Bank Corp. Ltd., H Shares
 
1,811,000
1,432,534
China Construction Bank Corp., H Shares
 
1,658,278
1,362,314
China Zheshang Bank Co. Ltd., H Shares
 
5,310,000
1,795,493
Industrial & Commercial Bank of China Ltd., H
Shares
 
1,952,089
1,337,359
Jiangsu Expressway Co. Ltd., H Shares
 
1,202,000
1,495,921
 
 
10,247,731
Colombia-0.42%
Bancolombia S.A., Preference Shares
 
151,774
1,559,430
 
Shares
Value
Czech Republic-1.10%
CEZ A.S.(a)
 
41,512
$2,115,405
Komercni banka A.S.
 
41,040
2,002,449
 
 
4,117,854
Greece-2.80%
Danaos Corp.
 
17,929
1,454,400
GEK TERNA Holdings S.A.(b)
 
89,619
1,866,459
Hellenic Telecommunications Organization
S.A.
 
95,459
1,817,764
Metlen Energy & Metals S.A.
 
35,517
1,686,712
OPAP S.A.
 
97,876
2,182,216
Public Power Corp. S.A.
 
95,449
1,435,688
 
 
10,443,239
Hungary-1.13%
MOL Hungarian Oil & Gas PLC
 
271,193
2,304,288
OTP Bank Nyrt.
 
25,882
1,918,435
 
 
4,222,723
India-2.32%
Dr. Reddy’s Laboratories Ltd., ADR(a)
 
129,606
1,804,116
HDFC Bank Ltd., ADR(a)
 
23,488
1,707,343
ICICI Bank Ltd., ADR(a)
 
55,945
1,877,514
Infosys Ltd., ADR(a)
 
84,828
1,492,973
Reliance Industries Ltd., GDR(c)
 
27,146
1,768,998
 
 
8,650,944
Indonesia-0.79%
PT Bank Central Asia Tbk
 
2,604,415
1,384,743
PT Indofood Sukses Makmur Tbk
 
3,245,355
1,565,470
 
 
2,950,213
Kuwait-4.52%
Al Ahli Bank of Kuwait K.S.C.P.
 
1,556,167
1,542,347
Boubyan Bank K.S.C.P.
 
1,242,918
2,755,311
Burgan Bank SAK
 
2,303,423
1,694,985
Gulf Bank K.S.C.P.
 
1,662,839
1,825,628
Kuwait Finance House K.S.C.P.
 
1,638,261
3,869,900
Mobile Telecommunications Co. K.S.C.P.
 
1,745,680
2,697,412
National Bank of Kuwait S.A.K.P.
 
795,298
2,474,114
 
 
16,859,697
Malaysia-8.41%
AMMB Holdings Bhd.
 
1,392,500
1,666,008
CIMB Group Holdings Bhd.
 
1,231,800
2,034,816
Genting Bhd.
 
2,006,800
1,489,835
Hong Leong Bank Bhd.
 
661,800
3,067,519
IHH Healthcare Bhd.
 
1,662,547
2,664,619
KPJ Healthcare Bhd.
 
2,494,100
1,662,635
Malayan Banking Bhd.
 
1,360,992
3,153,838
MISC Bhd.
 
1,261,900
2,194,281
Public Bank Bhd.
 
2,082,000
2,158,313
RHB Bank Bhd.
 
1,731,600
2,670,928
SD Guthrie Bhd.
 
1,336,100
1,469,365
Sime Darby Bhd.
 
3,044,600
1,467,276
Telekom Malaysia Bhd.
 
1,094,700
1,725,231
Tenaga Nasional Bhd.
 
626,772
2,015,787
United Plantations Bhd.
 
364,000
1,932,407
 
 
31,372,858
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Invesco S&P Emerging Markets Low Volatility ETF (EELV)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Mexico-3.47%
America Movil S.A.B. de C.V., Class B
 
2,243,130
$1,938,890
Arca Continental S.A.B. de C.V.
 
138,341
1,458,464
Coca-Cola FEMSA S.A.B. de C.V., Series CPO
 
166,295
1,569,162
El Puerto de Liverpool S.A.B. de C.V.,
Class C-1
 
309,697
1,424,211
Fomento Economico Mexicano S.A.B. de
C.V., Series CPO(d)
 
161,041
1,697,779
Gruma S.A.B. de C.V., Class B
 
76,500
1,464,579
Grupo Comercial Chedraui S.A. de C.V.(a)
 
262,383
1,700,027
Kimberly-Clark de Mexico S.A.B. de C.V.,
Class A
 
951,323
1,680,063
 
 
12,933,175
Peru-0.46%
Credicorp Ltd.
 
8,438
1,706,079
Qatar-5.07%
AlRayan Bank
 
3,498,705
2,148,352
Commercial Bank P.S.Q.C. (The)
 
1,602,708
1,894,848
Dukhan Bank
 
2,322,669
2,232,410
Industries Qatar Q.S.C.
 
659,418
2,274,446
Mesaieed Petrochemical Holding Co.
Q.P.S.C.
 
5,257,201
2,035,457
Ooredoo Q.P.S.C.
 
550,553
1,961,439
Qatar Gas Transport Co. Ltd.
 
1,346,775
1,693,242
Qatar Islamic Bank Q.P.S.C.
 
395,052
2,291,343
Qatar National Bank Q.P.S.C.
 
513,917
2,357,086
 
 
18,888,623
Romania-0.65%
NEPI Rockcastle N.V.(b)
 
317,964
2,438,238
Russia-0.00%
X5 Retail Group N.V., GDR(b)(c)(e)
 
51,546
0
Saudi Arabia-13.18%
Abdullah Al Othaim Markets Co.
 
702,426
1,689,685
Al Rajhi Bank
 
68,444
1,778,060
Alinma Bank
 
237,552
1,839,929
Almarai Co. JSC
 
113,330
1,596,392
Arab National Bank
 
292,433
1,677,399
Arabian Drilling Co.
 
56,759
1,308,111
Bank AlBilad
 
193,474
1,495,157
Bank Al-Jazira(b)
 
421,395
1,518,975
Banque Saudi Fransi
 
392,736
1,923,780
Dr. Sulaiman Al Habib Medical Services Group
Co., Class H
 
21,772
1,661,979
Etihad Etisalat Co.
 
87,813
1,471,098
Jarir Marketing Co.
 
753,070
2,536,078
Nahdi Medical Co.
 
75,628
2,290,873
Power and Water Utility Co. for Jubail and
Yanbu
 
121,209
1,414,641
Riyad Bank
 
196,017
1,609,177
SABIC Agri-Nutrients Co.
 
53,989
1,422,230
Sahara International Petrochemical Co.
 
279,780
1,418,239
Saudi Arabian Oil Co.(c)
 
482,209
3,260,257
Saudi Aramco Base Oil Co.
 
61,160
1,620,174
Saudi Awwal Bank
 
166,900
1,561,772
Saudi Basic Industries Corp.
 
104,989
1,707,215
Saudi Electricity Co.
 
464,682
1,855,684
Saudi Industrial Investment Group
 
367,864
1,483,753
Saudi Investment Bank (The)
 
531,839
2,136,768
Saudi Kayan Petrochemical Co.(b)
 
946,034
1,455,555
 
Shares
Value
Saudi Arabia-(continued)
Saudi National Bank (The)
 
164,972
$1,571,878
Saudi Telecom Co.
 
169,611
2,153,371
Yanbu National Petrochemical Co., Class A
 
197,587
1,684,609
 
 
49,142,839
South Africa-5.63%
Bid Corp. Ltd.
 
74,569
1,873,418
Bidvest Group Ltd. (The)
 
107,069
1,356,989
Capitec Bank Holdings Ltd.
 
9,135
1,695,058
Clicks Group Ltd.
 
91,705
1,952,838
FirstRand Ltd.
 
378,999
1,483,512
Growthpoint Properties Ltd.(a)
 
2,338,364
1,648,001
Investec Ltd.
 
259,699
1,620,368
Nedbank Group Ltd.
 
102,328
1,397,259
OUTsurance Group Ltd.
 
435,498
1,790,719
Pepkor Holdings Ltd.(c)
 
1,074,386
1,554,879
Sanlam Ltd.
 
327,237
1,489,525
Shoprite Holdings Ltd.
 
100,724
1,549,341
Standard Bank Group Ltd.
 
126,926
1,584,646
 
 
20,996,553
South Korea-1.89%
Industrial Bank of Korea
 
151,580
1,635,914
Kangwon Land, Inc.
 
136,483
1,557,973
Korean Air Lines Co. Ltd.
 
92,155
1,358,628
LG Uplus Corp.
 
296,359
2,502,332
 
 
7,054,847
Taiwan-15.07%
Asia Cement Corp.
 
1,372,872
1,933,753
Cathay Financial Holding Co. Ltd.
 
693,198
1,277,225
Chang Hwa Commercial Bank Ltd.
 
5,678,776
3,238,162
China Steel Corp.
 
2,128,689
1,376,609
Chunghwa Telecom Co. Ltd.
 
854,137
3,453,194
CTBC Financial Holding Co. Ltd.
 
1,151,000
1,418,308
E.Sun Financial Holding Co. Ltd.
 
2,223,600
1,972,282
Far EasTone Telecommunications Co. Ltd.
 
669,810
1,796,135
First Financial Holding Co. Ltd.
 
2,930,386
2,333,489
Fubon Financial Holding Co. Ltd.
 
559,304
1,482,397
Hotai Motor Co. Ltd.
 
90,000
1,751,811
Hua Nan Financial Holdings Co. Ltd.
 
2,089,146
1,768,917
KGI Financial Holding Co. Ltd.
 
2,425,000
1,257,789
Mega Financial Holding Co. Ltd.
 
1,868,012
2,212,250
Poya International Co. Ltd.
 
119,000
1,781,699
President Chain Store Corp.
 
304,000
2,485,980
Shanghai Commercial & Savings Bank Ltd.
(The)
 
1,264,902
1,865,312
SinoPac Financial Holdings Co. Ltd.
 
2,395,581
1,600,782
Synnex Technology International Corp.
 
692,021
1,535,275
Taishin Financial Holding Co. Ltd.
 
3,667,277
1,916,409
Taiwan Business Bank
 
3,786,453
1,676,975
Taiwan Cooperative Financial Holding Co.
Ltd.
 
3,819,595
2,917,289
Taiwan Fertilizer Co. Ltd.
 
1,267,677
2,033,384
Taiwan High Speed Rail Corp.
 
3,476,000
2,950,995
Taiwan Mobile Co. Ltd.
 
502,800
1,785,196
TCC Group Holdings Co. Ltd.
 
2,064,900
1,918,928
Uni-President Enterprises Corp.
 
717,181
1,723,503
United Microelectronics Corp.
 
1,016,000
1,425,704
Yuanta Financial Holding Co. Ltd.
 
1,342,694
1,315,518
 
 
56,205,270
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Invesco S&P Emerging Markets Low Volatility ETF (EELV)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Thailand-7.43%
Advanced Info Service PCL, NVDR
 
189,356
$1,670,249
Airports of Thailand PCL, NVDR
 
1,231,955
1,406,874
Bangkok Bank PCL, NVDR
 
426,065
1,784,493
Bangkok Dusit Medical Services PCL, NVDR
 
2,291,124
1,643,048
Bangkok Expressway & Metro PCL, NVDR
 
9,650,671
1,706,314
Kasikornbank PCL, NVDR
 
444,751
2,123,903
Krung Thai Bank PCL, NVDR
 
2,442,796
1,594,065
Krungthai Card PCL, NVDR
 
1,279,270
1,784,174
PTT Exploration & Production PCL, NVDR
 
480,310
1,429,441
PTT PCL, NVDR
 
2,471,411
2,291,939
SCB X PCL, NVDR
 
534,940
1,906,142
Thai Beverage PCL
 
4,279,299
1,640,541
Thai Union Group PCL, NVDR
 
4,404,148
1,422,821
Tisco Financial Group PCL, NVDR
 
1,215,576
3,573,064
TMBThanachart Bank PCL, NVDR
 
31,254,150
1,712,063
 
 
27,689,131
United Arab Emirates-5.96%
Abu Dhabi Commercial Bank PJSC
 
505,747
1,602,637
Abu Dhabi Islamic Bank PJSC
 
358,653
1,785,651
Abu Dhabi National Oil Co. for Distribution
PJSC
 
2,098,519
1,925,740
ADNOC Drilling Co. PJSC, Class C
 
1,038,989
1,386,199
ADNOC Gas PLC
 
2,398,691
2,070,557
ADNOC Logistics & Services
 
1,120,478
1,479,766
Borouge PLC
 
4,237,607
2,979,121
Dubai Electricity and Water Authority PJSC
 
2,923,168
2,133,019
Dubai Islamic Bank PJSC
 
903,122
1,860,695
Emirates NBD Bank PJSC
 
253,713
1,419,900
Emirates Telecommunications Group Co.
PJSC
 
375,341
1,778,649
First Abu Dhabi Bank PJSC
 
439,555
1,798,488
 
 
22,220,422
Total Common Stocks & Other Equity Interests
(Cost $339,343,956)
370,806,358
 
Shares
Value
Money Market Funds-0.11%
Invesco Government & Agency Portfolio,
Institutional Class, 4.26%(f)(g)
(Cost $405,679)
 
405,679
$405,679
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.55%
(Cost $339,749,635)
371,212,037
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-3.52%
Invesco Private Government Fund,
4.32%(f)(g)(h)
 
3,764,731
3,764,731
Invesco Private Prime Fund, 4.46%(f)(g)(h)
 
9,354,835
9,356,706
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $13,122,070)
13,121,437
TOTAL INVESTMENTS IN SECURITIES-103.07%
(Cost $352,871,705)
384,333,474
OTHER ASSETS LESS LIABILITIES-(3.07)%
(11,451,319
)
NET ASSETS-100.00%
$372,882,155
 
Investment Abbreviations:
ADR-American Depositary Receipt
CPO-Certificates of Ordinary Participation
GDR-Global Depositary Receipt
NVDR-Non-Voting Depositary Receipt
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5
Invesco S&P Emerging Markets Low Volatility ETF (EELV)—(continued)
April 30, 2025
(Unaudited)
Notes to Schedule of Investments:
(a)
All or a portion of this security was out on loan at April 30, 2025.
(b)
Non-income producing security.
(c)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
April 30, 2025 was $6,584,134, which represented 1.77% of the Fund’s Net Assets.
(d)
Each CPO for Fomento Economico Mexicano, S.A.B. de C.V. represents one Series B share and four Series D shares.
(e)
Security valued using significant unobservable inputs (Level 3). See Note 4.
(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 six months ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$30,856
$16,360,825
$(15,986,002
)
$-
$-
$405,679
$3,873
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
4,053,634
14,349,245
(14,638,148
)
-
-
3,764,731
80,133
*
Invesco Private Prime Fund
5,364,341
24,726,301
(20,732,756
)
(537
)
(643
)
9,356,706
210,618
*
Total
$9,448,831
$55,436,371
$(51,356,906
)
$(537
)
$(643
)
$13,527,116
$294,624
 
*
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 April 30, 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. See Note 2K.
 
Open Futures Contracts
Long Futures Contracts
Number of
Contracts
Expiration
Month
Notional
Value
Value
Unrealized
Appreciation
(Depreciation)
Equity Risk
 
MSCI Emerging Markets Index
25
June-2025
$1,387,500
$(9,794
)
$(9,794
)
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6
Invesco S&P Emerging Markets Momentum ETF (EEMO)
April 30, 2025
(Unaudited)
Schedule of Investments
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.65%
Argentina-0.12%
Vista Energy, S.A.B. de C.V., ADR(a)
 
317
$14,319
Brazil-2.78%
BB Seguridade Participacoes S.A.
 
2,463
18,607
BRF S.A.
 
2,177
8,729
Cia Energetica de Minas Gerais, Preference
Shares
 
7,710
14,912
Embraer S.A.(a)
 
5,524
63,345
NU Holdings Ltd., Class A(a)(b)
 
11,869
147,532
Porto Seguro S.A.
 
1,135
8,819
WEG S.A.
 
9,317
73,464
 
 
335,408
Chile-0.73%
Banco de Chile
 
177,243
25,760
Cencosud S.A.
 
7,188
24,350
Falabella S.A.
 
5,244
23,575
LATAM Airlines Group S.A.
 
685,655
10,718
Plaza S.A.
 
1,636
3,806
 
 
88,209
China-41.71%
AAC Technologies Holdings, Inc.
 
4,212
20,165
Agricultural Bank of China Ltd., H Shares
 
161,953
98,838
Atour Lifestyle Holdings Ltd., ADR
 
166
4,057
Bank of China Ltd., H Shares
 
458,919
256,278
Bank of Communications Co. Ltd., H Shares
 
104,298
91,215
Bilibili, Inc., Z Shares(a)
 
1,039
18,241
Brilliance China Automotive Holdings Ltd.
 
15,772
5,583
BYD Co. Ltd., H Shares
 
4,370
207,583
China CITIC Bank Corp. Ltd., H Shares
 
53,004
41,927
China Communications Services Corp. Ltd., H
Shares
 
9,829
5,120
China Construction Bank Corp., H Shares
 
515,177
423,230
China Everbright Bank Co. Ltd., H Shares
 
12,931
5,616
China Feihe Ltd.(c)
 
15,155
11,454
China Galaxy Securities Co. Ltd., H Shares
 
13,456
12,225
China Hongqiao Group Ltd.(b)
 
15,798
28,361
China Life Insurance Co. Ltd., H Shares
 
28,824
52,685
China Merchants Bank Co. Ltd., H Shares
 
12,998
70,908
China Merchants Port Holdings Co. Ltd.
 
5,119
8,312
China Merchants Securities Co. Ltd., H Shares(c)
 
3,441
5,219
China Minsheng Banking Corp. Ltd., H Shares
 
37,036
17,381
China Pacific Insurance (Group) Co. Ltd., H
Shares
 
9,805
26,680
China State Construction International Holdings
Ltd.
 
7,095
10,459
China Taiping Insurance Holdings Co. Ltd.
 
6,256
8,664
China Tower Corp. Ltd., H Shares(c)
 
16,755
24,272
Chongqing Rural Commercial Bank Co. Ltd., H
Shares
 
13,333
10,237
Full Truck Alliance Co. Ltd., ADR(b)
 
3,427
38,931
Fuyao Glass Industry Group Co. Ltd., H Shares(c)
 
2,431
17,194
GDS Holdings Ltd., A Shares(a)
 
7,643
24,247
Geely Automobile Holdings Ltd.
 
27,775
58,315
Giant Biogene Holding Co. Ltd.(c)
 
2,087
21,565
Goldwind Science & Technology Co. Ltd., H
Shares
 
3,476
2,395
 
Shares
Value
China-(continued)
Great Wall Motor Co. Ltd.
 
8,858
$12,659
Guotai Haitong Securities Co. Ltd., H Shares(b)(c)
 
8,246
11,754
Industrial & Commercial Bank of China Ltd., H
Shares
 
398,632
273,099
JD Logistics, Inc.(a)(c)
 
8,850
13,882
JD.com, Inc., A Shares
 
12,421
202,255
Kingboard Laminates Holdings Ltd.
 
3,051
3,186
Kingsoft Corp. Ltd.
 
5,018
25,005
Meituan, B Shares(a)(c)
 
32,614
540,067
New China Life Insurance Co. Ltd., H Shares
 
3,456
12,622
People’s Insurance Co. (Group) of China Ltd.
(The), H Shares
 
43,847
25,952
Pop Mart International Group Ltd.(c)
 
4,902
122,276
Qifu Technology, Inc., ADR(b)
 
861
35,327
Qingdao Port International Co. Ltd., H Shares(c)
 
3,935
2,845
Sichuan Kelun-Biotech Biopharmaceutical Co.
Ltd.(a)
 
86
3,679
Sinopec Engineering Group Co. Ltd., H Shares
 
7,668
5,457
SITC International Holdings Co. Ltd.
 
5,151
14,265
Smoore International Holdings Ltd.(c)
 
12,269
21,238
Tencent Holdings Ltd.
 
17,774
1,088,801
Tingyi Cayman Islands Holding Corp.
 
8,178
14,774
Trip.com Group Ltd.
 
2,889
174,056
Uni-President China Holdings Ltd.
 
6,758
8,109
Xiaomi Corp., B Shares(a)(c)
 
114,488
733,061
Yangzijiang Shipbuilding Holdings Ltd.
 
14,814
25,384
Zhaojin Mining Industry Co. Ltd., H Shares(b)
 
5,562
13,252
Zhuzhou CRRC Times Electric Co. Ltd.
 
1,744
7,001
ZTE Corp., H Shares
 
3,519
10,390
 
 
5,027,753
Colombia-0.20%
Bancolombia S.A., Preference Shares
 
2,344
24,084
Czech Republic-0.44%
CEZ A.S.
 
664
33,837
Komercni banka A.S.(b)
 
386
18,834
 
 
52,671
Egypt-0.03%
Talaat Moustafa Group
 
3,094
3,163
Greece-0.29%
Eurobank Ergasias Services and Holdings S.A.
 
10,028
28,558
GEK TERNA Holdings S.A.(a)
 
295
6,144
 
 
34,702
Hong Kong-0.29%
United Laboratories International Holdings Ltd.
(The)(b)
 
4,880
8,746
WH Group Ltd.
 
28,854
25,805
 
 
34,551
Hungary-0.91%
OTP Bank Nyrt.
 
1,486
110,146
India-11.57%
360 One Wam Ltd.
 
978
11,392
Bharat Electronics Ltd.
 
14,059
52,293
Bharti Airtel Ltd.
 
12,029
265,339
Blue Star Ltd.
 
514
10,388
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7
Invesco S&P Emerging Markets Momentum ETF (EEMO)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
India-(continued)
Coromandel International Ltd.
 
747
$19,607
Divi’s Laboratories Ltd.
 
639
46,125
Dixon Technologies India Ltd.(c)
 
264
51,466
Eicher Motors Ltd.
 
540
35,560
Eternal Ltd.(a)
 
30,002
82,115
Fortis Healthcare Ltd.
 
2,022
16,397
GE Vernova T&D India Ltd.
 
978
18,104
Glenmark Pharmaceuticals Ltd.
 
731
11,954
Hitachi Energy India Ltd.
 
51
8,749
Indian Hotels Co. Ltd. (The)
 
3,804
35,395
Indus Towers Ltd.(a)
 
4,715
22,722
Info Edge India Ltd.
 
309
25,848
InterGlobe Aviation Ltd.(a)(c)
 
750
46,733
Jyoti CNC Automation Ltd.(a)(c)
 
106
1,351
Lloyds Metals and Energy Ltd.
 
898
12,833
Lupin Ltd.
 
935
23,251
Mahindra & Mahindra Ltd.
 
5,402
187,164
MakeMyTrip Ltd.(a)
 
262
27,463
Mazagon Dock Shipbuilders Ltd.
 
279
10,147
Muthoot Finance Ltd.
 
601
15,472
Oberoi Realty Ltd.
 
354
6,872
Oil India Ltd.
 
1,619
7,868
Oracle Financial Services Software Ltd.
 
76
7,853
PB Fintech Ltd.(a)
 
1,369
26,304
Persistent Systems Ltd.
 
365
22,971
Siemens Energy India Ltd.(a)(d)
 
318
9,328
Siemens Ltd.
 
318
10,906
Solar Industries India Ltd.
 
90
14,018
Sun Pharmaceutical Industries Ltd.
 
3,655
79,272
Tech Mahindra Ltd.
 
2,080
36,996
Torrent Pharmaceuticals Ltd.
 
329
12,939
Trent Ltd.
 
959
58,618
United Spirits Ltd.
 
1,006
18,603
Vedanta Ltd.
 
8,847
43,930
 
 
1,394,346
Indonesia-0.23%
PT Alamtri Resources (Indonesia) Tbk
 
52,221
5,982
PT Indofood Sukses Makmur Tbk
 
15,681
7,564
PT Pantai Indah Kapuk Dua Tbk
 
9,754
6,698
PT Perusahaan Gas Negara Tbk
 
43,373
4,401
PT Petrindo Jaya Kreasi Tbk(a)
 
6,829
2,932
 
 
27,577
Kuwait-1.01%
Kuwait Finance House K.S.C.P.
 
51,381
121,372
Malaysia-2.43%
AMMB Holdings Bhd.
 
10,707
12,810
CIMB Group Holdings Bhd.
 
40,087
66,220
Gamuda Bhd.
 
28,860
28,435
IHH Healthcare Bhd.
 
11,724
18,791
KPJ Healthcare Bhd.
 
11,581
7,720
Malayan Banking Bhd.
 
33,051
76,589
RHB Bank Bhd.
 
9,184
14,166
Sime Darby Property Bhd.
 
16,378
4,704
Sunway Bhd.
 
11,844
12,485
Tenaga Nasional Bhd.
 
11,979
38,526
United Plantations Bhd.
 
2,258
11,987
 
 
292,433
 
Shares
Value
Mexico-0.29%
Grupo Aeroportuario del Pacifico S.A.B. de C.V.,
Class B
 
1,704
$34,660
Peru-0.43%
Credicorp Ltd.
 
258
52,165
Philippines-0.15%
International Container Terminal Services, Inc.
 
2,991
18,294
Poland-0.94%
CCC S.A.(a)
 
359
20,853
CD Projekt S.A.(b)
 
484
30,106
Powszechna Kasa Oszczednosci Bank Polski S.A.
 
3,219
62,170
 
 
113,129
Qatar-0.20%
Industries Qatar Q.S.C.
 
7,078
24,413
Romania-0.15%
NEPI Rockcastle N.V.(a)
 
2,348
18,005
Russia-0.00%
Alrosa PJSC(d)
 
11,439
0
Gazprom PJSC(a)(d)
 
43,562
0
Severstal PAO(d)
 
1,045
0
 
 
0
Saudi Arabia-0.80%
ACWA Power Co.
 
912
78,207
Al Rajhi Co. for Cooperative Insurance(a)
 
387
13,532
Astra Industrial Group Co.
 
133
5,302
 
 
97,041
South Africa-1.67%
Capitec Bank Holdings Ltd.
 
480
89,067
Harmony Gold Mining Co. Ltd.
 
2,539
39,883
Mr Price Group Ltd.
 
1,216
15,537
Nedbank Group Ltd.
 
1,806
24,661
OUTsurance Group Ltd.
 
4,916
20,214
Pepkor Holdings Ltd.(c)
 
7,970
11,534
 
 
200,896
South Korea-7.59%
Alteogen, Inc.(a)
 
334
82,384
Coupang, Inc.(a)
 
6,036
141,061
Hanmi Semiconductor Co. Ltd.
 
146
7,814
Hanwha Aerospace Co. Ltd.
 
186
104,533
Hanwha Ocean Co. Ltd.(a)
 
669
36,964
HD Hyundai Electric Co. Ltd.
 
180
39,172
HD Hyundai Heavy Industries Co. Ltd.(a)
 
166
46,950
HD Hyundai Mipo Co. Ltd.
 
103
12,100
HD Korea Shipbuilding & Offshore Engineering Co.
Ltd.
 
254
48,589
Hyundai Glovis Co. Ltd.
 
225
18,041
Hyundai Motor Co., First Pfd.
 
79
8,326
Hyundai Motor Co., Second Pfd.
 
135
14,492
Hyundai Rotem Co. Ltd.
 
364
28,690
Industrial Bank of Korea
 
992
10,706
KB Financial Group, Inc.
 
1,546
97,705
Krafton, Inc.(a)
 
131
34,296
LIG Nex1 Co. Ltd.
 
54
12,200
LS Electric Co. Ltd.
 
109
15,743
Meritz Financial Group, Inc.
 
394
34,420
NH Investment & Securities Co. Ltd.
 
599
6,476
Rainbow Robotics(a)
 
37
7,019
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8
Invesco S&P Emerging Markets Momentum ETF (EEMO)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
South Korea-(continued)
Samsung Heavy Industries Co. Ltd.(a)
 
3,252
$33,319
Samyang Foods Co. Ltd.
 
34
23,206
SK Square Co. Ltd.(a)
 
320
19,784
SKC Co. Ltd.(a)
 
71
5,094
Yuhan Corp.
 
320
25,644
 
 
914,728
Taiwan-18.67%
Caliway Biopharmaceuticals Co. Ltd.(a)
 
950
19,854
Cathay Financial Holding Co. Ltd.
 
50,970
93,913
Chroma ATE, Inc.
 
1,881
17,195
CTBC Financial Holding Co. Ltd.
 
87,246
107,508
Delta Electronics, Inc.
 
8,042
84,266
Eva Airways Corp.
 
13,391
16,084
Fubon Financial Holding Co. Ltd.
 
51,352
136,105
Hon Hai Precision Industry Co. Ltd.
 
58,925
262,529
Hua Nan Financial Holdings Co. Ltd.
 
49,033
41,517
International Games System Co. Ltd.
 
1,723
44,670
Jentech Precision Industrial Co. Ltd.
 
354
11,147
KGI Financial Holding Co. Ltd.
 
77,445
40,169
Lotes Co. Ltd.
 
413
16,239
MediaTek, Inc.
 
5,865
249,222
MiTAC Holdings Corp.(a)
 
3,308
5,509
PharmaEssentia Corp.(a)
 
1,896
31,172
Radiant Opto-Electronics Corp.
 
1,905
8,849
SinoPac Financial Holdings Co. Ltd.
 
40,862
27,305
Taiwan Business Bank
 
24,253
10,741
Taiwan Semiconductor Manufacturing Co. Ltd.
 
34,515
977,967
Yuanta Financial Holding Co. Ltd.
 
49,449
48,448
 
 
2,250,409
Thailand-1.57%
Advanced Info Service PCL, NVDR
 
4,423
39,014
Delta Electronics Thailand PCL, NVDR
 
17,308
50,734
Kasikornbank PCL, NVDR
 
6,547
31,265
Krung Thai Bank PCL, NVDR
 
20,872
13,620
SCB X PCL, NVDR
 
3,919
13,965
True Corp. PCL, NVDR(a)
 
114,028
41,282
 
 
189,880
Turkey-1.11%
Akbank T.A.S.
 
12,815
16,299
Aksa Akrilik Kimya Sanayii A.S.
 
5,275
1,314
Aselsan Elektronik Sanayi Ve Ticaret A.S.
 
6,012
21,199
BIM Birlesik Magazalar A.S.
 
1,561
18,356
Gubre Fabrikalari T.A.S.(a)
 
358
2,571
Haci Omer Sabanci Holding A.S.
 
4,287
8,207
Migros Ticaret A.S.
 
337
4,206
MLP Saglik Hizmetleri A.S.(a)(c)
 
382
3,255
Pegasus Hava Tasimaciligi A.S.(a)
 
841
4,896
TAV Havalimanlari Holding A.S.(a)
 
1,331
7,930
Turk Telekomunikasyon A.S.(a)
 
1,728
2,363
Turkcell Iletisim Hizmetleri A.S.
 
5,670
13,311
 
Shares
Value
Turkey-(continued)
Turkiye Garanti Bankasi A.S.
 
3,894
$10,476
Turkiye Halk Bankasi A.S.(a)
 
2,394
1,258
Turkiye Is Bankasi A.S., Class C
 
26,514
7,145
Turkiye Sigorta A.S.
 
3,832
1,747
Turkiye Vakiflar Bankasi T.A.O.(a)
 
5,326
2,887
Yapi Ve Kredi Bankasi A.S.(a)
 
10,162
6,049
 
 
133,469
United Arab Emirates-3.01%
Abu Dhabi Commercial Bank PJSC
 
15,014
47,577
Abu Dhabi Islamic Bank PJSC
 
8,329
41,468
ADNOC Drilling Co. PJSC, Class C
 
13,526
18,046
ADNOC Logistics & Services
 
5,521
7,291
Aldar Properties PJSC
 
17,789
40,060
Dubai Islamic Bank PJSC
 
13,271
27,342
Emaar Development PJSC
 
5,437
19,814
Emaar Properties PJSC
 
41,999
150,073
Salik Co. PJSC
 
8,188
11,282
 
 
362,953
United States-0.33%
JBS S.A.
 
3,425
26,667
Titan Cement International S.A.
 
288
13,416
 
 
40,083
Total Common Stocks & Other Equity Interests
(Cost $12,158,919)
12,010,859
Money Market Funds-0.12%
Invesco Government & Agency Portfolio,
Institutional Class, 4.26%(e)(f)
(Cost $14,623)
 
14,623
14,623
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from
securities on loan)-99.77%
(Cost $12,173,542)
12,025,482
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-2.63%
Invesco Private Government Fund, 4.32%(e)(f)(g)
 
88,378
88,378
Invesco Private Prime Fund, 4.46%(e)(f)(g)
 
228,557
228,603
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $316,981)
316,981
TOTAL INVESTMENTS IN SECURITIES-102.40%
(Cost $12,490,523)
12,342,463
OTHER ASSETS LESS LIABILITIES-(2.40)%
(289,844
)
NET ASSETS-100.00%
$12,052,619
 
Investment Abbreviations:
ADR-American Depositary Receipt
MLP-Master Limited Partnership
NVDR-Non-Voting Depositary Receipt
Pfd.-Preferred
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9
Invesco S&P Emerging Markets Momentum ETF (EEMO)—(continued)
April 30, 2025
(Unaudited)
Notes to Schedule of Investments:
(a)
Non-income producing security.
(b)
All or a portion of this security was out on loan at April 30, 2025.
(c)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
April 30, 2025 was $1,639,166, which represented 13.60% of the Fund’s Net Assets.
(d)
Security valued using significant unobservable inputs (Level 3). See Note 4.
(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 six months ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$125,162
$909,018
$(1,019,557
)
$-
$-
$14,623
$1,516
Investments Purchased with
Cash Collateral from Securities
on Loan:
Invesco Private Government
Fund
13,135
604,776
(529,533
)
-
-
88,378
848
*
Invesco Private Prime Fund
34,752
1,278,015
(1,084,156
)
4
(12
)
228,603
2,263
*
Total
$173,049
$2,791,809
$(2,633,246
)
$4
$(12
)
$331,604
$4,627
 
*
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 April 30, 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 Note 2K.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10
Invesco S&P International Developed Low Volatility ETF (IDLV)
April 30, 2025
(Unaudited)
Schedule of Investments
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.00%
Australia-9.97%
ANZ Group Holdings Ltd.
 
67,767
$1,294,442
ASX Ltd.(a)
 
27,563
1,246,743
Aurizon Holdings Ltd.(a)
 
679,881
1,329,558
Coles Group Ltd.
 
135,671
1,840,373
Commonwealth Bank of Australia
 
12,351
1,315,044
CSL Ltd.
 
8,745
1,402,152
Dyno Nobel Ltd.
 
708,661
1,027,569
Lottery Corp. Ltd. (The)
 
468,995
1,561,231
Macquarie Group Ltd.
 
9,620
1,187,493
Medibank Pvt. Ltd.
 
409,214
1,215,969
Orica Ltd.
 
123,373
1,279,194
QBE Insurance Group Ltd.
 
87,115
1,202,607
Santos Ltd.
 
292,935
1,124,918
Scentre Group
 
547,790
1,267,702
Telstra Group Ltd.
 
602,197
1,736,100
Transurban Group
 
178,895
1,610,328
Washington H Soul Pattinson & Co. Ltd.(a)
 
73,882
1,756,660
Wesfarmers Ltd.
 
24,976
1,249,837
Westpac Banking Corp.
 
59,513
1,247,526
Woolworths Group Ltd.
 
76,558
1,543,455
 
 
27,438,901
Belgium-2.11%
Ackermans & van Haaren N.V.
 
6,145
1,508,165
Ageas S.A./N.V.
 
22,669
1,426,609
Groupe Bruxelles Lambert N.V.
 
21,554
1,784,200
KBC Group N.V.
 
11,794
1,091,254
 
 
5,810,228
Canada-19.71%
Bank of Montreal
 
11,771
1,125,629
Bank of Nova Scotia (The)
 
32,145
1,605,272
Canadian Apartment Properties REIT
 
39,860
1,214,874
Canadian Imperial Bank of Commerce
 
23,313
1,467,505
Canadian National Railway Co.
 
12,911
1,247,917
Canadian Pacific Kansas City Ltd.
 
14,920
1,081,546
CCL Industries, Inc., Class B
 
24,091
1,256,436
CGI, Inc., Class A
 
11,465
1,213,316
Choice Properties REIT(a)
 
149,503
1,580,210
Element Fleet Management Corp.
 
59,945
1,310,171
Emera, Inc.(a)
 
34,470
1,548,442
Empire Co. Ltd., Class A
 
41,027
1,520,729
Enbridge, Inc.(a)
 
37,085
1,730,884
FirstService Corp.
 
7,413
1,298,523
Fortis, Inc.
 
36,960
1,826,728
George Weston Ltd.
 
8,410
1,635,362
Great-West Lifeco, Inc.
 
34,643
1,344,539
Hydro One Ltd.(b)
 
50,091
1,923,425
IGM Financial, Inc.(a)
 
41,278
1,309,194
Intact Financial Corp.
 
7,203
1,596,570
Loblaw Cos. Ltd.
 
10,761
1,743,511
Manulife Financial Corp.
 
39,340
1,203,298
Metro, Inc.
 
23,317
1,793,382
National Bank of Canada
 
17,218
1,509,270
Pembina Pipeline Corp.
 
37,848
1,443,994
Power Corp. of Canada
 
38,250
1,444,932
Quebecor, Inc., Class B
 
47,378
1,297,210
Rogers Communications, Inc., Class B
 
42,769
1,112,805
 
Shares
Value
Canada-(continued)
Royal Bank of Canada(a)
 
14,235
$1,705,253
Saputo, Inc.
 
62,787
1,222,740
Sun Life Financial, Inc.
 
23,701
1,409,569
TC Energy Corp.
 
27,717
1,397,588
TELUS Corp.
 
90,660
1,392,750
Thomson Reuters Corp.
 
7,433
1,380,430
TMX Group Ltd.
 
35,361
1,430,261
Toromont Industries Ltd.
 
17,089
1,443,033
Toronto-Dominion Bank (The)
 
20,782
1,325,336
WSP Global, Inc.
 
6,632
1,173,239
 
 
54,265,873
China-0.42%
Wilmar International Ltd.
 
492,641
1,155,833
Denmark-0.50%
Tryg A/S
 
57,264
1,370,665
Finland-1.86%
Elisa OYJ(a)
 
24,498
1,311,419
Kone OYJ, Class B
 
20,430
1,269,623
Nordea Bank Abp
 
79,258
1,089,962
Sampo OYJ
 
145,635
1,464,083
 
 
5,135,087
France-6.36%
Air Liquide S.A.
 
7,045
1,452,578
AXA S.A.
 
28,524
1,353,713
Bollore SE
 
192,620
1,195,538
Bouygues S.A.
 
31,811
1,403,077
Cie Generale des Etablissements Michelin
S.C.A.
 
30,523
1,119,938
Credit Agricole S.A.
 
65,513
1,233,031
Danone S.A.
 
21,771
1,879,767
ENGIE S.A.
 
71,751
1,488,079
EssilorLuxottica S.A.
 
3,843
1,111,184
Orange S.A.
 
109,225
1,590,098
TotalEnergies SE
 
19,186
1,096,505
Veolia Environnement S.A.
 
35,853
1,314,007
Vinci S.A.
 
9,107
1,283,640
 
 
17,521,155
Germany-4.03%
Allianz SE
 
3,855
1,599,828
Beiersdorf AG
 
9,123
1,289,839
Deutsche Boerse AG
 
5,013
1,620,216
Deutsche Telekom AG
 
39,073
1,408,237
E.ON SE
 
80,123
1,406,143
Hannover Rueck SE
 
3,669
1,181,803
Henkel AG & Co. KGaA, Preference Shares
 
16,426
1,280,140
Symrise AG
 
11,290
1,306,575
 
 
11,092,781
Hong Kong-1.85%
CLP Holdings Ltd.
 
163,195
1,391,667
HKT Trust & HKT Ltd.
 
992,561
1,412,558
Hong Kong & China Gas Co. Ltd. (The)
 
1,334,550
1,200,934
Power Assets Holdings Ltd.
 
164,416
1,087,442
 
 
5,092,601
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11
Invesco S&P International Developed Low Volatility ETF (IDLV)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Ireland-0.45%
Kerry Group PLC, Class A
 
11,680
$1,240,723
Italy-4.15%
Assicurazioni Generali S.p.A.(a)
 
37,774
1,385,307
Banca Mediolanum S.p.A.(a)
 
76,654
1,149,912
Enel S.p.A.
 
172,708
1,502,356
Eni S.p.A.
 
85,834
1,233,507
Infrastrutture Wireless Italiane S.p.A.(a)(b)
 
124,610
1,493,235
Poste Italiane S.p.A.(b)
 
72,782
1,482,357
Snam S.p.A.
 
266,897
1,537,125
Terna S.p.A.
 
163,633
1,632,738
 
 
11,416,537
Japan-10.03%
Advance Residence Investment Corp.
 
1,360
1,404,694
ANA Holdings, Inc.(a)
 
64,274
1,237,610
Daito Trust Construction Co. Ltd.
 
11,425
1,275,058
Daiwa House REIT Investment Corp.
 
956
1,605,091
GLP J-Reit
 
1,574
1,360,885
Japan Metropolitan Fund Investment Corp.
 
2,037
1,360,447
Japan Real Estate Investment Corp.
 
1,913
1,521,801
KDDI Corp.
 
71,606
1,272,143
KDX Realty Investment Corp.(a)
 
1,280
1,336,128
Kirin Holdings Co. Ltd.
 
92,157
1,397,353
McDonald’s Holdings Co. (Japan) Ltd.
 
32,758
1,388,421
MEIJI Holdings Co. Ltd.
 
55,853
1,376,522
Nippon Building Fund, Inc.(a)
 
1,544
1,436,571
Nippon Telegraph & Telephone Corp.
 
1,337,988
1,401,902
Nomura Real Estate Master Fund, Inc.
 
1,196
1,193,526
ORIX JREIT, Inc.
 
1,261
1,591,985
SoftBank Corp.
 
892,093
1,353,173
Takeda Pharmaceutical Co. Ltd.
 
41,885
1,269,984
United Urban Investment Corp.
 
1,530
1,613,867
Yamada Holdings Co. Ltd.
 
378,535
1,222,842
 
 
27,620,003
Netherlands-2.18%
EXOR N.V.
 
12,693
1,202,533
Koninklijke Ahold Delhaize N.V.
 
36,899
1,520,255
Koninklijke KPN N.V.
 
419,153
1,956,552
Wolters Kluwer N.V.
 
7,412
1,313,161
 
 
5,992,501
Norway-3.14%
DNB Bank ASA
 
48,843
1,224,921
Gjensidige Forsikring ASA
 
49,976
1,173,153
Mowi ASA
 
65,240
1,200,131
Orkla ASA
 
112,013
1,253,250
SpareBank 1 Sør-Norge ASA, Class B
 
76,699
1,227,853
Storebrand ASA
 
92,945
1,125,802
Telenor ASA
 
95,735
1,442,577
 
 
8,647,687
Singapore-7.35%
CapitaLand Ascendas REIT
 
745,164
1,518,855
CapitaLand Integrated Commercial Trust
 
855,449
1,408,244
City Developments Ltd.
 
356,472
1,357,699
DBS Group Holdings Ltd.
 
38,903
1,264,315
Genting Singapore Ltd.
 
2,052,830
1,164,450
Jardine Cycle & Carriage Ltd.
 
59,535
1,182,830
Keppel Ltd.
 
280,809
1,412,256
Mapletree Industrial Trust
 
889,284
1,376,038
 
Shares
Value
Singapore-(continued)
Mapletree Logistics Trust(a)
 
1,223,355
$1,053,059
Oversea-Chinese Banking Corp. Ltd.
 
116,902
1,447,195
Singapore Airlines Ltd.
 
274,275
1,407,987
Singapore Technologies Engineering Ltd.
 
267,724
1,520,668
Singapore Telecommunications Ltd.
 
468,136
1,354,824
United Overseas Bank Ltd.
 
50,261
1,335,283
UOL Group Ltd.
 
323,516
1,431,570
 
 
20,235,273
Spain-3.02%
ACS Actividades de Construccion y Servicios
S.A.
 
19,754
1,241,945
Aena SME S.A.(a)(b)
 
5,360
1,351,154
Endesa S.A.
 
48,292
1,455,327
Iberdrola S.A.
 
91,727
1,659,151
Repsol S.A.
 
88,926
1,090,744
Telefonica S.A.(a)
 
293,741
1,514,214
 
 
8,312,535
Sweden-4.04%
Alfa Laval AB(a)
 
24,425
1,015,211
Assa Abloy AB, Class B
 
37,802
1,149,892
Essity AB, Class B
 
43,896
1,272,142
Holmen AB, Class B(a)
 
29,448
1,166,832
Industrivarden AB, Class C(a)
 
34,471
1,213,094
Investor AB, Class B(a)
 
45,108
1,339,335
L E Lundbergforetagen AB, Class B(a)
 
26,345
1,393,038
Tele2 AB, Class B
 
91,664
1,355,302
Telia Co. AB
 
322,180
1,212,846
 
 
11,117,692
Switzerland-5.47%
Chocoladefabriken Lindt & Spruengli AG,
PC(a)
 
87
1,273,493
EMS-Chemie Holding AG
 
1,653
1,224,098
Geberit AG
 
1,701
1,183,480
Givaudan S.A.
 
262
1,269,520
Nestle S.A.
 
12,834
1,372,002
Roche Holding AG
 
3,391
1,113,669
Schindler Holding AG, PC
 
4,436
1,629,553
Sika AG
 
4,188
1,051,198
Swiss Life Holding AG(a)
 
1,543
1,547,373
Swisscom AG(a)
 
2,615
1,751,540
Zurich Insurance Group AG
 
2,305
1,642,031
 
 
15,057,957
United Kingdom-9.45%
Aviva PLC
 
168,253
1,263,457
British American Tobacco PLC
 
28,202
1,231,198
Bunzl PLC
 
33,017
1,039,878
Coca-Cola Europacific Partners PLC
 
16,038
1,455,288
Compass Group PLC
 
41,810
1,412,790
Haleon PLC
 
253,814
1,280,034
HSBC Holdings PLC
 
100,517
1,123,023
Imperial Brands PLC
 
38,161
1,569,387
Informa PLC
 
134,471
1,316,595
InterContinental Hotels Group PLC
 
10,495
1,122,442
Intertek Group PLC
 
17,621
1,084,628
Legal & General Group PLC
 
352,746
1,113,326
London Stock Exchange Group PLC
 
9,756
1,522,541
M&G PLC
 
437,685
1,217,260
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12
Invesco S&P International Developed Low Volatility ETF (IDLV)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
United Kingdom-(continued)
Pearson PLC
 
82,750
$1,329,571
RELX PLC
 
29,413
1,608,833
Shell PLC
 
36,864
1,192,344
SSE PLC
 
57,524
1,299,860
Tesco PLC
 
280,625
1,391,941
Unilever PLC
 
22,651
1,445,433
 
 
26,019,829
United States-2.91%
Alcon AG
 
12,557
1,225,390
Experian PLC
 
23,681
1,180,807
Ferrovial SE
 
26,645
1,304,284
Novartis AG
 
11,774
1,348,794
Sanofi S.A.
 
10,976
1,204,819
Waste Connections, Inc.
 
8,815
1,737,537
 
 
8,001,631
Total Common Stocks & Other Equity Interests
(Cost $245,399,509)
272,545,492
Money Market Funds-0.14%
Invesco Government & Agency Portfolio,
Institutional Class, 4.26%(c)(d)
(Cost $399,588)
 
399,588
399,588
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.14%
(Cost $245,799,097)
272,945,080
 
Shares
Value
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-8.26%
Invesco Private Government Fund,
4.32%(c)(d)(e)
 
6,310,533
$6,310,533
Invesco Private Prime Fund, 4.46%(c)(d)(e)
 
16,427,043
16,430,328
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $22,741,776)
22,740,861
TOTAL INVESTMENTS IN SECURITIES-107.40%
(Cost $268,540,873)
295,685,941
OTHER ASSETS LESS LIABILITIES-(7.40)%
(20,380,699
)
NET ASSETS-100.00%
$275,305,242
 
Investment Abbreviations:
PC-Participation Certificate
REIT-Real Estate Investment Trust
 
Notes to Schedule of Investments:
(a)
All or a portion of this security was out on loan at April 30, 2025.
(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
April 30, 2025 was $6,250,171, which represented 2.27% of the Fund’s Net Assets.
(c)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the six months ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$-
$2,144,855
$(1,745,267
)
$-
$-
$399,588
$2,715
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13
Invesco S&P International Developed Low Volatility ETF (IDLV)—(continued)
April 30, 2025
(Unaudited)
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
$5,055,427
$34,477,253
$(33,222,147
)
$-
$-
$6,310,533
$159,814
*
Invesco Private Prime Fund
13,130,209
62,745,420
(59,443,820
)
(49
)
(1,432
)
16,430,328
431,368
*
Total
$18,185,636
$99,367,528
$(94,411,234
)
$(49
)
$(1,432
)
$23,140,449
$593,897
 
*
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 April 30, 2025.
(e)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned. See Note 2K.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14
Invesco S&P International Developed Momentum ETF (IDMO)
April 30, 2025
(Unaudited)
Schedule of Investments
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.80%
Australia-8.56%
Aristocrat Leisure Ltd.
 
76,749
$3,274,295
Brambles Ltd.
 
111,139
1,458,955
Coles Group Ltd.
 
114,287
1,550,299
Commonwealth Bank of Australia
 
159,703
17,004,006
Computershare Ltd.
 
48,374
1,262,700
Evolution Mining Ltd.
 
193,995
971,826
Goodman Group
 
150,080
2,869,968
Insurance Australia Group Ltd.
 
283,755
1,488,786
JB Hi-Fi Ltd.
 
14,476
958,244
Macquarie Group Ltd.
 
27,367
3,378,184
National Australia Bank Ltd.
 
227,168
5,239,737
Pro Medicus Ltd.
 
8,959
1,312,226
Qantas Airways Ltd.
 
84,096
474,953
QBE Insurance Group Ltd.
 
129,131
1,782,631
SGH Ltd.
 
13,311
434,856
Suncorp Group Ltd.
 
126,095
1,637,959
Technology One Ltd.
 
47,653
918,801
Wesfarmers Ltd.
 
90,566
4,532,059
Westpac Banking Corp.
 
376,485
7,891,971
 
 
58,442,456
Austria-0.59%
BAWAG Group AG(a)(b)
 
12,898
1,418,591
Erste Group Bank AG
 
37,922
2,576,983
 
 
3,995,574
Belgium-0.67%
Ageas S.A./N.V.
 
14,547
915,474
UCB S.A.
 
19,825
3,647,214
 
 
4,562,688
Cameroon-0.08%
Golar LNG Ltd.(c)
 
12,412
527,572
Canada-15.94%
Agnico Eagle Mines Ltd.
 
77,199
9,055,639
Alamos Gold, Inc., Class A(c)
 
48,305
1,378,194
AtkinsRealis Group, Inc.
 
14,562
719,719
Bank of Nova Scotia (The)
 
100,614
5,024,509
Brookfield Asset Management Ltd., Class A
 
42,723
2,275,178
Brookfield Corp.
 
167,039
8,955,989
Canadian Imperial Bank of Commerce
 
136,781
8,610,083
Descartes Systems Group, Inc. (The)(b)
 
7,091
745,292
Dollarama, Inc.
 
21,825
2,687,637
Enbridge, Inc.(c)
 
292,575
13,655,477
Fairfax Financial Holdings Ltd.
 
1,658
2,583,446
George Weston Ltd.
 
4,893
951,466
iA Financial Corp., Inc.
 
8,507
824,772
IGM Financial, Inc.
 
7,233
229,405
Intact Financial Corp.
 
13,063
2,895,460
Kinross Gold Corp.
 
158,995
2,342,394
Loblaw Cos. Ltd.
 
14,315
2,319,335
Manulife Financial Corp.
 
195,297
5,973,574
Metro, Inc.
 
18,547
1,426,506
National Bank of Canada
 
34,594
3,032,391
Pan American Silver Corp.
 
31,909
801,825
Pembina Pipeline Corp.(c)
 
41,833
1,596,032
Royal Bank of Canada
 
177,019
21,205,628
Sun Life Financial, Inc.
 
44,267
2,632,690
 
Shares
Value
Canada-(continued)
TC Energy Corp.(c)
 
113,677
$5,731,994
TMX Group Ltd.
 
28,809
1,165,249
 
 
108,819,884
China-0.23%
BOC Hong Kong (Holdings) Ltd.
 
372,519
1,545,530
Finland-0.05%
Amer Sports, Inc.(b)(c)
 
12,731
308,727
France-3.16%
Cie de Saint-Gobain S.A.
 
40,981
4,470,713
EssilorLuxottica S.A.
 
32,747
9,468,632
Safran S.A.
 
28,657
7,652,447
 
 
21,591,792
Germany-17.76%
adidas AG
 
12,853
2,967,550
Allianz SE
 
38,800
16,102,026
Commerzbank AG
 
104,373
2,772,009
Deutsche Bank AG
 
181,869
4,785,086
Deutsche Boerse AG
 
17,134
5,537,758
Deutsche Telekom AG
 
473,906
17,080,138
Fresenius SE & Co. KGaA(b)
 
37,355
1,780,357
Heidelberg Materials AG
 
15,116
3,032,296
MTU Aero Engines AG
 
5,717
1,985,498
Muenchener Rueckversicherungs-Gesellschaft
AG in Muenchen, Class R
 
11,134
7,648,686
Rheinmetall AG
 
6,940
11,859,880
SAP SE
 
130,915
38,436,127
Siemens Energy AG, Class A(b)
 
93,951
7,276,452
 
 
121,263,863
Hong Kong-0.07%
Cathay Pacific Airways Ltd.
 
75,210
86,431
Hongkong Land Holdings Ltd.
 
83,409
408,204
 
 
494,635
Ireland-0.13%
AIB Group PLC
 
134,969
910,258
Israel-1.74%
Bank Hapoalim B.M.
 
146,596
2,150,358
Bank Leumi le-Israel B.M.
 
192,984
2,740,572
Big Shopping Centers Ltd.(b)
 
1,467
214,199
Cellebrite DI Ltd.(b)
 
13,388
264,949
Check Point Software Technologies Ltd.(b)
 
5,860
1,286,622
Clal Insurance Enterprises Holdings Ltd.
 
6,441
176,729
Elbit Systems Ltd.
 
2,137
821,634
First International Bank of Israel Ltd. (The)
 
4,092
224,751
Harel Insurance Investments & Financial
Services Ltd.
 
16,187
269,060
Israel Discount Bank Ltd., Class A
 
122,839
917,544
Menora Mivtachim Holdings Ltd.
 
2,954
156,465
Migdal Insurance & Financial Holdings Ltd.
 
48,578
93,425
Nova Ltd.(b)
 
2,021
390,200
Phoenix Finance Ltd.
 
20,124
396,303
Plus500 Ltd.
 
8,692
357,107
Shufersal Ltd.
 
28,810
269,744
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15
Invesco S&P International Developed Momentum ETF (IDMO)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Israel-(continued)
Tower Semiconductor Ltd.(b)
 
9,220
$336,979
Wix.com Ltd.(b)
 
4,986
845,576
 
 
11,912,217
Italy-4.96%
Assicurazioni Generali S.p.A.(c)
 
149,578
5,485,558
Banca Mediolanum S.p.A.
 
27,260
408,936
FinecoBank Banca Fineco S.p.A.
 
52,470
1,053,588
Intesa Sanpaolo S.p.A.
 
1,895,503
10,153,581
Leonardo S.p.A.
 
47,815
2,494,380
Mediobanca Banca di Credito Finanziario
S.p.A.(c)
 
47,228
969,328
Poste Italiane S.p.A.(a)
 
64,095
1,305,428
Prysmian S.p.A.
 
29,326
1,616,489
UniCredit S.p.A.
 
178,081
10,396,579
 
 
33,883,867
Japan-8.84%
ASICS Corp.
 
124,907
2,691,157
BayCurrent, Inc.
 
11,691
631,455
Fujikura Ltd.
 
45,294
1,689,266
Hitachi Ltd.
 
330,822
8,195,926
IHI Corp.
 
25,412
1,995,322
Kawasaki Heavy Industries Ltd.
 
15,319
915,982
Konami Group Corp.
 
8,344
1,194,497
Mitsubishi Heavy Industries Ltd.
 
361,073
7,134,743
Mizuho Financial Group, Inc.
 
200,174
5,016,807
MonotaRO Co. Ltd.
 
23,086
445,068
MS&AD Insurance Group Holdings, Inc.
 
92,551
2,108,681
NEC Corp.
 
92,018
2,245,317
NS Solutions Corp.(c)
 
6,170
146,731
Obayashi Corp.(c)
 
50,029
778,059
Otsuka Holdings Co. Ltd.
 
40,392
1,973,835
Rakuten Bank Ltd.(b)
 
8,343
351,724
Recruit Holdings Co. Ltd.
 
155,676
8,647,394
Ricoh Co. Ltd.
 
44,597
470,195
Ryohin Keikaku Co. Ltd.
 
27,154
920,008
Sanrio Co. Ltd.
 
30,598
1,222,121
Sanwa Holdings Corp.
 
34,231
1,126,232
Seibu Holdings, Inc.(c)
 
17,798
431,180
Sompo Holdings, Inc.
 
83,781
2,752,141
Sumitomo Mitsui Financial Group, Inc.
 
290,730
6,952,541
ZOZO, Inc.(c)
 
34,930
355,577
 
 
60,391,959
Netherlands-2.41%
argenx SE(b)
 
6,618
4,292,931
ING Groep N.V.
 
232,715
4,534,726
Koninklijke Ahold Delhaize N.V.
 
97,001
3,996,483
Wolters Kluwer N.V.
 
20,360
3,607,119
 
 
16,431,259
New Zealand-0.39%
Fisher & Paykel Healthcare Corp. Ltd.
 
56,727
1,143,295
Xero Ltd.(b)
 
14,367
1,511,380
 
 
2,654,675
Norway-0.78%
Gjensidige Forsikring ASA
 
18,389
431,669
Kongsberg Gruppen ASA
 
14,489
2,341,836
Orkla ASA
 
69,557
778,234
Schibsted ASA, Class B
 
6,932
200,822
 
Shares
Value
Norway-(continued)
SpareBank 1 Sør-Norge ASA, Class B
 
15,233
$243,861
Storebrand ASA
 
50,656
613,574
Telenor ASA
 
48,222
726,630
 
 
5,336,626
Singapore-4.61%
DBS Group Holdings Ltd.
 
297,286
9,661,547
Oversea-Chinese Banking Corp. Ltd.
 
468,875
5,804,464
Sea Ltd., ADR(b)
 
57,789
7,746,616
Singapore Exchange Ltd.
 
76,240
838,963
Singapore Technologies Engineering Ltd.
 
132,983
755,341
Singapore Telecommunications Ltd.
 
805,589
2,331,441
United Overseas Bank Ltd.
 
163,442
4,342,160
 
 
31,480,532
Spain-2.73%
ACS Actividades de Construccion y Servicios
S.A.
 
17,670
1,110,923
Aena SME S.A.(a)(c)
 
5,912
1,490,302
CaixaBank S.A.(c)
 
397,718
3,058,687
Iberdrola S.A.
 
462,058
8,357,671
Industria de Diseno Textil S.A.(c)
 
85,474
4,612,187
 
 
18,629,770
Sweden-4.28%
AAK AB(c)
 
15,099
395,711
Addtech AB, Class B
 
18,913
637,639
Investor AB, Class A(c)
 
51,432
1,535,037
Investor AB, Class B(c)
 
158,838
4,716,178
Lifco AB, Class B(c)
 
17,648
684,697
Nordnet AB publ(c)
 
15,444
409,710
Securitas AB, Class B(c)
 
43,622
692,743
Skanska AB, Class B(c)
 
28,508
663,845
Spotify Technology S.A.(b)
 
24,888
15,280,734
Tele2 AB, Class B
 
59,097
873,782
Telefonaktiebolaget LM Ericsson, Class B(c)
 
270,050
2,286,087
Telia Co. AB
 
169,879
639,509
Trelleborg AB, Class B
 
12,842
443,759
 
 
29,259,431
Switzerland-3.28%
ABB Ltd.
 
125,489
6,656,201
Galderma Group AG, Class A(c)
 
5,746
670,297
Sandoz Group AG(c)
 
37,453
1,631,629
Schindler Holding AG
 
1,641
584,355
Swiss Life Holding AG(c)
 
2,265
2,271,419
Zurich Insurance Group AG
 
14,897
10,612,296
 
 
22,426,197
United Kingdom-15.93%
3i Group PLC
 
105,926
6,018,574
Aviva PLC
 
197,241
1,481,135
Barclays PLC
 
2,238,529
8,937,575
British American Tobacco PLC
 
231,857
10,122,042
Compass Group PLC
 
149,195
5,041,407
HSBC Holdings PLC
 
1,866,890
20,857,774
Imperial Brands PLC
 
102,243
4,204,785
InterContinental Hotels Group PLC
 
16,787
1,795,372
International Consolidated Airlines Group
S.A.(c)
 
396,336
1,380,157
Lloyds Banking Group PLC
 
6,186,439
6,091,726
London Stock Exchange Group PLC
 
51,217
7,993,031
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16
Invesco S&P International Developed Momentum ETF (IDMO)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
United Kingdom-(continued)
NatWest Group PLC
 
1,039,376
$6,700,616
Pearson PLC
 
69,781
1,121,194
RELX PLC
 
139,688
7,640,656
Rolls-Royce Holdings PLC
 
1,162,943
11,798,362
Standard Chartered PLC
 
270,022
3,897,950
Tesco PLC
 
618,174
3,066,233
Weir Group PLC (The)
 
20,343
614,590
 
 
108,763,179
United States-2.61%
ARM Holdings PLC, ADR(b)(c)
 
7,768
885,940
CyberArk Software Ltd.(b)
 
4,309
1,517,458
Holcim AG(b)
 
52,047
5,841,627
Swiss Re AG
 
28,547
5,146,758
Waste Connections, Inc.(c)
 
22,469
4,428,897
 
 
17,820,680
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.80%
(Cost $609,898,606)
681,453,371
 
Shares
Value
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-3.37%
Invesco Private Government Fund,
4.32%(d)(e)(f)
 
6,338,245
$6,338,245
Invesco Private Prime Fund, 4.46%(d)(e)(f)
 
16,705,588
16,708,929
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $23,047,174)
23,047,174
TOTAL INVESTMENTS IN SECURITIES-103.17%
(Cost $632,945,780)
704,500,545
OTHER ASSETS LESS LIABILITIES-(3.17)%
(21,653,214
)
NET ASSETS-100.00%
$682,847,331
 
Investment Abbreviations:
ADR-American Depositary Receipt
 
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
April 30, 2025 was $4,214,321, which represented less than 1% of the Fund’s Net Assets.
(b)
Non-income producing security.
(c)
All or a portion of this security was out on loan at April 30, 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 six months ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$-
$5,872,983
$(5,872,983
)
$-
$-
$-
$4,100
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
3,796,768
40,126,110
(37,584,633
)
-
-
6,338,245
122,601
*
Invesco Private Prime Fund
9,913,593
83,809,551
(77,012,758
)
90
(1,547
)
16,708,929
330,809
*
Total
$13,710,361
$129,808,644
$(120,470,374
)
$90
$(1,547
)
$23,047,174
$457,510
 
*
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 April 30, 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. See Note 2K.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17
Statements of Assets and Liabilities
April 30, 2025
(Unaudited)

 
 
Invesco S&P
Emerging
Markets
Low Volatility
ETF (EELV)
Invesco S&P
Emerging
Markets
Momentum
ETF (EEMO)
Invesco S&P
International
Developed Low
Volatility
ETF (IDLV)
Invesco S&P
International
Developed
Momentum
ETF (IDMO)
Assets:
Unaffiliated investments in securities, at value(a)
$370,806,358
$12,010,859
$272,545,492
$681,453,371
Affiliated investments in securities, at value
13,527,116
331,604
23,140,449
23,047,174
Cash
30,784
51
-
-
Foreign currencies, at value
52,577
10,078
74,120
58,055
Deposits with brokers:
Cash collateral-futures contracts
200,323
-
-
-
Cash collateral-options
-
-
-
1,907,642
Receivable for:
Dividends
2,041,693
32,723
1,311,054
1,792,876
Securities lending
8,022
24
10,115
10,621
Investments sold
201
-
17
-
Fund shares sold
-
-
-
13,394,838
Foreign tax reclaims
-
-
1,033,261
241,673
Total assets
386,667,074
12,385,339
298,114,508
721,906,250
Liabilities:
Other investments:
Unrealized depreciation on futures contracts
9,794
-
-
-
Due to custodian
-
-
413
618,217
Payable for:
Investments purchased
543,607
997
173
13,374,399
Collateral upon return of securities loaned
13,122,070
316,981
22,741,776
23,047,174
Collateral upon receipt of securities in-kind
-
-
-
1,907,642
Expenses recaptured
24,359
488
13,203
110
Accrued unitary management fees
85,089
2,746
53,701
111,377
Accrued tax expenses
-
7,554
-
-
Other payables
-
3,954
-
-
Total liabilities
13,784,919
332,720
22,809,266
39,058,919
Net Assets
$372,882,155
$12,052,619
$275,305,242
$682,847,331
Net assets consist of:
Shares of beneficial interest
$509,740,377
$14,634,228
$482,843,956
$610,873,558
Distributable earnings (loss)
(136,858,222
)
(2,581,609
)
(207,538,714
)
71,973,773
Net Assets
$372,882,155
$12,052,619
$275,305,242
$682,847,331
Shares outstanding (unlimited amount authorized, $0.01 par value)
14,900,000
800,000
8,600,000
14,550,000
Net asset value
$25.03
$15.07
$32.01
$46.93
Market price
$24.97
$15.00
$32.06
$46.82
Unaffiliated investments in securities, at cost
$339,343,956
$12,158,919
$245,399,509
$609,898,606
Affiliated investments in securities, at cost
$13,527,749
$331,604
$23,141,364
$23,047,174
Foreign currencies, at cost
$52,607
$9,937
$72,344
$58,022
(a)Includes securities on loan with an aggregate value of:
$9,031,169
$306,310
$21,272,953
$22,116,266
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18
Statements of Operations
For the six months ended April 30, 2025
(Unaudited)

 
 
Invesco S&P
Emerging
Markets
Low Volatility
ETF (EELV)
Invesco S&P
Emerging
Markets
Momentum
ETF (EEMO)
Invesco S&P
International
Developed Low
Volatility
ETF (IDLV)
Invesco S&P
International
Developed
Momentum
ETF (IDMO)
Investment income:
Unaffiliated interest income
$322
$-
$-
$-
Unaffiliated dividend income
9,281,177
157,332
5,206,132
5,844,809
Affiliated dividend income
3,873
1,516
2,715
4,100
Non-cash dividend income
-
9,180
-
-
Securities lending income, net
20,972
151
68,940
43,372
Foreign withholding tax
(599,571
)
(18,911
)
(472,207
)
(510,746
)
Total investment income
8,706,773
149,268
4,805,580
5,381,535
Expenses:
Unitary management fees
561,023
17,226
308,610
469,665
Less: Waivers
(84
)
(31
)
(55
)
(89
)
Net expenses
560,939
17,195
308,555
469,576
Net investment income
8,145,834
132,073
4,497,025
4,911,959
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities
(11,067,400
)
(186,742
)
539,022
(885,369
)
Affiliated investment securities
(643
)
(12
)
(1,432
)
(1,547
)
In-kind redemptions
656,492
-
2,880,690
3,916,655
Short Sales
-
-
-
739
Foreign currencies
(137,355
)
808
(26,320
)
(119,611
)
Net realized gain (loss)
(10,548,906
)
(185,946
)
3,391,960
2,910,867
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities
13,817,937
(1,006,739
)
21,794,931
58,511,996
Affiliated investment securities
(537
)
4
(49
)
90
Foreign currencies
13,054
896
106,204
80,857
Futures contracts
(9,794
)
-
-
-
Change in net unrealized appreciation (depreciation)
13,820,660
(1,005,839
)
21,901,086
58,592,943
Net realized and unrealized gain (loss)
3,271,754
(1,191,785
)
25,293,046
61,503,810
Net increase (decrease) in net assets resulting from operations
$11,417,588
$(1,059,712
)
$29,790,071
$66,415,769
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19
Statements of Changes in Net Assets
For the six months ended April 30, 2025 and the year ended October 31, 2024
(Unaudited)

 
 
Invesco S&P Emerging Markets
Low Volatility ETF (EELV)
Invesco S&P Emerging Markets
Momentum ETF (EEMO)
 
Six Months Ended
April 30,
2025
Year Ended
October 31,
2024
Six Months Ended
April 30,
2025
Year Ended
October 31,
2024
Operations:
Net investment income
$8,145,834
$18,263,123
$132,073
$177,346
Net realized gain (loss)
(10,548,906
)
25,529,665
(185,946
)
193,572
Change in net unrealized appreciation (depreciation)
13,820,660
55,606,019
(1,005,839
)
1,070,865
Net increase (decrease) in net assets resulting from operations
11,417,588
99,398,807
(1,059,712
)
1,441,783
Distributions to Shareholders from:
Distributable earnings
(10,164,597
)
(24,879,054
)
(67,040
)
(84,802
)
Return of capital
-
-
-
(129,583
)
Total distributions to shareholders
(10,164,597
)
(24,879,054
)
(67,040
)
(214,385
)
Shareholder Transactions:
Proceeds from shares sold
3,826,715
-
4,107,875
3,288,256
Value of shares repurchased
(44,974,478
)
(357,587,780
)
-
-
Transaction fees
-
452,468
-
2,571
Net increase (decrease) in net assets resulting from share transactions
(41,147,763
)
(357,135,312
)
4,107,875
3,290,827
Net increase (decrease) in net assets
(39,894,772
)
(282,615,559
)
2,981,123
4,518,225
Net assets:
Beginning of period
412,776,927
695,392,486
9,071,496
4,553,271
End of period
$372,882,155
$412,776,927
$12,052,619
$9,071,496
Changes in Shares Outstanding:
Shares sold
150,000
-
250,000
200,000
Shares repurchased
(1,850,000
)
(14,900,000
)
-
-
Shares outstanding, beginning of period
16,600,000
31,500,000
550,000
350,000
Shares outstanding, end of period
14,900,000
16,600,000
800,000
550,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20
 
Invesco S&P International
Developed Low Volatility ETF
(IDLV)
Invesco S&P International
Developed Momentum ETF
(IDMO)
Six Months Ended
April 30,
2025
Year Ended
October 31,
2024
Six Months Ended
April 30,
2025
Year Ended
October 31,
2024
$4,497,025
$13,312,543
$4,911,959
$3,567,384
3,391,960
18,187,082
2,910,867
11,082,517
21,901,086
47,323,205
58,592,943
14,153,262
29,790,071
78,822,830
66,415,769
28,803,163
(3,503,036
)
(14,829,662
)
(3,136,494
)
(4,437,254
)
-
-
-
-
(3,503,036
)
(14,829,662
)
(3,136,494
)
(4,437,254
)
24,630,184
-
368,450,888
222,533,951
(33,305,636
)
(343,262,093
)
(8,978,291
)
(52,242,648
)
-
-
-
-
(8,675,452
)
(343,262,093
)
359,472,597
170,291,303
17,611,583
(279,268,925
)
422,751,872
194,657,212
257,693,659
536,962,584
260,095,459
65,438,247
$275,305,242
$257,693,659
$682,847,331
$260,095,459
850,000
-
8,400,000
5,550,000
(1,150,000
)
(12,100,000
)
(200,000
)
(1,250,000
)
8,900,000
21,000,000
6,350,000
2,050,000
8,600,000
8,900,000
14,550,000
6,350,000
21
Financial Highlights
Invesco S&P Emerging Markets Low Volatility ETF (EELV) 
 
Six Months Ended
April 30,
2025
(Unaudited)
Years Ended October 31,
 
2024
2023
2022
2021
2020
Per Share Operating Performance:
Net asset value at beginning of period
$24.87
$22.08
$21.30
$25.05
$19.94
$23.23
Net investment income(a)
0.51
0.80
0.80
1.05
0.74
0.72
Net realized and unrealized gain (loss) on investments
1.69
3.02
0.70
(3.69
)
5.03
(3.33
)
Total from investment operations
2.20
3.82
1.50
(2.64
)
5.77
(2.61
)
Distributions to shareholders from:
Net investment income
(2.04
)
(1.05
)
(0.74
)
(1.17
)
(0.67
)
(0.72
)
Transaction fees(a)
-
0.02
0.02
0.06
0.01
0.04
Net asset value at end of period
$25.03
$24.87
$22.08
$21.30
$25.05
$19.94
Market price at end of period(b)
$24.97
$24.92
$22.00
$21.40
$25.08
$19.82
Net Asset Value Total Return(c)
3.35
%
17.61
%
7.01
%
(10.68
)%
29.21
%
(10.92
)%
Market Price Total Return(c)
2.89
%
18.28
%
6.13
%
(10.40
)%
30.16
%
(11.03
)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$372,882
$412,777
$695,392
$904,397
$360,698
$269,207
Ratio to average net assets of:
Expenses, after Waivers
0.29
%(d)
0.29
%
0.29
%
0.29
%
0.29
%
0.29
%
Expenses, prior to Waivers
0.29
%(d)
0.29
%
0.29
%
0.29
%
0.29
%
0.38
%
Net investment income
4.21
%(d)
3.32
%
3.44
%
4.42
%
3.13
%
3.42
%
Portfolio turnover rate(e)
36
%
78
%
71
%
136
%
92
%
114
%
 
(a)
Based on average shares outstanding.
(b)
The mean between the last bid and ask prices.
(c)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(d)
Annualized.
(e)
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing
creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22
Financial Highlights—(continued)
Invesco S&P Emerging Markets Momentum ETF (EEMO) 
 
Six Months Ended
April 30,
2025
(Unaudited)
Years Ended October 31,
 
2024
2023
2022
2021
2020
Per Share Operating Performance:
Net asset value at beginning of period
$16.49
$13.01
$14.12
$17.90
$16.49
$16.97
Net investment income(a)
0.17
0.40
0.59
0.43
(b)
0.27
(c)
0.32
Net realized and unrealized gain (loss) on investments
(1.37
)
3.51
(1.03
)
(3.78
)
1.32
(0.46
)
Total from investment operations
(1.20
)
3.91
(0.44
)
(3.35
)
1.59
(0.14
)
Distributions to shareholders from:
Net investment income
(0.22
)
(0.17
)
(0.67
)
(0.44
)
(0.19
)
(0.34
)
Return of capital
-
(0.27
)
-
-
-
-
Total distributions
(0.22
)
(0.44
)
(0.67
)
(0.44
)
(0.19
)
(0.34
)
Transaction fees(a)
-
0.01
-
0.01
0.01
0.00
(d)
Net asset value at end of period
$15.07
$16.49
$13.01
$14.12
$17.90
$16.49
Market price at end of period(e)
$15.00
$16.61
$13.03
$14.07
$17.72
$16.51
Net Asset Value Total Return(f)
(8.12
)%
30.19
%
(3.27
)%
(18.82
)%
9.66
%
0.20
%
Market Price Total Return(f)
(9.21
)%
30.92
%
(2.76
)%
(18.28
)%
8.44
%
0.59
%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$12,053
$9,071
$4,553
$4,942
$6,263
$5,770
Ratio to average net assets of:
Expenses, after Waivers
0.29
%(g)
0.29
%
0.29
%
0.29
%
0.29
%
0.29
%
Expenses, prior to Waivers
0.29
%(g)
0.29
%
0.29
%
0.29
%
0.29
%
0.37
%
Net investment income
2.22
%(g)
2.46
%
4.23
%
2.64
%(b)
1.43
%(c)
2.10
%
Portfolio turnover rate(h)
66
%
104
%
115
%
114
%
166
%
172
%
 
(a)
Based on average shares outstanding.
(b)
Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net
investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.32 and 1.98%, respectively.
(c)
Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net
investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.22 and 1.14%, respectively.
(d)
Amount represents less than $0.005.
(e)
The mean between the last bid and ask prices.
(f)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(g)
Annualized.
(h)
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing
creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23
Financial Highlights—(continued)
Invesco S&P International Developed Low Volatility ETF (IDLV) 
 
Six Months Ended
April 30,
2025
(Unaudited)
Years Ended October 31,
 
2024
2023
2022
2021
2020
Per Share Operating Performance:
Net asset value at beginning of period
$28.95
$25.57
$24.92
$31.63
$27.37
$34.58
Net investment income(a)
0.53
0.85
0.94
0.98
0.83
0.83
Net realized and unrealized gain (loss) on investments
3.11
3.49
0.70
(6.32
)
4.17
(6.40
)
Total from investment operations
3.64
4.34
1.64
(5.34
)
5.00
(5.57
)
Distributions to shareholders from:
Net investment income
(0.40
)
(0.96
)
(0.99
)
(1.37
)
(0.74
)
(1.64
)
Net realized gains
(0.18
)
-
-
-
-
-
Total distributions
(0.58
)
(0.96
)
(0.99
)
(1.37
)
(0.74
)
(1.64
)
Net asset value at end of period
$32.01
$28.95
$25.57
$24.92
$31.63
$27.37
Market price at end of period(b)
$32.06
$28.94
$25.75
$24.92
$31.69
$27.43
Net Asset Value Total Return(c)
12.16
%
17.10
%
6.42
%
(17.33
)%
18.34
%
(16.49
)%
Market Price Total Return(c)
12.37
%
16.24
%
7.17
%
(17.50
)%
18.31
%
(16.28
)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$275,305
$257,694
$536,963
$431,159
$700,694
$774,564
Ratio to average net assets of:
Expenses, after Waivers
0.25
%(d)
0.25
%
0.25
%
0.25
%
0.25
%
0.25
%
Expenses, prior to Waivers
0.25
%(d)
0.25
%
0.25
%
0.25
%
0.25
%
0.30
%
Net investment income
3.64
%(d)
3.01
%
3.47
%
3.29
%
2.69
%
2.77
%
Portfolio turnover rate(e)
26
%
73
%
67
%
78
%
81
%
99
%
 
(a)
Based on average shares outstanding.
(b)
The mean between the last bid and ask prices.
(c)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(d)
Annualized.
(e)
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing
creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24
Financial Highlights—(continued)
Invesco S&P International Developed Momentum ETF (IDMO) 
 
Six Months Ended
April 30,
2025
(Unaudited)
Years Ended October 31,
 
2024
2023
2022
2021
2020
Per Share Operating Performance:
Net asset value at beginning of period
$40.96
$31.92
$28.98
$37.11
$28.96
$26.85
Net investment income(a)
0.56
0.80
1.13
0.97
0.50
0.04
Net realized and unrealized gain (loss) on investments
6.21
9.18
2.87
(b)
(7.84
)
8.25
2.58
Total from investment operations
6.77
9.98
4.00
(6.87
)
8.75
2.62
Distributions to shareholders from:
Net investment income
(0.80
)
(0.94
)
(1.06
)
(1.26
)
(0.60
)
(0.51
)
Net asset value at end of period
$46.93
$40.96
$31.92
$28.98
$37.11
$28.96
Market price at end of period(c)
$46.82
$40.94
$32.41
$29.21
$37.16
$28.92
Net Asset Value Total Return(d)
15.42
%
31.34
%
13.82
%
(18.73
)%
30.43
%
10.14
%
Market Price Total Return(d)
15.21
%
29.28
%
14.62
%
(18.21
)%
30.80
%
10.24
%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$682,847
$260,095
$65,438
$8,695
$16,701
$298,237
Ratio to average net assets of:
Expenses, after Waivers
0.25
%(e)
0.25
%
0.25
%
0.25
%
0.25
%
0.25
%
Expenses, prior to Waivers
0.25
%(e)
0.25
%
0.25
%
0.25
%
0.25
%
0.26
%
Net investment income
2.61
%(e)
1.98
%
3.47
%
2.93
%
1.42
%
0.13
%
Portfolio turnover rate(f)
49
%
115
%
131
%
106
%
29
%
15
%
 
(a)
Based on average shares outstanding.
(b)
Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of
shareholder transactions in relation to the fluctuating market values of the Fund’s investments.
(c)
The mean between the last bid and ask prices.
(d)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(e)
Annualized.
(f)
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing
creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
25
Notes to Financial Statements
Invesco Exchange-Traded Fund Trust II
April 30, 2025
(Unaudited)
NOTE 1—Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios: 
Full Name
Short Name
Invesco S&P Emerging Markets Low Volatility ETF (EELV)
"S&P Emerging Markets Low Volatility ETF"
Invesco S&P Emerging Markets Momentum ETF (EEMO)
"S&P Emerging Markets Momentum ETF"
Invesco S&P International Developed Low Volatility ETF (IDLV)
"S&P International Developed Low Volatility ETF"
Invesco S&P International Developed Momentum ETF (IDMO)
"S&P International Developed Momentum ETF"
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit”, as set forth in each Fund’s prospectus. Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”), though each Fund reserves the right to issue and redeem Creation Units in exchange for cash. Except when aggregated in Creation Units by authorized participants (“APs”), the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”). 
Fund
Underlying Index
S&P Emerging Markets Low Volatility ETF
S&P BMI Emerging Markets Low Volatility IndexTM
S&P Emerging Markets Momentum ETF
S&P Momentum Emerging Plus LargeMidCap Index
S&P International Developed Low Volatility ETF
S&P BMI International Developed Low VolatilityTM Index
S&P International Developed Momentum ETF
S&P World Ex-U.S. Momentum Index
NOTE 2—Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
A.
Security Valuation - Securities, including restricted securities, are valued according to the following policies:
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter ("OTC") market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a
26
demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. 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.
The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
B.
Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest
27
income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.
The Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
C.
Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.
Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.
E.
Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.
Foreign Withholding Taxes - Each Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. Each Fund may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. Each Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for Foreign tax reclaims on the Statements of Assets and Liabilities. There is no guarantee that a Fund will receive refunds applied for in a timely manner or at all.
As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as Foreign withholding tax claims in the Statements of Operations, and any related interest is included in Unaffiliated interest income. Each Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are excluded from the unitary management fee and are reflected on the Statements of Operations as Professional fees, if any. In
28
the event tax refunds received by a Fund during the fiscal year exceed the foreign withholding taxes paid by a Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds’ shareholders. For the six months ended April 30, 2025, the Funds did not enter into any closing agreements.
G.
Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser).
Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
H.
Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
I.
Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an "interested person" (as defined in the 1940 Act) of the Trust or the Adviser (each, an "Independent Trustee") is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
J.
Segment Reporting — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity’s segments impact overall performance. Each Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Funds’ chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within each Fund. The CODM monitors the operating results as a whole, and each Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds’ financial statements. Adoption of the new standard impacted the Funds’ financial statement note disclosures only and did not affect the Funds’ financial position or the results of its operations.
K.
Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to
29
replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income, net on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.
Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2025, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income, net on the Statements of Operations, were incurred by each Fund as listed below: 
 
Amount
S&P Emerging Markets Low Volatility ETF
$498
S&P Emerging Markets Momentum ETF
4
S&P International Developed Low Volatility ETF
13
S&P International Developed Momentum ETF
30
 
L.
Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.
Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.
The performance of a Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause a Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that a Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of a Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statements of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.
M.
Futures Contracts - The Funds may enter into futures contracts to simulate full investment in securities or manage exposure to equity and market price movements and/or currency risks and provide exposure to markets and indexes.
A futures contract is an agreement between two parties ("Counterparties") to purchase or sell a specified underlying security or index for a specified price at a future date. Certain Funds will only enter into exchange-traded futures contracts that are standardized as to maturity date and underlying instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant broker. During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected
30
as a receivable or payable on the Statements of Assets and Liabilities. The Fund may utilize excess cash or otherwise transfer cash to the broker to satisfy variation margin requirements. When the contracts are closed or expire, each Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statements of Operations.
The primary risks associated with futures contracts are market risk, leverage risk and the absence of a liquid secondary market. If a Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and may be required to continue to maintain the margin deposits on the futures contracts until the position expired or matured. Unlike equities, which typically entitle the holder to a continuing stake in a corporation, futures contracts normally specify a certain date for delivery of the underlying asset for settlement in cash based on the level of the underlying asset. As futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as “rolling." If the market for these contracts is in “contango,” meaning that the prices of futures contracts in the nearer months are lower than the price of contracts in the distant months, the sale of the near-term month contract would be at a lower price than the longer-term contract, resulting in a cost to “roll” the futures contract. The actual realization of a potential roll cost will depend on the difference in price of the near and distant contracts. In addition, futures contracts may be subject to contractual or other restrictions on resale and may lack readily available markets for resale. Futures have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures contracts, guarantees the futures against default. Risks may exceed amounts recognized in the Statements of Assets and Liabilities.
N.
Other Risks
ADR and GDR Risk. Certain Funds may invest in American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.
AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Additionally, to the extent that a Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that a Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or that the Shares may be halted and/or delisted.
Currency Risk. Because each Fund’s NAV is determined in U.S. dollars, a Fund’s NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund’s overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on a Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.
Emerging Markets Investment Risk. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the enforcement of systems of taxation at
31
federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. In addition, lack of relevant data and reliable public information, including financial information, about securities in emerging markets may contribute to incorrect weightings and data and computational errors when a Fund’s index provider selects securities for inclusion in the Fund’s Underlying Index or rebalances the Underlying Index. 
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
Foreign Investment Risk. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns. From time to time, certain companies in which the Funds invest may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. Government and the United Nations and/or in countries the U.S. Government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. Government identifies as state sponsors of terrorism or subjects to sanctions.
Geographic Concentration Risk. A Fund may from time to time have a substantial amount of its assets invested in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on a Fund’s investment performance. For example, a natural or other disaster could occur in a country or geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific country or geographic region and adversely impact the Fund’s investments in the affected region.
Index Risk. Unlike many investment companies that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security’s current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect
32
supply and demand in a particular industry; competition for resources; adverse labor relations; political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Market Risk. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund’s NAV. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which a Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.
During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by a Fund will rise in value.
Momentum Investing Risk. For certain Funds, the momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of a Fund may suffer.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. Additionally, a Fund’s use of a representative sampling methodology may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints. 
Non-Diversification Risk. To the extent certain Funds become non-diversified, such Funds may invest a greater portion of their respective assets in securities of individual issuers than can a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase certain Funds’ volatility and cause the performance of a relatively small number of issuers to have a greater impact on such Funds’ performance.
Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.
Sampling Risk. Certain Funds’ use of a representative sampling methodology may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.
Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions. 
Valuation Risk. Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by a Fund. In certain circumstances, market quotations may not be readily available for some Fund securities, and those securities may be fair valued. The value established for a security through fair valuation may be different from what would be produced if the security had been valued using market quotations. Fund securities that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuations in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that a Fund could sell a portfolio security for the value established for it at any time, and it is possible that a Fund would incur a loss because a security is sold at a discount to its established value.
Valuation Time Risk. Because foreign exchanges may be open on days when a Fund does not price its Shares, the value of the non-U.S. securities in a Fund’s portfolio may change on days when you will not be able to purchase or sell your Shares. As
33
a result, trading spreads and the resulting premium or discount on the Shares may widen, and, therefore, increase the difference between the market price of the Shares and the NAV of such Shares.
NOTE 3—Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates: 
 
Unitary Management Fees
(as a % of average daily net assets)
S&P Emerging Markets Low Volatility ETF
0.29
%
S&P Emerging Markets Momentum ETF
0.29
%
S&P International Developed Low Volatility ETF
0.25
%
S&P International Developed Momentum ETF
0.25
%
Through at least August 31, 2027, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.
For the six months ended April 30, 2025, the Adviser waived fees for each Fund in the following amounts: 
S&P Emerging Markets Low Volatility ETF
$84
S&P Emerging Markets Momentum ETF
31
S&P International Developed Low Volatility ETF
55
S&P International Developed Momentum ETF
89
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into a licensing agreement on behalf of each Fund with S&P Dow Jones Indices LLC (the “Licensor”).
Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
For the six months ended April 30, 2025, the Funds incurred brokerage commissions with Invesco Capital Markets, Inc. ("ICMI"), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below: 
S&P Emerging Markets Low Volatility ETF
$1,213
S&P Emerging Markets Momentum ETF
214
S&P International Developed Low Volatility ETF
4,903
S&P International Developed Momentum ETF
7,829
Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.
34
NOTE 4—Additional Valuation Information
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 the Adviser’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 April 30, 2025. 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
S&P Emerging Markets Low Volatility ETF
Investments in Securities
Common Stocks & Other Equity Interests
$85,641,522
$285,164,836
$0
$370,806,358
Money Market Funds
405,679
13,121,437
-
13,527,116
Total Investments in Securities
86,047,201
298,286,273
-
384,333,474
Other Investments - Liabilities*
Futures Contracts
(9,794
)
-
-
(9,794
)
Total Investments
$86,037,407
$298,286,273
$0
$384,323,680
S&P Emerging Markets Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests
$825,514
$11,176,017
$9,328
$12,010,859
Money Market Funds
14,623
316,981
-
331,604
Total Investments
$840,137
$11,492,998
$9,328
$12,342,463
S&P International Developed Low Volatility ETF
Investments in Securities
Common Stocks & Other Equity Interests
$57,458,698
$215,086,794
$-
$272,545,492
Money Market Funds
399,588
22,740,861
-
23,140,449
Total Investments
$57,858,286
$237,827,655
$-
$295,685,941
S&P International Developed Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests
$141,912,975
$539,540,396
$-
$681,453,371
Money Market Funds
-
23,047,174
-
23,047,174
Total Investments
$141,912,975
$562,587,570
$-
$704,500,545
 
*
Unrealized appreciation (depreciation).
NOTE 5—Derivative Investments
The Funds may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a Fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.
35
For financial reporting purposes, the Funds do not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statements of Assets and Liabilities.
Value of Derivative Investments at Period-End
The table below summarizes the value of each Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2025: 
Derivative Liabilities
Equity
Risk
Unrealized depreciation on futures contracts—Exchange-Traded
$(9,794
)
Derivatives not subject to master netting agreements
9,794
Total Derivative Liabilities subject to master netting agreements
$-
Effect of Derivative Investments for the Six-Month Period Ended April 30, 2025
The table below summarizes each Fund’s gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period: 
 
Location of Gain (Loss) on Statements of Operations
 
S&P Emerging Markets Low Volatility ETF
 
Equity
Risk
Realized Gain:
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts
$(9,794
)
Total
$(9,794
)
The table below summarizes the average notional value of derivatives held during the period. 
 
Average Notional Value
 
S&P Emerging Markets Low Volatility ETF
Futures contracts
$106,970,300
NOTE 6—Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds had capital loss carryforwards as of October 31, 2024, as follows: 
 
No expiration
 
 
Short-Term
Long-Term
Total*
S&P Emerging Markets Low Volatility ETF
$107,618,054
$42,876,852
$150,494,906
S&P Emerging Markets Momentum ETF
2,289,149
-
2,289,149
S&P International Developed Low Volatility ETF
127,552,776
111,213,523
238,766,299
S&P International Developed Momentum ETF
3,094,460
-
3,094,460
 
*
Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a
variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.
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NOTE 7—Investment Transactions
For the six months ended April 30, 2025, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows: 
 
Purchases
Sales
S&P Emerging Markets Low Volatility ETF
$139,855,433
$173,636,122
S&P Emerging Markets Momentum ETF
11,624,349
7,741,306
S&P International Developed Low Volatility ETF
64,696,232
65,096,832
S&P International Developed Momentum ETF
207,818,261
194,854,364
For the six months ended April 30, 2025, in-kind transactions associated with creations and redemptions were as follows: 
 
In-kind
Purchases
In-kind
Sales
S&P Emerging Markets Low Volatility ETF
$906,855
$11,585,766
S&P Emerging Markets Momentum ETF
386,813
-
S&P International Developed Low Volatility ETF
24,126,087
32,861,216
S&P International Developed Momentum ETF
358,107,431
10,629,639
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end: 
 
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
Cost
S&P Emerging Markets Low Volatility ETF
$48,323,536
$(27,159,145
)
$21,164,391
$363,159,289
S&P Emerging Markets Momentum ETF
930,303
(1,094,507
)
(164,204
)
12,506,667
S&P International Developed Low Volatility ETF
36,287,290
(10,105,340
)
26,181,950
269,503,991
S&P International Developed Momentum ETF
75,451,355
(5,109,036
)
70,342,319
634,158,226
NOTE 8—Trustees’ and Officer’s Fees
The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. Interested Trustees do not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 9—Capital
Shares are issued and redeemed by each Fund only in Creation Units as discussed in Note 1. Only APs are permitted to purchase or redeem Creation Units from the Funds.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
37
Approval of Investment Advisory and Sub-Advisory Contracts
At a meeting held on April 24, 2025, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following series (each, a “Fund” and collectively, the “Funds”):
Invesco 0-5 Yr US TIPS ETF
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF
Invesco Alerian Galaxy Crypto Economy ETF
Invesco California AMT-Free Municipal Bond ETF
Invesco CEF Income Composite ETF
Invesco China Technology ETF
Invesco Dorsey Wright Developed Markets Momentum ETF
Invesco Dorsey Wright Emerging Markets Momentum ETF
Invesco Dorsey Wright SmallCap Momentum ETF
Invesco Emerging Markets Sovereign Debt ETF
Invesco Equal Weight 0-30 Year Treasury ETF
Invesco ESG NASDAQ 100 ETF
Invesco ESG NASDAQ Next Gen 100 ETF
Invesco ESG S&P 500 Equal Weight ETF
Invesco Floating Rate Municipal Income ETF
Invesco Fundamental High Yield® Corporate Bond ETF
Invesco Fundamental Investment Grade Corporate Bond ETF
Invesco Global Clean Energy ETF
Invesco Global ex-US High Yield Corporate Bond ETF
Invesco Global Water ETF
Invesco International BuyBack Achievers™ ETF
Invesco International Corporate Bond ETF
Invesco KBW Bank ETF
Invesco KBW High Dividend Yield Financial ETF
Invesco KBW Premium Yield Equity REIT ETF
Invesco KBW Property & Casualty Insurance ETF
Invesco KBW Regional Banking ETF
Invesco MSCI Global Climate 500 ETF
Invesco MSCI Green Building ETF
Invesco MSCI USA ETF
Invesco NASDAQ 100 ETF
Invesco Nasdaq Biotechnology ETF
Invesco Nasdaq Free Cash Flow Achievers ETF
Invesco NASDAQ Future Gen 200 ETF
Invesco NASDAQ Next Gen 100 ETF
Invesco National AMT-Free Municipal Bond ETF
Invesco New York AMT-Free Municipal Bond ETF
Invesco PHLX Semiconductor ETF
Invesco Preferred ETF
Invesco RAFI Developed Markets ex-U.S. ETF
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF
Invesco RAFI Emerging Markets ETF
Invesco Russell 1000 Equal Weight ETF
Invesco S&P 500® Enhanced Value ETF
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
Invesco S&P 500® High Beta ETF
Invesco S&P 500® High Dividend Growers ETF
Invesco S&P 500® High Dividend Low Volatility ETF
Invesco S&P 500® Low Volatility ETF
Invesco S&P 500 Minimum Variance ETF
Invesco S&P 500® Momentum ETF
Invesco S&P 500 QVM Multi-factor ETF
Invesco S&P 500 Revenue ETF
Invesco S&P Emerging Markets Low Volatility ETF
Invesco S&P Emerging Markets Momentum ETF
Invesco S&P International Developed Low Volatility ETF
Invesco S&P International Developed Momentum ETF
Invesco S&P International Developed Quality ETF
Invesco S&P MidCap 400 QVM Multi-factor ETF
Invesco S&P MidCap 400 Revenue ETF
Invesco S&P MidCap Low Volatility ETF
Invesco S&P SmallCap 600 GARP ETF
Invesco S&P SmallCap 600 QVM Multi-factor ETF
Invesco S&P SmallCap 600 Revenue ETF
Invesco S&P SmallCap Consumer Discretionary ETF
Invesco S&P SmallCap Consumer Staples ETF
Invesco S&P SmallCap Energy ETF
Invesco S&P SmallCap Financials ETF
Invesco S&P SmallCap Health Care ETF
Invesco S&P SmallCap High Dividend Low Volatility ETF
Invesco S&P SmallCap Industrials ETF
Invesco S&P SmallCap Information Technology ETF
Invesco S&P SmallCap Low Volatility ETF
Invesco S&P SmallCap Materials ETF
Invesco S&P SmallCap Quality ETF
Invesco S&P SmallCap Utilities & Communication Services ETF
Invesco S&P Ultra Dividend Revenue ETF
Invesco Senior Loan ETF
Invesco Short Term Treasury ETF
Invesco Taxable Municipal Bond ETF
Invesco Variable Rate Preferred ETF
Also at the April 24, 2025 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF (the “Sub-Advisory Agreement”):  Invesco Advisers, Inc.; Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).
38
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Investment Advisory Agreement
The Trustees reviewed information from the Adviser describing:  (i) the nature, extent and quality of services provided, (ii) the investment performance of each Fund and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds.  The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.
The Trustees reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2024, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes.  In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges.  The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF.  The Trustees noted that, for each applicable period, the correlation for each Fund, other than the one-year period for Invesco Floating Rate Municipal Income ETF and for Invesco Senior Loan ETF, was within the targeted range set forth in the Trust’s registration statement.  The Trustees reviewed the reasons provided by the Adviser for Invesco Floating Rate Municipal Income ETF’s and Invesco Senior Loan ETF’s correlation to its respective underlying index.  The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement.  The Board concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent, and its oversight of the Sub-Advisers for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.  They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Based on its review, the Board concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee.  The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser compensates each Sub-Adviser (as applicable) from its unitary advisory fee and pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:
●
0.04% of the Fund’s average daily net assets for Invesco MSCI USA ETF;
●
0.07% of the Fund’s average daily net assets for Invesco 0-5 Yr US TIPS ETF;
●
0.08% of the Fund’s average daily net assets for Invesco Short Term Treasury ETF;
●
0.10% of the Fund’s average daily net assets for Invesco MSCI Global Climate 500 ETF and Invesco S&P 500 Minimum Variance ETF;
●
0.11% of the Fund’s average daily net assets for Invesco S&P 500 QVM Multi-factor ETF;
39
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
●
0.13% of the Fund’s average daily net assets for Invesco S&P 500 Enhanced Value ETF and Invesco S&P 500 Momentum ETF;
●
0.15% of the Fund’s average daily net assets for Invesco Equal Weight
0-30 Year Treasury ETF, Invesco NASDAQ 100 ETF, Invesco NASDAQ Next Gen 100 ETF, Invesco S&P MidCap 400 QVM Multi-factor ETF and Invesco S&P SmallCap 600 QVM Multi-factor ETF;
●
0.19% of the Fund’s average daily net assets for Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF;
●
0.20% of the Fund’s average daily net assets for Invesco ESG NASDAQ 100 ETF, Invesco ESG NASDAQ Next Gen 100 ETF, Invesco ESG S&P 500 Equal Weight ETF, Invesco NASDAQ Future Gen 200 ETF and Invesco Russell 1000 Equal Weight ETF;
●
0.22% of the Fund’s average daily net assets for Invesco Fundamental Investment Grade Corporate Bond ETF;
●
0.25% of the Fund’s average daily net assets for Invesco Floating Rate Municipal Income ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF, Invesco S&P MidCap Low Volatility ETF and Invesco S&P SmallCap Low Volatility ETF;
●
0.28% of the Fund’s average daily net assets for Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco Taxable Municipal Bond ETF;
●
0.29% of the Fund’s average daily net assets for Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF and Invesco S&P SmallCap Utilities & Communication Services ETF;
●
0.30% of the Fund’s average daily net assets for Invesco S&P 500® High Dividend Low Volatility ETF and Invesco S&P SmallCap High Dividend Low Volatility ETF;
●
0.35% of the Fund’s average daily net assets for Invesco Global ex-US High Yield Corporate Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF and Invesco S&P SmallCap 600 GARP ETF;
●
0.39% of the Fund’s average daily net assets for Invesco MSCI Green Building ETF, Invesco Nasdaq Free Cash Flow Achievers ETF, Invesco S&P 500 High Dividend Growers ETF, Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF and Invesco S&P Ultra Dividend Revenue ETF;
●
0.43% of the Fund’s average daily net assets for Invesco RAFI Developed Markets ex-U.S. ETF;
●
0.47% of the Fund’s average daily net assets for Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF and Invesco RAFI Emerging Markets ETF;
●
0.50% of the Fund’s average daily net assets for Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF and Invesco Variable Rate Preferred ETF;
●
0.55% of the Fund’s average daily net assets for Invesco International BuyBack AchieversTM ETF;
●
0.60% of the Fund’s average daily net assets for Invesco Dorsey Wright SmallCap Momentum ETF, Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF and Invesco Alerian Galaxy Crypto Economy ETF;
●
0.65% of the Fund’s average daily net assets for Invesco Senior Loan ETF and Invesco China Technology ETF;
●
0.75% of the Fund’s average daily net assets for Invesco Global Clean Energy ETF and Invesco Global Water ETF;
●
0.80% of the Fund’s average daily net assets for Invesco Dorsey Wright Developed Markets Momentum ETF; and
●
0.90% of the Fund’s average daily net assets for Invesco Dorsey Wright Emerging Markets Momentum ETF.
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable.  The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below.  The
40
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds.  The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund. 
Invesco Fund
Equal to/Lower
than ETF
Peer Median*
Equal to/Lower
than Open-End
Index Fund
Peer Median*
Lower than
Open-End
Active Fund
Peer Median
Invesco 0-5 Yr US TIPS ETF
X
 
X
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF
X
N/A
X
Invesco Alerian Galaxy Crypto Economy ETF
X
N/A
X
Invesco California AMT-Free Municipal Bond ETF
 
N/A
X
Invesco CEF Income Composite ETF
X
N/A
X
Invesco China Technology ETF
 
N/A
X
Invesco Dorsey Wright Developed Markets Momentum ETF
 
 
X
Invesco Dorsey Wright Emerging Markets Momentum ETF
 
 
X
Invesco Dorsey Wright SmallCap Momentum ETF
 
 
X
Invesco Emerging Markets Sovereign Debt ETF
 
 
X
Invesco Equal Weight 0-30 Year Treasury ETF
 
 
X
Invesco ESG NASDAQ 100 ETF
 
 
X
Invesco ESG NASDAQ Next Gen 100 ETF
X
 
X
Invesco ESG S&P 500 Equal Weight ETF
X
 
X
Invesco Floating Rate Municipal Income ETF
 
N/A
X
Invesco Fundamental High Yield® Corporate Bond ETF
 
X
X
Invesco Fundamental Investment Grade Corporate Bond ETF
 
 
X
Invesco Global Clean Energy ETF
 
X
X
Invesco Global ex-US High Yield Corporate Bond ETF
X
N/A
X
Invesco Global Water ETF
 
X
X
Invesco International BuyBack AchieversTM ETF
 
X
X
Invesco International Corporate Bond ETF
 
 
X
Invesco KBW Bank ETF
X
 
X
Invesco KBW High Dividend Yield Financial ETF
X
 
X
Invesco KBW Premium Yield Equity REIT ETF
X
 
X
Invesco KBW Property & Casualty Insurance ETF
X
 
X
Invesco KBW Regional Banking ETF
X
 
X
Invesco MSCI Global Climate 500 ETF
X
X
X
Invesco MSCI Green Building ETF
X
N/A
X
Invesco MSCI USA ETF
X
X
X
Invesco NASDAQ 100 ETF
X
X
X
Invesco Nasdaq Biotechnology ETF
X
 
X
Invesco Nasdaq Free Cash Flow Achievers ETF
 
X
X
Invesco NASDAQ Future Gen 200 ETF
 
 
X
Invesco NASDAQ Next Gen 100 ETF
X
 
X
Invesco National AMT-Free Municipal Bond ETF
 
 
X
Invesco New York AMT-Free Municipal Bond ETF
 
N/A
X
Invesco PHLX Semiconductor ETF
X
 
X
Invesco Preferred ETF
 
N/A
X
Invesco RAFI Developed Markets ex-U.S. ETF
 
 
X
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF
 
 
X
Invesco RAFI Emerging Markets ETF
 
 
X
41
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Invesco Fund
Equal to/Lower
than ETF
Peer Median*
Equal to/Lower
than Open-End
Index Fund
Peer Median*
Lower than
Open-End
Active Fund
Peer Median
Invesco Russell 1000 Equal Weight ETF
X
 
X
Invesco S&P 500 Enhanced Value ETF
X
 
X
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
X
 
X
Invesco S&P 500® High Beta ETF
X
 
X
Invesco S&P 500® High Dividend Growers ETF
 
 
X
Invesco S&P 500® High Dividend Low Volatility ETF
X
X
X
Invesco S&P 500® Low Volatility ETF
X
 
X
Invesco S&P 500 Minimum Variance ETF
X
X
X
Invesco S&P 500® Momentum ETF
X
 
X
Invesco S&P 500 QVM Multi-factor ETF
X
X
X
Invesco S&P 500 Revenue ETF
 
 
X
Invesco S&P Emerging Markets Low Volatility ETF
X
 
X
Invesco S&P Emerging Markets Momentum ETF
X
 
X
Invesco S&P International Developed Low Volatility ETF
X
X
X
Invesco S&P International Developed Momentum ETF
X
 
X
Invesco S&P International Developed Quality ETF
X
 
X
Invesco S&P MidCap 400 QVM Multi-factor ETF
X
X
X
Invesco S&P MidCap 400 Revenue ETF
 
 
X
Invesco S&P MidCap Low Volatility ETF
 
 
X
Invesco S&P SmallCap 600 GARP ETF
 
 
X
Invesco S&P SmallCap 600 QVM Multi-factor ETF
X
X
X
Invesco S&P SmallCap 600 Revenue ETF
 
X
X
Invesco S&P SmallCap Consumer Discretionary ETF
X
 
X
Invesco S&P SmallCap Consumer Staples ETF
X
 
X
Invesco S&P SmallCap Energy ETF
X
 
X
Invesco S&P SmallCap Financials ETF
X
 
X
Invesco S&P SmallCap Health Care ETF
X
 
X
Invesco S&P SmallCap High Dividend Low Volatility ETF
X
X
X
Invesco S&P SmallCap Industrials ETF
X
 
X
Invesco S&P SmallCap Information Technology ETF
X
 
X
Invesco S&P SmallCap Low Volatility ETF
 
 
X
Invesco S&P SmallCap Materials ETF
X
 
X
Invesco S&P SmallCap Quality ETF
 
 
X
Invesco S&P SmallCap Utilities & Communication Services ETF
X
X
X
Invesco S&P Ultra Dividend Revenue ETF
 
X
X
Invesco Senior Loan ETF
N/A
N/A
X
Invesco Short Term Treasury ETF
X
 
X
Invesco Taxable Municipal Bond ETF
 
X
X
Invesco Variable Rate Preferred ETF
 
X
X
 
*
The information provided by the Adviser indicated that certain Funds did not have any ETF or open-end index fund peers. Those Funds have been designated in
this column with an “N/A” for not available.
In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco Dorsey Wright Emerging Markets Momentum ETF’s, Invesco Global Clean Energy ETF’s, Invesco International Corporate Bond ETF’s, Invesco RAFI Developed Markets ex-U.S. ETF’s, Invesco California AMT-Free Municipal Bond ETF’s, Invesco National AMT-Free Municipal Bond ETF’s, Invesco New York AMT-Free Municipal Bond ETF’s, Invesco Taxable Municipal Bond ETF’s and Invesco Floating Rate Municipal Income ETF’s advisory fees and total expenses and the Lipper peer data.  The Adviser explained
42
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser.  The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds.  The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all of the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the index, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds.  The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund.  The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco S&P SmallCap 600 GARP ETF or Invesco MSCI Global Climate 500 ETF because those Funds had not completed a full year of operations as of December 31, 2024. With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose.  Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s.  Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Trustees reviewed each Fund’s asset size and unitary advisory fee.  The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds.  The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers.  The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.
Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds.  The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent.  The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser.  The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund.  No single factor was determinative in the Board’s analysis.
Investment Sub-Advisory Agreement
As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF at a meeting held on April 24, 2025.  The review process followed by the Board is described in detail above.  In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.
43
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement.  The Trustees reviewed the qualifications and background of each Sub-Adviser, the services provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Short Term Treasury ETF’s assets, and the experience and skills of the investment personnel responsible for the day-to-day management of the Funds.
Based on its review, the Board concluded that the nature, extent and quality of services provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rate under the Sub-Advisory Agreement.  The Trustees noted that the sub-advisory fee charged by the Sub-Advisers under the Sub-Advisory Agreement is consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates.  The Trustees considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF and noted that the Adviser compensates each Sub-Adviser from its fee.
The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 13 and April 24, 2025 Board meetings, and Invesco Advisers, Inc., in connection with the April 24, 2025 meeting, and they noted the net income generated by each firm.  The Trustees noted that the Adviser compensates each Sub-Adviser from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.  As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, the Trustees considered the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Board considered whether the sub-advisory fee rate for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF was reasonable in relation to the asset size of the Funds and concluded that the flat sub-advisory fee rate was reasonable and appropriate.
Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from affiliated money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund’s excess cash invested in the affiliated money market funds.  The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs.  The Trustees noted that the Sub-Advisers had not identified any further benefits that they received from their relationships with Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Funds.  The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.  No single factor was determinative in the Board’s analysis.
44
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Remuneration paid to the Funds’ trustees or officers and others, if any, is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.
45
©2025 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515
P-HBLV-NCSRS
invesco.com/ETFs


 
Invesco Semi-Annual Financial Statements and Other Information
April 30, 2025 
CQQQ
Invesco China Technology ETF
PIZ
Invesco Dorsey Wright Developed Markets Momentum ETF
PIE
Invesco Dorsey Wright Emerging Markets Momentum ETF
PBD
Invesco Global Clean Energy ETF
PIO
Invesco Global Water ETF
IPKW
Invesco International BuyBack AchieversTM ETF
KLMT
Invesco MSCI Global Climate 500 ETF
CUT
Invesco MSCI Global Timber ETF
GBLD
Invesco MSCI Green Building ETF
PXF
Invesco RAFI Developed Markets ex-U.S. ETF (formerly, Invesco FTSE RAFI Developed
Markets ex-U.S. ETF)
PDN
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (formerly, Invesco FTSE RAFI
Developed Markets ex-U.S. Small-Mid ETF)
PXH
Invesco RAFI Emerging Markets ETF (formerly, Invesco FTSE RAFI Emerging Markets ETF)
CGW
Invesco S&P Global Water Index ETF
IDHQ
Invesco S&P International Developed Quality ETF
Table of Contents 
Schedules of Investments
 
3
7
10
13
16
18
21
27
29
32
44
62
68
70
74
78
82
87
101
118
128
2
Invesco China Technology ETF (CQQQ)
April 30, 2025
(Unaudited)
Schedule of Investments(a)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.97%
Broadline Retail-7.95%
PDD Holdings, Inc., ADR (China)(b)(c)
 
714,627
$75,443,172
Capital Markets-0.88%
Hithink RoyalFlush Information Network
Co. Ltd., A Shares (China)
 
234,700
8,327,075
Electrical Equipment-0.71%
China XD Electric Co. Ltd., A Shares
(China)
 
2,237,501
1,914,308
Qingdao TGOOD Electric Co. Ltd., A
Shares (China)
 
460,918
1,468,537
Sieyuan Electric Co. Ltd., A Shares
(China)
 
337,820
3,350,997
 
 
6,733,842
Electronic Equipment, Instruments & Components-12.46%
Avary Holding Shenzhen Co. Ltd., A
Shares (China)
 
361,756
1,429,058
Beijing Yuanliu Hongyuan Electronic
Technology Co. Ltd., A Shares (China)
 
90,586
652,001
BOE Technology Group Co. Ltd., A Shares
(China)
 
16,132,874
8,532,195
BOE Technology Group Co. Ltd., B Shares
(China)
 
4,320,660
1,437,691
Chaozhou Three-Circle (Group) Co. Ltd., A
Shares (China)
 
836,590
3,960,808
China Zhenhua (Group) Science &
Technology Co. Ltd., A Shares (China)
 
241,859
1,708,432
Everdisplay Optronics (Shanghai) Co. Ltd.,
A Shares (China)(b)
 
4,976,800
1,494,235
Guangzhou Shiyuan Electronic Technology
Co. Ltd., A Shares (China)
 
306,260
1,417,834
Hengdian Group DMEGC Magnetics Co.
Ltd., A Shares (China)
 
710,100
1,278,511
Huagong Tech Co. Ltd., A Shares (China)
 
438,900
2,451,562
IRICO Display Devices Co. Ltd. (China)(b)
 
1,566,300
1,444,389
Kingboard Laminates Holdings Ltd.
(China)(c)
 
6,509,909
6,797,490
Lens Technology Co. Ltd., A Shares
(China)
 
2,175,200
6,257,152
Leyard Optoelectronic Co. Ltd., A Shares
(China)
 
1,184,900
1,003,723
Lingyi iTech Guangdong Co., A Shares
(China)
 
3,059,200
3,370,050
Maxscend Microelectronics Co. Ltd., A
Shares (China)
 
207,946
2,148,999
Raytron Technology Co. Ltd., A Shares
(China)
 
198,771
1,530,541
Shanghai BOCHU Electronic Technology
Corp. Ltd., A Shares (China)
 
82,526
2,210,601
Shengyi Electronics Co. Ltd., A Shares
(China)(b)
 
346,400
1,240,953
Shengyi Technology Co. Ltd., A Shares
(China)
 
1,060,419
3,558,378
Shennan Circuits Co. Ltd., A Shares
(China)
 
80,864
1,220,000
Shenzhen Everwin Precision Technology
Co. Ltd., A Shares (China)(b)
 
590,180
1,754,217
 
Shares
Value
Electronic Equipment, Instruments & Components-(continued)
Shenzhen Huaqiang Industry Co. Ltd., A
Shares (China)
 
423,875
$1,493,719
Shenzhen Kaifa Technology Co. Ltd., A
Shares (China)
 
681,217
1,682,051
Shenzhen Kinwong Electronic Co. Ltd., A
Shares (China)
 
407,020
1,565,541
Sunny Optical Technology Group Co. Ltd.
(China)(c)
 
4,052,468
34,102,481
TCL Technology Group Corp., A Shares
(China)
 
8,197,110
4,678,110
Tianma Microelectronics Co. Ltd., A
Shares (China)(b)
 
1,008,252
1,107,773
Tunghsu Optoelectronic Technology Co.
Ltd., A Shares (China)(b)(d)
 
2,101,000
10,965
Unisplendour Corp. Ltd., A Shares
(China)
 
579,658
2,012,965
Universal Scientific Industrial Shanghai Co.
Ltd., A Shares (China)
 
364,200
695,552
Victory Giant Technology (HuiZhou) Co.
Ltd. (China)
 
376,600
3,838,713
WUS Printed Circuit Kunshan Co. Ltd., A
Shares (China)
 
834,610
3,229,180
Xiamen Faratronic Co. Ltd., A Shares
(China)
 
98,300
1,408,878
Zhejiang Crystal-Optech Co. Ltd., A
Shares (China)
 
606,970
1,644,985
Zhejiang Dahua Technology Co. Ltd., A
Shares (China)
 
1,438,100
3,119,820
Zhuzhou Hongda Electronics Corp. Ltd., A
Shares (China)
 
174,200
808,140
 
 
118,297,693
Entertainment-2.76%
Hangzhou Shunwang Technology Co. Ltd.,
A Shares (China)
 
303,300
782,167
Kingsoft Corp. Ltd. (China)(c)
 
5,095,533
25,390,961
 
 
26,173,128
Hotels, Restaurants & Leisure-8.55%
Meituan, B Shares (China)(b)(e)
 
4,415,643
73,120,220
TravelSky Technology Ltd., H Shares
(China)
 
5,815,463
8,096,415
 
 
81,216,635
Interactive Media & Services-29.23%
Autohome, Inc., ADR (China)(c)
 
404,770
11,042,126
Baidu, Inc., A Shares (China)(b)
 
6,497,924
71,661,053
Bilibili, Inc., Z Shares (China)(b)(c)
 
1,768,035
31,039,772
JOYY, Inc., ADR (China)
 
180,102
7,412,998
Kuaishou Technology (China)(b)(c)(e)
 
7,865,222
51,918,785
Tencent Holdings Ltd. (China)
 
1,631,315
99,931,197
Visual China Group Co. Ltd., A Shares
(China)
 
239,600
676,767
Weibo Corp., A Shares (China)
 
455,960
3,768,911
 
 
277,451,609
IT Services-2.80%
Beijing Sinnet Technology Co. Ltd., A
Shares (China)
 
784,700
1,563,797
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Invesco China Technology ETF (CQQQ)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
IT Services-(continued)
China TransInfo Technology Co. Ltd., A
Shares (China)
 
443,871
$559,736
DHC Software Co. Ltd., A Shares (China)
 
1,399,200
1,898,512
Digital China Information Service Group
Co. Ltd., A Shares (China)
 
259,000
381,420
GDS Holdings Ltd., A Shares (China)(b)
 
4,912,446
15,584,617
iSoftStone Information Technology
(Group) Co. Ltd., A Shares (China)
 
415,900
3,328,026
Taiji Computer Corp. Ltd., A Shares
(China)
 
272,373
904,039
Wangsu Science & Technology Co. Ltd., A
Shares (China)
 
1,065,345
1,721,250
Wonders Information Co. Ltd., A Shares
(China)(b)
 
630,500
644,958
 
 
26,586,355
Media-1.12%
China Literature Ltd. (China)(b)(c)(e)
 
2,500,453
8,683,733
NanJi E-Commerce Co. Ltd., A Shares
(China)
 
1,072,668
650,013
People.cn Co. Ltd., A Shares (China)
 
482,600
1,316,722
 
 
10,650,468
Semiconductors & Semiconductor Equipment-18.98%
3Peak, Inc., A Shares (China)(b)
 
57,915
1,242,340
ACM Research (Shanghai), Inc., A Shares
(China)
 
103,400
1,495,561
Advanced Micro-Fabrication Equipment,
Inc., A Shares (China)
 
270,849
7,030,523
All Winner Technology Co. Ltd., A Shares
(China)
 
307,259
1,706,891
Amlogic Shanghai Co. Ltd., A Shares
(China)(b)
 
182,615
1,819,510
ASR Microelectronics Co. Ltd., A Shares
(China)(b)
 
182,600
2,416,382
Bestechnic (Shanghai) Co. Ltd. (China)
 
52,400
3,202,574
Cambricon Technologies Corp. Ltd.
(China)(b)
 
182,000
17,667,529
China Resources Microelectronics Ltd., A
Shares (China)
 
422,473
2,680,553
GalaxyCore, Inc., A Shares (China)
 
1,135,200
2,158,189
GigaDevice Semiconductor, Inc., A Shares
(China)(b)
 
291,064
5,163,428
Goke Microelectronics Co. Ltd., A Shares
(China)
 
94,900
904,451
Guobo Electronics Co. Ltd., A Shares
(China)
 
260,163
1,783,583
Hangzhou Chang Chuan Technology Co.
Ltd., A Shares (China)
 
273,602
1,581,653
Hangzhou Lion Microelectronics Co. Ltd.,
A Shares (China)
 
295,484
1,058,506
Hangzhou Silan Microelectronics Co. Ltd.,
A Shares (China)(b)
 
726,400
2,507,957
Hoyuan Green Energy Co. Ltd., A Shares
(China)
 
268,335
525,108
Hua Hong Semiconductor Ltd.
(China)(c)(e)
 
3,694,989
16,898,535
Hua Hong Semiconductor Ltd., A Shares
(China)
 
162,089
1,148,298
Hwatsing Technology Co. Ltd., A Shares
(China)
 
82,734
1,887,534
 
Shares
Value
Semiconductors & Semiconductor Equipment-(continued)
Hygon Information Technology Co. Ltd., A
Shares (China)
 
1,014,560
$20,798,037
Ingenic Semiconductor Co. Ltd., A Shares
(China)
 
169,600
1,585,957
JCET Group Co. Ltd., A Shares (China)
 
780,900
3,597,312
Jiangsu Pacific Quartz Co. Ltd., A Shares
(China)
 
211,150
942,021
Loongson Technology Corp. Ltd., A
Shares (China)(b)
 
175,090
3,135,909
Montage Technology Co. Ltd., A Shares
(China)
 
498,289
5,274,822
National Silicon Industry Group Co. Ltd., A
Shares (China)
 
1,199,200
2,886,260
NAURA Technology Group Co. Ltd., A
Shares (China)
 
231,457
14,393,592
Nexchip Semiconductor Corp., A Shares
(China)(b)
 
547,394
1,612,483
Piotech, Inc., A Shares (China)
 
94,711
2,042,070
Rockchip Electronics Co. Ltd., A Shares
(China)
 
66,408
1,563,566
Sanan Optoelectronics Co. Ltd., A Shares
(China)
 
2,177,800
3,685,522
SG Micro Corp., A Shares (China)
 
204,020
2,846,002
Shanghai Awinic Technology Co. Ltd., A
Shares (China)
 
101,200
1,018,778
Shanghai Fudan Microelectronics Group
Co. Ltd., A Shares (China)
 
125,417
825,474
Shanghai Fudan Microelectronics Group
Co. Ltd., H Shares (China)(c)
 
1,770,892
6,373,528
Shenzhen Goodix Technology Co. Ltd., A
Shares (China)
 
199,800
1,931,724
SICC Co. Ltd., A Shares (China)(b)
 
187,600
1,500,670
StarPower Semiconductor Ltd., A Shares
(China)
 
93,380
1,060,141
Suzhou Centec Communications Co. Ltd.
(China)(b)
 
105,227
966,998
Suzhou Novosense Microelectronics Co.
Ltd., A Shares (China)(b)
 
50,200
1,296,482
Tianshui Huatian Technology Co. Ltd., A
Shares (China)
 
1,398,800
1,786,782
TongFu Microelectronics Co. Ltd., A
Shares (China)
 
662,100
2,335,460
Unigroup Guoxin Microelectronics Co.
Ltd., A Shares (China)
 
370,959
3,273,817
United Nova Technology Co. Ltd., A
Shares (China)(b)
 
1,716,070
1,096,907
Vanchip (Tianjin) Technology Co. Ltd., A
Shares (China)
 
165,400
714,738
Verisilicon Microelectronics (Shanghai) Co.
Ltd. (China)(b)
 
218,400
2,894,917
Will Semiconductor Co. Ltd., A Shares
(China)
 
530,649
9,638,750
Wuxi Autowell Technology Co. Ltd., A
Shares (China)
 
104,887
477,887
Yangzhou Yangjie Electronic Technology
Co. Ltd., A Shares (China)
 
236,645
1,578,516
Zhejiang Jingsheng Mechanical &
Electrical Co. Ltd., A Shares (China)
 
571,600
2,160,158
 
 
180,174,385
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Invesco China Technology ETF (CQQQ)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Software-12.26%
360 Security Technology, Inc., A Shares
(China)
 
3,055,300
$4,309,541
Beijing E-Hualu Information Technology
Co. Ltd., A Shares (China)(b)
 
316,000
969,874
Beijing Kingsoft Office Software, Inc., A
Shares (China)
 
201,836
8,199,129
Beijing Shiji Information Technology Co.
Ltd., A Shares (China)
 
1,192,425
1,368,436
Business-intelligence of Oriental Nations
Corp. Ltd., A Shares (China)(b)
 
497,500
674,943
China National Software & Service Co.
Ltd., A Shares (China)(b)
 
371,130
2,325,004
Empyrean Technology Co. Ltd., A Shares
(China)
 
114,385
1,877,233
Hundsun Technologies, Inc., A Shares
(China)
 
826,825
2,964,616
Iflytek Co. Ltd., A Shares (China)
 
1,010,650
6,558,639
Jiangsu Hoperun Software Co. Ltd.
(China)(b)
 
347,700
2,487,145
Kingdee International Software Group Co.
Ltd. (China)(b)(c)
 
17,999,664
30,617,107
Longshine Technology Group Co. Ltd., A
Shares (China)
 
474,267
918,126
Neusoft Corp., A Shares (China)
 
530,300
735,413
Newland Digital Technology Co. Ltd., A
Shares (China)
 
450,400
1,660,860
Qi An Xin Technology Group, Inc.
(China)(b)
 
299,200
1,274,194
Sangfor Technologies, Inc., A Shares
(China)
 
64,914
881,446
SenseTime Group, Inc., B Shares
(China)(b)(c)(e)
 
158,269,255
30,565,068
Shanghai Baosight Software Co. Ltd., A
Shares (China)
 
578,620
2,142,964
Shanghai Baosight Software Co. Ltd., B
Shares (China)
 
4,513,679
6,626,938
Shanghai Stonehill Technology Co. Ltd., A
Shares (China)
 
2,498,900
1,787,631
Shenzhen Infogem Technologies Co. Ltd.,
A Shares (China)(b)
 
308,500
1,342,320
Shenzhen Kingdom Sci-Tech Co. Ltd., A
Shares (China)
 
412,900
839,095
Sinosoft Co. Ltd., A Shares (China)
 
129,648
340,963
Thunder Software Technology Co. Ltd., A
Shares (China)
 
179,187
1,379,065
Topsec Technologies Group, Inc., A
Shares (China)
 
515,700
513,414
Yonyou Network Technology Co. Ltd., A
Shares (China)(b)
 
1,492,204
3,031,057
 
 
116,390,221
 
Shares
Value
Technology Hardware, Storage & Peripherals-1.93%
China Greatwall Technology Group Co.
Ltd., A Shares (China)(b)
 
1,408,146
$2,837,711
GRG Banking Equipment Co. Ltd., A
Shares (China)
 
1,084,000
1,845,094
Huaqin Technology Co. Ltd. (China)
 
129,900
1,182,908
IEIT Systems Co. Ltd., A Shares (China)
 
642,658
4,523,489
Legend Holdings Corp., H Shares
(China)(b)(e)
 
3,217,302
3,194,142
Ninestar Corp., A Shares (China)(b)
 
618,350
1,874,277
Shenzhen Longsys Electronics Co. Ltd., A
Shares (China)
 
135,800
1,461,447
Tsinghua Tongfang Co. Ltd., A Shares
(China)(b)
 
1,462,500
1,403,197
 
 
18,322,265
Textiles, Apparel & Luxury Goods-0.23%
Shijiazhuang Changshan BeiMing
Technology Co. Ltd., A Shares
(China)(b)
 
697,700
2,164,874
Trading Companies & Distributors-0.11%
Beijing United Information Technology Co.
Ltd., A Shares (China)
 
315,579
1,028,506
Total Common Stocks & Other Equity Interests
(Cost $851,719,523)
948,960,228
 
Money Market Funds-0.02%
 
 
 
Invesco Government & Agency Portfolio,
Institutional Class, 4.26%(f)(g)
(Cost $233,503)
 
233,503
233,503
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.99%
(Cost $851,953,026)
949,193,731
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-11.39%
Invesco Private Government Fund,
4.32%(f)(g)(h)
 
30,005,434
30,005,434
Invesco Private Prime Fund, 4.46%(f)(g)(h)
 
78,093,533
78,109,152
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $108,117,343)
108,114,586
TOTAL INVESTMENTS IN SECURITIES-111.38%
(Cost $960,070,369)
1,057,308,317
OTHER ASSETS LESS LIABILITIES-(11.38)%
(108,066,370
)
NET ASSETS-100.00%
$949,241,947
 
Investment Abbreviations:
ADR
-American Depositary Receipt
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5
Invesco China Technology ETF (CQQQ)—(continued)
April 30, 2025
(Unaudited)
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
Non-income producing security.
(c)
All or a portion of this security was out on loan at April 30, 2025.
(d)
Security valued using significant unobservable inputs (Level 3). See Note 4.
(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
April 30, 2025 was $184,380,483, which represented 19.42% of the Fund’s Net Assets.
(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 six months ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$319,705
$180,725,643
$(180,811,845
)
$-
$-
$233,503
$41,508
Investments Purchased
with Cash Collateral
from Securities on Loan:
Invesco Private
Government Fund
8,211,483
139,181,097
(117,387,146
)
-
-
30,005,434
401,011
*
Invesco Private Prime
Fund
21,404,078
264,221,062
(207,510,894
)
(1,082
)
(4,012
)
78,109,152
1,032,150
*
Total
$29,935,266
$584,127,802
$(505,709,885
)
$(1,082
)
$(4,012
)
$108,348,089
$1,474,669
 
*
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 April 30, 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. See Note 2K.
 
This Fund has holdings greater than 10% of net assets in the following country:
China
99.97%
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6
Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)
April 30, 2025
(Unaudited)
Schedule of Investments
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.61%
Australia-2.66%
SGH Ltd.
 
43,826
$1,431,749
Sigma Healthcare Ltd.(a)
 
1,104,780
2,129,534
Telix Pharmaceuticals Ltd.(a)(b)
 
106,140
1,843,105
Wesfarmers Ltd.
 
33,164
1,659,577
 
 
7,063,965
Austria-0.54%
BAWAG Group AG(b)(c)
 
12,912
1,420,131
Belgium-0.77%
D’Ieteren Group(a)
 
10,162
2,036,347
Canada-14.82%
Alamos Gold, Inc., Class A
 
52,957
1,510,921
Constellation Software, Inc.
 
2,330
8,380,696
Dollarama, Inc.
 
58,238
7,171,711
Element Fleet Management Corp.
 
100,083
2,187,436
Fairfax Financial Holdings Ltd.
 
1,084
1,689,056
Intact Financial Corp.
 
8,952
1,984,242
Kinross Gold Corp.
 
107,984
1,590,874
Loblaw Cos. Ltd.
 
9,904
1,604,659
Metro, Inc.
 
34,646
2,664,730
Royal Bank of Canada(a)
 
39,457
4,726,670
Thomson Reuters Corp.
 
8,784
1,631,332
TMX Group Ltd.
 
48,419
1,958,423
WSP Global, Inc.
 
12,417
2,196,640
 
 
39,297,390
Denmark-0.58%
Sydbank A/S
 
24,036
1,544,796
Finland-0.45%
Konecranes OYJ
 
17,950
1,206,755
France-5.03%
Cie de Saint-Gobain S.A.
 
12,170
1,327,654
EssilorLuxottica S.A.
 
16,839
4,868,913
Hermes International S.C.A.
 
1,603
4,423,716
Technip Energies N.V.
 
39,039
1,336,758
Thales S.A.
 
4,907
1,379,293
 
 
13,336,334
Germany-10.06%
Allianz SE
 
4,122
1,710,633
Deutsche Boerse AG
 
4,775
1,543,294
Hannover Rueck SE
 
9,329
3,004,917
Heidelberg Materials AG
 
7,317
1,467,803
HOCHTIEF AG
 
6,916
1,312,979
Muenchener Rueckversicherungs-Gesellschaft
AG in Muenchen, Class R
 
3,173
2,179,745
Rheinmetall AG
 
4,441
7,589,298
SAP SE
 
9,206
2,702,845
Siemens Energy AG, Class A(b)
 
46,826
3,626,647
thyssenkrupp AG
 
133,989
1,541,911
 
 
26,680,072
Greece-1.88%
National Bank of Greece S.A.
 
272,861
2,905,973
Piraeus Financial Holdings S.A.
 
367,999
2,073,810
 
 
4,979,783
 
Shares
Value
Ireland-1.48%
AIB Group PLC
 
263,659
$1,778,169
Bank of Ireland Group PLC
 
182,040
2,144,775
 
 
3,922,944
Israel-4.21%
Bank Hapoalim B.M.
 
97,568
1,431,186
Israel Discount Bank Ltd., Class A
 
203,686
1,521,430
Mizrahi Tefahot Bank Ltd.
 
120,721
6,113,010
Plus500 Ltd.
 
51,437
2,113,267
 
 
11,178,893
Italy-5.66%
BPER Banca S.p.A.(a)
 
247,570
2,017,708
Intesa Sanpaolo S.p.A.
 
245,128
1,313,069
Leonardo S.p.A.
 
59,034
3,079,645
Recordati Industria Chimica e Farmaceutica
S.p.A.(a)
 
60,912
3,606,692
UniCredit S.p.A.
 
42,661
2,490,600
Unipol Assicurazioni S.p.A.
 
138,391
2,490,825
 
 
14,998,539
Japan-8.43%
ASICS Corp.
 
79,198
1,706,343
Chugai Pharmaceutical Co. Ltd.
 
29,828
1,722,474
Fujitsu Ltd.
 
71,417
1,590,343
Hitachi Ltd.
 
61,707
1,528,756
IHI Corp.
 
19,869
1,560,092
Mitsubishi Heavy Industries Ltd.
 
177,525
3,507,865
Mitsubishi UFJ Financial Group, Inc.
 
94,950
1,199,139
Mitsui OSK Lines Ltd.(a)
 
66,038
2,204,560
Sankyo Co. Ltd.
 
88,475
1,349,849
Sanrio Co. Ltd.
 
79,505
3,175,525
Sanwa Holdings Corp.
 
41,220
1,356,176
Sompo Holdings, Inc.
 
44,040
1,446,680
 
 
22,347,802
Netherlands-0.48%
ING Groep N.V.
 
64,772
1,262,159
Norway-2.38%
Kongsberg Gruppen ASA
 
30,521
4,933,064
SpareBank 1 Sør-Norge ASA, Class B
 
86,012
1,376,942
 
 
6,310,006
Portugal-0.73%
Banco Comercial Portugues S.A., Class R
 
3,015,654
1,935,447
Singapore-6.27%
DBS Group Holdings Ltd.
 
39,150
1,272,342
Oversea-Chinese Banking Corp. Ltd.
 
213,003
2,636,883
Sembcorp Industries Ltd.
 
569,314
2,880,570
Singapore Exchange Ltd.
 
595,919
6,557,630
Singapore Technologies Engineering Ltd.
 
578,665
3,286,807
 
 
16,634,232
South Korea-5.21%
Alteogen, Inc.(b)
 
13,040
3,216,448
Hanwha Aerospace Co. Ltd.
 
13,377
7,517,929
Hyundai Rotem Co. Ltd.
 
18,188
1,433,561
Meritz Financial Group, Inc.
 
18,768
1,639,585
 
 
13,807,523
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7
Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Spain-1.05%
Banco Bilbao Vizcaya Argentaria S.A.
 
89,757
$1,236,070
CaixaBank S.A.
 
202,266
1,555,546
 
 
2,791,616
Sweden-4.73%
Industrivarden AB, Class A
 
35,547
1,251,864
Investor AB, Class B(a)
 
135,817
4,032,644
Lifco AB, Class B(a)
 
36,257
1,406,678
Saab AB, Class B(a)
 
57,489
2,682,665
Swedbank AB, Class A
 
126,448
3,163,371
 
 
12,537,222
Switzerland-11.24%
BKW AG
 
9,737
1,960,697
Flughafen Zureich AG(b)
 
30,621
7,749,763
Partners Group Holding AG
 
3,653
4,807,392
Schindler Holding AG, PC
 
15,975
5,868,373
Swiss Life Holding AG
 
3,383
3,392,588
Swissquote Group Holding S.A.
 
8,880
4,603,913
Zurich Insurance Group AG
 
2,020
1,439,004
 
 
29,821,730
United Kingdom-8.98%
3i Group PLC
 
32,985
1,874,164
BAE Systems PLC
 
66,730
1,550,460
Centrica PLC
 
710,141
1,523,857
Cranswick PLC
 
23,822
1,652,452
Halma PLC
 
184,808
6,836,923
Intermediate Capital Group PLC
 
186,760
4,708,330
RELX PLC
 
32,768
1,792,345
Rolls-Royce Holdings PLC
 
382,177
3,877,286
 
 
23,815,817
 
Shares
Value
United States-1.97%
Experian PLC
 
36,860
$1,837,951
Ferrovial SE
 
39,918
1,954,004
Novartis AG
 
12,553
1,438,034
 
 
5,229,989
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.61%
(Cost $216,700,061)
264,159,492
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-3.55%
Invesco Private Government Fund,
4.32%(d)(e)(f)
 
2,606,511
2,606,511
Invesco Private Prime Fund, 4.46%(d)(e)(f)
 
6,818,791
6,820,155
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $9,426,747)
9,426,666
TOTAL INVESTMENTS IN SECURITIES-103.16%
(Cost $226,126,808)
273,586,158
OTHER ASSETS LESS LIABILITIES-(3.16)%
(8,379,127
)
NET ASSETS-100.00%
$265,207,031
 
Investment Abbreviations:
PC-Participation Certificate
 
Notes to Schedule of Investments:
(a)
All or a portion of this security was out on loan at April 30, 2025.
(b)
Non-income producing security.
(c)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at April 30, 2025
represented less than 1% of the Fund’s Net Assets.
(d)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the six months ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$-
$11,219,424
$(11,219,424
)
$-
$-
$-
$3,014
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8
Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)—(continued)
April 30, 2025
(Unaudited)
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Investments Purchased with
Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
$1,835,807
$13,265,933
$(12,495,229
)
$-
$-
$2,606,511
$47,334
*
Invesco Private Prime Fund
4,788,155
28,591,530
(26,558,992
)
263
(801
)
6,820,155
128,021
*
Total
$6,623,962
$53,076,887
$(50,273,645
)
$263
$(801
)
$9,426,666
$178,369
 
*
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 April 30, 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. See Note 2K.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9
Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)
April 30, 2025
(Unaudited)
Schedule of Investments
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.80%
Brazil-4.63%
Banco do Brasil S.A.
 
116,500
$595,320
BB Seguridade Participacoes S.A.
 
97,400
735,825
Cia Energetica de Minas Gerais, Preference
Shares
 
436,477
844,212
Embraer S.A.(a)
 
107,864
1,236,890
Porto Seguro S.A.
 
66,255
514,812
 
 
3,927,059
China-29.40%
AAC Technologies Holdings, Inc.
 
122,025
584,197
Agricultural Bank of China Ltd., H Shares
 
840,748
513,098
Bank of China Ltd., H Shares
 
899,648
502,398
BYD Electronic International Co. Ltd.
 
109,065
452,719
China CITIC Bank Corp. Ltd., H Shares
 
648,814
513,224
China Galaxy Securities Co. Ltd., H Shares
 
467,066
424,347
China Hongqiao Group Ltd.(b)
 
253,241
454,624
China Reinsurance Group Corp., H Shares
 
3,326,535
385,814
China State Construction International
Holdings Ltd.
 
605,914
893,236
Chongqing Rural Commercial Bank Co. Ltd., H
Shares(b)
 
730,983
561,273
COSCO SHIPPING Holdings Co. Ltd., H
Shares(b)
 
303,913
458,669
Dongfeng Motor Group Co. Ltd., H Shares
 
761,272
421,408
Everest Medicines Ltd.(a)(c)
 
113,789
722,829
Fufeng Group Ltd.
 
950,010
793,776
Hisense Home Appliances Group Co. Ltd., H
Shares(b)
 
317,638
963,382
Hua Hong Semiconductor Ltd.(b)(c)
 
95,877
438,481
Kingdee International Software Group Co.
Ltd.(a)(b)
 
268,729
457,103
Lenovo Group Ltd.
 
644,970
746,044
Meitu, Inc.(a)(c)
 
716,337
505,372
New China Life Insurance Co. Ltd., H Shares
 
114,277
417,378
People’s Insurance Co. (Group) of China Ltd.
(The), H Shares
 
891,061
527,406
PICC Property & Casualty Co. Ltd., H Shares
 
477,154
878,752
Pop Mart International Group Ltd.(c)
 
122,218
3,048,625
Shanghai Fudan Microelectronics Group Co.
Ltd., H Shares
 
156,897
564,680
Shanghai MicroPort MedBot Group Co. Ltd.(a)
 
231,560
562,161
Sichuan Kelun-Biotech Biopharmaceutical Co.
Ltd.(a)
 
28,932
1,237,812
Sinotruk Hong Kong Ltd.
 
185,773
446,446
Sunny Optical Technology Group Co. Ltd.
 
40,383
339,832
TCL Electronics Holdings Ltd.
 
607,866
767,944
WuXi AppTec Co. Ltd., H Shares(c)
 
52,005
401,972
Wuxi Biologics (Cayman), Inc.(a)(c)
 
141,759
411,777
XD, Inc.(a)(c)
 
237,263
1,091,457
Xiaomi Corp., B Shares(a)(c)
 
187,974
1,203,588
XPeng, Inc.(a)(b)
 
57,234
532,854
Zai Lab Ltd.(a)(b)
 
125,993
401,385
Zhaojin Mining Industry Co. Ltd., H Shares(b)
 
321,515
766,049
Zhejiang Leapmotor Technology Co. Ltd.(a)(c)
 
73,277
524,453
 
 
24,916,565
 
Shares
Value
Hungary-2.78%
Magyar Telekom Telecommunications PLC
 
358,662
$1,701,747
OTP Bank Nyrt.
 
8,811
653,092
 
 
2,354,839
Indonesia-0.59%
PT Bumi Resources Minerals Tbk(a)
 
21,796,753
502,553
Malaysia-5.72%
Alliance Bank Malaysia Bhd.
 
443,149
449,647
AMMB Holdings Bhd.
 
355,400
425,206
KPJ Healthcare Bhd.
 
1,111,601
741,023
QL Resources Bhd.
 
1,727,407
1,921,475
Sunway Bhd.
 
771,259
812,995
Telekom Malaysia Bhd.
 
316,334
498,538
 
 
4,848,884
Mexico-5.87%
Gentera S.A.B. de C.V.
 
1,244,627
2,177,064
Grupo Aeroportuario del Pacifico S.A.B. de
C.V., Class B
 
39,118
795,669
Qualitas Controladora S.A.B. de C.V.
 
181,434
2,002,957
 
 
4,975,690
Peru-0.58%
Credicorp Ltd.
 
2,439
493,141
South Africa-9.41%
Fortress REIT Ltd.
 
1,873,348
1,990,238
Gold Fields Ltd.
 
33,269
745,988
Investec Ltd.
 
197,177
1,230,268
Nedbank Group Ltd.
 
44,055
601,558
OUTsurance Group Ltd.
 
337,103
1,386,130
Resilient REIT Ltd.(b)
 
145,131
473,355
Vukile Property Fund Ltd.
 
1,520,267
1,548,041
 
 
7,975,578
Taiwan-34.11%
Advancetek Enterprise Co. Ltd.
 
944,477
2,128,797
ASE Technology Holding Co. Ltd.
 
105,000
447,426
Asustek Computer, Inc.
 
83,523
1,527,377
Capital Securities Corp.
 
1,027,000
835,566
CTBC Financial Holding Co. Ltd.
 
379,920
468,153
Delta Electronics, Inc.
 
65,535
686,689
Eva Airways Corp.
 
670,449
805,296
Evergreen Marine Corp. Taiwan Ltd.
 
66,437
430,444
Everlight Electronics Co. Ltd.
 
231,741
555,836
Fubon Financial Holding Co. Ltd.
 
170,867
452,871
Fusheng Precision Co. Ltd.
 
46,000
513,117
Gold Circuit Electronics Ltd.
 
187,900
1,130,348
Hua Nan Financial Holdings Co. Ltd.
 
568,348
481,230
Johnson Health Tech. Co. Ltd.
 
113,492
612,389
KGI Financial Holding Co. Ltd.
 
884,542
458,790
L&K Engineering Co. Ltd.
 
297,985
2,202,455
Mega Financial Holding Co. Ltd.
 
612,739
725,655
Pan-International Industrial Corp.
 
327,000
386,768
President Securities Corp.
 
702,823
518,066
Sercomm Corp.
 
117,000
383,450
Shin Zu Shing Co. Ltd.
 
79,714
465,054
Sinbon Electronics Co. Ltd.
 
312,000
2,173,787
Solomon Technology Corp.
 
454,000
1,875,460
Systex Corp.
 
117,652
444,575
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10
Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Taiwan-(continued)
Taichung Commercial Bank Co. Ltd.
 
1,668,750
$1,034,960
Taiwan Business Bank
 
1,025,976
454,393
Taiwan Semiconductor Manufacturing Co. Ltd.
 
84,175
2,385,061
Tong Yang Industry Co. Ltd.
 
268,965
1,106,713
Topco Scientific Co. Ltd.
 
293,220
2,252,414
Wistron NeWeb Corp.
 
107,000
421,981
Yuanta Financial Holding Co. Ltd.
 
558,110
546,814
 
 
28,911,935
Thailand-1.11%
Krung Thai Bank PCL, NVDR
 
730,423
476,643
Thanachart Capital PCL, NVDR
 
325,040
464,535
 
 
941,178
Turkey-4.45%
Akbank T.A.S.
 
777,097
988,371
Aselsan Elektronik Sanayi Ve Ticaret A.S.
 
374,708
1,321,252
Pegasus Hava Tasimaciligi A.S.(a)
 
251,038
1,461,301
 
 
3,770,924
United States-1.15%
GCC S.A.B. de C.V.
 
52,760
443,238
JBS S.A.
 
68,207
531,064
 
 
974,302
Total Common Stocks & Other Equity Interests
(Cost $76,345,067)
84,592,648
 
Shares
Value
Money Market Funds-0.08%
Invesco Government & Agency Portfolio,
Institutional Class, 4.26%(d)(e)
(Cost $65,501)
 
65,501
$65,501
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from
securities on loan)-99.88%
(Cost $76,410,568)
84,658,149
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-3.56%
Invesco Private Government Fund,
4.32%(d)(e)(f)
 
837,811
837,811
Invesco Private Prime Fund, 4.46%(d)(e)(f)
 
2,179,355
2,179,791
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $3,017,654)
3,017,602
TOTAL INVESTMENTS IN SECURITIES-103.44%
(Cost $79,428,222)
87,675,751
OTHER ASSETS LESS LIABILITIES-(3.44)%
(2,915,254
)
NET ASSETS-100.00%
$84,760,497
 
Investment Abbreviations:
NVDR-Non-Voting Depositary Receipt
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 April 30, 2025.
(c)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
April 30, 2025 was $8,348,554, which represented 9.85% of the Fund’s Net Assets.
(d)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the six months ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$-
$1,693,229
$(1,627,728
)
$-
$-
$65,501
$493
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
503,535
8,346,288
(8,012,012
)
-
-
837,811
20,645
*
Invesco Private Prime Fund
1,318,246
19,385,905
(18,524,197
)
(52
)
(111
)
2,179,791
55,216
*
Total
$1,821,781
$29,425,422
$(28,163,937
)
$(52
)
$(111
)
$3,083,103
$76,354
 
*
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not
include rebates and fees paid to lending agent or premiums received from borrowers, if any.
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11
Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)—(continued)
April 30, 2025
(Unaudited)
(e)
The rate shown is the 7-day SEC standardized yield as of April 30, 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. See Note 2K.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12
Invesco Global Clean Energy ETF (PBD)
April 30, 2025
(Unaudited)
Schedule of Investments
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.59%
Austria-1.02%
Verbund AG
 
8,535
$658,181
Belgium-1.96%
Elia Group S.A./N.V.(a)
 
11,707
1,273,638
Canada-5.92%
Ballard Power Systems, Inc.(a)(b)
 
427,345
519,756
Boralex, Inc., Class A(a)
 
35,301
782,536
Canadian Solar, Inc.(a)(b)
 
63,148
569,595
Innergex Renewable Energy, Inc.
 
123,388
1,213,067
NFI Group, Inc.(b)
 
89,813
754,239
 
 
3,839,193
Chile-0.83%
Sociedad Quimica y Minera de Chile S.A.,
ADR(a)
 
15,828
541,318
China-9.23%
China Datang Corp. Renewable Power Co.
Ltd., H Shares
 
2,410,068
673,563
Flat Glass Group Co. Ltd., H Shares(a)
 
409,018
462,290
Ganfeng Lithium Group Co. Ltd., H
Shares(a)(c)
 
236,919
577,692
JinkoSolar Holding Co. Ltd., ADR
 
29,229
501,570
NIO, Inc., ADR(a)(b)
 
149,273
604,556
Tianneng Power International Ltd.
 
637,393
530,660
Wasion Holdings Ltd.
 
627,026
648,736
Xinyi Solar Holdings Ltd.(a)
 
1,477,714
491,486
XPeng, Inc., ADR(a)(b)
 
39,796
740,205
Yadea Group Holdings Ltd.(c)
 
417,621
753,833
 
 
5,984,591
Denmark-3.09%
NKT A/S(b)
 
9,669
790,092
Orsted A/S(a)(b)(c)
 
15,285
610,418
Vestas Wind Systems A/S
 
45,180
604,510
 
 
2,005,020
Finland-0.94%
Kempower OYJ(a)(b)
 
48,763
608,197
France-4.41%
Legrand S.A.
 
5,716
630,350
Nexans S.A.
 
6,394
704,853
Rexel S.A.
 
22,472
626,503
SPIE S.A.
 
18,202
895,199
 
 
2,856,905
Germany-4.83%
Nordex SE(b)
 
52,910
994,062
SMA Solar Technology AG(a)
 
42,740
743,802
Verbio SE(a)
 
65,150
771,575
Wacker Chemie AG
 
8,163
619,212
 
 
3,128,651
Ireland-1.16%
Kingspan Group PLC
 
8,850
749,374
Israel-1.84%
Energix-Renewable Energies Ltd.
 
194,240
575,263
Enlight Renewable Energy Ltd.(b)
 
38,033
616,014
 
 
1,191,277
 
Shares
Value
Italy-1.96%
Prysmian S.p.A.
 
9,015
$496,919
Terna S.p.A.
 
77,344
771,742
 
 
1,268,661
Japan-6.05%
GS Yuasa Corp.(a)
 
39,095
688,336
RENOVA, Inc.(b)
 
148,669
682,621
Sanyo Denki Co. Ltd.
 
10,280
708,177
Tamura Corp.
 
163,198
521,812
Toyo Tanso Co. Ltd.(a)
 
23,828
671,215
West Holdings Corp.(a)
 
58,411
648,280
 
 
3,920,441
Netherlands-1.42%
Alfen N.V.(a)(b)(c)
 
52,083
918,908
New Zealand-0.90%
Mercury NZ Ltd.
 
175,443
581,638
Norway-1.39%
Aker Carbon Capture ASA
 
957,807
237,351
NEL ASA(a)(b)
 
3,049,417
662,405
 
 
899,756
South Africa-1.09%
Scatec ASA(b)(c)
 
92,265
706,406
South Korea-6.94%
CS Wind Corp.
 
21,452
585,594
Doosan Fuel Cell Co. Ltd.(b)
 
58,321
625,771
Ecopro BM Co. Ltd.(b)
 
7,021
500,106
HD Hyundai Electric Co. Ltd.
 
2,262
492,268
Lotte Energy Materials Corp.(b)
 
36,375
580,180
LS Corp.
 
7,165
663,775
LS Electric Co. Ltd.
 
3,496
504,935
Samsung SDI Co. Ltd.
 
4,302
532,719
Samsung SDI Co. Ltd., Rts., expiring
06/30/2025(b)
 
628
15,220
 
 
4,500,568
Spain-5.54%
Acciona S.A.(a)
 
5,487
802,337
Corporacion ACCIONA Energias Renovables
S.A.(a)
 
33,747
633,012
EDP Renovaveis S.A.(a)
 
70,704
664,405
EDP Renovaveis S.A., Rts., expiring
05/05/2025(a)(b)
 
73,092
7,478
Grenergy Renovables S.A.(a)(b)
 
15,660
902,726
Solaria Energia y Medio Ambiente S.A.(a)(b)
 
76,760
580,573
 
 
3,590,531
Sweden-0.94%
NIBE Industrier AB, Class B(a)
 
142,980
611,026
Switzerland-1.16%
Landis+Gyr Group AG(b)
 
11,602
749,476
Taiwan-12.04%
AcBel Polytech, Inc.
 
659,068
531,046
Allis Electric Co. Ltd.
 
209,292
607,504
Chung-Hsin Electric and Machinery
Manufacturing Corp.
 
139,440
556,389
Delta Electronics, Inc.
 
51,110
535,541
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13
Invesco Global Clean Energy ETF (PBD)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Taiwan-(continued)
Fortune Electric Co. Ltd.
 
39,466
$520,177
FSP Technology, Inc.
 
316,618
534,273
Motech Industries, Inc.
 
993,539
583,859
Phihong Technology Co. Ltd.(b)
 
604,772
487,682
Shihlin Electric & Engineering Corp.
 
114,676
514,144
Sino-American Silicon Products, Inc.
 
181,337
628,632
Ta Ya Electric Wire & Cable Co. Ltd.
 
500,784
561,152
Teco Electric and Machinery Co. Ltd.
 
389,833
597,421
United Renewable Energy Co. Ltd.(b)
 
2,102,663
565,563
Voltronic Power Technology Corp.
 
12,370
580,045
 
 
7,803,428
United Kingdom-1.37%
Ceres Power Holdings PLC(a)(b)
 
358,368
280,349
ITM Power PLC(a)(b)
 
1,480,387
609,473
 
 
889,822
United States-23.56%
Array Technologies, Inc.(b)
 
95,864
458,230
Atkore, Inc.
 
9,089
580,514
Bloom Energy Corp., Class A(a)(b)
 
25,653
469,963
Blue Bird Corp.(b)
 
17,518
610,853
ChargePoint Holdings, Inc.(a)(b)
 
806,629
502,368
Core & Main, Inc., Class A(b)
 
11,739
618,410
Darling Ingredients, Inc.(b)
 
15,702
505,447
Enphase Energy, Inc.(b)
 
10,158
452,945
Eos Energy Enterprises, Inc.(a)(b)
 
121,589
634,695
EVgo, Inc.(b)
 
215,563
594,954
First Solar, Inc.(b)
 
3,957
497,870
FuelCell Energy, Inc.(a)(b)
 
81,122
332,600
Gevo, Inc.(b)
 
350,030
385,033
Green Plains, Inc.(b)
 
96,796
346,530
HA Sustainable Infrastructure Capital, Inc.
 
22,705
567,171
Hubbell, Inc.
 
1,615
586,536
Itron, Inc.(b)
 
6,433
715,929
Lucid Group, Inc.(b)
 
194,447
488,062
 
Shares
Value
United States-(continued)
Ormat Technologies, Inc.
 
10,092
$732,679
Plug Power, Inc.(a)(b)
 
359,523
313,720
QuantumScape Corp.(a)(b)
 
122,601
479,370
Rivian Automotive, Inc., Class A(a)(b)
 
47,689
651,432
SES AI Corp.(a)(b)
 
609,565
547,877
Shoals Technologies Group, Inc., Class A(b)
 
156,948
566,582
Signify N.V.(a)
 
28,855
600,197
SolarEdge Technologies, Inc.(b)
 
42,701
522,447
Sunnova Energy International, Inc.(b)
 
327,773
61,785
Sunrun, Inc.(b)
 
73,900
509,171
Universal Display Corp.
 
4,414
554,531
Wolfspeed, Inc.(a)(b)
 
107,451
381,451
 
 
15,269,352
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.59%
(Cost $96,856,434)
64,546,358
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-26.29%
Invesco Private Government Fund,
4.32%(d)(e)(f)
 
4,700,430
4,700,430
Invesco Private Prime Fund, 4.46%(d)(e)(f)
 
12,335,137
12,337,604
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $17,039,032)
17,038,034
TOTAL INVESTMENTS IN SECURITIES-125.88%
(Cost $113,895,466)
81,584,392
OTHER ASSETS LESS LIABILITIES-(25.88)%
(16,775,253
)
NET ASSETS-100.00%
$64,809,139
 
Investment Abbreviations:
ADR-American Depositary Receipt
Rts.-Rights
 
Notes to Schedule of Investments:
(a)
All or a portion of this security was out on loan at April 30, 2025.
(b)
Non-income producing security.
(c)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
April 30, 2025 was $3,567,257, which represented 5.50% of the Fund’s Net Assets.
(d)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the six months ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$-
$679,402
$(679,402
)
$-
$-
$-
$212
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14
Invesco Global Clean Energy ETF (PBD)—(continued)
April 30, 2025
(Unaudited)
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
$8,450,766
$12,836,195
$(16,586,531
)
$-
$-
$4,700,430
$138,668
*
Invesco Private Prime Fund
22,004,229
26,643,229
(36,308,614
)
(96
)
(1,144
)
12,337,604
368,851
*
Total
$30,454,995
$40,158,826
$(53,574,547
)
$(96
)
$(1,144
)
$17,038,034
$507,731
 
*
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 April 30, 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. See Note 2K.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15
Invesco Global Water ETF (PIO)
April 30, 2025
(Unaudited)
Schedule of Investments
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.37%
Brazil-4.85%
Cia de Saneamento Basico do Estado de Sao
Paulo SABESP
 
614,041
$12,352,621
Canada-2.21%
Stantec, Inc.
 
64,427
5,643,718
Chile-0.27%
Aguas Andinas S.A., Class A
 
1,910,180
698,834
China-0.35%
China Water Affairs Group Ltd.(a)
 
1,147,553
883,623
France-6.27%
Veolia Environnement S.A.(a)
 
436,065
15,981,710
Japan-16.81%
Ebara Corp.
 
605,358
9,115,240
Ebara Jitsugyo Co. Ltd.
 
4,533
113,871
Kurita Water Industries Ltd.
 
147,696
4,901,526
METAWATER Co. Ltd.
 
28,155
402,560
Miura Co. Ltd.
 
110,416
2,357,516
Nomura Micro Science Co. Ltd.(a)
 
778,691
12,798,148
Organo Corp.
 
94,476
4,533,244
TOTO Ltd.
 
326,352
8,625,919
 
 
42,848,024
Mexico-0.04%
Grupo Rotoplas S.A.B. de C.V.(b)
 
180,556
111,700
Netherlands-1.53%
Aalberts N.V.
 
45,979
1,532,065
Arcadis N.V.
 
48,707
2,369,988
 
 
3,902,053
South Korea-1.12%
Coway Co. Ltd.
 
46,258
2,848,126
Switzerland-8.38%
Belimo Holding AG
 
7,028
5,997,585
Geberit AG
 
16,972
11,808,360
Georg Fischer AG(a)
 
48,853
3,547,778
 
 
21,353,723
United Kingdom-10.53%
Genuit Group PLC
 
219,935
1,122,496
Halma PLC
 
193,888
7,172,835
Severn Trent PLC
 
185,233
6,905,670
Spirax Group PLC
 
62,136
4,908,336
United Utilities Group PLC
 
445,397
6,711,333
 
 
26,820,670
 
Shares
Value
United States-47.01%
A.O. Smith Corp.
 
76,124
$5,165,775
Advanced Drainage Systems, Inc.
 
40,697
4,618,703
American Water Works Co., Inc.
 
68,579
10,081,799
Consolidated Water Co. Ltd.
 
24,232
563,152
Core & Main, Inc., Class A(b)
 
120,810
6,364,271
Ecolab, Inc.
 
73,894
18,579,168
Ferguson Enterprises, Inc.
 
24,589
4,184,831
IDEX Corp.(a)
 
33,167
5,770,063
Pentair PLC
 
211,167
19,159,182
Roper Technologies, Inc.
 
34,040
19,065,123
Veralto Corp.
 
82,947
7,954,617
Waters Corp.(b)
 
26,341
9,159,556
Xylem, Inc.
 
75,592
9,114,127
 
 
119,780,367
Total Common Stocks & Other Equity Interests
(Cost $204,063,344)
253,225,169
Money Market Funds-0.10%
Invesco Government & Agency Portfolio,
Institutional Class, 4.26%(c)(d)
(Cost $245,379)
 
245,379
245,379
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.47%
(Cost $204,308,723)
253,470,548
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-15.44%
Invesco Private Government Fund,
4.32%(c)(d)(e)
 
10,937,811
10,937,811
Invesco Private Prime Fund, 4.46%(c)(d)(e)
 
28,393,478
28,399,157
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $39,337,241)
39,336,968
TOTAL INVESTMENTS IN SECURITIES-114.91%
(Cost $243,645,964)
292,807,516
OTHER ASSETS LESS LIABILITIES-(14.91)%
(37,983,623
)
NET ASSETS-100.00%
$254,823,893
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16
Invesco Global Water ETF (PIO)—(continued)
April 30, 2025
(Unaudited)
Notes to Schedule of Investments:
(a)
All or a portion of this security was out on loan at April 30, 2025.
(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 six months ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$122,640
$5,536,034
$(5,413,295
)
$-
$-
$245,379
$2,319
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
2,058,065
49,052,381
(40,172,635
)
-
-
10,937,811
122,988
*
Invesco Private Prime Fund
5,364,901
121,240,799
(98,204,709
)
216
(2,050
)
28,399,157
328,832
*
Total
$7,545,606
$175,829,214
$(143,790,639
)
$216
$(2,050
)
$39,582,347
$454,139
 
*
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 April 30, 2025.
(e)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned. See Note 2K.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17
Invesco International BuyBack AchieversTM ETF (IPKW)
April 30, 2025
(Unaudited)
Schedule of Investments
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.28%
Australia-1.15%
AMP Ltd.
 
429,522
$354,379
Helia Group Ltd.
 
40,218
124,516
Qantas Airways Ltd.
 
243,886
1,377,405
 
 
1,856,300
Brazil-0.53%
BRF S.A.
 
91,300
366,077
StoneCo Ltd., Class A(a)(b)
 
35,461
498,582
 
 
864,659
Canada-5.38%
Athabasca Oil Corp.(a)
 
76,700
252,094
Baytex Energy Corp.
 
113,913
175,657
Canada Goose Holdings, Inc.(a)
 
5,361
44,788
Canadian Tire Corp. Ltd., Class A(b)
 
8,855
967,236
Cargojet, Inc.
 
2,368
146,232
Cogeco Communications, Inc.
 
4,006
196,631
Docebo, Inc.(a)
 
2,363
73,868
Finning International, Inc.
 
22,990
647,608
Gildan Activewear, Inc.
 
22,692
1,043,671
iA Financial Corp., Inc.
 
15,832
1,534,946
Imperial Oil Ltd.
 
19,863
1,337,190
Martinrea International, Inc.
 
11,114
59,058
MEG Energy Corp.
 
43,664
611,353
Obsidian Energy Ltd.(a)(b)
 
12,501
52,582
Onex Corp.
 
9,361
661,498
Russel Metals, Inc.
 
9,668
279,968
Secure Waste Infrastructure Corp.
 
39,518
375,640
Trican Well Service Ltd.
 
31,958
93,702
Vermilion Energy, Inc.(b)
 
26,308
158,461
 
 
8,712,183
China-8.33%
Alibaba Group Holding Ltd.
 
493,264
7,365,302
China Shenhua Energy Co. Ltd., H Shares
 
544,165
2,045,291
Chinasoft International Ltd.(a)
 
369,929
235,806
Dongyue Group Ltd.(b)
 
217,379
256,565
Inner Mongolia Yitai Coal Co. Ltd., B Shares
 
193,700
385,228
JD.com, Inc., A Shares
 
196,318
3,196,708
 
 
13,484,900
Colombia-0.03%
GeoPark Ltd.(b)
 
6,688
44,943
Denmark-1.09%
A.P. Moller - Maersk A/S, Class B(b)
 
618
1,067,943
D/S Norden A/S
 
3,692
100,902
Sydbank A/S
 
9,262
595,269
 
 
1,764,114
Finland-0.20%
Hiab OYJ, Class B
 
6,740
321,812
France-4.60%
TotalEnergies SE
 
125,921
7,196,547
Virbac SACA
 
711
251,538
 
 
7,448,085
Germany-8.49%
CANCOM SE
 
3,261
100,472
K+S AG
 
26,739
467,984
 
Shares
Value
Germany-(continued)
Mercedes-Benz Group AG
 
69,316
$4,158,589
SAP SE
 
30,738
9,024,555
 
 
13,751,600
Hong Kong-0.04%
Skyworth Group Ltd.(b)
 
175,166
67,237
Ireland-1.53%
AIB Group PLC
 
347,627
2,344,466
Greencore Group PLC
 
52,308
129,277
 
 
2,473,743
Israel-0.37%
Airport City Ltd.(a)
 
6,131
91,130
Plus500 Ltd.
 
12,355
507,600
 
 
598,730
Italy-5.37%
F.I.L.A - Fabbrica Italiana Lapis ed Affini -
S.p.A.
 
5,323
69,588
OVS S.p.A.(c)
 
30,206
109,397
UniCredit S.p.A.(b)
 
145,787
8,511,217
 
 
8,690,202
Japan-14.38%
Alfresa Holdings Corp.
 
32,477
491,446
Citizen Watch Co. Ltd.
 
38,831
225,155
Dai Nippon Printing Co. Ltd.
 
88,940
1,242,667
Dai-ichi Life Holdings, Inc.
 
535,498
3,875,751
Eiken Chemical Co. Ltd.
 
4,940
76,982
Hokkoku Financial Holdings, Inc.
 
3,967
148,189
Idemitsu Kosan Co. Ltd.
 
166,157
1,032,132
Japan Aviation Electronics Industry Ltd.
 
8,108
130,192
Japan Post Holdings Co. Ltd.
 
348,146
3,392,138
JVCKenwood Corp.
 
27,803
207,991
Kansai Paint Co. Ltd.
 
22,068
333,431
Kato Sangyo Co. Ltd.
 
5,956
208,868
Kureha Corp.
 
7,111
124,763
Megachips Corp.
 
3,071
100,157
Nippon Yusen K.K.(b)
 
78,220
2,561,767
Okinawa Cellular Telephone Co.
 
3,919
116,483
Olympus Corp.
 
183,632
2,411,865
Sankyo Co. Ltd.
 
41,935
639,795
Sankyu, Inc.
 
9,397
412,249
Seino Holdings Co. Ltd.(b)
 
27,369
431,768
Sojitz Corp.
 
35,891
851,128
Suruga Bank Ltd.
 
27,419
243,454
Suzuken Co. Ltd.
 
12,270
444,343
Toho Holdings Co. Ltd.(b)
 
10,058
329,594
Tokai Rika Co. Ltd.
 
11,074
165,325
Tokyo Gas Co. Ltd.
 
60,736
2,022,629
TSI Holdings Co. Ltd.(b)
 
11,730
88,485
Ushio, Inc.
 
11,887
143,316
Wacom Co. Ltd.
 
19,789
75,935
Yamato Holdings Co. Ltd.(b)
 
53,232
757,577
 
 
23,285,575
Malaysia-0.03%
Malaysian Pacific Industries Bhd.
 
12,500
54,362
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18
Invesco International BuyBack AchieversTM ETF (IPKW)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Mexico-0.09%
Grupo Televisa S.A.B., Series CPO(b)
 
416,229
$151,820
Netherlands-8.53%
Aegon Ltd.
 
215,912
1,393,516
ING Groep N.V.
 
208,794
4,068,597
Prosus N.V.(a)
 
176,451
8,301,320
TomTom N.V.(a)(b)
 
7,847
41,620
 
 
13,805,053
Norway-2.22%
Equinor ASA
 
153,396
3,483,416
Stolt-Nielsen Ltd.
 
4,865
109,582
 
 
3,592,998
Poland-0.23%
Asseco Poland S.A.(b)
 
9,153
379,673
Portugal-0.57%
Galp Energia SGPS S.A.
 
58,803
914,218
South Africa-0.12%
Exxaro Resources Ltd.
 
23,705
194,017
South Korea-2.52%
CJ Corp.
 
2,277
199,041
CJ Logistics Corp.
 
1,548
90,304
Hanwha Aerospace Co. Ltd.
 
4,563
2,564,425
MegaStudyEdu Co. Ltd.
 
1,042
35,146
Meritz Financial Group, Inc.
 
13,590
1,187,232
 
 
4,076,148
Spain-1.47%
Laboratorios Farmaceuticos Rovi S.A.
 
3,217
189,246
Neinor Homes S.A.(a)(b)(c)
 
4,197
73,311
Repsol S.A.
 
172,795
2,119,461
 
 
2,382,018
Sweden-1.05%
Ambea AB(b)(c)
 
13,720
166,099
Autoliv, Inc., SDR
 
13,135
1,234,710
Truecaller AB, Class B
 
39,725
299,588
 
 
1,700,397
Switzerland-0.10%
Daetwyler Holding AG, BR(b)
 
1,090
158,075
Thailand-0.40%
Charoen Pokphand Foods PCL, NVDR
 
811,128
642,480
United Kingdom-25.54%
Aberdeen Group PLC(b)
 
232,889
460,993
BAE Systems PLC
 
201,570
4,683,444
 
Shares
Value
United Kingdom-(continued)
Balfour Beatty PLC
 
68,620
$420,651
Centrica PLC
 
678,572
1,456,115
Cranswick PLC
 
7,281
505,058
Deliveroo PLC(a)(c)
 
123,937
282,071
Future PLC
 
11,383
108,497
Grafton Group PLC
 
23,482
284,891
HSBC Holdings PLC
 
719,416
8,037,654
IG Group Holdings PLC
 
44,340
633,399
Imperial Brands PLC
 
76,651
3,152,304
Indivior PLC(a)(b)
 
14,932
169,827
Informa PLC
 
169,444
1,659,013
InterContinental Hotels Group PLC
 
17,137
1,832,805
Mears Group PLC
 
7,116
36,919
NatWest Group PLC
 
695,770
4,485,468
OSB Group PLC
 
49,781
317,133
Pearson PLC
 
85,043
1,366,413
Shell PLC
 
222,548
7,198,180
Standard Chartered PLC
 
244,214
3,525,395
Whitbread PLC
 
21,142
735,936
 
 
41,352,166
United States-4.92%
BP PLC
 
1,441,637
6,671,589
Tenaris S.A.
 
76,934
1,287,287
 
 
7,958,876
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.28%
(Cost $156,882,431)
160,726,384
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-4.05%
Invesco Private Government Fund,
4.32%(d)(e)(f)
 
1,794,917
1,794,917
Invesco Private Prime Fund, 4.46%(d)(e)(f)
 
4,765,276
4,766,229
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $6,561,146)
6,561,146
TOTAL INVESTMENTS IN SECURITIES-103.33%
(Cost $163,443,577)
167,287,530
OTHER ASSETS LESS LIABILITIES-(3.33)%
(5,383,658
)
NET ASSETS-100.00%
$161,903,872
 
Investment Abbreviations:
BR-Bearer Shares
CPO-Certificates of Ordinary Participation
NVDR-Non-Voting Depositary Receipt
SDR-Swedish Depository Receipt
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19
Invesco International BuyBack AchieversTM ETF (IPKW)—(continued)
April 30, 2025
(Unaudited)
Notes to Schedule of Investments:
(a)
Non-income producing security.
(b)
All or a portion of this security was out on loan at April 30, 2025.
(c)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
April 30, 2025 was $630,878, which represented less than 1% of the Fund’s Net Assets.
(d)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the six months ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$-
$5,244,641
$(5,244,641
)
$-
$-
$-
$1,347
Investments Purchased with
Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
978,498
9,410,685
(8,594,266
)
-
-
1,794,917
30,720
*
Invesco Private Prime Fund
2,686,409
23,432,686
(21,352,548
)
173
(491
)
4,766,229
82,483
*
Total
$3,664,907
$38,088,012
$(35,191,455
)
$173
$(491
)
$6,561,146
$114,550
 
*
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 April 30, 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. See Note 2K.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20
Invesco MSCI Global Climate 500 ETF (KLMT)
April 30, 2025
(Unaudited)
Schedule of Investments
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.81%
Australia-1.90%
ANZ Group Holdings Ltd.
 
82,583
$1,577,448
Commonwealth Bank of Australia
 
32,679
3,479,421
CSL Ltd.
 
10,722
1,719,140
Fortescue Ltd.
 
87,753
905,295
Goodman Group
 
55,315
1,057,785
Macquarie Group Ltd.
 
11,860
1,463,999
National Australia Bank Ltd.
 
79,695
1,838,203
Rio Tinto Ltd.(a)
 
14,825
1,107,953
Telstra Group Ltd.
 
588,996
1,698,042
Transurban Group
 
217,979
1,962,143
Wesfarmers Ltd.
 
29,683
1,485,382
Westpac Banking Corp.
 
86,125
1,805,373
Woodside Energy Group Ltd.
 
80,512
1,048,338
Woolworths Group Ltd.
 
54,702
1,102,825
 
 
22,251,347
Belgium-0.31%
Anheuser-Busch InBev S.A./N.V.
 
26,775
1,770,789
Groupe Bruxelles Lambert N.V.
 
23,078
1,910,354
 
 
3,681,143
Brazil-0.59%
Ambev S.A.
 
601,572
1,548,186
Itau Unibanco Holding S.A., Preference
Shares
 
235,279
1,478,651
Itausa S.A., Preference Shares
 
628,802
1,188,431
MercadoLibre, Inc.(b)
 
808
1,883,327
NU Holdings Ltd., Class A(a)(b)
 
64,209
798,118
 
 
6,896,713
Canada-3.00%
Agnico Eagle Mines Ltd.
 
16,102
1,888,806
Bank of Montreal
 
17,113
1,636,470
Bank of Nova Scotia (The)
 
30,138
1,505,045
Brookfield Corp.
 
30,748
1,648,590
Canadian Imperial Bank of Commerce
 
22,658
1,426,275
Canadian National Railway Co.
 
15,107
1,460,172
Canadian Pacific Kansas City Ltd.
 
23,605
1,711,119
Constellation Software, Inc.
 
451
1,622,186
Enbridge, Inc.(a)
 
48,261
2,252,506
Loblaw Cos. Ltd.
 
7,774
1,259,553
Manulife Financial Corp.
 
44,136
1,349,994
National Bank of Canada
 
12,134
1,063,625
Pembina Pipeline Corp.
 
28,092
1,071,779
Restaurant Brands International, Inc.
 
15,219
978,718
Royal Bank of Canada
 
26,141
3,131,507
Shopify, Inc., Class A(b)
 
21,344
2,026,081
Sun Life Financial, Inc.
 
19,705
1,171,915
TC Energy Corp.
 
24,241
1,222,316
Thomson Reuters Corp.
 
7,589
1,409,401
Toronto-Dominion Bank (The)
 
34,084
2,173,648
Wheaton Precious Metals Corp.
 
22,355
1,862,944
WSP Global, Inc.
 
7,407
1,310,341
 
 
35,182,991
China-2.58%
Alibaba Group Holding Ltd.
 
308,424
4,605,314
Bank of China Ltd., H Shares
 
2,742,203
1,531,352
 
Shares
Value
China-(continued)
BYD Co. Ltd., H Shares
 
34,946
$1,659,996
China Construction Bank Corp., H Shares
 
2,243,230
1,842,866
China Merchants Bank Co. Ltd., H Shares
 
223,560
1,219,582
China Overseas Land & Investment Ltd.
 
645,710
1,145,720
Industrial & Commercial Bank of China Ltd.,
H Shares
 
1,928,817
1,321,416
JD.com, Inc., A Shares
 
79,766
1,298,855
Meituan, B Shares(b)(c)
 
105,297
1,743,651
PDD Holdings, Inc., ADR(b)
 
13,438
1,418,650
Ping An Insurance (Group) Co. of China
Ltd., H Shares
 
280,620
1,679,716
Tencent Holdings Ltd.
 
119,953
7,348,088
Trip.com Group Ltd.
 
19,366
1,166,759
Xiaomi Corp., B Shares(b)(c)
 
359,883
2,304,312
 
 
30,286,277
Denmark-0.41%
DSV A/S
 
5,065
1,077,428
Novo Nordisk A/S, Class B
 
54,989
3,689,838
 
 
4,767,266
France-2.70%
Air Liquide S.A.
 
11,852
2,443,713
AXA S.A.(a)
 
38,461
1,825,311
BNP Paribas S.A.
 
22,522
1,914,848
Cie de Saint-Gobain S.A.
 
14,151
1,543,766
Danone S.A.
 
22,462
1,939,429
EssilorLuxottica S.A.
 
5,823
1,683,691
Hermes International S.C.A.
 
725
2,000,745
Legrand S.A.
 
14,163
1,561,870
L’Oreal S.A.
 
5,472
2,426,213
LVMH Moet Hennessy Louis Vuitton SE
 
5,083
2,825,317
Orange S.A.
 
121,788
1,772,990
Pernod Ricard S.A.
 
9,631
1,047,551
Publicis Groupe S.A.
 
11,599
1,184,226
Schneider Electric SE
 
12,390
2,904,839
TotalEnergies SE
 
41,189
2,354,004
Vinci S.A.
 
16,047
2,261,839
 
 
31,690,352
Germany-2.28%
adidas AG
 
4,291
990,723
Allianz SE
 
7,350
3,050,255
Bayerische Motoren Werke AG
 
19,996
1,701,850
Deutsche Boerse AG
 
6,797
2,196,810
Deutsche Post AG
 
29,394
1,260,271
Deutsche Telekom AG
 
78,454
2,827,576
Mercedes-Benz Group AG
 
31,172
1,870,153
Muenchener Rueckversicherungs-
Gesellschaft AG in Muenchen, Class R
 
2,886
1,982,586
SAP SE
 
19,195
5,635,576
Siemens AG
 
14,887
3,439,703
Volkswagen AG, Preference Shares
 
17,025
1,858,874
 
 
26,814,377
Hong Kong-0.42%
AIA Group Ltd.
 
285,130
2,136,703
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21
Invesco MSCI Global Climate 500 ETF (KLMT)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Hong Kong-(continued)
Hong Kong Exchanges & Clearing Ltd.
 
37,453
$1,636,500
MTR Corp. Ltd.(a)
 
337,047
1,163,732
 
 
4,936,935
India-1.41%
Axis Bank Ltd.
 
73,183
1,026,546
Bharti Airtel Ltd.
 
79,207
1,747,168
HDFC Bank Ltd.
 
109,204
2,480,455
Hindustan Unilever Ltd.
 
37,354
1,037,057
ICICI Bank Ltd.
 
122,812
2,064,382
Infosys Ltd.
 
78,469
1,387,170
Kotak Mahindra Bank Ltd.
 
50,498
1,319,807
Mahindra & Mahindra Ltd.
 
32,937
1,141,175
Power Grid Corp. of India Ltd.
 
285,985
1,038,680
Reliance Industries Ltd.
 
145,288
2,412,409
Tata Consultancy Services Ltd.
 
20,469
835,543
 
 
16,490,392
Ireland-0.37%
Accenture PLC, Class A
 
10,966
3,280,479
Flutter Entertainment PLC(b)
 
4,441
1,070,236
 
 
4,350,715
Italy-0.65%
Enel S.p.A.
 
186,022
1,618,172
Ferrari N.V.
 
2,620
1,203,515
Intesa Sanpaolo S.p.A.
 
326,719
1,750,125
Terna S.p.A.
 
136,191
1,358,920
UniCredit S.p.A.
 
29,350
1,713,488
 
 
7,644,220
Japan-5.04%
Advantest Corp.
 
16,690
699,906
Bridgestone Corp.
 
39,594
1,659,577
Canon, Inc.(a)
 
37,158
1,149,420
Daiichi Sankyo Co. Ltd.
 
43,447
1,114,051
Daiwa House Industry Co. Ltd.
 
42,245
1,532,191
Denso Corp.
 
107,813
1,395,393
FANUC Corp.
 
40,159
1,021,651
Fast Retailing Co. Ltd.
 
4,562
1,504,223
FUJIFILM Holdings Corp.
 
62,434
1,281,846
Hitachi Ltd.
 
95,998
2,378,296
Honda Motor Co. Ltd.
 
201,606
2,056,179
Hoya Corp.
 
7,913
933,312
Hulic Co. Ltd.
 
118,062
1,237,506
KDDI Corp.
 
97,188
1,726,629
Keyence Corp.
 
4,091
1,714,490
Komatsu Ltd.
 
45,086
1,306,976
Kyocera Corp.
 
119,591
1,420,739
Mitsubishi Corp.
 
80,942
1,540,475
Mitsubishi Electric Corp.
 
65,339
1,267,022
Mitsubishi Heavy Industries Ltd.
 
74,330
1,468,749
Mitsubishi UFJ Financial Group, Inc.
 
213,601
2,697,601
Mizuho Financial Group, Inc.
 
63,992
1,603,782
Murata Manufacturing Co. Ltd.
 
67,910
969,790
Nintendo Co. Ltd.
 
24,617
2,048,575
Nippon Telegraph & Telephone Corp.
 
1,164,293
1,219,910
Obayashi Corp.(a)
 
79,671
1,239,056
Recruit Holdings Co. Ltd.
 
28,471
1,581,489
SECOM Co. Ltd.
 
31,144
1,147,908
Sekisui House Ltd.
 
53,740
1,238,438
 
Shares
Value
Japan-(continued)
Shin-Etsu Chemical Co. Ltd.
 
40,500
$1,235,413
SMC Corp.
 
2,530
820,763
SoftBank Corp.
 
1,185,229
1,797,818
SoftBank Group Corp.
 
20,628
1,045,637
Sony Group Corp.
 
127,491
3,371,587
Sumitomo Mitsui Financial Group, Inc.
 
79,915
1,911,094
Takeda Pharmaceutical Co. Ltd.
 
76,213
2,310,834
Terumo Corp.
 
55,992
1,074,283
Tokio Marine Holdings, Inc.
 
42,844
1,721,383
Tokyo Electron Ltd.
 
11,422
1,704,771
 
 
59,148,763
Mexico-0.19%
Grupo Financiero Banorte S.A.B. de C.V.,
Class O
 
145,223
1,250,216
Southern Copper Corp.
 
10,480
938,170
 
 
2,188,386
Netherlands-1.05%
Akzo Nobel N.V.(a)
 
19,115
1,210,971
ASML Holding N.V.
 
7,025
4,719,022
ING Groep N.V.
 
69,680
1,357,797
Koninklijke Ahold Delhaize N.V.
 
31,708
1,306,383
NXP Semiconductors N.V.
 
5,683
1,047,434
Prosus N.V.(b)
 
26,947
1,267,749
Wolters Kluwer N.V.
 
8,157
1,445,151
 
 
12,354,507
New Zealand-0.10%
Meridian Energy Ltd.
 
378,786
1,231,873
Norway-0.19%
Aker BP ASA
 
54,827
1,180,796
Equinor ASA
 
45,295
1,028,588
 
 
2,209,384
Portugal-0.11%
EDP S.A.
 
335,213
1,325,846
Singapore-0.96%
CapitaLand Ascendas REIT
 
758,642
1,546,327
CapitaLand Integrated Commercial Trust
 
1,132,242
1,863,903
DBS Group Holdings Ltd.
 
52,101
1,693,239
Oversea-Chinese Banking Corp. Ltd.
 
119,754
1,482,501
Singapore Exchange Ltd.
 
172,810
1,901,641
Singapore Telecommunications Ltd.
 
484,852
1,403,202
United Overseas Bank Ltd.
 
50,967
1,354,039
 
 
11,244,852
South Africa-0.27%
FirstRand Ltd.
 
246,305
964,109
Naspers Ltd.
 
4,470
1,175,036
Standard Bank Group Ltd.
 
79,340
990,545
 
 
3,129,690
South Korea-0.45%
Samsung Electronics Co. Ltd.
 
97,233
3,793,792
SK hynix, Inc.
 
11,586
1,445,621
 
 
5,239,413
Spain-1.02%
Amadeus IT Group S.A.
 
17,251
1,362,553
Banco Bilbao Vizcaya Argentaria S.A.
 
128,709
1,772,490
Banco Santander S.A.
 
331,406
2,341,417
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22
Invesco MSCI Global Climate 500 ETF (KLMT)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Spain-(continued)
Iberdrola S.A.
 
183,586
$3,320,690
Industria de Diseno Textil S.A.
 
30,227
1,631,052
Redeia Corp. S.A.
 
71,217
1,498,582
 
 
11,926,784
Sweden-0.79%
Assa Abloy AB, Class B
 
47,134
1,433,761
Atlas Copco AB, Class A
 
103,279
1,602,039
Boliden AB(b)
 
44,727
1,373,364
Investor AB, Class B
 
48,334
1,435,121
Sandvik AB(a)
 
79,676
1,648,379
Volvo AB, Class B
 
65,979
1,797,372
 
 
9,290,036
Switzerland-2.25%
ABB Ltd.
 
43,165
2,289,562
Chocoladefabriken Lindt & Spruengli AG,
PC
 
92
1,346,683
Cie Financiere Richemont S.A.
 
12,235
2,171,460
Givaudan S.A.
 
309
1,497,258
Lonza Group AG
 
1,737
1,253,518
Nestle S.A.
 
48,719
5,208,240
Roche Holding AG
 
12,436
4,084,219
Schindler Holding AG, PC
 
3,662
1,345,226
Sika AG
 
5,656
1,419,670
TE Connectivity PLC
 
11,541
1,689,372
UBS Group AG
 
64,419
1,964,029
Zurich Insurance Group AG
 
3,056
2,177,027
 
 
26,446,264
Taiwan-2.15%
Cathay Financial Holding Co. Ltd.
 
669,116
1,232,854
E.Sun Financial Holding Co. Ltd.
 
1,527,115
1,354,516
First Financial Holding Co. Ltd.
 
1,742,000
1,387,168
Fubon Financial Holding Co. Ltd.
 
496,150
1,315,011
Hon Hai Precision Industry Co. Ltd.
 
256,700
1,143,675
MediaTek, Inc.
 
32,213
1,368,830
Mega Financial Holding Co. Ltd.
 
1,054,000
1,248,232
SinoPac Financial Holdings Co. Ltd.
 
1,655,413
1,106,185
Taishin Financial Holding Co. Ltd.
 
2,277,511
1,190,159
Taiwan Cooperative Financial Holding Co.
Ltd.
 
1,936,800
1,479,268
Taiwan Semiconductor Manufacturing Co.
Ltd.
 
394,148
11,168,008
Yuanta Financial Holding Co. Ltd.
 
1,299,155
1,272,861
 
 
25,266,767
United Kingdom-2.94%
3i Group PLC
 
30,964
1,759,333
Aviva PLC
 
244,487
1,835,918
Barclays PLC
 
338,203
1,350,313
Compass Group PLC
 
48,737
1,646,858
Diageo PLC
 
55,228
1,554,315
Haleon PLC
 
262,721
1,324,954
HSBC Holdings PLC
 
324,131
3,621,344
Informa PLC
 
119,825
1,173,198
Lloyds Banking Group PLC
 
1,544,959
1,521,306
London Stock Exchange Group PLC
 
14,735
2,299,575
Reckitt Benckiser Group PLC
 
21,652
1,400,708
RELX PLC
 
47,475
2,596,788
Rolls-Royce Holdings PLC
 
187,064
1,897,813
 
Shares
Value
United Kingdom-(continued)
Segro PLC
 
113,378
$1,033,682
Shell PLC
 
105,353
3,407,579
Smiths Group PLC
 
58,837
1,469,495
Tesco PLC
 
287,828
1,427,669
Unilever PLC
 
50,527
3,224,291
 
 
34,545,139
United States-65.68%
3M Co.
 
10,661
1,480,920
Abbott Laboratories
 
33,025
4,318,019
AbbVie, Inc.
 
29,910
5,835,441
Adobe, Inc.(b)
 
7,493
2,809,725
Advanced Micro Devices, Inc.(b)
 
27,473
2,674,497
Aflac, Inc.(a)
 
10,607
1,152,769
Agilent Technologies, Inc.
 
8,226
885,118
Air Products and Chemicals, Inc.
 
3,939
1,067,824
Airbnb, Inc., Class A(a)(b)
 
9,382
1,143,853
Alcon AG
 
12,158
1,186,453
Allstate Corp. (The)
 
5,385
1,068,330
Alphabet, Inc., Class A
 
108,497
17,229,324
Alphabet, Inc., Class C
 
62,911
10,121,751
Amazon.com, Inc.(b)
 
147,015
27,112,506
American Express Co.
 
10,035
2,673,424
American International Group, Inc.
 
17,889
1,458,311
American Tower Corp.
 
9,834
2,216,682
American Water Works Co., Inc.(a)
 
8,292
1,219,007
Ameriprise Financial, Inc.
 
2,238
1,054,143
AMETEK, Inc.
 
6,433
1,090,908
Amgen, Inc.
 
9,869
2,871,089
Amphenol Corp., Class A
 
26,232
2,018,552
Analog Devices, Inc.
 
11,488
2,239,241
Aon PLC, Class A
 
4,080
1,447,543
Apollo Global Management, Inc.(a)
 
8,654
1,181,098
Apple, Inc.
 
237,058
50,374,825
Applied Materials, Inc.
 
18,008
2,713,986
AppLovin Corp., Class A(b)
 
3,832
1,031,996
Ares Management Corp., Class A(a)
 
6,596
1,006,088
Arista Networks, Inc.(b)
 
18,725
1,540,506
Arthur J. Gallagher & Co.
 
4,542
1,456,574
AT&T, Inc.
 
131,396
3,639,669
Autodesk, Inc.(b)
 
5,532
1,517,151
Automatic Data Processing, Inc.
 
7,450
2,239,470
AutoZone, Inc.(b)
 
338
1,271,759
AvalonBay Communities, Inc.
 
6,324
1,327,914
Avery Dennison Corp.(a)
 
5,274
902,434
Axon Enterprise, Inc.(b)
 
1,705
1,045,676
Baker Hughes Co., Class A(a)
 
28,357
1,003,838
Bank of America Corp.
 
115,996
4,625,920
Bank of New York Mellon Corp. (The)
 
18,542
1,490,962
Becton, Dickinson and Co.
 
7,564
1,566,429
BlackRock, Inc.
 
2,634
2,408,161
Blackstone, Inc., Class A
 
13,071
1,721,581
Block, Inc., Class A(a)(b)
 
12,741
744,966
Booking Holdings, Inc.
 
604
3,079,965
Boston Scientific Corp.(b)
 
33,092
3,404,174
BP PLC
 
398,379
1,843,613
Bristol-Myers Squibb Co.
 
36,438
1,829,188
Broadcom, Inc.
 
69,819
13,438,063
Cadence Design Systems, Inc.(b)
 
5,187
1,544,377
Capital One Financial Corp.
 
8,398
1,513,823
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23
Invesco MSCI Global Climate 500 ETF (KLMT)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
United States-(continued)
Cardinal Health, Inc.
 
7,929
$1,120,288
Carrier Global Corp.
 
19,399
1,213,213
Carvana Co.(b)
 
2,324
567,869
Caterpillar, Inc.
 
8,442
2,610,857
CBRE Group, Inc., Class A(b)
 
7,802
953,248
Cencora, Inc.
 
5,416
1,585,101
Charles Schwab Corp. (The)
 
27,852
2,267,153
Cheniere Energy, Inc.
 
5,059
1,169,185
Chevron Corp.
 
29,177
3,969,823
Chipotle Mexican Grill, Inc.(b)
 
27,588
1,393,746
Chubb Ltd.
 
6,995
2,001,130
Church & Dwight Co., Inc.
 
10,566
1,049,626
Cigna Group (The)
 
5,195
1,766,508
Cintas Corp.
 
7,110
1,505,045
Cisco Systems, Inc.
 
73,124
4,221,449
Citigroup, Inc.
 
35,729
2,443,149
CME Group, Inc., Class A
 
7,348
2,035,984
Coca-Cola Co. (The)
 
75,835
5,501,829
Cognizant Technology Solutions Corp.,
Class A
 
16,777
1,234,284
Coinbase Global, Inc., Class A(b)
 
3,758
762,461
Colgate-Palmolive Co.
 
19,740
1,819,831
Comcast Corp., Class A
 
70,494
2,410,895
ConocoPhillips
 
23,835
2,124,175
Consolidated Edison, Inc.
 
13,809
1,556,965
Constellation Energy Corp.
 
5,684
1,270,033
Copart, Inc.(b)
 
19,426
1,185,569
Corning, Inc.
 
23,917
1,061,436
Corteva, Inc.
 
20,129
1,247,797
Costco Wholesale Corp.
 
6,985
6,946,582
Coterra Energy, Inc.
 
41,741
1,025,159
CRH PLC
 
12,922
1,233,017
CrowdStrike Holdings, Inc., Class A(b)
 
4,351
1,866,013
CSX Corp.
 
47,433
1,331,444
Cummins, Inc.
 
4,170
1,225,313
CVS Health Corp.
 
26,177
1,746,268
D.R. Horton, Inc.
 
6,081
768,274
Danaher Corp.
 
11,412
2,274,754
Deere & Co.
 
5,391
2,499,052
Devon Energy Corp.
 
32,227
980,023
Diamondback Energy, Inc.
 
7,557
997,600
Digital Realty Trust, Inc.
 
6,986
1,121,532
Discover Financial Services
 
6,438
1,176,029
DoorDash, Inc., Class A(b)
 
6,127
1,181,837
Dover Corp.
 
7,989
1,363,323
DuPont de Nemours, Inc.
 
14,941
985,957
Eaton Corp. PLC
 
7,989
2,351,722
Ecolab, Inc.
 
6,887
1,731,598
Edison International
 
14,514
776,644
Edwards Lifesciences Corp.(b)
 
17,731
1,338,513
Elevance Health, Inc.
 
4,295
1,806,391
Eli Lilly and Co.
 
12,759
11,469,703
Emerson Electric Co.
 
14,307
1,503,809
EOG Resources, Inc.
 
14,381
1,586,656
Equifax, Inc.
 
4,105
1,067,834
Equinix, Inc.
 
2,003
1,724,082
Equity Residential
 
16,295
1,144,887
Eversource Energy
 
17,220
1,024,246
Exelon Corp.
 
29,082
1,363,946
Experian PLC
 
29,139
1,452,959
 
Shares
Value
United States-(continued)
Exxon Mobil Corp.
 
71,405
$7,542,510
Fair Isaac Corp.(b)
 
475
945,098
Fastenal Co.
 
12,663
1,025,323
FedEx Corp.
 
3,986
838,375
Ferguson Enterprises, Inc.
 
4,842
821,494
Ferrovial SE
 
32,594
1,595,491
Fidelity National Information Services, Inc.
 
11,612
915,955
Fiserv, Inc.(b)
 
10,776
1,988,926
Ford Motor Co.
 
103,146
1,032,491
Fortinet, Inc.(b)
 
13,432
1,393,704
Freeport-McMoRan, Inc.
 
50,824
1,831,189
Garmin Ltd.
 
4,729
883,708
Gartner, Inc.(b)
 
2,278
959,220
GE HealthCare Technologies, Inc.
 
11,787
828,980
GE Vernova, Inc.
 
4,907
1,819,614
General Electric Co.
 
18,987
3,826,640
General Mills, Inc.
 
19,812
1,124,133
General Motors Co.
 
24,912
1,127,019
Gilead Sciences, Inc.
 
24,302
2,589,135
Goldman Sachs Group, Inc. (The)
 
5,699
3,120,487
GSK PLC
 
105,796
2,097,641
Halliburton Co.
 
39,884
790,501
HCA Healthcare, Inc.
 
3,532
1,218,823
Healthpeak Properties, Inc.
 
46,850
835,804
HEICO Corp., Class A
 
5,293
1,063,522
Hershey Co. (The)(a)
 
6,017
1,005,982
Hess Corp.
 
8,267
1,066,856
Hilton Worldwide Holdings, Inc.
 
7,563
1,705,305
Home Depot, Inc. (The)
 
16,779
6,048,662
Host Hotels & Resorts, Inc.
 
55,508
783,773
Howmet Aerospace, Inc.
 
10,558
1,463,128
HP, Inc.
 
30,794
787,403
Illinois Tool Works, Inc.(a)
 
5,817
1,395,556
Ingersoll Rand, Inc.
 
12,002
905,311
Intel Corp.
 
76,278
1,533,188
Intercontinental Exchange, Inc.
 
11,345
1,905,620
International Business Machines Corp.
 
15,443
3,734,426
Interpublic Group of Cos., Inc. (The)
 
34,203
859,179
Intuit, Inc.
 
5,188
3,255,314
Intuitive Surgical, Inc.(b)
 
6,202
3,198,992
IQVIA Holdings, Inc.(b)
 
6,578
1,020,050
Iron Mountain, Inc.
 
9,495
851,417
Johnson & Johnson
 
43,314
6,770,411
Johnson Controls International PLC
 
16,926
1,420,091
JPMorgan Chase & Co.
 
45,567
11,146,600
Kenvue, Inc.
 
46,213
1,090,627
Keurig Dr Pepper, Inc.
 
36,483
1,261,947
Kimberly-Clark Corp.
 
9,848
1,297,769
Kimco Realty Corp.(a)
 
46,626
931,587
Kinder Morgan, Inc.
 
44,838
1,179,239
KKR & Co., Inc., Class A
 
12,159
1,389,409
KLA Corp.
 
2,680
1,883,209
Lam Research Corp.
 
31,305
2,243,629
Lennar Corp., Class A
 
6,060
658,177
Linde PLC
 
8,542
3,871,491
Lowe’s Cos., Inc.
 
9,449
2,112,418
Marriott International, Inc., Class A
 
5,985
1,427,901
Marsh & McLennan Cos., Inc.
 
11,680
2,633,490
Marvell Technology, Inc.
 
17,137
1,000,287
Mastercard, Inc., Class A
 
14,018
7,682,705
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24
Invesco MSCI Global Climate 500 ETF (KLMT)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
United States-(continued)
McDonald’s Corp.
 
13,213
$4,223,535
McKesson Corp.
 
3,029
2,159,041
Medtronic PLC
 
24,706
2,094,081
Merck & Co., Inc.
 
45,928
3,913,066
Meta Platforms, Inc., Class A
 
34,441
18,908,109
MetLife, Inc.
 
13,600
1,025,032
Microchip Technology, Inc.
 
15,122
696,822
Micron Technology, Inc.(a)
 
19,774
1,521,609
Microsoft Corp.
 
110,562
43,700,736
MicroStrategy, Inc., Class A(b)
 
3,364
1,278,690
Mondelez International, Inc., Class A
 
31,567
2,150,660
Moody’s Corp.
 
3,898
1,766,262
Morgan Stanley
 
22,105
2,551,359
Motorola Solutions, Inc.
 
3,065
1,349,795
Nasdaq, Inc.
 
15,452
1,177,597
Netflix, Inc.(b)
 
7,028
7,953,728
Newmont Corp.
 
28,866
1,520,661
NextEra Energy, Inc.
 
34,887
2,333,243
NIKE, Inc., Class B
 
23,091
1,302,332
Norfolk Southern Corp.
 
5,371
1,203,373
Novartis AG
 
38,575
4,419,036
Nucor Corp.
 
7,034
839,649
NVIDIA Corp.
 
380,675
41,463,121
Omnicom Group, Inc.(a)
 
11,308
861,217
ONEOK, Inc.
 
13,408
1,101,601
Oracle Corp.
 
26,804
3,771,859
O’Reilly Automotive, Inc.(b)
 
1,088
1,539,738
Otis Worldwide Corp.
 
13,572
1,306,576
PACCAR, Inc.
 
14,374
1,296,679
Palantir Technologies, Inc., Class A(b)
 
34,753
4,116,145
Palo Alto Networks, Inc.(a)(b)
 
12,192
2,279,051
Parker-Hannifin Corp.
 
2,852
1,725,631
Paychex, Inc.(a)
 
7,468
1,098,692
PayPal Holdings, Inc.(b)
 
18,656
1,228,311
PepsiCo, Inc.
 
25,767
3,493,490
Pfizer, Inc.
 
110,588
2,699,453
PG&E Corp.
 
60,024
991,596
Phillips 66
 
8,860
921,972
PNC Financial Services Group, Inc. (The)
 
8,042
1,292,269
PPG Industries, Inc.
 
12,826
1,396,238
Procter & Gamble Co. (The)
 
40,151
6,527,348
Progressive Corp. (The)
 
9,696
2,731,751
Prologis, Inc.
 
20,469
2,091,932
Prudential Financial, Inc.
 
10,407
1,068,903
Public Service Enterprise Group, Inc.
 
14,166
1,132,288
Public Storage
 
3,505
1,053,007
QUALCOMM, Inc.
 
20,557
3,051,892
Quanta Services, Inc.
 
3,418
1,000,414
Realty Income Corp.
 
23,225
1,343,798
Regency Centers Corp.(a)
 
16,772
1,210,603
Regeneron Pharmaceuticals, Inc.
 
2,065
1,236,439
Republic Services, Inc.
 
6,260
1,569,695
Roper Technologies, Inc.
 
2,612
1,462,929
Ross Stores, Inc.
 
7,823
1,087,397
Royal Caribbean Cruises Ltd.
 
4,827
1,037,371
S&P Global, Inc.
 
6,582
3,291,329
Salesforce, Inc.
 
16,622
4,466,498
Sanofi S.A.
 
25,904
2,843,442
Schlumberger N.V.
 
35,293
1,173,492
ServiceNow, Inc.(b)
 
3,858
3,684,429
 
Shares
Value
United States-(continued)
Sherwin-Williams Co. (The)
 
4,481
$1,581,435
Simon Property Group, Inc.
 
8,967
1,411,226
Snowflake, Inc., Class A(b)
 
7,939
1,266,191
Starbucks Corp.
 
22,301
1,785,195
Stryker Corp.
 
6,049
2,261,842
Swiss Re AG
 
7,911
1,426,280
Synopsys, Inc.(b)
 
3,334
1,530,339
Sysco Corp.
 
15,347
1,095,776
Target Corp.
 
8,914
861,984
Tesla, Inc.(b)
 
45,117
12,730,213
Texas Instruments, Inc.
 
15,606
2,497,740
Thermo Fisher Scientific, Inc.
 
7,197
3,087,513
TJX Cos., Inc. (The)
 
20,128
2,590,071
T-Mobile US, Inc.
 
10,821
2,672,246
Trade Desk, Inc. (The), Class A(a)(b)
 
8,679
465,455
Trane Technologies PLC
 
4,873
1,867,870
TransDigm Group, Inc.
 
1,318
1,862,426
Travelers Cos., Inc. (The)
 
5,106
1,348,648
Truist Financial Corp.
 
28,631
1,097,713
U.S. Bancorp
 
31,645
1,276,559
Uber Technologies, Inc.(b)
 
33,289
2,696,742
Union Pacific Corp.
 
11,651
2,512,655
United Parcel Service, Inc., Class B
 
12,525
1,193,632
United Rentals, Inc.
 
1,439
908,657
UnitedHealth Group, Inc.(a)
 
14,627
6,018,133
Ventas, Inc.(a)
 
17,475
1,224,648
Verizon Communications, Inc.
 
75,895
3,343,934
Vertex Pharmaceuticals, Inc.(a)(b)
 
4,653
2,370,703
VICI Properties, Inc.(a)
 
35,149
1,125,471
Visa, Inc., Class A
 
28,083
9,702,676
Vulcan Materials Co.
 
3,618
949,110
W.W. Grainger, Inc.
 
914
936,219
Wabtec Corp.
 
5,328
984,295
Walmart, Inc.
 
72,844
7,084,079
Walt Disney Co. (The)
 
33,219
3,021,268
Waste Management, Inc.
 
8,654
2,019,497
Wells Fargo & Co.
 
55,878
3,967,897
Welltower, Inc.
 
14,324
2,185,699
Weyerhaeuser Co.
 
38,005
984,710
Williams Cos., Inc. (The)
 
25,790
1,510,520
Workday, Inc., Class A(a)(b)
 
5,075
1,243,375
Yum! Brands, Inc.
 
8,783
1,321,315
Zimmer Biomet Holdings, Inc.
 
10,595
1,091,815
Zoetis, Inc.
 
8,530
1,334,092
 
 
770,875,260
Total Common Stocks & Other Equity Interests
(Cost $1,141,182,183)
1,171,415,692
Money Market Funds-0.02%
Invesco Government & Agency Portfolio,
Institutional Class, 4.26%(d)(e)
(Cost $184,764)
 
184,764
184,764
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.83%
(Cost $1,141,366,947)
1,171,600,456
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
25
Invesco MSCI Global Climate 500 ETF (KLMT)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-2.81%
Invesco Private Government Fund,
4.32%(d)(e)(f)
 
9,147,650
$9,147,650
Invesco Private Prime Fund, 4.46%(d)(e)(f)
 
23,792,110
23,796,868
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $32,945,042)
32,944,518
TOTAL INVESTMENTS IN SECURITIES-102.64%
(Cost $1,174,311,989)
1,204,544,974
OTHER ASSETS LESS LIABILITIES-(2.64)%
(30,930,568
)
NET ASSETS-100.00%
$1,173,614,406
 
Investment Abbreviations:
ADR-American Depositary Receipt
PC-Participation Certificate
REIT-Real Estate Investment Trust
 
Notes to Schedule of Investments:
(a)
All or a portion of this security was out on loan at April 30, 2025.
(b)
Non-income producing security.
(c)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
April 30, 2025 was $4,047,963, which represented less than 1% of the Fund’s Net Assets.
(d)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the six months ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$1,973,306
$22,498,397
$(24,286,939
)
$-
$-
$184,764
$20,839
Investments Purchased
with Cash Collateral
from Securities on Loan:
Invesco Private
Government Fund
1,184,555
63,918,023
(55,954,928
)
-
-
9,147,650
126,483
*
Invesco Private Prime
Fund
5,474,506
118,656,208
(100,332,363
)
(524
)
(959
)
23,796,868
337,331
*
Total
$8,632,367
$205,072,628
$(180,574,230
)
$(524
)
$(959
)
$33,129,282
$484,653
 
*
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 April 30, 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. See Note 2K.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26
Invesco MSCI Global Timber ETF (CUT)
April 30, 2025
(Unaudited)
Schedule of Investments
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.74%
Austria-4.14%
Mondi PLC
 
125,052
$1,902,455
Brazil-5.71%
Dexco S.A.
 
116,195
113,499
Klabin S.A.
 
233,847
765,391
Suzano S.A.
 
196,953
1,742,220
 
 
2,621,110
Canada-4.99%
Canfor Corp.(a)
 
16,782
160,008
Cascades, Inc.
 
21,229
135,707
Interfor Corp.(a)
 
14,582
140,193
Resolute Forest Products, Inc.(a)
 
13,637
19,365
Stella-Jones, Inc.
 
14,237
696,750
West Fraser Timber Co. Ltd.
 
15,462
1,142,552
 
 
2,294,575
Chile-1.08%
Empresas CMPC S.A.
 
318,710
494,855
China-0.78%
Lee & Man Paper Manufacturing Ltd.(b)
 
364,578
97,984
Nine Dragons Paper Holdings Ltd.(a)(b)
 
464,620
170,537
Shandong Sun Paper Industry JSC Ltd., A
Shares
 
47,400
91,393
 
 
359,914
Finland-10.65%
Huhtamaki OYJ
 
27,478
1,015,160
Metsa Board OYJ(b)
 
45,729
167,529
Stora Enso OYJ, Class R(b)
 
164,963
1,537,516
UPM-Kymmene OYJ(b)
 
81,774
2,173,332
 
 
4,893,537
India-1.27%
Aditya Birla Real Estate Ltd.
 
14,236
323,864
Century Plyboards (India) Ltd.
 
15,720
130,104
Greenpanel Industries Ltd.
 
17,562
48,399
JK Paper Ltd.
 
21,566
80,294
 
 
582,661
Indonesia-0.74%
PT Indah Kiat Pulp & Paper Tbk
 
697,441
216,547
PT Pabrik Kertas Tjiwi Kimia Tbk
 
396,878
122,594
 
 
339,141
Japan-4.32%
Daio Paper Corp.
 
23,899
152,839
Hokuetsu Corp.(b)
 
29,276
224,594
Nippon Paper Industries Co. Ltd.
 
28,039
217,303
Oji Holdings Corp.
 
229,894
1,087,809
Rengo Co. Ltd.
 
53,752
300,786
 
 
1,983,331
Norway-0.34%
Elopak ASA
 
38,162
156,307
Portugal-1.00%
Altri SGPS S.A.(b)
 
20,365
140,616
 
Shares
Value
Portugal-(continued)
Navigator Co. S.A. (The)(b)
 
60,525
$230,482
Semapa-Sociedade de Investimento e Gestao(b)
 
4,620
86,894
 
 
457,992
Russia-0.00%
Segezha Group PJSC(a)(c)(d)
 
1,310,077
0
Saudi Arabia-0.40%
Middle East Paper Co.(a)
 
12,033
89,672
Saudi Paper Manufacturing Co.
 
5,147
93,994
 
 
183,666
South Africa-0.70%
Sappi Ltd.
 
171,289
321,094
Spain-0.24%
Ence Energia y Celulosa S.A.(b)
 
34,235
110,783
Sweden-8.18%
Billerud AB
 
63,649
673,061
Holmen AB, Class B(b)
 
21,597
855,748
Svenska Cellulosa AB S.C.A., Class B(b)
 
171,880
2,227,252
 
 
3,756,061
Switzerland-3.65%
SIG Group AG(a)(b)
 
86,641
1,678,624
Taiwan-1.01%
Cheng Loong Corp.
 
204,000
111,480
Chung Hwa Pulp Corp.(a)
 
111,000
44,368
Longchen Paper & Packaging Co. Ltd.(a)
 
210,000
59,929
YFY, Inc.
 
305,000
249,056
 
 
464,833
Thailand-0.33%
SCG Packaging PCL, NVDR
 
364,800
153,234
United States-50.21%
Amcor PLC(b)
 
393,793
3,622,896
Avery Dennison Corp.
 
13,799
2,361,147
Clearwater Paper Corp.(a)(b)
 
4,693
126,054
Graphic Packaging Holding Co.(b)
 
85,028
2,152,059
International Paper Co.
 
44,245
2,021,112
Louisiana-Pacific Corp.
 
17,907
1,545,553
Magnera Corp.(a)(b)
 
8,999
132,015
Packaging Corp. of America
 
11,948
2,217,668
PotlatchDeltic Corp.(b)
 
22,313
856,596
Ranpak Holdings Corp.(a)(b)
 
12,518
51,449
Rayonier, Inc.
 
40,100
980,846
Sealed Air Corp.
 
41,274
1,137,511
Smurfit WestRock PLC
 
45,830
1,925,777
Sonoco Products Co.
 
27,839
1,141,399
Sylvamo Corp.(b)
 
9,875
588,747
Weyerhaeuser Co.
 
85,243
2,208,646
 
 
23,069,475
Total Common Stocks & Other Equity Interests
(Cost $47,938,897)
45,823,648
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
27
Invesco MSCI Global Timber ETF (CUT)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Money Market Funds-0.03%
Invesco Government & Agency Portfolio,
Institutional Class, 4.26%(e)(f)
(Cost $14,378)
 
14,378
$14,378
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from
securities on loan)-99.77%
(Cost $47,953,275)
45,838,026
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-20.55%
Invesco Private Government Fund,
4.32%(e)(f)(g)
 
2,618,931
2,618,931
 
Shares
Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 4.46%(e)(f)(g)
 
6,819,041
$6,820,405
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $9,439,846)
9,439,336
TOTAL INVESTMENTS IN SECURITIES-120.32%
(Cost $57,393,121)
55,277,362
OTHER ASSETS LESS LIABILITIES-(20.32)%
(9,334,992
)
NET ASSETS-100.00%
$45,942,370
 
Investment Abbreviations:
NVDR-Non-Voting 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 April 30, 2025.
(c)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at April 30, 2025
represented less than 1% of the Fund’s Net Assets.
(d)
Security valued using significant unobservable inputs (Level 3). See Note 4.
(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 six months ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$704
$3,751,661
$(3,737,987
)
$-
$-
$14,378
$1,481
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
2,368,371
16,425,076
(16,174,516
)
-
-
2,618,931
70,577
*
Invesco Private Prime Fund
6,192,193
33,436,491
(32,807,331
)
(411
)
(537
)
6,820,405
188,636
*
Total
$8,561,268
$53,613,228
$(52,719,834
)
$(411
)
$(537
)
$9,453,714
$260,694
 
*
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 April 30, 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 Note 2K.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28
Invesco MSCI Green Building ETF (GBLD)
April 30, 2025
(Unaudited)
Schedule of Investments
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.64%
Australia-2.70%
Centuria Office REIT
 
7,217
$5,666
Cromwell Property Group(a)
 
26,775
6,418
Growthpoint Properties Australia Ltd.(a)
 
5,149
7,630
Vicinity Ltd.
 
75,520
114,088
 
 
133,802
Austria-0.40%
CA Immobilien Anlagen AG
 
726
19,723
Brazil-0.56%
ALLOS S.A.
 
7,400
27,789
Canada-1.76%
First Capital REIT
 
2,037
25,188
RioCan REIT(a)
 
2,875
35,841
SmartCentres REIT(a)
 
1,426
26,315
 
 
87,344
China-0.27%
China Merchants Shekou Industrial Zone Holdings
Co. Ltd.
 
10,600
13,357
Finland-0.14%
Citycon OYJ(a)
 
1,713
6,902
France-11.24%
Carmila S.A.
 
1,104
24,081
Covivio S.A.
 
1,088
61,219
Gecina S.A.
 
897
92,402
Klepierre S.A.
 
4,194
154,042
Mercialys S.A.
 
1,829
24,569
Unibail-Rodamco-Westfield
 
2,363
200,729
 
 
557,042
Hong Kong-2.64%
Fortune REIT
 
29,564
16,544
Hang Lung Properties Ltd.
 
36,900
30,267
Henderson Land Development Co. Ltd.
 
28,029
79,498
Yuexiu REIT
 
47,253
4,439
 
 
130,748
India-2.49%
Brookfield India Real Estate Trust(b)
 
5,922
20,295
Embassy Office Parks REIT
 
16,624
75,104
Max Estates Ltd.(c)
 
1,098
5,310
Mindspace Business Parks REIT(b)
 
4,045
18,450
Nesco Ltd.
 
393
4,386
 
 
123,545
Japan-24.29%
Activia Properties, Inc.
 
13
31,246
AEON REIT Investment Corp.
 
34
29,827
CRE Logistics REIT, Inc.
 
10
10,061
Daiwa House REIT Investment Corp.
 
45
75,553
Daiwa Office Investment Corp.
 
10
21,476
Frontier Real Estate Investment Corp.
 
51
28,380
Fukuoka REIT Corp.
 
14
15,354
Global One Real Estate Investment Corp.
 
20
16,740
GLP J-Reit
 
91
78,679
Hulic Reit, Inc.
 
25
25,651
Isetan Mitsukoshi Holdings Ltd.(a)
 
6,336
81,640
Japan Excellent, Inc.
 
23
20,830
 
Shares
Value
Japan-(continued)
Japan Logistics Fund, Inc.
 
49
$32,121
Japan Metropolitan Fund Investment Corp.
 
140
93,501
Japan Prime Realty Investment Corp.
 
16
39,609
Japan Real Estate Investment Corp.
 
124
98,643
LaSalle Logiport REIT
 
34
32,512
Mirai Corp.(a)
 
38
11,078
Mitsubishi Estate Logistics REIT Investment Corp.
 
27
22,098
Mori Hills REIT Investment Corp.
 
30
27,680
Nippon Building Fund, Inc.
 
148
137,702
Nippon Prologis REIT, Inc.
 
44
72,942
Nomura Real Estate Master Fund, Inc.
 
77
76,841
ORIX JREIT, Inc.
 
52
65,649
Sekisui House Reit, Inc.(a)
 
86
46,506
SOSiLA Logistics REIT, Inc.(a)
 
14
10,857
 
 
1,203,176
Mexico-2.92%
Fibra Uno Administracion S.A. de C.V.
 
55,860
72,168
Prologis Property Mexico S.A. de C.V.
 
20,310
72,473
 
 
144,641
Netherlands-0.78%
Eurocommercial Properties N.V.
 
851
24,675
Wereldhave N.V.
 
727
13,779
 
 
38,454
Romania-1.83%
NEPI Rockcastle N.V.(c)
 
11,799
90,478
Singapore-11.29%
CapitaLand Ascendas REIT
 
72,899
148,589
CapitaLand India Trust
 
19,694
14,698
CapitaLand Integrated Commercial Trust
 
113,818
187,368
City Developments Ltd.(a)
 
9,755
37,154
Frasers Centrepoint Trust
 
26,104
45,236
Frasers Logistics & Commercial Trust(a)(b)
 
54,987
37,729
Keppel REIT
 
48,721
31,927
Lendlease Global Commercial REIT
 
33,080
13,055
Mapletree Pan Asia Commercial Trust
 
46,197
43,278
 
 
559,034
South Africa-0.67%
Redefine Properties Ltd.
 
133,341
33,165
Spain-2.72%
Inmobiliaria Colonial SOCIMI S.A.
 
6,112
39,749
Merlin Properties SOCIMI S.A.
 
7,694
87,552
Neinor Homes S.A.(b)(c)
 
417
7,284
 
 
134,585
Sweden-1.30%
Atrium Ljungberg AB(a)
 
5,037
17,874
Fabege AB(a)
 
4,512
38,627
Platzer Fastigheter Holding AB, Class B
 
1,023
8,057
 
 
64,558
Switzerland-4.31%
Swiss Prime Site AG
 
1,507
213,427
United Kingdom-4.14%
Berkeley Group Holdings PLC (The)
 
1,972
110,173
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
29
Invesco MSCI Green Building ETF (GBLD)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
United Kingdom-(continued)
Crest Nicholson Holdings PLC(a)
 
4,756
$11,481
Tritax Big Box REIT PLC
 
43,551
83,496
 
 
205,150
United States-23.19%
Alexandria Real Estate Equities, Inc.(a)
 
3,064
222,630
American Assets Trust, Inc.(a)
 
950
17,794
Beazer Homes USA, Inc.(c)
 
578
11,306
Brandywine Realty Trust(a)
 
3,364
13,321
BXP, Inc.(a)
 
2,928
186,601
Cousins Properties, Inc.
 
3,268
90,001
Douglas Emmett, Inc.(a)
 
3,262
45,113
Empire State Realty Trust, Inc., Class A
 
2,745
19,544
Highwoods Properties, Inc.(a)
 
2,067
58,785
Hudson Pacific Properties, Inc.
 
2,614
5,359
JBG SMITH Properties, (Acquired 04/20/2021 -
10/18/2024; Cost $39,124)(d)
 
1,563
21,851
KB Home
 
1,432
77,371
Kilroy Realty Corp.(a)
 
2,187
68,912
Meritage Homes Corp.(a)
 
1,413
96,282
Paramount Group, Inc.(a)
 
3,391
14,547
Piedmont Office Realty Trust, Inc., Class A(a)
 
2,416
14,279
SL Green Realty Corp.(a)
 
1,401
73,707
Vornado Realty Trust
 
3,163
111,591
 
 
1,148,994
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from
securities on loan)-99.64%
(Cost $6,272,975)
4,935,914
 
Shares
Value
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-20.14%
Invesco Private Government Fund, 4.32%(e)(f)(g)
 
277,494
$277,494
Invesco Private Prime Fund, 4.46%(e)(f)(g)
 
720,069
720,213
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $997,732)
997,707
TOTAL INVESTMENTS IN SECURITIES-119.78%
(Cost $7,270,707)
5,933,621
OTHER ASSETS LESS LIABILITIES-(19.78)%
(979,924
)
NET ASSETS-100.00%
$4,953,697
 
Investment Abbreviations:
REIT-Real Estate Investment Trust
 
Notes to Schedule of Investments:
(a)
All or a portion of this security was out on loan at April 30, 2025.
(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
April 30, 2025 was $83,758, which represented 1.69% of the Fund’s Net Assets.
(c)
Non-income producing security.
(d)
Restricted security. The value of this security at April 30, 2025 represented less than 1% 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 six months ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$-
$268,532
$(268,532
)
$-
$-
$-
$151
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
30
Invesco MSCI Green Building ETF (GBLD)—(continued)
April 30, 2025
(Unaudited)
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Investments Purchased with
Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
$263,099
$2,458,644
$(2,444,249
)
$-
$-
$277,494
$6,870
*
Invesco Private Prime Fund
686,794
5,235,876
(5,202,378
)
(17
)
(62
)
720,213
18,450
*
Total
$949,893
$7,963,052
$(7,915,159
)
$(17
)
$(62
)
$997,707
$25,471
 
*
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 April 30, 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 Note 2K.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
31
Invesco RAFI Developed Markets ex-U.S. ETF (PXF)
April 30, 2025
(Unaudited)
Schedule of Investments
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.36%
Australia-5.23%
AGL Energy Ltd.
 
93,525
$636,677
Ampol Ltd.
 
31,096
471,653
ANZ Group Holdings Ltd.
 
220,959
4,220,619
APA Group(a)
 
97,593
512,971
Aristocrat Leisure Ltd.
 
20,764
885,842
ASX Ltd.
 
7,252
328,026
Aurizon Holdings Ltd.
 
207,949
406,660
Bank of Queensland Ltd.(a)
 
72,370
345,324
Bendigo & Adelaide Bank Ltd.
 
51,763
369,899
BHP Group Ltd.
 
553,629
13,180,584
BlueScope Steel Ltd.
 
66,750
1,021,257
Brambles Ltd.
 
87,859
1,153,352
Coles Group Ltd.
 
102,068
1,384,549
Commonwealth Bank of Australia
 
71,890
7,654,321
Computershare Ltd.
 
26,540
692,770
Coronado Global Resources, Inc., CDI(b)
 
39,104
4,872
CSL Ltd.
 
14,752
2,365,300
Dexus
 
125,560
603,738
Downer EDI Ltd.
 
22,609
82,470
Dyno Nobel Ltd.
 
239,827
347,753
EBOS Group Ltd.
 
1,654
35,963
Endeavour Group Ltd.(a)
 
169,067
431,986
Evolution Mining Ltd.
 
138,167
692,154
Fortescue Ltd.
 
200,333
2,066,715
Glencore PLC(c)
 
1,845,138
6,063,341
Goodman Group
 
49,681
950,046
GPT Group (The)
 
196,552
582,013
Insurance Australia Group Ltd.
 
201,692
1,058,224
James Hardie Industries PLC, CDI(a)(c)
 
13,770
322,859
JB Hi-Fi Ltd.
 
11,188
740,594
Lendlease Corp. Ltd.(a)
 
84,714
285,133
Macquarie Group Ltd.
 
22,779
2,811,841
Medibank Pvt. Ltd.
 
236,198
701,856
Metcash Ltd.
 
159,588
328,356
Mineral Resources Ltd.(c)
 
13,249
174,047
Mirvac Group
 
455,148
663,177
National Australia Bank Ltd.
 
156,615
3,612,398
Northern Star Resources Ltd.
 
58,119
713,135
Orica Ltd.
 
37,169
385,387
Origin Energy Ltd.
 
155,700
1,060,093
Orora Ltd.
 
131,533
152,230
Qantas Airways Ltd.
 
66,046
373,011
QBE Insurance Group Ltd.
 
116,144
1,603,347
Ramsay Health Care Ltd.
 
19,088
405,952
Rio Tinto Ltd.(a)
 
46,676
3,488,352
Rio Tinto PLC
 
173,003
10,332,356
Santos Ltd.
 
354,261
1,360,420
Scentre Group
 
447,138
1,034,772
Sonic Healthcare Ltd.
 
41,603
693,885
South32 Ltd.
 
778,697
1,340,459
Stockland
 
264,031
926,854
Suncorp Group Ltd.
 
81,341
1,056,610
Telstra Group Ltd.
 
490,729
1,414,744
Transurban Group
 
164,752
1,483,019
Treasury Wine Estates Ltd.
 
56,463
322,389
Vicinity Ltd.
 
405,754
612,973
Viva Energy Group Ltd.(b)
 
184,883
203,061
 
Shares
Value
Australia-(continued)
Washington H Soul Pattinson & Co. Ltd.(a)
 
9,763
$232,131
Wesfarmers Ltd.
 
49,776
2,490,866
Westpac Banking Corp.
 
224,708
4,710,384
Whitehaven Coal Ltd.(a)
 
125,255
400,220
Woodside Energy Group Ltd.
 
221,923
2,889,636
Woolworths Group Ltd.
 
78,215
1,576,861
Worley Ltd.
 
49,009
390,032
 
 
99,842,519
Austria-0.43%
ams-OSRAM AG(a)(c)
 
25,414
226,601
ANDRITZ AG
 
4,420
318,713
BAWAG Group AG(b)(c)
 
10,493
1,154,076
Erste Group Bank AG
 
35,636
2,421,638
Mondi PLC
 
76,075
1,157,353
OMV AG
 
25,534
1,324,746
Raiffeisen Bank International AG
 
24,229
649,416
voestalpine AG
 
18,455
488,002
Wienerberger AG
 
13,479
474,903
 
 
8,215,448
Belgium-0.70%
Ackermans & van Haaren N.V.
 
461
113,143
Ageas S.A./N.V.
 
19,353
1,217,926
Anheuser-Busch InBev S.A./N.V.
 
77,456
5,122,623
Cofinimmo S.A.
 
3,263
261,805
Colruyt Group N.V
 
5,463
263,607
Elia Group S.A./N.V.(a)
 
2,221
241,629
Groupe Bruxelles Lambert N.V.
 
6,969
576,881
KBC Group N.V.
 
31,934
2,954,733
Proximus SADP
 
40,699
313,670
Syensqo S.A.(a)
 
7,342
527,002
UCB S.A.
 
7,103
1,306,742
Umicore S.A.
 
45,333
413,498
 
 
13,313,259
Brazil-0.06%
Yara International ASA
 
36,672
1,193,976
Canada-9.37%
Agnico Eagle Mines Ltd.
 
25,346
2,973,150
Air Canada(c)
 
18,254
184,615
Algonquin Power & Utilities Corp.(a)
 
132,079
710,452
Alimentation Couche-Tard, Inc.
 
56,149
2,925,130
Allied Properties REIT(a)
 
21,017
233,404
AltaGas Ltd.
 
34,719
1,025,509
ARC Resources Ltd.
 
45,576
841,703
ATCO Ltd., Class I
 
3,614
135,607
AtkinsRealis Group, Inc.
 
12,173
601,644
B2Gold Corp.
 
176,173
549,704
Bank of Montreal(a)
 
68,628
6,562,711
Bank of Nova Scotia (The)
 
177,326
8,855,388
Barrick Gold Corp.
 
195,754
3,725,746
BCE, Inc.(a)
 
53,013
1,175,935
Bombardier, Inc., Class B(a)(c)
 
10,159
670,157
Brookfield Corp.
 
139,564
7,482,886
Brookfield Renewable Corp.
 
8,990
255,714
CAE, Inc.(c)
 
17,249
430,694
Cameco Corp.
 
5,439
245,037
Canadian Apartment Properties REIT
 
15,875
483,847
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
32
Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Canada-(continued)
Canadian Imperial Bank of Commerce
 
104,938
$6,605,632
Canadian National Railway Co.
 
25,584
2,472,830
Canadian Natural Resources Ltd.(a)
 
193,867
5,552,290
Canadian Pacific Kansas City Ltd.(a)
 
30,445
2,206,948
Canadian Tire Corp. Ltd., Class A(a)
 
9,770
1,067,181
Capital Power Corp.
 
12,875
487,857
CCL Industries, Inc., Class B
 
2,561
133,566
Celestica, Inc.(c)
 
9,195
783,036
Cenovus Energy, Inc.
 
138,398
1,626,149
CGI, Inc., Class A
 
9,868
1,044,309
CI Financial Corp.
 
18,766
424,555
Constellation Software, Inc.
 
211
758,939
Dollarama, Inc.
 
4,395
541,222
Element Fleet Management Corp.
 
20,111
439,551
Emera, Inc.(a)
 
33,464
1,503,251
Empire Co. Ltd., Class A
 
6,455
239,264
Enbridge, Inc.(a)
 
251,897
11,756,895
Fairfax Financial Holdings Ltd.
 
1,893
2,949,616
Finning International, Inc.
 
15,630
440,283
First Capital REIT
 
18,281
226,048
Fortis, Inc.
 
51,538
2,547,238
Franco-Nevada Corp.
 
5,261
902,326
George Weston Ltd.
 
5,718
1,111,891
Gibson Energy, Inc.
 
18,517
290,765
Gildan Activewear, Inc.
 
10,508
483,293
Great-West Lifeco, Inc.
 
32,419
1,258,222
H&R REIT
 
13,096
93,008
Hydro One Ltd.(b)
 
23,011
883,590
iA Financial Corp., Inc.
 
9,753
945,574
Imperial Oil Ltd.
 
17,029
1,146,403
Intact Financial Corp.
 
8,840
1,959,417
Keyera Corp.
 
24,602
762,122
Kinross Gold Corp.
 
128,043
1,886,393
Linamar Corp.
 
2,872
105,187
Loblaw Cos. Ltd.
 
12,903
2,090,561
Magna International, Inc.
 
62,208
2,157,217
Manulife Financial Corp.
 
204,698
6,261,124
MEG Energy Corp.
 
28,422
397,945
Methanex Corp.
 
9,093
284,383
Metro, Inc.
 
20,160
1,550,567
National Bank of Canada
 
27,829
2,439,394
Northland Power, Inc.(a)
 
30,734
416,744
Nutrien Ltd.(a)
 
87,922
5,009,383
Onex Corp.
 
5,536
391,203
Open Text Corp.
 
19,737
533,255
Pan American Silver Corp.
 
4,579
115,063
Parkland Corp.
 
22,180
557,671
Pembina Pipeline Corp.
 
56,700
2,163,245
Power Corp. of Canada
 
90,621
3,423,300
Quebecor, Inc., Class B
 
4,118
112,751
RB Global, Inc.
 
1,192
119,890
Restaurant Brands International, Inc.
 
12,095
777,817
RioCan REIT(a)
 
38,951
485,583
Rogers Communications, Inc., Class B
 
13,625
354,508
Royal Bank of Canada
 
119,640
14,332,028
Saputo, Inc.
 
27,441
534,397
Shopify, Inc., Class A(c)
 
6,985
663,052
SmartCentres REIT(a)
 
12,724
234,804
South Bow Corp.
 
18,245
449,752
SSR Mining, Inc.(c)
 
53,132
564,669
 
Shares
Value
Canada-(continued)
Stantec, Inc.
 
2,708
$237,217
Sun Life Financial, Inc.
 
55,475
3,299,262
Suncor Energy, Inc.
 
183,939
6,483,740
TC Energy Corp.(a)
 
109,699
5,531,409
Teck Resources Ltd., Class B
 
49,721
1,686,403
TELUS Corp.
 
59,877
919,851
TFI International, Inc.
 
3,975
322,507
Thomson Reuters Corp.
 
4,210
781,866
TMX Group Ltd.
 
9,878
399,539
Toromont Industries Ltd.
 
3,855
325,525
Toronto-Dominion Bank (The)
 
186,500
11,893,712
Tourmaline Oil Corp.(a)
 
26,825
1,182,685
Veren, Inc.
 
80,386
474,879
Vermilion Energy, Inc.(a)
 
41,974
252,822
West Fraser Timber Co. Ltd.
 
13,148
971,560
Wheaton Precious Metals Corp.(a)
 
13,156
1,096,349
Whitecap Resources, Inc.(a)
 
20,518
116,159
WSP Global, Inc.
 
4,460
789,000
 
 
178,888,675
Chile-0.06%
Antofagasta PLC(a)
 
27,104
596,151
Lundin Mining Corp.(a)
 
67,533
551,489
 
 
1,147,640
China-0.23%
BeiGene Ltd.(c)
 
6,900
139,462
BOC Hong Kong (Holdings) Ltd.
 
233,192
967,482
China Gas Holdings Ltd.
 
146,000
132,019
GCL Technology Holdings Ltd.(a)(c)
 
607,000
61,700
JOYY, Inc., ADR
 
3,040
125,126
Kingboard Holdings Ltd.
 
21,500
57,765
Lenovo Group Ltd.
 
1,368,369
1,582,808
Sino Biopharmaceutical Ltd.
 
249,000
125,062
SITC International Holdings Co. Ltd.
 
223,937
620,145
Wilmar International Ltd.
 
158,395
371,626
Xinyi Glass Holdings Ltd.(a)
 
237,078
221,998
 
 
4,405,193
Colombia-0.00%
Parex Resources, Inc.
 
9,955
79,997
Denmark-0.89%
A.P. Moller - Maersk A/S, Class B(a)
 
2,713
4,688,233
Carlsberg A/S, Class B
 
6,944
949,539
Coloplast A/S, Class B
 
4,111
466,882
Danske Bank A/S
 
58,577
2,062,697
DSV A/S(a)
 
9,051
1,925,330
Genmab A/S(c)
 
1,926
409,852
ISS A/S(a)
 
22,294
561,396
Jyske Bank A/S
 
3,134
257,968
Novo Nordisk A/S, Class B
 
44,350
2,975,947
Novonesis (Novozymes) B, Class B
 
2,629
171,385
Orsted A/S(a)(b)(c)
 
17,123
683,820
Pandora A/S
 
2,951
440,870
Rockwool A/S
 
2,508
114,901
Svitzer Group A/S
 
4,083
171,830
Tryg A/S
 
22,605
541,071
Vestas Wind Systems A/S
 
44,417
594,301
 
 
17,016,022
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
33
Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Finland-1.23%
Elisa OYJ(a)
 
12,063
$645,753
Fortum OYJ(a)
 
97,074
1,633,200
Huhtamaki OYJ
 
7,716
285,063
Kesko OYJ, Class B(a)
 
32,860
757,025
Kone OYJ, Class B
 
23,005
1,429,647
Konecranes OYJ
 
4,627
311,067
Mandatum OYJ(a)
 
57,850
410,264
Metso OYJ(a)
 
35,119
382,906
Neste OYJ(a)
 
71,399
743,196
Nokia OYJ
 
770,250
3,863,870
Nordea Bank Abp
 
444,342
6,174,858
Orion OYJ, Class B
 
6,883
432,439
Outokumpu OYJ(a)
 
100,725
389,039
Sampo OYJ
 
177,657
1,786,004
Stora Enso OYJ, Class R(a)
 
107,811
1,004,839
TietoEVRY OYJ(a)
 
15,159
272,509
UPM-Kymmene OYJ
 
69,930
1,858,550
Valmet OYJ(a)
 
16,940
519,028
Wartsila OYJ Abp
 
31,812
589,793
 
 
23,489,050
France-8.46%
Accor S.A.
 
9,704
479,785
Air France-KLM(a)(c)
 
44,977
394,040
Air Liquide S.A.
 
27,831
5,738,354
Airbus SE
 
23,184
3,947,651
Alstom S.A.(c)
 
78,659
1,906,089
Amundi S.A.(a)(b)
 
6,986
553,733
Arkema S.A.
 
10,219
779,579
AXA S.A.
 
201,837
9,578,931
Ayvens S.A.(b)
 
11,432
116,282
BNP Paribas S.A.
 
176,018
14,965,264
Bollore SE
 
60,120
373,148
Bouygues S.A.(a)
 
41,757
1,841,762
Bureau Veritas S.A.
 
15,177
483,423
Capgemini SE
 
8,851
1,417,948
Carrefour S.A.(a)
 
130,118
2,013,812
Cie de Saint-Gobain S.A.
 
54,558
5,951,860
Cie Generale des Etablissements Michelin
S.C.A.
 
90,231
3,310,722
Clariane SE(c)
 
29,870
127,358
Covivio S.A.
 
8,066
453,857
Credit Agricole S.A.
 
208,224
3,919,019
Danone S.A.
 
56,739
4,898,998
Dassault Systemes SE
 
13,029
489,958
Edenred SE(a)
 
5,515
172,588
Eiffage S.A.
 
13,186
1,800,433
Elis S.A.(a)
 
18,526
477,183
Emeis S.A.(a)(c)
 
10,589
136,964
ENGIE S.A.
 
289,018
5,994,085
EssilorLuxottica S.A.(a)
 
13,635
3,942,492
Eurazeo SE
 
5,971
438,100
Forvia SE
 
82,824
641,994
Gecina S.A.
 
6,586
678,437
Getlink SE
 
12,746
242,857
Hermes International S.C.A.
 
354
976,915
Kering S.A.(a)
 
5,639
1,151,219
Klepierre S.A.
 
26,744
982,286
Legrand S.A.
 
13,556
1,494,932
L’Oreal S.A.
 
7,726
3,425,607
 
Shares
Value
France-(continued)
Louis Hachette Group(c)
 
62,380
$98,693
LVMH Moet Hennessy Louis Vuitton SE
 
7,922
4,403,337
Nexans S.A.
 
2,533
279,230
Orange S.A.
 
361,431
5,261,713
Pernod Ricard S.A.
 
13,776
1,498,397
Publicis Groupe S.A.
 
16,081
1,641,827
Renault S.A.
 
54,064
2,881,290
Rexel S.A.
 
40,594
1,131,731
Rubis S.C.A.
 
4,581
149,628
Safran S.A.
 
10,411
2,780,110
Schneider Electric SE
 
22,211
5,207,375
SCOR SE
 
22,504
711,524
SEB S.A.
 
3,002
284,150
Societe Generale S.A.
 
187,517
9,810,610
Sodexo S.A.
 
10,227
651,413
Sopra Steria Group
 
957
196,898
SPIE S.A.(a)
 
12,432
611,422
STMicroelectronics N.V.
 
42,405
967,496
Technip Energies N.V.
 
13,248
453,633
Teleperformance SE
 
5,898
648,972
Thales S.A.
 
6,114
1,718,565
TotalEnergies SE
 
361,791
20,676,819
Ubisoft Entertainment S.A.(c)
 
9,892
116,952
Unibail-Rodamco-Westfield
 
15,549
1,320,833
Valeo SE(a)
 
106,319
1,059,507
Veolia Environnement S.A.(a)
 
90,250
3,307,648
Vinci S.A.
 
47,160
6,647,245
Vivendi SE
 
62,378
195,193
Wendel SE
 
2,629
259,389
Worldline S.A.(a)(b)(c)
 
61,486
341,838
 
 
161,611,103
Germany-9.95%
adidas AG
 
9,645
2,226,875
Allianz SE
 
41,170
17,085,578
Aroundtown S.A.(a)(c)
 
219,158
657,013
Aurubis AG(a)
 
8,054
705,604
BASF SE
 
162,934
8,349,604
Bayer AG
 
286,548
7,535,470
Bayerische Motoren Werke AG(a)
 
75,376
6,415,215
Beiersdorf AG
 
3,347
473,209
BioNTech SE, ADR(c)
 
6,044
629,483
Brenntag SE
 
13,540
907,367
Commerzbank AG
 
148,699
3,949,249
Continental AG
 
25,074
1,966,900
Daimler Truck Holding AG
 
72,950
2,940,967
Deutsche Bank AG
 
397,549
10,459,760
Deutsche Boerse AG
 
6,986
2,257,895
Deutsche Lufthansa AG
 
133,669
963,805
Deutsche Post AG
 
141,737
6,076,992
Deutsche Telekom AG
 
395,838
14,266,474
Dr. Ing. h.c. F. Porsche AG, Preference
Shares(a)(b)
 
2,188
110,373
E.ON SE
 
322,031
5,651,581
Evonik Industries AG
 
51,461
1,160,457
Freenet AG
 
15,402
642,668
Fresenius Medical Care AG
 
34,518
1,762,170
Fresenius SE & Co. KGaA(c)
 
73,160
3,486,840
FUCHS SE, Preference Shares(a)
 
6,749
339,578
GEA Group AG
 
12,985
850,054
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
34
Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Germany-(continued)
Hannover Rueck SE
 
4,564
$1,470,087
Hapag-Lloyd AG(a)(b)
 
522
82,472
Heidelberg Materials AG
 
20,408
4,093,880
HelloFresh SE(a)(c)
 
18,127
189,403
Henkel AG & Co. KGaA, Preference Shares
 
25,284
1,970,478
HOCHTIEF AG
 
3,251
617,191
HUGO BOSS AG
 
3,066
128,321
Infineon Technologies AG
 
57,278
1,903,753
K+S AG
 
55,530
971,883
KION Group AG
 
12,897
550,734
Knorr-Bremse AG
 
5,815
578,698
LANXESS AG
 
27,150
817,958
LEG Immobilien SE
 
9,084
772,695
Mercedes-Benz Group AG
 
168,487
10,108,317
Merck KGaA
 
7,365
1,028,886
MTU Aero Engines AG
 
2,193
761,623
Muenchener Rueckversicherungs-
Gesellschaft AG in Muenchen, Class R
 
12,291
8,443,506
Porsche Automobil Holding SE,
Preference Shares
 
12,154
502,845
ProSiebenSat.1 Media SE
 
45,391
317,861
Puma SE
 
10,001
259,124
Rheinmetall AG
 
1,404
2,399,319
RWE AG
 
88,705
3,456,642
SAP SE
 
35,044
10,288,780
Schaeffler AG(a)
 
17,313
74,972
Siemens AG
 
50,563
11,682,790
Siemens Energy AG, Class A(c)
 
79,000
6,118,505
Siemens Healthineers AG(b)
 
13,339
721,546
Symrise AG
 
5,712
661,041
TAG Immobilien AG(c)
 
18,819
307,446
Talanx AG
 
7,864
905,644
thyssenkrupp AG
 
204,653
2,355,095
Traton SE
 
2,690
88,927
TUI AG(c)
 
83,664
645,968
United Internet AG
 
10,199
232,077
Volkswagen AG, Preference Shares
 
80,603
8,800,638
Vonovia SE
 
85,537
2,847,039
Wacker Chemie AG
 
1,922
145,795
Zalando SE(b)(c)
 
23,798
872,006
 
 
190,045,126
Guatemala-0.01%
Millicom International Cellular S.A.
 
3,874
133,808
Hong Kong-1.17%
AIA Group Ltd.
 
798,707
5,985,339
CK Asset Holdings Ltd.
 
179,738
734,381
CK Hutchison Holdings Ltd.
 
186,917
1,054,162
CLP Holdings Ltd.
 
88,006
750,483
Hang Lung Group Ltd.
 
19,000
27,277
Hang Seng Bank Ltd.
 
50,722
708,100
Henderson Land Development Co. Ltd.
 
122,867
348,484
HKT Trust & HKT Ltd.
 
81,000
115,275
Hong Kong & China Gas Co. Ltd. (The)
 
579,425
521,412
Hong Kong Exchanges & Clearing Ltd.
 
34,478
1,506,508
Hongkong Land Holdings Ltd.
 
41,698
204,070
Jardine Matheson Holdings Ltd.
 
9,974
443,196
Kerry Properties Ltd.
 
21,500
50,497
Link REIT
 
309,676
1,450,027
MTR Corp. Ltd.(a)
 
117,090
404,280
 
Shares
Value
Hong Kong-(continued)
New World Development Co. Ltd.(c)
 
474,075
$290,349
Orient Overseas International Ltd.
 
24,762
345,928
Pacific Basin Shipping Ltd.(a)
 
239,000
53,595
Power Assets Holdings Ltd.
 
45,798
302,907
Prudential PLC
 
290,916
3,100,209
Sino Land Co. Ltd.
 
98,000
100,726
Sun Hung Kai Properties Ltd.
 
141,426
1,341,781
Swire Pacific Ltd., Class A(a)
 
48,565
420,023
Swire Properties Ltd.
 
47,000
103,881
Techtronic Industries Co. Ltd.
 
79,334
798,509
WH Group Ltd.
 
875,300
782,790
Wharf Real Estate Investment Co. Ltd.
 
123,481
295,345
Yue Yuen Industrial Holdings Ltd.
 
47,000
67,486
 
 
22,307,020
Indonesia-0.00%
Golden Agri-Resources Ltd.
 
72,866
13,398
Ireland-0.26%
AerCap Holdings N.V.
 
3,169
335,914
AIB Group PLC
 
139,421
940,283
Bank of Ireland Group PLC
 
99,651
1,174,077
Flutter Entertainment PLC(c)
 
3,020
727,790
Glanbia PLC(a)
 
6,395
83,069
Kerry Group PLC, Class A
 
10,053
1,067,893
Kingspan Group PLC
 
6,510
551,234
 
 
4,880,260
Israel-0.38%
Bank Hapoalim B.M.
 
81,552
1,196,254
Bank Leumi le-Israel B.M.
 
101,007
1,434,404
Check Point Software Technologies
Ltd.(c)
 
826
181,356
ICL Group Ltd.
 
89,337
596,363
Israel Discount Bank Ltd., Class A
 
96,288
719,222
Mizrahi Tefahot Bank Ltd.
 
11,772
596,105
Nice Ltd.(c)
 
1,943
303,543
Oil Refineries Ltd.
 
109,625
27,524
Teva Pharmaceutical Industries Ltd.,
ADR(c)
 
103,649
1,607,596
Tower Semiconductor Ltd.(c)
 
6,185
226,054
ZIM Integrated Shipping Services Ltd.
 
19,313
296,454
 
 
7,184,875
Italy-3.72%
A2A S.p.A.
 
288,953
737,415
Assicurazioni Generali S.p.A.(a)
 
145,462
5,334,610
Azimut Holding S.p.A.
 
8,759
244,243
Banca Monte dei Paschi di Siena S.p.A.(a)
 
118,982
1,009,669
Banca Popolare di Sondrio S.p.A.
 
30,790
387,154
Banco BPM S.p.A.(a)
 
187,418
2,099,260
BPER Banca S.p.A.(a)
 
148,080
1,206,860
Coca-Cola HBC AG(c)
 
15,340
800,609
Enel S.p.A.
 
1,375,316
11,963,626
Eni S.p.A.(a)
 
531,658
7,640,376
Ferrari N.V.
 
1,406
645,856
FinecoBank Banca Fineco S.p.A.(a)
 
26,717
536,472
Hera S.p.A.
 
119,306
566,767
Intesa Sanpaolo S.p.A.
 
2,222,914
11,907,413
Italgas S.p.A.(a)
 
52,092
429,463
Iveco Group N.V.
 
52,965
849,087
Leonardo S.p.A.
 
40,370
2,105,994
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
35
Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Italy-(continued)
Mediobanca Banca di Credito Finanziario
S.p.A.(a)
 
70,324
$1,443,360
Moncler S.p.A.
 
6,232
385,969
Nexi S.p.A.(a)(b)(c)
 
82,280
482,257
Pirelli & C. S.p.A.(b)
 
55,195
342,418
Poste Italiane S.p.A.(b)
 
61,933
1,261,395
Prysmian S.p.A.
 
18,711
1,031,375
Ryanair Holdings PLC
 
11,094
264,997
Snam S.p.A.
 
220,883
1,272,119
Telecom Italia S.p.A.(a)(c)
 
7,207,323
2,864,182
Terna S.p.A.
 
105,523
1,052,913
UniCredit S.p.A.(a)
 
193,519
11,297,868
Unipol Assicurazioni S.p.A.
 
51,351
924,239
 
 
71,087,966
Ivory Coast-0.02%
Endeavour Mining PLC
 
13,371
361,548
Japan-22.01%
Advantest Corp.
 
13,321
558,625
AEON Co. Ltd.(a)
 
60,827
1,803,013
AGC, Inc.
 
39,691
1,242,183
Air Water, Inc.
 
8,142
111,292
Aisin Corp.(a)
 
102,309
1,302,557
Ajinomoto Co., Inc.
 
57,292
1,174,649
Alfresa Holdings Corp.
 
7,542
114,126
Alps Alpine Co. Ltd.
 
13,218
134,592
Amada Co. Ltd.
 
42,014
421,690
ANA Holdings, Inc.
 
21,197
408,153
Aozora Bank Ltd.(a)
 
21,960
303,925
Asahi Group Holdings Ltd.
 
187,561
2,598,704
Asahi Kasei Corp.
 
163,809
1,144,264
Astellas Pharma, Inc.(a)
 
210,999
2,118,012
Bandai Namco Holdings, Inc.
 
41,541
1,447,097
Bridgestone Corp.
 
70,107
2,938,525
Brother Industries Ltd.
 
38,087
670,921
Canon, Inc.(a)
 
103,750
3,209,331
Central Japan Railway Co.
 
92,313
1,947,252
Chiba Bank Ltd. (The)
 
62,680
558,646
Chubu Electric Power Co., Inc.
 
89,752
1,168,237
Chugai Pharmaceutical Co. Ltd.
 
22,017
1,271,413
Chugoku Electric Power Co., Inc. (The)(a)
 
78,956
420,736
Coca-Cola Bottlers Japan Holdings, Inc.
 
26,009
489,791
COMSYS Holdings Corp.
 
5,576
123,881
Concordia Financial Group Ltd.(a)
 
117,930
764,584
Cosmo Energy Holdings Co. Ltd.
 
16,446
676,587
Credit Saison Co. Ltd.
 
17,962
420,465
CyberAgent, Inc.
 
31,939
274,050
Dai Nippon Printing Co. Ltd.
 
50,099
699,981
Daicel Corp.
 
34,227
292,040
Daifuku Co. Ltd.
 
18,018
477,793
Dai-ichi Life Holdings, Inc.
 
398,548
2,884,554
Daiichi Sankyo Co. Ltd.
 
57,580
1,476,444
Daikin Industries Ltd.
 
21,112
2,410,882
Daito Trust Construction Co. Ltd.
 
6,789
757,669
Daiwa House Industry Co. Ltd.
 
66,153
2,399,315
Daiwa House REIT Investment Corp.
 
154
258,561
Daiwa Securities Group, Inc.
 
141,879
935,210
Daiwabo Holdings Co. Ltd.
 
3,510
59,577
Denka Co. Ltd.
 
7,220
98,766
Denso Corp.
 
242,149
3,134,066
 
Shares
Value
Japan-(continued)
Dentsu Group, Inc.(a)
 
27,946
$587,316
DIC Corp.
 
4,854
94,951
Disco Corp.
 
1,450
281,214
Dowa Holdings Co. Ltd.
 
3,210
103,237
East Japan Railway Co.
 
108,237
2,351,832
Ebara Corp.
 
34,008
512,079
Eisai Co. Ltd.
 
29,493
854,497
Electric Power Development Co. Ltd.
 
25,906
455,876
ENEOS Holdings, Inc.(a)
 
527,414
2,545,145
EXEO Group, Inc.
 
8,664
101,412
FANUC Corp.
 
65,906
1,676,659
Fast Retailing Co. Ltd.
 
4,062
1,339,359
Fuji Electric Co. Ltd.
 
12,158
541,915
Fuji Media Holdings, Inc.(a)
 
5,476
113,664
FUJIFILM Holdings Corp.
 
123,929
2,544,412
Fujikura Ltd.
 
27,473
1,024,622
Fujitsu Ltd.
 
150,494
3,351,263
Fukuoka Financial Group, Inc.
 
20,772
550,110
Furukawa Electric Co. Ltd.
 
14,990
474,537
GLP J-Reit
 
268
231,714
GS Yuasa Corp.
 
5,576
98,175
Hakuhodo DY Holdings, Inc.(a)
 
25,531
192,410
Hankyu Hanshin Holdings, Inc.
 
19,318
552,305
Hanwa Co. Ltd.
 
1,344
44,666
Haseko Corp.(a)
 
30,205
432,435
Hikari Tsushin, Inc.
 
1,479
411,219
Hino Motors Ltd.(a)(c)
 
34,256
109,189
Hirose Electric Co. Ltd.
 
2,106
238,785
Hitachi Construction Machinery Co.
Ltd.(a)
 
16,742
501,525
Hitachi Ltd.
 
331,862
8,221,691
Honda Motor Co. Ltd.
 
825,071
8,414,895
Hoya Corp.
 
9,235
1,089,237
Hulic Co. Ltd.
 
41,519
435,195
IBIDEN Co. Ltd.(a)
 
9,824
272,982
Idemitsu Kosan Co. Ltd.
 
186,532
1,158,697
IHI Corp.
 
27,530
2,161,625
Iida Group Holdings Co. Ltd.
 
26,622
422,399
INFRONEER Holdings, Inc.
 
12,996
111,111
Inpex Corp.
 
170,027
2,132,023
Isetan Mitsukoshi Holdings Ltd.(a)
 
32,620
420,312
Isuzu Motors Ltd.
 
98,378
1,326,184
ITOCHU Corp.
 
119,789
6,140,965
Iwatani Corp.
 
26,426
253,629
J. Front Retailing Co. Ltd.
 
27,444
336,719
Japan Airlines Co. Ltd.
 
23,340
423,869
Japan Exchange Group, Inc.
 
41,580
463,712
Japan Metropolitan Fund Investment
Corp.
 
547
365,324
Japan Post Bank Co. Ltd.(a)
 
213,613
2,201,594
Japan Post Holdings Co. Ltd.
 
329,638
3,211,806
Japan Post Insurance Co. Ltd.
 
40,296
812,008
Japan Real Estate Investment Corp.
 
432
343,658
Japan Tobacco, Inc.(a)
 
124,698
3,850,859
JFE Holdings, Inc.(a)
 
155,250
1,812,355
JGC Holdings Corp.
 
36,963
296,332
JTEKT Corp.
 
44,217
342,305
Kajima Corp.
 
54,665
1,308,383
Kaneka Corp.
 
2,888
70,749
Kansai Electric Power Co., Inc. (The)
 
122,986
1,518,853
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
36
Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Japan-(continued)
Kansai Paint Co. Ltd.
 
20,979
$316,977
Kao Corp.
 
45,648
1,959,377
Kawasaki Heavy Industries Ltd.(a)
 
28,186
1,685,350
Kawasaki Kisen Kaisha Ltd.(a)
 
54,810
753,473
KDDI Corp.
 
277,892
4,936,993
Keio Corp.
 
8,390
228,769
Keyence Corp.
 
3,628
1,520,452
Kikkoman Corp.
 
39,702
389,576
Kintetsu Group Holdings Co. Ltd.
 
18,841
406,661
Kirin Holdings Co. Ltd.
 
98,948
1,500,323
Kobe Steel Ltd.(a)
 
82,756
972,867
Koito Manufacturing Co. Ltd.(a)
 
41,827
507,839
Komatsu Ltd.
 
112,310
3,255,699
Konami Group Corp.
 
4,098
586,655
Konica Minolta, Inc.(c)
 
123,056
378,597
K’s Holdings Corp.
 
10,630
102,047
Kubota Corp.
 
141,532
1,648,578
Kuraray Co. Ltd.
 
56,261
658,779
Kurita Water Industries Ltd.
 
8,974
297,816
Kyocera Corp.(a)
 
155,381
1,845,923
Kyoto Financial Group, Inc.(a)
 
17,269
297,121
Kyowa Kirin Co. Ltd.
 
20,410
319,454
Kyushu Electric Power Co., Inc.
 
68,974
616,218
Kyushu Financial Group, Inc.
 
32,834
166,141
Kyushu Railway Co.
 
18,273
474,057
Lion Corp.
 
25,157
309,084
Lixil Corp.
 
73,003
862,290
LY Corp.
 
264,848
1,004,049
Makita Corp.
 
23,736
695,791
Marubeni Corp.
 
204,427
3,632,856
Marui Group Co. Ltd.
 
12,878
256,954
MatsukiyoCocokara & Co.
 
30,047
552,876
Mazda Motor Corp.
 
198,792
1,191,374
Mebuki Financial Group, Inc.
 
118,882
582,257
Medipal Holdings Corp.
 
5,576
94,714
MEIJI Holdings Co. Ltd.
 
35,709
880,064
MINEBEA MITSUMI, Inc.
 
45,749
672,097
MISUMI Group, Inc.
 
25,804
362,357
Mitsubishi Chemical Group Corp.
 
202,216
985,428
Mitsubishi Corp.
 
443,399
8,438,700
Mitsubishi Electric Corp.
 
211,467
4,100,666
Mitsubishi Estate Co. Ltd.
 
123,590
2,176,154
Mitsubishi Gas Chemical Co., Inc.
 
29,248
446,698
Mitsubishi HC Capital, Inc.
 
92,918
658,882
Mitsubishi Heavy Industries Ltd.
 
272,051
5,375,683
Mitsubishi Materials Corp.(a)
 
31,210
493,434
Mitsubishi Motors Corp.(a)
 
190,112
527,563
Mitsubishi UFJ Financial Group, Inc.
 
1,160,563
14,656,936
Mitsui & Co. Ltd.
 
276,004
5,594,414
Mitsui Chemicals, Inc.
 
32,759
721,586
Mitsui Fudosan Co. Ltd.
 
263,407
2,616,756
Mitsui Mining & Smelting Co. Ltd.
 
13,345
363,675
Mitsui OSK Lines Ltd.(a)
 
47,386
1,581,897
Mizuho Financial Group, Inc.
 
335,185
8,400,484
MS&AD Insurance Group Holdings, Inc.
 
114,453
2,607,696
Murata Manufacturing Co. Ltd.
 
130,204
1,859,380
Nabtesco Corp.
 
13,733
206,611
Nagase & Co. Ltd.
 
4,232
74,718
Nagoya Railroad Co. Ltd.
 
7,420
90,704
NEC Corp.
 
148,183
3,615,791
 
Shares
Value
Japan-(continued)
Nexon Co. Ltd.
 
19,410
$305,263
NGK Insulators Ltd.
 
42,631
527,321
NH Foods Ltd.
 
15,925
602,655
Nichirei Corp.
 
28,282
388,882
Nidec Corp.
 
82,055
1,461,703
Nikon Corp.(a)
 
57,393
553,175
Nintendo Co. Ltd.
 
51,576
4,292,046
Nippon Building Fund, Inc.
 
607
564,766
Nippon Electric Glass Co. Ltd.
 
14,987
343,731
Nippon Express Holdings, Inc., Class H
 
42,219
755,738
Nippon Paint Holdings Co. Ltd.
 
62,713
478,935
Nippon Paper Industries Co. Ltd.
 
9,808
76,012
Nippon Prologis REIT, Inc.
 
120
198,932
Nippon Sanso Holdings Corp.
 
13,514
433,523
Nippon Steel Corp.
 
191,121
4,032,248
Nippon Telegraph & Telephone Corp.
 
4,345,613
4,553,198
Nippon Television Holdings, Inc.
 
4,654
108,034
Nippon Yusen K.K.(a)
 
81,317
2,663,196
Nissan Chemical Corp.
 
9,678
283,743
Nissan Motor Co. Ltd.(a)(c)
 
1,054,788
2,517,046
Nisshin Seifun Group, Inc.
 
32,350
418,365
Nissin Foods Holdings Co. Ltd.(a)
 
14,226
314,414
Nissui Corp.
 
16,406
100,023
Niterra Co. Ltd.(a)
 
22,040
687,892
Nitori Holdings Co. Ltd.(a)
 
4,625
551,616
Nitto Denko Corp.
 
61,043
1,075,499
Nomura Holdings, Inc.
 
406,039
2,268,479
Nomura Real Estate Holdings, Inc.
 
65,459
390,242
Nomura Real Estate Master Fund, Inc.
 
334
333,309
Nomura Research Institute Ltd.
 
18,985
720,627
NSK Ltd.
 
78,282
342,758
NTN Corp.
 
108,048
166,803
NTT DATA Group Corp.
 
56,948
1,133,706
Obayashi Corp.(a)
 
80,619
1,253,800
Odakyu Electric Railway Co. Ltd.
 
19,558
216,441
Oji Holdings Corp.
 
192,752
912,061
Olympus Corp.
 
63,278
831,108
Omron Corp.
 
22,907
681,614
Ono Pharmaceutical Co. Ltd.
 
49,676
573,180
Open House Group Co. Ltd.(a)
 
7,078
314,600
Oriental Land Co. Ltd.
 
12,040
255,609
ORIX Corp.
 
112,693
2,266,014
Osaka Gas Co. Ltd.
 
47,120
1,197,720
Otsuka Corp.
 
17,572
390,660
Otsuka Holdings Co. Ltd.
 
38,744
1,893,302
Pan Pacific International Holdings Corp.
 
21,844
674,124
Panasonic Holdings Corp.
 
358,859
4,124,474
Persol Holdings Co. Ltd.
 
285,458
518,275
Rakuten Group, Inc.(c)
 
75,109
443,923
Recruit Holdings Co. Ltd.
 
49,437
2,746,096
Renesas Electronics Corp.
 
82,148
966,326
Rengo Co. Ltd.
 
12,496
69,925
Resona Holdings, Inc.
 
277,982
2,235,230
Resonac Holdings Corp.(a)
 
39,095
712,754
Ricoh Co. Ltd.
 
72,014
759,257
Rohm Co. Ltd.(a)
 
43,322
395,387
Ryohin Keikaku Co. Ltd.
 
19,571
663,087
Sankyu, Inc.
 
2,166
95,023
Santen Pharmaceutical Co. Ltd.
 
34,882
354,141
Sanwa Holdings Corp.
 
17,569
578,036
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
37
Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Japan-(continued)
SBI Holdings, Inc.
 
31,980
$842,902
SCREEN Holdings Co. Ltd.
 
3,301
220,030
SECOM Co. Ltd.
 
32,127
1,184,139
Seibu Holdings, Inc.(a)
 
14,508
351,475
Seiko Epson Corp.
 
39,449
548,584
Seino Holdings Co. Ltd.
 
19,938
314,538
Sekisui Chemical Co. Ltd.
 
49,033
858,842
Sekisui House Ltd.
 
89,205
2,055,729
Seven & i Holdings Co. Ltd.
 
262,333
3,870,910
SG Holdings Co. Ltd.(a)
 
48,275
509,531
Sharp Corp.(a)(c)
 
64,789
385,014
Shimadzu Corp.
 
18,095
464,290
SHIMAMURA Co. Ltd.
 
1,866
124,458
Shimano, Inc.
 
5,330
752,709
Shimizu Corp.
 
89,560
959,059
Shin-Etsu Chemical Co. Ltd.
 
111,565
3,403,182
Shionogi & Co. Ltd.
 
63,127
1,063,094
Shiseido Co. Ltd.
 
39,766
655,361
Shizuoka Financial Group, Inc.
 
46,788
521,173
SMC Corp.
 
2,805
909,977
SoftBank Corp.
 
2,852,335
4,326,571
SoftBank Group Corp.
 
108,071
5,478,140
Sojitz Corp.
 
44,117
1,046,201
Sompo Holdings, Inc.
 
93,410
3,068,446
Sony Group Corp.
 
450,343
11,909,629
Stanley Electric Co. Ltd.
 
23,114
434,164
Subaru Corp.
 
100,286
1,820,299
SUMCO Corp.(a)
 
50,133
346,546
Sumitomo Chemical Co. Ltd.
 
527,096
1,277,191
Sumitomo Corp.
 
117,842
2,884,134
Sumitomo Electric Industries Ltd.
 
90,019
1,450,361
Sumitomo Forestry Co. Ltd.(a)
 
22,764
657,034
Sumitomo Heavy Industries Ltd.
 
15,226
317,789
Sumitomo Metal Mining Co. Ltd.(a)
 
45,538
1,012,761
Sumitomo Mitsui Financial Group, Inc.
 
475,240
11,364,927
Sumitomo Mitsui Trust Group, Inc.
 
78,300
1,941,660
Sumitomo Realty & Development Co. Ltd.
 
37,442
1,397,900
Sumitomo Rubber Industries Ltd.
 
38,047
480,278
Suntory Beverage & Food Ltd.
 
16,607
581,646
Suzuken Co. Ltd.
 
10,691
387,161
Suzuki Motor Corp.
 
240,802
2,892,570
Sysmex Corp.
 
25,758
479,290
T&D Holdings, Inc.
 
65,354
1,393,958
Taiheiyo Cement Corp.
 
17,981
485,299
Taisei Corp.
 
22,379
1,216,327
Taiyo Yuden Co. Ltd.(a)
 
18,876
285,371
Takashimaya Co. Ltd.(a)
 
44,505
343,958
Takeda Pharmaceutical Co. Ltd.(a)
 
191,145
5,795,656
TDK Corp.
 
163,475
1,748,673
Teijin Ltd.
 
11,652
97,931
Terumo Corp.
 
58,115
1,115,015
THK Co. Ltd.
 
11,419
281,977
TIS, Inc.
 
18,011
521,094
Tobu Railway Co. Ltd.
 
16,312
298,370
Toho Gas Co. Ltd.
 
4,032
120,896
Tohoku Electric Power Co., Inc.
 
90,730
653,591
Tokai Carbon Co. Ltd.(a)
 
32,326
209,090
Tokio Marine Holdings, Inc.
 
119,295
4,793,025
Tokyo Electric Power Co. Holdings, Inc.(c)
 
867,582
2,660,394
Tokyo Electron Ltd.
 
14,895
2,223,128
 
Shares
Value
Japan-(continued)
Tokyo Gas Co. Ltd.
 
52,842
$1,759,744
Tokyo Tatemono Co. Ltd.
 
27,496
494,132
Tokyu Corp.(a)
 
42,785
520,136
Tokyu Fudosan Holdings Corp.
 
94,461
663,165
TOPPAN Holdings, Inc.
 
35,470
998,107
Toray Industries, Inc.
 
201,022
1,286,891
Tosoh Corp.
 
55,685
786,847
TOTO Ltd.
 
21,576
570,283
Toyo Seikan Group Holdings Ltd.
 
6,598
115,467
Toyo Suisan Kaisha Ltd.
 
6,215
402,731
Toyo Tire Corp.(a)
 
5,676
106,376
Toyoda Gosei Co. Ltd.
 
14,902
286,825
Toyota Boshoku Corp.
 
7,220
103,845
Toyota Industries Corp.
 
17,964
2,111,748
Toyota Motor Corp.
 
1,065,941
20,407,382
Toyota Tsusho Corp.
 
89,093
1,774,741
Trend Micro, Inc.
 
6,946
499,568
Tsuruha Holdings, Inc.
 
5,848
471,530
UBE Corp.
 
20,463
300,938
Unicharm Corp.
 
56,457
525,461
West Japan Railway Co.
 
56,858
1,198,916
Yakult Honsha Co. Ltd.(a)
 
19,645
404,510
Yamada Holdings Co. Ltd.
 
130,629
421,992
Yamaha Corp.
 
58,598
429,310
Yamaha Motor Co. Ltd.(a)
 
159,459
1,255,334
Yamato Holdings Co. Ltd.
 
48,835
695,001
Yamazaki Baking Co. Ltd.(a)
 
14,911
357,799
Yaskawa Electric Corp.(a)
 
13,992
295,504
Yokogawa Electric Corp.
 
21,040
456,394
Yokohama Rubber Co. Ltd. (The)
 
20,260
444,037
 
 
420,158,723
Jersey-0.02%
Aptiv PLC(c)
 
7,334
418,478
Jordan-0.01%
Hikma Pharmaceuticals PLC
 
9,051
240,387
Luxembourg-0.29%
Aperam S.A.
 
10,898
318,196
ArcelorMittal S.A.
 
157,124
4,662,428
Eurofins Scientific SE(a)
 
8,640
547,116
SES S.A., FDR(a)
 
20,305
108,028
 
 
5,635,768
Macau-0.02%
Galaxy Entertainment Group Ltd.
 
90,569
327,137
Sands China Ltd.(c)
 
71,077
127,310
 
 
454,447
Netherlands-2.38%
Aalberts N.V.
 
10,120
337,208
ABN AMRO Bank N.V., CVA(b)
 
95,712
1,990,254
Adyen N.V.(b)(c)
 
328
532,601
Aegon Ltd.
 
304,206
1,963,374
Akzo Nobel N.V.(a)
 
25,184
1,595,454
argenx SE, ADR(c)
 
140
90,320
ASM International N.V.
 
674
330,577
ASML Holding N.V.
 
4,890
3,284,842
ASR Nederland N.V.(a)
 
18,009
1,140,259
BE Semiconductor Industries N.V.
 
1,206
131,064
Euronext N.V.(b)
 
3,385
567,741
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
38
Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Netherlands-(continued)
EXOR N.V.
 
6,572
$622,630
Heineken Holding N.V.
 
10,226
802,322
Heineken N.V.
 
20,338
1,826,829
IMCD N.V.(a)
 
2,349
313,447
ING Groep N.V.
 
529,349
10,314,989
JDE Peet’s N.V.
 
5,688
138,174
Koninklijke Ahold Delhaize N.V.
 
149,021
6,139,730
Koninklijke KPN N.V.
 
356,953
1,666,211
Koninklijke Philips N.V.(c)
 
107,456
2,736,604
NN Group N.V.
 
56,515
3,477,455
NXP Semiconductors N.V.
 
2,681
494,135
OCI N.V.(c)
 
8,913
74,310
Prosus N.V.(c)
 
37,336
1,756,511
Randstad N.V.(a)
 
23,551
948,585
SBM Offshore N.V.(a)
 
25,762
543,487
Universal Music Group N.V.(a)
 
17,659
521,059
Wolters Kluwer N.V.
 
6,307
1,117,392
 
 
45,457,564
New Zealand-0.02%
Fisher & Paykel Healthcare Corp. Ltd.
 
13,884
279,823
Fletcher Building Ltd.(c)
 
30,223
54,977
Spark New Zealand Ltd.
 
67,768
83,882
 
 
418,682
Norway-0.64%
Aker BP ASA
 
43,304
932,628
DNB Bank ASA
 
86,719
2,174,804
Equinor ASA
 
196,183
4,455,051
Mowi ASA
 
40,289
741,141
Norsk Hydro ASA
 
240,117
1,277,789
Orkla ASA
 
51,663
578,028
Schibsted ASA, Class A
 
6,563
200,375
Storebrand ASA
 
33,235
402,561
Telenor ASA
 
73,762
1,111,478
Var Energi ASA
 
87,274
240,753
Wallenius Wilhelmsen ASA
 
10,080
73,290
 
 
12,187,898
Poland-0.24%
Bank Polska Kasa Opieki S.A.
 
12,724
640,654
KGHM Polska Miedz S.A.
 
17,773
569,944
ORLEN S.A.(a)
 
84,188
1,527,226
PGE Polska Grupa Energetyczna S.A.(c)
 
31,132
68,306
Powszechna Kasa Oszczednosci Bank
Polski S.A.
 
46,141
891,148
Powszechny Zaklad Ubezpieczen S.A.
 
58,340
914,300
Tauron Polska Energia S.A.(a)(c)
 
39,542
62,341
 
 
4,673,919
Portugal-0.22%
Banco Comercial Portugues S.A., Class R
 
742,833
476,750
EDP S.A.
 
476,991
1,886,611
Galp Energia SGPS S.A.
 
76,489
1,189,184
Jeronimo Martins SGPS S.A.
 
27,179
660,061
 
 
4,212,606
Russia-0.00%
Evraz PLC(c)(d)
 
48,360
0
Raspadskaya OJSC(c)(d)
 
546
0
 
 
0
 
Shares
Value
Singapore-0.75%
CapitaLand Ascendas REIT
 
265,624
$541,417
CapitaLand Integrated Commercial Trust
 
418,185
688,418
CapitaLand Investment Ltd.
 
172,487
363,644
ComfortDelGro Corp. Ltd.
 
64,802
76,047
DBS Group Holdings Ltd.
 
112,264
3,648,486
Genting Singapore Ltd.
 
273,587
155,190
Keppel Ltd.
 
103,818
522,126
Mapletree Logistics Trust(a)
 
177,188
152,523
Olam Group Ltd.
 
19,294
14,286
Oversea-Chinese Banking Corp. Ltd.
 
159,605
1,975,839
Sea Ltd., ADR(c)
 
1,545
207,107
Singapore Airlines Ltd.(a)
 
128,174
657,980
Singapore Exchange Ltd.
 
30,183
332,141
Singapore Technologies Engineering Ltd.
 
73,616
418,137
Singapore Telecommunications Ltd.
 
710,530
2,056,333
United Overseas Bank Ltd.
 
77,570
2,060,801
UOL Group Ltd.
 
62,368
275,981
Venture Corp. Ltd.
 
10,108
89,756
 
 
14,236,212
South Africa-0.34%
Anglo American PLC
 
240,220
6,572,377
South Korea-3.66%
BNK Financial Group, Inc.
 
16,948
123,535
Celltrion, Inc.
 
1,183
134,160
CJ CheilJedang Corp.
 
733
123,280
CJ Corp.
 
1,286
112,414
DB Insurance Co. Ltd.
 
4,437
285,855
Delivery Hero SE(b)(c)
 
9,531
270,298
DL E&C Co. Ltd.
 
2,351
71,857
Doosan Enerbility Co. Ltd.(c)
 
53,814
1,093,317
E-MART, Inc.
 
2,425
156,008
GS Engineering & Construction Corp.
 
5,536
71,165
GS Holdings Corp.
 
2,640
71,785
Hana Financial Group, Inc.
 
28,767
1,304,587
Hankook Tire & Technology Co. Ltd.
 
10,115
293,799
Hanwha Corp.
 
3,377
114,537
Hanwha Solutions Corp.
 
21,865
459,691
HD Hyundai Co. Ltd.
 
7,946
439,454
HD Korea Shipbuilding & Offshore
Engineering Co. Ltd.
 
4,429
847,253
HMM Co. Ltd.
 
57,133
735,326
Hyundai Engineering & Construction Co.
Ltd.
 
18,044
528,791
Hyundai Glovis Co. Ltd.
 
1,617
129,654
Hyundai Mobis Co. Ltd.
 
5,601
1,051,356
Hyundai Motor Co.
 
21,926
2,938,074
Hyundai Steel Co.
 
8,456
145,573
Industrial Bank of Korea
 
31,452
339,443
Kakao Corp.
 
12,478
335,218
KB Financial Group, Inc.
 
36,873
2,330,328
Kia Corp.
 
40,095
2,548,170
Korea Electric Power Corp.
 
45,053
812,534
Korea Gas Corp.
 
5,547
151,111
Korea Zinc Co. Ltd.
 
1,097
611,758
Korean Air Lines Co. Ltd.
 
26,540
391,275
KT&G Corp.
 
7,931
640,145
Kumho Petrochemical Co. Ltd.
 
1,279
107,016
LG Chem Ltd.
 
9,026
1,367,984
LG Corp.
 
7,466
349,625
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
39
Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
South Korea-(continued)
LG Display Co. Ltd.(c)
 
60,390
$358,771
LG Electronics, Inc.
 
19,607
984,185
LG Energy Solution Ltd.(c)
 
944
215,375
LG H&H Co. Ltd.
 
1,873
443,791
LG Innotek Co. Ltd.
 
3,600
353,870
LG Uplus Corp.
 
14,845
125,345
LOTTE Chemical Corp.
 
4,226
179,266
LS Corp.
 
4,564
422,815
Meritz Financial Group, Inc.
 
5,155
450,344
NAVER Corp.
 
7,947
1,118,187
NCSoft Corp.
 
1,303
134,124
POSCO Holdings, Inc.
 
17,830
3,258,485
Posco International Corp.
 
5,393
185,922
Samsung C&T Corp.
 
7,327
630,557
Samsung E&A Co. Ltd.
 
20,105
271,847
Samsung Electro-Mechanics Co. Ltd.
 
6,959
574,144
Samsung Electronics Co. Ltd.
 
675,801
26,368,092
Samsung Fire & Marine Insurance Co. Ltd.
 
2,399
632,923
Samsung Heavy Industries Co. Ltd.(c)
 
42,169
432,047
Samsung Life Insurance Co. Ltd.
 
7,579
460,179
Samsung SDI Co. Ltd.
 
5,672
702,367
Samsung SDI Co. Ltd., Rts., expiring
06/30/2025(c)
 
691
16,746
Samsung SDS Co. Ltd.
 
4,665
420,394
Shinhan Financial Group Co. Ltd.
 
41,135
1,486,619
SK hynix, Inc.
 
43,806
5,465,810
SK Innovation Co. Ltd.
 
12,619
838,169
SK Telecom Co. Ltd.
 
7,022
268,288
SK, Inc.
 
3,995
371,818
S-Oil Corp.
 
8,034
293,449
Woori Financial Group, Inc.
 
71,672
892,500
 
 
69,842,805
Spain-3.46%
Acciona S.A.(a)
 
2,867
419,227
Acerinox S.A.(a)
 
41,006
465,016
ACS Actividades de Construccion y
Servicios S.A.
 
29,023
1,824,692
Aena SME S.A.(a)(b)
 
2,847
717,674
Amadeus IT Group S.A.
 
13,249
1,046,459
Banco Bilbao Vizcaya Argentaria S.A.
 
753,847
10,381,450
Banco de Sabadell S.A.
 
950,707
2,783,507
Banco Santander S.A.(a)
 
2,211,121
15,621,794
Bankinter S.A.(a)
 
70,726
826,719
CaixaBank S.A.(a)
 
344,815
2,651,832
Cellnex Telecom S.A.(a)(b)
 
21,830
886,488
Enagas S.A.(a)
 
40,119
627,683
Endesa S.A.
 
55,675
1,677,821
Grifols S.A.(a)(c)
 
67,862
644,772
Iberdrola S.A.(a)
 
640,733
11,589,531
Industria de Diseno Textil S.A.(a)
 
44,719
2,413,043
Logista Integral S.A.
 
8,127
278,805
Mapfre S.A.(a)
 
153,323
547,709
Merlin Properties SOCIMI S.A.(a)
 
44,876
510,659
Naturgy Energy Group S.A.(a)
 
18,147
542,498
Redeia Corp. S.A.
 
53,654
1,129,013
Repsol S.A.
 
304,486
3,734,751
Telefonica S.A.(a)
 
828,223
4,269,430
Unicaja Banco S.A.(a)(b)
 
222,533
425,620
 
 
66,016,193
 
Shares
Value
Sweden-2.29%
Alfa Laval AB(a)
 
14,651
$608,961
Asmodee Group AB(a)(c)
 
25,515
281,739
Assa Abloy AB, Class B
 
48,489
1,474,978
Atlas Copco AB, Class A
 
114,795
1,780,672
Autoliv, Inc.
 
1,980
184,595
Billerud AB
 
9,017
95,351
Boliden AB(c)
 
40,342
1,238,721
Castellum AB(a)(c)
 
42,728
521,120
Electrolux AB, Class B(a)(c)
 
74,901
468,601
Embracer Group AB, Class A(a)(c)
 
25,517
322,707
Epiroc AB, Class A(a)
 
37,484
812,688
EQT AB(a)
 
2,665
77,176
Essity AB, Class B
 
61,662
1,787,015
Evolution AB(a)(b)
 
4,044
280,745
Fastighets AB Balder, Class B(a)(c)
 
40,626
292,661
Getinge AB, Class B(a)
 
13,341
258,393
H & M Hennes & Mauritz AB, Class B(a)
 
73,670
1,069,801
Hexagon AB, Class B(a)
 
87,813
856,471
Holmen AB, Class B(a)
 
8,384
332,203
Husqvarna AB, Class B(a)
 
54,488
253,979
Industrivarden AB, Class A
 
6,347
223,523
Industrivarden AB, Class C(a)
 
7,559
266,014
Investor AB, Class A
 
22,468
670,579
Investor AB, Class B
 
86,896
2,580,094
Kinnevik AB, Class B(a)(c)
 
20,619
165,382
NIBE Industrier AB, Class B(a)
 
63,567
271,654
Saab AB, Class B
 
11,902
555,395
Sandvik AB(a)
 
68,624
1,419,729
Securitas AB, Class B(a)
 
64,807
1,029,174
Skandinaviska Enskilda Banken AB,
Class A(a)
 
152,733
2,428,694
Skanska AB, Class B(a)
 
37,620
876,030
SKF AB, Class B
 
44,950
882,964
Spotify Technology S.A.(c)
 
215
132,006
SSAB AB, Class A(a)
 
152,908
968,264
Svenska Cellulosa AB S.C.A., Class B(a)
 
50,924
659,882
Svenska Handelsbanken AB, Class A
 
164,503
2,157,914
Swedbank AB, Class A(a)
 
109,986
2,751,539
Tele2 AB, Class B
 
99,577
1,472,300
Telefonaktiebolaget LM Ericsson,
Class B(a)
 
444,969
3,766,851
Telia Co. AB
 
524,379
1,974,023
Trelleborg AB, Class B
 
12,826
443,207
Volvo AB, Class B(a)
 
170,304
4,639,350
Volvo Car AB, Class B(a)(c)
 
177,687
303,733
 
 
43,636,878
Switzerland-4.33%
ABB Ltd.
 
66,576
3,531,331
Adecco Group AG(a)
 
34,374
898,544
Avolta AG
 
6,680
305,726
Baloise Holding AG
 
3,769
842,172
Barry Callebaut AG(a)
 
318
286,341
Bucher Industries AG
 
250
108,454
Chocoladefabriken Lindt & Spruengli AG,
PC(a)
 
66
966,098
Cie Financiere Richemont S.A.
 
19,586
3,476,110
Clariant AG(a)(c)
 
29,125
327,425
DKSH Holding AG
 
1,142
84,499
DSM-Firmenich AG
 
6,968
759,562
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
40
Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Switzerland-(continued)
Galenica AG(b)(c)
 
3,607
$379,462
Geberit AG
 
1,389
966,404
Georg Fischer AG(a)
 
4,198
304,865
Givaudan S.A.
 
283
1,371,276
Helvetia Holding AG
 
3,058
677,543
Julius Baer Group Ltd.
 
18,807
1,224,941
Kuehne + Nagel International AG,
Class R(a)
 
3,712
858,608
Logitech International S.A., Class R
 
5,959
454,809
Lonza Group AG
 
2,328
1,680,018
Nestle S.A.
 
153,638
16,424,467
Partners Group Holding AG
 
527
693,538
PSP Swiss Property AG
 
2,949
527,431
Roche Holding AG
 
56,098
18,423,650
Sandoz Group AG
 
37,896
1,650,928
Schindler Holding AG, PC
 
2,785
1,023,062
SGS S.A.
 
8,389
822,869
SIG Group AG(a)(c)
 
15,128
293,097
Sika AG
 
4,340
1,089,351
Sonova Holding AG, Class A
 
1,658
511,925
Sunrise Communications AG(c)
 
2,247
122,058
Swatch Group AG (The), BR(a)
 
4,993
870,292
Swiss Life Holding AG
 
2,893
2,901,199
Swiss Prime Site AG(a)
 
5,529
783,038
Swisscom AG
 
2,524
1,690,588
UBS Group AG
 
229,883
7,008,754
Zurich Insurance Group AG
 
11,611
8,271,422
 
 
82,611,857
Thailand-0.01%
Thai Beverage PCL
 
617,534
236,742
United Kingdom-12.09%
3i Group PLC
 
53,353
3,031,446
Aberdeen Group PLC(a)
 
309,683
613,003
Admiral Group PLC
 
22,479
979,867
AngloGold Ashanti PLC(a)
 
5,237
220,792
Ashtead Group PLC
 
21,931
1,176,662
Associated British Foods PLC
 
35,466
979,826
AstraZeneca PLC
 
61,457
8,824,564
Aviva PLC
 
251,072
1,885,367
B&M European Value Retail S.A.
 
123,685
557,511
BAE Systems PLC
 
199,406
4,633,164
Balfour Beatty PLC
 
20,721
127,023
Barclays PLC
 
3,630,863
14,496,623
Barratt Redrow PLC
 
193,960
1,211,905
Beazley PLC
 
38,235
454,054
Bellway PLC
 
15,649
563,091
Berkeley Group Holdings PLC (The)
 
10,307
575,840
British American Tobacco PLC
 
337,585
14,737,745
British Land Co. PLC (The)
 
111,708
589,003
BT Group PLC(a)
 
1,155,664
2,688,285
Bunzl PLC
 
24,125
759,823
Burberry Group PLC
 
40,533
395,630
Centrica PLC
 
813,444
1,745,530
Coca-Cola Europacific Partners PLC(a)
 
1,981
179,756
Compass Group PLC
 
85,304
2,882,484
Croda International PLC
 
9,395
371,690
Currys PLC(c)
 
55,225
82,030
DCC PLC
 
10,525
689,440
Diageo PLC
 
118,071
3,322,944
 
Shares
Value
United Kingdom-(continued)
Direct Line Insurance Group PLC
 
158,312
$599,290
Dowlais Group PLC
 
97,745
76,004
Drax Group PLC
 
78,461
648,678
Entain PLC
 
53,763
460,650
Haleon PLC
 
548,361
2,765,492
Halma PLC
 
11,047
408,681
Harbour Energy PLC
 
86,902
178,004
Hays PLC
 
58,132
55,659
Hiscox Ltd.
 
19,510
287,788
Howden Joinery Group PLC
 
25,083
258,522
HSBC Holdings PLC
 
1,882,512
21,032,311
IG Group Holdings PLC
 
45,963
656,584
IMI PLC
 
14,632
348,040
Imperial Brands PLC
 
98,309
4,042,998
Inchcape PLC
 
42,834
384,682
Informa PLC
 
71,731
702,313
InterContinental Hotels Group PLC
 
3,754
401,491
Intermediate Capital Group PLC
 
16,799
423,513
International Consolidated Airlines Group
S.A.(a)
 
170,543
593,880
International Distribution Services PLC(a)
 
39,036
191,197
Intertek Group PLC
 
9,597
590,726
Investec PLC
 
54,722
344,381
ITV PLC(a)
 
461,836
498,884
J Sainsbury PLC
 
344,260
1,226,293
JD Sports Fashion PLC
 
254,363
268,398
Johnson Matthey PLC
 
37,859
653,304
Just Eat Takeaway.com N.V.(b)(c)
 
34,025
747,204
Kingfisher PLC
 
371,270
1,430,187
Land Securities Group PLC
 
82,679
656,647
Legal & General Group PLC(a)
 
583,052
1,840,210
Lloyds Banking Group PLC
 
7,181,904
7,071,950
London Stock Exchange Group PLC
 
18,884
2,947,076
M&G PLC
 
296,655
825,037
Man Group PLC
 
111,276
243,424
Marks & Spencer Group PLC
 
285,568
1,487,308
Melrose Industries PLC
 
88,728
516,965
National Grid PLC
 
418,919
6,060,333
NatWest Group PLC
 
1,160,313
7,480,268
Next PLC
 
6,600
1,091,296
Pearson PLC
 
58,767
944,228
Pennon Group PLC(a)
 
49,352
331,123
Persimmon PLC
 
60,529
1,049,871
Phoenix Group Holdings PLC
 
95,667
767,091
Quilter PLC(b)
 
46,711
84,238
Reckitt Benckiser Group PLC
 
44,799
2,898,129
RELX PLC
 
50,429
2,758,366
Rentokil Initial PLC
 
120,606
553,775
Rolls-Royce Holdings PLC
 
170,811
1,732,922
RS Group PLC
 
37,510
259,214
Sage Group PLC (The)
 
36,628
608,609
Schroders PLC
 
81,600
360,354
Segro PLC
 
82,453
751,735
Severn Trent PLC
 
18,413
686,455
Shell PLC
 
1,214,702
39,288,800
Smith & Nephew PLC(a)
 
70,338
992,065
Smiths Group PLC
 
27,638
690,278
Spectris PLC
 
7,853
210,701
Spirax Group PLC
 
1,865
147,323
SSE PLC
 
121,206
2,738,871
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
41
Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
United Kingdom-(continued)
St. James’s Place PLC
 
67,615
$854,229
Standard Chartered PLC
 
301,263
4,348,935
Subsea 7 S.A.
 
26,237
398,537
Tate & Lyle PLC
 
47,343
353,642
Taylor Wimpey PLC
 
612,259
964,214
Tesco PLC
 
933,541
4,630,499
Travis Perkins PLC
 
14,923
111,645
Tritax Big Box REIT PLC
 
103,030
197,529
Unilever PLC
 
189,913
12,118,961
United Utilities Group PLC
 
59,892
902,465
Vistry Group PLC(c)
 
39,996
337,963
Vodafone Group PLC
 
6,466,362
6,368,797
Weir Group PLC (The)
 
14,721
444,742
Whitbread PLC
 
15,006
522,347
WPP PLC
 
139,965
1,087,529
 
 
230,766,948
United States-4.34%
Alcon AG
 
19,993
1,951,041
Allegion PLC
 
939
130,709
Amcor PLC(a)
 
133,241
1,225,817
ARM Holdings PLC, ADR(a)(c)
 
1,356
154,652
Bausch Health Cos., Inc.(c)
 
77,781
412,752
BP PLC
 
3,311,611
15,325,431
CRH PLC
 
36,178
3,452,105
Experian PLC
 
26,449
1,318,828
Ferguson Enterprises, Inc.
 
8,360
1,418,358
Ferrovial SE
 
14,841
726,473
Garmin Ltd.
 
1,434
267,972
GSK PLC
 
378,973
7,513,982
Holcim AG(c)
 
50,338
5,649,813
ICON PLC(c)
 
1,154
174,762
lululemon athletica, inc.(a)(c)
 
705
190,893
Medtronic PLC
 
25,024
2,121,034
Novartis AG
 
121,513
13,920,163
Perrigo Co. PLC
 
6,940
178,497
QIAGEN N.V.(c)
 
9,749
419,825
Sanofi S.A.
 
116,298
12,765,854
Signify N.V.(a)
 
26,332
547,717
Sims Ltd.
 
5,566
51,896
 
Shares
Value
United States-(continued)
Smurfit WestRock PLC
 
29,970
$1,259,339
Stellantis N.V.
 
447,073
4,174,528
Swiss Re AG
 
28,086
5,063,644
Tenaris S.A.
 
38,315
641,100
Trane Technologies PLC
 
1,162
445,406
Transocean Ltd.(c)
 
45,431
96,768
Waste Connections, Inc.
 
6,215
1,225,048
 
 
82,824,407
Zambia-0.07%
First Quantum Minerals Ltd.(c)
 
96,238
1,289,630
Total Common Stocks & Other Equity Interests
(Cost $1,529,670,803)
1,897,109,404
Money Market Funds-0.00%
Invesco Government & Agency Portfolio,
Institutional Class, 4.26%(e)(f)
(Cost $8,122)
 
8,122
8,122
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.36%
(Cost $1,529,678,925)
1,897,117,526
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-7.99%
Invesco Private Government Fund,
4.32%(e)(f)(g)
 
42,413,650
42,413,650
Invesco Private Prime Fund, 4.46%(e)(f)(g)
 
110,167,015
110,189,048
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $152,610,104)
152,602,698
TOTAL INVESTMENTS IN SECURITIES-107.35%
(Cost $1,682,289,029)
2,049,720,224
OTHER ASSETS LESS LIABILITIES-(7.35)%
(140,404,756
)
NET ASSETS-100.00%
$1,909,315,468
 
Investment Abbreviations:
ADR-American Depositary Receipt
BR-Bearer Shares
CDI-CREST Depository Interest
CVA-Dutch Certificates
FDR-Fiduciary Depositary Receipt
PC-Participation Certificate
REIT-Real Estate Investment Trust
Rts.-Rights
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
42
Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)
April 30, 2025
(Unaudited)
Notes to Schedule of Investments:
(a)
All or a portion of this security was out on loan at April 30, 2025.
(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
April 30, 2025 was $14,696,064, which represented less than 1% of the Fund’s Net Assets.
(c)
Non-income producing security.
(d)
Security valued using significant unobservable inputs (Level 3). See Note 4.
(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 six months ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$-
$28,038,301
$(28,030,179
)
$-
$-
$8,122
$17,003
Investments Purchased
with Cash Collateral
from Securities on Loan:
Invesco Private
Government Fund
37,612,648
127,384,034
(122,583,032
)
-
-
42,413,650
952,710
*
Invesco Private Prime
Fund
98,135,663
271,757,553
(259,693,056
)
(1,383
)
(9,729
)
110,189,048
2,567,218
*
Total
$135,748,311
$427,179,888
$(410,306,267
)
$(1,383
)
$(9,729
)
$152,610,820
$3,536,931
 
*
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 April 30, 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 Note 2K.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
43
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)
April 30, 2025
(Unaudited)
Schedule of Investments
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.40%
Australia-5.74%
Accent Group Ltd.(a)
 
62,429
$74,011
ALS Ltd.
 
43,790
479,959
Amotiv Ltd.(a)
 
18,317
90,728
AMP Ltd.
 
501,864
414,065
Ansell Ltd.
 
15,124
293,078
ARB Corp. Ltd.
 
4,914
98,919
ASX Ltd.
 
2,655
120,092
Atlas Arteria Ltd.
 
85,939
284,350
AUB Group Ltd.
 
5,086
103,740
Austal Ltd.(b)
 
12,400
41,966
Bank of Queensland Ltd.(a)
 
27,155
129,574
Bapcor Ltd.(a)
 
53,073
172,253
Beach Energy Ltd.
 
341,710
256,934
Bega Cheese Ltd.
 
41,278
149,155
Breville Group Ltd.(a)
 
8,196
150,112
Brickworks Ltd.
 
7,992
128,597
BWP Trust
 
52,511
120,267
CAR Group Ltd.
 
11,576
246,812
Centuria Capital Group(a)
 
79,693
80,211
Centuria Industrial REIT(a)
 
73,748
138,739
Challenger Ltd.(a)
 
62,765
284,088
Champion Iron Ltd.(a)
 
51,992
151,821
Charter Hall Group
 
52,914
571,478
Charter Hall Long Wale REIT
 
101,645
249,439
Charter Hall Retail REIT
 
72,567
173,145
Cleanaway Waste Management Ltd.(a)
 
244,813
406,974
Cochlear Ltd.
 
2,185
382,242
Collins Foods Ltd.
 
12,961
68,160
Coronado Global Resources, Inc., CDI(c)
 
127,705
15,910
Corporate Travel Management Ltd.
 
4,863
39,668
Credit Corp. Group Ltd.
 
8,718
75,354
Cromwell Property Group
 
35,109
8,416
Data# 3 Ltd.
 
14,249
66,287
Deterra Royalties Ltd.
 
19,443
45,283
Domino’s Pizza Enterprises Ltd.
 
8,014
129,375
Downer EDI Ltd.
 
50,747
185,109
Eagers Automotive Ltd.
 
21,128
249,083
EBOS Group Ltd.
 
5,053
109,869
Elders Ltd.(a)
 
39,960
161,683
Evolution Mining Ltd.
 
31,003
155,311
Flight Centre Travel Group Ltd.(a)
 
10,587
86,774
G8 Education Ltd.
 
19,107
15,346
GrainCorp Ltd., Class A
 
46,146
196,254
Growthpoint Properties Australia Ltd.(a)
 
48,503
71,874
Harvey Norman Holdings Ltd.(a)
 
134,553
449,366
Healius Ltd.(a)(b)
 
122,264
113,707
Helia Group Ltd.
 
59,112
183,012
HomeCo Daily Needs REIT(a)(c)
 
201,425
157,741
IDP Education Ltd.(a)
 
11,114
62,963
IGO Ltd.(a)
 
73,148
183,079
Iluka Resources Ltd.(a)
 
74,575
197,363
Ingenia Communities Group
 
38,380
136,010
Inghams Group Ltd.
 
100,019
219,338
Insignia Financial Ltd.(b)
 
111,737
268,953
IPH Ltd.
 
22,033
64,285
IRESS Ltd.(a)
 
27,319
138,967
Johns Lyng Group Ltd.(a)
 
17,447
24,785
 
Shares
Value
Australia-(continued)
Kelsian Group Ltd.(a)
 
14,278
$24,778
Lottery Corp. Ltd. (The)
 
102,347
340,701
Lynas Rare Earths Ltd.(a)(b)
 
50,730
277,025
Magellan Financial Group Ltd.(a)
 
44,599
218,410
McMillan Shakespeare Ltd.
 
7,620
74,575
Monadelphous Group Ltd.
 
12,015
124,108
Myer Holdings Ltd.
 
94,557
43,574
National Storage REIT(a)
 
151,760
222,906
New Hope Corp. Ltd.(a)
 
103,708
243,018
NEXTDC Ltd.(a)(b)
 
16,101
122,111
nib holdings Ltd.(a)
 
53,658
233,835
Nine Entertainment Co. Holdings Ltd.
 
179,704
164,512
NRW Holdings Ltd.
 
56,621
98,033
Nufarm Ltd.
 
65,651
161,907
OceanaGold Corp.
 
114,269
403,701
Orora Ltd.
 
62,262
72,059
Perenti Ltd.
 
44,726
39,073
Perpetual Ltd.(a)
 
15,514
164,630
Perseus Mining Ltd.
 
145,620
311,753
PEXA Group Ltd.(b)
 
7,726
59,464
Pilbara Minerals Ltd.(a)(b)
 
105,370
101,407
Premier Investments Ltd.
 
9,029
120,137
Qantas Airways Ltd.
 
10,637
60,075
Qube Holdings Ltd.
 
167,724
424,164
Ramelius Resources Ltd.(a)
 
106,144
178,425
REA Group Ltd.
 
1,177
186,797
Reece Ltd.(a)
 
17,354
174,812
Region RE Ltd.
 
193,237
286,107
Regis Resources Ltd.(b)
 
177,455
512,478
Resolute Mining Ltd.(b)
 
407,326
132,821
Sandfire Resources Ltd.(b)
 
55,727
354,531
SEEK Ltd.
 
22,145
301,152
Service Stream Ltd.
 
15,694
18,776
SGH Ltd.
 
14,780
482,847
Sigma Healthcare Ltd.(a)
 
152,753
294,441
SmartGroup Corp. Ltd.
 
9,797
49,077
Stanmore Resources Ltd.
 
17,173
21,307
Star Entertainment Group Ltd. (The)(a)(b)
 
954,499
63,363
Steadfast Group Ltd.(a)
 
63,818
239,557
Super Retail Group Ltd.
 
30,522
261,481
Tabcorp Holdings Ltd.
 
463,408
164,988
Technology One Ltd.
 
5,763
111,117
TPG Telecom Ltd.
 
59,810
193,457
Ventia Services Group Pty. Ltd.
 
99,511
269,130
Waypoint REIT Ltd.
 
80,707
132,028
WEB Travel Group Ltd.(a)(b)
 
14,825
40,722
Webjet Group Ltd.(b)
 
16,340
6,686
West African Resources Ltd.(b)
 
178,877
273,456
Westgold Resources Ltd.
 
52,414
99,464
WiseTech Global Ltd.
 
359
20,391
 
 
18,647,441
Austria-0.56%
ANDRITZ AG
 
2,117
152,651
AT&S Austria Technologie & Systemtechnik
AG(a)(b)
 
5,519
89,681
CA Immobilien Anlagen AG(a)
 
5,039
136,890
CPI Europe AG(a)(b)
 
3,535
70,172
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
44
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Austria-(continued)
EVN AG
 
6,894
$181,032
Kontron AG(a)
 
6,195
151,057
Lenzing AG(b)
 
4,690
148,006
Mayr Melnhof Karton AG
 
280
26,032
Oesterreichische Post AG
 
830
28,080
Palfinger AG
 
494
16,157
Schoeller-Bleckmann Oilfield Equipment AG
 
1,327
47,313
Strabag SE
 
446
39,263
Telekom Austria AG
 
11,266
119,422
UNIQA Insurance Group AG
 
13,312
154,786
Verbund AG
 
5,590
431,076
Vienna Insurance Group AG Wiener
Versicherung Gruppe
 
924
44,099
 
 
1,835,717
Belgium-1.47%
Ackermans & van Haaren N.V.
 
1,644
403,486
Aedifica S.A.(a)
 
6,562
527,862
Azelis Group N.V.(a)
 
11,205
174,220
Barco N.V.
 
10,634
146,004
Bekaert S.A.(a)
 
4,579
177,296
Cofinimmo S.A.(a)
 
1,733
139,046
Colruyt Group N.V
 
2,662
128,450
Deme Group N.V.
 
695
104,537
D’Ieteren Group(a)
 
1,624
325,431
Elia Group S.A./N.V.
 
1,279
139,146
Fagron
 
4,361
102,010
Financiere de Tubize S.A.
 
174
25,051
Galapagos N.V.(a)(b)
 
6,994
191,104
Gimv N.V.
 
816
36,871
KBC Ancora
 
3,042
199,998
Lotus Bakeries N.V.
 
13
125,426
Melexis N.V.(a)
 
2,093
126,030
Montea N.V.(a)
 
1,561
113,726
Ontex Group N.V.(a)(b)
 
3,104
25,569
Retail Estates N.V.
 
339
24,940
Shurgard Self Storage Ltd.(a)
 
2,288
95,258
Sofina S.A.(a)
 
1,332
373,432
Solvay S.A., Class A(a)
 
13,247
503,026
Tessenderlo Group S.A.
 
737
21,889
Warehouses De Pauw C.V.A.(a)
 
16,022
410,644
Xior Student Housing N.V.(c)
 
4,673
152,081
 
 
4,792,533
Bermuda-0.02%
Conduit Holdings Ltd.
 
11,435
52,755
Brazil-0.03%
ERO Copper Corp.(b)
 
7,470
93,125
Canada-8.36%
AbCellera Biologics, Inc.(a)(b)
 
9,130
23,829
Advantage Energy Ltd.(b)
 
29,155
206,637
Aecon Group, Inc.
 
21,602
252,412
Ag Growth International, Inc.
 
1,970
47,378
Air Canada(b)
 
6,150
62,199
Alamos Gold, Inc., Class A(a)
 
28,117
802,209
Alaris Equity Partners Income
 
1,761
24,707
Algoma Steel Group, Inc.
 
36,544
186,781
Allied Properties REIT(a)
 
9,596
106,568
Altus Group Ltd.
 
2,659
98,829
Aritzia, Inc.(b)
 
5,322
186,827
 
Shares
Value
Canada-(continued)
Artis REIT(a)
 
19,128
$100,120
ATCO Ltd., Class I
 
12,801
480,327
Athabasca Oil Corp.(b)
 
57,328
188,423
ATS Corp.(b)
 
5,568
140,036
Badger Infrastructure Solutions Ltd.
 
2,930
83,320
Ballard Power Systems, Inc.(a)(b)
 
22,953
27,917
Baytex Energy Corp.
 
150,282
231,739
Birchcliff Energy Ltd.
 
76,303
311,001
Bird Construction, Inc.
 
6,720
102,700
BlackBerry Ltd.(b)
 
44,201
149,758
Boardwalk REIT, Class E
 
4,344
204,448
Bombardier, Inc., Class B(a)(b)
 
801
52,839
Boralex, Inc., Class A
 
10,383
230,165
Boyd Group Services, Inc.
 
1,146
164,271
Brookfield Asset Management Ltd., Class A
 
3,064
163,171
Brookfield Business Corp., Class A
 
4,824
126,284
Brookfield Infrastructure Corp.
 
10,127
378,599
Brookfield Renewable Corp.
 
2,228
63,374
Brookfield Wealth Solutions Ltd.(b)
 
772
41,498
BRP, Inc.
 
5,303
179,288
Calibre Mining Corp.(b)
 
11,035
25,804
Cameco Corp.
 
2,762
124,433
Canaccord Genuity Group, Inc.
 
4,182
25,583
Canada Goose Holdings, Inc.(b)
 
4,995
41,730
Canadian Solar, Inc.(a)(b)
 
8,349
75,308
Canadian Utilities Ltd., Class A
 
5,023
140,330
Canfor Corp.(b)
 
19,167
182,748
Capstone Copper Corp.(b)
 
57,423
276,036
Cardinal Energy Ltd.(a)
 
22,374
92,975
Cargojet, Inc.
 
420
25,936
Cascades, Inc.
 
17,575
112,349
Centerra Gold, Inc.
 
59,793
399,543
CES Energy Solutions Corp.
 
30,518
134,330
Chartwell Retirement Residences
 
29,393
368,343
Chemtrade Logistics Income Fund
 
26,377
182,365
Choice Properties REIT(a)
 
31,908
337,260
CI Financial Corp.
 
3,698
83,662
Cineplex, Inc.(b)
 
17,414
124,431
Cogeco Communications, Inc.
 
4,701
230,745
Cogeco, Inc.
 
2,095
97,250
Colliers International Group, Inc.
 
1,745
208,205
Crombie REIT(a)
 
17,932
189,407
CT REIT(a)
 
7,842
84,307
Definity Financial Corp.
 
5,652
281,557
dentalcorp Holdings Ltd.
 
17,802
108,387
Descartes Systems Group, Inc. (The)(b)
 
2,150
225,973
Dream Industrial REIT(a)
 
34,014
261,021
DREAM Unlimited Corp.
 
1,081
14,877
Dundee Precious Metals, Inc.
 
26,781
350,346
E-L Financial Corp. Ltd.
 
18
17,621
Enerflex Ltd.
 
32,911
214,911
Enghouse Systems Ltd.
 
4,714
85,489
EQB, Inc.
 
2,670
184,231
Equinox Gold Corp.(b)
 
60,315
404,778
Exchange Income Corp.
 
4,863
178,353
Fiera Capital Corp.
 
17,252
79,060
First Capital REIT
 
8,756
108,269
First Majestic Silver Corp.
 
31,939
199,084
FirstService Corp.
 
1,903
333,345
Fortuna Mining Corp., Class C(b)
 
63,628
396,149
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
45
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Canada-(continued)
Freehold Royalties Ltd.(a)
 
10,971
$90,624
Gibson Energy, Inc.
 
7,159
112,415
goeasy Ltd.
 
1,009
113,698
Granite REIT
 
8,465
387,553
H&R REIT
 
42,113
299,087
Hudbay Minerals, Inc.
 
39,630
287,764
IAMGOLD Corp.(b)
 
128,250
907,118
IGM Financial, Inc.
 
14,375
455,925
Innergex Renewable Energy, Inc.
 
42,930
422,059
Interfor Corp.(b)
 
15,357
147,644
International Petroleum Corp.(b)
 
15,921
218,019
InterRent REIT(a)
 
19,431
158,819
Ivanhoe Mines Ltd., Class A(a)(b)
 
12,069
106,946
Kelt Exploration Ltd.(b)
 
26,589
107,603
Killam Apartment REIT(a)
 
17,202
216,940
Kinaxis, Inc.(b)
 
209
28,166
Labrador Iron Ore Royalty Corp.
 
6,084
131,520
Lassonde Industries, Inc., Class A
 
65
9,753
Laurentian Bank of Canada
 
12,586
249,296
Leon’s Furniture Ltd.
 
441
7,343
Lightspeed Commerce, Inc.(b)
 
17,274
168,701
Linamar Corp.
 
6,658
243,849
Lundin Gold, Inc.
 
5,082
206,878
Major Drilling Group International, Inc.(b)
 
9,968
62,927
Maple Leaf Foods, Inc.
 
12,770
233,249
Martinrea International, Inc.
 
9,054
48,111
Mattr Corp.(b)
 
7,831
53,972
MTY Food Group, Inc.
 
2,464
77,365
Mullen Group Ltd.
 
17,302
164,214
New Gold, Inc.(b)
 
119,141
473,528
NFI Group, Inc.(b)
 
14,412
121,030
North West Co., Inc. (The)
 
6,954
278,402
NorthWest Healthcare Properties REIT(a)
 
82,165
292,660
NuVista Energy Ltd.(b)
 
36,119
307,246
Obsidian Energy Ltd.(a)(b)
 
22,529
94,761
Osisko Gold Royalties Ltd.(a)
 
10,212
244,266
Pan American Silver Corp.
 
25,727
646,481
Paramount Resources Ltd., Class A(a)
 
10,198
115,542
Pason Systems, Inc.
 
10,038
79,792
Peyto Exploration & Development Corp.(a)
 
29,717
371,328
Precision Drilling Corp.(b)
 
4,071
169,996
Premium Brands Holdings Corp.
 
4,937
280,179
Primaris REIT
 
11,230
116,910
Quebecor, Inc., Class B
 
6,923
189,552
RB Global, Inc.
 
4,934
496,258
Richelieu Hardware Ltd.
 
5,281
124,675
Russel Metals, Inc.
 
12,979
375,849
Sagicor Financial Co. Ltd.
 
1,052
5,864
Sandstorm Gold Ltd.
 
29,036
252,039
Secure Waste Infrastructure Corp.
 
35,648
338,853
Sienna Senior Living, Inc.(a)
 
15,623
191,484
Slate Grocery REIT, Class U
 
8,461
85,143
SmartCentres REIT(a)
 
4,748
87,618
Spin Master Corp.(c)
 
1,380
24,357
SSR Mining, Inc.(b)
 
13,870
147,406
Stantec, Inc.
 
1,615
141,472
Stella-Jones, Inc.
 
6,924
338,856
SunOpta, Inc.(b)
 
10,193
44,276
Superior Plus Corp.
 
53,093
265,984
Tamarack Valley Energy Ltd.
 
70,338
181,790
 
Shares
Value
Canada-(continued)
Taseko Mines Ltd.(b)
 
39,879
$90,365
Teekay Tankers Ltd., Class A
 
1,179
50,190
Tilray Brands, Inc., Class 2(b)
 
70,441
34,171
TMX Group Ltd.
 
3,219
130,200
Topaz Energy Corp.(a)
 
7,620
127,046
Torex Gold Resources, Inc.(b)
 
17,835
576,510
TransAlta Corp.
 
44,902
399,512
Transcontinental, Inc., Class A
 
16,816
228,872
Trican Well Service Ltd.
 
19,424
56,952
Westshore Terminals Investment Corp.
 
4,680
86,295
Whitecap Resources, Inc.(a)
 
42,767
242,118
Winpak Ltd.
 
3,632
112,302
Xenon Pharmaceuticals, Inc.(a)(b)
 
662
25,288
 
 
27,185,161
China-1.07%
AAC Technologies Holdings, Inc.
 
137,705
659,265
Alibaba Health Information Technology
Ltd.(a)(b)
 
66,892
43,279
Alibaba Pictures Group Ltd.(b)
 
294,706
19,251
BOC Aviation Ltd.(c)
 
12,642
94,755
Bosideng International Holdings Ltd.
 
167,277
86,568
Budweiser Brewing Co. APAC Ltd.(a)(c)
 
215,170
227,381
CapitaLand China Trust
 
31,952
16,875
China Education Group Holdings Ltd.(c)
 
66,892
21,020
China Gold International Resources Corp.
Ltd.
 
8,032
50,701
China Medical System Holdings Ltd.
 
63,738
68,038
China Ruyi Holdings Ltd.(a)(b)
 
86,004
22,606
China Water Affairs Group Ltd.
 
47,780
36,791
Chow Tai Fook Jewellery Group Ltd.(a)
 
270,570
361,743
CITIC Telecom International Holdings Ltd.
 
177,223
53,919
ESR Group Ltd.(c)
 
244,873
389,991
FIH Mobile Ltd.(b)
 
58,960
5,706
Hopson Development Holdings Ltd.(b)
 
55,606
20,818
HUTCHMED China Ltd.(b)
 
9,556
28,481
Jinchuan Group International Resources Co.
Ltd.(d)
 
1,223,809
101,002
Kingboard Laminates Holdings Ltd.
 
58,148
60,717
Lee & Man Paper Manufacturing Ltd.
 
40,613
10,915
MMG Ltd.(a)(b)
 
558,890
169,189
Nexteer Automotive Group Ltd.
 
282,412
189,333
Nine Dragons Paper Holdings Ltd.(b)
 
111,518
40,932
Powerlong Real Estate Holdings Ltd.(a)(b)
 
697,996
30,904
Silvercorp Metals, Inc.
 
24,790
92,426
Stella International Holdings Ltd.
 
21,501
38,497
Towngas Smart Energy Co. Ltd.(b)
 
20,689
9,324
VSTECS Holdings Ltd.(a)
 
214,643
165,283
Want Want China Holdings Ltd.
 
82,850
54,225
Wharf (Holdings) Ltd. (The)(a)
 
77,793
195,431
Xinyi Glass Holdings Ltd.(a)
 
116,296
108,898
 
 
3,474,264
Colombia-0.09%
Aris Mining Corp.(b)
 
27,385
149,484
Parex Resources, Inc.
 
17,376
139,632
 
 
289,116
Cyprus-0.01%
Bank of Cyprus Holdings PLC(b)
 
5,532
35,944
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
46
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Denmark-1.52%
ALK-Abello A/S(b)
 
1,141
$26,693
Alm Brand A/S
 
103,256
245,542
Ambu A/S
 
1,213
21,974
Ascendis Pharma A/S, ADR(b)
 
257
43,803
Bavarian Nordic A/S(a)(b)
 
4,983
118,902
Cementir Holding N.V.
 
1,563
25,715
D/S Norden A/S
 
9,507
259,824
Demant A/S(b)
 
5,056
184,784
Dfds A/S(a)(b)
 
8,565
119,543
FLSmidth & Co. A/S
 
8,730
414,780
GN Store Nord A/S(a)(b)
 
15,618
236,650
H. Lundbeck A/S
 
53,888
258,807
Jyske Bank A/S
 
1,624
133,676
Matas A/S
 
6,235
129,147
Netcompany Group A/S(b)(c)
 
693
31,397
NKT A/S(b)
 
4,135
337,887
Novonesis (Novozymes) B, Class B
 
5,766
375,888
Per Aarsleff Holding A/S
 
586
47,384
Ringkjoebing Landbobank A/S
 
1,357
260,384
Rockwool A/S
 
7,588
347,636
Royal Unibrew A/S
 
5,530
441,312
Scandinavian Tobacco Group A/S(c)
 
7,008
102,371
Schouw & Co. A/S
 
368
33,663
Spar Nord Bank A/S(b)
 
6,343
204,281
Svitzer Group A/S
 
719
30,259
Sydbank A/S
 
8,030
516,089
 
 
4,948,391
Faroe Islands-0.06%
Bakkafrost P/F
 
3,777
191,072
Finland-0.64%
Citycon OYJ(a)
 
23,601
95,098
Hiab OYJ, Class B
 
5,396
257,641
Kalmar OYJ, Class B
 
5,971
189,818
Kemira OYJ
 
11,386
235,748
Kojamo OYJ(a)(b)
 
32,026
374,065
Konecranes OYJ
 
1,571
105,616
Mandatum OYJ(a)
 
12,307
87,280
Metsa Board OYJ(a)
 
33,906
124,215
Nokian Renkaat OYJ(a)
 
55,100
439,819
Olvi OYJ
 
184
6,923
Sanoma OYJ
 
1,040
11,496
Terveystalo OYJ(c)
 
1,544
21,532
Tokmanni Group Corp.(a)
 
7,085
112,171
Vaisala OYJ, Class A
 
257
13,731
 
 
2,075,153
France-3.34%
Aeroports de Paris S.A.(a)
 
3,283
411,942
Air France-KLM(b)
 
7,152
62,658
Altarea SCA
 
130
15,074
Alten S.A.
 
3,239
275,494
ARGAN S.A.
 
745
51,651
Ayvens S.A.(c)
 
51,782
526,707
Beneteau SACA(a)
 
8,719
80,044
bioMerieux
 
3,232
437,758
Carmila S.A.
 
1,603
34,965
Cie de L’Odet SE
 
11
17,183
Cie des Alpes
 
1,210
23,892
Clariane SE(b)
 
68,745
293,111
 
Shares
Value
France-(continued)
Coface S.A.
 
21,455
$441,272
Criteo S.A., ADR(b)
 
2,284
77,793
Dassault Aviation S.A.
 
1,968
712,039
Derichebourg S.A.(a)
 
21,903
151,184
Edenred SE(a)
 
2,734
85,559
Elior Group S.A.(a)(b)(c)
 
47,725
145,073
Eramet S.A.(a)
 
3,287
182,886
Euroapi S.A.(b)
 
12,009
37,691
Eutelsat Communications SACA(a)(b)
 
23,548
96,498
FDJ United(c)
 
8,533
305,199
Fnac Darty S.A.
 
3,241
113,235
Gaztransport Et Technigaz S.A.
 
1,730
282,966
Getlink SE
 
4,542
86,541
ICADE(a)
 
11,111
264,848
ID Logistics Group SACA(b)
 
246
111,184
Imerys S.A.
 
9,393
314,846
Ipsen S.A.
 
3,501
408,579
Ipsos S.A.
 
5,102
242,384
JCDecaux SE(b)
 
9,525
166,346
Lectra
 
536
13,967
LISI S.A.(a)
 
282
8,861
Mercialys S.A.
 
21,524
289,136
Mersen S.A.(a)
 
2,468
53,078
Metropole Television S.A.(a)
 
7,681
121,106
Nexans S.A.
 
1,282
141,323
Nexity S.A.(a)(b)
 
15,157
159,476
OPmobility(a)
 
17,025
191,460
Remy Cointreau S.A.(a)
 
2,411
131,159
Rubis S.C.A.
 
13,191
430,856
Sartorius Stedim Biotech
 
833
197,257
Societe BIC S.A.
 
3,181
206,524
SOITEC(b)
 
1,763
100,404
Solutions 30 SE(a)(b)
 
24,773
41,913
Sopra Steria Group
 
608
125,093
Stef S.A.
 
72
10,417
Technip Energies N.V.
 
3,779
129,399
Television Francaise 1 S.A.(a)
 
14,329
137,392
Tikehau Capital S.C.A.(a)
 
440
9,536
Trigano S.A.(a)
 
1,391
165,814
Ubisoft Entertainment S.A.(b)
 
9,708
114,777
Vallourec SACA(a)(b)
 
28,282
524,529
Verallia S.A.(a)(c)
 
11,632
390,296
Vicat S.A.
 
658
36,971
Virbac SACA
 
321
113,564
Viridien(b)
 
7,831
466,194
Vivendi SE
 
25,444
79,619
 
 
10,846,723
Georgia-0.13%
Lion Finance Group PLC
 
3,494
280,895
TBC Bank Group PLC
 
2,414
153,016
 
 
433,911
Germany-3.53%
1&1 AG
 
6,693
119,340
AIXTRON SE
 
5,613
76,481
Aroundtown S.A.(a)(b)
 
45,838
137,418
Auto1 Group SE(b)(c)
 
37,910
914,020
Bechtle AG
 
10,479
448,601
Bilfinger SE
 
4,645
396,417
CANCOM SE
 
6,921
213,236
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
47
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Germany-(continued)
Carl Zeiss Meditec AG, BR
 
2,447
$168,755
CECONOMY AG(b)
 
13,265
47,305
Cewe Stiftung & Co. KGaA
 
107
12,416
CompuGroup Medical SE & Co. KGaA
 
3,830
96,783
CTS Eventim AG & Co. KGaA
 
1,992
236,839
Deutsche Pfandbriefbank AG(b)(c)
 
64,944
399,698
Deutsche Wohnen SE
 
3,735
95,244
Deutz AG
 
38,802
302,312
Draegerwerk AG & Co. KGaA, Preference
Shares
 
402
27,487
Duerr AG
 
14,270
338,989
DWS Group GmbH & Co. KGaA(c)
 
8,001
422,650
Evotec SE(a)(b)
 
13,529
113,634
Fielmann Group AG
 
2,492
142,095
flatexDEGIRO AG
 
6,779
179,016
Fraport AG Frankfurt Airport Services
Worldwide(b)
 
5,604
372,665
Gerresheimer AG
 
3,963
269,806
Grand City Properties S.A.(b)
 
17,680
211,741
GRENKE AG
 
1,477
22,718
Hella GmbH & Co. KGaA
 
118
11,902
HelloFresh SE(b)
 
7,381
77,122
Hensoldt AG
 
2,532
196,826
HOCHTIEF AG
 
189
35,881
Hornbach Holding AG & Co. KGaA
 
343
38,750
HUGO BOSS AG
 
1,683
70,438
Jenoptik AG
 
6,255
125,310
JOST Werke SE(c)
 
260
14,682
Jungheinrich AG, Preference Shares
 
2,946
107,435
Kloeckner & Co. SE
 
3,567
28,810
Krones AG
 
2,022
296,570
KSB SE & Co. KGaA, Preference Shares
 
25
22,829
KWS Saat SE & Co. KGaA
 
362
22,920
METRO AG(a)(b)
 
24,404
151,190
Mutares SE & Co. KGaA(a)
 
3,991
146,426
Nemetschek SE
 
1,166
155,477
Nordex SE(b)
 
22,929
430,785
ProSiebenSat.1 Media SE
 
13,812
96,722
Rational AG
 
176
151,534
SAF-Holland SE
 
6,900
125,626
Salzgitter AG
 
7,820
193,916
Sartorius AG, Preference Shares(a)
 
844
219,852
Scout24 SE(c)
 
4,403
526,542
SGL Carbon SE(b)
 
8,387
33,663
Siltronic AG
 
4,598
187,601
Sirius Real Estate Ltd.
 
167,405
206,604
Sixt SE
 
4,313
411,463
Softwareone Holding AG(a)(b)
 
16,332
113,549
Stabilus SE
 
3,491
97,168
STO SE & Co. KGaA, Preference Shares
 
82
11,767
Stroeer SE & Co. KGaA(a)
 
4,166
249,614
Suedzucker AG
 
17,659
238,578
TAG Immobilien AG(b)
 
6,721
109,801
TeamViewer SE(b)(c)
 
7,289
112,364
Traton SE
 
8,151
269,460
TUI AG(b)
 
15,534
119,938
United Internet AG
 
6,401
145,654
Wacker Chemie AG
 
1,492
113,177
 
Shares
Value
Germany-(continued)
Wacker Neuson SE
 
1,180
$31,840
Wuestenrot & Wuerttembergische AG
 
722
11,669
 
 
11,477,121
Ghana-0.01%
Tullow Oil PLC(a)(b)
 
206,874
35,396
Hong Kong-1.21%
ASMPT Ltd.
 
39,563
266,190
Bank of East Asia Ltd. (The)
 
11,133
15,309
Cathay Pacific Airways Ltd.
 
210,849
242,307
Champion REIT
 
19,924
5,899
CK Infrastructure Holdings Ltd.
 
68,337
460,621
Cowell e Holdings, Inc.(a)(b)
 
55,863
160,558
Crystal International Group Ltd.(c)
 
16,723
9,751
CTF Services Ltd.
 
11,133
10,544
Dah Sing Financial Holdings Ltd.
 
4,119
15,041
DFI Retail Group Holdings Ltd.
 
39,552
99,835
Fortune REIT
 
31,057
17,380
Futu Holdings Ltd., ADR
 
621
57,325
Grand Pharmaceutical Group Ltd.
 
45,797
35,098
Hang Lung Properties Ltd.(a)
 
386,502
317,023
HK Electric Investments & HK Electric
Investments Ltd.
 
33,040
23,011
HKBN Ltd.
 
57,336
37,485
Hongkong Land Holdings Ltd.
 
63,722
311,856
Hutchison Port Holdings Trust, Class U
 
81,068
12,069
Hysan Development Co. Ltd.
 
63,635
103,743
Johnson Electric Holdings Ltd.
 
14,740
26,856
Kerry Properties Ltd.
 
44,338
104,137
Luk Fook Holdings International Ltd.
 
11,945
26,068
Man Wah Holdings Ltd.
 
313,631
166,695
Melco International Development Ltd.(a)(b)
 
101,927
42,233
Melco Resorts & Entertainment Ltd.,
ADR(a)(b)
 
8,975
46,221
Pacific Basin Shipping Ltd.(a)
 
504,387
113,108
PAX Global Technology Ltd.
 
11,133
6,705
PCCW Ltd.
 
321,904
214,624
Power Assets Holdings Ltd.
 
19,112
126,406
Sino Land Co. Ltd.
 
171,710
176,487
Skyworth Group Ltd.
 
60,537
23,237
Swire Properties Ltd.
 
84,177
186,050
United Energy Group Ltd.
 
2,004,213
104,648
United Laboratories International Holdings
Ltd. (The)(a)
 
169,934
304,568
Vitasoy International Holdings Ltd.
 
22,313
28,752
VTech Holdings Ltd.
 
5,437
36,531
 
 
3,934,371
Indonesia-0.05%
First Pacific Co. Ltd.
 
73,294
49,323
Nickel Industries Ltd.(a)
 
314,586
113,480
 
 
162,803
Iraq-0.03%
Gulf Keystone Petroleum Ltd.
 
45,666
93,795
Ireland-0.25%
Cairn Homes PLC
 
78,570
173,417
Cimpress PLC(b)
 
998
41,936
Dalata Hotel Group PLC
 
24,259
139,518
Glanbia PLC(a)
 
18,896
245,454
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
48
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Ireland-(continued)
Glenveagh Properties PLC(b)(c)
 
27,548
$51,810
Greencoat Renewables PLC
 
19,011
15,961
Greencore Group PLC
 
64,556
159,547
 
 
827,643
Israel-1.94%
Airport City Ltd.(b)
 
6,553
97,402
Alony Hetz Properties & Investments Ltd.
 
27,195
227,147
Amot Investments Ltd.
 
24,990
132,236
Ashtrom Group Ltd.
 
6,156
96,808
Azrieli Group Ltd.
 
3,561
259,256
Bezeq The Israeli Telecommunication Corp.
Ltd.
 
220,151
334,770
Big Shopping Centers Ltd.(b)
 
1,549
226,172
Cellcom Israel Ltd.(b)
 
3,225
20,422
Clal Insurance Enterprises Holdings Ltd.
 
5,493
150,718
Cognyte Software Ltd.(b)
 
2,510
24,598
Delek Automotive Systems Ltd.(b)
 
1,359
9,793
Delek Group Ltd.
 
2,206
351,934
El Al Israel Airlines(a)(b)
 
42,950
131,277
Elbit Systems Ltd.
 
1,994
766,653
Energean PLC(a)
 
8,575
101,814
Enlight Renewable Energy Ltd.(b)
 
5,591
90,556
Equital Ltd.(b)
 
277
10,390
Fattal Holdings 1998 Ltd.(b)
 
504
65,820
FIBI Holdings Ltd.
 
534
30,925
First International Bank of Israel Ltd. (The)
 
8,122
446,096
Formula Systems 1985 Ltd.
 
181
15,981
G City Ltd.
 
6,901
23,915
Harel Insurance Investments & Financial
Services Ltd.
 
16,038
266,583
Isracard Ltd.
 
8,049
37,905
Israel Corp. Ltd.
 
441
138,824
Kornit Digital Ltd.(b)
 
892
16,841
Melisron Ltd.
 
2,610
222,052
Migdal Insurance & Financial Holdings Ltd.
 
12,265
23,588
Mivne Real Estate KD Ltd.
 
55,822
162,876
Mobileye Global, Inc., Class A(b)
 
2,375
34,627
Nova Ltd.(b)
 
677
132,834
Oil Refineries Ltd.(a)
 
169,383
42,528
Partner Communications Co. Ltd.
 
3,314
22,017
Paz Retail and Energy Ltd.
 
192
27,110
Perion Network Ltd.(a)(b)
 
3,192
30,127
Phoenix Finance Ltd.
 
16,757
329,997
Plus500 Ltd.
 
14,902
612,242
Radware Ltd.(b)
 
1,034
24,671
Reit 1 Ltd.
 
4,278
22,230
Shikun & Binui Ltd.(b)
 
35,749
117,113
Shufersal Ltd.
 
15,219
142,494
Strauss Group Ltd.
 
5,141
116,355
Taboola.com Ltd.(b)
 
7,739
22,830
Tower Semiconductor Ltd.(b)
 
2,406
87,936
Wix.com Ltd.(b)
 
276
46,807
 
 
6,295,270
Italy-2.79%
ACEA S.p.A.
 
13,450
317,064
Amplifon S.p.A.
 
7,086
136,086
Ariston Holding N.V.(a)
 
12,210
55,248
Azimut Holding S.p.A.
 
3,472
96,816
Banca Generali S.p.A.(a)
 
8,021
477,506
 
Shares
Value
Italy-(continued)
Banca IFIS S.p.A.(a)
 
7,203
$181,101
Banca Mediolanum S.p.A.(a)
 
38,058
570,921
Banca Popolare di Sondrio S.p.A.
 
9,112
114,574
BFF Bank S.p.A.(a)(c)
 
25,661
243,944
Brembo N.V.(a)
 
23,880
224,063
Brunello Cucinelli S.p.A.(a)
 
577
65,367
Buzzi S.p.A.
 
12,673
666,390
Credito Emiliano S.p.A.
 
9,970
137,538
Danieli & C. Officine Meccaniche S.p.A.(a)
 
7,799
269,527
Davide Campari-Milano N.V.(a)
 
34,868
234,778
De’ Longhi S.p.A.
 
8,604
267,183
DiaSorin S.p.A.
 
1,734
198,838
doValue S.p.A.(b)(c)
 
7,445
15,402
Enav S.p.A.(a)(c)
 
40,398
179,506
ERG S.p.A.(a)
 
8,157
167,449
F.I.L.A - Fabbrica Italiana Lapis ed Affini -
S.p.A.
 
7,076
92,505
Fincantieri S.p.A.(b)
 
23,463
306,731
Illimity Bank S.p.A.(a)
 
12,154
48,175
Infrastrutture Wireless Italiane S.p.A.(a)(c)
 
26,662
319,498
Interpump Group S.p.A.(a)
 
6,696
230,449
Iren S.p.A.
 
151,874
435,082
Italgas S.p.A.(a)
 
16,889
139,238
Maire S.p.A.(a)
 
27,206
294,851
MFE-MediaForEurope N.V., Class A
 
66,883
244,110
OVS S.p.A.(c)
 
60,801
220,203
Piaggio & C S.p.A.(a)
 
42,943
84,590
Pirelli & C. S.p.A.(c)
 
18,877
117,109
Prada S.p.A.
 
33,536
209,418
Recordati Industria Chimica e Farmaceutica
S.p.A.
 
7,020
415,665
Reply S.p.A.(a)
 
1,241
222,318
Saipem S.p.A.(b)
 
230,884
535,171
Salvatore Ferragamo S.p.A.(a)
 
9,676
60,833
Sesa S.p.A.(a)
 
662
56,144
SOL S.p.A.
 
604
27,672
Technogym S.p.A.(c)
 
10,127
137,316
Webuild S.p.A.(a)
 
69,807
254,136
Webuild S.p.A., Wts., expiring
08/31/2030(b)(d)(e)
 
6,553
0
 
 
9,070,515
Ivory Coast-0.04%
Endeavour Mining PLC
 
4,786
129,412
Japan-32.94%
77 Bank Ltd. (The)
 
13,932
437,681
ABC-MART, Inc.
 
11,633
216,866
ACOM Co. Ltd.
 
67,384
189,267
Activia Properties, Inc.
 
82
197,093
Adastria Co. Ltd.(a)
 
5,246
107,441
ADEKA Corp.
 
13,088
236,499
Advance Residence Investment Corp.
 
306
316,056
AEON Financial Service Co. Ltd.
 
40,558
336,415
AEON Hokkaido Corp.
 
9,841
60,396
AEON Mall Co. Ltd.
 
26,446
508,645
AEON REIT Investment Corp.
 
295
258,794
Ahresty Corp.(a)
 
14,523
66,740
Aica Kogyo Co. Ltd.
 
9,374
217,848
Aichi Financial Group, Inc.
 
7,408
142,278
Aichi Steel Corp.(a)
 
3,793
224,095
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
49
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Japan-(continued)
Aiful Corp.
 
42,140
$105,530
Ain Holdings, Inc.(a)
 
8,162
315,349
Air Water, Inc.
 
16,106
220,152
Aisan Industry Co. Ltd.
 
11,993
162,473
Alfresa Holdings Corp.
 
18,097
273,846
Alps Alpine Co. Ltd.
 
48,837
497,281
Amano Corp.
 
7,280
212,471
Anritsu Corp.
 
31,988
320,528
AOKI Holdings, Inc.
 
1,484
13,255
Aoyama Trading Co. Ltd.
 
18,326
263,793
Aozora Bank Ltd.(a)
 
4,600
63,664
Arata Corp.
 
3,492
78,000
Arclands Corp.(a)
 
14,447
176,039
Arcs Co. Ltd.
 
5,188
104,625
ARE Holdings, Inc.
 
15,933
198,425
Ariake Japan Co. Ltd.
 
1,815
76,442
artience Co. Ltd.
 
9,105
188,345
As One Corp.
 
5,573
88,535
Asahi Intecc Co. Ltd.
 
7,840
120,826
Asanuma Corp.
 
14,690
77,486
ASICS Corp.
 
38,538
830,312
ASKUL Corp.
 
9,312
99,348
Autobacs Seven Co. Ltd.
 
10,051
104,553
Awa Bank Ltd. (The)
 
840
16,188
Azbil Corp.
 
55,484
478,928
Bank of Nagoya Ltd. (The)
 
3,678
194,110
BayCurrent, Inc.
 
5,045
272,491
Belc Co. Ltd.
 
296
14,673
Bell System24 Holdings, Inc.
 
5,694
47,234
Bic Camera, Inc.(a)
 
27,142
291,753
BIPROGY, Inc.
 
10,042
328,735
BML, Inc.
 
4,139
86,538
Bunka Shutter Co. Ltd.
 
6,717
96,392
C. Uyemura & Co. Ltd.
 
296
19,202
Calbee, Inc.
 
11,626
234,412
Canon Marketing Japan, Inc.
 
8,940
317,229
Capcom Co. Ltd.
 
12,404
359,958
Casio Computer Co. Ltd.
 
55,844
437,773
Central Glass Co. Ltd.
 
5,310
111,361
Chiba Kogyo Bank Ltd. (The)(a)
 
11,060
96,331
Chiyoda Corp.(b)
 
40,194
96,379
Chudenko Corp.
 
792
19,522
Chugin Financial Group, Inc.
 
24,563
276,601
Chugoku Marine Paints Ltd.
 
6,693
97,446
Citizen Watch Co. Ltd.
 
50,638
293,616
CKD Corp.
 
10,652
155,636
Colowide Co. Ltd.(a)
 
6,898
87,094
Comforia Residential REIT, Inc.
 
110
214,352
COMSYS Holdings Corp.
 
15,357
341,185
Cosmos Pharmaceutical Corp.
 
6,158
397,148
Create SD Holdings Co. Ltd.(a)
 
4,801
102,536
Credit Saison Co. Ltd.
 
5,440
127,343
CyberAgent, Inc.
 
14,196
121,808
Dai-Dan Co. Ltd.
 
8,162
237,821
Daido Steel Co. Ltd.
 
29,794
225,031
Daihen Corp.
 
3,459
152,990
Daiichikosho Co. Ltd.
 
11,578
135,727
Daio Paper Corp.(a)
 
16,569
105,962
Daiseki Co. Ltd.
 
4,697
119,992
Daishi Hokuetsu Financial Group, Inc.
 
11,852
260,106
 
Shares
Value
Japan-(continued)
Daiwa House REIT Investment Corp.
 
88
$147,749
Daiwa Office Investment Corp.
 
111
238,384
Daiwa Securities Living Investments Corp.
 
284
179,741
Daiwabo Holdings Co. Ltd.
 
11,345
192,563
DCM Holdings Co. Ltd.
 
18,942
180,541
DeNA Co. Ltd.(a)(b)
 
18,971
514,116
Denka Co. Ltd.
 
18,287
250,157
Dexerials Corp.
 
10,413
122,635
DIC Corp.
 
13,578
265,605
Digital Garage, Inc.
 
2,675
84,295
DMG Mori Co. Ltd.
 
20,559
358,203
Doutor Nichires Holdings Co. Ltd.
 
6,534
122,677
Dowa Holdings Co. Ltd.
 
7,455
239,761
DTS Corp.
 
4,095
116,747
Duskin Co. Ltd.
 
5,088
134,061
DyDo Group Holdings, Inc.(a)
 
4,430
90,742
Eagle Industry Co. Ltd.
 
840
10,850
Earth Corp.(a)
 
3,968
143,228
EDION Corp.(a)
 
15,622
208,972
Elecom Co. Ltd.
 
7,248
85,246
eRex Co. Ltd.(a)
 
14,845
87,397
Exedy Corp.
 
7,828
235,627
EXEO Group, Inc.
 
23,093
270,303
Ezaki Glico Co. Ltd.
 
9,569
316,456
FCC Co. Ltd.
 
8,239
169,453
Ferrotec Holdings Corp.
 
14,164
245,116
First Bank of Toyama Ltd. (The)(a)
 
12,326
95,218
Food & Life Cos. Ltd.
 
10,875
403,391
FP Corp.
 
8,550
184,813
Frontier Real Estate Investment Corp.
 
364
202,557
Fuji Co. Ltd.(a)
 
7,873
115,296
Fuji Corp.
 
12,505
186,405
Fuji Media Holdings, Inc.(a)
 
11,312
234,800
Fuji Oil Co. Ltd.
 
12,325
271,035
Fuji Oil Co. Ltd.(a)
 
34,121
66,355
Fuji Seal International, Inc.
 
1,732
30,999
Fuji Soft, Inc.
 
3,198
220,141
Fujimi, Inc.
 
5,299
69,525
Fujitec Co. Ltd.
 
9,637
378,461
Fujitsu General Ltd.
 
12,186
239,781
Fukuda Denshi Co. Ltd.
 
1,722
73,255
Fukuoka REIT Corp.
 
90
98,707
Fukuyama Transporting Co. Ltd.
 
4,569
113,632
Furukawa Co. Ltd.
 
1,928
28,583
Futaba Industrial Co. Ltd.
 
17,807
98,779
Fuyo General Lease Co. Ltd.
 
7,370
206,146
Geo Holdings Corp.
 
8,825
120,299
Global One Real Estate Investment Corp.
 
107
89,558
Glory Ltd.
 
11,122
196,300
GLP J-Reit
 
93
80,408
GMO Internet Group, Inc.
 
8,533
201,134
GMO Payment Gateway, Inc.
 
1,207
75,779
Godo Steel Ltd.
 
1,974
51,589
GOLDWIN, Inc.
 
2,497
143,500
GS Yuasa Corp.
 
16,490
290,335
GungHo Online Entertainment, Inc.
 
5,978
126,799
Gunma Bank Ltd. (The)
 
65,581
548,233
Gunze Ltd.
 
4,118
74,220
H.I.S. Co. Ltd.(a)
 
8,443
100,863
H.U. Group Holdings, Inc.
 
12,622
248,252
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
50
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Japan-(continued)
H2O Retailing Corp.(a)
 
23,499
$322,179
Hachijuni Bank Ltd. (The)
 
69,291
524,255
Hagiwara Electric Holdings Co. Ltd.
 
2,538
55,123
Hakuhodo DY Holdings, Inc.
 
10,584
79,765
Hamakyorex Co. Ltd.
 
1,880
17,598
Hamamatsu Photonics K.K.
 
26,368
244,409
Hanwa Co. Ltd.
 
4,438
147,492
Happinet Corp.
 
3,941
148,257
Harmonic Drive Systems, Inc.
 
2,586
60,936
Hazama Ando Corp.
 
42,750
426,788
Heiwa Corp.(a)
 
14,626
228,208
Heiwa Real Estate Co. Ltd.
 
2,580
85,224
Heiwa Real Estate REIT, Inc.(a)
 
118
108,935
Heiwado Co. Ltd.
 
7,722
144,112
Hikari Tsushin, Inc.
 
444
123,449
Hino Motors Ltd.(a)(b)
 
100,315
319,749
Hirogin Holdings, Inc.
 
41,513
345,877
Hirose Electric Co. Ltd.
 
1,088
123,361
Hisamitsu Pharmaceutical Co., Inc.
 
8,930
271,609
Hogy Medical Co. Ltd.(a)
 
792
22,723
Hokkaido Electric Power Co., Inc.(a)
 
74,221
353,475
Hokkoku Financial Holdings, Inc.(a)
 
3,452
128,951
Hokuetsu Corp.(a)
 
26,746
205,185
Hokuhoku Financial Group, Inc.
 
22,520
404,842
Hokuriku Electric Power Co.
 
60,774
313,070
Horiba Ltd.
 
5,041
345,383
Hoshino Resorts REIT, Inc.(a)
 
94
144,952
Hoshizaki Corp.(a)
 
11,283
480,853
Hosiden Corp.
 
8,534
114,852
House Foods Group, Inc.
 
9,080
178,460
Hulic Reit, Inc.
 
178
182,633
Hyakugo Bank Ltd. (The)
 
28,778
139,833
Hyakujushi Bank Ltd. (The)
 
4,427
103,072
Ichigo Office REIT Investment Corp.(a)
 
108
63,210
Idec Corp.
 
3,851
61,844
IDOM, Inc.
 
21,700
167,507
Iino Kaiun Kaisha Ltd.(a)
 
16,896
123,437
Inaba Denki Sangyo Co. Ltd.
 
4,117
108,713
Inabata & Co. Ltd.
 
15,577
335,042
Industrial & Infrastructure Fund Investment
Corp.
 
255
209,104
INFRONEER Holdings, Inc.
 
28,600
244,520
Internet Initiative Japan, Inc.
 
10,524
195,616
Invincible Investment Corp.
 
642
265,976
IRISO Electronics Co. Ltd.
 
3,161
56,730
Ishihara Sangyo Kaisha Ltd.
 
9,616
118,775
ITO EN Ltd.(a)
 
11,114
266,528
Itochu Enex Co. Ltd.
 
7,466
80,771
Itoham Yonekyu Holdings, Inc.
 
4,250
133,514
Itoki Corp.(a)
 
5,192
65,449
Iyogin Holdings, Inc.
 
49,582
576,483
Izumi Co. Ltd.
 
7,173
165,537
J Trust Co. Ltd.
 
22,117
60,803
J. Front Retailing Co. Ltd.
 
8,360
102,572
Jaccs Co. Ltd.(a)
 
5,482
145,537
JAFCO Group Co. Ltd.
 
15,367
259,382
Japan Airport Terminal Co. Ltd.
 
3,899
112,414
Japan Aviation Electronics Industry Ltd.
 
9,118
146,410
Japan Excellent, Inc.
 
162
146,718
Japan Hotel REIT Investment Corp.
 
472
233,965
 
Shares
Value
Japan-(continued)
Japan Lifeline Co. Ltd.
 
10,958
$117,607
Japan Logistics Fund, Inc.
 
302
197,969
Japan Petroleum Exploration Co. Ltd.
 
40,075
288,358
Japan Prime Realty Investment Corp.
 
93
230,227
Japan Real Estate Investment Corp.
 
181
143,986
Japan Securities Finance Co. Ltd.
 
8,063
96,710
Japan Steel Works Ltd. (The)(a)
 
13,922
575,025
Japan Wool Textile Co. Ltd. (The)
 
1,188
12,327
Jeol Ltd.
 
4,010
129,274
Joyful Honda Co. Ltd.
 
3,016
42,896
Juroku Financial Group, Inc.
 
5,757
195,207
JVCKenwood Corp.
 
50,475
377,597
Kadokawa Corp.(a)
 
9,686
261,105
Kaga Electronics Co. Ltd.
 
9,290
166,789
Kagome Co. Ltd.(a)
 
9,709
200,312
Kakaku.com, Inc.
 
12,403
219,881
Kaken Pharmaceutical Co. Ltd.
 
6,212
177,288
Kamigumi Co. Ltd.
 
11,864
291,118
Kanadevia Corp.
 
40,920
263,085
Kanamoto Co. Ltd.(a)
 
6,914
155,396
Kandenko Co. Ltd.
 
20,163
400,635
Kaneka Corp.(a)
 
6,528
159,920
Kanematsu Corp.
 
20,481
356,532
Katitas Co. Ltd.
 
5,001
72,633
Kato Sangyo Co. Ltd.
 
444
15,570
KDX Realty Investment Corp.(a)
 
281
293,322
Keihan Holdings Co. Ltd.
 
12,556
308,253
Keikyu Corp.
 
39,296
409,915
Keio Corp.
 
3,760
102,523
Keisei Electric Railway Co. Ltd.
 
28,132
292,196
Keiyo Bank Ltd. (The)
 
24,296
141,932
Kewpie Corp.
 
23,928
545,548
KH Neochem Co. Ltd.
 
5,532
98,276
Kinden Corp.
 
20,973
544,164
Kissei Pharmaceutical Co. Ltd.
 
4,637
121,984
Ki-Star Real Estate Co. Ltd.(a)
 
2,633
91,622
Kitz Corp.
 
3,565
27,254
Kiyo Bank Ltd. (The)
 
1,632
27,804
Kobayashi Pharmaceutical Co. Ltd.(a)
 
7,224
276,252
Kobe Bussan Co. Ltd.
 
7,283
223,100
Koei Tecmo Holdings Co. Ltd.
 
11,268
193,767
Kohnan Shoji Co. Ltd.
 
4,761
125,746
Kokusai Electric Corp.
 
2,572
47,606
Kokuyo Co. Ltd.
 
15,743
323,380
Komeri Co. Ltd.
 
4,306
91,979
Komori Corp.
 
7,308
65,239
Konoike Transport Co. Ltd.
 
1,880
34,598
KOSE Corp.(a)
 
6,006
259,662
KPP Group Holdings Co. Ltd.(a)
 
15,157
69,472
K’s Holdings Corp.
 
29,767
285,759
Kumagai Gumi Co. Ltd.
 
7,451
222,572
Kumiai Chemical Industry Co. Ltd.(a)
 
21,583
115,515
Kurabo Industries Ltd.
 
444
19,498
Kureha Corp.
 
12,569
220,524
Kusuri no Aoki Holdings Co. Ltd.
 
6,493
155,005
KYB Corp.
 
11,704
239,824
Kyokuto Kaihatsu Kogyo Co. Ltd.
 
2,276
38,323
Kyoritsu Maintenance Co. Ltd.(a)
 
4,890
104,033
Kyoto Financial Group, Inc.
 
9,100
156,569
Kyudenko Corp.
 
9,180
309,083
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
51
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Japan-(continued)
Kyushu Financial Group, Inc.
 
17,212
$87,093
LaSalle Logiport REIT
 
230
219,931
Lasertec Corp.
 
962
89,651
Leopalace21 Corp.
 
58,994
242,260
Life Corp.
 
10,200
148,102
Lintec Corp.
 
10,026
192,242
Lion Corp.
 
10,536
129,447
M3, Inc.(b)
 
25,688
322,705
Mabuchi Motor Co. Ltd.
 
18,272
267,575
Macnica Holdings, Inc.(a)
 
30,826
429,610
Makino Milling Machine Co. Ltd.
 
5,439
429,896
Mandom Corp.
 
7,098
67,876
Marubun Corp.
 
7,346
47,774
Maruha Nichiro Corp., Class C
 
10,475
239,919
Marui Group Co. Ltd.
 
4,700
93,779
Maruichi Steel Tube Ltd.
 
7,336
173,718
Maruwa Co. Ltd.
 
466
96,050
Maruzen Showa Unyu Co. Ltd.
 
444
18,712
Matsui Securities Co. Ltd.
 
11,668
60,312
Max Co. Ltd.
 
4,389
129,749
Maxell Ltd.
 
6,184
75,977
McDonald’s Holdings Co. (Japan) Ltd.
 
7,246
307,116
MCJ Co. Ltd.
 
2,572
24,102
Medipal Holdings Corp.
 
20,376
346,108
Megachips Corp.
 
2,130
69,468
Megmilk Snow Brand Co. Ltd.
 
7,648
140,964
Meidensha Corp.
 
7,898
217,495
Meiko Electronics Co. Ltd.
 
3,900
171,725
MEITEC Group Holdings, Inc.
 
9,142
188,092
Menicon Co. Ltd.
 
9,800
97,196
Milbon Co. Ltd.
 
1,188
22,644
Mirai Corp.(a)
 
229
66,761
MIRAIT ONE Corp.
 
12,484
196,792
Mitsuba Corp.
 
10,979
64,626
Mitsubishi Estate Logistics REIT Investment
Corp.
 
173
141,589
Mitsubishi Logisnext Co. Ltd.(a)
 
11,453
161,262
Mitsubishi Logistics Corp.(a)
 
60,475
418,357
Mitsubishi Paper Mills Ltd.(a)
 
19,243
103,874
Mitsubishi Pencil Co. Ltd.
 
1,035
16,100
Mitsubishi Shokuhin Co. Ltd.
 
4,857
182,263
Mitsuboshi Belting Ltd.
 
3,216
80,836
Mitsui E&S Co. Ltd.(a)
 
30,126
385,304
Mitsui Fudosan Logistics Park, Inc.
 
283
202,475
Mitsui High-Tec, Inc.
 
10,548
49,387
Mitsui Matsushima Holdings Co. Ltd.(a)
 
3,934
116,044
Mitsui-Soko Holdings Co. Ltd.
 
14,697
303,646
Mitsuuroko Group Holdings Co. Ltd.
 
396
5,014
Miura Co. Ltd.
 
11,751
250,898
Mixi, Inc.
 
11,070
246,558
Mizuho Leasing Co. Ltd.
 
26,692
197,136
Mizuno Corp.
 
11,640
208,237
Mochida Pharmaceutical Co. Ltd.
 
296
6,423
Modec, Inc.
 
6,739
205,002
Monex Group, Inc.
 
15,722
79,323
MonotaRO Co. Ltd.(a)
 
10,959
211,275
Mori Hills REIT Investment Corp.
 
173
159,622
Mori Trust REIT, Inc.
 
271
120,575
Morinaga & Co. Ltd.
 
13,498
241,241
Morinaga Milk Industry Co. Ltd.
 
22,759
542,103
 
Shares
Value
Japan-(continued)
Morita Holdings Corp.
 
1,035
$15,480
Musashi Seimitsu Industry Co. Ltd.
 
14,438
248,899
Musashino Bank Ltd. (The)
 
940
20,882
Nabtesco Corp.
 
7,420
111,633
Nachi-Fujikoshi Corp.
 
3,599
77,230
Nagase & Co. Ltd.
 
9,001
158,918
Nagoya Railroad Co. Ltd.(a)
 
20,127
246,038
Nakanishi, Inc.
 
7,387
96,670
Nankai Electric Railway Co. Ltd.
 
12,786
202,923
Nanto Bank Ltd. (The)
 
5,108
140,233
NEXTAGE Co. Ltd.(a)
 
7,723
96,487
NHK Spring Co. Ltd.
 
26,174
291,572
Nichias Corp.
 
7,696
259,525
Nichicon Corp.
 
16,857
138,224
Nichiha Corp.
 
3,392
68,969
Nifco, Inc.
 
16,117
400,587
Nihon Kohden Corp.
 
22,076
267,304
Nihon M&A Center Holdings, Inc.
 
21,838
89,284
Nihon Parkerizing Co. Ltd.
 
2,424
20,240
Nikkon Holdings Co. Ltd.(a)
 
15,394
318,506
Nippn Corp.(a)
 
9,961
157,380
Nippon Accommodations Fund, Inc.
 
287
234,685
Nippon Carbon Co. Ltd.
 
1,827
53,701
Nippon Chemi-Con Corp.(a)(b)
 
9,399
64,395
Nippon Densetsu Kogyo Co. Ltd.
 
940
14,320
Nippon Gas Co. Ltd.
 
14,435
266,885
Nippon Kayaku Co. Ltd.
 
17,135
161,824
Nippon Light Metal Holdings Co. Ltd.
 
12,875
134,554
Nippon Paper Industries Co. Ltd.
 
29,915
231,842
Nippon Prologis REIT, Inc.
 
76
125,990
NIPPON REIT Investment Corp.
 
264
154,457
Nippon Seiki Co. Ltd.
 
7,260
55,723
Nippon Sheet Glass Co. Ltd.(a)(b)
 
51,907
149,244
Nippon Shinyaku Co. Ltd.
 
10,055
259,880
Nippon Shokubai Co. Ltd.
 
27,063
317,911
Nippon Soda Co. Ltd.
 
7,620
143,308
Nippon Yakin Kogyo Co. Ltd.
 
3,863
109,968
Nipro Corp.
 
27,317
242,652
Nishimatsu Construction Co. Ltd.
 
7,410
276,363
Nishimatsuya Chain Co. Ltd.(a)
 
7,620
118,196
Nishi-Nippon Financial Holdings, Inc.
 
32,104
472,727
Nishi-Nippon Railroad Co. Ltd.
 
7,657
117,997
Nisshin Oillio Group Ltd. (The)
 
3,850
133,216
Nisshinbo Holdings, Inc.
 
38,158
228,641
Nissui Corp.
 
54,879
334,583
Nitta Corp.
 
444
11,441
Nitto Boseki Co. Ltd.
 
3,457
92,097
Nitto Kogyo Corp.(a)
 
4,465
93,957
NOF Corp.
 
23,298
351,537
Nojima Corp.
 
14,121
254,497
NOK Corp.
 
20,239
280,346
Nomura Co. Ltd.
 
16,325
98,783
Nomura Real Estate Holdings, Inc.
 
23,396
139,478
Noritake Co. Ltd.
 
4,711
123,072
Noritsu Koki Co. Ltd.
 
4,918
155,666
North Pacific Bank Ltd.(a)
 
83,399
292,282
Npr-Riken Corp.(a)
 
4,813
80,011
NS Solutions Corp.(a)
 
8,370
199,050
NS United Kaiun Kaisha Ltd.(a)
 
2,761
73,225
NSD Co. Ltd.
 
6,035
142,417
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
52
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Japan-(continued)
NTN Corp.
 
51,836
$80,024
NTT UD REIT Investment Corp.(a)
 
180
169,481
OBIC Co. Ltd.
 
13,472
472,799
Odakyu Electric Railway Co. Ltd.(a)
 
12,020
133,021
Ogaki Kyoritsu Bank Ltd. (The)
 
4,249
69,120
Okamura Corp.
 
10,105
140,644
Okasan Securities Group, Inc.
 
29,866
133,670
Oki Electric Industry Co. Ltd.
 
17,742
118,448
Okinawa Electric Power Co., Inc. (The)
 
9,689
64,717
OKUMA Corp.
 
11,850
266,863
Okumura Corp.(a)
 
8,185
254,478
Onward Holdings Co. Ltd.
 
26,198
106,332
Open House Group Co. Ltd.
 
3,512
156,100
Open Up Group, Inc.
 
2,028
26,186
Organo Corp.
 
2,007
96,302
Orient Corp.
 
16,070
88,431
ORIX JREIT, Inc.
 
362
457,017
Osaka Soda Co. Ltd.(a)
 
10,045
104,969
OSG Corp.(a)
 
17,774
211,781
Pacific Industrial Co. Ltd.
 
6,807
59,918
PALTAC Corp.
 
4,644
129,093
Paramount Bed Holdings Co. Ltd.
 
1,732
27,966
Park24 Co. Ltd.(a)
 
20,334
288,783
Pasona Group, Inc.
 
4,888
76,008
Penta-Ocean Construction Co. Ltd.
 
75,383
433,476
PHC Holdings Corp.
 
7,754
52,442
Pigeon Corp.
 
24,520
297,642
Pilot Corp.
 
5,945
166,328
Piolax, Inc.(a)
 
3,495
53,717
Pola Orbis Holdings, Inc.
 
17,751
163,361
Press Kogyo Co. Ltd.(a)
 
16,099
61,561
Prima Meat Packers Ltd.
 
5,765
93,011
Raito Kogyo Co. Ltd.
 
9,741
181,610
Rakuten Bank Ltd.(b)
 
7,917
333,765
Rakuten Group, Inc.(b)
 
14,048
83,029
Relo Group, Inc.
 
18,448
244,340
Rengo Co. Ltd.
 
34,519
193,162
Resorttrust, Inc.
 
18,462
190,455
Ricoh Leasing Co. Ltd.
 
2,676
103,302
Rinnai Corp.
 
20,167
452,786
Rohto Pharmaceutical Co. Ltd.
 
17,646
295,872
Round One Corp.
 
16,413
102,124
Ryobi Ltd.(a)
 
8,720
127,441
Saizeriya Co. Ltd.(a)
 
2,706
87,439
Sakata INX Corp.
 
2,324
30,235
Sakata Seed Corp.
 
4,741
110,069
San-A Co. Ltd.
 
9,018
179,501
San-Ai Obbli Co. Ltd.
 
1,484
17,469
Sangetsu Corp.
 
9,053
184,566
San-In Godo Bank Ltd. (The)
 
19,954
177,698
Sanken Electric Co. Ltd.(b)
 
3,706
164,069
Sanki Engineering Co. Ltd.
 
6,970
178,515
Sankyo Co. Ltd.
 
23,146
353,135
Sankyu, Inc.
 
6,514
285,771
Sanyo Denki Co. Ltd.
 
2,304
158,720
Sapporo Holdings Ltd.(a)
 
7,651
425,900
Sawai Group Holdings Co. Ltd.
 
24,236
350,059
Sbi Sumishin Net Bank Ltd.
 
4,861
142,183
SCSK Corp.
 
16,110
422,368
Sega Sammy Holdings, Inc.
 
31,926
671,676
 
Shares
Value
Japan-(continued)
Seibu Holdings, Inc.
 
3,808
$92,254
Seiko Group Corp.
 
7,058
186,752
Seiren Co. Ltd.
 
7,167
111,621
Sekisui House Reit, Inc.(a)
 
501
270,923
Senko Group Holdings Co. Ltd.
 
24,006
286,054
Senshu Ikeda Holdings, Inc.
 
89,275
295,511
Seria Co. Ltd.
 
9,909
201,654
Seven Bank Ltd.
 
140,737
253,863
Shibaura Machine Co. Ltd.
 
4,385
110,965
Shibuya Corp.
 
444
9,663
Shiga Bank Ltd. (The)
 
6,330
255,137
Shikoku Electric Power Co., Inc.
 
37,325
307,469
SHIMAMURA Co. Ltd.
 
6,108
407,389
Shinmaywa Industries Ltd.
 
11,110
104,940
Ship Healthcare Holdings, Inc.
 
12,613
183,419
SHO-BOND Holdings Co. Ltd.
 
4,132
148,678
Siix Corp.
 
8,203
60,548
Sinfonia Technology Co. Ltd.
 
3,654
156,614
SKY Perfect JSAT Holdings, Inc.
 
25,485
206,515
Skylark Holdings Co. Ltd.(a)
 
26,893
559,474
Socionext, Inc.
 
14,794
159,497
Sohgo Security Services Co. Ltd.
 
56,514
447,732
SOSiLA Logistics REIT, Inc.(a)
 
110
85,302
Sotetsu Holdings, Inc.
 
8,822
134,828
Square Enix Holdings Co. Ltd.
 
9,360
542,513
Star Asia Investment Corp.
 
216
82,970
Star Micronics Co. Ltd.
 
5,993
68,891
Starts Corp., Inc.
 
4,362
118,921
Sugi Holdings Co. Ltd.
 
22,517
474,116
Sumida Corp.
 
10,490
69,667
Sumitomo Bakelite Co. Ltd.
 
11,868
276,600
Sumitomo Densetsu Co. Ltd.
 
692
25,493
Sumitomo Mitsui Construction Co. Ltd.
 
23,297
82,765
Sumitomo Osaka Cement Co. Ltd.
 
10,408
284,905
Sumitomo Pharma Co. Ltd.(a)(b)
 
126,293
698,774
Sumitomo Riko Co. Ltd.
 
11,633
133,355
Sumitomo Seika Chemicals Co. Ltd.
 
1,867
62,413
Sumitomo Warehouse Co. Ltd. (The)
 
8,457
164,662
Sun Frontier Fudousan Co. Ltd.
 
5,233
71,784
Sundrug Co. Ltd.
 
14,381
480,350
Suruga Bank Ltd.
 
33,469
297,172
SWCC Corp.
 
5,149
234,541
T Hasegawa Co. Ltd.
 
840
16,875
Tachi-S Co. Ltd.
 
8,417
93,076
Tadano Ltd.
 
12,986
90,182
Taihei Dengyo Kaisha Ltd.
 
644
22,077
Taikisha Ltd.
 
8,738
143,364
Taiyo Holdings Co. Ltd.
 
5,389
199,998
Takara Holdings, Inc.(a)
 
39,116
316,460
Takara Standard Co. Ltd.
 
1,035
13,113
Takasago International Corp.
 
544
25,614
Takasago Thermal Engineering Co. Ltd.
 
7,113
315,458
Takeuchi Manufacturing Co. Ltd.(a)
 
4,789
150,264
Takuma Co. Ltd.
 
9,627
124,341
Tama Home Co. Ltd.(a)
 
2,571
72,143
Tamron Co. Ltd.
 
840
19,036
Tamura Corp.
 
15,119
48,342
TBS Holdings, Inc.
 
8,139
273,676
TechnoPro Holdings, Inc.
 
11,456
256,073
Teijin Ltd.
 
40,343
339,069
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
53
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Japan-(continued)
THK Co. Ltd.
 
5,044
$124,555
TKC Corp.
 
1,236
34,922
Toa Corp.
 
12,770
123,671
TOA ROAD Corp.
 
7,496
80,338
Toagosei Co. Ltd.
 
13,696
129,165
Tocalo Co. Ltd.
 
1,384
15,979
Toda Corp.
 
42,763
273,089
Toei Co. Ltd.
 
4,038
148,292
Toho Bank Ltd. (The)(a)
 
36,367
89,916
Toho Co. Ltd.
 
10,452
598,143
Toho Co. Ltd.(a)
 
3,606
82,700
Toho Gas Co. Ltd.
 
11,935
357,861
Toho Holdings Co. Ltd.(a)
 
14,611
478,793
Tokai Carbon Co. Ltd.(a)
 
17,756
114,849
TOKAI Holdings Corp.
 
2,820
19,822
Tokai Rika Co. Ltd.
 
10,941
163,339
Tokai Tokyo Financial Holdings, Inc.
 
45,534
150,750
Token Corp.(a)
 
1,436
134,534
Tokuyama Corp.(a)
 
21,267
435,145
Tokyo Century Corp.
 
27,598
291,337
Tokyo Electron Device Ltd.(a)
 
1,326
27,556
Tokyo Kiraboshi Financial Group, Inc.
 
7,207
285,565
Tokyo Metro Co. Ltd.
 
3,264
41,457
Tokyo Ohka Kogyo Co. Ltd.
 
10,466
230,800
Tokyo Seimitsu Co. Ltd.
 
4,528
253,279
Tokyo Steel Manufacturing Co. Ltd.
 
16,346
185,261
Tokyu Construction Co. Ltd.
 
13,800
80,313
Tokyu REIT, Inc.
 
116
145,505
TOMONY Holdings, Inc.
 
62,302
239,305
Tomy Co. Ltd.
 
12,429
274,301
Topcon Corp.
 
19,427
442,255
Topre Corp.
 
940
11,513
TORIDOLL Holdings Corp.
 
2,270
68,105
Toshiba TEC Corp.
 
5,026
94,960
Totetsu Kogyo Co. Ltd.
 
792
17,519
Towa Pharmaceutical Co. Ltd.
 
6,445
119,878
Toyo Construction Co. Ltd.
 
15,161
142,552
Toyo Engineering Corp.
 
13,261
62,759
Toyo Seikan Group Holdings Ltd.
 
17,940
313,956
Toyo Tire Corp.(a)
 
18,304
343,042
Toyobo Co. Ltd.(a)
 
13,524
84,100
Toyota Boshoku Corp.
 
20,707
297,827
Transcosmos, Inc.
 
5,218
114,292
Trusco Nakayama Corp.
 
6,166
92,210
TS Tech Co. Ltd.
 
19,760
223,874
TSI Holdings Co. Ltd.(a)
 
18,462
139,268
Tsubaki Nakashima Co. Ltd.(a)
 
13,966
39,852
Tsubakimoto Chain Co.
 
14,054
171,140
Tsugami Corp.
 
8,522
105,229
Tsumura & Co.
 
9,335
281,382
TV Asahi Holdings Corp.(a)
 
7,945
144,855
TV TOKYO Holdings Corp.
 
840
23,410
UACJ Corp.
 
7,518
254,249
Ulvac, Inc.(a)
 
7,437
252,824
United Arrows Ltd.
 
6,329
100,149
United Super Markets Holdings, Inc.(a)
 
17,852
115,090
United Urban Investment Corp.
 
337
355,473
Universal Entertainment Corp.(a)
 
5,457
42,758
Ushio, Inc.
 
20,161
243,072
USS Co. Ltd.
 
41,550
415,147
 
Shares
Value
Japan-(continued)
UT Group Co. Ltd.
 
2,863
$40,339
V Technology Co. Ltd.
 
3,220
45,491
Valor Holdings Co. Ltd., Class C
 
4,854
85,131
Valqua Ltd.(a)
 
1,994
42,049
Wacoal Holdings Corp.
 
8,428
294,855
Wacom Co. Ltd.
 
25,777
98,913
Warabeya Nichiyo Holdings Co. Ltd.
 
4,791
74,280
Welcia Holdings Co. Ltd.
 
24,712
436,739
Workman Co. Ltd.
 
3,713
117,279
YAMABIKO Corp.
 
1,584
23,761
Yamae Group Holdings Co. Ltd.
 
4,546
82,657
Yamaguchi Financial Group, Inc.
 
31,983
378,759
Yamato Kogyo Co. Ltd.
 
4,860
290,096
Yamazen Corp.
 
17,407
171,561
Yaoko Co. Ltd.
 
2,559
171,805
Yellow Hat Ltd.
 
16,062
153,440
Yodogawa Steel Works Ltd.
 
1,236
50,163
Yokogawa Bridge Holdings Corp.
 
7,257
133,272
Yoshinoya Holdings Co. Ltd.(a)
 
7,015
154,126
Yuasa Trading Co. Ltd.
 
544
16,688
Yurtec Corp.
 
2,028
26,250
Zenkoku Hosho Co. Ltd.
 
12,996
282,634
Zensho Holdings Co. Ltd.
 
6,885
426,461
Zeon Corp.
 
38,718
380,582
ZOZO, Inc.(a)
 
20,789
211,626
 
 
107,093,639
Jordan-0.04%
Hikma Pharmaceuticals PLC
 
4,309
114,444
Luxembourg-0.14%
RTL Group S.A.(a)
 
6,889
283,494
SES S.A., FDR(a)
 
31,577
167,998
 
 
451,492
Macau-0.08%
Sands China Ltd.(b)
 
29,939
53,625
SJM Holdings Ltd.(a)(b)
 
357,137
99,644
Wynn Macau Ltd.
 
144,587
96,265
 
 
249,534
Mexico-0.16%
Fresnillo PLC
 
37,635
505,541
Mongolia-0.01%
Mongolian Mining Corp.(b)
 
48,451
40,033
Netherlands-1.40%
AMG Critical Materials N.V.(a)
 
5,978
106,916
Arcadis N.V.
 
7,639
371,699
argenx SE, ADR(b)
 
556
358,698
Basic-Fit N.V.(a)(b)(c)
 
4,954
112,990
BE Semiconductor Industries N.V.
 
643
69,879
Corbion N.V.(a)
 
10,939
234,740
CTP N.V.(a)(c)
 
9,259
174,511
Eurocommercial Properties N.V.
 
4,326
125,436
Euronext N.V.(c)
 
997
167,219
Flow Traders Ltd.
 
10,343
307,298
Fugro N.V.(a)
 
17,592
207,023
JDE Peet’s N.V.
 
11,914
289,418
Koninklijke BAM Groep N.V.
 
66,130
449,493
Koninklijke Heijmans N.V, CVA
 
1,007
51,755
Koninklijke Vopak N.V.(a)
 
10,745
445,843
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
54
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Netherlands-(continued)
OCI N.V.(b)
 
7,861
$65,539
PostNL N.V.(a)
 
153,198
156,957
Redcare Pharmacy N.V.(a)(b)(c)
 
233
34,938
TKH Group N.V., CVA(a)
 
7,296
289,259
Van Lanschot Kempen N.V., CVA(a)
 
7,926
464,373
Wereldhave N.V.
 
3,997
75,755
 
 
4,559,739
New Zealand-0.61%
a2 Milk Co. Ltd. (The)(a)
 
60,631
315,333
Air New Zealand Ltd.
 
26,058
8,971
Auckland International Airport Ltd.
 
87,293
389,626
Chorus Ltd.
 
7,279
34,298
Contact Energy Ltd.
 
32,599
171,572
Fisher & Paykel Healthcare Corp. Ltd.
 
5,484
110,526
Fletcher Building Ltd.(b)
 
62,743
114,133
Genesis Energy Ltd.
 
5,409
7,062
Infratil Ltd.
 
19,034
119,190
Kiwi Property Group Ltd.
 
16,153
7,912
Mainfreight Ltd.
 
1,460
48,137
Mercury NZ Ltd.
 
35,397
117,350
Meridian Energy Ltd.
 
52,714
171,434
Precinct Properties Group
 
13,499
8,656
Ryman Healthcare Ltd.(a)(b)
 
33,074
43,341
SKYCITY Entertainment Group Ltd.(b)
 
8,059
5,467
Spark New Zealand Ltd.
 
104,456
129,293
Vector Ltd.
 
2,121
5,003
Xero Ltd.(b)
 
1,729
181,887
 
 
1,989,191
Nigeria-0.14%
Airtel Africa PLC(c)
 
198,114
454,404
Norway-2.07%
Aker ASA, Class A
 
1,764
102,617
Aker Solutions ASA, Class A
 
56,712
154,419
Austevoll Seafood ASA
 
21,393
202,190
BlueNord ASA(b)
 
398
22,874
Bonheur ASA
 
333
7,736
Borregaard ASA
 
5,895
101,755
Crayon Group Holding ASA(b)(c)
 
11,087
133,221
DNO ASA
 
197,705
226,215
DOF Group ASA(b)
 
3,209
25,247
Elkem ASA(b)(c)
 
139,101
245,479
Entra ASA(b)(c)
 
11,293
130,667
Europris ASA(c)
 
18,484
137,489
FLEX LNG Ltd.
 
4,304
104,173
Frontline PLC(a)
 
16,652
279,920
Gjensidige Forsikring ASA
 
25,099
589,182
Golden Ocean Group Ltd.(a)
 
33,148
255,903
Grieg Seafood ASA(a)
 
10,708
67,784
Hoegh Autoliners ASA
 
13,966
112,769
Kongsberg Gruppen ASA
 
4,204
679,486
Leroy Seafood Group ASA
 
59,697
262,503
MPC Container Ships ASA
 
156,443
232,087
Norconsult Norge AS
 
7,101
32,194
Nordic Semiconductor ASA(b)
 
13,390
134,700
Norske Skog ASA(b)(c)
 
18,957
33,199
Odfjell Drilling Ltd.
 
18,369
95,924
Opera Ltd., ADR(a)
 
1,541
26,305
Protector Forsikring ASA
 
3,624
127,960
 
Shares
Value
Norway-(continued)
SalMar ASA
 
5,945
$294,720
Schibsted ASA, Class A
 
3,967
121,116
SFL Corp. Ltd.(a)
 
5,949
48,901
Solstad Offshore ASA(b)
 
19,078
69,874
SpareBank 1 Nord Norge
 
2,830
37,953
SpareBank 1 Oestlandet
 
1,219
20,366
SpareBank 1 SMN
 
10,032
182,646
SpareBank 1 Sør-Norge ASA, Class B
 
13,256
212,212
Sparebanken Norge
 
1,826
24,651
Stolt-Nielsen Ltd.(a)
 
5,310
119,605
Storebrand ASA
 
9,804
118,752
TGS ASA
 
56,552
423,149
TOMRA Systems ASA
 
15,835
250,639
Var Energi ASA
 
34,982
96,501
Veidekke ASA
 
1,896
28,621
Wallenius Wilhelmsen ASA
 
16,515
120,078
Wilh Wilhelmsen Holding ASA, Class A
 
650
24,301
 
 
6,718,083
Peru-0.10%
Hochschild Mining PLC(b)
 
90,144
340,219
Poland-1.34%
Alior Bank S.A.
 
10,992
299,217
Allegro.eu S.A.(b)(c)
 
24,931
219,752
Asseco Poland S.A.(a)
 
5,360
222,336
Bank Handlowy w Warszawie S.A.
 
717
22,465
Bank Millennium S.A.(a)(b)
 
46,572
180,980
Budimex S.A.
 
1,000
168,846
CCC S.A.(b)
 
5,306
308,206
CD Projekt S.A.(a)
 
3,011
187,292
Cyfrowy Polsat S.A.(a)(b)
 
58,577
288,592
Dino Polska S.A.(a)(b)(c)
 
1,925
271,091
Enea S.A.(b)
 
4,897
18,618
Eurocash S.A.
 
4,524
13,324
Grupa Azoty S.A.(b)
 
1,710
9,426
Grupa Kety S.A.
 
805
185,180
Jastrzebska Spolka Weglowa S.A.(a)(b)
 
22,916
147,448
KRUK S.A.(a)
 
1,388
147,914
LPP S.A.(a)
 
90
370,027
mBank S.A.(a)(b)
 
1,072
234,637
Orange Polska S.A.(a)
 
80,766
208,470
PGE Polska Grupa Energetyczna S.A.(a)(b)
 
97,055
212,945
Santander Bank Polska S.A.(a)
 
3,276
506,173
Tauron Polska Energia S.A.(a)(b)
 
83,283
131,302
 
 
4,354,241
Portugal-0.38%
Banco Comercial Portugues S.A., Class R
 
206,331
132,423
CTT-Correios de Portugal S.A.
 
14,411
127,377
Mota-Engil SGPS S.A.(a)
 
12,312
49,038
Navigator Co. S.A. (The)(a)
 
52,499
199,918
NOS SGPS S.A.
 
36,702
153,700
REN - Redes Energeticas Nacionais SGPS
S.A.
 
103,108
339,584
Sonae SGPS S.A.
 
170,471
217,232
 
 
1,219,272
Singapore-1.94%
AEM Holdings Ltd.(b)
 
29,877
27,067
BW LPG Ltd.(a)(c)
 
21,419
215,860
CapitaLand Ascott Trust
 
383,918
251,277
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
55
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Singapore-(continued)
CapitaLand India Trust
 
135,070
$100,803
CapitaLand Investment Ltd.
 
57,524
121,274
CDL Hospitality Trusts
 
20,132
12,262
City Developments Ltd.(a)
 
86,133
328,056
ComfortDelGro Corp. Ltd.
 
220,347
258,586
ESR-REIT
 
55,303
93,223
Frasers Centrepoint Trust
 
136,409
236,388
Frasers Logistics & Commercial Trust(a)(c)
 
436,603
299,574
Genting Singapore Ltd.
 
187,512
106,365
Grab Holdings Ltd., Class A(b)
 
25,592
124,889
Hafnia Ltd.(a)
 
42,437
196,248
IGG, Inc.
 
31,869
15,355
Jardine Cycle & Carriage Ltd.
 
17,894
355,515
Kenon Holdings Ltd.
 
813
25,033
Keppel DC REIT
 
140,736
232,911
Keppel Infrastructure Trust
 
71,720
21,992
Keppel REIT
 
371,778
243,630
Kulicke & Soffa Industries, Inc.(a)
 
2,574
82,960
Lendlease Global Commercial REIT
 
251,607
99,295
Mapletree Industrial Trust
 
231,932
358,881
Mapletree Logistics Trust
 
100,508
86,517
Mapletree Pan Asia Commercial Trust
 
354,485
332,084
NetLink NBN Trust(c)
 
242,435
169,836
SATS Ltd.
 
88,503
190,916
Seatrium Ltd.(b)
 
180,022
264,453
Sembcorp Industries Ltd.
 
93,864
474,926
Sheng Siong Group Ltd.
 
74,335
100,184
Singapore Exchange Ltd.
 
12,168
133,899
Singapore Post Ltd.
 
101,200
44,304
Singapore Technologies Engineering Ltd.
 
30,816
175,034
Suntec REIT
 
274,602
242,182
Venture Corp. Ltd.
 
32,313
286,931
 
 
6,308,710
South Africa-0.04%
Scatec ASA(b)(c)
 
17,657
135,187
South Korea-8.19%
Amorepacific Corp.
 
4,683
410,707
AMOREPACIFIC Holdings Corp.
 
7,230
116,960
Asiana Airlines, Inc.(b)
 
8,748
58,295
BGF retail Co. Ltd.
 
2,682
202,667
BH Co. Ltd.
 
6,484
56,176
Binggrae Co. Ltd.
 
368
24,457
BNK Financial Group, Inc.
 
28,425
207,191
Celltrion, Inc.
 
2,459
278,867
Cheil Worldwide, Inc.
 
13,557
176,940
Chong Kun Dang Pharmaceutical Corp.
 
1,382
79,120
CJ CheilJedang Corp.
 
882
148,340
CJ Corp.
 
3,970
347,032
CJ ENM Co. Ltd.(b)
 
4,003
174,110
CJ Logistics Corp.
 
3,454
201,493
Com2uSCorp.
 
2,625
72,670
Cosmax, Inc.
 
797
96,719
Coway Co. Ltd.
 
7,716
475,078
Daeduck Electronics Co. Ltd.
 
6,874
67,480
Daesang Corp.
 
11,212
188,450
Daesang Holdings Co. Ltd.
 
9,473
70,970
Daewoo Engineering & Construction Co.
Ltd.(b)
 
53,184
132,691
Daishin Securities Co. Ltd.
 
7,142
89,955
 
Shares
Value
South Korea-(continued)
Daou Data Corp.
 
6,151
$51,237
Daou Technology, Inc.
 
445
6,797
DB HiTek Co. Ltd.
 
6,275
169,633
Delivery Hero SE(b)(c)
 
2,023
57,372
DL E&C Co. Ltd.
 
6,095
186,291
DL Holdings Co. Ltd.
 
2,746
62,764
Dongjin Semichem Co. Ltd.
 
3,665
75,043
Dongwon Industries Co. Ltd.
 
298
8,726
Doosan Bobcat, Inc.
 
12,740
438,008
Doosan Co. Ltd.
 
4,887
1,039,593
DoubleDown Interactive Co. Ltd., ADR(b)
 
643
6,089
Ecopro BM Co. Ltd.(b)
 
775
55,203
Ecopro Co. Ltd.
 
2,493
89,127
E-MART, Inc.
 
4,494
289,114
F&F Co. Ltd.
 
2,630
130,587
Gravity Co. Ltd., ADR(b)
 
348
20,845
Green Cross Corp.
 
1,025
89,443
Green Cross Holdings Corp.
 
1,263
12,432
GS Engineering & Construction Corp.
 
19,280
247,842
GS Holdings Corp.
 
4,327
117,656
GS P&L Co. Ltd.(b)
 
1,179
17,544
GS Retail Co. Ltd.
 
7,833
81,519
Hanjin Kal Corp.
 
1,400
77,958
Hankook & Co. Co. Ltd.
 
6,040
63,797
Hanmi Pharm Co. Ltd.
 
442
83,604
Hanon Systems(b)
 
44,598
111,759
Hansol Chemical Co. Ltd.
 
1,003
81,730
Hanwha Aerospace Co. Ltd.
 
2,653
1,490,997
Hanwha Corp.
 
7,042
238,842
Hanwha Investment & Securities Co. Ltd.(b)
 
17,868
43,211
Hanwha Life Insurance Co. Ltd.(b)
 
67,424
125,771
Hanwha Ocean Co. Ltd.(b)
 
7,992
441,581
Hanwha Systems Co. Ltd.
 
6,610
182,110
Hanwha Vision Co. Ltd.(b)
 
2,667
113,162
Harim Holdings Co. Ltd., Class C
 
18,558
78,030
HD Hyundai Construction Equipment Co. Ltd.
 
4,279
203,764
HD Hyundai Electric Co. Ltd.
 
810
176,276
HD Hyundai Heavy Industries Co. Ltd.(b)
 
1,969
556,891
HD Hyundai Infracore Co. Ltd.(b)
 
39,698
230,621
HD Hyundai Mipo Co. Ltd.
 
2,838
333,389
HDC Holdings Co. Ltd.
 
1,376
18,602
HDC Hyundai Development Co-Engineering &
Construction, Class E
 
16,387
286,720
Hite Jinro Co. Ltd.
 
8,650
117,624
HK inno.N Corp.(b)
 
1,959
55,543
HL Mando Co. Ltd.
 
11,846
310,823
Hotel Shilla Co. Ltd.(b)
 
5,773
178,340
HYBE Co. Ltd.(b)
 
1,003
188,745
Hyosung Advanced Materials Corp.
 
860
107,558
Hyosung Corp.
 
271
10,118
Hyosung Heavy Industries Corp.
 
1,387
479,724
Hyosung TNC Corp.
 
831
139,010
Hyundai Department Store Co. Ltd.
 
3,602
151,310
Hyundai Elevator Co. Ltd.
 
3,822
198,426
Hyundai Glovis Co. Ltd.
 
4,670
374,449
Hyundai Green Food Co. Ltd.
 
1,003
10,979
Hyundai Marine & Fire Insurance Co. Ltd.(b)
 
17,821
278,845
Hyundai Rotem Co. Ltd.
 
7,376
581,369
Hyundai Steel Co.
 
10,992
189,231
Hyundai Wia Corp.
 
4,693
141,241
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
56
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
South Korea-(continued)
iM Financial Group Co. Ltd.
 
25,106
$181,526
Itcenglobal Co. Ltd.(b)
 
8,192
38,796
JB Financial Group Co. Ltd.
 
22,011
264,463
Kakao Games Corp.(b)
 
4,159
41,534
KakaoBank Corp.
 
8,821
138,262
Kangwon Land, Inc.
 
16,826
192,071
KCC Corp.
 
1,056
185,440
KCC Glass Corp.
 
208
4,685
KEPCO Plant Service & Engineering Co. Ltd.
 
3,881
119,893
KG Chemical Corp.
 
17,593
49,279
KG Dongbu Steel
 
15,716
65,504
KG Eco Solution Co. Ltd.
 
8,673
33,606
KIWOOM Securities Co. Ltd.
 
2,173
208,954
Kolmar Korea Co. Ltd.(b)
 
2,315
123,719
Kolon Industries, Inc.
 
4,379
92,919
Korea Aerospace Industries Ltd.
 
6,039
353,467
Korea Electric Terminal Co. Ltd.
 
1,639
74,302
Korea Gas Corp.
 
5,036
137,190
Korea Investment Holdings Co. Ltd.
 
6,076
354,748
Korea Line Corp.(b)
 
63,908
68,379
Korea Petrochemical Ind Co. Ltd.
 
1,266
74,846
Korean Reinsurance Co.
 
17,615
100,271
Krafton, Inc.(b)
 
2,502
655,029
Kumho Petrochemical Co. Ltd.
 
2,480
207,505
Kumho Tire Co., Inc.(b)
 
6,986
23,645
L&F Co. Ltd.(b)
 
1,169
53,240
LF Corp.
 
605
6,330
LG Energy Solution Ltd.(b)
 
297
67,761
LG Uplus Corp.
 
31,344
264,656
LIG Nex1 Co. Ltd.
 
758
171,247
LOTTE Chilsung Beverage Co. Ltd.
 
1,033
79,714
LOTTE Corp.
 
6,310
100,102
LOTTE Fine Chemical Co. Ltd.
 
4,230
103,326
Lotte Rental Co. Ltd.
 
714
14,756
LOTTE Shopping Co. Ltd.
 
2,913
138,232
LS Electric Co. Ltd.
 
2,868
414,232
LX International Corp.
 
13,274
247,570
LX Semicon Co. Ltd.
 
2,505
95,340
Macquarie Korea Infrastructure Fund
 
9,431
76,014
Meritz Financial Group, Inc.
 
1,356
118,461
Mirae Asset Securities Co. Ltd.
 
33,214
276,086
Misto Holdings Corp
 
5,328
138,550
NCSoft Corp.
 
1,015
104,479
Netmarble Corp.(c)
 
3,625
114,028
NH Investment & Securities Co. Ltd.
 
23,991
259,364
NHN Corp.
 
948
14,790
NongShim Co. Ltd.
 
704
199,516
OCI Holdings Co. Ltd.
 
3,206
146,010
Orion Corp.
 
3,361
291,328
Orion Holdings Corp.
 
1,233
15,884
Otoki Corp.
 
55
15,491
Pan Ocean Co. Ltd.
 
90,176
212,188
Poongsan Corp.
 
6,820
284,756
POSCO Future M Co. Ltd.(b)
 
669
58,734
Posco International Corp.
 
3,423
118,007
S-1 Corp.
 
2,365
105,409
Samsung Biologics Co. Ltd.(b)(c)
 
335
247,923
Samsung Card Co. Ltd.
 
3,143
92,820
Samsung Heavy Industries Co. Ltd.(b)
 
8,858
90,756
Samsung Securities Co. Ltd.
 
10,333
378,772
 
Shares
Value
South Korea-(continued)
Samyang Holdings Corp.(b)
 
105
$4,545
SD Biosensor, Inc.
 
13,503
89,279
Seah Besteel Holdings Corp.
 
4,387
55,220
SeAH Steel Holdings Corp.
 
77
12,177
Sebang Global Battery Co. Ltd.
 
1,180
57,181
Seegene, Inc.
 
7,092
131,137
Seoul Semiconductor Co. Ltd.(b)
 
8,974
42,015
Seoyon E-Hwa Co. Ltd.
 
3,689
30,584
SFA Engineering Corp.
 
4,258
60,801
Shinsegae, Inc.
 
1,804
200,014
Simmtech Co. Ltd.
 
2,863
31,790
SK Chemicals Co. Ltd.
 
395
11,055
SK Discovery Co. Ltd.
 
316
9,248
SK Gas Ltd.
 
131
22,074
SK IE Technology Co. Ltd.(b)(c)
 
1,179
18,574
SK Networks Co. Ltd.
 
24,460
72,643
SK Square Co. Ltd.(b)
 
6,465
399,697
SKC Co. Ltd.(b)
 
2,513
180,283
SL Corp.
 
3,951
91,246
SOLUM Co. Ltd.(b)
 
2,958
34,234
Soulbrain Co. Ltd.
 
512
62,371
Sungwoo Hitech Co. Ltd.
 
18,002
70,560
Taihan Electric Wire Co. Ltd.(b)
 
3,170
25,970
UNID Co. Ltd.
 
1,047
64,687
WONIK IPS Co. Ltd.
 
5,440
86,657
Wooree Bio Co. Ltd.(b)
 
27,525
43,906
Youngone Corp.
 
4,103
136,816
Youngone Holdings Co. Ltd.
 
207
13,935
Yuhan Corp.
 
3,530
282,888
 
 
26,628,875
Spain-1.48%
Acciona S.A.(a)
 
989
144,617
Almirall S.A.(a)
 
12,489
139,052
Atresmedia Corp. de Medios de
Comunicacion S.A.
 
20,990
132,964
Befesa S.A.(c)
 
7,978
243,423
CIE Automotive S.A.(a)
 
4,603
122,103
Construcciones y Auxiliar de Ferrocarriles
S.A.
 
2,909
142,676
Corporacion ACCIONA Energias Renovables
S.A.(a)
 
7,718
144,771
Ebro Foods S.A.
 
1,114
21,834
EDP Renovaveis S.A.(a)
 
30,815
289,568
EDP Renovaveis S.A., Rts., expiring
05/05/2025(a)(b)
 
36,737
3,758
Elecnor, S.A.
 
1,572
33,817
Ence Energia y Celulosa S.A.(a)
 
28,708
92,898
Faes Farma S.A.
 
8,486
41,347
Fluidra S.A.
 
12,815
297,709
Gestamp Automocion S.A.(a)(c)
 
51,615
154,713
Grupo Catalana Occidente S.A.
 
603
33,698
Indra Sistemas S.A.(a)
 
18,035
577,006
Inmobiliaria Colonial SOCIMI S.A.
 
77,820
506,096
Linea Directa Aseguradora S.A. Cia de
Seguros y Reaseguros
 
15,285
22,279
Logista Integral S.A.
 
1,679
57,600
Melia Hotels International S.A.
 
12,664
92,247
Obrascon Huarte Lain S.A.(a)(b)
 
181,256
63,885
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
57
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Spain-(continued)
Obrascon Huarte Lain S.A., Rts., expiring
05/12/2025(b)
 
181,256
$968
Prosegur Cia de Seguridad S.A.
 
33,985
95,365
Sacyr S.A.
 
110,558
406,938
Tecnicas Reunidas S.A.(b)
 
13,717
231,007
Unicaja Banco S.A.(a)(c)
 
41,367
79,119
Vidrala S.A.(a)
 
2,101
229,793
Viscofan S.A.
 
5,781
418,486
 
 
4,819,737
Sweden-4.30%
AAK AB(a)
 
15,018
393,588
AcadeMedia AB (publ)(c)
 
2,694
22,215
AddLife AB, Class B(a)
 
10,048
191,089
Addtech AB, Class B
 
8,468
285,493
AFRY AB(a)
 
13,753
238,772
Alleima AB(a)
 
37,906
298,666
Arjo AB, Class B
 
33,943
113,954
Atea ASA(b)
 
1,716
23,554
Atrium Ljungberg AB(a)
 
26,933
95,571
Attendo AB(c)
 
4,389
29,942
Avanza Bank Holding AB
 
6,953
231,543
Axfood AB(a)
 
15,448
432,792
Beijer Ref AB(a)
 
16,056
245,431
Betsson AB, Class B
 
17,912
313,933
Bilia AB, Class A(a)
 
2,481
31,117
Billerud AB
 
37,328
394,728
Bravida Holding AB(a)(c)
 
21,625
206,501
Bure Equity AB(a)
 
2,005
67,698
Catena AB(a)
 
2,995
141,295
Cibus Nordic Real Estate AB (publ)(a)
 
7,801
135,302
Cint Group AB(a)(b)
 
67,351
50,922
Clas Ohlson AB, Class B
 
4,492
127,521
Cloetta AB, Class B(a)
 
35,142
102,454
Corem Property Group AB, Class B(a)
 
194,027
98,326
Dios Fastigheter AB
 
13,889
96,655
Dometic Group AB(a)(c)
 
49,047
177,204
Dustin Group AB(a)(b)(c)
 
78,737
27,944
Electrolux Professional AB
 
3,386
19,661
Elekta AB, Class B
 
50,314
256,752
Embracer Group AB, Class A(a)(b)
 
4,499
56,898
EQT AB(a)
 
11,965
346,497
Fabege AB(a)
 
46,673
399,570
Fastighets AB Balder, Class B(a)(b)
 
12,740
91,776
Getinge AB, Class B(a)
 
6,421
124,364
Granges AB
 
10,232
128,077
Hexpol AB(a)
 
33,234
289,602
Hufvudstaden AB, Class A(a)
 
12,664
154,525
Indutrade AB
 
12,139
329,106
Instalco AB(c)
 
20,864
57,970
Intrum AB(a)(b)
 
88,947
291,828
Investment AB Latour, Class B(a)
 
5,004
135,330
Inwido AB
 
1,665
35,361
JM AB(a)
 
22,114
353,554
L E Lundbergforetagen AB, Class B
 
5,959
315,093
Lagercrantz Group AB, Class B(a)
 
5,592
127,690
Lifco AB, Class B
 
7,340
284,773
Lindab International AB(a)
 
8,408
177,153
Loomis AB
 
9,571
399,210
MEKO AB
 
1,254
16,501
 
Shares
Value
Sweden-(continued)
Modern Times Group MTG AB, Class B(b)
 
13,138
$157,745
Munters Group AB(c)
 
6,019
77,198
Mycronic AB(a)
 
3,118
124,771
NCAB Group AB (publ)(a)
 
16,485
72,803
NCC AB, Class B
 
19,062
355,644
New Wave Group AB, Class B(a)
 
9,458
115,983
Nolato AB, Class B(a)
 
23,268
131,010
Nordnet AB publ(a)
 
6,143
162,966
Nyfosa AB(a)(b)
 
22,204
208,873
Pandox AB(a)
 
7,047
118,246
Peab AB, Class B(a)
 
33,796
281,718
Ratos AB, Class B
 
33,151
113,379
Saab AB, Class B
 
4,441
207,235
Sagax AB, Class B(a)
 
8,884
202,358
Samhallsbyggnadsbolaget i Norden AB,
Class B(a)
 
1,173,835
477,553
Scandic Hotels Group AB(a)(c)
 
27,816
216,961
Stillfront Group AB(b)
 
67,337
34,597
Storskogen Group AB, Class B
 
283,092
373,778
Sweco AB, Class B
 
17,920
315,921
Swedish Orphan Biovitrum AB, Class B(b)
 
14,609
445,278
Thule Group AB(a)(c)
 
10,986
250,949
Vitrolife AB(a)
 
3,383
55,180
Wallenstam AB, Class B(a)
 
37,763
187,112
Wihlborgs Fastigheter AB(a)
 
30,233
314,258
 
 
13,967,017
Switzerland-3.25%
Accelleron Industries AG
 
4,521
243,771
Allreal Holding AG(b)
 
1,744
385,957
ALSO Holding AG
 
738
226,377
Arbonia AG(a)
 
5,222
39,802
Aryzta AG(b)
 
158,883
400,250
Avolta AG
 
2,115
96,798
Bachem Holding AG(a)
 
1,371
84,387
Banque Cantonale Vaudoise(a)
 
2,845
351,690
Belimo Holding AG
 
483
412,185
Bell Food Group AG(b)
 
31
10,018
BKW AG
 
2,310
465,155
Bossard Holding AG, Class A
 
109
23,874
Bucher Industries AG
 
729
316,252
Burckhardt Compression Holding AG
 
222
151,597
Cembra Money Bank AG
 
4,672
566,422
Comet Holding AG(a)
 
316
81,942
CRISPR Therapeutics AG(b)
 
1,543
59,668
Daetwyler Holding AG, BR(a)
 
518
75,122
DKSH Holding AG
 
4,336
320,830
DocMorris AG(a)(b)
 
644
18,235
dormakaba Holding AG(b)
 
320
271,121
EFG International AG(b)
 
10,218
155,258
Emmi AG
 
201
198,583
EMS-Chemie Holding AG
 
566
419,141
Flughafen Zureich AG(b)
 
1,570
397,346
Forbo Holding AG(a)
 
73
70,347
Galderma Group AG, Class A
 
426
49,695
Garrett Motion, Inc.(a)
 
3,823
35,248
Georg Fischer AG(a)
 
1,228
89,179
Huber + Suhner AG
 
1,578
139,461
Implenia AG
 
1,968
111,793
INFICON HOLDING AG
 
935
99,645
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
58
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Switzerland-(continued)
International Workplace Group PLC(a)
 
121,886
$302,468
Interroll Holding AG, Class R
 
46
101,395
Kardex Holding AG
 
295
74,643
Komax Holding AG, Class R(a)(b)
 
390
48,733
Landis+Gyr Group AG(b)
 
4,386
283,330
Luzerner Kantonalbank AG
 
306
25,982
Mobilezone Holding AG(a)
 
4,300
59,369
Mobimo Holding AG(b)
 
492
190,863
OC Oerlikon Corp. AG
 
39,585
168,661
On Holding AG, Class A(b)
 
656
31,560
SFS Group AG(a)
 
1,655
224,696
Siegfried Holding AG(a)(b)
 
1,610
192,521
SIG Group AG(a)(b)
 
5,564
107,799
St Galler Kantonalbank AG
 
70
42,353
Stadler Rail AG(a)
 
8,721
231,042
Straumann Holding AG
 
2,538
310,831
Sulzer AG
 
2,212
376,044
Swissquote Group Holding S.A.(a)
 
353
183,016
Tecan Group AG, Class R(b)
 
792
154,925
Temenos AG(a)
 
3,584
257,848
u-blox Holding AG
 
657
66,884
Valiant Holding AG
 
1,193
176,472
VAT Group AG(a)(c)
 
827
299,847
Vaudoise Assurances Holding S.A.
 
39
28,579
Vontobel Holding AG, Class R
 
2,717
197,200
Zehnder Group AG
 
964
64,452
 
 
10,568,662
Taiwan-0.01%
FIT Hon Teng Ltd.(b)(c)
 
86,816
21,798
Turkey-0.22%
Eldorado Gold Corp.(b)
 
37,544
705,054
Ukraine-0.01%
Ferrexpo PLC(b)
 
56,927
44,982
United Kingdom-6.65%
4imprint Group PLC
 
1,625
74,599
AG Barr PLC
 
2,474
22,944
AJ Bell PLC
 
14,990
85,504
Allfunds Group PLC
 
29,623
167,810
Ashmore Group PLC
 
56,057
108,571
ASOS PLC(a)(b)
 
29,783
114,639
Assura PLC
 
478,578
310,181
Aston Martin Lagonda Global Holdings
PLC(a)(b)(c)
 
31,942
28,858
Auto Trader Group PLC(c)
 
29,003
326,578
Babcock International Group PLC
 
38,886
419,854
Bakkavor Group PLC(c)
 
4,495
10,350
Balfour Beatty PLC
 
48,241
295,724
Beazley PLC
 
12,298
146,043
Big Yellow Group PLC
 
24,018
324,079
Bodycote PLC
 
19,205
122,415
Breedon Group PLC
 
43,353
249,981
Bridgepoint Group PLC(a)(c)
 
5,240
18,827
Chemring Group PLC
 
29,545
158,165
Clarkson PLC(a)
 
2,495
109,911
Close Brothers Group PLC(a)(b)
 
59,533
259,474
Coats Group PLC
 
41,580
40,358
Computacenter PLC
 
8,764
284,097
ConvaTec Group PLC(c)
 
140,870
490,859
 
Shares
Value
United Kingdom-(continued)
Cranswick PLC
 
5,851
$405,864
Crest Nicholson Holdings PLC(a)
 
38,769
93,587
Currys PLC(b)
 
82,696
122,835
CVS Group PLC
 
1,745
25,135
Deliveroo PLC(b)(c)
 
92,987
211,632
Derwent London PLC
 
17,052
443,304
Diploma PLC
 
5,473
291,059
Domino’s Pizza Group PLC(a)
 
38,790
139,848
Dowlais Group PLC
 
171,441
133,308
Dr. Martens PLC
 
111,917
82,672
Dunelm Group PLC
 
13,692
201,522
easyJet PLC
 
64,278
427,126
Elementis PLC
 
54,146
91,215
Empiric Student property PLC
 
19,467
23,723
Endava PLC, ADR(a)(b)
 
1,035
18,847
Essentra PLC
 
28,271
34,058
Evoke PLC(a)(b)
 
49,453
33,239
Firstgroup PLC
 
94,486
218,432
Frasers Group PLC(a)(b)
 
25,459
225,616
Future PLC
 
19,299
183,949
Games Workshop Group PLC
 
2,121
437,787
Gamma Communications PLC
 
1,877
33,583
GB Group PLC
 
6,009
19,737
Genuit Group PLC
 
26,463
135,061
Genus PLC
 
6,882
169,500
Grafton Group PLC
 
27,255
330,666
Grainger PLC
 
80,890
232,592
Great Portland Estates PLC
 
52,846
218,973
Greggs PLC
 
9,825
245,144
Halfords Group PLC
 
30,799
63,897
Hammerson PLC
 
50,854
171,963
Harbour Energy PLC
 
29,828
61,098
Hays PLC
 
140,545
134,565
Hill & Smith PLC
 
5,835
140,591
Hilton Food Group PLC
 
2,216
26,420
Howden Joinery Group PLC
 
12,045
124,144
Hunting PLC
 
22,721
78,573
Ibstock PLC(a)(c)
 
45,355
109,188
Indivior PLC(a)(b)
 
7,988
90,851
InterContinental Hotels Group PLC
 
782
83,635
International Distribution Services PLC(a)
 
94,645
463,568
J D Wetherspoon PLC
 
14,436
126,522
James Halstead PLC
 
3,956
8,124
JET2 PLC
 
3,731
79,131
John Wood Group PLC(a)(b)
 
100,974
24,904
Just Group PLC
 
101,152
191,220
Keller Group PLC
 
2,835
54,106
Kier Group PLC
 
78,980
153,900
Lancashire Holdings Ltd.
 
29,185
220,173
Liontrust Asset Management PLC(a)
 
10,191
44,969
LondonMetric Property PLC
 
201,744
518,782
Marshalls PLC
 
37,168
139,713
Mitchells & Butlers PLC(b)
 
7,757
25,801
Mitie Group PLC
 
134,533
260,013
Mobico Group PLC(a)(b)
 
100,466
41,811
Molten Ventures PLC(b)
 
5,793
20,592
MONY Group PLC
 
64,153
174,019
Morgan Advanced Materials PLC
 
14,525
38,223
Morgan Sindall Group PLC
 
1,645
77,933
Ninety One PLC
 
51,580
102,327
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
59
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
United Kingdom-(continued)
Ocado Group PLC(a)(b)
 
52,847
$200,109
OSB Group PLC
 
69,109
440,263
Oxford Instruments PLC
 
3,772
83,176
PageGroup PLC
 
33,403
120,744
Paragon Banking Group PLC
 
39,764
450,228
Pepco Group N.V.(a)(c)
 
29,529
140,373
Petershill Partners PLC(c)
 
32,458
94,401
Petrofac Ltd.(a)(b)
 
387,808
20,557
Pets at Home Group PLC
 
79,051
250,927
Pinewood Technologies Group PLC(a)(b)
 
11,913
57,635
Playtech PLC(b)
 
15,370
156,331
Polar Capital Holdings PLC
 
2,322
12,208
Premier Foods PLC
 
22,376
59,457
Primary Health Properties PLC
 
205,106
281,318
QinetiQ Group PLC
 
66,606
351,376
Quilter PLC(c)
 
168,673
304,183
Rathbones Group PLC
 
1,218
25,701
Renew Holdings PLC
 
2,910
29,522
Renewi PLC
 
11,240
129,299
Renishaw PLC
 
2,397
71,965
Rightmove PLC
 
26,183
259,170
Rotork PLC
 
74,733
304,981
RWS Holdings PLC
 
15,051
13,479
S4 Capital PLC(a)(b)
 
118,207
42,945
Safestore Holdings PLC
 
29,550
249,270
Savills PLC
 
15,212
189,068
Senior PLC
 
46,812
86,645
Serco Group PLC
 
209,459
481,784
Serica Energy PLC(a)(b)
 
17,822
30,321
Shaftesbury Capital PLC
 
86,572
157,611
Softcat PLC
 
8,032
179,795
Spirax Group PLC
 
1,208
95,424
Spire Healthcare Group PLC(a)(c)
 
10,236
26,526
Spirent Communications PLC(b)
 
97,591
241,157
SSP Group PLC
 
87,299
173,291
Supermarket Income REIT PLC
 
141,404
147,047
Telecom Plus PLC
 
7,468
189,242
THG PLC(a)(b)
 
230,271
76,186
TORM PLC, Class A(a)
 
6,210
103,868
TP ICAP Group PLC
 
92,701
319,046
Travis Perkins PLC
 
27,141
203,052
Tritax Big Box REIT PLC
 
49,017
93,975
Unite Group PLC (The)
 
34,995
402,963
Urban Logistics REIT PLC
 
42,419
82,766
Vesuvius PLC
 
29,326
134,251
Victrex PLC
 
9,391
104,475
Watches of Switzerland Group PLC(b)(c)
 
35,947
171,414
WH Smith PLC
 
12,996
157,620
Wise PLC, Class A(b)
 
7,087
93,165
Workspace Group PLC
 
18,101
107,500
Yellow Cake PLC(a)(b)(c)
 
4,638
26,762
Zigup PLC
 
34,988
146,421
 
 
21,621,584
 
Shares
Value
United States-1.01%
Alkermes PLC(b)
 
2,527
$72,702
Atlassian Corp., Class A(b)
 
318
72,603
Bausch + Lomb Corp.(a)(b)
 
1,888
20,844
Burford Capital Ltd.(a)
 
3,461
47,474
Carnival PLC, ADR(b)
 
12,612
209,611
Constellium SE(b)
 
8,980
90,788
Curaleaf Holdings, Inc.(b)
 
15,087
16,384
CyberArk Software Ltd.(b)
 
114
40,146
Diversified Energy Co. PLC(a)(c)
 
12,937
163,335
Dole PLC
 
5,362
81,449
Ferrovial SE
 
2,700
132,166
Galaxy Digital Holdings Ltd., Class H,
(Acquired 03/17/2023 - 03/17/2023;
Cost $21,523)(a)(b)(f)
 
6,168
97,881
GFL Environmental, Inc.
 
10,762
535,957
Inmode Ltd.(b)
 
1,512
21,319
MDA Space Ltd.(b)
 
10,079
196,356
Monday.com Ltd.(b)
 
96
26,975
Oracle Corp.
 
3,217
387,674
Reliance Worldwide Corp. Ltd.
 
95,387
256,147
RHI Magnesita N.V.(a)
 
345
14,442
Samsonite Group S.A.(c)
 
114,452
205,092
Sims Ltd.
 
18,306
170,681
Sinch AB(b)(c)
 
132,073
307,695
SolarEdge Technologies, Inc.(a)(b)
 
7,129
87,223
Titan Cement International S.A.
 
506
23,449
 
 
3,278,393
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.40%
(Cost $309,549,113)
323,117,463
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-17.75%
Invesco Private Government Fund,
4.32%(g)(h)(i)
 
15,901,511
15,901,511
Invesco Private Prime Fund, 4.46%(g)(h)(i)
 
41,786,444
41,794,801
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $57,700,097)
57,696,312
TOTAL INVESTMENTS IN SECURITIES-117.15%
(Cost $367,249,210)
380,813,775
OTHER ASSETS LESS LIABILITIES-(17.15)%
(55,739,441
)
NET ASSETS-100.00%
$325,074,334
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
60
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)
April 30, 2025
(Unaudited)
Investment Abbreviations:
ADR-American Depositary Receipt
BR-Bearer Shares
CDI-CREST Depository Interest
CVA-Dutch Certificates
FDR-Fiduciary Depositary Receipt
REIT-Real Estate Investment Trust
Rts.-Rights
Wts.-Warrants
 
Notes to Schedule of Investments:
(a)
All or a portion of this security was out on loan at April 30, 2025.
(b)
Non-income producing security.
(c)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
April 30, 2025 was $14,165,477, which represented 4.36% of the Fund’s Net Assets.
(d)
Security valued using significant unobservable inputs (Level 3). See Note 4.
(e)
Non-income producing.
(f)
Restricted security. The value of this security at April 30, 2025 represented less than 1% of the Fund’s Net Assets.
(g)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the six months ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$-
$5,943,175
$(5,943,175
)
$-
$-
$-
$2,080
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
17,509,156
24,202,933
(25,810,578
)
-
-
15,901,511
420,120
*
Invesco Private Prime Fund
45,772,846
59,587,211
(63,560,275
)
(1,486
)
(3,495
)
41,794,801
1,116,939
*
Total
$63,282,002
$89,733,319
$(95,314,028
)
$(1,486
)
$(3,495
)
$57,696,312
$1,539,139
 
*
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not
include rebates and fees paid to lending agent or premiums received from borrowers, if any.
 
(h)
The rate shown is the 7-day SEC standardized yield as of April 30, 2025.
(i)
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 Note 2K.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
61
Invesco RAFI Emerging Markets ETF (PXH)
April 30, 2025
(Unaudited)
Schedule of Investments
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.39%
Brazil-10.53%
Ambev S.A.
 
1,295,077
$3,332,969
B3 S.A. - Brasil, Bolsa, Balcao
 
1,034,682
2,465,443
Banco Bradesco S.A., Preference Shares
 
3,846,306
9,328,043
Banco BTG Pactual S.A., Series CPO
 
112,200
755,280
Banco do Brasil S.A.
 
932,796
4,766,628
Banco Santander Brasil S.A., Series CPO
 
181,200
944,824
Braskem S.A., Class A, Preference
Shares(a)
 
213,809
402,964
BRF S.A.
 
328,000
1,315,152
CCR S.A.
 
302,800
719,373
Centrais Eletricas Brasileiras S.A.
 
499,762
3,879,701
Cia de Saneamento Basico do Estado de
Sao Paulo SABESP
 
79,292
1,595,112
Cia Energetica de Minas Gerais,
Preference Shares
 
856,208
1,656,035
Cia Paranaense de Energia - Copel,
Class B, Preference Shares
 
838,180
1,707,036
Cia Siderurgica Nacional S.A.
 
586,682
963,744
Cosan S.A.
 
501,965
688,923
Embraer S.A.(a)
 
133,167
1,527,043
Energisa S.A.
 
60,800
493,368
Equatorial Energia S.A.
 
240,300
1,562,413
Gerdau S.A., Preference Shares
 
1,042,154
2,759,368
Hapvida Participacoes e Investimentos
S.A.(a)(b)
 
1,974,600
809,177
Itau Unibanco Holding S.A., Preference
Shares
 
1,710,735
10,751,396
Itausa S.A., Preference Shares
 
629,049
1,188,898
Klabin S.A.
 
279,980
916,386
Localiza Rent a Car S.A.
 
144,600
1,097,258
Lojas Renner S.A.
 
268,121
691,922
Marfrig Global Foods S.A.
 
486,400
1,845,457
Metalurgica Gerdau S.A., Preference
Shares
 
889,900
1,321,945
Natura & Co. Holding S.A.
 
415,800
698,459
Petroleo Brasileiro S.A., Preference
Shares
 
6,918,745
36,650,504
Sendas Distribuidora S.A.
 
372,100
604,020
Suzano S.A.
 
196,168
1,735,276
Telefonica Brasil S.A.
 
345,680
1,696,832
TIM S.A.
 
187,766
628,496
Ultrapar Participacoes S.A.
 
468,692
1,476,097
Usinas Siderurgicas de Minas Gerais S.A.
Usiminas, Class A, Preference Shares(a)
 
332,100
324,392
Vale S.A.
 
2,502,561
23,366,195
Vibra Energia S.A.
 
965,898
3,207,490
WEG S.A.
 
31,300
246,800
 
 
130,120,419
Canada-0.02%
Canadian Solar, Inc.(a)(c)
 
30,449
274,650
Chile-0.41%
Banco de Chile
 
8,589,225
1,248,316
Banco Santander Chile
 
15,521,151
929,085
Cencosud S.A.
 
98,161
332,537
Empresas CMPC S.A.
 
85,422
132,633
Empresas COPEC S.A.
 
20,038
136,183
 
Shares
Value
Chile-(continued)
Enel Americas S.A.
 
1,589,320
$154,510
Falabella S.A.
 
64,783
291,236
Sociedad Quimica y Minera de Chile S.A.,
Class B, Preference Shares
 
52,714
1,796,799
 
 
5,021,299
China-44.06%
Agricultural Bank of China Ltd., H Shares
 
22,666,000
13,832,781
Alibaba Group Holding Ltd.
 
4,400,300
65,704,241
Aluminum Corp. of China Ltd., H Shares
 
2,579,101
1,384,454
Anhui Conch Cement Co. Ltd., H Shares
 
1,312,858
3,698,830
ANTA Sports Products Ltd.
 
149,907
1,771,480
BAIC Motor Corp. Ltd., H Shares(b)
 
485,500
119,360
Baidu, Inc., A Shares(a)
 
672,958
7,421,582
Bank of Beijing Co. Ltd., A Shares
 
1,398,000
1,155,164
Bank of China Ltd., H Shares
 
47,065,189
26,283,013
Bank of Communications Co. Ltd., H
Shares
 
8,266,987
7,229,985
Bank of Jiangsu Co. Ltd.
 
255,600
357,806
Bank of Shanghai Co. Ltd., A Shares
 
614,000
878,032
Baoshan Iron & Steel Co. Ltd., A Shares
 
1,043,000
981,135
Beijing Enterprises Holdings Ltd.
 
99,000
401,747
BOC Hong Kong (Holdings) Ltd.
 
278,500
1,155,458
BOE Technology Group Co. Ltd., A
Shares
 
679,600
359,420
BYD Co. Ltd., H Shares
 
110,865
5,266,282
BYD Electronic International Co. Ltd.
 
39,000
161,885
CGN Power Co. Ltd., H Shares(b)
 
3,825,470
1,217,839
China Cinda Asset Management Co. Ltd.,
H Shares
 
2,293,000
292,535
China CITIC Bank Corp. Ltd., H Shares
 
7,635,000
6,039,424
China Coal Energy Co. Ltd., H Shares(c)
 
1,105,858
1,142,716
China Communications Services Corp.
Ltd., H Shares
 
248,000
129,174
China Construction Bank Corp., H Shares
 
42,220,000
34,684,715
China Energy Engineering Corp. Ltd., H
Shares
 
8,462,821
1,077,897
China Everbright Bank Co. Ltd., H Shares
 
7,814,236
3,393,501
China Everbright Environment Group Ltd.
 
2,053,885
949,127
China Hongqiao Group Ltd.(c)
 
1,843,642
3,309,748
China International Marine Containers
Group Co. Ltd., H Shares
 
342,300
215,057
China Life Insurance Co. Ltd., H Shares
 
1,934,000
3,534,981
China Mengniu Dairy Co. Ltd.
 
1,042,785
2,597,516
China Merchants Bank Co. Ltd., H Shares
 
2,312,000
12,612,601
China Minsheng Banking Corp. Ltd., H
Shares
 
12,667,611
5,945,088
China National Building Material Co. Ltd.,
H Shares
 
984,000
477,193
China Overseas Land & Investment Ltd.(c)
 
2,027,302
3,597,156
China Pacific Insurance (Group) Co. Ltd.,
H Shares
 
1,679,400
4,569,785
China Petroleum & Chemical Corp., H
Shares
 
26,102,000
13,325,871
China Power International Development
Ltd.(c)
 
2,144,994
842,627
China Railway Group Ltd., H Shares
 
7,781,840
3,348,650
China Resources Beer (Holdings) Co. Ltd.
 
180,101
633,165
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
62
Invesco RAFI Emerging Markets ETF (PXH)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
China-(continued)
China Resources Gas Group Ltd.(c)
 
367,043
$1,025,418
China Resources Land Ltd.(c)
 
1,078,960
3,630,698
China Resources Pharmaceutical Group
Ltd.(b)
 
292,500
184,652
China Resources Power Holdings Co.
Ltd.(c)
 
968,019
2,335,538
China Shenhua Energy Co. Ltd., H Shares
 
1,382,008
5,194,395
China State Construction Engineering
Corp. Ltd., A Shares
 
4,501,522
3,415,644
China State Construction International
Holdings Ltd.
 
112,000
165,110
China Taiping Insurance Holdings Co. Ltd.
 
222,000
307,454
China Tower Corp. Ltd., H Shares(b)
 
1,253,787
1,816,293
China United Network Communications
Ltd., A Shares
 
1,570,700
1,150,831
China Vanke Co. Ltd., H Shares(a)(c)
 
5,230,760
3,586,243
China Yangtze Power Co. Ltd., A Shares
 
209,300
849,911
China Yongda Automobiles Services
Holdings Ltd.
 
583,000
185,886
China Zheshang Bank Co. Ltd., H Shares
 
1,229,000
415,567
Chongqing Rural Commercial Bank Co.
Ltd., H Shares(c)
 
2,341,175
1,797,632
CITIC Ltd.
 
1,415,991
1,721,582
CITIC Securities Co. Ltd., H Shares
 
892,190
2,205,331
CMOC Group Ltd., H Shares
 
366,000
287,371
Contemporary Amperex Technology Co.
Ltd., A Shares
 
6,900
220,618
COSCO SHIPPING Holdings Co. Ltd., H
Shares(c)
 
3,410,500
5,147,163
Country Garden Services Holdings Co.
Ltd.
 
1,502,649
1,341,692
CRRC Corp. Ltd., H Shares
 
3,121,360
1,926,570
CSPC Pharmaceutical Group Ltd.
 
2,327,937
1,833,787
Daqo New Energy Corp., ADR(a)(c)
 
62,128
791,511
Dongfeng Motor Group Co. Ltd., H Shares
 
838,000
463,881
ENN Energy Holdings Ltd.
 
304,052
2,400,580
Fosun International Ltd.
 
218,500
113,283
GCL Technology Holdings Ltd.(a)(c)
 
6,579,288
668,765
Geely Automobile Holdings Ltd.
 
2,294,000
4,816,358
Gree Electric Appliances, Inc. of Zhuhai
 
70,800
444,256
Guangdong Investment Ltd.
 
1,265,164
1,023,911
Haier Smart Home Co. Ltd., H Shares
 
845,767
2,454,727
Hello Group, Inc., ADR
 
30,357
173,339
Huaneng Power International, Inc., H
Shares
 
2,481,729
1,537,492
Huatai Securities Co. Ltd., H Shares(b)
 
740,044
1,096,874
Huaxia Bank Co. Ltd., A Shares
 
1,175,092
1,177,097
Industrial & Commercial Bank of China
Ltd., H Shares
 
51,777,000
35,471,982
Industrial Bank Co. Ltd., A Shares
 
1,277,026
3,672,619
iQIYI, Inc., ADR(a)(c)
 
176,621
324,983
JD.com, Inc., ADR
 
547,047
17,844,673
Jiangxi Copper Co. Ltd., H Shares
 
1,493,663
2,510,088
JinkoSolar Holding Co. Ltd., ADR(c)
 
46,691
801,218
KE Holdings, Inc., ADR(c)
 
112,198
2,277,619
Kuaishou Technology(a)(b)
 
230,863
1,523,940
Kunlun Energy Co. Ltd.
 
1,046,335
997,457
Kweichow Moutai Co. Ltd., A Shares
 
6,500
1,384,828
Lenovo Group Ltd.
 
646,000
747,236
Li Auto, Inc., A Shares(a)(c)
 
28,800
350,959
 
Shares
Value
China-(continued)
Li Ning Co. Ltd.
 
530,954
$1,001,144
Longfor Group Holdings Ltd.(b)
 
1,731,836
2,316,725
Lufax Holding Ltd., ADR(c)
 
428,909
1,243,836
Meituan, B Shares(a)(b)
 
490,100
8,115,742
Metallurgical Corp. of China Ltd., H
Shares
 
6,389,266
1,208,243
Midea Group Co. Ltd., A Shares
 
65,500
664,078
NetEase, Inc.
 
209,895
4,512,500
New China Life Insurance Co. Ltd., H
Shares
 
621,483
2,269,864
New Oriental Education & Technology
Group, Inc.
 
89,754
439,773
NIO, Inc., ADR(a)(c)
 
100,698
407,827
PDD Holdings, Inc., ADR(a)
 
27,899
2,945,297
People’s Insurance Co. (Group) of China
Ltd. (The), H Shares
 
5,184,648
3,068,716
PetroChina Co. Ltd., H Shares
 
13,214,891
10,099,178
PICC Property & Casualty Co. Ltd., H
Shares
 
2,612,602
4,811,508
Ping An Bank Co. Ltd., A Shares
 
988,400
1,485,961
Ping An Insurance (Group) Co. of China
Ltd., H Shares
 
5,093,000
30,485,331
Poly Developments and Holdings Group
Co. Ltd., A Shares
 
890,200
1,025,335
Postal Savings Bank of China Co. Ltd., H
Shares(b)
 
7,153,918
4,398,613
Power Construction Corp. of China Ltd., A
Shares
 
901,700
586,266
Qifu Technology, Inc., ADR(c)
 
46,455
1,906,049
SAIC Motor Corp. Ltd., A Shares
 
425,656
953,172
Shaanxi Coal Industry Co. Ltd., A Shares
 
161,200
425,636
Shanghai Pharmaceuticals Holding Co.
Ltd., H Shares(c)
 
624,308
853,856
Shanghai Pudong Development Bank Co.
Ltd., A Shares
 
2,122,405
3,201,695
Shenzhou International Group Holdings
Ltd.
 
152,167
1,054,899
Sino Biopharmaceutical Ltd.
 
2,110,401
1,059,966
Sinopharm Group Co. Ltd., H Shares
 
588,925
1,388,109
Sunac China Holdings Ltd.(a)(c)
 
1,996,000
383,027
Sunny Optical Technology Group Co. Ltd.
 
150,081
1,262,967
Tencent Holdings Ltd.
 
711,900
43,609,615
Tencent Music Entertainment Group,
ADR(c)
 
79,182
1,062,622
Tianneng Power International Ltd.
 
198,000
164,844
Trip.com Group Ltd.
 
64,700
3,898,033
Vipshop Holdings Ltd., ADR
 
158,229
2,155,079
Weichai Power Co. Ltd., H Shares
 
1,034,429
2,018,303
Wuxi Biologics (Cayman), Inc.(a)(b)
 
492,135
1,429,537
Xiaomi Corp., B Shares(a)(b)
 
3,072,000
19,669,855
Xinyi Solar Holdings Ltd.(c)
 
1,291,935
429,697
Yankuang Energy Group Co. Ltd., H
Shares(c)
 
1,594,293
1,665,310
Yum China Holdings, Inc.
 
69,579
3,013,467
Zhongsheng Group Holdings Ltd.
 
277,500
417,598
Zijin Mining Group Co. Ltd., H Shares
 
1,310,801
2,864,018
ZTE Corp., H Shares
 
112,400
331,858
ZTO Express (Cayman), Inc.(c)
 
20,950
390,216
 
 
544,609,448
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
63
Invesco RAFI Emerging Markets ETF (PXH)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Hong Kong-0.03%
Orient Overseas International Ltd.
 
31,000
$433,073
India-11.61%
Axis Bank Ltd.
 
323,550
4,538,472
Bajaj Auto Ltd.
 
2,678
254,429
Bajaj Finance Ltd.
 
12,923
1,318,619
Bajaj Finserv Ltd.
 
12,542
289,692
Bank of Baroda
 
339,006
1,003,139
Bharat Petroleum Corp. Ltd.
 
1,118,585
4,099,360
Bharti Airtel Ltd.
 
189,439
4,178,693
Canara Bank
 
419,673
483,785
Cipla Ltd.
 
15,484
284,143
Coal India Ltd.
 
542,701
2,472,699
Dr. Reddy’s Laboratories Ltd.
 
61,855
868,268
GAIL (India) Ltd.
 
872,800
1,951,179
Grasim Industries Ltd.
 
79,552
2,581,513
HCL Technologies Ltd.
 
137,327
2,547,130
HDFC Bank Ltd.
 
527,411
11,979,590
Hero MotoCorp Ltd.
 
22,754
1,030,934
Hindalco Industries Ltd.
 
548,647
4,055,028
Hindustan Petroleum Corp. Ltd.
 
611,468
2,736,564
Hindustan Unilever Ltd.
 
71,251
1,978,138
ICICI Bank Ltd.
 
247,072
4,153,103
Indian Oil Corp. Ltd.
 
2,053,713
3,348,318
IndusInd Bank Ltd.
 
33,822
335,907
Infosys Ltd.
 
386,617
6,834,590
ITC Hotels Ltd.(a)
 
40,207
92,532
ITC Ltd.
 
537,634
2,706,986
Jindal Steel & Power Ltd.
 
62,962
668,934
Jio Financial Services Ltd.(a)
 
268,162
828,222
JSW Steel Ltd.
 
172,530
2,107,834
Kotak Mahindra Bank Ltd.
 
26,167
683,896
Larsen & Toubro Ltd.
 
83,897
3,320,863
Mahindra & Mahindra Ltd.
 
114,045
3,951,341
Maruti Suzuki India Ltd.
 
12,019
1,742,198
NTPC Ltd.
 
1,073,470
4,497,296
Oil & Natural Gas Corp. Ltd.
 
1,786,525
5,169,458
Petronet LNG Ltd.
 
259,631
963,910
Power Finance Corp. Ltd.
 
437,195
2,114,874
Power Grid Corp. of India Ltd.
 
825,986
2,999,932
Punjab National Bank
 
421,528
499,810
REC Ltd.
 
271,209
1,353,772
Reliance Industries Ltd.
 
836,444
13,888,587
Sammaan Capital Ltd.
 
308,750
441,053
Shriram Finance Ltd.
 
240,843
1,745,319
State Bank of India
 
427,893
3,996,352
Steel Authority of India Ltd.
 
850,780
1,148,673
Sun Pharmaceutical Industries Ltd.
 
66,619
1,444,870
Tata Consultancy Services Ltd.
 
106,852
4,361,689
Tata Motors Ltd.
 
367,186
2,798,215
Tata Power Co. Ltd. (The)
 
140,275
637,410
Tata Steel Ltd.
 
3,201,553
5,328,922
Tech Mahindra Ltd.
 
105,876
1,883,169
UltraTech Cement Ltd.
 
8,525
1,174,767
Union Bank of India Ltd.
 
324,149
482,720
UPL Ltd.
 
198,448
1,573,832
Vedanta Ltd.
 
931,850
4,627,131
Wipro Ltd.
 
348,102
994,211
 
 
143,552,071
 
Shares
Value
Indonesia-1.06%
PT Alamtri Resources (Indonesia) Tbk
 
2,237,200
$256,272
PT Astra International Tbk
 
4,820,692
1,393,305
PT Bank Central Asia Tbk
 
4,961,952
2,638,223
PT Bank Mandiri (Persero) Tbk
 
7,533,655
2,224,745
PT Bank Negara Indonesia (Persero) Tbk
 
4,154,060
1,046,820
PT Bank Rakyat Indonesia (Persero) Tbk
 
12,455,607
2,884,841
PT GoTo Gojek Tokopedia Tbk(a)
 
121,316,343
618,958
PT Telkom Indonesia (Persero) Tbk
 
11,736,146
1,849,836
PT United Tractors Tbk
 
104,000
142,128
 
 
13,055,128
Malaysia-0.73%
CIMB Group Holdings Bhd.
 
1,527,200
2,522,789
Genting Bhd.
 
219,100
162,658
Malayan Banking Bhd.
 
899,000
2,083,260
Petronas Chemicals Group Bhd.
 
152,700
130,295
Public Bank Bhd.
 
1,572,700
1,630,345
Sime Darby Bhd.
 
276,300
133,157
Tenaga Nasional Bhd.
 
542,900
1,746,043
Top Glove Corp. Bhd.(a)
 
3,257,200
663,952
 
 
9,072,499
Mexico-2.54%
Alfa S.A.B. de C.V., Class A(c)
 
347,900
254,682
America Movil S.A.B. de C.V., Class B
 
7,659,558
6,620,676
Arca Continental S.A.B. de C.V.
 
62,786
661,923
Banco del Bajio S.A.(b)
 
105,000
251,893
CEMEX S.A.B. de C.V., Series CPO(d)
 
5,598,855
3,460,850
Coca-Cola FEMSA S.A.B. de C.V.,
Series CPO
 
102,371
965,974
Controladora Alpek SAB de CV(a)(c)
 
317,400
48,968
Fibra Uno Administracion S.A. de C.V.
 
747,240
965,400
Fomento Economico Mexicano S.A.B. de
C.V., Series CPO(e)
 
430,914
4,542,923
Grupo Bimbo S.A.B. de C.V., Series A(c)
 
212,616
647,678
Grupo Comercial Chedraui S.A. de C.V.
 
24,100
156,148
Grupo Financiero Banorte S.A.B. de C.V.,
Class O
 
632,852
5,448,185
Grupo Mexico S.A.B. de C.V., Class B
 
639,407
3,328,510
Grupo Televisa S.A.B., Series CPO(c)(f)
 
1,672,296
609,972
Orbia Advance Corp. S.A.B. de C.V.
 
181,400
121,489
Wal-Mart de Mexico S.A.B. de C.V.,
Series V
 
1,027,607
3,262,619
 
 
31,347,890
Romania-0.08%
NEPI Rockcastle N.V.(a)
 
132,685
1,017,466
Russia-0.00%
Aeroflot PJSC(a)(g)
 
1,684,800
0
Alrosa PJSC(g)
 
1,976,600
0
Gazprom PJSC(a)(g)
 
9,643,940
0
GMK Norilskiy Nickel PAO(a)(g)
 
2,015,200
0
Inter RAO UES PJSC(g)
 
29,081,146
0
Lukoil PJSC(g)
 
261,775
0
Magnit PJSC(g)
 
55,179
0
Mobile TeleSystems PJSC(g)
 
921,186
0
Moscow Exchange MICEX-RTS PJSC(g)
 
550,555
0
Novatek PJSC(g)
 
130,598
0
Novolipetsk Steel PJSC(g)
 
795,328
0
Rosneft Oil Co. PJSC(g)
 
1,054,960
0
Sberbank of Russia PJSC(g)
 
7,562,894
0
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
64
Invesco RAFI Emerging Markets ETF (PXH)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Russia-(continued)
Severstal PAO(g)
 
147,196
$0
Sistema AFK PAO(a)(g)
 
3,408,447
0
Surgutneftegas PAO(g)
 
3,493,738
0
Surgutneftegas PAO, Preference
Shares(g)
 
3,804,484
0
Tatneft PJSC(g)
 
753,855
0
Tatneft PJSC, Preference Shares(g)
 
74,068
0
VTB Bank PJSC(a)(g)
 
712,692
0
 
 
0
Saudi Arabia-2.48%
Al Rajhi Bank
 
178,443
4,635,648
Alinma Bank
 
113,455
878,752
Arab National Bank
 
124,666
715,086
Banque Saudi Fransi
 
177,937
871,607
Etihad Etisalat Co.
 
49,424
827,981
Riyad Bank
 
189,345
1,554,404
SABIC Agri-Nutrients Co.
 
41,472
1,092,495
Sahara International Petrochemical Co.
 
92,562
469,208
Saudi Arabian Mining Co.(a)
 
118,912
1,620,835
Saudi Arabian Oil Co.(b)
 
752,502
5,087,732
Saudi Awwal Bank
 
111,215
1,040,698
Saudi Basic Industries Corp.
 
135,785
2,207,985
Saudi Electricity Co.
 
31,371
125,278
Saudi National Bank (The)
 
481,084
4,583,841
Saudi Telecom Co.
 
352,216
4,471,713
Yanbu National Petrochemical Co.,
Class A
 
61,864
527,447
 
 
30,710,710
South Africa-3.89%
Absa Group Ltd.(c)
 
251,888
2,324,030
Anglo American Platinum Ltd.(c)
 
33,790
1,156,794
Aspen Pharmacare Holdings Ltd.
 
28,511
187,167
Bid Corp. Ltd.(c)
 
71,537
1,797,245
Bidvest Group Ltd. (The)
 
95,355
1,208,527
Capitec Bank Holdings Ltd.
 
8,124
1,507,460
Discovery Ltd.
 
88,202
979,456
Exxaro Resources Ltd.
 
30,994
253,675
FirstRand Ltd.
 
1,254,229
4,909,415
Foschini Group Ltd. (The)
 
110,470
769,460
Gold Fields Ltd.
 
147,918
3,316,755
Growthpoint Properties Ltd.
 
1,625,382
1,145,515
Impala Platinum Holdings Ltd.(a)
 
492,459
2,927,929
MTN Group Ltd.
 
549,550
3,636,119
Naspers Ltd.
 
20,741
5,452,221
Nedbank Group Ltd.
 
121,023
1,652,534
Northam Platinum Holdings Ltd.(c)
 
112,861
757,339
Old Mutual Ltd.
 
516,368
314,985
Remgro Ltd.
 
72,940
628,344
Sanlam Ltd.(c)
 
393,114
1,789,386
Sappi Ltd.
 
55,671
104,359
Sasol Ltd.(a)(c)
 
436,534
1,507,411
Shoprite Holdings Ltd.
 
104,992
1,614,992
Sibanye Stillwater Ltd.(a)(c)
 
3,060,352
3,495,519
Standard Bank Group Ltd.
 
280,374
3,500,415
Thungela Resources Ltd.
 
24,037
119,547
Vodacom Group Ltd.
 
39,843
294,729
Woolworths Holdings Ltd.(c)
 
218,175
676,318
 
 
48,027,646
 
Shares
Value
Taiwan-16.90%
Acer, Inc.
 
1,190,000
$1,300,343
ASE Technology Holding Co. Ltd.
 
1,231,000
5,245,537
Asia Cement Corp.
 
200,000
281,709
Asustek Computer, Inc.
 
273,600
5,003,298
AUO Corp.(a)
 
3,866,244
1,487,536
Catcher Technology Co. Ltd.
 
193,000
1,313,793
Cathay Financial Holding Co. Ltd.
 
1,510,919
2,783,885
Chailease Holding Co. Ltd.
 
366,943
1,320,296
Cheng Shin Rubber Industry Co. Ltd.
 
393,000
606,995
Chicony Electronics Co. Ltd.
 
125,000
602,295
China Airlines Ltd.
 
882,000
581,027
China Steel Corp.
 
2,682,632
1,734,840
Chunghwa Telecom Co. Ltd.
 
756,039
3,056,593
Compal Electronics, Inc.
 
3,522,000
3,034,811
CTBC Financial Holding Co. Ltd.
 
3,680,000
4,534,643
Delta Electronics, Inc.
 
359,000
3,761,676
E.Sun Financial Holding Co. Ltd.
 
1,461,005
1,295,878
Eva Airways Corp.
 
827,000
993,334
Evergreen Marine Corp. Taiwan Ltd.
 
1,220,000
7,904,357
Far Eastern New Century Corp.
 
342,000
351,934
Far EasTone Telecommunications Co.
Ltd.
 
368,000
986,814
First Financial Holding Co. Ltd.
 
1,193,673
950,531
Formosa Chemicals & Fibre Corp.
 
539,000
421,204
Formosa Petrochemical Corp.
 
247,000
270,402
Formosa Plastics Corp.
 
1,290,280
1,374,708
Fubon Financial Holding Co. Ltd.
 
1,217,870
3,227,881
Globalwafers Co. Ltd.
 
34,457
332,547
Hon Hai Precision Industry Co. Ltd.
 
3,494,930
15,570,953
Hua Nan Financial Holdings Co. Ltd.
 
353,000
298,891
Innolux Corp.
 
5,292,444
2,266,538
Inventec Corp.
 
1,146,000
1,463,844
KGI Financial Holding Co. Ltd.
 
3,162,000
1,640,053
Largan Precision Co. Ltd.
 
23,000
1,639,709
Lite-On Technology Corp.
 
546,313
1,652,174
MediaTek, Inc.
 
308,600
13,113,371
Mega Financial Holding Co. Ltd.
 
1,529,985
1,811,932
Micro-Star International Co. Ltd.
 
221,000
966,560
Nan Ya Plastics Corp.
 
860,940
825,046
Nanya Technology Corp.(a)
 
345,000
389,521
Novatek Microelectronics Corp.
 
144,000
2,341,908
Pegatron Corp.
 
709,260
1,802,069
Pou Chen Corp.
 
376,000
387,193
Powerchip Semiconductor Manufacturing
Corp.(a)
 
761,000
336,429
Powertech Technology, Inc.
 
297,000
1,009,212
Qisda Corp.
 
439,000
367,747
Quanta Computer, Inc.
 
609,000
4,575,229
Radiant Opto-Electronics Corp.
 
135,000
627,111
Realtek Semiconductor Corp.
 
106,000
1,742,542
Shanghai Commercial & Savings Bank Ltd.
(The)
 
248,000
365,718
Shin Kong Financial Holding Co. Ltd.(a)
 
1,002,000
369,753
Simplo Technology Co. Ltd.
 
53,000
580,130
Sino-American Silicon Products, Inc.
 
122,000
422,931
SinoPac Financial Holdings Co. Ltd.
 
1,515,224
1,012,507
Synnex Technology International Corp.
 
130,000
288,410
Taishin Financial Holding Co. Ltd.
 
822,000
429,553
Taiwan Cooperative Financial Holding Co.
Ltd.
 
286,000
218,438
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
65
Invesco RAFI Emerging Markets ETF (PXH)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Taiwan-(continued)
Taiwan Mobile Co. Ltd.
 
339,000
$1,203,623
Taiwan Semiconductor Manufacturing Co.
Ltd.
 
2,308,000
65,396,151
TCC Group Holdings Co. Ltd.
 
1,502,136
1,395,947
Tripod Technology Corp.
 
92,000
531,184
Unimicron Technology Corp.
 
249,000
734,566
Uni-President Enterprises Corp.
 
704,941
1,694,088
United Microelectronics Corp.
 
3,914,000
5,492,327
Walsin Lihwa Corp.
 
1,117,000
723,599
Wan Hai Lines Ltd.
 
770,000
2,001,364
Winbond Electronics Corp.(a)
 
1,327,000
657,794
Wistron Corp.
 
1,126,875
3,615,870
Wiwynn Corp.
 
9,000
541,632
WPG Holdings Ltd.
 
645,000
1,366,487
WT Microelectronics Co. Ltd.
 
218,000
798,550
Yageo Corp.
 
125,540
1,800,016
Yang Ming Marine Transport Corp.
 
2,271,000
4,851,943
Yuanta Financial Holding Co. Ltd.
 
1,825,825
1,788,871
Zhen Ding Technology Holding Ltd.
 
325,000
995,609
 
 
208,863,960
Thailand-3.08%
Advanced Info Service PCL, NVDR
 
244,916
2,160,325
Bangchak Corp. PCL, NVDR
 
570,651
610,173
Bangkok Bank PCL, NVDR
 
491,238
2,057,457
Bangkok Dusit Medical Services PCL,
NVDR
 
1,425,441
1,022,235
Banpu PCL, NVDR
 
10,226,414
1,314,358
Charoen Pokphand Foods PCL, NVDR
 
2,668,987
2,114,057
CP ALL PCL, NVDR
 
1,505,838
2,318,649
Indorama Ventures PCL, NVDR
 
1,224,327
695,596
Kasikornbank PCL, NVDR
 
1,078,300
5,149,409
Krung Thai Bank PCL, NVDR
 
3,365,224
2,196,003
PTT Exploration & Production PCL, NVDR
 
529,962
1,577,209
PTT Global Chemical PCL, NVDR
 
2,198,490
1,137,988
PTT PCL, NVDR
 
8,087,908
7,500,571
SCB X PCL, NVDR
 
955,391
3,404,327
Siam Cement PCL (The), NVDR
 
404,151
1,931,163
Thai Oil PCL, NVDR
 
1,014,485
811,543
TMBThanachart Bank PCL, NVDR
 
16,486,331
903,101
True Corp. PCL, NVDR(a)
 
3,276,024
1,186,035
 
 
38,090,199
Turkey-1.23%
Akbank T.A.S.
 
1,525,357
1,940,065
 
Shares
Value
Turkey-(continued)
BIM Birlesik Magazalar A.S.
 
113,625
$1,336,110
Eregli Demir ve Celik Fabrikalari T.A.S.
 
3,012,587
1,770,657
Haci Omer Sabanci Holding A.S.
 
721,164
1,380,640
KOC Holding A.S.
 
544,944
1,963,824
Turk Hava Yollari AO(a)
 
263,807
1,959,210
Turkcell Iletisim Hizmetleri A.S.
 
468,324
1,099,478
Turkiye Is Bankasi A.S., Class C
 
4,052,403
1,092,084
Turkiye Petrol Rafinerileri A.S.
 
403,889
1,313,966
Turkiye Sise ve Cam Fabrikalari A.S.
 
359,951
321,892
Yapi Ve Kredi Bankasi A.S.(a)
 
1,804,884
1,074,405
 
 
15,252,331
United Kingdom-0.30%
AngloGold Ashanti PLC(c)
 
88,509
3,731,540
United States-0.44%
JBS S.A.
 
699,222
5,444,184
Total Common Stocks & Other Equity Interests
(Cost $1,087,105,244)
1,228,624,513
Money Market Funds-0.90%
Invesco Government & Agency Portfolio,
Institutional Class, 4.26%(h)(i)
(Cost $11,058,085)
 
11,058,085
11,058,085
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-100.29%
(Cost $1,098,163,329)
1,239,682,598
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-2.52%
Invesco Private Government Fund,
4.32%(h)(i)(j)
 
8,664,643
8,664,643
Invesco Private Prime Fund, 4.46%(h)(i)(j)
 
22,519,556
22,524,060
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $31,189,168)
31,188,703
TOTAL INVESTMENTS IN SECURITIES-102.81%
(Cost $1,129,352,497)
1,270,871,301
OTHER ASSETS LESS LIABILITIES-(2.81)%
(34,743,660
)
NET ASSETS-100.00%
$1,236,127,641
 
Investment Abbreviations:
ADR-American Depositary Receipt
CPO-Certificates of Ordinary Participation
NVDR-Non-Voting Depositary Receipt
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
66
Invesco RAFI Emerging Markets ETF (PXH)—(continued)
April 30, 2025
(Unaudited)
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
April 30, 2025 was $48,038,232, which represented 3.89% of the Fund’s Net Assets.
(c)
All or a portion of this security was out on loan at April 30, 2025.
(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)
Security valued using significant unobservable inputs (Level 3). See Note 4.
(h)
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 six months ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$9,010,769
$82,462,758
$(80,415,442
)
$-
$-
$11,058,085
$216,080
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
15,286,308
36,781,941
(43,403,606
)
-
-
8,664,643
187,159
*
Invesco Private Prime Fund
39,859,532
84,541,748
(101,874,910
)
2,306
(4,616
)
22,524,060
498,591
*
Total
$64,156,609
$203,786,447
$(225,693,958
)
$2,306
$(4,616
)
$42,246,788
$901,830
 
*
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not
include rebates and fees paid to lending agent or premiums received from borrowers, if any.
 
(i)
The rate shown is the 7-day SEC standardized yield as of April 30, 2025.
(j)
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 Note 2K.
 
Open Futures Contracts
Long Futures Contracts
Number of
Contracts
Expiration
Month
Notional
Value
Value
Unrealized
Appreciation
Equity Risk
 
MSCI Emerging Markets Index
95
June-2025
$5,272,500
$95,708
$95,708
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
67
Invesco S&P Global Water Index ETF (CGW)
April 30, 2025
(Unaudited)
Schedule of Investments
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.67%
Austria-0.97%
Wienerberger AG
 
257,650
$9,077,731
Brazil-7.40%
Cia de Saneamento Basico do Estado de
Sao Paulo SABESP
 
2,751,500
55,351,739
Cia de Saneamento de Minas Gerais
COPASA MG
 
1,602,500
6,068,746
Cia de Saneamento do Parana, Series CPO
 
1,431,900
7,772,333
 
 
69,192,818
China-1.26%
Beijing Capital Eco-environment Protection
Group Co. Ltd., A Shares
 
2,330,900
1,014,523
Beijing Enterprises Water Group Ltd.(a)
 
19,256,277
6,082,810
Beijing Originwater Technology Co. Ltd., A
Shares
 
1,829,500
1,117,237
Chengdu Xingrong Environment Co. Ltd., A
Shares
 
1,496,200
1,461,009
China Lesso Group Holdings Ltd.
 
1,406,562
748,920
Jingjin Equipment, Inc., A Shares
 
195,700
438,559
Zhongshan Public Utilities Group Co. Ltd., A
Shares
 
791,200
930,218
 
 
11,793,276
Finland-0.50%
Kemira OYJ
 
225,821
4,675,647
France-4.21%
Veolia Environnement S.A.(a)
 
1,074,859
39,393,405
India-2.00%
Astral Ltd.
 
340,497
5,419,076
ElectroSteel Castings Ltd.
 
1,464,259
1,680,480
Jain Irrigation Systems Ltd.(b)
 
759,086
471,206
Jindal SAW Ltd.
 
419,562
1,234,514
Supreme Industries Ltd.
 
124,556
5,217,212
VA Tech Wabag Ltd.(b)
 
303,250
4,619,147
 
 
18,641,635
Italy-0.68%
Interpump Group S.p.A.(a)
 
184,737
6,357,885
Japan-2.94%
Kurita Water Industries Ltd.
 
577,041
19,150,021
Nomura Micro Science Co. Ltd.(a)
 
149,153
2,451,399
Organo Corp.
 
122,126
5,859,974
 
 
27,461,394
Mexico-0.12%
Orbia Advance Corp. S.A.B. de C.V.(a)
 
1,712,936
1,147,208
Netherlands-0.48%
Aalberts N.V.
 
134,479
4,480,970
Saudi Arabia-0.57%
Alkhorayef Water and Power Technologies
Co.(b)
 
43,391
1,874,553
Power and Water Utility Co. for Jubail and
Yanbu
 
293,940
3,430,600
 
 
5,305,153
South Korea-0.83%
Coway Co. Ltd.
 
125,583
7,732,203
 
Shares
Value
Switzerland-7.68%
Belimo Holding AG
 
18,285
$15,604,133
Geberit AG
 
53,317
37,095,589
Georg Fischer AG(a)
 
180,237
13,089,078
Sulzer AG
 
35,445
6,025,714
 
 
71,814,514
Taiwan-0.17%
Kuo Toong International Co. Ltd.
 
935,000
1,617,260
Thailand-0.14%
Amata Corp. PCL, NVDR
 
2,937,049
1,305,920
United Kingdom-12.32%
Pennon Group PLC
 
2,805,631
18,824,122
Severn Trent PLC
 
1,307,407
48,741,432
United Utilities Group PLC
 
3,161,252
47,634,389
 
 
115,199,943
United States-57.40%
Advanced Drainage Systems, Inc.
 
240,354
27,277,776
American States Water Co.(a)
 
220,657
17,897,489
American Water Works Co., Inc.
 
483,187
71,033,321
Badger Meter, Inc.(a)
 
108,937
24,055,468
California Water Service Group(a)
 
309,121
15,656,979
Consolidated Water Co. Ltd.(a)
 
109,868
2,553,332
Core & Main, Inc., Class A(a)(b)
 
544,615
28,690,318
Ecolab, Inc.
 
141,326
35,533,596
Energy Recovery, Inc.(a)(b)
 
227,863
3,520,483
Essential Utilities, Inc.
 
902,014
37,099,836
Franklin Electric Co., Inc.
 
139,590
11,859,566
Hawkins, Inc.(a)
 
30,921
3,765,559
Lindsay Corp.(a)
 
40,990
5,290,169
Middlesex Water Co.(a)
 
103,054
6,504,769
Montrose Environmental Group, Inc.(a)(b)
 
109,834
1,606,872
Mueller Water Products, Inc., Class A(a)
 
532,347
13,968,785
Otter Tail Corp.(a)
 
81,221
6,447,323
Pentair PLC
 
316,788
28,742,175
Select Water Solutions, Inc., Class A
 
640,976
5,461,116
SJW Group
 
169,314
9,606,876
TETRA Technologies, Inc.(a)(b)
 
631,571
1,799,977
Valmont Industries, Inc.(a)
 
38,834
11,386,906
Veralto Corp.
 
552,812
53,014,671
Watts Water Technologies, Inc., Class A(a)
 
101,770
21,142,718
Xylem, Inc.
 
607,495
73,245,672
Zurn Elkay Water Solutions Corp.(a)
 
570,939
19,389,089
 
 
536,550,841
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.67%
(Cost $762,089,874)
931,747,803
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-8.59%
Invesco Private Government Fund,
4.32%(c)(d)(e)
 
22,275,534
22,275,534
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
68
Invesco S&P Global Water Index ETF (CGW)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 4.46%(c)(d)(e)
 
57,964,585
$57,976,178
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $80,252,435)
80,251,712
TOTAL INVESTMENTS IN SECURITIES-108.26%
(Cost $842,342,309)
1,011,999,515
OTHER ASSETS LESS LIABILITIES-(8.26)%
(77,173,347
)
NET ASSETS-100.00%
$934,826,168
 
Investment Abbreviations:
CPO-Certificates of Ordinary Participation
NVDR-Non-Voting Depositary Receipt
 
Notes to Schedule of Investments:
(a)
All or a portion of this security was out on loan at April 30, 2025.
(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 six months ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$62,938
$19,387,820
$(19,450,758
)
$-
$-
$-
$8,326
Investments Purchased
with Cash Collateral
from Securities on Loan:
Invesco Private
Government Fund
5,966,431
111,347,360
(95,038,257
)
-
-
22,275,534
357,500
*
Invesco Private Prime
Fund
15,554,204
235,104,294
(192,678,307
)
(184
)
(3,829
)
57,976,178
956,519
*
Total
$21,583,573
$365,839,474
$(307,167,322
)
$(184
)
$(3,829
)
$80,251,712
$1,322,345
 
*
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 April 30, 2025.
(e)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned. See Note 2K.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
69
Invesco S&P International Developed Quality ETF (IDHQ)
April 30, 2025
(Unaudited)
Schedule of Investments
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.53%
Australia-5.55%
AGL Energy Ltd.
 
36,163
$246,182
Ampol Ltd.(a)
 
15,082
228,758
BHP Group Ltd.
 
299,615
7,133,117
Brambles Ltd.
 
86,882
1,140,526
Cochlear Ltd.
 
3,697
646,750
Computershare Ltd.
 
39,524
1,031,690
Fortescue Ltd.
 
117,541
1,212,600
James Hardie Industries PLC, CDI(a)(b)
 
26,586
623,350
JB Hi-Fi Ltd.
 
8,068
534,064
Pro Medicus Ltd.
 
2,882
422,127
QBE Insurance Group Ltd.
 
94,027
1,298,026
REA Group Ltd.
 
3,496
554,837
Rio Tinto PLC
 
65,294
3,899,590
Wesfarmers Ltd.
 
73,673
3,686,708
 
 
22,658,325
Austria-0.18%
ANDRITZ AG
 
5,197
374,741
Verbund AG
 
4,612
355,657
 
 
730,398
Belgium-0.06%
Lotus Bakeries N.V.
 
24
231,556
Canada-3.61%
Brookfield Asset Management Ltd., Class A
 
20,270
1,079,462
Canadian National Railway Co.
 
36,143
3,493,413
Canadian Natural Resources Ltd.(a)
 
130,613
3,740,716
CGI, Inc., Class A
 
10,226
1,082,196
Imperial Oil Ltd.
 
9,113
613,493
Open Text Corp.
 
14,558
393,328
Suncor Energy, Inc.
 
68,267
2,406,371
Thomson Reuters Corp.
 
10,478
1,945,936
 
 
14,754,915
China-0.12%
Budweiser Brewing Co. APAC Ltd.(a)(c)
 
204,943
216,574
Chow Tai Fook Jewellery Group Ltd.(a)
 
214,455
286,719
 
 
503,293
Denmark-3.20%
A.P. Moller - Maersk A/S, Class B(a)
 
264
456,208
Genmab A/S(b)
 
3,939
838,217
Novo Nordisk A/S, Class B
 
175,312
11,763,680
 
 
13,058,105
Finland-1.39%
Elisa OYJ(a)
 
10,460
559,941
Fortum OYJ(a)
 
28,240
475,118
Kone OYJ, Class B
 
36,669
2,278,797
Sampo OYJ
 
175,390
1,763,213
Wartsila OYJ Abp
 
32,260
598,098
 
 
5,675,167
France-6.47%
Dassault Systemes SE
 
34,047
1,280,343
Hermes International S.C.A.
 
2,077
5,731,789
L’Oreal S.A.
 
12,299
5,453,215
 
Shares
Value
France-(continued)
LVMH Moet Hennessy Louis Vuitton SE
 
12,245
$6,806,217
TotalEnergies SE
 
125,315
7,161,913
 
 
26,433,477
Germany-7.78%
Allianz SE
 
21,490
8,918,365
Deutsche Boerse AG
 
10,102
3,264,996
Dr. Ing. h.c. F. Porsche AG, Preference
Shares(c)
 
4,601
232,096
Hannover Rueck SE
 
3,813
1,228,186
Henkel AG & Co. KGaA, Preference Shares
 
8,497
662,203
Muenchener Rueckversicherungs-Gesellschaft
AG in Muenchen, Class R
 
8,357
5,740,980
Siemens AG
 
39,568
9,142,350
Siemens Energy AG, Class A(b)
 
33,127
2,565,667
 
 
31,754,843
Hong Kong-1.16%
Cathay Pacific Airways Ltd.
 
155,300
178,471
Hong Kong Exchanges & Clearing Ltd.
 
87,259
3,812,762
Techtronic Industries Co. Ltd.
 
73,703
741,832
 
 
4,733,065
Israel-0.54%
Check Point Software Technologies Ltd.(b)
 
7,712
1,693,247
First International Bank of Israel Ltd. (The)
 
3,864
212,228
Plus500 Ltd.
 
7,611
312,694
 
 
2,218,169
Italy-1.51%
Ferrari N.V.
 
8,294
3,809,905
FinecoBank Banca Fineco S.p.A.(a)
 
44,348
890,500
Moncler S.p.A.
 
12,277
760,356
Ryanair Holdings PLC, ADR(a)
 
14,948
715,411
 
 
6,176,172
Japan-11.85%
ASICS Corp.
 
50,442
1,086,787
Azbil Corp.
 
25,061
216,322
Bandai Namco Holdings, Inc.
 
40,498
1,410,763
BayCurrent, Inc.
 
10,849
585,977
Capcom Co. Ltd.
 
17,879
518,840
Chugai Pharmaceutical Co. Ltd.
 
44,057
2,544,154
Daiichi Sankyo Co. Ltd.
 
123,378
3,163,610
Daito Trust Construction Co. Ltd.
 
3,631
405,228
Disco Corp.
 
6,739
1,306,967
GOLDWIN, Inc.
 
3,346
192,291
Hitachi Ltd.
 
247,168
6,123,446
Hoya Corp.
 
20,690
2,440,316
IHI Corp.
 
8,763
688,061
Japan Exchange Group, Inc.
 
64,180
715,754
Kawasaki Kisen Kaisha Ltd.(a)
 
36,740
505,065
Kobe Bussan Co. Ltd.
 
10,519
322,228
Konami Group Corp.
 
5,940
850,349
Lasertec Corp.
 
6,755
629,512
Makita Corp.
 
16,860
494,230
McDonald’s Holdings Co. (Japan) Ltd.(a)
 
5,042
213,701
MonotaRO Co. Ltd.(a)
 
17,496
337,300
Murata Manufacturing Co. Ltd.
 
106,466
1,520,390
Nomura Research Institute Ltd.
 
24,209
918,918
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
70
Invesco S&P International Developed Quality ETF (IDHQ)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Japan-(continued)
OBIC Business Consultants Co. Ltd.
 
4,076
$196,407
Olympus Corp.
 
68,455
899,104
Ono Pharmaceutical Co. Ltd.
 
26,572
306,598
Otsuka Corp.
 
13,379
297,441
Persol Holdings Co. Ltd.
 
125,351
227,586
Rakus Co. Ltd.
 
15,408
234,680
Recruit Holdings Co. Ltd.
 
96,010
5,333,104
Sankyo Co. Ltd.
 
17,115
261,121
Sanrio Co. Ltd.
 
14,557
581,424
Santen Pharmaceutical Co. Ltd.
 
22,113
224,503
SCREEN Holdings Co. Ltd.
 
5,258
350,475
Socionext, Inc.(a)
 
11,688
126,011
Sompo Holdings, Inc.
 
51,456
1,690,290
Square Enix Holdings Co. Ltd.
 
4,871
282,327
Tokio Marine Holdings, Inc.
 
103,202
4,146,441
Tokyo Electron Ltd.
 
29,113
4,345,212
Toyo Suisan Kaisha Ltd.
 
5,742
372,081
Trend Micro, Inc.
 
9,778
703,250
USS Co. Ltd.
 
30,441
304,151
ZOZO, Inc.
 
31,803
323,745
 
 
48,396,160
Macau-0.05%
Sands China Ltd.(b)
 
125,754
225,245
Netherlands-7.04%
Adyen N.V.(b)(c)
 
2,180
3,539,851
ASML Holding N.V.
 
27,391
18,399,820
EXOR N.V.
 
9,910
938,872
Koninklijke KPN N.V.
 
217,363
1,014,623
Universal Music Group N.V.(a)
 
56,450
1,665,654
Wolters Kluwer N.V.
 
17,911
3,173,237
 
 
28,732,057
Norway-0.91%
Aker Solutions ASA, Class A
 
69,769
189,971
Equinor ASA
 
45,977
1,044,076
Gjensidige Forsikring ASA
 
13,302
312,255
Kongsberg Gruppen ASA
 
6,504
1,051,232
SalMar ASA
 
5,085
252,086
Telenor ASA
 
37,027
557,939
Var Energi ASA
 
61,821
170,539
Wallenius Wilhelmsen ASA
 
21,383
155,473
 
 
3,733,571
Portugal-0.10%
Galp Energia SGPS S.A.
 
25,869
402,189
Singapore-0.24%
Hafnia Ltd.(a)
 
36,107
166,975
Singapore Exchange Ltd.
 
72,733
800,371
 
 
967,346
South Korea-2.55%
Coupang, Inc.(b)
 
80,352
1,877,826
DB Insurance Co. Ltd.
 
3,111
200,427
Hanjin Kal Corp.
 
3,491
194,395
Hankook Tire & Technology Co. Ltd.
 
7,154
207,794
Hanmi Semiconductor Co. Ltd.
 
3,440
184,100
HD Hyundai Electric Co. Ltd.
 
1,475
320,997
HD Hyundai Marine Solution Co. Ltd.
 
2,043
220,658
Hyundai Marine & Fire Insurance Co. Ltd.(b)
 
10,391
162,588
Hyundai Rotem Co. Ltd.
 
5,867
462,431
 
Shares
Value
South Korea-(continued)
Kia Corp.
 
15,259
$969,760
LIG Nex1 Co. Ltd.
 
1,485
335,490
Pearl Abyss Corp.(b)
 
7,656
190,734
Posco DX Co. Ltd.
 
12,980
223,880
Samyang Foods Co. Ltd.
 
412
281,207
SK Biopharmaceuticals Co. Ltd.(b)
 
2,820
211,465
SK hynix, Inc.
 
32,008
3,993,737
SK Square Co. Ltd.(b)
 
5,804
358,831
 
 
10,396,320
Spain-2.31%
Aena SME S.A.(a)(c)
 
4,189
1,055,967
Amadeus IT Group S.A.
 
34,060
2,690,195
Endesa S.A.
 
17,489
527,048
Industria de Diseno Textil S.A.(a)
 
95,370
5,146,176
 
 
9,419,386
Sweden-5.10%
AAK AB(a)
 
11,306
296,305
Addtech AB, Class B
 
13,613
458,953
Alfa Laval AB(a)
 
17,081
709,962
Atlas Copco AB, Class A
 
168,348
2,611,373
Axfood AB(a)
 
9,055
253,686
Essity AB, Class B
 
45,429
1,316,570
Evolution AB(a)(c)
 
14,623
1,015,166
H & M Hennes & Mauritz AB, Class B(a)
 
30,146
437,766
Industrivarden AB, Class C(a)
 
10,381
365,325
Investor AB, Class B(a)
 
142,747
4,238,408
Spotify Technology S.A.(b)
 
9,283
5,699,576
SSAB AB, Class B(a)
 
42,176
262,721
Tele2 AB, Class B
 
30,779
455,084
Trelleborg AB, Class B
 
11,123
384,359
Volvo AB, Class B(a)
 
84,856
2,311,612
 
 
20,816,866
Switzerland-15.06%
ABB Ltd.
 
114,357
6,065,736
Chocoladefabriken Lindt & Spruengli AG,
PC(a)
 
51
746,530
EMS-Chemie Holding AG
 
510
377,671
Geberit AG
 
2,709
1,884,801
Givaudan S.A.
 
505
2,446,975
Kuehne + Nagel International AG, Class R(a)
 
4,026
931,238
Nestle S.A.
 
195,355
20,884,168
Partners Group Holding AG
 
2,162
2,845,218
Roche Holding AG
 
48,896
16,058,376
Schindler Holding AG, PC
 
2,628
965,389
Sonova Holding AG, Class A
 
3,125
964,877
Straumann Holding AG
 
6,267
767,526
Zurich Insurance Group AG
 
9,173
6,534,644
 
 
61,473,149
United Kingdom-14.93%
3i Group PLC
 
66,970
3,805,146
Admiral Group PLC
 
23,151
1,009,160
AstraZeneca PLC
 
87,101
12,506,767
Auto Trader Group PLC(c)
 
88,514
996,681
BAE Systems PLC
 
185,522
4,310,571
Centrica PLC
 
269,437
578,172
Compass Group PLC
 
116,116
3,923,644
Diageo PLC
 
135,131
3,803,074
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
71
Invesco S&P International Developed Quality ETF (IDHQ)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
United Kingdom-(continued)
Imperial Brands PLC
 
55,495
$2,282,254
Intermediate Capital Group PLC
 
15,406
388,394
Intertek Group PLC
 
10,315
634,921
Marks & Spencer Group PLC
 
113,386
590,542
Next PLC
 
8,054
1,331,712
Reckitt Benckiser Group PLC
 
43,390
2,806,979
RELX PLC
 
142,613
7,800,647
Sage Group PLC (The)
 
67,827
1,127,011
Smiths Group PLC
 
21,275
531,358
Unilever PLC
 
183,115
11,685,159
Wise PLC, Class A(b)
 
65,386
859,559
 
 
60,971,751
United States-7.82%
Experian PLC
 
50,911
2,538,577
Holcim AG(b)
 
27,021
3,032,770
Monday.com Ltd.(b)
 
2,242
629,980
Novartis AG
 
195,945
22,446,868
Oracle Corp.
 
1,987
239,449
Swiss Re AG
 
16,793
3,027,622
 
 
31,915,266
Total Common Stocks & Other Equity Interests
(Cost $368,273,567)
406,376,791
Money Market Funds-0.06%
Invesco Government & Agency Portfolio,
Institutional Class, 4.26%(d)(e)
(Cost $235,597)
 
235,597
235,597
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.59%
(Cost $368,509,164)
406,612,388
 
Shares
Value
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-4.91%
Invesco Private Government Fund,
4.32%(d)(e)(f)
 
5,559,515
$5,559,515
Invesco Private Prime Fund, 4.46%(d)(e)(f)
 
14,470,808
14,473,702
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $20,033,879)
20,033,217
TOTAL INVESTMENTS IN SECURITIES-104.50%
(Cost $388,543,043)
426,645,605
OTHER ASSETS LESS LIABILITIES-(4.50)%
(18,368,796
)
NET ASSETS-100.00%
$408,276,809
 
Investment Abbreviations:
ADR-American Depositary Receipt
CDI-CREST Depository Interest
PC-Participation Certificate
 
Notes to Schedule of Investments:
(a)
All or a portion of this security was out on loan at April 30, 2025.
(b)
Non-income producing security.
(c)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
April 30, 2025 was $7,056,335, which represented 1.73% of the Fund’s Net Assets.
(d)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the six months ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$-
$7,635,750
$(7,400,153
)
$-
$-
$235,597
$5,261
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
72
Invesco S&P International Developed Quality ETF (IDHQ)—(continued)
April 30, 2025
(Unaudited)
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
$4,100,171
$16,499,683
$(15,040,339
)
$-
$-
$5,559,515
$94,912
*
Invesco Private Prime Fund
10,693,032
42,831,824
(39,050,238
)
(347
)
(569
)
14,473,702
253,465
*
Total
$14,793,203
$66,967,257
$(61,490,730
)
$(347
)
$(569
)
$20,268,814
$353,638
 
*
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 April 30, 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. See Note 2K.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
73
Statements of Assets and Liabilities
April 30, 2025
(Unaudited)

 
 
Invesco China
Technology
ETF (CQQQ)
Invesco Dorsey Wright
Developed Markets
Momentum
ETF (PIZ)
Invesco Dorsey Wright
Emerging Markets
Momentum
ETF (PIE)
Invesco
Global Clean
Energy
ETF (PBD)
Assets:
Unaffiliated investments in securities, at value(a)
$948,960,228
$264,159,492
$84,592,648
$64,546,358
Affiliated investments in securities, at value
108,348,089
9,426,666
3,083,103
17,038,034
Unrealized appreciation on futures contracts
-
-
-
-
Cash
-
-
-
-
Foreign currencies, at value
114,766
262,459
2,062
216,172
Cash collateral-futures contracts
-
-
-
-
Cash collateral-failed in-kind securities
-
2,853,185
-
-
Receivable for:
Dividends
413,599
750,042
159,910
158,551
Securities lending
40,357
4,252
3,281
71,247
Investments sold
-
630
-
51,221
Investments sold - affiliated broker
-
-
-
-
Fund shares sold
-
2,691,186
-
22,450
Expenses absorbed
-
-
-
-
Foreign tax reclaims
-
376,709
-
51,564
Other assets
-
-
-
-
Total assets
1,057,877,039
280,524,621
87,841,004
82,155,597
Liabilities:
Due to custodian
-
101,786
-
216,989
Due to foreign custodian
-
-
-
-
Payable for:
Investments purchased
93
2,800,303
-
-
Investments purchased - affiliated broker
-
-
-
-
Collateral upon return of securities loaned
108,117,343
9,426,747
3,017,654
17,039,032
Collateral upon receipt of securities in-kind
-
2,853,185
-
-
Fund shares repurchased
-
107
1,262
51,221
Accrued unitary management fees
517,656
135,462
61,591
39,216
Accrued advisory fees
-
-
-
-
Accrued trustees’ and officer’s fees
-
-
-
-
Accrued expenses
-
-
-
-
Accrued tax expenses
-
-
-
-
Other payables
-
-
-
-
Total liabilities
108,635,092
15,317,590
3,080,507
17,346,458
Net Assets
$949,241,947
$265,207,031
$84,760,497
$64,809,139
Net assets consist of:
Shares of beneficial interest
$1,771,531,588
$378,836,659
$230,165,503
$373,893,628
Distributable earnings (loss)
(822,289,641
)
(113,629,628
)
(145,405,006
)
(309,084,489
)
Net Assets
$949,241,947
$265,207,031
$84,760,497
$64,809,139
Shares outstanding (unlimited amount authorized, $0.01 par
value)
22,600,000
6,400,000
4,600,000
5,925,000
Net asset value
$42.00
$41.44
$18.43
$10.94
Market price
$41.88
$41.52
$18.30
$10.91
Unaffiliated investments in securities, at cost
$851,719,523
$216,700,061
$76,345,067
$96,856,434
Affiliated investments in securities, at cost
$108,350,846
$9,426,747
$3,083,155
$17,039,032
Foreign currencies (due to foreign custodian), at cost
$114,764
$262,035
$1,992
$212,342
(a)Includes securities on loan with an aggregate value of:
$103,339,773
$8,114,386
$2,863,146
$15,931,515
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
74
 
Invesco
Global Water
ETF (PIO)
Invesco
International
BuyBack AchieversTM
ETF (IPKW)
Invesco
MSCI Global
Climate 500
ETF (KLMT)
Invesco MSCI
Global Timber
ETF (CUT)
Invesco MSCI
Green Building
ETF (GBLD)
Invesco
RAFI Developed
Markets ex-U.S.
ETF (PXF)
Invesco
RAFI Developed
Markets ex-U.S.
Small-Mid ETF (PDN)
$253,225,169
$160,726,384
$1,171,415,692
$45,823,648
$4,935,914
$1,897,109,404
$323,117,463
39,582,347
6,561,146
33,129,282
9,453,714
997,707
152,610,820
57,696,312
-
-
-
-
-
-
-
-
-
138,252
-
-
9,088
-
28,851
78,560
-
-
296
322,724
368,459
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,223,658
980,794
1,799,528
110,882
27,787
9,043,020
2,416,061
60,822
3,661
10,603
4,998
145
70,701
37,007
-
5,660,342
21
1,147,761
3,591
9,274
216,582
-
1,610,819
-
129,891
-
-
-
-
-
-
-
-
-
-
-
-
-
11,960
-
-
-
188,828
135,214
227,810
30,556
1,190
3,384,583
416,793
-
-
-
3,347
-
-
-
294,309,675
175,756,920
1,206,721,188
56,716,757
5,966,630
2,062,559,614
384,268,677
-
318,838
-
-
9,664
-
1,173,729
-
-
69,431
3,611
-
-
-
-
5,850,344
124
1,260,422
-
643
105
-
1,046,635
-
-
-
-
-
39,337,241
6,561,146
32,945,042
9,439,846
997,732
152,610,104
57,700,097
-
-
-
-
-
-
-
-
-
-
-
3,591
-
176,116
148,541
76,085
92,185
-
1,946
633,399
144,085
-
-
-
18,714
-
-
-
-
-
-
13,438
-
-
-
-
-
-
37,889
-
-
-
-
-
-
467
-
-
-
-
-
-
-
-
-
211
39,485,782
13,853,048
33,106,782
10,774,387
1,012,933
153,244,146
59,194,343
$254,823,893
$161,903,872
$1,173,614,406
$45,942,370
$4,953,697
$1,909,315,468
$325,074,334
$271,992,928
$214,420,748
$1,104,590,352
$68,350,483
$7,445,052
$1,669,450,058
$383,498,816
(17,169,035
)
(52,516,876
)
69,024,054
(22,408,113
)
(2,491,355
)
239,865,410
(58,424,482
)
$254,823,893
$161,903,872
$1,173,614,406
$45,942,370
$4,953,697
$1,909,315,468
$325,074,334
6,100,000
3,600,000
45,450,001
1,550,000
300,001
35,450,000
9,200,000
$41.77
$44.97
$25.82
$29.64
$16.51
$53.86
$35.33
$41.74
$44.91
$25.84
$29.57
$16.47
$53.58
$35.17
$204,063,344
$156,882,431
$1,141,182,183
$47,938,897
$6,272,975
$1,529,670,803
$309,549,113
$39,582,620
$6,561,146
$33,129,806
$9,454,224
$997,732
$152,618,226
$57,700,097
$28,415
$75,881
$(69,860
)
$(3,637
)
$289
$319,665
$371,458
$35,450,586
$6,246,456
$31,970,104
$9,025,743
$966,202
$143,630,616
$52,733,588
75
Statements of Assets and Liabilities—(continued)
April 30, 2025
(Unaudited)
 
 
Invesco
RAFI Emerging
Markets
ETF (PXH)
Invesco S&P
Global Water Index
ETF (CGW)
Invesco S&P
International
Developed Quality
ETF (IDHQ)
Assets:
Unaffiliated investments in securities, at value(a)
$1,228,624,513
$931,747,803
$406,376,791
Affiliated investments in securities, at value
42,246,788
80,251,712
20,268,814
Other investments:
Unrealized appreciation on futures contracts
95,708
-
-
Cash
-
-
18,361
Foreign currencies, at value
3,959,250
683,957
-
Deposits with brokers:
Cash collateral-futures contracts
1,000,000
-
-
Cash collateral-failed in-kind securities
-
-
5,867,505
Receivable for:
Dividends
20,805,021
2,576,410
778,067
Securities lending
29,934
15,935
8,567
Investments sold
498
-
820
Investments sold - affiliated broker
-
-
-
Fund shares sold
-
-
5,565,299
Expenses absorbed
-
-
-
Foreign tax reclaims
-
1,293,144
1,158,091
Other assets
-
2,344
-
Total assets
1,296,761,712
1,016,571,305
440,042,315
Liabilities:
Due to custodian
2,956,494
769,051
-
Due to foreign custodian
-
-
8,283
Payable for:
Investments purchased
3,086,366
-
5,766,259
Investments purchased - affiliated broker
-
-
-
Collateral upon return of securities loaned
31,189,168
80,252,435
20,033,879
Collateral upon receipt of securities in-kind
-
-
5,867,505
Fund shares repurchased
-
-
173
Accrued unitary management fees
461,716
-
89,407
Accrued advisory fees
-
361,155
-
Accrued trustees’ and officer’s fees
-
24,589
-
Accrued expenses
-
337,907
-
Accrued tax expenses
7,109,324
-
-
Other payables
15,831,003
-
-
Total liabilities
60,634,071
81,745,137
31,765,506
Net Assets
$1,236,127,641
$934,826,168
$408,276,809
Net assets consist of:
Shares of beneficial interest
$1,391,270,051
$758,987,052
$389,385,349
Distributable earnings (loss)
(155,142,410
)
175,839,116
18,891,460
Net Assets
$1,236,127,641
$934,826,168
$408,276,809
Shares outstanding (unlimited amount authorized, $0.01 par value)
57,950,000
15,880,000
13,100,000
Net asset value
$21.33
$58.87
$31.17
Market price
$21.33
$58.76
$31.04
Unaffiliated investments in securities, at cost
$1,087,105,244
$762,089,874
$368,273,567
Affiliated investments in securities, at cost
$42,247,253
$80,252,435
$20,269,476
Foreign currencies (due to foreign custodian), at cost
$3,948,870
$671,476
$(8,284
)
(a)Includes securities on loan with an aggregate value of:
$29,283,643
$76,720,681
$18,985,011
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
76
77
Statements of Operations
For the six months ended April 30, 2025
(Unaudited)

 
 
Invesco China
Technology
ETF (CQQQ)
Invesco Dorsey Wright
Developed Markets
Momentum
ETF (PIZ)
Invesco Dorsey Wright
Emerging Markets
Momentum
ETF (PIE)
Invesco
Global Clean
Energy
ETF (PBD)
Invesco
Global Water
ETF (PIO)
Investment income:
Unaffiliated dividend income
$1,302,646
$2,857,332
$627,891
$855,607
$2,707,386
Affiliated dividend income
41,508
3,014
493
212
2,319
Securities lending income, net
267,009
23,693
39,074
406,059
144,981
Foreign withholding tax
(29,106
)
(316,050
)
(56,417
)
(133,055
)
(183,756
)
Total investment income
1,582,057
2,567,989
611,041
1,128,823
2,670,930
Expenses:
Unitary management fees
2,656,162
727,499
467,571
292,033
963,236
Advisory fees
-
-
-
-
-
Sub-licensing fees
-
-
-
-
-
Accounting & administration fees
-
-
-
-
-
Professional fees
-
-
-
-
-
Custodian & transfer agent fees
-
-
-
-
-
Trustees’ and officer’s fees
-
-
-
-
-
Tax expenses
-
-
-
-
-
Other expenses
-
-
-
-
-
Total expenses
2,656,162
727,499
467,571
292,033
963,236
Less: Waivers
(862
)
(66
)
(11
)
(5
)
(46
)
Net expenses
2,655,300
727,433
467,560
292,028
963,190
Net investment income (loss)
(1,073,243
)
1,840,556
143,481
836,795
1,707,740
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities
(54,619,982
)
(2,644,093
)
(9,145,977
)
(18,054,527
)
(1,721,268
)
Affiliated investment securities
(4,012
)
(801
)
(111
)
(1,144
)
(2,050
)
In-kind redemptions
4,295,185
772,021
719,945
631,410
7,540,547
Foreign currencies
(210,883
)
12,722
(77,121
)
(7,556
)
(125,992
)
Net realized gain (loss)
(50,539,692
)
(1,860,151
)
(8,503,264
)
(17,431,817
)
5,691,237
Change in net unrealized appreciation (depreciation)
of:
Unaffiliated investment securities
16,706,315
25,073,595
(1,503,370
)
3,811,786
654,349
Affiliated investment securities
(1,082
)
263
(52
)
(96
)
216
Foreign currencies
(91
)
37,906
6,517
10,158
36,473
Futures contracts
-
-
-
-
-
Change in net unrealized appreciation (depreciation)
16,705,142
25,111,764
(1,496,905
)
3,821,848
691,038
Net realized and unrealized gain (loss)
(33,834,550
)
23,251,613
(10,000,169
)
(13,609,969
)
6,382,275
Net increase (decrease) in net assets resulting from
operations
$(34,907,793
)
$25,092,169
$(9,856,688
)
$(12,773,174
)
$8,090,015
 
(a)
Net of foreign taxes of $265,218.
(b)
Net of foreign taxes of $1,158,821.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
78
 
Invesco
International
BuyBack AchieversTM
ETF (IPKW)
Invesco
MSCI Global
Climate 500
ETF (KLMT)
Invesco MSCI
Global Timber
ETF (CUT)
Invesco MSCI
Green Building
ETF (GBLD)
Invesco
RAFI Developed
Markets ex-U.S.
ETF (PXF)
Invesco
RAFI Developed
Markets ex-U.S.
Small-Mid ETF (PDN)
Invesco
RAFI Emerging
Markets
ETF (PXH)
Invesco S&P
Global Water Index
ETF (CGW)
$3,034,552
$13,154,002
$824,517
$141,889
$34,943,840
$6,802,465
$23,507,262
$10,515,911
1,347
20,839
1,481
151
17,003
2,080
216,080
8,326
10,784
40,332
18,708
1,351
375,128
263,761
119,456
67,207
(252,215
)
(694,912
)
(41,889
)
(9,910
)
(3,522,518
)
(751,799
)
(1,792,090
)
(331,338
)
2,794,468
12,520,261
802,817
133,481
31,813,453
6,316,507
22,050,708
10,260,106
318,076
728,246
-
13,000
3,890,474
942,453
2,950,741
-
-
-
125,813
-
-
-
-
2,263,145
-
-
49,247
-
-
-
-
189,128
-
-
7,708
-
-
-
-
37,544
-
-
21,109
-
-
-
-
22,993
-
-
14,032
-
-
-
-
93,150
-
-
5,513
-
-
-
-
9,011
-
-
(403
)
-
-
-
-
-
-
-
26,828
-
-
-
-
33,726
318,076
728,246
249,847
13,000
3,890,474
942,453
2,950,741
2,648,697
(30
)
(442
)
(62,642
)
(3
)
(367
)
(44
)
(4,618
)
(171
)
318,046
727,804
187,205
12,997
3,890,107
942,409
2,946,123
2,648,526
2,476,422
11,792,457
615,612
120,484
27,923,346
5,374,098
19,104,585
7,611,580
(312,162
)
(7,260,893
)
(234,847
)
(192,308
)
12,446,324
(405,059
)
29,546,509
(a)
(4,612,142
)
(491
)
(959
)
(537
)
(62
)
(9,729
)
(3,495
)
(4,616
)
(3,829
)
2,754,989
45,152,072
353,305
88,638
33,901,979
13,933,006
-
14,376,120
19,714
(101,734
)
(5,520
)
(1,652
)
(101,229
)
(87,633
)
(378,853
)
(75,552
)
2,462,050
37,788,486
112,401
(105,384
)
46,237,345
13,436,819
29,163,040
9,684,597
1,836,731
(20,732,785
)
(6,740,771
)
(159,244
)
110,890,471
15,419,789
(28,873,042
)(b)
18,536,503
173
(524
)
(411
)
(17
)
(1,383
)
(1,486
)
2,306
(184
)
53,140
101,286
10,521
2,218
721,338
190,558
200,764
76,905
-
-
-
-
-
-
95,708
-
1,890,044
(20,632,023
)
(6,730,661
)
(157,043
)
111,610,426
15,608,861
(28,574,264
)
18,613,224
4,352,094
17,156,463
(6,618,260
)
(262,427
)
157,847,771
29,045,680
588,776
28,297,821
$6,828,516
$28,948,920
$(6,002,648
)
$(141,943
)
$185,771,117
$34,419,778
$19,693,361
$35,909,401
79
Statements of Operations—(continued)
For the six months ended April 30, 2025
(Unaudited)
 
 
Invesco S&P
International
Developed Quality
ETF (IDHQ)
Investment income:
Unaffiliated dividend income
$6,429,734
Affiliated dividend income
5,261
Securities lending income, net
26,211
Foreign withholding tax
(761,796
)
Total investment income
5,699,410
Expenses:
Unitary management fees
526,997
Less: Waivers
(114
)
Net expenses
526,883
Net investment income
5,172,527
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities
(3,322,690
)
Affiliated investment securities
(569
)
In-kind redemptions
11,458,580
Foreign currencies
10,451
Net realized gain
8,145,772
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities
6,869,059
Affiliated investment securities
(347
)
Foreign currencies
78,583
Change in net unrealized appreciation
6,947,295
Net realized and unrealized gain
15,093,067
Net increase in net assets resulting from operations
$20,265,594
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
80
81
Statements of Changes in Net Assets
For the six months ended April 30, 2025 and the year ended October 31, 2024
(Unaudited)

 
 
Invesco China
Technology ETF (CQQQ)
Invesco Dorsey Wright
Developed Markets
Momentum ETF (PIZ)
 
Six Months Ended
April 30,
2025
Year Ended
October 31,
2024
Six Months Ended
April 30,
2025
Year Ended
October 31,
2024
Operations:
Net investment income (loss)
$(1,073,243
)
$516,568
$1,840,556
$1,251,119
Net realized gain (loss)
(50,539,692
)
(84,897,189
)
(1,860,151
)
14,108,036
Change in net unrealized appreciation (depreciation)
16,705,142
211,879,751
25,111,764
23,130,399
Net increase (decrease) in net assets resulting from operations
(34,907,793
)
127,499,130
25,092,169
38,489,554
Distributions to Shareholders from:
Distributable earnings
(1,873,992
)
(3,679,038
)
(2,097,514
)
(1,704,332
)
Shareholder Transactions:
Proceeds from shares sold
391,757,377
122,467,092
109,807,476
20,522,514
Value of shares repurchased
(173,079,133
)
(164,313,312
)
(3,805,942
)
(29,630,154
)
Transaction fees
-
320,572
-
-
Net increase (decrease) in net assets resulting from share
transactions
218,678,244
(41,525,648
)
106,001,534
(9,107,640
)
Net increase (decrease) in net assets
181,896,459
82,294,444
128,996,189
27,677,582
Net assets:
Beginning of period
767,345,488
685,051,044
136,210,842
108,533,260
End of period
$949,241,947
$767,345,488
$265,207,031
$136,210,842
Changes in Shares Outstanding:
Shares sold
8,250,000
3,650,000
2,800,000
650,000
Shares repurchased
(4,200,000
)
(4,850,000
)
(100,000
)
(900,000
)
Shares outstanding, beginning of period
18,550,000
19,750,000
3,700,000
3,950,000
Shares outstanding, end of period
22,600,000
18,550,000
6,400,000
3,700,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
82
 
Invesco Dorsey Wright
Emerging Markets
Momentum ETF (PIE)
Invesco Global
Clean Energy ETF (PBD)
Invesco Global
Water ETF (PIO)
Invesco International BuyBack
AchieversTM ETF (IPKW)
Six Months Ended
April 30,
2025
Year Ended
October 31,
2024
Six Months Ended
April 30,
2025
Year Ended
October 31,
2024
Six Months Ended
April 30,
2025
Year Ended
October 31,
2024
Six Months Ended
April 30,
2025
Year Ended
October 31,
2024
$143,481
$2,820,709
$836,795
$1,808,201
$1,707,740
$1,920,509
$2,476,422
$2,625,218
(8,503,264
)
9,554,544
(17,431,817
)
(43,891,520
)
5,691,237
24,733,643
2,462,050
9,090,185
(1,496,905
)
7,574,088
3,821,848
42,501,238
691,038
37,851,894
1,890,044
7,719,988
(9,856,688
)
19,949,341
(12,773,174
)
417,919
8,090,015
64,506,046
6,828,516
19,435,391
(260,601
)
(2,940,169
)
(902,505
)
(3,175,547
)
(663,002
)
(2,322,822
)
(3,003,456
)
(2,656,429
)
3,019,328
13,756,187
1,814,184
-
-
22,788,517
104,480,784
46,733,396
(31,410,884
)
(25,579,831
)
(20,602,775
)
(31,679,902
)
(22,284,624
)
(49,897,507
)
(37,501,683
)
(50,763,195
)
-
53,720
-
17,554
-
2,314
-
3,144
(28,391,556
)
(11,769,924
)
(18,788,591
)
(31,662,348
)
(22,284,624
)
(27,106,676
)
66,979,101
(4,026,655
)
(38,508,845
)
5,239,248
(32,464,270
)
(34,419,976
)
(14,857,611
)
35,076,548
70,804,161
12,752,307
123,269,342
118,030,094
97,273,409
131,693,385
269,681,504
234,604,956
91,099,711
78,347,404
$84,760,497
$123,269,342
$64,809,139
$97,273,409
$254,823,893
$269,681,504
$161,903,872
$91,099,711
150,000
700,000
150,000
-
-
550,000
2,300,000
1,200,000
(1,700,000
)
(1,300,000
)
(1,800,000
)
(2,250,000
)
(550,000
)
(1,250,000
)
(900,000
)
(1,350,000
)
6,150,000
6,750,000
7,575,000
9,825,000
6,650,000
7,350,000
2,200,000
2,350,000
4,600,000
6,150,000
5,925,000
7,575,000
6,100,000
6,650,000
3,600,000
2,200,000
83
Statements of Changes in Net Assets—(continued)
For the six months ended April 30, 2025 and the year ended October 31, 2024
(Unaudited)
 
 
Invesco MSCI Global
Climate 500 ETF (KLMT)
Invesco MSCI Global
Timber ETF (CUT)
 
Six Months Ended
April 30,
2025
Period Ended
October 31,
2024(a)
Six Months Ended
April 30,
2025
Year Ended
October 31,
2024
Operations:
Net investment income
$11,792,457
$9,455,580
$615,612
$1,398,269
Net realized gain (loss)
37,788,486
920,089
112,401
2,771,775
Change in net unrealized appreciation (depreciation)
(20,632,023
)
50,911,413
(6,730,661
)
6,017,410
Net increase (decrease) in net assets resulting from operations
28,948,920
61,287,082
(6,002,648
)
10,187,454
Distributions to Shareholders from:
Distributable earnings
(14,550,812
)
(5,411,634
)
(1,546,928
)
(1,329,995
)
Shareholder Transactions:
Proceeds from shares sold
30,454,360
1,630,232,338
-
5,107,181
Value of shares repurchased
(550,856,290
)
(6,489,558
)
(1,578,636
)
(11,032,906
)
Transaction fees
-
-
-
1,604
Net increase (decrease) in net assets resulting from share
transactions
(520,401,930
)
1,623,742,780
(1,578,636
)
(5,924,121
)
Net increase (decrease) in net assets
(506,003,822
)
1,679,618,228
(9,128,212
)
2,933,338
Net assets:
Beginning of period
1,679,618,228
-
55,070,582
52,137,244
End of period
$1,173,614,406
$1,679,618,228
$45,942,370
$55,070,582
Changes in Shares Outstanding:
Shares sold
1,150,000
65,200,001
-
150,000
Shares repurchased
(20,650,000
)
(250,000
)
(50,000
)
(350,000
)
Shares outstanding, beginning of period
64,950,001
-
1,600,000
1,800,000
Shares outstanding, end of period
45,450,001
64,950,001
1,550,000
1,600,000
 
(a)
For the period June 24, 2024 (commencement of investment operations) through October 31, 2024.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
84
 
Invesco MSCI Green
Building ETF (GBLD)
Invesco RAFI Developed Markets
ex-U.S. ETF (PXF)
Invesco RAFI Developed Markets
ex-U.S. Small-Mid ETF (PDN)
Invesco RAFI Emerging Markets
ETF (PXH)
Six Months Ended
April 30,
2025
Year Ended
October 31,
2024
Six Months Ended
April 30,
2025
Year Ended
October 31,
2024
Six Months Ended
April 30,
2025
Year Ended
October 31,
2024
Six Months Ended
April 30,
2025
Year Ended
October 31,
2024
$120,484
$227,295
$27,923,346
$53,687,409
$5,374,098
$13,232,868
$19,104,585
$50,021,938
(105,384
)
(281,783
)
46,237,345
44,318,202
13,436,819
24,521,947
29,163,040
12,367,196
(157,043
)
985,860
111,610,426
237,431,172
15,608,861
52,927,390
(28,574,264
)
239,870,629
(141,943
)
931,372
185,771,117
335,436,783
34,419,778
90,682,205
19,693,361
302,259,763
(187,981
)
(383,598
)
(27,468,836
)
(58,436,863
)
(7,278,051
)
(14,880,598
)
(18,664,536
)
(53,025,417
)
-
5,343,301
146,799,142
43,250,393
9,601
-
-
7,649,553
(3,347,649
)
(3,197,144
)
(92,995,667
)
(101,528,282
)
(102,817,961
)
(150,555,499
)
-
(116,508,977
)
-
-
-
11,156
-
28,612
-
154,895
(3,347,649
)
2,146,157
53,803,475
(58,266,733
)
(102,808,360
)
(150,526,887
)
-
(108,704,529
)
(3,677,573
)
2,693,931
212,105,756
218,733,187
(75,666,633
)
(74,725,280
)
1,028,825
140,529,817
8,631,270
5,937,339
1,697,209,712
1,478,476,525
400,740,967
475,466,247
1,235,098,816
1,094,568,999
$4,953,697
$8,631,270
$1,909,315,468
$1,697,209,712
$325,074,334
$400,740,967
$1,236,127,641
$1,235,098,816
-
300,000
3,000,000
900,000
-
-
-
400,000
(200,000
)
(200,000
)
(1,750,000
)
(2,050,000
)
(3,000,000
)
(4,650,000
)
-
(5,850,000
)
500,001
400,001
34,200,000
35,350,000
12,200,000
16,850,000
57,950,000
63,400,000
300,001
500,001
35,450,000
34,200,000
9,200,000
12,200,000
57,950,000
57,950,000
85
Statements of Changes in Net Assets—(continued)
For the six months ended April 30, 2025 and the year ended October 31, 2024
(Unaudited)
 
 
Invesco S&P Global
Water Index ETF (CGW)
Invesco S&P International
Developed Quality ETF (IDHQ)
 
Six Months Ended
April 30,
2025
Year Ended
October 31,
2024
Six Months Ended
April 30,
2025
Year Ended
October 31,
2024
Operations:
Net investment income
$7,611,580
$12,106,655
$5,172,527
$5,949,643
Net realized gain
9,684,597
130,252,307
8,145,772
250,713
Change in net unrealized appreciation
18,613,224
98,583,941
6,947,295
32,927,861
Net increase in net assets resulting from operations
35,909,401
240,942,903
20,265,594
39,128,217
Distributions to Shareholders from:
Distributable earnings
(20,113,638
)
(14,833,390
)
(5,000,521
)
(6,125,425
)
Shareholder Transactions:
Proceeds from shares sold
8,938,812
74,009,380
55,385,262
173,125,379
Value of shares repurchased
(49,716,844
)
(180,403,329
)
(44,627,681
)
-
Transaction fees
-
9,911
-
7,072
Net increase (decrease) in net assets resulting from share
transactions
(40,778,032
)
(106,384,038
)
10,757,581
173,132,451
Net increase (decrease) in net assets
(24,982,269
)
119,725,475
26,022,654
206,135,243
Net assets:
Beginning of period
959,808,437
840,082,962
382,254,155
176,118,912
End of period
$934,826,168
$959,808,437
$408,276,809
$382,254,155
Changes in Shares Outstanding:
Shares sold
160,000
1,360,000
1,850,000
5,800,000
Shares repurchased
(880,000
)
(3,280,000
)
(1,550,000
)
-
Shares outstanding, beginning of period
16,600,000
18,520,000
12,800,000
7,000,000
Shares outstanding, end of period
15,880,000
16,600,000
13,100,000
12,800,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
86
Financial Highlights
Invesco China Technology ETF (CQQQ) 
 
Six Months Ended
April 30,
2025
(Unaudited)
Years Ended October 31,
 
2024
2023
2022
2021
2020
Per Share Operating Performance:
Net asset value at beginning of period
$41.37
$34.69
$32.16
$68.90
$73.98
$47.88
Net investment income (loss)(a)
(0.06
)
0.03
(0.09
)
(0.07
)
(0.15
)
(0.06
)
Net realized and unrealized gain (loss) on investments
0.80
(b)
6.83
2.62
(36.71
)
(4.54
)
26.17
Total from investment operations
0.74
6.86
2.53
(36.78
)
(4.69
)
26.11
Distributions to shareholders from:
Net investment income
(0.11
)
(0.20
)
(0.03
)
-
(0.39
)
(0.01
)
Transaction fees(a)
-
0.02
0.03
0.04
-
-
Net asset value at end of period
$42.00
$41.37
$34.69
$32.16
$68.90
$73.98
Market price at end of period(c)
$41.88
$41.32
$34.67
$31.96
$68.25
$74.34
Net Asset Value Total Return(d)
1.80
%
19.91
%
7.95
%
(53.32
)%
(6.41
)%
54.53
%
Market Price Total Return(d)
1.63
%
19.84
%
8.56
%
(53.17
)%
(7.75
)%
55.97
%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$949,242
$767,345
$685,051
$702,610
$1,519,338
$1,043,162
Ratio to average net assets of:
Expenses
0.65
%(e)
0.66
%
0.70
%
0.70
%
0.70
%
0.70
%
Net investment income (loss)
(0.26
)%(e)
0.08
%
(0.21
)%
(0.14
)%
(0.19
)%
(0.09
)%
Portfolio turnover rate(f)
27
%
43
%
58
%
58
%
54
%
38
%
 
(a)
Based on average shares outstanding.
(b)
Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of
shareholder transactions in relation to the fluctuating market values of the Fund’s investments.
(c)
The mean between the last bid and ask prices.
(d)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(e)
Annualized.
(f)
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing
creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
87
Financial Highlights—(continued)
Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ) 
 
Six Months Ended
April 30,
2025
(Unaudited)
Years Ended October 31,
 
2024
2023
2022
2021
2020
Per Share Operating Performance:
Net asset value at beginning of period
$36.81
$27.48
$26.03
$39.99
$29.82
$27.18
Net investment income(a)
0.38
0.33
0.54
0.40
0.22
(b)
0.13
Net realized and unrealized gain (loss) on investments
4.84
9.44
1.42
(13.59
)
10.12
2.77
Total from investment operations
5.22
9.77
1.96
(13.19
)
10.34
2.90
Distributions to shareholders from:
Net investment income
(0.59
)
(0.44
)
(0.51
)
(0.77
)
(0.17
)
(0.26
)
Net asset value at end of period
$41.44
$36.81
$27.48
$26.03
$39.99
$29.82
Market price at end of period(c)
$41.52
$36.89
$27.65
$26.00
$40.09
$29.77
Net Asset Value Total Return(d)
13.91
%
35.67
%
7.40
%
(33.25
)%
34.70
%
10.82
%
Market Price Total Return(d)
13.87
%
35.14
%
8.18
%
(33.49
)%
35.26
%
10.96
%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$265,207
$136,211
$108,533
$101,514
$251,951
$155,043
Ratio to average net assets of:
Expenses
0.80
%(e)
0.80
%
0.80
%
0.80
%
0.80
%
0.80
%
Net investment income
2.02
%(e)
0.96
%
1.83
%
1.22
%
0.59
%(b)
0.47
%
Portfolio turnover rate(f)
60
%
114
%
144
%
152
%
161
%
115
%
 
(a)
Based on average shares outstanding.
(b)
Net investment income per share and the ratio of net investment income to average net assets includes income received from foreign withholding tax claims. Net
investment income per share and the ratio of net investment income to average net assets excluding the foreign withholding tax claims are $0.16 and 0.44%,
respectively.
(c)
The mean between the last bid and ask prices.
(d)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(e)
Annualized.
(f)
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing
creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
88
Financial Highlights—(continued)
Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE) 
 
Six Months Ended
April 30,
2025
(Unaudited)
Years Ended October 31,
 
2024
2023
2022
2021
2020
Per Share Operating Performance:
Net asset value at beginning of period
$20.04
$17.49
$15.90
$24.99
$19.56
$18.59
Net investment income(a)
0.03
0.45
0.51
0.57
(b)
0.19
0.23
Net realized and unrealized gain (loss) on investments
(1.31
)
2.56
1.56
(8.97
)
5.52
1.07
Total from investment operations
(1.28
)
3.01
2.07
(8.40
)
5.71
1.30
Distributions to shareholders from:
Net investment income
(0.33
)
(0.47
)
(0.50
)
(0.71
)
(0.30
)
(0.34
)
Transaction fees(a)
-
0.01
0.02
0.02
0.02
0.01
Net asset value at end of period
$18.43
$20.04
$17.49
$15.90
$24.99
$19.56
Market price at end of period(c)
$18.30
$20.02
$17.46
$15.85
$24.81
$19.60
Net Asset Value Total Return(d)
(7.82
)%
17.19
%
12.98
%
(34.05
)%
29.35
%
7.08
%
Market Price Total Return(d)
(8.38
)%
17.28
%
13.16
%
(33.79
)%
28.17
%
7.77
%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$84,760
$123,269
$118,030
$125,593
$214,944
$155,489
Ratio to average net assets of:
Expenses
0.90
%(e)
0.90
%
0.90
%
0.90
%
0.90
%
0.90
%
Net investment income
0.28
%(e)
2.20
%
2.76
%
2.66
%(b)
0.79
%
1.25
%
Portfolio turnover rate(f)
97
%
175
%
150
%
169
%
198
%
155
%
 
(a)
Based on average shares outstanding.
(b)
Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net
investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.48 and 2.24%, respectively.
(c)
The mean between the last bid and ask prices.
(d)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(e)
Annualized.
(f)
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing
creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
89
Financial Highlights—(continued)
Invesco Global Clean Energy ETF (PBD) 
 
Six Months Ended
April 30,
2025
(Unaudited)
Years Ended October 31,
 
2024
2023
2022
2021
2020
Per Share Operating Performance:
Net asset value at beginning of period
$12.84
$13.40
$18.97
$31.28
$22.89
$12.66
Net investment income(a)
0.12
0.21
0.29
0.25
0.16
0.19
Net realized and unrealized gain (loss) on investments
0.72
(b)
(0.41
)
(5.30
)
(12.25
)
8.37
10.30
Total from investment operations
0.84
(0.20
)
(5.01
)
(12.00
)
8.53
10.49
Distributions to shareholders from:
Net investment income
(2.74
)
(0.36
)
(0.56
)
(0.31
)
(0.14
)
(0.26
)
Transaction fees(a)
-
0.00
(c)
0.00
(c)
0.00
(c)
0.00
(c)
0.00
(c)
Net asset value at end of period
$10.94
$12.84
$13.40
$18.97
$31.28
$22.89
Market price at end of period(d)
$10.91
$12.82
$13.41
$18.89
$31.31
$22.92
Net Asset Value Total Return(e)
(13.77
)%
(1.80
)%
(27.24
)%
(38.52
)%
37.31
%
84.06
%
Market Price Total Return(e)
(13.87
)%
(2.03
)%
(26.86
)%
(38.83
)%
37.26
%
85.77
%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$64,809
$97,273
$131,693
$216,728
$399,619
$124,178
Ratio to average net assets of:
Expenses
0.75
%(f)
0.75
%
0.75
%
0.75
%
0.75
%
0.75
%
Net investment income
2.15
%(f)
1.49
%
1.56
%
1.09
%
0.52
%
1.20
%
Portfolio turnover rate(g)
26
%
52
%
64
%
67
%
74
%
56
%
 
(a)
Based on average shares outstanding.
(b)
Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of
shareholder transactions in relation to the fluctuating market values of the Fund’s investments.
(c)
Amount represents less than $0.005.
(d)
The mean between the last bid and ask prices.
(e)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(f)
Annualized.
(g)
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing
creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
90
Financial Highlights—(continued)
Invesco Global Water ETF (PIO) 
 
Six Months Ended
April 30,
2025
(Unaudited)
Years Ended October 31,
 
2024
2023
2022
2021
2020
Per Share Operating Performance:
Net asset value at beginning of period
$40.55
$31.92
$30.81
$41.68
$31.17
$28.94
Net investment income(a)
0.27
0.28
0.31
0.32
0.58
(b)
0.25
Net realized and unrealized gain (loss) on investments
5.19
8.69
1.12
(10.75
)
10.35
2.27
Total from investment operations
5.46
8.97
1.43
(10.43
)
10.93
2.52
Distributions to shareholders from:
Net investment income
(4.24
)
(0.34
)
(0.32
)
(0.44
)
(0.42
)
(0.29
)
Transaction fees(a)
-
0.00
(c)
0.00
(c)
0.00
(c)
0.00
(c)
0.00
(c)
Net asset value at end of period
$41.77
$40.55
$31.92
$30.81
$41.68
$31.17
Market price at end of period(d)
$41.74
$40.49
$31.94
$30.89
$41.72
$31.18
Net Asset Value Total Return(e)
3.28
%
28.10
%
4.57
%
(25.14
)%
35.17
%
8.76
%
Market Price Total Return(e)
3.35
%
27.84
%
4.37
%
(25.02
)%
35.26
%
9.16
%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$254,824
$269,682
$234,605
$257,285
$323,028
$207,262
Ratio to average net assets of:
Expenses
0.75
%(f)
0.75
%
0.75
%
0.75
%
0.75
%
0.75
%
Net investment income
1.33
%(f)
0.69
%
0.89
%
0.91
%
1.52
%(b)
0.86
%
Portfolio turnover rate(g)
15
%
48
%
40
%
35
%
31
%
30
%
 
(a)
Based on average shares outstanding.
(b)
Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net
investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.35 and 0.92%, respectively.
(c)
Amount represents less than $0.005.
(d)
The mean between the last bid and ask prices.
(e)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(f)
Annualized.
(g)
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing
creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
91
Financial Highlights—(continued)
Invesco International BuyBack AchieversTM ETF (IPKW) 
 
Six Months Ended
April 30,
2025
(Unaudited)
Years Ended October 31,
 
2024
2023
2022
2021
2020
Per Share Operating Performance:
Net asset value at beginning of period
$41.41
$33.34
$30.49
$43.74
$31.35
$32.20
Net investment income(a)
0.91
1.23
0.98
1.12
2.55
(b)
0.57
Net realized and unrealized gain (loss) on investments
3.37
8.12
2.79
(10.90
)
10.57
(0.82
)
Total from investment operations
4.28
9.35
3.77
(9.78
)
13.12
(0.25
)
Distributions to shareholders from:
Net investment income
(0.72
)
(1.28
)
(0.92
)
(3.47
)
(0.73
)
(0.61
)
Transaction fees(a)
-
0.00
(c)
0.00
(c)
0.00
(c)
0.00
(c)
0.01
Net asset value at end of period
$44.97
$41.41
$33.34
$30.49
$43.74
$31.35
Market price at end of period(d)
$44.91
$41.55
$33.48
$30.48
$43.78
$31.42
Net Asset Value Total Return(e)
11.19
%
28.26
%
12.35
%
(23.55
)%
41.90
%
(0.30
)%
Market Price Total Return(e)
10.66
%
28.16
%
12.85
%
(23.65
)%
41.72
%
0.37
%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$161,904
$91,100
$78,347
$80,785
$124,660
$92,470
Ratio to average net assets of:
Expenses
0.55
%(f)
0.55
%
0.55
%
0.55
%
0.55
%
0.55
%
Net investment income
4.28
%(f)
3.13
%
2.85
%
3.08
%
5.98
%(b)
1.86
%
Portfolio turnover rate(g)
42
%
93
%
97
%
101
%
113
%
88
%
 
(a)
Based on average shares outstanding.
(b)
Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net
investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.63 and 1.47%, respectively.
(c)
Amount represents less than $0.005.
(d)
The mean between the last bid and ask prices.
(e)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(f)
Annualized.
(g)
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing
creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
92
Financial Highlights—(continued)
Invesco MSCI Global Climate 500 ETF (KLMT) 
 
Six Months Ended
April 30,
2025
(Unaudited)
For the Period
June 24, 2024(a)
Through
October 31,
2024
Per Share Operating Performance:
Net asset value at beginning of period
$25.86
$25.00
Net investment income(b)
0.21
0.15
Net realized and unrealized gain on investments
0.32
0.79
Total from investment operations
0.53
0.94
Distributions to shareholders from:
Net investment income
(0.57
)
(0.08
)
Net asset value at end of period
$25.82
$25.86
Market price at end of period(c)
$25.84
$25.93
Net Asset Value Total Return(d)
0.84
%
3.77
%(e)
Market Price Total Return(d)
0.64
%
4.05
%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$1,173,614
$1,679,618
Ratio to average net assets of:
Expenses
0.10
%(f)
0.10
%(f)
Net investment income
1.62
%(f)
1.64
%(f)
Portfolio turnover rate(g)
10
%
3
%
 
(a)
Commencement of investment operations.
(b)
Based on average shares outstanding.
(c)
The mean between the last bid and ask prices.
(d)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(e)
The net asset value total return from Fund Inception (June 6, 2024, the first day of trading on the exchange) to October 31, 2024 was 3.81%. The market price
total return from Fund Inception to October 31, 2024 was 3.88%.
(f)
Annualized.
(g)
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing
creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
93
Financial Highlights—(continued)
Invesco MSCI Global Timber ETF (CUT) 
 
Six Months Ended
April 30,
2025
(Unaudited)
Years Ended October 31,
 
2024
2023
2022
2021
2020
Per Share Operating Performance:
Net asset value at beginning of period
$34.42
$28.97
$29.59
$36.09
$27.82
$27.65
Net investment income(a)
0.39
0.85
0.75
0.68
0.55
0.53
Net realized and unrealized gain (loss) on investments
(4.97
)
5.38
(0.59
)
(6.60
)
8.27
0.40
Total from investment operations
(4.58
)
6.23
0.16
(5.92
)
8.82
0.93
Distributions to shareholders from:
Net investment income
(0.20
)
(0.78
)
(0.78
)
(0.58
)
(0.55
)
(0.77
)
Transaction fees(a)
-
0.00
(b)
0.00
(b)
0.00
(b)
0.00
(b)
0.01
Net asset value at end of period
$29.64
$34.42
$28.97
$29.59
$36.09
$27.82
Market price at end of period(c)
$29.57
$34.46
$29.03
$29.53
$36.09
$27.81
Net Asset Value Total Return(d)
(11.26
)%
21.75
%
0.44
%
(16.65
)%
31.90
%
3.29
%
Market Price Total Return(d)
(11.57
)%
21.64
%
0.85
%
(16.82
)%
31.95
%
3.60
%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$45,942
$55,071
$52,137
$60,656
$92,035
$75,101
Ratio to average net assets of:
Expenses, after Waivers
0.74
%(e)
0.73
%
0.67
%
0.61
%
0.60
%
0.55
%
Expenses, prior to Waivers
0.99
%(e)
1.01
%
0.82
%
0.69
%
0.68
%
0.72
%
Net investment income
2.45
%(e)
2.58
%
2.48
%
1.99
%
1.51
%
2.00
%
Portfolio turnover rate(f)
20
%
32
%
10
%
15
%
14
%
10
%
 
(a)
Based on average shares outstanding.
(b)
Amount represents less than $0.005.
(c)
The mean between the last bid and ask prices.
(d)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(e)
Annualized.
(f)
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing
creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
94
Financial Highlights—(continued)
Invesco MSCI Green Building ETF (GBLD) 
 
Six Months Ended
April 30,
2025
(Unaudited)
Years Ended October 31,
For the Period
April 20, 2021(a)
Through
October 31,
2021
 
2024
2023
2022
Per Share Operating Performance:
Net asset value at beginning of period
$17.26
$14.84
$16.43
$23.82
$25.00
Net investment income(b)
0.29
0.61
0.70
0.69
0.44
Net realized and unrealized gain (loss) on investments
(0.77
)
2.91
(1.59
)
(7.21
)
(1.21
)
Total from investment operations
(0.48
)
3.52
(0.89
)
(6.52
)
(0.77
)
Distributions to shareholders from:
Net investment income
(0.27
)
(1.10
)
(0.70
)
(0.76
)
(0.41
)
Return of capital
-
-
-
(0.11
)
-
Total distributions
(0.27
)
(1.10
)
(0.70
)
(0.87
)
(0.41
)
Net asset value at end of period
$16.51
$17.26
$14.84
$16.43
$23.82
Market price at end of period(c)
$16.47
$17.32
$14.93
$16.44
$23.89
Net Asset Value Total Return(d)
(1.50
)%
23.99
%
(5.79
)%
(28.05
)%
(3.13
)%(e)
Market Price Total Return(d)
(2.08
)%
23.68
%
(5.28
)%
(28.22
)%
(2.84
)%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$4,954
$8,631
$5,937
$4,928
$4,764
Ratio to average net assets of:
Expenses, after Waivers
0.39
%(f)
0.38
%
0.38
%
0.39
%
0.39
%(f)
Expenses, prior to Waivers
0.39
%(f)
0.39
%
0.39
%
0.39
%
0.39
%(f)
Net investment income
3.61
%(f)
3.64
%
4.14
%
3.40
%
3.34
%(f)
Portfolio turnover rate(g)
17
%
13
%
23
%
17
%
25
%
 
(a)
Commencement of investment operations.
(b)
Based on average shares outstanding.
(c)
The mean between the last bid and ask prices.
(d)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(e)
The net asset value total return from Fund Inception (April 22, 2021, the first day of trading on the exchange) to October 31, 2021 was (2.74)%. The market
price total return from Fund Inception to October 31, 2021 was (2.30)%.
(f)
Annualized.
(g)
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing
creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
95
Financial Highlights—(continued)
Invesco RAFI Developed Markets ex-U.S. ETF (PXF) 
 
Six Months Ended
April 30,
2025
(Unaudited)
Years Ended October 31,
 
2024
2023
2022
2021
2020
Per Share Operating Performance:
Net asset value at beginning of period
$49.63
$41.82
$37.62
$48.20
$34.17
$40.99
Net investment income(a)
0.80
1.55
1.54
1.40
1.42
0.94
Net realized and unrealized gain (loss) on
investments
4.00
7.95
4.15
(9.83
)
13.72
(6.85
)
Total from investment operations
4.80
9.50
5.69
(8.43
)
15.14
(5.91
)
Distributions to shareholders from:
Net investment income
(0.57
)
(1.69
)
(1.49
)
(2.15
)
(1.11
)
(0.92
)
Transaction fees(a)
-
0.00
(b)
0.00
(b)
0.00
(b)
0.00
(b)
0.01
Net asset value at end of period
$53.86
$49.63
$41.82
$37.62
$48.20
$34.17
Market price at end of period(c)
$53.58
$49.65
$42.17
$37.71
$48.22
$34.25
Net Asset Value Total Return(d)
10.22
%
22.84
%
15.00
%
(17.95
)%
44.49
%
(14.26
)%
Market Price Total Return(d)
9.60
%
21.87
%
15.68
%
(17.81
)%
44.22
%
(13.80
)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$1,909,315
$1,697,210
$1,478,477
$1,130,538
$1,200,189
$871,403
Ratio to average net assets of:
Expenses
0.45
%(e)
0.45
%
0.45
%
0.45
%
0.45
%
0.45
%
Net investment income
3.20
%(e)
3.18
%
3.52
%
3.24
%
3.09
%
2.57
%
Portfolio turnover rate(f)
7
%
12
%
12
%
16
%
17
%
11
%
 
(a)
Based on average shares outstanding.
(b)
Amount represents less than $0.005.
(c)
The mean between the last bid and ask prices.
(d)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(e)
Annualized.
(f)
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing
creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
96
Financial Highlights—(continued)
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) 
 
Six Months Ended
April 30,
2025
(Unaudited)
Years Ended October 31,
 
2024
2023
2022
2021
2020
Per Share Operating Performance:
Net asset value at beginning of period
$32.85
$28.22
$26.66
$38.13
$28.93
$30.67
Net investment income(a)
0.45
0.88
0.79
0.81
0.65
0.60
Net realized and unrealized gain (loss) on investments
2.34
4.74
1.63
(11.23
)
9.25
(1.70
)
Total from investment operations
2.79
5.62
2.42
(10.42
)
9.90
(1.10
)
Distributions to shareholders from:
Net investment income
(0.31
)
(0.99
)
(0.86
)
(1.06
)
(0.70
)
(0.64
)
Transaction fees(a)
-
0.00
(b)
0.00
(b)
0.01
0.00
(b)
0.00
(b)
Net asset value at end of period
$35.33
$32.85
$28.22
$26.66
$38.13
$28.93
Market price at end of period(c)
$35.17
$32.91
$28.42
$26.68
$38.41
$28.94
Net Asset Value Total Return(d)
9.57
%
19.97
%
8.88
%
(27.72
)%
34.34
%
(3.36
)%
Market Price Total Return(d)
8.87
%
19.34
%
9.58
%
(28.21
)%
35.26
%
(2.53
)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$325,074
$400,741
$475,466
$489,162
$434,660
$308,106
Ratio to average net assets of:
Expenses
0.49
%(e)
0.49
%
0.49
%
0.49
%
0.49
%
0.49
%
Net investment income
2.77
%(e)
2.69
%
2.58
%
2.55
%
1.77
%
2.09
%
Portfolio turnover rate(f)
13
%
30
%
31
%
32
%
31
%
26
%
 
(a)
Based on average shares outstanding.
(b)
Amount represents less than $0.005.
(c)
The mean between the last bid and ask prices.
(d)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(e)
Annualized.
(f)
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing
creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
97
Financial Highlights—(continued)
Invesco RAFI Emerging Markets ETF (PXH) 
 
Six Months Ended
April 30,
2025
(Unaudited)
Years Ended October 31,
 
2024
2023
2022
2021
2020
Per Share Operating Performance:
Net asset value at beginning of period
$21.31
$17.26
$15.84
$22.43
$17.51
$20.95
Net investment income(a)
0.33
0.82
0.84
1.06
(b)
0.92
0.59
Net realized and unrealized gain (loss) on
investments
0.10
4.11
1.45
(6.37
)
4.63
(3.40
)
Total from investment operations
0.43
4.93
2.29
(5.31
)
5.55
(2.81
)
Distributions to shareholders from:
Net investment income
(0.41
)
(0.88
)
(0.87
)
(1.29
)
(0.64
)
(0.63
)
Transaction fees(a)
-
0.00
(c)
0.00
(c)
0.01
0.01
0.00
(c)
Net asset value at end of period
$21.33
$21.31
$17.26
$15.84
$22.43
$17.51
Market price at end of period(d)
$21.33
$21.35
$17.25
$15.85
$22.34
$17.51
Net Asset Value Total Return(e)
1.62
%
28.95
%
14.21
%
(24.47
)%
31.79
%
(13.44
)%
Market Price Total Return(e)
1.43
%
29.27
%
14.09
%
(24.14
)%
31.28
%
(13.36
)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$1,236,128
$1,235,099
$1,094,569
$1,206,241
$1,360,503
$969,844
Ratio to average net assets of:
Expenses, after Waivers
0.48
%(f)
0.49
%
0.49
%
0.49
%
0.49
%(g)
0.49
%(g)
Expenses, prior to Waivers
0.49
%(f)
0.49
%
0.49
%
0.49
%
0.49
%(g)
0.49
%(g)
Net investment income
3.14
%(f)
4.11
%
4.57
%
5.39
%(b)
4.11
%
3.14
%
Portfolio turnover rate(h)
13
%
21
%
21
%
36
%
34
%
22
%
 
(a)
Based on average shares outstanding.
(b)
Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net
investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.63 and 3.19%, respectively.
(c)
Amount represents less than $0.005.
(d)
The mean between the last bid and ask prices.
(e)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(f)
Annualized.
(g)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment
companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that
are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated
investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.
(h)
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing
creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
98
Financial Highlights—(continued)
Invesco S&P Global Water Index ETF (CGW) 
 
Six Months Ended
April 30,
2025
(Unaudited)
Years Ended October 31,
 
2024
2023
2022
2021
2020
Per Share Operating Performance:
Net asset value at beginning of period
$57.82
$45.36
$45.65
$58.91
$41.43
$39.55
Net investment income(a)
0.47
0.69
0.75
0.61
1.08
(b)
0.63
Net realized and unrealized gain (loss) on investments
1.27
12.59
(0.36
)(c)
(12.91
)
17.06
1.86
Total from investment operations
1.74
13.28
0.39
(12.30
)
18.14
2.49
Distributions to shareholders from:
Net investment income
(0.69
)
(0.82
)
(0.68
)
(0.96
)
(0.66
)
(0.61
)
Transaction fees(a)
-
0.00
(d)
0.00
(d)
0.00
(d)
0.00
(d)
0.00
(d)
Net asset value at end of period
$58.87
$57.82
$45.36
$45.65
$58.91
$41.43
Market price at end of period(e)
$58.76
$57.83
$45.37
$45.66
$59.04
$41.54
Net Asset Value Total Return(f)
4.12
%
29.49
%
0.81
%
(21.21
)%
44.25
%
6.31
%
Market Price Total Return(f)
3.91
%
29.48
%
0.81
%
(21.37
)%
44.18
%
6.62
%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$934,826
$959,808
$840,083
$932,994
$1,199,341
$710,871
Ratio to average net assets of:
Expenses
0.59
%(g)
0.59
%
0.56
%
0.57
%
0.57
%
0.57
%
Net investment income
1.68
%(g)
1.25
%
1.53
%
1.20
%
2.08
%(b)
1.61
%
Portfolio turnover rate(h)
9
%
42
%
36
%
35
%
15
%
15
%
 
(a)
Based on average shares outstanding.
(b)
Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net
investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.62 and 1.18%, respectively.
(c)
Net gains (losses) on securities (both realized and unrealized) per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of
shareholder transactions in relation to the fluctuating market values of the Fund’s investments.
(d)
Amount represents less than $0.005.
(e)
The mean between the last bid and ask prices.
(f)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(g)
Annualized.
(h)
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing
creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
99
Financial Highlights—(continued)
Invesco S&P International Developed Quality ETF (IDHQ) 
 
Six Months Ended
April 30,
2025
(Unaudited)
Years Ended October 31,
 
2024
2023
2022
2021
2020
Per Share Operating Performance:
Net asset value at beginning of period
$29.86
$25.16
$22.23
$31.38
$25.01
$24.47
Net investment income(a)
0.42
0.61
0.69
0.76
0.63
0.46
Net realized and unrealized gain (loss) on investments
5.76
4.72
2.91
(9.05
)
6.39
0.55
Total from investment operations
6.18
5.33
3.60
(8.29
)
7.02
1.01
Distributions to shareholders from:
Net investment income
(4.87
)
(0.63
)
(0.67
)
(0.86
)
(0.65
)
(0.47
)
Transaction fees(a)
-
0.00
(b)
0.00
(b)
0.00
(b)
0.00
(b)
0.00
(b)
Net asset value at end of period
$31.17
$29.86
$25.16
$22.23
$31.38
$25.01
Market price at end of period(c)
$31.04
$29.89
$25.35
$22.23
$31.53
$25.00
Net Asset Value Total Return(d)
5.82
%
21.17
%
16.13
%
(26.69
)%
28.19
%
4.42
%
Market Price Total Return(d)
5.27
%
20.38
%
17.00
%
(27.04
)%
28.85
%
4.09
%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$408,277
$382,254
$176,119
$92,266
$114,522
$100,021
Ratio to average net assets of:
Expenses
0.29
%(e)
0.29
%
0.29
%
0.29
%
0.29
%
0.29
%
Net investment income
2.85
%(e)
2.05
%
2.64
%
2.85
%
2.09
%
1.83
%
Portfolio turnover rate(f)
19
%
43
%
50
%
62
%
61
%
42
%
 
(a)
Based on average shares outstanding.
(b)
Amount represents less than $0.005.
(c)
The mean between the last bid and ask prices.
(d)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(e)
Annualized.
(f)
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing
creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
100
Notes to Financial Statements
Invesco Exchange-Traded Fund Trust II
April 30, 2025
(Unaudited)
NOTE 1—Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios: 
Full Name
Short Name
Invesco China Technology ETF (CQQQ)
"China Technology ETF"
Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)
"Dorsey Wright Developed Markets Momentum ETF"
Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)
"Dorsey Wright Emerging Markets Momentum ETF"
Invesco Global Clean Energy ETF (PBD)
"Global Clean Energy ETF"
Invesco Global Water ETF (PIO)
"Global Water ETF"
Invesco International BuyBack AchieversTM ETF (IPKW)
"International BuyBack AchieversTM ETF"
Invesco MSCI Global Climate 500 ETF (KLMT)
"MSCI Global Climate 500 ETF"
Invesco MSCI Global Timber ETF (CUT)
"MSCI Global Timber ETF"
Invesco MSCI Green Building ETF (GBLD)
"MSCI Green Building ETF"
Invesco RAFI Developed Markets ex-U.S. ETF (PXF)(a)
"RAFI Developed Markets ex-U.S. ETF"
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)(b)
"RAFI Developed Markets ex-U.S. Small-Mid ETF"
Invesco RAFI Emerging Markets ETF (PXH)(c)
"RAFI Emerging Markets ETF"
Invesco S&P Global Water Index ETF (CGW)
"S&P Global Water Index ETF"
Invesco S&P International Developed Quality ETF (IDHQ)
"S&P International Developed Quality ETF"
 
(a)
Effective March 24, 2025, the Fund’s name changed from Invesco FTSE RAFI Developed Markets ex-U.S. ETF to Invesco RAFI Developed Markets ex-U.S. ETF.
(b)
Effective March 24, 2025, the Fund’s name changed from Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF ETF to Invesco RAFI Developed
Markets ex-U.S. Small-Mid ETF.
(c)
Effective March 24, 2025, the Fund’s name changed from Invesco FTSE RAFI Emerging Markets ETF to Invesco RAFI Emerging Markets ETF.
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on the following exchanges: 
Fund
Exchange
China Technology ETF
NYSE Arca, Inc.
Dorsey Wright Developed Markets Momentum ETF
The Nasdaq Stock Market LLC
Dorsey Wright Emerging Markets Momentum ETF
The Nasdaq Stock Market LLC
Global Clean Energy ETF
NYSE Arca, Inc.
Global Water ETF
The Nasdaq Stock Market LLC
International BuyBack AchieversTM ETF
The Nasdaq Stock Market LLC
MSCI Global Climate 500 ETF
NYSE Arca, Inc.
MSCI Global Timber ETF
NYSE Arca, Inc.
MSCI Green Building ETF
NYSE Arca, Inc.
RAFI Developed Markets ex-U.S. ETF
NYSE Arca, Inc.
RAFI Developed Markets ex-U.S. Small-Mid ETF
NYSE Arca, Inc.
RAFI Emerging Markets ETF
NYSE Arca, Inc.
S&P Global Water Index ETF
NYSE Arca, Inc.
S&P International Developed Quality ETF
NYSE Arca, Inc.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit”, as set forth in each Fund’s prospectus. Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”), though each Fund reserves the right to issue and redeem Creation Units in exchange for cash. Except when aggregated in Creation Units by authorized participants (“APs”), the Shares are not individually redeemable securities of the Funds.
101
The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”): 
Fund
Underlying Index
China Technology ETF
FTSE China Incl A 25% Technology Capped Index
Dorsey Wright Developed Markets Momentum ETF
Dorsey Wright® Developed Markets Technical Leaders Index
Dorsey Wright Emerging Markets Momentum ETF
Dorsey Wright® Emerging Markets Technical Leaders Index
Global Clean Energy ETF
WilderHill New Energy Global Innovation Index
Global Water ETF
Nasdaq OMX Global Water IndexSM
International BuyBack AchieversTM ETF
Nasdaq International BuyBack AchieversTM Index
MSCI Global Climate 500 ETF
MSCI ACWI Select Climate 500 Index
MSCI Global Timber ETF
MSCI ACWI IMI Timber Select Capped Index
MSCI Green Building ETF
MSCI Global Green Building Index
RAFI Developed Markets ex-U.S. ETF
RAFITM Fundamental Select Developed ex U.S. 1000 Index
RAFI Developed Markets ex-U.S. Small-Mid ETF
RAFITM Fundamental Select Developed ex-U.S. 1500 Index
RAFI Emerging Markets ETF
RAFITM Fundamental Select Emerging 350 Index
S&P Global Water Index ETF
S&P Global Water Index
S&P International Developed Quality ETF
S&P Quality Developed ex-U.S. LargeMidCap Index
NOTE 2—Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
A.
Security Valuation - Securities, including restricted securities, are valued according to the following policies:
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter ("OTC") market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on
102
a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. 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.
The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
B.
Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.
The Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the
103
determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
C.
Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.
Dividends and Distributions to Shareholders - Each Fund (except for China Technology ETF, MSCI Global Timber ETF and S&P Global Water Index ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. China Technology ETF, MSCI Global Timber ETF and S&P Global Water Index ETF each declares and pays dividends from net investment income, if any, to its shareholders annually and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.
E.
Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.
Foreign Withholding Taxes - Each Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. Each Fund may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. Each Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for Foreign tax reclaims on the Statements of Assets and Liabilities. There is no guarantee that a Fund will receive refunds applied for in a timely manner or at all.
As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as Foreign withholding tax claims in the Statements of Operations, and any related interest is included in Unaffiliated interest income. Each Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are excluded from the unitary management fee and are reflected on the Statements of Operations as Professional fees, if any. In the event tax refunds received by a Fund during the fiscal year exceed the foreign withholding taxes paid by a Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds’ shareholders. For the six months ended April 30, 2025, the Funds did not enter into any closing agreements.
G.
Expenses - Each Fund (except for MSCI Global Timber ETF and S&P Global Water Index ETF) has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and
104
other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser).
MSCI Global Timber ETF and S&P Global Water Index ETF are responsible for all of their own expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, brokerage commissions and other expenses connected with executions of portfolio transactions, licensing fees related to their respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members and officers who are not “interested persons” (as defined in the 1940 Act) of the Trust or the Adviser (the “Independent Trustees”), expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).
Expenses of the Trust that are directly identifiable to a specific Fund, including expenses that are excluded from a Fund’s unitary management fee (if applicable), are applied to that Fund. Expenses of the Trust that are not readily identifiable to a specific Fund, including expenses that are excluded from a Fund’s unitary management fee (if applicable), are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
H.
Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
I.
Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
J.
Segment Reporting — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity’s segments impact overall performance. Each Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Funds’ chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within each Fund. The CODM monitors the operating results as a whole, and each Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds’ financial statements. Adoption of the new standard impacted the Funds’ financial statement note disclosures only and did not affect the Funds’ financial position or the results of its operations.
K.
Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the
105
borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income, net on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.
Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2025, each Fund (except for Dorsey Wright Developed Markets Momentum ETF) had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income, net on the Statements of Operations, were incurred by each applicable Fund as listed below: 
 
Amount
China Technology ETF
$777
Dorsey Wright Emerging Markets Momentum ETF
104
Global Clean Energy ETF
15,503
Global Water ETF
290
International BuyBack AchieversTM ETF
5
MSCI Global Climate 500 ETF
777
MSCI Global Timber ETF
338
MSCI Green Building ETF
44
RAFI Developed Markets ex-U.S. ETF
1,470
RAFI Developed Markets ex-U.S. Small-Mid ETF
284
RAFI Emerging Markets ETF
776
S&P Global Water Index ETF
2,458
S&P International Developed Quality ETF
41
 
L.
Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.
Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.
The performance of a Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause a Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that a Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of a Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statements of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the
106
investments. 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.
M.
Futures Contracts - The Funds may enter into futures contracts to simulate full investment in securities or manage exposure to equity and market price movements and/or currency risks and provide exposure to markets and indexes.
A futures contract is an agreement between two parties ("Counterparties") to purchase or sell a specified underlying security or index for a specified price at a future date. Certain Funds will only enter into exchange-traded futures contracts that are standardized as to maturity date and underlying instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant broker. During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as a receivable or payable on the Statements of Assets and Liabilities. The Fund may utilize excess cash or otherwise transfer cash to the broker to satisfy variation margin requirements. When the contracts are closed or expire, each Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statements of Operations.
The primary risks associated with futures contracts are market risk, leverage risk and the absence of a liquid secondary market. If a Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and may be required to continue to maintain the margin deposits on the futures contracts until the position expired or matured. Unlike equities, which typically entitle the holder to a continuing stake in a corporation, futures contracts normally specify a certain date for delivery of the underlying asset for settlement in cash based on the level of the underlying asset. As futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as “rolling." If the market for these contracts is in “contango,” meaning that the prices of futures contracts in the nearer months are lower than the price of contracts in the distant months, the sale of the near-term month contract would be at a lower price than the longer-term contract, resulting in a cost to “roll” the futures contract. The actual realization of a potential roll cost will depend on the difference in price of the near and distant contracts. In addition, futures contracts may be subject to contractual or other restrictions on resale and may lack readily available markets for resale. Futures have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures contracts, guarantees the futures against default. Risks may exceed amounts recognized in the Statements of Assets and Liabilities.
N.
Other Risks
ADR and GDR Risk. Certain Funds may invest in American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.
AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Additionally, to the extent that a Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that a Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or that the Shares may be halted and/or delisted.
China Investment Risk. Investments in companies located or operating in Greater China (normally considered to be the geographical area that includes mainland China, Hong Kong, Macau and Taiwan) involve risks and considerations not typically associated with investments in the U.S. and other Western nations, such as greater government control over the economy; political, legal and regulatory uncertainty; nationalization, expropriation, or confiscation of property; lack of willingness or ability of the Chinese government to support the economies and markets of the Greater China region; lack of publicly available information and difficulty in obtaining information necessary for investigations into and/or litigation against Chinese
107
companies, as well as in obtaining and/or enforcing judgments; limited legal remedies for shareholders; alteration or discontinuation of economic reforms; military conflicts and the risk of war, either internal or with other countries; public health emergencies resulting in market closures, travel restrictions, quarantines or other interventions; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of Greater China; and Greater China’s dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country within Greater China may impact the other countries in the region or Greater China as a whole. Export growth continues to be a major driver of China’s rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of additional tariffs, sanctions, capital controls, embargoes, trade wars or other trade barriers (or the threat thereof), including as a result of trade tensions between China and the United States, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by a Fund. Further, health events may cause uncertainty and volatility in the Chinese economy, especially in the consumer discretionary (leisure, retail, gaming, tourism), industrials, and commodities sectors. Additionally, any difficulties of the Public Company Accounting Oversight Board (“PCAOB”) to inspect audit work papers and practices of PCAOB-registered accounting firms in China with respect to their audit work of U.S. reporting companies may impose significant additional risks associated with investments in China.
Currency Risk. Because each Fund’s NAV is determined in U.S. dollars, a Fund’s NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund’s overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on a Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.
Emerging Markets Investment Risk. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. In addition, lack of relevant data and reliable public information, including financial information, about securities in emerging markets may contribute to incorrect weightings and data and computational errors when a Fund’s index provider selects securities for inclusion in the Fund’s Underlying Index or rebalances the Underlying Index. 
Environmental, Social and Governance ("ESG") Investing Strategy Risk. The stocks of companies with favorable ESG attributes may underperform the stock market as a whole. As a result, a Fund may underperform other funds that do not screen companies based on ESG attributes. The criteria used to select companies for investment may result in such Funds investing in securities, industries or sectors that underperform the market as a whole or underperform other funds screened for ESG standards.
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
Foreign Investment Risk. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased
108
publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns. From time to time, certain companies in which the Funds invest may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. Government and the United Nations and/or in countries the U.S. Government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. Government identifies as state sponsors of terrorism or subjects to sanctions.
Geographic Concentration Risk. A Fund may from time to time have a substantial amount of its assets invested in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on a Fund’s investment performance. For example, a natural or other disaster could occur in a country or geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific country or geographic region and adversely impact the Fund’s investments in the affected region.
Index Risk. Unlike many investment companies that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security’s current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources; adverse labor relations; political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Market Risk. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund’s NAV. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which a Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.
During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by a Fund will rise in value.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
109
Non-Diversified Fund Risk. Because China Technology ETF, Global Water ETF, International BuyBack AchieversTM ETF, MSCI Global Climate 500 ETF, MSCI Global Timber ETF, MSCI Green Building ETF and S&P Global Water Index ETF are non-diversified, and to the extent certain Funds become non-diversified, and can invest a greater portion of their respective assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance. 
Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.
REIT Risk. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT’s shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and REIT shareholders will incur a proportionate share of the underlying expenses.
Risk of Green Building Investing. Companies involved in “green building” face many of the risk factors associated generally with the building and construction industry, including that such companies may be significantly affected by changes in government spending or regulation, zoning laws, economic conditions and world events, interest rates, taxation, real estate values and overbuilding. Such companies may be impacted by the supply and demand both for their specific products or services and for industrial sector products in general. In addition, such companies face risks specific to sustainable or “green” building, including: building costs may be more expensive for green buildings as compared to conventional buildings; green construction materials may not be readily available; the costs associated with obtaining third-party certification; and the failure to continue to meet certification standards. The technology and methods for green building are relatively new, and there is uncertainty surrounding the longevity and warranty of new products and/or the use of relatively untested materials. Moreover, there remains uncertainty about how the regulatory environment might evolve with respect to green building.
Sampling Risk. Certain Funds’ use of a representative sampling methodology may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.
Small- and Mid-Capitalization Company Risk. For certain Funds, investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions. 
Thematic Investing Risk. Certain Funds rely on the index provider for their respective Underlying Index to identify securities that provide exposure to specific environmental themes, as set forth in the Underlying Index methodology. A Fund’s performance may suffer if such securities are not correctly identified. Performance may also suffer if the securities included in an Underlying Index do not benefit from the development of the applicable environmental theme. Further, to the extent that an index provider evaluates ESG factors as part of an Underlying Index’s methodology, there is a risk that information used by the index provider to evaluate these ESG factors may not be readily available, complete or accurate. This could negatively impact the index provider’s ability to apply its ESG standards when compiling the Underlying Index, and which may negatively impact a Fund’s performance. Performance may also be impacted by the inclusion of non-theme relevant exposures in an Underlying Index. There is no guarantee that an Underlying Index will reflect complete exposure to any particular environmental theme.
NOTE 3—Investment Advisory Agreements and Other Agreements
The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to an Investment Advisory Agreement, each Fund listed below accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary
110
expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund listed below to the Adviser at the following annual rates: 
 
Unitary Management Fees
(as a % of average daily net assets)
China Technology ETF
0.65
%
Dorsey Wright Developed Markets Momentum ETF
0.80
%
Dorsey Wright Emerging Markets Momentum ETF
0.90
%
Global Clean Energy ETF
0.75
%
Global Water ETF
0.75
%
International BuyBack AchieversTM ETF
0.55
%
MSCI Global Climate 500 ETF
0.10
%
MSCI Green Building ETF
0.39
%
RAFI Developed Markets ex-U.S. ETF(a)
0.43
%
RAFI Developed Markets ex-U.S. Small-Mid ETF(b)
0.47
%
RAFI Emerging Markets ETF(b)
0.47
%
S&P International Developed Quality ETF
0.29
%
 
(a)
Effective March 24, 2025, the Fund’s unitary management fee was reduced from 0.45% to 0.43%.
(b)
Effective March 24, 2025, the Fund’s unitary management fee was reduced from 0.49% to 0.47%.
Pursuant to another Investment Advisory Agreement, each of the following Funds accrues daily and pays monthly to the Adviser an annual fee equal to a percentage of its average daily net assets as follows: 
 
Management Fees
(as a % of average daily net assets)
MSCI Global Timber ETF
0.50
%
S&P Global Water Index ETF
0.50
%
The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each of MSCI Global Timber ETF and S&P Global Water Index ETF, pursuant to which the Adviser has contractually agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser)) of each such Fund from exceeding the percentage of the Fund’s average daily net assets per year (the “Expense Cap”) shown in the table below through at least August 31, 2027. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2027. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. The Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap for S&P Global Water Index ETF. 
 
Expense Cap
MSCI Global Timber ETF
0.55
%
S&P Global Water Index ETF
0.63
%
Further, through at least August 31, 2027, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date. This waiver is not subject to recapture by the Adviser. 
For the six months ended April 30, 2025, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts: 
China Technology ETF
$862
Dorsey Wright Developed Markets Momentum ETF
66
Dorsey Wright Emerging Markets Momentum ETF
11
Global Clean Energy ETF
5
Global Water ETF
46
International BuyBack AchieversTM ETF
30
111
MSCI Global Climate 500 ETF
$442
MSCI Global Timber ETF
62,642
MSCI Green Building ETF
3
RAFI Developed Markets ex-U.S. ETF
367
RAFI Developed Markets ex-U.S. Small-Mid ETF
44
RAFI Emerging Markets ETF
4,618
S&P Global Water Index ETF
171
S&P International Developed Quality ETF
114
The fees waived and/or expenses borne by the Adviser for MSCI Global Timber ETF and S&P Global Water Index ETF, pursuant to the Expense Cap, are subject to recapture by the Adviser for up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Funds if it would result in the Funds exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser.
For the following Fund, the amounts available for potential recapture by the Adviser and the expiration schedule as of April 30, 2025 are as follows: 
 
Total
Potential
Recapture
Amounts
Potential Recapture Amounts Expiring
 
10/31/25
10/31/26
10/31/27
10/31/28
MSCI Global Timber ETF
$322,633
$36,866
$79,259
$143,901
$62,607
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into a licensing agreement on behalf of each Fund with the following entities (each, a “Licensor”): 
Fund
Licensor
China Technology ETF
FTSE International Ltd.
Dorsey Wright Developed Markets Momentum ETF
Dorsey Wright & Associates, LLC
Dorsey Wright Emerging Markets Momentum ETF
Dorsey Wright & Associates, LLC
Global Clean Energy ETF
WilderHill New Energy Finance, LLC
Global Water ETF
Nasdaq, Inc.
International BuyBack AchieversTM ETF
Nasdaq, Inc.
MSCI Global Climate 500 ETF
MSCI, Inc.
MSCI Global Timber ETF
MSCI, Inc.
MSCI Green Building ETF
MSCI, Inc.
RAFI Developed Markets ex-U.S. ETF
FTSE International Ltd.
RAFI Developed Markets ex-U.S. Small-Mid ETF
FTSE International Ltd.
RAFI Emerging Markets ETF
FTSE International Ltd.
S&P Global Water Index ETF
S&P Dow Jones Indices LLC
S&P International Developed Quality ETF
S&P Dow Jones Indices LLC
Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
For the six months ended April 30, 2025, the Funds incurred brokerage commissions with Invesco Capital Markets, Inc. ("ICMI"), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below: 
China Technology ETF
$132
Dorsey Wright Developed Markets Momentum ETF
6,988
Dorsey Wright Emerging Markets Momentum ETF
875
Global Clean Energy ETF
15,828
Global Water ETF
2,617
112
International BuyBack AchieversTM ETF
$7,585
MSCI Global Climate 500 ETF
538
MSCI Global Timber ETF
2,854
MSCI Green Building ETF
98
RAFI Developed Markets ex-U.S. ETF
10,257
RAFI Developed Markets ex-U.S. Small-Mid ETF
8,391
RAFI Emerging Markets ETF
8,352
S&P Global Water Index ETF
4,816
S&P International Developed Quality ETF
61
Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.
NOTE 4—Additional Valuation Information
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 the Adviser’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 April 30, 2025. 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
China Technology ETF
Investments in Securities
Common Stocks & Other Equity Interests
$93,898,296
$855,050,967
$10,965
$948,960,228
Money Market Funds
233,503
108,114,586
-
108,348,089
Total Investments
$94,131,799
$963,165,553
$10,965
$1,057,308,317
Dorsey Wright Developed Markets Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests
$39,297,390
$224,862,102
$-
$264,159,492
Money Market Funds
-
9,426,666
-
9,426,666
Total Investments
$39,297,390
$234,288,768
$-
$273,586,158
Dorsey Wright Emerging Markets Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests
$10,370,192
$74,222,456
$-
$84,592,648
Money Market Funds
65,501
3,017,602
-
3,083,103
Total Investments
$10,435,693
$77,240,058
$-
$87,675,751
113
 
Level 1
Level 2
Level 3
Total
Global Clean Energy ETF
Investments in Securities
Common Stocks & Other Equity Interests
$20,918,695
$43,627,663
$-
$64,546,358
Money Market Funds
-
17,038,034
-
17,038,034
Total Investments
$20,918,695
$60,665,697
$-
$81,584,392
Global Water ETF
Investments in Securities
Common Stocks & Other Equity Interests
$134,402,409
$118,822,760
$-
$253,225,169
Money Market Funds
245,379
39,336,968
-
39,582,347
Total Investments
$134,647,788
$158,159,728
$-
$292,807,516
International BuyBack AchieversTM ETF
Investments in Securities
Common Stocks & Other Equity Interests
$9,773,605
$150,952,779
$-
$160,726,384
Money Market Funds
-
6,561,146
-
6,561,146
Total Investments
$9,773,605
$157,513,925
$-
$167,287,530
MSCI Global Climate 500 ETF
Investments in Securities
Common Stocks & Other Equity Interests
$806,784,608
$364,631,084
$-
$1,171,415,692
Money Market Funds
184,764
32,944,518
-
33,129,282
Total Investments
$806,969,372
$397,575,602
$-
$1,204,544,974
MSCI Global Timber ETF
Investments in Securities
Common Stocks & Other Equity Interests
$28,460,650
$17,362,998
$0
$45,823,648
Money Market Funds
14,378
9,439,336
-
9,453,714
Total Investments
$28,475,028
$26,802,334
$0
$55,277,362
MSCI Green Building ETF
Investments in Securities
Common Stocks & Other Equity Interests
$1,408,768
$3,527,146
$-
$4,935,914
Money Market Funds
-
997,707
-
997,707
Total Investments
$1,408,768
$4,524,853
$-
$5,933,621
RAFI Developed Markets ex-U.S. ETF
Investments in Securities
Common Stocks & Other Equity Interests
$200,188,652
$1,696,920,752
$0
$1,897,109,404
Money Market Funds
8,122
152,602,698
-
152,610,820
Total Investments
$200,196,774
$1,849,523,450
$0
$2,049,720,224
RAFI Developed Markets ex-U.S. Small-Mid ETF
Investments in Securities
Common Stocks & Other Equity Interests
$32,325,281
$290,691,180
$101,002
$323,117,463
Money Market Funds
-
57,696,312
-
57,696,312
Total Investments
$32,325,281
$348,387,492
$101,002
$380,813,775
RAFI Emerging Markets ETF
Investments in Securities
Common Stocks & Other Equity Interests
$210,980,034
$1,017,644,479
$0
$1,228,624,513
Money Market Funds
11,058,085
31,188,703
-
42,246,788
Total Investments in Securities
222,038,119
1,048,833,182
-
1,270,871,301
Other Investments - Assets
Futures Contracts
95,708
-
-
95,708
Total Investments
$222,133,827
$1,048,833,182
$0
$1,270,967,009
S&P Global Water Index ETF
Investments in Securities
Common Stocks & Other Equity Interests
$606,890,867
$324,856,936
$-
$931,747,803
Money Market Funds
-
80,251,712
-
80,251,712
Total Investments
$606,890,867
$405,108,648
$-
$1,011,999,515
114
 
Level 1
Level 2
Level 3
Total
S&P International Developed Quality ETF
Investments in Securities
Common Stocks & Other Equity Interests
$25,370,955
$381,005,836
$-
$406,376,791
Money Market Funds
235,597
20,033,217
-
20,268,814
Total Investments
$25,606,552
$401,039,053
$-
$426,645,605
NOTE 5—Derivative Investments
The Funds may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a Fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.
For financial reporting purposes, the Funds do not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statements of Assets and Liabilities.
Value of Derivative Investments at Period-End
The table below summarizes the value of each Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2025: 
 
Value
 
RAFI Emerging Markets ETF
Derivative Assets
Equity
Risk
Unrealized appreciation on futures contracts—Exchange-Traded
$95,708
Derivatives not subject to master netting agreements
(95,708
)
Total Derivative Assets subject to master netting agreements
$-
Effect of Derivative Investments for the Six-Month Period Ended April 30, 2025
The table below summarizes each Fund’s gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period: 
 
Location of Gain (Loss) on Statements of Operations
 
RAFI Emerging Markets ETF
 
Equity
Risk
Realized Gain:
Change in Net Unrealized Appreciation:
Futures contracts
$95,708
Total
$95,708
The table below summarizes the average notional value of derivatives held during the period. 
 
Average Notional Value
 
RAFI Emerging Markets ETF
Futures contracts
$1,253,074
NOTE 6—Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
115
The Funds had capital loss carryforwards as of October 31, 2024, as follows: 
 
No expiration
 
 
Short-Term
Long-Term
Total*
China Technology ETF
$282,418,788
$491,590,213
$774,009,001
Dorsey Wright Developed Markets Momentum ETF
159,680,756
-
159,680,756
Dorsey Wright Emerging Markets Momentum ETF
145,057,512
-
145,057,512
Global Clean Energy ETF
78,186,612
173,872,724
252,059,336
Global Water ETF
48,532,238
21,918,572
70,450,810
International BuyBack AchieversTM ETF
51,177,477
7,490,237
58,667,714
MSCI Global Climate 500 ETF
207,138
-
207,138
MSCI Global Timber ETF
11,916,487
7,893,688
19,810,175
MSCI Green Building ETF
175,508
754,064
929,572
RAFI Developed Markets ex-U.S. ETF
-
123,229,356
123,229,356
RAFI Developed Markets ex-U.S. Small-Mid ETF
7,142,508
68,357,098
75,499,606
RAFI Emerging Markets ETF
18,281,560
228,267,220
246,548,780
S&P Global Water Index ETF
-
-
-
S&P International Developed Quality ETF
16,040,295
8,499,551
24,539,846
 
*
Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a
variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.
NOTE 7—Investment Transactions
For the six months ended April 30, 2025, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows: 
 
Purchases
Sales
China Technology ETF
$417,866,522
$227,965,969
Dorsey Wright Developed Markets Momentum ETF
117,173,123
112,556,695
Dorsey Wright Emerging Markets Momentum ETF
99,273,229
119,575,979
Global Clean Energy ETF
20,842,678
26,068,002
Global Water ETF
38,451,260
40,179,272
International BuyBack AchieversTM ETF
56,120,787
49,699,885
MSCI Global Climate 500 ETF
143,482,698
150,369,608
MSCI Global Timber ETF
10,136,517
11,045,571
MSCI Green Building ETF
1,108,328
1,304,084
RAFI Developed Markets ex-U.S. ETF
128,870,304
130,253,512
RAFI Developed Markets ex-U.S. Small-Mid ETF
48,957,607
61,601,114
RAFI Emerging Markets ETF
161,602,072
167,641,184
S&P Global Water Index ETF
79,508,986
92,507,647
S&P International Developed Quality ETF
72,263,607
69,448,766
For the six months ended April 30, 2025, in-kind transactions associated with creations and redemptions were as follows: 
 
In-kind
Purchases
In-kind
Sales
China Technology ETF
$41,559,535
$16,251,642
Dorsey Wright Developed Markets Momentum ETF
103,913,511
3,602,332
Dorsey Wright Emerging Markets Momentum ETF
728,863
9,074,270
Global Clean Energy ETF
1,436,388
15,137,714
Global Water ETF
-
20,649,330
International BuyBack AchieversTM ETF
92,161,762
32,976,536
MSCI Global Climate 500 ETF
29,933,956
544,598,148
MSCI Global Timber ETF
-
1,412,865
MSCI Green Building ETF
-
3,221,391
RAFI Developed Markets ex-U.S. ETF
138,491,202
87,893,343
RAFI Developed Markets ex-U.S. Small-Mid ETF
-
92,752,297
116
 
In-kind
Purchases
In-kind
Sales
RAFI Emerging Markets ETF
$-
$-
S&P Global Water Index ETF
4,060,306
45,818,220
S&P International Developed Quality ETF
52,134,949
44,824,447
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end: 
 
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
Cost
China Technology ETF
$134,279,381
$(130,946,626
)
$3,332,755
$1,053,975,562
Dorsey Wright Developed Markets Momentum ETF
48,012,028
(1,205,543
)
46,806,485
226,779,673
Dorsey Wright Emerging Markets Momentum ETF
11,583,362
(3,494,519
)
8,088,843
79,586,908
Global Clean Energy ETF
6,213,116
(45,843,475
)
(39,630,359
)
121,214,751
Global Water ETF
55,731,843
(9,264,036
)
46,467,807
246,339,709
International BuyBack AchieversTM ETF
11,425,608
(8,247,853
)
3,177,755
164,109,775
MSCI Global Climate 500 ETF
109,451,272
(79,995,376
)
29,455,896
1,175,089,078
MSCI Global Timber ETF
5,523,146
(8,689,374
)
(3,166,228
)
58,443,590
MSCI Green Building ETF
132,865
(1,558,358
)
(1,425,493
)
7,359,114
RAFI Developed Markets ex-U.S. ETF
459,792,285
(153,414,430
)
306,377,855
1,743,342,369
RAFI Developed Markets ex-U.S. Small-Mid ETF
59,459,496
(57,040,455
)
2,419,041
378,394,734
RAFI Emerging Markets ETF
328,317,860
(264,295,259
)
64,022,601
1,206,944,408
S&P Global Water Index ETF
197,411,599
(36,019,449
)
161,392,150
850,607,365
S&P International Developed Quality ETF
51,717,714
(18,271,578
)
33,446,136
393,199,469
NOTE 8—Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for each Fund except MSCI Global Timber ETF and S&P Global Water Index ETF. Interested Trustees do not receive any Trustees’ fees. 
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 9—Capital
Shares are issued and redeemed by each Fund only in Creation Units as discussed in Note 1. Only APs are permitted to purchase or redeem Creation Units from the Funds.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
117
Approval of Investment Advisory and Sub-Advisory Contracts
At a meeting held on April 24, 2025, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following series (each, a “Fund” and collectively, the “Funds”):
Invesco 0-5 Yr US TIPS ETF
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF
Invesco Alerian Galaxy Crypto Economy ETF
Invesco California AMT-Free Municipal Bond ETF
Invesco CEF Income Composite ETF
Invesco China Technology ETF
Invesco Dorsey Wright Developed Markets Momentum ETF
Invesco Dorsey Wright Emerging Markets Momentum ETF
Invesco Dorsey Wright SmallCap Momentum ETF
Invesco Emerging Markets Sovereign Debt ETF
Invesco Equal Weight 0-30 Year Treasury ETF
Invesco ESG NASDAQ 100 ETF
Invesco ESG NASDAQ Next Gen 100 ETF
Invesco ESG S&P 500 Equal Weight ETF
Invesco Floating Rate Municipal Income ETF
Invesco Fundamental High Yield® Corporate Bond ETF
Invesco Fundamental Investment Grade Corporate Bond ETF
Invesco Global Clean Energy ETF
Invesco Global ex-US High Yield Corporate Bond ETF
Invesco Global Water ETF
Invesco International BuyBack Achievers™ ETF
Invesco International Corporate Bond ETF
Invesco KBW Bank ETF
Invesco KBW High Dividend Yield Financial ETF
Invesco KBW Premium Yield Equity REIT ETF
Invesco KBW Property & Casualty Insurance ETF
Invesco KBW Regional Banking ETF
Invesco MSCI Global Climate 500 ETF
Invesco MSCI Green Building ETF
Invesco MSCI USA ETF
Invesco NASDAQ 100 ETF
Invesco Nasdaq Biotechnology ETF
Invesco Nasdaq Free Cash Flow Achievers ETF
Invesco NASDAQ Future Gen 200 ETF
Invesco NASDAQ Next Gen 100 ETF
Invesco National AMT-Free Municipal Bond ETF
Invesco New York AMT-Free Municipal Bond ETF
Invesco PHLX Semiconductor ETF
Invesco Preferred ETF
Invesco RAFI Developed Markets ex-U.S. ETF
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF
Invesco RAFI Emerging Markets ETF
Invesco Russell 1000 Equal Weight ETF
Invesco S&P 500® Enhanced Value ETF
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
Invesco S&P 500® High Beta ETF
Invesco S&P 500® High Dividend Growers ETF
Invesco S&P 500® High Dividend Low Volatility ETF
Invesco S&P 500® Low Volatility ETF
Invesco S&P 500 Minimum Variance ETF
Invesco S&P 500® Momentum ETF
Invesco S&P 500 QVM Multi-factor ETF
Invesco S&P 500 Revenue ETF
Invesco S&P Emerging Markets Low Volatility ETF
Invesco S&P Emerging Markets Momentum ETF
Invesco S&P International Developed Low Volatility ETF
Invesco S&P International Developed Momentum ETF
Invesco S&P International Developed Quality ETF
Invesco S&P MidCap 400 QVM Multi-factor ETF
Invesco S&P MidCap 400 Revenue ETF
Invesco S&P MidCap Low Volatility ETF
Invesco S&P SmallCap 600 GARP ETF
Invesco S&P SmallCap 600 QVM Multi-factor ETF
Invesco S&P SmallCap 600 Revenue ETF
Invesco S&P SmallCap Consumer Discretionary ETF
Invesco S&P SmallCap Consumer Staples ETF
Invesco S&P SmallCap Energy ETF
Invesco S&P SmallCap Financials ETF
Invesco S&P SmallCap Health Care ETF
Invesco S&P SmallCap High Dividend Low Volatility ETF
Invesco S&P SmallCap Industrials ETF
Invesco S&P SmallCap Information Technology ETF
Invesco S&P SmallCap Low Volatility ETF
Invesco S&P SmallCap Materials ETF
Invesco S&P SmallCap Quality ETF
Invesco S&P SmallCap Utilities & Communication Services ETF
Invesco S&P Ultra Dividend Revenue ETF
Invesco Senior Loan ETF
Invesco Short Term Treasury ETF
Invesco Taxable Municipal Bond ETF
Invesco Variable Rate Preferred ETF
Also at the April 24, 2025 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF (the “Sub-Advisory Agreement”):  Invesco Advisers, Inc.; Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).
118
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Investment Advisory Agreement
The Trustees reviewed information from the Adviser describing:  (i) the nature, extent and quality of services provided, (ii) the investment performance of each Fund and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds.  The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.
The Trustees reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2024, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes.  In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges.  The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF.  The Trustees noted that, for each applicable period, the correlation for each Fund, other than the one-year period for Invesco Floating Rate Municipal Income ETF and for Invesco Senior Loan ETF, was within the targeted range set forth in the Trust’s registration statement.  The Trustees reviewed the reasons provided by the Adviser for Invesco Floating Rate Municipal Income ETF’s and Invesco Senior Loan ETF’s correlation to its respective underlying index.  The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement.  The Board concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent, and its oversight of the Sub-Advisers for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.  They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Based on its review, the Board concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee.  The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser compensates each Sub-Adviser (as applicable) from its unitary advisory fee and pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:
●
0.04% of the Fund’s average daily net assets for Invesco MSCI USA ETF;
●
0.07% of the Fund’s average daily net assets for Invesco 0-5 Yr US TIPS ETF;
●
0.08% of the Fund’s average daily net assets for Invesco Short Term Treasury ETF;
●
0.10% of the Fund’s average daily net assets for Invesco MSCI Global Climate 500 ETF and Invesco S&P 500 Minimum Variance ETF;
●
0.11% of the Fund’s average daily net assets for Invesco S&P 500 QVM Multi-factor ETF;
119
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
●
0.13% of the Fund’s average daily net assets for Invesco S&P 500 Enhanced Value ETF and Invesco S&P 500 Momentum ETF;
●
0.15% of the Fund’s average daily net assets for Invesco Equal Weight
0-30 Year Treasury ETF, Invesco NASDAQ 100 ETF, Invesco NASDAQ Next Gen 100 ETF, Invesco S&P MidCap 400 QVM Multi-factor ETF and Invesco S&P SmallCap 600 QVM Multi-factor ETF;
●
0.19% of the Fund’s average daily net assets for Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF;
●
0.20% of the Fund’s average daily net assets for Invesco ESG NASDAQ 100 ETF, Invesco ESG NASDAQ Next Gen 100 ETF, Invesco ESG S&P 500 Equal Weight ETF, Invesco NASDAQ Future Gen 200 ETF and Invesco Russell 1000 Equal Weight ETF;
●
0.22% of the Fund’s average daily net assets for Invesco Fundamental Investment Grade Corporate Bond ETF;
●
0.25% of the Fund’s average daily net assets for Invesco Floating Rate Municipal Income ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF, Invesco S&P MidCap Low Volatility ETF and Invesco S&P SmallCap Low Volatility ETF;
●
0.28% of the Fund’s average daily net assets for Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco Taxable Municipal Bond ETF;
●
0.29% of the Fund’s average daily net assets for Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF and Invesco S&P SmallCap Utilities & Communication Services ETF;
●
0.30% of the Fund’s average daily net assets for Invesco S&P 500® High Dividend Low Volatility ETF and Invesco S&P SmallCap High Dividend Low Volatility ETF;
●
0.35% of the Fund’s average daily net assets for Invesco Global ex-US High Yield Corporate Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF and Invesco S&P SmallCap 600 GARP ETF;
●
0.39% of the Fund’s average daily net assets for Invesco MSCI Green Building ETF, Invesco Nasdaq Free Cash Flow Achievers ETF, Invesco S&P 500 High Dividend Growers ETF, Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF and Invesco S&P Ultra Dividend Revenue ETF;
●
0.43% of the Fund’s average daily net assets for Invesco RAFI Developed Markets ex-U.S. ETF;
●
0.47% of the Fund’s average daily net assets for Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF and Invesco RAFI Emerging Markets ETF;
●
0.50% of the Fund’s average daily net assets for Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF and Invesco Variable Rate Preferred ETF;
●
0.55% of the Fund’s average daily net assets for Invesco International BuyBack AchieversTM ETF;
●
0.60% of the Fund’s average daily net assets for Invesco Dorsey Wright SmallCap Momentum ETF, Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF and Invesco Alerian Galaxy Crypto Economy ETF;
●
0.65% of the Fund’s average daily net assets for Invesco Senior Loan ETF and Invesco China Technology ETF;
●
0.75% of the Fund’s average daily net assets for Invesco Global Clean Energy ETF and Invesco Global Water ETF;
●
0.80% of the Fund’s average daily net assets for Invesco Dorsey Wright Developed Markets Momentum ETF; and
●
0.90% of the Fund’s average daily net assets for Invesco Dorsey Wright Emerging Markets Momentum ETF.
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable.  The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below.  The
120
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds.  The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund. 
Invesco Fund
Equal to/Lower
than ETF
Peer Median*
Equal to/Lower
than Open-End
Index Fund
Peer Median*
Lower than
Open-End
Active Fund
Peer Median
Invesco 0-5 Yr US TIPS ETF
X
 
X
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF
X
N/A
X
Invesco Alerian Galaxy Crypto Economy ETF
X
N/A
X
Invesco California AMT-Free Municipal Bond ETF
 
N/A
X
Invesco CEF Income Composite ETF
X
N/A
X
Invesco China Technology ETF
 
N/A
X
Invesco Dorsey Wright Developed Markets Momentum ETF
 
 
X
Invesco Dorsey Wright Emerging Markets Momentum ETF
 
 
X
Invesco Dorsey Wright SmallCap Momentum ETF
 
 
X
Invesco Emerging Markets Sovereign Debt ETF
 
 
X
Invesco Equal Weight 0-30 Year Treasury ETF
 
 
X
Invesco ESG NASDAQ 100 ETF
 
 
X
Invesco ESG NASDAQ Next Gen 100 ETF
X
 
X
Invesco ESG S&P 500 Equal Weight ETF
X
 
X
Invesco Floating Rate Municipal Income ETF
 
N/A
X
Invesco Fundamental High Yield® Corporate Bond ETF
 
X
X
Invesco Fundamental Investment Grade Corporate Bond ETF
 
 
X
Invesco Global Clean Energy ETF
 
X
X
Invesco Global ex-US High Yield Corporate Bond ETF
X
N/A
X
Invesco Global Water ETF
 
X
X
Invesco International BuyBack AchieversTM ETF
 
X
X
Invesco International Corporate Bond ETF
 
 
X
Invesco KBW Bank ETF
X
 
X
Invesco KBW High Dividend Yield Financial ETF
X
 
X
Invesco KBW Premium Yield Equity REIT ETF
X
 
X
Invesco KBW Property & Casualty Insurance ETF
X
 
X
Invesco KBW Regional Banking ETF
X
 
X
Invesco MSCI Global Climate 500 ETF
X
X
X
Invesco MSCI Green Building ETF
X
N/A
X
Invesco MSCI USA ETF
X
X
X
Invesco NASDAQ 100 ETF
X
X
X
Invesco Nasdaq Biotechnology ETF
X
 
X
Invesco Nasdaq Free Cash Flow Achievers ETF
 
X
X
Invesco NASDAQ Future Gen 200 ETF
 
 
X
Invesco NASDAQ Next Gen 100 ETF
X
 
X
Invesco National AMT-Free Municipal Bond ETF
 
 
X
Invesco New York AMT-Free Municipal Bond ETF
 
N/A
X
Invesco PHLX Semiconductor ETF
X
 
X
Invesco Preferred ETF
 
N/A
X
Invesco RAFI Developed Markets ex-U.S. ETF
 
 
X
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF
 
 
X
Invesco RAFI Emerging Markets ETF
 
 
X
121
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Invesco Fund
Equal to/Lower
than ETF
Peer Median*
Equal to/Lower
than Open-End
Index Fund
Peer Median*
Lower than
Open-End
Active Fund
Peer Median
Invesco Russell 1000 Equal Weight ETF
X
 
X
Invesco S&P 500 Enhanced Value ETF
X
 
X
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
X
 
X
Invesco S&P 500® High Beta ETF
X
 
X
Invesco S&P 500® High Dividend Growers ETF
 
 
X
Invesco S&P 500® High Dividend Low Volatility ETF
X
X
X
Invesco S&P 500® Low Volatility ETF
X
 
X
Invesco S&P 500 Minimum Variance ETF
X
X
X
Invesco S&P 500® Momentum ETF
X
 
X
Invesco S&P 500 QVM Multi-factor ETF
X
X
X
Invesco S&P 500 Revenue ETF
 
 
X
Invesco S&P Emerging Markets Low Volatility ETF
X
 
X
Invesco S&P Emerging Markets Momentum ETF
X
 
X
Invesco S&P International Developed Low Volatility ETF
X
X
X
Invesco S&P International Developed Momentum ETF
X
 
X
Invesco S&P International Developed Quality ETF
X
 
X
Invesco S&P MidCap 400 QVM Multi-factor ETF
X
X
X
Invesco S&P MidCap 400 Revenue ETF
 
 
X
Invesco S&P MidCap Low Volatility ETF
 
 
X
Invesco S&P SmallCap 600 GARP ETF
 
 
X
Invesco S&P SmallCap 600 QVM Multi-factor ETF
X
X
X
Invesco S&P SmallCap 600 Revenue ETF
 
X
X
Invesco S&P SmallCap Consumer Discretionary ETF
X
 
X
Invesco S&P SmallCap Consumer Staples ETF
X
 
X
Invesco S&P SmallCap Energy ETF
X
 
X
Invesco S&P SmallCap Financials ETF
X
 
X
Invesco S&P SmallCap Health Care ETF
X
 
X
Invesco S&P SmallCap High Dividend Low Volatility ETF
X
X
X
Invesco S&P SmallCap Industrials ETF
X
 
X
Invesco S&P SmallCap Information Technology ETF
X
 
X
Invesco S&P SmallCap Low Volatility ETF
 
 
X
Invesco S&P SmallCap Materials ETF
X
 
X
Invesco S&P SmallCap Quality ETF
 
 
X
Invesco S&P SmallCap Utilities & Communication Services ETF
X
X
X
Invesco S&P Ultra Dividend Revenue ETF
 
X
X
Invesco Senior Loan ETF
N/A
N/A
X
Invesco Short Term Treasury ETF
X
 
X
Invesco Taxable Municipal Bond ETF
 
X
X
Invesco Variable Rate Preferred ETF
 
X
X
 
*
The information provided by the Adviser indicated that certain Funds did not have any ETF or open-end index fund peers. Those Funds have been designated in
this column with an “N/A” for not available.
In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco Dorsey Wright Emerging Markets Momentum ETF’s, Invesco Global Clean Energy ETF’s, Invesco International Corporate Bond ETF’s, Invesco RAFI Developed Markets ex-U.S. ETF’s, Invesco California AMT-Free Municipal Bond ETF’s, Invesco National AMT-Free Municipal Bond ETF’s, Invesco New York AMT-Free Municipal Bond ETF’s, Invesco Taxable Municipal Bond ETF’s and Invesco Floating Rate Municipal Income ETF’s advisory fees and total expenses and the Lipper peer data.  The Adviser explained
122
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser.  The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds.  The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all of the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the index, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds.  The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund.  The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco S&P SmallCap 600 GARP ETF or Invesco MSCI Global Climate 500 ETF because those Funds had not completed a full year of operations as of December 31, 2024. With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose.  Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s.  Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Trustees reviewed each Fund’s asset size and unitary advisory fee.  The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds.  The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers.  The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.
Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds.  The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent.  The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser.  The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund.  No single factor was determinative in the Board’s analysis.
Investment Sub-Advisory Agreement
As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF at a meeting held on April 24, 2025.  The review process followed by the Board is described in detail above.  In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.
123
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement.  The Trustees reviewed the qualifications and background of each Sub-Adviser, the services provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Short Term Treasury ETF’s assets, and the experience and skills of the investment personnel responsible for the day-to-day management of the Funds.
Based on its review, the Board concluded that the nature, extent and quality of services provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rate under the Sub-Advisory Agreement.  The Trustees noted that the sub-advisory fee charged by the Sub-Advisers under the Sub-Advisory Agreement is consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates.  The Trustees considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF and noted that the Adviser compensates each Sub-Adviser from its fee.
The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 13 and April 24, 2025 Board meetings, and Invesco Advisers, Inc., in connection with the April 24, 2025 meeting, and they noted the net income generated by each firm.  The Trustees noted that the Adviser compensates each Sub-Adviser from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.  As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, the Trustees considered the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Board considered whether the sub-advisory fee rate for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF was reasonable in relation to the asset size of the Funds and concluded that the flat sub-advisory fee rate was reasonable and appropriate.
Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from affiliated money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund’s excess cash invested in the affiliated money market funds.  The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs.  The Trustees noted that the Sub-Advisers had not identified any further benefits that they received from their relationships with Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Funds.  The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.  No single factor was determinative in the Board’s analysis.
124
Approval of Investment Advisory Contracts
At a meeting held on April 24, 2025, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for Invesco MSCI Global Timber ETF, Invesco S&P Global Water Index ETF and Invesco Solar ETF (each, a “Fund” and collectively, the “Funds”).
The Trustees reviewed information from the Adviser describing:  (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees and expenses paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services.  In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds.  The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. 
The Trustees reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2024, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between Invesco Solar ETF and its underlying index.  In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges.  The Trustees also considered that the Funds were created in connection with the purchase by Invesco of the exchange-traded funds (“ETFs”) business of Guggenheim Capital LLC (“Guggenheim”) (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018, and on May 18, 2018 for the Invesco Solar ETF, is that of its predecessor Guggenheim ETF.  The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust’s registration statement.  The Board concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent.  They noted the significant amount of time, effort and resources that had been devoted to this oversight function. 
Based on its review, the Board concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability.  The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s contractual advisory fee, net advisory fee and gross and net expense ratios.  The Trustees noted that the annual contractual advisory fee charged to each Fund is 0.50% of the Fund’s average daily net assets and that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (an “Expense Cap”) to the extent necessary to prevent the annual operating expenses of each Fund (excluding interest expenses, licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses) from exceeding the percentage of that Fund’s average daily net assets, until at least August 31, 2027, as set forth below
●
0.55% for Invesco MSCI Global Timber ETF;
●
0.63% for Invesco S&P Global Water Index ETF; and
●
0.65% for Invesco Solar ETF.
The Trustees compared each Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net advisory fees and net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds.  The Trustees noted that the contractual advisory fees for certain Funds were equal to or lower than the median net advisory fees of their ETF and open-end index peer funds, as illustrated in the table
125
Approval of Investment Advisory Contracts—(continued)
below.  The Trustees also noted that the contractual advisory fees for all of the Funds were lower than the median net advisory fees of their open-end actively-managed peer funds. 
Invesco Fund
Equal
to/Lower
than ETF
Peer
Median
Equal to/Lower
than Open-End
Index Fund
Peer Median
Lower than
Open-End
Active Fund
Peer Median
Invesco MSCI Global Timber ETF
 
 
X
Invesco S&P Global Water Index ETF
X
X
X
Invesco Solar ETF
 
X
X
The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their open-end index peer funds, as illustrated in the table below.  The Trustees also noted that the net expense ratios for all of the Funds were higher than the median net expense ratios of their ETF peer funds and lower than the median net expense ratios of their open-end actively-managed peer funds.  The Trustees noted that a significant component of the non-advisory fee expenses was the sub-licensing fees paid by the Funds, and noted that each Fund’s sub-license fees are not subject to the Expense Cap. 
Invesco Fund
Equal
to/Lower
than ETF
Peer
Median
Equal to/Lower
than Open-End
Index Fund
Peer Median
Lower than
Open-End
Active Fund
Peer Median
Invesco MSCI Global Timber ETF
 
 
X
Invesco S&P Global Water Index ETF
 
X
X
Invesco Solar ETF
 
X
X
In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding the reason for the year-over-year change in Invesco Solar ETF’s expense ratio.
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including a product that has an investment strategy comparable to that of Invesco Solar ETF.  The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all of the information provided, the Board determined that the contractual advisory fee and net expense ratio of each Fund were reasonable and appropriate in light of the services provided, the nature of the index, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds, as well as the fees waived and expenses reimbursed by the Adviser for the Funds.  The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund.  With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose.  Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s.  Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.  The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Trustees reviewed each Fund’s asset size, advisory fee, expense ratio and Expense Cap agreed to by the Adviser.  The Trustees noted that the Expense Cap agreement with the Trust provides that the Adviser is entitled to be reimbursed by each Fund for fees waived or expenses absorbed pursuant to the Expense Cap for a period of three years from the date the fee or expense was incurred, provided that no reimbursement would be made
126
Approval of Investment Advisory Contracts—(continued)
that would result in a Fund exceeding its Expense Cap then in effect or in effect at the time the fees and/or expenses subject to reimbursement were waived and/or borne by the Adviser.  The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers.  The Board considered whether the advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the flat advisory fee rates were reasonable and appropriate.
Fall-out Benefits.  The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture, or directed brokerage arrangements with respect to the Funds.  The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent.  The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser.  The Board concluded that each Fund’s advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund.  No single factor was determinative in the Board’s analysis.
127
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Remuneration paid to the Funds’ trustees or officers and others, if any, is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.
128
©2025 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515
P-INTL-NCSRS
invesco.com/ETFs


Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.


Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.


Item 10. Remuneration Paid to Directors, Officers, and Others for Open-End Management Investment Companies.

This information is filed under Item 7 of this Form N-CSR.


Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

This information is filed under Item 7 of this Form N-CSR.


Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.


Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.


Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.


Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Board that would require disclosure herein.


Item 16. Controls and Procedures.

(a) Based on their evaluation of the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report, the Registrant's Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO") have concluded that such disclosure controls and procedures are effective.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.


Item 17. Disclosure of Securities Lending Activity for Closed-End Management Investment Companies.

Not applicable.


Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.



  

SIGNATURES 

  

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. 

  

(Registrant) Invesco Exchange-Traded Fund Trust II 

  

By:    /s/ Brian Hartigan                                          . 

Name: Brian Hartigan 

Title:Principal Executive Officer 

  

Date: July 3, 2025  

  

  

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. 

  

  

By:    /s/ Brian Hartigan                                          .. 

Name:Brian Hartigan 

Title:Principal Executive Officer 

Date: July 3, 2025 

  

  

  

By:       /s/ Kelli Gallegos                                             ____                                         

  

Name:Kelli Gallegos 

Title:Principal Financial Officer 

  

Date:July 3, 2025