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)

Anna Paglia

President

3500 Lacey Road

Downers Grove, IL 60515

(Name and address of agent for service)

Registrant’s telephone number, including area code: 800-983-0903

Date of fiscal year end: August 31

Date of reporting period: February 28, 2023

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

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 is as follows:

(b) Not applicable.

	Invesco Semi-Annual Report to Shareholders February 28, 2023

BKLN Invesco Senior Loan ETF

Table of Contents

Schedule of Investments	3
Statement of Assets and Liabilities	9
Statement of Operations	10
Statement of Changes in Net Assets	11
Financial Highlights	12
Notes to Financial Statements	13
Fund Expenses	22

  2  

Invesco Senior Loan ETF (BKLN)

February 28, 2023

(Unaudited)

Schedule of Investments

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Variable Rate Senior Loan Interests-91.63%(a)(b)
Aerospace & Defense-2.71%
Peraton Corp., First Lien Term Loan B (1 mo. USD LIBOR + 3.75%)		8.38%		02/01/2028	$	79,246	$	78,651,267
TransDigm, Inc., Term Loan (1 mo. SOFR + 3.25%)		7.82%		08/10/2028		34,023		34,014,930
								112,666,197
Air Transport-4.44%
AAdvantage Loyalty IP Ltd. (American Airlines, Inc.), Term Loan (3 mo. USD LIBOR + 4.75%)		9.56%		04/20/2028		44,874		46,072,090
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Term Loan (3 mo. USD LIBOR + 5.25%)		10.00%		06/21/2027		36,992		38,580,912
SkyMiles IP Ltd. (Delta Air Lines, Inc.), Term Loan (3 mo. USD LIBOR + 3.75%)		8.56%		10/20/2027		36,424		37,764,663
United Airlines, Inc., Term Loan B (3 mo. USD LIBOR + 3.75%)		8.57%		04/21/2028		62,194		62,248,244
								184,665,909
Automotive-1.14%
Panther BF Aggregator 2 L.P., Term Loan (Canada) (1 mo. USD LIBOR + 3.25%)		7.88%		04/30/2026		47,734		47,622,474
Beverage & Tobacco-0.85%
Triton Water Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		8.23%		03/31/2028		37,894		35,402,650
Building & Development-1.80%
Cornerstone Building Brands, Inc., Term Loan B (1 mo. USD LIBOR + 3.25%)		7.84%		04/12/2028		34,232		31,814,206
DTZ U.S. Borrower LLC, Term Loan (1 mo. USD LIBOR + 2.75%)		7.38%		08/21/2025		6,364		6,341,095
LBM Holdings LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		8.38%		12/17/2027		40,162		36,844,837
								75,000,138
Business Equipment & Services-8.55%
Allied Universal Holdco LLC (USAGM Holdco LLC/UNSEAM), Term Loan (1 mo. SOFR + 3.75%)		8.47%		05/12/2028		57,635		55,628,090
Asurion LLC
Second Lien Term Loan B-4 (1 mo. USD LIBOR + 5.25%)		9.88%		01/20/2029		34,100		29,206,685
Term Loan B-8 (1 mo. USD LIBOR + 3.25%)		7.88%		12/23/2026		44,855		42,780,425
Brand Industrial Services, Inc., Term Loan (3 mo. USD LIBOR + 4.25%)		9.07%		06/21/2024		35,032		33,202,265
Citrix Systems, Inc., Term Loan B (3 mo. Term SOFR + 4.50%)		9.18%		03/20/2029		55,867		51,974,277
Dun & Bradstreet Corp. (The), Term Loan (1 mo. USD LIBOR + 3.25%)		7.87%		02/06/2026		36,370		36,331,085
Mitchell International, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		8.34%		10/15/2028		10,213		9,700,734
Prime Security Services Borrower LLC, First Lien Term Loan B-1 (3 mo. USD LIBOR + 2.75%)		6.50%		09/23/2026		15,745		15,736,192
Solera (Polaris Newco LLC), Term Loan B (3 mo. USD LIBOR + 4.00%)		8.73%		06/02/2028		51,372		47,668,484
Trans Union LLC, Term Loan (1 mo. USD LIBOR + 2.25%)		6.88%		11/30/2028		33,208		33,064,611
								355,292,848
Cable & Satellite Television-3.85%
Charter Communications Operating LLC
Term Loan B-1 (1 mo. USD LIBOR + 1.75%)		6.37%		04/30/2025		5		5,114
Term Loan B-2 (1 mo. USD LIBOR + 1.75%)		6.37%		02/01/2027		49,767		49,400,203
CSC Holdings LLC
Term Loan (1 mo. USD LIBOR + 2.25%)		6.84%		07/17/2025		26,012		25,180,565
Term Loan (1 mo. USD LIBOR + 2.50%)		7.09%		04/15/2027		25,509		23,045,978
Virgin Media 02 - LG, Term Loan N (United Kingdom) (1 mo. USD LIBOR + 2.50%)		7.09%		01/31/2028		36,549		35,916,222
Vodafone Ziggo - LG, Term Loan I (1 mo. USD LIBOR + 2.50%)		7.09%		04/30/2028		27,048		26,529,367
								160,077,449
Chemicals & Plastics-1.04%
AkzoNoble Chemicals, Term Loan (3 mo. USD LIBOR + 2.75%)		7.53%		10/01/2025		43,461		43,282,089
Containers & Glass Products-2.08%
Berry Global, Inc., Term Loan Z (1 mo. USD LIBOR + 1.75%)		6.33%		07/01/2026		46,589		46,533,036
Flex Acquisition Co., Inc., First Lien Term Loan B (1 mo. SOFR + 3.93%)		8.89%		04/13/2029		40,478		39,993,631
								86,526,667

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  3  

Invesco Senior Loan ETF (BKLN)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Cosmetics & Toiletries-0.78%
Bausch and Lomb, Inc., Term Loan (3 mo. SOFR + 3.35%)		7.84%		05/10/2027	$	32,961	$	32,313,193
Drugs-2.30%
Amneal Pharmaceuticals LLC, Term Loan (1 mo. USD LIBOR + 3.50%)		8.19%		05/04/2025		34,484		32,580,916
Jazz Pharmaceuticals, Inc., Term Loan B (1 mo. USD LIBOR + 3.50%)		8.13%		04/21/2028		36,651		36,634,244
Valeant Pharmaceuticals International, Inc., Term Loan B (Canada) (1 mo. SOFR + 5.25%)		9.67%		01/27/2027		33,588		26,611,202
								95,826,362
Electronics & Electrical-13.60%
Boxer Parent Co., Inc., Term Loan B (1 mo. USD LIBOR + 3.75%)		8.38%		10/02/2025		41,896		41,447,257
CDK Global, Inc., First Lien Term Loan (3 mo. SOFR + 4.50%)		9.08%		07/06/2029		20,561		20,525,503
CommScope, Inc., Term Loan (1 mo. USD LIBOR + 3.25%)		7.88%		04/06/2026		37,529		36,515,391
CoreLogic, Inc., Term Loan B (1 mo. USD LIBOR + 3.50%)		8.19%		04/09/2028		51,230		44,112,147
Entegris, Inc., Term Loan B(c)		-		07/06/2029		3,881		3,894,250
Finastra USA, Inc., First Lien Term Loan (United Kingdom) (3 mo. USD LIBOR + 3.50%)		8.33%		06/13/2024		44,299		41,893,028
Hyland Software, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		8.13%		07/01/2024		33,340		33,300,845
McAfee Enterprise, Term Loan B (3 mo. USD LIBOR + 4.75%)		9.58%		07/27/2028		42,349		36,241,828
McAfee LLC, Term Loan B-1 (1 mo. SOFR + 3.75%)		8.42%		03/01/2029		71,310		67,004,792
NortonLifeLock, Inc., Term Loan B (1 mo. SOFR + 2.00%)		6.72%		01/28/2029		50,377		49,922,614
Open Text Corp., Incremental Term Loan B (Canada)(c)		-		08/27/2029		18,621		18,620,030
Proofpoint, Inc., Term Loan B (3 mo. USD LIBOR + 3.25%)		7.88%		08/31/2028		35,640		34,704,165
Quest Software US Holdings, Inc., Term Loan B (3 mo. SOFR + 4.25%)		9.08%		01/19/2029		37,907		32,763,398
RealPage, Inc., Term Loan B (1 mo. USD LIBOR + 3.00%)		7.63%		04/24/2028		45,438		44,095,289
Ultimate Software Group, Inc., Incremental First Lien Term Loan (3 mo. USD LIBOR + 3.25%)		8.03%		05/04/2026		61,302		60,190,660
								565,231,197
Financial Intermediaries-0.97%
Citadel Advisors Holdings L.P., Term Loan B (1 mo. SOFR + 2.50%)		7.23%		02/15/2028		40,729		40,442,275
Food Products-0.83%
Froneri International PLC, Term Loan B-2 (United Kingdom) (1 mo. USD LIBOR + 2.25%)		6.88%		01/29/2027		35,195		34,678,478
Food Service-3.03%
IRB Holding Corp., Term Loan (3 mo. SOFR + 3.00%)		7.69%		12/15/2027		71,878		71,037,666
New Red Finance, Inc., Term Loan B-4 (1 mo. USD LIBOR + 1.75%)		6.38%		11/19/2026		55,106		54,746,883
								125,784,549
Health Care-12.99%
athenahealth Group, Inc.
Term Loan (1 mo. SOFR + 3.50%)		8.06%		02/15/2029		69,803		64,771,535
Delayed Draw Term Loan(d)		0.00%		02/15/2029		9,057		8,404,386
DaVita HealthCare Partners, Inc., Term Loan B-1 (1 mo. USD LIBOR + 1.75%)		6.38%		08/12/2026		36,605		36,070,910
Elanco Animal Health, Inc., Term Loan (1 mo. USD LIBOR + 1.75%)		6.32%		08/01/2027		54,120		53,081,242
Gainwell Acquisition Corp., First Lien Term Loan B (3 mo. USD LIBOR + 4.00%)		8.73%		10/01/2027		56,676		54,734,973
ICON PLC
Term Loan (3 mo. USD LIBOR + 2.25%)		7.00%		07/03/2028		9,309		9,309,473
Term Loan (3 mo. USD LIBOR + 2.25%)		7.00%		07/03/2028		37,356		37,356,483
LifePoint Health, Inc., First Lien Term Loan B (3 mo. USD LIBOR + 3.75%)		7.99%		11/16/2025		44,188		42,374,996
Mozart Debt Merger Sub, Inc. (Medline Industries), Term Loan (1 mo. USD LIBOR + 3.25%)		7.88%		10/01/2028		73,173		70,667,724
Organon & Co., Term Loan B (3 mo. USD LIBOR + 3.00%)		7.75%		06/02/2028		34,813		34,538,012
PAREXEL International Corp., First Lien Term Loan (1 mo. USD LIBOR + 3.25%)		7.88%		11/15/2028		37,667		36,941,568
Sunshine Luxembourg VII S.a.r.l. (Nestle Skin Health), Term Loan (Switzerland) (3 mo. USD LIBOR + 3.75%)		8.48%		10/01/2026		42,454		41,392,744
Verscend Holding Corp., Term Loan B-1 (1 mo. USD LIBOR + 4.00%)		8.63%		08/27/2025		50,194		50,238,634
								539,882,680
Home Furnishings-1.07%
Hunter Douglas Holding B.V., Term Loan B-1 (3 mo. SOFR + 4.00%)		8.37%		02/26/2029		48,077		44,377,077
Industrial Equipment-2.91%
Madison IAQ LLC, Term Loan (3 mo. USD LIBOR + 3.25%)		7.99%		06/21/2028		35,802		34,178,517

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  4  

Invesco Senior Loan ETF (BKLN)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Industrial Equipment-(continued)
MKS Instruments, Inc., Term Loan B (1 mo. SOFR + 2.75%)		7.41%		08/17/2029	$	49,829	$	49,543,688
Thyssenkrupp Elevators (Vertical Midco GmbH), Term Loan B (Germany) (6 mo. USD LIBOR + 3.50%)		8.60%		07/31/2027		37,843		37,071,720
								120,793,925
Insurance-5.76%
Acrisure LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		8.13%		02/15/2027		45,654		43,742,107
AmWINS Group LLC, Term Loan (1 mo. USD LIBOR + 2.25%)		6.88%		02/19/2028		35,163		34,642,322
HUB International Ltd.
Incremental Term Loan B-3 (3 mo. USD LIBOR + 3.25%)		7.95%		04/25/2025		44,483		44,474,510
Term Loan (3 mo. USD LIBOR + 3.00%)		7.33%		04/25/2025		44,402		44,342,636
Hyperion Insurance Group Ltd., Term Loan B (United Kingdom) (1 mo. USD LIBOR + 3.25%)		7.94%		11/12/2027		37,530		37,045,817
Sedgwick Claims Management Services, Inc., Term Loan B(c)		-		02/21/2028		1,791		1,772,946
USI, Inc., Term Loan (3 mo. SOFR + 3.75%)		8.33%		11/22/2029		33,668		33,650,077
								239,670,415
Leisure Goods, Activities & Movies-1.53%
UFC Holdings LLC, Term Loan B-3 (3 mo. USD LIBOR + 2.75%)		7.57%		04/29/2026		36,792		36,707,452
William Morris Endeavor Entertainment LLC, First Lien Term Loan B-1 (1 mo. USD LIBOR + 2.75%)		7.39%		05/16/2025		26,833		26,747,205
								63,454,657
Lodging & Casinos-2.88%
Fertitta Entertainment LLC (Golden Nugget), Term Loan (1 mo. SOFR + 4.00%)		8.62%		01/31/2029		45,234		44,088,947
Flutter Financing B.V. (Stars Group), Term Loan (3 mo. LIBOR + 2.25%)		6.98%		07/21/2026		40,021		40,016,846
Hilton Worldwide Finance LLC, Term Loan B-2 (1 mo. USD LIBOR + 1.75%)		6.45%		06/22/2026		35,525		35,519,534
								119,625,327
Oil & Gas-0.93%
Blackstone CQP Holdco, Term Loan B (3 mo. USD LIBOR + 3.50%)		8.23%		05/26/2028		38,509		38,502,470
Publishing-1.85%
Micro Holding L.P., First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		8.38%		09/13/2024		33,689		33,501,974
Nielsen Finance LLC, Term Loan B (3 mo. SOFR + 5.00%)		9.74%		04/11/2029		47,100		43,430,203
								76,932,177
Radio & Television-1.25%
Diamond Sports Holdings LLC, Second Lien Term Loan (1 mo. SOFR + 3.35%), (Acquired 03/25/2020 - 11/10/2022; Cost $22,620,279)(e)		8.03%		08/24/2026		45,531		5,353,477
DIRECTV Financing LLC, Term Loan B (1 mo. USD LIBOR + 5.00%)		9.63%		07/25/2027		47,755		46,574,763
								51,928,240
Rail Industries-0.82%
Genesee & Wyoming, Inc., Term Loan (3 mo. USD LIBOR + 2.00%)		6.73%		12/30/2026		33,992		33,941,109
Retailers (except Food & Drug)-3.62%
Bass Pro Group LLC, Term Loan B-2 (1 mo. USD LIBOR + 3.75%)		8.38%		03/06/2028		63,578		62,763,172
Harbor Freight Tools USA, Inc., Term Loan (1 mo. USD LIBOR + 2.75%)		7.38%		10/19/2027		40,819		39,619,736
Pilot Travel Centers LLC, Term Loan B (1 mo. SOFR + 2.00%)		6.72%		07/31/2028		48,493		48,194,551
								150,577,459
Telecommunications-5.76%
CenturyLink, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%)		6.88%		03/15/2027		51,300		42,785,494
Genesys Cloud Services Holdings I LLC, Term Loan (1 mo. USD LIBOR + 4.00%)		8.63%		12/01/2027		36,178		35,935,966
II-VI, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%)		7.38%		07/01/2029		36,467		36,398,504
Intelsat Jackson Holdings S.A., Term Loan B (Luxembourg) (3 mo. SOFR + 4.25%)		9.18%		02/01/2029		36,946		36,585,333
Radiate Holdco LLC, Term Loan B (1 mo. USD LIBOR + 3.25%)		7.88%		09/25/2026		45,586		37,967,173
Zayo Group Holdings, Inc., Term Loan (1 mo. USD LIBOR + 3.00%)		7.63%		03/09/2027		59,693		49,835,188
								239,507,658
Utilities-2.29%
Brookfield WEC Holdings, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.75%)		7.38%		08/01/2025		39,965		39,866,533

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  5  

Invesco Senior Loan ETF (BKLN)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Utilities-(continued)
Pacific Gas and Electric Co., Term Loan (1 mo. USD LIBOR + 3.00%)		7.69%		06/23/2025	$	22,390	$	22,347,730
Vistra Operations Co. LLC, Incremental Term Loan (1 mo. USD LIBOR + 1.75%)		6.32%		12/31/2025		32,989		32,966,342
								95,180,605
Total Variable Rate Senior Loan Interests (Cost $3,810,998,647)								3,809,186,274
U.S. Dollar Denominated Bonds & Notes-2.95%
Aerospace & Defense-0.22%
TransDigm, Inc.(f)		6.25%		03/15/2026		9,081		8,971,355
Airlines-0.22%
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(f)		5.50%		04/20/2026		1,296		1,262,678
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(f)		5.75%		04/20/2029		3,378		3,216,178
United Airlines, Inc.(f)		4.38%		04/15/2026		895		843,161
United Airlines, Inc.(f)		4.63%		04/15/2029		4,478		3,973,938
								9,295,955
Commercial Services & Supplies-0.50%
ADT Security Corp. (The)(f)		4.13%		08/01/2029		8,296		7,146,921
Prime Security Services Borrower LLC/Prime Finance, Inc.(f)		5.75%		04/15/2026		14,160		13,698,596
								20,845,517
Diversified Telecommunication Services-0.20%
CommScope, Inc.(f)		6.00%		03/01/2026		1,690		1,629,992
CommScope, Inc.(f)		4.75%		09/01/2029		3,634		2,965,453
Lumen Technologies, Inc., (Acquired 03/03/2021 - 03/03/2021; Cost $3,059,458)(e)(f)		4.00%		02/15/2027		3,000		2,306,850
Zayo Group Holdings, Inc.(f)		4.00%		03/01/2027		2,000		1,536,250
								8,438,545
Electric Utilities-0.35%
PG&E Corp		5.00%		07/01/2028		8,000		7,313,360
PG&E Corp		5.25%		07/01/2030		6,000		5,362,440
Vistra Operations Co. LLC(f)		4.30%		07/15/2029		2,000		1,801,810
								14,477,610
Health Care Equipment & Supplies-0.18%
Medline Borrower L.P.(f)		3.88%		04/01/2029		9,000		7,509,375
Hotels, Restaurants & Leisure-0.40%
1011778 BC ULC/New Red Finance, Inc. (Canada)(f)		3.88%		01/15/2028		15,000		13,361,374
1011778 BC ULC/New Red Finance, Inc. (Canada)(f)		3.50%		02/15/2029		4,000		3,396,433
								16,757,807
Insurance-0.14%
Acrisure LLC/Acrisure Finance, Inc., (Acquired 01/29/2021 - 03/03/2021; Cost $7,259,500)(e)(f)		4.25%		02/15/2029		7,282		5,934,869
Machinery-0.05%
TK Elevator US Newco, Inc. (Germany)(f)		5.25%		07/15/2027		2,000		1,813,984
Media-0.44%
CSC Holdings LLC(f)		6.50%		02/01/2029		2,000		1,697,550
Virgin Media Secured Finance PLC (United Kingdom)(f)		4.50%		08/15/2030		11,000		9,065,459
VZ Secured Financing B.V. (Netherlands)(f)		5.00%		01/15/2032		6,190		5,096,978
Ziggo B.V. (Netherlands)(f)		4.88%		01/15/2030		3,000		2,540,979
								18,400,966
Pharmaceuticals-0.04%
Organon & Co./Organon Foreign Debt Co-Issuer B.V.(f)		4.13%		04/30/2028		1,832		1,618,755

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  6  

Invesco Senior Loan ETF (BKLN)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Real Estate Management & Development-0.21%
Cushman & Wakefield US Borrower LLC(f)		6.75%		05/15/2028	$	9,000	$	8,491,950
Total U.S. Dollar Denominated Bonds & Notes (Cost $139,662,823)								122,556,688
					Shares
Money Market Funds-8.02%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 4.50%(g)(h) (Cost $333,347,332)						333,347,332		333,347,332
TOTAL INVESTMENTS IN SECURITIES-102.60% (Cost $4,284,008,802)								4,265,090,294
OTHER ASSETS LESS LIABILITIES-(2.60)%								(108,075,657	)
NET ASSETS-100.00%							$	4,157,014,637

Investment Abbreviations:
LIBOR	-London Interbank Offered Rate
SOFR	-Secured Overnight Financing Rate
USD	-U.S. Dollar

Notes to Schedule of Investments:

^(a)  Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years.

^(b)  Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended (the “1933 Act”) and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the London Interbank Offered Rate (“LIBOR”), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

^(c)  This variable rate interest will settle after February 28, 2023, at which time the interest rate will be determined.

^(d)  All or a portion of this holding is subject to unfunded loan commitments. Interest rate will be determined at the time of funding. See Note 9.

^(e)  Restricted security. The aggregate value of these securities at February 28, 2023 was $13,595,196, which represented less than 1% of the Fund’s Net Assets.

^(f)  Security purchased or received in a transaction exempt from registration under 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 February 28, 2023 was $109,880,888, which represented 2.64% of the Fund’s Net Assets.

^(g)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	508,484,125		$	2,670,683,419		$	(3,179,167,544	)		$	-		$	-		$	-		$	6,250,444
Invesco Premier U.S. Government Money Portfolio, Institutional Class			-			1,471,313,567			(1,137,966,235	)			-			-			333,347,332			4,724,972
Total			$508,484,125			$4,141,996,986		$	(4,317,133,779	)		$	-		$	-		$	333,347,332		$	10,975,416

^(h)  The rate shown is the 7-day SEC standardized yield as of February 28, 2023.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  7  

Invesco Senior Loan ETF (BKLN)–(continued)

February 28, 2023

(Unaudited)

Portfolio Composition
Credit Quality Rating Breakdown*  (% of the Fund’s Net Assets)  as of February 28, 2023
Baa1	0.91
Baa3	3.68
Ba1	11.18
Ba2	7.19
Ba3	7.42
B1	23.03
B2	34.18
B3	3.92
Caa1	0.64
Caa2	0.13
NR	2.30
Money Market Fund Plus Other   Assets Less Liabilities	5.42

* Source: Moody’s. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from Aaa (highest) to C (lowest); ratings are subject to change without notice. “NR” indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on Moody’s rating methodology, please visit moodys.com and select “Methodologies & Frameworks” under “Ratings & Assessments” on the homepage.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  8  

Statement of Assets and Liabilities

February 28, 2023

(Unaudited)

	Invesco Senior Loan ETF (BKLN)
Assets:
Unaffiliated investments in securities, at value	$	3,931,742,962
Affiliated investments in securities, at value		333,347,332
Cash		47,427,141
Receivable for:
Dividends and interest		20,135,087
Investments sold		273,721,982
Fund shares sold		8,428,015
Total assets		4,614,802,519
Liabilities:
Payable for:
Investments purchased		440,479,673
Fund shares repurchased		6,292,971
Accrued unitary management fees		2,095,728
Accrued tax expenses		1,297
Unfunded loan commitments		8,918,213
Total liabilities		457,787,882
Net Assets	$	4,157,014,637
Net assets consist of:
Shares of beneficial interest	$	5,323,458,365
Distributable earnings (loss)		(1,166,443,728	)
Net Assets	$	4,157,014,637
Shares outstanding (unlimited amount authorized, $ 0.01 par value)		198,200,000
Net asset value	$	20.97
Market price	$	20.95
Unaffiliated investments in securities, at cost	$	3,950,661,470
Affiliated investments in securities, at cost	$	333,347,332

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  9  

Statement of Operations

For the six months ended February 28, 2023

(Unaudited)

	Invesco Senior Loan ETF (BKLN)
Investment income:
Interest income	$	144,107,264
Unaffiliated dividend income		1,315
Affiliated dividend income		10,975,416
Total investment income		155,083,995
Expenses:
Unitary management fees		12,746,522
Tax expenses		650
Total expenses		12,747,172
Less: Waivers		(346,539	)
Net expenses		12,400,633
Net investment income		142,683,362
Realized and unrealized gain (loss) from:
Net realized gain (loss) from unaffiliated investments		(103,391,556	)
Change in net unrealized appreciation on unaffiliated investment securities		80,895,749
Net realized and unrealized gain (loss)		(22,495,807	)
Net increase in net assets resulting from operations	$	120,187,555

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  10  

Statement of Changes in Net Assets

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)

	Invesco Senior Loan ETF (BKLN)
	Six Months Ended February 28, 2023			Year Ended August 31, 2022
Operations:
Net investment income	$	142,683,362		$	198,015,079
Net realized gain (loss)		(103,391,556	)		(188,297,774	)
Change in net unrealized appreciation (depreciation)		80,895,749			(141,484,520	)
Net increase (decrease) in net assets resulting from operations		120,187,555			(131,767,215	)
Distributions to Shareholders from:
Distributable earnings		(146,787,097	)		(185,373,620	)
Shareholder Transactions:
Proceeds from shares sold		1,977,495,041			4,321,916,237
Value of shares repurchased		(1,911,796,947	)		(6,207,401,473	)
Transaction fees		8,075,176			23,220,206
Net increase (decrease) in net assets resulting from share transactions.		73,773,270			(1,862,265,030	)
Net increase (decrease) in net assets.		47,173,728			(2,179,405,865	)
Net assets:
Beginning of period		4,109,840,909			6,289,246,774
End of period	$	4,157,014,637		$	4,109,840,909
Changes in Shares Outstanding:
Shares sold		95,000,000			199,700,000
Shares repurchased		(91,800,000	)		(288,900,000	)
Shares outstanding, beginning of period		195,000,000			284,200,000
Shares outstanding, end of period		198,200,000			195,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  11  

Financial Highlights

Invesco Senior Loan ETF (BKLN)

	Six Months Ended February 28, 2023			Years Ended August 31,												Ten Months Ended August 31,			Year Ended October 31,
	(Unaudited)			2022			2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period	$	21.08		$	22.13		$	21.82		$	22.57		$	23.11		$	23.15		$	23.16
Net investment income(a)		0.75			0.77			0.68			0.93			1.07			0.77			0.82
Net realized and unrealized gain (loss) on investments		(0.14	)		(1.18	)		0.31			(0.88	)		(0.53	)		(0.08	)		(0.02	)
Total from investment operations		0.61			(0.41	)		0.99			0.05			0.54			0.69			0.80
Distributions to shareholders from:
Net investment income		(0.76	)		(0.73	)		(0.69	)		(0.91	)		(1.12	)		(0.74	)		(0.82	)
Return of capital		-			-			(0.02	)		-			(0.02	)		-			-
Total distributions		(0.76	)		(0.73	)		(0.71	)		(0.91	)		(1.14	)		(0.74	)		(0.82	)
Transaction fees(a)		0.04			0.09			0.03			0.11			0.06			0.01			0.01
Net asset value at end of period	$	20.97		$	21.08		$	22.13		$	21.82		$	22.57		$	23.11		$	23.15
Market price at end of period(b)	$	20.95		$	20.98		$	22.15		$	21.91		$	22.61		$	23.05		$	23.12
Net Asset Value Total Return(c)		3.15	%		(1.44	)%		4.72	%		0.80	%		2.68	%		3.07	%		3.54	%
Market Price Total Return(c)		3.55	%		(1.99	)%		4.38	%		1.05	%		3.15	%		2.93	%		3.27	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	4,157,015		$	4,109,841		$	6,289,247		$	4,499,824		$	4,401,945		$	7,378,227		$	8,763,831
Ratio to average net assets of:
Expenses, after Waivers(d)		0.63	%(e)		0.65	%		0.64	%		0.63	%		0.64	%		0.63	%(e)		0.63	%
Expenses, prior to Waivers(d)		0.65	%(e)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%(e)		0.65	%
Net investment income		7.28	%(e)		3.53	%		3.08	%		4.22	%		4.66	%		3.99	%(e)		3.52	%
Portfolio turnover rate(f)		77	%		106	%		109	%		107	%		78	%		74	%		71	%

^(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)  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.

^(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.

  12  

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 28, 2023

(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 portfolio:

Full Name	Short Name
Invesco Senior Loan ETF (BKLN)	“Senior Loan ETF”

The portfolio (the “Fund”) represents a separate series of the Trust. The shares of the Fund are referred to herein as “Shares” or “Fund’s Shares.” The Fund’s Shares are listed and traded on NYSE Arca, Inc.

The market price of a Share may differ to some degree from the Fund’s net asset value (“NAV”). Unlike conventional mutual funds, the Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by authorized participants (“APs”), the Shares are not individually redeemable securities of the Fund.

The investment objective of the Fund is to seek to track the investment results (before fees and expenses) of the Morningstar LSTA US Leveraged Loan 100 Index (the “Underlying Index”).

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Fund in preparation of its financial statements.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.

A. Security Valuation - Securities, including restricted securities, are valued according to the following policies:

Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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 the 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

  13  

“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.

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 last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked 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/asked 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.

The 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, acts of terrorism, 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 the 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, the 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 the 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 Fund may periodically participate in litigation related to the Fund’s investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement 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 Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the

  14  

Financial Highlights. Transaction costs are included in the calculation of the Fund’s NAV and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement 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 the Fund and the Adviser.

C. Country Determination - For the purposes of presentation in the Schedule 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 the 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 - The Fund declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, the 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 the Fund’s financial statements as a tax return of capital at fiscal year-end.

E. Federal Income Taxes - The 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 Fund 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.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the 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 Fund files U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, the 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. Expenses - The Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Fund, including the payments to Invesco Senior Secured Management, Inc. (the “Sub-Adviser”), set-up fees and commitment fees associated with the line of credit and the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest (including interest expenses associated with the line of credit), 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 (iii) any other matters that directly benefit the Adviser).

Expenses of the Trust that are excluded from the Fund’s unitary management fee and are directly identifiable to the Fund are applied to the Fund. Expenses of the Trust that are excluded from the Fund’s unitary management fee and are not readily identifiable to the 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 the Fund.

To the extent the 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.

G. 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 Fund monitors 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.

H. 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 (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.

  15  

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.

I. Securities Purchased on a When-Issued and Delayed Delivery Basis - The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value of the interests or securities at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, it may sell such securities prior to the settlement date.

J. Other Risks

Authorized Participant Concentration Risk. Only APs may engage in creation or redemption transactions directly with the Fund. The 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 the 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 the 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 the Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

Cash Transaction Risk. Most exchange-traded funds (“ETFs”) generally make in-kind redemptions to avoid being taxed at the fund level on gains on the distributed portfolio securities. However, unlike most ETFs, the Fund currently intends to effect creations and redemptions principally for cash, rather than principally in-kind, because of the nature of the Fund’s investments. As such, the Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, the Fund may recognize a capital gain on these sales that might not have been incurred if the Fund had made a redemption in-kind. This may decrease the tax efficiency of the Fund compared to ETFs that utilize an in-kind redemption process and there may be a substantial difference in the after-tax rate of return between the Fund and conventional ETFs.

Changing Fixed-Income Market Conditions Risk. Increases 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 and reduced liquidity for certain fixed-income investments, particularly those with longer maturities. 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 the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by APs which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

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. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted.

Index Risk. Unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, the 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. Additionally, the Fund

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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 the Fund’s rebalance schedule.

Industry Concentration Risk. In following its methodology, the 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 the Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, the 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 the 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.

LIBOR Transition Risk. The Fund may have investments in financial instruments that utilize the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR is intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis. The UK Financial Conduct Authority (“FCA”), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. Although the publication of most LIBOR rates ceased at the end of 2021, a selection of widely used USD LIBOR rates continues to be published until June 2023 to allow for an orderly transition away from these rates.

There remains uncertainty and risks relating to the continuing LIBOR transition and its effects on the Fund and the instruments in which the Fund invests. There can be no assurance that the composition or characteristics of any alternative reference rates (“ARRs”) or financial instruments in which the Fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, there remains uncertainty and risks relating to certain “legacy” USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. The effects of such uncertainty and risks in “legacy” USD LIBOR instruments held by the Fund could result in losses to the Fund.

Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. If the 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 the 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 the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflict, acts of terrorism, economic crisis or other events could result in increased premiums or discounts to the Fund’s NAV.

Non-Correlation Risk. The Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, the 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 Underlying Index. Because the Fund issues and redeems Creation Units principally for cash, the Fund will incur higher costs in buying and selling securities than if it issued and redeemed Creation Units in-kind. Additionally, the Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its Underlying Index as would be the case if the Fund purchased all of the securities in its Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of the Fund and its Underlying Index may vary due to asset valuation differences and differences between the Fund’s portfolio and its Underlying Index resulting from legal restrictions, costs or liquidity constraints.

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, the Fund may incur additional expenses to seek recovery.

Portfolio Turnover Risk. The Fund may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to the 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 the Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to the Fund’s shareholders, the Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

Risk of Investing in Loans. Investments in loans are subject to interest rate risk and credit risk. Default in the payment of interest or principal on a loan will result in a reduction in its value. Although the loans in which the Fund will invest generally

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will be secured by specific collateral, there can be no assurance that such collateral would satisfy the borrower’s obligation in the event of non-payment of scheduled interest or principal or that such collateral could be readily liquidated. In the event of the bankruptcy of a borrower, the Fund’s access to the collateral may be limited by bankruptcy or other insolvency loans and, therefore, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a loan.

Risks of Loan Assignments and Participations. As the purchaser of an assignment, the Fund typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral. Because assignments may be arranged through private negotiations between potential assignees and potential assignors, the rights and obligations acquired by the Fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. In addition, if the loan is foreclosed, the Fund could become part owner of any collateral and could bear the costs and liabilities of owning and disposing of the collateral. The Fund may be required to pass along to a purchaser that buys a loan from the Fund by way of assignment, a portion of any fees to which the Fund is entitled under the loan. In connection with purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Fund may not directly benefit from any collateral supporting the loan in which it has purchased the participation. As a result, the Fund will be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, the Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

Sampling Risk. The Fund’s use of a representative sampling approach may result in the Fund holding a smaller number of securities than are in its 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.

Senior Loans Risk. The risks associated with senior loans are similar to the risks of junk bonds, although senior loans typically are senior and secured, whereas junk bonds often are subordinated and unsecured. Investments in senior loans typically are below investment grade and are considered speculative because of the credit risk of their issuers. Such companies are more likely to default on their payments of interest and principal owed, and such defaults could reduce the Fund’s NAV and income distributions. An economic downturn generally leads to a higher non-payment rate, and a senior loan may lose significant value before a default occurs. There is no assurance that the liquidation of the collateral would satisfy the claims of the borrower’s obligations in the event of the non-payment of scheduled interest or principal, or that the collateral could be readily liquidated. Economic and other events (whether real or perceived) can reduce the demand for certain senior loans or senior loans generally, which may reduce market prices. Senior loans and other debt securities also are subject to the risk of price declines and to increases in prevailing interest rates, although floating-rate debt instruments such as senior loans in which the Fund may be expected to invest are substantially less exposed to this risk than fixed-rate debt instruments. No active trading market may exist for certain senior loans, which may impair the ability of the Fund to realize full value in the event of the need to liquidate such assets. Adverse market conditions may impair the liquidity of some actively traded senior loans. Longer interest rate reset periods generally increase fluctuations in value as a result of changes in market interest rates.

Some loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate the loans to presently existing or future indebtedness of the borrower or take other action detrimental to lenders, including the Fund, such as invalidation of loans or causing interest previously paid to be refunded to the borrower. Investments in loans also are subject to the risk of changes in legislation or state or federal regulations. If such legislation or regulations impose additional requirements or restrictions on the ability of financial institutions to make loans, the availability of loans for investment by the Fund may be adversely affected. Many loans are not registered with the Securities and Exchange Commission or any state securities commission and often are not rated by any nationally recognized rating service. Generally, there is less readily available, reliable information about most loans than is the case for many other types of securities. Although a loan may be senior to equity and other debt securities in a borrower’s capital structure, such obligations may be structurally subordinated to obligations of the borrower’s subsidiaries.

There is no organized exchange on which loans are traded and reliable market quotations may not be readily available. Therefore, elements of judgment may play a greater role in valuation of loans than for securities with a more developed secondary market and the Fund may not realize full value in the event of the need to sell a loan. To the extent that a secondary market does exist for certain loans, the market may be subject to volatility, irregular trading activity, wide bid/ask spreads, decreased liquidity and extended trade settlement periods, any of which may impair the Fund’s ability to sell loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods for certain loans may result in cash not being immediately available to the Fund upon sale of the loan. As a result, the Fund may have to sell other investments with shorter settlement periods or engage in borrowing transactions to raise cash to meet its obligations.

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions,

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disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of the Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Fund’s investments, managing the Fund’s business affairs and providing certain clerical, bookkeeping and other administrative services, and oversight of the Sub-Adviser.

Pursuant to the Investment Advisory Agreement, the Fund accrues daily and pays monthly to the Adviser an annual unitary management fee of 0.65% of the Fund’s average daily net assets. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Fund, including the payments to the Sub-Adviser, set-up fees and commitment fees associated with the line of credit, the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest (including interest expenses associated with the line of credit), 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 (iii) any other matters that directly benefit the Adviser). The Adviser has entered into a sub-advisory agreement with the Sub-Adviser. The sub-advisory fee is paid by the Adviser to the Sub-Adviser at the annual rate of 40% of compensation paid to the Adviser from the Fund.

Further, through at least August 31, 2025, the Adviser has contractually agreed to waive the management fee payable by the 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. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the six months ended February 28, 2023, the Adviser waived fees of $346,539.

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for the Fund. The Distributor does not maintain a secondary market in the Shares. The Fund is 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 for the Fund with Morningstar, Inc. (the “Licensor”).

The Underlying Index name trademark is owned by the Licensor. This trademark has been licensed to the Adviser for use by the Fund. The Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Fund is not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in the Fund.

The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for the 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.
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 February 28, 2023. 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

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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
Investments in Securities
Variable Rate Senior Loan Interests		$	-		$	3,809,186,274		$	-		$	3,809,186,274
U.S. Dollar Denominated Bonds & Notes			-			122,556,688			-			122,556,688
Money Market Funds			333,347,332			-			-			333,347,332
Total Investments		$	333,347,332		$	3,931,742,962		$	-		$	4,265,090,294

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 Fund’s 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 Fund’s 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 Fund 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 Fund had a capital loss carryforward as of August 31, 2022, as follows:

No expiration
Short-Term		Long-Term		Total*
$	274,012,442	$	694,788,710	$	968,801,152

* 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 February 28, 2023, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were $2,904,701,779 and $2,917,504,256, respectively.

At February 28, 2023, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

Aggregate unrealized appreciation of investments	$	48,648,481
Aggregate unrealized (depreciation) of investments		(151,437,225	)
Net unrealized appreciation (depreciation) of investments	$	(102,788,744	)

Cost of investments for tax purposes is $4,367,879,038.

NOTE 7–Trustees’ and Officer’s Fees

The Adviser, as a result of the Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Fund. The Trustee who is an “interested person” of the Trust does 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 Fund.

NOTE 8–Borrowing

The Fund is a party to a committed line of credit facility with a syndicate administered by State Street Bank and Trust Company, which was set to expire on May 23, 2023. The Fund may borrow up to the lesser of (1) $725,000,000 or (2) the limits set by its prospectus for borrowings. The Adviser, on behalf of the Fund, pays an upfront fee of 0.10% on the commitment amount and a commitment fee of 0.15% on the amount of the commitment that has not been utilized. In case of borrowings from the line of credit, the Fund pays the associated interest expenses.

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Effective April 11, 2023, the Fund can participate in this line of credit with another Invesco ETF. Additionally, the line of credit’s expiration date was extended to April 9, 2024. No change was made to the Fund’s maximum borrowing amount nor to the upfront fee or commitment fee paid by the Adviser.

During the six months ended February 28, 2023, there were no outstanding borrowings from the line of credit.

NOTE 9–Unfunded Loan Commitments

Pursuant to the terms of certain Senior Loan agreements, the Fund held the following unfunded loan commitment as of February 28, 2023. The Fund intends to reserve against such contingent obligations by designating cash, liquid securities and liquid Senior Loans as a reserve. Unfunded loan commitments are reflected as a liability on the Statement of Assets and Liabilities.

Borrower	Type	Unfunded Loan Commitment			Unrealized Appreciation (Depreciation)
athenahealth Group, Inc.	Delayed Draw Term Loan		$	8,918,213		$	(513,827	)

NOTE 10–Senior Loan Participation Commitments

The Fund may invest in participations, assignments, or act as a party to the primary lending syndicate of a senior loan interest to corporations, partnerships, and other entities. When the Fund purchases a participation of a senior loan interest, the Fund typically enters into a contractual agreement with the lender or other third party selling the participation, but not with the borrower directly. As such, the Fund assumes the credit risk of the borrower, selling participant or other persons interpositioned between the Fund and the borrower.

During the six months ended February 28, 2023, there were no interests in senior loans purchased by the Fund on a participation basis.

NOTE 11–Capital

Shares are issued and redeemed by the Fund only in Creation Units consisting of a specified number of Shares as set forth in the Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Fund. Such transactions are principally permitted in exchange for cash. However, the Fund also reserves the right to permit or require Creation Units to be issued in exchange for the deposit of delivery of a basket of securities (“Deposit Securities”).

To the extent that the Fund permits transactions in exchange for Deposit Securities, the 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 Fund for creations and redemptions, which are treated as increases in capital. Transactions in the Fund’s Shares are disclosed in detail in the Statement of Changes in Net Assets.

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Calculating your ongoing Fund expenses

Example

As a shareholder of the Invesco Senior Loan ETF (the “Fund”), a series of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest (including interest expenses associated with the line of credit), 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 (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2022 through February 28, 2023.

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. The amount of fees and expenses incurred indirectly by the Fund will vary because the investment companies have varied expenses and fee levels and the Fund may own different proportions of the investment companies at different times. 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.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by the Fund. If transaction costs and indirect expenses were included, your costs would have been higher.

	Beginning Account Value September 1, 2022			Ending Account Value February 28, 2023			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco Senior Loan ETF (BKLN)
Actual		$	1,000.00		$	1,031.50		0.63	%		$	3.17
Hypothetical (5% return before expenses)			1,000.00			1,021.67		0.63				3.16

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended February 28, 2023. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.

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Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how the Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Fund with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of the Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

©2023 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-BKLN-SAR-1	invesco.com/ETFs

	Invesco Semi-Annual Report to Shareholders February 28, 2023
	KBWB	Invesco KBW Bank ETF
	KBWD	Invesco KBW High Dividend Yield Financial ETF
	KBWY	Invesco KBW Premium Yield Equity REIT ETF
	KBWP	Invesco KBW Property & Casualty Insurance ETF
	KBWR	Invesco KBW Regional Banking ETF

Table of Contents

Schedules of Investments
Invesco KBW Bank ETF (KBWB)	3
Invesco KBW High Dividend Yield Financial ETF (KBWD)	5
Invesco KBW Premium Yield Equity REIT ETF (KBWY)	7
Invesco KBW Property  & Casualty Insurance ETF (KBWP)	9
Invesco KBW Regional Banking ETF (KBWR)	10
Statements of Assets and Liabilities	12
Statements of Operations	13
Statements of Changes in Net Assets	14
Financial Highlights	16
Notes to Financial Statements	21
Fund Expenses	30

  2  

Invesco KBW Bank ETF (KBWB)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.92%
Asset Management & Custody Banks-12.32%
Bank of New York Mellon Corp. (The)		2,051,902	$	104,400,774
Northern Trust Corp.		864,991		82,407,692
State Street Corp.(b)		1,182,145		104,832,619
				291,641,085
Consumer Finance-4.20%
Capital One Financial Corp.(b)		912,263		99,509,648
Diversified Banks-35.73%
Bank of America Corp.		4,976,713		170,701,256
Citigroup, Inc.		3,890,951		197,232,306
JPMorgan Chase & Co.		1,363,221		195,417,730
U.S. Bancorp		2,074,990		99,039,273
Wells Fargo & Co.		3,928,461		183,734,121
				846,124,686
Regional Banks-47.67%
Citizens Financial Group, Inc.		2,044,447		85,376,107
Comerica, Inc.		543,582		38,105,098
East West Bancorp, Inc.		585,043		44,586,127
Fifth Third Bancorp		2,590,195		94,024,079
First Republic Bank		737,959		90,776,337
Huntington Bancshares, Inc.(b)		5,988,592		91,745,229
KeyCorp		3,872,489		70,827,824
M&T Bank Corp.		553,922		86,018,547
PNC Financial Services Group, Inc. (The)		1,119,533		176,796,651
Regions Financial Corp		3,878,740		90,452,217
Signature Bank		261,179		30,048,644

	Shares		Value
Regional Banks-(continued)
SVB Financial Group(c)		245,367	$	70,692,686
Truist Financial Corp.		2,011,996		94,463,212
Western Alliance Bancorporation(b)		451,999		33,556,406
Zions Bancorporation N.A.		620,947		31,432,337
				1,128,901,501
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.92% (Cost $2,839,073,222)				2,366,176,920
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.19%
Invesco Private Government Fund, 4.58%(d)(e)(f)		1,246,715		1,246,715
Invesco Private Prime Fund, 4.83%(d)(e)(f)		3,205,197		3,205,838
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $4,452,553)				4,452,553
TOTAL INVESTMENTS IN SECURITIES-100.11% (Cost $2,843,525,775)				2,370,629,473
OTHER ASSETS LESS LIABILITIES-(0.11)%				(2,540,667	)
NET ASSETS-100.00%			$	2,368,088,806

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  All or a portion of this security was out on loan at February 28, 2023.

^(c)  Non-income producing security.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31,  2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28,  2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	36,642,905		$	(36,642,905	)		$	-			$	-		$	-		$	14,959
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			6,003,556			85,614,903			(90,371,744	)			-				-			1,246,715			98,989	*
Invesco Private Prime Fund			15,437,715			216,823,379			(229,057,461)				(876)				3,081			3,205,838			268,032*
Total		$	21,441,271		$	339,081,187		$	(356,072,110	)		$	(876	)		$	3,081		$	4,452,553		$	381,980

* 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.

  3  

Invesco KBW Bank ETF (KBWB)–(continued)

February 28, 2023

(Unaudited)

^(e)  The rate shown is the 7-day SEC standardized yield as of February 28, 2023.

^(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 2I.

Portfolio Composition

Sub-Industry Breakdown (% of the Fund’s Net Assets)

as of February 28, 2023

Regional Banks	47.67
Diversified Banks	35.73
Asset Management & Custody Banks	12.32
Consumer Finance	4.20
Money Market Funds Plus Other Assets Less Liabilities	0.08

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  4  

Invesco KBW High Dividend Yield Financial ETF (KBWD)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-67.74%
Asset Management & Custody Banks-5.75%
Artisan Partners Asset Management, Inc., Class A(b)		171,385	$	5,650,563
GCM Grosvenor, Inc., Class A(b)		526,689		4,334,651
Janus Henderson Group PLC(b)		224,561		6,166,445
Patria Investments Ltd., Class A (Cayman Islands)		337,974		5,360,268
				21,511,927
Consumer Finance-3.82%
Ally Financial, Inc.		151,436		4,550,652
OneMain Holdings, Inc.(b)		225,823		9,730,713
				14,281,365
Data Processing & Outsourced Services-1.40%
Western Union Co. (The)(b)		402,684		5,218,785
Diversified Banks-1.29%
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		133,807		4,837,123
Investment Banking & Brokerage-4.76%
B. Riley Financial, Inc.(b)		190,912		7,594,479
Lazard Ltd., Class A		137,381		5,132,554
Moelis & Co., Class A(b)		118,289		5,066,318
				17,793,351
Life & Health Insurance-0.93%
Lincoln National Corp.		109,290		3,466,679
Mortgage REITs-42.69%
AGNC Investment Corp.		1,328,415		14,439,871
Annaly Capital Management, Inc.		690,132		14,271,930
ARMOUR Residential REIT, Inc.		3,195,424		17,351,152
Chimera Investment Corp.(b)		1,805,143		11,715,378
Dynex Capital, Inc.(b)		836,923		11,072,491
Ellington Financial, Inc.		890,731		11,463,708
MFA Financial, Inc.		1,296,377		13,884,198
Orchid Island Capital, Inc.(b)		1,498,801		17,026,380
PennyMac Mortgage Investment Trust(b)		742,311		9,672,312
Ready Capital Corp.(b)		861,397		9,699,330
TPG RE Finance Trust, Inc.(b)		1,609,685		13,666,226
Two Harbors Investment Corp.(b)		931,077		15,427,946
				159,690,922
Other Diversified Financial Services-1.76%
Jackson Financial, Inc., Class A		145,184		6,588,450
Property & Casualty Insurance-1.20%
Argo Group International Holdings Ltd.		154,529		4,489,067

Investment Abbreviations:

BDC -Business Development Company

REIT -Real Estate Investment Trust

	Shares		Value
Regional Banks-2.44%
Central Pacific Financial Corp.		213,254	$	4,783,287
Northwest Bancshares, Inc.		315,040		4,353,853
				9,137,140
Thrifts & Mortgage Finance-1.70%
New York Community Bancorp, Inc.		716,124		6,359,181
Total Common Stocks & Other Equity Interests (Cost $280,367,999)				253,373,990
Closed-End Funds-32.02%
Bain Capital Specialty Finance, Inc., BDC		725,294		9,399,810
Capital Southwest Corp.		581,958		10,934,991
CION Investment Corp.		1,119,124		12,254,408
FS KKR Capital Corp., BDC(b)		634,906		12,513,997
Goldman Sachs BDC, Inc., BDC(b)		690,675		11,030,080
MidCap Financial Investment Corp.(b)		887,597		11,219,226
NewtekOne, Inc., BDC(b)		683,893		10,470,402
PennantPark Investment Corp.		1,580,747		8,947,028
SLR Investment Corp.(b)		691,189		10,201,949
Trinity Capital, Inc.(b)		984,765		13,146,613
TriplePoint Venture Growth BDC Corp.(b)		813,761		9,659,343
				119,777,847
Total Closed-End Funds (Cost $119,627,243)				119,777,847
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.76% (Cost $399,995,242)				373,151,837
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-26.32%
Invesco Private Government Fund, 4.58%(c)(d)(e)		27,565,428		27,565,428
Invesco Private Prime Fund, 4.83%(c)(d)(e)		70,893,273		70,907,449
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $98,477,814)				98,472,877
TOTAL INVESTMENTS IN SECURITIES-126.08% (Cost $498,473,056)				471,624,714
OTHER ASSETS LESS LIABILITIES-(26.08)%				(97,564,740	)
NET ASSETS-100.00%			$	374,059,974

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  5  

Invesco KBW High Dividend Yield Financial ETF (KBWD)–(continued)

February 28, 2023

(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)  All or a portion of this security was out on loan at February 28, 2023.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31,  2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value February 28,  2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$                 -		$   17,303,837		$  (17,303,837)		$          -		$         -		$                 -		$       8,303
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		26,654,039		121,753,307		(120,841,918)		-		-		27,565,428		502,963*
Invesco Private Prime Fund		68,547,907		236,349,882		(234,000,051)		(7,308)		17,019		70,907,449		1,373,746*
Total		$95,201,946		$375,407,026		$(372,145,806)		$(7,308)		$17,019		$98,472,877		$1,885,012

* 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 February 28, 2023.

^(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 2I.

Portfolio Composition

Sub-Industry Breakdown (% of the Fund’s Net Assets)

as of February 28, 2023

Mortgage REITs	42.69
Closed-End Funds	32.02
Asset Management & Custody Banks	5.75
Investment Banking & Brokerage	4.76
Consumer Finance	3.82
Sub-Industry Types Each Less Than 3%	10.72
Money Market Funds Plus Other Assets Less Liabilities	0.24

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  6  

Invesco KBW Premium Yield Equity REIT ETF (KBWY)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Diversified REITs-14.41%
Armada Hoffler Properties, Inc.		606,409	$	7,774,163
Broadstone Net Lease, Inc.		449,921		7,986,098
Gladstone Commercial Corp.(b)		491,482		6,723,474
Global Net Lease, Inc.(b)		1,028,678		14,524,933
				37,008,668
Health Care REITs-17.30%
Global Medical REIT, Inc.(b)		970,083		9,759,035
Medical Properties Trust, Inc.(b)		793,729		8,175,409
National Health Investors, Inc.(b)		133,957		7,367,635
Omega Healthcare Investors, Inc.(b)		344,255		9,222,591
Sabra Health Care REIT, Inc.		832,088		9,910,168
				44,434,838
Hotel & Resort REITs-9.03%
Apple Hospitality REIT, Inc.		388,325		6,411,246
Service Properties Trust		1,528,042		16,777,901
				23,189,147
Industrial REITs-6.16%
Innovative Industrial Properties, Inc.(b)		57,987		5,126,631
LXP Industrial Trust(b)		511,150		5,331,294
STAG Industrial, Inc.		159,554		5,367,397
				15,825,322
Office REITs-20.87%
Brandywine Realty Trust		1,873,123		11,032,695
Hudson Pacific Properties, Inc.(b)		881,254		8,133,974
Office Properties Income Trust(b)		1,107,719		18,210,900
SL Green Realty Corp.		249,526		8,496,360
Vornado Realty Trust		390,346		7,721,044
				53,594,973
Residential REITs-4.19%
Apartment Income REIT Corp.		147,154		5,562,421
UMH Properties, Inc.(b)		305,335		5,193,749
				10,756,170

	Shares		Value
Retail REITs-11.40%
Getty Realty Corp.(b)		186,708	$	6,409,685
Necessity Retail REIT, Inc. (The)(b)		2,241,936		15,379,681
Spirit Realty Capital, Inc.		182,060		7,497,231
				29,286,597
Specialized REITs-16.58%
EPR Properties		224,513		9,169,111
Four Corners Property Trust, Inc.(b)		218,550		5,933,633
Gaming and Leisure Properties, Inc.		120,582		6,496,958
National Storage Affiliates Trust		163,439		6,913,470
Outfront Media, Inc.		422,501		7,372,642
Uniti Group, Inc.(b)		1,216,804		6,680,254
				42,566,068
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $280,840,603)				256,661,783
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-24.06%
Invesco Private Government Fund, 4.58%(c)(d)(e)		17,302,880		17,302,880
Invesco Private Prime Fund, 4.83%(c)(d)(e)		44,484,223		44,493,118
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $61,799,018)				61,795,998
TOTAL INVESTMENTS IN SECURITIES-124.00% (Cost $342,639,621)				318,457,781
OTHER ASSETS LESS LIABILITIES-(24.00)%				(61,645,767	)
NET ASSETS-100.00%			$	256,812,014

Investment Abbreviations:

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  All or a portion of this security was out on loan at February 28, 2023.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31,  2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value February 28,  2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	9,646,638		$	(9,646,638	)		$	-		$	-		$	-		$	5,306

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  7  

Invesco KBW Premium Yield Equity REIT ETF (KBWY)–(continued)

February 28, 2023

(Unaudited)

	Value August 31,  2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28,  2023			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	11,365,194		$	78,953,773		$	(73,016,087	)		$	-			$	-		$	17,302,880		$	216,289	*
Invesco Private Prime Fund			29,170,947			185,065,959			(169,744,790	)			(3,915	)			4,917			44,493,118			605,575	*
Total		$	40,536,141		$	273,666,370		$	(252,407,515	)		$	(3,915	)		$	4,917		$	61,795,998		$	827,170

* 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 February 28, 2023.

^(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 2I.

Portfolio Composition

REIT Sub-Industry Breakdown (% of the Fund’s Net Assets)

as of February 28, 2023

Office REITs	20.87
Health Care REITs	17.30
Specialized REITs	16.58
Diversified REITs	14.41
Retail REITs	11.40
Hotel & Resort REITs	9.03
Industrial REITs	6.16
Residential REITs	4.19
Money Market Funds Plus Other Assets Less Liabilities	0.06

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  8  

Invesco KBW Property & Casualty Insurance ETF (KBWP)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Multi-line Insurance-17.20%
American International Group, Inc.		513,681	$	31,391,046
Assurant, Inc.		126,429		16,105,790
Hartford Financial Services Group, Inc. (The)		212,234		16,613,678
Horace Mann Educators Corp.		190,545		7,042,543
				71,153,057
Property & Casualty Insurance-72.53%
Allstate Corp. (The)		242,116		31,179,699
American Financial Group, Inc.		113,961		15,283,310
Arch Capital Group Ltd.(b)		270,559		18,939,130
AXIS Capital Holdings Ltd.		281,600		17,098,752
Chubb Ltd.		147,630		31,152,883
Cincinnati Financial Corp.		146,092		17,633,304
Hanover Insurance Group, Inc. (The)		110,048		15,349,495
James River Group Holdings Ltd.		174,527		4,206,101
Kemper Corp.		284,768		17,541,709
Mercury General Corp.		257,957		8,783,436
ProAssurance Corp.		251,409		5,000,525

	Shares		Value
Property & Casualty Insurance-(continued)
Progressive Corp. (The)		245,322	$	35,208,613
RLI Corp.		124,628		17,187,447
Selective Insurance Group, Inc.		168,635		17,121,512
Travelers Cos., Inc. (The)		170,802		31,618,866
Universal Insurance Holdings, Inc.		142,156		2,747,875
W.R. Berkley Corp.		212,497		14,065,176
				300,117,833
Reinsurance-10.20%
Everest Re Group Ltd.		47,966		18,417,505
RenaissanceRe Holdings Ltd. (Bermuda)		85,811		18,440,784
SiriusPoint Ltd. (Bermuda)(b)		755,528		5,364,249
				42,222,538
TOTAL INVESTMENTS IN SECURITIES-99.93% (Cost $381,175,861)				413,493,428
OTHER ASSETS LESS LIABILITIES-0.07%				275,826
NET ASSETS-100.00%.			$	413,769,254

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31,  2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28,  2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	158,610		$	4,374,608		$	(4,533,218	)		$	-		$	-		$	-		$	3,189
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			39,834,826			(39,834,826	)			-			-			-			82,056
Invesco Private Prime Fund			-			80,277,761			(80,281,856	)			-			4,095			-			219,729
Total		$	158,610		$	124,487,195		$	(124,649,900	)		$	-		$	4,095		$	-		$	304,974

Portfolio Composition

Sub-Industry Breakdown (% of the Fund’s Net Assets)

as of February 28, 2023

Property & Casualty Insurance	72.53
Multi-line Insurance	17.20
Reinsurance	10.20
Other Assets Less Liabilities	0.07

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  9  

Invesco KBW Regional Banking ETF (KBWR)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.80%
Regional Banks-94.70%
Ameris Bancorp		25,421	$	1,216,903
Associated Banc-Corp.		54,649		1,265,124
Atlantic Union Bankshares Corp.(b)		30,451		1,140,694
Bank of Hawaii Corp.		16,308		1,220,817
Bank OZK(b)		29,130		1,340,854
BankUnited, Inc.(b)		31,499		1,115,695
BOK Financial Corp.(b)		20,801		2,177,449
Brookline Bancorp, Inc.		31,343		406,205
Cadence Bank		46,624		1,238,333
Cathay General Bancorp		28,932		1,241,761
Columbia Banking System, Inc.(b)		32,061		953,174
Commerce Bancshares, Inc.		37,689		2,493,127
Community Bank System, Inc.		20,643		1,260,255
Cullen/Frost Bankers, Inc.		18,532		2,442,888
CVB Financial Corp.		46,886		1,121,982
Eastern Bankshares, Inc.		68,570		1,075,178
F.N.B. Corp.		95,341		1,360,516
First Bancorp		75,244		1,091,790
First Commonwealth Financial Corp.(b)		38,049		609,165
First Financial Bancorp		38,643		952,164
First Financial Bankshares, Inc.		36,385		1,334,602
First Hawaiian, Inc.(b)		50,634		1,384,840
First Interstate BancSystem, Inc., Class A(b)		30,830		1,095,698
Fulton Financial Corp.		68,261		1,174,089
Glacier Bancorp, Inc.(b)		23,221		1,100,211
Hancock Whitney Corp.		24,517		1,204,275
Home BancShares, Inc.(b)		52,841		1,273,468
Hope Bancorp, Inc.		48,684		623,642
Independent Bank Corp.(b)		14,852		1,183,407
Old National Bancorp		70,350		1,243,085
Pacific Premier Bancorp, Inc.		36,378		1,179,375
PacWest Bancorp		48,024		1,332,666
Pinnacle Financial Partners, Inc.		16,028		1,187,515
Popular, Inc.		18,413		1,314,688
Prosperity Bancshares, Inc.(b)		28,244		2,075,652
Simmons First National Corp., Class A(b)		51,758		1,150,580
South State Corp.(b)		15,305		1,234,807
Synovus Financial Corp.(b)		31,916		1,334,408
Texas Capital Bancshares, Inc.(b)(c)		20,339		1,347,052
Trustmark Corp.		24,849		730,561
UMB Financial Corp.		15,716		1,424,813

	Shares		Value
Regional Banks-(continued)
United Bankshares, Inc.		31,341	$	1,277,773
United Community Banks, Inc.(b)		34,503		1,142,394
Valley National Bancorp(b)		106,195		1,229,738
Washington Federal, Inc.		26,621		933,599
Webster Financial Corp.(b)		49,478		2,628,271
Wintrust Financial Corp.(b)		14,708		1,355,048
				60,220,331
Thrifts & Mortgage Finance-5.10%
New York Community Bancorp, Inc.(b)		143,777		1,276,739
Provident Financial Services, Inc.(b)		30,668		716,098
WSFS Financial Corp.(b)		25,101		1,252,791
				3,245,628
Total Common Stocks & Other Equity Interests (Cost $68,443,840)				63,465,959
Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(d)(e) (Cost $28,285)		28,285		28,285
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.85% (Cost $68,472,125)				63,494,244
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-20.73%
Invesco Private Government Fund, 4.58%(d)(e)(f)		3,690,913		3,690,913
Invesco Private Prime Fund, 4.83%(d)(e)(f)		9,489,020		9,490,918
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $13,182,050)				13,181,831
TOTAL INVESTMENTS IN SECURITIES-120.58% (Cost $81,654,175)				76,676,075
OTHER ASSETS LESS LIABILITIES-(20.58)%				(13,085,736	)
NET ASSETS-100.00%			$	63,590,339

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  10  

Invesco KBW Regional Banking ETF (KBWR)–(continued)

February 28, 2023

(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)  All or a portion of this security was out on loan at February 28, 2023.

^(c)  Non-income producing security.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31,  2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28,  2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	15,014		$	1,204,098		$	(1,190,827	)		$	-			$	-		$	28,285		$	790
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			3,369,206			21,660,035			(21,338,328	)			-				-			3,690,913			55,451	*
Invesco Private Prime Fund			8,663,673			51,682,381			(50,855,881	)			(582	)			1,327			9,490,918			150,213	*
Total		$	12,047,893		$	74,546,514		$	(73,385,036	)		$	(582	)		$	1,327		$	13,210,116		$	206,454

* 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 February 28, 2023.

^(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 2I.

Portfolio Composition

Sub-Industry Breakdown (% of the Fund’s Net Assets)

as of February 28, 2023

Regional Banks	94.70
Thrifts & Mortgage Finance	5.10
Money Market Funds Plus Other Assets Less Liabilities	0.20

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  11  

Statements of Assets and Liabilities

February 28, 2023

(Unaudited)

	Invesco KBW Bank ETF (KBWB)			Invesco KBW High Dividend Yield Financial ETF (KBWD)			Invesco KBW Premium Yield Equity  REIT ETF (KBWY)			Invesco KBW Property & Casualty Insurance ETF (KBWP)		Invesco KBW Regional Banking ETF (KBWR)
Assets:
Unaffiliated investments in securities, at value(a)	$	2,366,176,920		$	373,151,837		$	256,661,783		$	413,493,428	$	63,465,959
Affiliated investments in securities, at value		4,452,553			98,472,877			61,795,998			-		13,210,116
Receivable for:
Dividends		2,946,364			1,086,398			244,629			369,942		112,741
Securities lending		3,009			95,202			9,595			1,331		1,627
Fund shares sold		190,754,077			-			-			17,202,660		-
Total assets		2,564,332,923			472,806,314			318,712,005			431,067,361		76,790,443
Liabilities:
Due to custodian		648,603			163,415			26,770			32		-
Payable for:
Investments purchased		-			-			-			17,194,763		-
Collateral upon return of securities loaned		4,452,553			98,477,814			61,799,018			-		13,182,050
Fund shares repurchased		190,528,252			-			-			-		-
Accrued unitary management fees		614,709			105,111			74,203			103,312		18,054
Total liabilities		196,244,117			98,746,340			61,899,991			17,298,107		13,200,104
Net Assets	$	2,368,088,806		$	374,059,974		$	256,812,014		$	413,769,254	$	63,590,339
Net assets consist of:
Shares of beneficial interest	$	2,946,235,691		$	588,694,313		$	461,576,007		$	377,811,901	$	79,778,397
Distributable earnings (loss)		(578,146,885	)		(214,634,339	)		(204,763,993	)		35,957,353		(16,188,058	)
Net Assets	$	2,368,088,806		$	374,059,974		$	256,812,014		$	413,769,254	$	63,590,339
Shares outstanding (unlimited amount authorized, $0.01 par value)		42,020,000			23,300,000			12,470,000			4,570,000		1,080,000
Net asset value	$	56.36		$	16.05		$	20.59		$	90.54	$	58.88
Market price	$	56.33		$	16.06		$	20.60		$	90.57	$	58.91
Unaffiliated investments in securities, at cost	$	2,839,073,222		$	399,995,242		$	280,840,603		$	381,175,861	$	68,443,840
Affiliated investments in securities, at cost	$	4,452,553		$	98,477,814		$	61,799,018		$	-	$	13,210,335
(a) Includes securities on loan with an aggregate value of:	$	4,360,307		$	93,365,651		$	59,709,447		$	-	$	12,852,508

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  12  

Statements of Operations

For the six months ended February 28, 2023

(Unaudited)

	Invesco KBW Bank ETF (KBWB)			Invesco KBW High Dividend Yield Financial ETF (KBWD)			Invesco KBW Premium Yield Equity  REIT ETF (KBWY)			Invesco KBW Property & Casualty Insurance ETF (KBWP)			Invesco KBW Regional Banking ETF (KBWR)
Investment income:
Unaffiliated dividend income	$	31,603,446		$	22,113,279		$	10,205,380		$	4,254,862		$	1,095,624
Affiliated dividend income		14,959			8,303			5,306			3,189			790
Securities lending income, net		17,779			373,933			36,591			13,985			10,334
Foreign withholding tax		-			-			-			-			(4,385	)
Total investment income		31,636,184			22,495,515			10,247,277			4,272,036			1,102,363
Expenses:
Unitary management fees		3,462,439			644,852			451,216			576,887			129,826
Less: Waivers		(461	)		(195	)		(149	)		(92	)		(24	)
Net expenses		3,461,978			644,657			451,067			576,795			129,802
Net investment income		28,174,206			21,850,858			9,796,210			3,695,241			972,561
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(70,979,817	)		(19,766,858	)		(21,565,188	)		(561,056	)		(1,433,334	)
Affiliated investment securities		3,081			17,019			4,917			4,095			1,327
In-kind redemptions		(2,349,907	)		(502,957	)		1,040,539			12,048,908			713,031
Net realized gain (loss)		(73,326,643	)		(20,252,796	)		(20,519,732	)		11,491,947			(718,976	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		96,062,476			(13,786,073	)		794,648			40,768,181			1,465,430
Affiliated investment securities		(876	)		(7,308	)		(3,915	)		-			(582	)
Change in net unrealized appreciation (depreciation)		96,061,600			(13,793,381	)		790,733			40,768,181			1,464,848
Net realized and unrealized gain (loss)		22,734,957			(34,046,177	)		(19,728,999	)		52,260,128			745,872
Net increase (decrease) in net assets resulting from operations	$	50,909,163		$	(12,195,319	)	$	(9,932,789	)	$	55,955,369		$	1,718,433

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  13  

Statements of Changes in Net Assets

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)

	Invesco KBW Bank ETF (KBWB)						Invesco KBW High Dividend Yield Financial ETF (KBWD)
	Six Months Ended February  28, 2023			Year Ended August 31, 2022			Six Months Ended February  28, 2023			Year Ended August 31, 2022
Operations:
Net investment income	$	28,174,206		$	62,100,244		$	21,850,858		$	30,363,494
Net realized gain (loss)		(73,326,643	)		64,064,570			(20,252,796	)		14,084,867
Change in net unrealized appreciation (depreciation)		96,061,600			(616,755,963	)		(13,793,381	)		(92,543,242	)
Net increase (decrease) in net assets resulting from operations		50,909,163			(490,591,149	)		(12,195,319	)		(48,094,881	)
Distributions to Shareholders from:
Distributable earnings		(29,056,056	)		(65,164,401	)		(19,870,704	)		(39,784,352	)
Shareholder Transactions:
Proceeds from shares sold		1,492,879,161			4,094,517,993			18,835,349			160,076,565
Value of shares repurchased		(1,115,844,491	)		(4,547,864,150	)		(35,561,205	)		(114,842,574	)
Net increase (decrease) in net assets resulting from share transactions		377,034,670			(453,346,157	)		(16,725,856	)		45,233,991
Net increase (decrease) in net assets		398,887,777			(1,009,101,707	)		(48,791,879	)		(42,645,242	)
Net assets:
Beginning of period		1,969,201,029			2,978,302,736			422,851,853			465,497,095
End of period	$	2,368,088,806		$	1,969,201,029		$	374,059,974		$	422,851,853
Changes in Shares Outstanding:
Shares sold.		26,480,000			61,560,000			1,160,000			7,970,000
Shares repurchased		(20,640,000	)		(70,360,000	)		(2,450,000	)		(5,890,000	)
Shares outstanding, beginning of period		36,180,000			44,980,000			24,590,000			22,510,000
Shares outstanding, end of period		42,020,000			36,180,000			23,300,000			24,590,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  14  

Invesco KBW Premium Yield						Invesco KBW Property & Casualty						Invesco KBW Regional
Equity REIT ETF (KBWY)						Insurance ETF (KBWP)						Banking ETF (KBWR)
Six Months Ended February  28, 2023			Year Ended August 31, 2022			Six Months Ended February  28, 2023			Year Ended August 31, 2022			Six Months Ended February  28, 2023			Year Ended August 31, 2022
$	9,796,210		$	9,812,455		$	3,695,241		$	2,414,200		$	972,561		$	1,799,159
	(20,519,732	)		64,149,135			11,491,947			2,514,282			(718,976	)		(609,545	)
	790,733			(79,458,900	)		40,768,181			(16,681,345	)		1,464,848			(4,112,163	)
	(9,932,789	)		(5,497,310	)		55,955,369			(11,752,863	)		1,718,433			(2,922,549	)
	(9,731,540	)		(17,784,899	)		(3,068,103	)		(2,788,226	)		(1,009,033	)		(1,800,845	)
	23,910,815			116,944,071			207,873,957			151,564,768			8,325,829			24,061,190
	(35,854,132	)		(155,305,074	)		(53,680,530	)		(18,928,465	)		(20,712,913	)		(17,597,678	)
	(11,943,317	)		(38,361,003	)		154,193,427			132,636,303			(12,387,084	)		6,463,512
	(31,607,646	)		(61,643,212	)		207,080,693			118,095,214			(11,677,684	)		1,740,118
	288,419,660			350,062,872			206,688,561			88,593,347			75,268,023			73,527,905
$	256,812,014		$	288,419,660		$	413,769,254		$	206,688,561		$	63,590,339		$	75,268,023
	1,170,000			4,910,000			2,500,000			1,840,000			140,000			370,000
	(1,770,000	)		(6,480,000	)		(630,000	)		(240,000	)		(360,000	)		(300,000	)
	13,070,000			14,640,000			2,700,000			1,100,000			1,300,000			1,230,000
	12,470,000			13,070,000			4,570,000			2,700,000			1,080,000			1,300,000

  15  

Financial Highlights

Invesco KBW Bank ETF (KBWB)

	Six Months Ended February 28, 2023				Years Ended August 31,												Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	54.43		$	66.21		$	39.58		$	48.15		$	57.01			$	52.36		$	38.40
Net investment income(a)			0.76			1.49			1.31			1.40			1.27				0.83			0.77
Net realized and unrealized gain (loss) on investments			1.96			(11.66	)		26.56			(8.45	)		(8.86	)			4.51			13.92
Total from investment operations			2.72			(10.17	)		27.87			(7.05	)		(7.59	)			5.34			14.69
Distributions to shareholders from:
Net investment income			(0.79	)		(1.61	)		(1.24	)		(1.52	)		(1.27	)			(0.69	)		(0.73	)
Net asset value at end of period		$	56.36		$	54.43		$	66.21		$	39.58		$	48.15			$	57.01		$	52.36
Market price at end of period(b)		$	56.33		$	54.52		$	66.11		$	39.68		$	48.22			$	57.01		$	52.39
Net Asset Value Total Return(c)			5.11	%		(15.59	)%		71.42	%		(14.81	)%		(13.30	)%			10.24	%		38.42	%
Market Price Total Return(c)			4.89	%		(15.33	)%		70.75	%		(14.72	)%		(13.18	)%			10.18	%		38.36	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,368,089		$	1,969,201		$	2,978,303		$	763,963		$	563,393			$	1,023,260		$	932,052
Ratio to average net assets of:
Expenses			0.35	%(d)		0.35	%		0.35	%		0.35	%		0.35	%			0.35	%(d)		0.35	%
Net investment income			2.85	%(d)		2.30	%		2.25	%		3.07	%		2.51	%			1.78	%(d)		1.60	%
Portfolio turnover rate(e)			12	%		23	%		22	%		18	%		13	%			7	%		9	%

^(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.

  16  

Financial Highlights–(continued)

Invesco KBW High Dividend Yield Financial ETF (KBWD)

	Six Months Ended February 28, 2023				Years Ended August 31,												Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	17.20		$	20.68		$	13.75		$	19.81		$	23.68			$	23.43		$	21.49
Net investment income(a)			0.93			1.25			1.19			1.39			1.59				1.23			1.84
Net realized and unrealized gain (loss) on investments			(1.23	)		(3.08	)		7.14			(5.66	)		(3.67	)			0.69			2.16
Total from investment operations			(0.30	)		(1.83	)		8.33			(4.27	)		(2.08	)			1.92			4.00
Distributions to shareholders from:
Net investment income			(0.85	)		(1.65	)		(1.40	)		(1.79	)		(1.79	)			(1.67	)		(1.88	)
Return of capital			-			-			-			-			-				-			(0.18	)
Total distributions			(0.85	)		(1.65	)		(1.40	)		(1.79	)		(1.79	)			(1.67	)		(2.06	)
Net asset value at end of period		$	16.05		$	17.20		$	20.68		$	13.75		$	19.81			$	23.68		$	23.43
Market price at end of period(b)		$	16.06		$	17.21		$	20.69		$	13.77		$	19.80			$	23.69		$	23.46
Net Asset Value Total Return(c)			(1.54	)%		(9.15	)%		62.77	%		(22.34	)%		(9.06	)%			8.57	%		18.95	%
Market Price Total Return(c)			(1.54	)%		(9.15	)%		62.61	%		(22.18	)%		(9.15	)%			8.47	%		18.99	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	374,060		$	422,852		$	465,497		$	229,636		$	270,390			$	344,556		$	319,788
Ratio to average net assets of:
Expenses(d)			0.35	%(e)		0.35	%		0.35	%		0.35	%		0.35	%			0.35	%(e)		0.35	%
Net investment income			11.86	%(e)		6.54	%		6.55	%		8.08	%		7.32	%			6.36	%(e)		7.77	%
Portfolio turnover rate(f)			48	%		76	%		59	%		77	%		54	%			46	%		52	%

^(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)  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.

^(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.

  17  

Financial Highlights–(continued)

Invesco KBW Premium Yield Equity REIT ETF (KBWY)

	Six Months Ended February 28, 2023				Years Ended August 31,												Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	22.07		$	23.91		$	18.71		$	29.25		$	35.80			$	36.64		$	33.95
Net investment income(a)			0.78			0.74			0.69			1.36			1.21				1.45			1.49
Net realized and unrealized gain (loss) on investments			(1.49	)		(1.23	)		5.94			(9.62	)		(5.86	)			(0.18	)		3.78
Total from investment operations			(0.71	)		(0.49	)		6.63			(8.26	)		(4.65	)			1.27			5.27
Distributions to shareholders from:
Net investment income			(0.77	)		(1.35	)		(1.43	)		(2.28	)		(1.90	)			(2.11	)		(2.58	)
Net asset value at end of period		$	20.59		$	22.07		$	23.91		$	18.71		$	29.25			$	35.80		$	36.64
Market price at end of period(b)		$	20.60		$	22.09		$	23.89		$	18.74		$	29.26			$	35.80		$	36.67
Net Asset Value Total Return(c)			(3.17	)%		(2.23	)%		36.86	%		(28.96	)%		(12.94	)%			4.05	%		15.71	%
Market Price Total Return(c)			(3.21	)%		(2.06	)%		36.52	%		(28.87	)%		(12.91	)%			3.95	%		15.79	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	256,812		$	288,420		$	350,063		$	173,025		$	317,390			$	442,126		$	381,021
Ratio to average net assets of:
Expenses			0.35	%(d)		0.35	%		0.35	%		0.35	%		0.35	%			0.35	%(d)		0.35	%
Net investment income			7.60	%(d)		3.09	%		3.16	%		5.45	%		3.94	%			5.16	%(d)		4.04	%
Portfolio turnover rate(e)			46	%		77	%		72	%		100	%		69	%			53	%		61	%

^(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.

  18  

Financial Highlights–(continued)

Invesco KBW Property & Casualty Insurance ETF (KBWP)

	Six Months Ended February 28, 2023				Years Ended August 31,												Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	76.55		$	80.54		$	60.03		$	70.73		$	63.85			$	59.67		$	50.41
Net investment income(a)			0.93			1.68			1.94	(b)		1.28			1.35				1.22			1.12
Net realized and unrealized gain (loss) on investments			13.83			(3.26	)		20.09			(10.63	)		7.06				4.06			9.23
Total from investment operations			14.76			(1.58	)		22.03			(9.35	)		8.41				5.28			10.35
Distributions to shareholders from:
Net investment income			(0.77	)		(2.41	)		(1.52	)		(1.35	)		(1.53	)			(1.10	)		(1.09	)
Net asset value at end of period		$	90.54		$	76.55		$	80.54		$	60.03		$	70.73			$	63.85		$	59.67
Market price at end of period(c)		$	90.57		$	76.65		$	80.48		$	60.13		$	70.78			$	63.92		$	59.68
Net Asset Value Total Return(d)			19.39	%		(1.98	)%		37.10	%		(13.11	)%		13.54	%			8.99	%		20.68	%
Market Price Total Return(d)			19.27	%		(1.79	)%		36.78	%		(13.03	)%		13.50	%			9.09	%		20.63	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	413,769		$	206,689		$	88,593		$	183,104		$	109,630			$	67,040		$	98,462
Ratio to average net assets of:
Expenses			0.35	%(e)		0.35	%		0.35	%		0.35	%		0.36	%(f)			0.35	%(e)		0.35	%
Net investment income			2.24	%(e)		2.11	%		2.82	%(b)		2.04	%		2.09	%(f)			2.41	%(e)		1.97	%
Portfolio turnover rate(g)			5	%		8	%		16	%		16	%		14	%			22	%		16	%

^(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 $1.54 and 2.23%, 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)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(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.

  19  

Financial Highlights–(continued)

Invesco KBW Regional Banking ETF (KBWR)

	Six Months Ended February 28, 2023				Years Ended August 31,												Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	57.90		$	59.78		$	35.41		$	47.62		$	59.19			$	55.13		$	44.09
Net investment income(a)			0.77			1.38			1.32			1.32			1.20				0.89			0.94
Net realized and unrealized gain (loss) on investments			0.98			(1.87	)		24.29			(12.07	)		(11.52	)			3.94			10.96
Total from investment operations			1.75			(0.49	)		25.61			(10.75	)		(10.32	)			4.83			11.90
Distributions to shareholders from:
Net investment income			(0.77	)		(1.39	)		(1.24	)		(1.46	)		(1.25	)			(0.77	)		(0.86	)
Net asset value at end of period		$	58.88		$	57.90		$	59.78		$	35.41		$	47.62			$	59.19		$	55.13
Market price at end of period(b)		$	58.91		$	57.95		$	59.66		$	35.44		$	47.61			$	59.19		$	55.20
Net Asset Value Total Return(c)			3.06	%		(0.79	)%		73.45	%		(22.87	)%		(17.48	)%			8.79	%		27.06	%
Market Price Total Return(c)			3.02	%		(0.49	)%		72.96	%		(22.80	)%		(17.50	)%			8.65	%		27.05	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	63,590		$	75,268		$	73,528		$	28,325		$	69,047			$	195,338		$	148,854
Ratio to average net assets of:
Expenses			0.35	%(d)		0.35	%		0.35	%		0.35	%		0.36	%(e)			0.35	%(d)		0.35	%
Net investment income			2.62	%(d)		2.28	%		2.41	%		2.96	%		2.33	%(e)			1.85	%(d)		1.75	%
Portfolio turnover rate(f)			12	%		27	%		20	%		21	%		15	%			14	%		21	%

^(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)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(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.

  20  

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 28, 2023

(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 KBW Bank ETF (KBWB)	“KBW Bank ETF”
Invesco KBW High Dividend Yield Financial ETF (KBWD)	“KBW High Dividend Yield Financial ETF”
Invesco KBW Premium Yield Equity REIT ETF (KBWY)	“KBW Premium Yield Equity REIT ETF”
Invesco KBW Property & Casualty Insurance ETF (KBWP)	“KBW Property & Casualty Insurance ETF”
Invesco KBW Regional Banking ETF (KBWR)	“KBW Regional Banking 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 Nasdaq Stock Market LLC.

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.” Creation Units are issued and redeemed principally in exchange for 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
KBW Bank ETF	KBW Nasdaq Bank Index
KBW High Dividend Yield Financial ETF	KBW Nasdaq Financial Sector Dividend Yield Index
KBW Premium Yield Equity REIT ETF	KBW Nasdaq Premium Yield Equity REIT Index
KBW Property & Casualty Insurance ETF	KBW Nasdaq Property & Casualty Index
KBW Regional Banking ETF	KBW Nasdaq Regional Banking 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 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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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

  21  

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.

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 last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked 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/asked 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, acts of terrorism, 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

  22  

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 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 KBW High Dividend Yield Financial ETF and KBW Premium Yield Equity REIT ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. KBW High Dividend Yield Financial ETF and KBW Premium Yield Equity REIT ETF each declares and pays dividends from net investment income, if any, to its shareholders monthly 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. Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay 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 (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

  23  

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.

G. 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.

H. 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 (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.

I. 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 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 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 February 28, 2023, 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 on the Statements of Operations, were incurred by each Fund as listed below:

	Amount
KBW Bank ETF		$801
KBW High Dividend Yield Financial ETF		22,172
KBW Premium Yield Equity REIT ETF		1,417
KBW Property & Casualty Insurance ETF		956
KBW Regional Banking ETF		770

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J. Other Risks

Authorized Participant 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. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

Business Development Company (“BDC”) Risk. Certain Funds invest in BDCs. There are certain risks inherent in investing in BDCs, whose principal business is to invest in, and lend capital or provide services to, privately held companies. BDCs generally invest in less mature private companies, which involve greater risk than well-established publicly traded companies. Generally, little public information exists for private and thinly traded companies, and there is a risk that investors may not be able to make a fully informed evaluation of a BDC and its portfolio of investments. In addition, investments made by BDCs generally are subject to legal and other restrictions on resale and otherwise are less liquid than publicly traded securities. With respect to a BDC’s investment in debt instruments, there is a risk that the issuer may default on its payments or declare bankruptcy. Investment advisers to BDCs may be entitled to compensation based on the BDC’s performance, which may result in riskier or more speculative investments in an effort to maximize incentive compensation and higher fees. In addition, to the extent that a Fund invests a portion of its assets in BDCs, a shareholder in the Fund not only will bear his or her proportionate share of the expenses of the Fund, but also will bear indirectly the expenses of the BDCs.

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.

High Dividend Paying Securities Risk. Certain Funds invest in securities that pay high dividends. As a group, these securities can fall out of favor with the market, causing such companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of the companies in which a Fund invests and the capital resources available for such companies’ dividend payments may adversely affect a Fund. In addition, the value of dividend-paying stocks can decline when interest rates rise, as fixed-income investments become more attractive to investors.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its 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. 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.

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.

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Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflict, acts of terrorism, economic crisis or other events could result in increased premiums or discounts to each Fund’s NAV.

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.

Non-Diversified Fund Risk. Because KBW Bank ETF and KBW Property & Casualty Insurance ETF are 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.

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.

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.

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

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 has agreed to pay for substantially all expenses of the Funds, including the cost 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 (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)
KBW Bank ETF	0.35%
KBW High Dividend Yield Financial ETF	0.35%
KBW Premium Yield Equity REIT ETF	0.35%
KBW Property & Casualty Insurance ETF	0.35%
KBW Regional Banking ETF	0.35%

Through at least August 31, 2025, 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

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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 February 28, 2023, the Adviser waived fees for each Fund in the following amounts:

KBW Bank ETF	$	461
KBW High Dividend Yield Financial ETF		195
KBW Premium Yield Equity REIT ETF		149
KBW Property & Casualty Insurance ETF		92
KBW Regional Banking ETF		24

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 for each Fund with Keefe, Bruyette & Woods, Inc. (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 February 28, 2023, the following 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:

KBW Bank ETF	$	39,416
KBW High Dividend Yield Financial ETF		27,889
KBW Premium Yield Equity REIT ETF		23,460
KBW Property & Casualty Insurance ETF		3,165
KBW Regional Banking ETF		3,102

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.
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 February 28, 2023, for each Fund (except for KBW Property & Casualty Insurance ETF). As of February 28, 2023, all of the securities in KBW Property & Casualty Insurance ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent

  27  

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
KBW Bank ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	2,366,176,920	$	-	$-	$	2,366,176,920
Money Market Funds		-		4,452,553	-		4,452,553
Total Investments	$	2,366,176,920	$	4,452,553	$-	$	2,370,629,473
KBW High Dividend Yield Financial ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	253,373,990	$	-	$-	$	253,373,990
Closed-End Funds		119,777,847		-	-		119,777,847
Money Market Funds		-		98,472,877	-		98,472,877
Total Investments	$	373,151,837	$	98,472,877	$-	$	471,624,714
KBW Premium Yield Equity REIT ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	256,661,783	$	-	$-	$	256,661,783
Money Market Funds		-		61,795,998	-		61,795,998
Total Investments	$	256,661,783	$	61,795,998	$-	$	318,457,781
KBW Regional Banking ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	63,465,959	$	-	$-	$	63,465,959
Money Market Funds		28,285		13,181,831	-		13,210,116
Total Investments	$	63,494,244	$	13,181,831	$-	$	76,676,075

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 August 31, 2022, as follows:

	No expiration
	Short-Term		Long-Term		Total*
KBW Bank ETF	$	16,742,453	$	1,525,214	$	18,267,667
KBW High Dividend Yield Financial ETF		32,212,693		125,759,843		157,972,536
KBW Premium Yield Equity REIT ETF		47,628,538		104,510,356		152,138,894
KBW Property & Casualty Insurance ETF		1,684,049		6,148,861		7,832,910
KBW Regional Banking ETF		2,311,163		7,359,164		9,670,327

* 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 February 28, 2023, 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
KBW Bank ETF	$	248,646,367	$	253,093,682
KBW High Dividend Yield Financial ETF		180,492,863		179,637,942
KBW Premium Yield Equity REIT ETF		118,388,298		120,210,691

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	Purchases		Sales
KBW Property & Casualty Insurance ETF	$	18,675,573	$	17,680,580
KBW Regional Banking ETF		8,753,014		8,796,594

For the six months ended February 28, 2023, in-kind transactions associated with creations and redemptions were as follows:

	In-kind		In-kind
	Purchases		Sales
KBW Bank ETF	$	1,488,877,195	$	1,109,234,368
KBW High Dividend Yield Financial ETF		17,401,513		33,373,674
KBW Premium Yield Equity REIT ETF		23,833,966		34,005,666
KBW Property & Casualty Insurance ETF		207,593,742		53,638,950
KBW Regional Banking ETF		8,318,468		20,696,378

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. As of February 28, 2023, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

						Net
	Gross		Gross			Unrealized
	Unrealized		Unrealized			Appreciation
	Appreciation		(Depreciation)			(Depreciation)			Cost
KBW Bank ETF	$	1,069,345	$	(494,484,620	)	$	(493,415,275)		$	2,864,044,748
KBW High Dividend Yield Financial ETF		17,187,277		(55,576,438	)		(38,389,161	)		510,013,875
KBW Premium Yield Equity REIT ETF		10,158,725		(42,328,761	)		(32,170,036	)		350,627,817
KBW Property & Casualty Insurance ETF		39,292,160		(7,980,447	)		31,311,713			382,181,715
KBW Regional Banking ETF		770,312		(6,842,480	)		(6,072,168	)		82,748,243

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. The Trustee who is an “interested person” of the Trust does 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 consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

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.

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Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay 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 (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2022 through February 28, 2023.

In addition to the fees and expenses which the Invesco KBW High Dividend Yield Financial ETF (the “Portfolio”) bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Portfolio invests. The amount of fees and expenses incurred indirectly by the Portfolio will vary because the investment companies have varied expenses and fee levels and the Portfolio may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolio. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolio invests in. The effect of the estimated investment companies’ expenses that the Portfolio bears indirectly is included in the Portfolio’s total return.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transaction costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.

	Beginning Account Value September 1, 2022		Ending Account Value February 28, 2023		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month  Period(1)
Invesco KBW Bank ETF (KBWB)
Actual		$1,000.00		$1,051.10		0.35%		$1.78
Hypothetical (5% return before expenses)		1,000.00		1,023.06		0.35		1.76
Invesco KBW High Dividend Yield Financial ETF (KBWD)
Actual		1,000.00		984.60		0.35		1.72
Hypothetical (5% return before expenses)		1,000.00		1,023.06		0.35		1.76

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Calculating your ongoing Fund expenses–(continued)

	Beginning Account Value September 1, 2022		Ending Account Value February 28, 2023		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month  Period(1)
Invesco KBW Premium Yield Equity REIT ETF (KBWY)
Actual		$1,000.00		$968.30		0.35%		$1.71
Hypothetical (5% return before expenses)		1,000.00		1,023.06		0.35		1.76
Invesco KBW Property & Casualty Insurance ETF (KBWP)
Actual		1,000.00		1,193.90		0.35		1.90
Hypothetical (5% return before expenses)		1,000.00		1,023.06		0.35		1.76
Invesco KBW Regional Banking ETF (KBWR)
Actual		1,000.00		1,030.60		0.35		1.76
Hypothetical (5% return before expenses)		1,000.00		1,023.06		0.35		1.76

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended February 28, 2023. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.

  31  

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Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

©2023 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-KBW-SAR-1	invesco.com/ETFs

	Invesco Semi-Annual Report to Shareholders February 28, 2023

PBUS	Invesco PureBetaSM MSCI USA ETF
PBSM	Invesco PureBetaSM MSCI USA Small Cap ETF
PBND	Invesco PureBetaSM US Aggregate Bond ETF

Table of Contents

Schedules of Investments
Invesco PureBetaSM MSCI USA ETF (PBUS)	3
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)	10
Invesco PureBetaSM US Aggregate Bond ETF (PBND)	28
Statements of Assets and Liabilities	38
Statements of Operations	39
Statements of Changes in Net Assets	40
Financial Highlights	42
Notes to Financial Statements	45
Fund Expenses	56

  2  

Invesco PureBeta^SM MSCI USA ETF (PBUS)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.86%
Communication Services-7.67%
Activision Blizzard, Inc.		49,991	$	3,811,814
Alphabet, Inc., Class A(b)		381,531		34,360,682
Alphabet, Inc., Class C(b)		349,894		31,595,428
AT&T, Inc.		455,244		8,608,664
Charter Communications, Inc., Class A(b)(c)		6,961		2,558,933
Comcast Corp., Class A		275,559		10,242,528
DISH Network Corp., Class A(b)		15,678		178,886
Electronic Arts, Inc.		17,671		1,960,421
Fox Corp., Class A		19,321		676,621
Fox Corp., Class B		9,259		298,603
Interpublic Group of Cos., Inc. (The)		24,860		883,524
Liberty Broadband Corp., Class C(b)		7,725		669,526
Liberty Global PLC, Class A (United Kingdom)(b)		10,494		215,022
Liberty Global PLC, Class C (United Kingdom)(b)(c)		16,679		354,429
Liberty Media Corp.-Liberty Formula One, Class C(b)(c)		12,586		854,212
Liberty Media Corp.-Liberty SiriusXM, Class A(b)(c)		4,680		151,585
Liberty Media Corp.-Liberty SiriusXM, Class C(b)		10,419		335,700
Live Nation Entertainment, Inc.(b)(c)		10,999		792,588
Match Group, Inc.(b)		17,841		738,974
Meta Platforms, Inc., Class A(b)		143,670		25,133,630
Netflix, Inc.(b)		28,426		9,156,867
News Corp., Class A		24,222		415,407
Omnicom Group, Inc.		13,015		1,178,769
Paramount Global, Class B(c)		38,867		832,531
Pinterest, Inc., Class A(b)		37,530		942,378
Roblox Corp., Class A(b)		22,814		835,905
Roku, Inc., Class A(b)(c)		7,716		499,148
Sirius XM Holdings, Inc.(c)		49,513		217,362
Snap, Inc., Class A(b)		69,438		704,796
Take-Two Interactive Software, Inc.(b)		10,720		1,174,376
T-Mobile US, Inc.(b)		39,736		5,649,665
Trade Desk, Inc. (The), Class A(b)		28,443		1,591,670
Verizon Communications, Inc.		268,267		10,411,442
Walt Disney Co. (The)(b)		116,450		11,599,585
Warner Bros Discovery, Inc.(b)		147,360		2,301,763
ZoomInfo Technologies, Inc., Class A(b)		16,612		401,512
				172,334,946
Consumer Discretionary-10.66%
Advance Auto Parts, Inc.		3,811		552,443
Airbnb, Inc., Class A(b)		24,166		2,979,184
Amazon.com, Inc.(b)		586,477		55,263,728
Aptiv PLC(b)		17,307		2,012,458
Aramark		14,781		543,941
AutoZone, Inc.(b)		1,212		3,013,686
Bath & Body Works, Inc.		14,580		595,885
Best Buy Co., Inc.		12,942		1,075,610
Booking Holdings, Inc.(b)		2,478		6,254,472
BorgWarner, Inc.		14,949		751,636
Burlington Stores, Inc.(b)(c)		4,161		891,494
Caesars Entertainment, Inc.(b)		13,706		695,717
CarMax, Inc.(b)(c)		10,180		702,827

	Shares		Value
Consumer Discretionary-(continued)
Carnival Corp.(b)(c)		63,968	$	679,340
Chewy, Inc., Class A(b)(c)		6,055		245,530
Chipotle Mexican Grill, Inc.(b)		1,771		2,640,703
D.R. Horton, Inc.		20,895		1,932,370
Darden Restaurants, Inc.		7,810		1,116,752
Dollar General Corp.		14,409		3,116,667
Dollar Tree, Inc.(b)		14,128		2,052,516
Domino’s Pizza, Inc.		2,257		663,581
DoorDash, Inc., Class A(b)(c)		14,950		817,167
eBay, Inc.		34,663		1,591,032
Etsy, Inc.(b)		8,046		976,865
Expedia Group, Inc.(b)		9,649		1,051,451
Ford Motor Co.(c)		252,287		3,045,104
Garmin Ltd.		9,771		958,828
General Motors Co.		90,748		3,515,577
Genuine Parts Co.		9,017		1,594,747
Hasbro, Inc.		8,375		460,709
Hilton Worldwide Holdings, Inc.		17,276		2,496,555
Home Depot, Inc. (The)		65,102		19,305,347
Las Vegas Sands Corp.(b)		21,965		1,262,328
Lear Corp.		3,763		525,503
Lennar Corp., Class A		16,274		1,574,347
LKQ Corp.		16,213		928,843
Lowe’s Cos., Inc.		38,626		7,947,299
Lucid Group, Inc.(b)(c)		26,835		245,003
lululemon athletica, inc.(b)		7,422		2,294,882
Marriott International, Inc., Class A		17,186		2,908,559
McDonald’s Corp.		46,784		12,346,765
MercadoLibre, Inc. (Brazil)(b)		2,890		3,525,800
MGM Resorts International		19,624		844,028
Mohawk Industries, Inc.(b)		3,247		333,954
Newell Brands, Inc.		24,983		367,000
NIKE, Inc., Class B		80,464		9,558,318
NVR, Inc.(b)		194		1,003,682
O’Reilly Automotive, Inc.(b)		3,997		3,317,910
Pool Corp.(c)		2,494		890,009
PulteGroup, Inc.		14,552		795,558
Rivian Automotive, Inc., Class A(b)(c)		20,282		391,443
Ross Stores, Inc.		22,169		2,450,561
Royal Caribbean Cruises Ltd.(b)(c)		14,660		1,035,582
Starbucks Corp.		73,317		7,484,932
Target Corp.		29,410		4,955,585
Tesla, Inc.(b)		171,449		35,268,774
TJX Cos., Inc. (The)		74,163		5,680,886
Tractor Supply Co.		7,062		1,647,282
Ulta Beauty, Inc.(b)		3,273		1,698,032
Vail Resorts, Inc.(c)		2,557		597,034
VF Corp.		20,951		520,004
Whirlpool Corp.		3,462		477,687
Wynn Resorts Ltd.(b)		6,894		747,103
Yum! Brands, Inc.		17,993		2,287,990
				239,506,605
Consumer Staples-6.50%
Altria Group, Inc.		114,477		5,315,167
Archer-Daniels-Midland Co.		35,089		2,793,084
Brown-Forman Corp., Class B		19,797		1,284,231
Bunge Ltd.		9,569		913,840

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  3  

Invesco PureBeta^SM MSCI USA ETF (PBUS)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Consumer Staples-(continued)
Campbell Soup Co.		13,392	$	703,348
Church & Dwight Co., Inc.		15,577		1,305,041
Clorox Co. (The)		7,881		1,225,023
Coca-Cola Co. (The)		262,421		15,616,674
Colgate-Palmolive Co.		50,683		3,715,064
Conagra Brands, Inc.		30,576		1,113,272
Constellation Brands, Inc., Class A		10,603		2,371,891
Costco Wholesale Corp.		28,272		13,688,737
Darling Ingredients, Inc.(b)(c)		10,215		646,303
Estee Lauder Cos., Inc. (The), Class A		14,773		3,590,578
General Mills, Inc.		37,865		3,010,646
Hershey Co. (The)		9,388		2,237,348
Hormel Foods Corp.		19,111		848,146
JM Smucker Co. (The)		6,812		1,007,427
Kellogg Co.		16,350		1,078,119
Keurig Dr Pepper, Inc.		49,755		1,719,035
Kimberly-Clark Corp.		21,558		2,695,828
Kraft Heinz Co. (The)		46,946		1,828,077
Kroger Co. (The)		43,437		1,873,872
Lamb Weston Holdings, Inc.		9,174		923,271
McCormick & Co., Inc.		16,007		1,189,640
Molson Coors Beverage Co., Class B		12,153		646,418
Mondelez International, Inc., Class A		87,230		5,685,652
Monster Beverage Corp.(b)		24,995		2,543,491
PepsiCo, Inc.		88,003		15,271,161
Philip Morris International, Inc. (Switzerland)		99,021		9,634,743
Procter & Gamble Co. (The)		151,367		20,822,045
Sysco Corp.		32,370		2,413,831
Tyson Foods, Inc., Class A		18,418		1,091,082
Walgreens Boots Alliance, Inc.		46,955		1,668,311
Walmart, Inc.		95,356		13,552,948
				146,023,344
Energy-4.75%
APA Corp.		20,537		788,210
Baker Hughes Co., Class A		63,970		1,957,482
Cheniere Energy, Inc.		14,304		2,250,591
Chesapeake Energy Corp.		7,274		587,812
Chevron Corp.		117,337		18,864,269
ConocoPhillips		79,594		8,226,040
Coterra Energy, Inc.		50,596		1,263,382
Devon Energy Corp.		39,668		2,138,899
Diamondback Energy, Inc.		10,680		1,501,394
EOG Resources, Inc.		37,520		4,240,510
EQT Corp.		21,163		702,188
Exxon Mobil Corp.		263,117		28,919,189
Halliburton Co.		58,002		2,101,412
Hess Corp.		17,710		2,385,537
HF Sinclair Corp.		9,616		478,108
Kinder Morgan, Inc.		129,530		2,209,782
Marathon Oil Corp.		40,566		1,020,235
Marathon Petroleum Corp.		29,936		3,700,090
Occidental Petroleum Corp.		46,446		2,719,878
ONEOK, Inc.		28,550		1,868,598
Ovintiv, Inc.(c)		15,858		678,247
Phillips 66		30,190		3,096,286
Pioneer Natural Resources Co.		14,429		2,891,716
Schlumberger Ltd.		90,576		4,819,549
Targa Resources Corp.		13,686		1,014,133

	Shares		Value
Energy-(continued)
Texas Pacific Land Corp.		394	$	701,395
Valero Energy Corp.		24,626		3,243,983
Williams Cos., Inc. (The)		77,823		2,342,472
				106,711,387
Financials-11.45%
Aflac, Inc.		37,731		2,571,368
Allstate Corp. (The)		16,941		2,181,662
Ally Financial, Inc.		19,076		573,234
American Express Co.		40,571		7,058,948
American Financial Group, Inc.		4,623		619,991
American International Group, Inc.		47,459		2,900,219
Ameriprise Financial, Inc.		6,798		2,330,830
Annaly Capital Management, Inc.		29,862		617,546
Aon PLC, Class A.		13,213		4,017,413
Apollo Global Management, Inc.		25,589		1,814,260
Arch Capital Group Ltd.(b)		23,626		1,653,820
Ares Management Corp., Class A		9,970		803,881
Arthur J. Gallagher & Co.		13,468		2,523,230
Assurant, Inc.		3,405		433,763
Bank of America Corp.		461,401		15,826,054
Bank of New York Mellon Corp. (The)		49,048		2,495,562
Berkshire Hathaway, Inc., Class B(b)		83,165		25,380,295
BlackRock, Inc.		9,594		6,614,391
Blackstone, Inc., Class A(c)		44,822		4,069,838
Brown & Brown, Inc.		15,377		862,188
Capital One Financial Corp.		24,395		2,661,007
Carlyle Group, Inc. (The)(c)		12,664		435,642
Cboe Global Markets, Inc.		6,745		851,017
Charles Schwab Corp. (The)		92,834		7,233,625
Chubb Ltd.		26,512		5,594,562
Cincinnati Financial Corp.		9,538		1,151,237
Citigroup, Inc.		123,718		6,271,265
Citizens Financial Group, Inc.		31,510		1,315,858
CME Group, Inc., Class A		22,968		4,257,348
Coinbase Global, Inc., Class A(b)(c)		7,997		518,446
Discover Financial Services		17,453		1,954,736
Equitable Holdings, Inc.		23,637		742,675
Erie Indemnity Co., Class A(c)		1,644		386,981
Everest Re Group Ltd.		2,518		966,836
FactSet Research Systems, Inc.		2,434		1,009,015
Fidelity National Financial, Inc.		16,514		658,248
Fifth Third Bancorp		43,844		1,591,537
First Citizens BancShares, Inc., Class A		690		506,294
First Horizon Corp.		34,223		847,704
First Republic Bank		11,685		1,437,372
Franklin Resources, Inc.		19,059		561,669
Globe Life, Inc.		5,893		717,119
Goldman Sachs Group, Inc. (The)		21,631		7,606,541
Hartford Financial Services Group, Inc. (The)		20,319		1,590,571
Huntington Bancshares, Inc.		92,156		1,411,830
Intercontinental Exchange, Inc.		35,683		3,632,529
Invesco Ltd.(d)		21,678		382,833
JPMorgan Chase & Co.		187,361		26,858,199
KeyCorp		59,594		1,089,974
KKR & Co., Inc., Class A		35,753		2,014,682
Loews Corp.		12,891		787,511
LPL Financial Holdings, Inc.		5,070		1,265,269
M&T Bank Corp.		11,026		1,712,228

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  4  

Invesco PureBeta^SM MSCI USA ETF (PBUS)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Financials-(continued)
Markel Corp.(b)(c)		859	$	1,142,350
MarketAxess Holdings, Inc.		2,397		818,456
Marsh & McLennan Cos., Inc.		31,683		5,137,082
MetLife, Inc.		42,600		3,055,698
Moody’s Corp.		10,528		3,054,699
Morgan Stanley		80,968		7,813,412
MSCI, Inc.		5,107		2,666,620
Nasdaq, Inc.		21,976		1,231,975
Northern Trust Corp.		12,647		1,204,880
PNC Financial Services Group, Inc. (The)		25,762		4,068,335
Principal Financial Group, Inc.		15,629		1,399,733
Progressive Corp. (The)		37,345		5,359,754
Prudential Financial, Inc.		23,506		2,350,600
Raymond James Financial, Inc.		12,367		1,341,325
Regions Financial Corp.		59,689		1,391,947
S&P Global, Inc.		21,271		7,257,665
SEI Investments Co.		7,355		443,139
Signature Bank		3,982		458,129
State Street Corp.		23,385		2,073,782
SVB Financial Group(b)		3,790		1,091,937
Synchrony Financial		28,779		1,027,698
T. Rowe Price Group, Inc.(c)		14,274		1,602,685
Tradeweb Markets, Inc., Class A		7,095		502,965
Travelers Cos., Inc. (The)		14,969		2,771,061
Truist Financial Corp.		84,765		3,979,717
U.S. Bancorp		90,150		4,302,859
W.R. Berkley Corp.		13,566		897,934
Webster Financial Corp.(c)		11,216		595,794
Wells Fargo & Co.		243,399		11,383,771
Willis Towers Watson PLC		6,914		1,620,365
				257,417,220
Health Care-14.22%
Abbott Laboratories		111,372		11,328,760
AbbVie, Inc.		112,963		17,385,006
Agilent Technologies, Inc.		18,831		2,673,437
Align Technology, Inc.(b)		4,740		1,467,030
Alnylam Pharmaceuticals, Inc.(b)		7,859		1,504,606
AmerisourceBergen Corp.		9,848		1,531,955
Amgen, Inc.		34,084		7,895,899
Avantor, Inc.(b)		43,065		1,049,494
Baxter International, Inc.		32,201		1,286,430
Becton, Dickinson and Co.		18,101		4,245,590
Biogen, Inc.(b)		9,198		2,482,172
BioMarin Pharmaceutical, Inc.(b)		11,871		1,182,233
Bio-Rad Laboratories, Inc., Class A(b)(c)		1,433		684,745
Bio-Techne Corp.		10,027		728,361
Boston Scientific Corp.(b)		91,463		4,273,151
Bristol-Myers Squibb Co.		135,811		9,365,527
Cardinal Health, Inc.		16,744		1,267,688
Catalent, Inc.(b)		10,921		745,031
Centene Corp.(b)		36,170		2,474,028
Charles River Laboratories International, Inc.(b)(c)		3,248		712,416
Cigna Group (The)		19,529		5,704,421
Cooper Cos., Inc. (The)		3,151		1,030,282
CVS Health Corp.		83,931		7,011,596
Danaher Corp.		44,174		10,934,390
DaVita, Inc.(b)		3,480		286,265
DENTSPLY SIRONA, Inc.		13,668		520,341

	Shares		Value
Health Care-(continued)
DexCom, Inc.(b)		24,673	$	2,738,950
Edwards Lifesciences Corp.(b)		39,431		3,171,830
Elanco Animal Health, Inc.(b)(c)		27,042		310,172
Elevance Health, Inc.		15,255		7,164,816
Eli Lilly and Co.		51,590		16,055,840
Exact Sciences Corp.(b)(c)		11,289		703,643
GE HealthCare Technologies, Inc.(b)		23,274		1,768,824
Gilead Sciences, Inc.		80,116		6,451,741
HCA Healthcare, Inc.		13,544		3,297,287
Henry Schein, Inc.(b)		8,647		677,147
Hologic, Inc.(b)(c)		15,703		1,250,587
Horizon Therapeutics PLC(b)		13,752		1,505,706
Humana, Inc.		8,081		4,000,257
IDEXX Laboratories, Inc.(b)		5,290		2,503,440
Illumina, Inc.(b)		10,048		2,001,562
Incyte Corp.(b)		12,032		926,223
Insulet Corp.(b)		4,436		1,225,933
Intuitive Surgical, Inc.(b)		22,573		5,178,020
IQVIA Holdings, Inc.(b)		11,867		2,473,913
Jazz Pharmaceuticals PLC(b)		3,991		560,336
Johnson & Johnson.		167,003		25,594,880
Laboratory Corp. of America Holdings		5,659		1,354,538
Masimo Corp.(b)(c)		3,197		534,890
McKesson Corp.		9,057		3,168,229
Medtronic PLC		84,965		7,035,102
Merck & Co., Inc.		161,951		17,205,674
Mettler-Toledo International, Inc.(b)		1,424		2,041,603
Moderna, Inc.(b)		20,859		2,895,438
Molina Healthcare, Inc.(b)		3,730		1,026,981
Neurocrine Biosciences, Inc.(b)		6,141		633,137
Novocure Ltd.(b)(c)		6,033		464,360
PerkinElmer, Inc.		8,069		1,005,155
Pfizer, Inc.		358,556		14,546,617
Quest Diagnostics, Inc.		7,275		1,006,569
Regeneron Pharmaceuticals, Inc.(b)		6,836		5,198,231
Repligen Corp.(b)		3,378		589,022
ResMed, Inc.		9,357		1,993,041
Royalty Pharma PLC, Class A		22,541		808,095
Seagen, Inc.(b)		8,895		1,598,343
STERIS PLC		6,376		1,198,879
Stryker Corp.		21,755		5,718,954
Teleflex, Inc.		3,003		715,405
Thermo Fisher Scientific, Inc.		25,052		13,572,171
United Therapeutics Corp.(b)		2,911		716,222
UnitedHealth Group, Inc.		59,682		28,405,051
Universal Health Services, Inc., Class B		4,098		547,370
Veeva Systems, Inc., Class A(b)(c)		8,976		1,486,964
Vertex Pharmaceuticals, Inc.(b)		16,382		4,755,531
Viatris, Inc.		77,097		878,906
Waters Corp.(b)		3,795		1,179,828
West Pharmaceutical Services, Inc.		4,729		1,499,235
Zimmer Biomet Holdings, Inc.		13,405		1,660,477
Zoetis, Inc.		29,771		4,971,757
				319,743,736
Industrials-8.73%
3M Co.		35,297		3,802,899
A.O. Smith Corp.		8,184		537,116
AECOM		8,414		726,633
Allegion PLC.		5,584		629,373

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  5  

Invesco PureBeta^SM MSCI USA ETF (PBUS)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Industrials-(continued)
AMETEK, Inc.		14,669	$	2,076,544
Axon Enterprise, Inc.(b)		4,318		864,939
Boeing Co. (The)(b)		36,166		7,289,257
Booz Allen Hamilton Holding Corp.		8,446		800,090
C.H. Robinson Worldwide, Inc.		7,519		751,599
Carlisle Cos., Inc.(c)		3,305		853,417
Carrier Global Corp.		53,493		2,408,790
Caterpillar, Inc.		33,242		7,963,121
Cintas Corp.		5,838		2,559,788
Clarivate PLC(b)(c)		19,288		195,387
Copart, Inc.(b)		27,382		1,929,336
CoStar Group, Inc.(b)		25,978		1,835,605
CSX Corp.		134,293		4,094,594
Cummins, Inc.		9,008		2,189,665
Deere & Co.		18,315		7,678,381
Delta Air Lines, Inc.(b)		10,120		388,001
Dover Corp.		8,965		1,343,853
Eaton Corp. PLC		25,403		4,443,747
Emerson Electric Co.		37,776		3,124,453
Equifax, Inc.(c)		7,797		1,579,126
Expeditors International of Washington, Inc.		10,165		1,062,852
Fastenal Co.(c)		36,543		1,884,157
FedEx Corp.		15,791		3,209,047
Ferguson PLC		13,273		1,912,639
Fortive Corp.		21,502		1,433,323
Fortune Brands Innovations, Inc.		8,208		508,486
Generac Holdings, Inc.(b)		4,048		485,800
General Dynamics Corp.		14,892		3,394,036
General Electric Co.		69,795		5,912,334
Graco, Inc.		10,765		748,598
HEICO Corp.(c)		2,758		456,642
HEICO Corp., Class A		4,719		614,178
Honeywell International, Inc.		42,926		8,219,470
Howmet Aerospace, Inc.		23,788		1,003,378
Hubbell, Inc.		3,431		863,034
Huntington Ingalls Industries, Inc.		2,529		544,241
IDEX Corp.		4,803		1,080,579
Illinois Tool Works, Inc.		19,622		4,575,065
Ingersoll Rand, Inc.		25,865		1,501,980
J.B. Hunt Transport Services, Inc.		5,305		959,091
Jacobs Solutions, Inc.		8,098		967,711
Johnson Controls International PLC		43,807		2,747,575
Knight-Swift Transportation Holdings, Inc.		9,747		554,019
L3Harris Technologies, Inc.		12,180		2,572,294
Leidos Holdings, Inc.		8,295		805,196
Lennox International, Inc.		2,037		519,089
Lockheed Martin Corp.		15,066		7,145,201
Masco Corp.		14,400		754,992
Nordson Corp.		3,290		722,616
Norfolk Southern Corp.		14,788		3,324,638
Northrop Grumman Corp.		9,340		4,334,787
Old Dominion Freight Line, Inc.		5,999		2,035,221
Otis Worldwide Corp.		26,610		2,251,738
Owens Corning.		5,970		583,806
PACCAR, Inc.		33,321		2,405,776
Parker-Hannifin Corp.		8,208		2,887,985
Pentair PLC		10,474		585,916
Plug Power, Inc.(b)(c)		33,510		498,294
Quanta Services, Inc.		9,128		1,473,259

	Shares		Value
Industrials-(continued)
Raytheon Technologies Corp.		93,902	$	9,210,847
Republic Services, Inc.		14,129		1,821,652
Robert Half International, Inc.		6,969		561,841
Rockwell Automation, Inc.		7,348		2,167,146
Rollins, Inc.		14,156		498,291
Sensata Technologies Holding PLC		9,884		499,933
Snap-on, Inc.(c)		3,405		846,755
Southwest Airlines Co.		9,351		314,007
Stanley Black & Decker, Inc.		9,436		807,816
Textron, Inc.		13,335		967,188
Toro Co. (The)		6,644		733,763
Trane Technologies PLC		14,711		2,721,094
TransDigm Group, Inc.		3,300		2,454,771
TransUnion		12,295		804,462
Uber Technologies, Inc.(b)		95,546		3,177,860
U-Haul Holding Co., Series N(c)		5,646		314,087
Union Pacific Corp.		39,271		8,140,093
United Parcel Service, Inc., Class B		46,653		8,513,706
United Rentals, Inc.		4,427		2,074,182
Verisk Analytics, Inc.		9,994		1,710,073
W.W. Grainger, Inc.		2,905		1,941,789
Wabtec Corp.		11,036		1,151,386
Waste Connections, Inc.		16,428		2,200,038
Waste Management, Inc.		26,220		3,926,707
Xylem, Inc.(c)		11,512		1,181,707
				196,345,951
Information Technology-27.57%
Accenture PLC, Class A		40,247		10,687,591
Adobe, Inc.(b)		29,696		9,620,019
Advanced Micro Devices, Inc.(b)		102,989		8,092,876
Akamai Technologies, Inc.(b)		10,044		729,194
Amphenol Corp., Class A		38,012		2,946,690
Analog Devices, Inc.		32,532		5,968,646
ANSYS, Inc.(b)		5,552		1,685,643
Apple, Inc.		1,016,663		149,866,293
Applied Materials, Inc.		54,953		6,382,791
Arista Networks, Inc.(b)		15,615		2,165,800
Arrow Electronics, Inc.(b)		3,929		463,583
Aspen Technology, Inc.(b)(c)		1,877		397,943
Atlassian Corp., Class A(b)		9,539		1,567,544
Autodesk, Inc.(b)		13,818		2,745,498
Automatic Data Processing, Inc.		26,496		5,824,351
Bentley Systems, Inc., Class B(c)		12,375		500,693
BILL Holdings, Inc.(b)(c)		6,075		514,127
Black Knight, Inc.(b)		9,968		594,093
Block, Inc., Class A(b)		34,328		2,633,987
Broadcom, Inc.		26,637		15,830,103
Broadridge Financial Solutions, Inc.		7,515		1,057,962
Cadence Design Systems, Inc.(b)		17,522		3,380,695
CDW Corp.		8,648		1,750,528
Ceridian HCM Holding, Inc.(b)		8,784		640,617
Cisco Systems, Inc.		262,409		12,705,844
Cloudflare, Inc., Class A(b)(c)		16,366		982,124
Cognex Corp.		11,028		522,948
Cognizant Technology Solutions Corp., Class A		32,916		2,061,529
Corning, Inc.		51,326		1,742,518
Crowdstrike Holdings, Inc., Class A(b)		13,037		1,573,436
Datadog, Inc., Class A(b)		15,857		1,213,378

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  6  

Invesco PureBeta^SM MSCI USA ETF (PBUS)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Information Technology-(continued)
Dell Technologies, Inc., Class C(c)		16,552	$	672,673
DocuSign, Inc.(b)		12,744		781,844
Dropbox, Inc., Class A(b)(c)		17,554		358,102
Dynatrace, Inc.(b)		13,790		586,489
Enphase Energy, Inc.(b)		8,682		1,827,821
Entegris, Inc.(c)		9,510		810,537
EPAM Systems, Inc.(b)(c)		3,674		1,130,306
F5, Inc.(b)		3,856		551,331
Fair Isaac Corp.(b)(c)		1,595		1,080,437
Fidelity National Information Services, Inc.		37,903		2,401,913
First Solar, Inc.(b)		6,129		1,036,659
Fiserv, Inc.(b)		38,535		4,434,993
FleetCor Technologies, Inc.(b)		4,475		961,185
Fortinet, Inc.(b)		42,417		2,521,266
Gartner, Inc.(b)		5,037		1,651,179
Gen Digital, Inc.		37,446		730,571
Global Payments, Inc.		17,272		1,937,918
GoDaddy, Inc., Class A(b)		9,892		748,923
Hewlett Packard Enterprise Co.		82,148		1,282,330
HP, Inc.		64,255		1,896,808
HubSpot, Inc.(b)		2,948		1,140,463
Intel Corp.		263,616		6,571,947
International Business Machines Corp.		57,752		7,467,334
Intuit, Inc.		17,047		6,941,197
Jack Henry & Associates, Inc.		4,660		765,358
Juniper Networks, Inc.		20,731		638,100
Keysight Technologies, Inc.(b)		11,401		1,823,704
KLA Corp.		9,052		3,434,148
Lam Research Corp.		8,711		4,233,633
Marvell Technology, Inc.		54,461		2,458,914
Mastercard, Inc., Class A		54,833		19,481,617
Microchip Technology, Inc.		35,145		2,847,799
Micron Technology, Inc.		69,444		4,015,252
Microsoft Corp.		452,354		112,826,135
MongoDB, Inc.(b)		4,389		919,583
Monolithic Power Systems, Inc.		2,849		1,379,742
Motorola Solutions, Inc.		10,680		2,806,811
NetApp, Inc.		13,977		902,215
NVIDIA Corp.		157,151		36,484,176
NXP Semiconductors N.V. (China)		16,552		2,954,201
Okta, Inc.(b)(c)		9,700		691,513
ON Semiconductor Corp.(b)		27,621		2,138,142
Oracle Corp.		103,332		9,031,217
Palantir Technologies, Inc., Class A(b)(c)		107,464		842,518
Palo Alto Networks, Inc.(b)(c)		19,313		3,637,990
Paychex, Inc.		20,719		2,287,378
Paycom Software, Inc.(b)		3,260		942,336
Paylocity Holding Corp.(b)		2,649		510,224
PayPal Holdings, Inc.(b)		69,179		5,091,574
PTC, Inc.(b)		7,100		889,843
Qorvo, Inc.(b)		6,476		653,364
QUALCOMM, Inc.		71,582		8,842,524
Roper Technologies, Inc.		6,774		2,914,175
salesforce.com, inc.(b)		63,876		10,450,752
Seagate Technology Holdings PLC		12,523		808,485
ServiceNow, Inc.(b)		12,928		5,587,094
Skyworks Solutions, Inc.		10,215		1,139,688
Snowflake, Inc., Class A(b)(c)		14,308		2,208,869
SolarEdge Technologies, Inc.(b)		3,570		1,134,974
Splunk, Inc.(b)(c)		10,393		1,065,283

	Shares		Value
Information Technology-(continued)
SS&C Technologies Holdings, Inc.		14,482	$	850,093
Synopsys, Inc.(b)		9,767		3,552,844
TE Connectivity Ltd.		20,263		2,579,885
Teledyne Technologies, Inc.(b)		2,985		1,283,759
Teradyne, Inc.		9,983		1,009,681
Texas Instruments, Inc.		57,972		9,939,299
Toast, Inc., Class A(b)		16,021		303,117
Trimble, Inc.(b)		15,744		819,633
Twilio,Inc.,Class A(b)		11,148		749,257
Tyler Technologies, Inc.(b)		2,658		853,883
Unity Software, Inc.(b)(c)		15,780		480,343
VeriSign, Inc.(b)		6,090		1,198,695
Visa, Inc., Class A(c)		104,001		22,873,980
VMware, Inc., Class A(b)		13,557		1,493,032
Western Digital Corp.(b)		20,290		780,759
Wolfspeed, Inc.(b)(c)		7,937		587,179
Workday, Inc., Class A(b)		12,839		2,381,249
Zebra Technologies Corp., Class A(b)		3,294		989,024
Zoom Video Communications, Inc., Class A(b)(c)		14,122		1,053,360
Zscaler, Inc.(b)(c)		5,527		724,866
				619,716,539
Materials-2.81%
Air Products and Chemicals, Inc.		14,172		4,052,909
Albemarle Corp.(c)		7,483		1,903,002
Alcoa Corp.(c)		11,302		553,120
Amcor PLC		95,113		1,059,559
Avery Dennison Corp.		5,177		943,198
Ball Corp.		19,977		1,122,907
Celanese Corp.		6,926		805,009
CF Industries Holdings, Inc.		12,532		1,076,373
Cleveland-Cliffs, Inc.(b)(c)		32,909		701,949
Corteva, Inc.		45,695		2,846,341
Crown Holdings, Inc.		7,658		662,494
Dow, Inc.		44,953		2,571,312
DuPont de Nemours, Inc.		31,733		2,317,461
Eastman Chemical Co.		7,665		653,058
Ecolab, Inc.		16,374		2,609,524
FMC Corp.		8,046		1,039,141
Freeport-McMoRan, Inc.		91,300		3,740,561
International Flavors & Fragrances, Inc.(c)		16,286		1,517,855
International Paper Co.		21,583		785,405
Linde PLC (United Kingdom)		31,549		10,990,725
LyondellBasell Industries N.V., Class A		16,604		1,593,818
Martin Marietta Materials, Inc.		3,953		1,422,566
Mosaic Co. (The)		21,749		1,156,829
Newmont Corp.		50,701		2,211,071
Nucor Corp.		16,387		2,743,839
Packaging Corp. of America		5,938		811,843
PPG Industries, Inc.		15,013		1,982,617
Reliance Steel & Aluminum Co.		3,749		929,152
RPM International, Inc.(c)		8,212		727,830
Sealed Air Corp.		9,268		450,610
Sherwin-Williams Co. (The)		15,725		3,480,729
Steel Dynamics, Inc.		11,215		1,414,324
Vulcan Materials Co.		8,490		1,535,926
Westlake Corp.		2,435		290,106
WestRock Co.		16,213		509,088
				63,212,251

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  7  

Invesco PureBeta^SM MSCI USA ETF (PBUS)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Real Estate-2.79%
Alexandria Real Estate Equities, Inc.		9,957	$	1,491,359
American Homes 4 Rent, Class A(c)		20,282		629,148
American Tower Corp.		29,720		5,884,857
AvalonBay Communities, Inc.		8,936		1,541,639
Boston Properties, Inc.		9,512		622,846
Camden Property Trust		6,429		737,792
CBRE Group, Inc., Class A(b)		20,182		1,718,295
Crown Castle, Inc.		27,661		3,616,676
Digital Realty Trust, Inc.		18,366		1,914,288
Equinix, Inc.		5,911		4,068,364
Equity LifeStyle Properties, Inc.		11,294		773,752
Equity Residential		22,933		1,433,771
Essex Property Trust, Inc.(c)		4,134		942,800
Extra Space Storage, Inc.		8,554		1,408,416
Gaming and Leisure Properties, Inc.		16,449		886,272
Healthcare Realty Trust, Inc.		24,071		469,385
Healthpeak Properties, Inc.		34,312		825,547
Host Hotels & Resorts, Inc.		45,613		766,298
Invitation Homes, Inc.		39,054		1,220,828
Iron Mountain, Inc.		18,487		975,189
Kimco Realty Corp.		39,336		810,715
Medical Properties Trust, Inc.		37,888		390,246
Mid-America Apartment Communities, Inc.		7,348		1,176,415
Prologis, Inc.		58,963		7,276,034
Public Storage		10,097		3,018,498
Realty Income Corp.		40,060		2,561,837
Regency Centers Corp.		9,838		618,810
SBA Communications Corp., Class A		6,896		1,788,478
Simon Property Group, Inc.		20,884		2,549,728
Sun Communities, Inc.(c)		7,914		1,132,810
UDR, Inc.(c)		20,794		890,815
Ventas, Inc.(c)		25,532		1,242,132
VICI Properties, Inc.		61,519		2,062,732
W.P. Carey, Inc.(c)		13,288		1,078,454
Welltower, Inc.		30,183		2,237,164
Weyerhaeuser Co.		47,061		1,470,656
Zillow Group, Inc., Class C(b)(c)		9,941		417,522
				62,650,568
Utilities-2.71%
AES Corp. (The)		42,666		1,052,997
Alliant Energy Corp.		15,955		818,013
Ameren Corp.		16,513		1,365,790
American Electric Power Co., Inc.		32,824		2,887,527
American Water Works Co., Inc.		11,614		1,630,373
Atmos Energy Corp.		9,000		1,015,290
CenterPoint Energy, Inc.		40,212		1,118,698
CMS Energy Corp.		18,456		1,088,350

	Shares		Value
Utilities-(continued)
Consolidated Edison, Inc.		22,667	$	2,025,297
Constellation Energy Corp.		20,889		1,564,377
Dominion Energy, Inc.		53,226		2,960,430
DTE Energy Co.		12,334		1,353,163
Duke Energy Corp.		49,198		4,637,404
Edison International		24,393		1,615,061
Entergy Corp.		12,998		1,337,104
Essential Utilities, Inc.		15,832		677,293
Evergy, Inc.		14,609		859,155
Eversource Energy		22,248		1,676,609
Exelon Corp.		63,476		2,563,796
FirstEnergy Corp.		34,695		1,371,840
NextEra Energy, Inc.		126,932		9,015,980
NiSource, Inc.		25,942		711,589
NRG Energy, Inc.		14,709		482,308
PG&E Corp.(b)		95,225		1,487,415
PPL Corp.		47,033		1,273,183
Public Service Enterprise Group, Inc.		31,871		1,925,965
Sempra Energy		20,078		3,010,897
Southern Co. (The)		69,514		4,383,553
UGI Corp.		13,296		495,010
Vistra Corp.		22,878		503,087
WEC Energy Group, Inc.		20,149		1,786,410
Xcel Energy, Inc.		34,956		2,257,109
				60,951,073
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.86% (Cost $2,371,696,303)				2,244,613,620
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.07%
Invesco Private Government Fund, 4.58%(d)(e)(f)		19,320,951		19,320,951
Invesco Private Prime Fund, 4.83%(d)(e)(f)		49,672,510		49,682,443
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $69,006,547)				69,003,394
TOTAL INVESTMENTS IN SECURITIES-102.93% (Cost $2,440,702,850)				2,313,617,014
OTHER ASSETS LESS LIABILITIES-(2.93)%				(65,812,255	)
NET ASSETS-100.00%			$	2,247,804,759

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  8  

Invesco PureBeta^SM MSCI USA ETF (PBUS)–(continued)

February 28, 2023

(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 February 28, 2023.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31,  2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28,  2023			Dividend Income
Invesco Ltd.		$	367,742		$	7,044		$	(19,281	)		$	28,212			$	(884	)		$	382,833		$	8,244
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-			20,883,762			(20,883,762	)			-				-				-			7,446
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			77,205,584			135,427,194			(193,311,827	)			-				-				19,320,951			418,915	*
Invesco Private Prime Fund			199,097,606			203,768,795			(353,188,208	)			(5,255	)			9,505				49,682,443			1,125,605	*
Total		$	276,670,932		$	360,086,795		$	(567,403,078	)		$	22,957			$	8,621			$	69,386,227		$	1,560,210

* 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 February 28, 2023.

^(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 2I.

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023
Information Technology	27.57
Health Care	14.22
Financials	11.45
Consumer Discretionary	10.66
Industrials	8.73
Communication Services	7.67
Consumer Staples	6.50
Energy	4.75
Sector Types Each Less Than 3%	8.31
Money Market Funds Plus Other Assets Less Liabilities	0.14

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  9  

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.77%
Communication Services-2.56%
Advantage Solutions, Inc.(b)(c)		736	$	1,619
Altice USA, Inc., Class A(b)		1,992		7,888
AMC Entertainment Holdings, Inc., Class A(b)(c)		4,761		33,994
AMC Entertainment Holdings, Inc., Preference Shares(b)(c)		4,898		10,139
AMC Networks, Inc., Class A(b)		261		5,836
Angi, Inc., Class A(b)(c)		684		1,751
Anterix, Inc.(b)		122		3,684
ATN International, Inc.		102		4,289
Bandwidth, Inc., Class A(b)		215		3,418
Boston Omaha Corp., Class A(b)(c)		185		4,457
Bumble, Inc., Class A(b)		657		15,886
Cable One, Inc.(c)		45		31,077
Cargurus, Inc.(b)(c)		806		13,742
Cars.com, Inc.(b)		583		11,194
Charge Enterprises, Inc.(b)		1,047		1,183
Cinemark Holdings, Inc.(b)(c)		998		13,583
Clear Channel Outdoor Holdings, Inc.(b)		3,070		5,434
Cogent Communications Holdings, Inc.		398		25,767
Consolidated Communications Holdings, Inc.(b)		691		2,094
E.W. Scripps Co. (The), Class A(b)		494		6,234
EchoStar Corp., Class A(b)(c)		310		6,188
Endeavor Group Holdings, Inc., Class A(b)		800		17,848
Eventbrite, Inc., Class A(b)(c)		747		6,544
EverQuote, Inc., Class A(b)		180		2,457
Frontier Communications Parent, Inc.(b)		1,806		49,412
fuboTV, Inc.(b)(c)		1,709		3,264
Globalstar, Inc.(b)(c)		6,637		8,495
Gogo, Inc.(b)		528		8,691
Gray Television, Inc.		709		8,295
IAC, Inc.(b)		727		37,760
IDT Corp., Class B(b)(c)		176		5,352
iHeartMedia, Inc., Class A(b)(c)		1,066		7,739
IMAX Corp.(b)		413		7,616
Iridium Communications, Inc.(b)		1,042		63,948
John Wiley & Sons, Inc., Class A		408		18,152
Liberty Latin America Ltd., Class A(b)		344		3,034
Liberty Latin America Ltd., Class C(b)		1,342		11,783
Liberty Media Corp.-Liberty Braves, Class A(b)(c)		71		2,432
Liberty Media Corp.-Liberty Braves, Class C(b)(c)		364		12,183
Lions Gate Entertainment Corp., Class A(b)(c)		538		5,708
Lions Gate Entertainment Corp., Class B(b)		1,138		11,323
Lumen Technologies, Inc.		8,578		29,165
Madison Square Garden Entertainment Corp.(b)(c)		230		13,922
Madison Square Garden Sports Corp., Class A		137		26,186
Magnite, Inc.(b)(c)		1,106		12,310
Marcus Corp. (The)(c)		202		3,250
MediaAlpha, Inc., Class A(b)		218		3,301
New York Times Co. (The), Class A(c)		1,517		58,404
Nexstar Media Group, Inc., Class A		347		64,507
Nextdoor Holdings, Inc.(b)		836		1,722
Playstudios, Inc.(b)		784		2,916
PubMatic, Inc., Class A(b)(c)		378		5,738
QuinStreet, Inc.(b)		469		7,959

	Shares		Value
Communication Services-(continued)
Radius Global Infrastructure, Inc., Class A(b)(c)		746	$	10,168
Scholastic Corp.		272		12,406
Shenandoah Telecommunications Co.(c)		438		8,550
Shutterstock, Inc.		231		17,376
Sinclair Broadcast Group, Inc., Class A		401		6,524
Stagwell, Inc.(b)(c)		723		4,960
TechTarget, Inc.(b)		257		9,697
TEGNA, Inc.		1,954		34,000
Telephone & Data Systems, Inc.		929		11,789
Thryv Holdings, Inc.(b)(c)		191		4,553
TripAdvisor, Inc.(b)(c)		942		20,319
United States Cellular Corp.(b)(c)		144		3,475
Vimeo, Inc.(b)		1,374		5,262
Vivid Seats, Inc.(b)(c)		225		1,726
WideOpenWest, Inc.(b)(c)		485		5,301
World Wrestling Entertainment, Inc., Class A		399		33,516
Yelp, Inc.(b)(c)		642		19,273
Ziff Davis, Inc.(b)(c)		413		32,619
ZipRecruiter, Inc., Class A(b)(c)		331		5,647
				978,034
Consumer Discretionary-13.90%
1-800-Flowers.com, Inc., Class A(b)		189		1,871
2U, Inc.(b)		720		6,451
Aaron’s Co., Inc. (The)		284		4,075
Abercrombie & Fitch Co., Class A(b)		456		13,411
Academy Sports & Outdoors, Inc.(c)		698		41,287
Accel Entertainment, Inc.(b)		524		4,795
Acushnet Holdings Corp.(c)		323		15,588
Adient PLC(b)(c)		874		37,337
ADT, Inc.(c)		1,582		11,928
Adtalem Global Education, Inc.(b)		418		16,352
Allbirds, Inc., Class A(b)(c)		886		2,534
American Axle & Manufacturing Holdings, Inc.(b)		1,055		9,284
American Eagle Outfitters, Inc.		1,640		23,567
America’s Car-Mart, Inc.(b)(c)		56		4,758
Arhaus, Inc.(b)		195		2,829
Arko Corp.(c)		442		3,545
Asbury Automotive Group, Inc.(b)(c)		194		44,057
Autoliv, Inc. (Sweden)		758		70,176
AutoNation, Inc.(b)		297		40,543
Bally’s Corp.(b)(c)		283		5,589
Bed Bath & Beyond, Inc.(b)(c)		690		973
Big Lots, Inc.(c)		253		3,631
BJ’s Restaurants, Inc.(b)		215		6,880
Bloomin’ Brands, Inc.		768		20,045
Bluegreen Vacations Holding Corp.		111		3,682
Boot Barn Holdings, Inc.(b)		275		21,299
Bowlero Corp.(b)		354		5,445
Boyd Gaming Corp.		721		46,959
Bright Horizons Family Solutions, Inc.(b)(c)		532		41,943
Brinker International, Inc.(b)(c)		406		15,428
Brunswick Corp.		668		58,397
Buckle, Inc. (The)		277		11,299
Caleres, Inc.(c)		336		8,773
Camping World Holdings, Inc., Class A		369		8,424
Canoo, Inc.(b)		2,808		2,102

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  10  

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Consumer Discretionary-(continued)
Capri Holdings Ltd.(b)		1,186	$	58,790
CarParts.com, Inc.(b)(c)		402		2,521
Carriage Services, Inc.		122		4,138
Carter’s, Inc.(c)		352		26,537
Carvana Co.(b)(c)		830		7,819
Cavco Industries, Inc.(b)		78		22,230
Century Communities, Inc.		263		15,730
Cheesecake Factory, Inc. (The)(c)		426		15,949
Chegg, Inc.(b)(c)		1,156		18,369
Chico’s FAS, Inc.(b)		1,152		6,624
Children’s Place, Inc. (The)(b)(c)		114		4,773
Choice Hotels International, Inc.		319		37,757
Churchill Downs, Inc.(c)		310		76,192
Chuy’s Holdings, Inc.(b)		166		5,935
Clarus Corp.		222		2,198
Columbia Sportswear Co.		315		27,468
ContextLogic, Inc., Class A(b)(c)		4,989		2,428
Coursera, Inc.(b)		540		6,086
Cracker Barrel Old Country Store, Inc.(c)		194		21,138
Cricut, Inc., Class A		241		2,571
Crocs, Inc.(b)		569		69,253
Dana, Inc.		1,189		18,834
Dave & Buster’s Entertainment, Inc.(b)(c)		355		14,207
Deckers Outdoor Corp.(b)		244		101,589
Denny’s Corp.(b)		527		6,150
Designer Brands, Inc., Class A(c)		494		4,836
Dick’s Sporting Goods, Inc.		551		70,875
Dillard’s, Inc., Class A(c)		48		17,108
Dine Brands Global, Inc.(c)		137		10,504
Dorman Products, Inc.(b)(c)		246		22,885
DraftKings, Inc., Class A(b)(c)		3,515		66,293
Dream Finders Homes, Inc., Class A(b)(c)		179		2,153
Duolingo, Inc.(b)		173		15,707
Dutch Bros, Inc., Class A(b)(c)		336		11,206
El Pollo Loco Holdings, Inc.(c)		188		2,250
Ethan Allen Interiors, Inc.(c)		210		6,206
European Wax Center, Inc., Class A(c)		271		5,003
Everi Holdings, Inc.(b)(c)		824		15,648
EVgo, Inc.(b)(c)		607		3,600
First Watch Restaurant Group, Inc.(b)(c)		164		2,506
Fisker, Inc.(b)(c)		1,654		12,289
Five Below, Inc.(b)(c)		511		104,397
Floor & Decor Holdings, Inc., Class A(b)(c)		978		89,790
Foot Locker, Inc.(c)		774		33,839
Fox Factory Holding Corp.(b)(c)		389		45,708
Franchise Group, Inc.		246		6,841
frontdoor, inc.(b)(c)		751		21,216
Funko, Inc., Class A(b)(c)		326		3,524
GameStop Corp., Class A(b)(c)		2,385		45,864
Gap, Inc. (The)(c)		1,850		24,069
Genesco, Inc.(b)		114		5,127
Gentex Corp.(c)		2,161		61,697
Gentherm, Inc.(b)		306		19,434
G-III Apparel Group Ltd.(b)		394		6,546
Golden Entertainment, Inc.(b)		171		7,030
Goodyear Tire & Rubber Co. (The)(b)		2,606		29,604
GoPro, Inc., Class A(b)(c)		1,195		6,202
Graham Holdings Co., Class B		35		21,933
Grand Canyon Education, Inc.(b)		287		32,514
Green Brick Partners, Inc.(b)		276		8,611

	Shares		Value
Consumer Discretionary-(continued)
Group 1 Automotive, Inc.		128	$	28,297
Guess?, Inc.		301		6,333
H&R Block, Inc.		1,432		52,698
Hanesbrands, Inc.(c)		3,215		18,261
Harley-Davidson, Inc.		1,279		60,816
Haverty Furniture Cos., Inc., (Acquired 12/08/2020 - 02/28/2023; Cost $4,078)(c)(d)		130		4,906
Helen of Troy Ltd.(b)(c)		221		24,904
Hibbett, Inc.(c)		112		8,056
Hilton Grand Vacations, Inc.(b)		795		37,953
Holley, Inc.(b)(c)		436		950
Hyatt Hotels Corp., Class A(b)		443		51,494
Installed Building Products, Inc.(c)		224		25,845
iRobot Corp.(b)		252		10,355
Jack in the Box, Inc.		191		14,974
Johnson Outdoors, Inc., Class A		54		3,502
KB Home		710		25,042
Kohl’s Corp.		1,075		30,143
Kontoor Brands, Inc.		460		23,989
Krispy Kreme, Inc.(c)		617		8,027
Kura Sushi USA, Inc., Class A(b)(c)		40		2,505
Latham Group, Inc.(b)		432		1,374
Laureate Education, Inc., Class A(c)		1,299		15,406
La-Z-Boy, Inc.		396		12,822
LCI Industries		234		26,398
Leggett & Platt, Inc.(c)		1,221		42,112
Leslie’s, Inc.(b)(c)		1,433		18,070
Levi Strauss & Co., Class A(c)		847		15,195
LGI Homes, Inc.(b)(c)		193		20,132
Life Time Group Holdings, Inc.(b)		268		4,843
Light & Wonder, Inc.(b)(c)		820		51,340
Lindblad Expeditions Holdings, Inc.(b)		318		2,728
Lithia Motors, Inc., Class A		252		64,305
Lovesac Co. (The)(b)(c)		126		3,628
Luminar Technologies, Inc.(b)(c)		1,958		17,524
M.D.C. Holdings, Inc.(c)		525		19,425
M/I Homes, Inc.(b)		253		14,634
Macy’s, Inc.		2,497		51,089
Malibu Boats, Inc., Class A(b)		187		11,175
MarineMax, Inc.(b)		200		6,716
Marriott Vacations Worldwide Corp.		335		51,252
Mattel, Inc.(b)		3,265		58,737
Membership Collective Group, Inc., Class A (United Kingdom)(b)		258		1,726
Meritage Homes Corp.(b)		337		36,811
Mister Car Wash, Inc.(b)(c)		702		6,479
Modine Manufacturing Co.(b)		432		10,545
Monarch Casino & Resort, Inc.		131		9,644
Monro, Inc.		290		14,628
Movado Group, Inc.		145		5,020
Murphy USA, Inc.		198		50,508
National Vision Holdings, Inc.(b)(c)		727		27,161
Nordstrom, Inc.		1,030		20,064
Norwegian Cruise Line Holdings Ltd.(b)(c)		3,882		57,531
ODP Corp. (The)(b)		380		17,206
Ollie’s Bargain Outlet Holdings, Inc.(b)		519		29,863
OneSpaWorld Holdings Ltd. (Bahamas)(b)(c)		619		7,174
Overstock.com, Inc.(b)(c)		421		8,155
Oxford Industries, Inc.(c)		139		16,348

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  11  

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Consumer Discretionary-(continued)
Papa John’s International, Inc.		309	$	25,941
Patrick Industries, Inc.		198		14,424
Peloton Interactive, Inc., Class A(b)(c)		2,744		35,452
Penn Entertainment, Inc.(b)(c)		1,429		43,627
Penske Automotive Group, Inc.(c)		263		37,911
Perdoceo Education Corp.(b)		619		8,533
Petco Health & Wellness Co., Inc.(b)(c)		840		8,652
PetMed Express, Inc.(c)		184		3,456
Planet Fitness, Inc., Class A(b)(c)		768		62,246
Playa Hotels & Resorts N.V.(b)		1,197		10,677
Polaris, Inc.		507		57,671
Portillo’s, Inc., Class A(b)		378		8,588
Purple Innovation, Inc.(b)(c)		627		2,709
PVH Corp.		601		48,224
QuantumScape Corp.(b)		2,463		23,571
Qurate Retail, Inc., Class A(b)(c)		3,272		6,904
Ralph Lauren Corp.		379		44,794
RCI Hospitality Holdings, Inc.(c)		77		6,450
Red Rock Resorts, Inc., Class A		481		21,005
Revolve Group, Inc.(b)(c)		375		10,155
RH(b)(c)		175		52,330
Rover Group, Inc.(b)		677		2,830
Ruth’s Hospitality Group, Inc.		291		5,427
Sally Beauty Holdings, Inc.(b)(c)		986		15,865
SeaWorld Entertainment, Inc.(b)(c)		383		24,742
Service Corp. International		1,417		95,690
Shake Shack, Inc., Class A(b)		344		19,192
Shoe Carnival, Inc.(c)		165		4,348
Signet Jewelers Ltd.(c)		426		30,510
Six Flags Entertainment Corp.(b)		689		18,190
Skechers U.S.A., Inc., Class A(b)		1,236		55,014
Skyline Champion Corp.(b)(c)		498		34,068
Sleep Number Corp.(b)(c)		203		8,092
Smith & Wesson Brands, Inc.(c)		422		4,617
Snap One Holdings Corp.(b)		140		1,637
Solid Power, Inc.(b)(c)		972		3,285
Sonic Automotive, Inc., Class A(c)		170		9,671
Sonos, Inc.(b)(c)		1,167		22,675
Sportsman’s Warehouse Holdings, Inc.(b)(c)		358		3,218
Standard Motor Products, Inc.		179		6,976
Steven Madden Ltd.		682		24,757
Stitch Fix, Inc., Class A(b)(c)		787		3,667
Stoneridge, Inc.(b)		252		6,000
Strategic Education, Inc.		214		18,244
Stride, Inc.(b)		377		16,011
Sturm Ruger & Co., Inc.		163		9,498
Sweetgreen, Inc., Class A(b)(c)		448		3,907
Tapestry, Inc.		2,220		96,592
Target Hospitality Corp.(b)		269		3,989
Taylor Morrison Home Corp., Class A(b)		948		33,967
Tempur Sealy International, Inc.		1,496		63,939
Texas Roadhouse, Inc.		586		59,502
Thor Industries, Inc.(c)		495		45,040
Toll Brothers, Inc.		992		59,460
TopBuild Corp.(b)		295		61,239
Topgolf Callaway Brands Corp.(b)(c)		1,277		29,601
Traeger, Inc.(b)(c)		508		2,022
Travel + Leisure Co.		749		31,421
TravelCenters of America, Inc.(b)(c)		123		10,375
Tri Pointe Homes, Inc.(b)		930		22,171

	Shares		Value
Consumer Discretionary-(continued)
Under Armour, Inc., Class A(b)		1,738	$	17,258
Under Armour, Inc., Class C(b)		1,794		15,787
Upbound Group, Inc.(c)		487		13,076
Urban Outfitters, Inc.(b)		552		14,876
Victoria’s Secret & Co.(b)(c)		748		29,651
Vista Outdoor, Inc.(b)		521		14,880
Visteon Corp.(b)		259		43,263
Vivint Smart Home, Inc.(b)		393		4,417
Vuzix Corp.(b)(c)		558		2,316
Warby Parker, Inc.(b)(c)		619		8,053
Wayfair, Inc., Class A(b)(c)		675		27,331
Wendy’s Co. (The)		1,668		36,629
Williams-Sonoma, Inc.(c)		613		76,576
Wingstop, Inc.		276		47,017
Winmark Corp.		27		7,884
Winnebago Industries, Inc.(c)		267		16,971
Wolverine World Wide, Inc.		726		12,161
Workhorse Group, Inc.(b)(c)		1,512		3,115
Wyndham Hotels & Resorts, Inc.		814		62,694
Xometry, Inc., Class A(b)		124		3,771
XPEL, Inc.(b)(c)(e)		178		11,892
Xponential Fitness, Inc., Class A(b)		205		5,205
YETI Holdings, Inc.(b)(c)		795		30,989
Zumiez, Inc.(b)(c)		152		3,536
				5,310,493
Consumer Staples-3.61%
Andersons, Inc. (The)		293		13,370
B&G Foods, Inc.(c)		660		8,362
Beauty Health Co. (The)(b)(c)		792		9,987
BellRing Brands, Inc.(b)(c)		1,246		38,476
Benson Hill, Inc.(b)		1,046		2,333
Beyond Meat, Inc.(b)(c)		528		9,420
BJ’s Wholesale Club Holdings, Inc.(b)		1,238		88,888
Boston Beer Co., Inc. (The), Class A(b)(c)		90		29,142
BRC, Inc.(b)(c)		251		1,672
Calavo Growers, Inc.		163		5,260
Cal-Maine Foods, Inc.		346		19,653
Casey’s General Stores, Inc.		343		71,327
Celsius Holdings, Inc.(b)(c)		386		35,049
Central Garden & Pet Co.(b)		93		3,766
Central Garden & Pet Co., Class A(b)(c)		380		14,603
Chefs’ Warehouse, Inc. (The)(b)		317		10,318
Coca-Cola Consolidated, Inc.		46		25,615
Coty,Inc.,Class A(b)		3,133		35,403
Duckhorn Portfolio, Inc. (The)(b)		371		5,658
Edgewell Personal Care Co.		450		19,215
elf Beauty, Inc.(b)		463		34,609
Energizer Holdings, Inc.(c)		624		22,608
Flowers Foods, Inc.		1,848		51,522
Fresh Del Monte Produce, Inc.		353		11,042
Freshpet, Inc.(b)(c)		442		27,484
Grocery Outlet Holding Corp.(b)(c)		851		23,020
Hain Celestial Group, Inc. (The)(b)(c)		823		14,674
Herbalife Nutrition Ltd.(b)(c)		812		15,712
Hostess Brands, Inc.(b)		1,233		30,455
Ingles Markets, Inc., Class A		126		11,264
Ingredion, Inc.		604		60,038
Inter Parfums, Inc.		176		21,192
J&J Snack Foods Corp.		151		21,323

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  12  

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Consumer Staples-(continued)
John B. Sanfilippo & Son, Inc.		82	$	7,361
Lancaster Colony Corp.		178		34,172
Medifast, Inc.(c)		101		11,325
MGP Ingredients, Inc.		122		12,376
Mission Produce, Inc.(b)		391		4,504
National Beverage Corp.(b)(c)		215		10,030
Nu Skin Enterprises, Inc., Class A		455		18,127
Performance Food Group Co.(b)		1,434		81,150
Pilgrim’s Pride Corp.(b)		436		10,198
Post Holdings, Inc.(b)		486		43,721
PriceSmart, Inc.		228		15,896
Reynolds Consumer Products, Inc.		580		15,915
Seaboard Corp.		3		11,850
Seneca Foods Corp., Class A(b)		51		2,836
Simply Good Foods Co. (The)(b)(c)		775		29,675
Sovos Brands, Inc.(b)(c)		279		3,647
SpartanNash Co.		325		8,697
Spectrum Brands Holdings, Inc.(c)		376		24,072
Sprouts Farmers Market, Inc.(b)(c)		975		29,533
Tootsie Roll Industries, Inc.		148		6,516
TreeHouse Foods, Inc.(b)(c)		465		22,687
Turning Point Brands, Inc.		138		3,298
United Natural Foods, Inc.(b)		552		22,483
Universal Corp.		226		11,433
US Foods Holding Corp.(b)		1,865		69,993
USANA Health Sciences, Inc.(b)		106		6,443
Utz Brands, Inc.(c)		596		9,774
Vector Group Ltd.		1,212		16,083
Veru, Inc.(b)(c)		591		2,337
Vita Coco Co., Inc. (The)(b)		129		2,181
Vital Farms, Inc.(b)(c)		188		3,038
WD-40 Co.(c)		125		21,679
Weis Markets, Inc.		149		11,390
Westrock Coffee Co.(b)(c)		303		3,388
				1,380,268
Energy-4.82%
Antero Midstream Corp.		2,865		30,197
Antero Resources Corp.(b)		2,488		65,186
Arch Resources, Inc.		158		24,861
Archrock, Inc.		1,290		14,280
Berry Corp.		495		4,668
Bristow Group, Inc.(b)		65		1,771
Cactus, Inc., Class A		559		25,686
California Resources Corp.		474		20,003
Callon Petroleum Co.(b)		454		17,597
Centrus Energy Corp., Class A(b)(c)		102		4,571
ChampionX Corp.		1,837		56,157
Chord Energy Corp.		364		49,002
Civitas Resources, Inc.		510		35,787
Clean Energy Fuels Corp.(b)(c)		1,639		9,178
CNX Resources Corp.(b)(c)		1,663		25,527
Comstock Resources, Inc.		861		10,453
CONSOL Energy, Inc.		305		16,693
Core Laboratories N.V.(c)		427		10,193
Crescent Energy Co., Class A		356		4,108
CVR Energy, Inc.		278		8,821
Delek US Holdings, Inc.		578		14,548
Denbury, Inc.(b)		459		38,267
Diamond Offshore Drilling, Inc.(b)		935		11,108

	Shares		Value
Energy-(continued)
DMC Global, Inc.(b)		180	$	4,819
Dorian LPG Ltd.		296		6,497
Dril-Quip, Inc.(b)(c)		312		10,686
DT Midstream, Inc.(c)		891		44,728
Earthstone Energy, Inc., Class A(b)(c)		437		6,096
EnLink Midstream LLC(b)		2,400		27,024
Enviva, Inc.(c)		308		13,416
Equitrans Midstream Corp.		3,788		22,842
Excelerate Energy, Inc., Class A(c)		169		3,652
Expro Group Holdings N.V.(b)		651		14,797
Gevo, Inc.(b)(c)		2,185		4,042
Gran Tierra Energy, Inc. (Colombia)(b)		3,398		2,835
Green Plains, Inc.(b)(c)		546		18,930
Gulfport Energy Corp.(b)(c)		107		7,075
Helix Energy Solutions Group, Inc.(b)		1,329		11,004
Helmerich & Payne, Inc.		971		40,860
Hess Midstream L.P., Class A(c)		405		11,105
International Seaways, Inc.		339		17,438
Kimbell Royalty Partners L.P		496		7,653
Kinetik Holdings, Inc., Class A		179		5,325
Kosmos Energy Ltd. (Ghana)(b)(c)		4,200		33,054
Liberty Energy, Inc., Class A		1,175		17,919
Magnolia Oil & Gas Corp., Class A(c)		1,554		33,955
Matador Resources Co.		1,089		58,577
Murphy Oil Corp.(c)		1,361		53,106
Nabors Industries Ltd.(b)(c)		82		12,325
New Fortress Energy, Inc.		385		12,701
NextDecade Corp.(b)(c)		466		3,290
NexTier Oilfield Solutions, Inc.(b)		1,810		16,525
Noble Corp. PLC(b)(c)		933		38,897
Northern Oil and Gas, Inc.(c)		610		18,934
NOV, Inc.		3,619		79,184
Oceaneering International, Inc.(b)		924		19,302
Oil States International, Inc.(b)		589		5,378
Par Pacific Holdings, Inc.(b)		445		12,362
Patterson-UTI Energy, Inc.		1,997		27,359
PBF Energy, Inc., Class A		903		39,470
PDC Energy, Inc.		849		56,976
Peabody Energy Corp.(b)(c)		1,061		28,965
Permian Resources Corp.		1,860		20,107
Plains GP Holdings L.P., Class A(b)		1,790		24,899
ProFrac Holding Corp., Class A(b)		149		2,850
ProPetro Holding Corp.(b)		791		6,969
Range Resources Corp.		2,226		59,968
Ranger Oil Corp., Class A(c)		176		7,304
REX American Resources Corp.(b)		146		4,819
RPC, Inc.		698		6,121
SandRidge Energy, Inc.(b)(c)		289		4,217
Select Energy Services, Inc., Class A		587		4,356
SilverBow Resources, Inc.(b)(c)		123		3,028
Sitio Royalties Corp., Class A		675		15,869
SM Energy Co.		1,131		33,376
Southwestern Energy Co.(b)		8,133		43,105
Talos Energy, Inc.(b)		532		9,475
TechnipFMC PLC (United Kingdom)(b)(c)		3,907		59,738
Tellurian, Inc.(b)		4,423		6,590
TETRA Technologies, Inc.(b)(c)		1,066		3,795
Tidewater, Inc.(b)		112		5,470
Transocean Ltd.(b)(c)		6,318		44,163
Uranium Energy Corp.(b)(c)		3,363		12,443

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  13  

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Energy-(continued)
US Silica Holdings, Inc.(b)		697	$	8,462
VAALCO Energy, Inc.(c)		948		4,446
Valaris Ltd.(b)		208		13,988
Vertex Energy, Inc.(b)(c)		558		5,284
Viper Energy Partners L.P		547		15,661
Vital Energy, Inc.(b)(c)		132		6,783
Vitesse Energy, Inc.(b)		202		3,513
W&T Offshore, Inc.(b)		923		5,178
Weatherford International PLC(b)		553		36,841
World Fuel Services Corp.		570		15,647
				1,842,230
Financials-16.61%
1st Source Corp.		170		8,469
Affiliated Managers Group, Inc.		347		55,315
AGNC Investment Corp.		5,266		57,241
Amalgamated Financial Corp.(c)		141		3,321
A-Mark Precious Metals, Inc.(c)		173		5,071
Ambac Financial Group, Inc.(b)		414		6,852
Amerant Bancorp, Inc.(c)		233		6,617
American Equity Investment Life Holding Co.		671		27,947
Ameris Bancorp		607		29,057
AMERISAFE, Inc.		176		9,599
Apollo Commercial Real Estate Finance, Inc.(c)		1,230		14,133
Arbor Realty Trust, Inc.		1,422		21,444
Ares Commercial Real Estate Corp.		476		5,384
Argo Group International Holdings Ltd.		323		9,383
ARMOUR Residential REIT, Inc.		1,217		6,608
Arrow Financial Corp.		152		4,633
Artisan Partners Asset Management, Inc., Class A		626		20,639
AssetMark Financial Holdings, Inc.(b)		204		6,385
Associated Banc-Corp		1,385		32,063
Assured Guaranty Ltd.		525		32,765
Atlantic Union Bankshares Corp.		688		25,772
Atlanticus Holdings Corp.(b)(c)		47		1,506
Avantax, Inc.(b)(c)		397		11,350
AXIS Capital Holdings Ltd.		741		44,994
Axos Financial, Inc.(b)		497		23,553
B. Riley Financial, Inc.(c)		145		5,768
Banc of California, Inc.(c)		522		9,161
BancFirst Corp.		167		15,072
Bancorp, Inc. (The)(b)(c)		464		16,050
Bank First Corp.		75		6,115
Bank of Hawaii Corp.		369		27,623
Bank of Marin Bancorp		148		4,292
Bank OZK		1,029		47,365
BankUnited, Inc.		712		25,219
Banner Corp.		315		19,839
Bar Harbor Bankshares		139		4,152
Berkshire Hills Bancorp, Inc.		394		11,450
BGC Partners, Inc., Class A(c)		2,843		13,817
Blackstone Mortgage Trust, Inc., Class A(c)		1,496		31,670
Blue Owl Capital, Inc.		2,424		29,912
BOK Financial Corp.		279		29,206
Bread Financial Holdings, Inc.		459		18,851
Bridgewater Bancshares, Inc.(b)(c)		191		2,810
Brighthouse Financial, Inc.(b)		637		36,838
Brightsphere Investment Group, Inc.		305		7,646
BrightSpire Capital, Inc.(c)		891		6,584

	Shares		Value
Financials-(continued)
Broadmark Realty Capital, Inc.		1,225	$	6,247
Brookline Bancorp, Inc.		821		10,640
BRP Group, Inc., Class A(b)		566		16,267
Business First Bancshares, Inc.		220		4,585
Byline Bancorp, Inc.		207		5,103
Cadence Bank		1,681		44,647
Cambridge Bancorp(c)		72		5,726
Camden National Corp.(c)		134		5,514
Cannae Holdings, Inc.(b)(c)		647		14,609
Capital City Bank Group, Inc.(c)		125		4,459
Capitol Federal Financial, Inc.(c)		1,203		10,093
Cathay General Bancorp		651		27,941
Central Pacific Financial Corp.		251		5,630
Chimera Investment Corp.		2,135		13,856
City Holding Co.(c)		137		13,453
Claros Mortgage Trust, Inc.		701		9,772
CNO Financial Group, Inc.		1,054		27,003
Coastal Financial Corp.(b)		101		4,661
Cohen & Steers, Inc.		247		17,873
Columbia Banking System, Inc.(c)		725		21,554
Columbia Financial, Inc.(b)(c)		353		7,448
Comerica, Inc.		1,206		84,541
Commerce Bancshares, Inc.		1,039		68,730
Community Bank System, Inc.		495		30,220
Community Trust Bancorp, Inc.		149		6,370
Compass Diversified Holdings		599		13,040
ConnectOne Bancorp, Inc.		325		7,881
Cowen, Inc., Class A		245		9,553
Credit Acceptance Corp.(b)(c)		60		26,660
CrossFirst Bankshares, Inc.(b)		425		6,014
Cullen/Frost Bankers, Inc.		563		74,215
Customers Bancorp, Inc.(b)(c)		285		8,778
CVB Financial Corp.		1,288		30,822
Diamond Hill Investment Group, Inc.		28		4,889
Dime Community Bancshares, Inc.		302		9,253
Donegal Group, Inc., Class A(c)		149		2,290
Donnelley Financial Solutions, Inc.(b)(c)		241		10,197
Dynex Capital, Inc.		427		5,649
Eagle Bancorp, Inc.(c)		294		12,880
East West Bancorp, Inc.		1,298		98,921
Eastern Bankshares, Inc.		1,465		22,971
Ellington Financial, Inc.		529		6,808
Employers Holdings, Inc.		251		11,147
Enact Holdings, Inc.		300		7,275
Encore Capital Group, Inc.(b)		215		11,111
Enova International, Inc.(b)		290		14,137
Enstar Group Ltd.(b)(c)		103		25,185
Enterprise Financial Services Corp.(c)		326		17,754
Equity Bancshares, Inc., Class A		132		3,968
Essent Group Ltd.		992		42,606
Evercore, Inc., Class A		340		44,601
EZCORP, Inc., Class A(b)(c)		491		4,331
F.N.B. Corp.		3,232		46,121
Farmers National Banc Corp.		334		4,759
FB Financial Corp.		346		13,041
Federal Agricultural Mortgage Corp., Class C		85		12,058
Federated Hermes, Inc., Class B		779		30,654
First American Financial Corp.		954		54,168
First Bancorp		1,701		24,682
First Bancorp/Southern Pines NC		329		13,650

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  14  

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Financials-(continued)
First Bancshares, Inc. (The)(c)		210	$	6,575
First Busey Corp.		483		11,660
First Commonwealth Financial Corp.		948		15,177
First Community Bankshares, Inc.		135		4,215
First Financial Bancorp		874		21,535
First Financial Bankshares, Inc.		1,248		45,777
First Financial Corp.		105		4,615
First Foundation, Inc.(c)		468		7,053
First Hawaiian, Inc.		1,176		32,164
First Interstate BancSystem, Inc., Class A(c)		818		29,072
First Merchants Corp.		549		22,465
First Mid Bancshares, Inc.		170		5,268
First of Long Island Corp. (The)		209		3,557
FirstCash Holdings, Inc.(c)		363		32,035
Five Star Bancorp		95		2,595
Flushing Financial Corp.		261		5,079
Focus Financial Partners, Inc., Class A(b)		546		28,316
Franklin BSP Realty Trust, Inc.		760		10,648
Freedom Holding Corp. (Kazakhstan)(b)(c)		165		12,007
Fulton Financial Corp.		1,543		26,540
Genworth Financial, Inc., Class A(b)		4,573		28,490
German American Bancorp, Inc.(c)		258		10,139
Glacier Bancorp, Inc.		1,020		48,328
Goosehead Insurance, Inc., Class A(b)		185		8,630
Granite Point Mortgage Trust, Inc.		482		2,887
Great Southern Bancorp, Inc.		90		5,237
Green Dot Corp., Class A(b)		436		8,253
Hagerty, Inc.(b)(c)		230		2,065
Hamilton Lane, Inc., Class A		331		25,752
Hancock Whitney Corp.		789		38,756
Hanmi Financial Corp.		281		6,637
Hannon Armstrong Sustainable Infrastructure Capital, Inc.(c)		820		25,756
Hanover Insurance Group, Inc. (The)		328		45,749
HarborOne Bancorp, Inc.(c)		408		5,577
HBT Financial, Inc.		89		2,022
HCI Group, Inc.		69		3,623
Heartland Financial USA, Inc.(c)		391		19,331
Heritage Commerce Corp.(c)		559		6,769
Heritage Financial Corp.		323		9,002
Hilltop Holdings, Inc.		476		15,789
Hingham Institution for Savings (The)(c)		13		3,701
Hippo Holdings, Inc.(b)(c)		117		2,014
Home BancShares, Inc.		1,785		43,018
HomeStreet, Inc.		172		4,340
Hope Bancorp, Inc.		1,101		14,104
Horace Mann Educators Corp.		377		13,934
Horizon Bancorp, Inc.		364		5,540
Houlihan Lokey, Inc.		459		43,926
Independent Bank Corp.		420		33,466
Independent Bank Corporation		194		4,278
Independent Bank Group, Inc.		342		20,130
Interactive Brokers Group, Inc., Class A		900		77,499
International Bancshares Corp.		515		24,993
Invesco Mortgage Capital, Inc.(c)(f)		326		4,085
Jackson Financial, Inc., Class A		459		20,829
James River Group Holdings Ltd.		345		8,314
Janus Henderson Group PLC(c)		1,297		35,616
Jefferies Financial Group, Inc.		1,688		63,790
Kearny Financial Corp.(c)		560		5,622

	Shares		Value
Financials-(continued)
Kemper Corp.		589	$	36,282
Kinsale Capital Group, Inc.		202		64,377
KKR Real Estate Finance Trust, Inc.		477		6,916
Ladder Capital Corp.		1,049		11,854
Lakeland Bancorp, Inc.(c)		567		10,915
Lakeland Financial Corp.(c)		234		16,759
Lemonade, Inc.(b)(c)		414		6,748
LendingClub Corp.(b)(c)		968		9,099
LendingTree, Inc.(b)		106		3,491
Lincoln National Corp.		1,559		49,451
Live Oak Bancshares, Inc.		304		10,506
Luther Burbank Corp.		141		1,640
MBIA, Inc.(b)(c)		430		5,930
Mercantile Bank Corp.		139		4,808
Merchants Bancorp(c)		159		4,810
Mercury General Corp.		255		8,683
Metrocity Bankshares, Inc.(c)		175		3,530
Metropolitan Bank Holding Corp.(b)(c)		91		5,079
MFA Financial, Inc.		844		9,039
MGIC Investment Corp.		2,736		37,647
Mid Penn Bancorp, Inc.		124		3,794
Midland States Bancorp, Inc.		194		5,052
MidWestOne Financial Group, Inc.		137		4,115
Moelis & Co., Class A		589		25,227
Morningstar, Inc.		235		48,723
Mr. Cooper Group, Inc.(b)		618		28,694
National Bank Holdings Corp., Class A		277		11,216
National Western Life Group, Inc., Class A(c)		22		5,935
Navient Corp.		1,249		22,544
NBT Bancorp, Inc.		395		16,033
Nelnet, Inc., Class A		134		12,579
New York Community Bancorp, Inc.		6,267		55,651
New York Mortgage Trust, Inc.(c)		3,418		9,126
Nicolet Bankshares, Inc.(b)(c)		128		9,531
NMI Holdings, Inc., Class A(b)		731		17,062
Northfield Bancorp, Inc.		396		5,825
Northwest Bancshares, Inc.		1,111		15,354
OceanFirst Financial Corp.(c)		545		12,927
OFG Bancorp		438		13,324
Old National Bancorp		2,698		47,674
Old Republic International Corp.		2,663		70,223
Old Second Bancorp, Inc.(c)		329		5,455
OneMain Holdings, Inc.		1,070		46,106
Open Lending Corp., Class A(b)		989		7,002
Origin Bancorp, Inc.(c)		268		10,160
Oscar Health, Inc., Class A(b)(c)		414		2,294
Pacific Premier Bancorp, Inc.		875		28,367
PacWest Bancorp.		1,085		30,109
Palomar Holdings, Inc.(b)		232		13,920
Park National Corp.(c)		150		19,165
Pathward Financial, Inc.		262		13,365
Peapack-Gladstone Financial Corp.(c)		149		5,535
PennyMac Financial Services, Inc.(c)		392		23,704
PennyMac Mortgage Investment Trust(c)		819		10,672
Peoples Bancorp, Inc.(c)		260		8,089
Perella Weinberg Partners		390		3,943
Pinnacle Financial Partners, Inc.		704		52,159
Piper Sandler Cos		164		24,762
PJT Partners, Inc., Class A		214		16,880
Popular, Inc.		670		47,838

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  15  

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Financials-(continued)
PRA Group, Inc.(b)		359	$	15,279
Preferred Bank		135		9,504
Premier Financial Corp.(c)		328		8,141
Primerica, Inc.		340		65,260
ProAssurance Corp.		497		9,885
PROG Holdings, Inc.(b)(c)		461		11,396
Prosperity Bancshares, Inc.		841		61,805
Provident Financial Services, Inc.		659		15,388
QCR Holdings, Inc.		148		7,917
Radian Group, Inc.		1,447		30,893
Ready Capital Corp.(c)		916		10,314
Redwood Trust, Inc.(c)		1,044		7,945
Reinsurance Group of America, Inc.		616		88,994
RenaissanceRe Holdings Ltd. (Bermuda)		403		86,605
Renasant Corp.		515		18,530
Republic Bancorp, Inc., Class A(c)		89		3,961
Rithm Capital Corp.(c)		4,364		39,712
RLI Corp.		376		51,854
Rocket Cos., Inc., Class A(c)		1,122		8,819
Ryan Specialty Holdings, Inc., Class A(b)(c)		776		32,685
S&T Bancorp, Inc.(c)		359		13,376
Safety Insurance Group, Inc.		136		10,974
Sandy Spring Bancorp, Inc.		411		13,542
Seacoast Banking Corp. of Florida		679		20,716
Selective Insurance Group, Inc.		555		56,349
ServisFirst Bancshares, Inc.(c)		450		33,277
Silvergate Capital Corp., Class A(b)(c)		292		4,062
Simmons First National Corp., Class A(c)		1,170		26,009
SiriusPoint Ltd. (Bermuda)(b)		822		5,836
SLM Corp.		2,305		33,146
SmartFinancial, Inc.		132		3,604
SoFi Technologies, Inc.(b)(c)		5,557		36,676
South Plains Financial, Inc.		102		2,682
South State Corp.(c)		697		56,234
Southern Missouri Bancorp, Inc.		72		3,332
Southside Bancshares, Inc.		281		10,731
Starwood Property Trust, Inc.(c)		2,852		54,644
Stellar Bancorp, Inc.		410		11,992
StepStone Group, Inc., Class A		457		13,070
Stewart Information Services Corp.(c)		250		10,622
Stifel Financial Corp.		979		65,427
Stock Yards Bancorp, Inc.(c)		270		15,803
StoneX Group, Inc.(b)		159		16,032
Synovus Financial Corp.		1,340		56,025
Texas Capital Bancshares, Inc.(b)		460		30,466
TFS Financial Corp.		517		7,491
Tiptree, Inc.		200		3,220
Tompkins Financial Corp.		120		8,975
Towne Bank(c)		636		19,290
TPG RE Finance Trust, Inc.		499		4,237
TPG, Inc.(c)		360		11,887
TriCo Bancshares(c)		276		13,941
Triumph Financial, Inc.(b)(c)		214		13,022
Trupanion, Inc.(b)		320		19,002
TrustCo Bank Corp.		176		6,593
Trustmark Corp.		533		15,670
Two Harbors Investment Corp.		888		14,714
UMB Financial Corp.		423		38,349
Umpqua Holdings Corp.		2,000		35,320
United Bankshares, Inc.		1,241		50,596

	Shares		Value
Financials-(continued)
United Community Banks, Inc.		978	$	32,382
United Fire Group, Inc.		197		5,622
Universal Insurance Holdings, Inc.		253		4,890
Univest Financial Corp.		269		7,586
Unum Group.		1,833		81,660
Upstart Holdings, Inc.(b)(c)		679		12,568
UWM Holdings Corp.(c)		810		3,451
Valley National Bancorp(c)		3,965		45,915
Veritex Holdings, Inc.		498		13,277
Victory Capital Holdings, Inc., Class A		158		5,366
Virtu Financial, Inc., Class A		781		14,355
Virtus Investment Partners, Inc.(c)		67		14,099
Voya Financial, Inc.		895		66,669
Walker & Dunlop, Inc.		289		25,209
Washington Federal, Inc.		602		21,112
Washington Trust Bancorp, Inc.(c)		158		6,636
Waterstone Financial, Inc.		174		2,801
WesBanco, Inc.		545		19,702
Westamerica Bancorporation		248		13,670
Western Alliance Bancorporation		1,003		74,463
White Mountains Insurance Group Ltd.		24		34,646
Wintrust Financial Corp.		560		51,593
WisdomTree, Inc.		1,012		6,042
World Acceptance Corp.(b)(c)		32		2,988
WSFS Financial Corp.		567		28,299
Zions Bancorporation N.A		1,378		69,754
				6,347,170
Health Care-12.83%
10X Genomics, Inc., Class A(b)(c)		705		33,502
23andMe Holding Co., Class A(b)		2,509		6,298
2seventy bio, Inc.(b)(c)		332		4,479
4D Molecular Therapeutics, Inc.(b)		164		3,155
Acadia Healthcare Co., Inc.(b)		838		60,763
Acadia Pharmaceuticals, Inc.(b)(c)		1,119		23,152
Accolade, Inc.(b)(c)		563		6,255
Aclaris Therapeutics, Inc.(b)		430		5,358
AdaptHealth Corp.(b)(c)		621		9,930
Adaptive Biotechnologies Corp.(b)(c)		922		7,883
Addus HomeCare Corp.(b)(c)		148		16,079
Adicet Bio, Inc.(b)(c)		178		1,403
ADMA Biologics, Inc.(b)		1,805		6,408
Aerovate Therapeutics, Inc.(b)		79		1,941
Agenus, Inc.(b)		2,527		5,206
Agiliti, Inc.(b)(c)		307		5,851
agilon health, inc.(b)(c)		1,897		40,235
Agios Pharmaceuticals, Inc.(b)		456		11,541
Akero Therapeutics, Inc.(b)		280		12,743
Akouos, Inc.(g)		182		144
Albireo Pharma, Inc.(b)		172		7,663
Alector, Inc.(b)		495		4,227
Alignment Healthcare, Inc.(b)(c)		776		7,713
Alkermes PLC(b)		1,514		40,484
Allakos, Inc.(b)		353		2,100
Allogene Therapeutics, Inc.(b)(c)		797		5,061
Allovir, Inc.(b)(c)		429		2,896
Alphatec Holdings, Inc.(b)		677		10,026
Altimmune, Inc.(b)(c)		453		5,703
ALX Oncology Holdings, Inc.(b)(c)		169		1,119
Amedisys, Inc.(b)		299		27,493

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  16  

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Health Care-(continued)
American Well Corp., Class A(b)(c)		1,899	$	5,298
Amicus Therapeutics, Inc.(b)(c)		1,941		25,602
AMN Healthcare Services, Inc.(b)(c)		399		35,914
Amneal Pharmaceuticals, Inc.(b)		907		1,868
Amphastar Pharmaceuticals, Inc.(b)		356		11,342
AnaptysBio, Inc.(b)(c)		157		3,909
Anavex Life Sciences Corp.(b)(c)		718		6,835
AngioDynamics, Inc.(b)		360		4,457
ANI Pharmaceuticals, Inc.(b)		121		5,063
Anika Therapeutics, Inc.(b)		135		4,280
Apellis Pharmaceuticals, Inc.(b)(c)		815		53,366
Apollo Medical Holdings, Inc.(b)(c)		366		12,773
Arcellx, Inc.(b)(c)		141		3,949
Arcturus Therapeutics Holdings, Inc.(b)(c)		220		3,575
Arcus Biosciences, Inc.(b)		400		7,284
Arcutis Biotherapeutics, Inc.(b)(c)		393		6,359
Ardelyx, Inc.(b)		1,554		4,476
Arrowhead Pharmaceuticals, Inc.(b)(c)		928		29,974
Artivion, Inc.(b)(c)		372		4,925
Arvinas, Inc.(b)(c)		417		12,781
ATAI Life Sciences N.V. (Germany)(b)		1,146		1,925
Atara Biotherapeutics, Inc.(b)(c)		743		3,009
Atea Pharmaceuticals, Inc.(b)(c)		691		2,446
AtriCure, Inc.(b)(c)		407		15,670
Atrion Corp.(c)		13		7,384
Aurinia Pharmaceuticals, Inc. (Canada)(b)		1,113		10,117
Avanos Medical, Inc.(b)		428		12,014
Avid Bioservices, Inc.(b)		573		9,432
Avidity Biosciences, Inc.(b)		490		11,613
AxoGen, Inc.(b)		370		3,053
Axonics, Inc.(b)(c)		365		21,933
Axsome Therapeutics, Inc.(b)(c)		300		20,457
Azenta, Inc.(b)(c)		691		30,328
Beam Therapeutics, Inc.(b)(c)		519		20,885
BioCryst Pharmaceuticals, Inc.(b)		1,717		15,195
Biohaven Ltd.(b)		565		8,633
BioLife Solutions, Inc.(b)(c)		295		6,862
Bionano Genomics, Inc.(b)(c)		2,735		3,665
Bioxcel Therapeutics, Inc.(b)(c)		181		5,778
Bluebird Bio, Inc.(b)(c)		948		4,930
Blueprint Medicines Corp.(b)(c)		551		23,346
Bridgebio Pharma, Inc.(b)		620		7,080
Brookdale Senior Living, Inc.(b)		1,549		5,003
Bruker Corp.		948		65,336
Butterfly Network, Inc.(b)(c)		1,043		2,566
C4 Therapeutics, Inc.(b)(c)		316		1,665
Cano Health, Inc.(b)(c)		1,577		2,602
Cara Therapeutics, Inc.(b)(c)		421		4,277
Cardiovascular Systems, Inc.(b)		386		7,608
CareDx, Inc.(b)(c)		493		8,292
CareMax, Inc.(b)(c)		613		2,636
Caribou Biosciences, Inc.(b)		450		2,741
Cassava Sciences, Inc.(b)(c)		365		9,016
Castle Biosciences, Inc.(b)(c)		206		5,187
Catalyst Pharmaceuticals, Inc.(b)		911		13,902
Celldex Therapeutics, Inc.(b)(c)		347		14,848
Cerevel Therapeutics Holdings, Inc.(b)		576		15,373
Certara, Inc.(b)(c)		956		17,323
Cerus Corp.(b)		1,634		4,673
Chemed Corp.		137		71,456

	Shares		Value
Health Care-(continued)
Chinook Therapeutics, Inc.(b)(c)		383	$	8,357
CinCor Pharma, Inc.(g)		157		480
Clover Health Investments Corp.(b)(c)		3,003		3,964
Codexis, Inc.(b)		545		2,635
Cogent Biosciences, Inc.(b)		322		4,260
Coherus Biosciences, Inc.(b)(c)		573		3,879
Collegium Pharmaceutical, Inc.(b)(c)		294		7,800
Community Health Systems, Inc.(b)		1,117		6,769
Compass Therapeutics, Inc.(b)		698		2,645
Computer Programs and Systems, Inc.(b)		127		3,811
CONMED Corp.(c)		281		27,029
Corcept Therapeutics, Inc.(b)		893		18,601
CorVel Corp.(b)		87		15,684
Crinetics Pharmaceuticals, Inc.(b)		347		6,815
CRISPR Therapeutics AG (Switzerland)(b)(c)		685		33,784
Cross Country Healthcare, Inc.(b)(c)		326		8,623
CryoPort, Inc.(b)		451		9,769
CTI BioPharma Corp.(b)(c)		935		5,105
Cullinan Oncology, Inc.(b)		127		1,434
Cutera, Inc.(b)(c)		145		4,702
Cymabay Therapeutics, Inc.(b)		780		6,240
Cytek Biosciences, Inc.(b)		621		6,396
Cytokinetics, Inc.(b)(c)		828		35,902
Deciphera Pharmaceuticals, Inc.(b)		481		6,975
Definitive Healthcare Corp.(b)(c)		339		3,871
Denali Therapeutics, Inc.(b)(c)		876		23,783
DICE Therapeutics, Inc.(b)		285		8,504
DocGo, Inc.(b)		758		6,936
Doximity, Inc., Class A(b)(c)		889		29,897
Dynavax Technologies Corp.(b)(c)		1,117		11,505
Dyne Therapeutics, Inc.(b)		240		3,091
Eagle Pharmaceuticals, Inc.(b)		108		3,024
Editas Medicine, Inc.(b)(c)		633		5,722
Embecta Corp.(c)		533		17,029
Emergent BioSolutions, Inc.(b)		414		5,125
Enanta Pharmaceuticals, Inc.(b)		182		8,827
Encompass Health Corp.		919		51,942
Enhabit, Inc.(b)		457		7,015
Enovis Corp.(b)(c)		449		25,871
Ensign Group, Inc. (The)		486		43,487
Entrada Therapeutics, Inc.(b)		101		1,288
Envista Holdings Corp.(b)(c)		1,502		58,067
EQRx, Inc.(b)		1,350		3,051
Erasca, Inc.(b)		634		2,282
Esperion Therapeutics, Inc.(b)		577		3,566
Establishment Labs Holdings, Inc. (Costa Rica)(b)(c)		179		12,827
Evolent Health, Inc., Class A(b)		792		27,728
Evolus, Inc.(b)		337		3,057
Exelixis, Inc.(b)		2,972		50,762
Fate Therapeutics, Inc.(b)		716		4,382
FibroGen, Inc.(b)(c)		822		18,248
Figs, Inc., Class A(b)(c)		660		6,079
Fulcrum Therapeutics, Inc.(b)		369		2,229
Fulgent Genetics, Inc.(b)(c)		176		5,771
G1 Therapeutics, Inc.(b)		395		1,430
Geron Corp.(b)(c)		3,423		9,516
Glaukos Corp.(b)(c)		439		20,734
Globus Medical, Inc., Class A(b)(c)		713		41,596
GoodRx Holdings, Inc., Class A(b)(c)		646		3,417

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  17  

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Health Care-(continued)
Guardant Health, Inc.(b)(c)		896	$	27,677
Haemonetics Corp.(b)		466		36,241
Halozyme Therapeutics, Inc.(b)		1,246		59,796
Harmony Biosciences Holdings, Inc.(b)(c)		219		9,643
Health Catalyst, Inc.(b)		454		6,338
HealthEquity, Inc.(b)(c)		779		50,767
HealthStream, Inc.(b)		225		5,771
Heron Therapeutics, Inc.(b)(c)		1,095		2,595
Heska Corp.(b)(c)		95		7,736
HilleVax, Inc.(b)		90		1,517
Hims & Hers Health, Inc.(b)(c)		1,102		12,420
ICU Medical, Inc.(b)(c)		188		32,080
Ideaya Biosciences, Inc.(b)(c)		355		6,266
IGM Biosciences, Inc.(b)		94		1,976
ImmunityBio, Inc.(b)(c)		1,106		2,699
ImmunoGen, Inc.(b)		1,830		7,100
Immunovant, Inc.(b)(c)		357		6,237
Inari Medical, Inc.(b)		395		22,223
Inhibrx, Inc.(b)		241		5,798
Innoviva, Inc.(b)(c)		579		6,989
Inogen, Inc.(b)(c)		201		3,150
Inovio Pharmaceuticals, Inc.(b)		2,298		2,896
Insmed, Inc.(b)(c)		1,248		25,434
Inspire Medical Systems, Inc.(b)(c)		266		69,141
Integer Holdings Corp.(b)		305		22,869
Integra LifeSciences Holdings Corp.(b)(c)		692		38,489
Intellia Therapeutics, Inc.(b)		652		26,191
Intercept Pharmaceuticals, Inc.(b)		324		6,538
Intra-Cellular Therapies, Inc.(b)		785		38,489
Invitae Corp.(b)(c)		2,126		4,571
Ionis Pharmaceuticals, Inc.(b)(c)		1,178		42,290
Iovance Biotherapeutics, Inc.(b)		1,091		7,953
iRhythm Technologies, Inc.(b)(c)		277		32,597
Ironwood Pharmaceuticals, Inc.(b)		1,272		14,335
iTeos Therapeutics, Inc.(b)		180		3,188
IVERIC bio, Inc.(b)(c)		1,050		21,819
Janux Therapeutics, Inc.(b)		115		1,912
Karuna Therapeutics, Inc.(b)(c)		253		50,453
Karyopharm Therapeutics, Inc.(b)		988		2,984
Keros Therapeutics, Inc.(b)(c)		152		8,089
Kezar Life Sciences, Inc.(b)		472		2,969
Kiniksa Pharmaceuticals Ltd., Class A(b)		286		3,678
Kodiak Sciences, Inc.(b)(c)		313		2,035
Krystal Biotech, Inc.(b)(c)		166		13,597
Kura Oncology, Inc.(b)		535		6,377
Kymera Therapeutics, Inc.(b)		329		10,324
Lantheus Holdings, Inc.(b)		634		46,891
LeMaitre Vascular, Inc.		182		9,120
Lexicon Pharmaceuticals, Inc.(b)		695		1,564
Ligand Pharmaceuticals, Inc.(b)		156		11,254
LivaNova PLC(b)		493		23,329
Madrigal Pharmaceuticals, Inc.(b)(c)		110		29,811
MannKind Corp.(b)(c)		2,303		12,160
Maravai LifeSciences Holdings, Inc., Class A(b)		1,030		15,193
MaxCyte, Inc.(b)		658		2,987
Medpace Holdings, Inc.(b)		229		44,399
Merit Medical Systems, Inc.(b)		524		36,984
Mersana Therapeutics, Inc.(b)		735		4,454
Merus N.V. (Netherlands)(b)(c)		277		5,282
Mesa Laboratories, Inc.		49		8,650

	Shares		Value
Health Care-(continued)
MiMedx Group, Inc.(b)(c)		681	$	3,276
Mirati Therapeutics, Inc.(b)(c)		371		17,007
Mirum Pharmaceuticals, Inc.(b)(c)		187		4,396
ModivCare, Inc.(b)		117		11,488
Monte Rosa Therapeutics, Inc.(b)(c)		178		1,082
Morphic Holding, Inc.(b)(c)		195		8,291
Multiplan Corp.(b)(c)		1,766		1,784
Myovant Sciences Ltd.(b)(c)		401		10,811
Myriad Genetics, Inc.(b)(c)		747		14,133
NanoString Technologies, Inc.(b)(c)		408		3,982
Natera, Inc.(b)		954		46,317
National HealthCare Corp.		134		7,467
National Research Corp.(c)		136		6,142
Nektar Therapeutics(b)(c)		1,732		2,390
Neogen Corp.(b)		1,991		35,221
NeoGenomics, Inc.(b)		1,105		18,619
Nevro Corp.(b)(c)		310		9,746
NextGen Healthcare, Inc.(b)		529		9,580
NGM Biopharmaceuticals, Inc.(b)(c)		264		1,251
Novavax, Inc.(b)(c)		723		6,695
Nurix Therapeutics, Inc.(b)		326		3,074
Nutex Health, Inc.(b)		2,993		4,100
Nuvalent, Inc., Class A(b)		211		6,391
NuVasive, Inc.(b)(c)		480		20,750
Nuvation Bio, Inc.(b)		1,101		2,136
Oak Street Health, Inc.(b)		1,007		35,648
OmniAb, Inc.(b)		793		3,307
OmniAb, Inc.(b)(g)		48		0
OmniAb, Inc.(b)(g)		48		0
Omnicell, Inc.(b)(c)		411		22,375
OPKO Health, Inc.(b)		4,627		5,275
Option Care Health, Inc.(b)		1,341		41,129
OraSure Technologies, Inc.(b)		636		4,013
Organogenesis Holdings, Inc.(b)		543		1,330
Organon & Co.		2,343		57,380
Orthofix Medical, Inc.(b)		311		6,407
OrthoPediatrics Corp.(b)		148		6,477
Outset Medical, Inc.(b)(c)		378		8,622
Owens & Minor, Inc.(b)(c)		667		10,225
Pacific Biosciences of California, Inc.(b)(c)		1,979		17,969
Pacira BioSciences, Inc.(b)		423		18,007
Paragon 28, Inc.(b)		249		4,385
Patterson Cos., Inc.		807		21,402
Pediatrix Medical Group, Inc.(b)(c)		727		11,443
Pennant Group, Inc. (The)(b)		260		3,905
Penumbra, Inc.(b)(c)		332		86,317
Perrigo Co. PLC		1,240		46,736
Phathom Pharmaceuticals, Inc.(b)(c)		173		1,481
Phibro Animal Health Corp., Class A		187		2,938
Phreesia, Inc.(b)(c)		460		16,928
Pliant Therapeutics, Inc.(b)		394		12,553
PMV Pharmaceuticals, Inc.(b)(c)		189		1,363
Point Biopharma Global, Inc.(b)(c)		584		4,374
Poseida Therapeutics, Inc.(b)		435		2,475
Precigen, Inc.(b)		1,387		1,748
Premier, Inc., Class A		1,094		35,216
Prestige Consumer Healthcare, Inc.(b)		456		27,474
Prime Medicine, Inc.(b)		179		2,941
Privia Health Group, Inc.(b)(c)		737		20,584
PROCEPT BioRobotics Corp.(b)(c)		103		3,857

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  18  

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Health Care-(continued)
Progyny, Inc.(b)(c)		685	$	25,729
ProKidney Corp.(b)		283		3,308
Prometheus Biosciences, Inc.(b)(c)		214		26,191
Protagonist Therapeutics, Inc.(b)		340		5,515
Prothena Corp. PLC (Ireland)(b)		312		17,397
Provention Bio, Inc.(b)		763		6,333
PTC Therapeutics, Inc.(b)(c)		596		26,027
Pulmonx Corp.(b)		258		2,897
Quanterix Corp.(b)		324		3,564
QuidelOrtho Corp.(b)(c)		456		39,645
R1 RCM, Inc.(b)(c)		1,343		19,071
Radius Health, Inc.(b)(g)		340		27
RadNet, Inc.(b)(c)		476		11,226
RAPT Therapeutics, Inc.(b)		266		7,834
Reata Pharmaceuticals, Inc., Class A(b)(c)		248		7,730
Recursion Pharmaceuticals, Inc., Class A(b)(c)		502		4,091
REGENXBIO, Inc.(b)		339		7,543
Relay Therapeutics, Inc.(b)(c)		724		11,693
Repare Therapeutics, Inc. (Canada)(b)		174		1,784
Replimune Group, Inc.(b)		330		7,227
Revance Therapeutics, Inc.(b)(c)		758		26,303
REVOLUTION Medicines, Inc.(b)		573		15,334
Rhythm Pharmaceuticals, Inc.(b)(c)		415		10,089
Rocket Pharmaceuticals, Inc.(b)(c)		544		10,450
Roivant Sciences Ltd.(b)		2,673		21,625
Sage Therapeutics, Inc.(b)(c)		493		20,529
Sana Biotechnology, Inc.(b)(c)		791		2,903
Sangamo Therapeutics, Inc.(b)		1,283		3,913
Sarepta Therapeutics, Inc.(b)		728		88,911
Scholar Rock Holding Corp.(b)(c)		357		3,063
Schrodinger, Inc.(b)(c)		543		11,799
Scilex Holding Co., Class C (Singapore)(b)		508		4,395
Seer, Inc.(b)(c)		351		1,436
Select Medical Holdings Corp.		994		27,027
Senseonics Holdings, Inc.(b)		4,186		4,353
Seres Therapeutics, Inc.(b)		918		4,636
Shockwave Medical, Inc.(b)(c)		333		63,350
SI-BONE, Inc.(b)		270		5,339
SIGA Technologies, Inc.(c)		404		2,767
Sight Sciences, Inc.(b)		288		3,162
Signify Health, Inc., Class A(b)(c)		658		18,944
Silk Road Medical, Inc.(b)		351		18,600
Simulations Plus, Inc.(c)		150		5,706
SomaLogic, Inc.(b)		1,296		3,292
Sotera Health Co.(b)(c)		910		15,188
SpringWorks Therapeutics, Inc.(b)(c)		316		10,080
STAAR Surgical Co.(b)(c)		377		20,882
Stoke Therapeutics, Inc.(b)		145		1,289
Supernus Pharmaceuticals, Inc.(b)		498		18,720
Surgery Partners, Inc.(b)		621		20,772
SurModics, Inc.(b)(c)		129		2,817
Syndax Pharmaceuticals, Inc.(b)		494		12,523
Syneos Health, Inc.(b)		948		38,129
Tandem Diabetes Care, Inc.(b)(c)		592		21,229
Tango Therapeutics, Inc.(b)(c)		447		2,338
Tarsus Pharmaceuticals, Inc.(b)		160		2,478
Teladoc Health, Inc.(b)		1,492		39,523
Tenet Healthcare Corp.(b)		946		55,369
TG Therapeutics, Inc.(b)		1,272		20,377
Theravance Biopharma, Inc.(b)(c)		465		5,022

	Shares		Value
Health Care-(continued)
Tilray Brands, Inc., Class 2 (Canada)(b)(c)		5,632	$	15,939
TransMedics Group, Inc.(b)(c)		279		22,340
Travere Therapeutics, Inc.(b)(c)		503		11,147
Treace Medical Concepts, Inc.(b)		153		3,283
Twist Bioscience Corp.(b)(c)		495		9,633
UFP Technologies, Inc.(b)(c)		66		7,770
Ultragenyx Pharmaceutical, Inc.(b)		614		27,317
uniQure N.V. (Netherlands)(b)		388		8,133
US Physical Therapy, Inc.		120		12,160
Vanda Pharmaceuticals, Inc.(b)		521		3,355
Varex Imaging Corp.(b)		369		6,528
Vaxcyte, Inc.(b)		509		20,854
Ventyx Biosciences, Inc.(b)(c)		157		6,790
Veracyte, Inc.(b)(c)		661		16,267
Veradigm, Inc.(b)(c)		1,007		16,726
Vericel Corp.(b)(c)		392		11,921
Verve Therapeutics, Inc.(b)		312		5,928
ViewRay, Inc.(b)		1,253		5,413
Viking Therapeutics, Inc.(b)		636		7,002
Vir Biotechnology, Inc.(b)(c)		674		15,367
Viridian Therapeutics, Inc.(b)		278		9,107
Xencor, Inc.(b)		524		16,836
Xenon Pharmaceuticals, Inc. (Canada)(b)		432		17,047
Zentalis Pharmaceuticals, Inc.(b)(c)		421		7,970
Zymeworks, Inc.(b)		551		4,529
Zynex, Inc.(b)		207		2,674
				4,904,676
Industrials-17.40%
3D Systems Corp.(b)(c)		1,208		11,826
AAON, Inc.		392		35,656
AAR Corp.(b)		323		17,568
ABM Industries, Inc.		609		29,482
ACCO Brands Corp.		868		4,922
Acuity Brands, Inc.		296		57,412
ACV Auctions, Inc., Class A(b)(c)		1,030		12,607
Advanced Drainage Systems, Inc.		611		54,214
Aerojet Rocketdyne Holdings, Inc.(b)		668		37,635
AeroVironment, Inc.(b)(c)		219		18,777
AerSale Corp.(b)		143		2,840
AGCO Corp.		584		82,233
Air Lease Corp.(c)		970		41,982
Air Transport Services Group, Inc.(b)		167		3,495
Alamo Group, Inc.		99		18,057
Alaska Air Group, Inc.(b)		292		13,966
Albany International Corp., Class A		287		28,964
Alight, Inc., Class A(b)		2,353		22,589
Allegiant Travel Co.(b)(c)		42		4,307
Allied Motion Technologies, Inc.		124		5,352
Allison Transmission Holdings, Inc.		852		40,470
Alta Equipment Group, Inc.		178		3,348
Altra Industrial Motion Corp.(c)		600		36,918
Ameresco, Inc., Class A(b)(c)		297		13,053
American Airlines Group, Inc.(b)(c)		1,497		23,922
American Woodmark Corp.(b)		153		7,800
API Group Corp.(b)(c)		1,508		35,423
Apogee Enterprises, Inc.(c)		205		9,381
Applied Industrial Technologies, Inc.		355		50,715
ArcBest Corp.		225		21,645
Arcosa, Inc.		445		26,967

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  19  

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Industrials-(continued)
Argan, Inc.(c)		128	$	4,974
Armstrong World Industries, Inc.		421		33,196
Array Technologies, Inc.(b)(c)		1,317		24,681
ASGN, Inc.(b)		460		40,848
Astec Industries, Inc.		209		9,411
Atkore, Inc.(b)		366		53,443
Atlas Air Worldwide Holdings, Inc.(b)		65		6,553
Aurora Innovation, Inc.(b)		3,070		4,789
Avis Budget Group, Inc.(b)		210		46,129
AZEK Co., Inc. (The)(b)		1,044		25,150
AZZ, Inc.		229		9,309
Babcock & Wilcox Enterprises, Inc.(b)(c)		572		3,712
Barnes Group, Inc.		443		18,668
Barrett Business Services, Inc.		64		6,143
Beacon Roofing Supply, Inc.(b)		479		31,135
Blink Charging Co.(b)(c)		469		4,244
Bloom Energy Corp., Class A(b)(c)		1,653		35,854
Blue Bird Corp.(b)		162		3,290
BlueLinx Holdings, Inc.(b)(c)		83		7,004
Boise Cascade Co.		363		25,087
Brady Corp., Class A		426		23,498
BrightView Holdings, Inc.(b)		300		1,896
Brink’s Co. (The)		428		27,927
Builders FirstSource, Inc.(b)		1,346		114,114
BWX Technologies, Inc.		840		51,332
CACI International, Inc., Class A(b)		216		63,288
Cadre Holdings, Inc.		120		2,578
Casella Waste Systems, Inc., Class A(b)		467		36,342
CBIZ, Inc.(b)(c)		421		21,088
ChargePoint Holdings, Inc.(b)		2,035		23,118
Chart Industries, Inc.(b)(c)		392		52,332
Cimpress PLC (Ireland)(b)(c)		157		5,514
CIRCOR International, Inc.(b)(c)		178		5,210
Clean Harbors, Inc.(b)		473		62,469
Columbus McKinnon Corp.(c)		264		9,800
Comfort Systems USA, Inc.		329		47,850
Construction Partners, Inc., Class A(b)(c)		381		10,306
Core & Main, Inc., Class A(b)(c)		635		14,802
CoreCivic, Inc.(b)		1,059		10,283
Covenant Logistics Group, Inc., Class A		82		2,841
CRA International, Inc.		66		8,215
Crane Holdings Co.		440		52,703
CSW Industrials, Inc.(c)		135		19,111
Curtiss-Wright Corp.		353		61,701
Deluxe Corp.		397		7,321
Desktop Metal, Inc., Class A(b)(c)		2,048		3,113
Distribution Solutions Group, Inc.(b)		45		1,998
Donaldson Co., Inc.		1,128		71,346
Douglas Dynamics, Inc.		211		7,868
Driven Brands Holdings, Inc.(b)(c)		463		12,952
Ducommun, Inc.(b)		106		5,703
Dun & Bradstreet Holdings, Inc.		1,806		21,690
DXP Enterprises, Inc.(b)		147		4,250
Dycom Industries, Inc.(b)(c)		272		22,905
Eagle Bulk Shipping, Inc.(c)		88		5,744
EMCOR Group, Inc.		439		73,410
Encore Wire Corp.		169		32,619
Energy Recovery, Inc.(b)(c)		464		10,240
Energy Vault Holdings, Inc.(b)(c)		637		2,128
Enerpac Tool Group Corp.		524		14,111

	Shares		Value
Industrials-(continued)
EnerSys		376	$	34,099
Ennis, Inc.		238		5,177
Enovix Corp.(b)(c)		651		6,002
EnPro Industries, Inc.		182		19,565
ESAB Corp.		443		25,982
ESCO Technologies, Inc.		238		22,179
ESS Tech, Inc.(b)(c)		494		899
Evoqua Water Technologies Corp.(b)		1,122		54,484
Exponent, Inc.		466		47,951
Federal Signal Corp.		559		29,498
First Advantage Corp.(b)		490		7,110
Flowserve Corp.		1,204		41,767
Fluence Energy, Inc.(b)(c)		369		6,889
Fluor Corp.(b)(c)		1,309		48,001
Forrester Research, Inc.(b)		105		3,453
Forward Air Corp.		245		25,286
Franklin Covey Co.(b)		115		5,390
Franklin Electric Co., Inc.		363		34,692
FREYR Battery S.A. (Norway)(b)(c)		945		8,581
Frontier Group Holdings, Inc.(b)		401		4,716
FTAI Aviation Ltd.		918		23,198
FTI Consulting, Inc.(b)(c)		317		58,236
FuelCell Energy, Inc.(b)(c)		3,736		12,478
Gates Industrial Corp. PLC(b)		911		12,790
GATX Corp.		324		35,345
Genco Shipping & Trading Ltd.		351		6,687
GEO Group, Inc. (The)(b)(c)		1,144		10,021
Gibraltar Industries, Inc.(b)		285		15,222
Global Industrial Co.		157		4,416
GMS, Inc.(b)		352		21,370
Gorman-Rupp Co. (The)		192		5,349
GrafTech International Ltd.		1,891		10,684
Granite Construction, Inc.(c)		403		17,410
Great Lakes Dredge & Dock Corp.(b)		610		3,498
Greenbrier Cos., Inc. (The)		302		9,697
Griffon Corp.		394		14,369
GXO Logistics, Inc.(b)		984		48,777
H&E Equipment Services, Inc.		301		16,706
Harsco Corp.(b)		732		6,193
Hawaiian Holdings, Inc.(b)(c)		118		1,322
Hayward Holdings, Inc.(b)		681		8,383
Healthcare Services Group, Inc.		683		9,063
Heartland Express, Inc.		545		8,791
Heidrick & Struggles International, Inc.		183		6,282
Helios Technologies, Inc.(c)		300		20,322
Herc Holdings, Inc.		216		31,015
Heritage-Crystal Clean, Inc.(b)(c)		145		5,217
Hertz Global Holdings, Inc.(b)(c)		1,384		25,618
Hexcel Corp.(c)		775		56,536
Hillenbrand, Inc.		635		29,934
Hillman Solutions Corp.(b)(c)		896		7,965
HireRight Holdings Corp.(b)(c)		220		2,424
HNI Corp.		381		11,906
Hub Group, Inc., Class A(b)		301		27,611
Huron Consulting Group, Inc.(b)		184		12,915
Hyliion Holdings Corp.(b)(c)		1,076		3,045
Hyster-Yale Materials Handling, Inc.		85		3,307
Hyzon Motors, Inc.(b)(c)		685		891
IAA, Inc.(b)		1,232		50,401
ICF International, Inc.(c)		174		17,311

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  20  

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Industrials-(continued)
IES Holdings, Inc.(b)		85	$	3,575
Insperity, Inc.		332		41,198
Insteel Industries, Inc.		179		5,325
Interface, Inc.		536		4,728
ITT, Inc.		762		69,258
Janus International Group, Inc.(b)(c)		743		7,720
JELD-WEN Holding, Inc.(b)		777		10,218
JetBlue Airways Corp.(b)		746		6,192
Joby Aviation, Inc.(b)(c)		1,432		6,730
John Bean Technologies Corp.		293		32,491
Kadant, Inc.(c)		107		22,969
Kaman Corp.		232		6,032
KAR Auction Services, Inc.(b)(c)		1,003		14,333
KBR, Inc.		1,264		69,659
Kelly Services, Inc., Class A		303		5,069
Kennametal, Inc.(c)		705		19,973
Kforce, Inc.		182		11,373
Kirby Corp.(b)		138		10,009
Korn Ferry		492		27,498
Kratos Defense & Security Solutions, Inc.(b)(c)		1,160		14,674
Landstar System, Inc.(c)		331		59,842
Leonardo DRS, Inc.(b)		479		6,227
Lincoln Electric Holdings, Inc.		505		84,805
Lindsay Corp.		101		15,200
Liquidity Services, Inc.(b)		262		3,317
Luxfer Holdings PLC (United Kingdom)		251		4,159
Lyft,Inc.,Class A(b)		2,921		29,210
Manitowoc Co., Inc. (The)(b)(c)		324		6,127
ManpowerGroup, Inc.		466		39,554
Marten Transport Ltd.		598		13,198
Masonite International Corp.(b)		195		17,316
MasTec, Inc.(b)		577		56,384
MasterBrand, Inc.(b)		1,191		11,600
Matson, Inc.		87		5,786
Matthews International Corp., Class A		251		9,578
Maxar Technologies, Inc.		687		35,381
McGrath RentCorp(c)		225		23,139
MDU Resources Group, Inc.		1,873		59,655
Mercury Systems, Inc.(b)(c)		481		25,176
Microvast Holdings, Inc.(b)		1,140		1,471
Middleby Corp. (The)(b)(c)		472		73,391
MillerKnoll, Inc.		696		16,614
Montrose Environmental Group, Inc.(b)(c)		219		10,663
Moog, Inc., Class A		264		26,036
MRC Global, Inc.(b)		770		8,624
MSA Safety, Inc.		343		46,082
MSC Industrial Direct Co., Inc., Class A(c)		435		36,766
Mueller Industries, Inc.		471		34,840
Mueller Water Products, Inc., Class A(c)		1,436		19,917
MYR Group, Inc.(b)		153		18,453
National Presto Industries, Inc.		49		3,363
Nikola Corp.(b)(c)		3,088		6,855
NOW, Inc.(b)		1,017		13,068
NuScale Power Corp.(b)(c)		167		1,728
NV5 Global, Inc.(b)(c)		122		12,837
nVent Electric PLC		1,535		70,364
Omega Flex, Inc.(c)		33		3,841
Oshkosh Corp.		602		53,692
PAM Transportation Services, Inc.(b)		61		1,769
Parsons Corp.(b)(c)		334		15,040

	Shares		Value
Industrials-(continued)
PGT Innovations, Inc.(b)(c)		553	$	11,696
Pitney Bowes, Inc.		1,603		6,957
Planet Labs PBC(b)(c)		1,503		6,929
Primoris Services Corp.		489		13,448
Proterra, Inc.(b)(c)		1,662		6,980
Proto Labs, Inc.(b)		250		7,860
Quanex Building Products Corp.		305		7,915
RBC Bearings, Inc.(b)(c)		267		61,359
Regal Rexnord Corp.(c)		609		96,003
Resideo Technologies, Inc.(b)		1,344		24,649
Resources Connection, Inc.		295		5,328
REV Group, Inc.(c)		301		3,519
Rocket Lab USA, Inc.(b)		1,308		5,886
Rush Enterprises, Inc., Class A		390		22,105
Rush Enterprises, Inc., Class B		50		2,999
RXO, Inc.(b)		954		19,624
Ryder System, Inc.		463		45,332
Saia, Inc.(b)(c)		244		66,092
Schneider National, Inc., Class B		525		14,732
Science Applications International Corp.(c)		508		54,173
SES AI Corp.(b)		986		3,185
Shoals Technologies Group, Inc., Class A(b)(c)		1,234		30,282
Shyft Group, Inc. (The)		307		7,961
Simpson Manufacturing Co., Inc.		392		42,281
SiteOne Landscape Supply, Inc.(b)(c)		416		61,709
SkyWest, Inc.(b)		117		2,231
SP Plus Corp.(b)		186		6,328
Spirit AeroSystems Holdings, Inc., Class A(c)		970		33,155
Spirit Airlines, Inc.		251		4,598
SPX Technologies, Inc.(b)		416		29,303
Standex International Corp.		110		12,725
Steelcase, Inc., Class A		808		6,359
Stem, Inc.(b)(c)		569		4,643
Stericycle, Inc.(b)(c)		849		40,480
Sterling Check Corp.(b)		760		9,667
Sterling Infrastructure, Inc.(b)(c)		279		10,730
Sun Country Airlines Holdings, Inc.(b)(c)		134		2,687
SunPower Corp.(b)(c)		802		12,046
Sunrun, Inc.(b)(c)		1,767		42,479
Symbotic, Inc.(b)		137		2,240
Tennant Co.		163		11,544
Terex Corp.		622		36,829
Tetra Tech, Inc.		488		66,802
Thermon Group Holdings, Inc.(b)		309		8,173
Timken Co. (The)		603		51,526
Titan International, Inc.(b)		463		5,746
Titan Machinery, Inc.(b)(c)		187		8,563
TPI Composites, Inc.(b)(c)		386		4,462
Transcat, Inc.(b)(c)		66		5,939
Trex Co., Inc.(b)(c)		1,011		51,692
TriNet Group, Inc.(b)(c)		373		30,911
Trinity Industries, Inc.(c)		712		19,872
Triton International Ltd. (Bermuda)		542		37,366
Triumph Group, Inc.(b)		599		7,559
TrueBlue, Inc.(b)		301		5,629
TuSimple Holdings, Inc., Class A(b)		1,208		2,319
Tutor Perini Corp.(b)		403		3,268
UFP Industries, Inc.		568		48,581
UniFirst Corp.		139		27,262
Univar Solutions, Inc.(b)		1,503		52,229

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  21  

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Industrials-(continued)
Universal Logistics Holdings, Inc.		73	$	2,168
Upwork, Inc.(b)(c)		1,089		12,349
V2X, Inc.(b)		112		5,193
Valmont Industries, Inc.		197		62,514
Velo3D, Inc.(b)(c)		515		1,633
Veritiv Corp.(c)		118		17,870
Vertiv Holdings Co.		2,954		48,003
Viad Corp.(b)		190		4,885
Vicor Corp.(b)		208		9,776
Virgin Galactic Holdings, Inc.(b)(c)		2,023		11,612
VSE Corp.(c)		100		5,741
Wabash National Corp.		442		12,111
Watsco, Inc.(c)		306		93,241
Watts Water Technologies, Inc., Class A		251		43,983
Werner Enterprises, Inc.(c)		524		24,340
WESCO International, Inc.(b)		422		69,875
WillScot Mobile Mini Holdings Corp.(b)		1,924		98,894
Woodward, Inc.		523		51,777
XPO, Inc.(b)		955		31,859
Zurn Elkay Water Solutions Corp.(c)		1,638		37,674
				6,647,825
Information Technology-13.04%
8x8, Inc.(b)		926		4,926
A10 Networks, Inc.		575		8,752
ACI Worldwide, Inc.(b)		983		25,411
ACM Research, Inc., Class A(b)		401		4,162
Adeia, Inc.		968		9,544
ADTRAN Holdings, Inc.		680		11,866
Advanced Energy Industries, Inc.		344		32,020
Aehr Test Systems(b)(c)		241		8,037
Aeva Technologies, Inc.(b)		1,005		1,799
Affirm Holdings, Inc.(b)		1,802		24,543
Agilysys, Inc.(b)		219		17,500
Alarm.com Holdings, Inc.(b)		437		22,213
Alkami Technology, Inc.(b)		169		2,596
Allegro MicroSystems, Inc. (Japan)(b)		617		26,951
Alpha & Omega Semiconductor Ltd.(b)(c)		215		5,743
Altair Engineering, Inc., Class A(b)(c)		483		30,941
Alteryx, Inc., Class A(b)		564		36,835
Ambarella, Inc.(b)		336		31,688
American Software, Inc., Class A		294		3,981
Amkor Technology, Inc.		1,016		26,172
Amplitude, Inc., Class A(b)		506		6,679
AppFolio, Inc., Class A(b)		179		23,639
Appian Corp., Class A(b)(c)		321		13,305
AppLovin Corp., Class A(b)(c)		1,080		14,580
Arlo Technologies, Inc.(b)		815		3,097
Asana, Inc., Class A(b)(c)		645		9,540
AvePoint, Inc.(b)		774		3,870
Avid Technology, Inc.(b)(c)		322		9,357
AvidXchange Holdings, Inc.(b)		458		4,557
Avnet, Inc.		843		37,691
Axcelis Technologies, Inc.(b)		303		38,948
Badger Meter, Inc.		270		32,837
Belden, Inc.		394		33,246
Benchmark Electronics, Inc.		324		7,708
BigCommerce Holdings, Inc., Series 1(b)		543		5,169
Blackbaud, Inc.(b)		416		23,167
Blackline, Inc.(b)(c)		523		35,752

	Shares		Value
Information Technology-(continued)
Box, Inc., Class A(b)		1,311	$	43,722
Braze, Inc.(b)(c)		266		8,166
C3.ai, Inc., Class A(b)(c)		725		16,371
Calix, Inc.(b)		543		27,774
Cambium Networks Corp.(b)		112		2,248
Casa Systems, Inc.(b)(c)		392		1,419
Cass Information Systems, Inc.		120		5,802
CCC Intelligent Solutions Holdings, Inc.(b)(c)		1,144		10,250
Cerence, Inc.(b)(c)		363		9,939
CEVA, Inc.(b)		214		6,754
Ciena Corp.(b)(c)		1,365		65,820
Cirrus Logic, Inc.(b)		507		52,094
Clear Secure, Inc., Class A		316		9,714
Clearfield, Inc.(b)(c)		108		6,771
Clearwater Analytics Holdings, Inc.(b)(c)		273		4,698
Coherent Corp.(b)		1,278		55,120
Cohu, Inc.(b)		439		16,331
CommScope Holding Co., Inc.(b)		1,919		13,894
CommVault Systems, Inc.(b)		369		21,727
Comtech Telecommunications Corp.		256		4,093
Concentrix Corp.		405		55,420
Conduent, Inc.(b)		1,591		6,332
Consensus Cloud Solutions, Inc.(b)		164		6,731
Corsair Gaming, Inc.(b)(c)		373		6,528
Couchbase, Inc.(b)		144		2,341
Credo Technology Group Holding Ltd.(b)(c)		805		8,541
CS Disco, Inc.(b)		218		1,526
CSG Systems International, Inc.		290		16,298
CTS Corp.		294		12,733
Cyxtera Technologies, Inc.(b)		414		927
Digi International, Inc.(b)(c)		328		10,945
Digital Turbine, Inc.(b)		867		9,312
DigitalOcean Holdings, Inc.(b)(c)		399		12,760
Diodes, Inc.(b)		419		38,418
Dolby Laboratories, Inc., Class A		552		45,419
Domo,Inc.,Class B(b)		286		4,396
DoubleVerify Holdings, Inc.(b)		380		9,983
Duck Creek Technologies, Inc.(b)(c)		734		13,902
DXC Technology Co.(b)		2,119		58,781
E2open Parent Holdings, Inc.(b)(c)		1,671		10,360
Ebix, Inc.(c)		228		3,963
Elastic N.V.(b)		701		41,373
Enfusion, Inc., Class A(b)		159		1,704
Envestnet, Inc.(b)(c)		433		27,067
ePlus, Inc.(b)		248		13,434
Euronet Worldwide, Inc.(b)(c)		457		49,744
Everbridge, Inc.(b)		368		12,026
EverCommerce, Inc.(b)(c)		267		2,670
EVERTEC, Inc.		511		18,810
Evo Payments, Inc., Class A(b)		445		15,063
Evolv Technologies Holdings, Inc.(b)		600		1,650
ExlService Holdings, Inc.(b)		305		50,176
Expensify, Inc., Class A(b)		126		1,061
Extreme Networks, Inc.(b)		1,210		22,651
Fabrinet (Thailand)(b)(c)		337		41,070
FARO Technologies, Inc.(b)		173		4,706
Fastly, Inc., Class A(b)(c)		1,020		14,168
Five9, Inc.(b)(c)		650		42,900
Flex Ltd.(b)		4,171		94,932
Flywire Corp.(b)		289		7,147

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  22  

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Information Technology-(continued)
ForgeRock, Inc., Class A(b)		351	$	7,174
FormFactor, Inc.(b)		710		21,371
Freshworks, Inc., Class A(b)(c)		1,336		19,960
Gitlab, Inc., Class A(b)		536		23,605
Grid Dynamics Holdings, Inc.(b)		443		5,161
Guidewire Software, Inc.(b)		717		50,341
Hackett Group, Inc. (The)		235		4,380
Harmonic, Inc.(b)(c)		971		12,808
HashiCorp, Inc., Class A(b)		708		20,674
I3 Verticals, Inc., Class A(b)(c)		212		5,217
Ichor Holdings Ltd.(b)		265		8,732
Impinj, Inc.(b)		203		26,922
indie Semiconductor, Inc., A Shares (China)(b)(c)		692		7,238
Infinera Corp.(b)(c)		1,822		12,882
Informatica, Inc., Class A(b)(c)		330		5,693
Insight Enterprises, Inc.(b)		321		42,988
Intapp, Inc.(b)		116		4,591
InterDigital, Inc.		273		19,926
International Money Express, Inc.(b)		290		7,410
IonQ, Inc.(b)(c)		1,197		5,674
IPG Photonics Corp.(b)		314		38,697
Itron, Inc.(b)		416		23,200
Jabil, Inc.		1,240		102,957
Jamf Holding Corp.(b)		335		7,109
JFrog Ltd. (Israel)(b)		462		10,626
Kimball Electronics, Inc.(b)		228		5,702
Knowles Corp.(b)		838		14,229
Kulicke & Soffa Industries, Inc. (Singapore)(c)		525		27,983
Kyndryl Holdings, Inc.(b)		1,671		26,218
Lattice Semiconductor Corp.(b)		1,263		107,305
Lightwave Logic, Inc.(b)(c)		1,037		6,118
Littelfuse, Inc.		228		58,990
LivePerson, Inc.(b)(c)		659		6,669
LiveRamp Holdings, Inc.(b)		612		14,462
Lumentum Holdings, Inc.(b)(c)		628		33,793
MACOM Technology Solutions Holdings, Inc.(b)		456		31,254
Magnachip Semiconductor Corp. (South Korea)(b)		407		3,899
Manhattan Associates, Inc.(b)		575		82,656
Marathon Digital Holdings, Inc.(b)(c)		1,023		7,263
Marqeta, Inc., Class A(b)		3,839		22,266
Matterport, Inc.(b)		1,986		6,057
Maximus, Inc.		560		45,965
MaxLinear, Inc.(b)		688		23,536
MeridianLink, Inc.(b)		186		2,931
Meta Materials, Inc.(b)		3,001		1,921
Methode Electronics, Inc.(c)		337		16,422
MicroStrategy, Inc., Class A(b)(c)		86		22,555
MicroVision, Inc.(b)(c)		1,530		3,917
Mirion Technologies, Inc.(b)(c)		1,198		10,878
Mitek Systems, Inc.(b)(c)		412		3,832
MKS Instruments, Inc.		551		53,408
Model N, Inc.(b)		310		10,292
Momentive Global, Inc.(b)(c)		1,164		8,032
MoneyGram International, Inc.(b)		800		8,680
N-able, Inc.(b)(c)		416		4,925
Napco Security Technologies, Inc.(b)(c)		288		9,101
National Instruments Corp.		1,203		60,764
Navitas Semiconductor Corp.(b)(c)		919		5,964

	Shares		Value
Information Technology-(continued)
nCino, Inc.(b)(c)		511	$	13,925
NCR Corp.(b)		1,266		32,321
NETGEAR, Inc.(b)		266		4,815
NetScout Systems, Inc.(b)		666		18,941
New Relic, Inc.(b)		567		41,374
nLight, Inc.(b)(c)		417		4,712
Novanta, Inc.(b)(c)		329		51,623
Nutanix, Inc., Class A(b)		2,120		59,890
Olo, Inc., Class A(b)(c)		878		6,963
ON24, Inc.(b)		266		2,564
OneSpan, Inc.(b)		292		3,948
Onto Innovation, Inc.(b)		456		37,606
OSI Systems, Inc.(b)		148		13,697
PagerDuty, Inc.(b)(c)		739		22,067
PAR Technology Corp.(b)(c)		251		8,572
Paycor HCM, Inc.(b)(c)		324		8,025
Paymentus Holdings, Inc., Class A(b)(c)		154		1,378
Payoneer Global, Inc.(b)		1,936		11,229
PC Connection, Inc.		109		4,774
PDF Solutions, Inc.(b)		276		10,333
Pegasystems, Inc.(c)		379		17,578
Perficient, Inc.(b)		319		22,585
Photronics, Inc.(b)		568		10,008
Plexus Corp.(b)		255		24,452
Power Integrations, Inc.		527		43,346
PowerSchool Holdings, Inc., Class A(b)		440		10,098
Procore Technologies, Inc.(b)(c)		254		17,015
Progress Software Corp.		396		22,746
PROS Holdings, Inc.(b)		376		9,810
Pure Storage, Inc., Class A(b)		2,616		74,661
Q2 Holdings, Inc.(b)(c)		530		17,108
Qualys, Inc.(b)(c)		315		37,217
Rackspace Technology, Inc.(b)(c)		486		1,142
Rambus, Inc.(b)		990		43,788
Rapid7, Inc.(b)(c)		546		25,826
Remitly Global, Inc.(b)		786		11,499
Repay Holdings Corp.(b)		752		6,377
Ribbon Communications, Inc.(b)(c)		697		3,109
Rimini Street, Inc.(b)(c)		488		2,089
RingCentral, Inc., Class A(b)		752		24,846
Riot Platforms, Inc.(b)(c)		1,541		9,631
Rogers Corp.(b)		173		25,466
Sabre Corp.(b)(c)		2,874		14,542
Samsara, Inc., Class A(b)		816		13,595
Sanmina Corp.(b)		529		31,983
SatixFy Communications Ltd. (Israel)(b)		223		301
ScanSource, Inc.(b)		233		7,265
SEMrush Holdings, Inc., Class A(b)(c)		362		2,896
Semtech Corp.(b)		585		18,024
SentinelOne, Inc.(b)		1,792		28,654
Shift4 Payments, Inc., Class A(b)(c)		464		29,928
ShotSpotter, Inc.(b)(c)		84		2,864
Silicon Laboratories, Inc.(b)(c)		307		54,809
SiTime Corp.(b)(c)		148		18,374
SMART Global Holdings, Inc.(b)		426		7,114
SmartRent, Inc.(b)		1,188		3,077
Smartsheet, Inc., Class A(b)		1,143		50,315
SolarWinds Corp.(b)		372		3,169
Sprinklr, Inc., Class A(b)		522		5,664
Sprout Social, Inc., Class A(b)		435		26,526

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  23  

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Information Technology-(continued)
SPS Commerce, Inc.(b)(c)		332	$	50,012
Squarespace, Inc.(b)		287		6,719
Sumo Logic, Inc.(b)		819		9,722
Super Micro Computer, Inc.(b)(c)		439		43,009
Synaptics, Inc.(b)		367		43,163
TaskUS, Inc., Class A (Philippines)(b)		228		3,923
TD SYNNEX Corp.		396		38,222
Telos Corp.(b)		248		960
Tenable Holdings, Inc.(b)		1,037		45,867
Teradata Corp.(b)(c)		938		38,233
TTEC Holdings, Inc.		174		7,005
TTM Technologies, Inc.(b)		894		11,881
Tucows,Inc.,Class A(b)		94		2,173
Ultra Clean Holdings, Inc.(b)		419		13,349
Unisys Corp.(b)		624		3,108
Universal Display Corp.(c)		413		56,106
Varonis Systems, Inc.(b)(c)		1,015		27,486
Veeco Instruments, Inc.(b)(c)		474		10,082
Verint Systems, Inc.(b)(c)		601		22,465
Verra Mobility Corp.(b)(c)		1,243		21,417
Vertex, Inc., Class A(b)		449		6,995
Viasat, Inc.(b)(c)		522		16,579
Viavi Solutions, Inc.(b)		2,085		22,810
Vishay Intertechnology, Inc.		1,194		25,349
Vishay Precision Group, Inc.(b)		116		5,058
Vontier Corp.		1,455		38,077
Western Union Co. (The)		3,558		46,112
WEX, Inc.(b)		402		77,510
Workiva, Inc.(b)(c)		426		37,999
Xerox Holdings Corp.		1,075		17,727
Xperi, Inc.(b)(c)		387		4,524
Yext, Inc.(b)		910		6,679
Zeta Global Holdings Corp.(b)		1,043		11,066
Zuora, Inc., Class A(b)(c)		1,140		9,656
				4,982,117
Materials-5.14%
AdvanSix, Inc.		254		10,452
Alpha Metallurgical Resources, Inc.		140		23,484
American Vanguard Corp.		245		5,113
Amyris, Inc.(b)(c)		2,344		2,930
AptarGroup, Inc.		601		70,149
Arconic Corp.(b)		935		24,721
Ashland, Inc.		474		48,244
Aspen Aerogels, Inc.(b)		549		5,957
ATI, Inc.(b)		1,192		48,455
Avient Corp.		838		36,562
Axalta Coating Systems Ltd.(b)		2,032		60,554
Balchem Corp.		296		38,480
Berry Global Group, Inc.		1,143		70,980
Cabot Corp.		519		41,276
Carpenter Technology Corp.		446		21,555
Century Aluminum Co.(b)		463		5,588
Chase Corp.(c)		74		7,248
Chemours Co. (The)		1,390		47,510
Clearwater Paper Corp.(b)		154		5,943
Coeur Mining, Inc.(b)(c)		2,588		8,075
Commercial Metals Co.(c)		1,081		55,942
Compass Minerals International, Inc.		321		12,368
Diversey Holdings Ltd.(b)		747		4,415

	Shares		Value
Materials-(continued)
Eagle Materials, Inc.(c)		339	$	47,568
Ecovyst, Inc.(b)		732		7,349
Element Solutions, Inc.		2,119		43,524
FutureFuel Corp.		242		2,118
Ginkgo Bioworks Holdings, Inc.(b)		7,716		11,343
Graphic Packaging Holding Co.		2,829		67,330
Greif, Inc., Class A(c)		236		16,768
Greif, Inc., Class B		51		4,196
H.B. Fuller Co.		491		34,252
Hawkins, Inc.		174		7,077
Haynes International, Inc.		115		6,292
Hecla Mining Co.		5,585		28,763
Huntsman Corp.		1,504		44,127
Ingevity Corp.(b)(c)		344		28,401
Innospec, Inc.		228		24,957
Intrepid Potash, Inc.(b)(c)		99		3,135
Ivanhoe Electric, Inc.(b)		428		6,433
Kaiser Aluminum Corp.		147		11,660
Koppers Holdings, Inc.		193		6,927
Kronos Worldwide, Inc.		213		2,405
Livent Corp.(b)(c)		1,652		38,739
Louisiana-Pacific Corp.		660		38,617
LSB Industries, Inc.(b)		491		6,673
Materion Corp.		189		21,108
Mativ Holdings, Inc., Class A		506		13,110
Mercer International, Inc. (Germany)		396		4,269
Minerals Technologies, Inc.		299		18,164
MP Materials Corp.(b)(c)		736		25,760
Myers Industries, Inc.		286		7,390
NewMarket Corp.		68		23,358
O-I Glass, Inc.(b)		1,429		31,752
Olin Corp.		1,199		69,242
Origin Materials, Inc.(b)(c)		986		4,733
Orion Engineered Carbons S.A. (Germany)		560		14,280
Pactiv Evergreen, Inc.(c)		409		4,421
Perimeter Solutions S.A.(b)(c)		1,304		11,162
Piedmont Lithium, Inc.(b)(c)		166		10,773
PureCycle Technologies, Inc.(b)(c)		753		4,804
Quaker Chemical Corp.(c)		116		22,710
Ramaco Resources, Inc.		203		2,020
Ranpak Holdings Corp.(b)(c)		401		2,526
Royal Gold, Inc.(c)		605		71,868
Ryerson Holding Corp.		153		5,497
Schnitzer Steel Industries, Inc., Class A		234		7,649
Scotts Miracle-Gro Co. (The)		383		31,598
Sensient Technologies Corp.		387		29,176
Silgan Holdings, Inc.		811		43,307
Sonoco Products Co.		898		53,036
Stepan Co.		205		21,338
Summit Materials, Inc., Class A(b)		1,091		32,228
SunCoke Energy, Inc.		768		7,304
Sylvamo Corp.		366		18,055
TimkenSteel Corp.(b)		348		6,365
Tredegar Corp.		251		2,917
TriMas Corp.		387		11,606
Trinseo PLC		258		5,980
Tronox Holdings PLC, Class A		1,067		16,645
United States Lime & Minerals, Inc.		21		3,387
United States Steel Corp.		2,158		66,100
Valvoline, Inc.		1,609		56,637

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  24  

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Materials-(continued)
Warrior Met Coal, Inc.		476	$	18,217
Worthington Industries, Inc.		298		18,011
				1,963,158
Real Estate-7.29%
Acadia Realty Trust.		875		12,749
Agree Realty Corp.		816		57,756
Alexander & Baldwin, Inc.		668		12,472
Alexander’s, Inc.(c)		21		4,597
American Assets Trust, Inc.		474		11,959
Americold Realty Trust, Inc.		2,482		72,971
Anywhere Real Estate, Inc.(b)		1,009		5,842
Apartment Income REIT Corp.		1,381		52,202
Apartment Investment & Management Co., Class A		1,397		10,478
Apple Hospitality REIT, Inc.		2,002		33,053
Armada Hoffler Properties, Inc.		624		8,000
Brandywine Realty Trust		1,581		9,312
Brixmor Property Group, Inc.		2,763		62,554
Broadstone Net Lease, Inc.		1,595		28,311
CareTrust REIT, Inc.		894		17,585
CBL & Associates Properties, Inc.(c)		117		2,989
Centerspace		139		8,703
Chatham Lodging Trust		427		5,214
City Office REIT, Inc.		366		3,096
Community Healthcare Trust, Inc.		221		8,562
Compass, Inc.(b)		2,206		7,964
Corporate Office Properties Trust(c)		1,036		26,345
Cousins Properties, Inc.(c)		1,395		34,164
CubeSmart(c)		2,069		97,222
Cushman & Wakefield PLC(b)(c)		1,352		17,495
DiamondRock Hospitality Co.(c)		1,929		16,821
DigitalBridge Group, Inc.(c)		1,471		18,049
Douglas Elliman, Inc.		674		2,844
Douglas Emmett, Inc.		1,619		22,876
Easterly Government Properties, Inc.		795		12,005
EastGroup Properties, Inc.		401		65,471
Elme Communities		806		15,000
Empire State Realty Trust, Inc., Class A(c)		1,256		9,156
EPR Properties		691		28,220
Equity Commonwealth(c)		1,008		21,400
Essential Properties Realty Trust, Inc.(c)		1,312		33,797
eXp World Holdings, Inc.		633		7,647
Farmland Partners, Inc.(c)		478		5,124
Federal Realty Investment Trust		673		71,863
First Industrial Realty Trust, Inc.		1,217		64,197
Forestar Group, Inc.(b)		183		2,611
Four Corners Property Trust, Inc.(c)		773		20,987
FRP Holdings, Inc.(b)		57		3,115
Getty Realty Corp.		366		12,565
Gladstone Commercial Corp.(c)		365		4,993
Gladstone Land Corp.		304		5,350
Global Medical REIT, Inc.		573		5,764
Global Net Lease, Inc.(c)		956		13,499
Highwoods Properties, Inc.		969		25,678
Howard Hughes Corp. (The)(b)(c)		345		28,676
Hudson Pacific Properties, Inc.		1,298		11,981
Independence Realty Trust, Inc.(c)		2,064		37,338
Indus Realty Trust, Inc.		38		2,528
Innovative Industrial Properties, Inc.(c)		258		22,810

	Shares		Value
Real Estate-(continued)
InvenTrust Properties Corp.		621	$	15,022
iStar, Inc.		786		6,052
JBG SMITH Properties.		943		16,267
Jones Lang LaSalle, Inc.(b)		437		76,239
Kennedy-Wilson Holdings, Inc.		1,142		19,083
Kilroy Realty Corp.		969		34,903
Kite Realty Group Trust(c)		2,018		43,831
Lamar Advertising Co., Class A		804		84,066
Life Storage, Inc.		783		94,367
LTC Properties, Inc.		373		13,361
LXP Industrial Trust.		2,540		26,492
Macerich Co. (The)(c)		1,979		23,649
Marcus & Millichap, Inc.		236		8,111
National Health Investors, Inc.(c)		400		22,000
National Retail Properties, Inc.		1,647		74,642
National Storage Affiliates Trust		795		33,628
Necessity Retail REIT, Inc. (The)(c)		1,237		8,486
NETSTREIT Corp.(c)		506		10,216
Newmark Group, Inc., Class A		1,387		11,124
NexPoint Residential Trust, Inc.		212		10,267
Office Properties Income Trust(c)		447		7,349
Omega Healthcare Investors, Inc.(c)		2,157		57,786
One Liberty Properties, Inc.(c)		155		3,511
Opendoor Technologies, Inc.(b)(c)		3,798		5,469
Orion Office REIT, Inc.(c)		522		4,468
Outfront Media, Inc.		1,285		22,423
Paramount Group, Inc.(c)		1,620		8,537
Park Hotels & Resorts, Inc.		2,071		28,476
Pebblebrook Hotel Trust(c)		1,211		17,281
Phillips Edison & Co., Inc.		1,079		36,783
Physicians Realty Trust(c)		2,103		31,187
Piedmont Office Realty Trust, Inc., Class A		1,137		10,404
Plymouth Industrial REIT, Inc.(c)		395		8,544
PotlatchDeltic Corp.		744		34,343
Rayonier, Inc.(c)		1,349		45,299
RE/MAX Holdings, Inc., Class A		168		3,106
Redfin Corp.(b)(c)		902		6,684
Retail Opportunity Investments Corp.		1,147		16,322
Rexford Industrial Realty, Inc.		1,690		102,177
RLJ Lodging Trust(c)		1,493		16,931
RMR Group, Inc. (The), Class A		144		4,052
RPT Realty, (Acquired 09/19/2017 - 02/28/2023; Cost $9,404)(d)		785		8,415
Ryman Hospitality Properties, Inc.		483		44,808
Sabra Health Care REIT, Inc.		2,128		25,344
Safehold, Inc.(c)		229		6,843
Saul Centers, Inc.		132		5,190
Seritage Growth Properties, Class A, (Acquired 10/01/2020 - 02/28/2023;
Cost $4,814)(b)(c)(d)		336		4,059
Service Properties Trust.		1,524		16,734
SITE Centers Corp.(c)		1,762		23,558
SL Green Realty Corp.		593		20,192
Spirit Realty Capital, Inc.(c)		1,287		52,999
St. Joe Co. (The)		296		12,678
STAG Industrial, Inc.		1,651		55,540
Summit Hotel Properties, Inc.		985		7,289
Sunstone Hotel Investors, Inc.(c)		1,938		20,485
Tanger Factory Outlet Centers, Inc.(c)		961		18,153
Tejon Ranch Co.(b)		195		3,746

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  25  

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Real Estate-(continued)
Terreno Realty Corp.(c)		701	$	43,609
UMH Properties, Inc.		488		8,301
Uniti Group, Inc.(c)		2,185		11,996
Universal Health Realty Income Trust		121		6,415
Urban Edge Properties(c)		1,082		16,663
Urstadt Biddle Properties, Inc., Class A		275		4,758
Veris Residential, Inc.(b)		713		11,508
Vornado Realty Trust		1,502		29,710
WeWork, Inc., Class A(b)(c)		1,631		1,892
Whitestone REIT		432		4,082
Xenia Hotels & Resorts, Inc.(c)		1,049		14,728
				2,786,593
Utilities-2.57%
ALLETE, Inc.		527		32,247
Altus Power, Inc.(b)(c)		439		2,972
American States Water Co.		340		30,362
Artesian Resources Corp., Class A(c)		79		4,450
Avista Corp.		680		27,962
Black Hills Corp.		600		36,846
California Water Service Group		505		28,906
Chesapeake Utilities Corp.		163		20,879
Clearway Energy, Inc., Class A		319		9,477
Clearway Energy, Inc., Class C		757		23,777
Hawaiian Electric Industries, Inc.		1,008		40,774
IDACORP, Inc.		466		48,184
MGE Energy, Inc.		333		23,570
Middlesex Water Co.		162		12,393
Montauk Renewables, Inc.(b)(c)		595		5,867
National Fuel Gas Co.		801		45,881
New Jersey Resources Corp.(c)		888		45,315
NextEra Energy Partners L.P		797		52,809
Northwest Natural Holding Co.		323		15,614
NorthWestern Corp.		532		30,739
OGE Energy Corp.		1,844		65,868
ONE Gas, Inc.		499		40,000
Ormat Technologies, Inc.		413		34,907
Otter Tail Corp.(c)		345		24,457
Pinnacle West Capital Corp.		1,042		76,774

Investment Abbreviations:

REIT-Real Estate Investment Trust

	Shares		Value
Utilities-(continued)
PNM Resources, Inc.		751	$	36,799
Portland General Electric Co.(c)		822		39,292
SJW Group		223		17,046
Southwest Gas Holdings, Inc.(c)		618		38,940
Spire, Inc.		484		34,074
Star Group L.P		301		3,784
Sunnova Energy International, Inc.(b)		953		16,944
Unitil Corp.		148		8,039
York Water Co. (The)		132		5,739
				981,687
Total Common Stocks & Other Equity Interests (Cost $42,761,909)				38,124,251
Money Market Funds-0.08%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(f)(h) (Cost $32,362)		32,362		32,362
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.85% (Cost $42,794,271)				38,156,613
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-28.25%
Invesco Private Government Fund, 4.58%(f)(h)(i)		2,978,819		2,978,819
Invesco Private Prime Fund, 4.83%(f)(h)(i)		7,813,722		7,815,284
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $10,794,672)				10,794,103
TOTAL INVESTMENTS IN SECURITIES-128.10% (Cost $53,588,943)				48,950,716
OTHER ASSETS LESS LIABILITIES-(28.10)%				(10,737,894	)
NET ASSETS-100.00%.			$	38,212,822

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  26  

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

February 28, 2023

(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 February 28, 2023.

^(d)  Restricted security. The aggregate value of these securities at February 28, 2023 was $17,380, which represented less than 1% of the Fund’s Net Assets.

^(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 value of this security at February 28, 2023 represented less than 1% of the Fund’s Net Assets.

^(f)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31,  2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28,  2023			Dividend Income
Invesco Mortgage Capital, Inc.		$	3,575		$	1,494		$	(182	)		$	(763	)		$	(39	)		$	4,085		$	314
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			15,920			492,059			(475,617	)			-				-				32,362			179
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			2,267,562			7,120,484			(6,409,227	)			-				-				2,978,819			43,946	*
Invesco Private Prime Fund			5,771,524			15,689,823			(13,646,436	)			(988	)			1,361				7,815,284			119,767	*
Total		$	8,058,581		$	23,303,860		$	(20,531,462	)		$	(1,751	)		$	1,322			$	10,830,550		$	164,206

* 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)  Security valued using significant unobservable inputs (Level 3). See Note 5.

^(h)  The rate shown is the 7-day SEC standardized yield as of February 28, 2023.

⁽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 2I.

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023
Industrials	17.40
Financials	16.61
Consumer Discretionary	13.90
Information Technology	13.04
Health Care	12.83
Real Estate	7.29
Materials	5.14
Energy	4.82
Consumer Staples	3.61
Sector Types Each Less Than 3%	5.13
Money Market Funds Plus Other Assets Less Liabilities	0.23

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  27  

Invesco PureBeta^SM US Aggregate Bond ETF (PBND)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Principal    Amount		Value
U.S. Treasury Securities-44.34%
U.S. Treasury Bonds-11.06%
7.50%, 11/15/2024	$	20,000	$	20,873
7.63%, 02/15/2025		125,000		131,484
6.88%, 08/15/2025		25,000		26,307
6.00%, 02/15/2026		30,000		31,255
6.75%, 08/15/2026		20,000		21,496
6.63%, 02/15/2027		35,000		37,924
5.50%, 08/15/2028		30,000		31,898
5.25%, 11/15/2028		30,000		31,695
5.25%, 02/15/2029		15,000		15,857
6.13%, 08/15/2029		35,000		38,989
5.38%, 02/15/2031		30,000		32,835
4.50%, 02/15/2036		40,000		42,739
4.75%, 02/15/2037		110,000		120,390
5.00%, 05/15/2037		45,000		50,353
4.38%, 02/15/2038		100,000		104,828
4.50%, 05/15/2038		55,000		58,378
3.50%, 02/15/2039		50,000		47,131
4.25%, 05/15/2039		80,000		82,481
4.38%, 11/15/2039		85,000		88,964
4.38%, 05/15/2040		125,000		130,466
1.13%, 08/15/2040		200,000		126,051
1.38%, 11/15/2040		120,000		78,905
1.88% - 4.75%, 02/15/2041		305,000		257,887
2.25% - 4.38%, 05/15/2041		233,000		208,467
3.75%, 08/15/2041		70,000		67,231
2.00% - 3.13%, 11/15/2041		325,000		253,221
3.13%, 02/15/2042		150,000		130,632
3.00% - 3.25%, 05/15/2042		112,000		97,406
3.38%, 08/15/2042		140,000		126,088
3.13%, 02/15/2043		60,000		51,743
2.88%, 05/15/2043		115,000		95,216
3.63%, 08/15/2043		100,000		93,182
3.75%, 11/15/2043		40,000		37,936
3.63%, 02/15/2044		115,000		106,795
3.13%, 08/15/2044		60,000		51,346
3.00%, 11/15/2044		70,000		58,602
2.50%, 02/15/2045		110,000		84,105
3.00%, 05/15/2045		100,000		83,533
2.88%, 08/15/2045		100,000		81,611
2.50%, 02/15/2046		120,000		91,266
2.25%, 08/15/2046		125,000		90,273
2.88%, 11/15/2046		60,000		48,926
3.00%, 02/15/2047		100,000		83,297
3.00%, 05/15/2047		47,000		39,168
2.75%, 08/15/2047		130,000		103,419
2.75%, 11/15/2047		35,000		27,850
3.38%, 11/15/2048		120,000		107,423
3.00%, 02/15/2049		170,000		142,329
2.88%, 05/15/2049		55,000		45,010
2.25%, 08/15/2049		100,000		71,775
2.38%, 11/15/2049		180,000		132,845
2.00%, 02/15/2050		75,000		50,773
1.25%, 05/15/2050		125,000		69,385
1.38%, 08/15/2050		100,000		57,359
1.63%, 11/15/2050		100,000		61,305
1.88%, 02/15/2051		190,000		124,123

	Principal    Amount		Value
U.S. Treasury Bonds-(continued)
2.38%, 05/15/2051	$	200,000	$	146,891
2.00%, 08/15/2051		185,000		124,423
1.88%, 11/15/2051		190,000		123,626
2.25%, 02/15/2052		135,000		96,304
2.88%, 05/15/2052		100,000		81,910
4.00%, 11/15/2052		125,000		127,266
3.63%, 02/15/2053		25,000		23,809
				5,307,055
U.S. Treasury Notes-33.28%
1.50%, 02/29/2024		150,000		144,728
0.25%, 03/15/2024		190,000		180,658
2.13%, 03/31/2024		150,000		145,260
0.38%, 04/15/2024		140,000		132,814
0.25% - 2.50%, 05/15/2024		500,000		480,857
2.00%, 05/31/2024		170,000		163,638
0.25%, 06/15/2024		100,000		93,998
1.75% - 3.00%, 06/30/2024		290,000		280,025
0.38%, 07/15/2024		195,000		182,934
2.13%, 07/31/2024		100,000		96,006
0.38% - 2.38%, 08/15/2024		335,000		317,601
1.25% - 1.88%, 08/31/2024		235,000		223,080
0.38%, 09/15/2024		125,000		116,516
1.50% - 2.13%, 09/30/2024		250,000		237,825
0.75%, 11/15/2024		200,000		186,391
2.13% - 4.50%, 11/30/2024		225,000		218,506
1.00%, 12/15/2024		120,000		112,027
1.75% - 4.25%, 12/31/2024		300,000		288,047
1.13%, 01/15/2025		120,000		112,066
2.50% - 4.13%, 01/31/2025		350,000		339,642
2.00%, 02/15/2025		185,000		175,385
1.13%, 02/28/2025		135,000		125,640
1.75%, 03/15/2025		140,000		131,772
0.50%, 03/31/2025		95,000		87,077
0.38%, 04/30/2025		125,000		113,904
2.13% - 2.75%, 05/15/2025		350,000		333,034
2.88%, 06/15/2025		125,000		120,156
0.25%, 06/30/2025		110,000		99,462
3.00%, 07/15/2025		140,000		134,821
0.25%, 07/31/2025		190,000		171,215
0.25%, 08/31/2025		110,000		98,813
3.50%, 09/15/2025		100,000		97,385
4.25%, 10/15/2025		100,000		99,170
2.25%, 11/15/2025		195,000		183,650
0.38% - 2.88%, 11/30/2025		225,000		208,092
4.00%, 12/15/2025		110,000		108,539
2.63%, 12/31/2025		100,000		95,109
3.88%, 01/15/2026		100,000		98,289
0.38%, 01/31/2026		125,000		111,064
1.63%, 02/15/2026		125,000		115,168
0.50%, 02/28/2026		300,000		266,766
0.75%, 04/30/2026		215,000		191,707
1.63%, 05/15/2026		210,000		192,470
0.75%, 05/31/2026		155,000		137,835
0.88%, 06/30/2026		150,000		133,714
0.63%, 07/31/2026		200,000		176,230

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  28  

Invesco PureBeta^SM US Aggregate Bond ETF (PBND)–(continued)

February 28, 2023

(Unaudited)

	Principal    Amount		Value
U.S. Treasury Notes-(continued)
1.50%, 08/15/2026	$	200,000	$	181,555
0.88% - 1.63%, 09/30/2026		295,000		262,400
1.13% - 1.63%, 10/31/2026		235,000		211,201
2.00%, 11/15/2026		120,000		110,395
1.25%, 12/31/2026		75,000		66,885
1.50%, 01/31/2027		140,000		125,836
1.88%, 02/28/2027		170,000		154,839
0.63% - 2.50%, 03/31/2027		280,000		253,998
2.75%, 04/30/2027		165,000		155,319
0.50%, 05/31/2027		130,000		111,094
0.50% - 3.25%, 06/30/2027		250,000		223,854
2.25%, 08/15/2027		185,000		170,106
0.50%, 08/31/2027		105,000		89,078
0.38%, 09/30/2027		150,000		126,182
4.13%, 10/31/2027		120,000		119,412
2.25%, 11/15/2027		110,000		100,811
0.63%, 11/30/2027		160,000		135,597
0.63%, 12/31/2027		215,000		181,793
0.75% - 3.50%, 01/31/2028		230,000		207,317
1.13% - 4.00%, 02/29/2028		200,000		179,143
1.25%, 03/31/2028		150,000		130,090
1.25%, 04/30/2028		165,000		142,802
1.25%, 05/31/2028		200,000		172,758
1.25%, 06/30/2028		200,000		172,430
2.88%, 08/15/2028		220,000		206,220
3.13%, 11/15/2028		85,000		80,591
1.50%, 11/30/2028		115,000		99,619
1.38%, 12/31/2028		95,000		81,637
1.75%, 01/31/2029		180,000		157,683
2.63%, 02/15/2029		185,000		170,337
2.88%, 04/30/2029		135,000		125,882
2.38%, 05/15/2029		175,000		158,395
2.63%, 07/31/2029		135,000		123,815
3.13%, 08/31/2029		100,000		94,453
3.88%, 09/30/2029		100,000		98,672
4.00%, 10/31/2029		105,000		104,397
1.75%, 11/15/2029		145,000		126,190
3.88%, 11/30/2029		100,000		98,734
1.50%, 02/15/2030		110,000		93,427
4.00%, 02/28/2030		75,000		74,725
0.63%, 05/15/2030		145,000		114,714
0.63%, 08/15/2030		320,000		251,737
0.88%, 11/15/2030		115,000		91,915
1.13%, 02/15/2031		255,000		207,546
1.63%, 05/15/2031		235,000		197,602
1.25%, 08/15/2031		255,000		206,769
1.38%, 11/15/2031		350,000		284,963
1.88%, 02/15/2032.		305,000		258,440
2.88%, 05/15/2032		200,000		183,969
2.75%, 08/15/2032		305,000		277,216
4.13%, 11/15/2032		210,000		213,380
3.50%, 02/15/2033		125,000		120,889
3.88%, 02/15/2043		20,000		19,406
				15,967,304
Total U.S. Treasury Securities (Cost $22,783,679)				21,274,359

	Principal    Amount		Value
U.S. Dollar Denominated Bonds & Notes-27.85%
Advertising-0.10%
Omnicom Group, Inc./Omnicom Capital, Inc., 3.60%, 04/15/2026	$	50,000	$	47,660
Aerospace & Defense-0.58%
BAE Systems PLC (United Kingdom), 5.80%, 10/11/2041(b)		50,000		50,597
Boeing Co. (The), 4.88%, 05/01/2025		50,000		49,318
General Dynamics Corp., 2.25%, 06/01/2031		50,000		41,673
Lockheed Martin Corp., 4.50%, 05/15/2036		50,000		47,720
Raytheon Technologies Corp.
7.20%, 08/15/2027		50,000		54,888
3.03%, 03/15/2052		50,000		34,555
				278,751
Agricultural & Farm Machinery-0.09%
John Deere Capital Corp., 0.70%, 01/15/2026		50,000		44,390
Air Freight & Logistics-0.08%
FedEx Corp., 2.40%, 05/15/2031		50,000		40,669
Airlines-0.09%
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%, 10/20/2025(b)		46,000		44,705
Asset Management & Custody Banks-0.29%
Apollo Management Holdings L.P., 4.87%, 02/15/2029(b)		25,000		23,478
Bank of New York Mellon Corp. (The), 4.41%, 07/24/2026(c)		50,000		49,063
BlackRock, Inc., 2.40%, 04/30/2030		25,000		21,322
State Street Corp., 1.68%, 11/18/2027(c)		50,000		44,243
				138,106
Auto Parts & Equipment-0.10%
Magna International, Inc. (Canada), 3.63%, 06/15/2024		50,000		48,841
Automobile Manufacturers-0.40%
BMW US Capital LLC (Germany), 3.90%, 04/09/2025(b)		50,000		48,726
General Motors Financial Co., Inc., 3.80%, 04/07/2025		50,000		48,121
Hyundai Capital America, 1.30%, 01/08/2026(b)		50,000		44,298
Toyota Motor Credit Corp., 4.55%, 09/20/2027		50,000		49,214
				190,359
Biotechnology-0.36%
AbbVie, Inc.
3.60%, 05/14/2025		50,000		48,130
4.05%, 11/21/2039		50,000		42,220
Amgen, Inc., 2.45%, 02/21/2030		50,000		42,000
Gilead Sciences, Inc., 4.15%, 03/01/2047		50,000		41,862
				174,212
Brewers-0.19%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.90%, 02/01/2046		50,000		45,895
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.38%, 04/15/2038		50,000		44,778
				90,673

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  29  

Invesco PureBeta^SM US Aggregate Bond ETF (PBND)–(continued)

February 28, 2023

(Unaudited)

	Principal    Amount		Value
Building Products-0.09%
Carrier Global Corp., 2.72%, 02/15/2030	$	50,000	$	42,235
Cable & Satellite-0.33%
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 5.50%, 04/01/2063		50,000		38,907
Comcast Corp.
3.70%, 04/15/2024		50,000		49,113
4.00%, 08/15/2047		50,000		40,652
2.94%, 11/01/2056		50,000		31,401
				160,073
Commodity Chemicals-0.07%
LYB International Finance III LLC, 3.38%, 10/01/2040		50,000		35,974
Computer & Electronics Retail-0.10%
Dell International LLC/EMC Corp., 4.00%, 07/15/2024		50,000		49,012
Construction Machinery & Heavy Trucks-0.10%
Caterpillar Financial Services Corp., 3.40%, 05/13/2025		50,000		48,295
Construction Materials-0.10%
Martin Marietta Materials, Inc., 3.45%, 06/01/2027		50,000		46,526
Consumer Finance-0.35%
Ally Financial, Inc., 4.63%, 03/30/2025		50,000		48,962
American Express Co., 3.30%, 05/03/2027		50,000		46,747
Capital One Financial Corp., 4.20%, 10/29/2025		50,000		48,298
Synchrony Financial, 3.95%, 12/01/2027		25,000		22,758
				166,765
Copper-0.10%
Southern Copper Corp. (Mexico), 5.88%, 04/23/2045		50,000		50,340
Data Processing & Outsourced Services-0.22%
Fidelity National Information Services, Inc., 3.10%, 03/01/2041		50,000		34,525
Mastercard, Inc., 2.00%, 11/18/2031		50,000		40,493
Visa, Inc., 2.00%, 08/15/2050		50,000		29,725
				104,743
Diversified Banks-4.44%
Asian Development Bank (Supranational), 3.13%, 08/20/2027		50,000		47,561
Asian Infrastructure Investment Bank (The) (Supranational), 0.50%, 01/27/2026		50,000		44,170
Bank of America Corp.
1.53%, 12/06/2025(c)		50,000		46,504
3.50%, 04/19/2026		50,000		47,661
3.42%, 12/20/2028(c)		50,000		45,529
1.92%, 10/24/2031(c)		50,000		38,791
2.97%, 02/04/2033(c)		25,000		20,471
3.31%, 04/22/2042(c)		25,000		18,609
5.00%, 01/21/2044		50,000		47,421
Bank of Montreal (Canada), 4.80%(c)(d)		50,000		46,694
Bank of Nova Scotia (The) (Canada)
0.70%, 04/15/2024.		50,000		47,430
4.85%, 02/01/2030		50,000		48,541

	Principal    Amount		Value
Diversified Banks-(continued)
Citigroup, Inc.
3.89%, 01/10/2028(c)	$	50,000	$	47,017
4.66%, 05/24/2028(c)		50,000		48,388
3.06%, 01/25/2033(c)		50,000		41,084
4.65%, 07/23/2048		50,000		44,929
European Bank for Reconstruction and Development (Supranational), 0.50%, 05/19/2025		50,000		45,470
European Investment Bank (Supranational)
2.75%, 08/15/2025		50,000		47,842
1.25%, 02/14/2031		50,000		40,613
HSBC Holdings PLC (United Kingdom), 2.63%, 11/07/2025(c)		200,000		189,495
Inter-American Development Bank (Supranational)
3.25%, 07/01/2024		50,000		48,763
1.50%, 01/13/2027		50,000		44,856
International Bank for Reconstruction & Development (Supranational), 0.63%, 04/22/2025		50,000		45,788
JPMorgan Chase & Co.
2.60%, 02/24/2026(c)		50,000		47,110
1.47%, 09/22/2027(c)		50,000		43,372
2.18%, 06/01/2028(c)		50,000		43,779
2.74%, 10/15/2030(c)		50,000		42,209
2.96%, 05/13/2031(c)		50,000		42,032
2.96%, 01/25/2033(c)		50,000		41,221
3.16%, 04/22/2042(c)		50,000		36,658
Kreditanstalt fuer Wiederaufbau (Germany), 0.75%, 09/30/2030		50,000		39,099
Landwirtschaftliche Rentenbank (Germany), 0.88%, 03/30/2026		50,000		44,733
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.78%, 03/02/2025		50,000		48,434
3.96%, 03/02/2028		50,000		47,104
Oesterreichische Kontrollbank AG (Austria), 0.50%, 02/02/2026		50,000		44,393
Royal Bank of Canada (Canada), 2.05%, 01/21/2027		50,000		44,876
Santander UK PLC (United Kingdom), 4.00%, 03/13/2024		50,000		49,338
Sumitomo Mitsui Financial Group, Inc. (Japan), 3.78%, 03/09/2026		100,000		95,479
Toronto-Dominion Bank (The) (Canada), 1.45%, 01/10/2025(e)		50,000		46,694
U.S. Bancorp, 4.97%, 07/22/2033(c)		50,000		47,730
Wells Fargo & Co.
3.00%, 10/23/2026		50,000		46,183
3.35%, 03/02/2033(c)		50,000		42,307
5.01%, 04/04/2051(c)		50,000		46,106
Westpac Banking Corp. (Australia), 2.89%, 02/04/2030(c)		50,000		46,505
				2,128,989

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  30  

Invesco PureBeta^SM US Aggregate Bond ETF (PBND)–(continued)

February 28, 2023

(Unaudited)

	Principal    Amount		Value
Diversified Capital Markets-0.25%
Deutsche Bank AG (Germany), 4.10%, 01/13/2026	$	75,000	$	71,626
Macquarie Group Ltd. (Australia), 4.10%, 06/21/2028(b)(c)		50,000		47,071
				118,697
Diversified Chemicals-0.17%
Celanese US Holdings LLC, 1.40%, 08/05/2026		50,000		42,631
Dow Chemical Co. (The), 2.10%, 11/15/2030(e)		50,000		40,405
				83,036
Diversified Metals & Mining-0.10%
Glencore Funding LLC (Australia), 4.00%, 03/27/2027(b)		50,000		47,497
Diversified REITs-0.10%
VICI Properties L.P./VICI Note Co., Inc., 4.63%, 06/15/2025(b)		50,000		48,029
Drug Retail-0.09%
Walgreens Boots Alliance, Inc., 3.20%, 04/15/2030		50,000		42,446
Education Services-0.09%
University of Southern California, Series 2017, 3.84%, 10/01/2047		50,000		43,102
Electric Utilities-1.68%
Arizona Public Service Co., 4.70%, 01/15/2044		50,000		42,540
Atlantic City Electric Co., 4.00%, 10/15/2028		50,000		47,073
Berkshire Hathaway Energy Co., 4.45%, 01/15/2049		50,000		43,264
Cleveland Electric Illuminating Co. (The), 5.50%, 08/15/2024		42,000		41,837
Commonwealth Edison Co., 2.20%, 03/01/2030		25,000		20,883
Consolidated Edison Co. of New York, Inc., 3.85%, 06/15/2046		50,000		38,681
Duke Energy Corp.
3.15%, 08/15/2027		50,000		46,018
5.00%, 08/15/2052		25,000		22,266
Enel Americas S.A. (Chile), 4.00%, 10/25/2026(e)		50,000		48,719
Entergy Corp., 2.80%, 06/15/2030		25,000		20,970
Entergy Louisiana LLC, 4.00%, 03/15/2033		25,000		22,549
Georgia Power Co., 4.30%, 03/15/2043		50,000		42,010
Interstate Power and Light Co., 3.10%, 11/30/2051		25,000		16,572
NextEra Energy Capital Holdings, Inc., 2.75%, 11/01/2029		50,000		42,631
Niagara Mohawk Power Corp., 2.76%, 01/10/2032(b)		50,000		40,522
Ohio Power Co., Series P, 2.60%, 04/01/2030		50,000		42,332
Oncor Electric Delivery Co. LLC, 3.70%, 05/15/2050		50,000		39,470
Pacific Gas and Electric Co.
6.15%, 01/15/2033		50,000		49,412
4.75%, 02/15/2044		50,000		39,239

	Principal    Amount		Value
Electric Utilities-(continued)
Southern California Edison Co., Series 08-A, 5.95%, 02/01/2038	$	25,000	$	25,505
Union Electric Co., 3.50%, 04/15/2024		50,000		48,906
Virginia Electric & Power Co., Series B, 6.00%, 01/15/2036		25,000		26,118
				807,517
Financial Exchanges & Data-0.09%
S&P Global, Inc., 2.45%, 03/01/2027(b)		50,000		45,529
Food Distributors-0.10%
Sysco Corp., 3.25%, 07/15/2027		50,000		46,222
Footwear-0.10%
NIKE, Inc., 2.40%, 03/27/2025		50,000		47,713
Forest Products-0.10%
West Fraser Timber Co. Ltd. (Canada), 4.35%, 10/15/2024(b)		50,000		48,624
Gas Utilities-0.15%
Brooklyn Union Gas Co. (The), 4.63%, 08/05/2027(b)		50,000		47,864
Southern California Gas Co., Series KK, 5.75%, 11/15/2035		25,000		25,170
				73,034
General Merchandise Stores-0.10%
Target Corp., 3.38%, 04/15/2029		50,000		46,141
Health Care Equipment-0.24%
Abbott Laboratories, 4.90%, 11/30/2046		25,000		24,607
Baxter International, Inc., 2.60%, 08/15/2026		50,000		45,542
Becton, Dickinson and Co., 4.30%, 08/22/2032		50,000		46,492
				116,641
Health Care Facilities-0.19%
CommonSpirit Health, 4.19%, 10/01/2049		50,000		40,026
HCA, Inc., 5.00%, 03/15/2024		50,000		49,680
				89,706
Health Care REITs-0.16%
Omega Healthcare Investors, Inc., 3.25%, 04/15/2033		50,000		35,790
Ventas Realty L.P., 3.00%, 01/15/2030		50,000		42,568
				78,358
Health Care Services-0.43%
Cigna Group (The)
3.05%, 10/15/2027		50,000		45,787
5.38%, 02/15/2042		50,000		46,673
CVS Health Corp.
3.25%, 08/15/2029		50,000		44,183
4.78%, 03/25/2038		25,000		22,726
5.05%, 03/25/2048		20,000		17,966
Providence St. Joseph Health Obligated Group, Series 21-A, 2.70%, 10/01/2051		50,000		29,783
				207,118

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  31  

Invesco PureBeta^SM US Aggregate Bond ETF (PBND)–(continued)

February 28, 2023

(Unaudited)

	Principal    Amount		Value
Home Improvement Retail-0.23%
Home Depot, Inc. (The)
5.88%, 12/16/2036	$	25,000	$	26,776
4.20%, 04/01/2043		50,000		43,785
Lowe’s Cos., Inc., 1.30%, 04/15/2028		50,000		41,385
				111,946
Hotels, Resorts & Cruise Lines-0.10%
Marriott International, Inc., Series FF, 4.63%, 06/15/2030		50,000		47,235
Household Products-0.08%
Kimberly-Clark Corp., 2.88%, 02/07/2050		25,000		17,590
Procter & Gamble Co. (The), 3.00%, 03/25/2030		25,000		22,688
				40,278
Hypermarkets & Super Centers-0.08%
Walmart, Inc., 1.80%, 09/22/2031		50,000		40,382
Independent Power Producers & Energy Traders-0.08%
Tennessee Valley Authority, 1.50%, 09/15/2031		50,000		39,701
Industrial Conglomerates-0.12%
3M Co., 3.70%, 04/15/2050(e)		25,000		19,402
Honeywell International, Inc., 2.80%, 06/01/2050		50,000		36,196
				55,598
Insurance Brokers-0.11%
Marsh & McLennan Cos., Inc., 5.75%, 11/01/2032		50,000		51,951
Integrated Oil & Gas-0.66%
BP Capital Markets PLC (United Kingdom), 3.28%, 09/19/2027		50,000		46,620
Chevron USA, Inc., 1.02%, 08/12/2027		50,000		42,710
Equinor ASA (Norway), 2.88%, 04/06/2025		50,000		47,843
Exxon Mobil Corp.
3.04%, 03/01/2026		50,000		47,391
4.33%, 03/19/2050		50,000		44,456
Shell International Finance B.V. (Netherlands)
2.75%, 04/06/2030		50,000		43,924
4.38%, 05/11/2045		50,000		44,280
				317,224
Integrated Telecommunication Services-0.58%
AT&T, Inc.
1.65%, 02/01/2028		75,000		63,755
2.25%, 02/01/2032		50,000		39,061
3.55%, 09/15/2055		50,000		33,910
British Telecommunications PLC (United Kingdom), 9.63%, 12/15/2030		50,000		60,539
Verizon Communications, Inc.
2.63%, 08/15/2026		50,000		45,943
3.70%, 03/22/2061		50,000		35,189
				278,397
Interactive Media & Services-0.09%
Alphabet, Inc., 0.80%, 08/15/2027		50,000		42,669

	Principal    Amount		Value
Internet & Direct Marketing Retail-0.25%
Amazon.com, Inc.
1.00%, 05/12/2026	$	50,000	$	44,283
2.10%, 05/12/2031		50,000		41,155
3.10%, 05/12/2051		50,000		35,856
				121,294
Investment Banking & Brokerage-1.11%
Charles Schwab Corp. (The), 2.45%, 03/03/2027		50,000		45,380
Goldman Sachs Group, Inc. (The)
2.64%, 02/24/2028(c)		50,000		44,707
2.38%, 07/21/2032(c)		50,000		39,302
6.75%, 10/01/2037		50,000		53,294
4.02%, 10/31/2038(c)		50,000		41,371
Jefferies Financial Group, Inc., 6.45%, 06/08/2027		50,000		51,752
Morgan Stanley
3.70%, 10/23/2024		50,000		48,728
2.19%, 04/28/2026(c)		50,000		46,624
3.62%, 04/01/2031(c)		50,000		44,312
4.89%, 07/20/2033(c)		50,000		47,510
4.30%, 01/27/2045		25,000		21,522
Series F, 3.88%, 04/29/2024		50,000		49,225
				533,727
IT Consulting & Other Services-0.11%
International Business Machines Corp., 6.22%, 08/01/2027		50,000		52,473
Life & Health Insurance-0.59%
Aflac, Inc., 6.45%, 08/15/2040		50,000		52,707
Athene Global Funding, 1.45%, 01/08/2026(b)(e)		50,000		43,968
MetLife, Inc., 6.40%, 12/15/2036		50,000		50,245
Pacific Life Global Funding II, 1.45%, 01/20/2028(b)		50,000		41,460
Protective Life Corp., 3.40%, 01/15/2030(b)		50,000		43,612
Prudential Financial, Inc., 5.20%, 03/15/2044(c)		50,000		49,097
				281,089
Life Sciences Tools & Services-0.08%
Thermo Fisher Scientific, Inc., 2.00%, 10/15/2031		50,000		39,948
Managed Health Care-0.24%
Elevance Health, Inc., 3.70%, 09/15/2049		50,000		37,854
UnitedHealth Group, Inc.
2.00%, 05/15/2030		25,000		20,516
6.88%, 02/15/2038		50,000		57,984
				116,354
Motorcycle Manufacturers-0.08%
Harley-Davidson, Inc., 4.63%, 07/28/2045		50,000		39,137
Movies & Entertainment-0.35%
Netflix, Inc., 5.38%, 11/15/2029(b)		50,000		49,261
TWDC Enterprises 18 Corp., 4.38%, 08/16/2041		30,000		26,792
Walt Disney Co. (The), 4.75%, 09/15/2044		10,000		9,253

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  32  

Invesco PureBeta^SM US Aggregate Bond ETF (PBND)–(continued)

February 28, 2023

(Unaudited)

	Principal    Amount		Value
Movies & Entertainment-(continued)
Warnermedia Holdings, Inc.
4.28%, 03/15/2032(b)	$	50,000	$	43,193
5.14%, 03/15/2052(b)		50,000		39,228
				167,727
Multi-line Insurance-0.17%
American International Group, Inc., 4.50%, 07/16/2044		50,000		43,433
New York Life Insurance Co., 3.75%, 05/15/2050(b)		50,000		39,428
				82,861
Multi-Utilities-0.26%
Dominion Energy, Inc., Series D, 2.85%, 08/15/2026		50,000		46,039
Public Service Electric & Gas Co., 3.15%, 01/01/2050		50,000		36,188
Sempra Energy, 3.80%, 02/01/2038		50,000		41,035
				123,262
Oil & Gas Equipment & Services-0.12%
Halliburton Co., 7.45%, 09/15/2039		50,000		56,874
Oil & Gas Exploration & Production-0.26%
ConocoPhillips Co., 3.80%, 03/15/2052		50,000		39,750
Devon Energy Corp., 5.00%, 06/15/2045		50,000		42,421
Diamondback Energy, Inc., 3.50%, 12/01/2029		50,000		44,190
				126,361
Oil & Gas Refining & Marketing-0.10%
Marathon Petroleum Corp., 3.63%, 09/15/2024		50,000		48,706
Oil & Gas Storage & Transportation-0.85%
Enbridge, Inc. (Canada), 3.70%, 07/15/2027		50,000		46,858
Energy Transfer L.P.
3.90%, 05/15/2024		20,000		19,548
3.90%, 07/15/2026		50,000		47,228
Enterprise Products Operating LLC, 4.45%, 02/15/2043		50,000		42,732
Kinder Morgan, Inc., 3.25%, 08/01/2050		50,000		31,752
MPLX L.P., 4.50%, 04/15/2038		50,000		42,736
ONEOK, Inc., 3.10%, 03/15/2030		50,000		42,460
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 4.00%, 01/15/2032		50,000		42,432
TransCanada PipeLines Ltd. (Canada), 4.63%, 03/01/2034		50,000		45,627
Williams Cos., Inc. (The), 3.90%, 01/15/2025		50,000		48,552
				409,925
Other Diversified Financial Services-0.04%
Corebridge Financial, Inc., 4.40%, 04/05/2052(b)		25,000		19,964
Packaged Foods & Meats-0.37%
Conagra Brands, Inc., 4.60%, 11/01/2025		50,000		48,932
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.00%, 05/15/2032(b)		50,000		38,167
Kraft Heinz Foods Co. (The), 3.75%, 04/01/2030		50,000		45,751
Tyson Foods, Inc., 5.10%, 09/28/2048		50,000		45,329
				178,179

	Principal    Amount		Value
Paper Packaging-0.10%
WRKCo, Inc., 4.00%, 03/15/2028	$	50,000	$	46,732
Personal Products-0.10%
Estee Lauder Cos., Inc. (The), 3.15%, 03/15/2027		50,000		47,146
Pharmaceuticals-0.65%
Bayer US Finance II LLC (Germany), 4.40%, 07/15/2044(b)		50,000		40,044
Bristol-Myers Squibb Co., 3.90%, 02/20/2028		50,000		47,912
GlaxoSmithKline Capital PLC (United Kingdom), 3.00%, 06/01/2024		50,000		48,701
Merck & Co., Inc., 2.75%, 12/10/2051		75,000		50,203
Novartis Capital Corp. (Switzerland), 1.75%, 02/14/2025		50,000		46,972
Pfizer, Inc., 3.40%, 05/15/2024		25,000		24,492
Wyeth LLC, 6.00%, 02/15/2036		50,000		53,499
				311,823
Property & Casualty Insurance-0.14%
Chubb INA Holdings, Inc., 3.35%, 05/03/2026		50,000		47,650
Liberty Mutual Group, Inc., 3.95%, 05/15/2060(b)		25,000		17,378
				65,028
Railroads-0.37%
Burlington Northern Santa Fe LLC, 4.05%, 06/15/2048		50,000		41,962
Canadian National Railway Co. (Canada), 3.50%, 11/15/2042		50,000		37,342
Canadian Pacific Railway Co. (Canada), 6.13%, 09/15/2115		50,000		51,216
Union Pacific Corp., 2.15%, 02/05/2027		50,000		45,240
				175,760
Regional Banks-0.95%
Citizens Financial Group, Inc., 4.30%, 12/03/2025		50,000		48,289
Fifth Third Bancorp, 3.95%, 03/14/2028		50,000		47,448
Huntington Bancshares, Inc., 2.55%, 02/04/2030		50,000		41,891
KeyCorp, 2.55%, 10/01/2029		50,000		42,327
M&T Bank Corp., 5.05%, 01/27/2034(c)		50,000		47,743
PNC Financial Services Group, Inc. (The), 3.15%, 05/19/2027		50,000		46,731
Santander Holdings USA, Inc., 3.24%, 10/05/2026		50,000		46,133
SVB Financial Group, 2.10%, 05/15/2028		50,000		42,044
Truist Financial Corp., 2.50%, 08/01/2024(e)		50,000		48,032
Valley National Bancorp, 3.00%, 06/15/2031(c)		50,000		44,296
				454,934
Reinsurance-0.10%
Berkshire Hathaway Finance Corp., 2.30%, 03/15/2027		50,000		46,246
Residential REITs-0.17%
AvalonBay Communities, Inc., 4.35%, 04/15/2048		50,000		41,969
Essex Portfolio L.P., 1.65%, 01/15/2031		50,000		37,660
				79,629

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  33  

Invesco PureBeta^SM US Aggregate Bond ETF (PBND)–(continued)

February 28, 2023

(Unaudited)

	Principal    Amount		Value
Restaurants-0.09%
McDonald’s Corp., 4.20%, 04/01/2050	$	50,000	$	41,625
Retail REITs-0.09%
Simon Property Group L.P., 1.75%, 02/01/2028		50,000		42,780
Semiconductor Equipment-0.10%
NXP B.V./NXP Funding LLC/NXP USA, Inc. (China), 2.70%, 05/01/2025		50,000		46,950
Semiconductors-0.58%
Broadcom, Inc.
4.15%, 04/15/2032(b)(e)		50,000		44,109
3.19%, 11/15/2036(b)		50,000		36,232
Intel Corp.
2.45%, 11/15/2029		50,000		42,088
5.70%, 02/10/2053		50,000		48,893
NVIDIA Corp., 1.55%, 06/15/2028		50,000		42,520
QUALCOMM, Inc., 3.25%, 05/20/2050		25,000		18,428
Texas Instruments, Inc., 1.13%, 09/15/2026		50,000		44,001
				276,271
Soft Drinks-0.28%
Coca-Cola Co. (The)
3.45%, 03/25/2030.		50,000		46,021
2.25%, 01/05/2032(e)		50,000		41,301
PepsiCo, Inc., 3.60%, 02/18/2028		50,000		47,697
				135,019
Sovereign Debt-2.62%
Caisse d’Amortissement de la Dette Sociale (France), 3.38%, 03/20/2024(b)		100,000		97,972
Canada Government International Bond (Canada)
1.63%, 01/22/2025		60,000		56,554
0.75%, 05/19/2026		100,000		88,860
Colombia Government International Bond (Colombia), 6.13%, 01/18/2041		100,000		78,500
Export Development Canada (Canada), 3.38%, 08/26/2025		50,000		48,503
Hungary Government International Bond (Hungary), 5.38%, 03/25/2024		50,000		49,978
International Finance Corp. (Supranational), 3.63%, 09/15/2025		50,000		48,813
Mexico Government International Bond (Mexico)
5.55%, 01/21/2045		60,000		55,449
5.75%, 10/12/2110		70,000		62,000
Panama Government International Bond (Panama), 8.88%, 09/30/2027		100,000		115,215
Peruvian Government International Bond (Peru), 3.55%, 03/10/2051		100,000		71,301
Philippine Government International Bond (Philippines)
10.63%, 03/16/2025		50,000		55,754
9.50%, 02/02/2030		25,000		31,702
Province of Alberta (Canada), 3.30%, 03/15/2028		50,000		47,358
Province of British Columbia (Canada)
0.90%, 07/20/2026		50,000		44,224
1.30%, 01/29/2031		100,000		80,105
Province of Ontario (Canada), 2.13%, 01/21/2032		100,000		83,793

	Principal    Amount		Value
Sovereign Debt-(continued)
Republic of Italy Government International Bond (Italy), 5.38%, 06/15/2033	$	50,000	$	48,851
Romanian Government International Bond (Romania), 5.13%, 06/15/2048(b)		50,000		41,715
Uruguay Government International Bond (Uruguay), 4.38%, 01/23/2031		50,000		48,817
				1,255,464
Specialized REITs-0.30%
American Tower Corp., 1.45%, 09/15/2026		50,000		43,493
Crown Castle Inc., 5.20%, 02/15/2049		50,000		45,158
Crown Castle, Inc., 2.50%, 07/15/2031		50,000		40,370
Equinix, Inc., 1.55%, 03/15/2028		20,000		16,650
				145,671
Specialty Chemicals-0.10%
Albemarle Corp., 5.05%, 06/01/2032		50,000		47,572
Steel-0.18%
Nucor Corp., 3.95%, 05/23/2025		25,000		24,322
Steel Dynamics, Inc., 3.25%, 10/15/2050		25,000		16,896
Vale Overseas Ltd. (Brazil), 3.75%, 07/08/2030		50,000		43,527
				84,745
Systems Software-0.43%
Microsoft Corp.
3.50%, 02/12/2035.		50,000		45,287
3.50%, 11/15/2042		50,000		42,499
Oracle Corp.
1.65%, 03/25/2026		50,000		44,694
3.60%, 04/01/2040		50,000		36,963
3.95%, 03/25/2051		50,000		35,955
				205,398
Technology Distributors-0.18%
CDW LLC/CDW Finance Corp., 3.28%, 12/01/2028		100,000		86,332
Technology Hardware, Storage & Peripherals-0.34%
Apple, Inc.
0.70%, 02/08/2026		50,000		44,382
3.75%, 09/12/2047		50,000		41,896
2.80%, 02/08/2061		50,000		32,117
HP, Inc., 3.40%, 06/17/2030		50,000		42,712
				161,107
Tobacco-0.24%
Altria Group, Inc., 2.35%, 05/06/2025		50,000		46,892
BAT Capital Corp. (United Kingdom), 5.65%, 03/16/2052		50,000		42,239
Philip Morris International, Inc., 4.38%, 11/15/2041		30,000		24,896
				114,027
Water Utilities-0.04%
American Water Capital Corp., 3.45%, 05/01/2050		25,000		18,559
Wireless Telecommunication Services-0.27%
Rogers Communications, Inc. (Canada), 2.95%, 03/15/2025(b)		50,000		47,428

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  34  

Invesco PureBeta^SM US Aggregate Bond ETF (PBND)–(continued)

February 28, 2023

(Unaudited)

	Principal    Amount		Value
Wireless Telecommunication Services-(continued)
T-Mobile USA, Inc., 4.50%, 04/15/2050	$	50,000	$	41,526
Vodafone Group PLC (United Kingdom), 4.38%, 02/19/2043		50,000		40,893
				129,847
Total U.S. Dollar Denominated Bonds & Notes (Cost $14,292,176)				13,362,655
U.S. Government Sponsored Agency Mortgage-Backed Securities-22.42%
Collateralized Mortgage Obligations-0.19%
Freddie Mac Multifamily Structured Pass-Through Ctfs., Series 2019-K092, Class A2, 3.30%, 04/25/2029		100,000		93,404
Federal Farm Credit Bank (FFCB)-0.20%
0.88%, 11/18/2024		50,000		46,675
1.75%, 02/14/2025		50,000		47,099
				93,774
Federal Home Loan Bank (FHLB)-0.29%
0.38%, 09/04/2025		50,000		45,005
3.25%, 11/16/2028		100,000		95,128
				140,133
Federal Home Loan Mortgage Corp. (FHLMC)-3.70%
0.38%, 07/21/2025 to 09/23/2025		150,000		135,231
2.50%, 09/01/2028 to 06/01/2052		457,428		392,111
3.00%, 11/01/2028 to 09/01/2049		93,859		84,960
1.50%, 04/01/2037		92,695		80,213
3.50%, 02/01/2043 to 10/01/2047		83,762		78,256
4.00%, 08/01/2047 to 06/01/2052		412,673		388,192
2.00%, 11/01/2050 to 05/01/2052		599,240		490,055
6.00%, 02/01/2053		99,484		100,754
Series 1, 0.00%, 11/15/2038(f)		50,000		24,829
				1,774,601
Federal National Mortgage Association (FNMA)-12.89%
2.63%, 09/06/2024		100,000		96,531
0.75%, 10/08/2027		60,000		51,468
3.50%, 12/01/2028 to 06/01/2052		652,025		600,258
7.13%, 01/15/2030		100,000		117,827
3.00%, 03/01/2035 to 01/01/2053		1,033,521		926,044
1.50%, 09/01/2035 to 12/01/2051		557,895		452,438
2.00%, 09/01/2035 to 03/01/2052		2,120,638		1,767,769
2.50%, 06/01/2037 to 03/01/2052		1,476,592		1,273,585
4.00%, 07/01/2047		161,119		154,180
5.00%, 05/01/2048 to 01/01/2053		235,893		232,412
4.50%, 07/01/2048 to 02/01/2053		322,740		313,658
5.50%, 02/01/2053		199,081		198,995
				6,185,165
Government National Mortgage Association (GNMA)-5.15%
3.50%, 04/20/2042 to 03/20/2050		388,133		361,978
5.00%, 05/20/2048 to 09/20/2052		109,126		108,185
4.00%, 07/20/2048 to 09/20/2052		273,881		260,557
3.00%, 05/20/2050 to 05/20/2052		517,530		462,833
2.50%, 10/20/2050 to 05/20/2052		827,431		717,871

	Principal    Amount		Value
Government National Mortgage Association (GNMA)-(continued)
2.00%, 05/20/2052.	$	381,672	$	320,314
4.50%, 06/20/2052 to 11/20/2052		245,723		238,578
				2,470,316
Total U.S. Government Sponsored Agency Mortgage- Backed Securities (Cost $11,430,006)				10,757,393
Asset-Backed Securities-2.08%
American Express Credit Account Master Trust, Series 2022-3, Class A, 3.75%, 08/15/2027		100,000		97,148
Bank, Series 2019-BNK23, Class A3, 2.92%, 12/15/2052		100,000		87,125
Benchmark Mortgage Trust, Series 2020-B19, Class A5, 1.85%, 09/15/2053		100,000		79,775
Capital One Multi-Asset Execution Trust, Series 2019-A3, Class A3, 2.06%, 08/15/2028		50,000		45,611
Citigroup Commercial Mortgage Trust, Series 2016-P4, Class A4, 2.90%, 07/10/2049		100,000		91,986
Commercial Mortgage Trust, Series 2015- CR22, Class A5, 3.31%, 03/10/2048		100,000		95,336
Ford Credit Auto Owner Trust, Series 2019-1, Class A, 3.52%, 07/15/2030(b)		100,000		98,420
GM Financial Consumer Automobile Receivables Trust, Series 2020-4, Class C, 1.05%, 05/18/2026		100,000		92,729
Navient Private Education Refi Loan Trust, Series 2021-CA, Class A, 1.06%, 10/15/2069(b)		62,736		54,451
OneMain Financial Issuance Trust, Series 2019- 2A, Class A, 3.14%, 10/14/2036(b)		100,000		91,394
SMB Private Education Loan Trust, Series 2021-B, Class A, 1.31%, 07/17/2051(b)		60,494		53,839
Verizon Owner Trust, Series 2020-B, Class A, 0.47%, 02/20/2025		19,864		19,632
Wells Fargo Commercial Mortgage Trust, Series 2015-LC20, Class B, 3.72%, 04/15/2050		100,000		93,562
Total Asset-Backed Securities (Cost $1,039,338)				1,001,008
Municipal Obligations-0.70%
Chicago (City of), IL Transit Authority, Series 2010 B, RB, 6.20%, 12/01/2040		50,000		54,380
Massachusetts (Commonwealth of) School Building Authority, Series 2020 C, Ref. RB, 2.95%, 05/15/2043		50,000		38,362
Miami-Dade (County of), FL Transit System, Series 2020 B, Ref. RB, 2.60%, 07/01/2042		50,000		36,790
New Jersey (State of) Economic Development Authority, Series 1997 A, RB, (INS - NATL), 7.43%, 02/15/2029(g)		50,000		53,889
New York (City of), NY (Social Bonds), Series 2022, GO Bonds, 5.26%, 10/01/2052		50,000		52,596

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  35  

Invesco PureBeta^SM US Aggregate Bond ETF (PBND)–(continued)

February 28, 2023

(Unaudited)

	Principal    Amount		Value
Texas (State of) Transportation Commission State Highway Fund, Series 2010 B, RB, 5.18%, 04/01/2030.	$	50,000	$	50,615
University of California, Series 2014, RB, 4.77%, 05/15/2044		50,000		48,949
Total Municipal Obligations (Cost $341,582)				335,581
	Shares
Money Market Funds-1.90%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(h)(i) (Cost $908,518)		908,518		908,518
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.29% (Cost $50,795,299)				47,639,514

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan Money
Market Funds-0.86%
Invesco Private Government Fund, 4.58%(h)(i)(j)		115,853	$	115,853
Invesco Private Prime Fund, 4.83%(h)(i)(j)		297,849		297,908
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $413,791)				413,761
TOTAL INVESTMENTS IN SECURITIES-100.15% (Cost $51,209,090)				48,053,275
OTHER ASSETS LESS LIABILITIES-(0.15)%				(70,671	)
NET ASSETS-100.00%			$	47,982,604

Investment Abbreviations:

Ctfs. -Certificates

GO -General Obligation

INS -Insurer

NATL -National Public Finance Guarantee Corp.

RB -Revenue Bonds

Ref. -Refunding

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2023 was $1,518,203, which represented 3.16% of the Fund’s Net Assets.

^(c)  Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(d)  Perpetual bond with no specified maturity date.

^(e)  All or a portion of this security was out on loan at February 28, 2023.

^(f)  Denotes a zero coupon security issued at a substantial discount from its value at maturity.

^(g)  Principal and/or interest payments are secured by the bond insurance company listed.

^(h)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31,  2022		Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value February 28,  2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$2,078,326		$	16,609,818		$	(17,779,626	)		$	-		$	-		$	908,518		$	32,213

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  36  

Invesco PureBeta^SM US Aggregate Bond ETF (PBND)–(continued)

February 28, 2023

(Unaudited)

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	162,453		$	1,831,274		$	(1,877,874	)		$	-			$	-		$	115,853		$	3,832	*
Invesco Private Prime Fund			417,597			3,158,722			(3,278,437	)			(30	)			56			297,908			10,107	*
Total		$	2,658,376		$	21,599,814		$	(22,935,937	)		$	(30	)		$	56		$	1,322,279		$	46,152

* 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 February 28, 2023.

^(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 2I.

Open Futures Contracts(a)
Long Futures Contracts	Number  of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
U.S. Treasury 5 Year Notes		7		June-2023		$749,383	$	(1,379	)		$	(1,379	)

^(a)  Futures contracts collateralized by $101,312 cash held with Merrill Lynch International, the futures commission merchant.

Portfolio Composition
Security Type Breakdown (% of the Fund’s Net Assets) as of February 28, 2023
U.S. Treasury Securities	44.34
U.S. Dollar Denominated Bonds & Notes	27.85
U.S. Government Sponsored Agency Mortgage-Backed Securities	22.42
Asset-Backed Securities	2.09
Municipal Obligations	0.70
Money Market Funds Plus Other Assets Less Liabilities	2.60

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  37  

Statements of Assets and Liabilities

February 28, 2023

(Unaudited)

					Invesco				Invesco
	Invesco				PureBetaSM				PureBetaSM
	PureBetaSM				MSCI USA				US Aggregate
	MSCI USA ETF				Small Cap ETF				Bond ETF
	(PBUS)				(PBSM)				(PBND)
Assets:
Unaffiliated investments in securities, at value(a)		$	2,244,230,787			$	38,120,166			$	46,730,996
Affiliated investments in securities, at value			69,386,227				10,830,550				1,322,279
Cash			-				58,149				316,621
Deposits with brokers:
Cash collateral-futures contracts			-				-				101,312
Receivable for:
Dividends and interest			3,593,850				30,799				272,534
Securities lending			15,835				7,089				495
Investments sold			6,280,001				929,060				832,660
Investments sold - affiliated broker			6,656,870				-				-
Fund shares sold			-				-				258,601
Foreign tax reclaims			1,123				-				-
Total assets			2,330,164,693				49,975,813				49,835,498
Liabilities:
Other investments:
Unrealized depreciation on futures contracts			-				-				1,379
Due to custodian			263,088				-				-
Payable for:
Investments purchased			5,326,684				966,678				1,251,701
Investments purchased - affiliated broker			5,706,445				-				-
Collateral upon return of securities loaned			69,006,547				10,794,672				413,791
Fund shares repurchased			1,985,942				-				183,669
Accrued unitary management fees			71,228				1,641				2,354
Total liabilities			82,359,934				11,762,991				1,852,894
Net Assets		$	2,247,804,759			$	38,212,822			$	47,982,604
Net assets consist of:
Shares of beneficial interest		$	2,394,638,539			$	43,883,520			$	52,497,941
Distributable earnings (loss)			(146,833,780	)			(5,670,698	)			(4,515,337	)
Net Assets		$	2,247,804,759			$	38,212,822			$	47,982,604
Shares outstanding (unlimited amount authorized, $0.01 par value)			56,750,001				1,100,001				2,200,001
Net asset value		$	39.61			$	34.74			$	21.81
Market price		$	39.66			$	34.76			$	21.74
Unaffiliated investments in securities, at cost		$	2,371,148,285			$	42,752,726			$	49,886,781
Affiliated investments in securities, at cost		$	69,554,565			$	10,836,217			$	1,322,309
(a) Includes securities on loan with an aggregate value of:		$	67,095,949			$	10,512,092			$	302,277

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  38  

Statements of Operations

For the six months ended February 28, 2023

(Unaudited)

	Invesco PureBetaSM MSCI USA ETF       (PBUS)				Invesco PureBetaSM MSCI USA Small Cap ETF       (PBSM)				Invesco PureBetaSM US Aggregate Bond ETF       (PBND)
Investment income:
Unaffiliated interest income		$	-			$	-			$	1,032,529
Unaffiliated dividend income			19,096,204				275,873				-
Affiliated dividend income			15,690				493				32,213
Securities lending income, net			119,827				28,495				3,431
Foreign withholding tax			(5,579	)			(127	)			-
Total investment income			19,226,142				304,734				1,068,173
Expenses:
Unitary management fees			443,503				9,544				15,432
Less: Waivers			(264	)			(6	)			(685	)
Net expenses.			443,239				9,538				14,747
Net investment income			18,782,903				295,196				1,053,426
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(18,982,724	)			(736,646	)			(612,762	)
Affiliated investment securities			7,525				1,361				56
Unaffiliated in-kind redemptions			10,543,816				400,130				(749,931	)
Affiliated in-kind redemptions			1,096				(39	)			-
Futures contracts			-				-				22,655
Net realized gain (loss)			(8,430,287	)			(335,194	)			(1,339,982	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			13,704,945				1,895,161				(74,930	)
Affiliated investment securities			22,957				(1,751	)			(30	)
Futures contracts			-				-				(1,379	)
Change in net unrealized appreciation (depreciation)			13,727,902				1,893,410				(76,339	)
Net realized and unrealized gain (loss)			5,297,615				1,558,216				(1,416,321	)
Net increase (decrease) in net assets resulting from operations		$	24,080,518			$	1,853,412			$	(362,895	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  39  

Statements of Changes in Net Assets

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)

	Invesco PureBetaSM
	MSCI USA ETF (PBUS)
	Six Months Ended				Year Ended
	February 28,				August 31,
	2023				2022
Operations:
Net investment income		$	18,782,903			$	34,352,167
Net realized gain (loss)			(8,430,287	)			21,128,398
Change in net unrealized appreciation (depreciation)			13,727,902				(413,171,140	)
Net increase (decrease) in net assets resulting from operations			24,080,518				(357,690,575	)
Distributions to Shareholders from:
Distributable earnings			(18,883,989	)			(33,386,819	)
Shareholder Transactions:
Proceeds from shares sold			39,258,184				798,972,770
Value of shares repurchased			(77,695,064	)			(301,051,848	)
Transaction fees			-				-
Net increase (decrease) in net assets resulting from share transactions			(38,436,880	)			497,920,922
Net increase (decrease) in net assets			(33,240,351	)			106,843,528
Net assets:
Beginning of period			2,281,045,110				2,174,201,582
End of period		$	2,247,804,759			$	2,281,045,110
Changes in Shares Outstanding:
Shares sold			1,000,000				17,625,000
Shares repurchased			(1,975,000	)			(7,025,000	)
Shares outstanding, beginning of period			57,725,001				47,125,001
Shares outstanding, end of period			56,750,001				57,725,001

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  40  

Invesco PureBetaSM										Invesco PureBetaSM
MSCI USA Small Cap ETF (PBSM)									US Aggregate Bond ETF (PBND)
Six Months Ended				Year Ended				Six Months Ended						Year Ended
February 28,				August 31,				February 28,						August 31,
2023				2022				2023						2022
	$	295,196			$	493,464					$	1,053,426			$	582,196
		(335,194)				3,810,281						(1,339,982	)			(208,146	)
		1,893,410				(9,898,467	)					(76,339	)			(3,661,131	)
		1,853,412				(5,594,722	)					(362,895	)			(3,287,081	)
		(255,657	)			(881,276	)					(1,001,518	)			(660,942	)
		6,921,047				19,529,331						55,100,587				46,662,440
		(2,467,577	)			(22,427,945	)					(55,636,879	)			(16,395,540	)
		-				-						76,899				-
		4,453,470				(2,898,614	)					(459,393	)			30,266,900
		6,051,225				(9,374,612	)					(1,823,806	)			26,318,877
		32,161,597				41,536,209						49,806,410				23,487,533
	$	38,212,822			$	32,161,597					$	47,982,604			$	49,806,410
		200,000				525,000						2,500,000				2,000,000
		(75,000)				(600,000	)					(2,500,000	)			(700,000	)
		975,001				1,050,001						2,200,001				900,001
		1,100,001				975,001						2,200,001				2,200,001

  41  

Financial Highlights

Invesco PureBeta^SM MSCI USA ETF (PBUS)

																									For the Period September 19, 2017(a) Through October  31,
	Six Months Ended February 28, 2023
																					Ten Months Ended August 31,
					Years Ended August 31,
	(Unaudited)				2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	39.52			$	46.14			$	35.42			$	29.16			$	29.09			$	25.70			$	25.00
Net investment income(b)			0.33				0.63				0.57				0.56				0.48				0.43				0.04
Net realized and unrealized gain (loss) on investments			0.09				(6.63	)			10.58				6.21				0.19				3.32				0.66
Total from investment operations			0.42				(6.00	)			11.15				6.77				0.67				3.75				0.70
Distributions to shareholders from:
Net investment income			(0.33	)			(0.61	)			(0.43	)			(0.51	)			(0.53	)			(0.36	)			-
Net realized gains			-				(0.01	)			-				-				(0.07	)			-				-
Total distributions			(0.33	)			(0.62	)			(0.43	)			(0.51	)			(0.60	)			(0.36	)			-
Net asset value at end of period		$	39.61			$	39.52			$	46.14			$	35.42			$	29.16			$	29.09			$	25.70
Market price at end of period(c)		$	39.66			$	39.55			$	46.14			$	35.61			$	29.16			$	29.09			$	25.70
Net Asset Value Total Return(d)			1.09	%			(13.10	)%			31.79	%			23.71	%			2.48	%			14.68	%			2.80	%(e)
Market Price Total Return(d)			1.13	%			(13.03	)%			31.07	%			24.36	%			2.48	%			14.68	%			2.80	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,247,805			$	2,281,045			$	2,174,202			$	8,855			$	2,916			$	2,909			$	2,570
Ratio to average net assets of:
Expenses			0.04	%(f)			0.04	%			0.04	%			0.04	%			0.29	%(g)			0.04	%(f)			0.04	%(f)
Net investment income			1.69	%(f)			1.44	%			1.32	%			1.82	%			1.70	%(g)			1.91	%(f)			1.31	%(f)
Portfolio turnover rate(h)			2	%			3	%			6	%			5	%			5	%			4	%			0	%(i)

^(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 (September 22, 2017, the first day of trading on the Exchange) to October 31, 2017 was 2.96%. The market price total return from Fund Inception to October 31, 2017 was 3.09%.

^(f)  Annualized.

^(g)  Ratios include non-recurring costs associated with a proxy statement of 0.25%.

^(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.

⁽ⁱ⁾  Amount represents less than 0.5%.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  42  

Financial Highlights–(continued)

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)

																									For the Period September 19, 2017(a) Through October  31,
	Six Months Ended February 28, 2023
																					Ten Months Ended August 31,
					Years Ended August 31,
	(Unaudited)				2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	32.99			$	39.56			$	26.98			$	26.17			$	30.11			$	26.06			$	25.00
Net investment income(b)			0.30				0.48				0.43				0.38				0.31				0.32				0.04
Net realized and unrealized gain (loss) on investments			1.71				(6.23	)			12.65				0.82				(3.05	)			4.00				1.02
Total from investment operations			2.01				(5.75	)			13.08				1.20				(2.74	)			4.32				1.06
Distributions to shareholders from:
Net investment income			(0.26	)			(0.45	)			(0.37	)			(0.38	)			(0.38	)			(0.27	)			-
Net realized gains			-				(0.37	)			(0.13	)			(0.01	)			(0.82	)			-				-
Total distributions			(0.26	)			(0.82	)			(0.50	)			(0.39	)			(1.20	)			(0.27	)			-
Net asset value at end of period		$	34.74			$	32.99			$	39.56			$	26.98			$	26.17			$	30.11			$	26.06
Market price at end of period(c)		$	34.76			$	32.98			$	39.51			$	27.00			$	26.21			$	30.11			$	26.08
Net Asset Value Total Return(d)			6.17	%			(14.70	)%			48.83	%			4.87	%			(8.54	)%			16.66	%			4.24	%(e)
Market Price Total Return(d)			6.26	%			(14.62	)%			48.53	%			4.79	%			(8.40	)%			16.57	%			4.32	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	38,213			$	32,162			$	41,536			$	4,046			$	2,617			$	3,011			$	2,606
Ratio to average net assets of:
Expenses			0.06	%(f)			0.06	%			0.06	%			0.06	%			0.32	%(g)			0.06	%(f)			0.06	%(f)
Net investment income			1.86	%(f)			1.32	%			1.14	%			1.49	%			1.16	%(g)			1.39	%(f)			1.21	%(f)
Portfolio turnover rate(h)			8	%			17	%			21	%			21	%			17	%			15	%			1	%

^(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 (September 22, 2017, the first day of trading on the Exchange) to October 31, 2017 was 3.66%. The market price total return from Fund Inception to October 31, 2017 was 3.66%.

^(f)  Annualized.

^(g)  Ratios include non-recurring costs associated with a proxy statement of 0.26%.

^(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.

  43  

Financial Highlights–(continued)

Invesco PureBeta^SM US Aggregate Bond ETF (PBND)

																									For the Period September 27, 2017(a) Through October  31,
	Six Months Ended February 28, 2023
																					Ten Months Ended August 31,
					Years Ended August 31,
	(Unaudited)				2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	22.64			$	26.10			$	26.89			$	25.94			$	24.23			$	24.96			$	25.00
Net investment income(b)			0.37				0.50				0.45				0.62				0.67				0.52				0.06
Net realized and unrealized gain (loss) on investments			(0.88	)			(3.39	)			(0.56	)			1.02				1.74				(0.70	)			(0.05	)
Total from investment operations			(0.51	)			(2.89	)			(0.11	)			1.64				2.41				(0.18	)			0.01
Distributions to shareholders from:
Net investment income			(0.35	)			(0.49	)			(0.56	)			(0.69	)			(0.70	)			(0.54	)			(0.05	)
Net realized gains			-				(0.08	)			(0.12	)			-				-				-				-
Return of capital			-				-				-				-				-				(0.01	)			-
Total distributions			(0.35	)			(0.57	)			(0.68	)			(0.69	)			(0.70	)			(0.55	)			(0.05	)
Transaction fees(b)			0.03				-				-				-				-				-				-
Net asset value at end of period		$	21.81			$	22.64			$	26.10			$	26.89			$	25.94			$	24.23			$	24.96
Market price at end of period(c)		$	21.74			$	22.59			$	26.11			$	26.93			$	25.96			$	24.25			$	24.96
Net Asset Value Total Return(d)			(2.12	)%			(11.19	)%			(0.42	)%			6.42	%			10.14	%			(0.72	)%			0.05	%(e)
Market Price Total Return(d)			(2.22	)%			(11.42	)%			(0.53	)%			6.49	%			10.14	%			(0.64	)%			0.05	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	47,983			$	49,806			$	23,488			$	29,577			$	25,940			$	24,233			$	24,964
Ratio to average net assets of:
Expenses, after Waivers			0.05	%(f)			0.05	%			0.05	%			0.05	%			0.08	%(g)			0.05	%(f)			0.04	%(f)
Expenses, prior to Waivers			0.05	%(f)			0.05	%			0.05	%			0.05	%			0.08	%(g)			0.05	%(f)			0.05	%(f)
Net investment income			3.41	%(f)			2.10	%			1.70	%			2.36	%			2.71	%(g)			2.55	%(f)			2.44	%(f)
Portfolio turnover rate(h)			26	%			23	%			42	%			30	%			29	%			20	%			0	%(i)

^(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 (September 29, 2017, the first day of trading on the Exchange) to October 31, 2017 was 0.01%. The market price total return from Fund Inception to October 31, 2017 was 0.29%.

^(f)  Annualized.

^(g)  Ratios include non-recurring costs associated with a proxy statement of 0.03%.

^(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.

⁽ⁱ⁾  Amount represents less than 0.5%.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 28, 2023

(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 PureBetaSM MSCI USA ETF (PBUS)	“PureBetaSM MSCI USA ETF”
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)	“PureBetaSM MSCI USA Small Cap ETF”
Invesco PureBetaSM US Aggregate Bond ETF (PBND)	“PureBetaSM US Aggregate 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 Cboe BZX Exchange, Inc.

PureBeta^SM MSCI USA Small Cap ETF and PureBeta^SM US Aggregate Bond ETF will liquidate and terminate on or about June 30, 2023. In connection with the liquidation of the Funds, each Fund will make a cash distribution of its net assets to then-current shareholders after making appropriate provisions for any of its liabilities.

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.” Creation Units are issued and redeemed principally in exchange for 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
PureBetaSM MSCI USA ETF	MSCI USA Index
PureBetaSM MSCI USA Small Cap ETF	MSCI USA Small Cap Index
PureBetaSM US Aggregate Bond ETF	ICE BofA US Broad Market IndexSM

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 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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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

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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.

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 last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked 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/asked 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, acts of terrorism, 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

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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 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 PureBeta^SM US Aggregate Bond ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. PureBeta^SM US Aggregate Bond ETF declares and pays dividends from net investment income, if any, to its shareholders monthly 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. Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay 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 (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.

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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.

G. 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.

H. 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 (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.

I. 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 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 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 February 28, 2023, each Fund (except for PureBeta^SM US Aggregate Bond ETF) had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each applicable Fund as listed below:

	Amount
PureBetaSM MSCI USA ETF		$7,771
PureBetaSM MSCI USA Small Cap ETF		1,163

J. 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

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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.

K. Futures Contracts - Certain 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 futures contracts that are traded on a U.S. exchange and 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. 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. 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. 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.

L. Other Risks

Authorized Participant 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. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk 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. Increases 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 and reduced liquidity for certain fixed-income investments, particularly those with longer maturities. 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 could also result in higher than normal redemptions by APs which could potentially increase a Fund’s portfolio turnover rate and transaction costs.

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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.

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.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its 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. 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.

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.

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.

Mortgage-Backed and Asset-Backed Securities Risk. For certain Funds, investments in mortgage- and asset-backed securities are subject to call (prepayment) risk, reinvestment risk and extension risk. In addition, these securities are susceptible to an unexpectedly high rate of defaults on the mortgages held by a mortgage pool, which may adversely affect their value. The risk of such defaults depends on the quality of the mortgages underlying such security, the credit quality of its issuer or guarantor, and the nature and structure of its credit support. For example, the risk of default generally is higher in the case of mortgage pools that include subprime mortgages, which are loans made to borrowers with weakened credit histories or with lower capacity to make timely mortgage payments.

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 approach 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 can 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

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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.

Sampling Risk. Certain Funds’ use of a representative sampling approach 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.

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 United States 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. 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. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted.

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

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 has agreed to pay for substantially all expenses of the Funds, including the cost 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 (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)
PureBetaSM MSCI USA ETF	0.04%
PureBetaSM MSCI USA Small Cap ETF	0.06%
PureBetaSM US Aggregate Bond ETF	0.05%

Through at least August 31, 2025, 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

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(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 February 28, 2023, the Adviser waived fees for each Fund in the following amounts:

PureBetaSM MSCI USA ETF	$	264
PureBetaSM MSCI USA Small Cap ETF		6
PureBetaSM US Aggregate Bond ETF		685

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 for each Fund with the following entities (each, a “Licensor”):

Fund	Licensor
PureBetaSM MSCI USA ETF	MSCI Inc.
PureBetaSM MSCI USA Small Cap ETF	MSCI Inc.
PureBetaSM US Aggregate Bond ETF	ICE Data 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 February 28, 2023, the following 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:

PureBetaSM MSCI USA ETF	$	6,352
PureBetaSM MSCI USA Small Cap ETF		307

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–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 February 28, 2023, the following Fund engaged in transactions with affiliates as listed below:

	Securities Purchases	Securities Sales	Net Realized Gains (Losses)*
PureBetaSM US Aggregate Bond ETF	$-	$127,950	$(16,428)

* Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.

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.

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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 February 28, 2023. 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
PureBetaSM MSCI USA ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	2,244,613,620		$	-		$	-	$	2,244,613,620
Money Market Funds		-			69,003,394			-		69,003,394
Total Investments	$	2,244,613,620		$	69,003,394		$	-	$	2,313,617,014
PureBetaSM MSCI USA Small Cap ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	38,123,600		$	-		$	651	$	38,124,251
Money Market Funds		32,362			10,794,103			-		10,826,465
Total Investments	$	38,155,962		$	10,794,103		$	651	$	48,950,716
PureBetaSM US Aggregate Bond ETF
Investments in Securities
U.S. Treasury Securities	$	-		$	21,274,359		$	-	$	21,274,359
U.S. Dollar Denominated Bonds & Notes		-			13,362,655			-		13,362,655
U.S. Government Sponsored Agency Mortgage-Backed Securities		-			10,757,393			-		10,757,393
Asset-Backed Securities		-			1,001,008			-		1,001,008
Municipal Obligations		-			335,581			-		335,581
Money Market Funds		908,518			413,761			-		1,322,279
Total Investments in Securities		908,518			47,144,757			-		48,053,275
Other Investments - Liabilities*
Futures Contracts		(1,379	)		-			-		(1,379	)
Total Investments	$	907,139		$	47,144,757		$	-	$	48,051,896

* Unrealized appreciation (depreciation).

NOTE 6–Derivative Investments

The Funds may enter into an 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.

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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 February 28, 2023:

	Value
	PureBetaSM US Aggregate Bond  ETF
	Interest Rate
Derivative Liabilities	Risk
Unrealized depreciation on futures contracts—Exchange-Traded(a)		$	(1,379	)
Derivatives not subject to master netting agreements			1,379
Total Derivative Liabilities subject to master netting agreements		$	-

^(a)  Values are disclosed on the Statements of Assets and Liabilities under the caption Unrealized depreciation on futures contracts.

Effect of Derivative Investments for the Six-Month Period Ended February 28, 2023

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
	PureBetaSM US Aggregate Bond ETF
	Interest
	Rate Risk
Realized Gain:
Futures contracts		$	22,655
Change in Net Unrealized Appreciation:
Futures contracts			(1,379	)
Total		$	21,276

The table below summarizes the average notional value of derivatives held during the period.

	Average Notional Value
	PureBetaSM US Aggregate Bond  ETF
Futures contracts		$	147,555

NOTE 7–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 August 31, 2022, as follows:

	No expiration
	Short-Term		Long-Term		Total*
PureBetaSM MSCI USA ETF	$	5,526,952	$	4,584,239	$	10,111,191
PureBetaSM MSCI USA Small Cap ETF		-		-		-
PureBetaSM US Aggregate Bond ETF		56,364		54,734		111,098

* 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 8–Investment Transactions

For the six months ended February 28, 2023, 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
PureBetaSM MSCI USA ETF	$	42,491,544	$	43,753,275
PureBetaSM MSCI USA Small Cap ETF		2,922,394		2,761,655
PureBetaSM US Aggregate Bond ETF		16,365,297		18,031,048

For the six months ended February 28, 2023, in-kind transactions associated with creations and redemptions were as follows:

	In-kind		In-kind
	Purchases		Sales
PureBetaSM MSCI USA ETF	$	38,888,642	$	76,986,601
PureBetaSM MSCI USA Small Cap ETF		6,856,285		2,544,820
PureBetaSM US Aggregate Bond ETF		40,971,347		40,538,272

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

As of February 28, 2023, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

						Net
	Gross		Gross			Unrealized
	Unrealized		Unrealized			Appreciation
	Appreciation		(Depreciation)			(Depreciation)			Cost
PureBetaSM MSCI USA ETF	$	175,983,184	$	(310,389,337	)	$	(134,406,153	)	$	2,448,023,167
PureBetaSM MSCI USA Small Cap ETF		2,641,504		(7,953,150	)		(5,311,646	)		54,262,362
PureBetaSM US Aggregate Bond ETF		36,668		(3,199,718	)		(3,163,050	)		51,214,946

NOTE 9–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. The Trustee who is an “interested person” of the Trust does 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 10–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

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.

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Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay 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 (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2022 through February 28, 2023.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transaction costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning Account Value September 1, 2022			Ending Account Value February 28, 2023			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco PureBetaSM MSCI USA ETF (PBUS)
Actual		$	1,000.00		$	1,010.90		0.04	%		$	0.20
Hypothetical (5% return before expenses)			1,000.00			1,024.60		0.04				0.20
Invesco PureBetaSM MSCI  USA Small Cap ETF (PBSM)
Actual			1,000.00			1,061.70		0.06				0.31
Hypothetical (5% return before expenses)			1,000.00			1,024.50		0.06				0.30
Invesco PureBetaSM US Aggregate Bond ETF (PBND)
Actual			1,000.00			978.80		0.05				0.25
Hypothetical (5% return before expenses)			1,000.00			1,024.55		0.05				0.25

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended February 28, 2023. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.

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Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

©2023 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-PBETA-SAR-2	invesco.com/ETFs

	Invesco Semi-Annual Report to Shareholders February 28, 2023

DWAS	Invesco DWA SmallCap Momentum ETF
PSCD	Invesco S&P SmallCap Consumer Discretionary ETF
PSCC	Invesco S&P SmallCap Consumer Staples ETF
PSCE	Invesco S&P SmallCap Energy ETF
PSCF	Invesco S&P SmallCap Financials ETF
PSCH	Invesco S&P SmallCap Health Care ETF
PSCI	Invesco S&P SmallCap Industrials ETF
PSCT	Invesco S&P SmallCap Information Technology ETF
PSCM	Invesco S&P SmallCap Materials ETF
PSCU	Invesco S&P SmallCap Utilities & Communication Services ETF

Table of Contents

Schedules of Investments
Invesco DWA SmallCap Momentum ETF (DWAS)	3
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)	7
Invesco S&P SmallCap Consumer Staples ETF (PSCC)	10
Invesco S&P SmallCap Energy ETF (PSCE)	12
Invesco S&P SmallCap Financials ETF (PSCF)	14
Invesco S&P SmallCap Health Care ETF (PSCH)	17
Invesco S&P SmallCap Industrials ETF (PSCI)	20
Invesco S&P SmallCap Information Technology ETF (PSCT)	23
Invesco S&P SmallCap Materials ETF (PSCM)	25
Invesco S&P SmallCap Utilities  & Communication Services ETF (PSCU)	27
Statements of Assets and Liabilities	30
Statements of Operations	32
Statements of Changes in Net Assets	34
Financial Highlights	38
Notes to Financial Statements	48
Fund Expenses	59

  2  

Invesco DWA SmallCap Momentum ETF (DWAS)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.90%
Communication Services-1.09%
Bandwidth, Inc., Class A(b)		54,926	$	873,324
Cars.com, Inc.(b)		102,696		1,971,763
EverQuote, Inc., Class A(b)(c)		104,797		1,430,479
				4,275,566
Consumer Discretionary-10.94%
Academy Sports & Outdoors, Inc.(c)		33,361		1,973,303
Adient PLC(b)		40,617		1,735,158
Destination XL Group, Inc.(b)(c)		987,885		5,907,552
Garrett Motion, Inc. (Switzerland)(b)(c)		287,882		2,222,449
Golden Entertainment, Inc.(b)		86,716		3,564,895
Green Brick Partners, Inc.(b)		56,824		1,772,909
Group 1 Automotive, Inc.		8,502		1,879,537
Guess?, Inc.(c)		70,295		1,479,007
MasterCraft Boat Holdings, Inc.(b)(c)		57,269		1,933,974
Modine Manufacturing Co.(b)		99,023		2,417,151
Monarch Casino & Resort, Inc.		18,459		1,358,952
RCI Hospitality Holdings, Inc.(c)		44,711		3,745,441
Red Rock Resorts, Inc., Class A		84,642		3,696,316
SeaWorld Entertainment, Inc.(b)(c)		35,868		2,317,073
Target Hospitality Corp.(b)		240,853		3,571,850
Taylor Morrison Home Corp., Class A(b)		45,200		1,619,516
Visteon Corp.(b)		10,550		1,762,272
				42,957,355
Consumer Staples-3.14%
Andersons, Inc. (The)		38,718		1,766,702
Cal-Maine Foods, Inc.		22,021		1,250,793
Coca-Cola Consolidated, Inc.		2,694		1,500,154
elf Beauty, Inc.(b)		36,086		2,697,429
Ingles Markets, Inc., Class A		14,051		1,256,159
MGP Ingredients, Inc.		14,254		1,445,926
SpartanNash Co		43,666		1,168,502
Sprouts Farmers Market, Inc.(b)(c)		41,065		1,243,859
				12,329,524
Energy-10.61%
Archrock, Inc.		163,912		1,814,506
California Resources Corp.		36,972		1,560,218
ChampionX Corp.		58,397		1,785,196
CONSOL Energy, Inc.(c)		78,808		4,313,162
Diamond Offshore Drilling, Inc.(b)		152,466		1,811,296
Dorian LPG Ltd.		70,410		1,545,500
Green Plains, Inc.(b)(c)		76,823		2,663,453
Hallador Energy Co.(b)		506,054		3,861,192
Helix Energy Solutions Group, Inc.(b)		205,655		1,702,823
Liberty Energy, Inc., Class A		87,721		1,337,745
Northern Oil and Gas, Inc.(c)		138,478		4,298,357
Par Pacific Holdings, Inc.(b)		64,958		1,804,533
SandRidge Energy, Inc.(b)(c)		279,635		4,079,875
Sitio Royalties Corp., Class A(c)		54,232		1,274,994
Talos Energy, Inc.(b)(c)		73,111		1,302,107
Tidewater, Inc.(b)		55,065		2,689,375
Valaris Ltd.(b)(c)		27,816		1,870,626
Weatherford International PLC(b)		29,083		1,937,510
				41,652,468

	Shares		Value
Financials-9.19%
Ambac Financial Group, Inc.(b)		84,076	$	1,391,458
Amerant Bancorp, Inc.		51,236		1,455,102
Assured Guaranty Ltd.		22,366		1,395,862
Avantax, Inc.(b)(c)		54,087		1,546,347
BancFirst Corp.		15,595		1,407,449
Carter Bankshares, Inc.(b)(c)		81,884		1,422,325
Coastal Financial Corp.(b)(c)		32,382		1,494,429
Donnelley Financial Solutions, Inc.(b)(c)		83,811		3,546,043
Enova International, Inc.(b)		36,103		1,760,021
Esquire Financial Holdings, Inc.		32,307		1,485,799
Evercore, Inc., Class A		12,688		1,664,412
First Merchants Corp.		34,779		1,423,157
Hancock Whitney Corp.		28,817		1,415,491
Houlihan Lokey, Inc.		15,797		1,511,773
Independent Bank Corporation		173,837		3,833,106
OFG Bancorp.		54,499		1,657,860
Pathward Financial, Inc.		32,155		1,640,226
Piper Sandler Cos		10,221		1,543,269
Stock Yards Bancorp, Inc.(c)		21,525		1,259,858
StoneX Group, Inc.(b)		14,188		1,430,576
Victory Capital Holdings, Inc., Class A		52,231		1,773,765
				36,058,328
Health Care-21.62%
4D Molecular Therapeutics, Inc.(b)(c)		81,195		1,562,192
Aerovate Therapeutics, Inc.(b)		62,641		1,539,089
Akero Therapeutics, Inc.(b)(c)		70,270		3,197,988
Aldeyra Therapeutics, Inc.(b)(c)		224,831		1,519,858
Allakos, Inc.(b)(c)		197,568		1,175,530
Altimmune, Inc.(b)(c)		119,606		1,505,839
Amylyx Pharmaceuticals, Inc.(b)(c)		68,855		2,397,531
ARS Pharmaceuticals, Inc.(b)(c)		175,021		1,561,187
Axsome Therapeutics, Inc.(b)(c)		19,764		1,347,707
Bluebird Bio, Inc.(b)(c)		185,503		964,616
Cassava Sciences, Inc.(b)(c)		36,357		898,018
Catalyst Pharmaceuticals, Inc.(b)(c)		207,312		3,163,581
Chinook Therapeutics, Inc.(b)(c)		57,427		1,253,057
Cutera, Inc.(b)(c)		32,570		1,056,245
Dyne Therapeutics, Inc.(b)		114,389		1,473,330
Ensign Group, Inc. (The)		14,368		1,285,649
Evolent Health, Inc., Class A(b)(c)		76,784		2,688,208
Harmony Biosciences Holdings, Inc.(b)(c)		24,544		1,080,672
Harrow Health, Inc.(b)(c)		111,278		1,994,102
Icosavax, Inc.(b)(c)		221,160		1,809,089
IVERIC bio, Inc.(b)(c)		60,744		1,262,260
Karuna Therapeutics, Inc.(b)(c)		7,025		1,400,925
Kiniksa Pharmaceuticals Ltd., Class A(b)		88,473		1,137,763
Krystal Biotech, Inc.(b)(c)		18,156		1,487,158
MacroGenics, Inc.(b)(c)		234,133		1,425,870
Madrigal Pharmaceuticals, Inc.(b)(c)		9,893		2,681,102
MannKind Corp.(b)(c)		267,846		1,414,227
Merit Medical Systems, Inc.(b)		20,287		1,431,856
Nuvalent, Inc., Class A(b)(c)		62,485		1,892,671
Outset Medical, Inc.(b)(c)		53,136		1,212,032
Pacific Biosciences of California, Inc.(b)(c)		152,911		1,388,432
PepGen, Inc.(b)(c)		97,919		1,495,223
Phreesia, Inc.(b)(c)		40,652		1,495,994
Poseida Therapeutics, Inc.(b)(c)		267,235		1,520,567

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  3  

Invesco DWA SmallCap Momentum ETF (DWAS)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Health Care-(continued)
PROCEPT BioRobotics Corp.(b)(c)		33,431	$	1,251,991
Prometheus Biosciences, Inc.(b)(c)		20,658		2,528,333
Prothena Corp. PLC (Ireland)(b)(c)		23,639		1,318,111
Provention Bio, Inc.(b)		152,301		1,264,098
Rhythm Pharmaceuticals, Inc.(b)(c)		151,253		3,676,960
Rocket Pharmaceuticals, Inc.(b)(c)		65,032		1,249,265
Roivant Sciences Ltd.(b)(c)		193,197		1,562,964
Tango Therapeutics, Inc.(b)(c)		174,135		910,726
TG Therapeutics, Inc.(b)(c)		160,923		2,577,986
TransMedics Group, Inc.(b)(c)		41,704		3,339,239
UFP Technologies, Inc.(b)(c)		17,075		2,010,069
Vaxcyte, Inc.(b)(c)		34,260		1,403,632
Veradigm, Inc.(b)		77,255		1,283,205
Viking Therapeutics, Inc.(b)(c)		241,163		2,655,205
Viridian Therapeutics, Inc.(b)(c)		53,825		1,763,307
Zynex, Inc.(b)(c)		104,389		1,348,706
				84,863,365
Industrials-25.19%
AAR Corp.(b)		30,297		1,647,854
Alamo Group, Inc.		13,875		2,530,661
Albany International Corp., Class A(c)		13,971		1,409,953
Applied Industrial Technologies, Inc.		10,904		1,557,745
ArcBest Corp.		20,045		1,928,329
Array Technologies, Inc.(b)(c)		73,091		1,369,725
Atkore, Inc.(b)		24,510		3,578,950
Boise Cascade Co		19,440		1,343,498
Casella Waste Systems, Inc., Class A(b)		64,431		5,014,020
CBIZ, Inc.(b)(c)		43,877		2,197,799
CECO Environmental Corp.(b)		119,462		1,867,191
Comfort Systems USA, Inc.		11,938		1,736,263
CoreCivic, Inc.(b)(c)		120,129		1,166,453
Covenant Logistics Group, Inc., Class A		45,601		1,580,075
CRA International, Inc.		12,169		1,514,675
CSW Industrials, Inc.(c)		11,603		1,642,521
Encore Wire Corp.(c)		10,123		1,953,840
Federal Signal Corp.		30,232		1,595,343
Fluence Energy, Inc.(b)(c)		73,952		1,380,684
Fluor Corp.(b)(c)		40,565		1,487,519
Franklin Covey Co.(b)(c)		29,026		1,360,449
GMS, Inc.(b)		27,316		1,658,354
Granite Construction, Inc.(c)		38,826		1,677,283
Griffon Corp.		39,095		1,425,795
H&E Equipment Services, Inc.		30,955		1,718,002
Herc Holdings, Inc.		25,764		3,699,453
ICF International, Inc.(c)		13,810		1,373,957
Insperity, Inc.		12,148		1,507,445
Kadant, Inc.(c)		14,671		3,149,277
LSI Industries, Inc.		113,982		1,655,019
McGrath RentCorp(c)		14,176		1,457,860
MRC Global, Inc.(b)		117,457		1,315,518
Mueller Industries, Inc.		22,296		1,649,235
MYR Group, Inc.(b)		15,917		1,919,749
NOW, Inc.(b)		107,634		1,383,097
NV5 Global, Inc.(b)(c)		10,140		1,066,931
Powell Industries, Inc.		38,499		1,707,431
Rush Enterprises, Inc., Class A		27,435		1,555,016
Shyft Group, Inc. (The)		59,958		1,554,711
SPX Technologies, Inc.(b)		40,829		2,875,995
Sterling Infrastructure, Inc.(b)		46,061		1,771,506

	Shares		Value
Industrials-(continued)
Terex Corp.		31,831	$	1,884,714
Titan International, Inc.(b)(c)		308,812		3,832,357
Titan Machinery, Inc.(b)(c)		39,374		1,802,935
Transcat, Inc.(b)(c)		51,902		4,670,661
Triton International Ltd. (Bermuda)		26,276		1,811,467
Universal Logistics Holdings, Inc.		39,738		1,180,219
Veritiv Corp.(c)		40,266		6,097,883
Wabash National Corp.(c)		58,750		1,609,750
				98,875,167
Information Technology-12.12%
A10 Networks, Inc.		79,579		1,211,192
ADTRAN Holdings, Inc.		73,745		1,286,850
Aehr Test Systems(b)(c)		65,370		2,180,090
Agilysys, Inc.(b)		17,284		1,381,165
Avid Technology, Inc.(b)(c)		67,586		1,964,049
Axcelis Technologies, Inc.(b)		31,417		4,038,341
Badger Meter, Inc.		13,518		1,644,059
Bel Fuse, Inc., Class B(c)		53,170		1,888,598
Box, Inc., Class A(b)		44,170		1,473,070
Digi International, Inc.(b)(c)		42,449		1,416,523
Diodes, Inc.(b)		17,901		1,641,343
Extreme Networks, Inc.(b)		163,843		3,067,141
Harmonic, Inc.(b)(c)		102,623		1,353,597
Impinj, Inc.(b)(c)		25,020		3,318,152
Insight Enterprises, Inc.(b)		15,332		2,053,262
MACOM Technology Solutions Holdings, Inc.(b)(c)		33,395		2,288,893
Onto Innovation, Inc.(b)		24,671		2,034,617
PDF Solutions, Inc.(b)		55,120		2,063,693
Rambus, Inc.(b)		49,766		2,201,150
Richardson Electronics Ltd.		146,827		3,080,431
Sanmina Corp.(b)(c)		23,301		1,408,779
SPS Commerce, Inc.(b)(c)		18,355		2,764,997
Super Micro Computer, Inc.(b)(c)		18,270		1,789,912
				47,549,904
Materials-5.32%
AdvanSix, Inc.		37,295		1,534,689
Alpha Metallurgical Resources, Inc.		37,794		6,339,565
ATI, Inc.(b)(c)		50,575		2,055,874
Haynes International, Inc.		29,469		1,612,249
Olympic Steel, Inc.		42,288		2,220,120
Rayonier Advanced Materials, Inc.(b)(c)		179,788		1,474,262
SunCoke Energy, Inc.		161,835		1,539,051
Sylvamo Corp.		27,642		1,363,580
TimkenSteel Corp.(b)(c)		148,840		2,722,283
				20,861,673
Real Estate-0.37%
Tanger Factory Outlet Centers, Inc.(c)		77,209		1,458,478
Utilities-0.31%
Middlesex Water Co		15,986		1,222,929
Total Common Stocks & Other Equity Interests (Cost $338,692,303)				392,104,757

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  4  

Invesco DWA SmallCap Momentum ETF (DWAS)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Money Market Funds-0.09%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(d)(e) (Cost $340,776)		340,776	$	340,776
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $339,033,079)				392,445,533
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-21.58%
Invesco Private Government Fund, 4.58%(d)(e)(f)		23,374,864		23,374,864

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 4.83%(d)(e)(f)		61,310,568	$	61,322,828
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $84,703,309)				84,697,692
TOTAL INVESTMENTS IN SECURITIES-121.57% (Cost $423,736,388)				477,143,225
OTHER ASSETS LESS LIABILITIES-(21.57)%				(84,661,641	)
NET ASSETS-100.00%.			$	392,481,584

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 February 28, 2023.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	202,856		$	5,830,593		$	(5,692,673	)		$	-			$	-		$	340,776		$	4,385
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			25,614,890			79,614,911			(81,854,937	)			-				-			23,374,864			453,109	*
Invesco Private Prime Fund			68,444,203			173,605,279			(180,730,900	)			(10,105	)			14,351			61,322,828			1,232,181	*
Total		$	94,261,949		$	259,050,783		$	(268,278,510	)		$	(10,105	)		$	14,351		$	85,038,468		$	1,689,675

* 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 February 28, 2023.

^(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 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  5  

Invesco DWA SmallCap Momentum ETF (DWAS)–(continued)

February 28, 2023

(Unaudited)

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023
Industrials	25.19
Health Care	21.62
Information Technology	12.12
Consumer Discretionary	10.94
Energy	10.61
Financials	9.19
Materials	5.32
Consumer Staples	3.14
Sector Types Each Less Than 3%	1.77
Money Market Funds Plus Other Assets Less Liabilities	0.10

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  6  

Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.87%
Auto Components-9.78%
American Axle & Manufacturing Holdings, Inc.(b)(c)		23,836	$	209,757
Dorman Products, Inc.(b)		5,884		547,388
Gentherm, Inc.(b)(c)		6,907		438,663
LCI Industries		5,291		596,878
Motorcar Parts of America, Inc.(b)(c)		4,041		52,897
Patrick Industries, Inc.(c)		4,481		326,441
Standard Motor Products, Inc.		3,905		152,178
XPEL, Inc.(b)(c)(d)		4,080		272,585
				2,596,787
Automobiles-1.52%
Winnebago Industries, Inc.(c)		6,345		403,288
Diversified Consumer Services-7.49%
Adtalem Global Education, Inc.(b)(c)		9,448		369,606
frontdoor, inc.(b)(c)		16,957		479,035
Mister Car Wash, Inc.(b)(c)		16,480		152,110
Perdoceo Education Corp.(b)(c)		13,976		192,659
Strategic Education, Inc.		4,631		394,793
Stride, Inc.(b)(c)		8,506		361,250
WW International, Inc.(b)(c)		11,153		40,820
				1,990,273
Hotels, Restaurants & Leisure-14.41%
BJ’s Restaurants, Inc.(b)		4,867		155,744
Bloomin’ Brands, Inc.		18,268		476,795
Brinker International, Inc.(b)(c)		9,162		348,156
Cheesecake Factory, Inc. (The)(c)		9,950		372,528
Chuy’s Holdings, Inc.(b)(c)		3,744		133,848
Dave & Buster’s Entertainment, Inc.(b)(c)		8,732		349,455
Dine Brands Global, Inc.(c)		3,263		250,174
El Pollo Loco Holdings, Inc.(c)		4,086		48,909
Golden Entertainment, Inc.(b)		4,566		187,708
Jack in the Box, Inc.(c)		4,381		343,470
Monarch Casino & Resort, Inc.		2,762		203,339
Ruth’s Hospitality Group, Inc.		6,306		117,607
Shake Shack, Inc., Class A(b)		7,765		433,209
Six Flags Entertainment Corp.(b)		15,399		406,534
				3,827,476
Household Durables-20.10%
Cavco Industries, Inc.(b)		1,724		491,340
Century Communities, Inc.		5,884		351,922
Ethan Allen Interiors, Inc.(c)		4,747		140,274
Green Brick Partners, Inc.(b)		5,652		176,342
Installed Building Products, Inc.(c)		4,880		563,054
iRobot Corp.(b)(c)		5,665		232,775
La-Z-Boy, Inc.		8,955		289,963
LGI Homes, Inc.(b)(c)		4,264		444,778
M.D.C. Holdings, Inc.(c)		11,862		438,894
M/I Homes, Inc.(b)		5,707		330,093
Meritage Homes Corp.(b)		7,609		831,131
Sonos, Inc.(b)(c)		26,478		514,468
Tri Pointe Homes, Inc.(b)		20,998		500,592
Universal Electronics, Inc.(b)(c)		2,506		31,876
				5,337,502

	Shares		Value
Internet & Direct Marketing Retail-0.31%
PetMed Express, Inc.(c)		4,385	$	82,350
Leisure Products-2.07%
Sturm Ruger & Co., Inc.		3,676		214,200
Vista Outdoor, Inc.(b)		11,771		336,180
				550,380
Multiline Retail-0.33%
Big Lots, Inc.(c)		6,022		86,416
Specialty Retail-36.36%
Aaron’s Co., Inc. (The)(c)		6,405		91,912
Abercrombie & Fitch Co., Class A(b)(c)		10,290		302,629
Academy Sports & Outdoors, Inc.(c)		16,591		981,358
American Eagle Outfitters, Inc.(c)		36,251		520,927
America’s Car-Mart, Inc.(b)		1,206		102,462
Asbury Automotive Group, Inc.(b)(c)		4,605		1,045,795
Bed Bath & Beyond, Inc.(b)(c)		15,956		22,498
Boot Barn Holdings, Inc.(b)(c)		6,203		480,422
Buckle, Inc. (The)		6,150		250,858
Caleres, Inc.(c)		7,588		198,123
Chico’s FAS, Inc.(b)(c)		26,029		149,667
Children’s Place, Inc. (The)(b)(c)		2,710		113,468
Designer Brands, Inc., Class A(c)		10,581		103,588
Genesco, Inc.(b)		2,583		116,157
Group 1 Automotive, Inc.		3,034		670,726
Guess?, Inc.		6,343		133,457
Haverty Furniture Cos., Inc., (Acquired 06/25/2020 - 02/15/2023; Cost $73,046)(e)		2,753		103,898
Hibbett, Inc.(c)		2,665		191,693
Leslie’s, Inc.(b)(c)		30,848		388,993
MarineMax, Inc.(b)(c)		4,481		150,472
Monro, Inc.		6,545		330,130
National Vision Holdings, Inc.(b)(c)		16,419		613,414
ODP Corp. (The)(b)		8,388		379,809
Sally Beauty Holdings, Inc.(b)(c)		22,268		358,292
Shoe Carnival, Inc.(c)		3,563		93,885
Signet Jewelers Ltd.(c)		9,623		689,199
Sleep Number Corp.(b)(c)		4,578		182,479
Sonic Automotive, Inc., Class A(c)		3,474		197,636
Upbound Group, Inc.(c)		10,426		279,938
Urban Outfitters, Inc.(b)(c)		12,466		335,959
Zumiez, Inc.(b)(c)		3,241		75,386
				9,655,230
Textiles, Apparel & Luxury Goods-7.50%
G-III Apparel Group Ltd.(b)(c)		8,893		147,757
Kontoor Brands, Inc.		10,271		535,633
Movado Group, Inc.(c)		3,306		114,454
Oxford Industries, Inc.(c)		3,113		366,120
Steven Madden Ltd.		15,233		552,958
Wolverine World Wide, Inc.(c)		16,387		274,482
				1,991,404
Total Common Stocks & Other Equity Interests (Cost $32,841,169)				26,521,106

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  7  

Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(f)(g) (Cost $9,326)		9,326	$	9,326
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.91% (Cost $32,850,495)				26,530,432
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-32.95%
Invesco Private Government Fund, 4.58%(f)(g)(h)		2,449,714		2,449,714

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 4.83%(f)(g)(h)		6,298,005	$	6,299,264
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $8,748,663)				8,748,978
TOTAL INVESTMENTS IN SECURITIES-132.86% (Cost $41,599,158)				35,279,410
OTHER ASSETS LESS LIABILITIES-(32.86)%				(8,724,849	)
NET ASSETS-100.00%			$	26,554,561

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 February 28, 2023.

^(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 February 28, 2023 represented 1.03% of the Fund’s Net Assets.

^(e)  Restricted security. The value of this security at February 28, 2023 represented less than 1% of the Fund’s Net Assets.

^(f)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	18,475		$	260,022		$	(269,171)			$	-			$	-		$	9,326		$	157
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			2,330,277			5,610,328			(5,490,891	)			-				-			2,449,714			40,970	*
Invesco Private Prime Fund			5,992,142			7,325,712			(7,019,146	)			(119	)			675			6,299,264			111,730	*
Total		$	8,340,894		$	13,196,062		$	(12,779,208	)		$	(119	)		$	675		$	8,758,304		$	152,857

* 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 February 28, 2023.

^(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 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  8  

Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)–(continued)

February 28, 2023

(Unaudited)

Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets) as of February 28, 2023
Specialty Retail	36.36
Household Durables	20.10
Hotels, Restaurants & Leisure	14.41
Auto Components	9.78
Textiles, Apparel & Luxury Goods	7.50
Diversified Consumer Services	7.49
Industry Types Each Less Than 3%	4.23
Money Market Funds Plus Other Assets Less Liabilities	0.13

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  9  

Invesco S&P SmallCap Consumer Staples ETF (PSCC)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.95%
Beverages-5.44%
MGP Ingredients, Inc.		17,275	$	1,752,376
National Beverage Corp.(b)(c)		26,182		1,221,390
				2,973,766
Food & Staples Retailing-15.58%
Andersons, Inc. (The)		34,927		1,593,719
Chefs’ Warehouse, Inc. (The)(b)		38,222		1,244,126
PriceSmart, Inc.		28,089		1,958,365
SpartanNash Co		39,580		1,059,161
United Natural Foods, Inc.(b)(c)		65,402		2,663,823
				8,519,194
Food Products-39.32%
B&G Foods, Inc.(c)		80,422		1,018,947
Calavo Growers, Inc.		19,897		642,076
Cal-Maine Foods, Inc.		42,574		2,418,203
Fresh Del Monte Produce, Inc.		34,363		1,074,875
Hain Celestial Group, Inc. (The)(b)(c)		100,222		1,786,958
Hostess Brands, Inc.(b)		150,166		3,709,100
J&J Snack Foods Corp.(c)		16,788		2,370,633
John B. Sanfilippo & Son, Inc.		10,022		899,675
Seneca Foods Corp., Class A(b)		5,936		330,042
Simply Good Foods Co. (The)(b)(c)		94,375		3,613,619
Tootsie Roll Industries, Inc.		19,894		875,933
TreeHouse Foods, Inc.(b)		56,611		2,762,051
				21,502,112
Household Products-8.90%
Central Garden & Pet Co.(b)		10,921		442,301
Central Garden & Pet Co., Class A(b)		46,512		1,787,456
WD-40 Co.(c)		15,229		2,641,165
				4,870,922
Personal Products-24.58%
Edgewell Personal Care Co		57,815		2,468,701
elf Beauty, Inc.(b)		56,406		4,216,349
Inter Parfums, Inc.		20,028		2,411,571
Medifast, Inc.(c)		12,263		1,375,050

	Shares		Value
Personal Products-(continued)
Nu Skin Enterprises, Inc., Class A		55,455	$	2,209,327
USANA Health Sciences, Inc.(b)		12,500		759,750
				13,440,748
Tobacco-6.13%
Universal Corp.		27,554		1,393,957
Vector Group Ltd.		147,642		1,959,209
				3,353,166
Total Common Stocks & Other Equity Interests (Cost $53,415,241)				54,659,908
Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(d)(e) (Cost $14,660)		14,660		14,660
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.98% (Cost $53,429,901)				54,674,568
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-18.04%
Invesco Private Government Fund, 4.58%(d)(e)(f)		2,761,574		2,761,574
Invesco Private Prime Fund, 4.83%(d)(e)(f)		7,099,770		7,101,190
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $9,863,526)				9,862,764
TOTAL INVESTMENTS IN SECURITIES-118.02% (Cost $63,293,427)				64,537,332
OTHER ASSETS LESS LIABILITIES-(18.02)%				(9,851,639	)
NET ASSETS-100.00%			$	54,685,693

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 February 28, 2023.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value February 28, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	48,841		$	586,422		$	(620,603	)		$	-		$	-		$	14,660		$	321

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  10  

Invesco S&P SmallCap Consumer Staples ETF (PSCC)–(continued)

February 28, 2023

(Unaudited)

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	4,082,330		$	16,508,399		$	(17,829,155	)		$	-			$	-		$	2,761,574		$	88,378	*
Invesco Private Prime Fund			10,750,140			39,253,786			(42,904,204	)			(1,484	)			2,952			7,101,190			239,804	*
Total		$	14,881,311		$	56,348,607		$	(61,353,962	)		$	(1,484	)		$	2,952		$	9,877,424		$	328,503

* 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 February 28, 2023.

^(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 2I.

Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets) as of February 28, 2023
Food Products	39.32
Personal Products	24.58
Food & Staples Retailing	15.58
Household Products	8.90
Tobacco	6.13
Beverages	5.44
Money Market Funds Plus Other Assets Less Liabilities	0.05

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  11  

Invesco S&P SmallCap Energy ETF (PSCE)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.84%
Energy Equipment & Services-46.72%
Archrock, Inc.		421,864	$	4,670,034
Bristow Group, Inc.(b)		74,112		2,018,811
Core Laboratories N.V.(c)		146,199		3,489,770
DMC Global, Inc.(b)(c)		58,426		1,564,064
Dril-Quip, Inc.(b)(c)		106,942		3,662,764
Helix Energy Solutions Group, Inc.(b)		449,944		3,725,536
Helmerich & Payne, Inc.		316,952		13,337,340
Nabors Industries Ltd.(b)(c)		28,194		4,237,840
Oceaneering International, Inc.(b)		316,039		6,602,055
Oil States International, Inc.(b)(c)		201,188		1,836,846
Patterson-UTI Energy, Inc.		652,674		8,941,634
ProPetro Holding Corp.(b)		303,365		2,672,646
RPC, Inc.(c)		262,340		2,300,722
US Silica Holdings, Inc.(b)(c)		238,693		2,897,733
				61,957,795
Oil, Gas & Consumable Fuels-53.12%
Callon Petroleum Co.(b)(c)		146,630		5,683,379
Civitas Resources, Inc.		156,271		10,965,536
Comstock Resources, Inc.		287,370		3,488,672
CONSOL Energy, Inc.		73,221		4,007,385
Dorian LPG Ltd.		100,354		2,202,770
Green Plains, Inc.(b)(c)		172,319		5,974,300
Northern Oil and Gas, Inc.(c)		213,551		6,628,623
Par Pacific Holdings, Inc.(b)		174,945		4,859,972
Ranger Oil Corp., Class A(c)		60,278		2,501,537
REX American Resources Corp.(b)(c)		48,868		1,613,133
SM Energy Co.(c)		369,636		10,907,958
Talos Energy, Inc.(b)(c)		205,645		3,662,538
Vital Energy, Inc.(b)(c)		53,013		2,724,338
World Fuel Services Corp.(c)		190,725		5,235,401
				70,455,542
Total Common Stocks & Other Equity Interests (Cost $135,956,758)				132,413,337

	Shares		Value
Money Market Funds-0.14%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(d)(e) (Cost $184,392)		184,392	$	184,392
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.98% (Cost $136,141,150)				132,597,729
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-19.88%
Invesco Private Government Fund, 4.58%(d)(e)(f)		5,383,827		5,383,827
Invesco Private Prime Fund, 4.83%(d)(e)(f)		20,975,371		20,979,566
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $26,364,684)				26,363,393
TOTAL INVESTMENTS IN SECURITIES-119.86% (Cost $162,505,834)				158,961,122
OTHER ASSETS LESS LIABILITIES-(19.86)%				(26,343,400	)
NET ASSETS-100.00%.			$	132,617,722

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 February 28, 2023.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value February 28, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	3,431,956		$	(3,247,564	)		$	-		$	-		$	184,392		$	1,132

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  12  

Invesco S&P SmallCap Energy ETF (PSCE)–(continued)

February 28, 2023

(Unaudited)

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	12,461,522		$	36,081,632		$	(43,159,327	)		$	-			$	-		$	5,383,827		$	119,289	*
Invesco Private Prime Fund			32,043,914			68,932,568			(79,996,173	)			(2,525	)			1,782			20,979,566			327,462	*
Total		$	44,505,436		$	108,446,156		$	(126,403,064	)		$	(2,525	)		$	1,782		$	26,547,785		$	447,883

* 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 February 28, 2023.

^(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 2I.

Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets) as of February 28, 2023
Oil, Gas & Consumable Fuels	53.12
Energy Equipment & Services	46.72
Money Market Funds Plus Other Assets Less Liabilities	0.16

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  13  

Invesco S&P SmallCap Financials ETF (PSCF)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.95%
Banks-39.80%
Ameris Bancorp		8,011	$	383,487
Banc of California, Inc.		6,875		120,656
BancFirst Corp.		2,141		193,225
Bancorp, Inc. (The)(b)(c)		6,879		237,945
BankUnited, Inc.(c)		9,495		336,313
Banner Corp.		4,201		264,579
Berkshire Hills Bancorp, Inc.		5,533		160,789
Brookline Bancorp, Inc.		10,835		140,422
Central Pacific Financial Corp.		3,346		75,051
City Holding Co.(c)		1,826		179,313
Community Bank System, Inc.		6,603		403,113
Customers Bancorp, Inc.(b)(c)		3,756		115,685
CVB Financial Corp.		16,149		386,446
Dime Community Bancshares, Inc.		3,982		122,008
Eagle Bancorp, Inc.(c)		3,922		171,823
FB Financial Corp.		4,325		163,009
First Bancorp (Puerto Rico)		22,685		329,159
First Bancorp/Southern Pines NC		4,388		182,058
First Commonwealth Financial Corp.		11,474		183,699
First Financial Bancorp		11,654		287,155
First Hawaiian, Inc.		15,690		429,121
Hanmi Financial Corp.		3,746		88,481
Heritage Financial Corp.		4,314		120,231
Hilltop Holdings, Inc.		5,635		186,913
HomeStreet, Inc.		2,186		55,153
Hope Bancorp, Inc.		14,682		188,076
Independent Bank Corp.		5,609		446,925
Independent Bank Group, Inc.		4,354		256,276
Lakeland Financial Corp.(c)		3,115		223,096
National Bank Holdings Corp., Class A		4,632		187,550
NBT Bancorp, Inc.		5,264		213,666
Northwest Bancshares, Inc.		15,605		215,661
OFG Bancorp (Puerto Rico)		5,845		177,805
Pacific Premier Bancorp, Inc.		11,675		378,503
Park National Corp.(c)		1,779		227,303
Pathward Financial, Inc.(c)		3,538		180,473
Preferred Bank.		1,623		114,259
Renasant Corp.		6,876		247,398
S&T Bancorp, Inc.		4,793		178,587
Seacoast Banking Corp. of Florida		10,150		309,677
ServisFirst Bancshares, Inc.(c)		6,008		444,292
Simmons First National Corp., Class A		15,602		346,832
Southside Bancshares, Inc.		3,748		143,136
Stellar Bancorp, Inc.		5,463		159,793
Tompkins Financial Corp.		1,548		115,775
Triumph Financial, Inc.(b)(c)		2,780		169,163
Trustmark Corp.		7,490		220,206
United Community Banks, Inc.		13,046		431,953
Veritex Holdings, Inc.(c)		6,636		176,916
Westamerica Bancorporation		3,307		182,282
				11,251,437
Capital Markets-4.17%
Avantax, Inc.(b)(c)		4,860		138,947
B. Riley Financial, Inc.(c)		1,967		78,247
Brightsphere Investment Group, Inc.		3,971		99,553
Donnelley Financial Solutions, Inc.(b)(c)		3,076		130,146

	Shares		Value
Capital Markets-(continued)
Piper Sandler Cos		1,737	$	262,270
StoneX Group, Inc.(b)		2,116		213,356
Virtus Investment Partners, Inc.(c)		835		175,709
WisdomTree, Inc.		13,683		81,688
				1,179,916
Consumer Finance-4.22%
Bread Financial Holdings, Inc.		6,126		251,595
Encore Capital Group, Inc.(b)		2,874		148,528
Enova International, Inc.(b)		3,866		188,467
EZCORP, Inc., Class A(b)(c)		6,597		58,185
Green Dot Corp., Class A(b)		5,749		108,829
LendingTree, Inc.(b)		1,320		43,468
PRA Group, Inc.(b)(c)		4,790		203,862
PROG Holdings, Inc.(b)(c)		6,148		151,979
World Acceptance Corp.(b)(c)		402		37,531
				1,192,444
Equity REITs-25.71%
Acadia Realty Trust(c)		11,668		170,003
Alexander & Baldwin, Inc.		8,914		166,424
American Assets Trust, Inc.		6,397		161,396
Armada Hoffler Properties, Inc.		8,323		106,701
Brandywine Realty Trust.		21,083		124,179
CareTrust REIT, Inc.		11,923		234,525
Centerspace		1,852		115,954
Chatham Lodging Trust		5,998		73,236
Community Healthcare Trust, Inc.		2,891		111,997
DiamondRock Hospitality Co.(c)		25,728		224,348
Easterly Government Properties, Inc.		11,154		168,425
Elme Communities.		10,754		200,132
Essential Properties Realty Trust, Inc.(c)		17,496		450,697
Four Corners Property Trust, Inc.(c)		10,308		279,862
Franklin Street Properties Corp.		11,161		27,010
Getty Realty Corp.		5,226		179,409
Global Net Lease, Inc.(c)		12,755		180,101
Hersha Hospitality Trust, Class A		3,998		33,423
Hudson Pacific Properties, Inc.		15,758		145,446
Industrial Logistics Properties Trust		7,965		32,657
Innovative Industrial Properties, Inc.(c)		3,437		303,865
iStar, Inc.		10,653		82,028
LTC Properties, Inc.		4,977		178,276
LXP Industrial Trust		33,881		353,379
NexPoint Residential Trust, Inc.		2,794		135,313
Office Properties Income Trust(c)		5,968		98,114
Orion Office REIT, Inc.(c)		6,959		59,569
Outfront Media, Inc.		17,953		313,280
Retail Opportunity Investments Corp.		15,304		217,776
RPT Realty, (Acquired 05/09/2017 -02/28/2023; Cost $119,855)(c)(d)		10,476		112,303
Safehold, Inc.(c)		2,980		89,042
Saul Centers, Inc.		1,586		62,362
Service Properties Trust		20,331		223,234
SITE Centers Corp.(c)		22,719		303,753
Summit Hotel Properties, Inc.		13,136		97,206
Sunstone Hotel Investors, Inc.(c)		25,854		273,277
Tanger Factory Outlet Centers, Inc.(c)		12,822		242,208
Uniti Group, Inc.(c)		29,148		160,023
Universal Health Realty Income Trust		1,560		82,711

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  14  

Invesco S&P SmallCap Financials ETF (PSCF)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Equity REITs-(continued)
Urban Edge Properties(c)		14,431	$	222,237
Urstadt Biddle Properties, Inc., Class A		3,669		63,474
Veris Residential, Inc.(b)		9,738		157,171
Whitestone REIT.		5,705		53,912
Xenia Hotels & Resorts, Inc.(c)		13,990		196,420
				7,266,858
Insurance-10.94%
Ambac Financial Group, Inc.(b)		5,526		91,455
American Equity Investment Life Holding Co.(c)		8,530		355,274
AMERISAFE, Inc.		2,354		128,387
Assured Guaranty Ltd.		7,368		459,837
Employers Holdings, Inc.		3,342		148,418
Genworth Financial, Inc., Class A(b)		60,994		379,993
HCI Group, Inc.		850		44,625
Horace Mann Educators Corp.		5,026		185,761
James River Group Holdings Ltd.		4,603		110,932
Mercury General Corp.		3,266		111,207
Palomar Holdings, Inc.(b)(c)		3,101		186,060
ProAssurance Corp.		6,631		131,891
Safety Insurance Group, Inc.		1,811		146,130
SiriusPoint Ltd. (Bermuda)(b)		10,438		74,110
Stewart Information Services Corp.(c)		3,333		141,619
Trupanion, Inc.(b)(c)		4,321		256,581
United Fire Group, Inc.		2,663		76,002
Universal Insurance Holdings, Inc.		3,375		65,239
				3,093,521
Mortgage REITs-4.96%
Apollo Commercial Real Estate Finance, Inc.(c)		15,895		182,634
ARMOUR Residential REIT, Inc.		16,238		88,172
Ellington Financial, Inc.		7,056		90,811
Franklin BSP Realty Trust, Inc.(c)		10,135		141,991
Granite Point Mortgage Trust, Inc.		6,359		38,090
Invesco Mortgage Capital, Inc.(c)(e)		4,344		54,430
KKR Real Estate Finance Trust, Inc.		7,050		102,225
New York Mortgage Trust, Inc.(c)		45,597		121,744
PennyMac Mortgage Investment Trust(c)		10,928		142,392
Ready Capital Corp.(c)		12,086		136,088
Redwood Trust, Inc.(c)		13,929		106,000
Two Harbors Investment Corp.(c)		11,843		196,239
				1,400,816
Real Estate Management & Development-2.46%
Anywhere Real Estate, Inc.(b)		13,453		77,893
Cushman & Wakefield PLC(b)(c)		19,974		258,463
Douglas Elliman, Inc.		8,192		34,570

Investment Abbreviations:

REIT-Real Estate Investment Trust

	Shares		Value
Real Estate Management & Development-(continued)
Marcus & Millichap, Inc.(c)		3,048	$	104,760
RE/MAX Holdings, Inc., Class A		2,216		40,974
St. Joe Co. (The)		4,158		178,087
				694,747
Thrifts & Mortgage Finance-7.69%
Axos Financial, Inc.(b)		6,562		310,973
Capitol Federal Financial, Inc.		15,869		133,141
Mr. Cooper Group, Inc.(b)		8,671		402,595
NMI Holdings, Inc., Class A(b)(c)		10,271		239,725
Northfield Bancorp, Inc.		5,166		75,992
Provident Financial Services, Inc.		9,250		215,987
TrustCo Bank Corp.		2,341		87,694
Walker & Dunlop, Inc.		3,773		329,119
WSFS Financial Corp.		7,568		377,719
				2,172,945
Total Common Stocks & Other Equity Interests (Cost $32,003,881)				28,252,684
Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(e)(f) (Cost $19,494)		19,494		19,494
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $32,023,375)				28,272,178
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-29.16%
Invesco Private Government Fund, 4.58%(e)(f)(g)		2,308,102		2,308,102
Invesco Private Prime Fund, 4.83%(e)(f)(g)		5,933,933		5,935,120
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $8,243,549)				8,243,222
TOTAL INVESTMENTS IN SECURITIES-129.18% (Cost $40,266,924)				36,515,400
OTHER ASSETS LESS LIABILITIES-(29.18)%				(8,249,248	)
NET ASSETS-100.00%			$	28,266,152

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  15  

Invesco S&P SmallCap Financials ETF (PSCF)–(continued)

February 28, 2023

(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 February 28, 2023.

^(d)  Restricted security. The value of this security at February 28, 2023 represented less than 1% of the Fund’s Net Assets.

^(e)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2023			Dividend Income
Invesco Mortgage Capital, Inc.		$	85,870		$	6,685		$	(20,782	)		$	39,719			$	(57,062	)		$	54,430		$	6,117
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			19,361			555,826			(555,693	)			-				-				19,494			225
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			2,426,621			7,988,947			(8,107,466	)			-				-				2,308,102			33,419	*
Invesco Private Prime Fund			6,239,883			19,789,548			(20,095,066	)			(587	)			1,342				5,935,120			91,058	*
Total		$	8,771,735		$	28,341,006		$	(28,779,007	)		$	39,132			$	(55,720	)		$	8,317,146		$	130,819

* 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 February 28, 2023.

^(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 2I.

Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets) as of February 28, 2023
Banks	39.80
Equity REITs	25.71
Insurance	10.94
Thrifts & Mortgage Finance	7.69
Mortgage REITs	4.96
Consumer Finance	4.22
Capital Markets	4.17
Real Estate Management & Development	2.46
Money Market Funds Plus Other Assets Less Liabilities	0.05

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  16  

Invesco S&P SmallCap Health Care ETF (PSCH)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Biotechnology-22.44%
Anika Therapeutics, Inc.(b)		47,095	$	1,492,912
Arcus Biosciences, Inc.(b)(c)		168,006		3,059,389
Avid Bioservices, Inc.(b)(c)		200,261		3,296,296
Catalyst Pharmaceuticals, Inc.(b)		308,932		4,714,302
Coherus Biosciences, Inc.(b)(c)		207,986		1,408,065
Cytokinetics, Inc.(b)(c)		305,328		13,239,022
Dynavax Technologies Corp.(b)(c)		382,891		3,943,777
Eagle Pharmaceuticals, Inc.(b)(c)		33,566		939,848
Emergent BioSolutions, Inc.(b)(c)		142,997		1,770,303
Enanta Pharmaceuticals, Inc.(b)		62,759		3,043,812
Ironwood Pharmaceuticals, Inc.(b)(c)		430,410		4,850,721
iTeos Therapeutics, Inc.(b)		79,129		1,401,375
Myriad Genetics, Inc.(b)(c)		261,426		4,946,180
OmniAb, Inc.(b)(d)		20,054		0
OmniAb, Inc.(b)(d)		20,054		0
Organogenesis Holdings, Inc.(b)(c)		227,883		558,313
REGENXBIO, Inc.(b)(c)		121,311		2,699,170
uniQure N.V. (Netherlands)(b)		132,745		2,782,335
Vanda Pharmaceuticals, Inc.(b)		182,421		1,174,791
Vericel Corp.(b)		152,395		4,634,332
Vir Biotechnology, Inc.(b)(c)		244,748		5,580,255
Xencor, Inc.(b)(c)		193,372		6,213,042
				71,748,240
Health Care Equipment & Supplies-25.47%
AngioDynamics, Inc.(b)(c)		126,065		1,560,685
Artivion, Inc.(b)(c)		130,003		1,721,240
Avanos Medical, Inc.(b)		150,027		4,211,258
Cardiovascular Systems, Inc.(b)		134,883		2,658,544
CONMED Corp.(c)		98,360		9,461,248
Cutera, Inc.(b)(c)		57,503		1,864,822
Embecta Corp.(c)		186,589		5,961,519
Glaukos Corp.(b)(c)		153,897		7,268,555
Heska Corp.(b)(c)		32,811		2,671,800
Inogen, Inc.(b)(c)		73,888		1,157,825
Integer Holdings Corp.(b)(c)		106,888		8,014,462
LeMaitre Vascular, Inc.		62,363		3,125,010
Merit Medical Systems, Inc.(b)		183,614		12,959,476
Mesa Laboratories, Inc.		16,165		2,853,446
NuVasive, Inc.(b)(c)		168,225		7,272,367
OraSure Technologies, Inc.(b)		234,098		1,477,158
Orthofix Medical, Inc.(b)(c)		108,637		2,237,922
SurModics, Inc.(b)(c)		45,145		985,967
Varex Imaging Corp.(b)(c)		128,510		2,273,342
Zimvie, Inc.(b)(c)		67,275		765,589
Zynex, Inc.(b)(c)		70,025		904,723
				81,406,958
Health Care Providers & Services-30.45%
AdaptHealth Corp.(b)(c)		247,832		3,962,834
Addus HomeCare Corp.(b)(c)		51,972		5,646,238
Agiliti, Inc.(b)(c)		107,392		2,046,891
AMN Healthcare Services, Inc.(b)		139,822		12,585,378
Apollo Medical Holdings, Inc.(b)(c)		127,958		4,465,734
Community Health Systems, Inc.(b)		403,632		2,446,010
CorVel Corp.(b)		29,520		5,321,866
Cross Country Healthcare, Inc.(b)(c)		114,143		3,019,082
Enhabit, Inc.(b)		159,831		2,453,406

	Shares		Value
Health Care Providers & Services-(continued)
Ensign Group, Inc. (The)		178,994	$	16,016,383
Fulgent Genetics, Inc.(b)(c)		63,509		2,082,460
ModivCare, Inc.(b)		41,043		4,030,012
NeoGenomics, Inc.(b)		407,357		6,863,965
Owens & Minor, Inc.(b)(c)		245,988		3,770,996
Pediatrix Medical Group, Inc.(b)(c)		264,304		4,160,145
Pennant Group, Inc. (The)(b)		90,881		1,365,033
RadNet, Inc.(b)(c)		157,082		3,704,779
Select Medical Holdings Corp.		335,936		9,134,100
US Physical Therapy, Inc.		41,896		4,245,322
				97,320,634
Health Care Technology-4.81%
Computer Programs and Systems, Inc.(b)(c)		45,864		1,376,379
HealthStream, Inc.(b)		77,796		1,995,467
NextGen Healthcare, Inc.(b)		176,467		3,195,817
OptimizeRx Corp.(b)(c)		55,294		986,998
Simulations Plus, Inc.(c)		51,649		1,964,728
Veradigm, Inc.(b)(c)		352,443		5,854,078
				15,373,467
Life Sciences Tools & Services-0.80%
BioLife Solutions, Inc.(b)(c)		110,204		2,563,345
Pharmaceuticals-15.97%
Amphastar Pharmaceuticals, Inc.(b)(c)		121,468		3,869,970
ANI Pharmaceuticals, Inc.(b)		39,386		1,647,910
Cara Therapeutics, Inc.(b)(c)		145,500		1,478,280
Collegium Pharmaceutical, Inc.(b)(c)		108,179		2,869,989
Corcept Therapeutics, Inc.(b)		309,113		6,438,824
Harmony Biosciences Holdings, Inc.(b)(c)		95,689		4,213,187
Innoviva, Inc.(b)(c)		202,331		2,442,135
Ligand Pharmaceuticals, Inc.(b)		51,783		3,735,626
Nektar Therapeutics(b)(c)		607,923		838,934
Pacira BioSciences, Inc.(b)		148,019		6,301,169
Phibro Animal Health Corp., Class A		65,562		1,029,979
Prestige Consumer Healthcare, Inc.(b)		159,771		9,626,203
Supernus Pharmaceuticals, Inc.(b)		174,399		6,555,658
				51,047,864
Total Common Stocks & Other Equity Interests (Cost $369,444,920)				319,460,508
Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(e)(f) (Cost $204,960)		204,960		204,960
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.01% (Cost $369,649,880)				319,665,468
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-23.13%
Invesco Private Government Fund, 4.58%(e)(f)(g)		20,191,769		20,191,769

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  17  

Invesco S&P SmallCap Health Care ETF (PSCH)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 4.83%(e)(f)(g)		53,726,784	$	53,737,527
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $73,932,898)				73,929,296
TOTAL INVESTMENTS IN SECURITIES-123.14% (Cost $443,582,778)				393,594,764
OTHER ASSETS LESS LIABILITIES-(23.14)%				(73,953,111	)
NET ASSETS-100.00%.			$	319,641,653

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 February 28, 2023. (d) Security valued using significant unobservable inputs (Level 3). See Note 5.

^(e)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	1,214		$	12,539,082		$	(12,335,336	)		$	-			$	-		$	204,960		$	6,997
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			28,445,085			49,058,685			(57,312,001	)			-				-			20,191,769			486,964	*
Invesco Private Prime Fund			73,144,505			118,108,667			(137,526,255	)			(8,075	)			18,685			53,737,527			1,319,203	*
Total		$	101,590,804		$	179,706,434		$	(207,173,592	)		$	(8,075	)		$	18,685		$	74,134,256		$	1,813,164

* 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 February 28, 2023.

^(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 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  18  

Invesco S&P SmallCap Health Care ETF (PSCH)–(continued)

February 28, 2023

(Unaudited)

Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets) as of February 28, 2023
Health Care Providers & Services	30.45
Health Care Equipment & Supplies	25.47
Biotechnology	22.44
Pharmaceuticals	15.97
Health Care Technology	4.81
Life Sciences Tools & Services	0.80
Money Market Funds Plus Other Assets Less Liabilities	0.06

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  19  

Invesco S&P SmallCap Industrials ETF (PSCI)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Aerospace & Defense-8.12%
AAR Corp.(b)		15,470	$	841,413
Aerojet Rocketdyne Holdings, Inc.(b)		35,138		1,979,675
AeroVironment, Inc.(b)(c)		11,599		994,498
Kaman Corp.		13,006		338,156
Moog, Inc., Class A		13,443		1,325,749
National Presto Industries, Inc.		2,358		161,830
Park Aerospace Corp.		9,027		148,223
Triumph Group, Inc.(b)(c)		30,172		380,771
				6,170,315
Air Freight & Logistics-5.09%
Atlas Air Worldwide Holdings, Inc.(b)(c)		11,963		1,205,990
Forward Air Corp.		12,342		1,273,818
Hub Group, Inc., Class A(b)		15,157		1,390,351
				3,870,159
Airlines-2.32%
Allegiant Travel Co.(b)(c)		7,259		744,410
Hawaiian Holdings, Inc.(b)(c)		23,864		267,277
SkyWest, Inc.(b)		23,486		447,878
Sun Country Airlines Holdings, Inc.(b)(c)		15,120		303,156
				1,762,721
Building Products-10.22%
AAON, Inc.		19,508		1,774,448
American Woodmark Corp.(b)		7,716		393,362
Apogee Enterprises, Inc.(c)		10,308		471,694
AZZ, Inc.		11,540		469,101
Gibraltar Industries, Inc.(b)(c)		14,376		767,822
Griffon Corp.		21,985		801,793
Insteel Industries, Inc.		9,041		268,970
MasterBrand, Inc.(b)		60,026		584,653
PGT Innovations, Inc.(b)(c)		27,850		589,027
Quanex Building Products Corp.		15,378		399,059
Resideo Technologies, Inc.(b)		67,697		1,241,563
				7,761,492
Commercial Services & Supplies-13.00%
ABM Industries, Inc.(c)		30,706		1,486,477
Brady Corp., Class A(c)		21,528		1,187,485
CoreCivic, Inc.(b)		53,371		518,232
Deluxe Corp.		20,023		369,224
GEO Group, Inc. (The)(b)(c)		57,627		504,813
Harsco Corp.(b)		36,890		312,089
Healthcare Services Group, Inc.(c)		34,390		456,355
HNI Corp.		19,200		600,000
Interface, Inc.		27,001		238,149
KAR Auction Services, Inc.(b)(c)		50,552		722,388
Liquidity Services, Inc.(b)(c)		12,553		158,921
Matthews International Corp., Class A		14,207		542,139
MillerKnoll, Inc.		35,072		837,169
Pitney Bowes, Inc.		75,114		325,995
UniFirst Corp.		6,999		1,372,714
Viad Corp.(b)(c)		9,594		246,662
				9,878,812
Construction & Engineering-8.15%
Arcosa, Inc.(c)		22,445		1,360,167
Comfort Systems USA, Inc.		16,599		2,414,158

	Shares		Value
Construction & Engineering-(continued)
Granite Construction, Inc.(c)		20,298	$	876,874
MYR Group, Inc.(b)		7,706		929,421
NV5 Global, Inc.(b)(c)		5,778		607,961
				6,188,581
Electrical Equipment-2.41%
Encore Wire Corp.(c)		8,514		1,643,287
Powell Industries, Inc.		4,211		186,758
				1,830,045
Machinery-29.22%
3D Systems Corp.(b)(c)		60,882		596,035
Alamo Group, Inc.		4,777		871,277
Albany International Corp., Class A(c)		14,436		1,456,881
Astec Industries, Inc.		10,542		474,706
Barnes Group, Inc.		23,473		989,152
CIRCOR International, Inc.(b)(c)		9,452		276,660
Enerpac Tool Group Corp.(c)		26,398		710,898
EnPro Industries, Inc.		9,656		1,038,020
ESCO Technologies, Inc.		12,000		1,118,280
Federal Signal Corp.		28,146		1,485,264
Franklin Electric Co., Inc.		18,060		1,725,994
Greenbrier Cos., Inc. (The)(c)		15,217		488,618
Hillenbrand, Inc.(c)		32,240		1,519,794
John Bean Technologies Corp.		14,788		1,639,841
Lindsay Corp.		5,097		767,048
Mueller Industries, Inc.		26,395		1,952,438
Proto Labs, Inc.(b)(c)		12,587		395,735
SPX Technologies, Inc.(b)(c)		20,975		1,477,479
Standex International Corp.(c)		5,564		643,644
Tennant Co		8,632		611,318
Titan International, Inc.(b)		23,628		293,224
Trinity Industries, Inc.(c)		37,785		1,054,579
Wabash National Corp.(c)		22,254		609,760
				22,196,645
Marine-1.53%
Matson, Inc.(c)		17,537		1,166,386
Professional Services-6.73%
Exponent, Inc.		23,505		2,418,665
Forrester Research, Inc.(b)(c)		5,218		171,620
Heidrick & Struggles International, Inc.		9,219		316,488
Kelly Services, Inc., Class A		16,056		268,617
Korn Ferry		24,778		1,384,842
Resources Connection, Inc.		14,883		268,787
TrueBlue, Inc.(b)		15,187		283,997
				5,113,016
Road & Rail-4.12%
ArcBest Corp.		11,334		1,090,331
Heartland Express, Inc.(c)		21,618		348,698
Marten Transport Ltd.		26,727		589,865
RXO, Inc.(b)		53,433		1,099,117
				3,128,011
Trading Companies & Distributors-9.00%
Applied Industrial Technologies, Inc.		17,904		2,557,765
Boise Cascade Co		18,311		1,265,473
DXP Enterprises, Inc.(b)		7,317		211,534

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  20  

Invesco S&P SmallCap Industrials ETF (PSCI)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Trading Companies & Distributors-(continued)
GMS, Inc.(b)		19,684	$	1,195,015
NOW, Inc.(b)		51,263		658,730
Veritiv Corp.(c)		6,258		947,712
				6,836,229
Total Common Stocks & Other Equity Interests (Cost $77,417,202)				75,902,412
Money Market Funds-0.05%
Invesco Government & Agency Portfolio,
Institutional Class, 4.51%(d)(e) (Cost $34,730)		34,730		34,730
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.96% (Cost $77,451,932)				75,937,142

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-19.25%
Invesco Private Government Fund, 4.58%(d)(e)(f)		4,071,959	$	4,071,959
Invesco Private Prime Fund, 4.83%(d)(e)(f)		10,551,441		10,553,551
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $14,626,236)				14,625,510
TOTAL INVESTMENTS IN SECURITIES-119.21% (Cost $92,078,168)				90,562,652
OTHER ASSETS LESS LIABILITIES-(19.21)%				(14,591,969	)
NET ASSETS-100.00%.			$	75,970,683

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 February 28, 2023.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	19,939		$	1,650,498		$	(1,635,707	)		$	-			$	-		$	34,730		$	727
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			3,784,177			12,108,127			(11,820,345	)			-				-			4,071,959			50,986	*
Invesco Private Prime Fund			9,746,286			33,335,275			(32,528,008	)			(1,319	)			1,317			10,553,551			138,059	*
Total		$	13,550,402		$	47,093,900		$	(45,984,060	)		$	(1,319	)		$	1,317		$	14,660,240		$	189,772

* 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 February 28, 2023.

^(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 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  21  

Invesco S&P SmallCap Industrials ETF (PSCI)–(continued)

February 28, 2023

(Unaudited)

Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets) as of February 28, 2023
Machinery	29.22
Commercial Services & Supplies	13.00
Building Products	10.22
Trading Companies & Distributors	9.00
Construction & Engineering	8.15
Aerospace & Defense	8.12
Professional Services	6.73
Air Freight & Logistics	5.09
Road & Rail	4.12
Industry Types Each Less Than 3%	6.26
Money Market Funds Plus Other Assets Less Liabilities	0.09

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  22  

Invesco S&P SmallCap Information Technology ETF (PSCT)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.01%
Communications Equipment-9.71%
ADTRAN Holdings, Inc.		173,132	$	3,021,153
Clearfield, Inc.(b)(c)		28,003		1,755,508
Comtech Telecommunications Corp.(c)		67,820		1,084,442
Digi International, Inc.(b)(c)		86,522		2,887,239
Extreme Networks, Inc.(b)(c)		321,860		6,025,219
Harmonic, Inc.(b)(c)		258,350		3,407,637
NETGEAR, Inc.(b)		70,746		1,280,503
NetScout Systems, Inc.(b)(c)		168,201		4,783,636
Viavi Solutions, Inc.(b)(c)		554,633		6,067,685
				30,313,022
Electronic Equipment, Instruments & Components-30.54%
Advanced Energy Industries, Inc.(c)		91,605		8,526,594
Arlo Technologies, Inc.(b)		216,794		823,817
Badger Meter, Inc.(c)		71,711		8,721,492
Benchmark Electronics, Inc.		86,193		2,050,532
CTS Corp.(c)		78,112		3,383,031
ePlus, Inc.(b)		65,916		3,570,670
Fabrinet (Thailand)(b)(c)		89,646		10,925,158
FARO Technologies, Inc.(b)(c)		46,057		1,252,750
Insight Enterprises, Inc.(b)(c)		74,248		9,943,292
Itron, Inc.(b)(c)		110,690		6,173,181
Knowles Corp.(b)(c)		222,829		3,783,637
Methode Electronics, Inc.(c)		89,599		4,366,159
OSI Systems, Inc.(b)(c)		38,404		3,554,290
PC Connection, Inc.		27,713		1,213,829
Plexus Corp.(b)(c)		67,825		6,503,739
Rogers Corp.(b)(c)		46,094		6,785,037
Sanmina Corp.(b)(c)		140,744		8,509,382
ScanSource, Inc.(b)		61,861		1,928,826
TTM Technologies, Inc.(b)(c)		250,407		3,327,909
				95,343,325
IT Services-10.11%
CSG Systems International, Inc.		74,270		4,173,974
EVERTEC, Inc. (Puerto Rico)		159,775		5,881,318
Payoneer Global, Inc.(b)(c)		489,071		2,836,612
Perficient, Inc.(b)(c)		84,835		6,006,318
Sabre Corp.(b)(c)		804,363		4,070,077
TTEC Holdings, Inc.		46,284		1,863,394
Unisys Corp.(b)(c)		166,041		826,884
Verra Mobility Corp.(b)		341,637		5,886,405
				31,544,982
Semiconductors & Semiconductor Equipment-28.78%
Alpha & Omega Semiconductor Ltd.(b)(c)		54,400		1,453,024
Axcelis Technologies, Inc.(b)(c)		80,498		10,347,213
CEVA, Inc.(b)(c)		56,776		1,791,851
Cohu, Inc.(b)(c)		116,731		4,342,393
Diodes, Inc.(b)(c)		111,421		10,216,191
FormFactor, Inc.(b)(c)		188,727		5,680,683
Ichor Holdings Ltd.(b)(c)		70,575		2,325,446
Kulicke & Soffa Industries, Inc. (Singapore)(c)		142,315		7,585,389
MaxLinear, Inc.(b)(c)		177,128		6,059,549
Onto Innovation, Inc.(b)(c)		121,334		10,006,415
PDF Solutions, Inc.(b)		72,338		2,708,335
Photronics, Inc.(b)(c)		151,251		2,665,043
Rambus, Inc.(b)(c)		263,348		11,647,882

	Shares		Value
Semiconductors & Semiconductor Equipment-(continued)
Semtech Corp.(b)(c)		155,634	$	4,795,083
SMART Global Holdings, Inc.(b)		119,122		1,989,337
Ultra Clean Holdings, Inc.(b)(c)		111,458		3,551,052
Veeco Instruments, Inc.(b)(c)		126,047		2,681,020
				89,845,906
Software-19.59%
8x8, Inc.(b)(c)		273,512		1,455,084
A10 Networks, Inc.(c)		156,558		2,382,813
Adeia, Inc.		257,284		2,536,820
Agilysys, Inc.(b)		48,529		3,877,952
Alarm.com Holdings, Inc.(b)(c)		122,299		6,216,458
Cerence, Inc.(b)(c)		96,479		2,641,595
Consensus Cloud Solutions, Inc.(b)(c)		43,242		1,774,652
Digital Turbine, Inc.(b)(c)		220,740		2,370,748
DoubleVerify Holdings, Inc.(b)(c)		181,761		4,774,861
Ebix, Inc.(c)		57,590		1,000,914
InterDigital, Inc.(c)		65,968		4,815,004
LivePerson, Inc.(b)(c)		171,680		1,737,402
LiveRamp Holdings, Inc.(b)		162,860		3,848,382
OneSpan, Inc.(b)(c)		86,527		1,169,845
Progress Software Corp.		105,350		6,051,304
SPS Commerce, Inc.(b)(c)		88,313		13,303,470
Xperi, Inc.(b)(c)		102,250		1,195,303
				61,152,607
Technology Hardware, Storage & Peripherals-1.28%
Avid Technology, Inc.(b)(c)		81,359		2,364,293
Corsair Gaming, Inc.(b)(c)		94,055		1,645,962
				4,010,255
Total Common Stocks & Other Equity Interests (Cost $289,913,756)				312,210,097
Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(d)(e) (Cost $27,772)		27,772		27,772
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $289,941,528)				312,237,869
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-24.68%
Invesco Private Government Fund, 4.58%(d)(e)(f)		21,543,174		21,543,174
Invesco Private Prime Fund, 4.83%(d)(e)(f)		55,477,284		55,488,378
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $77,035,722)				77,031,552
TOTAL INVESTMENTS IN SECURITIES-124.70% (Cost $366,977,250)				389,269,421
OTHER ASSETS LESS LIABILITIES-(24.70)%				(77,110,384	)
NET ASSETS-100.00%.			$	312,159,037

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  23  

Invesco S&P SmallCap Information Technology ETF (PSCT)–(continued)

February 28, 2023

(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 February 28, 2023.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	3,971,318		$	705,662		$	(4,649,208	)		$	-			$	-		$	27,772		$	1,523
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			24,677,602			75,879,574			(79,014,002	)			-				-			21,543,174			370,041	*
Invesco Private Prime Fund			63,456,692			152,523,173			(160,497,150	)			(8,897	)			14,560			55,488,378			1,009,479	*
Total		$	92,105,612		$	229,108,409		$	(244,160,360	)		$	(8,897	)		$	14,560		$	77,059,324		$	1,381,043

* 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 February 28, 2023.

^(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 2I.

Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets) as of February 28, 2023
Electronic Equipment, Instruments & Components	30.54
Semiconductors & Semiconductor Equipment	28.78
Software	19.59
IT Services	10.11
Communications Equipment	9.71
Technology Hardware, Storage & Peripherals	1.28
Money Market Funds Plus Other Assets Less Liabilities	(0.01	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  24  

Invesco S&P SmallCap Materials ETF (PSCM)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.88%
Chemicals-50.31%
AdvanSix, Inc.		9,461	$	389,320
American Vanguard Corp.		9,544		199,183
Balchem Corp.		10,984		1,427,920
FutureFuel Corp.		8,861		77,534
H.B. Fuller Co		18,226		1,271,446
Hawkins, Inc.		6,493		264,070
Innospec, Inc.		8,466		926,688
Koppers Holdings, Inc.		7,172		257,403
Livent Corp.(b)(c)		61,317		1,437,884
Mativ Holdings, Inc., Class A		18,856		488,559
Minerals Technologies, Inc.		11,157		677,788
Quaker Chemical Corp.(c)		4,487		878,465
Rayonier Advanced Materials, Inc.(b)		21,955		180,031
Stepan Co		7,071		736,020
Tredegar Corp.		8,635		100,339
Trinseo PLC		12,002		278,206
				9,590,856
Containers & Packaging-7.88%
Myers Industries, Inc.		12,525		323,646
O-I Glass, Inc.(b)(c)		53,043		1,178,616
				1,502,262
Metals & Mining-36.81%
Arconic Corp.(b)		34,889		922,465
ATI, Inc.(b)(c)		44,240		1,798,356
Carpenter Technology Corp.		16,655		804,936
Century Aluminum Co.(b)		17,556		211,901
Compass Minerals International, Inc.		11,679		449,992
Haynes International, Inc.		4,277		233,995
Kaiser Aluminum Corp.(c)		5,470		433,880
Materion Corp.		7,060		788,461
Olympic Steel, Inc.		3,285		172,463
SunCoke Energy, Inc.		28,623		272,205
TimkenSteel Corp.(b)(c)		13,583		248,433
Warrior Met Coal, Inc.		17,764		679,828
				7,016,915

	Shares		Value
Paper & Forest Products-4.88%
Clearwater Paper Corp.(b)		5,745	$	221,699
Mercer International, Inc. (Germany)		13,852		149,325
Sylvamo Corp.(c)		11,352		559,994
				931,018
Total Common Stocks & Other Equity Interests (Cost $18,043,422)				19,041,051
Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(d)(e) (Cost $1,763)		1,763		1,763
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.89% (Cost $18,045,185)				19,042,814
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-31.12%
Invesco Private Government Fund, 4.58%(d)(e)(f)		1,661,157		1,661,157
Invesco Private Prime Fund, 4.83%(d)(e)(f)		4,270,692		4,271,546
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $5,932,780)				5,932,703
TOTAL INVESTMENTS IN SECURITIES-131.01% (Cost $23,977,965)				24,975,517
OTHER ASSETS LESS LIABILITIES-(31.01)%				(5,911,035	)
NET ASSETS-100.00%			$	19,064,482

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 February 28, 2023.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value February 28, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	169,949		$	(168,186	)		$	-		$	-		$	1,763		$	115

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  25  

Invesco S&P SmallCap Materials ETF (PSCM)–(continued)

February 28, 2023

(Unaudited)

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	822,594		$	7,668,723		$	(6,830,160	)		$	-			$	-		$	1,661,157		$	15,350	*
Invesco Private Prime Fund			2,115,243			15,824,839			(13,668,835	)			(227	)			526			4,271,546			42,278	*
Total		$	2,937,837		$	23,663,511		$	(20,667,181	)		$	(227	)		$	526		$	5,934,466		$	57,743

* 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 February 28, 2023.

^(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 2I.

Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets) as of February 28, 2023
Chemicals	50.31
Metals & Mining	36.81
Containers & Packaging	7.88
Paper & Forest Products	4.88
Money Market Funds Plus Other Assets Less Liabilities	0.12

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  26  

Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Diversified Telecommunication Services-8.62%
ATN International, Inc.(b)		5,927	$	249,230
Cogent Communications Holdings, Inc.		22,544		1,459,499
Consolidated Communications Holdings, Inc.(c)		40,840		123,745
				1,832,474
Electric Utilities-7.67%
Otter Tail Corp.(b)		23,022		1,632,030
Entertainment-4.81%
Cinemark Holdings, Inc.(b)(c)		59,269		806,651
Marcus Corp. (The)(b)		13,491		217,070
				1,023,721
Gas Utilities-9.17%
Chesapeake Utilities Corp.		7,905		1,012,552
Northwest Natural Holding Co		19,409		938,231
				1,950,783
Interactive Media & Services-14.78%
Cars.com, Inc.(b)(c)		34,256		657,715
QuinStreet, Inc.(b)(c)		27,883		473,175
Shutterstock, Inc.		13,270		998,169
Yelp, Inc.(b)(c)		33,809		1,014,946
				3,144,005
Media-12.75%
AMC Networks, Inc., Class A(c)		15,501		346,602
E.W. Scripps Co. (The), Class A(c)		32,053		404,509
Gannett Co., Inc.(b)(c)		80,788		244,788
Scholastic Corp.		16,438		749,737
TechTarget, Inc.(c)		14,919		562,894
Thryv Holdings, Inc.(b)(c)		16,967		404,493
				2,713,023
Multi-Utilities-9.79%
Avista Corp.		38,925		1,600,596
Unitil Corp.		8,870		481,818
				2,082,414

	Shares		Value
Water Utilities-23.78%
American States Water Co		19,501	$	1,741,439
California Water Service Group		28,926		1,655,724
Middlesex Water Co		9,754		746,181
SJW Group		11,967		914,758
				5,058,102
Wireless Telecommunication Services-8.61%
Gogo, Inc.(b)(c)		35,893		590,799
Shenandoah Telecommunications Co.(b)		27,704		540,782
Telephone & Data Systems, Inc.		55,195		700,425
				1,832,006
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.98% (Cost $22,355,344)				21,268,558
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-22.21%
Invesco Private Government Fund, 4.58%(d)(e)(f)		1,322,879		1,322,879
Invesco Private Prime Fund, 4.83%(d)(e)(f)		3,401,009		3,401,689
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $4,724,750)				4,724,568
TOTAL INVESTMENTS IN SECURITIES-122.19% (Cost $27,080,094)				25,993,126
OTHER ASSETS LESS LIABILITIES-(22.19)%				(4,721,255	)
NET ASSETS-100.00%			$	21,271,871

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  All or a portion of this security was out on loan at February 28, 2023.

^(c)  Non-income producing security.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value February 28, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	247,732		$	(247,732	)		$	-		$	-		$	-		$	185

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  27  

Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)–(continued)

February 28, 2023

(Unaudited)

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	962,400		$	5,670,000		$	(5,309,521	)		$	-			$	-		$	1,322,879		$	22,560	*
Invesco Private Prime Fund			2,474,743			13,431,851			(12,505,505	)			(335	)			935			3,401,689			61,215	*
Total		$	3,437,143		$	19,349,583		$	(18,062,758	)		$	(335	)		$	935		$	4,724,568		$	83,960

* 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 February 28, 2023.

^(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 2I.

Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets) as of February 28, 2023
Water Utilities	23.78
Interactive Media & Services	14.78
Media	12.75
Multi-Utilities	9.79
Gas Utilities	9.17
Diversified Telecommunication Services	8.62
Wireless Telecommunication Services	8.61
Electric Utilities	7.67
Entertainment	4.81
Money Market Funds Plus Other Assets Less Liabilities	0.02

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  28  

(This Page Intentionally Left Blank)

  29  

Statements of Assets and Liabilities

February 28, 2023

(Unaudited)

	Invesco DWA SmallCap Momentum   ETF (DWAS)				Invesco S&P SmallCap Consumer Discretionary   ETF (PSCD)				Invesco S&P SmallCap Consumer Staples   ETF (PSCC)				Invesco S&P SmallCap Energy   ETF (PSCE)
Assets:
Unaffiliated investments in securities, at value(a)		$	392,104,757			$	26,521,106			$	54,659,908			$	132,413,337
Affiliated investments in securities, at value(a)			85,038,468				8,758,304				9,877,424				26,547,785
Receivable for:
Dividends			196,806				24,030				21,638				48,038
Securities lending			29,601				5,733				2,989				4,621
Investments sold			-				-				-				615,878
Investments sold - affiliated broker			-				-				-				-
Total assets			477,369,632				35,309,173				64,561,959				159,629,659
Liabilities:
Due to custodian			-				-				-				-
Payable for:
Investments purchased			-				-				-				-
Investments purchased - affiliated broker			-				-				-				-
Collateral upon return of securities loaned			84,703,309				8,748,663				9,863,526				26,364,684
Fund shares repurchased			-				-				-				616,712
Accrued unitary management fees			184,739				5,949				12,740				30,541
Total liabilities			84,888,048				8,754,612				9,876,266				27,011,937
Net Assets		$	392,481,584			$	26,554,561			$	54,685,693			$	132,617,722
Net assets consist of:
Shares of beneficial interest		$	803,580,464			$	47,938,053			$	64,315,218			$	194,818,946
Distributable earnings (loss)			(411,098,880	)			(21,383,492	)			(9,629,525	)			(62,201,224	)
Net Assets		$	392,481,584			$	26,554,561			$	54,685,693			$	132,617,722
Shares outstanding (unlimited amount authorized, $0.01 par value)			5,100,000				290,000				500,000				12,920,000
Net asset value		$	76.96			$	91.57			$	109.37			$	10.26
Market price		$	77.07			$	91.63			$	109.56			$	10.27
Unaffiliated investments in securities, at cost		$	338,692,303			$	32,841,169			$	53,415,241			$	135,956,758
Affiliated investments in securities, at cost		$	85,044,085			$	8,757,989			$	9,878,186			$	26,549,076
(a) Includes securities on loan with an aggregate value of:		$	82,102,020			$	8,516,183			$	9,641,563			$	25,552,875

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  30  

Invesco S&P SmallCap Financials     ETF (PSCF)				Invesco S&P SmallCap Health Care   ETF (PSCH)				Invesco S&P SmallCap Industrials    ETF (PSCI)				Invesco S&P SmallCap Information Technology    ETF (PSCT)			Invesco S&P SmallCap Materials   ETF  (PSCM)				Invesco S&P SmallCap Utilities & Communication Services    ETF (PSCU)
	$	28,198,254			$	319,460,508			$	75,902,412			$	312,210,097		$	19,041,051		$	21,268,558
		8,317,146				74,134,256				14,660,240				77,059,324			5,934,466			4,724,568
		25,917				42,098				49,678				64,166			25,669			39,143
		1,027				11,240				1,691				11,560			352			476
		310,856				-				-				4,483,487			-			-
		-				-				-				1,327,726			-			-
		36,853,200				393,648,102				90,614,021				395,156,360			25,001,538			26,032,745
		-				-				-				-			-			31,272
		148,913				-				-				5,889,481			-			-
		188,046				-				-				-			-			-
		8,243,549				73,932,898				14,626,236				77,035,722			5,932,780			4,724,750
		-				-				-				-			-			-
		6,540				73,551				17,102				72,120			4,276			4,852
		8,587,048				74,006,449				14,643,338				82,997,323			5,937,056			4,760,874
	$	28,266,152			$	319,641,653			$	75,970,683			$	312,159,037		$	19,064,482		$	21,271,871
	$	38,606,249			$	472,529,405			$	80,614,958			$	290,379,195		$	21,863,585		$	32,097,436
		(10,340,097	)			(152,887,752	)			(4,644,275	)			21,779,842			(2,799,103	)		(10,825,565	)
	$	28,266,152			$	319,641,653			$	75,970,683			$	312,159,037		$	19,064,482		$	21,271,871
		560,000				2,350,000				770,000				2,390,000			270,000			370,000
	$	50.48			$	136.02			$	98.66			$	130.61		$	70.61		$	57.49
	$	50.55			$	136.08			$	98.71			$	130.37		$	70.69		$	57.46
	$	31,634,733			$	369,444,920			$	77,417,202			$	289,913,756		$	18,043,422		$	22,355,344
	$	8,632,191			$	74,137,858			$	14,660,966			$	77,063,494		$	5,934,543		$	4,724,750
	$	7,735,435			$	70,873,453			$	14,367,414			$	74,812,219		$	5,801,357		$	4,607,809

  31  

Statements of Operations

For the six months ended February 28, 2023

(Unaudited)

	Invesco DWA SmallCap Momentum ETF (DWAS)			Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)			Invesco S&P SmallCap Consumer Staples ETF (PSCC)			Invesco S&P SmallCap Energy ETF (PSCE)
Investment income:
Unaffiliated dividend income	$	2,117,517		$	193,597		$	554,400		$	1,918,171
Affiliated dividend income		4,385			157			321			1,132
Securities lending income, net		327,712			17,593			28,607			19,261
Foreign withholding tax		(3,630	)		-			-			(471	)
Total investment income		2,445,984			211,347			583,328			1,938,093
Expenses:
Unitary management fees		1,172,223			34,923			84,627			194,441
Less: Waivers		(103	)		(4	)		(11	)		(29	)
Net expenses		1,172,120			34,919			84,616			194,412
Net investment income (loss)		1,273,864			176,428			498,712			1,743,681
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(31,490,768	)		(1,567,521	)		(1,324,559	)		(1,164,627	)
Affiliated investment securities		14,351			675			2,952			1,782
Unaffiliated in-kind redemptions		8,669,333			(706,687	)		2,233,775			6,121,509
Affiliated in-kind redemptions		-			-			-			-
Net realized gain (loss)		(22,807,084	)		(2,273,533	)		912,168			4,958,664
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		27,064,866			5,269,431			2,681,521			(1,416,421	)
Affiliated investment securities		(10,105	)		(119	)		(1,484	)		(2,525	)
Change in net unrealized appreciation (depreciation)		27,054,761			5,269,312			2,680,037			(1,418,946	)
Net realized and unrealized gain (loss)		4,247,677			2,995,779			3,592,205			3,539,718
Net increase (decrease) in net assets resulting from operations	$	5,521,541		$	3,172,207		$	4,090,917		$	5,283,399

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  32  

Invesco S&P SmallCap Financials ETF (PSCF)			Invesco S&P SmallCap Health Care ETF (PSCH)			Invesco S&P SmallCap Industrials ETF (PSCI)			Invesco S&P SmallCap Information Technology ETF (PSCT)			Invesco S&P SmallCap Materials ETF (PSCM)			Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)
$	628,355		$	217,832		$	361,353		$	474,807		$	111,274		$	219,594
	6,342			6,997			727			1,523			115			185
	6,153			85,174			8,392			67,392			2,705			3,759
	(907	)		-			-			-			-			-
	639,943			310,003			370,472			543,722			114,094			223,538
	46,766			466,333			102,179			464,398			27,067			29,984
	(8	)		(126	)		(25	)		(82	)		(3	)		(5	)
	46,758			466,207			102,154			464,316			27,064			29,979
	593,185			(156,204	)		268,318			79,406			87,030			193,559
	(1,294,130	)		(9,050,721	)		(945,523	)		(12,867,233	)		(542,616	)		(220,114	)
	(38,084	)		18,685			1,317			14,560			526			935
	281,221			16,730,582			1,482,925			27,196,910			503,930			440,857
	(17,636	)		-			-			-			-			-
	(1,068,629	)		7,698,546			538,719			14,344,237			(38,160	)		221,678
	699,672			(18,932,955	)		8,834,891			(1,226,629	)		2,096,974			(391,777	)
	39,132			(8,075	)		(1,319	)		(8,897	)		(227	)		(335	)
	738,804			(18,941,030	)		8,833,572			(1,235,526	)		2,096,747			(392,112	)
	(329,825	)		(11,242,484	)		9,372,291			13,108,711			2,058,587			(170,434	)
$	263,360		$	(11,398,688	)	$	9,640,609		$	13,188,117		$	2,145,617		$	23,125

  33  

Statements of Changes in Net Assets

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)

	Invesco DWA SmallCap Momentum ETF (DWAS)								Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)
	Six Months  Ended February 28, 2023				Year Ended August 31, 2022				Six Months  Ended February 28, 2023				Year Ended August 31, 2022
Operations:
Net investment income		$	1,273,864			$	2,755,953			$	176,428			$	439,722
Net realized gain (loss)			(22,807,084	)			(50,715,729	)			(2,273,533	)			(6,288,341	)
Change in net unrealized appreciation (depreciation)			27,054,761				(22,137,318	)			5,269,312				(7,297,669	)
Net increase (decrease) in net assets resulting from operations			5,521,541				(70,097,094	)			3,172,207				(13,146,288	)
Distributions to Shareholders from:
Distributable earnings			(2,110,781	)			(1,517,201	)			(195,540	)			(447,217	)
Shareholder Transactions:
Proceeds from shares sold			57,044,782				463,001,703				953,106				7,543,321
Value of shares repurchased			(58,054,064	)			(457,120,808	)			(2,445,787	)			(34,786,413	)
Net increase (decrease) in net assets resulting from share transactions			(1,009,282	)			5,880,895				(1,492,681	)			(27,243,092	)
Net increase (decrease) in net assets			2,401,478				(65,733,400	)			1,483,986				(40,836,597	)
Net assets:
Beginning of period			390,080,106				455,813,506				25,070,575				65,907,172
End of period		$	392,481,584			$	390,080,106			$	26,554,561			$	25,070,575
Changes in Shares Outstanding:
Shares sold			750,000				5,300,000				10,000				70,000
Shares repurchased			(770,000	)			(5,410,000	)			(30,000	)			(340,000	)
Shares outstanding, beginning of period			5,120,000				5,230,000				310,000				580,000
Shares outstanding, end of period			5,100,000				5,120,000				290,000				310,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  34  

Invesco S&P SmallCap Consumer Staples ETF (PSCC)								Invesco S&P SmallCap Energy ETF (PSCE)								Invesco S&P SmallCap Financials ETF (PSCF)
Six Months  Ended February 28, 2023				Year Ended August 31, 2022				Six Months  Ended February 28, 2023				Year Ended August 31, 2022				Six Months  Ended February 28, 2023				Year Ended August 31, 2022
	$	498,712			$	596,630			$	1,743,681			$	1,467,801			$	593,185			$	1,068,215
		912,168				2,826,943				4,958,664				31,449,358				(1,068,629	)			1,182,983
		2,680,037				(3,374,723	)			(1,418,946	)			14,790,884				738,804				(7,753,659	)
		4,090,917				48,850				5,283,399				47,708,043				263,360				(5,502,461	)
		(476,955	)			(553,632	)			(1,648,543	)			(1,206,030	)			(441,956	)			(1,022,746	)
		4,346,021				35,437,137				23,698,187				124,402,426				-				3,600,462
		(14,721,792	)			(20,467,022	)			(32,908,059	)			(138,300,452	)			(9,330,492	)			(9,588,046	)
		(10,375,771	)			14,970,115				(9,209,872	)			(13,898,026	)			(9,330,492	)			(5,987,584	)
		(6,761,809	)			14,465,333				(5,575,016	)			32,603,987				(9,509,088	)			(12,512,791	)
		61,447,502				46,982,169				138,192,738				105,588,751				37,775,240				50,288,031
	$	54,685,693			$	61,447,502			$	132,617,722			$	138,192,738			$	28,266,152			$	37,775,240
		40,000				340,000				2,250,000				13,590,000				-				60,000
		(140,000	)			(200,000	)			(3,290,000	)			(15,850,000	)			(190,000	)			(170,000	)
		600,000				460,000				13,960,000				16,220,000				750,000				860,000
		500,000				600,000				12,920,000				13,960,000				560,000				750,000

  35  

Statements of Changes in Net Assets–(continued)

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)

	Invesco S&P SmallCap Health Care ETF (PSCH)								Invesco S&P SmallCap Industrials ETF (PSCI)
	Six Months  Ended February 28, 2023				Year Ended August 31, 2022				Six Months  Ended February 28, 2023				Year Ended August 31, 2022
Operations:
Net investment income (loss)		$	(156,204	)		$	(622,166	)		$	268,318			$	712,672
Net realized gain (loss)			7,698,546				(19,561,105	)			538,719				14,501,472
Change in net unrealized appreciation (depreciation)			(18,941,030	)			(112,442,742	)			8,833,572				(24,332,319	)
Net increase (decrease) in net assets resulting from operations			(11,398,688	)			(132,626,013	)			9,640,609				(9,118,175	)
Distributions to Shareholders from:
Distributable earnings			-				-				(381,296	)			(699,479	)
Shareholder Transactions:
Proceeds from shares sold			30,844,398				7,487,611				9,065,937				15,464,593
Value of shares repurchased			(36,304,883	)			(64,464,356	)			(10,962,038	)			(61,875,092	)
Net increase (decrease) in net assets resulting from share transactions			(5,460,485	)			(56,976,745	)			(1,896,101	)			(46,410,499	)
Net increase (decrease) in net assets			(16,859,173	)			(189,602,758	)			7,363,212				(56,228,153	)
Net assets:
Beginning of period			336,500,826				526,103,584				68,607,471				124,835,624
End of period		$	319,641,653			$	336,500,826			$	75,970,683			$	68,607,471
Changes in Shares Outstanding:
Shares sold			230,000				50,000				100,000				170,000
Shares repurchased			(270,000	)			(410,000	)			(120,000	)			(700,000	)
Shares outstanding, beginning of period			2,390,000				2,750,000				790,000				1,320,000
Shares outstanding, end of period			2,350,000				2,390,000				770,000				790,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  36  

Invesco S&P SmallCap Information Technology ETF (PSCT)								Invesco S&P SmallCap Materials ETF (PSCM)								Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)
Six Months  Ended February 28, 2023				Year Ended August 31, 2022				Six Months  Ended February 28, 2023				Year Ended August 31, 2022				Six Months  Ended February 28, 2023				Year Ended August 31, 2022
	$	79,406			$	(13,844	)		$	87,030			$	175,509			$	193,559			$	359,772
		14,344,237				32,822,062				(38,160	)			1,246,272				221,678				(917,613	)
		(1,235,526	)			(116,978,472	)			2,096,747				(2,175,429	)			(392,112	)			(2,859,129	)
		13,188,117				(84,170,254	)			2,145,617				(753,648	)			23,125				(3,416,970	)
		-				-				(100,271	)			(157,069	)			(198,106	)			(801,868	)
		17,082,603				84,981,270				1,866,616				1,349,387				2,297,924				6,686,321
		(101,315,949	)			(94,763,303	)			(3,774,029	)			(9,223,604	)			(3,503,957	)			(6,848,398	)
		(84,233,346	)			(9,782,033	)			(1,907,413	)			(7,874,217	)			(1,206,033	)			(162,077	)
		(71,045,229	)			(93,952,287	)			137,933				(8,784,934	)			(1,381,014	)			(4,380,915	)
		383,204,266				477,156,553				18,926,549				27,711,483				22,652,885				27,033,800
	$	312,159,037			$	383,204,266			$	19,064,482			$	18,926,549			$	21,271,871			$	22,652,885
		150,000				580,000				30,000				20,000				40,000				100,000
		(890,000	)			(690,000	)			(60,000	)			(140,000	)			(60,000	)			(110,000	)
		3,130,000				3,240,000				300,000				420,000				390,000				400,000
		2,390,000				3,130,000				270,000				300,000				370,000				390,000

  37  

Financial Highlights

Invesco DWA SmallCap Momentum ETF (DWAS)

	Six Months Ended February 28, 2023				Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	76.19			$	87.15			$	59.33			$	53.34			$	59.34			$	48.11			$	35.42
Net investment income (loss)(a)			0.24				0.53				0.03				0.20				(0.01	)			(0.01	)			0.14
Net realized and unrealized gain (loss) on investments			0.93				(11.20	)			27.88				5.97				(5.99	)			11.34				12.71
Total from investment operations			1.17				(10.67	)			27.91				6.17				(6.00	)			11.33				12.85
Distributions to shareholders from:
Net investment income			(0.40	)			(0.29	)			(0.09	)			(0.18	)			-				(0.10	)			(0.16	)
Net asset value at end of period		$	76.96			$	76.19			$	87.15			$	59.33			$	53.34			$	59.34			$	48.11
Market price at end of period(b)		$	77.07			$	76.21			$	87.07			$	59.39			$	53.34			$	59.36			$	48.16
Net Asset Value Total Return(c)			1.56	%			(12.25	)%			47.07	%			11.65	%			(10.11	)%			23.60	%			36.38	%
Market Price Total Return(c)			1.69	%			(12.15	)%			46.79	%			11.77	%			(10.14	)%			23.51	%			36.60	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	392,482			$	390,080			$	455,814			$	234,373			$	264,010			$	453,972			$	228,517
Ratio to average net assets of:
Expenses			0.60	%(d)			0.60	%			0.60	%			0.60	%			0.60	%			0.60	%(d)			0.60	%
Net investment income (loss)			0.65	%(d)			0.63	%			0.03	%			0.39	%			(0.03	)%			(0.02	)%(d)			0.34	%
Portfolio turnover rate(e)			98	%			175	%			198	%			185	%			159	%			100	%			131	%

^(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.

  38  

Financial Highlights–(continued)

Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)

	Six Months Ended February 28, 2023				Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	80.87			$	113.63			$	64.90			$	57.37			$	71.32			$	55.45			$	46.40
Net investment income(a)			0.60				1.04				0.47				0.61				0.57				0.56				0.66
Net realized and unrealized gain (loss) on investments.			10.75				(32.74	)			48.59				7.57				(13.81	)			15.78				9.12
Total from investment operations			11.35				(31.70	)			49.06				8.18				(13.24	)			16.34				9.78
Distributions to shareholders from:
Net investment income			(0.65	)			(1.06	)			(0.33	)			(0.65	)			(0.71	)			(0.47	)			(0.73	)
Net asset value at end of period		$	91.57			$	80.87			$	113.63			$	64.90			$	57.37			$	71.32			$	55.45
Market price at end of period(b)		$	91.63			$	80.85			$	113.46			$	64.92			$	57.36			$	71.31			$	55.51
Net Asset Value Total Return(c)			14.18	%			(28.01	)%			75.74	%			14.68	%			(18.57	)%			29.58	%			21.15	%
Market Price Total Return(c)			14.28	%			(27.91	)%			75.42	%			14.74	%			(18.58	)%			29.43	%			21.26	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	26,555			$	25,071			$	65,907			$	19,470			$	22,949			$	92,718			$	66,543
Ratio to average net assets of:
Expenses			0.29	%(d)			0.30	%			0.29	%			0.29	%			0.30	%(e)			0.29	%(d)			0.29	%
Net investment income			1.47	%(d)			1.04	%			0.44	%			1.08	%			0.93	%(e)			1.07	%(d)			1.25	%
Portfolio turnover rate(f)			6	%			24	%			33	%			27	%			27	%			9	%			19	%

^(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)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(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.

  39  

Financial Highlights–(continued)

Invesco S&P SmallCap Consumer Staples ETF (PSCC)

	Six Months Ended February 28, 2023				Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	102.41			$	102.14			$	78.36			$	71.88			$	85.41			$	72.47			$	63.05
Net investment income(a)			0.88				1.25				1.55				1.21				1.09				0.56				0.94
Net realized and unrealized gain (loss) on investments.			6.88				0.22	(b)			23.85				6.60				(13.48	)			12.91				9.64
Total from investment operations			7.76				1.47				25.40				7.81				(12.39	)			13.47				10.58
Distributions to shareholders from:
Net investment income			(0.80	)			(1.20	)			(1.62	)			(1.33	)			(1.14	)			(0.53	)			(1.16	)
Net asset value at end of period		$	109.37			$	102.41			$	102.14			$	78.36			$	71.88			$	85.41			$	72.47
Market price at end of period(c)		$	109.56			$	102.43			$	102.02			$	78.57			$	71.66			$	85.34			$	72.54
Net Asset Value Total Return(d)			7.65	%			1.48	%			32.77	%			10.97	%			(14.52	)%			18.70	%			16.88	%
Market Price Total Return(d)			7.82	%			1.62	%			32.27	%			11.60	%			(14.71	)%			18.49	%			17.11	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	54,686			$	61,448			$	46,982			$	39,182			$	46,722			$	89,681			$	54,350
Ratio to average net assets of:
Expenses			0.29	%(e)			0.29	%			0.29	%			0.29	%			0.30	%(f)			0.29	%(e)			0.29	%
Net investment income			1.71	%(e)			1.21	%			1.64	%			1.66	%			1.41	%(f)			0.89	%(e)			1.38	%
Portfolio turnover rate(g)			11	%			20	%			30	%			40	%			59	%			42	%			62	%

^(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)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(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.

  40  

Financial Highlights–(continued)

Invesco S&P SmallCap Energy ETF (PSCE)

	Six Months Ended February 28, 2023				Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	9.90			$	6.51			$	3.50			$	6.97			$	16.34			$	14.26			$	16.73
Net investment income (loss)(a)			0.13				0.09				0.03				0.05				(0.02	)			(0.00	)(b)			(0.01	)
Net realized and unrealized gain (loss) on investments			0.36				3.37				3.00				(3.49	)			(9.33	)			2.09				(2.44	)
Total from investment operations			0.49				3.46				3.03				(3.44	)			(9.35	)			2.09				(2.45	)
Distributions to shareholders from:
Net investment income			(0.13	)			(0.07	)			(0.02	)			(0.03	)			(0.02	)			(0.01	)			(0.01	)
Return of capital			-				-				-				-				-				-				(0.01	)
Total distributions			(0.13	)			(0.07	)			(0.02	)			(0.03	)			(0.02	)			(0.01	)			(0.02	)
Net asset value at end of period		$	10.26			$	9.90			$	6.51			$	3.50			$	6.97			$	16.34			$	14.26
Market price at end of period(c)		$	10.27			$	9.90			$	6.52			$	3.52			$	6.98			$	16.33			$	14.30
Net Asset Value Total Return(d)			5.01	%			53.42	%			87.13	%			(49.31	)%			(57.29	)%			14.64	%			(14.69	)%
Market Price Total Return(d)			5.12	%			53.18	%			86.35	%			(49.09	)%			(57.20	)%			14.25	%			(14.55	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	132,618			$	138,193			$	105,589			$	14,713			$	19,523			$	60,475			$	48,477
Ratio to average net assets of:
Expenses			0.29	%(e)			0.29	%			0.29	%			0.29	%			0.31	%(f)			0.29	%(e)			0.29	%
Net investment income (loss)			2.60	%(e)			1.04	%			0.43	%			1.01	%			(0.20	)%(f)			0.04	%(e)			(0.05	)%
Portfolio turnover rate(g)			28	%			58	%			26	%			74	%			48	%			40	%			39	%

^(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)  Ratios include non-recurring costs associated with a proxy statement of 0.02%.

^(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.

  41  

Financial Highlights–(continued)

Invesco S&P SmallCap Financials ETF (PSCF)

	Six Months Ended February 28, 2023				Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	50.37			$	58.47			$	40.46			$	52.62			$	60.04			$	54.25			$	43.73
Net investment income(a)			0.90				1.32				1.06				1.45				1.48				1.05				1.25
Net realized and unrealized gain (loss) on investments			(0.19	)			(8.16	)			18.07				(10.89	)			(6.48	)			5.63				10.58
Total from investment operations			0.71				(6.84	)			19.13				(9.44	)			(5.00	)			6.68				11.83
Distributions to shareholders from:
Net investment income			(0.60	)			(1.26	)			(1.12	)			(2.23	)			(1.85	)			(0.89	)			(1.09	)
Net realized gains			-				-				-				(0.49	)			(0.57	)			-				(0.22	)
Total distributions			(0.60	)			(1.26	)			(1.12	)			(2.72	)			(2.42	)			(0.89	)			(1.31	)
Net asset value at end of period		$	50.48			$	50.37			$	58.47			$	40.46			$	52.62			$	60.04			$	54.25
Market price at end of period(b)		$	50.55			$	50.38			$	58.39			$	40.54			$	52.54			$	60.09			$	54.31
Net Asset Value Total Return(c)			1.44	%			(11.81	)%			47.97	%			(18.02	)%			(8.05	)%			12.44	%			27.23	%
Market Price Total Return(c)			1.56	%			(11.67	)%			47.48	%			(17.72	)%			(8.27	)%			12.41	%			27.37	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	28,266			$	37,775			$	50,288			$	26,297			$	123,655			$	267,169			$	254,975
Ratio to average net assets of:
Expenses			0.29	%(d)			0.29	%			0.29	%			0.29	%			0.30	%(e)			0.29	%(d)			0.29	%
Net investment income			3.68	%(d)			2.33	%			2.01	%			2.83	%			2.73	%(e)			2.26	%(d)			2.44	%
Portfolio turnover rate(f)			11	%			19	%			19	%			31	%			16	%			17	%			21	%

^(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)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(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.

  42  

Financial Highlights–(continued)

Invesco S&P SmallCap Health Care ETF (PSCH)

	Six Months Ended February 28, 2023				Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	140.80			$	191.31			$	132.74			$	114.85			$	144.76			$	91.43			$	67.03
Net investment income (loss)(a)			(0.07	)			(0.24	)			(0.28	)			(0.22	)			(0.16	)			(0.04	)			(0.03	)
Net realized and unrealized gain (loss) on investments			(4.71	)			(50.27	)			58.85				18.11				(29.74	)			53.37				24.45
Total from investment operations			(4.78	)			(50.51	)			58.57				17.89				(29.90	)			53.33				24.42
Distributions to shareholders from:
Net investment income			-				-				-				-				(0.01	)			-				(0.02	)
Net asset value at end of period		$	136.02			$	140.80			$	191.31			$	132.74			$	114.85			$	144.76			$	91.43
Market price at end of period(b)		$	136.08			$	140.82			$	190.92			$	132.83			$	114.81			$	144.99			$	91.58
Net Asset Value Total Return(c)			(3.40	)%			(26.40	)%			44.13	%			15.58	%			(20.66	)%			58.32	%			36.44	%
Market Price Total Return(c)			(3.37	)%			(26.24	)%			43.72	%			15.69	%			(20.82	)%			58.31	%			36.72	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	319,642			$	336,501			$	526,104			$	384,957			$	465,142			$	1,172,569			$	237,717
Ratio to average net assets of:
Expenses			0.29	%(d)			0.29	%			0.29	%			0.29	%			0.29	%			0.29	%(d)			0.29	%
Net investment income (loss)			(0.10	)%(d)			(0.15	)%			(0.16	)%			(0.18	)%			(0.13	)%			(0.04	)%(d)			(0.04	)%
Portfolio turnover rate(e)			10	%			31	%			30	%			19	%			36	%			20	%			19	%

^(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 and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  43  

Financial Highlights–(continued)

Invesco S&P SmallCap Industrials ETF (PSCI)

	Six Months Ended February 28, 2023				Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	86.84			$	94.57			$	65.95			$	64.17			$	75.22			$	62.13			$	47.51
Net investment income(a)			0.34				0.69				0.64				0.47				0.37				0.36				0.53
Net realized and unrealized gain (loss) on investments			11.97				(7.78	)			28.53				1.81				(11.03	)			13.07				14.62
Total from investment operations			12.31				(7.09	)			29.17				2.28				(10.66	)			13.43				15.15
Distributions to shareholders from:
Net investment income			(0.49	)			(0.64	)			(0.55	)			(0.50	)			(0.39	)			(0.34	)			(0.53	)
Net asset value at end of period		$	98.66			$	86.84			$	94.57			$	65.95			$	64.17			$	75.22			$	62.13
Market price at end of period(b)		$	98.71			$	86.84			$	94.49			$	66.05			$	64.21			$	75.25			$	62.21
Net Asset Value Total Return(c)			14.25	%			(7.52	)%			44.37	%			3.68	%			(14.16	)%			21.69	%			32.00	%
Market Price Total Return(c)			14.31	%			(7.43	)%			44.03	%			3.76	%			(14.14	)%			21.59	%			32.42	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	75,971			$	68,607			$	124,836			$	46,168			$	54,547			$	154,205			$	99,414
Ratio to average net assets of:
Expenses			0.29	%(d)			0.29	%			0.29	%			0.29	%			0.30	%(e)			0.29	%(d)			0.29	%
Net investment income			0.76	%(d)			0.75	%			0.74	%			0.74	%			0.58	%(e)			0.66	%(d)			0.94	%
Portfolio turnover rate(f)			6	%			15	%			9	%			10	%			9	%			2	%			7	%

^(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)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(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.

  44  

Financial Highlights–(continued)

Invesco S&P SmallCap Information Technology ETF (PSCT)

	Six Months Ended February 28, 2023				Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	122.43			$	147.27			$	90.57			$	83.13			$	89.80			$	81.13			$	61.26
Net investment income(a)			0.03				(0.00	)(b)			0.04				0.11				0.25				0.27				0.19
Net realized and unrealized gain (loss) on investments			8.15				(24.84	)			56.72				7.46				(6.62	)			8.69				19.83
Total from investment operations			8.18				(24.84	)			56.76				7.57				(6.37	)			8.96				20.02
Distributions to shareholders from:
Net investment income			-				-				(0.06	)			(0.13	)			(0.30	)			(0.29	)			(0.15	)
Net asset value at end of period		$	130.61			$	122.43			$	147.27			$	90.57			$	83.13			$	89.80			$	81.13
Market price at end of period(c)		$	130.37			$	122.55			$	147.28			$	90.67			$	83.05			$	89.71			$	81.23
Net Asset Value Total Return(d)			6.68	%			(16.87	)%			62.70	%			9.12	%			(7.08	)%			11.09	%			32.71	%
Market Price Total Return(d)			6.38	%			(16.79	)%			62.54	%			9.35	%			(7.08	)%			10.85	%			32.84	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	312,159			$	383,204			$	477,157			$	244,541			$	303,408			$	475,958			$	575,996
Ratio to average net assets of:
Expenses			0.29	%(e)			0.29	%			0.29	%			0.29	%			0.29	%			0.29	%(e)			0.29	%
Net investment income			0.05	%(e)			(0.00	)%			0.03	%			0.13	%			0.32	%			0.40	%(e)			0.26	%
Portfolio turnover rate(f)			10	%			18	%			16	%			19	%			11	%			15	%			16	%

^(a)  Based on average shares outstanding.

^(b)  Amount represents less than $(0.005) per share.

^(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.

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Financial Highlights–(continued)

Invesco S&P SmallCap Materials ETF (PSCM)

	Six Months Ended February 28, 2023				Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	63.09			$	65.98			$	42.14			$	40.93			$	55.57			$	50.96			$	38.70
Net investment income(a)			0.30				0.51				0.61				0.66				0.44				0.40				0.41
Net realized and unrealized gain (loss) on investments			7.55				(2.94	)			23.97				1.27				(14.56	)			4.54				12.19
Total from investment operations			7.85				(2.43	)			24.58				1.93				(14.12	)			4.94				12.60
Distributions to shareholders from:
Net investment income			(0.33	)			(0.46	)			(0.74	)			(0.72	)			(0.52	)			(0.33	)			(0.34	)
Net asset value at end of period		$	70.61			$	63.09			$	65.98			$	42.14			$	40.93			$	55.57			$	50.96
Market price at end of period(b)		$	70.69			$	63.05			$	65.88			$	41.99			$	40.91			$	55.57			$	51.00
Net Asset Value Total Return(c)			12.52	%			(3.69	)%			58.70	%			4.91	%			(25.50	)%			9.73	%			32.62	%
Market Price Total Return(c)			12.72	%			(3.60	)%			59.03	%			4.59	%			(25.54	)%			9.65	%			32.48	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	19,064			$	18,927			$	27,711			$	8,429			$	14,327			$	30,566			$	48,411
Ratio to average net assets of:
Expenses			0.29	%(d)			0.29	%			0.29	%			0.29	%			0.32	%(e)			0.29	%(d)			0.29	%
Net investment income			0.93	%(d)			0.78	%			1.00	%			1.58	%			0.93	%(e)			0.91	%(d)			0.87	%
Portfolio turnover rate(f)			9	%			21	%			25	%			25	%			24	%			9	%			21	%

^(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)  Ratios include non-recurring costs associated with a proxy statement of 0.03%.

^(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.

  46  

Financial Highlights–(continued)

Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)

	Six Months Ended February 28, 2023				Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	58.08			$	67.58			$	48.85			$	53.08			$	55.80			$	55.67			$	45.61
Net investment income(a)			0.52				0.88				1.75	(b)			0.91				1.22				1.14				0.87
Net realized and unrealized gain (loss) on investments			(0.58	)			(8.44	)			17.63				(4.03	)			(2.70	)			0.23				11.81
Total from investment operations			(0.06	)			(7.56	)			19.38				(3.12	)			(1.48	)			1.37				12.68
Distributions to shareholders from:
Net investment income			(0.53	)			(1.94	)			(0.65	)			(1.11	)			(1.24	)			(1.24	)			(0.86	)
Net realized gains			-				-				-				-				-				-				(1.76	)
Total distributions			(0.53	)			(1.94	)			(0.65	)			(1.11	)			(1.24	)			(1.24	)			(2.62	)
Net asset value at end of period		$	57.49			$	58.08			$	67.58			$	48.85			$	53.08			$	55.80			$	55.67
Market price at end of period(c)		$	57.46			$	58.08			$	67.44			$	48.91			$	53.01			$	55.82			$	55.70
Net Asset Value Total Return(d)			(0.06	)%			(11.42	)%			40.03	%			(5.94	)%			(2.58	)%			2.55	%			28.66	%
Market Price Total Return(d)			(0.11	)%			(11.23	)%			39.57	%			(5.70	)%			(2.74	)%			2.54	%			28.83	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	21,272			$	22,653			$	27,034			$	21,985			$	50,421			$	61,381			$	52,887
Ratio to average net assets of:
Expenses			0.29	%(e)			0.29	%			0.29	%			0.29	%			0.30	%(f)			0.29	%(e)			0.29	%
Net investment income			1.87	%(e)			1.38	%			2.98	%(b)			1.78	%			2.27	%(f)			2.58	%(e)			1.73	%
Portfolio turnover rate(g)			28	%			40	%			70	%			64	%			66	%			48	%			48	%

^(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 $0.69 and 1.17%, 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)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(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.

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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 28, 2023

(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 DWA SmallCap Momentum ETF (DWAS)	“DWA SmallCap Momentum ETF”
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)	“S&P SmallCap Consumer Discretionary ETF”
Invesco S&P SmallCap Consumer Staples ETF (PSCC)	“S&P SmallCap Consumer Staples ETF”
Invesco S&P SmallCap Energy ETF (PSCE)	“S&P SmallCap Energy ETF”
Invesco S&P SmallCap Financials ETF (PSCF)	“S&P SmallCap Financials ETF”
Invesco S&P SmallCap Health Care ETF (PSCH)	“S&P SmallCap Health Care ETF”
Invesco S&P SmallCap Industrials ETF (PSCI)	“S&P SmallCap Industrials ETF”
Invesco S&P SmallCap Information Technology ETF (PSCT)	“S&P SmallCap Information Technology ETF”
Invesco S&P SmallCap Materials ETF (PSCM)	“S&P SmallCap Materials ETF”
Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)	“S&P SmallCap Utilities & Communication Services 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 Nasdaq Stock Market LLC.

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.” Creation Units are issued and redeemed principally in exchange for 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
DWA SmallCap Momentum ETF	Dorsey Wright® SmallCap Technical Leaders Index
S&P SmallCap Consumer Discretionary ETF	S&P SmallCap 600® Capped Consumer Discretionary Index
S&P SmallCap Consumer Staples ETF	S&P SmallCap 600® Capped Consumer Staples Index
S&P SmallCap Energy ETF	S&P SmallCap 600® Capped Energy Index
S&P SmallCap Financials ETF	S&P SmallCap 600® Capped Financials & Real Estate Index
S&P SmallCap Health Care ETF	S&P SmallCap 600® Capped Health Care Index
S&P SmallCap Industrials ETF	S&P SmallCap 600® Capped Industrials Index
S&P SmallCap Information Technology ETF	S&P SmallCap 600® Capped Information Technology Index
S&P SmallCap Materials ETF	S&P SmallCap 600® Capped Materials Index
S&P SmallCap Utilities & Communication Services ETF	S&P SmallCap 600® Capped Utilities & Communication Services 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 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 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

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settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

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 last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked 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/asked 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, acts of terrorism, 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

  49  

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 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.

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F. Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay 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 (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.

G. 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.

H. 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 (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.

I. 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 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 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 February 28, 2023, each Fund had affiliated securities lending transactions with Invesco. Fees paid to

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Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:

	Amount
DWA SmallCap Momentum ETF	$	27,525
S&P SmallCap Consumer Discretionary ETF		760
S&P SmallCap Consumer Staples ETF		1,838
S&P SmallCap Energy ETF		1,226
S&P SmallCap Financials ETF		412
S&P SmallCap Health Care ETF		3,895
S&P SmallCap Industrials ETF		555
S&P SmallCap Information Technology ETF		3,718
S&P SmallCap Materials ETF		162
S&P SmallCap Utilities & Communication Services ETF		218

J. Other Risks

Authorized Participant 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. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

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.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its 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. 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.

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.

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Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflict, acts of terrorism, economic crisis or other events could result in increased premiums or discounts to each Fund’s NAV.

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.

Non-Diversified Fund Risk. Because S&P SmallCap Consumer Staples ETF, S&P SmallCap Energy ETF, S&P SmallCap Materials ETF and S&P SmallCap Utilities & Communication Services ETF are non-diversified, and to the extent DWA SmallCap Momentum ETF becomes 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 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.

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.

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

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 has agreed to pay for substantially all expenses of the Funds, including the cost 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 (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)
DWA SmallCap Momentum ETF	0.60%
S&P SmallCap Consumer Discretionary ETF	0.29%
S&P SmallCap Consumer Staples ETF	0.29%
S&P SmallCap Energy ETF	0.29%
S&P SmallCap Financials ETF	0.29%
S&P SmallCap Health Care ETF	0.29%
S&P SmallCap Industrials ETF	0.29%
S&P SmallCap Information Technology ETF	0.29%
S&P SmallCap Materials ETF	0.29%
S&P SmallCap Utilities & Communication Services ETF	0.29%

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Through at least August 31, 2025, 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 February 28, 2023, the Adviser waived fees for each Fund in the following amounts:

DWA SmallCap Momentum ETF	$	103
S&P SmallCap Consumer Discretionary ETF		4
S&P SmallCap Consumer Staples ETF		11
S&P SmallCap Energy ETF		29
S&P SmallCap Financials ETF		8
S&P SmallCap Health Care ETF		126
S&P SmallCap Industrials ETF		25
S&P SmallCap Information Technology ETF		82
S&P SmallCap Materials ETF		3
S&P SmallCap Utilities & Communication Services ETF		5

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 for each Fund with the following entities (each, a “Licensor”):

Fund	Licensor
DWA SmallCap Momentum ETF	Dorsey, Wright & Associates, LLC
S&P SmallCap Consumer Discretionary ETF	S&P Dow Jones Indices, LLC
S&P SmallCap Consumer Staples ETF	S&P Dow Jones Indices, LLC
S&P SmallCap Energy ETF	S&P Dow Jones Indices, LLC
S&P SmallCap Financials ETF	S&P Dow Jones Indices, LLC
S&P SmallCap Health Care ETF	S&P Dow Jones Indices, LLC
S&P SmallCap Industrials ETF	S&P Dow Jones Indices, LLC
S&P SmallCap Information Technology ETF	S&P Dow Jones Indices, LLC
S&P SmallCap Materials ETF	S&P Dow Jones Indices, LLC
S&P SmallCap Utilities & Communication Services 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 February 28, 2023, the following 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:

DWA SmallCap Momentum ETF	$	118,617
S&P SmallCap Consumer Discretionary ETF		918
S&P SmallCap Consumer Staples ETF		1,458
S&P SmallCap Energy ETF		18,484
S&P SmallCap Financials ETF		1,817
S&P SmallCap Health Care ETF		7,944
S&P SmallCap Industrials ETF		1,899
S&P SmallCap Information Technology ETF		18,632
S&P SmallCap Materials ETF		396
S&P SmallCap Utilities & Communication Services ETF		1,207

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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–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 February 28, 2023, the following Funds engaged in transactions with affiliates as listed below:

	Securities Purchases			Securities Sales			Net Realized Gains (Losses)*
DWA SmallCap Momentum ETF		$	-		$	412,313		$	(12,875	)
S&P SmallCap Consumer Staples ETF			1,779,561			-			-
S&P SmallCap Energy ETF			-			409,233			(74,149	)
S&P SmallCap Financials ETF			62,187			-			-
S&P SmallCap Industrials ETF			499,812			-			-
S&P SmallCap Information Technology ETF			389,115			236,513			(40,832	)

* Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.

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.
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 February 28, 2023. 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
DWA SmallCap Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	392,104,757		$	-		$	-		$	392,104,757
Money Market Funds			340,776			84,697,692			-			85,038,468
Total Investments		$	392,445,533		$	84,697,692		$	-		$	477,143,225
S&P SmallCap Consumer Discretionary ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	26,521,106		$	-		$	-		$	26,521,106
Money Market Funds			9,326			8,748,978			-			8,758,304
Total Investments		$	26,530,432		$	8,748,978		$	-		$	35,279,410

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	Level 1			Level 2			Level 3			Total
S&P SmallCap Consumer Staples ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	54,659,908		$	-		$	-		$	54,659,908
Money Market Funds			14,660			9,862,764			-			9,877,424
Total Investments		$	54,674,568		$	9,862,764		$	-		$	64,537,332
S&P SmallCap Energy ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	132,413,337		$	-		$	-		$	132,413,337
Money Market Funds			184,392			26,363,393			-			26,547,785
Total Investments		$	132,597,729		$	26,363,393		$	-		$	158,961,122
S&P SmallCap Financials ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	28,252,684		$	-		$	-		$	28,252,684
Money Market Funds			19,494			8,243,222			-			8,262,716
Total Investments		$	28,272,178		$	8,243,222		$	-		$	36,515,400
S&P SmallCap Health Care ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	319,460,508		$	-		$	0		$	319,460,508
Money Market Funds			204,960			73,929,296			-			74,134,256
Total Investments		$	319,665,468		$	73,929,296		$	0		$	393,594,764
S&P SmallCap Industrials ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	75,902,412		$	-		$	-		$	75,902,412
Money Market Funds			34,730			14,625,510			-			14,660,240
Total Investments		$	75,937,142		$	14,625,510		$	-		$	90,562,652
S&P SmallCap Information Technology ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	312,210,097		$	-		$	-		$	312,210,097
Money Market Funds			27,772			77,031,552			-			77,059,324
Total Investments		$	312,237,869		$	77,031,552		$	-		$	389,269,421
S&P SmallCap Materials ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	19,041,051		$	-		$	-		$	19,041,051
Money Market Funds			1,763			5,932,703			-			5,934,466
Total Investments		$	19,042,814		$	5,932,703		$	-		$	24,975,517
S&P SmallCap Utilities & Communication Services ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	21,268,558		$	-		$	-		$	21,268,558
Money Market Funds			-			4,724,568			-			4,724,568
Total Investments		$	21,268,558		$	4,724,568		$	-		$	25,993,126

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.

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The Funds had capital loss carryforwards as of August 31, 2022, as follows:

	No expiration
	Short-Term		Long-Term		Total*
DWA SmallCap Momentum ETF	$	440,102,569	$	45,960	$	440,148,529
S&P SmallCap Consumer Discretionary ETF		2,159,956		10,436,938		12,596,894
S&P SmallCap Consumer Staples ETF		4,237,213		6,754,844		10,992,057
S&P SmallCap Energy ETF		10,833,106		51,631,416		62,464,522
S&P SmallCap Financials ETF		447,162		4,212,979		4,660,141
S&P SmallCap Health Care ETF		24,423,292		76,059,837		100,483,129
S&P SmallCap Industrials ETF		14,359		2,922,064		2,936,423
S&P SmallCap Information Technology ETF		834,231		2,255,768		3,089,999
S&P SmallCap Materials ETF		-		3,487,141		3,487,141
S&P SmallCap Utilities & Communication Services ETF		2,477,348		6,214,119		8,691,467

* 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 February 28, 2023, 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
DWA SmallCap Momentum ETF	$	384,228,160	$	384,944,872
S&P SmallCap Consumer Discretionary ETF		1,584,553		1,610,899
S&P SmallCap Consumer Staples ETF		6,361,370		6,319,497
S&P SmallCap Energy ETF		40,116,115		38,850,638
S&P SmallCap Financials ETF		3,738,978		3,575,841
S&P SmallCap Health Care ETF		32,633,697		31,594,924
S&P SmallCap Industrials ETF		4,847,140		4,532,892
S&P SmallCap Information Technology ETF		34,325,856		33,686,257
S&P SmallCap Materials ETF		1,653,711		1,681,248
S&P SmallCap Utilities & Communication Services ETF		6,000,628		5,965,133

For the six months ended February 28, 2023, in-kind transactions associated with creations and redemptions were as follows:

	In-kind Purchases		In-kind Sales
DWA SmallCap Momentum ETF	$	56,984,833	$	58,035,034
S&P SmallCap Consumer Discretionary ETF		952,863		2,444,956
S&P SmallCap Consumer Staples ETF		4,344,692		14,714,759
S&P SmallCap Energy ETF		23,681,890		32,914,317
S&P SmallCap Financials ETF		-		9,302,562
S&P SmallCap Health Care ETF		30,551,424		37,357,954
S&P SmallCap Industrials ETF		9,059,786		11,386,617
S&P SmallCap Information Technology ETF		17,080,303		101,815,349
S&P SmallCap Materials ETF		1,865,950		3,771,824
S&P SmallCap Utilities & Communication Services ETF		2,295,835		3,513,429

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

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As of February 28, 2023, the aggregate cost of investments, including any derivatives, on a tax basis 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
DWA SmallCap Momentum ETF	$	65,168,543	$	(13,672,507	)	$	51,496,036		$	425,647,189
S&P SmallCap Consumer Discretionary ETF		1,510,713		(8,064,465	)		(6,553,752	)		41,833,162
S&P SmallCap Consumer Staples ETF		6,149,086		(5,835,717	)		313,369			64,223,963
S&P SmallCap Energy ETF		10,433,002		(15,694,347	)		(5,261,345	)		164,222,467
S&P SmallCap Financials ETF		2,005,974		(6,802,624	)		(4,796,650	)		41,312,050
S&P SmallCap Health Care ETF		41,771,626		(101,353,060	)		(59,581,434	)		453,176,198
S&P SmallCap Industrials ETF		9,097,823		(11,412,017	)		(2,314,194	)		92,876,846
S&P SmallCap Information Technology ETF		64,657,440		(54,207,085	)		10,450,355			378,819,066
S&P SmallCap Materials ETF		2,807,657		(2,116,981	)		690,676			24,284,841
S&P SmallCap Utilities & Communication Services ETF		1,047,379		(3,469,501	)		(2,422,122	)		28,415,248

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. The Trustee who is an “interested person” of the Trust does 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 consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

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.

  58  

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay 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 (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2022 through February 28, 2023.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transaction costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning Account Value   September 1, 2022			Ending Account Value   February 28, 2023			Annualized Expense Ratio Based on the   Six-Month Period			Expenses Paid During the   Six-Month Period(1)
Invesco DWA SmallCap Momentum ETF (DWAS)
Actual		$	1,000.00		$	1,015.60		0.60	%		$	3.00
Hypothetical (5% return before expenses)			1,000.00			1,021.82		0.60				3.01
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)
Actual			1,000.00			1,141.80		0.29				1.54
Hypothetical (5% return before expenses)			1,000.00			1,023.36		0.29				1.45
Invesco S&P SmallCap Consumer Staples ETF (PSCC)
Actual			1,000.00			1,076.50		0.29				1.49
Hypothetical (5% return before expenses)			1,000.00			1,023.36		0.29				1.45
Invesco S&P SmallCap Energy ETF (PSCE)
Actual			1,000.00			1,050.10		0.29				1.47
Hypothetical (5% return before expenses)			1,000.00			1,023.36		0.29				1.45
Invesco S&P SmallCap Financials ETF (PSCF)
Actual			1,000.00			1,014.40		0.29				1.45
Hypothetical (5% return before expenses)			1,000.00			1,023.36		0.29				1.45

  59  

Calculating your ongoing Fund expenses–(continued)

	Beginning Account Value   September 1, 2022			Ending Account Value   February 28, 2023			Annualized Expense Ratio Based on the   Six-Month Period			Expenses Paid During the   Six-Month Period(1)
Invesco S&P SmallCap Health Care ETF (PSCH)
Actual		$	1,000.00		$	966.00		0.29	%		$	1.41
Hypothetical (5% return before expenses)			1,000.00			1,023.36		0.29				1.45
Invesco S&P SmallCap Industrials ETF (PSCI)
Actual			1,000.00			1,142.50		0.29				1.54
Hypothetical (5% return before expenses)			1,000.00			1,023.36		0.29				1.45
Invesco S&P SmallCap Information Technology ETF (PSCT)
Actual			1,000.00			1,066.80		0.29				1.49
Hypothetical (5% return before expenses)			1,000.00			1,023.36		0.29				1.45
Invesco S&P SmallCap Materials ETF (PSCM)
Actual			1,000.00			1,125.20		0.29				1.53
Hypothetical (5% return before expenses)			1,000.00			1,023.36		0.29				1.45
Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)
Actual			1,000.00			999.40		0.29				1.44
Hypothetical (5% return before expenses)			1,000.00			1,023.36		0.29				1.45

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended February 28, 2023. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.

  60  

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Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

©2023 Invesco Capital Management LLC 3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-SCS-SAR-1	invesco.com/ETFs

  Invesco Semi-Annual Report to Shareholders   February 28, 2023   IBBQ      Invesco Nasdaq Biotechnology ETF   SOXQ     Invesco PHLX Semiconductor ETF   TAN        Invesco Solar ETF

Table of Contents

Schedules of Investments
Invesco Nasdaq Biotechnology ETF (IBBQ)	3
Invesco PHLX Semiconductor ETF (SOXQ)	7
Invesco Solar ETF (TAN)	9
Statements of Assets and Liabilities	12
Statements of Operations	13
Statements of Changes in Net Assets	14
Financial Highlights	15
Notes to Financial Statements	18
Fund Expenses	28

  2  

Invesco Nasdaq Biotechnology ETF (IBBQ)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.90%
Biotechnology-80.16%
2seventy bio, Inc.(b)(c)		719	$	9,699
4D Molecular Therapeutics, Inc.(b)		614		11,813
89bio, Inc.(b)		882		12,013
Abcam PLC, ADR (United Kingdom)(b)		586		8,444
Acadia Pharmaceuticals, Inc.(b)(c)		3,049		63,084
Acumen Pharmaceuticals, Inc.(b)		776		4,090
Adaptimmune Therapeutics PLC, ADR(b)(c)		2,742		4,853
Adicet Bio, Inc.(b)(c)		812		6,399
ADMA Biologics, Inc.(b)(c)		4,182		14,846
Affimed N.V. (Germany)(b)(c)		2,831		2,574
Agios Pharmaceuticals, Inc.(b)		1,039		26,297
Akero Therapeutics, Inc.(b)		879		40,003
Alaunos Therapeutics, Inc.(b)		4,558		2,530
Alector, Inc.(b)		1,568		13,391
Alkermes PLC(b)		3,109		83,135
Allakos, Inc.(b)		1,615		9,609
Allogene Therapeutics, Inc.(b)(c)		2,734		17,361
Allovir, Inc.(b)(c)		1,766		11,920
Alnylam Pharmaceuticals, Inc.(b)		2,329		445,887
Alpine Immune Sciences, Inc.(b)(c)		870		6,934
Altimmune, Inc.(b)(c)		932		11,734
ALX Oncology Holdings, Inc.(b)(c)		773		5,117
Amarin Corp. PLC, ADR (Ireland)(b)		7,611		15,450
Amgen, Inc.		5,765		1,335,520
Amicus Therapeutics, Inc.(b)(c)		5,303		69,947
AnaptysBio, Inc.(b)(c)		539		13,421
Anavex Life Sciences Corp.(b)(c)		1,478		14,071
Annexon, Inc.(b)(c)		903		4,813
Apellis Pharmaceuticals, Inc.(b)		2,091		136,919
Arbutus Biopharma Corp.(b)		2,966		8,245
Arcellx, Inc.(b)(c)		831		23,276
Arcturus Therapeutics Holdings, Inc.(b)(c)		502		8,158
Arcutis Biotherapeutics, Inc.(b)(c)		1,155		18,688
Ardelyx, Inc.(b)		3,554		10,236
Argenx SE, ADR (Netherlands)(b)		588		215,220
Arrowhead Pharmaceuticals, Inc.(b)(c)		2,000		64,600
ARS Pharmaceuticals, Inc.(b)		1,778		15,860
Ascendis Pharma A/S, ADR (Denmark)(b)		1,056		117,311
Atara Biotherapeutics, Inc.(b)(c)		1,799		7,286
Aurinia Pharmaceuticals, Inc. (Canada)(b)		2,694		24,488
Avidity Biosciences, Inc.(b)		1,258		29,815
Beam Therapeutics, Inc.(b)(c)		1,327		53,398
BeiGene Ltd., ADR (China)(b)(c)		906		203,515
BELLUS Health, Inc. (Canada)(b)		2,385		18,364
Bicycle Therapeutics PLC, ADR (United Kingdom)(b)(c)		484		11,001
BioAtla, Inc.(b)		875		2,608
BioCryst Pharmaceuticals, Inc.(b)(c)		3,524		31,187
Biogen, Inc.(b)		2,705		729,971
BioMarin Pharmaceutical, Inc.(b)		3,518		350,358
Biomea Fusion, Inc.(b)		557		7,152
BioNTech SE, ADR (Germany)		1,741		226,417
Bluebird Bio, Inc.(b)		1,959		10,187
Blueprint Medicines Corp.(b)		1,125		47,666
Bridgebio Pharma, Inc.(b)(c)		2,819		32,193
C4 Therapeutics, Inc.(b)(c)		928		4,891
Caribou Biosciences, Inc.(b)		1,157		7,046

	Shares		Value
Biotechnology-(continued)
Centessa Pharmaceuticals PLC, ADR(b)(c)		995	$	3,502
Century Therapeutics, Inc.(b)(c)		1,118		5,042
Chinook Therapeutics, Inc.(b)(c)		1,212		26,446
Cogent Biosciences, Inc.(b)		1,325		17,530
Coherus Biosciences, Inc.(b)(c)		1,475		9,986
Compass Pathways PLC, ADR (United Kingdom)(b)(c)		449		3,704
Concert Pharmaceuticals, Inc.(b)		1,184		9,922
Crinetics Pharmaceuticals, Inc.(b)(c)		1,020		20,033
CRISPR Therapeutics AG (Switzerland)(b)(c)		1,478		72,895
Cullinan Oncology, Inc.(b)		868		9,800
CureVac N.V. (Germany)(b)		4,206		36,340
Cytokinetics, Inc.(b)(c)		1,784		77,354
Day One Biopharmaceuticals, Inc.(b)(c)		1,394		25,677
Deciphera Pharmaceuticals, Inc.(b)		1,405		20,372
Denali Therapeutics, Inc.(b)(c)		2,565		69,640
Design Therapeutics, Inc.(b)		1,060		7,494
Dyne Therapeutics, Inc.(b)		988		12,725
Eagle Pharmaceuticals, Inc.(b)		247		6,916
Editas Medicine, Inc.(b)(c)		1,304		11,788
Eiger BioPharmaceuticals, Inc.(b)		836		1,572
Enanta Pharmaceuticals, Inc.(b)		394		19,109
EQRx, Inc.(b)		9,260		20,928
Erasca, Inc.(b)(c)		2,610		9,396
Evelo Biosciences, Inc.(b)(c)		2,078		1,288
Exelixis, Inc.(b)(c)		6,100		104,188
Exscientia PLC, ADR (United Kingdom)(b)		685		4,459
Fate Therapeutics, Inc.(b)		1,842		11,273
FibroGen, Inc.(b)(c)		1,776		39,427
Foghorn Therapeutics, Inc.(b)(c)		793		4,544
G1 Therapeutics, Inc.(b)		960		3,475
Galapagos N.V., ADR (Belgium)(b)		254		9,521
Generation Bio Co.(b)		1,127		4,463
Genmab A/S, ADR (Denmark)(b)		810		30,424
Geron Corp.(b)(c)		8,278		23,013
Gilead Sciences, Inc.		18,800		1,513,964
Gossamer Bio., Inc.(b)(c)		1,791		3,098
Gracell Biotechnologies, Inc., ADR (China)(b)		1,264		2,541
Graphite Bio, Inc.(b)		1,103		2,901
GreenLight Biosciences Holdings PBC(b)		2,873		1,379
Grifols S.A., ADR (Spain)(b)		2,108		18,255
Gritstone bio, Inc.(b)(c)		1,581		3,873
Halozyme Therapeutics, Inc.(b)(c)		2,559		122,806
HilleVax, Inc.(b)		632		10,649
Horizon Therapeutics PLC(b)		4,290		469,712
Humacyte, Inc.(b)		1,955		5,982
Ideaya Biosciences, Inc.(b)(c)		912		16,097
IGM Biosciences, Inc.(b)		552		11,603
I-Mab, ADR (China)(b)		1,033		4,442
Immuneering Corp., Class A(b)(c)		501		2,450
ImmunityBio, Inc.(b)		7,539		18,395
Immunocore Holdings PLC, ADR (United Kingdom)(b)(c)		486		26,657
ImmunoGen, Inc.(b)		4,185		16,238
Immunovant, Inc.(b)(c)		2,443		42,679
Incyte Corp.(b)		4,211		324,163
Inhibrx, Inc.(b)		826		19,874
Inovio Pharmaceuticals, Inc.(b)		4,730		5,960

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  3  

Invesco Nasdaq Biotechnology ETF (IBBQ)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Biotechnology-(continued)
Insmed, Inc.(b)(c)		2,549	$	51,949
Instil Bio, Inc.(b)		2,460		1,912
Intellia Therapeutics, Inc.(b)		1,484		59,612
Intercept Pharmaceuticals, Inc.(b)		785		15,841
Invivyd, Inc.(b)(c)		2,066		3,595
Ionis Pharmaceuticals, Inc.(b)(c)		2,683		96,320
Iovance Biotherapeutics, Inc.(b)		2,992		21,812
Ironwood Pharmaceuticals, Inc.(b)		2,901		32,694
iTeos Therapeutics, Inc.(b)		674		11,937
IVERIC bio, Inc.(b)(c)		2,570		53,405
Karuna Therapeutics, Inc.(b)(c)		649		129,424
Karyopharm Therapeutics, Inc.(b)		2,154		6,505
Keros Therapeutics, Inc.(b)(c)		522		27,781
Kezar Life Sciences, Inc.(b)		1,296		8,152
Kiniksa Pharmaceuticals Ltd., Class A(b)		655		8,423
Kinnate Biopharma, Inc.(b)		837		4,419
Kodiak Sciences, Inc.(b)		992		6,448
Krystal Biotech, Inc.(b)(c)		488		39,972
Kura Oncology, Inc.(b)		1,294		15,424
Kymera Therapeutics, Inc.(b)(c)		1,034		32,447
Legend Biotech Corp., ADR(b)(c)		1,223		56,478
Lexicon Pharmaceuticals, Inc.(b)(c)		3,578		8,051
Lyell Immunopharma, Inc.(b)(c)		4,727		10,163
MacroGenics, Inc.(b)		1,166		7,101
Madrigal Pharmaceuticals, Inc.(b)(c)		323		87,536
MannKind Corp.(b)(c)		4,990		26,347
MeiraGTx Holdings PLC(b)		848		6,547
Mersana Therapeutics, Inc.(b)		1,892		11,466
Merus N.V. (Netherlands)(b)(c)		878		16,743
Mirati Therapeutics, Inc.(b)(c)		1,085		49,736
Mirum Pharmaceuticals, Inc.(b)		699		16,433
Moderna, Inc.(b)		7,269		1,009,010
Monte Rosa Therapeutics, Inc.(b)(c)		918		5,581
Morphic Holding, Inc.(b)(c)		727		30,912
Myriad Genetics, Inc.(b)		1,536		29,061
Neurocrine Biosciences, Inc.(b)		1,817		187,333
Nkarta, Inc.(b)(c)		925		3,885
Novavax, Inc.(b)(c)		1,488		13,779
Nurix Therapeutics, Inc.(b)		894		8,430
Nuvalent, Inc., Class A(b)(c)		965		29,230
Omega Therapeutics, Inc.(b)		911		5,885
OmniAb, Inc.(b)(d)		125		0
OmniAb, Inc.(b)(d)		125		0
PepGen, Inc.(b)		448		6,841
PMV Pharmaceuticals, Inc.(b)(c)		866		6,244
Poseida Therapeutics, Inc.(b)(c)		1,630		9,275
Precigen, Inc.(b)		4,703		5,926
Prelude Therapeutics, Inc.(b)		691		3,911
Prometheus Biosciences, Inc.(b)(c)		877		107,336
Protagonist Therapeutics, Inc.(b)		933		15,133
Prothena Corp. PLC (Ireland)(b)		910		50,742
PTC Therapeutics, Inc.(b)(c)		1,357		59,260
RAPT Therapeutics, Inc.(b)		644		18,966
Recursion Pharmaceuticals, Inc., Class A(b)(c)		3,429		27,946
Regeneron Pharmaceuticals, Inc.(b)		2,026		1,540,611
REGENXBIO, Inc.(b)		821		18,267
Relay Therapeutics, Inc.(b)(c)		2,273		36,709
Repare Therapeutics, Inc. (Canada)(b)(c)		796		8,159
Replimune Group, Inc.(b)		1,068		23,389
REVOLUTION Medicines, Inc.(b)(c)		1,680		44,957

	Shares		Value
Biotechnology-(continued)
Rhythm Pharmaceuticals, Inc.(b)(c)		1,068	$	25,963
Rocket Pharmaceuticals, Inc.(b)(c)		1,428		27,432
Roivant Sciences Ltd.(b)		13,717		110,971
Sage Therapeutics, Inc.(b)(c)		1,119		46,595
Sana Biotechnology, Inc.(b)(c)		3,616		13,271
Sangamo Therapeutics, Inc.(b)(c)		3,107		9,476
Sarepta Therapeutics, Inc.(b)		1,662		202,980
Scholar Rock Holding Corp.(b)(c)		979		8,400
Seagen, Inc.(b)		3,515		631,610
Selecta Biosciences, Inc.(b)(c)		2,901		4,729
Seres Therapeutics, Inc.(b)		2,362		11,928
SpringWorks Therapeutics, Inc.(b)(c)		1,177		37,546
Stoke Therapeutics, Inc.(b)		748		6,650
Summit Therapeutics, Inc.(b)		3,817		6,871
Sutro Biopharma, Inc.(b)		1,090		6,148
Syndax Pharmaceuticals, Inc.(b)(c)		1,278		32,397
Tango Therapeutics, Inc.(b)(c)		1,672		8,745
Travere Therapeutics, Inc.(b)(c)		1,217		26,969
Twist Bioscience Corp.(b)(c)		1,072		20,861
Ultragenyx Pharmaceutical, Inc.(b)		1,326		58,994
uniQure N.V. (Netherlands)(b)		888		18,612
United Therapeutics Corp.(b)		863		212,333
UroGen Pharma Ltd.(b)		438		4,511
Vanda Pharmaceuticals, Inc.(b)		1,073		6,910
Vaxcyte, Inc.(b)		1,488		60,963
Veracyte, Inc.(b)(c)		1,357		33,396
Vertex Pharmaceuticals, Inc.(b)		4,857		1,409,939
Verve Therapeutics, Inc.(b)(c)		1,168		22,192
Vir Biotechnology, Inc.(b)(c)		2,513		57,296
Xencor, Inc.(b)(c)		1,134		36,435
Xenon Pharmaceuticals, Inc. (Canada)(b)(c)		1,176		46,405
Zai Lab Ltd., ADR (China)(b)		1,303		48,406
Zentalis Pharmaceuticals, Inc.(b)		1,082		20,482
				15,566,842
Health Care Equipment & Supplies-0.82%
Cue Health, Inc.(b)		2,833		6,091
Novocure Ltd.(b)(c)		1,984		152,709
				158,800
Health Care Providers & Services-0.47%
23andMe Holding Co., Class A(b)		5,436		13,644
Castle Biosciences, Inc.(b)(c)		500		12,590
Guardant Health, Inc.(b)		1,933		59,710
PetIQ, Inc.(b)(c)		549		5,117
				91,061
Life Sciences Tools & Services-4.97%
AbCellera Biologics, Inc. (Canada)(b)		5,386		45,242
Absci Corp.(b)		1,752		3,714
Adaptive Biotechnologies Corp.(b)(c)		2,711		23,179
Codexis, Inc.(b)		1,245		6,020
Illumina, Inc.(b)		2,978		593,218
Maravai LifeSciences Holdings, Inc., Class A(b)		2,491		36,742
MaxCyte, Inc.(b)		1,935		8,785
Medpace Holdings, Inc.(b)(c)		588		114,001
NanoString Technologies, Inc.(b)		884		8,628
Nautilus Biotechnology, Inc.(b)		2,365		5,014
Pacific Biosciences of California, Inc.(b)(c)		4,269		38,763

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  4  

Invesco Nasdaq Biotechnology ETF (IBBQ)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Life Sciences Tools & Services-(continued)
Quantum-Si, Inc.(b)		2,273	$	4,137
Syneos Health, Inc.(b)		1,943		78,147
				965,590
Pharmaceuticals-13.48%
Aclaris Therapeutics, Inc.(b)		1,264		15,749
Amphastar Pharmaceuticals, Inc.(b)		916		29,184
Amylyx Pharmaceuticals, Inc.(b)(c)		1,248		43,455
ANI Pharmaceuticals, Inc.(b)		331		13,849
Arvinas, Inc.(b)(c)		1,009		30,926
AstraZeneca PLC, ADR (United Kingdom)		11,565		753,807
ATAI Life Sciences N.V. (Germany)(b)		3,145		5,284
Atea Pharmaceuticals, Inc.(b)(c)		1,579		5,590
Avadel Pharmaceuticals PLC, ADR(b)(c)		1,153		11,472
Axsome Therapeutics, Inc.(b)(c)		818		55,779
Cara Therapeutics, Inc.(b)(c)		1,019		10,353
Collegium Pharmaceutical, Inc.(b)(c)		636		16,873
Cymabay Therapeutics, Inc.(b)(c)		1,797		14,376
DICE Therapeutics, Inc.(b)		898		26,796
Edgewise Therapeutics, Inc.(b)(c)		1,198		11,477
Esperion Therapeutics, Inc.(b)		1,397		8,633
Evolus, Inc.(b)		1,066		9,669
Fulcrum Therapeutics, Inc.(b)		1,165		7,037
Harmony Biosciences Holdings, Inc.(b)(c)		1,119		49,270
Harrow Health, Inc.(b)(c)		520		9,318
Hutchmed China Ltd., ADR (China)(b)		701		11,602
Innoviva, Inc.(b)(c)		1,323		15,969
Intra-Cellular Therapies, Inc.(b)		1,789		87,715
Jazz Pharmaceuticals PLC(b)		1,190		167,076
Ligand Pharmaceuticals, Inc.(b)		320		23,085
Marinus Pharmaceuticals, Inc.(b)(c)		905		6,244
Nektar Therapeutics(b)		3,498		4,827
NGM Biopharmaceuticals, Inc.(b)(c)		1,549		7,342
Ocular Therapeutix, Inc.(b)(c)		1,460		8,818
Omeros Corp.(b)(c)		1,189		4,482
Optinose, Inc.(b)		2,082		3,748
Pacira BioSciences, Inc.(b)		869		36,993
Phathom Pharmaceuticals, Inc.(b)(c)		789		6,754
Phibro Animal Health Corp., Class A		386		6,064

	Shares		Value
Pharmaceuticals-(continued)
Pliant Therapeutics, Inc.(b)		1,081	$	34,441
Provention Bio, Inc.(b)(c)		1,653		13,720
Reata Pharmaceuticals, Inc., Class A(b)(c)		600		18,702
Revance Therapeutics, Inc.(b)(c)		1,548		53,716
Royalty Pharma PLC, Class A		8,352		299,419
Sanofi, ADR		5,470		256,269
SIGA Technologies, Inc.(c)		1,384		9,480
Supernus Pharmaceuticals, Inc.(b)		1,019		38,304
Tarsus Pharmaceuticals, Inc.(b)		506		7,838
Terns Pharmaceuticals, Inc.(b)		936		9,482
Theravance Biopharma, Inc.(b)		1,277		13,792
Ventyx Biosciences, Inc.(b)(c)		1,065		46,061
Verona Pharma PLC, ADR (United Kingdom)(b)		1,151		24,677
Viatris, Inc.		22,959		261,733
WaVe Life Sciences Ltd.(b)(c)		1,868		7,846
Xeris Biopharma Holdings, Inc.(b)		2,578		3,558
				2,618,654
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.90% (Cost $24,610,981)				19,400,947
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-17.55%
Invesco Private Government Fund, 4.58%(e)(f)(g)		933,878		933,878
Invesco Private Prime Fund, 4.83%(e)(f)(g)		2,473,934		2,474,429
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,408,437)				3,408,307
TOTAL INVESTMENTS IN SECURITIES-117.45% (Cost $28,019,418)				22,809,254
OTHER ASSETS LESS LIABILITIES-(17.45)%				(3,389,202	)
NET ASSETS-100.00%			$	19,420,052

Investment Abbreviations:

ADR-American Depositary Receipt

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  5  

Invesco Nasdaq Biotechnology ETF (IBBQ)–(continued)

February 28, 2023

(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 February 28, 2023.

^(d)  Security valued using significant unobservable inputs (Level 3). See Note 4.

^(e)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31,  2022			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized     Gain			Value February 28, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-	$	62,619	$	(62,619	)		$	-			$	-		$	-	$	24
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			749,198		4,338,193		(4,153,513	)			-				-			933,878		16,881	*
Invesco Private Prime Fund			1,937,694		9,507,485		(8,970,697	)			(215	)			162			2,474,429		45,931	*
Total		$	2,686,892	$	13,908,297	$	(13,186,829	)		$	(215	)		$	162		$	3,408,307	$	62,836

* 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 February 28, 2023.

^(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 2I.

Portfolio Composition

Industry Breakdown (% of the Fund’s Net Assets)

as of February 28, 2023

Biotechnology	80.16
Pharmaceuticals	13.48
Life Sciences Tools & Services	4.97
Industry Types Each Less Than 3%	1.29
Money Market Funds Plus Other Assets Less Liabilities	0.10

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  6  

Invesco PHLX Semiconductor ETF (SOXQ)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Electronic Equipment, Instruments & Components-1.52%
Coherent Corp.(b)		11,872	$	512,039
IPG Photonics Corp.(b)		4,172		514,157
Novanta, Inc.(b)		3,062		480,459
				1,506,655
Life Sciences Tools & Services-0.29%
Azenta, Inc.(b)		6,426		282,037
Semiconductors & Semiconductor Equipment-98.12%
Advanced Micro Devices, Inc.(b)		97,314		7,646,934
Analog Devices, Inc.		22,033		4,042,395
Applied Materials, Inc.		34,562		4,014,376
ASML Holding N.V., New York Shares (Netherlands)		6,228		3,847,222
Broadcom, Inc.		13,748		8,170,299
Entegris, Inc.		12,777		1,088,984
GLOBALFOUNDRIES, Inc.(b)(c)		46,729		3,053,273
Intel Corp.		125,954		3,140,033
KLA Corp.		9,633		3,654,568
Lam Research Corp.		8,018		3,896,828
Lattice Semiconductor Corp.(b)		11,745		997,855
Marvell Technology, Inc.		73,076		3,299,381
Microchip Technology, Inc.		47,152		3,820,727
Micron Technology, Inc.		65,698		3,798,658
Monolithic Power Systems, Inc.		4,023		1,948,299
NVIDIA Corp.		44,763		10,392,178
NXP Semiconductors N.V. (China)		21,542		3,844,816
ON Semiconductor Corp.(b)		37,063		2,869,047
Qorvo, Inc.(b)		8,686		876,331
QUALCOMM, Inc.		59,889		7,398,088

	Shares		Value
Semiconductors & Semiconductor Equipment-(continued)
Skyworks Solutions, Inc.		13,725	$	1,531,298
Synaptics, Inc.(b)		3,415		401,638
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		45,647		3,974,484
Teradyne, Inc.		13,349		1,350,118
Texas Instruments, Inc.		41,975		7,196,614
Wolfspeed, Inc.(b)(c)		10,647		787,665
				97,042,109
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.93% (Cost $100,137,492)				98,830,801
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.21%
Invesco Private Government Fund, 4.58%(d)(e)(f)		888,523		888,523
Invesco Private Prime Fund, 4.83%(d)(e)(f)		2,284,316		2,284,773
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,173,376)				3,173,296
TOTAL INVESTMENTS IN SECURITIES-103.14% (Cost $103,310,868)				102,004,097
OTHER ASSETS LESS LIABILITIES-(3.14)%				(3,107,058	)
NET ASSETS-100.00%			$	98,897,039

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at February 28, 2023.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31,  2022			Purchases at Cost		Proceeds from  Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value February 28,  2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-	$	764,991	$	(764,991	)		$	-		$	-		$	-	$	472

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  7  

Invesco PHLX Semiconductor ETF (SOXQ)–(continued)

February 28, 2023

(Unaudited)

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	-		$	7,849,763		$	(6,961,240	)		$	-			$	-		$	888,523		$	8,546	*
Invesco Private Prime Fund			-			17,202,433			(14,917,608	)			(80	)			28			2,284,773			24,589	*
Total		$	-		$	25,817,187		$	(22,643,839	)		$	(80	)		$	28		$	3,173,296		$	33,607

* 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 February 28, 2023.

^(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 2I.

Portfolio Composition

Industry Breakdown (% of the Fund’s Net Assets)

as of February 28, 2023

Semiconductors & Semiconductor Equipment	98.12
Industry Types Each Less Than 3%	1.81
Money Market Funds Plus Other Assets Less Liabilities	0.07

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  8  

Invesco Solar ETF (TAN)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.84%
Building Products-0.64%
Triumph New Energy Co. Ltd., H Shares (China)(b)(c)(d)		13,542,458	$	14,871,774
Chemicals-2.57%
Hanwha Solutions Corp. (South Korea)(c)		1,901,899		59,791,421
Construction & Engineering-1.45%
Emeren Group Ltd., ADR (China)(c)(d)		2,701,793		12,239,122
Xinte Energy Co. Ltd., H Shares (China)(d)		9,720,354		21,423,291
				33,662,413
Electrical Equipment-13.35%
Array Technologies, Inc.(c)(d)		3,772,117		70,689,473
Shoals Technologies Group, Inc., Class A(c)(d)		2,913,413		71,495,155
Soltec Power Holdings S.A. (Spain)(c)(d)		1,999,244		12,318,358
SunPower Corp.(c)(d)		2,729,949		41,003,834
Sunrun, Inc.(c)(d)		4,799,387		115,377,263
				310,884,083
Independent Power and Renewable Electricity Producers-20.45%
Altus Power, Inc.(c)(d)		2,059,922		13,945,672
Atlantica Sustainable Infrastructure PLC (Spain)(d)		2,036,677		56,212,285
Doral Group Renewable Energy Resources Ltd. (Israel)(c)(d)		4,068,364		7,740,249
Encavis AG (Germany)		3,551,553		69,848,328
Energix-Renewable Energies Ltd. (Israel)		6,131,994		16,870,118
Enlight Renewable Energy Ltd. (Israel)(c)(d)		1,833,587		30,000,953
GCL New Energy Holdings Ltd. (China)(c)(d)		62,130,336		8,152,653
Grenergy Renovables S.A. (Spain)(c)(d)		700,533		21,648,560
Neoen S.A. (France)(d)(e)		933,413		33,814,470
OY Nofar Energy Ltd. (Israel)(c)		747,941		18,017,741
ReNew Energy Global PLC, Class A (India)(c)(d)		2,451,653		10,640,174
RENOVA, Inc. (Japan)(c)(d)		1,038,968		16,017,566
Scatec ASA (South Africa)(e)		2,787,954		18,959,020
Solaria Energia y Medio Ambiente S.A. (Spain)(c)		2,716,490		50,126,598
Sunnova Energy International, Inc.(c)(d)		3,132,149		55,689,609
West Holdings Corp. (Japan)(d)		905,756		22,308,933
Xinyi Energy Holdings Ltd. (China)(d)		81,297,784		26,099,805
				476,092,734
Mortgage REITs-1.95%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.(d)		1,448,780		45,506,180
Semiconductors & Semiconductor Equipment-59.43%
Canadian Solar, Inc. (Canada)(c)(d)		1,633,022		64,912,624
Daqo New Energy Corp., ADR (China)(c)		1,633,177		72,153,760

	Shares		Value
Semiconductors & Semiconductor Equipment-(continued)
Enphase Energy, Inc.(c)		770,546	$	162,223,049
First Solar, Inc.		1,631,089		275,882,393
Flat Glass Group Co. Ltd., H Shares (China)(d)		14,803,221		39,132,026
GCL Technology Holdings Ltd. (China)(c)(d)		473,448,222		121,837,749
Gigasolar Materials Corp. (Taiwan)(c)		2,274,000		8,060,257
Hyundai Energy Solutions Co. Ltd. (South Korea)		330,083		12,198,042
JinkoSolar Holding Co. Ltd., ADR (China)(c)(d)		1,179,355		62,505,815
Maxeon Solar Technologies Ltd.(c)(d)		1,084,273		19,083,205
Meyer Burger Technology AG (Switzerland)(c)(d)		92,244,021		68,647,858
Motech Industries, Inc. (Taiwan)		15,736,000		14,641,382
SMA Solar Technology AG (Germany)(c)(d)		561,335		43,992,378
SolarEdge Technologies, Inc.(c)		775,502		246,547,596
TSEC Corp. (Taiwan)(c)		19,078,000		23,229,584
United Renewable Energy Co. Ltd. (Taiwan)(c)		50,400,458		34,323,159
Xinyi Solar Holdings Ltd. (China)		107,338,951		114,593,338
				1,383,964,215
Total Common Stocks & Other Equity Interests (Cost $2,714,387,671)				2,324,772,820
Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(b)(f) (Cost $761,253)		761,253		761,253
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.87% (Cost $2,715,148,924)				2,325,534,073
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-16.25%
Invesco Private Government Fund, 4.58%(b)(f)(g)		105,885,675		105,885,675
Invesco Private Prime Fund, 4.83%(b)(f)(g)		272,333,979		272,388,437
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $378,287,845)				378,274,112
TOTAL INVESTMENTS IN SECURITIES-116.12% (Cost $3,093,436,769)				2,703,808,185
OTHER ASSETS LESS LIABILITIES-(16.12)%				(375,298,231	)
NET ASSETS-100.00%			$	2,328,509,954

Investment Abbreviations:

ADR-American Depositary Receipt

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  9  

Invesco Solar ETF (TAN)–(continued)

February 28, 2023

(Unaudited)

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or is an “affiliated person” under the Investment Company Act of 1940, as amended (the “1940 Act”), which defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. For the Investments in Other Affiliates below, the Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31,  2022			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)			Value February 28, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-	$	49,563,995	$	(48,802,742	)		$	-		$	-			$	761,253	$	63,161
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			190,757,568		248,426,821		(333,298,714	)			-			-				105,885,675		2,019,243	*
Invesco Private Prime Fund			493,969,145		599,222,845		(820,812,332	)			(54,127	)		62,906				272,388,437		5,470,708	*
Investments in Other Affiliates:
Motech Industries, Inc.**			18,434,760		8,449,887		(11,965,853	)			3,549,852			(3,827,264	)			14,641,382		-
Triumph New Energy Co. Ltd., H Shares***			20,436,951		6,050,561		(6,237,810	)			(3,667,800	)		(1,710,128	)			14,871,774		-
TSEC Corp.**,****			28,352,920		7,202,846		(10,168,703	)			404,795			(2,562,274	)			23,229,584		-
Total		$	751,951,344	$	918,916,955	$	(1,231,286,154	)		$	232,720		$	(8,036,760	)		$	431,778,105	$	7,553,112

* 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.

** As of February 28, 2023, this security was not considered as an affiliate of the Fund.

*** Formerly known as Luoyang Glass Co. Ltd., H Shares.

**** As of August 31, 2022, this security was not considered as an affiliate of the Fund.

^(c)  Non-income producing security.

^(d)  All or a portion of this security was out on loan at February 28, 2023.

^(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 February 28, 2023 was $52,773,490, which represented 2.27% of the Fund’s Net Assets.

^(f)  The rate shown is the 7-day SEC standardized yield as of February 28, 2023.

^(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 2I.

This Fund has holdings greater than 10% of net assets in the following country:

China 21.17 % 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  10  

Invesco Solar ETF (TAN)–(continued)

February 28, 2023

(Unaudited)

Portfolio Composition

Industry Breakdown (% of the Fund’s Net Assets)

as of February 28, 2023

Semiconductors & Semiconductor Equipment	59.43
Independent Power and Renewable Electricity Producers	20.45
Electrical Equipment	13.35
Industry Types Each Less Than 3%	6.61
Money Market Funds Plus Other Assets Less Liabilities	0.16

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  11  

Statements of Assets and Liabilities

February 28, 2023

(Unaudited)

	Invesco Nasdaq Biotechnology     ETF (IBBQ)				Invesco PHLX Semiconductor     ETF (SOXQ)				Invesco Solar     ETF (TAN)
Assets:
Unaffiliated investments in securities, at value(a)		$	19,400,947			$	98,830,801		$	2,309,901,046
Affiliated investments in securities, at value			3,408,307				3,173,296			393,907,139
Foreign currencies, at value			-				-			4,141,301
Receivable for:
Dividends			27,035				112,883			136,651
Securities lending			1,080				7,316			106,431
Investments sold			24,114				-			415,742
Fund shares sold			-				-			90,350
Foreign tax reclaims			-				-			172,190
Other assets			-				-			12,051
Total assets			22,861,483				102,124,296			2,708,882,901
Liabilities:
Due to custodian			30,056				39,136			1,107
Payable for:
Investments purchased			-				-			200
Collateral upon return of securities loaned			3,408,437				3,173,376			378,287,845
Accrued unitary management fees			2,938				14,745			-
Accrued advisory fees			-				-			941,566
Accrued trustees’ and officer’s fees			-				-			20,292
Accrued expenses			-				-			1,114,048
Accrued tax expenses			-				-			7,889
Total liabilities			3,441,431				3,227,257			380,372,947
Net Assets		$	19,420,052			$	98,897,039		$	2,328,509,954
Net assets consist of:
Shares of beneficial interest		$	26,135,286			$	104,753,696		$	3,431,785,774
Distributable earnings (loss)			(6,715,234	)			(5,856,657	)		(1,103,275,820	)
Net Assets		$	19,420,052			$	98,897,039		$	2,328,509,954
Shares outstanding (unlimited amount authorized, $0.01 par value)			950,001				4,240,001			31,288,000
Net asset value		$	20.44			$	23.32		$	74.42
Market price		$	20.47			$	23.34		$	74.29
Unaffiliated investments in securities, at cost		$	24,610,981			$	100,137,492		$	2,697,931,415
Affiliated investments in securities, at cost		$	3,408,437			$	3,173,376		$	395,505,354
Foreign currencies, at cost		$	-			$	-		$	3,932,311
(a) Includes securities on loan with an aggregate value of:		$	3,350,778			$	3,133,664		$	370,911,757

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  12  

Statements of Operations

For the six months ended February 28, 2023

(Unaudited)

	Invesco Nasdaq Biotechnology     ETF (IBBQ)				Invesco PHLX Semiconductor     ETF (SOXQ)				Invesco Solar     ETF (TAN)
Investment income:
Unaffiliated dividend income		$	76,101			$	559,195		$	2,933,224
Affiliated dividend income			24				472			63,161
Non-cash dividend income			-				-			1,252,206
Securities lending income, net			6,757				27,414			1,214,459
Foreign withholding tax			-				(13,454	)		(104,716	)
Total investment income			82,882				573,627			5,358,334
Expenses:
Unitary management fees			19,061				71,871			-
Advisory fees			-				-			6,386,150
Sub-licensing fees			-				-			1,788,118
Accounting & administration fees			-				-			86,901
Custodian & transfer agent fees			-				-			165,619
Trustees’ and officer’s fees			-				-			16,340
Other expenses			-				-			131,315
Total expenses			19,061				71,871			8,574,443
Less: Waivers			(1	)			(12	)		(1,508	)
Net expenses			19,060				71,859			8,572,935
Net investment income (loss)			63,822				501,768			(3,214,601	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(900,119	)			(3,748,021	)		(120,067,201	)
Affiliated investment securities			162				28			(8,249,809	)
Unaffiliated in-kind redemptions			186,816				952,137			50,113,890
Affiliated in-kind redemptions			-				-			213,049
Foreign currencies			-				-			192,231
Net realized gain (loss)			(713,141	)			(2,795,856	)		(77,797,840	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			1,793,012				13,887,952			(307,415,566	)
Affiliated investment securities			(215	)			(80	)		(52,513	)
Foreign currencies			-				-			207,536
Change in net unrealized appreciation (depreciation)			1,792,797				13,887,872			(307,260,543	)
Net realized and unrealized gain (loss)			1,079,656				11,092,016			(385,058,383	)
Net increase (decrease) in net assets resulting from operations		$	1,143,478			$	11,593,784		$	(388,272,984	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  13  

Statements of Changes in Net Assets

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)

	Invesco Nasdaq Biotechnology ETF (IBBQ)								Invesco PHLX Semiconductor ETF (SOXQ)								Invesco Solar ETF (TAN)
	Six Months Ended February 28, 2023				Year Ended August 31,       2022				Six Months Ended February 28, 2023				Year Ended August 31,       2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022
Operations:
Net investment income (loss)		$	63,822			$	226,454			$	501,768			$	712,963			$	(3,214,601	)		$	(6,607,150	)
Net realized gain (loss)			(713,141	)			(918,325	)			(2,795,856	)			5,375,577				(77,797,840	)			62,159,308
Change in net unrealized appreciation (depreciation)			1,792,797				(9,312,583	)			13,887,872				(18,852,741	)			(307,260,543	)			(273,869,705	)
Net increase (decrease) in net assets resulting from operations			1,143,478				(10,004,454	)			11,593,784				(12,764,201	)			(388,272,984	)			(218,317,547	)
Distributions to Shareholders from:
Distributable earnings			(79,360	)			(290,468	)			(455,923	)			(728,394	)			-				-
Shareholder Transactions:
Proceeds from shares sold			-				35,536,414				33,784,478				62,816,295				383,545,437				1,842,850,588
Value of shares repurchased			(1,997,776	)			(56,556,737	)			(6,410,952	)			(52,100,885	)			(642,244,999	)			(1,867,798,055	)
Net increase (decrease) in net assets resulting from share transactions			(1,997,776	)			(21,020,323	)			27,373,526				10,715,410				(258,699,562	)			(24,947,467	)
Net increase (decrease) in net assets			(933,658	)			(31,315,245	)			38,511,387				(2,777,185	)			(646,972,546	)			(243,265,014	)
Net assets:
Beginning of period			20,353,710				51,668,955				60,385,652				63,162,837				2,975,482,500				3,218,747,514
End of period		$	19,420,052			$	20,353,710			$	98,897,039			$	60,385,652			$	2,328,509,954			$	2,975,482,500
Changes in Shares Outstanding:
Shares sold			-				1,610,000				1,700,000				2,380,000				4,720,000				22,400,000
Shares repurchased			(100,000	)			(2,480,000	)			(320,000	)			(1,860,000	)			(8,720,000	)			(24,480,000	)
Shares outstanding, beginning of period			1,050,001				1,920,001				2,860,001				2,340,001				35,288,000				37,368,000
Shares outstanding, end of period			950,001				1,050,001				4,240,001				2,860,001				31,288,000				35,288,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  14  

Financial Highlights

Invesco Nasdaq Biotechnology ETF (IBBQ)

	Six Months Ended February 28, 2023       (Unaudited)				Year Ended August 31,                   2022				For the Period June 9, 2021(a) Through August 31,           2021
Per Share Operating Performance:
Net asset value at beginning of period		$	19.38			$	26.91			$	25.34
Net investment income(b)			0.07				0.17				0.04
Net realized and unrealized gain (loss) on investments			1.07				(7.47	)			1.53
Total from investment operations			1.14				(7.30	)			1.57
Distributions to shareholders from:
Net investment income			(0.08	)			(0.23	)			-
Net asset value at end of period		$	20.44			$	19.38			$	26.91
Market price at end of period(c)		$	20.47			$	19.40			$	26.87
Net Asset Value Total Return(d)			5.89	%			(27.24	)%			6.19	%(e)
Market Price Total Return(d)			5.93	%			(27.06	)%			6.04	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	19,420			$	20,354			$	51,669
Ratio to average net assets of:
Expenses, after Waivers			0.19	%(f)			0.11	%			-	%(f)
Expenses, prior to Waivers			0.19	%(f)			0.19	%			0.19	%(f)
Net investment income			0.64	%(f)			0.76	%			0.65	%(f)
Portfolio turnover rate(g)			7	%			22	%			8	%

^(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 11, 2021, the first day of trading on the exchange) to August 31, 2021 was 5.16%. The market price total return from Fund Inception to August 31, 2021 was 5.00%.

^(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.

  15  

Financial Highlights–(continued)

Invesco PHLX Semiconductor ETF (SOXQ)

	Six Months Ended February 28, 2023       (Unaudited)				Year Ended August 31,                  2022				For the Period June 9,  2021(a) Through August 31,          2021
Per Share Operating Performance:
Net asset value at beginning of period		$	21.11			$	26.99			$	24.88
Net investment income(b)			0.14				0.31				0.06
Net realized and unrealized gain (loss) on investments			2.21				(5.83	)			2.05
Total from investment operations			2.35				(5.52	)			2.11
Distributions to shareholders from:
Net investment income			(0.14	)			(0.36	)			-
Net asset value at end of period		$	23.32			$	21.11			$	26.99
Market price at end of period(c)		$	23.34			$	21.15			$	27.06
Net Asset Value Total Return(d)			11.21	%			(20.70	)%			8.48	%(e)
Market Price Total Return(d)			11.09	%			(20.76	)%			8.76	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	98,897			$	60,386			$	63,163
Ratio to average net assets of:
Expenses, after Waivers			0.19	%(f)			0.13	%			-	%(f)
Expenses, prior to Waivers			0.19	%(f)			0.19	%			0.19	%(f)
Net investment income			1.33	%(f)			1.22	%			1.09	%(f)
Portfolio turnover rate(g)			11	%			19	%			4	%

^(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 11, 2021, the first day of trading on the exchange) to August 31, 2021 was 6.72%. The market price total return from Fund Inception to August 31, 2021 was 7.08%.

^(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.

  16  

Financial Highlights–(continued)

Invesco Solar ETF (TAN)

	Six Months Ended
	February 28,
	2023				Years Ended August 31,
	(Unaudited)				2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of period		$	84.32		$	86.14		$	56.75		$	30.63		$	21.92		$	21.62
Net investment income (loss)(a)			(0.10	)		(0.19	)		(0.05	)		0.17			0.05			0.54
Net realized and unrealized gain (loss) on investments			(9.80	)		(1.63	)		29.53			26.04			8.79			0.20
Total from investment operations			(9.90	)		(1.82	)		29.48			26.21			8.84			0.74
Distributions to shareholders from:
Net investment income			-			-			(0.09	)		(0.09	)		(0.13	)		(0.44	)
Net asset value at end of period		$	74.42		$	84.32		$	86.14		$	56.75		$	30.63		$	21.92
Market price at end of period(b)		$	74.29		$	84.34		$	85.59		$	56.84		$	30.54		$	21.82
Net Asset Value Total Return(c)			(11.74	)%		(2.11	)%		51.93	%		85.82	%		40.73	%		3.19	%
Market Price Total Return(c)			(11.92	)%		(1.46	)%		50.72	%		86.67	%		40.96	%		2.33	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,328,510		$	2,975,483		$	3,218,748		$	1,335,274		$	456,086		$	319,383
Ratio to average net assets of:
Expenses, after Waivers			0.67	%(d)		0.69	%		0.65	%		0.69	%		0.70	%		0.65	%
Expenses, prior to Waivers			0.67	%(d)		0.69	%		0.65	%		0.69	%		0.71	%		0.69	%
Net investment income (loss)			(0.25	)%(d)		(0.24	)%		(0.05	)%		0.49	%		0.22	%		2.23	%
Portfolio turnover rate(e)			17	%		38	%		55	%		28	%		29	%		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.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  17  

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 28, 2023

(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 Nasdaq Biotechnology ETF (IBBQ)	“Nasdaq Biotechnology ETF”
Invesco PHLX Semiconductor ETF (SOXQ)	“PHLX Semiconductor ETF”
Invesco Solar ETF (TAN)	“Solar 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 Nasdaq Stock Market LLC, except for Shares of Solar ETF, which 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.” Creation Units are issued and redeemed principally in exchange for 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
Nasdaq Biotechnology ETF	Nasdaq Biotechnology Index®
PHLX Semiconductor ETF	PHLX Semiconductor Sector Index®
Solar ETF	MAC Global Solar Energy 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 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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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,

  18  

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.

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 last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked 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/asked 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, acts of terrorism, 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

  19  

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 for Solar ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Solar ETF 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. Expenses - Each Fund (except for Solar ETF) has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay 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 (iii) any other matters that directly benefit the Adviser).

Solar ETF is responsible for all of its 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 its 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 (the “Independent Trustees”) or the Adviser, 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

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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 any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

Expenses of the Trust that are excluded from a Fund’s unitary management fee (if applicable) and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from each Fund’s unitary management fee (if applicable) and that 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.

G. 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.

H. 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.

I. 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 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 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 February 28, 2023, 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 on the Statements of Operations, were incurred by each Fund as listed below:

	Amount
Nasdaq Biotechnology ETF		$370
PHLX Semiconductor ETF		2,994
Solar ETF		21,145

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J. 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.

K. 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.

Authorized Participant 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. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk 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 markets 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,

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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. If 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.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its 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. 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.

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 conflict, acts of terrorism, economic crisis or other events could result in increased premiums or discounts to each Fund’s NAV.

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. In addition, the performance of each Fund and its corresponding Underlying Index may vary

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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 each Fund 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 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.

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.

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

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 each Fund’s investments, managing each Fund’s business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to an Investment Advisory Agreement, Solar ETF accrues daily and pays monthly to the Adviser an annual fee equal to 0.50% of the Fund’s average daily net assets. The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”), pursuant to which the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of Solar ETF (excluding interest expenses, brokerage commissions and other trading expenses, sub-licensing fees, offering costs, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses) from exceeding 0.65% of the Fund’s average daily net assets per year through August 31, 2025 (the “Expense Cap”). There is no guarantee that the Adviser will extend the waiver of these fees past that date.

Pursuant to another 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 has agreed to pay for substantially all expenses of the Funds, including the cost 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 (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)
Nasdaq Biotechnology ETF	0.19%
PHLX Semiconductor ETF	0.19%

Further, through at least August 31, 2025, 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 agreement is not subject to recapture by the Adviser.

For the six months ended February 28, 2023, the Adviser waived fees for each Fund in the following amounts:

Nasdaq Biotechnology ETF	$	1
PHLX Semiconductor ETF		12
Solar ETF		1,508

The fees waived and/or expenses borne by the Adviser, pursuant to the Expense Cap, for Solar ETF are subject to recapture by the Adviser 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 Fund if it would result in the Fund exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the

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fees and/or expenses subject to recapture were waived and/or borne by the Adviser. There are no amounts available for potential recapture by the Adviser as of February 28, 2023.

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 for each Fund with the following entities (each, a “Licensor”):

Fund	Licensor
Nasdaq Biotechnology ETF	Nasdaq, Inc.
PHLX Semiconductor ETF	Nasdaq, Inc.
Solar ETF	MAC Indexing 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 February 28, 2023, the following 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:

Nasdaq Biotechnology ETF	$	1,467
PHLX Semiconductor ETF		341
Solar ETF		17,603

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.
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 February 28, 2023. 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
Nasdaq Biotechnology ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	19,400,947	$	-		$	0	$	19,400,947
Money Market Funds		-		3,408,307			-		3,408,307
Total Investments	$	19,400,947	$	3,408,307		$	0	$	22,809,254

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	Level 1		Level 2		Level 3			Total
PHLX Semiconductor ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	98,830,801	$	-		$	-	$	98,830,801
Money Market Funds		-		3,173,296			-		3,173,296
Total Investments	$	98,830,801	$	3,173,296		$	-	$	102,004,097
Solar ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	2,264,981,399	$	59,791,421		$	-	$	2,324,772,820
Money Market Funds		761,253		378,274,112			-		379,035,365
Total Investments	$	2,265,742,652	$	438,065,533		$	-	$	2,703,808,185

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 August 31, 2022, as follows:

	No expiration
	Short-Term		Long-Term		Total*
Nasdaq Biotechnology ETF	$	688,811	$	75,288	$	764,099
PHLX Semiconductor ETF		1,842,663		66,941		1,909,604
Solar ETF		196,052,127		276,529,141		472,581,268

* 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 February 28, 2023, 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
Nasdaq Biotechnology ETF	$	1,429,445	$	1,463,308
PHLX Semiconductor ETF		8,126,901		8,094,185
Solar ETF		427,473,139		456,618,262

    For the six months ended February 28, 2023, in-kind transactions associated with creations and redemptions were as follows:

	In-kind Purchases		In-kind Sales
Nasdaq Biotechnology ETF	$	-	$	1,996,713
PHLX Semiconductor ETF		33,773,405		6,405,517
Solar ETF		321,804,922		557,490,831

    Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

  26  

    As of February 28, 2023, the aggregate cost of investments, including any derivatives, on a tax basis 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
Nasdaq Biotechnology ETF	$	1,427,735	$	(6,691,542	)	$	(5,263,807	)	$	28,073,061
PHLX Semiconductor ETF		5,894,943		(7,223,638	)		(1,328,695	)		103,332,792
Solar ETF		193,979,495		(743,827,399	)		(549,847,904	)		3,253,656,089

NOTE 7–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 Nasdaq Biotechnology ETF and PHLX Semiconductor ETF. The Trustee who is an “interested person” of the Trust does 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 consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

    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.

  27  

Calculating your ongoing Fund expenses

Example

As a shareholder of the Invesco Solar ETF, you incur advisory fees and other Fund expenses. As a shareholder of Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF, you incur a unitary management fee. In addition to the advisory fee or unitary management fee, a shareholder may pay 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 (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2022 through February 28, 2023.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transaction costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning Account Value September 1, 2022			Ending Account Value February 28, 2023			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco Nasdaq Biotechnology ETF (IBBQ)
Actual		$	1,000.00		$	1,058.90		0.19	%		$	0.97
Hypothetical (5% return before expenses)			1,000.00			1,023.85		0.19				0.95
Invesco PHLX Semiconductor ETF (SOXQ)
Actual			1,000.00			1,112.10		0.19				1.00
Hypothetical (5% return before expenses)			1,000.00			1,023.85		0.19				0.95
Invesco Solar ETF (TAN)
Actual			1,000.00			882.60		0.67				3.13
Hypothetical (5% return before expenses)			1,000.00			1,021.47		0.67				3.36

⁽¹⁾ Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended February 28, 2023. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.

  28  

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Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

© 2023 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-TRST2-SAR-2	invesco.com/ETFs

	Invesco Semi-Annual Report to Shareholders February 28, 2023

PLW	Invesco 1-30 Laddered Treasury ETF
PWZ	Invesco California AMT-Free Municipal Bond ETF
PCEF	Invesco CEF Income Composite ETF
PHB	Invesco Fundamental High Yield® Corporate Bond ETF
PFIG	Invesco Fundamental Investment Grade Corporate Bond ETF
PZA	Invesco National AMT-Free Municipal Bond ETF
PZT	Invesco New York AMT-Free Municipal Bond ETF
PGX	Invesco Preferred ETF
BAB	Invesco Taxable Municipal Bond ETF
CLTL	Invesco Treasury Collateral ETF
VRP	Invesco Variable Rate Preferred ETF
PVI	Invesco VRDO Tax-Free ETF

Table of Contents

Schedules of Investments
Invesco 1-30 Laddered Treasury ETF (PLW)	3
Invesco California AMT-Free Municipal Bond ETF (PWZ)	5
Invesco CEF Income Composite ETF (PCEF)	12
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)	15
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)	20
Invesco National AMT-Free Municipal Bond ETF (PZA)	31
Invesco New York AMT-Free Municipal Bond ETF (PZT)	53
Invesco Preferred ETF (PGX)	56
Invesco Taxable Municipal Bond ETF (BAB)	62
Invesco Treasury Collateral ETF (CLTL)	79
Invesco Variable Rate Preferred ETF (VRP)	81
Invesco VRDO Tax-Free ETF (PVI)	88
Statements of Assets and Liabilities	92
Statements of Operations	94
Statements of Changes in Net Assets	96
Financial Highlights	100
Notes to Financial Statements	112
Fund Expenses	126

  2  

Invesco 1-30 Laddered Treasury ETF (PLW)

February 28, 2023

(Unaudited)

Schedule of Investments

	Principal Amount		Value
U.S. Treasury Securities-99.87%
U.S. Treasury Bonds-79.64%
7.63%, 02/15/2025(a)	$	19,347,800	$	20,351,467
6.00%, 02/15/2026		19,618,400		20,439,154
6.63%, 02/15/2027		18,810,800		20,382,531
5.25%, 02/15/2029		19,235,700		20,334,990
5.38%, 02/15/2031		18,544,100		20,296,373
4.50%, 02/15/2036		37,564,700		40,137,001
4.75%, 02/15/2037		18,373,100		20,108,497
4.38%, 02/15/2038		19,118,800		20,041,880
3.50%, 02/15/2039		21,206,500		19,989,611
4.63%, 02/15/2040		18,478,000		19,912,571
4.75%, 02/15/2041		18,264,000		19,977,677
3.13%, 02/15/2042		22,884,000		19,929,193
3.13%, 02/15/2043		23,124,800		19,942,430
3.63%, 02/15/2044		21,508,200		19,973,640
2.50%, 02/15/2045		25,973,500		19,859,074
2.50%, 02/15/2046		26,148,200		19,886,932
3.00%, 02/15/2047		23,761,100		19,792,254
3.00%, 02/15/2048		23,836,900		19,880,999
3.00%, 02/15/2049		23,721,100		19,859,935
2.00%, 02/15/2050		29,303,200		19,837,465
1.88%, 02/15/2051		30,536,900		19,949,184
2.25%, 02/15/2052		27,918,200		19,915,710
3.63%, 02/15/2053		21,520,900		20,495,295
				481,293,863
U.S. Treasury Notes-20.23%
2.75%, 02/15/2024		21,115,000		20,642,523
2.75%, 02/15/2028		21,764,500		20,366,811
1.50%, 02/15/2030		23,726,700		20,151,939
1.88%, 02/15/2032		23,907,400		20,257,786
3.50%, 02/15/2033(a)		42,210,400		40,822,074
				122,241,133
Total U.S. Treasury Securities (Cost $694,638,171)				603,534,996

	Shares		Value
Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(b)(c) (Cost $44,185)		44,185	$	44,185
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.88% (Cost $694,682,356)				603,579,181
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.22%
Invesco Private Government Fund, 4.58%(b)(c)(d)		3,771,606		3,771,606
Invesco Private Prime Fund, 4.83%(b)(c)(d)		9,650,665		9,652,595
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $13,424,201)				13,424,201
TOTAL INVESTMENTS IN SECURITIES-102.10% (Cost $708,106,557)				617,003,382
OTHER ASSETS LESS LIABILITIES-(2.10)%				(12,685,142	)
NET ASSETS-100.00%			$	604,318,240

Notes to Schedule of Investments:

^(a)  All or a portion of this security was out on loan at February 28, 2023.

^(b)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31,  2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value February 28,  2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$      46,479		$    6,085,360		$    (6,087,654)		$    -		$        -		$        44,185		$    3,235

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  3  

Invesco 1-30 Laddered Treasury ETF (PLW)–(continued)

February 28, 2023

(Unaudited)

	Value August 31, 2022			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2023			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	1,506,072	$	171,746,329	$	(169,480,795	)		$	-			$	-			$	3,771,606	$	94,403	*
Invesco Private Prime Fund			3,874,600		261,439,293		(255,659,119	)			(85	)			(2,094	)			9,652,595		214,119	*
Total		$	5,427,151	$	439,270,982	$	(431,227,568	)		$	(85	)		$	(2,094	)		$	13,468,386	$	311,757

* 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.

^(c)  The rate shown is the 7-day SEC standardized yield as of February 28, 2023.

^(d)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

Portfolio Composition
Duration Breakdown (% of the Fund’s Net Assets) as of February 28, 2023
Maturing in 0-5 Years	16.91
Maturing in 6-10 Years	20.16
Maturing in 11-15 Years	13.29
Maturing in 16-20 Years	16.51
Maturing in 21-25 Years	16.44
Maturing in 26-30 Years	16.56
Money Market Funds Plus Other Assets Less Liabilities	0.13

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  4  

Invesco California AMT-Free Municipal Bond ETF (PWZ)

February 28, 2023

(Unaudited)

Schedule of Investments

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-97.97%
California-97.97%
Alameda (City of), CA Corridor Transportation Authority, Series 2022 C, RB, (INS - AGM)(a)		5.00%		10/01/2052	$	1,000	$	1,072,812
Alameda (County of), CA Transportation Commission, Series 2022, RB		5.00%		03/01/2045		1,750		1,949,999
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 S-7, Ref. RB		4.00%		04/01/2042		3,000		2,928,270
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB		4.00%		04/01/2038		150		150,502
California (State of), Series 2013, GO Bonds		5.00%		04/01/2043		2,000		2,002,026
California (State of), Series 2013, GO Bonds		5.00%		11/01/2043		1,965		1,981,944
California (State of), Series 2014, GO Bonds		5.00%		10/01/2044		1,000		1,018,005
California (State of), Series 2014, Ref. GO Bonds		4.00%		11/01/2044		520		516,420
California (State of), Series 2015, GO Bonds		4.00%		03/01/2045		195		191,912
California (State of), Series 2015, GO Bonds		5.00%		03/01/2045		1,000		1,028,931
California (State of), Series 2016, GO Bonds		5.00%		09/01/2046		2,000		2,087,641
California (State of), Series 2017, GO Bonds		5.00%		11/01/2047		3,475		3,690,059
California (State of), Series 2018, GO Bonds		5.00%		10/01/2047		1,720		1,785,633
California (State of), Series 2019, Ref. GO Bonds		5.00%		11/01/2039		1,500		1,625,549
California (State of), Series 2020, GO Bonds		4.00%		03/01/2046		660		644,977
California (State of), Series 2020, GO Bonds		3.00%		03/01/2050		2,860		2,174,046
California (State of), Series 2021, GO Bonds		4.00%		10/01/2039		4,990		5,028,517
California (State of), Series 2021, GO Bonds		2.38%		12/01/2043		2,000		1,388,003
California (State of), Series 2021, GO Bonds		3.00%		12/01/2043		400		325,061
California (State of), Series 2021, GO Bonds		5.00%		12/01/2043		1,200		1,314,871
California (State of), Series 2021, GO Bonds		3.00%		12/01/2046		750		589,659
California (State of), Series 2021, GO Bonds		5.00%		12/01/2046		500		543,275
California (State of), Series 2021, GO Bonds		2.50%		12/01/2049		750		490,343
California (State of), Series 2021, GO Bonds		3.00%		12/01/2049		625		478,667
California (State of), Series 2021, Ref. GO Bonds		5.00%		09/01/2041		7,445		8,261,315
California (State of), Series 2021, Ref. GO Bonds		4.00%		10/01/2041		3,500		3,500,792
California (State of), Series 2022 CU, GO Bonds		4.75%		12/01/2042		3,000		3,203,591
California (State of), Series 2022 CU, GO Bonds		4.85%		12/01/2046		1,700		1,809,055
California (State of), Series 2022 CU, GO Bonds		5.50%		12/01/2052		5,000		5,319,672
California (State of), Series 2022, GO Bonds		5.25%		09/01/2047		1,000		1,122,543
California (State of), Series 2022, Ref. GO Bonds		5.00%		04/01/2042		1,720		1,837,362
California (State of), Series 2022, Ref. GO Bonds		5.00%		04/01/2042		2,560		2,850,350
California (State of), Series 2022, Ref. GO Bonds		5.00%		09/01/2042		3,000		3,353,510
California (State of), Series 2022, Ref. GO Bonds		5.00%		09/01/2042		3,000		3,200,572
California (State of) Educational Facilities Authority (Stanford University) (Sustainability Bonds), Series 2021, Ref. RB		2.25%		04/01/2051		400		249,658
California (State of) Educational Facilities Authority (University of San Francisco), Series 2018 A, RB		5.00%		10/01/2053		2,000		2,069,859
California (State of) Health Facilities Financing Authority (Cedars Sinai Health System), Series 2021 A, Ref. RB		4.00%		08/15/2040		1,000		989,406
California (State of) Health Facilities Financing Authority (Cedars Sinai Health System), Series 2021, Ref. RB		3.00%		08/15/2051		2,200		1,575,248
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2021 A, Ref. RB		4.00%		08/15/2048		4,535		4,327,563
California (State of) Health Facilities Financing Authority (Children’s Hospital Los Angeles), Series 2017 A, Ref. RB		5.00%		08/15/2042		6,500		6,606,359
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB		4.00%		11/01/2044		110		103,249
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB		5.00%		11/01/2047		6,000		6,805,036
California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford), Series 2016 B, RB		5.00%		08/15/2055		1,000		1,019,362
California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford), Series 2017, RB		5.00%		11/15/2056		145		148,596
California (State of) Health Facilities Financing Authority (PIH Health), Series 2020 A, RB		4.00%		06/01/2050		5,000		4,671,588

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  5  

Invesco California AMT-Free Municipal Bond ETF (PWZ)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB		3.00%		10/01/2047	$	2,620	$	1,893,426
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB		4.00%		10/01/2047		335		308,659
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB		4.00%		11/15/2040		885		874,405
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2020 A, Ref. RB		4.00%		08/15/2050		13,700		13,048,569
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB		4.00%		11/15/2041		885		829,729
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB		4.00%		11/15/2048		175		159,049
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB		4.00%		11/15/2042		170		158,823
California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group), Series 2015 A, Ref. RB		5.00%		11/01/2041		1,000		1,006,461
California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group), Series 2015, Ref. RB		4.00%		11/01/2045		395		379,972
California (State of) Infrastructure & Economic Development Bank (California State Teachers’ Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB		5.00%		08/01/2044		2,005		2,137,145
California (State of) Infrastructure & Economic Development Bank (California State Teachers’ Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB		5.00%		08/01/2049		1,250		1,325,748
California (State of) Infrastructure & Economic Development Bank (Los Angeles County Museum of Natural History Foundation), Series 2020, Ref. RB		3.00%		07/01/2050		2,000		1,487,797
California (State of) Infrastructure & Economic Development Bank (Los Angeles County Museum of Natural History Foundation), Series 2020, Ref. RB		4.00%		07/01/2050		1,250		1,139,698
California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street), Series 2017, RB		5.00%		05/15/2047		1,000		1,049,972
California (State of) Municipal Finance Authority (Clinicas Del Camino Real, Inc.), Series 2020, RB		4.00%		03/01/2050		3,085		2,367,896
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB		4.00%		02/01/2042		1,000		941,744
California (State of) Municipal Finance Authority (Eisenhower Medical Centers), Series 2017 A, Ref. RB		5.00%		07/01/2042		1,000		1,016,702
California (State of) Municipal Finance Authority (Green Bonds), Series 2021, RB, (INS - BAM)(a)		4.00%		05/15/2046		500		459,884
California (State of) Municipal Finance Authority (Green Bonds), Series 2021, RB, (INS - BAM)(a)		3.00%		05/15/2051		1,000		752,366
California (State of) Municipal Finance Authority (Green Bonds), Series 2021, RB, (INS - BAM)(a)		3.00%		05/15/2054		1,000		735,113
California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB		5.00%		11/01/2047		1,000		1,004,001
California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB		5.25%		11/01/2047		500		501,491
California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure Improvement Program - Phase I), Series 2017 A, RB		5.00%		06/01/2042		1,000		1,051,854
California (State of) Municipal Finance Authority (UCR North District Phase 1 Student Housing), Series 2019, RB		5.00%		05/15/2049		2,000		1,985,408
California (State of) Public Finance Authority (Hoag Memorial Hospital), Series 2022 A, RB		5.00%		07/15/2046		500		538,574
California (State of) Public Works Board (Green Bonds), Series 2021, RB		4.00%		11/01/2046		1,000		967,046
California (State of) Public Works Board (Green Bonds), Series 2021, RB		5.00%		11/01/2046		2,250		2,455,640
California (State of) Public Works Board (Various Capital), Series 2021 B, RB		4.00%		05/01/2046		5,000		4,839,061
California (State of) Statewide Communities Development Authority (Emanate Health), Series 2020 A, RB		3.00%		04/01/2050		1,000		724,332
California (State of) Statewide Communities Development Authority (Front Porch Communities & Services), Series 2021, Ref. RB		3.00%		04/01/2046		1,250		912,145
California (State of) Statewide Communities Development Authority (Front Porch Communities & Services), Series 2021, Ref. RB		4.00%		04/01/2051		1,900		1,707,175
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 A, Ref. RB		4.00%		08/15/2046		1,650		1,557,760
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 A, Ref. RB		4.00%		08/15/2051		165		152,009
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 A, Ref. RB		5.00%		08/15/2051		1,000		1,021,225
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2018 A, Ref. RB		5.00%		12/01/2057		1,075		1,095,885

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  6  

Invesco California AMT-Free Municipal Bond ETF (PWZ)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
California (State of) Statewide Communities Development Authority (Marin General Hospital) (Green Bonds), Series 2018, RB		4.00%		08/01/2045	$	1,000	$	858,259
California (State of) Statewide Communities Development Authority (Methodist Hospital of Southern California), Series 2018; RB		5.00%		01/01/2048		1,975		2,008,132
California (State of) Statewide Communities Development Authority (University of California - Irvine East Campus Apartments - CHF-Irvine, LLC), Series 2016, Ref. RB		5.00%		05/15/2040		1,000		1,011,415
California (State of) Statewide Communities Development Authority (University of California - Irvine East Campus Apartments, Phase IV-A - CHF-Irvine, LLC), Series 2017 A, RB		5.00%		05/15/2047		1,500		1,507,788
California State University, Series 2015 A, Ref. RB		5.00%		11/01/2038		2,515		2,634,821
California State University, Series 2015 A, Ref. RB		5.00%		11/01/2047		2,000		2,072,101
California State University, Series 2016 A, Ref. RB		4.00%		11/01/2038		535		536,033
California State University, Series 2016 A, Ref. RB		5.00%		11/01/2041		12,410		12,993,748
California State University, Series 2016 A, Ref. RB		5.00%		11/01/2045		1,700		1,771,638
California State University, Series 2018 A, Ref. RB		5.00%		11/01/2048		3,000		3,205,842
California State University, Series 2019 A, RB		5.00%		11/01/2049		1,000		1,072,346
California State University, Series 2020 C, RB		4.00%		11/01/2045		1,720		1,669,174
Chabot-Las Positas Community College District (Election of 2016), Series 2017 A, GO Bonds		4.00%		08/01/2047		5,090		4,854,261
Chaffey Joint Union High School District (Election of 2012), Series 2015 B, GO Bonds		5.00%		08/01/2044		2,000		2,054,237
Chino Valley Unified School District, Series 2020 B, GO Bonds		5.00%		08/01/2055		5,000		5,364,699
Chino Valley Unified School District (Election of 2016), Series 2022 C, GO Bonds		4.00%		08/01/2055		6,835		6,525,524
Coachella Valley Unified School District (2005 Election), Series 2016 E, GO Bonds, (INS - AGM)(a)		4.00%		08/01/2045		1,500		1,436,780
Compton Unified School District, Series 2019 B, GO Bonds, (INS - BAM)(a)		4.00%		06/01/2049		115		109,241
Contra Costa Community College District (Election of 2014), Series 2014 A, GO Bonds		4.00%		08/01/2039		100		100,197
Desert Community College District, Series 2021 A-1, GO Bonds		4.00%		08/01/2051		500		468,157
East Bay Municipal Utility District (Green Bonds), Series 2017 A, RB		5.00%		06/01/2042		1,500		1,593,550
East Bay Municipal Utility District (Green Bonds), Series 2017 A, RB		5.00%		06/01/2045		2,000		2,116,710
Folsom Cordova Unified School District, Series 2019 D, GO Bonds, (INS - AGM)(a)		4.00%		10/01/2044		250		241,062
Foothill-Eastern Transportation Corridor Agency, Subseries 2014 B-1, Ref. RB		3.95%		01/15/2053		2,000		1,746,292
Fremont Union High School District, Series 2015, GO Bonds		4.00%		08/01/2044		1,000		989,936
Fremont Union High School District, Series 2019 A, GO Bonds		4.00%		08/01/2046		3,110		3,070,862
Fresno Unified School District, Series 2022 B, GO Bonds		4.00%		08/01/2052		2,000		1,932,886
Fresno Unified School District, Series 2022 B, GO Bonds		4.00%		08/01/2055		2,500		2,403,811
Glendale Community College District, Series 2020 B, GO Bonds		3.00%		08/01/2047		1,000		753,794
Glendale Community College District, Series 2020 B, GO Bonds		4.00%		08/01/2050		2,400		2,281,223
Hayward Unified School District (Election of 2018), Series 2022, GO Bonds, (INS - BAM)(a)		4.00%		08/01/2050		10,000		9,567,159
Inland Valley Development Agency, Series 2014 A, Ref. RB, (INS - AGM)(a)		5.00%		09/01/2044		1,000		1,009,869
Irvine Unified School District (Community Facilities District No. 01-1), Series 2015, Ref. RB, (INS - BAM)(a)		5.00%		09/01/2038		1,600		1,657,158
Jurupa Unified School District, Series 2017 B, GO Bonds		4.00%		08/01/2041		2,000		1,969,333
Kaweah Delta Health Care District Guild, Series 2015 B, RB		4.00%		06/01/2045		240		176,131
Lodi Unified School District (Election of 2016), Series 2020, GO Bonds		3.00%		08/01/2043		5,000		3,977,574
Long Beach (City of), CA, Series 2017 C, Ref. RB		5.00%		05/15/2047		1,500		1,577,717
Long Beach (City of), CA (Alamitos Bay Marina), Series 2015, RB		5.00%		05/15/2040		500		505,935
Long Beach (City of), CA (Alamitos Bay Marina), Series 2015, RB		5.00%		05/15/2045		500		505,177
Long Beach Community College District, Series 2019 C, GO Bonds		4.00%		08/01/2049		1,500		1,442,341
Los Angeles (City of), CA, Series 2013 A, RB		5.00%		06/01/2043		2,860		2,871,118
Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB		5.25%		06/01/2047		1,000		1,062,066
Los Angeles (City of), CA (Green Bonds), Series 2022 A, RB		5.00%		06/01/2047		3,000		3,306,013
Los Angeles (City of), CA Department of Airports, Series 2019 E, RB		5.00%		05/15/2044		610		648,445
Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB		5.00%		05/15/2045		1,500		1,625,999
Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB		5.00%		05/15/2048		1,900		2,044,417
Los Angeles (City of), CA Department of Airports (Green Bonds), Series 2022 I, RB		5.00%		05/15/2048		2,000		2,178,301
Los Angeles (City of), CA Department of Water & Power, Series 2014 D, RB		5.00%		07/01/2039		1,000		1,016,830
Los Angeles (City of), CA Department of Water & Power, Series 2015 E, RB		5.00%		07/01/2044		1,000		1,013,319
Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB		5.00%		07/01/2040		1,000		1,048,980
Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB		5.00%		07/01/2046		1,000		1,042,681
Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB		5.00%		07/01/2046		2,500		2,603,956
Los Angeles (City of), CA Department of Water & Power, Series 2016 B, RB		5.00%		07/01/2042		1,500		1,567,524

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  7  

Invesco California AMT-Free Municipal Bond ETF (PWZ)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB		5.00%		07/01/2042	$	1,500	$	1,578,345
Los Angeles (City of), CA Department of Water & Power, Series 2018 A, RB		5.00%		07/01/2048		2,000		2,126,029
Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB		5.00%		07/01/2048		1,000		1,068,948
Los Angeles (City of), CA Department of Water & Power, Series 2019 C, RB		5.00%		07/01/2049		1,000		1,065,076
Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB		5.00%		07/01/2049		2,235		2,380,445
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB		5.00%		07/01/2039		2,250		2,488,861
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB		5.00%		07/01/2040		1,000		1,101,270
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB		5.00%		07/01/2040		1,000		1,103,999
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB		5.00%		07/01/2041		1,000		1,098,422
Los Angeles (City of), CA Department of Water & Power, Series 2021, RB		5.00%		07/01/2045		3,750		4,097,195
Los Angeles (City of), CA Department of Water & Power, Series 2021, RB		5.00%		07/01/2051		1,250		1,348,703
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB		5.00%		07/01/2047		2,000		2,189,028
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB		5.00%		07/01/2052		2,000		2,169,934
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB		5.00%		07/01/2041		2,500		2,771,166
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB		5.00%		07/01/2042		2,500		2,766,836
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB		5.00%		07/01/2043		1,500		1,667,156
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB		5.00%		07/01/2043		2,000		2,206,335
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB		5.00%		07/01/2042		6,500		6,915,508
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB		5.00%		07/01/2041		1,000		1,066,485
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB		5.00%		07/01/2044		1,000		1,069,776
Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB		5.00%		12/01/2044		2,000		2,025,323
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB		4.00%		12/01/2040		185		184,400
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB		5.00%		12/01/2045		1,050		1,083,685
Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB		5.00%		12/01/2045		2,050		2,236,950
Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB		3.00%		12/01/2050		585		438,683
Los Angeles Community College District (Election of 2008), Series 2017 J, GO Bonds		4.00%		08/01/2041		250		250,221
Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds		3.00%		08/01/2039		3,800		3,267,305
Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds		4.00%		08/01/2039		100		101,035
Los Angeles Unified School District, Series 2020 C, GO Bonds		4.00%		07/01/2040		1,000		997,098
Los Angeles Unified School District, Series 2020 C, GO Bonds		3.00%		07/01/2045		1,000		765,119
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds		5.00%		07/01/2038		1,000		1,078,972
Madera Unified School District (Election of 2014), Series 2017, GO Bonds		4.00%		08/01/2046		3,000		2,874,314
Marin (County of), CA Healthcare District (Election of 2013), Series 2015, GO Bonds		4.00%		08/01/2040		190		186,432
Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds		5.00%		08/01/2041		15,180		16,028,771
Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds		4.00%		08/01/2047		150		141,537
Metropolitan Water District of Southern California, Series 2020 A, RB		5.00%		10/01/2045		2,000		2,176,415
Metropolitan Water District of Southern California, Series 2021 A, RB		5.00%		10/01/2046		1,000		1,096,363
Metropolitan Water District of Southern California, Series 2021 A, RB		5.00%		10/01/2051		1,000		1,089,995
Moreno Valley Unified School District, Series 2021 C, GO Bonds, (INS - BAM)(a)		3.00%		08/01/2050		3,000		2,230,900
Morgan Hill Unified School District (Election of 2012), Series 2017 B, GO Bonds		4.00%		08/01/2047		3,000		2,887,792
Mountain View Shoreline Regional Park Community, Series 2018 A, RB, (INS - AGM)(a)		5.00%		08/01/2048		1,800		1,901,387
Ontario (City of), CA Public Financing Authority (Civic Center Improvements), Series 2022, RB, (INS - AGM)(a)		5.00%		11/01/2052		2,500		2,712,395
Orange (County of), CA Local Transportation Authority, Series 2019, RB		5.00%		02/15/2041		1,000		1,078,997
Orange (County of), CA Water District, Series 2017 A, Ref. RB		4.00%		08/15/2041		2,000		1,998,093
Oxnard Union High School District, Series 2020 B, GO Bonds		5.00%		08/01/2045		2,180		2,325,779
Oxnard Union High School District (Election of 2018), Series 2022 C, GO Bonds		4.00%		08/01/2047		3,000		2,923,023
Regents of the University of California Medical Center, Series 2016 L, Ref. RB		5.00%		05/15/2041		1,000		1,038,955
Regents of the University of California Medical Center, Series 2016 L, Ref. RB		5.00%		05/15/2047		2,605		2,686,588
Regents of the University of California Medical Center, Series 2022 P, RB		5.00%		05/15/2042		5,000		5,470,586
Regents of the University of California Medical Center, Series 2022 P, RB		5.00%		05/15/2047		450		486,228
Regents of the University of California Medical Center, Series 2022, RB		3.50%		05/15/2054		15,000		12,566,518
Riverside (County of), CA Transportation Commission, Series 2021 B-1, Ref. RB		4.00%		06/01/2038		700		682,731
Riverside (County of), CA Transportation Commission, Series 2021 B-1, Ref. RB		4.00%		06/01/2039		675		651,943
Riverside (County of), CA Transportation Commission, Series 2021 B-1, Ref. RB		4.00%		06/01/2040		750		716,995
Riverside (County of), CA Transportation Commission, Series 2021 B-1, Ref. RB		4.00%		06/01/2046		625		577,331
Riverside (County of), CA Transportation Commission, Series 2021 B-1, Ref. RB		3.00%		06/01/2049		2,000		1,470,308
Sacramento (City of), CA (Convention Center Complex), Series 2018 A, RB		5.00%		06/01/2048		2,700		2,806,121

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  8  

Invesco California AMT-Free Municipal Bond ETF (PWZ)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB		5.00%		08/15/2050	$	6,000	$	6,489,068
Sacramento (City of), CA Unified School District (Election of 2020), Series 2022 A, GO Bonds, (INS - BAM)(a)		5.50%		08/01/2047		1,500		1,678,013
Sacramento (City of), CA Unified School District (Election of 2020), Series 2022 A, GO Bonds, (INS - BAM)(a)		5.50%		08/01/2052		3,000		3,340,248
Sacramento (City of), CA Unified School District (Measure Q) (Election of 2012), Series 2021 G, GO Bonds, (INS - AGM)(a)		4.00%		08/01/2049		1,000		941,851
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2014 A, Ref. RB		5.00%		12/01/2044		1,525		1,543,901
Salinas Union High School District, Series 2022 A, GO Bonds		4.00%		08/01/2047		2,500		2,384,215
San Diego (City of), CA Association of Governments, Series 2017 A, RB		5.00%		07/01/2042		1,000		1,053,620
San Diego (City of), CA Public Facilities Financing Authority, Series 2020 A, RB		4.00%		08/01/2045		300		289,451
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2015 A, RB		5.00%		10/15/2044		1,000		1,036,670
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A, RB		5.00%		10/15/2046		1,535		1,655,406
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A, RB		4.00%		10/15/2050		500		470,286
San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB		5.00%		07/01/2044		1,500		1,573,610
San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB		5.00%		07/01/2049		2,000		2,084,452
San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB		4.00%		07/01/2046		500		470,723
San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB		5.00%		07/01/2046		750		793,183
San Diego (County of), CA Regional Transportation Commission, Series 2016 A, RB		5.00%		04/01/2048		1,000		1,042,905
San Diego (County of), CA Water Authority, Series 2022 A, RB		5.00%		05/01/2047		2,500		2,755,136
San Diego Unified School District (Election of 2012), Series 2016 F, GO Bonds		5.00%		07/01/2040		1,000		1,037,211
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds		5.00%		07/01/2041		3,535		3,753,900
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds		5.00%		07/01/2047		3,000		3,165,967
San Diego Unified School District (Election of 2012), Series 2019 L, GO Bonds		4.00%		07/01/2049		4,560		4,371,917
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Second Series 2013 B, RB(b)(c)		5.00%		05/01/2023		6,000		6,017,867
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2014 B, RB		5.00%		05/01/2044		2,000		2,024,676
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2016 C, RB		5.00%		05/01/2046		8,570		8,831,169
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2017 B, RB		5.00%		05/01/2047		6,835		7,097,757
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2018, RB		5.00%		05/01/2048		1,625		1,699,496
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 F, RB		5.00%		05/01/2050		1,940		2,040,995
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, RB		5.00%		05/01/2049		3,000		3,158,674
San Francisco (City of), CA Public Utilities Commission (Green Bonds), Series 2020 A, RB		5.00%		11/01/2050		1,000		1,078,638
San Francisco (City of), CA Public Utilities Commission (Hetch Hetchy Water), Series 2020 D, RB		3.00%		11/01/2050		2,000		1,530,137
San Francisco Bay Area Rapid Transit District (Election of 2004) (Green Bonds), Series 2019 F-1, GO Bonds		3.00%		08/01/2038		3,500		3,077,892
San Francisco Bay Area Rapid Transit District (Green Bonds) (Election of 2016), Series 2022 D-1, GO Bonds		3.00%		08/01/2042		1,000		853,834
San Francisco Bay Area Rapid Transit District (Green Bonds) (Election of 2016), Series 2022 D-1, GO Bonds		4.00%		08/01/2047		1,500		1,472,997
San Francisco Community College District (Election of 2020), Series 2020 A, GO Bonds		4.00%		06/15/2045		3,000		2,858,946
San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2019, RB		4.00%		08/01/2044		5,000		4,860,587
San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2019, RB		5.00%		08/01/2049		6,500		6,996,946
San Mateo Foster City School District, Series 2021 A, GO Bonds		2.50%		08/01/2046		1,000		693,733
San Mateo Foster City School District, Series 2021 A, GO Bonds		2.50%		08/01/2051		1,000		658,391
San Mateo Union High School District, Series 2021 B, GO Bonds		2.00%		09/01/2045		1,000		620,177
San Mateo Union High School District, Series 2021 B, GO Bonds		2.13%		09/01/2048		1,000		612,093
San Rafael City High School District (Election of 2015), Series 2018 B, GO Bonds		4.00%		08/01/2047		5,000		4,768,429
Santa Clara Unified School District (Election of 2018), Series 2019, GO Bonds		4.00%		07/01/2048		100		96,484
Santa Clara Valley Water District, Series 2016 A, Ref. RB		5.00%		06/01/2046		4,090		4,251,999

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  9  

Invesco California AMT-Free Municipal Bond ETF (PWZ)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
Simi Valley Unified School District (Election of 2016), Series 2017 A, GO Bonds		4.00%		08/01/2046	$	1,000	$	958,105
Transbay Joint Powers Authority (Green Bonds), Series 2020 A, RB		5.00%		10/01/2049		1,200		1,217,697
Tulare (County of), CA Local Health Care District, Series 2020, Ref. GO Bonds, (INS - BAM)(a)		4.00%		08/01/2039		2,000		1,975,311
University of California, Series 2013 AI, RB(b)(c)		5.00%		05/15/2023		1,300		1,304,800
University of California, Series 2016 AR, Ref. RB		5.00%		05/15/2046		1,115		1,164,038
University of California, Series 2017 AV, RB		5.25%		05/15/2042		4,000		4,284,264
University of California, Series 2018 AZ, Ref. RB		5.00%		05/15/2043		1,915		2,043,534
University of California, Series 2018 AZ, Ref. RB		5.00%		05/15/2048		3,500		3,710,434
University of California, Series 2019 BB, Ref. RB		5.00%		05/15/2049		1,705		1,819,780
University of California, Series 2020 BE, Ref. RB		5.00%		05/15/2038		1,235		1,369,345
University of California, Series 2020 BE, Ref. RB		4.00%		05/15/2047		2,750		2,644,988
University of California, Series 2020 BE, Ref. RB		4.00%		05/15/2050		2,000		1,911,661
University of California, Series 2021 BH, Ref. RB		4.00%		05/15/2046		4,000		3,853,309
University of California, Series 2021 BH, Ref. RB		4.00%		05/15/2051		4,355		4,148,370
University of California (Limited), Series 2017 M, RB		5.00%		05/15/2042		1,725		1,828,069
University of California (Limited), Series 2017 M, RB		4.00%		05/15/2047		125		119,498
University of California (Limited), Series 2018 O, Ref. RB		5.00%		05/15/2058		1,500		1,579,186
University of California (Limited), Series 2021 Q, Ref. RB		5.00%		05/15/2046		5,000		5,450,896
Vacaville Unified School District, Series 2020 D, GO Bonds		4.00%		08/01/2045		1,000		973,308
Vista Unified School District, Series 2022 B, GO Bonds, (INS - BAM)(a)		5.25%		08/01/2048		1,500		1,671,088
TOTAL INVESTMENTS IN SECURITIES(d)-97.97% (Cost $581,759,766)								541,197,270
OTHER ASSETS LESS LIABILITIES-2.03%								11,239,572
NET ASSETS-100.00%							$	552,436,842

Investment Abbreviations:
AGM	-Assured Guaranty Municipal Corp.
BAM	-Build America Mutual Assurance Co.
GO	-General Obligation
INS	-Insurer
RB	-Revenue Bonds
Ref.	-Refunding

Notes to Schedule of Investments:

^(a)  Principal and/or interest payments are secured by the bond insurance company listed.

^(b)  Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(c)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(d)  Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  10  

Invesco California AMT-Free Municipal Bond ETF (PWZ)–(continued)

February 28, 2023

(Unaudited)

Portfolio Composition
Revenue Type Breakdown (% of the Fund’s Net Assets) as of February 28, 2023
Ad Valorem Property Tax	24.87
Health, Hospital, Nursing Home Revenue	14.91
General Fund	10.71
College & University Revenue	10.57
Port, Airport & Marina Revenue	8.32
Electric Power Revenue	7.42
Lease Revenue	4.81
Water Revenue	4.11
Sewer Revenue	3.74
Revenue Types Each Less Than 3%	8.51
Other Assets Less Liabilities	2.03

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  11  

Invesco CEF Income Composite ETF (PCEF)

February 28, 2023

(Unaudited)

Schedule of Investments

	Shares		Value
Closed-End Funds-99.91%
Bonds-38.07%
Aberdeen Asia-Pacific Income Fund, Inc.		4,043,285	$	11,119,034
BlackRock Core Bond Trust(a)		527,366		5,737,742
BlackRock Credit Allocation Income Trust		1,201,248		12,877,379
BlackRock Limited Duration Income Trust(a)		364,070		4,882,179
BlackRock Multi-Sector Income Trust(a)		323,165		4,873,328
BlackRock Taxable Municipal Bond Trust(a)		535,186		9,274,773
Cohen & Steers Limited Duration Preferred and Income Fund, Inc.(a)		401,893		8,094,125
Cohen & Steers Select Preferred and Income Fund, Inc.(a)		149,055		3,098,853
DoubleLine Income Solutions Fund(a)		1,247,491		15,231,865
DoubleLine Opportunistic Credit Fund(a)		129,226		1,907,376
Eaton Vance Limited Duration Income Fund(a)		1,458,559		14,862,716
Eaton Vance Short Duration Diversified Income Fund		113,322		1,203,480
First Trust Intermediate Duration Preferred & Income Fund(a)		855,084		15,229,046
Flaherty & Crumrine Dynamic Preferred and Income Fund, Inc.		253,932		5,081,179
Flaherty & Crumrine Preferred & Income Securities Fund, Inc.(a)		476,701		7,627,216
Flaherty & Crumrine Preferred and Income Fund, Inc.(a)		118,371		1,395,594
Flaherty & Crumrine Total Return Fund, Inc.(a)		129,563		2,159,815
Franklin Ltd. Duration Income Trust		636,379		4,066,462
Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust(a)		187,062		3,213,725
Invesco Bond Fund(a)(b)		110,432		1,792,311
Invesco Senior Income Trust(a)(b)		2,100,854		8,298,373
John Hancock Preferred Income Fund(a)		222,152		3,789,913
John Hancock Preferred Income Fund II(a)		157,493		2,678,956
John Hancock Preferred Income Fund III(a)		233,301		3,539,176
John Hancock Premium Dividend Fund(a)		354,999		4,590,137
MFS Charter Income Trust(a)		457,831		2,994,215
MFS Intermediate Income Trust(a)		1,457,376		4,124,374
MFS Multimarket Income Trust		841,152		3,844,065
Nuveen Credit Strategies Income Fund		2,131,286		11,359,754
Nuveen Floating Rate Income Fund(a)		812,518		6,890,153
Nuveen Global High Income Fund(a)		316,306		3,805,161
Nuveen Preferred & Income Opportunities Fund		1,330,781		9,874,395
Nuveen Preferred & Income Securities Fund(a)		2,930,861		21,102,199
Nuveen Taxable Municipal Income Fund(a)		293,663		4,742,658
PIMCO Dynamic Income Opportunities Fund(a)		1,074,095		14,736,583
PIMCO Income Strategy Fund(a)		263,745		2,278,757
PIMCO Income Strategy Fund II(a)		586,087		4,419,096
Pioneer Floating Rate Fund, Inc.(a)		195,072		1,818,071
Putnam Premier Income Trust(a)		1,265,056		4,668,057
TCW Strategic Income Fund, Inc.(a)		598,078		2,972,448
Templeton Global Income Fund		1,045,445		4,453,596
Virtus Global Multi-Sector Income Fund(a)		157,187		1,252,780

	Shares		Value
Bonds-(continued)
Western Asset Inflation-Linked Opportunities & Income Fund(a)		964,859	$	8,789,866
Western Asset Inflation-Linked Securities & Income Fund		362,290		3,122,940
				273,873,921
Bonds/High Yield-23.08%
AllianceBernstein Global High Income Fund, Inc.(a)		1,088,328		11,024,762
Allspring Income Opportunities Fund		760,848		5,090,073
Allspring Multi-Sector Income Fund(a)		271,476		2,679,468
Barings Global Short Duration High Yield Fund(a)		277,068		3,765,354
BlackRock Corporate High Yield Fund, Inc.		1,766,702		15,829,650
BlackRock Debt Strategies Fund, Inc.(a)		655,072		6,465,561
BlackRock Floating Rate Income Strategies Fund, Inc.(a)		504,963		6,054,506
BlackRock Floating Rate Income Trust(a)		322,857		3,745,141
BNY Mellon High Yield Strategies Fund		1,027,607		2,312,116
Credit Suisse Asset Management Income Fund, Inc.(a)		530,826		1,486,313
Credit Suisse High Yield Bond Fund		1,321,174		2,497,019
Delaware Ivy High Income Opportunities Fund		200,543		2,356,380
Eaton Vance Floating-Rate Income Trust(a)		419,574		5,043,279
Eaton Vance Senior Floating-Rate Trust(a)		417,187		4,981,213
First Trust High Income Long/Short Fund(a)		481,517		5,609,673
First Trust Senior Floating Rate Income Fund II(a)		375,647		3,771,496
High Income Securities Fund		229,220		1,551,819
Highland Income Fund		1,254,818		12,071,349
Morgan Stanley Emerging Markets Debt Fund, Inc.		325,653		2,136,284
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.(a)		1,068,600		4,808,700
Neuberger Berman High Yield Strategies Fund, Inc.(a)		185,164		1,551,674
New America High Income Fund, Inc. (The)		342,249		2,330,716
Nuveen NASDAQ 100 Dynamic Overwrite Fund(a)		335,827		7,797,903
PGIM Global High Yield Fund, Inc.(a)		652,053		7,563,815
PGIM High Yield Bond Fund, Inc.(a)		481,550		6,057,899
PGIM Short Duration High Yield Opportunities Fund(a)		381,453		5,893,449
PIMCO High Income Fund(a)		985,580		4,977,179
Pioneer High Income Fund, Inc.(a)		462,164		3,239,770
Templeton Emerging Markets Income Fund(a)		689,287		3,611,864
Western Asset Emerging Markets Debt Fund, Inc.(a)		957,722		8,753,579
Western Asset Global High Income Fund, Inc.		290,843		2,158,055
Western Asset High Income Fund II, Inc.(a)		611,870		3,279,623
Western Asset High Income Opportunity Fund, Inc.(a)		1,357,322		5,483,581
				165,979,263
Domestic Equity-1.08%
John Hancock Tax-Advantaged Dividend Income Fund(a)		335,634		7,749,789

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  12  

Invesco CEF Income Composite ETF (PCEF)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Equities-2.48%
Virtus Dividend, Interest & Premium Strategy Fund(a)		1,499,225	$	17,855,770
Fixed Income-9.13%
Ares Dynamic Credit Allocation Fund, Inc.(a)		361,622		4,581,751
BlackRock Income Trust, Inc.(a)		262,795		3,292,821
Blackstone Long-Short Credit Income Fund		203,324		2,330,093
Nuveen Core Plus Impact Fund(a)		461,934		5,030,461
Nuveen Variable Rate Preferred & Income Fund		348,247		6,257,999
PIMCO Corporate & Income Strategy Fund(a)		305,857		4,113,777
PIMCO Dynamic Income Fund		1,709,101		33,430,015
PIMCO Strategic Income Fund, Inc.(a)		288,227		1,631,365
Saba Capital Income & Opportunities Fund		611,331		4,994,574
				65,662,856
Option Income-26.07%
BlackRock Energy and Resources Trust		400,669		5,020,383
BlackRock Enhanced Capital and Income Fund, Inc.(a)		435,392		7,845,764
BlackRock Enhanced Equity Dividend Trust(a)		1,596,645		14,449,637
BlackRock Enhanced Global Dividend Trust(a)		978,807		9,846,798
BlackRock Enhanced International Dividend Trust(a)		1,586,578		8,519,924
BlackRock Health Sciences Trust(a)		115,895		4,866,431
BlackRock Resources & Commodities Strategy Trust		1,357,275		13,586,323
BlackRock Science & Technology Trust(a)		288,238		9,065,085
Brookfield Real Assets Income Fund, Inc.(a)		379,529		6,748,026
Columbia Seligman Premium Technology Growth Fund, Inc.(a)		112,353		3,012,184
Eaton Vance Enhanced Equity Income Fund(a)		288,033		4,510,597
Eaton Vance Enhanced Equity Income Fund II		362,641		5,889,290
Eaton Vance Risk-Managed Diversified Equity Income Fund		511,422		3,983,977
Eaton Vance Tax-Managed Buy-Write Income Fund		213,174		2,820,292
Eaton Vance Tax-Managed Buy-Write Opportunities Fund(a)		777,123		10,087,056
Eaton Vance Tax-Managed Diversified Equity Income Fund(a)		1,145,720		13,416,381

	Shares		Value
Option Income-(continued)
Eaton Vance Tax-Managed Global Buy Write Opportunities Fund		986,148	$	7,869,461
Eaton Vance Tax-Managed Global Diversified Equity Income Fund(a)		3,034,475		23,122,699
First Trust Enhanced Equity Income Fund(a)		246,258		4,087,883
John Hancock Hedged Equity & Income Fund(a)		84,406		988,394
Madison Covered Call & Equity Strategy Fund(a)		146,089		1,174,556
Nuveen Dow 30sm Dynamic Overwrite Fund		253,547		3,841,237
Nuveen S&P 500 Buy-Write Income Fund(a)		764,807		10,133,693
Nuveen S&P 500 Dynamic Overwrite Fund(a)		120,487		1,901,285
Voya Global Advantage and Premium Opportunity Fund(a)		247,488		2,197,693
Voya Global Equity Dividend and Premium Opportunity Fund(a)		1,129,419		6,042,392
Voya Infrastructure Industrials and Materials Fund		256,076		2,489,059
				187,516,500
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.91% (Cost $801,401,462)				718,638,099
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.11%
Invesco Private Government Fund, 4.58%(b)(c)(d)		4,186,082		4,186,082
Invesco Private Prime Fund, 4.83%(b)(c)(d)		11,017,752		11,019,955
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $15,206,037)				15,206,037
TOTAL INVESTMENTS IN SECURITIES-102.02% (Cost $816,607,499)				733,844,136
OTHER ASSETS LESS LIABILITIES-(2.02)%				(14,532,628	)
NET ASSETS-100.00%			$	719,311,508

Notes to Schedule of Investments:

^(a)  All or a portion of this security was out on loan at February 28, 2023.

^(b)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31,  2022			Purchases at Cost			Proceeds from  Sales				Change in Unrealized Appreciation  (Depreciation)			Realized Gain (Loss)				Value February 28,  2023			Dividend Income
Invesco Bond Fund		$	2,169,726		$	183,443		$	(628,400	)		$	223,940		$	(155,888	)		$	1,792,311		$	52,748
Invesco Senior Income Trust			8,007,381			1,104,712			(1,007,809	)			173,333			20,756				8,298,373			675,865

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  13  

Invesco CEF Income Composite ETF (PCEF)–(continued)

February 28, 2023

(Unaudited)

	Value August 31, 2022			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)			Value February 28, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-	$	11,028,989	$	(11,028,989	)		$	-		$	-			$	-	$	3,643
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			7,699,235		63,792,270		(67,305,423	)			-			-				4,186,082		176,375	*
Invesco Private Prime Fund			20,053,777		144,427,604		(153,465,387	)			(1,880	)		5,841				11,019,955		484,601	*
Total		$	37,930,119	$	220,537,018	$	(233,436,008	)		$	395,393		$	(129,291	)**		$	25,296,721	$	1,393,232

* 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.

** Includes capital gains distributions from affiliated underlying funds as follows:

Fund Name	Capital Gain
Invesco Bond Fund	$510

^(c)  The rate shown is the 7-day SEC standardized yield as of February 28, 2023.

^(d)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

Portfolio Composition
Asset Class Breakdown* (% of the Fund’s Net Assets) as of February 28, 2023
Bonds	38.07
Option Income	26.07
Bonds/High Yield	23.08
Fixed Income	9.13
Equities	2.48
Domestic Equity	1.08
Money Market Funds Plus Other Assets Less Liabilities	0.09

  * Reflects exposure achieved through investments in underlying funds.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  14  

Invesco Fundamental High Yield^® Corporate Bond ETF (PHB)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.56%
Aerospace & Defense-2.72%
Hexcel Corp., 4.20%, 02/15/2027(b)	$	3,601,000	$	3,399,600
Howmet Aerospace, Inc.
5.13%, 10/01/2024		3,001,000		2,970,690
3.00%, 01/15/2029(b)		3,443,000		2,959,964
TransDigm, Inc., 5.50%, 11/15/2027		10,658,000		9,823,527
				19,153,781
Air Freight & Logistics-0.67%
GXO Logistics, Inc., 1.65%, 07/15/2026		5,467,000		4,698,452
Airlines-3.90%
Delta Air Lines, Inc.
7.38%, 01/15/2026(b)		6,633,000		6,831,327
4.38%, 04/19/2028(b)		7,526,000		6,875,001
United Airlines Holdings, Inc., 4.88%, 01/15/2025(b)		14,137,000		13,749,646
				27,455,974
Auto Components-2.41%
American Axle & Manufacturing, Inc., 5.00%, 10/01/2029(b)		5,514,000		4,454,469
Dana, Inc., 5.63%, 06/15/2028(b)		5,382,000		4,876,792
Goodyear Tire & Rubber Co. (The)
5.00%, 05/31/2026(b)		4,024,000		3,877,567
5.00%, 07/15/2029(b)		4,305,000		3,749,224
				16,958,052
Automobiles-3.38%
Ford Motor Co., 3.25%, 02/12/2032		14,949,000		11,349,690
Ford Motor Credit Co. LLC, 3.38%, 11/13/2025		13,483,000		12,434,562
				23,784,252
Building Products-0.39%
Griffon Corp., 5.75%, 03/01/2028		3,006,000		2,769,187
Chemicals-2.11%
Chemours Co. (The), 5.38%, 05/15/2027(b)		5,645,000		5,147,422
Olin Corp., 5.63%, 08/01/2029(b)		5,515,000		5,260,621
Scotts Miracle-Gro Co. (The), 4.00%, 04/01/2031(b)		5,558,000		4,452,041
				14,860,084
Commercial Services & Supplies-1.58%
CoreCivic, Inc., 8.25%, 04/15/2026(b)		4,395,000		4,453,607
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/2026		3,873,000		3,597,820
Steelcase, Inc., 5.13%, 01/18/2029(b)		3,660,000		3,091,848
				11,143,275
Communications Equipment-0.55%
Hughes Satellite Systems Corp., 6.63%, 08/01/2026(b)		4,098,000		3,861,709
Construction & Engineering-1.98%
AECOM, 5.13%, 03/15/2027		7,897,000		7,560,240

	Principal Amount		Value
Construction & Engineering-(continued)
Fluor Corp.
3.50%, 12/15/2024(b)	$	3,356,000	$	3,210,921
4.25%, 09/15/2028(b)		3,464,000		3,128,902
				13,900,063
Consumer Finance-4.38%
Ally Financial, Inc.
5.75%, 11/20/2025(b)		5,946,000		5,825,247
6.70%, 02/14/2033		6,200,000		5,896,750
Navient Corp.
6.13%, 03/25/2024		3,964,000		3,938,908
5.50%, 03/15/2029(b)		4,409,000		3,735,705
OneMain Finance Corp.
7.13%, 03/15/2026(b)		3,431,000		3,338,672
4.00%, 09/15/2030		4,095,000		3,131,395
SLM Corp., 4.20%, 10/29/2025(b)		5,392,000		4,941,944
				30,808,621
Containers & Packaging-3.12%
Ball Corp.
5.25%, 07/01/2025(b)		3,461,000		3,409,085
2.88%, 08/15/2030(b)		4,283,000		3,423,188
Berry Global, Inc., 1.57%, 01/15/2026(b)		8,038,000		7,168,791
Crown Americas LLC, 5.25%, 04/01/2030(b)		3,936,000		3,666,784
Silgan Holdings, Inc., 4.13%, 02/01/2028(b)		4,688,000		4,294,419
				21,962,267
Diversified Consumer Services-0.72%
Service Corp. International, 5.13%, 06/01/2029(b)		5,407,000		5,075,821
Electric Utilities-5.10%
DPL, Inc., 4.13%, 07/01/2025(b)		10,078,000		9,477,221
FirstEnergy Corp.
Series B, 4.15%, 07/15/2027		5,589,000		5,219,539
Series C, 7.38%, 11/15/2031		4,739,000		5,320,239
NRG Energy, Inc., 6.63%, 01/15/2027		6,640,000		6,629,027
PG&E Corp., 5.25%, 07/01/2030(b)		10,322,000		9,225,184
				35,871,210
Electronic Equipment, Instruments & Components-1.57%
CDW LLC/CDW Finance Corp.
2.67%, 12/01/2026		4,122,000		3,664,898
3.57%, 12/01/2031		4,216,000		3,483,651
Vontier Corp.
1.80%, 04/01/2026		2,368,000		2,066,684
2.95%, 04/01/2031		2,414,000		1,841,303
				11,056,536
Energy Equipment & Services-0.84%
Oceaneering International, Inc., 4.65%, 11/15/2024(b)		2,930,000		2,823,259
Patterson-UTI Energy, Inc., 3.95%, 02/01/2028(b)		3,515,000		3,074,804
				5,898,063

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  15  

Invesco Fundamental High Yield^® Corporate Bond ETF (PHB)–(continued)

February 28, 2023

(Unaudited)

	Principal Amount		Value
Entertainment-1.30%
Netflix, Inc.
4.38%, 11/15/2026(b)	$	4,764,000	$	4,599,571
4.88%, 04/15/2028(b)		4,673,000		4,534,539
				9,134,110
Equity REITs-5.34%
GLP Capital L.P./GLP Financing II, Inc.
5.38%, 04/15/2026		2,603,000		2,541,036
5.30%, 01/15/2029		2,625,000		2,485,442
iStar, Inc., 4.75%, 10/01/2024(b)		2,528,000		2,525,813
MPT Operating Partnership L.P./MPT Finance Corp.
5.00%, 10/15/2027		2,600,000		2,135,620
3.50%, 03/15/2031(b)		3,070,000		2,107,494
Office Properties Income Trust
2.40%, 02/01/2027		2,307,000		1,706,374
3.45%, 10/15/2031		2,580,000		1,724,353
RHP Hotel Properties L.P./RHP Finance Corp., 4.75%, 10/15/2027		4,041,000		3,718,932
Sabra Health Care L.P.
5.13%, 08/15/2026		1,939,000		1,835,817
3.20%, 12/01/2031		2,308,000		1,717,120
SBA Communications Corp., 3.88%, 02/15/2027		4,869,000		4,410,797
Service Properties Trust
4.35%, 10/01/2024		3,011,000		2,885,336
4.95%, 10/01/2029		3,698,000		2,921,114
VICI Properties L.P.
4.38%, 05/15/2025		2,539,000		2,445,844
5.13%, 05/15/2032(b)		2,600,000		2,414,750
				37,575,842
Food Products-0.88%
Pilgrim’s Pride Corp., 3.50%, 03/01/2032(b)		8,013,000		6,200,169
Gas Utilities-0.95%
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.88%, 08/20/2026		7,041,000		6,643,113
Health Care Equipment & Supplies-0.56%
Teleflex, Inc., 4.63%, 11/15/2027(b)		4,183,000		3,949,170
Health Care Providers & Services-4.08%
Centene Corp., 4.63%, 12/15/2029(b)		15,967,000		14,618,473
Encompass Health Corp., 4.75%, 02/01/2030(b)		5,510,000		4,882,767
Tenet Healthcare Corp.
4.88%, 01/01/2026(b)		4,940,000		4,709,458
6.13%, 06/15/2030(c)		4,700,000		4,483,365
				28,694,063
Hotels, Restaurants & Leisure-7.40%
Churchill Downs, Inc., 5.50%, 04/01/2027(b)(c)		2,721,000		2,583,140
Hilton Domestic Operating Co., Inc., 4.88%, 01/15/2030(b)		6,751,000		6,200,456
Las Vegas Sands Corp.
3.20%, 08/08/2024(b)		7,276,000		7,006,001
3.90%, 08/08/2029(b)		7,631,000		6,659,808

	Principal Amount		Value
Hotels, Restaurants & Leisure-(continued)
MGM Resorts International
6.00%, 03/15/2023	$	4,396,000	$	4,399,956
4.75%, 10/15/2028(b)		4,621,000		4,146,497
Royal Caribbean Cruises Ltd., 3.70%, 03/15/2028(b)		11,066,000		8,845,884
Travel + Leisure Co., Series J, 6.00%, 04/01/2027(b)		4,538,000		4,368,118
Yum! Brands, Inc., 3.63%, 03/15/2031(b)		9,361,000		7,855,892
				52,065,752
Household Durables-4.52%
Century Communities, Inc., 6.75%, 06/01/2027		2,951,000		2,875,992
KB Home, 4.00%, 06/15/2031(b)		4,249,000		3,474,354
M/I Homes, Inc., 4.95%, 02/01/2028(b)		3,444,000		3,098,524
MDC Holdings, Inc., 2.50%, 01/15/2031		4,452,000		3,284,817
Meritage Homes Corp., 6.00%, 06/01/2025		3,894,000		3,878,857
Newell Brands, Inc.
4.45%, 04/01/2026(b)		3,485,000		3,298,675
6.63%, 09/15/2029(b)		3,348,000		3,321,852
Toll Brothers Finance Corp.
4.38%, 04/15/2023		340		339
4.88%, 03/15/2027(b)		2,587,000		2,485,263
3.80%, 11/01/2029(b)		2,713,000		2,351,100
Tri Pointe Group, Inc./Tri Pointe Homes, Inc., 5.88%, 06/15/2024		1,900,000		1,878,910
Tri Pointe Homes, Inc., 5.70%, 06/15/2028		1,998,000		1,859,395
				31,808,078
Household Products-0.55%
Spectrum Brands, Inc., 5.75%, 07/15/2025(b)		3,935,000		3,863,001
Internet & Direct Marketing Retail-0.90%
QVC, Inc.
4.45%, 02/15/2025(b)		4,548,000		3,678,332
4.38%, 09/01/2028		4,797,000		2,679,580
				6,357,912
IT Services-0.35%
Twilio, Inc., 3.63%, 03/15/2029(b)		2,926,000		2,460,886
Machinery-1.77%
Hillenbrand, Inc.
5.00%, 09/15/2026(b)		1,673,000		1,601,203
3.75%, 03/01/2031		1,862,000		1,525,052
Trinity Industries, Inc., 4.55%, 10/01/2024		4,130,000		4,000,217
Wabtec Corp.
4.40%, 03/15/2024		2,762,000		2,722,116
4.95%, 09/15/2028		2,671,000		2,579,838
				12,428,426
Media-5.16%
AMC Networks, Inc.
5.00%, 04/01/2024(b)		2,331,000		2,330,359
4.25%, 02/15/2029(b)		2,603,000		1,914,689
CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 03/01/2030(c)		11,030,000		9,286,488

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  16  

Invesco Fundamental High Yield^® Corporate Bond ETF (PHB)–(continued)

February 28, 2023

(Unaudited)

	Principal Amount		Value
Media-(continued)
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 4.91%, 07/23/2025	$	9,979,000	$	9,768,061
DISH DBS Corp.
7.75%, 07/01/2026		5,098,000		3,962,446
5.13%, 06/01/2029		6,069,000		3,592,089
Lamar Media Corp., 3.75%, 02/15/2028(b)		6,100,000		5,405,282
				36,259,414
Metals & Mining-3.08%
ATI, Inc.
5.88%, 12/01/2027(b)		1,515,000		1,444,529
5.13%, 10/01/2031		1,707,000		1,505,465
Carpenter Technology Corp., 6.38%, 07/15/2028		3,276,000		3,142,234
Cleveland-Cliffs Steel Corp., 7.00%, 03/15/2027		760		749
Freeport-McMoRan, Inc.
3.88%, 03/15/2023		4,973,000		4,972,205
4.63%, 08/01/2030(b)		4,897,000		4,524,836
United States Steel Corp., 6.88%, 03/01/2029(b)		6,038,000		6,046,936
				21,636,954
Mortgage REITs-1.12%
Starwood Property Trust, Inc., 4.75%, 03/15/2025(b)		8,239,000		7,870,634
Multiline Retail-2.22%
Kohl’s Corp.
4.25%, 07/17/2025(b)		4,629,000		4,404,025
3.63%, 05/01/2031(b)		6,239,000		4,392,786
Nordstrom, Inc.
4.00%, 03/15/2027(b)		4,044,000		3,523,483
4.38%, 04/01/2030(b)		4,162,000		3,287,252
				15,607,546
Oil, Gas & Consumable Fuels-7.13%
Apache Corp., 4.25%, 01/15/2030(b)		6,957,000		6,155,609
Cheniere Energy, Inc., 4.63%, 10/15/2028		8,452,000		7,843,794
EQM Midstream Partners L.P.
4.13%, 12/01/2026		2,706,000		2,410,886
5.50%, 07/15/2028		2,628,000		2,348,131
EQT Corp.
3.90%, 10/01/2027(b)		2,034,000		1,862,046
7.00%, 02/01/2030(b)		1,819,000		1,879,964
Murphy Oil Corp., 5.88%, 12/01/2027(b)		5,106,000		4,885,462
Occidental Petroleum Corp.
5.55%, 03/15/2026(b)		7,240,000		7,209,049
6.63%, 09/01/2030(b)		6,643,000		6,835,149
Range Resources Corp.
4.88%, 05/15/2025(b)		1,415,000		1,382,013
8.25%, 01/15/2029(b)		1,318,000		1,353,869
SM Energy Co., 6.50%, 07/15/2028(b)		3,147,000		2,906,396
Southwestern Energy Co.
5.70%, 01/23/2025(b)		1,573,000		1,560,318
5.38%, 03/15/2030(b)		1,647,000		1,507,005
				50,139,691

	Principal Amount		Value
Pharmaceuticals-0.60%
Elanco Animal Health, Inc., 6.65%, 08/28/2028(b)	$	4,385,000	$	4,198,067
Real Estate Management & Development-0.89%
Kennedy-Wilson, Inc., 4.75%, 03/01/2029		3,972,000		3,232,612
Newmark Group, Inc., 6.13%, 11/15/2023		3,027,000		3,025,381
				6,257,993
Semiconductors & Semiconductor Equipment-2.24%
Amkor Technology, Inc., 6.63%, 09/15/2027(c)		5,238,000		5,184,206
Qorvo, Inc., 4.38%, 10/15/2029(b)		5,184,000		4,628,094
Skyworks Solutions, Inc.
1.80%, 06/01/2026		3,429,000		3,020,186
3.00%, 06/01/2031(b)		3,567,000		2,886,689
				15,719,175
Software-0.20%
Crowdstrike Holdings, Inc., 3.00%, 02/15/2029(b)		1,670,000		1,408,318
Specialty Retail-3.67%
Asbury Automotive Group, Inc., 4.75%, 03/01/2030(b)		5,449,000		4,726,926
Bath & Body Works, Inc.
5.25%, 02/01/2028(b)		4,269,000		3,979,946
6.95%, 03/01/2033(b)		4,488,000		3,909,699
Murphy Oil USA, Inc., 4.75%, 09/15/2029(b)		6,350,000		5,675,280
Penske Automotive Group, Inc., 3.75%, 06/15/2029		8,962,000		7,539,372
				25,831,223
Technology Hardware, Storage & Peripherals-2.63%
Seagate HDD Cayman
4.75%, 01/01/2025		4,662,000		4,505,870
9.63%, 12/01/2032(b)(c)		4,250,564		4,651,775
Western Digital Corp.
4.75%, 02/15/2026		5,275,000		4,985,403
3.10%, 02/01/2032		6,036,000		4,353,963
				18,497,011
Textiles, Apparel & Luxury Goods-0.57%
Under Armour, Inc., 3.25%, 06/15/2026		4,527,000		4,036,500
Thrifts & Mortgage Finance-1.01%
MGIC Investment Corp., 5.25%, 08/15/2028		3,661,000		3,427,575
Radian Group, Inc.
4.50%, 10/01/2024		420		411
4.88%, 03/15/2027(b)		3,928,000		3,662,894
				7,090,880
Trading Companies & Distributors-1.22%
United Rentals (North America), Inc.
4.88%, 01/15/2028(b)		4,587,000		4,376,457
3.88%, 02/15/2031(b)		4,916,000		4,212,319
				8,588,776

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  17  

Invesco Fundamental High Yield^® Corporate Bond ETF (PHB)–(continued)

February 28, 2023

(Unaudited)

	Principal Amount		Value
Wireless Telecommunication Services-2.80%
Sprint Capital Corp., 6.88%, 11/15/2028	$	9,082,000	$	9,531,559
Sprint LLC, 7.88%, 09/15/2023		10,020,000		10,122,596
				19,654,155
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.56% (Cost $765,546,886)				693,234,206
	Shares
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-32.66%
Invesco Private Government Fund, 4.58%(d)(e)(f)		64,499,647		64,499,647

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 4.83%(d)(e)(f)		165,223,891	$	165,256,930
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $229,752,307)				229,756,577
TOTAL INVESTMENTS IN SECURITIES-131.22% (Cost $995,299,193)				922,990,783
OTHER ASSETS LESS LIABILITIES-(31.22)%				(219,622,341	)
NET ASSETS-100.00%			$	703,368,442

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  All or a portion of this security was out on loan at February 28, 2023.

^(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 February 28, 2023 was $26,188,974, which represented 3.72% of the Fund’s Net Assets.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31,  2022			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value February 28,  2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-	$	45,606,399	$	(45,606,399	)		$               -			$	-		$                       -	$	51,339
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			57,871,109		115,247,378		(108,618,840	)		-				-		64,499,647		1,125,219	*
Invesco Private Prime Fund			150,996,498		229,107,367		(214,863,657	)		(6,654	)			23,376		165,256,930		3,067,588	*
Total		$	208,867,607	$	389,961,144	$	(369,088,896	)		$      (6,654	)		$	23,376		$    229,756,577	$	4,244,146

* 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 February 28, 2023.

^(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 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  18  

Invesco Fundamental High Yield^® Corporate Bond ETF (PHB)–(continued)

February 28, 2023

(Unaudited)

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023
Consumer Discretionary	24.98
Industrials	14.23
Communication Services	9.26
Energy	8.78
Materials	8.31
Information Technology	7.54
Financials	6.51
Real Estate	6.23
Utilities	6.05
Health Care	5.24
Consumer Staples	1.43
Money Market Funds Plus Other Assets Less Liabilities	1.44

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  19  

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.98%
Aerospace & Defense-1.96%
Boeing Co. (The)
4.88%, 05/01/2025	$	75,000	$	73,977
5.15%, 05/01/2030		70,000		67,780
General Dynamics Corp.
3.25%, 04/01/2025		30,000		28,902
3.75%, 05/15/2028		41,000		39,011
Huntington Ingalls Industries, Inc., 3.48%, 12/01/2027(b)		20,000		18,298
L3Harris Technologies, Inc.
3.85%, 06/15/2023		33,000		32,863
4.40%, 06/15/2028		38,000		36,711
Lockheed Martin Corp.
3.55%, 01/15/2026		47,000		45,436
3.90%, 06/15/2032		60,000		55,652
Northrop Grumman Corp.
3.25%, 01/15/2028		56,000		51,738
4.40%, 05/01/2030		50,000		47,800
Raytheon Technologies Corp.
3.95%, 08/16/2025		60,000		58,332
4.13%, 11/16/2028		59,000		56,205
Textron, Inc., 3.00%, 06/01/2030		45,000		39,152
				651,857
Air Freight & Logistics-0.96%
C.H. Robinson Worldwide, Inc., 4.20%, 04/15/2028		45,000		42,706
FedEx Corp.
3.25%, 04/01/2026		60,000		56,818
3.10%, 08/05/2029		48,000		42,367
United Parcel Service, Inc.
3.05%, 11/15/2027		84,000		78,009
4.45%, 04/01/2030(b)		100,000		97,908
				317,808
Airlines-0.19%
Southwest Airlines Co.
5.13%, 06/15/2027		40,000		39,460
2.63%, 02/10/2030(b)		30,000		25,012
				64,472
Auto Components-0.30%
BorgWarner, Inc., 2.65%, 07/01/2027(b)		60,000		53,899
Lear Corp., 3.80%, 09/15/2027		50,000		46,749
				100,648
Automobiles-0.82%
General Motors Co., 6.13%, 10/01/2025		90,000		91,003
General Motors Financial Co., Inc., 3.10%, 01/12/2032		130,000		103,576
PACCAR Financial Corp., 3.55%, 08/11/2025		80,000		77,428
				272,007
Banks-6.30%
Bank of America Corp., 3.25%, 10/21/2027		320,000		294,906
Citigroup, Inc.
4.45%, 09/29/2027		130,000		124,239
6.63%, 06/15/2032		140,000		148,114

	Principal Amount		Value
Banks-(continued)
Comerica, Inc.
3.70%, 07/31/2023	$	30,000	$	29,774
4.00%, 02/01/2029(b)		33,000		30,800
Fifth Third Bancorp, 3.65%, 01/25/2024		110,000		108,459
Huntington Bancshares, Inc.
2.63%, 08/06/2024		40,000		38,483
2.55%, 02/04/2030		47,000		39,377
JPMorgan Chase & Co., 2.95%, 10/01/2026		426,000		396,409
KeyCorp, 2.55%, 10/01/2029		40,000		33,862
PNC Financial Services Group, Inc. (The)
3.50%, 01/23/2024		40,000		39,382
2.55%, 01/22/2030		65,000		55,326
Regions Financial Corp.
2.25%, 05/18/2025(b)		50,000		46,755
1.80%, 08/12/2028		50,000		41,937
SVB Financial Group
1.80%, 10/28/2026(b)		40,000		34,893
3.13%, 06/05/2030		35,000		29,560
Truist Bank, 3.63%, 09/16/2025		86,000		82,640
Truist Financial Corp., 1.95%, 06/05/2030(b)		90,000		72,819
U.S. Bancorp
1.38%, 07/22/2030(b)		100,000		77,575
Series V, 2.38%, 07/22/2026		91,000		83,521
Wells Fargo & Co.
3.00%, 04/22/2026		156,000		145,691
4.15%, 01/24/2029		150,000		140,591
				2,095,113
Beverages-1.78%
Coca-Cola Co. (The)
1.45%, 06/01/2027		100,000		87,862
2.25%, 01/05/2032(b)		100,000		82,602
Constellation Brands, Inc.
4.35%, 05/09/2027		40,000		38,679
2.25%, 08/01/2031		40,000		31,513
Keurig Dr Pepper, Inc.
4.42%, 05/25/2025		40,000		39,231
4.60%, 05/25/2028		46,000		44,666
Molson Coors Beverage Co., 3.00%, 07/15/2026		48,000		44,429
PepsiCo, Inc.
3.00%, 10/15/2027		124,000		115,474
2.75%, 03/19/2030		120,000		105,843
				590,299
Biotechnology-1.72%
AbbVie, Inc.
2.60%, 11/21/2024		100,000		95,389
3.20%, 11/21/2029		104,000		92,025
Amgen, Inc.
2.20%, 02/21/2027		80,000		71,730
2.00%, 01/15/2032		80,000		61,899
Biogen, Inc.
4.05%, 09/15/2025		46,000		44,554
2.25%, 05/01/2030		40,000		32,410

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  20  

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

February 28, 2023

(Unaudited)

	Principal Amount		Value
Biotechnology-(continued)
Gilead Sciences, Inc.
3.65%, 03/01/2026	$	58,000	$	55,409
1.65%, 10/01/2030(b)		75,000		59,400
Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/2030		75,000		58,443
				571,259
Building Products-0.76%
Carlisle Cos., Inc., 2.75%, 03/01/2030		40,000		33,460
Carrier Global Corp.
2.24%, 02/15/2025		50,000		46,979
2.72%, 02/15/2030		30,000		25,341
Fortune Brands Innovations, Inc.
4.00%, 09/21/2023		19,000		18,863
3.25%, 09/15/2029		23,000		19,615
Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A., 1.75%, 09/15/2030(b)		90,000		72,039
Masco Corp., 1.50%, 02/15/2028		45,000		37,238
				253,535
Capital Markets-4.20%
Ameriprise Financial, Inc.
4.00%, 10/15/2023		44,000		43,669
4.50%, 05/13/2032		50,000		48,722
Bank of New York Mellon Corp. (The)
2.20%, 08/16/2023		77,000		75,939
3.85%, 04/28/2028		44,000		41,788
BlackRock, Inc.
3.50%, 03/18/2024		64,000		62,973
1.90%, 01/28/2031		70,000		56,527
Charles Schwab Corp. (The)
0.75%, 03/18/2024		80,000		76,316
2.00%, 03/20/2028		70,000		61,042
CME Group, Inc.
3.00%, 03/15/2025		46,000		44,268
2.65%, 03/15/2032		45,000		37,759
Franklin Resources, Inc., 1.60%, 10/30/2030		90,000		69,756
Goldman Sachs Group, Inc. (The)
3.50%, 04/01/2025		110,000		105,996
3.80%, 03/15/2030		110,000		99,903
Jefferies Financial Group, Inc.
4.85%, 01/15/2027(b)		30,000		29,432
4.15%, 01/23/2030		25,000		22,618
Morgan Stanley, 3.63%, 01/20/2027		227,000		214,740
Nasdaq, Inc.
3.85%, 06/30/2026(b)		40,000		38,264
1.65%, 01/15/2031		30,000		22,963
Northern Trust Corp.
4.00%, 05/10/2027		40,000		38,770
1.95%, 05/01/2030		45,000		36,856
Raymond James Financial, Inc., 4.65%, 04/01/2030		55,000		52,843
State Street Corp.
3.55%, 08/18/2025		61,000		58,843
2.40%, 01/24/2030		65,000		55,629
				1,395,616

	Principal Amount		Value
Chemicals-2.80%
Air Products and Chemicals, Inc.
1.50%, 10/15/2025	$	40,000	$	36,511
2.05%, 05/15/2030(b)		49,000		40,981
Celanese US Holdings LLC
6.17%, 07/15/2027		40,000		39,731
6.38%, 07/15/2032(b)		40,000		38,845
DuPont de Nemours, Inc.
4.49%, 11/15/2025		45,000		44,253
4.73%, 11/15/2028(b)		45,000		44,297
Eastman Chemical Co.
3.80%, 03/15/2025		33,000		31,955
4.50%, 12/01/2028		30,000		28,686
Ecolab, Inc.
2.70%, 11/01/2026(b)		40,000		36,918
4.80%, 03/24/2030(b)		45,000		44,503
EIDP, Inc.
1.70%, 07/15/2025		30,000		27,661
2.30%, 07/15/2030(b)		35,000		29,442
FMC Corp.
3.20%, 10/01/2026		23,000		21,491
3.45%, 10/01/2029		22,000		19,476
Huntsman International LLC, 4.50%, 05/01/2029		30,000		27,357
Linde, Inc.
3.20%, 01/30/2026		46,000		44,293
1.10%, 08/10/2030		95,000		73,503
LYB International Finance III LLC, 2.25%, 10/01/2030(b)		60,000		48,018
LyondellBasell Industries N.V., 5.75%, 04/15/2024(b)		71,000		70,995
Mosaic Co. (The), 4.25%, 11/15/2023		13,000		12,904
PPG Industries, Inc.
1.20%, 03/15/2026		40,000		35,415
3.75%, 03/15/2028		26,000		24,526
Sherwin-Williams Co. (The)
3.45%, 06/01/2027(b)		38,000		35,631
2.95%, 08/15/2029		30,000		26,023
Westlake Corp., 3.60%, 08/15/2026		49,000		46,141
				929,556
Commercial Services & Supplies-0.60%
Cintas Corp. No. 2
3.70%, 04/01/2027		28,000		26,752
4.00%, 05/01/2032		25,000		23,211
Republic Services, Inc.
2.50%, 08/15/2024		40,000		38,404
3.95%, 05/15/2028		39,000		36,962
Waste Management, Inc.
3.15%, 11/15/2027(b)		40,000		37,029
1.50%, 03/15/2031		50,000		38,529
				200,887
Communications Equipment-0.74%
Cisco Systems, Inc., 2.50%, 09/20/2026		180,000		166,668
Juniper Networks, Inc., 3.75%, 08/15/2029		53,000		47,380
Motorola Solutions, Inc., 4.60%, 05/23/2029		33,000		31,087
				245,135
Construction & Engineering-0.12%
Quanta Services, Inc., 2.90%, 10/01/2030		50,000		41,426

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  21  

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

February 28, 2023

(Unaudited)

	Principal Amount		Value
Construction Materials-0.31%
Eagle Materials, Inc., 2.50%, 07/01/2031	$	30,000	$	23,514
Martin Marietta Materials, Inc., 2.40%, 07/15/2031		50,000		39,919
Vulcan Materials Co., 3.50%, 06/01/2030		45,000		39,967
				103,400
Consumer Finance-1.52%
Ally Financial, Inc.
5.80%, 05/01/2025(b)		68,000		68,093
2.20%, 11/02/2028		45,000		36,698
American Express Co.
2.25%, 03/04/2025		70,000		65,858
4.05%, 05/03/2029		70,000		66,367
Capital One Financial Corp., 3.80%, 01/31/2028		150,000		138,989
Discover Bank
3.45%, 07/27/2026		66,000		61,488
4.65%, 09/13/2028		70,000		66,698
				504,191
Containers & Packaging-0.69%
Amcor Finance USA, Inc., 3.63%, 04/28/2026		30,000		28,337
Amcor Flexibles North America, Inc., 2.69%, 05/25/2031		40,000		32,493
Avery Dennison Corp., 4.88%, 12/06/2028		41,000		40,131
Packaging Corp. of America, 3.40%, 12/15/2027		40,000		37,011
Sonoco Products Co., 3.13%, 05/01/2030		45,000		38,800
WRKCo, Inc.
4.65%, 03/15/2026		20,000		19,598
4.90%, 03/15/2029(b)		35,000		33,601
				229,971
Distributors-0.24%
Genuine Parts Co., 1.88%, 11/01/2030		105,000		81,133
Diversified Financial Services-0.96%
Berkshire Hathaway, Inc., 3.13%, 03/15/2026		188,000		179,684
Block Financial LLC, 3.88%, 08/15/2030		45,000		39,476
Equitable Holdings, Inc.
3.90%, 04/20/2023		52,000		51,866
4.35%, 04/20/2028		51,000		48,487
				319,513
Diversified Telecommunication Services-1.60%
AT&T, Inc.
4.25%, 03/01/2027		150,000		145,486
4.30%, 02/15/2030		146,000		137,068
Verizon Communications, Inc.
4.13%, 03/16/2027		130,000		125,180
4.33%, 09/21/2028		130,000		124,628
				532,362
Electric Utilities-4.57%
AEP Texas, Inc., Series I, 2.10%, 07/01/2030		50,000		40,338
American Electric Power Co., Inc., 3.20%, 11/13/2027		56,000		51,405
Avangrid, Inc.
3.20%, 04/15/2025		35,000		33,273
3.80%, 06/01/2029		23,000		20,838

	Principal Amount		Value
Electric Utilities-(continued)
Berkshire Hathaway Energy Co., 3.70%, 07/15/2030	$	155,000	$	142,569
Consolidated Edison Co. of New York, Inc., 2.40%, 06/15/2031(b)		80,000		65,501
Duke Energy Corp.
2.65%, 09/01/2026		51,000		46,612
2.55%, 06/15/2031		80,000		64,488
Entergy Corp.
2.95%, 09/01/2026		45,000		41,400
1.90%, 06/15/2028		75,000		63,614
Evergy, Inc.
2.45%, 09/15/2024		30,000		28,576
2.90%, 09/15/2029		20,000		17,136
Eversource Energy, 3.38%, 03/01/2032		50,000		42,807
Exelon Corp.
3.95%, 06/15/2025		60,000		58,111
4.05%, 04/15/2030		50,000		45,886
Interstate Power and Light Co.
3.25%, 12/01/2024		24,000		23,121
4.10%, 09/26/2028		23,000		22,026
NextEra Energy Capital Holdings, Inc.
3.55%, 05/01/2027		60,000		56,060
2.25%, 06/01/2030		61,000		49,393
Pacific Gas and Electric Co.
3.15%, 01/01/2026		40,000		37,131
4.55%, 07/01/2030		40,000		36,162
Pinnacle West Capital Corp., 1.30%, 06/15/2025		85,000		77,074
PPL Capital Funding, Inc., 3.10%, 05/15/2026		100,000		93,602
Southern California Edison Co.
5.95%, 11/01/2032		20,000		20,877
Series E, 3.70%, 08/01/2025		30,000		28,831
Southern Co. (The)
3.25%, 07/01/2026		68,000		63,449
Series A, 3.70%, 04/30/2030(b)		70,000		63,108
Virginia Electric & Power Co., Series A, 3.50%, 03/15/2027		50,000		47,111
Wisconsin Electric Power Co., 4.75%, 09/30/2032		50,000		48,914
Xcel Energy, Inc.
3.30%, 06/01/2025		50,000		47,759
4.00%, 06/15/2028		45,000		42,602
				1,519,774
Electrical Equipment-0.59%
Acuity Brands Lighting, Inc., 2.15%, 12/15/2030		35,000		27,500
Eaton Corp.
3.10%, 09/15/2027		39,000		36,043
4.00%, 11/02/2032		50,000		45,857
Emerson Electric Co.
0.88%, 10/15/2026		55,000		47,579
2.20%, 12/21/2031		50,000		40,145
				197,124
Electronic Equipment, Instruments & Components-1.41%
Amphenol Corp., 2.80%, 02/15/2030		50,000		43,172
Arrow Electronics, Inc.
3.88%, 01/12/2028		38,000		34,845
2.95%, 02/15/2032		50,000		40,215

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  22  

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

February 28, 2023

(Unaudited)

	Principal Amount		Value
Electronic Equipment, Instruments & Components-(continued)
Avnet, Inc., 4.63%, 04/15/2026	$	58,000	$	55,692
Flex Ltd.
4.75%, 06/15/2025		33,000		32,252
4.88%, 06/15/2029		40,000		37,756
Jabil, Inc., 3.95%, 01/12/2028		33,000		30,630
Keysight Technologies, Inc., 4.60%, 04/06/2027		18,000		17,669
TD SYNNEX Corp., 1.75%, 08/09/2026		50,000		43,041
Teledyne Technologies, Inc., 2.75%, 04/01/2031		20,000		16,373
Trimble, Inc., 4.90%, 06/15/2028		33,000		31,692
Tyco Electronics Group S.A.
4.50%, 02/13/2026		50,000		49,356
2.50%, 02/04/2032		45,000		37,305
				469,998
Energy Equipment & Services-0.62%
Halliburton Co., 2.92%, 03/01/2030(b)		60,000		51,899
Helmerich & Payne, Inc., 2.90%, 09/29/2031		40,000		32,668
NOV, Inc., 3.60%, 12/01/2029(b)		38,000		33,680
Schlumberger Investment S.A.
3.65%, 12/01/2023		49,000		48,415
2.65%, 06/26/2030(b)		45,000		38,745
				205,407
Entertainment-0.92%
Activision Blizzard, Inc.
3.40%, 09/15/2026		28,000		26,486
1.35%, 09/15/2030		34,000		26,569
Electronic Arts, Inc., 1.85%, 02/15/2031		55,000		43,110
Take-Two Interactive Software, Inc., 4.00%, 04/14/2032(b)		30,000		26,740
Walt Disney Co. (The)
1.75%, 08/30/2024		84,000		79,865
2.65%, 01/13/2031(b)		80,000		68,192
Warnermedia Holdings, Inc., 4.28%, 03/15/2032(c)		40,000		34,554
				305,516
Equity REITs-5.52%
Alexandria Real Estate Equities, Inc.
3.45%, 04/30/2025		28,000		26,866
2.00%, 05/18/2032		30,000		22,978
American Homes 4 Rent L.P., 4.25%, 02/15/2028		28,000		26,180
American Tower Corp.
3.38%, 10/15/2026		50,000		46,502
3.80%, 08/15/2029		43,000		38,798
AvalonBay Communities, Inc.
3.45%, 06/01/2025		30,000		28,816
2.30%, 03/01/2030		35,000		29,344
Boston Properties L.P.
3.65%, 02/01/2026		30,000		28,440
3.25%, 01/30/2031		35,000		29,247
Brixmor Operating Partnership L.P.
3.85%, 02/01/2025		24,000		23,026
4.13%, 05/15/2029		20,000		18,042
Camden Property Trust, 2.80%, 05/15/2030		30,000		25,801

	Principal Amount		Value
Equity REITs-(continued)
CBRE Services, Inc.
4.88%, 03/01/2026	$	30,000	$	29,379
2.50%, 04/01/2031		40,000		32,539
Corporate Office Properties L.P., 2.75%, 04/15/2031		25,000		18,846
Crown Castle, Inc.
3.65%, 09/01/2027		46,000		42,822
2.25%, 01/15/2031(b)		40,000		32,029
Digital Realty Trust L.P.
3.70%, 08/15/2027		13,000		12,052
3.60%, 07/01/2029		30,000		26,568
EPR Properties, 3.75%, 08/15/2029		40,000		32,651
Equinix, Inc.
2.63%, 11/18/2024		40,000		38,101
3.20%, 11/18/2029(b)		40,000		34,896
ERP Operating L.P., 2.85%, 11/01/2026		38,000		35,059
Essex Portfolio L.P.
3.50%, 04/01/2025		10,000		9,618
3.00%, 01/15/2030		30,000		25,561
Extra Space Storage L.P., 2.35%, 03/15/2032		45,000		34,509
Federal Realty Investment Trust, 3.95%, 01/15/2024		35,000		34,494
Healthcare Realty Holdings L.P.
3.50%, 08/01/2026		21,000		19,540
2.00%, 03/15/2031(b)		20,000		15,287
Healthpeak Properties Interim, Inc.
3.25%, 07/15/2026		30,000		28,113
3.50%, 07/15/2029		28,000		24,974
Host Hotels & Resorts L.P.
Series E, 4.00%, 06/15/2025		30,000		29,206
Series H, 3.38%, 12/15/2029		39,000		33,245
Hudson Pacific Properties L.P., 4.65%, 04/01/2029		33,000		28,073
Invitation Homes Operating Partnership L.P., 2.00%, 08/15/2031		85,000		63,844
Kilroy Realty L.P., 3.05%, 02/15/2030		38,000		30,373
Kimco Realty OP LLC, 2.80%, 10/01/2026		20,000		18,285
LifeStorage L.P., 3.50%, 07/01/2026		30,000		28,185
Mid-America Apartments L.P.
3.60%, 06/01/2027		44,000		41,626
3.95%, 03/15/2029		20,000		18,809
Omega Healthcare Investors, Inc.
5.25%, 01/15/2026		18,000		17,659
3.38%, 02/01/2031		20,000		15,786
Prologis L.P.
2.13%, 04/15/2027		55,000		49,530
2.25%, 04/15/2030		42,000		35,172
Public Storage
1.50%, 11/09/2026		40,000		35,411
1.85%, 05/01/2028(b)		40,000		34,366
Realty Income Corp., 3.25%, 01/15/2031		30,000		26,186
Regency Centers L.P., 3.60%, 02/01/2027		22,000		20,737
Simon Property Group L.P.
2.00%, 09/13/2024		36,000		34,253
2.45%, 09/13/2029		56,000		46,971
Spirit Realty L.P., 3.40%, 01/15/2030		33,000		27,939
Sun Communities Operating L.P., 2.70%, 07/15/2031		75,000		59,911
UDR, Inc., 3.20%, 01/15/2030		30,000		26,327

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  23  

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

February 28, 2023

(Unaudited)

	Principal Amount		Value
Equity REITs-(continued)
Ventas Realty L.P.
3.50%, 02/01/2025	$	40,000	$	38,432
4.40%, 01/15/2029		44,000		40,997
W.P. Carey, Inc.
4.60%, 04/01/2024		19,000		18,766
2.40%, 02/01/2031(b)		30,000		24,219
Welltower OP LLC
4.00%, 06/01/2025		41,000		39,656
3.10%, 01/15/2030		30,000		25,660
Weyerhaeuser Co., 7.38%, 03/15/2032		50,000		55,646
				1,836,348
Food & Staples Retailing-2.25%
Costco Wholesale Corp.
1.38%, 06/20/2027		85,000		74,301
1.60%, 04/20/2030		90,000		73,571
Kroger Co. (The)
2.65%, 10/15/2026		77,000		71,030
4.50%, 01/15/2029		50,000		48,208
Sysco Corp.
3.30%, 07/15/2026		55,000		51,736
5.95%, 04/01/2030		30,000		31,122
Walgreens Boots Alliance, Inc.
3.45%, 06/01/2026		69,000		64,803
3.20%, 04/15/2030		80,000		67,913
Walmart, Inc.
3.40%, 06/26/2023		133,000		132,231
1.80%, 09/22/2031		165,000		133,262
				748,177
Food Products-3.38%
Archer-Daniels-Midland Co.
2.50%, 08/11/2026		60,000		55,272
3.25%, 03/27/2030		55,000		49,593
Bunge Ltd. Finance Corp.
1.63%, 08/17/2025		50,000		45,598
2.75%, 05/14/2031(b)		80,000		65,909
Campbell Soup Co.
3.95%, 03/15/2025		30,000		29,222
4.15%, 03/15/2028		33,000		31,529
Conagra Brands, Inc.
4.30%, 05/01/2024		30,000		29,595
4.85%, 11/01/2028(b)		30,000		29,083
Flowers Foods, Inc., 2.40%, 03/15/2031(b)		50,000		40,194
General Mills, Inc.
4.00%, 04/17/2025		50,000		48,705
4.20%, 04/17/2028		51,000		48,962
Hershey Co. (The), 2.30%, 08/15/2026(b)		68,000		62,705
Hormel Foods Corp., 1.80%, 06/11/2030		70,000		56,854
Ingredion, Inc.
3.20%, 10/01/2026		28,000		26,252
2.90%, 06/01/2030		20,000		17,001
JM Smucker Co. (The)
3.50%, 03/15/2025		33,000		31,793
2.38%, 03/15/2030		40,000		33,535
Kellogg Co.
3.25%, 04/01/2026		41,000		38,733
Series B, 7.45%, 04/01/2031		30,000		34,020

	Principal Amount		Value
Food Products-(continued)
Kraft Heinz Foods Co. (The)
3.00%, 06/01/2026	$	65,000	$	60,516
3.75%, 04/01/2030(b)		60,000		54,902
McCormick & Co., Inc.
3.40%, 08/15/2027		23,000		21,377
1.85%, 02/15/2031		30,000		23,294
Mondelez International, Inc.
1.50%, 05/04/2025		40,000		36,890
2.75%, 04/13/2030		60,000		51,619
Tyson Foods, Inc.
3.55%, 06/02/2027		56,000		52,424
4.35%, 03/01/2029		50,000		47,462
				1,123,039
Gas Utilities-0.28%
Atmos Energy Corp.
3.00%, 06/15/2027		11,000		10,236
1.50%, 01/15/2031(b)		40,000		31,108
National Fuel Gas Co., 2.95%, 03/01/2031		20,000		15,913
Southwest Gas Corp., 4.05%, 03/15/2032		40,000		35,710
				92,967
Health Care Equipment & Supplies-1.71%
Abbott Laboratories
3.75%, 11/30/2026		67,000		64,796
1.40%, 06/30/2030(b)		70,000		56,087
Baxter International, Inc., 1.92%, 02/01/2027		40,000		34,897
Becton, Dickinson and Co.
3.70%, 06/06/2027		40,000		37,796
1.96%, 02/11/2031		50,000		39,477
Boston Scientific Corp.
3.45%, 03/01/2024		25,000		24,543
2.65%, 06/01/2030		40,000		34,221
DENTSPLY SIRONA, Inc., 3.25%, 06/01/2030		30,000		25,582
DH Europe Finance II S.a.r.l.
2.20%, 11/15/2024		48,000		45,696
2.60%, 11/15/2029		46,000		39,746
Edwards Lifesciences Corp., 4.30%, 06/15/2028		37,000		35,473
Stryker Corp.
3.50%, 03/15/2026		44,000		42,082
1.95%, 06/15/2030		50,000		40,672
Zimmer Biomet Holdings, Inc.
3.55%, 04/01/2025		20,000		19,252
2.60%, 11/24/2031		35,000		28,385
				568,705
Health Care Providers & Services-4.08%
AmerisourceBergen Corp.
3.45%, 12/15/2027		90,000		83,700
2.70%, 03/15/2031		70,000		58,221
Cardinal Health, Inc., 3.41%, 06/15/2027		129,000		120,268
Cigna Group (The)
4.13%, 11/15/2025		50,000		48,646
4.38%, 10/15/2028		64,000		61,493
CVS Health Corp.
3.88%, 07/20/2025		115,000		111,461
4.30%, 03/25/2028		100,000		95,636

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  24  

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

February 28, 2023

(Unaudited)

	Principal Amount		Value
Health Care Providers & Services-(continued)
Elevance Health, Inc.
3.65%, 12/01/2027	$	55,000	$	51,627
2.25%, 05/15/2030		80,000		66,008
HCA, Inc.
5.38%, 02/01/2025		40,000		39,641
3.50%, 09/01/2030		45,000		38,728
Humana, Inc.
1.35%, 02/03/2027		50,000		43,068
2.15%, 02/03/2032		60,000		46,356
Laboratory Corp. of America Holdings
3.60%, 02/01/2025		33,000		31,843
2.95%, 12/01/2029		30,000		25,743
McKesson Corp., 3.80%, 03/15/2024		155,000		152,544
Quest Diagnostics, Inc.
3.50%, 03/30/2025		30,000		28,889
2.95%, 06/30/2030(b)		35,000		30,237
UnitedHealth Group, Inc.
3.75%, 07/15/2025		109,000		105,793
5.35%, 02/15/2033		85,000		87,012
Universal Health Services, Inc., 2.65%, 10/15/2030		35,000		28,525
				1,355,439
Hotels, Restaurants & Leisure-1.49%
Booking Holdings, Inc.
3.60%, 06/01/2026		40,000		38,147
4.63%, 04/13/2030		30,000		29,162
Darden Restaurants, Inc., 3.85%, 05/01/2027		54,000		51,580
Expedia Group, Inc., 3.80%, 02/15/2028		28,000		25,745
Marriott International, Inc.
5.00%, 10/15/2027		85,000		84,056
Series FF, 4.63%, 06/15/2030		40,000		37,788
McDonald’s Corp.
3.70%, 01/30/2026		76,000		73,358
3.80%, 04/01/2028		55,000		52,164
Starbucks Corp.
3.80%, 08/15/2025		56,000		54,291
2.55%, 11/15/2030		60,000		50,138
				496,429
Household Durables-0.99%
D.R. Horton, Inc., 1.40%, 10/15/2027(b)		40,000		33,518
Leggett & Platt, Inc., 3.50%, 11/15/2027		40,000		36,852
Lennar Corp., 4.75%, 11/29/2027		60,000		57,529
Mohawk Industries, Inc., 3.63%, 05/15/2030(b)		95,000		83,001
NVR, Inc., 3.00%, 05/15/2030		20,000		17,088
PulteGroup, Inc., 5.50%, 03/01/2026		50,000		49,795
Whirlpool Corp., 4.75%, 02/26/2029		54,000		51,693
				329,476
Household Products-1.26%
Church & Dwight Co., Inc., 5.60%, 11/15/2032		80,000		82,948
Clorox Co. (The), 3.90%, 05/15/2028		35,000		33,214
Colgate-Palmolive Co.
3.25%, 03/15/2024		35,000		34,340
3.25%, 08/15/2032		40,000		36,204
Kimberly-Clark Corp.
1.05%, 09/15/2027		45,000		38,239
3.20%, 04/25/2029		37,000		33,711

	Principal Amount		Value
Household Products-(continued)
Procter & Gamble Co. (The)
1.90%, 02/01/2027(b)	$	90,000	$	81,954
3.00%, 03/25/2030(b)		85,000		77,139
				417,749
Independent Power and Renewable Electricity Producers-0.30%
AES Corp. (The), 1.38%, 01/15/2026		55,000		48,700
NSTAR Electric Co., 3.20%, 05/15/2027		53,000		49,438
				98,138
Industrial Conglomerates-1.22%
3M Co.
2.88%, 10/15/2027		73,000		66,474
2.38%, 08/26/2029(b)		65,000		54,612
General Electric Co., 6.75%, 03/15/2032(b)		145,000		161,142
Honeywell International, Inc.
2.50%, 11/01/2026(b)		73,000		67,498
1.75%, 09/01/2031		70,000		55,421
				405,147
Insurance-6.03%
Aflac, Inc., 3.60%, 04/01/2030		130,000		119,688
Allstate Corp. (The)
3.28%, 12/15/2026		26,000		24,573
1.45%, 12/15/2030(b)		50,000		38,384
American International Group, Inc., 2.50%, 06/30/2025		150,000		141,264
Aon Corp., 2.80%, 05/15/2030		40,000		34,182
Aon Global Ltd., 3.88%, 12/15/2025		40,000		38,556
Brighthouse Financial, Inc.
3.70%, 06/22/2027		47,000		43,981
5.63%, 05/15/2030(b)		30,000		29,479
Brown & Brown, Inc.
4.20%, 09/15/2024		21,000		20,565
2.38%, 03/15/2031		20,000		15,405
Chubb INA Holdings, Inc.
3.35%, 05/03/2026		65,000		61,945
1.38%, 09/15/2030		45,000		35,019
CNA Financial Corp.
3.95%, 05/15/2024		27,000		26,537
3.90%, 05/01/2029		43,000		39,516
CNO Financial Group, Inc.
5.25%, 05/30/2025		20,000		19,731
5.25%, 05/30/2029		18,000		17,079
Fidelity National Financial, Inc., 3.40%, 06/15/2030		60,000		51,697
First American Financial Corp., 2.40%, 08/15/2031		50,000		37,371
Globe Life, Inc., 4.55%, 09/15/2028		46,000		45,234
Hartford Financial Services Group, Inc. (The), 2.80%, 08/19/2029		94,000		81,037
Lincoln National Corp.
4.00%, 09/01/2023		56,000		55,571
3.80%, 03/01/2028		46,000		42,617
Loews Corp.
3.75%, 04/01/2026		38,000		36,569
3.20%, 05/15/2030		40,000		35,519
Marsh & McLennan Cos., Inc.
3.88%, 03/15/2024		44,000		43,274
4.38%, 03/15/2029		38,000		36,219

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  25  

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

February 28, 2023

(Unaudited)

	Principal Amount		Value
Insurance-(continued)
MetLife, Inc.
3.60%, 04/10/2024	$	79,000	$	77,315
4.55%, 03/23/2030		70,000		68,809
Old Republic International Corp., 3.88%, 08/26/2026		49,000		46,667
Primerica, Inc., 2.80%, 11/19/2031		40,000		32,899
Principal Financial Group, Inc., 3.70%, 05/15/2029		92,000		85,568
Progressive Corp. (The)
2.45%, 01/15/2027		53,000		48,464
4.00%, 03/01/2029		45,000		42,534
Prudential Financial, Inc.
1.50%, 03/10/2026		90,000		81,170
2.10%, 03/10/2030(b)		110,000		91,127
Reinsurance Group of America, Inc., 3.90%, 05/15/2029(b)		89,000		81,581
Travelers Property Casualty Corp., 6.38%, 03/15/2033		110,000		121,604
Willis North America, Inc.
3.60%, 05/15/2024		32,000		31,181
2.95%, 09/15/2029		30,000		25,661
				2,005,592
Interactive Media & Services-0.67%
Alphabet, Inc.
2.00%, 08/15/2026		117,000		107,118
1.10%, 08/15/2030		145,000		114,378
				221,496
Internet & Direct Marketing Retail-0.71%
Amazon.com, Inc.
3.15%, 08/22/2027		105,000		98,098
2.10%, 05/12/2031		135,000		111,117
eBay, Inc., 3.60%, 06/05/2027(b)		30,000		28,303
				237,518
IT Services-3.16%
Amdocs Ltd., 2.54%, 06/15/2030		50,000		41,343
Automatic Data Processing, Inc.
3.38%, 09/15/2025		41,000		39,501
1.25%, 09/01/2030(b)		60,000		47,204
Broadridge Financial Solutions, Inc.
3.40%, 06/27/2026		25,000		23,476
2.60%, 05/01/2031		30,000		24,307
DXC Technology Co.
1.80%, 09/15/2026		34,000		29,575
2.38%, 09/15/2028		33,000		27,651
Fidelity National Information Services, Inc.
1.15%, 03/01/2026		50,000		43,874
2.25%, 03/01/2031(b)		40,000		31,494
Fiserv, Inc.
2.75%, 07/01/2024		39,000		37,564
3.50%, 07/01/2029		38,000		34,009
Global Payments, Inc.
2.65%, 02/15/2025		30,000		28,313
3.20%, 08/15/2029		23,000		19,574
International Business Machines Corp.
3.00%, 05/15/2024		102,000		99,193
3.50%, 05/15/2029		100,000		91,276

	Principal Amount		Value
IT Services-(continued)
Kyndryl Holdings, Inc.
2.05%, 10/15/2026	$	30,000	$	25,798
3.15%, 10/15/2031		55,000		41,094
Mastercard, Inc.
3.38%, 04/01/2024		53,000		52,013
3.35%, 03/26/2030		55,000		50,437
PayPal Holdings, Inc.
2.40%, 10/01/2024		45,000		43,099
2.85%, 10/01/2029(b)		45,000		39,095
VeriSign, Inc.
5.25%, 04/01/2025		10,000		9,982
2.70%, 06/15/2031		20,000		16,160
Visa, Inc.
3.15%, 12/14/2025(b)		61,000		58,268
2.05%, 04/15/2030		50,000		42,300
Western Union Co. (The), 1.35%, 03/15/2026		60,000		52,827
				1,049,427
Leisure Products-0.25%
Brunswick Corp., 2.40%, 08/18/2031		40,000		29,447
Hasbro, Inc.
3.55%, 11/19/2026		30,000		27,925
3.90%, 11/19/2029		28,000		24,708
				82,080
Life Sciences Tools & Services-0.54%
Agilent Technologies, Inc., 2.30%, 03/12/2031(b)		30,000		24,383
Bio-Rad Laboratories, Inc., 3.70%, 03/15/2032(b)		20,000		17,454
Illumina, Inc., 2.55%, 03/23/2031(b)		50,000		39,998
PerkinElmer, Inc., 3.30%, 09/15/2029		33,000		28,548
Thermo Fisher Scientific, Inc.
4.80%, 11/21/2027		50,000		50,006
2.00%, 10/15/2031(b)		25,000		19,974
				180,363
Machinery-2.08%
Caterpillar Financial Services Corp., 3.40%, 05/13/2025		55,000		53,124
Caterpillar, Inc., 2.60%, 04/09/2030		45,000		39,265
Cummins, Inc.
3.65%, 10/01/2023		46,000		45,677
1.50%, 09/01/2030		50,000		39,647
Flowserve Corp., 3.50%, 10/01/2030(b)		35,000		29,584
Fortive Corp., 3.15%, 06/15/2026		48,000		44,829
IDEX Corp., 3.00%, 05/01/2030		40,000		34,708
Illinois Tool Works, Inc., 2.65%, 11/15/2026		73,000		67,695
John Deere Capital Corp.
4.80%, 01/09/2026		40,000		39,849
2.80%, 07/18/2029(b)		85,000		75,381
Otis Worldwide Corp.
2.06%, 04/05/2025		40,000		37,328
2.57%, 02/15/2030		40,000		33,742
Parker-Hannifin Corp.
3.25%, 03/01/2027		30,000		27,913
3.25%, 06/14/2029		37,000		32,896
Stanley Black & Decker, Inc.
3.40%, 03/01/2026		15,000		14,208
2.30%, 03/15/2030		40,000		32,559

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  26  

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

February 28, 2023

(Unaudited)

	Principal Amount		Value
Machinery-(continued)
Xylem, Inc.
3.25%, 11/01/2026(b)	$	25,000	$	23,208
2.25%, 01/30/2031		25,000		20,179
				691,792
Marine-0.09%
Kirby Corp., 4.20%, 03/01/2028(b)		33,000		30,868
Media-1.39%
Comcast Corp.
3.70%, 04/15/2024		109,000		107,067
4.15%, 10/15/2028		102,000		97,584
Fox Corp.
4.03%, 01/25/2024		35,000		34,549
4.71%, 01/25/2029		30,000		28,671
Interpublic Group of Cos., Inc. (The), 4.75%, 03/30/2030		55,000		52,498
Omnicom Group, Inc., 2.60%, 08/01/2031		40,000		32,881
Omnicom Group, Inc./Omnicom Capital, Inc., 3.60%, 04/15/2026		38,000		36,221
Paramount Global
4.00%, 01/15/2026		40,000		38,221
4.95%, 01/15/2031(b)		40,000		35,890
				463,582
Metals & Mining-0.67%
Newmont Corp., 2.25%, 10/01/2030		70,000		56,414
Nucor Corp.
3.95%, 05/23/2025		65,000		63,238
3.95%, 05/01/2028		39,000		36,897
Reliance Steel & Aluminum Co., 2.15%, 08/15/2030		25,000		20,153
Steel Dynamics, Inc., 3.45%, 04/15/2030		51,000		45,257
				221,959
Multiline Retail-0.81%
Dollar General Corp.
3.88%, 04/15/2027		45,000		42,868
3.50%, 04/03/2030(b)		40,000		35,818
Dollar Tree, Inc.
4.00%, 05/15/2025		35,000		34,005
4.20%, 05/15/2028		42,000		39,962
Target Corp.
2.25%, 04/15/2025(b)		55,000		51,981
3.38%, 04/15/2029		70,000		64,597
				269,231
Multi-Utilities-1.47%
Ameren Corp., 3.50%, 01/15/2031		10,000		8,801
Black Hills Corp., 4.25%, 11/30/2023		33,000		32,691
CenterPoint Energy, Inc.
1.45%, 06/01/2026		40,000		35,440
2.65%, 06/01/2031		40,000		32,849
Dominion Energy, Inc., Series C, 3.38%, 04/01/2030		95,000		83,182
DTE Electric Co., Series C, 2.63%, 03/01/2031		40,000		33,849
DTE Energy Co., Series F, 1.05%, 06/01/2025		20,000		18,124
NiSource, Inc.
0.95%, 08/15/2025		30,000		27,063
3.60%, 05/01/2030		30,000		26,807

	Principal Amount		Value
Multi-Utilities-(continued)
Public Service Enterprise Group, Inc.
2.88%, 06/15/2024	$	40,000	$	38,630
2.45%, 11/15/2031		45,000		36,026
San Diego Gas & Electric Co., Series VVV, 1.70%, 10/01/2030		50,000		39,440
Sempra Energy, 3.40%, 02/01/2028(b)		31,000		28,415
WEC Energy Group, Inc., 0.55%, 09/15/2023		48,000		46,752
				488,069
Oil, Gas & Consumable Fuels-5.22%
Cheniere Corpus Christi Holdings LLC
5.13%, 06/30/2027		25,000		24,684
3.70%, 11/15/2029(b)		25,000		22,538
Chevron Corp.
2.95%, 05/16/2026		127,000		119,591
2.24%, 05/11/2030(b)		125,000		106,910
ConocoPhillips Co., 6.95%, 04/15/2029		90,000		98,786
Devon Energy Corp., 7.88%, 09/30/2031		40,000		45,265
Diamondback Energy, Inc., 3.50%, 12/01/2029		25,000		22,095
EOG Resources, Inc.
4.15%, 01/15/2026		30,000		29,306
4.38%, 04/15/2030		40,000		38,494
Exxon Mobil Corp.
3.04%, 03/01/2026		171,000		162,078
2.61%, 10/15/2030		165,000		143,361
Hess Corp., 4.30%, 04/01/2027(b)		50,000		47,896
HF Sinclair Corp., 5.88%, 04/01/2026		80,000		80,091
Kinder Morgan, Inc.
4.30%, 06/01/2025		64,000		62,536
4.30%, 03/01/2028		65,000		62,049
Marathon Oil Corp.
4.40%, 07/15/2027(b)		58,000		55,291
6.80%, 03/15/2032		35,000		36,173
Marathon Petroleum Corp., 4.70%, 05/01/2025		95,000		93,692
ONEOK, Inc.
5.85%, 01/15/2026		50,000		50,408
4.55%, 07/15/2028		41,000		38,988
Ovintiv, Inc., 7.38%, 11/01/2031		20,000		21,378
Phillips 66
3.85%, 04/09/2025		40,000		38,847
3.90%, 03/15/2028		44,000		41,591
Pioneer Natural Resources Co.
1.13%, 01/15/2026		35,000		31,179
1.90%, 08/15/2030		30,000		23,399
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 5.50%, 03/01/2030		40,000		37,947
Valero Energy Corp., 2.15%, 09/15/2027		130,000		114,470
Williams Cos., Inc. (The)
3.75%, 06/15/2027		45,000		42,326
2.60%, 03/15/2031(b)		55,000		44,662
				1,736,031
Personal Products-0.23%
Estee Lauder Cos., Inc. (The)
2.00%, 12/01/2024		40,000		37,949
2.38%, 12/01/2029		43,000		36,785
				74,734

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  27  

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

February 28, 2023

(Unaudited)

	Principal Amount		Value
Pharmaceuticals-2.70%
Bristol-Myers Squibb Co.
2.90%, 07/26/2024	$	70,000	$	67,872
3.40%, 07/26/2029		59,000		54,171
Eli Lilly and Co.
2.75%, 06/01/2025		45,000		42,779
3.38%, 03/15/2029(b)		66,000		61,311
Johnson & Johnson
2.45%, 03/01/2026(b)		118,000		110,559
1.30%, 09/01/2030		120,000		96,517
Merck & Co., Inc.
2.75%, 02/10/2025		119,000		114,194
3.40%, 03/07/2029(b)		75,000		69,654
Pfizer, Inc.
3.00%, 12/15/2026		93,000		87,479
3.45%, 03/15/2029(b)		115,000		107,272
Utah Acquisition Sub, Inc., 3.95%, 06/15/2026		33,000		30,879
Viatris, Inc., 2.70%, 06/22/2030		50,000		39,667
Zoetis, Inc., 2.00%, 05/15/2030		20,000		16,405
				898,759
Professional Services-0.21%
Equifax, Inc.
2.60%, 12/01/2024		18,000		17,126
2.35%, 09/15/2031		20,000		15,778
Verisk Analytics, Inc.
4.00%, 06/15/2025		20,000		19,364
4.13%, 03/15/2029		20,000		18,474
				70,742
Road & Rail-1.06%
CSX Corp.
3.25%, 06/01/2027		22,000		20,531
4.25%, 03/15/2029		40,000		37,975
J.B. Hunt Transport Services, Inc., 3.88%, 03/01/2026		50,000		48,095
Norfolk Southern Corp.
2.90%, 06/15/2026		43,000		39,968
3.80%, 08/01/2028		50,000		46,741
Ryder System, Inc., 3.65%, 03/18/2024		51,000		49,952
Union Pacific Corp.
2.75%, 03/01/2026		60,000		56,276
3.95%, 09/10/2028		54,000		51,629
				351,167
Semiconductors & Semiconductor Equipment-2.93%
Analog Devices, Inc., 3.50%, 12/05/2026		30,000		28,485
Applied Materials, Inc.
3.30%, 04/01/2027		45,000		42,564
1.75%, 06/01/2030		50,000		40,757
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/2027		43,000		40,578
Broadcom, Inc., 2.45%, 02/15/2031(c)		70,000		55,505
Intel Corp.
3.70%, 07/29/2025		105,000		101,597
2.45%, 11/15/2029		102,000		85,859
KLA Corp.
4.65%, 11/01/2024		13,000		12,941
4.65%, 07/15/2032		50,000		48,845

	Principal Amount		Value
Semiconductors & Semiconductor Equipment-(continued)
Lam Research Corp.
3.75%, 03/15/2026	$	35,000	$	33,736
4.00%, 03/15/2029		33,000		31,321
Marvell Technology, Inc.
1.65%, 04/15/2026		20,000		17,909
2.95%, 04/15/2031		20,000		16,104
Micron Technology, Inc.
4.19%, 02/15/2027		51,000		48,306
4.66%, 02/15/2030		50,000		46,038
NVIDIA Corp.
3.20%, 09/16/2026		32,000		30,370
2.85%, 04/01/2030		32,000		28,218
QUALCOMM, Inc.
3.25%, 05/20/2027		68,000		63,996
1.65%, 05/20/2032		45,000		34,472
Texas Instruments, Inc.
1.38%, 03/12/2025(b)		65,000		60,557
2.25%, 09/04/2029		96,000		82,287
Xilinx, Inc., 2.38%, 06/01/2030		30,000		25,298
				975,743
Software-2.24%
Adobe, Inc.
3.25%, 02/01/2025		33,000		31,950
2.30%, 02/01/2030(b)		40,000		34,256
Autodesk, Inc., 3.50%, 06/15/2027		23,000		21,565
Fortinet, Inc.
1.00%, 03/15/2026		16,000		14,026
2.20%, 03/15/2031(b)		16,000		12,767
Intuit, Inc.
0.95%, 07/15/2025(b)		30,000		27,234
1.65%, 07/15/2030		30,000		24,228
Microsoft Corp., 3.30%, 02/06/2027(b)		275,000		262,872
Oracle Corp.
2.50%, 04/01/2025		80,000		75,449
2.88%, 03/25/2031		70,000		58,061
Roper Technologies, Inc.
1.00%, 09/15/2025		30,000		27,042
1.75%, 02/15/2031		30,000		23,159
salesforce.com, inc.
3.25%, 04/11/2023		33,000		32,930
3.70%, 04/11/2028		32,000		30,507
ServiceNow, Inc., 1.40%, 09/01/2030		25,000		19,059
VMware, Inc.
3.90%, 08/21/2027		33,000		30,832
2.20%, 08/15/2031		25,000		18,972
				744,909
Specialty Retail-2.97%
AutoNation, Inc., 3.85%, 03/01/2032(b)		65,000		54,537
AutoZone, Inc.
3.13%, 07/15/2023		36,000		35,699
4.00%, 04/15/2030(b)		35,000		32,190
Best Buy Co., Inc., 1.95%, 10/01/2030		100,000		78,580
Dell International LLC/EMC Corp.
6.02%, 06/15/2026		81,000		82,025
5.30%, 10/01/2029		45,000		43,516
Dick’s Sporting Goods, Inc., 3.15%, 01/15/2032(b)		50,000		39,526

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  28  

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

February 28, 2023

(Unaudited)

	Principal Amount		Value
Specialty Retail-(continued)
Home Depot, Inc. (The)
3.00%, 04/01/2026	$	90,000	$	84,979
2.95%, 06/15/2029		103,000		92,020
Leidos, Inc.
3.63%, 05/15/2025		30,000		28,866
2.30%, 02/15/2031		30,000		23,407
Lowe’s Cos., Inc.
2.50%, 04/15/2026		69,000		63,838
2.63%, 04/01/2031		60,000		49,373
O’Reilly Automotive, Inc.
3.60%, 09/01/2027		29,000		27,270
4.70%, 06/15/2032(b)		30,000		28,608
Ross Stores, Inc.
4.60%, 04/15/2025		37,000		36,443
1.88%, 04/15/2031		40,000		31,340
TJX Cos., Inc. (The)
2.25%, 09/15/2026		90,000		82,218
1.60%, 05/15/2031(b)		40,000		31,530
Tractor Supply Co., 1.75%, 11/01/2030		55,000		42,411
				988,376
Technology Hardware, Storage & Peripherals-1.78%
Apple, Inc.
2.40%, 05/03/2023		201,000		200,060
1.65%, 02/08/2031(b)		210,000		168,461
Hewlett Packard Enterprise Co., 4.90%, 10/15/2025		78,000		77,373
HP, Inc.
3.00%, 06/17/2027		55,000		50,046
4.20%, 04/15/2032		60,000		51,637
NetApp, Inc.
1.88%, 06/22/2025		25,000		23,041
2.70%, 06/22/2030(b)		25,000		20,895
				591,513
Textiles, Apparel & Luxury Goods-0.71%
NIKE, Inc.
2.40%, 03/27/2025		45,000		42,942
2.85%, 03/27/2030(b)		50,000		44,488
Ralph Lauren Corp., 2.95%, 06/15/2030(b)		50,000		43,671
Tapestry, Inc., 3.05%, 03/15/2032		55,000		43,742
VF Corp.
2.40%, 04/23/2025		35,000		32,783
2.95%, 04/23/2030		35,000		28,941
				236,567
Tobacco-0.94%
Altria Group, Inc.
4.40%, 02/14/2026(b)		70,000		68,545
4.80%, 02/14/2029		80,000		76,794

	Principal Amount		Value
Tobacco-(continued)
Philip Morris International, Inc.
5.13%, 11/17/2027(b)	$	85,000	$	84,655
5.75%, 11/17/2032		80,000		80,993
				310,987
Trading Companies & Distributors-0.17%
WW Grainger, Inc., 1.85%, 02/15/2025		62,000		58,089
Water Utilities-0.25%
American Water Capital Corp.
3.40%, 03/01/2025		32,000		30,841
4.45%, 06/01/2032		20,000		19,058
Essential Utilities, Inc., 2.70%, 04/15/2030		40,000		33,599
				83,498
Wireless Telecommunication Services-0.54%
T-Mobile USA, Inc.
3.75%, 04/15/2027		105,000		98,756
3.88%, 04/15/2030		90,000		81,648
				180,404
Total U.S. Dollar Denominated Bonds & Notes (Cost $35,894,336)				32,913,117
	Shares
Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(d)(e) (Cost $8,013)		8,013		8,013
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.01% (Cost $35,902,349)				32,921,130
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-14.15%
Invesco Private Government Fund, 4.58%(d)(e)(f)		1,312,190		1,312,190
Invesco Private Prime Fund, 4.83%(d)(e)(f)		3,392,244		3,392,923
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $4,705,454)				4,705,113
TOTAL INVESTMENTS IN SECURITIES-113.16% (Cost $40,607,803)				37,626,243
OTHER ASSETS LESS LIABILITIES-(13.16)%				(4,375,316	)
NET ASSETS-100.00%			$	33,250,927

Investment Abbreviations:

REIT -Real Estate Investment Trust

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  29  

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

February 28, 2023

(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)  All or a portion of this security was out on loan at February 28, 2023.

^(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 February 28, 2023 was $90,059, which represented less than 1% of the Fund’s Net Assets.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31,  2022			Purchases at Cost			Proceeds from  Sales				Change in Unrealized Appreciation (Depreciation)				Realized     Gain			Value February 28,  2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	422		$	908,125		$	(900,534	)		$	-			$	-		$	8,013		$	999
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			1,441,129			4,795,820			(4,924,759	)			-				-			1,312,190			34,827	*
Invesco Private Prime Fund			3,705,760			11,637,341			(11,950,783	)			(636	)			1,241			3,392,923			94,986	*
Total		$	5,147,311		$	17,341,286		$	(17,776,076	)		$	(636	)		$	1,241		$	4,713,126		$	130,812

* 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 February 28, 2023.

^(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 2I.

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023
Financials	19.01
Information Technology	12.51
Health Care	10.75
Consumer Staples	9.84
Industrials	9.76
Consumer Discretionary	9.29
Utilities	6.87
Energy	5.84
Real Estate	5.52
Communication Services	5.12
Materials	4.47
Money Market Funds Plus Other Assets Less Liabilities	1.02

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  30  

Invesco National AMT-Free Municipal Bond ETF (PZA)

February 28, 2023

(Unaudited)

Schedule of Investments

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-98.24%
Alabama-0.90%
Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB		5.25%		07/01/2047	$	3,000	$	3,248,770
Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB		5.25%		07/01/2052		3,000		3,230,353
Birmingham (City of) & Jefferson (County of), AL Civic Center Authority, Series 2018 A, RB		5.00%		07/01/2048		3,000		3,094,995
Jefferson (County of), AL, Series 2013 A, Revenue Wts., (INS - AGM)(a)		5.50%		10/01/2053		5,000		5,133,188
Mobile (City of), AL Infirmary Health System Special Care Facilities Financing Authority, Series 2021 A, Ref. RB		4.00%		02/01/2046		5,000		4,363,904
								19,071,210
Arizona-1.87%
Arizona (State of) Health Facilities Authority (Scottsdale Lincoln Hospital), Series 2014, Ref. RB		5.00%		12/01/2042		65		65,755
Arizona (State of) Industrial Development Authority (Phoenix Children’s Hospital), Series 2020, RB		3.00%		02/01/2045		2,000		1,545,507
Arizona (State of) Industrial Development Authority (Phoenix Children’s Hospital), Series 2020, RB		4.00%		02/01/2050		1,000		897,864
Arizona (State of) Industrial Development Authority (Social Bonds), Series 2020 A, RB		4.00%		11/01/2050		2,000		1,718,921
Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB		4.00%		07/15/2047		1,000		948,064
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2019 E, RB		3.00%		01/01/2049		3,355		2,458,520
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2019 F, RB		3.00%		01/01/2049		2,000		1,465,585
Maricopa (County of), AZ Industrial Development Authority (Banner Health), Series 2019 E, RB		4.00%		01/01/2045		1,000		931,191
Maricopa (County of), AZ Industrial Development Authority (Honorhealth), Series 2021 A, RB		3.00%		09/01/2051		6,250		4,474,943
Maricopa (County of), AZ Industrial Development Authority (Honorhealth), Series 2021 A, RB		4.00%		09/01/2051		2,625		2,341,241
Phoenix (City of), AZ Industrial Development Authority (The) (Downtown Phoenix Student Housing, LLC- Arizona State University), Series 2018 A, Ref. RB		5.00%		07/01/2042		1,000		979,305
Phoenix Civic Improvement Corp., Series 2015 A, RB		5.00%		07/01/2045		2,000		2,032,932
Phoenix Civic Improvement Corp., Series 2019 A, RB		5.00%		07/01/2045		5,000		5,220,681
Phoenix Civic Improvement Corp., Series 2019, RB		5.00%		07/01/2049		4,000		4,202,905
Phoenix Civic Improvement Corp., Series 2021 A, RB		5.00%		07/01/2045		1,000		1,088,844
Phoenix Civic Improvement Corp. (Sustainability Bonds), Series 2020, RB		5.00%		07/01/2044		5,000		5,426,902
University of Arizona (The) (Stimulus Plan for Economic and Educational Development), Series 2020, Ref. RB		4.00%		08/01/2044		4,000		3,769,643
								39,568,803
Arkansas-0.35%
University of Arkansas, Series 2021 A, RB		5.00%		12/01/2045		5,000		5,356,073
University of Arkansas (Fayetteville Campus), Series 2017, RB		5.00%		11/01/2047		2,000		2,091,373
								7,447,446
California-15.67%
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 F-1, RB		4.00%		04/01/2056		5,000		4,695,528
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 S-7, Ref. RB		4.00%		04/01/2042		2,500		2,440,225
Beaumont (City of), CA Public Improvement Authority, Series 2018 A, RB, (INS - AGM)(a)		5.00%		09/01/2049		1,000		1,056,836
California (State of), Series 2014, GO Bonds		5.00%		10/01/2039		5,000		5,109,309
California (State of), Series 2016, GO Bonds		5.00%		09/01/2046		3,000		3,131,462
California (State of), Series 2017, Ref. GO Bonds		4.00%		08/01/2038		1,000		1,005,630
California (State of), Series 2019, GO Bonds		5.00%		04/01/2045		4,000		4,290,218
California (State of), Series 2019, GO Bonds		5.00%		04/01/2049		1,000		1,067,842
California (State of), Series 2019, Ref. GO Bonds		5.00%		10/01/2039		4,500		4,931,300
California (State of), Series 2021, Ref. GO Bonds		5.00%		09/01/2041		1,250		1,387,058
California (State of), Series 2021, Ref. GO Bonds		5.00%		10/01/2041		5,500		6,077,285
California (State of), Series 2022, Ref. GO Bonds		5.00%		04/01/2042		1,500		1,670,127
California (State of), Series 2022, Ref. GO Bonds		5.00%		11/01/2042		1,025		1,147,516
California (State of) Educational Facilities Authority (Stanford University), Series 2007 T-1, RB		5.00%		03/15/2039		5,000		5,818,008
California (State of) Educational Facilities Authority (Stanford University), Series 2019 V-1, RB		5.00%		05/01/2049		4,000		4,629,567
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2021 A, Ref. RB		4.00%		08/15/2048		1,000		954,259

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  31  

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
California (State of) Health Facilities Financing Authority (Children’s Hospital of Orange County), Series 2021, Ref. RB		2.13%		11/01/2041	$	5,000	$	3,400,811
California (State of) Health Facilities Financing Authority (El Camino Hospital), Series 2017, RB		4.00%		02/01/2042		3,000		2,869,627
California (State of) Health Facilities Financing Authority (El Camino Hospital), Series 2017, RB		5.00%		02/01/2042		2,250		2,309,448
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB		5.00%		11/01/2047		3,500		3,969,604
California (State of) Health Facilities Financing Authority (PIH Health), Series 2020 A, RB		4.00%		06/01/2050		3,860		3,606,466
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2020 A, Ref. RB		4.00%		08/15/2050		7,360		7,010,034
California (State of) Infrastructure & Economic Development Bank (California State Teachers’ Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB		5.00%		08/01/2044		1,930		2,057,202
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB		4.00%		02/01/2042		4,000		3,766,975
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB		5.00%		02/01/2042		1,715		1,759,069
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB		5.00%		02/01/2047		2,500		2,560,756
California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB		5.25%		11/01/2041		1,000		1,003,650
California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure Improvement Program - Phase I), Series 2017 A, RB		5.00%		06/01/2042		6,000		6,311,125
California (State of) Municipal Finance Authority (Palomar Health), Series 2022 A, Ref. COP, (INS - AGM)(a)		5.25%		11/01/2052		2,000		2,107,719
California (State of) Municipal Finance Authority (University of La Verne), Series 2017 A, Ref. RB		5.00%		06/01/2043		1,750		1,809,769
California (State of) Public Works Board, Series 2014 B, RB		5.00%		10/01/2039		1,500		1,533,953
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2018 A, Ref. RB		4.00%		12/01/2057		500		457,989
California State University, Series 2017 A, Ref. RB		5.00%		11/01/2038		2,500		2,671,948
California State University, Series 2017 A, Ref. RB		5.00%		11/01/2042		6,080		6,435,338
California State University, Series 2017 A, Ref. RB		5.00%		11/01/2047		2,310		2,431,405
Chino Valley Unified School District, Series 2020 B, GO Bonds		4.00%		08/01/2045		2,500		2,451,103
Chino Valley Unified School District, Series 2020 B, GO Bonds		3.38%		08/01/2050		7,500		6,074,126
Foothill-Eastern Transportation Corridor Agency, Subseries 2014 B-1, Ref. RB		3.95%		01/15/2053		3,000		2,619,438
Inland Valley Development Agency, Series 2014 A, Ref. RB, (INS - AGM)(a)		5.00%		09/01/2044		1,000		1,009,869
Jurupa Unified School District, Series 2017 B, GO Bonds		4.00%		08/01/2041		10,000		9,846,666
Livermore Valley Joint Unified School District (Measure J), Series 2019, GO Bonds		4.00%		08/01/2046		7,000		6,706,734
Livermore Valley Joint Unified School District (Measure J), Series 2021, GO Bonds		4.00%		08/01/2047		3,000		2,861,058
Long Beach Unified School District (Election of 2016), Series 2019 B, GO Bonds		3.00%		08/01/2050		1,270		933,882
Los Angeles (City of), CA (Green Bonds), Series 2015 A, RB		5.00%		06/01/2044		1,000		1,030,330
Los Angeles (City of), CA (Green Bonds), Series 2015 C, Ref. RB		5.00%		06/01/2045		1,500		1,544,281
Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB		5.25%		06/01/2047		1,500		1,593,099
Los Angeles (City of), CA (Green Bonds), Series 2022 A, RB		4.00%		06/01/2052		5,000		4,729,968
Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB		5.00%		05/15/2045		1,260		1,365,839
Los Angeles (City of), CA Department of Airports, Series 2022 B, RB		4.00%		05/15/2048		5,000		4,742,846
Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB		5.00%		07/01/2044		2,360		2,539,811
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB		5.00%		07/01/2038		1,000		1,113,249
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB		5.00%		07/01/2039		1,000		1,108,903
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB		5.00%		07/01/2046		4,000		4,350,593
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB		5.00%		07/01/2047		2,000		2,189,028
Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB		5.00%		12/01/2039		2,250		2,287,217
Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB		5.00%		12/01/2044		1,000		1,012,661
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB		5.00%		12/01/2045		11,400		11,765,718
Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018 A, RB		5.00%		12/01/2051		2,680		2,838,692
Los Angeles Unified School District, Series 2020 C, GO Bonds		4.00%		07/01/2038		1,000		1,010,236
Los Angeles Unified School District, Series 2020 C, GO Bonds		4.00%		07/01/2039		1,000		1,004,245
Los Angeles Unified School District, Series 2020 C, GO Bonds		4.00%		07/01/2040		1,000		997,098
Los Angeles Unified School District, Series 2020 C, GO Bonds		4.00%		07/01/2044		1,000		975,349
Los Angeles Unified School District (Election of 2008), Series 2016 A, GO Bonds		5.00%		07/01/2040		1,610		1,668,078

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  32  

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
Madera Unified School District (Election of 2014), Series 2017, GO Bonds		4.00%		08/01/2046	$	5,000	$	4,790,524
Manhattan Beach Unified School District (Measure C), Series 2020 B, GO Bonds		4.00%		09/01/2045		5,635		5,481,783
Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds		4.00%		08/01/2047		3,000		2,830,736
Metropolitan Water District of Southern California, Series 2020 A, RB		5.00%		10/01/2049		1,000		1,083,081
Morgan Hill Unified School District (Election of 2012), Series 2017 B, GO Bonds		4.00%		08/01/2047		2,000		1,925,195
Mountain View Whisman School District (Santa Clara County) CA, Series 2022 B, GO Bonds		4.25%		09/01/2045		5,750		5,806,007
Napa Valley Unified School District, Series 2019 C, GO Bonds, (INS - AGM)(a)		4.00%		08/01/2044		3,000		2,891,687
Natomas Unified School District, Series 2020 A, GO Bonds, (INS - AGM)(a)		4.00%		08/01/2049		3,885		3,688,285
North Orange County Community College District, Series 2022 C, GO Bonds		4.00%		08/01/2047		2,500		2,406,493
Oak Grove School District, Series 2023 A-2, GO Bonds		5.00%		08/01/2052		3,500		3,825,552
Oxnard School District (Election of 2016), Series 2017 A, GO Bonds, (INS - BAM)(a)		5.00%		08/01/2045		5,000		5,264,855
Perris Union High School District, Series 2019 A, GO Bonds, (INS - AGM)(a)		4.00%		09/01/2048		7,500		7,121,833
Regents of the University of California Medical Center, Series 2022 P, RB		5.00%		05/15/2041		1,000		1,102,429
Regents of the University of California Medical Center, Series 2022 P, RB		5.00%		05/15/2042		1,000		1,094,117
Regents of the University of California Medical Center, Series 2022 P, RB		5.00%		05/15/2047		5,000		5,402,535
Regents of the University of California Medical Center (University of California Medical Center), Series 2022 P, RB		4.00%		05/15/2043		1,000		950,157
Sacramento (County of), CA, Series 2016 A, Ref. RB		5.00%		07/01/2041		2,400		2,476,491
Sacramento (County of), CA, Series 2016 B, Ref. RB		5.00%		07/01/2041		2,250		2,306,173
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB		5.00%		12/01/2050		2,400		2,580,478
San Diego (County of), CA Regional Transportation Commission, Series 2016 A, RB		5.00%		04/01/2048		6,620		6,904,034
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds		4.00%		07/01/2047		5,000		4,813,899
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds		5.00%		07/01/2047		4,165		4,395,417
San Diego Unified School District (Election of 2012), Series 2020 M-2, GO Bonds		4.00%		07/01/2050		14,300		13,662,457
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2014 B, RB		5.00%		05/01/2044		2,000		2,024,676
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2023 B, Ref. RB		5.00%		05/01/2043		5,000		5,473,584
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB		4.00%		10/01/2051		1,000		968,996
San Francisco Bay Area Rapid Transit District (Green Bonds) (Election of 2016), Series 2017 A, GO Bonds		5.00%		08/01/2047		2,000		2,123,551
San Francisco Bay Area Rapid Transit District (Green Bonds) (Election of 2016), Series 2022 D-1, GO Bonds		3.00%		08/01/2041		3,000		2,598,394
San Jose (City of), CA, Series 2017 B, Ref. RB		5.00%		03/01/2042		1,300		1,346,179
San Jose (City of), CA, Series 2017 B, Ref. RB		5.00%		03/01/2047		1,500		1,543,878
San Jose (City of), CA Financing Authority (Green bonds), Series 2022 B, RB		5.00%		11/01/2047		1,000		1,117,921
Santa Clarita Community College District (Elecion of 2016), Series 2022, GO Bonds		5.25%		08/01/2048		1,000		1,114,058
Simi Valley Unified School District (Election of 2016), Series 2017 A, GO Bonds		4.00%		08/01/2046		4,000		3,832,419
Transbay Joint Powers Authority (Green Bonds), Series 2020 A, RB		5.00%		10/01/2045		2,000		2,048,074
Transbay Joint Powers Authority (Green Bonds), Series 2020 A, RB		5.00%		10/01/2049		1,000		1,014,748
University of California, Series 2016 AR, Ref. RB		5.00%		05/15/2046		9,500		9,917,812
University of California, Series 2022 BK, RB		5.00%		05/15/2052		4,500		4,907,047
University of California, Series 2023 BN, Ref. RB		5.00%		05/15/2041		2,000		2,244,988
University of California, Series 2023 BN, Ref. RB		5.00%		05/15/2042		2,000		2,239,229
University of California, Series 2023 BN, Ref. RB		5.00%		05/15/2043		2,000		2,234,737
University of California (Limited), Series 2018 O, Ref. RB		5.00%		05/15/2043		1,500		1,597,014
								331,006,698
Colorado-4.06%
Colorado (State of) Educational & Cultural Facilities Authority (University of Denver), Series 2017 A, RB		5.00%		03/01/2047		2,000		2,086,914
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2019, Ref. RB		4.00%		11/15/2043		1,000		948,087
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021 A, Ref. RB		4.00%		11/15/2046		7,500		6,973,248
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021 A, Ref. RB		4.00%		11/15/2050		20,000		18,198,712

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  33  

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Colorado-(continued)
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021 A, Ref. RB		3.00%		11/15/2051	$	15,000	$	10,964,424
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2022, RB		5.50%		11/01/2047		1,500		1,580,633
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2022, RB		5.25%		11/01/2052		1,000		1,030,190
Colorado (State of) Health Facilities Authority (Parkview Medical Center), Series 2020 A, RB		4.00%		09/01/2050		2,800		2,291,378
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 B, Ref. RB		4.00%		01/01/2040		1,565		1,530,136
Denver (City & County of), CO, Series 2016 A, Ref. RB		5.00%		08/01/2042		1,000		1,032,976
Denver (City & County of), CO, Series 2016 A, Ref. RB		5.00%		08/01/2044		750		771,834
Denver (City & County of), CO, Series 2021 A, RB		4.00%		08/01/2051		1,000		917,359
Denver (City & County of), CO Board of Water Commissioners (The) (Green Bonds), Series 2017 A, RB		5.00%		09/15/2047		5,000		5,233,075
Denver City & County School District No. 1, Series 2021, GO Bonds		3.00%		12/01/2043		3,970		3,187,845
Denver City & County School District No. 1, Series 2021, GO Bonds		4.00%		12/01/2045		2,000		1,928,077
Denver City & County School District No. 1, Series 2022 A, GO Bonds		5.00%		12/01/2042		1,000		1,107,666
Denver City & County School District No. 1, Series 2022 A, GO Bonds		5.00%		12/01/2045		1,000		1,092,956
E-470 Public Highway Authority, Series 2020 A, Ref. RB		5.00%		09/01/2040		2,725		2,733,887
Loveland (City of), CO Electric & Communications Enterprise, Series 2019 A, RB		5.00%		12/01/2044		5,000		5,199,289
Public Authority for Colorado Energy, Series 2008, RB		6.50%		11/15/2038		1,355		1,615,130
Regional Transportation District (Green Bonds), Series 2021 B, Ref. RB		2.00%		11/01/2041		1,000		656,768
Regional Transportation District (Green Bonds), Series 2021 B, Ref. RB		2.25%		11/01/2045		1,000		645,607
Weld County School District No. 6 Greeley, Series 2021, GO Bonds		4.00%		12/01/2045		1,000		957,241
Weld County School District No. Re-2 Eaton, Series 2019, GO Bonds		5.00%		12/01/2044		3,550		3,812,026
Weld County School District No. RE-4, Series 2023, GO Bonds		5.25%		12/01/2047		5,000		5,586,791
Weld County School District No. Re-5J, Series 2021, GO Bonds		4.00%		12/01/2045		4,000		3,801,067
								85,883,316
Connecticut-1.16%
Connecticut (State of), Series 2018 B, RB		5.00%		10/01/2038		4,000		4,316,265
Connecticut (State of), Series 2020 A, GO Bonds		5.00%		01/15/2040		3,000		3,229,759
Connecticut (State of), Series 2020 A, RB		3.13%		05/01/2040		1,000		849,761
Connecticut (State of), Series 2021 A, GO Bonds		3.00%		01/15/2038		1,000		859,623
Connecticut (State of), Series 2021 A, GO Bonds		3.00%		01/15/2039		1,000		848,735
Connecticut (State of), Series 2021 A, RB		4.00%		05/01/2038		1,000		1,008,386
Connecticut (State of), Series 2021 A, RB		4.00%		05/01/2039		1,000		1,002,824
Connecticut (State of), Series 2021 A, RB		4.00%		05/01/2040		1,000		994,485
Connecticut (State of), Series 2021 A, RB		5.00%		05/01/2041		1,000		1,093,247
Connecticut (State of), Series 2021 D, RB		4.00%		11/01/2038		1,200		1,210,784
Connecticut (State of), Series 2021 D, RB		4.00%		11/01/2039		1,200		1,203,513
Connecticut (State of), Series 2021 D, RB		4.00%		11/01/2040		1,000		994,923
Connecticut (State of), Series 2021 D, RB		5.00%		11/01/2041		250		274,333
Connecticut (State of), Series 2022 A, RB		5.00%		07/01/2038		1,000		1,122,875
Connecticut (State of), Series 2022 A, RB		5.00%		07/01/2039		500		556,898
Connecticut (State of), Series 2022 A, RB		5.25%		07/01/2040		1,000		1,129,764
Connecticut (State of), Series 2022 A, RB		5.00%		07/01/2041		1,000		1,104,775
Connecticut (State of), Series 2022 A, RB		5.25%		07/01/2042		1,000		1,120,679
University of Connecticut, Series 2018 A, RB		5.00%		11/15/2043		1,450		1,535,811
								24,457,440
District of Columbia-0.95%
District of Columbia, Series 2017 D, GO Bonds		5.00%		06/01/2042		1,100		1,154,390
District of Columbia, Series 2018 A, GO Bonds		5.00%		06/01/2043		3,800		4,017,886
District of Columbia, Series 2020 A, RB		2.63%		03/01/2045		1,000		707,311
District of Columbia, Series 2020 C, RB		5.00%		05/01/2045		1,000		1,074,737
District of Columbia, Series 2021 D, GO Bonds		5.00%		02/01/2046		1,000		1,078,219
District of Columbia, Series 2022 A, RB		5.00%		07/01/2040		1,000		1,113,816
District of Columbia, Series 2022 A, RB		5.00%		07/01/2041		1,000		1,108,630
District of Columbia, Series 2022 A, RB		5.00%		07/01/2042		1,010		1,114,523
District of Columbia, Series 2022 C, Ref. RB		5.00%		12/01/2037		1,000		1,139,262

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  34  

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
District of Columbia-(continued)
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement), Series 2019 A, Ref. RB		5.00%		10/01/2044	$	1,500	$	1,564,351
Washington Metropolitan Area Transit Authority, Series 2020 A, RB		5.00%		07/15/2045		2,500		2,668,322
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB		4.00%		07/15/2038		200		202,946
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB		4.00%		07/15/2039		125		125,723
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB		3.00%		07/15/2040		250		209,827
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB		5.00%		07/15/2041		100		109,300
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB		3.00%		07/15/2043		200		158,129
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB		4.00%		07/15/2043		200		192,191
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB		4.00%		07/15/2046		1,125		1,060,617
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB		5.00%		07/15/2046		1,125		1,207,293
								20,007,473
Florida-3.30%
Bay County School Board, Series 2022 A, COP, (INS - AGM)(a)		4.25%		07/01/2047		500		486,905
Broward (County of), FL (Convention Center Expansion), Series 2021, RB		4.00%		09/01/2047		1,000		897,961
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(a)		4.00%		07/01/2038		500		501,463
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(a)		4.00%		07/01/2039		500		495,709
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(a)		2.50%		07/01/2040		1,500		1,103,888
Davie (Town of), FL (Nova Southeastern University), Series 2018, Ref. RB		5.00%		04/01/2048		2,000		2,039,688
Escambia (County of), FL Health Facilities Authority, Series 2020, Ref. RB, (INS - AGM)(a)		3.00%		08/15/2050		5,000		3,544,621
Florida Development Finance Corp. (UF Health Jacksonville), Series 2022, Ref. RB, (INS - AGM)(a)		4.00%		02/01/2046		2,500		2,318,209
Fort Pierce (City of), FL Utilities Authority, Series 2022 A, Ref. RB, (INS - AGM)(a)		4.00%		10/01/2052		2,500		2,291,947
Hillsborough (County of), FL Aviation Authority (Tampa International Airport), Series 2018 F, RB		5.00%		10/01/2048		1,745		1,829,920
Lakeland (City of), FL (Lakeland Regional Health), Series 2015, RB		5.00%		11/15/2040		1,050		1,059,724
Miami Beach (City of), FL, Series 2015, RB		5.00%		09/01/2045		2,000		2,044,012
Miami Beach (City of), FL, Series 2019, Ref. GO Bonds		4.00%		05/01/2049		6,000		5,419,189
Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center), Series 2021, RB		4.00%		11/15/2046		2,190		1,925,443
Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center), Series 2021, RB		3.00%		11/15/2051		2,000		1,351,953
Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center), Series 2021, RB		4.00%		11/15/2051		2,000		1,721,099
Miami Beach (City of), FL Redevelopment Agency (City Center), Series 2015, Ref. RB, (INS - AGM)(a)		5.00%		02/01/2040		4,000		3,961,401
Miami-Dade (County of), FL, Series 2017 A, RB		3.38%		10/01/2047		5,000		3,910,996
Miami-Dade (County of), FL, Series 2021, RB		4.00%		10/01/2039		150		147,895
Miami-Dade (County of), FL, Series 2021, RB		3.00%		10/01/2040		175		143,248
Miami-Dade (County of), FL, Series 2021, RB		4.00%		10/01/2041		200		193,708
Miami-Dade (County of), FL, Series 2021, RB		4.00%		10/01/2042		200		191,817
Miami-Dade (County of), FL, Series 2021, RB		3.00%		10/01/2043		250		197,224
Miami-Dade (County of), FL, Series 2021, RB		4.00%		10/01/2044		175		166,133
Miami-Dade (County of), FL, Series 2021, RB		4.00%		10/01/2046		200		185,736
Miami-Dade (County of), FL, Series 2021, RB		4.00%		10/01/2048		250		230,330
Miami-Dade (County of), FL, Series 2021, RB		4.00%		10/01/2051		300		273,052
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2023 A, RB		5.00%		10/01/2053		1,000		1,044,348
Orlando (City of), FL, Series 2018 B, RB		5.00%		10/01/2048		5,685		6,087,782
Palm Beach (County of), FL Health Facilities Authority (Jupiter Medical Center), Series 2022, RB		5.00%		11/01/2047		1,250		1,258,739
Palm Beach (County of), FL Health Facilities Authority (Jupiter Medical Center), Series 2022, RB		5.00%		11/01/2052		1,500		1,501,721
Palm Beach (County of), FL Health Facilities Authority (Lifespace Communities, Inc.), Series 2019 B, RB		5.00%		05/15/2053		1,000		749,946
Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017 C, RB		5.00%		07/01/2048		2,000		2,067,177
Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017, RB		5.00%		07/01/2047		5,000		5,143,148
Tampa (City of), FL, Series 2016 A, RB		5.00%		11/15/2046		1,750		1,771,349
Tampa (City of), FL (Green Bonds), Series 2022 A, RB		5.00%		10/01/2047		1,500		1,660,209
Tampa (City of), FL (Green Bonds), Series 2022 A, RB		5.00%		10/01/2052		1,000		1,093,563
Tampa (City of), FL (H. Lee Moffitt Cancer Center), Series 2020 B, RB		4.00%		07/01/2045		2,500		2,295,946
Tampa (City of), FL (H. Lee Moffitt Cancer Center), Series 2020 B, RB		5.00%		07/01/2050		3,250		3,282,248

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  35  

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Florida-(continued)
Tampa Bay (City of), FL Water (Sustainability Bonds), Series 2022, RB		5.25%		10/01/2047	$	1,400	$	1,554,878
Tampa Bay (City of), FL Water (Sustainability Bonds), Series 2022, RB		5.00%		10/01/2052		1,500		1,619,101
								69,763,426
Georgia-2.36%
Atlanta (City of), GA, Series 2018 B, RB		5.00%		11/01/2047		5,000		5,230,602
Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds		5.00%		12/01/2038		1,000		1,137,035
Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds		5.00%		12/01/2039		1,000		1,131,420
Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds		5.00%		12/01/2040		1,000		1,125,092
Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds		5.00%		12/01/2041		1,000		1,119,659
Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds		5.00%		12/01/2042		1,000		1,114,273
Burke (County of), GA Development Authority (Georgia Transmission Corporation Vogtle), Series 2012, Ref. RB		2.75%		01/01/2052		2,000		1,307,368
Cobb (County of), GA Kennestone Hospital Authority (Wellstar Health System, Inc.), Series 2020, Ref. RB		5.00%		04/01/2050		850		876,715
Cobb (County of), GA Kennestone Hospital Authority (Wellstar Health System, Inc.), Series 2022, RB		4.00%		04/01/2052		1,000		884,689
DeKalb (County of), GA, Series 2022, Ref. RB		5.00%		10/01/2041		1,000		1,109,381
Fulton (County of), GA Development Authority (Wellstar Health System, Inc.), Series 2020, RB		4.00%		04/01/2050		1,000		895,261
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2017 B, Ref. RB		5.50%		02/15/2042		2,000		2,121,479
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2021 A, RB		2.50%		02/15/2051		2,000		1,294,888
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2021 A, RB		3.00%		02/15/2051		2,000		1,443,416
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2021 A, RB		4.00%		02/15/2051		4,000		3,532,269
Georgia (State of), Series 2021 A, Ref. GO Bonds		4.00%		07/01/2038		1,000		1,018,380
Georgia (State of) Municipal Electric Authority, Series 2019 A, Ref. RB		5.00%		01/01/2044		1,000		1,021,695
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2021 A, Ref. RB, (INS - AGM)(a)		5.00%		01/01/2062		2,305		2,358,536
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2021 A, Ref. RB, (INS - AGM)(a)		5.00%		01/01/2062		4,500		4,604,517
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2022, RB		4.50%		07/01/2063		3,000		2,855,991
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2023 A, RB, (INS - AGM)(a)		5.00%		07/01/2055		2,000		2,064,358
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2023 A, RB, (INS - AGM)(a)		5.00%		07/01/2064		5,000		5,156,900
Georgia (State of) Ports Authority, Series 2022, RB		4.00%		07/01/2047		1,000		958,258
Georgia (State of) Ports Authority, Series 2022, RB		4.00%		07/01/2052		1,000		936,910
Glynn (County of) & Brunswick (City of), GA Memorial Hospital Authority (Southeast Georgia Health System), Series 2017, RAC		5.00%		08/01/2047		3,000		3,008,415
Main Street Natural Gas, Inc., Series 2019 A, RB		5.00%		05/15/2049		1,500		1,488,710
								49,796,217
Hawaii-0.41%
Honolulu (City & County of), HI, Series 2015 A, GO Bonds		5.00%		10/01/2039		4,000		4,127,587
Honolulu (City & County of), HI, Series 2019 A, RB		5.00%		07/01/2049		1,500		1,596,746
Honolulu (City & County of), HI (Green Bonds), Series 2022 A, RB		4.13%		07/01/2047		3,000		2,878,874
								8,603,207
Idaho-0.09%
Idaho (State of) Housing & Finance Association, Series 2022, RB		5.00%		08/15/2047		1,765		1,910,356
Illinois-4.36%
Chicago (City of), IL, Series 2017 A, RB, (INS - AGM)(a)		5.25%		01/01/2042		2,500		2,569,663
Chicago (City of), IL, Series 2017 A, RB, (INS - AGM)(a)		4.00%		01/01/2052		7,000		6,330,500
Chicago (City of), IL, Series 2019 A, GO Bonds		5.00%		01/01/2044		2,000		1,949,336
Chicago (City of), IL, Series 2019 A, GO Bonds		5.50%		01/01/2049		1,500		1,536,553
Chicago (City of), IL (Chicago Works), Series 2023 A, GO Bonds		5.50%		01/01/2039		250		265,601

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  36  

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Illinois-(continued)
Chicago (City of), IL (Chicago Works), Series 2023 A, GO Bonds		5.50%		01/01/2040	$	200	$	211,738
Chicago (City of), IL (Chicago Works), Series 2023 A, GO Bonds		5.50%		01/01/2041		225		234,592
Chicago (City of), IL (Chicago Works), Series 2023 A, GO Bonds		5.50%		01/01/2043		250		259,362
Chicago (City of), IL (O’Hare International Airport), Series 2015 D, RB		5.00%		01/01/2046		1,250		1,264,649
Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB, (INS - AGM)(a)		4.00%		01/01/2053		6,375		5,934,513
Chicago (City of), IL Board of Education, Series 2016, RB		6.00%		04/01/2046		2,000		2,065,527
Chicago (City of), IL Board of Education, Series 2017 B, Ref. GO Bonds(b)		7.00%		12/01/2042		5,000		5,417,858
Chicago (City of), IL Transit Authority, Series 2017, RB, (INS - AGM)(a)		5.00%		12/01/2051		1,000		1,023,199
Chicago (City of), IL Transit Authority, Series 2022 A, Ref. RB		5.00%		12/01/2052		1,000		1,026,005
Chicago (City of), IL Transit Authority, Series 2022 A, Ref. RB		5.00%		12/01/2057		1,115		1,140,387
Du Page (County of), IL (Morton Abroretum), Series 2020, Ref. RB		3.00%		05/15/2047		5,000		3,617,593
Illinois (State of), Series 2020, GO Bonds		5.50%		05/01/2039		1,500		1,594,630
Illinois (State of), Series 2021 A, GO Bonds		5.00%		03/01/2046		1,000		1,010,505
Illinois (State of), Series 2022 A, GO Bonds		5.50%		03/01/2042		2,000		2,127,862
Illinois (State of), Series 2022 A, GO Bonds		5.50%		03/01/2047		1,500		1,574,590
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB		4.00%		08/15/2038		1,395		1,341,888
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB		4.00%		08/15/2039		2,250		2,152,047
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB		4.00%		08/15/2040		1,350		1,283,821
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB		4.00%		08/15/2041		1,350		1,277,768
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB		3.00%		08/15/2048		1,000		729,041
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB		4.00%		08/15/2048		1,400		1,254,000
Illinois (State of) Finance Authority (Chicago LLC - University of Chicago), Series 2017 A, RB		5.00%		02/15/2047		1,000		966,116
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2020 A, Ref. RB		3.00%		05/15/2050		4,000		2,716,324
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2020 A, Ref. RB		4.00%		05/15/2050		4,570		4,030,252
Illinois (State of) Finance Authority (Rush University Medical Center), Series 2015 A, Ref. RB		5.00%		11/15/2038		1,175		1,187,097
Illinois (State of) Finance Authority (University of Illinois Health Services), Series 2020, RB		4.00%		10/01/2050		1,500		1,222,267
Illinois (State of) Finance Authority (University of Illinois Health Services), Series 2020, RB		4.00%		10/01/2055		1,450		1,151,272
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2020, Ref. RB		5.00%		06/15/2042		1,000		1,001,424
Illinois (State of) Toll Highway Authority, Series 2017 A, RB		5.00%		01/01/2042		5,000		5,213,163
Illinois (State of) Toll Highway Authority, Series 2020 A, RB		5.00%		01/01/2041		4,000		4,272,742
Illinois (State of) Toll Highway Authority, Series 2020 A, RB		5.00%		01/01/2045		2,500		2,653,091
Illinois (State of) Toll Highway Authority, Series 2021 A, RB		5.00%		01/01/2046		1,000		1,065,771
Sales Tax Securitization Corp., Series 2018 A, Ref. RB		5.00%		01/01/2040		5,200		5,408,617
Sales Tax Securitization Corp., Series 2020 A, Ref. RB		4.00%		01/01/2038		1,000		944,370
Sales Tax Securitization Corp., Series 2020 A, Ref. RB		4.00%		01/01/2039		500		468,993
Sales Tax Securitization Corp., Series 2020 A, Ref. RB, (INS - BAM)(a)		4.00%		01/01/2040		2,000		1,868,723
Sales Tax Securitization Corp. (Social Bonds), Series 2023 A, Ref. RB		4.00%		01/01/2042		6,000		5,579,089
Springfield (City of), IL, Series 2015, Ref. RB, (INS - AGM)(a)		5.00%		03/01/2040		3,000		3,068,541
								92,011,080
Indiana-0.86%
Indiana (State of) Finance Authority (Green Bonds), Series 2022 B, RB		5.25%		10/01/2047		1,500		1,626,886
Indiana (State of) Health & Educational Facilities Financing Authority (Ascension Senior Credit Group), Series 2006, Ref. RB		5.00%		11/15/2046		3,000		3,042,897
Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB		5.00%		02/01/2044		5,000		5,298,476
Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB		5.00%		02/01/2049		6,500		6,828,052
Northern Indiana Commuter Transportation District, Series 2016, RB		5.00%		07/01/2041		1,250		1,288,353
								18,084,664
Kansas-0.33%
Ellis County Unified School District No. 489 Hays, Series 2022 B, Ref. GO Bonds, (INS - AGM)(a)		5.00%		09/01/2042		1,500		1,620,744
Ellis County Unified School District No. 489 Hays, Series 2022 B, Ref. GO Bonds, (INS - AGM)(a)		5.00%		09/01/2047		1,250		1,331,195
Ellis County Unified School District No. 489 Hays, Series 2022 B, Ref. GO Bonds, (INS - AGM)(a)		4.00%		09/01/2052		1,500		1,387,197
Wyandotte (County of) & Kansas City (City of), KS Unified Government, Series 2016 A, RB		5.00%		09/01/2040		1,000		1,018,438
Wyandotte (County of) & Kansas City (City of), KS Unified Government, Series 2016 A, RB		5.00%		09/01/2045		1,500		1,524,101
								6,881,675

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  37  

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Kentucky-0.12%
Kentucky (Commonwealth of) Economic Development Finance Authority (Louisville Arena Authority, Inc.), Series 2017 A, Ref. RB, (INS - AGM)(a)		5.00%		12/01/2045	$	1,000	$	1,013,929
Kentucky (Commonwealth of) Economic Development Finance Authority (Louisville Arena Authority, Inc.), Series 2017 A, Ref. RB, (INS - AGM)(a)		5.00%		12/01/2047		470		463,566
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (UOFL Health), Series 2022 A, RB, (INS - AGM)(a)		5.00%		05/15/2047		1,015		1,062,381
								2,539,876
Louisiana-1.03%
Greater New Orleans Expressway Commission, Series 2017, RB, (INS - AGM)(a)		5.00%		11/01/2042		2,000		2,062,784
Greater New Orleans Expressway Commission, Series 2017, RB, (INS - AGM)(a)		5.00%		11/01/2047		2,000		2,055,115
Jefferson (Parish of), LA Sales Tax District, Series 2017 B, RB, (INS - AGM)(a)		5.00%		12/01/2042		2,750		2,869,006
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Ragin Cajun Facilities, Inc.), Series 2018, RB, (INS - AGM)(a)		5.00%		10/01/2048		3,500		3,553,173
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Woman’s Hospital Foundation), Series 2017 A, Ref. RB		5.00%		10/01/2041		3,285		3,362,118
Louisiana (State of) Public Facilities Authority (LA Children’s Medical Center), Series 2020, RB, (INS - AGM)(a)		3.00%		06/01/2050		6,500		4,638,109
Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2023 A, Ref. RB		5.00%		10/15/2048		1,000		1,063,771
New Orleans (City of), LA, Series 2021 A, GO Bonds		5.00%		12/01/2046		1,000		1,044,049
Shreveport (City of), LA, Series 2019 B, RB, (INS - AGM)(a)		4.00%		12/01/2049		1,250		1,089,654
								21,737,779
Maine-0.40%
Maine (State of) Health & Higher Educational Facilities Authority, Series 2020 A, RB		4.00%		07/01/2045		2,000		1,854,937
Maine (State of) Health & Higher Educational Facilities Authority, Series 2021 A, Ref. RB, (INS - AGM)(a)		5.00%		07/01/2023		550		553,022
Maine (State of) Health & Higher Educational Facilities Authority, Series 2021 A, Ref. RB, (INS - AGM)(a)		5.00%		07/01/2024		350		357,630
Maine (State of) Health & Higher Educational Facilities Authority, Series 2021 A, Ref. RB, (INS - AGM)(a)		2.50%		07/01/2029		500		483,588
Maine (State of) Health & Higher Educational Facilities Authority, Series 2021 A, Ref. RB, (INS - AGM)(a)		5.00%		07/01/2030		425		475,456
Maine (State of) Health & Higher Educational Facilities Authority, Series 2021 A, Ref. RB, (INS - AGM)(a)		4.00%		07/01/2039		330		318,689
Maine (State of) Health & Higher Educational Facilities Authority (Mainhealth), Series 2020 A, RB		4.00%		07/01/2050		4,500		4,030,604
Maine (State of) Turnpike Authority, Series 2020, RB		4.00%		07/01/2045		300		287,083
								8,361,009
Maryland-0.75%
Baltimore (City of), MD (Convention Center Hotel), Series 2017, Ref. RB		5.00%		09/01/2039		1,000		967,945
Baltimore (City of), MD (Convention Center Hotel), Series 2017, Ref. RB		5.00%		09/01/2042		500		470,958
Baltimore (City of), MD (Water), Series 2017 A, RB		5.00%		07/01/2046		9,510		9,836,009
Baltimore (City of), MD (Water), Series 2020 A, RB		5.00%		07/01/2050		600		639,078
Maryland (State of) Stadium Authority, Series 2022 A, RB		4.00%		06/01/2047		1,000		917,094
Maryland (State of) Stadium Authority (Built to Learn), Series 2021, RB		4.00%		06/01/2046		1,000		922,164
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB		5.00%		07/01/2046		1,000		1,083,185
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB		5.00%		07/01/2051		1,000		1,073,072
								15,909,505
Massachusetts-5.17%
Massachusetts (Commonwealth of), Series 2016 A, GO Bonds		5.00%		03/01/2046		5,000		5,046,265
Massachusetts (Commonwealth of), Series 2016 J, GO Bonds		4.00%		12/01/2044		2,900		2,813,383
Massachusetts (Commonwealth of), Series 2017 A, GO Bonds		5.00%		04/01/2042		4,210		4,420,461
Massachusetts (Commonwealth of), Series 2017 A, Ref. RB		5.00%		06/01/2043		5,000		5,275,057
Massachusetts (Commonwealth of), Series 2017 F, GO Bonds		5.00%		11/01/2041		8,000		8,481,038
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds		5.25%		01/01/2044		1,675		1,808,071
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds		5.00%		01/01/2049		5,000		5,275,668

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  38  

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Massachusetts-(continued)
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds		5.00%		11/01/2045	$	2,500	$	2,705,016
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds		5.00%		11/01/2050		3,500		3,741,621
Massachusetts (Commonwealth of), Series 2020, GO Bonds		5.00%		07/01/2045		1,000		1,078,902
Massachusetts (Commonwealth of), Series 2021 A, Ref. RB		5.00%		06/01/2042		1,000		1,093,188
Massachusetts (Commonwealth of), Series 2022 B, GO Bonds		4.00%		02/01/2042		1,000		980,587
Massachusetts (Commonwealth of), Series 2022 E, GO Bonds		5.00%		11/01/2048		17,320		18,844,971
Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2018 A, RB		5.25%		06/01/2043		5,000		5,360,417
Massachusetts (Commonwealth of) (Rail Enhancement Program), Series 2015 A, RB		5.00%		06/01/2045		3,000		3,076,814
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2020, Ref. RB		5.00%		07/01/2050		5,580		5,859,805
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), Series 2023, Ref. RB		5.25%		07/01/2048		1,000		1,047,274
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), Series 2023, Ref. RB		5.25%		07/01/2052		1,500		1,563,809
Massachusetts (Commonwealth of) Development Finance Agency (Boston University), Series 2013 X, RB		5.00%		10/01/2048		875		878,572
Massachusetts (Commonwealth of) Development Finance Agency (Boston University), Series 2016 BB-1, RB		5.00%		10/01/2046		4,500		4,659,182
Massachusetts (Commonwealth of) Development Finance Agency (Dana-Farber Cancer Institute), Series 2016, RB		5.00%		12/01/2041		2,665		2,745,755
Massachusetts (Commonwealth of) Development Finance Agency (Dana-Farber Cancer Institute), Series 2016, RB		5.00%		12/01/2046		2,000		2,040,643
Massachusetts (Commonwealth of) Development Finance Agency (Northern University), Series 2022, Ref. RB		5.00%		10/01/2044		1,500		1,657,241
Massachusetts (Commonwealth of) Development Finance Agency (Southcoast Health System Obligated Group), Series 2021 G, Ref. RB		5.00%		07/01/2050		1,000		1,011,717
Massachusetts (Commonwealth of) Development Finance Agency (Wellforce, Inc.), Series 2020 C, Ref. RB, (INS - AGM)(a)		3.00%		10/01/2045		3,500		2,648,261
Massachusetts (Commonwealth of) Development Finance Agency (Wellforce, Inc.), Series 2020 C, Ref. RB, (INS - AGM)(a)		4.00%		10/01/2045		1,500		1,372,491
Massachusetts (Commonwealth of) School Building Authority, Series 2016 B, RB		5.00%		11/15/2046		3,075		3,198,601
Massachusetts (Commonwealth of) Water Resources Authority, Series 2018 B, RB		5.00%		08/01/2043		5,000		5,310,129
University of Massachusetts Building Authority, Series 2020 1, RB		5.00%		11/01/2050		5,000		5,314,783
								109,309,722
Michigan-0.94%
Lansing (City of), MI Board of Water & Light, Series 2021 A, RB		5.00%		07/01/2051		1,000		1,051,322
Michigan (State of), Series 2021, RB		4.00%		11/15/2041		1,045		1,023,500
Michigan (State of) Building Authority (Facilities Program), Series 2022 I, RB		5.00%		10/15/2047		1,000		1,086,030
Michigan (State of) Building Authority (Facilities Program), Series 2022 I, RB		4.00%		10/15/2052		1,000		941,538
Michigan (State of) Finance Authority, Series 2019 A, Ref. RB		3.00%		12/01/2049		2,440		1,755,305
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2022, RB		4.00%		12/01/2047		1,100		995,858
Michigan (State of) Hospital Finance Authority (Ascension Health Senior Credit Group), Series 2010, Ref. RB		5.00%		11/15/2047		3,000		3,063,916
Michigan State University Board of Trustees, Series 2019 B, RB		5.00%		02/15/2044		1,250		1,329,173
Troy School District, Series 2023, GO Bonds		5.00%		05/01/2047		5,000		5,375,726
Walled Lake Consolidated School District, Series 2020, GO Bonds		5.00%		05/01/2050		2,500		2,654,812
Wayne (County of), MI Airport Authority (Detroit Michigan Wayne County Airport), Series 2015 D, RB		5.00%		12/01/2040		500		512,524
								19,789,704
Minnesota-0.18%
Duluth (City of), MN Economic Development Authority (St. Luke’s Hospital of Duluth), Series 2022 B, RB		5.25%		06/15/2047		2,000		2,025,145
Duluth (City of), MN Economic Development Authority (St. Luke’s Hospital of Duluth), Series 2022 B, RB		5.25%		06/15/2052		1,000		1,006,199
Minnesota (State of) Higher Education Facilities Authority (Bethel University), Series 2017, Ref. RB		5.00%		05/01/2047		1,000		877,813
								3,909,157

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  39  

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Missouri-0.82%
Cape Girardeau (County of), MO Industrial Development Authority (South Eastern Health), Series 2017 A, Ref. RB		5.00%		03/01/2036	$	1,000	$	1,022,559
Kansas City (City of), MO (Downtown Arena), Series 2016 E, Ref. RB		5.00%		04/01/2040		2,190		2,214,541
Metropolitan St. Louis Sewer District, Series 2016 C, RB(c)		5.00%		05/01/2046		1,000		1,040,509
Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB		5.00%		05/01/2047		750		787,937
Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2021 A, Ref. RB		3.00%		07/01/2051		2,500		1,805,089
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2017 C, Ref. RB		4.00%		11/15/2047		1,500		1,393,548
Missouri (State of) Health & Educational Facilities Authority (Mosaic Health System), Series 2019 A, Ref. RB		4.00%		02/15/2049		5,000		4,619,127
Missouri (State of) Health & Educational Facilities Authority (SSM Health Care), Series 2022 A, RB		4.00%		06/01/2052		5,000		4,475,874
								17,359,184
Montana-0.11%
Missoula (City of), MT, Series 2019 A, RB		4.00%		07/01/2044		2,400		2,288,180
Nebraska-0.36%
Fremont School District, Series 2022, GO Bonds, (INS - AGM)(a)		4.00%		12/15/2047		1,000		944,831
Omaha (City of), NE Public Power District, Series 2017 A, Ref. RB		5.00%		02/01/2042		1,000		1,064,630
Omaha (City of), NE Public Power District, Series 2021 A, RB		5.00%		02/01/2046		1,000		1,079,968
Omaha (City of), NE Public Power District, Series 2022 A, RB		4.25%		02/01/2047		1,805		1,771,038
Omaha (City of), NE Public Power District, Series 2022 A, RB		5.00%		02/01/2047		1,250		1,363,723
University of Nebraska Facilities Corp. (The), Series 2021 A, RB		4.00%		07/15/2059		500		455,533
University of Nebraska Facilities Corp. (The), Series 2021 A, RB		4.00%		07/15/2062		1,000		904,913
								7,584,636
Nevada-0.10%
Clark (County of), NV Department of Aviation, Series 2017 A-2, Ref. RB		5.00%		07/01/2040		1,035		1,085,149
Las Vegas Valley Water District, Series 2022 A, GO Bonds		4.00%		06/01/2046		1,000		948,541
								2,033,690
New Hampshire-0.19%
New Hampshire (State of) Business Finance Authority, Series 2021 A, RB		4.00%		07/01/2051		1,000		906,133
New Hampshire (State of) Business Finance Authority (St. Luke’s University Health), Series 2021, RB, (INS - AGM)(a)		3.00%		08/15/2046		2,210		1,643,636
New Hampshire (State of) Business Finance Authority (St. Luke’s University Health), Series 2021, RB, (INS - AGM)(a)		3.00%		08/15/2051		2,200		1,563,563
								4,113,332
New Jersey-3.18%
New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022 A, RB		5.25%		11/01/2047		5,000		5,291,991
New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022 A, RB		5.00%		11/01/2052		2,500		2,586,232
New Jersey (State of) Economic Development Authority (Social Bonds), Series 2021 QQQ, RB		4.00%		06/15/2046		1,000		911,414
New Jersey (State of) Economic Development Authority (Social Bonds), Series 2021 QQQ, RB		4.00%		06/15/2050		1,000		906,278
New Jersey (State of) Economic Development Authority (State House), Series 2017 B, RB		5.00%		06/15/2043		1,000		1,029,072
New Jersey (State of) Educational Facilities Authority (Stevens Institute of Technology) (Green Bonds), Series 2020 A, RB		3.00%		07/01/2050		1,000		707,599
New Jersey (State of) Educational Facilities Authority (Stevens Institute of Technology) (Green Bonds), Series 2020 A, RB		4.00%		07/01/2050		2,800		2,435,254
New Jersey (State of) Health Care Facilities Financing Authority (Atlanticare Health System Obligated Group), Series 2021, RB		3.00%		07/01/2046		750		570,336
New Jersey (State of) Health Care Facilities Financing Authority (Atlanticare Health System Obligated Group), Series 2021, RB		3.00%		07/01/2051		1,125		810,772
New Jersey (State of) Health Care Facilities Financing Authority (Princeton HealthCare System), Series 2016 A, Ref. RB		5.00%		07/01/2039		1,000		1,037,991
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2021, RB		4.00%		07/01/2045		1,000		939,674
New Jersey (State of) Health Care Facilities Financing Authority (University Hospital), Series 2015 A, RB, (INS - AGM)(a)		5.00%		07/01/2046		3,000		3,024,475
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB		4.00%		06/15/2038		1,000		975,286

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  40  

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New Jersey-(continued)
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB		5.00%		06/15/2038	$	1,000	$	1,056,641
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB		4.00%		06/15/2039		1,000		966,925
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB		5.00%		06/15/2039		1,000		1,049,636
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB		4.00%		06/15/2040		1,000		958,274
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB		5.00%		06/15/2040		1,000		1,044,805
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB		4.00%		06/15/2045		1,000		916,944
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB		5.00%		06/15/2045		1,000		1,034,610
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB		3.00%		06/15/2050		1,000		709,984
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB		4.00%		06/15/2050		1,000		906,278
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB		5.00%		06/15/2050		1,000		1,030,711
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB		4.00%		06/15/2038		1,500		1,462,928
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB		4.00%		06/15/2039		1,000		966,925
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB		4.00%		06/15/2040		1,000		958,274
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB		4.00%		06/15/2041		1,250		1,176,340
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB		4.00%		06/15/2042		1,000		937,798
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB		5.00%		06/15/2042		375		392,744
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB		5.25%		06/15/2043		500		533,725
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB		5.00%		06/15/2044		500		520,760
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB		4.00%		06/15/2046		750		683,560
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB		5.25%		06/15/2046		200		212,018
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB		5.00%		06/15/2048		300		310,614
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB		5.00%		01/01/2040		1,000		1,052,211
New Jersey (State of) Turnpike Authority, Series 2021 A, RB		4.00%		01/01/2042		5,000		4,863,118
New Jersey (State of) Turnpike Authority, Series 2021 A, RB		4.00%		01/01/2051		5,450		5,105,369
New Jersey (State of) Turnpike Authority, Series 2022 B, RB		5.00%		01/01/2042		1,500		1,618,459
New Jersey (State of) Turnpike Authority, Series 2022 B, RB		4.25%		01/01/2043		1,500		1,501,658
New Jersey (State of) Turnpike Authority, Series 2022 B, RB		5.00%		01/01/2046		5,400		5,769,923
New Jersey (State of) Turnpike Authority, Series 2022 B, RB		4.50%		01/01/2048		1,795		1,813,806
New Jersey (State of) Turnpike Authority, Series 2022 B, RB		5.25%		01/01/2052		3,500		3,806,810
Newark (City of), NJ Housing Authority, Series 2016, Ref. RB, (INS - AGM)(a)		5.00%		12/01/2038		2,500		2,603,665
								67,191,887
New York-21.04%
Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, (INS - AGM)(a)		3.00%		04/01/2045		3,000		2,244,144
Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, (INS - AGM)(a)		3.00%		04/01/2050		8,750		6,062,994
Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, (INS - AGM)(a)		4.00%		04/01/2050		3,000		2,637,177
Build NYC Resource Corp. (New York Law School), Series 2016, Ref. RB		5.00%		07/01/2041		1,000		990,787
Dutchess County Local Development Corp. (Vassar College), Series 2017, Ref. RB		5.00%		07/01/2042		1,500		1,563,328
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB		5.00%		02/15/2042		5,000		5,210,942
Long Island (City of), NY Power Authority, Series 2017, RB		5.00%		09/01/2042		1,300		1,369,486
Long Island (City of), NY Power Authority, Series 2017, RB		5.00%		09/01/2047		1,000		1,033,823
Metropolitan Transportation Authority, Series 2012 A-1, RB		5.00%		11/15/2040		6,690		6,648,882
Metropolitan Transportation Authority (Bidding Group 2), Series 2022 A, RB		4.00%		11/15/2051		1,000		927,414
Metropolitan Transportation Authority (Bidding Group 2), Series 2022 A, RB		4.00%		11/15/2052		1,000		923,795
Metropolitan Transportation Authority (Green Bonds), Series 2019 B, RB		5.00%		11/15/2052		3,525		3,544,116
Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB		4.00%		11/15/2051		2,900		2,457,779
Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB, (INS - AGM)(a)		4.00%		11/15/2050		5,000		4,628,283
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB		4.75%		11/15/2045		1,000		982,746
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB		5.25%		11/15/2055		6,000		6,146,554
Metropolitan Transportation Authority (Green Bonds), Subseries 2016 B-1, RB		5.00%		11/15/2046		2,350		2,413,948
Monroe County Industrial Development Corp. (University of Rochester), Series 2020 A, RB		4.00%		07/01/2050		2,000		1,826,519
MTA Hudson Rail Yards Trust Obligations, Series 2016 A, RB		5.00%		11/15/2051		2,000		1,981,539
Nassau (County of), NY, Series 2019 B, GO Bonds, (INS - AGM)(a)		5.00%		04/01/2049		5,000		5,279,745
New York & New Jersey (States of) Port Authority, One Hudred Eighty Four Series 2014, RB		5.00%		09/01/2039		1,500		1,522,208
New York & New Jersey (States of) Port Authority, Series 2015, Ref. RB		5.00%		05/01/2045		3,500		3,553,119

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  41  

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York & New Jersey (States of) Port Authority, Series 2020-222, Ref. RB		4.00%		07/15/2040	$	2,000	$	1,944,849
New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB		5.00%		09/01/2048		5,590		5,909,404
New York & New Jersey (States of) Port Authority, Two Hundredth Series 2017, Ref. RB		5.25%		10/15/2057		2,400		2,515,687
New York (City of), NY, Series 2016 B-1, GO Bonds		5.00%		12/01/2041		4,955		5,137,109
New York (City of), NY, Series 2019 B-1, GO Bonds		5.00%		10/01/2038		6,500		7,044,393
New York (City of), NY, Series 2020 C, GO Bonds		4.00%		08/01/2039		1,000		985,306
New York (City of), NY, Series 2020 D-1, GO Bonds		5.00%		03/01/2038		6,250		6,827,145
New York (City of), NY, Series 2021 A-1, GO Bonds		5.00%		08/01/2047		3,345		3,570,194
New York (City of), NY, Subseries 2022 B-1, GO Bonds		5.25%		10/01/2039		500		567,475
New York (City of), NY, Subseries 2022 B-1, GO Bonds		5.25%		10/01/2040		500		563,513
New York (City of), NY, Subseries 2022 B-1, GO Bonds		5.25%		10/01/2041		500		560,427
New York (City of), NY, Subseries 2022 B-1, GO Bonds		5.25%		10/01/2042		500		557,370
New York (City of), NY, Subseries 2022 B-1, GO Bonds		5.25%		10/01/2043		250		278,159
New York (City of), NY, Subseries 2022 B-1, GO Bonds		5.25%		10/01/2047		2,250		2,476,187
New York (City of), NY, Subseries 2022 D-1, GO Bonds		5.25%		05/01/2039		1,000		1,129,963
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A, Ref. RB, (INS - AGM)(a)		2.00%		01/01/2038		1,500		1,030,912
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A, Ref. RB, (INS - AGM)(a)		3.00%		01/01/2039		1,250		1,030,885
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A, Ref. RB, (INS - AGM)(a)		3.00%		01/01/2040		1,750		1,414,669
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A, Ref. RB, (INS - AGM)(a)		3.00%		01/01/2046		5,000		3,692,431
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)(a)		3.00%		03/01/2049		5,000		3,673,486
New York (City of), NY Municipal Water Finance Authority, Series 2013 EE, RB		5.00%		06/15/2047		500		501,337
New York (City of), NY Municipal Water Finance Authority, Series 2019 CC-1, RB		5.00%		06/15/2044		5,000		5,361,638
New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-1, RB		3.00%		06/15/2050		1,000		737,519
New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-1, RB		4.00%		06/15/2050		2,000		1,892,830
New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-1, RB		5.00%		06/15/2050		1,000		1,061,705
New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-2, Ref. RB		4.00%		06/15/2042		1,000		979,014
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB		5.00%		06/15/2048		3,000		3,203,708
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB		4.00%		06/15/2051		5,000		4,715,895
New York (City of), NY Municipal Water Finance Authority, Series 2021 BB-1, Ref. RB		5.00%		06/15/2044		9,150		9,884,598
New York (City of), NY Municipal Water Finance Authority, Series 2022 AA-3, Ref. RB		5.00%		06/15/2047		1,000		1,079,642
New York (City of), NY Municipal Water Finance Authority, Series 2022 CC-1, RB		5.00%		06/15/2052		2,395		2,555,452
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-1, RB		4.00%		06/15/2049		2,500		2,374,292
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-1, RB		5.00%		06/15/2049		6,165		6,538,913
New York (City of), NY Transitional Finance Authority, Series 2015 B-1, RB		5.00%		08/01/2042		4,330		4,400,733
New York (City of), NY Transitional Finance Authority, Series 2015 S-1, RB		5.00%		07/15/2040		3,000		3,054,776
New York (City of), NY Transitional Finance Authority, Series 2019, RB		4.00%		11/01/2040		5,000		4,915,543
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB		4.00%		11/01/2038		3,000		2,989,286
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB		3.00%		11/01/2039		4,000		3,351,143
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB		4.00%		11/01/2038		5,000		4,982,143
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB		4.00%		02/01/2038		1,000		996,568
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB		4.00%		02/01/2039		1,000		990,243
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB		4.00%		02/01/2040		1,000		982,425
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB		4.00%		02/01/2041		1,000		977,774
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB		4.00%		02/01/2042		1,500		1,459,367
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB		4.00%		02/01/2043		1,000		970,049
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB		4.00%		02/01/2046		1,000		954,585
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB		4.00%		02/01/2049		2,000		1,894,279
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB		2.25%		02/01/2051		2,000		1,175,655
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB		3.00%		02/01/2051		1,125		843,929
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB		5.00%		08/01/2039		1,160		1,289,276
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB		5.25%		08/01/2042		1,000		1,114,752
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB		5.00%		08/01/2044		1,000		1,083,431
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB		4.00%		08/01/2048		1,500		1,422,529

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  42  

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York (City of), NY Transitional Finance Authority, Series 2022, RB		4.00%		02/01/2038	$	3,000	$	2,989,703
New York (City of), NY Transitional Finance Authority, Series 2022, RB		4.00%		02/01/2039		3,000		2,970,728
New York (City of), NY Transitional Finance Authority, Series 2022, RB		4.00%		02/01/2040		3,000		2,947,275
New York (City of), NY Transitional Finance Authority, Series 2022, RB		4.00%		02/01/2041		3,000		2,933,321
New York (City of), NY Transitional Finance Authority, Series 2022, RB		4.00%		02/01/2042		3,000		2,918,734
New York (City of), NY Transitional Finance Authority, Series 2022, RB		5.00%		02/01/2044		2,000		2,159,449
New York (City of), NY Transitional Finance Authority, Series 2022, RB		4.00%		02/01/2047		3,000		2,854,466
New York (City of), NY Transitional Finance Authority, Series 2022, RB		5.00%		02/01/2047		3,000		3,218,930
New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB		5.00%		11/01/2040		5,000		5,530,450
New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB		5.00%		11/01/2041		5,000		5,502,943
New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB		4.00%		08/01/2041		1,850		1,808,116
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB		5.25%		11/01/2039		1,000		1,137,667
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB		5.25%		11/01/2040		1,000		1,130,536
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB		5.25%		11/01/2041		1,000		1,124,299
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB		5.25%		11/01/2042		1,000		1,117,262
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB		5.25%		11/01/2043		1,000		1,114,282
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB		5.50%		11/01/2045		1,000		1,132,240
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB		5.00%		11/01/2046		1,000		1,079,965
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB		5.25%		11/01/2048		1,000		1,101,243
New York (State of) Dormitory Authority, Series 2020 A, RB		3.00%		07/01/2048		4,000		2,994,178
New York (State of) Dormitory Authority, Series 2020 A, RB		4.00%		07/01/2053		4,000		3,604,070
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB		4.00%		02/15/2040		1,000		981,214
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB		5.00%		03/15/2046		1,000		1,076,467
New York (State of) Dormitory Authority (Bid Group 5), Series 2020 A, Ref. RB		3.00%		03/15/2050		5,000		3,699,123
New York (State of) Dormitory Authority (Columbia University), Series 2016 A-2, RB		5.00%		10/01/2046		500		523,201
New York (State of) Dormitory Authority (Columbia University), Series 2018 B, Ref. RB		5.00%		10/01/2038		5,000		5,408,909
New York (State of) Dormitory Authority (Cornell University), Series 2020 A, Ref. RB		5.00%		07/01/2050		6,500		6,923,340
New York (State of) Dormitory Authority (Fordham University), Series 2016 A, Ref. RB		5.00%		07/01/2041		750		770,603
New York (State of) Dormitory Authority (Fordham University), Series 2020, RB		4.00%		07/01/2050		2,000		1,820,076
New York (State of) Dormitory Authority (General Purpose), Series 2020 D, Ref. RB		5.00%		02/15/2048		5,000		5,292,318
New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai), Series 2015 A, Ref. RB		5.00%		07/01/2040		1,000		1,012,532
New York (State of) Dormitory Authority (Maimonides Medical Center), Series 2020, RB, (CEP - Federal Housing Administration)		3.00%		02/01/2050		2,000		1,522,604
New York (State of) Dormitory Authority (New School (The)), Series 2015, Ref. RB		5.00%		07/01/2045		1,000		1,012,037
New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB		5.00%		07/01/2046		1,000		1,014,758
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB		5.00%		07/01/2042		2,500		2,680,507
New York (State of) Dormitory Authority (New York University), Series 2021 A, Ref. RB		4.00%		07/01/2046		1,750		1,664,700
New York (State of) Dormitory Authority (New York University), Series 2021 A, Ref. RB		5.00%		07/01/2051		5,000		5,328,816
New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2022, Ref. RB		4.25%		05/01/2052		6,000		5,481,034
New York (State of) Dormitory Authority (St. John’s University), Series 2021 A, Ref. RB		4.00%		07/01/2048		1,750		1,619,152
New York (State of) Dormitory Authority (State University of New York Dormitory Facilities), Series 2019 A, RB		4.00%		07/01/2049		1,000		915,277
New York (State of) Dormitory Authority (Wagner College), Series 2022, Ref. RB		5.00%		07/01/2057		2,000		1,896,732
New York (State of) Dormitory Authority (Yeshiva University), Series 2022 A, Ref. RB		5.00%		07/15/2042		2,500		2,509,337
New York (State of) Dormitory Authority (Yeshiva University), Series 2022 A, Ref. RB		5.00%		07/15/2050		3,000		2,935,662
New York (State of) Power Authority (Green Bonds), Series 2020 A, Ref. RB		3.25%		11/15/2060		3,620		2,721,463
New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGM)(a)		4.00%		11/15/2047		1,500		1,398,427
New York (State of) Thruway Authority, Series 2016 A, RB		5.25%		01/01/2056		4,000		4,102,899
New York (State of) Thruway Authority, Series 2019 B, RB		4.00%		01/01/2045		1,000		931,408
New York (State of) Thruway Authority, Series 2019 B, RB, (INS - AGM)(a)		4.00%		01/01/2040		5,000		4,825,644
New York (State of) Thruway Authority, Series 2020 N, RB		3.00%		01/01/2049		3,400		2,492,088
New York (State of) Thruway Authority (Bidding Group 1), Series 2022, Ref. RB		5.00%		03/15/2040		1,000		1,104,887
New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB		5.00%		03/15/2046		1,000		1,082,431
New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB		5.00%		03/15/2048		1,000		1,078,853
New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB		4.00%		03/15/2058		3,000		2,752,135
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB		5.00%		11/15/2040		2,000		2,044,699
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB		5.00%		11/15/2045		3,000		3,049,197

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  43  

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York Liberty Development Corp., Series 2021 1, Ref. RB		3.00%		02/15/2042	$	2,000	$	1,576,441
New York Liberty Development Corp., Series 2021 1, Ref. RB		4.00%		02/15/2043		2,000		1,868,513
New York Liberty Development Corp., Series 2021 1WTC, Ref. RB		2.75%		02/15/2044		1,000		709,494
New York Liberty Development Corp. (Bank of America Tower at One Bryant Park), Series 2019, Ref. RB		2.80%		09/15/2069		1,500		1,354,681
New York Liberty Development Corp. (Green Bonds), Series 2021 A, Ref. RB		2.75%		11/15/2041		2,000		1,475,154
New York Liberty Development Corp. (Green Bonds), Series 2021 A, Ref. RB		2.88%		11/15/2046		5,000		3,500,227
New York Liberty Development Corp. (Green Bonds), Series 2021 A, Ref. RB		3.00%		11/15/2051		1,000		692,639
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2020, Ref. RB		4.00%		06/15/2045		2,000		1,940,185
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2020, Ref. RB		4.00%		06/15/2049		5,500		5,273,531
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2022, Ref. RB		4.00%		06/15/2047		5,000		4,820,790
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2022, Ref. RB		5.00%		06/15/2051		5,000		5,452,905
New York State Urban Development Corp., Series 2013 A-1, RB		5.00%		03/15/2043		1,000		1,000,904
New York State Urban Development Corp., Series 2017 C, Ref. RB		4.00%		03/15/2045		1,055		1,000,435
New York State Urban Development Corp., Series 2020 A, RB		5.00%		03/15/2041		1,000		1,080,894
New York State Urban Development Corp., Series 2020 A, RB		3.00%		03/15/2050		2,000		1,479,649
New York State Urban Development Corp., Series 2020 C, Ref. RB		4.00%		03/15/2041		1,000		970,281
New York State Urban Development Corp., Series 2020, Ref. RB		3.00%		03/15/2040		1,000		834,338
New York State Urban Development Corp., Series 2020, Ref. RB		5.00%		03/15/2044		1,000		1,070,495
New York State Urban Development Corp., Series 2022, Ref. RB		5.00%		03/15/2041		1,000		1,096,299
New York State Urban Development Corp. (Bidding Group 3), Series 2021 A, Ref. RB		4.00%		03/15/2045		1,000		955,100
New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB		4.00%		03/15/2041		1,000		970,281
New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB		4.00%		03/15/2046		1,000		944,678
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB		5.00%		12/01/2037		1,000		1,057,414
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB		5.00%		12/01/2038		1,000		1,056,399
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB		4.00%		12/01/2039		2,500		2,330,529
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB		4.00%		12/01/2040		4,550		4,192,250
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB		4.00%		12/01/2041		1,000		905,542
Oneida County Local Development Corp. (Mohawk Valley Health System), Series 2019, Ref. RB, (INS - AGM)(a)		3.00%		12/01/2044		1,555		1,152,204
Triborough Bridge & Tunnel Authority, Series 2015 A, RB		5.00%		11/15/2040		525		537,947
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB		5.00%		11/15/2041		4,000		4,135,009
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB		5.00%		11/15/2046		3,000		3,083,038
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB		5.00%		11/15/2038		1,500		1,590,730
Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB		5.00%		05/15/2051		3,000		3,203,352
Triborough Bridge & Tunnel Authority, Series 2022 C, RB		5.00%		05/15/2042		5,000		5,462,455
Triborough Bridge & Tunnel Authority, Subseries 2021 B-1, Ref. RB		5.00%		05/15/2056		5,000		5,232,752
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2017 C-2, RB		5.00%		11/15/2042		9,675		10,221,834
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 A, RB		4.00%		11/15/2048		2,500		2,351,552
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 C, Ref. RB		5.00%		11/15/2037		785		847,754
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB		5.00%		11/15/2054		1,500		1,592,500
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB		4.00%		11/15/2056		1,500		1,385,401
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB		5.00%		11/15/2056		1,500		1,591,128
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 C-1A, RB		5.00%		05/15/2051		3,000		3,213,739
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, RB		4.00%		05/15/2052		5,775		5,295,673
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB		5.00%		05/15/2043		1,000		1,089,670
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB		5.00%		05/15/2044		1,000		1,085,874
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB		5.00%		05/15/2047		1,000		1,078,105

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  44  

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 C, RB		5.00%		05/15/2047	$	1,000	$	1,078,105
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB		4.00%		05/15/2057		10,000		9,036,001
								444,511,179
North Carolina-0.68%
Charlotte (City of), NC, Series 2022 A, Ref. RB		5.00%		07/01/2045		2,000		2,228,906
Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2017 A, RB		5.00%		07/01/2047		2,000		2,074,875
Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2019 A, RB		5.00%		07/01/2049		1,750		1,842,762
Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2021 A, Ref. RB		3.00%		07/01/2046		750		583,512
Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2021 A, Ref. RB		4.00%		07/01/2051		750		698,109
Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2022 A, RB		4.00%		07/01/2052		3,500		3,246,477
Charlotte (City of), NC (Transit), Series 2021 A, Ref. COP		3.00%		06/01/2048		1,000		758,801
North Carolina (State of) Medical Care Commission (Forest at Duke (The)), Series 2021, RB		4.00%		09/01/2041		300		252,807
North Carolina (State of) Medical Care Commission (Forest at Duke (The)), Series 2021, RB		4.00%		09/01/2046		300		241,046
North Carolina (State of) Medical Care Commission (Forest at Duke (The)), Series 2021, RB		4.00%		09/01/2051		300		232,401
North Carolina (State of) Medical Care Commission (Rex Healthcare), Series 2020 A, RB		3.00%		07/01/2045		1,000		765,119
North Carolina (State of) Turnpike Authority (Triangle Expressway), Series 2019, RB, (INS - AGM)(a)		5.00%		01/01/2049		1,325		1,363,381
								14,288,196
North Dakota-0.20%
Grand Forks (City of), ND (Altru Health System), Series 2021, Ref. RB, (INS - AGM)(a)		3.00%		12/01/2046		1,325		985,750
Grand Forks (City of), ND (Altru Health System), Series 2021, Ref. RB, (INS - AGM)(a)		3.00%		12/01/2051		500		357,099
University of North Dakota, Series 2021 A, COP, (INS - AGM)(a)		3.00%		06/01/2061		4,500		2,961,422
								4,304,271
Ohio-2.38%
American Municipal Power, Inc. (Greenup Hydroelectric), Series 2016 A, RB		5.00%		02/15/2041		2,000		2,039,298
American Municipal Power, Inc. (Greenup Hydroelectric), Series 2016 A, RB		5.00%		02/15/2046		2,000		2,029,322
Franklin (County of), OH Convention Facilities Authority (Greater Columbus Convention Center), Series 2019, RB		5.00%		12/01/2051		1,000		922,591
Hamilton (County of), OH (Cincinnati Children’s Hospital), Series 2019 CC, RB		5.00%		11/15/2049		5,900		6,212,051
Licking Heights Local School District, Series 2022, GO Bonds		5.50%		10/01/2059		10,000		10,974,345
Miami University, Series 2020 A, Ref. RB		4.00%		09/01/2045		3,500		3,250,550
Montgomery (County of), OH (Dayton Children’s Hospital), Series 2021, Ref. RB		4.00%		08/01/2046		600		550,403
Montgomery (County of), OH (Dayton Children’s Hospital), Series 2021, Ref. RB		4.00%		08/01/2051		1,000		896,758
Montgomery (County of), OH (Kettering Health Network Obligated Group), Series 2021, Ref. RB		3.00%		08/01/2051		3,770		2,721,181
Montgomery (County of), OH (Kettering Health Network Obligated Group), Series 2021, Ref. RB		4.00%		08/01/2051		2,280		2,030,096
North Royalton City School District, Series 2017, GO Bonds		5.00%		12/01/2047		5,000		5,098,289
Ohio (State of) (University Hospitals Health System, Inc.), Series 2020 A, Ref. RB		4.00%		01/15/2050		2,250		1,987,007
Ohio (State of) Turnpike & Infrastructure Commission, Series 2021 A, RB		5.00%		02/15/2046		500		539,992
Ohio (State of) Turnpike & Infrastructure Commission, Series 2021 A, RB		5.00%		02/15/2051		1,000		1,070,281
Ohio (State of) Water Development Authority, Series 2021, RB		5.00%		06/01/2046		1,000		1,086,692
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB		5.00%		12/01/2044		1,000		1,079,377
Ohio State University (The), Series 2014 A, RB		5.00%		12/01/2039		7,600		7,756,637
								50,244,870
Oklahoma-0.72%
Grand River Dam Authority, Series 2014 A, RB		5.00%		06/01/2039		3,500		3,558,337
Oklahoma (State of) Turnpike Authority, Second Series 2017 C, RB.		5.00%		01/01/2047		1,660		1,728,056
Oklahoma (State of) Turnpike Authority, Series 2017 A, RB		5.00%		01/01/2042		5,000		5,157,548
Oklahoma (State of) Turnpike Authority, Series 2018 A, RB		5.00%		01/01/2043		2,000		2,092,425
University of Oklahoma (The), Series 2021 A, RB, (INS - AGM)(a)		5.00%		07/01/2046		2,500		2,704,255
								15,240,621
Oregon-1.51%
Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB, (INS - AGM)(a)		4.00%		08/15/2045		7,000		6,586,074
Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB, (INS - AGM)(a)		3.00%		08/15/2050		5,000		3,453,664
Oregon (State of) (Article XI-G OHSU), Series 2017 H, GO Bonds		5.00%		08/01/2042		5,000		5,247,604
Oregon (State of) (Article XI-Q State), Series 2017 A, GO Bonds		5.00%		05/01/2042		2,500		2,615,995

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  45  

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Oregon-(continued)
Oregon (State of) Facilities Authority (Legacy Health), Series 2022 A, RB		5.00%		06/01/2052	$	2,500	$	2,568,007
Oregon (State of) Facilities Authority (Willamette University), Series 2021 A, Ref. RB		4.00%		10/01/2051		2,000		1,681,187
University of Oregon, Series 2015 A, RB		5.00%		04/01/2045		7,515		7,689,241
University of Oregon, Series 2020 A, RB		5.00%		04/01/2050		2,000		2,115,059
								31,956,831
Pennsylvania-3.77%
Allegheny (County of), PA, Series 2020 C-78, GO Bonds		4.00%		11/01/2045		3,875		3,673,554
Allegheny (County of), PA, Series 2020 C-78, GO Bonds		4.00%		11/01/2049		5,000		4,594,034
Allegheny (County of), PA Sanitary Authority, Series 2022, RB		5.75%		06/01/2047		2,000		2,286,908
Berks (County of), PA Industrial Development Authority (Tower Health), Series 2017, Ref. RB		3.75%		11/01/2042		1,000		560,570
Bucks (County of), PA Industrial Development Authority (St. Luke’s University Health Network), Series 2021, RB		3.00%		08/15/2053		3,110		2,099,894
Chester (County of), PA Health & Education Facilities Authority (Main Line Health System), Series 2020 A, RB		4.00%		09/01/2050		5,000		4,446,209
Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB		5.00%		07/01/2042		1,000		1,039,391
Geisinger Authority, Series 2020, Ref. RB.		5.00%		04/01/2050		2,500		2,537,632
Geisinger Authority (Geisinger Health System), Series 2017 A-1, Ref. RB		4.00%		02/15/2047		2,000		1,789,541
Hempfield Area School District, Series 2022 C, GO Bonds, (INS - AGM)(a)		5.00%		03/15/2048		1,000		1,077,774
Lancaster (County of), PA Hospital Authority (Penn State Health), Series 2021, RB		5.00%		11/01/2046		2,000		2,073,945
Lancaster (County of), PA Hospital Authority (Penn State Health), Series 2021, RB		5.00%		11/01/2051		2,000		2,049,864
Lancaster (County of), PA Hospital Authority (University of Pennsylvania), Series 2016, Ref. RB		5.00%		08/15/2046		1,500		1,531,213
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2019, Ref. RB		4.00%		07/01/2049		1,000		905,836
Pennsylvania (Commonwealth of) (Municipal Real Estate Funding, LLC), Series 2018 A, Ref. COP		5.00%		07/01/2043		250		261,450
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2021 A, Ref. RB		3.00%		10/15/2046		12,090		8,741,565
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2021 A, Ref. RB		4.00%		10/15/2051		10,555		9,443,037
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2022 A, Ref. RB		4.00%		02/15/2042		3,500		3,317,361
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of Pennsylvania), Series 2017 A, RB		5.00%		08/15/2046		2,000		2,101,233
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of Pennsylvania), Series 2018 A, RB		5.00%		02/15/2048		1,410		1,483,289
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2021 A, Ref. RB		5.00%		08/15/2044		1,000		1,045,495
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2014 A, RB		5.00%		12/01/2044		1,375		1,398,580
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2014 B, RB		5.25%		12/01/2039		5,000		5,112,314
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2014 C, RB		5.00%		12/01/2044		1,200		1,220,579
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 B, RB		5.25%		12/01/2048		5,000		5,273,845
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB		4.00%		12/01/2043		100		95,195
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB		4.00%		12/01/2044		100		93,700
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB		4.00%		12/01/2045		100		92,996
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB		4.00%		12/01/2046		100		92,458
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB		4.00%		12/01/2050		100		90,791
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB		5.00%		12/01/2047		1,000		1,058,975
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB		4.00%		12/01/2051		1,000		909,308
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 B, Ref. RB		5.25%		12/01/2047		500		545,896
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 B, Ref. RB		5.25%		12/01/2052		500		542,689
Philadelphia (City of), PA, Series 2020 A, RB		5.00%		11/01/2045		1,500		1,586,139
Philadelphia (City of), PA, Series 2020 A, RB		5.00%		11/01/2050		2,400		2,521,916
Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), Series 2017 A, Ref. RB		5.00%		09/01/2042		1,950		1,983,242
								79,678,418
Rhode Island-0.10%
Rhode Island Health & Educational Building Corp. (Providence College), Series 2017, RB		5.00%		11/01/2047		2,000		2,097,496

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  46  

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
South Carolina-1.15%
Charleston (City of), SC, Series 2022, RB		5.00%		01/01/2047	$	1,000	$	1,098,639
South Carolina (State of) Jobs-Economic Development Authority (McLeod Health), Series 2018, RB		5.00%		11/01/2043		1,000		1,030,010
South Carolina (State of) Public Service Authority, Series 2013 E, RB		5.00%		12/01/2048		4,660		4,634,793
South Carolina (State of) Public Service Authority, Series 2015 E, RB		5.25%		12/01/2055		2,500		2,516,369
South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB		5.00%		12/01/2037		1,300		1,327,392
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB		4.00%		12/01/2040		500		464,218
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB		3.00%		12/01/2041		1,085		842,682
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB		4.00%		12/01/2042		500		455,665
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB		5.00%		12/01/2043		500		513,411
South Carolina (State of) Public Service Authority, Series 2021 B, RB		5.00%		12/01/2051		1,250		1,262,183
South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 A, RB		5.00%		12/01/2044		2,000		2,056,428
South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 A, RB		4.00%		12/01/2047		8,000		7,110,802
University of South Carolina (Campus Village), Series 2021 A, RB		5.00%		05/01/2046		1,000		1,075,953
								24,388,545
Tennessee-0.82%
Clarksville (City of), TN, Series 2021 A, RB		5.00%		02/01/2045		1,550		1,676,297
Metropolitan Nashville Airport Authority (The), Series 2015 A, RB		5.00%		07/01/2045		1,500		1,535,406
Metropolitan Nashville Airport Authority (The), Series 2022 A, RB		5.00%		07/01/2052		770		821,761
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 A, RB		5.00%		05/15/2046		1,000		1,082,092
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB		5.00%		07/01/2046		2,750		2,783,115
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016, RB		5.00%		07/01/2040		3,000		3,071,325
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2017 A, RB		4.00%		07/01/2047		1,250		1,099,602
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2017 A, RB		5.00%		07/01/2048		2,000		2,014,006
Tennessee (State of) School Bond Authority, Series 2017 A, RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		11/01/2047		3,000		3,155,346
								17,238,950
Texas-10.99%
Austin (City of), TX, Series 2016, Ref. RB		5.00%		11/15/2041		1,000		1,041,829
Austin (City of), TX, Series 2016, Ref. RB		5.00%		11/15/2045		1,000		1,036,210
Austin (City of), TX, Series 2017 A, RB		5.00%		11/15/2041		2,320		2,391,945
Austin (City of), TX, Series 2020 A, Ref. RB		5.00%		11/15/2045		500		534,623
Austin (City of), TX, Series 2020 A, Ref. RB		5.00%		11/15/2050		730		774,634
Austin Independent School District, Series 2023, GO Bonds		5.00%		08/01/2043		2,000		2,211,678
Austin Independent School District, Series 2023, GO Bonds		5.00%		08/01/2048		1,500		1,589,826
Central Texas Regional Mobility Authority, Series 2020 E, RB		5.00%		01/01/2045		1,000		1,053,835
Central Texas Regional Mobility Authority, Series 2020 E, RB		4.00%		01/01/2050		1,000		907,079
Central Texas Regional Mobility Authority, Series 2021 B, RB		5.00%		01/01/2046		1,000		1,060,133
Central Texas Regional Mobility Authority, Series 2021 B, RB		4.00%		01/01/2051		1,000		903,275
Clifton Higher Education Finance Corp. (Idea Public Schools), Series 2017, Ref. RB, (CEP - Texas Permanent School Fund)		4.00%		08/15/2042		8,500		8,110,756
Conroe Independent School District, Series 2022 A, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2047		1,500		1,442,343
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB		4.00%		11/01/2045		2,000		1,886,501
Dallas (City of), TX, Series 2017, RB		5.00%		10/01/2046		1,000		1,051,968
Dallas (City of), TX, Series 2023 A, RB		5.00%		10/01/2047		6,000		6,588,264
Dallas (City of), TX Area Rapid Transit, Series 2021 B, Ref. RB		5.00%		12/01/2047		1,665		1,785,496
Dallas (City of), TX Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2048		3,500		3,794,805
El Paso (City of), TX, Series 2022, RB		5.00%		03/01/2046		5,000		5,316,886
Forney Independent School District, Series 2022 B, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2047		1,000		956,961
Forney Independent School District, Series 2022 B, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2052		1,000		939,131

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  47  

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Texas-(continued)
Friendswood Independent School District, Series 2021, GO Bonds, (CEP - Texas Permanent School Fund)		2.00%		02/15/2051	$	1,000	$	565,418
Grand Parkway Transportation Corp., Series 2018 A, RB		5.00%		10/01/2043		10,000		10,439,580
Harris (County of) & Houston (City of), TX Sports Authority, Series 2014 A, Ref. RB		5.00%		11/15/2053		3,950		3,969,618
Harris (County of), TX Flood Control District, Series 2020 A, GO Bonds		4.00%		10/01/2045		1,000		961,408
Harris (County of), TX Toll Road Authority (The), Series 2021, Ref. RB		4.00%		08/15/2045		1,000		956,237
Harris (County of), TX Toll Road Authority (The), Series 2021, Ref. RB		3.00%		08/15/2050		1,000		687,017
Harris (County of), TX Toll Road Authority (The), Series 2021, Ref. RB		4.00%		08/15/2050		1,000		926,509
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2022 A, Ref. RB		4.13%		07/01/2052		8,100		7,640,309
Houston (City of), TX, Series 2020 C, Ref. RB		4.00%		11/15/2043		3,500		3,379,258
Houston (City of), TX, Series 2020 C, Ref. RB		5.00%		11/15/2045		3,500		3,751,967
Houston (City of), TX, Series 2020 C, Ref. RB		4.00%		11/15/2049		3,000		2,808,862
Humble Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2047		2,565		2,787,071
Humble Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2052		2,000		1,893,530
Hutto (City of), TX, Series 2017, Ctfs. Of Obligation, (INS - AGM)(a)		5.00%		08/01/2057		5,000		5,233,512
Lamar Consolidated Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2043		5,000		5,234,333
Lamar Consolidated Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2047		1,000		948,428
Leander Independent School District, Series 2020 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2045		1,000		953,466
Liberty Hill Independent School District, Series 2022 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.38%		02/01/2047		1,000		1,001,526
Liberty Hill Independent School District, Series 2022 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/01/2052		5,000		5,405,129
Lower Colorado River Authority, Series 2013, Ref. RB		5.00%		05/15/2039		1,000		1,001,133
Lower Colorado River Authority, Series 2015, Ref. RB		5.00%		05/15/2040		500		509,088
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB		5.00%		05/15/2044		2,000		2,068,672
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB		5.00%		05/15/2046		1,250		1,306,480
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB		5.00%		05/15/2051		1,250		1,299,636
Lubbock (City of), TX, Series 2021, RB		4.00%		04/15/2046		1,000		928,582
Mesquite Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2048		5,000		5,284,022
Mesquite Independent School District, Series 2020 A, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2045		4,000		3,813,863
Midland (City of), TX, Series 2022 B, Ref. GO Bonds		5.00%		03/01/2047		2,500		2,703,560
New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.), Series 2016, RB(d)		5.00%		07/02/2046		1,000		667,500
New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.), Series 2016, RB(d)		5.00%		07/03/2051		1,000		667,500
New Hope Cultural Education Facilities Finance Corp. (CHF-Collegiate Housing College Station I, LLC - Texas A&M University), Series 2014 A, RB, (INS - AGM)(a)		5.00%		04/01/2046		1,250		1,254,592
North Texas Tollway Authority, Series 2016 A, Ref. RB		5.00%		01/01/2039		1,800		1,860,106
North Texas Tollway Authority, Series 2018, Ref. RB		5.00%		01/01/2048		5,000		5,180,215
Plano Independent School District, Series 2023, GO Bonds		5.00%		02/15/2041		2,750		3,059,091
Plano Independent School District, Series 2023, GO Bonds		5.00%		02/15/2042		4,000		4,428,728
Plano Independent School District, Series 2023, GO Bonds		5.00%		02/15/2043		1,500		1,657,643
Prosper Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2047		1,000		1,036,303
Prosper Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2049		2,000		2,101,556
Richardson Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2042		2,285		2,374,225
San Antonio (City of), TX, Series 2017, RB		5.00%		02/01/2047		5,000		5,184,448
San Antonio (City of), TX, Series 2020, RB		5.00%		02/01/2049		4,000		4,192,207
San Antonio (City of), TX, Series 2021 A, RB		5.00%		02/01/2046		1,500		1,586,888
San Antonio (City of), TX, Series 2021 A, RB		5.00%		02/01/2049		500		526,967
San Antonio (City of), TX Water System, Series 2018 A, Ref. RB		5.00%		05/15/2043		2,500		2,636,210
San Antonio (City of), TX Water System, Series 2020 A, Ref. RB		5.00%		05/15/2050		3,000		3,184,702
San Antonio (City of), TX Water System, Series 2020 C, RB		5.00%		05/15/2046		5,000		5,331,271
San Antonio Education Facilities Corp. (University of the Incarnate Word), Series 2021, Ref. RB		4.00%		04/01/2046		750		626,827

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  48  

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Texas-(continued)
San Antonio Education Facilities Corp. (University of the Incarnate Word), Series 2021, Ref. RB		4.00%		04/01/2051	$	750	$	606,407
San Antonio Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2047		1,000		1,083,176
San Jacinto Community College District, Series 2019 A, GO Bonds		5.00%		02/15/2049		2,000		2,133,159
Socorro Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2044		4,000		3,849,204
Spring Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2042		2,000		2,080,699
Spring Independent School District, Series 2023, GO Bonds		5.00%		08/15/2047		5,000		5,407,013
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016 A, Ref. RB		5.00%		11/15/2045		750		772,343
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2022 A, RB		4.00%		07/01/2053		1,500		1,340,278
Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), Series 2022, RB		4.00%		10/01/2042		330		314,917
Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), Series 2022, RB		4.00%		10/01/2047		275		253,811
Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), Series 2022, RB		4.00%		10/01/2052		425		384,453
Texas (State of) (Water Financial Assistance), Series 2022 B, Ref. GO Bonds		5.00%		08/01/2039		2,000		2,063,787
Texas (State of) (Water Financial Assistance), Series 2022 B, Ref. GO Bonds		5.00%		08/01/2040		2,000		2,059,117
Texas (State of) (Water Financial Assistance), Series 2022 B, Ref. GO Bonds		5.00%		08/01/2041		2,000		2,055,856
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2015 C, Ref. RB		5.00%		08/15/2042		2,500		2,516,320
Texas (State of) Water Development Board, Series 2015 A, RB		5.00%		10/15/2045		3,910		4,009,544
Texas (State of) Water Development Board, Series 2016, RB		5.00%		10/15/2046		1,000		1,034,491
Texas (State of) Water Development Board, Series 2017 A, RB		5.00%		10/15/2047		4,975		5,187,539
Texas (State of) Water Development Board, Series 2018 B, RB		5.00%		04/15/2049		4,000		4,201,077
Texas (State of) Water Development Board, Series 2022, RB		4.75%		10/15/2042		1,000		1,061,911
Texas State Technical College, Series 2022, RB, (INS - AGM)(a)		5.50%		08/01/2042		2,000		2,253,589
Tomball Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2048		5,000		5,477,135
Waller Consolidated Independent School District, Series 2023, GO Bonds, (INS - BAM)(a)		4.00%		02/15/2053		6,000		5,566,601
Ysleta Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2047		2,500		2,606,636
Ysleta Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)		4.25%		08/15/2056		2,500		2,397,115
								232,109,549
Utah-0.57%
Intermountain Power Agency, Series 2022 A, Ref. RB		5.00%		07/01/2042		1,000		1,091,001
Intermountain Power Agency, Series 2022 A, Ref. RB		5.00%		07/01/2043		1,000		1,089,149
Intermountain Power Agency, Series 2022 A, Ref. RB		5.00%		07/01/2044		1,000		1,086,391
Intermountain Power Agency, Series 2022 A, Ref. RB		5.00%		07/01/2045		875		948,178
Salt Lake City (City of), UT, Series 2017 B, RB		5.00%		07/01/2042		2,000		2,066,725
Salt Lake City (City of), UT, Series 2017 B, RB		5.00%		07/01/2047		500		513,718
Salt Lake City (City of), UT, Series 2018 B, RB		5.00%		07/01/2048		3,000		3,106,550
University of Utah (The) (Green Bonds), Series 2022 A, RB		5.00%		08/01/2046		1,000		1,089,167
University of Utah (The) (Green Bonds), Series 2022 B, RB		5.00%		08/01/2041		1,000		1,107,781
								12,098,660
Virginia-0.66%
Chesapeake Bay Bridge & Tunnel District, Series 2016, RB		5.00%		07/01/2051		3,395		3,415,361
Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2022, Ref. RB		4.00%		05/15/2042		3,000		2,906,323
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2020 A, RB		5.00%		07/01/2060		1,000		1,072,870
Lynchburg Economic Development Authority, Series 2017 A, Ref. RB		5.00%		01/01/2047		1,000		1,015,684
Northern Virginia Transportation Commission (Transforming Rail in Virginia), Series 2022, RB		5.00%		06/01/2052		1,000		1,090,818
Roanoke (City of), VA Economic Development Authority (Carilion Clinic Obligated Group), Series 2020, Ref. RB		3.00%		07/01/2045		1,650		1,249,482
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2022, RB		5.00%		02/01/2040		1,000		1,111,122

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  49  

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Virginia-(continued)
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2022, RB		5.00%		02/01/2042	$	1,000	$	1,103,594
Virginia (Commonwealth of) Small Business Financing Authority (Bon Secours Mercy Health Inc.), Series 2022, RB		5.00%		10/01/2041		1,000		1,062,758
								14,028,012
Washington-2.45%
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2016 S-1, RB		5.00%		11/01/2041		4,500		4,687,220
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2016 S-1, RB		5.00%		11/01/2046		3,000		3,370,248
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB		5.00%		11/01/2043		2,000		2,172,017
Energy Northwest (Columbia Generating Station), Series 2020 A, Ref. RB		5.00%		07/01/2039		2,000		2,198,678
Energy Northwest (Columbia Generating Station), Series 2021, Ref. RB		5.00%		07/01/2040		1,000		1,101,810
Energy Northwest (Columbia Generating Station), Series 2021, Ref. RB		5.00%		07/01/2041		1,000		1,097,135
Pierce County School District No. 10 Tacoma (Social Bonds), Series 2020 B, GO Bonds, (CEP - Oregon School Bond Guaranty)		4.00%		12/01/2041		1,000		982,173
Snohomish (County of), WA Public Utility District No. 1, Series 2015, RB		5.00%		12/01/2040		1,000		1,031,075
Snohomish (County of), WA Public Utility District No. 1, Series 2021 A, RB		5.00%		12/01/2051		1,000		1,068,505
Tacoma (City of), WA (Green Bonds), Series 2021, Ref. RB		5.00%		01/01/2046		1,150		1,241,404
Washington (State of), Series 2017 D, GO Bonds		5.00%		02/01/2038		5,000		5,270,587
Washington (State of), Series 2017 D, GO Bonds		5.00%		02/01/2041		4,855		5,081,543
Washington (State of), Series 2021 A, GO Bonds		5.00%		08/01/2045		1,000		1,082,118
Washington (State of), Series 2021 A, GO Bonds		5.00%		08/01/2046		1,000		1,080,176
Washington (State of), Series 2021 A, Ref. GO Bonds		5.00%		06/01/2040		1,000		1,086,868
Washington (State of), Series 2021 C, GO Bonds		5.00%		02/01/2045		1,000		1,077,937
Washington (State of), Series 2023 B, GO Bonds		5.00%		02/01/2040		1,000		1,113,594
Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds		5.00%		08/01/2044		1,000		1,084,895
Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds		5.00%		08/01/2039		1,000		1,114,828
Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds		5.00%		08/01/2042		1,000		1,098,437
Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds		5.00%		08/01/2043		1,000		1,096,376
Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds		5.00%		02/01/2040		1,000		1,103,880
Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds		5.00%		02/01/2044		1,000		1,089,142
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2020, Ref. RB		5.00%		09/01/2055		3,000		3,039,511
Washington (State of) Health Care Facilities Authority (Seattle Children’s Hospital), Series 2015, Ref. RB		5.00%		10/01/2038		5,000		5,356,257
Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center), Series 2017, Ref. RB		4.00%		08/15/2042		1,000		884,609
Washington (State of) Higher Education Facilities Authority (Seattle University), Series 2020, RB		4.00%		05/01/2050		1,200		1,078,889
								51,689,912
Wisconsin-1.18%
Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group), Series 2021, RB		4.00%		08/15/2046		1,000		893,254
Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group), Series 2021, RB		3.00%		08/15/2051		500		338,058
Wisconsin (State of) Health & Educational Facilities Authority (Children’s Hospital), Series 2017, Ref. RB		4.00%		08/15/2047		3,185		2,907,260
Wisconsin (State of) Health & Educational Facilities Authority (Medical College of Wisconsin), Series 2022, Ref. RB		4.00%		12/01/2046		1,360		1,228,326
Wisconsin (State of) Health & Educational Facilities Authority (Medical College of Wisconsin), Series 2022, Ref. RB		4.00%		12/01/2051		2,500		2,201,781
Wisconsin (State of) Health & Educational Facilities Authority (Prohealth Care Obligated Group), Series 2015, Ref. RB		5.00%		08/15/2039		1,500		1,512,630
Wisconsin (State of) Public Finance Authority (Cone Health), Series 2022 A, RB		4.00%		10/01/2052		1,000		903,176
Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. -Central District Development), Series 2016, RB		5.00%		03/01/2041		5,000		5,135,935
Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center), Series 2020, Ref. RB		4.00%		06/01/2045		1,000		905,146

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  50  

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Wisconsin-(continued)
Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center), Series 2020, Ref. RB, (INS - AGM)(a)		3.00%		06/01/2045	$	5,000	$	3,713,398
Wisconsin (State of) Public Finance Authority (UNC Health Southeastern), Series 2021, Ref. RB		4.00%		02/01/2046		3,000		2,605,745
Wisconsin (State of) Public Finance Authority (UNC Health Southeastern), Series 2021, Ref. RB		4.00%		02/01/2051		3,000		2,537,380
								24,882,089
TOTAL INVESTMENTS IN SECURITIES(e)-98.24% (Cost $2,288,044,212)								2,075,378,271
OTHER ASSETS LESS LIABILITIES-1.76%								37,194,386
NET ASSETS-100.00%							$	2,112,572,657

Investment Abbreviations:
AGM	-Assured Guaranty Municipal Corp.
BAM	-Build America Mutual Assurance Co.
CEP	-Credit Enhancement Provider
COP	-Certificates of Participation
Ctfs.	-Certificates
GO	-General Obligation
INS	-Insurer
RAC	-Revenue Anticipation Certificates
RB	-Revenue Bonds
Ref.	-Refunding
Wts.	-Warrants

Notes to Schedule of Investments:

^(a)  Principal and/or interest payments are secured by the bond insurance company listed.

^(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 value of this security at February 28, 2023 represented less than 1% of the Fund’s Net Assets.

^(c)  Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(d)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2023 was $1,335,000, which represented less than 1% of the Fund’s Net Assets.

^(e)  This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.

Entities	Percentage
Assured Guaranty Municipal Corp.		8.72%

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  51  

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 28, 2023

(Unaudited)

Portfolio Composition
Revenue Type Breakdown (% of the Fund’s Net Assets) as of February 28, 2023
Health, Hospital, Nursing Home Revenue	17.61
Ad Valorem Property Tax	17.19
College & University Revenue	9.01
Water Revenue	8.16
Highway Tolls Revenue	6.72
Income Tax Revenue	6.50
Sales Tax Revenue	5.29
Miscellaneous Revenue	4.53
Lease Revenue	4.38
Electric Power Revenue	3.70
Port, Airport & Marina Revenue	3.41
Revenue Types Each Less Than 3%	11.74
Other Assets Less Liabilities	1.76

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  52  

Invesco New York AMT-Free Municipal Bond ETF (PZT)

February 28, 2023

(Unaudited)

Schedule of Investments

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-98.25%
New York-98.25%
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2019, RB		4.00%		11/01/2044	$	1,000	$	977,163
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2019, RB		5.00%		11/01/2049		2,500		2,685,439
Brooklyn Arena Local Development Corp. (Barclays Center), Series 2016 A, Ref. RB		5.00%		07/15/2042		2,000		1,980,303
Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, (INS - AGM)(a)		3.00%		04/01/2045		1,000		748,048
Build NYC Resource Corp. (New York Law School), Series 2016, Ref. RB		5.00%		07/01/2041		1,000		990,787
Dutchess County Local Development Corp. (Health Quest Systems, Inc.), Series 2016 B, RB		5.00%		07/01/2046		500		486,948
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB		5.00%		02/15/2042		450		468,985
Long Island (City of), NY Power Authority, Series 2014 A, Ref. RB		5.00%		09/01/2044		2,000		2,016,868
Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB		5.00%		09/01/2041		2,000		2,064,768
Metropolitan Transportation Authority (Green Bonds), Series 2016 A-1, RB		5.25%		11/15/2056		1,000		998,790
Metropolitan Transportation Authority (Green Bonds), Series 2019 A-2, RB, (INS - AGM)(a)		5.00%		11/15/2044		800		825,653
Metropolitan Transportation Authority (Green Bonds), Series 2019 B, RB, (INS - AGM)(a)		4.00%		11/15/2049		500		463,905
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB		5.25%		11/15/2055		1,000		1,024,426
Monroe County Industrial Development Corp. (University of Rochester), Series 2020 A, RB		4.00%		07/01/2050		500		456,630
MTA Hudson Rail Yards Trust Obligations, Series 2016 A, RB		5.00%		11/15/2051		1,240		1,228,554
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB		5.25%		10/15/2055		1,000		1,023,115
New York & New Jersey (States of) Port Authority, Series 2021, Ref. RB		4.00%		07/15/2040		500		486,212
New York & New Jersey (States of) Port Authority, Series 2021, Ref. RB		4.00%		07/15/2041		750		722,774
New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB		5.00%		11/15/2047		1,000		1,053,054
New York (City of), NY, Series 2018 E-1, GO Bonds		5.00%		03/01/2038		1,000		1,065,363
New York (City of), NY, Series 2019 B-1, GO Bonds		5.00%		10/01/2039		2,000		2,157,386
New York (City of), NY, Series 2020 C, GO Bonds		5.00%		08/01/2043		1,000		1,069,953
New York (City of), NY, Subseries 2016 A-1, GO Bonds		5.00%		08/01/2038		500		518,753
New York (City of), NY, Subseries 2018 D-1, GO Bonds		5.00%		12/01/2042		1,000		1,064,621
New York (City of), NY, Subseries 2022 D-1, GO Bonds		5.50%		05/01/2046		125		140,548
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)(a)		3.00%		03/01/2049		2,000		1,469,394
New York (City of), NY Municipal Water Finance Authority, Series 2019 BB-1, RB		4.00%		06/15/2049		1,000		949,717
New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-1, RB		3.00%		06/15/2050		1,000		737,519
New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-1, RB		4.00%		06/15/2050		1,000		946,415
New York (City of), NY Municipal Water Finance Authority, Series 2020 GG-1, RB		5.00%		06/15/2050		1,000		1,058,294
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB		5.00%		06/15/2048		2,000		2,135,805
New York (City of), NY Municipal Water Finance Authority, Series 2021 CC-1, RB		4.00%		06/15/2051		1,000		943,179
New York (City of), NY Municipal Water Finance Authority, Series 2021 CC-1, RB		5.00%		06/15/2051		1,000		1,064,738
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB		5.00%		07/15/2043		1,000		1,024,712
New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB		5.00%		08/01/2045		1,000		1,046,332
New York (City of), NY Transitional Finance Authority, Series 2017 E-1, RB		5.00%		02/01/2043		1,500		1,564,637
New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB		4.00%		07/15/2046		1,000		940,005
New York (City of), NY Transitional Finance Authority, Series 2020, RB		3.00%		05/01/2048		1,000		763,297
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB		4.00%		11/01/2037		1,000		1,002,102
New York (State of) Dormitory Authority, Series 2017 A, RB		5.00%		03/15/2042		190		199,114
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB		5.00%		02/15/2038		1,000		1,051,490
New York (State of) Dormitory Authority, Series 2020 A, RB		4.00%		07/01/2050		2,000		1,813,636
New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)(a)		4.25%		10/01/2051		500		486,993
New York (State of) Dormitory Authority (Bidding Group 3), Series 2017 B, Ref. RB		4.00%		02/15/2044		2,500		2,393,504
New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 C, Ref. RB		5.00%		03/15/2043		1,000		1,059,045
New York (State of) Dormitory Authority (Bidding Group 5), Series 2020 A, Ref. RB		3.00%		03/15/2049		1,000		744,207
New York (State of) Dormitory Authority (Catholic Health System Obligated Group), Series 2019 A, Ref. RB		4.00%		07/01/2045		500		343,841
New York (State of) Dormitory Authority (Cornell University), Series 2020 A, Ref. RB		5.00%		07/01/2050		1,000		1,065,129
New York (State of) Dormitory Authority (Fordham University), Series 2020, RB		4.00%		07/01/2050		500		455,019
New York (State of) Dormitory Authority (Maimonides Medical Center), Series 2020, RB, (CEP - Federal Housing Administration)		3.00%		02/01/2050		1,110		845,045

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  53  

Invesco New York AMT-Free Municipal Bond ETF (PZT)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer), Series 2017 1, Ref. RB		4.00%		07/01/2047	$	2,000	$	1,862,355
New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB		5.00%		07/01/2046		500		507,379
New York (State of) Dormitory Authority (New York University), Series 2001-1, RB, (INS - AMBAC)(a)		5.50%		07/01/2040		500		592,068
New York (State of) Dormitory Authority (Rockefeller University) (Green Bonds), Series 2019 B, RB		5.00%		07/01/2050		500		531,818
New York (State of) Dormitory Authority (State University of New York Dormitory Facilities), Series 2019 A, RB		4.00%		07/01/2049		1,785		1,633,770
New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGM)(a)		4.00%		11/15/2052		4,000		3,665,146
New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGM)(a)		4.00%		11/15/2061		1,490		1,329,320
New York (State of) Thruway Authority, Series 2016 A, RB		5.00%		01/01/2046		1,000		1,018,861
New York (State of) Thruway Authority, Series 2020 N, RB		3.00%		01/01/2049		2,000		1,465,934
New York (State of) Utility Debt Securitization Authority, Series 2013 TE, RB		5.00%		12/15/2041		1,500		1,515,625
New York (State of) Utility Debt Securitization Authority, Series 2017, RB		5.00%		12/15/2038		2,000		2,160,276
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB		5.00%		11/15/2040		1,885		1,927,129
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB		5.00%		11/15/2045		2,000		2,032,798
New York Liberty Development Corp., Series 2021 1, Ref. RB		4.00%		02/15/2043		1,000		934,257
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016, Ref. RB		5.00%		06/15/2041		1,000		1,048,694
New York State Urban Development Corp., Series 2020 A, RB		5.00%		03/15/2041		1,000		1,080,894
New York State Urban Development Corp. (Bidding Group 3), Series 2019 A, Ref. RB		4.00%		03/15/2044		2,000		1,919,954
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB		4.00%		12/01/2039		500		466,106
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB		4.00%		12/01/2042		1,000		898,725
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB		5.00%		12/01/2043		500		538,356
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB		5.00%		11/15/2046		1,470		1,510,689
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB		5.00%		11/15/2038		1,000		1,060,486
Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB		4.00%		05/15/2046		1,000		929,247
Triborough Bridge & Tunnel Authority, Series 2022 C, RB		5.25%		05/15/2052		1,000		1,091,042
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB		5.00%		11/15/2051		2,500		2,667,659
TOTAL INVESTMENTS IN SECURITIES(b)-98.25% (Cost $96,841,294)								87,210,803
OTHER ASSETS LESS LIABILITIES-1.75%								1,553,394
NET ASSETS-100.00%							$	88,764,197

Investment Abbreviations:
AGM	-Assured Guaranty Municipal Corp.
AMBAC	-American Municipal Bond Assurance Corp.
BAM	-Build America Mutual Assurance Co.
CEP	-Credit Enhancement Provider
GO	-General Obligation
INS	-Insurer
RB	-Revenue Bonds
Ref.	-Refunding

Notes to Schedule of Investments:

^(a)  Principal and/or interest payments are secured by the bond insurance company listed.

^(b)  This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.

Entities	Percentage
Assured Guaranty Municipal Corp.		9.75%

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  54  

Invesco New York AMT-Free Municipal Bond ETF (PZT)–(continued)

February 28, 2023

(Unaudited)

Portfolio Composition
Revenue Type Breakdown (% of the Fund’s Net Assets) as of February 28, 2023
Electric Power Revenue	14.37
Income Tax Revenue	13.08
Water Revenue	10.48
Miscellaneous Revenue	10.21
Highway Tolls Revenue	8.70
College & University Revenue	7.63
Health, Hospital, Nursing Home Revenue	6.87
Ad Valorem Property Tax	6.78
Lease Revenue	4.73
Hotel Occupancy Tax	4.46
Transit Revenue	3.73
Port, Airport & Marina Revenue	3.70
Revenue Types Each Less Than 3%	3.51
Other Assets Less Liabilities	1.75

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  55  

Invesco Preferred ETF (PGX)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Preferred Stocks-99.58%
Automobiles-1.83%
Ford Motor Co.
Pfd., 6.00%(b)		1,388,684	$	33,231,208
Pfd., 6.20%		1,300,366		31,468,857
Pfd., 6.50%(b)		1,049,298		25,707,801
				90,407,866
Banks-35.59%
Associated Banc-Corp.
Series F, Pfd., 5.63%		114,797		2,635,739
Series E, Pfd., 5.88%(b)		172,836		4,282,876
Pfd., 6.63%(c)		580,000		14,769,700
Bank of America Corp.
Series PP, Pfd., 4.13%(b)		1,823,254		33,529,641
Series QQ, Pfd., 4.25%(b)		2,319,516		43,166,193
Series NN, Pfd., 4.38%(b)		2,142,473		41,521,127
Series SS, Pfd., 4.75%		1,179,448		24,367,396
Series LL, Pfd., 5.00%(b)		2,424,090		52,942,126
Series KK, Pfd., 5.38%(b)		2,733,675		63,503,270
Series HH, Pfd., 5.88%(b)		1,663,961		41,565,746
Series GG, Pfd., 6.00%(b)		2,431,936		61,163,190
Series K, Pfd., 6.45%(b)(c)		451,779		11,511,329
Bank of Hawaii Corp., Series A, Pfd., 4.38%(b)		329,741		6,314,540
Bank OZK, Series A, Pfd., 4.63%(b)		570,058		10,386,457
Cadence Bank, Series A, Pfd., 5.50%(b)		333,555		7,181,439
Citigroup, Inc., Series K, Pfd., 6.88%(c)		749,875		18,859,356
Citizens Financial Group, Inc.
Series E, Pfd., 5.00%		787,108		16,568,623
Series D, Pfd., 6.35%(b)(c)		508,968		12,927,787
Cullen/Frost Bankers, Inc., Series B, Pfd., 4.45%(b)		245,694		4,901,595
Fifth Third Bancorp
Series K, Pfd., 4.95%(b)		424,685		9,640,350
Series A, Pfd., 6.00%(b)		274,105		6,729,278
Series I, Pfd., 6.63%(b)(c)		254,736		6,406,610
First Citizens BancShares, Inc.
Series A, Pfd., 5.38%(b)		653,578		14,378,716
Series C, Pfd., 5.63%		337,000		7,488,140
First Horizon Corp.
Series F, Pfd., 4.70%(b)		249,626		5,546,690
Series D, Pfd., 6.10%(b)(c)		165,189		4,098,339
Pfd., 6.50%(b)		240,541		6,116,958
First Republic Bank
Series M, Pfd., 4.00%		1,301,973		22,237,699
Series K, Pfd., 4.13%(b)		870,178		15,280,326
Series L, Pfd., 4.25%(b)		1,310,127		23,189,248
Series N, Pfd., 4.50%(b)		1,308,760		24,290,586
Series J, Pfd., 4.70%(b)		656,247		12,980,566
Series H, Pfd., 5.13%(b)		344,349		7,289,868
Series I, Pfd., 5.50%(b)		530,318		12,287,468
Fulton Financial Corp., Series A, Pfd., 5.13%(b)		352,938		7,394,051
Hancock Whitney Corp., Pfd., 6.25%(b)		304,958		7,678,842
Huntington Bancshares, Inc.
Series H, Pfd., 4.50%(b)		891,204		17,467,598
Series C, Pfd., 5.70%(b)		333,635		7,743,668

	Shares		Value
Banks-(continued)
JPMorgan Chase & Co.
Series MM, Pfd., 4.20%(b)		3,529,389	$	66,705,452
Series JJ, Pfd., 4.55%(b)		2,762,890		55,865,636
Series LL, Pfd., 4.63%(b)		3,332,152		68,442,402
Series GG, Pfd., 4.75%(b)		1,588,733		33,506,379
Series DD, Pfd., 5.75%(b)		2,897,869		71,983,066
Series EE, Pfd., 6.00%(b)		3,116,026		78,866,618
KeyCorp
Series G, Pfd., 5.63%(b)		777,455		18,363,487
Series F, Pfd., 5.65%(b)		746,712		17,413,324
Series E, Pfd., 6.13%(b)(c)		886,297		22,246,055
Pfd., 6.20%(b)(c)		1,034,048		25,696,093
M&T Bank Corp., Series H, Pfd., 5.63%(b)(c)		463,397		11,723,944
Old National Bancorp
Series A, Pfd., 7.00%		199,827		5,043,634
Series C, Pfd., 7.00%		127,569		3,232,599
PacWest Bancorp, Series A, Pfd., 7.75%(b)(c)		872,790		22,186,322
Popular Capital Trust II, Pfd., 6.13%		18,292		452,178
Regions Financial Corp.
Series E, Pfd., 4.45%		684,468		13,176,009
Series C, Pfd., 5.70%(b)(c)		871,122		21,429,601
Series B, Pfd., 6.38%(b)(c)		886,217		22,687,155
Signature Bank, Series A, Pfd., 5.00%(b)		1,245,757		22,448,541
SVB Financial Group, Series A, Pfd., 5.25%(b)		654,197		13,299,825
Synovus Financial Corp.
Series E, Pfd., 5.88%(b)(c)		603,169		14,837,957
Series D, Pfd., 6.30%(b)(c)		255,274		6,369,086
Texas Capital Bancshares, Inc., Series B, Pfd., 5.75%(b)		492,828		10,743,650
Truist Financial Corp.
Series R, Pfd., 4.75%(b)		1,623,363		33,814,651
Series O, Pfd., 5.25%(b)		992,918		23,134,989
U.S. Bancorp
Series L, Pfd., 3.75%(b)		849,391		14,550,068
Series M, Pfd., 4.00%(b)		1,293,800		23,611,850
Series O, Pfd., 4.50%(b)		675,614		13,755,501
Series K, Pfd., 5.50%(b)		1,120,278		27,424,406
Valley National Bancorp, Series A, Pfd., 6.25%(b)(c)		173,504		4,384,446
Washington Federal, Inc., Series A, Pfd., 4.88%(b)		470,314		9,241,670
Webster Financial Corp., Series F, Pfd., 5.25%(b)		274,855		5,909,383
Wells Fargo & Co.
Series DD, Pfd., 4.25%(b)		2,205,083		40,353,019
Series CC, Pfd., 4.38%(b)		1,844,765		33,796,095
Series AA, Pfd., 4.70%(b)		2,045,585		40,318,480
Series Z, Pfd., 4.75%(b)		3,558,953		71,392,597
Series Y, Pfd., 5.63%(b)		1,193,302		28,531,851
Series R, Pfd., 6.63%(b)(c)		1,480,123		37,387,907
Western Alliance Bancorporation, Series A, Pfd., 4.25%(c)		516,817		10,956,520

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  56  

Invesco Preferred ETF (PGX)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Banks-(continued)
Wintrust Financial Corp.
Series D, Pfd., 6.50%(c)		208,438	$	5,325,591
Series E, Pfd., 6.88%(c)		489,212		12,558,072
				1,753,509,240
Capital Markets-9.70%
Affiliated Managers Group, Inc.
Pfd., 4.20%(b)		345,545		5,950,285
Pfd., 4.75%		489,126		9,660,238
Pfd., 5.88%(b)		505,927		11,772,921
Apollo Asset Management, Inc.
Series A, Pfd., 6.38%(b)		469,532		11,639,698
Series B, Pfd., 6.38%(b)		517,244		12,532,822
Brookfield Finance I (UK) PLC, Pfd., 4.50% (Canada)		418,421		7,004,368
Brookfield Finance, Inc., Series 50, Pfd., 4.63% (Canada)(b)		675,469		11,705,878
Charles Schwab Corp. (The)
Series J, Pfd., 4.45%(b)		1,079,806		22,427,571
Series D, Pfd., 5.95%(b)		1,265,512		31,625,145
Goldman Sachs Group, Inc. (The), Series K, Pfd., 6.38%(b)(c)		1,191,857		30,177,819
Morgan Stanley
Series O, Pfd., 4.25%(b)		2,333,152		43,956,584
Series L, Pfd., 4.88%(b)		975,387		21,448,760
Series K, Pfd., 5.85%(c)		1,663,636		41,674,082
Series I, Pfd., 6.38%(b)(c)		1,833,173		46,507,599
Series P, Pfd., 6.50%(b)		1,661,705		42,473,180
Northern Trust Corp., Series E, Pfd., 4.70%(b)		700,991		15,001,207
Oaktree Capital Group LLC
Series B, Pfd., 6.55%		421,087		10,072,401
Series A, Pfd., 6.63%		337,863		8,078,304
Prospect Capital Corp., Series A, Pfd., 5.35%(b)		289,430		4,920,310
State Street Corp.
Series G, Pfd., 5.35%(b)(c)		869,938		21,922,438
Series D, Pfd., 5.90%(b)(c)		1,295,535		32,414,286
Stifel Financial Corp.
Series D, Pfd., 4.50%(b)		550,716		10,386,504
Pfd., 5.20%(b)		411,242		9,150,135
Series C, Pfd., 6.13%(b)		384,197		9,670,238
Series B, Pfd., 6.25%(b)		219,348		5,516,602
				477,689,375
Chemicals-0.15%
EIDP, Inc., Series B, Pfd., 4.50%(b)		79,964		7,535,807
Commercial Services & Supplies-0.29%
Pitney Bowes, Inc., Pfd., 6.70%(b)		772,567		14,454,728
Consumer Finance-3.52%
Capital One Financial Corp.
Series N, Pfd., 4.25%(b)		741,886		13,339,110
Series L, Pfd., 4.38%		1,228,144		22,364,502
Series K, Pfd., 4.63%		205,767		3,975,419
Series J, Pfd., 4.80%		2,208,703		43,533,536
Series I, Pfd., 5.00%(b)		2,611,439		54,709,647
Navient Corp., Pfd., 6.00%		579,836		11,347,391
Synchrony Financial, Series A, Pfd., 5.63%(b)		1,275,244		24,000,092
				173,269,697

	Shares		Value
Diversified Financial Services-2.28%
Brookfield BRP Holdings Canada, Inc.
Pfd., 4.63% (Canada)		601,559	$	10,202,441
Pfd., 4.88% (Canada)(b)		433,576		7,713,317
Carlyle Finance LLC, Pfd., 4.63%(b)		845,899		15,564,542
Equitable Holdings, Inc.
Series C, Pfd., 4.30%(b)		548,005		10,439,495
Series A, Pfd., 5.25%(b)		1,337,155		29,484,268
KKR Group Finance Co. IX LLC, Pfd., 4.63%		872,315		16,399,522
National Rural Utilities Cooperative Finance Corp., Pfd., 5.50%(b)		420,539		9,903,693
Voya Financial, Inc., Series B, Pfd., 5.35%(b)(c)		517,019		12,434,307
				112,141,585
Diversified Telecommunication Services-5.06%
AT&T, Inc.
Series C, Pfd., 4.75%(b)		3,063,997		61,126,740
Series A, Pfd., 5.00%		2,098,009		44,372,891
Pfd., 5.35%(b)		2,311,340		54,293,377
Pfd., 5.63%(b)		1,441,742		35,812,871
Qwest Corp.
Pfd., 6.50%(b)		1,749,523		32,961,013
Pfd., 6.75%(b)		1,061,183		20,661,233
				249,228,125
Electric Utilities-6.37%
BIP Bermuda Holdings I Ltd., Pfd., 5.13% (Canada)(b)		441,113		8,469,370
Brookfield Infrastructure Finance ULC, Pfd., 5.00% (Canada)(b)		395,474		7,553,553
Duke Energy Corp.
Pfd., 5.63%(b)		896,437		22,545,390
Series A, Pfd., 5.75%(b)		1,672,307		42,025,075
Entergy Arkansas LLC, Pfd., 4.88%(b)		526,700		11,771,745
Entergy Louisiana LLC, Pfd., 4.88%(b)		480,494		10,743,846
Entergy Mississippi LLC, Pfd., 4.90%(b)		476,223		10,872,171
Entergy New Orleans LLC, Pfd., 5.50%(b)		477,794		11,490,946
Georgia Power Co., Series 2017-A, Pfd., 5.00%(b)		478,355		11,050,000
NextEra Energy Capital Holdings, Inc., Series N, Pfd., 5.65%(b)		1,177,029		29,649,360
Pacific Gas and Electric Co., Series A, Pfd., 6.00%		176,328		3,914,482
SCE Trust II, Pfd., 5.10%		282,101		5,873,343
SCE Trust III, Series H, Pfd., 5.75%(b)(c)		460,988		10,750,240
SCE Trust IV, Series J, Pfd., 5.38%(b)(c)		657,572		13,236,924
SCE Trust V, Series K, Pfd., 5.45%(b)(c)		582,453		13,396,419
SCE Trust VI, Pfd., 5.00%(b)		905,836		18,243,537
Southern Co. (The)
Series C, Pfd., 4.20%(b)		1,329,944		25,894,010
Series 2020, Pfd., 4.95%(b)		1,731,446		37,849,410
Pfd., 5.25%(b)		772,747		18,507,291
				313,837,112
Equity REITs-6.45%
Agree Realty Corp., Series A, Pfd., 4.25%		310,588		5,481,878
American Homes 4 Rent
Series G, Pfd., 5.88%(b)		214,757		5,076,855
Series H, Pfd., 6.25%(b)		193,578		4,814,285

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  57  

Invesco Preferred ETF (PGX)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Equity REITs-(continued)
Digital Realty Trust, Inc.
Series L, Pfd., 5.20%(b)		573,422	$	12,815,982
Series J, Pfd., 5.25%(b)		437,759		9,849,578
Series K, Pfd., 5.85%(b)		323,076		7,902,439
Diversified Healthcare Trust
Pfd., 5.63%(b)		79,821		991,377
Pfd., 6.25%(b)		30,424		407,682
EPR Properties, Series G, Pfd., 5.75%(b)		356,743		6,974,326
Federal Realty Investment Trust, Series C, Pfd., 5.00%(b)		315,038		6,899,332
Global Net Lease, Inc.
Series B, Pfd., 6.88%(b)		146,865		3,250,122
Series A, Pfd., 7.25%(b)		309,152		7,023,933
Hudson Pacific Properties, Inc., Series C, Pfd., 4.75%(b)		711,486		10,060,412
iStar, Inc.
Series I, Pfd., 7.50%		24,940		621,006
Series D, Pfd., 8.00%(b)		81,815		2,056,011
Kimco Realty Corp.
Series L, Pfd., 5.13%(b)		379,087		8,290,633
Series M, Pfd., 5.25%(b)		430,118		9,406,681
Office Properties Income Trust, Pfd., 6.38%(b)		270,428		5,362,587
Public Storage
Series N, Pfd., 3.88%(b)		511,390		8,969,781
Series O, Pfd., 3.90%(b)		336,646		5,924,970
Series Q, Pfd., 3.95%		260,296		4,596,827
Series P, Pfd., 4.00%(b)		1,108,284		20,370,260
Series R, Pfd., 4.00%(b)		704,548		12,717,091
Series S, Pfd., 4.10%(b)		780,000		14,297,400
Series M, Pfd., 4.13%(b)		404,126		7,448,042
Series L, Pfd., 4.63%(b)		968,199		19,848,079
Series J, Pfd., 4.70%(b)		134,300		2,847,160
Series K, Pfd., 4.75%(b)		305,426		6,475,031
Series I, Pfd., 4.88%(b)		336,862		7,350,329
Series G, Pfd., 5.05%(b)		826,598		19,168,808
Series F, Pfd., 5.15%(b)		503,723		11,756,895
Series H, Pfd., 5.60%(b)		443,402		11,005,238
SITE Centers Corp., Series A, Pfd., 6.38%(b)		301,115		7,416,462
SL Green Realty Corp., Series I, Pfd., 6.50%(b)		379,645		8,629,331
Spirit Realty Capital, Inc., Series A, Pfd., 6.00%		318,662		7,603,275
Vornado Realty Trust
Series O, Pfd., 4.45%(b)		648,745		9,556,014
Series M, Pfd., 5.25%		569,130		9,214,215
Series N, Pfd., 5.25%(b)		464,397		7,551,095
Series L, Pfd., 5.40%(b)		452,958		7,741,052
				317,772,474
Gas Utilities-0.32%
South Jersey Industries, Inc., Pfd., 5.63%(b)		331,423		5,516,536
Spire, Inc., Series A, Pfd., 5.90%(b)		419,787		10,381,332
				15,897,868
Independent Power and Renewable Electricity Producers-0.14%
Brookfield Renewable Partners L.P., Series 17, Pfd., 5.25% (Canada)		331,675		6,782,754

	Shares		Value
Insurance-16.92%
AEGON Funding Co. LLC, Pfd., 5.10% (Netherlands)(b)		1,599,546	$	33,238,566
Allstate Corp. (The)
Series I, Pfd., 4.75%		503,333		11,063,259
Series H, Pfd., 5.10%(b)		1,989,871		45,229,768
Series G, Pfd., 5.63%(b)		1,013,772		25,496,366
American Equity Investment Life Holding Co.
Series A, Pfd., 5.95%(b)(c)		723,577		16,157,474
Series B, Pfd., 6.63%(c)		502,656		12,229,620
American Financial Group, Inc.
Pfd., 4.50%(b)		352,548		6,821,804
Pfd., 5.13%(b)		357,270		7,699,169
Pfd., 5.63%(b)		243,570		5,736,074
Pfd., 5.88%(b)		175,937		4,368,516
American International Group, Inc., Series A, Pfd., 5.85%(b)		828,498		19,511,128
Arch Capital Group Ltd.
Series G, Pfd., 4.55%(b)		860,426		16,563,200
Series F, Pfd., 5.45%(b)		546,914		12,425,886
Argo Group International Holdings Ltd., Pfd., 7.00%(b)(c)		235,519		5,701,915
Argo Group U.S., Inc., Pfd., 6.50%		227,587		5,091,121
Aspen Insurance Holdings Ltd.
Pfd., 5.63% (Bermuda)(b)		434,140		9,507,666
Pfd., 5.63% (Bermuda)(b)		422,745		8,890,327
Assurant, Inc., Pfd., 5.25%(b)		392,452		8,594,699
Athene Holding Ltd.
Series D, Pfd., 4.88%(b)		981,410		18,568,277
Series B, Pfd., 5.63%(b)		591,268		12,617,659
Series A, Pfd., 6.35%(b)(c)		1,505,620		37,233,983
Series C, Pfd., 6.38%(b)(c)		1,025,089		25,842,494
Series E, Pfd., 7.75%(b)(c)		957,842		24,932,627
AXIS Capital Holdings Ltd., Series E, Pfd., 5.50%(b)		961,189		21,030,815
Brighthouse Financial, Inc.
Series D, Pfd., 4.63%(b)		663,859		12,035,764
Series C, Pfd., 5.38%(b)		1,019,646		20,902,743
Pfd., 6.25%(b)		691,882		17,082,567
Series A, Pfd., 6.60%(b)		731,070		18,569,178
Series B, Pfd., 6.75%(b)		672,243		17,041,360
CNO Financial Group, Inc., Pfd., 5.13%(b)		282,666		5,073,855
Enstar Group Ltd.
Series D, Pfd., 7.00%(c)		711,748		16,768,783
Series E, Pfd., 7.00%(b)		168,862		4,096,592
Globe Life, Inc., Pfd., 4.25%(b)		551,177		10,781,022
Hartford Financial Services Group, Inc. (The), Series G, Pfd., 6.00%(b)		577,944		14,621,983
Kemper Corp., Pfd., 5.88%(b)(c)		122,978		2,550,564
Lincoln National Corp., Series D, Pfd., 9.00%(b)		908,000		25,187,920
MetLife, Inc.
Series F, Pfd., 4.75%(b)		1,693,906		36,774,699
Series E, Pfd., 5.63%(b)		1,429,932		35,476,613
PartnerRe Ltd., Series J, Pfd., 4.88% (Bermuda)(b)		300,410		6,422,766
Prudential Financial, Inc.
Pfd., 4.13%(b)		820,758		16,070,442
Pfd., 5.63%(b)		995,792		24,845,010
Pfd., 5.95%		555,510		13,998,852

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  58  

Invesco Preferred ETF (PGX)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Insurance-(continued)
Reinsurance Group of America, Inc.
Pfd., 5.75%(b)(c)		713,201	$	18,379,190
Pfd., 7.13%(b)(c)		1,250,289		32,920,109
RenaissanceRe Holdings Ltd.
Series G, Pfd., 4.20% (Bermuda)(b)		857,666		14,794,738
Series F, Pfd., 5.75% (Bermuda)(b)		433,920		10,066,944
Selective Insurance Group, Inc., Series B, Pfd., 4.60%(b)		349,047		6,349,165
SiriusPoint Ltd., Series B, Pfd., 8.00% (Bermuda)(b)(c)		321,135		7,896,710
Unum Group, Pfd., 6.25%(b)		537,555		12,971,202
W.R. Berkley Corp.
Pfd., 4.13%		518,379		9,849,201
Pfd., 4.25%		451,000		8,771,950
Pfd., 5.10%		502,474		11,215,220
Pfd., 5.70%(b)		308,203		7,427,692
				833,495,247
Internet & Direct Marketing Retail-0.96%
Qurate Retail, Inc., Pfd., 8.00%(b)		571,768		28,737,060
QVC, Inc.
Pfd., 6.25%		895,129		12,701,880
Pfd., 6.38%(b)		395,105		5,792,239
				47,231,179
Leisure Products-0.48%
Brunswick Corp.
Pfd., 6.38%(b)		396,716		10,151,963
Pfd., 6.50%(b)		314,368		8,091,832
Pfd., 6.63%(b)		207,322		5,324,029
				23,567,824
Multi-Utilities-3.79%
Algonquin Power & Utilities Corp.
Series 19-A, Pfd., 6.20% (Canada)(c)		585,355		13,556,822
Pfd., 6.88% (Canada)(b)(c)		478,622		11,664,018
Brookfield Infrastructure Partners L.P.
Series 14, Pfd., 5.00% (Canada)		397,192		7,467,210
Series 13, Pfd., 5.13% (Canada)		350,946		6,660,955
CMS Energy Corp.
Series C, Pfd., 4.20%(b)		382,073		7,396,933
Pfd., 5.63%(b)		354,955		8,295,298
Pfd., 5.88%(b)		462,278		11,353,548
Pfd., 5.88%(b)		1,097,702		26,827,837
DTE Energy Co.
Pfd., 4.38%(b)		489,370		9,904,849
Series G, Pfd., 4.38%(b)		339,855		6,868,469
Series E, Investment Units, 5.25%(b)		714,117		17,095,961
Integrys Holding, Inc., Pfd., 6.00%(c)		261,761		6,400,056
NiSource, Inc., Series B, Pfd., 6.50%(b)(c)		848,820		21,313,870
Sempra Energy, Pfd., 5.75%(b)		1,315,023		31,718,355
				186,524,181
Oil, Gas & Consumable Fuels-0.80%
Energy Transfer L.P., Series E, Pfd., 7.60%(c)		1,424,166		34,649,959

	Shares		Value
Oil, Gas & Consumable Fuels-(continued)
NuStar Energy L.P.
Series C, Pfd., 9.00% (3 mo. USD LIBOR + 6.88%)(c)		115,525	$	2,930,869
Series B, Pfd., 9.13% (3 mo. USD LIBOR + 5.64%)(d)		79,437		1,931,113
				39,511,941
Real Estate Management & Development-0.90%
Brookfield Property Partners L.P.
Series A, Pfd., 5.75%		466,051		8,169,874
Series A-2, Pfd., 6.38%		526,595		9,710,412
Series A-1, Pfd., 6.50%		300,578		5,719,999
Brookfield Property Preferred L.P., Pfd., 6.25%		1,132,164		20,922,391
				44,522,676
Textiles, Apparel & Luxury Goods-0.07%
Fossil Group, Inc., Pfd., 7.00%		196,670		3,561,694
Thrifts & Mortgage Finance-0.81%
Merchants Bancorp
Series B, Pfd., 6.00%(b)(c)		211,242		5,101,494
Series C, Pfd., 6.00%(b)		314,177		7,194,654
Pfd., 8.25%(b)		236,747		6,427,681
New York Community Bancorp, Inc., Series A, Pfd., 6.38%(b)(c)		863,361		21,359,551
				40,083,380
Trading Companies & Distributors-1.54%
Air Lease Corp., Series A, Pfd., 6.15%(b)(c)		442,168		10,859,646
FTAI Aviation Ltd.
Series B, Pfd., 8.00%(c)		227,882		5,152,412
Series A, Pfd., 8.25%(c)		166,901		4,028,990
Series C, Pfd., 8.25%(c)		165,865		3,814,895
Triton International Ltd.
Series E, Pfd., 5.75% (Bermuda)(b)		334,338		6,900,736
Pfd., 6.88% (Bermuda)(b)		207,818		5,158,043
Pfd., 7.38% (Bermuda)(b)		305,649		7,702,355
Pfd., 8.00% (Bermuda)(b)		237,066		6,135,268
WESCO International, Inc., Series A, Pfd., 10.63%(b)(c)		938,013		25,954,820
				75,707,165
Wireless Telecommunication Services-1.61%
Telephone and Data Systems, Inc.
Series VV, Pfd., 6.00%(b)		1,237,520		20,790,336
Series UU, Pfd., 6.63%(b)		741,220		13,771,868
United States Cellular Corp.
Pfd., 5.50%(b)		864,276		14,251,911
Pfd., 5.50%(b)		858,493		14,130,795
Pfd., 6.25%(b)		894,394		16,197,475
				79,142,385
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.58% (Cost $5,845,501,889)				4,905,874,303

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  59  

Invesco Preferred ETF (PGX)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.87%
Invesco Private Government Fund, 4.58%(e)(f)(g)		39,540,471	$	39,540,471
Invesco Private Prime Fund, 4.83%(e)(f)(g)		102,016,981		102,037,381
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $141,583,077)				141,577,852
TOTAL INVESTMENTS IN SECURITIES-102.45% (Cost $5,987,084,966)				5,047,452,155
OTHER ASSETS LESS LIABILITIES-(2.45)%				(120,844,346	)
NET ASSETS-100.00%			$	4,926,607,809

Investment Abbreviations:
LIBOR	-London Interbank Offered Rate
Pfd.	-Preferred
REIT	-Real Estate Investment Trust
USD	-U.S. Dollar

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  All or a portion of this security was out on loan at February 28, 2023.

^(c)  Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(d)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

^(e)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31,  2022			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28,  2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-	$	197,998,891	$	(197,998,891	)		$	-			$	-		$	-	$	210,119
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			52,439,543		118,254,389		(131,153,461	)			-				-			39,540,471		801,840	*
Invesco Private Prime Fund			130,153,077		263,138,622		(291,269,937	)			(15,291	)			30,910			102,037,381		2,179,634	*
Total		$	182,592,620	$	579,391,902	$	(620,422,289	)		$	(15,291	)		$	30,910		$	141,577,852	$	3,191,593

* 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 February 28, 2023.

^(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 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  60  

Invesco Preferred ETF (PGX)–(continued)

February 28, 2023

(Unaudited)

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023
Financials	68.82
Utilities	10.62
Real Estate	7.35
Communication Services	6.67
Consumer Discretionary	3.34
Sector Types Each Less Than 3%	2.78
Money Market Funds Plus Other Assets   Less Liabilities	0.42

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  61  

Invesco Taxable Municipal Bond ETF (BAB)

February 28, 2023

(Unaudited)

Schedule of Investments

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-97.65%
Alabama-0.69%
Auburn University, Series 2020 C, RB		2.53%		06/01/2040	$	7,500	$	5,526,350
Auburn University, Series 2020 C, RB		2.68%		06/01/2050		5,000		3,338,822
Birmingham (City of), AL Water Works Board, Series 2021, Ref. RB		2.61%		01/01/2037		1,000		771,137
Birmingham (City of), AL Water Works Board, Series 2021, Ref. RB		2.71%		01/01/2038		1,000		766,213
								10,402,522
Alaska-0.01%
Alaska (State of) Municipal Bond Bank Authority, Series 2021 2, Ref. RB		3.03%		12/01/2041		150		111,769
Arizona-1.63%
Arizona (State of) Department of Transportation, Series 2020, Ref. RB		2.46%		07/01/2030		2,560		2,203,050
Flagstaff (City of), AZ, Series 2020 A, COP		3.01%		05/01/2040		5,000		3,826,553
Maricopa (County of), AZ Industrial Development Authority (Honorhealth), Series 2021 B, RB		3.17%		09/01/2051		3,000		2,037,570
Phoenix Civic Improvement Corp., Series 2021 C, Ref. RB		2.97%		07/01/2044		905		643,021
Scottsdale (City of), AZ, Series 2020, Ref. GO Bonds		0.61%		07/01/2025		1,565		1,417,372
Scottsdale Municipal Property Corp., Series 2021 B, Ref. RB		1.23%		07/01/2028		5,000		4,118,595
Tempe (City of), AZ, Series 2021, COP		2.59%		07/01/2037		2,950		2,151,732
Tucson (City of), AZ, Series 2010, RB		5.79%		07/01/2026		1,225		1,259,051
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)(a)		0.46%		07/01/2024		500		470,305
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)(a)		0.83%		07/01/2025		750		678,487
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)(a)		1.31%		07/01/2027		1,000		850,251
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)(a)		1.70%		07/01/2029		500		405,428
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)(a)		2.86%		07/01/2047		2,000		1,418,073
Yuma (City of), AZ, Series 2021, RB		2.63%		07/15/2038		4,000		2,931,261
								24,410,749
Arkansas-0.01%
University of Arkansas, Series 2021 B, RB		3.10%		12/01/2041		150		116,746
California-25.15%
Alameda (City of), CA Corridor Transportation Authority, Series 2022 B, Ref. RB, (INS - AGM)(a)		5.40%		10/01/2046		2,450		2,388,084
Alameda (County of), CA (Social Bonds), Series 2022 A-1, GO Bonds		4.55%		08/01/2042		2,250		2,048,859
Bay Area Toll Authority (San Francisco Bay Area), Series 2010 S-1, RB		6.79%		04/01/2030		1,880		1,984,642
Bay Area Toll Authority (San Francisco Bay Area), Series 2010 S-1, RB		7.04%		04/01/2050		3,555		4,581,540
Bay Area Toll Authority (San Francisco Bay Area), Series 2010 S-3, RB		6.91%		10/01/2050		2,975		3,814,339
California (State of), Series 2009, GO Bonds		7.50%		04/01/2034		14,410		17,586,587
California (State of), Series 2009, GO Bonds		7.55%		04/01/2039		16,860		21,590,365
California (State of), Series 2009, GO Bonds		7.30%		10/01/2039		14,060		17,190,425
California (State of), Series 2009, GO Bonds		7.35%		11/01/2039		8,505		10,450,639
California (State of), Series 2010, GO Bonds		7.63%		03/01/2040		4,400		5,591,544
California (State of), Series 2010, GO Bonds		7.60%		11/01/2040		7,500		9,695,944
California (State of), Series 2018, Ref. GO Bonds		4.50%		04/01/2033		4,850		4,712,713
California (State of) Department of Water Resources (Central Valley), Series 2020, Ref. RB		1.77%		12/01/2034		1,410		1,009,688
California (State of) Department of Water Resources (Central Valley), Series 2020, Ref. RB		1.79%		12/01/2035		5,325		3,720,189
California (State of) Infrastructure & Economic Development Bank, Series 2020 A, Ref. RB		1.24%		10/01/2027		1,000		855,394
California (State of) Infrastructure & Economic Development Bank, Series 2020 A, Ref. RB		1.47%		10/01/2028		1,000		838,105
California (State of) Infrastructure & Economic Development Bank, Series 2020 A, Ref. RB		1.60%		10/01/2029		1,000		819,468
California (State of) Infrastructure & Economic Development Bank, Series 2020 A, Ref. RB		1.69%		10/01/2030		1,000		801,204
California (State of) Infrastructure & Economic Development Bank, Series 2020 A, Ref. RB		2.72%		10/01/2040		1,000		740,987
California (State of) Infrastructure & Economic Development Bank (UCSF Neurosciences Building 19A), Series 2010 A, RB		6.49%		05/15/2049		950		1,071,216
California (State of) Municipal Finance Authority (FBI San Diego), Series 2020, RB		2.52%		10/01/2035		4,745		3,416,153
California (State of) Public Works Board (California State University), Series 2010 B-2, RB		7.80%		03/01/2035		750		873,424
California (State of) Statewide Communities Development Authority (California Independent System Operator Corp.) (Green Bonds), Series 2021, Ref. RB		2.68%		02/01/2039		1,850		1,301,750

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  62  

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
California (State of) Statewide Communities Development Authority (Marin General Hospital), Series 2018 B, RB		4.82%		08/01/2045	$	2,000	$	1,630,200
California State University, Series 2010 B, RB		6.48%		11/01/2041		850		959,603
California State University, Series 2020 B, Ref. RB		2.98%		11/01/2051		3,000		2,158,267
California State University, Series 2021 B, Ref. RB		2.80%		11/01/2041		5,000		3,627,953
California State University, Series 2021 B, Ref. RB		2.72%		11/01/2052		4,900		3,429,936
Carson (City of), CA (Carson Pension Obligation), Series 2020, RB		3.70%		01/15/2044		3,000		2,374,877
Chula Vista (City of), CA, Series 2021, RB, (INS - BAM)(a)		2.81%		06/01/2045		1,000		659,983
Coast Community College District, Series 2022, Ref. GO Bonds		2.98%		08/01/2039		1,000		765,258
Downey (City of), CA, Series 2021, RB		2.85%		06/01/2040		750		540,236
Downey (City of), CA, Series 2021, RB		3.00%		06/01/2044		550		372,676
East Bay Municipal Utility District, Series 2010, RB		5.03%		06/01/2032		1,000		1,008,816
East Bay Municipal Utility District, Series 2010, RB		5.87%		06/01/2040		3,000		3,304,529
El Segundo (City of), CA, Series 2021, RB		3.06%		07/01/2040		1,500		1,133,662
Fresno (City of), CA, Series 2010 A-2, Ref. RB		6.50%		06/01/2030		1,950		2,084,914
Golden State Tobacco Securitization Corp., Series 2021 A-1, Ref. RB		3.49%		06/01/2036		1,000		823,520
Golden State Tobacco Securitization Corp., Series 2021 A-1, Ref. RB		3.71%		06/01/2041		9,380		7,292,822
Golden State Tobacco Securitization Corp., Series 2021, Ref. RB		3.12%		06/01/2038		12,400		9,753,767
Hayward Unified School District, Series 2020, Ref. GO Bonds, (INS - AGM)(a)		2.87%		08/01/2040		4,000		3,003,244
Huntington Beach (City of), CA, Series 2021, Ref. RB		0.62%		06/15/2024		1,500		1,416,799
Huntington Beach (City of), CA, Series 2021, Ref. RB		1.07%		06/15/2025		2,000		1,830,123
Inglewood (City of), CA, Series 2020, RB, (INS - AGM)(a)		3.92%		09/01/2050		6,000		4,644,062
Jurupa Community Services District, Series 2010 B, COP		6.35%		09/01/2025		980		1,014,936
Jurupa Community Services District, Series 2010 B, COP		6.50%		09/01/2026		1,070		1,131,591
Jurupa Community Services District, Series 2010 B, COP		6.60%		09/01/2027		1,125		1,211,969
Jurupa Community Services District, Series 2010 B, COP		6.70%		09/01/2028		1,120		1,227,905
Jurupa Community Services District, Series 2010 B, COP		7.19%		09/01/2040		2,000		2,428,552
Los Angeles (City of), CA Department of Water & Power, Series 2009 C, RB		5.38%		07/01/2024		500		503,133
Los Angeles (City of), CA Department of Water & Power, Series 2009 C, RB		6.01%		07/01/2039		2,270		2,487,270
Los Angeles (City of), CA Department of Water & Power, Series 2010 A, RB		6.60%		07/01/2050		1,715		2,106,835
Los Angeles (City of), CA Department of Water & Power, Series 2010, RB		6.57%		07/01/2045		6,000		7,107,835
Los Angeles Community College District, Series 2010, GO Bonds		6.60%		08/01/2042		3,000		3,633,240
Los Angeles Community College District, Series 2020, Ref. GO Bonds		0.77%		08/01/2025		6,500		5,907,765
Los Angeles Community College District, Series 2020, Ref. GO Bonds		1.81%		08/01/2030		5,000		4,157,810
Los Angeles Community College District, Series 2020, Ref. GO Bonds		2.83%		08/01/2039		3,500		2,685,086
Los Angeles Unified School District, Series 2010 J-05, GO Bonds		5.98%		05/01/2027		450		464,416
Montebello (City of), CA, Series 2020, RB, (INS - AGM)(a)		4.06%		06/01/2039		6,000		5,247,449
Monterey Park (City of), CA, Series 2021 A, RB		3.02%		06/01/2043		2,500		1,827,704
Municipal Improvement Corp. of Los Angeles, Series 2021 A, Ref. RB		0.42%		11/01/2023		1,000		969,328
Municipal Improvement Corp. of Los Angeles, Series 2021 A, Ref. RB		0.68%		11/01/2024		1,000		932,886
Municipal Improvement Corp. of Los Angeles, Series 2021 A, Ref. RB		0.95%		11/01/2025		1,000		903,562
Napa Valley Unified School District, Series 2010 B, GO Bonds		6.51%		08/01/2043		3,000		3,422,213
Northern California Power Agency, Series 2010 B, RB		7.31%		06/01/2040		1,000		1,177,742
Oakland (Port of), CA, Series 2020 R, Ref. RB		1.08%		05/01/2024		515		491,354
Oakland (Port of), CA, Series 2020 R, Ref. RB		1.18%		05/01/2025		600		552,090
Oakland (Port of), CA, Series 2020 R, Ref. RB		1.52%		05/01/2026		600		538,876
Oakland (Port of), CA, Series 2020 R, Ref. RB		1.67%		05/01/2027		875		766,593
Oakland (Port of), CA, Series 2020 R, Ref. RB		1.95%		05/01/2028		700		603,569
Oakland (Port of), CA, Series 2020 R, Ref. RB		2.05%		05/01/2029		1,000		843,316
Oakland (Port of), CA, Series 2020 R, Ref. RB		2.10%		05/01/2030		500		411,862
Oakland (Port of), CA, Series 2020 R, Ref. RB		2.20%		05/01/2031		375		303,513
Oakland (Port of), CA, Series 2020 R, Ref. RB		2.30%		05/01/2032		850		677,913
Oxnard School District, Series 2020, Ref. GO Bonds, (INS - BAM)(a)		2.63%		08/01/2041		8,040		5,573,135
Paramount Unified School District, Series 2020, Ref. GO Bonds, (INS - BAM)(a)		3.27%		08/01/2051		5,000		3,546,428
Pasadena (City of), CA, Series 2020 A, Ref. RB		3.24%		05/01/2045		5,000		3,609,442
Pomona (City of), CA, Series 2020 BJ, RB		3.72%		08/01/2040		3,250		2,658,261
Pomona (City of), CA, Series 2020 BJ, RB		3.82%		08/01/2046		1,500		1,175,972
Rancho Santiago Community College District, Series 2020 A-1, Ref. GO Bonds		0.96%		09/01/2026		5,500		4,827,861

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  63  

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
Rancho Water District Financing Authority, Series 2021 A, Ref. RB		2.60%		08/01/2040	$	850	$	629,539
Regents of the University of California Medical Center, Series 2009 F, RB		6.46%		05/15/2029		445		465,717
Regents of the University of California Medical Center, Series 2009 F, RB		6.58%		05/15/2049		4,335		5,136,514
Regents of the University of California Medical Center, Series 2020 N, RB		3.71%		05/15/2120		5,000		3,345,102
Richmond (City of), CA, Series 2022, Ref. RB		5.79%		01/15/2044		4,950		5,038,492
Riverside (City of), CA, Series 2009 B, RB		6.35%		10/01/2039		500		576,804
Riverside (City of), CA (Riverside Pension Obligation), Series 2020 A, RB		3.86%		06/01/2045		2,000		1,673,951
San Bernardino Community College District, Series 2021, Ref. GO Bonds		2.69%		08/01/2041		1,000		715,285
San Bernardino Community College District, Series 2021, Ref. GO Bonds		2.79%		08/01/2045		1,000		684,967
San Bernardino Community College District, Series 2021, Ref. GO Bonds		2.86%		08/01/2049		1,000		660,155
San Diego (City of), CA Public Facilities Financing Authority, Series 2018 A, Ref. RB		4.23%		10/15/2038		2,000		1,809,072
San Diego (County of), CA Water Authority (Green Bonds), Series 2020 A, Ref. RB		0.59%		05/01/2024		2,000		1,903,040
San Diego (County of), CA Water Authority (Green Bonds), Series 2020 A, Ref. RB		0.74%		05/01/2025		2,000		1,828,210
San Francisco (City & County of), CA, Series 2010 C, GO Bonds		6.26%		06/15/2030		1,450		1,580,108
San Francisco (City & County of), CA, Series 2010 D, GO Bonds		6.26%		06/15/2030		3,800		4,232,378
San Francisco (City & County of), CA, Series 2020 C, GO Bonds		2.83%		06/15/2050		1,325		887,643
San Francisco (City & County of), CA, Series 2020 C, GO Bonds		3.08%		06/15/2060		1,000		661,608
San Francisco (City & County of), CA (525 Golden Gate Avenue - San Francisco Public Utilities Commission Office), Series 2009 D, COP		6.49%		11/01/2041		3,000		3,326,311
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2021 C, Ref. RB		3.35%		05/01/2051		2,000		1,434,654
San Francisco (City of), CA Municipal Transportation Agency, Series 2021 A, Ref. RB		2.80%		03/01/2044		450		320,564
San Francisco (City of), CA Public Utilities Commission, Series 2010 B, RB		6.00%		11/01/2040		2,245		2,460,448
San Francisco (City of), CA Public Utilities Commission, Series 2010 E, RB		5.70%		11/01/2027		3,000		3,122,811
San Francisco (City of), CA Public Utilities Commission, Series 2010 E, RB		6.00%		11/01/2040		2,480		2,730,537
San Francisco (City of), CA Public Utilities Commission, Series 2010, RB		6.95%		11/01/2050		4,600		5,774,161
San Francisco Community College District, Series 2020 A-1, GO Bonds		3.17%		06/15/2041		4,000		3,111,032
San Jose (City of), CA Financing Authority (Convention Center), Series 2022, Ref. RB		4.76%		05/01/2042		4,000		3,679,647
San Jose (City of), CA Financing Authority (Convention Center), Series 2022, Ref. RB		4.86%		05/01/2052		1,000		902,178
San Jose (City of), CA Financing Authority (Ice Centre), Series 2020 B, RB		3.42%		06/01/2041		3,850		2,907,130
San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 A, Ref. RB		3.08%		08/01/2025		2,000		1,914,664
San Jose Unified School District, Series 2021, Ref. GO Bonds		2.31%		08/01/2039		7,000		4,933,840
San Luis Unit/Westlands Water District Financing Authority, Series 2020 A, RB, (INS - AGM)(a)		3.74%		09/01/2050		2,500		1,888,672
Santa Ana (City of), CA, Series 2021 A, RB.		3.10%		08/01/2044		1,500		1,095,691
Santa Clara Valley Transportation Authority, Series 2010, RB		5.88%		04/01/2032		975		1,010,202
Santa Clara Valley Water District, Series 2016 B, Ref. RB		4.35%		06/01/2046		3,000		2,732,645
Santa Monica Community College District, Series 2020, Ref. GO Bonds		2.70%		08/01/2040		1,230		927,101
Santa Monica Community College District, Series 2020, Ref. GO Bonds		2.80%		08/01/2044		1,700		1,217,661
Southern California Public Power Authority, Series 2010, RB		5.92%		07/01/2035		1,950		2,091,279
Tulare (County of), CA, Series 2018, RB		4.45%		06/01/2037		2,000		1,831,750
University of California, Series 2015 AQ, RB		4.77%		05/15/2115		1,577		1,400,514
University of California, Series 2016 AS, Ref. RB		3.55%		05/15/2039		1,500		1,280,767
University of California, Series 2019 BD, RB		3.35%		07/01/2029		13,000		12,113,478
University of California, Series 2020 BG, RB		0.88%		05/15/2025		5,000		4,575,767
University of California, Series 2020 BG, RB		1.32%		05/15/2027		14,110		12,312,962
University of California, Series 2020 BG, RB		1.61%		05/15/2030		7,500		6,119,000
University of California, Series 2021 BI, Ref. RB		0.87%		05/15/2026		1,000		885,103
University of California, Series 2021 BI, Ref. RB		1.27%		05/15/2027		1,000		870,981
University of California, Series 2021 BI, Ref. RB		1.37%		05/15/2028		1,000		851,282
University of California, Series 2021 BI, Ref. RB		1.70%		05/15/2029		1,000		842,536
University of California, Series 2021 BI, Ref. RB		1.90%		05/15/2030		1,000		831,924
University of California, Series 2021 BI, Ref. RB		2.00%		05/15/2031		1,000		817,988
University of California, Series 2021 BI, Ref. RB		2.05%		05/15/2032		1,000		800,329
University of California, Series 2021 BI, Ref. RB		2.15%		05/15/2033		1,000		788,072
University of California, Series 2021 BI, Ref. RB		2.25%		05/15/2034		1,000		778,784
University of California, Series 2021 BI, Ref. RB		2.35%		05/15/2035		1,000		770,453
University of California, Series 2021 BI, Ref. RB		2.45%		05/15/2036		1,000		762,342

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  64  

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
University of California, Series 2021 BJ, RB		3.07%		05/15/2051	$	1,860	$	1,309,617
University of California, Series 2022 BL, RB		4.50%		05/15/2052		1,000		879,415
								377,260,795
Colorado-1.62%
Aurora (City of), CO (Green Bonds), Series 2021 B, Ref. RB		2.72%		08/01/2046		1,925		1,308,722
Board of Governors of Colorado State University System, Series 2010 B, RB, (CEP - Colorado Higher Education Intercept Program)		5.96%		03/01/2033		950		1,013,069
Colorado (State of) Bridge Enterprise (Central 70), Series 2021 B, RB		0.92%		12/31/2023		7,500		7,240,451
Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 B, Ref. RB		3.70%		11/01/2039		1,200		993,923
Colorado (State of) Regional Transportation District, Series 2010, COP		7.67%		06/01/2040		2,950		3,644,029
Colorado Mesa University, Series 2009 B, RB, (CEP - Colorado Higher Education Intercept Program)		5.80%		05/15/2040		1,215		1,273,604
Denver (City & County of), CO, Series 2016 B, Ref. RB		3.82%		08/01/2032		950		875,768
Denver (City & County of), CO, Series 2020 C, Ref. RB		2.52%		11/15/2032		2,000		1,625,511
Denver (City & County of), CO, Series 2020 C, Ref. RB		2.62%		11/15/2033		1,500		1,207,778
Denver City & County School District No. 1, Series 2009 C, GO Bonds		5.66%		12/01/2033		450		473,787
Regional Transportation District, Series 2010 B, RB		5.84%		11/01/2050		4,025		4,623,027
								24,279,669
Connecticut-1.14%
Connecticut (State of), Series 2021 A, GO Bonds		0.51%		06/01/2024		500		473,013
Connecticut (State of), Series 2021 A, GO Bonds		0.92%		06/01/2025		250		228,910
Connecticut (State of), Series 2021 A, GO Bonds		1.12%		06/01/2026		400		355,951
Connecticut (State of), Series 2021 A, GO Bonds		1.50%		06/01/2027		350		307,070
Connecticut (State of), Series 2021 A, GO Bonds		1.65%		06/01/2028		450		386,324
Connecticut (State of), Series 2021 A, GO Bonds		1.89%		06/01/2029		440		372,191
Connecticut (State of), Series 2021 A, GO Bonds		1.99%		06/01/2030		650		538,942
Connecticut (State of), Series 2021 A, GO Bonds		2.09%		06/01/2031		850		692,936
Connecticut (State of) Health & Educational Facilities Authority (Stamford Hospital), Series 2021 L-2, RB		3.54%		07/01/2051		2,610		1,719,366
Hartford (County of), CT Metropolitan District (Clean Water), Series 2020, Ref. RB		2.56%		04/01/2039		1,000		742,726
New Britain (City of), CT, Series 2018, Ref. GO Bonds(b)(c)		4.35%		03/01/2028		20		19,505
New Britain (City of), CT, Series 2018, Ref. GO Bonds, (INS - BAM)(a)		4.35%		03/01/2039		4,765		4,341,444
New Britain (City of), CT, Series 2020 B, Ref. GO Bonds, (INS - AGM)(a)		3.25%		09/01/2042		4,000		3,036,271
South Central Connecticut Regional Water Authority, Series 2010 A, RB		6.24%		08/01/2030		2,000		2,099,509
South Central Connecticut Regional Water Authority, Series 2010 A, RB		6.39%		08/01/2040		1,595		1,751,710
								17,065,868
Delaware-0.33%
University of Delaware, Series 2018, RB		4.07%		11/01/2050		5,770		4,918,620
District of Columbia-0.27%
District of Columbia Water & Sewer Authority (Green Bonds), Series 2014 A, RB		4.81%		10/01/2114		950		873,044
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement), Series 2009 D, RB		7.46%		10/01/2046		2,480		3,132,241
								4,005,285
Florida-2.69%
Deltona (City of), FL, Series 2021, Ref. RB, (INS - BAM)(a)		2.84%		10/01/2050		3,000		1,995,627
Escambia (County of), FL Health Facilities Authority, Series 2020, Ref. RB, (INS - AGM)(a)		3.61%		08/15/2040		5,750		4,488,469
Florida Development Finance Corp. (UF Health Jacksonville), Series 2022, Ref. RB, (INS - AGM)(a)		3.22%		02/01/2032		950		787,962
Fort Lauderdale (City of), FL, Series 2020, Ref. RB		0.75%		01/01/2024		1,000		963,097
Gainesville (City of), FL, Series 2020, RB		3.05%		10/01/2040		6,000		4,505,600
JEA Electric System, Series 2009 F, RB		6.41%		10/01/2034		450		484,371
JEA Water & Sewer System, Series 2010 A, RB		6.21%		10/01/2033		1,200		1,310,963
Lee Memorial Health System, Series 2010 A, RB		7.28%		04/01/2027		2,450		2,623,216
Miami-Dade (County of), FL, Series 2019 B, Ref. RB		3.14%		10/01/2027		950		881,172
Miami-Dade (County of), FL, Series 2019 B, Ref. RB		3.18%		10/01/2028		3,550		3,249,300

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  65  

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Florida-(continued)
Miami-Dade (County of), FL, Series 2019 B, Ref. RB		3.28%		10/01/2029	$	2,700	$	2,448,317
Miami-Dade (County of), FL, Series 2020 B, Ref. RB		1.23%		10/01/2025		1,500		1,362,292
Miami-Dade (County of), FL, Series 2020 B, Ref. RB		3.27%		10/01/2041		2,250		1,757,441
Miami-Dade (County of), FL, Series 2021 B, Ref. RB		2.29%		10/01/2031		500		402,370
Miami-Dade (County of), FL, Series 2021 B, Ref. RB		2.44%		10/01/2032		450		357,897
Miami-Dade (County of), FL, Series 2021 B, Ref. RB		2.54%		10/01/2033		500		392,334
Miami-Dade (County of), FL, Series 2021 B, Ref. RB		2.74%		10/01/2036		1,000		755,888
Miami-Dade (County of), FL, Series 2021 B, Ref. RB		2.79%		10/01/2037		500		372,692
Miami-Dade (County of), FL Transit System, Series 2010 B, RB		5.53%		07/01/2032		2,450		2,548,546
Miami-Dade (County of), FL Transit System, Series 2020 B, Ref. RB		2.60%		07/01/2042		6,000		4,414,754
Reedy Creek Improvement District, Series 2020 A, Ref. GO Bonds		2.73%		06/01/2038		2,500		1,825,076
St. Johns (County of), FL Industrial Development Authority (Flagler Health), Series 2020 B, Ref. RB, (INS - AGM)(a)		2.54%		10/01/2030		2,000		1,617,734
State Board of Administration Finance Corp., Series 2020 A, RB		2.15%		07/01/2030		950		778,778
								40,323,896
Georgia-1.88%
Atlanta (City of), GA, Series 2020, Ref. RB		2.26%		11/01/2035		1,000		792,885
Fulton (County of), GA Development Authority (Georgia Tech Athletic Association), Series 2022, Ref. RB		3.47%		10/01/2042		5,000		3,841,648
Fulton (County of), GA Development Authority (Georgia Tech Foundation), Series 2019, Ref. RB		3.13%		11/01/2049		4,000		2,834,851
Georgia (State of), Series 2010, GO Bonds		4.31%		10/01/2026		950		943,085
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2010 A, RB		6.66%		04/01/2057		4,371		4,846,805
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2010, RB		7.06%		04/01/2057		7,556		7,851,270
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2022, RB		6.47%		07/01/2045		5,000		5,071,827
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2023 B, RB		6.70%		07/01/2056		1,950		2,016,742
								28,199,113
Hawaii-1.32%
Hawaii (State of), Series 2010 DX, GO Bonds		5.53%		02/01/2030		950		998,583
Hawaii (State of), Series 2017 A, RB		3.89%		07/01/2037		1,200		1,063,372
Hawaii (State of), Series 2020 E, Ref. RB		2.23%		07/01/2029		2,200		1,891,623
Hawaii (State of), Series 2020 FZ, GO Bonds		0.89%		08/01/2026		1,000		881,541
Hawaii (State of), Series 2020 FZ, GO Bonds		2.00%		08/01/2027		5,000		4,496,185
Hawaii (State of), Series 2020 FZ, GO Bonds		1.70%		08/01/2032		5,000		3,825,460
Hawaii (State of), Series 2020 FZ, GO Bonds		1.87%		08/01/2033		1,000		758,761
Hawaii (State of), Series 2020 FZ, GO Bonds		2.29%		08/01/2040		1,000		678,463
Hawaii (State of), Series 2020 GB, GO Bonds		0.85%		10/01/2025		2,000		1,808,188
Honolulu (City & County of), HI, Series 2020 A, Ref. RB		0.55%		07/01/2024		100		94,476
Honolulu (City & County of), HI, Series 2020 A, Ref. RB		1.47%		07/01/2030		500		398,342
Honolulu (City & County of), HI, Series 2020 A, Ref. RB		1.62%		07/01/2031		1,000		783,424
Kauai (County of), HI, Series 2010 A, GO Bonds		5.76%		08/01/2033		1,950		2,112,129
								19,790,547
Idaho-0.37%
Idaho (State of) Housing & Finance Association, Series 2022 A, RB, (CEP - GNMA)		5.36%		01/01/2043		2,500		2,469,579
Idaho (State of) Housing & Finance Association, Series 2022 A, RB, (CEP - GNMA)		5.45%		01/01/2048		2,450		2,429,663
Idaho (State of) Housing & Finance Association (Garvee), Series 2010 A-2, RB		6.35%		07/15/2028		595		625,526
								5,524,768
Illinois-6.01%
Chicago (City of), IL, Series 2010 B, GO Bonds		7.52%		01/01/2040		2,000		2,266,635
Chicago (City of), IL, Series 2010 B, Ref. GO Bonds		6.21%		01/01/2032		4,515		4,486,997
Chicago (City of), IL, Series 2010 C, GO Bonds		6.21%		01/01/2036		8,280		8,324,680
Chicago (City of), IL, Series 2010 D, GO Bonds		6.26%		01/01/2040		2,000		2,022,900
Chicago (City of), IL, Series 2011 C-1, GO Bonds		7.78%		01/01/2035		1,665		1,841,441
Chicago (City of), IL, Series 2015 B, GO Bonds		7.38%		01/01/2033		2,170		2,304,827
Chicago (City of), IL (O’Hare International Airport), Series 2010 B, RB		6.40%		01/01/2040		5,700		6,628,389
Chicago (City of), IL (O’Hare International Airport), Series 2018 C, RB		4.47%		01/01/2049		4,950		4,637,616

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  66  

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Illinois-(continued)
Chicago (City of), IL (O’Hare International Airport), Series 2018 C, RB		4.57%		01/01/2054	$	4,580	$	4,305,732
Chicago (City of), IL (O’Hare International Airport), Series 2020 D, Ref. RB		1.37%		01/01/2025		5,970		5,585,718
Chicago (City of), IL (O’Hare International Airport), Series 2020 D, Ref. RB		1.70%		01/01/2026		4,865		4,449,951
Chicago (City of), IL (O’Hare International Airport), Series 2020 D, Ref. RB		2.35%		01/01/2030		2,950		2,517,315
Chicago (City of), IL (O’Hare International Airport), Series 2020 D, Ref. RB		2.45%		01/01/2031		2,000		1,680,782
Chicago (City of), IL (O’Hare International Airport), Series 2020 D, Ref. RB		2.55%		01/01/2032		2,000		1,658,877
Chicago (City of), IL Transit Authority, Series 2020 B, Ref. RB		3.60%		12/01/2035		10,000		8,663,059
Chicago (City of), IL Transit Authority, Series 2020 B, Ref. RB		3.91%		12/01/2040		3,000		2,573,807
Illinois (State of), Series 2003, GO Bonds		5.10%		06/01/2033		700		688,643
Illinois (State of), Series 2010 2, GO Bonds		6.90%		03/01/2035		9,250		10,057,998
Illinois (State of), Series 2010, GO Bonds		6.75%		03/01/2028		1,815		1,905,778
Illinois (State of) Finance Authority (Ann & Robert H. Lurie Children’s Hospital), Series 2018, Ref. RB		3.94%		08/15/2047		1,000		786,027
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2020, Ref. RB		3.51%		05/15/2041		4,000		3,062,189
Northern Illinois Municipal Power Agency, Series 2010 A, RB		7.62%		01/01/2030		170		183,171
Sales Tax Securitization Corp., Series 2017 B, Ref. RB		3.59%		01/01/2043		1,000		826,445
Sales Tax Securitization Corp., Series 2020 B, Ref. RB		2.96%		01/01/2032		2,500		2,097,315
Sales Tax Securitization Corp., Series 2020 B, Ref. RB, (INS - BAM)(a)		3.41%		01/01/2043		6,000		4,497,568
Sales Tax Securitization Corp., Series 2021 B, Ref. RB		3.24%		01/01/2042		900		692,627
Sales Tax Securitization Corp. (Social Bonds), Series 2023 B, RB		5.29%		01/01/2041		1,500		1,461,959
								90,208,446
Indiana-0.43%
Indiana (State of) Finance Authority (Community Foundation of Northwest Indiana Obligated Group), Series 2022, RB		4.31%		03/01/2052		1,950		1,592,640
Indiana (State of) Finance Authority (Green Bonds) (Ohio River Bridges East and Crossing), Series 2021, RB		3.05%		01/01/2051		500		374,247
Indianapolis Local Public Improvement Bond Bank, Series 2010 A-2, RB		5.85%		01/15/2030		915		946,599
Indianapolis Local Public Improvement Bond Bank, Series 2010 B-2, RB		5.97%		01/15/2030		3,450		3,554,040
								6,467,526
Iowa-0.08%
Iowa Student Loan Liquidity Corp., Series 2022 A, RB		5.08%		12/01/2039		1,300		1,201,326
Kansas-0.23%
Kansas (State of) Department of Transportation, Series 2010, RB		4.60%		09/01/2035		1,510		1,486,525
Kansas (State of) Development Finance Authority, Series 2015 H, RB		4.93%		04/15/2045		950		941,025
Kansas (State of) Development Finance Authority, Series 2021 K, RB, (INS - BAM)(a)		2.77%		05/01/2051		1,500		1,075,209
								3,502,759
Kentucky-0.24%
Kenton (County of), KY Airport Board, Series 2019, RB		4.69%		01/01/2049		1,000		877,723
Kentucky (State of) Public Transportation Infrastructure Authority (Downtown Crossing), Series 2021 A, Ref. RB, (INS - AGM)(a)		3.12%		07/01/2049		2,000		1,301,630
Kentucky (State of) Public Transportation Infrastructure Authority (Downtown Crossing), Series 2021 A, Ref. RB, (INS - AGM)(a)		3.22%		07/01/2053		2,000		1,272,483
Louisville (City of) & Jefferson (County of), KY Metropolitan Government, Series 2009, GO Bonds		5.45%		11/15/2027		150		154,413
								3,606,249
Louisiana-1.24%
Louisiana (State of), Series 2020 A-2, Ref. RB		2.23%		05/01/2036		2,000		1,473,950
Louisiana (State of), Series 2020 A-2, Ref. RB		2.53%		05/01/2041		2,900		2,058,627
Louisiana (State of), Series 2020 C-1, Ref. GO Bonds		1.86%		06/01/2032		3,000		2,362,692
Louisiana (State of) Energy & Power Authority (LEPA Unit No. 1), Series 2021 A, Ref. RB, (INS - AGM)(a)		3.17%		06/01/2040		1,500		1,112,611
Louisiana (State of) Energy & Power Authority (LEPA Unit No. 1), Series 2021 A, Ref. RB, (INS - AGM)(a)		3.25%		06/01/2044		1,000		702,836
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (East Baton Rouge Sewerage Commission), Series 2020, Ref. RB, (INS - AGM)(a)		2.59%		02/01/2043		3,225		2,258,352

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  67  

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Louisiana-(continued)
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (East Baton Rouge Sewerage Commission), Series 2020, Ref. RB, (INS - AGM)(a)		2.64%		02/01/2048	$	950	$	622,068
Louisiana (State of) Public Facilities Authority (LA Children’s Medical Center), Series 2020, RB, (INS - AGM)(a)		2.28%		06/01/2030		5,000		3,989,149
Louisiana (State of) Transportation Authority, Series 2021 A, Ref. RB		3.08%		08/15/2043		1,000		740,949
New Orleans (City of), LA, Series 2021, Ref. RB, (INS - AGM)(a)		2.84%		06/01/2041		1,400		1,003,546
New Orleans (City of), LA, Series 2021, Ref. RB, (INS - AGM)(a)		2.89%		12/01/2041		1,500		1,067,539
New Orleans (City of), LA, Series 2021, Ref. RB, (INS - AGM)(a)		2.94%		06/01/2045		870		592,849
New Orleans (City of), LA, Series 2021, Ref. RB, (INS - AGM)(a)		2.99%		12/01/2045		850		572,822
								18,557,990
Maine-0.05%
Maine (State of) Health & Higher Educational Facilities Authority, Series 2021 B, Ref. RB, (INS - AGM)(a)		3.12%		07/01/2043		1,000		729,085
Maryland-1.42%
Baltimore (City of), MD (Wastewater), Series 2020 A, Ref. RB		0.70%		07/01/2024		1,125		1,063,136
Baltimore (City of), MD (Wastewater), Series 2020 A, Ref. RB		0.85%		07/01/2025		1,000		911,133
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB		0.70%		07/01/2024		1,000		945,010
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB		0.85%		07/01/2025		1,500		1,366,700
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB		1.14%		07/01/2026		760		674,702
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB		1.34%		07/01/2027		1,000		868,388
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB		1.58%		07/01/2028		605		515,888
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB		2.81%		07/01/2040		1,000		760,897
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB		2.86%		07/01/2043		1,345		974,166
Baltimore (County of), MD, Series 2010 C, GO Bonds		4.45%		11/01/2026		5,000		4,960,734
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB		0.36%		08/01/2023		500		489,837
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB		0.53%		08/01/2024		500		467,330
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB		0.81%		08/01/2025		500		449,352
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB		0.91%		08/01/2026		715		619,834
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB		1.25%		08/01/2027		1,000		847,465
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB		1.30%		08/01/2028		1,000		819,563
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB		1.64%		08/01/2029		1,000		808,302
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB		1.69%		08/01/2030		500		392,652
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System), Series 2013 B, RB		4.67%		07/01/2036		1,000		954,179
Maryland (State of) Transportation Authority, Series 2010 B, RB		5.60%		07/01/2030		1,150		1,186,727
Maryland Economic Development Corp. (Seagirt Marine Terminal), Series 2019, RB		4.75%		06/01/2042		1,500		1,229,639
								21,305,634
Massachusetts-2.98%
Massachusetts (Commonwealth of), Series 2010 A, GO Bonds		4.48%		05/01/2024		4,300		4,262,622
Massachusetts (Commonwealth of), Series 2010 A, GO Bonds		4.91%		05/01/2029		7,715		7,818,618
Massachusetts (Commonwealth of), Series 2010 D, GO Bonds		4.50%		08/01/2031		1,950		1,929,202
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds		0.70%		11/01/2025		2,000		1,789,115
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds		0.99%		11/01/2026		1,000		871,682
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds		1.14%		11/01/2027		3,000		2,545,133
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds		1.37%		11/01/2028		2,500		2,076,327
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds		1.67%		11/01/2031		2,000		1,550,978
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds		1.87%		11/01/2033		2,000		1,500,270
Massachusetts (Commonwealth of) (Green Bonds), Series 2016 F, GO Bonds		3.28%		06/01/2046		1,500		1,224,535
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2010, RB		5.87%		07/01/2040		2,000		2,159,283
Massachusetts (Commonwealth of) Clean Water Trust (The), Series 2010, RB		5.19%		08/01/2040		1,010		1,013,842
Massachusetts (Commonwealth of) College Building Authority, Series 2009 C, RB		5.83%		05/01/2030		4,950		5,173,356
Massachusetts (Commonwealth of) Housing Finance Agency (Social Bonds), Series 2022 226, RB, (CEP - GNMA)		5.84%		12/01/2042		1,500		1,538,059
Massachusetts (Commonwealth of) Housing Finance Agency (Social Bonds), Series 2022 226, RB, (CEP - GNMA)		5.92%		12/01/2047		750		769,029

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  68  

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Massachusetts-(continued)
Massachusetts (Commonwealth of) Housing Finance Agency (Social Bonds), Series 2022 226, RB, (CEP - GNMA)		5.56%		12/01/2052	$	950	$	941,680
Massachusetts (Commonwealth of) Port Authority, Series 2021 C, Ref. RB		2.72%		07/01/2042		1,200		856,708
Massachusetts (Commonwealth of) Port Authority, Series 2021 C, Ref. RB		2.87%		07/01/2051		525		344,085
Massachusetts (Commonwealth of) School Building Authority, Series 2009, RB		5.72%		08/15/2039		450		485,229
Massachusetts (Commonwealth of) School Building Authority, Series 2020 C, Ref. RB		2.95%		05/15/2043		900		690,510
Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2019 F, Ref. RB		3.10%		08/01/2039		1,000		804,681
University of Massachusetts Building Authority, Series 2010 2, RB		4.55%		11/01/2025		1,450		1,433,840
University of Massachusetts Building Authority, Series 2021 2, Ref. RB		2.65%		11/01/2036		3,805		2,964,019
								44,742,803
Michigan-1.77%
Great Lakes Water Authority, Series 2020 B, Ref. RB, (INS - AGM)(a)		2.62%		07/01/2036		1,800		1,426,279
Macomb (County of), MI, Series 2020, Ref. GO Bonds		1.67%		11/01/2029		3,000		2,465,095
Michigan (State of) Building Authority, Series 2020 II, Ref. RB		2.71%		10/15/2040		4,000		2,997,954
Michigan (State of) Finance Authority, Series 2018 D, RB		5.02%		11/01/2043		1,774		1,657,948
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB		0.80%		09/01/2024		500		466,625
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB		1.12%		09/01/2025		250		225,217
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB		1.27%		09/01/2026		500		436,331
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB		1.53%		09/01/2027		500		426,559
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB		1.68%		09/01/2028		1,000		831,278
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB		1.88%		09/01/2029		500		407,551
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB		2.03%		09/01/2030		1,000		800,094
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB		3.23%		09/01/2047		2,000		1,495,452
University of Michigan, Series 2010 A, RB		5.51%		04/01/2030		250		257,337
University of Michigan, Series 2020 B, RB		1.67%		04/01/2030		1,050		858,196
University of Michigan, Series 2022 A, RB		3.50%		04/01/2052		4,000		3,225,929
University of Michigan, Series 2022 A, RB		4.45%		04/01/2122		950		809,346
University of Michigan, Series 2022 C, Ref. RB		3.60%		04/01/2047		4,950		4,249,404
University of Michigan (Green Bonds), Series 2022 B, RB		3.50%		04/01/2052		1,233		994,393
Western Michigan University, Series 2021 B, Ref. RB, (INS - AGM)(a)		2.88%		11/15/2043		3,500		2,519,026
								26,550,014
Minnesota-0.45%
University of Minnesota, Series 2022, RB		4.05%		04/01/2052		4,950		4,450,785
Western Minnesota Municipal Power Agency, Series 2019 A, Ref. RB		3.23%		01/01/2046		3,000		2,321,994
								6,772,779
Mississippi-1.69%
Medical Center Educational Building Corp. (Captial Improvement), Series 2020, Ref. RB		2.92%		06/01/2041		4,000		2,978,614
Mississippi (State of), Series 2009 D, GO Bonds		5.54%		10/01/2029		2,735		2,811,923
Mississippi (State of), Series 2010 F, GO Bonds		5.25%		11/01/2034		950		989,140
Mississippi (State of), Series 2020 A, Ref. GO Bonds		0.94%		11/01/2026		4,500		3,930,597
Mississippi (State of), Series 2020 A, Ref. GO Bonds		1.04%		11/01/2027		5,000		4,242,347
Mississippi (State of), Series 2020 A, Ref. GO Bonds		1.63%		11/01/2031		7,500		5,846,367
Mississippi (State of), Series 2020 A, Ref. GO Bonds		1.73%		11/01/2032		4,000		3,064,573
Mississippi (State of), Series 2020 A, Ref. GO Bonds		1.78%		11/01/2033		2,000		1,501,152
								25,364,713
Missouri-1.22%
Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport), Series 2020, Ref. RB		1.30%		03/01/2024		2,815		2,700,266
Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport), Series 2020, Ref. RB		1.40%		03/01/2025		3,000		2,766,405
Missouri (State of) Health & Educational Facilities Authority (St. Louis University), Series 2019 B, RB		4.20%		10/01/2049		4,950		4,184,508
Missouri (State of) Highway & Transportation Commission, Series 2009 C, RB		5.06%		05/01/2024		950		951,838
Missouri (State of) Highway & Transportation Commission, Series 2010 B, RB		5.02%		05/01/2025		950		954,351

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  69  

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Missouri-(continued)
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2009 A, RB		6.89%		01/01/2042	$	4,950	$	5,693,437
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2010 A, RB		7.60%		01/01/2032		920		1,024,021
								18,274,826
Montana-0.13%
Montana (State of) Facility Finance Authority (Benefis Health Systems Obligated Group), Series 2021 B, RB		3.25%		08/15/2051		1,500		1,016,896
Montana (State of) Facility Finance Authority (Billings Clinic Obligated Group), Series 2021, RB		3.00%		08/15/2051		1,500		953,279
								1,970,175
Nebraska-0.31%
Omaha Public Facilities Corp., Series 2017, RB		4.35%		02/01/2047		1,735		1,540,492
University of Nebraska Facilities Corp. (The), Series 2019 A, Ref. RB		3.04%		10/01/2049		4,000		3,125,286
								4,665,778
Nevada-0.47%
Clark (County of), NV, Series 2010 A, GO Bonds		6.55%		07/01/2030		1,450		1,540,203
Clark (County of), NV, Series 2010 A, GO Bonds		6.75%		07/01/2038		1,620		1,858,475
Washoe (County of), NV (Streets & Highways), Series 2010 H, RB		7.45%		02/01/2040		3,000		3,591,991
								6,990,669
New Hampshire-0.45%
New Hampshire (State of) Business Finance Authority (Birmingham Care Center), Series 2021, RB		3.78%		01/01/2036		1,200		898,957
New Hampshire (State of) Business Finance Authority (Butler Health Care Center), Series 2020, RB		3.28%		10/01/2037		2,920		2,021,380
New Hampshire (State of) Business Finance Authority (Lease), Series 2021, Ref. RB		3.30%		04/01/2032		2,900		2,227,062
New Hampshire (State of) Business Finance Authority (VA Eugene Health Care Center), Series 2020, Ref. RB		3.18%		01/01/2036		1,950		1,409,117
New Hampshire (State of) Turnpike System, Series 2009 A, RB		6.01%		11/01/2039		200		220,174
								6,776,690
New Jersey-3.31%
Camden (County of), NJ Improvement Authority (The) (County Capital Program), Series 2009 A, RB		6.18%		01/15/2027		345		350,991
New Jersey (State of) Economic Development Authority (Green Bonds), Series 2023, RB		5.40%		03/01/2033		250		251,315
New Jersey (State of) Educational Facilities Authority (New Jersey City University), Series 2010 G, RB		6.19%		07/01/2040		3,000		2,491,613
New Jersey (State of) Educational Facilities Authority (New Jersey City University), Series 2021, Ref. RB, (INS - AGM)(a)		4.43%		07/01/2051		2,000		1,525,407
New Jersey (State of) Educational Facilities Authority (Seton Hall University), Series 2020 D, RB, (INS - AGM)(a)		3.96%		07/01/2048		1,400		1,053,114
New Jersey (State of) Transportation Trust Fund Authority, Series 2010 B, RB		6.56%		12/15/2040		7,455		8,313,859
New Jersey (State of) Transportation Trust Fund Authority, Series 2010 C, RB		5.75%		12/15/2028		1,940		1,961,907
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB		4.13%		06/15/2042		1,000		839,666
New Jersey (State of) Turnpike Authority, Series 2010 A, RB		7.10%		01/01/2041		900		1,101,266
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB		0.90%		01/01/2025		500		464,026
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB		1.05%		01/01/2026		7,725		6,932,755
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB		1.28%		01/01/2027		500		438,358
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB		1.48%		01/01/2028		230		197,249
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB		1.71%		01/01/2029		200		168,455
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB		1.81%		01/01/2030		500		411,990
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB		1.86%		01/01/2031		500		402,572
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB		2.78%		01/01/2040		1,000		741,445
New Jersey Institute of Technology, Series 2020 B, Ref. RB		3.42%		07/01/2042		4,000		3,091,516
Passaic (County of), NJ Improvement Authority (The), Series 2010, RB		6.54%		08/01/2031		1,000		1,001,328
Passaic (County of), NJ Valley Water Commission, Series 2009, RB		7.57%		12/15/2029		500		557,696
Passaic (County of), NJ Valley Water Commission, Series 2009, RB		7.82%		12/15/2039		450		558,258
Rutgers The State University of New Jersey, Series 2010 H, RB		5.55%		05/01/2029		855		868,544
Rutgers The State University of New Jersey, Series 2019 R, Ref. RB		3.27%		05/01/2043		3,500		2,790,464

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  70  

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New Jersey-(continued)
Rutgers The State University of New Jersey, Series 2020 S, Ref. RB		2.56%		05/01/2040	$	6,000	$	4,333,913
Rutgers The State University of New Jersey, Series 2020 S, Ref. RB		2.68%		05/01/2046		5,000		3,365,420
South Jersey Port Corp., Series 2009, RB		7.37%		01/01/2040		4,950		5,461,446
								49,674,573
New Mexico-0.12%
New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2017, RB		4.41%		08/01/2046		2,000		1,734,651
New York-13.16%
Metropolitan Transportation Authority, Series 2009, RB		5.87%		11/15/2039		335		336,265
Metropolitan Transportation Authority, Series 2009, RB		7.34%		11/15/2039		1,965		2,455,470
Metropolitan Transportation Authority, Series 2010 A-2, RB		6.09%		11/15/2040		2,500		2,753,496
Metropolitan Transportation Authority, Series 2010 E, RB		6.81%		11/15/2040		6,525		7,053,483
Metropolitan Transportation Authority, Series 2010, RB		6.65%		11/15/2039		1,750		1,874,840
Metropolitan Transportation Authority, Series 2010, RB		6.67%		11/15/2039		7,250		7,810,053
Metropolitan Transportation Authority, Series 2010, RB		6.69%		11/15/2040		3,745		4,010,013
Monroe County Industrial Development Corp. (University of Rochester), Series 2020, RB		2.85%		07/01/2050		3,000		1,856,374
New York & New Jersey (States of) Port Authority, One Hudred Sixty Eigh Series 2011, RB		4.93%		10/01/2051		5,385		5,382,874
New York & New Jersey (States of) Port Authority, One Hundred and Seventy Fourth Series 2012, RB		4.46%		10/01/2062		1,225		1,120,684
New York & New Jersey (States of) Port Authority, Series 2017-20, RB		4.23%		10/15/2057		1,725		1,512,396
New York & New Jersey (States of) Port Authority, Series 2021, RB		3.14%		02/15/2051		2,000		1,509,021
New York (City of), NY, Series 2009 D-1, GO Bonds		5.99%		12/01/2036		1,500		1,603,447
New York (City of), NY, Series 2010 F-1, GO Bonds		6.27%		12/01/2037		7,870		8,763,691
New York (City of), NY, Series 2010 G-1, GO Bonds		5.97%		03/01/2036		8,495		9,151,991
New York (City of), NY, Series 2010 H-1, GO Bonds		5.65%		06/01/2027		950		969,667
New York (City of), NY, Series 2010 H-1, GO Bonds		5.85%		06/01/2040		5,000		5,342,169
New York (City of), NY, Series 2020 D-3, GO Bonds		2.22%		03/01/2035		6,930		5,214,961
New York (City of), NY, Series 2021 D, Ref. GO Bonds		1.92%		08/01/2031		2,000		1,589,257
New York (City of), NY, Series 2021 D, Ref. GO Bonds		2.02%		08/01/2032		2,000		1,563,886
New York (City of), NY, Series 2021 D, Ref. GO Bonds		2.12%		08/01/2033		6,875		5,301,818
New York (City of), NY, Series 2021 D, Ref. GO Bonds		2.17%		08/01/2034		4,000		3,031,950
New York (City of), NY, Series 2021 D, Ref. GO Bonds		2.22%		08/01/2035		3,000		2,232,464
New York (City of), NY, Series 2021 D, Ref. GO Bonds		2.42%		08/01/2036		3,140		2,346,956
New York (City of), NY, Subseries 2019 A-2, GO Bonds		2.13%		08/01/2024		9,000		8,638,390
New York (City of), NY, Subseries 2019 A-2, GO Bonds		2.63%		08/01/2028		10,000		8,942,186
New York (City of), NY (Social Bonds), Series 2022, GO Bonds		5.26%		10/01/2052		1,500		1,577,879
New York (City of), NY Educational Construction Fund, Series 2010 A, RB		6.00%		04/01/2035		1,950		2,110,523
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)(a)		2.68%		03/01/2033		2,000		1,588,070
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)(a)		2.73%		03/01/2034		3,000		2,347,186
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)(a)		2.78%		03/01/2035		3,000		2,315,130
New York (City of), NY Municipal Water Finance Authority, Series 2010 GG, RB		5.72%		06/15/2042		4,460		4,914,176
New York (City of), NY Transitional Finance Authority, Series 2010 S-1B, RB		6.83%		07/15/2040		3,735		4,155,929
New York (City of), NY Transitional Finance Authority, Series 2010, RB		5.51%		08/01/2037		1,525		1,570,258
New York (City of), NY Transitional Finance Authority, Series 2019 B-2, RB		2.11%		11/01/2024		950		903,367
New York (State of) Dormitory Authority, Series 2009 F, RB		5.29%		03/15/2025		200		201,144
New York (State of) Dormitory Authority, Series 2010 D, RB		5.00%		03/15/2024		2,100		2,095,439
New York (State of) Dormitory Authority, Series 2010 D, RB		5.50%		03/15/2030		2,760		2,815,214
New York (State of) Dormitory Authority, Series 2010 H, RB		5.29%		03/15/2033		1,345		1,366,476
New York (State of) Dormitory Authority, Series 2010 H, RB		5.39%		03/15/2040		1,800		1,862,759
New York (State of) Dormitory Authority, Series 2019 B, Ref. RB		3.14%		07/01/2043		1,900		1,524,214
New York (State of) Dormitory Authority, Series 2020 F, Ref. RB		3.19%		02/15/2043		5,000		3,925,049
New York (State of) Dormitory Authority, Series 2021 B, Ref. RB(b)		0.58%		03/15/2024		500		478,528
New York (State of) Dormitory Authority, Series 2021 B, Ref. RB(b)		1.06%		03/15/2025		500		462,175
New York (State of) Dormitory Authority, Series 2021 B, Ref. RB(b)		1.26%		03/15/2026		2,000		1,791,327

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  71  

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York (State of) Dormitory Authority, Series 2021 C, RB(b)		0.49%		03/15/2024	$	1,000	$	957,231
New York (State of) Dormitory Authority, Series 2021 C, RB(b)		0.89%		03/15/2025		1,000		924,463
New York (State of) Dormitory Authority, Series 2021 C, RB(b)		1.19%		03/15/2026		1,000		899,328
New York (State of) Dormitory Authority, Series 2021 C, RB(b)		1.54%		03/15/2027		1,000		883,198
New York (State of) Dormitory Authority, Series 2021 C, RB		1.75%		03/15/2028		1,000		863,126
New York (State of) Dormitory Authority, Series 2021 C, RB		1.95%		03/15/2029		1,000		848,626
New York (State of) Dormitory Authority, Series 2021 C, RB		2.05%		03/15/2030		1,000		832,371
New York (State of) Dormitory Authority, Series 2021 C, RB		2.15%		03/15/2031		1,000		818,659
New York (State of) Dormitory Authority, Series 2021 C, RB		2.25%		03/15/2032		1,000		807,052
New York (State of) Dormitory Authority, Series 2021 C, RB		2.20%		03/15/2034		900		701,114
New York (State of) Dormitory Authority (Barnard College), Series 2022 B, Ref. RB		5.97%		07/01/2042		3,000		2,897,923
New York (State of) Dormitory Authority (General Purpose), Series 2020 F, Ref. RB		3.03%		02/15/2033		6,970		5,933,320
New York (State of) Dormitory Authority (New York University), Series 2018 B, RB		4.85%		07/01/2048		5,000		4,752,462
New York (State of) Dormitory Authority (New York University), Series 2020 B, Ref. RB		2.77%		07/01/2043		5,000		3,568,951
New York (State of) Dormitory Authority (New York University) (Green Bonds), Series 2019 B-2, RB		4.01%		07/01/2049		3,000		2,478,387
New York (State of) Thruway Authority, Series 2019 M, Ref. RB		2.90%		01/01/2035		5,000		4,210,903
New York City Housing Development Corp. (Sustainability Bonds), Series 2021 B, RB		2.95%		11/01/2041		5,000		3,617,530
New York State Environmental Facilities Corp., Series 2010 B, RB		5.71%		06/15/2030		950		996,858
New York State Urban Development Corp., Series 2010 B, RB		5.84%		03/15/2040		1,950		2,036,264
New York State Urban Development Corp., Series 2020 F, Ref. RB		1.80%		03/15/2031		5,000		3,983,369
New York State Urban Development Corp., Series 2020 F, Ref. RB		1.90%		03/15/2032		5,000		3,914,416
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB		3.47%		07/01/2028		2,950		2,692,444
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB		3.57%		07/01/2029		1,950		1,757,405
Triborough Bridge & Tunnel Authority, Series 2009 B, RB		5.50%		11/15/2039		2,715		2,758,070
Triborough Bridge & Tunnel Authority, Series 2010, RB		5.45%		11/15/2032		2,230		2,283,514
Western Nassau County Water Authority, Series 2010 B, RB		6.70%		04/01/2040		500		557,896
								197,347,525
North Carolina-0.05%
University of North Carolina at Chapel Hill, Series 2016 C, Ref. RB		3.33%		12/01/2036		760		670,509
Ohio-3.05%
American Municipal Power, Inc. (Combined Hydroelectric), Series 2010 B, RB		8.08%		02/15/2050		7,880		10,731,829
American Municipal Power, Inc. (Meldahl Hydroelectric), Series 2010 B, RB		7.50%		02/15/2050		3,395		4,248,430
American Municipal Power, Inc. (Meldahl Hydroelectric), Series 2010 E, RB		6.27%		02/15/2050		1,950		2,148,339
American Municipal Power, Inc. (OH Combined Hydroelectric), Series 2009 B, RB		6.45%		02/15/2044		2,000		2,256,871
American Municipal Power, Inc. (Prairie State Energy Campus), Series 2009 C, RB		6.05%		02/15/2043		8,005		8,771,512
American Municipal Power, Inc. (Prairie State Energy Campus), Series 2010, RB		5.94%		02/15/2047		1,000		1,086,312
Cleveland (City of), OH, Series 2014, Ref. RB(b)(c)		5.50%		11/15/2024		1,000		1,002,953
Columbus (City of), OH Regional Airport Authority, Series 2019, RB		4.20%		12/15/2048		1,000		810,190
Cuyahoga (County of), OH (MetroHealth System), Series 2010 B, RB		8.22%		02/15/2040		950		1,087,024
Franklin (County of), OH Convention Facilities Authority, Series 2010 B, RB		6.39%		12/01/2030		1,000		1,067,455
Franklin (County of), OH Convention Facilities Authority, Series 2010 B, RB		6.54%		12/01/2036		1,070		1,191,616
JobsOhio Beverage System, Series 2020 A, Ref. RB		2.83%		01/01/2038		2,000		1,577,657
JobsOhio Beverage System, Series 2023, RB		4.43%		01/01/2033		3,000		2,943,564
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 B, Ref. RB		3.70%		01/01/2043		1,000		822,718
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2010 B-2, RB		4.88%		12/01/2034		1,000		1,010,006
Ohio State University (The), Series 2014, RB		5.59%		12/01/2114		1,000		947,217
Ohio State University (The), Series 2016 A, RB		3.80%		12/01/2046		950		806,226
Ohio State University (The), Series 2020, Ref. RB		3.02%		12/01/2050		5,000		3,282,516
								45,792,435
Oklahoma-1.18%
Oklahoma (City of), OK Water Utilities Trust, Series 2022, Ref. RB		4.64%		07/01/2042		950		903,434
Oklahoma (State of) Development Finance Authority (OK Natural Gas Co.), Series 2022, RB		4.38%		11/01/2045		3,500		3,278,069

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  72  

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Oklahoma-(continued)
Oklahoma (State of) Development Finance Authority (OK Natural Gas Co.), Series 2022, RB		4.71%		05/01/2052	$	5,000	$	4,730,998
Oklahoma (State of) Development Finance Authority (Public Service Co. of Oklahama), Series 2022, RB		4.62%		06/01/2044		4,950		4,743,040
Oklahoma (State of) Municipal Power Authority, Series 2021 B, Ref. RB, (INS - AGM)(a)		2.80%		01/01/2041		1,000		731,951
Oklahoma (State of) Turnpike Authority, Series 2020 B, Ref. RB		0.80%		01/01/2024		2,000		1,931,738
Oklahoma (State of) Turnpike Authority, Series 2020 B, Ref. RB		0.90%		01/01/2025		1,500		1,394,485
								17,713,715
Oregon-1.57%
Metro, Series 2019, GO Bonds		3.25%		06/01/2028		9,950		9,134,087
Morrow (Port of), OR (Bonneville Cooperation Project No. 4), Series 2016, RB		2.99%		09/01/2036		2,000		1,666,038
Oregon (State of), Series 2003, GO Bonds		5.89%		06/01/2027		1,900		1,953,796
Oregon (State of) Department of Transportation, Series 2010 A, RB		5.83%		11/15/2034		950		1,032,183
Oregon (State of) Department of Transportation, Series 2020 B, Ref. RB		1.66%		11/15/2031		4,000		3,142,708
Oregon (State of) Facilities Authority (Willamette University), Series 2021 B, RB		4.10%		10/01/2041		1,000		770,225
Oregon State University, Series 2019, RB		4.05%		04/01/2052		3,950		3,201,152
Oregon State University, Series 2020, RB, (INS - BAM)(a)		3.42%		03/01/2060		2,620		1,902,745
Portland (Port of), OR (Portland International Airport), Series 2019, RB		4.24%		07/01/2049		1,000		803,132
								23,606,066
Pennsylvania-2.53%
Allegheny (County of), PA, Series 2020 C-79, Ref. GO Bonds		2.09%		11/01/2033		5,000		3,871,453
Commonwealth Financing Authority, Series 2010 C-2, RB		5.59%		06/01/2030		2,000		2,035,450
Commonwealth Financing Authority, Series 2019 A, RB		3.81%		06/01/2041		5,000		4,299,823
Commonwealth Financing Authority, Series 2019 A, RB, (INS - AGM)(a)		3.66%		06/01/2038		2,000		1,723,704
Commonwealth Financing Authority, Series 2020 C, Ref. RB		3.53%		06/01/2042		1,000		815,251
Commonwealth Financing Authority, Series 2021 A, RB		2.99%		06/01/2042		900		677,553
Erie (City & County of), PA Water Authority, Series 2020 C, RB, (INS - AGM)(a)		3.46%		06/01/2060		3,140		2,247,967
Lehigh (County of), PA Authority, Series 2020, Ref. RB, (INS - BAM)(a)		3.23%		12/01/2050		1,000		675,945
Lehigh (County of), PA Authority, Series 2020, Ref. RB, (INS - BAM)(a)		3.48%		12/01/2055		1,000		690,418
Lehigh (County of), PA Authority, Series 2020, Ref. RB, (INS - BAM)(a)		3.63%		12/01/2059		2,500		1,745,682
Pennsylvania (Commonwealth of), Series 2010 B, GO Bonds		4.65%		02/15/2026		3,120		3,088,262
Pennsylvania (Commonwealth of) Economic Development Financing Authority (State System Higher Education), Series 2021, RB		2.85%		06/15/2036		1,000		794,831
Pennsylvania (Commonwealth of) Economic Development Financing Authority (State System Higher Education), Series 2021, RB		3.14%		06/15/2042		1,000		780,734
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority, Series 2010, RB		6.14%		04/01/2030		950		990,892
Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2020, Ref. RB		3.44%		12/01/2043		3,000		2,350,611
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2009, RB		6.11%		12/01/2039		1,393		1,582,322
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2020 A, Ref. RB		3.42%		12/01/2041		4,950		3,962,938
Philadelphia (City of), PA Authority for Industrial Development, Series 2021, Ref. RB		0.94%		04/15/2024		750		714,409
Philadelphia (City of), PA Authority for Industrial Development, Series 2021, Ref. RB		1.43%		04/15/2025		500		461,090
Philadelphia School District (The), Series 2010 B, GO Bonds		6.62%		06/01/2030		950		1,004,166
Pocono Mountains Industrial Park Authority (St. Luke’s University Health Network), Series 2018, RB		5.05%		08/15/2049		1,500		1,360,986
University of Pittsburgh-of the Commonwealth System of Higher Education, Series 2017 C, Ref. RB		3.01%		09/15/2041		2,750		2,102,198
								37,976,685
South Carolina-1.00%
Charleston Educational Excellence Finance Corp. (Charleston County School), Series 2020, Ref. RB		1.42%		12/01/2027		1,000		859,609
Columbia (City of), SC, Series 2021 B, Ref. RB		3.01%		02/01/2049		1,545		1,125,539
South Carolina (State of) Jobs-Economic Development Authority (Conway Hospital, Inc.), Series 2020, RB, (INS - AGM)(a)		2.73%		07/01/2030		5,500		4,620,680
South Carolina (State of) Public Service Authority, Series 2010 C, RB		6.45%		01/01/2050		5,000		5,489,345
South Carolina Student Loan Corp., Series 2020 A, RB		3.59%		12/01/2039		2,955		2,871,228
								14,966,401

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  73  

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
South Dakota-0.05%
South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2019 B, Ref. RB		3.69%		07/01/2042	$	1,000	$	788,655
Tennessee-0.26%
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 B, Ref. GO Bonds		1.39%		07/01/2030		250		196,692
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 B, Ref. GO Bonds		1.49%		07/01/2031		100		76,911
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 B, Ref. GO Bonds		1.59%		07/01/2032		125		94,215
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 B, Ref. GO Bonds		1.79%		07/01/2034		200		145,807
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 B, RB		4.05%		07/01/2026		1,000		966,488
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016, Ref. RB		3.44%		10/01/2046		950		787,653
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2021 B, RB		3.24%		07/01/2052		2,500		1,645,754
								3,913,520
Texas-10.54%
Austin (City of), TX, Series 2021, Ref. RB, (INS - AGM)(a)		2.86%		11/15/2042		2,585		1,887,278
Board of Regents of the University of Texas System, Series 2010 C, RB		4.64%		08/15/2030		10,000		9,975,449
Board of Regents of the University of Texas System, Series 2010 C, RB		4.79%		08/15/2046		1,000		1,017,546
Board of Regents of the University of Texas System, Series 2010 D, RB		5.13%		08/15/2042		1,000		1,050,073
Channelview Independent School District, Series 2010 B, GO Bonds, (CEP - Texas Permanent School Fund)		5.93%		08/15/2035		2,000		2,003,132
Colony Local Development Corp., Series 2013 A, RB, (INS - BHAC)(a)		4.88%		10/01/2047		950		877,114
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2019 A, Ref. RB		1.94%		11/01/2023		300		293,764
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 C, Ref. RB		1.33%		11/01/2025		3,250		2,952,300
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 C, Ref. RB		1.65%		11/01/2026		2,400		2,135,861
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 C, Ref. RB		2.92%		11/01/2050		1,000		728,594
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB		1.01%		11/01/2024		2,000		1,868,894
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB		1.30%		11/01/2025		1,000		907,563
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB		1.53%		11/01/2026		1,000		885,837
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB		1.73%		11/01/2027		1,000		867,798
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB		1.93%		11/01/2028		750		639,339
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB		2.04%		11/01/2029		2,000		1,670,691
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB		2.14%		11/01/2030		2,000		1,639,378
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB		2.74%		11/01/2035		2,000		1,567,465
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB		2.87%		11/01/2037		1,500		1,150,905
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB		2.84%		11/01/2046		2,500		1,867,446
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 A, RB		4.09%		11/01/2051		1,500		1,311,371
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 A, RB		4.51%		11/01/2051		2,400		2,245,500
Dallas (City of), TX Area Rapid Transit, Series 2021 A, Ref. RB		2.61%		12/01/2048		1,000		692,125

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  74  

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Texas-(continued)
Dallas (City of), TX Independent School District, Series 2010 C, GO Bonds, (CEP - Texas Permanent School Fund)		6.45%		02/15/2035	$	5,120	$	5,207,881
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2024		950		936,974
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2025		250		244,890
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2026		1,000		976,245
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2027		250		243,285
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2028		950		919,783
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2029		450		432,988
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		1.94%		08/15/2030		1,000		827,732
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		2.01%		08/15/2031		1,000		813,210
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		2.09%		08/15/2032		250		200,069
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		2.19%		08/15/2034		250		193,758
Dallas Convention Center Hotel Development Corp., Series 2009, RB		7.09%		01/01/2042		2,730		3,084,112
Denison Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		2.74%		08/01/2041		10,000		7,452,441
El Paso (City of), TX, Series 2014, Ref. GO Bonds		5.18%		08/15/2034		1,000		1,000,781
Fort Worth (City of), TX, Series 2017 B, RB		4.09%		03/01/2037		1,135		1,028,329
Harris (County of) & Houston (City of), TX Sports Authority, Series 2020 B, Ref. RB, (INS - AGM)(a)		3.71%		11/15/2056		4,000		2,841,827
Harris (County of) & Houston (City of), TX Sports Authority, Series 2020 C, Ref. RB, (INS - AGM)(a)		3.86%		11/15/2040		2,255		1,853,715
Houston (City of), TX, Series 2017, GO Bonds		3.96%		03/01/2047		900		788,590
Houston (City of), TX, Series 2020 C, Ref. RB		1.82%		07/01/2027		1,000		882,675
Midland (City of), TX, Series 2022 A, Ref. GO Bonds		4.52%		03/01/2042		3,000		2,839,578
Midland (City of), TX, Series 2022 A, Ref. GO Bonds		4.67%		03/01/2050		2,950		2,778,854
North Texas Tollway Authority, Series 2009 B, RB		6.72%		01/01/2049		1,700		2,111,062
North Texas Tollway Authority, Series 2020, Ref. RB		3.08%		01/01/2042		500		375,602
North Texas Tollway Authority, Series 2021, Ref. RB		3.01%		01/01/2043		950		722,759
San Antonio (City of), TX, Series 2016, Ctfs. Of Obligation		2.93%		02/01/2046		1,495		1,110,528
San Antonio (City of), TX, Series 2020, Ref. GO Bonds		0.84%		02/01/2025		10,000		9,273,267
San Antonio (City of), TX, Series 2022, GO Bonds		4.53%		02/01/2042		2,000		1,845,730
Tarrant County Cultural Education Facilities Finance Corp. (Hendrick Medical Center Obligated Group), Series 2021, Ref. RB, (INS - AGM)(a)		3.29%		09/01/2040		500		386,283
Tarrant County Cultural Education Facilities Finance Corp. (Hendrick Medical Center Obligated Group), Series 2021, Ref. RB, (INS - AGM)(a)		3.42%		09/01/2050		1,000		709,944
Texas (State of), Series 2009, GO Bonds		5.52%		04/01/2039		6,580		7,082,712
Texas (State of), Series 2021 A, Ref. GO Bonds		0.51%		10/01/2023		1,000		974,040
Texas (State of), Series 2021 A, Ref. GO Bonds		5.00%		10/01/2025		950		955,539
Texas (State of), Series 2021 A, Ref. GO Bonds		5.00%		10/01/2026		1,450		1,470,471
Texas (State of), Series 2021 A, Ref. GO Bonds		5.00%		10/01/2027		3,175		3,241,292
Texas (State of), Series 2021 A, Ref. GO Bonds		5.00%		10/01/2028		3,250		3,327,758
Texas (State of), Series 2021 A, Ref. GO Bonds		4.00%		10/01/2029		1,790		1,734,247
Texas (State of), Series 2021 A, Ref. GO Bonds		1.84%		10/01/2030		1,780		1,471,802
Texas (State of), Series 2021 A, Ref. GO Bonds		1.94%		10/01/2031		1,595		1,299,468
Texas (State of), Series 2021 B, Ref. GO Bonds		0.51%		10/01/2023		1,000		974,040
Texas (State of), Series 2021 B, Ref. GO Bonds		0.79%		10/01/2024		1,000		936,678
Texas (State of), Series 2021 B, Ref. GO Bonds		5.00%		10/01/2025		1,000		1,005,830
Texas (State of), Series 2021 B, Ref. GO Bonds		5.00%		10/01/2026		1,570		1,592,165

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  75  

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Texas-(continued)
Texas (State of), Series 2021 B, Ref. GO Bonds		5.00%		10/01/2027	$	2,730	$	2,787,001
Texas (State of), Series 2021 B, Ref. GO Bonds		5.00%		10/01/2028		1,685		1,725,314
Texas (State of), Series 2021 B, Ref. GO Bonds		3.00%		10/01/2029		3,655		3,335,352
Texas (State of), Series 2021 B, Ref. GO Bonds		1.84%		10/01/2030		4,200		3,472,790
Texas (State of), Series 2021 B, Ref. GO Bonds		1.94%		10/01/2031		1,000		814,714
Texas (State of), Series 2021 B, Ref. GO Bonds		2.04%		10/01/2032		1,570		1,262,706
Texas (State of), Series 2021 B, Ref. GO Bonds		2.14%		10/01/2033		1,000		795,797
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 C, Ref. RB		3.03%		08/15/2041		2,000		1,468,025
Texas (State of) Transportation Commission State Highway Fund, Series 2010 B, RB		5.03%		04/01/2026		2,000		1,999,078
Texas (State of) Transportation Commission State Highway Fund, Series 2010 B, RB		5.18%		04/01/2030		11,715		11,859,199
Texas A&M University, Series 2019 A, RB		4.20%		05/15/2048		2,450		2,184,890
Texas A&M University, Series 2019 B, Ref. RB		2.62%		05/15/2029		2,950		2,638,219
Texas A&M University, Series 2021 B, RB		2.81%		05/15/2041		1,000		755,547
Uptown Development Authority, Series 2021 B, RB, (INS - AGM)(a)		3.46%		09/01/2040		1,160		897,449
Waco Educational Finance Corp. (Baylor University), Series 2020, Ref. RB		2.84%		03/01/2040		5,000		3,754,504
								158,134,942
Utah-1.03%
Salt Lake (County of), UT Municipal Building Authority, Series 2009 B, RB		5.82%		12/01/2029		500		513,427
Utah (State of), Series 2009 D, GO Bonds		4.55%		07/01/2024		265		263,689
Utah (State of), Series 2010 B, GO Bonds		3.54%		07/01/2025		1,655		1,626,020
Utah (State of) Transit Authority, Series 2009 B, RB		5.94%		06/15/2039		1,765		1,934,286
Utah (State of) Transit Authority (Green Bonds), Series 2021, Ref. RB		1.72%		12/15/2027		4,000		3,511,628
Utah (State of) Transit Authority (Green Bonds), Series 2021, Ref. RB		1.82%		12/15/2028		3,950		3,394,441
Utah (State of) Transit Authority (Green Bonds), Series 2021, Ref. RB		1.94%		12/15/2029		5,000		4,220,885
								15,464,376
Virgin Islands-0.43%
Virgin Islands (Government of) Water & Power Authority (Electric System), Series 2010 C, RB, (INS - AGM)(a)		6.85%		07/01/2035		5,795		6,494,866
Virginia-0.09%
Virginia (Commonwealth of) Transportation Board, Series 2010, RB		4.70%		05/15/2024		1,395		1,389,807
Washington-2.14%
Benton (County of), WA Public Utility District No. 1, Series 2010, RB		6.55%		11/01/2030		750		817,698
Central Puget Sound Regional Transit Authority, Series 2009 S-2T, RB		5.49%		11/01/2039		1,805		1,918,155
Cowlitz (County of), WA Public Utility District No. 1, Series 2010, RB		6.88%		09/01/2032		6,450		7,208,479
Douglas (County of), WA Public Utility District No. 1, Series 2010 1-B, RB		5.25%		09/01/2030		1,655		1,664,054
Grant (County of), WA Public Utility District No. 2, Series 2010 L, Ref. RB		5.73%		01/01/2030		2,450		2,562,450
Grant (County of), WA Public Utility District No. 2, Series 2010 L, Ref. RB		5.83%		01/01/2040		2,750		2,951,162
King (County of), WA, Series 2020 B, Ref. RB		1.30%		01/01/2028		1,000		854,712
King (County of), WA, Series 2020 B, Ref. RB		1.46%		01/01/2029		5,915		4,945,996
Seattle (Port of), WA, Series 2017, Ref. RB		3.76%		05/01/2036		500		447,829
Tacoma (City of), WA, Series 2010 B, RB		5.37%		12/01/2030		1,000		1,028,325
Tacoma (City of), WA, Series 2010 B, RB, (INS - AGM)(a)		5.79%		01/01/2032		2,570		2,716,534
University of Washington, Series 2021 B, Ref. RB		2.62%		04/01/2042		2,000		1,427,427
Washington (State of), Series 2010 B, GO Bonds		5.09%		08/01/2033		1,950		1,991,567
Washington (State of) Biomedical Research Facilities 3, Series 2010 B, RB		6.42%		07/01/2030		1,435		1,528,089
								32,062,477
Wisconsin-0.86%
Wisconsin (State of), Series 2017 A, Ref. RB		3.95%		05/01/2036		2,950		2,704,174
Wisconsin (State of), Series 2019 1, Ref. GO Bonds		2.38%		05/01/2030		160		138,013
Wisconsin (State of), Series 2020 A, Ref. RB		2.50%		05/01/2032		2,000		1,661,323
Wisconsin (State of), Series 2020-2, Ref. GO Bonds(b)		1.88%		05/01/2025		845		792,294
Wisconsin (State of), Series 2020-2, Ref. GO Bonds		1.88%		05/01/2025		1,655		1,554,594
Wisconsin (State of), Series 2021 3, Ref. GO Bonds		0.65%		05/01/2025		1,095		1,001,347
Wisconsin (State of), Series 2021 3, Ref. GO Bonds(b)		0.65%		05/01/2025		405		369,837

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  76  

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Wisconsin-(continued)
Wisconsin (State of), Series 2021, Ref. GO Bonds		0.36%		05/01/2024	$	1,000	$	947,805
Wisconsin (State of), Series 2021, Ref. GO Bonds		0.80%		05/01/2026		1,000		887,149
Wisconsin (State of) Center District, Series 2020 B, Ref. RB, (INS - AGM)(a)		4.17%		12/15/2050		1,950		1,569,926
Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center), Series 2020, RB, (INS - AGM)(a)		3.09%		06/01/2050		2,000		1,302,807
								12,929,269
Total Municipal Obligations (Cost $1,696,050,906)								1,464,758,281
U.S. Dollar Denominated Bonds & Notes-0.42%
California-0.31%
Pepperdine University, Series 2020		3.30%		12/01/2059		5,000		3,475,739
University of Southern California, Series A		3.23%		10/01/2120		2,000		1,233,391
								4,709,130
New Hampshire-0.11%
Trustees of Dartmouth College		3.47%		06/01/2046		2,000		1,642,092
Total U.S. Dollar Denominated Bonds & Notes (Cost $8,999,900)								6,351,222
					Shares
Money Market Funds-0.78%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(d)(e) (Cost $11,653,879)						11,653,879		11,653,879
TOTAL INVESTMENTS IN SECURITIES(f)-98.85% (Cost $1,716,704,685)								1,482,763,382
OTHER ASSETS LESS LIABILITIES-1.15%								17,234,044
NET ASSETS-100.00%							$	1,499,997,426

Investment Abbreviations:
AGM	-Assured Guaranty Municipal Corp.
BAM	-Build America Mutual Assurance Co.
BHAC	-Berkshire Hathaway Assurance Corp.
CEP	-Credit Enhancement Provider
COP	-Certificates of Participation
Ctfs.	-Certificates
GNMA	-Government National Mortgage Association
GO	-General Obligation
INS	-Insurer
RB	-Revenue Bonds
Ref.	-Refunding

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  77  

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2023

(Unaudited)

Notes to Schedule of Investments:

^(a) Principal and/or interest payments are secured by the bond insurance company listed.

^(b)  Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(c)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31,  2022			Purchases at Cost			Proceeds from Sales				Change  in Unrealized Appreciation			Realized Gain			Value February 28,  2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	29,365,372		$	55,295,281		$	(73,006,774	)		$	-		$	-		$	11,653,879		$	265,544

^(e)  The rate shown is the 7-day SEC standardized yield as of February 28, 2023.

^(f) This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.

Entities	Percentage
Assured Guaranty Municipal Corp.		5.99%

Portfolio Composition
Revenue Type Breakdown (% of the Fund’s Net Assets) as of February 28, 2023
Ad Valorem Property Tax	21.76
College & University Revenue	13.38
Miscellaneous Revenue	7.60
Port, Airport & Marina Revenue	7.07
Electric Power Revenue	7.04
General Fund	6.72
Sales Tax Revenue	5.78
Lease Revenue	5.57
Water Revenue	5.23
Highway Tolls Revenue	4.02
Health, Hospital, Nursing Home Revenue	3.58
Revenue Types Each Less Than 3%	10.32
Money Market Funds Plus Other Assets   Less Liabilities	1.93

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  78  

Invesco Treasury Collateral ETF (CLTL)

February 28, 2023

(Unaudited)

Schedule of Investments

	Principal Amount		Value
U.S. Treasury Securities-99.83%
U.S. Treasury Bills-55.44%(a)
4.26%–5.03%, 04/04/2023	$	15,315,000	$	15,249,544
4.23%–4.98%, 04/06/2023		18,178,000		18,097,696
4.37%–4.99%, 04/11/2023		11,584,000		11,523,486
4.18%–4.94%, 04/13/2023		38,462,000		38,257,150
4.46%–4.93%, 04/18/2023		10,690,000		10,624,625
2.77%–4.97%, 04/20/2023		33,207,300		32,995,938
4.53%–4.90%, 04/25/2023		10,690,000		10,614,342
4.47%–4.88%, 04/27/2023		33,112,000		32,868,541
4.60%–4.92%, 05/04/2023		10,700,000		10,612,089
4.55%–4.95%, 05/11/2023		16,616,000		16,463,535
4.68%, 05/16/2023		25,000,000		24,755,243
2.79%–4.95%, 05/18/2023		23,884,700		23,643,893
4.69%, 05/23/2023		25,000,000		24,733,420
4.55%–4.92%, 05/25/2023		16,094,000		15,917,753
4.76%, 05/30/2023		25,000,000		24,708,375
4.59%–4.93%, 06/01/2023		22,145,000		21,879,146
4.77%, 06/06/2023		26,000,000		25,671,615
4.59%–4.88%, 06/08/2023		16,094,000		15,888,021
4.76%, 06/13/2023		20,000,000		19,725,267
2.80%–4.88%, 06/15/2023		25,710,500		25,355,585
4.77%, 06/20/2023		20,000,000		19,705,850
4.57%–4.89%, 06/22/2023		16,094,000		15,856,190
4.67%–4.88%, 06/29/2023		16,094,000		15,843,470
4.63%–4.90%, 07/06/2023		24,708,000		24,294,768
2.91%–4.94%, 07/13/2023		17,769,200		17,456,147
4.73%–4.97%, 07/20/2023		8,204,000		8,051,845
3.98%–4.89%, 09/07/2023		8,936,000		8,716,371
4.58%–4.96%, 10/05/2023		18,178,000		17,666,000
4.61%–4.98%, 11/02/2023		11,111,000		10,751,912
4.64%–4.98%, 11/30/2023		17,717,000		17,081,044
4.66%–5.00%, 12/28/2023		16,106,000		15,468,792
4.66%, 01/25/2024		12,700,000		12,152,589
				602,630,242
U.S. Treasury Notes-44.39%
0.25%, 04/15/2023		9,127,700		9,077,402
0.13% - 2.75%, 04/30/2023		26,331,400		26,170,641
0.13% - 1.75%, 05/15/2023		21,447,200		21,279,886
0.13% - 2.75%, 05/31/2023		25,558,800		25,318,081

	Principal Amount		Value
U.S. Treasury Notes-(continued)
0.25%, 06/15/2023	$	25,242,500	$	24,902,676
0.13% - 2.63%, 06/30/2023		30,154,600		29,754,424
0.13%, 07/15/2023		10,291,600		10,103,643
0.13% - 2.75%, 07/31/2023		29,703,500		29,211,473
0.13% - 2.50%, 08/15/2023		22,001,000		21,635,646
0.13% - 2.75%, 08/31/2023		32,464,000		31,813,039
0.13%, 09/15/2023		9,208,000		8,969,043
0.25% - 2.88%, 09/30/2023		22,693,000		22,171,334
0.13%, 10/15/2023		21,470,000		20,824,856
0.38% - 2.88%, 10/31/2023		41,961,000		40,917,201
0.25% - 2.75%, 11/15/2023		27,567,000		26,925,329
0.50% - 2.88%, 11/30/2023		32,656,000		31,836,634
0.13%, 12/15/2023		16,106,000		15,487,523
0.75%, 12/31/2023		16,094,000		15,523,797
0.13%, 01/15/2024		17,176,000		16,448,064
0.88% - 2.50%, 01/31/2024		39,646,000		38,457,690
0.13% - 2.75%, 02/15/2024		16,300,000		15,739,008
				482,567,390
Total U.S. Treasury Securities (Cost $1,087,090,532)				1,085,197,632
	Shares
Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(b)(c) (Cost $294,321)		294,321		294,321
TOTAL INVESTMENTS IN SECURITIES-99.86% (Cost $1,087,384,853)				1,085,491,953
OTHER ASSETS LESS LIABILITIES-0.14%				1,496,848
NET ASSETS-100.00%			$	1,086,988,801

Notes to Schedule of Investments:

^(a)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(b)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31,  2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain		Value February 28,  2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$112,449		$26,445,240		$(26,263,368)		$-		$-		$294,321		$4,925

^(c)  The rate shown is the 7-day SEC standardized yield as of February 28, 2023.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  79  

Invesco Treasury Collateral ETF (CLTL)–(continued)

February 28, 2023

(Unaudited)

Portfolio Composition
Security Type Breakdown (% of the Fund’s Net Assets) as of February 28, 2023
U.S. Treasury Bills	55.44
U.S. Treasury Notes	44.39
Money Market Funds Plus Other Assets Less Liabilities	0.17

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  80  

Invesco Variable Rate Preferred ETF (VRP)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-71.58%
Automobiles-0.80%
General Motors Financial Co., Inc.
Series A, 5.75%(b)(c)(d)	$	7,735,000	$	7,069,016
Series B, 6.50%(b)(c)(d)		3,865,000		3,628,269
Series C, 5.70%(b)(c)(d)		3,898,000		3,535,749
				14,233,034
Banks-33.39%
BAC Capital Trust XIV, Series G, 4.00% (3 mo. USD LIBOR + 0.40%)(d)(e)		3,800,000		3,101,599
Bank of America Corp.
Series AA, 6.10%(c)(d)		14,755,000		14,644,338
Series DD, 6.30%(b)(c)(d)		7,770,000		7,857,413
Series FF, 5.88%(c)(d)		17,641,000		16,497,863
Series JJ, 5.13%(c)(d)		6,675,000		6,500,182
Series MM, 4.30%(b)(c)(d)		5,975,000		5,426,744
Series RR, 4.38%(c)(d)		12,950,000		11,252,255
Series TT, 6.13%(b)(c)(d)		15,480,000		15,128,604
Series U, 5.20%(b)(c)(d)		7,841,000		7,816,105
Series X, 6.25%(c)(d)		15,565,000		15,603,912
Bank of Montreal (Canada), 4.80%(b)(c)(d)		3,900,000		3,642,150
Bank of Nova Scotia (The) (Canada)
4.90%(c)(d)		9,700,000		9,328,449
6.57% (3 mo. USD LIBOR + 2.65%)(d)(e)		9,750,000		9,506,250
Citigroup, Inc.
3.88%(c)(d)		17,830,000		16,045,217
5.90%(c)(d)		5,800,000		5,834,220
Series A, 8.87% (3 mo. USD LIBOR + 4.07%)(d)(e)		11,610,000		11,702,880
Series D, 5.35%(b)(c)(d)		9,708,000		9,682,759
Series M, 6.30%(b)(c)(d)		13,610,000		13,337,800
Series P, 5.95%(b)(c)(d)		15,512,000		15,177,716
Series V, 4.70%(c)(d)		11,700,000		10,705,500
Series Y, 4.15%(c)(d)		7,820,000		6,734,975
Citizens Financial Group, Inc., Series F, 5.65%(c)(d)		3,130,000		3,088,997
CoBank, ACB
Series J, 4.25%(c)(d)		3,400,000		2,971,483
Series K, 6.45%(c)(d)		3,100,000		3,115,500
Comerica, Inc., 5.63%(c)(d)		3,057,000		2,986,690
Fifth Third Bancorp
Series H, 5.10%(b)(c)(d)		4,675,000		4,567,518
Series L, 4.50%(c)(d)		2,690,000		2,579,869
Huntington Bancshares, Inc.
Series E, 5.70%(b)(c)(d)		3,929,000		3,919,178
Series F, 5.63%(b)(c)(d)		3,905,000		3,724,658
Series G, 4.45%(b)(c)(d)		3,835,000		3,569,608

	Principal Amount		Value
Banks-(continued)
JPMorgan Chase & Co.
Series CC, 7.02% (3 mo. USD LIBOR + 2.58%)(b)(d)(e)	$	9,775,000	$	9,666,743
Series FF, 5.00%(c)(d)		17,406,000		16,916,456
Series HH, 4.60%(c)(d)		23,250,000		21,625,987
Series II, 4.00%(c)(d)		11,717,000		10,517,999
Series KK, 3.65%(b)(c)(d)		15,600,000		13,580,092
Series Q, 5.15%(b)(c)(d)		11,720,000		11,720,000
Series R, 6.00%(b)(c)(d)		11,715,000		11,711,837
Series S, 6.75%(c)(d)		15,480,000		15,557,400
Series U, 6.13%(b)(c)(d)		7,803,000		7,824,458
Series W, 5.86% (3 mo. USD LIBOR + 1.00%), 05/15/2047(e)		3,494,000		2,961,165
Series X, 6.10%(c)(d)		12,434,000		12,371,830
KeyCorp, Series D, 5.00%(c)(d)		4,065,000		3,846,686
M&T Bank Corp.
3.50%(c)(d)		3,850,000		3,060,885
Series E, 6.45%(c)(d)		2,717,000		2,707,237
Series F, 5.13%(c)(d)		3,916,000		3,659,502
Series G, 5.00%(b)(c)(d)		3,075,000		2,944,618
PNC Financial Services Group, Inc. (The) Series O, 8.49% (3 mo. USD LIBOR + 3.68%)(d)(e)		7,745,000		7,806,555
Series R, 4.85%(c)(d)		3,895,000		3,843,048
Series S, 5.00%(c)(d)		4,100,000		3,841,697
Series T, 3.40%(c)(d)		11,730,000		9,722,997
Series U, 6.00%(b)(c)(d)		7,800,000		7,562,100
Series V, 6.20%(b)(c)(d)		9,775,000		9,652,813
Series W, 6.25%(c)(d)		11,600,000		11,252,000
Regions Financial Corp., Series D, 5.75%(b)(c)(d)		2,731,000		2,690,500
SVB Financial Group
4.10%(c)(d)		5,850,000		4,065,750
Series C, 4.00%(c)(d)		7,850,000		5,772,887
Series D, 4.25%(c)(d)		7,750,000		5,503,429
Series E, 4.70%(c)(d)		4,647,000		3,226,082
Truist Financial Corp.
Series A, 5.32% (3 mo. USD LIBOR + 0.67%), 05/15/2027(e)		2,727,000		2,590,179
Series L, 6.40% (3 mo. USD LIBOR + 3.10%)(d)(e)		5,825,000		5,913,657
Series M, 5.13%(c)(d)		3,880,000		3,427,021
Series N, 4.80%(c)(d)		13,200,000		12,565,375
Series P, 4.95%(c)(d)		7,800,000		7,646,574
Series Q, 5.10%(c)(d)		7,816,000		7,501,797
U.S. Bancorp
3.70%(c)(d)		11,600,000		9,787,500
Series J, 5.30%(c)(d)		7,780,000		7,037,289
United Overseas Bank Ltd. (Singapore), 3.88%(c)(d)(f)		5,400,000		5,302,048
USB Capital IX, 5.10% (3 mo. USD LIBOR + 1.02%)(d)(e)		5,230,000		4,443,055

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  81  

Invesco Variable Rate Preferred ETF (VRP)–(continued)

February 28, 2023

(Unaudited)

	Principal Amount		Value
Banks-(continued)
Wells Fargo & Co.
Series BB, 3.90%(c)(d)	$	27,185,000	$	24,330,575
Series S, 5.90%(c)(d)		15,523,000		15,226,976
Series U, 5.88%(c)(d)		15,511,000		15,425,690
				592,860,921
Capital Markets-6.73%
Bank of New York Mellon Corp. (The)
Series D, 4.50%(c)(d)		3,895,000		3,752,056
Series F, 4.63%(c)(d)		7,786,000		7,104,636
Series H, 3.70%(c)(d)		4,545,000		4,155,201
Series I, 3.75%(c)(d)		10,100,000		8,458,750
Charles Schwab Corp. (The)
Series F, 5.00%(b)(c)(d)		3,890,000		3,475,195
Series G, 5.38%(b)(c)(d)		19,425,000		19,230,750
Series I, 4.00%(c)(d)		17,336,000		15,795,927
Series K, 5.00%(c)(d)		5,800,000		5,466,500
Goldman Sachs Capital II, 5.53% (3 mo. USD LIBOR + 0.77%)(b)(d)(e)		5,934,000		4,806,540
Goldman Sachs Group, Inc. (The)
Series O, 5.30%(b)(c)(d)		5,080,000		4,955,032
Series Q, 5.50%(b)(c)(d)		3,884,000		3,821,163
Series R, 4.95%(b)(c)(d)		4,700,000		4,473,502
Series S, 4.40%(b)(c)(d)		2,700,000		2,456,541
Series T, 3.80%(c)(d)		5,300,000		4,555,297
Series U, 3.65%(c)(d)		5,800,000		4,918,980
Series V, 4.13%(c)(d)		5,800,000		4,988,000
Mellon Capital IV, Series 1, 4.09% (3 mo. USD LIBOR + 0.57%)(b)(d)(e)		3,905,000		3,292,380
Morgan Stanley, Series M, 5.88%(b)(c)(d)		3,118,000		3,086,976
Northern Trust Corp., Series D, 4.60%(c)(d)		3,845,000		3,565,928
State Street Corp.
4.29% (3 mo. USD LIBOR + 1.00%), 06/15/2047(e)		3,923,000		3,263,962
Series H, 5.63%(b)(c)(d)		3,940,000		3,821,800
				119,445,116
Consumer Finance-2.19%
Ally Financial, Inc.
Series B, 4.70%(c)(d)		10,540,000		8,292,608
Series C, 4.70%(c)(d)		7,770,000		5,736,488
American Express Co., 3.55%(c)(d)		12,481,000		10,626,323
Capital One Financial Corp., Series M, 3.95%(b)(c)(d)		7,792,000		6,595,149
Discover Financial Services
Series C, 5.50%(c)(d)		4,480,000		3,836,314
Series D, 6.13%(b)(c)(d)		3,845,000		3,816,490
				38,903,372
Diversified Financial Services-0.48%
National Rural Utilities Cooperative Finance Corp.
4.75%, 04/30/2043(c)		3,114,000		3,036,505
5.25%, 04/20/2046(c)		2,678,000		2,536,894
Voya Financial, Inc., 5.65%, 05/15/2053(c)		3,050,000		3,024,182
				8,597,581

	Principal Amount		Value
Electric Utilities-4.04%
American Electric Power Co., Inc., 3.88%, 02/15/2062(c)	$	5,800,000	$	4,865,810
Duke Energy Corp.
3.25%, 01/15/2082(c)		3,900,000		3,098,940
4.88%(c)(d)		7,765,000		7,532,050
Edison International
Series A, 5.38%(c)(d)		9,775,000		8,922,913
Series B, 5.00%(c)(d)		5,800,000		5,009,286
Emera, Inc. (Canada), Series 16-A, 6.75%, 06/15/2076(c)		9,382,000		9,036,912
NextEra Energy Capital Holdings, Inc.
4.80%, 12/01/2077(c)		4,295,000		3,797,639
5.65%, 05/01/2079(c)		3,850,000		3,580,500
3.80%, 03/15/2082(c)		4,705,000		4,044,255
PPL Capital Funding, Inc., Series A, 6.34% (3 mo. USD LIBOR + 2.67%), 03/30/2067(e)		3,702,000		3,364,748
Southern California Edison Co., Series E, 8.64% (3 mo. USD LIBOR + 4.20%)(d)(e)		2,700,000		2,686,500
Southern Co. (The)
Series 21-A, 3.75%, 09/15/2051(c)		7,750,000		6,622,857
Series B, 4.00%, 01/15/2051(c)		9,694,000		9,113,814
				71,676,224
Industrial Conglomerates-2.44%
General Electric Co., Series D, 6.62% (3 mo. USD LIBOR + 3.33%)(d)(e)		43,114,000		43,218,787
Insurance-6.40%
Aegon N.V. (Netherlands), 5.50%, 04/11/2048(c)		6,090,000		5,779,914
Allstate Corp. (The)
6.50%, 05/15/2057(c)		3,900,000		3,775,425
Series B, 5.75%, 08/15/2053(c)		6,219,000		6,102,155
American International Group, Inc., Series A-9, 5.75%, 04/01/2048(c)		5,854,000		5,663,745
Assurant, Inc., 7.00%, 03/27/2048(c)		3,100,000		3,085,602
Lincoln National Corp.
7.01% (3 mo. USD LIBOR + 2.36%), 05/17/2066(e)		4,340,000		3,385,200
6.28% (3 mo. USD LIBOR + 2.04%), 04/20/2067(e)		3,410,000		2,540,450
Series C, 9.25%(b)(c)(d)		3,860,000		4,228,244
Markel Corp., 6.00%(b)(c)(d)		4,700,000		4,646,326
MetLife, Inc., Series D, 5.88%(b)(c)(d)		3,890,000		3,764,353
Nationwide Financial Services, Inc., 6.75%, 05/15/2037		3,108,000		3,069,150
PartnerRe Finance B LLC, 4.50%, 10/01/2050(c)		3,895,000		3,483,407
Principal Financial Group, Inc., 7.65% (3 mo. USD LIBOR + 3.04%), 05/15/2055(e)		3,068,000		3,048,058
Progressive Corp. (The), Series B, 5.38%(c)(d)		3,890,000		3,860,825

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  82  

Invesco Variable Rate Preferred ETF (VRP)–(continued)

February 28, 2023

(Unaudited)

	Principal Amount		Value
Insurance-(continued)
Prudential Financial, Inc.
5.63%, 06/15/2043(c)	$	11,689,000	$	11,652,180
5.20%, 03/15/2044(c)		3,910,000		3,839,405
5.38%, 05/15/2045(c)		7,797,000		7,583,167
4.50%, 09/15/2047(b)(c)		5,825,000		5,387,233
5.70%, 09/15/2048(c)		7,787,000		7,372,148
3.70%, 10/01/2050(c)		6,225,000		5,252,842
5.13%, 03/01/2052(c)		7,800,000		7,133,451
6.00%, 09/01/2052(b)(c)		9,300,000		8,971,367
				113,624,647
Machinery-0.28%
Stanley Black & Decker, Inc., 4.00%, 03/15/2060(c)		5,840,000		5,037,613
Media-0.61%
Paramount Global
6.25%, 02/28/2057(c)		5,076,000		4,193,233
6.38%, 03/30/2062(c)		7,750,000		6,686,700
				10,879,933
Multi-Utilities-2.62%
Algonquin Power & Utilities Corp. (Canada), 4.75%, 01/18/2082(c)		5,818,000		4,819,777
CMS Energy Corp.
4.75%, 06/01/2050(c)		3,875,000		3,480,525
3.75%, 12/01/2050(c)		3,150,000		2,512,141
Dominion Energy, Inc.
Series A, 5.75%, 10/01/2054(c)		5,301,000		5,125,610
Series B, 4.65%(c)(d)		6,215,000		5,764,412
Series C, 4.35%(c)(d)		5,845,000		5,098,422
NiSource, Inc., 5.65%(c)(d)		3,100,000		3,020,566
Sempra Energy
4.13%, 04/01/2052(c)		7,800,000		6,629,190
4.88%(b)(c)(d)		7,000,000		6,615,866
WEC Energy Group, Inc., 6.72% (3 mo. USD LIBOR + 2.11%), 05/15/2067(e)		3,933,000		3,369,482
				46,435,991
Oil, Gas & Consumable Fuels-9.57%
BP Capital Markets PLC (United Kingdom)
4.38%(c)(d)		19,494,000		18,634,150
4.88%(c)(d)		19,425,000		17,860,705
Enbridge, Inc. (Canada)
5.50%, 07/15/2077(c)		7,740,000		7,155,100
6.25%, 03/01/2078(c)		6,613,000		6,126,140
7.38%, 01/15/2083(c)		3,915,000		3,883,680
7.63%, 01/15/2083(c)		4,705,000		4,793,219
Series 16-A, 6.00%, 01/15/2077(c)		5,800,000		5,537,200
Series 20-A, Conv., 5.75%, 07/15/2080(c)		7,812,000		7,339,843
Energy Transfer L.P.
7.46% (3 mo. USD LIBOR + 3.02%), 11/01/2066(e)		4,236,000		3,396,902
Series A, 8.89% (3 mo. USD LIBOR + 4.03%)(d)(e)		7,428,000		7,047,315
Series B, 6.63%(c)(d)		4,300,000		3,524,703
Series F, 6.75%(c)(d)		3,900,000		3,612,375
Series G, 7.13%(c)(d)		8,575,000		7,644,612
Series H, 6.50%(c)(d)		7,000,000		6,469,525

	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
EnLink Midstream Partners L.P., Series C, 6.00%(c)(d)	$	3,000,000	$	2,613,615
Enterprise Products Operating LLC
5.38%, 02/15/2078(c)		5,501,000		4,607,088
Series D, 7.86% (3 mo. USD LIBOR + 2.99%), 08/16/2077(e)		2,691,000		2,578,149
Series E, 5.25%, 08/16/2077(c)		7,789,000		6,974,271
Plains All American Pipeline L.P., Series B, 8.97% (3 mo. USD LIBOR + 4.11%)(d)(e)		6,278,000		5,838,226
TransCanada PipeLines Ltd. (Canada), 6.82% (3 mo. USD LIBOR + 2.21%), 05/15/2067(b)(e)		7,758,000		6,340,536
Transcanada Trust (Canada)
5.63%, 05/20/2075(c)		5,821,000		5,559,637
5.30%, 03/15/2077(c)		11,730,000		10,410,375
5.50%, 09/15/2079(c)		8,575,000		7,594,025
5.60%, 03/07/2082(c)		6,250,000		5,442,813
Series 16-A, 5.88%, 08/15/2076(c)		9,306,000		8,864,364
				169,848,568
Trading Companies & Distributors-0.32%
AerCap Holdings N.V. (Ireland), 5.88%, 10/10/2079(b)(c)		5,840,000		5,580,027
Wireless Telecommunication Services-1.71%
Vodafone Group PLC (United Kingdom)
7.00%, 04/04/2079(c)		15,520,000		15,237,946
3.25%, 06/04/2081(c)		3,900,000		3,404,973
4.13%, 06/04/2081(c)		7,815,000		6,209,330
5.13%, 06/04/2081(c)		7,450,000		5,575,059
				30,427,308
Total U.S. Dollar Denominated Bonds & Notes (Cost $1,385,984,238)				1,270,769,122
	Shares
Preferred Stocks-27.54%
Banks-8.85%
Bank of America Corp.
Series E, Pfd., 4.96% (3 mo. USD LIBOR + 0.35%)(b)(e)		97,728		2,047,402
Series 5, Pfd., 5.22% (3 mo. USD LIBOR + 0.50%)(b)(e)		129,908		2,712,479
Series 2, Pfd., 5.39% (3 mo. USD LIBOR + 0.65%)(b)(e)		92,927		1,929,164
Series 4, Pfd., 5.49% (3 mo. USD LIBOR + 0.75%)(b)(e)		65,369		1,366,212
Series K, Pfd., 6.45%(c)		326,387		8,316,341
Series Z, Pfd., 6.50%(b)(c)		10,837,000		10,804,489
Citigroup, Inc.
Series W, Pfd., 4.00%(c)		11,650,000		10,688,875
Series U, Pfd., 5.00%(c)		11,707,000		11,150,917
Series T, Pfd., 6.25%(c)		11,614,000		11,599,947
Series K, Pfd., 6.88%(c)		464,276		11,676,541
Series J, Pfd., 7.13%(b)(c)		294,976		7,504,189
Citizens Financial Group, Inc., Series D, Pfd., 6.35%(c)		93,247		2,368,474
ConnectOne Bancorp, Inc., Series A, Pfd., 5.25%(b)(c)		35,833		772,559
F.N.B. Corp., Pfd., 7.25%(b)(c)		34,195		880,863

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  83  

Invesco Variable Rate Preferred ETF (VRP)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Banks-(continued)
Fifth Third Bancorp, Series I, Pfd., 6.63%(c)		139,920	$	3,518,988
First Horizon Corp., Series D, Pfd., 6.10%(c)		30,932		767,423
Heartland Financial USA, Inc., Series E, Pfd., 7.00%(b)(c)		35,422		937,620
KeyCorp
Series E, Pfd., 6.13%(c)		155,386		3,900,189
Pfd., 6.20%(c)		186,473		4,633,854
M&T Bank Corp., Series H, Pfd., 5.63%(c)		77,731		1,966,594
Midland States Bancorp, Inc., Pfd., 7.75%(b)(c)		37,452		990,231
PacWest Bancorp, Series A, Pfd., 7.75%(c)		159,468		4,053,677
Regions Financial Corp.
Series C, Pfd., 5.70%(c)		155,386		3,822,496
Series B, Pfd., 6.38%(c)		155,386		3,977,882
Synovus Financial Corp.
Series E, Pfd., 5.88%(c)		108,768		2,675,693
Series D, Pfd., 6.30%(b)(c)		62,166		1,551,042
Truist Financial Corp., Series I, Pfd., 5.25% (3 mo. USD LIBOR + 0.53%)(b)(e)		53,603		1,183,018
U.S. Bancorp
Series B, Pfd., 4.68% (3 mo. USD LIBOR + 0.60%)(b)(e)		310,769		6,470,211
Series A, Pfd., 5.10% (3 mo. USD LIBOR + 1.02%)(b)(e)		4,607		3,805,382
Valley National Bancorp
Series A, Pfd., 6.25%(c)		35,889		906,915
Series B, Pfd., 7.25% (3 mo. USD LIBOR + 3.58%)(b)(e)		31,612		800,732
Wells Fargo & Co.
Series Q, Pfd., 5.85%(b)(c)		536,022		13,266,544
Series R, Pfd., 6.63%(c)		260,906		6,590,485
WesBanco, Inc., Series A, Pfd., 6.75%(b)(c)		46,351		1,193,538
Western Alliance Bancorporation, Series A, Pfd., 4.25%(c)		93,248		1,976,858
Wintrust Financial Corp.
Series D, Pfd., 6.50%(c)		38,549		984,927
Series E, Pfd., 6.88%(c)		89,313		2,292,665
Zions Bancorporation N.A., Series G, Pfd., 6.30%(c)		42,694		1,076,316
				157,161,732
Capital Markets-6.19%
Bank of New York Mellon Corp. (The), Series G, Pfd., 4.70%(c)		7,815,000		7,619,625
Charles Schwab Corp. (The), Series H, Pfd., 4.00%(c)		19,445,000		16,463,109

	Shares		Value
Capital Markets-(continued)
Goldman Sachs Group, Inc. (The)
Series D, Pfd., 5.26% (3 mo. USD LIBOR + 0.67%)(e)		419,530	$	8,688,466
Series A, Pfd., 5.34% (3 mo. USD LIBOR + 0.75%)(b)(e)		233,115		4,895,415
Series C, Pfd., 5.47% (3 mo. USD LIBOR + 0.75%)(e)		62,535		1,321,365
Series J, Pfd., 5.50%(b)(c)		310,769		7,756,794
Series K, Pfd., 6.38%(c)		217,745		5,513,303
Series P, Pfd., 7.73% (3 mo. USD LIBOR + 2.87%)(e)		11,635,000		11,552,392
Morgan Stanley
Series A, Pfd., 4.78% (3 mo. USD LIBOR + 0.70%)(b)(e)		341,816		7,191,809
Series K, Pfd., 5.85%(c)		310,764		7,784,638
Series I, Pfd., 6.38%(c)		310,769		7,884,210
Series F, Pfd., 6.88%(b)(c)		264,153		6,693,637
Series E, Pfd., 7.13%(b)(c)		268,056		6,840,789
State Street Corp.
Series G, Pfd., 5.35%(c)		155,386		3,915,727
Series D, Pfd., 5.90%(b)(c)		233,141		5,833,188
				109,954,467
Diversified Financial Services-1.49%
Citigroup Capital XIII, Pfd., 10.79% (3 mo. USD LIBOR + 6.37%)(b)(e)		698,039		19,712,621
Compass Diversified Holdings, Series B, Pfd., 7.88%(c)		30,712		761,351
Equitable Holdings, Inc., Series B, Pfd., 4.95%(c)		3,850,000		3,718,389
Voya Financial, Inc., Series B, Pfd., 5.35%(b)(c)		93,247		2,242,590
				26,434,951
Electric Utilities-0.35%
SCE Trust III, Series H, Pfd., 5.75%(b)(c)		85,493		1,993,697
SCE Trust IV, Series J, Pfd., 5.38%(c)		100,999		2,033,110
SCE Trust V, Series K, Pfd., 5.45%(c)		93,248		2,144,704
				6,171,511
Food Products-0.41%
CHS, Inc.
Series 3, Pfd., 6.75%(b)(c)		153,052		3,933,436
Series 2, Pfd., 7.10%(b)(c)		130,435		3,352,180
				7,285,616
Independent Power and Renewable Electricity Producers-0.18%
Tennessee Valley Authority
Series D, Pfd., 2.13% (30 yr. U.S. Treasury Yield Curve Rate + 0.94%)(b)(e)(g)		79,541		1,702,177
Series A, Pfd., 2.22% (30 yr. U.S. Treasury Yield Curve Rate + 0.84%)(b)(e)(g)		64,226		1,400,769
				3,102,946
Insurance-3.03%
Allstate Corp. (The), Pfd., 5.10%(b)(c)		155,399		3,947,134
American Equity Investment Life Holding Co.
Series A, Pfd., 5.95%(c)		124,281		2,775,195
Series B, Pfd., 6.63%(c)		93,248		2,268,724

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  84  

Invesco Variable Rate Preferred ETF (VRP)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Insurance-(continued)
Argo Group International Holdings Ltd., Pfd., 7.00%(c)		46,236	$	1,119,373
Aspen Insurance Holdings Ltd., Pfd., 5.95% (Bermuda)(b)(c)		85,493		2,138,180
Athene Holding Ltd.
Series A, Pfd., 6.35%(c)		268,056		6,629,025
Series C, Pfd., 6.38%(c)		186,419		4,699,623
Series E, Pfd., 7.75%(c)		160,000		4,164,800
Enstar Group Ltd., Series D, Pfd., 7.00%(c)		124,280		2,928,037
Kemper Corp., Pfd., 5.88%(c)		46,832		971,296
MetLife, Inc.
Series G, Pfd., 3.85%(b)(c)		7,770,000		7,315,843
Series A, Pfd., 4.29% (3 mo. USD LIBOR + 1.00%)(b)(e)		186,419		4,418,130
Reinsurance Group of America, Inc.
Pfd., 5.75%(b)(c)		124,280		3,202,696
Pfd., 7.13%(b)(c)		217,509		5,727,012
SiriusPoint Ltd., Series B, Pfd., 8.00% (Bermuda)(c)		62,164		1,528,613
				53,833,681
Mortgage REITs-3.23%
ACRES Commercial Realty Corp., Series C, Pfd., 8.63%(c)		37,035		844,768
AGNC Investment Corp.
Series F, Pfd., 6.13%(c)		178,710		3,865,497
Series E, Pfd., 6.50%(c)		125,052		2,809,918
Series D, Pfd., 6.88%(b)(c)		72,999		1,653,427
Series G, Pfd., 7.75%(b)(c)		46,984		1,074,524
Series C, Pfd., 9.19% (3 mo. USD LIBOR + 5.11%)(b)(e)		100,970		2,571,706
Annaly Capital Management, Inc.
Series G, Pfd., 6.50%(b)(c)		132,150		3,256,176
Series I, Pfd., 6.75%(b)(c)		137,548		3,356,171
Series F, Pfd., 8.67% (3 mo. USD LIBOR + 4.99%)(b)(e)		223,764		5,603,051
Arbor Realty Trust, Inc., Series F, Pfd., 6.25%(b)(c)		88,173		1,881,612
Chimera Investment Corp.
Series C, Pfd., 7.75%(b)(c)		80,709		1,617,408
Series B, Pfd., 8.00%(b)(c)		100,998		2,255,285
Series D, Pfd., 8.00%(c)		62,166		1,317,919
Dynex Capital, Inc., Series C, Pfd., 6.90%(b)(c)		34,389		777,879
Ellington Financial, Inc.
Series B, Pfd., 6.25%(b)(c)		36,841		754,135
Pfd., 6.75%(b)(c)		35,471		799,871
Series C, Pfd., 8.63%(c)		31,800		779,100
Granite Point Mortgage Trust, Inc., Series A, Pfd., 7.00%(b)(c)		63,449		1,198,552
MFA Financial, Inc., Series C, Pfd., 6.50%(b)(c)		85,305		1,703,541
New York Mortgage Trust, Inc.
Series F, Pfd., 6.88%(b)(c)		44,306		840,042
Series E, Pfd., 7.88%(c)		57,577		1,321,968
Series D, Pfd., 8.00%(c)		48,063		977,121
PennyMac Mortgage Investment Trust
Series B, Pfd., 8.00%(b)(c)		60,631		1,446,656
Series A, Pfd., 8.13%(b)(c)		35,471		835,697

	Shares		Value
Mortgage REITs-(continued)
Rithm Capital Corp.
Series C, Pfd., 6.38%(b)(c)		124,083	$	2,542,461
Series D, Pfd., 7.00%(b)(c)		144,513		3,124,371
Series B, Pfd., 7.13%(c)		87,771		2,006,445
Series A, Pfd., 7.50%(b)(c)		47,964		1,137,226
Two Harbors Investment Corp.
Series C, Pfd., 7.25%(b)(c)		91,658		1,988,979
Series B, Pfd., 7.63%(c)		89,355		1,922,026
Series A, Pfd., 8.13%(b)(c)		44,353		993,951
				57,257,483
Multi-Utilities-0.83%
Algonquin Power & Utilities Corp.
Series 19-A, Pfd., 6.20% (Canada)(c)		108,840		2,520,735
Pfd., 6.88% (Canada)(b)(c)		89,305		2,176,363
CenterPoint Energy, Inc., Series A, Pfd., 6.13%(c)		6,242,000		6,131,607
NiSource, Inc., Series B, Pfd., 6.50%(b)(c)		155,399		3,902,069
				14,730,774
Oil, Gas & Consumable Fuels-2.01%
DCP Midstream L.P.
Series B, Pfd., 7.88%(c)		49,724		1,247,575
Series C, Pfd., 7.95%(c)		33,910		863,010
Enbridge, Inc., Series B, Pfd., 6.38% (Canada)(c)		186,419		4,669,796
Energy Transfer L.P.
Series C, Pfd., 7.38%(c)		139,721		3,403,604
Series E, Pfd., 7.60%(c)		248,549		6,047,197
Series D, Pfd., 7.63%(c)		138,205		3,358,381
GasLog Partners L.P., Series A, Pfd., 8.63% (Greece)(c)		44,250		1,080,585
NGL Energy Partners L.P., Series B, Pfd., 11.94% (3 mo. USD LIBOR + 7.21%)(e)		97,756		2,336,368
NuStar Energy L.P.
Series C, Pfd., 9.00% (3 mo. USD LIBOR + 6.88%)(c)		53,188		1,349,380
Series B, Pfd., 9.13% (3 mo. USD LIBOR + 5.64%)(e)		119,653		2,908,764
Series A, Pfd., 10.25% (3 mo. USD LIBOR + 6.77%)(e)		70,395		1,781,697
NuStar Logistics L.P., Pfd., 10.81% (3 mo. USD LIBOR + 6.73%)(e)		124,084		3,213,776
Seapeak LLC, Series B, Pfd., 8.50% (Bermuda)(c)		52,437		1,272,122
Tsakos Energy Navigation Ltd.
Series E, Pfd., 9.25% (Greece)(c)		37,697		928,477
Series F, Pfd., 9.50% (Greece)(c)		52,417		1,285,265
				35,745,997
Thrifts & Mortgage Finance-0.34%
Merchants Bancorp
Series B, Pfd., 6.00%(c)		38,548		930,934
Pfd., 8.25%(b)		44,252		1,201,442
New York Community Bancorp, Inc., Series A, Pfd., 6.38%(b)(c)		160,040		3,959,390
				6,091,766
Trading Companies & Distributors-0.57%
Air Lease Corp., Series A, Pfd., 6.15%(c)		77,732		1,909,098

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  85  

Invesco Variable Rate Preferred ETF (VRP)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Trading Companies & Distributors-(continued)
FTAI Aviation Ltd.
Series B, Pfd., 8.00%(c)		38,513	$	870,779
Series A, Pfd., 8.25%(c)		32,493		784,381
Series C, Pfd., 8.25%(c)		33,157		762,611
Textainer Group Holdings Ltd., Pfd., 7.00% (China)(b)(c)		46,369		1,145,314
WESCO International, Inc., Series A, Pfd., 10.63%(c)		167,933		4,646,706
				10,118,889
Transportation Infrastructure-0.06%
Atlas Corp., Series I, Pfd., 8.00% (Canada)(c)		46,236		1,135,556
Total Preferred Stocks (Cost $528,146,031)				489,025,369
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.12% (Cost $1,914,130,269)				1,759,794,491

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-8.86%
Invesco Private Government Fund, 4.58%(h)(i)(j)		43,217,074	$	43,217,074
Invesco Private Prime Fund, 4.83%(h)(i)(j)		114,119,553		114,142,373
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $157,360,643)				157,359,447
TOTAL INVESTMENTS IN SECURITIES-107.98% (Cost $2,071,490,912)				1,917,153,938
OTHER ASSETS LESS LIABILITIES-(7.98)%				(141,717,341	)
NET ASSETS-100.00%			$	1,775,436,597

Investment Abbreviations:

Conv. -Convertible

LIBOR -London Interbank Offered Rate

Pfd. -Preferred

REIT -Real Estate Investment Trust

USD -U.S. Dollar

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  All or a portion of this security was out on loan at February 28, 2023.

^(c)  Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(d)  Perpetual bond with no specified maturity date.

^(e)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

^(f)  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 February 28, 2023 represented less than 1% of the Fund’s Net Assets.

^(g)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(h)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value February 28, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$    874,550		$124,264,222		$(125,138,772)		$        -		$        -		$        -		$    172,035

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  86  

Invesco Variable Rate Preferred ETF (VRP)–(continued)

February 28, 2023

(Unaudited)

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	24,555,096		$	89,736,935		$	(71,074,957	)		$	-			$	-		$	43,217,074		$	604,189	*
Invesco Private Prime Fund			63,394,192			184,239,330			(133,500,515	)			(4,236	)			13,602			114,142,373			1,645,685	*
Total		$	88,823,838		$	398,240,487		$	(329,714,244	)		$	(4,236	)		$	13,602		$	157,359,447		$	2,421,909

* 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 February 28, 2023.

^(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 2I.

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023
Financials	72.32
Energy	11.58
Utilities	8.02
Industrials	3.67
Sector Types Each Less Than 3%	3.53
Money Market Funds Plus Other Assets Less Liabilities	0.88

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  87  

Invesco VRDO Tax-Free ETF (PVI)

February 28, 2023

(Unaudited)

Schedule of Investments

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-97.51%
California-12.48%
Bay Area Toll Authority (San Francisco Bay Area), Series 2019 B, Ref. VRD RB, (LOC - Sumitomo Mitsui Banking Corp.)(a)(b)		1.35%		04/01/2053	$	1,500	$	1,500,000
California (State of) Health Facilities Financing Authority (Dignity Health), Series 2011 B, VRD RB, (LOC - Bank of Montreal)(a)(b)		1.40%		03/01/2047		2,400		2,400,000
Modesto (City of), CA Public Financing Authority, Series 2008, Ref. VRD RB, (LOC - Bank of the West)(a)(b)		1.60%		09/01/2033		1,000		1,000,000
San Diego (County of), CA Regional Transportation Commission, Series 2008 B, VRD RB(a)		1.39%		04/01/2038		1,300		1,300,000
San Diego (County of), CA Regional Transportation Commission, Series 2008 C, VRD RB(a)		1.45%		04/01/2038		1,500		1,500,000
San Mateo (City of), CA Joint Powers Financing Authority (Public Safety), Series 2007 A, VRD RB, (LOC - Wells Fargo Bank, N.A.)(a)(b)		1.50%		04/01/2039		1,800		1,800,000
								9,500,000
Colorado-3.15%
Colorado Springs (City of), CO, Series 2009 C, Ref. VRD RB(a)		2.78%		11/01/2028		2,400		2,400,000
Connecticut-1.58%
Connecticut (State of) Housing Finance Authority, Series 2020 E-3, Ref. VRD RB(a)		1.75%		11/15/2050		1,200		1,200,000
District of Columbia-3.15%
District of Columbia (Georgetown University), Series 2007 B-2, Ref. VRD RB, (LOC - Bank of America, N.A.)(a)(b)		1.84%		04/01/2041		1,300		1,300,000
District of Columbia (Tranche 3), Series 1998 A, VRD RB, (LOC - PNC Bank, N.A.)(a)(b)		1.93%		08/15/2038		1,100		1,100,000
								2,400,000
Florida-5.13%
Florida Keys Aqueduct Authority, Series 2008, Ref. VRD RB, (LOC - TD Bank, N.A.)(a)(b)		1.95%		09/01/2035		1,400		1,400,000
Halifax Hospital Medical Center, Series 2008, Ref. VRD RB, (LOC - JPMorgan Chase Bank, N.A.)(a)(b)		2.25%		06/01/2048		500		500,000
JEA Electric System, Series 2008 C-2, VRD RB(a)		2.75%		10/01/2034		500		500,000
West Palm Beach (City of), FL, Series 2008 C, VRD RB, (INS - AGC)(a)(c)		1.97%		10/01/2038		1,500		1,500,000
								3,900,000
Illinois-3.15%
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 C, VRD RB, (LOC - Barclays Bank PLC)(a)(b)		1.83%		08/15/2052		2,400		2,400,000
Louisiana-3.02%
Louisiana (State of) Offshore Terminal Authority Deepwater Port (Loop LLC), Series 2013 B, Ref. VRD RB, (LOC - JPMorgan Chase Bank, N.A.)(a)(b)		2.50%		09/01/2033		2,000		2,000,000
Louisiana (State of) Public Facilities Authority (CHRISTUS Health), Series 2009 B-2, Ref. VRD RB, (LOC - Bank of New York Mellon)(a)(b)		2.93%		07/01/2047		300		300,000
								2,300,000
Maryland-2.76%
Washington (State of) Suburban Sanitary Commission, Series 2015 A-2, VRD RB(a)		1.82%		06/01/2023		2,100		2,100,000
Massachusetts-3.15%
Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2010 A-2, VRD RB, (LOC - TD Bank, N.A.)(a)(b)		1.85%		01/01/2037		2,400		2,400,000
Minnesota-1.97%
Rochester (City of), MN (Mayo Clinic), Series 2008 B, VRD RB(a)		1.80%		11/15/2038		1,500		1,500,000
Missouri-0.39%
Kansas City (City of), MO (H Roe Bartle Convention Center), Series 2008 F, Ref. VRD RB, (LOC - Sumitomo Mitsui Banking Corp.)(a)(b)		2.24%		04/15/2025		300		300,000
Nevada-1.38%
Clark (County of), NV Department of Aviation, Series 2008 D-3, VRD RB, (LOC - Bank of America, N.A.)(a)(b)		1.95%		07/01/2029		1,050		1,050,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  88  

Invesco VRDO Tax-Free ETF (PVI)–(continued)

February 28, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New Jersey-3.29%
New Jersey (State of) Economic Development Authority (Institute for Advanced Study), Series 2006 B, Ref. VRD RB(a)		1.75%		07/01/2031	$	2,500	$	2,500,000
New York-22.08%
Battery Park (City of), NY Authority, Series 2019 D-1, Ref. VRD RB(a)		1.80%		11/01/2038		1,800		1,800,000
Build NYC Resource Corp. (The Asia Society Project), Series 2015, Ref. VRD RB, (LOC - TD Bank, N.A.)(a)(b)		1.80%		04/01/2045		2,300		2,300,000
Geneva (City of), NY Industrial Development Agency, Series 2008, VRD RB, (LOC - JPMorgan Chase Bank N.A.)(a)(b)		1.88%		12/01/2037		2,300		2,300,000
Metropolitan Transportation Authority, Subseries 2013 G, Ref. VRD RB, (LOC - TD Bank, N.A.)(a)(b)		1.73%		11/01/2026		1,600		1,600,000
New York (City of), NY, Subseries 2016 A-5, VRD GO Bonds(a)		1.40%		08/01/2044		1,000		1,000,000
New York (City of), NY Municipal Water Finance Authority, Series 2009 CC, VRD RB(a)		1.83%		06/15/2041		2,000		2,000,000
New York (State of) Dormitory Authority (Rockefeller University), Series 2008 A, VRD RB(a)		1.75%		07/01/2039		1,200		1,200,000
New York (State of) Housing Finance Agency (Flatbush Avenue Housing), Series 2010 A, VRD RB, (LOC - Helaba)(a)(b)		1.84%		11/01/2044		1,000		1,000,000
New York City Health and Hospitals Corp., Series 2008 B, VRD RB, (LOC - TD Bank, N.A.)(a)(b)		1.82%		02/15/2031		2,400		2,400,000
New York City Housing Development Corp., Series 2006 A, VRD RB, (LOC - Fannie Mae)(a)(b)		1.65%		10/15/2041		1,200		1,200,000
								16,800,000
North Carolina-6.44%
Charlotte (City of), NC, Series 2013 G, VRD COP(a)		2.75%		06/01/2033		2,500		2,500,000
North Carolina (State of) Medical Care Commission (Novant Health Obligated Group), Series 2004 A, VRD RB(a)		2.70%		11/01/2034		2,400		2,400,000
								4,900,000
Pennsylvania-8.28%
Emmaus (Borough of), PA General Authority, Series 1996, VRD RB, (INS - AGM)(a)(c)		1.85%		12/01/2028		1,600		1,600,000
Fayette (County of), PA Hospital Authority (Fayette Regional Health System), Series 2007 B, VRD RB, (LOC - PNC Bank, N.A.)(a)(b)		1.85%		06/01/2037		400		400,000
Haverford Township School District, Series 2009, VRD GO Bonds, (LOC - TD Bank N.A.)(a)(b)		1.65%		03/01/2030		2,000		1,900,000
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2020, Ref. VRD RB, (LOC - TD Bank, N.A.)(a)(b)		2.78%		12/01/2039		2,400		2,400,000
								6,300,000
Texas-8.69%
Houston (City of), TX, Series 2012 A, Ref. VRD RB(a)		1.86%		05/15/2034		2,000		2,000,000
Houston (City of), TX, Series 2018 C, Ref. VRD RB, (LOC - Barclays Bank PLC)(a)(b)		2.83%		05/15/2034		1,400		1,400,000
Pasadena Independent School District, Series 2005 B, VRD GO Bonds, (INS - AGM)(a)(c)		1.85%		02/01/2035		1,800		1,800,000
Texas (State of), Series 2015 B, VRD GO Bonds(a)		1.80%		06/01/2046		1,410		1,410,000
								6,610,000
Washington-2.63%
Chelan County Public Utility District No. 1, Series 2008 B, Ref. VRD RB(a)		2.75%		07/01/2032		2,000		2,000,000
Wisconsin-1.84%
Wisconsin (State of) Health & Educational Facilities Authority (Aspirus Wausau Hospital), Series 2004, VRD RB, (LOC - JPMorgan Chase Bank N.A.)(a)(b)		1.85%		08/15/2034		200		200,000
Wisconsin (State of) Housing & Economic Development Authority, Series 2015 C, VRD RB(a)		1.85%		03/01/2031		1,200		1,200,000
								1,400,000
Wyoming-2.95%
Wyoming (State of) Community Development Authority, Series 2022-2, Ref. VRD RB, (CEP - GNMA)(a)		1.85%		06/01/2048		2,245		2,245,000
TOTAL INVESTMENTS IN SECURITIES(d)-97.51% (Cost $74,205,000)								74,205,000
OTHER ASSETS LESS LIABILITIES-2.49%								1,897,921
NET ASSETS-100.00%							$	76,102,921

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  89  

Invesco VRDO Tax-Free ETF (PVI)–(continued)

February 28, 2023

(Unaudited)

Investment Abbreviations:

AGC -Assured Guaranty Corp.

AGM -Assured Guaranty Municipal Corp.

CEP -Credit Enhancement Provider

COP -Certificates of Participation

GNMA -Government National Mortgage Association

GO -General Obligation

INS -Insurer

LOC -Letter of Credit

RB -Revenue Bonds

Ref. -Refunding

VRD -Variable Rate Demand

Notes to Schedule of Investments:

^(a)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2023.

^(b)  Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

^(c)  Principal and/or interest payments are secured by the bond insurance company listed.

^(d)  This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.

TD Bank, N.A	19.41	%
JPMorgan Chase Bank N.A.	6.73	%
Barclays Bank PLC	5.12	%

Portfolio Composition
Revenue Type Breakdown (% of the Fund’s Net Assets) as of February 28, 2023
Health, Hospital, Nursing Home Revenue	16.16
Water Revenue	12.62
Miscellaneous Revenue	9.34
Ad Valorem Property Tax	8.94
Highway Tolls Revenue	8.28
Local or GTD Housing	7.94
College & University Revenue	7.88
Electric Power Revenue	6.44
Sales Tax Revenue	4.99
Port, Airport & Marina Revenue	4.01
Lease Revenue	3.68
Intergovenmental Agreement	3.29
Revenue Types Each Less Than 3%	3.94
Other Assets Less Liabilities	2.49

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  90  

(This Page Intentionally Left Blank)

  91  

Statements of Assets and Liabilities

February 28, 2023

(Unaudited)

	Invesco 1-30 Laddered Treasury ETF (PLW)			Invesco California AMT-Free Municipal Bond ETF (PWZ)			Invesco CEF Income Composite ETF (PCEF)			Invesco Fundamental High Yield® Corporate Bond ETF (PHB)				Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)
Assets:
Unaffiliated investments in securities, at value(a)	$	603,534,996		$	541,197,270		$	708,547,415			$	693,234,206			$	32,913,117
Affiliated investments in securities, at value		13,468,386			-			25,296,721				229,756,577				4,713,126
Cash		-			5,679,390			-				-				140
Deposits with brokers:
Cash segregated as collateral		34,669,514			-			-				-				-
Receivable for:
Dividends and interest		843,801			5,681,455			1,550,026				10,202,789				341,324
Securities lending		5,306			-			176,045				191,459				1,000
Investments sold		-			-			-				10,678,382				214,584
Fund shares sold		9,141,231			-			1,134,859				-				-
Foreign tax reclaims		-			-			-				-				-
Other assets		-			-			-				-				-
Total assets		661,663,234			552,558,115			736,705,066				944,063,413				38,183,291
Liabilities:
Due to custodian		-			-			786,714				208,673				-
Payable for:
Investments purchased		9,145,060			-			1,120,249				10,454,347				221,227
Collateral upon return of securities loaned		13,424,201			-			15,206,037				229,752,307				4,705,454
Collateral upon receipt of securities in-kind		34,669,514			-			-				-				-
Fund shares repurchased		-			-			-				-				-
Accrued unitary management fees		106,219			121,273			280,558				278,214				5,683
Accrued expenses		-			-			-				643				-
Accrued tax expenses		-			-			-				787				-
Other payables		-			-			-				-				-
Total liabilities		57,344,994			121,273			17,393,558				240,694,971				4,932,364
Net Assets	$	604,318,240		$	552,436,842		$	719,311,508			$	703,368,442			$	33,250,927
Net assets consist of:
Shares of beneficial interest	$	710,468,439		$	597,581,981		$	862,973,952			$	826,366,411			$	36,697,922
Distributable earnings (loss)		(106,150,199	)		(45,145,139	)		(143,662,444	)			(122,997,969	)			(3,446,995	)
Net Assets	$	604,318,240		$	552,436,842		$	719,311,508			$	703,368,442			$	33,250,927
Shares outstanding (unlimited amount authorized, $0.01 par value)		20,970,000			22,850,000			38,030,000				40,900,000				1,450,000
Net asset value	$	28.82		$	24.18		$	18.91			$	17.20			$	22.93
Market price	$	28.84		$	24.16		$	18.92			$	17.16			$	22.94
Unaffiliated investments in securities, at cost	$	694,638,171		$	581,759,766		$	791,674,052			$	765,546,886			$	35,894,336
Affiliated investments in securities, at cost	$	13,468,386		$	-		$	24,933,447			$	229,752,307			$	4,713,467
(a) Includes securities on loan with an aggregate value of:	$	13,140,463		$	-		$	14,840,337			$	221,314,627			$	4,550,589

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  92  

Invesco National AMT-Free Municipal Bond ETF (PZA)				Invesco New York AMT-Free Municipal Bond ETF (PZT)				Invesco Preferred ETF (PGX)				Invesco Taxable Municipal Bond ETF (BAB)				Invesco Treasury Collateral ETF (CLTL)				Invesco Variable Rate Preferred ETF (VRP)				Invesco VRDO Tax- Free ETF (PVI)
	$	2,075,378,271			$	87,210,803			$	4,905,874,303			$	1,471,109,503			$	1,085,197,632			$	1,759,794,491			$	74,205,000
		-				-				141,577,852				11,653,879				294,321				157,359,447				-
		32,783,628				527,710				-				-				-				-				1,692,462
		-				-				6,639				-				83,133				2,340,873				-
		22,507,482				1,045,114				34,991,245				17,385,114				1,009,770				20,840,762				219,970
		-				-				451,671				-				-				193,685				-
		-				-				29,899,226				5,525,447				219,389,844				-				-
		2,308,822				-				12,211,562				-				49,301				2,698,324				-
		-				-				5,103				-				-				-				-
		-				-				375				-				-				1,751				84
		2,132,978,203				88,783,627				5,125,017,976				1,505,673,943				1,306,024,001				1,943,229,333				76,117,516
		-				-				20,688,624				26,291				-				4,412,199				-
		19,945,213				-				34,230,609				-				218,887,668				2,987,750				-
		-				-				141,583,077				-				-				157,360,643				-
		-				-				6,936				-				83,133				2,340,873				-
		-				-				-				5,263,134				-				-				-
		460,333				19,430				1,900,921				331,237				64,399				687,132				14,595
		-				-				-				-				-				4,139				-
		-				-				-				-				-				-				-
		-				-				-				55,855				-				-				-
		20,405,546				19,430				198,410,167				5,676,517				219,035,200				167,792,736				14,595
	$	2,112,572,657			$	88,764,197			$	4,926,607,809			$	1,499,997,426			$	1,086,988,801			$	1,775,436,597			$	76,102,921
	$	2,343,762,145			$	100,384,550			$	6,280,197,621			$	1,788,558,351			$	1,089,390,167			$	1,991,185,106			$	75,890,258
		(231,189,488	)			(11,620,353	)			(1,353,589,812	)			(288,560,925	)			(2,401,366	)			(215,748,509	)			212,663
	$	2,112,572,657			$	88,764,197			$	4,926,607,809			$	1,499,997,426			$	1,086,988,801			$	1,775,436,597			$	76,102,921
		91,500,000				4,000,000				402,500,000				57,000,000				10,320,001				76,200,000				3,050,000
	$	23.09			$	22.19			$	12.24			$	26.32			$	105.33			$	23.30			$	24.95
	$	23.13			$	22.21			$	12.22			$	26.25			$	105.34			$	23.19			$	24.96
	$	2,288,044,212			$	96,841,294			$	5,845,501,889			$	1,705,050,806			$	1,087,090,532			$	1,914,130,269			$	74,205,000
	$	-			$	-			$	141,583,077			$	11,653,879			$	294,321			$	157,360,643			$	-
	$	-			$	-			$	138,349,202			$	-			$	-			$	152,260,647			$	-

  93  

Statements of Operations

For the six months ended February 28, 2023

(Unaudited)

	Invesco 1-30 Laddered Treasury ETF (PLW)			Invesco California AMT-Free Municipal Bond ETF (PWZ)			Invesco CEF Income Composite ETF (PCEF)			Invesco Fundamental High Yield® Corporate Bond ETF (PHB)				Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)
Investment income:
Unaffiliated interest income	$	6,282,222		$	8,699,660		$	-			$	16,182,962			$	530,597
Unaffiliated dividend income		-			-			34,992,611				-				-
Affiliated dividend income		3,235			-			732,256				51,339				999
Securities lending income, net		32,188			-			2,111,760				1,159,551				8,460
Foreign withholding tax		-			-			-				-				-
Total investment income		6,317,645			8,699,660			37,836,627				17,393,852				540,056
Expenses:
Unitary management fees		634,738			789,049			1,713,767				1,809,006				35,602
Tax expenses		-			-			-				650				-
Total expenses		634,738			789,049			1,713,767				1,809,656				35,602
Less: Waivers		(101	)		-			(92	)			(1,346	)			(25	)
Net expenses		634,637			789,049			1,713,675				1,808,310				35,577
Net investment income		5,683,008			7,910,611			36,122,952				15,585,542				504,479
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(10,255,117	)		(470,022	)		(19,364,294	)			(8,457,978	)			(276,901	)
Affiliated investment securities		(2,094	)		-			(161,158	)			23,376				1,241
Unaffiliated in-kind redemptions		(2,932,259	)		(3,836,748	)		4,125,072				(485,598	)			(54,020	)
Affiliated in-kind redemptions		-			-			31,867				-				-
Distributions of underlying fund shares		-			-			962,620				-				-
Net realized gain (loss)		(13,189,470	)		(4,306,770	)		(14,405,893	)			(8,920,200	)			(329,680	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(21,690,696	)		2,291,842			(17,558,439	)			9,613,851				(298,119	)
Affiliated investment securities		(85	)		-			395,393				(6,654	)			(636	)
Change in net unrealized appreciation (depreciation)		(21,690,781	)		2,291,842			(17,163,046	)			9,607,197				(298,755	)
Net realized and unrealized gain (loss)		(34,880,251	)		(2,014,928	)		(31,568,939	)			686,997				(628,435	)
Net increase (decrease) in net assets resulting from  operations	$	(29,197,243	)	$	5,895,683		$	4,554,013			$	16,272,539			$	(123,956	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  94  

Invesco National AMT-Free Municipal Bond ETF (PZA)				Invesco New York AMT-Free Municipal Bond ETF (PZT)				Invesco Preferred ETF (PGX)				Invesco Taxable Municipal Bond ETF (BAB)				Invesco Treasury Collateral ETF (CLTL)				Invesco Variable Rate Preferred ETF (VRP)				Invesco VRDO Tax- Free ETF (PVI)
	$	31,739,216			$	1,469,019			$	-			$	29,728,804			$	16,619,246			$	35,421,111			$	842,983
		-				-				159,119,420				-				-				13,607,608				-
		-				-				210,119				265,544				4,925				172,035				-
		-				-				3,645,724				-				-				1,348,954				-
		-				-				(72,706	)			-				-				-				-
		31,739,216				1,469,019				162,902,557				29,994,348				16,624,171				50,549,708				842,983
		2,791,615				133,076				12,316,073				2,171,374				385,513				4,465,185				91,254
		-				-				-				-				-				(2,331	)			-
		2,791,615				133,076				12,316,073				2,171,374				385,513				4,462,854				91,254
		-				-				(5,235	)			(6,123	)			(104	)			(4,296	)			-
		2,791,615				133,076				12,310,838				2,165,251				385,409				4,458,558				91,254
		28,947,601				1,335,943				150,591,719				27,829,097				16,238,762				46,091,150				751,729
		140,933				652				(73,638,483	)			(1,162,904	)			(426,093	)			(3,188,300	)			-
		-				-				30,910				-				-				13,602				-
		(9,778,233	)			(1,912,854	)			(90,295,977	)			(46,865,106	)			(3,582	)			(6,174,199	)			-
		-				-				-				-				-				-				-
		-				-				-				-				-				-				-
		(9,637,300	)			(1,912,202	)			(163,903,550	)			(48,028,010	)			(429,675	)			(9,348,897	)			-
		(10,143,722	)			977,163				82,406,400				(19,762,810	)			(682,739	)			41,714,904				-
		-				-				(15,291	)			-				-				(4,236	)			-
		(10,143,722	)			977,163				82,391,109				(19,762,810	)			(682,739	)			41,710,668				-
		(19,781,022	)			(935,039	)			(81,512,441	)			(67,790,820	)			(1,112,414	)			32,361,771				-
	$	9,166,579			$	400,904			$	69,079,278			$	(39,961,723	)		$	15,126,348			$	78,452,921			$	751,729

  95  

Statements of Changes in Net Assets

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)

	Invesco 1-30 Laddered Treasury ETF (PLW)								Invesco California AMT-Free Municipal Bond ETF (PWZ)
	Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022
Operations:
Net investment income		$	5,683,008			$	6,952,617			$	7,910,611			$	13,173,518
Net realized gain (loss)			(13,189,470	)			(4,006,783	)			(4,306,770	)			(7,212,417	)
Change in net unrealized appreciation (depreciation)			(21,690,781	)			(76,527,372	)			2,291,842				(77,560,004	)
Net increase (decrease) in net assets resulting from operations			(29,197,243	)			(73,581,538	)			5,895,683				(71,598,903	)
Distributions to Shareholders from:
Distributable earnings			(5,675,981	)			(6,811,810	)			(7,881,264	)			(13,116,870	)
Shareholder Transactions:
Proceeds from shares sold			146,854,244				292,247,963				71,167,045				316,170,686
Value of shares repurchased			(32,649,349	)			(101,702,826	)			(83,590,165	)			(184,993,863	)
Transaction fees			-				-				189,030				167,164
Net increase (decrease) in net assets resulting from share transactions			114,204,895				190,545,137				(12,234,090	)			131,343,987
Net increase (decrease) in net assets			79,331,671				110,151,789				(14,219,671	)			46,628,214
Net assets:
Beginning of period			524,986,569				414,834,780				566,656,513				520,028,299
End of period		$	604,318,240			$	524,986,569			$	552,436,842			$	566,656,513
Changes in Shares Outstanding:
Shares sold			5,060,000				8,920,000				3,050,000				12,100,000
Shares repurchased			(1,160,000	)			(3,050,000	)			(3,500,000	)			(7,350,000	)
Shares outstanding, beginning of period			17,070,000				11,200,000				23,300,000				18,550,000
Shares outstanding, end of period			20,970,000				17,070,000				22,850,000				23,300,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  96  

Invesco CEF Income Composite ETF (PCEF)								Invesco Fundamental High  Yield® Corporate Bond (PHB)								Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)								Invesco National AMT-Free Municipal Bond ETF (PZA)
Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022
	$	36,122,952			$	42,653,786			$	15,585,542			$	28,313,337			$	504,479			$	906,925			$	28,947,601			$	55,779,017
		(14,405,893	)			21,976,401				(8,920,200	)			(6,034,695	)			(329,680	)			(409,138	)			(9,637,300	)			(5,568,524	)
		(17,163,046	)			(198,740,547	)			9,607,197				(110,393,815	)			(298,755	)			(4,827,837	)			(10,143,722	)			(348,902,790	)
		4,554,013				(134,110,360	)			16,272,539				(88,115,173	)			(123,956	)			(4,330,050	)			9,166,579				(298,692,297	)
		(31,376,478	)			(61,183,888	)			(13,621,987	)			(27,650,176	)			(481,750	)			(1,402,413	)			(28,666,218	)			(55,215,531	)
		66,012,688				111,602,774				68,657,719				437,180,445				11,516,140				-				311,983,568				292,331,443
		(47,737,741	)			(144,003,993	)			(110,420,313	)			(413,569,379	)			(7,028,579	)			(17,604,857	)			(164,327,307	)			(424,957,734	)
		-				-				-				-				-				-				489,876				91,939
		18,274,947				(32,401,219	)			(41,762,594	)			23,611,066				4,487,561				(17,604,857	)			148,146,137				(132,534,352	)
		(8,547,518	)			(227,695,467	)			(39,112,042	)			(92,154,283	)			3,881,855				(23,337,320	)			128,646,498				(486,442,180	)
		727,859,026				955,554,493				742,480,484				834,634,767				29,369,072				52,706,392				1,983,926,159				2,470,368,339
	$	719,311,508			$	727,859,026			$	703,368,442			$	742,480,484			$	33,250,927			$	29,369,072			$	2,112,572,657			$	1,983,926,159
		3,540,000				4,940,000				4,000,000				23,200,000				500,000				-				13,550,000				11,400,000
		(2,570,000	)			(6,710,000	)			(6,400,000	)			(22,500,000	)			(300,000	)			(700,000	)			(7,200,000	)			(17,100,000	)
		37,060,000				38,830,000				43,300,000				42,600,000				1,250,000				1,950,000				85,150,000				90,850,000
		38,030,000				37,060,000				40,900,000				43,300,000				1,450,000				1,250,000				91,500,000				85,150,000

  97  

Statements of Changes in Net Assets–(continued)

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)

	Invesco New York AMT-Free Municipal Bond ETF (PZT)								Invesco Preferred ETF (PGX)
	Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022
Operations:
Net investment income		$	1,335,943			$	2,680,437			$	150,591,719			$	331,024,608
Net realized gain (loss)			(1,912,202	)			269,013				(163,903,550	)			(87,574,928	)
Change in net unrealized appreciation (depreciation)			977,163				(17,648,223	)			82,391,109				(1,250,666,639	)
Net increase (decrease) in net assets resulting from operations			400,904				(14,698,773	)			69,079,278				(1,007,216,959	)
Distributions to Shareholders from:
Distributable earnings			(1,310,966	)			(3,228,725	)			(150,570,169	)			(329,297,652	)
Shareholder Transactions:
Proceeds from shares sold			-				19,745,147				291,610,097				563,220,718
Value of shares repurchased			(25,464,373	)			(7,693,691	)			(711,128,396	)			(1,258,333,969	)
Transaction fees			-				-				-				-
Net increase (decrease) in net assets resulting from share transactions			(25,464,373	)			12,051,456				(419,518,299	)			(695,113,251	)
Net increase (decrease) in net assets			(26,374,435	)			(5,876,042	)			(501,009,190	)			(2,031,627,862	)
Net assets:
Beginning of period			115,138,632				121,014,674				5,427,616,999				7,459,244,861
End of period		$	88,764,197			$	115,138,632			$	4,926,607,809			$	5,427,616,999
Changes in Shares Outstanding:
Shares sold			-				850,000				24,300,000				39,950,000
Shares repurchased			(1,150,000	)			(300,000	)			(60,600,000	)			(94,850,000	)
Shares outstanding, beginning of period			5,150,000				4,600,000				438,800,000				493,700,000
Shares outstanding, end of period			4,000,000				5,150,000				402,500,000				438,800,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  98  

Invesco Taxable Municipal Bond ETF (BAB)								Invesco Treasury Collateral ETF (CLTL)								Invesco Variable Rate Preferred ETF (VRP)								Invesco VRDO Tax-Free ETF ETF (PVI)
Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022
	$	27,829,097			$	59,504,354			$	16,238,762			$	3,366,521			$	46,091,150			$	83,187,070			$	751,729			$	117,934
		(48,028,010	)			(38,036,231	)			(429,675	)			(565,317	)			(9,348,897	)			(13,855,965	)			-				-
		(19,762,810	)			(401,150,677	)			(682,739	)			(1,220,760	)			41,710,668				(255,368,086	)			-				-
		(39,961,723	)			(379,682,554	)			15,126,348				1,580,444				78,452,921				(186,036,981	)			751,729				117,934
		(27,311,714	)			(59,550,150	)			(16,474,068	)			(2,779,153	)			(48,689,303	)			(94,506,497	)			(571,872	)			(85,128	)
		17,231,650				335,942,885				383,589,202				412,742,381				51,280,501				371,674,908				19,925,844				27,351,001
		(286,656,632	)			(426,510,826	)			(120,114,980	)			(254,486,811	)			(196,816,668	)			(130,346,472	)			(7,471,963	)			(12,432,229	)
		29,791				991,060				-				-				-				-				-				-
		(269,395,191	)			(89,576,881	)			263,474,222				158,255,570				(145,536,167	)			241,328,436				12,453,881				14,918,772
		(336,668,628	)			(528,809,585	)			262,126,502				157,056,861				(115,772,549	)			(39,215,042	)			12,633,738				14,951,578
		1,836,666,054				2,365,475,639				824,862,299				667,805,438				1,891,209,146				1,930,424,188				63,469,183				48,517,605
	$	1,499,997,426			$	1,836,666,054			$	1,086,988,801			$	824,862,299			$	1,775,436,597			$	1,891,209,146			$	76,102,921			$	63,469,183
		650,000				10,900,000				3,640,000				3,910,000				2,300,000				14,800,000				800,000				1,100,000
		(11,000,000	)			(14,050,000	)			(1,140,000	)			(2,410,000	)			(8,700,000	)			(5,600,000	)			(300,000	)			(500,000	)
		67,350,000				70,500,000				7,820,001				6,320,001				82,600,000				73,400,000				2,550,000				1,950,000
		57,000,000				67,350,000				10,320,001				7,820,001				76,200,000				82,600,000				3,050,000				2,550,000

  99  

Financial Highlights

Invesco 1-30 Laddered Treasury ETF (PLW)

	Six Months Ended February 28, 2023				Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	30.75			$	37.04			$	39.21			$	36.19			$	31.68			$	32.59			$	33.81
Net investment income(a)			0.32				0.53				0.41				0.47				0.69				0.57				0.66
Net realized and unrealized gain (loss) on investments			(1.93	)			(6.31	)			(2.21	)			3.04				4.51				(0.91	)			(1.22	)
Total from investment operations			(1.61	)			(5.78	)			(1.80	)			3.51				5.20				(0.34	)			(0.56	)
Distributions to shareholders from:
Net investment income			(0.32	)			(0.51	)			(0.37	)			(0.49	)			(0.69	)			(0.57	)			(0.66	)
Net asset value at end of period		$	28.82			$	30.75			$	37.04			$	39.21			$	36.19			$	31.68			$	32.59
Market price at end of period(b)		$	28.84			$	30.65			$	37.04			$	39.14			$	36.23			$	31.64			$	32.59
Net Asset Value Total Return(c)			(5.23	)%			(15.71	)%			(4.60	)%			9.82	%			16.71	%			(1.04	)%			(1.63	)%
Market Price Total Return(c)			(4.86	)%			(15.99	)%			(4.43	)%			9.50	%			16.98	%			(1.17	)%			(1.72	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	604,318			$	524,987			$	414,835			$	203,903			$	179,124			$	153,634			$	187,393
Ratio to average net assets of:
Expenses			0.25	%(d)			0.25	%			0.25	%			0.25	%			0.26	%(e)			0.25	%(d)			0.25	%
Net investment income			2.24	%(d)			1.57	%			1.12	%			1.25	%			2.13	%(e)			2.13	%(d)			2.02	%
Portfolio turnover rate(f)			13	%			5	%			3	%			9	%			5	%			5	%			5	%

^(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)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(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  

Financial Highlights–(continued)

Invesco California AMT-Free Municipal Bond ETF (PWZ)

	Six Months Ended February 28, 2023				Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	24.32			$	28.03			$	27.64			$	27.62			$	25.86			$	26.09			$	26.15
Net investment income(a)			0.33				0.59				0.64				0.67				0.67				0.54				0.65
Net realized and unrealized gain (loss) on investments			(0.14	)			(3.72	)			0.40				0.02				1.76				(0.23	)			(0.07	)
Total from investment operations			0.19				(3.13	)			1.04				0.69				2.43				0.31				0.58
Distributions to shareholders from:
Net investment income			(0.34	)			(0.59	)			(0.65	)			(0.67	)			(0.67	)			(0.53	)			(0.65	)
Return of capital			-				-				-				-				-				(0.01	)			(0.01	)
Total distributions			(0.34	)			(0.59	)			(0.65	)			(0.67	)			(0.67	)			(0.54	)			(0.66	)
Transaction fees(a)			0.01				0.01				-				0.00	(b)			0.00	(b)			0.00	(b)			0.02
Net asset value at end of period		$	24.18			$	24.32			$	28.03			$	27.64			$	27.62			$	25.86			$	26.09
Market price at end of period(c)		$	24.16			$	24.23			$	28.05			$	27.58			$	27.62			$	25.83			$	26.08
Net Asset Value Total Return(d)			0.83	%			(11.28	)%			3.80	%			2.56	%			9.58	%			1.22	%			2.36	%
Market Price Total Return(d)			1.12	%			(11.66	)%			4.10	%			2.34	%			9.70	%			1.15	%			2.08	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	552,437			$	566,657			$	520,028			$	451,918			$	346,602			$	250,796			$	237,413
Ratio to average net assets of:
Expenses			0.28	%(e)			0.28	%			0.28	%			0.28	%			0.28	%			0.28	%(e)			0.28	%
Net investment income			2.81	%(e)			2.25	%			2.31	%			2.46	%			2.55	%			2.49	%(e)			2.52	%
Portfolio turnover rate(f)			2	%			3	%			7	%			12	%			13	%			6	%			24	%

^(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.

  101  

Financial Highlights–(continued)

Invesco CEF Income Composite ETF (PCEF)

	Six Months Ended February 28, 2023				Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	19.64			$	24.61			$	20.92			$	22.35			$	22.99			$	23.96			$	22.23
Net investment income(a)(b)			0.97				1.11				0.98				1.35				1.18				1.26				1.13
Net realized and unrealized gain (loss) on investments			(0.85	)			(4.48	)			4.33				(1.05	)			(0.19	)			(0.84	)			2.28
Total from investment operations			0.12				(3.37	)			5.31				0.30				0.99				0.42				3.41
Distributions to shareholders from:
Net investment income			(0.85	)			(1.60	)			(1.62	)			(1.73	)			(1.63	)			(1.39	)			(1.13	)
Return of capital			-				-				-				-				-				-				(0.55	)
Total distributions			(0.85	)			(1.60	)			(1.62	)			(1.73	)			(1.63	)			(1.39	)			(1.68	)
Net asset value at end of period		$	18.91			$	19.64			$	24.61			$	20.92			$	22.35			$	22.99			$	23.96
Market price at end of period(c)		$	18.92			$	19.63			$	24.64			$	20.91			$	22.35			$	23.01			$	23.96
Net Asset Value Total Return(d)			0.77	%			(14.04	)%			26.36	%			1.84	%			4.72	%			1.85	%			15.86	%
Market Price Total Return(d)			0.87	%			(14.18	)%			26.58	%			1.80	%			4.62	%			1.94	%			15.86	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	719,312			$	727,859			$	955,554			$	756,106			$	760,959			$	723,177			$	703,177
Ratio to average net assets of:
Expenses(e)			0.50	%(f)			0.50	%			0.50	%			0.50	%			0.50	%			0.50	%(f)			0.50	%
Net investment income(b)			10.54	%(f)			5.03	%			4.30	%			6.36	%			5.35	%			6.53	%(f)			4.85	%
Portfolio turnover rate(g)			8	%			21	%			25	%			21	%			20	%			12	%			15	%

^(a)  Based on average shares outstanding.

^(b)  Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

^(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)  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.

^(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.

  102  

Financial Highlights—(continued)

Invesco Fundamental High Yield^® Corporate Bond ETF (PHB)

	Six Months Ended February 28, 2023				Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	17.15			$	19.59			$	18.90			$	19.06			$	18.56			$	19.08			$	18.79
Net investment income(a)			0.37				0.61				0.68				0.76				0.77				0.64				0.80
Net realized and unrealized gain (loss) on investments			0.00	(b)			(2.45	)			0.71				(0.15	)			0.51				(0.52	)			0.29
Total from investment operations			0.37				(1.84	)			1.39				0.61				1.28				0.12				1.09
Distributions to shareholders from:
Net investment income			(0.32	)			(0.60	)			(0.70	)			(0.77	)			(0.78	)			(0.64	)			(0.80	)
Net asset value at end of period		$	17.20			$	17.15			$	19.59			$	18.90			$	19.06			$	18.56			$	19.08
Market price at end of period(c)		$	17.16			$	17.07			$	19.61			$	18.89			$	19.07			$	18.55			$	19.07
Net Asset Value Total Return(d)			2.19	%			(9.55	)%			7.49	%			3.38	%			7.12	%			0.70	%			5.96	%
Market Price Total Return(d)			2.42	%			(10.06	)%			7.66	%			3.28	%			7.25	%			0.70	%			6.42	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	703,368			$	742,480			$	834,635			$	757,811			$	760,546			$	948,530			$	1,197,922
Ratio to average net assets of:
Expenses			0.50	%(e)			0.50	%			0.50	%			0.50	%			0.50	%			0.50	%(e)			0.50	%
Net investment income			4.31	%(e)			3.29	%			3.55	%			4.09	%			4.18	%			4.12	%(e)			4.23	%
Portfolio turnover rate(f)			11	%			44	%			32	%			35	%			17	%			12	%			9	%

^(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.

  103  

Financial Highlights–(continued)

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)

	Six Months Ended February 28, 2023				Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	23.50			$	27.03			$	27.40			$	26.33			$	24.80			$	25.63			$	25.85
Net investment income(a)			0.36				0.57				0.60				0.71				0.76				0.57				0.65
Net realized and unrealized gain (loss) on investments			(0.59	)			(3.25	)			(0.26	)			1.07				1.53				(0.83	)			(0.22	)
Total from investment operations			(0.23	)			(2.68	)			0.34				1.78				2.29				(0.26	)			0.43
Distributions to shareholders from:
Net investment income			(0.34	)			(0.56	)			(0.61	)			(0.71	)			(0.76	)			(0.57	)			(0.65	)
Net realized gains			-				(0.29	)			(0.10	)			-				-				-				-
Return of capital			-				-				-				-				-				(0.00	)(b)			-
Total distributions			(0.34	)			(0.85	)			(0.71	)			(0.71	)			(0.76	)			(0.57	)			(0.65	)
Net asset value at end of period		$	22.93			$	23.50			$	27.03			$	27.40			$	26.33			$	24.80			$	25.63
Market price at end of period(c)		$	22.94			$	23.43			$	27.04			$	27.39			$	26.31			$	24.80			$	25.62
Net Asset Value Total Return(d)			(0.96	)%			(10.10	)%			1.25	%			6.91	%			9.45	%			(1.01	)%			1.73	%
Market Price Total Return(d)			(0.62	)%			(10.39	)%			1.34	%			6.95	%			9.36	%			(0.98	)%			1.61	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	33,251			$	29,369			$	52,706			$	63,030			$	92,171			$	106,620			$	49,970
Ratio to average net assets of:
Expenses			0.22	%(e)			0.22	%			0.22	%			0.22	%			0.23	%(f)			0.22	%(e)			0.22	%
Net investment income			3.12	%(e)			2.23	%			2.21	%			2.68	%			3.03	%(f)			2.77	%(e)			2.53	%
Portfolio turnover rate(g)			11	%			30	%			34	%			36	%			28	%			24	%			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)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(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.

  104  

Financial Highlights–(continued)

Invesco National AMT-Free Municipal Bond ETF (PZA)

	Six Months Ended February 28, 2023				Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	23.30			$	27.19			$	26.74			$	26.76			$	25.11			$	25.58			$	25.69
Net investment income(a)			0.33				0.62				0.63				0.68				0.76				0.65				0.77
Net realized and unrealized gain (loss) on investments			(0.22	)			(3.90	)			0.46				(0.02	)			1.65				(0.46	)			(0.11	)
Total from investment operations			0.11				(3.28	)			1.09				0.66				2.41				0.19				0.66
Distributions to shareholders from:
Net investment income			(0.33	)			(0.61	)			(0.64	)			(0.69	)			(0.76	)			(0.66	)			(0.78	)
Transaction fees(a)			0.01				0.00	(b)			0.00	(b)			0.01				0.00	(b)			0.00	(b)			0.01
Net asset value at end of period		$	23.09			$	23.30			$	27.19			$	26.74			$	26.76			$	25.11			$	25.58
Market price at end of period(c)		$	23.13			$	23.26			$	27.21			$	26.73			$	26.80			$	25.12			$	25.55
Net Asset Value Total Return(d)			0.52	%			(12.21	)%			4.11	%			2.60	%			9.83	%			0.77	%			2.70	%
Market Price Total Return(d)			0.87	%			(12.42	)%			4.23	%			2.42	%			9.96	%			0.93	%			2.25	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,112,573			$	1,983,926			$	2,470,368			$	2,677,153			$	2,005,998			$	1,659,981			$	1,611,258
Ratio to average net assets of:
Expenses			0.28	%(e)			0.28	%			0.28	%			0.28	%			0.28	%			0.28	%(e)			0.28	%
Net investment income			2.90	%(e)			2.42	%			2.32	%			2.59	%			2.99	%			3.10	%(e)			3.06	%
Portfolio turnover rate(f)			1	%			4	%			10	%			15	%			11	%			8	%			23	%

^(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.

  105  

Financial Highlights–(continued)

Invesco New York AMT-Free Municipal Bond ETF (PZT)

	Six Months Ended February 28, 2023				Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	22.36			$	26.31			$	25.67			$	25.68			$	23.99			$	24.47			$	24.64
Net investment income(a)			0.31				0.58				0.61				0.67				0.69				0.58				0.73
Net realized and unrealized gain (loss) on investments			(0.17	)			(3.83	)			0.66				(0.01	)			1.70				(0.47	)			(0.17	)
Total from investment operations			0.14				(3.25	)			1.27				0.66				2.39				0.11				0.56
Distributions to shareholders from:
Net investment income			(0.31	)			(0.58	)			(0.63	)			(0.67	)			(0.70	)			(0.59	)			(0.73	)
Net realized gains			-				(0.12	)			-				-				-				-				-
Total distributions			(0.31	)			(0.70	)			(0.63	)			(0.67	)			(0.70	)			(0.59	)			(0.73	)
Net asset value at end of period		$	22.19			$	22.36			$	26.31			$	25.67			$	25.68			$	23.99			$	24.47
Market price at end of period(b)		$	22.21			$	22.36			$	26.29			$	25.73			$	25.70			$	23.92			$	24.53
Net Asset Value Total Return(c)			0.64	%			(12.55	)%			5.00	%			2.66	%			10.17	%			0.46	%			2.37	%
Market Price Total Return(c)			0.74	%			(12.49	)%			4.66	%			2.83	%			10.58	%			(0.08	)%			2.49	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	88,764			$	115,139			$	121,015			$	98,829			$	79,601			$	63,577			$	66,061
Ratio to average net assets of:
Expenses			0.28	%(d)			0.28	%			0.28	%			0.28	%			0.29	%(e)			0.28	%(d)			0.28	%
Net investment income			2.81	%(d)			2.37	%			2.35	%			2.64	%			2.84	%(e)			2.89	%(d)			3.01	%
Portfolio turnover rate(f)			2	%			6	%			15	%			12	%			11	%			7	%			22	%

^(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)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(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.

  106  

Financial Highlights–(continued)

Invesco Preferred ETF (PGX)

	Six Months Ended February 28, 2023				Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	12.37			$	15.11			$	14.86			$	14.93			$	14.60			$	14.97			$	14.96
Net investment income(a)			0.36				0.69				0.73				0.75				0.78				0.71				0.84
Net realized and unrealized gain (loss) on investments			(0.13	)			(2.74	)			0.26				(0.06	)			0.36				(0.40	)			0.02
Total from investment operations			0.23				(2.05	)			0.99				0.69				1.14				0.31				0.86
Distributions to shareholders from:
Net investment income			(0.36	)			(0.69	)			(0.74	)			(0.76	)			(0.81	)			(0.68	)			(0.85	)
Net asset value at end of period		$	12.24			$	12.37			$	15.11			$	14.86			$	14.93			$	14.60			$	14.97
Market price at end of period(b)		$	12.22			$	12.37			$	15.12			$	14.91			$	14.97			$	14.62			$	14.96
Net Asset Value Total Return(c)			2.02	%			(13.85	)%			6.81	%			4.98	%			8.23	%			2.18	%			5.97	%
Market Price Total Return(c)			1.85	%			(13.91	)%			6.52	%			5.04	%			8.37	%			2.39	%			5.60	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	4,926,608			$	5,427,617			$	7,459,245			$	6,260,956			$	5,352,615			$	5,378,011			$	5,333,535
Ratio to average net assets of:
Expenses			0.50	%(d)			0.50	%(e)			0.50	%(e)			0.50	%(e)			0.50	%(e)			0.50	%(d)(e)			0.50	%
Net investment income			6.11	%(d)			5.01	%(e)			4.89	%(e)			5.20	%(e)			5.45	%(e)			5.83	%(d)(e)			5.66	%
Portfolio turnover rate(f)			7	%			11	%			25	%			18	%			15	%			16	%			10	%

^(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)  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.

^(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.

  107  

Financial Highlights–(continued)

Invesco Taxable Municipal Bond ETF (BAB)

	Six Months Ended February 28, 2023				Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	27.27			$	33.55			$	33.40			$	32.83			$	29.66			$	30.38			$	30.68
Net investment income(a)			0.47				0.85				0.85				1.07				1.23				1.01				1.21
Net realized and unrealized gain (loss) on investments			(0.96	)			(6.28	)			0.16				0.58				3.14				(0.72	)			(0.32	)
Total from investment operations			(0.49	)			(5.43	)			1.01				1.65				4.37				0.29				0.89
Distributions to shareholders from:
Net investment income			(0.46	)			(0.86	)			(0.86	)			(1.10	)			(1.23	)			(1.02	)			(1.21	)
Transaction fees(a)			0.00	(b)			0.01				-				0.02				0.03				0.01				0.02
Net asset value at end of period		$	26.32			$	27.27			$	33.55			$	33.40			$	32.83			$	29.66			$	30.38
Market price at end of period(c)		$	26.25			$	27.24			$	33.46			$	33.41			$	32.97			$	29.51			$	30.45
Net Asset Value Total Return(d)			(1.76	)%			(16.38	)%			3.08	%			5.28	%			15.31	%			1.02	%			3.14	%
Market Price Total Return(d)			(1.91	)%			(16.23	)%			2.78	%			4.88	%			16.39	%			0.29	%			3.19	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,499,997			$	1,836,666			$	2,365,476			$	2,005,861			$	1,308,223			$	938,871			$	972,235
Ratio to average net assets of:
Expenses, after Waivers			0.28	%(e)			0.28	%			0.28	%(f)			0.27	%			0.28	%			0.28	%(e)			0.28	%(f)
Expenses, prior to Waivers			0.28	%(e)			0.28	%			0.28	%(f)			0.28	%			0.28	%			0.28	%(e)			0.28	%(f)
Net investment income			3.59	%(e)			2.78	%			2.58	%(f)			3.32	%			4.06	%			4.06	%(e)			4.05	%(f)
Portfolio turnover rate(g)			1	%			3	%			5	%			18	%			7	%			4	%			6	%

^(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) 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.

^(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. For the year ended October 31, 2017, 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.

  108  

Financial Highlights–(continued)

Invesco Treasury Collateral ETF (CLTL)

	Six Months Ended February 28, 2023				Years Ended August 31,																Ten Months Ended August 31,				For the Period January 10, 2017(a) Through October 31,
	(Unaudited)				2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	105.48			$	105.67			$	105.77			$	105.60			$	105.48			$	105.93			$	105.35
Net investment income(b)			1.76				0.50				0.09				1.27				2.39				1.28				0.66
Net realized and unrealized gain
(loss) on investments			(0.16	)			(0.33	)			(0.06	)			0.37				0.16				0.00	(c)			(0.08	)
Total from investment operations			1.60				0.17				0.03				1.64				2.55				1.28				0.58
Distributions to shareholders from:
Net investment income			(1.75	)			(0.34	)			(0.09	)			(1.45	)			(2.43	)			(1.73	)			-
Net realized gains			-				(0.02	)			(0.04	)			(0.02	)			-				-				-
Total distributions			(1.75	)			(0.36	)			(0.13	)			(1.47	)			(2.43	)			(1.73	)			-
Net asset value at end of period		$	105.33			$	105.48			$	105.67			$	105.77			$	105.60			$	105.48			$	105.93
Market price at end of period(d)		$	105.34			$	105.51			$	105.68			$	105.78			$	105.62			$	105.54			$	105.94
Net Asset Value Total Return(e)			1.54	%			0.15	%			0.03	%			1.56	%			2.44	%			1.22	%			0.55	%(f)
Market Price Total Return(e)			1.53	%			0.18	%			0.04	%			1.55	%			2.41	%			1.27	%			0.56	%(f)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,086,989			$	824,862			$	667,805			$	938,170			$	547,018			$	468,323			$	454,429
Ratio to average net assets of:
Expenses			0.08	%(g)			0.08	%			0.08	%			0.08	%			0.08	%			0.08	%(g)			0.08	%(g)
Net investment income			3.37	%(g)			0.48	%			0.09	%			1.20	%			2.27	%			1.45	%(g)			0.77	%(g)

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

^(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)  The net asset value total return from Fund Inception (January 12, 2017, the first day of trading on the Exchange) to October 31, 2017 was 0.55%. The market price total return from Fund Inception to October 31, 2017 was 0.54%.

^(g)  Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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Financial Highlights–(continued)

Invesco Variable Rate Preferred ETF (VRP)

	Six Months Ended February 28, 2023				Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	22.90			$	26.30			$	24.96			$	25.28			$	25.14			$	25.87			$	25.33
Net investment income(a)			0.58				1.03				1.07				1.13				1.14				0.91				1.21
Net realized and unrealized gain (loss) on investments			0.43				(3.26	)			1.38				(0.31	)			0.33				(0.66	)			0.56
Total from investment operations			1.01				(2.23	)			2.45				0.82				1.47				0.25				1.77
Distributions to shareholders from:
Net investment income			(0.61	)			(1.17	)			(1.11	)			(1.14	)			(1.33	)			(0.98	)			(1.23	)
Net asset value at end of period		$	23.30			$	22.90			$	26.30			$	24.96			$	25.28			$	25.14			$	25.87
Market price at end of period(b)		$	23.19			$	22.86			$	26.38			$	25.01			$	25.33			$	25.11			$	25.94
Net Asset Value Total Return(c)			4.54	%			(8.63	)%			10.00	%			3.48	%			6.17	%			1.01	%			7.18	%
Market Price Total Return(c)			4.24	%			(9.06	)%			10.11	%			3.51	%			6.52	%			0.62	%			7.08	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,775,437			$	1,891,209			$	1,930,424			$	1,472,807			$	1,529,601			$	2,192,114			$	1,890,954
Ratio to average net assets of:
Expenses			0.50	%(d)			0.50	%			0.50	%			0.50	%			0.50	%			0.50	%(d)			0.50	%
Net investment income			5.16	%(d)			4.21	%			4.14	%			4.61	%			4.63	%			4.31	%(d)			4.72	%
Portfolio turnover rate(e)			5	%			9	%			15	%			22	%			13	%			7	%			4	%

^(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.

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Financial Highlights–(continued)

Invesco VRDO Tax-Free ETF (PVI)

	Six Months Ended February 28, 2023				Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	24.89			$	24.88			$	24.93			$	24.93			$	24.93			$	24.93			$	24.93
Net investment income (loss)(a)			0.25				0.05				(0.05	)			0.17				0.31				0.20				0.13
Net realized and unrealized gain (loss) on investments.			-				(0.01	)(b)			0.00	(c)			(0.00	)(c)			-				-				(0.00	)(c)
Total from investment operations			0.25				0.04				(0.05	)			0.17				0.31				0.20				0.13
Distributions to shareholders from:
Net investment income			(0.19	)			(0.03	)			(0.00	)(c)			(0.17	)			(0.31	)			(0.20	)			(0.13	)
Return of capital			-				-				-				-				-				-				(0.00	)(c)
Total distributions.			(0.19	)			(0.03	)			(0.00	)(c)			(0.17	)			(0.31	)			(0.20	)			(0.13	)
Net asset value at end of period		$	24.95			$	24.89			$	24.88			$	24.93			$	24.93			$	24.93			$	24.93
Market price at end of period(d)		$	24.96			$	24.89			$	24.88			$	24.93			$	24.96			$	24.93			$	24.93
Net Asset Value Total Return(e)			1.01	%			0.17	%			(0.20	)%			0.69	%			1.26	%			0.82	%			0.51	%
Market Price Total Return(e)			1.05	%			0.17	%			(0.20	)%			0.58	%			1.38	%			0.82	%			0.59	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	76,103			$	63,469			$	48,518			$	49,855			$	57,338			$	62,327			$	83,512
Ratio to average net assets of:
Expenses			0.25	%(f)			0.25	%			0.25	%			0.25	%			0.26	%(g)			0.25	%(f)			0.25	%
Net investment income (loss)			2.06	%(f)			0.22	%			(0.19	)%			0.70	%			1.25	%(g)			0.98	%(f)			0.51	%

^(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)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 28, 2023

(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 1-30 Laddered Treasury ETF (PLW)	"1-30 Laddered Treasury ETF"
Invesco California AMT-Free Municipal Bond ETF (PWZ)	"California AMT-Free Municipal Bond ETF"
Invesco CEF Income Composite ETF (PCEF)	"CEF Income Composite ETF"
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)	"Fundamental High Yield® Corporate Bond ETF"
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)	"Fundamental Investment Grade Corporate Bond ETF"
Invesco National AMT-Free Municipal Bond ETF (PZA)	"National AMT-Free Municipal Bond ETF"
Invesco New York AMT-Free Municipal Bond ETF (PZT)	"New York AMT-Free Municipal Bond ETF"
Invesco Preferred ETF (PGX)	"Preferred ETF"
Invesco Taxable Municipal Bond ETF (BAB)	"Taxable Municipal Bond ETF"
Invesco Treasury Collateral ETF (CLTL)	"Treasury Collateral ETF"
Invesco Variable Rate Preferred ETF (VRP)	"Variable Rate Preferred ETF"
Invesco VRDO Tax-Free ETF (PVI)	"VRDO Tax-Free 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., except for Shares of 1-30 Laddered Treasury ETF, which are listed and traded on The Nasdaq Stock Market LLC.

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.” Creation Units of 1-30 Laddered Treasury ETF, CEF Income Composite ETF, Fundamental High Yield^® Corporate Bond ETF, Fundamental Investment Grade Corporate Bond ETF, Preferred ETF, Treasury Collateral ETF and Variable Rate Preferred ETF are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Creation Units of California AMT-Free Municipal Bond ETF, National AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF, Taxable Municipal Bond ETF and VRDO Tax-Free ETF are issued and redeemed principally in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by authorized participants ("APs"), the Shares are not individually redeemable securities of the Funds.

To provide enhanced daily liquidity, Treasury Collateral ETF determines its NAV twice each day, at 12:00 p.m. ET and at the regularly scheduled close of the New York Stock Exchange ("NYSE") (normally 4:00 p.m. ET). The Fund provides same-day settlement for creation/redemption trades in the primary market for any trades placed before the initial daily NAV strike.

CEF Income Composite ETF is a “fund of funds,” in that it invests in other funds (“Underlying Funds”). Each Underlying Fund’s accounting policies are outlined in that Underlying Fund’s financial statements and are publicly available.

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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
1-30 Laddered Treasury ETF	Ryan/NASDAQ U.S. 1-30 Year Treasury Laddered Index
California AMT-Free Municipal Bond ETF	ICE BofA California Long-Term Core Plus Municipal Securities Index
CEF Income Composite ETF	S-Network Composite Closed-End Fund IndexSM
Fundamental High Yield® Corporate Bond ETF	RAFI® Bonds U.S. High Yield 1-10 Index
Fundamental Investment Grade Corporate Bond ETF	RAFI® Bonds U.S. Investment Grade 1-10 Index
National AMT-Free Municipal Bond ETF	ICE BofA National Long-Term Core Plus Municipal Securities Index
New York AMT-Free Municipal Bond ETF	ICE BofA New York Long-Term Core Plus Municipal Securities Index
Preferred ETF	ICE BofA Core Plus Fixed Rate Preferred Securities Index
Taxable Municipal Bond ETF	ICE BofA US Taxable Municipal Securities Plus Index
Treasury Collateral ETF	ICE U.S. Treasury Short Bond Index
Variable Rate Preferred ETF	ICE Variable Rate Preferred & Hybrid Securities Index
VRDO Tax-Free ETF	ICE US Municipal AMT-Free VRDO Constrained 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 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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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 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

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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.

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 last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked 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/asked 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, acts of terrorism, 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 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.

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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 monthly 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 each 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. Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including payments to Invesco Advisers, Inc. (the “Sub-Adviser”) for Treasury Collateral ETF and, for each Fund, the cost 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 (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.

G. 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.

H. 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 (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.

I. 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

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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 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 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 February 28, 2023, CEF Income Composite ETF, Preferred ETF and Variable Rate Preferred ETF had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by those Funds as listed below:

	Amount
CEF Income Composite ETF		$	201,140
Preferred ETF			310,030
Variable Rate Preferred ETF			56,023

J. 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.

K. Other Risks

ADR Risk. Certain Funds may invest in American depositary receipts (“ADRs”). 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. ADRs 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 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.

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Authorized Participant 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. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk 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.

Cash Transaction Risk. Most exchange-traded funds ("ETFs") generally make in-kind redemptions to avoid being taxed at the fund level on gains on the distributed portfolio securities. However, unlike most ETFs, certain Funds currently intend to effect creations and redemptions principally for cash, rather than principally in-kind, because of the nature of the Fund’s investments. As such, each Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, a Fund may recognize a capital gain on these sales that might not have been incurred if the Fund had made a redemption in-kind. This may decrease the tax efficiency of each Fund compared to ETFs that utilize an in-kind redemption process and there may be a substantial difference in the after-tax rate of return between each Fund and conventional ETFs.

Changing Fixed-Income Market Conditions Risk. Increases 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 and reduced liquidity for certain fixed-income investments, particularly those with longer maturities. 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 could also result in higher than normal redemptions by APs which could potentially increase a Fund’s portfolio turnover rate and transaction costs.

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 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.

Fund of Funds Risk. Because CEF Income Composite ETF invests primarily in other funds, its investment performance largely depends on the investment performance of the Underlying Funds. An investment in the Fund is subject to the risks associated with the Underlying Funds. In addition, at times, certain of the segments of the market represented by Underlying Funds in which the Fund invests may be out of favor and underperform other segments. The Fund will pay indirectly a proportional share of the expenses of the Underlying Funds in which it invests (including operating expenses and management fees), in addition to the fees and expenses it already will pay to the Adviser.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or

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removed, respectively, from its Underlying Index, even if that security generally is underperforming. 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.

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.

LIBOR Transition Risk. Certain Funds may have investments in financial instruments that utilize the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR is intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis. The UK Financial Conduct Authority ("FCA"), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. Although the publication of most LIBOR rates ceased at the end of 2021, a selection of widely used USD LIBOR rates continues to be published until June 2023 to allow for an orderly transition away from these rates.

There remains uncertainty and risks relating to the continuing LIBOR transition and its effects on the Funds and the instruments in which the Funds invest. There can be no assurance that the composition or characteristics of any alternative reference rates (“ARRs”) or financial instruments in which the Funds invest that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, there remains uncertainty and risks relating to certain “legacy” USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. The effects of such uncertainty and risks in “legacy” USD LIBOR instruments held by the Funds could result in losses to the Funds.

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 conflict, acts of terrorism, economic crisis or other events could result in increased premiums or discounts to each Fund’s NAV.

Mortgage-Backed and Asset-Backed Securities Risk. For certain Funds, investments in mortgage- and asset-backed securities are subject to call (prepayment) risk, reinvestment risk and extension risk. In addition, these securities are susceptible to an unexpectedly high rate of defaults on the mortgages held by a mortgage pool, which may adversely affect their value. The risk of such defaults depends on the quality of the mortgages underlying such security, the credit quality of its issuer or guarantor, and the nature and structure of its credit support. For example, the risk of default generally is higher in the case of mortgage pools that include subprime mortgages, which are loans made to borrowers with weakened credit histories or with lower capacity to make timely mortgage payments.

Municipal Insurance Risk. A portion of the municipal securities that certain Funds hold may be covered by insurance that guarantees the bond’s scheduled payment of interest and repayment of principal. Municipal security insurance does not insure against market fluctuations or fluctuations in a Fund’s Share price. In addition, a municipal security insurance policy will not cover: (i) repayment of a municipal security before maturity (redemption), (ii) prepayment or payment of an acceleration premium (except for a mandatory sinking fund redemption) or any other provision of a bond indenture that advances the maturity of the bond, or (iii) nonpayment of principal or interest caused by negligence or bankruptcy of the paying agent. A mandatory sinking fund redemption may be a provision of a municipal security issue whereby part of the municipal security issue may be retired before maturity.

Municipal Securities Risk. Certain Funds invest in municipal securities. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on the ability of an issuer of municipal securities to make payments of principal and/or interest. Political changes and uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders can significantly affect municipal securities. Because many securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market.

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If the Internal Revenue Service (“IRS”) determines that an issuer of a municipal security has not complied with applicable tax requirements, interest from the security could become taxable and the security could decline significantly 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. Because certain Funds issue and redeem Creation Units principally for cash, such Funds will incur higher costs in buying and selling securities than if they issued and redeemed Creation Units in-kind. Additionally, a Fund’s use of a representative sampling approach 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 California AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF and Variable Rate Preferred ETF are 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.

Not a Money Market Fund. Treasury Collateral ETF is not a money market fund and is not subject to the strict rules that govern the quality, maturity, liquidity and other features of securities that money market funds may purchase. Under normal circumstances, the Fund’s investments may be more susceptible than a money market fund’s investments to credit risk, interest rate risk, valuation risk and other risks relevant to the Fund’s investments. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, and it is possible for the Fund to lose money. The Fund does not seek to maintain a stable NAV of $1.00 per share.

Preferred Securities Risk. There are special risks associated with investing in preferred securities. Preferred securities may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time. If a Fund owns a security that is deferring or omitting its distributions, the Fund may be required to report the distribution on its tax returns, even though it may not have received any income. Further, preferred securities may lose substantial value due to the omission or deferment of dividend payments. Preferred securities may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer. Preferred securities also may be subordinated to bonds or other debt instruments in an issuer’s capital structure, subjecting them to a greater risk of non-payment than more senior securities.

Risks of Investing in Closed-End Funds. For CEF Income Composite ETF, the shares of closed-end funds may trade at a discount or premium to, or at, their NAV. To the extent that the Fund invests a portion of its assets in closed-end funds, those assets will be subject to the risks of the closed-end fund’s portfolio securities, and a shareholder in the Fund will bear not only his or her proportionate share of the expenses of the Fund, but also, indirectly, the expenses of the closed-end fund. The securities of closed-end funds in which the Fund may invest may be leveraged. As a result, the Fund may be exposed indirectly to leverage through an investment in such securities. An investment in securities of closed-end funds that use leverage may expose the Fund to higher volatility in the market value of such securities and the possibility that the Fund’s long-term returns on such securities (and, indirectly, the long-term returns of the Shares) will be diminished.

Sampling Risk. Certain Funds’ use of a representative sampling approach 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.

Tax Risk. There is no guarantee that the income from certain Funds will be exempt from federal or state income taxes. Events occurring after the date of issuance of a municipal bond or after a Fund’s acquisition of a municipal bond may result in a determination that interest on that bond is includible in gross income for federal income tax purposes retroactively to its date of issuance. Such a determination may cause a portion of prior distributions by a Fund to its shareholders to be taxable to those shareholders in the year of receipt. Federal or state changes in income or alternative minimum tax rates or in the tax treatment of municipal bonds may make municipal bonds less attractive as investments and cause them to lose value.

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 United States 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. 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

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market value of their securities, and consequently, the value of such securities may fluctuate. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted.

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.

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

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, and for Treasury Collateral ETF, the oversight of the Sub-Adviser.

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 has agreed to pay for substantially all expenses of the Funds, including the cost 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 (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)
1-30 Laddered Treasury ETF	0.25%
California AMT-Free Municipal Bond ETF	0.28%
CEF Income Composite ETF	0.50%
Fundamental High Yield® Corporate Bond ETF	0.50%
Fundamental Investment Grade Corporate Bond ETF	0.22%
National AMT-Free Municipal Bond ETF	0.28%
New York AMT-Free Municipal Bond ETF	0.28%
Preferred ETF	0.50%
Taxable Municipal Bond ETF	0.28%
Treasury Collateral ETF	0.08%
Variable Rate Preferred ETF	0.50%
VRDO Tax-Free ETF	0.25%

Through at least August 31, 2025, 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

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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 February 28, 2023, the Adviser waived fees for each Fund in the following amounts:

1-30 Laddered Treasury ETF	$	101
California AMT-Free Municipal Bond ETF		-
CEF Income Composite ETF		92
Fundamental High Yield® Corporate Bond ETF		1,346
Fundamental Investment Grade Corporate Bond ETF		25
National AMT-Free Municipal Bond ETF		-
New York AMT-Free Municipal Bond ETF		-
Preferred ETF		5,235
Taxable Municipal Bond ETF		6,123
Treasury Collateral ETF		104
Variable Rate Preferred ETF		4,296
VRDO Tax-Free ETF		-

For Treasury Collateral ETF, the Adviser has entered into a sub-advisory agreement with the Sub-Adviser. The sub-advisory fee is paid by the Adviser to the Sub-Adviser at the annual rate of 40% of compensation paid to the Adviser from the Fund.

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 for each Fund with the following entities (each, a “Licensor”):

Fund	Licensor
1-30 Laddered Treasury ETF	Nasdaq, Inc.
California AMT-Free Municipal Bond ETF	ICE Data Indices, LLC
CEF Income Composite ETF	S-Network Global Indexes, LLC
Fundamental High Yield® Corporate Bond ETF	Research Affiliates®
Fundamental Investment Grade Corporate Bond ETF	Research Affiliates®
National AMT-Free Municipal Bond ETF	ICE Data Indices, LLC
New York AMT-Free Municipal Bond ETF	ICE Data Indices, LLC
Preferred ETF	ICE Data Indices, LLC
Taxable Municipal Bond ETF	ICE Data Indices, LLC
Treasury Collateral ETF	ICE Data Indices, LLC
Variable Rate Preferred ETF	ICE Data Indices, LLC
VRDO Tax-Free ETF	ICE Data 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 February 28, 2023, the following Fund incurred brokerage commissions with Invesco Capital Markets, Inc. ("ICMI"), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Fund, as listed below:

  CEF Income Composite ETF $ 7,476

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–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

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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 February 28, 2023, the following Fund engaged in transactions with affiliates as listed below:

	Securities Purchases	Securities Sales	Net Realized Gains
Taxable Municipal Bond ETF	$127,950	$-	$-

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.
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 February 28, 2023, for each Fund (except for California AMT-Free Municipal Bond ETF, Fundamental High Yield^® Corporate Bond ETF, National AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF and VRDO Tax-Free ETF). As of February 28, 2023, all of the securities in California AMT-Free Municipal Bond ETF, Fundamental High Yield^® Corporate Bond ETF, National AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF and VRDO Tax-Free ETF were valued based on Level 2 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3			Total
1-30 Laddered Treasury ETF
Investments in Securities
U.S. Treasury Securities		$	-		$	603,534,996		$	-		$	603,534,996
Money Market Funds			44,185			13,424,201			-			13,468,386
Total Investments		$	44,185		$	616,959,197		$	-		$	617,003,382
CEF Income Composite ETF
Investments in Securities
Closed-End Funds		$	718,638,099		$	-		$	-		$	718,638,099
Money Market Funds			-			15,206,037			-			15,206,037
Total Investments		$	718,638,099		$	15,206,037		$	-		$	733,844,136
Fundamental Investment Grade Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes		$	-		$	32,913,117		$	-		$	32,913,117
Money Market Funds			8,013			4,705,113			-			4,713,126
Total Investments		$	8,013		$	37,618,230		$	-		$	37,626,243
Preferred ETF
Investments in Securities
Preferred Stocks		$	4,899,474,247		$	6,400,056		$	-		$	4,905,874,303
Money Market Funds			-			141,577,852			-			141,577,852
Total Investments		$	4,899,474,247		$	147,977,908		$	-		$	5,047,452,155

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	Level 1			Level 2			Level 3			Total
Taxable Municipal Bond ETF
Investments in Securities
Municipal Obligations		$	-		$	1,464,758,281		$	-		$	1,464,758,281
U.S. Dollar Denominated Bonds & Notes			-			6,351,222			-			6,351,222
Money Market Funds			11,653,879			-			-			11,653,879
Total Investments		$	11,653,879		$	1,471,109,503		$	-		$	1,482,763,382
Treasury Collateral ETF
Investments in Securities
U.S. Treasury Securities		$	-		$	1,085,197,632		$	-		$	1,085,197,632
Money Market Funds			294,321			-			-			294,321
Total Investments		$	294,321		$	1,085,197,632		$	-		$	1,085,491,953
Variable Rate Preferred ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes		$	-		$	1,270,769,122		$	-		$	1,270,769,122
Preferred Stocks			391,980,176			97,045,193			-			489,025,369
Money Market Funds			-			157,359,447			-			157,359,447
Total Investments		$	391,980,176		$	1,525,173,762		$	-		$	1,917,153,938

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 August 31, 2022, as follows:

	No expiration
	Short-Term		Long-Term		Total*
1-30 Laddered Treasury ETF	$	299,079	$	561,956	$	861,035
California AMT-Free Municipal Bond ETF		255,013		23,088		278,101
CEF Income Composite ETF		13,045,822		21,784,535		34,830,357
Fundamental High Yield® Corporate Bond ETF		20,119,834		23,204,579		43,324,413
Fundamental Investment Grade Corporate Bond ETF		-		-		-
National AMT-Free Municipal Bond ETF		9,483,052		248,063		9,731,115
New York AMT-Free Municipal Bond ETF		107,109		7,521		114,630
Preferred ETF		38,016,412		202,001,035		240,017,447
Taxable Municipal Bond ETF		3,786,445		3,322,550		7,108,995
Treasury Collateral ETF		535,672		-		535,672
Variable Rate Preferred ETF		8,222,544		28,919,126		37,141,670
VRDO Tax-Free ETF		-		-		-

* 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 February 28, 2023, 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
1-30 Laddered Treasury ETF	$	-	$	-
California AMT-Free Municipal Bond ETF		51,847,213		10,248,600
CEF Income Composite ETF		61,923,764		56,587,468

  123  

	Purchases		Sales
Fundamental High Yield® Corporate Bond ETF	$	77,508,509	$	83,810,077
Fundamental Investment Grade Corporate Bond ETF		3,693,247		3,569,887
National AMT-Free Municipal Bond ETF		217,934,961		24,628,943
New York AMT-Free Municipal Bond ETF		2,168,932		1,818,453
Preferred ETF		332,524,745		345,741,774
Taxable Municipal Bond ETF		22,382,520		11,905,234
Treasury Collateral ETF		-		-
Variable Rate Preferred ETF		86,007,170		85,891,664
VRDO Tax-Free ETF		-		-

For the six months ended February 28, 2023, the cost of securities purchased and proceeds from sales of U.S. Government obligations (other than short-term securities, money market funds and in-kind transactions) were as follows:

	Purchases		Sales
1-30 Laddered Treasury ETF	$	77,402,260	$	64,290,670
Treasury Collateral ETF		-		-

For the six months ended February 28, 2023, in-kind transactions associated with creations and redemptions were as follows:

	In-kind		In-kind
	Purchases		Sales
1-30 Laddered Treasury ETF	$	140,384,220	$	31,066,636
California AMT-Free Municipal Bond ETF		9,111,842		62,572,510
CEF Income Composite ETF		65,891,433		47,633,402
Fundamental High Yield® Corporate Bond ETF		64,761,722		93,102,683
Fundamental Investment Grade Corporate Bond ETF		11,011,787		6,808,934
National AMT-Free Municipal Bond ETF		106,347,828		155,389,270
New York AMT-Free Municipal Bond ETF		-		23,449,174
Preferred ETF		285,099,472		693,027,596
Taxable Municipal Bond ETF		4,788,643		289,417,382
Treasury Collateral ETF		-		-
Variable Rate Preferred ETF		50,490,828		190,040,489
VRDO Tax-Free ETF		-		-

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. As of February 28, 2023, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

						Net
	Gross		Gross			Unrealized
	Unrealized		Unrealized			Appreciation
	Appreciation		(Depreciation)			(Depreciation)			Cost
1-30 Laddered Treasury ETF	$	-	$	(92,355,676	)	$	(92,355,676	)	$	709,359,058
California AMT-Free Municipal Bond ETF		1,685,809		(42,332,072	)		(40,646,263	)		581,843,533
CEF Income Composite ETF		21,881,216		(121,053,884	)		(99,172,668	)		833,016,804
Fundamental High Yield® Corporate Bond ETF		1,026,982		(74,407,054	)		(73,380,072	)		996,370,855
Fundamental Investment Grade Corporate Bond ETF		19,943		(3,003,562	)		(2,983,619	)		40,609,862
National AMT-Free Municipal Bond ETF		7,372,554		(220,099,607	)		(212,727,053	)		2,288,105,324
New York AMT-Free Municipal Bond ETF		30,576		(9,661,067	)		(9,630,491	)		96,841,294
Preferred ETF		5,499,111		(954,605,656	)		(949,106,545	)		5,996,558,700
Taxable Municipal Bond ETF		12,025,742		(245,967,045	)		(233,941,303	)		1,716,704,685
Treasury Collateral ETF		7,917		(1,901,129	)		(1,893,212	)		1,087,385,165
Variable Rate Preferred ETF		4,264,167		(176,153,163	)		(171,888,996	)		2,089,042,934
VRDO Tax-Free ETF		-		-			-			74,205,000

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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. The Trustee who is an “interested person” of the Trust does 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 consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. For 1-30 Laddered Treasury ETF, CEF Income Composite ETF, Fundamental High Yield^® Corporate Bond ETF, Fundamental Investment Grade Corporate Bond ETF, Preferred ETF, Treasury Collateral ETF and Variable Rate Preferred ETF, such transactions are generally in exchange for Deposit Securities. However, for such Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances. For California AMT-Free Municipal Bond ETF, National AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF, Taxable Municipal Bond ETF and VRDO Tax-Free ETF, such transactions are principally in exchange for the deposit or delivery of cash.

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.

  125  

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay 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 (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2022 through February 28, 2023.

In addition to the fees and expenses which the Invesco CEF Income Composite ETF (the “Portfolio”) bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Portfolio invests. The amount of fees and expenses incurred indirectly by the Portfolio will vary because the investment companies have varied expenses and fee levels and the Portfolio may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolio. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolio invests in. The effect of the estimated investment companies’ expenses that the Portfolio bears indirectly is included in the Portfolio’s total return.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.

	Beginning Account Value September 1, 2022			Ending Account Value February 28, 2023			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco 1-30 Laddered Treasury ETF (PLW)
Actual		$	1,000.00		$	947.70		0.25	%		$1.21
Hypothetical (5% return before expenses)			1,000.00			1,023.55		0.25			1.25
Invesco California AMT-Free Municipal Bond ETF (PWZ)
Actual			1,000.00			1,008.30		0.28			1.39
Hypothetical (5% return before expenses)			1,000.00			1,023.41		0.28			1.40

  126  

Calculating your ongoing Fund expenses–(continued)

	Beginning Account Value September 1, 2022			Ending Account Value February 28, 2023			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco CEF Income Composite ETF (PCEF)
Actual		$	1,000.00		$	1,007.70		0.50	%		$2.49
Hypothetical (5% return before expenses)			1,000.00			1,022.32		0.50			2.51
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)
Actual			1,000.00			1,021.90		0.50			2.51
Hypothetical (5% return before expenses)			1,000.00			1,022.32		0.50			2.51
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)
Actual			1,000.00			990.40		0.22			1.09
Hypothetical (5% return before expenses)			1,000.00			1,023.70		0.22			1.10
Invesco National AMT-Free Municipal Bond ETF (PZA)
Actual			1,000.00			1,005.20		0.28			1.39
Hypothetical (5% return before expenses)			1,000.00			1,023.41		0.28			1.40
Invesco New York AMT-Free Municipal Bond ETF (PZT)
Actual			1,000.00			1,006.40		0.28			1.39
Hypothetical (5% return before expenses)			1,000.00			1,023.41		0.28			1.40
Invesco Preferred ETF (PGX)
Actual			1,000.00			1,020.20		0.50			2.50
Hypothetical (5% return before expenses)			1,000.00			1,022.32		0.50			2.51
Invesco Taxable Municipal Bond ETF (BAB)
Actual			1,000.00			982.40		0.28			1.38
Hypothetical (5% return before expenses)			1,000.00			1,023.41		0.28			1.40
Invesco Treasury Collateral ETF (CLTL)
Actual			1,000.00			1,015.40		0.08			0.40
Hypothetical (5% return before expenses)			1,000.00			1,024.40		0.08			0.40
Invesco Variable Rate Preferred ETF (VRP)
Actual			1,000.00			1,045.40		0.50			2.54
Hypothetical (5% return before expenses)			1,000.00			1,022.32		0.50			2.51
Invesco VRDO Tax-Free ETF (PVI)
Actual			1,000.00			1,010.10		0.25			1.25
Hypothetical (5% return before expenses)			1,000.00			1,023.55		0.25			1.25

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended February 28, 2023. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.

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Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the "Commission") website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

©2023 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-TRST2-FINC-SAR-1	invesco.com/ETFs

	Invesco Semi-Annual Report to Shareholders February 28, 2023

RSPE	Invesco ESG S&P 500 Equal Weight ETF
USEQ	Invesco Russell 1000 Enhanced Equal Weight ETF
EQAL	Invesco Russell 1000 Equal Weight ETF
USLB	Invesco Russell 1000 Low Beta Equal Weight ETF
SPVU	Invesco S&P 500® Enhanced Value ETF
XRLV	Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
SPHB	Invesco S&P 500® High Beta ETF
SPHD	Invesco S&P 500® High Dividend Low Volatility ETF
SPLV	Invesco S&P 500® Low Volatility ETF
SPMV	Invesco S&P 500 Minimum Variance ETF
SPMO	Invesco S&P 500® Momentum ETF
QVML	Invesco S&P 500 QVM Multi-factor ETF
QVMM	Invesco S&P MidCap 400 QVM Multi-factor ETF
XMLV	Invesco S&P MidCap Low Volatility ETF
QVMS	Invesco S&P SmallCap 600 QVM Multi-factor ETF
XSHD	Invesco S&P SmallCap High Dividend Low Volatility ETF
XSLV	Invesco S&P SmallCap Low Volatility ETF
XSHQ	Invesco S&P SmallCap Quality ETF

Table of Contents

Schedules of Investments
Invesco ESG S&P 500 Equal Weight ETF (RSPE)	3
Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)	6
Invesco Russell 1000 Equal Weight ETF (EQAL)	14
Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)	24
Invesco S&P 500® Enhanced Value ETF (SPVU)	30
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV)	33
Invesco S&P 500® High Beta ETF (SPHB)	36
Invesco S&P 500® High Dividend Low Volatility ETF (SPHD)	39
Invesco S&P 500® Low Volatility ETF (SPLV)	41
Invesco S&P 500 Minimum Variance ETF (SPMV)	44
Invesco S&P 500® Momentum ETF (SPMO)	46
Invesco S&P 500 QVM Multi-factor ETF (QVML)	48
Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)	54
Invesco S&P MidCap Low Volatility ETF (XMLV)	59
Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)	62
Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)	69
Invesco S&P SmallCap Low Volatility ETF (XSLV)	71
Invesco S&P SmallCap Quality ETF (XSHQ)	74
Statements of Assets and Liabilities	78
Statements of Operations	82
Statements of Changes in Net Assets	86
Financial Highlights	92
Notes to Financial Statements	110
Fund Expenses	124

  2  

Invesco ESG S&P 500 Equal Weight ETF (RSPE)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.92%
Communication Services-5.17%
Alphabet, Inc., Class A(b)		378	$	34,043
Alphabet, Inc., Class C(b)		335		30,250
AT&T, Inc.		3,521		66,582
Comcast Corp., Class A		1,962		72,927
Electronic Arts, Inc.		539		59,797
Interpublic Group of Cos., Inc. (The)		2,116		75,203
Omnicom Group, Inc.		898		81,332
Take-Two Interactive Software, Inc.(b)		682		74,713
Verizon Communications, Inc.		1,828		70,945
Walt Disney Co. (The)(b)		738		73,512
				639,304
Consumer Discretionary-11.85%
Aptiv PLC(b)		695		80,814
Best Buy Co., Inc.		836		69,480
Dollar Tree, Inc.(b)		468		67,991
eBay, Inc.		1,574		72,247
Etsy, Inc.(b)		522		63,376
General Motors Co.		1,790		69,345
Hasbro, Inc.		1,132		62,271
Hilton Worldwide Holdings, Inc.		506		73,122
Home Depot, Inc. (The)		212		62,866
Lowe’s Cos., Inc.		329		67,692
Marriott International, Inc., Class A		432		73,112
McDonald’s Corp.		251		66,241
Newell Brands, Inc.		5,306		77,945
NIKE,Inc.,Class B		627		74,481
Royal Caribbean Cruises Ltd.(b)(c)		1,201		84,839
Starbucks Corp.		667		68,094
Target Corp.		442		74,477
TJX Cos., Inc. (The)		855		65,493
VF Corp.		2,346		58,228
Whirlpool Corp.		476		65,678
Yum! Brands, Inc.		530		67,395
				1,465,187
Consumer Staples-6.16%
Archer-Daniels-Midland Co.		729		58,028
Campbell Soup Co.		1,209		63,497
Colgate-Palmolive Co.		876		64,211
Estee Lauder Cos., Inc. (The), Class A		292		70,970
General Mills, Inc.		778		61,859
Hershey Co. (The)		287		68,398
Kellogg Co.		919		60,599
Kraft Heinz Co. (The)		1,702		66,276
McCormick & Co., Inc.		795		59,084
Mondelez International, Inc., Class A		998		65,050
Walgreens Boots Alliance, Inc.		1,671		59,371
Walmart, Inc.		456		64,811
				762,154
Financials-15.36%
Aflac, Inc.		954		65,015
Allstate Corp. (The)		522		67,223
American Express Co.		439		76,382
American International Group, Inc.		1,094		66,854
Bank of America Corp.		2,075		71,173
Bank of New York Mellon Corp. (The)		1,523		77,490

	Shares		Value
Financials-(continued)
Capital One Financial Corp.		729	$	79,519
Citigroup, Inc.		1,521		77,099
Comerica, Inc.		1,039		72,834
Fifth Third Bancorp		2,059		74,742
Hartford Financial Services Group, Inc. (The)		910		71,235
Invesco Ltd.(d)		3,702		65,377
JPMorgan Chase & Co.		516		73,969
KeyCorp		3,939		72,044
Lincoln National Corp.		1,926		61,093
MetLife, Inc.		911		65,346
Moody’s Corp.		234		67,895
Morgan Stanley		778		75,077
Nasdaq, Inc.		1,047		58,695
Northern Trust Corp.		775		73,834
Principal Financial Group, Inc.		753		67,439
Prudential Financial, Inc.		663		66,300
Regions Financial Corp.		3,147		73,388
S&P Global, Inc.		193		65,852
State Street Corp.		844		74,846
U.S. Bancorp		1,559		74,411
Willis Towers Watson PLC		278		65,152
				1,900,284
Health Care-12.85%
Abbott Laboratories		648		65,915
AbbVie, Inc.		411		63,253
Agilent Technologies, Inc.		442		62,751
Amgen, Inc.		238		55,135
Baxter International, Inc.		1,298		51,855
Becton, Dickinson and Co.		275		64,501
Biogen, Inc.(b)		233		62,877
Boston Scientific Corp.(b)		1,488		69,519
Cigna Group (The)		204		59,588
CVS Health Corp.		664		55,471
DaVita, Inc.(b)		908		74,692
Edwards Lifesciences Corp.(b)		936		75,292
Elevance Health, Inc.		128		60,118
Gilead Sciences, Inc.		774		62,330
Hologic, Inc.(b)		920		73,269
Humana, Inc.		124		61,383
Illumina, Inc.(b)		326		64,939
Medtronic PLC		883		73,112
Merck & Co., Inc.		617		65,550
Moderna, Inc.(b)		380		52,748
Quest Diagnostics, Inc.		456		63,092
Regeneron Pharmaceuticals, Inc.(b)		89		67,677
UnitedHealth Group, Inc.		125		59,493
Vertex Pharmaceuticals, Inc.(b)		214		62,122
Waters Corp.(b)		200		62,178
				1,588,860
Industrials-15.35%
American Airlines Group, Inc.(b)		5,014		80,124
Caterpillar, Inc.		297		71,146
CSX Corp.		2,197		66,987
Cummins, Inc.		278		67,576
Deere & Co.		154		64,563
Dover Corp.		491		73,601
Emerson Electric Co.		717		59,303

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  3  

Invesco ESG S&P 500 Equal Weight ETF (RSPE)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Industrials-(continued)
Fortive Corp.		1,023	$	68,193
IDEX Corp.		289		65,019
Illinois Tool Works, Inc.		309		72,047
Ingersoll Rand, Inc.		1,287		74,736
J.B. Hunt Transport Services, Inc.		386		69,785
Johnson Controls International PLC		1,024		64,225
Norfolk Southern Corp.		281		63,174
PACCAR, Inc.		976		70,467
Pentair PLC		1,512		84,581
Republic Services, Inc.		501		64,594
Rockwell Automation, Inc.		267		78,746
Stanley Black & Decker, Inc.		880		75,337
Trane Technologies PLC		387		71,583
Union Pacific Corp.		320		66,330
United Parcel Service, Inc., Class B		389		70,989
United Rentals, Inc.		193		90,426
Verisk Analytics, Inc.		371		63,482
W.W. Grainger, Inc.		116		77,538
Waste Management, Inc.		411		61,551
Xylem, Inc.		612		62,822
				1,898,925
Information Technology-17.73%
Accenture PLC, Class A		237		62,935
Adobe, Inc.(b)		208		67,382
Advanced Micro Devices, Inc.(b)		968		76,065
Akamai Technologies, Inc.(b)		757		54,958
ANSYS, Inc.(b)		280		85,011
Applied Materials, Inc.		640		74,336
Arista Networks, Inc.(b)		536		74,343
Autodesk, Inc.(b)		351		69,740
Cisco Systems, Inc.		1,410		68,272
Gen Digital, Inc.		3,001		58,549
Hewlett Packard Enterprise Co.		4,234		66,093
HP, Inc.		2,442		72,088
Intel Corp.		2,397		59,757
Intuit, Inc.		175		71,256
Juniper Networks, Inc.		2,124		65,377
Keysight Technologies, Inc.(b)		382		61,105
Lam Research Corp.		153		74,360
Mastercard, Inc., Class A		196		69,637
Micron Technology, Inc.		1,262		72,969
Microsoft Corp.		278		69,339
Motorola Solutions, Inc.		255		67,017
NVIDIA Corp.		421		97,739
Oracle Corp.		862		75,339
QUALCOMM, Inc.		575		71,030
Roper Technologies, Inc.		156		67,111
salesforce.com, inc.(b)		520		85,077
ServiceNow, Inc.(b)		175		75,630
TE Connectivity Ltd.		559		71,172
Texas Instruments, Inc.		391		67,037
Tyler Technologies, Inc.(b)		220		70,675
Visa, Inc., Class A(c)		327		71,920
				2,193,319

	Shares		Value
Materials-6.21%
Air Products and Chemicals, Inc.		215	$	61,486
Albemarle Corp.		263		66,883
CF Industries Holdings, Inc.		675		57,976
Dow, Inc.		1,340		76,648
Ecolab, Inc.		459		73,151
Freeport-McMoRan, Inc.		1,764		72,271
Linde PLC (United Kingdom)		205		71,416
LyondellBasell Industries N.V., Class A		831		79,768
Mosaic Co. (The)		1,436		76,381
Newmont Corp.		1,438		62,711
PPG Industries, Inc.		524		69,199
				767,890
Real Estate-6.67%
Boston Properties, Inc.		1,044		68,361
CBRE Group, Inc., Class A(b)		889		75,689
Digital Realty Trust, Inc.		624		65,040
Healthpeak Properties, Inc.		2,680		64,481
Host Hotels & Resorts, Inc.		3,867		64,966
Iron Mountain, Inc.		1,249		65,885
Kimco Realty Corp.		3,090		63,685
Prologis, Inc.		585		72,189
Regency Centers Corp.		1,034		65,039
Ventas, Inc.		1,550		75,407
Welltower, Inc.		1,045		77,455
Weyerhaeuser Co.		2,145		67,031
				825,228
Utilities-2.57%
American Water Works Co., Inc.		442		62,048
Consolidated Edison, Inc.		704		62,903
Edison International		1,039		68,792
Eversource Energy		811		61,117
Sempra Energy		418		62,683
				317,543
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.92% (Cost $12,728,722)				12,358,694
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.00%
Invesco Private Government Fund, 4.58%(d)(e)(f)		34,624		34,624
Invesco Private Prime Fund, 4.83%(d)(e)(f)		89,016		89,034
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $123,660)				123,658
TOTAL INVESTMENTS IN SECURITIES-100.92% (Cost $12,852,382)				12,482,352
OTHER ASSETS LESS LIABILITIES-(0.92)%				(113,886	)
NET ASSETS-100.00%			$	12,368,466

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  4  

Invesco ESG S&P 500 Equal Weight ETF (RSPE)–(continued)

February 28, 2023

(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 February 28, 2023.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2023			Dividend Income
Invesco Ltd.		$	48,191		$	25,255		$	(9,900	)		$	4,064			$	(2,233	)		$	65,377		$	1,224
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			5,917			186,101			(192,018	)			-				-				-			96
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			17,739			718,800			(701,915	)			-				-				34,624			924	*
Invesco Private Prime Fund			45,613			1,348,294			(1,304,866	)			(2	)			(5	)			89,034			2,505	*
Total		$	117,460		$	2,278,450		$	(2,208,699	)		$	4,062			$	(2,238	)		$	189,035		$	4,749

* 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 February 28, 2023.

^(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 2I.

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023
Information Technology	17.73
Financials	15.36
Industrials	15.35
Health Care	12.85
Consumer Discretionary	11.85
Real Estate	6.67
Materials	6.21
Consumer Staples	6.16
Communication Services	5.17
Utilities	2.57
Money Market Funds Plus Other Assets Less Liabilities	0.08

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  5  

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.78%
Communication Services-3.79%
Activision Blizzard, Inc.		52	$	3,965
Alphabet, Inc., Class A(b)		20		1,801
Alphabet, Inc., Class C(b)		17		1,535
AT&T, Inc.		199		3,763
Cable One, Inc.(c)		6		4,144
Charter Communications, Inc., Class A(b)(c)		10		3,676
Comcast Corp., Class A		105		3,903
DISH Network Corp., Class A(b)		239		2,727
Electronic Arts, Inc.		29		3,217
Fox Corp., Class A		82		2,872
Fox Corp., Class B		35		1,129
Frontier Communications Parent, Inc.(b)		149		4,077
Interpublic Group of Cos., Inc. (The)		112		3,980
Liberty Broadband Corp., Class A(b)(c)		5		434
Liberty Broadband Corp., Class C(b)(c)		37		3,207
Liberty Media Corp.-Liberty SiriusXM, Class A(b)(c) .		30		972
Liberty Media Corp.-Liberty SiriusXM, Class C(b)		62		1,998
Live Nation Entertainment, Inc.(b)(c)		53		3,819
Lumen Technologies, Inc.		702		2,387
Madison Square Garden Sports Corp., Class A		24		4,587
New York Times Co. (The), Class A		105		4,042
News Corp., Class A		152		2,607
News Corp., Class B(c)		52		898
Nexstar Media Group, Inc., Class A		20		3,718
Omnicom Group, Inc.		48		4,347
Paramount Global, Class A(c)		2		49
Paramount Global, Class B(c)		188		4,027
Pinterest, Inc., Class A(b)		151		3,792
Sirius XM Holdings, Inc.(c)		596		2,616
T-Mobile US, Inc.(b)		25		3,554
Verizon Communications, Inc.		99		3,842
Walt Disney Co. (The)(b)		39		3,885
World Wrestling Entertainment, Inc., Class A		48		4,032
				99,602
Consumer Discretionary-13.30%
Advance Auto Parts, Inc.		25		3,624
Aptiv PLC(b)(c)		35		4,070
Aramark		92		3,386
AutoNation, Inc.(b)		31		4,232
AutoZone, Inc.(b)		2		4,973
Bath & Body Works, Inc.		90		3,678
Best Buy Co., Inc.		45		3,740
Booking Holdings, Inc.(b)		2		5,048
BorgWarner, Inc.		90		4,525
Boyd Gaming Corp.		65		4,233
Bright Horizons Family Solutions, Inc.(b)(c)		52		4,100
Brunswick Corp.(c)		51		4,458
Burlington Stores, Inc.(b)		20		4,285
Capri Holdings Ltd.(b)		67		3,321
Carter’s, Inc.		53		3,996
Chipotle Mexican Grill, Inc.(b)		3		4,473
Choice Hotels International, Inc.(c)		32		3,788
Churchill Downs, Inc.(c)		17		4,178
Columbia Sportswear Co.		43		3,750
D.R. Horton, Inc.		45		4,162
Darden Restaurants, Inc.		26		3,718

	Shares		Value
Consumer Discretionary-(continued)
Deckers Outdoor Corp.(b)		10	$	4,163
Dick’s Sporting Goods, Inc.		32		4,116
Dollar General Corp.		15		3,245
Dollar Tree, Inc.(b)		26		3,777
Domino’s Pizza, Inc.		10		2,940
eBay, Inc.		85		3,901
Expedia Group, Inc.(b)		36		3,923
Five Below, Inc.(b)(c)		24		4,903
Floor & Decor Holdings, Inc., Class A(b)(c)		53		4,866
Ford Motor Co.(c)		277		3,343
Gap, Inc. (The)(c)		264		3,435
Garmin Ltd.		41		4,023
General Motors Co.		98		3,797
Gentex Corp.		133		3,797
Genuine Parts Co.		21		3,714
Grand Canyon Education, Inc.(b)		34		3,852
H&R Block, Inc.		88		3,238
Harley-Davidson, Inc.		82		3,899
Hasbro, Inc.		61		3,356
Home Depot, Inc. (The)		12		3,558
Kohl’s Corp.		120		3,365
Lear Corp.		27		3,771
Leggett & Platt, Inc.		108		3,725
Lennar Corp., Class A		42		4,063
Lennar Corp., Class B		3		245
Leslie’s, Inc.(b)(c)		263		3,316
Lithia Motors, Inc., Class A		16		4,083
LKQ Corp.		71		4,068
Lowe’s Cos., Inc.		18		3,704
Macy’s, Inc.		161		3,294
Marriott Vacations Worldwide Corp.		26		3,978
Mattel, Inc.(b)		211		3,796
McDonald’s Corp.		14		3,695
MGM Resorts International		104		4,473
Newell Brands, Inc.		296		4,348
NIKE, Inc., Class B		35		4,158
Nordstrom, Inc.(c)		183		3,565
NVR, Inc.(b)		1		5,174
Ollie’s Bargain Outlet Holdings, Inc.(b)		63		3,625
O’Reilly Automotive, Inc.(b)		5		4,150
Penn Entertainment, Inc.(b)		109		3,328
Penske Automotive Group, Inc.(c)		30		4,324
Polaris, Inc.		34		3,868
Pool Corp.		12		4,282
PulteGroup, Inc.		84		4,592
PVH Corp.		57		4,574
Ralph Lauren Corp.(c)		34		4,018
Ross Stores, Inc.		33		3,648
Service Corp. International		54		3,647
Six Flags Entertainment Corp.(b)		159		4,198
Skechers U.S.A., Inc., Class A(b)		91		4,050
Starbucks Corp.		38		3,879
Tapestry, Inc.		102		4,438
Target Corp.		23		3,876
Tempur Sealy International, Inc.		121		5,172
Thor Industries, Inc.(c)		45		4,095
TJX Cos., Inc. (The)		48		3,677
Toll Brothers, Inc.		80		4,795

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  6  

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Consumer Discretionary-(continued)
Tractor Supply Co.		17	$	3,965
Travel + Leisure Co.		99		4,153
Ulta Beauty, Inc.(b)		8		4,150
Vail Resorts, Inc.		15		3,502
Victoria’s Secret & Co.(b)(c)		84		3,330
Wendy’s Co. (The)		170		3,733
Whirlpool Corp.		26		3,587
Williams-Sonoma, Inc.(c)		33		4,122
Wyndham Hotels & Resorts, Inc.		52		4,005
Yum! Brands, Inc.		30		3,815
				349,003
Consumer Staples-6.27%
Albertsons Cos., Inc., Class A(c)		183		3,638
Altria Group, Inc.		82		3,807
Archer-Daniels-Midland Co.		39		3,104
BJ’s Wholesale Club Holdings, Inc.(b)		51		3,662
Brown-Forman Corp., Class A		12		779
Brown-Forman Corp., Class B		42		2,725
Bunge Ltd.		37		3,534
Campbell Soup Co.		72		3,781
Casey’s General Stores, Inc.		16		3,327
Clorox Co. (The)		26		4,041
Coca-Cola Co. (The)		60		3,571
Colgate-Palmolive Co.		50		3,665
Conagra Brands, Inc.		101		3,677
Constellation Brands, Inc., Class A		15		3,356
Costco Wholesale Corp.		7		3,389
Coty, Inc., Class A(b)(c)		488		5,514
Darling Ingredients, Inc.(b)(c)		53		3,353
Estee Lauder Cos., Inc. (The), Class A		16		3,889
Flowers Foods, Inc.		128		3,569
General Mills, Inc.		45		3,578
Grocery Outlet Holding Corp.(b)(c)		127		3,435
Hershey Co. (The)		16		3,813
Hormel Foods Corp.		82		3,639
Ingredion, Inc.		39		3,877
JM Smucker Co. (The)		25		3,697
Kellogg Co.		53		3,495
Keurig Dr Pepper, Inc.		99		3,421
Kimberly-Clark Corp.		29		3,627
Kraft Heinz Co. (The)		101		3,933
Kroger Co. (The)		78		3,365
Lamb Weston Holdings, Inc.		44		4,428
McCormick & Co., Inc.		45		3,344
Molson Coors Beverage Co., Class B		69		3,670
Mondelez International, Inc., Class A		57		3,715
PepsiCo, Inc.		21		3,644
Performance Food Group Co.(b)		63		3,565
Philip Morris International, Inc. (Switzerland)		39		3,795
Pilgrim’s Pride Corp.(b)		147		3,438
Post Holdings, Inc.(b)		41		3,688
Procter & Gamble Co. (The)		26		3,577
Reynolds Consumer Products, Inc.		120		3,293
Seaboard Corp.		1		3,950
Sysco Corp.		45		3,356
US Foods Holding Corp.(b)		105		3,941
Walgreens Boots Alliance, Inc.		93		3,304
Walmart, Inc.		25		3,553
				164,522

	Shares		Value
Energy-3.74%
Antero Resources Corp.(b)		105	$	2,751
APA Corp.		82		3,147
Chesapeake Energy Corp.		37		2,990
Chevron Corp.		21		3,376
ConocoPhillips		31		3,204
Coterra Energy, Inc.		138		3,446
Devon Energy Corp.		56		3,020
Diamondback Energy, Inc.		26		3,655
DT Midstream, Inc.(c)		64		3,213
EOG Resources, Inc.		27		3,052
EQT Corp.		91		3,019
Exxon Mobil Corp.		34		3,737
Halliburton Co.		101		3,659
Hess Corp.		27		3,637
HF Sinclair Corp.		62		3,083
Marathon Oil Corp.		125		3,144
Marathon Petroleum Corp.		32		3,955
NOV, Inc.		171		3,741
Occidental Petroleum Corp.		58		3,396
Ovintiv, Inc.		69		2,951
PDC Energy, Inc.		52		3,490
Phillips 66		35		3,590
Pioneer Natural Resources Co.		16		3,207
Range Resources Corp.		133		3,583
Schlumberger Ltd.		75		3,991
Southwestern Energy Co.(b)		555		2,941
Targa Resources Corp.		52		3,853
Valero Energy Corp.		29		3,820
Vitesse Energy, Inc.(b)		11		191
Williams Cos., Inc. (The)		111		3,341
				98,183
Financials-14.86%
Affiliated Managers Group, Inc.		24		3,826
Aflac, Inc.		53		3,612
American Express Co.		24		4,176
American Financial Group, Inc.		27		3,621
American International Group, Inc.		61		3,728
Ameriprise Financial, Inc.		12		4,114
Annaly Capital Management, Inc.		177		3,660
Aon PLC, Class A		13		3,953
Arch Capital Group Ltd.(b)		64		4,480
Arthur J. Gallagher & Co.		19		3,560
Assurant, Inc.		30		3,822
Assured Guaranty Ltd.		58		3,620
AXIS Capital Holdings Ltd.		67		4,068
Bank of America Corp.		103		3,533
Bank of Hawaii Corp.		48		3,593
Bank of New York Mellon Corp. (The)		82		4,172
Bank OZK		83		3,820
BlackRock, Inc.		6		4,137
Blackstone, Inc., Class A(c)		42		3,814
Brighthouse Financial, Inc.(b)		69		3,990
Brown & Brown, Inc.		65		3,645
Capital One Financial Corp.		37		4,036
Cboe Global Markets, Inc.		30		3,785
Charles Schwab Corp. (The)		47		3,662
Chubb Ltd.		17		3,587
Citigroup, Inc.		79		4,005
Citizens Financial Group, Inc.		94		3,925

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  7  

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Financials-(continued)
CME Group, Inc., Class A		22	$	4,078
CNA Financial Corp.		90		3,940
Comerica, Inc.		54		3,785
Commerce Bancshares, Inc.		54		3,572
Cullen/Frost Bankers, Inc.		26		3,427
Discover Financial Services		37		4,144
East West Bancorp, Inc.		55		4,192
Erie Indemnity Co., Class A		14		3,295
Evercore, Inc., Class A		34		4,460
Everest Re Group Ltd.		11		4,224
F.N.B. Corp.		272		3,881
FactSet Research Systems, Inc.		8		3,316
Fidelity National Financial, Inc.		99		3,946
Fifth Third Bancorp		106		3,848
First American Financial Corp.		70		3,975
First Hawaiian, Inc.		148		4,048
First Horizon Corp.		155		3,839
Franklin Resources, Inc.		142		4,185
Globe Life, Inc.		32		3,894
Goldman Sachs Group, Inc. (The)		10		3,517
Hanover Insurance Group, Inc. (The)		26		3,626
Hartford Financial Services Group, Inc. (The)		50		3,914
Huntington Bancshares, Inc.		248		3,799
Interactive Brokers Group, Inc., Class A		48		4,133
Intercontinental Exchange, Inc.		35		3,563
Invesco Ltd.(d)		201		3,550
Jefferies Financial Group, Inc.		101		3,817
JPMorgan Chase & Co.		29		4,157
KeyCorp.		204		3,731
Lazard Ltd., Class A		107		3,998
Loews Corp.		66		4,032
LPL Financial Holdings, Inc.		16		3,993
M&T Bank Corp.		23		3,572
Marsh & McLennan Cos., Inc.		22		3,567
MetLife, Inc.		50		3,587
MGIC Investment Corp.		273		3,756
Moody’s Corp.		13		3,772
Morgan Stanley		41		3,957
Morningstar, Inc.		16		3,317
Nasdaq, Inc.		56		3,139
New York Community Bancorp, Inc.		411		3,650
Northern Trust Corp.		41		3,906
Old Republic International Corp.		159		4,193
OneMain Holdings, Inc.		98		4,223
Pinnacle Financial Partners, Inc.		47		3,482
PNC Financial Services Group, Inc. (The)		23		3,632
Popular, Inc.		53		3,784
Primerica, Inc.		26		4,990
Principal Financial Group, Inc.		43		3,851
Progressive Corp. (The)		29		4,162
Prosperity Bancshares, Inc.		51		3,748
Prudential Financial, Inc.		36		3,600
Raymond James Financial, Inc.		33		3,579
Regions Financial Corp.		165		3,848
Reinsurance Group of America, Inc.		27		3,901
Rithm Capital Corp.(c)		424		3,858
S&P Global, Inc.		11		3,753
SEI Investments Co.		62		3,736
SLM Corp.		220		3,164
Stifel Financial Corp.		59		3,943

	Shares		Value
Financials-(continued)
Synchrony Financial		105	$	3,750
Synovus Financial Corp.		90		3,763
Travelers Cos., Inc. (The)		20		3,702
Truist Financial Corp.		82		3,850
U.S. Bancorp.		85		4,057
Umpqua Holdings Corp.		190		3,355
Unum Group		91		4,054
Virtu Financial, Inc., Class A		173		3,180
Voya Financial, Inc.		60		4,469
W.R. Berkley Corp.		50		3,310
Webster Financial Corp.(c)		71		3,772
Wells Fargo & Co.		83		3,882
Willis Towers Watson PLC		16		3,750
Wintrust Financial Corp.		42		3,869
Zions Bancorporation N.A		74		3,746
				390,002
Health Care-9.53%
Abbott Laboratories		36		3,662
AbbVie, Inc.		24		3,694
Acadia Healthcare Co., Inc.(b)		43		3,118
Agilent Technologies, Inc.		25		3,549
Amedisys, Inc.(b)		42		3,862
AmerisourceBergen Corp.		23		3,578
Amgen, Inc.		13		3,012
Avantor, Inc.(b)		172		4,192
Azenta, Inc.(b)(c)		64		2,809
Becton, Dickinson and Co.		15		3,518
Biogen, Inc.(b)		13		3,508
Boston Scientific Corp.(b)		85		3,971
Bristol-Myers Squibb Co.		48		3,310
Bruker Corp.		57		3,928
Centene Corp.(b)		44		3,010
Charles River Laboratories International, Inc.(b)		17		3,729
Chemed Corp.		7		3,651
Cigna Group (The)		12		3,505
Cooper Cos., Inc. (The)		12		3,924
CVS Health Corp.		39		3,258
Danaher Corp.		14		3,465
DaVita, Inc.(b)		52		4,277
Edwards Lifesciences Corp.(b)		50		4,022
Elevance Health, Inc.		7		3,288
Encompass Health Corp.		66		3,730
Enovis Corp.(b)(c)		71		4,091
Envista Holdings Corp.(b)(c)		113		4,369
Exelixis, Inc.(b)		225		3,843
Gilead Sciences, Inc.		44		3,543
Globus Medical, Inc., Class A(b)(c)		52		3,034
HCA Healthcare, Inc.		16		3,895
Henry Schein, Inc.(b)		47		3,681
Hologic, Inc.(b)(c)		50		3,982
Horizon Therapeutics PLC(b)		38		4,161
Humana, Inc.		7		3,465
Incyte Corp.(b)		48		3,695
Integra LifeSciences Holdings Corp.(b)(c)		70		3,893
IQVIA Holdings, Inc.(b)		18		3,752
Johnson & Johnson		22		3,372
Laboratory Corp. of America Holdings		16		3,830
Masimo Corp.(b)(c)		27		4,517
McKesson Corp.		10		3,498

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  8  

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Health Care-(continued)
Medtronic PLC		49	$	4,057
Merck & Co., Inc.		35		3,718
Mettler-Toledo International, Inc.(b)		3		4,301
Moderna, Inc.(b)		22		3,054
Molina Healthcare, Inc.(b)		11		3,029
Organon & Co.		148		3,624
PerkinElmer, Inc.		27		3,363
Pfizer, Inc.		77		3,124
Premier, Inc., Class A		115		3,702
QIAGEN N.V.(b)		78		3,584
Quest Diagnostics, Inc.		25		3,459
QuidelOrtho Corp.(b)(c)		44		3,825
Regeneron Pharmaceuticals, Inc.(b)		5		3,802
Royalty Pharma PLC, Class A		87		3,119
Stryker Corp.		16		4,206
Teleflex, Inc.		16		3,812
Tenet Healthcare Corp.(b)		83		4,858
Thermo Fisher Scientific, Inc.		7		3,792
United Therapeutics Corp.(b)		14		3,445
UnitedHealth Group, Inc.		7		3,332
Universal Health Services, Inc., Class B		29		3,874
Vertex Pharmaceuticals, Inc.(b)		12		3,483
Viatris, Inc.		348		3,967
Waters Corp.(b)		11		3,420
Zimmer Biomet Holdings, Inc.		32		3,964
Zoetis, Inc.		25		4,175
				250,280
Industrials-18.36%
3M Co.		30		3,232
A.O. Smith Corp.		62		4,069
Acuity Brands, Inc.		20		3,879
Advanced Drainage Systems, Inc.		39		3,461
AECOM		45		3,886
AGCO Corp.		30		4,224
Alaska Air Group, Inc.(b)		81		3,874
Allegion PLC		34		3,832
Allison Transmission Holdings, Inc.		86		4,085
AMETEK, Inc.		27		3,822
Armstrong World Industries, Inc.		50		3,943
Avis Budget Group, Inc.(b)		17		3,734
Booz Allen Hamilton Holding Corp.		36		3,410
Builders FirstSource, Inc.(b)		59		5,002
BWX Technologies, Inc.		63		3,850
C.H. Robinson Worldwide, Inc.		38		3,799
CACI International, Inc., Class A(b)		12		3,516
Carlisle Cos., Inc.		15		3,873
Carrier Global Corp.		87		3,918
Caterpillar, Inc.		16		3,833
Cintas Corp.		8		3,508
Clean Harbors, Inc.(b)		32		4,226
Copa Holdings S.A., Class A (Panama)(b)(c)		44		4,063
Copart, Inc.(b)		58		4,087
Core & Main, Inc., Class A(b)(c)		185		4,312
Crane Holdings Co.		36		4,312
CSX Corp.		117		3,567
Cummins, Inc.		15		3,646
Curtiss-Wright Corp.		22		3,845
Deere & Co.		9		3,773
Delta Air Lines, Inc.(b)		109		4,179

	Shares		Value
Industrials-(continued)
Donaldson Co., Inc.		63	$	3,985
Dover Corp.		27		4,047
Eaton Corp. PLC		24		4,198
Emerson Electric Co.		40		3,308
Equifax, Inc.		19		3,848
Expeditors International of Washington, Inc.		33		3,451
Fastenal Co.(c)		75		3,867
FedEx Corp.		21		4,268
Flowserve Corp.		119		4,128
Fortive Corp.		57		3,800
Fortune Brands Innovations, Inc.(c)		59		3,655
FTI Consulting, Inc.(b)(c)		22		4,042
Gates Industrial Corp. PLC(b)		331		4,647
General Dynamics Corp.		15		3,419
Graco, Inc.		55		3,825
Hertz Global Holdings, Inc.(b)(c)		223		4,128
Hexcel Corp.		66		4,815
Honeywell International, Inc.		17		3,255
Howmet Aerospace, Inc.		105		4,429
Hubbell, Inc.		15		3,773
Huntington Ingalls Industries, Inc.		17		3,658
IAA, Inc.(b)(c)		103		4,214
IDEX Corp.		16		3,600
Illinois Tool Works, Inc.		17		3,964
Ingersoll Rand, Inc.		71		4,123
ITT, Inc.		45		4,090
J.B. Hunt Transport Services, Inc.		21		3,797
Jacobs Solutions, Inc.		30		3,585
Johnson Controls International PLC		58		3,638
KBR, Inc.		74		4,078
Kirby Corp.(b)		55		3,989
Knight-Swift Transportation Holdings, Inc.		69		3,922
L3Harris Technologies, Inc.		17		3,590
Landstar System, Inc.		22		3,977
Leidos Holdings, Inc.		36		3,495
Lennox International, Inc.(c)		15		3,822
Lincoln Electric Holdings, Inc.		26		4,366
Lockheed Martin Corp.		8		3,794
ManpowerGroup, Inc.		44		3,735
Masco Corp.		76		3,985
MasTec, Inc.(b)(c)		42		4,104
MasterBrand, Inc.(b)		59		575
MDU Resources Group, Inc.		122		3,886
Middleby Corp. (The)(b)(c)		27		4,198
MSA Safety, Inc.		27		3,627
MSC Industrial Direct Co., Inc., Class A		44		3,719
Nordson Corp.		16		3,514
Norfolk Southern Corp.		15		3,372
Northrop Grumman Corp.		7		3,249
nVent Electric PLC		96		4,401
Old Dominion Freight Line, Inc.		13		4,410
Oshkosh Corp.		41		3,657
Otis Worldwide Corp.		49		4,146
Owens Corning		43		4,205
PACCAR, Inc.		54		3,899
Parker-Hannifin Corp.		13		4,574
Pentair PLC.		84		4,699
Quanta Services, Inc.		26		4,196
Raytheon Technologies Corp.		40		3,924
Regal Rexnord Corp.(c)		29		4,572

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  9  

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Industrials-(continued)
Republic Services, Inc.		28	$	3,610
Robert Half International, Inc.		49		3,950
Rockwell Automation, Inc.		15		4,424
Ryder System, Inc.		41		4,014
Schneider National, Inc., Class B		149		4,181
Science Applications International Corp.(c)		35		3,732
Sensata Technologies Holding PLC		85		4,299
Snap-on, Inc.(c)		16		3,979
Southwest Airlines Co.		96		3,224
Tetra Tech, Inc.		25		3,422
Textron, Inc.		54		3,917
Timken Co. (The)		51		4,358
Toro Co. (The)		35		3,865
Trane Technologies PLC		22		4,069
TransDigm Group, Inc.		6		4,463
U-Haul Holding Co.(c)		61		3,917
Union Pacific Corp.		18		3,731
United Parcel Service, Inc., Class B		20		3,650
United Rentals, Inc.		11		5,154
Univar Solutions, Inc.(b)		116		4,031
Valmont Industries, Inc.		11		3,491
Verisk Analytics, Inc.		21		3,593
Vertiv Holdings Co.(c)		277		4,501
W.W. Grainger, Inc.		7		4,679
Wabtec Corp.		38		3,965
Waste Management, Inc.		23		3,445
Watsco, Inc.(c)		14		4,266
WESCO International, Inc.(b)		30		4,967
WillScot Mobile Mini Holdings Corp.(b)		80		4,112
Woodward, Inc.		40		3,960
XPO, Inc.(b)		99		3,303
Xylem, Inc.		34		3,490
				481,759
Information Technology-12.20%
Accenture PLC, Class A		13		3,452
Adobe, Inc.(b)		11		3,563
Akamai Technologies, Inc.(b)		40		2,904
Allegro MicroSystems, Inc. (Japan)(b)		123		5,373
Amdocs Ltd.		43		3,939
Amphenol Corp., Class A		48		3,721
Analog Devices, Inc.		22		4,036
Apple, Inc.		26		3,833
Applied Materials, Inc.		35		4,065
Arrow Electronics, Inc.(b)		35		4,130
Automatic Data Processing, Inc.		15		3,297
Avnet, Inc.		85		3,800
Black Knight, Inc.(b)		62		3,695
Broadcom, Inc.		7		4,160
Broadridge Financial Solutions, Inc.		26		3,660
CDW Corp.		20		4,048
Ciena Corp.(b)(c)		85		4,099
Cirrus Logic, Inc.(b)		51		5,240
Cisco Systems, Inc.		77		3,728
Cognex Corp.		77		3,651
Cognizant Technology Solutions Corp., Class A		62		3,883
Concentrix Corp.		31		4,242
Corning, Inc.		113		3,836
Dell Technologies, Inc., Class C		86		3,495
Dolby Laboratories, Inc., Class A		51		4,196

	Shares		Value
Information Technology-(continued)
Dropbox, Inc., Class A(b)		163	$	3,325
DXC Technology Co.(b)		129		3,579
Entegris, Inc.(c)		50		4,262
Euronet Worldwide, Inc.(b)(c)		41		4,463
F5, Inc.(b)		25		3,575
Fair Isaac Corp.(b)		6		4,064
Fiserv, Inc.(b)		38		4,373
FleetCor Technologies, Inc.(b)		20		4,296
Gartner, Inc.(b)		11		3,606
Gen Digital, Inc.		167		3,258
Genpact Ltd.		86		4,105
Global Payments, Inc.		37		4,151
GLOBALFOUNDRIES, Inc.(b)(c)		60		3,920
GoDaddy, Inc., Class A(b)		49		3,710
Hewlett Packard Enterprise Co.		238		3,715
HP, Inc.		128		3,779
Intel Corp.		128		3,191
International Business Machines Corp.		27		3,491
Intuit, Inc.		10		4,072
Jabil, Inc.		53		4,401
Jack Henry & Associates, Inc.		20		3,285
Juniper Networks, Inc.		116		3,571
Keysight Technologies, Inc.(b)		21		3,359
KLA Corp.		10		3,794
Lam Research Corp.		8		3,888
Littelfuse, Inc.		16		4,140
Lumentum Holdings, Inc.(b)		70		3,767
Microchip Technology, Inc.		49		3,971
Micron Technology, Inc.		67		3,874
Microsoft Corp.		15		3,741
Motorola Solutions, Inc.		14		3,679
National Instruments Corp.		94		4,748
NCR Corp.(b)		161		4,110
NetApp, Inc.		57		3,679
ON Semiconductor Corp.(b)		51		3,948
Oracle Corp.		46		4,020
Paychex, Inc.		31		3,422
PTC, Inc.(b)		30		3,760
Qorvo, Inc.(b)		39		3,935
QUALCOMM, Inc.		30		3,706
Roper Technologies, Inc.		9		3,872
salesforce.com, inc.(b)		24		3,927
Skyworks Solutions, Inc.		40		4,463
SS&C Technologies Holdings, Inc.		71		4,168
Synopsys, Inc.(b)		11		4,001
TD SYNNEX Corp.		37		3,571
Teledyne Technologies, Inc.(b)		9		3,871
Teradata Corp.(b)		112		4,565
Teradyne, Inc.		41		4,147
Texas Instruments, Inc.		21		3,601
Trimble, Inc.(b)		64		3,332
Universal Display Corp.(c)		34		4,619
VeriSign, Inc.(b)		19		3,740
Visa, Inc., Class A		18		3,959
Vontier Corp.		196		5,129
Western Digital Corp.(b)		105		4,040
Western Union Co. (The)		262		3,396
				320,180

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  10  

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Materials-6.84%
Air Products and Chemicals, Inc.		12	$	3,432
Amcor PLC		311		3,465
AptarGroup, Inc.		38		4,435
Ashland, Inc.		34		3,461
Avery Dennison Corp.		20		3,644
Axalta Coating Systems Ltd.(b)		139		4,142
Berry Global Group, Inc.		65		4,037
CF Industries Holdings, Inc.		36		3,092
Chemours Co. (The)		124		4,238
Corteva, Inc.		57		3,551
Dow, Inc.		75		4,290
DuPont de Nemours, Inc.		56		4,090
Eagle Materials, Inc.		29		4,069
Eastman Chemical Co.		44		3,749
Element Solutions, Inc.		196		4,026
FMC Corp.		29		3,745
Freeport-McMoRan, Inc.		95		3,892
Graphic Packaging Holding Co.		168		3,998
Huntsman Corp.		138		4,049
International Paper Co.		103		3,748
Linde PLC (United Kingdom)		11		3,832
Louisiana-Pacific Corp.		60		3,511
LyondellBasell Industries N.V., Class A		45		4,320
Martin Marietta Materials, Inc.		11		3,959
Mosaic Co. (The)		75		3,989
NewMarket Corp.		12		4,122
Newmont Corp.		81		3,532
Nucor Corp.		26		4,353
Olin Corp.		67		3,869
Packaging Corp. of America		28		3,828
PPG Industries, Inc.		28		3,698
Reliance Steel & Aluminum Co.		18		4,461
Royal Gold, Inc.(c)		35		4,158
RPM International, Inc.		37		3,279
Sealed Air Corp.		72		3,501
Sherwin-Williams Co. (The)		15		3,320
Silgan Holdings, Inc.		73		3,898
Sonoco Products Co.		63		3,721
Southern Copper Corp. (Mexico)		65		4,790
SSR Mining, Inc. (Canada)		253		3,453
Steel Dynamics, Inc.		37		4,666
United States Steel Corp.		150		4,594
Valvoline, Inc.		120		4,224
Vulcan Materials Co.		21		3,799
Westlake Corp.		36		4,289
WestRock Co.		101		3,171
				179,490
Real Estate-6.43%
Alexandria Real Estate Equities, Inc.		25		3,744
American Homes 4 Rent, Class A		116		3,598
American Tower Corp.		17		3,366
Apartment Income REIT Corp.		101		3,818
AvalonBay Communities, Inc.		22		3,795
Boston Properties, Inc.		53		3,470
Brixmor Property Group, Inc.		166		3,758
Camden Property Trust		32		3,672
CBRE Group, Inc., Class A(b)		47		4,002
Cousins Properties, Inc.(c)		146		3,576
Crown Castle, Inc.		27		3,530

	Shares		Value
Real Estate-(continued)
CubeSmart		93	$	4,370
Digital Realty Trust, Inc.		34		3,544
EastGroup Properties, Inc.(c)		25		4,082
EPR Properties		92		3,757
Equity LifeStyle Properties, Inc.(c)		58		3,974
Equity Residential.		59		3,689
Essex Property Trust, Inc.		17		3,877
Extra Space Storage, Inc.		24		3,952
Federal Realty Investment Trust		35		3,737
First Industrial Realty Trust, Inc.		76		4,009
Gaming and Leisure Properties, Inc.		73		3,933
Healthpeak Properties, Inc.		146		3,513
Highwoods Properties, Inc.		129		3,419
Invitation Homes, Inc.		118		3,689
Iron Mountain, Inc.(c)		70		3,693
JBG SMITH Properties		186		3,209
Kilroy Realty Corp.		89		3,206
Kimco Realty Corp.		164		3,380
Lamar Advertising Co., Class A		39		4,078
Life Storage, Inc.		36		4,339
Mid-America Apartment Communities, Inc.		23		3,682
National Retail Properties, Inc.		86		3,898
Omega Healthcare Investors, Inc.		127		3,402
Prologis, Inc.		33		4,072
Public Storage		13		3,886
Rayonier, Inc.(c)		107		3,593
Regency Centers Corp.		58		3,648
Simon Property Group, Inc.		32		3,907
Spirit Realty Capital, Inc.		90		3,706
Sun Communities, Inc.(c)		26		3,722
UDR, Inc.		93		3,984
VICI Properties, Inc.		112		3,755
W.P. Carey, Inc.(c)		49		3,977
Weyerhaeuser Co.		117		3,656
				168,667
Utilities-4.46%
Alliant Energy Corp.		68		3,486
Ameren Corp.		43		3,557
American Electric Power Co., Inc.		40		3,519
Atmos Energy Corp.(c)		32		3,610
Avangrid, Inc.		90		3,513
CenterPoint Energy, Inc.		123		3,422
CMS Energy Corp.		63		3,715
Consolidated Edison, Inc.		38		3,395
DTE Energy Co.		33		3,621
Duke Energy Corp.		38		3,582
Edison International		58		3,840
Entergy Corp.		32		3,292
Essential Utilities, Inc.		81		3,465
Evergy, Inc.		65		3,823
Eversource Energy		46		3,467
Exelon Corp.		93		3,756
FirstEnergy Corp.		93		3,677
Hawaiian Electric Industries, Inc.		94		3,802
IDACORP, Inc.		35		3,619
National Fuel Gas Co.		58		3,322
NextEra Energy, Inc.		45		3,196
NiSource, Inc.		137		3,758
NRG Energy, Inc.		90		2,951

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  11  

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Utilities-(continued)
OGE Energy Corp.		92	$	3,286
PG&E Corp.(b)		245		3,827
Pinnacle West Capital Corp.		49		3,610
PPL Corp.		126		3,411
Public Service Enterprise Group, Inc.		63		3,807
Sempra Energy.		23		3,449
Southern Co. (The)		57		3,594
UGI Corp.		99		3,686
WEC Energy Group, Inc.		39		3,458
Xcel Energy, Inc.		55		3,551
				117,067
Total Common Stocks & Other Equity Interests (Cost $2,460,626)				2,618,755
Money Market Funds-0.08%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(d)(e) (Cost $2,140)		2,140		2,140
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.86% (Cost $2,462,766)				2,620,895

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-10.17%
Invesco Private Government Fund, 4.58%(d)(e)(f)		74,702	$	74,702
Invesco Private Prime Fund, 4.83%(d)(e)(f)		192,053		192,091
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $266,801)				266,793
TOTAL INVESTMENTS IN SECURITIES-110.03% (Cost $2,729,567)				2,887,688
OTHER ASSETS LESS LIABILITIES-(10.03)%				(263,300	)
NET ASSETS-100.00%			$	2,624,388

Investment Abbreviations:

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at February 28, 2023.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income
Invesco Ltd.		$	-		$	3,698		$	-			$	(148	)		$	-		$	3,550		$	38
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			773			28,852			(27,485	)			-				-			2,140			26
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			65,057			238,113			(228,468	)			-				-			74,702			992	*
Invesco Private Prime Fund			158,838			541,594			(508,348	)			(19	)			26			192,091			2,703	*
Total		$	224,668		$	812,257		$	(764,301	)		$	(167	)		$	26		$	272,483		$	3,759

* 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 February 28, 2023.

^(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 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  12  

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

February 28, 2023

(Unaudited)

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023
Industrials	18.36
Financials	14.86
Consumer Discretionary	13.30
Information Technology	12.20
Health Care	9.53
Materials	6.84
Real Estate	6.43
Consumer Staples	6.27
Utilities	4.46
Communication Services	3.79
Energy	3.74
Money Market Funds Plus Other Assets Less Liabilities	0.22

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  13  

Invesco Russell 1000 Equal Weight ETF (EQAL)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.88%
Communication Services-7.20%
Activision Blizzard, Inc.		4,555	$	347,319
Alphabet, Inc., Class A(b)		4,308		387,979
Altice USA, Inc., Class A(b)(c)		725,060		2,871,238
AMC Entertainment Holdings, Inc., Class A(b)(c)		56,217		401,389
AT&T, Inc.		147,845		2,795,749
Cable One, Inc.(c)		3,868		2,671,280
Charter Communications, Inc., Class A(b)(c)		7,554		2,776,926
Comcast Corp., Class A		80,905		3,007,239
DISH Network Corp., Class A(b)(c)		193,201		2,204,423
Electronic Arts, Inc.		2,693		298,761
Fox Corp., Class A		10,973		384,274
Frontier Communications Parent, Inc.(b)(c)		113,298		3,099,833
IAC, Inc.(b)		8,691		451,411
Interpublic Group of Cos., Inc. (The)		10,587		376,262
Liberty Broadband Corp., Class C(b)(c)		32,744		2,837,923
Liberty Media Corp.-Liberty Formula One, Class C(b)		5,669		384,755
Liberty Media Corp.-Liberty SiriusXM, Class C(b)		8,165		263,076
Live Nation Entertainment, Inc.(b)(c)		4,761		343,078
Lumen Technologies, Inc.(c)		521,966		1,774,684
Madison Square Garden Sports Corp., Class A		2,122		405,599
Match Group, Inc.(b)		9,170		379,821
Meta Platforms, Inc., Class A(b)		3,533		618,063
Netflix, Inc.(b)		1,098		353,699
New York Times Co. (The), Class A(c)		9,927		382,190
News Corp., Class A		18,744		321,460
Nexstar Media Group, Inc., Class A		1,869		347,447
Omnicom Group, Inc.		4,547		411,822
Paramount Global, Class B(c)		18,795		402,589
Pinterest, Inc., Class A(b)		17,858		448,414
Playtika Holding Corp.(b)(c)		40,701		390,730
Roblox Corp., Class A(b)		10,658		390,509
Roku, Inc., Class A(b)(c)		55,496		3,590,036
Sirius XM Holdings, Inc.(c)		55,234		242,477
Spotify Technology S.A.(b)(c)		4,417		513,697
Take-Two Interactive Software, Inc.(b)		3,379		370,169
T-Mobile US, Inc.(b)		19,661		2,795,401
Trade Desk, Inc. (The), Class A(b)		7,017		392,671
TripAdvisor, Inc.(b)(c)		18,249		393,631
Verizon Communications, Inc.		76,251		2,959,301
Walt Disney Co. (The)(b)		3,675		366,067
Warner Bros Discovery, Inc.(b)		31,834		497,247
World Wrestling Entertainment, Inc., Class A		4,456		374,304
ZoomInfo Technologies, Inc., Class A(b)		14,175		342,610
				45,367,553
Consumer Discretionary-7.01%
ADT, Inc.(c)		32,481		244,907
Advance Auto Parts, Inc.		2,322		336,597
Airbnb, Inc., Class A(b)		3,598		443,561
Amazon.com, Inc.(b)		3,763		354,587
Aptiv PLC(b)		3,640		423,259
Aramark		8,312		305,882

	Shares		Value
Consumer Discretionary-(continued)
AutoNation, Inc.(b)(c)		2,890	$	394,514
AutoZone, Inc.(b)		138		343,143
Bath & Body Works, Inc.		8,068		329,739
Best Buy Co., Inc.		4,082		339,255
Booking Holdings, Inc.(b)		170		429,080
BorgWarner, Inc.		8,352		419,939
Boyd Gaming Corp.		5,778		376,321
Bright Horizons Family Solutions, Inc.(b)(c)		5,166		407,287
Brunswick Corp.		4,422		386,571
Burlington Stores, Inc.(b)		1,712		366,796
Caesars Entertainment, Inc.(b)		6,767		343,493
Capri Holdings Ltd.(b)		5,782		286,614
CarMax, Inc.(b)(c)		5,200		359,008
Carnival Corp.(b)(c)		37,681		400,172
Carter’s, Inc.(c)		4,701		354,408
Carvana Co.(b)(c)		69,111		651,026
Chipotle Mexican Grill, Inc.(b)		222		331,020
Choice Hotels International, Inc.(c)		2,844		336,616
Churchill Downs, Inc.(c)		1,554		381,942
Columbia Sportswear Co.		3,787		330,226
D.R. Horton, Inc.		3,964		366,591
Darden Restaurants, Inc.		2,367		338,457
Deckers Outdoor Corp.(b)		899		374,299
Dick’s Sporting Goods, Inc.		2,795		359,521
Dollar General Corp.		1,365		295,250
Dollar Tree, Inc.(b)		2,355		342,134
Domino’s Pizza, Inc.		912		268,137
DoorDash, Inc., Class A(b)		7,486		409,185
DraftKings, Inc., Class A(b)(c)		23,393		441,192
eBay, Inc.		7,755		355,955
Etsy, Inc.(b)		2,528		306,924
Expedia Group, Inc.(b)		3,635		396,106
Five Below, Inc.(b)(c)		1,867		381,428
Floor & Decor Holdings, Inc., Class A(b)(c)		4,535		416,358
Ford Motor Co.		25,931		312,987
GameStop Corp., Class A(b)(c)		13,726		263,951
Gap, Inc. (The)(c)		23,337		303,614
Garmin Ltd.		3,559		349,245
General Motors Co.		8,909		345,135
Gentex Corp.		12,376		353,335
Genuine Parts Co.		1,832		324,008
Grand Canyon Education, Inc.(b)		3,200		362,528
H&R Block, Inc.		8,140		299,552
Hanesbrands, Inc.(c)		52,994		301,006
Harley-Davidson, Inc.		7,439		353,724
Hasbro, Inc.		5,662		311,467
Hilton Worldwide Holdings, Inc.		2,479		358,240
Home Depot, Inc. (The)		1,052		311,960
Hyatt Hotels Corp., Class A(b)(c)		3,503		407,189
Kohl’s Corp.		12,556		352,070
Las Vegas Sands Corp.(b)		7,046		404,934
Lear Corp.		2,632		367,559
Leggett & Platt, Inc.(c)		9,654		332,966
Lennar Corp., Class A		3,801		367,709
Leslie’s, Inc.(b)(c)		26,702		336,712
Lithia Motors, Inc., Class A		1,541		393,232
LKQ Corp.		6,368		364,823
Lowe’s Cos., Inc.		1,674		344,426

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  14  

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Consumer Discretionary-(continued)
Lucid Group, Inc.(b)(c)		39,195	$	357,850
lululemon athletica, inc.(b)		913		282,300
Macy’s, Inc.		14,809		302,992
Marriott International, Inc., Class A		2,123		359,297
Marriott Vacations Worldwide Corp.		2,434		372,378
Mattel, Inc.(b)		19,681		354,061
McDonald’s Corp.		1,244		328,304
MGM Resorts International		9,190		395,262
Mister Car Wash, Inc.(b)(c)		33,884		312,749
Mohawk Industries, Inc.(b)		3,320		341,462
Newell Brands, Inc.		25,586		375,858
NIKE,Inc.,Class B		3,054		362,785
Nordstrom, Inc.(c)		19,384		377,600
Norwegian Cruise Line Holdings Ltd.(b)(c)		21,643		320,749
NVR, Inc.(b)		73		377,674
Ollie’s Bargain Outlet Holdings, Inc.(b)(c)		6,530		375,736
O’Reilly Automotive, Inc.(b)		410		340,341
Peloton Interactive, Inc., Class A(b)(c)		27,067		349,706
Penn Entertainment, Inc.(b)(c)		10,324		315,192
Penske Automotive Group, Inc.(c)		2,741		395,115
Petco Health & Wellness Co., Inc.(b)(c)		32,123		330,867
Planet Fitness, Inc., Class A(b)(c)		4,434		359,376
Polaris, Inc.		3,274		372,417
Pool Corp.		1,036		369,707
PulteGroup, Inc.		7,664		418,991
PVH Corp.		4,542		364,450
QuantumScape Corp.(b)(c)		49,233		471,160
Ralph Lauren Corp.(c)		3,034		358,588
RH(b)(c)		1,292		386,347
Rivian Automotive, Inc., Class A(b)(c)		11,907		229,805
Ross Stores, Inc.		2,906		321,229
Royal Caribbean Cruises Ltd.(b)(c)		5,960		421,014
Service Corp. International		4,904		331,167
Six Flags Entertainment Corp.(b)		16,217		428,129
Skechers U.S.A., Inc., Class A(b)		7,846		349,225
Starbucks Corp.		3,275		334,345
Tapestry, Inc.		9,210		400,727
Target Corp.		2,210		372,385
Tempur Sealy International, Inc.		10,501		448,813
Tesla, Inc.(b)		1,967		404,632
Thor Industries, Inc.(c)		4,325		393,532
TJX Cos., Inc. (The)		4,322		331,065
Toll Brothers, Inc.		6,875		412,087
TopBuild Corp.(b)		2,036		422,653
Tractor Supply Co.		1,554		362,486
Travel + Leisure Co.		9,129		382,962
Ulta Beauty, Inc.(b)		715		370,942
Under Armour, Inc., Class A(b)(c)		35,442		351,939
Vail Resorts, Inc.		1,352		315,678
VF Corp.		11,870		294,613
Victoria’s Secret & Co.(b)(c)		7,362		291,830
Wayfair, Inc., Class A(b)(c)		9,292		376,233
Wendy’s Co. (The)		14,612		320,880
Whirlpool Corp.		2,342		323,149
Williams-Sonoma, Inc.(c)		3,004		375,260
Wyndham Hotels & Resorts, Inc.		4,706		362,456
Wynn Resorts Ltd.(b)		3,941		427,086

	Shares		Value
Consumer Discretionary-(continued)
YETI Holdings, Inc.(b)(c)		7,503	$	292,467
Yum! Brands, Inc.		2,617		332,778
				44,160,753
Consumer Staples-8.17%
Albertsons Cos., Inc., Class A(c)		51,553		1,024,874
Altria Group, Inc.		23,689		1,099,880
Archer-Daniels-Midland Co.		11,962		952,175
BJ’s Wholesale Club Holdings, Inc.(b)		4,871		349,738
Boston Beer Co., Inc. (The), Class A(b)(c)		3,078		996,656
Brown-Forman Corp., Class B		16,271		1,055,500
Bunge Ltd.		11,537		1,101,783
Campbell Soup Co.		19,398		1,018,783
Casey’s General Stores, Inc.		4,451		925,585
Church & Dwight Co., Inc.		13,694		1,147,283
Clorox Co. (The)		7,373		1,146,059
Coca-Cola Co. (The)		17,321		1,030,773
Colgate-Palmolive Co.		14,176		1,039,101
Conagra Brands, Inc.		28,875		1,051,339
Constellation Brands, Inc., Class A		4,488		1,003,966
Costco Wholesale Corp.		715		346,189
Coty,Inc.,Class A(b)		42,775		483,357
Darling Ingredients, Inc.(b)		18,021		1,140,189
Estee Lauder Cos., Inc. (The), Class A		1,419		344,888
Flowers Foods, Inc.		37,838		1,054,923
Freshpet, Inc.(b)(c)		18,737		1,165,067
General Mills, Inc.		12,626		1,003,893
Grocery Outlet Holding Corp.(b)(c)		38,699		1,046,808
Hershey Co. (The)		4,593		1,094,604
Hormel Foods Corp.		23,227		1,030,814
Ingredion, Inc.		11,187		1,111,988
JM Smucker Co. (The)		7,128		1,054,160
Kellogg Co.		15,045		992,067
Keurig Dr Pepper, Inc.		28,852		996,837
Kimberly-Clark Corp.		8,103		1,013,280
Kraft Heinz Co. (The)		27,556		1,073,031
Kroger Co. (The)		23,289		1,004,687
Lamb Weston Holdings, Inc.		12,787		1,286,884
McCormick & Co., Inc.		12,940		961,701
Molson Coors Beverage Co., Class B		21,087		1,121,618
Mondelez International, Inc., Class A		16,446		1,071,950
Monster Beverage Corp.(b)		10,926		1,111,830
Olaplex Holdings, Inc.(b)(c)		194,060		954,775
PepsiCo, Inc.		6,017		1,044,130
Performance Food Group Co.(b)		18,422		1,042,501
Philip Morris International, Inc. (Switzerland)		10,866		1,057,262
Pilgrim’s Pride Corp.(b)		44,583		1,042,796
Post Holdings, Inc.(b)		12,019		1,081,229
Procter & Gamble Co. (The)		7,325		1,007,627
Reynolds Consumer Products, Inc.(c)		35,050		961,772
Seaboard Corp.		292		1,153,394
Spectrum Brands Holdings, Inc.(c)		18,463		1,182,001
Sysco Corp.		13,172		982,236
Tyson Foods, Inc., Class A		17,403		1,030,954
US Foods Holding Corp.(b)		31,585		1,185,385
Walgreens Boots Alliance, Inc.		27,029		960,340
Walmart, Inc.		2,289		325,336
				51,465,998

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  15  

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Energy-7.79%
Antero Midstream Corp.		130,847	$	1,379,127
Antero Resources Corp.(b)		44,234		1,158,931
APA Corp.		32,316		1,240,288
Baker Hughes Co., Class A		49,143		1,503,776
Cheniere Energy, Inc.		8,450		1,329,523
Chesapeake Energy Corp.		14,615		1,181,038
Chevron Corp.		7,933		1,275,388
ConocoPhillips		12,233		1,264,281
Coterra Energy, Inc.		55,285		1,380,467
Devon Energy Corp.		21,755		1,173,030
Diamondback Energy, Inc.		10,366		1,457,252
DT Midstream, Inc.(c)		24,319		1,220,814
Enviva, Inc.(c)		24,644		1,073,493
EOG Resources, Inc.		11,060		1,250,001
EQT Corp.		38,677		1,283,303
Exxon Mobil Corp.		13,193		1,450,043
Halliburton Co.		39,532		1,432,244
Hess Corp.		10,324		1,390,643
HF Sinclair Corp.		27,695		1,376,995
Kinder Morgan, Inc.		77,539		1,322,815
Marathon Oil Corp.		51,332		1,291,000
Marathon Petroleum Corp.		12,655		1,564,158
New Fortress Energy, Inc.(c)		30,272		998,673
NOV, Inc.		67,822		1,483,945
Occidental Petroleum Corp.		21,624		1,266,301
ONEOK, Inc.		21,485		1,406,193
Ovintiv, Inc.		28,469		1,217,619
PDC Energy, Inc.		21,729		1,458,233
Phillips 66		13,691		1,404,149
Pioneer Natural Resources Co.		6,226		1,247,753
Range Resources Corp.		55,919		1,506,458
Schlumberger Ltd.		27,677		1,472,693
Southwestern Energy Co.(b)		236,941		1,255,787
Targa Resources Corp.		20,177		1,495,116
Texas Pacific Land Corp.		572		1,018,269
Valero Energy Corp.		11,783		1,552,175
Vitesse Energy, Inc.(b)		1,298		22,572
Williams Cos., Inc. (The)		41,814		1,258,601
				49,063,147
Financials-9.52%
Affiliated Managers Group, Inc.		2,562		408,408
Aflac, Inc.		5,658		385,593
AGNC Investment Corp.		40,138		436,300
Allstate Corp. (The)		3,061		394,196
Ally Financial, Inc.		16,192		486,570
American Express Co.		2,097		364,857
American Financial Group, Inc.		2,881		386,371
American International Group, Inc.		6,398		390,982
Ameriprise Financial, Inc.		1,232		422,416
Annaly Capital Management, Inc.		18,495		382,477
Aon PLC, Class A		1,314		399,522
Apollo Global Management, Inc.		6,342		449,648
Arch Capital Group Ltd.(b)		6,625		463,750
Ares Management Corp., Class A		5,735		462,413
Arthur J. Gallagher & Co.		2,065		386,878
Assurant, Inc.		3,061		389,941
Assured Guaranty Ltd.		6,275		391,623
AXIS Capital Holdings Ltd.(c)		6,922		420,304
Bank of America Corp.		12,269		420,827

	Shares		Value
Financials-(continued)
Bank of Hawaii Corp.		5,128	$	383,882
Bank of New York Mellon Corp. (The)		8,931		454,409
Bank OZK		9,597		441,750
Berkshire Hathaway, Inc., Class B(b)		1,317		401,922
BlackRock, Inc.		571		393,665
Blackstone, Inc., Class A(c)		5,090		462,172
Blue Owl Capital, Inc.(c)		35,485		437,885
BOK Financial Corp.		3,881		406,263
Brighthouse Financial, Inc.(b)		7,582		438,467
Brown & Brown, Inc.		6,887		386,154
Capital One Financial Corp.		3,412		372,181
Carlyle Group, Inc. (The)		13,830		475,752
Cboe Global Markets, Inc.		3,137		395,795
Charles Schwab Corp. (The)		4,959		386,405
Chubb Ltd.		1,816		383,212
Cincinnati Financial Corp.		3,762		454,073
Citigroup, Inc.		8,911		451,699
Citizens Financial Group, Inc.		10,062		420,189
CME Group, Inc., Class A		2,250		417,060
CNA Financial Corp.		9,585		419,631
Coinbase Global, Inc., Class A(b)(c)		9,387		608,559
Comerica, Inc.		6,107		428,101
Commerce Bancshares, Inc.		5,908		390,814
Corebridge Financial, Inc.		19,896		402,297
Credit Acceptance Corp.(b)(c)		880		391,019
Cullen/Frost Bankers, Inc.		2,893		381,355
Discover Financial Services		3,912		438,144
East West Bancorp, Inc.		6,119		466,329
Equitable Holdings, Inc.		13,091		411,319
Erie Indemnity Co., Class A		1,472		346,494
Evercore, Inc., Class A		3,682		483,005
Everest Re Group Ltd.		1,206		463,068
F&G Annuities & Life, Inc.		21,928		446,673
F.N.B. Corp.		30,251		431,682
FactSet Research Systems, Inc.		887		367,706
Fidelity National Financial, Inc.		10,691		426,143
Fifth Third Bancorp		12,143		440,791
First American Financial Corp.		7,585		430,676
First Citizens BancShares, Inc., Class A		509		373,484
First Hawaiian, Inc.		16,032		438,475
First Horizon Corp.		16,218		401,720
First Republic Bank		3,411		419,587
Franklin Resources, Inc.		14,821		436,775
Globe Life, Inc.		3,389		412,407
Goldman Sachs Group, Inc. (The)		1,113		391,386
Hanover Insurance Group, Inc. (The)		2,819		393,194
Hartford Financial Services Group, Inc. (The)		5,321		416,528
Huntington Bancshares, Inc.		27,230		417,164
Interactive Brokers Group, Inc., Class A		5,222		449,666
Intercontinental Exchange, Inc.		3,846		391,523
Invesco Ltd.(d)		21,512		379,902
Janus Henderson Group PLC(c)		15,729		431,918
Jefferies Financial Group, Inc.		11,129		420,565
JPMorgan Chase & Co.		2,996		429,477
Kemper Corp.		7,045		433,972
KeyCorp.		23,179		423,944
KKR & Co., Inc., Class A		8,251		464,944
Lazard Ltd., Class A		11,083		414,061
Lincoln National Corp.		12,659		401,543

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  16  

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Financials-(continued)
Loews Corp.		7,064	$	431,540
LPL Financial Holdings, Inc.		1,814		452,702
M&T Bank Corp.		2,684		416,798
Markel Corp.(b)		311		413,586
MarketAxess Holdings, Inc.		1,419		484,518
Marsh & McLennan Cos., Inc.		2,314		375,192
MetLife, Inc.		5,409		387,988
MGIC Investment Corp.		30,374		417,946
Moody’s Corp.		1,388		402,728
Morgan Stanley		4,540		438,110
Morningstar, Inc.		1,684		349,144
MSCI, Inc.		801		418,242
Nasdaq, Inc.		6,199		347,516
New York Community Bancorp, Inc.		46,842		415,957
Northern Trust Corp.		4,574		435,765
Old Republic International Corp.		16,560		436,687
OneMain Holdings, Inc.		11,036		475,541
PacWest Bancorp		16,426		455,821
Pinnacle Financial Partners, Inc.		5,238		388,083
PNC Financial Services Group, Inc. (The)		2,609		412,013
Popular, Inc.		6,132		437,825
Primerica, Inc.		2,817		540,695
Principal Financial Group, Inc.		4,511		404,005
Progressive Corp. (The)		3,035		435,583
Prosperity Bancshares, Inc.		5,540		407,135
Prudential Financial, Inc.		3,924		392,400
Raymond James Financial, Inc.		3,505		380,152
Regions Financial Corp.		18,048		420,879
Reinsurance Group of America, Inc.		2,779		401,482
RenaissanceRe Holdings Ltd. (Bermuda)		2,136		459,026
Rithm Capital Corp.(c)		44,584		405,714
Robinhood Markets, Inc., Class A(b)(c)		41,826		421,188
Rocket Cos., Inc., Class A(c)		46,842		368,178
Ryan Specialty Holdings, Inc., Class A(b)(c)		9,684		407,890
S&P Global, Inc.		1,130		385,556
SEI Investments Co.		6,560		395,240
Signature Bank		3,342		384,497
SLM Corp.		23,915		343,898
SoFi Technologies, Inc.(b)(c)		91,240		602,184
Starwood Property Trust, Inc.(c)		19,955		382,338
State Street Corp.		5,152		456,879
Stifel Financial Corp.		6,644		444,019
SVB Financial Group(b)		1,798		518,022
Synchrony Financial		9,132		326,104
Synovus Financial Corp.		10,069		420,985
T. Rowe Price Group, Inc.(c)		3,295		369,963
TFS Financial Corp.		28,667		415,385
Tradeweb Markets, Inc., Class A		6,267		444,268
Travelers Cos., Inc. (The)		2,126		393,565
Truist Financial Corp.		9,469		444,570
U.S. Bancorp		9,215		439,832
Umpqua Holdings Corp.		21,639		382,145
Unum Group		9,943		442,961
Upstart Holdings, Inc.(b)(c)		23,219		429,784
UWM Holdings Corp.(c)		86,369		367,932
Virtu Financial, Inc., Class A		18,554		341,023
Voya Financial, Inc.		6,408		477,332
W.R. Berkley Corp.		5,350		354,116
Webster Financial Corp.(c)		8,479		450,404
Wells Fargo & Co.		9,355		437,533

	Shares		Value
Financials-(continued)
Western Alliance Bancorporation		6,573	$	487,980
White Mountains Insurance Group Ltd.		306		441,732
Willis Towers Watson PLC		1,623		380,366
Wintrust Financial Corp.		4,576		421,587
Zions Bancorporation N.A		8,403		425,360
				59,967,641
Health Care-9.61%
10X Genomics, Inc., Class A(b)(c)		13,758		653,780
Abbott Laboratories		4,690		477,067
AbbVie, Inc.		3,052		469,703
Acadia Healthcare Co., Inc.(b)		6,053		438,903
Agilent Technologies, Inc.		3,239		459,841
agilon health, inc.(b)(c)		29,184		618,993
Align Technology, Inc.(b)		2,645		818,628
Alnylam Pharmaceuticals, Inc.(b)		2,114		404,725
Amedisys, Inc.(b)		5,787		532,115
AmerisourceBergen Corp.		6,503		1,011,607
Amgen, Inc.		1,756		406,795
Avantor, Inc.(b)(c)		23,195		565,262
Azenta, Inc.(b)(c)		8,309		364,682
Baxter International, Inc.		9,527		380,604
Becton, Dickinson and Co.		2,042		478,951
Biogen, Inc.(b)		1,735		468,207
BioMarin Pharmaceutical, Inc.(b)		4,849		482,912
Bio-Rad Laboratories, Inc., Class A(b)		1,204		575,319
Bio-Techne Corp.		6,179		448,843
Boston Scientific Corp.(b)		10,931		510,696
Bristol-Myers Squibb Co.		6,344		437,482
Bruker Corp.		7,572		521,862
Cardinal Health, Inc.		6,271		474,777
Catalent, Inc.(b)		11,104		757,515
Centene Corp.(b)		5,799		396,652
Certara, Inc.(b)(c)		28,364		513,956
Charles River Laboratories International, Inc.(b)(c)		2,408		528,171
Chemed Corp.		964		502,803
Cigna Group (The)		1,512		441,655
Cooper Cos., Inc. (The)		1,573		514,324
CVS Health Corp.		10,783		900,812
Danaher Corp.		1,862		460,901
DaVita, Inc.(b)		6,755		555,666
Definitive Healthcare Corp.(b)(c)		32,100		366,582
DENTSPLY SIRONA, Inc.		16,705		635,959
DexCom, Inc.(b)		4,088		453,809
Doximity, Inc., Class A(b)(c)		14,165		476,369
Edwards Lifesciences Corp.(b)		6,982		561,632
Elanco Animal Health, Inc.(b)		40,327		462,551
Elevance Health, Inc.		952		447,126
Eli Lilly and Co.		1,362		423,882
Encompass Health Corp.		8,863		500,937
Enhabit, Inc.(b)		36,970		567,490
Enovis Corp.(b)(c)		9,315		536,730
Envista Holdings Corp.(b)(c)		15,384		594,745
Exact Sciences Corp.(b)(c)		10,993		685,194
Exelixis, Inc.(b)		30,651		523,519
GE HealthCare Technologies, Inc.(b)		1,262		95,912
Gilead Sciences, Inc.		5,661		455,880
Globus Medical, Inc., Class A(b)(c)		6,997		408,205
Guardant Health, Inc.(b)(c)		10,590		327,125

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  17  

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Health Care-(continued)
HCA Healthcare, Inc.		2,087	$	508,080
Henry Schein, Inc.(b)		6,224		487,401
Hologic, Inc.(b)		6,767		538,924
Horizon Therapeutics PLC(b)		5,192		568,472
Humana, Inc.		921		455,913
ICU Medical, Inc.(b)(c)		3,268		557,652
IDEXX Laboratories, Inc.(b)		1,181		558,896
Illumina, Inc.(b)		2,406		479,275
Incyte Corp.(b)		5,981		460,417
Insulet Corp.(b)		1,655		457,376
Integra LifeSciences Holdings Corp.(b)(c)		8,891		494,517
Intuitive Surgical, Inc.(b)		1,857		425,977
Ionis Pharmaceuticals, Inc.(b)(c)		13,321		478,224
IQVIA Holdings, Inc.(b)		2,390		498,243
Jazz Pharmaceuticals PLC(b)		3,345		469,638
Johnson & Johnson		2,832		434,032
Laboratory Corp. of America Holdings		2,131		510,076
Maravai LifeSciences Holdings, Inc., Class A(b)		38,054		561,297
Masimo Corp.(b)(c)		3,641		609,176
McKesson Corp.		2,902		1,015,149
Medtronic PLC		6,491		537,455
Merck & Co., Inc.		4,527		480,948
Mettler-Toledo International, Inc.(b)		216		309,681
Mirati Therapeutics, Inc.(b)(c)		11,536		528,810
Moderna, Inc.(b)		2,719		377,424
Molina Healthcare, Inc.(b)		1,485		408,865
Natera, Inc.(b)(c)		12,960		629,208
Neurocrine Biosciences, Inc.(b)		4,164		429,308
Novavax, Inc.(b)(c)		28,938		267,966
Novocure Ltd.(b)(c)		6,434		495,225
Oak Street Health, Inc.(b)(c)		23,335		826,059
Organon & Co.		18,843		461,465
Penumbra, Inc.(b)(c)		2,208		574,058
PerkinElmer, Inc.		3,533		440,106
Perrigo Co. PLC		15,752		593,693
Pfizer, Inc.		9,679		392,677
Premier, Inc., Class A		15,138		487,292
QIAGEN N.V.(b)		10,287		472,688
Quest Diagnostics, Inc.		3,335		461,431
QuidelOrtho Corp.(b)(c)		5,242		455,739
Regeneron Pharmaceuticals, Inc.(b)		661		502,638
Repligen Corp.(b)(c)		2,907		506,894
ResMed, Inc.		2,255		480,315
Royalty Pharma PLC, Class A		11,844		424,607
Sarepta Therapeutics, Inc.(b)(c)		4,243		518,198
Seagen, Inc.(b)		4,031		724,330
Signify Health, Inc., Class A(b)(c)		17,638		507,798
Sotera Health Co.(b)(c)		58,790		981,205
STERIS PLC		2,658		499,784
Stryker Corp.		2,040		536,275
Syneos Health, Inc.(b)		14,644		588,982
Tandem Diabetes Care, Inc.(b)(c)		11,324		406,079
Teladoc Health, Inc.(b)		18,684		494,939
Teleflex, Inc.		2,065		491,945
Tenet Healthcare Corp.(b)		11,459		670,695
Thermo Fisher Scientific, Inc.		885		479,458
Ultragenyx Pharmaceutical, Inc.(b)		12,283		546,471
United Therapeutics Corp.(b)		1,801		443,118
UnitedHealth Group, Inc.		920		437,865

	Shares		Value
Health Care-(continued)
Universal Health Services, Inc., Class B		3,902	$	521,190
Veeva Systems, Inc., Class A(b)		2,899		480,248
Vertex Pharmaceuticals, Inc.(b)		1,564		454,014
Viatris, Inc.		46,183		526,486
Waters Corp.(b)		934		290,371
West Pharmaceutical Services, Inc.		2,142		679,078
Zimmer Biomet Holdings, Inc.		3,987		493,870
Zoetis, Inc.		3,293		549,931
				60,533,473
Industrials-10.37%
3M Co.		2,529		272,474
A.O. Smith Corp.		5,459		358,274
Acuity Brands, Inc.(c)		1,784		346,025
Advanced Drainage Systems, Inc.		3,599		319,339
AECOM		3,729		322,036
AGCO Corp.		2,361		332,452
Air Lease Corp.(c)		8,392		363,206
Alaska Air Group, Inc.(b)		7,724		369,439
Allegion PLC		2,879		324,492
Allison Transmission Holdings, Inc.		7,403		351,642
American Airlines Group, Inc.(b)(c)		25,021		399,836
AMETEK, Inc.		2,268		321,058
Armstrong World Industries, Inc.		4,477		353,011
Avis Budget Group, Inc.(b)		1,829		401,758
Axon Enterprise, Inc.(b)		1,857		371,976
AZEK Co., Inc. (The)(b)(c)		16,472		396,810
Boeing Co. (The)(b)		1,782		359,162
Booz Allen Hamilton Holding Corp.		3,002		284,379
Builders FirstSource, Inc.(b)		4,803		407,198
BWX Technologies, Inc.		5,272		322,172
C.H. Robinson Worldwide, Inc.		3,325		332,367
CACI International, Inc., Class A(b)		1,341		392,913
Carlisle Cos., Inc.		1,266		326,907
Carrier Global Corp.		7,336		330,340
Caterpillar, Inc.		1,400		335,370
ChargePoint Holdings, Inc.(b)(c)		125,222		1,422,522
Cintas Corp.		699		306,491
Clarivate PLC(b)(c)		45,081		456,671
Clean Harbors, Inc.(b)		10,844		1,432,167
Copa Holdings S.A., Class A (Panama)(b)(c)		4,137		382,052
Copart, Inc.(b)		5,326		375,270
Core & Main, Inc., Class A(b)(c)		15,384		358,601
CoStar Group, Inc.(b)		10,100		713,666
Crane Holdings Co.		3,147		376,948
CSX Corp.		10,121		308,589
Cummins, Inc.		1,308		317,949
Curtiss-Wright Corp.		1,856		324,410
Deere & Co.		730		306,045
Delta Air Lines, Inc.(b)		10,148		389,074
Donaldson Co., Inc.		5,361		339,083
Dover Corp.		2,325		348,518
Driven Brands Holdings, Inc.(b)(c)		11,501		321,740
Dun & Bradstreet Holdings, Inc.		30,598		367,482
Eaton Corp. PLC		2,006		350,910
Emerson Electric Co.		3,364		278,236
Equifax, Inc.(c)		1,613		326,681
ESAB Corp.		6,761		396,533
Expeditors International of Washington, Inc.		2,958		309,288
Fastenal Co.(c)		28,304		1,459,354

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  18  

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Industrials-(continued)
FedEx Corp.		1,855	$	376,973
Flowserve Corp.		10,622		368,477
Fortive Corp.		4,793		319,501
Fortune Brands Innovations, Inc.(c)		6,287		389,480
FTI Consulting, Inc.(b)(c)		1,942		356,765
Gates Industrial Corp. PLC(b)(c)		28,789		404,198
Generac Holdings, Inc.(b)		3,443		413,194
General Dynamics Corp.		1,286		293,092
General Electric Co.		3,811		322,830
Graco, Inc.		4,668		324,613
GXO Logistics, Inc.(b)		7,265		360,126
Hayward Holdings, Inc.(b)(c)		35,326		434,863
HEICO Corp.(c)		2,008		332,465
Hertz Global Holdings, Inc.(b)(c)		20,679		382,768
Hexcel Corp.(c)		24,947		1,819,884
Honeywell International, Inc.		1,517		290,475
Howmet Aerospace, Inc.		8,473		357,391
Hubbell, Inc.		1,270		319,456
Huntington Ingalls Industries, Inc.		1,353		291,166
IAA, Inc.(b)		8,649		353,831
IDEX Corp.		1,360		305,973
Illinois Tool Works, Inc.		1,460		340,414
Ingersoll Rand, Inc.		5,989		347,781
ITT, Inc.		3,894		353,926
J.B. Hunt Transport Services, Inc.		1,793		324,156
Jacobs Solutions, Inc.		2,610		311,895
JetBlue Airways Corp.(b)		45,549		378,057
Johnson Controls International PLC		4,778		299,676
KBR, Inc.		7,851		432,669
Kirby Corp.(b)		4,867		353,004
Knight-Swift Transportation Holdings, Inc.		5,789		329,047
L3Harris Technologies, Inc.		1,484		313,406
Landstar System, Inc.(c)		1,873		338,620
Leidos Holdings, Inc.		3,701		359,256
Lennox International, Inc.(c)		1,225		312,167
Lincoln Electric Holdings, Inc.		2,162		363,065
Lockheed Martin Corp.		656		311,115
Lyft,Inc.,Class A(b)		32,301		323,010
ManpowerGroup, Inc.		3,687		312,953
Masco Corp.		6,427		336,968
MasTec, Inc.(b)		3,585		350,326
MasterBrand, Inc.(b)		6,287		61,235
MDU Resources Group, Inc.		10,397		331,144
Mercury Systems, Inc.(b)(c)		6,440		337,070
Middleby Corp. (The)(b)(c)		2,294		356,694
MSA Safety, Inc.		2,372		318,678
MSC Industrial Direct Co., Inc., Class A		3,791		320,415
Nordson Corp.		1,357		298,051
Norfolk Southern Corp.		1,297		291,592
Northrop Grumman Corp.		595		276,145
nVent Electric PLC		8,211		376,392
Old Dominion Freight Line, Inc.		1,112		377,257
Oshkosh Corp.		3,640		324,652
Otis Worldwide Corp.		4,004		338,818
Owens Corning		3,463		338,647
PACCAR, Inc.		4,615		333,203
Parker-Hannifin Corp.		1,094		384,924
Pentair PLC		7,115		398,013
Plug Power, Inc.(b)(c)		99,935		1,486,033
Quanta Services, Inc.		2,127		343,298

	Shares		Value
Industrials-(continued)
Raytheon Technologies Corp.		3,203	$	314,182
Regal Rexnord Corp.(c)		2,659		419,165
Republic Services, Inc.		9,445		1,217,744
Robert Half International, Inc.		4,366		351,987
Rockwell Automation, Inc.		1,240		365,713
Rollins, Inc.		8,666		305,043
RXO, Inc.(b)		17,833		366,825
Ryder System, Inc.		3,755		367,652
Schneider National, Inc., Class B		12,904		362,086
Science Applications International Corp.(c)		3,577		381,451
Sensata Technologies Holding PLC		7,289		368,678
SiteOne Landscape Supply, Inc.(b)(c)		2,780		412,385
Snap-on, Inc.(c)		1,380		343,178
Southwest Airlines Co.		9,074		304,705
Spirit AeroSystems Holdings, Inc., Class A(c)		11,860		405,375
Stanley Black & Decker, Inc.		4,078		349,118
Stericycle, Inc.(b)(c)		25,081		1,195,862
Sunrun, Inc.(b)(c)		44,373		1,066,727
Tetra Tech, Inc.		2,072		283,636
Textron, Inc.		4,367		316,739
Timken Co. (The)		20,292		1,733,951
Toro Co. (The)		2,879		317,957
Trane Technologies PLC		1,801		333,131
TransDigm Group, Inc.		523		389,044
TransUnion		5,360		350,705
Trex Co., Inc.(b)(c)		7,196		367,931
Uber Technologies, Inc.(b)		12,862		427,790
U-Haul Holding Co.(c)		5,144		330,296
Union Pacific Corp.		1,519		314,858
United Airlines Holdings, Inc.(b)		7,947		412,926
United Parcel Service, Inc., Class B		1,776		324,102
United Rentals, Inc.		888		416,055
Univar Solutions, Inc.(b)		43,435		1,509,366
Valmont Industries, Inc.		972		308,445
Verisk Analytics, Inc.		1,752		299,785
Vertiv Holdings Co.(c)		28,428		461,955
W.W. Grainger, Inc.		539		360,284
Wabtec Corp.		3,115		324,988
Waste Management, Inc.		7,755		1,161,389
Watsco, Inc.(c)		1,209		368,394
WESCO International, Inc.(b)		2,606		431,501
WillScot Mobile Mini Holdings Corp.(b)		6,827		350,908
Woodward, Inc.		3,404		336,996
XPO, Inc.(b)		8,914		297,371
Xylem, Inc.		2,867		294,298
				65,286,886
Information Technology-14.10%
Accenture PLC, Class A		1,094		290,512
Adobe, Inc.(b)		1,214		393,275
Advanced Micro Devices, Inc.(b)		5,736		450,735
Affirm Holdings, Inc.(b)(c)		27,453		373,910
Akamai Technologies, Inc.(b)		4,486		325,684
Allegro MicroSystems, Inc. (Japan)(b)(c)		12,518		546,786
Alteryx, Inc., Class A(b)		8,859		578,581
Amdocs Ltd.		4,548		416,642
Amphenol Corp., Class A		5,078		393,647
Analog Devices, Inc.		2,381		436,842
ANSYS, Inc.(b)		1,652		501,564

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  19  

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Information Technology-(continued)
Apple, Inc.		2,834	$	417,760
Applied Materials, Inc.		3,765		437,305
AppLovin Corp., Class A(b)(c)		39,058		527,283
Arista Networks, Inc.(b)		22,055		3,059,028
Arrow Electronics, Inc.(b)		3,815		450,132
Aspen Technology, Inc.(b)(c)		1,800		381,618
Atlassian Corp., Class A(b)(c)		2,987		490,854
Autodesk, Inc.(b)		2,077		412,679
Automatic Data Processing, Inc.		1,226		269,499
Avnet, Inc.		9,429		421,571
Bentley Systems, Inc., Class B(c)		10,255		414,917
BILL Holdings, Inc.(b)(c)		2,768		234,256
Black Knight, Inc.(b)		6,701		399,380
Block, Inc., Class A(b)(c)		5,030		385,952
Broadcom, Inc.		765		454,632
Broadridge Financial Solutions, Inc.		2,753		387,567
Cadence Design Systems, Inc.(b)		2,465		475,597
CCC Intelligent Solutions Holdings, Inc.(b)(c)		45,175		404,768
CDW Corp.		2,164		438,037
Ceridian HCM Holding, Inc.(b)(c)		6,153		448,738
Ciena Corp.(b)(c)		54,553		2,630,546
Cirrus Logic, Inc.(b)		5,223		536,663
Cisco Systems, Inc.		57,647		2,791,268
Cloudflare, Inc., Class A(b)(c)		8,310		498,683
Cognex Corp.		6,412		304,057
Cognizant Technology Solutions Corp., Class A		6,883		431,082
Coherent Corp.(b)(c)		11,118		479,519
Concentrix Corp.		3,323		454,719
Confluent, Inc., Class A(b)(c)		18,633		454,459
Corning, Inc.		12,120		411,474
Crowdstrike Holdings, Inc., Class A(b)		3,537		426,881
Datadog, Inc., Class A(b)		5,456		417,493
Dell Technologies, Inc., Class C		9,565		388,722
DocuSign, Inc.(b)		9,315		571,475
Dolby Laboratories, Inc., Class A		5,493		451,964
DoubleVerify Holdings, Inc.(b)(c)		16,156		424,418
Dropbox, Inc., Class A(b)		17,944		366,058
DXC Technology Co.(b)		15,108		419,096
Dynatrace, Inc.(b)		10,807		459,622
Elastic N.V.(b)(c)		7,535		444,716
Enphase Energy, Inc.(b)		4,297		904,647
Entegris, Inc.(c)		5,693		485,214
EPAM Systems, Inc.(b)		1,168		359,335
Euronet Worldwide, Inc.(b)		3,555		386,962
F5, Inc.(b)		2,690		384,616
Fair Isaac Corp.(b)		512		346,824
Fidelity National Information Services, Inc.		4,574		289,854
First Solar, Inc.(b)		9,020		1,525,643
Fiserv, Inc.(b)		3,142		361,613
Five9, Inc.(b)(c)		6,176		407,616
FleetCor Technologies, Inc.(b)		1,731		371,801
Fortinet, Inc.(b)		7,636		453,884
Gartner, Inc.(b)		1,166		382,226
Gen Digital, Inc.		17,717		345,659
Genpact Ltd.		7,093		338,549
Global Payments, Inc.		3,221		361,396
GLOBALFOUNDRIES, Inc.(b)(c)		6,473		422,946
Globant S.A.(b)		2,274		375,392
GoDaddy, Inc., Class A(b)		5,351		405,124

	Shares		Value
Information Technology-(continued)
Guidewire Software, Inc.(b)(c)		6,445	$	452,503
Hewlett Packard Enterprise Co.		24,790		386,972
HP, Inc.		14,185		418,741
HubSpot, Inc.(b)		1,393		538,896
Informatica, Inc., Class A(b)(c)		24,951		430,405
Intel Corp.		14,205		354,131
International Business Machines Corp.		2,737		353,894
Intuit, Inc.		1,000		407,180
IPG Photonics Corp.(b)		4,410		543,488
Jabil, Inc.		5,690		472,441
Jack Henry & Associates, Inc.		1,726		283,478
Jamf Holding Corp.(b)(c)		18,437		391,233
Juniper Networks, Inc.		87,043		2,679,184
Keysight Technologies, Inc.(b)		1,762		281,850
KLA Corp.		1,023		388,106
Kyndryl Holdings, Inc.(b)		37,798		593,051
Lam Research Corp.		893		434,007
Lattice Semiconductor Corp.(b)		5,691		483,507
Littelfuse, Inc.		1,351		349,544
Lumentum Holdings, Inc.(b)(c)		50,713		2,728,867
Manhattan Associates, Inc.(b)		3,359		482,856
Marvell Technology, Inc.		9,684		437,233
Mastercard, Inc., Class A		913		324,380
Microchip Technology, Inc.		5,260		426,218
Micron Technology, Inc.		7,315		422,953
Microsoft Corp.		1,635		407,802
MKS Instruments, Inc.		3,787		367,074
MongoDB, Inc.(b)		2,099		439,782
Monolithic Power Systems, Inc.		1,051		508,989
Motorola Solutions, Inc.		10,481		2,754,512
National Instruments Corp.		10,277		519,091
nCino, Inc.(b)(c)		16,028		436,763
NCR Corp.(b)		17,190		438,861
NetApp, Inc.		6,323		408,150
New Relic, Inc.(b)		6,986		509,768
Nutanix, Inc., Class A(b)(c)		12,962		366,176
NVIDIA Corp.		2,361		548,130
Okta, Inc.(b)		6,333		451,480
ON Semiconductor Corp.(b)		5,627		435,586
Oracle Corp.		5,101		445,827
Palantir Technologies, Inc., Class A(b)(c)		57,096		447,633
Palo Alto Networks, Inc.(b)(c)		2,516		473,939
Paychex, Inc.		2,650		292,560
Paycom Software, Inc.(b)		1,281		370,286
Paycor HCM, Inc.(b)(c)		15,130		374,770
Paylocity Holding Corp.(b)		1,562		300,857
PayPal Holdings, Inc.(b)		4,296		316,186
Pegasystems, Inc.(c)		11,310		524,558
Procore Technologies, Inc.(b)(c)		8,143		545,500
PTC, Inc.(b)		3,322		416,346
Pure Storage, Inc., Class A(b)		13,859		395,536
Qorvo, Inc.(b)		4,091		412,741
QUALCOMM, Inc.		3,322		410,367
RingCentral, Inc., Class A(b)		11,229		371,006
Roper Technologies, Inc.		936		402,667
salesforce.com, inc.(b)		3,134		512,754
SentinelOne, Inc.(b)(c)		26,500		423,735
ServiceNow, Inc.(b)		1,022		441,678
Shift4 Payments, Inc., Class A(b)(c)		6,682		430,989
Skyworks Solutions, Inc.		4,246		473,726

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  20  

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Information Technology-(continued)
Smartsheet, Inc., Class A(b)		11,074	$	487,477
Snowflake, Inc., Class A(b)		2,830		436,895
Splunk, Inc.(b)(c)		4,644		476,010
SS&C Technologies Holdings, Inc.		8,075		474,002
Synopsys, Inc.(b)		1,226		445,970
TD SYNNEX Corp.		4,109		396,601
Teledyne Technologies, Inc.(b)		786		338,035
Teradata Corp.(b)		12,033		490,465
Teradyne, Inc.		4,260		430,856
Texas Instruments, Inc.		2,292		392,963
Thoughtworks Holding, Inc.(b)(c)		42,782		314,876
Toast, Inc., Class A(b)		21,522		407,196
Trimble, Inc.(b)		5,525		287,632
Twilio, Inc., Class A(b)		8,872		596,287
Tyler Technologies, Inc.(b)		1,282		411,842
Ubiquiti, Inc.(c)		9,828		2,636,852
UiPath,Inc.,Class A(b)(c)		31,131		461,984
Unity Software, Inc.(b)(c)		11,435		348,081
Universal Display Corp.		3,542		481,181
VeriSign, Inc.(b)		2,069		407,241
Viasat, Inc.(b)(c)		94,212		2,992,173
Visa, Inc., Class A(c)		1,530		336,508
VMware, Inc., Class A(b)		3,389		373,231
Vontier Corp.		16,789		439,368
Western Digital Corp.(b)		11,482		441,827
Western Union Co. (The)(c)		22,929		297,160
WEX, Inc.(b)		2,023		390,055
Wix.com Ltd. (Israel)(b)		4,816		435,992
Wolfspeed, Inc.(b)(c)		4,728		349,777
Workday, Inc., Class A(b)		2,413		447,539
Zebra Technologies Corp., Class A(b)		1,261		378,615
Zoom Video Communications, Inc., Class A(b)(c)		5,579		416,138
Zscaler, Inc.(b)(c)		3,383		443,680
				88,797,419
Materials-9.98%
Air Products and Chemicals, Inc.		4,535		1,296,919
Albemarle Corp.		5,665		1,440,666
Alcoa Corp.(c)		30,620		1,498,543
Amcor PLC		25,664		285,897
AptarGroup, Inc.		2,956		345,024
Ardagh Group S.A.(b)(e)		13,287		141,042
Ardagh Metal Packaging S.A		69,338		334,209
Ashland, Inc.		13,178		1,341,257
Avery Dennison Corp.		8,079		1,471,913
Axalta Coating Systems Ltd.(b)		12,443		370,801
Ball Corp.		5,920		332,763
Berry Global Group, Inc.		5,262		326,770
Celanese Corp.		14,309		1,663,135
CF Industries Holdings, Inc.		14,495		1,244,976
Chemours Co. (The)		48,517		1,658,311
Cleveland-Cliffs, Inc.(b)		89,567		1,910,464
Corteva, Inc.		17,424		1,085,341
Crown Holdings, Inc.		3,921		339,206
Dow, Inc.		28,635		1,637,922
DuPont de Nemours, Inc.		4,571		333,820
Eagle Materials, Inc.		2,348		329,471
Eastman Chemical Co.		16,985		1,447,122
Ecolab, Inc.		9,717		1,548,598

	Shares		Value
Materials-(continued)
Element Solutions, Inc.		76,625	$	1,573,877
FMC Corp.		11,320		1,461,978
Freeport-McMoRan, Inc.		36,326		1,488,276
Ginkgo Bioworks Holdings, Inc.(b)(c)		281,219		413,392
Graphic Packaging Holding Co.		14,356		341,673
Huntsman Corp.		52,075		1,527,881
International Flavors & Fragrances, Inc.		13,488		1,257,082
International Paper Co.		40,037		1,456,946
Linde PLC (United Kingdom)		4,328		1,507,745
Louisiana-Pacific Corp.		4,829		282,545
LyondellBasell Industries N.V., Class A		17,782		1,706,894
Martin Marietta Materials, Inc.		899		323,523
Mosaic Co. (The)		30,842		1,640,486
MP Materials Corp.(b)(c)		45,824		1,603,840
NewMarket Corp.		4,580		1,573,230
Newmont Corp.		30,728		1,340,048
Nucor Corp.		9,603		1,607,926
Olin Corp.		26,449		1,527,430
Packaging Corp. of America		2,347		320,882
PPG Industries, Inc.		2,446		323,019
Reliance Steel & Aluminum Co.		6,925		1,716,292
Royal Gold, Inc.(c)		12,927		1,535,598
RPM International, Inc.		3,076		272,626
Scotts Miracle-Gro Co. (The)		28,136		2,321,220
Sealed Air Corp.		6,172		300,083
Sherwin-Williams Co. (The)		1,253		277,352
Silgan Holdings, Inc.		5,979		319,279
Sonoco Products Co.		5,230		308,884
Southern Copper Corp. (Mexico)(c)		23,575		1,737,242
SSR Mining, Inc. (Canada)		93,608		1,277,749
Steel Dynamics, Inc.		13,191		1,663,517
United States Steel Corp.		55,508		1,700,210
Valvoline, Inc.		45,065		1,586,288
Vulcan Materials Co.		1,746		315,869
Westlake Corp.		13,543		1,613,513
WestRock Co.		8,863		278,298
				62,886,863
Real Estate-8.72%
Alexandria Real Estate Equities, Inc.		5,577		835,323
American Homes 4 Rent, Class A(c)		25,216		782,200
American Tower Corp.		3,904		773,031
Americold Realty Trust, Inc.(c)		28,528		838,723
Apartment Income REIT Corp.		22,455		848,799
AvalonBay Communities, Inc.		4,901		845,520
Boston Properties, Inc.		12,541		821,185
Brixmor Property Group, Inc.		36,785		832,812
Camden Property Trust		7,154		820,993
CBRE Group, Inc., Class A(b)		10,893		927,430
Cousins Properties, Inc.(c)		33,728		825,999
Crown Castle, Inc.		5,972		780,839
CubeSmart(c)		19,451		914,002
Digital Realty Trust, Inc.		7,747		807,470
Douglas Emmett, Inc.(c)		54,018		763,274
EastGroup Properties, Inc.(c)		5,380		878,393
EPR Properties		20,388		832,646
Equinix, Inc.		1,217		837,625
Equity LifeStyle Properties, Inc.		12,828		878,846
Equity Residential		13,260		829,015
Essex Property Trust, Inc.		3,875		883,732

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  21  

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Real Estate-(continued)
Extra Space Storage, Inc.		5,284	$	870,011
Federal Realty Investment Trust		7,720		824,342
First Industrial Realty Trust, Inc.		16,868		889,787
Gaming and Leisure Properties, Inc.		15,967		860,302
Healthcare Realty Trust, Inc.		41,910		817,245
Healthpeak Properties, Inc.		32,570		783,634
Highwoods Properties, Inc.		29,902		792,403
Host Hotels & Resorts, Inc.		46,991		789,449
Howard Hughes Corp. (The)(b)(c)		10,717		890,797
Hudson Pacific Properties, Inc.		84,171		776,898
Invitation Homes, Inc.		25,896		809,509
Iron Mountain, Inc.		15,224		803,066
JBG SMITH Properties		42,033		725,069
Jones Lang LaSalle, Inc.(b)		5,132		895,329
Kilroy Realty Corp.		21,132		761,175
Kimco Realty Corp.		38,222		787,755
Lamar Advertising Co., Class A		8,860		926,402
Life Storage, Inc.		7,759		935,115
Medical Properties Trust, Inc.(c)		69,037		711,081
Mid-America Apartment Communities, Inc.		5,078		812,988
National Retail Properties, Inc.		18,045		817,799
National Storage Affiliates Trust		21,387		904,670
Omega Healthcare Investors, Inc.(c)		27,807		744,949
Opendoor Technologies, Inc.(b)(c)		628,031		904,365
Park Hotels & Resorts, Inc.		68,634		943,717
Prologis, Inc.		7,069		872,315
Public Storage		2,753		823,009
Rayonier, Inc.(c)		23,754		797,659
Realty Income Corp.		12,944		827,769
Regency Centers Corp.		12,607		792,980
Rexford Industrial Realty, Inc.		15,173		917,360
SBA Communications Corp., Class A		2,876		745,891
Simon Property Group, Inc.		7,098		866,595
SL Green Realty Corp.		23,749		808,653
Spirit Realty Capital, Inc.(c)		20,120		828,542
Sun Communities, Inc.		5,814		832,216
UDR, Inc.		20,700		886,788
Ventas, Inc.		18,368		893,603
VICI Properties, Inc.		24,688		827,789
Vornado Realty Trust		38,773		766,930
W.P. Carey, Inc.(c)		10,498		852,018
Welltower, Inc.		12,660		938,359
WeWork, Inc., Class A(b)(c)		420,285		487,531
Weyerhaeuser Co.		26,264		820,750
Zillow Group, Inc., Class C(b)(c)		23,820		1,000,440
				54,922,911
Utilities-7.41%
AES Corp. (The)		45,268		1,117,214
Alliant Energy Corp.		23,110		1,184,850
Ameren Corp.		14,607		1,208,145
American Electric Power Co., Inc.		13,119		1,154,078
American Water Works Co., Inc.		8,289		1,163,610
Atmos Energy Corp.(c)		10,917		1,231,547
Avangrid, Inc.		30,203		1,178,823
Investment Abbreviations:
REIT-Real Estate Investment Trust

	Shares		Value
Utilities-(continued)
Brookfield Renewable Corp., Class A(c)		41,501	$	1,155,803
CenterPoint Energy, Inc.		42,312		1,177,120
CMS Energy Corp.		20,713		1,221,446
Consolidated Edison, Inc.		13,148		1,174,774
Constellation Energy Corp.		14,029		1,050,632
Dominion Energy, Inc.		22,028		1,225,197
DTE Energy Co.		10,917		1,197,704
Duke Energy Corp.		12,786		1,205,208
Edison International		19,629		1,299,636
Entergy Corp.		10,968		1,128,278
Essential Utilities, Inc.		26,561		1,136,280
Evergy, Inc.		20,714		1,218,190
Eversource Energy		15,201		1,145,547
Exelon Corp.		30,701		1,240,013
FirstEnergy Corp.		30,858		1,220,125
Hawaiian Electric Industries, Inc.		31,327		1,267,177
IDACORP, Inc.		11,933		1,233,872
National Fuel Gas Co.		20,461		1,172,006
NextEra Energy, Inc.		14,947		1,061,685
NiSource, Inc.		46,318		1,270,503
NRG Energy, Inc.		39,862		1,307,075
OGE Energy Corp.		32,016		1,143,612
PG&E Corp.(b)		83,139		1,298,631
Pinnacle West Capital Corp.		16,561		1,220,215
PPL Corp.		44,192		1,196,277
Public Service Enterprise Group, Inc.		21,467		1,297,251
Sempra Energy		7,911		1,186,334
Southern Co. (The)		18,676		1,177,709
UGI Corp.		33,496		1,247,056
Vistra Corp.		54,553		1,199,621
WEC Energy Group, Inc.		13,433		1,190,970
Xcel Energy, Inc.		18,406		1,188,475
				46,692,689
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.88% (Cost $651,370,602)				629,145,333
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-16.84%
Invesco Private Government Fund, 4.58%(d)(f)(g)		29,534,850		29,534,850
Invesco Private Prime Fund, 4.83%(d)(f)(g)		76,514,338		76,529,639
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $106,068,755)				106,064,489
TOTAL INVESTMENTS IN SECURITIES-116.72% (Cost $757,439,357)				735,209,822
OTHER ASSETS LESS LIABILITIES-(16.72)%				(105,335,252	)
NET ASSETS-100.00%			$	629,874,570

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  22  

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2023

(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 February 28, 2023.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2023			Dividend Income
Invesco Ltd.		$	383,899		$	23,387		$	(55,317	)		$	44,417			$	(16,484	)		$	379,902		$	8,367
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			19,186			8,667,541			(8,686,727	)			-				-				-			4,953
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			26,409,828			64,069,545			(60,944,523	)			-				-				29,534,850			507,057	*
Invesco Private Prime Fund			70,048,241			136,173,387			(129,697,079	)			(9,812	)			14,902				76,529,639			1,383,711	*
Total		$	96,861,154		$	208,933,860		$	(199,383,646	)		$	34,605			$	(1,582	)		$	106,444,391		$	1,904,088

* 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) Security valued using significant unobservable inputs (Level 3). See Note 5.

^(f)  The rate shown is the 7-day SEC standardized yield as of February 28, 2023.

^(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 2I.

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023
Information Technology	14.10
Industrials	10.37
Materials	9.98
Health Care	9.61
Financials	9.52
Real Estate	8.72
Consumer Staples	8.17
Energy	7.79
Utilities	7.41
Communication Services	7.20
Consumer Discretionary	7.01
Money Market Funds Plus Other Assets Less Liabilities	0.12

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  23  

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.81%
Communication Services-4.51%
Activision Blizzard, Inc.		236	$	17,995
AT&T, Inc.		905		17,114
Comcast Corp., Class A		476		17,693
DISH Network Corp., Class A(b)		1,087		12,403
Electronic Arts, Inc.		133		14,755
Fox Corp., Class A		371		12,992
Fox Corp., Class B		178		5,740
Frontier Communications Parent, Inc.(b)(c)		677		18,523
Liberty Media Corp.-Liberty Formula One, Class A(b)		27		1,640
Liberty Media Corp.-Liberty Formula One, Class C(b)(c)		262		17,782
Liberty Media Corp.-Liberty SiriusXM, Class A(b)(c)		132		4,275
Liberty Media Corp.-Liberty SiriusXM, Class C(b) .		274		8,828
Live Nation Entertainment, Inc.(b)(c)		240		17,294
Lumen Technologies, Inc.		3,189		10,843
Madison Square Garden Sports Corp., Class A		107		20,452
Meta Platforms, Inc., Class A(b)		148		25,891
News Corp., Class A		692		11,868
News Corp., Class B(c)		230		3,970
Nexstar Media Group, Inc., Class A(c)		92		17,103
Omnicom Group, Inc.		219		19,835
Paramount Global, Class B(c)		869		18,614
Pinterest, Inc., Class A(b)		686		17,225
Playtika Holding Corp.(b)(c)		1,846		17,722
Sirius XM Holdings, Inc.(c)		2,689		11,805
T-Mobile US, Inc.(b)		115		16,351
Verizon Communications, Inc.		447		17,348
World Wrestling Entertainment, Inc., Class A		218		18,312
				394,373
Consumer Discretionary-11.92%
Advance Auto Parts, Inc.		116		16,815
AutoNation, Inc.(b)		144		19,657
AutoZone, Inc.(b)		7		17,406
Brunswick Corp.(c)		236		20,631
Carter’s, Inc.		239		18,018
Chipotle Mexican Grill, Inc.(b)		11		16,402
Choice Hotels International, Inc.(c)		142		16,807
Churchill Downs, Inc.(c)		79		19,417
Columbia Sportswear Co.		195		17,004
Darden Restaurants, Inc.		119		17,016
Dick’s Sporting Goods, Inc.		146		18,780
Dollar General Corp.		68		14,708
Dollar Tree, Inc.(b)		116		16,853
Expedia Group, Inc.(b)		163		17,762
Five Below, Inc.(b)(c)		111		22,677
Garmin Ltd.		188		18,448
Gentex Corp.		604		17,244
Genuine Parts Co.		95		16,802
Grand Canyon Education, Inc.(b)		154		17,447
H&R Block, Inc.		399		14,683
Hanesbrands, Inc.(c)		2,596		14,745
Hasbro, Inc.		278		15,293
Hilton Worldwide Holdings, Inc.		122		17,630
Home Depot, Inc. (The)		54		16,013

	Shares		Value
Consumer Discretionary-(continued)
Hyatt Hotels Corp., Class A(b)		174	$	20,226
Kohl’s Corp.		544		15,254
Las Vegas Sands Corp.(b)		372		21,379
Leggett & Platt, Inc.(c)		490		16,900
Leslie’s, Inc.(b)(c)		1,195		15,069
Lithia Motors, Inc., Class A		73		18,628
LKQ Corp.		321		18,390
Lowe’s Cos., Inc.		82		16,872
Marriott International, Inc., Class A		108		18,278
Mattel, Inc.(b)		957		17,216
McDonald’s Corp.		64		16,890
Mister Car Wash, Inc.(b)(c)		1,703		15,719
Mohawk Industries, Inc.(b)		172		17,690
Newell Brands, Inc.		1,345		19,758
NVR, Inc.(b)		4		20,695
Ollie’s Bargain Outlet Holdings, Inc.(b)(c)		286		16,456
O’Reilly Automotive, Inc.(b)		21		17,432
Penske Automotive Group, Inc.(c)		138		19,893
Petco Health & Wellness Co., Inc.(b)(c)		1,580		16,274
Polaris, Inc.		153		17,404
Pool Corp.		53		18,914
PulteGroup, Inc.		390		21,321
Ralph Lauren Corp.(c)		154		18,201
Ross Stores, Inc.		148		16,360
Starbucks Corp.		171		17,457
Target Corp.		107		18,030
Thor Industries, Inc.(c)		208		18,926
TJX Cos., Inc. (The)		218		16,699
Tractor Supply Co.		77		17,961
Ulta Beauty, Inc.(b)		38		19,714
Vail Resorts, Inc.		69		16,111
Wendy’s Co. (The)		773		16,975
Whirlpool Corp.		119		16,420
Wyndham Hotels & Resorts, Inc.		238		18,331
Yum! Brands, Inc.		136		17,294
				1,043,395
Consumer Staples-9.00%
Albertsons Cos., Inc., Class A(c)		833		16,560
Altria Group, Inc.		374		17,365
Archer-Daniels-Midland Co.		179		14,248
BJ’s Wholesale Club Holdings, Inc.(b)		232		16,658
Brown-Forman Corp., Class A		51		3,311
Brown-Forman Corp., Class B		191		12,390
Bunge Ltd.		166		15,853
Campbell Soup Co.		325		17,069
Casey’s General Stores, Inc.		72		14,972
Church & Dwight Co., Inc.		213		17,845
Clorox Co. (The)		117		18,186
Coca-Cola Co. (The)		274		16,306
Colgate-Palmolive Co.		225		16,492
Conagra Brands, Inc.		459		16,712
Constellation Brands, Inc., Class A		68		15,212
Costco Wholesale Corp.		33		15,978
Coty,Inc.,Class A(b)(c)		2,216		25,041
Estee Lauder Cos., Inc. (The), Class A		74		17,986
Flowers Foods, Inc.		580		16,170
General Mills, Inc.		204		16,220

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  24  

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Consumer Staples-(continued)
Grocery Outlet Holding Corp.(b)(c)		576	$	15,581
Hershey Co. (The)		74		17,636
Hormel Foods Corp.		371		16,465
Ingredion, Inc.(c)		184		18,290
JM Smucker Co. (The)		113		16,712
Kellogg Co.		239		15,760
Keurig Dr Pepper, Inc.		451		15,582
Kimberly-Clark Corp.		131		16,382
Kraft Heinz Co. (The)		443		17,250
Kroger Co. (The)		355		15,315
Lamb Weston Holdings, Inc.		201		20,229
McCormick & Co., Inc.		205		15,236
Molson Coors Beverage Co., Class B		325		17,287
Mondelez International, Inc., Class A		258		16,816
Monster Beverage Corp.(b)		170		17,299
PepsiCo, Inc.		94		16,312
Performance Food Group Co.(b)		286		16,185
Philip Morris International, Inc. (Switzerland)		175		17,027
Pilgrim’s Pride Corp.(b)(c)		667		15,601
Post Holdings, Inc.(b)		186		16,733
Procter & Gamble Co. (The)		120		16,507
Reynolds Consumer Products, Inc.		546		14,982
Seaboard Corp.		4		15,800
Spectrum Brands Holdings, Inc.(c)		327		20,934
Sysco Corp.		204		15,212
Tyson Foods, Inc., Class A		263		15,580
US Foods Holding Corp.(b)		477		17,902
Walmart, Inc.		118		16,771
				787,960
Energy-4.23%
Antero Midstream Corp.		1,593		16,790
Chesapeake Energy Corp.		169		13,657
ConocoPhillips		141		14,572
Coterra Energy, Inc.		625		15,606
Devon Energy Corp.		255		13,750
Diamondback Energy, Inc.		118		16,588
DT Midstream, Inc.(c)		289		14,508
EOG Resources, Inc.		127		14,353
EQT Corp.		411		13,637
Exxon Mobil Corp.		157		17,256
Hess Corp.		121		16,299
HF Sinclair Corp.		280		13,922
Kinder Morgan, Inc.		912		15,559
Marathon Petroleum Corp.		143		17,675
Occidental Petroleum Corp.		251		14,699
Ovintiv, Inc.		313		13,387
PDC Energy, Inc.		235		15,771
Phillips 66		161		16,512
Pioneer Natural Resources Co.		74		14,830
Schlumberger Ltd.		338		17,985
Southwestern Energy Co.(b)		2,521		13,361
Targa Resources Corp.		234		17,339
Valero Energy Corp.		131		17,257
Williams Cos., Inc. (The)		503		15,140
				370,453
Financials-18.16%
Aflac, Inc.		242		16,492
Ally Financial, Inc.		646		19,412
American Express Co.		111		19,313

	Shares		Value
Financials-(continued)
American Financial Group, Inc.		127	$	17,032
American International Group, Inc.		276		16,866
Aon PLC, Class A		57		17,331
Arch Capital Group Ltd.(b)		291		20,370
Arthur J. Gallagher & Co.		88		16,487
Assurant, Inc.		136		17,325
AXIS Capital Holdings Ltd.		303		18,398
Bank of Hawaii Corp.		217		16,245
Bank OZK(c)		378		17,399
BOK Financial Corp.(c)		167		17,482
Brighthouse Financial, Inc.(b)(c)		313		18,101
Brown & Brown, Inc.		293		16,428
Capital One Financial Corp.		169		18,435
Cboe Global Markets, Inc.		138		17,411
Charles Schwab Corp. (The)		211		16,441
Chubb Ltd.		82		17,304
Citigroup, Inc.		360		18,248
Citizens Financial Group, Inc.		412		17,205
CME Group, Inc., Class A		99		18,351
CNA Financial Corp.		410		17,950
Comerica, Inc.		243		17,034
Commerce Bancshares, Inc.		244		16,141
Cullen/Frost Bankers, Inc.		120		15,818
Discover Financial Services		161		18,032
East West Bancorp, Inc.		248		18,900
Equitable Holdings, Inc.		561		17,627
Erie Indemnity Co., Class A		62		14,594
Everest Re Group Ltd.		52		19,966
F.N.B. Corp.		1,237		17,652
FactSet Research Systems, Inc.		38		15,753
Fifth Third Bancorp		480		17,424
First Citizens BancShares, Inc., Class A		22		16,143
First Hawaiian, Inc.(c)		657		17,969
First Horizon Corp.		702		17,389
First Republic Bank		137		16,852
Globe Life, Inc.		145		17,645
Hanover Insurance Group, Inc. (The)		123		17,156
Hartford Financial Services Group, Inc. (The)		228		17,848
Huntington Bancshares, Inc.		1,127		17,266
Interactive Brokers Group, Inc., Class A		217		18,686
JPMorgan Chase & Co.		126		18,062
KeyCorp		927		16,955
Loews Corp.		300		18,327
LPL Financial Holdings, Inc.		74		18,467
M&T Bank Corp.		103		15,995
Marsh & McLennan Cos., Inc.		101		16,376
MetLife, Inc.		227		16,283
MGIC Investment Corp.		1,270		17,475
Morgan Stanley		187		18,045
New York Community Bancorp, Inc.		1,866		16,570
Northern Trust Corp.		187		17,815
Old Republic International Corp.		712		18,775
OneMain Holdings, Inc.		443		19,089
PacWest Bancorp		668		18,537
Pinnacle Financial Partners, Inc.		212		15,707
PNC Financial Services Group, Inc. (The)		104		16,424
Popular, Inc.		239		17,065
Primerica, Inc.		117		22,457
Principal Financial Group, Inc.		194		17,375
Progressive Corp. (The)		132		18,945

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  25  

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Financials-(continued)
Prosperity Bancshares, Inc.(c)		231	$	16,976
Prudential Financial, Inc.		166		16,600
Raymond James Financial, Inc.		149		16,161
Regions Financial Corp.		752		17,537
Reinsurance Group of America, Inc.		121		17,481
SEI Investments Co.		280		16,870
Signature Bank		125		14,381
SLM Corp.		999		14,366
Stifel Financial Corp.		275		18,378
SVB Financial Group(b)		77		22,184
Synovus Financial Corp.		414		17,309
TFS Financial Corp.		1,278		18,518
Travelers Cos., Inc. (The)		92		17,031
Truist Financial Corp.		373		17,512
U.S. Bancorp		384		18,328
Umpqua Holdings Corp.		861		15,205
Unum Group		414		18,444
Upstart Holdings, Inc.(b)(c)		892		16,511
Virtu Financial, Inc., Class A		786		14,447
Voya Financial, Inc.		264		19,665
W.R. Berkley Corp.		229		15,158
Webster Financial Corp.(c)		321		17,052
Wells Fargo & Co.		364		17,024
Western Alliance Bancorporation		254		18,857
White Mountains Insurance Group Ltd.		13		18,766
Willis Towers Watson PLC		71		16,640
Wintrust Financial Corp.(c)		191		17,597
Zions Bancorporation N.A.		337		17,059
				1,588,722
Health Care-11.75%
Abbott Laboratories		162		16,479
AbbVie, Inc.		108		16,621
Acadia Healthcare Co., Inc.(b)(c)		196		14,212
AmerisourceBergen Corp.		102		15,867
Amgen, Inc.		61		14,131
Avantor, Inc.(b)		783		19,082
Azenta, Inc.(b)(c)		290		12,728
Becton, Dickinson and Co.		70		16,419
Biogen, Inc.(b)		57		15,382
BioMarin Pharmaceutical, Inc.(b)		173		17,229
Boston Scientific Corp.(b)		385		17,987
Bristol-Myers Squibb Co.		217		14,964
Catalent, Inc.(b)		348		23,741
Centene Corp.(b)		200		13,680
Chemed Corp.		34		17,734
Cigna Group (The)		53		15,481
CVS Health Corp.		171		14,285
Danaher Corp.		64		15,842
DaVita, Inc.(b)		237		19,496
Doximity, Inc., Class A(b)(c)		513		17,252
Edwards Lifesciences Corp.(b)		226		18,179
Elevance Health, Inc.		33		15,499
Eli Lilly and Co.		47		14,627
Encompass Health Corp.		298		16,843
Envista Holdings Corp.(b)(c)		511		19,755
Exelixis, Inc.(b)(c)		1,021		17,439
Gilead Sciences, Inc.		199		16,026
Globus Medical, Inc., Class A(b)(c)		236		13,768
Henry Schein, Inc.(b)		216		16,915

	Shares		Value
Health Care-(continued)
Hologic, Inc.(b)		233	$	18,556
Humana, Inc.		32		15,841
Incyte Corp.(b)		219		16,859
Insulet Corp.(b)		60		16,582
Integra LifeSciences Holdings Corp.(b)(c)		317		17,632
Ionis Pharmaceuticals, Inc.(b)(c)		428		15,365
Johnson & Johnson		98		15,020
Maravai LifeSciences Holdings, Inc., Class A(b)		1,172		17,287
McKesson Corp.		46		16,091
Medtronic PLC		221		18,299
Merck & Co., Inc.		158		16,786
Molina Healthcare, Inc.(b)		52		14,317
Neurocrine Biosciences, Inc.(b)		137		14,125
Organon & Co.		670		16,408
Pfizer, Inc.		348		14,118
Premier, Inc., Class A		523		16,835
QIAGEN N.V.(b)		352		16,174
Quest Diagnostics, Inc.		115		15,911
QuidelOrtho Corp.(b)(c)		199		17,301
Regeneron Pharmaceuticals, Inc.(b)		24		18,250
ResMed, Inc.		76		16,188
Royalty Pharma PLC, Class A		397		14,232
Stryker Corp.		75		19,716
Syneos Health, Inc.(b)		494		19,869
Teleflex, Inc.		75		17,867
Thermo Fisher Scientific, Inc.		32		17,336
United Therapeutics Corp.(b)		64		15,747
UnitedHealth Group, Inc.		32		15,230
Veeva Systems, Inc., Class A(b)(c)		92		15,241
Vertex Pharmaceuticals, Inc.(b)		55		15,966
Viatris, Inc.		1,581		18,023
Zimmer Biomet Holdings, Inc.		148		18,333
Zoetis, Inc.		113		18,871
				1,028,039
Industrials-13.15%
Advanced Drainage Systems, Inc.		179		15,883
Alaska Air Group, Inc.(b)		373		17,841
Allegion PLC		156		17,583
Allison Transmission Holdings, Inc.		389		18,478
Booz Allen Hamilton Holding Corp.		164		15,536
BWX Technologies, Inc.		286		17,477
C.H. Robinson Worldwide, Inc.		174		17,393
CACI International, Inc., Class A(b)		56		16,408
Carlisle Cos., Inc.		68		17,559
Clean Harbors, Inc.(b)		145		19,150
Copa Holdings S.A., Class A (Panama)(b)(c)		199		18,378
CoStar Group, Inc.(b)		215		15,192
Cummins, Inc.		71		17,259
Curtiss-Wright Corp.		99		17,304
Delta Air Lines, Inc.(b)		493		18,902
Fastenal Co.(c)		339		17,479
FTI Consulting, Inc.(b)(c)		102		18,738
General Dynamics Corp.		69		15,726
Hayward Holdings, Inc.(b)		1,826		22,478
HEICO Corp.(c)		45		7,451
HEICO Corp., Class A		80		10,412
Hexcel Corp.		294		21,447
Howmet Aerospace, Inc.		463		19,529
Hubbell, Inc.		69		17,356

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  26  

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Industrials-(continued)
Huntington Ingalls Industries, Inc.		75	$	16,140
IDEX Corp.		76		17,099
Jacobs Solutions, Inc.		138		16,491
KBR, Inc.		338		18,627
Kirby Corp.(b)		250		18,133
Knight-Swift Transportation Holdings, Inc.		315		17,905
L3Harris Technologies, Inc.		77		16,262
Landstar System, Inc.		101		18,260
Leidos Holdings, Inc.		161		15,628
Lockheed Martin Corp.		36		17,073
ManpowerGroup, Inc.		199		16,891
Masco Corp.		343		17,984
MDU Resources Group, Inc.		554		17,645
Mercury Systems, Inc.(b)(c)		343		17,953
MSC Industrial Direct Co., Inc., Class A(c)		209		17,665
Nordson Corp.		74		16,253
Northrop Grumman Corp.		33		15,316
Oshkosh Corp.		195		17,392
Otis Worldwide Corp.		223		18,870
PACCAR, Inc.		247		17,833
Pentair PLC		381		21,313
Quanta Services, Inc.		120		19,368
Raytheon Technologies Corp.		177		17,362
Regal Rexnord Corp.(c)		133		20,966
Republic Services, Inc.		126		16,245
Robert Half International, Inc.(c)		221		17,817
Rollins, Inc.		431		15,171
Ryder System, Inc.		187		18,309
Science Applications International Corp.(c)		158		16,849
Sensata Technologies Holding PLC		387		19,574
Snap-on, Inc.(c)		74		18,402
Southwest Airlines Co.		437		14,674
Stanley Black & Decker, Inc.		213		18,235
Stericycle, Inc.(b)(c)		335		15,973
Textron, Inc.		244		17,697
Toro Co. (The)		157		17,339
TransDigm Group, Inc.		28		20,828
Verisk Analytics, Inc.		95		16,255
Waste Management, Inc.		104		15,575
Watsco, Inc.(c)		65		19,806
WillScot Mobile Mini Holdings Corp.(b)		362		18,607
Woodward, Inc.		182		18,018
				1,150,762
Information Technology-9.30%
Akamai Technologies, Inc.(b)		184		13,358
Amdocs Ltd.		202		18,505
Avnet, Inc.		386		17,258
Black Knight, Inc.(b)		281		16,748
Broadridge Financial Solutions, Inc.		117		16,471
Cirrus Logic, Inc.(b)(c)		239		24,557
Cognizant Technology Solutions Corp., Class A		280		17,537
Concentrix Corp.		143		19,568
Corning, Inc.		511		17,349
Dell Technologies, Inc., Class C(c)		389		15,809
Dolby Laboratories, Inc., Class A		233		19,171
DoubleVerify Holdings, Inc.(b)(c)		666		17,496
Dropbox, Inc., Class A(b)(c)		740		15,096
DXC Technology Co.(b)		588		16,311
Dynatrace, Inc.(b)		450		19,139

	Shares		Value
Information Technology-(continued)
Euronet Worldwide, Inc.(b)(c)		188	$	20,464
Fidelity National Information Services, Inc.		240		15,209
Fiserv, Inc.(b)		170		19,565
FleetCor Technologies, Inc.(b)		89		19,116
Gen Digital, Inc.		760		14,828
Genpact Ltd.		378		18,042
Global Payments, Inc.		168		18,850
GoDaddy, Inc., Class A(b)		220		16,656
HP, Inc.		581		17,151
Intel Corp.		580		14,459
International Business Machines Corp.		117		15,128
IPG Photonics Corp.(b)(c)		192		23,662
Jack Henry & Associates, Inc.		92		15,110
Lumentum Holdings, Inc.(b)(c)		317		17,058
Manhattan Associates, Inc.(b)		139		19,981
Mastercard, Inc., Class A		49		17,409
NetApp, Inc.		258		16,654
Paylocity Holding Corp.(b)		80		15,409
PTC, Inc.(b)		137		17,170
QUALCOMM, Inc.		138		17,047
salesforce.com, inc.(b)		109		17,834
ServiceNow, Inc.(b)		42		18,151
Shift4 Payments, Inc., Class A(b)(c)		376		24,252
Teradata Corp.(b)(c)		511		20,828
Texas Instruments, Inc.		97		16,631
Ubiquiti, Inc.(c)		58		15,562
Visa, Inc., Class A(c)		81		17,815
VMware, Inc., Class A(b)		144		15,859
Western Union Co. (The)(c)		1,190		15,422
WEX, Inc.(b)		106		20,438
Zoom Video Communications, Inc., Class A(b)(c)		231		17,230
				813,363
Materials-5.84%
Air Products and Chemicals, Inc.(c)		58		16,587
Amcor PLC		1,412		15,730
AptarGroup, Inc.		164		19,142
Ardagh Metal Packaging S.A.		3,902		18,808
Ashland, Inc.		156		15,878
Avery Dennison Corp.		90		16,397
Ball Corp.		311		17,481
Berry Global Group, Inc.		298		18,506
CF Industries Holdings, Inc.		161		13,828
Corteva, Inc.		260		16,195
Dow, Inc.		342		19,562
Ecolab, Inc.		120		19,124
Element Solutions, Inc.		892		18,322
FMC Corp.		134		17,306
Graphic Packaging Holding Co.		757		18,017
Huntsman Corp.		628		18,426
International Paper Co.		470		17,103
Linde PLC (United Kingdom)		52		18,115
LyondellBasell Industries N.V., Class A		205		19,678
NewMarket Corp.		57		19,579
Newmont Corp.		367		16,005
Packaging Corp. of America(c)		132		18,047
Reliance Steel & Aluminum Co.		83		20,571
Royal Gold, Inc.(c)		155		18,412
Silgan Holdings, Inc.		330		17,622
Sonoco Products Co.		284		16,773

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  27  

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Materials-(continued)
SSR Mining, Inc. (Canada)		1,151	$	15,711
Westlake Corp.		162		19,301
WestRock Co.		460		14,444
				510,670
Real Estate-6.06%
American Homes 4 Rent, Class A		527		16,348
American Tower Corp.		79		15,643
Apartment Income REIT Corp.		458		17,312
AvalonBay Communities, Inc.		100		17,252
Boston Properties, Inc.		242		15,846
Camden Property Trust		145		16,640
Crown Castle, Inc.		127		16,605
Digital Realty Trust, Inc.		155		16,156
Douglas Emmett, Inc.(c)		1,007		14,229
Equity LifeStyle Properties, Inc.(c)		263		18,018
Equity Residential		269		16,818
Essex Property Trust, Inc.		79		18,017
Gaming and Leisure Properties, Inc.		332		17,888
Healthcare Realty Trust, Inc.		850		16,575
Highwoods Properties, Inc.		585		15,502
Invitation Homes, Inc.		535		16,724
JBG SMITH Properties		846		14,594
Kilroy Realty Corp.(c)		404		14,552
Mid-America Apartment Communities, Inc.		106		16,971
National Retail Properties, Inc.		376		17,040
Omega Healthcare Investors, Inc.(c)		575		15,404
Public Storage		59		17,638
Rayonier, Inc.(c)		486		16,320
Realty Income Corp.		277		17,714
SBA Communications Corp., Class A		60		15,561
Sun Communities, Inc.(c)		119		17,034
UDR, Inc.(c)		421		18,036
VICI Properties, Inc.		510		17,100
Vornado Realty Trust(c)		690		13,648
W.P. Carey, Inc.(c)		221		17,936
Welltower, Inc.		246		18,234
Weyerhaeuser Co.		533		16,656
				530,011
Utilities-5.89%
Alliant Energy Corp.		310		15,894
Ameren Corp.		195		16,128
American Electric Power Co., Inc.		180		15,835
Atmos Energy Corp.(c)		145		16,357
Avangrid, Inc.		408		15,924
Brookfield Renewable Corp., Class A		535		14,900
CenterPoint Energy, Inc.		561		15,607
CMS Energy Corp.		286		16,865
Consolidated Edison, Inc.		178		15,904
Dominion Energy, Inc.		285		15,852
DTE Energy Co.		150		16,457
Investment Abbreviations:
REIT-Real Estate Investment Trust

	Shares		Value
Utilities-(continued)
Duke Energy Corp.		175	$	16,496
Entergy Corp.		150		15,431
Evergy, Inc.		295		17,349
Eversource Energy		211		15,901
Exelon Corp.		422		17,045
FirstEnergy Corp.		423		16,725
Hawaiian Electric Industries, Inc.		425		17,191
IDACORP, Inc.		160		16,544
National Fuel Gas Co.		263		15,065
NextEra Energy, Inc.		206		14,632
NiSource, Inc.		624		17,116
NRG Energy, Inc.		411		13,477
OGE Energy Corp.		431		15,395
PG&E Corp.(b)		1,111		17,354
Pinnacle West Capital Corp.		225		16,578
PPL Corp.		591		15,998
Public Service Enterprise Group, Inc.		288		17,404
Sempra Energy		108		16,196
Southern Co. (The)		258		16,269
WEC Energy Group, Inc.		176		15,604
Xcel Energy, Inc.		248		16,013
				515,506
Total Common Stocks & Other Equity Interests (Cost $8,684,808)				8,733,254
Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(d)(e) (Cost $4,520)		4,520		4,520
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.86% (Cost $8,689,328)				8,737,774
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-16.25%
Invesco Private Government Fund, 4.58%(d)(e)(f)		398,022		398,022
Invesco Private Prime Fund, 4.83%(d)(e)(f)		1,023,282		1,023,486
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,421,574)				1,421,508
TOTAL INVESTMENTS IN SECURITIES-116.11% (Cost $10,110,902)				10,159,282
OTHER ASSETS LESS LIABILITIES-(16.11)%				(1,409,388	)
NET ASSETS-100.00%			$	8,749,894

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  28  

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)–(continued)

February 28, 2023

(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 February 28, 2023.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	152,224		$	(147,704	)		$	-			$	-		$	4,520		$	75
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			203,066			1,100,000			(905,044	)			-				-			398,022			4,809	*
Invesco Private Prime Fund			555,344			2,528,186			(2,060,066	)			(107	)			129			1,023,486			12,998	*
Total		$	758,410		$	3,780,410		$	(3,112,814	)		$	(107	)		$	129		$	1,426,028		$	17,882

* 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 February 28, 2023.

^(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 2I.

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023
Financials	18.16
Industrials	13.15
Consumer Discretionary	11.92
Health Care	11.75
Information Technology	9.30
Consumer Staples	9.00
Real Estate	6.06
Utilities	5.89
Materials	5.84
Communication Services	4.51
Energy	4.23
Money Market Funds Plus Other Assets Less Liabilities	0.19

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  29  

Invesco S&P 500^® Enhanced Value ETF (SPVU)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.83%
Communication Services-9.90%
AT&T, Inc.		316,602	$	5,986,944
DISH Network Corp., Class A(b)		16,770		191,346
Fox Corp., Class A		8,590		300,822
Lumen Technologies, Inc.		67,299		228,816
News Corp., Class A		10,832		185,769
Paramount Global, Class B(c)		35,731		765,358
Verizon Communications, Inc.		138,921		5,391,524
Warner Bros Discovery, Inc.(b)		63,018		984,341
				14,034,920
Consumer Discretionary-8.47%
Best Buy Co., Inc.		7,329		609,113
BorgWarner, Inc.		8,865		445,732
CarMax, Inc.(b)		7,165		494,672
D.R. Horton, Inc.		13,407		1,239,879
Ford Motor Co.		246,382		2,973,831
General Motors Co.		94,571		3,663,680
Lennar Corp., Class A		12,423		1,201,801
Mohawk Industries, Inc.(b)		2,223		228,636
Newell Brands, Inc.		16,138		237,067
PulteGroup, Inc.		11,552		631,548
Whirlpool Corp.		2,103		290,172
				12,016,131
Consumer Staples-4.35%
Archer-Daniels-Midland Co.		19,584		1,558,886
Kraft Heinz Co. (The)		21,496		837,054
Kroger Co. (The)		25,656		1,106,800
Molson Coors Beverage Co., Class B		6,509		346,214
Tyson Foods, Inc., Class A		15,845		938,658
Walgreens Boots Alliance, Inc.		38,688		1,374,585
				6,162,197
Energy-15.30%
APA Corp.		9,494		364,380
Coterra Energy, Inc.		31,110		776,817
Diamondback Energy, Inc.		6,329		889,731
EQT Corp.		13,561		449,954
Exxon Mobil Corp.		66,829		7,345,175
Marathon Oil Corp.		25,791		648,644
Marathon Petroleum Corp.		29,936		3,700,089
Occidental Petroleum Corp.		24,955		1,461,365
Phillips 66		28,854		2,959,266
Valero Energy Corp.		23,498		3,095,391
				21,690,812
Financials-37.89%
Aflac, Inc.		15,665		1,067,570
American International Group, Inc.		37,298		2,279,281
Assurant, Inc.		1,569		199,875
Bank of America Corp.		211,549		7,256,131
Bank of New York Mellon Corp. (The)		23,287		1,184,843
Capital One Financial Corp.		20,606		2,247,702
Citigroup, Inc.		95,073		4,819,250
Citizens Financial Group, Inc.		18,290		763,790
Comerica, Inc.		3,514		246,331
Discover Financial Services		8,056		902,272
Everest Re Group Ltd.		943		362,084

	Shares		Value
Financials-(continued)
Fifth Third Bancorp		18,493	$	671,296
Franklin Resources, Inc.		9,468		279,022
Goldman Sachs Group, Inc. (The)		10,938		3,846,348
Hartford Financial Services Group, Inc. (The)		8,715		682,210
Huntington Bancshares, Inc.		38,266		586,235
Invesco Ltd.(d)		18,570		327,946
JPMorgan Chase & Co.		52,662		7,549,098
KeyCorp		29,332		536,482
Lincoln National Corp.		3,886		123,264
Loews Corp.		7,506		458,542
M&T Bank Corp.		5,006		777,382
Morgan Stanley		32,561		3,142,137
Principal Financial Group, Inc.		8,481		759,558
Regions Financial Corp.		24,612		573,952
Signature Bank		2,735		314,662
State Street Corp.		10,871		964,040
SVB Financial Group(b)		2,272		654,586
Synchrony Financial		19,864		709,343
Travelers Cos., Inc. (The)		5,745		1,063,514
Truist Financial Corp.		46,249		2,171,391
Wells Fargo & Co.		128,282		5,999,749
Zions Bancorporation N.A		4,221		213,667
				53,733,553
Health Care-9.02%
AmerisourceBergen Corp.		4,947		769,555
Centene Corp.(b)		21,798		1,490,983
Cigna Group (The)		9,503		2,775,826
CVS Health Corp.		44,475		3,715,441
DaVita, Inc.(b)		1,464		120,429
Laboratory Corp. of America Holdings		2,210		528,986
McKesson Corp.		3,898		1,363,559
Moderna, Inc.(b)		8,571		1,189,741
Universal Health Services, Inc., Class B		2,189		292,385
Viatris, Inc.		47,584		542,458
				12,789,363
Industrials-2.25%
Alaska Air Group, Inc.(b)		3,664		175,249
C.H. Robinson Worldwide, Inc.		3,891		388,944
FedEx Corp.		9,336		1,897,262
Huntington Ingalls Industries, Inc.		934		200,997
Stanley Black & Decker, Inc.		6,213		531,895
				3,194,347
Information Technology-6.41%
DXC Technology Co.(b)		11,508		319,232
Hewlett Packard Enterprise Co.		68,232		1,065,101
HP, Inc.		36,812		1,086,690
Intel Corp.		145,391		3,624,598
Micron Technology, Inc.		42,116		2,435,147
Western Digital Corp.(b)		14,585		561,231
				9,091,999
Materials-5.70%
Celanese Corp.		3,328		386,813
Dow, Inc.		30,377		1,737,564
DuPont de Nemours, Inc.		12,180		889,505
Eastman Chemical Co.		3,868		329,554

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  30  

Invesco S&P 500^® Enhanced Value ETF (SPVU)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Materials-(continued)
International Paper Co.		16,387	$	596,323
LyondellBasell Industries N.V., Class A		11,574		1,110,988
Mosaic Co. (The)		16,278		865,827
Nucor Corp.		10,426		1,745,730
WestRock Co.		13,517		424,434
				8,086,738
Utilities-0.54%
NRG Energy, Inc.		16,823		551,626
Pinnacle West Capital Corp.		2,825		208,146
				759,772
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.83% (Cost $145,774,327)				141,559,832

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.57%
Invesco Private Government Fund, 4.58%(d)(e)(f)		225,307	$	225,307
Invesco Private Prime Fund, 4.83%(d)(e)(f)		579,245		579,361
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $804,727)				804,668
TOTAL INVESTMENTS IN SECURITIES-100.40% (Cost $146,579,054)				142,364,500
OTHER ASSETS LESS LIABILITIES-(0.40)%				(562,174	)
NET ASSETS-100.00%			$	141,802,326

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 February 28, 2023.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2023			Dividend Income
Invesco Ltd.		$	218,573		$	163,421		$	(59,933	)		$	10,158			$	(4,273	)		$	327,946		$	5,992
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-			1,790,599			(1,790,599	)			-				-				-			904
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			4,403,584			(4,178,277	)			-				-				225,307			3,053	*
Invesco Private Prime Fund			-			9,824,233			(9,245,345	)			(59	)			532				579,361			8,130	*
Total		$	218,573		$	16,181,837		$	(15,274,154	)		$	10,099			$	(3,741	)		$	1,132,614		$	18,079

* 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 February 28, 2023.

^(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 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  31  

Invesco S&P 500^® Enhanced Value ETF (SPVU)–(continued)

February 28, 2023

(Unaudited)

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023
Financials	37.89
Energy	15.30
Communication Services	9.90
Health Care	9.02
Consumer Discretionary	8.47
Information Technology	6.41
Materials	5.70
Consumer Staples	4.35
Sector Types Each Less Than 3%	2.79
Money Market Funds Plus Other Assets Less Liabilities	0.17

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  32  

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.88%
Communication Services-1.95%
Electronic Arts, Inc.		4,335	$	480,925
Verizon Communications, Inc.		13,259		514,582
				995,507
Consumer Discretionary-3.25%
Genuine Parts Co.		3,021		534,294
McDonald’s Corp.		2,338		617,021
Yum! Brands, Inc.(b)		3,987		506,987
				1,658,302
Consumer Staples-22.14%
Altria Group, Inc.		10,613		492,762
Brown-Forman Corp., Class B		7,502		486,655
Campbell Soup Co.		10,186		534,969
Church & Dwight Co., Inc.		5,970		500,167
Coca-Cola Co. (The)		10,374		617,357
Colgate-Palmolive Co.		7,950		582,735
Conagra Brands, Inc.		13,813		502,931
Constellation Brands, Inc., Class A		2,125		475,363
General Mills, Inc.		7,099		564,441
Hershey Co. (The)		2,442		581,977
Hormel Foods Corp.		12,938		574,188
JM Smucker Co. (The)		3,524		521,164
Kellogg Co.		8,201		540,774
Keurig Dr Pepper, Inc.		16,793		580,198
Kimberly-Clark Corp.		4,329		541,341
Kraft Heinz Co. (The)		11,982		466,579
McCormick & Co., Inc.(b)		6,367		473,195
Mondelez International, Inc., Class A		9,065		590,857
PepsiCo, Inc.		3,671		637,029
Philip Morris International, Inc. (Switzerland)		4,856		472,489
Procter & Gamble Co. (The)		4,050		557,118
				11,294,289
Financials-14.62%
Aflac, Inc.(b)		7,478		509,626
Arthur J. Gallagher & Co.		2,417		452,825
Berkshire Hathaway, Inc., Class B(c)		1,798		548,714
Cboe Global Markets, Inc.		3,947		497,993
Chubb Ltd.		2,493		526,073
CME Group, Inc., Class A		2,646		490,462
Globe Life, Inc.(b)		4,169		507,326
Hartford Financial Services Group, Inc. (The)		6,267		490,581
Loews Corp.		8,523		520,670
Marsh & McLennan Cos., Inc.		2,814		456,262
MetLife, Inc.		6,895		494,578
Progressive Corp. (The)		3,439		493,565
Travelers Cos., Inc. (The)		2,860		529,443
W.R. Berkley Corp.		7,258		480,407
Willis Towers Watson PLC		1,963		460,049
				7,458,574
Health Care-19.57%
Abbott Laboratories		4,305		437,905
AbbVie, Inc.		3,740		575,586
AmerisourceBergen Corp.		3,376		525,171
Amgen, Inc.		2,350		544,401
Becton, Dickinson and Co.		2,041		478,717

	Shares		Value
Health Care-(continued)
Bristol-Myers Squibb Co.		8,589	$	592,297
Cardinal Health, Inc.		5,893		446,159
Cigna Group (The)		1,628		475,539
CVS Health Corp.		5,308		443,430
Gilead Sciences, Inc.		5,660		455,800
Henry Schein, Inc.(c)		5,496		430,392
Hologic, Inc.(c)		5,474		435,949
Humana, Inc.(b)		961		475,714
Incyte Corp.(c)		5,905		454,567
Johnson & Johnson		4,280		655,953
McKesson Corp.		1,419		496,380
Medtronic PLC		5,516		456,725
Merck & Co., Inc.		5,767		612,686
Quest Diagnostics, Inc.		3,567		493,530
UnitedHealth Group, Inc.		1,046		497,833
				9,984,734
Industrials-11.54%
AMETEK, Inc.		3,449		488,240
General Dynamics Corp.		2,246		511,886
Honeywell International, Inc.		2,410		461,467
Huntington Ingalls Industries, Inc.		2,060		443,312
IDEX Corp.		2,115		475,833
Illinois Tool Works, Inc.(b)		1,966		458,392
Leidos Holdings, Inc.		5,133		498,260
Lockheed Martin Corp.		1,003		475,683
Raytheon Technologies Corp.(b)		4,855		476,227
Republic Services, Inc.		4,406		568,066
Snap-on, Inc.(b)		1,886		469,010
Waste Management, Inc.		3,735		559,354
				5,885,730
Information Technology-2.91%
International Business Machines Corp.		3,816		493,409
Jack Henry & Associates, Inc.		3,110		510,786
Roper Technologies, Inc.		1,118		480,964
				1,485,159
Real Estate-1.03%
Realty Income Corp.		8,269		528,802
Utilities-22.87%
Alliant Energy Corp.		9,580		491,167
Ameren Corp.		6,488		536,622
American Electric Power Co., Inc.		5,741		505,036
Atmos Energy Corp.(b)		4,485		505,953
CenterPoint Energy, Inc.		18,091		503,292
CMS Energy Corp.		8,594		506,788
Consolidated Edison, Inc.		6,148		549,324
Dominion Energy, Inc.		8,732		485,674
DTE Energy Co.		4,819		528,692
Duke Energy Corp.		5,722		539,356
Entergy Corp.		4,673		480,712
Evergy, Inc.		8,610		506,354
Eversource Energy		6,471		487,655
Exelon Corp.		11,800		476,602
FirstEnergy Corp.		13,160		520,346
NiSource, Inc.		18,705		513,078
Pinnacle West Capital Corp.		6,778		499,403
PPL Corp.		18,195		492,539

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  33  

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Utilities-(continued)
Public Service Enterprise Group, Inc.		8,438	$	509,908
Sempra Energy		3,348		502,066
Southern Co. (The)		8,019		505,678
WEC Energy Group, Inc.		5,811		515,203
Xcel Energy, Inc.		7,811		504,356
				11,665,804
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.88% (Cost $50,636,777)				50,956,901
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.71%
Invesco Private Government Fund, 4.58%(d)(e)(f)		672,575		672,575

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 4.83%(d)(e)(f)		1,729,133	$	1,729,479
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,402,054)				2,402,054
TOTAL INVESTMENTS IN SECURITIES-104.59% (Cost $53,038,831)				53,358,955
OTHER ASSETS LESS LIABILITIES-(4.59)%				(2,342,634	)
NET ASSETS-100.00%			$	51,016,321

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  All or a portion of this security was out on loan at February 28, 2023.

^(c)  Non-income producing security.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value February 28, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	222,512		$	(222,512	)		$	-		$	-			$	-		$	162
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			370,431			3,277,857			(2,975,713	)			-			-				672,575			3,291	*
Invesco Private Prime Fund			952,536			8,246,116			(7,469,014	)			-			(159	)			1,729,479			8,865	*
Total		$	1,322,967		$	11,746,485		$	(10,667,239	)		$	-		$	(159	)		$	2,402,054		$	12,318

* 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 February 28, 2023.

^(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 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  34  

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)–(continued)

February 28, 2023

(Unaudited)

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023
Utilities	22.87
Consumer Staples	22.14
Health Care	19.57
Financials	14.62
Industrials	11.54
Consumer Discretionary	3.25
Sector Types Each Less Than 3%	5.89
Money Market Funds Plus Other Assets Less Liabilities	0.12

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  35  

Invesco S&P 500^® High Beta ETF (SPHB)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.02%
Communication Services-6.02%
Alphabet, Inc., Class C(b)		66,494	$	6,004,408
DISH Network Corp., Class A(b)(c)		581,126		6,630,648
Match Group, Inc.(b)(c)		182,168		7,545,398
Meta Platforms, Inc., Class A(b)		46,918		8,207,835
Netflix, Inc.(b)		21,628		6,967,028
Warner Bros Discovery, Inc.(b)		457,149		7,140,667
				42,495,984
Consumer Discretionary-23.49%
Amazon.com, Inc.(b)		81,407		7,670,982
Aptiv PLC(b)		71,281		8,288,555
Bath & Body Works, Inc.		161,316		6,592,985
Caesars Entertainment, Inc.(b)		200,725		10,188,801
CarMax, Inc.(b)(c)		92,092		6,358,032
Carnival Corp.(b)(c)		857,284		9,104,356
D.R. Horton, Inc.		63,400		5,863,232
Etsy, Inc.(b)(c)		70,455		8,553,942
Expedia Group, Inc.(b)		58,575		6,382,918
Ford Motor Co.(c)		527,449		6,366,310
General Motors Co.		163,734		6,343,055
Lennar Corp., Class A		62,372		6,033,867
MGM Resorts International(c)		179,927		7,738,660
Mohawk Industries, Inc.(b)		50,767		5,221,386
NIKE,Inc.,Class B		54,784		6,507,791
Norwegian Cruise Line Holdings Ltd.(b)(c)		580,181		8,598,282
Pool Corp.(c)		15,969		5,698,697
PulteGroup, Inc.		117,800		6,440,126
Ralph Lauren Corp.(c)		56,426		6,668,989
Royal Caribbean Cruises Ltd.(b)(c)		118,489		8,370,063
Tapestry, Inc.		157,885		6,869,576
Tesla, Inc.(b)		43,351		8,917,734
Wynn Resorts Ltd.(b)(c)		66,515		7,208,231
				165,986,570
Consumer Staples-0.86%
Estee Lauder Cos., Inc. (The), Class A		24,884		6,048,056
Financials-12.72%
Ameriprise Financial, Inc.		17,798		6,102,400
BlackRock, Inc.		8,862		6,109,729
Capital One Financial Corp.		57,269		6,246,903
Discover Financial Services		53,322		5,972,064
First Republic Bank		45,735		5,625,862
Franklin Resources, Inc.		199,472		5,878,440
Invesco Ltd.(d)		378,452		6,683,462
Lincoln National Corp.		206,742		6,557,856
MSCI, Inc.		12,114		6,325,325
Signature Bank		63,868		7,348,013
State Street Corp.		67,258		5,964,439
SVB Financial Group(b)		26,164		7,538,110
Synchrony Financial		186,012		6,642,489
T. Rowe Price Group, Inc.(c)		60,973		6,846,049
				89,841,141
Health Care-6.47%
Align Technology, Inc.(b)		23,913		7,401,073
Catalent, Inc.(b)		86,666		5,912,354
DexCom, Inc.(b)		64,568		7,167,694
IDEXX Laboratories, Inc.(b)		12,419		5,877,168

	Shares		Value
Health Care-(continued)
Illumina, Inc.(b)		35,450	$	7,061,640
Intuitive Surgical, Inc.(b)		26,759		6,138,247
Moderna, Inc.(b)		44,322		6,152,337
				45,710,513
Industrials-6.13%
American Airlines Group, Inc.(b)(c)		457,246		7,306,791
Delta Air Lines, Inc.(b)		163,729		6,277,370
Generac Holdings, Inc.(b)(c)		80,974		9,717,690
Old Dominion Freight Line, Inc.		17,291		5,866,144
United Airlines Holdings, Inc.(b)		141,128		7,333,011
United Rentals, Inc.(c)		14,564		6,823,671
				43,324,677
Information Technology-42.47%
Adobe, Inc.(b)		18,612		6,029,357
Advanced Micro Devices, Inc.(b)		119,394		9,381,980
Analog Devices, Inc.		35,879		6,582,720
ANSYS, Inc.(b)		26,461		8,033,824
Apple, Inc.		42,250		6,228,072
Applied Materials, Inc.		73,138		8,494,979
Arista Networks, Inc.(b)		49,339		6,843,319
Autodesk, Inc.(b)		35,864		7,125,818
Broadcom, Inc.		10,504		6,242,422
Cadence Design Systems, Inc.(b)		34,669		6,689,037
Ceridian HCM Holding, Inc.(b)(c)		118,834		8,666,564
Enphase Energy, Inc.(b)		35,196		7,409,814
EPAM Systems, Inc.(b)		21,829		6,715,692
Fortinet, Inc.(b)		129,077		7,672,337
HP, Inc.		209,367		6,180,514
Intel Corp.		216,581		5,399,364
Intuit, Inc.		19,715		8,027,554
KLA Corp.		19,744		7,490,479
Lam Research Corp.		17,154		8,337,015
Microchip Technology, Inc.		93,418		7,569,661
Micron Technology, Inc.		121,684		7,035,769
Microsoft Corp.		24,018		5,990,570
Monolithic Power Systems, Inc.		21,666		10,492,627
NVIDIA Corp.		49,378		11,463,596
NXP Semiconductors N.V. (China)		39,813		7,105,824
ON Semiconductor Corp.(b)		117,082		9,063,318
Paycom Software, Inc.(b)		24,996		7,225,344
PayPal Holdings, Inc.(b)(c)		99,131		7,296,042
Qorvo, Inc.(b)		71,613		7,225,036
QUALCOMM, Inc.		57,224		7,068,881
salesforce.com, inc.(b)		43,175		7,063,862
Seagate Technology Holdings PLC		87,492		5,648,483
ServiceNow, Inc.(b)		17,671		7,636,876
Skyworks Solutions, Inc.		61,591		6,871,708
SolarEdge Technologies, Inc.(b)(c)		22,902		7,281,004
Synopsys, Inc.(b)		18,297		6,655,717
Teradyne, Inc.		74,822		7,567,497
Trimble, Inc.(b)		128,558		6,692,729
Tyler Technologies, Inc.(b)		19,632		6,306,780
Western Digital Corp.(b)		165,262		6,359,282
Zebra Technologies Corp., Class A(b)		23,026		6,913,556
				300,085,023

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  36  

Invesco S&P 500^® High Beta ETF (SPHB)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Materials-1.86%
Albemarle Corp.(c)		25,759	$	6,550,771
Freeport-McMoRan, Inc.		160,579		6,578,922
				13,129,693
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $790,009,272)				706,621,657
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-13.33%
Invesco Private Government Fund, 4.58%(d)(e)(f)		26,373,834		26,373,834

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 4.83%(d)(e)(f)		67,804,869	$	67,818,428
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $94,194,550)				94,192,262
TOTAL INVESTMENTS IN SECURITIES-113.35% (Cost $884,203,822)				800,813,919
OTHER ASSETS LESS LIABILITIES-(13.35)%				(94,306,988	)
NET ASSETS-100.00%.			$	706,506,931

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 February 28, 2023.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2023			Dividend Income
Invesco Ltd.		$	4,564,792		$	5,261,536		$	(3,185,835	)		$	306,831			$	(263,862	)		$	6,683,462		$	107,506
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-			1,321,545			(1,321,545	)			-				-				-			1,901
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			24,124,051			95,945,881			(93,696,098	)			-				-				26,373,834			280,102	*
Invesco Private Prime Fund			62,033,275			216,993,854			(211,213,065	)			(4,117	)			8,481				67,818,428			773,691	*
Total		$	90,722,118		$	319,522,816		$	(309,416,543	)		$	302,714			$	(255,381	)		$	100,875,724		$	1,163,200

* 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 February 28, 2023.

^(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 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  37  

Invesco S&P 500^® High Beta ETF (SPHB)–(continued)

February 28, 2023

(Unaudited)

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of February 28, 2023

Information Technology	42.47
Consumer Discretionary	23.49
Financials	12.72
Health Care	6.47
Industrials	6.13
Communication Services	6.02
Sector Types Each Less Than 3%	2.72
Money Market Funds Plus Other Assets Less Liabilities	(0.02	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  38  

Invesco S&P 500^® High Dividend Low Volatility ETF (SPHD)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.96%
Communication Services-9.26%
AT&T, Inc.		6,158,043	$	116,448,593
Interpublic Group of Cos., Inc. (The)		1,696,555		60,295,565
Omnicom Group, Inc.		708,217		64,143,213
Verizon Communications, Inc.		2,870,790		111,415,360
				352,302,731
Consumer Discretionary-3.36%
Darden Restaurants, Inc.		406,605		58,140,449
Hasbro, Inc.		1,268,878		69,800,979
				127,941,428
Consumer Staples-12.81%
Altria Group, Inc.		2,634,823		122,334,832
Clorox Co. (The)(b)		420,394		65,346,043
Kimberly-Clark Corp.		451,210		56,423,811
Kraft Heinz Co. (The)		1,754,088		68,304,187
Philip Morris International, Inc. (Switzerland)		873,643		85,005,464
Walgreens Boots Alliance, Inc.(b)		2,537,465		90,156,131
				487,570,468
Energy-4.93%
Kinder Morgan, Inc.		5,835,872		99,559,977
Williams Cos., Inc. (The)		2,920,833		87,917,073
				187,477,050
Financials-10.62%
Citigroup, Inc.		1,558,846		79,017,904
Huntington Bancshares, Inc.		5,323,335		81,553,492
Prudential Financial, Inc.		850,222		85,022,200
Truist Financial Corp.		1,708,771		80,226,798
U.S. Bancorp		1,641,612		78,354,141
				404,174,535
Health Care-6.32%
AbbVie, Inc.		419,929		64,627,073
Gilead Sciences, Inc.		719,420		57,934,893
Medtronic PLC		755,602		62,563,845
Organon & Co.(b)		2,268,906		55,565,508
				240,691,319
Industrials-3.83%
3M Co.		768,058		82,750,569
United Parcel Service, Inc., Class B		345,342		63,021,461
				145,772,030
Information Technology-4.99%
Corning, Inc.		1,678,120		56,972,174
International Business Machines Corp.		587,490		75,962,457
NetApp, Inc.		885,160		57,137,078
				190,071,709

	Shares		Value
Materials-8.64%
Amcor PLC		6,132,727	$	68,318,579
Dow, Inc.		1,696,799		97,056,903
International Paper Co.		2,583,427		94,010,908
Packaging Corp. of America		507,530		69,389,502
				328,775,892
Real Estate-19.33%
Boston Properties, Inc.		1,454,999		95,273,335
Crown Castle, Inc.		538,757		70,442,478
Digital Realty Trust, Inc.		808,334		84,252,653
Equity Residential(b)		1,202,972		75,209,809
Federal Realty Investment Trust		685,814		73,231,219
Healthpeak Properties, Inc.		3,127,498		75,247,602
Realty Income Corp.		1,239,712		79,279,582
Simon Property Group, Inc.		832,067		101,587,060
VICI Properties, Inc.		2,422,764		81,235,277
				735,759,015
Utilities-15.87%
Dominion Energy, Inc.		1,238,541		68,887,650
Duke Energy Corp.		677,498		63,860,961
Edison International		1,168,769		77,384,196
Entergy Corp.		603,815		62,114,449
Evergy, Inc.		1,072,534		63,075,725
FirstEnergy Corp.		1,605,258		63,471,901
Pinnacle West Capital Corp.		1,077,714		79,405,968
Public Service Enterprise Group, Inc.		1,027,917		62,117,024
Southern Co. (The)		1,007,439		63,529,103
				603,846,977
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.96% (Cost $4,027,491,725)				3,804,383,154
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.65%
Invesco Private Government Fund, 4.58%(c)(d)(e)		6,932,995		6,932,995
Invesco Private Prime Fund, 4.83%(c)(d)(e)		17,824,136		17,827,700
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $24,761,771)				24,760,695
TOTAL INVESTMENTS IN SECURITIES-100.61% (Cost $4,052,253,496)				3,829,143,849
OTHER ASSETS LESS LIABILITIES-(0.61)%				(23,250,018	)
NET ASSETS-100.00%			$	3,805,893,831

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  39  

Invesco S&P 500^® High Dividend Low Volatility ETF (SPHD)–(continued)

February 28, 2023

(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)  All or a portion of this security was out on loan at February 28, 2023.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	38,852,709		$	(38,852,709	)		$	-			$	-		$	-		$	23,854
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			61,432,179			394,712,335			(449,211,519	)			-				-			6,932,995			987,298	*
Invesco Private Prime Fund			167,177,419			855,970,310			(1,005,362,405	)			(3,012	)			45,388			17,827,700			2,720,236	*
Total		$	228,609,598		$	1,289,535,354		$	(1,493,426,633	)		$	(3,012	)		$	45,388		$	24,760,695		$	3,731,388

* 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 February 28, 2023.

^(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 2I.

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of February 28, 2023

Real Estate	19.33
Utilities	15.87
Consumer Staples	12.81
Financials	10.62
Communication Services	9.26
Materials	8.64
Health Care	6.32
Information Technology	4.99
Energy	4.93
Industrials	3.83
Consumer Discretionary	3.36
Money Market Funds Plus Other Assets Less Liabilities	0.04

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  40  

Invesco S&P 500^® Low Volatility ETF (SPLV)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.87%
Communication Services-1.95%
Electronic Arts, Inc.		830,285	$	92,111,818
Verizon Communications, Inc.(b)		2,538,940		98,536,261
				190,648,079
Consumer Discretionary-3.25%
Genuine Parts Co.		578,602		102,331,550
McDonald’s Corp.		447,526		118,106,586
Yum! Brands, Inc.		763,548		97,092,764
				317,530,900
Consumer Staples-22.12%
Altria Group, Inc.		2,031,986		94,345,110
Brown-Forman Corp., Class B		1,436,628		93,194,058
Campbell Soup Co.(b)		1,950,315		102,430,544
Church & Dwight Co., Inc.		1,143,281		95,784,082
Coca-Cola Co. (The)		1,986,357		118,208,105
Colgate-Palmolive Co.		1,522,361		111,589,061
Conagra Brands, Inc.		2,644,997		96,304,341
Constellation Brands, Inc., Class A		406,569		90,949,485
General Mills, Inc.		1,359,202		108,070,151
Hershey Co. (The)		467,537		111,423,418
Hormel Foods Corp.		2,477,493		109,951,139
JM Smucker Co. (The)		674,613		99,768,517
Kellogg Co.		1,570,256		103,542,681
Keurig Dr Pepper, Inc.		3,215,387		111,091,621
Kimberly-Clark Corp.		829,012		103,667,951
Kraft Heinz Co. (The)		2,294,229		89,337,277
McCormick & Co., Inc.(b)		1,218,961		90,593,182
Mondelez International, Inc., Class A(b)		1,735,684		113,131,883
PepsiCo, Inc.		703,046		121,999,572
Philip Morris International, Inc. (Switzerland)		929,941		90,483,259
Procter & Gamble Co. (The)		775,357		106,658,109
				2,162,523,546
Financials-14.61%
Aflac, Inc.(b)		1,432,146		97,600,750
Arthur J. Gallagher & Co.		462,855		86,715,884
Berkshire Hathaway, Inc., Class B(c)		343,939		104,963,304
Cboe Global Markets, Inc.		755,692		95,345,660
Chubb Ltd.		477,465		100,754,664
CME Group, Inc., Class A		506,549		93,893,923
Globe Life, Inc.(b)		798,200		97,132,958
Hartford Financial Services Group, Inc. (The)		1,200,136		93,946,646
Loews Corp.		1,631,845		99,689,411
Marsh & McLennan Cos., Inc.		538,808		87,362,329
MetLife, Inc.		1,320,278		94,703,541
Progressive Corp. (The)		658,759		94,545,092
Travelers Cos., Inc. (The)		547,564		101,365,048
W.R. Berkley Corp.		1,389,880		91,996,157
Willis Towers Watson PLC(b)		375,881		88,091,471
				1,428,106,838
Health Care-19.56%
Abbott Laboratories(b)		824,047		83,822,061
AbbVie, Inc.		716,103		110,208,252
AmerisourceBergen Corp.		646,296		100,537,806

	Shares		Value
Health Care-(continued)
Amgen, Inc.(b)		450,309	$	104,318,583
Becton, Dickinson and Co.		390,895		91,684,422
Bristol-Myers Squibb Co.		1,644,580		113,410,237
Cardinal Health, Inc.		1,128,440		85,434,192
Cigna Group (The)		311,736		91,058,086
CVS Health Corp.		1,016,420		84,911,727
Gilead Sciences, Inc.		1,083,834		87,281,152
Henry Schein, Inc.(b)(c)		1,052,310		82,406,396
Hologic, Inc.(c)		1,048,085		83,469,489
Humana, Inc.		183,919		91,043,583
Incyte Corp.(c)		1,130,629		87,035,820
Johnson & Johnson.		819,402		125,581,551
McKesson Corp.		271,684		95,037,780
Medtronic PLC		1,056,187		87,452,284
Merck & Co., Inc.		1,104,287		117,319,451
Quest Diagnostics, Inc.		683,192		94,526,445
UnitedHealth Group, Inc.		200,446		95,400,269
				1,911,939,586
Industrials-11.58%
AMETEK, Inc.		660,543		93,506,467
General Dynamics Corp.		430,291		98,067,622
Honeywell International, Inc.		461,418		88,352,319
IDEX Corp.		404,827		91,077,978
Illinois Tool Works, Inc.(b)		376,299		87,737,875
Leidos Holdings, Inc.		982,761		95,396,610
Lockheed Martin Corp.		191,910		91,015,237
Otis Worldwide Corp.		1,066,727		90,266,439
Raytheon Technologies Corp.		929,736		91,197,804
Republic Services, Inc.		843,465		108,747,942
Snap-on, Inc.		360,919		89,753,337
Waste Management, Inc.		715,108		107,094,574
				1,132,214,204
Information Technology-2.91%
International Business Machines Corp.		730,787		94,490,759
Jack Henry & Associates, Inc.		595,520		97,808,205
Roper Technologies, Inc.		214,010		92,067,102
				284,366,066
Real Estate-1.04%
Realty Income Corp.		1,583,294		101,251,651
Utilities-22.85%
Alliant Energy Corp.		1,834,285		94,043,792
Ameren Corp.		1,242,595		102,775,032
American Electric Power Co., Inc.(b)		1,099,534		96,726,006
Atmos Energy Corp.(b)		858,812		96,882,582
CenterPoint Energy, Inc.		3,464,126		96,371,985
CMS Energy Corp.		1,645,637		97,043,214
Consolidated Edison, Inc.		1,177,125		105,176,119
Dominion Energy, Inc.		1,672,059		92,999,922
DTE Energy Co.		922,643		101,223,164
Duke Energy Corp.		1,095,825		103,292,464
Entergy Corp.		894,828		92,050,956
Evergy, Inc.		1,648,643		96,956,695
Eversource Energy		1,238,909		93,364,182
Exelon Corp.		2,259,496		91,261,043
FirstEnergy Corp.		2,519,913		99,637,360
NiSource, Inc.		3,581,705		98,246,168

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  41  

Invesco S&P 500^® Low Volatility ETF (SPLV)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Utilities-(continued)
Pinnacle West Capital Corp.(b)		1,297,791	$	95,621,241
PPL Corp.		3,484,128		94,315,345
Public Service Enterprise Group, Inc.		1,615,541		97,627,143
Sempra Energy		641,232		96,159,151
Southern Co. (The)(b)		1,535,668		96,839,224
WEC Energy Group, Inc.		1,112,613		98,644,269
Xcel Energy, Inc.		1,495,871		96,588,390
				2,233,845,447
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.87% (Cost $10,103,418,988)				9,762,426,317
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.36%
Invesco Private Government Fund, 4.58%(d)(e)(f)		37,343,954		37,343,954

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 4.83%(d)(e)(f)		96,008,110	$	96,027,308
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $133,374,279)				133,371,262
TOTAL INVESTMENTS IN SECURITIES-101.23% (Cost $10,236,793,267)				9,895,797,579
OTHER ASSETS LESS LIABILITIES-(1.23)%				(120,432,771	)
NET ASSETS-100.00%			$	9,775,364,808

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  All or a portion of this security was out on loan at February 28, 2023.

^(c)  Non-income producing security.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	106,365,809		$	(106,365,809	)		$	-			$	-		$	-		$	111,574
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			140,080,011			753,201,181			(855,937,238	)			-				-			37,343,954			1,428,529	*
Invesco Private Prime Fund			360,219,541			1,417,412,907			(1,681,613,884	)			(3,025	)			11,769			96,027,308			4,026,310	*
Total		$	500,299,552		$	2,276,979,897		$	(2,643,916,931	)		$	(3,025	)		$	11,769		$	133,371,262		$	5,566,413

* 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 February 28, 2023.

^(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 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  42  

Invesco S&P 500^® Low Volatility ETF (SPLV)–(continued)

February 28, 2023

(Unaudited)

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of February 28, 2023

Utilities	22.85
Consumer Staples	22.12
Health Care	19.56
Financials	14.61
Industrials	11.58
Consumer Discretionary	3.25
Sector Types Each Less Than 3%	5.90
Money Market Funds Plus Other Assets Less Liabilities	0.13

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  43  

Invesco S&P 500 Minimum Variance ETF (SPMV)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-5.15%
Alphabet, Inc., Class C(b)		542	$	48,943
AT&T, Inc.		19,573		370,125
T-Mobile US, Inc.(b)		2,976		423,128
Verizon Communications, Inc.		9,247		358,876
				1,201,072
Consumer Discretionary-7.34%
Amazon.com, Inc.(b)		3,078		290,040
Home Depot, Inc. (The)		1,026		304,250
McDonald’s Corp.		1,875		494,831
NIKE,Inc.,Class B		788		93,607
TJX Cos., Inc. (The)		6,890		527,774
				1,710,502
Consumer Staples-12.33%
Colgate-Palmolive Co.		5,644		413,705
Conagra Brands, Inc.		7,001		254,907
General Mills, Inc.		6,322		502,662
Hershey Co. (The)		291		69,351
Hormel Foods Corp.		3,669		162,830
JM Smucker Co. (The)		396		58,565
Kellogg Co.		650		42,861
Kimberly-Clark Corp.		1,619		202,456
McCormick & Co., Inc.		2,313		171,902
Mondelez International, Inc., Class A		7,940		517,529
Procter & Gamble Co. (The)		3,480		478,709
				2,875,477
Energy-0.42%
Exxon Mobil Corp.		893		98,150
Financials-14.49%
Allstate Corp. (The)		828		106,630
American International Group, Inc.		1,185		72,415
Aon PLC, Class A		1,576		479,183
Arthur J. Gallagher & Co.		291		54,519
Bank of America Corp.		4,723		161,999
Berkshire Hathaway, Inc., Class B(b)		1,704		520,027
Chubb Ltd.		2,497		526,917
Hartford Financial Services Group, Inc. (The)		578		45,246
JPMorgan Chase & Co.		256		36,697
Marsh & McLennan Cos., Inc.		2,921		473,611
Progressive Corp. (The)		3,784		543,080
Travelers Cos., Inc. (The)		1,929		357,096
				3,377,420
Health Care-19.57%
Abbott Laboratories		4,489		456,621
Amgen, Inc.		763		176,757
Becton, Dickinson and Co.		125		29,319
Biogen, Inc.(b)		321		86,625
Bristol-Myers Squibb Co.		309		21,309
CVS Health Corp.		4,768		398,319
Eli Lilly and Co.		1,274		396,494
Incyte Corp.(b)		837		64,432
Intuitive Surgical, Inc.(b)		272		62,394
Johnson & Johnson		2,939		450,431
Medtronic PLC		4,947		409,612
Merck & Co., Inc.		5,575		592,288

	Shares		Value
Health Care-(continued)
Mettler-Toledo International, Inc.(b)		86	$	123,299
Pfizer, Inc.		5,824		236,280
Regeneron Pharmaceuticals, Inc.(b)		537		408,345
Stryker Corp.		174		45,741
Vertex Pharmaceuticals, Inc.(b)		1,668		484,204
Viatris, Inc.		5,966		68,012
Zoetis, Inc.		314		52,438
				4,562,920
Industrials-4.21%
Republic Services, Inc.		2,360		304,275
Rollins, Inc.		3,091		108,803
Verisk Analytics, Inc.		1,321		226,036
Waste Management, Inc.		2,278		341,153
				980,267
Information Technology-22.84%
Accenture PLC, Class A		1,527		405,495
Adobe, Inc.(b)		814		263,695
Analog Devices, Inc.		479		87,882
Apple, Inc.		3,096		456,381
Automatic Data Processing, Inc.		860		189,045
Cisco Systems, Inc.		2,255		109,187
Cognizant Technology Solutions Corp., Class A		1,942		121,628
Fidelity National Information Services, Inc.		5,328		337,635
Global Payments, Inc.		997		111,863
Intel Corp.		574		14,310
Intuit, Inc.		930		378,677
Microsoft Corp.		1,842		459,432
Oracle Corp.		6,284		549,222
QUALCOMM, Inc.		3,401		420,126
salesforce.com, inc.(b)		963		157,557
Texas Instruments, Inc.		2,616		448,513
Trimble, Inc.(b)		3,657		190,383
Tyler Technologies, Inc.(b)		534		171,548
VeriSign, Inc.(b)		1,255		247,022
Visa, Inc., Class A		927		203,884
				5,323,485
Materials-3.12%
Corteva, Inc.		7,792		485,363
Newmont Corp.		5,526		240,989
				726,352
Real Estate-3.64%
American Tower Corp.		1,683		333,251
Crown Castle, Inc.		2,794		365,315
Prologis, Inc.		1,214		149,808
				848,374
Utilities-6.82%
Ameren Corp.		834		68,980
American Electric Power Co., Inc.		400		35,188
Dominion Energy, Inc.		3,473		193,168
Duke Energy Corp.		1,210		114,055
Eversource Energy		1,110		83,650
NextEra Energy, Inc.		5,418		384,840
Public Service Enterprise Group, Inc.		4,492		271,451
Sempra Energy		182		27,293
Southern Co. (The)		4,715		297,328

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  44  

Invesco S&P 500 Minimum Variance ETF (SPMV)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Utilities-(continued)
WEC Energy Group, Inc.		316	$	28,017
Xcel Energy, Inc.		1,336		86,265
				1,590,235
TOTAL INVESTMENTS IN SECURITIES-99.93% (Cost $23,102,899)				23,294,254
OTHER ASSETS LESS LIABILITIES-0.07%				17,092
NET ASSETS-100.00%			$	23,311,346

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.

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain		Value February 28, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$15,358		$259,020		$(274,378)		$-		$-		$-		$147

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of February 28, 2023

Information Technology	22.84
Health Care	19.57
Financials	14.49
Consumer Staples	12.33
Consumer Discretionary	7.34
Utilities	6.82
Communication Services	5.15
Industrials	4.21
Real Estate	3.64
Materials	3.12
Energy	0.42
Other Assets Less Liabilities	0.07

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  45  

Invesco S&P 500^® Momentum ETF (SPMO)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.87%
Consumer Discretionary-2.02%
AutoZone, Inc.(b)		550	$	1,367,597
Dollar Tree, Inc.(b)		7,055		1,024,950
Genuine Parts Co.		3,803		672,599
O’Reilly Automotive, Inc.(b)		1,304		1,082,450
				4,147,596
Consumer Staples-11.56%
Archer-Daniels-Midland Co.		19,212		1,529,275
Campbell Soup Co.		4,574		240,227
Coca-Cola Co. (The)		96,831		5,762,413
Costco Wholesale Corp.		11,389		5,514,326
General Mills, Inc.		19,883		1,580,897
Hershey Co. (The)		5,138		1,224,488
Kellogg Co.		6,993		461,118
Keurig Dr Pepper, Inc.		17,803		615,094
Lamb Weston Holdings, Inc.		3,112		313,192
Molson Coors Beverage Co., Class B		4,905		260,897
PepsiCo, Inc.		33,368		5,790,349
Tyson Foods, Inc., Class A		7,751		459,169
				23,751,445
Energy-30.41%
APA Corp.		12,500		479,750
Chevron Corp.		83,085		13,357,576
ConocoPhillips		53,874		5,567,878
Coterra Energy, Inc.		36,708		916,599
Devon Energy Corp.		30,212		1,629,031
Diamondback Energy, Inc.		6,204		872,158
EOG Resources, Inc.		20,227		2,286,056
Exxon Mobil Corp.		192,279		21,133,385
Halliburton Co.		23,371		846,731
Hess Corp.		8,040		1,082,988
Marathon Oil Corp.		31,192		784,479
Marathon Petroleum Corp.		21,685		2,680,266
Occidental Petroleum Corp.		34,382		2,013,410
ONEOK, Inc.		10,083		659,932
Phillips 66		10,647		1,091,956
Pioneer Natural Resources Co.		10,167		2,037,569
Schlumberger Ltd.		30,845		1,641,262
Valero Energy Corp.		15,060		1,983,854
Williams Cos., Inc. (The)		46,692		1,405,429
				62,470,309
Financials-9.55%
Arthur J. Gallagher & Co.		6,506		1,218,899
Assurant, Inc.		1,133		144,333
Berkshire Hathaway, Inc., Class B(b)		32,886		10,036,150
Brown & Brown, Inc.		5,429		304,404
Chubb Ltd.		8,810		1,859,086
Comerica, Inc.		2,514		176,231
FactSet Research Systems, Inc.		940		389,677
M&T Bank Corp.		4,946		768,064
Marsh & McLennan Cos., Inc.		10,153		1,646,207
Progressive Corp. (The)		15,553		2,232,167
Raymond James Financial, Inc.		3,712		402,604
W.R. Berkley Corp.		6,602		436,986
				19,614,808

	Shares		Value
Health Care-29.43%
AbbVie, Inc.		56,499	$	8,695,196
AmerisourceBergen Corp.		4,091		636,396
Bristol-Myers Squibb Co.		46,529		3,208,640
Centene Corp.(b)		14,770		1,010,268
Cigna Group (The)		7,147		2,087,639
CVS Health Corp.		31,129		2,600,517
Elevance Health, Inc.		6,126		2,877,198
Eli Lilly and Co.		25,419		7,910,901
McKesson Corp.		6,633		2,320,290
Merck & Co., Inc.		61,775		6,562,976
Molina Healthcare, Inc.(b)		1,251		344,438
Pfizer, Inc.		124,626		5,056,077
UnitedHealth Group, Inc.		30,929		14,720,348
Vertex Pharmaceuticals, Inc.(b)		8,380		2,432,630
				60,463,514
Industrials-3.41%
C.H. Robinson Worldwide, Inc.		3,102		310,076
General Dynamics Corp.		5,603		1,276,980
Northrop Grumman Corp.		4,420		2,051,366
Quanta Services, Inc.		4,616		745,022
Republic Services, Inc.		5,186		668,631
W.W. Grainger, Inc.		1,156		772,705
Waste Management, Inc.		7,935		1,188,346
				7,013,126
Information Technology-3.69%
Automatic Data Processing, Inc.		9,105		2,001,461
Cadence Design Systems, Inc.(b)		5,971		1,152,045
Enphase Energy, Inc.(b)		2,978		626,958
HP, Inc.		17,106		504,969
Jack Henry & Associates, Inc.		1,845		303,023
ON Semiconductor Corp.(b)		13,407		1,037,836
Paychex, Inc.		6,560		724,224
Synopsys, Inc.(b)		3,383		1,230,600
				7,581,116
Materials-2.01%
Amcor PLC		33,440		372,521
CF Industries Holdings, Inc.		9,194		789,673
Corteva, Inc.		22,339		1,391,496
Mosaic Co. (The)		11,359		604,185
Nucor Corp.		5,831		976,343
				4,134,218
Real Estate-0.85%
Public Storage		2,970		887,881
Realty Income Corp.		13,389		856,227
				1,744,108
Utilities-6.94%
Ameren Corp.		6,026		498,411
American Electric Power Co., Inc.		12,623		1,110,445
Atmos Energy Corp.		4,461		503,245
CenterPoint Energy, Inc.		20,039		557,485
CMS Energy Corp.		6,611		389,851
Consolidated Edison, Inc.		15,290		1,366,162
Dominion Energy, Inc.		18,563		1,032,474
DTE Energy Co.		4,639		508,945
Edison International		12,475		825,970

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  46  

Invesco S&P 500^® Momentum ETF (SPMO)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Utilities-(continued)
Entergy Corp.		4,624	$	475,671
Exelon Corp.		43,529		1,758,136
FirstEnergy Corp.		11,177		441,939
NiSource, Inc.		13,317		365,285
Sempra Energy		10,822		1,622,867
Southern Co. (The)		34,504		2,175,822
WEC Energy Group, Inc.		6,926		614,059
				14,246,767
TOTAL INVESTMENTS IN SECURITIES-99.87% (Cost $213,907,169)				205,167,007
OTHER ASSETS LESS LIABILITIES-0.13%				268,343
NET ASSETS-100.00%.			$	205,435,350

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.

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain		Value February 28, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$87,717		$2,047,456		$(2,135,173)		$-		$-		$-		$1,266

 Portfolio Composition

 Sector Breakdown (% of the Fund’s Net Assets)

 as of February 28, 2023

Energy	30.41
Health Care	29.43
Consumer Staples	11.56
Financials	9.55
Utilities	6.94
Information Technology	3.69
Industrials	3.41
Sector Types Each Less Than 3%	4.88
Other Assets Less Liabilities	0.13

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  47  

Invesco S&P 500 QVM Multi-factor ETF (QVML)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.77%
Communication Services-8.46%
Activision Blizzard, Inc.		22,125	$	1,687,031
Alphabet, Inc., Class C(b)		388,474		35,079,202
AT&T, Inc.		228,066		4,312,728
Comcast Corp., Class A		149,448		5,554,982
DISH Network Corp., Class A(b)(c)		8,252		94,155
Electronic Arts, Inc.		8,685		963,514
Fox Corp., Class A		15,188		531,884
Interpublic Group of Cos., Inc. (The)		13,161		467,742
Live Nation Entertainment, Inc.(b)(c)		4,760		343,006
Lumen Technologies, Inc.(c)		31,196		106,066
Meta Platforms, Inc., Class A(b)		75,742		13,250,306
Netflix, Inc.(b)		14,165		4,562,972
News Corp., Class A		17,039		292,219
Omnicom Group, Inc.		6,786		614,608
Paramount Global, Class B(c)		17,941		384,296
Take-Two Interactive Software, Inc.(b)		5,268		577,110
T-Mobile US, Inc.(b)		19,789		2,813,600
Verizon Communications, Inc.		141,177		5,479,079
Walt Disney Co. (The)(b)		62,097		6,185,482
Warner Bros Discovery, Inc.(b)		76,345		1,192,509
				84,492,491
Consumer Discretionary-8.22%
Advance Auto Parts, Inc.		1,859		269,481
Aptiv PLC(b)		9,179		1,067,334
AutoZone, Inc.(b)		657		1,633,657
Bath & Body Works, Inc.		7,678		313,800
Best Buy Co., Inc.		6,567		545,783
Booking Holdings, Inc.(b)		1,357		3,425,068
BorgWarner, Inc.		7,850		394,698
CarMax, Inc.(b)(c)		5,261		363,219
Carnival Corp.(b)(c)		37,864		402,116
Chipotle Mexican Grill, Inc.(b)		959		1,429,946
D.R. Horton, Inc.		10,099		933,956
Darden Restaurants, Inc.		4,065		581,254
Dollar General Corp.		7,420		1,604,946
Dollar Tree, Inc.(b)		7,004		1,017,541
Expedia Group, Inc.(b)		5,774		629,193
Ford Motor Co.(c)		134,362		1,621,749
Garmin Ltd.		4,979		488,589
General Motors Co.		49,843		1,930,918
Genuine Parts Co.		4,451		787,204
Hasbro, Inc.		4,303		236,708
Home Depot, Inc. (The)		33,413		9,908,291
Las Vegas Sands Corp.(b)(c)		10,366		595,734
Lennar Corp., Class A		8,156		789,011
LKQ Corp.		8,611		493,324
Lowe’s Cos., Inc.		21,037		4,328,363
Marriott International, Inc., Class A		9,283		1,571,055
McDonald’s Corp.		23,726		6,261,529
MGM Resorts International		11,532		495,991
Mohawk Industries, Inc.(b)		1,701		174,948
Newell Brands, Inc.		12,684		186,328
NIKE,Inc.,Class B		41,058		4,877,280
NVR, Inc.(b)		98		507,015
O’Reilly Automotive, Inc.(b)		2,141		1,777,244
Pool Corp.		1,410		503,173

	Shares		Value
Consumer Discretionary-(continued)
PulteGroup, Inc.		7,824	$	427,738
Ralph Lauren Corp.(c)		1,566		185,086
Ross Stores, Inc.		11,528		1,274,305
Tapestry, Inc.		8,436		367,050
Target Corp.		16,101		2,713,018
Tesla, Inc.(b)		96,085		19,765,645
TJX Cos., Inc. (The)		37,851		2,899,387
Tractor Supply Co.		3,975		927,209
Ulta Beauty, Inc.(b)		1,658		860,170
VF Corp.		13,299		330,081
Whirlpool Corp.		1,840		253,883
				82,150,018
Consumer Staples-7.33%
Altria Group, Inc.		57,986		2,692,290
Archer-Daniels-Midland Co.		18,799		1,496,400
Brown-Forman Corp., Class B		6,029		391,101
Campbell Soup Co.		6,837		359,079
Church & Dwight Co., Inc.		8,329		697,804
Clorox Co. (The)		4,085		634,972
Coca-Cola Co. (The)		124,759		7,424,408
Colgate-Palmolive Co.		26,761		1,961,581
Conagra Brands, Inc.		15,872		577,899
Constellation Brands, Inc., Class A		5,282		1,181,583
Costco Wholesale Corp.		15,908		7,702,335
Estee Lauder Cos., Inc. (The), Class A		7,542		1,833,083
General Mills, Inc.		18,625		1,480,874
Hershey Co. (The)		4,855		1,157,044
Hormel Foods Corp.		10,065		446,685
JM Smucker Co. (The)		3,527		521,608
Kellogg Co.		8,396		553,632
Keurig Dr Pepper, Inc.		27,752		958,832
Kimberly-Clark Corp.		10,788		1,349,039
Kraft Heinz Co. (The)		25,193		981,015
Kroger Co. (The)		22,769		982,255
Lamb Weston Holdings, Inc.		4,848		487,903
McCormick & Co., Inc.		8,287		615,890
Molson Coors Beverage Co., Class B		6,119		325,470
Mondelez International, Inc., Class A		43,672		2,846,541
Monster Beverage Corp.(b)		12,384		1,260,196
PepsiCo, Inc.		45,135		7,832,277
Philip Morris International, Inc. (Switzerland)		48,646		4,733,256
Procter & Gamble Co. (The)		76,248		10,488,675
Sysco Corp.		16,824		1,254,566
Tyson Foods, Inc., Class A		9,955		589,734
Walgreens Boots Alliance, Inc.		23,292		827,565
Walmart, Inc.		46,800		6,651,684
				73,297,276
Energy-5.58%
APA Corp.		11,948		458,564
Baker Hughes Co., Class A		35,144		1,075,406
Chevron Corp.		61,593		9,902,307
ConocoPhillips		43,826		4,529,417
Coterra Energy, Inc.		28,526		712,294
Devon Energy Corp.		22,466		1,211,367
Diamondback Energy, Inc.		6,098		857,257
EOG Resources, Inc.		21,100		2,384,722

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  48  

Invesco S&P 500 QVM Multi-factor ETF (QVML)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Energy-(continued)
EQT Corp.		13,627	$	452,144
Exxon Mobil Corp.		143,985		15,825,391
Halliburton Co.		31,662		1,147,114
Hess Corp.		9,348		1,259,176
Kinder Morgan, Inc.		66,588		1,135,991
Marathon Oil Corp.		24,250		609,888
Marathon Petroleum Corp.		17,805		2,200,698
Occidental Petroleum Corp.		25,982		1,521,506
ONEOK, Inc.		15,096		988,033
Phillips 66		16,661		1,708,752
Pioneer Natural Resources Co.		7,789		1,560,993
Schlumberger Ltd.		46,965		2,499,008
Targa Resources Corp.		7,795		577,610
Valero Energy Corp.		14,177		1,867,536
Williams Cos., Inc. (The)		41,392		1,245,899
				55,731,073
Financials-12.91%
Aflac, Inc.		18,586		1,266,636
Allstate Corp. (The)		8,708		1,121,416
American Express Co.		19,510		3,394,545
American International Group, Inc.		25,372		1,550,483
Ameriprise Financial, Inc.		3,494		1,197,988
Arch Capital Group Ltd.(b)		11,780		824,600
Arthur J. Gallagher & Co.		6,786		1,271,357
Assurant, Inc.		1,739		221,531
Bank of America Corp.		258,997		8,883,597
Bank of New York Mellon Corp. (The)		24,267		1,234,705
Berkshire Hathaway, Inc., Class B(b)		60,535		18,474,071
BlackRock, Inc.		4,923		3,394,064
Brown & Brown, Inc.		7,545		423,048
Capital One Financial Corp.		14,070		1,534,756
Cboe Global Markets, Inc.		3,370		425,193
Charles Schwab Corp. (The)		50,391		3,926,467
Chubb Ltd.		13,493		2,847,293
Cincinnati Financial Corp.		5,307		640,555
Citigroup, Inc.		67,265		3,409,663
Citizens Financial Group, Inc.		16,619		694,009
CME Group, Inc., Class A		11,722		2,172,790
Comerica, Inc.		4,240		297,224
Discover Financial Services		9,365		1,048,880
Everest Re Group Ltd.		1,283		492,634
FactSet Research Systems, Inc.		1,258		521,504
Fifth Third Bancorp		25,511		926,049
First Republic Bank		6,710		825,397
Franklin Resources, Inc.		9,308		274,307
Globe Life, Inc.		3,060		372,371
Goldman Sachs Group, Inc. (The)		11,746		4,130,481
Hartford Financial Services Group, Inc. (The)		10,771		843,154
Huntington Bancshares, Inc.		47,312		724,820
Intercontinental Exchange, Inc.		19,162		1,950,692
Invesco Ltd.(d)		15,164		267,796
JPMorgan Chase & Co.		99,090		14,204,551
KeyCorp		30,966		566,368
Lincoln National Corp.		5,160		163,675
Loews Corp.		6,465		394,947
M&T Bank Corp.		6,536		1,014,975
MarketAxess Holdings, Inc.		1,086		370,815
Marsh & McLennan Cos., Inc.		16,225		2,630,722

	Shares		Value
Financials-(continued)
MetLife, Inc.		22,472	$	1,611,917
Moody’s Corp.		5,133		1,489,340
Morgan Stanley		45,687		4,408,795
Nasdaq, Inc.		10,969		614,922
Northern Trust Corp.		6,807		648,503
PNC Financial Services Group, Inc. (The)		14,268		2,253,203
Principal Financial Group, Inc.		7,719		691,314
Progressive Corp. (The)		19,027		2,730,755
Prudential Financial, Inc.		12,519		1,251,900
Raymond James Financial, Inc.		6,481		702,929
Regions Financial Corp.		31,244		728,610
S&P Global, Inc.		10,951		3,736,481
Signature Bank		2,717		312,591
State Street Corp.		11,925		1,057,509
SVB Financial Group(b)		2,121		611,081
Synchrony Financial		17,037		608,391
T. Rowe Price Group, Inc.(c)		7,511		843,335
Travelers Cos., Inc. (The)		7,792		1,442,455
Truist Financial Corp.		47,656		2,237,449
U.S. Bancorp		44,733		2,135,106
W.R. Berkley Corp.		6,752		446,915
Wells Fargo & Co.		137,242		6,418,808
Willis Towers Watson PLC		3,574		837,603
Zions Bancorporation N.A		4,955		250,822
				129,000,863
Health Care-14.52%
Abbott Laboratories		57,772		5,876,568
AbbVie, Inc.		55,292		8,509,439
Agilent Technologies, Inc.		9,843		1,397,411
Align Technology, Inc.(b)		2,424		750,228
AmerisourceBergen Corp.		5,347		831,779
Amgen, Inc.		17,085		3,957,911
Becton, Dickinson and Co.		9,258		2,171,464
Biogen, Inc.(b)		4,829		1,303,154
Bio-Techne Corp.		5,156		374,532
Boston Scientific Corp.(b)		46,316		2,163,884
Bristol-Myers Squibb Co.		68,789		4,743,689
Cardinal Health, Inc.		9,099		688,885
Catalent, Inc.(b)		5,763		393,152
Centene Corp.(b)		18,320		1,253,088
Cigna Group (The)		9,790		2,859,659
Cooper Cos., Inc. (The)(c)		1,579		516,286
CVS Health Corp.		41,944		3,504,002
Danaher Corp.		21,468		5,313,974
DaVita, Inc.(b)		1,842		151,523
Edwards Lifesciences Corp.(b)		21,113		1,698,330
Elevance Health, Inc.		7,691		3,612,232
Eli Lilly and Co.		25,217		7,848,035
Gilead Sciences, Inc.		40,233		3,239,963
HCA Healthcare, Inc.		6,975		1,698,064
Henry Schein, Inc.(b)		4,769		373,460
Hologic, Inc.(b)		8,319		662,525
Humana, Inc.		4,099		2,029,087
IDEXX Laboratories, Inc.(b)		2,683		1,269,703
Incyte Corp.(b)		5,683		437,477
IQVIA Holdings, Inc.(b)		6,137		1,279,380
Johnson & Johnson		85,089		13,040,740
Laboratory Corp. of America Holdings		3,097		741,298
McKesson Corp.		4,563		1,596,183

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  49  

Invesco S&P 500 QVM Multi-factor ETF (QVML)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Health Care-(continued)
Medtronic PLC		43,752	$	3,622,666
Merck & Co., Inc.		81,303		8,637,631
Moderna, Inc.(b)		10,685		1,483,185
Molina Healthcare, Inc.(b)		1,850		509,361
Organon & Co.		8,345		204,369
PerkinElmer, Inc.		4,211		524,564
Pfizer, Inc.		179,372		7,277,122
Quest Diagnostics, Inc.		3,940		545,138
Regeneron Pharmaceuticals, Inc.(b)		3,375		2,566,417
ResMed, Inc.		5,067		1,079,271
Stryker Corp.(c)		10,336		2,717,128
Teleflex, Inc.		1,561		371,877
Thermo Fisher Scientific, Inc.		12,605		6,828,885
UnitedHealth Group, Inc.		30,401		14,469,052
Universal Health Services, Inc., Class B		2,264		302,402
Vertex Pharmaceuticals, Inc.(b)		8,247		2,394,022
Viatris, Inc.		39,626		451,736
Waters Corp.(b)		1,899		590,380
West Pharmaceutical Services, Inc.		2,469		782,747
Zimmer Biomet Holdings, Inc.		6,805		842,935
Zoetis, Inc.		15,268		2,549,756
				145,037,749
Industrials-8.64%
3M Co.		17,681		1,904,951
A.O. Smith Corp.		4,254		279,190
Alaska Air Group, Inc.(b)(c)		4,032		192,850
Allegion PLC		2,752		310,178
American Airlines Group, Inc.(b)(c)		20,220		323,116
AMETEK, Inc.		7,544		1,067,929
C.H. Robinson Worldwide, Inc.		4,233		423,131
Carrier Global Corp.		27,802		1,251,924
Caterpillar, Inc.		17,518		4,196,437
Cintas Corp.		2,824		1,238,239
Copart, Inc.(b)		14,326		1,009,410
CoStar Group, Inc.(b)		12,771		902,399
CSX Corp.		72,057		2,197,018
Cummins, Inc.		4,782		1,162,408
Deere & Co.		9,008		3,776,514
Delta Air Lines, Inc.(b)		20,472		784,896
Dover Corp.		4,744		711,126
Eaton Corp. PLC		13,316		2,329,368
Emerson Electric Co.		19,209		1,588,776
Expeditors International of Washington, Inc.		5,704		596,410
Fastenal Co.(c)		18,777		968,142
FedEx Corp.		8,331		1,693,026
Fortive Corp.		11,689		779,189
Generac Holdings, Inc.(b)(c)		2,417		290,064
General Dynamics Corp.		7,436		1,694,739
General Electric Co.		35,483		3,005,765
Honeywell International, Inc.		22,115		4,234,580
Howmet Aerospace, Inc.		12,567		530,076
Huntington Ingalls Industries, Inc.		1,418		305,154
IDEX Corp.		2,475		556,825
Illinois Tool Works, Inc.(c)		9,310		2,170,720
Ingersoll Rand, Inc.		13,225		767,976
J.B. Hunt Transport Services, Inc.		2,762		499,342
Jacobs Solutions, Inc.		4,296		513,372
Johnson Controls International PLC		21,977		1,378,397

	Shares		Value
Industrials-(continued)
L3Harris Technologies, Inc.		6,411	$	1,353,939
Leidos Holdings, Inc.		4,459		432,835
Lockheed Martin Corp.		7,610		3,609,119
Nordson Corp.		1,735		381,075
Norfolk Southern Corp.		8,017		1,802,382
Northrop Grumman Corp.		4,617		2,142,796
Old Dominion Freight Line, Inc.		3,203		1,086,650
PACCAR, Inc.		17,293		1,248,555
Parker-Hannifin Corp.		4,164		1,465,103
Pentair PLC		5,322		297,713
Quanta Services, Inc.		4,828		779,239
Raytheon Technologies Corp.(c)		47,145		4,624,453
Republic Services, Inc.		6,728		867,441
Robert Half International, Inc.(c)		3,581		288,700
Rockwell Automation, Inc.		3,935		1,160,549
Rollins, Inc.		6,992		246,118
Snap-on, Inc.(c)		1,719		427,481
Southwest Airlines Co.		19,220		645,408
Stanley Black & Decker, Inc.		5,058		433,015
Textron, Inc.		6,926		502,343
Trane Technologies PLC		7,479		1,383,391
Union Pacific Corp.		20,453		4,239,498
United Airlines Holdings, Inc.(b)		9,928		515,859
United Parcel Service, Inc., Class B(c)		25,410		4,637,071
United Rentals, Inc.(c)		2,392		1,120,724
Verisk Analytics, Inc.		5,116		875,399
W.W. Grainger, Inc.		1,543		1,031,387
Wabtec Corp.		5,967		622,537
Waste Management, Inc.		12,453		1,864,961
Xylem, Inc.(c)		5,752		590,443
				86,309,821
Information Technology-26.17%
Accenture PLC, Class A		21,298		5,655,684
Adobe, Inc.(b)		15,874		5,142,382
Advanced Micro Devices, Inc.(b)		57,721		4,535,716
Akamai Technologies, Inc.(b)		5,259		381,803
Amphenol Corp., Class A(c)		19,597		1,519,159
Analog Devices, Inc.		17,359		3,184,856
ANSYS, Inc.(b)		2,783		844,947
Apple, Inc.		510,208		75,209,761
Applied Materials, Inc.		28,742		3,338,383
Arista Networks, Inc.(b)		8,608		1,193,930
Automatic Data Processing, Inc.		13,538		2,975,923
Broadcom, Inc.		13,790		8,195,259
Broadridge Financial Solutions, Inc.		4,012		564,809
Cadence Design Systems, Inc.(b)		9,314		1,797,043
CDW Corp.		4,375		885,587
Cisco Systems, Inc.		136,980		6,632,572
Cognizant Technology Solutions Corp., Class A		17,111		1,071,662
Corning, Inc.		26,262		891,595
DXC Technology Co.(b)		7,567		209,909
EPAM Systems, Inc.(b)		2,016		620,222
F5, Inc.(b)		1,924		275,094
Fidelity National Information Services, Inc.		20,396		1,292,494
Fiserv, Inc.(b)		21,216		2,441,749
FleetCor Technologies, Inc.(b)		2,563		550,507
Gen Digital, Inc.		19,199		374,572
Global Payments, Inc.		9,696		1,087,891

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  50  

Invesco S&P 500 QVM Multi-factor ETF (QVML)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Information Technology-(continued)
Hewlett Packard Enterprise Co.		44,376	$	692,709
HP, Inc.		31,382		926,397
Intel Corp.		139,647		3,481,400
International Business Machines Corp.		29,309		3,789,654
Jack Henry & Associates, Inc.		2,416		396,804
Juniper Networks, Inc.		10,870		334,579
Keysight Technologies, Inc.(b)		5,862		937,686
KLA Corp.		4,615		1,750,839
Lam Research Corp.		4,780		2,323,128
Mastercard, Inc., Class A		28,154		10,002,835
Microchip Technology, Inc.		18,556		1,503,593
Micron Technology, Inc.		38,383		2,219,305
Microsoft Corp.		250,317		62,434,066
Monolithic Power Systems, Inc.		1,585		767,600
NetApp, Inc.		7,545		487,030
NXP Semiconductors N.V. (China)		9,051		1,615,422
ON Semiconductor Corp.(b)		14,870		1,151,087
Paychex, Inc.		10,727		1,184,261
Paycom Software, Inc.(b)		1,826		527,824
PayPal Holdings, Inc.(b)		38,951		2,866,794
PTC, Inc.(b)		3,394		425,370
Qorvo, Inc.(b)		3,536		356,747
QUALCOMM, Inc.		38,487		4,754,299
Roper Technologies, Inc.		3,456		1,486,771
Skyworks Solutions, Inc.		5,245		585,185
SolarEdge Technologies, Inc.(b)		1,647		523,614
Synopsys, Inc.(b)		5,115		1,860,632
TE Connectivity Ltd.		10,767		1,370,854
Teledyne Technologies, Inc.(b)		1,567		673,920
Teradyne, Inc.		5,239		529,872
Texas Instruments, Inc.		30,375		5,207,794
Trimble, Inc.(b)		8,436		439,178
Visa, Inc., Class A(c)		54,914		12,077,785
Western Digital Corp.(b)		10,713		412,236
Zebra Technologies Corp., Class A(b)		1,757		527,539
				261,498,318
Materials-2.79%
Air Products and Chemicals, Inc.(c)		6,917		1,978,124
Albemarle Corp.(c)		4,092		1,040,637
Amcor PLC		49,655		553,157
Avery Dennison Corp.		2,614		476,245
Ball Corp.		10,978		617,073
Celanese Corp.		3,556		413,314
CF Industries Holdings, Inc.		6,950		596,936
Corteva, Inc.		23,839		1,484,931
Dow, Inc.		23,246		1,329,671
DuPont de Nemours, Inc.		16,766		1,224,421
Eastman Chemical Co.		4,253		362,356
FMC Corp.		4,182		540,105
Freeport-McMoRan, Inc.		47,254		1,935,996
International Paper Co.		12,538		456,258
Linde PLC (United Kingdom)		16,152		5,626,872
LyondellBasell Industries N.V., Class A		8,678		833,001
Martin Marietta Materials, Inc.		2,089		751,768
Mosaic Co. (The)		12,330		655,833
Newmont Corp.		25,880		1,128,627
Nucor Corp.(c)		8,613		1,442,161
Packaging Corp. of America		3,149		430,531
PPG Industries, Inc.		7,756		1,024,257

	Shares		Value
Materials-(continued)
Sealed Air Corp.		4,909	$	238,676
Sherwin-Williams Co. (The)		7,518		1,664,109
Vulcan Materials Co.		4,299		777,732
WestRock Co.		8,487		266,492
				27,849,283
Real Estate-2.11%
Alexandria Real Estate Equities, Inc.		4,951		741,561
AvalonBay Communities, Inc.		4,744		818,435
Boston Properties, Inc.		5,323		348,550
Camden Property Trust		3,443		395,119
CBRE Group, Inc., Class A(b)		10,845		923,343
Digital Realty Trust, Inc.		9,514		991,644
Equity Residential		10,935		683,656
Extra Space Storage, Inc.		4,303		708,489
Federal Realty Investment Trust		2,371		253,175
Healthpeak Properties, Inc.		17,845		429,351
Host Hotels & Resorts, Inc.		24,088		404,678
Invitation Homes, Inc.		18,751		586,156
Iron Mountain, Inc.		9,788		516,317
Kimco Realty Corp.		20,009		412,386
Mid-America Apartment Communities, Inc.		3,642		583,084
Prologis, Inc.		30,105		3,714,957
Public Storage		5,156		1,541,386
Realty Income Corp.		20,075		1,283,796
Regency Centers Corp.		5,050		317,645
Simon Property Group, Inc.		10,819		1,320,892
UDR, Inc.		9,458		405,181
Ventas, Inc.		12,904		627,780
VICI Properties, Inc.		31,681		1,062,264
Welltower, Inc.		16,161		1,197,853
Weyerhaeuser Co.		25,054		782,938
				21,050,636
Utilities-3.04%
AES Corp. (The)		22,055		544,317
Alliant Energy Corp.		8,172		418,978
Ameren Corp.		8,356		691,125
American Electric Power Co., Inc.		16,263		1,430,656
American Water Works Co., Inc.		5,867		823,609
Atmos Energy Corp.		4,392		495,462
CenterPoint Energy, Inc.		20,219		562,493
CMS Energy Corp.		9,330		550,190
Consolidated Edison, Inc.		11,494		1,026,989
Constellation Energy Corp.		10,768		806,415
Dominion Energy, Inc.		28,014		1,558,139
DTE Energy Co.		6,131		672,632
Duke Energy Corp.		24,985		2,355,086
Edison International		12,637		836,696
Entergy Corp.		6,601		679,045
Evergy, Inc.		7,502		441,193
Eversource Energy		11,147		840,038
Exelon Corp.		31,823		1,285,331
FirstEnergy Corp.		18,336		725,005
NextEra Energy, Inc.		62,449		4,435,752
NiSource, Inc.		13,196		361,966
NRG Energy, Inc.		9,545		312,981
PG&E Corp.(b)		52,056		813,115
Pinnacle West Capital Corp.		3,607		265,764
PPL Corp.		24,166		654,174
Public Service Enterprise Group, Inc.		15,933		962,831

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  51  

Invesco S&P 500 QVM Multi-factor ETF (QVML)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Utilities-(continued)
Sempra Energy		10,249	$	1,536,940
Southern Co. (The)		34,305		2,163,273
WEC Energy Group, Inc.		10,983		973,753
Xcel Energy, Inc.		17,539		1,132,493
				30,356,441
Total Common Stocks & Other Equity Interests (Cost $1,010,479,821)				996,773,969
Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(d)(e) (Cost $628,580)		628,580		628,580
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.83% (Cost $1,011,108,401)				997,402,549

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.32%
Invesco Private Government Fund, 4.58%(d)(e)(f)		9,287,786	$	9,287,786
Invesco Private Prime Fund, 4.83%(d)(e)(f)		23,878,103		23,882,878
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $33,171,655)				33,170,664
TOTAL INVESTMENTS IN SECURITIES-103.15% (Cost $1,044,280,056)				1,030,573,213
OTHER ASSETS LESS LIABILITIES-(3.15)%				(31,480,386	)
NET ASSETS-100.00%			$	999,092,827

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 February 28, 2023.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2023			Dividend Income
Invesco Ltd.		$	140,028		$	131,761		$	(7,688	)		$	8,784			$	(5,089	)		$	267,796		$	4,376
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-			8,552,699			(7,924,119	)			-				-				628,580			6,785
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			3,953,022			43,033,102			(37,698,338	)			-				-				9,287,786			96,443	*
Invesco Private Prime Fund			10,164,913			105,435,673			(91,719,935	)			(991	)			3,218				23,882,878			267,888	*
Total		$	14,257,963		$	157,153,235		$	(137,350,080	)		$	7,793			$	(1,871	)		$	34,067,040		$	375,492

* 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 February 28, 2023.

^(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 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  52  

Invesco S&P 500 QVM Multi-factor ETF (QVML)–(continued)

February 28, 2023

(Unaudited)

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of February 28, 2023

Information Technology	26.17
Health Care	14.52
Financials	12.91
Industrials	8.64
Communication Services	8.46
Consumer Discretionary	8.22
Consumer Staples	7.33
Energy	5.58
Utilities	3.04
Sector Types Each Less Than 3%	4.90
Money Market Funds Plus Other Assets Less Liabilities	0.23

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  53  

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Communication Services-2.19%
Frontier Communications Parent, Inc.(b)(c)		29,709	$	812,838
Iridium Communications, Inc.(b)		17,839		1,094,779
John Wiley & Sons, Inc., Class A		6,116		272,101
New York Times Co. (The), Class A		22,927		882,690
Nexstar Media Group, Inc., Class A		5,282		981,924
TEGNA, Inc.		28,973		504,130
TripAdvisor, Inc.(b)(c)		16,193		349,283
World Wrestling Entertainment, Inc., Class A .		6,011		504,924
Ziff Davis, Inc.(b)(c)		6,459		510,132
				5,912,801
Consumer Discretionary-14.65%
Adient PLC(b)(c)		13,999		598,037
AutoNation, Inc.(b)		5,241		715,449
Boyd Gaming Corp.		11,098		722,813
Brunswick Corp.		10,132		885,739
Capri Holdings Ltd.(b)		17,982		891,368
Carter’s, Inc.		5,136		387,203
Choice Hotels International, Inc.(c)		4,007		474,269
Churchill Downs, Inc.(c)		4,403		1,082,169
Columbia Sportswear Co.		4,859		423,705
Cracker Barrel Old Country Store, Inc.(c)		3,684		401,409
Crocs, Inc.(b)		8,520		1,036,969
Dana, Inc.		17,750		281,160
Deckers Outdoor Corp.(b)		3,688		1,535,499
Dick’s Sporting Goods, Inc.		7,501		964,854
Foot Locker, Inc.(c)		11,075		484,199
Fox Factory Holding Corp.(b)		5,685		667,988
GameStop Corp., Class A(b)(c)		38,838		746,855
Gap, Inc. (The)(c)		29,082		378,357
Gentex Corp.		32,496		927,761
Goodyear Tire & Rubber Co. (The)(b)		40,177		456,411
Graham Holdings Co., Class B		545		341,530
Grand Canyon Education, Inc.(b)		4,394		497,796
H&R Block, Inc.		21,886		805,405
Hanesbrands, Inc.(c)		47,750		271,220
Harley-Davidson, Inc.		17,689		841,112
KB Home		10,931		385,536
Kohl’s Corp.		19,571		548,771
Lear Corp.		8,536		1,192,052
Leggett & Platt, Inc.		17,755		612,370
Light & Wonder, Inc.(b)		12,880		806,417
Lithia Motors, Inc., Class A		3,908		997,243
Macy’s, Inc.		36,026		737,092
Marriott Vacations Worldwide Corp.		5,487		839,456
Mattel, Inc.(b)		48,462		871,831
Murphy USA, Inc.		2,845		725,731
Nordstrom, Inc.(c)		17,174		334,550
Ollie’s Bargain Outlet Holdings, Inc.(b)(c)		9,699		558,080
Penn Entertainment, Inc.(b)(c)		21,866		667,569
Polaris, Inc.		7,710		877,012
PVH Corp.		8,059		646,654
RH(b)(c)		2,865		856,721
Service Corp. International		21,622		1,460,134
Skechers U.S.A., Inc., Class A(b)		17,464		777,323
Taylor Morrison Home Corp., Class A(b)		14,828		531,287
Texas Roadhouse, Inc.		8,915		905,229

	Shares		Value
Consumer Discretionary-(continued)
Thor Industries, Inc.(c)		7,671	$	697,984
Toll Brothers, Inc.		13,505		809,490
TopBuild Corp.(b)		4,187		869,179
Topgolf Callaway Brands Corp.(b)(c)		16,966		393,272
Under Armour, Inc., Class A(b)		50,199		498,476
Victoria’s Secret & Co.(b)(c)		11,141		441,629
Visteon Corp.(b)		3,751		626,567
Wendy’s Co. (The)		21,852		479,870
Williams-Sonoma, Inc.(c)		9,520		1,189,238
Wyndham Hotels & Resorts, Inc.		12,212		940,568
YETI Holdings, Inc.(b)(c)		11,564		450,765
				39,547,373
Consumer Staples-3.85%
BJ’s Wholesale Club Holdings, Inc.(b)		19,371		1,390,838
Boston Beer Co., Inc. (The), Class A(b)(c)		1,363		441,339
Casey’s General Stores, Inc.		4,840		1,006,478
Coca-Cola Consolidated, Inc.		629		350,259
Coty, Inc., Class A(b)		48,959		553,237
Darling Ingredients, Inc.(b)		24,162		1,528,730
Energizer Holdings, Inc.(c)		8,481		307,267
Flowers Foods, Inc.		25,904		722,203
Grocery Outlet Holding Corp.(b)(c)		12,670		342,723
Ingredion, Inc.		8,456		840,526
Lancaster Colony Corp.		2,713		520,842
Performance Food Group Co.(b)		20,849		1,179,845
Pilgrim’s Pride Corp.(b)		6,058		141,697
Post Holdings, Inc.(b)(c)		7,182		646,093
Sprouts Farmers Market, Inc.(b)(c)		14,270		432,238
				10,404,315
Energy-4.19%
Antero Midstream Corp.		46,493		490,036
Antero Resources Corp.(b)		42,752		1,120,103
ChampionX Corp.		28,946		884,879
CNX Resources Corp.(b)(c)		26,511		406,944
DT Midstream, Inc.		13,341		669,718
HF Sinclair Corp.		23,453		1,166,083
Matador Resources Co.		16,469		885,868
Murphy Oil Corp.		21,108		823,634
NOV, Inc.		57,441		1,256,809
PBF Energy, Inc., Class A		17,890		781,972
PDC Energy, Inc.		14,064		943,835
Range Resources Corp.		36,945		995,298
Southwestern Energy Co.(b)		166,593		882,943
				11,308,122
Financials-16.86%
Affiliated Managers Group, Inc.		5,070		808,209
American Financial Group, Inc.		9,549		1,280,616
Annaly Capital Management, Inc.		58,070		1,200,888
Associated Banc-Corp		20,784		481,150
Bank of Hawaii Corp.		5,485		410,607
Bank OZK(c)		15,831		728,701
Brighthouse Financial, Inc.(b)		9,865		570,493
Cadence Bank		25,656		681,423
Cathay General Bancorp		10,356		444,479
CNO Financial Group, Inc.		15,975		409,279
Commerce Bancshares, Inc.		15,898		1,051,653

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  54  

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Financials-(continued)
Cullen/Frost Bankers, Inc.		8,841	$	1,165,421
East West Bancorp, Inc.		19,883		1,515,283
Essent Group Ltd.		14,936		641,501
Evercore, Inc., Class A		4,973		652,358
F.N.B. Corp.		49,298		703,482
Federated Hermes, Inc., Class B		11,619		457,208
First American Financial Corp.		14,349		814,736
First Financial Bankshares, Inc.		17,601		645,605
First Horizon Corp.		71,699		1,775,984
FirstCash Holdings, Inc.		5,180		457,135
Fulton Financial Corp.		24,150		415,380
Glacier Bancorp, Inc.		15,319		725,814
Hancock Whitney Corp.		11,689		574,164
Hanover Insurance Group, Inc. (The)		4,856		677,315
Home BancShares, Inc.		26,493		638,481
Interactive Brokers Group, Inc., Class A		14,369		1,237,315
International Bancshares Corp.		7,709		374,118
Janus Henderson Group PLC(c)		17,320		475,607
Jefferies Financial Group, Inc.		25,932		979,970
Kemper Corp.		8,771		540,294
Kinsale Capital Group, Inc.		3,035		967,254
MGIC Investment Corp.		41,881		576,283
Navient Corp.		14,137		255,173
New York Community Bancorp, Inc.		96,622		858,003
Old National Bancorp		40,401		713,886
Old Republic International Corp.		38,336		1,010,920
PacWest Bancorp		17,165		476,329
Pinnacle Financial Partners, Inc.		11,111		823,214
Primerica, Inc.		5,174		993,098
Prosperity Bancshares, Inc.		12,515		919,727
Reinsurance Group of America, Inc.		8,701		1,257,033
RenaissanceRe Holdings Ltd. (Bermuda)		5,998		1,288,970
RLI Corp.		5,365		739,887
SEI Investments Co.		13,818		832,534
Selective Insurance Group, Inc.		8,348		847,572
SLM Corp.		34,321		493,536
Stifel Financial Corp.		14,780		987,747
Synovus Financial Corp.		20,355		851,043
Texas Capital Bancshares, Inc.(b)		7,048		466,789
UMB Financial Corp.		5,969		541,150
United Bankshares, Inc.		18,343		747,844
Unum Group		25,598		1,140,391
Valley National Bancorp		59,953		694,256
Voya Financial, Inc.		13,700		1,020,513
Washington Federal, Inc.		8,909		312,439
Webster Financial Corp.		26,297		1,396,897
Wintrust Financial Corp.		8,281		762,929
				45,510,086
Health Care-7.66%
Acadia Healthcare Co., Inc.(b)		12,878		933,784
Arrowhead Pharmaceuticals, Inc.(b)(c)		13,535		437,180
Azenta, Inc.(b)(c)		10,032		440,304
Bruker Corp.		13,390		922,839
Chemed Corp.		1,955		1,019,689
Encompass Health Corp.		13,396		757,142
Enovis Corp.(b)(c)		6,433		370,669
Envista Holdings Corp.(b)(c)		22,266		860,804
Exelixis, Inc.(b)		43,873		749,351
Globus Medical, Inc., Class A(b)(c)		10,594		618,054

	Shares		Value
Health Care-(continued)
Haemonetics Corp.(b)		6,838	$	531,791
Halozyme Therapeutics, Inc.(b)		17,833		855,806
HealthEquity, Inc.(b)(c)		10,559		688,130
ICU Medical, Inc.(b)(c)		2,726		465,165
Integra LifeSciences Holdings Corp.(b)(c)		9,359		520,548
Lantheus Holdings, Inc.(b)		10,248		757,942
LivaNova PLC(b)		7,440		352,061
Masimo Corp.(b)		6,561		1,097,721
Medpace Holdings, Inc.(b)		3,388		656,865
Neurocrine Biosciences, Inc.(b)		13,235		1,364,528
Option Care Health, Inc.(b)		20,542		630,023
Patterson Cos., Inc.		11,106		294,531
Perrigo Co. PLC		17,913		675,141
QuidelOrtho Corp.(b)		6,696		582,150
R1 RCM, Inc.(b)		16,227		230,423
Shockwave Medical, Inc.(b)		5,093		968,892
Syneos Health, Inc.(b)		13,908		559,380
Tenet Healthcare Corp.(b)		14,705		860,684
United Therapeutics Corp.(b)		6,045		1,487,312
				20,688,909
Industrials-21.22%
Acuity Brands, Inc.		4,417		856,721
AECOM		18,483		1,596,192
AGCO Corp.		8,088		1,138,871
ASGN, Inc.(b)		7,184		637,939
Avis Budget Group, Inc.(b)		4,432		973,533
Axon Enterprise, Inc.(b)		9,644		1,931,790
Brink’s Co. (The)		6,713		438,023
Builders FirstSource, Inc.(b)		20,131		1,706,706
CACI International, Inc., Class A(b)		3,181		932,033
Carlisle Cos., Inc.		7,129		1,840,850
Chart Industries, Inc.(b)(c)		4,950		660,825
Clean Harbors, Inc.(b)		6,636		876,417
Crane Holdings Co.		6,533		782,523
Curtiss-Wright Corp.		5,141		898,595
Donaldson Co., Inc.		16,592		1,049,444
Dycom Industries, Inc.(b)		4,027		339,114
EMCOR Group, Inc.		6,681		1,117,197
EnerSys		5,516		500,246
ESAB Corp.		7,057		413,893
Flowserve Corp.		17,675		613,146
Fluor Corp.(b)(c)		18,223		668,237
FTI Consulting, Inc.(b)(c)		4,619		848,557
GATX Corp.		4,759		519,159
Graco, Inc.		23,117		1,607,556
GXO Logistics, Inc.(b)		16,738		829,703
Hexcel Corp.		11,373		829,660
Hubbell, Inc.		7,269		1,828,444
Insperity, Inc.		4,765		591,289
ITT, Inc.		11,307		1,027,693
JetBlue Airways Corp.(b)		45,303		376,015
KBR, Inc.		18,060		995,287
Kennametal, Inc.(c)		10,872		308,004
Kirby Corp.(b)		8,293		601,491
Knight-Swift Transportation Holdings, Inc.		21,055		1,196,766
Landstar System, Inc.		4,877		881,713
Lincoln Electric Holdings, Inc.		7,734		1,298,771
ManpowerGroup, Inc.		6,822		579,051
MasTec, Inc.(b)		8,042		785,864

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  55  

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Industrials-(continued)
MDU Resources Group, Inc.		27,491	$	875,588
Mercury Systems, Inc.(b)		7,865		411,654
Middleby Corp. (The)(b)		7,339		1,141,141
MSC Industrial Direct Co., Inc., Class A		6,321		534,251
nVent Electric PLC		22,310		1,022,690
Oshkosh Corp.		9,054		807,526
Owens Corning		12,499		1,222,277
Regal Rexnord Corp.		9,450		1,489,698
Ryder System, Inc.		7,285		713,274
Saia, Inc.(b)(c)		3,740		1,013,054
Science Applications International Corp.		7,105		757,677
Simpson Manufacturing Co., Inc.		5,666		611,135
Stericycle, Inc.(b)(c)		12,316		587,227
SunPower Corp.(b)(c)		11,991		180,105
Sunrun, Inc.(b)(c)		31,422		755,385
Terex Corp.		9,405		556,870
Tetra Tech, Inc.		7,057		966,033
Timken Co. (The)		9,513		812,886
Toro Co. (The)		13,920		1,537,325
Trex Co., Inc.(b)		15,067		770,376
Univar Solutions, Inc.(b)		21,498		747,056
Valmont Industries, Inc.		2,888		916,449
Watsco, Inc.(c)		4,589		1,398,314
Watts Water Technologies, Inc., Class A		3,738		655,010
Werner Enterprises, Inc.		8,084		375,502
Woodward, Inc.		8,004		792,396
XPO, Inc.(b)		16,225		541,266
				57,269,483
Information Technology-10.55%
ACI Worldwide, Inc.(b)		15,677		405,250
Amkor Technology, Inc.		13,809		355,720
Arrow Electronics, Inc.(b)		8,627		1,017,900
Aspen Technology, Inc.(b)(c)		3,911		829,171
Avnet, Inc.		13,012		581,767
Belden, Inc.		5,934		500,711
Calix, Inc.(b)		7,539		385,620
Ciena Corp.(b)(c)		20,311		979,396
Cirrus Logic, Inc.(b)		7,368		757,062
Coherent Corp.(b)(c)		17,899		771,984
CommVault Systems, Inc.(b)		6,119		360,287
Concentrix Corp.		5,825		797,093
Euronet Worldwide, Inc.(b)		6,325		688,476
ExlService Holdings, Inc.(b)		4,575		752,633
Genpact Ltd.		23,189		1,106,811
IPG Photonics Corp.(b)		4,550		560,742
Jabil, Inc.		18,594		1,543,860
Kyndryl Holdings, Inc.(b)		30,416		477,227
Lattice Semiconductor Corp.(b)		19,030		1,616,789
Littelfuse, Inc.		3,405		880,976
Lumentum Holdings, Inc.(b)(c)		9,572		515,069
MACOM Technology Solutions Holdings, Inc.(b)		6,822		467,580
Manhattan Associates, Inc.(b)		8,860		1,273,625
MKS Instruments, Inc.		7,661		742,581
National Instruments Corp.		18,112		914,837
NCR Corp.(b)		18,648		476,083
Paylocity Holding Corp.(b)		5,961		1,148,148
Power Integrations, Inc.		8,147		670,091
Qualys, Inc.(b)(c)		4,862		574,445

	Shares		Value
Information Technology-(continued)
Silicon Laboratories, Inc.(b)(c)		4,654	$	830,879
SiTime Corp.(b)		2,178		270,399
Synaptics, Inc.(b)		5,512		648,266
TD SYNNEX Corp.		5,825		562,229
Teradata Corp.(b)		13,859		564,893
Viasat, Inc.(b)(c)		11,595		368,257
Vishay Intertechnology, Inc.		17,652		374,752
Vontier Corp.		22,083		577,912
Western Union Co. (The)(c)		53,593		694,565
WEX, Inc.(b)		6,134		1,182,697
Xerox Holdings Corp.		14,872		245,239
				28,472,022
Materials-7.26%
Alcoa Corp.		25,615		1,253,598
AptarGroup, Inc.		8,522		994,688
Ashland, Inc.		6,520		663,606
Avient Corp.		11,838		516,492
Cabot Corp.		7,576		602,519
Chemours Co. (The)		20,713		707,970
Cleveland-Cliffs, Inc.(b)		66,946		1,427,958
Commercial Metals Co.		15,708		812,889
Eagle Materials, Inc.		5,001		701,740
Greif, Inc., Class A		3,427		243,488
Ingevity Corp.(b)		5,117		422,459
Louisiana-Pacific Corp.		9,394		549,643
MP Materials Corp.(b)(c)		13,378		468,230
NewMarket Corp.		924		317,394
Olin Corp.		18,141		1,047,643
Reliance Steel & Aluminum Co.		8,010		1,985,198
Royal Gold, Inc.(c)		8,629		1,025,039
RPM International, Inc.		17,167		1,521,511
Sensient Technologies Corp.		5,776		435,453
Silgan Holdings, Inc.		10,898		581,953
Sonoco Products Co.		12,877		760,516
United States Steel Corp.		30,536		935,318
Valvoline, Inc.		23,424		824,525
Westlake Corp.		4,549		541,968
Worthington Industries, Inc.		3,999		241,700
				19,583,498
Real Estate-7.57%
Apartment Income REIT Corp.		21,136		798,941
Brixmor Property Group, Inc.		40,292		912,211
Corporate Office Properties Trust		16,326		415,170
Cousins Properties, Inc.		21,237		520,094
EastGroup Properties, Inc.		5,740		937,170
EPR Properties		10,337		422,163
First Industrial Realty Trust, Inc.		17,532		924,813
Healthcare Realty Trust, Inc.		51,675		1,007,662
Highwoods Properties, Inc.		14,801		392,226
Independence Realty Trust, Inc.		29,790		538,901
JBG SMITH Properties(c)		13,432		231,702
Jones Lang LaSalle, Inc.(b)		6,526		1,138,526
Kilroy Realty Corp.		15,514		558,814
Kite Realty Group Trust(c)		29,708		645,258
Lamar Advertising Co., Class A		12,358		1,292,152
Life Storage, Inc.		11,423		1,376,700
Macerich Co. (The)		29,284		349,944
Medical Properties Trust, Inc.(c)		86,324		889,137
National Retail Properties, Inc.		23,425		1,061,621

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  56  

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Real Estate-(continued)
Omega Healthcare Investors, Inc.(c)		31,635	$	847,502
Park Hotels & Resorts, Inc.		32,722		449,927
Pebblebrook Hotel Trust(c)		18,502		264,024
Physicians Realty Trust(c)		29,747		441,148
PotlatchDeltic Corp.		10,761		496,728
Rayonier, Inc.		19,798		664,817
Rexford Industrial Realty, Inc.		23,191		1,402,128
Sabra Health Care REIT, Inc.		31,614		376,523
SL Green Realty Corp.		10,066		342,747
Spirit Realty Capital, Inc.		17,876		736,134
				20,434,883
Utilities-3.98%
ALLETE, Inc.		7,620		466,268
Black Hills Corp.		8,738		536,601
Essential Utilities, Inc.		31,637		1,353,431
Hawaiian Electric Industries, Inc.		14,458		584,826
IDACORP, Inc.		6,799		703,017
National Fuel Gas Co.		12,609		722,243
New Jersey Resources Corp.		12,526		639,202
NorthWestern Corp.		7,422		428,843
OGE Energy Corp.		26,772		956,296
ONE Gas, Inc.		8,058		645,929
Ormat Technologies, Inc.		6,423		542,872
PNM Resources, Inc.		11,207		549,143
Portland General Electric Co.		11,890		568,342
Southwest Gas Holdings, Inc.		7,964		501,812
Spire, Inc.		7,388		520,115
UGI Corp.		27,262		1,014,964
				10,733,904
Total Common Stocks & Other Equity Interests (Cost $259,055,153)				269,865,396

	Shares		Value
Money Market Funds-0.16%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(d)(e) (Cost $421,473)		421,473	$	421,473
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.14% (Cost $259,476,626)				270,286,869
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-10.95%
Invesco Private Government Fund, 4.58%(d)(e)(f)		7,990,094		7,990,094
Invesco Private Prime Fund, 4.83%(d)(e)(f)		21,577,329		21,581,643
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $29,573,673)				29,571,737
TOTAL INVESTMENTS IN SECURITIES-111.09% (Cost $289,050,299)				299,858,606
OTHER ASSETS LESS LIABILITIES-(11.09)%				(29,942,223	)
NET ASSETS-100.00%			$	269,916,383

Investment Abbreviations:

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at February 28, 2023.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value February 28, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	64,731		$	3,162,265		$	(2,805,523	)		$	-		$	-		$	421,473		$	2,513

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  57  

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)–(continued)

February 28, 2023

(Unaudited)

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	8,622,571		$	32,598,571		$	(33,231,048	)		$	-			$	-		$	7,990,094		$	172,400	*
Invesco Private Prime Fund			23,437,531			64,355,035			(66,213,403	)			(3,786	)			6,266			21,581,643			469,857	*
Total		$	32,124,833		$	100,115,871		$	(102,249,974	)		$	(3,786	)		$	6,266		$	29,993,210		$	644,770

* 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 February 28, 2023.

^(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 2I.

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of February 28, 2023

Industrials	21.22
Financials	16.86
Consumer Discretionary	14.65
Information Technology	10.55
Health Care	7.66
Real Estate	7.57
Materials	7.26
Energy	4.19
Utilities	3.98
Consumer Staples	3.85
Communication Services	2.19
Money Market Funds Plus Other Assets Less Liabilities	0.02

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  58  

Invesco S&P MidCap Low Volatility ETF (XMLV)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Consumer Discretionary-2.36%
Graham Holdings Co., Class B(b)		22,911	$	14,357,407
Service Corp. International		181,766		12,274,658
				26,632,065
Consumer Staples-5.25%
Casey’s General Stores, Inc.(b)		64,230		13,356,628
Flowers Foods, Inc.		580,057		16,171,989
Ingredion, Inc.(b)		152,888		15,197,067
Post Holdings, Inc.(b)(c)		161,236		14,504,791
				59,230,475
Financials-30.62%
American Financial Group, Inc.		103,015		13,815,342
Associated Banc-Corp		538,483		12,465,881
Bank of Hawaii Corp.		188,581		14,117,174
Cathay General Bancorp		299,827		12,868,575
Commerce Bancshares, Inc.		257,284		17,019,337
Cullen/Frost Bankers, Inc.		98,997		13,049,784
F.N.B. Corp.		962,223		13,730,922
Federated Hermes, Inc., Class B(b)		329,719		12,974,443
First Financial Bankshares, Inc.(b)		363,692		13,340,222
Fulton Financial Corp.(b)		798,581		13,735,593
Glacier Bancorp, Inc.(b)		270,856		12,833,157
Hanover Insurance Group, Inc. (The)		103,607		14,451,104
Home BancShares, Inc.(b)		549,516		13,243,336
International Bancshares Corp.(b)		289,211		14,035,410
MGIC Investment Corp.		905,979		12,466,271
Old National Bancorp		796,646		14,076,735
Old Republic International Corp.		550,207		14,508,959
Prosperity Bancshares, Inc.(b)		199,119		14,633,255
Reinsurance Group of America, Inc.		83,749		12,099,218
RLI Corp.		113,713		15,682,160
SEI Investments Co.		237,323		14,298,711
Selective Insurance Group, Inc.(b)		145,073		14,729,262
UMB Financial Corp.		144,408		13,092,029
United Bankshares, Inc.(b)		361,207		14,726,409
Washington Federal, Inc.		389,461		13,658,397
				345,651,686
Health Care-2.63%
Chemed Corp.		34,112		17,792,137
Encompass Health Corp.		211,154		11,934,424
				29,726,561
Industrials-22.40%
AECOM		147,666		12,752,436
CACI International, Inc., Class A(b)(c)		47,426		13,895,818
Curtiss-Wright Corp.(b)		78,610		13,740,242
Donaldson Co., Inc.		238,475		15,083,544
EMCOR Group, Inc.(b)		96,346		16,110,978
GATX Corp.		120,268		13,120,036
Graco, Inc.		209,961		14,600,688
Hubbell, Inc.		54,452		13,696,856
Landstar System, Inc.(b)		69,688		12,598,894
Lincoln Electric Holdings, Inc.(b)		93,598		15,717,912
MDU Resources Group, Inc.		516,928		16,464,157
MSA Safety, Inc.		93,365		12,543,588
MSC Industrial Direct Co., Inc., Class A(b)		185,753		15,699,844

	Shares		Value
Industrials-(continued)
nVent Electric PLC		283,787	$	13,008,796
Science Applications International Corp.(b)		137,443		14,656,921
Toro Co. (The)(b)		123,392		13,627,412
Valmont Industries, Inc.(b)		41,145		13,056,543
Werner Enterprises, Inc.(b)		267,214		12,412,090
				252,786,755
Information Technology-1.30%
Genpact Ltd.		306,912		14,648,910
Materials-7.50%
AptarGroup, Inc.		132,899		15,511,971
Ashland, Inc.		123,304		12,549,881
NewMarket Corp.(b)		40,212		13,812,822
Sensient Technologies Corp.(b)		174,654		13,167,165
Silgan Holdings, Inc.(b)		293,028		15,647,695
Sonoco Products Co.		235,877		13,930,896
				84,620,430
Real Estate-11.85%
Apartment Income REIT Corp.		380,728		14,391,518
Brixmor Property Group, Inc.		540,768		12,242,988
Corporate Office Properties Trust(b)		533,633		13,570,287
First Industrial Realty Trust, Inc.(b)		261,007		13,768,119
Highwoods Properties, Inc.(b)		426,496		11,302,144
JBG SMITH Properties		657,187		11,336,476
National Retail Properties, Inc.(b)		363,603		16,478,488
Physicians Realty Trust(b)		1,045,995		15,512,106
Rayonier, Inc.(b)		366,239		12,298,306
Spirit Realty Capital, Inc.		311,957		12,846,389
				133,746,821
Utilities-16.00%
ALLETE, Inc.(b)		254,677		15,583,686
Black Hills Corp.(b)		238,011		14,616,256
Essential Utilities, Inc.(b)		320,348		13,704,487
Hawaiian Electric Industries, Inc.(b)		383,283		15,503,797
IDACORP, Inc.		160,732		16,619,689
National Fuel Gas Co.		249,386		14,284,830
New Jersey Resources Corp.(b)		292,840		14,943,625
NorthWestern Corp.		290,751		16,799,593
OGE Energy Corp.(b)		449,601		16,059,748
Portland General Electric Co.(b)		331,879		15,863,816
Spire, Inc.		208,535		14,680,864
UGI Corp.		322,282		11,998,559
				180,658,950
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.91% (Cost $1,091,219,447)				1,127,702,653
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-7.28%
Invesco Private Government Fund, 4.58%(d)(e)(f)		22,932,924		22,932,924

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  59  

Invesco S&P MidCap Low Volatility ETF (XMLV)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 4.83%(d)(e)(f)		59,240,280	$	59,252,126
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $82,188,981)				82,185,050
TOTAL INVESTMENTS IN SECURITIES-107.19% (Cost $1,173,408,428)				1,209,887,703
OTHER ASSETS LESS LIABILITIES-(7.19)%				(81,182,451	)
NET ASSETS-100.00%			$	1,128,705,252

Investment Abbreviations:

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  All or a portion of this security was out on loan at February 28, 2023.

^(c)  Non-income producing security.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	11,121,887		$	(11,121,887	)		$	-			$	-		$	-		$	5,951
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			39,630,321			218,950,655			(235,648,052	)			-				-			22,932,924			873,670	*
Invesco Private Prime Fund			105,210,609			513,085,486			(559,060,589	)			(6,850	)			23,470			59,252,126			2,377,021	*
Total		$	144,840,930		$	743,158,028		$	(805,830,528	)		$	(6,850	)		$	23,470		$	82,185,050		$	3,256,642

* 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 February 28, 2023.

^(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 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  60  

Invesco S&P MidCap Low Volatility ETF (XMLV)–(continued)

February 28, 2023

(Unaudited)

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of February 28, 2023

Financials	30.62
Industrials	22.40
Utilities	16.00
Real Estate	11.85
Materials	7.50
Consumer Staples	5.25
Sector Types Each Less Than 3%	6.29
Money Market Funds Plus Other Assets Less Liabilities	0.09

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  61  

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.95%
Communication Services-1.70%
AMC Networks, Inc., Class A(b)		3,841	$	85,885
ATN International, Inc.		1,318		55,422
Cars.com, Inc.(b)		7,781		149,395
Consolidated Communications Holdings, Inc.(b)		9,976		30,227
E.W. Scripps Co. (The), Class A(b)		7,404		93,439
Gannett Co., Inc.(b)(c)		16,889		51,174
Marcus Corp. (The)(c)		2,969		47,771
QuinStreet, Inc.(b)(c)		6,492		110,169
Scholastic Corp.		3,763		171,630
Shenandoah Telecommunications Co.(c)		6,380		124,538
Shutterstock, Inc.		3,137		235,965
TechTarget, Inc.(b)		3,482		131,376
Telephone & Data Systems, Inc.		12,232		155,224
Thryv Holdings, Inc.(b)(c)		3,946		94,073
Yelp, Inc.(b)(c)		9,059		271,951
				1,808,239
Consumer Discretionary-13.50%
Aaron’s Co., Inc. (The)		3,742		53,698
Abercrombie & Fitch Co., Class A(b)(c)		6,084		178,930
Academy Sports & Outdoors, Inc.(c)		9,017		533,356
Adtalem Global Education, Inc.(b)		5,763		225,449
American Axle & Manufacturing Holdings, Inc.(b)		15,387		135,406
American Eagle Outfitters, Inc.		18,571		266,865
America’s Car-Mart, Inc.(b)		710		60,322
Asbury Automotive Group, Inc.(b)(c)		2,769		628,840
Bed Bath & Beyond, Inc.(b)(c)		8,494		11,977
Big Lots, Inc.(c)		3,965		56,898
BJ’s Restaurants, Inc.(b)(c)		3,089		98,848
Bloomin’ Brands, Inc.		11,571		302,003
Boot Barn Holdings, Inc.(b)		3,741		289,740
Brinker International, Inc.(b)(c)		5,326		202,388
Buckle, Inc. (The)(c)		3,388		138,197
Caleres, Inc.(c)		4,548		118,748
Cavco Industries, Inc.(b)		927		264,195
Century Communities, Inc.		3,233		193,366
Cheesecake Factory, Inc. (The)		6,435		240,926
Chico’s FAS, Inc.(b)		14,908		85,721
Children’s Place, Inc. (The)(b)(c)		1,570		65,736
Chuy’s Holdings, Inc.(b)(c)		2,401		85,836
Dave & Buster’s Entertainment, Inc.(b)		6,002		240,200
Designer Brands, Inc., Class A(c)		9,688		94,846
Dorman Products, Inc.(b)(c)		3,517		327,186
El Pollo Loco Holdings, Inc.		2,370		28,369
Ethan Allen Interiors, Inc.(c)		2,906		85,872
Genesco, Inc.(b)		1,774		79,777
Gentherm, Inc.(b)		3,964		251,754
G-III Apparel Group Ltd.(b)		8,135		135,163
Golden Entertainment, Inc.(b)		2,754		113,217
Green Brick Partners, Inc.(b)		3,199		99,809
Group 1 Automotive, Inc.		1,927		426,002
Guess?, Inc.		3,882		81,677
Haverty Furniture Cos., Inc., (Acquired 06/30/2021 - 02/28/2023; Cost $46,999)(d)		1,615		60,950

	Shares		Value
Consumer Discretionary-(continued)
Hibbett, Inc.(c)		1,504	$	108,183
Installed Building Products, Inc.		2,753		317,641
iRobot Corp.(b)(c)		3,347		137,528
Kontoor Brands, Inc.		5,908		308,102
La-Z-Boy, Inc.		5,826		188,646
LCI Industries.		3,091		348,696
LGI Homes, Inc.(b)(c)		2,492		259,941
M.D.C. Holdings, Inc.(c)		6,804		251,748
M/I Homes, Inc.(b)		3,362		194,458
MarineMax, Inc.(b)		2,688		90,263
Meritage Homes Corp.(b)		4,277		467,177
Monarch Casino & Resort, Inc.		1,629		119,927
Monro, Inc.		3,612		182,189
Motorcar Parts of America, Inc.(b)		2,313		30,277
Movado Group, Inc.(c)		1,965		68,028
National Vision Holdings, Inc.(b)(c)		9,474		353,949
ODP Corp. (The)(b)		5,164		233,826
Oxford Industries, Inc.(c)		1,866		219,460
Patrick Industries, Inc.		2,572		187,370
Perdoceo Education Corp.(b)		8,266		113,947
PetMed Express, Inc.(c)		2,648		49,729
Ruth’s Hospitality Group, Inc.		3,922		73,145
Sally Beauty Holdings, Inc.(b)(c)		13,376		215,220
Shake Shack, Inc., Class A(b)(c)		4,839		269,968
Shoe Carnival, Inc.		2,242		59,077
Signet Jewelers Ltd.(c)		4,891		350,293
Sonic Automotive, Inc., Class A		2,320		131,985
Sonos, Inc.(b)(c)		15,163		294,617
Standard Motor Products, Inc.		2,307		89,904
Steven Madden Ltd.		9,060		328,878
Strategic Education, Inc.		2,752		234,608
Stride, Inc.(b)		5,201		220,886
Sturm Ruger & Co., Inc.		1,970		114,792
Tri Pointe Homes, Inc.(b)		12,093		288,297
Universal Electronics, Inc.(b)		1,402		17,833
Upbound Group, Inc.(c)		6,484		174,095
Urban Outfitters, Inc.(b)(c)		7,157		192,881
Vista Outdoor, Inc.(b)		6,829		195,036
Winnebago Industries, Inc.(c)		3,990		253,604
Wolverine World Wide, Inc.		10,343		173,245
XPEL, Inc.(b)(c)(e)		2,396		160,077
Zumiez, Inc.(b)(c)		1,895		44,078
				14,375,871
Consumer Staples-5.71%
Andersons, Inc. (The)		4,137		188,771
B&G Foods, Inc.		8,835		111,939
Calavo Growers, Inc.		2,179		70,316
Cal-Maine Foods, Inc.		4,441		252,249
Central Garden & Pet Co., Class A(b)(c)		6,501		249,833
Chefs’ Warehouse, Inc. (The)(b)		4,235		137,849
Edgewell Personal Care Co.		6,454		275,586
elf Beauty, Inc.(b)(c)		5,994		448,052
Fresh Del Monte Produce, Inc.		3,721		116,393
Hain Celestial Group, Inc. (The)(b)(c)		11,253		200,641
Hostess Brands, Inc.(b)		17,222		425,383
Inter Parfums, Inc.		2,089		251,537
J&J Snack Foods Corp.		1,862		262,933

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  62  

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Consumer Staples-(continued)
John B. Sanfilippo & Son, Inc.		1,077	$	96,682
Medifast, Inc.(c)		1,381		154,852
MGP Ingredients, Inc.		1,969		199,735
National Beverage Corp.(b)(c)		2,918		136,125
Nu Skin Enterprises, Inc., Class A		6,108		243,343
PriceSmart, Inc.		3,197		222,895
Seneca Foods Corp., Class A(b)		652		36,251
Simply Good Foods Co. (The)(b)(c)		10,650		407,789
SpartanNash Co.		4,399		117,717
Tootsie Roll Industries, Inc.		2,098		92,375
TreeHouse Foods, Inc.(b)		6,247		304,791
United Natural Foods, Inc.(b)(c)		8,542		347,916
Universal Corp.		3,031		153,338
USANA Health Sciences, Inc.(b)		1,379		83,816
Vector Group Ltd.		15,843		210,237
WD-40 Co.(c)		1,631		282,864
				6,082,208
Energy-5.04%
Archrock, Inc.		16,554		183,253
Bristow Group, Inc.(b)		3,003		81,802
Callon Petroleum Co.(b)		6,989		270,894
Civitas Resources, Inc.		6,987		490,278
CONSOL Energy, Inc.		4,254		232,821
Core Laboratories N.V.(c)		6,398		152,720
DMC Global, Inc.(b)		2,436		65,212
Dorian LPG Ltd.		3,972		87,185
Dril-Quip, Inc.(b)(c)		4,434		151,864
Green Plains, Inc.(b)(c)		8,174		283,393
Helix Energy Solutions Group, Inc.(b)		18,233		150,969
Helmerich & Payne, Inc.		14,081		592,528
Nabors Industries Ltd.(b)(c)		1,218		183,078
Oceaneering International, Inc.(b)		12,600		263,214
Oil States International, Inc.(b)		8,099		73,944
Par Pacific Holdings, Inc.(b)		7,409		205,822
Patterson-UTI Energy, Inc.		29,547		404,794
ProPetro Holding Corp.(b)		11,549		101,747
Ranger Oil Corp., Class A(c)		2,698		111,967
REX American Resources Corp.(b)		1,946		64,237
RPC, Inc.		11,144		97,733
SM Energy Co.		17,205		507,719
Talos Energy, Inc.(b)		7,915		140,966
US Silica Holdings, Inc.(b)		10,336		125,479
Vital Energy, Inc.(b)		2,489		127,910
World Fuel Services Corp.		7,867		215,949
				5,367,478
Financials-18.43%
Ambac Financial Group, Inc.(b)		5,412		89,569
American Equity Investment Life Holding Co.		8,806		366,770
Ameris Bancorp		8,175		391,337
AMERISAFE, Inc.		2,685		146,440
Apollo Commercial Real Estate Finance, Inc.(c)		16,551		190,171
Assured Guaranty Ltd.		7,782		485,675
Avantax, Inc.(b)(c)		5,933		169,624
Axos Financial, Inc.(b)		6,686		316,849
Banc of California, Inc.(c)		7,038		123,517
BancFirst Corp.		2,259		203,875
Bancorp, Inc. (The)(b)(c)		7,095		245,416
BankUnited, Inc.		9,894		350,445

	Shares		Value
Financials-(continued)
Banner Corp.		4,362	$	274,719
Berkshire Hills Bancorp, Inc.		5,651		164,218
Bread Financial Holdings, Inc.		6,410		263,259
Brookline Bancorp, Inc.		9,652		125,090
Capitol Federal Financial, Inc.		15,664		131,421
Central Pacific Financial Corp.		3,424		76,800
City Holding Co.(c)		1,881		184,714
Community Bank System, Inc.		6,738		411,355
Customers Bancorp, Inc.(b)		3,966		122,153
CVB Financial Corp.		16,477		394,295
Dime Community Bancshares, Inc.		4,226		129,485
Donnelley Financial Solutions, Inc.(b)(c)		3,212		135,900
Eagle Bancorp, Inc.		4,050		177,430
Ellington Financial, Inc.		6,890		88,674
Employers Holdings, Inc.		3,515		156,101
Encore Capital Group, Inc.(b)		2,875		148,580
Enova International, Inc.(b)		3,938		191,977
EZCORP, Inc., Class A(b)(c)		7,467		65,859
FB Financial Corp.		4,395		165,648
First Bancorp		25,008		362,866
First Bancorp/Southern Pines NC		4,452		184,713
First Commonwealth Financial Corp.		11,497		184,067
First Financial Bancorp		11,904		293,315
First Hawaiian, Inc.		16,529		452,068
Franklin BSP Realty Trust, Inc.		10,401		145,718
Genworth Financial, Inc., Class A(b)		60,503		376,934
Granite Point Mortgage Trust, Inc.		6,052		36,251
Green Dot Corp., Class A(b)		6,310		119,448
Hanmi Financial Corp.		3,957		93,464
Heritage Financial Corp.		4,379		122,043
Hilltop Holdings, Inc.		5,711		189,434
HomeStreet, Inc.		2,133		53,816
Hope Bancorp, Inc.		14,636		187,487
Horace Mann Educators Corp.		5,047		186,537
Independent Bank Corp.		5,693		453,618
Independent Bank Group, Inc.		4,416		259,926
James River Group Holdings Ltd.		4,748		114,427
KKR Real Estate Finance Trust, Inc.		7,393		107,198
Lakeland Financial Corp.(c)		3,228		231,189
Mr. Cooper Group, Inc.(b)		8,981		416,988
National Bank Holdings Corp., Class A		3,948		159,854
NBT Bancorp, Inc.		5,473		222,149
NMI Holdings, Inc., Class A(b)		11,091		258,864
Northfield Bancorp, Inc.		5,214		76,698
Northwest Bancshares, Inc.		16,217		224,119
OFG Bancorp		6,104		185,684
Pacific Premier Bancorp, Inc.		12,066		391,180
Palomar Holdings, Inc.(b)		3,581		214,860
Park National Corp.(c)		1,899		242,635
Pathward Financial, Inc.		3,555		181,341
Piper Sandler Cos		1,699		256,532
PRA Group, Inc.(b)(c)		4,748		202,075
Preferred Bank		1,696		119,398
ProAssurance Corp.		6,643		132,129
PROG Holdings, Inc.(b)(c)		6,469		159,914
Provident Financial Services, Inc.		9,253		216,057
Ready Capital Corp.(c)		12,632		142,236
Renasant Corp.		6,854		246,607
S&T Bancorp, Inc.		4,895		182,388
Safety Insurance Group, Inc.		1,859		150,003

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  63  

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Financials-(continued)
Seacoast Banking Corp. of Florida		7,730	$	235,842
ServisFirst Bancshares, Inc.(c)		6,119		452,500
Simmons First National Corp., Class A(c)		16,669		370,552
SiriusPoint Ltd. (Bermuda)(b)		10,520		74,692
Southside Bancshares, Inc.		3,811		145,542
Stellar Bancorp, Inc.		5,973		174,710
Stewart Information Services Corp.(c)		3,324		141,237
StoneX Group, Inc.(b)		2,160		217,793
Tompkins Financial Corp.		1,562		116,822
Triumph Financial, Inc.(b)(c)		3,004		182,793
TrustCo Bank Corp.		2,332		87,357
Trustmark Corp.		7,508		220,735
Two Harbors Investment Corp.		10,475		173,571
United Community Banks, Inc.		13,700		453,607
United Fire Group, Inc.		2,785		79,484
Universal Insurance Holdings, Inc.		3,255		62,919
Veritex Holdings, Inc.		7,107		189,473
Virtus Investment Partners, Inc.		837		176,130
Walker & Dunlop, Inc.		3,877		338,191
Westamerica Bancorporation		3,338		183,991
WisdomTree, Inc.		13,773		82,225
World Acceptance Corp.(b)(c)		464		43,319
WSFS Financial Corp.		7,962		397,383
				19,624,464
Health Care-8.99%
AdaptHealth Corp.(b)		9,369		149,810
Addus HomeCare Corp.(b)(c)		1,999		217,171
AMN Healthcare Services, Inc.(b)		5,378		484,074
Amphastar Pharmaceuticals, Inc.(b)		4,562		145,345
AngioDynamics, Inc.(b)		4,998		61,875
ANI Pharmaceuticals, Inc.(b)		1,611		67,404
Anika Therapeutics, Inc.(b)		1,779		56,394
Apollo Medical Holdings, Inc.(b)(c)		4,561		159,179
Arcus Biosciences, Inc.(b)		6,940		126,377
Artivion, Inc.(b)(c)		4,879		64,598
Avanos Medical, Inc.(b)		5,742		161,178
Avid Bioservices, Inc.(b)(c)		8,863		145,885
Cara Therapeutics, Inc.(b)(c)		5,138		52,202
Catalyst Pharmaceuticals, Inc.(b)(c)		11,245		171,599
Computer Programs and Systems, Inc.(b)		1,839		55,188
Corcept Therapeutics, Inc.(b)		12,206		254,251
CorVel Corp.(b)		1,141		205,700
Cross Country Healthcare, Inc.(b)(c)		4,767		126,087
Dynavax Technologies Corp.(b)(c)		15,097		155,499
Eagle Pharmaceuticals, Inc.(b)		1,421		39,788
Embecta Corp.(c)		6,977		222,915
Emergent BioSolutions, Inc.(b)		5,289		65,478
Enanta Pharmaceuticals, Inc.(b)		2,408		116,788
Enhabit, Inc.(b)		5,822		89,368
Ensign Group, Inc. (The)		6,805		608,911
Fulgent Genetics, Inc.(b)(c)		2,371		77,745
Glaukos Corp.(b)		5,832		275,445
Harmony Biosciences Holdings, Inc.(b)(c)		3,512		154,633
HealthStream, Inc.(b)		2,932		75,206
Innoviva, Inc.(b)(c)		7,400		89,318
Inogen, Inc.(b)(c)		2,927		45,866
Integer Holdings Corp.(b)		4,080		305,918
Ironwood Pharmaceuticals, Inc.(b)		16,158		182,101
iTeos Therapeutics, Inc.(b)		2,989		52,935

	Shares		Value
Health Care-(continued)
LeMaitre Vascular, Inc.		2,348	$	117,658
Ligand Pharmaceuticals, Inc.(b)		2,129		153,586
Merit Medical Systems, Inc.(b)		6,870		484,885
Myriad Genetics, Inc.(b)(c)		9,926		187,800
Nektar Therapeutics(b)(c)		21,001		28,981
NextGen Healthcare, Inc.(b)		7,182		130,066
OmniAb, Inc.(b)(f)		762		0
OmniAb, Inc.(b)(f)		762		0
OraSure Technologies, Inc.(b)		8,801		55,534
Organogenesis Holdings, Inc.(b)(c)		8,568		20,992
Orthofix Medical, Inc.(b)		2,094		43,136
Owens & Minor, Inc.(b)(c)		8,893		136,330
Pacira BioSciences, Inc.(b)		5,651		240,563
Pediatrix Medical Group, Inc.(b)(c)		10,276		161,744
Pennant Group, Inc. (The)(b)		3,277		49,221
Phibro Animal Health Corp., Class A		2,346		36,856
Prestige Consumer Healthcare, Inc.(b)		5,992		361,018
REGENXBIO, Inc.(b)		4,761		105,932
Select Medical Holdings Corp.		12,914		351,132
Simulations Plus, Inc.(c)		2,012		76,537
Supernus Pharmaceuticals, Inc.(b)		6,572		247,042
uniQure N.V. (Netherlands)(b)		5,440		114,022
US Physical Therapy, Inc.		1,562		158,278
Vanda Pharmaceuticals, Inc.(b)		6,852		44,127
Varex Imaging Corp.(b)(c)		5,050		89,335
Veradigm, Inc.(b)		13,680		227,225
Vericel Corp.(b)(c)		5,576		169,566
Vir Biotechnology, Inc.(b)(c)		9,934		226,495
Xencor, Inc.(b)(c)		7,139		229,376
Zimvie, Inc.(b)		2,498		28,427
Zynex, Inc.(b)(c)		2,568		33,179
				9,571,274
Industrials-18.21%
AAON, Inc.		5,082		462,259
AAR Corp.(b)		4,020		218,648
ABM Industries, Inc.		8,275		400,593
Aerojet Rocketdyne Holdings, Inc.(b)		8,675		488,749
AeroVironment, Inc.(b)		3,324		285,000
Alamo Group, Inc.		1,262		230,176
Albany International Corp., Class A		3,683		371,688
Allegiant Travel Co.(b)(c)		2,117		217,098
American Woodmark Corp.(b)		2,099		107,007
Apogee Enterprises, Inc.		2,791		127,716
Applied Industrial Technologies, Inc.		4,830		690,014
ArcBest Corp.		3,115		299,663
Arcosa, Inc.		6,054		366,872
Astec Industries, Inc.		2,818		126,895
Atlas Air Worldwide Holdings, Inc.(b)		3,071		309,588
AZZ, Inc.		2,976		120,974
Barnes Group, Inc.		6,326		266,578
Boise Cascade Co.		4,836		334,216
Brady Corp., Class A.		5,751		317,225
CIRCOR International, Inc.(b)		2,527		73,965
Comfort Systems USA, Inc.		4,464		649,244
CoreCivic, Inc.(b)		15,577		151,253
Deluxe Corp.		5,560		102,526
DXP Enterprises, Inc.(b)		1,926		55,681
Encore Wire Corp.		2,356		454,732
Enerpac Tool Group Corp.		7,350		197,936

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  64  

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Industrials-(continued)
EnPro Industries, Inc.		2,621	$	281,757
ESCO Technologies, Inc.		3,112		290,007
Exponent, Inc.		6,212		639,215
Federal Signal Corp.		7,545		398,150
Forrester Research, Inc.(b)(c)		1,358		44,665
Forward Air Corp.		3,325		343,173
Franklin Electric Co., Inc.		4,828		461,412
GEO Group, Inc. (The)(b)(c)		15,425		135,123
Gibraltar Industries, Inc.(b)		3,947		210,809
GMS, Inc.(b)		5,052		306,707
Granite Construction, Inc.(c)		5,327		230,126
Greenbrier Cos., Inc. (The)		4,127		132,518
Griffon Corp.		5,746		209,557
Harsco Corp.(b)		9,831		83,170
Healthcare Services Group, Inc.		9,608		127,498
Heartland Express, Inc.		5,690		91,780
Heidrick & Struggles International, Inc.		2,459		84,417
Hillenbrand, Inc.		8,078		380,797
HNI Corp.		5,092		159,125
Hub Group, Inc., Class A(b)		4,331		397,283
Insteel Industries, Inc.		2,308		68,663
Interface, Inc.		7,208		63,575
John Bean Technologies Corp.		3,917		434,356
Kaman Corp.		3,363		87,438
KAR Auction Services, Inc.(b)(c)		14,260		203,775
Kelly Services, Inc., Class A		4,591		76,807
Korn Ferry		6,892		385,194
Lindsay Corp.		1,338		201,356
Liquidity Services, Inc.(b)		3,654		46,260
Marten Transport Ltd.		7,098		156,653
Matson, Inc.		4,888		325,101
Matthews International Corp., Class A		3,623		138,254
MillerKnoll, Inc.		9,804		234,021
Moog, Inc., Class A		3,461		341,324
Mueller Industries, Inc.		7,034		520,305
MYR Group, Inc.(b)		2,066		249,180
National Presto Industries, Inc.		615		42,207
NOW, Inc.(b)		13,408		172,293
NV5 Global, Inc.(b)		1,450		152,569
Park Aerospace Corp.		2,342		38,456
PGT Innovations, Inc.(b)(c)		7,778		164,505
Pitney Bowes, Inc.		19,513		84,686
Powell Industries, Inc.		814		36,101
Proto Labs, Inc.(b)		3,496		109,914
Quanex Building Products Corp.		4,000		103,800
Resideo Technologies, Inc.(b)		18,099		331,936
Resources Connection, Inc.		3,859		69,694
SkyWest, Inc.(b)		6,147		117,223
SPX Technologies, Inc.(b)		5,441		383,264
Standex International Corp.		1,446		167,273
Sun Country Airlines Holdings, Inc.(b)(c)		4,266		85,533
Tennant Co.		2,238		158,495
Titan International, Inc.(b)		6,086		75,527
Trinity Industries, Inc.(c)		10,184		284,235
TrueBlue, Inc.(b)		4,236		79,213
UniFirst Corp.		1,874		367,548
Veritiv Corp.(c)		1,595		241,547
Wabash National Corp.		5,907		161,852
				19,393,718

	Shares		Value
Information Technology-13.31%
A10 Networks, Inc.		7,686	$	116,981
Adeia, Inc.		12,822		126,425
ADTRAN Holdings, Inc.		8,942		156,038
Advanced Energy Industries, Inc.		4,596		427,796
Agilysys, Inc.(b)		2,512		200,734
Alarm.com Holdings, Inc.(b)		6,056		307,826
Alpha & Omega Semiconductor Ltd.(b)(c)		2,864		76,497
Arlo Technologies, Inc.(b)		12,055		45,809
Axcelis Technologies, Inc.(b)		4,030		518,016
Badger Meter, Inc.		3,548		431,508
Benchmark Electronics, Inc.		4,288		102,012
Cerence, Inc.(b)		5,465		149,632
CEVA, Inc.(b)		2,816		88,873
Clearfield, Inc.(b)(c)		1,726		108,203
Cohu, Inc.(b)		5,922		220,298
Comtech Telecommunications Corp.		3,042		48,642
Corsair Gaming, Inc.(b)(c)		4,987		87,272
CSG Systems International, Inc.		4,119		231,488
CTS Corp.		4,035		174,756
Digi International, Inc.(b)		4,539		151,466
Diodes, Inc.(b)		5,797		531,527
Ebix, Inc.(c)		2,857		49,655
ePlus, Inc.(b)		3,542		191,870
EVERTEC, Inc.		8,338		306,922
Extreme Networks, Inc.(b)		16,518		309,217
Fabrinet (Thailand)(b)(c)		4,578		557,921
FormFactor, Inc.(b)		8,944		269,214
Harmonic, Inc.(b)(c)		14,467		190,820
Ichor Holdings Ltd.(b)		3,507		115,556
Insight Enterprises, Inc.(b)		3,835		513,583
InterDigital, Inc.(c)		3,675		268,238
Itron, Inc.(b)		5,523		308,018
Knowles Corp.(b)(c)		10,281		174,571
Kulicke & Soffa Industries, Inc. (Singapore)(c)		7,025		374,432
LiveRamp Holdings, Inc.(b)		8,222		194,286
MaxLinear, Inc.(b)		9,061		309,977
Methode Electronics, Inc.(c)		4,255		207,346
NETGEAR, Inc.(b)		3,311		59,929
NetScout Systems, Inc.(b)		8,534		242,707
OneSpan, Inc.(b)		4,460		60,299
Onto Innovation, Inc.(b)		6,242		514,778
OSI Systems, Inc.(b)		1,992		184,360
Payoneer Global, Inc.(b)		24,013		139,275
PC Connection, Inc.		1,446		63,335
PDF Solutions, Inc.(b)		3,676		137,629
Perficient, Inc.(b)		4,097		290,068
Photronics, Inc.(b)		7,608		134,053
Plexus Corp.(b)		3,394		325,451
Progress Software Corp.		5,353		307,476
Rambus, Inc.(b)		13,595		601,307
Rogers Corp.(b)		2,018		297,050
Sanmina Corp.(b)		7,140		431,684
ScanSource, Inc.(b)		2,986		93,103
SMART Global Holdings, Inc.(b)		6,334		105,778
SPS Commerce, Inc.(b)		4,529		682,249
TTM Technologies, Inc.(b)		12,511		166,271
Ultra Clean Holdings, Inc.(b)		5,557		177,046
Veeco Instruments, Inc.(b)(c)		6,475		137,723

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  65  

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Information Technology-(continued)
Viavi Solutions, Inc.(b)		28,831	$	315,411
Xperi, Inc.(b)		5,294		61,887
				14,172,294
Materials-6.30%
AdvanSix, Inc.		3,394		139,663
American Vanguard Corp.		3,566		74,422
Arconic Corp.(b)		13,141		347,448
ATI, Inc.(b)(c)		15,663		636,701
Balchem Corp.		4,046		525,980
Carpenter Technology Corp.		5,709		275,916
Century Aluminum Co.(b)		6,823		82,354
Clearwater Paper Corp.(b)		1,981		76,447
FutureFuel Corp.		3,025		26,469
H.B. Fuller Co.		6,617		461,602
Hawkins, Inc.		2,301		93,582
Haynes International, Inc.		1,525		83,433
Innospec, Inc.		3,012		329,693
Kaiser Aluminum Corp.		2,129		168,872
Koppers Holdings, Inc.		2,439		87,536
Livent Corp.(b)(c)		23,787		557,805
Materion Corp.		2,382		266,022
Mativ Holdings, Inc., Class A		6,752		174,944
Mercer International, Inc. (Germany)		4,922		53,059
Minerals Technologies, Inc.		3,856		234,252
Myers Industries, Inc.		4,451		115,014
O-I Glass, Inc.(b)		18,830		418,402
Olympic Steel, Inc.		1,146		60,165
Quaker Chemical Corp.(c)		1,771		346,726
Rayonier Advanced Materials, Inc.(b)		7,227		59,261
Stepan Co.		2,530		263,348
SunCoke Energy, Inc.		9,848		93,654
Sylvamo Corp.		3,875		191,154
TimkenSteel Corp.(b)(c)		5,044		92,255
Tredegar Corp.		2,864		33,280
Trinseo PLC		4,399		101,969
Warrior Met Coal, Inc.		6,107		233,715
				6,705,143
Real Estate-6.98%
Acadia Realty Trust		11,821		172,232
Alexander & Baldwin, Inc.		8,862		165,454
American Assets Trust, Inc.		6,738		170,000
Anywhere Real Estate, Inc.(b)		14,284		82,704
Armada Hoffler Properties, Inc.		8,241		105,650
Brandywine Realty Trust		22,624		133,255
CareTrust REIT, Inc.		11,494		226,087
Centerspace		1,874		117,331
Chatham Lodging Trust		6,150		75,091
Community Healthcare Trust, Inc.		2,773		107,426
DiamondRock Hospitality Co.(c)		26,630		232,214
Douglas Elliman, Inc.		8,187		34,549
Easterly Government Properties, Inc.		11,164		168,576
Elme Communities		10,700		199,127
Essential Properties Realty Trust, Inc.(c)		16,827		433,464
Four Corners Property Trust, Inc.		9,828		266,830
Franklin Street Properties Corp.		10,773		26,071
Getty Realty Corp.		4,998		171,581
Global Net Lease, Inc.(c)		12,357		174,481
Hersha Hospitality Trust, Class A		4,060		33,942

	Shares		Value
Real Estate-(continued)
Hudson Pacific Properties, Inc.		18,172	$	167,728
Innovative Industrial Properties, Inc.(c)		3,505		309,877
iStar, Inc.		10,608		81,682
LTC Properties, Inc.		4,844		173,512
LXP Industrial Trust		33,868		353,243
Marcus & Millichap, Inc.(c)		3,180		109,297
Office Properties Income Trust		6,176		101,533
Orion Office REIT, Inc.(c)		7,057		60,408
Outfront Media, Inc.		19,039		332,231
RE/MAX Holdings, Inc., Class A		2,331		43,100
Retail Opportunity Investments Corp.		14,912		212,198
RPT Realty, (Acquired 06/30/2021 - 02/28/2023; Cost $114,140)(d)		10,502		112,581
Safehold, Inc.(c)		2,932		87,608
Saul Centers, Inc.		1,619		63,659
Service Properties Trust		21,020		230,800
SITE Centers Corp.(c)		22,613		302,336
St. Joe Co. (The)		4,387		187,895
Summit Hotel Properties, Inc.		13,920		103,008
Sunstone Hotel Investors, Inc.(c)		27,165		287,134
Tanger Factory Outlet Centers, Inc.(c)		12,769		241,206
Universal Health Realty Income Trust		1,511		80,113
Urban Edge Properties(c)		14,751		227,165
Urstadt Biddle Properties, Inc., Class A		3,750		64,875
Veris Residential, Inc.(b)		9,617		155,218
Whitestone REIT		5,602		52,939
Xenia Hotels & Resorts, Inc.(c)		14,213		199,551
				7,436,962
Utilities-1.78%
American States Water Co.		4,485		400,511
Avista Corp.		8,606		353,879
California Water Service Group		6,713		384,252
Chesapeake Utilities Corp.		2,104		269,501
Middlesex Water Co.		2,176		166,464
Northwest Natural Holding Co.		4,312		208,442
Unitil Corp.		2,014		109,400
				1,892,449
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $99,796,518)				106,430,100
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-18.01%
Invesco Private Government Fund, 4.58%(g)(h)(i)		5,369,955		5,369,955
Invesco Private Prime Fund, 4.83%(g)(h)(i)		13,805,695		13,808,455
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $19,179,404)				19,178,410
TOTAL INVESTMENTS IN SECURITIES-117.96% (Cost $118,975,922)				125,608,510
OTHER ASSETS LESS LIABILITIES-(17.96)%				(19,123,134	)
NET ASSETS-100.00%			$	106,485,376

See accompanying Notes to Financial Statements which are an integral part of the financial statements

  66  

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)–(continued)

February 28, 2023

(Unaudited)

Investment Abbreviations:

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at February 28, 2023.

^(d)  Restricted security. The aggregate value of these securities at February 28, 2023 was $173,531, which represented less than 1% of the Fund’s Net Assets.

^(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 value of this security at February 28, 2023 represented less than 1% of the Fund’s Net Assets.

^(f)  Security valued using significant unobservable inputs (Level 3). See Note 5.

^(g)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	196,134		$	1,718,463		$	(1,914,597	)		$	-			$	-		$	-		$	1,004
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			5,047,410			12,415,139			(12,092,594	)			-				-			5,369,955			89,787	*
Invesco Private Prime Fund			12,979,055			30,764,964			(29,936,724	)			(2,256	)			3,416			13,808,455			244,210	*
Total		$	18,222,599		$	44,898,566		$	(43,943,915	)		$	(2,256	)		$	3,416		$	19,178,410		$	335,001

* 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 February 28, 2023.

⁽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 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  67  

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)–(continued)

February 28, 2023

(Unaudited)

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of February 28, 2023

Financials	18.43
Industrials	18.21
Consumer Discretionary	13.50
Information Technology	13.31
Health Care	8.99
Real Estate	6.98
Materials	6.30
Consumer Staples	5.71
Energy	5.04
Sector Types Each Less Than 3%	3.48
Money Market Funds Plus Other Assets Less Liabilities	0.05

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  68  

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.89%
Communication Services-5.53%
ATN International, Inc.		2,745	$	115,427
Cogent Communications Holdings, Inc.		7,663		496,103
Scholastic Corp.		3,362		153,341
Telephone & Data Systems, Inc.		45,789		581,062
				1,345,933
Consumer Discretionary-7.62%
Ethan Allen Interiors, Inc.(b)		13,779		407,170
M.D.C. Holdings, Inc.(b)		13,998		517,926
PetMed Express, Inc.(b)		27,267		512,074
Sturm Ruger & Co., Inc.		7,194		419,194
				1,856,364
Consumer Staples-11.82%
B&G Foods, Inc.(b)		53,930		683,293
Cal-Maine Foods, Inc.		4,840		274,912
Fresh Del Monte Produce, Inc.		6,915		216,301
Inter Parfums, Inc.		1,487		179,050
Nu Skin Enterprises, Inc., Class A		6,842		272,585
SpartanNash Co.		7,434		198,934
Universal Corp.		9,182		464,518
Vector Group Ltd.		44,282		587,622
				2,877,215
Energy-2.61%
Archrock, Inc.		57,309		634,411
Financials-23.65%
Apollo Commercial Real Estate Finance, Inc.(b)		51,113		587,288
ARMOUR Residential REIT, Inc.		123,995		673,293
Ellington Financial, Inc.		48,805		628,120
Granite Point Mortgage Trust, Inc.		118,705		711,043
New York Mortgage Trust, Inc.(b)		241,404		644,549
PennyMac Mortgage Investment Trust		45,844		597,347
Ready Capital Corp.(b)		53,544		602,905
Redwood Trust, Inc.(b)		80,457		612,278
Two Harbors Investment Corp.		42,378		702,204
				5,759,027
Health Care-2.00%
Phibro Animal Health Corp., Class A		19,367		304,255
US Physical Therapy, Inc.		1,793		181,685
				485,940
Industrials-10.86%
Deluxe Corp.		29,946		552,204
Greenbrier Cos., Inc. (The)		9,420		302,476
Healthcare Services Group, Inc.		43,990		583,747
HNI Corp.		12,358		386,188
Park Aerospace Corp.		17,929		294,394
Resources Connection, Inc.		14,884		268,805
Trinity Industries, Inc.(b)		9,240		257,889
				2,645,703
Information Technology-3.56%
Adeia, Inc.		16,032		158,075
Investment Abbreviations:
REIT -Real Estate Investment Trust

	Shares		Value
Information Technology-(continued)
Benchmark Electronics, Inc.		7,026	$	167,148
CSG Systems International, Inc.		2,608		146,570
InterDigital, Inc.(b)		3,408		248,750
TTEC Holdings, Inc.		3,657		147,231
				867,774
Materials-7.13%
Mativ Holdings, Inc., Class A(b)		25,474		660,031
Mercer International, Inc. (Germany)		17,119		184,543
Myers Industries, Inc.		8,532		220,467
SunCoke Energy, Inc.		28,795		273,840
Tredegar Corp.		34,179		397,160
				1,736,041
Real Estate-18.69%
Brandywine Realty Trust.		120,406		709,191
Easterly Government Properties, Inc.		39,091		590,274
Franklin Street Properties Corp.		208,610		504,836
Global Net Lease, Inc.(b)		52,528		741,696
Hudson Pacific Properties, Inc.		74,195		684,820
Office Properties Income Trust		46,791		769,244
Outfront Media, Inc.		31,598		551,385
				4,551,446
Utilities-6.42%
American States Water Co.		1,403		125,288
Avista Corp.		7,791		320,366
California Water Service Group		2,167		124,039
Chesapeake Utilities Corp.		1,178		150,890
Middlesex Water Co.		1,507		115,285
Northwest Natural Holding Co.		6,746		326,102
SJW Group		1,852		141,567
Unitil Corp.		4,805		261,008
				1,564,545
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.89% (Cost $28,123,806)				24,324,399
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-14.50%
Invesco Private Government Fund, 4.58%(c)(d)(e)		988,904		988,904
Invesco Private Prime Fund, 4.83%(c)(d)(e)		2,542,800		2,543,308
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,532,254)				3,532,212
TOTAL INVESTMENTS IN SECURITIES-114.39% (Cost $31,656,060)				27,856,611
OTHER ASSETS LESS LIABILITIES-(14.39)%				(3,504,853	)
NET ASSETS-100.00%			$	24,351,758

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  69  

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)–(continued)

February 28, 2023

(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)  All or a portion of this security was out on loan at February 28, 2023.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	490,306		$	(490,306	)		$	-			$	-		$	-		$	250
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			993,717			6,499,760			(6,504,573	)			-				-			988,904			17,794	*
Invesco Private Prime Fund			2,555,685			15,765,310			(15,778,023	)			(119	)			455			2,543,308			48,808	*
Total		$	3,549,402		$	22,755,376		$	(22,772,902	)		$	(119	)		$	455		$	3,532,212		$	66,852

* 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 February 28, 2023.

^(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 2I.

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of February 28, 2023

Financials	23.65
Real Estate	18.69
Consumer Staples	11.82
Industrials	10.86
Consumer Discretionary	7.62
Materials	7.13
Utilities	6.42
Communication Services	5.53
Information Technology	3.56
Sector Types Each Less Than 3%	4.61
Money Market Funds Plus Other Assets
Less Liabilities	0.11

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  70  

Invesco S&P SmallCap Low Volatility ETF (XSLV)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.81%
Communication Services-1.53%
Cogent Communications Holdings, Inc.		84,010	$	5,438,807
Marcus Corp. (The)(b)		354,008		5,695,989
				11,134,796
Consumer Discretionary-0.76%
Sturm Ruger & Co., Inc.		94,534		5,508,496
Consumer Staples-6.64%
Central Garden & Pet Co., Class A(b)(c)		138,956		5,340,079
Fresh Del Monte Produce, Inc.		197,461		6,176,580
Hostess Brands, Inc.(b)(c)		276,869		6,838,664
J&J Snack Foods Corp.(b)		41,524		5,863,604
John B. Sanfilippo & Son, Inc.(b)		70,681		6,345,034
PriceSmart, Inc.(b)		73,407		5,117,936
Tootsie Roll Industries, Inc.(b)		148,039		6,518,157
Universal Corp.(b)		120,636		6,102,975
				48,303,029
Financials-44.69%
Ameris Bancorp(b)		110,519		5,290,545
AMERISAFE, Inc.		102,252		5,576,824
Banc of California, Inc.		331,917		5,825,143
BancFirst Corp.(b)		62,902		5,676,905
Banner Corp.(b)		95,826		6,035,121
Berkshire Hills Bancorp, Inc.(b)		180,740		5,252,304
Brookline Bancorp, Inc.(b)		478,364		6,199,597
Capitol Federal Financial, Inc.(b)		791,447		6,640,240
Central Pacific Financial Corp.		230,962		5,180,478
City Holding Co.(b)		82,600		8,111,320
Community Bank System, Inc.		114,147		6,968,674
CVB Financial Corp.(b)		313,784		7,508,851
Dime Community Bancshares, Inc.(b)		178,096		5,456,861
Eagle Bancorp, Inc.(b)		132,193		5,791,375
Employers Holdings, Inc.		148,297		6,585,870
FB Financial Corp.(b)		148,761		5,606,802
First Bancorp/Southern Pines NC(b)		138,812		5,759,310
First Commonwealth Financial Corp.		408,079		6,533,345
First Financial Bancorp		240,868		5,934,988
First Hawaiian, Inc.(b)		214,926		5,878,226
Hanmi Financial Corp.		238,052		5,622,788
Heritage Financial Corp.		232,120		6,469,184
Hope Bancorp, Inc.		460,817		5,903,066
Horace Mann Educators Corp.(b)		175,482		6,485,815
Independent Bank Corp.(b)		87,551		6,976,064
Independent Bank Group, Inc.(b)		96,517		5,680,991
KKR Real Estate Finance Trust, Inc.(b)		393,835		5,710,607
Lakeland Financial Corp.(b)		96,393		6,903,667
National Bank Holdings Corp., Class A(b)		135,036		5,467,608
NBT Bancorp, Inc.		164,614		6,681,682
Northfield Bancorp, Inc.		495,742		7,292,365
Northwest Bancshares, Inc.(b)		534,353		7,384,758
OFG Bancorp		208,626		6,346,403
Pacific Premier Bancorp, Inc.(b)		156,636		5,078,139
Park National Corp.(b)		50,318		6,429,131
PRA Group, Inc.(b)(c)		184,935		7,870,834
Preferred Bank(b)		90,367		6,361,837
ProAssurance Corp.		273,070		5,431,362
Provident Financial Services, Inc.(b)		273,840		6,394,164

	Shares		Value
Financials-(continued)
Renasant Corp.		167,463	$	6,025,319
S&T Bancorp, Inc.(b)		189,080		7,045,121
Safety Insurance Group, Inc.		87,466		7,057,632
Seacoast Banking Corp. of Florida(b)		169,358		5,167,113
Simmons First National Corp., Class A(b)		253,195		5,628,525
Southside Bancshares, Inc.(b)		175,143		6,688,711
Stellar Bancorp, Inc.(b)		191,418		5,598,976
Tompkins Financial Corp.(b)		93,616		7,001,541
TrustCo Bank Corp.		196,521		7,361,677
Trustmark Corp.		213,956		6,290,306
United Community Banks, Inc.(b)		172,580		5,714,124
Westamerica Bancorporation		136,663		7,532,865
WSFS Financial Corp.(b)		111,674		5,573,649
				324,988,803
Health Care-3.95%
CorVel Corp.(b)(c)		29,384		5,297,347
Ensign Group, Inc. (The)(b)		62,637		5,604,759
HealthStream, Inc.(c)		226,372		5,806,442
Ironwood Pharmaceuticals, Inc.(b)(c)		490,002		5,522,323
Prestige Consumer Healthcare, Inc.(c)		107,341		6,467,295
				28,698,166
Industrials-11.60%
Alamo Group, Inc.		38,979		7,109,380
Albany International Corp., Class A(b)		52,206		5,268,630
Brady Corp., Class A(b)		124,322		6,857,602
ESCO Technologies, Inc.(b)		53,602		4,995,170
Exponent, Inc.		55,405		5,701,174
Federal Signal Corp.(b)		109,116		5,758,051
Heartland Express, Inc.(b)		373,963		6,032,023
Matthews International Corp., Class A(b)		143,965		5,493,704
Moog, Inc., Class A(b)		61,201		6,035,643
National Presto Industries, Inc.		90,660		6,221,996
Park Aerospace Corp.(b)		392,083		6,438,003
Standex International Corp.(b)		50,961		5,895,168
Tennant Co.		87,309		6,183,223
UniFirst Corp.		32,244		6,324,016
				84,313,783
Information Technology-6.69%
Badger Meter, Inc.		44,327		5,391,050
Benchmark Electronics, Inc.(b)		229,449		5,458,592
CSG Systems International, Inc.		97,493		5,479,107
EVERTEC, Inc.		157,215		5,787,084
Insight Enterprises, Inc.(b)(c)		65,626		8,788,634
Methode Electronics, Inc.(b)		110,415		5,380,523
OSI Systems, Inc.(c)		68,119		6,304,413
Progress Software Corp.		105,575		6,064,228
				48,653,631
Materials-3.88%
Balchem Corp.(b)		43,373		5,638,490
H.B. Fuller Co.		75,362		5,257,253
Innospec, Inc.(b)		54,211		5,933,936
Stepan Co.		57,408		5,975,599
Tredegar Corp.(b)		463,143		5,381,722
				28,187,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  71  

Invesco S&P SmallCap Low Volatility ETF (XSLV)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Real Estate-14.21%
Alexander & Baldwin, Inc.(b)		294,933	$	5,506,399
American Assets Trust, Inc.		232,910		5,876,319
Armada Hoffler Properties, Inc.(b)		481,949		6,178,586
CareTrust REIT, Inc.(b)		287,565		5,656,404
Centerspace(b)		81,603		5,109,164
Community Healthcare Trust, Inc.(b)		157,175		6,088,959
Easterly Government Properties, Inc.		434,166		6,555,907
Elme Communities(b)		344,280		6,407,051
Essential Properties Realty Trust, Inc.(b)		248,833		6,409,938
Four Corners Property Trust, Inc.(b)		255,764		6,943,993
Getty Realty Corp.(b)		201,155		6,905,651
Global Net Lease, Inc.(b)		397,148		5,607,730
LTC Properties, Inc.		189,026		6,770,911
Retail Opportunity Investments Corp.		391,586		5,572,269
Saul Centers, Inc.		132,336		5,203,451
Universal Health Realty Income Trust(b)		116,614		6,182,874
Urstadt Biddle Properties, Inc., Class A(b)		368,959		6,382,991
				103,358,597
Utilities-5.86%
American States Water Co.(b)		64,302		5,742,169
Avista Corp.(b)		165,273		6,796,026
California Water Service Group(b)		102,150		5,847,066
Chesapeake Utilities Corp.		50,412		6,457,273
Middlesex Water Co.		65,760		5,030,640
Northwest Natural Holding Co.(b)		133,129		6,435,456
SJW Group(b)		82,744		6,324,951
				42,633,581
Total Common Stocks & Other Equity Interests (Cost $728,236,414)				725,779,882

	Shares		Value
Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(d)(e) (Cost $290,083)		290,083	$	290,083
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.85% (Cost $728,526,497)				726,069,965
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-17.80%
Invesco Private Government Fund, 4.58%(d)(e)(f)		36,272,618		36,272,618
Invesco Private Prime Fund, 4.83%(d)(e)(f)		93,198,805		93,217,441
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $129,495,791)				129,490,059
TOTAL INVESTMENTS IN SECURITIES-117.65% (Cost $858,022,288)				855,560,024
OTHER ASSETS LESS LIABILITIES-(17.65)%				(128,378,845	)
NET ASSETS-100.00%			$	727,181,179

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  All or a portion of this security was out on loan at February 28, 2023.

^(c) Non-income producing security.

^(d) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value February 28, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$                 -		$  14,371,808		$  (14,081,725)		$          -		$         -		$       290,083		$       5,968

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  72  

Invesco S&P SmallCap Low Volatility ETF (XSLV)–(continued)

February 28, 2023

(Unaudited)

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	26,145,358		$	107,714,702		$	(97,587,442	)		$	-			$	-		$	36,272,618		$	458,986	*
Invesco Private Prime Fund			67,155,529			247,113,122			(221,055,568	)			(10,753	)			15,111			93,217,441			1,254,053	*
Total		$	93,300,887		$	369,199,632		$	(332,724,735	)		$	(10,753	)		$	15,111		$	129,780,142		$	1,719,007

* 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 February 28, 2023.

^(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 2I.

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of February 28, 2023

Financials	44.69
Real Estate	14.21
Industrials	11.60
Information Technology	6.69
Consumer Staples	6.64
Utilities	5.86
Health Care	3.95
Materials	3.88
Sector Types Each Less Than 3%	2.29
Money Market Funds Plus Other Assets Less Liabilities	0.19

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  73  

Invesco S&P SmallCap Quality ETF (XSHQ)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.83%
Consumer Discretionary-16.91%
Academy Sports & Outdoors, Inc.(b)		11,539	$	682,532
Adtalem Global Education, Inc.(b)(c)		6,228		243,639
Buckle, Inc. (The)(b)		6,051		246,820
Caleres, Inc.(b)		6,350		165,799
Cavco Industries, Inc.(c)		900		256,500
Chico’s FAS, Inc.(c)		20,175		116,006
Children’s Place, Inc. (The)(b)(c)		2,143		89,727
Designer Brands, Inc., Class A(b)		10,093		98,811
Ethan Allen Interiors, Inc.(b)		4,143		122,426
Genesco, Inc.(c)		1,986		89,310
Haverty Furniture Cos., Inc., (Acquired 11/03/2021 - 02/13/2023; Cost $57,760)(d)		1,828		68,989
Kontoor Brands, Inc.		6,224		324,582
MarineMax, Inc.(c)		2,917		97,953
Monarch Casino & Resort, Inc.		1,831		134,798
Movado Group, Inc.(b)		2,447		84,715
Oxford Industries, Inc.(b)		2,118		249,098
Perdoceo Education Corp.(c)		10,759		148,313
PetMed Express, Inc.(b)		2,399		45,053
Ruth’s Hospitality Group, Inc.		4,285		79,915
Signet Jewelers Ltd.(b)		5,641		404,009
Sonos, Inc.(b)(c)		16,905		328,464
Steven Madden Ltd.		11,706		424,928
Tri Pointe Homes, Inc.(c)		11,929		284,387
Winnebago Industries, Inc.(b)		4,655		295,872
Zumiez, Inc.(b)(c)		2,309		53,707
				5,136,353
Consumer Staples-4.16%
Cal-Maine Foods, Inc.		5,008		284,454
John B. Sanfilippo & Son, Inc.		1,346		120,830
Medifast, Inc.(b)		1,608		180,305
National Beverage Corp.(b)(c)		4,790		223,454
USANA Health Sciences, Inc.(b)(c)		1,487		90,380
WD-40 Co.(b)		2,092		362,816
				1,262,239
Energy-7.89%
Callon Petroleum Co.(b)(c)		8,396		325,429
CONSOL Energy, Inc.		6,461		353,610
Dorian LPG Ltd.		3,936		86,395
Par Pacific Holdings, Inc.(c)		12,284		341,249
REX American Resources Corp.(c)		3,113		102,760
RPC, Inc.		12,006		105,293
SM Energy Co.		28,874		852,072
Talos Energy, Inc.(c)		12,807		228,093
				2,394,901
Financials-12.14%
American Equity Investment Life Holding Co.		14,348		597,594
Bancorp, Inc. (The)(b)(c)		7,289		252,126
Central Pacific Financial Corp.		3,148		70,610
Customers Bancorp, Inc.(b)(c)		3,906		120,305
Donnelley Financial Solutions, Inc.(b)(c)		4,185		177,067
First Bancorp		29,334		425,636
Hanmi Financial Corp.		3,816		90,134
Lakeland Financial Corp.(b)		3,738		267,716

	Shares		Value
Financials-(continued)
NMI Holdings, Inc., Class A(c)		11,475	$	267,826
OFG Bancorp		6,159		187,357
Pathward Financial, Inc.		4,112		209,753
Piper Sandler Cos.		1,622		244,906
Preferred Bank		1,756		123,622
Stellar Bancorp, Inc.		6,785		198,461
Virtus Investment Partners, Inc.(b)		771		162,242
Westamerica Bancorporation		3,715		204,771
WisdomTree, Inc.		14,247		85,055
				3,685,181
Health Care-8.93%
AMN Healthcare Services, Inc.(b)(c)		7,394		665,534
Amphastar Pharmaceuticals, Inc.(c)		4,636		147,703
Apollo Medical Holdings, Inc.(b)(c)		4,530		158,097
Catalyst Pharmaceuticals, Inc.(b)(c)		13,970		213,182
Corcept Therapeutics, Inc.(c)		17,964		374,190
CorVel Corp.(c)		1,468		264,651
Dynavax Technologies Corp.(b)(c)		29,938		308,361
Eagle Pharmaceuticals, Inc.(c)		1,381		38,668
Enhabit, Inc.(c)		9,053		138,964
Harmony Biosciences Holdings, Inc.(b)(c)		4,335		190,870
Innoviva, Inc.(b)(c)		9,612		116,017
iTeos Therapeutics, Inc.(c)		5,355		94,837
				2,711,074
Industrials-26.44%
Albany International Corp., Class A		3,648		368,156
Apogee Enterprises, Inc.(b)		3,078		140,849
Applied Industrial Technologies, Inc.		4,868		695,442
ArcBest Corp.		3,205		308,321
Boise Cascade Co.(b)		7,370		509,341
CoreCivic, Inc.(c)		15,659		152,049
Encore Wire Corp.(b)		2,867		553,360
Exponent, Inc.		9,351		962,218
Forrester Research, Inc.(c)		1,446		47,559
Forward Air Corp.		3,498		361,029
Heartland Express, Inc.		6,099		98,377
Heidrick & Struggles International, Inc.		3,344		114,799
Hillenbrand, Inc.(b)		8,454		398,522
Hub Group, Inc., Class A(b)(c)		4,665		427,920
Insteel Industries, Inc.(b)		3,085		91,779
Korn Ferry		7,519		420,237
Liquidity Services, Inc.(c)		5,875		74,377
Marten Transport Ltd.		7,112		156,962
Matson, Inc.(b)		7,289		484,791
Mueller Industries, Inc.(b)		9,947		735,780
MYR Group, Inc.(b)(c)		2,086		251,592
National Presto Industries, Inc.		622		42,688
Quanex Building Products Corp.		4,303		111,663
Resources Connection, Inc.		4,127		74,534
Titan International, Inc.(b)(c)		8,798		109,183
Veritiv Corp.(b)		2,232		338,014
				8,029,542
Information Technology-17.42%
Advanced Energy Industries, Inc.		4,640		431,891
Alpha & Omega Semiconductor Ltd.(b)(c)		4,846		129,437
Axcelis Technologies, Inc.(c)		5,431		698,101

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  74  

Invesco S&P SmallCap Quality ETF (XSHQ)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Information Technology-(continued)
Badger Meter, Inc.		3,518	$	427,859
Cohu, Inc.(c)		5,471		203,521
CTS Corp.		3,987		172,677
Diodes, Inc.(c)		6,553		600,845
EVERTEC, Inc.		13,363		491,892
Extreme Networks, Inc.(c)		19,596		366,837
Fabrinet (Thailand)(b)(c)		4,789		583,635
InterDigital, Inc.(b)		3,955		288,676
Kulicke & Soffa Industries, Inc. (Singapore)(b)		9,308		496,116
MaxLinear, Inc.(c)		9,026		308,780
ScanSource, Inc.(c)		2,902		90,484
				5,290,751
Materials-4.74%
AdvanSix, Inc.		3,686		151,679
Century Aluminum Co.(c)		7,456		89,994
FutureFuel Corp.		3,152		27,580
Mercer International, Inc. (Germany)		5,618		60,562
O-I Glass, Inc.(c)		19,790		439,734
SunCoke Energy, Inc.		9,644		91,715
TimkenSteel Corp.(b)(c)		6,046		110,581
Tredegar Corp.		3,462		40,228
Warrior Met Coal, Inc.		11,166		427,323
				1,439,396
Real Estate-1.20%
iStar, Inc.		13,954		107,446
Marcus & Millichap, Inc.		3,833		131,740
Universal Health Realty Income Trust		2,357		124,968
				364,154
Total Common Stocks & Other Equity Interests (Cost $28,192,592)				30,313,591

	Shares		Value
Money Market Funds-0.08%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(e)(f) (Cost $23,315)		23,315	$	23,315
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.91% (Cost $28,215,907)				30,336,906
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-32.46%
Invesco Private Government Fund, 4.58%(e)(f)(g)		2,759,917		2,759,917
Invesco Private Prime Fund, 4.83%(e)(f)(g)		7,095,510		7,096,929
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $9,857,288)				9,856,846
TOTAL INVESTMENTS IN SECURITIES-132.37% (Cost $38,073,195)				40,193,752
OTHER ASSETS LESS LIABILITIES-(32.37)%				(9,829,445	)
NET ASSETS-100.00%			$	30,364,307

Notes to Schedule of Investments:

^(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b) All or a portion of this security was out on loan at February 28, 2023.

^(c) Non-income producing security.

^(d)  Restricted security. The value of this security at February 28, 2023 represented less than 1% of the Fund’s Net Assets.

^(e) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31, 2022		Purchases at Cost		Proceeds from  Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value February 28, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$     30,502		$     371,122		$    (378,309)		$     -		$    -		$     23,315		$       214

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  75  

Invesco S&P SmallCap Quality ETF (XSHQ)–(continued)

February 28, 2023

(Unaudited)

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	1,816,125		$	8,513,573		$	(7,569,781	)		$	-			$	-		$	2,759,917		$	28,849	*
Invesco Private Prime Fund			4,670,036			19,957,299			(17,530,395	)			(606	)			595			7,096,929			78,711	*
Total		$	6,516,663		$	28,841,994		$	(25,478,485	)		$	(606	)		$	595		$	9,880,161		$	107,774

* 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 February 28, 2023.

^(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 2I.

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of February 28, 2023

Industrials	26.44
Information Technology	17.42
Consumer Discretionary	16.91
Financials	12.14
Health Care	8.93
Energy	7.89
Materials	4.74
Consumer Staples	4.16
Real Estate	1.20
Money Market Funds Plus Other Assets Less Liabilities	0.17

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  76  

(This Page Intentionally Left Blank)

  77  

Statements of Assets and Liabilities

February 28, 2023

(Unaudited)

	Invesco ESG				Invesco Russell				Invesco Russell				Invesco Russell				Invesco S&P
	S&P 500				1000 Enhanced				1000 Equal				1000 Low Beta				500® Enhanced
	Equal Weight				Equal Weight				Weight ETF				Equal Weight				Value ETF
	ETF (RSPE)				ETF (USEQ)				(EQAL)				ETF (USLB)				(SPVU)
Assets:
Unaffiliated investments in securities, at value(a)		$	12,293,317			$	2,615,205			$	628,765,431			$	8,733,254			$	141,231,886
Affiliated investments in securities, at value			189,035				272,483				106,444,391				1,426,028				1,132,614
Cash			-				-				474,400				-				-
Receivable for:
Dividends			19,280				4,039				870,099				13,866				588,992
Securities lending			36				62				86,514				733				251
Investments sold			-				-				-				-				-
Fund shares sold			-				-				-				-				-
Total assets			12,501,668				2,891,789				736,640,835				10,173,881				142,953,743
Liabilities:
Due to custodian			7,591				-				-				-				331,811
Payable for:
Investments purchased			-				-				174,923				-				-
Investments purchased - affiliated broker			-				-				422,712				-				-
Collateral upon return of securities loaned			123,660				266,801				106,068,755				1,421,574				804,727
Fund shares repurchased			-				-				-				-				-
Accrued unitary management fees			1,951				600				99,875				2,413				14,879
Accrued tax expenses			-				-				-				-				-
Total liabilities.			133,202				267,401				106,766,265				1,423,987				1,151,417
Net Assets		$	12,368,466			$	2,624,388			$	629,874,570			$	8,749,894			$	141,802,326
Net assets consist of:
Shares of beneficial interest		$	13,066,788			$	8,128,843			$	753,503,038			$	38,180,996			$	162,154,861
Distributable earnings (loss)			(698,322	)			(5,504,455	)			(123,628,468	)			(29,431,102	)			(20,352,535	)
Net Assets		$	12,368,466			$	2,624,388			$	629,874,570			$	8,749,894			$	141,802,326
Shares outstanding (unlimited amount authorized, $0.01 par value)			550,001				75,001				15,025,001				225,001				3,320,001
Net asset value		$	22.49			$	34.99			$	41.92			$	38.89			$	42.71
Market price		$	22.52			$	35.01			$	41.92			$	38.94			$	42.80
Unaffiliated investments in securities, at cost		$	12,656,658			$	2,456,928			$	650,907,538			$	8,684,808			$	145,363,857
Affiliated investments in securities, at cost		$	195,724			$	272,639			$	106,531,819			$	1,426,094			$	1,215,197
(a) Includes securities on loan with an aggregate value of: .		$	119,520			$	260,380			$	103,394,550			$	1,386,831			$	757,690

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  78  

Invesco S&P						Invesco S&P						Invesco
500® ex-Rate			Invesco S&P			500® High			Invesco S&P			S&P 500			Invesco S&P			Invesco S&P			Invesco S&P
Sensitive Low			500® High			Dividend Low			500® Low			Minimum			500®			500 QVM			MidCap 400
Volatility			Beta			Volatility			Volatility			Variance			Momentum			Multi-factor			QVM Multi-factor
ETF (XRLV)			ETF (SPHB)			ETF (SPHD)			ETF (SPLV)			ETF (SPMV)			ETF (SPMO)			ETF (QVML)			ETF (QVMM)
$	50,956,901		$	699,938,195		$	3,804,383,154		$	9,762,426,317		$	23,294,254		$	205,167,007		$	996,506,173		$	269,865,396
	2,402,054			100,875,724			24,760,695			133,371,262			-			-			34,067,040			29,993,210
	-			-			-			-			-			-			-			-
	124,013			674,195			15,429,546			22,746,104			30,107			602,304			1,774,124			215,102
	216			9,237			10,231			9,520			-			-			3,785			12,793
	-			-			-			55,990,306			-			-			-			544,628
	-			2,824,718			-			615,810			-			-			-			724,289
	53,483,184			804,322,069			3,844,583,626			9,975,159,319			23,324,361			205,769,311			1,032,351,122			301,355,418
	54,415			659,604			13,012,925			7,811,086			11,219			312,833			-			-
	-			-			-			615,278			-			-			-			1,087,756
	-			-			-			-			-			-			-			745,031
	2,402,054			94,194,550			24,761,771			133,374,279			-			-			33,171,655			29,573,673
	-			2,827,525			-			56,038,709			-			-			-			-
	10,394			133,459			915,099			1,955,159			1,796			21,128			86,640			31,596
	-			-			-			-			-			-			-			979
	2,466,863			97,815,138			38,689,795			199,794,511			13,015			333,961			33,258,295			31,439,035
$	51,016,321		$	706,506,931		$	3,805,893,831		$	9,775,364,808		$	23,311,346		$	205,435,350		$	999,092,827		$	269,916,383
$	75,765,032		$	971,694,293		$	4,699,800,122		$	12,409,737,554		$	23,701,689		$	230,953,265		$	1,041,071,198		$	271,907,121
	(24,748,711	)		(265,187,362	)		(893,906,291	)		(2,634,372,746	)		(390,343	)		(25,517,915	)		(41,978,371	)		(1,990,738	)
$	51,016,321		$	706,506,931		$	3,805,893,831		$	9,775,364,808		$	23,311,346		$	205,435,350		$	999,092,827		$	269,916,383
	1,090,001			9,990,000			88,230,000			158,740,000			650,001			3,810,001			42,050,001			11,180,001
$	46.80		$	70.72		$	43.14		$	61.58		$	35.86		$	53.92		$	23.76		$	24.14
$	46.84		$	70.72		$	43.13		$	61.57		$	35.91		$	53.94		$	23.81		$	24.17
$	50,636,777		$	781,640,393		$	4,027,491,725		$	10,103,418,988		$	23,102,899		$	213,907,169		$	1,010,138,862		$	259,055,153
$	2,402,054		$	102,563,429		$	24,761,771		$	133,374,279		$	-		$	-		$	34,141,194		$	29,995,146
$	2,346,512		$	91,407,144		$	24,319,978		$	130,203,342		$	-		$	-		$	32,414,856		$	28,829,710

  79  

Statements of Assets and Liabilities–(continued)

February 28, 2023

(Unaudited)

	Invesco S&P				Invesco S&P			Invesco S&P SmallCap High				Invesco S&P				Invesco S&P
	MidCap Low				SmallCap 600			Dividend Low				SmallCap Low				SmallCap
	Volatility				QVM Multi-factor			Volatility ETF				Volatility				Quality
	ETF (XMLV)				ETF (QVMS)			(XSHD)				ETF (XSLV)				ETF (XSHQ)
Assets:
Unaffiliated investments in securities, at value(a)		$	1,127,702,653			$	106,430,100		$	24,324,399			$	725,779,882			$	30,313,591
Affiliated investments in securities, at value			82,185,050				19,178,410			3,532,212				129,780,142				9,880,161
Receivable for:
Dividends			2,053,647				77,022			35,486				1,226,773				33,606
Securities lending			18,137				6,198			971				13,233				1,013
Investments sold			-				303,088			-				4,893,638				-
Total assets			1,211,959,487				125,994,818			27,893,068				861,693,668				40,228,371
Liabilities:
Due to custodian			838,342				3,483			3,450				-				-
Payable for:
Investments purchased.			-				158,863			-				2,487,296				-
Investments purchased - affiliated broker			-				155,203			-				2,387,357				-
Collateral upon return of securities loaned			82,188,981				19,179,404			3,532,254				129,495,791				9,857,288
Accrued unitary management fees			226,912				12,489			5,606				142,045				6,776
Total liabilities.			83,254,235				19,509,442			3,541,310				134,512,489				9,864,064
Net Assets		$	1,128,705,252			$	106,485,376		$	24,351,758			$	727,181,179			$	30,364,307
Net assets consist of:
Shares of beneficial interest.		$	1,704,325,369			$	104,473,903		$	37,097,550			$	1,388,904,486			$	35,695,614
Distributable earnings (loss)			(575,620,117	)			2,011,473			(12,745,792	)			(661,723,307	)			(5,331,307	)
Net Assets		$	1,128,705,252			$	106,485,376		$	24,351,758			$	727,181,179			$	30,364,307
Shares outstanding (unlimited amount authorized, $0.01 par value)			20,530,000				4,520,001			1,340,001				15,620,000				860,001
Net asset value		$	54.98			$	23.56		$	18.17			$	46.55			$	35.31
Market price		$	55.00			$	23.63		$	18.20			$	46.59			$	35.35
Unaffiliated investments in securities, at cost		$	1,091,219,447			$	99,796,518		$	28,123,806			$	728,236,414			$	28,192,592
Affiliated investments in securities, at cost		$	82,188,981			$	19,179,404		$	3,532,254			$	129,785,874			$	9,880,603
(a) Includes securities on loan with an aggregate value of:		$	78,724,532			$	18,335,373		$	3,448,216			$	121,426,735			$	9,606,743

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  80  

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  81  

Statements of Operations

For the six months ended February 28, 2023

(Unaudited)

	Invesco ESG S&P 500 Equal Weight ETF (RSPE)				Invesco Russell 1000  Enhanced Equal Weight ETF (USEQ)				Invesco Russell 1000 Equal Weight ETF (EQAL)				Invesco Russell 1000 Low Beta Equal  Weight ETF (USLB)				Invesco S&P 500® Enhanced Value ETF (SPVU)
Investment income:
Unaffiliated dividend income		$	105,314			$	26,283			$	6,471,870			$	96,132			$	2,116,626
Affiliated dividend income			1,320				64				13,320				75				6,896
Non-cash dividend income			-				133				15,095				-				-
Securities lending income, net			152				362				312,658				2,492				1,015
Foreign withholding tax			-				(7	)			(6,846	)			(50	)			-
Total investment income			106,786				26,835				6,806,097				98,649				2,124,537
Expenses:
Unitary management fees			9,942				3,646				603,383				14,812				91,411
Tax expenses			-				-				-				-				-
Total expenses			9,942				3,646				603,383				14,812				91,411
Less: Waivers			-				(1	)			(150	)			(2	)			(29	)
Net expenses			9,942				3,645				603,233				14,810				91,382
Net investment income			96,844				23,190				6,202,864				83,839				2,033,155
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(103,344	)			(35,088	)			(8,709,909	)			(48,225	)			(6,446,662	)
Affiliated investment securities			(1,939	)			26				(1,728	)			129				532
Unaffiliated in-kind redemptions			32,483				-				4,476,988				-				3,174,422
Affiliated in-kind redemptions			(299	)			-				146				-				(4,273	)
Net realized gain (loss)			(73,099	)			(35,062	)			(4,234,503	)			(48,096	)			(3,275,981	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			537,587				155,221				9,639,525				400,724				7,844,646
Affiliated investment securities			4,062				(167	)			34,605				(107	)			10,099
Change in net unrealized appreciation (depreciation)			541,649				155,054				9,674,130				400,617				7,854,745
Net realized and unrealized gain (loss)			468,550				119,992				5,439,627				352,521				4,578,764
Net increase (decrease) in net assets resulting from operations		$	565,394			$	143,182			$	11,642,491			$	436,360			$	6,611,919

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  82  

Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV)				Invesco S&P 500® High Beta ETF (SPHB)				Invesco S&P 500® High Dividend Low Volatility ETF (SPHD)				Invesco S&P 500® Low Volatility ETF (SPLV)				Invesco S&P 500 Minimum Variance ETF (SPMV)				Invesco  S&P 500® Momentum ETF (SPMO)				Invesco S&P 500 QVM Multi-factor ETF (QVML)				Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)
	$	721,987			$	2,033,033			$	88,124,503			$	138,857,338			$	220,577			$	2,041,394			$	7,352,270			$	2,221,915
		162				109,407				23,854				111,574				147				1,266				11,161				2,513
		-				-				-				-				-				-				-				-
		2,935				54,488				267,968				353,597				-				-				20,240				65,522
		-				(7,543	)			-				-				-				-				(1,678	)			-
		725,084				2,189,385				88,416,325				139,322,509				220,724				2,042,660				7,381,993				2,289,950
		68,383				635,777				5,662,460				12,899,636				11,108				102,387				424,298				187,700
		-				-				-				-				-				-				-				979
		68,383				635,777				5,662,460				12,899,636				11,108				102,387				424,298				188,679
		(4	)			(46	)			(674	)			(2,840	)			(5	)			(37	)			(178	)			(63	)
		68,379				635,731				5,661,786				12,896,796				11,103				102,350				424,120				188,616
		656,705				1,553,654				82,754,539				126,425,713				209,621				1,940,310				6,957,873				2,101,334
		(490,381	)			(39,462,238	)			(79,400,609	)			(288,964,260	)			(592,403	)			(11,011,462	)			(11,211,519	)			(5,254,814	)
		(159	)			(149,634	)			45,388				11,769				-				-				(1,871	)			6,266
		1,161,118				13,430,854				105,493,536				168,186,210				230,921				2,655,420				1,637,946				1,252,379
		-				(105,747	)			-				-				-				-				-				-
		670,578				(26,286,765	)			26,138,315				(120,766,281	)			(361,482	)			(8,356,042	)			(9,575,444	)			(3,996,169	)
		(1,464,816	)			54,661,272				(103,834,286	)			(177,445,315	)			(122,918	)			39,114				18,814,470				22,433,920
		-				302,714				(3,012	)			(3,025	)			-				-				7,793				(3,786	)
		(1,464,816	)			54,963,986				(103,837,298	)			(177,448,340	)			(122,918	)			39,114				18,822,263				22,430,134
		(794,238	)			28,677,221				(77,698,983	)			(298,214,621	)			(484,400	)			(8,316,928	)			9,246,819				18,433,965
	$	(137,533	)		$	30,230,875			$	5,055,556			$	(171,788,908	)		$	(274,779	)		$	(6,376,618	)		$	16,204,692			$	20,535,299

  83  

Statements of Operations–(continued)

For the six months ended February 28, 2023

(Unaudited)

	Invesco S&P MidCap Low Volatility ETF (XMLV)				Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)				Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)				Invesco S&P SmallCap Low Volatility ETF (XSLV)				Invesco S&P SmallCap Quality ETF (XSHQ)
Investment income:
Unaffiliated dividend income		$	17,323,347			$	910,219			$	826,392			$	12,554,272			$	267,380
Affiliated dividend income			5,951				1,004				250				5,968				214
Non-cash dividend income			-				22,191				-				-				23,867
Securities lending income, net			160,259				26,867				7,490				77,979				4,894
Foreign withholding tax			-				(903	)			-				(3,789	)			(1,071	)
Total investment income			17,489,557				959,378				834,132				12,634,430				295,284
Expenses:
Unitary management fees			1,432,624				74,867				32,189				882,251				39,378
Less: Waivers			(178	)			(30	)			(7	)			(171	)			(6	)
Net expenses			1,432,446				74,837				32,182				882,080				39,372
Net investment income			16,057,111				884,541				801,950				11,752,350				255,912
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(36,715,066	)			(2,672,281	)			(769,236	)			(28,475,678	)			(2,168,785	)
Affiliated investment securities			23,470				3,416				455				15,111				595
In-kind redemptions			52,530,678				237,946				(512,822	)			1,226,037				469,697
Net realized gain (loss)			15,839,082				(2,430,919	)			(1,281,603	)			(27,234,530	)			(1,698,493	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			35,781,284				8,812,972				(421,945	)			48,167,706				3,415,346
Affiliated investment securities			(6,850	)			(2,256	)			(119	)			(10,753	)			(606	)
Change in net unrealized appreciation (depreciation)			35,774,434				8,810,716				(422,064	)			48,156,953				3,414,740
Net realized and unrealized gain (loss)			51,613,516				6,379,797				(1,703,667	)			20,922,423				1,716,247
Net increase (decrease) in net assets resulting from operations		$	67,670,627			$	7,264,338			$	(901,717	)		$	32,674,773			$	1,972,159

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  84  

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  85  

Statements of Changes in Net Assets

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)

	Invesco ESG S&P 500 Equal Weight ETF (RSPE)								Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)
	Six Months Ended February 28, 2023				Period Ended August 31, 2022(a)				Six Months Ended February 28, 2023				Year Ended August  31, 2022
Operations:
Net investment income		$	96,844			$	81,490			$	23,190			$	47,460
Net realized gain (loss)			(73,099	)			(205,237	)			(35,062	)			133,045
Change in net unrealized appreciation (depreciation)			541,649				(911,679	)			155,054				(481,357	)
Net increase (decrease) in net assets resulting from operations			565,394				(1,035,426	)			143,182				(300,852	)
Distributions to Shareholders from:
Distributable earnings			(84,660	)			(59,420	)			(23,394	)			(40,838	)
Shareholder Transactions:
Proceeds from shares sold			3,389,542				13,000,263				-				923,047
Value of shares repurchased			(1,070,351	)			(2,336,876	)			-				(882,437	)
Net increase (decrease) in net assets resulting from share transactions			2,319,191				10,663,387				-				40,610
Net increase (decrease) in net assets			2,799,925				9,568,541				119,788				(301,080	)
Net assets:
Beginning of period			9,568,541				-				2,504,600				2,805,680
End of period		$	12,368,466			$	9,568,541			$	2,624,388			$	2,504,600
Changes in Shares Outstanding:
Shares sold			150,000				550,001				-				25,000
Shares repurchased			(50,000	)			(100,000	)			-				(25,000	)
Shares outstanding, beginning of period			450,001				-				75,001				75,001
Shares outstanding, end of period			550,001				450,001				75,001				75,001

^(a) For the period November 15, 2021 (commencement of investment operations) through August 31, 2022.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  86  

Invesco Russell 1000 Equal Weight ETF (EQAL)								Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)								Invesco S&P 500 Enhanced Value ETF (SPVU)								Invesco S&P 500®  ex-Rate Sensitive Low Volatility ETF (XRLV)
Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022
	$	6,202,864			$	11,153,118			$	83,839			$	142,288			$	2,033,155			$	3,710,308			$	656,705			$	1,041,567
		(4,234,503	)			65,999,313				(48,096	)			(546,416	)			(3,275,981	)			2,895,557				670,578				2,875,716
		9,674,130				(152,904,219	)			400,617				(247,353	)			7,854,745				(14,863,841	)			(1,464,816	)			(5,390,862	)
		11,642,491				(75,751,788	)			436,360				(651,481	)			6,611,919				(8,257,976	)			(137,533	)			(1,473,579	)
		(5,731,477	)			(9,835,744	)			(93,636	)			(106,206	)			(1,851,326	)			(3,841,875	)			(600,321	)			(942,341	)
		31,351,003				348,997,842				-				885,482				51,003,778				124,174,209				9,572,074				30,026,387
		(24,855,409	)			(319,583,356	)			-				(1,959,150	)			(58,596,806	)			(112,682,821	)			(11,907,820	)			(25,776,836	)
		6,495,594				29,414,486				-				(1,073,668	)			(7,593,028	)			11,491,388				(2,335,746	)			4,249,551
		12,406,608				(56,173,046	)			342,724				(1,831,355	)			(2,832,435	)			(608,463	)			(3,073,600	)			1,833,631
		617,467,962				673,641,008				8,407,170				10,238,525				144,634,761				145,243,224				54,089,921				52,256,290
	$	629,874,570			$	617,467,962			$	8,749,894			$	8,407,170			$	141,802,326			$	144,634,761			$	51,016,321			$	54,089,921
		775,000				7,675,000				-				25,000				1,220,000				2,850,000				200,000				610,000
		(625,000	)			(7,350,000	)			-				(50,000	)			(1,460,000	)			(2,710,000	)			(250,000	)			(530,000	)
		14,875,001				14,550,001				225,001				250,001				3,560,001				3,420,001				1,140,001				1,060,001
		15,025,001				14,875,001				225,001				225,001				3,320,001				3,560,001				1,090,001				1,140,001

  87  

Statements of Changes in Net Assets–(continued)

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)

	Invesco S&P 500® High Beta ETF (SPHB)								Invesco S&P 500® High Dividend Low Volatility ETF (SPHD)
	Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022
Operations:
Net investment income		$	1,553,654			$	7,042,119			$	82,754,539			$	121,037,141
Net realized gain (loss)			(26,286,765	)			64,821,130				26,138,315				252,639,920
Change in net unrealized appreciation (depreciation)			54,963,986				(214,789,976	)			(103,837,298	)			(308,891,811	)
Net increase (decrease) in net assets resulting from operations			30,230,875				(142,926,727	)			5,055,556				64,785,250
Distributions to Shareholders from:
Distributable earnings			(1,410,366	)			(9,212,158	)			(75,366,491	)			(125,648,308	)
Shareholder Transactions:
Proceeds from shares sold			493,031,949				1,458,860,906				970,824,817				2,955,523,073
Value of shares repurchased			(343,029,740	)			(2,458,379,161	)			(902,603,891	)			(2,121,152,437	)
Net increase (decrease) in net assets resulting from share transactions			150,002,209				(999,518,255	)			68,220,926				834,370,636
Net increase (decrease) in net assets			178,822,718				(1,151,657,140	)			(2,090,009	)			773,507,578
Net assets:
Beginning of period			527,684,213				1,679,341,353				3,807,983,840				3,034,476,262
End of period		$	706,506,931			$	527,684,213			$	3,805,893,831			$	3,807,983,840
Changes in Shares Outstanding:
Shares sold			7,150,000				19,510,000				21,870,000				65,160,000
Shares repurchased			(5,340,000	)			(33,800,000	)			(20,360,000	)			(47,030,000	)
Shares outstanding, beginning of period			8,180,000				22,470,000				86,720,000				68,590,000
Shares outstanding, end of period			9,990,000				8,180,000				88,230,000				86,720,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  88

Invesco S&P 500® Low Volatility ETF (SPLV)								Invesco S&P 500 Minimum Variance ETF (SPMV)								Invesco S&P 500 Momentum ETF (SPMO)								Invesco S&P 500 QVM Multi-factor ETF (QVML)
Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022
	$	126,425,713			$	194,673,336			$	209,621			$	390,471			$	1,940,310			$	1,163,067			$	6,957,873			$	11,454,017
		(120,766,281	)			324,559,313				(361,482	)			1,337,908				(8,356,042	)			6,175,309				(9,575,444	)			(13,947,376	)
		(177,448,340	)			(639,723,215	)			(122,918	)			(2,791,894	)			39,114				(21,800,268	)			18,822,263				(72,535,505	)
		(171,788,908	)			(120,490,566	)			(274,779	)			(1,063,515	)			(6,376,618	)			(14,461,892	)			16,204,692				(75,028,864	)
		(115,383,938	)			(184,314,118	)			(192,932	)			(388,980	)			(1,539,527	)			(829,817	)			(6,280,344	)			(11,101,222	)
		1,753,867,193				11,438,901,638				2,921,810				7,405,986				152,132,786				158,290,370				274,360,733				68,913,195
		(2,664,314,277	)			(8,378,589,464	)			(720,974	)			(8,652,212	)			(52,754,551	)			(117,191,064	)			(9,246,811	)			(51,583,392	)
		(910,447,084	)			3,060,312,174				2,200,836				(1,246,226	)			99,378,235				41,099,306				265,113,922				17,329,803
		(1,197,619,930	)			2,755,507,490				1,733,125				(2,698,721	)			91,462,090				25,807,597				275,038,270				(68,800,283	)
		10,972,984,738				8,217,477,248				21,578,221				24,276,942				113,973,260				88,165,663				724,054,557				792,854,840
	$	9,775,364,808			$	10,972,984,738			$	23,311,346			$	21,578,221			$	205,435,350			$	113,973,260			$	999,092,827			$	724,054,557
		27,910,000				175,850,000				80,000				190,000				2,690,000				2,620,000				11,750,000				2,650,000
		(42,820,000	)			(130,450,000	)			(20,000	)			(220,000	)			(980,000	)			(1,910,000	)			(400,000	)			(1,950,000	)
		173,650,000				128,250,000				590,001				620,001				2,100,001				1,390,001				30,700,001				30,000,001
		158,740,000				173,650,000				650,001				590,001				3,810,001				2,100,001				42,050,001				30,700,001

  89  

Statements of Changes in Net Assets–(continued)

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)

	Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)								Invesco S&P MidCap Low Volatility ETF (XMLV)
	Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022
Operations:
Net investment income		$	2,101,334			$	2,871,550			$	16,057,111			$	22,667,581
Net realized gain (loss)			(3,996,169	)			(5,923,959	)			15,839,082				96,861,468
Change in net unrealized appreciation (depreciation)			22,430,134				(15,758,068	)			35,774,434				(163,634,830	)
Net increase (decrease) in net assets resulting from operations			20,535,299				(18,810,477	)			67,670,627				(44,105,781	)
Distributions to Shareholders from:
Distributable earnings			(1,806,271	)			(2,703,549	)			(12,533,159	)			(20,814,914	)
Shareholder Transactions:
Proceeds from shares sold			11,967,598				80,341,091				301,287,041				446,920,753
Value of shares repurchased			(5,142,161	)			(21,014,578	)			(390,768,850	)			(672,492,539	)
Net increase (decrease) in net assets resulting from share transactions			6,825,437				59,326,513				(89,481,809	)			(225,571,786	)
Net increase (decrease) in net assets			25,554,465				37,812,487				(34,344,341	)			(290,492,481	)
Net assets:
Beginning of period			244,361,918				206,549,431				1,163,049,593				1,453,542,074
End of period		$	269,916,383			$	244,361,918			$	1,128,705,252			$	1,163,049,593
Changes in Shares Outstanding:
Shares sold			550,000				3,620,000				5,490,000				8,100,000
Shares repurchased			(240,000	)			(840,000	)			(7,100,000	)			(12,250,000	)
Shares outstanding, beginning of period			10,870,001				8,090,001				22,140,000				26,290,000
Shares outstanding, end of period			11,180,001				10,870,001				20,530,000				22,140,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  90  

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)								Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)								Invesco S&P SmallCap Low Volatility ETF (XSLV)								Invesco S&P SmallCap Quality ETF (XSHQ)
Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022
	$	884,541			$	744,683			$	801,950			$	921,613			$	11,752,350			$	20,665,810			$	255,912			$	557,833
		(2,430,919	)			(1,422,673	)			(1,281,603	)			615,048				(27,234,530	)			82,105,323				(1,698,493	)			540,962
		8,810,716				(2,281,545	)			(422,064	)			(4,912,096	)			48,156,953				(152,441,776	)			3,414,740				(4,570,285	)
		7,264,338				(2,959,535	)			(901,717	)			(3,375,435	)			32,674,773				(49,670,643	)			1,972,159				(3,471,490	)
		(781,937	)			(693,438	)			(754,397	)			(1,098,492	)			(10,281,459	)			(16,976,552	)			(267,793	)			(579,588	)
		2,809,618				55,719,315				6,210,335				14,720,369				16,503,624				407,638,705				8,145,523				38,651,925
		(1,117,471	)			(4,861,690	)			(5,079,042	)			(7,059,610	)			(38,080,023	)			(769,813,289	)			(8,168,314	)			(45,948,411	)
		1,692,147				50,857,625				1,131,293				7,660,759				(21,576,399	)			(362,174,584	)			(22,791	)			(7,296,486	)
		8,174,548				47,204,652				(524,821	)			3,186,832				816,915				(428,821,779	)			1,681,575				(11,347,564	)
		98,310,828				51,106,176				24,876,579				21,689,747				726,364,264				1,155,186,043				28,682,732				40,030,296
	$	106,485,376			$	98,310,828			$	24,351,758			$	24,876,579			$	727,181,179			$	726,364,264			$	30,364,307			$	28,682,732
		130,000				2,600,000				320,000				690,000				360,000				8,350,000				240,000				1,040,000
		(50,000	)			(200,000	)			(290,000	)			(320,000	)			(860,000	)			(15,930,000	)			(250,000	)			(1,240,000	)
		4,440,001				2,040,001				1,310,001				940,001				16,120,000				23,700,000				870,001				1,070,001
		4,520,001				4,440,001				1,340,001				1,310,001				15,620,000				16,120,000				860,001				870,001

  91  

Financial Highlights

Invesco ESG S&P 500 Equal Weight ETF (RSPE)

	Six Months  Ended February  28, 2023 (Unaudited)				For the Period November  15, 2021(a) Through August 31, 2022
Per Share Operating Performance:
Net asset value at beginning of period		$	21.26			$	25.00
Net investment income(b)			0.21				0.34
Net realized and unrealized gain (loss) on investments			1.22				(3.81	)
Total from investment operations			1.43				(3.47	)
Distributions to shareholders from:
Net investment income			(0.20	)			(0.27	)
Net asset value at end of period		$	22.49			$	21.26
Market price at end of period(c)		$	22.52			$	21.28
Net Asset Value Total Return(d)			6.77	%			(13.93	)%(e)
Market Price Total Return(d)			6.81	%			(13.85	)%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	12,368			$	9,569
Ratio to average net assets of:
Expenses			0.20	%(f)			0.20	%(f)
Net investment income			1.95	%(f)			1.85	%(f)
Portfolio turnover rate(g)			11	%			45	%

^(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 (November 17, 2021, the first day of trading on the exchange) to August 31, 2022 was (13.61)%. The market price total return from Fund Inception to August 31, 2022 was (13.57)%.

^(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 Russell 1000 Enhanced Equal Weight ETF (USEQ)

	Six Months Ended February 28, 2023				Years Ended August 31,												Ten Months Ended August 31,				For the Period July 11, 2017(a) Through October  31,
	(Unaudited)				2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	33.39		$	37.41		$	27.38		$	27.73		$	28.81			$	26.39			$	24.98
Net investment income(b)			0.31			0.57			0.46			0.53			0.45				0.39				0.11
Net realized and unrealized gain (loss) on investments			1.60			(4.09	)		10.36			(0.15	)		(0.91	)			2.34				1.35
Total from investment operations			1.91			(3.52	)		10.82			0.38			(0.46	)			2.73				1.46
Distributions to shareholders from:
Net investment income			(0.31	)		(0.50	)		(0.79	)		(0.73	)		(0.62	)			(0.31	)			(0.05	)
Net asset value at end of period		$	34.99		$	33.39		$	37.41		$	27.38		$	27.73			$	28.81			$	26.39
Market price at end of period(c)		$	35.01		$	33.40		$	37.41		$	27.40		$	27.71			$	28.83			$	26.43
Net Asset Value Total Return(d)			5.78	%		(9.47	)%		40.16	%		1.72	%		(1.34	)%			10.38	%			5.84	%(e)
Market Price Total Return(d)			5.81	%		(9.44	)%		40.06	%		1.88	%		(1.49	)%			10.29	%			6.00	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,624		$	2,505		$	2,806		$	2,738		$	18,023			$	145,500			$	67,301
Ratio to average net assets of:
Expenses			0.29	%(f)		0.29	%		0.29	%		0.29	%		0.30	%(g)			0.29	%(f)			0.29	%(f)
Net investment income			1.84	%(f)		1.58	%		1.43	%		1.85	%		1.63	%(g)			1.69	%(f)			1.35	%(f)
Portfolio turnover rate(h)			14	%		37	%		54	%		28	%		23	%			34	%			2	%

^(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 (July 13, 2017, the first day of trading on the Exchange) to October 31, 2017 was 4.96%. The market price total return from Fund Inception to October 31, 2017 was 5.08%.

^(f) Annualized.

^(g) Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(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.

  93  

Financial Highlights–(continued)

Invesco Russell 1000 Equal Weight ETF (EQAL)

	Six Months Ended February 28, 2023				Years Ended August 31,												Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	41.51		$	46.30		$	33.47		$	31.51		$	33.30			$	29.90			$	25.38
Net investment income(a)			0.42			0.73			0.61			0.61			0.53				0.41				0.42
Net realized and unrealized gain (loss) on investments			0.38			(4.86	)		12.90			2.01			(1.84	)			3.31				4.50
Total from investment operations			0.80			(4.13	)		13.51			2.62			(1.31	)			3.72				4.92
Distributions to shareholders from:
Net investment income			(0.39	)		(0.66	)		(0.68	)		(0.66	)		(0.48	)			(0.32	)			(0.40	)
Net asset value at end of period		$	41.92		$	41.51		$	46.30		$	33.47		$	31.51			$	33.30			$	29.90
Market price at end of period(b)		$	41.92		$	41.54		$	46.28		$	33.52		$	31.51			$	33.31			$	29.91
Net Asset Value Total Return(c)			1.96	%		(8.96	)%		40.74	%		8.71	%		(3.88	)%			12.50	%			19.48	%
Market Price Total Return(c)			1.89	%		(8.86	)%		40.46	%		8.87	%		(3.91	)%			12.49	%			19.38	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	629,875		$	617,468		$	673,641		$	475,339		$	560,932			$	474,554			$	315,495
Ratio to average net assets of:
Expenses			0.20	%(d)		0.20	%		0.20	%		0.20	%		0.20	%			0.20	%(d)			0.20	%
Net investment income			2.06	%(d)		1.64	%		1.49	%		1.95	%		1.67	%			1.57	%(d)			1.48	%
Portfolio turnover rate(e)			13	%		27	%		40	%		29	%		27	%			19	%			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.

  94  

Financial Highlights–(continued)

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)

	Six Months Ended February 28, 2023				Years Ended August 31,												Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	37.37		$	40.95		$	32.99		$	33.19		$	33.29			$	29.81			$	25.93
Net investment income(a)			0.37			0.59			0.41			0.59			0.58				0.42				0.45
Net realized and unrealized gain (loss) on investments			1.57			(3.71	)		8.22			0.01			(0.07	)			3.44				3.83
Total from investment operations			1.94			(3.12	)		8.63			0.60			0.51				3.86				4.28
Distributions to shareholders from:
Net investment income			(0.42	)		(0.46	)		(0.67	)		(0.80	)		(0.61	)			(0.38	)			(0.40	)
Net asset value at end of period		$	38.89		$	37.37		$	40.95		$	32.99		$	33.19			$	33.29			$	29.81
Market price at end of period(b)		$	38.94		$	37.40		$	40.96		$	33.06		$	33.19			$	33.29			$	29.81
Net Asset Value Total Return(c)			5.24	%		(7.66	)%		26.61	%		2.08	%		1.69	%			13.04	%			16.60	%
Market Price Total Return(c)			5.29	%		(7.60	)%		26.38	%		2.30	%		1.69	%			13.04	%			16.51	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	8,750		$	8,407		$	10,239		$	9,896		$	111,185			$	164,778			$	153,515
Ratio to average net assets of:
Expenses			0.35	%(d)		0.35	%		0.35	%		0.35	%		0.36	%(e)			0.35	%(d)			0.35	%
Net investment income			1.98	%(d)		1.48	%		1.12	%		1.76	%		1.82	%(e)			1.63	%(d)			1.60	%
Portfolio turnover rate(f)			28	%		85	%		42	%		33	%		53	%			91	%			40	%

^(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)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(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.

  95  

Financial Highlights–(continued)

Invesco S&P 500^® Enhanced Value ETF (SPVU)

	Six Months Ended February 28, 2023				Years Ended August 31,												Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	40.63		$	42.47		$	28.77		$	33.42		$	35.99			$	33.08			$	26.44
Net investment income(a)			0.59			1.02			0.96			0.99			0.93				0.68				0.57
Net realized and unrealized gain (loss) on investments			2.01			(1.78	)		13.63			(4.69	)		(2.67	)			3.12				6.44
Total from investment operations			2.60			(0.76	)		14.59			(3.70	)		(1.74	)			3.80				7.01
Distributions to shareholders from:
Net investment income			(0.52	)		(1.08	)		(0.89	)		(0.95	)		(0.83	)			(0.89	)			(0.37	)
Net asset value at end of period		$	42.71		$	40.63		$	42.47		$	28.77		$	33.42			$	35.99			$	33.08
Market price at end of period(b)		$	42.80		$	40.65		$	42.44		$	28.82		$	33.45			$	36.01			$	33.10
Net Asset Value Total Return(c)			6.48	%		(1.85	)%		51.49	%		(11.04	)%		(4.79	)%			11.61	%			26.58	%
Market Price Total Return(c)			6.65	%		(1.72	)%		51.13	%		(10.97	)%		(4.76	)%			11.60	%			26.61	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	141,802		$	144,635		$	145,243		$	69,042		$	60,160			$	26,996			$	51,275
Ratio to average net assets of:
Expenses			0.13	%(d)		0.13	%		0.13	%		0.13	%		0.15	%(e)			0.16	%(d)			0.25	%
Net investment income			2.89	%(d)		2.36	%		2.53	%		3.14	%		2.72	%(e)			2.35	%(d)			1.81	%
Portfolio turnover rate(f)			19	%		32	%		36	%		39	%		54	%			34	%			36	%

^(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) Ratios include non-recurring costs associated with a proxy statement of 0.02%.

^(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 S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)

	Six Months Ended February 28, 2023				Years Ended August 31,												Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	47.45		$	49.30		$	39.43		$	38.76		$	36.10			$	32.38			$	26.74
Net investment income(a)			0.57			0.94			0.57			0.72			0.63				0.43				0.51
Net realized and unrealized gain (loss) on investments			(0.70	)		(1.94	)		9.88			0.71			2.68				3.73				5.62
Total from investment operations			(0.13	)		(1.00	)		10.45			1.43			3.31				4.16				6.13
Distributions to shareholders from:
Net investment income			(0.52	)		(0.85	)		(0.58	)		(0.76	)		(0.65	)			(0.44	)			(0.49	)
Net asset value at end of period		$	46.80		$	47.45		$	49.30		$	39.43		$	38.76			$	36.10			$	32.38
Market price at end of period(b)		$	46.84		$	47.49		$	49.27		$	39.49		$	38.77			$	36.11			$	32.38
Net Asset Value Total Return(c)			(0.30	)%		(2.04	)%		26.73	%		3.86	%		9.35	%			12.92	%			23.11	%
Market Price Total Return(c)			(0.30	)%		(1.90	)%		26.46	%		3.99	%		9.35	%			12.96	%			23.06	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	51,016		$	54,090		$	52,256		$	69,002		$	166,657			$	146,189			$	131,153
Ratio to average net assets of:
Expenses			0.25	%(d)		0.25	%		0.25	%		0.25	%		0.26	%(e)			0.25	%(d)			0.25	%
Net investment income			2.40	%(d)		1.94	%		1.33	%		1.87	%		1.74	%(e)			1.52	%(d)			1.75	%
Portfolio turnover rate(f)			32	%		77	%		64	%		84	%		62	%			68	%			61	%

^(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)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(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 S&P 500^® High Beta ETF (SPHB)

	Six Months Ended February 28, 2023				Years Ended August 31,												Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	64.51		$	74.74		$	43.73		$	40.44		$	45.25			$	40.12			$	32.29
Net investment income(a)			0.20			0.51			0.89			0.99	(b)		0.44				0.51				0.44
Net realized and unrealized gain (loss) on investments			6.19			(10.12	)		30.93			3.25			(4.67	)			5.15				8.01
Total from investment operations			6.39			(9.61	)		31.82			4.24			(4.23	)			5.66				8.45
Distributions to shareholders from:
Net investment income			(0.18	)		(0.62	)		(0.81	)		(0.95	)		(0.58	)			(0.53	)			(0.62	)
Net asset value at end of period		$	70.72		$	64.51		$	74.74		$	43.73		$	40.44			$	45.25			$	40.12
Market price at end of period(c)		$	70.72		$	64.58		$	74.75		$	43.83		$	40.46			$	45.28			$	40.12
Net Asset Value Total Return(d)			9.94	%		(12.92	)%		73.38	%		11.38	%		(9.32	)%			14.14	%			26.32	%
Market Price Total Return(d)			9.83	%		(12.84	)%		73.01	%		11.59	%		(9.33	)%			14.22	%			26.20	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	706,507		$	527,684		$	1,679,341		$	131,175		$	90,993			$	171,934			$	359,072
Ratio to average net assets of:
Expenses			0.25	%(e)		0.25	%		0.25	%		0.25	%		0.25	%			0.25	%(e)			0.25	%
Net investment income			0.61	%(e)		0.69	%		1.30	%		2.39	%(b)		1.07	%			1.42	%(e)			1.18	%
Portfolio turnover rate(f)			32	%		76	%		103	%		113	%		69	%			76	%			80	%

^(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 $0.79 and 1.91%, 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.

  98  

Financial Highlights–(continued)

Invesco S&P 500^® High Dividend Low Volatility ETF (SPHD)

	Six Months Ended February 28, 2023				Years Ended August 31,												Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	43.91		$	44.24		$	34.10		$	40.52		$	41.68			$	41.24			$	37.69
Net investment income(a)			0.95			1.60			1.57			1.53			1.64				1.35				1.33
Net realized and unrealized gain (loss) on investments			(0.86	)		(0.27	)		10.21			(6.10	)		(1.06	)			0.45				3.68
Total from investment operations			0.09			1.33			11.78			(4.57	)		0.58				1.80				5.01
Distributions to shareholders from:
Net investment income			(0.86	)		(1.66	)		(1.64	)		(1.85	)		(1.74	)			(1.36	)			(1.46	)
Net asset value at end of period		$	43.14		$	43.91		$	44.24		$	34.10		$	40.52			$	41.68			$	41.24
Market price at end of period(b)		$	43.13		$	43.96		$	44.23		$	34.16		$	40.55			$	41.68			$	41.25
Net Asset Value Total Return(c)			0.21	%		3.02	%		35.25	%		(11.46	)%		1.42	%			4.48	%			13.48	%
Market Price Total Return(c)			0.07	%		3.15	%		34.98	%		(11.37	)%		1.49	%			4.45	%			13.42	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	3,805,894		$	3,807,984		$	3,034,476		$	2,446,739		$	3,304,185			$	2,656,868			$	2,973,601
Ratio to average net assets of:
Expenses			0.30	%(d)		0.30	%		0.30	%		0.30	%		0.30	%			0.30	%(d)			0.30	%
Net investment income			4.38	%(d)		3.56	%		3.90	%		4.02	%		3.97	%			3.95	%(d)			3.31	%
Portfolio turnover rate(e)			32	%		60	%		45	%		76	%		43	%			46	%			56	%

^(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.

  99  

Financial Highlights–(continued)

Invesco S&P 500^® Low Volatility ETF (SPLV)

	Six Months Ended February 28, 2023				Years Ended August 31,												Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	63.19		$	64.07		$	54.69		$	56.75		$	49.77			$	46.56			$	40.47
Net investment income(a)			0.76			1.35			0.91			1.27			1.16				0.81				0.95
Net realized and unrealized gain (loss) on investments			(1.67	)		(0.96	)		9.42			(2.01	)		6.96				3.23				6.09
Total from investment operations			(0.91	)		0.39			10.33			(0.74	)		8.12				4.04				7.04
Distributions to shareholders from:
Net investment income			(0.70	)		(1.27	)		(0.95	)		(1.32	)		(1.14	)			(0.83	)			(0.95	)
Net asset value at end of period		$	61.58		$	63.19		$	64.07		$	54.69		$	56.75			$	49.77			$	46.56
Market price at end of period(b)		$	61.57		$	63.25		$	64.05		$	54.77		$	56.77			$	49.78			$	46.57
Net Asset Value Total Return(c)			(1.45	)%		0.60	%		19.09	%		(1.19	)%		16.57	%			8.77	%			17.57	%
Market Price Total Return(c)			(1.56	)%		0.73	%		18.87	%		(1.08	)%		16.59	%			8.76	%			17.51	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	9,775,365		$	10,972,985		$	8,217,477		$	9,233,967		$	12,348,879			$	7,381,362			$	7,140,364
Ratio to average net assets of:
Expenses			0.25	%(d)		0.25	%		0.25	%		0.25	%		0.25	%			0.25	%(d)			0.25	%
Net investment income			2.45	%(d)		2.10	%		1.58	%		2.33	%		2.24	%			2.06	%(d)			2.18	%
Portfolio turnover rate(e)			25	%		70	%		64	%		86	%		51	%			68	%			49	%

^(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.

  100  

Financial Highlights–(continued)

Invesco S&P 500 Minimum Variance ETF (SPMV)

	Six Months Ended February 28, 2023				Years Ended August 31,												Ten Months Ended August 31,				For the Period July 11, 2017(a) Through October 31,
	(Unaudited)				2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	36.57		$	39.16		$	32.31		$	30.22		$	29.19			$	26.29			$	24.92
Net investment income(b)			0.34			0.63			0.60			0.63			0.46				0.47				0.15
Net realized and unrealized gain (loss) on investments			(0.73	)		(2.60	)		6.70			2.57			1.65				3.04				1.30
Total from investment operations			(0.39	)		(1.97	)		7.30			3.20			2.11				3.51				1.45
Distributions to shareholders from:
Net investment income			(0.32	)		(0.62	)		(0.45	)		(0.58	)		(0.55	)			(0.61	)			(0.08	)
Net realized gains			-			-			-			(0.53	)		(0.53	)			-				-
Total distributions			(0.32	)		(0.62	)		(0.45	)		(1.11	)		(1.08	)			(0.61	)			(0.08	)
Net asset value at end of period		$	35.86		$	36.57		$	39.16		$	32.31		$	30.22			$	29.19			$	26.29
Market price at end of period(c)		$	35.91		$	36.60		$	39.22		$	32.39		$	30.24			$	29.19			$	26.30
Net Asset Value Total Return(d)			(1.07	)%		(5.08	)%		22.82	%		11.02	%		7.86	%			13.50	%			5.81	%(e)
Market Price Total Return(d)			(1.01	)%		(5.14	)%		22.71	%		11.22	%		7.94	%			13.45	%			5.85	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	23,311		$	21,578		$	24,277		$	4,847		$	1,511			$	1,460			$	2,629
Ratio to average net assets of:
Expenses			0.10	%(f)		0.10	%		0.10	%		0.10	%		0.58	%(g)			0.13	%(f)			0.13	%(f)
Net investment income			1.89	%(f)		1.62	%		1.67	%		2.11	%		1.62	%(g)			2.08	%(f)			1.97	%(f)
Portfolio turnover rate(h)			9	%		20	%		22	%		20	%		34	%			30	%			14	%

^(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 (July 13, 2017, the first day of trading on the Exchange) to October 31, 2017 was 4.97%. The market price total return from Fund Inception to October 31, 2017 was 4.93%.

^(f)  Annualized.

^(g)  Ratios include non-recurring costs associated with a proxy statement of 0.48%.

^(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.

  101  

Financial Highlights–(continued)

Invesco S&P 500^® Momentum ETF (SPMO)

	Six Months Ended February 28, 2023				Years Ended August 31,												Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	54.27		$	63.43		$	50.95		$	40.57		$	40.07			$	33.26			$	26.56
Net investment income(a)			0.68			0.75			0.38			0.62			0.51				0.34				0.46
Net realized and unrealized gain (loss) on investments			(0.45	)		(9.34	)		12.58			10.42			0.46				6.67				6.72
Total from investment operations			0.23			(8.59	)		12.96			11.04			0.97				7.01				7.18
Distributions to shareholders from:
Net investment income			(0.58	)		(0.57	)		(0.48	)		(0.66	)		(0.47	)			(0.20	)			(0.48	)
Net asset value at end of period		$	53.92		$	54.27		$	63.43		$	50.95		$	40.57			$	40.07			$	33.26
Market price at end of period(b)		$	53.94		$	54.36		$	63.41		$	51.10		$	40.59			$	40.08			$	33.23
Net Asset Value Total Return(c)			0.40	%		(13.60	)%		25.65	%		27.77	%		2.52	%			21.12	%			27.35	%
Market Price Total Return(c)			0.28	%		(13.43	)%		25.24	%		28.08	%		2.55	%			21.26	%			27.14	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	205,435		$	113,973		$	88,166		$	73,872		$	75,053			$	50,082			$	1,663
Ratio to average net assets of:
Expenses			0.13	%(d)		0.13	%		0.13	%		0.13	%		0.14	%(e)			0.13	%(d)			0.25	%
Net investment income			2.46	%(d)		1.25	%		0.70	%		1.48	%		1.32	%(e)			1.10	%(d)			1.61	%
Portfolio turnover rate(f)			33	%		124	%		70	%		90	%		83	%			41	%			140	%

^(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)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(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.

  102  

Financial Highlights–(continued)

Invesco S&P 500 QVM Multi-factor ETF (QVML)

	Six Months Ended February 28, 2023 (Unaudited)				Year Ended August 31, 2022				For the Period June 28,  2021(a) Through August 31, 2021
Per Share Operating Performance:
Net asset value at beginning of period		$	23.58			$	26.43			$	25.00
Net investment income(b)			0.21				0.38				0.06
Net realized and unrealized gain (loss) on investments			0.17				(2.86	)			1.37
Total from investment operations			0.38				(2.48	)			1.43
Distributions to shareholders from:
Net investment income			(0.20	)			(0.37	)			-
Net asset value at end of period		$	23.76			$	23.58			$	26.43
Market price at end of period(c)		$	23.81			$	23.62			$	26.44
Net Asset Value Total Return(d)			1.66	%			(9.47	)%			5.72	%(e)
Market Price Total Return(d)			1.70	%			(9.36	)%			5.76	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	999,093			$	724,055			$	792,855
Ratio to average net assets of:
Expenses			0.11	%(f)			0.11	%			0.11	%(f)
Net investment income			1.80	%(f)			1.47	%			1.34	%(f)
Portfolio turnover rate(g)			7	%			18	%			1	%

^(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 30, 2021, the first day of trading on the exchange) to August 31, 2021 was 5.55%. The market price total return from Fund Inception to August 31, 2021 was 5.55%.

^(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.

  103  

Financial Highlights–(continued)

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)

	Six Months Ended February 28, 2023 (Unaudited)				Year Ended August 31, 2022				For the Period June 28,  2021(a) Through August 31, 2021
Per Share Operating Performance:
Net asset value at beginning of period		$	22.48			$	25.53			$	25.00
Net investment income(b)			0.19				0.33				0.04
Net realized and unrealized gain (loss) on investments			1.64				(3.05	)			0.49
Total from investment operations			1.83				(2.72	)			0.53
Distributions to shareholders from:
Net investment income			(0.17	)			(0.33	)			-
Net asset value at end of period		$	24.14			$	22.48			$	25.53
Market price at end of period(c)		$	24.17			$	22.50			$	25.53
Net Asset Value Total Return(d)			8.19	%			(10.69	)%			2.12	%(e)
Market Price Total Return(d)			8.23	%			(10.62	)%			2.12	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	269,916			$	244,362			$	206,549
Ratio to average net assets of:
Expenses			0.15	%(f)			0.15	%			0.15	%(f)
Net investment income			1.68	%(f)			1.38	%			0.98	%(f)
Portfolio turnover rate(g)			15	%			27	%			5	%

^(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 30, 2021, the first day of trading on the exchange) to August 31, 2021 was 2.24%. The market price total return from Fund Inception to August 31, 2021 was 2.12%.

^(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.

  104  

Financial Highlights–(continued)

Invesco S&P MidCap Low Volatility ETF (XMLV)

	Six Months Ended February 28, 2023				Years Ended August 31,												Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	52.53		$	55.29		$	43.65		$	51.87		$	49.02			$	45.02			$	38.21
Net investment income(a)			0.74			0.97			0.62			1.02			1.09				0.96				0.69
Net realized and unrealized gain (loss) on investments			2.29			(2.84	)		11.59			(7.93	)		2.72				3.92				6.80
Total from investment operations			3.03			(1.87	)		12.21			(6.91	)		3.81				4.88				7.49
Distributions to shareholders from:
Net investment income			(0.58	)		(0.89	)		(0.57	)		(1.31	)		(0.96	)			(0.88	)			(0.68	)
Net asset value at end of period		$	54.98		$	52.53		$	55.29		$	43.65		$	51.87			$	49.02			$	45.02
Market price at end of period(b)		$	55.00		$	52.56		$	55.26		$	43.70		$	51.88			$	49.04			$	45.02
Net Asset Value Total Return(c)			5.81	%		(3.38	)%		28.21	%		(13.26	)%		7.99	%			11.00	%			19.76	%
Market Price Total Return(c)			5.79	%		(3.27	)%		27.99	%		(13.17	)%		7.97	%			11.04	%			19.69	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,128,705		$	1,163,050		$	1,453,542		$	2,042,702		$	3,231,736			$	1,443,641			$	1,195,218
Ratio to average net assets of:
Expenses			0.25	%(d)		0.25	%		0.25	%		0.25	%		0.25	%			0.25	%(d)			0.25	%
Net investment income			2.80	%(d)		1.78	%		1.26	%		2.13	%		2.21	%			2.52	%(d)			1.64	%
Portfolio turnover rate(e)			32	%		61	%		57	%		84	%		61	%			50	%			57	%

^(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.

  105  

Financial Highlights–(continued)

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)

	Six Months Ended February 28, 2023 (Unaudited)				Year Ended August 31, 2022				For the Period June 28,  2021(a) Through August 31, 2021
Per Share Operating Performance:
Net asset value at beginning of period		$	22.14			$	25.05			$	25.00
Net investment income(b)			0.20				0.30				0.06
Net realized and unrealized gain (loss) on investments			1.39				(2.87	)			(0.01	)
Total from investment operations			1.59				(2.57	)			0.05
Distributions to shareholders from:
Net investment income			(0.17	)			(0.34	)			-
Net asset value at end of period		$	23.56			$	22.14			$	25.05
Market price at end of period(c)		$	23.63			$	22.18			$	25.05
Net Asset Value Total Return(d)			7.28	%			(10.33	)%			0.20	%(e)
Market Price Total Return(d)			7.40	%			(10.17	)%			0.20	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	106,485			$	98,311			$	51,106
Ratio to average net assets of:
Expenses			0.15	%(f)			0.15	%			0.15	%(f)
Net investment income			1.77	%(f)			1.27	%			1.51	%(f)
Portfolio turnover rate(g)			15	%			28	%			4	%

^(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 30, 2021, the first day of trading on the exchange) to August 31, 2021 was 0.16%. The market price total return from Fund Inception to August 31, 2021 was (0.04)%.

^(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.

  106  

Financial Highlights–(continued)

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)

	Six Months Ended February 28, 2023				Years Ended August 31,												Ten Months Ended August 31,				For the Period November 29, 2016(a) Through October  31,
	(Unaudited)				2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	18.99		$	23.07		$	16.66		$	22.42		$	26.86			$	25.13			$	25.02
Net investment income(b)			0.67			0.92			0.86			0.82			1.02				0.78				0.81
Net realized and unrealized gain (loss) on investments			(0.87	)		(3.92	)		6.36			(5.31	)		(4.28	)			1.98				0.24
Total from investment operations			(0.20	)		(3.00	)		7.22			(4.49	)		(3.26	)			2.76				1.05
Distributions to shareholders from:
Net investment income			(0.62	)		(1.08	)		(0.81	)		(1.27	)		(1.18	)			(1.03	)			(0.94	)
Net asset value at end of period		$	18.17		$	18.99		$	23.07		$	16.66		$	22.42			$	26.86			$	25.13
Market price at end of period(c)		$	18.20		$	19.02		$	23.06		$	16.69		$	22.35			$	26.85			$	25.15
Net Asset Value Total Return(d)			(0.96	)%		(13.36	)%		43.97	%		(20.41	)%		(12.29	)%			11.39	%			4.31	%(e)
Market Price Total Return(d)			(0.95	)%		(13.19	)%		43.65	%		(20.01	)%		(12.52	)%			11.26	%			4.39	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	24,352		$	24,877		$	21,690		$	20,827		$	23,536			$	12,086			$	7,538
Ratio to average net assets of:
Expenses			0.30	%(f)		0.30	%		0.30	%		0.30	%		0.34	%(g)			0.30	%(f)			0.30	%(f)
Net investment income			7.47	%(f)		4.30	%		4.13	%		4.15	%		4.29	%(g)			3.74	%(f)			3.58	%(f)
Portfolio turnover rate(h)			29	%		67	%		72	%		83	%		67	%			61	%			86	%

^(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 (December 1, 2016, the first day of trading on the Exchange) to October 31, 2017 was 6.26%. The market price total return from Fund Inception to October 31, 2017 was 6.34%.

^(f) Annualized.

^(g) Ratios include non-recurring costs associated with a proxy statement of 0.04%.

^(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.

  107  

Financial Highlights–(continued)

Invesco S&P SmallCap Low Volatility ETF (XSLV)

	Six Months Ended February 28, 2023				Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	45.06			$	48.74			$	35.24			$	47.57			$	51.10			$	46.43			$	37.90
Net investment income(a)			0.74				1.01				0.65				1.08				1.24				0.87				0.97
Net realized and unrealized gain (loss) on investments			1.40				(3.83	)			13.52				(12.05	)			(3.46	)			4.55				8.46
Total from investment operations			2.14				(2.82	)			14.17				(10.97	)			(2.22	)			5.42				9.43
Distributions to shareholders from:
Net investment income			(0.65	)			(0.86	)			(0.67	)			(1.36	)			(1.31	)			(0.75	)			(0.90	)
Net asset value at end of period		$	46.55			$	45.06			$	48.74			$	35.24			$	47.57			$	51.10			$	46.43
Market price at end of period(b)		$	46.59			$	45.09			$	48.73			$	35.30			$	47.59			$	51.10			$	46.47
Net Asset Value Total Return(c)			4.82	%			(5.81	)%			40.64	%			(23.22	)%			(4.17	)%			11.81	%			25.05	%
Market Price Total Return(c)			4.84	%			(5.72	)%			40.38	%			(23.12	)%			(4.14	)%			11.71	%			25.06	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	727,181			$	726,364			$	1,155,186			$	1,614,105			$	2,045,602			$	1,433,356			$	1,079,472
Ratio to average net assets of:
Expenses			0.25	%(d)			0.25	%			0.25	%			0.25	%			0.25	%			0.25	%(d)			0.25	%
Net investment income			3.33	%(d)			2.09	%			1.55	%			2.55	%			2.62	%			2.24	%(d)			2.25	%
Portfolio turnover rate(e)			33	%			66	%			68	%			103	%			56	%			66	%			59	%

^(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.

  108  

Financial Highlights–(continued)

Invesco S&P SmallCap Quality ETF (XSHQ)

	Six Months Ended																								For the Period April 3, 2017(a)
	February 28,																				Ten Months Ended				Through
	2023				Years Ended August 31,																August 31,				October 31,
	(Unaudited)				2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	32.97			$	37.41			$	26.95			$	26.40			$	31.80			$	26.11			$	24.54
Net investment income(b)			0.31				0.62				0.38				0.36				0.35				0.26				0.16
Net realized and unrealized gain (loss) on investments			2.36				(4.37	)			10.42				0.54				(5.41	)			5.65				1.51
Total from investment operations			2.67				(3.75	)			10.80				0.90				(5.06	)			5.91				1.67
Distributions to shareholders from:
Net investment income			(0.33	)			(0.69	)			(0.34	)			(0.35	)			(0.34	)			(0.22	)			(0.10	)
Net realized gains			-				-				-				-				(0.00	)(c)			-				-
Total distributions			(0.33	)			(0.69	)			(0.34	)			(0.35	)			(0.34	)			(0.22	)			(0.10	)
Net asset value at end of period		$	35.31			$	32.97			$	37.41			$	26.95			$	26.40			$	31.80			$	26.11
Market price at end of period(d)		$	35.35			$	32.99			$	37.43			$	26.99			$	26.39			$	31.81			$	26.14
Net Asset Value Total Return(e)			8.21	%			(10.13	)%			40.38	%			3.61	%			(15.88	)%			22.75	%			6.81	%(f)
Market Price Total Return(e)			8.26	%			(10.12	)%			40.25	%			3.80	%			(15.94	)%			22.65	%			6.93	%(f)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	30,364			$	28,683			$	40,030			$	4,043			$	3,960			$	42,924			$	1,305
Ratio to average net assets of:
Expenses			0.29	%(g)			0.30	%			0.29	%			0.29	%			0.34	%(h)			0.29	%(g)			0.29	%(g)
Net investment income			1.88	%(g)			1.71	%			1.07	%			1.37	%			1.23	%(h)			1.06	%(g)			1.11	%(g)
Portfolio turnover rate(i)			39	%			60	%			90	%			107	%			52	%			23	%			65	%

^(a)  Commencement of investment operations.

^(b) Based on average shares outstanding.

^(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)  The net asset value total return from Fund Inception (April 6, 2017, the first day of trading on the Exchange) to October 31, 2017 was 7.33%. The market price total return from Fund Inception to October 31, 2017 was 7.54%.

^(g)  Annualized.

^(h)  Ratios include non-recurring costs associated with a proxy statement of 0.05%.

⁽ⁱ⁾  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.

  109  

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 28, 2023

(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 ESG S&P 500 Equal Weight ETF (RSPE)	"ESG S&P 500 Equal Weight ETF"
Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)	"Russell 1000 Enhanced Equal Weight ETF"
Invesco Russell 1000 Equal Weight ETF (EQAL)	"Russell 1000 Equal Weight ETF"
Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)	"Russell 1000 Low Beta Equal Weight ETF"
Invesco S&P 500® Enhanced Value ETF (SPVU)	"S&P 500® Enhanced Value ETF"
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV)	"S&P 500® ex-Rate Sensitive Low Volatility ETF"
Invesco S&P 500® High Beta ETF (SPHB)	"S&P 500® High Beta ETF"
Invesco S&P 500® High Dividend Low Volatility ETF (SPHD)	"S&P 500® High Dividend Low Volatility ETF"
Invesco S&P 500® Low Volatility ETF (SPLV)	"S&P 500® Low Volatility ETF"
Invesco S&P 500 Minimum Variance ETF (SPMV)	"S&P 500 Minimum Variance ETF"
Invesco S&P 500® Momentum ETF (SPMO)	"S&P 500® Momentum ETF"
Invesco S&P 500 QVM Multi-factor ETF (QVML)	"S&P 500 QVM Multi-factor ETF"
Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)	"S&P MidCap 400 QVM Multi-factor ETF"
Invesco S&P MidCap Low Volatility ETF (XMLV)	"S&P MidCap Low Volatility ETF"
Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)	"S&P SmallCap 600 QVM Multi-factor ETF"
Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)	"S&P SmallCap High Dividend Low Volatility ETF"
Invesco S&P SmallCap Low Volatility ETF (XSLV)	"S&P SmallCap Low Volatility ETF"
Invesco S&P SmallCap Quality ETF (XSHQ)	"S&P SmallCap Quality 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., except for Shares of Russell 1000 Low Beta Equal Weight ETF, which is listed and traded on The Nasdaq Stock Market LLC and Shares of Russell 1000 Enhanced Equal Weight ETF, S&P 500 Minimum Variance ETF, S&P SmallCap High Dividend Low Volatility ETF and S&P SmallCap Quality ETF, which are listed and traded on Cboe BZX Exchange, Inc.

Russell 1000 Enhanced Equal Weight ETF and Russell 1000 Low Beta Equal Weight ETF liquidated and terminated on April 6, 2023. In connection with the liquidation of the Funds, each Fund made a cash distribution of its net assets to then-current shareholders after making appropriate provisions for any of its liabilities.

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.” Creation Units are issued and redeemed principally in exchange for 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.

  110  

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
ESG S&P 500 Equal Weight ETF	S&P 500 Equal Weight ESG Leaders Select Index
Russell 1000 Enhanced Equal Weight ETF	Russell 1000® Enhanced Value Equal Weight Index
Russell 1000 Equal Weight ETF	Russell 1000® Equal Weight Index
Russell 1000 Low Beta Equal Weight ETF	Russell 1000® Low Beta Equal Weight Index
S&P 500® Enhanced Value ETF	S&P 500 Enhanced Value Index
S&P 500® ex-Rate Sensitive Low Volatility ETF	S&P 500 Low Volatility Rate Response Index
S&P 500® High Beta ETF	S&P 500® High Beta Index
S&P 500® High Dividend Low Volatility ETF	S&P 500® Low Volatility High Dividend Index
S&P 500® Low Volatility ETF	S&P 500® Low Volatility Index
S&P 500 Minimum Variance ETF	S&P 500® Minimum Volatility Index
S&P 500® Momentum ETF	S&P 500 Momentum Index
S&P 500 QVM Multi-factor ETF	S&P 500® Quality, Value & Momentum Top 90% Multi-Factor Index
S&P MidCap 400 QVM Multi-factor ETF	S&P MidCap 400® Quality, Value & Momentum Top 90% Multi-Factor Index
S&P MidCap Low Volatility ETF	S&P MidCap 400® Low Volatility Index
S&P SmallCap 600 QVM Multi-factor ETF	S&P SmallCap 600® Quality, Value & Momentum Top 90% Multi-Factor Index
S&P SmallCap High Dividend Low Volatility ETF	S&P SmallCap 600® Low Volatility High Dividend Index
S&P SmallCap Low Volatility ETF	S&P SmallCap 600® Low Volatility Index
S&P SmallCap Quality ETF	S&P SmallCap 600® Quality 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 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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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

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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.

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 last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked 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/asked 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, acts of terrorism, 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

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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 S&P 500^® ex-Rate Sensitive Low Volatility ETF, S&P 500^® High Dividend Low Volatility ETF, S&P 500^® Low Volatility ETF and S&P SmallCap High Dividend Low Volatility ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. S&P 500^® ex-Rate Sensitive Low Volatility ETF, S&P 500^® High Dividend Low Volatility ETF, S&P 500^® Low Volatility ETF and S&P SmallCap High Dividend Low Volatility ETF each declares and pays dividends from net investment income, if any, to its shareholders monthly 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. Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay 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 (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.

G. 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.

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H. 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 (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.

I. 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 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 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 February 28, 2023, each Fund (except for S&P 500 Minimum Variance ETF and S&P 500 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 on the Statements of Operations, were incurred by each applicable Fund as listed below:

	Amount
ESG S&P 500® Equal Weight ETF		$13
Russell 1000 Enhanced Equal Weight ETF		29
Russell 1000 Equal Weight ETF		15,206
Russell 1000 Low Beta Equal Weight ETF		218
S&P 500 Enhanced Value ETF		17
S&P 500® ex-Rate Sensitive Low Volatility ETF		182
S&P 500® High Beta ETF		3,593
S&P 500® High Dividend Low Volatility ETF		13,372
S&P 500® Low Volatility ETF		8,901
S&P 500 QVM Multi-factor ETF		1,319
S&P MidCap 400 QVM Multi-factor ETF		5,083
S&P MidCap Low Volatility ETF		6,913
S&P SmallCap 600 QVM Multi-factor ETF		1,392
S&P SmallCap High Dividend Low Volatility ETF		212
S&P SmallCap Low Volatility ETF		3,532
S&P SmallCap Quality ETF		332

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J. 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.

K. Other Risks

Authorized Participant 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. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

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.

ESG Risk. Because ESG S&P 500 Equal Weight ETF evaluates ESG factors to assess and exclude certain investments for non-financial reasons, the Fund may forego some market opportunities available to funds that do not use these factors. The securities of companies that score favorably under a Fund’s ESG scoring methodology may underperform similar companies that do not score as well or may underperform the stock market as a whole. As a result, ESG S&P 500 Equal Weight ETF may underperform funds that do not screen or score companies based on ESG factors or funds that use a different ESG methodology. Information used by a Fund to evaluate such factors may not be readily available, complete or accurate, which could negatively impact the Fund’s ability to apply its methodology, which in turn could negatively impact the Fund’s performance. In addition, a Fund’s assessment of an issuer, based on the issuer’s level of involvement in a particular industry or the issuer’s ESG score, may differ from that of other funds or an investor. As a result, the issuers deemed eligible for inclusion in a Fund’s portfolio may not reflect the beliefs or values of any particular investor and may not be deemed to exhibit positive or favorable ESG characteristics if different metrics were used to evaluate them.

High Dividend Paying Securities Risk. Certain Funds invest in securities that pay high dividends. As a group, these securities can fall out of favor with the market, causing such companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of the companies in which a Fund invests and the capital resources available for such companies’ dividend payments may adversely affect a Fund. In addition, the value of dividend-paying stocks can decline when interest rates rise, as fixed-income investments become more attractive to investors.

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Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its 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. 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.

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 conflict, acts of terrorism, economic crisis or other events could result in increased premiums or discounts to each Fund’s NAV.

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.

Non-Diversified Fund Risk. Because ESG S&P 500 Equal Weight ETF, S&P 500^® Momentum ETF, S&P 500 QVM Multi-factor ETF, S&P Midcap 400 QVM Multi-factor ETF and S&P SmallCap 600 QVM Multi-factor ETF are non-diversified, and to the extent S&P 500^® Enhanced Value ETF, S&P 500^® ex-Rate Sensitivity Low Volatility ETF, S&P 500^® High Beta ETF, S&P 500^® High Dividend Low Volatility ETF, S&P 500^® Low Volatility ETF, S&P 500 Minimum Variance ETF, S&P MidCap Low Volatility ETF, S&P SmallCap High Dividend Low Volatility ETF, S&P SmallCap Low Volatility ETF and S&P SmallCap Quality ETF 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.

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.

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

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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 has agreed to pay for substantially all expenses of the Funds, including the cost 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 (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)
ESG S&P 500 Equal Weight ETF	0.20%
Russell 1000 Enhanced Equal Weight ETF	0.29%
Russell 1000 Equal Weight ETF	0.20%
Russell 1000 Low Beta Equal Weight ETF	0.35%
S&P 500® Enhanced Value ETF	0.13%
S&P 500® ex-Rate Sensitive Low Volatility ETF	0.25%
S&P 500® High Beta ETF	0.25%
S&P 500® High Dividend Low Volatility ETF	0.30%
S&P 500® Low Volatility ETF	0.25%
S&P 500 Minimum Variance ETF	0.10%
S&P 500® Momentum ETF	0.13%
S&P 500 QVM Multi-factor ETF	0.11%
S&P MidCap 400 QVM Multi-factor ETF	0.15%
S&P MidCap Low Volatility ETF	0.25%
S&P SmallCap 600 QVM Multi-factor ETF	0.15%
S&P SmallCap High Dividend Low Volatility ETF	0.30%
S&P SmallCap Low Volatility ETF	0.25%
S&P SmallCap Quality ETF	0.29%

Through at least August 31, 2025, 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 February 28, 2023, the Adviser waived fees for each Fund in the following amounts:

ESG S&P 500 Equal Weight ETF	$	-
Russell 1000 Enhanced Equal Weight ETF		1
Russell 1000 Equal Weight ETF		150
Russell 1000 Low Beta Equal Weight ETF		2
S&P 500® Enhanced Value ETF		29
S&P 500® ex-Rate Sensitive Low Volatility ETF		4
S&P 500® High Beta ETF		46
S&P 500® High Dividend Low Volatility ETF		674
S&P 500® Low Volatility ETF		2,840
S&P 500 Minimum Variance ETF		5
S&P 500® Momentum ETF		37
S&P 500 QVM Multi-factor ETF		178
S&P MidCap 400 QVM Multi-factor ETF		63
S&P MidCap Low Volatility ETF		178
S&P SmallCap 600 QVM Multi-factor ETF		30
S&P SmallCap High Dividend Low Volatility ETF		7

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S&P SmallCap Low Volatility ETF	$	171
S&P SmallCap Quality ETF		6

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 for each Fund with the following entities (each, a “Licensor”):

Fund	Licensor
ESG S&P 500 Equal Weight ETF	S&P Dow Jones Indices LLC
Russell 1000 Enhanced Equal Weight ETF	Frank Russell Company
Russell 1000 Equal Weight ETF	Frank Russell Company
Russell 1000 Low Beta Equal Weight ETF	Frank Russell Company
S&P 500® Enhanced Value ETF	S&P Dow Jones Indices LLC
S&P 500® ex-Rate Sensitive Low Volatility ETF	S&P Dow Jones Indices LLC
S&P 500® High Beta ETF	S&P Dow Jones Indices LLC
S&P 500® High Dividend Low Volatility ETF	S&P Dow Jones Indices LLC
S&P 500® Low Volatility ETF	S&P Dow Jones Indices LLC
S&P 500 Minimum Variance ETF	S&P Dow Jones Indices LLC
S&P 500® Momentum ETF	S&P Dow Jones Indices LLC
S&P 500 QVM Multi-factor ETF	S&P Dow Jones Indices LLC
S&P MidCap 400 QVM Multi-factor ETF	S&P Dow Jones Indices LLC
S&P MidCap Low Volatility ETF	S&P Dow Jones Indices LLC
S&P SmallCap 600 QVM Multi-factor ETF	S&P Dow Jones Indices LLC
S&P SmallCap High Dividend Low Volatility ETF	S&P Dow Jones Indices LLC
S&P SmallCap Low Volatility ETF	S&P Dow Jones Indices LLC
S&P SmallCap 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 February 28, 2023, the following 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:

ESG S&P 500 Equal Weight ETF	$	114
Russell 1000 Enhanced Equal Weight ETF		96
Russell 1000 Equal Weight ETF		34,291
Russell 1000 Low Beta Equal Weight ETF		689
S&P 500® Enhanced Value ETF		6,252
S&P 500® ex-Rate Sensitive Low Volatility ETF		131,713
S&P 500® High Beta ETF		7,451
S&P 500® High Dividend Low Volatility ETF		322
S&P 500® Low Volatility ETF		7,235
S&P 500 Minimum Variance ETF		2,221
S&P 500® Momentum ETF		32,528
S&P 500 QVM Multi-factor ETF		97,510
S&P MidCap 400 QVM Multi-factor ETF		9,565
S&P MidCap Low Volatility ETF		47,029
S&P SmallCap 600 QVM Multi-factor ETF		8,200
S&P SmallCap High Dividend Low Volatility ETF		5,227
S&P SmallCap Low Volatility ETF		29,611
S&P SmallCap Quality ETF		4,736

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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–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 February 28, 2023, the following Funds engaged in transactions with affiliates as listed below:

	Securities Purchases			Securities Sales			Net Realized Gains (Losses)*
Russell 1000 Equal Weight ETF		$	13,433		$	-		$	-
S&P MidCap 400 QVM Multi-factor ETF			-			3,165,291			219,193
S&P SmallCap 600 QVM Multi-factor ETF			-			161,359			(2,226	)

* Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.

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.
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 February 28, 2023, for each Fund (except for S&P 500 Minimum Variance ETF and S&P 500^® Momentum ETF). As of February 28, 2023, all of the securities in S&P 500 Minimum Variance ETF and S&P 500^® Momentum ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3			Total
ESG S&P 500 Equal Weight ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	12,358,694		$	-		$	-		$	12,358,694
Money Market Funds			-			123,658			-			123,658
Total Investments		$	12,358,694		$	123,658		$	-		$	12,482,352
Russell 1000 Enhanced Equal Weight ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	2,618,755		$	-		$	-		$	2,618,755
Money Market Funds			2,140			266,793			-			268,933
Total Investments		$	2,620,895		$	266,793		$	-		$	2,887,688
Russell 1000 Equal Weight ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	629,004,291		$	-		$	141,042		$	629,145,333
Money Market Funds			-			106,064,489			-			106,064,489
Total Investments		$	629,004,291		$	106,064,489		$	141,042		$	735,209,822

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	Level 1			Level 2			Level 3			Total
Russell 1000 Low Beta Equal Weight ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	8,733,254		$	-		$	-		$	8,733,254
Money Market Funds			4,520			1,421,508			-			1,426,028
Total Investments		$	8,737,774		$	1,421,508		$	-		$	10,159,282
S&P 500® Enhanced Value ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	141,559,832		$	-		$	-		$	141,559,832
Money Market Funds			-			804,668			-			804,668
Total Investments		$	141,559,832		$	804,668		$	-		$	142,364,500
S&P 500® ex-Rate Sensitive Low Volatility ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	50,956,901		$	-		$	-		$	50,956,901
Money Market Funds			-			2,402,054			-			2,402,054
Total Investments		$	50,956,901		$	2,402,054		$	-		$	53,358,955
S&P 500® High Beta ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	706,621,657		$	-		$	-		$	706,621,657
Money Market Funds			-			94,192,262			-			94,192,262
Total Investments		$	706,621,657		$	94,192,262		$	-		$	800,813,919
S&P 500® High Dividend Low Volatility ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	3,804,383,154		$	-		$	-		$	3,804,383,154
Money Market Funds			-			24,760,695			-			24,760,695
Total Investments		$	3,804,383,154		$	24,760,695		$	- $			3,829,143,849
S&P 500® Low Volatility ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	9,762,426,317		$	-		$	-		$	9,762,426,317
Money Market Funds			-			133,371,262			-			133,371,262
Total Investments		$	9,762,426,317		$	133,371,262		$	-		$	9,895,797,579
S&P 500 QVM Multi-factor ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	996,773,969		$	-		$	-		$	996,773,969
Money Market Funds			628,580			33,170,664			-			33,799,244
Total Investments		$	997,402,549		$	33,170,664		$	-		$	1,030,573,213
S&P MidCap 400 QVM Multi-factor ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	269,865,396		$	-		$	-		$	269,865,396
Money Market Funds			421,473			29,571,737			-			29,993,210
Total Investments		$	270,286,869		$	29,571,737		$	-		$	299,858,606
S&P MidCap Low Volatility ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	1,127,702,653		$	-		$	-		$	1,127,702,653
Money Market Funds			-			82,185,050			-			82,185,050
Total Investments		$	1,127,702,653		$	82,185,050		$	-		$	1,209,887,703
S&P SmallCap 600 QVM Multi-factor ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	106,430,100		$	-		$	0		$	106,430,100
Money Market Funds			-			19,178,410			-			19,178,410
Total Investments		$	106,430,100		$	19,178,410		$	0		$	125,608,510

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	Level 1			Level 2			Level 3			Total
S&P SmallCap High Dividend Low Volatility ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	24,324,399		$	-		$	-		$	24,324,399
Money Market Funds			-			3,532,212			-			3,532,212
Total Investments		$	24,324,399		$	3,532,212		$	-		$	27,856,611
S&P SmallCap Low Volatility ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	725,779,882		$	-		$	-		$	725,779,882
Money Market Funds			290,083			129,490,059			-			129,780,142
Total Investments		$	726,069,965		$	129,490,059		$	-		$	855,560,024
S&P SmallCap Quality ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	30,313,591		$	-		$	-		$	30,313,591
Money Market Funds			23,315			9,856,846			-			9,880,161
Total Investments		$	30,336,906		$	9,856,846		$	-		$	40,193,752

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 August 31, 2022, as follows:

	No expiration
	Short-Term		Long-Term		Total
ESG S&P 500 Equal Weight ETF	$	283,122	$	-	$	283,122
Russell 1000 Enhanced Equal Weight ETF		3,338,667		2,291,626		5,630,293
Russell 1000 Equal Weight ETF		21,641,498		68,029,849		89,671,347
Russell 1000 Low Beta Equal Weight ETF		18,505,503		10,943,452		29,448,955
S&P 500® Enhanced Value ETF		8,303,170		3,519,324		11,822,494
S&P 500® ex-Rate Sensitive Low Volatility ETF		19,763,733		5,749,266		25,512,999
S&P 500® High Beta ETF		123,376,508		25,362,370		148,738,878
S&P 500® High Dividend Low Volatility ETF		313,676,438		313,922,383		627,598,821
S&P 500® Low Volatility ETF		1,735,629,652		385,486,278		2,121,115,930
S&P 500 Minimum Variance ETF		66,238		124,634		190,872
S&P 500® Momentum ETF		8,336,604		494,283		8,830,887
S&P 500 QVM Multi-factor ETF		20,545,122		-		20,545,122
S&P MidCap 400 QVM Multi-factor ETF		8,770,496		-		8,770,496
S&P MidCap Low Volatility ETF		397,529,926		224,546,062		622,075,988
S&P SmallCap 600 QVM Multi-factor ETF		2,129,632		-		2,129,632
S&P SmallCap High Dividend Low Volatility ETF		3,550,548		3,776,370		7,326,918
S&P SmallCap Low Volatility ETF		346,882,715		283,373,830		630,256,545
S&P SmallCap Quality ETF		4,895,373		551,261		5,446,634

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NOTE 7–Investment Transactions

For the six months ended February 28, 2023, 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
ESG S&P 500 Equal Weight ETF	$	1,147,256	$	1,133,726
Russell 1000 Enhanced Equal Weight ETF		362,358		363,929
Russell 1000 Equal Weight ETF		81,458,243		104,694,848
Russell 1000 Low Beta Equal Weight ETF		2,398,390		2,414,182
S&P 500® Enhanced Value ETF		27,125,414		26,259,201
S&P 500® ex-Rate Sensitive Low Volatility ETF		17,269,128		17,246,744
S&P 500® High Beta ETF		170,571,365		169,798,958
S&P 500® High Dividend Low Volatility ETF		1,230,882,716		1,221,905,064
S&P 500® Low Volatility ETF		2,621,758,563		2,611,303,589
S&P 500 Minimum Variance ETF		2,242,873		2,053,100
S&P 500® Momentum ETF		53,612,403		53,029,740
S&P 500 QVM Multi-factor ETF		57,357,186		56,576,089
S&P MidCap 400 QVM Multi-factor ETF		38,480,377		37,615,891
S&P MidCap Low Volatility ETF		368,257,981		366,338,432
S&P SmallCap 600 QVM Multi-factor ETF		15,622,621		15,291,649
S&P SmallCap High Dividend Low Volatility ETF		6,509,973		6,449,657
S&P SmallCap Low Volatility ETF		238,979,492		238,853,199
S&P SmallCap Quality ETF		10,983,698		10,803,941

For the six months ended February 28, 2023, in-kind transactions associated with creations and redemptions were as follows:

	In-kind		In-kind
	Purchases		Sales
ESG S&P 500 Equal Weight ETF	$	3,383,689	$	1,067,777
Russell 1000 Enhanced Equal Weight ETF		-		-
Russell 1000 Equal Weight ETF		30,837,209		-
Russell 1000 Low Beta Equal Weight ETF		-		-
S&P 500® Enhanced Value ETF		50,890,067		59,142,666
S&P 500® ex-Rate Sensitive Low Volatility ETF		9,576,195		11,909,847
S&P 500® High Beta ETF		493,344,928		343,914,326
S&P 500® High Dividend Low Volatility ETF		970,273,177		901,461,656
S&P 500® Low Volatility ETF		1,750,890,476		2,660,671,611
S&P 500 Minimum Variance ETF		2,914,194		858,115
S&P 500® Momentum ETF		151,675,078		52,487,383
S&P 500 QVM Multi-factor ETF		272,508,664		9,112,922
S&P MidCap 400 QVM Multi-factor ETF		11,906,329		5,384,342
S&P MidCap Low Volatility ETF		300,736,177		388,828,144
S&P SmallCap 600 QVM Multi-factor ETF		2,810,100		1,134,761
S&P SmallCap High Dividend Low Volatility ETF		6,202,952		5,069,826
S&P SmallCap Low Volatility ETF		16,495,736		38,022,283
S&P SmallCap Quality ETF		8,122,982		8,336,364

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

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As of February 28, 2023, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

						Net
	Gross		Gross			Unrealized
	Unrealized		Unrealized			Appreciation
	Appreciation		(Depreciation)			(Depreciation)			Cost
ESG S&P 500 Equal Weight ETF	$	435,702	$	(812,057	)	$	(376,355	)	$	12,858,707
Russell 1000 Enhanced Equal Weight ETF		310,757		(157,755	)		153,002			2,734,686
Russell 1000 Equal Weight ETF		60,712,619		(92,533,574	)		(31,820,955	)		767,030,777
Russell 1000 Low Beta Equal Weight ETF		649,909		(612,818	)		37,091			10,122,191
S&P 500® Enhanced Value ETF		6,602,837		(12,834,300	)		(6,231,463	)		148,595,963
S&P 500® ex-Rate Sensitive Low Volatility ETF		2,439,102		(2,508,579	)		(69,477	)		53,428,432
S&P 500® High Beta ETF		20,614,220		(111,529,842	)		(90,915,622	)		891,729,541
S&P 500® High Dividend Low Volatility ETF		66,165,281		(365,999,114	)		(299,833,833	)		4,128,977,682
S&P 500® Low Volatility ETF		154,270,199		(568,161,727	)		(413,891,528	)		10,309,689,107
S&P 500 Minimum Variance ETF		1,941,090		(1,849,371	)		91,719			23,202,535
S&P 500® Momentum ETF		4,014,706		(13,152,108	)		(9,137,402	)		214,304,409
S&P 500 QVM Multi-factor ETF		57,654,927		(72,272,313	)		(14,617,386	)		1,045,190,599
S&P MidCap 400 QVM Multi-factor ETF		27,767,695		(17,783,537	)		9,984,158			289,874,448
S&P MidCap Low Volatility ETF		74,101,241		(49,752,718	)		24,348,523			1,185,539,180
S&P SmallCap 600 QVM Multi-factor ETF		13,068,343		(6,776,840	)		6,291,503			119,317,007
S&P SmallCap High Dividend Low Volatility ETF		556,752		(4,741,576	)		(4,184,824	)		32,041,435
S&P SmallCap Low Volatility ETF		36,517,608		(45,871,152	)		(9,353,544	)		864,913,568
S&P SmallCap Quality ETF		3,299,769		(1,553,291	)		1,746,478			38,447,274

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. The Trustee who is an “interested person” of the Trust does 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 consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

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.

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Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay 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 (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2022 through February 28, 2023.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transaction costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

					Annualized
	Beginning		Ending		Expense Ratio		Expenses Paid
	Account Value		Account Value		Based on the		During the
	September 1, 2022		February 28, 2023		Six-Month Period		Six-Month Period(1)
Invesco ESG S&P 500 Equal Weight ETF (RSPE)
Actual		$1,000.00		$1,067.70		0.20%		$1.03
Hypothetical (5% return before expenses)		1,000.00		1,023.80		0.20		1.00
Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)
Actual		1,000.00		1,057.80		0.29		1.48
Hypothetical (5% return before expenses)		1,000.00		1,023.36		0.29		1.45
Invesco Russell 1000 Equal Weight ETF (EQAL)
Actual		1,000.00		1,019.60		0.20		1.00
Hypothetical (5% return before expenses)		1,000.00		1,023.80		0.20		1.00
Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)
Actual		1,000.00		1,052.40		0.35		1.78
Hypothetical (5% return before expenses)		1,000.00		1,023.06		0.35		1.76
Invesco S&P 500® Enhanced Value ETF (SPVU)
Actual		1,000.00		1,064.80		0.13		0.67
Hypothetical (5% return before expenses)		1,000.00		1,024.15		0.13		0.65

  124  

Calculating your ongoing Fund expenses–(continued)

					Annualized
	Beginning		Ending		Expense Ratio		Expenses Paid
	Account Value		Account Value		Based on the		During the
	September 1, 2022		February 28, 2023		Six-Month Period		Six-Month Period(1)
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV)
Actual		$1,000.00		$   997.00		0.25%		$1.24
Hypothetical (5% return before expenses)		1,000.00		1,023.55		0.25		1.25
Invesco S&P 500® High Beta ETF (SPHB)
Actual		1,000.00		1,099.40		0.25		1.30
Hypothetical (5% return before expenses)		1,000.00		1,023.55		0.25		1.25
Invesco S&P 500® High Dividend Low Volatility ETF (SPHD)
Actual		1,000.00		1,002.10		0.30		1.49
Hypothetical (5% return before expenses)		1,000.00		1,023.31		0.30		1.51
Invesco S&P 500® Low Volatility ETF (SPLV)
Actual		1,000.00		985.50		0.25		1.23
Hypothetical (5% return before expenses)		1,000.00		1,023.55		0.25		1.25
Invesco S&P 500 Minimum Variance ETF (SPMV)
Actual		1,000.00		989.30		0.10		0.49
Hypothetical (5% return before expenses)		1,000.00		1,024.30		0.10		0.50
Invesco S&P 500® Momentum ETF (SPMO)
Actual		1,000.00		1,004.00		0.13		0.65
Hypothetical (5% return before expenses)		1,000.00		1,024.15		0.13		0.65
Invesco S&P 500 QVM Multi-factor ETF (QVML)
Actual		1,000.00		1,016.60		0.11		0.55
Hypothetical (5% return before expenses)		1,000.00		1,024.25		0.11		0.55
Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)
Actual		1,000.00		1,081.90		0.15		0.77
Hypothetical (5% return before expenses)		1,000.00		1,024.05		0.15		0.75
Invesco S&P MidCap Low Volatility ETF (XMLV)
Actual		1,000.00		1,058.10		0.25		1.28
Hypothetical (5% return before expenses)		1,000.00		1,023.55		0.25		1.25
Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)
Actual		1,000.00		1,072.80		0.15		0.77
Hypothetical (5% return before expenses)		1,000.00		1,024.05		0.15		0.75
Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)
Actual		1,000.00		990.40		0.30		1.48
Hypothetical (5% return before expenses)		1,000.00		1,023.31		0.30		1.51
Invesco S&P SmallCap Low Volatility ETF (XSLV)
Actual		1,000.00		1,048.20		0.25		1.27
Hypothetical (5% return before expenses)		1,000.00		1,023.55		0.25		1.25
Invesco S&P SmallCap Quality ETF (XSHQ)
Actual		1,000.00		1,082.10		0.29		1.50
Hypothetical (5% return before expenses)		1,000.00		1,023.36		0.29		1.45

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended February 28, 2023. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.

  125  

(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

©2023 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-TRST2-HBLV-SAR-1	invesco.com/ETFs

	Invesco Semi-Annual Report to Shareholders
	February 28, 2023
	RWL	Invesco S&P 500 Revenue ETF
	RWK	Invesco S&P MidCap 400 Revenue ETF
	RWJ	Invesco S&P SmallCap 600 Revenue ETF
	RDIV	Invesco S&P Ultra Dividend Revenue ETF

Table of Contents

Schedules of Investments
Invesco S&P 500 Revenue ETF (RWL)	3
Invesco S&P MidCap 400 Revenue ETF (RWK)	9
Invesco S&P SmallCap 600 Revenue ETF (RWJ)	14
Invesco S&P Ultra Dividend Revenue ETF (RDIV)	21
Statements of Assets and Liabilities	23
Statements of Operations	24
Statements of Changes in Net Assets	26
Financial Highlights	28
Notes to Financial Statements	32
Fund Expenses	41

  2  

Invesco S&P 500 Revenue ETF (RWL)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.79%
Communication Services-8.25%
Activision Blizzard, Inc.		10,484	$	799,405
Alphabet, Inc., Class A(b)		162,261		14,613,226
Alphabet, Inc., Class C(b)		161,853		14,615,326
AT&T, Inc.		780,304		14,755,549
Charter Communications, Inc., Class A(b)(c)		15,117		5,557,160
Comcast Corp., Class A		368,465		13,695,844
DISH Network Corp., Class A(b)(c)		124,004		1,414,886
Electronic Arts, Inc.		6,215		689,492
Fox Corp., Class A		24,127		844,928
Fox Corp., Class B		25,694		828,631
Interpublic Group of Cos., Inc. (The)		36,291		1,289,782
Live Nation Entertainment, Inc.(b)(c)		22,495		1,620,990
Lumen Technologies, Inc.(c)		364,893		1,240,636
Match Group, Inc.(b)		7,884		326,555
Meta Platforms, Inc., Class A(b)		109,413		19,140,710
Netflix, Inc.(b)		10,580		3,408,135
News Corp., Class A		30,729		527,002
News Corp., Class B(c)		30,323		523,375
Omnicom Group, Inc.		20,205		1,829,967
Paramount Global, Class B(c)		169,759		3,636,238
Take-Two Interactive Software, Inc.(b)(c)		4,536		496,919
T-Mobile US, Inc.(b)		60,920		8,661,606
Verizon Communications, Inc.		389,344		15,110,441
Walt Disney Co. (The)(b)		95,194		9,482,274
Warner Bros Discovery, Inc.(b)(c)		251,920		3,934,990
				139,044,067
Consumer Discretionary-13.29%
Advance Auto Parts, Inc.		8,121		1,177,220
Amazon.com, Inc.(b)		605,485		57,054,852
Aptiv PLC(b)		19,486		2,265,832
AutoZone, Inc.(b)		734		1,825,120
Bath & Body Works, Inc.		19,477		796,025
Best Buy Co., Inc.(c)		62,885		5,226,372
Booking Holdings, Inc.(b)		857		2,163,068
BorgWarner, Inc.		40,596		2,041,167
Caesars Entertainment, Inc.(b)		22,976		1,166,262
CarMax, Inc.(b)(c)		55,091		3,803,483
Carnival Corp.(b)(c)		115,996		1,231,878
Chipotle Mexican Grill, Inc.(b)		600		894,648
D.R. Horton, Inc.(c)		42,159		3,898,864
Darden Restaurants, Inc.		7,331		1,048,260
Dollar General Corp.		16,033		3,467,938
Dollar Tree, Inc.(b)		20,945		3,042,890
Domino’s Pizza, Inc.		1,308		384,565
eBay, Inc.		24,141		1,108,072
Etsy, Inc.(b)(c)		2,078		252,290
Expedia Group, Inc.(b)		12,866		1,402,008
Ford Motor Co.		1,235,921		14,917,566
Garmin Ltd.		5,560		545,603
General Motors Co.		412,832		15,993,112
Genuine Parts Co.		12,548		2,219,239
Hasbro, Inc.		11,148		613,251
Hilton Worldwide Holdings, Inc.		6,374		921,107
Home Depot, Inc. (The)		52,758		15,644,857
Las Vegas Sands Corp.(b)		9,045		519,816
Lennar Corp., Class A		39,251		3,797,142

	Shares		Value
Consumer Discretionary-(continued)
LKQ Corp.		26,093	$	1,494,868
Lowe’s Cos., Inc.		51,063		10,506,212
Marriott International, Inc., Class A		12,999		2,199,951
McDonald’s Corp.		9,151		2,415,040
MGM Resorts International(c)		37,081		1,594,854
Mohawk Industries, Inc.(b)		12,737		1,310,000
Newell Brands, Inc.		79,443		1,167,018
NIKE, Inc., Class B		46,307		5,500,809
Norwegian Cruise Line Holdings Ltd.(b)(c)		26,580		393,916
NVR, Inc.(b)		228		1,179,585
O’Reilly Automotive, Inc.(b)		1,831		1,519,913
Pool Corp.		1,971		703,371
PulteGroup, Inc.		37,554		2,053,077
Ralph Lauren Corp.(c)		6,373		753,225
Ross Stores, Inc.		17,225		1,904,052
Royal Caribbean Cruises Ltd.(b)(c)		13,728		969,746
Starbucks Corp.		34,036		3,474,735
Tapestry, Inc.		19,749		859,279
Target Corp.		76,653		12,916,030
Tesla, Inc.(b)		44,865		9,229,179
TJX Cos., Inc. (The)		67,738		5,188,731
Tractor Supply Co.		6,655		1,552,345
Ulta Beauty, Inc.(b)		2,255		1,169,894
VF Corp.		44,866		1,113,574
Whirlpool Corp.		15,331		2,115,371
Wynn Resorts Ltd.(b)(c)		4,778		517,792
Yum! Brands, Inc.		5,631		716,038
				223,941,112
Consumer Staples-11.24%
Altria Group, Inc.		47,392		2,200,411
Archer-Daniels-Midland Co.		115,603		9,201,999
Brown-Forman Corp., Class B		6,304		408,940
Campbell Soup Co.		16,492		866,160
Church & Dwight Co., Inc.		7,099		594,754
Clorox Co. (The)(c)		5,075		788,858
Coca-Cola Co. (The)		72,276		4,301,145
Colgate-Palmolive Co.		24,401		1,788,593
Conagra Brands, Inc.		33,166		1,207,574
Constellation Brands, Inc., Class A		4,185		936,184
Costco Wholesale Corp.		50,445		24,424,460
Estee Lauder Cos., Inc. (The), Class A		7,692		1,869,541
General Mills, Inc.		23,914		1,901,402
Hershey Co. (The)		4,566		1,088,169
Hormel Foods Corp.		28,359		1,258,572
JM Smucker Co. (The)		5,648		835,283
Kellogg Co.		22,071		1,455,362
Keurig Dr Pepper, Inc.		38,487		1,329,726
Kimberly-Clark Corp.		15,863		1,983,668
Kraft Heinz Co. (The)		69,450		2,704,383
Kroger Co. (The)		338,397		14,598,447
Lamb Weston Holdings, Inc.		5,322		535,606
McCormick & Co., Inc.		8,012		595,452
Molson Coors Beverage Co., Class B		21,824		1,160,819
Mondelez International, Inc., Class A		48,855		3,184,369
Monster Beverage Corp.(b)		6,654		677,111
PepsiCo, Inc.		49,003		8,503,491

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  3  

Invesco S&P 500 Revenue ETF (RWL)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Consumer Staples-(continued)
Philip Morris International, Inc. (Switzerland)		33,417	$	3,251,474
Procter & Gamble Co. (The)		57,436		7,900,896
Sysco Corp.		93,069		6,940,155
Tyson Foods, Inc., Class A		89,680		5,312,643
Walgreens Boots Alliance, Inc.		352,374		12,519,848
Walmart, Inc.		443,588		63,047,162
				189,372,657
Energy-10.11%
APA Corp.		27,879		1,069,996
Baker Hughes Co., Class A		83,076		2,542,126
Chevron Corp.		146,050		23,480,458
ConocoPhillips		73,198		7,565,013
Coterra Energy, Inc.		40,282		1,005,842
Devon Energy Corp.		37,028		1,996,550
Diamondback Energy, Inc.		7,958		1,118,736
EOG Resources, Inc.		25,671		2,901,336
EQT Corp.(c)		37,181		1,233,666
Exxon Mobil Corp.		405,139		44,528,827
Halliburton Co.		61,561		2,230,355
Hess Corp.		8,920		1,201,524
Kinder Morgan, Inc.		121,958		2,080,603
Marathon Oil Corp.		31,350		788,453
Marathon Petroleum Corp.		174,068		21,514,805
Occidental Petroleum Corp.		61,347		3,592,480
ONEOK, Inc.		39,774		2,603,208
Phillips 66		177,869		18,242,245
Pioneer Natural Resources Co.		12,448		2,494,704
Schlumberger Ltd		60,721		3,230,964
Targa Resources Corp.		35,581		2,636,552
Valero Energy Corp.		160,184		21,101,038
Williams Cos., Inc. (The)		36,919		1,111,262
				170,270,743
Financials-12.06%
Aflac, Inc.		32,035		2,183,185
Allstate Corp. (The)		42,440		5,465,423
American Express Co.		36,726		6,389,957
American International Group, Inc.		101,163		6,182,071
Ameriprise Financial, Inc.		5,608		1,922,815
Aon PLC, Class A		4,367		1,327,786
Arch Capital Group Ltd.(b)		15,514		1,085,980
Arthur J. Gallagher & Co.		4,679		876,611
Assurant, Inc.		8,292		1,056,318
Bank of America Corp.		350,050		12,006,715
Bank of New York Mellon Corp. (The)		42,860		2,180,717
Berkshire Hathaway, Inc., Class B(b)		103,722		31,653,880
BlackRock, Inc.		2,750		1,895,933
Brown & Brown, Inc.		6,343		355,652
Capital One Financial Corp.		40,763		4,446,428
Cboe Global Markets, Inc.		3,297		415,982
Charles Schwab Corp. (The)		27,934		2,176,617
Chubb Ltd.		20,838		4,397,235
Cincinnati Financial Corp.		6,847		826,433
Citigroup, Inc.		221,832		11,244,664
Citizens Financial Group, Inc.		21,480		897,005
CME Group, Inc., Class A		2,956		547,924
Comerica, Inc.		5,277		369,918
Discover Financial Services		14,976		1,677,312
Everest Re Group Ltd.		3,844		1,475,981

	Shares		Value
Financials-(continued)
FactSet Research Systems, Inc.		422	$	174,940
Fifth Third Bancorp		29,570		1,073,391
First Republic Bank		5,670		697,467
Franklin Resources, Inc.(c)		32,997		972,422
Globe Life, Inc.		4,754		578,514
Goldman Sachs Group, Inc. (The)		17,050		5,995,632
Hartford Financial Services Group, Inc. (The)		31,784		2,488,052
Huntington Bancshares, Inc.		54,029		827,724
Intercontinental Exchange, Inc.		9,548		971,986
Invesco Ltd.(d)		35,565		628,078
JPMorgan Chase & Co.		112,755		16,163,429
KeyCorp		47,147		862,319
Lincoln National Corp.		64,628		2,050,000
Loews Corp.		26,375		1,611,249
M&T Bank Corp.		5,252		815,583
MarketAxess Holdings, Inc.		258		88,094
Marsh & McLennan Cos., Inc.		13,086		2,121,764
MetLife, Inc.		109,494		7,854,005
Moody’s Corp.		2,111		612,507
Morgan Stanley		73,558		7,098,347
MSCI, Inc.		528		275,695
Nasdaq, Inc.		10,360		580,782
Northern Trust Corp.		8,941		851,809
PNC Financial Services Group, Inc. (The)		14,283		2,255,571
Principal Financial Group, Inc.		22,439		2,009,637
Progressive Corp. (The)		40,354		5,791,606
Prudential Financial, Inc.		65,222		6,522,200
Raymond James Financial, Inc.		11,246		1,219,741
Regions Financial Corp.		34,248		798,663
S&P Global, Inc.		3,202		1,092,522
Signature Bank		2,842		326,972
State Street Corp.		15,909		1,410,810
SVB Financial Group(b)		3,211		925,121
Synchrony Financial		37,966		1,355,766
T. Rowe Price Group, Inc.(c)		6,187		694,676
Travelers Cos., Inc. (The)		20,945		3,877,338
Truist Financial Corp.		61,242		2,875,312
U.S. Bancorp		63,581		3,034,721
W.R. Berkley Corp.		15,629		1,034,484
Wells Fargo & Co.		173,629		8,120,628
Willis Towers Watson PLC		3,885		910,489
Zions Bancorporation N.A		6,958		352,214
				203,060,802
Health Care-16.95%
Abbott Laboratories		44,969		4,574,247
AbbVie, Inc.		38,053		5,856,357
Agilent Technologies, Inc.		4,794		680,604
Align Technology, Inc.(b)		2,174		672,853
AmerisourceBergen Corp.		155,109		24,128,756
Amgen, Inc.		10,049		2,327,951
Baxter International, Inc.		30,118		1,203,214
Becton, Dickinson and Co.		8,515		1,997,193
Biogen, Inc.(b)		3,623		977,703
Bio-Rad Laboratories, Inc., Class A(b)		770		367,937
Bio-Techne Corp.		1,493		108,452
Boston Scientific Corp.(b)		29,117		1,360,346
Bristol-Myers Squibb Co.		63,741		4,395,579
Cardinal Health, Inc.		259,171		19,621,836

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  4  

Invesco S&P 500 Revenue ETF (RWL)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Health Care-(continued)
Catalent, Inc.(b)		11,556	$	788,350
Centene Corp.(b)		176,217		12,053,243
Charles River Laboratories International, Inc.(b)(c)		1,920		421,133
Cigna Group (The)		58,297		17,028,554
Cooper Cos., Inc. (The)		1,105		361,302
CVS Health Corp.		333,139		27,830,432
Danaher Corp.		12,479		3,088,927
DaVita, Inc.(b)		16,757		1,378,431
DENTSPLY SIRONA, Inc.		14,292		544,096
DexCom, Inc.(b)		2,575		285,851
Edwards Lifesciences Corp.(b)		7,765		624,617
Elevance Health, Inc.		31,342		14,720,397
Eli Lilly and Co.		8,705		2,709,170
GE HealthCare Technologies, Inc.(b)(c)		33,044		2,511,344
Gilead Sciences, Inc.		32,997		2,657,248
HCA Healthcare, Inc.		27,123		6,603,094
Henry Schein, Inc.(b)		16,625		1,301,904
Hologic, Inc.(b)		7,044		560,984
Humana, Inc.		18,404		9,110,348
IDEXX Laboratories, Inc.(b)		890		421,184
Illumina, Inc.(b)		2,454		488,837
Incyte Corp.(b)		4,352		335,017
Intuitive Surgical, Inc.(b)		2,429		557,188
IQVIA Holdings, Inc.(b)		7,335		1,529,127
Johnson & Johnson.		58,881		9,024,102
Laboratory Corp. of America Holdings		6,996		1,674,563
McKesson Corp.		78,697		27,528,998
Medtronic PLC		42,149		3,489,937
Merck & Co., Inc.		59,089		6,277,615
Mettler-Toledo International, Inc.(b)		299		428,679
Moderna, Inc.(b)		13,008		1,805,640
Molina Healthcare, Inc.(b)		9,815		2,702,364
Organon & Co.		25,322		620,136
PerkinElmer, Inc.		3,513		437,614
Pfizer, Inc.		207,975		8,437,546
Quest Diagnostics, Inc.		7,408		1,024,971
Regeneron Pharmaceuticals, Inc.(b)		1,959		1,489,663
ResMed, Inc.		1,766		376,158
STERIS PLC		2,663		500,724
Stryker Corp.		7,857		2,065,448
Teleflex, Inc.		1,197		285,161
Thermo Fisher Scientific, Inc.		8,472		4,589,791
UnitedHealth Group, Inc.		62,784		29,881,417
Universal Health Services, Inc., Class B		11,100		1,482,627
Vertex Pharmaceuticals, Inc.(b)		2,930		850,550
Viatris, Inc.		165,219		1,883,497
Waters Corp.(b)		943		293,169
West Pharmaceutical Services, Inc.		1,286		407,701
Zimmer Biomet Holdings, Inc.		6,156		762,544
Zoetis, Inc.		5,576		931,192
				285,435,613
Industrials-9.85%
3M Co.		29,697		3,199,555
A.O. Smith Corp.		7,004		459,673
Alaska Air Group, Inc.(b)		21,756		1,040,589
Allegion PLC.		3,044		343,089
American Airlines Group, Inc.(b)(c)		358,959		5,736,165
AMETEK, Inc.		4,640		656,838

	Shares		Value
Industrials-(continued)
Boeing Co. (The)(b)		36,711	$	7,399,102
C.H. Robinson Worldwide, Inc.		29,691		2,967,912
Carrier Global Corp.		50,860		2,290,226
Caterpillar, Inc.		26,756		6,409,400
Cintas Corp.		1,921		842,301
Copart, Inc.(b)		6,021		424,240
CoStar Group, Inc.(b)		2,800		197,848
CSX Corp.		49,565		1,511,237
Cummins, Inc.		11,797		2,867,615
Deere & Co.		12,962		5,434,189
Delta Air Lines, Inc.(b)		148,133		5,679,419
Dover Corp.		6,504		974,950
Eaton Corp. PLC		13,644		2,386,745
Emerson Electric Co.		22,320		1,846,087
Equifax, Inc.(c)		2,801		567,287
Expeditors International of Washington, Inc.		18,860		1,972,002
Fastenal Co.(c)		14,312		737,927
FedEx Corp.		59,105		12,011,318
Fortive Corp.		9,220		614,605
Generac Holdings, Inc.(b)(c)		5,293		635,213
General Dynamics Corp.		16,896		3,850,767
General Electric Co.		99,133		8,397,556
Honeywell International, Inc.		17,749		3,398,578
Howmet Aerospace, Inc.		15,298		645,270
Huntington Ingalls Industries, Inc.		4,819		1,037,049
IDEX Corp.		1,434		322,621
Illinois Tool Works, Inc.		7,652		1,784,140
Ingersoll Rand, Inc.		11,493		667,398
J.B. Hunt Transport Services, Inc.		8,818		1,594,206
Jacobs Solutions, Inc.		13,134		1,569,513
Johnson Controls International PLC		41,333		2,592,406
L3Harris Technologies, Inc.		8,345		1,762,381
Leidos Holdings, Inc.		14,221		1,380,432
Lockheed Martin Corp.		14,373		6,816,539
Masco Corp.		19,034		997,953
Nordson Corp.		1,150		252,586
Norfolk Southern Corp.		5,416		1,217,625
Northrop Grumman Corp.		7,150		3,318,386
Old Dominion Freight Line, Inc.		2,278		772,834
Otis Worldwide Corp.		18,849		1,595,002
PACCAR, Inc.		43,803		3,162,577
Parker-Hannifin Corp.		6,060		2,132,211
Pentair PLC(c)		9,754		545,639
Quanta Services, Inc.		11,962		1,930,667
Raytheon Technologies Corp.		72,108		7,073,074
Republic Services, Inc.		10,175		1,311,863
Robert Half International, Inc.		10,672		860,377
Rockwell Automation, Inc.		3,210		946,725
Rollins, Inc.		7,322		257,734
Snap-on, Inc.(c)		2,191		544,858
Southwest Airlines Co.		63,894		2,145,561
Stanley Black & Decker, Inc.		23,005		1,969,458
Textron, Inc.		18,742		1,359,357
Trane Technologies PLC		9,469		1,751,481
TransDigm Group, Inc.		951		707,420
Union Pacific Corp.		12,372		2,564,468
United Airlines Holdings, Inc.(b)		101,772		5,288,073
United Parcel Service, Inc., Class B		60,940		11,120,941
United Rentals, Inc.		3,396		1,591,128

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  5  

Invesco S&P 500 Revenue ETF (RWL)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Industrials-(continued)
Verisk Analytics, Inc.		1,778	$	304,234
W.W. Grainger, Inc.		2,697		1,802,756
Wabtec Corp.		8,675		905,063
Waste Management, Inc.		12,470		1,867,507
Xylem, Inc.		5,173		531,008
				165,852,954
Information Technology-11.25%
Accenture PLC, Class A		22,919		6,086,140
Adobe, Inc.(b)		5,614		1,818,655
Advanced Micro Devices, Inc.(b)		36,039		2,831,945
Akamai Technologies, Inc.(b)		4,325		313,995
Amphenol Corp., Class A		16,917		1,311,406
Analog Devices, Inc.		7,644		1,402,445
ANSYS, Inc.(b)		895		271,731
Apple, Inc.		298,034		43,933,192
Applied Materials, Inc.		25,958		3,015,022
Arista Networks, Inc.(b)		3,299		457,571
Autodesk, Inc.(b)		2,687		533,880
Automatic Data Processing, Inc.		7,038		1,547,093
Broadcom, Inc.		6,252		3,715,501
Broadridge Financial Solutions, Inc.		4,370		615,209
Cadence Design Systems, Inc.(b)		2,262		436,430
CDW Corp.		13,930		2,819,711
Ceridian HCM Holding, Inc.(b)(c)		1,959		142,870
Cisco Systems, Inc.		115,786		5,606,358
Cognizant Technology Solutions Corp., Class A		35,525		2,224,931
Corning, Inc.		46,701		1,585,499
DXC Technology Co.(b)		62,482		1,733,251
Enphase Energy, Inc.(b)		650		136,844
EPAM Systems, Inc.(b)		1,475		453,784
F5, Inc.(b)(c)		1,924		275,094
Fidelity National Information Services, Inc.		22,068		1,398,449
Fiserv, Inc.(b)		18,470		2,125,712
FleetCor Technologies, Inc.(b)		1,945		417,767
Fortinet, Inc.(b)		8,397		499,118
Gartner, Inc.(b)		1,653		541,870
Gen Digital, Inc.		13,553		264,419
Global Payments, Inc.		9,755		1,094,511
Hewlett Packard Enterprise Co.		188,198		2,937,771
HP, Inc.		237,410		7,008,343
Intel Corp.		264,276		6,588,401
International Business Machines Corp.		44,226		5,718,422
Intuit, Inc.		3,564		1,451,189
Jack Henry & Associates, Inc.		1,159		190,354
Juniper Networks, Inc.		17,034		524,307
Keysight Technologies, Inc.(b)		3,227		516,191
KLA Corp.		2,684		1,018,256
Lam Research Corp.		4,275		2,077,693
Mastercard, Inc., Class A		6,660		2,366,231
Microchip Technology, Inc.		10,769		872,612
Micron Technology, Inc.		60,278		3,485,274
Microsoft Corp.		88,838		22,157,974
Monolithic Power Systems, Inc.		514		248,925
Motorola Solutions, Inc.		3,540		930,347
NetApp, Inc.		10,902		703,724
NVIDIA Corp.		18,050		4,190,488
NXP Semiconductors N.V. (China)		8,148		1,454,255
ON Semiconductor Corp.(b)		12,250		948,272

	Shares		Value
Information Technology-(continued)
Oracle Corp.		59,420	$	5,193,308
Paychex, Inc.		4,248		468,979
Paycom Software, Inc.(b)		423		122,272
PayPal Holdings, Inc.(b)		39,061		2,874,890
PTC, Inc.(b)		1,710		214,314
Qorvo, Inc.(b)		4,921		496,480
QUALCOMM, Inc.		39,915		4,930,700
Roper Technologies, Inc.		1,435		617,337
salesforce.com, inc.(b)		24,841		4,064,236
Seagate Technology Holdings PLC		20,897		1,349,110
ServiceNow, Inc.(b)		1,877		811,183
Skyworks Solutions, Inc.		6,211		692,961
SolarEdge Technologies, Inc.(b)(c)		940		298,845
Synopsys, Inc.(b)		1,672		608,207
TE Connectivity Ltd.		14,309		1,821,822
Teledyne Technologies, Inc.(b)		1,447		622,311
Teradyne, Inc.		3,821		386,456
Texas Instruments, Inc.		12,401		2,126,151
Trimble, Inc.(b)		6,977		363,223
Tyler Technologies, Inc.(b)		583		187,289
VeriSign, Inc.(b)		727		143,095
Visa, Inc., Class A(c)		15,048		3,309,657
Western Digital Corp.(b)		52,380		2,015,582
Zebra Technologies Corp., Class A(b)		2,436		731,409
				189,449,249
Materials-3.36%
Air Products and Chemicals, Inc.		4,340		1,241,153
Albemarle Corp.		2,375		603,986
Amcor PLC		128,334		1,429,641
Avery Dennison Corp.		5,530		1,007,511
Ball Corp.		30,944		1,739,362
Celanese Corp.		10,027		1,165,438
CF Industries Holdings, Inc.		12,069		1,036,607
Corteva, Inc.		29,093		1,812,203
Dow, Inc.		127,372		7,285,678
DuPont de Nemours, Inc.		22,041		1,609,654
Eastman Chemical Co.		13,639		1,162,043
Ecolab, Inc.		9,876		1,573,938
FMC Corp.		4,736		611,654
Freeport-McMoRan, Inc.		66,406		2,720,654
International Flavors & Fragrances, Inc.		12,592		1,173,574
International Paper Co.		62,882		2,288,276
Linde PLC (United Kingdom)		10,889		3,793,401
LyondellBasell Industries N.V., Class A		69,800		6,700,102
Martin Marietta Materials, Inc.		1,850		665,760
Mosaic Co. (The)		42,240		2,246,746
Newmont Corp.		27,984		1,220,382
Nucor Corp.		31,530		5,279,383
Packaging Corp. of America		6,779		926,825
PPG Industries, Inc.		14,479		1,912,097
Sealed Air Corp.		12,166		591,511
Sherwin-Williams Co. (The)		9,317		2,062,318
Vulcan Materials Co.		4,226		764,526
WestRock Co.		63,388		1,990,383
				56,614,806
Real Estate-0.91%
Alexandria Real Estate Equities, Inc.(c)		1,789		267,956
American Tower Corp.		5,234		1,036,384
AvalonBay Communities, Inc.		1,623		280,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  6  

Invesco S&P 500 Revenue ETF (RWL)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Real Estate-(continued)
Boston Properties, Inc.		4,919	$	322,096
Camden Property Trust		1,242		142,532
CBRE Group, Inc., Class A(b)		44,205		3,763,614
Crown Castle, Inc.		5,265		688,399
Digital Realty Trust, Inc.		4,932		514,062
Equinix, Inc.		1,116		768,109
Equity Residential		4,541		283,903
Essex Property Trust, Inc.		749		170,817
Extra Space Storage, Inc.		1,260		207,459
Federal Realty Investment Trust		1,036		110,624
Healthpeak Properties, Inc.		8,541		205,497
Host Hotels & Resorts, Inc.(c)		28,095		471,996
Invitation Homes, Inc.		7,045		220,227
Iron Mountain, Inc.(c)		9,802		517,056
Kimco Realty Corp.		8,424		173,619
Mid-America Apartment Communities, Inc.		1,279		204,768
Prologis, Inc.		5,068		625,391
Public Storage		1,459		436,168
Realty Income Corp.		5,200		332,540
Regency Centers Corp.		1,923		120,957
SBA Communications Corp., Class A		942		244,308
Simon Property Group, Inc.		4,770		582,369
UDR, Inc.		3,918		167,847
Ventas, Inc.		9,663		470,105
VICI Properties, Inc.		6,988		234,308
Welltower, Inc.		9,053		671,008
Weyerhaeuser Co.		35,908		1,122,125
				15,356,244
Utilities-2.52%
AES Corp. (The)		46,263		1,141,771
Alliant Energy Corp.		7,885		404,264
Ameren Corp.		9,000		744,390
American Electric Power Co., Inc.		20,394		1,794,060
American Water Works Co., Inc.		2,636		370,042
Atmos Energy Corp.(c)		3,811		429,919
CenterPoint Energy, Inc.		30,389		845,422
CMS Energy Corp.		14,358		846,691
Consolidated Edison, Inc.		16,750		1,496,613
Constellation Energy Corp.		26,990		2,021,281
Dominion Energy, Inc.		30,681		1,706,477
DTE Energy Co.		17,675		1,939,124

	Shares		Value
Utilities-(continued)
Duke Energy Corp.		30,048	$	2,832,325
Edison International		26,887		1,780,188
Entergy Corp.		12,113		1,246,064
Evergy, Inc.		9,780		575,162
Eversource Energy		14,956		1,127,084
Exelon Corp.		59,567		2,405,911
FirstEnergy Corp.		30,821		1,218,662
NextEra Energy, Inc.		34,508		2,451,103
NiSource, Inc.		21,688		594,902
NRG Energy, Inc.(c)		102,510		3,361,303
PG&E Corp.(b)		148,442		2,318,664
Pinnacle West Capital Corp.		5,667		417,545
PPL Corp.		26,217		709,694
Public Service Enterprise Group, Inc.		17,008		1,027,794
Sempra Energy		10,040		1,505,598
Southern Co. (The)		44,076		2,779,433
WEC Energy Group, Inc.		10,343		917,010
Xcel Energy, Inc.		22,358		1,443,656
				42,452,152
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.79% (Cost $1,513,682,834)				1,680,850,399
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.80%
Invesco Private Government Fund, 4.58%(d)(e)(f)		8,502,833		8,502,833
Invesco Private Prime Fund, 4.83%(d)(e)(f)		21,860,056		21,864,427
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $30,368,883)				30,367,260
TOTAL INVESTMENTS IN SECURITIES-101.59% (Cost $1,544,051,717)				1,711,217,659
OTHER ASSETS LESS LIABILITIES-(1.59)%				(26,710,559	)
NET ASSETS-100.00%			$	1,684,507,100

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 February 28, 2023.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31, 2022			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value February 28, 2023			Dividend Income
Invesco Ltd.		$	646,431	$	110,304	$	(176,533	)		$	111,291	$	(63,415	)		$	628,078	$	14,055

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  7  

Invesco S&P 500 Revenue ETF (RWL)–(continued)

February 28, 2023

(Unaudited)

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	18,403,733		$	(18,403,733	)		$	-			$	-			$	-		$	11,118
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			8,652,647			84,139,863			(84,289,677	)			-				-				8,502,833			220,899	*
Invesco Private Prime Fund			22,284,054			198,895,339			(199,319,997	)			(3,865	)			8,896				21,864,427			602,341	*
Total		$	31,583,132		$	301,549,239		$	(302,189,940	)		$	107,426			$	(54,519	)		$	30,995,338		$	848,413

* 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 February 28, 2023.

^(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 2I.

 Portfolio Composition

 Sector Breakdown (% of the Fund’s Net Assets)

 as of February 28, 2023

Health Care	16.95
Consumer Discretionary	13.29
Financials	12.06
Information Technology	11.25
Consumer Staples	11.24
Energy	10.11
Industrials	9.85
Communication Services	8.25
Materials	3.36
Sector Types Each Less Than 3%	3.43
Money Market Funds Plus Other Assets Less Liabilities	0.21

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  8  

Invesco S&P MidCap 400 Revenue ETF (RWK)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.89%
Communication Services-1.20%
Cable One, Inc.(b)		478	$	330,112
Frontier Communications Parent, Inc.(b)(c)		49,184		1,345,674
Iridium Communications, Inc.(c)		2,762		169,504
John Wiley & Sons, Inc., Class A(b)		10,484		466,433
New York Times Co. (The), Class A		13,267		510,780
Nexstar Media Group, Inc., Class A		5,644		1,049,220
TEGNA, Inc.		32,413		563,986
TripAdvisor, Inc.(b)(c)		15,502		334,378
World Wrestling Entertainment, Inc., Class A		3,497		293,748
Ziff Davis, Inc.(b)(c)		3,392		267,900
				5,331,735
Consumer Discretionary-23.02%
Adient PLC(b)(c)		86,851		3,710,275
AutoNation, Inc.(b)(c)		47,932		6,543,197
Boyd Gaming Corp.		12,351		804,421
Brunswick Corp.(b)		19,107		1,670,334
Capri Holdings Ltd.(c)		21,311		1,056,386
Carter’s, Inc.(b)		9,665		728,644
Choice Hotels International, Inc.(b)		2,302		272,465
Churchill Downs, Inc.(b)		1,590		390,790
Columbia Sportswear Co.		8,078		704,402
Cracker Barrel Old Country Store, Inc.(b)		6,850		746,376
Crocs, Inc.(b)(c)		6,979		849,414
Dana, Inc.		127,629		2,021,643
Deckers Outdoor Corp.(c)		1,884		784,403
Dick’s Sporting Goods, Inc.		21,069		2,710,105
Five Below, Inc.(b)(c)		3,442		703,201
Foot Locker, Inc.(b)		47,850		2,092,002
Fox Factory Holding Corp.(b)(c)		3,204		376,470
GameStop Corp., Class A(b)(c)		55,389		1,065,130
Gap, Inc. (The)(b)		236,990		3,083,240
Gentex Corp.		14,043		400,928
Goodyear Tire & Rubber Co. (The)(c)		403,763		4,586,748
Graham Holdings Co., Class B		1,290		808,391
Grand Canyon Education, Inc.(c)		1,849		209,473
H&R Block, Inc.		17,105		629,464
Hanesbrands, Inc.(b)		212,097		1,204,711
Harley-Davidson, Inc.		25,807		1,227,123
Helen of Troy Ltd.(b)(c)		4,684		527,840
KB Home		44,219		1,559,604
Kohl’s Corp.(b)		145,742		4,086,606
Lear Corp.		32,419		4,527,313
Leggett & Platt, Inc.(b)		30,955		1,067,638
Light & Wonder, Inc.(b)(c)		7,886		493,742
Lithia Motors, Inc., Class A		26,073		6,653,308
Macy’s, Inc.		241,526		4,941,622
Marriott Vacations Worldwide Corp.		6,788		1,038,496
Mattel, Inc.(c)		70,571		1,269,572
Murphy USA, Inc.		16,431		4,191,384
Nordstrom, Inc.(b)		186,772		3,638,319
Ollie’s Bargain Outlet Holdings, Inc.(b)(c)		7,054		405,887
Papa John’s International, Inc.		5,123		430,076
Penn Entertainment, Inc.(b)(c)		40,032		1,222,177
Polaris, Inc.		16,830		1,914,412
PVH Corp.		25,296		2,029,751
RH(b)(c)		2,905		868,682

	Shares		Value
Consumer Discretionary-(continued)
Service Corp. International		12,347	$	833,793
Skechers U.S.A., Inc., Class A(c)		35,295		1,570,980
Taylor Morrison Home Corp., Class A(c)		56,999		2,042,274
Tempur Sealy International, Inc.		32,517		1,389,777
Texas Roadhouse, Inc.		8,233		835,979
Thor Industries, Inc.(b)		41,285		3,756,522
Toll Brothers, Inc.		40,868		2,449,628
TopBuild Corp.(c)		6,291		1,305,949
Topgolf Callaway Brands Corp.(b)(c)		36,314		841,759
Travel + Leisure Co.		19,708		826,751
Under Armour, Inc., Class A(b)(c)		64,625		641,726
Under Armour, Inc., Class C(b)(c)		73,656		648,173
Victoria’s Secret & Co.(b)(c)		29,914		1,185,791
Visteon Corp.(c)		5,220		871,949
Wendy’s Co. (The)		18,180		399,233
Williams-Sonoma, Inc.(b)		15,655		1,955,623
Wingstop, Inc.		440		74,954
Wyndham Hotels & Resorts, Inc.(b)		4,456		343,201
YETI Holdings, Inc.(b)(c)		7,399		288,413
				102,508,640
Consumer Staples-7.27%
BellRing Brands, Inc.(b)(c)		11,491		354,842
BJ’s Wholesale Club Holdings, Inc.(c)		55,311		3,971,330
Boston Beer Co., Inc. (The), Class A(b)(c)		1,142		369,780
Casey’s General Stores, Inc.		12,113		2,518,898
Celsius Holdings, Inc.(b)(c)		1,031		93,615
Coca-Cola Consolidated, Inc.		2,307		1,284,653
Coty,Inc.,Class A(b)(c)		139,570		1,577,141
Darling Ingredients, Inc.(c)		20,096		1,271,474
Energizer Holdings, Inc.(b)		18,404		666,777
Flowers Foods, Inc.		33,623		937,409
Grocery Outlet Holding Corp.(b)(c)		24,792		670,624
Ingredion, Inc.		15,923		1,582,746
Lancaster Colony Corp.		1,779		341,533
Performance Food Group Co.(c)		191,832		10,855,773
Pilgrim’s Pride Corp.(c)		146,985		3,437,979
Post Holdings, Inc.(c)		14,020		1,261,239
Sprouts Farmers Market, Inc.(b)(c)		38,760		1,174,040
				32,369,853
Energy-6.99%
Antero Midstream Corp.		19,506		205,593
Antero Resources Corp.(c)		58,032		1,520,438
ChampionX Corp.		27,794		849,663
CNX Resources Corp.(b)(c)		41,589		638,391
DT Midstream, Inc.		3,285		164,907
Equitrans Midstream Corp.(b)		36,763		221,681
HF Sinclair Corp.		148,286		7,372,780
Matador Resources Co.		11,517		619,499
Murphy Oil Corp.		20,110		784,692
NOV, Inc.		71,710		1,569,015
PBF Energy, Inc., Class A		281,702		12,313,194
PDC Energy, Inc.		13,940		935,513
Range Resources Corp.		44,426		1,196,837
Southwestern Energy Co.(c)		515,422		2,731,737
				31,123,940

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  9  

Invesco S&P MidCap 400 Revenue ETF (RWK)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Financials-8.86%
Affiliated Managers Group, Inc.		3,314	$	528,285
American Financial Group, Inc.		9,937		1,332,651
Annaly Capital Management, Inc.		25,579		528,974
Associated Banc-Corp		11,432		264,651
Bank of Hawaii Corp.		1,871		140,063
Bank OZK(b)		6,428		295,881
Brighthouse Financial, Inc.(c)		39,853		2,304,699
Cadence Bank		14,899		395,717
Cathay General Bancorp		3,931		168,719
CNO Financial Group, Inc.		33,940		869,543
Commerce Bancshares, Inc.		4,578		302,835
Cullen/Frost Bankers, Inc.		2,450		322,959
East West Bancorp, Inc.		7,046		536,976
Essent Group Ltd.		5,578		239,575
Evercore, Inc., Class A		5,887		772,257
F.N.B. Corp.		22,891		326,655
Federated Hermes, Inc., Class B		7,965		313,423
First American Financial Corp.		32,987		1,873,002
First Financial Bankshares, Inc.		3,135		114,992
First Horizon Corp.		26,911		666,585
FirstCash Holdings, Inc.(b)		5,624		496,318
Fulton Financial Corp.		12,354		212,489
Glacier Bancorp, Inc.		3,582		169,715
Hancock Whitney Corp.		5,495		269,914
Hanover Insurance Group, Inc. (The)		7,961		1,110,400
Home BancShares, Inc.		7,960		191,836
Interactive Brokers Group, Inc., Class A		9,206		792,729
International Bancshares Corp.		2,711		131,565
Janus Henderson Group PLC(b)		18,596		510,646
Jefferies Financial Group, Inc.		47,202		1,783,764
Kemper Corp.		21,559		1,328,034
Kinsale Capital Group, Inc.		553		176,241
MGIC Investment Corp.		18,699		257,298
Navient Corp.		44,205		797,900
New York Community Bancorp, Inc.		45,445		403,552
Old National Bancorp		16,623		293,728
Old Republic International Corp.		72,893		1,922,188
PacWest Bancorp		13,327		369,824
Pinnacle Financial Partners, Inc.		4,051		300,139
Primerica, Inc.		4,161		798,662
Prosperity Bancshares, Inc.		3,437		252,585
Reinsurance Group of America, Inc.		23,978		3,464,102
RenaissanceRe Holdings Ltd. (Bermuda)		4,899		1,052,795
RLI Corp.		1,785		246,169
SEI Investments Co.		6,948		418,617
Selective Insurance Group, Inc.		8,065		818,839
SLM Corp.		30,136		433,356
Stifel Financial Corp.		16,096		1,075,696
Synovus Financial Corp.		11,800		493,358
Texas Capital Bancshares, Inc.(c)		4,000		264,920
UMB Financial Corp.		3,954		358,470
United Bankshares, Inc.		5,121		208,783
Unum Group		61,897		2,757,511
Valley National Bancorp		33,269		385,255
Voya Financial, Inc.		20,312		1,513,041
Washington Federal, Inc.		4,578		160,550
Webster Financial Corp.(b)		9,512		505,277
Wintrust Financial Corp.(b)		4,910		452,358
				39,477,066

	Shares		Value
Health Care-4.74%
Acadia Healthcare Co., Inc.(b)(c)		6,330	$	458,988
Amedisys, Inc.(c)		5,276		485,128
Arrowhead Pharmaceuticals, Inc.(b)(c)		1,620		52,326
Azenta, Inc.(b)(c)		1,905		83,611
Bruker Corp.		8,007		551,843
Chemed Corp.		860		448,559
Encompass Health Corp.		18,641		1,053,589
Enovis Corp.(b)(c)		10,820		623,448
Envista Holdings Corp.(b)(c)		16,099		622,387
Exelixis, Inc.(c)		21,493		367,101
Globus Medical, Inc., Class A(b)(c)		2,887		168,428
Haemonetics Corp.(b)(c)		2,820		219,311
Halozyme Therapeutics, Inc.(c)		2,062		98,955
HealthEquity, Inc.(b)(c)		2,669		173,939
ICU Medical, Inc.(b)(c)		2,757		470,455
Inari Medical, Inc.(b)(c)		1,059		59,579
Integra LifeSciences Holdings Corp.(b)(c)		5,788		321,929
Jazz Pharmaceuticals PLC(c)		4,859		682,204
Lantheus Holdings, Inc.(b)(c)		3,070		227,057
LivaNova PLC(c)		3,898		184,453
Masimo Corp.(b)(c)		2,632		440,360
Medpace Holdings, Inc.(b)(c)		1,390		269,493
Neogen Corp.(b)(c)		7,161		126,678
Neurocrine Biosciences, Inc.(c)		2,454		253,007
Omnicell, Inc.(b)(c)		5,718		311,288
Option Care Health, Inc.(c)		26,808		822,201
Patterson Cos., Inc.		45,623		1,209,922
Penumbra, Inc.(b)(c)		796		206,952
Perrigo Co. PLC		28,890		1,088,864
Progyny, Inc.(b)(c)		4,558		171,199
QuidelOrtho Corp.(b)(c)		6,779		589,366
R1 RCM, Inc.(b)(c)		33,657		477,929
Repligen Corp.(b)(c)		1,008		175,765
Shockwave Medical, Inc.(b)(c)		377		71,721
Sotera Health Co.(b)(c)		24,387		407,019
STAAR Surgical Co.(b)(c)		949		52,565
Syneos Health, Inc.(c)		32,570		1,309,966
Tandem Diabetes Care, Inc.(b)(c)		3,740		134,116
Tenet Healthcare Corp.(c)		90,242		5,281,864
United Therapeutics Corp.(c)		1,377		338,797
				21,092,362
Industrials-19.22%
Acuity Brands, Inc.(b)		4,673		906,375
AECOM		32,561		2,811,968
AGCO Corp.(b)		18,609		2,620,333
ASGN, Inc.(b)(c)		11,018		978,398
Avis Budget Group, Inc.(c)		13,379		2,938,831
Axon Enterprise, Inc.(b)(c)		1,329		266,212
Brink’s Co. (The)(b)		15,961		1,041,455
Builders FirstSource, Inc.(c)		72,983		6,187,499
CACI International, Inc., Class A(c)		4,341		1,271,913
Carlisle Cos., Inc.		5,440		1,404,717
Chart Industries, Inc.(b)(c)		2,751		367,259
Clean Harbors, Inc.(c)		8,905		1,176,083
Crane Holdings Co.		6,730		806,119
Curtiss-Wright Corp.		2,986		521,923
Donaldson Co., Inc.		11,786		745,464
Dycom Industries, Inc.(b)(c)		8,568		721,511
EMCOR Group, Inc.(b)		14,995		2,507,464

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  10  

Invesco S&P MidCap 400 Revenue ETF (RWK)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Industrials-(continued)
EnerSys		9,746	$	883,865
ESAB Corp.		11,413		669,372
Flowserve Corp.(b)		24,259		841,545
Fluor Corp.(b)(c)		80,161		2,939,504
FTI Consulting, Inc.(b)(c)		3,733		685,789
GATX Corp.		2,414		263,343
Graco, Inc.		6,494		451,593
GXO Logistics, Inc.(c)		42,043		2,084,072
Hexcel Corp.		5,364		391,304
Hubbell, Inc.		3,990		1,003,645
IAA, Inc.(b)(c)		11,286		461,710
Insperity, Inc.		10,228		1,269,193
ITT, Inc.		7,445		676,676
JetBlue Airways Corp.(c)		239,440		1,987,352
KBR, Inc.		30,314		1,670,605
Kennametal, Inc.(b)		16,812		476,284
Kirby Corp.(c)		8,547		619,914
Knight-Swift Transportation Holdings, Inc.		28,329		1,610,220
Landstar System, Inc.(b)		9,474		1,712,804
Lennox International, Inc.(b)		3,684		938,794
Lincoln Electric Holdings, Inc.		5,215		875,755
ManpowerGroup, Inc.		49,521		4,203,342
MasTec, Inc.(b)(c)		20,149		1,968,960
MDU Resources Group, Inc.		44,391		1,413,853
Mercury Systems, Inc.(c)		4,361		228,255
Middleby Corp. (The)(b)(c)		5,782		899,043
MSA Safety, Inc.		2,313		310,752
MSC Industrial Direct Co., Inc., Class A		9,166		774,710
nVent Electric PLC		15,045		689,663
Oshkosh Corp.		19,464		1,735,994
Owens Corning		21,467		2,099,258
Regal Rexnord Corp.(b)		8,964		1,413,085
Ryder System, Inc.		28,481		2,788,575
Saia, Inc.(b)(c)		2,493		675,279
Science Applications International Corp.(b)		14,073		1,500,745
Simpson Manufacturing Co., Inc.		4,634		499,823
Stericycle, Inc.(b)(c)		10,913		520,332
SunPower Corp.(b)(c)		15,372		230,887
Sunrun, Inc.(b)(c)		15,524		373,197
Terex Corp.		19,919		1,179,404
Tetra Tech, Inc.		4,776		653,787
Timken Co. (The)		12,971		1,108,372
Toro Co. (The)		8,055		889,594
Trex Co., Inc.(b)(c)		5,706		291,748
Univar Solutions, Inc.(c)		71,981		2,501,340
Valmont Industries, Inc.		2,606		826,962
Vicor Corp.(b)(c)		1,461		68,667
Watsco, Inc.(b)		5,669		1,727,401
Watts Water Technologies, Inc., Class A		2,682		469,967
Werner Enterprises, Inc.(b)		15,335		712,311
Woodward, Inc.		5,287		523,413
XPO, Inc.(c)		75,072		2,504,402
				85,569,984
Information Technology-14.20%
ACI Worldwide, Inc.(c)		14,345		370,818
Allegro MicroSystems, Inc. (Japan)(b)(c)		5,362		234,212
Amkor Technology, Inc.		55,297		1,424,451
Arrow Electronics, Inc.(c)		71,521		8,438,763
Aspen Technology, Inc.(b)(c)		942		199,713

	Shares		Value
Information Technology-(continued)
Avnet, Inc.		123,023	$	5,500,358
Belden, Inc.		7,055		595,301
Blackbaud, Inc.(b)(c)		3,795		211,344
Calix, Inc.(c)		2,252		115,190
Ciena Corp.(b)(c)		15,084		727,350
Cirrus Logic, Inc.(c)		5,305		545,089
Cognex Corp.		4,352		206,372
Coherent Corp.(b)(c)		22,589		974,264
CommVault Systems, Inc.(b)(c)		2,532		149,084
Concentrix Corp.		10,311		1,410,957
Dynatrace, Inc.(c)		5,845		248,588
Envestnet, Inc.(b)(c)		4,298		268,668
Euronet Worldwide, Inc.(b)(c)		7,531		819,749
ExlService Holdings, Inc.(b)(c)		1,550		254,991
Fair Isaac Corp.(b)(c)		461		312,277
Genpact Ltd.		20,031		956,080
IPG Photonics Corp.(c)		3,256		401,269
Jabil, Inc.		97,127		8,064,455
Kyndryl Holdings, Inc.(c)		345,822		5,425,947
Lattice Semiconductor Corp.(c)		1,822		154,797
Littelfuse, Inc.		2,176		562,996
Lumentum Holdings, Inc.(b)(c)		6,750		363,218
MACOM Technology Solutions Holdings, Inc.(b)(c)		1,992		136,532
Manhattan Associates, Inc.(c)		1,276		183,425
Maximus, Inc.		13,475		1,106,028
MKS Instruments, Inc.		8,135		788,526
National Instruments Corp.		8,529		430,800
NCR Corp.(c)		70,261		1,793,763
Novanta, Inc.(b)(c)		1,206		189,233
Paylocity Holding Corp.(c)		951		183,172
Power Integrations, Inc.		1,884		154,959
Qualys, Inc.(b)(c)		821		97,001
Silicon Laboratories, Inc.(b)(c)		1,433		255,833
SiTime Corp.(b)(c)		587		72,876
Synaptics, Inc.(b)(c)		3,733		439,038
TD SYNNEX Corp.		130,698		12,614,971
Teradata Corp.(c)		11,199		456,471
Universal Display Corp.		1,052		142,914
Viasat, Inc.(b)(c)		18,742		595,246
Vishay Intertechnology, Inc.		32,518		690,357
Vontier Corp.		33,540		877,742
Western Union Co. (The)(b)		68,801		891,661
WEX, Inc.(b)(c)		2,892		557,607
Wolfspeed, Inc.(b)(c)		2,090		154,618
Xerox Holdings Corp.		91,144		1,502,965
				63,252,039
Materials-9.93%
Alcoa Corp.(b)		62,096		3,038,978
AptarGroup, Inc.		6,381		744,790
Ashland, Inc.		4,478		455,771
Avient Corp.		27,814		1,213,525
Cabot Corp.		12,516		995,397
Chemours Co. (The)		49,236		1,682,886
Cleveland-Cliffs, Inc.(c)		311,600		6,646,428
Commercial Metals Co.		38,513		1,993,048
Eagle Materials, Inc.(b)		3,102		435,273
Greif, Inc., Class A		19,921		1,415,387
Ingevity Corp.(c)		4,676		386,051

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  11  

Invesco S&P MidCap 400 Revenue ETF (RWK)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Materials-(continued)
Louisiana-Pacific Corp.		13,802	$	807,555
MP Materials Corp.(b)(c)		3,502		122,570
NewMarket Corp.		1,751		601,469
Olin Corp.		37,863		2,186,588
Reliance Steel & Aluminum Co.		17,768		4,403,621
Royal Gold, Inc.(b)		1,134		134,708
RPM International, Inc.		13,962		1,237,452
Scotts Miracle-Gro Co. (The)		15,738		1,298,385
Sensient Technologies Corp.		4,060		306,083
Silgan Holdings, Inc.		25,132		1,342,049
Sonoco Products Co.(b)		24,194		1,428,898
United States Steel Corp.		183,232		5,612,396
Valvoline, Inc.		19,570		688,864
Westlake Corp.		31,100		3,705,254
Worthington Industries, Inc.		22,016		1,330,647
				44,214,073
Real Estate-2.39%
Apartment Income REIT Corp.		4,225		159,705
Brixmor Property Group, Inc.(b)		11,104		251,395
Corporate Office Properties Trust(b)		4,794		121,911
Cousins Properties, Inc.(b)		6,238		152,769
CubeSmart(b)		4,643		218,175
Douglas Emmett, Inc.(b)		12,817		181,104
EastGroup Properties, Inc.(b)		488		79,676
EPR Properties		3,170		129,463
First Industrial Realty Trust, Inc.		2,172		114,573
Healthcare Realty Trust, Inc.		8,966		174,837
Highwoods Properties, Inc.		5,848		154,972
Independence Realty Trust, Inc.(b)		6,205		112,248
JBG SMITH Properties(b)		6,280		108,330
Jones Lang LaSalle, Inc.(c)		27,471		4,792,591
Kilroy Realty Corp.(b)		5,578		200,920
Kite Realty Group Trust(b)		7,152		155,341
Lamar Advertising Co., Class A		4,345		454,313
Life Storage, Inc.		1,913		230,555
Macerich Co. (The)(b)		14,317		171,088
Medical Properties Trust, Inc.(b)		27,603		284,311
National Retail Properties, Inc.		3,444		156,082
National Storage Affiliates Trust		4,075		172,372
Omega Healthcare Investors, Inc.(b)		6,910		185,119
Park Hotels & Resorts, Inc.		38,389		527,849
Pebblebrook Hotel Trust(b)		17,730		253,007
Physicians Realty Trust(b)		6,990		103,662
PotlatchDeltic Corp.		5,858		270,405
Rayonier, Inc.(b)		5,576		187,242
Rexford Industrial Realty, Inc.		2,201		133,072
Sabra Health Care REIT, Inc.		9,802		116,742
SL Green Realty Corp.		4,587		156,187
Spirit Realty Capital, Inc.		3,345		137,747
				10,647,763

	Shares		Value
Utilities-2.07%
ALLETE, Inc.		4,922	$	301,177
Black Hills Corp.		6,823		419,000
Essential Utilities, Inc.		9,079		388,400
Hawaiian Electric Industries, Inc.		17,602		712,001
IDACORP, Inc.		2,975		307,615
National Fuel Gas Co.		10,048		575,549
New Jersey Resources Corp.		12,025		613,636
NorthWestern Corp.		5,047		291,616
OGE Energy Corp.		16,740		597,953
ONE Gas, Inc.		6,287		503,966
Ormat Technologies, Inc.		1,683		142,247
PNM Resources, Inc.		8,921		437,129
Portland General Electric Co.(b)		10,412		497,694
Southwest Gas Holdings, Inc.(b)		13,542		853,281
Spire, Inc.		6,705		472,032
UGI Corp.		56,074		2,087,635
				9,200,931
Total Common Stocks & Other Equity Interests (Cost $407,722,390)				444,788,386
Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(d)(e) (Cost $278,904)		278,904		278,904
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $408,001,294)				445,067,290
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-17.69%
Invesco Private Government Fund, 4.58%(d)(e)(f)		22,055,307		22,055,307
Invesco Private Prime Fund, 4.83%(d)(e)(f)		56,706,873		56,718,213
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $78,778,840)				78,773,520
TOTAL INVESTMENTS IN SECURITIES-117.64% (Cost $486,780,134)				523,840,810
OTHER ASSETS LESS LIABILITIES-(17.64)%				(78,537,626	)
NET ASSETS-100.00%			$	445,303,184

Investment Abbreviations:

REIT -Real Estate Investment Trust

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  12  

Invesco S&P MidCap 400 Revenue ETF (RWK)–(continued)

February 28, 2023

(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)  All or a portion of this security was out on loan at February 28, 2023.

^(c)  Non-income producing security.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	227,907		$	3,316,237		$	(3,265,240	)		$	-			$	-		$	278,904		$	3,187
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			22,446,908			80,292,480			(80,684,081	)			-				-			22,055,307			401,954	*
Invesco Private Prime Fund			57,554,621			168,061,613			(168,902,213	)			(9,250	)			13,442			56,718,213			1,096,720	*
Total		$	80,229,436		$	251,670,330		$	(252,851,534	)		$	(9,250	)		$	13,442		$	79,052,424		$	1,501,861

* 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 February 28, 2023.

^(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 2I.

 Portfolio Composition

 Sector Breakdown (% of the Fund’s Net Assets)

 as of February 28, 2023

Consumer Discretionary	23.02
Industrials	19.22
Information Technology	14.20
Materials	9.93
Financials	8.86
Consumer Staples	7.27
Energy	6.99
Health Care	4.74
Sector Types Each Less Than 3%	5.66
Money Market Funds Plus Other Assets Less Liabilities	0.11

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  13  

Invesco S&P SmallCap 600 Revenue ETF (RWJ)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Communication Services-2.66%
AMC Networks, Inc., Class A(b)		172,765	$	3,863,025
ATN International, Inc.(c)		16,342		687,181
Cars.com, Inc.(b)(c)		49,017		941,126
Cinemark Holdings, Inc.(b)(c)		218,578		2,974,847
Cogent Communications Holdings, Inc.		10,818		700,357
Consolidated Communications Holdings, Inc.(b)(c)		311,018		942,385
E.W. Scripps Co. (The), Class A(b)(c)		179,519		2,265,530
Gannett Co., Inc.(b)(c)		1,291,365		3,912,836
Gogo, Inc.(b)(c)		25,808		424,800
Marcus Corp. (The)(c)		44,746		719,963
QuinStreet, Inc.(b)(c)		45,200		767,044
Scholastic Corp.		47,065		2,146,635
Shenandoah Telecommunications Co.(c)		14,721		287,354
Shutterstock, Inc.		16,773		1,261,665
TechTarget, Inc.(b)(c)		7,276		274,523
Telephone & Data Systems, Inc.		567,852		7,206,042
Thryv Holdings, Inc.(b)(c)		67,842		1,617,353
Yelp, Inc.(b)(c)		42,627		1,279,663
				32,272,329
Consumer Discretionary-24.09%
Aaron’s Co., Inc. (The)(c)		189,859		2,724,477
Abercrombie & Fitch Co., Class A(b)(c)		161,420		4,747,362
Academy Sports & Outdoors, Inc.(c)		126,252		7,467,806
Adtalem Global Education, Inc.(b)		39,767		1,555,685
American Axle & Manufacturing Holdings, Inc.(b)(c)		638,393		5,617,858
American Eagle Outfitters, Inc.(c)		328,618		4,722,241
America’s Car-Mart, Inc.(b)(c)		18,743		1,592,405
Asbury Automotive Group, Inc.(b)(c)		83,096		18,871,102
Bed Bath & Beyond, Inc.(b)(c)		2,342,698		3,303,204
Big Lots, Inc.(c)		358,513		5,144,662
BJ’s Restaurants, Inc.(b)(c)		42,613		1,363,616
Bloomin’ Brands, Inc.		213,591		5,574,725
Boot Barn Holdings, Inc.(b)(c)		27,045		2,094,635
Brinker International, Inc.(b)(c)		114,735		4,359,930
Buckle, Inc. (The)(c)		30,491		1,243,728
Caleres, Inc.(c)		139,258		3,636,026
Cavco Industries, Inc.(b)		9,322		2,656,770
Century Communities, Inc.		94,224		5,635,537
Cheesecake Factory, Inc. (The)(c)		100,859		3,776,161
Chico’s FAS, Inc.(b)(c)		386,820		2,224,215
Children’s Place, Inc. (The)(b)(c)		54,087		2,264,623
Chuy’s Holdings, Inc.(b)(c)		14,219		508,329
Dave & Buster’s Entertainment, Inc.(b)(c)		46,994		1,880,700
Designer Brands, Inc., Class A(c)		347,450		3,401,535
Dine Brands Global, Inc.(c)		13,888		1,064,793
Dorman Products, Inc.(b)(c)		20,150		1,874,554
El Pollo Loco Holdings, Inc.(c)		44,630		534,221
Ethan Allen Interiors, Inc.(c)		33,328		984,842
frontdoor, inc.(b)(c)		79,666		2,250,564
Genesco, Inc.(b)(c)		59,048		2,655,389
Gentherm, Inc.(b)(c)		16,395		1,041,246
G-III Apparel Group Ltd.(b)		242,661		4,031,813
Golden Entertainment, Inc.(b)		28,402		1,167,606
Green Brick Partners, Inc.(b)(c)		79,319		2,474,753

	Shares		Value
Consumer Discretionary-(continued)
Group 1 Automotive, Inc.		86,063	$	19,025,947
Guess?, Inc.(c)		134,851		2,837,265
Haverty Furniture Cos., Inc., (Acquired 11/17/2014 - 02/28/2023; Cost $1,021,695)(d)		35,634		1,344,827
Hibbett, Inc.(c)		24,918		1,792,352
Installed Building Products, Inc.(c)		30,044		3,466,477
iRobot Corp.(b)(c)		26,246		1,078,448
Jack in the Box, Inc.(c)		22,417		1,757,493
Kontoor Brands, Inc.		64,823		3,380,519
La-Z-Boy, Inc.		108,799		3,522,912
LCI Industries		60,004		6,769,051
Leslie’s, Inc.(b)(c)		133,021		1,677,395
LGI Homes, Inc.(b)(c)		28,629		2,986,291
M.D.C. Holdings, Inc.(c)		185,927		6,879,299
M/I Homes, Inc.(b)		94,095		5,442,455
MarineMax, Inc.(b)(c)		75,359		2,530,555
Meritage Homes Corp.(b)		69,294		7,568,984
Mister Car Wash, Inc.(b)(c)		88,903		820,575
Monarch Casino & Resort, Inc.		5,958		438,628
Monro, Inc.		28,668		1,446,014
Motorcar Parts of America, Inc.(b)(c)		68,634		898,419
Movado Group, Inc.(c)		25,388		878,933
National Vision Holdings, Inc.(b)(c)		55,911		2,088,835
ODP Corp. (The)(b)		190,772		8,638,156
Oxford Industries, Inc.(c)		12,938		1,521,638
Patrick Industries, Inc.		94,592		6,891,027
Perdoceo Education Corp.(b)(c)		50,206		692,090
PetMed Express, Inc.(c)		14,365		269,775
Ruth’s Hospitality Group, Inc.		30,481		568,471
Sally Beauty Holdings, Inc.(b)(c)		353,395		5,686,126
Shake Shack, Inc., Class A(b)(c)		18,925		1,055,826
Shoe Carnival, Inc.(c)		55,725		1,468,354
Signet Jewelers Ltd.(c)		121,949		8,733,987
Six Flags Entertainment Corp.(b)		67,354		1,778,146
Sleep Number Corp.(b)(c)		77,622		3,094,013
Sonic Automotive, Inc., Class A(c)		276,948		15,755,572
Sonos, Inc.(b)(c)		101,526		1,972,650
Standard Motor Products, Inc.		39,023		1,520,726
Steven Madden Ltd		71,835		2,607,610
Strategic Education, Inc.		13,890		1,184,122
Stride, Inc.(b)(c)		56,092		2,382,227
Sturm Ruger & Co., Inc.		10,778		628,034
Tri Pointe Homes, Inc.(b)		232,383		5,540,011
Universal Electronics, Inc.(b)(c)		26,208		333,366
Upbound Group, Inc.(c)		196,671		5,280,616
Urban Outfitters, Inc.(b)(c)		180,316		4,859,516
Vista Outdoor, Inc.(b)		123,041		3,514,051
Winnebago Industries, Inc.(c)		94,003		5,974,831
Wolverine World Wide, Inc.		264,461		4,429,722
WW International, Inc.(b)(c)		291,634		1,067,380
XPEL, Inc.(b)(c)(e)		5,243		350,285
Zumiez, Inc.(b)(c)		46,504		1,081,683
				291,958,798
Consumer Staples-9.39%
Andersons, Inc. (The)		486,982		22,220,989
B&G Foods, Inc.(c)		179,525		2,274,582

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  14  

Invesco S&P SmallCap 600 Revenue ETF (RWJ)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Consumer Staples-(continued)
Calavo Growers, Inc.(c)		37,237	$	1,201,638
Cal-Maine Foods, Inc.		38,734		2,200,091
Central Garden & Pet Co.(b)		43,971		1,780,825
Central Garden & Pet Co., Class A(b)(c)		46,184		1,774,851
Chefs’ Warehouse, Inc. (The)(b)(c)		76,506		2,490,270
Edgewell Personal Care Co.		56,455		2,410,628
elf Beauty, Inc.(b)(c)		8,637		645,616
Fresh Del Monte Produce, Inc.		170,609		5,336,649
Hain Celestial Group, Inc. (The)(b)(c)		113,703		2,027,324
Hostess Brands, Inc.(b)		54,878		1,355,487
Inter Parfums, Inc.(c)		10,449		1,258,164
J&J Snack Foods Corp.(c)		9,099		1,284,870
John B. Sanfilippo & Son, Inc.		12,354		1,109,019
Medifast, Inc.(c)		13,869		1,555,131
MGP Ingredients, Inc.		6,732		682,894
National Beverage Corp.(b)(c)		23,501		1,096,322
Nu Skin Enterprises, Inc., Class A		63,445		2,527,649
PriceSmart, Inc.		64,255		4,479,859
Seneca Foods Corp., Class A(b)		23,872		1,327,283
Simply Good Foods Co. (The)(b)(c)		31,894		1,221,221
SpartanNash Co.		309,917		8,293,379
Tootsie Roll Industries, Inc.		15,436		679,647
TreeHouse Foods, Inc.(b)(c)		100,495		4,903,151
United Natural Foods, Inc.(b)		781,511		31,830,943
Universal Corp.		46,017		2,328,000
USANA Health Sciences, Inc.(b)(c)		20,592		1,251,582
Vector Group Ltd.		127,343		1,689,842
WD-40 Co.(c)		3,193		553,762
				113,791,668
Energy-9.49%
Archrock, Inc.		104,127		1,152,686
Bristow Group, Inc.(b)		52,838		1,439,307
Callon Petroleum Co.(b)(c)		98,084		3,801,736
Civitas Resources, Inc.		64,690		4,539,297
CONSOL Energy, Inc.		27,336		1,496,099
Core Laboratories N.V.(c)		27,836		664,445
DMC Global, Inc.(b)(c)		35,687		955,341
Dorian LPG Ltd.		16,814		369,067
Dril-Quip, Inc.(b)(c)		16,275		557,419
Green Plains, Inc.(b)(c)		132,816		4,604,731
Helix Energy Solutions Group, Inc.(b)		134,152		1,110,779
Helmerich & Payne, Inc.		49,021		2,062,804
Nabors Industries Ltd.(b)(c)		19,527		2,935,103
Oceaneering International, Inc.(b)		155,650		3,251,528
Oil States International, Inc.(b)		119,190		1,088,205
Par Pacific Holdings, Inc.(b)		366,381		10,178,064
Patterson-UTI Energy, Inc.		161,281		2,209,550
ProPetro Holding Corp.(b)		130,589		1,150,489
Ranger Oil Corp., Class A(c)		32,163		1,334,765
REX American Resources Corp.(b)(c)		30,982		1,022,716
RPC, Inc.(c)		180,551		1,583,432
SM Energy Co.		106,729		3,149,573
Talos Energy, Inc.(b)(c)		96,054		1,710,722
US Silica Holdings, Inc.(b)		126,845		1,539,898
Vital Energy, Inc.(b)(c)		42,796		2,199,286
World Fuel Services Corp.		2,145,565		58,895,759
				115,002,801
Financials-8.57%
Ambac Financial Group, Inc.(b)		22,281		368,751

	Shares		Value
Financials-(continued)
American Equity Investment Life Holding Co.		113,870	$	4,742,685
Ameris Bancorp		23,013		1,101,632
AMERISAFE, Inc.		6,002		327,349
Apollo Commercial Real Estate Finance, Inc.(c)		51,591		592,781
Assured Guaranty Ltd.		13,821		862,569
Avantax, Inc.(b)(c)		40,671		1,162,784
Axos Financial, Inc.(b)		22,294		1,056,513
B. Riley Financial, Inc.(c)		24,810		986,942
Banc of California, Inc.		24,206		424,815
BancFirst Corp.		5,992		540,778
Bancorp, Inc. (The)(b)(c)		13,126		454,028
BankUnited, Inc.(c)		34,975		1,238,815
Banner Corp.		9,446		594,909
Berkshire Hills Bancorp, Inc.		14,079		409,136
Bread Financial Holdings, Inc.(c)		114,486		4,701,940
Brightsphere Investment Group, Inc.		24,411		611,984
Brookline Bancorp, Inc.		25,638		332,268
Capitol Federal Financial, Inc.(c)		37,947		318,375
Central Pacific Financial Corp.		13,517		303,186
City Holding Co.(c)		2,951		289,788
Community Bank System, Inc.		11,267		687,850
Customers Bancorp, Inc.(b)(c)		30,095		926,926
CVB Financial Corp.		20,043		479,629
Dime Community Bancshares, Inc.		14,081		431,442
Donnelley Financial Solutions, Inc.(b)(c)		25,148		1,064,012
Eagle Bancorp, Inc.(c)		9,315		408,090
Ellington Financial, Inc.		22,803		293,475
Employers Holdings, Inc.		16,515		733,431
Encore Capital Group, Inc.(b)		30,349		1,568,436
Enova International, Inc.(b)		44,070		2,148,412
EZCORP, Inc., Class A(b)(c)		113,985		1,005,348
FB Financial Corp.		16,120		607,563
First Bancorp		73,842		1,071,447
First Bancorp/Southern Pines NC(c)		8,796		364,946
First Commonwealth Financial Corp.		29,319		469,397
First Financial Bancorp		28,604		704,803
First Hawaiian, Inc.		32,357		884,964
Franklin BSP Realty Trust, Inc.		18,208		255,094
Genworth Financial, Inc., Class A(b)		1,553,334		9,677,271
Granite Point Mortgage Trust, Inc.		30,527		182,857
Green Dot Corp., Class A(b)		81,553		1,543,798
Hanmi Financial Corp.(c)		11,490		271,394
HCI Group, Inc.(c)		14,700		771,750
Heritage Financial Corp.		8,135		226,722
Hilltop Holdings, Inc.		49,820		1,652,529
HomeStreet, Inc.(c)		12,853		324,281
Hope Bancorp, Inc.		53,199		681,479
Horace Mann Educators Corp.(c)		37,505		1,386,185
Independent Bank Corp.		8,134		648,117
Independent Bank Group, Inc.		10,962		645,223
James River Group Holdings Ltd.		36,563		881,168
KKR Real Estate Finance Trust, Inc.(c)		24,303		352,394
Lakeland Financial Corp.(c)		3,448		246,946
LendingTree, Inc.(b)		51,080		1,682,064
Mercury General Corp.		103,488		3,523,766
Mr. Cooper Group, Inc.(b)		68,763		3,192,666
National Bank Holdings Corp., Class A		7,420		300,436
NBT Bancorp, Inc.		12,878		522,718

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  15  

Invesco S&P SmallCap 600 Revenue ETF (RWJ)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Financials-(continued)
New York Mortgage Trust, Inc.(c)		137,084	$	366,014
NMI Holdings, Inc., Class A(b)(c)		27,043		631,184
Northfield Bancorp, Inc.		12,039		177,094
Northwest Bancshares, Inc.		38,218		528,173
OFG Bancorp		23,822		724,665
Pacific Premier Bancorp, Inc.		24,633		798,602
Palomar Holdings, Inc.(b)(c)		6,173		370,380
Park National Corp.(c)		3,624		463,038
Pathward Financial, Inc.		13,546		690,981
Piper Sandler Cos.		12,707		1,918,630
PRA Group, Inc.(b)(c)		30,349		1,291,653
Preferred Bank		3,723		262,099
ProAssurance Corp.		61,564		1,224,508
PROG Holdings, Inc.(b)(c)		155,748		3,850,091
Provident Financial Services, Inc.(c)		24,357		568,736
Ready Capital Corp.(c)		64,702		728,545
Redwood Trust, Inc.(c)		97,658		743,177
Renasant Corp.		16,842		605,975
S&T Bancorp, Inc.(c)		10,805		402,594
Safety Insurance Group, Inc.		9,662		779,627
Seacoast Banking Corp. of Florida(c)		12,403		378,416
ServisFirst Bancshares, Inc.(c)		7,458		551,519
Simmons First National Corp., Class A		45,827		1,018,734
SiriusPoint Ltd. (Bermuda)(b)		368,739		2,618,047
Southside Bancshares, Inc.(c)		8,116		309,950
Stellar Bancorp, Inc.(c)		5,663		165,643
Stewart Information Services Corp.(c)		82,025		3,485,242
StoneX Group, Inc.(b)		20,147		2,031,422
Tompkins Financial Corp.		4,157		310,902
Triumph Financial, Inc.(b)(c)		9,290		565,297
Trupanion, Inc.(b)(c)		16,807		998,000
TrustCo Bank Corp.		5,263		197,152
Trustmark Corp.		21,305		626,367
Two Harbors Investment Corp.(c)		15,951		264,308
United Community Banks, Inc.		24,631		815,532
United Fire Group, Inc.		35,355		1,009,032
Universal Insurance Holdings, Inc.		112,645		2,177,428
Veritex Holdings, Inc.		15,103		402,646
Virtus Investment Partners, Inc.(c)		4,862		1,023,111
Walker & Dunlop, Inc.		13,943		1,216,248
Westamerica Bancorporation		4,221		232,662
WisdomTree, Inc.		59,396		354,594
World Acceptance Corp.(b)(c)		9,097		849,296
WSFS Financial Corp.		18,591		927,877
				103,896,248
Health Care-7.85%
AdaptHealth Corp.(b)(c)		140,115		2,240,439
Addus HomeCare Corp.(b)(c)		9,251		1,005,029
Agiliti, Inc.(b)(c)		70,491		1,343,558
AMN Healthcare Services, Inc.(b)(c)		49,558		4,460,716
Amphastar Pharmaceuticals, Inc.(b)(c)		17,548		559,079
AngioDynamics, Inc.(b)(c)		27,008		334,359
ANI Pharmaceuticals, Inc.(b)(c)		7,346		307,357
Anika Therapeutics, Inc.(b)		5,116		162,177
Apollo Medical Holdings, Inc.(b)(c)		37,561		1,310,879
Arcus Biosciences, Inc.(b)(c)		14,727		268,179
Artivion, Inc.(b)(c)		24,959		330,457
Avanos Medical, Inc.(b)(c)		30,857		866,156
Avid Bioservices, Inc.(b)(c)		10,012		164,798

	Shares		Value
Health Care-(continued)
BioLife Solutions, Inc.(b)(c)		8,200	$	190,732
Cara Therapeutics, Inc.(b)(c)		3,663		37,216
Cardiovascular Systems, Inc.(b)		18,201		358,742
Catalyst Pharmaceuticals, Inc.(b)(c)		12,066		184,127
Coherus Biosciences, Inc.(b)(c)		35,512		240,416
Collegium Pharmaceutical, Inc.(b)(c)		17,037		451,992
Community Health Systems, Inc.(b)		3,594,721		21,784,009
Computer Programs and Systems, Inc.(b)(c)		11,803		354,208
CONMED Corp.(c)		11,988		1,153,126
Corcept Therapeutics, Inc.(b)		19,161		399,124
CorVel Corp.(b)(c)		4,856		875,440
Cross Country Healthcare, Inc.(b)(c)		98,430		2,603,473
Cutera, Inc.(b)(c)		5,328		172,787
Cytokinetics, Inc.(b)(c)		4,242		183,933
Dynavax Technologies Corp.(b)(c)		67,200		692,160
Eagle Pharmaceuticals, Inc.(b)		9,920		277,760
Embecta Corp.(c)		36,724		1,173,332
Emergent BioSolutions, Inc.(b)(c)		128,792		1,594,445
Enanta Pharmaceuticals, Inc.(b)		2,116		102,626
Enhabit, Inc.(b)		80,503		1,235,721
Ensign Group, Inc. (The)		32,826		2,937,270
Fulgent Genetics, Inc.(b)(c)		24,265		795,649
Glaukos Corp.(b)(c)		6,409		302,697
Harmony Biosciences Holdings, Inc.(b)(c)		7,002		308,298
HealthStream, Inc.(b)		10,935		280,483
Heska Corp.(b)(c)		4,003		325,964
Innoviva, Inc.(b)(c)		29,874		360,579
Inogen, Inc.(b)(c)		18,005		282,138
Integer Holdings Corp.(b)		18,760		1,406,625
Ironwood Pharmaceuticals, Inc.(b)(c)		36,696		413,564
iTeos Therapeutics, Inc.(b)		23,797		421,445
LeMaitre Vascular, Inc.(c)		3,611		180,947
Ligand Pharmaceuticals, Inc.(b)		3,939		284,159
Merit Medical Systems, Inc.(b)(c)		16,148		1,139,726
Mesa Laboratories, Inc.		1,285		226,828
ModivCare, Inc.(b)(c)		28,064		2,755,604
Myriad Genetics, Inc.(b)(c)		36,185		684,620
Nektar Therapeutics(b)(c)		30,913		42,660
NeoGenomics, Inc.(b)		43,567		734,104
NextGen Healthcare, Inc.(b)		33,560		607,772
NuVasive, Inc.(b)(c)		29,870		1,291,280
OmniAb, Inc.(b)(f)		785		0
OmniAb, Inc.(b)(f)		785		0
OptimizeRx Corp.(b)(c)		3,454		61,654
OraSure Technologies, Inc.(b)(c)		65,157		411,141
Organogenesis Holdings, Inc.(b)(c)		180,730		442,788
Orthofix Medical, Inc.(b)(c)		23,447		483,008
Owens & Minor, Inc.(b)(c)		488,538		7,489,288
Pacira BioSciences, Inc.(b)		14,747		627,780
Pediatrix Medical Group, Inc.(b)(c)		132,994		2,093,326
Pennant Group, Inc. (The)(b)		47,340		711,047
Phibro Animal Health Corp., Class A		77,915		1,224,045
Prestige Consumer Healthcare, Inc.(b)		18,781		1,131,555
RadNet, Inc.(b)(c)		71,307		1,681,776
REGENXBIO, Inc.(b)(c)		22,782		506,899
Select Medical Holdings Corp.		278,864		7,582,312
Simulations Plus, Inc.(c)		1,389		52,838
Supernus Pharmaceuticals, Inc.(b)(c)		19,258		723,908
SurModics, Inc.(b)(c)		2,880		62,899

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  16  

Invesco S&P SmallCap 600 Revenue ETF (RWJ)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Health Care-(continued)
uniQure N.V. (Netherlands)(b)		2,860	$	59,946
US Physical Therapy, Inc.		6,354		643,851
Vanda Pharmaceuticals, Inc.(b)		25,275		162,771
Varex Imaging Corp.(b)(c)		44,049		779,227
Veradigm, Inc.(b)(c)		46,507		772,481
Vericel Corp.(b)(c)		7,134		216,945
Vir Biotechnology, Inc.(b)(c)		99,113		2,259,776
Xencor, Inc.(b)		10,404		334,280
Zimvie, Inc.(b)(c)		109,920		1,250,890
Zynex, Inc.(b)(c)		11,509		148,696
				95,116,091
Industrials-18.04%
3D Systems Corp.(b)(c)		61,837		605,384
AAON, Inc.		9,887		899,322
AAR Corp.(b)		42,265		2,298,793
ABM Industries, Inc.(c)		172,283		8,340,220
Aerojet Rocketdyne Holdings, Inc.(b)		42,916		2,417,887
AeroVironment, Inc.(b)(c)		5,728		491,119
Alamo Group, Inc.		10,714		1,954,126
Albany International Corp., Class A(c)		10,252		1,034,632
Allegiant Travel Co.(b)(c)		31,900		3,271,345
American Woodmark Corp.(b)		40,765		2,078,200
Apogee Enterprises, Inc.		31,274		1,431,098
Applied Industrial Technologies, Inc.		32,480		4,640,093
ArcBest Corp.		71,631		6,890,902
Arcosa, Inc.		40,798		2,472,359
Astec Industries, Inc.		29,460		1,326,584
Atlas Air Worldwide Holdings, Inc.(b)(c)		46,614		4,699,157
AZZ, Inc.		29,613		1,203,768
Barnes Group, Inc.		32,472		1,368,370
Boise Cascade Co.		125,115		8,646,698
Brady Corp., Class A		29,216		1,611,555
CIRCOR International, Inc.(b)(c)		30,950		905,906
Comfort Systems USA, Inc.		33,573		4,882,857
CoreCivic, Inc.(b)		162,166		1,574,632
Deluxe Corp.		138,125		2,547,025
DXP Enterprises, Inc.(b)		55,903		1,616,156
Encore Wire Corp.(c)		22,446		4,332,302
Enerpac Tool Group Corp.(c)		25,320		681,868
EnPro Industries, Inc.		11,431		1,228,832
ESCO Technologies, Inc.		9,878		920,531
Exponent, Inc.		5,011		515,632
Federal Signal Corp.		30,320		1,599,986
Forrester Research, Inc.(b)(c)		15,859		521,603
Forward Air Corp.		18,961		1,956,965
Franklin Electric Co., Inc.		26,194		2,503,361
GEO Group, Inc. (The)(b)(c)		222,938		1,952,937
Gibraltar Industries, Inc.(b)		30,527		1,630,447
GMS, Inc.(b)		96,925		5,884,317
Granite Construction, Inc.(c)		87,857		3,795,422
Greenbrier Cos., Inc. (The)(c)		89,259		2,866,106
Griffon Corp.		85,218		3,107,900
Harsco Corp.(b)(c)		291,643		2,467,300
Hawaiian Holdings, Inc.(b)(c)		203,143		2,275,202
Healthcare Services Group, Inc.		134,845		1,789,393
Heartland Express, Inc.(c)		48,543		782,999
Heidrick & Struggles International, Inc.		41,792		1,434,719
Hillenbrand, Inc.(c)		61,970		2,921,266
HNI Corp.		92,347		2,885,844

	Shares		Value
Industrials-(continued)
Hub Group, Inc., Class A(b)		71,298	$	6,540,166
Insteel Industries, Inc.		30,175		897,706
Interface, Inc.		129,104		1,138,697
John Bean Technologies Corp.		24,436		2,709,708
Kaman Corp.(c)		32,598		847,548
KAR Auction Services, Inc.(b)(c)		130,621		1,866,574
Kelly Services, Inc., Class A		334,816		5,601,472
Korn Ferry		56,627		3,164,883
Lindsay Corp.		4,671		702,939
Liquidity Services, Inc.(b)		22,153		280,457
Marten Transport Ltd.		61,207		1,350,838
Matson, Inc.(c)		83,800		5,573,538
Matthews International Corp., Class A		60,554		2,310,741
MillerKnoll, Inc.		235,579		5,623,271
Moog, Inc., Class A		37,216		3,670,242
Mueller Industries, Inc.		64,931		4,802,946
MYR Group, Inc.(b)		31,934		3,851,560
National Presto Industries, Inc.		4,619		317,002
NOW, Inc.(b)		183,459		2,357,448
NV5 Global, Inc.(b)(c)		5,699		599,649
Park Aerospace Corp.		4,223		69,342
PGT Innovations, Inc.(b)		80,703		1,706,868
Pitney Bowes, Inc.		982,578		4,264,389
Powell Industries, Inc.		15,338		680,240
Proto Labs, Inc.(b)(c)		20,459		643,231
Quanex Building Products Corp.(c)		53,330		1,383,913
Resideo Technologies, Inc.(b)(c)		413,407		7,581,884
Resources Connection, Inc.		44,738		807,968
SkyWest, Inc.(b)		178,060		3,395,604
SPX Technologies, Inc.(b)(c)		21,421		1,508,895
Standex International Corp.(c)		7,412		857,420
Sun Country Airlines Holdings, Inc.(b)(c)		47,182		945,999
Tennant Co.		17,855		1,264,491
Titan International, Inc.(b)(c)		168,983		2,097,079
Trinity Industries, Inc.(c)		64,491		1,799,944
Triumph Group, Inc.(b)		119,443		1,507,371
TrueBlue, Inc.(b)(c)		126,322		2,362,221
UniFirst Corp.		10,916		2,140,955
Veritiv Corp.(c)		55,456		8,398,257
Viad Corp.(b)(c)		38,470		989,064
Wabash National Corp.(c)		102,782		2,816,227
				218,691,867
Information Technology-8.27%
8x8, Inc.(b)(c)		163,307		868,793
A10 Networks, Inc.		15,098		229,792
Adeia, Inc.		92,269		909,772
ADTRAN Holdings, Inc.		42,375		739,444
Advanced Energy Industries, Inc.		19,926		1,854,712
Agilysys, Inc.(b)		3,062		244,684
Alarm.com Holdings, Inc.(b)		17,003		864,262
Alpha & Omega Semiconductor Ltd.(b)(c)		25,846		690,347
Arlo Technologies, Inc.(b)		158,725		603,155
Avid Technology, Inc.(b)(c)		16,110		468,157
Axcelis Technologies, Inc.(b)		10,840		1,393,374
Badger Meter, Inc.		4,915		597,762
Benchmark Electronics, Inc.		104,755		2,492,121
Cerence, Inc.(b)(c)		18,568		508,392
CEVA, Inc.(b)(c)		5,185		163,639
Clearfield, Inc.(b)(c)		2,742		171,896

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  17  

Invesco S&P SmallCap 600 Revenue ETF (RWJ)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Information Technology-(continued)
Cohu, Inc.(b)(c)		24,135	$	897,822
Comtech Telecommunications Corp.		37,451		598,841
Consensus Cloud Solutions, Inc.(b)		6,814		279,646
Corsair Gaming, Inc.(b)(c)		102,101		1,786,767
CSG Systems International, Inc.		19,544		1,098,373
CTS Corp.(c)		15,061		652,292
Digi International, Inc.(b)(c)		10,144		338,505
Digital Turbine, Inc.(b)		48,042		515,971
Diodes, Inc.(b)		24,271		2,225,408
Ebix, Inc.(c)		55,224		959,793
ePlus, Inc.(b)		44,286		2,398,973
EVERTEC, Inc.		19,852		730,752
Extreme Networks, Inc.(b)		59,660		1,116,835
Fabrinet (Thailand)(b)(c)		18,825		2,294,203
FARO Technologies, Inc.(b)(c)		11,172		303,878
FormFactor, Inc.(b)		34,270		1,031,527
Harmonic, Inc.(b)		46,784		617,081
Ichor Holdings Ltd.(b)		44,445		1,464,463
Insight Enterprises, Inc.(b)(c)		109,913		14,719,549
InterDigital, Inc.(c)		9,396		685,814
Itron, Inc.(b)		36,656		2,044,305
Knowles Corp.(b)(c)		50,193		852,277
Kulicke & Soffa Industries, Inc. (Singapore)(c)		32,960		1,756,768
LivePerson, Inc.(b)(c)		44,715		452,516
LiveRamp Holdings, Inc.(b)		26,421		624,328
MaxLinear, Inc.(b)(c)		31,618		1,081,652
Methode Electronics, Inc.		25,953		1,264,690
NETGEAR, Inc.(b)		46,480		841,288
NetScout Systems, Inc.(b)(c)		26,381		750,276
OneSpan, Inc.(b)		18,417		248,998
Onto Innovation, Inc.(b)		13,209		1,089,346
OSI Systems, Inc.(b)		14,205		1,314,673
Payoneer Global, Inc.(b)		108,872		631,458
PC Connection, Inc.		65,852		2,884,318
PDF Solutions, Inc.(b)		4,782		179,038
Perficient, Inc.(b)(c)		12,543		888,044
Photronics, Inc.(b)		44,806		789,482
Plexus Corp.(b)		37,830		3,627,519
Progress Software Corp.		11,710		672,622
Rambus, Inc.(b)		11,734		518,995
Rogers Corp.(b)		8,335		1,226,912
Sabre Corp.(b)(c)		414,698		2,098,372
Sanmina Corp.(b)		132,528		8,012,643
ScanSource, Inc.(b)		124,841		3,892,542
Semtech Corp.(b)(c)		27,366		843,146
SMART Global Holdings, Inc.(b)		114,193		1,907,023
SPS Commerce, Inc.(b)(c)		3,333		502,083
TTEC Holdings, Inc.		54,818		2,206,973
TTM Technologies, Inc.(b)		163,754		2,176,291
Ultra Clean Holdings, Inc.(b)		71,863		2,289,555
Unisys Corp.(b)		487,851		2,429,498
Veeco Instruments, Inc.(b)(c)		34,930		742,961
Viavi Solutions, Inc.(b)		123,272		1,348,596
Xperi, Inc.(b)(c)		47,640		556,912
				100,262,895
Materials-7.57%
AdvanSix, Inc.		51,759		2,129,883
American Vanguard Corp.		28,181		588,137

	Shares		Value
Materials-(continued)
Arconic Corp.(b)		429,432	$	11,354,182
ATI, Inc.(b)(c)		126,564		5,144,827
Balchem Corp.		7,208		937,040
Carpenter Technology Corp.(c)		53,113		2,566,951
Century Aluminum Co.(b)(c)		390,661		4,715,278
Clearwater Paper Corp.(b)(c)		55,529		2,142,864
Compass Minerals International, Inc.		29,952		1,154,051
FutureFuel Corp.		48,354		423,097
H.B. Fuller Co.		50,117		3,496,162
Hawkins, Inc.		23,015		936,020
Haynes International, Inc.		10,532		576,206
Innospec, Inc.		17,958		1,965,683
Kaiser Aluminum Corp.(c)		44,859		3,558,216
Koppers Holdings, Inc.		65,803		2,361,670
Livent Corp.(b)(c)		31,053		728,193
Materion Corp.		22,008		2,457,853
Mativ Holdings, Inc., Class A		99,475		2,577,397
Mercer International, Inc. (Germany)		194,147		2,092,905
Minerals Technologies, Inc.		36,751		2,232,623
Myers Industries, Inc.(c)		39,355		1,016,933
O-I Glass, Inc.(b)		439,827		9,772,956
Olympic Steel, Inc.		84,515		4,437,037
Quaker Chemical Corp.(c)		11,522		2,255,777
Rayonier Advanced Materials, Inc.(b)(c)		200,435		1,643,567
Stepan Co.		25,888		2,694,682
SunCoke Energy, Inc.		236,606		2,250,123
Sylvamo Corp.		70,775		3,491,331
TimkenSteel Corp.(b)(c)		82,720		1,512,949
Tredegar Corp.		92,596		1,075,966
Trinseo PLC(c)		235,374		5,455,969
Warrior Met Coal, Inc.		53,522		2,048,287
				91,794,815
Real Estate-3.49%
Acadia Realty Trust(c)		22,831		332,648
Alexander & Baldwin, Inc.(c)		21,396		399,463
American Assets Trust, Inc.		15,902		401,207
Anywhere Real Estate, Inc.(b)		1,133,426		6,562,537
Armada Hoffler Properties, Inc.		32,208		412,907
Brandywine Realty Trust		82,025		483,127
CareTrust REIT, Inc.(c)		9,998		196,661
Centerspace(c)		3,845		240,735
Chatham Lodging Trust		15,974		195,043
Community Healthcare Trust, Inc.		2,834		109,789
Cushman & Wakefield PLC(b)(c)		910,685		11,784,264
DiamondRock Hospitality Co.		106,102		925,209
Douglas Elliman, Inc.(c)		334,736		1,412,586
Easterly Government Properties, Inc.		19,612		296,141
Elme Communities		10,719		199,481
Essential Properties Realty Trust, Inc.(c)		12,237		315,225
Four Corners Property Trust, Inc.(c)		8,328		226,105
Franklin Street Properties Corp.		57,652		139,518
Getty Realty Corp.		5,016		172,199
Global Net Lease, Inc.(c)		29,897		422,146
Hersha Hospitality Trust, Class A		43,573		364,270
Hudson Pacific Properties, Inc.		99,486		918,256
Industrial Logistics Properties Trust		95,761		392,620
Innovative Industrial Properties, Inc.(c)		2,384		210,769
iStar, Inc.		24,898		191,715
LTC Properties, Inc.		4,429		158,647

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  18  

Invesco S&P SmallCap 600 Revenue ETF (RWJ)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Real Estate-(continued)
LXP Industrial Trust		31,860	$	332,300
Marcus & Millichap, Inc.(c)		45,421		1,561,120
NexPoint Residential Trust, Inc.		5,662		274,211
Office Properties Income Trust(c)		41,178		676,966
Orion Office REIT, Inc.(c)		22,431		192,009
Outfront Media, Inc.		109,217		1,905,837
RE/MAX Holdings, Inc., Class A		18,500		342,065
Retail Opportunity Investments Corp.		20,187		287,261
RPT Realty, (Acquired 05/09/2017 - 02/15/2023; Cost $220,741)(d)		20,373		218,399
Safehold, Inc.(c)		9,352		279,438
Saul Centers, Inc.		6,039		237,453
Service Properties Trust		246,581		2,707,459
SITE Centers Corp.(c)		32,155		429,912
St. Joe Co. (The)		8,151		349,107
Summit Hotel Properties, Inc.		79,593		588,988
Sunstone Hotel Investors, Inc.(c)		83,768		885,428
Tanger Factory Outlet Centers, Inc.(c)		24,438		461,634
Uniti Group, Inc.(c)		197,432		1,083,902
Universal Health Realty Income Trust(c)		1,793		95,065
Urban Edge Properties(c)		29,005		446,677
Urstadt Biddle Properties, Inc., Class A		7,901		136,687
Veris Residential, Inc.(b)		22,274		359,502
Whitestone REIT		14,540		137,403
Xenia Hotels & Resorts, Inc.		63,613		893,127
				42,345,218
Utilities-0.49%
American States Water Co.		5,125		457,663
Avista Corp.		39,516		1,624,898
California Water Service Group		13,237		757,686
Chesapeake Utilities Corp.		5,691		728,960
Middlesex Water Co.		1,800		137,700

	Shares		Value
Utilities-(continued)
Northwest Natural Holding Co.		20,494	$	990,680
SJW Group(c)		7,728		590,728
Unitil Corp.		10,832		588,394
				5,876,709
Total Common Stocks & Other Equity Interests (Cost $1,139,320,607)				1,211,009,439
Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(g)(h) (Cost $152,088)		152,088		152,088
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.92% (Cost $1,139,472,695)				1,211,161,527
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-22.64%
Invesco Private Government Fund, 4.58%(g)(h)(i)		76,837,921		76,837,921
Invesco Private Prime Fund, 4.83%(g)(h)(i) .		197,536,671		197,576,171
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $274,419,070)				274,414,092
TOTAL INVESTMENTS IN SECURITIES-122.56% (Cost $1,413,891,765)				1,485,575,619
OTHER ASSETS LESS LIABILITIES-(22.56)%				(273,452,529	)
NET ASSETS-100.00%			$	1,212,123,090

Investment Abbreviations:

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at February 28, 2023.

^(d)  Restricted security. The aggregate value of these securities at February 28, 2023 was $1,563,226, which represented less than 1% of the Fund’s Net Assets.

^(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 value of this security at February 28, 2023 represented less than 1% of the Fund’s Net Assets.

^(f)  Security valued using significant unobservable inputs (Level 3). See Note 5.

^(g)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value February 28, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	1,315,172		$	13,576,947		$	(14,740,031)		$	-		$	-		$	152,088		$	6,658

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  19  

Invesco S&P SmallCap 600 Revenue ETF (RWJ)–(continued)

February 28, 2023

(Unaudited)

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	60,858,717		$	158,689,305		$	(142,710,101	)		$	-			$	-		$	76,837,921		$	1,281,979	*
Invesco Private Prime Fund			156,537,964			331,239,858			(290,222,546	)			(19,660	)			40,555			197,576,171			3,490,887	*
Total		$	218,711,853		$	503,506,110		$	(447,672,678	)		$	(19,660	)		$	40,555		$	274,566,180		$	4,779,524

* 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 February 28, 2023.

⁽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 2I.

 Portfolio Composition

 Sector Breakdown (% of the Fund’s Net Assets)

 as of February 28, 2023

Consumer Discretionary	24.09
Industrials	18.04
Energy	9.49
Consumer Staples	9.39
Financials	8.57
Information Technology	8.27
Health Care	7.85
Materials	7.57
Real Estate	3.49
Sector Types Each Less Than 3%	3.15
Money Market Funds Plus Other Assets Less Liabilities	0.09

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  20  

Invesco S&P Ultra Dividend Revenue ETF (RDIV)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.72%
Communication Services-8.11%
Omnicom Group, Inc.		326,611	$	29,581,158
Paramount Global, Class B(b)		2,525,248		54,090,812
				83,671,970
Consumer Discretionary-11.06%
Best Buy Co., Inc.		628,860		52,264,555
Foot Locker, Inc.(b)		437,710		19,136,681
Kohl’s Corp.(b)		1,153,761		32,351,458
Leggett & Platt, Inc.(b)		299,109		10,316,269
				114,068,963
Consumer Staples-10.45%
Energizer Holdings, Inc.(b)		164,610		5,963,821
Kraft Heinz Co. (The)		1,278,213		49,773,614
Walgreens Boots Alliance, Inc.		1,464,940		52,049,318
				107,786,753
Energy-9.98%
DT Midstream, Inc.(b)		33,367		1,675,023
Exxon Mobil Corp.		462,075		50,786,664
Phillips 66		491,458		50,403,933
				102,865,620
Financials-29.16%
Citigroup, Inc.		1,022,893		51,850,446
Citizens Financial Group, Inc.		428,580		17,897,501
F.N.B. Corp.		208,507		2,975,395
Franklin Resources, Inc.(b)		538,790		15,878,141
Huntington Bancshares, Inc.		1,063,898		16,298,917
Invesco Ltd.(c)		645,406		11,397,870
KeyCorp		879,733		16,090,317
Lincoln National Corp.		1,158,383		36,743,909
Navient Corp.		394,477		7,120,310
Old Republic International Corp.		684,336		18,045,940
Truist Financial Corp.		1,043,709		49,002,138
U.S. Bancorp		1,076,802		51,395,760
United Bankshares, Inc.(b)		50,642		2,064,674
Valley National Bancorp(b)		333,137		3,857,726
				300,619,044
Health Care-3.13%
Viatris, Inc.		2,826,685		32,224,209
Industrials-4.78%
3M Co.		457,280		49,267,347
Information Technology-6.34%
Intel Corp.		1,757,210		43,807,245
Seagate Technology Holdings PLC(b)		334,724		21,609,782
				65,417,027
Materials-4.99%
International Paper Co.		1,132,640		41,216,770
Scotts Miracle-Gro Co. (The)		123,501		10,188,832
				51,405,602

	Shares		Value
Real Estate-6.29%
Apartment Income REIT Corp.		40,693	$	1,538,195
Boston Properties, Inc.(b)		84,393		5,526,054
Brixmor Property Group, Inc.		104,034		2,355,330
Corporate Office Properties Trust(b)		52,312		1,330,294
Cousins Properties, Inc.(b)		57,743		1,414,126
CubeSmart(b)		43,858		2,060,887
Digital Realty Trust, Inc.(b)		90,063		9,387,267
Douglas Emmett, Inc.(b)		127,364		1,799,653
Federal Realty Investment Trust		18,604		1,986,535
Healthpeak Properties, Inc.		145,577		3,502,583
Iron Mountain, Inc.(b)		187,340		9,882,185
JBG SMITH Properties(b)		62,821		1,083,662
Kilroy Realty Corp.(b)		55,007		1,981,352
Kite Realty Group Trust(b)		71,748		1,558,367
Lamar Advertising Co., Class A		38,627		4,038,839
National Retail Properties, Inc.		31,823		1,442,218
National Storage Affiliates Trust		39,140		1,655,622
Realty Income Corp.		91,477		5,849,954
Regency Centers Corp.		35,065		2,205,589
VICI Properties, Inc.(b)		127,858		4,287,079
				64,885,791
Utilities-5.43%
ALLETE, Inc.		48,537		2,969,979
NorthWestern Corp.		48,346		2,793,432
OGE Energy Corp.(b)		163,449		5,838,398
Pinnacle West Capital Corp.(b)		108,916		8,024,931
PPL Corp.		472,800		12,798,696
Spire, Inc.		60,676		4,271,590
UGI Corp.		517,428		19,263,845
				55,960,871
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.72% (Cost $1,027,836,322)				1,028,173,197
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-12.56%
Invesco Private Government Fund, 4.58%(c)(d)(e)		36,144,431		36,144,431
Invesco Private Prime Fund, 4.83%(c)(d)(e)		93,278,382		93,297,034
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $129,446,616)				129,441,465
TOTAL INVESTMENTS IN SECURITIES-112.28% (Cost $1,157,282,938)				1,157,614,662
OTHER ASSETS LESS LIABILITIES-(12.28)%				(126,594,726	)
NET ASSETS-100.00%			$	1,031,019,936

Investment Abbreviations:

REIT -Real Estate Investment Trust

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  21  

Invesco S&P Ultra Dividend Revenue ETF (RDIV)–(continued)

February 28, 2023

(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)  All or a portion of this security was out on loan at February 28, 2023.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31,  2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized    Gain			Value February 28, 2023			Dividend Income
Invesco Ltd.		$	-		$	13,809,149		$	(3,676,264	)		$	1,235,279			$	29,706		$	11,397,870		$	228,068
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-			18,903,557			(18,903,557	)			-				-			-			12,270
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			29,112,363			168,496,430			(161,464,362	)			-				-			36,144,431			386,505	*
Invesco Private Prime Fund			75,625,363			391,218,480			(373,552,450	)			(7,293	)			12,934			93,297,034			1,055,748	*
Total		$	104,737,726		$	592,427,616		$	(557,596,633	)		$	1,227,986			$	42,640		$	140,839,335		$	1,682,591

* 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 February 28, 2023.

^(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 2I.

 Portfolio Composition

 Sector Breakdown (% of the Fund’s Net Assets)

 as of February 28, 2023

Financials	29.16
Consumer Discretionary	11.06
Consumer Staples	10.45
Energy	9.98
Communication Services	8.11
Information Technology	6.34
Real Estate	6.29
Utilities	5.43
Materials	4.99
Industrials	4.78
Health Care	3.13
Money Market Funds Plus Other Assets Less Liabilities	0.28

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  22  

Statements of Assets and Liabilities

February 28, 2023

(Unaudited)

	Invesco S&P 500 Revenue ETF (RWL)			Invesco S&P MidCap 400 Revenue ETF (RWK)				Invesco S&P SmallCap 600 Revenue ETF (RWJ)				Invesco S&P Ultra Dividend Revenue ETF (RDIV)
Assets:
Unaffiliated investments in securities, at value(a)		$	1,680,222,321		$	444,788,386			$	1,211,009,439			$	1,016,775,327
Affiliated investments in securities, at value			30,995,338			79,052,424				274,566,180				140,839,335
Cash			-			105				467				-
Receivable for:
Dividends			4,330,639			344,253				711,554				4,581,819
Securities lending			5,473			21,805				584,206				19,875
Investments sold			-			264,067				704,768				2,626,061
Fund shares sold			-			-				10,810,345				-
Total assets			1,715,553,771			524,471,040				1,498,386,959				1,164,842,417
Liabilities:
Due to custodian			157,630			-				-				919,333
Payable for:
Investments purchased			-			27,682				11,065,610				3,133,592
Investments purchased - affiliated broker			-			228,117				420,820				-
Collateral upon return of securities loaned			30,368,883			78,778,840				274,419,070				129,446,616
Accrued unitary management fees			520,158			133,217				358,369				322,940
Total liabilities			31,046,671			79,167,856				286,263,869				133,822,481
Net Assets		$	1,684,507,100		$	445,303,184			$	1,212,123,090			$	1,031,019,936
Net assets consist of:
Shares of beneficial interest		$	1,615,311,347		$	465,914,089			$	1,309,733,128			$	1,459,580,141
Distributable earnings (loss)			69,195,753			(20,610,905	)			(97,610,038	)			(428,560,205	)
Net Assets		$	1,684,507,100		$	445,303,184			$	1,212,123,090			$	1,031,019,936
Shares outstanding (unlimited amount authorized, $0.01 par value)			22,251,400			4,741,400				10,091,400				23,270,000
Net asset value		$	75.70		$	93.92			$	120.11			$	44.31
Market price		$	75.64		$	94.01			$	120.22			$	44.32
Unaffiliated investments in securities, at cost		$	1,513,052,187		$	407,722,390			$	1,139,320,607			$	1,017,673,731
Affiliated investments in securities, at cost		$	30,999,530		$	79,057,744			$	274,571,158			$	139,609,207
(a) Includes securities on loan with an aggregate value of:		$	29,400,949		$	76,990,403			$	264,950,442			$	125,052,274

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  23  

Statements of Operations

For the six months ended February 28, 2023

(Unaudited)

	Invesco S&P 500 Revenue ETF (RWL)				Invesco S&P MidCap 400 Revenue ETF (RWK)				Invesco S&P SmallCap 600 Revenue ETF (RWJ)				Invesco S&P Ultra Dividend Revenue ETF (RDIV)
Investment income:
Unaffiliated dividend income		$	16,722,623			$	2,774,765			$	6,953,714			$	17,981,245
Affiliated dividend income			25,173				3,187				6,658				240,338
Securities lending income, net			42,692				116,197				1,237,938				112,130
Foreign withholding tax			(1,804	)			-				(2,601	)			-
Total investment income			16,788,684				2,894,149				8,195,709				18,333,713
Expenses:
Unitary management fees			3,047,515				739,066				1,849,598				1,792,153
Less: Waivers			(320	)			(78	)			(179	)			(364	)
Net expenses			3,047,195				738,988				1,849,419				1,791,789
Net investment income			13,741,489				2,155,161				6,346,290				16,541,924
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities.			(24,217,134	)			(4,473,844	)			(25,146,786	)			(32,408,641	)
Affiliated investment securities			(57,641	)			13,442				40,555				(14,476	)
Unaffiliated in-kind redemptions			26,252,239				4,518,519				3,407,614				87,850,162
Affiliated in-kind redemptions			3,122				-				-				57,116
Net realized gain (loss)			1,980,586				58,117				(21,698,617	)			55,484,161
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities.			34,691,400				41,974,241				113,259,756				(2,474,073	)
Affiliated investment securities			107,426				(9,250	)			(19,660	)			1,227,986
Change in net unrealized appreciation (depreciation)			34,798,826				41,964,991				113,240,096				(1,246,087	)
Net realized and unrealized gain			36,779,412				42,023,108				91,541,479				54,238,074
Net increase in net assets resulting from operations		$	50,520,901			$	44,178,269			$	97,887,769			$	70,779,998

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  24  

(This Page Intentionally Left Blank)

  25  

Statements of Changes in Net Assets

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)

	Invesco S&P 500                Revenue ETF (RWL)								Invesco S&P MidCap 400                Revenue ETF (RWK)
	Six Months Ended February 28,              2023				Year Ended August 31,          2022				Six Months Ended February 28,              2023				Year Ended August 31,           2022
Operations:
Net investment income		$	13,741,489			$	19,722,280			$	2,155,161			$	4,422,910
Net realized gain (loss)			1,980,586				89,647,338				58,117				46,738,520
Change in net unrealized appreciation (depreciation)			34,798,826				(136,122,398	)			41,964,991				(77,140,185	)
Net increase (decrease) in net assets resulting from operations			50,520,901				(26,752,780	)			44,178,269				(25,978,755	)
Distributions to Shareholders from:
Distributable earnings			(12,545,959	)			(18,180,842	)			(2,176,909	)			(4,226,591	)
Shareholder Transactions:
Proceeds from shares sold			257,276,608				680,918,677				69,043,842				154,344,725
Value of shares repurchased			(65,597,076	)			(230,230,786	)			(26,176,023	)			(157,521,995	)
Net increase (decrease) in net assets resulting from share transactions			191,679,532				450,687,891				42,867,819				(3,177,270	)
Net increase (decrease) in net assets			229,654,474				405,754,269				84,869,179				(33,382,616	)
Net assets:
Beginning of period			1,454,852,626				1,049,098,357				360,434,005				393,816,621
End of period		$	1,684,507,100			$	1,454,852,626			$	445,303,184			$	360,434,005
Changes in Shares Outstanding:
Shares sold			3,425,000				8,850,000				780,000				1,760,000
Shares repurchased			(875,000	)			(3,000,000	)			(330,000	)			(1,790,000	)
Shares outstanding, beginning of period			19,701,400				13,851,400				4,291,400				4,321,400
Shares outstanding, end of period			22,251,400				19,701,400				4,741,400				4,291,400

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  26  

Invesco S&P								Invesco S&P
SmallCap 600								Ultra Dividend
Revenue ETF (RWJ)								Revenue ETF (RDIV)
Six Months Ended February 28,              2023				Year Ended August 31,         2022			Six Months Ended February 28,           2023				Year Ended August 31,         2022
	$	6,346,290		$	6,382,869			$	16,541,924		$	27,382,809
		(21,698,617	)		41,602,097				55,484,161			66,185,362
		113,240,096			(108,965,629	)			(1,246,087	)		(60,114,173	)
		97,887,769			(60,980,663	)			70,779,998			33,453,998
		(5,400,175	)		(5,736,429	)			(16,726,209	)		(25,079,699	)
		302,291,217			380,036,425				729,326,765			816,006,405
		(15,000,507	)		(124,084,209	)			(554,978,131	)		(761,834,632	)
		287,290,710			255,952,216				174,348,634			54,171,773
		379,778,304			189,235,124				228,402,423			62,546,072
		832,344,786			643,109,662				802,617,513			740,071,441
	$	1,212,123,090		$	832,344,786			$	1,031,019,936		$	802,617,513
		2,650,000			3,200,000				16,570,000			19,460,000
		(150,000	)		(1,040,000	)			(12,500,000	)		(18,230,000	)
		7,591,400			5,431,400				19,200,000			17,970,000
		10,091,400			7,591,400				23,270,000			19,200,000

  27  

Financial Highlights

Invesco S&P 500 Revenue ETF (RWL)

	Six Months Ended February 28, 2023				Years Ended August 31,									Two Months Ended August 31,				Years Ended June 30,
	(Unaudited)				2022			2021			2020			2019				2019			2018
Per Share Operating Performance:
Net asset value at beginning of period		$	73.85		$	75.74		$	56.06		$	52.61			$	53.43		$	50.69		$	46.43
Net investment income(a)			0.65			1.22			1.06			1.08				0.20			1.03			0.90
Net realized and unrealized gain (loss) on investments			1.80			(1.96	)		19.68			3.53				(1.02	)		2.72			4.41
Total from investment operations			2.45			(0.74	)		20.74			4.61				(0.82	)		3.75			5.31
Distributions to shareholders from:
Net investment income			(0.60	)		(1.15	)		(1.06	)		(1.16	)			-			(1.01	)		(1.05	)
Net asset value at end of period		$	75.70		$	73.85		$	75.74		$	56.06			$	52.61		$	53.43		$	50.69
Market price at end of period		$	75.64	(b)	$	73.92	(b)	$	75.74	(b)	$	56.16	(b)		$	52.62	(b)	$	53.41	(b)
Net Asset Value Total Return(c)			3.35	%		(0.97	)%		37.38	%		9.09	%			(1.54	)%		7.51	%		11.49	%
Market Price Total Return(c)			3.17	%		(0.89	)%		37.13	%		9.26	%			(1.47	)%		7.41	%		11.46	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,684,507		$	1,454,853		$	1,049,098		$	782,083			$	918,178		$	956,549		$	917,494
Ratio to average net assets of:
Expenses, after Waivers			0.39	%(d)		0.39	%		0.39	%		0.39	%			0.39	%(e)		0.39	%		0.39	%
Expenses, prior to Waivers			0.39	%(d)		0.39	%		0.39	%		0.39	%			0.39	%(e)		0.39	%		0.41	%
Net investment income			1.76	%(d)		1.60	%		1.60	%		2.01	%			2.26	%(e)		1.99	%		1.81	%
Portfolio turnover rate(f)			10	%		17	%		17	%		14	%			0	%(g)		19	%		15	%

^(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)  Ratios are annualized except for non-recurring costs associated with a proxy statement of less than 0.005%.

^(f)  Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

^(g)  Amount represents less than 0.5%.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  28  

Financial Highlights–(continued)

Invesco S&P MidCap 400 Revenue ETF (RWK)

	Six Months Ended February 28, 2023				Years Ended August 31,									Two Months Ended August 31,				Years Ended June 30,
	(Unaudited)				2022			2021			2020			2019				2019			2018
Per Share Operating Performance:
Net asset value at beginning of period		$	83.99		$	91.13		$	56.56		$	56.44			$	61.01		$	61.05		$	56.31
Net investment income(a)			0.49			1.03			0.69			0.74				0.10			0.65			0.63
Net realized and unrealized gain (loss) on investments			9.93			(7.18	)		34.51			0.21				(4.67	)		(0.06	)		4.70
Total from investment operations			10.42			(6.15	)		35.20			0.95				(4.57	)		0.59			5.33
Distributions to shareholders from:
Net investment income			(0.49	)		(0.99	)		(0.63	)		(0.83	)			-			(0.63	)		(0.59	)
Net asset value at end of period		$	93.92		$	83.99		$	91.13		$	56.56			$	56.44		$	61.01		$	61.05
Market price at end of period		$	94.01	(b)	$	84.06	(b)	$	91.10	(b)	$	56.62	(b)		$	56.42	(b)	$	60.91	(b)
Net Asset Value Total Return(c)			12.48	%		(6.75	)%		62.54	%		1.89	%			(7.49	)%		1.05	%		9.48	%
Market Price Total Return(c)			12.49	%		(6.66	)%		62.32	%		2.03	%			(7.37	)%		0.90	%		9.40	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	445,303		$	360,434		$	393,817		$	209,365			$	327,418		$	356,996		$	378,611
Ratio to average net assets of:
Expenses, after Waivers			0.39	%(d)		0.39	%		0.39	%		0.39	%			0.39	%(e)		0.39	%		0.39	%
Expenses, prior to Waivers			0.39	%(d)		0.39	%		0.39	%		0.39	%			0.39	%(e)		0.39	%		0.42	%
Net investment income			1.14	%(d)		1.16	%		0.88	%		1.30	%			1.06	%(e)		1.09	%		1.08	%
Portfolio turnover rate(f)			20	%		31	%		34	%		33	%			0	%(g)		33	%		34	%

^(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)  Ratios are annualized except for non-recurring costs associated with a proxy statement of less than 0.005%.

^(f)  Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

^(g)  Amount represents less than 0.5%.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  29  

Financial Highlights–(continued)

Invesco S&P SmallCap 600 Revenue ETF (RWJ)

	Six Months Ended February 28, 2023				Years Ended August 31,									Two Months Ended August 31,				Years Ended June 30,
	(Unaudited)				2022			2021			2020			2019				2019			2018
Per Share Operating Performance:
Net asset value at beginning of period		$	109.64		$	118.41		$	63.15		$	58.71			$	63.30		$	73.21		$	66.03
Net investment income(a)			0.74			0.99			0.66			0.89				0.11			0.79			0.69
Net realized and unrealized gain (loss) on investments			10.37			(8.85	)		55.17			4.58				(4.70	)		(9.90	)		7.24
Total from investment operations			11.11			(7.86	)		55.83			5.47				(4.59	)		(9.11	)		7.93
Distributions to shareholders from:
Net investment income			(0.64	)		(0.91	)		(0.57	)		(1.03	)			-			(0.80	)		(0.75	)
Net asset value at end of period		$	120.11		$	109.64		$	118.41		$	63.15			$	58.71		$	63.30		$	73.21
Market price at end of period		$	120.22	(b)	$	109.71	(b)	$	118.25	(b)	$	63.17	(b)		$	58.69	(b)	$	63.23	(b)
Net Asset Value Total Return(c)			10.21	%		(6.63	)%		88.75	%		9.63	%			(7.25	)%		(12.45	)%		12.07	%(d)
Market Price Total Return(c)			10.24	%		(6.46	)%		88.42	%		9.70	%			(7.18	)%		(12.57	)%		12.10	%(d)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,212,123		$	832,345		$	643,110		$	227,425			$	349,395		$	405,199		$	508,897
Ratio to average net assets of:
Expenses, after Waivers			0.39	%(e)		0.39	%		0.39	%		0.39	%			0.39	%(f)		0.39	%		0.39	%
Expenses, prior to Waivers			0.39	%(e)		0.39	%		0.39	%		0.39	%			0.39	%(f)		0.39	%		0.42	%
Net investment income			1.34	%(e)		0.85	%		0.65	%		1.50	%			1.10	%(f)		1.15	%		1.01	%
Portfolio turnover rate(g)			23	%		41	%		40	%		49	%			1	%		39	%		38	%

^(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)  Total Return at Net Asset Value and Total Return at Market Value include payments by affiliate, without which Total Return at Net Asset Value and Total Return at Market Value would have been lower. Such payments positively impacted Total Return at Net Asset Value by 0.10% and Total Return at Market Value by 0.09%.

^(e)  Annualized.

^(f)  Ratios are annualized except for non-recurring costs associated with a proxy statement of less than 0.005%.

^(g)  Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  30  

Financial Highlights–(continued)

Invesco S&P Ultra Dividend Revenue ETF (RDIV)

	Six Months Ended February 28, 2023				Years Ended August 31,									Two Months Ended August 31,				Years Ended June 30,
	(Unaudited)				2022			2021			2020			2019				2019			2018
Per Share Operating Performance:
Net asset value at beginning of period		$	41.80		$	41.18		$	28.58		$	35.65			$	37.65		$	38.19		$	33.82
Net investment income(a)			0.77			1.50			1.23			1.62				0.21			1.46			1.73
Net realized and unrealized gain (loss) on investments			2.54			0.51			13.29			(7.33	)			(2.21	)		(0.66	)		4.56
Total from investment operations			3.31			2.01			14.52			(5.71	)			(2.00	)		0.80			6.29
Distributions to shareholders from:
Net investment income			(0.80	)		(1.39	)		(1.92	)		(1.36	)			-			(1.34	)		(1.92	)
Net asset value at end of period		$	44.31		$	41.80		$	41.18		$	28.58			$	35.65		$	37.65		$	38.19
Market price at end of period		$	44.32	(b)	$	41.83	(b)	$	41.16	(b)	$	28.63	(b)		$	35.67	(b)	$	37.67	(b)
Net Asset Value Total Return(c)			8.03	%		5.06	%		52.38	%		(16.26	)%			(5.31	)%		2.26	%		19.13	%
Market Price Total Return(c)			7.98	%		5.18	%		52.06	%		(16.17	)%			(5.31	)%		2.26	%		19.12	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,031,020		$	802,618		$	740,071		$	604,502			$	1,572,300		$	1,782,599		$	610,987
Ratio to average net assets of:
Expenses, after Waivers			0.39	%(d)		0.39	%		0.39	%		0.39	%			0.39	%(e)		0.39	%		0.39	%
Expenses, prior to Waivers			0.39	%(d)		0.39	%		0.39	%		0.39	%			0.39	%(e)		0.39	%		0.41	%
Net investment income			3.60	%(d)		3.58	%		3.37	%		4.77	%			3.36	%(e)		3.93	%		4.90	%
Portfolio turnover rate(f)			65	%		110	%		97	%		98	%			12	%		122	%		74	%

^(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)  Ratios are annualized except for non-recurring costs associated with a proxy statement of less than 0.005%.

^(f)  Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 28, 2023

(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 500 Revenue ETF (RWL)	“S&P 500 Revenue ETF”
Invesco S&P MidCap 400 Revenue ETF (RWK)	“S&P MidCap 400 Revenue ETF”
Invesco S&P SmallCap 600 Revenue ETF (RWJ)	“S&P SmallCap 600 Revenue ETF”
Invesco S&P Ultra Dividend Revenue ETF (RDIV)	“S&P Ultra Dividend Revenue 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.” Creation Units are issued and redeemed principally in exchange for 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
S&P 500 Revenue ETF	S&P 500® Revenue-Weighted Index
S&P MidCap 400 Revenue ETF	S&P MidCap 400® Revenue-Weighted Index
S&P SmallCap 600 Revenue ETF	S&P SmallCap 600® Revenue-Weighted Index
S&P Ultra Dividend Revenue ETF	S&P 900® Dividend Revenue-Weighted 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 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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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

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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.

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 last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked 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/asked 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, acts of terrorism, 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

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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. Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay 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 (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.

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G. 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.

H. 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 (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.

I. 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 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 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 February 28, 2023, 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 on the Statements of Operations, were incurred by each Fund as listed below:

	Amount
S&P 500 Revenue ETF	$	1,984
S&P MidCap 400 Revenue ETF		7,422
S&P SmallCap 600 Revenue ETF		37,043
S&P Ultra Dividend Revenue ETF		8,415

J. Other Risks

Authorized Participant 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

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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. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

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.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its 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. 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.

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 conflict, acts of terrorism, economic crisis or other events could result in increased premiums or discounts to each Fund’s NAV.

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.

Non-Diversified Fund Risk. Because S&P Ultra Dividend Revenue ETF is 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. S&P Ultra Dividend Revenue ETF may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to the 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 the Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to the Fund’s shareholders, the Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

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.

  36  

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

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 has agreed to pay for substantially all expenses of the Funds, including the cost 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 (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 500 Revenue ETF	0.39%
S&P MidCap 400 Revenue ETF	0.39%
S&P SmallCap 600 Revenue ETF	0.39%
S&P Ultra Dividend Revenue ETF	0.39%

Through at least August 31, 2025, 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. These waivers do 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 February 28, 2023, the Adviser waived fees for each Fund in the following amounts:

S&P 500 Revenue ETF	$	320
S&P MidCap 400 Revenue ETF		78
S&P SmallCap 600 Revenue ETF		179
S&P Ultra Dividend Revenue ETF		364

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 for 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 February 28, 2023, the following 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 500 Revenue ETF	$26,711
S&P MidCap 400 Revenue ETF	23,495
S&P SmallCap 600 Revenue ETF	96,418
S&P Ultra Dividend Revenue ETF	67,184

  37  

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–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 February 28, 2023, the following Funds engaged in transactions with affiliates as listed below:

	Securities Purchases	Securities Sales	Net Realized Gains (Losses)*
S&P MidCap 400 Revenue ETF	$-	$9,361,204	$1,998,512
S&P SmallCap 600 Revenue ETF	-	1,440,547	(144,730)

* Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.

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.
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 February 28, 2023.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 500 Revenue ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	1,680,850,399		$	-		$	-		$	1,680,850,399
Money Market Funds			-			30,367,260			-			30,367,260
Total Investments		$	1,680,850,399		$	30,367,260		$	-		$	1,711,217,659
S&P MidCap 400 Revenue ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	444,788,386		$	-		$	-		$	444,788,386
Money Market Funds			278,904			78,773,520			-			79,052,424
Total Investments		$	445,067,290		$	78,773,520		$	-		$	523,840,810
S&P SmallCap 600 Revenue ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	1,211,009,439		$	-		$	0		$	1,211,009,439
Money Market Funds			152,088			274,414,092			-			274,566,180
Total Investments		$	1,211,161,527		$	274,414,092		$	0		$	1,485,575,619

  38  

	Level 1			Level 2			Level 3			Total
S&P Ultra Dividend Revenue ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	1,028,173,197		$	-		$	-		$	1,028,173,197
Money Market Funds			-			129,441,465			-			129,441,465
Total Investments		$	1,028,173,197		$	129,441,465		$	-		$	1,157,614,662

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 August 31, 2022, as follows:

	No expiration
	Short-Term		Long-Term		Total*
S&P 500 Revenue ETF	$	19,705,503	$	81,404,165	$	101,109,668
S&P MidCap 400 Revenue ETF		27,027,869		30,110,822		57,138,691
S&P SmallCap 600 Revenue ETF		41,632,629		101,988,941		143,621,570
S&P Ultra Dividend Revenue ETF		368,222,162		121,564,101		489,786,263

* 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 February 28, 2023, 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 500 Revenue ETF	$	155,716,252	$	153,407,136
S&P MidCap 400 Revenue ETF		75,986,660		76,152,162
S&P SmallCap 600 Revenue ETF		220,343,600		219,619,297
S&P Ultra Dividend Revenue ETF		644,403,821		648,090,607

For the six months ended February 28, 2023, in-kind transactions associated with creations and redemptions were as follows:

	In-kind		In-kind
	Purchases		Sales
S&P 500 Revenue ETF	$	255,427,689	$	66,021,115
S&P MidCap 400 Revenue ETF		68,864,151		26,096,866
S&P SmallCap 600 Revenue ETF		301,692,321		14,982,551
S&P Ultra Dividend Revenue ETF		728,422,959		548,271,248

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. As of February 28, 2023, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

	Gross		Gross			Net
	Unrealized		Unrealized			Unrealized
	Appreciation		(Depreciation)			Appreciation		Cost
S&P 500 Revenue ETF	$	226,187,149	$	(63,472,889	)	$	162,714,260	$	1,548,503,399
S&P MidCap 400 Revenue ETF		57,390,898		(21,650,032	)		35,740,866		488,099,944
S&P SmallCap 600 Revenue ETF		150,664,710		(85,180,267	)		65,484,443		1,420,091,176
S&P Ultra Dividend Revenue ETF		39,466,499		(39,335,717	)		130,782		1,157,483,880

  39  

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. The Trustee who is an “interested person” of the Trust does 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 consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

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.

  40  

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay 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 (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2022 through February 28, 2023.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transaction costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning Account Value September 1, 2022			Ending Account Value February 28, 2023			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco S&P 500 Revenue ETF (RWL)
Actual		$	1,000.00		$	1,033.50		0.39	%		$	1.97
Hypothetical (5% return before expenses)			1,000.00			1,022.86		0.39				1.96
Invesco S&P MidCap 400 Revenue ETF (RWK)
Actual			1,000.00			1,124.80		0.39				2.05
Hypothetical (5% return before expenses)			1,000.00			1,022.86		0.39				1.96
Invesco S&P SmallCap 600 Revenue ETF (RWJ)
Actual			1,000.00			1,102.10		0.39				2.03
Hypothetical (5% return before expenses)			1,000.00			1,022.86		0.39				1.96
Invesco S&P Ultra Dividend Revenue ETF (RDIV)
Actual			1,000.00			1,080.30		0.39				2.01
Hypothetical (5% return before expenses)			1,000.00			1,022.86		0.39				1.96

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended February 28, 2023. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.

  41  

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Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

©2023 Invesco Capital Management LLC 3500 Lacey Road, Suite 700
Downers Grove, IL 60515	O-REV-SAR-1	invesco.com/ETFs

	Invesco Semi-Annual Report to Shareholders February 28, 2023

QQMG	Invesco ESG NASDAQ 100 ETF
QQJG	Invesco ESG NASDAQ Next Gen 100 ETF
QQQM	Invesco NASDAQ 100 ETF
QQQS	Invesco NASDAQ Future Gen 200 ETF
QQQJ	Invesco NASDAQ Next Gen 100 ETF

Table of Contents

Schedules of Investments
Invesco ESG NASDAQ 100 ETF (QQMG)	3
Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)	6
Invesco NASDAQ 100 ETF (QQQM)	9
Invesco NASDAQ Future Gen 200 ETF (QQQS)	12
Invesco NASDAQ Next Gen 100 ETF (QQQJ)	15
Statements of Assets and Liabilities	18
Statements of Operations	19
Statements of Changes in Net Assets	20
Financial Highlights	22
Notes to Financial Statements	27
Fund Expenses	37
Approval of Investment Advisory Contracts	39

  2  

Invesco ESG NASDAQ 100 ETF (QQMG)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Communication Services-12.68%
Activision Blizzard, Inc.		884	$	67,405
Alphabet, Inc., Class A(b)		3,288		296,117
Alphabet, Inc., Class C(b)		3,287		296,816
Charter Communications, Inc., Class A(b)(c)		116		42,644
Comcast Corp., Class A		3,099		115,190
Electronic Arts, Inc.		386		42,823
Meta Platforms, Inc., Class A(b)		579		101,290
Netflix, Inc.(b)		500		161,065
Sirius XM Holdings, Inc.(c)		4,281		18,793
T-Mobile US, Inc.(b)		832		118,294
				1,260,437
Consumer Discretionary-11.76%
Airbnb, Inc., Class A(b)		314		38,710
Amazon.com, Inc.(b)		3,440		324,151
Booking Holdings, Inc.(b)		32		80,768
Dollar Tree, Inc.(b)		260		37,773
eBay, Inc.		584		26,806
JD.com, Inc., ADR (China)		281		12,488
Lucid Group, Inc.(b)(c)		1,505		13,741
lululemon athletica, inc.(b)		138		42,669
Marriott International, Inc., Class A		273		46,202
MercadoLibre, Inc. (Brazil)(b)		43		52,460
O’Reilly Automotive, Inc.(b)		82		68,068
PDD Holdings Inc., ADR (China)(b)		239		20,967
Rivian Automotive, Inc., Class A(b)(c)		490		9,457
Ross Stores, Inc.		394		43,553
Starbucks Corp.		813		82,999
Tesla, Inc.(b)		1,304		268,246
				1,169,058
Consumer Staples-6.17%
Costco Wholesale Corp.		330		159,780
Keurig Dr Pepper, Inc.		1,138		39,318
Kraft Heinz Co. (The)		279		10,864
Mondelez International, Inc., Class A		1,141		74,370
Monster Beverage Corp.(b)		262		26,661
PepsiCo, Inc.		1,541		267,410
Walgreens Boots Alliance, Inc.		968		34,393
				612,796
Health Care-6.48%
Align Technology, Inc.(b)		76		23,522
Amgen, Inc.		457		105,869
AstraZeneca PLC, ADR (United Kingdom)		512		33,372
Biogen, Inc.(b)		124		33,463
DexCom, Inc.(b)		297		32,970
Gilead Sciences, Inc.		1,014		81,658
IDEXX Laboratories, Inc.(b)		80		37,859
Illumina, Inc.(b)		216		43,027
Intuitive Surgical, Inc.(b)		271		62,165
Moderna, Inc.(b)		184		25,541
Regeneron Pharmaceuticals, Inc.(b)		110		83,646
Seagen, Inc.(b)		113		20,305
Vertex Pharmaceuticals, Inc.(b)		208		60,380
				643,777

	Shares		Value
Industrials-2.65%
Cintas Corp.		101	$	44,285
Copart, Inc.(b)		491		34,596
CoStar Group, Inc.(b)		250		17,665
CSX Corp.		1,974		60,187
Fastenal Co.(c)		367		18,923
Old Dominion Freight Line, Inc.		118		40,033
PACCAR, Inc.		301		21,732
Verisk Analytics, Inc.		153		26,180
				263,601
Information Technology-60.17%
Adobe, Inc.(b)		600		194,370
Advanced Micro Devices, Inc.(b)		1,516		119,127
ANSYS, Inc.(b)		111		33,701
Apple, Inc.		9,052		1,334,355
Applied Materials, Inc.		1,154		134,037
ASML Holding N.V., New York Shares (Netherlands)		121		74,745
Atlassian Corp., Class A(b)		156		25,636
Autodesk, Inc.(b)		244		48,480
Automatic Data Processing, Inc.		508		111,669
Broadcom, Inc.		332		197,304
Cadence Design Systems, Inc.(b)		360		69,458
Cisco Systems, Inc.		5,282		255,754
Cognizant Technology Solutions Corp., Class A		619		38,768
Crowdstrike Holdings, Inc., Class A(b)		178		21,483
Datadog, Inc., Class A(b)		256		19,589
Enphase Energy, Inc.(b)		69		14,527
Fiserv, Inc.(b)		638		73,427
Fortinet, Inc.(b)		770		45,769
Intel Corp.		4,424		110,290
Intuit, Inc.		315		128,262
KLA Corp.		154		58,425
Lam Research Corp.		170		82,622
Marvell Technology, Inc.		918		41,448
Microchip Technology, Inc.		234		18,961
Micron Technology, Inc.		1,161		67,129
Microsoft Corp.		5,252		1,309,954
NVIDIA Corp.		2,884		669,549
NXP Semiconductors N.V. (China)		225		40,158
Palo Alto Networks, Inc.(b)(c)		368		69,320
Paychex, Inc.		381		42,062
PayPal Holdings, Inc.(b)		1,256		92,442
QUALCOMM, Inc.		1,237		152,807
Synopsys, Inc.(b)		191		69,478
Texas Instruments, Inc.		784		134,417
Workday, Inc., Class A(b)		256		47,480
Zoom Video Communications, Inc., Class A(b)(c)		242		18,051
Zscaler, Inc.(b)(c)		127		16,655
				5,981,709
Total Common Stocks & Other Equity Interests (Cost $12,077,806)				9,931,378

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  3  

Invesco ESG NASDAQ 100 ETF (QQMG)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(d)(e) (Cost $2,172)		2,172	$	2,172
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.93% (Cost $12,079,978)				9,933,550
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.09%
Invesco Private Government Fund, 4.58%(d)(e)(f)		58,303		58,303

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 4.83%(d)(e)(f)		149,891	$	149,921
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $208,224)				208,224
TOTAL INVESTMENTS IN SECURITIES-102.02% (Cost $12,288,202)				10,141,774
OTHER ASSETS LESS LIABILITIES-(2.02)%				(201,076	)
NET ASSETS-100.00%			$	9,940,698

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at February 28, 2023.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31, 2022			Purchases at Cost			Proceeds from  Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value February 28, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	65,268		$	(63,096	)		$	-		$	-			$	2,172		$	88
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			20,569			251,730			(213,996	)			-			-				58,303			368	*
Invesco Private Prime Fund			52,891			444,670			(347,637	)			-			(3	)			149,921			968	*
Total		$	73,460		$	761,668		$	(624,729	)		$	-		$	(3	)		$	210,396		$	1,424

* 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 February 28, 2023.

^(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 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  4  

Invesco ESG NASDAQ 100 ETF (QQMG)–(continued)

February 28, 2023

(Unaudited)

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023
Information Technology	60.17
Communication Services	12.68
Consumer Discretionary	11.76
Health Care	6.48
Consumer Staples	6.17
Industrials	2.65
Money Market Funds Plus Other Assets Less Liabilities	0.09

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  5  

Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.88%
Communication Services-12.34%
Fox Corp., Class A		1,100	$	38,522
Fox Corp., Class B		874		28,186
Liberty Broadband Corp., Class A(b)(c)		45		3,903
Liberty Broadband Corp., Class C(b)		304		26,348
Liberty Global PLC, Class A (United Kingdom)(b)		381		7,807
Liberty Global PLC, Class C (United Kingdom)(b)(c)		609		12,941
Liberty Media Corp.-Liberty Formula One, Class C(b)		631		42,826
Match Group, Inc.(b)		780		32,308
News Corp., Class A		1,479		25,365
News Corp., Class B		748		12,910
Paramount Global, Class B(c)		2,024		43,354
Take-Two Interactive Software, Inc.(b)		584		63,977
Trade Desk, Inc. (The), Class A(b)		868		48,573
ZoomInfo Technologies, Inc., Class A(b)		952		23,010
				410,030
Consumer Discretionary-13.59%
Etsy, Inc.(b)		299		36,302
Expedia Group, Inc.(b)		286		31,166
Five Below, Inc.(b)(c)		161		32,892
Hasbro, Inc.		608		33,446
LKQ Corp.		972		55,686
Pool Corp.		142		50,674
Tractor Supply Co.		386		90,038
Trip.com Group Ltd., ADR (China)(b)(c)		941		33,453
Ulta Beauty, Inc.(b)		169		87,677
				451,334
Consumer Staples-2.63%
Coca-Cola Europacific Partners PLC (United Kingdom)(c)		1,587		87,285
Health Care-18.27%
Acadia Healthcare Co., Inc.(b)		140		10,151
Alnylam Pharmaceuticals, Inc.(b)		171		32,738
Argenx SE, ADR (Netherlands)(b)		30		10,981
BeiGene Ltd., ADR (China)(b)(c)		84		18,869
BioMarin Pharmaceutical, Inc.(b)		348		34,657
Bio-Techne Corp.		465		33,778
Bruker Corp.		381		26,258
Henry Schein, Inc.(b)		483		37,824
Hologic, Inc.(b)		378		30,104
Horizon Therapeutics PLC(b)		139		15,219
ICON PLC(b)		317		71,525
Incyte Corp.(b)		484		37,258
Insulet Corp.(b)		134		37,032
Jazz Pharmaceuticals PLC(b)		114		16,006
Karuna Therapeutics, Inc.(b)(c)		37		7,378
Neurocrine Biosciences, Inc.(b)		196		20,208
Novocure Ltd.(b)(c)		93		7,158
R1 RCM, Inc.(b)		901		12,794
Repligen Corp.(b)		180		31,387
Royalty Pharma PLC, Class A		642		23,016
Sanofi, ADR		716		33,545
Sarepta Therapeutics, Inc.(b)		84		10,259
Shockwave Medical, Inc.(b)		50		9,512

	Shares		Value
Health Care-(continued)
United Therapeutics Corp.(b)		86	$	21,159
Viatris, Inc.		1,566		17,852
				606,668
Industrials-9.67%
American Airlines Group, Inc.(b)		953		15,229
Avis Budget Group, Inc.(b)		111		24,382
C.H. Robinson Worldwide, Inc.		315		31,488
Expeditors International of Washington, Inc.		516		53,953
Grab Holdings Ltd., Class A (Singapore)(b)(c)		8,309		26,672
J.B. Hunt Transport Services, Inc.		363		65,627
Lincoln Electric Holdings, Inc.		140		23,510
Middleby Corp. (The)(b)		65		10,107
Nordson Corp.		103		22,623
Tetra Tech, Inc.		160		21,902
United Airlines Holdings, Inc.(b)		495		25,720
				321,213
Information Technology-42.70%
Akamai Technologies, Inc.(b)		496		36,010
Amdocs Ltd.		449		41,133
Bentley Systems, Inc., Class B		889		35,969
CDW Corp.		559		113,153
Check Point Software Technologies Ltd. (Israel)(b)		285		35,260
Cognex Corp.		639		30,301
DocuSign, Inc.(b)		572		35,092
Entegris, Inc.		345		29,404
F5, Inc.(b)		168		24,021
First Solar, Inc.		307		51,926
Flex Ltd.(b)		2,063		46,954
Gen Digital, Inc.		2,183		42,590
Jack Henry & Associates, Inc.		240		39,418
Logitech International S.A., Class R (Switzerland)		602		32,839
Manhattan Associates, Inc.(b)		185		26,594
MongoDB, Inc.(b)		174		36,456
Monolithic Power Systems, Inc.		121		58,599
NetApp, Inc.		713		46,024
Okta, Inc.(b)		454		32,366
ON Semiconductor Corp.(b)		777		60,148
Open Text Corp. (Canada)		834		28,673
Paylocity Holding Corp.(b)		138		26,580
PTC, Inc.(b)		332		41,609
Qorvo, Inc.(b)		149		15,033
Seagate Technology Holdings PLC		731		47,193
Skyworks Solutions, Inc.		255		28,450
SolarEdge Technologies, Inc.(b)		115		36,561
Splunk, Inc.(b)		482		49,405
SS&C Technologies Holdings, Inc.		607		35,631
Teradyne, Inc.		504		50,974
Trimble, Inc.(b)		896		46,646
VeriSign, Inc.(b)		264		51,963
Western Digital Corp.(b)		1,235		47,523
Zebra Technologies Corp., Class A(b)		192		57,648
				1,418,146
Materials-0.68%
Steel Dynamics, Inc.		180		22,700
Total Common Stocks & Other Equity Interests (Cost $3,581,283)				3,317,376

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  6  

Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(d)(e) (Cost $2,460)		2,460	$	2,460
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $3,583,743)				3,319,836
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-8.16%
Invesco Private Government Fund, 4.58%(d)(e)(f)		75,931		75,931

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 4.83%(d)(e)(f)		195,212	$	195,251
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $271,189)				271,182
TOTAL INVESTMENTS IN SECURITIES-108.11% (Cost $3,854,932)				3,591,018
OTHER ASSETS LESS LIABILITIES-(8.11)%				(269,479	)
NET ASSETS-100.00%			$	3,321,539

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at February 28, 2023.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	279		$	16,099		$	(13,918	)		$	-			$	-		$	2,460		$	24
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			38,307			547,120			(509,496	)			-				-			75,931			1,051	*
Invesco Private Prime Fund			98,504			1,242,868			(1,146,143	)			(10	)			32			195,251			2,916	*
Total		$	137,090		$	1,806,087		$	(1,669,557	)		$	(10	)		$	32		$	273,642		$	3,991

* 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 February 28, 2023.

^(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 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  7  

Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)–(continued)

February 28, 2023

(Unaudited)

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023
Information Technology	42.70
Health Care	18.27
Consumer Discretionary	13.59
Communication Services	12.34
Industrials	9.67
Sector Types Each Less Than 3%	3.31
Money Market Funds Plus Other Assets Less Liabilities	0.12

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  8  

Invesco NASDAQ 100 ETF (QQQM)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.97%
Communication Services-16.02%
Activision Blizzard, Inc.		454,788	$	34,677,585
Alphabet, Inc., Class A(b)		2,727,248		245,615,955
Alphabet, Inc., Class C(b)		2,726,384		246,192,475
Charter Communications, Inc.,
Class A(b)(c)		90,415		33,237,458
Comcast Corp., Class A		2,507,111		93,189,316
Electronic Arts, Inc.		160,410		17,795,885
Meta Platforms, Inc., Class A(b)		1,306,879		228,625,412
Netflix, Inc.(b)		258,591		83,299,919
Sirius XM Holdings, Inc.(c)		2,260,500		9,923,595
T-Mobile US, Inc.(b)(c)		723,082		102,807,799
Warner Bros Discovery, Inc.(b)(c)		1,411,341		22,045,147
				1,117,410,546
Consumer Discretionary-15.85%
Airbnb, Inc., Class A(b)		231,456		28,533,896
Amazon.com, Inc.(b)		4,570,131		430,643,444
Booking Holdings, Inc.(b)		22,527		56,858,148
Dollar Tree, Inc.(b)		128,585		18,680,829
eBay, Inc.		315,306		14,472,545
JD.com, Inc., ADR (China)		282,304		12,545,590
Lucid Group, Inc.(b)(c)		976,612		8,916,468
lululemon athletica, inc.(b)		71,128		21,992,778
Marriott International, Inc., Class A		183,935		31,129,159
MercadoLibre, Inc. (Brazil)(b)		29,239		35,671,580
O’Reilly Automotive, Inc.(b)		36,415		30,228,092
PDD Holdings Inc., ADR (China)(b)		272,045		23,866,508
Rivian Automotive, Inc., Class A(b)(c)		530,654		10,241,622
Ross Stores, Inc.		201,686		22,294,370
Starbucks Corp.		667,004		68,094,438
Tesla, Inc.(b)		1,414,582		290,993,663
				1,105,163,130
Consumer Staples-6.02%
Costco Wholesale Corp.		257,147		124,505,434
Keurig Dr Pepper, Inc.		822,986		28,434,166
Kraft Heinz Co. (The)		711,921		27,722,204
Mondelez International, Inc., Class A		793,709		51,733,953
Monster Beverage Corp.(b)		303,208		30,854,446
PepsiCo, Inc.		800,607		138,929,333
Walgreens Boots Alliance, Inc.		502,597		17,857,271
				420,036,807
Energy-0.46%
Baker Hughes Co., Class A		581,974		17,808,405
Diamondback Energy, Inc.		102,235		14,372,196
				32,180,601
Health Care-6.37%
Align Technology, Inc.(b)		45,373		14,042,944
Amgen, Inc.		310,043		71,824,561
AstraZeneca PLC, ADR (United Kingdom)		355,117		23,146,526
Biogen, Inc.(b)		83,720		22,592,679
DexCom, Inc.(b)		224,455		24,916,750
Gilead Sciences, Inc.		728,948		58,702,182
IDEXX Laboratories, Inc.(b)		48,184		22,802,596
Illumina, Inc.(b)		91,388		18,204,490
Intuitive Surgical, Inc.(b)		205,300		47,093,767

	Shares		Value
Health Care-(continued)
Moderna, Inc.(b)(c)		223,214	$	30,984,335
Regeneron Pharmaceuticals, Inc.(b)		62,196		47,295,082
Seagen, Inc.(b)(c)		107,849		19,379,387
Vertex Pharmaceuticals, Inc.(b)		149,150		43,296,754
				444,282,053
Industrials-3.59%
Cintas Corp.		59,050		25,891,653
Copart, Inc.(b)		276,794		19,502,905
CoStar Group, Inc.(b)(c)		236,339		16,699,714
CSX Corp.		1,221,759		37,251,432
Fastenal Co.		332,804		17,159,374
Honeywell International, Inc.		390,669		74,805,300
Old Dominion Freight Line, Inc.		64,227		21,789,652
PACCAR, Inc.		303,169		21,888,802
Verisk Analytics, Inc.		90,843		15,544,146
				250,532,978
Information Technology-50.45%
Adobe, Inc.(b)		270,144		87,513,149
Advanced Micro Devices, Inc.(b)		937,074		73,635,275
Analog Devices, Inc.		296,022		54,311,156
ANSYS, Inc.(b)		50,588		15,359,023
Apple, Inc.		5,731,706		844,910,782
Applied Materials, Inc.		499,905		58,063,966
ASML Holding N.V., New York Shares (Netherlands)(c)		51,324		31,704,375
Atlassian Corp., Class A(b)(c)		86,157		14,158,180
Autodesk, Inc.(b)		125,402		24,916,123
Automatic Data Processing, Inc.		241,038		52,984,973
Broadcom, Inc.		235,329		139,853,671
Cadence Design Systems, Inc.(b)(c)		159,356		30,746,147
Cisco Systems, Inc.		2,387,520		115,603,718
Cognizant Technology Solutions Corp., Class A		298,623		18,702,759
Crowdstrike Holdings, Inc., Class A(b)		126,850		15,309,527
Datadog, Inc., Class A(b)(c)		169,791		12,992,407
Enphase Energy, Inc.(b)(c)		78,940		16,619,238
Fiserv, Inc.(b)		369,035		42,472,238
Fortinet, Inc.(b)		453,958		26,983,264
GLOBALFOUNDRIES, Inc.(b)(c)		316,749		20,696,380
Intel Corp.		2,398,486		59,794,256
Intuit, Inc.		163,306		66,494,937
KLA Corp.		82,403		31,262,050
Lam Research Corp.		79,213		38,498,310
Marvell Technology, Inc.		495,462		22,370,109
Microchip Technology, Inc.(c)		319,699		25,905,210
Micron Technology, Inc.		631,882		36,535,417
Microsoft Corp.		3,325,507		829,447,956
NVIDIA Corp.		1,429,573		331,889,668
NXP Semiconductors N.V. (China)		150,611		26,881,051
Palo Alto Networks, Inc.(b)(c)		175,787		33,112,997
Paychex, Inc.		209,493		23,128,027
PayPal Holdings, Inc.(b)(c)		662,490		48,759,264
QUALCOMM, Inc.		651,446		80,473,124
Synopsys, Inc.(b)		88,929		32,348,813
Texas Instruments, Inc.		527,496		90,439,189
Workday, Inc., Class A(b)		117,447		21,782,895

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  9  

Invesco NASDAQ 100 ETF (QQQM)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Information Technology-(continued)
Zoom Video Communications, Inc., Class A(b)(c)		142,717	$	10,645,261
Zscaler, Inc.(b)(c)		83,743		10,982,894
				3,518,287,779
Utilities-1.21%
American Electric Power Co., Inc.		298,588		26,266,787
Constellation Energy Corp.		190,034		14,231,646
Exelon Corp.		577,521		23,326,073
Xcel Energy, Inc.		318,049		20,536,424
				84,360,930
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.97% (Cost $7,947,043,336)				6,972,254,824

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.46%
Invesco Private Government Fund, 4.58%(d)(e)(f)		47,949,783	$	47,949,783
Invesco Private Prime Fund, 4.83%(d)(e)(f)		123,445,432		123,470,117
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $171,419,904)				171,419,900
TOTAL INVESTMENTS IN SECURITIES-102.43% (Cost $8,118,463,240)				7,143,674,724
OTHER ASSETS LESS LIABILITIES-(2.43)%				(169,676,594	)
NET ASSETS-100.00%			$	6,973,998,130

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at February 28, 2023.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31,  2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28,  2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	3,899,314		$	41,219,699		$	(45,119,013	)		$	-			$	-		$	-		$	38,963
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			20,827,857			358,717,995			(331,596,069	)			-				-			47,949,783			638,617	*
Invesco Private Prime Fund			53,557,349			767,833,561			(697,934,889	)			(3,142	)			17,238			123,470,117			1,736,245	*
Total		$	78,284,520		$	1,167,771,255		$	(1,074,649,971	)		$	(3,142	)		$	17,238		$	171,419,900		$	2,413,825

* 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 February 28, 2023.

^(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 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  10  

Invesco NASDAQ 100 ETF (QQQM)–(continued)

February 28, 2023

(Unaudited)

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023
Information Technology	50.45
Communication Services	16.02
Consumer Discretionary	15.85
Health Care	6.37
Consumer Staples	6.02
Industrials	3.59
Sector Types Each Less Than 3%	1.67
Money Market Funds Plus Other Assets Less Liabilities	0.03

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  11  

Invesco NASDAQ Future Gen 200 ETF (QQQS)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Communication Services-2.17%
Bandwidth, Inc., Class A(b)		1,103	$	17,538
DISH Network Corp., Class A(b)		1,545		17,628
EchoStar Corp., Class A(b)		1,425		28,443
Roku, Inc., Class A(b)		418		27,040
TrueCar, Inc.(b)		9,959		23,205
				113,854
Consumer Discretionary-8.31%
BRP, Inc. (Canada)		331		28,618
Fossil Group, Inc.(b)		5,199		22,512
Garrett Motion, Inc. (Switzerland)(b)		3,503		27,043
Gentex Corp.		858		24,496
Gentherm, Inc.(b)		346		21,974
Goodyear Tire & Rubber Co. (The)(b)		2,210		25,106
GoPro, Inc., Class A(b)		4,525		23,485
Helen of Troy Ltd.(b)		256		28,849
Johnson Outdoors, Inc., Class A		446		28,928
MasterCraft Boat Holdings, Inc.(b)		981		33,128
Newell Brands, Inc.		1,912		28,087
Purple Innovation, Inc.(b)		4,911		21,216
Qurate Retail, Inc., Class A(b)		10,553		22,267
Sleep Number Corp.(b)		848		33,801
Sonos, Inc.(b)		1,440		27,979
Universal Electronics, Inc.(b)		1,134		14,424
Vuzix Corp.(b)		5,947		24,680
				436,593
Consumer Staples-0.36%
22nd Century Group, Inc.(b)		21,017		18,989
Energy-0.74%
Weatherford International PLC(b)		581		38,706
Health Care-53.45%
10X Genomics, Inc., Class A(b)		642		30,508
Aclaris Therapeutics, Inc.(b)		1,630		20,310
Adaptive Biotechnologies Corp.(b)		2,825		24,154
Affimed N.V. (Germany)(b)		11,589		10,537
Agenus, Inc.(b)		9,185		18,921
Agios Pharmaceuticals, Inc.(b)		838		21,210
Aldeyra Therapeutics, Inc.(b)		4,504		30,447
Alkermes PLC(b)		1,001		26,767
Alphatec Holdings, Inc.(b)		2,457		36,388
Altimmune, Inc.(b)		2,492		31,374
Amarin Corp. PLC, ADR (Ireland)(b)		21,906		44,469
Amicus Therapeutics, Inc.(b)		2,088		27,541
AngioDynamics, Inc.(b)		1,915		23,708
Apollo Endosurgery, Inc.(b)		2,448		24,309
Arbutus Biopharma Corp.(b)		10,735		29,843
Ardelyx, Inc.(b)		14,643		42,172
AtriCure, Inc.(b)		544		20,944
Avadel Pharmaceuticals PLC, ADR(b)		2,705		26,915
Azenta, Inc.(b)		420		18,434
Bionano Genomics, Inc.(b)		12,338		16,533
Bluebird Bio, Inc.(b)		3,185		16,562
Cara Therapeutics, Inc.(b)		2,142		21,763
Cardiovascular Systems, Inc.(b)		1,799		35,458
Chimerix, Inc.(b)		11,428		18,056
Codexis, Inc.(b)		4,534		21,922

	Shares		Value
Health Care-(continued)
Coherus Biosciences, Inc.(b)		3,615	$	24,474
Concert Pharmaceuticals, Inc.(b)		5,224		43,777
CTI BioPharma Corp.(b)		4,120		22,495
Cymabay Therapeutics, Inc.(b)		7,435		59,480
CytomX Therapeutics, Inc.(b)		14,253		30,644
DENTSPLY SIRONA, Inc.		820		31,217
Eagle Pharmaceuticals, Inc.(b)		683		19,124
Enanta Pharmaceuticals, Inc.(b)		576		27,936
FibroGen, Inc.(b)		1,749		38,828
G1 Therapeutics, Inc.(b)		4,161		15,063
Geron Corp.(b)		10,690		29,718
Heron Therapeutics, Inc.(b)		9,151		21,688
ICU Medical, Inc.(b)		158		26,961
IGM Biosciences, Inc.(b)		1,127		23,689
I-Mab, ADR (China)(b)		6,702		28,819
ImmunoGen, Inc.(b)		4,778		18,539
Innoviva, Inc.(b)		1,889		22,800
Inovio Pharmaceuticals, Inc.(b)		12,156		15,317
Integra LifeSciences Holdings Corp.(b)		460		25,585
Intercept Pharmaceuticals, Inc.(b)		1,663		33,559
Ionis Pharmaceuticals, Inc.(b)		608		21,827
Ironwood Pharmaceuticals, Inc.(b)		2,048		23,081
KalVista Pharmaceuticals, Inc.(b)		4,669		34,224
Karyopharm Therapeutics, Inc.(b)		4,688		14,158
Lexicon Pharmaceuticals, Inc.(b)		11,589		26,075
Ligand Pharmaceuticals, Inc.(b)		340		24,528
Liquidia Corp.(b)		5,016		37,971
LivaNova PLC(b)		448		21,199
MacroGenics, Inc.(b)		3,925		23,903
Madrigal Pharmaceuticals, Inc.(b)		358		97,022
MannKind Corp.(b)		5,393		28,475
Masimo Corp.(b)		174		29,112
Merit Medical Systems, Inc.(b)		351		24,774
Merrimack Pharmaceuticals, Inc.(b)		2,083		23,913
Mersana Therapeutics, Inc.(b)		3,724		22,567
Merus N.V. (Netherlands)(b)		1,616		30,817
Milestone Pharmaceuticals, Inc. (Canada)(b)		5,051		15,961
MiMedx Group, Inc.(b)		7,631		36,705
NanoString Technologies, Inc.(b)		3,603		35,165
Nektar Therapeutics(b)		8,857		12,223
NGM Biopharmaceuticals, Inc.(b)		4,484		21,254
NuVasive, Inc.(b)		638		27,581
Omeros Corp.(b)		11,761		44,339
OmniAb, Inc.(b)(c)		83		0
OmniAb, Inc.(b)(c)		83		0
Omnicell, Inc.(b)		481		26,186
OPKO Health, Inc.(b)		16,532		18,846
Oramed Pharmaceuticals, Inc. (Israel)(b)		2,935		6,163
OraSure Technologies, Inc.(b)		4,921		31,051
Orthofix Medical, Inc.(b)		1,403		28,902
Pacific Biosciences of California, Inc.(b)		2,354		21,374
Paratek Pharmaceuticals, Inc.(b)		11,171		19,549
PDS Biotechnology Corp.(b)		2,747		21,015
Personalis, Inc.(b)		9,763		29,387
Phibro Animal Health Corp., Class A		2,049		32,190
Precision BioSciences, Inc.(b)		18,102		20,274
Protagonist Therapeutics, Inc.(b)		3,180		51,580
PTC Therapeutics, Inc.(b)		609		26,595

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  12  

Invesco NASDAQ Future Gen 200 ETF (QQQS)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Health Care-(continued)
Quanterix Corp.(b)		1,865	$	20,515
Reata Pharmaceuticals, Inc., Class A(b)		638		19,886
Revance Therapeutics, Inc.(b)		1,161		40,287
Rigel Pharmaceuticals, Inc.(b)		37,436		56,528
Sangamo Therapeutics, Inc.(b)		6,775		20,664
Scilex Holding Co., Class C (Singapore)(b)		2,541		21,976
Selecta Biosciences, Inc.(b)		18,931		30,857
SI-BONE, Inc.(b)		2,019		39,926
SIGA Technologies, Inc.		2,701		18,502
Silk Road Medical, Inc.(b)		475		25,170
Spero Therapeutics, Inc.(b)		12,783		18,919
Supernus Pharmaceuticals, Inc.(b)		688		25,862
SurModics, Inc.(b)		686		14,982
Sutro Biopharma, Inc.(b)		3,311		18,674
Tactile Systems Technology, Inc.(b)		2,944		42,541
Theravance Biopharma, Inc.(b)		2,350		25,380
uniQure N.V. (Netherlands)(b)		937		19,639
Vanda Pharmaceuticals, Inc.(b)		2,273		14,638
Varex Imaging Corp.(b)		1,168		20,662
Vaxart, Inc.(b)		21,017		16,381
Veradigm, Inc.(b)		1,310		21,759
ViewRay, Inc.(b)		5,146		22,231
X4 Pharmaceuticals, Inc.(b)		16,532		15,507
Xencor, Inc.(b)		834		26,796
				2,807,226
Industrials-4.20%
AeroVironment, Inc.(b)		275		23,579
Astronics Corp.(b)		2,998		45,690
Interface, Inc.		2,290		20,198
Kratos Defense & Security Solutions, Inc.(b)		2,605		32,953
Matthews International Corp., Class A		784		29,917
MillerKnoll, Inc.		1,217		29,050
SunPower Corp.(b)		1,023		15,365
TPI Composites, Inc.(b)		2,053		23,733
				220,485
Information Technology-29.43%
8x8, Inc.(b)		5,890		31,335
Absolute Software Corp. (Canada)		2,559		22,007
ACM Research, Inc., Class A(b)		2,737		28,410
Aehr Test Systems(b)		952		31,749
Alpha & Omega Semiconductor Ltd.(b)		707		18,884
Amkor Technology, Inc.		885		22,798
Atomera, Inc.(b)		2,908		19,280
Aviat Networks, Inc.(b)		788		27,998
Axcelis Technologies, Inc.(b)		315		40,490
AXT, Inc.(b)		4,670		20,408
Bel Fuse, Inc., Class B		720		25,574
Brightcove, Inc.(b)		4,484		24,079
CalAmp Corp.(b)		6,870		29,335
Cirrus Logic, Inc.(b)		337		34,627
CommScope Holding Co., Inc.(b)		2,793		20,221
CommVault Systems, Inc.(b)		383		22,551
Comtech Telecommunications Corp.		2,159		34,522
Digimarc Corp.(b)		1,133		23,102
Dropbox, Inc., Class A(b)		1,072		21,869
Edgio, Inc.(b)		17,222		21,183
Extreme Networks, Inc.(b)		1,183		22,146

	Shares		Value
Information Technology-(continued)
FARO Technologies, Inc.(b)		844	$	22,957
FormFactor, Inc.(b)		1,075		32,357
Himax Technologies, Inc., ADR (Taiwan)		3,366		25,009
Hollysys Automation Technologies Ltd. (China)		1,476		27,144
Immersion Corp.		3,529		26,997
Infinera Corp.(b)		3,742		26,456
Inseego Corp.(b)		19,527		17,486
InterDigital, Inc.		502		36,641
IPG Photonics Corp.(b)		277		34,137
Itron, Inc.(b)		466		25,989
Kimball Electronics, Inc.(b)		1,074		26,861
Kulicke & Soffa Industries, Inc. (Singapore)		517		27,556
Lattice Semiconductor Corp.(b)		346		29,396
Littelfuse, Inc.		101		26,132
LivePerson, Inc.(b)		2,112		21,373
Lumentum Holdings, Inc.(b)		451		24,268
Materialise N.V., ADR (Belgium)(b)		2,570		22,102
MaxLinear, Inc.(b)		678		23,194
MicroVision, Inc.(b)		8,185		20,954
Mitek Systems, Inc.(b)		2,425		22,552
MKS Instruments, Inc.		295		28,594
NETGEAR, Inc.(b)		1,257		22,752
nLight, Inc.(b)		2,284		25,809
Nova Ltd. (Israel)(b)		295		26,721
OSI Systems, Inc.(b)		285		26,377
Power Integrations, Inc.		308		25,333
Rambus, Inc.(b)		658		29,103
Ribbon Communications, Inc.(b)		9,950		44,377
Semtech Corp.(b)		807		24,864
Silicon Laboratories, Inc.(b)		173		30,886
Stratasys Ltd.(b)		1,767		22,883
Synaptics, Inc.(b)		234		27,521
Turtle Beach Corp.(b)		2,597		21,010
Universal Display Corp.		220		29,887
Veeco Instruments, Inc.(b)		1,247		26,524
Verint Systems, Inc.(b)		643		24,035
Viasat, Inc.(b)		727		23,090
Viavi Solutions, Inc.(b)		2,189		23,948
				1,545,843
Materials-1.33%
Amyris, Inc.(b)		14,638		18,297
Haynes International, Inc.		497		27,191
Innospec, Inc.		223		24,410
				69,898
Total Common Stocks & Other Equity Interests (Cost $4,748,855)				5,251,594
Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(d)(e) (Cost $343)		343		343
TOTAL INVESTMENTS IN SECURITIES-100.00% (Cost $4,749,198)				5,251,937
OTHER ASSETS LESS LIABILITIES-0.00%				261
NET ASSETS-100.00%			$	5,252,198

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  13  

Invesco NASDAQ Future Gen 200 ETF (QQQS)–(continued)

February 28, 2023

(Unaudited)

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  Security valued using significant unobservable inputs (Level 3). See Note 4.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended February 28, 2023.

	Value August 31, 2022			Purchases at Cost		Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$37,520		$	(37,177	)		$	-		$	-		$	343		$	16
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-		136,868			(136,868	)			-			-			-			58	*
Invesco Private Prime Fund			-		37,646			(37,646	)			-			-			-			5	*
Total		$	-		$212,034		$	(211,691	)		$	-		$	-		$	343		$	79

* 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 February 28, 2023.

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023
Health Care	53.45
Information Technology	29.43
Consumer Discretionary	8.31
Industrials	4.20
Sector Types Each Less Than 3%	4.60
Money Market Funds Plus Other Assets Less Liabilities	0.01

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  14  

Invesco NASDAQ Next Gen 100 ETF (QQQJ)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.87%
Communication Services-11.77%
Baidu, Inc., ADR (China)(b)		88,182	$	12,141,780
Fox Corp., Class A		168,474		5,899,959
Fox Corp., Class B		133,862		4,317,050
Liberty Broadband Corp., Class A(b)		10,568		916,563
Liberty Broadband Corp., Class C(b)		70,920		6,146,636
Liberty Global PLC, Class A (United Kingdom)(b)		95,779		1,962,512
Liberty Global PLC, Class C (United Kingdom)(b)(c)		153,088		3,253,120
Liberty Media Corp.-Liberty Formula One, Class C(b)		115,484		7,837,899
Match Group, Inc.(b)		155,542		6,442,550
News Corp., Class A		213,023		3,653,344
News Corp., Class B		107,670		1,858,384
Paramount Global, Class B(c)		338,982		7,260,994
Take-Two Interactive Software, Inc.(b)		93,207		10,210,827
Trade Desk, Inc. (The), Class A(b)		247,201		13,833,368
ZoomInfo Technologies, Inc., Class A(b)		224,881		5,435,374
				91,170,360
Consumer Discretionary-11.42%
Caesars Entertainment, Inc.(b)		119,512		6,066,429
Etsy, Inc.(b)(c)		69,736		8,466,648
Expedia Group, Inc.(b)		83,911		9,143,782
Five Below, Inc.(b)(c)		30,928		6,318,590
Hasbro, Inc.		76,942		4,232,579
LKQ Corp.		148,274		8,494,618
Pool Corp.		21,763		7,766,344
Tractor Supply Co.		61,338		14,307,702
Trip.com Group Ltd., ADR (China)(b)(c)		250,329		8,899,196
Ulta Beauty, Inc.(b)		28,473		14,771,792
				88,467,680
Consumer Staples-2.36%
Casey’s General Stores, Inc.		20,722		4,309,140
Coca-Cola Europacific Partners PLC (United Kingdom)		253,863		13,962,465
				18,271,605
Energy-2.16%
APA Corp.		178,398		6,846,915
Chesapeake Energy Corp.		74,665		6,033,679
New Fortress Energy, Inc.(c)		116,277		3,835,978
				16,716,572
Health Care-24.06%
Acadia Healthcare Co., Inc.(b)		50,734		3,678,722
Alnylam Pharmaceuticals, Inc.(b)		68,341		13,083,884
Argenx SE, ADR (Netherlands)(b)		17,244		6,311,649
BeiGene Ltd., ADR (China)(b)(c)		26,605		5,976,281
BioMarin Pharmaceutical, Inc.(b)		103,093		10,267,032
BioNTech SE, ADR (Germany)		50,998		6,632,290
Bio-Techne Corp.		87,491		6,355,346
Bruker Corp.		81,891		5,643,928
Henry Schein, Inc.(b)		75,453		5,908,724
Hologic, Inc.(b)		136,439		10,866,002
Horizon Therapeutics PLC(b)		125,877		13,782,273
ICON PLC(b)(c)		45,287		10,218,106

	Shares		Value
Health Care-(continued)
Incyte Corp.(b)		123,440	$	9,502,411
Insulet Corp.(b)		38,491		10,637,373
Jazz Pharmaceuticals PLC(b)		35,128		4,931,971
Karuna Therapeutics, Inc.(b)(c)		19,171		3,823,081
Neurocrine Biosciences, Inc.(b)		53,599		5,526,057
Novocure Ltd.(b)(c)		58,466		4,500,128
R1 RCM, Inc.(b)(c)		232,076		3,295,479
Repligen Corp.(b)		30,938		5,394,659
Royalty Pharma PLC, Class A		244,647		8,770,595
Sanofi, ADR		161,022		7,543,881
Sarepta Therapeutics, Inc.(b)(c)		48,889		5,970,814
Shockwave Medical, Inc.(b)		20,077		3,819,448
United Therapeutics Corp.(b)		25,422		6,254,829
Viatris, Inc.		675,504		7,700,746
				186,395,709
Industrials-10.60%
American Airlines Group, Inc.(b)		362,007		5,784,872
Avis Budget Group, Inc.(b)(c)		23,068		5,067,117
Axon Enterprise, Inc.(b)		39,630		7,938,285
C.H. Robinson Worldwide, Inc.		65,613		6,558,675
Expeditors International of Washington, Inc.		88,239		9,226,270
Grab Holdings Ltd., Class A (Singapore)(b)(c)		2,061,788		6,618,339
J.B. Hunt Transport Services, Inc.		57,412		10,379,516
Lincoln Electric Holdings, Inc.(c)		32,215		5,409,865
Middleby Corp. (The)(b)(c)		29,987		4,662,679
Nordson Corp.		31,780		6,980,159
Tetra Tech, Inc.		29,464		4,033,327
United Airlines Holdings, Inc.(b)		182,143		9,464,150
				82,123,254
Information Technology-35.00%
Akamai Technologies, Inc.(b)		87,649		6,363,317
Amdocs Ltd.		67,953		6,225,174
Bentley Systems, Inc., Class B(c)		154,210		6,239,337
CDW Corp.		75,252		15,232,510
Check Point Software Technologies Ltd. (Israel)(b)		69,578		8,608,190
Cognex Corp.		96,375		4,570,103
DocuSign, Inc.(b)		111,888		6,864,329
Entegris, Inc.(c)		83,023		7,076,050
F5, Inc.(b)		33,622		4,807,274
First Solar, Inc.		59,157		10,005,815
Flex Ltd.(b)		252,236		5,740,891
Gen Digital, Inc.		361,491		7,052,689
Jack Henry & Associates, Inc.		40,665		6,678,820
Logitech International S.A., Class R (Switzerland)(c)		90,090		4,914,410
Manhattan Associates, Inc.(b)		34,798		5,002,213
MongoDB, Inc.(b)		38,324		8,029,644
Monolithic Power Systems, Inc.		26,115		12,647,233
NetApp, Inc.		121,128		7,818,812
Okta, Inc.(b)(c)		84,628		6,033,130
ON Semiconductor Corp.(b)		240,100		18,586,141
Open Text Corp. (Canada)(c)		150,534		5,175,359
Paylocity Holding Corp.(b)		31,025		5,975,725
PTC, Inc.(b)		65,214		8,173,271
Qorvo, Inc.(b)		56,527		5,703,009
Seagate Technology Holdings PLC(c)		115,053		7,427,822

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  15  

Invesco NASDAQ Next Gen 100 ETF (QQQJ)–(continued)

February 28, 2023

(Unaudited)

	Shares		Value
Information Technology-(continued)
Skyworks Solutions, Inc.		88,873	$	9,915,561
SolarEdge Technologies, Inc.(b)		31,017		9,860,925
Splunk, Inc.(b)(c)		90,688		9,295,520
SS&C Technologies Holdings, Inc.		140,286		8,234,788
Teradyne, Inc.		86,794		8,778,345
Trimble, Inc.(b)		137,347		7,150,285
VeriSign, Inc.(b)		58,874		11,588,169
Western Digital Corp.(b)		176,918		6,807,805
Zebra Technologies Corp., Class A(b)		28,806		8,649,001
				271,231,667
Materials-1.58%
Steel Dynamics, Inc.		97,368		12,279,079
Utilities-0.92%
Alliant Energy Corp.		139,890		7,172,160
Total Common Stocks & Other Equity Interests (Cost $827,901,920)				773,828,086
Money Market Funds-0.08%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(d)(e) (Cost $639,770)		639,770		639,770
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $828,541,690)				774,467,856

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-9.74%
Invesco Private Government Fund, 4.58%(d)(e)(f)		21,117,545	$	21,117,545
Invesco Private Prime Fund, 4.83%(d)(e)(f)		54,291,400		54,302,257
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $75,423,076)				75,419,802
TOTAL INVESTMENTS IN SECURITIES-109.69% (Cost $903,964,766)				849,887,658
OTHER ASSETS LESS LIABILITIES-(9.69)%				(75,052,487	)
NET ASSETS-100.00%			$	774,835,171

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at February 28, 2023.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.

	Value August 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value February 28, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	-	$	4,992,144	$	(4,352,374	)		$        -		$        -		$      639,770	$	5,805

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  16  

Invesco NASDAQ Next Gen 100 ETF (QQQJ)–(continued)

February 28, 2023

(Unaudited)

	Value August 31, 2022			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	29,805,913	$	147,663,683	$	(156,352,051	)		$	-			$	-		$	21,117,545	$	497,224	*
Invesco Private Prime Fund			85,560,046		291,718,035		(322,991,952	)			(11,458	)			27,586			54,302,257		1,367,352	*
Total		$	115,365,959	$	444,373,862	$	(483,696,377	)		$	(11,458	)		$	27,586		$	76,059,572	$	1,870,381

* 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 February 28, 2023.

^(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 2I.

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023
Information Technology	35.00
Health Care	24.06
Communication Services	11.77
Consumer Discretionary	11.42
Industrials	10.60
Sector Types Each Less Than 3%	7.02
Money Market Funds Plus Other Assets Less Liabilities	0.13

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  17  

Statements of Assets and Liabilities

February 28, 2023

(Unaudited)

	Invesco ESG NASDAQ 100 ETF (QQMG)			Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)			Invesco NASDAQ 100 ETF (QQQM)			Invesco NASDAQ Future Gen 200     ETF (QQQS)			Invesco NASDAQ Next Gen 100     ETF (QQQJ)
Assets:
Unaffiliated investments in securities, at value(a)		$	9,931,378		$	3,317,376		$	6,972,254,824		$	5,251,594		$	773,828,086
Affiliated investments in securities, at value			210,396			273,642			171,419,900			343			76,059,572
Cash			-			114			-			-			-
Receivable for:
Dividends			8,480			2,094			6,474,054			1,049			403,545
Securities lending			235			34			230,276			44			12,813
Investments sold			-			-			8,468,011			-			1,756,912
Fund shares sold			-			-			12,080,883			-			-
Foreign tax reclaims			-			-			10,857			-			53,723
Total assets			10,150,489			3,593,260			7,170,938,805			5,253,030			852,114,651
Liabilities:
Due to custodian			-			-			4,147,778			-			-
Payable for:
Investments purchased			-			-			12,087,069			-			-
Collateral upon return of securities loaned			208,224			271,189			171,419,904			-			75,423,076
Fund shares repurchased			-			-			8,464,288			-			1,763,732
Accrued unitary management fees			1,567			532			821,636			830			92,672
Accrued tax expenses			-			-			-			2			-
Total liabilities			209,791			271,721			196,940,675			832			77,279,480
Net Assets		$	9,940,698		$	3,321,539		$	6,973,998,130		$	5,252,198		$	774,835,171
Net assets consist of:
Shares of beneficial interest		$	12,522,169		$	3,992,502		$	8,088,985,832		$	4,695,635		$	1,099,874,634
Distributable earnings (loss)			(2,581,471)			(670,963)			(1,114,987,702)			556,563			(325,039,463)
Net Assets		$	9,940,698		$	3,321,539		$	6,973,998,130		$	5,252,198		$	774,835,171
Shares outstanding (unlimited amount authorized, $0.01 par value)			500,001			175,001			57,750,001			180,001			30,770,001
Net asset value		$	19.88		$	18.98		$	120.76		$	29.18		$	25.18
Market price		$	19.92		$	18.99		$	120.79		$	29.23		$	25.17
Unaffiliated investments in securities, at cost		$	12,077,806		$	3,581,283		$	7,947,043,336		$	4,748,855		$	827,901,920
Affiliated investments in securities, at cost		$	210,396		$	273,649		$	171,419,904		$	343		$	76,062,846
(a) Includes securities on loan with an aggregate value of:		$	203,842		$	262,933		$	167,578,439		$	-		$	73,781,721

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  18  

Statements of Operations

For the six months ended February 28, 2023

(Unaudited)

	Invesco ESG NASDAQ 100 ETF  (QQMG)				Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)				Invesco NASDAQ 100 ETF (QQQM)				Invesco NASDAQ Future Gen 200     ETF (QQQS)(a)				Invesco NASDAQ Next Gen 100     ETF (QQQJ)
Investment income:
Unaffiliated dividend income		$	46,453			$	12,455			$	27,712,372			$	3,535			$	3,402,978
Affiliated dividend income			88				24				38,963				16				5,805
Non-cash dividend income			-				-				-				12,830				-
Securities lending income, net			1,626				204				1,130,481				44				126,197
Foreign withholding tax			(110	)			(265	)			(49,552	)			(27	)			(51,233	)
Total investment income			48,057				12,418				28,832,264				16,398				3,483,747
Expenses:
Unitary management fees			9,448				2,906				4,207,533				3,425				578,759
Tax expenses			-				-				-				2				-
Total expenses			9,448				2,906				4,207,533				3,427				578,759
Less: Waivers			(2	)			-				(993	)			(1	)			(138	)
Net expenses			9,446				2,906				4,206,540				3,426				578,621
Net investment income			38,611				9,512				24,625,724				12,972				2,905,126
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(253,963	)			(299,820	)			(200,524,195	)			(136,528	)			(177,505,753	)
Affiliated investment securities			(3	)			32				17,238				-				27,586
In-kind redemptions			-				-				95,971,224				179,208				17,544,875
Foreign currencies			-				-				-				(1	)			-
Net realized gain (loss)			(253,966	)			(299,788	)			(104,535,733	)			42,679				(159,933,292	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			239,507				354,118				45,432,309				502,739				172,989,161
Affiliated investment securities			-				(10	)			(3,142	)			-				(11,458	)
Change in net unrealized appreciation			239,507				354,108				45,429,167				502,739				172,977,703
Net realized and unrealized gain (loss)			(14,459	)			54,320				(59,106,566	)			545,418				13,044,411
Net increase (decrease) in net assets resulting from operations		$	24,152			$	63,832			$	(34,480,842	)		$	558,390			$	15,949,537

^(a)  For the period October 11, 2022 (commencement of investment operations) through February 28, 2023.

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 February 28, 2023 and the year ended August 31, 2022

(Unaudited)

	Invesco ESG NASDAQ 100 ETF (QQMG)								Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)
	Six Months  Ended February 28, 2023				Period Ended August  31, 2022(a)				Six Months  Ended February 28, 2023				Period Ended August  31, 2022(a)
Operations:
Net investment income		$	38,611			$	54,533			$	9,512			$	9,581
Net realized gain (loss)			(253,966	)			(195,353	)			(299,788	)			(108,308	)
Change in net unrealized appreciation (depreciation)			239,507				(2,385,935	)			354,108				(618,022	)
Net increase (decrease) in net assets resulting from operations			24,152				(2,526,755	)			63,832				(716,749	)
Distributions to Shareholders from:
Distributable earnings			(39,405	)			(39,471	)			(10,899	)			(7,146	)
Shareholder Transactions:
Proceeds from shares sold			-				12,522,177				449,447				3,543,054
Value of shares repurchased			-				-				-				-
Net increase (decrease) in net assets resulting from share transactions			-				12,522,177				449,447				3,543,054
Net increase (decrease) in net assets			(15,253	)			9,955,951				502,380				2,819,159
Net assets:
Beginning of period			9,955,951				-				2,819,159				-
End of period		$	9,940,698			$	9,955,951			$	3,321,539			$	2,819,159
Changes in Shares Outstanding:
Shares sold			-				500,001				25,000				150,001
Shares repurchased			-				-				-				-
Shares outstanding, beginning of period.			500,001				-				150,001				-
Shares outstanding, end of period			500,001				500,001				175,001				150,001

^(a)  For the period October 25, 2021 (commencement of investment operations) through August 31, 2022.

^(b)  For the period October 11, 2022 (commencement of investment operations) through February 28, 2023.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  20  

Invesco NASDAQ 100 ETF (QQQM)								Invesco NASDAQ Future Gen 200 ETF (QQQS)				Invesco NASDAQ Next Gen 100 ETF (QQQJ)
Six Months Ended February 28, 2023				Year Ended August 31, 2022				Period Ended February 28, 2023(b)				Six Months Ended February 28, 2023				Year Ended August 31, 2022
	$	24,625,724			$	25,895,892			$	12,972			$	2,905,126			$	5,070,934
		(104,535,733	)			172,819,808				42,679				(159,933,292	)			(28,683,565	)
		45,429,167				(1,216,189,168	)			502,739				172,977,703				(322,084,445	)
		(34,480,842	)			(1,017,473,468	)			558,390				15,949,537				(345,697,076	)
		(23,673,933	)			(17,757,319	)			(1,827	)			(3,703,474	)			(11,397,622	)
		3,359,865,645				5,971,651,618				5,488,161				72,706,840				450,411,017
		(1,241,725,969	)			(1,831,569,039	)			(792,526	)			(113,287,955	)			(499,347,837	)
		2,118,139,676				4,140,082,579				4,695,635				(40,581,115	)			(48,936,820	)
		2,059,984,901				3,104,851,792				5,252,198				(28,335,052	)			(406,031,518	)
		4,914,013,229				1,809,161,437				-				803,170,223				1,209,201,741
	$	6,973,998,130			$	4,914,013,229			$	5,252,198			$	774,835,171			$	803,170,223
		28,620,000				41,870,000				210,001				3,000,000				14,550,000
		(10,780,000	)			(13,550,000	)			(30,000	)			(4,650,000	)			(16,890,000	)
		39,910,001				11,590,001				-				32,420,001				34,760,001
		57,750,001				39,910,001				180,001				30,770,001				32,420,001

  21  

Financial Highlights

Invesco ESG NASDAQ 100 ETF (QQMG)

					For the Period
	Six Months Ended				October 25, 2021(a)
	February 28,				Through
	2023				August 31,
	(Unaudited)				2022
Per Share Operating Performance:
Net asset value at beginning of period		$	19.91			$	25.00
Net investment income(b)			0.08				0.13
Net realized and unrealized gain (loss) on investments			(0.03	)			(5.13	)
Total from investment operations			0.05				(5.00	)
Distributions to shareholders from:
Net investment income			(0.08	)			(0.09	)
Net asset value at end of period		$	19.88			$	19.91
Market price at end of period(c)		$	19.92			$	19.94
Net Asset Value Total Return(d)			0.27	%			(20.03	)%(e)
Market Price Total Return(d)			0.32	%			(19.91	)%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	9,941			$	9,956
Ratio to average net assets of:
Expenses			0.20	%(f)			0.20	%(f)
Net investment income			0.82	%(f)			0.69	%(f)
Portfolio turnover rate(g)			5	%			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 27, 2021, the first day of trading on the exchange) to August 31, 2022 was (20.63)%. The market price total return from Fund Inception to August 31, 2022 was (20.54)%.

^(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.

  22  

Financial Highlights–(continued)

Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)

					For the Period
	Six Months Ended				October 25, 2021(a)
	February 28,				Through
	2023				August 31,
	(Unaudited)				2022
Per Share Operating Performance:
Net asset value at beginning of period		$	18.79			$	25.00
Net investment income(b)			0.06				0.09
Net realized and unrealized gain (loss) on investments			0.20				(6.23	)
Total from investment operations			0.26				(6.14	)
Distributions to shareholders from:
Net investment income			(0.07	)			(0.07	)
Net asset value at end of period		$	18.98			$	18.79
Market price at end of period(c)		$	18.99			$	18.81
Net Asset Value Total Return(d)			1.42	%			(24.57	)%(e)
Market Price Total Return(d)			1.37	%			(24.49	)%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	3,322			$	2,819
Ratio to average net assets of:
Expenses			0.20	%(f)			0.20	%(f)
Net investment income			0.65	%(f)			0.52	%(f)
Portfolio turnover rate(g)			22	%			46	%

^(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 27, 2021, the first day of trading on the exchange) to August 31, 2022 was (23.10)%. The market price total return from Fund Inception to August 31, 2022 was (23.05)%.

^(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.

  23  

Financial Highlights–(continued)

Invesco NASDAQ 100 ETF (QQQM)

	Six Months Ended February 28, 2023				Year Ended August 31,				For the Period October 12, 2020(a) Through August  31,
	(Unaudited)				2022				2021
Per Share Operating Performance:
Net asset value at beginning of period		$	123.13			$	156.10			$	120.98
Net investment income(b)			0.51				0.98				0.74
Net realized and unrealized gain (loss) on investments			(2.36	)			(33.24	)			34.93
Total from investment operations			(1.85	)			(32.26	)			35.67
Distributions to shareholders from:
Net investment income			(0.52	)			(0.71	)			(0.55	)
Net asset value at end of period		$	120.76			$	123.13			$	156.10
Market price at end of period(c)		$	120.79			$	123.29			$	156.11
Net Asset Value Total Return(d)			(1.48	)%			(20.72	)%			29.56	%(e)
Market Price Total Return(d)			(1.58	)%			(20.61	)%			29.57	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	6,973,998			$	4,914,013			$	1,809,161
Ratio to average net assets of:
Expenses			0.15	%(f)			0.15	%			0.15	%(f)
Net investment income			0.88	%(f)			0.71	%			0.61	%(f)
Portfolio turnover rate(g)			7	%			6	%			5	%

^(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 13, 2020, the first day of trading on the exchange) to August 31, 2021 was 29.61%. The market price total return from Fund Inception to August 31, 2021 was 29.48%.

^(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.

  24  

Financial Highlights–(continued)

Invesco NASDAQ Future Gen 200 ETF (QQQS)

	For the Period October 11, 2022(a) Through February 28, 2023         (Unaudited)
Per Share Operating Performance:
Net asset value at beginning of period		$	25.00
Net investment income(b)			0.08
Net realized and unrealized gain on investments			4.11
Total from investment operations			4.19
Distributions to shareholders from:
Net investment income			(0.01	)
Net asset value at end of period		$	29.18
Market price at end of period(c)		$	29.23
Net Asset Value Total Return(d)			16.77	%(e)
Market Price Total Return(d)			16.97	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	5,252
Ratio to average net assets of:
Expenses			0.20	%(f)
Net investment income			0.76	%(f)
Portfolio turnover rate(g)			26	%

^(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 13, 2022, the first day of trading on the exchange) to February 28, 2023 was 15.20%. The market price total return from Fund Inception to February 28, 2023 was 15.31%.

^(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.

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Financial Highlights–(continued)

Invesco NASDAQ Next Gen 100 ETF (QQQJ)

	Six Months Ended February 28, 2023				Year Ended August 31,				For the Period October 12, 2020(a) Through August  31,
	(Unaudited)				2022				2021
Per Share Operating Performance:
Net asset value at beginning of period		$	24.77			$	34.79			$	26.71
Net investment income(b)			0.09				0.15				0.10
Net realized and unrealized gain (loss) on investments			0.44				(9.85	)			8.06
Total from investment operations			0.53				(9.70	)			8.16
Distributions to shareholders from:
Net investment income			(0.12	)			(0.11	)			(0.08	)
Net realized gains			-				(0.21	)			-
Total distributions			(0.12	)			(0.32	)			(0.08	)
Net asset value at end of period		$	25.18			$	24.77			$	34.79
Market price at end of period(c)		$	25.17			$	24.80			$	34.77
Net Asset Value Total Return(d)			2.15	%			(28.06	)%			30.58	%(e)
Market Price Total Return(d)			1.98	%			(27.93	)%			30.51	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	774,835			$	803,170			$	1,209,202
Ratio to average net assets of:
Expenses			0.15	%(f)			0.15	%			0.15	%(f)
Net investment income			0.75	%(f)			0.50	%			0.35	%(f)
Portfolio turnover rate(g)			26	%			45	%			29	%

^(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 13, 2020, the first day of trading on the exchange) to August 31, 2021 was 30.39%. The market price total return from Fund Inception to August 31, 2021 was 29.93%.

^(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.

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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 28, 2023

(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 ESG NASDAQ 100 ETF (QQMG)	“ESG NASDAQ 100 ETF”
Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)	“ESG NASDAQ Next Gen 100 ETF”
Invesco NASDAQ 100 ETF (QQQM)	“NASDAQ 100 ETF”
Invesco NASDAQ Future Gen 200 ETF (QQQS)	“NASDAQ Future Gen 200 ETF”
Invesco NASDAQ Next Gen 100 ETF (QQQJ)	“NASDAQ Next Gen 100 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 Nasdaq Stock Market LLC.

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.” Creation Units are issued and redeemed principally in exchange for 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
ESG NASDAQ 100 ETF	Nasdaq-100® ESG Index
ESG NASDAQ Next Gen 100 ETF	Nasdaq Next Generation 100 ESG Index®
NASDAQ 100 ETF	NASDAQ-100 Index®
NASDAQ Future Gen 200 ETF	Nasdaq Innovators Completion Cap IndexTM
NASDAQ Next Gen 100 ETF	NASDAQ Next Generation 100 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 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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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

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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.

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 last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked 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/asked 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, acts of terrorism, 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

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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. Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay 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 (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.

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G. 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.

H. 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 (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.

I. 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 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 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 February 28, 2023, each Fund (except for NASDAQ Future Gen 200 ETF) had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each applicable Fund as listed below:

	Amount
ESG NASDAQ 100 ETF		$121
ESG NASDAQ Next Gen 100 ETF		12
NASDAQ 100 ETF		84,512
NASDAQ Next Gen 100 ETF		7,074

J. 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

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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.

K. Other Risks

ADR Risk. The Funds may invest in American depositary receipts (“ADRs”). 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. ADRs 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 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.

Authorized Participant 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. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

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.

ESG Risk. Because ESG NASDAQ 100 ETF and ESG NASDAQ Next Gen 100 ETF evaluate ESG factors to assess and exclude certain investments for non-financial reasons, such Funds may forego some market opportunities available to funds that do not use these factors. The securities of companies that score favorably under a Fund’s ESG scoring methodology may underperform similar companies that do not score as well or may underperform the stock market as a whole. As a result, ESG NASDAQ 100 ETF and ESG NASDAQ Next Gen 100 ETF may underperform funds that do not screen or score companies based on ESG factors or funds that use a different ESG methodology. Information used by a Fund to evaluate such factors may not be readily available, complete or accurate, which could negatively impact the Fund’s ability to apply its methodology, which in turn could negatively impact the Fund’s performance. In addition, a Fund’s assessment of an issuer, based on the issuer’s level of involvement in a particular industry or the issuer’s ESG score, may differ from that of other funds or an investor. As a result, the issuers deemed eligible for inclusion in a Fund’s portfolio may not reflect the beliefs or values of any particular investor and may not be deemed to exhibit positive or favorable ESG characteristics if different metrics were used to evaluate them.

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

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taxes, currency blockage and/or transfer restrictions and higher transactional costs. If 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.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its 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. 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.

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 conflict, acts of terrorism, economic crisis or other events could result in increased premiums or discounts to each Fund’s NAV.

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.

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.

Non-Diversified Fund Risk. Because each Fund 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 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.

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

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 has agreed to pay for substantially all expenses of the Funds, including the cost 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

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election of any Board member who is an “interested person” of the Trust, 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)
ESG NASDAQ 100 ETF		0.20	%
ESG NASDAQ Next Gen 100 ETF		0.20	%
NASDAQ 100 ETF		0.15	%
NASDAQ Future Gen 200 ETF		0.20	%
NASDAQ Next Gen 100 ETF		0.15	%

Through at least August 31, 2025, 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 February 28, 2023, the Adviser waived fees for each Fund in the following amounts:

ESG NASDAQ 100 ETF	$	2
ESG NASDAQ Next Gen 100 ETF		-
NASDAQ 100 ETF		993
NASDAQ Future Gen 200 ETF*		1
NASDAQ Next Gen 100 ETF		138

* For the period October 11, 2022 (commencement of investment operations) through February 28, 2023.

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 licensing agreements on behalf of each Fund with Nasdaq, Inc. (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 February 28, 2023, the following 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:

ESG NASDAQ 100 ETF	$	17
ESG NASDAQ Next Gen 100 ETF		200
NASDAQ 100 ETF		3,058
NASDAQ Future Gen 200 ETF*		7,356
NASDAQ Next Gen 100 ETF		61,700

* For the period October 11, 2022 (commencement of investment operations) through February 28, 2023.

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.

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Level 2 –

Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 –

Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect 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 February 28, 2023. 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
ESG NASDAQ 100 ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	9,931,378		$	-		$	-		$	9,931,378
Money Market Funds			2,172			208,224			-			210,396
Total Investments		$	9,933,550		$	208,224		$	-		$	10,141,774
ESG NASDAQ Next Gen 100 ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	3,317,376		$	-		$	-		$	3,317,376
Money Market Funds			2,460			271,182			-			273,642
Total Investments		$	3,319,836		$	271,182		$	-		$	3,591,018
NASDAQ 100 ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	6,972,254,824		$	-		$	-		$	6,972,254,824
Money Market Funds			-			171,419,900			-			171,419,900
Total Investments		$	6,972,254,824		$	171,419,900		$	-		$	7,143,674,724
NASDAQ Future Gen 200 ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	5,251,594		$	-		$	0		$	5,251,594
Money Market Funds			343			-			-			343
Total Investments		$	5,251,937		$	-		$	0		$	5,251,937
NASDAQ Next Gen 100 ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	773,828,086		$	-		$	-		$	773,828,086
Money Market Funds			639,770			75,419,802			-			76,059,572
Total Investments		$	774,467,856		$	75,419,802		$	-		$	849,887,658

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.

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The Funds had capital loss carryforwards as of August 31, 2022, as follows:

	No expiration
	Short-Term		Long-Term		Total*
ESG NASDAQ 100 ETF	$	194,923	$	-	$	194,923
ESG NASDAQ Next Gen 100 ETF		95,504		-		95,504
NASDAQ 100 ETF		38,924,872		2,961,961		41,886,833
NASDAQ Next Gen 100 ETF		85,555,206		21,972,300		107,527,506

* 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 February 28, 2023, 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
ESG NASDAQ 100 ETF	$	493,321	$	497,758
ESG NASDAQ Next Gen 100 ETF		641,850		644,261
NASDAQ 100 ETF		423,793,136		413,795,338
NASDAQ Future Gen 200 ETF*		3,830,431		1,208,309
NASDAQ Next Gen 100 ETF		204,276,182		205,627,414

* For the period October 11, 2022 (commencement of investment operations) through February 28, 2023.

For the six months ended February 28, 2023, in-kind transactions associated with creations and redemptions were as follows:

	In-kind Purchases		In-kind Sales
ESG NASDAQ 100 ETF	$	-	$	-
ESG NASDAQ Next Gen 100 ETF		448,240		-
NASDAQ 100 ETF		3,356,665,461		1,241,043,324
NASDAQ Future Gen 200 ETF*		2,966,720		882,666
NASDAQ Next Gen 100 ETF		72,508,419		113,093,401

* For the period October 11, 2022 (commencement of investment operations) through February 28, 2023.

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. As of February 28, 2023, the aggregate cost of investments, including any derivatives, on a tax basis 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
ESG NASDAQ 100 ETF	$	178,435	$	(2,325,293	)	$	(2,146,858	)	$	12,288,632
ESG NASDAQ Next Gen 100 ETF		163,744		(441,459	)		(277,715	)		3,868,733
NASDAQ 100 ETF		112,091,525		(1,091,050,499	)		(978,958,974	)		8,122,633,698
NASDAQ Future Gen 200 ETF*		835,584		(332,845	)		502,739			4,749,198
NASDAQ Next Gen 100 ETF		63,385,535		(121,890,019	)		(58,504,484	)		908,392,142

* In the Fund’s initial year of operations, the cost of investments for tax purposes will not reflect any tax adjustments until its fiscal year-end reporting period.

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. The Trustee who is an “interested person” of the Trust does 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 the Participating Trustee. The value

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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 consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

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.

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Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay 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 (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2022 through February 28, 2023.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transaction costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning Account Value September 1, 2022			Ending Account Value February 28, 2023				Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month  Period(1)
Invesco ESG NASDAQ 100 ETF (QQMG)
Actual		$	1,000.00		$	1,002.70			0.20	%		$	0.99
Hypothetical (5% return before expenses)			1,000.00			1,023.80			0.20				1.00
Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)
Actual			1,000.00			1,014.20			0.20				1.00
Hypothetical (5% return before expenses)			1,000.00			1,023.80			0.20				1.00
Invesco NASDAQ 100 ETF (QQQM)
Actual			1,000.00			985.20			0.15				0.74
Hypothetical (5% return before expenses)			1,000.00			1,024.05			0.15				0.75
Invesco NASDAQ Future Gen 200 ETF (QQQS)
Actual			1,000.00			1,167.70	(2)		0.20				0.84	(3)
Hypothetical (5% return before expenses)			1,000.00			1,023.80	(2)		0.20				1.00	(3)

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Calculating your ongoing Fund expenses–(continued)

	Beginning Account Value September 1, 2022			Ending Account Value February 28, 2023			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month  Period(1)
Invesco NASDAQ Next Gen 100 ETF (QQQJ)
Actual		$	1,000.00		$	1,021.50		0.15	%		$	0.75
Hypothetical (5% return before expenses)			1,000.00			1,024.05		0.15				0.75

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended February 28, 2023. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.

⁽²⁾  The actual ending account value is based on the actual total return of the Fund for the period October 11, 2022 (commencement of investment operations) through February 28, 2023, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

⁽³⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the period October 11, 2022 (commencement of investment operations) to February 28, 2023. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 141/365. Hypothetical expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.

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Approval of Investment Advisory Contracts

At a meeting held on June 21, 2022, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for Invesco NASDAQ Future Gen 200 ETF (the “Fund”).

The Trustees reviewed information provided by the Adviser describing: (i) the nature, extent and quality of services to be provided, (ii) the proposed unitary advisory fee for the Fund and comparisons to amounts paid by other comparable registered investment companies, (iii) the extent to which economies of scale may be realized as the Fund grows and whether the fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (iv) any further benefits to be realized by the Adviser or its affiliates from the Adviser’s relationship with the Fund.

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 to be performed by the Adviser for the Fund, including the identity of the persons who will be responsible for the day-to-day management of the Fund, and they considered the quality of services provided by the Adviser to other exchange-traded funds (“ETFs”). The Trustees noted that the portfolio managers of the Fund also manage other ETFs on behalf of the Adviser that are overseen by the Board and that the Board is familiar with the background and experience of the Fund’s portfolio managers. The Trustees also noted other information the Board received and considered at its March 15, 2022 and April 6, 2022 meetings describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. The Trustees reviewed information related to the Adviser’s portfolio transaction policies and procedures, as well as reports on the correlation and tracking error between the underlying indexes and the performance of other ETFs for which the Adviser serves as investment adviser.

The Trustees considered the services to be provided by the Adviser in its oversight of the Fund’s administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function for the other ETFs managed by the Adviser and that was expected to be provided for the Fund.

Based on their review, the Trustees concluded that the nature, extent and quality of the services to be provided by the Adviser to the Fund under the Investment Advisory Agreement were expected to be appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on the Fund’s proposed unitary advisory fee, as compared to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the median net expense ratios of comparable passive ETFs, open-end (non-ETF) index funds, open-end (non-ETF) actively managed funds and Adviser-identified select peer funds, as applicable. The Trustees noted that the proposed annual advisory fee to be charged to the Fund was a unitary fee, and that the Adviser has agreed to pay all other operating expenses of the Fund except for brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses. The Trustees noted the Fund’s proposed unitary advisory fee as compared to the median net expense ratio of its Lipper peer groups and select peer group as shown below:

	Passive	Open-End	Open-End
	ETF	Index Fund	Active Fund	Select
	Peer Group	Peer Group	Peer Group	Peer Group
Fund	(Number of Peers)	(Number of Peers)	(Number of Peers)	(Number of Peers)
Invesco NASDAQ Future Gen 200 ETF	Higher than median (19)	Higher than median (15)	Lower than median (175)	Lower than median (3)

Based on all of the information provided, the Board concluded that the Fund’s proposed unitary advisory fee was reasonable and appropriate in light of the administrative, operational and management oversight services to be provided by the Adviser and the related costs in providing such services.

In conjunction with their review of the unitary advisory fee, the Trustees considered that the Adviser did not provide a profitability analysis for the Adviser in managing the Fund because the Fund had not yet commenced operations. However, the Trustees noted other information the Board received and considered at its March 15, 2022 and April 6, 2022 meetings regarding the Adviser’s overall profitability from its relationship with other ETFs for which it serves as investment adviser.

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 the Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees noted that any reduction in fixed costs associated with the

  39  

Approval of Investment Advisory Contracts–(continued)

management of the Fund would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Fund. The Trustees considered whether the proposed unitary advisory fee rate for the Fund is reasonable in relation to the proposed services and product strategy of the Fund, and they concluded that the unitary advisory fee was reasonable and appropriate.

Fall-Out Benefits. The Trustees considered that the Adviser identified no additional benefits that it would receive from its relationship with the Fund, and noted that the Adviser will not be a party to any soft dollar, commission recapture or directed brokerage arrangements with respect to the Fund. The Trustees also considered benefits to be received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Fund, including brokerage fees, advisory fees for affiliated money market cash management vehicles and fees as the Fund’s direct securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, would serve as the Fund’s distributor and would be paid a distribution fee by the Adviser. The Board concluded that the Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits to be 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 Investment Advisory Agreement for the Fund. No single factor was determinative in the Board’s analysis.

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Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

©2023 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515         P-TRST2-SAR-1         invesco.com/ETFs

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

(a) The Schedules of Investments are included as a part of the report to shareholders filed under Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. 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 11. 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 Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the Registrant’s President (principal executive officer) and Treasurer (principal financial officer) 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 Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)	Not applicable.
(a)(2)	Certifications of the Registrant’s President and Treasurer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section  302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.
(a)(3)	Not applicable.
(a)(4)	Not applicable.
(b)	Certifications of the Registrant’s President and Treasurer pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section  906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.

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/ Anna Paglia
Name:	Anna Paglia
Title:	President

Date: May 3, 2023

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/ Anna Paglia
Name:	Anna Paglia
Title:	President
Date:	May 3, 2023

By:	/s/ Kelli Gallegos
Name:	Kelli Gallegos
Title:	Treasurer

Date: May 3, 2023