NPORT-EX 2 edgar.htm
Schedule of Investments(a)
Invesco DWA SmallCap Momentum ETF (DWAS)
November 30, 2021
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.92%
Communication Services-2.44%
Entravision Communications Corp., Class A
  345,393   $2,566,270
Gannett Co., Inc.(b)
  379,965   1,941,621
TechTarget, Inc.(b)(c)
  33,734   3,259,717
Thryv Holdings, Inc.(b)(c)
  68,981   2,696,467
Urban One, Inc.(b)(c)
  518,530   1,742,261
WideOpenWest, Inc.(b)
  107,800   2,005,080
        14,211,416
Consumer Discretionary-16.19%
Academy Sports & Outdoors, Inc.(b)(c)
  47,808   2,133,193
Asbury Automotive Group, Inc.(b)(c)
  11,510   1,883,496
Barnes & Noble Education, Inc.(b)
  313,294   2,199,324
Bluegreen Vacations Holding Corp.(b)
  81,032   2,409,081
Boot Barn Holdings, Inc.(b)
  28,908   3,536,605
Century Casinos, Inc.(b)(c)
  164,514   2,146,908
Clarus Corp.
  85,563   2,258,008
Dillard’s, Inc., Class A
  20,030   5,486,217
Everi Holdings, Inc.(b)
  200,231   4,152,791
Genesco, Inc.(b)
  35,992   2,274,694
G-III Apparel Group Ltd.(b)
  72,418   2,146,470
Golden Entertainment, Inc.(b)
  85,272   3,914,838
Group 1 Automotive, Inc.
  11,626   2,264,163
Hilton Grand Vacations, Inc.(b)
  45,455   2,159,112
Houghton Mifflin Harcourt Co.(b)(c)
  280,808   4,369,372
Inspired Entertainment, Inc.(b)
  202,894   2,615,304
Installed Building Products, Inc.
  18,043   2,329,171
Lazydays Holdings, Inc.(b)(c)
  231,952   4,692,389
Lifetime Brands, Inc.
  119,413   1,939,267
Lovesac Co. (The)(b)(c)
  30,132   1,906,753
Monarch Casino & Resort, Inc.(b)
  31,913   2,149,979
Movado Group, Inc.
  63,490   2,848,796
Playa Hotels & Resorts N.V.(b)
  289,242   2,059,403
Red Rock Resorts, Inc., Class A
  86,724   4,122,859
Rent-A-Center, Inc.
  33,958   1,499,925
SeaWorld Entertainment, Inc.(b)
  40,347   2,380,070
Shoe Carnival, Inc.(c)
  62,225   2,432,997
Shutterstock, Inc.
  17,541   1,999,849
Signet Jewelers Ltd.(c)
  68,283   6,633,011
Skyline Champion Corp.(b)
  34,161   2,673,098
Sonic Automotive, Inc., Class A(c)
  39,433   1,770,936
Sonos, Inc.(b)(c)
  56,377   1,784,332
TravelCenters of America, Inc.(b)
  52,100   2,720,662
Vista Outdoor, Inc.(b)
  55,446   2,421,327
        94,314,400
Consumer Staples-0.37%
Beauty Health Co. (The)(b)(c)
  82,420   2,139,623
Energy-16.12%
Altus Midstream Co., Class A
  52,267   3,312,682
Antero Midstream Corp.
  207,509   2,014,912
Antero Resources Corp.(b)
  173,607   3,048,539
Arch Resources, Inc.
  27,250   2,111,603
Aspen Aerogels, Inc.(b)
  74,567   4,262,250
California Resources Corp.
  50,406   1,969,362
Centennial Resource Development, Inc., Class A(b)(c)
  1,171,412   7,297,897
Centrus Energy Corp.(b)(c)
  65,423   3,630,322
Civitas Resources, Inc.(c)
  47,272   2,416,072
CONSOL Energy, Inc.(b)
  133,109   2,921,743
Denbury, Inc.(b)
  30,570   2,433,983
FTS International, Inc., Class A(b)(c)
  164,765   4,339,910
Goodrich Petroleum Corp.(b)
  98,562   2,266,926
  Shares   Value
Energy-(continued)
Green Plains, Inc.(b)(c)
  80,845   $3,124,659
Laredo Petroleum, Inc.(b)(c)
  68,011   4,005,848
Magnolia Oil & Gas Corp., Class A(c)
  132,727   2,517,831
Northern Oil and Gas, Inc.(c)
  138,546   2,823,568
PDC Energy, Inc.(c)
  57,310   2,890,143
Range Resources Corp.(b)(c)
  112,411   2,198,759
Ranger Oil Corp.(b)
  103,719   2,792,115
SandRidge Energy, Inc.(b)(c)
  410,574   4,364,402
SilverBow Resources, Inc.(b)(c)
  133,275   3,141,292
SM Energy Co.
  369,441   10,713,789
Weatherford International PLC(b)
  371,981   10,694,454
Whiting Petroleum Corp.(b)(c)
  39,923   2,582,619
        93,875,680
Financials-12.66%
A-Mark Precious Metals, Inc.
  64,692   4,479,921
Arbor Realty Trust, Inc.
  114,229   2,004,719
Bancorp, Inc. (The)(b)
  93,457   2,642,029
Brightsphere Investment Group, Inc.(c)
  82,359   2,473,241
Cowen, Inc., Class A
  62,180   2,199,928
Customers Bancorp, Inc.(b)
  55,402   3,193,371
Donnelley Financial Solutions, Inc.(b)
  74,607   3,485,639
Ellington Financial, Inc.
  112,304   1,860,877
Granite Point Mortgage Trust, Inc.
  158,902   1,959,262
Hannon Armstrong Sustainable Infrastructure Capital, Inc.
  37,438   2,129,474
HCI Group, Inc.
  19,473   2,149,819
Hingham Institution for Savings (The)
  7,569   2,956,451
Houlihan Lokey, Inc.
  22,695   2,463,315
Independent Bank Corporation
  174,215   3,928,548
LendingClub Corp.(b)
  95,167   3,113,864
Meta Financial Group, Inc.
  41,210   2,463,122
Metropolitan Bank Holding Corp.(b)
  26,534   2,518,873
Mr. Cooper Group, Inc.(b)
  60,696   2,383,532
MVB Financial Corp.
  52,454   2,154,286
Navient Corp.
  90,899   1,793,437
Northeast Bank
  64,018   2,073,543
Oportun Financial Corp.(b)
  87,378   1,876,006
PennyMac Financial Services, Inc.
  32,849   2,080,327
Redwood Trust, Inc.
  165,163   2,117,390
Regional Management Corp.
  37,264   2,107,652
TPG RE Finance Trust, Inc.
  164,771   2,010,206
Victory Capital Holdings, Inc., Class A
  63,189   2,215,406
Virtus Investment Partners, Inc.
  6,909   2,054,599
Walker & Dunlop, Inc.
  18,913   2,660,870
World Acceptance Corp.(b)(c)
  10,630   2,183,615
        73,733,322
Health Care-15.83%
Aclaris Therapeutics, Inc.(b)(c)
  490,313   6,276,006
Agenus, Inc.(b)(c)
  352,868   1,111,534
AngioDynamics, Inc.(b)
  85,160   2,192,870
Apollo Endosurgery, Inc.(b)
  351,958   2,801,586
AtriCure, Inc.(b)
  29,989   1,901,303
BioCryst Pharmaceuticals, Inc.(b)(c)
  144,464   1,742,236
Celldex Therapeutics, Inc.(b)
  168,331   6,413,411
Cerevel Therapeutics Holdings, Inc.(b)
  57,252   1,785,690
Clearside Biomedical, Inc.(b)
  327,261   1,201,048
CorVel Corp.(b)
  11,786   2,215,768
Cross Country Healthcare, Inc.(b)
  103,598   2,710,124
Cutera, Inc.(b)
  43,967   1,532,690
Enochian Biosciences, Inc.(b)(c)
  299,971   3,764,636
Evolent Health, Inc., Class A(b)(c)
  86,651   2,252,926
See accompanying notes which are an integral part of this schedule.
Invesco DWA SmallCap Momentum ETF (DWAS)—(continued)
November 30, 2021
(Unaudited)
  Shares   Value
Health Care-(continued)
EyePoint Pharmaceuticals, Inc.(b)(c)
  193,404   $3,055,783
Fulcrum Therapeutics, Inc.(b)
  85,291   1,236,719
Greenwich Lifesciences, Inc.(b)
  174,535   5,485,635
Heska Corp.(b)(c)
  36,021   5,797,940
Inhibrx, Inc.(b)(c)
  57,865   2,339,482
IVERIC bio, Inc.(b)
  130,821   1,912,603
Joint Corp. (The)(b)
  39,283   3,139,497
ModivCare, Inc.(b)
  12,350   1,692,320
Morphic Holding, Inc.(b)
  32,101   1,531,218
MyMD Pharmaceuticals, Inc.(b)
  277,694   2,127,136
Myriad Genetics, Inc.(b)
  61,638   1,593,959
OptimizeRx Corp.(b)(c)
  93,762   6,094,530
Oramed Pharmaceuticals, Inc. (Israel)(b)(c)
  258,451   4,967,428
PDS Biotechnology Corp.(b)(c)
  392,646   3,867,563
Pieris Pharmaceuticals, Inc.(b)
  397,658   1,312,271
Prothena Corp. PLC (Ireland)(b)
  75,058   3,764,159
RAPT Therapeutics, Inc.(b)
  57,203   1,867,678
Tivity Health, Inc.(b)(c)
  104,602   2,491,620
        92,179,369
Industrials-13.94%
Acacia Research Corp.(b)
  313,878   1,538,002
Ameresco, Inc., Class A(b)(c)
  113,135   10,219,485
ArcBest Corp.
  28,239   2,910,876
Atkore, Inc.(b)
  25,853   2,753,344
Atlas Air Worldwide Holdings, Inc.(b)(c)
  27,831   2,438,274
Casella Waste Systems, Inc., Class A(b)
  102,014   8,648,747
CBIZ, Inc.(b)
  64,767   2,333,555
Concrete Pumping Holdings, Inc.(b)
  256,134   2,092,615
Construction Partners, Inc.(b)(c)
  62,101   2,144,969
Custom Truck One Source, Inc.(b)(c)
  230,918   1,736,503
Eagle Bulk Shipping, Inc.(c)
  47,557   1,905,609
Genco Shipping & Trading Ltd.
  118,296   1,822,941
GMS, Inc.(b)
  46,480   2,596,838
Herc Holdings, Inc.
  23,705   4,040,517
Kadant, Inc.
  15,301   3,587,472
Mayville Engineering Co., Inc.(b)
  115,682   1,717,878
MYR Group, Inc.(b)
  20,384   2,256,713
Resideo Technologies, Inc.(b)
  84,639   2,208,232
Shyft Group, Inc. (The)
  61,472   2,988,154
Transcat, Inc.(b)
  46,337   4,122,603
Triton International Ltd. (Bermuda)
  41,890   2,344,583
Triumph Group, Inc.(b)
  116,019   1,944,478
Veritiv Corp.(b)
  82,175   10,357,337
Vicor Corp.(b)
  17,387   2,494,339
        81,204,064
Information Technology-13.24%
Agilysys, Inc.(b)
  46,138   2,009,310
Ambarella, Inc.(b)
  14,201   2,549,364
Aviat Networks, Inc.(b)(c)
  79,536   2,492,658
Axcelis Technologies, Inc.(b)
  42,636   2,635,758
Badger Meter, Inc.
  20,413   2,089,475
Calix, Inc.(b)
  111,119   7,440,528
Cerence, Inc.(b)(c)
  33,195   2,495,600
Clearfield, Inc.(b)(c)
  49,813   3,224,894
Conduent, Inc.(b)
  321,811   1,621,927
Diodes, Inc.(b)
  22,766   2,421,164
Extreme Networks, Inc.(b)
  221,439   2,989,426
Grid Dynamics Holdings, Inc.(b)
  72,751   2,854,022
Identiv, Inc.(b)(c)
  130,141   2,991,942
Impinj, Inc.(b)(c)
  37,731   2,828,693
Information Services Group, Inc.
  293,457   2,421,020
  Shares   Value
Information Technology-(continued)
Insight Enterprises, Inc.(b)(c)
  22,775   $2,246,070
LivePerson, Inc.(b)(c)
  96,714   3,738,963
Matterport, Inc.(b)(c)
  102,710   3,325,750
MaxLinear, Inc.(b)
  42,222   2,842,807
Onto Innovation, Inc.(b)
  28,681   2,700,603
PDF Solutions, Inc.(b)
  91,306   2,732,789
Perficient, Inc.(b)
  24,343   3,335,721
PFSweb, Inc.(b)
  160,063   1,959,171
Rimini Street, Inc.(b)(c)
  224,398   1,483,271
SiTime Corp.(b)
  9,594   2,863,617
Sprout Social, Inc., Class A(b)
  36,329   4,057,223
SPS Commerce, Inc.(b)
  19,418   2,737,744
        77,089,510
Materials-5.40%
AdvanSix, Inc.
  58,043   2,628,767
Alpha Metallurgical Resources, Inc.(b)
  59,347   2,764,977
Amyris, Inc.(b)(c)
  276,200   1,894,732
Arconic Corp.(b)(c)
  64,395   1,720,634
Avient Corp.
  45,572   2,506,916
Kraton Corp.(b)
  61,273   2,822,234
Livent Corp.(b)(c)
  89,964   2,725,010
LSB Industries, Inc.(b)
  651,154   5,866,898
Ramaco Resources, Inc.(b)
  216,568   2,633,467
Ranpak Holdings Corp.(b)(c)
  88,948   3,525,009
Ryerson Holding Corp.
  101,124   2,369,335
        31,457,979
Real Estate-3.00%
Cedar Realty Trust, Inc.
  99,127   2,158,986
CorePoint Lodging, Inc.(b)
  139,628   2,154,460
iStar, Inc.(c)
  79,194   1,927,582
National Storage Affiliates Trust
  36,529   2,242,150
Newmark Group, Inc., Class A
  161,994   2,601,624
Realogy Holdings Corp.(b)
  134,022   2,035,794
Ryman Hospitality Properties, Inc.(b)
  24,815   1,920,681
Tanger Factory Outlet Centers, Inc.(c)
  123,540   2,447,327
        17,488,604
Utilities-0.73%
Middlesex Water Co.
  19,789   2,039,059
Pure Cycle Corp.(b)
  152,607   2,221,958
        4,261,017
Total Common Stocks & Other Equity Interests

(Cost $535,823,846)
  581,954,984
Money Market Funds-0.00%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)

(Cost $28,798)
  28,798   28,798
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.92%

(Cost $535,852,644)
  581,983,782
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-18.44%
Invesco Private Government Fund, 0.02%(d)(e)(f)
  31,985,175   31,985,175
 
See accompanying notes which are an integral part of this schedule.
Invesco DWA SmallCap Momentum ETF (DWAS)—(continued)
November 30, 2021
(Unaudited)
  Shares   Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.11%(d)(e)(f)
  75,417,657   $75,440,282
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $107,431,658)
  107,425,457
TOTAL INVESTMENTS IN SECURITIES-118.36%

(Cost $643,284,302)
  689,409,239
OTHER ASSETS LESS LIABILITIES-(18.36)%
  (106,965,215)
NET ASSETS-100.00%
  $582,444,024
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, 2021.
(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 three months ended November 30, 2021.
    
  Value
August 31, 2021 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain
(Loss) 		  Value
November 30, 2021 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $3,512,049   $(3,483,251)   $-   $-   $28,798   $8
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 27,265,424   51,819,298   (47,099,547)   -   -   31,985,175   1,516*
Invesco Private Prime Fund 64,045,154   92,223,982   (80,819,756)   (6,201)   (2,897)   75,440,282   18,626*
Total $91,310,578   $147,555,329   $(131,402,554)   $(6,201)   $(2,897)   $107,454,255   $20,150
    
* 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, 2021.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)
November 30, 2021
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.93%
Auto Components-10.46%
American Axle & Manufacturing Holdings, Inc.(b)(c)
  43,925   $389,175
Cooper-Standard Holdings, Inc.(b)
  6,545   151,124
Dorman Products, Inc.(b)
  11,032   1,224,331
Gentherm, Inc.(b)
  12,770   1,078,426
LCI Industries
  9,733   1,482,044
Motorcar Parts of America, Inc.(b)
  7,365   118,135
Patrick Industries, Inc.
  8,663   691,048
Standard Motor Products, Inc.
  7,446   372,598
        5,506,881
Automobiles-1.77%
Winnebago Industries, Inc.
  12,939   934,455
Diversified Consumer Services-3.37%
Adtalem Global Education, Inc.(b)
  19,034   564,739
American Public Education, Inc.(b)
  7,200   136,008
Perdoceo Education Corp.(b)
  26,993   265,881
Strategic Education, Inc.
  8,720   466,520
WW International, Inc.(b)(c)
  20,453   344,019
        1,777,167
Hotels, Restaurants & Leisure-9.93%
BJ’s Restaurants, Inc.(b)
  8,972   267,904
Bloomin’ Brands, Inc.(b)
  31,272   552,576
Brinker International, Inc.(b)
  17,621   609,687
Cheesecake Factory, Inc. (The)(b)(c)
  18,691   716,239
Chuy’s Holdings, Inc.(b)
  7,704   220,797
Dave & Buster’s Entertainment, Inc.(b)(c)
  14,839   481,971
Dine Brands Global, Inc.(b)(c)
  6,615   475,089
El Pollo Loco Holdings, Inc.(b)
  7,478   94,372
Fiesta Restaurant Group, Inc.(b)
  6,727   62,763
Monarch Casino & Resort, Inc.(b)
  5,016   337,928
Red Robin Gourmet Burgers, Inc.(b)
  6,039   98,436
Ruth’s Hospitality Group, Inc.(b)(c)
  12,383   210,511
Shake Shack, Inc., Class A(b)(c)
  15,073   1,100,178
        5,228,451
Household Durables-18.12%
Cavco Industries, Inc.(b)
  3,289   978,445
Century Communities, Inc.
  11,444   813,325
Ethan Allen Interiors, Inc.
  8,443   189,967
Installed Building Products, Inc.
  9,038   1,166,715
iRobot Corp.(b)(c)
  10,804   820,132
La-Z-Boy, Inc.
  17,422   581,721
LGI Homes, Inc.(b)
  8,343   1,198,555
M.D.C. Holdings, Inc.
  21,761   1,041,046
M/I Homes, Inc.(b)
  11,293   631,166
Meritage Homes Corp.(b)
  14,500   1,636,470
Tupperware Brands Corp.(b)
  19,217   300,554
Universal Electronics, Inc.(b)
  5,194   188,023
        9,546,119
Internet & Direct Marketing Retail-2.80%
Liquidity Services, Inc.(b)
  10,238   232,095
PetMed Express, Inc.(c)
  7,838   214,448
Shutterstock, Inc.
  9,028   1,029,282
        1,475,825
Leisure Products-2.76%
Sturm Ruger & Co., Inc.
  6,778   485,915
Vista Outdoor, Inc.(b)
  22,100   965,107
        1,451,022
  Shares   Value
Multiline Retail-7.60%
Big Lots, Inc.(c)
  13,341   $578,733
Macy’s, Inc.
  120,117   3,423,334
        4,002,067
Specialty Retail-33.29%
Aaron’s Co., Inc. (The)
  12,585   279,387
Abercrombie & Fitch Co., Class A(b)
  23,700   853,200
America’s Car-Mart, Inc.(b)
  2,428   238,284
Asbury Automotive Group, Inc.(b)(c)
  8,719   1,426,777
Barnes & Noble Education, Inc.(b)
  13,852   97,241
Bed Bath & Beyond, Inc.(b)(c)
  40,251   737,801
Boot Barn Holdings, Inc.(b)
  11,374   1,391,495
Buckle, Inc. (The)(c)
  11,311   532,069
Caleres, Inc.
  14,745   348,129
Cato Corp. (The), Class A
  7,542   124,066
Chico’s FAS, Inc.(b)
  47,219   270,565
Children’s Place, Inc. (The)(b)(c)
  5,366   464,320
Conn’s, Inc.(b)
  7,351   160,840
Designer Brands, Inc., Class A(b)(c)
  23,582   322,602
Genesco, Inc.(b)
  5,414   342,165
Group 1 Automotive, Inc.
  6,961   1,355,655
Guess?, Inc.
  15,001   338,272
Haverty Furniture Cos., Inc., (Acquired 06/25/2020 - 11/11/2021; Cost $140,121)(d)
  5,900   176,469
Hibbett, Inc.
  5,796   451,798
Lumber Liquidators Holdings, Inc.(b)
  11,202   171,839
MarineMax, Inc.(b)
  8,375   446,136
Monro, Inc.
  12,904   722,882
ODP Corp. (The)(b)
  18,279   690,215
Rent-A-Center, Inc.
  23,295   1,028,940
Sally Beauty Holdings, Inc.(b)(c)
  43,534   852,831
Shoe Carnival, Inc.
  6,769   264,668
Signet Jewelers Ltd.(c)
  20,283   1,970,291
Sleep Number Corp.(b)(c)
  9,096   725,679
Sonic Automotive, Inc., Class A(c)
  8,119   364,624
Zumiez, Inc.(b)
  8,439   386,169
        17,535,409
Textiles, Apparel & Luxury Goods-9.83%
Fossil Group, Inc.(b)
  18,275   218,386
G-III Apparel Group Ltd.(b)
  16,770   497,063
Kontoor Brands, Inc.
  18,434   993,961
Movado Group, Inc.
  6,478   290,668
Oxford Industries, Inc.
  6,118   584,514
Steven Madden Ltd.
  29,668   1,407,747
Unifi, Inc.(b)
  5,342   108,816
Vera Bradley, Inc.(b)
  9,817   93,360
Wolverine World Wide, Inc.
  31,663   985,669
        5,180,184
Total Common Stocks & Other Equity Interests

(Cost $59,871,006)
  52,637,580
Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(e)(f)

(Cost $24,168)
  24,168   24,168
TOTAL INVESTMENTS IN SECURITIES

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

(Cost $59,895,174)
  52,661,748
See accompanying notes which are an integral part of this schedule.
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)—(continued)
November 30, 2021
(Unaudited)
  Shares   Value
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-23.51%
Invesco Private Government Fund, 0.02%(e)(f)(g)
  3,665,376   $3,665,376
Invesco Private Prime Fund, 0.11%(e)(f)(g)
  8,717,928   8,720,543
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $12,386,053)
  12,385,919
TOTAL INVESTMENTS IN SECURITIES-123.49%

(Cost $72,281,227)
  65,047,667
OTHER ASSETS LESS LIABILITIES-(23.49)%
  (12,371,476)
NET ASSETS-100.00%
  $52,676,191
    
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, 2021.
(d) Restricted security. The value of this security at November 30, 2021 represented less than 1% of the Fund’s Net Assets.
(e) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended November 30, 2021.
    
  Value
August 31, 2021 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain
(Loss) 		  Value
November 30, 2021 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $41,673   $131,002   $(148,507)   $-   $-   $24,168   $1
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 1,430,460   11,027,690   (8,792,774)   -   -   3,665,376   117*
Invesco Private Prime Fund 3,337,740   16,345,997   (10,962,505)   (134)   (555)   8,720,543   1,507*
Total $4,809,873   $27,504,689   $(19,903,786)   $(134)   $(555)   $12,410,087   $1,625
    
* 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, 2021.
(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 S&P SmallCap Consumer Staples ETF (PSCC)
November 30, 2021
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.94%
Beverages-16.45%
Celsius Holdings, Inc.(b)
  41,130   $2,813,703
Coca-Cola Consolidated, Inc.
  5,052   2,882,520
MGP Ingredients, Inc.(c)
  13,626   1,062,555
National Beverage Corp.
  25,391   1,318,809
        8,077,587
Food & Staples Retailing-16.26%
Andersons, Inc. (The)
  33,692   1,144,854
Chefs’ Warehouse, Inc. (The)(b)(c)
  35,533   1,104,010
PriceSmart, Inc.
  25,595   1,835,673
SpartanNash Co.
  39,447   943,967
United Natural Foods, Inc.(b)
  59,384   2,952,573
        7,981,077
Food Products-28.84%
B&G Foods, Inc.(c)
  70,561   2,126,003
Calavo Growers, Inc.
  19,249   780,354
Cal-Maine Foods, Inc.(c)
  40,762   1,469,878
Fresh Del Monte Produce, Inc.
  36,210   896,560
J&J Snack Foods Corp.
  16,102   2,199,211
John B. Sanfilippo & Son, Inc.
  9,656   795,654
Seneca Foods Corp., Class A(b)
  7,039   300,636
Simply Good Foods Co. (The)(b)(c)
  91,278   3,374,548
TreeHouse Foods, Inc.(b)(c)
  60,366   2,215,432
        14,158,276
Household Products-11.63%
Central Garden & Pet Co.(b)
  10,496   505,697
Central Garden & Pet Co., Class A(b)
  43,238   1,874,367
WD-40 Co.(c)
  14,845   3,330,476
        5,710,540
Personal Products-19.71%
Edgewell Personal Care Co.
  58,874   2,499,790
elf Beauty, Inc.(b)
  51,898   1,563,168
Inter Parfums, Inc.
  19,295   1,694,680
  Shares   Value
Personal Products-(continued)
Medifast, Inc.
  12,704   $2,613,721
USANA Health Sciences, Inc.(b)
  13,069   1,303,240
        9,674,599
Tobacco-7.05%
Universal Corp.
  26,752   1,245,841
Vector Group Ltd.
  142,445   2,213,595
        3,459,436
Total Common Stocks & Other Equity Interests

(Cost $46,556,803)
  49,061,515
Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)

(Cost $11,108)
  11,108   11,108
TOTAL INVESTMENTS IN SECURITIES

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

(Cost $46,567,911)
  49,072,623
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-23.31%
Invesco Private Government Fund, 0.02%(d)(e)(f)
  3,433,110   3,433,110
Invesco Private Prime Fund, 0.11%(d)(e)(f)
  8,008,188   8,010,591
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $11,443,934)
  11,443,701
TOTAL INVESTMENTS IN SECURITIES-123.27%

(Cost $58,011,845)
  60,516,324
OTHER ASSETS LESS LIABILITIES-(23.27)%
  (11,423,064)
NET ASSETS-100.00%
  $49,093,260
    
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, 2021.
(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 three months ended November 30, 2021.
    
  Value
August 31, 2021 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain
(Loss) 		  Value
November 30, 2021 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $6,948   $302,402   $(298,242)   $-   $-   $11,108   $2
See accompanying notes which are an integral part of this schedule.
Invesco S&P SmallCap Consumer Staples ETF (PSCC)—(continued)
November 30, 2021
(Unaudited)
  Value
August 31, 2021 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain
(Loss) 		  Value
November 30, 2021 		  Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund $601,416   $8,632,181   $(5,800,487)   $-   $-   $3,433,110   $99*
Invesco Private Prime Fund 1,403,304   18,159,711   (11,551,988)   (233)   (203)   8,010,591   1,225*
Total $2,011,668   $27,094,294   $(17,650,717)   $(233)   $(203)   $11,454,809   $1,326
    
* 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, 2021.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco S&P SmallCap Energy ETF (PSCE)
November 30, 2021
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.71%
Energy Equipment & Services-25.33%
Archrock, Inc.
  348,163   $2,572,925
Bristow Group, Inc.(b)
  60,204   1,788,059
Core Laboratories N.V.(c)
  120,371   2,755,292
DMC Global, Inc.(b)(c)
  48,659   1,776,053
Dril-Quip, Inc.(b)
  92,036   1,758,808
Helix Energy Solutions Group, Inc.(b)(c)
  368,239   1,119,447
Helmerich & Payne, Inc.
  259,300   5,821,285
Nabors Industries Ltd.(b)(c)
  20,118   1,638,812
Oceaneering International, Inc.(b)
  259,266   2,771,553
Oil States International, Inc.(b)
  159,444   806,787
Patterson-UTI Energy, Inc.
  491,095   3,467,131
ProPetro Holding Corp.(b)
  219,984   1,808,268
RPC, Inc.(b)(c)
  184,939   745,304
US Silica Holdings, Inc.(b)
  194,214   1,883,876
        30,713,600
Oil, Gas & Consumable Fuels-74.38%
Callon Petroleum Co.(b)(c)
  102,208   5,196,255
Civitas Resources, Inc.
  127,921   6,538,042
CONSOL Energy, Inc.(b)
  82,412   1,808,943
Dorian LPG Ltd.
  72,205   888,844
Green Plains, Inc.(b)(c)
  139,391   5,387,462
Laredo Petroleum, Inc.(b)(c)
  35,087   2,066,624
Matador Resources Co.
  275,732   10,827,996
Par Pacific Holdings, Inc.(b)
  118,927   1,610,272
PBF Energy, Inc., Class A(b)
  246,789   3,092,266
PDC Energy, Inc.(c)
  247,403   12,476,533
Range Resources Corp.(b)
  651,398   12,741,345
Ranger Oil Corp.(b)
  39,786   1,071,039
Renewable Energy Group, Inc.(b)(c)
  111,628   5,333,586
REX American Resources Corp.(b)
  13,698   1,246,518
SM Energy Co.
  254,276   7,374,004
  Shares   Value
Oil, Gas & Consumable Fuels-(continued)
Southwestern Energy Co.(b)(c)
  1,697,652   $7,605,481
Talos Energy, Inc.(b)
  106,350   1,060,310
World Fuel Services Corp.
  154,286   3,855,607
        90,181,127
Total Common Stocks & Other Equity Interests

(Cost $130,071,264)
  120,894,727
Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)

(Cost $52,782)
  52,782   52,782
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.75%

(Cost $130,124,046)
  120,947,509
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-18.95%
Invesco Private Government Fund, 0.02%(d)(e)(f)
  4,603,536   4,603,536
Invesco Private Prime Fund, 0.11%(d)(e)(f)
  18,372,592   18,378,104
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $22,982,020)
  22,981,640
TOTAL INVESTMENTS IN SECURITIES-118.70%

(Cost $153,106,066)
  143,929,149
OTHER ASSETS LESS LIABILITIES-(18.70)%
  (22,676,966)
NET ASSETS-100.00%
  $121,252,183
    
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, 2021.
(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 three months ended November 30, 2021.
    
  Value
August 31, 2021 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain
(Loss) 		  Value
November 30, 2021 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $59,795   $262,138   $(269,151)   $-   $-   $52,782   $2
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 2,682,300   13,523,305   (11,602,069)   -   -   4,603,536   255*
Invesco Private Prime Fund 6,258,699   40,864,566   (28,743,515)   (380)   (1,266)   18,378,104   3,177*
Total $9,000,794   $54,650,009   $(40,614,735)   $(380)   $(1,266)   $23,034,422   $3,434
    
* 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.
    
See accompanying notes which are an integral part of this schedule.
Invesco S&P SmallCap Energy ETF (PSCE)—(continued)
November 30, 2021
(Unaudited)
(e) The rate shown is the 7-day SEC standardized yield as of November 30, 2021.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco S&P SmallCap Financials ETF (PSCF)
November 30, 2021
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.85%
Banks-38.58%
Allegiance Bancshares, Inc.
  3,353   $135,562
Ameris Bancorp
  11,748   571,775
Banc of California, Inc.(b)
  9,549   187,065
BancFirst Corp.
  3,392   215,833
Bancorp, Inc. (The)(c)
  10,029   283,520
BankUnited, Inc.
  16,458   652,395
Banner Corp.
  6,108   349,866
Berkshire Hills Bancorp, Inc.
  8,728   233,125
Brookline Bancorp, Inc.
  13,949   215,233
Central Pacific Financial Corp.
  5,034   134,760
City Holding Co.
  2,744   215,294
Columbia Banking System, Inc.(b)
  13,762   452,219
Community Bank System, Inc.
  9,558   675,368
Customers Bancorp, Inc.(c)
  5,232   301,572
CVB Financial Corp.
  22,608   432,039
Dime Community Bancshares, Inc.
  5,993   205,560
Eagle Bancorp, Inc.
  5,623   316,856
FB Financial Corp.
  6,242   267,782
First Bancorp (Puerto Rico)
  36,924   490,720
First Bancorp/Southern Pines NC
  6,056   269,129
First Commonwealth Financial Corp.
  17,114   257,223
First Financial Bancorp
  16,931   389,413
First Hawaiian, Inc.
  22,970   602,962
First Midwest Bancorp, Inc.
  20,219   398,921
Great Western Bancorp, Inc.
  9,698   325,368
Hanmi Financial Corp.
  5,476   123,046
Heritage Financial Corp.
  6,417   150,350
Hilltop Holdings, Inc.
  11,053   376,134
HomeStreet, Inc.
  3,710   183,163
Hope Bancorp, Inc.
  21,618   310,218
Independent Bank Corp.(b)
  8,394   663,630
Independent Bank Group, Inc.
  6,571   456,225
Investors Bancorp, Inc.
  39,934   594,617
Lakeland Financial Corp.(b)
  4,450   314,259
National Bank Holdings Corp., Class A
  5,494   234,154
NBT Bancorp, Inc.
  7,615   274,978
OFG Bancorp (Puerto Rico)
  9,216   222,106
Old National Bancorp
  29,352   518,356
Pacific Premier Bancorp, Inc.
  16,782   650,302
Park National Corp.
  2,570   334,331
Preferred Bank
  2,454   167,240
Renasant Corp.(b)
  9,964   362,989
S&T Bancorp, Inc.
  7,019   209,938
Seacoast Banking Corp. of Florida
  9,799   330,912
ServisFirst Bancshares, Inc.
  8,648   695,213
Simmons First National Corp., Class A(b)
  19,189   558,592
Southside Bancshares, Inc.
  5,825   237,369
Tompkins Financial Corp.
  2,130   166,481
Triumph Bancorp, Inc.(c)
  4,180   532,323
Trustmark Corp.
  11,040   337,934
United Community Banks, Inc.
  15,344   525,839
Veritex Holdings, Inc.
  8,755   346,961
Westamerica Bancorporation
  4,793   257,768
        18,714,988
Capital Markets-4.23%
B. Riley Financial, Inc.
  2,853   220,908
Blucora, Inc.(c)
  8,683   140,578
Brightsphere Investment Group, Inc.
  10,470   314,414
Donnelley Financial Solutions, Inc.(c)
  5,276   246,495
Greenhill & Co., Inc.
  2,560   43,673
Piper Sandler Cos.
  2,529   419,182
  Shares   Value
Capital Markets-(continued)
StoneX Group, Inc.(c)
  3,005   $168,806
Virtus Investment Partners, Inc.(b)
  1,272   378,267
WisdomTree Investments, Inc.
  19,414   119,202
        2,051,525
Consumer Finance-3.51%
Encore Capital Group, Inc.(b)(c)
  5,322   310,485
Enova International, Inc.(c)
  6,476   246,865
EZCORP, Inc., Class A(b)(c)
  9,470   70,078
Green Dot Corp., Class A(c)
  9,664   346,938
LendingTree, Inc.(c)
  2,012   228,121
PRA Group, Inc.(c)
  8,103   344,053
World Acceptance Corp.(b)(c)
  752   154,476
        1,701,016
Equity REITs-27.35%
Acadia Realty Trust
  15,625   315,469
Agree Realty Corp.
  12,230   826,259
Alexander & Baldwin, Inc.
  12,751   280,904
American Assets Trust, Inc.
  9,297   319,817
Armada Hoffler Properties, Inc.
  10,880   151,776
Brandywine Realty Trust
  30,232   388,481
CareTrust REIT, Inc.
  17,147   346,541
Centerspace
  2,505   255,986
Chatham Lodging Trust(c)
  8,698   103,593
Community Healthcare Trust, Inc.
  4,143   178,273
DiamondRock Hospitality Co.(c)
  37,239   324,352
Diversified Healthcare Trust
  42,524   118,642
Easterly Government Properties, Inc.(b)
  14,763   309,580
Essential Properties Realty Trust, Inc.
  20,955   566,414
Four Corners Property Trust, Inc.
  13,471   363,986
Franklin Street Properties Corp.
  17,243   99,320
GEO Group, Inc. (The)(b)
  21,862   183,641
Getty Realty Corp.
  6,942   211,939
Global Net Lease, Inc.
  17,615   250,133
Hersha Hospitality Trust(b)(c)
  5,877   51,894
Independence Realty Trust, Inc.(b)
  18,603   455,773
Industrial Logistics Properties Trust
  11,477   254,330
Innovative Industrial Properties, Inc.(b)
  4,230   1,086,391
iStar, Inc.(b)
  12,603   306,757
Lexington Realty Trust(b)
  49,229   740,896
LTC Properties, Inc.
  7,024   223,082
Mack-Cali Realty Corp.(c)
  14,052   234,809
NexPoint Residential Trust, Inc.
  3,980   296,828
Office Properties Income Trust
  8,623   204,624
Orion Office REIT, Inc.(c)
  9,753   173,311
Retail Opportunity Investments Corp.
  21,469   376,996
RPT Realty
  14,480   184,186
Safehold, Inc.
  2,379   170,194
Saul Centers, Inc.
  2,316   114,017
Service Properties Trust
  28,989   246,696
SITE Centers Corp.
  31,772   478,486
Summit Hotel Properties, Inc.(c)
  18,989   169,952
Tanger Factory Outlet Centers, Inc.(b)
  18,375   364,009
Uniti Group, Inc.(b)
  41,339   548,568
Universal Health Realty Income Trust
  2,287   127,317
Urstadt Biddle Properties, Inc., Class A
  5,370   101,386
Washington REIT(b)
  14,956   376,891
Whitestone REIT
  7,766   71,913
Xenia Hotels & Resorts, Inc.(c)
  20,188   316,346
        13,270,758
See accompanying notes which are an integral part of this schedule.
Invesco S&P SmallCap Financials ETF (PSCF)—(continued)
November 30, 2021
(Unaudited)
  Shares   Value
Insurance-10.16%
Ambac Financial Group, Inc.(c)
  8,244   $123,165
American Equity Investment Life Holding Co.
  14,586   490,527
AMERISAFE, Inc.
  3,455   183,426
Assured Guaranty Ltd.
  12,935   633,427
eHealth, Inc.(c)
  4,205   92,846
Employers Holdings, Inc.
  5,047   194,865
Genworth Financial, Inc., Class A(c)
  89,695   342,635
HCI Group, Inc.
  1,176   129,830
Horace Mann Educators Corp.
  7,293   270,352
James River Group Holdings Ltd.
  6,650   175,826
Palomar Holdings, Inc.(c)
  4,263   311,540
ProAssurance Corp.
  9,630   221,490
Safety Insurance Group, Inc.
  2,539   196,189
Selectquote, Inc.(b)(c)
  22,152   199,368
SiriusPoint Ltd. (Bermuda)(c)
  15,617   120,251
Stewart Information Services Corp.
  4,751   338,366
Trupanion, Inc.(c)
  6,064   747,813
United Fire Group, Inc.
  3,853   80,605
Universal Insurance Holdings, Inc.
  5,020   75,651
        4,928,172
Mortgage REITs-5.00%
Apollo Commercial Real Estate Finance, Inc.
  23,236   314,383
ARMOUR Residential REIT, Inc.
  14,825   145,137
Ellington Financial, Inc.
  8,494   140,746
Franklin BSP Realty Trust, Inc.(b)(c)
  5,682   87,162
Granite Point Mortgage Trust, Inc.
  9,774   120,513
Invesco Mortgage Capital, Inc.(b)(d)
  51,677   155,031
KKR Real Estate Finance Trust, Inc.
  7,203   148,598
New York Mortgage Trust, Inc.
  66,657   248,631
PennyMac Mortgage Investment Trust(b)
  17,211   298,955
Ready Capital Corp.
  10,165   156,134
Redwood Trust, Inc.
  19,859   254,592
Two Harbors Investment Corp.(b)
  60,803   357,522
        2,427,404
Real Estate Management & Development-1.80%
Marcus & Millichap, Inc.(c)
  4,449   190,640
RE/MAX Holdings, Inc., Class A
  3,370   92,641
Realogy Holdings Corp.(c)
  20,599   312,899
St. Joe Co. (The)
  5,797   278,314
        874,494
  Shares   Value
Thrifts & Mortgage Finance-9.22%
Axos Financial, Inc.(c)
  9,456   $535,304
Capitol Federal Financial, Inc.
  22,689   257,747
Flagstar Bancorp, Inc.
  9,354   435,335
Meta Financial Group, Inc.
  5,640   337,103
Mr. Cooper Group, Inc.(c)
  15,270   599,653
NMI Holdings, Inc., Class A(c)
  15,074   295,450
Northfield Bancorp, Inc.
  7,976   134,396
Northwest Bancshares, Inc.
  22,310   296,277
Provident Financial Services, Inc.
  13,698   322,451
TrustCo Bank Corp.
  3,436   112,220
Walker & Dunlop, Inc.
  5,193   730,603
WSFS Financial Corp.
  8,413   418,294
        4,474,833
Total Common Stocks & Other Equity Interests

(Cost $46,221,943)
  48,443,190
Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)

(Cost $27,269)
  27,269   27,269
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.91%

(Cost $46,249,212)
  48,470,459
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-16.94%
Invesco Private Government Fund, 0.02%(d)(e)(f)
  2,465,568   2,465,568
Invesco Private Prime Fund, 0.11%(d)(e)(f)
  5,751,268   5,752,993
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $8,218,832)
  8,218,561
TOTAL INVESTMENTS IN SECURITIES-116.85%

(Cost $54,468,044)
  56,689,020
OTHER ASSETS LESS LIABILITIES-(16.85)%
  (8,172,769)
NET ASSETS-100.00%
  $48,516,251
    
 
Investment Abbreviations:
REIT -Real Estate Investment Trust
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at November 30, 2021.
(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 three months ended November 30, 2021.
    
  Value
August 31, 2021 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain
(Loss) 		  Value
November 30, 2021 		  Dividend
Income
Invesco Mortgage Capital, Inc. $161,607   $13,217   $(13,737)   $(5,400)   $(656)   $155,031   $4,394
See accompanying notes which are an integral part of this schedule.
Invesco S&P SmallCap Financials ETF (PSCF)—(continued)
November 30, 2021
(Unaudited)
  Value
August 31, 2021 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain
(Loss) 		  Value
November 30, 2021 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $297,652   $(270,383)   $-   $-   $27,269   $2
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 1,555,298   4,268,204   (3,357,934)   -   -   2,465,568   87*
Invesco Private Prime Fund 3,629,029   8,597,104   (6,472,624)   (271)   (245)   5,752,993   1,075*
Total $5,345,934   $13,176,177   $(10,114,678)   $(5,671)   $(901)   $8,400,861   $5,558
    
* 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, 2021.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco S&P SmallCap Health Care ETF (PSCH)
November 30, 2021
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.94%
Biotechnology-18.90%
Anika Therapeutics, Inc.(b)
  53,264   $2,084,220
Avid Bioservices, Inc.(b)(c)
  225,633   6,895,344
Coherus Biosciences, Inc.(b)(c)
  234,424   4,353,254
Cytokinetics, Inc.(b)(c)
  308,414   12,133,007
Eagle Pharmaceuticals, Inc.(b)
  42,567   2,029,595
Emergent BioSolutions, Inc.(b)
  176,455   7,785,195
Enanta Pharmaceuticals, Inc.(b)
  66,441   5,865,411
Ligand Pharmaceuticals, Inc.(b)(c)
  61,584   9,971,681
Myriad Genetics, Inc.(b)
  288,274   7,454,766
Organogenesis Holdings, Inc.(b)(c)
  232,680   2,340,761
REGENXBIO, Inc.(b)(c)
  138,445   4,430,240
Spectrum Pharmaceuticals, Inc.(b)(c)
  606,038   957,540
uniQure N.V. (Netherlands)(b)
  132,714   3,696,085
Vanda Pharmaceuticals, Inc.(b)
  205,469   3,328,598
Vericel Corp.(b)(c)
  172,214   6,408,083
Xencor, Inc.(b)(c)
  215,393   7,801,534
        87,535,314
Health Care Equipment & Supplies-23.27%
AngioDynamics, Inc.(b)
  141,972   3,655,779
Avanos Medical, Inc.(b)(c)
  177,729   5,362,084
BioLife Solutions, Inc.(b)(c)
  107,394   4,098,155
Cardiovascular Systems, Inc.(b)
  148,317   2,966,340
CONMED Corp.(c)
  107,698   14,157,979
CryoLife, Inc.(b)(c)
  145,156   2,495,232
Cutera, Inc.(b)(c)
  60,296   2,101,918
Glaukos Corp.(b)
  171,948   7,398,922
Heska Corp.(b)(c)
  39,310   6,327,338
Inogen, Inc.(b)
  75,144   2,295,649
Integer Holdings Corp.(b)
  121,868   9,717,754
Lantheus Holdings, Inc.(b)
  249,659   6,685,868
LeMaitre Vascular, Inc.(c)
  70,878   3,316,382
Meridian Bioscience, Inc.(b)(c)
  160,105   3,187,690
Merit Medical Systems, Inc.(b)
  187,026   11,756,454
Mesa Laboratories, Inc.
  19,214   5,933,091
Natus Medical, Inc.(b)
  126,051   2,848,753
OraSure Technologies, Inc.(b)(c)
  265,927   2,481,099
Orthofix Medical, Inc.(b)(c)
  72,733   2,226,357
SurModics, Inc.(b)(c)
  51,233   2,250,666
Tactile Systems Technology, Inc.(b)
  73,054   1,424,553
Varex Imaging Corp.(b)(c)
  145,503   4,154,111
Zynex, Inc.(b)(c)
  73,170   936,576
        107,778,750
Health Care Providers & Services-31.65%
Addus HomeCare Corp.(b)(c)
  58,781   5,126,879
AMN Healthcare Services, Inc.(b)
  174,524   19,897,481
Apollo Medical Holdings, Inc.(b)(c)
  138,964   13,016,758
Community Health Systems, Inc.(b)
  458,494   5,515,683
CorVel Corp.(b)
  34,864   6,554,432
Covetrus, Inc.(b)
  381,161   6,853,275
Cross Country Healthcare, Inc.(b)
  130,523   3,414,482
Ensign Group, Inc. (The)
  193,435   14,764,893
Fulgent Genetics, Inc.(b)(c)
  70,863   6,627,108
Hanger, Inc.(b)
  135,737   2,289,883
Joint Corp. (The)(b)(c)
  53,090   4,242,953
Magellan Health, Inc.(b)
  85,958   8,147,959
MEDNAX, Inc.(b)
  318,729   7,827,984
ModivCare, Inc.(b)
  45,471   6,230,891
Owens & Minor, Inc.
  278,689   11,147,560
Pennant Group, Inc. (The)(b)
  99,503   2,022,896
  Shares   Value
Health Care Providers & Services-(continued)
RadNet, Inc.(b)
  162,886   $4,391,406
Select Medical Holdings Corp.
  392,618   10,541,793
Tivity Health, Inc.(b)(c)
  163,160   3,886,471
US Physical Therapy, Inc.
  47,665   4,098,237
        146,599,024
Health Care Technology-11.01%
Allscripts Healthcare Solutions, Inc.(b)(c)
  461,683   7,677,788
Computer Programs & Systems, Inc.(b)
  54,098   1,594,268
HealthStream, Inc.(b)
  93,222   2,164,615
NextGen Healthcare, Inc.(b)
  208,665   3,234,308
Omnicell, Inc.(b)(c)
  160,548   28,416,996
OptimizeRx Corp.(b)(c)
  65,066   4,229,290
Simulations Plus, Inc.(c)
  57,993   2,723,931
Tabula Rasa HealthCare, Inc.(b)(c)
  85,016   966,632
        51,007,828
Life Sciences Tools & Services-3.36%
NeoGenomics, Inc.(b)(c)
  453,549   15,538,589
Pharmaceuticals-11.75%
Amphastar Pharmaceuticals, Inc.(b)
  136,583   2,671,563
ANI Pharmaceuticals, Inc.(b)
  35,790   1,472,401
Cara Therapeutics, Inc.(b)(c)
  155,384   2,047,961
Collegium Pharmaceutical, Inc.(b)(c)
  131,337   2,308,904
Corcept Therapeutics, Inc.(b)(c)
  385,303   8,091,363
Endo International PLC(b)
  862,308   4,828,925
Harmony Biosciences Holdings, Inc.(b)(c)
  81,952   2,793,744
Innoviva, Inc.(b)(c)
  230,986   3,862,086
Pacira BioSciences, Inc.(b)
  164,171   8,638,678
Phibro Animal Health Corp., Class A
  75,109   1,471,385
Prestige Consumer Healthcare, Inc.(b)
  184,870   10,343,477
Supernus Pharmaceuticals, Inc.(b)(c)
  196,266   5,882,092
        54,412,579
Total Common Stocks & Other Equity Interests

(Cost $429,599,810)
  462,872,084
Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)

(Cost $68,829)
  68,829   68,829
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.95%

(Cost $429,668,639)
  462,940,913
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-29.45%
Invesco Private Government Fund, 0.02%(d)(e)(f)
  40,911,798   40,911,798
Invesco Private Prime Fund, 0.11%(d)(e)(f)
  95,432,234   95,460,862
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $136,378,997)
  136,372,660
TOTAL INVESTMENTS IN SECURITIES-129.40%

(Cost $566,047,636)
  599,313,573
OTHER ASSETS LESS LIABILITIES-(29.40)%
  (136,173,432)
NET ASSETS-100.00%
  $463,140,141
    
See accompanying notes which are an integral part of this schedule.
Invesco S&P SmallCap Health Care ETF (PSCH)—(continued)
November 30, 2021
(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 November 30, 2021.
(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 three months ended November 30, 2021.
    
  Value
August 31, 2021 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain
(Loss) 		  Value
November 30, 2021 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $155,654   $525,891   $(612,716)   $-   $-   $68,829   $9
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 25,999,273   48,356,241   (33,443,716)   -   -   40,911,798   1,679*
Invesco Private Prime Fund 60,664,971   97,271,228   (62,466,698)   (6,337)   (2,302)   95,460,862   20,639*
Total $86,819,898   $146,153,360   $(96,523,130)   $(6,337)   $(2,302)   $136,441,489   $22,327
    
* 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, 2021.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco S&P SmallCap Industrials ETF (PSCI)
November 30, 2021
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.91%
Aerospace & Defense-6.11%
AAR Corp.(b)
  22,744   $742,819
Aerojet Rocketdyne Holdings, Inc.(c)
  50,899   2,139,794
AeroVironment, Inc.(b)
  15,748   1,271,809
Kaman Corp.
  19,023   703,851
Moog, Inc., Class A
  20,008   1,383,953
National Presto Industries, Inc.
  3,463   283,204
Park Aerospace Corp.
  13,235   170,732
Triumph Group, Inc.(b)
  44,148   739,920
        7,436,082
Air Freight & Logistics-4.30%
Atlas Air Worldwide Holdings, Inc.(b)
  18,448   1,616,229
Forward Air Corp.
  18,520   1,828,850
Hub Group, Inc., Class A(b)
  23,037   1,789,284
        5,234,363
Airlines-3.10%
Allegiant Travel Co.(b)
  10,325   1,788,497
Hawaiian Holdings, Inc.(b)(c)
  34,997   639,745
SkyWest, Inc.(b)
  34,430   1,348,623
        3,776,865
Building Products-11.48%
AAON, Inc.
  28,292   2,206,776
American Woodmark Corp.(b)
  11,481   707,689
Apogee Enterprises, Inc.(c)
  17,446   720,520
Gibraltar Industries, Inc.(b)
  22,304   1,514,442
Griffon Corp.
  32,536   856,022
Insteel Industries, Inc.
  13,230   557,777
PGT Innovations, Inc.(b)
  40,722   836,430
Quanex Building Products Corp.
  22,960   490,655
Resideo Technologies, Inc.(b)
  98,535   2,570,778
UFP Industries, Inc.
  42,270   3,520,245
        13,981,334
Commercial Services & Supplies-11.41%
ABM Industries, Inc.
  45,878   2,064,510
Brady Corp., Class A
  33,162   1,666,390
CoreCivic, Inc.(b)
  82,204   885,337
Deluxe Corp.
  29,076   983,932
Harsco Corp.(b)
  54,118   789,040
Healthcare Services Group, Inc.
  51,021   892,868
HNI Corp.
  29,985   1,184,707
Interface, Inc.
  40,359   575,519
Matthews International Corp., Class A
  21,604   749,011
Pitney Bowes, Inc.
  113,007   771,838
UniFirst Corp.
  10,418   1,996,610
US Ecology, Inc.(b)(c)
  21,536   733,732
Viad Corp.(b)
  14,006   592,594
        13,886,088
Construction & Engineering-5.50%
Arcosa, Inc.
  33,078   1,692,601
Comfort Systems USA, Inc.
  24,811   2,353,820
Granite Construction, Inc.(c)
  31,314   1,217,488
Matrix Service Co.(b)
  18,126   157,515
MYR Group, Inc.(b)
  11,527   1,276,154
        6,697,578
Electrical Equipment-4.20%
AZZ, Inc.
  17,134   889,083
Encore Wire Corp.
  14,112   1,982,172
  Shares   Value
Electrical Equipment-(continued)
Powell Industries, Inc.
  6,153   $150,256
Vicor Corp.(b)
  14,579   2,091,503
        5,113,014
Industrial Conglomerates-1.17%
Raven Industries, Inc.(b)
  24,546   1,423,668
Machinery-32.83%
Alamo Group, Inc.
  6,766   962,261
Albany International Corp., Class A(c)
  22,128   1,790,819
Astec Industries, Inc.
  15,552   974,799
Barnes Group, Inc.
  31,799   1,381,667
Chart Industries, Inc.(b)(c)
  24,340   4,248,547
CIRCOR International, Inc.(b)
  13,841   373,015
Enerpac Tool Group Corp.
  41,144   868,550
EnPro Industries, Inc.
  14,079   1,436,058
ESCO Technologies, Inc.
  17,810   1,455,789
Federal Signal Corp.
  41,779   1,772,683
Franklin Electric Co., Inc.
  26,655   2,346,973
Greenbrier Cos., Inc. (The)
  22,126   884,819
Hillenbrand, Inc.
  49,914   2,226,164
John Bean Technologies Corp.
  21,709   3,425,029
Lindsay Corp.
  7,454   1,084,706
Meritor, Inc.(b)
  47,935   1,212,276
Mueller Industries, Inc.
  39,060   2,161,190
Proto Labs, Inc.(b)(c)
  18,972   950,877
SPX Corp.(b)
  30,970   1,800,905
SPX FLOW, Inc.
  28,451   2,375,943
Standex International Corp.
  8,346   859,721
Tennant Co.
  12,758   1,003,544
Titan International, Inc.(b)
  34,939   240,730
Wabash National Corp.
  34,176   570,739
Watts Water Technologies, Inc., Class A
  18,839   3,555,108
        39,962,912
Marine-1.99%
Matson, Inc.
  29,701   2,421,523
Professional Services-8.71%
Exponent, Inc.
  35,577   4,144,721
Forrester Research, Inc.(b)
  7,598   428,831
Heidrick & Struggles International, Inc.
  13,347   576,190
Kelly Services, Inc., Class A
  24,622   415,127
Korn Ferry
  38,030   2,766,302
ManTech International Corp., Class A
  18,800   1,277,460
Resources Connection, Inc.
  21,127   362,962
TrueBlue, Inc.(b)
  24,262   631,297
        10,602,890
Road & Rail-2.46%
ArcBest Corp.
  17,467   1,800,498
Heartland Express, Inc.
  32,052   536,550
Marten Transport Ltd.
  40,781   655,759
        2,992,807
Trading Companies & Distributors-6.65%
Applied Industrial Technologies, Inc.
  26,557   2,523,977
Boise Cascade Co.
  26,879   1,742,566
DXP Enterprises, Inc.(b)
  12,077   333,687
GMS, Inc.(b)
  29,439   1,644,757
See accompanying notes which are an integral part of this schedule.
Invesco S&P SmallCap Industrials ETF (PSCI)—(continued)
November 30, 2021
(Unaudited)
  Shares   Value
Trading Companies & Distributors-(continued)
NOW, Inc.(b)
  75,557   $631,657
Veritiv Corp.(b)
  9,688   1,221,075
        8,097,719
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.91%

(Cost $108,775,784)
  121,626,843
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-9.13%
Invesco Private Government Fund, 0.02%(d)(e)(f)
  3,335,008   3,335,008
  Shares   Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.11%(d)(e)(f)
  7,779,351   $7,781,684
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $11,116,828)
  11,116,692
TOTAL INVESTMENTS IN SECURITIES-109.04%

(Cost $119,892,612)
  132,743,535
OTHER ASSETS LESS LIABILITIES-(9.04)%
  (11,006,681)
NET ASSETS-100.00%
  $121,736,854
    
 
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, 2021.
(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 three months ended November 30, 2021.
    
  Value
August 31, 2021 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain
(Loss) 		  Value
November 30, 2021 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $1,992,944   $(1,992,944)   $-   $-   $-   $6
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 1,848,380   6,246,674   (4,760,046)   -   -   3,335,008   114*
Invesco Private Prime Fund 4,312,886   13,715,679   (10,246,464)   (136)   (281)   7,781,684   1,394*
Total $6,161,266   $21,955,297   $(16,999,454)   $(136)   $(281)   $11,116,692   $1,514
    
* 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, 2021.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco S&P SmallCap Information Technology ETF (PSCT)
November 30, 2021
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.97%
Communications Equipment-8.94%
ADTRAN, Inc.
  164,674   $3,356,056
CalAmp Corp.(b)
  119,652   1,098,405
Comtech Telecommunications Corp.
  88,401   2,244,501
Digi International, Inc.(b)(c)
  115,670   2,490,375
Extreme Networks, Inc.(b)
  429,580   5,799,330
Harmonic, Inc.(b)(c)
  345,224   3,711,158
NETGEAR, Inc.(b)(c)
  103,574   2,769,569
NetScout Systems, Inc.(b)
  251,673   7,525,023
Plantronics, Inc.(b)(c)
  143,515   3,662,503
Viavi Solutions, Inc.(b)
  776,445   11,499,151
        44,156,071
Electronic Equipment, Instruments & Components-27.39%
Advanced Energy Industries, Inc.
  130,309   11,426,796
Arlo Technologies, Inc.(b)
  281,321   2,180,238
Badger Meter, Inc.
  99,098   10,143,671
Benchmark Electronics, Inc.
  120,659   2,845,139
CTS Corp.
  109,960   3,831,006
ePlus, Inc.(b)
  45,795   4,830,915
Fabrinet (Thailand)(b)
  125,534   13,879,039
FARO Technologies, Inc.(b)(c)
  61,631   4,280,889
Insight Enterprises, Inc.(b)(c)
  118,364   11,673,058
Itron, Inc.(b)
  153,626   9,510,986
Knowles Corp.(b)(c)
  313,553   6,810,371
Methode Electronics, Inc.
  130,194   5,789,727
OSI Systems, Inc.(b)
  56,703   5,156,004
PC Connection, Inc.
  37,303   1,635,364
Plexus Corp.(b)(c)
  95,956   8,073,738
Rogers Corp.(b)
  63,729   17,373,800
Sanmina Corp.(b)
  221,087   8,078,519
ScanSource, Inc.(b)
  86,354   2,698,562
TTM Technologies, Inc.(b)
  365,529   5,036,990
        135,254,812
IT Services-10.89%
CSG Systems International, Inc.
  111,031   5,852,444
EVERTEC, Inc. (Puerto Rico)
  202,906   8,520,023
ExlService Holdings, Inc.(b)
  112,907   14,663,232
Perficient, Inc.(b)
  112,070   15,356,952
TTEC Holdings, Inc.
  62,138   5,243,826
Unisys Corp.(b)
  227,590   4,133,034
        53,769,511
Semiconductors & Semiconductor Equipment-29.82%
Axcelis Technologies, Inc.(b)
  114,473   7,076,721
CEVA, Inc.(b)
  77,806   3,431,245
Cohu, Inc.(b)(c)
  165,674   5,462,272
Diodes, Inc.(b)
  153,004   16,271,975
DSP Group, Inc.(b)
  77,131   1,696,111
FormFactor, Inc.(b)
  263,795   11,058,286
Ichor Holdings Ltd.(b)
  96,167   4,605,438
Kulicke & Soffa Industries, Inc. (Singapore)(c)
  210,444   12,134,201
MaxLinear, Inc.(b)
  239,397   16,118,600
Onto Innovation, Inc.(b)
  167,679   15,788,655
PDF Solutions, Inc.(b)
  100,998   3,022,870
Photronics, Inc.(b)
  210,172   2,776,372
  Shares   Value
Semiconductors & Semiconductor Equipment-(continued)
Power Integrations, Inc.
  205,048   $20,510,951
Rambus, Inc.(b)
  369,896   9,950,202
SMART Global Holdings, Inc.(b)(c)
  78,155   4,456,398
Ultra Clean Holdings, Inc.(b)
  151,832   8,321,912
Veeco Instruments, Inc.(b)(c)
  170,734   4,538,110
        147,220,319
Software-20.56%
8x8, Inc.(b)(c)
  380,568   8,201,240
Agilysys, Inc.(b)
  65,842   2,867,419
Alarm.com Holdings, Inc.(b)
  155,885   12,438,064
Bottomline Technologies (DE), Inc.(b)
  134,054   6,010,981
Consensus Cloud Solutions, Inc.(b)
  54,486   3,413,003
Ebix, Inc.
  80,794   2,469,065
InterDigital, Inc.
  104,674   7,108,411
LivePerson, Inc.(b)(c)
  220,368   8,519,427
OneSpan, Inc.(b)
  117,266   2,004,076
Progress Software Corp.
  148,660   7,202,577
SPS Commerce, Inc.(b)
  121,914   17,188,655
Vonage Holdings Corp.(b)
  857,041   17,672,186
Xperi Holding Corp.(c)
  357,197   6,400,970
        101,496,074
Technology Hardware, Storage & Peripherals-2.37%
3D Systems Corp.(b)(c)
  425,200   9,686,056
Diebold Nixdorf, Inc.(b)
  247,100   2,003,981
        11,690,037
Total Common Stocks & Other Equity Interests

(Cost $365,430,004)
  493,586,824
Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)

(Cost $91,420)
  91,420   91,420
TOTAL INVESTMENTS IN SECURITIES

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

(Cost $365,521,424)
  493,678,244
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-15.60%
Invesco Private Government Fund, 0.02%(d)(e)(f)
  23,107,123   23,107,123
Invesco Private Prime Fund, 0.11%(d)(e)(f)
  53,900,450   53,916,619
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $77,027,817)
  77,023,742
TOTAL INVESTMENTS IN SECURITIES-115.59%

(Cost $442,549,241)
  570,701,986
OTHER ASSETS LESS LIABILITIES-(15.59)%
  (76,980,283)
NET ASSETS-100.00%
  $493,721,703
    
See accompanying notes which are an integral part of this schedule.
Invesco S&P SmallCap Information Technology ETF (PSCT)—(continued)
November 30, 2021
(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 November 30, 2021.
(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 three months ended November 30, 2021.
    
  Value
August 31, 2021 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain
(Loss) 		  Value
November 30, 2021 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $124,548   $(33,128)   $-   $-   $91,420   $1
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 20,615,016   39,282,431   (36,790,324)   -   -   23,107,123   1,010*
Invesco Private Prime Fund 48,449,778   48,686,110   (43,214,171)   (4,075)   (1,023)   53,916,619   12,462*
Total $69,064,794   $88,093,089   $(80,037,623)   $(4,075)   $(1,023)   $77,115,162   $13,473
    
* 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, 2021.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco S&P SmallCap Materials ETF (PSCM)
November 30, 2021
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.93%
Chemicals-61.26%
AdvanSix, Inc.
  12,488   $565,582
American Vanguard Corp.
  11,930   170,718
Balchem Corp.
  14,373   2,270,934
Ferro Corp.(b)
  36,727   775,674
FutureFuel Corp.
  11,466   86,454
GCP Applied Technologies, Inc.(b)
  23,822   556,005
H.B. Fuller Co.
  23,328   1,706,677
Hawkins, Inc.
  8,383   278,148
Innospec, Inc.
  10,942   888,490
Koppers Holdings, Inc.(b)
  9,476   286,175
Kraton Corp.(b)
  14,276   657,553
Livent Corp.(b)(c)
  71,730   2,172,702
Quaker Chemical Corp.
  5,954   1,356,619
Rayonier Advanced Materials, Inc.(b)
  28,305   155,111
Stepan Co.
  9,465   1,066,800
Tredegar Corp.
  11,382   125,202
Trinseo PLC
  17,243   814,387
        13,933,231
Containers & Packaging-4.77%
Myers Industries, Inc.
  16,063   312,907
O-I Glass, Inc.(b)
  69,846   773,195
        1,086,102
Metals & Mining-24.92%
Allegheny Technologies, Inc.(b)(c)
  56,508   804,674
Arconic Corp.(b)
  48,568   1,297,737
Carpenter Technology Corp.
  21,329   586,121
Century Aluminum Co.(b)
  22,413   296,524
Haynes International, Inc.
  5,636   225,835
Kaiser Aluminum Corp.
  7,044   628,536
Materion Corp.
  9,076   768,374
Olympic Steel, Inc.
  4,131   84,066
SunCoke Energy, Inc.
  36,874   224,563
TimkenSteel Corp.(b)
  18,251   261,354
Warrior Met Coal, Inc.
  22,831   490,638
        5,668,422
  Shares   Value
Paper & Forest Products-8.98%
Clearwater Paper Corp.(b)
  7,409   $298,212
Glatfelter Corp.
  19,774   325,678
Mercer International, Inc. (Germany)
  17,889   191,412
Neenah, Inc.
  7,488   348,117
Schweitzer-Mauduit International, Inc., Class A
  13,969   400,911
Sylvamo Corp.(b)
  15,778   477,758
        2,042,088
Total Common Stocks & Other Equity Interests

(Cost $23,612,502)
  22,729,843
Money Market Funds-0.08%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)

(Cost $17,864)
  17,864   17,864
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-100.01%

(Cost $23,630,366)
  22,747,707
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-11.46%
Invesco Private Government Fund, 0.02%(d)(e)(f)
  782,361   782,361
Invesco Private Prime Fund, 0.11%(d)(e)(f)
  1,824,961   1,825,509
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $2,607,995)
  2,607,870
TOTAL INVESTMENTS IN SECURITIES-111.47%

(Cost $26,238,361)
  25,355,577
OTHER ASSETS LESS LIABILITIES-(11.47)%
  (2,609,532)
NET ASSETS-100.00%
  $22,746,045
    
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, 2021.
(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 three months ended November 30, 2021.
    
  Value
August 31, 2021 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain
(Loss) 		  Value
November 30, 2021 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $76,430   $(58,566)   $-   $-   $17,864   $1
See accompanying notes which are an integral part of this schedule.
Invesco S&P SmallCap Materials ETF (PSCM)—(continued)
November 30, 2021
(Unaudited)
  Value
August 31, 2021 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain
(Loss) 		  Value
November 30, 2021 		  Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund $452,121   $3,218,922   $(2,888,682)   $-   $-   $782,361   $37*
Invesco Private Prime Fund 1,054,948   6,951,727   (6,180,952)   (125)   (89)   1,825,509   456*
Total $1,507,069   $10,247,079   $(9,128,200)   $(125)   $(89)   $2,625,734   $494
    
* 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, 2021.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)
November 30, 2021
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-100.03%
Diversified Telecommunication Services-11.97%
ATN International, Inc.
  11,034   $421,609
Cogent Communications Holdings, Inc.
  34,453   2,581,563
Consolidated Communications Holdings, Inc.(b)
  72,670   546,479
        3,549,651
Entertainment-5.30%
Cinemark Holdings, Inc.(b)(c)
  76,370   1,185,262
Marcus Corp. (The)(b)(c)
  22,038   385,004
        1,570,266
Gas Utilities-15.34%
Chesapeake Utilities Corp.
  10,023   1,276,529
Northwest Natural Holding Co.
  26,124   1,126,467
South Jersey Industries, Inc.(c)
  91,321   2,146,044
        4,549,040
Interactive Media & Services-2.57%
QuinStreet, Inc.(b)
  49,726   761,305
Media-29.09%
AMC Networks, Inc., Class A(b)(c)
  28,045   1,082,817
E.W. Scripps Co. (The), Class A
  57,592   1,067,180
Gannett Co., Inc.(b)
  143,761   734,619
Loyalty Ventures, Inc.(b)
  20,062   575,779
Meredith Corp.(b)
  31,819   1,877,321
Scholastic Corp.
  30,692   1,155,247
TechTarget, Inc.(b)(c)
  15,141   1,463,075
Thryv Holdings, Inc.(b)(c)
  17,068   667,188
        8,623,226
Multi-Utilities-9.58%
Avista Corp.
  56,580   2,178,896
Unitil Corp.
  15,973   661,921
        2,840,817
  Shares   Value
Water Utilities-22.43%
American States Water Co.
  29,994   $2,824,835
California Water Service Group
  41,854   2,637,221
Middlesex Water Co.
  11,525   1,187,536
        6,649,592
Wireless Telecommunication Services-3.75%
Shenandoah Telecommunications Co.
  43,803   1,112,158
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-100.03%

(Cost $28,822,027)
  29,656,055
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-16.06%
Invesco Private Government Fund, 0.02%(d)(e)(f)
  1,428,800   1,428,800
Invesco Private Prime Fund, 0.11%(d)(e)(f)
  3,332,866   3,333,866
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $4,762,666)
  4,762,666
TOTAL INVESTMENTS IN SECURITIES-116.09%

(Cost $33,584,693)
  34,418,721
OTHER ASSETS LESS LIABILITIES-(16.09)%
  (4,771,471)
NET ASSETS-100.00%
  $29,647,250
    
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, 2021.
(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 three months ended November 30, 2021.
    
  Value
August 31, 2021 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
November 30, 2021 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $870,309   $(870,309)   $-   $-   $-   $2
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 850,628   3,262,149   (2,683,977)   -   -   1,428,800   49*
Invesco Private Prime Fund 1,984,799   6,683,518   (5,334,281)   -   (170)   3,333,866   593*
Total $2,835,427   $10,815,976   $(8,888,567)   $-   $(170)   $4,762,666   $644
    
* 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.
    
See accompanying notes which are an integral part of this schedule.
Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)—(continued)
November 30, 2021
(Unaudited)
(e) The rate shown is the 7-day SEC standardized yield as of November 30, 2021.
(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.
Notes to Quarterly Schedules of Portfolio Holdings
November 30, 2021
(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 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.
The following is a summary of the tiered valuation input levels, as of November 30, 2021. 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 $581,954,984   $-   $-   $581,954,984
Money Market Funds 28,798   107,425,457   -   107,454,255
Total Investments $581,983,782   $107,425,457   $-   $689,409,239
Invesco S&P SmallCap Consumer Discretionary ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $52,637,580   $-   $-   $52,637,580
Money Market Funds 24,168   12,385,919   -   12,410,087
Total Investments $52,661,748   $12,385,919   $-   $65,047,667
Invesco S&P SmallCap Consumer Staples ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $49,061,515   $-   $-   $49,061,515
Money Market Funds 11,108   11,443,701   -   11,454,809
Total Investments $49,072,623   $11,443,701   $-   $60,516,324
Invesco S&P SmallCap Energy ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $120,894,727   $-   $-   $120,894,727
Money Market Funds 52,782   22,981,640   -   23,034,422
Total Investments $120,947,509   $22,981,640   $-   $143,929,149
Invesco S&P SmallCap Financials ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $48,443,190   $-   $-   $48,443,190
Money Market Funds 27,269   8,218,561   -   8,245,830
Total Investments $48,470,459   $8,218,561   $-   $56,689,020
  Level 1   Level 2   Level 3   Total
Invesco S&P SmallCap Health Care ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $462,872,084   $-   $-   $462,872,084
Money Market Funds 68,829   136,372,660   -   136,441,489
Total Investments $462,940,913   $136,372,660   $-   $599,313,573
Invesco S&P SmallCap Industrials ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $120,203,175   $1,423,668   $-   $121,626,843
Money Market Funds -   11,116,692   -   11,116,692
Total Investments $120,203,175   $12,540,360   $-   $132,743,535
Invesco S&P SmallCap Information Technology ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $493,586,824   $-   $-   $493,586,824
Money Market Funds 91,420   77,023,742   -   77,115,162
Total Investments $493,678,244   $77,023,742   $-   $570,701,986
Invesco S&P SmallCap Materials ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $22,729,843   $-   $-   $22,729,843
Money Market Funds 17,864   2,607,870   -   2,625,734
Total Investments $22,747,707   $2,607,870   $-   $25,355,577
Invesco S&P SmallCap Utilities & Communication Services ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $29,656,055   $-   $-   $29,656,055
Money Market Funds -   4,762,666   -   4,762,666
Total Investments $29,656,055   $4,762,666   $-   $34,418,721