NPORT-EX 2 edgar.htm
Schedule of Investments(a)
Invesco DWA SmallCap Momentum ETF (DWAS)
May 31, 2020
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.92%
Communication Services-2.58%
Anterix, Inc.(b)
  13,370   $716,632
Bandwidth, Inc., Class A(b)
  10,231   1,134,107
Glu Mobile, Inc.(b)
  74,293   741,444
Iridium Communications, Inc.(b)
  25,394   584,062
Shenandoah Telecommunications Co.
  10,146   533,781
TechTarget, Inc.(b)
  23,617   649,231
        4,359,257
Consumer Discretionary-6.54%
1-800-Flowers.com, Inc., Class A(b)
  34,949   773,771
Chewy, Inc., Class A(b)
  14,089   626,115
Clarus Corp.
  50,202   527,121
Dorman Products, Inc.(b)
  17,570   1,228,494
Fox Factory Holding Corp.(b)
  11,834   853,350
frontdoor, Inc.(b)
  14,221   649,189
Papa John’s International, Inc.
  8,391   653,575
PetMed Express, Inc.(c)
  17,402   628,212
Smith & Wesson Brands, Inc.(b)
  50,996   602,773
Sportsman’s Warehouse Holdings, Inc.(b)
  81,433   909,607
Stamps.com, Inc.(b)
  7,027   1,392,400
Strategic Education, Inc.
  4,118   698,536
Vista Outdoor, Inc.(b)
  57,701   560,277
Wingstop, Inc.
  7,775   948,161
        11,051,581
Consumer Staples-5.63%
Boston Beer Co., Inc. (The), Class A(b)
  1,503   848,789
Fresh Del Monte Produce, Inc.
  13,498   335,965
Freshpet, Inc.(b)
  27,949   2,157,104
Hain Celestial Group, Inc. (The)(b)
  18,981   597,522
Ingles Markets, Inc., Class A
  12,116   516,263
John B. Sanfilippo & Son, Inc.
  17,362   1,509,452
Rite Aid Corp.(b)(c)
  38,076   499,938
Sanderson Farms, Inc.
  3,485   460,090
SpartanNash Co.
  28,110   601,835
Tootsie Roll Industries, Inc.
  12,706   452,588
United Natural Foods, Inc.(b)
  40,966   802,933
WD-40 Co.
  3,806   730,181
        9,512,660
Energy-0.60%
Dorian LPG Ltd.(b)
  55,653   457,467
International Seaways, Inc.
  24,460   554,753
        1,012,220
Financials-7.71%
Cannae Holdings, Inc.(b)
  16,267   599,114
eHealth, Inc.(b)
  16,682   2,175,666
Employers Holdings, Inc.
  13,066   390,543
Farmers National Banc Corp.
  42,261   496,567
FirstCash, Inc.
  7,153   499,065
Goosehead Insurance, Inc., Class A(b)
  11,069   663,587
Hamilton Lane, Inc., Class A
  11,897   870,503
Houlihan Lokey, Inc.
  9,610   581,213
Kinsale Capital Group, Inc.
  11,332   1,692,094
Nicolet Bankshares, Inc.(b)
  9,872   551,943
Palomar Holdings, Inc.(b)
  12,070   898,249
QCR Holdings, Inc.
  18,416   559,294
ServisFirst Bancshares, Inc.
  40,244   1,403,711
Victory Capital Holdings, Inc., Class A(c)
  32,879   549,408
Waterstone Financial, Inc.
  73,687   1,097,936
        13,028,893
  Shares   Value
Health Care-42.78%
Addus HomeCare Corp.(b)
  9,430   $933,193
Adverum Biotechnologies, Inc.(b)
  45,536   939,408
Akebia Therapeutics, Inc.(b)
  75,707   881,229
Alector, Inc.(b)
  19,190   627,513
Apellis Pharmaceuticals, Inc.(b)
  19,621   661,031
Applied Therapeutics, Inc.(b)
  30,358   1,381,896
Ardelyx, Inc.(b)
  95,808   702,273
Arvinas, Inc.(b)(c)
  15,432   513,423
Atreca, Inc., Class A(b)(c)
  31,975   590,578
AtriCure, Inc.(b)
  17,341   829,073
Atrion Corp.
  748   480,209
Axsome Therapeutics, Inc.(b)
  30,672   2,361,131
BioTelemetry, Inc.(b)
  25,536   1,204,788
Cardiovascular Systems, Inc.(b)
  19,033   736,958
CEL-SCI Corp.(b)(c)
  92,291   1,230,239
ChemoCentryx, Inc.(b)
  37,357   2,330,703
Coherus Biosciences, Inc.(b)
  32,067   597,729
Collegium Pharmaceutical, Inc.(b)
  32,552   717,772
Concert Pharmaceuticals, Inc.(b)
  53,892   572,333
Cortexyme, Inc.(b)(c)
  11,977   552,020
CorVel Corp.(b)
  8,512   577,880
CryoPort, Inc.(b)(c)
  117,854   2,895,673
Cue Biopharma, Inc.(b)
  38,252   1,058,815
Dicerna Pharmaceuticals, Inc.(b)
  27,143   585,474
Eidos Therapeutics, Inc.(b)(c)
  28,159   1,377,257
Emergent BioSolutions, Inc.(b)
  9,196   767,774
Epizyme, Inc.(b)
  29,351   515,110
Fate Therapeutics, Inc.(b)
  20,498   664,750
Halozyme Therapeutics, Inc.(b)
  26,959   654,295
Homology Medicines, Inc.(b)
  29,807   424,452
ICU Medical, Inc.(b)
  3,025   603,850
Inovalon Holdings, Inc., Class A(b)
  31,378   590,534
Inovio Pharmaceuticals, Inc.(b)(c)
  112,461   1,658,800
Iovance Biotherapeutics, Inc.(b)
  25,632   822,531
iRhythm Technologies, Inc.(b)
  6,018   748,098
Kala Pharmaceuticals, Inc.(b)(c)
  66,295   816,091
Kaleido Biosciences, Inc.(b)(c)
  73,934   533,803
Karyopharm Therapeutics, Inc.(b)
  61,055   1,128,907
Kodiak Sciences, Inc.(b)
  33,637   2,173,287
Krystal Biotech, Inc.(b)
  29,190   1,500,658
Lannett Co., Inc.(b)(c)
  66,229   506,652
Luminex Corp.
  18,952   590,544
Medpace Holdings, Inc.(b)
  8,696   807,163
Mesa Laboratories, Inc.(c)
  2,385   630,236
Mirati Therapeutics, Inc.(b)
  25,771   2,556,225
Molecular Templates, Inc.(b)(c)
  58,070   901,246
Momenta Pharmaceuticals, Inc.(b)
  22,339   703,232
Neogen Corp.(b)
  29,424   2,095,577
NeoGenomics, Inc.(b)
  28,044   748,494
Novavax, Inc.(b)(c)
  60,053   2,764,840
Odonate Therapeutics, Inc.(b)
  20,070   655,687
Omnicell, Inc.(b)
  8,712   582,920
OrthoPediatrics Corp.(b)
  14,521   669,854
Principia Biopharma, Inc.(b)
  10,271   656,214
Protagonist Therapeutics, Inc.(b)
  75,403   1,246,412
Provention Bio, Inc.(b)
  117,880   1,604,347
Providence Service Corp. (The)(b)
  7,742   623,231
PTC Therapeutics, Inc.(b)
  11,093   562,526
Quidel Corp.(b)
  12,263   2,146,025
R1 RCM, Inc.(b)
  131,696   1,397,295
Scholar Rock Holding Corp.(b)(c)
  32,445   596,988
Simulations Plus, Inc.
  23,585   1,195,052
Invesco DWA SmallCap Momentum ETF (DWAS)—(continued)
May 31, 2020
(Unaudited)
  Shares   Value
Health Care-(continued)
STAAR Surgical Co.(b)
  35,203   $1,365,876
Syndax Pharmaceuticals, Inc.(b)
  52,844   856,073
Syros Pharmaceuticals, Inc.(b)
  78,830   771,746
Theravance Biopharma, Inc.(b)
  20,152   508,838
Translate Bio, Inc.(b)
  44,102   913,793
Turning Point Therapeutics, Inc.(b)
  11,652   806,901
Utah Medical Products, Inc.
  5,799   576,885
Vapotherm, Inc.(b)
  32,899   876,100
Veracyte, Inc.(b)
  38,955   971,538
XOMA Corp.(b)(c)
  28,803   593,918
Zynex, Inc.(b)
  43,421   842,367
        72,266,333
Industrials-11.31%
AAON, Inc.
  19,179   1,038,926
Air Transport Services Group, Inc.(b)
  33,318   717,670
Alamo Group, Inc.
  7,339   758,266
Ameresco, Inc., Class A(b)
  39,653   850,953
Arcosa, Inc.
  14,884   568,122
Brady Corp., Class A
  12,100   618,673
Casella Waste Systems, Inc.(b)
  44,830   2,284,089
CBIZ, Inc.(b)
  26,615   602,830
Comfort Systems USA, Inc.
  15,221   563,177
Construction Partners, Inc.(b)
  30,506   539,956
CSW Industrials, Inc.
  7,687   550,082
ESCO Technologies, Inc.
  6,812   562,739
Exponent, Inc.
  8,121   602,903
Federal Signal Corp.
  18,999   553,631
Franklin Electric Co., Inc.
  10,129   513,743
Gibraltar Industries, Inc.(b)
  12,863   566,101
Great Lakes Dredge & Dock Corp.(b)
  63,382   587,551
ICF International, Inc.
  7,497   491,653
Kratos Defense & Security Solutions, Inc.(b)
  47,720   885,206
Marten Transport Ltd.
  24,772   633,916
McGrath RentCorp
  9,723   542,154
Northwest Pipe Co.(b)
  21,456   538,331
Red Violet, Inc.(b)
  51,937   951,486
Saia, Inc.(b)
  7,647   829,241
UniFirst Corp.
  3,458   621,748
Virgin Galactic Holdings, Inc.(b)(c)
  35,972   612,963
Watts Water Technologies, Inc., Class A
  6,245   519,334
        19,105,444
Information Technology-15.95%
2U, Inc.(b)
  27,223   992,823
ACM Research, Inc., Class A(b)
  18,309   1,094,695
Alarm.com Holdings, Inc.(b)
  13,588   642,577
AppFolio, Inc., Class A(b)
  15,079   2,390,172
Badger Meter, Inc.
  10,525   644,025
Blackline, Inc.(b)
  9,282   689,653
Bottomline Technologies (DE), Inc.(b)
  13,454   680,772
CSG Systems International, Inc.
  11,758   556,741
Diodes, Inc.(b)
  13,536   658,391
Everbridge, Inc.(b)
  12,527   1,832,199
EVERTEC, Inc.
  24,039   700,016
FormFactor, Inc.(b)
  26,229   660,184
Harmonic, Inc.(b)
  91,177   491,444
Inphi Corp.(b)
  8,756   1,100,367
Lattice Semiconductor Corp.(b)
  41,922   1,042,600
MACOM Technology Solutions Holdings, Inc.(b)
  27,539   874,363
ManTech International Corp., Class A
  7,241   562,915
Mimecast Ltd.(b)
  22,867   955,383
NIC, Inc.
  22,360   537,982
  Shares   Value
Information Technology-(continued)
Onto Innovation, Inc.(b)
  18,828   $585,174
PC Connection, Inc.
  12,640   547,059
Perficient, Inc.(b)
  17,824   606,729
Power Integrations, Inc.
  5,610   607,843
Qualys, Inc.(b)
  7,624   879,200
Rapid7, Inc.(b)
  16,275   795,685
SPS Commerce, Inc.(b)
  12,268   836,187
Switch, Inc., Class A
  37,648   719,453
Synaptics, Inc.(b)
  9,332   594,635
TTEC Holdings, Inc.
  15,060   637,942
Ultra Clean Holdings, Inc.(b)
  33,970   704,198
Unisys Corp.(b)
  43,943   499,192
Viavi Solutions, Inc.(b)
  45,712   529,802
VirnetX Holding Corp.(c)
  90,464   601,586
Workiva, Inc.(b)
  15,517   691,127
        26,943,114
Materials-2.89%
Balchem Corp.
  4,642   467,217
Chase Corp.
  9,826   979,161
Clearwater Paper Corp.(b)
  18,643   540,088
Innospec, Inc.
  19,149   1,476,196
UFP Technologies, Inc.(b)
  13,102   592,342
Verso Corp., Class A(b)
  56,819   817,057
        4,872,061
Real Estate-2.65%
Agree Realty Corp.
  8,539   535,993
Innovative Industrial Properties, Inc.(c)
  8,680   709,330
Marcus & Millichap, Inc.(b)
  17,894   493,338
National Storage Affiliates Trust
  19,862   596,059
QTS Realty Trust, Inc., Class A
  10,295   706,237
Safehold, Inc.
  16,531   905,733
Terreno Realty Corp.
  10,345   529,560
        4,476,250
Utilities-1.28%
California Water Service Group
  9,560   449,320
Middlesex Water Co.
  8,680   589,025
SJW Group
  9,148   574,860
York Water Co. (The)
  12,241   543,500
        2,156,705
Total Common Stocks & Other Equity Interests

(Cost $138,463,292)
  168,784,518
Money Market Funds-0.08%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.10%(d)(e)

(Cost $131,745)
  131,745   131,745
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-100.00%

(Cost $138,595,037)
  168,916,263
Invesco DWA SmallCap Momentum ETF (DWAS)—(continued)
May 31, 2020
(Unaudited)
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-7.75%
Invesco Private Government Fund, 0.02%(d)(e)(f)

(Cost $13,084,683)
  13,084,683   $13,084,683
TOTAL INVESTMENTS IN SECURITIES-107.75%

(Cost $151,679,720)
  182,000,946
OTHER ASSETS LESS LIABILITIES-(7.75)%
  (13,089,625)
NET ASSETS-100.00%
  $168,911,321
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) Non-income producing security.
(c) All or a portion of this security was out on loan at May 31, 2020.
(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 nine months ended May 31, 2020.
    
  Value
August 31, 2019 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
May 31, 2020 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Premier U.S. Government Money Portfolio, Institutional Class $249,702   $6,703,155   $(6,821,112)   $-   $-   $131,745   $4,458
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Government & Agency Portfolio, Institutional Class* 16,063,301   81,907,103   (97,970,404)   -   -   -   99,419
Invesco Liquid Assets Portfolio, Institutional Class* 5,486,419   23,426,344   (28,911,342)   -   (1,421)   -   14,598
Invesco Private Government Fund -   34,126,141   (21,041,458)   -   -   13,084,683   160
Total $21,799,422   $146,162,743   $(154,744,316)   $-   $(1,421)   $13,216,428   $118,635
    
* At May 31, 2020, this security was no longer held.
    
(e) The rate shown is the 7-day SEC standardized yield as of May 31, 2020.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
Schedule of Investments(a)
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)
May 31, 2020
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.98%
Auto Components-13.41%
American Axle & Manufacturing Holdings, Inc.(b)
  21,935   $155,958
Cooper Tire & Rubber Co.
  9,787   251,819
Cooper-Standard Holdings, Inc.(b)
  3,284   34,449
Dorman Products, Inc.(b)
  5,672   396,586
Fox Factory Holding Corp.(b)
  7,492   540,248
Garrett Motion, Inc. (Switzerland)(b)
  14,592   75,441
Gentherm, Inc.(b)
  6,385   259,869
LCI Industries
  4,869   481,690
Motorcar Parts of America, Inc.(b)(c)
  3,697   58,487
Standard Motor Products, Inc.
  3,941   167,690
        2,422,237
Automobiles-1.97%
Winnebago Industries, Inc.
  6,544   355,994
Distributors-1.38%
Core-Mark Holding Co., Inc.
  8,886   248,630
Diversified Consumer Services-6.05%
American Public Education, Inc.(b)
  3,003   94,384
Perdoceo Education Corp.(b)
  13,725   223,443
Regis Corp.(b)
  4,714   49,591
Strategic Education, Inc.
  4,274   724,999
        1,092,417
Hotels, Restaurants & Leisure-10.22%
BJ’s Restaurants, Inc.
  3,737   81,168
Bloomin’ Brands, Inc.
  16,940   193,285
Chuy’s Holdings, Inc.(b)
  3,240   51,808
Dave & Buster’s Entertainment, Inc.(c)
  6,013   79,311
Dine Brands Global, Inc.
  3,275   148,652
El Pollo Loco Holdings, Inc.(b)(c)
  3,810   52,845
Fiesta Restaurant Group, Inc.(b)
  3,949   32,500
Monarch Casino & Resort, Inc.(b)
  2,327   93,406
Red Robin Gourmet Burgers, Inc.(b)(c)
  2,524   34,983
Ruth’s Hospitality Group, Inc.
  5,293   42,926
Shake Shack, Inc., Class A(b)(c)
  6,056   336,411
Wingstop, Inc.
  5,734   699,261
        1,846,556
Household Durables-20.55%
Cavco Industries, Inc.(b)
  1,668   317,237
Century Communities, Inc.(b)
  5,547   163,858
Ethan Allen Interiors, Inc.
  4,771   53,912
Installed Building Products, Inc.(b)
  4,156   267,148
iRobot Corp.(b)(c)
  5,497   405,239
La-Z-Boy, Inc.
  9,046   232,663
LGI Homes, Inc.(b)
  4,288   357,705
M.D.C. Holdings, Inc.
  9,766   331,946
M/I Homes, Inc.(b)
  5,488   183,738
Meritage Homes Corp.(b)
  7,003   486,709
TopBuild Corp.(b)
  6,610   758,101
Tupperware Brands Corp.(c)
  9,536   30,801
Universal Electronics, Inc.(b)
  2,716   122,872
        3,711,929
Internet & Direct Marketing Retail-5.20%
Liquidity Services, Inc.(b)
  5,250   29,978
PetMed Express, Inc.(c)
  3,934   142,017
Shutterstock, Inc.
  3,734   141,593
Stamps.com, Inc.(b)
  3,156   625,362
        938,950
Leisure Products-5.57%
Callaway Golf Co.
  18,353   281,168
  Shares   Value
Leisure Products-(continued)
Sturm Ruger & Co., Inc.
  3,239   $201,919
Vista Outdoor, Inc.(b)
  11,277   109,500
YETI Holdings, Inc.(b)(c)
  12,883   413,544
        1,006,131
Multiline Retail-3.75%
Big Lots, Inc.(c)
  7,609   294,849
Macy’s, Inc.(c)
  60,048   381,905
        676,754
Specialty Retail-20.82%
Abercrombie & Fitch Co., Class A
  12,239   142,217
America’s Car-Mart, Inc.(b)
  1,204   95,802
Asbury Automotive Group, Inc.(b)
  3,773   272,712
Barnes & Noble Education, Inc.(b)
  7,535   11,679
Boot Barn Holdings, Inc.(b)
  5,570   119,644
Buckle, Inc. (The)(c)
  5,568   78,397
Caleres, Inc.
  7,940   56,930
Cato Corp. (The), Class A
  4,238   41,109
Chico’s FAS, Inc.
  23,133   31,230
Children’s Place, Inc. (The)(c)
  2,830   117,841
Conn’s, Inc.(b)
  3,720   26,858
Designer Brands, Inc., Class A
  10,760   65,959
Express, Inc.(b)
  13,118   25,711
GameStop Corp., Class A(b)(c)
  12,856   52,195
Genesco, Inc.(b)
  2,779   51,384
Group 1 Automotive, Inc.
  3,413   214,814
Guess?, Inc.
  8,321   79,632
Haverty Furniture Cos., Inc.
  3,528   61,034
Hibbett Sports, Inc.(b)(c)
  3,438   66,422
Lithia Motors, Inc., Class A
  4,404   531,078
Lumber Liquidators Holdings, Inc.(b)(c)
  5,599   55,654
MarineMax, Inc.(b)
  4,184   79,622
Michaels Cos., Inc. (The)(b)(c)
  14,885   57,456
Monro, Inc.
  6,489   357,544
Office Depot, Inc.
  106,574   263,238
Rent-A-Center, Inc.
  9,610   244,671
Shoe Carnival, Inc.(c)
  1,744   45,327
Signet Jewelers Ltd.(c)
  10,209   107,705
Sleep Number Corp.(b)
  5,544   172,807
Sonic Automotive, Inc., Class A
  4,732   124,357
Tailored Brands, Inc.(c)
  9,876   12,740
Zumiez, Inc.(b)
  3,976   96,895
        3,760,664
Textiles, Apparel & Luxury Goods-11.06%
Capri Holdings Ltd.(b)
  29,495   443,605
Crocs, Inc.(b)
  13,339   382,162
Fossil Group, Inc.(b)(c)
  9,063   27,642
G-III Apparel Group Ltd.(b)
  8,394   86,710
Kontoor Brands, Inc.(c)
  9,106   133,130
Movado Group, Inc.
  3,201   33,610
Oxford Industries, Inc.
  3,322   141,584
Steven Madden Ltd.
  15,088   354,870
Unifi, Inc.(b)
  2,850   39,130
Vera Bradley, Inc.(b)
  4,574   24,014
Wolverine World Wide, Inc.
  15,772   330,266
        1,996,723
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.98%

(Cost $24,062,908)
  18,056,985
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)—(continued)
May 31, 2020
(Unaudited)
  Shares   Value
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-11.07%
Invesco Private Government Fund, 0.02%(d)(e)(f)

(Cost $1,998,512)
  1,998,512   $1,998,512
TOTAL INVESTMENTS IN SECURITIES-111.05%

(Cost $26,061,420)
  20,055,497
OTHER ASSETS LESS LIABILITIES-(11.05)%
  (1,995,535)
NET ASSETS-100.00%
  $18,059,962
    
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 May 31, 2020.
(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 nine months ended May 31, 2020.
    
  Value
August 31, 2019 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
May 31, 2020 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Premier U.S. Government Money Portfolio, Institutional Class* $5,021   $688,944   $(693,965)   $-   $-   $-   $226
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Government & Agency Portfolio, Institutional Class* 1,274,237   10,871,367   (12,145,604)   -   -   -   9,628
Invesco Liquid Assets Portfolio, Institutional Class* 424,746   2,856,679   (3,281,390)   -   (35)   -   1,465
Invesco Private Government Fund -   5,382,011   (3,383,499)   -   -   1,998,512   26
Total $1,704,004   $19,799,001   $(19,504,458)   $-   $(35)   $1,998,512   $11,345
    
* At May 31, 2020, this security was no longer held.
    
(e) The rate shown is the 7-day SEC standardized yield as of May 31, 2020.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
Schedule of Investments(a)
Invesco S&P SmallCap Consumer Staples ETF (PSCC)
May 31, 2020
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.48%
Beverages-10.04%
Coca-Cola Consolidated, Inc.
  7,976   $1,941,598
MGP Ingredients, Inc.(b)
  28,064   1,052,681
National Beverage Corp.(b)(c)
  24,598   1,401,594
        4,395,873
Food & Staples Retailing-17.05%
Andersons, Inc. (The)
  68,887   892,775
Chefs’ Warehouse, Inc. (The)(c)
  53,841   796,847
PriceSmart, Inc.
  37,187   2,022,229
SpartanNash Co.
  76,805   1,644,395
United Natural Foods, Inc.(c)
  107,558   2,108,137
        7,464,383
Food Products-29.94%
B&G Foods, Inc.(b)
  90,534   2,102,199
Calavo Growers, Inc.
  29,564   1,729,790
Cal-Maine Foods, Inc.
  55,757   2,484,532
Fresh Del Monte Produce, Inc.
  44,874   1,116,914
J&J Snack Foods Corp.
  27,487   3,535,653
John B. Sanfilippo & Son, Inc.
  18,578   1,615,171
Seneca Foods Corp., Class A(c)
  14,458   527,283
        13,111,542
Household Products-18.36%
Central Garden & Pet Co.(c)
  18,055   662,438
Central Garden & Pet Co., Class A(c)
  73,972   2,534,281
WD-40 Co.
  25,229   4,840,184
        8,036,903
  Shares   Value
Personal Products-14.74%
Inter Parfums, Inc.
  36,560   $1,696,749
Medifast, Inc.(b)
  24,544   2,511,833
USANA Health Sciences, Inc.(c)
  26,526   2,247,283
        6,455,865
Tobacco-9.35%
Universal Corp.
  37,829   1,666,746
Vector Group Ltd.
  212,224   2,425,720
        4,092,466
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.48%

(Cost $49,603,711)
  43,557,032
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-14.00%
Invesco Private Government Fund, 0.02%(d)(e)(f)

(Cost $6,131,933)
  6,131,933   6,131,933
TOTAL INVESTMENTS IN SECURITIES-113.48%

(Cost $55,735,644)
  49,688,965
OTHER ASSETS LESS LIABILITIES-(13.48)%
  (5,903,423)
NET ASSETS-100.00%
  $43,785,542
    
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 May 31, 2020.
(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 nine months ended May 31, 2020.
    
  Value
August 31, 2019 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
May 31, 2020 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Premier U.S. Government Money Portfolio, Institutional Class* $12,409   $1,232,391   $(1,244,800)   $-   $-   $-   $305
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Government & Agency Portfolio, Institutional Class* 3,778,679   33,424,875   (37,203,554)   -   -   -   35,619
Invesco Liquid Assets Portfolio, Institutional Class* 1,259,560   7,704,755   (8,963,885)   -   (430)   -   3,992
Invesco Private Government Fund -   14,577,411   (8,445,478)   -   -   6,131,933   78
Total $5,050,648   $56,939,432   $(55,857,717)   $-   $(430)   $6,131,933   $39,994
    
* At May 31, 2020, this security was no longer held.
    
(e) The rate shown is the 7-day SEC standardized yield as of May 31, 2020.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
Schedule of Investments(a)
Invesco S&P SmallCap Energy ETF (PSCE)
May 31, 2020
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.58%
Energy Equipment & Services-53.64%
Archrock, Inc.
  93,285   $592,360
Core Laboratories N.V.
  32,440   655,937
DMC Global, Inc.
  10,707   305,685
Dril-Quip, Inc.(b)
  26,069   792,237
Era Group, Inc.(b)
  14,474   72,515
Exterran Corp.(b)
  20,569   132,053
Geospace Technologies Corp.(b)
  9,965   78,524
Helix Energy Solutions Group, Inc.(b)
  103,347   347,246
Helmerich & Payne, Inc.
  79,280   1,595,906
Matrix Service Co.(b)
  19,857   218,824
Nabors Industries Ltd.(c)
  4,942   183,150
Newpark Resources, Inc.(b)
  65,585   132,482
Oceaneering International, Inc.(b)
  72,323   464,314
Oil States International, Inc.(b)
  44,231   187,539
Patterson-UTI Energy, Inc.
  142,220   524,792
ProPetro Holding Corp.(b)
  60,198   297,980
RPC, Inc.(c)
  37,634   119,676
SEACOR Holdings, Inc.(b)
  12,649   338,993
TETRA Technologies, Inc.(b)
  91,777   30,286
US Silica Holdings, Inc.(c)
  53,782   158,657
Valaris PLC (Saudi Arabia)(b)(c)
  144,658   48,446
        7,277,602
Oil, Gas & Consumable Fuels-45.94%
Bonanza Creek Energy, Inc.(b)(c)
  13,577   229,451
Callon Petroleum Co.(b)
  285,451   190,881
CONSOL Energy, Inc.(b)(c)
  18,935   128,947
Denbury Resources, Inc.(b)
  360,195   76,722
Dorian LPG Ltd.(b)
  21,154   173,886
Green Plains, Inc.(c)
  24,708   211,253
Gulfport Energy Corp.(b)
  106,247   160,433
HighPoint Resources Corp.(b)
  79,666   19,120
  Shares   Value
Oil, Gas & Consumable Fuels-(continued)
Laredo Petroleum, Inc.(b)
  131,751   $111,791
Oasis Petroleum, Inc.(b)
  211,405   97,373
Par Pacific Holdings, Inc.(b)
  26,940   250,273
PDC Energy, Inc.(b)
  59,966   730,386
Penn Virginia Corp.(b)
  9,840   86,395
QEP Resources, Inc.
  173,838   148,388
Range Resources Corp.(c)
  150,359   900,651
Renewable Energy Group, Inc.(b)
  28,074   798,705
REX American Resources Corp.(b)
  4,094   240,113
Ring Energy, Inc.(b)(c)
  43,624   51,913
SM Energy Co.(c)
  77,554   272,990
Southwestern Energy Co.(b)
  390,010   1,173,930
Talos Energy, Inc.(b)
  14,660   178,119
        6,231,720
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.58%

(Cost $24,370,135)
  13,509,322
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-12.33%
Invesco Private Government Fund, 0.02%(d)(e)(f)

(Cost $1,672,552)
  1,672,552   1,672,552
TOTAL INVESTMENTS IN SECURITIES-111.91%

(Cost $26,042,687)
  15,181,874
OTHER ASSETS LESS LIABILITIES-(11.91)%
  (1,616,204)
NET ASSETS-100.00%
  $13,565,670
    
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 May 31, 2020.
(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 nine months ended May 31, 2020.
    
  Value
August 31, 2019 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
May 31, 2020 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Premier U.S. Government Money Portfolio, Institutional Class* $9,419   $262,762   $(272,181)   $-   $-   $-   $101
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Government & Agency Portfolio, Institutional Class* 1,130,963   17,319,524   (18,450,487)   -   -   -   19,816
Invesco Liquid Assets Portfolio, Institutional Class* 390,071   4,991,331   (5,381,013)   -   (389)   -   2,792
Invesco Private Government Fund -   7,477,786   (5,805,234)   -   -   1,672,552   25
Total $1,530,453   $30,051,403   $(29,908,915)   $-   $(389)   $1,672,552   $22,734
    
* At May 31, 2020, this security was no longer held.
    
Invesco S&P SmallCap Energy ETF (PSCE)—(continued)
May 31, 2020
(Unaudited)
(e) The rate shown is the 7-day SEC standardized yield as of May 31, 2020.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
Schedule of Investments(a)
Invesco S&P SmallCap Financials ETF (PSCF)
May 31, 2020
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.81%
Banks-35.96%
Allegiance Bancshares, Inc.
  4,130   $105,769
Ameris Bancorp
  14,125   342,249
Banc of California, Inc.
  9,678   105,974
Banner Corp.
  7,611   285,869
Berkshire Hills Bancorp, Inc.
  9,264   100,237
Boston Private Financial Holdings, Inc.
  17,956   123,358
Brookline Bancorp, Inc.
  17,207   160,025
Cadence BanCorp
  27,614   222,845
Central Pacific Financial Corp.
  6,121   98,609
City Holding Co.
  3,516   221,156
Columbia Banking System, Inc.
  15,560   379,042
Community Bank System, Inc.
  11,152   662,652
Customers Bancorp, Inc.(b)
  6,215   68,924
CVB Financial Corp.
  28,711   560,152
Dime Community Bancshares, Inc.
  6,652   95,988
Eagle Bancorp, Inc.
  7,244   234,416
First Bancorp (Puerto Rico)
  46,886   256,466
First Commonwealth Financial Corp.
  21,208   173,482
First Financial Bancorp
  21,438   284,911
First Midwest Bancorp, Inc.
  23,722   309,572
Franklin Financial Network, Inc.
  2,889   71,243
Glacier Bancorp, Inc.
  18,494   761,768
Great Western Bancorp, Inc.
  12,141   172,888
Hanmi Financial Corp.
  6,712   60,609
Heritage Financial Corp.
  7,899   150,081
Hope Bancorp, Inc.
  27,330   259,498
Independent Bank Corp.
  7,414   515,051
National Bank Holdings Corp., Class A
  6,724   176,841
NBT Bancorp, Inc.
  9,446   295,849
OFG Bancorp (Puerto Rico)
  11,076   134,573
Old National Bancorp
  36,677   498,440
Pacific Premier Bancorp, Inc.
  17,024   368,059
Preferred Bank
  2,935   110,268
S&T Bancorp, Inc.
  8,312   184,859
Seacoast Banking Corp. of Florida(b)
  11,106   241,556
ServisFirst Bancshares, Inc.
  9,941   346,742
Simmons First National Corp., Class A
  24,583   421,599
Southside Bancshares, Inc.
  6,847   193,085
Tompkins Financial Corp.
  2,643   170,077
Triumph Bancorp, Inc.(b)
  5,032   123,536
United Community Banks, Inc.
  17,037   333,073
Veritex Holdings, Inc.
  10,188   178,494
Westamerica Bancorporation
  5,836   344,207
        10,904,092
Capital Markets-3.42%
Blucora, Inc.(b)
  10,557   128,268
Donnelley Financial Solutions, Inc.(b)
  6,733   54,874
Greenhill & Co., Inc.
  3,211   32,014
INTL. FCStone, Inc.(b)
  3,513   179,198
Piper Sandler Cos.
  3,735   222,755
Virtus Investment Partners, Inc.
  1,580   146,908
Waddell & Reed Financial, Inc., Class A
  15,170   197,817
WisdomTree Investments, Inc.
  25,446   76,083
        1,037,917
Consumer Finance-3.81%
Encore Capital Group, Inc.(b)
  5,962   189,413
Enova International, Inc.(b)
  7,284   103,069
EZCORP, Inc., Class A(b)
  11,338   58,504
Green Dot Corp., Class A(b)
  10,219   390,161
  Shares   Value
Consumer Finance-(continued)
PRA Group, Inc.(b)
  9,796   $334,240
World Acceptance Corp.(b)(c)
  1,195   79,467
        1,154,854
Equity REITs-30.46%
Acadia Realty Trust
  18,756   220,008
Agree Realty Corp.
  10,369   650,862
Alexander & Baldwin, Inc.
  14,652   167,179
American Assets Trust, Inc.
  10,346   270,755
Armada Hoffler Properties, Inc.
  11,955   103,052
CareTrust REIT, Inc.
  20,612   384,002
CBL & Associates Properties, Inc.(b)(c)
  37,425   11,242
Cedar Realty Trust, Inc.
  18,538   13,802
Chatham Lodging Trust
  10,122   68,323
Community Healthcare Trust, Inc.
  4,387   159,775
DiamondRock Hospitality Co.
  43,184   258,672
Diversified Healthcare Trust
  51,317   183,715
Easterly Government Properties, Inc.
  15,997   401,045
Essential Properties Realty Trust, Inc.
  18,967   258,710
Four Corners Property Trust, Inc.
  14,866   321,403
Franklin Street Properties Corp.
  23,130   123,514
Getty Realty Corp.
  7,376   196,349
Global Net Lease, Inc.
  19,296   270,723
Hersha Hospitality Trust
  7,746   39,040
Independence Realty Trust, Inc.
  19,607   193,913
Industrial Logistics Properties Trust
  14,060   263,625
Innovative Industrial Properties, Inc.(c)
  3,675   300,321
Investors Real Estate Trust
  2,508   177,817
iStar, Inc.
  16,121   176,203
Kite Realty Group Trust
  18,115   175,715
Lexington Realty Trust
  53,468   519,709
LTC Properties, Inc.
  8,574   315,609
National Storage Affiliates Trust
  12,797   384,038
NexPoint Residential Trust, Inc.
  4,860   155,423
Office Properties Income Trust
  10,398   262,965
Pennsylvania REIT(c)
  12,887   14,562
Retail Opportunity Investments Corp.
  25,021   234,947
RPT Realty
  17,338   100,040
Safehold, Inc.
  2,851   156,206
Saul Centers, Inc.
  2,541   77,196
Summit Hotel Properties, Inc.
  22,685   141,781
Tanger Factory Outlet Centers, Inc.(c)
  20,038   123,234
Uniti Group, Inc.
  41,691   343,951
Universal Health Realty Income Trust
  2,730   254,955
Urstadt Biddle Properties, Inc., Class A
  6,448   82,276
Washington Prime Group, Inc.(c)
  40,251   25,785
Washington REIT
  17,385   381,253
Whitestone REIT
  8,765   53,905
Xenia Hotels & Resorts, Inc.
  24,297   218,673
        9,236,273
Insurance-14.08%
Ambac Financial Group, Inc.(b)
  9,826   131,865
American Equity Investment Life Holding Co.
  19,639   425,970
AMERISAFE, Inc.
  4,163   255,525
eHealth, Inc.(b)
  5,371   700,486
Employers Holdings, Inc.
  6,863   205,135
HCI Group, Inc.
  1,384   62,072
Horace Mann Educators Corp.
  8,891   324,699
James River Group Holdings Ltd.
  6,559   253,637
Kinsale Capital Group, Inc.
  4,445   663,727
Palomar Holdings, Inc.(b)
  3,814   283,838
ProAssurance Corp.
  11,603   160,121
Invesco S&P SmallCap Financials ETF (PSCF)—(continued)
May 31, 2020
(Unaudited)
  Shares   Value
Insurance-(continued)
Safety Insurance Group, Inc.
  3,153   $240,385
Stewart Information Services Corp.
  5,114   157,613
Third Point Reinsurance Ltd. (Bermuda)(b)
  17,276   127,497
United Fire Group, Inc.
  4,589   123,123
United Insurance Holdings Corp.
  4,477   35,100
Universal Insurance Holdings, Inc.
  6,591   117,715
        4,268,508
Mortgage REITs-4.20%
Apollo Commercial Real Estate Finance, Inc.
  30,800   253,484
ARMOUR Residential REIT, Inc.
  12,703   99,465
Capstead Mortgage Corp.
  20,407   103,259
Granite Point Mortgage Trust, Inc.
  11,832   58,213
Invesco Mortgage Capital, Inc.(c)(d)
  34,686   96,080
KKR Real Estate Finance Trust, Inc.(c)
  5,208   84,318
New York Mortgage Trust, Inc.(c)
  78,813   163,931
PennyMac Mortgage Investment Trust
  21,609   237,915
Ready Capital Corp.
  7,998   46,948
Redwood Trust, Inc.
  24,308   130,048
        1,273,661
Real Estate Management & Development-1.74%
Marcus & Millichap, Inc.(b)
  5,065   139,642
RE/MAX Holdings, Inc., Class A
  3,847   107,678
Realogy Holdings Corp.
  24,664   149,464
St. Joe Co. (The)(b)(c)
  6,793   130,765
        527,549
Thrifts & Mortgage Finance-6.14%
Axos Financial, Inc.(b)
  11,502   250,744
Flagstar Bancorp, Inc.
  7,436   217,875
HomeStreet, Inc.
  5,266   125,436
Meta Financial Group, Inc.
  7,458   135,139
  Shares   Value
Thrifts & Mortgage Finance-(continued)
NMI Holdings, Inc., Class A(b)
  14,664   $225,312
Northfield Bancorp, Inc.
  9,335   102,031
Northwest Bancshares, Inc.
  25,506   254,040
Provident Financial Services, Inc.
  12,953   168,778
TrustCo Bank Corp.
  20,906   131,708
Walker & Dunlop, Inc.
  6,182   250,371
        1,861,434
Total Common Stocks & Other Equity Interests

(Cost $45,088,754)
  30,264,288
Money Market Funds-0.07%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.10%(d)(e)

(Cost $22,440)
  22,440   22,440
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.88%

(Cost $45,111,194)
  30,286,728
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-3.30%
Invesco Private Government Fund, 0.02%(d)(e)(f)

(Cost $1,000,979)
  1,000,979   1,000,979
TOTAL INVESTMENTS IN SECURITIES-103.18%

(Cost $46,112,173)
  31,287,707
OTHER ASSETS LESS LIABILITIES-(3.18)%
  (964,849)
NET ASSETS-100.00%
  $30,322,858
    
 
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 May 31, 2020.
(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 nine months ended May 31, 2020.
    
  Value
August 31, 2019 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain
(Loss) 		  Value
May 31, 2020 		  Dividend
Income
Invesco Mortgage Capital, Inc. $1,486,407   $351,947   $(1,326,668)   $(259,910)   $(155,696)   $96,080   $107,200
Investments in Affiliated Money Market Funds:                          
Invesco Premier U.S. Government Money Portfolio, Institutional Class 87,739   5,100,917   (5,166,216)   -   -   22,440   1,501
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Government & Agency Portfolio, Institutional Class* 3,127,354   17,058,979   (20,186,333)   -   -   -   23,633
Invesco S&P SmallCap Financials ETF (PSCF)—(continued)
May 31, 2020
(Unaudited)
  Value
August 31, 2019 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain
(Loss) 		  Value
May 31, 2020 		  Dividend
Income
Invesco Liquid Assets Portfolio, Institutional Class* $1,163,251   $5,050,542   $(6,213,628)   $-   $(165)   $-   $2,949
Invesco Private Government Fund -   2,804,653   (1,803,674)   -   -   1,000,979   13
Total $5,864,751   $30,367,038   $(34,696,519)   $(259,910)   $(155,861)   $1,119,499   $135,296
    
* At May 31, 2020, this security was no longer held.
    
(e) The rate shown is the 7-day SEC standardized yield as of May 31, 2020.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
Schedule of Investments(a)
Invesco S&P SmallCap Health Care ETF (PSCH)
May 31, 2020
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-100.04%
Biotechnology-20.10%
Anika Therapeutics, Inc.(b)
  69,053   $2,315,347
Coherus Biosciences, Inc.(b)
  291,865   5,440,364
Cytokinetics, Inc.(b)(c)
  285,918   5,921,362
Eagle Pharmaceuticals, Inc.(b)
  48,957   2,509,536
Emergent BioSolutions, Inc.(b)
  212,352   17,729,268
Enanta Pharmaceuticals, Inc.(b)
  77,323   3,981,361
Momenta Pharmaceuticals, Inc.(b)
  549,454   17,296,812
Myriad Genetics, Inc.(b)
  359,994   5,230,713
Progenics Pharmaceuticals, Inc.(b)
  418,225   1,775,365
REGENXBIO, Inc.(b)
  151,679   5,712,231
Spectrum Pharmaceuticals, Inc.(b)
  546,715   1,607,342
Vanda Pharmaceuticals, Inc.(b)
  258,116   3,025,120
Xencor, Inc.(b)
  238,808   7,223,942
        79,768,763
Health Care Equipment & Supplies-29.07%
AngioDynamics, Inc.(b)
  182,056   1,858,792
Cardiovascular Systems, Inc.(b)
  170,345   6,595,758
CONMED Corp.
  137,336   10,081,836
CryoLife, Inc.(b)
  181,495   4,125,381
Cutera, Inc.(b)
  68,878   914,700
Glaukos Corp.(b)
  188,689   7,355,097
Heska Corp.(b)
  34,094   2,997,885
Inogen, Inc.(b)
  88,358   3,357,604
Integer Holdings Corp.(b)
  158,145   12,521,921
Invacare Corp.
  162,960   1,003,834
Lantheus Holdings, Inc.(b)
  189,934   2,607,794
LeMaitre Vascular, Inc.
  79,329   2,133,157
Meridian Bioscience, Inc.(b)
  206,843   3,197,793
Merit Medical Systems, Inc.(b)
  267,175   12,020,203
Mesa Laboratories, Inc.(c)
  19,434   5,135,435
Natus Medical, Inc.(b)
  164,973   3,530,422
Neogen Corp.(b)
  253,693   18,068,016
OraSure Technologies, Inc.(b)
  298,713   4,343,287
Orthofix Medical, Inc.(b)
  92,214   3,142,653
SurModics, Inc.(b)
  65,568   2,424,705
Tactile Systems Technology, Inc.(b)
  92,083   4,461,421
Varex Imaging Corp.(b)
  185,690   3,483,544
        115,361,238
Health Care Providers & Services-22.14%
Addus HomeCare Corp.(b)
  65,507   6,482,573
AMN Healthcare Services, Inc.(b)
  226,050   10,027,578
BioTelemetry, Inc.(b)
  164,494   7,760,827
Community Health Systems, Inc.(b)
  570,287   1,796,404
CorVel Corp.(b)
  43,347   2,942,828
Covetrus, Inc.(b)
  472,063   7,213,123
Cross Country Healthcare, Inc.(b)
  178,460   1,083,252
Ensign Group, Inc. (The)
  242,702   10,610,931
Hanger, Inc.(b)
  180,691   3,317,487
Magellan Health, Inc.(b)
  105,388   7,903,046
Owens & Minor, Inc.
  304,162   2,412,005
Pennant Group, Inc. (The)(b)
  126,675   3,228,946
Providence Service Corp. (The)(b)
  55,556   4,472,258
RadNet, Inc.(b)
  201,925   3,440,802
Select Medical Holdings Corp.(b)
  520,039   8,393,429
  Shares   Value
Health Care Providers & Services-(continued)
Tivity Health, Inc.(b)(c)
  209,033   $2,226,201
US Physical Therapy, Inc.
  61,818   4,583,187
        87,894,877
Health Care Technology-10.46%
Computer Programs & Systems, Inc.
  60,442   1,336,977
HealthStream, Inc.(b)
  123,784   2,819,800
HMS Holdings Corp.(b)
  426,336   13,318,737
NextGen Healthcare, Inc.(b)
  234,323   2,418,213
Omnicell, Inc.(b)
  202,952   13,579,518
Simulations Plus, Inc.
  58,846   2,981,727
Tabula Rasa HealthCare, Inc.(b)(c)
  95,133   5,082,956
        41,537,928
Life Sciences Tools & Services-8.09%
Luminex Corp.
  202,760   6,318,002
Medpace Holdings, Inc.(b)
  132,515   12,300,042
NeoGenomics, Inc.(b)
  505,266   13,485,549
        32,103,593
Pharmaceuticals-10.18%
AMAG Pharmaceuticals, Inc.(b)(c)
  164,131   1,265,450
Amphastar Pharmaceuticals, Inc.(b)
  165,819   3,090,866
ANI Pharmaceuticals, Inc.(b)
  45,014   1,398,135
Corcept Therapeutics, Inc.(b)
  497,740   7,535,784
Endo International PLC(b)
  976,727   3,770,166
Innoviva, Inc.(b)
  323,482   4,519,044
Lannett Co., Inc.(b)(c)
  162,012   1,239,392
Pacira BioSciences, Inc.(b)
  201,951   8,875,746
Phibro Animal Health Corp., Class A
  98,181   2,572,342
Supernus Pharmaceuticals, Inc.(b)
  253,886   6,123,730
        40,390,655
Total Common Stocks & Other Equity Interests

(Cost $489,372,956)
  397,057,054
Money Market Funds-0.07%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.10%(d)(e)

(Cost $269,864)
  269,864   269,864
TOTAL INVESTMENTS IN SECURITIES

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

(Cost $489,642,820)
  397,326,918
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-2.53%
Invesco Private Government Fund, 0.02%(d)(e)(f)

(Cost $10,038,874)
  10,038,874   10,038,874
TOTAL INVESTMENTS IN SECURITIES-102.64%

(Cost $499,681,694)
  407,365,792
OTHER ASSETS LESS LIABILITIES-(2.64)%
  (10,485,364)
NET ASSETS-100.00%
  $396,880,428
    
Invesco S&P SmallCap Health Care ETF (PSCH)—(continued)
May 31, 2020
(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 May 31, 2020.
(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 nine months ended May 31, 2020.
    
  Value
August 31, 2019 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
May 31, 2020 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Premier U.S. Government Money Portfolio, Institutional Class $-   $46,782,009   $(46,512,145)   $-   $-   $269,864   $11,049
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Government & Agency Portfolio, Institutional Class* 9,247,252   119,189,080   (128,436,332)   -   -   -   137,207
Invesco Liquid Assets Portfolio, Institutional Class* 3,103,587   37,405,309   (40,507,636)   -   (1,260)   -   18,388
Invesco Private Government Fund -   27,239,335   (17,200,461)   -   -   10,038,874   143
Total $12,350,839   $230,615,733   $(232,656,574)   $-   $(1,260)   $10,308,738   $166,787
    
* At May 31, 2020, this security was no longer held.
    
(e) The rate shown is the 7-day SEC standardized yield as of May 31, 2020.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
Schedule of Investments(a)
Invesco S&P SmallCap Industrials ETF (PSCI)
May 31, 2020
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.85%
Aerospace & Defense-8.57%
AAR Corp.
  10,886   $219,571
Aerojet Rocketdyne Holdings, Inc.(b)(c)
  24,017   1,053,145
AeroVironment, Inc.(b)
  7,153   506,647
Cubic Corp.
  10,367   427,224
Moog, Inc., Class A
  10,692   580,469
National Presto Industries, Inc.
  1,689   151,993
Park Aerospace Corp.
  6,534   79,257
Triumph Group, Inc.
  16,790   125,757
        3,144,063
Air Freight & Logistics-4.11%
Atlas Air Worldwide Holdings, Inc.(b)
  8,674   338,807
Echo Global Logistics, Inc.(b)
  9,150   189,405
Forward Air Corp.
  9,334   463,713
Hub Group, Inc., Class A(b)
  11,060   517,276
        1,509,201
Airlines-3.34%
Allegiant Travel Co.
  4,374   466,050
Hawaiian Holdings, Inc.
  15,412   222,395
SkyWest, Inc.
  16,792   538,519
        1,226,964
Building Products-13.23%
AAON, Inc.
  13,471   729,724
American Woodmark Corp.(b)
  5,157   323,653
Apogee Enterprises, Inc.
  8,901   183,806
Gibraltar Industries, Inc.(b)
  10,692   470,555
Griffon Corp.(c)
  14,280   239,904
Insteel Industries, Inc.
  6,134   108,265
Patrick Industries, Inc.
  7,458   386,847
PGT Innovations, Inc.(b)
  19,581   266,497
Quanex Building Products Corp.
  11,118   137,863
Simpson Manufacturing Co., Inc.
  13,383   1,071,443
UFP Industries, Inc.
  20,445   934,950
        4,853,507
Commercial Services & Supplies-11.43%
ABM Industries, Inc.
  22,025   676,828
Brady Corp., Class A
  16,499   843,594
Harsco Corp.(b)
  26,023   290,417
Interface, Inc.
  19,584   166,268
Matthews International Corp., Class A
  10,372   214,701
Mobile Mini, Inc.
  14,618   468,361
Pitney Bowes, Inc.
  57,276   135,744
RR Donnelley & Sons Co.
  23,770   25,909
Team, Inc.(b)
  10,180   50,187
UniFirst Corp.
  5,075   912,485
US Ecology, Inc.
  8,426   283,704
Viad Corp.
  6,727   123,373
        4,191,571
Construction & Engineering-4.50%
Aegion Corp.(b)
  10,313   154,798
Arcosa, Inc.
  16,035   612,056
Comfort Systems USA, Inc.
  12,151   449,587
Granite Construction, Inc.
  15,459   272,078
MYR Group, Inc.(b)
  5,582   160,818
        1,649,337
Electrical Equipment-4.05%
AZZ, Inc.
  8,635   273,384
Encore Wire Corp.
  6,937   334,987
Powell Industries, Inc.
  2,953   78,550
  Shares   Value
Electrical Equipment-(continued)
Sunrun, Inc.(b)
  25,797   $430,810
Vicor Corp.(b)
  6,055   369,234
        1,486,965
Industrial Conglomerates-0.69%
Raven Industries, Inc.
  11,836   253,882
Machinery-32.51%
Alamo Group, Inc.
  3,204   331,037
Albany International Corp., Class A
  10,176   613,613
Astec Industries, Inc.
  7,453   316,603
Barnes Group, Inc.
  15,880   599,946
Briggs & Stratton Corp.(c)
  14,241   23,355
Chart Industries, Inc.(b)
  11,872   465,976
CIRCOR International, Inc.(b)
  6,675   107,334
Enerpac Tool Group Corp.
  17,816   318,906
EnPro Industries, Inc.
  6,870   309,700
ESCO Technologies, Inc.
  8,655   714,990
Federal Signal Corp.
  20,059   584,519
Franklin Electric Co., Inc.
  12,758   647,086
Greenbrier Cos., Inc. (The)
  10,927   231,871
Hillenbrand, Inc.
  24,564   632,277
John Bean Technologies Corp.
  10,544   866,190
Lindsay Corp.
  3,580   336,234
Lydall, Inc.(b)
  5,874   63,557
Meritor, Inc.(b)
  24,571   500,757
Mueller Industries, Inc.
  18,861   505,098
Proto Labs, Inc.(b)
  8,872   1,120,977
SPX Corp.(b)
  14,635   585,107
SPX FLOW, Inc.(b)
  14,106   487,786
Standex International Corp.
  4,179   221,111
Tennant Co.
  6,050   386,837
Titan International, Inc.
  16,776   20,634
Wabash National Corp.
  18,135   173,189
Watts Water Technologies, Inc., Class A
  9,154   761,247
        11,925,937
Marine-1.11%
Matson, Inc.
  14,197   405,608
Professional Services-6.99%
Exponent, Inc.
  17,194   1,276,482
Forrester Research, Inc.(b)
  3,558   111,721
Heidrick & Struggles International, Inc.
  6,428   142,573
Kelly Services, Inc., Class A
  11,125   166,764
Korn Ferry
  18,337   554,878
Resources Connection, Inc.
  10,094   110,933
TrueBlue, Inc.(b)
  13,058   201,877
        2,565,228
Road & Rail-4.88%
ArcBest Corp.
  8,551   191,457
Heartland Express, Inc.
  15,462   338,618
Marten Transport Ltd.
  12,837   328,499
Saia, Inc.(b)
  8,598   932,367
        1,790,941
Trading Companies & Distributors-4.44%
Applied Industrial Technologies, Inc.
  12,878   746,924
DXP Enterprises, Inc.(b)
  5,371   94,691
Foundation Building Materials, Inc.(b)
  5,908   78,695
GMS, Inc.(b)
  13,954   285,917
Invesco S&P SmallCap Industrials ETF (PSCI)—(continued)
May 31, 2020
(Unaudited)
  Shares   Value
Trading Companies & Distributors-(continued)
Kaman Corp.
  9,231   $369,240
Veritiv Corp.(b)
  4,264   53,129
        1,628,596
Total Common Stocks & Other Equity Interests

(Cost $47,955,491)
  36,631,800
Money Market Funds-0.11%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.10%(d)(e)

(Cost $38,137)
  38,137   38,137
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.96%

(Cost $47,993,628)
  36,669,937
  Shares   Value
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-2.72%
Invesco Private Government Fund, 0.02%(d)(e)(f)

(Cost $997,730)
  997,730   $997,730
TOTAL INVESTMENTS IN SECURITIES-102.68%

(Cost $48,991,358)
  37,667,667
OTHER ASSETS LESS LIABILITIES-(2.68)%
  (981,962)
NET ASSETS-100.00%
  $36,685,705
    
 
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 May 31, 2020.
(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 nine months ended May 31, 2020.
    
  Value
August 31, 2019 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
May 31, 2020 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Premier U.S. Government Money Portfolio, Institutional Class $874,278   $535,258   $(1,371,399)   $-   $-   $38,137   $268
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Government & Agency Portfolio, Institutional Class* 152,184   5,841,808   (5,993,992)   -   -   -   3,999
Invesco Liquid Assets Portfolio, Institutional Class* 50,728   1,755,700   (1,806,490)   -   62   -   1,079
Invesco Private Government Fund -   2,561,872   (1,564,142)   -   -   997,730   9
Total $1,077,190   $10,694,638   $(10,736,023)   $-   $62   $1,035,867   $5,355
    
* At May 31, 2020, this security was no longer held.
    
(e) The rate shown is the 7-day SEC standardized yield as of May 31, 2020.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
Schedule of Investments(a)
Invesco S&P SmallCap Information Technology ETF (PSCT)
May 31, 2020
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-100.01%
Communications Equipment-6.85%
ADTRAN, Inc.
  120,143   $1,369,630
Applied Optoelectronics, Inc.(b)(c)
  48,011   423,937
CalAmp Corp.(b)
  85,712   659,982
Comtech Telecommunications Corp.
  61,270   1,091,219
Digi International, Inc.(b)
  71,127   791,643
Extreme Networks, Inc.(b)
  305,387   1,007,777
Harmonic, Inc.(b)
  240,889   1,298,392
NETGEAR, Inc.(b)
  75,734   1,948,636
Plantronics, Inc.
  82,223   1,071,366
Viavi Solutions, Inc.(b)
  577,252   6,690,351
        16,352,933
Electronic Equipment, Instruments & Components-30.12%
Anixter International, Inc.(b)
  75,631   7,238,643
Arlo Technologies, Inc.(b)
  190,185   420,309
Badger Meter, Inc.
  73,129   4,474,763
Bel Fuse, Inc., Class B
  25,445   238,420
Benchmark Electronics, Inc.
  94,522   2,002,921
CTS Corp.
  81,899   1,747,725
Daktronics, Inc.
  94,135   399,132
ePlus, Inc.(b)
  33,928   2,500,833
Fabrinet (Thailand)(b)
  92,955   5,943,543
FARO Technologies, Inc.(b)
  43,720   2,460,561
Insight Enterprises, Inc.(b)
  89,903   4,608,428
Itron, Inc.(b)
  88,464   5,698,851
KEMET Corp.
  145,935   3,944,623
Knowles Corp.(b)
  216,171   3,251,212
Methode Electronics, Inc.
  93,176   2,921,067
MTS Systems Corp.
  44,716   787,449
OSI Systems, Inc.(b)
  42,886   3,249,472
PC Connection, Inc.
  27,767   1,201,756
Plexus Corp.(b)
  73,300   4,707,326
Rogers Corp.(b)
  46,654   5,050,762
Sanmina Corp.(b)
  175,788   4,677,719
ScanSource, Inc.(b)
  63,470   1,564,535
TTM Technologies, Inc.(b)
  246,459   2,851,531
        71,941,581
IT Services-15.10%
Cardtronics PLC, Class A(b)
  90,760   2,195,484
CSG Systems International, Inc.
  82,766   3,918,970
EVERTEC, Inc. (Puerto Rico)
  149,968   4,367,068
ExlService Holdings, Inc.(b)
  85,650   5,239,211
ManTech International Corp., Class A
  67,610   5,256,002
NIC, Inc.
  168,222   4,047,421
Perficient, Inc.(b)
  81,922   2,788,625
Sykes Enterprises, Inc.(b)
  96,800   2,638,768
TTEC Holdings, Inc.
  44,376   1,879,767
Unisys Corp.(b)
  130,096   1,477,891
Virtusa Corp.(b)
  74,971   2,254,378
        36,063,585
Semiconductors & Semiconductor Equipment-25.84%
Advanced Energy Industries, Inc.(b)
  96,236   6,431,452
Axcelis Technologies, Inc.(b)
  81,444   2,186,771
Brooks Automation, Inc.
  181,619   7,259,312
CEVA, Inc.(b)
  55,248   1,904,399
Cohu, Inc.
  103,664   1,561,180
Diodes, Inc.(b)
  103,860   5,051,750
  Shares   Value
Semiconductors & Semiconductor Equipment-(continued)
DSP Group, Inc.(b)
  57,788   $1,041,340
FormFactor, Inc.(b)
  190,165   4,786,453
Ichor Holdings Ltd.(b)
  56,509   1,285,580
Kulicke & Soffa Industries, Inc. (Singapore)
  159,286   3,561,635
MaxLinear, Inc.(b)
  163,600   2,833,552
Onto Innovation, Inc.(b)
  123,245   3,830,455
PDF Solutions, Inc.(b)
  69,889   1,192,306
Photronics, Inc.(b)
  168,805   2,023,972
Power Integrations, Inc.
  73,911   8,008,257
Rambus, Inc.(b)
  280,080   4,352,443
SMART Global Holdings, Inc.(b)
  33,049   885,052
Ultra Clean Holdings, Inc.(b)
  99,996   2,072,917
Veeco Instruments, Inc.(b)
  122,849   1,442,247
        61,711,073
Software-20.80%
8x8, Inc.(b)
  251,776   3,660,823
Agilysys, Inc.(b)
  51,113   982,903
Alarm.com Holdings, Inc.(b)
  106,155   5,020,070
Bottomline Technologies (DE), Inc.(b)
  95,743   4,844,596
Ebix, Inc.(c)
  55,924   1,253,257
LivePerson, Inc.(b)
  154,654   5,791,792
MicroStrategy, Inc., Class A(b)
  20,679   2,574,122
OneSpan, Inc.(b)
  81,801   1,662,196
Progress Software Corp.
  112,506   4,545,243
Qualys, Inc.(b)
  83,741   9,657,012
SPS Commerce, Inc.(b)
  87,519   5,965,295
Xperi Corp.
  269,537   3,706,134
        49,663,443
Technology Hardware, Storage & Peripherals-1.30%
3D Systems Corp.(b)(c)
  297,484   2,192,457
Diebold Nixdorf, Inc.(b)
  192,913   924,053
        3,116,510
Total Common Stocks & Other Equity Interests

(Cost $244,386,696)
  238,849,125
Money Market Funds-0.01%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.10%(d)(e)

(Cost $16,273)
  16,273   16,273
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-100.02%

(Cost $244,402,969)
  238,865,398
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-1.51%
Invesco Private Government Fund, 0.02%(d)(e)(f)

(Cost $3,598,821)
  3,598,821   3,598,821
TOTAL INVESTMENTS IN SECURITIES-101.53%

(Cost $248,001,790)
  242,464,219
OTHER ASSETS LESS LIABILITIES-(1.53)%
  (3,651,321)
NET ASSETS-100.00%
  $238,812,898
    
Invesco S&P SmallCap Information Technology ETF (PSCT)—(continued)
May 31, 2020
(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 May 31, 2020.
(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 nine months ended May 31, 2020.
    
  Value
August 31, 2019 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
May 31, 2020 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Premier U.S. Government Money Portfolio, Institutional Class $26,379   $4,885,673   $(4,895,779)   $-   $-   $16,273   $766
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Government & Agency Portfolio, Institutional Class* 3,210,992   25,482,777   (28,693,769)   -   -   -   26,241
Invesco Liquid Assets Portfolio, Institutional Class* 1,070,331   6,911,501   (7,981,844)   -   12   -   3,417
Invesco Private Government Fund -   15,832,307   (12,233,486)   -   -   3,598,821   49
Total $4,307,702   $53,112,258   $(53,804,878)   $-   $12   $3,615,094   $30,473
    
* At May 31, 2020, this security was no longer held.
    
(e) The rate shown is the 7-day SEC standardized yield as of May 31, 2020.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
Schedule of Investments(a)
Invesco S&P SmallCap Materials ETF (PSCM)
May 31, 2020
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.92%
Chemicals-58.27%
AdvanSix, Inc.(b)
  8,629   $102,167
American Vanguard Corp.
  8,213   109,233
Balchem Corp.
  9,835   989,893
Ferro Corp.(b)
  25,343   304,623
FutureFuel Corp.
  7,979   104,365
GCP Applied Technologies, Inc.(b)
  16,686   336,056
H.B. Fuller Co.
  15,589   586,458
Hawkins, Inc.
  2,925   125,483
Innospec, Inc.
  7,490   577,404
Koppers Holdings, Inc.(b)
  6,399   106,031
Kraton Corp.(b)
  9,802   149,481
Livent Corp.(b)(c)
  45,140   304,244
Quaker Chemical Corp.
  3,958   676,224
Rayonier Advanced Materials, Inc.
  15,661   33,984
Stepan Co.
  6,124   595,008
Tredegar Corp.
  7,630   116,815
Trinseo S.A.
  12,112   249,265
        5,466,734
Construction Materials-1.09%
US Concrete, Inc.(b)
  4,905   102,318
Containers & Packaging-1.59%
Myers Industries, Inc.
  10,981   149,451
Metals & Mining-23.81%
Arconic Corp.(b)
  30,042   434,708
Century Aluminum Co.(b)
  15,390   91,724
Cleveland-Cliffs, Inc.(c)
  104,322   544,561
Haynes International, Inc.
  3,869   88,329
Kaiser Aluminum Corp.
  4,926   353,440
Materion Corp.
  6,331   332,378
Olympic Steel, Inc.
  2,862   31,568
SunCoke Energy, Inc.
  26,821   91,460
TimkenSteel Corp.(b)
  12,332   43,162
Warrior Met Coal, Inc.
  15,790   222,323
        2,233,653
  Shares   Value
Paper & Forest Products-15.16%
Boise Cascade Co.
  12,090   $411,423
Clearwater Paper Corp.(b)
  5,106   147,921
Mercer International, Inc. (Germany)
  12,377   99,882
Neenah, Inc.
  5,199   262,862
PH Glatfelter Co.
  13,656   210,439
Schweitzer-Mauduit International, Inc., Class A
  9,552   290,285
        1,422,812
Total Common Stocks & Other Equity Interests

(Cost $12,931,420)
  9,374,968
Money Market Funds-0.07%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.10%(d)(e)

(Cost $6,891)
  6,891   6,891
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.99%

(Cost $12,938,311)
  9,381,859
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-8.27%
Invesco Private Government Fund, 0.02%(d)(e)(f)

(Cost $775,950)
  775,950   775,950
TOTAL INVESTMENTS IN SECURITIES-108.26%

(Cost $13,714,261)
  10,157,809
OTHER ASSETS LESS LIABILITIES-(8.26)%
  (775,316)
NET ASSETS-100.00%
  $9,382,493
    
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 May 31, 2020.
(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 nine months ended May 31, 2020.
    
  Value
August 31, 2019 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain
(Loss) 		  Value
May 31, 2020 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Premier U.S. Government Money Portfolio, Institutional Class $201   $453,938   $(447,248)   $-   $-   $6,891   $104
Invesco S&P SmallCap Materials ETF (PSCM)—(continued)
May 31, 2020
(Unaudited)
  Value
August 31, 2019 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain
(Loss) 		  Value
May 31, 2020 		  Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Government & Agency Portfolio, Institutional Class* $275,653   $3,187,809   $(3,463,462)   $-   $-   $-   $4,431
Invesco Liquid Assets Portfolio, Institutional Class* 91,885   814,885   (906,652)   (2)   (116)   -   483
Invesco Private Government Fund -   4,264,146   (3,488,196)   -   -   775,950   10
Total $367,739   $8,720,778   $(8,305,558)   $(2)   $(116)   $782,841   $5,028
    
* At May 31, 2020, this security was no longer held.
    
(e) The rate shown is the 7-day SEC standardized yield as of May 31, 2020.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
Schedule of Investments(a)
Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)
May 31, 2020
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.79%
Diversified Telecommunication Services-29.76%
ATN International, Inc.
  12,700   $754,380
Cincinnati Bell, Inc.(b)
  52,516   773,560
Cogent Communications Holdings, Inc.
  24,793   1,897,160
Consolidated Communications Holdings, Inc.(b)
  84,147   509,931
Iridium Communications, Inc.(b)
  34,690   797,870
Vonage Holdings Corp.(b)
  116,541   1,122,290
        5,855,191
Electric Utilities-8.37%
El Paso Electric Co.
  24,230   1,646,913
Entertainment-7.82%
Glu Mobile, Inc.(b)
  117,998   1,177,620
Marcus Corp. (The)
  26,839   361,790
        1,539,410
Gas Utilities-9.30%
Northwest Natural Holding Co.
  13,420   860,356
South Jersey Industries, Inc.
  34,155   968,636
        1,828,992
Interactive Media & Services-2.77%
QuinStreet, Inc.(b)
  53,827   545,806
Media-15.73%
E.W. Scripps Co. (The), Class A
  63,626   551,637
  Shares   Value
Media-(continued)
Gannett Co., Inc.
  152,954   $200,370
Meredith Corp.
  46,931   701,149
Scholastic Corp.
  30,813   905,902
TechTarget, Inc.(b)
  26,795   736,595
        3,095,653
Multi-Utilities-7.90%
Avista Corp.
  39,681   1,554,305
Water Utilities-12.89%
American States Water Co.
  21,913   1,797,085
California Water Service Group
  15,725   739,075
        2,536,160
Wireless Telecommunication Services-5.25%
Shenandoah Telecommunications Co.
  15,637   822,663
Spok Holdings, Inc.
  20,472   210,247
        1,032,910
TOTAL INVESTMENTS IN SECURITIES-99.79%

(Cost $23,136,184)
  19,635,340
OTHER ASSETS LESS LIABILITIES-0.21%
  40,926
NET ASSETS-100.00%
  $19,676,266
    
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 nine months ended May 31, 2020.
    
  Value
August 31, 2019 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
May 31, 2020 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Premier U.S. Government Money Portfolio, Institutional Class* $102,756   $3,233,113   $(3,335,869)   $-   $-   $-   $595
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Government & Agency Portfolio, Institutional Class* 210,052   9,592,830   (9,802,882)   -   -   -   8,403
Invesco Liquid Assets Portfolio, Institutional Class* 70,010   2,863,006   (2,933,020)   -   4   -   1,201
Invesco Private Government Fund* -   1,600,469   (1,600,469)   -   -   -   2
Total $382,818   $17,289,418   $(17,672,240)   $-   $4   $-   $10,201
    
* At May 31, 2020, this security was no longer held.
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
Additional Valuation Information
Generally Accepted Accounting Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
Except for all the securities in Invesco S&P SmallCap Utilities & Communication Services ETF, the following is a summary of the tiered valuation input levels, as of May 31, 2020. All of the securities in Invesco S&P SmallCap Utilities & Communcation Services 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 DWA SmallCap Momentum ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $168,784,518   $-   $-   $168,784,518
Money Market Funds 131,745   13,084,683   -   13,216,428
Total Investments $168,916,263   $13,084,683   $-   $182,000,946
Invesco S&P SmallCap Consumer Discretionary ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $18,056,985   $-   $-   $18,056,985
Money Market Funds -   1,998,512   -   1,998,512
Total Investments $18,056,985   $1,998,512   $-   $20,055,497
Invesco S&P SmallCap Consumer Staples ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $43,557,032   $-   $-   $43,557,032
Money Market Funds -   6,131,933   -   6,131,933
Total Investments $43,557,032   $6,131,933   $-   $49,688,965
Invesco S&P SmallCap Energy ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $13,509,322   $-   $-   $13,509,322
Money Market Funds -   1,672,552   -   1,672,552
Total Investments $13,509,322   $1,672,552   $-   $15,181,874
Invesco S&P SmallCap Financials ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $30,264,288   $-   $-   $30,264,288
Money Market Funds 22,440   1,000,979   -   1,023,419
Total Investments $30,286,728   $1,000,979   $-   $31,287,707
Invesco S&P SmallCap Health Care ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $397,057,054   $-   $-   $397,057,054
Money Market Funds 269,864   10,038,874   -   10,308,738
Total Investments $397,326,918   $10,038,874   $-   $407,365,792
  Level 1   Level 2   Level 3   Total
Invesco S&P SmallCap Industrials ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $36,631,800   $-   $-   $36,631,800
Money Market Funds 38,137   997,730   -   1,035,867
Total Investments $36,669,937   $997,730   $-   $37,667,667
Invesco S&P SmallCap Information Technology ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $238,849,125   $-   $-   $238,849,125
Money Market Funds 16,273   3,598,821   -   3,615,094
Total Investments $238,865,398   $3,598,821   $-   $242,464,219
Invesco S&P SmallCap Materials ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $9,374,968   $-   $-   $9,374,968
Money Market Funds 6,891   775,950   -   782,841
Total Investments $9,381,859   $775,950   $-   $10,157,809
Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds’ investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in the Schedules of Investments may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.