NPORT-EX 2 edgar.htm EDGAR HTML
Schedule of Investments(a)
Invesco ESG NASDAQ 100 ETF (QQMG)
November 30, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.97%
Communication Services-12.92%
Alphabet, Inc., Class A
 
13,047
$4,177,388
Alphabet, Inc., Class C
 
12,179
3,898,742
Charter Communications, Inc., Class A(b)(c)
 
834
166,900
Comcast Corp., Class A
 
25,164
671,627
Electronic Arts, Inc.
 
2,657
536,794
Meta Platforms, Inc., Class A
 
2,412
1,562,855
Netflix, Inc.(b)
 
38,970
4,192,393
Take-Two Interactive Software, Inc.(b)
 
1,759
432,837
T-Mobile US, Inc.
 
7,207
1,506,335
Trade Desk, Inc. (The), Class A(b)
 
3,010
119,076
Warner Bros. Discovery, Inc.(b)
 
24,881
597,144
 
 
17,862,091
Consumer Discretionary-10.84%
Airbnb, Inc., Class A(b)
 
3,693
432,044
Amazon.com, Inc.(b)
 
20,651
4,816,226
Booking Holdings, Inc.
 
317
1,557,957
DoorDash, Inc., Class A(b)
 
2,511
498,107
lululemon athletica, Inc.(b)
 
1,123
206,834
Marriott International, Inc., Class A
 
1,954
595,560
MercadoLibre, Inc. (Brazil)(b)
 
412
853,573
O’Reilly Automotive, Inc.(b)
 
9,103
925,775
PDD Holdings, Inc., ADR (China)(b)
 
2,799
324,908
Ross Stores, Inc.
 
2,486
438,431
Starbucks Corp.
 
7,386
643,394
Tesla, Inc.(b)
 
8,580
3,690,859
 
 
14,983,668
Consumer Staples-3.51%
Coca-Cola Europacific Partners PLC (United
Kingdom)
 
4,011
367,769
Costco Wholesale Corp.
 
1,855
1,694,709
Keurig Dr Pepper, Inc.
 
8,392
234,137
Kraft Heinz Co. (The)
 
5,503
140,382
Mondelez International, Inc., Class A
 
8,792
506,155
Monster Beverage Corp.(b)
 
4,078
305,809
PepsiCo, Inc.
 
10,738
1,597,170
 
 
4,846,131
Financials-0.35%
PayPal Holdings, Inc.
 
7,625
478,011
Health Care-5.14%
Amgen, Inc.
 
3,619
1,250,220
AstraZeneca PLC, ADR (United Kingdom)
 
3,768
349,369
Biogen, Inc.(b)
 
1,146
208,675
DexCom, Inc.(b)
 
2,941
186,665
GE HealthCare Technologies, Inc.
 
3,240
259,168
Gilead Sciences, Inc.
 
8,592
1,081,217
IDEXX Laboratories, Inc.(b)
 
761
572,942
Intuitive Surgical, Inc.(b)
 
3,024
1,734,203
Regeneron Pharmaceuticals, Inc.
 
832
649,118
Vertex Pharmaceuticals, Inc.(b)
 
1,867
809,550
 
 
7,101,127
Industrials-2.95%
Automatic Data Processing, Inc.
 
3,832
978,309
Cintas Corp.
 
3,584
666,696
Copart, Inc.(b)
 
8,057
314,062
Fastenal Co.
 
9,304
375,882
Old Dominion Freight Line, Inc.
 
1,946
263,274
PACCAR, Inc.
 
1,755
185,012
Paychex, Inc.
 
3,007
335,852
 
Shares
Value
Industrials-(continued)
Thomson Reuters Corp. (Canada)
 
5,114
$692,589
Verisk Analytics, Inc.
 
1,183
266,258
 
 
4,077,934
Information Technology-62.36%
Adobe, Inc.(b)
 
4,155
1,330,140
Advanced Micro Devices, Inc.(b)
 
16,962
3,689,744
Apple, Inc.
 
42,471
11,843,038
Applied Materials, Inc.
 
8,211
2,071,225
AppLovin Corp., Class A(b)
 
2,779
1,665,955
ASML Holding N.V., New York Shares
(Netherlands)
 
962
1,019,720
Atlassian Corp., Class A(b)
 
1,415
211,571
Autodesk, Inc.(b)
 
1,991
603,950
Broadcom, Inc.
 
21,934
8,838,525
Cadence Design Systems, Inc.(b)
 
2,644
824,505
CDW Corp.
 
1,621
233,781
Cisco Systems, Inc.
 
40,744
3,134,843
Cognizant Technology Solutions Corp., Class A
 
4,095
318,222
CrowdStrike Holdings, Inc., Class A(b)
 
2,047
1,042,251
Datadog, Inc., Class A(b)
 
2,917
466,749
Fortinet, Inc.(b)
 
7,030
570,344
GLOBALFOUNDRIES, Inc.(b)(c)
 
4,875
174,720
Intel Corp.(b)
 
35,245
1,429,537
Intuit, Inc.
 
2,824
1,790,642
KLA Corp.
 
1,361
1,599,815
Lam Research Corp.
 
12,885
2,010,060
Marvell Technology, Inc.
 
8,497
759,632
Microchip Technology, Inc.
 
3,309
177,296
Micron Technology, Inc.
 
9,020
2,133,050
Microsoft Corp.
 
23,265
11,446,613
NVIDIA Corp.
 
91,883
16,263,291
NXP Semiconductors N.V. (Netherlands)
 
2,228
434,326
ON Semiconductor Corp.(b)
 
2,914
146,399
Palantir Technologies, Inc., Class A(b)
 
16,061
2,705,475
Palo Alto Networks, Inc.(b)
 
6,885
1,309,045
QUALCOMM, Inc.
 
10,810
1,817,053
Roper Technologies, Inc.
 
746
332,880
Shopify, Inc., Class A (Canada)(b)
 
6,608
1,048,293
Strategy, Inc., Class A(b)
 
897
158,930
Synopsys, Inc.(b)
 
1,610
672,996
Texas Instruments, Inc.
 
6,873
1,156,520
Workday, Inc., Class A(b)
 
1,961
422,831
Zscaler, Inc.(b)
 
1,276
320,914
 
 
86,174,881
Materials-1.50%
Linde PLC
 
5,039
2,067,602
Real Estate-0.15%
CoStar Group, Inc.(b)
 
3,076
211,629
Utilities-0.25%
Exelon Corp.
 
7,240
341,149
Total Common Stocks & Other Equity Interests
(Cost $110,197,460)
138,144,223
See accompanying notes which are an integral part of this schedule.
Invesco ESG NASDAQ 100 ETF (QQMG)—(continued)
November 30, 2025
(Unaudited)
 
Shares
Value
Money Market Funds-0.00%
Invesco Government & Agency Portfolio,
Institutional Class, 3.91%(d)(e)
(Cost $4,943)
 
4,943
$4,943
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.97%
(Cost $110,202,403)
138,149,166
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-0.24%
Invesco Private Government Fund,
4.00%(d)(e)(f)
 
95,228
95,228
 
Shares
Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 4.12%(d)(e)(f)
 
243,013
$243,086
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $338,314)
338,314
TOTAL INVESTMENTS IN SECURITIES-100.21%
(Cost $110,540,717)
138,487,480
OTHER ASSETS LESS LIABILITIES-(0.21)%
(295,541
)
NET ASSETS-100.00%
$138,191,939
 
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 November 30, 2025.
(d)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the three months ended November 30, 2025.
 
 
Value
August 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
Value
November 30, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$18,764
$234,358
$(248,179
)
$-
$-
$4,943
$636
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
34,252
1,287,286
(1,226,310
)
-
-
95,228
645
*
Invesco Private Prime
Fund
89,034
3,071,327
(2,917,378
)
(3
)
106
243,086
1,794
*
Total
$142,050
$4,592,971
$(4,391,867
)
$(3
)
$106
$343,257
$3,075
 
*
Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from
borrowers, if any.
 
(e)
The rate shown is the 7-day SEC standardized yield as of November 30, 2025.
(f)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)
November 30, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.90%
Communication Services-6.41%
Fox Corp., Class A
 
1,290
$84,495
Fox Corp., Class B
 
1,448
84,360
GCI Liberty, Inc., Class A(b)
 
7
233
GCI Liberty, Inc., Class C(b)
 
47
1,566
GCI Liberty, Inc., Rts., expiring 12/17/2025(b)
 
20
124
Liberty Broadband Corp., Class A(b)
 
34
1,575
Liberty Broadband Corp., Class C(b)
 
240
11,110
Liberty Media Corp.-Liberty Formula One(b)
 
981
94,156
Liberty Media Corp.-Liberty Formula One(b)
 
104
9,140
NetEase, Inc., ADR (China)
 
462
63,779
News Corp., Class A
 
2,283
58,627
News Corp., Class B
 
1,143
33,639
 
 
442,804
Consumer Discretionary-11.87%
Duolingo, Inc.(b)
 
133
25,458
eBay, Inc.
 
2,059
170,465
Expedia Group, Inc.
 
451
115,316
JD.com, Inc., ADR (China)(c)
 
1,401
41,792
Pool Corp.
 
228
55,541
Rivian Automotive, Inc., Class A(b)(c)
 
3,118
52,569
Tractor Supply Co.
 
2,889
158,259
Trip.com Group Ltd., ADR (China)(c)
 
980
68,522
Ulta Beauty, Inc.(b)
 
244
131,474
 
 
819,396
Consumer Staples-2.30%
Campbell’s Co. (The)(c)
 
808
24,628
Dollar Tree, Inc.(b)(c)
 
973
107,818
Sprouts Farmers Market, Inc.(b)
 
314
26,316
 
 
158,762
Financials-1.72%
Affirm Holdings, Inc.(b)
 
1,010
71,660
Jack Henry & Associates, Inc.
 
271
47,284
 
 
118,944
Health Care-21.69%
Align Technology, Inc.(b)
 
329
48,425
Alnylam Pharmaceuticals, Inc.(b)
 
410
185,004
argenx SE, ADR (Netherlands)(b)
 
94
85,726
BioMarin Pharmaceutical, Inc.(b)
 
614
34,341
BioNTech SE, ADR (Germany)(b)
 
326
33,627
Bio-Techne Corp.(c)
 
410
26,449
Cooper Cos., Inc. (The)(b)
 
1,042
81,203
Hologic, Inc.(b)
 
839
62,900
ICON PLC(b)
 
408
75,480
Illumina, Inc.(b)
 
704
92,541
Incyte Corp.(b)
 
662
69,153
Insmed, Inc.(b)
 
621
129,025
Insulet Corp.(b)
 
307
100,447
Medpace Holdings, Inc.(b)
 
119
70,503
Moderna, Inc.(b)(c)
 
1,678
43,594
Natera, Inc.(b)
 
316
75,464
Neurocrine Biosciences, Inc.(b)
 
371
56,451
Royalty Pharma PLC, Class A
 
969
38,779
Sanofi S.A., ADR
 
1,170
58,360
Sarepta Therapeutics, Inc.(b)(c)
 
208
4,439
Summit Therapeutics, Inc.(b)(c)
 
384
6,870
United Therapeutics Corp.(b)
 
157
76,302
 
Shares
Value
Health Care-(continued)
Vaxcyte, Inc.(b)(c)
 
124
$6,152
Viatris, Inc.
 
3,409
36,442
 
 
1,497,677
Industrials-9.53%
AAON, Inc.
 
313
29,259
C.H. Robinson Worldwide, Inc.
 
551
87,537
Grab Holdings Ltd., Class A (Singapore)(b)
 
13,811
75,270
J.B. Hunt Transport Services, Inc.
 
380
66,105
Lincoln Electric Holdings, Inc.
 
164
39,267
Nordson Corp.
 
152
36,124
Paylocity Holding Corp.(b)
 
221
32,560
Ryanair Holdings PLC, ADR (Italy)(c)
 
863
58,822
Saia, Inc.(b)
 
121
34,069
SS&C Technologies Holdings, Inc.
 
890
76,487
Tetra Tech, Inc.
 
960
33,350
United Airlines Holdings, Inc.(b)
 
873
89,011
 
 
657,861
Information Technology-44.66%
Akamai Technologies, Inc.(b)
 
720
64,454
Astera Labs, Inc.(b)
 
611
96,275
Bentley Systems, Inc., Class B
 
1,374
57,653
Check Point Software Technologies Ltd. (Israel)(b)
 
498
93,012
CyberArk Software Ltd.(b)
 
227
104,100
DocuSign, Inc.(b)
 
1,028
71,292
Entegris, Inc.
 
658
50,758
F5, Inc.(b)
 
261
62,421
First Solar, Inc.(b)
 
484
132,093
Flex Ltd.(b)
 
2,529
149,489
Gen Digital, Inc.
 
3,266
86,124
Logitech International S.A., Class R
(Switzerland)(c)
 
922
103,937
Manhattan Associates, Inc.(b)
 
291
51,347
Monday.com Ltd.(b)
 
227
32,656
Monolithic Power Systems, Inc.
 
228
211,623
NetApp, Inc.
 
1,087
121,266
Nutanix, Inc., Class A(b)
 
1,054
50,381
Okta, Inc.(b)(c)
 
843
67,718
PTC, Inc.(b)
 
610
107,012
Seagate Technology Holdings PLC
 
1,259
348,353
Skyworks Solutions, Inc.
 
490
32,316
Super Micro Computer, Inc.(b)(c)
 
2,623
88,789
Teradyne, Inc.
 
806
146,603
Trimble, Inc.(b)
 
1,506
122,619
VeriSign, Inc.
 
358
90,213
Western Digital Corp.
 
2,000
326,660
Wix.com Ltd. (Israel)(b)
 
237
22,683
Zebra Technologies Corp., Class A(b)
 
308
77,847
Zoom Communications, Inc., Class A(b)
 
1,344
114,186
 
 
3,083,880
Materials-0.58%
Steel Dynamics, Inc.
 
240
40,279
Real Estate-1.14%
Zillow Group, Inc., Class A(b)
 
226
16,351
Zillow Group, Inc., Class C(b)
 
839
62,405
 
 
78,756
Total Common Stocks & Other Equity Interests
(Cost $5,454,389)
6,898,359
See accompanying notes which are an integral part of this schedule.
Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)—(continued)
November 30, 2025
(Unaudited)
 
Shares
Value
Money Market Funds-0.07%
Invesco Government & Agency Portfolio,
Institutional Class, 3.91%(d)(e)
(Cost $4,690)
 
4,690
$4,690
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from
securities on loan)-99.97%
(Cost $5,459,079)
6,903,049
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-9.82%
Invesco Private Government Fund, 4.00%(d)(e)(f)
 
190,225
190,225
 
Shares
Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 4.12%(d)(e)(f)
 
487,346
$487,492
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $677,717)
677,717
TOTAL INVESTMENTS IN SECURITIES-109.79%
(Cost $6,136,796)
7,580,766
OTHER ASSETS LESS LIABILITIES-(9.79)%
(675,744
)
NET ASSETS-100.00%
$6,905,022
 
Investment Abbreviations:
ADR
-American Depositary Receipt
Rts.
-Rights
 
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
Non-income producing security.
(c)
All or a portion of this security was out on loan at November 30, 2025.
(d)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the three months ended November 30, 2025.
 
 
Value
August 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
Value
November 30, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$277
$39,571
$(35,158
)
$-
$-
$4,690
$46
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
218,042
1,187,025
(1,214,842
)
-
-
190,225
2,299
*
Invesco Private Prime
Fund
567,413
2,587,287
(2,667,207
)
(41
)
40
487,492
6,063
*
Total
$785,732
$3,813,883
$(3,917,207
)
$(41
)
$40
$682,407
$8,408
 
*
Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from
borrowers, if any.
 
(e)
The rate shown is the 7-day SEC standardized yield as of November 30, 2025.
(f)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco NASDAQ 100 ETF (QQQM)
November 30, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.83%
Communication Services-15.73%
Alphabet, Inc., Class A
 
8,602,310
$2,754,287,616
Alphabet, Inc., Class C
 
8,029,955
2,570,549,195
Charter Communications, Inc.,
Class A(b)(c)
 
496,726
99,404,807
Comcast Corp., Class A
 
13,394,044
357,487,034
Electronic Arts, Inc.
 
909,916
183,830,329
Meta Platforms, Inc., Class A
 
3,207,570
2,078,344,982
Netflix, Inc.(b)
 
15,460,110
1,663,198,634
Take-Two Interactive Software, Inc.(b)
 
670,690
165,036,688
T-Mobile US, Inc.
 
4,094,676
855,828,231
Trade Desk, Inc. (The), Class A(b)(c)
 
1,621,309
64,138,984
Warner Bros. Discovery, Inc.(b)
 
9,004,244
216,101,856
 
 
11,008,208,356
Consumer Discretionary-12.82%
Airbnb, Inc., Class A(b)
 
1,560,614
182,576,232
Amazon.com, Inc.(b)
 
15,771,868
3,678,315,055
Booking Holdings, Inc.
 
117,810
578,999,629
DoorDash, Inc., Class A(b)(c)
 
1,463,213
290,257,563
lululemon athletica, Inc.(b)
 
417,166
76,833,634
Marriott International, Inc., Class A
 
987,295
300,917,643
MercadoLibre, Inc. (Brazil)(b)
 
184,797
382,858,728
O’Reilly Automotive, Inc.(b)
 
3,085,731
313,818,843
PDD Holdings, Inc., ADR (China)(b)
 
2,428,972
281,955,070
Ross Stores, Inc.
 
1,189,373
209,757,822
Starbucks Corp.
 
4,134,315
360,140,179
Tesla, Inc.(b)(c)
 
5,389,910
2,318,577,585
 
 
8,975,007,983
Consumer Staples-4.50%
Coca-Cola Europacific Partners PLC
(United Kingdom)
 
1,666,593
152,809,912
Costco Wholesale Corp.
 
1,613,576
1,474,146,898
Keurig Dr Pepper, Inc.
 
4,940,576
137,842,071
Kraft Heinz Co. (The)
 
4,304,779
109,814,912
Mondelez International, Inc., Class A
 
4,705,795
270,912,618
Monster Beverage Corp.(b)
 
3,551,036
266,292,190
PepsiCo, Inc.
 
4,979,068
740,586,574
 
 
3,152,405,175
Energy-0.49%
Baker Hughes Co., Class A(c)
 
3,585,778
180,006,056
Diamondback Energy, Inc.
 
1,052,670
160,626,915
 
 
340,632,971
Financials-0.31%
PayPal Holdings, Inc.
 
3,474,869
217,839,538
Health Care-4.90%
Amgen, Inc.
 
1,957,831
676,352,297
AstraZeneca PLC, ADR (United
Kingdom)(c)
 
2,136,647
198,109,910
Biogen, Inc.(b)(c)
 
533,019
97,057,430
DexCom, Inc.(b)
 
1,426,599
90,546,239
GE HealthCare Technologies, Inc.(c)
 
1,660,249
132,803,317
Gilead Sciences, Inc.
 
4,512,553
567,859,670
IDEXX Laboratories, Inc.(b)
 
291,534
219,490,118
Intuitive Surgical, Inc.(b)
 
1,304,250
747,961,290
Regeneron Pharmaceuticals, Inc.
 
378,960
295,660,802
Vertex Pharmaceuticals, Inc.(b)
 
932,494
404,338,723
 
 
3,430,179,796
Industrials-3.69%
Automatic Data Processing, Inc.
 
1,473,287
376,130,171
 
Shares
Value
Industrials-(continued)
Axon Enterprise, Inc.(b)
 
285,318
$154,111,665
Cintas Corp.
 
1,465,416
272,596,684
Copart, Inc.(b)
 
3,516,641
137,078,666
CSX Corp.
 
6,780,277
239,750,595
Fastenal Co.
 
4,173,868
168,624,267
Honeywell International, Inc.
 
2,309,027
443,771,899
Old Dominion Freight Line, Inc.
 
764,631
103,446,928
PACCAR, Inc.
 
1,909,985
201,350,619
Paychex, Inc.(c)
 
1,308,239
146,117,214
Thomson Reuters Corp. (Canada)(c)
 
1,639,270
222,006,336
Verisk Analytics, Inc.
 
508,378
114,420,636
 
 
2,579,405,680
Information Technology-54.81%
Adobe, Inc.(b)
 
1,542,693
493,862,310
Advanced Micro Devices, Inc.(b)
 
5,904,348
1,284,372,820
Analog Devices, Inc.
 
1,789,127
474,726,958
Apple, Inc.
 
21,946,951
6,119,907,286
Applied Materials, Inc.
 
2,897,914
730,998,807
AppLovin Corp., Class A(b)
 
1,118,976
670,803,732
ARM Holdings PLC, ADR(b)(c)
 
496,693
67,331,703
ASML Holding N.V., New York Shares
(Netherlands)
 
308,035
326,517,100
Atlassian Corp., Class A(b)
 
604,753
90,422,669
Autodesk, Inc.(b)
 
778,132
236,038,561
Broadcom, Inc.
 
11,504,425
4,635,823,098
Cadence Design Systems, Inc.(b)
 
990,981
309,027,515
CDW Corp.
 
476,481
68,718,090
Cisco Systems, Inc.
 
14,407,021
1,108,476,196
Cognizant Technology Solutions Corp.,
Class A(c)
 
1,776,580
138,058,032
CrowdStrike Holdings, Inc., Class A(b)
 
912,587
464,652,797
Datadog, Inc., Class A(b)(c)
 
1,175,802
188,140,078
Fortinet, Inc.(b)(c)
 
2,787,105
226,117,829
GLOBALFOUNDRIES, Inc.(b)(c)
 
2,018,636
72,347,914
Intel Corp.(b)
 
15,918,960
645,673,018
Intuit, Inc.
 
1,014,569
643,317,912
KLA Corp.
 
479,697
563,869,433
Lam Research Corp.
 
4,603,153
718,091,868
Marvell Technology, Inc.
 
3,135,303
280,296,088
Microchip Technology, Inc.
 
1,962,538
105,152,786
Micron Technology, Inc.(c)
 
4,071,788
962,896,426
Microsoft Corp.
 
10,992,537
5,408,438,129
NVIDIA Corp.
 
35,936,870
6,360,825,990
NXP Semiconductors N.V. (Netherlands)
 
916,728
178,706,956
ON Semiconductor Corp.(b)(c)
 
1,487,618
74,737,928
Palantir Technologies, Inc., Class A(b)
 
8,274,150
1,393,780,567
Palo Alto Networks, Inc.(b)(c)
 
2,432,940
462,574,882
QUALCOMM, Inc.
 
3,924,287
659,633,402
Roper Technologies, Inc.
 
391,258
174,587,145
Shopify, Inc., Class A (Canada)(b)
 
4,438,750
704,163,300
Strategy, Inc., Class A(b)(c)
 
959,853
170,066,755
Synopsys, Inc.(b)
 
673,233
281,418,222
Texas Instruments, Inc.
 
3,306,374
556,363,553
Workday, Inc., Class A(b)
 
789,439
170,218,837
Zscaler, Inc.(b)(c)
 
566,552
142,487,828
 
 
38,363,644,520
Materials-1.00%
Linde PLC
 
1,705,337
699,733,878
Real Estate-0.15%
CoStar Group, Inc.(b)(c)
 
1,540,730
106,002,224
See accompanying notes which are an integral part of this schedule.
Invesco NASDAQ 100 ETF (QQQM)—(continued)
November 30, 2025
(Unaudited)
 
Shares
Value
Utilities-1.43%
American Electric Power Co., Inc.(c)
 
1,945,092
$240,744,037
Constellation Energy Corp.(c)
 
1,136,058
413,934,093
Exelon Corp.(c)
 
3,673,362
173,088,817
Xcel Energy, Inc.(c)
 
2,150,808
176,602,845
 
 
1,004,369,792
Total Common Stocks & Other Equity Interests
(Cost $55,484,045,559)
69,877,429,913
Money Market Funds-0.09%
Invesco Government & Agency Portfolio,
Institutional Class, 3.91%(d)(e)
(Cost $58,755,427)
 
58,755,427
58,755,427
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.92%
(Cost $55,542,800,986)
69,936,185,340
 
Shares
Value
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-0.94%
Invesco Private Government Fund,
4.00%(d)(e)(f)
 
182,817,171
$182,817,171
Invesco Private Prime Fund,
4.12%(d)(e)(f)
 
476,626,691
476,769,679
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $659,586,850)
659,586,850
TOTAL INVESTMENTS IN SECURITIES-100.86%
(Cost $56,202,387,836)
70,595,772,190
OTHER ASSETS LESS LIABILITIES-(0.86)%
(601,723,420
)
NET ASSETS-100.00%
$69,994,048,770
 
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 November 30, 2025.
(d)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the three months ended November 30, 2025.
 
 
Value
August 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
Value
November 30, 2025
Dividend Income
Investments in
Affiliated
Money Market
Funds:
Invesco
Government &
Agency
Portfolio,
Institutional
Class
$47,009,174
$180,678,264
$(168,932,011
)
$-
$-
$58,755,427
$675,866
Investments
Purchased with
Cash Collateral
from Securities
on Loan:
Invesco Private
Government
Fund
255,981,103
1,189,543,119
(1,262,707,051
)
-
-
182,817,171
1,902,238
*
Invesco Private
Prime Fund
689,509,854
1,960,186,691
(2,172,946,630
)
(43,120
)
62,884
476,769,679
5,205,880
*
Total
$992,500,131
$3,330,408,074
$(3,604,585,692
)
$(43,120
)
$62,884
$718,342,277
$7,783,984
 
*
Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from
borrowers, if any.
 
(e)
The rate shown is the 7-day SEC standardized yield as of November 30, 2025.
(f)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned.  
See accompanying notes which are an integral part of this schedule.
Invesco NASDAQ 100 ETF (QQQM)—(continued)
November 30, 2025
(Unaudited)
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report. 
Open Futures Contracts(a)
Long Futures Contracts
Number of
Contracts
Expiration
Month
Notional
Value
Value
Unrealized
Appreciation
Equity Risk
 
CME E-Mini NASDAQ 100 Index Future
160
December-2025
$81,542,400
$3,935,157
$3,935,157
 
(a)
Futures contracts collateralized by $29,154,394 cash held with Morgan Stanley & Co. LLC, the futures commission merchant.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco NASDAQ Future Gen 200 ETF (QQQS)
November 30, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.54%
Communication Services-3.37%
Bandwidth, Inc., Class A(b)
 
3,591
$51,136
EchoStar Corp., Class A(b)(c)
 
868
63,616
Gogo, Inc.(b)(c)
 
4,908
35,092
iHeartMedia, Inc., Class A(b)
 
25,281
99,354
iQIYI, Inc., ADR (China)(b)(c)
 
20,321
44,503
JOYY, Inc., ADR (China)
 
996
62,867
Roku, Inc., Class A(b)
 
558
54,009
 
 
410,577
Consumer Discretionary-6.39%
BRP, Inc.
 
855
59,089
Fox Factory Holding Corp.(b)
 
1,861
27,524
Garrett Motion, Inc. (Switzerland)
 
4,145
68,517
Gentex Corp.
 
1,922
43,879
Gentherm, Inc.(b)
 
1,465
52,257
Goodyear Tire & Rubber Co. (The)(b)
 
6,350
54,991
Helen of Troy Ltd.(b)(c)
 
2,195
41,595
Johnson Outdoors, Inc., Class A
 
1,335
54,722
Lovesac Co. (The)(b)(c)
 
2,813
40,367
MasterCraft Boat Holdings, Inc.(b)
 
2,454
45,350
Matthews International Corp., Class A
 
2,192
53,792
Newell Brands, Inc.
 
9,096
33,200
Sleep Number Corp.(b)(c)
 
5,119
26,107
Sonos, Inc.(b)
 
3,854
71,530
Stitch Fix, Inc., Class A(b)(c)
 
10,176
43,248
Strattec Security Corp.(b)
 
817
61,275
 
 
777,443
Consumer Staples-0.41%
Central Garden & Pet Co.(b)
 
1,477
50,454
Energy-0.96%
DMC Global, Inc.(b)
 
8,045
49,959
Gevo, Inc.(b)
 
31,143
66,646
 
 
116,605
Health Care-52.07%
10X Genomics, Inc., Class A(b)(c)
 
3,844
72,306
Aclaris Therapeutics, Inc.(b)
 
27,901
78,960
Adaptive Biotechnologies Corp.(b)
 
4,086
80,331
Agios Pharmaceuticals, Inc.(b)
 
1,429
41,727
Akebia Therapeutics, Inc.(b)
 
17,148
27,094
Aldeyra Therapeutics, Inc.(b)(c)
 
9,218
50,515
Alector, Inc.(b)
 
22,927
30,493
Allogene Therapeutics, Inc.(b)(c)
 
47,702
69,645
Alphatec Holdings, Inc.(b)
 
3,387
76,377
Altimmune, Inc.(b)
 
14,060
73,956
Amicus Therapeutics, Inc.(b)
 
7,095
70,453
AngioDynamics, Inc.(b)
 
5,248
65,075
Anika Therapeutics, Inc.(b)
 
5,740
56,711
Aquestive Therapeutics, Inc.(b)(c)
 
14,283
88,412
Arbutus Biopharma Corp.(b)
 
14,529
64,073
Ardelyx, Inc.(b)
 
8,467
49,109
Arrowhead Pharmaceuticals, Inc.(b)(c)
 
2,444
128,799
Arvinas, Inc.(b)
 
6,966
87,667
Atai Beckley N.V. (Germany)(b)
 
11,771
45,789
AtriCure, Inc.(b)(c)
 
1,458
52,663
Autolus Therapeutics PLC, ADR (United
Kingdom)(b)(c)
 
35,898
50,616
Axogen, Inc.(b)
 
3,336
95,576
Azenta, Inc.(b)(c)
 
1,764
62,728
Bicycle Therapeutics PLC, ADR (United
Kingdom)(b)
 
7,294
54,559
 
Shares
Value
Health Care-(continued)
BioCryst Pharmaceuticals, Inc.(b)
 
6,479
$46,519
Bruker Corp.
 
1,585
77,364
Cartesian Therapeutics, Inc., Rts., expiring
12/31/2049(b)(d)
 
27,325
3,728
Cerus Corp.(b)
 
41,147
72,419
ClearPoint Neuro, Inc.(b)(c)
 
5,133
74,223
Codexis, Inc.(b)
 
19,726
34,126
Corvus Pharmaceuticals, Inc.(b)
 
9,381
86,024
CryoPort, Inc.(b)
 
6,081
58,499
CytomX Therapeutics, Inc.(b)
 
26,396
112,975
DENTSPLY SIRONA, Inc.
 
3,767
42,718
Editas Medicine, Inc.(b)
 
20,966
50,528
Embecta Corp.
 
3,717
47,410
Enanta Pharmaceuticals, Inc.(b)(c)
 
6,411
90,523
Esperion Therapeutics, Inc.(b)(c)
 
24,256
97,266
Exagen, Inc.(b)
 
5,461
43,142
Fate Therapeutics, Inc.(b)
 
51,772
59,020
Geron Corp.(b)
 
38,461
45,384
Heron Therapeutics, Inc.(b)(c)
 
39,887
46,269
ICU Medical, Inc.(b)
 
422
62,642
Innoviva, Inc.(b)
 
2,636
57,280
Inogen, Inc.(b)
 
6,739
47,712
Integra LifeSciences Holdings Corp.(b)
 
3,560
46,707
Ionis Pharmaceuticals, Inc.(b)
 
1,263
104,488
Iovance Biotherapeutics, Inc.(b)
 
24,146
59,641
KalVista Pharmaceuticals, Inc.(b)(c)
 
4,002
57,909
Kura Oncology, Inc.(b)
 
6,816
82,746
Lexicon Pharmaceuticals, Inc.(b)
 
48,989
70,054
Ligand Pharmaceuticals, Inc.(b)
 
333
67,659
LivaNova PLC(b)
 
956
61,002
MannKind Corp.(b)
 
11,736
62,788
Masimo Corp.(b)
 
385
54,835
MaxCyte, Inc.(b)
 
38,775
68,244
MediWound Ltd. (Israel)(b)
 
3,226
57,810
Merit Medical Systems, Inc.(b)
 
595
51,521
MiMedx Group, Inc.(b)
 
7,584
52,178
Myriad Genetics, Inc.(b)
 
8,451
64,481
Nektar Therapeutics(b)
 
1,803
117,574
Neogen Corp.(b)
 
9,366
56,009
Neuronetics, Inc.(b)
 
16,170
24,093
Ocugen, Inc.(b)(c)
 
52,807
65,481
Omeros Corp.(b)(c)
 
12,944
125,427
OmniAb, Inc., Rts., expiring 11/02/2027(b)(d)
 
83
0
OmniAb, Inc., Rts., expiring 11/02/2027(b)(d)
 
83
0
Omnicell, Inc.(b)
 
1,652
60,314
OPKO Health, Inc.(b)(c)
 
38,996
53,034
OraSure Technologies, Inc.(b)
 
16,266
38,713
Orthofix Medical, Inc.(b)
 
3,596
57,860
OrthoPediatrics Corp.(b)(c)
 
2,521
46,613
Pacific Biosciences of California, Inc.(b)
 
41,106
95,366
Pacira BioSciences, Inc.(b)
 
2,020
47,611
Personalis, Inc.(b)
 
11,012
118,159
Phibro Animal Health Corp., Class A
 
1,453
60,852
Pro-Dex, Inc.(b)(c)
 
1,150
41,906
Prothena Corp. PLC (Ireland)(b)
 
6,567
70,595
PTC Therapeutics, Inc.(b)
 
1,092
93,901
Quanterix Corp.(b)
 
11,835
85,922
Sangamo Therapeutics, Inc.(b)
 
103,605
47,762
Scilex Holding Co., Class C (Singapore)(b)
 
72
1,466
SI-BONE, Inc.(b)
 
3,230
62,856
SIGA Technologies, Inc.
 
6,416
38,881
Spero Therapeutics, Inc.(b)
 
26,014
62,434
See accompanying notes which are an integral part of this schedule.
Invesco NASDAQ Future Gen 200 ETF (QQQS)—(continued)
November 30, 2025
(Unaudited)
 
Shares
Value
Health Care-(continued)
Standard BioTools, Inc.(b)
 
42,752
$64,128
Supernus Pharmaceuticals, Inc.(b)(c)
 
1,193
54,389
Tactile Systems Technology, Inc.(b)
 
4,046
104,023
Tandem Diabetes Care, Inc.(b)(c)
 
4,304
90,427
Theravance Biopharma, Inc.(b)(c)
 
3,880
78,764
uniQure N.V. (Netherlands)(b)
 
3,298
90,728
Vanda Pharmaceuticals, Inc.(b)(c)
 
11,384
61,018
Varex Imaging Corp.(b)
 
4,662
53,939
Ventyx Biosciences, Inc.(b)(c)
 
22,437
224,370
Vir Biotechnology, Inc.(b)(c)
 
10,914
70,068
Voyager Therapeutics, Inc.(b)(c)
 
16,032
65,571
Xencor, Inc.(b)(c)
 
6,623
114,710
 
 
6,336,432
Industrials-5.95%
AeroVironment, Inc.(b)
 
223
62,320
Allient, Inc.
 
1,188
63,986
American Superconductor Corp.(b)
 
1,081
33,608
Ballard Power Systems, Inc. (Canada)(b)
 
26,658
75,709
Columbus McKinnon Corp.
 
3,596
59,118
Conduent, Inc.(b)
 
19,293
37,428
Energy Recovery, Inc.(b)
 
3,791
54,780
FreightCar America, Inc.(b)
 
6,301
51,542
Innovative Solutions and Support, Inc.(b)(c)
 
4,159
40,509
LSI Industries, Inc.
 
2,348
42,945
Lyft, Inc., Class A(b)
 
3,320
69,820
MillerKnoll, Inc.
 
2,553
40,414
Stratasys Ltd.(b)(c)
 
5,055
44,433
TTEC Holdings, Inc.(b)(c)
 
14,208
47,739
 
 
724,351
Information Technology-29.80%
8x8, Inc.(b)
 
27,186
52,741
Advanced Energy Industries, Inc.
 
360
76,028
Aehr Test Systems(b)(c)
 
2,161
49,638
Agora, Inc., ADR (China)(b)
 
15,599
56,312
Allegro MicroSystems, Inc. (Japan)(b)
 
1,745
46,574
Allot Ltd. (Israel)(b)
 
6,856
65,681
Alpha & Omega Semiconductor Ltd.(b)
 
1,869
37,903
Amkor Technology, Inc.
 
2,226
81,004
Applied Optoelectronics, Inc.(b)(c)
 
2,215
59,318
Arbe Robotics Ltd. (Israel)(b)(c)
 
41,417
60,883
Atomera, Inc.(b)(c)
 
16,416
40,712
AudioEye, Inc.(b)
 
4,197
51,875
Aviat Networks, Inc.(b)
 
2,345
51,848
Axcelis Technologies, Inc.(b)
 
673
55,704
Bel Fuse, Inc., Class B
 
400
61,612
Canadian Solar, Inc. (Canada)(b)(c)
 
5,506
149,488
Cirrus Logic, Inc.(b)
 
472
56,800
Cognex Corp.
 
1,225
46,673
Cohu, Inc.(b)(c)
 
2,707
65,834
CommScope Holding Co., Inc.(b)
 
3,356
66,247
Commvault Systems, Inc.(b)
 
289
35,692
Digimarc Corp.(b)(c)
 
6,218
49,806
Diodes, Inc.(b)
 
990
45,748
Dropbox, Inc., Class A(b)
 
1,853
55,368
Extreme Networks, Inc.(b)
 
2,519
44,083
Gilat Satellite Networks Ltd. (Israel)(b)(c)
 
5,722
66,604
Himax Technologies, Inc., ADR (Taiwan)
 
6,613
49,994
Immersion Corp.(c)
 
7,623
54,200
Innoviz Technologies Ltd. (Israel)(b)(c)
 
32,267
41,302
 
Shares
Value
Information Technology-(continued)
InterDigital, Inc.
 
198
$70,835
IPG Photonics Corp.(b)
 
657
52,323
Itron, Inc.(b)
 
438
43,380
Kopin Corp.(b)(c)
 
25,658
62,606
Kulicke & Soffa Industries, Inc. (Singapore)
 
1,437
64,823
Lattice Semiconductor Corp.(b)
 
811
56,940
Littelfuse, Inc.
 
207
52,996
Lumentum Holdings, Inc.(b)
 
405
131,690
MaxLinear, Inc.(b)
 
3,427
53,358
MicroVision, Inc.(b)(c)
 
46,867
44,144
Mitek Systems, Inc.(b)
 
5,292
46,887
MKS, Inc.
 
520
81,323
Navitas Semiconductor Corp.(b)(c)
 
9,158
80,041
NETGEAR, Inc.(b)
 
1,985
52,503
nLight, Inc.(b)
 
1,870
65,880
Open Text Corp. (Canada)
 
1,621
54,530
Power Integrations, Inc.
 
1,194
40,118
Qorvo, Inc.(b)
 
594
51,019
Rambus, Inc.(b)
 
727
69,479
Rapid7, Inc.(b)
 
2,599
40,752
Ribbon Communications, Inc.(b)
 
13,197
37,743
Semtech Corp.(b)
 
927
68,746
Silicon Laboratories, Inc.(b)
 
401
51,160
Silicon Motion Technology Corp., ADR (Taiwan)
 
676
60,137
SolarEdge Technologies, Inc.(b)
 
1,592
58,156
Synaptics, Inc.(b)
 
771
52,821
Turtle Beach Corp.(b)(c)
 
3,403
47,234
Universal Display Corp.
 
388
46,145
Veeco Instruments, Inc.(b)(c)
 
2,198
64,248
Viasat, Inc.(b)
 
1,668
57,262
Viavi Solutions, Inc.(b)
 
4,761
85,412
Vuzix Corp.(b)(c)
 
25,400
68,326
Xerox Holdings Corp.(c)
 
13,478
37,469
 
 
3,626,158
Materials-0.59%
Arq, Inc.(b)(c)
 
6,973
25,940
Innospec, Inc.
 
612
45,753
 
 
71,693
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from
securities on loan)-99.54%
(Cost $10,415,201)
12,113,713
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-22.12%
Invesco Private Government Fund,
4.00%(e)(f)(g)
 
737,178
737,178
Invesco Private Prime Fund, 4.12%(e)(f)(g)
 
1,954,742
1,955,328
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $2,692,506)
2,692,506
TOTAL INVESTMENTS IN SECURITIES-121.66%
(Cost $13,107,707)
14,806,219
OTHER ASSETS LESS LIABILITIES-(21.66)%
(2,636,206
)
NET ASSETS-100.00%
$12,170,013
See accompanying notes which are an integral part of this schedule.
Invesco NASDAQ Future Gen 200 ETF (QQQS)—(continued)
November 30, 2025
(Unaudited)
Investment Abbreviations:
ADR
-American Depositary Receipt
Rts.
-Rights
 
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
Non-income producing security.
(c)
All or a portion of this security was out on loan at November 30, 2025.
(d)
Security valued using significant unobservable inputs (Level 3). See Note 1.
(e)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the three months ended November 30, 2025.
 
 
Value
August 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
Value
November 30, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$3,217
$157,633
$(160,850
)
$-
$-
$-
$107
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
368,246
1,548,270
(1,179,338
)
-
-
737,178
4,739
*
Invesco Private Prime
Fund
958,237
3,255,963
(2,258,817
)
(60
)
5
1,955,328
12,546
*
Total
$1,329,700
$4,961,866
$(3,599,005
)
$(60
)
$5
$2,692,506
$17,392
 
*
Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from
borrowers, if any.
 
(f)
The rate shown is the 7-day SEC standardized yield as of November 30, 2025.
(g)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco NASDAQ Next Gen 100 ETF (QQQJ)
November 30, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-5.72%
Baidu, Inc., ADR (China)(b)(c)
 
50,943
$5,954,727
Fox Corp., Class A(c)
 
80,589
5,278,579
Fox Corp., Class B
 
90,425
5,268,161
GCI Liberty, Inc., Class A(b)
 
1,415
47,176
GCI Liberty, Inc., Class C(b)(c)
 
9,457
315,107
GCI Liberty, Inc., Rts., expiring
12/17/2025(b)
 
4,164
25,817
Liberty Broadband Corp., Class A(b)
 
7,027
325,420
Liberty Broadband Corp., Class C(b)(c)
 
47,903
2,217,430
Liberty Media Corp.-Liberty Formula One(b)
 
85,964
8,250,825
Liberty Media Corp.-Liberty Formula One(b)
 
9,223
810,517
Liberty Media Corp.-Liberty Live(b)(c)
 
9,815
754,970
Liberty Media Corp.-Liberty Live,
Series C(b)(c)
 
24,459
1,937,397
NetEase, Inc., ADR (China)
 
33,191
4,582,018
News Corp., Class A
 
144,470
3,709,990
News Corp., Class B(c)
 
72,374
2,129,967
 
 
41,608,101
Consumer Discretionary-11.57%
DraftKings, Inc., Class A(b)
 
190,520
6,317,643
Duolingo, Inc.(b)
 
15,248
2,918,620
eBay, Inc.
 
175,620
14,539,580
Expedia Group, Inc.
 
45,424
11,614,463
JD.com, Inc., ADR (China)
 
183,634
5,477,802
Pool Corp.(c)
 
14,310
3,485,916
Rivian Automotive, Inc., Class A(b)(c)
 
464,208
7,826,547
Texas Roadhouse, Inc.
 
25,507
4,470,102
Tractor Supply Co.(c)
 
203,672
11,157,152
Trip.com Group Ltd., ADR (China)
 
101,849
7,121,282
Ulta Beauty, Inc.(b)
 
17,222
9,279,730
 
 
84,208,837
Consumer Staples-4.31%
Campbell’s Co. (The)(c)
 
114,443
3,488,223
Casey’s General Stores, Inc.
 
14,295
8,154,726
Dollar Tree, Inc.(b)(c)
 
80,219
8,889,067
Maplebear, Inc.(b)
 
101,097
4,247,085
Pilgrim’s Pride Corp.
 
91,162
3,467,802
Sprouts Farmers Market, Inc.(b)
 
37,507
3,143,462
 
 
31,390,365
Energy-1.53%
Expand Energy Corp.
 
91,537
11,161,106
Financials-1.74%
Affirm Holdings, Inc.(b)
 
109,565
7,773,637
Jack Henry & Associates, Inc.
 
27,960
4,878,461
 
 
12,652,098
Health Care-23.44%
Align Technology, Inc.(b)
 
27,815
4,094,090
Alnylam Pharmaceuticals, Inc.(b)
 
50,355
22,721,687
argenx SE, ADR (Netherlands)(b)
 
11,752
10,717,589
BioMarin Pharmaceutical, Inc.(b)
 
73,679
4,120,866
BioNTech SE, ADR (Germany)(b)(c)
 
38,632
3,984,891
Bio-Techne Corp.(c)
 
59,688
3,850,473
Cooper Cos., Inc. (The)(b)
 
76,319
5,947,540
Hologic, Inc.(b)
 
85,353
6,398,914
ICON PLC(b)
 
29,843
5,520,955
Illumina, Inc.(b)(c)
 
58,995
7,754,893
Incyte Corp.(b)
 
74,948
7,829,068
Insmed, Inc.(b)
 
81,221
16,875,287
 
Shares
Value
Health Care-(continued)
Insulet Corp.(b)
 
27,031
$8,844,273
Medpace Holdings, Inc.(b)
 
10,803
6,400,345
Moderna, Inc.(b)(c)
 
149,298
3,878,762
Natera, Inc.(b)
 
52,691
12,583,138
Neurocrine Biosciences, Inc.(b)
 
38,156
5,805,817
Royalty Pharma PLC, Class A(c)
 
165,912
6,639,798
Sanofi S.A., ADR
 
102,973
5,136,293
Sarepta Therapeutics, Inc.(b)(c)
 
37,502
800,293
Summit Therapeutics, Inc.(b)(c)
 
285,085
5,100,171
United Therapeutics Corp.(b)(c)
 
17,367
8,440,362
Vaxcyte, Inc.(b)(c)
 
49,814
2,471,272
Viatris, Inc.
 
447,431
4,783,037
 
 
170,699,814
Industrials-12.79%
AAON, Inc.
 
31,298
2,925,737
C.H. Robinson Worldwide, Inc.
 
45,325
7,200,783
Elbit Systems Ltd. (Israel)
 
17,676
8,304,008
FTAI Aviation Ltd.
 
39,369
6,820,285
Grab Holdings Ltd., Class A (Singapore)(b)
 
1,517,706
8,271,498
J.B. Hunt Transport Services, Inc.
 
37,160
6,464,354
Lincoln Electric Holdings, Inc.
 
21,193
5,074,240
Nordson Corp.
 
21,568
5,125,851
Paylocity Holding Corp.(b)
 
21,184
3,121,039
Ryanair Holdings PLC, ADR (Italy)(c)
 
84,687
5,772,266
Saia, Inc.(b)(c)
 
10,214
2,875,854
SS&C Technologies Holdings, Inc.
 
93,887
8,068,649
Tetra Tech, Inc.
 
100,848
3,503,459
United Airlines Holdings, Inc.(b)
 
124,410
12,684,843
Woodward, Inc.
 
23,031
6,909,991
 
 
93,122,857
Information Technology-33.79%
Akamai Technologies, Inc.(b)
 
55,037
4,926,912
Astera Labs, Inc.(b)
 
63,887
10,066,675
Bentley Systems, Inc., Class B
 
112,115
4,704,345
Check Point Software Technologies Ltd.
(Israel)(b)
 
41,208
7,696,418
CyberArk Software Ltd.(b)
 
19,000
8,713,210
DocuSign, Inc.(b)
 
77,538
5,377,260
Entegris, Inc.
 
58,161
4,486,540
F5, Inc.(b)
 
22,040
5,271,086
First Solar, Inc.(b)
 
41,168
11,235,571
Flex Ltd.(b)
 
144,051
8,514,855
Gen Digital, Inc.
 
236,335
6,232,154
Logitech International S.A., Class R
(Switzerland)(c)
 
56,549
6,374,769
Manhattan Associates, Inc.(b)
 
23,219
4,096,993
Monday.com Ltd.(b)
 
19,784
2,846,126
Monolithic Power Systems, Inc.
 
18,396
17,074,615
NetApp, Inc.
 
76,622
8,547,950
Nutanix, Inc., Class A(b)
 
102,882
4,917,760
Okta, Inc.(b)(c)
 
64,666
5,194,620
PTC, Inc.(b)
 
46,049
8,078,376
Sandisk Corp.(b)
 
56,157
12,538,735
Seagate Technology Holdings PLC
 
81,701
22,605,850
Skyworks Solutions, Inc.(c)
 
56,973
3,757,369
Super Micro Computer, Inc.(b)(c)
 
228,056
7,719,696
Teradyne, Inc.
 
61,056
11,105,476
Trimble, Inc.(b)
 
91,320
7,435,274
VeriSign, Inc.
 
35,901
9,046,693
Western Digital Corp.
 
133,277
21,768,132
Wix.com Ltd. (Israel)(b)
 
21,461
2,054,032
See accompanying notes which are an integral part of this schedule.
Invesco NASDAQ Next Gen 100 ETF (QQQJ)—(continued)
November 30, 2025
(Unaudited)
 
Shares
Value
Information Technology-(continued)
Zebra Technologies Corp., Class A(b)
 
19,519
$4,933,427
Zoom Communications, Inc., Class A(b)
 
102,274
8,689,199
 
 
246,010,118
Materials-1.30%
Steel Dynamics, Inc.
 
56,515
9,484,913
Real Estate-0.92%
Zillow Group, Inc., Class A(b)(c)
 
19,237
1,391,797
Zillow Group, Inc., Class C(b)(c)
 
71,366
5,308,203
 
 
6,700,000
Utilities-2.83%
Alliant Energy Corp.
 
98,627
6,851,618
Evergy, Inc.
 
88,346
6,860,067
Talen Energy Corp.(b)
 
17,539
6,915,101
 
 
20,626,786
Total Common Stocks & Other Equity Interests
(Cost $579,539,298)
727,664,995
Money Market Funds-0.01%
Invesco Government & Agency Portfolio,
Institutional Class, 3.91%(d)(e)
(Cost $73,140)
 
73,140
73,140
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.95%
(Cost $579,612,438)
727,738,135
 
Shares
Value
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-9.36%
Invesco Private Government Fund,
4.00%(d)(e)(f)
 
19,171,443
$19,171,443
Invesco Private Prime Fund, 4.12%(d)(e)(f)
 
48,991,848
49,006,546
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $68,177,989)
68,177,989
TOTAL INVESTMENTS IN SECURITIES-109.31%
(Cost $647,790,427)
795,916,124
OTHER ASSETS LESS LIABILITIES-(9.31)%
(67,769,996
)
NET ASSETS-100.00%
$728,146,128
 
Investment Abbreviations:
ADR
-American Depositary Receipt
Rts.
-Rights
 
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
Non-income producing security.
(c)
All or a portion of this security was out on loan at November 30, 2025.
(d)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the three months ended November 30, 2025.
 
 
Value
August 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
Value
November 30, 2025
Dividend Income
Investments in
Affiliated Money
Market Funds:
Invesco Government
& Agency Portfolio,
Institutional Class
$-
$2,843,971
$(2,770,831
)
$-
$-
$73,140
$4,070
See accompanying notes which are an integral part of this schedule.
Invesco NASDAQ Next Gen 100 ETF (QQQJ)—(continued)
November 30, 2025
(Unaudited)
 
Value
August 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
Value
November 30, 2025
Dividend Income
Investments
Purchased with
Cash Collateral
from Securities on
Loan:
Invesco Private
Government Fund
$24,344,293
$75,321,683
$(80,494,533
)
$-
$-
$19,171,443
$225,097
*
Invesco Private
Prime Fund
64,666,970
166,541,819
(182,200,467
)
(4,165
)
2,389
49,006,546
606,831
*
Total
$89,011,263
$244,707,473
$(265,465,831
)
$(4,165
)
$2,389
$68,251,129
$835,998
 
*
Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from
borrowers, if any.
 
(e)
The rate shown is the 7-day SEC standardized yield as of November 30, 2025.
(f)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco QQQ Low Volatility ETF (QQLV)
November 30, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.82%
Consumer Discretionary-8.64%
O’Reilly Automotive, Inc.(b)
 
1,701
$172,992
Ross Stores, Inc.
 
946
166,836
 
 
339,828
Consumer Staples-28.39%
Coca-Cola Europacific Partners PLC (United
Kingdom)
 
1,919
175,953
Costco Wholesale Corp.
 
176
160,792
Keurig Dr Pepper, Inc.
 
5,110
142,569
Kraft Heinz Co. (The)
 
5,513
140,637
Mondelez International, Inc., Class A
 
2,660
153,136
Monster Beverage Corp.(b)
 
2,391
179,301
PepsiCo, Inc.
 
1,105
164,358
 
 
1,116,746
Health Care-4.25%
AstraZeneca PLC, ADR (United Kingdom)
 
1,804
167,267
Industrials-23.06%
Automatic Data Processing, Inc.
 
614
156,754
Cintas Corp.
 
673
125,192
Fastenal Co.
 
2,842
114,817
Honeywell International, Inc.
 
691
132,803
Paychex, Inc.
 
1,059
118,280
 
Shares
Value
Industrials-(continued)
Thomson Reuters Corp. (Canada)
 
867
$117,418
Verisk Analytics, Inc.
 
630
141,794
 
 
907,058
Information Technology-15.74%
Cisco Systems, Inc.
 
2,294
176,500
Cognizant Technology Solutions Corp., Class A
 
1,970
153,089
Microsoft Corp.
 
283
139,239
Roper Technologies, Inc.
 
337
150,376
 
 
619,204
Materials-4.22%
Linde PLC
 
404
165,769
Utilities-15.52%
American Electric Power Co., Inc.
 
1,675
207,315
Exelon Corp.
 
4,235
199,553
Xcel Energy, Inc.
 
2,476
203,304
 
 
610,172
TOTAL INVESTMENTS IN SECURITIES-99.82%
(Cost $3,943,672)
3,926,044
OTHER ASSETS LESS LIABILITIES-0.18%
6,996
NET ASSETS-100.00%
$3,933,040
 
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.
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the period ended November 30, 2025.
 
 
Value
August 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
Value
November 30, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio, Institutional
Class
$-
$16,552
$(16,552
)
$-
$-
$-
$22
Investments Purchased with
Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
94,026
93,750
(187,776
)
-
-
-
71
*
Invesco Private Prime Fund
244,597
239,516
(484,113
)
(10
)
10
-
204
*
Total
$338,623
$349,818
$(688,441
)
$(10
)
$10
$-
$297
 
*
Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from
borrowers, if any.
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Notes to Quarterly Schedules of Portfolio Holdings
November 30, 2025
(Unaudited)
NOTE 1—Additional Valuation Information
Generally Accepted Accounting Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect Invesco Capital Management LLC’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of November 30, 2025, for each Fund (except for Invesco QQQ Low Volatility ETF). As of November 30, 2025, all of the securities in Invesco QQQ Low Volatility ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. 
 
Level 1
Level 2
Level 3
Total
Invesco ESG NASDAQ 100 ETF
Investments in Securities
Common Stocks & Other Equity Interests
$138,144,223
$-
$-
$138,144,223
Money Market Funds
4,943
338,314
-
343,257
Total Investments
$138,149,166
$338,314
$-
$138,487,480
Invesco ESG NASDAQ Next Gen 100 ETF
Investments in Securities
Common Stocks & Other Equity Interests
$6,898,359
$-
$-
$6,898,359
Money Market Funds
4,690
677,717
-
682,407
Total Investments
$6,903,049
$677,717
$-
$7,580,766
Invesco NASDAQ 100 ETF
Investments in Securities
Common Stocks & Other Equity Interests
$69,877,429,913
$-
$-
$69,877,429,913
Money Market Funds
58,755,427
659,586,850
-
718,342,277
Total Investments in Securities
69,936,185,340
659,586,850
-
70,595,772,190
Other Investments - Assets
Futures Contracts
3,935,157
-
-
3,935,157
Total Investments
$69,940,120,497
$659,586,850
$-
$70,599,707,347
Invesco NASDAQ Future Gen 200 ETF
Investments in Securities
Common Stocks & Other Equity Interests
$12,109,985
$-
$3,728
$12,113,713
Money Market Funds
-
2,692,506
-
2,692,506
Total Investments
$12,109,985
$2,692,506
$3,728
$14,806,219
 
Level 1
Level 2
Level 3
Total
Invesco NASDAQ Next Gen 100 ETF
Investments in Securities
Common Stocks & Other Equity Interests
$727,664,995
$-
$-
$727,664,995
Money Market Funds
73,140
68,177,989
-
68,251,129
Total Investments
$727,738,135
$68,177,989
$-
$795,916,124